Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 28, 2016 | |
Document and Entity Information | ||
Entity Registrant Name | ASTORIA FINANCIAL CORP | |
Entity Central Index Key | 910,322 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 101,328,834 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash and due from banks | $ 132,799 | $ 200,538 |
Available-for-sale securities: | ||
Encumbered | 36,922 | 81,481 |
Unencumbered | 271,309 | 335,317 |
Total available-for-sale securities | 308,231 | 416,798 |
Held-to-maturity securities, fair value of $2,773,570 and $2,286,092, respectively: | ||
Encumbered | 1,162,662 | 1,123,480 |
Unencumbered | 1,588,513 | 1,173,319 |
Total held-to-maturity securities | 2,751,175 | 2,296,799 |
Federal Home Loan Bank of New York stock, at cost | 130,820 | 131,137 |
Loans held-for-sale, net | 5,550 | 8,960 |
Loans receivable | 10,630,661 | 11,153,081 |
Allowance for loan losses | (87,700) | (98,000) |
Loans receivable, net | 10,542,961 | 11,055,081 |
Mortgage servicing rights, net | 8,580 | 11,014 |
Accrued interest receivable | 34,834 | 34,996 |
Premises and equipment, net | 103,971 | 109,758 |
Goodwill | 185,151 | 185,151 |
Bank owned life insurance | 442,228 | 439,646 |
Real estate owned, net | 14,592 | 19,798 |
Other assets | 153,050 | 166,535 |
Total assets | 14,813,942 | 15,076,211 |
Deposits: | ||
NOW and demand deposit | 2,478,959 | 2,413,823 |
Money market | 2,719,547 | 2,560,204 |
Savings | 2,079,553 | 2,137,818 |
Certificates of deposit | 1,649,585 | 1,994,182 |
Total deposits | 8,927,644 | 9,106,027 |
Federal funds purchased | 245,000 | 435,000 |
Reverse repurchase agreements | 1,100,000 | 1,100,000 |
Federal Home Loan Bank of New York advances | 2,220,000 | 2,180,000 |
Other borrowings, net | 249,620 | 249,222 |
Mortgage escrow funds | 143,383 | 115,435 |
Accrued expenses and other liabilities | 220,633 | 227,079 |
Total liabilities | 13,106,280 | 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 101,328,740 and 100,721,358 shares outstanding, respectively) | 1,665 | 1,665 |
Additional paid-in capital | 895,741 | 902,349 |
Retained earnings | 2,078,990 | 2,045,391 |
Treasury stock (65,166,148 and 65,773,530 shares, at cost, respectively) | (1,344,603) | (1,357,136) |
Accumulated other comprehensive loss | (53,927) | (58,617) |
Total stockholders’ equity | 1,707,662 | 1,663,448 |
Total liabilities and stockholders’ equity | $ 14,813,942 | $ 15,076,211 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity securities, fair value | $ 2,773,570 | $ 2,286,092 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 166,494,888 | 166,494,888 |
Common stock, shares outstanding | 101,328,740 | 100,721,358 |
Treasury stock, shares | 65,166,148 | 65,773,530 |
Series C Preferred Stock | ||
Preferred stock, shares authorized | 150,000 | 150,000 |
Preferred stock, shares issued | 135,000 | 135,000 |
Preferred stock, shares outstanding | 135,000 | 135,000 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest income: | ||||
Residential mortgage loans | $ 44,582 | $ 49,899 | $ 137,640 | $ 155,236 |
Multi-family and commercial real estate mortgage loans | 47,795 | 47,979 | 141,207 | 144,082 |
Consumer and other loans | 2,456 | 2,208 | 7,263 | 6,640 |
Mortgage-backed and other securities | 17,873 | 15,816 | 52,177 | 46,124 |
Interest-earning cash accounts | 110 | 109 | 346 | 305 |
Federal Home Loan Bank of New York stock | 1,526 | 1,407 | 4,434 | 4,390 |
Total interest income | 114,342 | 117,418 | 343,067 | 356,777 |
Interest expense: | ||||
Deposits | 6,463 | 8,577 | 20,482 | 29,250 |
Borrowings | 24,238 | 24,107 | 72,606 | 71,922 |
Total interest expense | 30,701 | 32,684 | 93,088 | 101,172 |
Net interest income | 83,641 | 84,734 | 249,979 | 255,605 |
Provision for loan losses credited to operations | (995) | (4,439) | (7,128) | (7,749) |
Net interest income after provision for loan losses | 84,636 | 89,173 | 257,107 | 263,354 |
Non-interest income: | ||||
Customer service fees | 7,107 | 8,322 | 21,637 | 25,404 |
Other loan fees | 566 | 637 | 1,667 | 1,743 |
Gain on sales of securities | 0 | 0 | 86 | 72 |
Mortgage banking income, net | 916 | 132 | 1,034 | 2,535 |
Income from bank owned life insurance | 2,294 | 2,222 | 6,919 | 6,598 |
Other | 1,883 | 1,539 | 4,740 | 4,775 |
Total non-interest income | 12,766 | 12,852 | 36,083 | 41,127 |
General and administrative: | ||||
Compensation and benefits | 37,725 | 38,356 | 112,686 | 112,292 |
Occupancy, equipment and systems | 19,713 | 18,962 | 57,944 | 57,600 |
Federal deposit insurance premium | 3,151 | 4,163 | 9,712 | 12,699 |
Advertising | 742 | 2,784 | 5,213 | 7,849 |
Other | 7,377 | 8,324 | 22,724 | 24,137 |
Total non-interest expense | 68,708 | 72,589 | 208,279 | 214,577 |
Income before income tax expense | 28,694 | 29,436 | 84,911 | 89,904 |
Income tax expense | 10,003 | 10,530 | 29,319 | 20,260 |
Net income | 18,691 | 18,906 | 55,592 | 69,644 |
Preferred stock dividends | 2,194 | 2,194 | 6,582 | 6,582 |
Net income available to common shareholders | $ 16,497 | $ 16,712 | $ 49,010 | $ 63,062 |
Basic earnings per common share (in dollars per share) | $ 0.16 | $ 0.17 | $ 0.48 | $ 0.63 |
Diluted earnings per common share (in dollars per share) | $ 0.16 | $ 0.17 | $ 0.48 | $ 0.63 |
Basic weighted average common shares outstanding | 100,383,631 | 99,700,759 | 100,377,618 | 99,540,721 |
Diluted weighted average common shares outstanding | 100,383,631 | 100,067,159 | 100,377,618 | 99,907,121 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 18,691 | $ 18,906 | $ 55,592 | $ 69,644 |
Net unrealized (loss) gain on securities available-for-sale: | ||||
Net unrealized holding (loss) gain on securities arising during the period | (955) | 2,903 | 3,588 | 2,148 |
Reclassification adjustment for gain on sales of securities included in net income | 0 | 0 | (51) | (43) |
Net unrealized (loss) gain on securities available-for-sale | (955) | 2,903 | 3,537 | 2,105 |
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | 356 | 442 | 1,068 | 1,328 |
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income | 28 | 29 | 85 | 85 |
Total other comprehensive (loss) income, net of tax | (571) | 3,374 | 4,690 | 3,518 |
Comprehensive income | $ 18,120 | $ 22,280 | $ 60,282 | $ 73,162 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 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 | 69,644 | 69,644 | |||||
Other comprehensive income, net of tax | 3,518 | 3,518 | |||||
Dividends on preferred stock | (6,582) | (6,582) | |||||
Dividends on common stock | (12,052) | (12,052) | |||||
Sales of treasury stock | 6,124 | (3,789) | 9,913 | ||||
Restricted stock grants | 0 | (5,608) | (3,273) | 8,881 | |||
Forfeitures of restricted stock | 0 | 747 | 569 | (1,316) | |||
Stock-based compensation | 6,432 | 6,415 | 17 | ||||
Net tax benefit excess from stock-based compensation | 28 | 28 | |||||
Balance at end of period at Sep. 30, 2015 | 1,647,182 | 129,796 | 1,665 | 898,631 | 2,037,367 | (1,357,844) | (62,433) |
Balance at beginning of period at Jun. 30, 2015 | (65,807) | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 18,906 | ||||||
Other comprehensive income, net of tax | 3,374 | 3,374 | |||||
Balance at end of period at Sep. 30, 2015 | 1,647,182 | 129,796 | 1,665 | 898,631 | 2,037,367 | (1,357,844) | (62,433) |
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 | 55,592 | 55,592 | |||||
Other comprehensive income, net of tax | 4,690 | 4,690 | |||||
Dividends on preferred stock | (6,582) | (6,582) | |||||
Dividends on common stock | (12,161) | (12,161) | |||||
Sales of treasury stock | 122 | (46) | 168 | ||||
Restricted stock grants | 0 | (10,329) | (3,823) | 14,152 | |||
Forfeitures of restricted stock | 0 | 1,171 | 616 | (1,787) | |||
Stock-based compensation | 2,518 | 2,515 | 3 | ||||
Net tax benefit excess from stock-based compensation | 35 | 35 | |||||
Balance at end of period at Sep. 30, 2016 | 1,707,662 | 129,796 | 1,665 | 895,741 | 2,078,990 | (1,344,603) | (53,927) |
Balance at beginning of period at Jun. 30, 2016 | (53,356) | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 18,691 | ||||||
Other comprehensive income, net of tax | (571) | (571) | |||||
Balance at end of period at Sep. 30, 2016 | $ 1,707,662 | $ 129,796 | $ 1,665 | $ 895,741 | $ 2,078,990 | $ (1,344,603) | $ (53,927) |
Consolidated Statement of Chan7
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends on preferred stock (in dollars per share) | $ 48.75 | $ 48.75 |
Dividends on common stock (in dollars per share) | $ 0.12 | $ 0.12 |
Sale of treasury stock (in shares) | 8,140 | 479,751 |
Restricted stock grants (in shares) | 685,872 | 429,752 |
Forfeitures of restricted stock (in shares) | 86,630 | 63,716 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 55,592 | $ 69,644 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net amortization on loans | 8,021 | 9,018 |
Net amortization on securities and borrowings | 6,260 | 7,067 |
Net provision for loan and real estate losses credited to operations | (6,226) | (6,703) |
Depreciation and amortization | 10,392 | 9,495 |
Net gain on sales of loans and securities | (1,690) | (1,567) |
Mortgage servicing rights amortization and valuation allowance adjustments, net | 3,321 | 1,941 |
Stock-based compensation | 2,518 | 6,432 |
Deferred income tax expense (benefit) | 2,753 | (9,573) |
Originations of loans held-for-sale | (84,425) | (90,841) |
Proceeds from sales and principal repayments of loans held-for-sale | 87,879 | 94,495 |
Decrease (increase) in accrued interest receivable | 162 | (141) |
Bank owned life insurance income and insurance proceeds received, net | (2,582) | (6,598) |
Decrease in other assets | 7,544 | 7,647 |
(Decrease) increase in accrued expenses and other liabilities | (4,422) | 2,611 |
Net cash provided by operating activities | 85,097 | 92,927 |
Cash flows from investing activities: | ||
Originations of loans receivable | (1,003,596) | (1,028,137) |
Loan purchases through third parties | (247,680) | (187,821) |
Principal payments on loans receivable | 1,750,607 | 1,897,447 |
Proceeds from sales of delinquent and non-performing loans | 2,457 | 7,483 |
Purchases of securities held-to-maturity | (1,155,291) | (425,463) |
Purchases of securities available-for-sale | (30,000) | (113,833) |
Principal payments on securities held-to-maturity | 695,738 | 355,657 |
Principal payments on securities available-for-sale | 120,895 | 34,736 |
Proceeds from sales of securities available-for-sale | 23,065 | 19,026 |
Net redemptions of Federal Home Loan Bank of New York stock | 317 | 12,067 |
Proceeds from sales of real estate owned, net | 14,278 | 20,114 |
Purchases of premises and equipment, net of proceeds from sales | (4,605) | (9,098) |
Net cash provided by investing activities | 166,185 | 582,178 |
Cash flows from financing activities: | ||
Net decrease in deposits | (178,383) | (456,448) |
Net decrease in borrowings with original terms of three months or less | (455,000) | (182,000) |
Repayments of borrowings with original terms greater than three months | (1,770,000) | 0 |
Proceeds from borrowings with terms greater than three months | 2,075,000 | 0 |
Net increase in mortgage escrow funds | 27,948 | 29,165 |
Proceeds from sales of treasury stock | 122 | 6,124 |
Cash dividends paid to stockholders | (18,743) | (18,634) |
Net tax benefit excess from stock-based compensation | 35 | 28 |
Net cash used in financing activities | (319,021) | (621,765) |
Net (decrease) increase in cash and cash equivalents | (67,739) | 53,340 |
Cash and cash equivalents at beginning of period | 200,538 | 143,185 |
Cash and cash equivalents at end of period | 132,799 | 196,525 |
Supplemental disclosures: | ||
Interest paid | 88,581 | 97,982 |
Income taxes paid | 18,253 | 27,217 |
Additions to real estate owned | 9,974 | 4,583 |
Loans transferred to held-for-sale | $ 1,872 | $ 8,948 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 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 September 30, 2016 and December 31, 2015 , our results of operations and other comprehensive income for the three and nine months ended September 30, 2016 and 2015 , changes in our stockholders’ equity for the nine months ended September 30, 2016 and 2015 and our cash flows for the nine months ended September 30, 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 September 30, 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 and nine months ended September 30, 2016 and 2015 . The results of operations and other comprehensive income for the three and nine months ended September 30, 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. Changes in Income Tax Legislation New York State, or NY State, income tax reform legislation, or the 2014 NY State legislation, was enacted on March 31, 2014 and generally became effective in 2015. Prior to the effective date of the 2014 NY State legislation, we were subject to taxation in NY State under an alternative taxation method based on assets. The 2014 NY State legislation, among other things, removed that alternative method and required that we be taxed in a manner that resulted in an increase in our NY State income tax expense beginning in 2015. On April 13, 2015, a package of additional legislation, or the 2015 NY State legislation, was signed into law in NY State that, among other things, largely conformed New York City, or NY City, banking income tax laws to the 2014 NY State legislation. The 2015 NY State legislation was effective retroactively to tax years beginning on or after January 1, 2015. In addition, on June 30, 2015, the State of Connecticut enacted tax legislation that changed the method for calculating Connecticut income taxes, resulting in the recognition of certain deferred tax assets. Under GAAP, the effects of changes in tax law on current and deferred taxes are accounted for in the period that includes the enactment date of the change, which means that we recorded the impacts of the legislation in the second quarter of 2015. The tax law changes effective in 2015 resulted in a reduction in income tax expense of $11.4 million in the 2015 second quarter comprised of (i) the elimination of our valuation allowance totaling $7.2 million , which previously offset certain deferred tax assets, and (ii) the recognition of additional deferred tax assets totaling $4.2 million , primarily related to NY City taxation. |
Merger Agreement with New York
Merger Agreement with New York Community Bancorp, Inc. | 9 Months Ended |
Sep. 30, 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. NYCB has informed us that based on discussions they have had with their regulators, they do not expect to receive, prior to the end of 2016, the regulatory approvals required to consummate the merger. Under the merger agreement, either NYCB or Astoria may terminate the agreement, without penalty, if the merger has not occurred by December 31, 2016. Astoria and NYCB remain committed to the transaction, but any extension to the end date or other modification under the merger agreement is subject to the discretionary approval of the Board of Directors of each company, and there can be no assurance that each Board will agree to any such extension or other modification. |
Securities
Securities | 9 Months Ended |
Sep. 30, 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 September 30, 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) $ 263,153 $ 4,031 $ (275 ) $ 266,909 Non-GSE issuance REMICs and CMOs 1,856 4 (1 ) 1,859 GSE pass-through certificates 9,061 390 (1 ) 9,450 Total residential mortgage-backed securities 274,070 4,425 (277 ) 278,218 Obligations of GSEs 30,000 37 (26 ) 30,011 Fannie Mae stock 15 — (13 ) 2 Total securities available-for-sale $ 304,085 $ 4,462 $ (316 ) $ 308,231 Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 1,119,583 $ 14,824 $ (1,877 ) $ 1,132,530 Non-GSE issuance REMICs and CMOs 194 — (6 ) 188 GSE pass-through certificates 226,896 4,165 (427 ) 230,634 Total residential mortgage-backed securities 1,346,673 18,989 (2,310 ) 1,363,352 Multi-family mortgage-backed securities: GSE issuance REMICs 964,778 9,583 (747 ) 973,614 Obligations of GSEs 359,357 629 (713 ) 359,273 Corporate Debt securities 80,000 325 (3,362 ) 76,963 Other 367 1 — 368 Total securities held-to-maturity $ 2,751,175 $ 29,527 $ (7,132 ) $ 2,773,570 (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 September 30, 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 $ 13,375 $ (55 ) $ 21,347 $ (220 ) $ 34,722 $ (275 ) Non-GSE issuance REMICs and CMOs — — 105 (1 ) 105 (1 ) GSE pass-through certificates — — 120 (1 ) 120 (1 ) Obligations of GSEs 14,974 (26 ) — — 14,974 (26 ) Fannie Mae stock — — 2 (13 ) 2 (13 ) Total temporarily impaired securities available-for-sale $ 28,349 $ (81 ) $ 21,574 $ (235 ) $ 49,923 $ (316 ) Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 130,318 $ (353 ) $ 147,383 $ (1,524 ) $ 277,701 $ (1,877 ) Non-GSE issuance REMICs and CMOs — — 188 (6 ) 188 (6 ) GSE pass-through certificates — — 65,629 (427 ) 65,629 (427 ) Multi-family mortgage-backed securities: GSE issuance REMICs 275,035 (747 ) — — 275,035 (747 ) Obligations of GSEs 125,623 (713 ) — — 125,623 (713 ) Corporate debt securities 57,151 (2,849 ) 9,488 (513 ) 66,639 (3,362 ) Total temporarily impaired securities held-to-maturity $ 588,127 $ (4,662 ) $ 222,688 $ (2,470 ) $ 810,815 $ (7,132 ) 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 84 securities which had an unrealized loss at September 30, 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 September 30, 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 were primarily due to the observed credit spread widening that occurred during the nine months ended September 30, 2016, which we attribute to the contemporaneous broad-based equity market volatility. We do not consider these unrealized losses to be other than temporary impairment. During the nine months ended September 30, 2016 , proceeds from sales of securities from the available-for-sale portfolio totaled $23.1 million , resulting in gross realized gains of $86,000 . During the nine months ended September 30, 2015 , proceeds from sales of securities from the available-for-sale portfolio totaled $19.0 million , resulting in gross realized gains of $72,000 . At September 30, 2016 , available-for-sale debt securities, excluding mortgage-backed securities, had an amortized cost of $30.0 million , an estimated fair value of $30.0 million and contractual maturities in 2025 through 2026 . At September 30, 2016 , held-to-maturity debt securities, excluding mortgage-backed securities, had an amortized cost of $439.7 million , an estimated fair value of $436.6 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 September 30, 2016 , the amortized cost of callable securities in our portfolio totaled $344.4 million , of which $328.0 million are callable within one year and at various times thereafter. The balance of accrued interest receivable for securities totaled $8.0 million at September 30, 2016 and $7.4 million at December 31, 2015 . |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 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 September 30, 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 $ 4,948 $ 233 $ — $ 5,181 $ 268,405 $ 273,586 Full documentation amortizing 36,938 6,843 — 43,781 4,342,747 4,386,528 Reduced documentation interest-only 3,711 724 — 4,435 119,308 123,743 Reduced documentation amortizing 21,412 4,016 — 25,428 556,203 581,631 Total residential 67,009 11,816 — 78,825 5,286,663 5,365,488 Multi-family 3,414 156 476 4,046 4,083,193 4,087,239 Commercial real estate 420 176 — 596 751,966 752,562 Total mortgage loans 70,843 12,148 476 83,467 10,121,822 10,205,289 Consumer and other loans (gross): Home equity and other consumer 1,159 48 — 1,207 138,909 140,116 Commercial and industrial — 529 — 529 96,634 97,163 Total consumer and other loans 1,159 577 — 1,736 235,543 237,279 Total accruing loans $ 72,002 $ 12,725 $ 476 $ 85,203 $ 10,357,365 $ 10,442,568 Non-accrual loans: Mortgage loans (gross): Residential: Full documentation interest-only $ — $ 160 $ 11,492 $ 11,652 $ 4,387 $ 16,039 Full documentation amortizing 2,956 1,050 41,016 45,022 10,104 55,126 Reduced documentation interest-only — — 13,228 13,228 5,121 18,349 Reduced documentation amortizing 1,408 1,002 31,201 33,611 11,801 45,412 Total residential 4,364 2,212 96,937 103,513 31,413 134,926 Multi-family 876 406 1,417 2,699 2,571 5,270 Commercial real estate 388 — — 388 4,844 5,232 Total mortgage loans 5,628 2,618 98,354 106,600 38,828 145,428 Consumer and other loans (gross): Home equity and other consumer — — 4,718 4,718 — 4,718 Commercial and industrial — — 282 282 — 282 Total consumer and other loans — — 5,000 5,000 — 5,000 Total non-accrual loans $ 5,628 $ 2,618 $ 103,354 $ 111,600 $ 38,828 $ 150,428 Total loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 4,948 $ 393 $ 11,492 $ 16,833 $ 272,792 $ 289,625 Full documentation amortizing 39,894 7,893 41,016 88,803 4,352,851 4,441,654 Reduced documentation interest-only 3,711 724 13,228 17,663 124,429 142,092 Reduced documentation amortizing 22,820 5,018 31,201 59,039 568,004 627,043 Total residential 71,373 14,028 96,937 182,338 5,318,076 5,500,414 Multi-family 4,290 562 1,893 6,745 4,085,764 4,092,509 Commercial real estate 808 176 — 984 756,810 757,794 Total mortgage loans 76,471 14,766 98,830 190,067 10,160,650 10,350,717 Consumer and other loans (gross): Home equity and other consumer 1,159 48 4,718 5,925 138,909 144,834 Commercial and industrial — 529 282 811 96,634 97,445 Total consumer and other loans 1,159 577 5,000 6,736 235,543 242,279 Total loans $ 77,630 $ 15,343 $ 103,830 $ 196,803 $ 10,396,193 $ 10,592,996 Net unamortized premiums and deferred loan origination costs 37,665 Loans receivable 10,630,661 Allowance for loan losses (87,700 ) Loans receivable, net $ 10,542,961 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 September 30, 2016 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at July 1, 2016 $ 41,220 $ 32,131 $ 9,709 $ 6,940 $ 90,000 Provision (credited) charged to operations (505 ) 1,831 (887 ) (1,434 ) (995 ) Charge-offs (2,822 ) — (378 ) (378 ) (3,578 ) Recoveries 469 443 981 380 2,273 Balance at September 30, 2016 $ 38,362 $ 34,405 $ 9,425 $ 5,508 $ 87,700 For the Nine Months Ended September 30, 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 credited to operations (2,025 ) (2,696 ) (2,332 ) (75 ) (7,128 ) Charge-offs (6,313 ) (409 ) (441 ) (1,238 ) (8,401 ) Recoveries 1,749 1,966 981 533 5,229 Balance at September 30, 2016 $ 38,362 $ 34,405 $ 9,425 $ 5,508 $ 87,700 For the Three Months Ended September 30, 2015 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at July 1, 2015 $ 44,546 $ 38,794 $ 15,390 $ 8,770 $ 107,500 Provision (credited) charged to operations (1,992 ) 409 (3,058 ) 202 (4,439 ) Charge-offs (982 ) (553 ) — (80 ) (1,615 ) Recoveries 669 216 1,087 82 2,054 Balance at September 30, 2015 $ 42,241 $ 38,866 $ 13,419 $ 8,974 $ 103,500 For the Nine Months Ended September 30, 2015 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at January 1, 2015 $ 46,283 $ 39,250 $ 17,242 $ 8,825 $ 111,600 Provision (credited) charged to operations (2,346 ) (998 ) (4,768 ) 363 (7,749 ) Charge-offs (4,341 ) (898 ) (142 ) (515 ) (5,896 ) Recoveries 2,645 1,512 1,087 301 5,545 Balance at September 30, 2015 $ 42,241 $ 38,866 $ 13,419 $ 8,974 $ 103,500 The following table sets forth the balances of our residential interest-only mortgage loans at September 30, 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 $ 329,098 13 to 24 months 80,135 25 to 36 months 10,375 Over 36 months 12,109 Total $ 431,717 The following tables set forth the balances of our residential mortgage and consumer and other loan receivable segments by class and credit quality indicator at the dates indicated. At September 30, 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 $ 273,586 $ 4,386,528 $ 123,743 $ 581,631 $ 140,116 $ 97,163 Non-performing: Current or past due less than 90 days 4,547 14,110 5,121 14,211 — — Past due 90 days or more 11,492 41,016 13,228 31,201 4,718 282 Total $ 289,625 $ 4,441,654 $ 142,092 $ 627,043 $ 144,834 $ 97,445 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 September 30, 2016 At December 31, 2015 Commercial Real Estate Commercial Real Estate (In Thousands) Multi-Family Multi-Family Not criticized $ 4,054,211 $ 728,058 $ 3,981,050 $ 769,029 Criticized: Special mention 21,214 11,605 14,931 20,441 Substandard 17,084 18,131 28,124 30,044 Doubtful — — — — Total $ 4,092,509 $ 757,794 $ 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 September 30, 2016 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Loans: Individually evaluated for impairment $ 197,176 $ 9,469 $ 10,197 $ 4,514 $ 221,356 Collectively evaluated for impairment 5,303,238 4,083,040 747,597 237,765 10,371,640 Total loans $ 5,500,414 $ 4,092,509 $ 757,794 $ 242,279 $ 10,592,996 Allowance for loan losses: Individually evaluated for impairment $ 9,921 $ 17 $ 1 $ 319 $ 10,258 Collectively evaluated for impairment 28,441 34,388 9,424 5,189 77,442 Total allowance for loan losses $ 38,362 $ 34,405 $ 9,425 $ 5,508 $ 87,700 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 September 30, 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 $ 26,329 $ 20,955 $ (2,383 ) $ 18,572 $ 37,454 $ 30,631 $ (4,051 ) $ 26,580 Full documentation amortizing 85,959 77,475 (3,767 ) 73,708 69,242 63,223 (2,534 ) 60,689 Reduced documentation interest-only 35,748 29,537 (1,705 ) 27,832 55,939 46,540 (4,253 ) 42,287 Reduced documentation amortizing 78,493 69,209 (2,066 ) 67,143 57,955 52,520 (2,310 ) 50,210 Multi-family 3,370 3,380 (17 ) 3,363 8,029 7,950 (456 ) 7,494 Commercial real estate 269 269 (1 ) 268 6,651 6,723 (788 ) 5,935 Consumer and other loans: Home equity lines of credit 4,591 4,232 (319 ) 3,913 5,295 4,968 (421 ) 4,547 Without an allowance recorded: Mortgage loans: Multi-family 6,868 6,089 — 6,089 19,523 16,693 — 16,693 Commercial real estate 11,686 9,928 — 9,928 11,104 8,270 — 8,270 Consumer and other loans: Commercial and industrial 730 282 — 282 — — — — Total impaired loans $ 254,043 $ 221,356 $ (10,258 ) $ 211,098 $ 271,192 $ 237,518 $ (14,813 ) $ 222,705 The following tables set forth the average recorded investment, interest income recognized and cash basis interest income related to our impaired loans by segment and class for the periods indicated. For the Three Months Ended September 30, 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 $ 23,076 $ 135 $ 135 $ 38,691 $ 265 $ 268 Full documentation amortizing 76,480 548 556 55,466 433 430 Reduced documentation interest-only 30,764 265 267 66,137 620 617 Reduced documentation amortizing 68,062 596 577 30,566 336 323 Multi-family 4,084 58 58 7,458 72 72 Commercial real estate 307 3 4 6,927 82 73 Consumer and other loans: Home equity lines of credit 4,335 14 14 5,651 13 15 Without an allowance recorded: Mortgage loans: Multi-family 7,401 81 81 20,232 240 246 Commercial real estate 10,761 131 147 9,946 157 168 Consumer and other loans: Commercial and industrial 141 4 4 — — — Total impaired loans $ 225,411 $ 1,835 $ 1,843 $ 241,074 $ 2,218 $ 2,212 For the Nine Months Ended September 30, 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 $ 26,269 $ 378 $ 393 $ 41,725 $ 798 $ 807 Full documentation amortizing 70,669 1,642 1,677 49,727 1,309 1,323 Reduced documentation interest-only 36,941 817 815 71,266 1,927 1,911 Reduced documentation amortizing 62,632 1,804 1,815 24,757 966 972 Multi-family 5,449 154 168 16,000 236 238 Commercial real estate 2,091 15 17 13,163 219 223 Consumer and other loans: Home equity lines of credit 4,544 37 37 5,740 32 40 Without an allowance recorded: Mortgage loans: Multi-family 10,388 246 257 16,995 748 753 Commercial real estate 10,483 429 447 4,973 496 507 Consumer and other loans: Commercial and industrial 71 20 20 — — — Total impaired loans $ 229,537 $ 5,542 $ 5,646 $ 244,346 $ 6,731 $ 6,774 The following tables set forth information about our mortgage loans receivable by segment and class at September 30, 2016 and 2015 which were modified in a troubled debt restructuring, or TDR, during the periods indicated. Modifications During the Three Months Ended September 30, 2016 2015 (Dollars In Thousands) Number of Loans Pre- Modification Recorded Investment Recorded Investment at September 30, 2016 Number of Loans Pre- Modification Recorded Investment Recorded Investment at September 30, 2015 Residential: Full documentation interest-only 3 $ 895 $ 803 4 $ 1,270 $ 1,239 Full documentation amortizing 4 1,404 1,340 6 1,156 1,138 Reduced documentation interest-only 1 589 587 4 1,324 1,323 Reduced documentation amortizing — — — 3 764 757 Total 8 $ 2,888 $ 2,730 17 $ 4,514 $ 4,457 Modifications During the Nine Months Ended September 30, 2016 2015 (Dollars In Thousands) Number of Loans Pre- Modification Recorded Investment Recorded Investment at September 30, 2016 Number of Loans Pre- Modification Recorded Investment Recorded Investment at September 30, 2015 Residential: Full documentation interest-only 9 $ 3,481 $ 3,350 12 $ 4,620 $ 4,505 Full documentation amortizing 17 6,269 6,020 17 4,357 4,241 Reduced documentation interest-only 4 1,801 1,761 9 3,220 3,233 Reduced documentation amortizing 5 1,524 1,497 5 1,103 1,099 Multi-family 1 338 332 — — — Commercial real estate 1 515 464 2 2,902 2,849 Total 37 $ 13,928 $ 13,424 45 $ 16,202 $ 15,927 The following tables set forth information about our mortgage loans receivable by segment and class at September 30, 2016 and 2015 which were modified in a TDR during the twelve month periods ended September 30, 2016 and 2015 and had a payment default subsequent to the modification during the periods indicated. For the Three Months Ended September 30, 2016 2015 (Dollars In Thousands) Number of Loans Recorded Investment at September 30, 2016 Number of Loans Recorded Investment at September 30, 2015 Residential: Full documentation interest-only 1 $ 590 6 $ 2,244 Full documentation amortizing 6 2,315 5 1,687 Reduced documentation interest-only 1 489 2 758 Reduced documentation amortizing 1 923 3 729 Total 9 $ 4,317 16 $ 5,418 For the Nine Months Ended September 30, 2016 2015 (Dollars In Thousands) Number of Loans Recorded Investment at September 30, 2016 Number of Loans Recorded Investment at September 30, 2015 Residential: Full documentation interest-only 1 $ 590 6 $ 2,244 Full documentation amortizing 7 2,781 5 1,687 Reduced documentation interest-only 1 489 4 1,395 Reduced documentation amortizing 1 923 3 729 Total 10 $ 4,783 18 $ 6,055 Included in loans receivable at September 30, 2016 are loans in the process of foreclosure collateralized by residential real estate property with a recorded investment of $73.6 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 | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Reverse Repurchase Agreements | Reverse Repurchase Agreements The following table details the remaining contractual maturities of our reverse repurchase agreements at September 30, 2016 . Year Amount (In Thousands) 2018 $ 200,000 (1 ) 2019 600,000 (1 ) 2020 300,000 (2 ) Total $ 1,100,000 (1) Callable at various dates throughout the fourth quarter of 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 September 30, 2016 were fixed rate and collateralized by GSE securities, of which 83% were residential mortgage-backed securities and 17% were obligations of GSEs. Securities collateralizing these agreements are classified as encumbered securities in the consolidated statements of financial condition. The amount of excess collateral required is governed by each individual contract. The primary risk associated with these secured borrowings is the requirement to pledge a market value based balance of collateral in excess of the borrowed amount. The excess collateral pledged represents an unsecured exposure to the lending counterparty. As the market value of the collateral changes, both through changes in discount rates and spreads as well as related cash flows, additional collateral may need to be pledged. In accordance with our policies, eligible counterparties are defined and monitored to minimize our exposure. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 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 September 30, For the Nine Months Ended September 30, (In Thousands, Except Share Data) 2016 2015 2016 2015 Net income $ 18,691 $ 18,906 $ 55,592 $ 69,644 Preferred stock dividends (2,194 ) (2,194 ) (6,582 ) (6,582 ) Net income available to common shareholders 16,497 16,712 49,010 63,062 Income allocated to participating securities (153 ) (173 ) (448 ) (578 ) Net income allocated to common shareholders $ 16,344 $ 16,539 $ 48,562 $ 62,484 Basic weighted average common shares outstanding 100,383,631 99,700,759 100,377,618 99,540,721 Dilutive effect of stock options and restricted stock units (1) (2) — 366,400 — 366,400 Diluted weighted average common shares outstanding 100,383,631 100,067,159 100,377,618 99,907,121 Basic EPS $ 0.16 $ 0.17 $ 0.48 $ 0.63 Diluted EPS $ 0.16 $ 0.17 $ 0.48 $ 0.63 (1) Excludes options to purchase 6,000 shares of common stock which were outstanding during the three months ended September 30, 2016 ; options to purchase 12,000 shares of common stock which were outstanding during the three months ended September 30, 2015 ; options to purchase 6,330 shares of common stock which were outstanding during the nine months ended September 30, 2016 ; and options to purchase 14,889 shares of common stock which were outstanding during the nine months ended September 30, 2015 because their inclusion would be anti-dilutive. (2) Excludes 737,315 unvested restricted stock units which were outstanding during the three months ended September 30, 2016 ; 760,979 unvested restricted stock units which were outstanding during the three months ended September 30, 2015 ; 743,102 unvested restricted stock units which were outstanding during the nine months ended September 30, 2016 ; and 607,856 unvested restricted stock units which were outstanding during the nine months ended September 30, 2015 because the performance conditions have not been satisfied. |
Other Comprehensive Income_Loss
