Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 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 | Jun. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 101,717,865 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets: | ||
Cash and due from banks | $ 105,764 | $ 129,944 |
Available-for-sale securities: | ||
Encumbered | 34,169 | 35,080 |
Unencumbered | 220,811 | 244,965 |
Total available-for-sale securities | 254,980 | 280,045 |
Held-to-maturity securities, fair value of $2,874,880 and $2,690,546, respectively: | ||
Encumbered | 1,154,343 | 1,194,685 |
Unencumbered | 1,761,122 | 1,545,447 |
Total held-to-maturity securities | 2,915,465 | 2,740,132 |
Federal Home Loan Bank of New York stock, at cost | 105,958 | 124,807 |
Loans held-for-sale, net | 7,920 | 11,584 |
Loans receivable | 9,899,632 | 10,417,187 |
Allowance for loan losses | (79,500) | (86,100) |
Loans receivable, net | 9,820,132 | 10,331,087 |
Mortgage servicing rights, net | 10,168 | 10,130 |
Accrued interest receivable | 34,017 | 34,994 |
Premises and equipment, net | 96,005 | 101,021 |
Goodwill | 185,151 | 185,151 |
Bank owned life insurance | 442,388 | 441,064 |
Real estate owned, net | 14,807 | 15,144 |
Other assets | 155,585 | 153,549 |
Total assets | 14,148,340 | 14,558,652 |
Deposits: | ||
NOW and demand deposit | 2,549,323 | 2,521,094 |
Money market | 2,776,313 | 2,706,895 |
Savings | 2,026,585 | 2,048,202 |
Certificates of deposit | 1,537,335 | 1,600,864 |
Total deposits | 8,889,556 | 8,877,055 |
Federal funds purchased | 170,000 | 195,000 |
Securities sold under agreements to repurchase | 1,100,000 | 1,100,000 |
Federal Home Loan Bank of New York advances | 1,710,000 | 2,090,000 |
Other borrowings, net | 197,945 | 249,752 |
Mortgage escrow funds | 124,708 | 112,975 |
Accrued expenses and other liabilities | 217,095 | 219,797 |
Total liabilities | 12,409,304 | 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 101,717,818 and 101,210,478 shares outstanding, respectively) | 1,665 | 1,665 |
Additional paid-in capital | 824,451 | 830,417 |
Retained earnings | 2,175,308 | 2,155,785 |
Treasury stock (64,777,070 and 65,284,410 shares, at cost, respectively) | (1,336,244) | (1,346,709) |
Accumulated other comprehensive loss | (55,940) | (56,881) |
Total stockholders’ equity | 1,739,036 | 1,714,073 |
Total liabilities and stockholders’ equity | $ 14,148,340 | $ 14,558,652 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity securities, fair value | $ 2,874,880 | $ 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 | 101,717,818 | 101,210,478 |
Treasury stock, shares | 64,777,070 | 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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest income: | ||||
Residential mortgage loans | $ 42,560 | $ 45,683 | $ 86,620 | $ 93,058 |
Multi-family and commercial real estate mortgage loans | 43,423 | 46,607 | 86,829 | 93,412 |
Consumer and other loans | 2,382 | 2,435 | 4,674 | 4,807 |
Mortgage-backed and other securities | 18,615 | 17,400 | 36,615 | 34,304 |
Interest-earning cash accounts | 180 | 116 | 341 | 236 |
Federal Home Loan Bank of New York stock | 1,440 | 1,487 | 3,234 | 2,908 |
Total interest income | 108,600 | 113,728 | 218,313 | 228,725 |
Interest expense: | ||||
Deposits | 6,617 | 6,557 | 12,976 | 14,019 |
Borrowings | 23,446 | 24,085 | 46,685 | 48,368 |
Total interest expense | 30,063 | 30,642 | 59,661 | 62,387 |
Net interest income | 78,537 | 83,086 | 158,652 | 166,338 |
Provision for loan losses credited to operations | (2,455) | (3,006) | (4,941) | (6,133) |
Net interest income after provision for loan losses | 80,992 | 86,092 | 163,593 | 172,471 |
Non-interest income: | ||||
Customer service fees | 6,853 | 7,542 | 13,462 | 14,530 |
Other loan fees | 497 | 567 | 1,092 | 1,101 |
Gain on sales of securities | 0 | 0 | 0 | 86 |
Mortgage banking income, net | 993 | 155 | 2,287 | 118 |
Income from bank owned life insurance | 2,277 | 2,336 | 4,429 | 4,625 |
Other | 1,222 | 1,316 | 2,446 | 2,857 |
Total non-interest income | 11,842 | 11,916 | 23,716 | 23,317 |
General and administrative: | ||||
Compensation and benefits | 36,064 | 36,708 | 73,061 | 74,961 |
Occupancy, equipment and systems | 19,616 | 18,840 | 39,828 | 38,231 |
Federal deposit insurance premium | 1,375 | 3,031 | 3,673 | 6,561 |
Advertising | 559 | 3,018 | 1,148 | 4,471 |
Other | 7,121 | 8,452 | 18,989 | 15,347 |
Total non-interest expense | 64,735 | 70,049 | 136,699 | 139,571 |
Income before income tax expense | 28,099 | 27,959 | 50,610 | 56,217 |
Income tax expense | 10,116 | 9,623 | 18,220 | 19,316 |
Net income | 17,983 | 18,336 | 32,390 | 36,901 |
Preferred stock dividends | 2,194 | 2,194 | 4,388 | 4,388 |
Net income available to common shareholders | $ 15,789 | $ 16,142 | $ 28,002 | $ 32,513 |
Basic earnings per common share (in dollars per share) | $ 0.16 | $ 0.16 | $ 0.28 | $ 0.32 |
Diluted earnings per common share (in dollars per share) | $ 0.16 | $ 0.16 | $ 0.28 | $ 0.32 |
Basic weighted average common shares outstanding | 100,595,630 | 100,380,937 | 100,590,645 | 100,374,934 |
Diluted weighted average common shares outstanding | 100,595,630 | 100,380,937 | 100,590,645 | 100,374,934 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 17,983 | $ 18,336 | $ 32,390 | $ 36,901 |
Net unrealized gain on securities available-for-sale: | ||||
Net unrealized holding gain on securities arising during the period | 658 | 507 | 226 | 4,543 |
Reclassification adjustment for gain on sales of securities included in net income | 0 | 0 | 0 | (51) |
Net unrealized gain on securities available-for-sale | 658 | 507 | 226 | 4,492 |
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | 287 | 315 | 658 | 712 |
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income | 28 | 29 | 57 | 57 |
Total other comprehensive income, net of tax | 973 | 851 | 941 | 5,261 |
Comprehensive income | $ 18,956 | $ 19,187 | $ 33,331 | $ 42,162 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss |
Balance at beginning of period at Dec. 31, 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 | 36,901 | 36,901 | |||||
Other comprehensive (loss) income, net of tax | 5,261 | 5,261 | |||||
Dividends on preferred stock | (4,388) | (4,388) | |||||
Dividends on common stock | (8,107) | (8,107) | |||||
Sales of treasury stock | 83 | (31) | 114 | ||||
Restricted stock grants | 0 | (10,329) | (3,823) | 14,152 | |||
Forfeitures of restricted stock | 0 | 950 | 527 | (1,477) | |||
Stock-based compensation | 2,107 | 2,106 | 1 | ||||
Net tax benefit excess from stock-based compensation | 19 | 19 | |||||
Balance at end of period at Jun. 30, 2016 | 1,695,324 | 129,796 | 1,665 | 895,095 | 2,066,471 | (1,344,347) | (53,356) |
Balance at beginning of period at Mar. 31, 2016 | (54,207) | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 18,336 | ||||||
Other comprehensive (loss) income, net of tax | 851 | ||||||
Balance at end of period at Jun. 30, 2016 | 1,695,324 | 129,796 | 1,665 | 895,095 | 2,066,471 | (1,344,347) | (53,356) |
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 | 32,390 | 32,390 | |||||
Other comprehensive (loss) income, net of tax | 941 | 941 | |||||
Dividends on preferred stock | (4,388) | (4,388) | |||||
Dividends on common stock | (8,118) | (8,118) | |||||
Sales of treasury stock | 70 | (6) | 76 | ||||
Restricted stock grants | 0 | (10,329) | (434) | 10,763 | |||
Forfeitures of restricted stock | 0 | 298 | 76 | (374) | |||
Stock-based compensation | 4,068 | 4,065 | 3 | ||||
Balance at end of period at Jun. 30, 2017 | 1,739,036 | 129,796 | 1,665 | 824,451 | 2,175,308 | (1,336,244) | (55,940) |
Balance at beginning of period at Mar. 31, 2017 | (56,913) | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 17,983 | ||||||
Other comprehensive (loss) income, net of tax | 973 | ||||||
Balance at end of period at Jun. 30, 2017 | $ 1,739,036 | $ 129,796 | $ 1,665 | $ 824,451 | $ 2,175,308 | $ (1,336,244) | $ (55,940) |
Consolidated Statement of Chan7
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends on preferred stock (in dollars per share) | $ 32.5 | $ 32.5 |
Dividends on common stock (in dollars per share) | $ 0.08 | $ 0.08 |
Sale of treasury stock (in shares) | 3,696 | 5,519 |
Restricted stock grants (in shares) | 521,784 | 685,872 |
Forfeitures of restricted stock (in shares) | 18,140 | 71,580 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 32,390 | $ 36,901 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net amortization on loans | 4,509 | 5,058 |
Net amortization on securities and borrowings | 3,019 | 3,988 |
Net provision for loan and real estate losses credited to operations | (4,617) | (5,545) |
Depreciation and amortization | 6,094 | 7,299 |
Net gain on sales of loans and securities | (955) | (1,091) |
Mortgage servicing rights amortization and valuation allowance adjustments, net | 511 | 2,696 |
Stock-based compensation | 4,068 | 2,107 |
Deferred income tax (benefit) expense | (1,507) | 1,206 |
Originations of loans held-for-sale | (52,483) | (55,461) |
Proceeds from sales and principal repayments of loans held-for-sale | 56,912 | 57,312 |
Decrease (increase) in accrued interest receivable | 977 | (569) |
Bank owned life insurance income and insurance proceeds received, net | (1,324) | (2,625) |
Increase in other assets | (705) | (1,498) |
Increase in accrued expenses and other liabilities | (1,959) | (4,657) |
Net cash provided by operating activities | 44,930 | 45,121 |
Cash flows from investing activities: | ||
Originations of loans receivable | (436,784) | (641,986) |
Loan purchases through third parties | (79,448) | (101,252) |
Principal payments on loans receivable | 1,016,421 | 1,042,436 |
Proceeds from sales of delinquent and non-performing loans | 527 | 2,182 |
Purchases of securities held-to-maturity | (677,066) | (822,576) |
Purchases of securities available-for-sale | 0 | (30,000) |
Principal payments on securities held-to-maturity | 499,317 | 438,127 |
Principal payments on securities available-for-sale | 24,885 | 74,610 |
Proceeds from sales of securities available-for-sale | 0 | 23,065 |
Purchases of Federal Home Loan Bank of New York stock | (21,587) | (61,460) |
Redemptions of Federal Home Loan Bank of New York stock | 40,436 | 54,688 |
Proceeds from sales of real estate owned, net | 10,112 | 10,527 |
Purchases of premises and equipment, net of proceeds from sales | (1,079) | (4,142) |
Net cash provided by (used in) investing activities | 375,734 | (15,781) |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 12,501 | (154,897) |
Net increase (decrease) in borrowings with original terms of three months or less | 145,000 | (426,000) |
Proceeds from borrowings with terms greater than three months | 950,000 | 1,375,000 |
Repayments of borrowings with original terms greater than three months | (1,550,000) | (895,000) |
Cash payments for debt issuance costs | (1,642) | 0 |
Net increase in mortgage escrow funds | 11,733 | 15,607 |
Proceeds from sales of treasury stock | 70 | 83 |
Cash dividends paid to stockholders | (12,506) | (12,495) |
Net tax benefit excess from stock-based compensation | 0 | 19 |
Net cash used in financing activities | (444,844) | (97,683) |
Net decrease in cash and cash equivalents | (24,180) | (68,343) |
Cash and cash equivalents at beginning of period | 129,944 | 200,538 |
Cash and cash equivalents at end of period | 105,764 | 132,195 |
Supplemental disclosures: | ||
Interest paid | 59,881 | 61,544 |
Income taxes paid | 18,947 | 13,595 |
Additions to real estate owned | 10,099 | 6,257 |
Loans transferred to held-for-sale | $ 886 | $ 1,562 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 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 June 30, 2017 and December 31, 2016 , our results of operations and other comprehensive income for the three and six months ended June 30, 2017 and 2016 , changes in our stockholders’ equity for the six months ended June 30, 2017 and 2016 and our cash flows for the six months ended June 30, 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 June 30, 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 and six months ended June 30, 2017 and 2016 . The results of operations and other comprehensive income for the three and six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 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 were held on June 13, 2017 , at which Astoria’s stockholders adopted the Sterling Merger Agreement and Sterling’s stockholders adopted the Sterling Merger Agreement and approved 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 | 6 Months Ended |
Jun. 30, 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 June 30, 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) $ 218,429 $ 1,113 $ (2,624 ) $ 216,918 Non-GSE issuance REMICs and CMOs 854 — (3 ) 851 GSE pass-through certificates 7,706 302 (1 ) 8,007 Total residential mortgage-backed securities 226,989 1,415 (2,628 ) 225,776 Obligations of GSEs 30,000 — (798 ) 29,202 Fannie Mae stock 15 — (13 ) 2 Total securities available-for-sale $ 257,004 $ 1,415 $ (3,439 ) $ 254,980 Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 1,323,264 $ 5,438 $ (10,269 ) $ 1,318,433 Non-GSE issuance REMICs and CMOs 189 — (6 ) 183 GSE pass-through certificates 221,541 1,008 (2,340 ) 220,209 Total residential mortgage-backed securities 1,544,994 6,446 (12,615 ) 1,538,825 Multi-family mortgage-backed securities: GSE issuance REMICs 895,870 273 (16,971 ) 879,172 Obligations of GSEs 394,303 17 (13,609 ) 380,711 Corporate Debt securities 80,000 — (4,126 ) 75,874 Other 298 — — 298 Total securities held-to-maturity $ 2,915,465 $ 6,736 $ (47,321 ) $ 2,874,880 (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 June 30, 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). June 30, 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 $ 842 $ 840 $ 49,964 $ 49,964 Over one to five years 275 275 17,272 17,287 Over five to ten years 36,072 35,449 434,341 419,787 Over ten years 219,815 218,416 2,413,888 2,387,842 Total securities $ 257,004 $ 254,980 $ 2,915,465 $ 2,874,880 The following tables set forth the estimated fair values of securities with gross unrealized losses at the dates indicated, segregated between securities that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the dates indicated. At June 30, 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 $ 104,918 $ (1,943 ) $ 19,459 $ (681 ) $ 124,377 $ (2,624 ) Non-GSE issuance REMICs and CMOs 756 (2 ) 67 (1 ) 823 (3 ) GSE pass-through certificates — — 53 (1 ) 53 (1 ) Obligations of GSEs 29,202 (798 ) — — 29,202 (798 ) Fannie Mae stock — — 2 (13 ) 2 (13 ) Total temporarily impaired securities available-for-sale $ 134,876 $ (2,743 ) $ 19,581 $ (696 ) $ 154,457 $ (3,439 ) Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 705,134 $ (6,681 ) $ 119,515 $ (3,588 ) $ 824,649 $ (10,269 ) Non-GSE issuance REMICs and CMOs — — 183 (6 ) 183 (6 ) GSE pass-through certificates 79,567 (1,103 ) 58,804 (1,237 ) 138,371 (2,340 ) Multi-family mortgage-backed securities: GSE issuance REMICs 773,614 (15,565 ) 43,062 (1,406 ) 816,676 (16,971 ) Obligations of GSEs 344,300 (13,609 ) — — 344,300 (13,609 ) Corporate debt securities 9,200 (800 ) 66,674 (3,326 ) 75,874 (4,126 ) Total temporarily impaired securities held-to-maturity $ 1,911,815 $ (37,758 ) $ 288,238 $ (9,563 ) $ 2,200,053 $ (47,321 ) 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 208 securities which had an unrealized loss at June 30, 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 June 30, 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 six months ended June 30, 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 six months ended June 30, 2017 . During the six months ended June 30, 2016 , proceeds from sales of securities from the available-for-sale portfolio totaled $23.1 million , resulting in gross realized gains of $86,000 . At June 30, 2017 , available-for-sale debt securities, excluding mortgage-backed securities, had an amortized cost of $30.0 million , an estimated fair value of $29.2 million and contractual maturities in 2025 and 2026 . At June 30, 2017 , held-to-maturity debt securities, excluding mortgage-backed securities, had an amortized cost of $474.6 million , an estimated fair value of $456.9 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 June 30, 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 $8.5 million at June 30, 2017 and $8.1 million at December 31, 2016 . |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 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 June 30, 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 $ 820 $ 754 $ — $ 1,574 $ 103,118 $ 104,692 Full documentation amortizing 27,058 7,706 — 34,764 4,121,737 4,156,501 Reduced documentation interest-only 302 — — 302 19,069 19,371 Reduced documentation amortizing 22,994 5,130 — 28,124 547,775 575,899 Total residential 51,174 13,590 — 64,764 4,791,699 4,856,463 Multi-family 3,498 153 663 4,314 3,978,312 3,982,626 Commercial real estate 1,869 1,099 895 3,863 660,813 664,676 Total mortgage loans 56,541 14,842 1,558 72,941 9,430,824 9,503,765 Consumer and other loans (gross): Home equity and other consumer 1,088 80 — 1,168 124,506 125,674 Commercial and industrial 44 — — 44 97,820 97,864 Total consumer and other loans 1,132 80 — 1,212 222,326 223,538 Total accruing loans $ 57,673 $ 14,922 $ 1,558 $ 74,153 $ 9,653,150 $ 9,727,303 Non-accrual loans: Mortgage loans (gross): Residential: Full documentation interest-only $ — $ — $ 8,345 $ 8,345 $ 311 $ 8,656 Full documentation amortizing 1,168 1,392 44,804 47,364 9,711 57,075 Reduced documentation interest-only 783 — 8,813 9,596 329 9,925 Reduced documentation amortizing 1,889 804 39,630 42,323 9,982 52,305 Total residential 3,840 2,196 101,592 107,628 20,333 127,961 Multi-family 389 — 306 695 1,307 2,002 Commercial real estate 675 — — 675 3,376 4,051 Total mortgage loans 4,904 2,196 101,898 108,998 25,016 134,014 Consumer and other loans (gross): Home equity and other consumer — — 4,383 4,383 — 4,383 Commercial and industrial — — 24 24 — 24 Total consumer and other loans — — 4,407 4,407 — 4,407 Total non-accrual loans $ 4,904 $ 2,196 $ 106,305 $ 113,405 $ 25,016 $ 138,421 Total loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 820 $ 754 $ 8,345 $ 9,919 $ 103,429 $ 113,348 Full documentation amortizing 28,226 9,098 44,804 82,128 4,131,448 4,213,576 Reduced documentation interest-only 1,085 — 8,813 9,898 19,398 29,296 Reduced documentation amortizing 24,883 5,934 39,630 70,447 557,757 628,204 Total residential 55,014 15,786 101,592 172,392 4,812,032 4,984,424 Multi-family 3,887 153 969 5,009 3,979,619 3,984,628 Commercial real estate 2,544 1,099 895 4,538 664,189 668,727 Total mortgage loans 61,445 17,038 103,456 181,939 9,455,840 9,637,779 Consumer and other loans (gross): Home equity and other consumer 1,088 80 4,383 5,551 124,506 130,057 Commercial and industrial 44 — 24 68 97,820 97,888 Total consumer and other loans 1,132 80 4,407 5,619 222,326 227,945 Total loans $ 62,577 $ 17,118 $ 107,863 $ 187,558 $ 9,678,166 $ 9,865,724 Net unamortized premiums and deferred loan origination costs 33,908 Loans receivable 9,899,632 Allowance for loan losses (79,500 ) Loans receivable, net $ 9,820,132 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 June 30, 2017 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at April 1, 2017 $ 34,351 $ 33,949 $ 8,905 $ 5,295 $ 82,500 Provision (credited) charged to operations (2,198 ) 241 (345 ) (153 ) (2,455 ) Charge-offs (1,446 ) (103 ) — (153 ) (1,702 ) Recoveries 720 — 384 53 1,157 Balance at June 30, 2017 $ 31,427 $ 34,087 $ 8,944 $ 5,042 $ 79,500 For the Six Months Ended June 30, 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 (3,099 ) (716 ) (848 ) (278 ) (4,941 ) Charge-offs (3,681 ) (137 ) — (265 ) (4,083 ) Recoveries 1,768 39 493 124 2,424 Balance at June 30, 2017 $ 31,427 $ 34,087 $ 8,944 $ 5,042 $ 79,500 For the Three Months Ended June 30, 2016 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at April 1, 2016 $ 44,378 $ 33,020 $ 10,368 $ 6,434 $ 94,200 Provision (credited) charged to operations (1,658 ) (1,270 ) (596 ) 518 (3,006 ) Charge-offs (1,826 ) (99 ) (63 ) (95 ) (2,083 ) Recoveries 326 480 — 83 889 Balance at June 30, 2016 $ 41,220 $ 32,131 $ 9,709 $ 6,940 $ 90,000 For the Six Months Ended June 30, 2016 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at January 1, 2016 $ 44,951 $ 35,544 $ 11,217 $ 6,288 $ 98,000 Provision (credited) charged to operations (1,520 ) (4,527 ) (1,445 ) 1,359 (6,133 ) Charge-offs (3,491 ) (409 ) (63 ) (860 ) (4,823 ) Recoveries 1,280 1,523 — 153 2,956 Balance at June 30, 2016 $ 41,220 $ 32,131 $ 9,709 $ 6,940 $ 90,000 The following table sets forth the balances of our residential interest-only mortgage loans at June 30, 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) $ 112,628 13 to 24 months 15,382 25 to 36 months 12,372 Over 36 months 2,262 Total $ 142,644 (1) Includes $15.1 million of past due loans that were scheduled to enter amortization prior to June 30, 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 June 30, 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 $ 4,790,466 $ 3,947,169 $ 649,699 $ 125,594 $ 96,011 $ 9,608,939 Criticized: Special mention 11,877 25,437 5,727 80 1,522 44,643 Substandard 182,081 12,022 13,301 4,383 355 212,142 Doubtful — — — — — — Total $ 4,984,424 $ 3,984,628 $ 668,727 $ 130,057 $ 97,888 $ 9,865,724 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 June 30, 2017 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Loans: Individually evaluated for impairment $ 181,284 $ 4,320 $ 7,397 $ 3,611 $ 196,612 Collectively evaluated for impairment 4,803,140 3,980,308 661,330 224,334 9,669,112 Total loans $ 4,984,424 $ 3,984,628 $ 668,727 $ 227,945 $ 9,865,724 Allowance for loan losses: Individually evaluated for impairment $ 7,730 $ 2 $ 4 $ 275 $ 8,011 Collectively evaluated for impairment 23,697 34,085 8,940 4,767 71,489 Total allowance for loan losses $ 31,427 $ 34,087 $ 8,944 $ 5,042 $ 79,500 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 June 30, 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 $ 13,761 $ 10,722 $ (1,274 ) $ 9,448 $ 21,202 $ 16,535 $ (1,863 ) $ 14,672 Full documentation amortizing 88,575 79,485 (2,934 ) 76,551 88,106 79,584 (3,494 ) 76,090 Reduced documentation interest-only 12,320 10,295 (931 ) 9,364 28,637 23,090 (1,589 ) 21,501 Reduced documentation amortizing 90,144 78,231 (2,591 ) 75,640 79,670 70,623 (2,098 ) 68,525 Multi-family 1,426 1,427 (2 ) 1,425 2,427 2,432 (24 ) 2,408 Commercial real estate 221 225 (4 ) 221 — — — — Consumer and other loans: Home equity lines of credit 3,903 3,587 (275 ) 3,312 4,414 4,049 (310 ) 3,739 Without an allowance recorded: Mortgage loans: Residential: Reduced documentation amortizing 2,972 2,551 — 2,551 2,965 2,595 — 2,595 Multi-family 3,400 2,893 — 2,893 5,272 4,680 — 4,680 Commercial real estate 8,437 7,172 — 7,172 11,791 10,033 — 10,033 Consumer and other loans: Commercial and industrial 72 24 — 24 90 42 — 42 Total impaired loans $ 225,231 $ 196,612 $ (8,011 ) $ 188,601 $ 244,574 $ 213,663 $ (9,378 ) $ 204,285 The following tables set forth the average recorded investment, interest income recognized and cash basis interest income related to our impaired loans by segment and class for the periods indicated. For the Three Months Ended June 30, 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 $ 12,238 $ 54 $ 51 $ 26,744 $ 154 $ 154 Full documentation amortizing 80,364 671 662 70,988 524 534 Reduced documentation interest-only 12,984 38 45 35,843 300 300 Reduced documentation amortizing 77,911 735 770 64,400 594 597 Multi-family 1,438 26 26 5,232 56 68 Commercial real estate 1,246 2 2 686 5 5 Consumer and other loans: Home equity lines of credit 3,742 10 12 4,488 11 9 Without an allowance recorded: Mortgage loans: Residential: Reduced documentation amortizing 2,623 24 22 — — — Multi-family 3,752 36 38 9,385 113 121 Commercial real estate 8,168 102 109 11,867 164 167 Consumer and other loans: Commercial and industrial 28 1 1 — — — Total impaired loans $ 204,494 $ 1,699 $ 1,738 $ 229,633 $ 1,921 $ 1,955 For the Six Months Ended June 30, 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 $ 13,670 $ 154 $ 155 $ 28,040 $ 290 $ 302 Full documentation amortizing 80,104 1,311 1,296 68,400 1,070 1,077 Reduced documentation interest-only 16,353 90 88 39,409 622 615 Reduced documentation amortizing 75,482 1,521 1,538 60,440 1,156 1,178 Multi-family 1,769 52 52 6,138 120 138 Commercial real estate 830 4 4 2,698 11 12 Consumer and other loans: Home equity lines of credit 3,844 24 26 4,648 21 20 Without an allowance recorded: Mortgage loans: Residential: Reduced documentation amortizing 2,614 46 43 — — — Multi-family 4,061 73 75 11,821 243 254 Commercial real estate 8,789 207 210 10,668 334 337 Consumer and other loans: Commercial and industrial 33 3 3 — — — Total impaired loans $ 207,549 $ 3,485 $ 3,490 $ 232,262 $ 3,867 $ 3,933 The following tables set forth information about our mortgage loans receivable by segment and class at June 30, 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 June 30, 2017 included interest rate modifications of $3.5 million and extension of maturity date modifications of $492,000 . In addition, $2.5 million of loans at June 30, 2017 were classified as TDRs as a result of relief granted under Chapter 7 bankruptcy filings. Modifications in a TDR for the six months ended June 30, 2017 included interest rate modifications of $5.1 million , maturity date modifications of $492,000 and Chapter 7 bankruptcy filings of $3.3 million . Modifications During the Three Months Ended June 30, 2017 2016 (Dollars In Thousands) Number of Loans Pre- Modification Recorded Investment Recorded Investment at June 30, 2017 Number of Loans Pre- Modification Recorded Investment Recorded Investment at June 30, 2016 Residential: Full documentation interest-only 2 $ 599 $ 599 3 $ 1,947 $ 1,943 Full documentation amortizing 4 1,894 1,891 11 4,274 4,264 Reduced documentation interest-only — — — 1 498 489 Reduced documentation amortizing 7 3,947 3,916 2 529 526 Multi-family — — — 1 338 332 Commercial real estate — — — 1 515 487 Total 13 $ 6,440 $ 6,406 19 $ 8,101 $ 8,041 Modifications During the Six Months Ended June 30, 2017 2016 (Dollars In Thousands) Number of Loans Pre- Modification Recorded Investment Recorded Investment at June 30, 2017 Number of Loans Pre- Modification Recorded Investment Recorded Investment at June 30, 2016 Residential: Full documentation interest-only 3 $ 795 $ 787 7 $ 2,836 $ 2,829 Full documentation amortizing 6 2,379 2,369 13 4,865 4,852 Reduced documentation interest-only 3 1,121 1,090 3 1,212 1,196 Reduced documentation amortizing 11 4,742 4,700 5 1,524 1,506 Multi-family — — — 1 338 332 Commercial real estate — — — 1 515 487 Total 23 $ 9,037 $ 8,946 30 $ 11,290 $ 11,202 The following tables set forth information about our mortgage loans receivable by segment and class at June 30, 2017 and 2016 which were modified in a TDR during the twelve month periods ended June 30, 2017 and 2016 and had a subsequent payment default during the periods indicated. For the Three Months Ended June 30, 2017 2016 (Dollars In Thousands) Number of Loans Recorded Investment at June 30, 2017 Number of Loans Recorded Investment at June 30, 2016 Residential: Full documentation interest-only 3 $ 897 3 $ 1,084 Full documentation amortizing 1 597 9 2,345 Reduced documentation interest-only 2 879 2 395 Reduced documentation amortizing 4 1,214 — — Total 10 $ 3,587 14 $ 3,824 For the Six Months Ended June 30, 2017 2016 (Dollars In Thousands) Number of Loans Recorded Investment at June 30, 2017 Number of Loans Recorded Investment at June 30, 2016 Residential: Full documentation interest-only 4 $ 1,085 3 $ 1,084 Full documentation amortizing 2 764 9 2,345 Reduced documentation interest-only 2 879 3 970 Reduced documentation amortizing 4 1,214 — — Total 12 $ 3,942 15 $ 4,399 Included in loans receivable at June 30, 2017 are loans in the process of foreclosure collateralized by residential real estate property with a recorded investment of $72.8 million . For additional information regarding our loans receivable and allowance for loan losses, see “Asset Quality” and “Critical Accounting Policies” in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” or “MD&A.” |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 2017 were fixed rate and collateralized by GSE securities, of which 81% were residential mortgage-backed securities and 19% 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 | 6 Months Ended |
Jun. 30, 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 June 30, For the Six Months Ended June 30, (In Thousands, Except Share Data) 2017 2016 2017 2016 Net income $ 17,983 $ 18,336 $ 32,390 $ 36,901 Preferred stock dividends (2,194 ) (2,194 ) (4,388 ) (4,388 ) Net income available to common shareholders 15,789 16,142 28,002 32,513 Income allocated to participating securities (173 ) (160 ) (247 ) (296 ) Net income allocated to common shareholders $ 15,616 $ 15,982 $ 27,755 $ 32,217 Basic weighted average common shares outstanding 100,595,630 100,380,937 100,590,645 100,374,934 Dilutive effect of stock options and restricted stock units (1) (2) — — — — Diluted weighted average common shares outstanding 100,595,630 100,380,937 100,590,645 100,374,934 Basic EPS $ 0.16 $ 0.16 $ 0.28 $ 0.32 Diluted EPS $ 0.16 $ 0.16 $ 0.28 $ 0.32 (1) Excludes options to purchase 6,000 shares of common stock which were outstanding during the three months ended June 30, 2016 ; options to purchase 467 shares of common stock which were outstanding during the six months ended June 30, 2017 ; and options to purchase 6,495 shares of common stock which were outstanding during the six months ended June 30, 2016 because their inclusion would be anti-dilutive. There were no options to purchase shares of common stock outstanding during the three months ended June 30, 2017 . (2) Excludes 370,749 unvested restricted stock units which were outstanding during the three months ended June 30, 2017 ; 744,923 unvested restricted stock units which were outstanding during the three months ended June 30, 2016 ; 430,238 unvested restricted stock units which were outstanding during the six months ended June 30, 2017 ; and 746,027 unvested restricted stock units which were outstanding during the six months ended June 30, 2016 because the performance conditions have not been satisfied. |
Other Comprehensive Income_Loss
Other Comprehensive Income/Loss | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2017 and 2016 . (In Thousands) At Other Comprehensive Income At Net unrealized gain on securities available-for-sale $ 1,829 $ 658 $ 2,487 Net actuarial loss on pension plans and other postretirement benefits (55,836 ) 287 (55,549 ) Prior service cost on pension plans and other postretirement benefits (2,906 ) 28 (2,878 ) Accumulated other comprehensive loss $ (56,913 ) $ 973 $ (55,940 ) (In Thousands) At Other Comprehensive Income At Net unrealized gain on securities available-for-sale $ 2,261 $ 226 $ 2,487 Net actuarial loss on pension plans and other postretirement benefits (56,207 ) 658 (55,549 ) Prior service cost on pension plans and other postretirement benefits (2,935 ) 57 (2,878 ) Accumulated other comprehensive loss $ (56,881 ) $ 941 $ (55,940 ) (In Thousands) At Other Comprehensive Income At Net unrealized gain on securities available-for-sale $ 6,812 $ 507 $ 7,319 Net actuarial loss on pension plans and other postretirement benefits (57,999 ) 315 (57,684 ) Prior service cost on pension plans and other postretirement benefits (3,020 ) 29 (2,991 ) Accumulated other comprehensive loss $ (54,207 ) $ 851 $ (53,356 ) (In Thousands) At Other Comprehensive Income At Net unrealized gain on securities available-for-sale $ 2,827 $ 4,492 $ 7,319 Net actuarial loss on pension plans and other postretirement benefits (58,396 ) 712 (57,684 ) Prior service cost on pension plans and other postretirement benefits (3,048 ) 57 (2,991 ) Accumulated other comprehensive loss $ (58,617 ) $ 5,261 $ (53,356 ) 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 Expense After Tax Amount Net unrealized holding gain on securities available-for-sale arising during the period $ 1,104 $ (446 ) $ 658 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 482 (195 ) 287 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 47 (19 ) 28 Other comprehensive income $ 1,633 $ (660 ) $ 973 For the Six Months Ended (In Thousands) Before Tax Amount Income Tax Expense After Tax Amount Net unrealized holding gain on securities available-for-sale arising during the period $ 380 $ (154 ) $ 226 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 1,105 (447 ) 658 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 95 (38 ) 57 Other comprehensive income $ 1,580 $ (639 ) $ 941 For the Three Months Ended (In Thousands) Before Tax Amount Income Tax Expense After Tax Amount Net unrealized holding gain on securities available-for-sale arising during the period $ 852 $ (345 ) $ 507 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 528 (213 ) 315 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 48 (19 ) 29 Other comprehensive income $ 1,428 $ (577 ) $ 851 For the Six 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 $ 7,626 $ (3,083 ) $ 4,543 Reclassification adjustment for gain on sales of securities included in net income (86 ) 35 (51 ) Net unrealized gain on securities available-for-sale 7,540 (3,048 ) 4,492 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 1,195 (483 ) 712 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 95 (38 ) 57 Other comprehensive income $ 8,830 $ (3,569 ) $ 5,261 The following tables set forth information about amounts reclassified from accumulated other comprehensive loss to, and the affected line items in, the consolidated statements of income for the periods indicated. For the Three Months Ended June 30, Income Statement Line Item (In Thousands) 2017 2016 Reclassification adjustment for net actuarial loss (1) $ (482 ) $ (528 ) Compensation and benefits Reclassification adjustment for prior service cost (1) (47 ) (48 ) Compensation and benefits Total reclassifications, before tax (529 ) (576 ) Income tax effect 214 232 Income tax expense Total reclassifications, net of tax $ (315 ) $ (344 ) Net income For the Six Months Ended June 30, 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) (1,105 ) (1,195 ) Compensation and benefits Reclassification adjustment for prior service cost (1) (95 ) (95 ) Compensation and benefits Total reclassifications, before tax (1,200 ) (1,204 ) Income tax effect 485 486 Income tax expense Total reclassifications, net of tax $ (715 ) $ (718 ) 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 | 6 Months Ended |
