Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'ASTORIA FINANCIAL CORP | ' | ' |
Entity Central Index Key | '0000910322 | ' | ' |
Trading Symbol | 'AF | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $1.03 |
Entity Common Stock, Shares Outstanding | ' | 99,265,306 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS: | ' | ' |
Cash and due from banks | $121,950 | $121,473 |
Available-for-sale securities: | ' | ' |
Encumbered | 105,234 | 79,851 |
Unencumbered | 296,456 | 256,449 |
Total available-for-sale securities | 401,690 | 336,300 |
Held-to-maturity securities, fair value of $1,811,122 and $1,725,090, respectively: | ' | ' |
Encumbered | 1,150,315 | 1,133,193 |
Unencumbered | 699,211 | 566,948 |
Total held-to-maturity securities | 1,849,526 | 1,700,141 |
Federal Home Loan Bank of New York stock, at cost | 152,207 | 171,194 |
Loans held-for-sale, net | 7,375 | 76,306 |
Loans receivable | 12,442,066 | 13,223,972 |
Allowance for loan losses | -139,000 | -145,501 |
Loans receivable, net | 12,303,066 | 13,078,471 |
Mortgage servicing rights, net | 12,800 | 6,947 |
Accrued interest receivable | 37,926 | 41,688 |
Premises and equipment, net | 112,530 | 115,632 |
Goodwill | 185,151 | 185,151 |
Bank owned life insurance | 423,375 | 418,155 |
Real estate owned, net | 42,636 | 28,523 |
Other assets | 143,490 | 216,661 |
Total assets | 15,793,722 | 16,496,642 |
LIABILITIES: | ' | ' |
Deposits | 9,855,310 | 10,443,958 |
Federal funds purchased | 335,000 | ' |
Reverse repurchase agreements | 1,100,000 | 1,100,000 |
Federal Home Loan Bank of New York advances | 2,454,000 | 2,897,000 |
Other borrowings, net | 248,161 | 376,496 |
Mortgage escrow funds | 109,458 | 113,101 |
Accrued expenses and other liabilities | 172,280 | 272,098 |
Total liabilities | 14,274,209 | 15,202,653 |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock, $1.00 par value; 5,000,000 shares authorized: Series C (150,000 shares authorized; and 135,000 and -0- shares issued and outstanding, respectively) | 129,796 | ' |
Common stock, $0.01 par value (200,000,000 shares authorized;166,494,888 shares issued; and 98,841,960 and 98,419,318 shares outstanding, respectively) | 1,665 | 1,665 |
Additional paid-in capital | 894,297 | 884,689 |
Retained earnings | 1,930,026 | 1,891,022 |
Treasury stock (67,652,928 and 68,075,570 shares, at cost, respectively) | -1,398,021 | -1,406,755 |
Accumulated other comprehensive loss | -38,250 | -73,090 |
Unallocated common stock held by ESOP (-0- and 967,013 shares, respectively) | 0 | -3,542 |
Total stockholders' equity | 1,519,513 | 1,293,989 |
Total liabilities and stockholders' equity | $15,793,722 | $16,496,642 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Held-to-maturity securities, fair value (in dollars) | 1,811,122 | 1,725,090 |
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 | 98,841,960 | 98,419,318 |
Treasury stock, shares | 67,652,928 | 68,075,570 |
Unallocated common stock held by ESOP, shares | 0 | 967,013 |
Series C Preferred Stock | ' | ' |
Preferred stock, shares authorized | 150,000 | ' |
Preferred stock, shares issued | 135,000 | 0 |
Preferred stock, shares outstanding | 135,000 | 0 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest income: | ' | ' | ' |
Residential mortgage loans | $289,790 | $372,478 | $433,951 |
Multi-family and commercial real estate mortgage loans | 163,352 | 149,694 | 162,433 |
Consumer and other loans | 8,797 | 9,258 | 9,889 |
Mortgage-backed and other securities | 49,563 | 61,757 | 82,055 |
Repurchase agreements and interest-earning cash accounts | 263 | 338 | 237 |
Federal Home Loan Bank of New York stock | 6,665 | 6,984 | 6,683 |
Total interest income | 518,430 | 600,509 | 695,248 |
Interest expense: | ' | ' | ' |
Deposits | 62,617 | 98,021 | 138,049 |
Borrowings | 113,911 | 154,219 | 181,773 |
Total interest expense | 176,528 | 252,240 | 319,822 |
Net interest income | 341,902 | 348,269 | 375,426 |
Provision for loan losses | 19,601 | 40,400 | 37,000 |
Net interest income after provision for loan losses | 322,301 | 307,869 | 338,426 |
Non-interest income: | ' | ' | ' |
Customer service fees | 36,786 | 39,520 | 46,135 |
Other loan fees | 2,230 | 2,640 | 3,160 |
Gain on sales of securities | 2,057 | 8,477 | ' |
Mortgage banking income, net | 13,241 | 6,820 | 4,413 |
Income from bank owned life insurance | 8,404 | 9,439 | 10,257 |
Other | 6,854 | 6,339 | 4,950 |
Total non-interest income | 69,572 | 73,235 | 68,915 |
General and administrative: | ' | ' | ' |
Compensation and benefits | 133,689 | 139,140 | 151,149 |
Occupancy, equipment and systems | 70,711 | 67,406 | 65,182 |
Federal deposit insurance premium | 37,188 | 47,363 | 38,083 |
Advertising | 6,400 | 6,392 | 7,842 |
Extinguishment of debt | 4,266 | 1,212 | ' |
Other | 35,277 | 38,620 | 39,161 |
Total non-interest expense | 287,531 | 300,133 | 301,417 |
Income before income tax expense | 104,342 | 80,971 | 105,924 |
Income tax expense | 37,749 | 27,880 | 38,715 |
Net income | 66,593 | 53,091 | 67,209 |
Preferred stock dividends | 7,214 | ' | ' |
Net income available to common shareholders | $59,379 | $53,091 | $67,209 |
Basic earnings per common share (in dollars per share) | $0.60 | $0.55 | $0.70 |
Diluted earnings per common share (in dollars per share) | $0.60 | $0.55 | $0.70 |
Basic weighted average common shares outstanding (in shares) | 97,121,497 | 95,455,344 | 93,253,928 |
Diluted weighted average common shares outstanding (in shares) | 97,121,497 | 95,455,344 | 93,253,928 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' |
Net income | $66,593 | $53,091 | $67,209 |
Net unrealized loss on securities available-for-sale: | ' | ' | ' |
Net unrealized holding loss on securities arising during the year | -10,485 | -1,320 | -3,354 |
Reclassification adjustment for gain on sales of securities included in net income | -1,332 | -5,490 | ' |
Net unrealized loss on securities available-for-sale | -11,817 | -6,810 | -3,354 |
Net actuarial loss adjustment on pension plans and other postretirement benefits: | ' | ' | ' |
Net actuarial loss adjustment arising during the year | 44,180 | 9,143 | -35,960 |
Reclassification adjustment for net actuarial loss included in net income | 2,335 | 3,527 | 5,564 |
Net actuarial loss adjustment on pension plans and other postretirement benefits | 46,515 | 12,670 | -30,396 |
Prior service cost adjustment on pension plans and other postretirement benefits: | ' | ' | ' |
Prior service cost adjustment arising during the year | ' | -3,538 | ' |
Reclassification adjustment for prior service cost included in net income | 142 | 98 | 60 |
Prior service cost adjustment on pension plans and other postretirement benefits | 142 | -3,440 | 60 |
Reclassification adjustment for loss on cash flow hedge included in net income | ' | 151 | 190 |
Total other comprehensive income (loss), net of tax | 34,840 | 2,571 | -33,500 |
Comprehensive income | $101,433 | $55,662 | $33,709 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Unallocated Common Stock Held by ESOP |
In Thousands, unless otherwise specified | ||||||||
Balance at Dec. 31, 2010 | $1,241,780 | ' | $1,665 | $864,744 | $1,848,095 | ($1,417,956) | ($42,161) | ($12,607) |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 67,209 | ' | ' | ' | 67,209 | ' | ' | ' |
Other comprehensive income (loss), net of tax | -33,500 | ' | ' | ' | ' | ' | -33,500 | ' |
Dividends on common stock ($0.16 per share in 2013, $0.25 per share in 2012 and $0.52 per share in 2011) | -49,435 | ' | ' | ' | -49,435 | ' | ' | ' |
Restricted stock grants (536,110 shares in 2013, 157,000 shares in 2012 and 685,650 shares in 2011) | ' | ' | ' | -9,698 | -4,471 | 14,169 | ' | ' |
Forfeitures of restricted stock (113,468 shares in 2013, 275,397 shares in 2012 and 25,404 shares in 2011) | ' | ' | ' | 357 | 167 | -524 | ' | ' |
Stock-based compensation | 9,035 | ' | ' | 9,008 | 27 | ' | ' | ' |
Net tax benefit shortfall from stock-based compensation | -263 | ' | ' | -263 | ' | ' | ' | ' |
Allocation of ESOP stock | 16,372 | ' | ' | 11,247 | ' | ' | ' | 5,125 |
Balance at Dec. 31, 2011 | 1,251,198 | ' | 1,665 | 875,395 | 1,861,592 | -1,404,311 | -75,661 | -7,482 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 53,091 | ' | ' | ' | 53,091 | ' | ' | ' |
Other comprehensive income (loss), net of tax | 2,571 | ' | ' | ' | ' | ' | 2,571 | ' |
Dividends on common stock ($0.16 per share in 2013, $0.25 per share in 2012 and $0.52 per share in 2011) | -24,104 | ' | ' | ' | -24,104 | ' | ' | ' |
Restricted stock grants (536,110 shares in 2013, 157,000 shares in 2012 and 685,650 shares in 2011) | ' | ' | ' | -1,541 | -1,703 | 3,244 | ' | ' |
Forfeitures of restricted stock (113,468 shares in 2013, 275,397 shares in 2012 and 25,404 shares in 2011) | ' | ' | ' | 3,918 | 1,770 | -5,688 | ' | ' |
Stock-based compensation | 5,166 | ' | ' | 4,790 | 376 | ' | ' | ' |
Net tax benefit shortfall from stock-based compensation | -4,123 | ' | ' | -4,123 | ' | ' | ' | ' |
Allocation of ESOP stock | 10,190 | ' | ' | 6,250 | ' | ' | ' | 3,940 |
Balance at Dec. 31, 2012 | 1,293,989 | ' | 1,665 | 884,689 | 1,891,022 | -1,406,755 | -73,090 | -3,542 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 66,593 | ' | ' | ' | 66,593 | ' | ' | ' |
Other comprehensive income (loss), net of tax | 34,840 | ' | ' | ' | ' | ' | 34,840 | ' |
Issuance of Preferred Stock, Series C (135,000 shares) | 129,796 | 129,796 | ' | ' | ' | ' | ' | ' |
Dividends on common stock ($0.16 per share in 2013, $0.25 per share in 2012 and $0.52 per share in 2011) | -15,667 | ' | ' | ' | -15,667 | ' | ' | ' |
Dividends on preferred stock ($53.44 per share) | -7,214 | ' | ' | ' | -7,214 | ' | ' | ' |
Restricted stock grants (536,110 shares in 2013, 157,000 shares in 2012 and 685,650 shares in 2011) | ' | ' | ' | -5,200 | -5,878 | 11,078 | ' | ' |
Forfeitures of restricted stock (113,468 shares in 2013, 275,397 shares in 2012 and 25,404 shares in 2011) | ' | ' | ' | 1,234 | 1,110 | -2,344 | ' | ' |
Stock-based compensation | 6,969 | ' | ' | 6,909 | 60 | ' | ' | ' |
Net tax benefit shortfall from stock-based compensation | -800 | ' | ' | -800 | ' | ' | ' | ' |
Allocation of ESOP stock | 11,007 | ' | ' | 7,465 | ' | ' | ' | 3,542 |
Balance at Dec. 31, 2013 | $1,519,513 | $129,796 | $1,665 | $894,297 | $1,930,026 | ($1,398,021) | ($38,250) | ' |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Dividends on common stock (in dollars per share) | $0.16 | $0.25 | $0.52 |
Dividends on preferred stock (in dollars per share) | $53.44 | ' | ' |
Restricted stock grants, shares | 536,110 | 157,000 | 685,650 |
Forfeitures of restricted stock, shares | 113,468 | 275,397 | 25,404 |
Preferred Stock | ' | ' | ' |
Issuance of Preferred stock, Series C, shares | 135,000 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $66,593 | $53,091 | $67,209 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Net amortization on loans | 20,511 | 26,101 | 28,810 |
Net amortization on securities and borrowings | 15,794 | 16,762 | 8,288 |
Net provision for loan and real estate losses | 20,899 | 43,314 | 41,039 |
Depreciation and amortization | 11,566 | 11,861 | 11,684 |
Net gain on sales of loans and securities | -9,059 | -17,333 | -3,681 |
Net (gain) loss on dispositions of premises and equipment | -4 | 49 | 312 |
Other asset impairment charges | 87 | 272 | 444 |
Originations of loans held-for-sale | -256,048 | -380,356 | -196,060 |
Proceeds from sales and principal repayments of loans held-for-sale | 325,088 | 324,520 | 218,969 |
Stock-based compensation and allocation of ESOP stock | 17,976 | 15,356 | 25,407 |
Decrease in accrued interest receivable | 3,762 | 4,840 | 8,964 |
Mortgage servicing rights amortization and valuation allowance adjustments, net | -2,172 | 4,840 | 3,398 |
Bank owned life insurance income and insurance proceeds received, net | -5,220 | -8,518 | 781 |
Decrease in other assets | 51,148 | 100,849 | 36,057 |
Decrease in accrued expenses and other liabilities | -28,257 | -8,235 | -23,928 |
Net cash provided by operating activities | 232,664 | 187,413 | 227,693 |
Cash flows from investing activities: | ' | ' | ' |
Originations of loans receivable | -2,228,450 | -3,272,511 | -2,651,863 |
Loan purchases through third parties | -407,532 | -942,873 | -1,118,921 |
Principal payments on loans receivable | 3,302,519 | 4,135,995 | 4,495,679 |
Proceeds from sales of delinquent and non-performing loans | 19,511 | 23,220 | 26,408 |
Purchases of securities held-to-maturity | -850,716 | -533,687 | -967,803 |
Purchases of securities available-for-sale | -221,080 | -256,901 | ' |
Principal payments on securities held-to-maturity | 687,902 | 948,994 | 832,886 |
Principal payments on securities available-for-sale | 95,687 | 201,147 | 213,295 |
Proceeds from sales of securities available-for-sale | 41,640 | 60,318 | 0 |
Net redemptions (purchases) of Federal Home Loan Bank of New York stock | 18,987 | -39,527 | 17,507 |
Redemption of Astoria Capital Trust I common securities | 3,866 | ' | ' |
Proceeds from sales of real estate owned, net | 35,949 | 59,892 | 87,004 |
Purchases of premises and equipment | -10,292 | -6,435 | -12,976 |
Proceeds from dispositions of premises and equipment | 671 | ' | 14,396 |
Net cash provided by investing activities | 488,662 | 377,632 | 935,612 |
Cash flows from financing activities: | ' | ' | ' |
Net decrease in deposits | -588,648 | -801,656 | -353,386 |
Net increase in borrowings with original terms of three months or less | 317,000 | 448,000 | 168,000 |
Proceeds from borrowings with original terms greater than three months | ' | 950,000 | 200,000 |
Repayments of borrowings with original terms greater than three months | -553,866 | -1,144,000 | -1,116,000 |
Cash payments for debt issuance costs | ' | -2,653 | ' |
Net (decrease) increase in mortgage escrow funds | -3,643 | 2,260 | 1,467 |
Proceeds from issuance of preferred stock | 135,000 | ' | ' |
Cash payments for preferred stock issuance costs | -5,204 | ' | ' |
Cash dividends paid to stockholders | -20,688 | -24,104 | -49,435 |
Net tax benefit shortfall from stock-based compensation | -800 | -4,123 | -263 |
Net cash used in financing activities | -720,849 | -576,276 | -1,149,617 |
Net increase (decrease) in cash and cash equivalents | 477 | -11,231 | 13,688 |
Cash and cash equivalents at beginning of year | 121,473 | 132,704 | 119,016 |
Cash and cash equivalents at end of year | 121,950 | 121,473 | 132,704 |
Supplemental disclosures: | ' | ' | ' |
Interest paid | 180,871 | 258,503 | 322,225 |
Income taxes paid | 28,820 | 6,002 | 40,420 |
Additions to real estate owned | 51,360 | 43,270 | 75,320 |
Loans transferred to held-for-sale | $16,605 | $6,501 | $36,482 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | ' |
(1) Summary of Significant Accounting Policies | |
The following significant accounting and reporting policies of Astoria Financial Corporation and subsidiaries conform to U.S. generally accepted accounting principles, or GAAP, and are used in preparing and presenting these consolidated financial statements. | |
(a) Basis of Presentation | |
The accompanying consolidated financial statements include the accounts of Astoria Financial Corporation and its wholly-owned subsidiaries: Astoria Federal Savings and Loan Association and its subsidiaries, referred to as Astoria Federal, and AF Insurance Agency, Inc. AF Insurance Agency, Inc. is a licensed life insurance agency which, through contractual agreements with various third parties, makes insurance products available primarily to the customers of Astoria Federal. As used in this annual report, “we,” “us” and “our” refer to Astoria Financial Corporation and its consolidated subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. | |
In addition to Astoria Federal and AF Insurance Agency, Inc., we had another subsidiary, Astoria Capital Trust I, which was not consolidated with Astoria Financial Corporation for financial reporting purposes. On May 14, 2013, we filed a Certificate of Cancellation of Certificate of Trust of Astoria Capital Trust I with the Delaware Secretary of State. See Note 8 for further discussion of Astoria Capital Trust I. | |
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues, expenses and other comprehensive income/loss during the reporting periods. The estimate of our allowance for loan losses, the valuation of mortgage servicing rights, or MSR, judgments regarding goodwill and securities impairment and the estimates related to our pension plans and other postretirement benefits are particularly critical because they are important to the presentation of our financial condition and results of operations, involve a higher degree of complexity and require management to make difficult and subjective judgments which often require assumptions and estimates about highly uncertain matters. Actual results may differ from our assumptions, estimates and judgments. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. | |
(b) Cash and Cash Equivalents | |
For the purpose of reporting cash flows, cash and cash equivalents include cash and due from banks and repurchase agreements with original maturities of three months or less. Astoria Federal is required by the Federal Reserve System to maintain cash reserves equal to a percentage of certain deposits. The reserve requirement totaled $37.7 million at December 31, 2013 and 2012. | |
(c) Repurchase Agreements (Securities Purchased Under Agreements to Resell) | |
We may purchase securities under agreements to resell (repurchase agreements). These agreements represent short-term loans and are reflected as an asset in the consolidated statements of financial condition. We may sell, loan or otherwise dispose of such securities to other parties in the normal course of our operations. The same securities are to be resold at the maturity of the repurchase agreements. | |
(d) Securities | |
Securities are classified as held-to-maturity, available-for-sale or trading. Management determines the appropriate classification of securities at the time of acquisition. Our securities available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income/loss in stockholders’ equity. Debt securities which we have the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Premiums and discounts are recognized as adjustments to interest income using the interest method over the remaining period to contractual maturity, adjusted for prepayments. Gains and losses on the sale of all securities are determined using the specific identification method and are reflected in earnings when realized. For the years ended December 31, 2013, 2012 and 2011, we did not maintain a trading securities portfolio. We conduct a periodic review and evaluation of the securities portfolio to determine if a decline in the fair value of any security below its cost basis is other-than-temporary. Our evaluation of other-than-temporary impairment, or OTTI, considers the duration and severity of the impairment, our assessments of the reason for the decline in value, the likelihood of a near-term recovery and our intent and ability to not sell the securities. If such decline is deemed other-than-temporary, the security is written down to a new cost basis and the resulting loss is charged to earnings as a component of non-interest income, except for the amount of the total OTTI for a debt security that does not represent credit losses which is recognized in other comprehensive income/loss, net of applicable taxes. | |
(e) Federal Home Loan Bank of New York Stock | |
As a member of the Federal Home Loan Bank of New York, or FHLB-NY, we are required to acquire and hold shares of the FHLB-NY Class B stock. Our holding requirement varies based on our activities, primarily our outstanding borrowings, with the FHLB-NY. Our investment in FHLB-NY stock is carried at cost. We conduct a periodic review and evaluation of our FHLB-NY stock to determine if any impairment exists. | |
(f) Loans Held-for-Sale | |
Loans held-for-sale, net, includes fifteen and thirty year fixed rate one-to-four family, or residential, mortgage loans originated for sale that conform to government-sponsored enterprise, or GSE, guidelines (conforming loans), as well as certain delinquent and non-performing mortgage loans. | |
Generally, we originate fifteen and thirty year conforming fixed rate residential mortgage loans for sale to various GSEs or other investors on a servicing released or retained basis. The sale of such loans is generally arranged through a master commitment on a mandatory delivery or best efforts basis. Loans held-for-sale are carried at the lower of cost or estimated fair value, as determined on an aggregate basis. Net unrealized losses, if any, are recognized in a valuation allowance through charges to earnings. Premiums and discounts and origination fees and costs on loans held-for-sale are deferred and recognized as a component of the gain or loss on sale. Gains and losses on sales of loans held-for-sale are included in mortgage banking income, net, recognized on settlement dates and are determined by the difference between the sale proceeds and the carrying value of the loans. These transactions are accounted for as sales based on our satisfaction of the criteria for such accounting which provide that, as transferor, we have surrendered control over the loans. | |
Upon our decision to sell certain delinquent and non-performing mortgage loans held in portfolio, we reclassify them to held-for-sale at the lower of cost or fair value, less estimated selling costs. Reductions in carrying values are reflected as a write-down of the recorded investment in the loans resulting in a new cost basis, with credit-related losses charged to the allowance for loan losses. Such loans are assessed for impairment based on fair value at each reporting date. Lower of cost or market write-downs, if any, are recognized in a valuation allowance through charges to earnings. Increases in the fair value of non-performing loans held-for-sale are recognized only up to the amount of the previously recognized valuation allowances. Lower of cost or market write-downs and recoveries are included in other non-interest income along with gains and losses recognized on sales of such loans. Our delinquent and non-performing loans are sold without recourse and we do not provide financing. | |
(g) Loans Receivable and Allowance for Loan Losses | |
Loans receivable are carried at the unpaid principal balances, net of unamortized premiums and discounts and deferred loan origination costs and fees, which are recognized as yield adjustments using the interest method. We amortize these amounts over the contractual life of the related loans, adjusted for prepayments. Our loans receivable represent our financing receivables. | |
We discontinue accruing interest on loans when they become 90 days past due as to their payment due date and at the time a loan is deemed a troubled debt restructuring, or TDR. We may also discontinue accruing interest on certain other loans because of deterioration in financial or other conditions of the borrower. In addition, we reverse all previously accrued and uncollected interest through a charge to interest income. While loans are in non-accrual status, interest due is monitored and, presuming we deem the remaining recorded investment in the loan to be fully collectible, income is recognized only to the extent cash is received until a return to accrual status is warranted. In some circumstances, we may continue to accrue interest on mortgage loans past due 90 days or more, primarily as to their maturity date but not their interest due. In other cases, we may defer recognition of income until the principal balance has been recovered. | |
We may agree, in certain instances, to modify the contractual terms of a borrower’s loan. In cases where such modifications represent a concession to a borrower experiencing financial difficulty, the modification is considered a TDR. Modifications as a result of a TDR may include, but are not limited to, interest rate modifications, payment deferrals, restructuring of payments to interest-only from amortizing and/or extensions of maturity dates. Modifications which result in insignificant payment delays and payment shortfalls are generally not classified as a TDR. Residential mortgage loans discharged in a Chapter 7 bankruptcy filing, or bankruptcy loans, are also reported as loans modified in a TDR, as relief granted by a court is also viewed as a concession to the borrower in the loan agreement. Loans modified in a TDR are individually classified as impaired loans and are initially placed on non-accrual status regardless of their delinquency status. Loans modified in a TDR remain in non-accrual status until we determine that future collection of principal and interest is reasonably assured. Where we have agreed to modify the contractual terms of a borrower’s loan, we require the borrower to demonstrate performance according to the restructured terms, generally for a period of six months, prior to returning the loan to accrual status. Loans modified in a TDR which have been returned to accrual status are excluded from non-performing loans. | |
We establish and maintain an allowance for loan losses based on our evaluation of the probable inherent losses in our loan portfolio. The allowance is increased by provisions for loan losses charged to earnings and is decreased by loan charge-offs in the period the loans, or portions thereof, are deemed uncollectible. Recoveries of amounts previously charged-off increase the allowance for loan losses in the period they are received. The allowance for loan losses is determined based on a comprehensive analysis of our loan portfolio. We evaluate the adequacy of the allowance on a quarterly basis. The allowance is comprised of both valuation allowances related to individual loans and general valuation allowances, although the total allowance for loan losses is available for losses applicable to the entire loan portfolio. In estimating specific allocations of the allowance, we review loans deemed to be impaired and measure impairment losses based on either the fair value of the collateral, the present value of expected future cash flows, or the observable market price of the loan. 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. When an impairment analysis indicates the need for a specific allocation of the allowance on an individual loan, such allocation would be established sufficient to cover probable incurred losses at the evaluation date based on the facts and circumstances of the loan. When available information confirms that specific loans, or portions thereof, are uncollectible, these amounts are charged-off against the allowance for loan losses. For loans individually classified as impaired, the portion of the recorded investment in the loan in excess of the present value of the discounted cash flows of a modified loan or, for collateral dependent loans, the portion of the recorded investment in the loan in excess of the estimated fair value of the underlying collateral less estimated selling costs, is charged-off. | |
Loan reviews are performed by our Asset Review Department quarterly for all loans individually classified by our Asset Classification Committee and are performed annually for multi-family and commercial real estate mortgage loans modified in a TDR, multi-family and commercial real estate mortgage loans with balances of $5.0 million or greater and commercial loans with balances of $500,000 or greater. Further, multi-family and commercial real estate portfolio management personnel also perform annual reviews for certain multi-family and commercial real estate mortgage loans with balances under $5.0 million and recommend further review by our Credit and Asset Review Departments as appropriate. In addition, our Asset Review Department will review annually borrowing relationships whose combined outstanding balance is $5.0 million or greater, with such reviews covering approximately fifty percent of the outstanding principal balance of the loans to such relationships. Our residential mortgage loans are individually evaluated for impairment 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 values on residential loans are obtained primarily through automated valuation models. | |
Estimated losses for loans that are not individually deemed to be impaired are determined on a loan pool basis using our historical loss experience and various other qualitative factors and comprise our general valuation allowances. General valuation allowances represent loss allowances that have been established to recognize the inherent risks associated with our lending activities which, unlike individual valuation allowances, have not been allocated to particular loans. The determination of the adequacy of the general valuation allowances takes into consideration a variety of factors. | |
We segment our residential mortgage loan portfolio by interest-only and amortizing loans, full documentation and reduced documentation loans and year of origination 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, geographic location and year of origination. We analyze our consumer and other loan portfolio by home equity lines of credit, commercial loans, revolving credit lines and installment loans and perform similar historical loss analyses. In our analysis of non-performing loans, we consider our aggregate historical loss experience with respect to the ultimate disposition of the underlying collateral along with the migration of delinquent loans based on the portfolio segments noted above. These analyses and the resulting loss rates are used as an integral part of our judgment in developing estimated loss percentages to apply to the loan portfolio segments. We monitor credit risk on interest-only hybrid adjustable rate mortgage, or ARM, loans that were underwritten at the initial note rate, which may have been a discounted rate, in the same manner that we monitor credit risk on all interest-only hybrid ARM loans. We monitor interest rate reset dates of our loan portfolio, in the aggregate, and the current interest rate environment and consider the impact, if any, on borrowers’ ability to continue to make timely principal and interest payments in determining our allowance for loan losses. We also consider the size, composition, risk profile and delinquency levels of our loan portfolio, as well as our credit administration and asset management procedures. We monitor property value trends in our market areas by reference to various industry and market reports, economic releases and surveys, and our general and specific knowledge of the real estate markets in which we lend, in order to determine what impact, if any, such trends may have on the level of our general valuation allowances. In addition, we evaluate and consider the impact that current and anticipated economic and market conditions may have on the loan portfolio and known and inherent risks in the portfolio. We update our analyses quarterly and continually refine our evaluations as experience provides clearer guidance, our product offerings change and as economic conditions evolve. | |
We analyze our historical loss experience over twelve, fifteen, eighteen and twenty-four 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 consider our loss experience for other, similar loan types and may evaluate those losses over a longer period than two years. Additionally, multi-family and commercial real estate loss experience may be adjusted based on the composition of the losses (loan sales, short sales and partial charge-offs). Our evaluation of loss experience factors considers trends in such factors over the prior two years for substantially all of the loan portfolio, with the exception of multi-family and commercial real estate mortgage loans originated after 2010, for which our evaluation includes detailed modeling techniques. We update our historical loss analyses quarterly and evaluate the need to modify our quantitative allowances as a result of our updated charge-off and loss analyses. | |
We consider qualitative factors with the purpose of assessing the adequacy of the overall allowance for loan losses as well as the allocation of the allowance for loan losses by portfolio. The qualitative factors we consider generally include, but are not limited to, changes in (1) lending policies and procedures, (2) economic and business conditions and developments that affect collectibility of our loan portfolio, (3) the nature and volume of our loan portfolio and in the terms of loans, (4) the experience, ability and depth of lending management and other staff, (5) the volume and severity of past due, non-accrual and adversely classified loans, (6) the quality of the loan review system, (7) the value of underlying collateral, (8) the existence or effect of any credit concentrations and (9) external factors such as competition and legal or regulatory requirements. In addition to the nine qualitative factors noted, we also review certain analytical information such as our coverage ratios and peer analysis. | |
Allowance adequacy calculations are adjusted quarterly, based on the results of our quantitative and qualitative analyses, to reflect our current estimates of the amount of probable losses inherent in our loan portfolio in determining our allowance for loan losses. Allocations of the allowance to each loan category are adjusted quarterly to reflect probable inherent losses using the same quantitative and qualitative analyses used in connection with the overall allowance adequacy calculations. The portion of the allowance allocated to each loan category does not represent the total available to absorb losses which may occur within the loan category, since the total allowance for loan losses is available for losses applicable to the entire loan portfolio. | |
The balance of our allowance for loan losses represents management’s best estimate of the probable inherent losses in our loan portfolio at December 31, 2013 and 2012. Actual results could differ from our estimates as a result of changes in economic or market conditions. Changes in estimates could result in a material change in the allowance for loan losses. While we believe that the allowance for loan losses has been established and maintained at levels that reflect the risks inherent in our loan portfolio, future adjustments may be necessary if portfolio performance or economic or market conditions differ substantially from the conditions that existed at the time of the initial determinations. | |
(h) Mortgage Servicing Rights | |
We recognize as separate assets the rights to service mortgage loans. The right to service loans for others is generally obtained through the sale of residential mortgage loans with servicing retained. The initial asset recognized for originated MSR is measured at fair value. The fair value of MSR is estimated by reference to current market values of similar loans sold servicing released. MSR are amortized in proportion to and over the period of estimated net servicing income. We apply the amortization method for measurements of our MSR. MSR are assessed for impairment based on fair value at each reporting date. MSR impairment, if any, is recognized in a valuation allowance through charges to earnings. Increases in the fair value of impaired MSR are recognized only up to the amount of the previously recognized valuation allowance. Fees earned for servicing loans are reported as income when the related mortgage loan payments are collected. | |
We assess impairment of our MSR based on the estimated fair value of those rights on a stratum-by-stratum basis with any impairment recognized through a valuation allowance for each impaired stratum. We stratify our MSR by underlying loan type (primarily fixed and adjustable) and interest rate. Individual allowances for each stratum are then adjusted in subsequent periods to reflect changes in the measurement of impairment. | |
We outsource the servicing of our residential mortgage loan portfolio, including our portfolio of mortgage loans serviced for other investors, to an unrelated third party under a sub-servicing agreement. Fees paid under the sub-servicing agreement are reported in non-interest expense. | |
(i) Premises and Equipment | |
Land is carried at cost. Buildings and improvements, leasehold improvements and furniture, fixtures and equipment are carried at cost, less accumulated depreciation and amortization totaling $194.1 million at December 31, 2013 and $184.6 million at December 31, 2012. Buildings and improvements and furniture, fixtures and equipment are depreciated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the term of the related leases or the estimated useful lives of the improved property. | |
(j) Goodwill | |
Goodwill is presumed to have an indefinite useful life and is tested, at least annually, for impairment at the reporting unit level. If the estimated fair value of the reporting unit exceeds its carrying amount, further evaluation is not necessary. However, if the fair value of the reporting unit is less than its carrying amount, further evaluation is required to compare the implied fair value of the reporting unit’s goodwill to its carrying amount to determine if a write-down of goodwill is required. Impairment exists when the carrying amount of goodwill exceeds its implied fair value. | |
For purposes of our goodwill impairment testing, we have identified a single reporting unit. We consider the quoted market price of our common stock on our impairment testing date as an initial indicator of estimating the fair value of our reporting unit. We also consider our average stock price, both before and after our impairment test date, as well as market-based control premiums in determining the estimated fair value of our reporting unit. In addition to our internal goodwill impairment analysis, we periodically obtain a goodwill impairment analysis from an independent third party valuation firm. The independent third party utilizes multiple valuation approaches including comparable transactions, control premium, public market peers and discounted cash flow. Management reviews the assumptions and inputs used in the third party analysis for reasonableness. | |
At December 31, 2013, the carrying amount of our goodwill totaled $185.2 million. As of September 30, 2013, we performed our annual goodwill impairment test internally and obtained an independent third party analysis and concluded there was no goodwill impairment. We would test our goodwill for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of our reporting unit below its carrying amount. No events have occurred and no circumstances have changed since our annual impairment test date that would more likely than not reduce the fair value of our reporting unit below its carrying amount. The identification of additional reporting units, the use of other valuation techniques or changes to the input assumptions used in our analysis or the analysis by our third party valuation firm could result in materially different evaluations of impairment. | |
(k) Bank Owned Life Insurance | |
Bank owned life insurance, or BOLI, is carried at the amount that could be realized under our life insurance contract as of the date of the statement of financial condition and is classified as a non-interest earning asset. Increases in the carrying value are recorded as non-interest income and insurance proceeds received are recorded as a reduction of the carrying value. The carrying value consists of a cash surrender value of $395.8 million at December 31, 2013 and $394.1 million at December 31, 2012, a claims stabilization reserve of $27.6 million at December 31, 2013 and $24.1 million at December 31, 2012 and deferred acquisition costs of $1,000 at December 31, 2013 and $2,000 at December 31, 2012. Repayment of the claims stabilization reserve (funds transferred from the cash surrender value to provide for future death benefit payments) and the deferred acquisition costs (costs incurred by the insurance carrier for the policy issuance) are guaranteed by the insurance carrier provided that certain conditions are met at the date of a contract surrender. We satisfied these conditions at December 31, 2013 and 2012. | |
(l) Real Estate Owned | |
Real estate owned, or REO, represents real estate acquired through foreclosure or by deed in lieu of foreclosure and is initially recorded at the lower of cost or fair value, less estimated selling costs. Write-downs required at the time of acquisition are charged to the allowance for loan losses. Thereafter, we maintain a valuation allowance, representing decreases in the properties’ estimated fair value, through charges to earnings. Such charges are included in other non-interest expense along with any additional property maintenance and protection expenses incurred in owning the property. REO is reported net of a valuation allowance of $834,000 at December 31, 2013 and $1.6 million at December 31, 2012. | |
(m) Reverse Repurchase Agreements (Securities Sold Under Agreements to Repurchase) | |
We enter into sales of securities under agreements to repurchase with selected dealers and banks (reverse repurchase agreements). Such agreements are accounted for as secured financing transactions since we maintain effective control over the transferred securities and the transfer meets the other criteria for such accounting. Obligations to repurchase securities sold are reflected as a liability in our consolidated statements of financial condition. The securities underlying the agreements are delivered to a custodial account for the benefit of the dealer or bank with whom each transaction is executed. The dealers or banks, who may sell, loan or otherwise dispose of such securities to other parties in the normal course of their operations, agree to resell us the same securities at the maturities of the agreements. We retain the right of substitution of collateral throughout the terms of the agreements. The securities underlying the agreements are classified as encumbered securities in our consolidated statements of financial condition. | |
(n) Derivative Instruments | |
As part of our interest rate risk management, we may utilize, from time-to-time, derivative instruments which are recorded as either assets or liabilities in the consolidated statements of financial condition at fair value. Changes in the fair values of derivatives are reported in our results of operations or other comprehensive income/loss depending on the use of the derivative and whether it qualifies for hedge accounting. We may enter into derivative instruments with no hedging designation. Changes in the fair values of these derivatives are recognized currently in our results of operations, generally in other non-interest expense. We do not use derivatives for trading purposes. | |
(o) Income Taxes | |
We use the asset and liability method to provide for income taxes on all transactions recorded in the consolidated financial statements. Income tax expense consists of income taxes that are currently payable and deferred income taxes. Deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates, applicable to future years, to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. We assess our deferred tax assets and establish a valuation allowance if realization of a deferred tax asset is not considered to be more likely than not. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. Certain tax benefits attributable to stock options, restricted stock and restricted stock units, including the tax benefit related to dividends paid on unvested restricted stock awards, are credited to additional paid-in-capital. We maintain a reserve related to certain tax positions and strategies that management believes contain an element of uncertainty and evaluate each of our tax positions and strategies to determine whether the reserve continues to be appropriate. Accruals of interest and penalties related to unrecognized tax benefits are recognized in income tax expense. | |
(p) Earnings Per Common Share | |
Basic earnings per common share, or EPS, is computed pursuant to the two-class method by dividing net income available to common shareholders less dividends paid on participating securities (unvested shares of restricted common stock) and any undistributed earnings attributable to participating securities by the weighted average common shares outstanding during the year. The weighted average common shares outstanding includes the weighted average number of shares of common stock outstanding less the weighted average number of unvested shares of restricted common stock and unallocated common shares held by the Employee Stock Ownership Plan, or ESOP. For EPS calculations, ESOP shares that have been committed to be released are considered outstanding. ESOP shares that have not been committed to be released are excluded from outstanding shares on a weighted average basis for EPS calculations. As of December 31, 2013 there were no remaining unallocated shares held by the ESOP. | |
