Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 28, 2017 | |
Document and Entity Information | ||
Entity Registrant Name | ASTORIA FINANCIAL CORP | |
Entity Central Index Key | 910,322 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 101,725,639 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Cash and due from banks | $ 139,272 | $ 129,944 |
Available-for-sale securities: | ||
Encumbered | 34,480 | 35,080 |
Unencumbered | 231,419 | 244,965 |
Total available-for-sale securities | 265,899 | 280,045 |
Held-to-maturity securities, fair value of $2,721,723 and $2,690,546, respectively: | ||
Encumbered | 1,170,447 | 1,194,685 |
Unencumbered | 1,598,929 | 1,545,447 |
Total held-to-maturity securities | 2,769,376 | 2,740,132 |
Federal Home Loan Bank of New York stock, at cost | 107,166 | 124,807 |
Loans held-for-sale, net | 6,236 | 11,584 |
Loans receivable | 10,200,966 | 10,417,187 |
Allowance for loan losses | (82,500) | (86,100) |
Loans receivable, net | 10,118,466 | 10,331,087 |
Mortgage servicing rights, net | 10,237 | 10,130 |
Accrued interest receivable | 34,478 | 34,994 |
Premises and equipment, net | 98,199 | 101,021 |
Goodwill | 185,151 | 185,151 |
Bank owned life insurance | 443,216 | 441,064 |
Real estate owned, net | 13,500 | 15,144 |
Other assets | 151,414 | 153,549 |
Total assets | 14,342,610 | 14,558,652 |
Deposits: | ||
NOW and demand deposit | 2,577,459 | 2,521,094 |
Money market | 2,781,555 | 2,706,895 |
Savings | 2,057,651 | 2,048,202 |
Certificates of deposit | 1,573,582 | 1,600,864 |
Total deposits | 8,990,247 | 8,877,055 |
Federal funds purchased | 195,000 | 195,000 |
Securities sold under agreements to repurchase | 1,100,000 | 1,100,000 |
Federal Home Loan Bank of New York advances | 1,700,000 | 2,090,000 |
Other borrowings, net | 249,885 | 249,752 |
Mortgage escrow funds | 160,472 | 112,975 |
Accrued expenses and other liabilities | 223,042 | 219,797 |
Total liabilities | 12,618,646 | 12,844,579 |
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 101,731,174 and 101,210,478 shares outstanding, respectively) | 1,665 | 1,665 |
Additional paid-in capital | 821,856 | 830,417 |
Retained earnings | 2,163,528 | 2,155,785 |
Treasury stock (64,763,714 and 65,284,410 shares, at cost, respectively) | (1,335,968) | (1,346,709) |
Accumulated other comprehensive loss | (56,913) | (56,881) |
Total stockholders’ equity | 1,723,964 | 1,714,073 |
Total liabilities and stockholders’ equity | $ 14,342,610 | $ 14,558,652 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity securities, fair value | $ 2,721,723 | $ 2,690,546 |
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 | 101,731,174 | 101,210,478 |
Treasury stock, shares | 64,763,714 | 65,284,410 |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest income: | ||
Residential mortgage loans | $ 44,060 | $ 47,375 |
Multi-family and commercial real estate mortgage loans | 43,406 | 46,805 |
Consumer and other loans | 2,292 | 2,372 |
Mortgage-backed and other securities | 18,000 | 16,904 |
Interest-earning cash accounts | 161 | 120 |
Federal Home Loan Bank of New York stock | 1,794 | 1,421 |
Total interest income | 109,713 | 114,997 |
Interest expense: | ||
Deposits | 6,359 | 7,462 |
Borrowings | 23,239 | 24,283 |
Total interest expense | 29,598 | 31,745 |
Net interest income | 80,115 | 83,252 |
Provision for loan losses credited to operations | (2,486) | (3,127) |
Net interest income after provision for loan losses | 82,601 | 86,379 |
Non-interest income: | ||
Customer service fees | 6,609 | 6,988 |
Other loan fees | 595 | 534 |
Gain on sales of securities | 0 | 86 |
Mortgage banking income (loss), net | 1,294 | (37) |
Income from bank owned life insurance | 2,152 | 2,289 |
Other | 1,224 | 1,541 |
Total non-interest income | 11,874 | 11,401 |
General and administrative: | ||
Compensation and benefits | 36,997 | 38,253 |
Occupancy, equipment and systems | 20,212 | 19,391 |
Federal deposit insurance premium | 2,298 | 3,530 |
Advertising | 589 | 1,453 |
Other | 11,868 | 6,895 |
Total non-interest expense | 71,964 | 69,522 |
Income before income tax expense | 22,511 | 28,258 |
Income tax expense | 8,104 | 9,693 |
Net income | 14,407 | 18,565 |
Preferred stock dividends | 2,194 | 2,194 |
Net income available to common shareholders | $ 12,213 | $ 16,371 |
Basic earnings per common share (in dollars per share) | $ 0.12 | $ 0.16 |
Diluted earnings per common share (in dollars per share) | $ 0.12 | $ 0.16 |
Basic weighted average common shares outstanding | 100,585,603 | 100,368,931 |
Diluted weighted average common shares outstanding | 100,585,603 | 100,368,931 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 14,407 | $ 18,565 |
Net unrealized (loss) gain on securities available-for-sale: | ||
Net unrealized holding (loss) gain on securities arising during the period | (432) | 4,036 |
Reclassification adjustment for gain on sales of securities included in net income | 0 | (51) |
Net unrealized (loss) gain on securities available-for-sale | (432) | 3,985 |
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | 371 | 397 |
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income | 29 | 28 |
Total other comprehensive (loss) income, net of tax | (32) | 4,410 |
Comprehensive income | $ 14,375 | $ 22,975 |
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, 2015 | $ 1,663,448 | $ 129,796 | $ 1,665 | $ 902,349 | $ 2,045,391 | $ (1,357,136) | $ (58,617) |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 18,565 | 18,565 | |||||
Other comprehensive (loss) income, net of tax | 4,410 | 4,410 | |||||
Dividends on preferred stock | (2,194) | (2,194) | |||||
Dividends on common stock | (4,053) | (4,053) | |||||
Sales of treasury stock | 41 | (15) | 56 | ||||
Restricted stock grants | 0 | (10,329) | (3,823) | 14,152 | |||
Forfeitures of restricted stock | 0 | 45 | 25 | (70) | |||
Stock-based compensation | 1,581 | 1,580 | 1 | ||||
Net tax benefit excess from stock-based compensation | 3 | 3 | |||||
Balance at end of period at Mar. 31, 2016 | 1,681,801 | 129,796 | 1,665 | 893,648 | 2,053,897 | (1,342,998) | (54,207) |
Balance at beginning of period at Dec. 31, 2016 | 1,714,073 | 129,796 | 1,665 | 830,417 | 2,155,785 | (1,346,709) | (56,881) |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 14,407 | 14,407 | |||||
Other comprehensive (loss) income, net of tax | (32) | (32) | |||||
Dividends on preferred stock | (2,194) | (2,194) | |||||
Dividends on common stock | (4,049) | (4,049) | |||||
Sales of treasury stock | 34 | (4) | 38 | ||||
Restricted stock grants | 0 | (10,329) | (434) | 10,763 | |||
Forfeitures of restricted stock | 0 | 43 | 17 | (60) | |||
Stock-based compensation | 1,725 | 1,725 | |||||
Balance at end of period at Mar. 31, 2017 | $ 1,723,964 | $ 129,796 | $ 1,665 | $ 821,856 | $ 2,163,528 | $ (1,335,968) | $ (56,913) |
Consolidated Statement of Chan7
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends on preferred stock (in dollars per share) | $ 16.25 | $ 16.25 |
Dividends on common stock (in dollars per share) | $ 0.04 | $ 0.04 |
Sale of treasury stock (in shares) | 1,822 | 2,710 |
Restricted stock grants (in shares) | 521,784 | 685,872 |
Forfeitures of restricted stock (in shares) | 2,910 | 3,390 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 14,407 | $ 18,565 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net amortization on loans | 2,136 | 2,310 |
Net amortization on securities and borrowings | 1,601 | 1,822 |
Net provision for loan and real estate losses credited to operations | (2,084) | (2,918) |
Depreciation and amortization | 3,422 | 3,694 |
Net gain on sales of loans and securities | (610) | (518) |
Mortgage servicing rights amortization and valuation allowance adjustments, net | 238 | 1,404 |
Stock-based compensation | 1,725 | 1,581 |
Deferred income tax (benefit) expense | (1,695) | 75 |
Originations of loans held-for-sale | (30,585) | (27,258) |
Proceeds from sales and principal repayments of loans held-for-sale | 36,198 | 28,288 |
Decrease (increase) in accrued interest receivable | 516 | (1,143) |
Bank owned life insurance income and insurance proceeds received, net | (2,152) | (2,289) |
Decrease in other assets | 3,935 | 2,572 |
Increase in accrued expenses and other liabilities | 3,916 | 1,219 |
Net cash provided by operating activities | 30,968 | 27,404 |
Cash flows from investing activities: | ||
Originations of loans receivable | (203,866) | (309,871) |
Loan purchases through third parties | (59,167) | (29,048) |
Principal payments on loans receivable | 471,853 | 482,897 |
Proceeds from sales of delinquent and non-performing loans | 300 | 400 |
Purchases of securities held-to-maturity | (192,645) | (354,392) |
Principal payments on securities held-to-maturity | 162,092 | 206,196 |
Principal payments on securities available-for-sale | 13,279 | 11,447 |
Proceeds from sales of securities available-for-sale | 0 | 23,065 |
Purchases of Federal Home Loan Bank of New York stock | (5,286) | (25,548) |
Redemptions of Federal Home Loan Bank of New York stock | 22,927 | 25,103 |
Proceeds from sales of real estate owned, net | 4,993 | 7,863 |
Purchases of premises and equipment, net of proceeds from sales | (600) | (2,108) |
Net cash provided by investing activities | 213,880 | 36,004 |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 113,192 | (54,488) |
Net increase (decrease) in borrowings with original terms of three months or less | 110,000 | (270,000) |
Proceeds from borrowings with terms greater than three months | 300,000 | 550,000 |
Repayments of borrowings with original terms greater than three months | (800,000) | (345,000) |
Net increase in mortgage escrow funds | 47,497 | 47,796 |
Proceeds from sales of treasury stock | 34 | 41 |
Cash dividends paid to stockholders | (6,243) | (6,247) |
Net tax benefit excess from stock-based compensation | 0 | 3 |
Net cash used in financing activities | (235,520) | (77,895) |
Net increase (decrease) in cash and cash equivalents | 9,328 | (14,487) |
Cash and cash equivalents at beginning of period | 129,944 | 200,538 |
Cash and cash equivalents at end of period | 139,272 | 186,051 |
Supplemental disclosures: | ||
Interest paid | 27,024 | 27,977 |
Income taxes paid | 269 | 4,613 |
Additions to real estate owned | 3,755 | 965 |
Loans transferred to held-for-sale | $ 300 | $ 0 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Astoria Financial Corporation and its wholly-owned subsidiaries: Astoria Bank and its subsidiaries, referred to as Astoria Bank, and AF Insurance Agency, Inc. As used in this quarterly report, "Astoria," “we,” “us” and “our” refer to Astoria Financial Corporation and its consolidated subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. In our opinion, the accompanying consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of our financial condition as of March 31, 2017 and December 31, 2016 , our results of operations and other comprehensive income for the three months ended March 31, 2017 and 2016 , changes in our stockholders’ equity for the three months ended March 31, 2017 and 2016 and our cash flows for the three months ended March 31, 2017 and 2016 . In preparing the consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities for the consolidated statements of financial condition as of March 31, 2017 and December 31, 2016 , and amounts of revenues, expenses and other comprehensive income in the consolidated statements of income and comprehensive income for the three months ended March 31, 2017 and 2016 . The results of operations and other comprehensive income for the three months ended March 31, 2017 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, 2016 audited consolidated financial statements and related notes included in our 2016 Annual Report on Form 10-K. |
Merger Agreement with Sterling
Merger Agreement with Sterling Bancorp | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Merger Agreement with Sterling Bancorp | Merger Agreement with Sterling Bancorp On March 6, 2017 , Astoria entered into an Agreement and Plan of Merger, or the Sterling Merger Agreement, with Sterling Bancorp, a Delaware corporation, or Sterling. The Sterling Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Astoria will merge with and into Sterling, with Sterling as the surviving corporation, such merger referred to as the Sterling Merger. Immediately following the consummation of the Sterling Merger, Astoria’s wholly owned subsidiary, Astoria Bank, will merge with and into Sterling’s wholly owned subsidiary, Sterling National Bank, such merger referred to as the Sterling Bank Merger. Sterling National Bank will be the surviving entity in the Sterling Bank Merger. The Sterling Merger Agreement was unanimously approved and adopted by the Board of Directors of each of Astoria and Sterling. Subject to the terms and conditions of the Sterling Merger Agreement, at the effective time of the Sterling Merger, or the Effective Time, Astoria stockholders will have the right to receive 0.875 shares of common stock, par value $0.01 per share, of Sterling, or Sterling Common Stock, for each share of common stock, par value $0.01 per share, of Astoria Financial Corporation, or Astoria Common Stock. Also in the Sterling 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 Sterling 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 Sterling Merger Agreement contains customary representations and warranties from both Astoria and Sterling, and each party has agreed to customary covenants, including, among others, covenants relating to (1) the conduct of Astoria’s and Sterling’s businesses during the interim period between the execution of the Sterling Merger Agreement and the Effective Time, (2) the obligation of Sterling to call a meeting of its stockholders to adopt the Sterling Merger Agreement and approve an amendment to its charter to increase the authorized shares of Sterling Common Stock from 190 million to 310 million , and, subject to certain exceptions, to recommend that its stockholders adopt the Sterling Merger Agreement and the transactions contemplated thereby, (3) the obligation of Astoria to call a meeting of its stockholders to adopt the Sterling Merger Agreement, and, subject to certain exceptions, to recommend that its stockholders adopt the Sterling Merger Agreement, and (4) Astoria’s non-solicitation obligations relating to alternative acquisition proposals. Astoria and Sterling 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 Sterling Merger Agreement. The completion of the Sterling Merger is subject to customary conditions, including (1) adoption of the Sterling Merger Agreement by Astoria’s stockholders, (2) adoption of the Sterling Merger Agreement and approval of the Sterling charter amendment by Sterling’s stockholders, (3) authorization for listing on the New York Stock Exchange of the shares of Sterling Common Stock to be issued in the Sterling Merger, (4) the receipt of required regulatory approvals, including the approval of the Board of Governors of the Federal Reserve System, or FRB, and the Office of the Comptroller of the Currency, or OCC, (5) effectiveness of the registration statement on Form S-4 for the Sterling Common Stock to be issued in the Sterling Merger, and (6) the absence of any order, injunction or other legal restraint preventing the completion of the Sterling Merger or making the completion of the Sterling Merger illegal. The registration statement on Form S-4 for the Sterling Common Stock to be issued in the Sterling Merger was filed on April 5, 2017 and was declared effective by the SEC on April 28, 2017. Special meetings of Astoria’s and Sterling’s respective stockholders are scheduled to be held on June 13, 2017 , at which Astoria’s stockholders will vote on the Sterling Merger Agreement and Sterling’s stockholders will vote on the Sterling Merger Agreement and the Sterling charter amendment. In addition, all applications and notices necessary to obtain the required regulatory approvals to complete the Sterling Merger have been submitted or sent by Astoria or Sterling. Each party’s obligation to complete the Sterling 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 Sterling Merger Agreement, and (3) receipt by such party of an opinion from its counsel to the effect that the Sterling Merger will qualify as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code. The Sterling Merger Agreement also provides certain termination rights for both Astoria and Sterling and further provides that a termination fee of $75.7 million will be payable by either Astoria or Sterling, as applicable, upon termination of the Sterling Merger Agreement under certain circumstances. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The following tables set forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at the dates indicated. At March 31, 2017 (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) $ 229,367 $ 1,311 $ (3,386 ) $ 227,292 Non-GSE issuance REMICs and CMOs 1,141 — (5 ) 1,136 GSE pass-through certificates 8,239 339 (2 ) 8,576 Total residential mortgage-backed securities 238,747 1,650 (3,393 ) 237,004 Obligations of GSEs 30,000 — (1,107 ) 28,893 Fannie Mae stock 15 — (13 ) 2 Total securities available-for-sale $ 268,762 $ 1,650 $ (4,513 ) $ 265,899 Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 1,182,307 $ 4,893 $ (11,311 ) $ 1,175,889 Non-GSE issuance REMICs and CMOs 191 — (7 ) 184 GSE pass-through certificates 221,058 909 (2,384 ) 219,583 Total residential mortgage-backed securities 1,403,556 5,802 (13,702 ) 1,395,656 Multi-family mortgage-backed securities: GSE issuance REMICs 906,183 217 (19,581 ) 886,819 Obligations of GSEs 379,316 23 (16,249 ) 363,090 Corporate Debt securities 80,000 — (4,163 ) 75,837 Other 321 — — 321 Total securities held-to-maturity $ 2,769,376 $ 6,042 $ (53,695 ) $ 2,721,723 (1) Government-sponsored enterprise (2) Real estate mortgage investment conduits and collateralized mortgage obligations At December 31, 2016 (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 $ 242,172 $ 1,327 $ (2,706 ) $ 240,793 Non-GSE issuance REMICs and CMOs 1,442 2 (1 ) 1,443 GSE pass-through certificates 8,571 361 (2 ) 8,930 Total residential mortgage-backed securities 252,185 1,690 (2,709 ) 251,166 Obligations of GSEs 30,000 — (1,125 ) 28,875 Fannie Mae stock 15 — (11 ) 4 Total securities available-for-sale $ 282,200 $ 1,690 $ (3,845 ) $ 280,045 Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 1,119,175 $ 4,896 $ (11,957 ) $ 1,112,114 Non-GSE issuance REMICs and CMOs 193 — (7 ) 186 GSE pass-through certificates 228,976 665 (3,282 ) 226,359 Total residential mortgage-backed securities 1,348,344 5,561 (15,246 ) 1,338,659 Multi-family mortgage-backed securities: GSE issuance REMICs 927,119 363 (19,290 ) 908,192 Obligations of GSEs 384,325 54 (16,510 ) 367,869 Corporate debt securities 80,000 — (4,518 ) 75,482 Other 344 — — 344 Total securities held-to-maturity $ 2,740,132 $ 5,978 $ (55,564 ) $ 2,690,546 The following contractual maturity table sets forth certain information regarding the amortized costs and estimated fair values of our securities available-for-sale and securities held-to-maturity at March 31, 2017 and does not reflect the effect of prepayments or scheduled principal amortization on our REMICs, CMOs and pass-through certificates or the effect of callable features on our obligations of GSEs (all of which are callable in 2017 and at various times thereafter). March 31, 2017 Available-for-Sale Held-to-Maturity (Dollars in Thousands) Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Securities remaining period to contractual maturity: Within one year $ 202 $ 204 $ 34,977 $ 34,979 Over one to five years 1,333 1,329 17,522 17,541 Over five to ten years 36,822 35,912 406,424 389,288 Over ten years 230,405 228,454 2,310,453 2,279,915 Total securities $ 268,762 $ 265,899 $ 2,769,376 $ 2,721,723 The following tables set forth the estimated fair values of securities with gross unrealized losses at the dates indicated, segregated between securities that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the dates indicated. At March 31, 2017 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 $ 113,064 $ (2,634 ) $ 19,720 $ (752 ) $ 132,784 $ (3,386 ) Non-GSE issuance REMICs and CMOs 1,022 (4 ) 81 (1 ) 1,103 (5 ) GSE pass-through certificates 62 (1 ) 59 (1 ) 121 (2 ) Obligations of GSEs 28,893 (1,107 ) — — 28,893 (1,107 ) Fannie Mae stock — — 2 (13 ) 2 (13 ) Total temporarily impaired securities available-for-sale $ 143,041 $ (3,746 ) $ 19,862 $ (767 ) $ 162,903 $ (4,513 ) Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 569,367 $ (7,110 ) $ 125,051 $ (4,201 ) $ 694,418 $ (11,311 ) Non-GSE issuance REMICs and CMOs — — 184 (7 ) 184 (7 ) GSE pass-through certificates 81,074 (1,235 ) 60,450 (1,149 ) 141,524 (2,384 ) Multi-family mortgage-backed securities: GSE issuance REMICs 834,947 (19,581 ) — — 834,947 (19,581 ) Obligations of GSEs 311,690 (16,249 ) — — 311,690 (16,249 ) Corporate debt securities 9,327 (673 ) 66,510 (3,490 ) 75,837 (4,163 ) Total temporarily impaired securities held-to-maturity $ 1,806,405 $ (44,848 ) $ 252,195 $ (8,847 ) $ 2,058,600 $ (53,695 ) At December 31, 2016 Less Than Twelve Months Twelve Months or Longer Total (In Thousands) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Available-for-sale: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 140,638 $ (1,886 ) $ 20,026 $ (820 ) $ 160,664 $ (2,706 ) Non-GSE issuance REMICs and CMOs — — 92 (1 ) 92 (1 ) GSE pass-through certificates 71 (1 ) 90 (1 ) 161 (2 ) Obligations of GSEs 28,875 (1,125 ) — — 28,875 (1,125 ) Fannie Mae stock — — 4 (11 ) 4 (11 ) Total temporarily impaired securities available-for-sale $ 169,584 $ (3,012 ) $ 20,212 $ (833 ) $ 189,796 $ (3,845 ) Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 515,537 $ (7,457 ) $ 131,629 $ (4,500 ) $ 647,166 $ (11,957 ) Non-GSE issuance REMICs and CMOs — — 186 (7 ) 186 (7 ) GSE pass-through certificates 104,538 (1,775 ) 61,872 (1,507 ) 166,410 (3,282 ) Multi-family mortgage-backed securities: GSE issuance REMICs 871,436 (19,290 ) — — 871,436 (19,290 ) Obligations of GSEs 296,427 (16,510 ) — — 296,427 (16,510 ) Corporate debt securities 37,785 (2,216 ) 37,698 (2,302 ) 75,483 (4,518 ) Total temporarily impaired securities held-to-maturity $ 1,825,723 $ (47,248 ) $ 231,385 $ (8,316 ) $ 2,057,108 $ (55,564 ) We held 195 securities which had an unrealized loss at March 31, 2017 and 188 securities