Jun. 30, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Plans and Other Postretirement Benefits | Pension Plans and Other Postretirement Benefits The following tables set forth information regarding the components of net periodic cost for our defined benefit pension plans and other postretirement benefit plan for the periods indicated. Pension Benefits Other Postretirement Benefits For the Three Months Ended June 30, For the Three Months Ended June 30, (In Thousands) 2017 2016 2017 2016 Service cost $ — $ — $ 305 $ 460 Interest cost 2,338 2,485 236 234 Expected return on plan assets (3,103 ) (3,058 ) — — Recognized net actuarial loss (gain) 656 673 (174 ) (145 ) Amortization of prior service cost 47 48 — — Settlement 25 — — — Net periodic (benefit) cost $ (37 ) $ 148 $ 367 $ 549 Pension Benefits Other Postretirement Benefits For the Six Months Ended June 30, For the Six Months Ended June 30, (In Thousands) 2017 2016 2017 2016 Service cost $ — $ — $ 795 $ 932 Interest cost 4,768 5,021 491 497 Expected return on plan assets (6,200 ) (6,116 ) — — Recognized net actuarial loss (gain) 1,378 1,407 (273 ) (212 ) Amortization of prior service cost 95 95 — — Settlement 86 — — — Net periodic cost $ 127 $ 407 $ 1,013 $ 1,217 |
Stock Incentive Plans
Stock Incentive Plans | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plans | Stock Incentive Plans During the six months ended June 30, 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, of which 497,712 shares remain outstanding at June 30, 2017 and all of which 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 six months ended June 30, 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 June 30, 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 six months ended June 30, 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 (18,140 ) (16.43 ) (10,000 ) (12.64 ) Expired — — (327,800 ) (1) (12.14 ) Unvested at June 30, 2017 1,121,183 16.91 367,800 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 $1.4 million , net of taxes of $947,000 , for the three months ended June 30, 2017 and $2.4 million , net of taxes of $1.6 million for the six months ended June 30, 2017 . Stock-based compensation expense totaled $314,000 , net of taxes of $213,000 , for the three months ended June 30, 2016 and $1.3 million , net of taxes of 852,000 for the six months ended June 30, 2016 . At June 30, 2017 , pre-tax compensation cost related to all unvested awards of restricted common stock and restricted stock units not yet recognized totaled $14.7 million and will be recognized over a weighted average period of approximately 2.0 years, which excludes $2.3 million of pre-tax compensation cost related to 183,900 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 | 6 Months Ended |
Jun. 30, 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 $14.3 million at June 30, 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 $9.8 million at June 30, 2017 and $12.0 million at December 31, 2016 . Funding installments are due on an "as needed" basis, currently projected over the next twelve months, the timing of which cannot be estimated. Expense related to our investments in affordable housing limited partnerships totaled $733,000 for the three months ended June 30, 2017 and $1.4 million for the six months ended June 30, 2017 , included in income tax expense in the consolidated statements of income. Such expense totaled $353,000 for the three months ended June 30, 2016 and $705,000 for the six months ended June 30, 2016 , 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 $563,000 for the three months ended June 30, 2017 and $483,000 for the three months ended June 30, 2016 . Such tax credits and other tax benefits totaled $1.2 million for the six months ended June 30, 2017 and $873,000 for the six months ended June 30, 2016 . |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 2017 also exceeded the minimum capital requirements shown in the table below including the currently applicable Conservation Buffer of 1.25% . The following tables set forth information regarding the regulatory capital requirements applicable to Astoria Financial Corporation and Astoria Bank. At June 30, 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 $ 1,597,712 11.34 % $ 563,739 4.00 % N/A N/A $ 704,673 5.00 % Common equity tier 1 risk-based 1,470,451 19.03 347,681 4.50 $ 444,259 5.75 % 502,206 6.50 Tier 1 risk-based 1,597,712 20.68 463,575 6.00 560,153 7.25 618,100 8.00 Total risk-based 1,677,630 21.71 618,100 8.00 714,678 9.25 772,624 10.00 Astoria Bank: Tier 1 leverage $ 1,717,805 12.28 % $ 559,601 4.00 % N/A N/A $ 699,501 5.00 % Common equity tier 1 risk-based 1,717,805 22.28 346,965 4.50 $ 443,344 5.75 % 501,171 6.50 Tier 1 risk-based 1,717,805 22.28 462,620 6.00 558,999 7.25 616,826 8.00 Total risk-based 1,797,723 23.32 616,826 8.00 713,206 9.25 771,033 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2017 (In Thousands) Total Level 1 Level 2 Securities available-for-sale: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 216,918 $ — $ 216,918 Non-GSE issuance REMICs and CMOs 851 — 851 GSE pass-through certificates 8,007 — 8,007 Obligations of GSEs 29,202 — 29,202 Fannie Mae stock 2 2 — Total securities available-for-sale $ 254,980 $ 2 $ 254,978 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 June 30, 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 June 30, 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 June 30, 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 June 30, 2017 At December 31, 2016 Non-performing loans held-for-sale, net $ 499 $ 143 Impaired loans 116,845 124,101 MSR, net 10,168 10,130 REO, net 14,807 14,428 Total $ 142,319 $ 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 Six Months Ended June 30, (In Thousands) 2017 2016 Non-performing loans held-for-sale, net (1) $ (77 ) $ (167 ) Impaired loans (2) (2,543 ) (3,019 ) MSR, net (3) 413 (1,622 ) REO, net (4) (732 ) (789 ) Total $ (2,939 ) $ (5,597 ) (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 June 30, 2017 , we held-for-sale two non-performing multi-family mortgage loans. At 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 92% residential mortgage loans, 6% multi-family and commercial real estate mortgage loans and 2% home equity lines of credit at June 30, 2017 and 90% residential mortgage loans, 8% multi-family and commercial real estate mortgage loans and 2% home equity lines of credit at December 31, 2016 . Impaired loans for which a fair value adjustment was recognized were comprised of 93% residential mortgage loans, 6% multi-family and commercial real estate mortgage loans and 1% home equity lines of credit at June 30, 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 June 30, 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 10.32% and a weighted average life of 6.0 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 June 30, 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 June 30, 2017 Carrying Value Estimated Fair Value (In Thousands) Total Level 2 Level 3 Financial Assets: Securities held-to-maturity $ 2,915,465 $ 2,874,880 $ 2,874,880 $ — FHLB-NY stock 105,958 105,958 105,958 — Loans held-for-sale, net (1) 7,920 8,140 — 8,140 Loans receivable, net (1) 9,820,132 9,823,388 — 9,823,388 MSR, net (1) 10,168 10,171 — 10,171 Financial Liabilities: Deposits 8,889,556 8,899,905 8,899,905 — Borrowings, net 3,177,945 3,276,424 3,276,424 — 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 | 6 Months Ended |
Jun. 30, 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. 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 Action; (2) Parshall v. Astoria Financial Corporation, et al. , Case No. 1:17-cv-02165, filed April 10, 2017 in the United States District Court for the Eastern District of New York, or the Parshall Action; (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 Action; (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 Action, and together with the MSS Action and the Minzer Action, the State Court Actions; and (5) Jenkins v. Astoria Financial Corporation, et al. , Case No. 1:17-cv-02608, filed May 2, 2017 in the United States District Court for the Eastern District of New York, or the Jenkins Action, and together with the Parshall Action, the Federal Actions. Collectively, the State Court Actions and the Federal Actions are referred to as the Class Actions. 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 plaintiffs in the State Court Actions 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 plaintiffs in the State Court Actions further variously allege that (i) 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; and (ii) 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. The plaintiffs in the State Court Actions further allege that Sterling aided and abetted the alleged fiduciary breaches by the Astoria Board of Directors. The plaintiffs in the Federal Actions variously allege that the defendants violated federal securities laws by disseminating a registration statement that omitted material information with respect to the Sterling Merger. The plaintiffs in the O’Connell Action and the Minzer Action also allege that the registration statement is materially misleading. Plaintiffs in the Class 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. On June 6, 2017, Astoria, Sterling and the plaintiffs in the Class Actions entered into a memorandum of understanding, or the MOU, which provides for the settlement of the Class Actions. The MOU contemplates, among other things, that Astoria would make certain supplemental disclosures relating to the Sterling Merger. Although the defendants deny the allegations made in the Class Actions and believe that no supplemental disclosure is required under applicable laws, in order to minimize the distraction, burden, risk and expense of further litigation and in order to avoid any possible delay in the closing of the proposed Sterling Merger, Astoria agreed to make such supplemental disclosures pursuant to the terms of the MOU, which supplemental disclosures were made in Exhibit 99.1 to the Current Report on Form 8-K filed by Astoria with the SEC on June 7, 2017. Furthermore, pursuant to the MOU, plaintiffs in the Minzer Action, the Parshall Action and the Jenkins Action voluntarily dismissed their respective actions without prejudice. In addition, on April 26, 2017, a separate putative class action challenging the proposed Sterling Merger, Garfield v. Sterling Bancorp, et al. , Index No. 031888/2017, was filed in the Supreme Court of the State of New York, County of Rockland, or the Garfield Action. This lawsuit 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 aided and abetted a breach of the Sterling directors’ fiduciary duty of candor by jointly filing a materially deficient and misleading proxy statement. Sterling and Astoria agreed to make certain supplemental disclosures relating to the Sterling Merger, which supplemental disclosures were made in Exhibit 99.2 to the Current Report on Form 8-K filed by Astoria with the SEC on June 7, 2017, in contemplation of a potential settlement of the Garfield Action. On June 30, 2017, Sterling, Astoria and the plaintiffs in the Garfield Action entered into a Stipulation and Settlement, or the Garfield Stipulation, pursuant to which, in addition to the supplemental disclosures made on June 7, 2017, Sterling agreed, subject to final court approval, to pay to plaintiffs’ counsel a fixed amount in full settlement of the plaintiffs’ claim for attorneys’ fees and expenses. Although the defendants in the Garfield Action continue to deny the allegations made in the Garfield Action, they have nevertheless agreed to enter into the Garfield Stipulation in order to avoid the costs, disruption and distraction of further litigation. On May 15, 2017, another putative class action, Karp v. Astoria Financial Corporation, et al. , Index No. 604286/2017, was filed in the Supreme Court of the State of New York, County of Nassau, or the Karp Action, challenging the proposed Sterling Merger on substantially similar grounds as the other State Court Actions. Plaintiffs in the Karp Action seek similar remedies as the plaintiffs in the State Court Actions, as well as an order enjoining individual defendants from initiating any defensive measures or taking other actions that would allegedly inhibit their ability to maximize value for Astoria stockholders. Following the execution of the MOU, on July 10, 2017, Astoria, Sterling and the plaintiffs in the Karp Action entered into a Stipulation as to Scheduling and Acceptance of Service, or the Stipulation, pursuant to which the defendants’ time to answer, move or otherwise respond to the Karp Action has been extended indefinitely pending the outcome of any settlement approval process pursuant to the MOU. The defendants continue to believe that all of these actions are without merit. Accordingly, no liability or reserve has been recognized in our consolidated statement of financial condition at June 30, 2017 with respect to these matters. The settlements contemplated by the MOU and the Garfield Stipulation are subject to confirmatory discovery and customary conditions, including court approval following notice to Astoria’s and Sterling’s stockholders, respectively. If the settlements are finally approved by the court, they will resolve and release all claims by stockholders of Astoria and Sterling challenging any aspect of the Sterling Merger, the Sterling Merger Agreement, and any disclosure made in connection therewith, pursuant to terms that will be disclosed to stockholders prior to final approval of the settlements. There can be no assurance that the court will approve the settlements contemplated by the MOU and the Garfield Stipulation. If the court does not approve either or both of the settlements, or if the settlements are otherwise disallowed or terminated by plaintiffs or defendants, to the extent provided for therein, the proposed settlements may become null and void. If the MOU and/or the Garfield Stipulation is terminated, no assurance can be given at this time that the litigation against us will be resolved in our favor, that this litigation will not be costly to defend, that this litigation will not have an impact on our financial condition or results of operations or that, ultimately, any such impact will not be material. |
Impact of Recent Accounting Sta
Impact of Recent Accounting Standards and Interpretations | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 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 June 30, 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) $ 218,429 $ 1,113 $ (2,624 ) $ 216,918 Non-GSE issuance REMICs and CMOs 854 — (3 ) 851 GSE pass-through certificates 7,706 302 (1 ) 8,007 Total residential mortgage-backed securities 226,989 1,415 (2,628 ) 225,776 Obligations of GSEs 30,000 — (798 ) 29,202 Fannie Mae stock 15 — (13 ) 2 Total securities available-for-sale $ 257,004 $ 1,415 $ (3,439 ) $ 254,980 Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 1,323,264 $ 5,438 $ (10,269 ) $ 1,318,433 Non-GSE issuance REMICs and CMOs 189 — (6 ) 183 GSE pass-through certificates 221,541 1,008 (2,340 ) 220,209 Total residential mortgage-backed securities 1,544,994 6,446 (12,615 ) 1,538,825 Multi-family mortgage-backed securities: GSE issuance REMICs 895,870 273 (16,971 ) 879,172 Obligations of GSEs 394,303 17 (13,609 ) 380,711 Corporate Debt securities 80,000 — (4,126 ) 75,874 Other 298 — — 298 Total securities held-to-maturity $ 2,915,465 $ 6,736 $ (47,321 ) $ 2,874,880 (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 June 30, 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). June 30, 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 $ 842 $ 840 $ 49,964 $ 49,964 Over one to five years 275 275 17,272 17,287 Over five to ten years 36,072 35,449 434,341 419,787 Over ten years 219,815 218,416 2,413,888 2,387,842 Total securities $ 257,004 $ 254,980 $ 2,915,465 $ 2,874,880 |