Other Comprehensive Income/Loss | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2016 and 2015 . (In Thousands) At Other Comprehensive (Loss) Income At Net unrealized gain on securities available-for-sale $ 7,319 $ (955 ) $ 6,364 Net actuarial loss on pension plans and other postretirement benefits (57,684 ) 356 (57,328 ) Prior service cost on pension plans and other postretirement benefits (2,991 ) 28 (2,963 ) Accumulated other comprehensive loss $ (53,356 ) $ (571 ) $ (53,927 ) (In Thousands) At Other Comprehensive Income At Net unrealized gain on securities available-for-sale $ 2,827 $ 3,537 $ 6,364 Net actuarial loss on pension plans and other postretirement benefits (58,396 ) 1,068 (57,328 ) Prior service cost on pension plans and other postretirement benefits (3,048 ) 85 (2,963 ) Accumulated other comprehensive loss $ (58,617 ) $ 4,690 $ (53,927 ) (In Thousands) At Other Comprehensive Income At Net unrealized gain on securities available-for-sale $ 3,888 $ 2,903 $ 6,791 Net actuarial loss on pension plans and other postretirement benefits (66,590 ) 442 (66,148 ) Prior service cost on pension plans and other postretirement benefits (3,105 ) 29 (3,076 ) Accumulated other comprehensive loss $ (65,807 ) $ 3,374 $ (62,433 ) (In Thousands) At Other Comprehensive Income At Net unrealized gain on securities available-for-sale $ 4,686 $ 2,105 $ 6,791 Net actuarial loss on pension plans and other postretirement benefits (67,476 ) 1,328 (66,148 ) Prior service cost on pension plans and other postretirement benefits (3,161 ) 85 (3,076 ) Accumulated other comprehensive loss $ (65,951 ) $ 3,518 $ (62,433 ) The following tables set forth the components of other comprehensive income (loss) for the periods indicated. For the Three Months Ended (In Thousands) Before Tax Amount Income Tax Benefit (Expense) After Tax Amount Net unrealized holding loss on securities available-for-sale arising during the period $ (1,603 ) $ 648 $ (955 ) Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 598 (242 ) 356 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 48 (20 ) 28 Other comprehensive loss $ (957 ) $ 386 $ (571 ) For the Nine Months Ended (In Thousands) Before Tax Amount Income Tax (Expense) Benefit After Tax Amount Net unrealized gain on securities available-for-sale: Net unrealized holding gain on securities available-for-sale arising during the period $ 6,023 $ (2,435 ) $ 3,588 Reclassification adjustment for gain on sales of securities included in net income (86 ) 35 (51 ) Net unrealized gain on securities available-for-sale 5,937 (2,400 ) 3,537 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 1,793 (725 ) 1,068 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 143 (58 ) 85 Other comprehensive income $ 7,873 $ (3,183 ) $ 4,690 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 $ 4,873 $ (1,970 ) $ 2,903 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 743 (301 ) 442 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 48 (19 ) 29 Other comprehensive income $ 5,664 $ (2,290 ) $ 3,374 For the Nine Months Ended (In Thousands) Before Tax Amount Income Tax (Expense) Benefit After Tax Amount Net unrealized gain on securities available-for-sale: Net unrealized holding gain on securities arising during the period $ 3,605 $ (1,457 ) $ 2,148 Reclassification adjustment for gain on sales of securities included in net income (72 ) 29 (43 ) Net unrealized gain on securities available-for-sale 3,533 (1,428 ) 2,105 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 2,229 (901 ) 1,328 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 143 (58 ) 85 Other comprehensive income $ 5,905 $ (2,387 ) $ 3,518 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 September 30, Income Statement Line Item (In Thousands) 2016 2015 Reclassification adjustment for net actuarial loss (1) $ (598 ) $ (743 ) Compensation and benefits Reclassification adjustment for prior service cost (1) (48 ) (48 ) Compensation and benefits Total reclassifications, before tax (646 ) (791 ) Income tax effect 262 320 Income tax expense Total reclassifications, net of tax $ (384 ) $ (471 ) Net income For the Nine Months Ended September 30, Income Statement Line Item (In Thousands) 2016 2015 Reclassification adjustment for gain on sales of securities $ 86 $ 72 Gain on sales of securities Reclassification adjustment for net actuarial loss (1) (1,793 ) (2,229 ) Compensation and benefits Reclassification adjustment for prior service cost (1) (143 ) (143 ) Compensation and benefits Total reclassifications, before tax (1,850 ) (2,300 ) Income tax effect 748 930 Income tax expense Total reclassifications, net of tax $ (1,102 ) $ (1,370 ) Net income (1) These other comprehensive income components are included in the computations of net periodic cost (benefit) 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 | 9 Months Ended |
Sep. 30, 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 September 30, For the Three Months Ended September 30, (In Thousands) 2016 2015 2016 2015 Service cost $ — $ — $ 465 $ 532 Interest cost 2,510 2,482 249 251 Expected return on plan assets (3,058 ) (3,634 ) — — Recognized net actuarial loss (gain) 703 743 (105 ) — Amortization of prior service cost 48 48 — — Net periodic cost (benefit) $ 203 $ (361 ) $ 609 $ 783 Pension Benefits Other Postretirement Benefits For the Nine Months Ended September 30, For the Nine Months Ended September 30, (In Thousands) 2016 2015 2016 2015 Service cost $ — $ — $ 1,397 $ 1,597 Interest cost 7,531 7,447 746 753 Expected return on plan assets (9,174 ) (10,901 ) — — Recognized net actuarial loss (gain) 2,110 2,229 (317 ) — Amortization of prior service cost 143 143 — — Net periodic cost (benefit) $ 610 $ (1,082 ) $ 1,826 $ 2,350 |
Stock Incentive Plans
Stock Incentive Plans | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plans | Stock Incentive Plans During the nine months ended September 30, 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 649,230 shares remain outstanding at September 30, 2016 and vest one-third per year beginning in 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 nine months ended September 30, 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 September 30, 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 nine months ended September 30, 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 (21,630 ) (14.46 ) (19,800 ) 12.41 Expired (65,000 ) (1) (13.23 ) — — Unvested at September 30, 2016 943,709 14.43 731,700 12.41 (1) Expired on June 30, 2016. Performance-based conditions were not achieved. Stock-based compensation expense is recognized on a straight-line basis over the vesting period and totaled $245,000 , net of taxes of $166,000 , for the three months ended September 30, 2016 and $1.5 million , net of taxes of $1.0 million , for the three months ended September 30, 2015 . Stock-based compensation expense totaled $1.5 million , net of taxes of $1.0 million , for the nine months ended September 30, 2016 and $3.8 million , net of taxes of $2.6 million , for the nine months ended September 30, 2015 . At September 30, 2016 , pre-tax compensation cost related to all nonvested awards of restricted common stock and restricted stock units not yet recognized totaled $10.6 million and will be recognized over a weighted average period of approximately 2.0 years, which excludes $6.6 million of pre-tax compensation cost related to 536,700 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 | 9 Months Ended |
Sep. 30, 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 $16.1 million at September 30, 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 $12.0 million at September 30, 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 $400,000 for the three months ended September 30, 2016 and $278,000 for the three months ended September 30, 2015 . Such expenses totaled $1.1 million for the nine months ended September 30, 2016 and $834,000 for the nine months ended September 30, 2015 . Affordable housing tax credits and other tax benefits recognized as a component of income tax expense in the consolidated statements of income totaled $284,000 for the three months ended September 30, 2016 and $353,000 for the three months ended September 30, 2015 . Such tax credits and other tax benefits totaled $1.2 million for the nine months ended September 30, 2016 and $1.1 million for the nine months ended September 30, 2015 . |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 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, or the 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 September 30, 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 September 30, 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 September 30, 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 $ 1,563,322 10.61 % $ 589,317 4.00 % N/A N/A $ 736,646 5.00 % Common equity tier 1 risk-based 1,439,077 17.58 368,440 4.50 $ 419,612 5.125 % 532,191 6.50 Tier 1 risk-based 1,563,322 19.09 491,254 6.00 542,426 6.625 655,005 8.00 Total risk-based 1,651,504 20.17 655,005 8.00 706,177 8.625 818,756 10.00 Astoria Bank: Tier 1 leverage $ 1,720,711 11.75 % $ 585,844 4.00 % N/A N/A $ 732,305 5.00 % Common equity tier 1 risk-based 1,720,711 21.07 367,584 4.50 $ 418,637 5.125 % 530,955 6.50 Tier 1 risk-based 1,720,711 21.07 490,112 6.00 541,165 6.625 653,483 8.00 Total risk-based 1,808,893 22.14 653,483 8.00 704,536 8.625 816,853 10.00 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 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 September 30, 2016 (In Thousands) Total Level 1 Level 2 Securities available-for-sale: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 266,909 $ — $ 266,909 Non-GSE issuance REMICs and CMOs 1,859 — 1,859 GSE pass-through certificates 9,450 — 9,450 Obligations of GSEs 30,011 — 30,011 Fannie Mae stock 2 2 — Total securities available-for-sale $ 308,231 $ 2 $ 308,229 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 90% of our securities available-for-sale portfolio at September 30, 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 September 30, 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 10% of our securities available-for-sale portfolio at September 30, 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 September 30, 2016 At December 31, 2015 Non-performing loans held-for-sale, net $ 706 $ 1,582 Impaired loans 126,854 134,910 MSR, net 8,580 11,014 REO, net 13,166 16,307 Total $ 149,306 $ 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 Nine Months Ended September 30, (In Thousands) 2016 2015 Non-performing loans held-for-sale, net (1) $ (120 ) $ (445 ) Impaired loans (2) (5,971 ) (3,246 ) MSR, net (3) (1,663 ) (172 ) REO, net (4) (979 ) (287 ) Total $ (8,733 ) $ (4,150 ) (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 September 30, 2016 , non-performing loans held for sale were comprised of 44% commercial real estate mortgage loans, 36% residential mortgage loans and 20% multi-family 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 89% residential mortgage loans, 9% multi-family and commercial real estate mortgage loans and 2% home equity lines of credit at September 30, 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 89% residential mortgage loans, 10% multi-family and commercial real estate mortgage loans and 1% home equity lines of credit at September 30, 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 September 30, 2016 , our MSR were valued based on expected future cash flows considering a weighted average discount rate of 9.94% , a weighted average constant prepayment rate on mortgages of 13.35% and a weighted average life of 5.1 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 September 30, 2016 , REO totaled $14.6 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 September 30, 2016 Carrying Value Estimated Fair Value (In Thousands) Total Level 2 Level 3 Financial Assets: Securities held-to-maturity $ 2,751,175 $ 2,773,570 $ 2,773,570 $ — FHLB-NY stock 130,820 130,820 130,820 — Loans held-for-sale, net (1) 5,550 5,653 — 5,653 Loans receivable, net (1) 10,542,961 10,685,073 — 10,685,073 MSR, net (1) 8,580 8,582 — 8,582 Financial Liabilities: Deposits 8,927,644 8,953,874 8,953,874 — Borrowings, net 3,814,620 3,973,159 3,973,159 — 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 | 9 Months Ended |
Sep. 30, 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 Notices 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 disagreed with the assertion of the tax deficiencies, and 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, an Administrative Law Judge with the NYC Tax Appeals Tribunal issued a decision favorable to us canceling the 2010 and 2011 Notices, which decision was appealed by the City of New York. In addition, 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. The bases of the 2014 Notice and the 2015 Notice were substantially the same as that of the 2010 and 2011 Notices, which we similarly opposed. The proceedings relating to the 2014 Notice and the 2015 Notice were adjourned in 2015 pending the resolution of the proceedings with respect to the 2010 and 2011 Notices, as the outcome of those proceedings was expected to be determinative of some or all of the issues in the proceedings with respect to the 2014 Notice and the 2015 Notice. On May 19, 2016, the NYC Tax Appeals Tribunal issued a decision affirming the Administrative Law Judge's original decision regarding the 2010 and 2011 Notices, which the City of New York cannot appeal, resulting in the tax years 2006 through 2008 being closed. Following the NYC Tax Appeals Tribunal's decision canceling the 2010 and 2011 Notices, the City of New York canceled the 2014 and 2015 Notices, resulting in tax years 2009 through 2013 being closed, with no additional tax liability. 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 voluntarily dismissed the case on September 26, 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 September 30, 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 | 9 Months Ended |
Sep. 30, 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 Accounting Standards Update, or 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 those 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. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” which require a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The measurement of expected credit losses is to be based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This measurement is to take place at the time an asset is first added to the balance sheet and periodically thereafter. This differs significantly from the “incurred loss” methodology for recognizing credit losses required under current GAAP, which delays recognition until it is probable a loss has been incurred. The new standard is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently evaluating the impact of ASU 2016-13 on our accounting, but we expect to recognize a one-time cumulative-effect adjustment to our allowance for loan losses as of the beginning of the first reporting period in which the new standard becomes effective. We cannot yet determine the magnitude of any such one-time cumulative adjustment or of the overall impact of the new standard on our financial condition or results of operations. |
Impact of Accounting Standard23
Impact of Accounting Standards and Interpretations (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | In February 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or 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 those 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. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” which require a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The measurement of expected credit losses is to be based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This measurement is to take place at the time an asset is first added to the balance sheet and periodically thereafter. This differs significantly from the “incurred loss” methodology for recognizing credit losses required under current GAAP, which delays recognition until it is probable a loss has been incurred. The new standard is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently evaluating the impact of ASU 2016-13 on our accounting, but we expect to recognize a one-time cumulative-effect adjustment to our allowance for loan losses as of the beginning of the first reporting period in which the new standard becomes effective. We cannot yet determine the magnitude of any such one-time cumulative adjustment or of the overall impact of the new standard on our financial condition or results of operations. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale and Held-to-Maturity Securities | The following tables set forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at the dates indicated. At September 30, 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) $ 263,153 $ 4,031 $ (275 ) $ 266,909 Non-GSE issuance REMICs and CMOs 1,856 4 (1 ) 1,859 GSE pass-through certificates 9,061 390 (1 ) 9,450 Total residential mortgage-backed securities 274,070 4,425 (277 ) 278,218 Obligations of GSEs 30,000 37 (26 ) 30,011 Fannie Mae stock 15 — (13 ) 2 Total securities available-for-sale $ 304,085 $ 4,462 $ (316 ) $ 308,231 Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 1,119,583 $ 14,824 $ (1,877 ) $ 1,132,530 Non-GSE issuance REMICs and CMOs 194 — (6 ) 188 GSE pass-through certificates 226,896 4,165 (427 ) 230,634 Total residential mortgage-backed securities 1,346,673 18,989 (2,310 ) 1,363,352 Multi-family mortgage-backed securities: GSE issuance REMICs 964,778 9,583 (747 ) 973,614 Obligations of GSEs 359,357 629 (713 ) 359,273 Corporate Debt securities 80,000 325 (3,362 ) 76,963 Other 367 1 — 368 Total securities held-to-maturity $ 2,751,175 $ 29,527 $ (7,132 ) $ 2,773,570 (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 | The following tables set forth the estimated fair values of securities with gross unrealized losses at the dates indicated, segregated between securities that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the dates indicated. At September 30, 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 $ 13,375 $ (55 ) $ 21,347 $ (220 ) $ 34,722 $ (275 ) Non-GSE issuance REMICs and CMOs — — 105 (1 ) 105 (1 ) GSE pass-through certificates — — 120 (1 ) 120 (1 ) Obligations of GSEs 14,974 (26 ) — — 14,974 (26 ) Fannie Mae stock — — 2 (13 ) 2 (13 ) Total temporarily impaired securities available-for-sale $ 28,349 $ (81 ) $ 21,574 $ (235 ) $ 49,923 $ (316 ) Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 130,318 $ (353 ) $ 147,383 $ (1,524 ) $ 277,701 $ (1,877 ) Non-GSE issuance REMICs and CMOs — — 188 (6 ) 188 (6 ) GSE pass-through certificates — — 65,629 (427 ) 65,629 (427 ) Multi-family mortgage-backed securities: GSE issuance REMICs 275,035 (747 ) — — 275,035 (747 ) Obligations of GSEs 125,623 (713 ) — — 125,623 (713 ) Corporate debt securities 57,151 (2,849 ) 9,488 (513 ) 66,639 (3,362 ) Total temporarily impaired securities held-to-maturity $ 588,127 $ (4,662 ) $ 222,688 $ (2,470 ) $ 810,815 $ (7,132 ) 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 Allowanc25