which had an unrealized loss at December 31, 2016 . Securities in unrealized loss positions are analyzed as part of our ongoing assessment of other-than-temporary impairment. Our assertion regarding our intent not to sell, or that it is not more likely than not that we will be required to sell a security before its anticipated recovery, is based on a number of factors, including a quantitative estimate of the expected recovery period (which may extend to maturity), and our intended strategy with respect to the identified security or portfolio. If we do have the intent to sell, or believe it is more likely than not that we will be required to sell the security before its anticipated recovery, the unrealized loss is charged directly to earnings in the Consolidated Statements of Income and Comprehensive Income. Other factors considered in determining whether or not an impairment is temporary include the severity of the impairment; the duration of the impairment; the cause of the impairment; the near-term prospects of the issuer; and the estimated recovery period. The unrealized losses on our residential and multi-family mortgage-backed securities and GSE obligations at March 31, 2017 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 three months ended March 31, 2017 , which we attribute to the contemporaneous broad-based equity market volatility. We do not consider these unrealized losses to be other than temporary impairment. There were no sales of securities from the available-for-sale portfolio during the three months ended March 31, 2017 . During the three months ended March 31, 2016 , proceeds from sales of securities from the available-for-sale portfolio totaled $23.1 million , resulting in gross realized gains of $86,000 . At March 31, 2017 , available-for-sale debt securities, excluding mortgage-backed securities, had an amortized cost of $30.0 million , an estimated fair value of $28.9 million and contractual maturities in 2025 and 2026 . At March 31, 2017 , held-to-maturity debt securities, excluding mortgage-backed securities, had an amortized cost of $459.6 million , an estimated fair value of $439.2 million and contractual maturities primarily in 2017 through 2027 . Actual maturities may differ from contractual maturities because issuers may have the right to prepay or call obligations with or without prepayment penalties. At March 31, 2017 , the amortized cost of callable securities in our portfolio totaled $374.3 million , which are callable in 2017 and at various times thereafter. The balance of accrued interest receivable for securities totaled $8.3 million at March 31, 2017 and $8.1 million at December 31, 2016 . |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Loan Losses | Loans Receivable and Allowance for Loan Losses The following tables set forth the composition of our loans receivable portfolio, and an aging analysis by accruing and non-accrual loans, by segment and class at the dates indicated. At March 31, 2017 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 $ 1,120 $ — $ — $ 1,120 $ 166,790 $ 167,910 Full documentation amortizing 32,903 5,047 — 37,950 4,240,703 4,278,653 Reduced documentation interest-only 2,186 302 — 2,488 54,181 56,669 Reduced documentation amortizing 22,149 9,375 — 31,524 554,455 585,979 Total residential 58,358 14,724 — 73,082 5,016,129 5,089,211 Multi-family 5,162 151 — 5,313 4,014,746 4,020,059 Commercial real estate 1,695 521 1,639 3,855 692,064 695,919 Total mortgage loans 65,215 15,396 1,639 82,250 9,722,939 9,805,189 Consumer and other loans (gross): Home equity and other consumer 1,609 495 — 2,104 128,610 130,714 Commercial and industrial 375 — — 375 90,567 90,942 Total consumer and other loans 1,984 495 — 2,479 219,177 221,656 Total accruing loans $ 67,199 $ 15,891 $ 1,639 $ 84,729 $ 9,942,116 $ 10,026,845 Non-accrual loans: Mortgage loans (gross): Residential: Full documentation interest-only $ — $ — $ 9,073 $ 9,073 $ 877 $ 9,950 Full documentation amortizing 2,353 498 45,117 47,968 9,273 57,241 Reduced documentation interest-only — — 9,503 9,503 1,919 11,422 Reduced documentation amortizing 929 884 35,286 37,099 9,847 46,946 Total residential 3,282 1,382 98,979 103,643 21,916 125,559 Multi-family 437 396 558 1,391 2,314 3,705 Commercial real estate 680 — 627 1,307 3,649 4,956 Total mortgage loans 4,399 1,778 100,164 106,341 27,879 134,220 Consumer and other loans (gross): Home equity and other consumer — — 4,139 4,139 — 4,139 Commercial and industrial — — 32 32 — 32 Total consumer and other loans — — 4,171 4,171 — 4,171 Total non-accrual loans $ 4,399 $ 1,778 $ 104,335 $ 110,512 $ 27,879 $ 138,391 Total loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 1,120 $ — $ 9,073 $ 10,193 $ 167,667 $ 177,860 Full documentation amortizing 35,256 5,545 45,117 85,918 4,249,976 4,335,894 Reduced documentation interest-only 2,186 302 9,503 11,991 56,100 68,091 Reduced documentation amortizing 23,078 10,259 35,286 68,623 564,302 632,925 Total residential 61,640 16,106 98,979 176,725 5,038,045 5,214,770 Multi-family 5,599 547 558 6,704 4,017,060 4,023,764 Commercial real estate 2,375 521 2,266 5,162 695,713 700,875 Total mortgage loans 69,614 17,174 101,803 188,591 9,750,818 9,939,409 Consumer and other loans (gross): Home equity and other consumer 1,609 495 4,139 6,243 128,610 134,853 Commercial and industrial 375 — 32 407 90,567 90,974 Total consumer and other loans 1,984 495 4,171 6,650 219,177 225,827 Total loans $ 71,598 $ 17,669 $ 105,974 $ 195,241 $ 9,969,995 $ 10,165,236 Net unamortized premiums and deferred loan origination costs 35,730 Loans receivable 10,200,966 Allowance for loan losses (82,500 ) Loans receivable, net $ 10,118,466 At December 31, 2016 Past Due (In Thousands) 30-59 Days 60-89 Days 90 Days or More Total Past Due Current Total Accruing loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 1,476 $ 3,104 $ — $ 4,580 $ 212,316 $ 216,896 Full documentation amortizing 36,563 8,217 — 44,780 4,300,620 4,345,400 Reduced documentation interest-only 2,974 779 — 3,753 80,416 84,169 Reduced documentation amortizing 27,449 5,222 — 32,671 552,233 584,904 Total residential 68,462 17,322 — 85,784 5,145,585 5,231,369 Multi-family 1,060 795 — 1,855 4,040,386 4,042,241 Commercial real estate 2,043 1,298 — 3,341 720,582 723,923 Total mortgage loans 71,565 19,415 — 90,980 9,906,553 9,997,533 Consumer and other loans (gross): Home equity and other consumer 1,281 550 — 1,831 133,024 134,855 Commercial and industrial — 647 — 647 99,087 99,734 Total consumer and other loans 1,281 1,197 — 2,478 232,111 234,589 Total accruing loans $ 72,846 $ 20,612 $ — $ 93,458 $ 10,138,664 $ 10,232,122 Non-accrual loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 437 $ — $ 11,605 $ 12,042 $ 2,048 $ 14,090 Full documentation amortizing 2,469 — 42,983 45,452 11,753 57,205 Reduced documentation interest-only — — 11,624 11,624 3,768 15,392 Reduced documentation amortizing 1,077 992 35,351 37,420 9,887 47,307 Total residential 3,983 992 101,563 106,538 27,456 133,994 Multi-family 428 611 1,244 2,283 2,098 4,381 Commercial real estate 219 — — 219 5,117 5,336 Total mortgage loans 4,630 1,603 102,807 109,040 34,671 143,711 Consumer and other loans (gross): Home equity and other consumer — — 4,483 4,483 — 4,483 Commercial and industrial — — 42 42 — 42 Total consumer and other loans — — 4,525 4,525 — 4,525 Total non-accrual loans $ 4,630 $ 1,603 $ 107,332 $ 113,565 $ 34,671 $ 148,236 Total loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 1,913 $ 3,104 $ 11,605 $ 16,622 $ 214,364 $ 230,986 Full documentation amortizing 39,032 8,217 42,983 90,232 4,312,373 4,402,605 Reduced documentation interest-only 2,974 779 11,624 15,377 84,184 99,561 Reduced documentation amortizing 28,526 6,214 35,351 70,091 562,120 632,211 Total residential 72,445 18,314 101,563 192,322 5,173,041 5,365,363 Multi-family 1,488 1,406 1,244 4,138 4,042,484 4,046,622 Commercial real estate 2,262 1,298 — 3,560 725,699 729,259 Total mortgage loans 76,195 21,018 102,807 200,020 9,941,224 10,141,244 Consumer and other loans (gross): Home equity and other consumer 1,281 550 4,483 6,314 133,024 139,338 Commercial and industrial — 647 42 689 99,087 99,776 Total consumer and other loans 1,281 1,197 4,525 7,003 232,111 239,114 Total loans $ 77,476 $ 22,215 $ 107,332 $ 207,023 $ 10,173,335 $ 10,380,358 Net unamortized premiums and deferred loan origination costs 36,829 Loans receivable 10,417,187 Allowance for loan losses (86,100 ) Loans receivable, net $ 10,331,087 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. 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 predictive modeling techniques. We also 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). Modeling techniques utilize data inputs for each loan in the portfolio, including credit facility terms and performance to date, property details and borrower financial performance data. The model also incorporates real estate market data from an established real estate market database company to forecast future performance of the properties, and includes a loan loss predictive model based on studies of defaulted commercial real estate loans. The model then generates a probability of default, loss given default and ultimately an estimated loss for each loan quarterly over the remaining life of the loan. The appropriate timeframe from which to assign an estimated loss percentage to the pool of loans is assessed by management. We update our historical loss analyses, as well as our predictive model, quarterly and evaluate the need to modify our quantitative allowances as a result of our updated charge-off and loss analyses. We also consider qualitative factors with the purpose of assessing the adequacy of the overall allowance for loan losses as well as the allocation of the allowance for loan losses by loan category. Allowance adequacy calculations are adjusted quarterly, based on the results of our quantitative and qualitative analyses, to reflect our current estimates of the amount of probable losses inherent in our loan portfolio. The portion of the allowance allocated to each loan category does not represent the total available to absorb losses which may occur within the loan category, since the total allowance for loan losses is available for losses applicable to the entire loan portfolio. The following tables set forth the changes in our allowance for loan losses by loan receivable segment for the periods indicated. For the Three Months Ended March 31, 2017 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at January 1, 2017 $ 36,439 $ 34,901 $ 9,299 $ 5,461 $ 86,100 Provision credited to operations (901 ) (957 ) (503 ) (125 ) (2,486 ) Charge-offs (2,235 ) (34 ) — (112 ) (2,381 ) Recoveries 1,048 39 109 71 1,267 Balance at March 31, 2017 $ 34,351 $ 33,949 $ 8,905 $ 5,295 $ 82,500 For the Three Months Ended March 31, 2016 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at January 1, 2016 $ 44,951 $ 35,544 $ 11,217 $ 6,288 $ 98,000 Provision charged (credited) to operations 138 (3,257 ) (849 ) 841 (3,127 ) Charge-offs (1,665 ) (310 ) — (765 ) (2,740 ) Recoveries 954 1,043 — 70 2,067 Balance at March 31, 2016 $ 44,378 $ 33,020 $ 10,368 $ 6,434 $ 94,200 The following table sets forth the balances of our residential interest-only mortgage loans at March 31, 2017 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 (1) $ 206,063 13 to 24 months 24,107 25 to 36 months 10,314 Over 36 months 5,467 Total $ 245,951 (1) Includes $14.4 million of past due loans that were scheduled to enter amortization prior to March 31, 2017. Pursuant to federal regulations and our policy, loans considered to be of lesser quality are rated as special mention, substandard, doubtful or loss. A loan rated as special mention has potential weaknesses, which, if uncorrected, may result in the deterioration of the repayment prospects or in our credit position at some future date. A loan rated as substandard is inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. Substandard loans include those characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Loans rated as doubtful have all of the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses present make collection or liquidation in full satisfaction of the loan amount, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Loans rated as loss are those considered uncollectable and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted. Those assets classified as substandard, doubtful or loss are considered adversely classified. The following tables set forth the balances of our loan portfolio segments by credit quality indicator at the dates indicated. At March 31, 2017 Mortgage Loans Consumer and Other Loans (In Thousands) Residential Multi-Family Commercial Real Estate Home Equity and Other Consumer Commercial and Industrial Total Not criticized $ 5,019,425 $ 3,984,135 $ 673,838 $ 130,219 $ 89,075 $ 9,896,692 Criticized: Special mention 12,849 23,777 6,856 495 1,867 45,844 Substandard 182,496 15,852 20,181 4,139 32 222,700 Doubtful — — — — — — Total $ 5,214,770 $ 4,023,764 $ 700,875 $ 134,853 $ 90,974 $ 10,165,236 At December 31, 2016 Mortgage Loans Consumer and Other Loans (In Thousands) Residential Multi-Family Commercial Real Estate Home Equity and Other Consumer Commercial and Industrial Total Not criticized $ 5,158,878 $ 4,005,703 $ 702,697 $ 134,305 $ 99,087 $ 10,100,670 Criticized: Special mention 14,922 24,804 9,235 550 647 50,158 Substandard 191,563 16,115 17,327 4,483 42 229,530 Doubtful — — — — — — Total $ 5,365,363 $ 4,046,622 $ 729,259 $ 139,338 $ 99,776 $ 10,380,358 The following tables set forth the balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses at the dates indicated. At March 31, 2017 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Loans: Individually evaluated for impairment $ 190,955 $ 6,059 $ 11,429 $ 3,928 $ 212,371 Collectively evaluated for impairment 5,023,815 4,017,705 689,446 221,899 9,952,865 Total loans $ 5,214,770 $ 4,023,764 $ 700,875 $ 225,827 $ 10,165,236 Allowance for loan losses: Individually evaluated for impairment $ 8,691 $ 1 $ 70 $ 286 $ 9,048 Collectively evaluated for impairment 25,660 33,948 8,835 5,009 73,452 Total allowance for loan losses $ 34,351 $ 33,949 $ 8,905 $ 5,295 $ 82,500 At December 31, 2016 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Loans: Individually evaluated for impairment $ 192,427 $ 7,112 $ 10,033 $ 4,091 $ 213,663 Collectively evaluated for impairment 5,172,936 4,039,510 719,226 235,023 10,166,695 Total loans $ 5,365,363 $ 4,046,622 $ 729,259 $ 239,114 $ 10,380,358 Allowance for loan losses: Individually evaluated for impairment $ 9,044 $ 24 $ — $ 310 $ 9,378 Collectively evaluated for impairment 27,395 34,877 9,299 5,151 76,722 Total allowance for loan losses $ 36,439 $ 34,901 $ 9,299 $ 5,461 $ 86,100 The following table summarizes information related to our impaired loans by segment and class at the dates indicated. At March 31, 2017 At December 31, 2016 (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 $ 17,600 $ 13,753 $ (1,634 ) $ 12,119 $ 21,202 $ 16,535 $ (1,863 ) $ 14,672 Full documentation amortizing 89,948 81,243 (3,373 ) 77,870 88,106 79,584 (3,494 ) 76,090 Reduced documentation interest-only 18,646 15,673 (1,367 ) 14,306 28,637 23,090 (1,589 ) 21,501 Reduced documentation amortizing 88,981 77,591 (2,317 ) 75,274 79,670 70,623 (2,098 ) 68,525 Multi-family 1,449 1,449 (1 ) 1,448 2,427 2,432 (24 ) 2,408 Commercial real estate 2,266 2,266 (70 ) 2,196 — — — — Consumer and other loans: Home equity lines of credit 4,261 3,896 (286 ) 3,610 4,414 4,049 (310 ) 3,739 Without an allowance recorded: Mortgage loans: Residential: Reduced documentation amortizing 3,123 2,695 — 2,695 2,965 2,595 — 2,595 Multi-family 5,164 4,610 — 4,610 5,272 4,680 — 4,680 Commercial real estate 10,812 9,163 — 9,163 11,791 10,033 — 10,033 Consumer and other loans: Commercial and industrial 80 32 — 32 90 42 — 42 Total impaired loans $ 242,330 $ 212,371 $ (9,048 ) $ 203,323 $ 244,574 $ 213,663 $ (9,378 ) $ 204,285 The following table sets forth the average recorded investment, interest income recognized and cash basis interest income related to our impaired loans by segment and class for the periods indicated. For the Three Months Ended March 31, 2017 2016 (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 $ 15,144 $ 153 $ 156 $ 29,462 $ 189 $ 186 Full documentation amortizing 80,414 624 614 64,858 494 478 Reduced documentation interest-only 19,382 111 103 43,118 391 385 Reduced documentation amortizing 74,107 757 738 57,203 525 529 Multi-family 1,941 26 26 6,813 67 79 Commercial real estate 1,133 34 30 3,875 6 7 Consumer and other loans: Home equity lines of credit 3,973 13 13 4,753 5 9 Without an allowance recorded: Mortgage loans: Residential: Reduced documentation amortizing 2,645 23 21 — — — Multi-family 4,645 51 55 13,375 152 149 Commercial real estate 9,598 128 129 10,206 166 171 Consumer and other loans: Commercial and industrial 37 2 2 — — — Total impaired loans $ 213,019 $ 1,922 $ 1,887 $ 233,663 $ 1,995 $ 1,993 The following table sets forth information about our mortgage loans receivable by segment and class at March 31, 2017 and 2016 which were modified in a troubled debt restructuring, or TDR, during the periods indicated. Modifications in a TDR for the three months ended March 31, 2017 included interest rate modifications of $1.7 million . In addition, $884,000 of loans at March 31, 2017 were classified as TDRs as a result of relief granted under Chapter 7 bankruptcy filings. Modifications During the Three Months Ended March 31, 2017 2016 (Dollars In Thousands) Number of Loans Pre- Modification Recorded Investment Recorded Investment at March 31, 2017 Number of Loans Pre- Modification Recorded Investment Recorded Investment at March 31, 2016 Residential: Full documentation interest-only 1 $ 196 $ 189 4 $ 888 $ 889 Full documentation amortizing 2 485 482 2 591 589 Reduced documentation interest-only 3 1,121 1,099 3 1,691 1,686 Reduced documentation amortizing 4 795 788 3 995 985 Total 10 $ 2,597 $ 2,558 12 $ 4,165 $ 4,149 The following table sets forth information about our mortgage loans receivable by segment and class at March 31, 2017 and 2016 which were modified in a TDR during the twelve month periods ended March 31, 2017 and 2016 and had a subsequent payment default during the periods indicated. For the Three Months Ended March 31, 2017 2016 (Dollars In Thousands) Number of Loans Recorded Investment at March 31, 2017 Number of Loans Recorded Investment at March 31, 2016 Residential: Full documentation interest-only 3 $ 1,078 2 $ 533 Full documentation amortizing 4 1,566 2 408 Reduced documentation interest-only 2 1,063 4 1,947 Reduced documentation amortizing — — 1 288 Total 9 $ 3,707 9 $ 3,176 Included in loans receivable at March 31, 2017 are loans in the process of foreclosure collateralized by residential real estate property with a recorded investment of $75.0 million . For additional information regarding our loans receivable and allowance for loan losses, see “Asset Quality” and “Critical Accounting Policies” in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” or “MD&A.” |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 3 Months Ended |
Mar. 31, 2017 | |
Banking and Thrift [Abstract] | |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase The following table details the remaining contractual maturities of our agreements to repurchase, or repo agreements, at March 31, 2017 . Year Amount (In Thousands) 2018 $ 200,000 2019 600,000 2020 300,000 Total $ 1,100,000 (1) (1) Callable within the next three months and on a quarterly basis thereafter. The outstanding repo agreements at March 31, 2017 were fixed rate and collateralized by GSE securities, of which 82% were residential mortgage-backed securities and 18% 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, criteria for eligible counterparties has been established and excess collateral pledged is monitored to minimize our exposure. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following table is a reconciliation of basic and diluted earnings per common share, or EPS. For the Three Months Ended March 31, (In Thousands, Except Share Data) 2017 2016 Net income $ 14,407 $ 18,565 Preferred stock dividends (2,194 ) (2,194 ) Net income available to common shareholders 12,213 16,371 Income allocated to participating securities (80 ) (135 ) Net income allocated to common shareholders $ 12,133 $ 16,236 Basic weighted average common shares outstanding 100,585,603 100,368,931 Dilutive effect of stock options and restricted stock units (1) (2) — — Diluted weighted average common shares outstanding 100,585,603 100,368,931 Basic EPS $ 0.12 $ 0.16 Diluted EPS $ 0.12 $ 0.16 (1) Excludes options to purchase 933 shares of common stock which were outstanding during the three months ended March 31, 2017 and options to purchase 6,989 shares of common stock which were outstanding during the three months ended March 31, 2016 because their inclusion would be anti-dilutive. (2) Excludes 490,387 unvested restricted stock units which were outstanding during the three months ended March 31, 2017 and 747,132 unvested restricted stock units which were outstanding during the three months ended March 31, 2016 because the performance conditions have not been satisfied. |
Other Comprehensive Income_Loss