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 June 30, 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 $ 104,918 $ (1,943 ) $ 19,459 $ (681 ) $ 124,377 $ (2,624 ) Non-GSE issuance REMICs and CMOs 756 (2 ) 67 (1 ) 823 (3 ) GSE pass-through certificates — — 53 (1 ) 53 (1 ) Obligations of GSEs 29,202 (798 ) — — 29,202 (798 ) Fannie Mae stock — — 2 (13 ) 2 (13 ) Total temporarily impaired securities available-for-sale $ 134,876 $ (2,743 ) $ 19,581 $ (696 ) $ 154,457 $ (3,439 ) Held-to-maturity: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 705,134 $ (6,681 ) $ 119,515 $ (3,588 ) $ 824,649 $ (10,269 ) Non-GSE issuance REMICs and CMOs — — 183 (6 ) 183 (6 ) GSE pass-through certificates 79,567 (1,103 ) 58,804 (1,237 ) 138,371 (2,340 ) Multi-family mortgage-backed securities: GSE issuance REMICs 773,614 (15,565 ) 43,062 (1,406 ) 816,676 (16,971 ) Obligations of GSEs 344,300 (13,609 ) — — 344,300 (13,609 ) Corporate debt securities 9,200 (800 ) 66,674 (3,326 ) 75,874 (4,126 ) Total temporarily impaired securities held-to-maturity $ 1,911,815 $ (37,758 ) $ 288,238 $ (9,563 ) $ 2,200,053 $ (47,321 ) 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) | 6 Months Ended |
Jun. 30, 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 June 30, 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 $ 820 $ 754 $ — $ 1,574 $ 103,118 $ 104,692 Full documentation amortizing 27,058 7,706 — 34,764 4,121,737 4,156,501 Reduced documentation interest-only 302 — — 302 19,069 19,371 Reduced documentation amortizing 22,994 5,130 — 28,124 547,775 575,899 Total residential 51,174 13,590 — 64,764 4,791,699 4,856,463 Multi-family 3,498 153 663 4,314 3,978,312 3,982,626 Commercial real estate 1,869 1,099 895 3,863 660,813 664,676 Total mortgage loans 56,541 14,842 1,558 72,941 9,430,824 9,503,765 Consumer and other loans (gross): Home equity and other consumer 1,088 80 — 1,168 124,506 125,674 Commercial and industrial 44 — — 44 97,820 97,864 Total consumer and other loans 1,132 80 — 1,212 222,326 223,538 Total accruing loans $ 57,673 $ 14,922 $ 1,558 $ 74,153 $ 9,653,150 $ 9,727,303 Non-accrual loans: Mortgage loans (gross): Residential: Full documentation interest-only $ — $ — $ 8,345 $ 8,345 $ 311 $ 8,656 Full documentation amortizing 1,168 1,392 44,804 47,364 9,711 57,075 Reduced documentation interest-only 783 — 8,813 9,596 329 9,925 Reduced documentation amortizing 1,889 804 39,630 42,323 9,982 52,305 Total residential 3,840 2,196 101,592 107,628 20,333 127,961 Multi-family 389 — 306 695 1,307 2,002 Commercial real estate 675 — — 675 3,376 4,051 Total mortgage loans 4,904 2,196 101,898 108,998 25,016 134,014 Consumer and other loans (gross): Home equity and other consumer — — 4,383 4,383 — 4,383 Commercial and industrial — — 24 24 — 24 Total consumer and other loans — — 4,407 4,407 — 4,407 Total non-accrual loans $ 4,904 $ 2,196 $ 106,305 $ 113,405 $ 25,016 $ 138,421 Total loans: Mortgage loans (gross): Residential: Full documentation interest-only $ 820 $ 754 $ 8,345 $ 9,919 $ 103,429 $ 113,348 Full documentation amortizing 28,226 9,098 44,804 82,128 4,131,448 4,213,576 Reduced documentation interest-only 1,085 — 8,813 9,898 19,398 29,296 Reduced documentation amortizing 24,883 5,934 39,630 70,447 557,757 628,204 Total residential 55,014 15,786 101,592 172,392 4,812,032 4,984,424 Multi-family 3,887 153 969 5,009 3,979,619 3,984,628 Commercial real estate 2,544 1,099 895 4,538 664,189 668,727 Total mortgage loans 61,445 17,038 103,456 181,939 9,455,840 9,637,779 Consumer and other loans (gross): Home equity and other consumer 1,088 80 4,383 5,551 124,506 130,057 Commercial and industrial 44 — 24 68 97,820 97,888 Total consumer and other loans 1,132 80 4,407 5,619 222,326 227,945 Total loans $ 62,577 $ 17,118 $ 107,863 $ 187,558 $ 9,678,166 $ 9,865,724 Net unamortized premiums and deferred loan origination costs 33,908 Loans receivable 9,899,632 Allowance for loan losses (79,500 ) Loans receivable, net $ 9,820,132 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 June 30, 2017 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at April 1, 2017 $ 34,351 $ 33,949 $ 8,905 $ 5,295 $ 82,500 Provision (credited) charged to operations (2,198 ) 241 (345 ) (153 ) (2,455 ) Charge-offs (1,446 ) (103 ) — (153 ) (1,702 ) Recoveries 720 — 384 53 1,157 Balance at June 30, 2017 $ 31,427 $ 34,087 $ 8,944 $ 5,042 $ 79,500 For the Six Months Ended June 30, 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 (3,099 ) (716 ) (848 ) (278 ) (4,941 ) Charge-offs (3,681 ) (137 ) — (265 ) (4,083 ) Recoveries 1,768 39 493 124 2,424 Balance at June 30, 2017 $ 31,427 $ 34,087 $ 8,944 $ 5,042 $ 79,500 For the Three Months Ended June 30, 2016 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at April 1, 2016 $ 44,378 $ 33,020 $ 10,368 $ 6,434 $ 94,200 Provision (credited) charged to operations (1,658 ) (1,270 ) (596 ) 518 (3,006 ) Charge-offs (1,826 ) (99 ) (63 ) (95 ) (2,083 ) Recoveries 326 480 — 83 889 Balance at June 30, 2016 $ 41,220 $ 32,131 $ 9,709 $ 6,940 $ 90,000 For the Six Months Ended June 30, 2016 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Balance at January 1, 2016 $ 44,951 $ 35,544 $ 11,217 $ 6,288 $ 98,000 Provision (credited) charged to operations (1,520 ) (4,527 ) (1,445 ) 1,359 (6,133 ) Charge-offs (3,491 ) (409 ) (63 ) (860 ) (4,823 ) Recoveries 1,280 1,523 — 153 2,956 Balance at June 30, 2016 $ 41,220 $ 32,131 $ 9,709 $ 6,940 $ 90,000 |
Balances of Residential Interest-Only Mortgage Loans | The following table sets forth the balances of our residential interest-only mortgage loans at June 30, 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) $ 112,628 13 to 24 months 15,382 25 to 36 months 12,372 Over 36 months 2,262 Total $ 142,644 (1) Includes $15.1 million of past due loans that were scheduled to enter amortization prior to June 30, 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 June 30, 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 $ 4,790,466 $ 3,947,169 $ 649,699 $ 125,594 $ 96,011 $ 9,608,939 Criticized: Special mention 11,877 25,437 5,727 80 1,522 44,643 Substandard 182,081 12,022 13,301 4,383 355 212,142 Doubtful — — — — — — Total $ 4,984,424 $ 3,984,628 $ 668,727 $ 130,057 $ 97,888 $ 9,865,724 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 June 30, 2017 Mortgage Loans Consumer and Other Loans Multi-Family Commercial Real Estate (In Thousands) Residential Total Loans: Individually evaluated for impairment $ 181,284 $ 4,320 $ 7,397 $ 3,611 $ 196,612 Collectively evaluated for impairment 4,803,140 3,980,308 661,330 224,334 9,669,112 Total loans $ 4,984,424 $ 3,984,628 $ 668,727 $ 227,945 $ 9,865,724 Allowance for loan losses: Individually evaluated for impairment $ 7,730 $ 2 $ 4 $ 275 $ 8,011 Collectively evaluated for impairment 23,697 34,085 8,940 4,767 71,489 Total allowance for loan losses $ 31,427 $ 34,087 $ 8,944 $ 5,042 $ 79,500 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 June 30, 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 $ 13,761 $ 10,722 $ (1,274 ) $ 9,448 $ 21,202 $ 16,535 $ (1,863 ) $ 14,672 Full documentation amortizing 88,575 79,485 (2,934 ) 76,551 88,106 79,584 (3,494 ) 76,090 Reduced documentation interest-only 12,320 10,295 (931 ) 9,364 28,637 23,090 (1,589 ) 21,501 Reduced documentation amortizing 90,144 78,231 (2,591 ) 75,640 79,670 70,623 (2,098 ) 68,525 Multi-family 1,426 1,427 (2 ) 1,425 2,427 2,432 (24 ) 2,408 Commercial real estate 221 225 (4 ) 221 — — — — Consumer and other loans: Home equity lines of credit 3,903 3,587 (275 ) 3,312 4,414 4,049 (310 ) 3,739 Without an allowance recorded: Mortgage loans: Residential: Reduced documentation amortizing 2,972 2,551 — 2,551 2,965 2,595 — 2,595 Multi-family 3,400 2,893 — 2,893 5,272 4,680 — 4,680 Commercial real estate 8,437 7,172 — 7,172 11,791 10,033 — 10,033 Consumer and other loans: Commercial and industrial 72 24 — 24 90 42 — 42 Total impaired loans $ 225,231 $ 196,612 $ (8,011 ) $ 188,601 $ 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 tables set forth the average recorded investment, interest income recognized and cash basis interest income related to our impaired loans by segment and class for the periods indicated. For the Three Months Ended June 30, 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 $ 12,238 $ 54 $ 51 $ 26,744 $ 154 $ 154 Full documentation amortizing 80,364 671 662 70,988 524 534 Reduced documentation interest-only 12,984 38 45 35,843 300 300 Reduced documentation amortizing 77,911 735 770 64,400 594 597 Multi-family 1,438 26 26 5,232 56 68 Commercial real estate 1,246 2 2 686 5 5 Consumer and other loans: Home equity lines of credit 3,742 10 12 4,488 11 9 Without an allowance recorded: Mortgage loans: Residential: Reduced documentation amortizing 2,623 24 22 — — — Multi-family 3,752 36 38 9,385 113 121 Commercial real estate 8,168 102 109 11,867 164 167 Consumer and other loans: Commercial and industrial 28 1 1 — — — Total impaired loans $ 204,494 $ 1,699 $ 1,738 $ 229,633 $ 1,921 $ 1,955 For the Six Months Ended June 30, 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 $ 13,670 $ 154 $ 155 $ 28,040 $ 290 $ 302 Full documentation amortizing 80,104 1,311 1,296 68,400 1,070 1,077 Reduced documentation interest-only 16,353 90 88 39,409 622 615 Reduced documentation amortizing 75,482 1,521 1,538 60,440 1,156 1,178 Multi-family 1,769 52 52 6,138 120 138 Commercial real estate 830 4 4 2,698 11 12 Consumer and other loans: Home equity lines of credit 3,844 24 26 4,648 21 20 Without an allowance recorded: Mortgage loans: Residential: Reduced documentation amortizing 2,614 46 43 — — — Multi-family 4,061 73 75 11,821 243 254 Commercial real estate 8,789 207 210 10,668 334 337 Consumer and other loans: Commercial and industrial 33 3 3 — — — Total impaired loans $ 207,549 $ 3,485 $ 3,490 $ 232,262 $ 3,867 $ 3,933 |
Mortgage Loans Receivable by Segment and Class | The following tables set forth information about our mortgage loans receivable by segment and class at June 30, 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 June 30, 2017 included interest rate modifications of $3.5 million and extension of maturity date modifications of $492,000 . In addition, $2.5 million of loans at June 30, 2017 were classified as TDRs as a result of relief granted under Chapter 7 bankruptcy filings. Modifications in a TDR for the six months ended June 30, 2017 included interest rate modifications of $5.1 million , maturity date modifications of $492,000 and Chapter 7 bankruptcy filings of $3.3 million . Modifications During the Three Months Ended June 30, 2017 2016 (Dollars In Thousands) Number of Loans Pre- Modification Recorded Investment Recorded Investment at June 30, 2017 Number of Loans Pre- Modification Recorded Investment Recorded Investment at June 30, 2016 Residential: Full documentation interest-only 2 $ 599 $ 599 3 $ 1,947 $ 1,943 Full documentation amortizing 4 1,894 1,891 11 4,274 4,264 Reduced documentation interest-only — — — 1 498 489 Reduced documentation amortizing 7 3,947 3,916 2 529 526 Multi-family — — — 1 338 332 Commercial real estate — — — 1 515 487 Total 13 $ 6,440 $ 6,406 19 $ 8,101 $ 8,041 Modifications During the Six Months Ended June 30, 2017 2016 (Dollars In Thousands) Number of Loans Pre- Modification Recorded Investment Recorded Investment at June 30, 2017 Number of Loans Pre- Modification Recorded Investment Recorded Investment at June 30, 2016 Residential: Full documentation interest-only 3 $ 795 $ 787 7 $ 2,836 $ 2,829 Full documentation amortizing 6 2,379 2,369 13 4,865 4,852 Reduced documentation interest-only 3 1,121 1,090 3 1,212 1,196 Reduced documentation amortizing 11 4,742 4,700 5 1,524 1,506 Multi-family — — — 1 338 332 Commercial real estate — — — 1 515 487 Total 23 $ 9,037 $ 8,946 30 $ 11,290 $ 11,202 The following tables set forth information about our mortgage loans receivable by segment and class at June 30, 2017 and 2016 which were modified in a TDR during the twelve month periods ended June 30, 2017 and 2016 and had a subsequent payment default during the periods indicated. For the Three Months Ended June 30, 2017 2016 (Dollars In Thousands) Number of Loans Recorded Investment at June 30, 2017 Number of Loans Recorded Investment at June 30, 2016 Residential: Full documentation interest-only 3 $ 897 3 $ 1,084 Full documentation amortizing 1 597 9 2,345 Reduced documentation interest-only 2 879 2 395 Reduced documentation amortizing 4 1,214 — — Total 10 $ 3,587 14 $ 3,824 For the Six Months Ended June 30, 2017 2016 (Dollars In Thousands) Number of Loans Recorded Investment at June 30, 2017 Number of Loans Recorded Investment at June 30, 2016 Residential: Full documentation interest-only 4 $ 1,085 3 $ 1,084 Full documentation amortizing 2 764 9 2,345 Reduced documentation interest-only 2 879 3 970 Reduced documentation amortizing 4 1,214 — — Total 12 $ 3,942 15 $ 4,399 |
Securities Sold Under Agreeme26
Securities Sold Under Agreements to Repurchase (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 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) | 6 Months Ended |
Jun. 30, 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 June 30, For the Six Months Ended June 30, (In Thousands, Except Share Data) 2017 2016 2017 2016 Net income $ 17,983 $ 18,336 $ 32,390 $ 36,901 Preferred stock dividends (2,194 ) (2,194 ) (4,388 ) (4,388 ) Net income available to common shareholders 15,789 16,142 28,002 32,513 Income allocated to participating securities (173 ) (160 ) (247 ) (296 ) Net income allocated to common shareholders $ 15,616 $ 15,982 $ 27,755 $ 32,217 Basic weighted average common shares outstanding 100,595,630 100,380,937 100,590,645 100,374,934 Dilutive effect of stock options and restricted stock units (1) (2) — — — — Diluted weighted average common shares outstanding 100,595,630 100,380,937 100,590,645 100,374,934 Basic EPS $ 0.16 $ 0.16 $ 0.28 $ 0.32 Diluted EPS $ 0.16 $ 0.16 $ 0.28 $ 0.32 (1) Excludes options to purchase 6,000 shares of common stock which were outstanding during the three months ended June 30, 2016 ; options to purchase 467 shares of common stock which were outstanding during the six months ended June 30, 2017 ; and options to purchase 6,495 shares of common stock which were outstanding during the six months ended June 30, 2016 because their inclusion would be anti-dilutive. There were no options to purchase shares of common stock outstanding during the three months ended June 30, 2017 . (2) Excludes 370,749 unvested restricted stock units which were outstanding during the three months ended June 30, 2017 ; 744,923 unvested restricted stock units which were outstanding during the three months ended June 30, 2016 ; 430,238 unvested restricted stock units which were outstanding during the six months ended June 30, 2017 ; and 746,027 unvested restricted stock units which were outstanding during the six months ended June 30, 2016 because the performance conditions have not been satisfied. |
Other Comprehensive Income_Lo28
Other Comprehensive Income/Loss (Tables) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2017 and 2016 . (In Thousands) At Other Comprehensive Income At Net unrealized gain on securities available-for-sale $ 1,829 $ 658 $ 2,487 Net actuarial loss on pension plans and other postretirement benefits (55,836 ) 287 (55,549 ) Prior service cost on pension plans and other postretirement benefits (2,906 ) 28 (2,878 ) Accumulated other comprehensive loss $ (56,913 ) $ 973 $ (55,940 ) (In Thousands) At Other Comprehensive Income At Net unrealized gain on securities available-for-sale $ 2,261 $ 226 $ 2,487 Net actuarial loss on pension plans and other postretirement benefits (56,207 ) 658 (55,549 ) Prior service cost on pension plans and other postretirement benefits (2,935 ) 57 (2,878 ) Accumulated other comprehensive loss $ (56,881 ) $ 941 $ (55,940 ) (In Thousands) At Other Comprehensive Income At Net unrealized gain on securities available-for-sale $ 6,812 $ 507 $ 7,319 Net actuarial loss on pension plans and other postretirement benefits (57,999 ) 315 (57,684 ) Prior service cost on pension plans and other postretirement benefits (3,020 ) 29 (2,991 ) Accumulated other comprehensive loss $ (54,207 ) $ 851 $ (53,356 ) (In Thousands) At Other Comprehensive Income At Net unrealized gain on securities available-for-sale $ 2,827 $ 4,492 $ 7,319 Net actuarial loss on pension plans and other postretirement benefits (58,396 ) 712 (57,684 ) Prior service cost on pension plans and other postretirement benefits (3,048 ) 57 (2,991 ) Accumulated other comprehensive loss $ (58,617 ) $ 5,261 $ (53,356 ) |