Diluted EPS is computed using the same method as basic EPS, but includes the effect of dilutive potential common shares during the period, such as unexercised stock options and unvested restricted stock units, calculated using the treasury stock method. However, unvested restricted stock units are excluded from the denominator for both the basic and diluted EPS computations until the performance conditions are satisfied. | |
(q) Employee Benefits | |
Astoria Federal has a qualified, non-contributory defined benefit pension plan, or the Astoria Federal Pension Plan, covering employees meeting specified eligibility criteria. Astoria Federal’s policy is to fund pension costs in accordance with the minimum funding requirement. In addition, Astoria Federal has non-qualified and unfunded supplemental retirement plans covering certain officers and directors including the Astoria Federal Savings and Loan Association Excess Benefit Plan and the Astoria Federal Savings and Loan Association Supplemental Benefit Plan, or the Astoria Federal Excess and Supplemental Benefit Plans, and the Astoria Federal Savings and Loan Association Directors’ Retirement Plan, or the Astoria Federal Directors’ Retirement Plan. Effective April 30, 2012, the Astoria Federal Pension Plan, the Astoria Federal Excess and Supplemental Benefit Plans and the Astoria Federal Directors’ Retirement Plan were amended to, among other things, change the manner in which benefits were computed for service through April 30, 2012 and to suspend accrual of additional benefits for all of the aforementioned plans effective April 30, 2012. These amendments resulted in a significant reduction in net periodic cost for our defined benefit pension plans for periods subsequent to April 30, 2012. | |
We also sponsor a health care plan that provides for postretirement medical and dental coverage to select individuals. The costs of postretirement benefits are accrued during an employee’s active working career. | |
We recognize the overfunded or underfunded status of our defined benefit pension plans and other postretirement benefit plan, which is measured as the difference between plan assets at fair value and the benefit obligation at the measurement date, in other assets or other liabilities in our consolidated statements of financial condition. Changes in the funded status are recognized through other comprehensive income/loss in the period in which the changes occur. | |
We record compensation expense related to the ESOP at an amount equal to the shares allocated by the ESOP multiplied by the average fair value of our common stock during the year of allocation, plus the cash contributions made to participant accounts. The difference between the fair value of shares for the period and the cost of the shares allocated by the ESOP is recorded as an adjustment to additional paid-in capital. | |
(r) Stock Incentive Plans | |
We recognize the cost of employee services received in exchange for awards of equity instruments based on the grant date fair value of awards. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period which is the earlier of the awards’ stated vesting date or the employees’ or non-employee directors’ retirement eligibility date for awards that have accelerated vesting provisions upon retirement. For awards which have performance-based conditions, recognition of stock-based compensation expense begins when the achievement of the performance conditions is probable. The fair value of restricted common stock and restricted stock unit awards are based on the closing market value of our common stock as reported on the New York Stock Exchange on the grant date, reduced by the present value of the expected dividend stream during the vesting period for restricted stock unit awards using a risk-free interest rate. | |
(s) Segment Reporting | |
As a community-oriented financial institution, substantially all of our operations involve the delivery of loan and deposit products to customers. We make operating decisions and assess performance based on an ongoing review of these community banking operations, which constitute our only operating segment for financial reporting purposes. | |
(t) Impact of Recent Accounting Standards and Interpretations | |
In January 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2014-01, “Investments – Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Qualified Affordable Housing Projects,” which applies to all reporting entities that invest in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. Currently under GAAP, a reporting entity that invests in a qualified affordable housing project may elect to account for that investment using the effective yield method if all of the conditions are met. For those investments that are not accounted for using the effective yield method, GAAP requires that they be accounted for under either the equity method or the cost method. Certain of the conditions required to be met to use the effective yield method were restrictive and thus prevented many such investments from qualifying for the use of the effective yield method. The amendments in this update modify the conditions that a reporting entity must meet to be eligible to use a method other than the equity or cost methods to account for qualified affordable housing project investments. If the modified conditions are met, the amendments permit an entity to use the proportional amortization method to amortize the initial cost of the investment in proportion to the amount of tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of income tax expense (benefit). Additionally, the amendments introduce new recurring disclosures about all investments in qualified affordable housing projects irrespective of the method used to account for the investments. The amendments in ASU 2014-01 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. Early adoption is permitted. This guidance is not expected to have a material impact on our financial condition or results of operations. | |
In January 2014, the FASB issued ASU 2014-04, “Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40) Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” which applies to all creditors who obtain physical possession of residential real estate property collateralizing a consumer mortgage loan in satisfaction of a receivable. The amendments in this update clarify when an in substance repossession or foreclosure occurs and requires disclosure of both (1) the amount of foreclosed residential real estate property held by a creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in ASU 2014-04 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. Early adoption is permitted and entities can elect to adopt a modified retrospective transition method or a prospective transition method. This guidance is not expected to have a material impact on our financial condition or results of operations. | |
Repurchase_Agreements
Repurchase Agreements | 12 Months Ended |
Dec. 31, 2013 | |
Repurchase Agreements | ' |
Repurchase Agreements | ' |
(2) Repurchase Agreements | |
There were no repurchase agreements outstanding at December 31, 2013 and 2012 or during the year ended December 31, 2013. During the year ended December 31, 2012, repurchase agreements averaged $12.5 million and the maximum amount outstanding at any month end was $95.0 million. None of the securities held under repurchase agreements were sold or repledged during the year ended December 31, 2012. |
Securities
Securities | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Securities | ' | |||||||||||||||||||
Securities | ' | |||||||||||||||||||
(3) Securities | ||||||||||||||||||||
The following tables set forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at the dates indicated. | ||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||
(In Thousands) | Amortized | Gross | Gross | Estimated | ||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
GSE issuance REMICs and CMOs (1) | $ | 292,131 | $ | 1,077 | $ | (7,134 | ) | $ | 286,074 | |||||||||||
Non-GSE issuance REMICs and CMOs | 7,516 | 57 | (1 | ) | 7,572 | |||||||||||||||
GSE pass-through certificates | 16,120 | 770 | (2 | ) | 16,888 | |||||||||||||||
Total residential mortgage-backed securities | 315,767 | 1,904 | (7,137 | ) | 310,534 | |||||||||||||||
Obligations of GSEs | 98,675 | - | (7,522 | ) | 91,153 | |||||||||||||||
Fannie Mae stock | 15 | - | (12 | ) | 3 | |||||||||||||||
Total securities available-for-sale | $ | 414,457 | $ | 1,904 | $ | (14,671 | ) | $ | 401,690 | |||||||||||
Held-to-maturity: | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 1,474,506 | $ | 12,877 | $ | (33,925 | ) | $ | 1,453,458 | |||||||||||
Non-GSE issuance REMICs and CMOs | 3,833 | 61 | (10 | ) | 3,884 | |||||||||||||||
GSE pass-through certificates | 282,473 | 85 | (10,089 | ) | 272,469 | |||||||||||||||
Total residential mortgage-backed securities | 1,760,812 | 13,023 | (44,024 | ) | 1,729,811 | |||||||||||||||
Obligations of GSEs | 88,128 | - | (7,403 | ) | 80,725 | |||||||||||||||
Other | 586 | - | - | 586 | ||||||||||||||||
Total securities held-to-maturity | $ | 1,849,526 | $ | 13,023 | $ | (51,427 | ) | $ | 1,811,122 | |||||||||||
(1) Real estate mortgage investment conduits and collateralized mortgage obligations | ||||||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||
(In Thousands) | Amortized | Gross | Gross | Estimated | ||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 200,152 | $ | 5,258 | $ | (583 | ) | $ | 204,827 | |||||||||||
Non-GSE issuance REMICs and CMOs | 11,296 | 9 | (86 | ) | 11,219 | |||||||||||||||
GSE pass-through certificates | 20,348 | 1,029 | (2 | ) | 21,375 | |||||||||||||||
Total residential mortgage-backed securities | 231,796 | 6,296 | (671 | ) | 237,421 | |||||||||||||||
Obligations of GSEs | 98,670 | 214 | (5 | ) | 98,879 | |||||||||||||||
Fannie Mae stock | 15 | - | (15 | ) | - | |||||||||||||||
Total securities available-for-sale | $ | 330,481 | $ | 6,510 | $ | (691 | ) | $ | 336,300 | |||||||||||
Held-to-maturity: | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 1,693,437 | $ | 27,787 | $ | (2,955 | ) | $ | 1,718,269 | |||||||||||
Non-GSE issuance REMICs and CMOs | 5,791 | 112 | - | 5,903 | ||||||||||||||||
GSE pass-through certificates | 257 | 6 | (1 | ) | 262 | |||||||||||||||
Total residential mortgage-backed securities | 1,699,485 | 27,905 | (2,956 | ) | 1,724,434 | |||||||||||||||
Other | 656 | - | - | 656 | ||||||||||||||||
Total securities held-to-maturity | $ | 1,700,141 | $ | 27,905 | $ | (2,956 | ) | $ | 1,725,090 | |||||||||||
The following tables set forth the estimated fair values of securities with gross unrealized losses at the dates indicated, segregated between securities that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the dates indicated. | ||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Longer | Total | ||||||||||||||||||
(In Thousands) | Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 243,149 | $ | (7,134 | ) | $ | - | $ | - | $ | 243,149 | $ | (7,134 | ) | ||||||
Non-GSE issuance REMICs and CMOs | - | - | 132 | (1 | ) | 132 | (1 | ) | ||||||||||||
GSE pass-through certificates | 172 | (1 | ) | 70 | (1 | ) | 242 | (2 | ) | |||||||||||
Obligations of GSEs | 91,153 | (7,522 | ) | - | - | 91,153 | (7,522 | ) | ||||||||||||
Fannie Mae stock | - | - | 3 | (12 | ) | 3 | (12 | ) | ||||||||||||
Total temporarily impaired securities available-for-sale | $ | 334,474 | $ | (14,657 | ) | $ | 205 | $ | (14 | ) | $ | 334,679 | $ | (14,671 | ) | |||||
Held-to-maturity: | ||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 719,715 | $ | (25,611 | ) | $ | 151,581 | $ | (8,314 | ) | $ | 871,296 | $ | (33,925 | ) | |||||
Non-GSE issuance REMICs and CMOs | 392 | (10 | ) | - | - | 392 | (10 | ) | ||||||||||||
GSE pass-through certificates | 230,795 | (10,088 | ) | 28 | (1 | ) | 230,823 | (10,089 | ) | |||||||||||
Obligations of GSEs | 80,725 | (7,403 | ) | - | - | 80,725 | (7,403 | ) | ||||||||||||
Total temporarily impaired securities held-to-maturity | $ | 1,031,627 | $ | (43,112 | ) | $ | 151,609 | $ | (8,315 | ) | $ | 1,183,236 | $ | (51,427 | ) | |||||
At December 31, 2012 | ||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Longer | Total | ||||||||||||||||||
(In Thousands) | Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 67,841 | $ | (583 | ) | $ | - | $ | - | $ | 67,841 | $ | (583 | ) | ||||||
Non-GSE issuance REMICs and CMOs | - | - | 10,709 | (86 | ) | 10,709 | (86 | ) | ||||||||||||
GSE pass-through certificates | 57 | (1 | ) | 47 | (1 | ) | 104 | (2 | ) | |||||||||||
Obligations of GSEs | 24,995 | (5 | ) | - | - | 24,995 | (5 | ) | ||||||||||||
Fannie Mae stock | - | - | - | (15 | ) | - | (15 | ) | ||||||||||||
Total temporarily impaired securities available-for-sale | $ | 92,893 | $ | (589 | ) | $ | 10,756 | $ | (102 | ) | $ | 103,649 | $ | (691 | ) | |||||
Held-to-maturity: | ||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 413,651 | $ | (2,759 | ) | $ | 12,259 | $ | (196 | ) | $ | 425,910 | $ | (2,955 | ) | |||||
GSE pass-through certificates | 48 | (1 | ) | - | - | 48 | (1 | ) | ||||||||||||
Total temporarily impaired securities held-to-maturity | $ | 413,699 | $ | (2,760 | ) | $ | 12,259 | $ | (196 | ) | $ | 425,958 | $ | (2,956 | ) | |||||
Our securities portfolio is comprised primarily of fixed rate mortgage-backed securities guaranteed by a GSE as issuer. Substantially all of our non-GSE issuance securities are investment grade securities and have performed similarly to our GSE issuance securities. Credit quality concerns have not significantly impacted the performance of our non-GSE securities or our ability to obtain reliable prices. | ||||||||||||||||||||
We held 109 securities which had an unrealized loss at December 31, 2013 and 41 at December 31, 2012. At December 31, 2013 and 2012, substantially all of the securities in an unrealized loss position had a fixed interest rate and the cause of the temporary impairment was directly related to the change in interest rates. We generally view changes in fair value caused by changes in interest rates as temporary, which is consistent with our experience. None of the unrealized losses are related to credit losses. Therefore, at December 31, 2013 and 2012, the impairments were deemed temporary based on (1) the direct relationship of the decline in fair value to movements in interest rates, (2) the estimated remaining life and high credit quality of the investments and (3) the fact that we had no intention to sell these securities and it was not more likely than not that we would be required to sell these securities before their anticipated recovery of the remaining amortized cost basis and we expected to recover the entire amortized cost basis of the security. | ||||||||||||||||||||
During the year ended December 31, 2013, proceeds from sales of securities from the available-for-sale portfolio totaled $41.6 million resulting in gross realized gains of $2.1 million. During the year ended December 31, 2012, proceeds from sales of securities from the available-for-sale portfolio totaled $60.3 million resulting in gross realized gains of $8.5 million. There were no sales of securities from the available-for-sale portfolio during the year ended December 31, 2011. | ||||||||||||||||||||
Available-for-sale debt securities, excluding mortgage-backed securities, had an amortized cost of $98.7 million and an estimated fair value of $91.2 million at December 31, 2013. Held-to-maturity debt securities, excluding mortgage-backed securities, had an amortized cost of $88.7 million and an estimated fair value of $81.3 million at December 31, 2013. These securities have contractual maturities in 2020 through 2023. Actual maturities may differ from contractual maturities because issuers may have the right to prepay or call obligations with or without prepayment penalties. | ||||||||||||||||||||
At December 31, 2013, we held securities with an amortized cost of $186.8 million which are callable within one year and at various times thereafter. | ||||||||||||||||||||
The balance of accrued interest receivable for securities totaled $6.3 million at December 31, 2013 and $5.7 million at December 31, 2012. |
Loans_HeldforSale
Loans Held-for-Sale | 12 Months Ended |
Dec. 31, 2013 | |
Loans Held-for-Sale | ' |
Loans Held-for-Sale | ' |
(4) Loans Held-for-Sale | |
Non-performing loans held-for-sale, net of valuation allowances, included in loans held-for-sale, net, totaled $791,000 at December 31, 2013 and $3.9 million at December 31, 2012. Substantially all of the non-performing loans held-for-sale were multi-family mortgage loans at December 31, 2013 and 2012. | |
We sold certain delinquent and non-performing mortgage loans totaling $19.4 million, net of charge-offs of $5.2 million, during the year ended December 31, 2013, primarily multi-family and commercial real estate loans, $22.0 million, net of charge-offs of $11.5 million, during the year ended December 31, 2012, primarily multi-family and commercial real estate loans, and $26.4 million, net of charge-offs of $13.8 million, during the year ended December 31, 2011, primarily multi-family and residential loans. Net gain on sales of non-performing loans held-for-sale totaled $122,000 for the year ended December 31, 2013 and $1.3 million for the year ended December 31, 2012. Net loss on sales of non-performing loans held-for-sale totaled $35,000 for the year ended December 31, 2011. | |
We recorded net lower of cost or market write-downs on non-performing loans held-for-sale totaling $87,000 for the year ended December 31, 2013, $272,000 for the year ended December 31, 2012 and $444,000 for the year ended December 31, 2011. |
Loans_Receivable_and_Allowance
Loans Receivable and Allowance for Loan Losses | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||||
(5) Loans Receivable and Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||
The following tables set forth the composition of our loans receivable portfolio, and an aging analysis by accruing and non-accrual loans, by segment and class at the dates indicated. | |||||||||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||||
30-59 | 60-89 | 90 Days | Total | ||||||||||||||||||||||||||||||||
(In Thousands) | Days | Days | or More | Past Due | Current | Total | |||||||||||||||||||||||||||||
Accruing loans: | |||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | |||||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 27,291 | $ | 5,220 | $ | - | $ | 32,511 | $ | 1,249,462 | $ | 1,281,973 | |||||||||||||||||||||||
Full documentation amortizing | 31,189 | 7,415 | 151 | 38,755 | 5,325,944 | 5,364,699 | |||||||||||||||||||||||||||||
Reduced documentation interest-only | 22,635 | 5,208 | - | 27,843 | 693,660 | 721,503 | |||||||||||||||||||||||||||||
Reduced documentation amortizing | 8,993 | 2,311 | - | 11,304 | 352,322 | 363,626 | |||||||||||||||||||||||||||||
Total residential | 90,108 | 20,154 | 151 | 110,413 | 7,621,388 | 7,731,801 | |||||||||||||||||||||||||||||
Multi-family | 12,740 | 970 | - | 13,710 | 3,270,206 | 3,283,916 | |||||||||||||||||||||||||||||
Commercial real estate | 1,729 | 1,690 | 233 | 3,652 | 801,690 | 805,342 | |||||||||||||||||||||||||||||
Total mortgage loans | 104,577 | 22,814 | 384 | 127,775 | 11,693,284 | 11,821,059 | |||||||||||||||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||||||||||||||
Home equity lines of credit | 3,000 | 1,321 | - | 4,321 | 189,540 | 193,861 | |||||||||||||||||||||||||||||
Other | 177 | 19 | - | 196 | 39,644 | 39,840 | |||||||||||||||||||||||||||||
Total consumer and other loans | 3,177 | 1,340 | - | 4,517 | 229,184 | 233,701 | |||||||||||||||||||||||||||||
Total accruing loans | $ | 107,754 | $ | 24,154 | $ | 384 | $ | 132,292 | $ | 11,922,468 | $ | 12,054,760 | |||||||||||||||||||||||
Non-accrual loans: | |||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | |||||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 2,185 | $ | 582 | $ | 78,271 | $ | 81,038 | $ | 19,190 | $ | 100,228 | |||||||||||||||||||||||
Full documentation amortizing | 1,327 | 653 | 41,934 | 43,914 | 10,844 | 54,758 | |||||||||||||||||||||||||||||
Reduced documentation interest-only | 2,065 | 579 | 87,910 | 90,554 | 27,604 | 118,158 | |||||||||||||||||||||||||||||
Reduced documentation amortizing | 617 | 425 | 26,112 | 27,154 | 5,177 | 32,331 | |||||||||||||||||||||||||||||
Total residential | 6,194 | 2,239 | 234,227 | 242,660 | 62,815 | 305,475 | |||||||||||||||||||||||||||||
Multi-family | 1,104 | 357 | 9,054 | 10,515 | 2,024 | 12,539 | |||||||||||||||||||||||||||||
Commercial real estate | 930 | - | 921 | 1,851 | 5,773 | 7,624 | |||||||||||||||||||||||||||||
Total mortgage loans | 8,228 | 2,596 | 244,202 | 255,026 | 70,612 | 325,638 | |||||||||||||||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||||||||||||||
Home equity lines of credit | - | - | 5,916 | 5,916 | 32 | 5,948 | |||||||||||||||||||||||||||||
Other | - | - | 32 | 32 | - | 32 | |||||||||||||||||||||||||||||
Total consumer and other loans | - | - | 5,948 | 5,948 | 32 | 5,980 | |||||||||||||||||||||||||||||
Total non-accrual loans | $ | 8,228 | $ | 2,596 | $ | 250,150 | $ | 260,974 | $ | 70,644 | $ | 331,618 | |||||||||||||||||||||||
Total loans: | |||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | |||||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 29,476 | $ | 5,802 | $ | 78,271 | $ | 113,549 | $ | 1,268,652 | $ | 1,382,201 | |||||||||||||||||||||||
Full documentation amortizing | 32,516 | 8,068 | 42,085 | 82,669 | 5,336,788 | 5,419,457 | |||||||||||||||||||||||||||||
Reduced documentation interest-only | 24,700 | 5,787 | 87,910 | 118,397 | 721,264 | 839,661 | |||||||||||||||||||||||||||||
Reduced documentation amortizing | 9,610 | 2,736 | 26,112 | 38,458 | 357,499 | 395,957 | |||||||||||||||||||||||||||||
Total residential | 96,302 | 22,393 | 234,378 | 353,073 | 7,684,203 | 8,037,276 | |||||||||||||||||||||||||||||
Multi-family | 13,844 | 1,327 | 9,054 | 24,225 | 3,272,230 | 3,296,455 | |||||||||||||||||||||||||||||
Commercial real estate | 2,659 | 1,690 | 1,154 | 5,503 | 807,463 | 812,966 | |||||||||||||||||||||||||||||
Total mortgage loans | 112,805 | 25,410 | 244,586 | 382,801 | 11,763,896 | 12,146,697 | |||||||||||||||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||||||||||||||
Home equity lines of credit | 3,000 | 1,321 | 5,916 | 10,237 | 189,572 | 199,809 | |||||||||||||||||||||||||||||
Other | 177 | 19 | 32 | 228 | 39,644 | 39,872 | |||||||||||||||||||||||||||||
Total consumer and other loans | 3,177 | 1,340 | 5,948 | 10,465 | 229,216 | 239,681 | |||||||||||||||||||||||||||||
Total loans | $ | 115,982 | $ | 26,750 | $ | 250,534 | $ | 393,266 | $ | 11,993,112 | $ | 12,386,378 | |||||||||||||||||||||||
Net unamortized premiums and | |||||||||||||||||||||||||||||||||||
deferred loan origination costs | 55,688 | ||||||||||||||||||||||||||||||||||
Loans receivable | 12,442,066 | ||||||||||||||||||||||||||||||||||
Allowance for loan losses | (139,000 | ) | |||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 12,303,066 | |||||||||||||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||||
30-59 | 60-89 | 90 Days | Total | ||||||||||||||||||||||||||||||||
(In Thousands) | Days | Days | or More | Past Due | Current | Total | |||||||||||||||||||||||||||||
Accruing loans: | |||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | |||||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 30,520 | $ | 8,973 | $ | - | $ | 39,493 | $ | 1,862,382 | $ | 1,901,875 | |||||||||||||||||||||||
Full documentation amortizing | 35,918 | 6,564 | - | 42,482 | 6,218,064 | 6,260,546 | |||||||||||||||||||||||||||||
Reduced documentation interest-only | 28,212 | 7,694 | - | 35,906 | 855,907 | 891,813 | |||||||||||||||||||||||||||||
Reduced documentation amortizing | 11,780 | 3,893 | - | 15,673 | 350,268 | 365,941 | |||||||||||||||||||||||||||||
Total residential | 106,430 | 27,124 | - | 133,554 | 9,286,621 | 9,420,175 | |||||||||||||||||||||||||||||
Multi-family | 21,743 | 5,382 | - | 27,125 | 2,368,895 | 2,396,020 | |||||||||||||||||||||||||||||
Commercial real estate | 13,536 | 3,126 | 328 | 16,990 | 750,385 | 767,375 | |||||||||||||||||||||||||||||
Total mortgage loans | 141,709 | 35,632 | 328 | 177,669 | 12,405,901 | 12,583,570 | |||||||||||||||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||||||||||||||
Home equity lines of credit | 3,103 | 1,092 | - | 4,195 | 221,266 | 225,461 | |||||||||||||||||||||||||||||
Other | 120 | 223 | - | 343 | 31,782 | 32,125 | |||||||||||||||||||||||||||||
Total consumer and other loans | 3,223 | 1,315 | - | 4,538 | 253,048 | 257,586 | |||||||||||||||||||||||||||||
Total accruing loans | $ | 144,932 | $ | 36,947 | $ | 328 | $ | 182,207 | $ | 12,658,949 | $ | 12,841,156 | |||||||||||||||||||||||
Non-accrual loans: | |||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | |||||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | - | $ | 677 | $ | 97,907 | $ | 98,584 | $ | 937 | $ | 99,521 | |||||||||||||||||||||||
Full documentation amortizing | 363 | - | 43,014 | 43,377 | 949 | 44,326 | |||||||||||||||||||||||||||||
Reduced documentation interest-only | 1,042 | - | 107,254 | 108,296 | 5,186 | 113,482 | |||||||||||||||||||||||||||||
Reduced documentation amortizing | 445 | 13 | 32,496 | 32,954 | 768 | 33,722 | |||||||||||||||||||||||||||||
Total residential | 1,850 | 690 | 280,671 | 283,211 | 7,840 | 291,051 | |||||||||||||||||||||||||||||
Multi-family | - | - | 7,359 | 7,359 | 3,299 | 10,658 | |||||||||||||||||||||||||||||
Commercial real estate | - | - | 6,541 | 6,541 | - | 6,541 | |||||||||||||||||||||||||||||
Total mortgage loans | 1,850 | 690 | 294,571 | 297,111 | 11,139 | 308,250 | |||||||||||||||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||||||||||||||
Home equity lines of credit | - | - | 6,459 | 6,459 | - | 6,459 | |||||||||||||||||||||||||||||
Other | - | - | 49 | 49 | - | 49 | |||||||||||||||||||||||||||||
Total consumer and other loans | - | - | 6,508 | 6,508 | - | 6,508 | |||||||||||||||||||||||||||||
Total non-accrual loans | $ | 1,850 | $ | 690 | $ | 301,079 | $ | 303,619 | $ | 11,139 | $ | 314,758 | |||||||||||||||||||||||
Total loans: | |||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | |||||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 30,520 | $ | 9,650 | $ | 97,907 | $ | 138,077 | $ | 1,863,319 | $ | 2,001,396 | |||||||||||||||||||||||
Full documentation amortizing | 36,281 | 6,564 | 43,014 | 85,859 | 6,219,013 | 6,304,872 | |||||||||||||||||||||||||||||
Reduced documentation interest-only | 29,254 | 7,694 | 107,254 | 144,202 | 861,093 | 1,005,295 | |||||||||||||||||||||||||||||
Reduced documentation amortizing | 12,225 | 3,906 | 32,496 | 48,627 | 351,036 | 399,663 | |||||||||||||||||||||||||||||
Total residential | 108,280 | 27,814 | 280,671 | 416,765 | 9,294,461 | 9,711,226 | |||||||||||||||||||||||||||||
Multi-family | 21,743 | 5,382 | 7,359 | 34,484 | 2,372,194 | 2,406,678 | |||||||||||||||||||||||||||||
Commercial real estate | 13,536 | 3,126 | 6,869 | 23,531 | 750,385 | 773,916 | |||||||||||||||||||||||||||||
Total mortgage loans | 143,559 | 36,322 | 294,899 | 474,780 | 12,417,040 | 12,891,820 | |||||||||||||||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||||||||||||||
Home equity lines of credit | 3,103 | 1,092 | 6,459 | 10,654 | 221,266 | 231,920 | |||||||||||||||||||||||||||||
Other | 120 | 223 | 49 | 392 | 31,782 | 32,174 | |||||||||||||||||||||||||||||
Total consumer and other loans | 3,223 | 1,315 | 6,508 | 11,046 | 253,048 | 264,094 | |||||||||||||||||||||||||||||
Total loans | $ | 146,782 | $ | 37,637 | $ | 301,407 | $ | 485,826 | $ | 12,670,088 | $ | 13,155,914 | |||||||||||||||||||||||
Net unamortized premiums and | |||||||||||||||||||||||||||||||||||
deferred loan origination costs | 68,058 | ||||||||||||||||||||||||||||||||||
Loans receivable | 13,223,972 | ||||||||||||||||||||||||||||||||||
Allowance for loan losses | (145,501 | ) | |||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 13,078,471 | |||||||||||||||||||||||||||||||||
Effective in the 2013 first quarter, in addition to bankruptcy loans placed on non-accrual status and reported as non-performing loans as of December 31, 2012, regardless of the delinquency status of the loans, we also included bankruptcy loans which were discharged prior to 2012 which resulted in an increase in non-performing loans at December 31, 2013 compared to December 31, 2012 even as loans 90 days or more past due declined. Non-performing loans at December 31, 2013 included $61.0 million of bankruptcy loans which were current or less than 90 days past due, including $51.1 million which were discharged prior to 2012. Of the bankruptcy loans which were current or less than 90 days past due at December 31, 2013, $54.5 million were current, $5.6 million were 30-59 days past due and $878,000 were 60-89 days past due. Such loans continue to generate interest income on a cash basis as payments are received. Pursuant to regulatory guidance issued in 2012, bankruptcy loans, in addition to being placed on non-accrual status and reported as non-performing loans, are also reported as loans modified in a TDR and as impaired loans. Loans modified in a TDR included in non-accrual loans totaled $109.8 million at December 31, 2013 and $32.8 million at December 31, 2012. Such loans included bankruptcy loans totaling $83.2 million at December 31, 2013, including bankruptcy loans which were discharged prior to 2012 of $65.1 million. Excluded from non-performing loans are restructured loans that have been returned to accrual status. Restructured accruing loans totaled $100.5 million at December 31, 2013 and $98.7 million at December 31, 2012. | |||||||||||||||||||||||||||||||||||
Accrued interest receivable on all loans totaled $31.7 million at December 31, 2013 and $36.0 million at December 31, 2012. | |||||||||||||||||||||||||||||||||||
Our residential mortgage loans consist primarily of interest-only and amortizing hybrid ARM loans. We offer amortizing hybrid ARM loans which initially have a fixed rate for five, seven or ten years and convert into one year ARM loans at the end of the initial fixed rate period and require the borrower to make principal and interest payments during the entire loan term. Prior to the 2010 fourth quarter, we offered interest-only hybrid ARM loans, which have an initial fixed rate for three, five or seven years and convert into one year interest-only ARM loans at the end of the initial fixed rate period. Our interest-only hybrid ARM loans require the borrower to pay interest only during the first ten years of the loan term. After the tenth anniversary of the loan, principal and interest payments are required to amortize the loan over the remaining loan term. We do not originate one year ARM loans. The ARM loans in our portfolio which currently reprice annually represent hybrid ARM loans (interest-only and amortizing) which have passed their initial fixed rate period. Our hybrid ARM loans may be offered with an initial interest rate which is less than the fully indexed rate for the loan at the time of origination, referred to as a discounted rate. We determine the initial interest rate in accordance with market and competitive factors giving consideration to the spread over our funding sources in conjunction with our overall interest rate risk management strategies. Residential interest-only hybrid ARM loans originated prior to 2007 were underwritten at the initial note rate which may have been a discounted rate. Such loans totaled $1.66 billion at December 31, 2013 and $2.18 billion at December 31, 2012. We do not originate negative amortization loans, payment option loans or other loans with short-term interest-only periods. | |||||||||||||||||||||||||||||||||||
Within our residential mortgage loan portfolio we have reduced documentation loan products, which totaled $1.24 billion at December 31, 2013 and $1.40 billion at December 31, 2012. Reduced documentation loans are comprised primarily of SIFA (stated income, full asset) loans. To a lesser extent, reduced documentation loans in our portfolio also include SISA (stated income, stated asset) loans, which totaled $193.0 million at December 31, 2013 and $222.7 million at December 31, 2012. SIFA and SISA loans require a prospective borrower to complete a standard mortgage loan application. Reduced documentation loans require the receipt of an appraisal of the real estate used as collateral for the mortgage loan and a credit report on the prospective borrower. In addition, SIFA loans require the verification of a potential borrower’s asset information on the loan application, but not the income information provided. During the 2007 fourth quarter, we stopped offering reduced documentation loans. | |||||||||||||||||||||||||||||||||||
If all non-accrual loans at December 31, 2013, 2012 and 2011 had been performing in accordance with their original terms, we would have recorded interest income, with respect to such loans, of $15.6 million for the year ended December 31, 2013, $16.8 million for the year ended December 31, 2012 and $19.3 million for the year ended December 31, 2011. This compares to actual payments recorded as interest income, with respect to such loans, of $6.2 million for the year ended December 31, 2013, $4.3 million for the year ended December 31, 2012 and $5.2 million for the year ended December 31, 2011. | |||||||||||||||||||||||||||||||||||
The following table sets forth the changes in our allowance for loan losses by loan receivable segment for the years indicated. | |||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer | ||||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Multi- | Commercial | and Other | Total | ||||||||||||||||||||||||||||||
Family | Real Estate | Loans | |||||||||||||||||||||||||||||||||
Balance at December 31, 2010 | $ | 125,524 | $ | 56,266 | $ | 15,563 | $ | 4,146 | $ | 201,499 | |||||||||||||||||||||||||
Provision charged to operations | 34,457 | 814 | 547 | 1,182 | 37,000 | ||||||||||||||||||||||||||||||
Charge-offs | (64,834 | ) | (22,160 | ) | (4,138 | ) | (1,665 | ) | (92,797 | ) | |||||||||||||||||||||||||
Recoveries | 10,844 | 502 | - | 137 | 11,483 | ||||||||||||||||||||||||||||||
Balance at December 31, 2011 | 105,991 | 35,422 | 11,972 | 3,800 | 157,185 | ||||||||||||||||||||||||||||||
Provision charged to operations | 24,663 | 6,161 | 5,038 | 4,538 | 40,400 | ||||||||||||||||||||||||||||||
Charge-offs | (49,794 | ) | (6,275 | ) | (2,607 | ) | (2,541 | ) | (61,217 | ) | |||||||||||||||||||||||||
Recoveries | 8,407 | 206 | 1 | 519 | 9,133 | ||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 89,267 | 35,514 | 14,404 | 6,316 | 145,501 | ||||||||||||||||||||||||||||||
Provision charged to operations | 9,368 | 4,684 | 1,945 | 3,604 | 19,601 | ||||||||||||||||||||||||||||||
Charge-offs | (26,644 | ) | (4,732 | ) | (3,748 | ) | (1,916 | ) | (37,040 | ) | |||||||||||||||||||||||||
Recoveries | 8,346 | 1,237 | 535 | 820 | 10,938 | ||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 80,337 | $ | 36,703 | $ | 13,136 | $ | 8,824 | $ | 139,000 | |||||||||||||||||||||||||
The following table sets forth the balances of our residential interest-only mortgage loans at December 31, 2013 by the period in which such loans are scheduled to enter their amortization period. | |||||||||||||||||||||||||||||||||||
(In Thousands) | Recorded | ||||||||||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||||||||
Amortization scheduled to begin: | |||||||||||||||||||||||||||||||||||
Within one year | $ | 290,092 | |||||||||||||||||||||||||||||||||
More than one year to three years | 1,288,457 | ||||||||||||||||||||||||||||||||||
More than three years to five years | 592,454 | ||||||||||||||||||||||||||||||||||
Over five years | 50,859 | ||||||||||||||||||||||||||||||||||
Total | $ | 2,221,862 | |||||||||||||||||||||||||||||||||
The following tables set forth the balances of our residential mortgage and consumer and other loan receivable segments by class and credit quality indicator at the dates indicated. | |||||||||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||
Residential Mortgage Loans | Consumer and Other Loans | ||||||||||||||||||||||||||||||||||
Full Documentation | Reduced Documentation | Home Equity | |||||||||||||||||||||||||||||||||
(In Thousands) | Interest-only | Amortizing | Interest-only | Amortizing | Lines of Credit | Other | |||||||||||||||||||||||||||||
Performing | $ | 1,281,973 | $ | 5,364,548 | $ | 721,503 | $ | 363,626 | $ | 193,861 | $ | 39,840 | |||||||||||||||||||||||
Non-performing: | |||||||||||||||||||||||||||||||||||
Current or past due less than 90 days | 21,957 | 12,824 | 30,248 | 6,219 | 32 | - | |||||||||||||||||||||||||||||
Past due 90 days or more | 78,271 | 42,085 | 87,910 | 26,112 | 5,916 | 32 | |||||||||||||||||||||||||||||
Total | $ | 1,382,201 | $ | 5,419,457 | $ | 839,661 | $ | 395,957 | $ | 199,809 | $ | 39,872 | |||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||||||||
Residential Mortgage Loans | Consumer and Other Loans | ||||||||||||||||||||||||||||||||||
Full Documentation | Reduced Documentation | Home Equity | |||||||||||||||||||||||||||||||||
(In Thousands) | Interest-only | Amortizing | Interest-only | Amortizing | Lines of Credit | Other | |||||||||||||||||||||||||||||
Performing | $ | 1,901,875 | $ | 6,260,546 | $ | 891,813 | $ | 365,941 | $ | 225,461 | $ | 32,125 | |||||||||||||||||||||||
Non-performing: | |||||||||||||||||||||||||||||||||||
Current or past due less than 90 days | 1,614 | 1,312 | 6,228 | 1,226 | - | - | |||||||||||||||||||||||||||||
Past due 90 days or more | 97,907 | 43,014 | 107,254 | 32,496 | 6,459 | 49 | |||||||||||||||||||||||||||||
Total | $ | 2,001,396 | $ | 6,304,872 | $ | 1,005,295 | $ | 399,663 | $ | 231,920 | $ | 32,174 | |||||||||||||||||||||||
The following table sets forth the balances of our multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator at the dates indicated. | |||||||||||||||||||||||||||||||||||
At December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||
(In Thousands) | Multi-Family | Commercial | Multi-Family | Commercial | |||||||||||||||||||||||||||||||
Real Estate | Real Estate | ||||||||||||||||||||||||||||||||||
Not criticized | $ | 3,209,786 | $ | 759,114 | $ | 2,271,006 | $ | 706,334 | |||||||||||||||||||||||||||
Criticized: | |||||||||||||||||||||||||||||||||||
Special mention | 14,063 | 9,760 | 54,956 | 28,210 | |||||||||||||||||||||||||||||||
Substandard | 72,606 | 44,092 | 80,716 | 39,372 | |||||||||||||||||||||||||||||||
Doubtful | - | - | - | - | |||||||||||||||||||||||||||||||
Total | $ | 3,296,455 | $ | 812,966 | $ | 2,406,678 | $ | 773,916 | |||||||||||||||||||||||||||
The following tables set forth the balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses at the dates indicated. | |||||||||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer | ||||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Multi- | Commercial | and Other | Total | ||||||||||||||||||||||||||||||
Family | Real Estate | Loans | |||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 311,930 | $ | 52,538 | $ | 20,054 | $ | - | $ | 384,522 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 7,725,346 | 3,243,917 | 792,912 | 239,681 | 12,001,856 | ||||||||||||||||||||||||||||||
Total loans | $ | 8,037,276 | $ | 3,296,455 | $ | 812,966 | $ | 239,681 | $ | 12,386,378 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 18,352 | $ | 2,877 | $ | 302 | $ | - | $ | 21,531 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 61,985 | 33,826 | 12,834 | 8,824 | 117,469 | ||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 80,337 | $ | 36,703 | $ | 13,136 | $ | 8,824 | $ | 139,000 | |||||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer | ||||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Multi- | Commercial | and Other | Total | ||||||||||||||||||||||||||||||
Family | Real Estate | Loans | |||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 272,146 | $ | 56,116 | $ | 18,644 | $ | - | $ | 346,906 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 9,439,080 | 2,350,562 | 755,272 | 264,094 | 12,809,008 | ||||||||||||||||||||||||||||||
Total loans | $ | 9,711,226 | $ | 2,406,678 | $ | 773,916 | $ | 264,094 | $ | 13,155,914 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,001 | $ | 2,576 | $ | 1,469 | $ | - | $ | 5,046 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 88,266 | 32,938 | 12,935 | 6,316 | 140,455 | ||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 89,267 | $ | 35,514 | $ | 14,404 | $ | 6,316 | $ | 145,501 | |||||||||||||||||||||||||
The following table summarizes information related to our impaired mortgage loans by segment and class at the dates indicated. The allowance for loan losses allocated to residential mortgage loans over 180 days past due with a charge-off, determined within our qualitative analysis at December 31, 2012, is presented as attributable to these loans individually evaluated for impairment at December 31, 2013. | |||||||||||||||||||||||||||||||||||
At December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||
(In Thousands) | Unpaid | Recorded | Related | Net | Unpaid | Recorded | Related | Net | |||||||||||||||||||||||||||
Principal | Investment | Allowance | Investment | Principal | Investment | Allowance | Investment | ||||||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 142,659 | $ | 109,877 | $ | (6,019 | ) | $ | 103,858 | $ | 10,740 | $ | 10,740 | $ | (241 | ) | $ | 10,499 | |||||||||||||||||
Full documentation amortizing | 41,136 | 36,091 | (2,458 | ) | 33,633 | 6,122 | 6,122 | (347 | ) | 5,775 | |||||||||||||||||||||||||
Reduced documentation interest-only | 183,280 | 140,357 | (7,673 | ) | 132,684 | 12,893 | 12,893 | (277 | ) | 12,616 | |||||||||||||||||||||||||
Reduced documentation amortizing | 30,660 | 25,605 | (2,202 | ) | 23,403 | 3,889 | 3,889 | (136 | ) | 3,753 | |||||||||||||||||||||||||
Multi-family | 19,748 | 19,748 | (2,877 | ) | 16,871 | 19,704 | 19,704 | (2,576 | ) | 17,128 | |||||||||||||||||||||||||
Commercial real estate | 5,790 | 5,790 | (302 | ) | 5,488 | 10,835 | 10,835 | (1,469 | ) | 9,366 | |||||||||||||||||||||||||
Without an allowance recorded: | |||||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | - | - | - | - | 122,275 | 86,607 | - | 86,607 | |||||||||||||||||||||||||||
Full documentation amortizing | - | - | - | - | 23,489 | 17,962 | - | 17,962 | |||||||||||||||||||||||||||
Reduced documentation interest-only | - | - | - | - | 166,477 | 116,514 | - | 116,514 | |||||||||||||||||||||||||||
Reduced documentation amortizing | - | - | - | - | 23,419 | 17,419 | - | 17,419 | |||||||||||||||||||||||||||
Multi-family | 39,871 | 32,790 | - | 32,790 | 44,341 | 36,412 | - | 36,412 | |||||||||||||||||||||||||||
Commercial real estate | 19,988 | 14,264 | - | 14,264 | 13,256 | 7,809 | - | 7,809 | |||||||||||||||||||||||||||
Total impaired loans | $ | 483,132 | $ | 384,522 | $ | (21,531 | ) | $ | 362,991 | $ | 457,440 | $ | 346,906 | $ | (5,046 | ) | $ | 341,860 | |||||||||||||||||
The following table sets forth the average recorded investment, interest income recognized and cash basis interest income related to our impaired mortgage loans by segment and class for the periods indicated. | |||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
(In Thousands) | Average | Interest | Cash Basis | Average | Interest | Cash Basis | Average | Interest | Cash Basis | ||||||||||||||||||||||||||
Recorded | Income | Interest | Recorded | Income | Interest | Recorded | Income | Interest | |||||||||||||||||||||||||||
Investment | Recognized | Income | Investment | Recognized | Income | Investment | Recognized | Income | |||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 106,720 | $ | 2,938 | $ | 3,068 | $ | 10,436 | $ | 348 | $ | 350 | $ | 10,688 | $ | 420 | $ | 425 | |||||||||||||||||
Full documentation amortizing | 30,790 | 948 | 974 | 4,482 | 193 | 200 | 5,428 | 158 | 156 | ||||||||||||||||||||||||||
Reduced documentation interest-only | 145,490 | 4,179 | 4,371 | 11,352 | 542 | 543 | 11,239 | 544 | 539 | ||||||||||||||||||||||||||
Reduced documentation amortizing | 25,460 | 696 | 729 | 2,445 | 114 | 119 | 1,248 | 88 | 86 | ||||||||||||||||||||||||||
Multi-family | 19,130 | 737 | 789 | 48,196 | 663 | 715 | 55,284 | 2,168 | 2,096 | ||||||||||||||||||||||||||
Commercial real estate | 8,112 | 367 | 377 | 12,724 | 495 | 540 | 19,964 | 1,237 | 1,204 | ||||||||||||||||||||||||||
Without an allowance recorded: | |||||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | 11,547 | - | - | 82,631 | 1,633 | 1,739 | 68,320 | 1,402 | 1,626 | ||||||||||||||||||||||||||
Full documentation amortizing | 3,517 | - | - | 17,554 | 299 | 332 | 13,858 | 214 | 252 | ||||||||||||||||||||||||||
Reduced documentation interest-only | 1,669 | - | - | 115,593 | 2,555 | 2,655 | 108,857 | 2,131 | 2,317 | ||||||||||||||||||||||||||
Reduced documentation amortizing | - | - | - | 17,319 | 367 | 384 | 14,130 | 333 | 341 | ||||||||||||||||||||||||||
Multi-family | 33,193 | 1,606 | 1,671 | 14,617 | 2,053 | 2,088 | 882 | 215 | 215 | ||||||||||||||||||||||||||
Commercial real estate | 10,947 | 745 | 698 | 5,411 | 519 | 547 | - | - | - | ||||||||||||||||||||||||||