Other Comprehensive Income/Loss | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Other Comprehensive Income/Loss | Other Comprehensive Income/Loss The following tables set forth the components of accumulated other comprehensive loss, net of related tax effects, at the dates indicated and the changes during the three months ended March 31, 2017 and 2016 . (In Thousands) At Other Comprehensive (Loss) Income At Net unrealized gain on securities available-for-sale $ 2,261 $ (432 ) $ 1,829 Net actuarial loss on pension plans and other postretirement benefits (56,207 ) 371 (55,836 ) Prior service cost on pension plans and other postretirement benefits (2,935 ) 29 (2,906 ) Accumulated other comprehensive loss $ (56,881 ) $ (32 ) $ (56,913 ) (In Thousands) At Other Comprehensive Income At Net unrealized gain on securities available-for-sale $ 2,827 $ 3,985 $ 6,812 Net actuarial loss on pension plans and other postretirement benefits (58,396 ) 397 (57,999 ) Prior service cost on pension plans and other postretirement benefits (3,048 ) 28 (3,020 ) Accumulated other comprehensive loss $ (58,617 ) $ 4,410 $ (54,207 ) 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 $ (724 ) $ 292 $ (432 ) Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 623 (252 ) 371 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 48 (19 ) 29 Other comprehensive loss $ (53 ) $ 21 $ (32 ) For the Three 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 $ 6,774 $ (2,738 ) $ 4,036 Reclassification adjustment for gain on sales of securities included in net income (86 ) 35 (51 ) Net unrealized gain on securities available-for-sale 6,688 (2,703 ) 3,985 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 667 (270 ) 397 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 47 (19 ) 28 Other comprehensive income $ 7,402 $ (2,992 ) $ 4,410 The following table sets forth information about amounts reclassified from accumulated other comprehensive loss to, and the affected line items in, the consolidated statements of income for the periods indicated. For the Three Months Ended March 31, Income Statement Line Item (In Thousands) 2017 2016 Reclassification adjustment for gain on sales of securities $ — $ 86 Gain on sales of securities Reclassification adjustment for net actuarial loss (1) (623 ) (667 ) Compensation and benefits Reclassification adjustment for prior service cost (1) (48 ) (47 ) Compensation and benefits Total reclassifications, before tax (671 ) (628 ) Income tax effect 271 254 Income tax expense Total reclassifications, net of tax $ (400 ) $ (374 ) Net income (1) These other comprehensive income/loss 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 | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Plans and Other Postretirement Benefits | Pension Plans and Other Postretirement Benefits The following table sets forth information regarding the components of net periodic cost for our defined benefit pension plans and other postretirement benefit plan for the periods indicated. Pension Benefits Other Postretirement Benefits For the Three Months Ended March 31, For the Three Months Ended March 31, (In Thousands) 2017 2016 2017 2016 Service cost $ — $ — $ 490 $ 472 Interest cost 2,430 2,536 255 263 Expected return on plan assets (3,097 ) (3,058 ) — — Recognized net actuarial loss (gain) 722 734 (99 ) (67 ) Amortization of prior service cost 48 47 — — Settlement 61 — — — Net periodic cost $ 164 $ 259 $ 646 $ 668 |
Stock Incentive Plans
Stock Incentive Plans | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plans | Stock Incentive Plans During the three months ended March 31, 2017 , 504,252 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, all of which remain outstanding at March 31, 2017 and vest one-third per year beginning in December 2017. In the event the grantee terminates his/her employment due to death or disability, or in the event we experience a change in control, as defined and specified in the 2014 Employee Stock Plan, all restricted common stock granted pursuant to such plan immediately vests. During the three months ended March 31, 2017 , 17,532 shares of restricted common stock were granted to directors under the Astoria Financial Corporation 2007 Non-Employee Directors Stock Plan, as amended, all of which remain outstanding at March 31, 2017 and vest 100% in January 2020, although awards immediately vest upon death, disability, mandatory retirement, involuntary termination or a change in control, as such terms are defined in the plan. The following table summarizes restricted common stock and performance-based restricted stock unit activity in our stock incentive plans for the three months ended March 31, 2017 . 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, 2017 639,329 $ 14.40 705,600 $ 12.41 Granted 521,784 19.80 — — Vested (21,790 ) (12.62 ) — — Forfeited (2,910 ) (14.85 ) (1,000 ) (12.64 ) Expired — — (327,800 ) (1) (12.14 ) Unvested at March 31, 2017 1,136,413 16.91 376,800 12.64 (1) Expired on February 1, 2017. Performance-based conditions were not achieved. Stock-based compensation expense is recognized on a straight-line basis over the vesting period and totaled $1.0 million , net of taxes of $697,000 , for the three months ended March 31, 2017 and $942,000 , net of taxes of $639,000 , for the three months ended March 31, 2016 . At March 31, 2017 , pre-tax compensation cost related to all unvested awards of restricted common stock and restricted stock units not yet recognized totaled $17.4 million and will be recognized over a weighted average period of approximately 2.2 years, which excludes $2.4 million of pre-tax compensation cost related to 188,400 performance-based restricted stock units granted in 2015, for which compensation cost will begin to be recognized when the achievement of the performance conditions becomes probable. |
Investments in Affordable Housi
Investments in Affordable Housing Limited Partnerships | 3 Months Ended |
Mar. 31, 2017 | |
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 $15.1 million at March 31, 2017 and $15.7 million at December 31, 2016 . Our funding obligation related to such investments, reflected in other liabilities in the consolidated statements of financial condition, totaled $12.0 million at March 31, 2017 and December 31, 2016 . Funding installments are due on an "as needed" basis, currently projected over the next two years, the timing of which cannot be estimated. Expense related to our investments in affordable housing limited partnerships totaled $653,000 for the three months ended March 31, 2017 , which was included in income tax expense in the consolidated statements of income. Such expense totaled $352,000 for the three months ended March 31, 2016 , which was included in other non-interest expense in the consolidated statements of income. Affordable housing tax credits and other tax benefits recognized as a component of income tax expense in the consolidated statements of income totaled $590,000 for the three months ended March 31, 2017 and $390,000 for the three months ended March 31, 2016 . |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2017 | |
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, increased to 1.25% on January 1, 2017 and will increase to 1.875% on January 1, 2018 and 2.5% on January 1, 2019. The Final Capital Rules impose restrictions on capital distributions and certain discretionary cash bonus payments if the minimum Conservation Buffer is not met. At March 31, 2017 , the capital levels of both Astoria Financial Corporation and Astoria Bank exceeded all regulatory capital requirements and their regulatory capital ratios were above the minimum levels required to be considered well capitalized for regulatory purposes. The capital levels of both Astoria Financial Corporation and Astoria Bank at March 31, 2017 also exceeded the minimum capital requirements shown in the table below including the currently applicable Conservation Buffer of 1.25% . The following table sets forth information regarding the regulatory capital requirements applicable to Astoria Financial Corporation and Astoria Bank. At March 31, 2017 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 $ 1,583,061 11.12 % $ 569,684 4.00 % N/A N/A $ 712,105 5.00 % Common equity tier 1 risk-based 1,455,879 18.02 363,516 4.50 $ 464,492 5.75 % 525,078 6.50 Tier 1 risk-based 1,583,061 19.60 484,688 6.00 585,664 7.25 646,250 8.00 Total risk-based 1,665,994 20.62 646,250 8.00 747,227 9.25 807,813 10.00 Astoria Bank: Tier 1 leverage $ 1,762,569 12.44 % $ 566,931 4.00 % N/A N/A $ 708,664 5.00 % Common equity tier 1 risk-based 1,762,569 21.86 362,844 4.50 $ 463,634 5.75 % 524,108 6.50 Tier 1 risk-based 1,762,569 21.86 483,792 6.00 584,582 7.25 645,056 8.00 Total risk-based 1,845,502 22.89 645,056 8.00 745,846 9.25 806,320 10.00 At December 31, 2016 Actual Minimum Capital Requirements Minimum Capital Requirements with Conservation Buffer To be Well Capitalized Under Prompt Corrective Action Provisions (Dollars in Thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Astoria Financial Corporation: Tier 1 leverage $ 1,572,750 10.85 % $ 579,829 4.00 % N/A N/A $ 724,786 5.00 % Common equity tier 1 risk-based 1,448,341 17.29 376,857 4.50 $ 429,199 5.125 % 544,350 6.50 Tier 1 risk-based 1,572,750 18.78 502,477 6.00 554,818 6.625 669,969 8.00 Total risk-based 1,659,221 19.81 669,969 8.00 722,310 8.625 837,461 10.00 Astoria Bank: Tier 1 leverage $ 1,742,580 12.09 % $ 576,660 4.00 % N/A N/A $ 720,825 5.00 % Common equity tier 1 risk-based 1,742,580 20.85 376,129 4.50 $ 428,369 5.125 % 543,297 6.50 Tier 1 risk-based 1,742,580 20.85 501,505 6.00 553,745 6.625 668,673 8.00 Total risk-based 1,829,051 21.88 668,673 8.00 720,913 8.625 835,841 10.00 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. We group our assets and liabilities at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: • Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. • Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. • Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. We base our fair values on the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, with additional considerations when the volume and level of activity for an asset or liability have significantly decreased and on identifying circumstances that indicate a transaction is not orderly. We maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Recurring Fair Value Measurements Our securities available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income/loss in stockholders’ equity. Additionally, in connection with our mortgage banking activities we have commitments to fund loans held-for-sale and commitments to sell loans, which are considered free-standing derivative financial instruments, the fair values of which are not material to our financial condition or results of operations. The following tables set forth the carrying values of our assets measured at estimated fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated. Carrying Value at March 31, 2017 (In Thousands) Total Level 1 Level 2 Securities available-for-sale: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 227,292 $ — $ 227,292 Non-GSE issuance REMICs and CMOs 1,136 — 1,136 GSE pass-through certificates 8,576 — 8,576 Obligations of GSEs 28,893 — 28,893 Fannie Mae stock 2 2 — Total securities available-for-sale $ 265,899 $ 2 $ 265,897 Carrying Value at December 31, 2016 (In Thousands) Total Level 1 Level 2 Securities available-for-sale: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 240,793 $ — $ 240,793 Non-GSE issuance REMICs and CMOs 1,443 — 1,443 GSE pass-through certificates 8,930 — 8,930 Obligations of GSEs 28,875 — 28,875 Fannie Mae stock 4 4 — Total securities available-for-sale $ 280,045 $ 4 $ 280,041 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 89% of our securities available-for-sale portfolio at March 31, 2017 and 90% at December 31, 2016 . 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 100% of our available-for-sale residential mortgage-backed securities portfolio at March 31, 2017 and 99% at December 31, 2016 . We review changes in the pricing service fair values from month to month taking into consideration changes in market conditions including changes in mortgage spreads, changes in treasury yields and changes in pricing on 15 and 30 year pass-through mortgage-backed securities. Significant month over month price changes are analyzed further using discounted cash flow models and third party quotes. Based upon our review of the prices provided by our pricing service, the estimated fair values incorporate observable market inputs commonly used by buyers and sellers of these types of securities at the measurement date in orderly transactions between market participants, and, as such, are classified as Level 2. Obligations of GSEs Obligations of GSEs comprised 11% of our securities available-for-sale portfolio at March 31, 2017 and 10% at December 31, 2016 and consisted of debt securities issued by GSEs. The fair values for these securities are obtained from an independent nationally recognized pricing service. Our pricing service gathers information from market sources and integrates relative credit information, observed market movements and sector news into their pricing applications and models. Spread scales, representing credit risk, are created and are based on the new issue market, secondary trading and dealer quotes. Option adjusted spread, or OAS, models are incorporated to adjust spreads of issues that have early redemption features. Based upon our review of the prices provided by our pricing service, the estimated fair values incorporate observable market inputs commonly used by buyers and sellers of these types of securities at the measurement date in orderly transactions between market participants, and, as such, are classified as Level 2. Fannie Mae stock The fair value of the Fannie Mae stock in our available-for-sale securities portfolio is obtained from quoted market prices for identical instruments in active markets and, as such, is classified as Level 1. Non-Recurring Fair Value Measurements From time to time, we may be required to record at fair value assets or liabilities on a non-recurring basis, such as mortgage servicing rights, or MSR, loans receivable, certain loans held-for-sale and real estate owned, or REO. These non-recurring fair value adjustments involve the application of lower of cost or market accounting or impairment write-downs of individual assets. The following table sets forth the carrying values of those of our assets which were measured at fair value on a non-recurring basis at the dates indicated. The fair value measurements for all of these assets fall within Level 3 of the fair value hierarchy. Carrying Value (In Thousands) At March 31, 2017 At December 31, 2016 Non-performing loans held-for-sale, net $ 141 $ 143 Impaired loans 124,766 124,101 MSR, net 10,237 10,130 REO, net 13,500 14,428 Total $ 148,644 $ 148,802 The following table provides information regarding the gains (losses) recognized on our assets measured at fair value on a non-recurring basis for the periods indicated. For the Three Months Ended March 31, (In Thousands) 2017 2016 Non-performing loans held-for-sale, net (1) $ — $ — Impaired loans (2) (1,704 ) (1,858 ) MSR, net (3) 215 (877 ) REO, net (4) (623 ) (250 ) Total $ (2,112 ) $ (2,985 ) (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) Upon the transfer of a loan to REO, losses are charged to the allowance for loan losses and gains are credited to the allowance for loan losses, to the extent of prior period loan charge-offs taken, or credited to fair value gain which is a component of other non-interest income. Losses subsequent to the transfer of a loan to REO are charged to REO expense which is a component of other non-interest expense. The following is a description of valuation methodologies used for assets measured at fair value on a non-recurring basis. Loans held-for-sale, net (non-performing loans held-for-sale) Fair values of non-performing loans held-for-sale are estimated through either preliminary bids from potential purchasers of the loans or the estimated fair value of the underlying collateral discounted for factors necessary to solicit acceptable bids, and adjusted as necessary based on management’s experience with sales of similar types of loans and, as such, are classified as Level 3. At March 31, 2017 and December 31, 2016 , we held- for-sale one non-performing multi-family mortgage loan. Loans receivable, net (impaired loans) Loans which meet certain criteria are evaluated individually for impairment. A loan is considered impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement. Impaired loans were comprised of 90% residential mortgage loans, 8% multi-family and commercial real estate mortgage loans and 2% home equity lines of credit at March 31, 2017 and December 31, 2016 . Impaired loans for which a fair value adjustment was recognized were comprised of 91% residential mortgage loans, 8% multi-family and commercial real estate mortgage loans and 1% home equity lines of credit at March 31, 2017 and 90% residential mortgage loans, 9% multi-family and commercial real estate mortgage loans and 1% home equity lines of credit at December 31, 2016 . Our impaired loans are generally collateral dependent and, as such, are generally carried at the estimated fair value of the underlying collateral less estimated selling costs. We obtain updated estimates of collateral values on residential mortgage loans at 180 days past due and earlier in certain instances, including for loans to borrowers who have filed for bankruptcy, and, to the extent the loans remain delinquent, annually thereafter. Updated estimates of collateral value on residential loans are obtained primarily through automated valuation models. Additionally, our loan servicer performs property inspections to monitor and manage the collateral on our residential loans when they become 45 days past due and monthly thereafter until the foreclosure process is complete. We obtain updated estimates of collateral value using third party appraisals on non-performing multi-family and commercial real estate mortgage loans when the loans initially become non-performing and annually thereafter and multi-family and commercial real estate loans modified in a TDR at the time of the modification and annually thereafter. Appraisals on multi-family and commercial real estate loans are reviewed by our internal certified appraisers. We analyze our home equity lines of credit when such loans become 90 days past due and consider our lien position, the estimated fair value of the underlying collateral value and the results of recent property inspections in determining the need for an individual valuation allowance. Adjustments to final appraised values obtained from independent third party appraisers and automated valuation models are not made. The fair values of impaired loans are based upon unobservable inputs and may not be realized in an actual sale or immediate settlement of the loan and, as such, are classified as Level 3. MSR, net The right to service loans for others is generally obtained through the sale of residential mortgage loans with servicing retained. MSR are carried at the lower of cost or estimated fair value. The estimated fair value of MSR is obtained through independent third party valuations through an analysis of future cash flows, incorporating estimates of assumptions market participants would use in determining fair value including market discount rates, prepayment speeds, servicing income, servicing costs, default rates and other market driven data, including the market’s perception of future interest rate movements and, as such, are classified as Level 3. At March 31, 2017 , our MSR were valued based on expected future cash flows considering a weighted average discount rate of 9.93% , a weighted average constant prepayment rate on mortgages of 10.24% and a weighted average life of 6.1 years. At December 31, 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 10.63% and a weighted average life of 6.0 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. All of our REO consisted of residential properties at March 31, 2017 and December 31, 2016 . REO is initially recorded at estimated fair value less estimated selling costs. Thereafter, we maintain a valuation allowance representing decreases in the properties' estimated fair value. The fair value of REO is estimated through current appraisals, in conjunction with a drive-by inspection and comparison of the REO property with similar properties in the area by either a licensed appraiser or real estate broker. As these properties are actively marketed, estimated fair values are periodically adjusted by management to reflect current market conditions and, as such, are classified as Level 3. Fair Value of Financial Instruments Quoted market prices available in formal trading marketplaces are typically the best evidence of the fair value of financial instruments. In many cases, financial instruments we hold are not bought or sold in formal trading marketplaces. Accordingly, fair values are derived or estimated based on a variety of valuation techniques in the absence of quoted market prices. Fair value estimates are made at a specific point in time, based on relevant market information about the financial instrument. These estimates do not reflect any possible tax ramifications, estimated transaction costs, or any premium or discount that could result from offering for sale at one time our entire holdings of a particular financial instrument. Because no market exists for a certain portion of our financial instruments, fair value estimates are based on judgments regarding future loss experience, current economic conditions, risk characteristics and other such factors. These estimates are subjective in nature, involve uncertainties and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. For these reasons and others, the estimated fair value disclosures presented herein do not represent our entire underlying value. As such, readers are cautioned in using this information for purposes of evaluating our financial condition and/or value either alone or in comparison with any other company. The following tables set forth the carrying values and estimated fair values of our financial instruments which are carried in the consolidated statements of financial condition at either cost or at lower of cost or fair value in accordance with GAAP, and are not measured or recorded at fair value on a recurring basis, and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated. At March 31, 2017 Carrying Value Estimated Fair Value (In Thousands) Total Level 2 Level 3 Financial Assets: Securities held-to-maturity $ 2,769,376 $ 2,721,723 $ 2,721,723 $ — FHLB-NY stock 107,166 107,166 107,166 — Loans held-for-sale, net (1) 6,236 6,360 — 6,360 Loans receivable, net (1) 10,118,466 10,097,856 — 10,097,856 MSR, net (1) 10,237 10,240 — 10,240 Financial Liabilities: Deposits 8,990,247 8,998,724 8,998,724 — Borrowings, net 3,244,885 3,339,515 3,339,515 — At December 31, 2016 Carrying Value Estimated Fair Value (In Thousands) Total Level 2 Level 3 Financial Assets: Securities held-to-maturity $ 2,740,132 $ 2,690,546 $ 2,690,546 $ — FHLB-NY stock 124,807 124,807 124,807 — Loans held-for-sale, net (1) 11,584 11,589 — 11,589 Loans receivable, net (1) 10,331,087 10,318,246 — 10,318,246 MSR, net (1) 10,130 10,133 — 10,133 Financial Liabilities: Deposits 8,877,055 8,887,745 8,887,745 — Borrowings, net 3,634,752 3,747,657 3,747,657 — _______________________________________________________ (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 OAS model. This OAS model is calibrated to available counter party dealers' market quotes, as necessary. Outstanding commitments Outstanding commitments include commitments to extend credit and unadvanced lines of credit for which fair values were estimated based on an analysis of the interest rates and fees currently charged to enter into similar transactions. The fair values of these commitments are immaterial to our financial condition. |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2017 | |