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 Expense After Tax Amount Net unrealized holding gain on securities available-for-sale arising during the period $ 1,104 $ (446 ) $ 658 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 482 (195 ) 287 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 47 (19 ) 28 Other comprehensive income $ 1,633 $ (660 ) $ 973 For the Six Months Ended (In Thousands) Before Tax Amount Income Tax Expense After Tax Amount Net unrealized holding gain on securities available-for-sale arising during the period $ 380 $ (154 ) $ 226 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 1,105 (447 ) 658 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 95 (38 ) 57 Other comprehensive income $ 1,580 $ (639 ) $ 941 For the Three Months Ended (In Thousands) Before Tax Amount Income Tax Expense After Tax Amount Net unrealized holding gain on securities available-for-sale arising during the period $ 852 $ (345 ) $ 507 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 528 (213 ) 315 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 48 (19 ) 29 Other comprehensive income $ 1,428 $ (577 ) $ 851 For the Six 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 $ 7,626 $ (3,083 ) $ 4,543 Reclassification adjustment for gain on sales of securities included in net income (86 ) 35 (51 ) Net unrealized gain on securities available-for-sale 7,540 (3,048 ) 4,492 Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income 1,195 (483 ) 712 Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income 95 (38 ) 57 Other comprehensive income $ 8,830 $ (3,569 ) $ 5,261 |
Schedule of Information About Amounts Reclassified from Accumulated Other Comprehensive Loss | The following tables set forth information about amounts reclassified from accumulated other comprehensive loss to, and the affected line items in, the consolidated statements of income for the periods indicated. For the Three Months Ended June 30, Income Statement Line Item (In Thousands) 2017 2016 Reclassification adjustment for net actuarial loss (1) $ (482 ) $ (528 ) Compensation and benefits Reclassification adjustment for prior service cost (1) (47 ) (48 ) Compensation and benefits Total reclassifications, before tax (529 ) (576 ) Income tax effect 214 232 Income tax expense Total reclassifications, net of tax $ (315 ) $ (344 ) Net income For the Six Months Ended June 30, 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) (1,105 ) (1,195 ) Compensation and benefits Reclassification adjustment for prior service cost (1) (95 ) (95 ) Compensation and benefits Total reclassifications, before tax (1,200 ) (1,204 ) Income tax effect 485 486 Income tax expense Total reclassifications, net of tax $ (715 ) $ (718 ) 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) | 6 Months Ended |
Jun. 30, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Cost for Defined Benefit Pension Plans and Other Postretirement Benefit Plan | The following tables set 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 June 30, For the Three Months Ended June 30, (In Thousands) 2017 2016 2017 2016 Service cost $ — $ — $ 305 $ 460 Interest cost 2,338 2,485 236 234 Expected return on plan assets (3,103 ) (3,058 ) — — Recognized net actuarial loss (gain) 656 673 (174 ) (145 ) Amortization of prior service cost 47 48 — — Settlement 25 — — — Net periodic (benefit) cost $ (37 ) $ 148 $ 367 $ 549 Pension Benefits Other Postretirement Benefits For the Six Months Ended June 30, For the Six Months Ended June 30, (In Thousands) 2017 2016 2017 2016 Service cost $ — $ — $ 795 $ 932 Interest cost 4,768 5,021 491 497 Expected return on plan assets (6,200 ) (6,116 ) — — Recognized net actuarial loss (gain) 1,378 1,407 (273 ) (212 ) Amortization of prior service cost 95 95 — — Settlement 86 — — — Net periodic cost $ 127 $ 407 $ 1,013 $ 1,217 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 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 (18,140 ) (16.43 ) (10,000 ) (12.64 ) Expired — — (327,800 ) (1) (12.14 ) Unvested at June 30, 2017 1,121,183 16.91 367,800 12.64 (1) Expired on February 1, 2017. Performance-based conditions were not achieved. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Regulatory Capital Requirements | The following tables set forth information regarding the regulatory capital requirements applicable to Astoria Financial Corporation and Astoria Bank. At June 30, 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 $ 1,597,712 11.34 % $ 563,739 4.00 % N/A N/A $ 704,673 5.00 % Common equity tier 1 risk-based 1,470,451 19.03 347,681 4.50 $ 444,259 5.75 % 502,206 6.50 Tier 1 risk-based 1,597,712 20.68 463,575 6.00 560,153 7.25 618,100 8.00 Total risk-based 1,677,630 21.71 618,100 8.00 714,678 9.25 772,624 10.00 Astoria Bank: Tier 1 leverage $ 1,717,805 12.28 % $ 559,601 4.00 % N/A N/A $ 699,501 5.00 % Common equity tier 1 risk-based 1,717,805 22.28 346,965 4.50 $ 443,344 5.75 % 501,171 6.50 Tier 1 risk-based 1,717,805 22.28 462,620 6.00 558,999 7.25 616,826 8.00 Total risk-based 1,797,723 23.32 616,826 8.00 713,206 9.25 771,033 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) | 6 Months Ended |
Jun. 30, 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 June 30, 2017 (In Thousands) Total Level 1 Level 2 Securities available-for-sale: Residential mortgage-backed securities: GSE issuance REMICs and CMOs $ 216,918 $ — $ 216,918 Non-GSE issuance REMICs and CMOs 851 — 851 GSE pass-through certificates 8,007 — 8,007 Obligations of GSEs 29,202 — 29,202 Fannie Mae stock 2 2 — Total securities available-for-sale $ 254,980 $ 2 $ 254,978 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 June 30, 2017 At December 31, 2016 Non-performing loans held-for-sale, net $ 499 $ 143 Impaired loans 116,845 124,101 MSR, net 10,168 10,130 REO, net 14,807 14,428 Total $ 142,319 $ 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 Six Months Ended June 30, (In Thousands) 2017 2016 Non-performing loans held-for-sale, net (1) $ (77 ) $ (167 ) Impaired loans (2) (2,543 ) (3,019 ) MSR, net (3) 413 (1,622 ) REO, net (4) (732 ) (789 ) Total $ (2,939 ) $ (5,597 ) (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 June 30, 2017 Carrying Value Estimated Fair Value (In Thousands) Total Level 2 Level 3 Financial Assets: Securities held-to-maturity $ 2,915,465 $ 2,874,880 $ 2,874,880 $ — FHLB-NY stock 105,958 105,958 105,958 — Loans held-for-sale, net (1) 7,920 8,140 — 8,140 Loans receivable, net (1) 9,820,132 9,823,388 — 9,823,388 MSR, net (1) 10,168 10,171 — 10,171 Financial Liabilities: Deposits 8,889,556 8,899,905 8,899,905 — Borrowings, net 3,177,945 3,276,424 3,276,424 — 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) - USD ($) $ / shares in Units, $ in Millions | Mar. 06, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Business Combinations | |||
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 Combinations | |||
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 Combinations | |||
Authorized shares of Sterling Common Stock (in shares) | 310,000,000 | ||
Sterling Merger Agreement | |||
Business Combinations | |||
Common stock, par value (in dollars per share) | $ 0.01 | ||
Common Stock | Sterling | Sterling Merger Agreement | |||
Business Combinations | |||
Conversion ratio of preferred shares of acquiree to acquirer | 0.875 | ||
6.50% Non-Cumulative Perpetual Preferred Stock, Series A | |||
Business Combinations | |||
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 Combinations | |||
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 Combinations | |||
Conversion ratio of preferred shares of acquiree to acquirer | 1 | ||
Sterling Merger-related Litigation | Sterling | Sterling Merger Agreement | |||
Business Combinations | |||
Termination fee payable upon termination of the Sterling Merger Agreement | $ 75.7 |
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 | Jun. 30, 2017 | Dec. 31, 2016 |
Available-for-sale: | ||
Amortized Cost | $ 257,004 | $ 282,200 |
Gross Unrealized Gains | 1,415 | 1,690 |
Gross Unrealized Losses | (3,439) | (3,845) |
Estimated Fair Value | 254,980 | 280,045 |
Held-to-maturity: | ||
Total held-to-maturity securities | 2,915,465 | 2,740,132 |
Gross Unrealized Gains | 6,736 | 5,978 |
Gross Unrealized Losses | (47,321) | (55,564) |
Estimated Fair Value | 2,874,880 | 2,690,546 |
GSE issuance REMICs and CMOs | ||
Available-for-sale: | ||
Amortized Cost | 218,429 | 242,172 |
Gross Unrealized Gains | 1,113 | 1,327 |
Gross Unrealized Losses | (2,624) | (2,706) |
Estimated Fair Value | 216,918 | 240,793 |
Held-to-maturity: | ||
Total held-to-maturity securities | 1,323,264 | 1,119,175 |
Gross Unrealized Gains | 5,438 | 4,896 |
Gross Unrealized Losses | (10,269) | (11,957) |
Estimated Fair Value | 1,318,433 | 1,112,114 |
Non-GSE issuance REMICs and CMOs | ||
Available-for-sale: | ||
Amortized Cost | 854 | 1,442 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | (3) | (1) |
Estimated Fair Value | 851 | 1,443 |
Held-to-maturity: | ||
Total held-to-maturity securities | 189 | 193 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (6) | (7) |
Estimated Fair Value | 183 | 186 |
GSE pass-through certificates | ||
Available-for-sale: | ||
Amortized Cost | 7,706 | 8,571 |
Gross Unrealized Gains | 302 | 361 |
Gross Unrealized Losses | (1) | (2) |
Estimated Fair Value | 8,007 | 8,930 |
Held-to-maturity: | ||
Total held-to-maturity securities | 221,541 | 228,976 |
Gross Unrealized Gains | 1,008 | 665 |
Gross Unrealized Losses | (2,340) | (3,282) |
Estimated Fair Value | 220,209 | 226,359 |
Total residential mortgage-backed securities | ||
Available-for-sale: | ||
Amortized Cost | 226,989 | 252,185 |
Gross Unrealized Gains | 1,415 | 1,690 |
Gross Unrealized Losses | (2,628) | (2,709) |
Estimated Fair Value | 225,776 | 251,166 |
Held-to-maturity: | ||
Total held-to-maturity securities | 1,544,994 | 1,348,344 |
Gross Unrealized Gains | 6,446 | 5,561 |
Gross Unrealized Losses | (12,615) | (15,246) |
Estimated Fair Value | 1,538,825 | 1,338,659 |
Obligations of GSEs | ||
Available-for-sale: | ||
Amortized Cost | 30,000 | 30,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (798) | (1,125) |
Estimated Fair Value | 29,202 | 28,875 |
Held-to-maturity: | ||
Total held-to-maturity securities | 394,303 | 384,325 |
Gross Unrealized Gains | 17 | 54 |
Gross Unrealized Losses | (13,609) | (16,510) |
Estimated Fair Value | 380,711 | 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 | 895,870 | 927,119 |
Gross Unrealized Gains | 273 | 363 |
Gross Unrealized Losses | (16,971) | (19,290) |
Estimated Fair Value | 879,172 | 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 | (4,126) | (4,518) |
Estimated Fair Value | 75,874 | 75,482 |
Other | ||
Held-to-maturity: | ||
Total held-to-maturity securities | 298 | 344 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 298 | $ 344 |
Securities - Schedule of Contra
Securities - Schedule of Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Amortized Cost | ||
Within one year | $ 842 | |
Over one to five years | 275 | |
Over five to ten years | 36,072 | |
Over ten years | 219,815 | |
Total securities | 257,004 | |
Estimated Fair Value | ||
Within one year | 840 | |
Over one to five years | 275 | |
Over five to ten years | 35,449 | |
Over ten years | 218,416 | |
Total securities | 254,980 | |
Amortized Cost | ||
Within one year | 49,964 | |
Over one to five years | 17,272 | |
Over five to ten years | 434,341 | |
Over ten years | 2,413,888 | |
Total held-to-maturity securities | 2,915,465 | $ 2,740,132 |
Estimated Fair Value | ||
Within one year | 49,964 | |
Over one to five years | 17,287 | |
Over five to ten years | 419,787 | |
Over ten years | 2,387,842 | |
Total securities | $ 2,874,880 | $ 2,690,546 |
Securities - Schedule of Estima
Securities - Schedule of Estimated Fair Values of Securities with Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Estimated Fair Value | ||
Less Than Twelve Months | $ 134,876 | $ 169,584 |
Twelve Months or Longer | 19,581 | 20,212 |
Total | 154,457 | 189,796 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (2,743) | (3,012) |
Twelve Months or Longer | (696) | (833) |
Total | (3,439) | (3,845) |
Estimated Fair Value | ||
Less Than Twelve Months | 1,911,815 | 1,825,723 |
Twelve Months or Longer | 288,238 | 231,385 |
Total | 2,200,053 | 2,057,108 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (37,758) | (47,248) |
Twelve Months or Longer | (9,563) | (8,316) |
Total | (47,321) | (55,564) |
GSE issuance REMICs and CMOs | ||
Estimated Fair Value | ||
Less Than Twelve Months | 104,918 | 140,638 |
Twelve Months or Longer | 19,459 | 20,026 |
Total | 124,377 | 160,664 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (1,943) | (1,886) |
Twelve Months or Longer | (681) | (820) |
Total | (2,624) | (2,706) |
Estimated Fair Value | ||
Less Than Twelve Months | 705,134 | 515,537 |
Twelve Months or Longer | 119,515 | 131,629 |
Total | 824,649 | 647,166 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (6,681) | (7,457) |
Twelve Months or Longer | (3,588) | (4,500) |
Total | (10,269) | (11,957) |
Non-GSE issuance REMICs and CMOs | ||
Estimated Fair Value | ||
Less Than Twelve Months | 756 | 0 |
Twelve Months or Longer | 67 | 92 |
Total | 823 | 92 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (2) | 0 |
Twelve Months or Longer | (1) | (1) |
Total | (3) | (1) |
Estimated Fair Value | ||
Less Than Twelve Months | 0 | 0 |
Twelve Months or Longer | 183 | 186 |
Total | 183 | 186 |
Gross Unrealized Losses | ||
Less Than Twelve Months | 0 | 0 |
Twelve Months or Longer | (6) | (7) |
Total | (6) | (7) |
GSE pass-through certificates | ||
Estimated Fair Value | ||
Less Than Twelve Months | 0 | 71 |
Twelve Months or Longer | 53 | 90 |
Total | 53 | 161 |
Gross Unrealized Losses | ||
Less Than Twelve Months | 0 | (1) |
Twelve Months or Longer | (1) | (1) |
Total | (1) | (2) |
Estimated Fair Value | ||
Less Than Twelve Months | 79,567 | 104,538 |
Twelve Months or Longer | 58,804 | 61,872 |
Total | 138,371 | 166,410 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (1,103) | (1,775) |
Twelve Months or Longer | (1,237) | (1,507) |
Total | (2,340) | (3,282) |
Obligations of GSEs | ||
Estimated Fair Value | ||
Less Than Twelve Months | 29,202 | 28,875 |
Twelve Months or Longer | 0 | 0 |
Total | 29,202 | 28,875 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (798) | (1,125) |
Twelve Months or Longer | 0 | 0 |
Total | (798) | (1,125) |
Estimated Fair Value | ||
Less Than Twelve Months | 344,300 | 296,427 |
Twelve Months or Longer | 0 | 0 |
Total | 344,300 | 296,427 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (13,609) | (16,510) |
Twelve Months or Longer | 0 | 0 |
Total | (13,609) | (16,510) |
GSE issuance REMICs | ||
Estimated Fair Value | ||
Less Than Twelve Months | 773,614 | 871,436 |
Twelve Months or Longer | 43,062 | 0 |
Total | 816,676 | 871,436 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (15,565) | (19,290) |
Twelve Months or Longer | (1,406) | 0 |
Total | (16,971) | (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 | 9,200 | 37,785 |
Twelve Months or Longer | 66,674 | 37,698 |
Total | 75,874 | 75,483 |
Gross Unrealized Losses | ||
Less Than Twelve Months | (800) | (2,216) |
Twelve Months or Longer | (3,326) | (2,302) |
Total | $ (4,126) | $ (4,518) |
Securities - Narrative (Details
Securities - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($)security | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)security | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)security | |
Investments, Debt and Equity Securities [Abstract] | |||||
Number of securities held with unrealized loss | security | 208 | 208 | 188 | ||
Proceeds from sales of securities from available-for-sale portfolio | $ 0 | $ 23,065 | |||
Gross realized gains | $ 0 | $ 0 | 0 | $ 86 | |
Securities | |||||
Available-for-sale debt securities, amortized cost | 257,004 | 257,004 | |||
Available-for-sale securities, estimated fair value | 254,980 | 254,980 | $ 280,045 | ||
Held-to-maturity securities, amortized cost | 2,915,465 | 2,915,465 | 2,740,132 | ||
Held-to-maturity securities, estimated fair value | 2,874,880 | 2,874,880 | 2,690,546 | ||
Callable securities, amortized cost | 374,300 | 374,300 | |||
Accrued interest receivable for securities | 8,500 | 8,500 | $ 8,100 | ||
Available-for-sale debt securities, excluding mortgage-backed securities | |||||