Total impaired loans | $ | 396,575 | $ | 12,216 | $ | 12,677 | $ | 342,760 | $ | 9,781 | $ | 10,212 | $ | 309,898 | $ | 8,910 | $ | 9,257 | |||||||||||||||||
The following table sets forth information about our mortgage loans receivable by segment and class at December 31, 2013, 2012 and 2011 which were modified in a TDR during the periods indicated. Bankruptcy loans which were discharged prior to 2012 totaling $65.1 million at December 31, 2013, which were included as loans modified in a TDR during 2013 pursuant to regulatory guidance issued in 2012, are not included in the table below. | |||||||||||||||||||||||||||||||||||
Modifications During the Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
(Dollars In Thousands) | Number | Pre- | Recorded | Number | Pre- | Recorded | Number | Pre- | Recorded | ||||||||||||||||||||||||||
of Loans | Modification | Investment at | of Loans | Modification | Investment at | of Loans | Modification | Investment at | |||||||||||||||||||||||||||
Recorded | December 31, | Recorded | December 31, | Recorded | December 31, | ||||||||||||||||||||||||||||||
Investment | 2013 | Investment | 2012 | Investment | 2011 | ||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | 26 | $ | 6,760 | $ | 6,730 | 20 | $ | 4,390 | $ | 4,355 | 14 | $ | 5,750 | $ | 5,698 | ||||||||||||||||||||
Full documentation amortizing | 11 | 3,753 | 3,734 | 11 | 3,319 | 3,291 | 2 | 438 | 389 | ||||||||||||||||||||||||||
Reduced documentation interest-only | 37 | 12,199 | 12,227 | 29 | 11,141 | 11,125 | 28 | 12,116 | 11,941 | ||||||||||||||||||||||||||
Reduced documentation amortizing | 11 | 3,404 | 3,325 | 14 | 3,984 | 3,860 | 6 | 1,204 | 1,176 | ||||||||||||||||||||||||||
Multi-family | 8 | 6,751 | 5,888 | 16 | 36,262 | 32,005 | 11 | 7,666 | 7,140 | ||||||||||||||||||||||||||
Commercial real estate | 7 | 10,232 | 9,104 | 3 | 3,898 | 2,305 | 4 | 7,176 | 6,621 | ||||||||||||||||||||||||||
Total | 100 | $ | 43,099 | $ | 41,008 | 93 | $ | 62,994 | $ | 56,941 | 65 | $ | 34,350 | $ | 32,965 | ||||||||||||||||||||
The following table sets forth information about our mortgage loans receivable by segment and class at December 31, 2013, 2012 and 2011 which were modified in a TDR during the years ended December 31, 2013, 2012 and 2011 and had a payment default subsequent to the modification during the periods indicated. | |||||||||||||||||||||||||||||||||||
During the Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
(Dollars In Thousands) | Number | Recorded | Number | Recorded | Number | Recorded | |||||||||||||||||||||||||||||
of Loans | Investment at | of Loans | Investment at | of Loans | Investment at | ||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | 11 | $ | 2,191 | 1 | $ | 165 | 5 | $ | 1,797 | ||||||||||||||||||||||||||
Full documentation amortizing | 4 | 1,334 | 2 | 643 | 1 | 83 | |||||||||||||||||||||||||||||
Reduced documentation interest-only | 17 | 4,190 | 5 | 1,829 | 12 | 5,482 | |||||||||||||||||||||||||||||
Reduced documentation amortizing | 3 | 788 | 4 | 1,628 | 2 | 358 | |||||||||||||||||||||||||||||
Multi-family | 2 | 1,018 | 2 | 3,589 | 1 | 322 | |||||||||||||||||||||||||||||
Total | 37 | $ | 9,521 | 14 | $ | 7,854 | 21 | $ | 8,042 | ||||||||||||||||||||||||||
The following table details the percentage of our total residential mortgage loans at December 31, 2013 by state where we have a concentration of greater than 5% of our total residential mortgage loans or total non-performing residential mortgage loans. | |||||||||||||||||||||||||||||||||||
Percent of Total | |||||||||||||||||||||||||||||||||||
Percent of Total | Non-Performing | ||||||||||||||||||||||||||||||||||
State | Residential | Residential | |||||||||||||||||||||||||||||||||
Loans | Loans | ||||||||||||||||||||||||||||||||||
New York | 29.6 | % | 17.8 | % | |||||||||||||||||||||||||||||||
Connecticut | 10.3 | 11.8 | |||||||||||||||||||||||||||||||||
Illinois | 9.2 | 11.6 | |||||||||||||||||||||||||||||||||
Massachusetts | 8.5 | 4.4 | |||||||||||||||||||||||||||||||||
New Jersey | 7.1 | 18.7 | |||||||||||||||||||||||||||||||||
Virginia | 7 | 4.9 | |||||||||||||||||||||||||||||||||
Maryland | 6.2 | 11.6 | |||||||||||||||||||||||||||||||||
California | 5.9 | 7.7 | |||||||||||||||||||||||||||||||||
At December 31, 2013, the geographic composition of our multi-family and commercial real estate mortgage loan portfolio was 99% in the New York metropolitan area, which includes New York, New Jersey and Connecticut, and 1% in various other states and the geographic composition of non-performing multi-family and commercial real estate mortgage loans was 91% in the New York metropolitan area, 8% in Pennsylvania and 1% in Massachusetts. |
Mortgage_Servicing_Rights
Mortgage Servicing Rights | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Mortgage Servicing Rights. | ' | |||||||||||||
Mortgage Servicing Rights | ' | |||||||||||||
(6) Mortgage Servicing Rights | ||||||||||||||
We own rights to service mortgage loans for investors with aggregate unpaid principal balances of $1.50 billion at December 31, 2013 and $1.44 billion at December 31, 2012, which are not reflected in the accompanying consolidated statements of financial condition. As described in Note 1, we outsource our residential mortgage loan servicing to a third party under a sub-servicing agreement. | ||||||||||||||
The estimated fair value of our MSR was $12.8 million at December 31, 2013 and $6.9 million at December 31, 2012. The fair value of MSR is highly sensitive to changes in assumptions. See Note 17 for a description of the assumptions used to estimate the fair value of MSR. | ||||||||||||||
MSR activity is summarized as follows: | ||||||||||||||
For the Year Ended December 31, | ||||||||||||||
(In Thousands) | 2013 | 2012 | 2011 | |||||||||||
Carrying amount before valuation allowance at beginning of year | $ | 15,143 | $ | 15,401 | $ | 16,321 | ||||||||
Additions – servicing obligations that result from transfers of financial assets | 3,681 | 3,651 | 2,330 | |||||||||||
Amortization | (3,229 | ) | (3,909 | ) | (3,250 | ) | ||||||||
Carrying amount before valuation allowance at end of year | 15,595 | 15,143 | 15,401 | |||||||||||
Valuation allowance at beginning of year | (8,196 | ) | (7,265 | ) | (7,117 | ) | ||||||||
Recovery of (provision for) valuation allowance | 5,401 | (931 | ) | (148 | ) | |||||||||
Valuation allowance at end of year | (2,795 | ) | (8,196 | ) | (7,265 | ) | ||||||||
Net carrying amount at end of year | $ | 12,800 | $ | 6,947 | $ | 8,136 | ||||||||
Mortgage banking income, net, is summarized as follows: | ||||||||||||||
For the Year Ended December 31, | ||||||||||||||
(In Thousands) | 2013 | 2012 | 2011 | |||||||||||
Loan servicing fees | $ | 4,189 | $ | 4,070 | $ | 4,095 | ||||||||
Net gain on sales of loans | 6,880 | 7,590 | 3,716 | |||||||||||
Amortization of MSR | (3,229 | ) | (3,909 | ) | (3,250 | ) | ||||||||
Recovery of (provision for) valuation allowance on MSR | 5,401 | (931 | ) | (148 | ) | |||||||||
Total mortgage banking income, net | $ | 13,241 | $ | 6,820 | $ | 4,413 | ||||||||
At December 31, 2013, estimated future MSR amortization through 2018 was as follows: $2.4 million for 2014, $2.1 million for 2015, $1.8 million for 2016, $1.5 million for 2017 and $1.3 million for 2018. Actual results will vary depending upon the level of repayments on the loans currently serviced. |
Deposits
Deposits | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Deposits | ' | |||||||||||||||||||
Deposits | ' | |||||||||||||||||||
(7) Deposits | ||||||||||||||||||||
Deposits are summarized as follows: | ||||||||||||||||||||
At December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(Dollars in Thousands) | Weighted | Balance | Percent | Weighted | Balance | Percent | ||||||||||||||
Average | of Total | Average | of Total | |||||||||||||||||
Rate | Rate | |||||||||||||||||||
Core deposits: | ||||||||||||||||||||
Savings | 0.05 | % | $ | 2,493,899 | 25.31 | % | 0.05 | % | $ | 2,802,298 | 26.83 | % | ||||||||
Money market | 0.25 | 1,972,136 | 20.01 | 0.74 | 1,586,556 | 15.19 | ||||||||||||||
NOW | 0.06 | 1,231,890 | 12.5 | 0.05 | 1,259,771 | 12.06 | ||||||||||||||
Non-interest bearing NOW and demand deposit | - | 865,588 | 8.78 | - | 834,962 | 8 | ||||||||||||||
Total core deposits | 0.11 | 6,563,513 | 66.6 | 0.21 | 6,483,587 | 62.08 | ||||||||||||||
Certificates of deposit | 1.5 | 3,291,797 | 33.4 | 1.55 | 3,960,371 | 37.92 | ||||||||||||||
Total deposits | 0.57 | % | $ | 9,855,310 | 100 | % | 0.72 | % | $ | 10,443,958 | 100 | % | ||||||||
The aggregate amount of certificates of deposit with balances equal to or greater than $100,000 was $1.06 billion at December 31, 2013 and $1.25 billion at December 31, 2012. There were no brokered certificates of deposit at December 31, 2013 and 2012. | ||||||||||||||||||||
Certificates of deposit at December 31, 2013 have scheduled maturities as follows: | ||||||||||||||||||||
Year | Weighted | Balance | Percent | |||||||||||||||||
Average | of | |||||||||||||||||||
Rate | Total | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
2014 | 0.97 | % | $ 1,476,676 | 44.86 | % | |||||||||||||||
2015 | 2.06 | 1,099,849 | 33.41 | |||||||||||||||||
2016 | 2.08 | 462,897 | 14.06 | |||||||||||||||||
2017 | 1.13 | 141,099 | 4.29 | |||||||||||||||||
2018 | 1.06 | 110,552 | 3.36 | |||||||||||||||||
2019 and thereafter | 1.57 | 724 | 0.02 | |||||||||||||||||
Total | 1.5 | % | $ 3,291,797 | 100 | % | |||||||||||||||
Interest expense on deposits is summarized as follows: | ||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||
(In Thousands) | 2013 | 2012 | 2011 | |||||||||||||||||
Savings | $ | 1,329 | $ | 4,437 | $ | 9,562 | ||||||||||||||
Money market | 5,646 | 8,944 | 4,551 | |||||||||||||||||
Interest-bearing NOW | 691 | 978 | 1,175 | |||||||||||||||||
Certificates of deposit | 54,951 | 83,662 | 122,761 | |||||||||||||||||
Total interest expense on deposits | $ | 62,617 | $ | 98,021 | $ | 138,049 | ||||||||||||||
Borrowings
Borrowings | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Borrowings | ' | ||||||||||||
Borrowings | ' | ||||||||||||
(8) Borrowings | |||||||||||||
Borrowings are summarized as follows: | |||||||||||||
At December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in Thousands) | Amount | Weighted | Amount | Weighted | |||||||||
Average | Average | ||||||||||||
Rate | Rate | ||||||||||||
Federal funds purchased | $ | 335,000 | 0.28% | $ | - | - | % | ||||||
Reverse repurchase agreements | 1,100,000 | 3.87 | 1,100,000 | 4.32 | |||||||||
FHLB-NY advances | 2,454,000 | 1.79 | 2,897,000 | 2.07 | |||||||||
Other borrowings, net | 248,161 | 5 | 376,496 | 6.62 | |||||||||
Total borrowings, net | $ | 4,137,161 | 2.41% | $ | 4,373,496 | 3.03 | % | ||||||
Federal Funds Purchased | |||||||||||||
The outstanding federal funds purchased at December 31, 2013 were due overnight. During the year ended December 31, 2013, federal funds purchased averaged $209.4 million with a weighted average interest rate of 0.28% and the maximum amount outstanding at any month end was $335.0 million. There were no federal funds purchased outstanding at or during the years ended December 31, 2012 and 2011. | |||||||||||||
Reverse Repurchase Agreements | |||||||||||||
The outstanding reverse repurchase agreements at December 31, 2013 and 2012 had original contractual maturities between five and ten years, were fixed rate and were secured by mortgage-backed securities. The mortgage-backed securities collateralizing these agreements had an amortized cost of $1.26 billion and an estimated fair value of $1.24 billion, including accrued interest, at December 31, 2013 and an amortized cost of $1.21 billion and an estimated fair value of $1.23 billion, including accrued interest, at December 31, 2012 and are classified as encumbered securities on the consolidated statements of financial condition. | |||||||||||||
The following table summarizes information relating to reverse repurchase agreements. | |||||||||||||
At or For the Year Ended December 31, | |||||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2011 | ||||||||||
Average balance during the year | $ | 1,100,000 | $ | 1,422,678 | $ | 1,926,575 | |||||||
Maximum balance at any month end during the year | 1,100,000 | 1,700,000 | 2,100,000 | ||||||||||
Balance outstanding at end of year | 1,100,000 | 1,100,000 | 1,700,000 | ||||||||||
Weighted average interest rate during the year | 4.06 | % | 4.28 | % | 4.23 | % | |||||||
Weighted average interest rate at end of year | 3.87 | 4.32 | 4.3 | ||||||||||
Reverse repurchase agreements at December 31, 2013 have contractual maturities as follows: | |||||||||||||
Year | Amount | ||||||||||||
(In Thousands) | |||||||||||||
2017 | $ | 600,000 | -1 | ||||||||||
2018 | 200,000 | -2 | |||||||||||
2020 | 300,000 | -3 | |||||||||||
Total | $ | 1,100,000 | |||||||||||
(1) Callable within the next three months and on a quarterly basis thereafter. | |||||||||||||
(2) Callable in 2015. | |||||||||||||
(3) Includes $100.0 million of borrowings which are callable within the next three months and on a quarterly basis thereafter, $100.0 million of borrowings which are callable in 2016 and $100.0 million of borrowings which are callable in 2017. | |||||||||||||
FHLB-NY Advances | |||||||||||||
Pursuant to a blanket collateral agreement with the FHLB-NY, advances are secured by all of our stock in the FHLB-NY, certain qualifying mortgage loans and mortgage-backed and other securities not otherwise pledged. | |||||||||||||
The following table summarizes information relating to FHLB-NY advances. | |||||||||||||
At or For the Year Ended December 31, | |||||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2011 | ||||||||||
Average balance during the year | $ | 2,512,425 | $ | 2,765,985 | $ | 2,063,700 | |||||||
Maximum balance at any month end during the year | 2,881,000 | 3,215,000 | 2,487,000 | ||||||||||
Balance outstanding at end of year | 2,454,000 | 2,897,000 | 2,043,000 | ||||||||||
Weighted average interest rate during the year | 2 | % | 2.24 | % | 3.45 | % | |||||||
Weighted average interest rate at end of year | 1.79 | 2.07 | 3.13 | ||||||||||
FHLB-NY advances at December 31, 2013 have contractual maturities as follows: | |||||||||||||
Year | Amount | ||||||||||||
(In Thousands) | |||||||||||||
2014 | $ | 754,000 | -1 | ||||||||||
2015 | 300,000 | ||||||||||||
2016 | 550,000 | ||||||||||||
2020 | 850,000 | -2 | |||||||||||
Total | $ | 2,454,000 | |||||||||||
(1) Includes $284.0 million of borrowings due overnight, $370.0 million of borrowings due in less than 30 days, $50.0 million of borrowings due in 30-60 days and $50.0 million of borrowings due after 90 days. | |||||||||||||
(2) Callable in 2017. | |||||||||||||
Other Borrowings | |||||||||||||
On June 19, 2012, we completed the sale of $250.0 million aggregate principal amount of 5.00% senior unsecured notes due 2017, or 5.00% Senior Notes. The notes are registered with the Securities and Exchange Commission, or SEC, bear a fixed rate of interest of 5.00% and mature on June 19, 2017. We may redeem all or part of the 5.00% Senior Notes at any time, subject to a 30 day minimum notice requirement, at par together with accrued and unpaid interest to the redemption date. The carrying amount of the notes was $248.2 million at December 31, 2013 and $247.6 million at December 31, 2012. The terms of these notes subject us to certain debt covenants. We were in compliance with such covenants at December 31, 2013. | |||||||||||||
Our former finance subsidiary, Astoria Capital Trust I, was formed for the purpose of issuing $125.0 million aggregate liquidation amount of 9.75% Capital Securities due November 1, 2029, or Capital Securities, and $3.9 million of common securities (which were the only voting securities of Astoria Capital Trust I and were owned by Astoria Financial Corporation) and used the proceeds to acquire 9.75% Junior Subordinated Debentures, due November 1, 2029, issued by Astoria Financial Corporation totaling $128.9 million. The Junior Subordinated Debentures were the sole assets of Astoria Capital Trust I. The Junior Subordinated Debentures were prepayable, in whole or in part, at our option at declining premiums to November 1, 2019, after which the Junior Subordinated Debentures were prepayable at par value. The Capital Securities had the same prepayment provisions as the Junior Subordinated Debentures. On May 10, 2013, we prepaid in whole our Junior Subordinated Debentures, which were included in other borrowings, net, pursuant to the optional prepayment provisions of the indenture at a prepayment price of 103.413% of the $128.9 million aggregate principal amount, plus accrued and unpaid interest to, but not including, the date of repayment. As a result of the prepayment in whole of the Junior Subordinated Debentures, Astoria Capital Trust I simultaneously applied the proceeds of such prepayment to redeem its Capital Securities, as well as the common securities owned by Astoria Financial Corporation. The prepayment of the Junior Subordinated Debentures resulted in a $4.3 million prepayment charge in the 2013 second quarter for the early extinguishment of this debt. | |||||||||||||
On September 13, 2012, we redeemed $250.0 million of senior unsecured notes which were scheduled to mature on October 15, 2012 and incurred a $1.2 million prepayment charge in the 2012 third quarter for the early extinguishment of this debt. | |||||||||||||
Interest expense on borrowings is summarized as follows: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
(In Thousands) | 2013 | 2012 | 2011 | ||||||||||
Federal funds purchased | $ | 587 | $ | - | $ | - | |||||||
Reverse repurchase agreements | 45,272 | 61,855 | 82,602 | ||||||||||
FHLB-NY advances | 50,654 | 62,675 | 71,909 | ||||||||||
Other borrowings | 17,398 | 29,689 | 27,262 | ||||||||||
Total interest expense on borrowings | $ | 113,911 | $ | 154,219 | $ | 181,773 | |||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity | ' |
Stockholders' Equity | ' |
(9) Stockholders’ Equity | |
We have filed automatic shelf registration statements on Form S-3 with the SEC, which allow us to periodically offer and sell, from time to time, in one or more offerings, individually or in any combination, common stock, preferred stock, debt securities, capital securities, guarantees, warrants to purchase common stock or preferred stock and units consisting of one or more of the foregoing. These shelf registration statements provide us with greater capital management flexibility and enable us to more readily access the capital markets in order to pursue growth opportunities that may become available to us in the future or should there be any changes in the regulatory environment that call for increased capital requirements. Although the shelf registration statements do not limit the amount of the foregoing items that we may offer and sell, our ability and any decision to do so is subject to market conditions and our capital needs. | |
On March 19, 2013, in a public offering, we sold 5,400,000 depositary shares, each representing a 1/40th interest in a share of our 6.50% Non-Cumulative Perpetual Preferred Stock, Series C, $1.00 par value per share, $1,000 liquidation preference per share (equivalent to $25 per depositary share), or Series C Preferred Stock. We issued 135,000 shares of the Series C Preferred Stock in connection with the sale of the depositary shares. The aggregate proceeds from the offering, net of underwriting discounts and other issuance costs, were approximately $129.8 million. | |
The Series C Preferred Stock, and corresponding depositary shares, may be redeemed at our option, in whole or in part, on April 15, 2018, or on any dividend payment date occurring thereafter, at a redemption price of $1,000 per share (equivalent to $25 per depositary share), plus any declared and unpaid dividends (without accumulation of any undeclared dividends). The Series C Preferred Stock may also be redeemed in whole, but not in part, at any time upon the occurrence of a “regulatory capital treatment event,” as defined in the certificate of designations included in the registration statement on Form 8-A filed with the SEC on March 19, 2013. The holders of the Series C Preferred Stock, and the corresponding depositary shares, do not have the right to require the redemption or repurchase of the Series C Preferred Stock. | |
Dividends are payable on the Series C Preferred Stock when, as and if declared by our Board of Directors, on a non-cumulative basis quarterly in arrears on January 15, April 15, July 15 and October 15 of each year at an annual rate of 6.50% on the liquidation preference of $1,000 per share. No dividend shall be declared, paid, or set aside for payment on our common stock unless the full dividends for the most recently completed dividend period have been declared and paid on our Series C Preferred Stock. | |
On January 7, 2014, we adopted the Astoria Financial Corporation Dividend Reinvestment and Stock Purchase Plan (the “Plan”), and terminated the previously existing dividend reinvestment and stock purchase plan. Pursuant to the Plan, 1,500,000 shares of authorized and unissued common shares are reserved for use by the Plan, should the need arise. The Plan allows our shareholders to automatically reinvest the cash dividend paid on all or a portion of their shares of our common stock into additional shares of our common stock and make optional cash purchases, up to $10,000 per month, of additional shares of our common stock, unless we grant a waiver permitting a higher amount. Shares of common stock will be purchased either directly from us from authorized but unissued shares or from treasury shares, or on the open market. | |
On April 18, 2007, our Board of Directors approved our twelfth stock repurchase plan authorizing the purchase of 10,000,000 shares, or approximately 10% of our common stock then outstanding in open-market or privately negotiated transactions. At December 31, 2013, a maximum of 8,107,300 shares may yet be purchased under this plan. However, we are not currently repurchasing additional shares of our common stock and have not since the 2008 third quarter. | |
We are subject to the laws of the State of Delaware which generally limit dividends on capital stock to an amount equal to the excess of our net assets (the amount by which total assets exceed total liabilities) over our statutory capital, or if there is no such excess, to our net profits for the current and/or immediately preceding fiscal year. We are also required to seek the approval of the Board of Governors of the Federal Reserve System, or FRB, prior to declaring a dividend. Our ability to pay dividends, service our debt obligations and repurchase our common stock is dependent primarily upon receipt of dividend payments from Astoria Federal. Our primary banking regulator, the Office of the Comptroller of the Currency, or OCC, regulates all capital distributions by Astoria Federal directly or indirectly to us, including dividend payments. Astoria Federal must file an application to receive approval from the OCC for a proposed capital distribution if the total amount of all capital distributions (including each proposed capital distribution) for the applicable calendar year exceeds net income for that year-to-date plus the retained net income for the preceding two years. During 2013, Astoria Federal was not required to file such applications, but was required to, and did, notify the OCC of its intent to pay dividends, to which the OCC did not object. Astoria Federal may not pay dividends to us if: (1) after paying those dividends, it would fail to meet applicable regulatory capital requirements; (2) the payment would violate any statute, regulation, regulatory agreement or condition; or (3) after making such distribution, the institution would become “undercapitalized” (as such term is used in the Federal Deposit Insurance Act). Payment of dividends by Astoria Federal also may be restricted at any time at the discretion of the OCC if it deems the payment to constitute an unsafe and unsound banking practice. Astoria Federal must also provide notice to the FRB at least 30 days prior to declaring a dividend. Astoria Federal paid dividends to Astoria Financial Corporation totaling $44.0 million during 2013. | |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Commitments and Contingencies | ' | ||||||
Commitments and Contingencies | ' | ||||||
(10) Commitments and Contingencies | |||||||
Lease Commitments | |||||||
At December 31, 2013, we were obligated through 2035 under various non-cancelable operating leases on buildings and land used for office space and banking purposes. These operating leases contain escalation clauses which provide for increased rental expense, based primarily on increases in real estate taxes and cost-of-living indices. Rent expense under the operating leases totaled $13.5 million for the year ended December 31, 2013, $11.1 million for the year ended December 31, 2012 and $9.7 million for the year ended December 31, 2011. | |||||||
The minimum rental payments due under the terms of the non-cancelable operating leases at December 31, 2013, which have not been reduced by minimum sublease rentals of $5.9 million due in the future under non-cancelable subleases, are summarized below. | |||||||
Year | Amount | ||||||
(In Thousands) | |||||||
2014 | $ 11,379 | ||||||
2015 | 11,595 | ||||||
2016 | 11,328 | ||||||
2017 | 9,827 | ||||||
2018 | 8,469 | ||||||
2019 and thereafter | 39,660 | ||||||
Total | $ 92,258 | ||||||
Outstanding Commitments | |||||||
We had outstanding commitments as follows: | |||||||
At December 31, | |||||||
(In Thousands) | 2013 | 2012 | |||||
Mortgage loans: | |||||||
Commitments to extend credit – adjustable rate | $ 216,675 | $ 80,691 | |||||
Commitments to extend credit – fixed rate (1) | 50,303 | 253,290 | |||||
Commitments to purchase – adjustable rate | 8,521 | 18,309 | |||||
Commitments to purchase – fixed rate | 24,326 | 33,363 | |||||
Home equity loans – unused lines of credit | 103,436 | 138,232 | |||||
Consumer and commercial loans – unused lines of credit | 74,534 | 59,335 | |||||
Commitments to sell loans | 19,114 | 121,932 | |||||
(1) Includes commitments to originate loans held-for-sale totaling $9.2 million at December 31, 2013 and $63.0 million at December 31, 2012. | |||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. We evaluate creditworthiness on a case-by-case basis. Our maximum exposure to credit risk is represented by the contractual amount of the instruments. | |||||||
Assets Sold with Recourse | |||||||
We are obligated under various recourse provisions associated with certain first mortgage loans we sold in the secondary market. Generally the loans we sell are subject to recourse for fraud and adherence to underwriting or quality control guidelines. We were required to repurchase one loan in the amount of $494,000 during 2013 as a result of these recourse provisions. The principal balance of loans sold with recourse provisions in addition to fraud and adherence to underwriting or quality control guidelines amounted to $358.1 million at December 31, 2013 and $342.2 million at December 31, 2012. We estimate the liability for such loans sold with recourse based on an analysis of our loss experience related to similar loans sold with recourse. The carrying amount of this liability was immaterial at December 31, 2013 and 2012. | |||||||
Guarantees | |||||||
Standby letters of credit are conditional commitments issued by us to guarantee the performance of a customer to a third party. The guarantees generally extend for a term of up to one year and are fully collateralized. For each guarantee issued, if the customer defaults on a payment or performance to the third party, we would have to perform under the guarantee. Outstanding standby letters of credit totaled $513,000 at December 31, 2013 and $213,000 at December 31, 2012. The fair values of these obligations were immaterial at December 31, 2013 and 2012. | |||||||
Litigation | |||||||
In the ordinary course of our business, we are routinely made a defendant in or a party to pending or threatened legal actions or proceedings which, in some cases, seek substantial monetary damages from or other forms of relief against us. In our opinion, after consultation with legal counsel, we believe it unlikely that such actions or proceedings will have a material adverse effect on our financial condition, results of operations or liquidity. | |||||||
City of New York Notice of Determination | |||||||
By “Notice of Determination” dated September 14, 2010 and August 26, 2011, the City of New York has notified us of alleged tax deficiencies in the amount of $13.3 million, including interest and penalties, related to our 2006 through 2008 tax years. The deficiencies relate to our operation of two subsidiaries of Astoria Federal, Fidata Service Corp. and Astoria Federal Mortgage Corp. We disagree with the assertion of the tax deficiencies. Hearings in this matter were held before the New York City Tax Appeals Tribunal, or the NYC Tax Appeals Tribunal, in March and April 2013. The NYC Tax Appeals Tribunal is not expected to render a decision in this matter until the 2014 third quarter. At this time, management believes it is more likely than not that we will succeed in refuting the City of New York’s position, although defense costs may be significant. Accordingly, no liability or reserve has been recognized in our consolidated statement of financial condition at December 31, 2013 with respect to this matter. | |||||||
No assurance can be given as to whether or to what extent we will be required to pay the amount of the tax deficiencies asserted by the City of New York, whether additional tax will be assessed for years subsequent to 2008, that this matter will not be costly to oppose, that this matter will not have an impact on our financial condition or results of operations or that, ultimately, any such impact will not be material. | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Taxes | ' | |||||||
Income Taxes | ' | |||||||
(11) Income Taxes | ||||||||
Income tax expense is summarized as follows: | ||||||||
For the Year Ended December 31, | ||||||||
(In Thousands) | 2013 | 2012 | 2011 | |||||
Current: | ||||||||
Federal | $ 24,524 | $ (29,202 | ) | $ 20,752 | ||||
State and local | 3,722 | 3,201 | 3,862 | |||||
Total current | 28,246 | (26,001 | ) | 24,614 | ||||
Deferred: | ||||||||
Federal | 9,496 | 52,969 | 14,305 | |||||
State and local | 7 | 912 | (204 | ) | ||||
Total deferred | 9,503 | 53,881 | 14,101 | |||||
Total income tax expense | $ 37,749 | $ 27,880 | $ 38,715 | |||||
Total income tax expense differed from the amounts computed by applying the federal income tax rate to income before income tax expense as a result of the following: | ||||||||
For the Year Ended December 31, | ||||||||
(In Thousands) | 2013 | 2012 | 2011 | |||||
Expected income tax expense at statutory federal rate | $ 36,520 | $28,340 | $ 37,073 | |||||
State and local taxes, net of federal tax effect | 2,424 | 2,673 | 2,378 | |||||
Tax exempt income (principally on BOLI) | (2,945 | ) | (3,356 | ) | (3,672 | ) | ||
Non-deductible ESOP compensation | 2,613 | 2,187 | 3,936 | |||||
Low income housing tax credit | (1,676 | ) | (1,727 | ) | (1,885 | ) | ||
Other, net | 813 | (237 | ) | 885 | ||||
Total income tax expense | $ 37,749 | $27,880 | $ 38,715 | |||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: | ||||||||
At December 31, | ||||||||
(In Thousands) | 2013 | 2012 | ||||||
Deferred tax assets: | ||||||||
Allowances for losses | $ 54,511 | $ 55,057 | ||||||
Compensation and benefits (principally pension and other postretirement benefit plans) | 21,955 | 53,167 | ||||||
Mortgage loans (principally deferred loan origination costs) | 7,524 | 9,029 | ||||||
Net unrealized loss on securities available-for-sale | 4,010 | - | ||||||
Effect of unrecognized tax benefits, related accrued interest and other deductible temporary differences | 5,489 | 7,238 | ||||||
Total gross deferred tax assets | 93,489 | 124,491 | ||||||
Deferred tax liabilities: | ||||||||
Premises and equipment | (3,882 | ) | (3,124 | ) | ||||
Net unrealized gain on securities available-for-sale | - | (2,432 | ) | |||||
Total gross deferred tax liabilities | (3,882 | ) | (5,556 | ) | ||||
Net deferred tax assets (included in other assets) | $ 89,607 | $ 118,935 | ||||||
We believe that our recent historical and future results of operations and tax planning strategies will more likely than not generate sufficient taxable income to enable us to realize our net deferred tax assets. | ||||||||
We file income tax returns in the United States federal jurisdiction and in New York State and City jurisdictions. Certain of our subsidiaries also file income tax returns in various other state jurisdictions. With few exceptions, we are no longer subject to federal, state and local income tax examinations by tax authorities for years prior to 2008. | ||||||||
The following is a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits for the periods indicated. The amounts have not been reduced by the federal deferred tax effects of unrecognized state tax benefits. | ||||||||
For the Year Ended December 31, | ||||||||
(In Thousands) | 2013 | 2012 | ||||||
Unrecognized tax benefits at beginning of year | $ 3,428 | $ 3,856 | ||||||
Additions as a result of a tax position taken during the current period | 600 | 630 | ||||||
Reductions as a result of tax positions taken during a prior period | (19 | ) | - | |||||
Reductions relating to settlement with taxing authorities | - | (1,058 | ) | |||||
Unrecognized tax benefits at end of year | $ 4,009 | $ 3,428 | ||||||
If realized, all of our unrecognized tax benefits at December 31, 2013 would affect our effective income tax rate. After the related federal tax effects, realization of those benefits would reduce income tax expense by $2.6 million. | ||||||||
In addition to the above unrecognized tax benefits, we have accrued liabilities for interest and penalties related to uncertain tax positions totaling $1.1 million at December 31, 2013 and $730,000 at December 31, 2012. We accrued interest and penalties on uncertain tax positions as an element of our income tax expense, net of the related federal tax effects, totaling $224,000 during the year ended December 31, 2013, $316,000 during the year ended December 31, 2012 and $271,000 during the year ended December 31, 2011. Realization of all of our unrecognized tax benefits would result in a further reduction in income tax expense of $726,000 for the reversal of accrued interest and penalties, net of the related federal tax effects. | ||||||||
Astoria Federal’s retained earnings at December 31, 2013 and 2012 includes base-year bad debt reserves, created for tax purposes prior to 1988, totaling $165.8 million. A related deferred federal income tax liability of $58.0 million has not been recognized. Base-year reserves are subject to recapture in the unlikely event that Astoria Federal (1) makes distributions in excess of current and accumulated earnings and profits, as calculated for federal income tax purposes, (2) redeems its stock, or (3) liquidates. | ||||||||
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Earnings Per Common Share | ' | |||||||
Earnings Per Common Share | ' | |||||||
(12) Earnings Per Common Share | ||||||||
The following table is a reconciliation of basic and diluted EPS. | ||||||||
For the Year Ended December 31, | ||||||||
(In Thousands, Except Share Data) | 2013 | 2012 | 2011 | |||||
Net income | $66,593 | $53,091 | $67,209 | |||||
Preferred stock dividends | (7,214 | ) | - | - | ||||
Net income available to common shareholders | 59,379 | 53,091 | 67,209 | |||||
Income allocated to participating securities | (720 | ) | (463 | ) | (1,685 | ) | ||
Net income allocated to common shareholders | $58,659 | $52,628 | $65,524 | |||||
Basic weighted average common shares outstanding | 97,121,497 | 95,455,344 | 93,253,928 | |||||
Dilutive effect of stock options and restricted stock units (1) (2) | - | - | - | |||||
Diluted weighted average common shares outstanding | 97,121,497 | 95,455,344 | 93,253,928 | |||||
Basic EPS | $0.60 | $0.55 | $0.70 | |||||
Diluted EPS | $0.60 | $0.55 | $0.70 | |||||
(1) Excludes options to purchase 2,096,708 shares of common stock which were outstanding during the year ended December 31, 2013; options to purchase 5,495,748 shares of common stock which were outstanding during the year ended December 31, 2012; and options to purchase 6,846,339 shares of common stock which were outstanding during the year ended December 31, 2011 because their inclusion would be anti-dilutive. | ||||||||
(2) Unvested restricted stock units outstanding during the year ended December 31, 2013 are excluded from the calculations because performance conditions have not been satisfied. There were no unvested restricted stock units outstanding during the years ended December 31, 2012 and 2011. | ||||||||
Other_Comprehensive_IncomeLoss
Other Comprehensive Income/Loss | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Other Comprehensive Income/Loss | ' | ||||||||||
Other Comprehensive Income/Loss | ' | ||||||||||
(13) Other Comprehensive Income/Loss | |||||||||||
Effective January 1, 2013, we adopted the guidance in ASU 2013-02, “Comprehensive Income (Topic 220) Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income/loss by component. In addition, significant amounts reclassified out of accumulated other comprehensive income/loss by the income statement line items are required to be presented either on the face of the statement where net income is presented or as a separate disclosure in the notes, but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The amendments in ASU 2013-02 did not change the requirements for reporting net income or other comprehensive income in financial statements. Substantially all of the information that ASU 2013-02 required was already required to be disclosed elsewhere in the financial statements. Since the provisions of ASU 2013-02 are presentation related only, our adoption of this guidance on January 1, 2013 did not have an impact on our financial condition or results of operations. | |||||||||||
The following table sets forth the components of accumulated other comprehensive loss, net of related tax effects, at December 31, 2013 and 2012 and the changes during the year ended December 31, 2013. | |||||||||||
(In Thousands) | At | Other | At | ||||||||
December 31, 2012 | Comprehensive | December 31, 2013 | |||||||||
(Loss) Income | |||||||||||
Net unrealized gain (loss) on securities available-for-sale | $ | 7,451 | $ | (11,817 | ) | $ | (4,366 | ) | |||
Net actuarial loss on pension plans and other postretirement benefits | (77,115 | ) | 46,515 | (30,600 | ) | ||||||
Prior service cost on pension plans and other postretirement benefits | (3,426 | ) | 142 | (3,284 | ) | ||||||
Accumulated other comprehensive loss | $ | (73,090 | ) | $ | 34,840 | $ | (38,250 | ) | |||
The following table sets forth the components of other comprehensive income/loss for the years indicated. | |||||||||||
(In Thousands) | Before Tax | Tax | After Tax | ||||||||
Amount | Benefit | Amount | |||||||||
(Expense) | |||||||||||
For the Year Ended December 31, 2013 | |||||||||||
Net unrealized loss on securities available-for-sale: | |||||||||||
Net unrealized holding loss on securities arising during the year | $ | (16,202 | ) | $ | 5,717 | $ | (10,485 | ) | |||
Reclassification adjustment for gain on sales of securities included in net income | (2,057 | ) | 725 | (1,332 | ) | ||||||
Net unrealized loss on securities available-for-sale | (18,259 | ) | 6,442 | (11,817 | ) | ||||||
Net actuarial loss adjustment on pension plans and other postretirement benefits: | |||||||||||
Net actuarial loss adjustment arising during the year | 68,150 | (23,970 | ) | 44,180 | |||||||
Reclassification adjustment for net actuarial loss included in net income | 3,610 | (1,275 | ) | 2,335 | |||||||
Net actuarial loss adjustment on pension plans and other postretirement benefits | 71,760 | (25,245 | ) | 46,515 | |||||||
Reclassification adjustment for prior service cost included in net income | 213 | (71 | ) | 142 | |||||||
Other comprehensive income | $ | 53,714 | $ | (18,874 | ) | $ | 34,840 | ||||
For the Year Ended December 31, 2012 | |||||||||||
Net unrealized loss on securities available-for-sale: | |||||||||||
Net unrealized holding loss on securities arising during the year | $ | (2,040 | ) | $ | 720 | $ | (1,320 | ) | |||
Reclassification adjustment for gain on sales of securities included in net income | (8,477 | ) | 2,987 | (5,490 | ) | ||||||
Net unrealized loss on securities available-for-sale | (10,517 | ) | 3,707 | (6,810 | ) | ||||||
Net actuarial loss adjustment on pension plans and other postretirement benefits: | |||||||||||
Net actuarial loss adjustment arising during the year | 14,141 | (4,998 | ) | 9,143 | |||||||
Reclassification adjustment for net actuarial loss included in net income | 5,447 | (1,920 | ) | 3,527 | |||||||
Net actuarial loss adjustment on pension plans and other postretirement benefits | 19,588 | (6,918 | ) | 12,670 | |||||||
Prior service cost adjustment on pension plans and other postretirement benefits: | |||||||||||
Prior service cost adjustment arising during the year | (5,463 | ) | 1,925 | (3,538 | ) | ||||||
Reclassification adjustment for prior service cost included in net income | 152 | (54 | ) | 98 | |||||||
Prior service cost adjustment on pension plans and other postretirement benefits | (5,311 | ) | 1,871 | (3,440 | ) | ||||||
Reclassification adjustment for loss on cash flow hedge included in net income | 261 | (110 | ) | 151 | |||||||
Other comprehensive income | $ | 4,021 | $ | (1,450 | ) | $ | 2,571 | ||||
For the Year Ended December 31, 2011 | |||||||||||
Net unrealized holding loss on securities available-for-sale arising during the year | $ | (5,181 | ) | $ | 1,827 | $ | (3,354 | ) | |||
Net actuarial loss adjustment on pension plans and other postretirement benefits: | |||||||||||
Net actuarial loss adjustment arising during the year | (55,530 | ) | 19,570 | (35,960 | ) | ||||||
Reclassification adjustment for net actuarial loss included in net income | 8,592 | (3,028 | ) | 5,564 | |||||||
Net actuarial loss adjustment on pension plans and other postretirement benefits | (46,938 | ) | 16,542 | (30,396 | ) | ||||||
Reclassification adjustment for prior service cost included in net income | 92 | (32 | ) | 60 | |||||||
Reclassification adjustment for loss on cash flow hedge included in net income | 330 | (140 | ) | 190 | |||||||
Other comprehensive loss | $ | (51,697 | ) | $ | 18,197 | $ | (33,500 | ) | |||
The following table sets forth information about amounts reclassified from accumulated other comprehensive loss to, and the affected line items in, the consolidated statement of income. | |||||||||||
(In Thousands) | For the | Income Statement | |||||||||
Year Ended | Line Item | ||||||||||
December 31, 2013 | |||||||||||
Reclassification adjustment for gain on sales of securities | $ 2,057 | Gain on sales of securities | |||||||||
Reclassification adjustment for net actuarial loss (1) | (3,610 | ) | Compensation and benefits | ||||||||
Reclassification adjustment for prior service cost (1) | (213 | ) | Compensation and benefits | ||||||||
Total reclassifications, before tax | (1,766 | ) | |||||||||
Income tax effect | 621 | Income tax expense | |||||||||
Total reclassifications, net of tax | $ (1,145 | ) | Net income | ||||||||
(1) These other comprehensive loss components are included in the computations of net periodic cost for our defined benefit pension plans and other postretirement benefit plan. See Note 14 for additional details. | |||||||||||
Benefit_Plans
Benefit Plans | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Benefit Plans | ' | |||||||||||||||||||||||||
Benefit Plans | ' | |||||||||||||||||||||||||
(14) Benefit Plans | ||||||||||||||||||||||||||
Pension Plans and Other Postretirement Benefits | ||||||||||||||||||||||||||
The following table sets forth information regarding our defined benefit pension plans and other postretirement benefit plan. | ||||||||||||||||||||||||||
Other Postretirement | ||||||||||||||||||||||||||
Pension Benefits | Benefits | |||||||||||||||||||||||||
At or For the Year Ended | At or For the Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
(In Thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 260,108 | $ | 274,874 | $ | 35,476 | $ | 32,515 | ||||||||||||||||||
Service cost | - | 2,025 | 1,578 | 1,061 | ||||||||||||||||||||||
Interest cost | 9,549 | 10,992 | 1,279 | 1,378 | ||||||||||||||||||||||
Actuarial (gain) loss | (28,749 | ) | 19,535 | (18,572 | ) | 1,454 | ||||||||||||||||||||
Amendments | - | 5,473 | - | - | ||||||||||||||||||||||
Settlements | - | (14,560 | ) | - | - | |||||||||||||||||||||
Curtailments | - | (28,192 | ) | - | - | |||||||||||||||||||||
Benefits paid | (10,547 | ) | (10,039 | ) | (995 | ) | (932 | ) | ||||||||||||||||||