Loans Receivable and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Composition of Loans Receivable Portfolio and Aging Analysis by Accruing and Non-Accrual Loans | The following tables set forth the composition of our loans receivable portfolio, and an aging analysis by accruing and non-accrual loans, by segment and class at the dates indicated. At September 30, 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 $ 4,948 $ 233 $ — $ 5,181 $ 268,405 $ 273,586 Full documentation amortizing 36,938 6,843 — 43,781 4,342,747 4,386,528 Reduced documentation interest-only 3,711 724 — 4,435 119,308 123,743 Reduced documentation amortizing 21,412 4,016 — 25,428 556,203 581,631 Total residential 67,009 11,816 — 78,825 5,286,663 5,365,488 Multi-family 3,414 156 476 4,046 4,083,193 4,087,239 Commercial real estate 420 176 — 596 751,966 752,562 Total mortgage loans 70,843 12,148 476 83,467 10,121,822 10,205,289 Consumer and other loans (gross): Home equity and other consumer 1,159 48 — 1,207 138,909 140,116 Commercial and industrial — 529 — 529 96,634 97,163 Total consumer and other loans 1,159 577 — 1,736 235,543 237,279 Total accruing loans $ 72,002 $ 12,725 $ 476 $ 85,203 $ 10,357,365 $ 10,442,568 Non-accrual loans: Mortgage loans (gross): Residential: Full documentation interest-only $ — $ 160 $ 11,492 $ 11,652 $ 4,387 $ 16,039 Full documentation amortizing 2,956 1,050 41,016 45,022 10,104 55,126 Reduced documentation interest-only — — 13,228 13,228 5,121 18,349 Reduced documentation amortizing 1,408 1,002 31,201 33,611 11,801 45,412 Total residential 4,364 2,212 96,937 103,513 31,413 134,926 Multi-family 876 406 1,417 2,699 2,571 5,270 Commercial real estate 388 — — 388 4,844 5,232 Total mortgage loans 5,628 2,618 98,354 106,600 38,828 145,428 Consumer and other loans (gross): Home equity and other consumer — — 4,718 4,718 — 4,718 Commercial and industrial — — 282 282 — 282 Total consumer and other loans — — 5,000 5,000 — 5,000 Total non-accrual loans $ 5,628 $ 2,618 $ 103,354 $ 111,600 $ 38,828 $ 150,428 Total loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 4,948 $ 393 $ 11,492 $ 16,833 $ 272,792 $ 289,625 Full documentation amortizing 39,894 7,893 41,016 88,803 4,352,851 4,441,654 Reduced documentation interest-only 3,711 724 13,228 17,663 124,429 142,092 Reduced documentation amortizing 22,820 5,018 31,201 59,039 568,004 627,043 Total residential 71,373 14,028 96,937 182,338 5,318,076 5,500,414 Multi-family 4,290 562 1,893 6,745 4,085,764 4,092,509 Commercial real estate 808 176 — 984 756,810 757,794 Total mortgage loans 76,471 14,766 98,830 190,067 10,160,650 10,350,717 Consumer and other loans (gross): Home equity and other consumer 1,159 48 4,718 5,925 138,909 144,834 Commercial and industrial — 529 282 811 96,634 97,445 Total consumer and other loans 1,159 577 5,000 6,736 235,543 242,279 Total loans $ 77,630 $ 15,343 $ 103,830 $ 196,803 $ 10,396,193 $ 10,592,996 Net unamortized premiums and deferred loan origination costs 37,665 Loans receivable 10,630,661 Allowance for loan losses (87,700 ) Loans receivable, net $ 10,542,961 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 |
Changes in Allowance for Loan Losses by Loan Receivable Segment | The following tables set forth the changes in our allowance for loan losses by loan receivable segment for the periods indicated. For the Three Months Ended September 30, 2016 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at July 1, 2016 $ 41,220 $ 32,131 $ 9,709 $ 6,940 $ 90,000 Provision (credited) charged to operations (505 ) 1,831 (887 ) (1,434 ) (995 ) Charge-offs (2,822 ) — (378 ) (378 ) (3,578 ) Recoveries 469 443 981 380 2,273 Balance at September 30, 2016 $ 38,362 $ 34,405 $ 9,425 $ 5,508 $ 87,700 For the Nine Months Ended September 30, 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 credited to operations (2,025 ) (2,696 ) (2,332 ) (75 ) (7,128 ) Charge-offs (6,313 ) (409 ) (441 ) (1,238 ) (8,401 ) Recoveries 1,749 1,966 981 533 5,229 Balance at September 30, 2016 $ 38,362 $ 34,405 $ 9,425 $ 5,508 $ 87,700 For the Three Months Ended September 30, 2015 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at July 1, 2015 $ 44,546 $ 38,794 $ 15,390 $ 8,770 $ 107,500 Provision (credited) charged to operations (1,992 ) 409 (3,058 ) 202 (4,439 ) Charge-offs (982 ) (553 ) — (80 ) (1,615 ) Recoveries 669 216 1,087 82 2,054 Balance at September 30, 2015 $ 42,241 $ 38,866 $ 13,419 $ 8,974 $ 103,500 For the Nine Months Ended September 30, 2015 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at January 1, 2015 $ 46,283 $ 39,250 $ 17,242 $ 8,825 $ 111,600 Provision (credited) charged to operations (2,346 ) (998 ) (4,768 ) 363 (7,749 ) Charge-offs (4,341 ) (898 ) (142 ) (515 ) (5,896 ) Recoveries 2,645 1,512 1,087 301 5,545 Balance at September 30, 2015 $ 42,241 $ 38,866 $ 13,419 $ 8,974 $ 103,500 |
Balances of Residential Interest-Only Mortgage Loans | The following table sets forth the balances of our residential interest-only mortgage loans at September 30, 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 $ 329,098 13 to 24 months 80,135 25 to 36 months 10,375 Over 36 months 12,109 Total $ 431,717 |
Balances of Loan Receivable Segments by Class and Credit Quality Indicator | The following tables set forth the balances of our residential mortgage and consumer and other loan receivable segments by class and credit quality indicator at the dates indicated. At September 30, 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 $ 273,586 $ 4,386,528 $ 123,743 $ 581,631 $ 140,116 $ 97,163 Non-performing: Current or past due less than 90 days 4,547 14,110 5,121 14,211 — — Past due 90 days or more 11,492 41,016 13,228 31,201 4,718 282 Total $ 289,625 $ 4,441,654 $ 142,092 $ 627,043 $ 144,834 $ 97,445 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 September 30, 2016 At December 31, 2015 Commercial Real Estate Commercial Real Estate (In Thousands) Multi-Family Multi-Family Not criticized $ 4,054,211 $ 728,058 $ 3,981,050 $ 769,029 Criticized: Special mention 21,214 11,605 14,931 20,441 Substandard 17,084 18,131 28,124 30,044 Doubtful — — — — Total $ 4,092,509 $ 757,794 $ 4,024,105 $ 819,514 |
Balances of Loans Receivable and Related Allowance for Loan Loss Allocation | The following tables set forth the balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses at the dates indicated. At September 30, 2016 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Loans: Individually evaluated for impairment $ 197,176 $ 9,469 $ 10,197 $ 4,514 $ 221,356 Collectively evaluated for impairment 5,303,238 4,083,040 747,597 237,765 10,371,640 Total loans $ 5,500,414 $ 4,092,509 $ 757,794 $ 242,279 $ 10,592,996 Allowance for loan losses: Individually evaluated for impairment $ 9,921 $ 17 $ 1 $ 319 $ 10,258 Collectively evaluated for impairment 28,441 34,388 9,424 5,189 77,442 Total allowance for loan losses $ 38,362 $ 34,405 $ 9,425 $ 5,508 $ 87,700 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 |
Impaired Loans by Segment and Class | The following table summarizes information related to our impaired loans by segment and class at the dates indicated. At September 30, 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 $ 26,329 $ 20,955 $ (2,383 ) $ 18,572 $ 37,454 $ 30,631 $ (4,051 ) $ 26,580 Full documentation amortizing 85,959 77,475 (3,767 ) 73,708 69,242 63,223 (2,534 ) 60,689 Reduced documentation interest-only 35,748 29,537 (1,705 ) 27,832 55,939 46,540 (4,253 ) 42,287 Reduced documentation amortizing 78,493 69,209 (2,066 ) 67,143 57,955 52,520 (2,310 ) 50,210 Multi-family 3,370 3,380 (17 ) 3,363 8,029 7,950 (456 ) 7,494 Commercial real estate 269 269 (1 ) 268 6,651 6,723 (788 ) 5,935 Consumer and other loans: Home equity lines of credit 4,591 4,232 (319 ) 3,913 5,295 4,968 (421 ) 4,547 Without an allowance recorded: Mortgage loans: Multi-family 6,868 6,089 — 6,089 19,523 16,693 — 16,693 Commercial real estate 11,686 9,928 — 9,928 11,104 8,270 — 8,270 Consumer and other loans: Commercial and industrial 730 282 — 282 — — — — Total impaired loans $ 254,043 $ 221,356 $ (10,258 ) $ 211,098 $ 271,192 $ 237,518 $ (14,813 ) $ 222,705 |
Average Recorded Investment, Interest Income Recognized and Cash Basis Interest Income Related to Impaired Loans | The following tables set forth the average recorded investment, interest income recognized and cash basis interest income related to our impaired loans by segment and class for the periods indicated. For the Three Months Ended September 30, 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 $ 23,076 $ 135 $ 135 $ 38,691 $ 265 $ 268 Full documentation amortizing 76,480 548 556 55,466 433 430 Reduced documentation interest-only 30,764 265 267 66,137 620 617 Reduced documentation amortizing 68,062 596 577 30,566 336 323 Multi-family 4,084 58 58 7,458 72 72 Commercial real estate 307 3 4 6,927 82 73 Consumer and other loans: Home equity lines of credit 4,335 14 14 5,651 13 15 Without an allowance recorded: Mortgage loans: Multi-family 7,401 81 81 20,232 240 246 Commercial real estate 10,761 131 147 9,946 157 168 Consumer and other loans: Commercial and industrial 141 4 4 — — — Total impaired loans $ 225,411 $ 1,835 $ 1,843 $ 241,074 $ 2,218 $ 2,212 For the Nine Months Ended September 30, 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 $ 26,269 $ 378 $ 393 $ 41,725 $ 798 $ 807 Full documentation amortizing 70,669 1,642 1,677 49,727 1,309 1,323 Reduced documentation interest-only 36,941 817 815 71,266 1,927 1,911 Reduced documentation amortizing 62,632 1,804 1,815 24,757 966 972 Multi-family 5,449 154 168 16,000 236 238 Commercial real estate 2,091 15 17 13,163 219 223 Consumer and other loans: Home equity lines of credit 4,544 37 37 5,740 32 40 Without an allowance recorded: Mortgage loans: Multi-family 10,388 246 257 16,995 748 753 Commercial real estate 10,483 429 447 4,973 496 507 Consumer and other loans: Commercial and industrial 71 20 20 — — — Total impaired loans $ 229,537 $ 5,542 $ 5,646 $ 244,346 $ 6,731 $ 6,774 |
Mortgage Loans Receivable by Segment and Class | The following tables set forth information about our mortgage loans receivable by segment and class at September 30, 2016 and 2015 which were modified in a troubled debt restructuring, or TDR, during the periods indicated. Modifications During the Three Months Ended September 30, 2016 2015 (Dollars In Thousands) Number of Loans Pre- Modification Recorded Investment Recorded Investment at September 30, 2016 Number of Loans Pre- Modification Recorded Investment Recorded Investment at September 30, 2015 Residential: Full documentation interest-only 3 $ 895 $ 803 4 $ 1,270 $ 1,239 Full documentation amortizing 4 1,404 1,340 6 1,156 1,138 Reduced documentation interest-only 1 589 587 4 1,324 1,323 Reduced documentation amortizing — — — 3 764 757 Total 8 $ 2,888 $ 2,730 17 $ 4,514 $ 4,457 Modifications During the Nine Months Ended September 30, 2016 2015 (Dollars In Thousands) Number of Loans Pre- Modification Recorded Investment Recorded Investment at September 30, 2016 Number of Loans Pre- Modification Recorded Investment Recorded Investment at September 30, 2015 Residential: Full documentation interest-only 9 $ 3,481 $ 3,350 12 $ 4,620 $ 4,505 Full documentation amortizing 17 6,269 6,020 17 4,357 4,241 Reduced documentation interest-only 4 1,801 1,761 9 3,220 3,233 Reduced documentation amortizing 5 1,524 1,497 5 1,103 1,099 Multi-family 1 338 332 — — — Commercial real estate 1 515 464 2 2,902 2,849 Total 37 $ 13,928 $ 13,424 45 $ 16,202 $ 15,927 The following tables set forth information about our mortgage loans receivable by segment and class at September 30, 2016 and 2015 which were modified in a TDR during the twelve month periods ended September 30, 2016 and 2015 and had a payment default subsequent to the modification during the periods indicated. For the Three Months Ended September 30, 2016 2015 (Dollars In Thousands) Number of Loans Recorded Investment at September 30, 2016 Number of Loans Recorded Investment at September 30, 2015 Residential: Full documentation interest-only 1 $ 590 6 $ 2,244 Full documentation amortizing 6 2,315 5 1,687 Reduced documentation interest-only 1 489 2 758 Reduced documentation amortizing 1 923 3 729 Total 9 $ 4,317 16 $ 5,418 For the Nine Months Ended September 30, 2016 2015 (Dollars In Thousands) Number of Loans Recorded Investment at September 30, 2016 Number of Loans Recorded Investment at September 30, 2015 Residential: Full documentation interest-only 1 $ 590 6 $ 2,244 Full documentation amortizing 7 2,781 5 1,687 Reduced documentation interest-only 1 489 4 1,395 Reduced documentation amortizing 1 923 3 729 Total 10 $ 4,783 18 $ 6,055 |
Reverse Repurchase Agreements (
Reverse Repurchase Agreements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Remaining Contractual Maturities of Reverse Repurchase Agreements | The following table details the remaining contractual maturities of our reverse repurchase agreements at September 30, 2016 . Year Amount (In Thousands) 2018 $ 200,000 (1 ) 2019 600,000 (1 ) 2020 300,000 (2 ) Total $ 1,100,000 (1) Callable at various dates throughout the fourth quarter of 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) | 9 Months Ended |
Sep. 30, 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 September 30, For the Nine Months Ended September 30, (In Thousands, Except Share Data) 2016 2015 2016 2015 Net income $ 18,691 $ 18,906 $ 55,592 $ 69,644 Preferred stock dividends (2,194 ) (2,194 ) (6,582 ) (6,582 ) Net income available to common shareholders 16,497 16,712 49,010 63,062 Income allocated to participating securities (153 ) (173 ) (448 ) (578 ) Net income allocated to common shareholders $ 16,344 $ 16,539 $ 48,562 $ 62,484 Basic weighted average common shares outstanding 100,383,631 99,700,759 100,377,618 99,540,721 Dilutive effect of stock options and restricted stock units (1) (2) — 366,400 — 366,400 Diluted weighted average common shares outstanding 100,383,631 100,067,159 100,377,618 99,907,121 Basic EPS $ 0.16 $ 0.17 $ 0.48 $ 0.63 Diluted EPS $ 0.16 $ 0.17 $ 0.48 $ 0.63 (1) Excludes options to purchase 6,000 shares of common stock which were outstanding during the three months ended September 30, 2016 ; options to purchase 12,000 shares of common stock which were outstanding during the three months ended September 30, 2015 ; options to purchase 6,330 shares of common stock which were outstanding during the nine months ended September 30, 2016 ; and options to purchase 14,889 shares of common stock which were outstanding during the nine months ended September 30, 2015 because their inclusion would be anti-dilutive. (2) Excludes 737,315 unvested restricted stock units which were outstanding during the three months ended September 30, 2016 ; 760,979 unvested restricted stock units which were outstanding during the three months ended September 30, 2015 ; 743,102 unvested restricted stock units which were outstanding during the nine months ended September 30, 2016 ; and 607,856 unvested restricted stock units which were outstanding during the nine months ended September 30, 2015 because the performance conditions have not been satisfied. |
Other Comprehensive Income_Lo28
Other Comprehensive Income/Loss (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Components of and Changes in Accumulated Other Comprehensive Loss, Net of Related Tax Effects | The following tables set forth the components of accumulated other comprehensive loss, net of related tax effects, at the dates indicated and the changes during the three and nine months ended September 30, 2016 and 2015 . (In Thousands) At Other Comprehensive (Loss) Income At Net unrealized gain on securities available-for-sale $ 7,319 $ (955 ) $ 6,364 Net actuarial loss on pension plans and other postretirement benefits (57,684 ) 356 (57,328 ) Prior service cost on pension plans and other postretirement benefits (2,991 ) 28 (2,963 ) Accumulated other comprehensive loss $ (53,356 ) $ (571 ) $ (53,927 ) (In Thousands) At Other Comprehensive Income At Net unrealized gain on securities available-for-sale $ 2,827 $ 3,537 $ 6,364 Net actuarial loss on pension plans and other postretirement benefits (58,396 ) 1,068 (57,328 ) Prior service cost on pension plans and other postretirement benefits (3,048 ) 85 (2,963 ) Accumulated other comprehensive loss $ (58,617 ) $ 4,690 $ (53,927 ) (In Thousands) At Other Comprehensive Income At Net unrealized gain on securities available-for-sale $ 3,888 $ 2,903 $ 6,791 Net actuarial loss on pension plans and other postretirement benefits (66,590 ) 442 (66,148 ) Prior service cost on pension plans and other postretirement benefits (3,105 ) 29 (3,076 ) Accumulated other comprehensive loss $ (65,807 ) $ 3,374 $ (62,433 ) (In Thousands) At Other Comprehensive Income At Net unrealized gain on securities available-for-sale $ 4,686 $ 2,105 $ 6,791 Net actuarial loss on pension plans and other postretirement benefits (67,476 ) 1,328 (66,148 ) Prior service cost on pension plans and other postretirement benefits (3,161 ) 85 (3,076 ) Accumulated other comprehensive loss $ (65,951 ) $ 3,518 $ (62,433 ) |
Schedule of Components of Other Comprehensive Income (Loss) | The following tables set forth the components of other comprehensive income (loss) for the periods indicated. For the Three Months Ended (In Thousands) Before Tax Amount Income Tax Benefit (Expense) After Tax Amount Net unrealized holding loss on securities available-for-sale arising during the period $ (1,603 ) $ 648 $ (955 ) Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 598 (242 ) 356 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 48 (20 ) 28 Other comprehensive loss $ (957 ) $ 386 $ (571 ) For the Nine Months Ended (In Thousands) Before Tax Amount Income Tax (Expense) Benefit After Tax Amount Net unrealized gain on securities available-for-sale: Net unrealized holding gain on securities available-for-sale arising during the period $ 6,023 $ (2,435 ) $ 3,588 Reclassification adjustment for gain on sales of securities included in net income (86 ) 35 (51 ) Net unrealized gain on securities available-for-sale 5,937 (2,400 ) 3,537 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 1,793 (725 ) 1,068 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 143 (58 ) 85 Other comprehensive income $ 7,873 $ (3,183 ) $ 4,690 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 $ 4,873 $ (1,970 ) $ 2,903 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 743 (301 ) 442 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 48 (19 ) 29 Other comprehensive income $ 5,664 $ (2,290 ) $ 3,374 For the Nine Months Ended (In Thousands) Before Tax Amount Income Tax (Expense) Benefit After Tax Amount Net unrealized gain on securities available-for-sale: Net unrealized holding gain on securities arising during the period $ 3,605 $ (1,457 ) $ 2,148 Reclassification adjustment for gain on sales of securities included in net income (72 ) 29 (43 ) Net unrealized gain on securities available-for-sale 3,533 (1,428 ) 2,105 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 2,229 (901 ) 1,328 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 143 (58 ) 85 Other comprehensive income $ 5,905 $ (2,387 ) $ 3,518 |