Securities | |||||
Available-for-sale debt securities, amortized cost | 30,000 | 30,000 | |||
Available-for-sale securities, estimated fair value | 29,200 | 29,200 | |||
Held-to-maturity debt securities, excluding mortgage-backed securities | |||||
Securities | |||||
Held-to-maturity securities, amortized cost | 474,600 | 474,600 | |||
Held-to-maturity securities, estimated fair value | $ 456,900 | $ 456,900 |
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 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | $ 187,558 | $ 207,023 | ||||
Current | 9,678,166 | 10,173,335 | ||||
Total loans | 9,865,724 | 10,380,358 | ||||
Net unamortized premiums and deferred loan origination costs | 33,908 | 36,829 | ||||
Loans receivable | 9,899,632 | 10,417,187 | ||||
Allowance for loan losses | (79,500) | $ (82,500) | (86,100) | $ (90,000) | $ (94,200) | $ (98,000) |
Loans receivable, net | 9,820,132 | 10,331,087 | ||||
Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 74,153 | 93,458 | ||||
Current | 9,653,150 | 10,138,664 | ||||
Total loans | 9,727,303 | 10,232,122 | ||||
Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 113,405 | 113,565 | ||||
Current | 25,016 | 34,671 | ||||
Total loans | 138,421 | 148,236 | ||||
Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 181,939 | 200,020 | ||||
Current | 9,455,840 | 9,941,224 | ||||
Total loans | 9,637,779 | 10,141,244 | ||||
Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 72,941 | 90,980 | ||||
Current | 9,430,824 | 9,906,553 | ||||
Total loans | 9,503,765 | 9,997,533 | ||||
Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 108,998 | 109,040 | ||||
Current | 25,016 | 34,671 | ||||
Total loans | 134,014 | 143,711 | ||||
30-59 Days | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 62,577 | 77,476 | ||||
30-59 Days | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 57,673 | 72,846 | ||||
30-59 Days | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 4,904 | 4,630 | ||||
30-59 Days | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 61,445 | 76,195 | ||||
30-59 Days | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 56,541 | 71,565 | ||||
30-59 Days | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 4,904 | 4,630 | ||||
60-89 Days | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 17,118 | 22,215 | ||||
60-89 Days | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 14,922 | 20,612 | ||||
60-89 Days | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 2,196 | 1,603 | ||||
60-89 Days | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 17,038 | 21,018 | ||||
60-89 Days | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 14,842 | 19,415 | ||||
60-89 Days | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 2,196 | 1,603 | ||||
90 Days or More | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 107,863 | 107,332 | ||||
90 Days or More | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 1,558 | 0 | ||||
90 Days or More | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 106,305 | 107,332 | ||||
90 Days or More | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 103,456 | 102,807 | ||||
90 Days or More | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 1,558 | 0 | ||||
90 Days or More | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 101,898 | 102,807 | ||||
Residential | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 172,392 | 192,322 | ||||
Current | 4,812,032 | 5,173,041 | ||||
Total loans | 4,984,424 | 5,365,363 | ||||
Allowance for loan losses | (31,427) | (34,351) | (36,439) | (41,220) | (44,378) | (44,951) |
Residential | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 64,764 | 85,784 | ||||
Current | 4,791,699 | 5,145,585 | ||||
Total loans | 4,856,463 | 5,231,369 | ||||
Residential | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 107,628 | 106,538 | ||||
Current | 20,333 | 27,456 | ||||
Total loans | 127,961 | 133,994 | ||||
Residential | Mortgage loans (gross) | Full documentation interest-only | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 9,919 | 16,622 | ||||
Current | 103,429 | 214,364 | ||||
Total loans | 113,348 | 230,986 | ||||
Residential | Mortgage loans (gross) | Full documentation interest-only | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 1,574 | 4,580 | ||||
Current | 103,118 | 212,316 | ||||
Total loans | 104,692 | 216,896 | ||||
Residential | Mortgage loans (gross) | Full documentation interest-only | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 8,345 | 12,042 | ||||
Current | 311 | 2,048 | ||||
Total loans | 8,656 | 14,090 | ||||
Residential | Mortgage loans (gross) | Full documentation amortizing | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 82,128 | 90,232 | ||||
Current | 4,131,448 | 4,312,373 | ||||
Total loans | 4,213,576 | 4,402,605 | ||||
Residential | Mortgage loans (gross) | Full documentation amortizing | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 34,764 | 44,780 | ||||
Current | 4,121,737 | 4,300,620 | ||||
Total loans | 4,156,501 | 4,345,400 | ||||
Residential | Mortgage loans (gross) | Full documentation amortizing | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 47,364 | 45,452 | ||||
Current | 9,711 | 11,753 | ||||
Total loans | 57,075 | 57,205 | ||||
Residential | Mortgage loans (gross) | Reduced documentation interest-only | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 9,898 | 15,377 | ||||
Current | 19,398 | 84,184 | ||||
Total loans | 29,296 | 99,561 | ||||
Residential | Mortgage loans (gross) | Reduced documentation interest-only | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 302 | 3,753 | ||||
Current | 19,069 | 80,416 | ||||
Total loans | 19,371 | 84,169 | ||||
Residential | Mortgage loans (gross) | Reduced documentation interest-only | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 9,596 | 11,624 | ||||
Current | 329 | 3,768 | ||||
Total loans | 9,925 | 15,392 | ||||
Residential | Mortgage loans (gross) | Reduced documentation amortizing | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 70,447 | 70,091 | ||||
Current | 557,757 | 562,120 | ||||
Total loans | 628,204 | 632,211 | ||||
Residential | Mortgage loans (gross) | Reduced documentation amortizing | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 28,124 | 32,671 | ||||
Current | 547,775 | 552,233 | ||||
Total loans | 575,899 | 584,904 | ||||
Residential | Mortgage loans (gross) | Reduced documentation amortizing | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 42,323 | 37,420 | ||||
Current | 9,982 | 9,887 | ||||
Total loans | 52,305 | 47,307 | ||||
Residential | 30-59 Days | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 55,014 | 72,445 | ||||
Residential | 30-59 Days | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 51,174 | 68,462 | ||||
Residential | 30-59 Days | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 3,840 | 3,983 | ||||
Residential | 30-59 Days | Mortgage loans (gross) | Full documentation interest-only | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 820 | 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 | 820 | 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 | 28,226 | 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 | 27,058 | 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 | 1,168 | 2,469 | ||||
Residential | 30-59 Days | Mortgage loans (gross) | Reduced documentation interest-only | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 1,085 | 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 | 302 | 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 | 783 | 0 | ||||
Residential | 30-59 Days | Mortgage loans (gross) | Reduced documentation amortizing | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 24,883 | 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 | 22,994 | 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 | 1,889 | 1,077 | ||||
Residential | 60-89 Days | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 15,786 | 18,314 | ||||
Residential | 60-89 Days | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 13,590 | 17,322 | ||||
Residential | 60-89 Days | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 2,196 | 992 | ||||
Residential | 60-89 Days | Mortgage loans (gross) | Full documentation interest-only | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 754 | 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 | 754 | 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 | 9,098 | 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 | 7,706 | 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 | 1,392 | 0 | ||||
Residential | 60-89 Days | Mortgage loans (gross) | Reduced documentation interest-only | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 0 | 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 | 0 | 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 | 5,934 | 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 | 5,130 | 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 | 804 | 992 | ||||
Residential | 90 Days or More | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 101,592 | 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 | 101,592 | 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 | 8,345 | 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 | 8,345 | 11,605 | ||||
Residential | 90 Days or More | Mortgage loans (gross) | Full documentation amortizing | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 44,804 | 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 | 44,804 | 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 | 8,813 | 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 | 8,813 | 11,624 | ||||
Residential | 90 Days or More | Mortgage loans (gross) | Reduced documentation amortizing | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 39,630 | 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 | 39,630 | 35,351 | ||||
Multi-family | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 5,009 | 4,138 | ||||
Current | 3,979,619 | 4,042,484 | ||||
Total loans | 3,984,628 | 4,046,622 | ||||
Allowance for loan losses | (34,087) | (33,949) | (34,901) | (32,131) | (33,020) | (35,544) |
Multi-family | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 4,314 | 1,855 | ||||
Current | 3,978,312 | 4,040,386 | ||||
Total loans | 3,982,626 | 4,042,241 | ||||
Multi-family | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 695 | 2,283 | ||||
Current | 1,307 | 2,098 | ||||
Total loans | 2,002 | 4,381 | ||||
Multi-family | 30-59 Days | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 3,887 | 1,488 | ||||
Multi-family | 30-59 Days | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 3,498 | 1,060 | ||||
Multi-family | 30-59 Days | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 389 | 428 | ||||
Multi-family | 60-89 Days | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 153 | 1,406 | ||||
Multi-family | 60-89 Days | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 153 | 795 | ||||
Multi-family | 60-89 Days | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 0 | 611 | ||||
Multi-family | 90 Days or More | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 969 | 1,244 | ||||
Multi-family | 90 Days or More | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 663 | 0 | ||||
Multi-family | 90 Days or More | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 306 | 1,244 | ||||
Commercial real estate | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 4,538 | 3,560 | ||||
Current | 664,189 | 725,699 | ||||
Total loans | 668,727 | 729,259 | ||||
Allowance for loan losses | (8,944) | (8,905) | (9,299) | (9,709) | (10,368) | (11,217) |
Commercial real estate | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 3,863 | 3,341 | ||||
Current | 660,813 | 720,582 | ||||
Total loans | 664,676 | 723,923 | ||||
Commercial real estate | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 675 | 219 | ||||
Current | 3,376 | 5,117 | ||||
Total loans | 4,051 | 5,336 | ||||
Commercial real estate | 30-59 Days | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 2,544 | 2,262 | ||||
Commercial real estate | 30-59 Days | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 1,869 | 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 | 675 | 219 | ||||
Commercial real estate | 60-89 Days | Mortgage loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 1,099 | 1,298 | ||||
Commercial real estate | 60-89 Days | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 1,099 | 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 | 895 | 0 | ||||
Commercial real estate | 90 Days or More | Mortgage loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 895 | 0 | ||||
Commercial real estate | 90 Days or More | Mortgage loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 0 | 0 | ||||
Consumer and other loans (gross) | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 5,619 | 7,003 | ||||
Current | 222,326 | 232,111 | ||||
Total loans | 227,945 | 239,114 | ||||
Allowance for loan losses | (5,042) | $ (5,295) | (5,461) | $ (6,940) | $ (6,434) | $ (6,288) |
Consumer and other loans (gross) | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 1,212 | 2,478 | ||||
Current | 222,326 | 232,111 | ||||
Total loans | 223,538 | 234,589 | ||||
Consumer and other loans (gross) | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 4,407 | 4,525 | ||||
Current | 0 | 0 | ||||
Total loans | 4,407 | 4,525 | ||||
Consumer and other loans (gross) | Home equity and other consumer | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 5,551 | 6,314 | ||||
Current | 124,506 | 133,024 | ||||
Total loans | 130,057 | 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 | 1,168 | 1,831 | ||||
Current | 124,506 | 133,024 | ||||
Total loans | 125,674 | 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 | 4,383 | 4,483 | ||||
Current | 0 | 0 | ||||
Total loans | 4,383 | 4,483 | ||||
Consumer and other loans (gross) | Commercial and industrial | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 68 | 689 | ||||
Current | 97,820 | 99,087 | ||||
Total loans | 97,888 | 99,776 | ||||
Consumer and other loans (gross) | Commercial and industrial | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 44 | 647 | ||||
Current | 97,820 | 99,087 | ||||
Total loans | 97,864 | 99,734 | ||||
Consumer and other loans (gross) | Commercial and industrial | Non-accrual loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 24 | 42 | ||||
Current | 0 | 0 | ||||
Total loans | 24 | 42 | ||||
Consumer and other loans (gross) | 30-59 Days | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 1,132 | 1,281 | ||||
Consumer and other loans (gross) | 30-59 Days | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 1,132 | 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 | 1,088 | 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 | 1,088 | 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 | 44 | 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 | 44 | 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 | 80 | 1,197 | ||||
Consumer and other loans (gross) | 60-89 Days | Accruing loans | ||||||
Loans receivable and allowance for loan losses disclosures | ||||||
Total Past Due | 80 | 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 | 80 | 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 | 80 | 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 | 4,407 | 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 | 4,407 | 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 | 4,383 | 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 | 4,383 | 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 | 24 | 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 | 6 Months Ended |
Jun. 30, 2017USD ($) | Jun. 30, 2017USD ($) | |
Financing Receivable, Modifications [Line Items] | ||
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 | |
Loans classified as TDRs as a result of relief granted under Chapter 7 bankruptcy filings | $ 2,500 | |
Recorded investment for loans in the process of foreclosure collateralized by residential real estate property | $ 72,800 | 72,800 |
Contractual Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Interest rate modifications included in modifications in a TDR | 3,500 | 5,100 |
Extension of Maturity Date | ||
Financing Receivable, Modifications [Line Items] | ||
Interest rate modifications included in modifications in a TDR | $ 492 | 492 |
Principal Forgiveness [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Interest rate modifications included in modifications in a TDR | $ 3,300 |
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Allowance for Loan and Lease Losses | ||||
Balance at the beginning of the period | $ 82,500 | $ 94,200 | $ 86,100 | $ 98,000 |