Benefit obligation at end of year | 230,361 | 260,108 | 18,766 | 35,476 | ||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 160,683 | 134,495 | - | - | ||||||||||||||||||||||
Actual return on plan assets | 33,583 | 16,593 | - | - | ||||||||||||||||||||||
Employer contribution | 5,648 | 34,194 | 995 | 932 | ||||||||||||||||||||||
Settlements | - | (14,560 | ) | - | - | |||||||||||||||||||||
Benefits paid | (10,547 | ) | (10,039 | ) | (995 | ) | (932 | ) | ||||||||||||||||||
Fair value of plan assets at end of year | 189,367 | 160,683 | - | - | ||||||||||||||||||||||
Funded status at end of year | $ | (40,994 | ) | $ | (99,425 | ) | $ | (18,766 | ) | $ | (35,476 | ) | ||||||||||||||
The underfunded pension benefits and other postretirement benefits at December 31, 2013 and 2012 are included in other liabilities in our consolidated statements of financial condition. | ||||||||||||||||||||||||||
During 2013, we contributed $5.0 million to the Astoria Federal Pension Plan. We expect to contribute approximately $5.0 million to the Astoria Federal Pension Plan during 2014 to address the current pension deficit and manage future funding requirements. No pension plan assets are expected to be returned to us. | ||||||||||||||||||||||||||
The following table sets forth the pre-tax components of accumulated other comprehensive loss related to pension plans and other postretirement benefits. We expect that $830,000 in net actuarial loss and $190,000 in prior service cost will be recognized as components of net periodic cost in 2014. | ||||||||||||||||||||||||||
Pension Benefits | Other Postretirement | |||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||
At December 31, | At December 31, | |||||||||||||||||||||||||
(In Thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Net actuarial loss (gain) | $ | 57,327 | $ | 110,043 | $ | (8,089 | ) | $ | 10,955 | |||||||||||||||||
Prior service cost | 5,140 | 5,353 | - | - | ||||||||||||||||||||||
Total accumulated other comprehensive loss (income) | $ | 62,467 | $ | 115,396 | $ | (8,089 | ) | $ | 10,955 | |||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $230.4 million at December 31, 2013 and $260.1 million at December 31, 2012. Included in the tables of pension benefits are the Astoria Federal Excess and Supplemental Benefit Plans, Astoria Federal Directors’ Retirement Plan, The Greater New York Savings Bank, or Greater, Directors’ Retirement Plan and Long Island Bancorp, Inc., or LIB, Directors’ Retirement Plan, which are unfunded plans. The projected benefit obligation and accumulated benefit obligation for these plans each totaled $13.1 million at December 31, 2013 and $14.6 million at December 31, 2012. | ||||||||||||||||||||||||||
The discount rates used to determine the benefit obligations at December 31 are as follows: | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Pension Benefit Plans: | ||||||||||||||||||||||||||
Astoria Federal Pension Plan | 4.66 | % | 3.77 | % | ||||||||||||||||||||||
Astoria Federal Excess and Supplemental Benefit Plans | 4.39 | 3.49 | ||||||||||||||||||||||||
Astoria Federal Directors’ Retirement Plan | 4.23 | 3.21 | ||||||||||||||||||||||||
Greater Directors’ Retirement Plan | 3.64 | 2.77 | ||||||||||||||||||||||||
LIB Directors’ Retirement Plan | 0.5 | 0.63 | ||||||||||||||||||||||||
Other Postretirement Benefit Plan: | ||||||||||||||||||||||||||
Astoria Federal Retiree Health Care Plan | 4.8 | 3.98 | ||||||||||||||||||||||||
The components of net periodic cost are as follows: | ||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||||
(In Thousands) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Service cost | $ | - | $ | 2,025 | $ | 4,642 | $ | 1,578 | $ | 1,061 | $ | 529 | ||||||||||||||
Interest cost | 9,549 | 10,992 | 12,212 | 1,279 | 1,378 | 1,360 | ||||||||||||||||||||
Expected return on plan assets | (12,754 | ) | (11,947 | ) | (10,648 | ) | - | - | - | |||||||||||||||||
Recognized net actuarial loss | 3,138 | 4,930 | 8,445 | 472 | 517 | 147 | ||||||||||||||||||||
Amortization of prior service cost (credit) | 213 | 177 | 191 | - | (25 | ) | (99 | ) | ||||||||||||||||||
Settlement | - | 2,302 | - | - | - | - | ||||||||||||||||||||
Net periodic cost | $ | 146 | $ | 8,479 | $ | 14,842 | $ | 3,329 | $ | 2,931 | $ | 1,937 | ||||||||||||||
The following table sets forth the assumptions used to determine the net periodic cost for the years ended December 31, 2013 and 2012. As a result of plan amendments in 2012 resulting in a curtailment and a remeasurement of our benefit obligations recognized as of March 31, 2012, the 2012 discount rates in the table below for the Astoria Federal Pension Plan, the Astoria Federal Excess and Supplemental Benefit Plans and the Astoria Federal Directors’ Retirement Plan reflect the rates used to determine net periodic cost for the period from April 1, 2012 to December 31, 2012. The discount rate used to determine the net periodic cost for the period from January 1, 2012 to March 31, 2012 was 4.44% for the Astoria Federal Pension Plan, 4.16% for the Astoria Federal Excess and Supplemental Benefit Plans and 4.09% for the Astoria Federal Directors’ Retirement Plan. The rate of compensation increase to determine net periodic cost for periods subsequent to March 31, 2012 are not applicable as a result of the 2012 plan amendments. The rate of compensation increase to determine net periodic cost for the period from January 1, 2012 to March 31, 2012 was 5.10% for the Astoria Federal Pension Plan, 6.10% for the Astoria Federal Excess and Supplemental Benefit Plans and 4.00% for the Astoria Federal Directors’ Retirement Plan. | ||||||||||||||||||||||||||
Discount Rate | Expected Return | |||||||||||||||||||||||||
on Plan Assets | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Pension Benefit Plans: | ||||||||||||||||||||||||||
Astoria Federal Pension Plan | 3.77 | % | 4.44 | % | 8 | % | 8 | % | ||||||||||||||||||
Astoria Federal Excess and Supplemental Benefit Plans | 3.49 | 3.99 | N/A | N/A | ||||||||||||||||||||||
Astoria Federal Directors’ Retirement Plan | 3.21 | 3.97 | N/A | N/A | ||||||||||||||||||||||
Greater Directors’ Retirement Plan | 2.77 | 3.78 | N/A | N/A | ||||||||||||||||||||||
LIB Directors’ Retirement Plan | 0.63 | 1.74 | N/A | N/A | ||||||||||||||||||||||
Other Postretirement Benefit Plan: | ||||||||||||||||||||||||||
Astoria Federal Retiree Health Care Plan | 3.98 | 4.5 | N/A | N/A | ||||||||||||||||||||||
To determine the expected return on plan assets, we consider the long-term historical return information on plan assets, the mix of investments that comprise plan assets and the historical returns on indices comparable to the fund classes in which the plan invests. | ||||||||||||||||||||||||||
The assumed health care cost trend rates are as follows: | ||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Health care cost trend rate assumed for the next year: | ||||||||||||||||||||||||||
Pre-age 65 | 7 | % | 7.5 | % | ||||||||||||||||||||||
Post-age 65 | 10 | % | 7.5 | % | ||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | % | 5 | % | ||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2021 | 2018 | ||||||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan. A one-percentage point change in assumed health care cost trend rates would have the following effects: | ||||||||||||||||||||||||||
(In Thousands) | One Percentage | One Percentage | ||||||||||||||||||||||||
Point Increase | Point Decrease | |||||||||||||||||||||||||
Effect on total service and interest cost components | $ | 639 | $ | (488 | ) | |||||||||||||||||||||
Effect on the postretirement benefit obligation | 3,008 | (2,360 | ) | |||||||||||||||||||||||
Total benefits expected to be paid under our defined benefit pension plans and other postretirement benefit plan as of December 31, 2013, which reflect expected future service, as appropriate, are as follows: | ||||||||||||||||||||||||||
Year | Pension | Other | ||||||||||||||||||||||||
Benefits | Postretirement | |||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
2014 | $ | 11,615 | $ | 857 | ||||||||||||||||||||||
2015 | 11,649 | 885 | ||||||||||||||||||||||||
2016 | 15,103 | 916 | ||||||||||||||||||||||||
2017 | 13,490 | 951 | ||||||||||||||||||||||||
2018 | 12,975 | 989 | ||||||||||||||||||||||||
2019-2023 | 68,942 | 5,219 | ||||||||||||||||||||||||
The Astoria Federal Pension Plan’s assets are measured at fair value on a recurring basis. The Astoria Federal Pension Plan groups its assets at fair values in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are described in Note 17. Other than the Astoria Federal Pension Plan’s investment in Astoria Financial Corporation common stock, the assets are managed by Prudential Retirement Insurance and Annuity Company, or PRIAC. | ||||||||||||||||||||||||||
The following is a description of valuation methodologies used for assets measured at fair value on a recurring basis. | ||||||||||||||||||||||||||
PRIAC Pooled Separate Accounts | ||||||||||||||||||||||||||
The fair value of the Astoria Federal Pension Plan’s investments in the PRIAC Pooled Separate Accounts is based on the fair value of the underlying securities included in the pooled separate accounts which consist of equity securities and bonds. Investments in these accounts are represented by units and a per unit value. The unit values are calculated by PRIAC. For the underlying equity securities, PRIAC obtains closing market prices for those securities traded on a national exchange. For bonds, PRIAC obtains prices from a third party pricing service using inputs such as benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Prices are reviewed by PRIAC and are challenged if PRIAC believes the price is not reflective of fair value. There are no restrictions as to the redemption of these pooled separate accounts nor does the Astoria Federal Pension Plan have any contractual obligations to further invest in any of the individual pooled separate accounts. These investments are classified as Level 2. | ||||||||||||||||||||||||||
Astoria Financial Corporation common stock | ||||||||||||||||||||||||||
The fair value of the Astoria Federal Pension Plan’s investment in Astoria Financial Corporation common stock is obtained from a quoted market price in an active market and, as such, is classified as Level 1. | ||||||||||||||||||||||||||
PRIAC Guaranteed Deposit Account | ||||||||||||||||||||||||||
The fair value of the Astoria Federal Pension Plan’s investment in the PRIAC Guaranteed Deposit Account approximates the fair value of the underlying investments by discounting expected future investment cash flows from both investment income and repayment of principal for each investment purchased directly for the general account. The discount rates assumed in the calculation reflect both the current level of market rates and spreads appropriate to the quality, average life and type of investment being valued. This investment is classified as Level 3. | ||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||
The fair value of the Astoria Federal Pension Plan’s cash and cash equivalents represents the amount available on demand and, as such, are classified as Level 1. | ||||||||||||||||||||||||||
The following tables set forth the carrying value of the Astoria Federal Pension Plan’s assets by asset category and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated. | ||||||||||||||||||||||||||
Carrying Value at December 31, 2013 | ||||||||||||||||||||||||||
(In Thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
PRIAC Pooled Separate Accounts (1) | $ | 170,377 | $ | - | $ | 170,377 | $ | - | ||||||||||||||||||
Astoria Financial Corporation common stock | 12,687 | 12,687 | - | - | ||||||||||||||||||||||
PRIAC Guaranteed Deposit Account | 6,299 | - | - | 6,299 | ||||||||||||||||||||||
Cash and cash equivalents | 4 | 4 | - | - | ||||||||||||||||||||||
Total | $ | 189,367 | $ | 12,691 | $ | 170,377 | $ | 6,299 | ||||||||||||||||||
(1) Consists of 41% large-cap equity securities, 35% debt securities, 11% international equities, 8% small-cap equity securities and 5% mid-cap equity securities. | ||||||||||||||||||||||||||
Carrying Value at December 31, 2012 | ||||||||||||||||||||||||||
(In Thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
PRIAC Pooled Separate Accounts (1) | $ | 145,037 | $ | - | $ | 145,037 | $ | - | ||||||||||||||||||
Astoria Financial Corporation common stock | 8,466 | 8,466 | - | - | ||||||||||||||||||||||
PRIAC Guaranteed Deposit Account | 7,177 | - | - | 7,177 | ||||||||||||||||||||||
Cash and cash equivalents | 3 | 3 | - | - | ||||||||||||||||||||||
Total | $ | 160,683 | $ | 8,469 | $ | 145,037 | $ | 7,177 | ||||||||||||||||||
(1) Consists of 39% large-cap equity securities, 35% debt securities, 12% international equities, 8% small-cap equity securities and 6% mid-cap equity securities. | ||||||||||||||||||||||||||
The following table sets forth a summary of changes in the fair value of the Astoria Federal Pension Plan’s Level 3 assets for the periods indicated. | ||||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||
(In Thousands) | 2013 | 2012 | ||||||||||||||||||||||||
Fair value at beginning of year | $ | 7,177 | $ | 6,564 | ||||||||||||||||||||||
Total net gain, realized and unrealized, included in change in net assets (1) | 21 | 455 | ||||||||||||||||||||||||
Purchases | 9,000 | 9,640 | ||||||||||||||||||||||||
Sales | (9,899 | ) | (9,482 | ) | ||||||||||||||||||||||
Fair value at end of year | $ | 6,299 | $ | 7,177 | ||||||||||||||||||||||
(1) Includes unrealized gain related to assets held at December 31, 2013 of $313,000 for the year ended December 31, 2013 and unrealized gain related to assets held at December 31, 2012 of $517,000 for the year ended December 31, 2012. | ||||||||||||||||||||||||||
The overall strategy of the Astoria Federal Pension Plan investment policy is to have a diverse investment portfolio that reasonably spans established risk/return levels, preserves liquidity and provides long-term investment returns equal to or greater than the actuarial assumptions. The strategy allows for a moderate risk approach in order to achieve greater long-term asset growth. The asset mix within the various insurance company pooled separate accounts and trust company trust funds can vary but should not be more than 80% in equity securities, 50% in debt securities and 25% in liquidity funds. Within equity securities, the mix is further clarified to have ranges not to exceed 10% in any one company, 30% in any one industry, 50% in funds that mirror the S&P 500, 50% in large-cap equity securities, 20% in mid-cap equity securities, 20% in small-cap equity securities and 10% in international equities. In addition, up to 15% of total plan assets may be held in Astoria Financial Corporation common stock. However, the Astoria Federal Pension Plan will not acquire Astoria Financial Corporation common stock to the extent that, immediately after the acquisition, such common stock would represent more than 10% of total plan assets. | ||||||||||||||||||||||||||
Incentive Savings Plan | ||||||||||||||||||||||||||
Astoria Federal maintains a 401(k) incentive savings plan, or the 401(k) Plan, which provides for contributions by both Astoria Federal and its participating employees. Under the 401(k) Plan, which is a qualified, defined contribution pension plan, participants may contribute up to 30% of their pre-tax base salary, generally not to exceed $17,500 for the calendar year ended December 31, 2013. Effective January 1, 2013, Astoria Federal makes matching contributions equal to 50% of participating employees’ contributions not in excess of 6% of the participating employees’ compensation. Matching contributions for the year ended December 31, 2013 totaled $2.0 million. Participants vest immediately in their own contributions and, effective January 1, 2013, after a period of one year for Astoria Federal contributions. During 2012 and 2011, matching contributions were permitted at the discretion of Astoria Federal. No matching contributions were made for the years ended December 31, 2012 and 2011. | ||||||||||||||||||||||||||
Employee Stock Ownership Plan | ||||||||||||||||||||||||||
Astoria Federal maintains an ESOP for its eligible employees, which is also a defined contribution pension plan. To fund the purchase of the ESOP shares, the ESOP borrowed funds from us. Astoria Federal made contributions to fund debt service. The ESOP loans, which had an aggregated outstanding principal balance of $5.9 million at December 31, 2012, were prepaid in full on December 20, 2013. The ESOP loans had an interest rate of 6.00%, a maturity date of December 31, 2029 and were collateralized by our common stock purchased with the loan proceeds. | ||||||||||||||||||||||||||
Shares purchased by the ESOP were held in trust for allocation among participants as the loans were repaid. Pursuant to the loan agreements, the number of shares released annually was based upon a specified percentage of aggregate eligible payroll for our covered employees. As a result of the prepayment of the ESOP loans in full on December 20, 2013, the remaining 967,013 unallocated shares were released from the pledge agreement and allocated to participants as of December 31, 2013. Through December 31, 2013, 15,068,562 shares have been allocated to participants and no shares remain unallocated. Shares allocated to participants totaled 1,075,354 for the year ended December 31, 2012 and 1,398,763 for the year ended December 31, 2011. | ||||||||||||||||||||||||||
In addition to shares allocated, Astoria Federal made an annual cash contribution to participant accounts which, beginning in 2010, was equal to dividends paid on unallocated shares. This cash contribution totaled $155,000 for the year ended December 31, 2013, $513,000 for the year ended December 31, 2012 and $1.8 million for the year ended December 31, 2011. | ||||||||||||||||||||||||||
Compensation expense related to the ESOP totaled $11.2 million for the year ended December 31, 2013, $10.7 million for the year ended December 31, 2012 and $18.2 million for the year ended December 31, 2011. | ||||||||||||||||||||||||||
Effective December 31, 2013 the ESOP was frozen. As a result, no contributions will be made to the plan subsequent to December 31, 2013. | ||||||||||||||||||||||||||
Stock_Incentive_Plans
Stock Incentive Plans | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Stock Incentive Plans | ' | ||||||||||
Stock Incentive Plans | ' | ||||||||||
(15) Stock Incentive Plans | |||||||||||
Under the 2005 Re-designated, Amended and Restated Stock Incentive Plan for Officers and Employees of Astoria Financial Corporation, as amended, or the 2005 Employee Stock Plan, 6,850,000 shares of common stock were reserved for option, restricted stock, restricted stock units and/or stock appreciation right grants, of which 1,300,665 shares remain available for issuance of future grants at December 31, 2013. Employee grants generally occur annually, upon approval by our Board of Directors, on the third business day after we issue a press release announcing annual financial results for the prior year. Discretionary grants may be made to eligible employees from time to time upon approval by our Board of Directors. In the event the grantee terminates his/her employment due to death or disability, or in the event we experience a change in control, as defined and specified in the 2005 Employee Stock Plan, all options and restricted common stock granted pursuant to such plan immediately vests, except for a performance-based restricted common stock award granted in 2011 which, in the event of death or disability prior to vesting, will remain outstanding subject to satisfaction of the performance and vesting conditions, unless otherwise settled. | |||||||||||
The following table summarizes restricted common stock grant awards by year under the 2005 Employee Stock Plan for grant years with unvested shares outstanding at December 31, 2013 and the remaining vesting schedule. | |||||||||||
2013 | 2012 | 2011 | 2010 | ||||||||
Number of shares of restricted common stock: | |||||||||||
Granted during the year | 494,420 | 155,000 | 663,530 | 778,740 | |||||||
Unvested at December 31, 2013 | 315,820 | 86,000 | 229,560 | 99,604 | |||||||
Scheduled to vest during the year ending: | |||||||||||
December 31, 2014 | 156,410 | 34,500 | 82,280 | 99,604 | |||||||
December 31, 2015 | 157,410 | 51,500 | 82,280 | - | |||||||
December 31, 2016 | 2,000 | - | 65,000 | -1 | - | ||||||
(1) Shares of restricted common stock granted under a performance-based award which will vest on June 30, 2016 if the performance conditions are met. | |||||||||||
During 2013, in addition to the restricted common stock granted under the 2005 Employee Stock Plan detailed in the table above, 432,300 performance-based restricted stock units were granted to select officers under the 2005 Employee Stock Plan, with a grant date fair value of $9.22 per unit, of which 409,100 units remain outstanding at December 31, 2013. Each restricted stock unit granted represents a right, under the 2005 Employee Stock Plan, to receive one share of our common stock in the future, subject to meeting certain criteria. The restricted stock units have specified performance objectives within a specified performance measurement period and no voting or dividend rights prior to vesting and delivery of shares. The performance measurement period for these restricted stock units is the fiscal year ending December 31, 2015 and the vest date is February 1, 2016. Shares will be issued on the vest date at either 100%, 75%, 50% or 0% of units granted based on actual performance during the performance measurement period. However, in the event of a change in control during the performance measurement period, the restricted stock units will vest on the change in control date and shares will be issued at 100% of units granted. Absent a change in control, if a grantee’s employment terminates prior to December 31, 2015 all restricted stock units will be forfeited. In the event the grantee terminates his/her employment during the period between December 31, 2015 and February 1, 2016 due to death, disability, retirement or a change in control, the grantee will remain entitled to the shares otherwise earned. | |||||||||||
Under the Astoria Financial Corporation 2007 Non-Employee Directors Stock Plan, as amended, or the 2007 Director Stock Plan, 240,080 shares of common stock were reserved for restricted stock grants, of which 41,690 shares of restricted common stock were granted in 2013 and 99,641 shares remain available at December 31, 2013 for issuance of future grants. Annual awards and discretionary grants, as such terms are defined in the plan, are authorized under the 2007 Director Stock Plan. Annual awards to non-employee directors occur on the third business day after we issue a press release announcing annual financial results for the prior year. Discretionary grants may be made to eligible directors from time to time as consideration for services rendered or promised to be rendered. Such grants are made on such terms and conditions as determined by a committee of independent directors. | |||||||||||
Under the 2007 Director Stock Plan, restricted common stock granted vests approximately three years after the grant date, although awards immediately vest upon death, disability, mandatory retirement, involuntary termination or a change in control, as such terms are defined in the plan. Shares awarded will be forfeited in the event a recipient ceases to be a director prior to the vest date for any reason other than death, disability, mandatory retirement, involuntary termination or a change in control, as defined in the plan. | |||||||||||
Restricted common stock activity in our stock incentive plans for the year ended December 31, 2013 is summarized as follows: | |||||||||||
Number of | Weighted Average | ||||||||||
Shares | Grant Date Fair Value | ||||||||||
Unvested at beginning of year | 1,146,657 | $ | 14.87 | ||||||||
Granted | 536,110 | 9.7 | |||||||||
Vested | (787,655 | ) | (15.31 | ) | |||||||
Forfeited | (113,468 | ) | (10.88 | ) | |||||||
Unvested at end of year | 781,644 | 11.46 | |||||||||
The aggregate fair value on the vest date of restricted common stock awards which vested during the year ended December 31, 2013 totaled $9.6 million. | |||||||||||
Options outstanding at December 31, 2013, granted under plans other than the 2005 Employee Stock Plan and 2007 Director Stock Plan, have a maximum term of ten years and were granted in tandem with limited stock appreciation rights exercisable only in the event we experience a change in control, as defined by the plans. Common shares are issued from treasury stock upon the exercise of stock options. No options were exercised during the years ended December 31, 2013, 2012 and 2011. We have an adequate number of shares available in treasury stock for future stock option exercises. | |||||||||||
Option activity in our stock incentive plans for the year ended December 31, 2013 is summarized as follows: | |||||||||||
Number of | Weighted Average | ||||||||||
Options | Exercise Price | ||||||||||
Outstanding at beginning of year | 2,846,850 | $ | 25.7 | ||||||||
Expired | (1,744,200 | ) | (25.08 | ) | |||||||
Outstanding and exercisable at end of year | 1,102,650 | 26.68 | |||||||||
At December 31, 2013, options outstanding and exercisable had no intrinsic value and a weighted average remaining contractual term of approximately 11 months. | |||||||||||
Stock-based compensation expense totaled $4.5 million, net of taxes of $2.5 million, for the year ended December 31, 2013, $3.3 million, net of taxes of $1.8 million, for the year ended December 31, 2012 and $5.9 million, net of taxes of $3.2 million, for the year ended December 31, 2011. At December 31, 2013, pre-tax compensation cost related to all unvested awards of restricted common stock and restricted stock units not yet recognized totaled $9.3 million and will be recognized over a weighted average period of approximately 1.9 years, which excludes $1.8 million of pre-tax compensation cost related to 65,000 shares of performance-based restricted common stock granted in 2011 and 102,275 performance-based restricted stock units granted in 2013, for which compensation cost will begin to be recognized when the achievement of the performance conditions becomes probable. | |||||||||||
As a result of the resignation and retirement of several executive officers during the 2012 first quarter, the level of forfeitures in 2012 significantly exceeded our original estimate of restricted common stock forfeitures based on our prior experience. As a result, we reversed stock-based compensation expense during 2012 totaling $569,000, net of taxes of $310,000, representing stock-based compensation expense previously recognized on unvested shares of restricted common stock which will not vest as a result of forfeitures. | |||||||||||
Regulatory_Matters
Regulatory Matters | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Regulatory Matters | ' | |||||||||||||||||||||
Regulatory Matters | ' | |||||||||||||||||||||
(16) Regulatory Matters | ||||||||||||||||||||||
Federal law requires that savings associations, such as Astoria Federal, maintain minimum capital requirements. These capital standards are required to be no less stringent than standards applicable to national banks. At December 31, 2013 and 2012, Astoria Federal was in compliance with all regulatory capital requirements. | ||||||||||||||||||||||
The Federal Deposit Insurance Corporation Improvement Act of 1991, or FDICIA, established a system of prompt corrective action, or the Prompt Corrective Action Provisions, to resolve the problems of undercapitalized institutions. The regulators adopted rules which require them to take action against undercapitalized institutions, based upon the five categories of capitalization which FDICIA created: “well capitalized,” “adequately capitalized,” “undercapitalized,” “significantly undercapitalized” and “critically undercapitalized.” The rules adopted generally provide that an insured institution whose capital ratios exceed the specified targets and is not subject to any written agreement, order, capital directive or prompt corrective action directive issued by the primary federal regulator shall be considered a well capitalized institution. At December 31, 2013 and 2012, all of Astoria Federal’s ratios were above the minimum levels required to be considered well capitalized. | ||||||||||||||||||||||
The following tables set forth information regarding the regulatory capital requirements applicable to Astoria Federal at the dates indicated. | ||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||
Actual | Minimum | To be Well Capitalized | ||||||||||||||||||||
Capital Requirements | Under Prompt | |||||||||||||||||||||
Corrective Action | ||||||||||||||||||||||
Provisions | ||||||||||||||||||||||
(Dollars in Thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
Tangible | $ | 1,543,764 | 9.93 | % | $ | 233,158 | 1.5 | % | N/A | N/A | ||||||||||||
Tier 1 leverage | 1,543,764 | 9.93 | 621,755 | 4 | $ | 777,194 | 5 | % | ||||||||||||||
Tier 1 risk-based | 1,543,764 | 15.79 | 391,083 | 4 | 586,625 | 6 | ||||||||||||||||
Total risk-based | 1,666,637 | 17.05 | 782,167 | 8 | 977,708 | 10 | ||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||
Actual | Minimum | To be Well Capitalized | ||||||||||||||||||||
Capital Requirements | Under Prompt | |||||||||||||||||||||
Corrective Action | ||||||||||||||||||||||
Provisions | ||||||||||||||||||||||
(Dollars in Thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
Tangible | $ | 1,500,927 | 9.24 | % | $ | 243,769 | 1.5 | % | N/A | N/A | ||||||||||||
Tier 1 leverage | 1,500,927 | 9.24 | 650,050 | 4 | $ | 812,563 | 5 | % | ||||||||||||||
Tier 1 risk-based | 1,500,927 | 15.23 | 394,230 | 4 | 591,344 | 6 | ||||||||||||||||
Total risk-based | 1,624,730 | 16.49 | 788,459 | 8 | 985,574 | 10 | ||||||||||||||||
Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, or the Reform Act, we will become subject to new minimum capital requirements. In July 2013, the federal bank regulatory agencies issued rules that will subject many savings and loan holding companies, including Astoria Financial Corporation, to consolidated capital requirements. The rules also revise the quantity and quality of required minimum risk-based and leverage capital requirements, consistent with the Reform Act and the Third Basel Accord adopted by the Basel Committee on Banking Supervision. In doing so, the rules: | ||||||||||||||||||||||
• Establish a new minimum common equity Tier 1 risk-based capital ratio (common equity Tier 1 capital to total risk-weighted assets) of 4.5% and increase the minimum Tier 1 risk-based capital ratio from 4.0% to 6.0%, while maintaining the minimum Total risk-based capital ratio of 8.0% and the minimum Tier 1 leverage capital ratio of 4.0%. | ||||||||||||||||||||||
• Revise the rules for calculating risk-weighted assets to enhance their risk sensitivity. | ||||||||||||||||||||||
• Phase out trust preferred securities and cumulative perpetual preferred stock as Tier 1 capital. | ||||||||||||||||||||||
• Add a requirement to maintain a minimum Conservation Buffer, composed of common equity Tier 1 capital, of 2.5% of risk-weighted assets, to be applied to the new common equity Tier 1 risk-based capital ratio, the Tier 1 risk-based capital ratio and the Total risk-based capital ratio, which means that banking organizations, on a fully phased in basis no later than January 1, 2019, must maintain a minimum common equity Tier 1 risk-based capital ratio of 7.0%, a minimum Tier 1 risk-based capital ratio of 8.5% and a minimum Total risk-based capital ratio of 10.5%. | ||||||||||||||||||||||
• Change the definitions of capital categories for insured depository institutions for purposes of the Prompt Corrective Action Provisions. Under these revised definitions, to be considered well-capitalized, Astoria Federal must have a common equity Tier 1 risk-based capital ratio of at least 6.5%, a Tier 1 leverage capital ratio of at least 5.0%, a Tier 1 risk-based capital ratio of at least 8.0% and a Total risk-based capital ratio of at least 10.0%. | ||||||||||||||||||||||
The new minimum regulatory capital ratios and changes to the calculation of risk-weighted assets will be phased in with the initial provisions effective for Astoria Financial Corporation and Astoria Federal on January 1, 2015. The required minimum Conservation Buffer will be phased in incrementally, starting at 0.625% on January 1, 2016 and increasing to 1.25% on January 1, 2017, 1.875% on January 1, 2018 and 2.5% on January 1, 2019. The rules impose restrictions on capital distributions and certain discretionary cash bonus payments if the minimum Conservation Buffer is not met. | ||||||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
(17) 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 instruments, the fair values of which are not material to our financial condition or results of operations. | |||||||||||||||||
The following tables set forth the carrying values of our assets measured at estimated fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated. | |||||||||||||||||
Carrying Value at December 31, 2013 | |||||||||||||||||
(In Thousands) | Total | Level 1 | Level 2 | ||||||||||||||
Securities available-for-sale: | |||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||
GSE issuance REMICs and CMOs | $ | 286,074 | $ | - | $ | 286,074 | |||||||||||
Non-GSE issuance REMICs and CMOs | 7,572 | - | 7,572 | ||||||||||||||
GSE pass-through certificates | 16,888 | - | 16,888 | ||||||||||||||
Obligations of GSEs | 91,153 | - | 91,153 | ||||||||||||||
Fannie Mae stock | 3 | 3 | - | ||||||||||||||
Total securities available-for-sale | $ | 401,690 | $ | 3 | $ | 401,687 | |||||||||||
Carrying Value at December 31, 2012 | |||||||||||||||||
(In Thousands) | Total | Level 1 | Level 2 | ||||||||||||||
Securities available-for-sale: | |||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||
GSE issuance REMICs and CMOs | $ | 204,827 | $ | - | $ | 204,827 | |||||||||||
Non-GSE issuance REMICs and CMOs | 11,219 | - | 11,219 | ||||||||||||||
GSE pass-through certificates | 21,375 | - | 21,375 | ||||||||||||||
Obligations of GSEs | 98,879 | - | 98,879 | ||||||||||||||
Fannie Mae stock | - | - | - | ||||||||||||||
Total securities available-for-sale | $ | 336,300 | $ | - | $ | 336,300 | |||||||||||
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 77% of our securities available-for-sale portfolio at December 31, 2013 and 71% at December 31, 2012. 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 option 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 98% of our available-for-sale residential mortgage-backed securities portfolio at December 31, 2013 and 95% at December 31, 2012. | |||||||||||||||||
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 generic pricing on fifteen and thirty year securities. Significant month over month price changes are analyzed further using discounted cash flow models and, on occasion, 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 23% of our securities available-for-sale portfolio at December 31, 2013 and 29% at December 31, 2012 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, are classified as Level 1. | |||||||||||||||||
Non-Recurring Fair Value Measurements | |||||||||||||||||
From time to time, we may be required to record at fair value assets or liabilities on a non-recurring basis, such as MSR, loans receivable, certain assets held-for-sale and REO. These non-recurring fair value adjustments involve the application of lower of cost or market accounting or impairment write-downs of individual assets. | |||||||||||||||||
The following table sets forth the carrying values of those of our assets which were measured at fair value on a non-recurring basis at the dates indicated. The fair value measurements for all of these assets fall within Level 3 of the fair value hierarchy. | |||||||||||||||||
Carrying Value at December 31, | |||||||||||||||||
(In Thousands) | 2013 | 2012 | |||||||||||||||
Non-performing loans held-for-sale, net | $ | 791 | $ | 3,881 | |||||||||||||
Impaired loans | 271,408 | 282,723 | |||||||||||||||
MSR, net | 12,800 | 6,947 | |||||||||||||||
REO, net | 27,101 | 20,796 | |||||||||||||||
Total | $ | 312,100 | $ | 314,347 | |||||||||||||
The following table provides information regarding the losses recognized on our assets measured at fair value on a non-recurring basis for the periods indicated. | |||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||
(In Thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Non-performing loans held-for-sale, net (1) | $ | 520 | $ | 1,066 | $ | 10,020 | |||||||||||
Impaired loans (2) | 21,992 | 40,018 | 48,080 | ||||||||||||||
MSR, net (3) | - | 931 | 148 | ||||||||||||||
REO, net (4) | 3,788 | 3,137 | 6,677 | ||||||||||||||
Total | $ | 26,300 | $ | 45,152 | $ | 64,925 | |||||||||||
-1 | Losses are charged against the allowance for loan losses in the case of a write-down upon the reclassification of a loan to held-for-sale. Losses subsequent to the reclassification 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 | Losses are charged to mortgage banking income, net. | ||||||||||||||||
-4 | Losses are charged against the allowance for loan losses in the case of a write-down upon the transfer of a loan to REO. Losses subsequent to the transfer of a loan to REO are charged to REO expense which is a component of other non-interest expense. | ||||||||||||||||
The following is a description of valuation methodologies used for assets measured at fair value on a non-recurring basis. | |||||||||||||||||
Loans-held-for-sale, net (non-performing loans held-for-sale) | |||||||||||||||||
Fair values of non-performing loans held-for-sale are estimated through either preliminary bids from potential purchasers of the loans or the estimated fair value of the underlying collateral discounted for factors necessary to solicit acceptable bids, and adjusted as necessary based on management’s experience with sales of similar types of loans and, as such, are classified as Level 3. Substantially all of the non-performing loans held-for-sale were multi-family mortgage loans at December 31, 2013 and 2012. | |||||||||||||||||
Loans receivable, net (impaired loans) | |||||||||||||||||
Impaired loans were comprised of 81% residential mortgage loans and 19% multi-family and commercial real estate mortgage loans at December 31, 2013 and 78% residential mortgage loans and 22% multi-family and commercial real estate mortgage loans at December 31, 2012. Impaired loans for which a fair value adjustment was recognized were comprised of 83% residential mortgage loans and 17% multi-family and commercial real estate mortgage loans at December 31, 2013 and 84% residential mortgage loans and 16% multi-family and commercial real estate mortgage loans at December 31, 2012. Our impaired loans are generally collateral dependent and, as such, are generally carried at the estimated fair value of the underlying collateral less estimated selling costs. | |||||||||||||||||
We obtain updated estimates of collateral values on residential mortgage loans at 180 days past due and earlier in certain instances, including for loans to borrowers who have filed for bankruptcy, and, to the extent the loans remain delinquent, annually thereafter. Updated estimates of collateral value on residential loans are obtained primarily through automated valuation models. Additionally, our loan servicer performs property inspections to monitor and manage the collateral on our residential loans when they become 45 days past due and monthly thereafter until the foreclosure process is complete. We obtain updated estimates of collateral value using third party appraisals on non-performing multi-family and commercial real estate mortgage loans when the loans initially become non-performing and annually thereafter and multi-family and commercial real estate loans modified in a TDR at the time of the modification and annually thereafter. Appraisals on multi-family and commercial real estate loans are reviewed by our internal certified appraisers. Adjustments to final appraised values obtained from independent third party appraisers and automated valuation models are not made. The fair values of impaired loans cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the loan and, as such, are classified as Level 3. | |||||||||||||||||
MSR, net | |||||||||||||||||
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 December 31, 2013, our MSR were valued based on expected future cash flows considering a weighted average discount rate of 9.45%, a weighted average constant prepayment rate on mortgages of 10.52% and a weighted average life of 6.3 years. At December 31, 2012, our MSR were valued based on expected future cash flows considering a weighted average discount rate of 10.95%, a weighted average constant prepayment rate on mortgages of 23.12% and a weighted average life of 3.4 years. Management reviews the assumptions used to estimate the fair value of MSR to ensure they reflect current and anticipated market conditions. | |||||||||||||||||
The fair value of MSR is highly sensitive to changes in assumptions. Changes in prepayment speed assumptions generally have the most significant impact on the fair value of our MSR. Generally, as interest rates decline, mortgage loan prepayments accelerate due to increased refinance activity, which results in a decrease in the fair value of MSR. As interest rates rise, mortgage loan prepayments slow down, which results in an increase in the fair value of MSR. Thus, any measurement of the fair value of our MSR is limited by the conditions existing and the assumptions utilized as of a particular point in time, and those assumptions may not be appropriate if they are applied at a different point in time. | |||||||||||||||||
REO, net | |||||||||||||||||
REO was comprised of residential properties at December 31, 2013 and 2012. 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 on the consolidated statements of financial condition at either cost or at lower of cost or fair value in accordance with GAAP, and are not measured or recorded at fair value on a recurring basis, and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated. | |||||||||||||||||
At December 31, 2013 | |||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||
(In Thousands) | Value | Total | Level 2 | Level 3 | |||||||||||||
Financial Assets: | |||||||||||||||||
Securities held-to-maturity | $ | 1,849,526 | $ | 1,811,122 | $ | 1,811,122 | $ | - | |||||||||
FHLB-NY stock | 152,207 | 152,207 | 152,207 | - | |||||||||||||
Loans held-for-sale, net (1) | 7,375 | 7,436 | - | 7,436 | |||||||||||||
Loans receivable, net (1) | 12,303,066 | 12,480,533 | - | 12,480,533 | |||||||||||||
MSR, net (1) | 12,800 | 12,804 | - | 12,804 | |||||||||||||
Financial Liabilities: | |||||||||||||||||
Deposits | 9,855,310 | 9,922,631 | 9,922,631 | - | |||||||||||||
Borrowings, net | 4,137,161 | 4,376,336 | 4,376,336 | - | |||||||||||||
-1 | Includes assets measured at fair value on a non-recurring basis. | ||||||||||||||||
At December 31, 2012 | |||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||
(In Thousands) | Value | Total | Level 2 | Level 3 | |||||||||||||
Financial Assets: | |||||||||||||||||
Securities held-to-maturity | $ | 1,700,141 | $ | 1,725,090 | $ | 1,725,090 | $ | - | |||||||||
FHLB-NY stock | 171,194 | 171,194 | 171,194 | - | |||||||||||||
Loans held-for-sale, net (1) | 76,306 | 78,486 | - | 78,486 | |||||||||||||
Loans receivable, net (1) | 13,078,471 | 13,311,997 | - | 13,311,997 | |||||||||||||
MSR, net (1) | 6,947 | 6,948 | - | 6,948 | |||||||||||||
Financial Liabilities: | |||||||||||||||||
Deposits | 10,443,958 | 10,588,073 | 10,588,073 | - | |||||||||||||
Borrowings, net | 4,373,496 | 4,857,989 | 4,857,989 | - | |||||||||||||
-1 | Includes assets measured at fair value on a non-recurring basis. | ||||||||||||||||
The following is a description of the methods and assumptions used to estimate fair values of our financial instruments which are not measured or recorded at fair value on a recurring or non-recurring basis. | |||||||||||||||||
Securities held-to-maturity | |||||||||||||||||
The fair values for substantially all of our securities held-to-maturity are obtained from an independent nationally recognized pricing service using similar methods and assumptions as used for our securities available-for-sale which are measured at fair value on a recurring basis. | |||||||||||||||||
FHLB-NY stock | |||||||||||||||||
The fair value of FHLB-NY stock is based on redemption at par value. | |||||||||||||||||
Loans held-for-sale, net | |||||||||||||||||