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 September 30, Income Statement Line Item (In Thousands) 2016 2015 Reclassification adjustment for net actuarial loss (1) $ (598 ) $ (743 ) Compensation and benefits Reclassification adjustment for prior service cost (1) (48 ) (48 ) Compensation and benefits Total reclassifications, before tax (646 ) (791 ) Income tax effect 262 320 Income tax expense Total reclassifications, net of tax $ (384 ) $ (471 ) Net income For the Nine Months Ended September 30, Income Statement Line Item (In Thousands) 2016 2015 Reclassification adjustment for gain on sales of securities $ 86 $ 72 Gain on sales of securities Reclassification adjustment for net actuarial loss (1) (1,793 ) (2,229 ) Compensation and benefits Reclassification adjustment for prior service cost (1) (143 ) (143 ) Compensation and benefits Total reclassifications, before tax (1,850 ) (2,300 ) Income tax effect 748 930 Income tax expense Total reclassifications, net of tax $ (1,102 ) $ (1,370 ) Net income (1) These other comprehensive income components are included in the computations of net periodic cost (benefit) for our defined benefit pension plans and other postretirement benefit plan. See Note 8 for additional details. |
Pension Plans and Other Postr29
Pension Plans and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Cost (Benefit) 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 September 30, For the Three Months Ended September 30, (In Thousands) 2016 2015 2016 2015 Service cost $ — $ — $ 465 $ 532 Interest cost 2,510 2,482 249 251 Expected return on plan assets (3,058 ) (3,634 ) — — Recognized net actuarial loss (gain) 703 743 (105 ) — Amortization of prior service cost 48 48 — — Net periodic cost (benefit) $ 203 $ (361 ) $ 609 $ 783 Pension Benefits Other Postretirement Benefits For the Nine Months Ended September 30, For the Nine Months Ended September 30, (In Thousands) 2016 2015 2016 2015 Service cost $ — $ — $ 1,397 $ 1,597 Interest cost 7,531 7,447 746 753 Expected return on plan assets (9,174 ) (10,901 ) — — Recognized net actuarial loss (gain) 2,110 2,229 (317 ) — Amortization of prior service cost 143 143 — — Net periodic cost (benefit) $ 610 $ (1,082 ) $ 1,826 $ 2,350 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Restricted Common Stock and Performance-Based Restricted Stock Unit Activity | The following table summarizes restricted common stock and performance-based restricted stock unit activity in our stock incentive plans for the nine months ended September 30, 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 (21,630 ) (14.46 ) (19,800 ) 12.41 Expired (65,000 ) (1) (13.23 ) — — Unvested at September 30, 2016 943,709 14.43 731,700 12.41 (1) Expired on June 30, 2016. Performance-based conditions were not achieved. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 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 $ 1,563,322 10.61 % $ 589,317 4.00 % N/A N/A $ 736,646 5.00 % Common equity tier 1 risk-based 1,439,077 17.58 368,440 4.50 $ 419,612 5.125 % 532,191 6.50 Tier 1 risk-based 1,563,322 19.09 491,254 6.00 542,426 6.625 655,005 8.00 Total risk-based 1,651,504 20.17 655,005 8.00 706,177 8.625 818,756 10.00 Astoria Bank: Tier 1 leverage $ 1,720,711 11.75 % $ 585,844 4.00 % N/A N/A $ 732,305 5.00 % Common equity tier 1 risk-based 1,720,711 21.07 367,584 4.50 $ 418,637 5.125 % 530,955 6.50 Tier 1 risk-based 1,720,711 21.07 490,112 6.00 541,165 6.625 653,483 8.00 Total risk-based 1,808,893 22.14 653,483 8.00 704,536 8.625 816,853 10.00 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Values of Assets Measured at Estimated Fair Value on a Recurring Basis | The following tables set forth the carrying values of our assets measured at estimated fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated. Carrying Value at September 30, 2016 (In Thousands) Total Level 1 Level 2 Securities available-for-sale: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 266,909 $ — $ 266,909 Non-GSE issuance REMICs and CMOs 1,859 — 1,859 GSE pass-through certificates 9,450 — 9,450 Obligations of GSEs 30,011 — 30,011 Fannie Mae stock 2 2 — Total securities available-for-sale $ 308,231 $ 2 $ 308,229 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 a Non-Recurring Basis | The following table sets forth the carrying values of those of our assets which were measured at fair value on a non-recurring basis at the dates indicated. The fair value measurements for all of these assets fall within Level 3 of the fair value hierarchy. Carrying Value (In Thousands) At September 30, 2016 At December 31, 2015 Non-performing loans held-for-sale, net $ 706 $ 1,582 Impaired loans 126,854 134,910 MSR, net 8,580 11,014 REO, net 13,166 16,307 Total $ 149,306 $ 163,813 |
Schedule of Gains (Losses) Recognized on Assets Measured at Fair Value on a 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 Nine Months Ended September 30, (In Thousands) 2016 2015 Non-performing loans held-for-sale, net (1) $ (120 ) $ (445 ) Impaired loans (2) (5,971 ) (3,246 ) MSR, net (3) (1,663 ) (172 ) REO, net (4) (979 ) (287 ) Total $ (8,733 ) $ (4,150 ) (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 September 30, 2016 Carrying Value Estimated Fair Value (In Thousands) Total Level 2 Level 3 Financial Assets: Securities held-to-maturity $ 2,751,175 $ 2,773,570 $ 2,773,570 $ — FHLB-NY stock 130,820 130,820 130,820 — Loans held-for-sale, net (1) 5,550 5,653 — 5,653 Loans receivable, net (1) 10,542,961 10,685,073 — 10,685,073 MSR, net (1) 8,580 8,582 — 8,582 Financial Liabilities: Deposits 8,927,644 8,953,874 8,953,874 — Borrowings, net 3,814,620 3,973,159 3,973,159 — 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. |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2015USD ($) | |
New York State | |
Valuation Allowance [Line Items] | |
Reduction in income tax expense | $ 11.4 |
Elimination of valuation allowance | 7.2 |
New York City | |
Valuation Allowance [Line Items] | |
Recognition of additional deferred tax assets | $ 4.2 |
Merger Agreement with New Yor34
Merger Agreement with New York Community Bancorp, Inc. (Details) $ / shares in Units, $ in Millions | Oct. 28, 2015USD ($)$ / sharesshares | Sep. 30, 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 | shares | 200,000,000 | 200,000,000 | |
Contract termination fee | $ | $ 69.5 | ||
Non-Cumulative Perpetual Preferred Stock, Series C | |||
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 ratio of preferred shares of acquiree to acquirer | 1 | ||
Common stock, par value (in dollars per share) | $ 0.01 | ||
Share price for acquisition (in dollars per share) | $ 0.50 | ||
New York Community Bancorp, Inc | Astoria Financial Corporation | Minimum | |||
Business Acquisition [Line Items] | |||
Common stock, shares authorized | shares | 600,000,000 | ||
New York Community Bancorp, Inc | Astoria Financial Corporation | Maximum | |||
Business Acquisition [Line Items] | |||
Common stock, shares authorized | shares | 900,000,000 | ||
New York Community Bancorp, Inc | Astoria Financial Corporation | Non-Cumulative Perpetual Preferred Stock, Series A | |||
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 - Schedule of Amorti
Securities - Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale and Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Available-for-sale: | ||
Amortized Cost | $ 304,085 | $ 418,644 |
Gross Unrealized Gains | 4,462 | 2,872 |
Gross Unrealized Losses | (316) | (4,718) |
Estimated Fair Value | 308,231 | 416,798 |
Held-to-maturity: | ||
Total held-to-maturity securities | 2,751,175 | 2,296,799 |
Gross Unrealized Gains | 29,527 | 11,146 |
Gross Unrealized Losses | (7,132) | (21,853) |
Estimated Fair Value | 2,773,570 | 2,286,092 |
GSE issuance REMICs and CMOs | ||
Available-for-sale: | ||
Amortized Cost | 263,153 | 331,099 |
Gross Unrealized Gains | 4,031 | 2,374 |
Gross Unrealized Losses | (275) | (2,934) |
Estimated Fair Value | 266,909 | 330,539 |
Held-to-maturity: | ||
Total held-to-maturity securities | 1,119,583 | 1,361,907 |
Gross Unrealized Gains | 14,824 | 8,135 |
Gross Unrealized Losses | (1,877) | (14,128) |
Estimated Fair Value | 1,132,530 | 1,355,914 |
Non-GSE issuance REMICs and CMOs | ||
Available-for-sale: | ||
Amortized Cost | 1,856 | 3,048 |
Gross Unrealized Gains | 4 | 13 |
Gross Unrealized Losses | (1) | (7) |
Estimated Fair Value | 1,859 | 3,054 |
Held-to-maturity: | ||
Total held-to-maturity securities | 194 | 198 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (6) | (5) |
Estimated Fair Value | 188 | 193 |
GSE pass-through certificates | ||
Available-for-sale: | ||
Amortized Cost | 9,061 | 10,781 |
Gross Unrealized Gains | 390 | 485 |
Gross Unrealized Losses | (1) | (2) |
Estimated Fair Value | 9,450 | 11,264 |
Held-to-maturity: | ||
Total held-to-maturity securities | 226,896 | 260,707 |
Gross Unrealized Gains | 4,165 | 1,535 |
Gross Unrealized Losses | (427) | (3,413) |
Estimated Fair Value | 230,634 | 258,829 |
Total residential mortgage-backed securities | ||
Available-for-sale: | ||
Amortized Cost | 274,070 | 344,928 |
Gross Unrealized Gains | 4,425 | 2,872 |
Gross Unrealized Losses | (277) | (2,943) |
Estimated Fair Value | 278,218 | 344,857 |
Held-to-maturity: | ||
Total held-to-maturity securities | 1,346,673 | 1,622,812 |
Gross Unrealized Gains | 18,989 | 9,670 |
Gross Unrealized Losses | (2,310) | (17,546) |
Estimated Fair Value | 1,363,352 | 1,614,936 |
Obligations of GSEs | ||
Available-for-sale: | ||
Amortized Cost | 30,000 | 73,701 |
Gross Unrealized Gains | 37 | 0 |
Gross Unrealized Losses | (26) | (1,762) |
Estimated Fair Value | 30,011 | 71,939 |
Held-to-maturity: | ||
Total held-to-maturity securities | 359,357 | 178,967 |
Gross Unrealized Gains | 629 | 220 |
Gross Unrealized Losses | (713) | (480) |
Estimated Fair Value | 359,273 | 178,707 |
Fannie Mae stock | ||
Available-for-sale: | ||
Amortized Cost | 15 | 15 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (13) | (13) |
Estimated Fair Value | 2 | 2 |
GSE issuance REMICs | ||
Held-to-maturity: | ||
Total held-to-maturity securities | 964,778 | 434,587 |
Gross Unrealized Gains | 9,583 | 1,255 |
Gross Unrealized Losses | (747) | (2,334) |
Estimated Fair Value | 973,614 | 433,508 |
Corporate Debt securities | ||
Held-to-maturity: | ||
Total held-to-maturity securities | 80,000 | 60,000 |
Gross Unrealized Gains | 325 | 0 |
Gross Unrealized Losses | (3,362) | (1,493) |
Estimated Fair Value | 76,963 | 58,507 |
Other | ||
Held-to-maturity: | ||
Total held-to-maturity securities | 367 | 433 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 368 | $ 434 |
Securities - Schedule of Estima
Securities - Schedule of Estimated Fair Values of Securities with Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Estimated Fair Value | ||
Less Than Twelve Months | $ 28,349 | $ 214,138 |
Twelve Months or Longer | 21,574 | 47,506 |
Total | 49,923 | 261,644 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (81) | (3,327) |
Twelve Months or Longer | (235) | (1,391) |
Total | (316) | (4,718) |
Estimated Fair Value | ||
Less Than Twelve Months | 588,127 | 895,094 |
Twelve Months or Longer | 222,688 | 396,576 |
Total | 810,815 | 1,291,670 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (4,662) | (8,865) |
Twelve Months or Longer | (2,470) | (12,988) |
Total | (7,132) | (21,853) |
GSE issuance REMICs and CMOs | ||
Estimated Fair Value | ||
Less Than Twelve Months | 13,375 | 189,364 |
Twelve Months or Longer | 21,347 | 0 |
Total | 34,722 | 189,364 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (55) | (2,934) |
Twelve Months or Longer | (220) | 0 |
Total | (275) | (2,934) |
Estimated Fair Value | ||
Less Than Twelve Months | 130,318 | 395,659 |
Twelve Months or Longer | 147,383 | 289,645 |
Total | 277,701 | 685,304 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (353) | (3,972) |
Twelve Months or Longer | (1,524) | (10,156) |
Total | (1,877) | (14,128) |
Non-GSE issuance REMICs and CMOs | ||
Estimated Fair Value | ||
Less Than Twelve Months | 0 | 75 |
Twelve Months or Longer | 105 | 64 |
Total | 105 | 139 |
Gross Unrealized Losses | ||
Less Than Twelve Months | 0 | (2) |
Twelve Months or Longer | (1) | (5) |
Total | (1) | (7) |
Estimated Fair Value | ||
Less Than Twelve Months | 0 | 0 |
Twelve Months or Longer | 188 | 193 |
Total | 188 | 193 |
Gross Unrealized Losses | ||
Less Than Twelve Months | 0 | 0 |
Twelve Months or Longer | (6) | (5) |
Total | (6) | (5) |
GSE pass-through certificates | ||
Estimated Fair Value | ||
Less Than Twelve Months | 0 | 97 |
Twelve Months or Longer | 120 | 103 |
Total | 120 | 200 |
Gross Unrealized Losses | ||
Less Than Twelve Months | 0 | (1) |
Twelve Months or Longer | (1) | (1) |
Total | (1) | (2) |
Estimated Fair Value | ||
Less Than Twelve Months | 0 | 56,503 |
Twelve Months or Longer | 65,629 | 106,738 |
Total | 65,629 | 163,241 |
Gross Unrealized Losses | ||
Less Than Twelve Months | 0 | (586) |
Twelve Months or Longer | (427) | (2,827) |
Total | (427) | (3,413) |
Obligations of GSEs | ||
Estimated Fair Value | ||
Less Than Twelve Months | 14,974 | 24,602 |
Twelve Months or Longer | 0 | 47,337 |
Total | 14,974 | 71,939 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (26) | (390) |
Twelve Months or Longer | 0 | (1,372) |
Total | (26) | (1,762) |
Estimated Fair Value | ||
Less Than Twelve Months | 125,623 | 107,824 |
Twelve Months or Longer | 0 | 0 |
Total | 125,623 | 107,824 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (713) | (480) |
Twelve Months or Longer | 0 | 0 |
Total | (713) | (480) |
GSE issuance REMICs | ||
Estimated Fair Value | ||
Less Than Twelve Months | 275,035 | 276,601 |
Twelve Months or Longer | 0 | 0 |
Total | 275,035 | 276,601 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (747) | (2,334) |
Twelve Months or Longer | 0 | 0 |
Total | (747) | (2,334) |
Fannie Mae stock | ||
Estimated Fair Value | ||
Less Than Twelve Months | 0 | 0 |
Twelve Months or Longer | 2 | 2 |
Total | 2 | 2 |
Gross Unrealized Losses | ||
Less Than Twelve Months | 0 | 0 |
Twelve Months or Longer | (13) | (13) |
Total | (13) | (13) |
Corporate Debt securities | ||
Estimated Fair Value | ||
Less Than Twelve Months | 57,151 | 58,507 |
Twelve Months or Longer | 9,488 | 0 |
Total | 66,639 | 58,507 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (2,849) | (1,493) |
Twelve Months or Longer | (513) | 0 |
Total | $ (3,362) | $ (1,493) |
Securities - Narrative (Details
Securities - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)security | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)security | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)security | |
Investments, Debt and Equity Securities [Abstract] | |||||
Number of securities held with unrealized loss | security | 84 | 84 | 129 | ||
Proceeds from sales of securities available-for-sale | $ 23,065 | $ 19,026 | |||
Gain on sales of securities | $ 0 | $ 0 | 86 | $ 72 | |
Securities | |||||
Available-for-sale securities, estimated fair value | 308,231 | 308,231 | $ 416,798 | ||
Held-to-maturity securities, amortized cost | 2,751,175 | 2,751,175 | 2,296,799 | ||
Held-to-maturity securities, estimated fair value | 2,773,570 | 2,773,570 | 2,286,092 | ||
Callable securities, amortized cost | 344,400 | 344,400 | |||
Callable securities amortized cost, callable within one year and thereafter | 328,000 | 328,000 | |||
Accrued interest receivable for securities | 8,000 | 8,000 | $ 7,400 | ||
Available-for-sale debt securities, excluding mortgage-backed securities | |||||
Securities | |||||
Available-for-sale debt securities, amortized cost | 30,000 | 30,000 | |||
Available-for-sale securities, estimated fair value | 30,000 | 30,000 | |||
Held-to-maturity debt securities, excluding mortgage-backed securities | |||||
Securities | |||||
Held-to-maturity securities, amortized cost | 439,700 | 439,700 | |||
Held-to-maturity securities, estimated fair value | $ 436,600 | $ 436,600 |
Loans Receivable and Allowanc38
Loans Receivable and Allowance for Loan Losses - Composition of Loans Receivable Portfolio and Aging Analysis by Accruing and Non-Accrual Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | $ 10,592,996 | $ 11,111,727 | ||||
Total Past Due | 196,803 | 199,875 | ||||
Current | 10,396,193 | 10,911,852 | ||||
Net unamortized premiums and deferred loan origination costs | 37,665 | 41,354 | ||||
Loans receivable | 10,630,661 | 11,153,081 | ||||
Allowance for loan losses | (87,700) | $ (90,000) | (98,000) | $ (103,500) | $ (107,500) | $ (111,600) |
Loans receivable, net | 10,542,961 | 11,055,081 | ||||
Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 10,442,568 | 10,973,843 | ||||
Total Past Due | 85,203 | 105,861 | ||||
Current | 10,357,365 | 10,867,982 | ||||
Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 150,428 | 137,884 | ||||
Total Past Due | 111,600 | 94,014 | ||||
Current | 38,828 | 43,870 | ||||
Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 10,350,717 | 10,859,034 | ||||
Total Past Due | 190,067 | 189,907 | ||||
Current | 10,160,650 | 10,669,127 | ||||
Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 10,205,289 | 10,728,258 | ||||
Total Past Due | 83,467 | 103,001 | ||||
Current | 10,121,822 | 10,625,257 | ||||
Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 145,428 | 130,776 | ||||
Total Past Due | 106,600 | 86,906 | ||||
Current | 38,828 | 43,870 | ||||
30-59 Days | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 77,630 | 90,073 | ||||
30-59 Days | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 72,002 | 81,851 | ||||
30-59 Days | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 5,628 | 8,222 | ||||
30-59 Days | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 76,471 | 87,715 | ||||
30-59 Days | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 70,843 | 79,493 | ||||
30-59 Days | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 5,628 | 8,222 | ||||
60-89 Days | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 15,343 | 25,848 | ||||
60-89 Days | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 12,725 | 23,678 | ||||
60-89 Days | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 2,618 | 2,170 | ||||
60-89 Days | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 14,766 | 25,346 | ||||
60-89 Days | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 12,148 | 23,176 | ||||
60-89 Days | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 2,618 | 2,170 | ||||
90 Days or More | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 103,830 | 83,954 | ||||
90 Days or More | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 476 | 332 | ||||