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. New York Community Bancorp, Inc. Merger-related Litigation Following the announcement of the execution of the Agreement and Plan of Merger with New York Community Bancorp, Inc., or NYCB, on October 28, 2015, referred to as the NYCB Merger Agreement, six lawsuits challenging the proposed merger with NYCB, or the NYCB Merger, were filed in the Supreme Court of the State of New York, County of Nassau. These actions were 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. Each of the lawsuits was a putative class action filed on behalf of the stockholders of Astoria and named as defendants Astoria, its directors and NYCB, or collectively, the defendants. The NYCB Merger Agreement was terminated effective January 1, 2017. On February 23, 2017, in light of the termination of the NYCB Merger Agreement, the defendants and the plaintiffs agreed to voluntarily discontinue the consolidated lawsuits without prejudice and without any costs to any party. For additional information regarding the NYCB Merger-related litigation, see Part I, Item 3, “Legal Proceedings,” in our 2016 Annual Report on Form 10-K. Sterling Merger-related Litigation Following the announcement of the execution of the Sterling Merger Agreement, a number of lawsuits challenging the proposed Sterling Merger were filed: (1) MSS 1209 Trust v. Astoria Financial Corporation, et al , Index No. 602161/2017, filed March 13, 2017 in the Supreme Court of the State of New York, County of Nassau, or the MSS Complaint; (2) Parshall v. Astoria Financial Corporation, et al , Case No. 2:17-cv-02165, filed April 10, 2017 in the United States District Court for the Eastern District of New York, or the Parshall Complaint; (3) Minzer v. Astoria Financial Corporation, et al. , Case No. 2017-0284, filed April 12, 2017 in the Court of Chancery of the State of Delaware, or the Minzer Complaint; (4) O’Connell v. Astoria Financial Corporation, et al. , Index No. 603703/2017, filed April 28, 2017 in the Supreme Court of the State of New York, County of Nassau, or the O’Connell Complaint, and together with the MSS Complaint and the Minzer Complaint, the State Court Complaints; and (5) Jenkins v. Astoria Financial Corporation, et al., filed May 2, 2017 in the United States District Court for the Eastern District of New York, or the Jenkins Complaint, and together with the Parshall Complaint, the Federal Complaints. Each of these lawsuits is a putative class action filed on behalf of stockholders of Astoria and names as defendants Astoria, its directors and Sterling. The State Court Complaints generally allege that the directors of Astoria breached their fiduciary duties in connection with their approval of the Sterling 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 State Court Complaints further variously allege that the directors of Astoria approved the Sterling Merger through a flawed 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. The State Court Complaints also allege that the directors of Astoria breached their fiduciary duties because they agreed to unreasonable deal protection devices that allegedly preclude other bidders from making a successful competing offer for Astoria, including, among others, a no solicitation provision that allegedly prevents other buyers from participating in discussions which may lead to a superior proposal, a recurring and unlimited information rights provision, which allegedly gives Astoria 24 hours to provide Sterling unfettered access to confidential, non-public information about competing proposals from third parties, and a provision that requires Astoria to pay Sterling a termination fee of $75.7 million under certain circumstances. The State Court Complaints further allege that Sterling aided and abetted the alleged fiduciary breaches by the Astoria Board of Directors. The Federal Complaints variously allege that the defendants violated federal securities laws by disseminating a registration statement that omits material information with respect to the Sterling Merger, including because it allegedly omits material information regarding Astoria’s and Sterling’s financial projections and financial analyses performed by their respective financial advisors, as well as material information regarding the process leading to the proposed Sterling Merger. The O’Connell Complaint and the Minzer Complaint also allege that the registration statement is materially misleading. Plaintiffs in the state and federal actions seek, among other things, an order enjoining completion of the proposed Sterling Merger, additional disclosure, rescission of the transaction or rescissory damages if the Sterling Merger is consummated, and an award of costs and attorneys’ fees. In addition, on April 26, 2017, a lawsuit challenging the proposed Sterling Merger was filed in the Supreme Court of the State of New York, County of Rockland, Garfield v. Sterling Bancorp, et al , Index No. 031888/2017. This lawsuit is also a putative class action, but was brought on behalf of the stockholders of Sterling and names Sterling, its directors, and Astoria as defendants. The complaint alleges, among other things, that Astoria has aided and abetted a breach of the Sterling directors’ fiduciary duty of candor by jointly filing a materially deficient and misleading proxy statement. The complaint states that plaintiffs are seeking an order, requiring, among other things, the defendants to cause Sterling to make corrective and complete disclosures on the proxy statement, or enjoinment and unwinding of the proposed Sterling Merger Agreement if they do not, and an award of rescissory and other damages to plaintiffs, including attorneys’ fees and costs. The defendants believe these actions are without merit. Accordingly, no liability or reserve has been recognized in our consolidated statement of financial condition at March 31, 2017 with respect to these matters. Other potential plaintiffs may file additional lawsuits challenging the proposed Sterling Merger. The outcome of the pending and any additional future litigation is uncertain. If the cases are not resolved, these lawsuits could result in substantial costs to Astoria, including any costs associated with the indemnification of Astoria’s directors and officers. No assurance can be given at this time that the litigation against us will be resolved in our favor, that this litigation will not be costly to defend, that this litigation will not have an impact on our financial condition or results of operations or that, ultimately, any such impact will not be material. |
Impact of Recent Accounting Sta
Impact of Recent Accounting Standards and Interpretations | 3 Months Ended |
Mar. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Impact of Recent Accounting Standards and Interpretations | Impact of Recent Accounting Standards and Interpretations In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2014-09, “Revenue from Contracts with Customers (Topic 606),” to replace all current U.S. GAAP guidance on this topic and eliminate industry-specific guidance, providing a unified model to determine when and how revenue is recognized. We will adopt this guidance in the first quarter of 2018 using the modified retrospective method with a cumulative-effect adjustment to opening retained earnings, as appropriate. Our revenue is comprised of net interest income on financial assets and financial liabilities and non-interest income. The scope of ASU 2014-09 explicitly excludes net interest income as well as other revenues associated with financial assets and liabilities, including loans, leases, securities and derivatives. Accordingly, the majority of our revenues will not be affected. Other recurring revenue streams are within the scope of ASU 2014-09, including revenues associated with certain products and services offered by our banking and insurance businesses. Our preliminary analysis suggests that adoption of ASU 2014-09 is not expected to have a material impact on our financial condition or results of operations. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in ASU 2016-01 require all equity investments to be measured at fair value, with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those resulting in consolidation of the investee). The amendments in ASU 2016-01 also require an entity to present separately in “other comprehensive income” the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in ASU 2016-01 eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of ASU 2016-01 is not expected to have a material effect on our consolidated statements of condition or results of operations. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize most leases, including operating leases, on-balance sheet via a right-to-use asset that will be depreciated over the term of the lease and a lease liability measured on a discounted basis. This will require many entities including Astoria Bank to include more existing leases on-balance sheet. We have identified several areas that are within the scope of ASU 2016-02, including Astoria Bank's contracts with respect to leased real estate and office equipment. We continue to evaluate the impact of ASU 2016-02, including determining whether other contracts exist that are deemed to be in scope. As such, no conclusions have yet been reached regarding the potential impact of adoption on our financial condition, results of operations or cash flows. ASU 2016-02 is effective for public companies for fiscal years beginning after December 15, 2018, including interim period within those fiscal years. 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. While we have begun the process of compiling historical loss data by loan category, 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. Further, to date, no guidance has been issued by either our or Astoria Bank’s primary regulator with respect to how the impact of ASU 2016-13 is to be treated for regulatory capital purposes. In January 2017, the FASB issued ASU 2017-04, “Intangibles-Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment,” as an update for entities that perform an annual goodwill impairment test. This update eliminates Step 2 from the goodwill impairment test and allows companies to measure impairment by comparing the fair value of a reporting unit with its carrying amount. Thus, an entity will no longer determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. The new standard is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We continue to evaluate the impact of ASU 2017-04, but the adoption is not expected to have a material effect on our consolidated statements of condition or results of operations. |
Impact of Recent Accounting S23
Impact of Recent Accounting Standards and Interpretations (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Impact of Recent Accounting Standards and Interpretations | In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2014-09, “Revenue from Contracts with Customers (Topic 606),” to replace all current U.S. GAAP guidance on this topic and eliminate industry-specific guidance, providing a unified model to determine when and how revenue is recognized. We will adopt this guidance in the first quarter of 2018 using the modified retrospective method with a cumulative-effect adjustment to opening retained earnings, as appropriate. Our revenue is comprised of net interest income on financial assets and financial liabilities and non-interest income. The scope of ASU 2014-09 explicitly excludes net interest income as well as other revenues associated with financial assets and liabilities, including loans, leases, securities and derivatives. Accordingly, the majority of our revenues will not be affected. Other recurring revenue streams are within the scope of ASU 2014-09, including revenues associated with certain products and services offered by our banking and insurance businesses. Our preliminary analysis suggests that adoption of ASU 2014-09 is not expected to have a material impact on our financial condition or results of operations. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in ASU 2016-01 require all equity investments to be measured at fair value, with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those resulting in consolidation of the investee). The amendments in ASU 2016-01 also require an entity to present separately in “other comprehensive income” the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in ASU 2016-01 eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of ASU 2016-01 is not expected to have a material effect on our consolidated statements of condition or results of operations. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize most leases, including operating leases, on-balance sheet via a right-to-use asset that will be depreciated over the term of the lease and a lease liability measured on a discounted basis. This will require many entities including Astoria Bank to include more existing leases on-balance sheet. We have identified several areas that are within the scope of ASU 2016-02, including Astoria Bank's contracts with respect to leased real estate and office equipment. We continue to evaluate the impact of ASU 2016-02, including determining whether other contracts exist that are deemed to be in scope. As such, no conclusions have yet been reached regarding the potential impact of adoption on our financial condition, results of operations or cash flows. ASU 2016-02 is effective for public companies for fiscal years beginning after December 15, 2018, including interim period within those fiscal years. 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. While we have begun the process of compiling historical loss data by loan category, 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. Further, to date, no guidance has been issued by either our or Astoria Bank’s primary regulator with respect to how the impact of ASU 2016-13 is to be treated for regulatory capital purposes. In January 2017, the FASB issued ASU 2017-04, “Intangibles-Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment,” as an update for entities that perform an annual goodwill impairment test. This update eliminates Step 2 from the goodwill impairment test and allows companies to measure impairment by comparing the fair value of a reporting unit with its carrying amount. Thus, an entity will no longer determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. The new standard is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We continue to evaluate the impact of ASU 2017-04, but the adoption is not expected to have a material effect on our consolidated statements of condition or results of operations. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 (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) $ 229,367 $ 1,311 $ (3,386 ) $ 227,292 Non-GSE issuance REMICs and CMOs 1,141 — (5 ) 1,136 GSE pass-through certificates 8,239 339 (2 ) 8,576 Total residential mortgage-backed securities 238,747 1,650 (3,393 ) 237,004 Obligations of GSEs 30,000 — (1,107 ) 28,893 Fannie Mae stock 15 — (13 ) 2 Total securities available-for-sale $ 268,762 $ 1,650 $ (4,513 ) $ 265,899 Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 1,182,307 $ 4,893 $ (11,311 ) $ 1,175,889 Non-GSE issuance REMICs and CMOs 191 — (7 ) 184 GSE pass-through certificates 221,058 909 (2,384 ) 219,583 Total residential mortgage-backed securities 1,403,556 5,802 (13,702 ) 1,395,656 Multi-family mortgage-backed securities: GSE issuance REMICs 906,183 217 (19,581 ) 886,819 Obligations of GSEs 379,316 23 (16,249 ) 363,090 Corporate Debt securities 80,000 — (4,163 ) 75,837 Other 321 — — 321 Total securities held-to-maturity $ 2,769,376 $ 6,042 $ (53,695 ) $ 2,721,723 (1) Government-sponsored enterprise (2) Real estate mortgage investment conduits and collateralized mortgage obligations At December 31, 2016 (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 $ 242,172 $ 1,327 $ (2,706 ) $ 240,793 Non-GSE issuance REMICs and CMOs 1,442 2 (1 ) 1,443 GSE pass-through certificates 8,571 361 (2 ) 8,930 Total residential mortgage-backed securities 252,185 1,690 (2,709 ) 251,166 Obligations of GSEs 30,000 — (1,125 ) 28,875 Fannie Mae stock 15 — (11 ) 4 Total securities available-for-sale $ 282,200 $ 1,690 $ (3,845 ) $ 280,045 Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 1,119,175 $ 4,896 $ (11,957 ) $ 1,112,114 Non-GSE issuance REMICs and CMOs 193 — (7 ) 186 GSE pass-through certificates 228,976 665 (3,282 ) 226,359 Total residential mortgage-backed securities 1,348,344 5,561 (15,246 ) 1,338,659 Multi-family mortgage-backed securities: GSE issuance REMICs 927,119 363 (19,290 ) 908,192 Obligations of GSEs 384,325 54 (16,510 ) 367,869 Corporate debt securities 80,000 — (4,518 ) 75,482 Other 344 — — 344 Total securities held-to-maturity $ 2,740,132 $ 5,978 $ (55,564 ) $ 2,690,546 |
Schedule of Contractual Maturity | The following contractual maturity table sets forth certain information regarding the amortized costs and estimated fair values of our securities available-for-sale and securities held-to-maturity at March 31, 2017 and does not reflect the effect of prepayments or scheduled principal amortization on our REMICs, CMOs and pass-through certificates or the effect of callable features on our obligations of GSEs (all of which are callable in 2017 and at various times thereafter). March 31, 2017 Available-for-Sale Held-to-Maturity (Dollars in Thousands) Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Securities remaining period to contractual maturity: Within one year $ 202 $ 204 $ 34,977 $ 34,979 Over one to five years 1,333 1,329 17,522 17,541 Over five to ten years 36,822 35,912 406,424 389,288 Over ten years 230,405 228,454 2,310,453 2,279,915 Total securities $ 268,762 $ 265,899 $ 2,769,376 $ 2,721,723 |
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 March 31, 2017 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 $ 113,064 $ (2,634 ) $ 19,720 $ (752 ) $ 132,784 $ (3,386 ) Non-GSE issuance REMICs and CMOs 1,022 (4 ) 81 (1 ) 1,103 (5 ) GSE pass-through certificates 62 (1 ) 59 (1 ) 121 (2 ) Obligations of GSEs 28,893 (1,107 ) — — 28,893 (1,107 ) Fannie Mae stock — — 2 (13 ) 2 (13 ) Total temporarily impaired securities available-for-sale $ 143,041 $ (3,746 ) $ 19,862 $ (767 ) $ 162,903 $ (4,513 ) Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 569,367 $ (7,110 ) $ 125,051 $ (4,201 ) $ 694,418 $ (11,311 ) Non-GSE issuance REMICs and CMOs — — 184 (7 ) 184 (7 ) GSE pass-through certificates 81,074 (1,235 ) 60,450 (1,149 ) 141,524 (2,384 ) Multi-family mortgage-backed securities: GSE issuance REMICs 834,947 (19,581 ) — — 834,947 (19,581 ) Obligations of GSEs 311,690 (16,249 ) — — 311,690 (16,249 ) Corporate debt securities 9,327 (673 ) 66,510 (3,490 ) 75,837 (4,163 ) Total temporarily impaired securities held-to-maturity $ 1,806,405 $ (44,848 ) $ 252,195 $ (8,847 ) $ 2,058,600 $ (53,695 ) At December 31, 2016 Less Than Twelve Months Twelve Months or Longer Total (In Thousands) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Available-for-sale: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 140,638 $ (1,886 ) $ 20,026 $ (820 ) $ 160,664 $ (2,706 ) Non-GSE issuance REMICs and CMOs — — 92 (1 ) 92 (1 ) GSE pass-through certificates 71 (1 ) 90 (1 ) 161 (2 ) Obligations of GSEs 28,875 (1,125 ) — — 28,875 (1,125 ) Fannie Mae stock — — 4 (11 ) 4 (11 ) Total temporarily impaired securities available-for-sale $ 169,584 $ (3,012 ) $ 20,212 $ (833 ) $ 189,796 $ (3,845 ) Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 515,537 $ (7,457 ) $ 131,629 $ (4,500 ) $ 647,166 $ (11,957 ) Non-GSE issuance REMICs and CMOs — — 186 (7 ) 186 (7 ) GSE pass-through certificates 104,538 (1,775 ) 61,872 (1,507 ) 166,410 (3,282 ) Multi-family mortgage-backed securities: GSE issuance REMICs 871,436 (19,290 ) — — 871,436 (19,290 ) Obligations of GSEs 296,427 (16,510 ) — — 296,427 (16,510 ) Corporate debt securities 37,785 (2,216 ) 37,698 (2,302 ) 75,483 (4,518 ) Total temporarily impaired securities held-to-maturity $ 1,825,723 $ (47,248 ) $ 231,385 $ (8,316 ) $ 2,057,108 $ (55,564 ) |
Loans Receivable and Allowanc25