The fair values of fifteen and thirty year conforming fixed rate residential mortgage loans originated for sale are estimated using an option-based pricing methodology designed to take into account interest rate volatility, which has a significant effect on the value of the options and structural features embedded in loans. This methodology involves generating simulated interest rates, calculating the OAS of a mortgage-backed security whose price is known, which serves as a benchmark price, and using the benchmark OAS to estimate the pricing for similar mortgage instruments whose prices are not known. | |||||||||||||||||
Loans receivable, net | |||||||||||||||||
Fair values of loans are estimated using an option-based pricing methodology designed to take into account interest rate volatility, which has a significant effect on the value of the options and structural features embedded in loans. This pricing methodology involves generating simulated interest rates, calculating the OAS of a mortgage-backed security whose price is known, which serves as a benchmark price, and using the benchmark OAS to estimate the pricing for similar mortgage instruments whose prices are not known. | |||||||||||||||||
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 savings, money market and NOW and demand deposit 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 LIBOR Swap Curve. | |||||||||||||||||
Borrowings, net | |||||||||||||||||
The fair values of borrowings are based upon third party dealers’ estimated market values which are reviewed by management quarterly using an OAS model. | |||||||||||||||||
Outstanding commitments | |||||||||||||||||
Outstanding commitments include commitments to extend credit and unadvanced lines of credit for which fair values were estimated based on an analysis of the interest rates and fees currently charged to enter into similar transactions. The fair values of these commitments are immaterial to our financial condition. | |||||||||||||||||
Condensed_Parent_Company_Only_
Condensed Parent Company Only Financial Statements | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Parent Company Only Financial Statements | ' | ||||||||||||
Condensed Parent Company Only Financial Statements | ' | ||||||||||||
(18) Condensed Parent Company Only Financial Statements | |||||||||||||
The following condensed parent company only financial statements reflect our investments in our wholly-owned consolidated subsidiaries, Astoria Federal and AF Insurance Agency, Inc., using the equity method of accounting. | |||||||||||||
Astoria Financial Corporation - Condensed Statements of Financial Condition | |||||||||||||
At December 31, | |||||||||||||
(In Thousands) | 2013 | 2012 | |||||||||||
Assets: | |||||||||||||
Cash | $ | 63,418 | $ | 47,604 | |||||||||
ESOP loans receivable | - | 5,908 | |||||||||||
Other assets | 103 | 1,009 | |||||||||||
Investment in Astoria Federal | 1,705,964 | 1,617,880 | |||||||||||
Investment in AF Insurance Agency, Inc. | 1,233 | 1,160 | |||||||||||
Investment in Astoria Capital Trust I | - | 3,929 | |||||||||||
Total assets | $ | 1,770,718 | $ | 1,677,490 | |||||||||
Liabilities and stockholders’ equity: | |||||||||||||
Other borrowings, net | $ | 248,161 | $ | 376,496 | |||||||||
Other liabilities | 3,044 | 1,369 | |||||||||||
Amounts due to subsidiaries | - | 5,636 | |||||||||||
Stockholders’ equity | 1,519,513 | 1,293,989 | |||||||||||
Total liabilities and stockholders’ equity | $ | 1,770,718 | $ | 1,677,490 | |||||||||
Astoria Financial Corporation - Condensed Statements of Income | |||||||||||||
For the Year Ended December 31, | |||||||||||||
(In Thousands) | 2013 | 2012 | 2011 | ||||||||||
Interest income: | |||||||||||||
Repurchase agreements | $ | - | $ | 18 | $ | 19 | |||||||
ESOP loans receivable | 344 | 728 | 1,194 | ||||||||||
Total interest income | 344 | 746 | 1,213 | ||||||||||
Interest expense on borrowings | 17,398 | 29,689 | 27,262 | ||||||||||
Net interest expense | 17,054 | 28,943 | 26,049 | ||||||||||
Non-interest income | - | - | 204 | ||||||||||
Cash dividends from subsidiaries | 45,150 | 42,000 | 65,030 | ||||||||||
Non-interest expense: | |||||||||||||
Compensation and benefits | 3,261 | 3,735 | 4,278 | ||||||||||
Extinguishment of debt | 4,266 | 1,212 | - | ||||||||||
Other | 3,148 | 2,878 | 2,898 | ||||||||||
Total non-interest expense | 10,675 | 7,825 | 7,176 | ||||||||||
Income before income taxes and equity in undistributed earnings of subsidiaries | 17,421 | 5,232 | 32,009 | ||||||||||
Income tax benefit | 9,644 | 12,844 | 11,574 | ||||||||||
Income before equity in undistributed earnings of subsidiaries | 27,065 | 18,076 | 43,583 | ||||||||||
Equity in undistributed earnings of subsidiaries | 39,528 | 35,015 | 23,626 | ||||||||||
Net income | 66,593 | 53,091 | 67,209 | ||||||||||
Preferred stock dividends | 7,214 | - | - | ||||||||||
Net income available to common shareholders | $ | 59,379 | $ | 53,091 | $ | 67,209 | |||||||
Astoria Financial Corporation - Condensed Statements of Cash Flows | |||||||||||||
For the Year Ended December 31, | |||||||||||||
(In Thousands) | 2013 | 2012 | 2011 | ||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 66,593 | $ | 53,091 | $ | 67,209 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed earnings of subsidiaries | (39,528 | ) | (35,015 | ) | (23,626 | ) | |||||||
Amortization of premiums and deferred costs | 531 | 837 | 699 | ||||||||||
(Increase) decrease in other assets, net of other liabilities and amounts due to subsidiaries | (998 | ) | 846 | (1,423 | ) | ||||||||
Net cash provided by operating activities | 26,598 | 19,759 | 42,859 | ||||||||||
Cash flows from investing activities: | |||||||||||||
Principal payments on ESOP loans receivable | 5,908 | 6,235 | 7,780 | ||||||||||
Redemption of Astoria Capital Trust I common securities | 3,866 | - | - | ||||||||||
Net cash provided by investing activities | 9,774 | 6,235 | 7,780 | ||||||||||
Cash flows from financing activities: | |||||||||||||
Proceeds from borrowings with original terms greater than three months | - | 250,000 | - | ||||||||||
Repayment of borrowings with original terms greater than three months | (128,866 | ) | (250,000 | ) | - | ||||||||
Cash payments for debt issuance costs | - | (2,653 | ) | - | |||||||||
Proceeds from issuance of preferred stock | 135,000 | - | - | ||||||||||
Cash payments for preferred stock issuance costs | (5,204 | ) | - | - | |||||||||
Cash dividends paid to stockholders | (20,688 | ) | (24,104 | ) | (49,435 | ) | |||||||
Net tax benefit shortfall from stock-based compensation | (800 | ) | (4,123 | ) | (263 | ) | |||||||
Net cash used in financing activities | (20,558 | ) | (30,880 | ) | (49,698 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | 15,814 | (4,886 | ) | 941 | |||||||||
Cash and cash equivalents at beginning of year | 47,604 | 52,490 | 51,549 | ||||||||||
Cash and cash equivalents at end of year | $ | 63,418 | $ | 47,604 | $ | 52,490 | |||||||
Supplemental disclosure: | |||||||||||||
Cash paid during the year for interest | $ | 18,898 | $ | 31,535 | $ | 26,563 | |||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies | ' |
Basis of Presentation | ' |
The following significant accounting and reporting policies of Astoria Financial Corporation and subsidiaries conform to U.S. generally accepted accounting principles, or GAAP, and are used in preparing and presenting these consolidated financial statements. | |
Consolidation | ' |
The accompanying consolidated financial statements include the accounts of Astoria Financial Corporation and its wholly-owned subsidiaries: Astoria Federal Savings and Loan Association and its subsidiaries, referred to as Astoria Federal, and AF Insurance Agency, Inc. AF Insurance Agency, Inc. is a licensed life insurance agency which, through contractual agreements with various third parties, makes insurance products available primarily to the customers of Astoria Federal. As used in this annual report, “we,” “us” and “our” refer to Astoria Financial Corporation and its consolidated subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. | |
In addition to Astoria Federal and AF Insurance Agency, Inc., we had another subsidiary, Astoria Capital Trust I, which was not consolidated with Astoria Financial Corporation for financial reporting purposes. On May 14, 2013, we filed a Certificate of Cancellation of Certificate of Trust of Astoria Capital Trust I with the Delaware Secretary of State. See Note 8 for further discussion of Astoria Capital Trust I. | |
Use Of Estimates | ' |
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues, expenses and other comprehensive income/loss during the reporting periods. The estimate of our allowance for loan losses, the valuation of mortgage servicing rights, or MSR, judgments regarding goodwill and securities impairment and the estimates related to our pension plans and other postretirement benefits are particularly critical because they are important to the presentation of our financial condition and results of operations, involve a higher degree of complexity and require management to make difficult and subjective judgments which often require assumptions and estimates about highly uncertain matters. Actual results may differ from our assumptions, estimates and judgments. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. | |
Cash and Cash Equivalents | ' |
(b) Cash and Cash Equivalents | |
For the purpose of reporting cash flows, cash and cash equivalents include cash and due from banks and repurchase agreements with original maturities of three months or less. Astoria Federal is required by the Federal Reserve System to maintain cash reserves equal to a percentage of certain deposits. The reserve requirement totaled $37.7 million at December 31, 2013 and 2012. | |
Repurchase Agreements (Securities Purchased Under Agreements to Resell) | ' |
(c) Repurchase Agreements (Securities Purchased Under Agreements to Resell) | |
We may purchase securities under agreements to resell (repurchase agreements). These agreements represent short-term loans and are reflected as an asset in the consolidated statements of financial condition. We may sell, loan or otherwise dispose of such securities to other parties in the normal course of our operations. The same securities are to be resold at the maturity of the repurchase agreements. | |
Securities | ' |
(d) Securities | |
Securities are classified as held-to-maturity, available-for-sale or trading. Management determines the appropriate classification of securities at the time of acquisition. Our securities available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income/loss in stockholders’ equity. Debt securities which we have the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Premiums and discounts are recognized as adjustments to interest income using the interest method over the remaining period to contractual maturity, adjusted for prepayments. Gains and losses on the sale of all securities are determined using the specific identification method and are reflected in earnings when realized. For the years ended December 31, 2013, 2012 and 2011, we did not maintain a trading securities portfolio. We conduct a periodic review and evaluation of the securities portfolio to determine if a decline in the fair value of any security below its cost basis is other-than-temporary. Our evaluation of other-than-temporary impairment, or OTTI, considers the duration and severity of the impairment, our assessments of the reason for the decline in value, the likelihood of a near-term recovery and our intent and ability to not sell the securities. If such decline is deemed other-than-temporary, the security is written down to a new cost basis and the resulting loss is charged to earnings as a component of non-interest income, except for the amount of the total OTTI for a debt security that does not represent credit losses which is recognized in other comprehensive income/loss, net of applicable taxes. | |
Federal Home Loan Bank of New York Stock | ' |
(e) Federal Home Loan Bank of New York Stock | |
As a member of the Federal Home Loan Bank of New York, or FHLB-NY, we are required to acquire and hold shares of the FHLB-NY Class B stock. Our holding requirement varies based on our activities, primarily our outstanding borrowings, with the FHLB-NY. Our investment in FHLB-NY stock is carried at cost. We conduct a periodic review and evaluation of our FHLB-NY stock to determine if any impairment exists. | |
Loans Held-for-Sale | ' |
(f) Loans Held-for-Sale | |
Loans held-for-sale, net, includes fifteen and thirty year fixed rate one-to-four family, or residential, mortgage loans originated for sale that conform to government-sponsored enterprise, or GSE, guidelines (conforming loans), as well as certain delinquent and non-performing mortgage loans. | |
Generally, we originate fifteen and thirty year conforming fixed rate residential mortgage loans for sale to various GSEs or other investors on a servicing released or retained basis. The sale of such loans is generally arranged through a master commitment on a mandatory delivery or best efforts basis. Loans held-for-sale are carried at the lower of cost or estimated fair value, as determined on an aggregate basis. Net unrealized losses, if any, are recognized in a valuation allowance through charges to earnings. Premiums and discounts and origination fees and costs on loans held-for-sale are deferred and recognized as a component of the gain or loss on sale. Gains and losses on sales of loans held-for-sale are included in mortgage banking income, net, recognized on settlement dates and are determined by the difference between the sale proceeds and the carrying value of the loans. These transactions are accounted for as sales based on our satisfaction of the criteria for such accounting which provide that, as transferor, we have surrendered control over the loans. | |
Upon our decision to sell certain delinquent and non-performing mortgage loans held in portfolio, we reclassify them to held-for-sale at the lower of cost or fair value, less estimated selling costs. Reductions in carrying values are reflected as a write-down of the recorded investment in the loans resulting in a new cost basis, with credit-related losses charged to the allowance for loan losses. Such loans are assessed for impairment based on fair value at each reporting date. Lower of cost or market write-downs, if any, are recognized in a valuation allowance through charges to earnings. Increases in the fair value of non-performing loans held-for-sale are recognized only up to the amount of the previously recognized valuation allowances. Lower of cost or market write-downs and recoveries are included in other non-interest income along with gains and losses recognized on sales of such loans. Our delinquent and non-performing loans are sold without recourse and we do not provide financing. | |
Loans Receivable and Allowance for Loan Losses | ' |
(g) Loans Receivable and Allowance for Loan Losses | |
Loans receivable are carried at the unpaid principal balances, net of unamortized premiums and discounts and deferred loan origination costs and fees, which are recognized as yield adjustments using the interest method. We amortize these amounts over the contractual life of the related loans, adjusted for prepayments. Our loans receivable represent our financing receivables. | |
We discontinue accruing interest on loans when they become 90 days past due as to their payment due date and at the time a loan is deemed a troubled debt restructuring, or TDR. We may also discontinue accruing interest on certain other loans because of deterioration in financial or other conditions of the borrower. In addition, we reverse all previously accrued and uncollected interest through a charge to interest income. While loans are in non-accrual status, interest due is monitored and, presuming we deem the remaining recorded investment in the loan to be fully collectible, income is recognized only to the extent cash is received until a return to accrual status is warranted. In some circumstances, we may continue to accrue interest on mortgage loans past due 90 days or more, primarily as to their maturity date but not their interest due. In other cases, we may defer recognition of income until the principal balance has been recovered. | |
We may agree, in certain instances, to modify the contractual terms of a borrower’s loan. In cases where such modifications represent a concession to a borrower experiencing financial difficulty, the modification is considered a TDR. Modifications as a result of a TDR may include, but are not limited to, interest rate modifications, payment deferrals, restructuring of payments to interest-only from amortizing and/or extensions of maturity dates. Modifications which result in insignificant payment delays and payment shortfalls are generally not classified as a TDR. Residential mortgage loans discharged in a Chapter 7 bankruptcy filing, or bankruptcy loans, are also reported as loans modified in a TDR, as relief granted by a court is also viewed as a concession to the borrower in the loan agreement. Loans modified in a TDR are individually classified as impaired loans and are initially placed on non-accrual status regardless of their delinquency status. Loans modified in a TDR remain in non-accrual status until we determine that future collection of principal and interest is reasonably assured. Where we have agreed to modify the contractual terms of a borrower’s loan, we require the borrower to demonstrate performance according to the restructured terms, generally for a period of six months, prior to returning the loan to accrual status. Loans modified in a TDR which have been returned to accrual status are excluded from non-performing loans. | |
We establish and maintain an allowance for loan losses based on our evaluation of the probable inherent losses in our loan portfolio. The allowance is increased by provisions for loan losses charged to earnings and is decreased by loan charge-offs in the period the loans, or portions thereof, are deemed uncollectible. Recoveries of amounts previously charged-off increase the allowance for loan losses in the period they are received. The allowance for loan losses is determined based on a comprehensive analysis of our loan portfolio. We evaluate the adequacy of the allowance on a quarterly basis. The allowance is comprised of both valuation allowances related to individual loans and general valuation allowances, although the total allowance for loan losses is available for losses applicable to the entire loan portfolio. In estimating specific allocations of the allowance, we review loans deemed to be impaired and measure impairment losses based on either the fair value of the collateral, the present value of expected future cash flows, or the observable market price of the loan. 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. When an impairment analysis indicates the need for a specific allocation of the allowance on an individual loan, such allocation would be established sufficient to cover probable incurred losses at the evaluation date based on the facts and circumstances of the loan. When available information confirms that specific loans, or portions thereof, are uncollectible, these amounts are charged-off against the allowance for loan losses. For loans individually classified as impaired, the portion of the recorded investment in the loan in excess of the present value of the discounted cash flows of a modified loan or, for collateral dependent loans, the portion of the recorded investment in the loan in excess of the estimated fair value of the underlying collateral less estimated selling costs, is charged-off. | |
Loan reviews are performed by our Asset Review Department quarterly for all loans individually classified by our Asset Classification Committee and are performed annually for multi-family and commercial real estate mortgage loans modified in a TDR, multi-family and commercial real estate mortgage loans with balances of $5.0 million or greater and commercial loans with balances of $500,000 or greater. Further, multi-family and commercial real estate portfolio management personnel also perform annual reviews for certain multi-family and commercial real estate mortgage loans with balances under $5.0 million and recommend further review by our Credit and Asset Review Departments as appropriate. In addition, our Asset Review Department will review annually borrowing relationships whose combined outstanding balance is $5.0 million or greater, with such reviews covering approximately fifty percent of the outstanding principal balance of the loans to such relationships. Our residential mortgage loans are individually evaluated for impairment 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 values on residential loans are obtained primarily through automated valuation models. | |
Estimated losses for loans that are not individually deemed to be impaired are determined on a loan pool basis using our historical loss experience and various other qualitative factors and comprise our general valuation allowances. General valuation allowances represent loss allowances that have been established to recognize the inherent risks associated with our lending activities which, unlike individual valuation allowances, have not been allocated to particular loans. The determination of the adequacy of the general valuation allowances takes into consideration a variety of factors. | |
We segment our residential mortgage loan portfolio by interest-only and amortizing loans, full documentation and reduced documentation loans and year of origination 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, geographic location and year of origination. We analyze our consumer and other loan portfolio by home equity lines of credit, commercial loans, revolving credit lines and installment loans and perform similar historical loss analyses. In our analysis of non-performing loans, we consider our aggregate historical loss experience with respect to the ultimate disposition of the underlying collateral along with the migration of delinquent loans based on the portfolio segments noted above. These analyses and the resulting loss rates are used as an integral part of our judgment in developing estimated loss percentages to apply to the loan portfolio segments. We monitor credit risk on interest-only hybrid adjustable rate mortgage, or ARM, loans that were underwritten at the initial note rate, which may have been a discounted rate, in the same manner that we monitor credit risk on all interest-only hybrid ARM loans. We monitor interest rate reset dates of our loan portfolio, in the aggregate, and the current interest rate environment and consider the impact, if any, on borrowers’ ability to continue to make timely principal and interest payments in determining our allowance for loan losses. We also consider the size, composition, risk profile and delinquency levels of our loan portfolio, as well as our credit administration and asset management procedures. We monitor property value trends in our market areas by reference to various industry and market reports, economic releases and surveys, and our general and specific knowledge of the real estate markets in which we lend, in order to determine what impact, if any, such trends may have on the level of our general valuation allowances. In addition, we evaluate and consider the impact that current and anticipated economic and market conditions may have on the loan portfolio and known and inherent risks in the portfolio. We update our analyses quarterly and continually refine our evaluations as experience provides clearer guidance, our product offerings change and as economic conditions evolve. | |
We analyze our historical loss experience over twelve, fifteen, eighteen and twenty-four 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 consider our loss experience for other, similar loan types and may evaluate those losses over a longer period than two years. Additionally, multi-family and commercial real estate loss experience may be adjusted based on the composition of the losses (loan sales, short sales and partial charge-offs). Our evaluation of loss experience factors considers trends in such factors over the prior two years for substantially all of the loan portfolio, with the exception of multi-family and commercial real estate mortgage loans originated after 2010, for which our evaluation includes detailed modeling techniques. We update our historical loss analyses quarterly and evaluate the need to modify our quantitative allowances as a result of our updated charge-off and loss analyses. | |
We consider qualitative factors with the purpose of assessing the adequacy of the overall allowance for loan losses as well as the allocation of the allowance for loan losses by portfolio. The qualitative factors we consider generally include, but are not limited to, changes in (1) lending policies and procedures, (2) economic and business conditions and developments that affect collectibility of our loan portfolio, (3) the nature and volume of our loan portfolio and in the terms of loans, (4) the experience, ability and depth of lending management and other staff, (5) the volume and severity of past due, non-accrual and adversely classified loans, (6) the quality of the loan review system, (7) the value of underlying collateral, (8) the existence or effect of any credit concentrations and (9) external factors such as competition and legal or regulatory requirements. In addition to the nine qualitative factors noted, we also review certain analytical information such as our coverage ratios and peer analysis. | |
Allowance adequacy calculations are adjusted quarterly, based on the results of our quantitative and qualitative analyses, to reflect our current estimates of the amount of probable losses inherent in our loan portfolio in determining our allowance for loan losses. Allocations of the allowance to each loan category are adjusted quarterly to reflect probable inherent losses using the same quantitative and qualitative analyses used in connection with the overall allowance adequacy calculations. The portion of the allowance allocated to each loan category does not represent the total available to absorb losses which may occur within the loan category, since the total allowance for loan losses is available for losses applicable to the entire loan portfolio. | |
The balance of our allowance for loan losses represents management’s best estimate of the probable inherent losses in our loan portfolio at December 31, 2013 and 2012. Actual results could differ from our estimates as a result of changes in economic or market conditions. Changes in estimates could result in a material change in the allowance for loan losses. While we believe that the allowance for loan losses has been established and maintained at levels that reflect the risks inherent in our loan portfolio, future adjustments may be necessary if portfolio performance or economic or market conditions differ substantially from the conditions that existed at the time of the initial determinations. | |
Mortgage Servicing Rights | ' |
(h) Mortgage Servicing Rights | |
We recognize as separate assets the rights to service mortgage loans. The right to service loans for others is generally obtained through the sale of residential mortgage loans with servicing retained. The initial asset recognized for originated MSR is measured at fair value. The fair value of MSR is estimated by reference to current market values of similar loans sold servicing released. MSR are amortized in proportion to and over the period of estimated net servicing income. We apply the amortization method for measurements of our MSR. MSR are assessed for impairment based on fair value at each reporting date. MSR impairment, if any, is recognized in a valuation allowance through charges to earnings. Increases in the fair value of impaired MSR are recognized only up to the amount of the previously recognized valuation allowance. Fees earned for servicing loans are reported as income when the related mortgage loan payments are collected. | |
We assess impairment of our MSR based on the estimated fair value of those rights on a stratum-by-stratum basis with any impairment recognized through a valuation allowance for each impaired stratum. We stratify our MSR by underlying loan type (primarily fixed and adjustable) and interest rate. Individual allowances for each stratum are then adjusted in subsequent periods to reflect changes in the measurement of impairment. | |
We outsource the servicing of our residential mortgage loan portfolio, including our portfolio of mortgage loans serviced for other investors, to an unrelated third party under a sub-servicing agreement. Fees paid under the sub-servicing agreement are reported in non-interest expense. | |
Premises and Equipment | ' |
(i) Premises and Equipment | |
Land is carried at cost. Buildings and improvements, leasehold improvements and furniture, fixtures and equipment are carried at cost, less accumulated depreciation and amortization totaling $194.1 million at December 31, 2013 and $184.6 million at December 31, 2012. Buildings and improvements and furniture, fixtures and equipment are depreciated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the term of the related leases or the estimated useful lives of the improved property. | |
Goodwill | ' |
(j) Goodwill | |
Goodwill is presumed to have an indefinite useful life and is tested, at least annually, for impairment at the reporting unit level. If the estimated fair value of the reporting unit exceeds its carrying amount, further evaluation is not necessary. However, if the fair value of the reporting unit is less than its carrying amount, further evaluation is required to compare the implied fair value of the reporting unit’s goodwill to its carrying amount to determine if a write-down of goodwill is required. Impairment exists when the carrying amount of goodwill exceeds its implied fair value. | |
For purposes of our goodwill impairment testing, we have identified a single reporting unit. We consider the quoted market price of our common stock on our impairment testing date as an initial indicator of estimating the fair value of our reporting unit. We also consider our average stock price, both before and after our impairment test date, as well as market-based control premiums in determining the estimated fair value of our reporting unit. In addition to our internal goodwill impairment analysis, we periodically obtain a goodwill impairment analysis from an independent third party valuation firm. The independent third party utilizes multiple valuation approaches including comparable transactions, control premium, public market peers and discounted cash flow. Management reviews the assumptions and inputs used in the third party analysis for reasonableness. | |
At December 31, 2013, the carrying amount of our goodwill totaled $185.2 million. As of September 30, 2013, we performed our annual goodwill impairment test internally and obtained an independent third party analysis and concluded there was no goodwill impairment. We would test our goodwill for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of our reporting unit below its carrying amount. No events have occurred and no circumstances have changed since our annual impairment test date that would more likely than not reduce the fair value of our reporting unit below its carrying amount. The identification of additional reporting units, the use of other valuation techniques or changes to the input assumptions used in our analysis or the analysis by our third party valuation firm could result in materially different evaluations of impairment. | |
Bank Owned Life Insurance | ' |
(k) Bank Owned Life Insurance | |
Bank owned life insurance, or BOLI, is carried at the amount that could be realized under our life insurance contract as of the date of the statement of financial condition and is classified as a non-interest earning asset. Increases in the carrying value are recorded as non-interest income and insurance proceeds received are recorded as a reduction of the carrying value. The carrying value consists of a cash surrender value of $395.8 million at December 31, 2013 and $394.1 million at December 31, 2012, a claims stabilization reserve of $27.6 million at December 31, 2013 and $24.1 million at December 31, 2012 and deferred acquisition costs of $1,000 at December 31, 2013 and $2,000 at December 31, 2012. Repayment of the claims stabilization reserve (funds transferred from the cash surrender value to provide for future death benefit payments) and the deferred acquisition costs (costs incurred by the insurance carrier for the policy issuance) are guaranteed by the insurance carrier provided that certain conditions are met at the date of a contract surrender. We satisfied these conditions at December 31, 2013 and 2012. | |
Real Estate Owned | ' |
(l) Real Estate Owned | |
Real estate owned, or REO, represents real estate acquired through foreclosure or by deed in lieu of foreclosure and is initially recorded at the lower of cost or fair value, less estimated selling costs. Write-downs required at the time of acquisition are charged to the allowance for loan losses. Thereafter, we maintain a valuation allowance, representing decreases in the properties’ estimated fair value, through charges to earnings. Such charges are included in other non-interest expense along with any additional property maintenance and protection expenses incurred in owning the property. REO is reported net of a valuation allowance of $834,000 at December 31, 2013 and $1.6 million at December 31, 2012. | |
Reverse Repurchase Agreements (Securities Sold Under Agreements to Repurchase) | ' |
(m) Reverse Repurchase Agreements (Securities Sold Under Agreements to Repurchase) | |
We enter into sales of securities under agreements to repurchase with selected dealers and banks (reverse repurchase agreements). Such agreements are accounted for as secured financing transactions since we maintain effective control over the transferred securities and the transfer meets the other criteria for such accounting. Obligations to repurchase securities sold are reflected as a liability in our consolidated statements of financial condition. The securities underlying the agreements are delivered to a custodial account for the benefit of the dealer or bank with whom each transaction is executed. The dealers or banks, who may sell, loan or otherwise dispose of such securities to other parties in the normal course of their operations, agree to resell us the same securities at the maturities of the agreements. We retain the right of substitution of collateral throughout the terms of the agreements. The securities underlying the agreements are classified as encumbered securities in our consolidated statements of financial condition. | |
Derivative Instruments | ' |
(n) Derivative Instruments | |
As part of our interest rate risk management, we may utilize, from time-to-time, derivative instruments which are recorded as either assets or liabilities in the consolidated statements of financial condition at fair value. Changes in the fair values of derivatives are reported in our results of operations or other comprehensive income/loss depending on the use of the derivative and whether it qualifies for hedge accounting. We may enter into derivative instruments with no hedging designation. Changes in the fair values of these derivatives are recognized currently in our results of operations, generally in other non-interest expense. We do not use derivatives for trading purposes. | |
Income Taxes | ' |
(o) Income Taxes | |
We use the asset and liability method to provide for income taxes on all transactions recorded in the consolidated financial statements. Income tax expense consists of income taxes that are currently payable and deferred income taxes. Deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates, applicable to future years, to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. We assess our deferred tax assets and establish a valuation allowance if realization of a deferred tax asset is not considered to be more likely than not. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. Certain tax benefits attributable to stock options, restricted stock and restricted stock units, including the tax benefit related to dividends paid on unvested restricted stock awards, are credited to additional paid-in-capital. We maintain a reserve related to certain tax positions and strategies that management believes contain an element of uncertainty and evaluate each of our tax positions and strategies to determine whether the reserve continues to be appropriate. Accruals of interest and penalties related to unrecognized tax benefits are recognized in income tax expense. | |
Earnings Per Common Share | ' |
(p) Earnings Per Common Share | |
Basic earnings per common share, or EPS, is computed pursuant to the two-class method by dividing net income available to common shareholders less dividends paid on participating securities (unvested shares of restricted common stock) and any undistributed earnings attributable to participating securities by the weighted average common shares outstanding during the year. The weighted average common shares outstanding includes the weighted average number of shares of common stock outstanding less the weighted average number of unvested shares of restricted common stock and unallocated common shares held by the Employee Stock Ownership Plan, or ESOP. For EPS calculations, ESOP shares that have been committed to be released are considered outstanding. ESOP shares that have not been committed to be released are excluded from outstanding shares on a weighted average basis for EPS calculations. As of December 31, 2013 there were no remaining unallocated shares held by the ESOP. | |
Diluted EPS is computed using the same method as basic EPS, but includes the effect of dilutive potential common shares during the period, such as unexercised stock options and unvested restricted stock units, calculated using the treasury stock method. However, unvested restricted stock units are excluded from the denominator for both the basic and diluted EPS computations until the performance conditions are satisfied. | |
Employee Benefits | ' |
(q) Employee Benefits | |
Astoria Federal has a qualified, non-contributory defined benefit pension plan, or the Astoria Federal Pension Plan, covering employees meeting specified eligibility criteria. Astoria Federal’s policy is to fund pension costs in accordance with the minimum funding requirement. In addition, Astoria Federal has non-qualified and unfunded supplemental retirement plans covering certain officers and directors including the Astoria Federal Savings and Loan Association Excess Benefit Plan and the Astoria Federal Savings and Loan Association Supplemental Benefit Plan, or the Astoria Federal Excess and Supplemental Benefit Plans, and the Astoria Federal Savings and Loan Association Directors’ Retirement Plan, or the Astoria Federal Directors’ Retirement Plan. Effective April 30, 2012, the Astoria Federal Pension Plan, the Astoria Federal Excess and Supplemental Benefit Plans and the Astoria Federal Directors’ Retirement Plan were amended to, among other things, change the manner in which benefits were computed for service through April 30, 2012 and to suspend accrual of additional benefits for all of the aforementioned plans effective April 30, 2012. These amendments resulted in a significant reduction in net periodic cost for our defined benefit pension plans for periods subsequent to April 30, 2012. | |
We also sponsor a health care plan that provides for postretirement medical and dental coverage to select individuals. The costs of postretirement benefits are accrued during an employee’s active working career. | |
We recognize the overfunded or underfunded status of our defined benefit pension plans and other postretirement benefit plan, which is measured as the difference between plan assets at fair value and the benefit obligation at the measurement date, in other assets or other liabilities in our consolidated statements of financial condition. Changes in the funded status are recognized through other comprehensive income/loss in the period in which the changes occur. | |
We record compensation expense related to the ESOP at an amount equal to the shares allocated by the ESOP multiplied by the average fair value of our common stock during the year of allocation, plus the cash contributions made to participant accounts. The difference between the fair value of shares for the period and the cost of the shares allocated by the ESOP is recorded as an adjustment to additional paid-in capital. | |
Stock Incentive Plans | ' |
(r) Stock Incentive Plans | |
We recognize the cost of employee services received in exchange for awards of equity instruments based on the grant date fair value of awards. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period which is the earlier of the awards’ stated vesting date or the employees’ or non-employee directors’ retirement eligibility date for awards that have accelerated vesting provisions upon retirement. For awards which have performance-based conditions, recognition of stock-based compensation expense begins when the achievement of the performance conditions is probable. The fair value of restricted common stock and restricted stock unit awards are based on the closing market value of our common stock as reported on the New York Stock Exchange on the grant date, reduced by the present value of the expected dividend stream during the vesting period for restricted stock unit awards using a risk-free interest rate. | |
Segment Reporting | ' |
(s) Segment Reporting | |
As a community-oriented financial institution, substantially all of our operations involve the delivery of loan and deposit products to customers. We make operating decisions and assess performance based on an ongoing review of these community banking operations, which constitute our only operating segment for financial reporting purposes. | |
Impact of Recent Accounting Standards and Interpretations | ' |
(t) Impact of Recent Accounting Standards and Interpretations | |
In January 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2014-01, “Investments – Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Qualified Affordable Housing Projects,” which applies to all reporting entities that invest in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. Currently under GAAP, a reporting entity that invests in a qualified affordable housing project may elect to account for that investment using the effective yield method if all of the conditions are met. For those investments that are not accounted for using the effective yield method, GAAP requires that they be accounted for under either the equity method or the cost method. Certain of the conditions required to be met to use the effective yield method were restrictive and thus prevented many such investments from qualifying for the use of the effective yield method. The amendments in this update modify the conditions that a reporting entity must meet to be eligible to use a method other than the equity or cost methods to account for qualified affordable housing project investments. If the modified conditions are met, the amendments permit an entity to use the proportional amortization method to amortize the initial cost of the investment in proportion to the amount of tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of income tax expense (benefit). Additionally, the amendments introduce new recurring disclosures about all investments in qualified affordable housing projects irrespective of the method used to account for the investments. The amendments in ASU 2014-01 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. Early adoption is permitted. This guidance is not expected to have a material impact on our financial condition or results of operations. | |
In January 2014, the FASB issued ASU 2014-04, “Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40) Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” which applies to all creditors who obtain physical possession of residential real estate property collateralizing a consumer mortgage loan in satisfaction of a receivable. The amendments in this update clarify when an in substance repossession or foreclosure occurs and requires disclosure of both (1) the amount of foreclosed residential real estate property held by a creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in ASU 2014-04 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. Early adoption is permitted and entities can elect to adopt a modified retrospective transition method or a prospective transition method. This guidance is not expected to have a material impact on our financial condition or results of operations. |
Securities_Tables
Securities (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Securities | ' | |||||||||||||||||||
Schedule of amortized cost and estimated fair value of securities available-for-sale and held-to-maturity | ' | |||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||