90 Days or More | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 103,354 | 83,622 | ||||
90 Days or More | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 98,830 | 76,846 | ||||
90 Days or More | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 476 | 332 | ||||
90 Days or More | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 98,354 | 76,514 | ||||
Residential | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 5,500,414 | 6,015,415 | ||||
Total Past Due | 182,338 | 179,639 | ||||
Current | 5,318,076 | 5,835,776 | ||||
Allowance for loan losses | (38,362) | (41,220) | (44,951) | (42,241) | (44,546) | (46,283) |
Residential | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 5,365,488 | 5,895,411 | ||||
Total Past Due | 78,825 | 97,335 | ||||
Current | 5,286,663 | 5,798,076 | ||||
Residential | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 134,926 | 120,004 | ||||
Total Past Due | 103,513 | 82,304 | ||||
Current | 31,413 | 37,700 | ||||
Residential | Mortgage loans (gross) | Full documentation interest-only | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 289,625 | 432,288 | ||||
Total Past Due | 16,833 | 24,968 | ||||
Current | 272,792 | 407,320 | ||||
Loans receivable | 289,625 | 432,288 | ||||
Residential | Mortgage loans (gross) | Full documentation interest-only | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 273,586 | 413,913 | ||||
Total Past Due | 5,181 | 12,427 | ||||
Current | 268,405 | 401,486 | ||||
Residential | Mortgage loans (gross) | Full documentation interest-only | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 16,039 | 18,375 | ||||
Total Past Due | 11,652 | 12,541 | ||||
Current | 4,387 | 5,834 | ||||
Residential | Mortgage loans (gross) | Full documentation amortizing | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 4,441,654 | 4,697,966 | ||||
Total Past Due | 88,803 | 87,546 | ||||
Current | 4,352,851 | 4,610,420 | ||||
Loans receivable | 4,441,654 | 4,697,966 | ||||
Residential | Mortgage loans (gross) | Full documentation amortizing | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 4,386,528 | 4,653,769 | ||||
Total Past Due | 43,781 | 50,829 | ||||
Current | 4,342,747 | 4,602,940 | ||||
Residential | Mortgage loans (gross) | Full documentation amortizing | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 55,126 | 44,197 | ||||
Total Past Due | 45,022 | 36,717 | ||||
Current | 10,104 | 7,480 | ||||
Residential | Mortgage loans (gross) | Reduced documentation interest-only | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 142,092 | 303,231 | ||||
Total Past Due | 17,663 | 25,696 | ||||
Current | 124,429 | 277,535 | ||||
Loans receivable | 142,092 | 303,231 | ||||
Residential | Mortgage loans (gross) | Reduced documentation interest-only | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 123,743 | 275,659 | ||||
Total Past Due | 4,435 | 9,575 | ||||
Current | 119,308 | 266,084 | ||||
Residential | Mortgage loans (gross) | Reduced documentation interest-only | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 18,349 | 27,572 | ||||
Total Past Due | 13,228 | 16,121 | ||||
Current | 5,121 | 11,451 | ||||
Residential | Mortgage loans (gross) | Reduced documentation amortizing | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 627,043 | 581,930 | ||||
Total Past Due | 59,039 | 41,429 | ||||
Current | 568,004 | 540,501 | ||||
Loans receivable | 627,043 | 581,930 | ||||
Residential | Mortgage loans (gross) | Reduced documentation amortizing | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 581,631 | 552,070 | ||||
Total Past Due | 25,428 | 24,504 | ||||
Current | 556,203 | 527,566 | ||||
Residential | Mortgage loans (gross) | Reduced documentation amortizing | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 45,412 | 29,860 | ||||
Total Past Due | 33,611 | 16,925 | ||||
Current | 11,801 | 12,935 | ||||
Residential | 30-59 Days | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 71,373 | 84,841 | ||||
Residential | 30-59 Days | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 67,009 | 77,585 | ||||
Residential | 30-59 Days | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 4,364 | 7,256 | ||||
Residential | 30-59 Days | Mortgage loans (gross) | Full documentation interest-only | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 4,948 | 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 | 4,948 | 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 | 0 | 1,182 | ||||
Residential | 30-59 Days | Mortgage loans (gross) | Full documentation amortizing | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 39,894 | 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 | 36,938 | 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 | 2,956 | 3,579 | ||||
Residential | 30-59 Days | Mortgage loans (gross) | Reduced documentation interest-only | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 3,711 | 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 | 3,711 | 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 | 0 | 257 | ||||
Residential | 30-59 Days | Mortgage loans (gross) | Reduced documentation amortizing | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 22,820 | 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 | 21,412 | 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 | 1,408 | 2,238 | ||||
Residential | 60-89 Days | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 14,028 | 20,965 | ||||
Residential | 60-89 Days | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 11,816 | 19,418 | ||||
Residential | 60-89 Days | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 2,212 | 1,547 | ||||
Residential | 60-89 Days | Mortgage loans (gross) | Full documentation interest-only | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 393 | 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 | 233 | 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 | 160 | 0 | ||||
Residential | 60-89 Days | Mortgage loans (gross) | Full documentation amortizing | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 7,893 | 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 | 6,843 | 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 | 1,050 | 603 | ||||
Residential | 60-89 Days | Mortgage loans (gross) | Reduced documentation interest-only | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 724 | 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 | 724 | 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 | 0 | 579 | ||||
Residential | 60-89 Days | Mortgage loans (gross) | Reduced documentation amortizing | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 5,018 | 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 | 4,016 | 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 | 1,002 | 365 | ||||
Residential | 90 Days or More | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 96,937 | 73,833 | ||||
Residential | 90 Days or More | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 0 | 332 | ||||
Residential | 90 Days or More | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 96,937 | 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 | 11,492 | 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 | 11,492 | 11,359 | ||||
Residential | 90 Days or More | Mortgage loans (gross) | Full documentation amortizing | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 41,016 | 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 | 0 | 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 | 41,016 | 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 | 13,228 | 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 | 13,228 | 15,285 | ||||
Residential | 90 Days or More | Mortgage loans (gross) | Reduced documentation amortizing | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 31,201 | 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 | 31,201 | 14,322 | ||||
Multi-Family | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 4,092,509 | 4,024,105 | ||||
Total Past Due | 6,745 | 7,520 | ||||
Current | 4,085,764 | 4,016,585 | ||||
Loans receivable | 4,092,509 | 4,024,105 | ||||
Allowance for loan losses | (34,405) | (32,131) | (35,544) | (38,866) | (38,794) | (39,250) |
Multi-Family | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 4,087,239 | 4,017,272 | ||||
Total Past Due | 4,046 | 3,731 | ||||
Current | 4,083,193 | 4,013,541 | ||||
Multi-Family | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 5,270 | 6,833 | ||||
Total Past Due | 2,699 | 3,789 | ||||
Current | 2,571 | 3,044 | ||||
Multi-Family | 30-59 Days | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 4,290 | 2,387 | ||||
Multi-Family | 30-59 Days | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 3,414 | 1,662 | ||||
Multi-Family | 30-59 Days | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 876 | 725 | ||||
Multi-Family | 60-89 Days | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 562 | 2,692 | ||||
Multi-Family | 60-89 Days | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 156 | 2,069 | ||||
Multi-Family | 60-89 Days | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 406 | 623 | ||||
Multi-Family | 90 Days or More | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 1,893 | 2,441 | ||||
Multi-Family | 90 Days or More | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 476 | 0 | ||||
Multi-Family | 90 Days or More | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 1,417 | 2,441 | ||||
Commercial Real Estate | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 757,794 | 819,514 | ||||
Total Past Due | 984 | 2,748 | ||||
Current | 756,810 | 816,766 | ||||
Loans receivable | 757,794 | 819,514 | ||||
Allowance for loan losses | (9,425) | (9,709) | (11,217) | (13,419) | (15,390) | (17,242) |
Commercial Real Estate | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 752,562 | 815,575 | ||||
Total Past Due | 596 | 1,935 | ||||
Current | 751,966 | 813,640 | ||||
Commercial Real Estate | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 5,232 | 3,939 | ||||
Total Past Due | 388 | 813 | ||||
Current | 4,844 | 3,126 | ||||
Commercial Real Estate | 30-59 Days | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 808 | 487 | ||||
Commercial Real Estate | 30-59 Days | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 420 | 246 | ||||
Commercial Real Estate | 30-59 Days | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 388 | 241 | ||||
Commercial Real Estate | 60-89 Days | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 176 | 1,689 | ||||
Commercial Real Estate | 60-89 Days | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 176 | 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 | 0 | 572 | ||||
Commercial Real Estate | 90 Days or More | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 0 | 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 | 0 | 572 | ||||
Consumer and Other Loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 242,279 | 252,693 | ||||
Total Past Due | 6,736 | 9,968 | ||||
Current | 235,543 | 242,725 | ||||
Allowance for loan losses | (5,508) | $ (6,940) | (6,288) | $ (8,974) | $ (8,770) | $ (8,825) |
Consumer and Other Loans | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 237,279 | 245,585 | ||||
Total Past Due | 1,736 | 2,860 | ||||
Current | 235,543 | 242,725 | ||||
Consumer and Other Loans | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 5,000 | 7,108 | ||||
Total Past Due | 5,000 | 7,108 | ||||
Current | 0 | 0 | ||||
Consumer and Other Loans | Home equity and other consumer | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 144,834 | 160,819 | ||||
Total Past Due | 5,925 | 9,265 | ||||
Current | 138,909 | 151,554 | ||||
Consumer and Other Loans | Home equity and other consumer | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 140,116 | 154,414 | ||||
Total Past Due | 1,207 | 2,860 | ||||
Current | 138,909 | 151,554 | ||||
Consumer and Other Loans | Home equity and other consumer | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 4,718 | 6,405 | ||||
Total Past Due | 4,718 | 6,405 | ||||
Current | 0 | 0 | ||||
Consumer and Other Loans | Commercial and industrial | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 97,445 | 91,874 | ||||
Total Past Due | 811 | 703 | ||||
Current | 96,634 | 91,171 | ||||
Loans receivable | 97,445 | 91,874 | ||||
Consumer and Other Loans | Commercial and industrial | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 97,163 | 91,171 | ||||
Total Past Due | 529 | 0 | ||||
Current | 96,634 | 91,171 | ||||
Consumer and Other Loans | Commercial and industrial | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total loans | 282 | 703 | ||||
Total Past Due | 282 | 703 | ||||
Current | 0 | 0 | ||||
Consumer and Other Loans | 30-59 Days | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 1,159 | 2,358 | ||||
Consumer and Other Loans | 30-59 Days | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 1,159 | 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 | 1,159 | 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 | 1,159 | 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 | 577 | 502 | ||||
Consumer and Other Loans | 60-89 Days | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 577 | 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 | 48 | 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 | 48 | 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 | 529 | 0 | ||||
Consumer and Other Loans | 60-89 Days | Commercial and industrial | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 529 | 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 | 5,000 | 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 | 5,000 | 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 | 4,718 | 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 | 4,718 | 6,405 | ||||
Consumer and Other Loans | 90 Days or More | Commercial and industrial | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 282 | 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 Allowanc39
Loans Receivable and Allowance for Loan Losses - Narrative (Details) $ in Millions | 9 Months Ended |
Sep. 30, 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 | $ 73.6 |
Loans Receivable and Allowanc40
Loans Receivable and Allowance for Loan Losses - Changes in Allowance for Loan Losses by Loan Receivable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at the beginning of the period | $ 90,000 | $ 107,500 | $ 98,000 | $ 111,600 |
Provision (credited) charged to operations | (995) | (4,439) | (7,128) | (7,749) |
Charge-offs | (3,578) | (1,615) | (8,401) | (5,896) |
Recoveries | 2,273 | 2,054 | 5,229 | 5,545 |
Balance at the end of the period | 87,700 | 103,500 | 87,700 | 103,500 |
Consumer and Other Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at the beginning of the period | 6,940 | 8,770 | 6,288 | 8,825 |
Provision (credited) charged to operations | (1,434) | 202 | (75) | 363 |
Charge-offs | (378) | (80) | (1,238) | (515) |
Recoveries | 380 | 82 | 533 | 301 |
Balance at the end of the period | 5,508 | 8,974 | 5,508 | 8,974 |
Mortgage Loans | Residential | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at the beginning of the period | 41,220 | 44,546 | 44,951 | 46,283 |
Provision (credited) charged to operations | (505) | (1,992) | (2,025) | (2,346) |
Charge-offs | (2,822) | (982) | (6,313) | (4,341) |
Recoveries | 469 | 669 | 1,749 | 2,645 |
Balance at the end of the period | 38,362 | 42,241 | 38,362 | 42,241 |
Mortgage Loans | Multi-Family | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at the beginning of the period | 32,131 | 38,794 | 35,544 | 39,250 |
Provision (credited) charged to operations | 1,831 | 409 | (2,696) | (998) |
Charge-offs | 0 | (553) | (409) | (898) |
Recoveries | 443 | 216 | 1,966 | 1,512 |
Balance at the end of the period | 34,405 | 38,866 | 34,405 | 38,866 |
Mortgage Loans | Commercial Real Estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at the beginning of the period | 9,709 | 15,390 | 11,217 | 17,242 |
Provision (credited) charged to operations | (887) | (3,058) | (2,332) | (4,768) |
Charge-offs | (378) | 0 | (441) | (142) |
Recoveries | 981 | 1,087 | 981 | 1,087 |
Balance at the end of the period | $ 9,425 | $ 13,419 | $ 9,425 | $ 13,419 |
Loans Receivable and Allowanc41
Loans Receivable and Allowance for Loan Losses - Balances of Residential Interest-Only Mortgage Loans (Details) - Residential Mortgage Loans - Interest-only loans $ in Thousands | Sep. 30, 2016USD ($) |
Amortization scheduled to begin in: | |
12 months or less | $ 329,098 |
13 to 24 months | 80,135 |
25 to 36 months | 10,375 |
Over 36 months | 12,109 |
Total | $ 431,717 |
Loans Receivable and Allowanc42
Loans Receivable and Allowance for Loan Losses - Balances of Loan Receivable Segments by Class and Credit Quality Indicator, Residential Mortgage and Consumer and Other (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment | ||
Loans receivable | $ 10,630,661 | $ 11,153,081 |
Consumer and Other Loans | Home Equity and Other Consumer | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 144,834 | 160,819 |
Consumer and Other Loans | Commercial and Industrial | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 97,445 | 91,874 |
Mortgage Loans | Residential Mortgage Loans | Full Documentation Interest-Only | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 289,625 | 432,288 |
Mortgage Loans | Residential Mortgage Loans | Full Documentation Amortizing | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 4,441,654 | 4,697,966 |
Mortgage Loans | Residential Mortgage Loans | Reduced Documentation Interest-Only | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 142,092 | 303,231 |
Mortgage Loans | Residential Mortgage Loans | Reduced Documentation Amortizing | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 627,043 | 581,930 |
Performing | Consumer and Other Loans | Home Equity and Other Consumer | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 140,116 | 154,414 |
Performing | Consumer and Other Loans | Commercial and Industrial | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 97,163 | 91,171 |
Performing | Mortgage Loans | Residential Mortgage Loans | Full Documentation Interest-Only | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 273,586 | 413,913 |