Loans Receivable and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 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 $ 1,120 $ — $ — $ 1,120 $ 166,790 $ 167,910 Full documentation amortizing 32,903 5,047 — 37,950 4,240,703 4,278,653 Reduced documentation interest-only 2,186 302 — 2,488 54,181 56,669 Reduced documentation amortizing 22,149 9,375 — 31,524 554,455 585,979 Total residential 58,358 14,724 — 73,082 5,016,129 5,089,211 Multi-family 5,162 151 — 5,313 4,014,746 4,020,059 Commercial real estate 1,695 521 1,639 3,855 692,064 695,919 Total mortgage loans 65,215 15,396 1,639 82,250 9,722,939 9,805,189 Consumer and other loans (gross): Home equity and other consumer 1,609 495 — 2,104 128,610 130,714 Commercial and industrial 375 — — 375 90,567 90,942 Total consumer and other loans 1,984 495 — 2,479 219,177 221,656 Total accruing loans $ 67,199 $ 15,891 $ 1,639 $ 84,729 $ 9,942,116 $ 10,026,845 Non-accrual loans: Mortgage loans (gross): Residential: Full documentation interest-only $ — $ — $ 9,073 $ 9,073 $ 877 $ 9,950 Full documentation amortizing 2,353 498 45,117 47,968 9,273 57,241 Reduced documentation interest-only — — 9,503 9,503 1,919 11,422 Reduced documentation amortizing 929 884 35,286 37,099 9,847 46,946 Total residential 3,282 1,382 98,979 103,643 21,916 125,559 Multi-family 437 396 558 1,391 2,314 3,705 Commercial real estate 680 — 627 1,307 3,649 4,956 Total mortgage loans 4,399 1,778 100,164 106,341 27,879 134,220 Consumer and other loans (gross): Home equity and other consumer — — 4,139 4,139 — 4,139 Commercial and industrial — — 32 32 — 32 Total consumer and other loans — — 4,171 4,171 — 4,171 Total non-accrual loans $ 4,399 $ 1,778 $ 104,335 $ 110,512 $ 27,879 $ 138,391 Total loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 1,120 $ — $ 9,073 $ 10,193 $ 167,667 $ 177,860 Full documentation amortizing 35,256 5,545 45,117 85,918 4,249,976 4,335,894 Reduced documentation interest-only 2,186 302 9,503 11,991 56,100 68,091 Reduced documentation amortizing 23,078 10,259 35,286 68,623 564,302 632,925 Total residential 61,640 16,106 98,979 176,725 5,038,045 5,214,770 Multi-family 5,599 547 558 6,704 4,017,060 4,023,764 Commercial real estate 2,375 521 2,266 5,162 695,713 700,875 Total mortgage loans 69,614 17,174 101,803 188,591 9,750,818 9,939,409 Consumer and other loans (gross): Home equity and other consumer 1,609 495 4,139 6,243 128,610 134,853 Commercial and industrial 375 — 32 407 90,567 90,974 Total consumer and other loans 1,984 495 4,171 6,650 219,177 225,827 Total loans $ 71,598 $ 17,669 $ 105,974 $ 195,241 $ 9,969,995 $ 10,165,236 Net unamortized premiums and deferred loan origination costs 35,730 Loans receivable 10,200,966 Allowance for loan losses (82,500 ) Loans receivable, net $ 10,118,466 At December 31, 2016 Past Due (In Thousands) 30-59 Days 60-89 Days 90 Days or More Total Past Due Current Total Accruing loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 1,476 $ 3,104 $ — $ 4,580 $ 212,316 $ 216,896 Full documentation amortizing 36,563 8,217 — 44,780 4,300,620 4,345,400 Reduced documentation interest-only 2,974 779 — 3,753 80,416 84,169 Reduced documentation amortizing 27,449 5,222 — 32,671 552,233 584,904 Total residential 68,462 17,322 — 85,784 5,145,585 5,231,369 Multi-family 1,060 795 — 1,855 4,040,386 4,042,241 Commercial real estate 2,043 1,298 — 3,341 720,582 723,923 Total mortgage loans 71,565 19,415 — 90,980 9,906,553 9,997,533 Consumer and other loans (gross): Home equity and other consumer 1,281 550 — 1,831 133,024 134,855 Commercial and industrial — 647 — 647 99,087 99,734 Total consumer and other loans 1,281 1,197 — 2,478 232,111 234,589 Total accruing loans $ 72,846 $ 20,612 $ — $ 93,458 $ 10,138,664 $ 10,232,122 Non-accrual loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 437 $ — $ 11,605 $ 12,042 $ 2,048 $ 14,090 Full documentation amortizing 2,469 — 42,983 45,452 11,753 57,205 Reduced documentation interest-only — — 11,624 11,624 3,768 15,392 Reduced documentation amortizing 1,077 992 35,351 37,420 9,887 47,307 Total residential 3,983 992 101,563 106,538 27,456 133,994 Multi-family 428 611 1,244 2,283 2,098 4,381 Commercial real estate 219 — — 219 5,117 5,336 Total mortgage loans 4,630 1,603 102,807 109,040 34,671 143,711 Consumer and other loans (gross): Home equity and other consumer — — 4,483 4,483 — 4,483 Commercial and industrial — — 42 42 — 42 Total consumer and other loans — — 4,525 4,525 — 4,525 Total non-accrual loans $ 4,630 $ 1,603 $ 107,332 $ 113,565 $ 34,671 $ 148,236 Total loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 1,913 $ 3,104 $ 11,605 $ 16,622 $ 214,364 $ 230,986 Full documentation amortizing 39,032 8,217 42,983 90,232 4,312,373 4,402,605 Reduced documentation interest-only 2,974 779 11,624 15,377 84,184 99,561 Reduced documentation amortizing 28,526 6,214 35,351 70,091 562,120 632,211 Total residential 72,445 18,314 101,563 192,322 5,173,041 5,365,363 Multi-family 1,488 1,406 1,244 4,138 4,042,484 4,046,622 Commercial real estate 2,262 1,298 — 3,560 725,699 729,259 Total mortgage loans 76,195 21,018 102,807 200,020 9,941,224 10,141,244 Consumer and other loans (gross): Home equity and other consumer 1,281 550 4,483 6,314 133,024 139,338 Commercial and industrial — 647 42 689 99,087 99,776 Total consumer and other loans 1,281 1,197 4,525 7,003 232,111 239,114 Total loans $ 77,476 $ 22,215 $ 107,332 $ 207,023 $ 10,173,335 $ 10,380,358 Net unamortized premiums and deferred loan origination costs 36,829 Loans receivable 10,417,187 Allowance for loan losses (86,100 ) Loans receivable, net $ 10,331,087 |
Changes in Allowance for Loan Losses by Loan Receivable Segment | The following tables set forth the changes in our allowance for loan losses by loan receivable segment for the periods indicated. For the Three Months Ended March 31, 2017 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at January 1, 2017 $ 36,439 $ 34,901 $ 9,299 $ 5,461 $ 86,100 Provision credited to operations (901 ) (957 ) (503 ) (125 ) (2,486 ) Charge-offs (2,235 ) (34 ) — (112 ) (2,381 ) Recoveries 1,048 39 109 71 1,267 Balance at March 31, 2017 $ 34,351 $ 33,949 $ 8,905 $ 5,295 $ 82,500 For the Three Months Ended March 31, 2016 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at January 1, 2016 $ 44,951 $ 35,544 $ 11,217 $ 6,288 $ 98,000 Provision charged (credited) to operations 138 (3,257 ) (849 ) 841 (3,127 ) Charge-offs (1,665 ) (310 ) — (765 ) (2,740 ) Recoveries 954 1,043 — 70 2,067 Balance at March 31, 2016 $ 44,378 $ 33,020 $ 10,368 $ 6,434 $ 94,200 |
Balances of Residential Interest-Only Mortgage Loans | The following table sets forth the balances of our residential interest-only mortgage loans at March 31, 2017 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 (1) $ 206,063 13 to 24 months 24,107 25 to 36 months 10,314 Over 36 months 5,467 Total $ 245,951 (1) Includes $14.4 million of past due loans that were scheduled to enter amortization prior to March 31, 2017. |
Balances of Loan Portfolio Segments by Credit Quality Indicator | The following tables set forth the balances of our loan portfolio segments by credit quality indicator at the dates indicated. At March 31, 2017 Mortgage Loans Consumer and Other Loans (In Thousands) Residential Multi-Family Commercial Real Estate Home Equity and Other Consumer Commercial and Industrial Total Not criticized $ 5,019,425 $ 3,984,135 $ 673,838 $ 130,219 $ 89,075 $ 9,896,692 Criticized: Special mention 12,849 23,777 6,856 495 1,867 45,844 Substandard 182,496 15,852 20,181 4,139 32 222,700 Doubtful — — — — — — Total $ 5,214,770 $ 4,023,764 $ 700,875 $ 134,853 $ 90,974 $ 10,165,236 At December 31, 2016 Mortgage Loans Consumer and Other Loans (In Thousands) Residential Multi-Family Commercial Real Estate Home Equity and Other Consumer Commercial and Industrial Total Not criticized $ 5,158,878 $ 4,005,703 $ 702,697 $ 134,305 $ 99,087 $ 10,100,670 Criticized: Special mention 14,922 24,804 9,235 550 647 50,158 Substandard 191,563 16,115 17,327 4,483 42 229,530 Doubtful — — — — — — Total $ 5,365,363 $ 4,046,622 $ 729,259 $ 139,338 $ 99,776 $ 10,380,358 |
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 March 31, 2017 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Loans: Individually evaluated for impairment $ 190,955 $ 6,059 $ 11,429 $ 3,928 $ 212,371 Collectively evaluated for impairment 5,023,815 4,017,705 689,446 221,899 9,952,865 Total loans $ 5,214,770 $ 4,023,764 $ 700,875 $ 225,827 $ 10,165,236 Allowance for loan losses: Individually evaluated for impairment $ 8,691 $ 1 $ 70 $ 286 $ 9,048 Collectively evaluated for impairment 25,660 33,948 8,835 5,009 73,452 Total allowance for loan losses $ 34,351 $ 33,949 $ 8,905 $ 5,295 $ 82,500 At December 31, 2016 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Loans: Individually evaluated for impairment $ 192,427 $ 7,112 $ 10,033 $ 4,091 $ 213,663 Collectively evaluated for impairment 5,172,936 4,039,510 719,226 235,023 10,166,695 Total loans $ 5,365,363 $ 4,046,622 $ 729,259 $ 239,114 $ 10,380,358 Allowance for loan losses: Individually evaluated for impairment $ 9,044 $ 24 $ — $ 310 $ 9,378 Collectively evaluated for impairment 27,395 34,877 9,299 5,151 76,722 Total allowance for loan losses $ 36,439 $ 34,901 $ 9,299 $ 5,461 $ 86,100 |
Impaired Loans by Segment and Class | The following table summarizes information related to our impaired loans by segment and class at the dates indicated. At March 31, 2017 At December 31, 2016 (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 $ 17,600 $ 13,753 $ (1,634 ) $ 12,119 $ 21,202 $ 16,535 $ (1,863 ) $ 14,672 Full documentation amortizing 89,948 81,243 (3,373 ) 77,870 88,106 79,584 (3,494 ) 76,090 Reduced documentation interest-only 18,646 15,673 (1,367 ) 14,306 28,637 23,090 (1,589 ) 21,501 Reduced documentation amortizing 88,981 77,591 (2,317 ) 75,274 79,670 70,623 (2,098 ) 68,525 Multi-family 1,449 1,449 (1 ) 1,448 2,427 2,432 (24 ) 2,408 Commercial real estate 2,266 2,266 (70 ) 2,196 — — — — Consumer and other loans: Home equity lines of credit 4,261 3,896 (286 ) 3,610 4,414 4,049 (310 ) 3,739 Without an allowance recorded: Mortgage loans: Residential: Reduced documentation amortizing 3,123 2,695 — 2,695 2,965 2,595 — 2,595 Multi-family 5,164 4,610 — 4,610 5,272 4,680 — 4,680 Commercial real estate 10,812 9,163 — 9,163 11,791 10,033 — 10,033 Consumer and other loans: Commercial and industrial 80 32 — 32 90 42 — 42 Total impaired loans $ 242,330 $ 212,371 $ (9,048 ) $ 203,323 $ 244,574 $ 213,663 $ (9,378 ) $ 204,285 |
Average Recorded Investment, Interest Income Recognized and Cash Basis Interest Income Related to Impaired Loans | The following table sets forth the average recorded investment, interest income recognized and cash basis interest income related to our impaired loans by segment and class for the periods indicated. For the Three Months Ended March 31, 2017 2016 (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 $ 15,144 $ 153 $ 156 $ 29,462 $ 189 $ 186 Full documentation amortizing 80,414 624 614 64,858 494 478 Reduced documentation interest-only 19,382 111 103 43,118 391 385 Reduced documentation amortizing 74,107 757 738 57,203 525 529 Multi-family 1,941 26 26 6,813 67 79 Commercial real estate 1,133 34 30 3,875 6 7 Consumer and other loans: Home equity lines of credit 3,973 13 13 4,753 5 9 Without an allowance recorded: Mortgage loans: Residential: Reduced documentation amortizing 2,645 23 21 — — — Multi-family 4,645 51 55 13,375 152 149 Commercial real estate 9,598 128 129 10,206 166 171 Consumer and other loans: Commercial and industrial 37 2 2 — — — Total impaired loans $ 213,019 $ 1,922 $ 1,887 $ 233,663 $ 1,995 $ 1,993 |
Mortgage Loans Receivable by Segment and Class | The following table sets forth information about our mortgage loans receivable by segment and class at March 31, 2017 and 2016 which were modified in a troubled debt restructuring, or TDR, during the periods indicated. Modifications in a TDR for the three months ended March 31, 2017 included interest rate modifications of $1.7 million . In addition, $884,000 of loans at March 31, 2017 were classified as TDRs as a result of relief granted under Chapter 7 bankruptcy filings. Modifications During the Three Months Ended March 31, 2017 2016 (Dollars In Thousands) Number of Loans Pre- Modification Recorded Investment Recorded Investment at March 31, 2017 Number of Loans Pre- Modification Recorded Investment Recorded Investment at March 31, 2016 Residential: Full documentation interest-only 1 $ 196 $ 189 4 $ 888 $ 889 Full documentation amortizing 2 485 482 2 591 589 Reduced documentation interest-only 3 1,121 1,099 3 1,691 1,686 Reduced documentation amortizing 4 795 788 3 995 985 Total 10 $ 2,597 $ 2,558 12 $ 4,165 $ 4,149 The following table sets forth information about our mortgage loans receivable by segment and class at March 31, 2017 and 2016 which were modified in a TDR during the twelve month periods ended March 31, 2017 and 2016 and had a subsequent payment default during the periods indicated. For the Three Months Ended March 31, 2017 2016 (Dollars In Thousands) Number of Loans Recorded Investment at March 31, 2017 Number of Loans Recorded Investment at March 31, 2016 Residential: Full documentation interest-only 3 $ 1,078 2 $ 533 Full documentation amortizing 4 1,566 2 408 Reduced documentation interest-only 2 1,063 4 1,947 Reduced documentation amortizing — — 1 288 Total 9 $ 3,707 9 $ 3,176 |
Securities Sold Under Agreeme26
Securities Sold Under Agreements to Repurchase (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Banking and Thrift [Abstract] | |
Schedule of Remaining Contractual Maturities of Agreements to Repurchase, or Repo Agreements | The following table details the remaining contractual maturities of our agreements to repurchase, or repo agreements, at March 31, 2017 . Year Amount (In Thousands) 2018 $ 200,000 2019 600,000 2020 300,000 Total $ 1,100,000 (1) (1) Callable within the next three months and on a quarterly basis thereafter. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Earnings Per Common Share | The following table is a reconciliation of basic and diluted earnings per common share, or EPS. For the Three Months Ended March 31, (In Thousands, Except Share Data) 2017 2016 Net income $ 14,407 $ 18,565 Preferred stock dividends (2,194 ) (2,194 ) Net income available to common shareholders 12,213 16,371 Income allocated to participating securities (80 ) (135 ) Net income allocated to common shareholders $ 12,133 $ 16,236 Basic weighted average common shares outstanding 100,585,603 100,368,931 Dilutive effect of stock options and restricted stock units (1) (2) — — Diluted weighted average common shares outstanding 100,585,603 100,368,931 Basic EPS $ 0.12 $ 0.16 Diluted EPS $ 0.12 $ 0.16 (1) Excludes options to purchase 933 shares of common stock which were outstanding during the three months ended March 31, 2017 and options to purchase 6,989 shares of common stock which were outstanding during the three months ended March 31, 2016 because their inclusion would be anti-dilutive. (2) Excludes 490,387 unvested restricted stock units which were outstanding during the three months ended March 31, 2017 and 747,132 unvested restricted stock units which were outstanding during the three months ended March 31, 2016 because the performance conditions have not been satisfied. |
Other Comprehensive Income_Lo28
Other Comprehensive Income/Loss (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss, Net of Related Tax Effects | The following tables set forth the components of accumulated other comprehensive loss, net of related tax effects, at the dates indicated and the changes during the three months ended March 31, 2017 and 2016 . (In Thousands) At Other Comprehensive (Loss) Income At Net unrealized gain on securities available-for-sale $ 2,261 $ (432 ) $ 1,829 Net actuarial loss on pension plans and other postretirement benefits (56,207 ) 371 (55,836 ) Prior service cost on pension plans and other postretirement benefits (2,935 ) 29 (2,906 ) Accumulated other comprehensive loss $ (56,881 ) $ (32 ) $ (56,913 ) (In Thousands) At Other Comprehensive Income At Net unrealized gain on securities available-for-sale $ 2,827 $ 3,985 $ 6,812 Net actuarial loss on pension plans and other postretirement benefits (58,396 ) 397 (57,999 ) Prior service cost on pension plans and other postretirement benefits (3,048 ) 28 (3,020 ) Accumulated other comprehensive loss $ (58,617 ) $ 4,410 $ (54,207 ) |
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 $ (724 ) $ 292 $ (432 ) Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 623 (252 ) 371 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 48 (19 ) 29 Other comprehensive loss $ (53 ) $ 21 $ (32 ) For the Three 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 $ 6,774 $ (2,738 ) $ 4,036 Reclassification adjustment for gain on sales of securities included in net income (86 ) 35 (51 ) Net unrealized gain on securities available-for-sale 6,688 (2,703 ) 3,985 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 667 (270 ) 397 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 47 (19 ) 28 Other comprehensive income $ 7,402 $ (2,992 ) $ 4,410 |
Schedule of Information About Amounts Reclassified from Accumulated Other Comprehensive Loss | The following table sets forth information about amounts reclassified from accumulated other comprehensive loss to, and the affected line items in, the consolidated statements of income for the periods indicated. For the Three Months Ended March 31, Income Statement Line Item (In Thousands) 2017 2016 Reclassification adjustment for gain on sales of securities $ — $ 86 Gain on sales of securities Reclassification adjustment for net actuarial loss (1) (623 ) (667 ) Compensation and benefits Reclassification adjustment for prior service cost (1) (48 ) (47 ) Compensation and benefits Total reclassifications, before tax (671 ) (628 ) Income tax effect 271 254 Income tax expense Total reclassifications, net of tax $ (400 ) $ (374 ) Net income (1) These other comprehensive income/loss 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) | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Cost for Defined Benefit Pension Plans and Other Postretirement Benefit Plan | The following table sets forth information regarding the components of net periodic cost for our defined benefit pension plans and other postretirement benefit plan for the periods indicated. Pension Benefits Other Postretirement Benefits For the Three Months Ended March 31, For the Three Months Ended March 31, (In Thousands) 2017 2016 2017 2016 Service cost $ — $ — $ 490 $ 472 Interest cost 2,430 2,536 255 263 Expected return on plan assets (3,097 ) (3,058 ) — — Recognized net actuarial loss (gain) 722 734 (99 ) (67 ) Amortization of prior service cost 48 47 — — Settlement 61 — — — Net periodic cost $ 164 $ 259 $ 646 $ 668 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Restricted Common Stock and Performance-Based Restricted Stock Unit Activity | The following table summarizes restricted common stock and performance-based restricted stock unit activity in our stock incentive plans for the three months ended March 31, 2017 . 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, 2017 639,329 $ 14.40 705,600 $ 12.41 Granted 521,784 19.80 — — Vested (21,790 ) (12.62 ) — — Forfeited (2,910 ) (14.85 ) (1,000 ) (12.64 ) Expired — — (327,800 ) (1) (12.14 ) Unvested at March 31, 2017 1,136,413 16.91 376,800 12.64 (1) Expired on February 1, 2017. Performance-based conditions were not achieved. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Regulatory Capital Requirements | The following table sets forth information regarding the regulatory capital requirements applicable to Astoria Financial Corporation and Astoria Bank. At March 31, 2017 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 $ 1,583,061 11.12 % $ 569,684 4.00 % N/A N/A $ 712,105 5.00 % Common equity tier 1 risk-based 1,455,879 18.02 363,516 4.50 $ 464,492 5.75 % 525,078 6.50 Tier 1 risk-based 1,583,061 19.60 484,688 6.00 585,664 7.25 646,250 8.00 Total risk-based 1,665,994 20.62 646,250 8.00 747,227 9.25 807,813 10.00 Astoria Bank: Tier 1 leverage $ 1,762,569 12.44 % $ 566,931 4.00 % N/A N/A $ 708,664 5.00 % Common equity tier 1 risk-based 1,762,569 21.86 362,844 4.50 $ 463,634 5.75 % 524,108 6.50 Tier 1 risk-based 1,762,569 21.86 483,792 6.00 584,582 7.25 645,056 8.00 Total risk-based 1,845,502 22.89 645,056 8.00 745,846 9.25 806,320 10.00 At December 31, 2016 Actual Minimum Capital Requirements Minimum Capital Requirements with Conservation Buffer To be Well Capitalized Under Prompt Corrective Action Provisions (Dollars in Thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Astoria Financial Corporation: Tier 1 leverage $ 1,572,750 10.85 % $ 579,829 4.00 % N/A N/A $ 724,786 5.00 % Common equity tier 1 risk-based 1,448,341 17.29 376,857 4.50 $ 429,199 5.125 % 544,350 6.50 Tier 1 risk-based 1,572,750 18.78 502,477 6.00 554,818 6.625 669,969 8.00 Total risk-based 1,659,221 19.81 669,969 8.00 722,310 8.625 837,461 10.00 Astoria Bank: Tier 1 leverage $ 1,742,580 12.09 % $ 576,660 4.00 % N/A N/A $ 720,825 5.00 % Common equity tier 1 risk-based 1,742,580 20.85 376,129 4.50 $ 428,369 5.125 % 543,297 6.50 Tier 1 risk-based 1,742,580 20.85 501,505 6.00 553,745 6.625 668,673 8.00 Total risk-based 1,829,051 21.88 668,673 8.00 720,913 8.625 835,841 10.00 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 (In Thousands) Total Level 1 Level 2 Securities available-for-sale: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 227,292 $ — $ 227,292 Non-GSE issuance REMICs and CMOs 1,136 — 1,136 GSE pass-through certificates 8,576 — 8,576 Obligations of GSEs 28,893 — 28,893 Fannie Mae stock 2 2 — Total securities available-for-sale $ 265,899 $ 2 $ 265,897 Carrying Value at December 31, 2016 (In Thousands) Total Level 1 Level 2 Securities available-for-sale: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 240,793 $ — $ 240,793 Non-GSE issuance REMICs and CMOs 1,443 — 1,443 GSE pass-through certificates 8,930 — 8,930 Obligations of GSEs 28,875 — 28,875 Fannie Mae stock 4 4 — Total securities available-for-sale $ 280,045 $ 4 $ 280,041 |
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 March 31, 2017 At December 31, 2016 Non-performing loans held-for-sale, net $ 141 $ 143 Impaired loans 124,766 124,101 MSR, net 10,237 10,130 REO, net 13,500 14,428 Total $ 148,644 $ 148,802 |
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 Three Months Ended March 31, (In Thousands) 2017 2016 Non-performing loans held-for-sale, net (1) $ — $ — Impaired loans (2) (1,704 ) (1,858 ) MSR, net (3) 215 (877 ) REO, net (4) (623 ) (250 ) Total $ (2,112 ) $ (2,985 ) (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) Upon the transfer of a loan to REO, losses are charged to the allowance for loan losses and gains are credited to the allowance for loan losses, to the extent of prior period loan charge-offs taken, or credited to fair value gain which is a component of other non-interest income. Losses subsequent to the transfer of a loan to REO are charged to REO expense which is a component of other non-interest expense. |