Provision (credited) charged to operations | (2,455) | (3,006) | (4,941) | (6,133) |
Charge-offs | (1,702) | (2,083) | (4,083) | (4,823) |
Recoveries | 1,157 | 889 | 2,424 | 2,956 |
Balance at the end of the period | 79,500 | 90,000 | 79,500 | 90,000 |
Consumer and Other Loans | ||||
Allowance for Loan and Lease Losses | ||||
Balance at the beginning of the period | 5,295 | 6,434 | 5,461 | 6,288 |
Provision (credited) charged to operations | (153) | 518 | (278) | 1,359 |
Charge-offs | (153) | (95) | (265) | (860) |
Recoveries | 53 | 83 | 124 | 153 |
Balance at the end of the period | 5,042 | 6,940 | 5,042 | 6,940 |
Mortgage Loans | Residential | ||||
Allowance for Loan and Lease Losses | ||||
Balance at the beginning of the period | 34,351 | 44,378 | 36,439 | 44,951 |
Provision (credited) charged to operations | (2,198) | (1,658) | (3,099) | (1,520) |
Charge-offs | (1,446) | (1,826) | (3,681) | (3,491) |
Recoveries | 720 | 326 | 1,768 | 1,280 |
Balance at the end of the period | 31,427 | 41,220 | 31,427 | 41,220 |
Mortgage Loans | Multi-Family | ||||
Allowance for Loan and Lease Losses | ||||
Balance at the beginning of the period | 33,949 | 33,020 | 34,901 | 35,544 |
Provision (credited) charged to operations | 241 | (1,270) | (716) | (4,527) |
Charge-offs | (103) | (99) | (137) | (409) |
Recoveries | 0 | 480 | 39 | 1,523 |
Balance at the end of the period | 34,087 | 32,131 | 34,087 | 32,131 |
Mortgage Loans | Commercial Real Estate | ||||
Allowance for Loan and Lease Losses | ||||
Balance at the beginning of the period | 8,905 | 10,368 | 9,299 | 11,217 |
Provision (credited) charged to operations | (345) | (596) | (848) | (1,445) |
Charge-offs | 0 | (63) | 0 | (63) |
Recoveries | 384 | 0 | 493 | 0 |
Balance at the end of the period | $ 8,944 | $ 9,709 | $ 8,944 | $ 9,709 |
Loans Receivable and Allowanc41
Loans Receivable and Allowance for Loan Losses - Balances of Residential Interest-Only Mortgage Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Amortization scheduled to begin in: | ||
Past due loans scheduled to enter amortization prior to June 30, 2017 | $ 187,558 | $ 207,023 |
Residential mortgage loans | Interest-only loans | ||
Amortization scheduled to begin in: | ||
12 months or less | 112,628 | |
13 to 24 months | 15,382 | |
25 to 36 months | 12,372 | |
Over 36 months | 2,262 | |
Total | 142,644 | |
Past due loans scheduled to enter amortization prior to June 30, 2017 | $ 15,100 |
Loans Receivable and Allowanc42
Loans Receivable and Allowance for Loan Losses - Balances of Loan Portfolio Segments by Credit Quality Indicator(Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment | ||
Total loans | $ 9,865,724 | $ 10,380,358 |
Not criticized | ||
Financing Receivable, Recorded Investment | ||
Total loans | 9,608,939 | 10,100,670 |
Special mention | ||
Financing Receivable, Recorded Investment | ||
Total loans | 44,643 | 50,158 |
Substandard | ||
Financing Receivable, Recorded Investment | ||
Total loans | 212,142 | 229,530 |
Doubtful | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Consumer and Other Loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 227,945 | 239,114 |
Home Equity and Other Consumer | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment | ||
Total loans | 130,057 | 139,338 |
Home Equity and Other Consumer | Consumer and Other Loans | Not criticized | ||
Financing Receivable, Recorded Investment | ||
Total loans | 125,594 | 134,305 |
Home Equity and Other Consumer | Consumer and Other Loans | Special mention | ||
Financing Receivable, Recorded Investment | ||
Total loans | 80 | 550 |
Home Equity and Other Consumer | Consumer and Other Loans | Substandard | ||
Financing Receivable, Recorded Investment | ||
Total loans | 4,383 | 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 | 97,888 | 99,776 |
Commercial and Industrial | Consumer and Other Loans | Not criticized | ||
Financing Receivable, Recorded Investment | ||
Total loans | 96,011 | 99,087 |
Commercial and Industrial | Consumer and Other Loans | Special mention | ||
Financing Receivable, Recorded Investment | ||
Total loans | 1,522 | 647 |
Commercial and Industrial | Consumer and Other Loans | Substandard | ||
Financing Receivable, Recorded Investment | ||
Total loans | 355 | 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 | 9,637,779 | 10,141,244 |
Mortgage Loans | Residential | ||
Financing Receivable, Recorded Investment | ||
Total loans | 4,984,424 | 5,365,363 |
Mortgage Loans | Residential | Not criticized | ||
Financing Receivable, Recorded Investment | ||
Total loans | 4,790,466 | 5,158,878 |
Mortgage Loans | Residential | Special mention | ||
Financing Receivable, Recorded Investment | ||
Total loans | 11,877 | 14,922 |
Mortgage Loans | Residential | Substandard | ||
Financing Receivable, Recorded Investment | ||
Total loans | 182,081 | 191,563 |
Mortgage Loans | Residential | Doubtful | ||
Financing Receivable, Recorded Investment | ||
Total loans | 0 | 0 |
Mortgage Loans | Multi-family | ||
Financing Receivable, Recorded Investment | ||
Total loans | 3,984,628 | 4,046,622 |
Mortgage Loans | Multi-family | Not criticized | ||
Financing Receivable, Recorded Investment | ||
Total loans | 3,947,169 | 4,005,703 |
Mortgage Loans | Multi-family | Special mention | ||
Financing Receivable, Recorded Investment | ||
Total loans | 25,437 | 24,804 |
Mortgage Loans | Multi-family | Substandard | ||
Financing Receivable, Recorded Investment | ||
Total loans | 12,022 | 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 | 668,727 | 729,259 |
Mortgage Loans | Commercial real estate | Not criticized | ||
Financing Receivable, Recorded Investment | ||
Total loans | 649,699 | 702,697 |
Mortgage Loans | Commercial real estate | Special mention | ||
Financing Receivable, Recorded Investment | ||
Total loans | 5,727 | 9,235 |
Mortgage Loans | Commercial real estate | Substandard | ||
Financing Receivable, Recorded Investment | ||
Total loans | 13,301 | 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 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Loans: | ||||||
Individually evaluated for impairment | $ 196,612 | $ 213,663 | ||||
Collectively evaluated for impairment | 9,669,112 | 10,166,695 | ||||
Loans receivable | 9,865,724 | 10,380,358 | ||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 8,011 | 9,378 | ||||
Collectively evaluated for impairment | 71,489 | 76,722 | ||||
Total allowance for loan losses | 79,500 | $ 82,500 | 86,100 | $ 90,000 | $ 94,200 | $ 98,000 |
Consumer and Other Loans | ||||||
Loans: | ||||||
Individually evaluated for impairment | 3,611 | 4,091 | ||||
Collectively evaluated for impairment | 224,334 | 235,023 | ||||
Loans receivable | 227,945 | 239,114 | ||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 275 | 310 | ||||
Collectively evaluated for impairment | 4,767 | 5,151 | ||||
Total allowance for loan losses | 5,042 | 5,295 | 5,461 | 6,940 | 6,434 | 6,288 |
Mortgage Loans | Residential | ||||||
Loans: | ||||||
Individually evaluated for impairment | 181,284 | 192,427 | ||||
Collectively evaluated for impairment | 4,803,140 | 5,172,936 | ||||
Loans receivable | 4,984,424 | 5,365,363 | ||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 7,730 | 9,044 | ||||
Collectively evaluated for impairment | 23,697 | 27,395 | ||||
Total allowance for loan losses | 31,427 | 34,351 | 36,439 | 41,220 | 44,378 | 44,951 |
Mortgage Loans | Multi-Family | ||||||
Loans: | ||||||
Individually evaluated for impairment | 4,320 | 7,112 | ||||
Collectively evaluated for impairment | 3,980,308 | 4,039,510 | ||||
Loans receivable | 3,984,628 | 4,046,622 | ||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 2 | 24 | ||||
Collectively evaluated for impairment | 34,085 | 34,877 | ||||
Total allowance for loan losses | 34,087 | 33,949 | 34,901 | 32,131 | 33,020 | 35,544 |
Mortgage Loans | Commercial real estate | ||||||
Loans: | ||||||
Individually evaluated for impairment | 7,397 | 10,033 | ||||
Collectively evaluated for impairment | 661,330 | 719,226 | ||||
Loans receivable | 668,727 | 729,259 | ||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 4 | 0 | ||||
Collectively evaluated for impairment | 8,940 | 9,299 | ||||
Total allowance for loan losses | $ 8,944 | $ 8,905 | $ 9,299 | $ 9,709 | $ 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 | Jun. 30, 2017 | Dec. 31, 2016 |
With an allowance recorded: | ||
Related Allowance | $ (8,011) | $ (9,378) |
Total impaired loans | ||
Unpaid Principal Balance | 225,231 | 244,574 |
Recorded Investment | 196,612 | 213,663 |
Related Allowance | (8,011) | (9,378) |
Net Investment | 188,601 | 204,285 |
Home equity lines of credit | Commercial and industrial | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 3,903 | 4,414 |
Recorded Investment | 3,587 | 4,049 |
Related Allowance | (275) | (310) |
Net Investment | 3,312 | 3,739 |
Total impaired loans | ||
Related Allowance | (275) | (310) |
Consumer and Other Loans | Commercial and industrial | ||
Without an allowance recorded: | ||
Unpaid Principal Balance | 72 | 90 |
Recorded Investment | 24 | 42 |
Net Investment | 24 | 42 |
Mortgage loans | Residential | Full documentation interest-only | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 13,761 | 21,202 |
Recorded Investment | 10,722 | 16,535 |
Related Allowance | (1,274) | (1,863) |
Net Investment | 9,448 | 14,672 |
Total impaired loans | ||
Related Allowance | (1,274) | (1,863) |
Mortgage loans | Residential | Full documentation amortizing | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 88,575 | 88,106 |
Recorded Investment | 79,485 | 79,584 |
Related Allowance | (2,934) | (3,494) |
Net Investment | 76,551 | 76,090 |
Total impaired loans | ||
Related Allowance | (2,934) | (3,494) |
Mortgage loans | Residential | Reduced documentation interest-only | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 12,320 | 28,637 |
Recorded Investment | 10,295 | 23,090 |
Related Allowance | (931) | (1,589) |
Net Investment | 9,364 | 21,501 |
Total impaired loans | ||
Related Allowance | (931) | (1,589) |
Mortgage loans | Residential | Reduced documentation amortizing | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 90,144 | 79,670 |
Recorded Investment | 78,231 | 70,623 |
Related Allowance | (2,591) | (2,098) |
Net Investment | 75,640 | 68,525 |
Without an allowance recorded: | ||
Unpaid Principal Balance | 2,972 | 2,965 |
Recorded Investment | 2,551 | 2,595 |
Net Investment | 2,551 | 2,595 |
Total impaired loans | ||
Related Allowance | (2,591) | (2,098) |
Mortgage loans | Multi-family | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 1,426 | 2,427 |
Recorded Investment | 1,427 | 2,432 |
Related Allowance | (2) | (24) |
Net Investment | 1,425 | 2,408 |
Without an allowance recorded: | ||
Unpaid Principal Balance | 3,400 | 5,272 |
Recorded Investment | 2,893 | 4,680 |
Net Investment | 2,893 | 4,680 |
Total impaired loans | ||
Related Allowance | (2) | (24) |
Mortgage loans | Commercial real estate | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 221 | 0 |
Recorded Investment | 225 | 0 |
Related Allowance | (4) | 0 |
Net Investment | 221 | 0 |
Without an allowance recorded: | ||
Unpaid Principal Balance | 8,437 | 11,791 |
Recorded Investment | 7,172 | 10,033 |
Net Investment | 7,172 | 10,033 |
Total impaired loans | ||
Related Allowance | $ (4) | $ 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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Total impaired loans | ||||
Average Recorded Investment | $ 204,494 | $ 229,633 | $ 207,549 | $ 232,262 |
Interest Income Recognized | 1,699 | 1,921 | 3,485 | 3,867 |
Cash Basis Interest Income | 1,738 | 1,955 | 3,490 | 3,933 |
Consumer and other loans | Commercial and industrial | ||||
Without an allowance recorded: | ||||
Average Recorded Investment | 28 | 0 | 33 | 0 |
Interest Income Recognized | 1 | 0 | 3 | 0 |
Cash Basis Interest Income | 1 | 0 | 3 | 0 |
Consumer and other loans | Home equity lines of credit | ||||
With an allowance recorded: | ||||
Average Recorded Investment | 3,742 | 4,488 | 3,844 | 4,648 |
Interest Income Recognized | 10 | 11 | 24 | 21 |
Cash Basis Interest Income | 12 | 9 | 26 | 20 |
Mortgage loans | Residential | Full documentation interest-only | ||||
With an allowance recorded: | ||||
Average Recorded Investment | 12,238 | 26,744 | 13,670 | 28,040 |
Interest Income Recognized | 54 | 154 | 154 | 290 |
Cash Basis Interest Income | 51 | 154 | 155 | 302 |
Mortgage loans | Residential | Full documentation amortizing | ||||
With an allowance recorded: | ||||
Average Recorded Investment | 80,364 | 70,988 | 80,104 | 68,400 |
Interest Income Recognized | 671 | 524 | 1,311 | 1,070 |
Cash Basis Interest Income | 662 | 534 | 1,296 | 1,077 |
Mortgage loans | Residential | Reduced documentation interest-only | ||||
With an allowance recorded: | ||||
Average Recorded Investment | 12,984 | 35,843 | 16,353 | 39,409 |
Interest Income Recognized | 38 | 300 | 90 | 622 |
Cash Basis Interest Income | 45 | 300 | 88 | 615 |
Mortgage loans | Residential | Reduced documentation amortizing | ||||
With an allowance recorded: | ||||
Average Recorded Investment | 77,911 | 64,400 | 75,482 | 60,440 |
Interest Income Recognized | 735 | 594 | 1,521 | 1,156 |
Cash Basis Interest Income | 770 | 597 | 1,538 | 1,178 |
Without an allowance recorded: | ||||
Average Recorded Investment | 2,623 | 0 | 2,614 | 0 |
Interest Income Recognized | 24 | 0 | 46 | 0 |
Cash Basis Interest Income | 22 | 0 | 43 | 0 |
Mortgage loans | Multi-family | ||||
With an allowance recorded: | ||||
Average Recorded Investment | 1,438 | 5,232 | 1,769 | 6,138 |
Interest Income Recognized | 26 | 56 | 52 | 120 |
Cash Basis Interest Income | 26 | 68 | 52 | 138 |
Without an allowance recorded: | ||||
Average Recorded Investment | 3,752 | 9,385 | 4,061 | 11,821 |
Interest Income Recognized | 36 | 113 | 73 | 243 |
Cash Basis Interest Income | 38 | 121 | 75 | 254 |
Mortgage loans | Commercial real estate | ||||
With an allowance recorded: | ||||
Average Recorded Investment | 1,246 | 686 | 830 | 2,698 |
Interest Income Recognized | 2 | 5 | 4 | 11 |
Cash Basis Interest Income | 2 | 5 | 4 | 12 |
Without an allowance recorded: | ||||
Average Recorded Investment | 8,168 | 11,867 | 8,789 | 10,668 |
Interest Income Recognized | 102 | 164 | 207 | 334 |
Cash Basis Interest Income | $ 109 | $ 167 | $ 210 | $ 337 |
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 | 6 Months Ended | ||
Jun. 30, 2017USD ($)loan | Jun. 30, 2016USD ($)loan | Jun. 30, 2017USD ($)loan | Jun. 30, 2016USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 13 | 19 | 23 | 30 |
Pre- Modification Recorded Investment | $ 6,440 | $ 8,101 | $ 9,037 | $ 11,290 |
Recorded Investment | $ 6,406 | $ 8,041 | $ 8,946 | $ 11,202 |
Residential | Full documentation interest-only | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 2 | 3 | 3 | 7 |
Pre- Modification Recorded Investment | $ 599 | $ 1,947 | $ 795 | $ 2,836 |
Recorded Investment | $ 599 | $ 1,943 | $ 787 | $ 2,829 |
Residential | Full documentation amortizing | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 4 | 11 | 6 | 13 |
Pre- Modification Recorded Investment | $ 1,894 | $ 4,274 | $ 2,379 | $ 4,865 |
Recorded Investment | $ 1,891 | $ 4,264 | $ 2,369 | $ 4,852 |
Residential | Reduced documentation interest-only | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 0 | 1 | 3 | 3 |
Pre- Modification Recorded Investment | $ 0 | $ 498 | $ 1,121 | $ 1,212 |
Recorded Investment | $ 0 | $ 489 | $ 1,090 | $ 1,196 |
Residential | Reduced documentation amortizing | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 7 | 2 | 11 | 5 |
Pre- Modification Recorded Investment | $ 3,947 | $ 529 | $ 4,742 | $ 1,524 |
Recorded Investment | $ 3,916 | $ 526 | $ 4,700 | $ 1,506 |
Multi-family | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 0 | 1 | 0 | 1 |
Pre- Modification Recorded Investment | $ 0 | $ 338 | $ 0 | $ 338 |
Recorded Investment | $ 0 | $ 332 | $ 0 | $ 332 |
Commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 0 | 1 | 0 | 1 |
Pre- Modification Recorded Investment | $ 0 | $ 515 | $ 0 | $ 515 |
Recorded Investment | $ 0 | $ 487 | $ 0 | $ 487 |
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 | 6 Months Ended | ||
Jun. 30, 2017USD ($)loan | Jun. 30, 2016USD ($)loan | Jun. 30, 2017USD ($)loan | Jun. 30, 2016USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 10 | 14 | 12 | 15 |
Recorded Investment | $ | $ 3,587 | $ 3,824 | $ 3,942 | $ 4,399 |
Residential | Full documentation interest-only | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 3 | 3 | 4 | 3 |
Recorded Investment | $ | $ 897 | $ 1,084 | $ 1,085 | $ 1,084 |
Residential | Full documentation amortizing | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 1 | 9 | 2 | 9 |
Recorded Investment | $ | $ 597 | $ 2,345 | $ 764 | $ 2,345 |