(In Thousands) | Amortized | Gross | Gross | Estimated | ||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
GSE issuance REMICs and CMOs (1) | $ | 292,131 | $ | 1,077 | $ | (7,134 | ) | $ | 286,074 | |||||||||||
Non-GSE issuance REMICs and CMOs | 7,516 | 57 | (1 | ) | 7,572 | |||||||||||||||
GSE pass-through certificates | 16,120 | 770 | (2 | ) | 16,888 | |||||||||||||||
Total residential mortgage-backed securities | 315,767 | 1,904 | (7,137 | ) | 310,534 | |||||||||||||||
Obligations of GSEs | 98,675 | - | (7,522 | ) | 91,153 | |||||||||||||||
Fannie Mae stock | 15 | - | (12 | ) | 3 | |||||||||||||||
Total securities available-for-sale | $ | 414,457 | $ | 1,904 | $ | (14,671 | ) | $ | 401,690 | |||||||||||
Held-to-maturity: | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 1,474,506 | $ | 12,877 | $ | (33,925 | ) | $ | 1,453,458 | |||||||||||
Non-GSE issuance REMICs and CMOs | 3,833 | 61 | (10 | ) | 3,884 | |||||||||||||||
GSE pass-through certificates | 282,473 | 85 | (10,089 | ) | 272,469 | |||||||||||||||
Total residential mortgage-backed securities | 1,760,812 | 13,023 | (44,024 | ) | 1,729,811 | |||||||||||||||
Obligations of GSEs | 88,128 | - | (7,403 | ) | 80,725 | |||||||||||||||
Other | 586 | - | - | 586 | ||||||||||||||||
Total securities held-to-maturity | $ | 1,849,526 | $ | 13,023 | $ | (51,427 | ) | $ | 1,811,122 | |||||||||||
(1) Real estate mortgage investment conduits and collateralized mortgage obligations | ||||||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||
(In Thousands) | Amortized | Gross | Gross | Estimated | ||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 200,152 | $ | 5,258 | $ | (583 | ) | $ | 204,827 | |||||||||||
Non-GSE issuance REMICs and CMOs | 11,296 | 9 | (86 | ) | 11,219 | |||||||||||||||
GSE pass-through certificates | 20,348 | 1,029 | (2 | ) | 21,375 | |||||||||||||||
Total residential mortgage-backed securities | 231,796 | 6,296 | (671 | ) | 237,421 | |||||||||||||||
Obligations of GSEs | 98,670 | 214 | (5 | ) | 98,879 | |||||||||||||||
Fannie Mae stock | 15 | - | (15 | ) | - | |||||||||||||||
Total securities available-for-sale | $ | 330,481 | $ | 6,510 | $ | (691 | ) | $ | 336,300 | |||||||||||
Held-to-maturity: | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 1,693,437 | $ | 27,787 | $ | (2,955 | ) | $ | 1,718,269 | |||||||||||
Non-GSE issuance REMICs and CMOs | 5,791 | 112 | - | 5,903 | ||||||||||||||||
GSE pass-through certificates | 257 | 6 | (1 | ) | 262 | |||||||||||||||
Total residential mortgage-backed securities | 1,699,485 | 27,905 | (2,956 | ) | 1,724,434 | |||||||||||||||
Other | 656 | - | - | 656 | ||||||||||||||||
Total securities held-to-maturity | $ | 1,700,141 | $ | 27,905 | $ | (2,956 | ) | $ | 1,725,090 | |||||||||||
Schedule of estimated fair values of securities with gross unrealized losses in continuous unrealized loss position for less than twelve months and for twelve months or longer | ' | |||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Longer | Total | ||||||||||||||||||
(In Thousands) | Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 243,149 | $ | (7,134 | ) | $ | - | $ | - | $ | 243,149 | $ | (7,134 | ) | ||||||
Non-GSE issuance REMICs and CMOs | - | - | 132 | (1 | ) | 132 | (1 | ) | ||||||||||||
GSE pass-through certificates | 172 | (1 | ) | 70 | (1 | ) | 242 | (2 | ) | |||||||||||
Obligations of GSEs | 91,153 | (7,522 | ) | - | - | 91,153 | (7,522 | ) | ||||||||||||
Fannie Mae stock | - | - | 3 | (12 | ) | 3 | (12 | ) | ||||||||||||
Total temporarily impaired securities available-for-sale | $ | 334,474 | $ | (14,657 | ) | $ | 205 | $ | (14 | ) | $ | 334,679 | $ | (14,671 | ) | |||||
Held-to-maturity: | ||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 719,715 | $ | (25,611 | ) | $ | 151,581 | $ | (8,314 | ) | $ | 871,296 | $ | (33,925 | ) | |||||
Non-GSE issuance REMICs and CMOs | 392 | (10 | ) | - | - | 392 | (10 | ) | ||||||||||||
GSE pass-through certificates | 230,795 | (10,088 | ) | 28 | (1 | ) | 230,823 | (10,089 | ) | |||||||||||
Obligations of GSEs | 80,725 | (7,403 | ) | - | - | 80,725 | (7,403 | ) | ||||||||||||
Total temporarily impaired securities held-to-maturity | $ | 1,031,627 | $ | (43,112 | ) | $ | 151,609 | $ | (8,315 | ) | $ | 1,183,236 | $ | (51,427 | ) | |||||
At December 31, 2012 | ||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Longer | Total | ||||||||||||||||||
(In Thousands) | Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 67,841 | $ | (583 | ) | $ | - | $ | - | $ | 67,841 | $ | (583 | ) | ||||||
Non-GSE issuance REMICs and CMOs | - | - | 10,709 | (86 | ) | 10,709 | (86 | ) | ||||||||||||
GSE pass-through certificates | 57 | (1 | ) | 47 | (1 | ) | 104 | (2 | ) | |||||||||||
Obligations of GSEs | 24,995 | (5 | ) | - | - | 24,995 | (5 | ) | ||||||||||||
Fannie Mae stock | - | - | - | (15 | ) | - | (15 | ) | ||||||||||||
Total temporarily impaired securities available-for-sale | $ | 92,893 | $ | (589 | ) | $ | 10,756 | $ | (102 | ) | $ | 103,649 | $ | (691 | ) | |||||
Held-to-maturity: | ||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 413,651 | $ | (2,759 | ) | $ | 12,259 | $ | (196 | ) | $ | 425,910 | $ | (2,955 | ) | |||||
GSE pass-through certificates | 48 | (1 | ) | - | - | 48 | (1 | ) | ||||||||||||
Total temporarily impaired securities held-to-maturity | $ | 413,699 | $ | (2,760 | ) | $ | 12,259 | $ | (196 | ) | $ | 425,958 | $ | (2,956 | ) |
Loans_Receivable_and_Allowance1
Loans Receivable and Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||||
Schedule of composition of loans receivable portfolio and an aging analysis by accruing and non-accrual loans and by segment and class | ' | ||||||||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||||
30-59 | 60-89 | 90 Days | Total | ||||||||||||||||||||||||||||||||
(In Thousands) | Days | Days | or More | Past Due | Current | Total | |||||||||||||||||||||||||||||
Accruing loans: | |||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | |||||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 27,291 | $ | 5,220 | $ | - | $ | 32,511 | $ | 1,249,462 | $ | 1,281,973 | |||||||||||||||||||||||
Full documentation amortizing | 31,189 | 7,415 | 151 | 38,755 | 5,325,944 | 5,364,699 | |||||||||||||||||||||||||||||
Reduced documentation interest-only | 22,635 | 5,208 | - | 27,843 | 693,660 | 721,503 | |||||||||||||||||||||||||||||
Reduced documentation amortizing | 8,993 | 2,311 | - | 11,304 | 352,322 | 363,626 | |||||||||||||||||||||||||||||
Total residential | 90,108 | 20,154 | 151 | 110,413 | 7,621,388 | 7,731,801 | |||||||||||||||||||||||||||||
Multi-family | 12,740 | 970 | - | 13,710 | 3,270,206 | 3,283,916 | |||||||||||||||||||||||||||||
Commercial real estate | 1,729 | 1,690 | 233 | 3,652 | 801,690 | 805,342 | |||||||||||||||||||||||||||||
Total mortgage loans | 104,577 | 22,814 | 384 | 127,775 | 11,693,284 | 11,821,059 | |||||||||||||||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||||||||||||||
Home equity lines of credit | 3,000 | 1,321 | - | 4,321 | 189,540 | 193,861 | |||||||||||||||||||||||||||||
Other | 177 | 19 | - | 196 | 39,644 | 39,840 | |||||||||||||||||||||||||||||
Total consumer and other loans | 3,177 | 1,340 | - | 4,517 | 229,184 | 233,701 | |||||||||||||||||||||||||||||
Total accruing loans | $ | 107,754 | $ | 24,154 | $ | 384 | $ | 132,292 | $ | 11,922,468 | $ | 12,054,760 | |||||||||||||||||||||||
Non-accrual loans: | |||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | |||||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 2,185 | $ | 582 | $ | 78,271 | $ | 81,038 | $ | 19,190 | $ | 100,228 | |||||||||||||||||||||||
Full documentation amortizing | 1,327 | 653 | 41,934 | 43,914 | 10,844 | 54,758 | |||||||||||||||||||||||||||||
Reduced documentation interest-only | 2,065 | 579 | 87,910 | 90,554 | 27,604 | 118,158 | |||||||||||||||||||||||||||||
Reduced documentation amortizing | 617 | 425 | 26,112 | 27,154 | 5,177 | 32,331 | |||||||||||||||||||||||||||||
Total residential | 6,194 | 2,239 | 234,227 | 242,660 | 62,815 | 305,475 | |||||||||||||||||||||||||||||
Multi-family | 1,104 | 357 | 9,054 | 10,515 | 2,024 | 12,539 | |||||||||||||||||||||||||||||
Commercial real estate | 930 | - | 921 | 1,851 | 5,773 | 7,624 | |||||||||||||||||||||||||||||
Total mortgage loans | 8,228 | 2,596 | 244,202 | 255,026 | 70,612 | 325,638 | |||||||||||||||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||||||||||||||
Home equity lines of credit | - | - | 5,916 | 5,916 | 32 | 5,948 | |||||||||||||||||||||||||||||
Other | - | - | 32 | 32 | - | 32 | |||||||||||||||||||||||||||||
Total consumer and other loans | - | - | 5,948 | 5,948 | 32 | 5,980 | |||||||||||||||||||||||||||||
Total non-accrual loans | $ | 8,228 | $ | 2,596 | $ | 250,150 | $ | 260,974 | $ | 70,644 | $ | 331,618 | |||||||||||||||||||||||
Total loans: | |||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | |||||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 29,476 | $ | 5,802 | $ | 78,271 | $ | 113,549 | $ | 1,268,652 | $ | 1,382,201 | |||||||||||||||||||||||
Full documentation amortizing | 32,516 | 8,068 | 42,085 | 82,669 | 5,336,788 | 5,419,457 | |||||||||||||||||||||||||||||
Reduced documentation interest-only | 24,700 | 5,787 | 87,910 | 118,397 | 721,264 | 839,661 | |||||||||||||||||||||||||||||
Reduced documentation amortizing | 9,610 | 2,736 | 26,112 | 38,458 | 357,499 | 395,957 | |||||||||||||||||||||||||||||
Total residential | 96,302 | 22,393 | 234,378 | 353,073 | 7,684,203 | 8,037,276 | |||||||||||||||||||||||||||||
Multi-family | 13,844 | 1,327 | 9,054 | 24,225 | 3,272,230 | 3,296,455 | |||||||||||||||||||||||||||||
Commercial real estate | 2,659 | 1,690 | 1,154 | 5,503 | 807,463 | 812,966 | |||||||||||||||||||||||||||||
Total mortgage loans | 112,805 | 25,410 | 244,586 | 382,801 | 11,763,896 | 12,146,697 | |||||||||||||||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||||||||||||||
Home equity lines of credit | 3,000 | 1,321 | 5,916 | 10,237 | 189,572 | 199,809 | |||||||||||||||||||||||||||||
Other | 177 | 19 | 32 | 228 | 39,644 | 39,872 | |||||||||||||||||||||||||||||
Total consumer and other loans | 3,177 | 1,340 | 5,948 | 10,465 | 229,216 | 239,681 | |||||||||||||||||||||||||||||
Total loans | $ | 115,982 | $ | 26,750 | $ | 250,534 | $ | 393,266 | $ | 11,993,112 | $ | 12,386,378 | |||||||||||||||||||||||
Net unamortized premiums and | |||||||||||||||||||||||||||||||||||
deferred loan origination costs | 55,688 | ||||||||||||||||||||||||||||||||||
Loans receivable | 12,442,066 | ||||||||||||||||||||||||||||||||||
Allowance for loan losses | (139,000 | ) | |||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 12,303,066 | |||||||||||||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||||
30-59 | 60-89 | 90 Days | Total | ||||||||||||||||||||||||||||||||
(In Thousands) | Days | Days | or More | Past Due | Current | Total | |||||||||||||||||||||||||||||
Accruing loans: | |||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | |||||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 30,520 | $ | 8,973 | $ | - | $ | 39,493 | $ | 1,862,382 | $ | 1,901,875 | |||||||||||||||||||||||
Full documentation amortizing | 35,918 | 6,564 | - | 42,482 | 6,218,064 | 6,260,546 | |||||||||||||||||||||||||||||
Reduced documentation interest-only | 28,212 | 7,694 | - | 35,906 | 855,907 | 891,813 | |||||||||||||||||||||||||||||
Reduced documentation amortizing | 11,780 | 3,893 | - | 15,673 | 350,268 | 365,941 | |||||||||||||||||||||||||||||
Total residential | 106,430 | 27,124 | - | 133,554 | 9,286,621 | 9,420,175 | |||||||||||||||||||||||||||||
Multi-family | 21,743 | 5,382 | - | 27,125 | 2,368,895 | 2,396,020 | |||||||||||||||||||||||||||||
Commercial real estate | 13,536 | 3,126 | 328 | 16,990 | 750,385 | 767,375 | |||||||||||||||||||||||||||||
Total mortgage loans | 141,709 | 35,632 | 328 | 177,669 | 12,405,901 | 12,583,570 | |||||||||||||||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||||||||||||||
Home equity lines of credit | 3,103 | 1,092 | - | 4,195 | 221,266 | 225,461 | |||||||||||||||||||||||||||||
Other | 120 | 223 | - | 343 | 31,782 | 32,125 | |||||||||||||||||||||||||||||
Total consumer and other loans | 3,223 | 1,315 | - | 4,538 | 253,048 | 257,586 | |||||||||||||||||||||||||||||
Total accruing loans | $ | 144,932 | $ | 36,947 | $ | 328 | $ | 182,207 | $ | 12,658,949 | $ | 12,841,156 | |||||||||||||||||||||||
Non-accrual loans: | |||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | |||||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | - | $ | 677 | $ | 97,907 | $ | 98,584 | $ | 937 | $ | 99,521 | |||||||||||||||||||||||
Full documentation amortizing | 363 | - | 43,014 | 43,377 | 949 | 44,326 | |||||||||||||||||||||||||||||
Reduced documentation interest-only | 1,042 | - | 107,254 | 108,296 | 5,186 | 113,482 | |||||||||||||||||||||||||||||
Reduced documentation amortizing | 445 | 13 | 32,496 | 32,954 | 768 | 33,722 | |||||||||||||||||||||||||||||
Total residential | 1,850 | 690 | 280,671 | 283,211 | 7,840 | 291,051 | |||||||||||||||||||||||||||||
Multi-family | - | - | 7,359 | 7,359 | 3,299 | 10,658 | |||||||||||||||||||||||||||||
Commercial real estate | - | - | 6,541 | 6,541 | - | 6,541 | |||||||||||||||||||||||||||||
Total mortgage loans | 1,850 | 690 | 294,571 | 297,111 | 11,139 | 308,250 | |||||||||||||||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||||||||||||||
Home equity lines of credit | - | - | 6,459 | 6,459 | - | 6,459 | |||||||||||||||||||||||||||||
Other | - | - | 49 | 49 | - | 49 | |||||||||||||||||||||||||||||
Total consumer and other loans | - | - | 6,508 | 6,508 | - | 6,508 | |||||||||||||||||||||||||||||
Total non-accrual loans | $ | 1,850 | $ | 690 | $ | 301,079 | $ | 303,619 | $ | 11,139 | $ | 314,758 | |||||||||||||||||||||||
Total loans: | |||||||||||||||||||||||||||||||||||
Mortgage loans (gross): | |||||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 30,520 | $ | 9,650 | $ | 97,907 | $ | 138,077 | $ | 1,863,319 | $ | 2,001,396 | |||||||||||||||||||||||
Full documentation amortizing | 36,281 | 6,564 | 43,014 | 85,859 | 6,219,013 | 6,304,872 | |||||||||||||||||||||||||||||
Reduced documentation interest-only | 29,254 | 7,694 | 107,254 | 144,202 | 861,093 | 1,005,295 | |||||||||||||||||||||||||||||
Reduced documentation amortizing | 12,225 | 3,906 | 32,496 | 48,627 | 351,036 | 399,663 | |||||||||||||||||||||||||||||
Total residential | 108,280 | 27,814 | 280,671 | 416,765 | 9,294,461 | 9,711,226 | |||||||||||||||||||||||||||||
Multi-family | 21,743 | 5,382 | 7,359 | 34,484 | 2,372,194 | 2,406,678 | |||||||||||||||||||||||||||||
Commercial real estate | 13,536 | 3,126 | 6,869 | 23,531 | 750,385 | 773,916 | |||||||||||||||||||||||||||||
Total mortgage loans | 143,559 | 36,322 | 294,899 | 474,780 | 12,417,040 | 12,891,820 | |||||||||||||||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||||||||||||||
Home equity lines of credit | 3,103 | 1,092 | 6,459 | 10,654 | 221,266 | 231,920 | |||||||||||||||||||||||||||||
Other | 120 | 223 | 49 | 392 | 31,782 | 32,174 | |||||||||||||||||||||||||||||
Total consumer and other loans | 3,223 | 1,315 | 6,508 | 11,046 | 253,048 | 264,094 | |||||||||||||||||||||||||||||
Total loans | $ | 146,782 | $ | 37,637 | $ | 301,407 | $ | 485,826 | $ | 12,670,088 | $ | 13,155,914 | |||||||||||||||||||||||
Net unamortized premiums and | |||||||||||||||||||||||||||||||||||
deferred loan origination costs | 68,058 | ||||||||||||||||||||||||||||||||||
Loans receivable | 13,223,972 | ||||||||||||||||||||||||||||||||||
Allowance for loan losses | (145,501 | ) | |||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 13,078,471 | |||||||||||||||||||||||||||||||||
Schedule of changes in allowance for loan losses by loan receivable segment | ' | ||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer | ||||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Multi- | Commercial | and Other | Total | ||||||||||||||||||||||||||||||
Family | Real Estate | Loans | |||||||||||||||||||||||||||||||||
Balance at December 31, 2010 | $ | 125,524 | $ | 56,266 | $ | 15,563 | $ | 4,146 | $ | 201,499 | |||||||||||||||||||||||||
Provision charged to operations | 34,457 | 814 | 547 | 1,182 | 37,000 | ||||||||||||||||||||||||||||||
Charge-offs | (64,834 | ) | (22,160 | ) | (4,138 | ) | (1,665 | ) | (92,797 | ) | |||||||||||||||||||||||||
Recoveries | 10,844 | 502 | - | 137 | 11,483 | ||||||||||||||||||||||||||||||
Balance at December 31, 2011 | 105,991 | 35,422 | 11,972 | 3,800 | 157,185 | ||||||||||||||||||||||||||||||
Provision charged to operations | 24,663 | 6,161 | 5,038 | 4,538 | 40,400 | ||||||||||||||||||||||||||||||
Charge-offs | (49,794 | ) | (6,275 | ) | (2,607 | ) | (2,541 | ) | (61,217 | ) | |||||||||||||||||||||||||
Recoveries | 8,407 | 206 | 1 | 519 | 9,133 | ||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 89,267 | 35,514 | 14,404 | 6,316 | 145,501 | ||||||||||||||||||||||||||||||
Provision charged to operations | 9,368 | 4,684 | 1,945 | 3,604 | 19,601 | ||||||||||||||||||||||||||||||
Charge-offs | (26,644 | ) | (4,732 | ) | (3,748 | ) | (1,916 | ) | (37,040 | ) | |||||||||||||||||||||||||
Recoveries | 8,346 | 1,237 | 535 | 820 | 10,938 | ||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 80,337 | $ | 36,703 | $ | 13,136 | $ | 8,824 | $ | 139,000 | |||||||||||||||||||||||||
Schedule of balances of residential interest-only mortgage loans by scheduled amortization period | ' | ||||||||||||||||||||||||||||||||||
(In Thousands) | Recorded | ||||||||||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||||||||
Amortization scheduled to begin: | |||||||||||||||||||||||||||||||||||
Within one year | $ | 290,092 | |||||||||||||||||||||||||||||||||
More than one year to three years | 1,288,457 | ||||||||||||||||||||||||||||||||||
More than three years to five years | 592,454 | ||||||||||||||||||||||||||||||||||
Over five years | 50,859 | ||||||||||||||||||||||||||||||||||
Total | $ | 2,221,862 | |||||||||||||||||||||||||||||||||
Schedule of balances of loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed | ' | ||||||||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer | ||||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Multi- | Commercial | and Other | Total | ||||||||||||||||||||||||||||||
Family | Real Estate | Loans | |||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 311,930 | $ | 52,538 | $ | 20,054 | $ | - | $ | 384,522 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 7,725,346 | 3,243,917 | 792,912 | 239,681 | 12,001,856 | ||||||||||||||||||||||||||||||
Total loans | $ | 8,037,276 | $ | 3,296,455 | $ | 812,966 | $ | 239,681 | $ | 12,386,378 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 18,352 | $ | 2,877 | $ | 302 | $ | - | $ | 21,531 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 61,985 | 33,826 | 12,834 | 8,824 | 117,469 | ||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 80,337 | $ | 36,703 | $ | 13,136 | $ | 8,824 | $ | 139,000 | |||||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||||||||
Mortgage Loans | Consumer | ||||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Multi- | Commercial | and Other | Total | ||||||||||||||||||||||||||||||
Family | Real Estate | Loans | |||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 272,146 | $ | 56,116 | $ | 18,644 | $ | - | $ | 346,906 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 9,439,080 | 2,350,562 | 755,272 | 264,094 | 12,809,008 | ||||||||||||||||||||||||||||||
Total loans | $ | 9,711,226 | $ | 2,406,678 | $ | 773,916 | $ | 264,094 | $ | 13,155,914 | |||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,001 | $ | 2,576 | $ | 1,469 | $ | - | $ | 5,046 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 88,266 | 32,938 | 12,935 | 6,316 | 140,455 | ||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 89,267 | $ | 35,514 | $ | 14,404 | $ | 6,316 | $ | 145,501 | |||||||||||||||||||||||||
Summary of information related to impaired mortgage loans by segment and class | ' | ||||||||||||||||||||||||||||||||||
At December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||
(In Thousands) | Unpaid | Recorded | Related | Net | Unpaid | Recorded | Related | Net | |||||||||||||||||||||||||||
Principal | Investment | Allowance | Investment | Principal | Investment | Allowance | Investment | ||||||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 142,659 | $ | 109,877 | $ | (6,019 | ) | $ | 103,858 | $ | 10,740 | $ | 10,740 | $ | (241 | ) | $ | 10,499 | |||||||||||||||||
Full documentation amortizing | 41,136 | 36,091 | (2,458 | ) | 33,633 | 6,122 | 6,122 | (347 | ) | 5,775 | |||||||||||||||||||||||||
Reduced documentation interest-only | 183,280 | 140,357 | (7,673 | ) | 132,684 | 12,893 | 12,893 | (277 | ) | 12,616 | |||||||||||||||||||||||||
Reduced documentation amortizing | 30,660 | 25,605 | (2,202 | ) | 23,403 | 3,889 | 3,889 | (136 | ) | 3,753 | |||||||||||||||||||||||||
Multi-family | 19,748 | 19,748 | (2,877 | ) | 16,871 | 19,704 | 19,704 | (2,576 | ) | 17,128 | |||||||||||||||||||||||||
Commercial real estate | 5,790 | 5,790 | (302 | ) | 5,488 | 10,835 | 10,835 | (1,469 | ) | 9,366 | |||||||||||||||||||||||||
Without an allowance recorded: | |||||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | - | - | - | - | 122,275 | 86,607 | - | 86,607 | |||||||||||||||||||||||||||
Full documentation amortizing | - | - | - | - | 23,489 | 17,962 | - | 17,962 | |||||||||||||||||||||||||||
Reduced documentation interest-only | - | - | - | - | 166,477 | 116,514 | - | 116,514 | |||||||||||||||||||||||||||
Reduced documentation amortizing | - | - | - | - | 23,419 | 17,419 | - | 17,419 | |||||||||||||||||||||||||||
Multi-family | 39,871 | 32,790 | - | 32,790 | 44,341 | 36,412 | - | 36,412 | |||||||||||||||||||||||||||
Commercial real estate | 19,988 | 14,264 | - | 14,264 | 13,256 | 7,809 | - | 7,809 | |||||||||||||||||||||||||||
Total impaired loans | $ | 483,132 | $ | 384,522 | $ | (21,531 | ) | $ | 362,991 | $ | 457,440 | $ | 346,906 | $ | (5,046 | ) | $ | 341,860 | |||||||||||||||||
Schedule of information related to average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans | ' | ||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
(In Thousands) | Average | Interest | Cash Basis | Average | Interest | Cash Basis | Average | Interest | Cash Basis | ||||||||||||||||||||||||||
Recorded | Income | Interest | Recorded | Income | Interest | Recorded | Income | Interest | |||||||||||||||||||||||||||
Investment | Recognized | Income | Investment | Recognized | Income | Investment | Recognized | Income | |||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | $ | 106,720 | $ | 2,938 | $ | 3,068 | $ | 10,436 | $ | 348 | $ | 350 | $ | 10,688 | $ | 420 | $ | 425 | |||||||||||||||||
Full documentation amortizing | 30,790 | 948 | 974 | 4,482 | 193 | 200 | 5,428 | 158 | 156 | ||||||||||||||||||||||||||
Reduced documentation interest-only | 145,490 | 4,179 | 4,371 | 11,352 | 542 | 543 | 11,239 | 544 | 539 | ||||||||||||||||||||||||||
Reduced documentation amortizing | 25,460 | 696 | 729 | 2,445 | 114 | 119 | 1,248 | 88 | 86 | ||||||||||||||||||||||||||
Multi-family | 19,130 | 737 | 789 | 48,196 | 663 | 715 | 55,284 | 2,168 | 2,096 | ||||||||||||||||||||||||||
Commercial real estate | 8,112 | 367 | 377 | 12,724 | 495 | 540 | 19,964 | 1,237 | 1,204 | ||||||||||||||||||||||||||
Without an allowance recorded: | |||||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | 11,547 | - | - | 82,631 | 1,633 | 1,739 | 68,320 | 1,402 | 1,626 | ||||||||||||||||||||||||||
Full documentation amortizing | 3,517 | - | - | 17,554 | 299 | 332 | 13,858 | 214 | 252 | ||||||||||||||||||||||||||
Reduced documentation interest-only | 1,669 | - | - | 115,593 | 2,555 | 2,655 | 108,857 | 2,131 | 2,317 | ||||||||||||||||||||||||||
Reduced documentation amortizing | - | - | - | 17,319 | 367 | 384 | 14,130 | 333 | 341 | ||||||||||||||||||||||||||
Multi-family | 33,193 | 1,606 | 1,671 | 14,617 | 2,053 | 2,088 | 882 | 215 | 215 | ||||||||||||||||||||||||||
Commercial real estate | 10,947 | 745 | 698 | 5,411 | 519 | 547 | - | - | - | ||||||||||||||||||||||||||
Total impaired loans | $ | 396,575 | $ | 12,216 | $ | 12,677 | $ | 342,760 | $ | 9,781 | $ | 10,212 | $ | 309,898 | $ | 8,910 | $ | 9,257 | |||||||||||||||||
State Concentration of Greater Than 5% of residential mortgage loans or total non-performing residential mortgage loans | ' | ||||||||||||||||||||||||||||||||||
Percent of Total | |||||||||||||||||||||||||||||||||||
Percent of Total | Non-Performing | ||||||||||||||||||||||||||||||||||
State | Residential | Residential | |||||||||||||||||||||||||||||||||
Loans | Loans | ||||||||||||||||||||||||||||||||||
New York | 29.6 | % | 17.8 | % | |||||||||||||||||||||||||||||||
Connecticut | 10.3 | 11.8 | |||||||||||||||||||||||||||||||||
Illinois | 9.2 | 11.6 | |||||||||||||||||||||||||||||||||
Massachusetts | 8.5 | 4.4 | |||||||||||||||||||||||||||||||||
New Jersey | 7.1 | 18.7 | |||||||||||||||||||||||||||||||||
Virginia | 7 | 4.9 | |||||||||||||||||||||||||||||||||
Maryland | 6.2 | 11.6 | |||||||||||||||||||||||||||||||||
California | 5.9 | 7.7 | |||||||||||||||||||||||||||||||||
Restructured Loans | ' | ||||||||||||||||||||||||||||||||||
Loans receivable and allowance for loan losses disclosures | ' | ||||||||||||||||||||||||||||||||||
Schedule of information about mortgage loans receivable by segment and class modified in TDR | ' | ||||||||||||||||||||||||||||||||||
Modifications During the Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
(Dollars In Thousands) | Number | Pre- | Recorded | Number | Pre- | Recorded | Number | Pre- | Recorded | ||||||||||||||||||||||||||
of Loans | Modification | Investment at | of Loans | Modification | Investment at | of Loans | Modification | Investment at | |||||||||||||||||||||||||||
Recorded | December 31, | Recorded | December 31, | Recorded | December 31, | ||||||||||||||||||||||||||||||
Investment | 2013 | Investment | 2012 | Investment | 2011 | ||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | 26 | $ | 6,760 | $ | 6,730 | 20 | $ | 4,390 | $ | 4,355 | 14 | $ | 5,750 | $ | 5,698 | ||||||||||||||||||||
Full documentation amortizing | 11 | 3,753 | 3,734 | 11 | 3,319 | 3,291 | 2 | 438 | 389 | ||||||||||||||||||||||||||
Reduced documentation interest-only | 37 | 12,199 | 12,227 | 29 | 11,141 | 11,125 | 28 | 12,116 | 11,941 | ||||||||||||||||||||||||||
Reduced documentation amortizing | 11 | 3,404 | 3,325 | 14 | 3,984 | 3,860 | 6 | 1,204 | 1,176 | ||||||||||||||||||||||||||
Multi-family | 8 | 6,751 | 5,888 | 16 | 36,262 | 32,005 | 11 | 7,666 | 7,140 | ||||||||||||||||||||||||||
Commercial real estate | 7 | 10,232 | 9,104 | 3 | 3,898 | 2,305 | 4 | 7,176 | 6,621 | ||||||||||||||||||||||||||
Total | 100 | $ | 43,099 | $ | 41,008 | 93 | $ | 62,994 | $ | 56,941 | 65 | $ | 34,350 | $ | 32,965 | ||||||||||||||||||||
Defaulted Loans | ' | ||||||||||||||||||||||||||||||||||
Loans receivable and allowance for loan losses disclosures | ' | ||||||||||||||||||||||||||||||||||
Schedule of information about mortgage loans receivable by segment and class modified in TDR | ' | ||||||||||||||||||||||||||||||||||
During the Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
(Dollars In Thousands) | Number | Recorded | Number | Recorded | Number | Recorded | |||||||||||||||||||||||||||||
of Loans | Investment at | of Loans | Investment at | of Loans | Investment at | ||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
Full documentation interest-only | 11 | $ | 2,191 | 1 | $ | 165 | 5 | $ | 1,797 | ||||||||||||||||||||||||||
Full documentation amortizing | 4 | 1,334 | 2 | 643 | 1 | 83 | |||||||||||||||||||||||||||||
Reduced documentation interest-only | 17 | 4,190 | 5 | 1,829 | 12 | 5,482 | |||||||||||||||||||||||||||||
Reduced documentation amortizing | 3 | 788 | 4 | 1,628 | 2 | 358 | |||||||||||||||||||||||||||||
Multi-family | 2 | 1,018 | 2 | 3,589 | 1 | 322 | |||||||||||||||||||||||||||||
Total | 37 | $ | 9,521 | 14 | $ | 7,854 | 21 | $ | 8,042 | ||||||||||||||||||||||||||
Performing, non-performing credit quality indicator | ' | ||||||||||||||||||||||||||||||||||
Loans receivable and allowance for loan losses disclosures | ' | ||||||||||||||||||||||||||||||||||
Schedule of loan receivable segments by class and credit quality indicator | ' | ||||||||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||
Residential Mortgage Loans | Consumer and Other Loans | ||||||||||||||||||||||||||||||||||
Full Documentation | Reduced Documentation | Home Equity | |||||||||||||||||||||||||||||||||
(In Thousands) | Interest-only | Amortizing | Interest-only | Amortizing | Lines of Credit | Other | |||||||||||||||||||||||||||||
Performing | $ | 1,281,973 | $ | 5,364,548 | $ | 721,503 | $ | 363,626 | $ | 193,861 | $ | 39,840 | |||||||||||||||||||||||
Non-performing: | |||||||||||||||||||||||||||||||||||
Current or past due less than 90 days | 21,957 | 12,824 | 30,248 | 6,219 | 32 | - | |||||||||||||||||||||||||||||
Past due 90 days or more | 78,271 | 42,085 | 87,910 | 26,112 | 5,916 | 32 | |||||||||||||||||||||||||||||
Total | $ | 1,382,201 | $ | 5,419,457 | $ | 839,661 | $ | 395,957 | $ | 199,809 | $ | 39,872 | |||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||||||||
Residential Mortgage Loans | Consumer and Other Loans | ||||||||||||||||||||||||||||||||||
Full Documentation | Reduced Documentation | Home Equity | |||||||||||||||||||||||||||||||||
(In Thousands) | Interest-only | Amortizing | Interest-only | Amortizing | Lines of Credit | Other | |||||||||||||||||||||||||||||
Performing | $ | 1,901,875 | $ | 6,260,546 | $ | 891,813 | $ | 365,941 | $ | 225,461 | $ | 32,125 | |||||||||||||||||||||||
Non-performing: | |||||||||||||||||||||||||||||||||||
Current or past due less than 90 days | 1,614 | 1,312 | 6,228 | 1,226 | - | - | |||||||||||||||||||||||||||||
Past due 90 days or more | 97,907 | 43,014 | 107,254 | 32,496 | 6,459 | 49 | |||||||||||||||||||||||||||||
Total | $ | 2,001,396 | $ | 6,304,872 | $ | 1,005,295 | $ | 399,663 | $ | 231,920 | $ | 32,174 | |||||||||||||||||||||||
Criticized, Not Criticized | ' | ||||||||||||||||||||||||||||||||||
Loans receivable and allowance for loan losses disclosures | ' | ||||||||||||||||||||||||||||||||||
Schedule of loan receivable segments by class and credit quality indicator | ' | ||||||||||||||||||||||||||||||||||
At December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||
(In Thousands) | Multi-Family | Commercial | Multi-Family | Commercial | |||||||||||||||||||||||||||||||
Real Estate | Real Estate | ||||||||||||||||||||||||||||||||||
Not criticized | $ | 3,209,786 | $ | 759,114 | $ | 2,271,006 | $ | 706,334 | |||||||||||||||||||||||||||
Criticized: | |||||||||||||||||||||||||||||||||||
Special mention | 14,063 | 9,760 | 54,956 | 28,210 | |||||||||||||||||||||||||||||||
Substandard | 72,606 | 44,092 | 80,716 | 39,372 | |||||||||||||||||||||||||||||||
Doubtful | - | - | - | - | |||||||||||||||||||||||||||||||
Total | $ | 3,296,455 | $ | 812,966 | $ | 2,406,678 | $ | 773,916 |
Mortgage_Servicing_Rights_Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Mortgage Servicing Rights. | ' | |||||||||||||
Summary of MSR Activity | ' | |||||||||||||
For the Year Ended December 31, | ||||||||||||||
(In Thousands) | 2013 | 2012 | 2011 | |||||||||||
Carrying amount before valuation allowance at beginning of year | $ | 15,143 | $ | 15,401 | $ | 16,321 | ||||||||
Additions – servicing obligations that result from transfers of financial assets | 3,681 | 3,651 | 2,330 | |||||||||||
Amortization | (3,229 | ) | (3,909 | ) | (3,250 | ) | ||||||||
Carrying amount before valuation allowance at end of year | 15,595 | 15,143 | 15,401 | |||||||||||
Valuation allowance at beginning of year | (8,196 | ) | (7,265 | ) | (7,117 | ) | ||||||||
Recovery of (provision for) valuation allowance | 5,401 | (931 | ) | (148 | ) | |||||||||
Valuation allowance at end of year | (2,795 | ) | (8,196 | ) | (7,265 | ) | ||||||||
Net carrying amount at end of year | $ | 12,800 | $ | 6,947 | $ | 8,136 | ||||||||
Mortgage Banking Income, Net | ' | |||||||||||||
For the Year Ended December 31, | ||||||||||||||
(In Thousands) | 2013 | 2012 | 2011 | |||||||||||
Loan servicing fees | $ | 4,189 | $ | 4,070 | $ | 4,095 | ||||||||
Net gain on sales of loans | 6,880 | 7,590 | 3,716 | |||||||||||
Amortization of MSR | (3,229 | ) | (3,909 | ) | (3,250 | ) | ||||||||
Recovery of (provision for) valuation allowance on MSR | 5,401 | (931 | ) | (148 | ) | |||||||||
Total mortgage banking income, net | $ | 13,241 | $ | 6,820 | $ | 4,413 |
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Deposits | ' | |||||||||||||||||||
Deposits | ' | |||||||||||||||||||
At December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(Dollars in Thousands) | Weighted | Balance | Percent | Weighted | Balance | Percent | ||||||||||||||
Average | of Total | Average | of Total | |||||||||||||||||
Rate | Rate | |||||||||||||||||||
Core deposits: | ||||||||||||||||||||
Savings | 0.05 | % | $ | 2,493,899 | 25.31 | % | 0.05 | % | $ | 2,802,298 | 26.83 | % | ||||||||
Money market | 0.25 | 1,972,136 | 20.01 | 0.74 | 1,586,556 | 15.19 | ||||||||||||||
NOW | 0.06 | 1,231,890 | 12.5 | 0.05 | 1,259,771 | 12.06 | ||||||||||||||
Non-interest bearing NOW and demand deposit | - | 865,588 | 8.78 | - | 834,962 | 8 | ||||||||||||||
Total core deposits | 0.11 | 6,563,513 | 66.6 | 0.21 | 6,483,587 | 62.08 | ||||||||||||||
Certificates of deposit | 1.5 | 3,291,797 | 33.4 | 1.55 | 3,960,371 | 37.92 | ||||||||||||||
Total deposits | 0.57 | % | $ | 9,855,310 | 100 | % | 0.72 | % | $ | 10,443,958 | 100 | % | ||||||||
Scheduled Maturities of Certificates of Deposit | ' | |||||||||||||||||||
Year | Weighted | Balance | Percent | |||||||||||||||||
Average | of | |||||||||||||||||||
Rate | Total | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
2014 | 0.97 | % | $ 1,476,676 | 44.86 | % | |||||||||||||||
2015 | 2.06 | 1,099,849 | 33.41 | |||||||||||||||||
2016 | 2.08 | 462,897 | 14.06 | |||||||||||||||||
2017 | 1.13 | 141,099 | 4.29 | |||||||||||||||||
2018 | 1.06 | 110,552 | 3.36 | |||||||||||||||||
2019 and thereafter | 1.57 | 724 | 0.02 | |||||||||||||||||
Total | 1.5 | % | $ 3,291,797 | 100 | % | |||||||||||||||
Interest Expense on Deposits | ' | |||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||
(In Thousands) | 2013 | 2012 | 2011 | |||||||||||||||||
Savings | $ | 1,329 | $ | 4,437 | $ | 9,562 | ||||||||||||||
Money market | 5,646 | 8,944 | 4,551 | |||||||||||||||||
Interest-bearing NOW | 691 | 978 | 1,175 | |||||||||||||||||
Certificates of deposit | 54,951 | 83,662 | 122,761 | |||||||||||||||||
Total interest expense on deposits | $ | 62,617 | $ | 98,021 | $ | 138,049 |
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Borrowings | ' | ||||||||||||
Borrowings | ' | ||||||||||||
At December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in Thousands) | Amount | Weighted | Amount | Weighted | |||||||||
Average | Average | ||||||||||||
Rate | Rate | ||||||||||||
Federal funds purchased | $ | 335,000 | 0.28% | $ | - | - | % | ||||||
Reverse repurchase agreements | 1,100,000 | 3.87 | 1,100,000 | 4.32 | |||||||||
FHLB-NY advances | 2,454,000 | 1.79 | 2,897,000 | 2.07 | |||||||||
Other borrowings, net | 248,161 | 5 | 376,496 | 6.62 | |||||||||
Total borrowings, net | $ | 4,137,161 | 2.41% | $ | 4,373,496 | 3.03 | % | ||||||
Reverse Repurchase Agreements | ' | ||||||||||||
At or For the Year Ended December 31, | |||||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2011 | ||||||||||
Average balance during the year | $ | 1,100,000 | $ | 1,422,678 | $ | 1,926,575 | |||||||
Maximum balance at any month end during the year | 1,100,000 | 1,700,000 | 2,100,000 | ||||||||||
Balance outstanding at end of year | 1,100,000 | 1,100,000 | 1,700,000 | ||||||||||
Weighted average interest rate during the year | 4.06 | % | 4.28 | % | 4.23 | % | |||||||
Weighted average interest rate at end of year | 3.87 | 4.32 | 4.3 | ||||||||||
Contractual Maturities of Reverse Repurchase Agreements | ' | ||||||||||||
Year | Amount | ||||||||||||
(In Thousands) | |||||||||||||
2017 | $ | 600,000 | -1 | ||||||||||
2018 | 200,000 | -2 | |||||||||||
2020 | 300,000 | -3 | |||||||||||
Total | $ | 1,100,000 | |||||||||||
(1) Callable within the next three months and on a quarterly basis thereafter. | |||||||||||||
(2) Callable in 2015. | |||||||||||||
(3) Includes $100.0 million of borrowings which are callable within the next three months and on a quarterly basis thereafter, $100.0 million of borrowings which are callable in 2016 and $100.0 million of borrowings which are callable in 2017. | |||||||||||||
FHLB-NY Advances | ' | ||||||||||||
At or For the Year Ended December 31, | |||||||||||||
(Dollars in Thousands) | 2013 | 2012 | 2011 | ||||||||||
Average balance during the year | $ | 2,512,425 | $ | 2,765,985 | $ | 2,063,700 | |||||||
Maximum balance at any month end during the year | 2,881,000 | 3,215,000 | 2,487,000 | ||||||||||
Balance outstanding at end of year | 2,454,000 | 2,897,000 | 2,043,000 | ||||||||||
Weighted average interest rate during the year | 2 | % | 2.24 | % | 3.45 | % | |||||||
Weighted average interest rate at end of year | 1.79 | 2.07 | 3.13 | ||||||||||
Contractual Maturities of FHLB-NY Advances | ' | ||||||||||||
Year | Amount | ||||||||||||
(In Thousands) | |||||||||||||
2014 | $ | 754,000 | -1 | ||||||||||
2015 | 300,000 | ||||||||||||
2016 | 550,000 | ||||||||||||
2020 | 850,000 | -2 | |||||||||||
Total | $ | 2,454,000 | |||||||||||
(1) Includes $284.0 million of borrowings due overnight, $370.0 million of borrowings due in less than 30 days, $50.0 million of borrowings due in 30-60 days and $50.0 million of borrowings due after 90 days. | |||||||||||||
(2) Callable in 2017. | |||||||||||||
Interest Expense on Borrowings | ' | ||||||||||||
For the Year Ended December 31, | |||||||||||||
(In Thousands) | 2013 | 2012 | 2011 | ||||||||||
Federal funds purchased | $ | 587 | $ | - | $ | - | |||||||
Reverse repurchase agreements | 45,272 | 61,855 | 82,602 | ||||||||||
FHLB-NY advances | 50,654 | 62,675 | 71,909 | ||||||||||
Other borrowings | 17,398 | 29,689 | 27,262 | ||||||||||
Total interest expense on borrowings | $ | 113,911 | $ | 154,219 | $ | 181,773 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Commitments and Contingencies | ' | ||||||
Minimum Rental Payments Due under Terms of Non-cancelable Operating Leases | ' | ||||||
Year | Amount | ||||||
(In Thousands) | |||||||
2014 | $ 11,379 | ||||||
2015 | 11,595 | ||||||
2016 | 11,328 | ||||||
2017 | 9,827 | ||||||
2018 | 8,469 | ||||||
2019 and thereafter | 39,660 | ||||||
Total | $ 92,258 | ||||||
Outstanding Loan Related Commitments | ' | ||||||
At December 31, | |||||||
(In Thousands) | 2013 | 2012 | |||||
Mortgage loans: | |||||||
Commitments to extend credit – adjustable rate | $ 216,675 | $ 80,691 | |||||
Commitments to extend credit – fixed rate (1) | 50,303 | 253,290 | |||||
Commitments to purchase – adjustable rate | 8,521 | 18,309 | |||||
Commitments to purchase – fixed rate | 24,326 | 33,363 | |||||
Home equity loans – unused lines of credit | 103,436 | 138,232 | |||||
Consumer and commercial loans – unused lines of credit | 74,534 | 59,335 | |||||
Commitments to sell loans | 19,114 | 121,932 | |||||
(1) Includes commitments to originate loans held-for-sale totaling $9.2 million at December 31, 2013 and $63.0 million at December 31, 2012. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Taxes | ' | |||||||
Income Tax Expense | ' | |||||||
For the Year Ended December 31, | ||||||||
(In Thousands) | 2013 | 2012 | 2011 | |||||
Current: | ||||||||
Federal | $ 24,524 | $ (29,202 | ) | $ 20,752 | ||||
State and local | 3,722 | 3,201 | 3,862 | |||||
Total current | 28,246 | (26,001 | ) | 24,614 | ||||
Deferred: | ||||||||
Federal | 9,496 | 52,969 | 14,305 | |||||
State and local | 7 | 912 | (204 | ) | ||||
Total deferred | 9,503 | 53,881 | 14,101 | |||||
Total income tax expense | $ 37,749 | $ 27,880 | $ 38,715 | |||||
Income Tax Expense Difference from Amounts Computed by Applying Federal Income Tax Rate to Income Before Income Tax Expense | ' | |||||||
For the Year Ended December 31, | ||||||||
(In Thousands) | 2013 | 2012 | 2011 | |||||
Expected income tax expense at statutory federal rate | $ 36,520 | $28,340 | $ 37,073 | |||||
State and local taxes, net of federal tax effect | 2,424 | 2,673 | 2,378 | |||||
Tax exempt income (principally on BOLI) | (2,945 | ) | (3,356 | ) | (3,672 | ) | ||
Non-deductible ESOP compensation | 2,613 | 2,187 | 3,936 | |||||
Low income housing tax credit | (1,676 | ) | (1,727 | ) | (1,885 | ) | ||
Other, net | 813 | (237 | ) | 885 | ||||
Total income tax expense | $ 37,749 | $27,880 | $ 38,715 | |||||
Tax Effects of Temporary Differences that Give Rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities | ' | |||||||
At December 31, | ||||||||
(In Thousands) | 2013 | 2012 | ||||||
Deferred tax assets: | ||||||||
Allowances for losses | $ 54,511 | $ 55,057 | ||||||
Compensation and benefits (principally pension and other postretirement benefit plans) | 21,955 | 53,167 | ||||||
Mortgage loans (principally deferred loan origination costs) | 7,524 | 9,029 | ||||||
Net unrealized loss on securities available-for-sale | 4,010 | - | ||||||
Effect of unrecognized tax benefits, related accrued interest and other deductible temporary differences | 5,489 | 7,238 | ||||||
Total gross deferred tax assets | 93,489 | 124,491 | ||||||
Deferred tax liabilities: | ||||||||
Premises and equipment | (3,882 | ) | (3,124 | ) | ||||
Net unrealized gain on securities available-for-sale | - | (2,432 | ) | |||||
Total gross deferred tax liabilities | (3,882 | ) | (5,556 | ) | ||||
Net deferred tax assets (included in other assets) | $ 89,607 | $ 118,935 | ||||||
Reconciliation of Gross Unrecognized Tax Benefits | ' | |||||||
For the Year Ended December 31, | ||||||||
(In Thousands) | 2013 | 2012 | ||||||
Unrecognized tax benefits at beginning of year | $ 3,428 | $ 3,856 | ||||||
Additions as a result of a tax position taken during the current period | 600 | 630 | ||||||
Reductions as a result of tax positions taken during a prior period | (19 | ) | - | |||||
Reductions relating to settlement with taxing authorities | - | (1,058 | ) | |||||
Unrecognized tax benefits at end of year | $ 4,009 | $ 3,428 |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Earnings Per Common Share | ' | |||||||
Reconciliation of basic and diluted EPS | ' | |||||||
For the Year Ended December 31, | ||||||||
(In Thousands, Except Share Data) | 2013 | 2012 | 2011 | |||||
Net income | $66,593 | $53,091 | $67,209 | |||||
Preferred stock dividends | (7,214 | ) | - | - | ||||
Net income available to common shareholders | 59,379 | 53,091 | 67,209 | |||||
Income allocated to participating securities | (720 | ) | (463 | ) | (1,685 | ) | ||
Net income allocated to common shareholders | $58,659 | $52,628 | $65,524 | |||||
Basic weighted average common shares outstanding | 97,121,497 | 95,455,344 | 93,253,928 | |||||
Dilutive effect of stock options and restricted stock units (1) (2) | - | - | - | |||||
Diluted weighted average common shares outstanding | 97,121,497 | 95,455,344 | 93,253,928 | |||||
Basic EPS | $0.60 | $0.55 | $0.70 | |||||
Diluted EPS | $0.60 | $0.55 | $0.70 | |||||
(1) Excludes options to purchase 2,096,708 shares of common stock which were outstanding during the year ended December 31, 2013; options to purchase 5,495,748 shares of common stock which were outstanding during the year ended December 31, 2012; and options to purchase 6,846,339 shares of common stock which were outstanding during the year ended December 31, 2011 because their inclusion would be anti-dilutive. | ||||||||
(2) Unvested restricted stock units outstanding during the year ended December 31, 2013 are excluded from the calculations because performance conditions have not been satisfied. There were no unvested restricted stock units outstanding during the years ended December 31, 2012 and 2011. | ||||||||
Other_Comprehensive_IncomeLoss1
Other Comprehensive Income/Loss (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Other Comprehensive Income/Loss | ' | ||||||||||
Components of and Changes in Accumulated Other Comprehensive Loss, net of related tax effects | ' | ||||||||||
(In Thousands) | At | Other | At | ||||||||
December 31, 2012 | Comprehensive | December 31, 2013 | |||||||||
(Loss) Income | |||||||||||
Net unrealized gain (loss) on securities available-for-sale | $ | 7,451 | $ | (11,817 | ) | $ | (4,366 | ) | |||
Net actuarial loss on pension plans and other postretirement benefits | (77,115 | ) | 46,515 | (30,600 | ) | ||||||
Prior service cost on pension plans and other postretirement benefits | (3,426 | ) | 142 | (3,284 | ) | ||||||
Accumulated other comprehensive loss | $ | (73,090 | ) | $ | 34,840 | $ | (38,250 | ) | |||
Schedule of components of other comprehensive income/loss | ' | ||||||||||
(In Thousands) | Before Tax | Tax | After Tax | ||||||||
Amount | Benefit | Amount | |||||||||
(Expense) | |||||||||||
For the Year Ended December 31, 2013 | |||||||||||
Net unrealized loss on securities available-for-sale: | |||||||||||
Net unrealized holding loss on securities arising during the year | $ | (16,202 | ) | $ | 5,717 | $ | (10,485 | ) | |||
Reclassification adjustment for gain on sales of securities included in net income | (2,057 | ) | 725 | (1,332 | ) | ||||||