Schedule of Carrying Values and Estimated Fair Values of Financial Instruments | The following tables set forth the carrying values and estimated fair values of our financial instruments which are carried in the consolidated statements of financial condition at either cost or at lower of cost or fair value in accordance with GAAP, and are not measured or recorded at fair value on a recurring basis, and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated. At March 31, 2017 Carrying Value Estimated Fair Value (In Thousands) Total Level 2 Level 3 Financial Assets: Securities held-to-maturity $ 2,769,376 $ 2,721,723 $ 2,721,723 $ — FHLB-NY stock 107,166 107,166 107,166 — Loans held-for-sale, net (1) 6,236 6,360 — 6,360 Loans receivable, net (1) 10,118,466 10,097,856 — 10,097,856 MSR, net (1) 10,237 10,240 — 10,240 Financial Liabilities: Deposits 8,990,247 8,998,724 8,998,724 — Borrowings, net 3,244,885 3,339,515 3,339,515 — At December 31, 2016 Carrying Value Estimated Fair Value (In Thousands) Total Level 2 Level 3 Financial Assets: Securities held-to-maturity $ 2,740,132 $ 2,690,546 $ 2,690,546 $ — FHLB-NY stock 124,807 124,807 124,807 — Loans held-for-sale, net (1) 11,584 11,589 — 11,589 Loans receivable, net (1) 10,331,087 10,318,246 — 10,318,246 MSR, net (1) 10,130 10,133 — 10,133 Financial Liabilities: Deposits 8,877,055 8,887,745 8,887,745 — Borrowings, net 3,634,752 3,747,657 3,747,657 — _______________________________________________________ (1) Includes assets measured at fair value on a non-recurring basis. |
Merger Agreement with Sterlin33
Merger Agreement with Sterling Bancorp (Details) - $ / shares | Mar. 06, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Authorized shares of Sterling Common Stock (in shares) | 200,000,000 | 200,000,000 | |
Sterling | |||
Business Acquisition [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.01 | ||
Authorized shares of Sterling Common Stock (in shares) | 190,000,000 | ||
Sterling | Sterling Merger Agreement | |||
Business Acquisition [Line Items] | |||
Authorized shares of Sterling Common Stock (in shares) | 310,000,000 | ||
Sterling Merger Agreement | |||
Business Acquisition [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.01 | ||
Common Stock | Sterling | Sterling Merger Agreement | |||
Business Acquisition [Line Items] | |||
Conversion ratio of preferred shares of acquiree to acquirer | 0.875 | ||
6.50% Non-Cumulative Perpetual Preferred Stock, Series A | |||
Business Acquisition [Line Items] | |||
Non-Cumulative Perpetual Preferred Stock, dividend rate | 6.50% | ||
Non-Cumulative Perpetual Preferred Stock, par value (in dollars per share) | $ 1 | ||
Liquidation preference (in dollars per share) | $ 1,000 | ||
6.50% Non-Cumulative Perpetual Preferred Stock, Series A | Sterling | |||
Business Acquisition [Line Items] | |||
Non-Cumulative Perpetual Preferred Stock, dividend rate | 6.50% | ||
Non-Cumulative Perpetual Preferred Stock, par value (in dollars per share) | $ 0.01 | ||
Liquidation preference (in dollars per share) | $ 1,000 | ||
6.50% Non-Cumulative Perpetual Preferred Stock, Series A | Sterling | Sterling Merger Agreement | |||
Business Acquisition [Line Items] | |||
Conversion ratio of preferred shares of acquiree to acquirer | 1 |
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 | Mar. 31, 2017 | Dec. 31, 2016 |
Available-for-sale: | ||
Amortized Cost | $ 268,762 | $ 282,200 |
Gross Unrealized Gains | 1,650 | 1,690 |
Gross Unrealized Losses | (4,513) | (3,845) |
Estimated Fair Value | 265,899 | 280,045 |
Held-to-maturity: | ||
Total held-to-maturity securities | 2,769,376 | 2,740,132 |
Gross Unrealized Gains | 6,042 | 5,978 |
Gross Unrealized Losses | (53,695) | (55,564) |
Estimated Fair Value | 2,721,723 | 2,690,546 |
GSE issuance REMICs and CMOs | ||
Available-for-sale: | ||
Amortized Cost | 229,367 | 242,172 |
Gross Unrealized Gains | 1,311 | 1,327 |
Gross Unrealized Losses | (3,386) | (2,706) |
Estimated Fair Value | 227,292 | 240,793 |
Held-to-maturity: | ||
Total held-to-maturity securities | 1,182,307 | 1,119,175 |
Gross Unrealized Gains | 4,893 | 4,896 |
Gross Unrealized Losses | (11,311) | (11,957) |
Estimated Fair Value | 1,175,889 | 1,112,114 |
Non-GSE issuance REMICs and CMOs | ||
Available-for-sale: | ||
Amortized Cost | 1,141 | 1,442 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | (5) | (1) |
Estimated Fair Value | 1,136 | 1,443 |
Held-to-maturity: | ||
Total held-to-maturity securities | 191 | 193 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (7) | (7) |
Estimated Fair Value | 184 | 186 |
GSE pass-through certificates | ||
Available-for-sale: | ||
Amortized Cost | 8,239 | 8,571 |
Gross Unrealized Gains | 339 | 361 |
Gross Unrealized Losses | (2) | (2) |
Estimated Fair Value | 8,576 | 8,930 |
Held-to-maturity: | ||
Total held-to-maturity securities | 221,058 | 228,976 |
Gross Unrealized Gains | 909 | 665 |
Gross Unrealized Losses | (2,384) | (3,282) |
Estimated Fair Value | 219,583 | 226,359 |
Total residential mortgage-backed securities | ||
Available-for-sale: | ||
Amortized Cost | 238,747 | 252,185 |
Gross Unrealized Gains | 1,650 | 1,690 |
Gross Unrealized Losses | (3,393) | (2,709) |
Estimated Fair Value | 237,004 | 251,166 |
Held-to-maturity: | ||
Total held-to-maturity securities | 1,403,556 | 1,348,344 |
Gross Unrealized Gains | 5,802 | 5,561 |
Gross Unrealized Losses | (13,702) | (15,246) |
Estimated Fair Value | 1,395,656 | 1,338,659 |
Obligations of GSEs | ||
Available-for-sale: | ||
Amortized Cost | 30,000 | 30,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,107) | (1,125) |
Estimated Fair Value | 28,893 | 28,875 |
Held-to-maturity: | ||
Total held-to-maturity securities | 379,316 | 384,325 |
Gross Unrealized Gains | 23 | 54 |
Gross Unrealized Losses | (16,249) | (16,510) |
Estimated Fair Value | 363,090 | 367,869 |
Fannie Mae stock | ||
Available-for-sale: | ||
Amortized Cost | 15 | 15 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (13) | (11) |
Estimated Fair Value | 2 | 4 |
GSE issuance REMICs | ||
Held-to-maturity: | ||
Total held-to-maturity securities | 906,183 | 927,119 |
Gross Unrealized Gains | 217 | 363 |
Gross Unrealized Losses | (19,581) | (19,290) |
Estimated Fair Value | 886,819 | 908,192 |
Corporate Debt securities | ||
Held-to-maturity: | ||
Total held-to-maturity securities | 80,000 | 80,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (4,163) | (4,518) |
Estimated Fair Value | 75,837 | 75,482 |
Other | ||
Held-to-maturity: | ||
Total held-to-maturity securities | 321 | 344 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 321 | $ 344 |
Securities - Schedule of Contra
Securities - Schedule of Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Amortized Cost | ||
Within one year | $ 202 | |
Over one to five years | 1,333 | |
Over five to ten years | 36,822 | |
Over ten years | 230,405 | |
Total securities | 268,762 | |
Estimated Fair Value | ||
Within one year | 204 | |
Over one to five years | 1,329 | |
Over five to ten years | 35,912 | |
Over ten years | 228,454 | |
Total securities | 265,899 | |
Amortized Cost | ||
Within one year | 34,977 | |
Over one to five years | 17,522 | |
Over five to ten years | 406,424 | |
Over ten years | 2,310,453 | |
Total held-to-maturity securities | 2,769,376 | $ 2,740,132 |
Estimated Fair Value | ||
Within one year | 34,979 | |
Over one to five years | 17,541 | |
Over five to ten years | 389,288 | |
Over ten years | 2,279,915 | |
Total securities | $ 2,721,723 | $ 2,690,546 |
Securities - Schedule of Estima
Securities - Schedule of Estimated Fair Values of Securities with Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Estimated Fair Value | ||
Less Than Twelve Months | $ 143,041 | $ 169,584 |
Twelve Months or Longer | 19,862 | 20,212 |
Total | 162,903 | 189,796 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (3,746) | (3,012) |
Twelve Months or Longer | (767) | (833) |
Total | (4,513) | (3,845) |
Estimated Fair Value | ||
Less Than Twelve Months | 1,806,405 | 1,825,723 |
Twelve Months or Longer | 252,195 | 231,385 |
Total | 2,058,600 | 2,057,108 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (44,848) | (47,248) |
Twelve Months or Longer | (8,847) | (8,316) |
Total | (53,695) | (55,564) |
GSE issuance REMICs and CMOs | ||
Estimated Fair Value | ||
Less Than Twelve Months | 113,064 | 140,638 |
Twelve Months or Longer | 19,720 | 20,026 |
Total | 132,784 | 160,664 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (2,634) | (1,886) |
Twelve Months or Longer | (752) | (820) |
Total | (3,386) | (2,706) |
Estimated Fair Value | ||
Less Than Twelve Months | 569,367 | 515,537 |
Twelve Months or Longer | 125,051 | 131,629 |
Total | 694,418 | 647,166 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (7,110) | (7,457) |
Twelve Months or Longer | (4,201) | (4,500) |
Total | (11,311) | (11,957) |
Non-GSE issuance REMICs and CMOs | ||
Estimated Fair Value | ||
Less Than Twelve Months | 1,022 | 0 |
Twelve Months or Longer | 81 | 92 |
Total | 1,103 | 92 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (4) | 0 |
Twelve Months or Longer | (1) | (1) |
Total | (5) | (1) |
Estimated Fair Value | ||
Less Than Twelve Months | 0 | 0 |
Twelve Months or Longer | 184 | 186 |
Total | 184 | 186 |
Gross Unrealized Losses | ||
Less Than Twelve Months | 0 | 0 |
Twelve Months or Longer | (7) | (7) |
Total | (7) | (7) |
GSE pass-through certificates | ||
Estimated Fair Value | ||
Less Than Twelve Months | 62 | 71 |
Twelve Months or Longer | 59 | 90 |
Total | 121 | 161 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (1) | (1) |
Twelve Months or Longer | (1) | (1) |
Total | (2) | (2) |
Estimated Fair Value | ||
Less Than Twelve Months | 81,074 | 104,538 |
Twelve Months or Longer | 60,450 | 61,872 |
Total | 141,524 | 166,410 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (1,235) | (1,775) |
Twelve Months or Longer | (1,149) | (1,507) |
Total | (2,384) | (3,282) |
Obligations of GSEs | ||
Estimated Fair Value | ||
Less Than Twelve Months | 28,893 | 28,875 |
Twelve Months or Longer | 0 | 0 |
Total | 28,893 | 28,875 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (1,107) | (1,125) |
Twelve Months or Longer | 0 | 0 |
Total | (1,107) | (1,125) |
Estimated Fair Value | ||
Less Than Twelve Months | 311,690 | 296,427 |
Twelve Months or Longer | 0 | 0 |
Total | 311,690 | 296,427 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (16,249) | (16,510) |
Twelve Months or Longer | 0 | 0 |
Total | (16,249) | (16,510) |
GSE issuance REMICs | ||
Estimated Fair Value | ||
Less Than Twelve Months | 834,947 | 871,436 |
Twelve Months or Longer | 0 | 0 |
Total | 834,947 | 871,436 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (19,581) | (19,290) |
Twelve Months or Longer | 0 | 0 |
Total | (19,581) | (19,290) |
Fannie Mae stock | ||
Estimated Fair Value | ||
Less Than Twelve Months | 0 | 0 |
Twelve Months or Longer | 2 | 4 |
Total | 2 | 4 |
Gross Unrealized Losses | ||
Less Than Twelve Months | 0 | 0 |
Twelve Months or Longer | (13) | (11) |
Total | (13) | (11) |
Corporate debt securities | ||
Estimated Fair Value | ||
Less Than Twelve Months | 9,327 | 37,785 |
Twelve Months or Longer | 66,510 | 37,698 |
Total | 75,837 | 75,483 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (673) | (2,216) |
Twelve Months or Longer | (3,490) | (2,302) |
Total | $ (4,163) | $ (4,518) |
Securities - Narrative (Details
Securities - Narrative (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($)security | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)security | |
Investments, Debt and Equity Securities [Abstract] | |||
Number of securities held with unrealized loss | security | 195 | 188 | |
Proceeds from sales of securities from available-for-sale portfolio | $ 0 | $ 23,065 | |
Gross realized gains | 0 | $ 86 | |
Securities | |||
Available-for-sale debt securities, amortized cost | 268,762 | ||
Available-for-sale securities, estimated fair value | 265,899 | $ 280,045 | |
Held-to-maturity securities, amortized cost | 2,769,376 | 2,740,132 | |
Held-to-maturity securities, estimated fair value | 2,721,723 | 2,690,546 | |
Callable securities, amortized cost | 374,300 | ||
Accrued interest receivable for securities | 8,300 | $ 8,100 | |
Available-for-sale debt securities, excluding mortgage-backed securities | |||
Securities | |||
Available-for-sale debt securities, amortized cost | 30,000 | ||
Available-for-sale securities, estimated fair value | 28,900 | ||
Held-to-maturity debt securities, excluding mortgage-backed securities | |||
Securities | |||
Held-to-maturity securities, amortized cost | 459,600 | ||
Held-to-maturity securities, estimated fair value | $ 439,200 |
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 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | $ 195,241 | $ 207,023 | ||
Current | 9,969,995 | 10,173,335 | ||
Total loans | 10,165,236 | 10,380,358 | ||
Net unamortized premiums and deferred loan origination costs | 35,730 | 36,829 | ||
Loans receivable | 10,200,966 | 10,417,187 | ||
Allowance for loan losses | (82,500) | (86,100) | $ (94,200) | $ (98,000) |
Loans receivable, net | 10,118,466 | 10,331,087 | ||
Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 84,729 | 93,458 | ||
Current | 9,942,116 | 10,138,664 | ||
Total loans | 10,026,845 | 10,232,122 | ||
Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 110,512 | 113,565 | ||
Current | 27,879 | 34,671 | ||
Total loans | 138,391 | 148,236 | ||
Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 188,591 | 200,020 | ||
Current | 9,750,818 | 9,941,224 | ||
Total loans | 9,939,409 | 10,141,244 | ||
Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 82,250 | 90,980 | ||
Current | 9,722,939 | 9,906,553 | ||
Total loans | 9,805,189 | 9,997,533 | ||
Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 106,341 | 109,040 | ||
Current | 27,879 | 34,671 | ||
Total loans | 134,220 | 143,711 | ||
30-59 Days | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 71,598 | 77,476 | ||
30-59 Days | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 67,199 | 72,846 | ||
30-59 Days | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 4,399 | 4,630 | ||
30-59 Days | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 69,614 | 76,195 | ||
30-59 Days | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 65,215 | 71,565 | ||
30-59 Days | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 4,399 | 4,630 | ||
60-89 Days | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 17,669 | 22,215 | ||
60-89 Days | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 15,891 | 20,612 | ||
60-89 Days | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,778 | 1,603 | ||
60-89 Days | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 17,174 | 21,018 | ||
60-89 Days | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 15,396 | 19,415 | ||
60-89 Days | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,778 | 1,603 | ||
90 Days or More | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 105,974 | 107,332 | ||
90 Days or More | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,639 | 0 | ||
90 Days or More | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 104,335 | 107,332 | ||
90 Days or More | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 101,803 | 102,807 | ||
90 Days or More | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,639 | 0 | ||
90 Days or More | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 100,164 | 102,807 | ||
Residential | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 176,725 | 192,322 | ||
Current | 5,038,045 | 5,173,041 | ||
Total loans | 5,214,770 | 5,365,363 | ||
Allowance for loan losses | (34,351) | (36,439) | (44,378) | (44,951) |
Residential | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 73,082 | 85,784 | ||
Current | 5,016,129 | 5,145,585 | ||
Total loans | 5,089,211 | 5,231,369 | ||
Residential | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 103,643 | 106,538 | ||
Current | 21,916 | 27,456 | ||
Total loans | 125,559 | 133,994 | ||
Residential | Mortgage loans (gross) | Full documentation interest-only | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 10,193 | 16,622 | ||
Current | 167,667 | 214,364 | ||
Total loans | 177,860 | 230,986 | ||
Residential | Mortgage loans (gross) | Full documentation interest-only | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,120 | 4,580 | ||
Current | 166,790 | 212,316 | ||
Total loans | 167,910 | 216,896 | ||
Residential | Mortgage loans (gross) | Full documentation interest-only | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 9,073 | 12,042 | ||
Current | 877 | 2,048 | ||
Total loans | 9,950 | 14,090 | ||
Residential | Mortgage loans (gross) | Full documentation amortizing | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 85,918 | 90,232 | ||
Current | 4,249,976 | 4,312,373 | ||
Total loans | 4,335,894 | 4,402,605 | ||
Residential | Mortgage loans (gross) | Full documentation amortizing | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 37,950 | 44,780 | ||
Current | 4,240,703 | 4,300,620 | ||
Total loans | 4,278,653 | 4,345,400 | ||
Residential | Mortgage loans (gross) | Full documentation amortizing | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 47,968 | 45,452 | ||
Current | 9,273 | 11,753 | ||
Total loans | 57,241 | 57,205 | ||
Residential | Mortgage loans (gross) | Reduced documentation interest-only | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 11,991 | 15,377 | ||
Current | 56,100 | 84,184 | ||
Total loans | 68,091 | 99,561 | ||
Residential | Mortgage loans (gross) | Reduced documentation interest-only | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 2,488 | 3,753 | ||
Current | 54,181 | 80,416 | ||
Total loans | 56,669 | 84,169 | ||
Residential | Mortgage loans (gross) | Reduced documentation interest-only | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 9,503 | 11,624 | ||
Current | 1,919 | 3,768 | ||
Total loans | 11,422 | 15,392 | ||
Residential | Mortgage loans (gross) | Reduced documentation amortizing | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 68,623 | 70,091 | ||
Current | 564,302 | 562,120 | ||
Total loans | 632,925 | 632,211 | ||
Residential | Mortgage loans (gross) | Reduced documentation amortizing | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 31,524 | 32,671 | ||
Current | 554,455 | 552,233 | ||
Total loans | 585,979 | 584,904 | ||
Residential | Mortgage loans (gross) | Reduced documentation amortizing | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 37,099 | 37,420 | ||
Current | 9,847 | 9,887 | ||
Total loans | 46,946 | 47,307 | ||
Residential | 30-59 Days | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 61,640 | 72,445 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 58,358 | 68,462 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 3,282 | 3,983 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Full documentation interest-only | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,120 | 1,913 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Full documentation interest-only | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,120 | 1,476 | ||
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 | 437 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Full documentation amortizing | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 35,256 | 39,032 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Full documentation amortizing | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 32,903 | 36,563 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Full documentation amortizing | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 2,353 | 2,469 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Reduced documentation interest-only | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 2,186 | 2,974 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Reduced documentation interest-only | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 2,186 | 2,974 | ||
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 | 0 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Reduced documentation amortizing | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 23,078 | 28,526 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Reduced documentation amortizing | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 22,149 | 27,449 | ||
Residential | 30-59 Days | Mortgage loans (gross) | Reduced documentation amortizing | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 929 | 1,077 | ||
Residential | 60-89 Days | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 16,106 | 18,314 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 14,724 | 17,322 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,382 | 992 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Full documentation interest-only | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 3,104 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Full documentation interest-only | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 3,104 | ||
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 | 0 | 0 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Full documentation amortizing | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 5,545 | 8,217 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Full documentation amortizing | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 5,047 | 8,217 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Full documentation amortizing | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 498 | 0 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Reduced documentation interest-only | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 302 | 779 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Reduced documentation interest-only | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 302 | 779 | ||
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 | 0 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Reduced documentation amortizing | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 10,259 | 6,214 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Reduced documentation amortizing | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 9,375 | 5,222 | ||
Residential | 60-89 Days | Mortgage loans (gross) | Reduced documentation amortizing | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 884 | 992 | ||
Residential | 90 Days or More | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 98,979 | 101,563 | ||
Residential | 90 Days or More | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Residential | 90 Days or More | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 98,979 | 101,563 | ||
Residential | 90 Days or More | Mortgage loans (gross) | Full documentation interest-only | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 9,073 | 11,605 | ||
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 | 9,073 | 11,605 | ||
Residential | 90 Days or More | Mortgage loans (gross) | Full documentation amortizing | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 45,117 | 42,983 | ||
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 | 0 | ||