Performing | Mortgage Loans | Residential Mortgage Loans | Full Documentation Amortizing | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 4,386,528 | 4,653,437 |
Performing | Mortgage Loans | Residential Mortgage Loans | Reduced Documentation Interest-Only | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 123,743 | 275,659 |
Performing | Mortgage Loans | Residential Mortgage Loans | Reduced Documentation Amortizing | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 581,631 | 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 | ||
Loans receivable | 0 | 0 |
Non-performing | Consumer and Other Loans | Home Equity and Other Consumer | Past due 90 days or more | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 4,718 | 6,405 |
Non-performing | Consumer and Other Loans | Commercial and Industrial | Current or past due less than 90 days | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 0 | 0 |
Non-performing | Consumer and Other Loans | Commercial and Industrial | Past due 90 days or more | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 282 | 703 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Full Documentation Interest-Only | Current or past due less than 90 days | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 4,547 | 7,016 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Full Documentation Interest-Only | Past due 90 days or more | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 11,492 | 11,359 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Full Documentation Amortizing | Current or past due less than 90 days | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 14,110 | 11,662 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Full Documentation Amortizing | Past due 90 days or more | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 41,016 | 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 | ||
Loans receivable | 5,121 | 12,287 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Reduced Documentation Interest-Only | Past due 90 days or more | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 13,228 | 15,285 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Reduced Documentation Amortizing | Current or past due less than 90 days | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 14,211 | 15,538 |
Non-performing | Mortgage Loans | Residential Mortgage Loans | Reduced Documentation Amortizing | Past due 90 days or more | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | $ 31,201 | $ 14,322 |
Loans Receivable and Allowanc43
Loans Receivable and Allowance for Loan Losses - Balances of Loan Receivable Segments by Class and Credit Quality Indicator, Multi-Family and Commercial Real Estate Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment | ||
Loans receivable | $ 10,630,661 | $ 11,153,081 |
Mortgage Loans | Multi-Family | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 4,092,509 | 4,024,105 |
Mortgage Loans | Multi-Family | Not criticized | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 4,054,211 | 3,981,050 |
Mortgage Loans | Multi-Family | Special mention | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 21,214 | 14,931 |
Mortgage Loans | Multi-Family | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 17,084 | 28,124 |
Mortgage Loans | Multi-Family | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 0 | 0 |
Mortgage Loans | Commercial Real Estate | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 757,794 | 819,514 |
Mortgage Loans | Commercial Real Estate | Not criticized | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 728,058 | 769,029 |
Mortgage Loans | Commercial Real Estate | Special mention | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 11,605 | 20,441 |
Mortgage Loans | Commercial Real Estate | Substandard | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | 18,131 | 30,044 |
Mortgage Loans | Commercial Real Estate | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Loans receivable | $ 0 | $ 0 |
Loans Receivable and Allowanc44
Loans Receivable and Allowance for Loan Losses - Balances of Loans Receivable and Related Allowance for Loan Loss Allocation (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Loans: | ||||||
Individually evaluated for impairment | $ 221,356 | $ 237,518 | ||||
Collectively evaluated for impairment | 10,371,640 | 10,874,209 | ||||
Loans receivable | 10,592,996 | 11,111,727 | ||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 10,258 | 14,813 | ||||
Collectively evaluated for impairment | 77,442 | 83,187 | ||||
Total allowance for loan losses | 87,700 | $ 90,000 | 98,000 | $ 103,500 | $ 107,500 | $ 111,600 |
Consumer and Other Loans | ||||||
Loans: | ||||||
Individually evaluated for impairment | 4,514 | 4,968 | ||||
Collectively evaluated for impairment | 237,765 | 247,725 | ||||
Loans receivable | 242,279 | 252,693 | ||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 319 | 421 | ||||
Collectively evaluated for impairment | 5,189 | 5,867 | ||||
Total allowance for loan losses | 5,508 | 6,940 | 6,288 | 8,974 | 8,770 | 8,825 |
Mortgage Loans | Residential | ||||||
Loans: | ||||||
Individually evaluated for impairment | 197,176 | 192,914 | ||||
Collectively evaluated for impairment | 5,303,238 | 5,822,501 | ||||
Loans receivable | 5,500,414 | 6,015,415 | ||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 9,921 | 13,148 | ||||
Collectively evaluated for impairment | 28,441 | 31,803 | ||||
Total allowance for loan losses | 38,362 | 41,220 | 44,951 | 42,241 | 44,546 | 46,283 |
Mortgage Loans | Multi-Family | ||||||
Loans: | ||||||
Individually evaluated for impairment | 9,469 | 24,643 | ||||
Collectively evaluated for impairment | 4,083,040 | 3,999,462 | ||||
Loans receivable | 4,092,509 | 4,024,105 | ||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 17 | 456 | ||||
Collectively evaluated for impairment | 34,388 | 35,088 | ||||
Total allowance for loan losses | 34,405 | 32,131 | 35,544 | 38,866 | 38,794 | 39,250 |
Mortgage Loans | Commercial Real Estate | ||||||
Loans: | ||||||
Individually evaluated for impairment | 10,197 | 14,993 | ||||
Collectively evaluated for impairment | 747,597 | 804,521 | ||||
Loans receivable | 757,794 | 819,514 | ||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 1 | 788 | ||||
Collectively evaluated for impairment | 9,424 | 10,429 | ||||
Total allowance for loan losses | $ 9,425 | $ 9,709 | $ 11,217 | $ 13,419 | $ 15,390 | $ 17,242 |
Loans Receivable and Allowanc45
Loans Receivable and Allowance for Loan Losses - Impaired Loans by Segment and Class (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
With an allowance recorded: | ||
Related Allowance | $ (10,258) | $ (14,813) |
Total impaired loans | ||
Unpaid Principal Balance | 254,043 | 271,192 |
Recorded Investment | 221,356 | 237,518 |
Related Allowance | (10,258) | (14,813) |
Net Investment | 211,098 | 222,705 |
Home equity lines of credit | Home equity lines of credit | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 4,591 | 5,295 |
Recorded Investment | 4,232 | 4,968 |
Related Allowance | (319) | (421) |
Net Investment | 3,913 | 4,547 |
Total impaired loans | ||
Related Allowance | (319) | (421) |
Mortgage Loans | Residential | Full documentation interest-only | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 26,329 | 37,454 |
Recorded Investment | 20,955 | 30,631 |
Related Allowance | (2,383) | (4,051) |
Net Investment | 18,572 | 26,580 |
Total impaired loans | ||
Related Allowance | (2,383) | (4,051) |
Mortgage Loans | Residential | Full documentation amortizing | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 85,959 | 69,242 |
Recorded Investment | 77,475 | 63,223 |
Related Allowance | (3,767) | (2,534) |
Net Investment | 73,708 | 60,689 |
Total impaired loans | ||
Related Allowance | (3,767) | (2,534) |
Mortgage Loans | Residential | Reduced documentation interest-only | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 35,748 | 55,939 |
Recorded Investment | 29,537 | 46,540 |
Related Allowance | (1,705) | (4,253) |
Net Investment | 27,832 | 42,287 |
Total impaired loans | ||
Related Allowance | (1,705) | (4,253) |
Mortgage Loans | Residential | Reduced documentation amortizing | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 78,493 | 57,955 |
Recorded Investment | 69,209 | 52,520 |
Related Allowance | (2,066) | (2,310) |
Net Investment | 67,143 | 50,210 |
Total impaired loans | ||
Related Allowance | (2,066) | (2,310) |
Mortgage Loans | Multi-family | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 3,370 | 8,029 |
Recorded Investment | 3,380 | 7,950 |
Related Allowance | (17) | (456) |
Net Investment | 3,363 | 7,494 |
Without an allowance recorded: | ||
Unpaid Principal Balance | 6,868 | 19,523 |
Recorded Investment | 6,089 | 16,693 |
Net Investment | 6,089 | 16,693 |
Total impaired loans | ||
Related Allowance | (17) | (456) |
Mortgage Loans | Commercial real estate | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 269 | 6,651 |
Recorded Investment | 269 | 6,723 |
Related Allowance | (1) | (788) |
Net Investment | 268 | 5,935 |
Without an allowance recorded: | ||
Unpaid Principal Balance | 11,686 | 11,104 |
Recorded Investment | 9,928 | 8,270 |
Net Investment | 9,928 | 8,270 |
Total impaired loans | ||
Related Allowance | (1) | (788) |
Mortgage Loans | Commercial and industrial | ||
Without an allowance recorded: | ||
Unpaid Principal Balance | 730 | 0 |
Recorded Investment | 282 | 0 |
Net Investment | $ 282 | $ 0 |
Loans Receivable and Allowanc46
Loans Receivable and Allowance for Loan Losses - Average Recorded Investment, Interest Income Recognized and Cash Basis Interest Income Related to Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Total impaired loans | ||||
Average Recorded Investment | $ 225,411 | $ 241,074 | $ 229,537 | $ 244,346 |
Interest Income Recognized | 1,835 | 2,218 | 5,542 | 6,731 |
Cash Basis Interest Income | 1,843 | 2,212 | 5,646 | 6,774 |
Consumer and Other Loans | Home equity lines of credit | ||||
With an allowance recorded: | ||||
Average Recorded Investment | 4,335 | 5,651 | 4,544 | 5,740 |
Interest Income Recognized | 14 | 13 | 37 | 32 |
Cash Basis Interest Income | 14 | 15 | 37 | 40 |
Mortgage Loans | Residential | Full documentation interest-only | ||||
With an allowance recorded: | ||||
Average Recorded Investment | 23,076 | 38,691 | 26,269 | 41,725 |
Interest Income Recognized | 135 | 265 | 378 | 798 |
Cash Basis Interest Income | 135 | 268 | 393 | 807 |
Mortgage Loans | Residential | Full documentation amortizing | ||||
With an allowance recorded: | ||||
Average Recorded Investment | 76,480 | 55,466 | 70,669 | 49,727 |
Interest Income Recognized | 548 | 433 | 1,642 | 1,309 |
Cash Basis Interest Income | 556 | 430 | 1,677 | 1,323 |
Mortgage Loans | Residential | Reduced documentation interest-only | ||||
With an allowance recorded: | ||||
Average Recorded Investment | 30,764 | 66,137 | 36,941 | 71,266 |
Interest Income Recognized | 265 | 620 | 817 | 1,927 |
Cash Basis Interest Income | 267 | 617 | 815 | 1,911 |
Mortgage Loans | Residential | Reduced documentation amortizing | ||||
With an allowance recorded: | ||||
Average Recorded Investment | 68,062 | 30,566 | 62,632 | 24,757 |
Interest Income Recognized | 596 | 336 | 1,804 | 966 |
Cash Basis Interest Income | 577 | 323 | 1,815 | 972 |
Mortgage Loans | Multi-Family | ||||
With an allowance recorded: | ||||
Average Recorded Investment | 4,084 | 7,458 | 5,449 | 16,000 |
Interest Income Recognized | 58 | 72 | 154 | 236 |
Cash Basis Interest Income | 58 | 72 | 168 | 238 |
Without an allowance recorded: | ||||
Average Recorded Investment | 7,401 | 20,232 | 10,388 | 16,995 |
Interest Income Recognized | 81 | 240 | 246 | 748 |
Cash Basis Interest Income | 81 | 246 | 257 | 753 |
Mortgage Loans | Commercial Real Estate | ||||
With an allowance recorded: | ||||
Average Recorded Investment | 307 | 6,927 | 2,091 | 13,163 |
Interest Income Recognized | 3 | 82 | 15 | 219 |
Cash Basis Interest Income | 4 | 73 | 17 | 223 |
Without an allowance recorded: | ||||
Average Recorded Investment | 10,761 | 9,946 | 10,483 | 4,973 |
Interest Income Recognized | 131 | 157 | 429 | 496 |
Cash Basis Interest Income | 147 | 168 | 447 | 507 |
Mortgage Loans | Commercial and industrial | ||||
Without an allowance recorded: | ||||
Average Recorded Investment | 141 | 0 | 71 | 0 |
Interest Income Recognized | 4 | 0 | 20 | 0 |
Cash Basis Interest Income | $ 4 | $ 0 | $ 20 | $ 0 |
Loans Receivable and Allowanc47
Loans Receivable and Allowance for Loan Losses - Mortgage Loans Receivable by Segment and Class, Modified in a Troubled Debt Restructuring (Details) - Mortgage Loans $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)loan | Sep. 30, 2015USD ($)loan | Sep. 30, 2016USD ($)loan | Sep. 30, 2015USD ($)loan | |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | loan | 8 | 17 | 37 | 45 |
Pre- Modification Recorded Investment | $ 2,888 | $ 4,514 | $ 13,928 | $ 16,202 |
Recorded Investment | $ 2,730 | $ 4,457 | $ 13,424 | $ 15,927 |
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 | 3 | 4 | 9 | 12 |
Pre- Modification Recorded Investment | $ 895 | $ 1,270 | $ 3,481 | $ 4,620 |
Recorded Investment | $ 803 | $ 1,239 | $ 3,350 | $ 4,505 |
Residential Mortgage Loans | Full documentation amortizing | ||||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | loan | 4 | 6 | 17 | 17 |
Pre- Modification Recorded Investment | $ 1,404 | $ 1,156 | $ 6,269 | $ 4,357 |
Recorded Investment | $ 1,340 | $ 1,138 | $ 6,020 | $ 4,241 |
Residential Mortgage Loans | Reduced documentation interest-only | ||||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | loan | 1 | 4 | 4 | 9 |
Pre- Modification Recorded Investment | $ 589 | $ 1,324 | $ 1,801 | $ 3,220 |
Recorded Investment | $ 587 | $ 1,323 | $ 1,761 | $ 3,233 |
Residential Mortgage Loans | Reduced documentation amortizing | ||||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | loan | 0 | 3 | 5 | 5 |
Pre- Modification Recorded Investment | $ 0 | $ 764 | $ 1,524 | $ 1,103 |
Recorded Investment | $ 0 | $ 757 | $ 1,497 | $ 1,099 |
Multi-Family | ||||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | loan | 1 | 0 | ||
Pre- Modification Recorded Investment | $ 338 | $ 0 | ||
Recorded Investment | $ 332 | $ 0 | ||
Commercial Real Estate | ||||
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | loan | 1 | 2 | ||
Pre- Modification Recorded Investment | $ 515 | $ 2,902 | ||
Recorded Investment | $ 464 | $ 2,849 |
Loans Receivable and Allowanc48
Loans Receivable and Allowance for Loan Losses - Mortgage Loans Receivable by Segment and Class, Modified in a Troubled Debt Restructuring, Payment Default Subsequent to the Modification (Details) - Mortgage Loans $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)loan | Sep. 30, 2015USD ($)loan | Sep. 30, 2016USD ($)loan | Sep. 30, 2015USD ($)loan | |
Information about loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | loan | 9 | 16 | 10 | 18 |
Recorded Investment | $ | $ 4,317 | $ 5,418 | $ 4,783 | $ 6,055 |
Residential Mortgage Loans | Full documentation interest-only | ||||
Information about loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | loan | 1 | 6 | 1 | 6 |
Recorded Investment | $ | $ 590 | $ 2,244 | $ 590 | $ 2,244 |
Residential Mortgage Loans | Full documentation amortizing | ||||
Information about loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | loan | 6 | 5 | 7 | 5 |
Recorded Investment | $ | $ 2,315 | $ 1,687 | $ 2,781 | $ 1,687 |
Residential Mortgage Loans | Reduced documentation interest-only | ||||
Information about loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | loan | 1 | 2 | 1 | 4 |
Recorded Investment | $ | $ 489 | $ 758 | $ 489 | $ 1,395 |
Residential Mortgage Loans | Reduced documentation amortizing | ||||
Information about loans receivable by segment and class modified in troubled debt restructuring | ||||
Number of Loans | loan | 1 | 3 | 1 | 3 |
Recorded Investment | $ | $ 923 | $ 729 | $ 923 | $ 729 |
Reverse Repurchase Agreements49
Reverse Repurchase Agreements (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Year | ||
Total | $ 1,100,000 | $ 1,100,000 |
Secured Debt | ||
Year | ||
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 | ||
Year | ||
Composition of collateral that can be resold or repledged, as a percentage | 83.00% | |
Secured Debt | Obligations of GSEs | ||
Year | ||
Composition of collateral that can be resold or repledged, as a percentage | 17.00% |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 18,691 | $ 18,906 | $ 55,592 | $ 69,644 |
Preferred stock dividends | (2,194) | (2,194) | (6,582) | (6,582) |
Net income available to common shareholders | 16,497 | 16,712 | 49,010 | 63,062 |
Income allocated to participating securities | (153) | (173) | (448) | (578) |
Net income allocated to common shareholders | $ 16,344 | $ 16,539 | $ 48,562 | $ 62,484 |
Basic weighted average common shares outstanding | 100,383,631 | 99,700,759 | 100,377,618 | 99,540,721 |
Dilutive effect of stock options and restricted stock units (in shares) | 0 | 366,400 | 0 | 366,400 |
Diluted weighted average common shares outstanding | 100,383,631 | 100,067,159 | 100,377,618 | 99,907,121 |
Basic EPS (in dollars per share) | $ 0.16 | $ 0.17 | $ 0.48 | $ 0.63 |
Diluted EPS (in dollars per share) | $ 0.16 | $ 0.17 | $ 0.48 | $ 0.63 |
Options | ||||
Antidilutive securities excluded from computation of earnings per share | ||||
Stock options excluded from computation of earnings per share (in shares) | 6,000 | 12,000 | 6,330 | 14,889 |
Restricted stock units | ||||
Antidilutive securities excluded from computation of earnings per share | ||||
Stock options excluded from computation of earnings per share (in shares) | 737,315 | 760,979 | 743,102 | 607,856 |
Other Comprehensive Income_Lo51
Other Comprehensive Income/Loss - Components of and Changes in Accumulated Other Comprehensive Loss, Net of Related Tax Effects (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 1,663,448 | $ 1,580,070 | ||
Other Comprehensive (Loss) Income | $ (571) | $ 3,374 | 4,690 | 3,518 |
Balance at end of period | 1,707,662 | 1,647,182 | 1,707,662 | 1,647,182 |
Net unrealized gain on securities available-for-sale | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 7,319 | 3,888 | 2,827 | 4,686 |