Net unrealized loss on securities available-for-sale | (18,259 | ) | 6,442 | (11,817 | ) | ||||||
Net actuarial loss adjustment on pension plans and other postretirement benefits: | |||||||||||
Net actuarial loss adjustment arising during the year | 68,150 | (23,970 | ) | 44,180 | |||||||
Reclassification adjustment for net actuarial loss included in net income | 3,610 | (1,275 | ) | 2,335 | |||||||
Net actuarial loss adjustment on pension plans and other postretirement benefits | 71,760 | (25,245 | ) | 46,515 | |||||||
Reclassification adjustment for prior service cost included in net income | 213 | (71 | ) | 142 | |||||||
Other comprehensive income | $ | 53,714 | $ | (18,874 | ) | $ | 34,840 | ||||
For the Year Ended December 31, 2012 | |||||||||||
Net unrealized loss on securities available-for-sale: | |||||||||||
Net unrealized holding loss on securities arising during the year | $ | (2,040 | ) | $ | 720 | $ | (1,320 | ) | |||
Reclassification adjustment for gain on sales of securities included in net income | (8,477 | ) | 2,987 | (5,490 | ) | ||||||
Net unrealized loss on securities available-for-sale | (10,517 | ) | 3,707 | (6,810 | ) | ||||||
Net actuarial loss adjustment on pension plans and other postretirement benefits: | |||||||||||
Net actuarial loss adjustment arising during the year | 14,141 | (4,998 | ) | 9,143 | |||||||
Reclassification adjustment for net actuarial loss included in net income | 5,447 | (1,920 | ) | 3,527 | |||||||
Net actuarial loss adjustment on pension plans and other postretirement benefits | 19,588 | (6,918 | ) | 12,670 | |||||||
Prior service cost adjustment on pension plans and other postretirement benefits: | |||||||||||
Prior service cost adjustment arising during the year | (5,463 | ) | 1,925 | (3,538 | ) | ||||||
Reclassification adjustment for prior service cost included in net income | 152 | (54 | ) | 98 | |||||||
Prior service cost adjustment on pension plans and other postretirement benefits | (5,311 | ) | 1,871 | (3,440 | ) | ||||||
Reclassification adjustment for loss on cash flow hedge included in net income | 261 | (110 | ) | 151 | |||||||
Other comprehensive income | $ | 4,021 | $ | (1,450 | ) | $ | 2,571 | ||||
For the Year Ended December 31, 2011 | |||||||||||
Net unrealized holding loss on securities available-for-sale arising during the year | $ | (5,181 | ) | $ | 1,827 | $ | (3,354 | ) | |||
Net actuarial loss adjustment on pension plans and other postretirement benefits: | |||||||||||
Net actuarial loss adjustment arising during the year | (55,530 | ) | 19,570 | (35,960 | ) | ||||||
Reclassification adjustment for net actuarial loss included in net income | 8,592 | (3,028 | ) | 5,564 | |||||||
Net actuarial loss adjustment on pension plans and other postretirement benefits | (46,938 | ) | 16,542 | (30,396 | ) | ||||||
Reclassification adjustment for prior service cost included in net income | 92 | (32 | ) | 60 | |||||||
Reclassification adjustment for loss on cash flow hedge included in net income | 330 | (140 | ) | 190 | |||||||
Other comprehensive loss | $ | (51,697 | ) | $ | 18,197 | $ | (33,500 | ) | |||
Information about amounts reclassified from accumulated other comprehensive loss to the consolidated statement of income | ' | ||||||||||
(In Thousands) | For the | Income Statement | |||||||||
Year Ended | Line Item | ||||||||||
December 31, 2013 | |||||||||||
Reclassification adjustment for gain on sales of securities | $ 2,057 | Gain on sales of securities | |||||||||
Reclassification adjustment for net actuarial loss (1) | (3,610 | ) | Compensation and benefits | ||||||||
Reclassification adjustment for prior service cost (1) | (213 | ) | Compensation and benefits | ||||||||
Total reclassifications, before tax | (1,766 | ) | |||||||||
Income tax effect | 621 | Income tax expense | |||||||||
Total reclassifications, net of tax | $ (1,145 | ) | Net income | ||||||||
(1) These other comprehensive loss components are included in the computations of net periodic cost for our defined benefit pension plans and other postretirement benefit plan. See Note 14 for additional details. | |||||||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Benefit Plans | ' | |||||||||||||||||||||||||
Defined Benefit Pension Plans and Other Postretirement Benefit Plan | ' | |||||||||||||||||||||||||
Other Postretirement | ||||||||||||||||||||||||||
Pension Benefits | Benefits | |||||||||||||||||||||||||
At or For the Year Ended | At or For the Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
(In Thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 260,108 | $ | 274,874 | $ | 35,476 | $ | 32,515 | ||||||||||||||||||
Service cost | - | 2,025 | 1,578 | 1,061 | ||||||||||||||||||||||
Interest cost | 9,549 | 10,992 | 1,279 | 1,378 | ||||||||||||||||||||||
Actuarial (gain) loss | (28,749 | ) | 19,535 | (18,572 | ) | 1,454 | ||||||||||||||||||||
Amendments | - | 5,473 | - | - | ||||||||||||||||||||||
Settlements | - | (14,560 | ) | - | - | |||||||||||||||||||||
Curtailments | - | (28,192 | ) | - | - | |||||||||||||||||||||
Benefits paid | (10,547 | ) | (10,039 | ) | (995 | ) | (932 | ) | ||||||||||||||||||
Benefit obligation at end of year | 230,361 | 260,108 | 18,766 | 35,476 | ||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 160,683 | 134,495 | - | - | ||||||||||||||||||||||
Actual return on plan assets | 33,583 | 16,593 | - | - | ||||||||||||||||||||||
Employer contribution | 5,648 | 34,194 | 995 | 932 | ||||||||||||||||||||||
Settlements | - | (14,560 | ) | - | - | |||||||||||||||||||||
Benefits paid | (10,547 | ) | (10,039 | ) | (995 | ) | (932 | ) | ||||||||||||||||||
Fair value of plan assets at end of year | 189,367 | 160,683 | - | - | ||||||||||||||||||||||
Funded status at end of year | $ | (40,994 | ) | $ | (99,425 | ) | $ | (18,766 | ) | $ | (35,476 | ) | ||||||||||||||
Pre-Tax Components of Accumulated Other Comprehensive Loss Related to Pension Plans and Other Postretirement Benefits | ' | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement | |||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||
At December 31, | At December 31, | |||||||||||||||||||||||||
(In Thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Net actuarial loss (gain) | $ | 57,327 | $ | 110,043 | $ | (8,089 | ) | $ | 10,955 | |||||||||||||||||
Prior service cost | 5,140 | 5,353 | - | - | ||||||||||||||||||||||
Total accumulated other comprehensive loss (income) | $ | 62,467 | $ | 115,396 | $ | (8,089 | ) | $ | 10,955 | |||||||||||||||||
Discount Rates used to Determine Benefit Obligations | ' | |||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Pension Benefit Plans: | ||||||||||||||||||||||||||
Astoria Federal Pension Plan | 4.66 | % | 3.77 | % | ||||||||||||||||||||||
Astoria Federal Excess and Supplemental Benefit Plans | 4.39 | 3.49 | ||||||||||||||||||||||||
Astoria Federal Directors’ Retirement Plan | 4.23 | 3.21 | ||||||||||||||||||||||||
Greater Directors’ Retirement Plan | 3.64 | 2.77 | ||||||||||||||||||||||||
LIB Directors’ Retirement Plan | 0.5 | 0.63 | ||||||||||||||||||||||||
Other Postretirement Benefit Plan: | ||||||||||||||||||||||||||
Astoria Federal Retiree Health Care Plan | 4.8 | 3.98 | ||||||||||||||||||||||||
Components of Net Periodic Cost for Defined Benefit Pension Plans and Other Postretirement Benefit Plan | ' | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||||
(In Thousands) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Service cost | $ | - | $ | 2,025 | $ | 4,642 | $ | 1,578 | $ | 1,061 | $ | 529 | ||||||||||||||
Interest cost | 9,549 | 10,992 | 12,212 | 1,279 | 1,378 | 1,360 | ||||||||||||||||||||
Expected return on plan assets | (12,754 | ) | (11,947 | ) | (10,648 | ) | - | - | - | |||||||||||||||||
Recognized net actuarial loss | 3,138 | 4,930 | 8,445 | 472 | 517 | 147 | ||||||||||||||||||||
Amortization of prior service cost (credit) | 213 | 177 | 191 | - | (25 | ) | (99 | ) | ||||||||||||||||||
Settlement | - | 2,302 | - | - | - | - | ||||||||||||||||||||
Net periodic cost | $ | 146 | $ | 8,479 | $ | 14,842 | $ | 3,329 | $ | 2,931 | $ | 1,937 | ||||||||||||||
Assumptions used to Determine Net Periodic Cost | ' | |||||||||||||||||||||||||
Discount Rate | Expected Return | |||||||||||||||||||||||||
on Plan Assets | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Pension Benefit Plans: | ||||||||||||||||||||||||||
Astoria Federal Pension Plan | 3.77 | % | 4.44 | % | 8 | % | 8 | % | ||||||||||||||||||
Astoria Federal Excess and Supplemental Benefit Plans | 3.49 | 3.99 | N/A | N/A | ||||||||||||||||||||||
Astoria Federal Directors’ Retirement Plan | 3.21 | 3.97 | N/A | N/A | ||||||||||||||||||||||
Greater Directors’ Retirement Plan | 2.77 | 3.78 | N/A | N/A | ||||||||||||||||||||||
LIB Directors’ Retirement Plan | 0.63 | 1.74 | N/A | N/A | ||||||||||||||||||||||
Other Postretirement Benefit Plan: | ||||||||||||||||||||||||||
Astoria Federal Retiree Health Care Plan | 3.98 | 4.5 | N/A | N/A | ||||||||||||||||||||||
Assumed Health Care Cost Trend Rates | ' | |||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Health care cost trend rate assumed for the next year: | ||||||||||||||||||||||||||
Pre-age 65 | 7 | % | 7.5 | % | ||||||||||||||||||||||
Post-age 65 | 10 | % | 7.5 | % | ||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | % | 5 | % | ||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2021 | 2018 | ||||||||||||||||||||||||
Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates | ' | |||||||||||||||||||||||||
(In Thousands) | One Percentage | One Percentage | ||||||||||||||||||||||||
Point Increase | Point Decrease | |||||||||||||||||||||||||
Effect on total service and interest cost components | $ | 639 | $ | (488 | ) | |||||||||||||||||||||
Effect on the postretirement benefit obligation | 3,008 | (2,360 | ) | |||||||||||||||||||||||
Total Benefits Expected to be Paid under Defined Benefit Pension Plans and Other Postretirement Benefit Plan | ' | |||||||||||||||||||||||||
Year | Pension | Other | ||||||||||||||||||||||||
Benefits | Postretirement | |||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
2014 | $ | 11,615 | $ | 857 | ||||||||||||||||||||||
2015 | 11,649 | 885 | ||||||||||||||||||||||||
2016 | 15,103 | 916 | ||||||||||||||||||||||||
2017 | 13,490 | 951 | ||||||||||||||||||||||||
2018 | 12,975 | 989 | ||||||||||||||||||||||||
2019-2023 | 68,942 | 5,219 | ||||||||||||||||||||||||
Astoria Federal | Pension Benefits | ' | |||||||||||||||||||||||||
Benefit Plans | ' | |||||||||||||||||||||||||
Asset Allocations by Asset Category and Fair Value Hierarchy Level for Astoria Federal Pension Plan | ' | |||||||||||||||||||||||||
Carrying Value at December 31, 2013 | ||||||||||||||||||||||||||
(In Thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
PRIAC Pooled Separate Accounts (1) | $ | 170,377 | $ | - | $ | 170,377 | $ | - | ||||||||||||||||||
Astoria Financial Corporation common stock | 12,687 | 12,687 | - | - | ||||||||||||||||||||||
PRIAC Guaranteed Deposit Account | 6,299 | - | - | 6,299 | ||||||||||||||||||||||
Cash and cash equivalents | 4 | 4 | - | - | ||||||||||||||||||||||
Total | $ | 189,367 | $ | 12,691 | $ | 170,377 | $ | 6,299 | ||||||||||||||||||
(1) Consists of 41% large-cap equity securities, 35% debt securities, 11% international equities, 8% small-cap equity securities and 5% mid-cap equity securities. | ||||||||||||||||||||||||||
Carrying Value at December 31, 2012 | ||||||||||||||||||||||||||
(In Thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
PRIAC Pooled Separate Accounts (1) | $ | 145,037 | $ | - | $ | 145,037 | $ | - | ||||||||||||||||||
Astoria Financial Corporation common stock | 8,466 | 8,466 | - | - | ||||||||||||||||||||||
PRIAC Guaranteed Deposit Account | 7,177 | - | - | 7,177 | ||||||||||||||||||||||
Cash and cash equivalents | 3 | 3 | - | - | ||||||||||||||||||||||
Total | $ | 160,683 | $ | 8,469 | $ | 145,037 | $ | 7,177 | ||||||||||||||||||
(1) Consists of 39% large-cap equity securities, 35% debt securities, 12% international equities, 8% small-cap equity securities and 6% mid-cap equity securities. | ||||||||||||||||||||||||||
Changes in Fair Value of Astoria Federal Pension Plan's Level 3 Assets | ' | |||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||
(In Thousands) | 2013 | 2012 | ||||||||||||||||||||||||
Fair value at beginning of year | $ | 7,177 | $ | 6,564 | ||||||||||||||||||||||
Total net gain, realized and unrealized, included in change in net assets (1) | 21 | 455 | ||||||||||||||||||||||||
Purchases | 9,000 | 9,640 | ||||||||||||||||||||||||
Sales | (9,899 | ) | (9,482 | ) | ||||||||||||||||||||||
Fair value at end of year | $ | 6,299 | $ | 7,177 | ||||||||||||||||||||||
(1) Includes unrealized gain related to assets held at December 31, 2013 of $313,000 for the year ended December 31, 2013 and unrealized gain related to assets held at December 31, 2012 of $517,000 for the year ended December 31, 2012. |
Stock_Incentive_Plans_Tables
Stock Incentive Plans (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Stock Incentive Plans | ' | ||||||||||
Summary of restricted common stock grant awards by year for grant years with unvested shares and remaining vesting schedule | ' | ||||||||||
2013 | 2012 | 2011 | 2010 | ||||||||
Number of shares of restricted common stock: | |||||||||||
Granted during the year | 494,420 | 155,000 | 663,530 | 778,740 | |||||||
Unvested at December 31, 2013 | 315,820 | 86,000 | 229,560 | 99,604 | |||||||
Scheduled to vest during the year ending: | |||||||||||
December 31, 2014 | 156,410 | 34,500 | 82,280 | 99,604 | |||||||
December 31, 2015 | 157,410 | 51,500 | 82,280 | - | |||||||
December 31, 2016 | 2,000 | - | 65,000 | -1 | - | ||||||
(1) Shares of restricted common stock granted under a performance-based award which will vest on June 30, 2016 if the performance conditions are met. | |||||||||||
Restricted Common Stock Activity in Stock Incentive Plans | ' | ||||||||||
Number of | Weighted Average | ||||||||||
Shares | Grant Date Fair Value | ||||||||||
Unvested at beginning of year | 1,146,657 | $ | 14.87 | ||||||||
Granted | 536,110 | 9.7 | |||||||||
Vested | (787,655 | ) | (15.31 | ) | |||||||
Forfeited | (113,468 | ) | (10.88 | ) | |||||||
Unvested at end of year | 781,644 | 11.46 | |||||||||
Option Activity in Stock Incentive Plans | ' | ||||||||||
Number of | Weighted Average | ||||||||||
Options | Exercise Price | ||||||||||
Outstanding at beginning of year | 2,846,850 | $ | 25.7 | ||||||||
Expired | (1,744,200 | ) | (25.08 | ) | |||||||
Outstanding and exercisable at end of year | 1,102,650 | 26.68 |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Regulatory Matters | ' | |||||||||||||||||||||
Regulatory Capital Requirements Applicable to Astoria Federal | ' | |||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||
Actual | Minimum | To be Well Capitalized | ||||||||||||||||||||
Capital Requirements | Under Prompt | |||||||||||||||||||||
Corrective Action | ||||||||||||||||||||||
Provisions | ||||||||||||||||||||||
(Dollars in Thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
Tangible | $ | 1,543,764 | 9.93 | % | $ | 233,158 | 1.5 | % | N/A | N/A | ||||||||||||
Tier 1 leverage | 1,543,764 | 9.93 | 621,755 | 4 | $ | 777,194 | 5 | % | ||||||||||||||
Tier 1 risk-based | 1,543,764 | 15.79 | 391,083 | 4 | 586,625 | 6 | ||||||||||||||||
Total risk-based | 1,666,637 | 17.05 | 782,167 | 8 | 977,708 | 10 | ||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||
Actual | Minimum | To be Well Capitalized | ||||||||||||||||||||
Capital Requirements | Under Prompt | |||||||||||||||||||||
Corrective Action | ||||||||||||||||||||||
Provisions | ||||||||||||||||||||||
(Dollars in Thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
Tangible | $ | 1,500,927 | 9.24 | % | $ | 243,769 | 1.5 | % | N/A | N/A | ||||||||||||
Tier 1 leverage | 1,500,927 | 9.24 | 650,050 | 4 | $ | 812,563 | 5 | % | ||||||||||||||
Tier 1 risk-based | 1,500,927 | 15.23 | 394,230 | 4 | 591,344 | 6 | ||||||||||||||||
Total risk-based | 1,624,730 | 16.49 | 788,459 | 8 | 985,574 | 10 | ||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Schedule of carrying values of assets measured at estimated fair value on recurring basis and level within the fair value hierarchy | ' | ||||||||||||||||
Carrying Value at December 31, 2013 | |||||||||||||||||
(In Thousands) | Total | Level 1 | Level 2 | ||||||||||||||
Securities available-for-sale: | |||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||
GSE issuance REMICs and CMOs | $ | 286,074 | $ | - | $ | 286,074 | |||||||||||
Non-GSE issuance REMICs and CMOs | 7,572 | - | 7,572 | ||||||||||||||
GSE pass-through certificates | 16,888 | - | 16,888 | ||||||||||||||
Obligations of GSEs | 91,153 | - | 91,153 | ||||||||||||||
Fannie Mae stock | 3 | 3 | - | ||||||||||||||
Total securities available-for-sale | $ | 401,690 | $ | 3 | $ | 401,687 | |||||||||||
Carrying Value at December 31, 2012 | |||||||||||||||||
(In Thousands) | Total | Level 1 | Level 2 | ||||||||||||||
Securities available-for-sale: | |||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||
GSE issuance REMICs and CMOs | $ | 204,827 | $ | - | $ | 204,827 | |||||||||||
Non-GSE issuance REMICs and CMOs | 11,219 | - | 11,219 | ||||||||||||||
GSE pass-through certificates | 21,375 | - | 21,375 | ||||||||||||||
Obligations of GSEs | 98,879 | - | 98,879 | ||||||||||||||
Fannie Mae stock | - | - | - | ||||||||||||||
Total securities available-for-sale | $ | 336,300 | $ | - | $ | 336,300 | |||||||||||
Schedule of carrying values of assets measured at fair value on non-recurring basis which fall within Level 3 of the fair value hierarchy | ' | ||||||||||||||||
Carrying Value at December 31, | |||||||||||||||||
(In Thousands) | 2013 | 2012 | |||||||||||||||
Non-performing loans held-for-sale, net | $ | 791 | $ | 3,881 | |||||||||||||
Impaired loans | 271,408 | 282,723 | |||||||||||||||
MSR, net | 12,800 | 6,947 | |||||||||||||||
REO, net | 27,101 | 20,796 | |||||||||||||||
Total | $ | 312,100 | $ | 314,347 | |||||||||||||
Schedule of losses recognized on assets measured at fair value on non-recurring basis | ' | ||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||
(In Thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Non-performing loans held-for-sale, net (1) | $ | 520 | $ | 1,066 | $ | 10,020 | |||||||||||
Impaired loans (2) | 21,992 | 40,018 | 48,080 | ||||||||||||||
MSR, net (3) | - | 931 | 148 | ||||||||||||||
REO, net (4) | 3,788 | 3,137 | 6,677 | ||||||||||||||
Total | $ | 26,300 | $ | 45,152 | $ | 64,925 | |||||||||||
-1 | Losses are charged against the allowance for loan losses in the case of a write-down upon the reclassification of a loan to held-for-sale. Losses subsequent to the reclassification 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 | Losses are charged to mortgage banking income, net. | ||||||||||||||||
-4 | Losses are charged against the allowance for loan losses in the case of a write-down upon the transfer of a loan to REO. Losses subsequent to the transfer of a loan to REO are charged to REO expense which is a component of other non-interest expense. | ||||||||||||||||
Schedule of carrying values and estimated fair values of financial instruments | ' | ||||||||||||||||
At December 31, 2013 | |||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||
(In Thousands) | Value | Total | Level 2 | Level 3 | |||||||||||||
Financial Assets: | |||||||||||||||||
Securities held-to-maturity | $ | 1,849,526 | $ | 1,811,122 | $ | 1,811,122 | $ | - | |||||||||
FHLB-NY stock | 152,207 | 152,207 | 152,207 | - | |||||||||||||
Loans held-for-sale, net (1) | 7,375 | 7,436 | - | 7,436 | |||||||||||||
Loans receivable, net (1) | 12,303,066 | 12,480,533 | - | 12,480,533 | |||||||||||||
MSR, net (1) | 12,800 | 12,804 | - | 12,804 | |||||||||||||
Financial Liabilities: | |||||||||||||||||
Deposits | 9,855,310 | 9,922,631 | 9,922,631 | - | |||||||||||||
Borrowings, net | 4,137,161 | 4,376,336 | 4,376,336 | - | |||||||||||||
-1 | Includes assets measured at fair value on a non-recurring basis. | ||||||||||||||||
At December 31, 2012 | |||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||
(In Thousands) | Value | Total | Level 2 | Level 3 | |||||||||||||
Financial Assets: | |||||||||||||||||
Securities held-to-maturity | $ | 1,700,141 | $ | 1,725,090 | $ | 1,725,090 | $ | - | |||||||||
FHLB-NY stock | 171,194 | 171,194 | 171,194 | - | |||||||||||||
Loans held-for-sale, net (1) | 76,306 | 78,486 | - | 78,486 | |||||||||||||
Loans receivable, net (1) | 13,078,471 | 13,311,997 | - | 13,311,997 | |||||||||||||
MSR, net (1) | 6,947 | 6,948 | - | 6,948 | |||||||||||||
Financial Liabilities: | |||||||||||||||||
Deposits | 10,443,958 | 10,588,073 | 10,588,073 | - | |||||||||||||
Borrowings, net | 4,373,496 | 4,857,989 | 4,857,989 | - | |||||||||||||
-1 | Includes assets measured at fair value on a non-recurring basis. |
Condensed_Parent_Company_Only_1
Condensed Parent Company Only Financial Statements (Tables) (Astoria Financial Corporation) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Astoria Financial Corporation | ' | ||||||||||||
Statement | ' | ||||||||||||
Astoria Financial Corporation - Condensed Statements of Financial Condition | ' | ||||||||||||
At December 31, | |||||||||||||
(In Thousands) | 2013 | 2012 | |||||||||||
Assets: | |||||||||||||
Cash | $ | 63,418 | $ | 47,604 | |||||||||
ESOP loans receivable | - | 5,908 | |||||||||||
Other assets | 103 | 1,009 | |||||||||||
Investment in Astoria Federal | 1,705,964 | 1,617,880 | |||||||||||
Investment in AF Insurance Agency, Inc. | 1,233 | 1,160 | |||||||||||
Investment in Astoria Capital Trust I | - | 3,929 | |||||||||||
Total assets | $ | 1,770,718 | $ | 1,677,490 | |||||||||
Liabilities and stockholders’ equity: | |||||||||||||
Other borrowings, net | $ | 248,161 | $ | 376,496 | |||||||||
Other liabilities | 3,044 | 1,369 | |||||||||||
Amounts due to subsidiaries | - | 5,636 | |||||||||||
Stockholders’ equity | 1,519,513 | 1,293,989 | |||||||||||
Total liabilities and stockholders’ equity | $ | 1,770,718 | $ | 1,677,490 | |||||||||
Astoria Financial Corporation - Condensed Statements of Income | ' | ||||||||||||
For the Year Ended December 31, | |||||||||||||
(In Thousands) | 2013 | 2012 | 2011 | ||||||||||
Interest income: | |||||||||||||
Repurchase agreements | $ | - | $ | 18 | $ | 19 | |||||||
ESOP loans receivable | 344 | 728 | 1,194 | ||||||||||
Total interest income | 344 | 746 | 1,213 | ||||||||||
Interest expense on borrowings | 17,398 | 29,689 | 27,262 | ||||||||||
Net interest expense | 17,054 | 28,943 | 26,049 | ||||||||||
Non-interest income | - | - | 204 | ||||||||||
Cash dividends from subsidiaries | 45,150 | 42,000 | 65,030 | ||||||||||
Non-interest expense: | |||||||||||||
Compensation and benefits | 3,261 | 3,735 | 4,278 | ||||||||||
Extinguishment of debt | 4,266 | 1,212 | - | ||||||||||
Other | 3,148 | 2,878 | 2,898 | ||||||||||
Total non-interest expense | 10,675 | 7,825 | 7,176 | ||||||||||
Income before income taxes and equity in undistributed earnings of subsidiaries | 17,421 | 5,232 | 32,009 | ||||||||||
Income tax benefit | 9,644 | 12,844 | 11,574 | ||||||||||
Income before equity in undistributed earnings of subsidiaries | 27,065 | 18,076 | 43,583 | ||||||||||
Equity in undistributed earnings of subsidiaries | 39,528 | 35,015 | 23,626 | ||||||||||
Net income | 66,593 | 53,091 | 67,209 | ||||||||||
Preferred stock dividends | 7,214 | - | - | ||||||||||
Net income available to common shareholders | $ | 59,379 | $ | 53,091 | $ | 67,209 | |||||||
Astoria Financial Corporation - Condensed Statements of Cash Flows | ' | ||||||||||||
For the Year Ended December 31, | |||||||||||||
(In Thousands) | 2013 | 2012 | 2011 | ||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 66,593 | $ | 53,091 | $ | 67,209 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed earnings of subsidiaries | (39,528 | ) | (35,015 | ) | (23,626 | ) | |||||||
Amortization of premiums and deferred costs | 531 | 837 | 699 | ||||||||||
(Increase) decrease in other assets, net of other liabilities and amounts due to subsidiaries | (998 | ) | 846 | (1,423 | ) | ||||||||
Net cash provided by operating activities | 26,598 | 19,759 | 42,859 | ||||||||||
Cash flows from investing activities: | |||||||||||||
Principal payments on ESOP loans receivable | 5,908 | 6,235 | 7,780 | ||||||||||
Redemption of Astoria Capital Trust I common securities | 3,866 | - | - | ||||||||||
Net cash provided by investing activities | 9,774 | 6,235 | 7,780 | ||||||||||
Cash flows from financing activities: | |||||||||||||
Proceeds from borrowings with original terms greater than three months | - | 250,000 | - | ||||||||||
Repayment of borrowings with original terms greater than three months | (128,866 | ) | (250,000 | ) | - | ||||||||
Cash payments for debt issuance costs | - | (2,653 | ) | - | |||||||||
Proceeds from issuance of preferred stock | 135,000 | - | - | ||||||||||
Cash payments for preferred stock issuance costs | (5,204 | ) | - | - | |||||||||
Cash dividends paid to stockholders | (20,688 | ) | (24,104 | ) | (49,435 | ) | |||||||
Net tax benefit shortfall from stock-based compensation | (800 | ) | (4,123 | ) | (263 | ) | |||||||
Net cash used in financing activities | (20,558 | ) | (30,880 | ) | (49,698 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | 15,814 | (4,886 | ) | 941 | |||||||||
Cash and cash equivalents at beginning of year | 47,604 | 52,490 | 51,549 | ||||||||||
Cash and cash equivalents at end of year | $ | 63,418 | $ | 47,604 | $ | 52,490 | |||||||
Supplemental disclosure: | |||||||||||||
Cash paid during the year for interest | $ | 18,898 | $ | 31,535 | $ | 26,563 | |||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash and cash equivalents policy disclosures | ' | ' |
Federal Reserve System Cash Reserve Requirement | $37,700,000 | $37,700,000 |
Loans receivable and allowance for loan losses policy disclosures | ' | ' |
Period of time after which we discontinue accruing interest on loans | '90 days | ' |
Period of time in non-accrual status for restructured loans to demonstrate performance | '6 months | ' |
Minimum threshold of combined outstanding balances reviewed annually for borrowing relationships to one borrower | 5,000,000 | ' |
Portion of outstanding principal balance of the loans to a single borrowing entity which will be reviewed by the Asset Review Department | 50.00% | ' |
Length of period one over which the historical loss experience is analyzed | '12 months | ' |
Length of period two over which the historical loss experience is analyzed | '15 months | ' |
Length of period three over which the historical loss experience is analyzed | '18 months | ' |
Length of period four over which the historical loss experience is analyzed | '24 months | ' |
Minimum length of period over which the historical loss experience is analyzed for a particular loan type that may not have sufficient loss history | '2 years | ' |
Extended prior period over which loss experience factors are evaluated to consider trends for the majority of loan portfolio | '2 years | ' |
Premises and equipment policy disclosures | ' | ' |
Accumulated depreciation and amortization of premises and equipment | 194,100,000 | 184,600,000 |
Goodwill policy | ' | ' |
Goodwill | 185,151,000 | 185,151,000 |
Goodwill impairment | 0 | ' |
Bank owned life insurance policy | ' | ' |
Bank owned life insurance, cash surrender value | 395,800,000 | 394,100,000 |
Bank owned life insurance, stabilization reserve | 27,600,000 | 24,100,000 |
Bank owned life insurance, deferred acquisition costs | 1,000 | 2,000 |
Real estate owned policy | ' | ' |
Real estate owned, valuation allowance for losses | 834,000 | 1,600,000 |
Earnings Per Common Share | ' | ' |
Unallocated common stock held by ESOP, shares | 0 | 967,013 |
Residential mortgage loans | ' | ' |
Loans receivable and allowance for loan losses policy disclosures | ' | ' |
Period after which loans are individually evaluated for impairment | '180 days | ' |
Multi Family and Commercial Real Estate Mortgage Loan | Minimum | ' | ' |
Loans receivable and allowance for loan losses policy disclosures | ' | ' |
Threshold for loan balances individually reviewed | 5,000,000 | ' |
Multi Family and Commercial Real Estate Mortgage Loan | Maximum | ' | ' |
Loans receivable and allowance for loan losses policy disclosures | ' | ' |
Loans further reviewed by portfolio management personnel | 5,000,000 | ' |
Commercial loans | Minimum | ' | ' |
Loans receivable and allowance for loan losses policy disclosures | ' | ' |
Threshold for loan balances individually reviewed | $500,000 | ' |
Repurchase_Agreements_Details
Repurchase Agreements (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 |
item | ||
Repurchase Agreements | ' | ' |
Repurchase agreements outstanding | $0 | $0 |
Repurchase agreements, average balance | 12.5 | ' |
Repurchase agreements, maximum amount outstanding at any month end | $95 | ' |
Repurchase agreements, number of securities held under repurchase agreements sold or repledged | 0 | ' |
Securities_Details
Securities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Securities | ' | ' |
Available-for-sale, amortized cost | $414,457 | $330,481 |
Available-for-sale, Gross Unrealized Gains | 1,904 | 6,510 |
Available-for-sale, Gross Unrealized Losses | -14,671 | -691 |
Total available-for-sale securities | 401,690 | 336,300 |
Held-to-maturity, amortized cost | 1,849,526 | 1,700,141 |
Held-to-maturity, Gross Unrealized Gains | 13,023 | 27,905 |
Held-to-maturity, Gross Unrealized Losses | -51,427 | -2,956 |
Held-to-maturity, estimated fair value | 1,811,122 | 1,725,090 |
Residential mortgage-backed securities | ' | ' |
Securities | ' | ' |
Available-for-sale, amortized cost | 315,767 | 231,796 |
Available-for-sale, Gross Unrealized Gains | 1,904 | 6,296 |
Available-for-sale, Gross Unrealized Losses | -7,137 | -671 |
Total available-for-sale securities | 310,534 | 237,421 |
Held-to-maturity, amortized cost | 1,760,812 | 1,699,485 |
Held-to-maturity, Gross Unrealized Gains | 13,023 | 27,905 |
Held-to-maturity, Gross Unrealized Losses | -44,024 | -2,956 |
Held-to-maturity, estimated fair value | 1,729,811 | 1,724,434 |
GSE issuance REMICs and CMOs | ' | ' |
Securities | ' | ' |
Available-for-sale, amortized cost | 292,131 | 200,152 |
Available-for-sale, Gross Unrealized Gains | 1,077 | 5,258 |
Available-for-sale, Gross Unrealized Losses | -7,134 | -583 |
Total available-for-sale securities | 286,074 | 204,827 |
Held-to-maturity, amortized cost | 1,474,506 | 1,693,437 |
Held-to-maturity, Gross Unrealized Gains | 12,877 | 27,787 |
Held-to-maturity, Gross Unrealized Losses | -33,925 | -2,955 |
Held-to-maturity, estimated fair value | 1,453,458 | 1,718,269 |
Non-GSE issuance REMICs and CMOs | ' | ' |
Securities | ' | ' |
Available-for-sale, amortized cost | 7,516 | 11,296 |
Available-for-sale, Gross Unrealized Gains | 57 | 9 |
Available-for-sale, Gross Unrealized Losses | -1 | -86 |
Total available-for-sale securities | 7,572 | 11,219 |
Held-to-maturity, amortized cost | 3,833 | 5,791 |
Held-to-maturity, Gross Unrealized Gains | 61 | 112 |
Held-to-maturity, Gross Unrealized Losses | -10 | ' |
Held-to-maturity, estimated fair value | 3,884 | 5,903 |
GSE pass-through certificates | ' | ' |
Securities | ' | ' |
Available-for-sale, amortized cost | 16,120 | 20,348 |
Available-for-sale, Gross Unrealized Gains | 770 | 1,029 |
Available-for-sale, Gross Unrealized Losses | -2 | -2 |
Total available-for-sale securities | 16,888 | 21,375 |
Held-to-maturity, amortized cost | 282,473 | 257 |
Held-to-maturity, Gross Unrealized Gains | 85 | 6 |
Held-to-maturity, Gross Unrealized Losses | -10,089 | -1 |
Held-to-maturity, estimated fair value | 272,469 | 262 |
Obligations of GSEs | ' | ' |
Securities | ' | ' |
Available-for-sale, amortized cost | 98,675 | 98,670 |
Available-for-sale, Gross Unrealized Gains | ' | 214 |
Available-for-sale, Gross Unrealized Losses | -7,522 | -5 |
Total available-for-sale securities | 91,153 | 98,879 |
Held-to-maturity, amortized cost | 88,128 | ' |
Held-to-maturity, Gross Unrealized Losses | -7,403 | ' |
Held-to-maturity, estimated fair value | 80,725 | ' |
Fannie Mae stock | ' | ' |
Securities | ' | ' |
Available-for-sale, amortized cost | 15 | 15 |
Available-for-sale, Gross Unrealized Losses | -12 | -15 |
Total available-for-sale securities | 3 | ' |
Other | ' | ' |
Securities | ' | ' |
Held-to-maturity, amortized cost | 586 | 656 |
Held-to-maturity, estimated fair value | $586 | $656 |
Securities_Details_2
Securities (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Securities | ' | ' |
Available-for-sale, Less Than Twelve Months, Estimated Fair Value | $334,474 | $92,893 |
Available-for-sale, Less Than Twelve Months, Gross Unrealized Losses | -14,657 | -589 |
Available-for-sale, Twelve Months or Longer, Estimated Fair Value | 205 | 10,756 |
Available-for-sale, Twelve Months or Longer, Gross Unrealized Losses | -14 | -102 |
Available-for-sale, Total, Estimated Fair Value | 334,679 | 103,649 |
Available-for-sale, Total, Gross Unrealized Losses | -14,671 | -691 |
Held-to-maturity, Less Than Twelve Months, Estimated Fair Value | 1,031,627 | 413,699 |
Held-to-maturity, Less Than Twelve Months, Gross Unrealized Losses | -43,112 | -2,760 |
Held-to-maturity, Twelve Months or Longer, Estimated Fair Value | 151,609 | 12,259 |
Held-to-maturity, Twelve Months or Longer, Gross Unrealized Losses | -8,315 | -196 |
Held-to-maturity, Total, Estimated Fair Value | 1,183,236 | 425,958 |
Held-to-maturity, Total, Gross Unrealized Losses | -51,427 | -2,956 |
GSE issuance REMICs and CMOs | ' | ' |
Securities | ' | ' |
Available-for-sale, Less Than Twelve Months, Estimated Fair Value | 243,149 | 67,841 |
Available-for-sale, Less Than Twelve Months, Gross Unrealized Losses | -7,134 | -583 |
Available-for-sale, Total, Estimated Fair Value | 243,149 | 67,841 |
Available-for-sale, Total, Gross Unrealized Losses | -7,134 | -583 |
Held-to-maturity, Less Than Twelve Months, Estimated Fair Value | 719,715 | 413,651 |
Held-to-maturity, Less Than Twelve Months, Gross Unrealized Losses | -25,611 | -2,759 |
Held-to-maturity, Twelve Months or Longer, Estimated Fair Value | 151,581 | 12,259 |
Held-to-maturity, Twelve Months or Longer, Gross Unrealized Losses | -8,314 | -196 |
Held-to-maturity, Total, Estimated Fair Value | 871,296 | 425,910 |
Held-to-maturity, Total, Gross Unrealized Losses | -33,925 | -2,955 |
Non-GSE issuance REMICs and CMOs | ' | ' |
Securities | ' | ' |
Available-for-sale, Twelve Months or Longer, Estimated Fair Value | 132 | 10,709 |
Available-for-sale, Twelve Months or Longer, Gross Unrealized Losses | -1 | -86 |
Available-for-sale, Total, Estimated Fair Value | 132 | 10,709 |
Available-for-sale, Total, Gross Unrealized Losses | -1 | -86 |
Held-to-maturity, Less Than Twelve Months, Estimated Fair Value | 392 | ' |
Held-to-maturity, Less Than Twelve Months, Gross Unrealized Losses | -10 | ' |
Held-to-maturity, Total, Estimated Fair Value | 392 | ' |
Held-to-maturity, Total, Gross Unrealized Losses | -10 | ' |
GSE pass-through certificates | ' | ' |
Securities | ' | ' |
Available-for-sale, Less Than Twelve Months, Estimated Fair Value | 172 | 57 |
Available-for-sale, Less Than Twelve Months, Gross Unrealized Losses | -1 | -1 |
Available-for-sale, Twelve Months or Longer, Estimated Fair Value | 70 | 47 |
Available-for-sale, Twelve Months or Longer, Gross Unrealized Losses | -1 | -1 |
Available-for-sale, Total, Estimated Fair Value | 242 | 104 |
Available-for-sale, Total, Gross Unrealized Losses | -2 | -2 |
Held-to-maturity, Less Than Twelve Months, Estimated Fair Value | 230,795 | 48 |
Held-to-maturity, Less Than Twelve Months, Gross Unrealized Losses | -10,088 | -1 |
Held-to-maturity, Twelve Months or Longer, Estimated Fair Value | 28 | ' |
Held-to-maturity, Twelve Months or Longer, Gross Unrealized Losses | -1 | ' |
Held-to-maturity, Total, Estimated Fair Value | 230,823 | 48 |
Held-to-maturity, Total, Gross Unrealized Losses | -10,089 | -1 |
Obligations of GSEs | ' | ' |
Securities | ' | ' |
Available-for-sale, Less Than Twelve Months, Estimated Fair Value | 91,153 | 24,995 |
Available-for-sale, Less Than Twelve Months, Gross Unrealized Losses | -7,522 | -5 |
Available-for-sale, Total, Estimated Fair Value | 91,153 | 24,995 |
Available-for-sale, Total, Gross Unrealized Losses | -7,522 | -5 |
Held-to-maturity, Less Than Twelve Months, Estimated Fair Value | 80,725 | ' |
Held-to-maturity, Less Than Twelve Months, Gross Unrealized Losses | -7,403 | ' |
Held-to-maturity, Total, Estimated Fair Value | 80,725 | ' |
Held-to-maturity, Total, Gross Unrealized Losses | -7,403 | ' |
Fannie Mae stock | ' | ' |
Securities | ' | ' |
Available-for-sale, Twelve Months or Longer, Estimated Fair Value | 3 | ' |
Available-for-sale, Twelve Months or Longer, Gross Unrealized Losses | -12 | -15 |
Available-for-sale, Total, Estimated Fair Value | 3 | ' |
Available-for-sale, Total, Gross Unrealized Losses | ($12) | ($15) |
Securities_Details_3
Securities (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
item | item | ||
Securities | ' | ' | ' |
Number of securities held with unrealized loss | 109 | 41 | ' |
Proceeds from sales of securities available-for-sale | $41,640,000 | $60,318,000 | $0 |
Gross realized gains from sale of available for sale securities | 2,057,000 | 8,477,000 | ' |
Total available-for-sale securities | 401,690,000 | 336,300,000 | ' |
Held-to-maturity, amortized cost | 1,849,526,000 | 1,700,141,000 | ' |
Held-to-maturity, fair value | 1,811,122,000 | 1,725,090,000 | ' |
Callable securities, amortized cost | 186,800,000 | ' | ' |
Accrued interest receivable for securities | 6,300,000 | 5,700,000 | ' |
Available-for-sale debt securities, excluding mortgage-backed securities | ' | ' | ' |
Securities | ' | ' | ' |
Available-for-sale debt securities, amortized cost | 98,700,000 | ' | ' |
Total available-for-sale securities | 91,200,000 | ' | ' |
Held-to-maturity debt securities, excluding mortgage-backed securities | ' | ' | ' |
Securities | ' | ' | ' |
Held-to-maturity, amortized cost | 88,700,000 | ' | ' |
Held-to-maturity, fair value | $81,300,000 | ' | ' |
Loans_HeldforSale_Details
Loans Held-for-Sale (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Loans held-for-sale, net | $7,375,000 | $76,306,000 | ' |
Net gain (loss) on sales of loans | 6,880,000 | 7,590,000 | 3,716,000 |
Net lower of cost or market write-downs | 87,000 | 272,000 | 444,000 |
Non-performing loans held-for-sale, net | ' | ' | ' |
Loans held-for-sale, net | 791,000 | 3,900,000 | ' |
Sale of delinquent and non-performing mortgage loans, net of charge-offs, amount | 19,400,000 | 22,000,000 | 26,400,000 |
Charge-offs on delinquent and non-performing mortgage loans sold | 5,200,000 | 11,500,000 | 13,800,000 |
Net gain (loss) on sales of loans | 122,000 | 1,300,000 | -35,000 |
Net lower of cost or market write-downs | $87,000 | $272,000 | $444,000 |
Loans_Receivable_and_Allowance2
Loans Receivable and Allowance for Loan Losses (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | $115,982,000 | $146,782,000 | ' | ' |
60-89 Days Past Due | 26,750,000 | 37,637,000 | ' | ' |
90 Days or More | 250,534,000 | 301,407,000 | ' | ' |
Total Past Due | 393,266,000 | 485,826,000 | ' | ' |
Current | 11,993,112,000 | 12,670,088,000 | ' | ' |
Total loans | 12,386,378,000 | 13,155,914,000 | ' | ' |
Net unamortized premiums and deferred loan origination costs | 55,688,000 | 68,058,000 | ' | ' |
Loans receivable | 12,442,066,000 | 13,223,972,000 | ' | ' |
Allowance for loan losses | -139,000,000 | -145,501,000 | -157,185,000 | -201,499,000 |
Loans receivable, net | 12,303,066,000 | 13,078,471,000 | ' | ' |
Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 107,754,000 | 144,932,000 | ' | ' |
60-89 Days Past Due | 24,154,000 | 36,947,000 | ' | ' |
90 Days or More | 384,000 | 328,000 | ' | ' |
Total Past Due | 132,292,000 | 182,207,000 | ' | ' |
Current | 11,922,468,000 | 12,658,949,000 | ' | ' |
Total loans | 12,054,760,000 | 12,841,156,000 | ' | ' |
Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 8,228,000 | 1,850,000 | ' | ' |
60-89 Days Past Due | 2,596,000 | 690,000 | ' | ' |
90 Days or More | 250,150,000 | 301,079,000 | ' | ' |
Total Past Due | 260,974,000 | 303,619,000 | ' | ' |
Current | 70,644,000 | 11,139,000 | ' | ' |
Total loans | 331,618,000 | 314,758,000 | ' | ' |
Consumer and Other Loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 3,177,000 | 3,223,000 | ' | ' |
60-89 Days Past Due | 1,340,000 | 1,315,000 | ' | ' |
90 Days or More | 5,948,000 | 6,508,000 | ' | ' |
Total Past Due | 10,465,000 | 11,046,000 | ' | ' |
Current | 229,216,000 | 253,048,000 | ' | ' |
Total loans | 239,681,000 | 264,094,000 | ' | ' |
Allowance for loan losses | -8,824,000 | -6,316,000 | -3,800,000 | -4,146,000 |
Consumer and Other Loans | Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 3,177,000 | 3,223,000 | ' | ' |
60-89 Days Past Due | 1,340,000 | 1,315,000 | ' | ' |
Total Past Due | 4,517,000 | 4,538,000 | ' | ' |
Current | 229,184,000 | 253,048,000 | ' | ' |
Total loans | 233,701,000 | 257,586,000 | ' | ' |
Consumer and Other Loans | Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
90 Days or More | 5,948,000 | 6,508,000 | ' | ' |
Total Past Due | 5,948,000 | 6,508,000 | ' | ' |
Current | 32,000 | ' | ' | ' |
Total loans | 5,980,000 | 6,508,000 | ' | ' |
Consumer and Other Loans | Home equity lines of credit | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 3,000,000 | 3,103,000 | ' | ' |
60-89 Days Past Due | 1,321,000 | 1,092,000 | ' | ' |
90 Days or More | 5,916,000 | 6,459,000 | ' | ' |
Total Past Due | 10,237,000 | 10,654,000 | ' | ' |
Current | 189,572,000 | 221,266,000 | ' | ' |
Total loans | 199,809,000 | 231,920,000 | ' | ' |
Consumer and Other Loans | Home equity lines of credit | Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 3,000,000 | 3,103,000 | ' | ' |
60-89 Days Past Due | 1,321,000 | 1,092,000 | ' | ' |
Total Past Due | 4,321,000 | 4,195,000 | ' | ' |
Current | 189,540,000 | 221,266,000 | ' | ' |
Total loans | 193,861,000 | 225,461,000 | ' | ' |
Consumer and Other Loans | Home equity lines of credit | Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
90 Days or More | 5,916,000 | 6,459,000 | ' | ' |
Total Past Due | 5,916,000 | 6,459,000 | ' | ' |
Current | 32,000 | ' | ' | ' |
Total loans | 5,948,000 | 6,459,000 | ' | ' |
Consumer and Other Loans | Other Loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 177,000 | 120,000 | ' | ' |
60-89 Days Past Due | 19,000 | 223,000 | ' | ' |
90 Days or More | 32,000 | 49,000 | ' | ' |
Total Past Due | 228,000 | 392,000 | ' | ' |
Current | 39,644,000 | 31,782,000 | ' | ' |
Total loans | 39,872,000 | 32,174,000 | ' | ' |
Consumer and Other Loans | Other Loans | Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 177,000 | 120,000 | ' | ' |
60-89 Days Past Due | 19,000 | 223,000 | ' | ' |
Total Past Due | 196,000 | 343,000 | ' | ' |
Current | 39,644,000 | 31,782,000 | ' | ' |
Total loans | 39,840,000 | 32,125,000 | ' | ' |
Consumer and Other Loans | Other Loans | Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
90 Days or More | 32,000 | 49,000 | ' | ' |
Total Past Due | 32,000 | 49,000 | ' | ' |
Total loans | 32,000 | 49,000 | ' | ' |
Mortgage Loans (Gross) | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 112,805,000 | 143,559,000 | ' | ' |
60-89 Days Past Due | 25,410,000 | 36,322,000 | ' | ' |
90 Days or More | 244,586,000 | 294,899,000 | ' | ' |
Total Past Due | 382,801,000 | 474,780,000 | ' | ' |
Current | 11,763,896,000 | 12,417,040,000 | ' | ' |
Total loans | 12,146,697,000 | 12,891,820,000 | ' | ' |
Mortgage Loans (Gross) | Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 104,577,000 | 141,709,000 | ' | ' |
60-89 Days Past Due | 22,814,000 | 35,632,000 | ' | ' |
90 Days or More | 384,000 | 328,000 | ' | ' |
Total Past Due | 127,775,000 | 177,669,000 | ' | ' |
Current | 11,693,284,000 | 12,405,901,000 | ' | ' |
Total loans | 11,821,059,000 | 12,583,570,000 | ' | ' |
Mortgage Loans (Gross) | Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 8,228,000 | 1,850,000 | ' | ' |
60-89 Days Past Due | 2,596,000 | 690,000 | ' | ' |
90 Days or More | 244,202,000 | 294,571,000 | ' | ' |
Total Past Due | 255,026,000 | 297,111,000 | ' | ' |
Current | 70,612,000 | 11,139,000 | ' | ' |
Total loans | 325,638,000 | 308,250,000 | ' | ' |
Mortgage Loans (Gross) | Residential | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 96,302,000 | 108,280,000 | ' | ' |
60-89 Days Past Due | 22,393,000 | 27,814,000 | ' | ' |
90 Days or More | 234,378,000 | 280,671,000 | ' | ' |
Total Past Due | 353,073,000 | 416,765,000 | ' | ' |
Current | 7,684,203,000 | 9,294,461,000 | ' | ' |
Total loans | 8,037,276,000 | 9,711,226,000 | ' | ' |
Allowance for loan losses | -80,337,000 | -89,267,000 | -105,991,000 | -125,524,000 |
Mortgage Loans (Gross) | Residential | Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 90,108,000 | 106,430,000 | ' | ' |
60-89 Days Past Due | 20,154,000 | 27,124,000 | ' | ' |
90 Days or More | 151,000 | ' | ' | ' |
Total Past Due | 110,413,000 | 133,554,000 | ' | ' |
Current | 7,621,388,000 | 9,286,621,000 | ' | ' |
Total loans | 7,731,801,000 | 9,420,175,000 | ' | ' |