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 | 45,117 | 42,983 | ||
Residential | 90 Days or More | Mortgage loans (gross) | Reduced documentation interest-only | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 9,503 | 11,624 | ||
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 | 9,503 | 11,624 | ||
Residential | 90 Days or More | Mortgage loans (gross) | Reduced documentation amortizing | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 35,286 | 35,351 | ||
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 | 35,286 | 35,351 | ||
Multi-family | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 6,704 | 4,138 | ||
Current | 4,017,060 | 4,042,484 | ||
Total loans | 4,023,764 | 4,046,622 | ||
Allowance for loan losses | (33,949) | (34,901) | (33,020) | (35,544) |
Multi-family | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 5,313 | 1,855 | ||
Current | 4,014,746 | 4,040,386 | ||
Total loans | 4,020,059 | 4,042,241 | ||
Multi-family | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,391 | 2,283 | ||
Current | 2,314 | 2,098 | ||
Total loans | 3,705 | 4,381 | ||
Multi-family | 30-59 Days | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 5,599 | 1,488 | ||
Multi-family | 30-59 Days | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 5,162 | 1,060 | ||
Multi-family | 30-59 Days | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 437 | 428 | ||
Multi-family | 60-89 Days | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 547 | 1,406 | ||
Multi-family | 60-89 Days | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 151 | 795 | ||
Multi-family | 60-89 Days | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 396 | 611 | ||
Multi-family | 90 Days or More | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 558 | 1,244 | ||
Multi-family | 90 Days or More | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Multi-family | 90 Days or More | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 558 | 1,244 | ||
Commercial real estate | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 5,162 | 3,560 | ||
Current | 695,713 | 725,699 | ||
Total loans | 700,875 | 729,259 | ||
Allowance for loan losses | (8,905) | (9,299) | (10,368) | (11,217) |
Commercial real estate | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 3,855 | 3,341 | ||
Current | 692,064 | 720,582 | ||
Total loans | 695,919 | 723,923 | ||
Commercial real estate | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,307 | 219 | ||
Current | 3,649 | 5,117 | ||
Total loans | 4,956 | 5,336 | ||
Commercial real estate | 30-59 Days | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 2,375 | 2,262 | ||
Commercial real estate | 30-59 Days | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,695 | 2,043 | ||
Commercial real estate | 30-59 Days | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 680 | 219 | ||
Commercial real estate | 60-89 Days | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 521 | 1,298 | ||
Commercial real estate | 60-89 Days | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 521 | 1,298 | ||
Commercial real estate | 60-89 Days | Mortgage loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Commercial real estate | 90 Days or More | Mortgage loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 2,266 | 0 | ||
Commercial real estate | 90 Days or More | Mortgage loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,639 | 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 | 627 | 0 | ||
Consumer and other loans (gross) | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 6,650 | 7,003 | ||
Current | 219,177 | 232,111 | ||
Total loans | 225,827 | 239,114 | ||
Allowance for loan losses | (5,295) | (5,461) | $ (6,434) | $ (6,288) |
Consumer and other loans (gross) | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 2,479 | 2,478 | ||
Current | 219,177 | 232,111 | ||
Total loans | 221,656 | 234,589 | ||
Consumer and other loans (gross) | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 4,171 | 4,525 | ||
Current | 0 | 0 | ||
Total loans | 4,171 | 4,525 | ||
Consumer and other loans (gross) | Home equity and other consumer | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 6,243 | 6,314 | ||
Current | 128,610 | 133,024 | ||
Total loans | 134,853 | 139,338 | ||
Consumer and other loans (gross) | Home equity and other consumer | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 2,104 | 1,831 | ||
Current | 128,610 | 133,024 | ||
Total loans | 130,714 | 134,855 | ||
Consumer and other loans (gross) | Home equity and other consumer | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 4,139 | 4,483 | ||
Current | 0 | 0 | ||
Total loans | 4,139 | 4,483 | ||
Consumer and other loans (gross) | Commercial and industrial | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 407 | 689 | ||
Current | 90,567 | 99,087 | ||
Total loans | 90,974 | 99,776 | ||
Consumer and other loans (gross) | Commercial and industrial | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 375 | 647 | ||
Current | 90,567 | 99,087 | ||
Total loans | 90,942 | 99,734 | ||
Consumer and other loans (gross) | Commercial and industrial | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 32 | 42 | ||
Current | 0 | 0 | ||
Total loans | 32 | 42 | ||
Consumer and other loans (gross) | 30-59 Days | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,984 | 1,281 | ||
Consumer and other loans (gross) | 30-59 Days | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,984 | 1,281 | ||
Consumer and other loans (gross) | 30-59 Days | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Consumer and other loans (gross) | 30-59 Days | Home equity and other consumer | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,609 | 1,281 | ||
Consumer and other loans (gross) | 30-59 Days | Home equity and other consumer | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 1,609 | 1,281 | ||
Consumer and other loans (gross) | 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 (gross) | 30-59 Days | Commercial and industrial | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 375 | 0 | ||
Consumer and other loans (gross) | 30-59 Days | Commercial and industrial | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 375 | 0 | ||
Consumer and other loans (gross) | 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 (gross) | 60-89 Days | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 495 | 1,197 | ||
Consumer and other loans (gross) | 60-89 Days | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 495 | 1,197 | ||
Consumer and other loans (gross) | 60-89 Days | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Consumer and other loans (gross) | 60-89 Days | Home equity and other consumer | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 495 | 550 | ||
Consumer and other loans (gross) | 60-89 Days | Home equity and other consumer | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 495 | 550 | ||
Consumer and other loans (gross) | 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 (gross) | 60-89 Days | Commercial and industrial | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 647 | ||
Consumer and other loans (gross) | 60-89 Days | Commercial and industrial | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 647 | ||
Consumer and other loans (gross) | 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 (gross) | 90 Days or More | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 4,171 | 4,525 | ||
Consumer and other loans (gross) | 90 Days or More | Accruing loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 0 | 0 | ||
Consumer and other loans (gross) | 90 Days or More | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 4,171 | 4,525 | ||
Consumer and other loans (gross) | 90 Days or More | Home equity and other consumer | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 4,139 | 4,483 | ||
Consumer and other loans (gross) | 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 (gross) | 90 Days or More | Home equity and other consumer | Non-accrual loans | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 4,139 | 4,483 | ||
Consumer and other loans (gross) | 90 Days or More | Commercial and industrial | ||||
Loans receivable and allowance for loan losses disclosures | ||||
Total Past Due | 32 | 42 | ||
Consumer and other loans (gross) | 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 Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Receivables [Abstract] | |
Evaluation of loss experience factors, period to consider trends | 3 years |
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 |
Period to consider loss experience for other, similar loan types (longer than) | 2 years |
Financing Receivable, Modifications [Line Items] | |
Loans classified as TDRs as a result of relief granted under Chapter 7 bankruptcy filings | $ 884 |
Recorded investment for loans in the process of foreclosure collateralized by residential real estate property | 75,000 |
Contractual Interest Rate Reduction | |
Financing Receivable, Modifications [Line Items] | |
Interest rate modifications included in modifications in a TDR | $ 1,700 |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Allowance for Loan and Lease Losses | ||
Balance at the beginning of the period | $ 86,100 | $ 98,000 |
Provision charged (credited) to operations | (2,486) | (3,127) |
Charge-offs | (2,381) | (2,740) |
Recoveries | 1,267 | 2,067 |
Balance at the end of the period | 82,500 | 94,200 |
Consumer and Other Loans | ||
Allowance for Loan and Lease Losses | ||
Balance at the beginning of the period | 5,461 | 6,288 |
Provision charged (credited) to operations | (125) | 841 |
Charge-offs | (112) | (765) |
Recoveries | 71 | 70 |
Balance at the end of the period | 5,295 | 6,434 |
Mortgage Loans | Residential | ||
Allowance for Loan and Lease Losses | ||
Balance at the beginning of the period | 36,439 | 44,951 |
Provision charged (credited) to operations | (901) | 138 |
Charge-offs | (2,235) | (1,665) |
Recoveries | 1,048 | 954 |
Balance at the end of the period | 34,351 | 44,378 |
Mortgage Loans | Multi-Family | ||
Allowance for Loan and Lease Losses | ||
Balance at the beginning of the period | 34,901 | 35,544 |
Provision charged (credited) to operations | (957) | (3,257) |
Charge-offs | (34) | (310) |
Recoveries | 39 | 1,043 |
Balance at the end of the period | 33,949 | 33,020 |
Mortgage Loans | Commercial Real Estate | ||
Allowance for Loan and Lease Losses | ||
Balance at the beginning of the period | 9,299 | 11,217 |
Provision charged (credited) to operations | (503) | (849) |
Charge-offs | 0 | 0 |
Recoveries | 109 | 0 |
Balance at the end of the period | $ 8,905 | $ 10,368 |
Loans Receivable and Allowanc41
Loans Receivable and Allowance for Loan Losses - Balances of Residential Interest-Only Mortgage Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Amortization scheduled to begin in: | ||
Past due loans scheduled to enter amortization prior to March 31, 2017 | $ 195,241 | $ 207,023 |
Residential Mortgage Loans | Interest-only loans | ||
Amortization scheduled to begin in: | ||
12 months or less | 206,063 | |
13 to 24 months | 24,107 | |
25 to 36 months | 10,314 | |
Over 36 months | 5,467 | |
Total | 245,951 | |
Past due loans scheduled to enter amortization prior to March 31, 2017 | $ 14,400 |
Loans Receivable and Allowanc42
Loans Receivable and Allowance for Loan Losses - Balances of Loan Portfolio Segments by Credit Quality Indicator(Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment | ||
Total loans | $ 10,165,236 | $ 10,380,358 |
Not criticized | ||
Financing Receivable, Recorded Investment | ||
Total loans | 9,896,692 | 10,100,670 |
Special mention | ||
Financing Receivable, Recorded Investment | ||
Total loans | 45,844 | 50,158 |
Substandard | ||
Financing Receivable, Recorded Investment | ||
Total loans | 222,700 | 229,530 |
Doubtful | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Consumer and Other Loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 225,827 | 239,114 |
Home Equity and Other Consumer | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 134,853 | 139,338 |
Home Equity and Other Consumer | Consumer and Other Loans | Not criticized | ||
Financing Receivable, Recorded Investment | ||
Total loans | 130,219 | 134,305 |
Home Equity and Other Consumer | Consumer and Other Loans | Special mention | ||
Financing Receivable, Recorded Investment | ||
Total loans | 495 | 550 |
Home Equity and Other Consumer | Consumer and Other Loans | Substandard | ||
Financing Receivable, Recorded Investment | ||
Total loans | 4,139 | 4,483 |
Home Equity and Other Consumer | Consumer and Other Loans | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Commercial and Industrial | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 90,974 | 99,776 |
Commercial and Industrial | Consumer and Other Loans | Not criticized | ||
Financing Receivable, Recorded Investment | ||
Total loans | 89,075 | 99,087 |
Commercial and Industrial | Consumer and Other Loans | Special mention | ||
Financing Receivable, Recorded Investment | ||
Total loans | 1,867 | 647 |
Commercial and Industrial | Consumer and Other Loans | Substandard | ||
Financing Receivable, Recorded Investment | ||
Total loans | 32 | 42 |
Commercial and Industrial | Consumer and Other Loans | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Mortgage Loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 9,939,409 | 10,141,244 |
Mortgage Loans | Residential | ||
Financing Receivable, Recorded Investment | ||
Total loans | 5,214,770 | 5,365,363 |
Mortgage Loans | Residential | Not criticized | ||
Financing Receivable, Recorded Investment | ||
Total loans | 5,019,425 | 5,158,878 |
Mortgage Loans | Residential | Special mention | ||
Financing Receivable, Recorded Investment | ||
Total loans | 12,849 | 14,922 |
Mortgage Loans | Residential | Substandard | ||
Financing Receivable, Recorded Investment | ||
Total loans | 182,496 | 191,563 |
Mortgage Loans | Residential | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Mortgage Loans | Multi-Family | ||
Financing Receivable, Recorded Investment | ||
Total loans | 4,023,764 | 4,046,622 |
Mortgage Loans | Multi-Family | Not criticized | ||
Financing Receivable, Recorded Investment | ||
Total loans | 3,984,135 | 4,005,703 |
Mortgage Loans | Multi-Family | Special mention | ||
Financing Receivable, Recorded Investment | ||
Total loans | 23,777 | 24,804 |
Mortgage Loans | Multi-Family | Substandard | ||
Financing Receivable, Recorded Investment | ||
Total loans | 15,852 | 16,115 |
Mortgage Loans | Multi-Family | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Mortgage Loans | Commercial Real Estate | ||
Financing Receivable, Recorded Investment | ||
Total loans | 700,875 | 729,259 |
Mortgage Loans | Commercial Real Estate | Not criticized | ||
Financing Receivable, Recorded Investment | ||
Total loans | 673,838 | 702,697 |
Mortgage Loans | Commercial Real Estate | Special mention | ||
Financing Receivable, Recorded Investment | ||
Total loans | 6,856 | 9,235 |
Mortgage Loans | Commercial Real Estate | Substandard | ||
Financing Receivable, Recorded Investment | ||
Total loans | 20,181 | 17,327 |
Mortgage Loans | Commercial Real Estate | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Total loans | $ 0 | $ 0 |
Loans Receivable and Allowanc43
Loans Receivable and Allowance for Loan Losses - Balances of Loans Receivable and Related Allowance for Loan Loss Allocation (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Loans: | ||||
Individually evaluated for impairment | $ 212,371 | $ 213,663 | ||
Collectively evaluated for impairment | 9,952,865 | 10,166,695 | ||
Loans receivable | 10,165,236 | 10,380,358 | ||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 9,048 | 9,378 | ||
Collectively evaluated for impairment | 73,452 | 76,722 | ||
Total allowance for loan losses | 82,500 | 86,100 | $ 94,200 | $ 98,000 |
Consumer and Other Loans | ||||
Loans: | ||||
Individually evaluated for impairment | 3,928 | 4,091 | ||
Collectively evaluated for impairment | 221,899 | 235,023 | ||
Loans receivable | 225,827 | 239,114 | ||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 286 | 310 | ||
Collectively evaluated for impairment | 5,009 | 5,151 | ||
Total allowance for loan losses | 5,295 | 5,461 | 6,434 | 6,288 |
Mortgage Loans | Residential | ||||
Loans: | ||||
Individually evaluated for impairment | 190,955 | 192,427 | ||
Collectively evaluated for impairment | 5,023,815 | 5,172,936 | ||
Loans receivable | 5,214,770 | 5,365,363 | ||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 8,691 | 9,044 | ||
Collectively evaluated for impairment | 25,660 | 27,395 | ||
Total allowance for loan losses | 34,351 | 36,439 | 44,378 | 44,951 |
Mortgage Loans | Multi-Family | ||||
Loans: | ||||
Individually evaluated for impairment | 6,059 | 7,112 | ||
Collectively evaluated for impairment | 4,017,705 | 4,039,510 | ||
Loans receivable | 4,023,764 | 4,046,622 | ||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 1 | 24 | ||
Collectively evaluated for impairment | 33,948 | 34,877 | ||
Total allowance for loan losses | 33,949 | 34,901 | 33,020 | 35,544 |
Mortgage Loans | Commercial Real Estate | ||||
Loans: | ||||
Individually evaluated for impairment | 11,429 | 10,033 | ||
Collectively evaluated for impairment | 689,446 | 719,226 | ||
Loans receivable | 700,875 | 729,259 | ||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 70 | 0 | ||
Collectively evaluated for impairment | 8,835 | 9,299 | ||
Total allowance for loan losses | $ 8,905 | $ 9,299 | $ 10,368 | $ 11,217 |
Loans Receivable and Allowanc44
Loans Receivable and Allowance for Loan Losses - Impaired Loans by Segment and Class (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
With an allowance recorded: | ||
Related Allowance | $ (9,048) | $ (9,378) |
Total impaired loans | ||
Unpaid Principal Balance | 242,330 | 244,574 |
Recorded Investment | 212,371 | 213,663 |
Related Allowance | (9,048) | (9,378) |
Net Investment | 203,323 | 204,285 |
Consumer and other loans | Home equity lines of credit | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 4,261 | 4,414 |
Recorded Investment | 3,896 | 4,049 |
Related Allowance | (286) | (310) |
Net Investment | 3,610 | 3,739 |
Total impaired loans | ||
Related Allowance | (286) | (310) |
Commercial and industrial | ||
Without an allowance recorded: | ||
Unpaid Principal Balance | 80 | 90 |
Recorded Investment | 32 | 42 |
Net Investment | 32 | 42 |
Mortgage loans | Residential | Full documentation interest-only | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 17,600 | 21,202 |
Recorded Investment | 13,753 | 16,535 |
Related Allowance | (1,634) | (1,863) |
Net Investment | 12,119 | 14,672 |
Total impaired loans | ||
Related Allowance | (1,634) | (1,863) |
Mortgage loans | Residential | Full documentation amortizing | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 89,948 | 88,106 |
Recorded Investment | 81,243 | 79,584 |
Related Allowance | (3,373) | (3,494) |
Net Investment | 77,870 | 76,090 |
Total impaired loans | ||
Related Allowance | (3,373) | (3,494) |
Mortgage loans | Residential | Reduced documentation interest-only | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 18,646 | 28,637 |
Recorded Investment | 15,673 | 23,090 |
Related Allowance | (1,367) | (1,589) |
Net Investment | 14,306 | 21,501 |
Total impaired loans | ||
Related Allowance | (1,367) | (1,589) |
Mortgage loans | Residential | Reduced documentation amortizing | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 88,981 | 79,670 |
Recorded Investment | 77,591 | 70,623 |
Related Allowance | (2,317) | (2,098) |
Net Investment | 75,274 | 68,525 |
Without an allowance recorded: | ||
Unpaid Principal Balance | 3,123 | 2,965 |
Recorded Investment | 2,695 | 2,595 |
Net Investment | 2,695 | 2,595 |
Total impaired loans | ||
Related Allowance | (2,317) | (2,098) |
Mortgage loans | Multi-family | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 1,449 | 2,427 |
Recorded Investment | 1,449 | 2,432 |
Related Allowance | (1) | (24) |
Net Investment | 1,448 | 2,408 |
Without an allowance recorded: | ||
Unpaid Principal Balance | 5,164 | 5,272 |
Recorded Investment | 4,610 | 4,680 |
Net Investment | 4,610 | 4,680 |
Total impaired loans | ||
Related Allowance | (1) | (24) |
Mortgage loans | Commercial real estate | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 2,266 | 0 |
Recorded Investment | 2,266 | 0 |
Related Allowance | (70) | 0 |
Net Investment | 2,196 | 0 |
Without an allowance recorded: | ||
Unpaid Principal Balance | 10,812 | 11,791 |
Recorded Investment | 9,163 | 10,033 |
Net Investment | 9,163 | 10,033 |
Total impaired loans | ||
Related Allowance | $ (70) | $ 0 |
Loans Receivable and Allowanc45
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Total impaired loans | ||
Average Recorded Investment | $ 213,019 | $ 233,663 |
Interest Income Recognized | 1,922 | 1,995 |
Cash Basis Interest Income | 1,887 | 1,993 |
Consumer and other loans | Home equity lines of credit | ||
With an allowance recorded: | ||
Average Recorded Investment | 3,973 | 4,753 |
Interest Income Recognized | 13 | 5 |
Cash Basis Interest Income | 13 | 9 |
Mortgage loans | Residential | Full documentation interest-only | ||
With an allowance recorded: | ||
Average Recorded Investment | 15,144 | 29,462 |
Interest Income Recognized | 153 | 189 |
Cash Basis Interest Income | 156 | 186 |
Mortgage loans | Residential | Full documentation amortizing | ||
With an allowance recorded: | ||
Average Recorded Investment | 80,414 | 64,858 |
Interest Income Recognized | 624 | 494 |
Cash Basis Interest Income | 614 | 478 |
Mortgage loans | Residential | Reduced documentation interest-only | ||
With an allowance recorded: | ||
Average Recorded Investment | 19,382 | 43,118 |
Interest Income Recognized | 111 | 391 |
Cash Basis Interest Income | 103 | 385 |
Mortgage loans | Residential | Reduced documentation amortizing | ||
With an allowance recorded: | ||
Average Recorded Investment | 74,107 | 57,203 |
Interest Income Recognized | 757 | 525 |
Cash Basis Interest Income | 738 | 529 |
Without an allowance recorded: | ||
Average Recorded Investment | 2,645 | 0 |
Interest Income Recognized | 23 | 0 |
Cash Basis Interest Income | 21 | 0 |
Mortgage loans | Multi-family | ||
With an allowance recorded: | ||
Average Recorded Investment | 1,941 | 6,813 |
Interest Income Recognized | 26 | 67 |
Cash Basis Interest Income | 26 | 79 |