Other Comprehensive (Loss) Income | (955) | 2,903 | 3,537 | 2,105 |
Balance at end of period | 6,364 | 6,791 | 6,364 | 6,791 |
Net actuarial loss on pension plans and other postretirement benefits | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (57,684) | (66,590) | (58,396) | (67,476) |
Other Comprehensive (Loss) Income | 356 | 442 | 1,068 | 1,328 |
Balance at end of period | (57,328) | (66,148) | (57,328) | (66,148) |
Prior service cost on pension plans and other postretirement benefits | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (2,991) | (3,105) | (3,048) | (3,161) |
Other Comprehensive (Loss) Income | 28 | 29 | 85 | 85 |
Balance at end of period | (2,963) | (3,076) | (2,963) | (3,076) |
Accumulated other comprehensive loss | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (53,356) | (65,807) | (58,617) | (65,951) |
Other Comprehensive (Loss) Income | (571) | 3,374 | 4,690 | 3,518 |
Balance at end of period | $ (53,927) | $ (62,433) | $ (53,927) | $ (62,433) |
Other Comprehensive Income_Lo52
Other Comprehensive Income/Loss - Schedule of Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Other Comprehensive Income (Loss), After Reclassification Adjustments [Abstract] | ||||
Before Tax Amount | $ (957) | $ 5,664 | $ 7,873 | $ 5,905 |
Income Tax Benefit (Expense) | 386 | (2,290) | (3,183) | (2,387) |
After Tax Amount | (571) | 3,374 | 4,690 | 3,518 |
Net unrealized gain (loss) on securities available-for-sale | ||||
Other Comprehensive Income (Loss), Before Reclassifications [Abstract] | ||||
Before Tax Amount | (1,603) | 4,873 | 6,023 | 3,605 |
Income Tax Benefit (Expense) | 648 | (1,970) | (2,435) | (1,457) |
After Tax Amount | (955) | 2,903 | 3,588 | 2,148 |
Other Comprehensive Income (Loss), Reclassifications Adjustments [Abstract] | ||||
Before Tax Amount | (86) | (72) | ||
Income Tax Benefit (Expense) | 35 | 29 | ||
After Tax Amount | (51) | (43) | ||
Other Comprehensive Income (Loss), After Reclassification Adjustments [Abstract] | ||||
Before Tax Amount | 5,937 | 3,533 | ||
Income Tax Benefit (Expense) | (2,400) | (1,428) | ||
After Tax Amount | 3,537 | 2,105 | ||
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 | 598 | 743 | 1,793 | 2,229 |
Income Tax Benefit (Expense) | (242) | (301) | (725) | (901) |
After Tax Amount | 356 | 442 | 1,068 | 1,328 |
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 | 48 | 48 | 143 | 143 |
Income Tax Benefit (Expense) | (20) | (19) | (58) | (58) |
After Tax Amount | $ 28 | $ 29 | $ 85 | $ 85 |
Other Comprehensive Income_Lo53
Other Comprehensive Income/Loss - Information About Amounts Reclassified from Accumulated Other Comprehensive Loss to the Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ||||
Gain on sales of securities | $ 0 | $ 0 | $ 86 | $ 72 |
Compensation and benefits | (37,725) | (38,356) | (112,686) | (112,292) |
Income before income tax expense | 28,694 | 29,436 | 84,911 | 89,904 |
Income tax effect | (10,003) | (10,530) | (29,319) | (20,260) |
Net income | 18,691 | 18,906 | 55,592 | 69,644 |
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 | (646) | (791) | (1,850) | (2,300) |
Income tax effect | 262 | 320 | 748 | 930 |
Net income | (384) | (471) | (1,102) | (1,370) |
Reclassification adjustment for gain on sales of securities | Amount Reclassified from Accumulated Other Comprehensive Loss | ||||
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ||||
Gain on sales of securities | 86 | 72 | ||
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | Amount Reclassified from Accumulated Other Comprehensive Loss | ||||
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ||||
Compensation and benefits | (598) | (743) | (1,793) | (2,229) |
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income | Amount Reclassified from Accumulated Other Comprehensive Loss | ||||
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ||||
Compensation and benefits | $ (48) | $ (48) | $ (143) | $ (143) |
Pension Plans and Other Postr54
Pension Plans and Other Postretirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Pension Benefits | ||||
Benefit Plans | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 2,510 | 2,482 | 7,531 | 7,447 |
Expected return on plan assets | (3,058) | (3,634) | (9,174) | (10,901) |
Recognized net actuarial loss (gain) | 703 | 743 | 2,110 | 2,229 |
Amortization of prior service cost | 48 | 48 | 143 | 143 |
Net periodic cost (benefit) | 203 | (361) | 610 | (1,082) |
Other Postretirement Benefits | ||||
Benefit Plans | ||||
Service cost | 465 | 532 | 1,397 | 1,597 |
Interest cost | 249 | 251 | 746 | 753 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Recognized net actuarial loss (gain) | (105) | 0 | (317) | 0 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Net periodic cost (benefit) | $ 609 | $ 783 | $ 1,826 | $ 2,350 |
Stock Incentive Plans - Narrati
Stock Incentive Plans - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Stock Incentive Plans | |||||
Stock-based compensation expense, net of taxes | $ 245 | $ 1,500 | $ 1,500 | $ 3,800 | |
Stock-based compensation expense, taxes | $ 166 | $ 1,000 | $ 1,000 | $ 2,600 | |
Restricted common stock | |||||
Stock Incentive Plans | |||||
Granted (in shares) | 685,872 | ||||
Outstanding (in shares) | 943,709 | 943,709 | 374,817 | ||
Restricted common stock | 2014 Employee Stock Plan | |||||
Stock Incentive Plans | |||||
Granted (in shares) | 663,960 | ||||
Outstanding (in shares) | 649,230 | 649,230 | |||
Vesting percentage | 33.33% | ||||
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 | $ 10,600 | $ 10,600 | |||
Pre-tax compensation cost, weighted average recognition period | 1 year 11 months 14 days | ||||
Performance-based restricted common stock and performance-based restricted stock units | |||||
Stock Incentive Plans | |||||
Pre-tax compensation cost related to performance-based stock awards and units | $ 6,600 | $ 6,600 | |||
Performance-based restricted stock units | |||||
Stock Incentive Plans | |||||
Granted (in shares) | 0 | ||||
Outstanding (in shares) | 731,700 | 731,700 | 751,500 | ||
Restricted shares or units for which compensation cost will be excluded until the achievement of the performance conditions become probable | 536,700 | 536,700 |
Stock Incentive Plans - Schedul
Stock Incentive Plans - Schedule of Restricted Common Stock and Performance-Based Restricted Stock Unit Activity (Details) | 9 Months Ended |
Sep. 30, 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 | (21,630) |
Expired (in shares) | shares | (65,000) |
Unvested at the end of the period (in shares) | shares | 943,709 |
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 | 14.46 |
Expired (in dollars per share) | $ / shares | (13.23) |
Unvested at the end of the period (in dollars per share) | $ / shares | $ 14.43 |
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 | (19,800) |
Expired (in shares) | shares | 0 |
Unvested at the end of the period (in shares) | shares | 731,700 |
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 | 12.41 |
Expired (in dollars per share) | $ / shares | 0 |
Unvested at the end of the period (in dollars per share) | $ / shares | $ 12.41 |
Investments in Affordable Hou57
Investments in Affordable Housing Limited Partnerships (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||||
Funding installments, installment period | 3 years | ||||
Other Non-Interest Expense | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Expense related to investments in affordable housing limited partnerships | $ 400 | $ 278 | $ 1,100 | $ 834 | |
Income Tax Expense | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Affordable housing tax credits and other tax benefits | 284 | $ 353 | 1,200 | $ 1,100 | |
Other Assets | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment in affordable housing limited partnerships | 16,100 | 16,100 | $ 17,200 | ||
Other Liabilities | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Funding obligation related to investments | $ 12,000 | $ 12,000 | $ 12,900 |
Regulatory Matters (Details)
Regulatory Matters (Details) $ in Thousands | Sep. 30, 2016USD ($) |
Astoria Financial Corporation | |
Amount | |
Tier 1 leverage | $ 1,563,322 |
Common equity tier 1 risk-based | 1,439,077 |
Tier 1 risk-based | 1,563,322 |
Total risk-based | $ 1,651,504 |
Ratio | |
Tier 1 leverage | 10.61% |
Common equity tier 1 risk-based | 17.58% |
Tier 1 risk-based | 19.09% |
Total risk-based | 20.17% |
Amount | |
Tier 1 leverage | $ 589,317 |
Common equity tier 1 risk-based | 368,440 |
Tier 1 risk-based | 491,254 |
Total risk-based | $ 655,005 |
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 | $ 419,612 |
Tier 1 risk-based | 542,426 |
Total risk-based | $ 706,177 |
Ratio | |
Common equity tier 1 risk-based | 5.125% |
Tier 1 risk-based | 6.625% |
Total risk-based | 8.625% |
Amount | |
Tier 1 leverage | $ 736,646 |
Common equity tier 1 risk-based | 532,191 |
Tier 1 risk-based | 655,005 |
Total risk-based | $ 818,756 |
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 | $ 1,720,711 |
Common equity tier 1 risk-based | 1,720,711 |
Tier 1 risk-based | 1,720,711 |
Total risk-based | $ 1,808,893 |
Ratio | |
Tier 1 leverage | 11.75% |
Common equity tier 1 risk-based | 21.07% |
Tier 1 risk-based | 21.07% |
Total risk-based | 22.14% |
Amount | |
Tier 1 leverage | $ 585,844 |
Common equity tier 1 risk-based | 367,584 |
Tier 1 risk-based | 490,112 |
Total risk-based | $ 653,483 |
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 | $ 418,637 |
Tier 1 risk-based | 541,165 |
Total risk-based | $ 704,536 |
Ratio | |
Common equity tier 1 risk-based | 5.125% |
Tier 1 risk-based | 6.625% |
Total risk-based | 8.625% |
Amount | |
Tier 1 leverage | $ 732,305 |
Common equity tier 1 risk-based | 530,955 |
Tier 1 risk-based | 653,483 |
Total risk-based | $ 816,853 |
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 - Sched
Fair Value Measurements - Schedule of Carrying Values of Assets Measured at Estimated Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value of Financial Instruments | ||
Total securities available-for-sale | $ 308,231 | $ 416,798 |
Total residential mortgage-backed securities | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 278,218 | 344,857 |
GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 266,909 | 330,539 |
Non-GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 1,859 | 3,054 |
GSE pass-through certificates | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 9,450 | 11,264 |
Obligations of GSEs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 30,011 | 71,939 |
Fannie Mae stock | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 2 | 2 |
Recurring | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 308,231 | 416,798 |
Recurring | GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 266,909 | 330,539 |
Recurring | Non-GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 1,859 | 3,054 |
Recurring | GSE pass-through certificates | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 9,450 | 11,264 |
Recurring | Obligations of GSEs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 30,011 | 71,939 |
Recurring | Fannie Mae stock | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 2 | 2 |
Recurring | Level 1 | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 2 | 2 |
Recurring | Level 1 | GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 0 | 0 |
Recurring | Level 1 | Non-GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 0 | 0 |
Recurring | Level 1 | GSE pass-through certificates | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 0 | 0 |
Recurring | Level 1 | Obligations of GSEs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 0 | 0 |
Recurring | Level 1 | Fannie Mae stock | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 2 | 2 |
Recurring | Level 2 | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 308,229 | 416,796 |
Recurring | Level 2 | GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 266,909 | 330,539 |
Recurring | Level 2 | Non-GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 1,859 | 3,054 |
Recurring | Level 2 | GSE pass-through certificates | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 9,450 | 11,264 |
Recurring | Level 2 | Obligations of GSEs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 30,011 | 71,939 |
Recurring | Level 2 | Fannie Mae stock | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Valuation methodologies used for assets measured at fair value | ||
Non-performing loans held for sale comprised of commercial real estate mortgage loans (as a percent) | 44.00% | |
Non-performing loans held for sale comprised of multi-family mortgage loans (as a percent) | 20.00% | 80.00% |
Non-performing loans held for sale comprised of residential mortgage loans (as a percent) | 36.00% | 20.00% |
Real estate owned, net | $ 14,592 | $ 19,798 |
Weighted average | ||
Valuation methodologies used for assets measured at fair value | ||
Assumption used to estimate fair value of servicing asset, weighted average discount rate (as a percent) | 9.94% | 9.97% |
Assumption used to estimate fair value of servicing asset, weighted average constant prepayment rate (as a percent) | 13.35% | 10.47% |
Assumption used to estimate fair value of servicing asset, weighted average life | 5 years 22 days | 6 years 1 month 6 days |
Residential Mortgage Loans | ||
Valuation methodologies used for assets measured at fair value | ||
Composition of impaired loans (as a percent) | 89.00% | 81.00% |
Impaired loans for which fair value adjustment was recognized (as a percent) | 89.00% | 80.00% |
Period past due 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 | ||
Composition of impaired loans (as a percent) | 9.00% | 17.00% |
Impaired loans for which fair value adjustment was recognized (as a percent) | 10.00% | 19.00% |
Home equity lines of credit | ||
Valuation methodologies used for assets measured at fair value | ||
Composition of impaired loans (as a percent) | 2.00% | 2.00% |
Impaired loans for which fair value adjustment was recognized (as a percent) | 1.00% | 1.00% |
Period past due 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 | Residential mortgage-backed securities | ||
Valuation methodologies used for assets measured at fair value | ||
Available-for-sale portfolio comprised of debt securities (as a percent) | 90.00% | 83.00% |
Available-for-sale mortgage-backed securities portfolio comprised of GSE securities (as a percent) | 99.00% | 99.00% |
Recurring | Obligations of GSEs | ||
Valuation methodologies used for assets measured at fair value | ||
Available-for-sale portfolio comprised of debt securities (as a percent) | 10.00% | 17.00% |
Fair Value Measurements - Sch61
Fair Value Measurements - Schedule of Carrying Values of Assets Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Carrying Value | ||
Impaired loans | $ 221,356 | $ 237,518 |
MSR, net | 8,580 | 11,014 |
REO, net | 14,592 | 19,798 |
Carrying Value | ||
Carrying Value | ||
Non-performing loans held-for-sale, net | 5,550 | 8,960 |
MSR, net | 8,580 | 11,014 |
Nonrecurring | Level 3 | Carrying Value | ||
Carrying Value | ||
Non-performing loans held-for-sale, net | 706 | 1,582 |
Impaired loans | 126,854 | 134,910 |
MSR, net | 8,580 | 11,014 |
REO, net | 13,166 | 16,307 |
Total | $ 149,306 | $ 163,813 |
Fair Value Measurements - Sch62
Fair Value Measurements - Schedule of Gains (Losses) Recognized on Assets Measured at Fair Value on a Non-Recurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value of Financial Instruments | ||
Total | $ (8,733) | $ (4,150) |
Non-performing loans held-for-sale, net | ||
Fair Value of Financial Instruments | ||
Total | (120) | (445) |
Impaired loans | ||
Fair Value of Financial Instruments | ||
Total | (5,971) | (3,246) |
MSR, net | ||
Fair Value of Financial Instruments | ||
Total | (1,663) | (172) |
REO, net | ||
Fair Value of Financial Instruments | ||
Total | $ (979) | $ (287) |
Fair Value Measurements - Sch63
Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financial Assets: | ||
Securities held-to-maturity | $ 2,751,175 | $ 2,296,799 |
FHLB-NY stock | 130,820 | 131,137 |
MSR, net | 8,580 | 11,014 |
Carrying Value | ||
Financial Assets: | ||
Securities held-to-maturity | 2,751,175 | 2,296,799 |
FHLB-NY stock | 130,820 | 131,137 |
Loans held-for-sale, net | 5,550 | 8,960 |
Loans receivable, net | 10,542,961 | 11,055,081 |
MSR, net | 8,580 | 11,014 |
Financial Liabilities: | ||
Deposits | 8,927,644 | 9,106,027 |
Borrowings, net | 3,814,620 | 3,964,222 |
Estimated Fair Value | ||
Financial Assets: | ||
Securities held-to-maturity | 2,773,570 | 2,286,092 |
FHLB-NY stock | 130,820 | 131,137 |
Loans held-for-sale, net | 5,653 | 9,037 |
Loans receivable, net | 10,685,073 | 11,112,709 |
MSR, net | 8,582 | 11,017 |
Financial Liabilities: | ||
Deposits | 8,953,874 | 9,123,740 |
Borrowings, net | 3,973,159 | 4,132,940 |
Estimated Fair Value | Level 2 | ||
Financial Assets: | ||
Securities held-to-maturity | 2,773,570 | 2,286,092 |
FHLB-NY stock | 130,820 | 131,137 |
Loans held-for-sale, net | 0 | 0 |
Loans receivable, net | 0 | 0 |
MSR, net | 0 | 0 |
Financial Liabilities: | ||
Deposits | 8,953,874 | 9,123,740 |
Borrowings, net | 3,973,159 | 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 | 5,653 | 9,037 |
Loans receivable, net | 10,685,073 | 11,112,709 |
MSR, net | 8,582 | 11,017 |
Financial Liabilities: | ||
Deposits | 0 | 0 |
Borrowings, net | $ 0 | $ 0 |
Litigation (Details)
Litigation (Details) | Aug. 05, 2015USD ($) | Nov. 19, 2014USD ($) | Sep. 14, 2010USD ($) | Sep. 30, 2016lawsuit | May 19, 2016USD ($) | Oct. 28, 2015USD ($) |
Income Tax Contingency [Line Items] | ||||||
Additional tax liability as a result of tax years being closed | $ 0 | |||||
Number of lawsuits challenging merger | lawsuit | 6 | |||||
Contract termination fee | $ 69,500,000 | |||||
Tax Years 2006 Through 2008 | ||||||
Income Tax Contingency [Line Items] | ||||||
Alleged tax deficiency | $ 13,300,000 | |||||
Tax Years 2009 Through 2010 | ||||||
Income Tax Contingency [Line Items] | ||||||
Alleged tax deficiency | $ 6,100,000 | |||||
Tax Years 2011 Through 2013 | ||||||
Income Tax Contingency [Line Items] | ||||||
Alleged tax deficiency | $ 2,100,000 |