Residential | Reduced documentation interest-only | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 2 | 2 | 2 | 3 |
Recorded Investment | $ | $ 879 | $ 395 | $ 879 | $ 970 |
Residential | Reduced documentation amortizing | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 4 | 0 | 4 | 0 |
Recorded Investment | $ | $ 1,214 | $ 0 | $ 1,214 | $ 0 |
Securities Sold Under Agreeme48
Securities Sold Under Agreements to Repurchase (Details) - USD ($) $ in Thousands | Jun. 30, 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) | 81.00% | |
Secured Debt | Obligations of GSEs | ||
Year | ||
Composition of outstanding repo agreements (as a percent) | 19.00% |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 17,983 | $ 18,336 | $ 32,390 | $ 36,901 |
Preferred stock dividends | (2,194) | (2,194) | (4,388) | (4,388) |
Net income available to common shareholders | 15,789 | 16,142 | 28,002 | 32,513 |
Income allocated to participating securities | (173) | (160) | (247) | (296) |
Net income allocated to common shareholders | $ 15,616 | $ 15,982 | $ 27,755 | $ 32,217 |
Basic weighted average common shares outstanding | 100,595,630 | 100,380,937 | 100,590,645 | 100,374,934 |
Dilutive effect of stock options and restricted stock units (in shares) | 0 | 0 | 0 | 0 |
Diluted weighted average common shares outstanding | 100,595,630 | 100,380,937 | 100,590,645 | 100,374,934 |
Basic EPS (in dollars per share) | $ 0.16 | $ 0.16 | $ 0.28 | $ 0.32 |
Diluted EPS (in dollars per share) | $ 0.16 | $ 0.16 | $ 0.28 | $ 0.32 |
Options | ||||
Antidilutive securities excluded from computation of earnings per share | ||||
Awards excluded from computation of earnings per share (in shares) | 6,000 | 467 | 6,495 | |
Restricted stock units | ||||
Antidilutive securities excluded from computation of earnings per share | ||||
Awards excluded from computation of earnings per share (in shares) | 370,749 | 744,923 | 430,238 | 746,027 |
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
AOCI Attributable to Parent, Net of Tax | ||||
Balance at beginning of period | $ 1,714,073 | $ 1,663,448 | ||
Other Comprehensive Income | $ 973 | $ 851 | 941 | 5,261 |
Balance at end of period | 1,739,036 | 1,695,324 | 1,739,036 | 1,695,324 |
Net unrealized gain on securities available-for-sale | ||||
AOCI Attributable to Parent, Net of Tax | ||||
Balance at beginning of period | 1,829 | 6,812 | 2,261 | 2,827 |
Other Comprehensive Income | 658 | 507 | 226 | 4,492 |
Balance at end of period | 2,487 | 7,319 | 2,487 | 7,319 |
Net actuarial loss on pension plans and other postretirement benefits | ||||
AOCI Attributable to Parent, Net of Tax | ||||
Balance at beginning of period | (55,836) | (57,999) | (56,207) | (58,396) |
Other Comprehensive Income | 287 | 315 | 658 | 712 |
Balance at end of period | (55,549) | (57,684) | (55,549) | (57,684) |
Prior service cost on pension plans and other postretirement benefits | ||||
AOCI Attributable to Parent, Net of Tax | ||||
Balance at beginning of period | (2,906) | (3,020) | (2,935) | (3,048) |
Other Comprehensive Income | 28 | 29 | 57 | 57 |
Balance at end of period | (2,878) | (2,991) | (2,878) | (2,991) |
Accumulated other comprehensive loss | ||||
AOCI Attributable to Parent, Net of Tax | ||||
Balance at beginning of period | (56,913) | (54,207) | (56,881) | (58,617) |
Other Comprehensive Income | 941 | 5,261 | ||
Balance at end of period | $ (55,940) | $ (53,356) | $ (55,940) | $ (53,356) |
Other Comprehensive Income_Lo51
Other Comprehensive Income/Loss - Components of Other Comprehensive Income/Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Other Comprehensive Income (Loss), Before Reclassifications [Abstract] | ||||
Before Tax Amount | $ (86) | |||
Income Tax Expense | 35 | |||
After Tax Amount | (51) | |||
Other Comprehensive Income (Loss), After Reclassification Adjustments [Abstract] | ||||
Before Tax Amount | $ 1,633 | $ 1,428 | $ 1,580 | 8,830 |
Income Tax Expense | (660) | (577) | (639) | (3,569) |
Total other comprehensive income, net of tax | 973 | 851 | 941 | 5,261 |
Net unrealized gain (loss) on securities available-for-sale | ||||
Other Comprehensive Income (Loss), Before Reclassifications [Abstract] | ||||
Before Tax Amount | 1,104 | 852 | 380 | 7,626 |
Income Tax Expense | (446) | (345) | (154) | (3,083) |
After Tax Amount | 658 | 507 | 226 | 4,543 |
Other Comprehensive Income (Loss), After Reclassification Adjustments [Abstract] | ||||
Before Tax Amount | 7,540 | |||
Income Tax Expense | (3,048) | |||
Total other comprehensive income, net of tax | 658 | 507 | 226 | 4,492 |
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 | 482 | 528 | 1,105 | 1,195 |
Income Tax Expense | (195) | (213) | (447) | (483) |
After Tax Amount | 287 | 315 | 658 | 712 |
Other Comprehensive Income (Loss), After Reclassification Adjustments [Abstract] | ||||
Total other comprehensive income, net of tax | 287 | 315 | 658 | 712 |
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income | ||||
Other Comprehensive Income (Loss), Reclassifications Adjustments [Abstract] | ||||
Before Tax Amount | 47 | 48 | 95 | 95 |
Income Tax Expense | (19) | (19) | (38) | (38) |
After Tax Amount | 28 | 29 | 57 | 57 |
Other Comprehensive Income (Loss), After Reclassification Adjustments [Abstract] | ||||
Total other comprehensive income, net of tax | $ 28 | $ 29 | $ 57 | $ 57 |
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ||||
Gain on sales of securities | $ 0 | $ 0 | $ 0 | $ 86 |
Compensation and benefits | (36,064) | (36,708) | (73,061) | (74,961) |
Income before income tax expense | 28,099 | 27,959 | 50,610 | 56,217 |
Income tax expense | (10,116) | (9,623) | (18,220) | (19,316) |
Net income | 17,983 | 18,336 | 32,390 | 36,901 |
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 | (529) | (576) | (1,200) | (1,204) |
Income tax expense | 214 | 232 | 485 | 486 |
Net income | (315) | (344) | (715) | (718) |
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 | (482) | (528) | (1,105) | (1,195) |
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 | $ (47) | $ (48) | $ (95) | $ (95) |
Pension Plans and Other Postr53
Pension Plans and Other Postretirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Pension Benefits | ||||
Benefit Plans | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 2,338 | 2,485 | 4,768 | 5,021 |
Expected return on plan assets | (3,103) | (3,058) | (6,200) | (6,116) |
Recognized net actuarial loss (gain) | 656 | 673 | 1,378 | 1,407 |
Amortization of prior service cost | 47 | 48 | 95 | 95 |
Settlement | 25 | 0 | 86 | 0 |
Net periodic (benefit) cost | (37) | 148 | 127 | 407 |
Other Postretirement Benefits | ||||
Benefit Plans | ||||
Service cost | 305 | 460 | 795 | 932 |
Interest cost | 236 | 234 | 491 | 497 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Recognized net actuarial loss (gain) | (174) | (145) | (273) | (212) |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Settlement | 0 | 0 | 0 | 0 |
Net periodic (benefit) cost | $ 367 | $ 549 | $ 1,013 | $ 1,217 |
Stock Incentive Plans - Narrati
Stock Incentive Plans - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stock Incentive Plans | ||||
Stock-based compensation expense, net of taxes | $ 1,400 | $ 314 | $ 2,400 | $ 1,300 |
Stock-based compensation expense, taxes | 947 | $ 213 | $ 1,600 | $ 852 |
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 | 14,700 | $ 14,700 | ||
Pre-tax compensation cost, weighted average period of recognition | 2 years | |||
Pre-tax compensation cost excluded | $ 2,300 | $ 2,300 | ||
Restricted common stock | 2014 Employee Stock Plan | ||||
Stock Incentive Plans | ||||
Restricted common stock granted (in shares) | 504,252 | |||
Shares remaining outstanding to be vested | 497,712 | 497,712 | ||
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) | 183,900 | 183,900 |
Stock Incentive Plans - Summary
Stock Incentive Plans - Summary of Restricted Common Stock and Performance-Based Restricted Stock Unit Activity (Details) | 6 Months Ended |
Jun. 30, 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 | (18,140) |
Expired (in shares) | shares | 0 |
Unvested at the end of the period (in shares) | shares | 1,121,183 |
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 | (16.43) |
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 | (10,000) |
Expired (in shares) | shares | (327,800) |
Unvested at the end of the period (in shares) | shares | 367,800 |
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 | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Schedule of Equity Method Investments | |||||
Funding installments, installment period | 12 months | ||||
Affordable housing tax credits and other tax benefits | $ 1,200 | $ 873 | |||
Other non-interest expense | |||||
Schedule of Equity Method Investments | |||||
Expense related to investments in affordable housing limited partnerships | $ 733 | $ 353 | 1,400 | $ 705 | |
Income tax expense | |||||
Schedule of Equity Method Investments | |||||
Affordable housing tax credits and other tax benefits | 563 | $ 483 | |||
Other assets | |||||
Schedule of Equity Method Investments | |||||
Investment in affordable housing limited partnerships | 14,300 | 14,300 | $ 15,700 | ||
Other liabilities | |||||
Schedule of Equity Method Investments | |||||
Funding obligation related to investments | $ 9,800 | $ 9,800 | $ 12,000 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Astoria Financial Corporation | ||
Amount | ||
Tier 1 leverage | $ 1,597,712 | $ 1,572,750 |
Common equity tier 1 risk-based | 1,470,451 | 1,448,341 |
Tier 1 risk-based | 1,597,712 | 1,572,750 |
Total risk-based | $ 1,677,630 | $ 1,659,221 |
Ratio | ||
Tier 1 leverage | 11.34% | 10.85% |
Common equity tier 1 risk-based | 19.03% | 17.29% |
Tier 1 risk-based | 20.68% | 18.78% |
Total risk-based | 21.71% | 19.81% |
Amount | ||
Tier 1 leverage | $ 563,739 | $ 579,829 |
Common equity tier 1 risk-based | 347,681 | 376,857 |
Tier 1 risk-based | 463,575 | 502,477 |
Total risk-based | $ 618,100 | $ 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 | $ 444,259 | $ 429,199 |
Tier 1 risk-based | 560,153 | 554,818 |
Total risk-based | $ 714,678 | $ 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 | $ 704,673 | $ 724,786 |
Common equity tier 1 risk-based | 502,206 | 544,350 |
Tier 1 risk-based | 618,100 | 669,969 |
Total risk-based | $ 772,624 | $ 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 | $ 1,717,805 | $ 1,742,580 |
Common equity tier 1 risk-based | 1,717,805 | 1,742,580 |
Tier 1 risk-based | 1,717,805 | 1,742,580 |
Total risk-based | $ 1,797,723 | $ 1,829,051 |
Ratio | ||
Tier 1 leverage | 12.28% | 12.09% |
Common equity tier 1 risk-based | 22.28% | 20.85% |
Tier 1 risk-based | 22.28% | 20.85% |
Total risk-based | 23.32% | 21.88% |
Amount | ||
Tier 1 leverage | $ 559,601 | $ 576,660 |
Common equity tier 1 risk-based | 346,965 | 376,129 |
Tier 1 risk-based | 462,620 | 501,505 |
Total risk-based | $ 616,826 | $ 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 | $ 443,344 | $ 428,369 |
Tier 1 risk-based | 558,999 | 553,745 |
Total risk-based | $ 713,206 | $ 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 | $ 699,501 | $ 720,825 |
Common equity tier 1 risk-based | 501,171 | 543,297 |
Tier 1 risk-based | 616,826 | 668,673 |
Total risk-based | $ 771,033 | $ 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 | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value of Financial Instruments | ||
Total securities available-for-sale | $ 254,980 | $ 280,045 |
GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 216,918 | 240,793 |
Non-GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 851 | 1,443 |
GSE pass-through certificates | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 8,007 | 8,930 |
Obligations of GSEs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 29,202 | 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 | 254,980 | 280,045 |
Recurring | GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 216,918 | 240,793 |
Recurring | Non-GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 851 | 1,443 |
Recurring | GSE pass-through certificates | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 8,007 | 8,930 |
Recurring | Obligations of GSEs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 29,202 | 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 | 254,978 | 280,041 |
Recurring | Level 2 | GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 216,918 | 240,793 |
Recurring | Level 2 | Non-GSE issuance REMICs and CMOs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 851 | 1,443 |
Recurring | Level 2 | GSE pass-through certificates | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 8,007 | 8,930 |
Recurring | Level 2 | Obligations of GSEs | ||
Fair Value of Financial Instruments | ||
Total securities available-for-sale | 29,202 | 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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Valuation methodologies used for assets measured at fair value | ||
Number of held-for-sale non-performing multi-family mortgage loans | 2 | 1 |
Weighted average discount rate (as a percent) | 9.93% | 9.94% |
Weighted average constant prepayment rate (as a percent) | 10.32% | 10.63% |
Weighted average life (in years) | 6 years | 6 years |
Residential mortgage loans | ||
Valuation methodologies used for assets measured at fair value | ||
Composition of impaired loans (as a percent) | 92.00% | 90.00% |
Impaired loans for which fair value adjustment was recognized (as a percent) | 93.00% | 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) | 6.00% | 8.00% |
Impaired loans for which fair value adjustment was recognized (as a percent) | 6.00% | 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 | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value of Financial Instruments | ||
Impaired loans | $ 196,612 | $ 213,663 |
MSR, net | 10,168 | 10,130 |
REO, net | 14,807 | 15,144 |
Carrying Value | ||
Fair Value of Financial Instruments | ||
Non-performing loans held-for-sale, net | 7,920 | 11,584 |
MSR, net | 10,168 | 10,130 |
Level 3 | ||
Fair Value of Financial Instruments | ||
Non-performing loans held-for-sale, net | 8,140 | 11,589 |
MSR, net | 10,171 | 10,133 |
Nonrecurring | Level 3 | Carrying Value | ||
Fair Value of Financial Instruments | ||
Non-performing loans held-for-sale, net | 499 | 143 |
Impaired loans | 116,845 | 124,101 |
MSR, net | 10,168 | 10,130 |
REO, net | 14,807 | 14,428 |
Total | $ 142,319 | $ 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 | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Fair Value of Financial Instruments | ||
Total | $ (2,939) | $ (5,597) |
Non-performing loans held-for-sale, net | ||
Fair Value of Financial Instruments | ||
Total | (77) | (167) |
Impaired loans | ||
Fair Value of Financial Instruments | ||
Total | (2,543) | (3,019) |
MSR, net | ||
Fair Value of Financial Instruments | ||
Total | 413 | (1,622) |
REO, net | ||
Fair Value of Financial Instruments | ||
Total | $ (732) | $ (789) |
Fair Value Measurements - Sch62
Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financial Assets: | ||
Securities held-to-maturity | $ 2,915,465 | $ 2,740,132 |
FHLB-NY stock | 105,958 | 124,807 |
MSR, net | 10,168 | 10,130 |
Level 2 | ||
Financial Assets: | ||
Securities held-to-maturity | 2,874,880 | 2,690,546 |
FHLB-NY stock | 105,958 | 124,807 |
Loans held-for-sale, net | 0 | 0 |
Loans receivable, net | 0 | 0 |
MSR, net | 0 | 0 |
Financial Liabilities: | ||
Deposits | 8,899,905 | 8,887,745 |
Borrowings, net | 3,276,424 | 3,747,657 |
Level 3 | ||
Financial Assets: | ||
Securities held-to-maturity | 0 | 0 |
FHLB-NY stock | 0 | 0 |
Loans held-for-sale, net | 8,140 | 11,589 |
Loans receivable, net | 9,823,388 | 10,318,246 |
MSR, net | 10,171 | 10,133 |
Financial Liabilities: | ||
Deposits | 0 | 0 |
Borrowings, net | 0 | 0 |
Carrying Value | ||
Financial Assets: | ||
Securities held-to-maturity | 2,915,465 | 2,740,132 |
FHLB-NY stock | 105,958 | 124,807 |
Loans held-for-sale, net | 7,920 | 11,584 |
Loans receivable, net | 9,820,132 | 10,331,087 |
MSR, net | 10,168 | 10,130 |
Financial Liabilities: | ||
Deposits | 8,889,556 | 8,877,055 |
Borrowings, net | 3,177,945 | 3,634,752 |
Estimated Fair Value | ||
Financial Assets: | ||
Securities held-to-maturity | 2,874,880 | 2,690,546 |
FHLB-NY stock | 105,958 | 124,807 |
Loans held-for-sale, net | 8,140 | 11,589 |
Loans receivable, net | 9,823,388 | 10,318,246 |
MSR, net | 10,171 | 10,133 |
Financial Liabilities: | ||
Deposits | 8,899,905 | 8,887,745 |
Borrowings, net | $ 3,276,424 | $ 3,747,657 |
Litigation (Details)
Litigation (Details) | Jun. 30, 2017USD ($) |
Sterling Merger-related Litigation | |
Business Combinations | |
Liability or reserve recognized | $ 0 |