Without an allowance recorded: | ||
Average Recorded Investment | 4,645 | 13,375 |
Interest Income Recognized | 51 | 152 |
Cash Basis Interest Income | 55 | 149 |
Mortgage loans | Commercial real estate | ||
With an allowance recorded: | ||
Average Recorded Investment | 1,133 | 3,875 |
Interest Income Recognized | 34 | 6 |
Cash Basis Interest Income | 30 | 7 |
Without an allowance recorded: | ||
Average Recorded Investment | 9,598 | 10,206 |
Interest Income Recognized | 128 | 166 |
Cash Basis Interest Income | 129 | 171 |
Mortgage loans | Commercial and industrial | ||
Without an allowance recorded: | ||
Average Recorded Investment | 37 | 0 |
Interest Income Recognized | 2 | 0 |
Cash Basis Interest Income | $ 2 | $ 0 |
Loans Receivable and Allowanc46
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 | |
Mar. 31, 2017USD ($)loan | Mar. 31, 2016USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 10 | 12 |
Pre- Modification Recorded Investment | $ 2,597 | $ 4,165 |
Recorded Investment | $ 2,558 | $ 4,149 |
Residential | Full documentation interest-only | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 1 | 4 |
Pre- Modification Recorded Investment | $ 196 | $ 888 |
Recorded Investment | $ 189 | $ 889 |
Residential | Full documentation amortizing | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 2 | 2 |
Pre- Modification Recorded Investment | $ 485 | $ 591 |
Recorded Investment | $ 482 | $ 589 |
Residential | Reduced documentation interest-only | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 3 | 3 |
Pre- Modification Recorded Investment | $ 1,121 | $ 1,691 |
Recorded Investment | $ 1,099 | $ 1,686 |
Residential | Reduced documentation amortizing | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 4 | 3 |
Pre- Modification Recorded Investment | $ 795 | $ 995 |
Recorded Investment | $ 788 | $ 985 |
Loans Receivable and Allowanc47
Loans Receivable and Allowance for Loan Losses - Mortgage Loans Receivable by Segment and Class, Subsequent Payment Default (Details) - Mortgage Loans $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)loan | Mar. 31, 2016USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 9 | 9 |
Recorded Investment | $ | $ 3,707 | $ 3,176 |
Residential | Full documentation interest-only | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 3 | 2 |
Recorded Investment | $ | $ 1,078 | $ 533 |
Residential | Full documentation amortizing | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 4 | 2 |
Recorded Investment | $ | $ 1,566 | $ 408 |
Residential | Reduced documentation interest-only | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 2 | 4 |
Recorded Investment | $ | $ 1,063 | $ 1,947 |
Residential | Reduced documentation amortizing | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 288 |
Securities Sold Under Agreeme48
Securities Sold Under Agreements to Repurchase (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
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 | |
Secured Debt | Residential mortgage-backed securities | ||
Year | ||
Composition of outstanding repo agreements (as a percent) | 82.00% | |
Secured Debt | Obligations of GSEs | ||
Year | ||
Composition of outstanding repo agreements (as a percent) | 18.00% |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Net income | $ 14,407 | $ 18,565 |
Preferred stock dividends | (2,194) | (2,194) |
Net income available to common shareholders | 12,213 | 16,371 |
Income allocated to participating securities | (80) | (135) |
Net income allocated to common shareholders | $ 12,133 | $ 16,236 |
Basic weighted average common shares outstanding | 100,585,603 | 100,368,931 |
Dilutive effect of stock options and restricted stock units (in shares) | 0 | 0 |
Diluted weighted average common shares outstanding | 100,585,603 | 100,368,931 |
Basic EPS (in dollars per share) | $ 0.12 | $ 0.16 |
Diluted EPS (in dollars per share) | $ 0.12 | $ 0.16 |
Options | ||
Antidilutive securities excluded from computation of earnings per share | ||
Awards excluded from computation of earnings per share (in shares) | 933 | 6,989 |
Restricted stock units | ||
Antidilutive securities excluded from computation of earnings per share | ||
Awards excluded from computation of earnings per share (in shares) | 490,387 | 747,132 |
Other Comprehensive Income_Lo50
Other Comprehensive Income/Loss - Components of Accumulated Other Comprehensive Loss, Net of Related Tax Effects (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
AOCI Attributable to Parent, Net of Tax | ||
Balance at beginning of period | $ 1,714,073 | $ 1,663,448 |
Other Comprehensive (Loss) Income | (32) | 4,410 |
Balance at end of period | 1,723,964 | 1,681,801 |
Net unrealized gain on securities available-for-sale | ||
AOCI Attributable to Parent, Net of Tax | ||
Balance at beginning of period | 2,261 | 2,827 |
Other Comprehensive (Loss) Income | (432) | 3,985 |
Balance at end of period | 1,829 | 6,812 |
Net actuarial loss on pension plans and other postretirement benefits | ||
AOCI Attributable to Parent, Net of Tax | ||
Balance at beginning of period | (56,207) | (58,396) |
Other Comprehensive (Loss) Income | 371 | 397 |
Balance at end of period | (55,836) | (57,999) |
Prior service cost on pension plans and other postretirement benefits | ||
AOCI Attributable to Parent, Net of Tax | ||
Balance at beginning of period | (2,935) | (3,048) |
Other Comprehensive (Loss) Income | 29 | 28 |
Balance at end of period | (2,906) | (3,020) |
Accumulated other comprehensive loss | ||
AOCI Attributable to Parent, Net of Tax | ||
Balance at beginning of period | (56,881) | (58,617) |
Other Comprehensive (Loss) Income | (32) | 4,410 |
Balance at end of period | $ (56,913) | $ (54,207) |
Other Comprehensive Income_Lo51
Other Comprehensive Income/Loss - Components of Other Comprehensive Income/Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Other Comprehensive Income (Loss), After Reclassification Adjustments [Abstract] | ||
Before Tax Amount | $ (53) | $ 7,402 |
Income Tax Benefit (Expense) | 21 | (2,992) |
Total other comprehensive (loss) income, net of tax | (32) | 4,410 |
Net unrealized gain (loss) on securities available-for-sale | ||
Other Comprehensive Income (Loss), Before Reclassifications [Abstract] | ||
Before Tax Amount | (724) | 6,774 |
Income Tax Benefit (Expense) | 292 | (2,738) |
After Tax Amount | (432) | 4,036 |
Other Comprehensive Income (Loss), Reclassifications Adjustments [Abstract] | ||
Before Tax Amount | (86) | |
Income Tax Benefit (Expense) | 35 | |
After Tax Amount | (51) | |
Other Comprehensive Income (Loss), After Reclassification Adjustments [Abstract] | ||
Before Tax Amount | 6,688 | |
Income Tax Benefit (Expense) | (2,703) | |
Total other comprehensive (loss) income, net of tax | (432) | 3,985 |
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | ||
Other Comprehensive Income (Loss), Reclassifications Adjustments [Abstract] | ||
Before Tax Amount | 623 | 667 |
Income Tax Benefit (Expense) | (252) | (270) |
After Tax Amount | 371 | 397 |
Other Comprehensive Income (Loss), After Reclassification Adjustments [Abstract] | ||
Total other comprehensive (loss) income, net of tax | 371 | 397 |
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 | 47 |
Income Tax Benefit (Expense) | (19) | (19) |
After Tax Amount | 29 | 28 |
Other Comprehensive Income (Loss), After Reclassification Adjustments [Abstract] | ||
Total other comprehensive (loss) income, net of tax | $ 29 | $ 28 |
Other Comprehensive Income_Lo52
Other Comprehensive Income/Loss - Schedule of Information About Amounts Reclassified from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ||
Gain on sales of securities | $ 0 | $ 86 |
Compensation and benefits | (36,997) | (38,253) |
Income before income tax expense | 22,511 | 28,258 |
Income tax expense | (8,104) | (9,693) |
Net income | 14,407 | 18,565 |
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 | (671) | (628) |
Income tax expense | 271 | 254 |
Net income | (400) | (374) |
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 | 0 | 86 |
Reclassification adjustment for net actuarial loss | Amount Reclassified from Accumulated Other Comprehensive Loss | ||
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ||
Compensation and benefits | (623) | (667) |
Reclassification adjustment for prior service cost | Amount Reclassified from Accumulated Other Comprehensive Loss | ||
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ||
Compensation and benefits | $ (48) | $ (47) |
Pension Plans and Other Postr53
Pension Plans and Other Postretirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Pension Benefits | ||
Benefit Plans | ||
Service cost | $ 0 | $ 0 |
Interest cost | 2,430 | 2,536 |
Expected return on plan assets | (3,097) | (3,058) |
Recognized net actuarial loss (gain) | 722 | 734 |
Amortization of prior service cost | 48 | 47 |
Settlement | 61 | 0 |
Net periodic cost | 164 | 259 |
Other Postretirement Benefits | ||
Benefit Plans | ||
Service cost | 490 | 472 |
Interest cost | 255 | 263 |
Expected return on plan assets | 0 | 0 |
Recognized net actuarial loss (gain) | (99) | (67) |
Amortization of prior service cost | 0 | 0 |
Settlement | 0 | 0 |
Net periodic cost | $ 646 | $ 668 |
Stock Incentive Plans - Narrati
Stock Incentive Plans - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Stock Incentive Plans | ||
Stock-based compensation expense, net of taxes | $ 1,000 | $ 942 |
Stock-based compensation expense, taxes | $ 697 | $ 639 |
Restricted common stock | ||
Stock Incentive Plans | ||
Restricted common stock granted (in shares) | 521,784 | |
Pre-tax compensation cost related to all unvested awards not yet recognized | $ 17,400 | |
Pre-tax compensation cost, weighted average period of recognition | 2 years 2 months | |
Pre-tax compensation cost excluded | $ 2,400 | |
Restricted common stock | 2014 Employee Stock Plan | ||
Stock Incentive Plans | ||
Restricted common stock granted (in shares) | 504,252 | |
Vesting percentage | 33.33% | |
Restricted common stock | 2007 Non-Employee Directors Stock Plan | ||
Stock Incentive Plans | ||
Restricted common stock granted (in shares) | 17,532 | |
Restricted common stock | 2007 Non-Employee Directors Stock Plan | Shares vesting in January 2020 | ||
Stock Incentive Plans | ||
Vesting percentage | 100.00% | |
Performance-based restricted stock units | ||
Stock Incentive Plans | ||
Performance-based restricted stock units granted for which compensation cost will be excluded (in shares) | 188,400 |
Stock Incentive Plans - Summary
Stock Incentive Plans - Summary of Restricted Common Stock and Performance-Based Restricted Stock Unit Activity (Details) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Restricted Common Stock | |
Number of Shares | |
Unvested at the beginning of the period (in shares) | shares | 639,329 |
Granted (in shares) | shares | 521,784 |
Vested (in shares) | shares | (21,790) |
Forfeited (in shares) | shares | (2,910) |
Expired (in shares) | shares | 0 |
Unvested at the end of the period (in shares) | shares | 1,136,413 |
Weighted Average Grant Date Fair Value | |
Unvested at the beginning of the period (in dollars per share) | $ / shares | $ 14.40 |
Granted (in dollars per share) | $ / shares | 19.80 |
Vested (in dollars per share) | $ / shares | (12.62) |
Forfeited (in dollars per share) | $ / shares | (14.85) |
Expired (in dollars per share) | $ / shares | 0 |
Unvested at the end of the period (in dollars per share) | $ / shares | $ 16.91 |
Restricted Stock Units | |
Number of Shares | |
Unvested at the beginning of the period (in shares) | shares | 705,600 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | (1,000) |
Expired (in shares) | shares | (327,800) |
Unvested at the end of the period (in shares) | shares | 376,800 |
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 | (12.64) |
Expired (in dollars per share) | $ / shares | (12.14) |
Unvested at the end of the period (in dollars per share) | $ / shares | $ 12.64 |
Investments in Affordable Hou56
Investments in Affordable Housing Limited Partnerships (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Funding installments, installment period | 2 years | ||
Other non-interest expense | |||
Schedule of Equity Method Investments [Line Items] | |||
Expense related to investments in affordable housing limited partnerships | $ 653 | $ 352 | |
Income tax expense | |||
Schedule of Equity Method Investments [Line Items] | |||
Affordable housing tax credits and other tax benefits | 590 | $ 390 | |
Other assets | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in affordable housing limited partnerships | 15,100 | $ 15,700 | |
Other liabilities | |||
Schedule of Equity Method Investments [Line Items] | |||
Funding obligation related to investments | $ 12,000 | $ 12,000 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Astoria Financial Corporation | ||
Amount | ||
Tier 1 leverage | $ 1,583,061 | $ 1,572,750 |
Common equity tier 1 risk-based | 1,455,879 | 1,448,341 |
Tier 1 risk-based | 1,583,061 | 1,572,750 |
Total risk-based | $ 1,665,994 | $ 1,659,221 |
Ratio | ||
Tier 1 leverage | 11.12% | 10.85% |
Common equity tier 1 risk-based | 18.02% | 17.29% |
Tier 1 risk-based | 19.60% | 18.78% |
Total risk-based | 20.62% | 19.81% |
Amount | ||
Tier 1 leverage | $ 569,684 | $ 579,829 |
Common equity tier 1 risk-based | 363,516 | 376,857 |
Tier 1 risk-based | 484,688 | 502,477 |
Total risk-based | $ 646,250 | $ 669,969 |
Ratio | ||
Tier 1 leverage | 4.00% | 4.00% |
Common equity tier 1 risk-based | 4.50% | 4.50% |
Tier 1 risk-based | 6.00% | 6.00% |
Total risk-based | 8.00% | 8.00% |
Amount | ||
Common equity tier 1 risk-based | $ 464,492 | $ 429,199 |
Tier 1 risk-based | 585,664 | 554,818 |
Total risk-based | $ 747,227 | $ 722,310 |
Ratio | ||
Common equity tier 1 risk-based | 5.75% | 5.125% |
Tier 1 risk-based | 7.25% | 6.625% |
Total risk-based | 9.25% | 8.625% |
Amount | ||
Tier 1 leverage | $ 712,105 | $ 724,786 |
Common equity tier 1 risk-based | 525,078 | 544,350 |
Tier 1 risk-based | 646,250 | 669,969 |
Total risk-based | $ 807,813 | $ 837,461 |
Ratio | ||
Tier 1 leverage | 5.00% | 5.00% |
Common equity tier 1 risk-based | 6.50% | 6.50% |
Tier 1 risk-based | 8.00% | 8.00% |
Total risk-based | 10.00% | 10.00% |
Astoria Bank | ||
Amount | ||
Tier 1 leverage | $ 1,762,569 | $ 1,742,580 |
Common equity tier 1 risk-based | 1,762,569 | 1,742,580 |
Tier 1 risk-based | 1,762,569 | 1,742,580 |
Total risk-based | $ 1,845,502 | $ 1,829,051 |
Ratio | ||
Tier 1 leverage | 12.44% | 12.09% |
Common equity tier 1 risk-based | 21.86% | 20.85% |
Tier 1 risk-based | 21.86% | 20.85% |
Total risk-based | 22.89% | 21.88% |
Amount | ||
Tier 1 leverage | $ 566,931 | $ 576,660 |
Common equity tier 1 risk-based | 362,844 | 376,129 |
Tier 1 risk-based | 483,792 | 501,505 |
Total risk-based | $ 645,056 | $ 668,673 |
Ratio | ||
Tier 1 leverage | 4.00% | 4.00% |
Common equity tier 1 risk-based | 4.50% | 4.50% |
Tier 1 risk-based | 6.00% | 6.00% |
Total risk-based | 8.00% | 8.00% |
Amount | ||
Common equity tier 1 risk-based | $ 463,634 | $ 428,369 |
Tier 1 risk-based | 584,582 | 553,745 |
Total risk-based | $ 745,846 | $ 720,913 |
Ratio | ||
Common equity tier 1 risk-based | 5.75% | 5.125% |
Tier 1 risk-based | 7.25% | 6.625% |
Total risk-based | 9.25% | 8.625% |
Amount | ||
Tier 1 leverage | $ 708,664 | $ 720,825 |
Common equity tier 1 risk-based | 524,108 | 543,297 |
Tier 1 risk-based | 645,056 | 668,673 |
Total risk-based | $ 806,320 | $ 835,841 |
Ratio | ||
Tier 1 leverage | 5.00% | 5.00% |
Common equity tier 1 risk-based | 6.50% | 6.50% |
Tier 1 risk-based | 8.00% | 8.00% |
Total risk-based | 10.00% | 10.00% |
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 | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value of Financial Instruments | ||
Total securities available-for-sale | $ 265,899 | $ 280,045 |
GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 227,292 | 240,793 |
Non-GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 1,136 | 1,443 |
GSE pass-through certificates | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 8,576 | 8,930 |
Obligations of GSEs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 28,893 | 28,875 |
Fannie Mae stock | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 2 | 4 |
Recurring | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 265,899 | 280,045 |
Recurring | GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 227,292 | 240,793 |
Recurring | Non-GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 1,136 | 1,443 |
Recurring | GSE pass-through certificates | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 8,576 | 8,930 |
Recurring | Obligations of GSEs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 28,893 | 28,875 |
Recurring | Fannie Mae stock | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 2 | 4 |
Recurring | Level 1 | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 2 | 4 |
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 | 4 |
Recurring | Level 2 | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 265,897 | 280,041 |
Recurring | Level 2 | GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 227,292 | 240,793 |
Recurring | Level 2 | Non-GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 1,136 | 1,443 |
Recurring | Level 2 | GSE pass-through certificates | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 8,576 | 8,930 |
Recurring | Level 2 | Obligations of GSEs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 28,893 | 28,875 |
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) - loan | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Valuation methodologies used for assets measured at fair value | ||
Number of held-for-sale non-performing multi-family mortgage loans | 1 | 1 |
Weighted average discount rate (as a percent) | 9.93% | 9.94% |
Weighted average constant prepayment rate (as a percent) | 10.24% | 10.63% |
Weighted average life | 6 years 22 days | 6 years |
Residential Mortgage Loans | ||
Valuation methodologies used for assets measured at fair value | ||
Composition of impaired loans (as a percent) | 90.00% | 90.00% |
Impaired loans for which fair value adjustment was recognized (as a percent) | 91.00% | 90.00% |
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 mortgage loans | ||
Valuation methodologies used for assets measured at fair value | ||
Composition of impaired loans (as a percent) | 8.00% | 8.00% |
Impaired loans for which fair value adjustment was recognized (as a percent) | 8.00% | 9.00% |
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 | |
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) | 89.00% | 90.00% |
Available-for-sale mortgage-backed securities portfolio comprised of GSE securities (as a percent) | 100.00% | 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) | 11.00% | 10.00% |
Fair Value Measurements - Sch60
Fair Value Measurements - Schedule of Carrying Values of Assets Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value of Financial Instruments | ||
Impaired loans | $ 212,371 | $ 213,663 |
MSR, net | 10,237 | 10,130 |
REO, net | 13,500 | 15,144 |
Carrying Value | ||
Fair Value of Financial Instruments | ||
Non-performing loans held-for-sale, net | 6,236 | 11,584 |
MSR, net | 10,237 | 10,130 |
Level 3 | ||
Fair Value of Financial Instruments | ||
Non-performing loans held-for-sale, net | 6,360 | 11,589 |
MSR, net | 10,240 | 10,133 |
Nonrecurring | Level 3 | Carrying Value | ||
Fair Value of Financial Instruments | ||
Non-performing loans held-for-sale, net | 141 | 143 |
Impaired loans | 124,766 | 124,101 |
MSR, net | 10,237 | 10,130 |
REO, net | 13,500 | 14,428 |
Total | $ 148,644 | $ 148,802 |
Fair Value Measurements - Sch61
Fair Value Measurements - Schedule of Gains (Losses) Recognized on Assets Measured at Fair Value on a Non-Recurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value of Financial Instruments | ||
Total | $ (2,112) | $ (2,985) |
Non-performing loans held-for-sale, net | ||
Fair Value of Financial Instruments | ||
Total | 0 | 0 |
Impaired loans | ||
Fair Value of Financial Instruments | ||
Total | (1,704) | (1,858) |
MSR, net | ||
Fair Value of Financial Instruments | ||
Total | 215 | (877) |
REO, net | ||
Fair Value of Financial Instruments | ||
Total | $ (623) | $ (250) |
Fair Value Measurements - Sch62
Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financial Assets: | ||
Securities held-to-maturity | $ 2,769,376 | $ 2,740,132 |
FHLB-NY stock | 107,166 | 124,807 |
MSR, net | 10,237 | 10,130 |
Level 2 | ||
Financial Assets: | ||
Securities held-to-maturity | 2,721,723 | 2,690,546 |
FHLB-NY stock | 107,166 | 124,807 |
Loans held-for-sale, net | 0 | 0 |
Loans receivable, net | 0 | 0 |
MSR, net | 0 | 0 |
Financial Liabilities: | ||
Deposits | 8,998,724 | 8,887,745 |
Borrowings, net | 3,339,515 | 3,747,657 |
Level 3 | ||
Financial Assets: | ||
Securities held-to-maturity | 0 | 0 |
FHLB-NY stock | 0 | 0 |
Loans held-for-sale, net | 6,360 | 11,589 |
Loans receivable, net | 10,097,856 | 10,318,246 |
MSR, net | 10,240 | 10,133 |
Financial Liabilities: | ||
Deposits | 0 | 0 |
Borrowings, net | 0 | 0 |
Carrying Value | ||
Financial Assets: | ||
Securities held-to-maturity | 2,769,376 | 2,740,132 |
FHLB-NY stock | 107,166 | 124,807 |
Loans held-for-sale, net | 6,236 | 11,584 |
Loans receivable, net | 10,118,466 | 10,331,087 |
MSR, net | 10,237 | 10,130 |
Financial Liabilities: | ||
Deposits | 8,990,247 | 8,877,055 |
Borrowings, net | 3,244,885 | 3,634,752 |
Estimated Fair Value | ||
Financial Assets: | ||
Securities held-to-maturity | 2,721,723 | 2,690,546 |
FHLB-NY stock | 107,166 | 124,807 |
Loans held-for-sale, net | 6,360 | 11,589 |
Loans receivable, net | 10,097,856 | 10,318,246 |
MSR, net | 10,240 | 10,133 |
Financial Liabilities: | ||
Deposits | 8,998,724 | 8,887,745 |
Borrowings, net | $ 3,339,515 | $ 3,747,657 |
Litigation (Details)
Litigation (Details) | 16 Months Ended | ||
Feb. 23, 2017lawsuit | Mar. 31, 2017USD ($) | Mar. 06, 2017USD ($) | |
New York Community Bancorp, Inc. Merger-related Litigation | |||
Business Acquisition [Line Items] | |||
Number of lawsuits challenging the proposed merger | lawsuit | 6 | ||
Sterling Merger-related Litigation | |||
Business Acquisition [Line Items] | |||
Liability or reserve recognized | $ 0 | ||
Sterling Merger-related Litigation | Sterling Merger Agreement | Sterling | |||
Business Acquisition [Line Items] | |||
Termination fee | $ 75,700,000 |