Mortgage Loans (Gross) | Residential | Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 6,194,000 | 1,850,000 | ' | ' |
60-89 Days Past Due | 2,239,000 | 690,000 | ' | ' |
90 Days or More | 234,227,000 | 280,671,000 | ' | ' |
Total Past Due | 242,660,000 | 283,211,000 | ' | ' |
Current | 62,815,000 | 7,840,000 | ' | ' |
Total loans | 305,475,000 | 291,051,000 | ' | ' |
Mortgage Loans (Gross) | Residential | Full documentation interest-only loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 29,476,000 | 30,520,000 | ' | ' |
60-89 Days Past Due | 5,802,000 | 9,650,000 | ' | ' |
90 Days or More | 78,271,000 | 97,907,000 | ' | ' |
Total Past Due | 113,549,000 | 138,077,000 | ' | ' |
Current | 1,268,652,000 | 1,863,319,000 | ' | ' |
Total loans | 1,382,201,000 | 2,001,396,000 | ' | ' |
Mortgage Loans (Gross) | Residential | Full documentation interest-only loans | Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 27,291,000 | 30,520,000 | ' | ' |
60-89 Days Past Due | 5,220,000 | 8,973,000 | ' | ' |
Total Past Due | 32,511,000 | 39,493,000 | ' | ' |
Current | 1,249,462,000 | 1,862,382,000 | ' | ' |
Total loans | 1,281,973,000 | 1,901,875,000 | ' | ' |
Mortgage Loans (Gross) | Residential | Full documentation interest-only loans | Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 2,185,000 | ' | ' | ' |
60-89 Days Past Due | 582,000 | 677,000 | ' | ' |
90 Days or More | 78,271,000 | 97,907,000 | ' | ' |
Total Past Due | 81,038,000 | 98,584,000 | ' | ' |
Current | 19,190,000 | 937,000 | ' | ' |
Total loans | 100,228,000 | 99,521,000 | ' | ' |
Mortgage Loans (Gross) | Residential | Full documentation amortizing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 32,516,000 | 36,281,000 | ' | ' |
60-89 Days Past Due | 8,068,000 | 6,564,000 | ' | ' |
90 Days or More | 42,085,000 | 43,014,000 | ' | ' |
Total Past Due | 82,669,000 | 85,859,000 | ' | ' |
Current | 5,336,788,000 | 6,219,013,000 | ' | ' |
Total loans | 5,419,457,000 | 6,304,872,000 | ' | ' |
Mortgage Loans (Gross) | Residential | Full documentation amortizing loans | Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 31,189,000 | 35,918,000 | ' | ' |
60-89 Days Past Due | 7,415,000 | 6,564,000 | ' | ' |
90 Days or More | 151,000 | ' | ' | ' |
Total Past Due | 38,755,000 | 42,482,000 | ' | ' |
Current | 5,325,944,000 | 6,218,064,000 | ' | ' |
Total loans | 5,364,699,000 | 6,260,546,000 | ' | ' |
Mortgage Loans (Gross) | Residential | Full documentation amortizing loans | Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 1,327,000 | 363,000 | ' | ' |
60-89 Days Past Due | 653,000 | ' | ' | ' |
90 Days or More | 41,934,000 | 43,014,000 | ' | ' |
Total Past Due | 43,914,000 | 43,377,000 | ' | ' |
Current | 10,844,000 | 949,000 | ' | ' |
Total loans | 54,758,000 | 44,326,000 | ' | ' |
Mortgage Loans (Gross) | Residential | Reduced documentation interest-only loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 24,700,000 | 29,254,000 | ' | ' |
60-89 Days Past Due | 5,787,000 | 7,694,000 | ' | ' |
90 Days or More | 87,910,000 | 107,254,000 | ' | ' |
Total Past Due | 118,397,000 | 144,202,000 | ' | ' |
Current | 721,264,000 | 861,093,000 | ' | ' |
Total loans | 839,661,000 | 1,005,295,000 | ' | ' |
Mortgage Loans (Gross) | Residential | Reduced documentation interest-only loans | Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 22,635,000 | 28,212,000 | ' | ' |
60-89 Days Past Due | 5,208,000 | 7,694,000 | ' | ' |
Total Past Due | 27,843,000 | 35,906,000 | ' | ' |
Current | 693,660,000 | 855,907,000 | ' | ' |
Total loans | 721,503,000 | 891,813,000 | ' | ' |
Mortgage Loans (Gross) | Residential | Reduced documentation interest-only loans | Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 2,065,000 | 1,042,000 | ' | ' |
60-89 Days Past Due | 579,000 | ' | ' | ' |
90 Days or More | 87,910,000 | 107,254,000 | ' | ' |
Total Past Due | 90,554,000 | 108,296,000 | ' | ' |
Current | 27,604,000 | 5,186,000 | ' | ' |
Total loans | 118,158,000 | 113,482,000 | ' | ' |
Mortgage Loans (Gross) | Residential | Reduced documentation amortizing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 9,610,000 | 12,225,000 | ' | ' |
60-89 Days Past Due | 2,736,000 | 3,906,000 | ' | ' |
90 Days or More | 26,112,000 | 32,496,000 | ' | ' |
Total Past Due | 38,458,000 | 48,627,000 | ' | ' |
Current | 357,499,000 | 351,036,000 | ' | ' |
Total loans | 395,957,000 | 399,663,000 | ' | ' |
Mortgage Loans (Gross) | Residential | Reduced documentation amortizing loans | Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 8,993,000 | 11,780,000 | ' | ' |
60-89 Days Past Due | 2,311,000 | 3,893,000 | ' | ' |
Total Past Due | 11,304,000 | 15,673,000 | ' | ' |
Current | 352,322,000 | 350,268,000 | ' | ' |
Total loans | 363,626,000 | 365,941,000 | ' | ' |
Mortgage Loans (Gross) | Residential | Reduced documentation amortizing loans | Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 617,000 | 445,000 | ' | ' |
60-89 Days Past Due | 425,000 | 13,000 | ' | ' |
90 Days or More | 26,112,000 | 32,496,000 | ' | ' |
Total Past Due | 27,154,000 | 32,954,000 | ' | ' |
Current | 5,177,000 | 768,000 | ' | ' |
Total loans | 32,331,000 | 33,722,000 | ' | ' |
Mortgage Loans (Gross) | Multi-Family | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 13,844,000 | 21,743,000 | ' | ' |
60-89 Days Past Due | 1,327,000 | 5,382,000 | ' | ' |
90 Days or More | 9,054,000 | 7,359,000 | ' | ' |
Total Past Due | 24,225,000 | 34,484,000 | ' | ' |
Current | 3,272,230,000 | 2,372,194,000 | ' | ' |
Total loans | 3,296,455,000 | 2,406,678,000 | ' | ' |
Allowance for loan losses | -36,703,000 | -35,514,000 | -35,422,000 | -56,266,000 |
Mortgage Loans (Gross) | Multi-Family | Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 12,740,000 | 21,743,000 | ' | ' |
60-89 Days Past Due | 970,000 | 5,382,000 | ' | ' |
Total Past Due | 13,710,000 | 27,125,000 | ' | ' |
Current | 3,270,206,000 | 2,368,895,000 | ' | ' |
Total loans | 3,283,916,000 | 2,396,020,000 | ' | ' |
Mortgage Loans (Gross) | Multi-Family | Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 1,104,000 | ' | ' | ' |
60-89 Days Past Due | 357,000 | ' | ' | ' |
90 Days or More | 9,054,000 | 7,359,000 | ' | ' |
Total Past Due | 10,515,000 | 7,359,000 | ' | ' |
Current | 2,024,000 | 3,299,000 | ' | ' |
Total loans | 12,539,000 | 10,658,000 | ' | ' |
Mortgage Loans (Gross) | Commercial Real Estate | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 2,659,000 | 13,536,000 | ' | ' |
60-89 Days Past Due | 1,690,000 | 3,126,000 | ' | ' |
90 Days or More | 1,154,000 | 6,869,000 | ' | ' |
Total Past Due | 5,503,000 | 23,531,000 | ' | ' |
Current | 807,463,000 | 750,385,000 | ' | ' |
Total loans | 812,966,000 | 773,916,000 | ' | ' |
Allowance for loan losses | -13,136,000 | -14,404,000 | -11,972,000 | -15,563,000 |
Mortgage Loans (Gross) | Commercial Real Estate | Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 1,729,000 | 13,536,000 | ' | ' |
60-89 Days Past Due | 1,690,000 | 3,126,000 | ' | ' |
90 Days or More | 233,000 | 328,000 | ' | ' |
Total Past Due | 3,652,000 | 16,990,000 | ' | ' |
Current | 801,690,000 | 750,385,000 | ' | ' |
Total loans | 805,342,000 | 767,375,000 | ' | ' |
Mortgage Loans (Gross) | Commercial Real Estate | Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 930,000 | ' | ' | ' |
90 Days or More | 921,000 | 6,541,000 | ' | ' |
Total Past Due | 1,851,000 | 6,541,000 | ' | ' |
Current | 5,773,000 | ' | ' | ' |
Total loans | $7,624,000 | $6,541,000 | ' | ' |
Loans_Receivable_and_Allowance3
Loans Receivable and Allowance for Loan Losses (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Loans receivable and allowance for loan losses disclosures | ' | ' |
30-59 Days Past Due | $115,982,000 | $146,782,000 |
60-89 Days Past Due | 26,750,000 | 37,637,000 |
Current | 11,993,112,000 | 12,670,088,000 |
Impaired loans | 384,522,000 | 346,906,000 |
Non-performing | ' | ' |
Loans receivable and allowance for loan losses disclosures | ' | ' |
Impaired loans | 109,800,000 | 32,800,000 |
Bankruptcy loans | Non-performing | ' | ' |
Loans receivable and allowance for loan losses disclosures | ' | ' |
Loans which were current or less than 90 days past due | 61,000,000 | ' |
30-59 Days Past Due | 5,600,000 | ' |
60-89 Days Past Due | 878,000 | ' |
Current | 54,500,000 | ' |
Loans discharged prior to 2012 included in loans which are current or less than 90 days past due | 51,100,000 | ' |
Impaired loans | 83,200,000 | ' |
Loans discharged prior to 2012 included in impaired loans | 65,100,000 | ' |
Modified in TDR | ' | ' |
Loans receivable and allowance for loan losses disclosures | ' | ' |
Accruing loans | $100,500,000 | $98,700,000 |
Loans_Receivable_and_Allowance4
Loans Receivable and Allowance for Loan Losses (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Loans receivable and allowance for loan losses | ' | ' | ' |
Accrued interest receivable | $37,926,000 | $41,688,000 | ' |
Loans (gross) amount | 12,386,378,000 | 13,155,914,000 | ' |
Residential | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' |
Amortizing hybrid ARM fixed rate period one | '5 years | ' | ' |
Amortizing hybrid ARM fixed rate period two | '7 years | ' | ' |
Amortizing hybrid ARM fixed rate period three | '10 years | ' | ' |
Amortizing interest-only hybrid ARM fixed rate period one, prior to the 2010 fourth quarter | '3 years | ' | ' |
Amortizing interest-only hybrid ARM fixed rate period two, prior to the 2010 fourth quarter | '5 years | ' | ' |
Amortizing interest-only hybrid ARM fixed rate period three, prior to the 2010 fourth quarter | '7 years | ' | ' |
Residential | Geographic Concentration Risk | Minimum | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' |
Percentage of Total | 5.00% | ' | ' |
Residential | Geographic Concentration Risk | Massachusetts | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' |
Percentage of Total | 8.50% | ' | ' |
Multi Family and Commercial Real Estate Mortgage Loan | New York Metropolitan Area | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' |
Percentage of Total | 99.00% | ' | ' |
Multi Family and Commercial Real Estate Mortgage Loan | Other State | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' |
Percentage of Total | 1.00% | ' | ' |
Non-performing | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' |
Non-accrual loans, interest that would have been recognized | 15,600,000 | 16,800,000 | 19,300,000 |
Actual payment recorded as interest income | 6,200,000 | 4,300,000 | 5,200,000 |
Non-performing | Residential | Geographic Concentration Risk | Massachusetts | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' |
Percentage of Total | 4.40% | ' | ' |
Non-performing | Multi Family and Commercial Real Estate Mortgage Loan | New York Metropolitan Area | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' |
Percentage of Total | 91.00% | ' | ' |
Non-performing | Multi Family and Commercial Real Estate Mortgage Loan | Pennsylvania | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' |
Percentage of Total | 8.00% | ' | ' |
Non-performing | Multi Family and Commercial Real Estate Mortgage Loan | Massachusetts | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' |
Percentage of Total | 1.00% | ' | ' |
Total loans | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' |
Accrued interest receivable | 31,700,000 | 36,000,000 | ' |
Mortgage Loans (Gross) | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' |
Loans (gross) amount | 12,146,697,000 | 12,891,820,000 | ' |
Mortgage Loans (Gross) | Residential | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' |
Loans (gross) amount | 8,037,276,000 | 9,711,226,000 | ' |
Mortgage Loans (Gross) | Residential | Pre 2007 Interest Only Loans | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' |
Loans (gross) amount | 1,660,000,000 | 2,180,000,000 | ' |
Mortgage Loans (Gross) | Residential | Reduced Documentation Loans | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' |
Loans (gross) amount | 1,240,000,000 | 1,400,000,000 | ' |
Mortgage Loans (Gross) | Residential | Reduced Documentation Loans | SISA (stated income, stated asset) loans | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' |
Loans (gross) amount | 193,000,000 | 222,700,000 | ' |
Mortgage Loans (Gross) | Multi-Family | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' |
Loans (gross) amount | 3,296,455,000 | 2,406,678,000 | ' |
Mortgage Loans (Gross) | Commercial Real Estate | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' |
Loans (gross) amount | $812,966,000 | $773,916,000 | ' |
Loans_Receivable_and_Allowance5
Loans Receivable and Allowance for Loan Losses (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Loans receivable and allowance for loan losses | ' | ' | ' |
Balance at the beginning of the period | $145,501 | $157,185 | $201,499 |
Provision charged to operations | 19,601 | 40,400 | 37,000 |
Charge-offs | -37,040 | -61,217 | -92,797 |
Recoveries | 10,938 | 9,133 | 11,483 |
Balance at the end of the period | 139,000 | 145,501 | 157,185 |
Consumer and Other Loans | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' |
Balance at the beginning of the period | 6,316 | 3,800 | 4,146 |
Provision charged to operations | 3,604 | 4,538 | 1,182 |
Charge-offs | -1,916 | -2,541 | -1,665 |
Recoveries | 820 | 519 | 137 |
Balance at the end of the period | 8,824 | 6,316 | 3,800 |
Mortgage Loans (Gross) | Residential | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' |
Balance at the beginning of the period | 89,267 | 105,991 | 125,524 |
Provision charged to operations | 9,368 | 24,663 | 34,457 |
Charge-offs | -26,644 | -49,794 | -64,834 |
Recoveries | 8,346 | 8,407 | 10,844 |
Balance at the end of the period | 80,337 | 89,267 | 105,991 |
Mortgage Loans (Gross) | Multi-Family | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' |
Balance at the beginning of the period | 35,514 | 35,422 | 56,266 |
Provision charged to operations | 4,684 | 6,161 | 814 |
Charge-offs | -4,732 | -6,275 | -22,160 |
Recoveries | 1,237 | 206 | 502 |
Balance at the end of the period | 36,703 | 35,514 | 35,422 |
Mortgage Loans (Gross) | Commercial Real Estate | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' |
Balance at the beginning of the period | 14,404 | 11,972 | 15,563 |
Provision charged to operations | 1,945 | 5,038 | 547 |
Charge-offs | -3,748 | -2,607 | -4,138 |
Recoveries | 535 | 1 | ' |
Balance at the end of the period | $13,136 | $14,404 | $11,972 |
Loans_Receivable_and_Allowance6
Loans Receivable and Allowance for Loan Losses (Details 5) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Recorded Investment | ' | ' |
Total loans | $12,386,378 | $13,155,914 |
Residential Mortgage Loans | Interest-only loans | ' | ' |
Recorded Investment | ' | ' |
Within one year | 290,092 | ' |
More than one year to three years | 1,288,457 | ' |
More than three years to five years | 592,454 | ' |
Over five years | 50,859 | ' |
Total loans | $2,221,862 | ' |
Loans_Receivable_and_Allowance7
Loans Receivable and Allowance for Loan Losses (Details 6) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Recorded Investment | ' | ' |
Total | $12,386,378 | $13,155,914 |
Past due 90 days or more | 250,534 | 301,407 |
Consumer and Other Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 239,681 | 264,094 |
Past due 90 days or more | 5,948 | 6,508 |
Consumer and Other Loans | Home equity lines of credit | ' | ' |
Recorded Investment | ' | ' |
Total | 199,809 | 231,920 |
Past due 90 days or more | 5,916 | 6,459 |
Consumer and Other Loans | Other Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 39,872 | 32,174 |
Past due 90 days or more | 32 | 49 |
Mortgage Loans (Gross) | ' | ' |
Recorded Investment | ' | ' |
Total | 12,146,697 | 12,891,820 |
Past due 90 days or more | 244,586 | 294,899 |
Mortgage Loans (Gross) | Residential Mortgage Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 8,037,276 | 9,711,226 |
Past due 90 days or more | 234,378 | 280,671 |
Mortgage Loans (Gross) | Residential Mortgage Loans | Full Documentation Interest-only Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 1,382,201 | 2,001,396 |
Past due 90 days or more | 78,271 | 97,907 |
Mortgage Loans (Gross) | Residential Mortgage Loans | Full Documentation Amortizing Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 5,419,457 | 6,304,872 |
Past due 90 days or more | 42,085 | 43,014 |
Mortgage Loans (Gross) | Residential Mortgage Loans | Reduced Documentation Interest-only Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 839,661 | 1,005,295 |
Past due 90 days or more | 87,910 | 107,254 |
Mortgage Loans (Gross) | Residential Mortgage Loans | Reduced Documentation Amortizing Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 395,957 | 399,663 |
Past due 90 days or more | 26,112 | 32,496 |
Performing | Consumer and Other Loans | Home equity lines of credit | ' | ' |
Recorded Investment | ' | ' |
Total | 193,861 | 225,461 |
Performing | Consumer and Other Loans | Other Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 39,840 | 32,125 |
Performing | Mortgage Loans (Gross) | Residential Mortgage Loans | Full Documentation Interest-only Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 1,281,973 | 1,901,875 |
Performing | Mortgage Loans (Gross) | Residential Mortgage Loans | Full Documentation Amortizing Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 5,364,548 | 6,260,546 |
Performing | Mortgage Loans (Gross) | Residential Mortgage Loans | Reduced Documentation Interest-only Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 721,503 | 891,813 |
Performing | Mortgage Loans (Gross) | Residential Mortgage Loans | Reduced Documentation Amortizing Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 363,626 | 365,941 |
Non-performing | Consumer and Other Loans | Home equity lines of credit | ' | ' |
Recorded Investment | ' | ' |
Current or past due less than 90 days | 32 | ' |
Past due 90 days or more | 5,916 | 6,459 |
Non-performing | Consumer and Other Loans | Other Loans | ' | ' |
Recorded Investment | ' | ' |
Past due 90 days or more | 32 | 49 |
Non-performing | Mortgage Loans (Gross) | Residential Mortgage Loans | Full Documentation Interest-only Loans | ' | ' |
Recorded Investment | ' | ' |
Current or past due less than 90 days | 21,957 | 1,614 |
Past due 90 days or more | 78,271 | 97,907 |
Non-performing | Mortgage Loans (Gross) | Residential Mortgage Loans | Full Documentation Amortizing Loans | ' | ' |
Recorded Investment | ' | ' |
Current or past due less than 90 days | 12,824 | 1,312 |
Past due 90 days or more | 42,085 | 43,014 |
Non-performing | Mortgage Loans (Gross) | Residential Mortgage Loans | Reduced Documentation Interest-only Loans | ' | ' |
Recorded Investment | ' | ' |
Current or past due less than 90 days | 30,248 | 6,228 |
Past due 90 days or more | 87,910 | 107,254 |
Non-performing | Mortgage Loans (Gross) | Residential Mortgage Loans | Reduced Documentation Amortizing Loans | ' | ' |
Recorded Investment | ' | ' |
Current or past due less than 90 days | 6,219 | 1,226 |
Past due 90 days or more | $26,112 | $32,496 |
Loans_Receivable_and_Allowance8
Loans Receivable and Allowance for Loan Losses (Details 7) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | $12,386,378 | $13,155,914 |
Mortgage Loans (Gross) | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 12,146,697 | 12,891,820 |
Mortgage Loans (Gross) | Multi-Family | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 3,296,455 | 2,406,678 |
Mortgage Loans (Gross) | Multi-Family | Not criticized | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 3,209,786 | 2,271,006 |
Mortgage Loans (Gross) | Multi-Family | Special mention | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 14,063 | 54,956 |
Mortgage Loans (Gross) | Multi-Family | Substandard | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 72,606 | 80,716 |
Mortgage Loans (Gross) | Commercial Real Estate | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 812,966 | 773,916 |
Mortgage Loans (Gross) | Commercial Real Estate | Not criticized | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 759,114 | 706,334 |
Mortgage Loans (Gross) | Commercial Real Estate | Special mention | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 9,760 | 28,210 |
Mortgage Loans (Gross) | Commercial Real Estate | Substandard | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | $44,092 | $39,372 |
Loans_Receivable_and_Allowance9
Loans Receivable and Allowance for Loan Losses (Details 8) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
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 | ' | ' | ' | ' |
Loans individually evaluated for impairment | $384,522 | $346,906 | ' | ' |
Loans collectively evaluated for impairment | 12,001,856 | 12,809,008 | ' | ' |
Total loans | 12,386,378 | 13,155,914 | ' | ' |
Loans individually evaluated for impairment, allowance for loan losses | 21,531 | 5,046 | ' | ' |
Loans collectively evaluated for impairment, allowance for loan losses | 117,469 | 140,455 | ' | ' |
Total allowance for loan losses | 139,000 | 145,501 | 157,185 | 201,499 |
Consumer and Other Loans | ' | ' | ' | ' |
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 | ' | ' | ' | ' |
Loans collectively evaluated for impairment | 239,681 | 264,094 | ' | ' |
Total loans | 239,681 | 264,094 | ' | ' |
Loans collectively evaluated for impairment, allowance for loan losses | 8,824 | 6,316 | ' | ' |
Total allowance for loan losses | 8,824 | 6,316 | 3,800 | 4,146 |
Mortgage Loans (Gross) | ' | ' | ' | ' |
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 | ' | ' | ' | ' |
Total loans | 12,146,697 | 12,891,820 | ' | ' |
Mortgage Loans (Gross) | Residential | ' | ' | ' | ' |
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 | ' | ' | ' | ' |
Loans individually evaluated for impairment | 311,930 | 272,146 | ' | ' |
Loans collectively evaluated for impairment | 7,725,346 | 9,439,080 | ' | ' |
Total loans | 8,037,276 | 9,711,226 | ' | ' |
Loans individually evaluated for impairment, allowance for loan losses | 18,352 | 1,001 | ' | ' |
Loans collectively evaluated for impairment, allowance for loan losses | 61,985 | 88,266 | ' | ' |
Total allowance for loan losses | 80,337 | 89,267 | 105,991 | 125,524 |
Mortgage Loans (Gross) | Multi-Family | ' | ' | ' | ' |
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 | ' | ' | ' | ' |
Loans individually evaluated for impairment | 52,538 | 56,116 | ' | ' |
Loans collectively evaluated for impairment | 3,243,917 | 2,350,562 | ' | ' |
Total loans | 3,296,455 | 2,406,678 | ' | ' |
Loans individually evaluated for impairment, allowance for loan losses | 2,877 | 2,576 | ' | ' |
Loans collectively evaluated for impairment, allowance for loan losses | 33,826 | 32,938 | ' | ' |
Total allowance for loan losses | 36,703 | 35,514 | 35,422 | 56,266 |
Mortgage Loans (Gross) | Commercial Real Estate | ' | ' | ' | ' |
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 | ' | ' | ' | ' |
Loans individually evaluated for impairment | 20,054 | 18,644 | ' | ' |
Loans collectively evaluated for impairment | 792,912 | 755,272 | ' | ' |
Total loans | 812,966 | 773,916 | ' | ' |
Loans individually evaluated for impairment, allowance for loan losses | 302 | 1,469 | ' | ' |
Loans collectively evaluated for impairment, allowance for loan losses | 12,834 | 12,935 | ' | ' |
Total allowance for loan losses | $13,136 | $14,404 | $11,972 | $15,563 |
Recovered_Sheet1
Loans Receivable and Allowance for Loan Losses (Details 9) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Multi-Family | Multi-Family | Commercial Real Estate | Commercial Real Estate | ||
Full documentation interest-only loans | Full documentation interest-only loans | Full documentation amortizing loans | Full documentation amortizing loans | Reduced documentation interest-only loans | Reduced documentation interest-only loans | Reduced documentation amortizing loans | Reduced documentation amortizing loans | ||||||||
Financing Receivable, Impaired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period after which loans are individually evaluated for impairment | ' | ' | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unpaid Principal Balance, Loans with an allowance recorded | ' | ' | ' | $142,659 | $10,740 | $41,136 | $6,122 | $183,280 | $12,893 | $30,660 | $3,889 | $19,748 | $19,704 | $5,790 | $10,835 |
Unpaid Principal Balance, Loans without an allowance recorded | ' | ' | ' | ' | 122,275 | ' | 23,489 | ' | 166,477 | ' | 23,419 | 39,871 | 44,341 | 19,988 | 13,256 |
Unpaid Principal Balance | 483,132 | 457,440 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recorded Investment, Loans with an allowance recorded | ' | ' | ' | 109,877 | 10,740 | 36,091 | 6,122 | 140,357 | 12,893 | 25,605 | 3,889 | 19,748 | 19,704 | 5,790 | 10,835 |
Recorded Investment, Loans without an allowance recorded | ' | ' | ' | ' | 86,607 | ' | 17,962 | ' | 116,514 | ' | 17,419 | 32,790 | 36,412 | 14,264 | 7,809 |
Recorded Investment | 384,522 | 346,906 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Allowance | -21,531 | -5,046 | ' | -6,019 | -241 | -2,458 | -347 | -7,673 | -277 | -2,202 | -136 | -2,877 | -2,576 | -302 | -1,469 |
Net Investment, Loans with an allowance recorded | ' | ' | ' | 103,858 | 10,499 | 33,633 | 5,775 | 132,684 | 12,616 | 23,403 | 3,753 | 16,871 | 17,128 | 5,488 | 9,366 |
Net Investment, Loans without an allowance recorded | ' | ' | ' | ' | 86,607 | ' | 17,962 | ' | 116,514 | ' | 17,419 | 32,790 | 36,412 | 14,264 | 7,809 |
Net Investment | $362,991 | $341,860 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet2
Loans Receivable and Allowance for Loan Losses (Details 10) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ' | ' | ' |
Average Recorded Investment | $396,575 | $342,760 | $309,898 |
Interest Income Recognized | 12,216 | 9,781 | 8,910 |
Cash Basis Interest Income | 12,677 | 10,212 | 9,257 |
Residential | Full documentation interest-only loans | ' | ' | ' |
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ' | ' | ' |
Average Recorded Investment, Loans with an allowance recorded | 106,720 | 10,436 | 10,688 |
Average Recorded Investment, Loans without an allowance recorded | 11,547 | 82,631 | 68,320 |
Interest Income Recognized, Loans with an allowance recorded | 2,938 | 348 | 420 |
Interest Income Recognized, Loans without an allowance recorded | ' | 1,633 | 1,402 |
Cash Basis Interest Income, Loans with an allowance recorded | 3,068 | 350 | 425 |
Cash Basis Interest Income, Loans without an allowance recorded | ' | 1,739 | 1,626 |
Residential | Full documentation amortizing loans | ' | ' | ' |
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ' | ' | ' |
Average Recorded Investment, Loans with an allowance recorded | 30,790 | 4,482 | 5,428 |
Average Recorded Investment, Loans without an allowance recorded | 3,517 | 17,554 | 13,858 |
Interest Income Recognized, Loans with an allowance recorded | 948 | 193 | 158 |
Interest Income Recognized, Loans without an allowance recorded | ' | 299 | 214 |
Cash Basis Interest Income, Loans with an allowance recorded | 974 | 200 | 156 |
Cash Basis Interest Income, Loans without an allowance recorded | ' | 332 | 252 |
Residential | Reduced documentation interest-only loans | ' | ' | ' |
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ' | ' | ' |
Average Recorded Investment, Loans with an allowance recorded | 145,490 | 11,352 | 11,239 |
Average Recorded Investment, Loans without an allowance recorded | 1,669 | 115,593 | 108,857 |
Interest Income Recognized, Loans with an allowance recorded | 4,179 | 542 | 544 |
Interest Income Recognized, Loans without an allowance recorded | ' | 2,555 | 2,131 |
Cash Basis Interest Income, Loans with an allowance recorded | 4,371 | 543 | 539 |
Cash Basis Interest Income, Loans without an allowance recorded | ' | 2,655 | 2,317 |
Residential | Reduced documentation amortizing loans | ' | ' | ' |
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ' | ' | ' |
Average Recorded Investment, Loans with an allowance recorded | 25,460 | 2,445 | 1,248 |
Average Recorded Investment, Loans without an allowance recorded | ' | 17,319 | 14,130 |
Interest Income Recognized, Loans with an allowance recorded | 696 | 114 | 88 |
Interest Income Recognized, Loans without an allowance recorded | ' | 367 | 333 |
Cash Basis Interest Income, Loans with an allowance recorded | 729 | 119 | 86 |
Cash Basis Interest Income, Loans without an allowance recorded | ' | 384 | 341 |
Multi-Family | ' | ' | ' |
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ' | ' | ' |
Average Recorded Investment, Loans with an allowance recorded | 19,130 | 48,196 | 55,284 |
Average Recorded Investment, Loans without an allowance recorded | 33,193 | 14,617 | 882 |
Interest Income Recognized, Loans with an allowance recorded | 737 | 663 | 2,168 |
Interest Income Recognized, Loans without an allowance recorded | 1,606 | 2,053 | 215 |
Cash Basis Interest Income, Loans with an allowance recorded | 789 | 715 | 2,096 |
Cash Basis Interest Income, Loans without an allowance recorded | 1,671 | 2,088 | 215 |
Commercial Real Estate | ' | ' | ' |
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ' | ' | ' |
Average Recorded Investment, Loans with an allowance recorded | 8,112 | 12,724 | 19,964 |
Average Recorded Investment, Loans without an allowance recorded | 10,947 | 5,411 | ' |
Interest Income Recognized, Loans with an allowance recorded | 367 | 495 | 1,237 |
Interest Income Recognized, Loans without an allowance recorded | 745 | 519 | ' |
Cash Basis Interest Income, Loans with an allowance recorded | 377 | 540 | 1,204 |
Cash Basis Interest Income, Loans without an allowance recorded | $698 | $547 | ' |
Recovered_Sheet3
Loans Receivable and Allowance for Loan Losses (Details 11) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
item | item | item | |
Mortgage Loans (Gross) | ' | ' | ' |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | ' | ' |
Number of Loans | 100 | 93 | 65 |
Pre-Modification Recorded Investment | $43,099,000 | $62,994,000 | $34,350,000 |
Recorded Investment | 41,008,000 | 56,941,000 | 32,965,000 |
Mortgage Loans (Gross) | Residential Mortgage Loans | Full documentation interest-only loans | ' | ' | ' |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | ' | ' |
Number of Loans | 26 | 20 | 14 |
Pre-Modification Recorded Investment | 6,760,000 | 4,390,000 | 5,750,000 |
Recorded Investment | 6,730,000 | 4,355,000 | 5,698,000 |
Mortgage Loans (Gross) | Residential Mortgage Loans | Full documentation amortizing loans | ' | ' | ' |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | ' | ' |
Number of Loans | 11 | 11 | 2 |
Pre-Modification Recorded Investment | 3,753,000 | 3,319,000 | 438,000 |
Recorded Investment | 3,734,000 | 3,291,000 | 389,000 |
Mortgage Loans (Gross) | Residential Mortgage Loans | Reduced documentation interest-only loans | ' | ' | ' |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | ' | ' |
Number of Loans | 37 | 29 | 28 |
Pre-Modification Recorded Investment | 12,199,000 | 11,141,000 | 12,116,000 |
Recorded Investment | 12,227,000 | 11,125,000 | 11,941,000 |
Mortgage Loans (Gross) | Residential Mortgage Loans | Reduced documentation amortizing loans | ' | ' | ' |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | ' | ' |
Number of Loans | 11 | 14 | 6 |
Pre-Modification Recorded Investment | 3,404,000 | 3,984,000 | 1,204,000 |
Recorded Investment | 3,325,000 | 3,860,000 | 1,176,000 |
Mortgage Loans (Gross) | Multi-Family | ' | ' | ' |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | ' | ' |
Number of Loans | 8 | 16 | 11 |
Pre-Modification Recorded Investment | 6,751,000 | 36,262,000 | 7,666,000 |
Recorded Investment | 5,888,000 | 32,005,000 | 7,140,000 |
Mortgage Loans (Gross) | Commercial Real Estate | ' | ' | ' |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | ' | ' |
Number of Loans | 7 | 3 | 4 |
Pre-Modification Recorded Investment | 10,232,000 | 3,898,000 | 7,176,000 |
Recorded Investment | 9,104,000 | 2,305,000 | 6,621,000 |
Non-performing | Bankruptcy loans | ' | ' | ' |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | ' | ' |
Loans discharged prior to 2012 included in impaired loans | $65,100,000 | ' | ' |
Recovered_Sheet4
Loans Receivable and Allowance for Loan Losses (Details 12) (Mortgage Loans (Gross), USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
item | item | item | |
Information about loans receivable by segment and class modified in troubled debt restructuring | ' | ' | ' |
Number of Loans | 37 | 14 | 21 |
Recorded Investment | $9,521 | $7,854 | $8,042 |
Residential Mortgage Loans | Full documentation interest-only loans | ' | ' | ' |
Information about loans receivable by segment and class modified in troubled debt restructuring | ' | ' | ' |
Number of Loans | 11 | 1 | 5 |
Recorded Investment | 2,191 | 165 | 1,797 |
Residential Mortgage Loans | Full documentation amortizing loans | ' | ' | ' |
Information about loans receivable by segment and class modified in troubled debt restructuring | ' | ' | ' |
Number of Loans | 4 | 2 | 1 |
Recorded Investment | 1,334 | 643 | 83 |
Residential Mortgage Loans | Reduced documentation interest-only loans | ' | ' | ' |
Information about loans receivable by segment and class modified in troubled debt restructuring | ' | ' | ' |
Number of Loans | 17 | 5 | 12 |
Recorded Investment | 4,190 | 1,829 | 5,482 |
Residential Mortgage Loans | Reduced documentation amortizing loans | ' | ' | ' |
Information about loans receivable by segment and class modified in troubled debt restructuring | ' | ' | ' |
Number of Loans | 3 | 4 | 2 |
Recorded Investment | 788 | 1,628 | 358 |
Multi-Family | ' | ' | ' |
Information about loans receivable by segment and class modified in troubled debt restructuring | ' | ' | ' |
Number of Loans | 2 | 2 | 1 |
Recorded Investment | $1,018 | $3,589 | $322 |
Recovered_Sheet5
Loans Receivable and Allowance for Loan Losses (Details 13) (Geographic Concentration Risk, Residential) | 12 Months Ended |
Dec. 31, 2013 | |
New York | ' |
Percentage of total residential mortgage loans by state or region | ' |
Percentage of Total | 29.60% |
Connecticut | ' |
Percentage of total residential mortgage loans by state or region | ' |
Percentage of Total | 10.30% |
Illinois | ' |
Percentage of total residential mortgage loans by state or region | ' |
Percentage of Total | 9.20% |
Massachusetts | ' |
Percentage of total residential mortgage loans by state or region | ' |
Percentage of Total | 8.50% |
New Jersey | ' |
Percentage of total residential mortgage loans by state or region | ' |
Percentage of Total | 7.10% |
Virginia | ' |
Percentage of total residential mortgage loans by state or region | ' |
Percentage of Total | 7.00% |
Maryland | ' |
Percentage of total residential mortgage loans by state or region | ' |
Percentage of Total | 6.20% |
California | ' |
Percentage of total residential mortgage loans by state or region | ' |
Percentage of Total | 5.90% |
Non-performing | New York | ' |
Percentage of total residential mortgage loans by state or region | ' |
Percentage of Total | 17.80% |
Non-performing | Connecticut | ' |
Percentage of total residential mortgage loans by state or region | ' |
Percentage of Total | 11.80% |
Non-performing | Illinois | ' |
Percentage of total residential mortgage loans by state or region | ' |
Percentage of Total | 11.60% |
Non-performing | Massachusetts | ' |
Percentage of total residential mortgage loans by state or region | ' |
Percentage of Total | 4.40% |
Non-performing | New Jersey | ' |
Percentage of total residential mortgage loans by state or region | ' |
Percentage of Total | 18.70% |
Non-performing | Virginia | ' |
Percentage of total residential mortgage loans by state or region | ' |
Percentage of Total | 4.90% |
Non-performing | Maryland | ' |
Percentage of total residential mortgage loans by state or region | ' |
Percentage of Total | 11.60% |
Non-performing | California | ' |
Percentage of total residential mortgage loans by state or region | ' |
Percentage of Total | 7.70% |
Mortgage_Servicing_Rights_Deta
Mortgage Servicing Rights (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Mortgage Servicing Rights | ' | ' | ' |
Unpaid principal balances of loans serviced for others | $1,500,000,000 | $1,440,000,000 | ' |
Mortgage servicing rights | 12,800,000 | 6,947,000 | 8,136,000 |
Estimated Fair Value | ' | ' | ' |
Mortgage Servicing Rights | ' | ' | ' |
Mortgage servicing rights | $12,800,000 | $6,900,000 | ' |
Mortgage_Servicing_Rights_Deta1
Mortgage Servicing Rights (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Mortgage Servicing Rights. | ' | ' | ' |
Carrying amount before valuation allowance at beginning of year | $15,143 | $15,401 | $16,321 |
Additions - servicing obligations that result from transfers of financial assets | 3,681 | 3,651 | 2,330 |
Amortization | -3,229 | -3,909 | -3,250 |
Carrying amount before valuation allowance at end of year | 15,595 | 15,143 | 15,401 |
Valuation allowance at beginning of year | -8,196 | -7,265 | -7,117 |
Recovery of (provision for) valuation allowance | 5,401 | -931 | -148 |
Valuation allowance at end of year | -2,795 | -8,196 | -7,265 |
Net carrying amount at end of year | $12,800 | $6,947 | $8,136 |
Mortgage_Servicing_Rights_Deta2
Mortgage Servicing Rights (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Mortgage Servicing Rights. | ' | ' | ' |
Loan servicing fees | $4,189,000 | $4,070,000 | $4,095,000 |
Net gain on sales of loans | 6,880,000 | 7,590,000 | 3,716,000 |
Amortization of MSR | -3,229,000 | -3,909,000 | -3,250,000 |
Recovery of (provision for) valuation allowance on MSR | 5,401,000 | -931,000 | -148,000 |
Total mortgage banking income, net | 13,241,000 | 6,820,000 | 4,413,000 |
Estimated future MSR amortization | ' | ' | ' |
2014 | 2,400,000 | ' | ' |
2015 | 2,100,000 | ' | ' |
2016 | 1,800,000 | ' | ' |
2017 | 1,500,000 | ' | ' |
2018 | $1,300,000 | ' | ' |
Deposits_Details
Deposits (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Weighted Average Rate: | ' | ' |
Savings (as a percent) | 0.05% | 0.05% |
Money market (as a percent) | 0.25% | 0.74% |
NOW (as a percent) | 0.06% | 0.05% |
Total core deposits (as a percent) | 0.11% | 0.21% |
Certificates of deposit (as a percent) | 1.50% | 1.55% |
Total deposits (as a percent) | 0.57% | 0.72% |
Balance: | ' | ' |
Savings | $2,493,899 | $2,802,298 |
Money market | 1,972,136 | 1,586,556 |
NOW | 1,231,890 | 1,259,771 |
Non-interest bearing NOW and demand deposit | 865,588 | 834,962 |
Total core deposits | 6,563,513 | 6,483,587 |
Certificates of deposit | 3,291,797 | 3,960,371 |
Total deposits | $9,855,310 | $10,443,958 |
Percent of Total: | ' | ' |
Savings (as a percent) | 25.31% | 26.83% |
Money market (as a percent) | 20.01% | 15.19% |
NOW (as a percent) | 12.50% | 12.06% |
Non-interest bearing NOW and demand deposit (as a percent) | 8.78% | 8.00% |
Total core deposits (as a percent) | 66.60% | 62.08% |
Certificates of deposit (as a percent) | 33.40% | 37.92% |
Total deposits (as a percent) | 100.00% | 100.00% |
Deposits_Details_2
Deposits (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deposits | ' | ' |
Aggregate amount of certificates of deposit equal to or greater than $100,000 | $1,060,000,000 | $1,250,000,000 |
Brokered certificates of deposit | $0 | $0 |
Deposits_Details_3
Deposits (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Certificates of deposit | ' | ' |
2014, Weighted Average Rate (as a percent) | 0.97% | ' |
2015, Weighted Average Rate (as a percent) | 2.06% | ' |
2016, Weighted Average Rate (as a percent) | 2.08% | ' |
2017, Weighted Average Rate (as a percent) | 1.13% | ' |
2018, Weighted Average Rate (as a percent) | 1.06% | ' |
2019 and thereafter, Weighted Average Rate (as a percent) | 1.57% | ' |
Total, Weighted Average Rate (as a percent) | 1.50% | ' |
2014, Balance | $1,476,676 | ' |
2015, Balance | 1,099,849 | ' |
2016, Balance | 462,897 | ' |
2017, Balance | 141,099 | ' |
2018, Balance | 110,552 | ' |
2019 and thereafter, Balance | 724 | ' |
Total, Balance | $3,291,797 | $3,960,371 |
2014 (as a percent) | 44.86% | ' |
2015 (as a percent) | 33.41% | ' |
2016 (as a percent) | 14.06% | ' |
2017 (as a percent) | 4.29% | ' |
2018 (as a percent) | 3.36% | ' |
2019 and thereafter (as a percent) | 0.02% | ' |
Percent of total | 100.00% | ' |
Deposits_Details_4
Deposits (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deposits | ' | ' | ' |
Savings | $1,329 | $4,437 | $9,562 |
Money market | 5,646 | 8,944 | 4,551 |
Interest-bearing NOW | 691 | 978 | 1,175 |
Certificates of deposit | 54,951 | 83,662 | 122,761 |
Total interest expense on deposits | $62,617 | $98,021 | $138,049 |
Borrowings_Details
Borrowings (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Borrowings | ' | ' | ' |
Federal funds purchased | $335,000 | ' | ' |
Reverse repurchase agreements | 1,100,000 | 1,100,000 | ' |
FHLB-NY advances | 2,454,000 | 2,897,000 | ' |
Other borrowings, net | 248,161 | 376,496 | ' |
Total borrowings, net | 4,137,161 | 4,373,496 | ' |
Weighted Average Rate (as a percent) | 2.41% | 3.03% | ' |
Reverse repurchase agreements | ' | ' | ' |
Borrowings | ' | ' | ' |
Reverse repurchase agreements | 1,100,000 | 1,100,000 | 1,700,000 |
Weighted average rate, long-term debt | 3.87% | 4.32% | 4.30% |
FHLB advances | FHLB-NY | ' | ' | ' |
Borrowings | ' | ' | ' |
FHLB-NY advances | 2,454,000 | 2,897,000 | 2,043,000 |
Weighted average rate, long-term debt | 1.79% | 2.07% | 3.13% |
Other borrowings, net | ' | ' | ' |
Borrowings | ' | ' | ' |
Other borrowings, net | 248,161 | 376,496 | ' |
Weighted average rate, long-term debt | 5.00% | 6.62% | ' |
Federal funds purchased | ' | ' | ' |
Borrowings | ' | ' | ' |
Federal funds purchased | $335,000 | $0 | $0 |
Weighted average rate, short-term debt | 0.28% | ' | ' |
Borrowings_Details_2
Borrowings (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Short Term Borrowings | ' | ' | ' |
Outstanding amount | $335,000,000 | ' | ' |
Federal funds purchased | ' | ' | ' |
Short Term Borrowings | ' | ' | ' |
Average balance during the year | 209,400,000 | ' | ' |
Weighted average interest rate during the year (as a percent) | 0.28% | ' | ' |
Maximum amount outstanding at any month end during the year | 335,000,000 | ' | ' |
Outstanding amount | $335,000,000 | $0 | $0 |
Borrowings_Details_3
Borrowings (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Borrowings | ' | ' | ' |
Balance outstanding at end of year | $1,100,000 | $1,100,000 | ' |
Reverse repurchase agreements | ' | ' | ' |
Borrowings | ' | ' | ' |
Average balance during the year | 1,100,000 | 1,422,678 | 1,926,575 |
Maximum balance at any month end during the year | 1,100,000 | 1,700,000 | 2,100,000 |
Balance outstanding at end of year | $1,100,000 | $1,100,000 | $1,700,000 |
Weighted average interest rate during the year (as a percent) | 4.06% | 4.28% | 4.23% |
Weighted average interest rate at end of year | 3.87% | 4.32% | 4.30% |
Borrowings_Details_4
Borrowings (Details 4) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Borrowings | ' | ' | ' |
Total | $1,100,000,000 | $1,100,000,000 | ' |
Reverse repurchase agreements | ' | ' | ' |
Borrowings | ' | ' | ' |
2017 | 600,000,000 | ' | ' |
2018 | 200,000,000 | ' | ' |
2020 | 300,000,000 | ' | ' |
Total | 1,100,000,000 | 1,100,000,000 | 1,700,000,000 |
Callable within the next three months | 100,000,000 | ' | ' |
Callable in 2016 | 100,000,000 | ' | ' |
Callable in 2017 | $100,000,000 | ' | ' |
Borrowings_Details_5
Borrowings (Details 5) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
FHLB-NY advances | ' | ' | ' |
Balance outstanding at end of year | $2,454,000 | $2,897,000 | ' |
FHLB Advances | FHLB-NY | ' | ' | ' |
FHLB-NY advances | ' | ' | ' |
Average balance during the year | 2,512,425 | 2,765,985 | 2,063,700 |
Maximum balance at any month end during the year | 2,881,000 | 3,215,000 | 2,487,000 |
Balance outstanding at end of year | $2,454,000 | $2,897,000 | $2,043,000 |
Weighted average interest rate during the year (as a percent) | 2.00% | 2.24% | 3.45% |
Weighted average interest rate at end of year | 1.79% | 2.07% | 3.13% |
Borrowings_Details_6
Borrowings (Details 6) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
FHLB-NY advances | ' | ' | ' |
Total | $2,454,000,000 | $2,897,000,000 | ' |
FHLB Advances | FHLB-NY advances | ' | ' | ' |
FHLB-NY advances | ' | ' | ' |
2014 | 754,000,000 | ' | ' |
2015 | 300,000,000 | ' | ' |
2016 | 550,000,000 | ' | ' |
2020 | 850,000,000 | ' | ' |
Total | 2,454,000,000 | 2,897,000,000 | 2,043,000,000 |
Due overnight | 284,000,000 | ' | ' |
Due in less than 30 days | 370,000,000 | ' | ' |
Due in 30-60 days | 50,000,000 | ' | ' |
Due after 90 days | $50,000,000 | ' | ' |
Borrowings_Details_7
Borrowings (Details 7) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Sep. 13, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 19, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 10-May-13 | Jun. 30, 2013 | 10-May-13 | |
Senior Notes Member | Senior Notes Member | Senior Notes Member | Senior Notes Member | Senior Notes Member | Reverse repurchase agreements | Reverse repurchase agreements | Reverse repurchase agreements | Reverse repurchase agreements | Reverse repurchase agreements | Reverse repurchase agreements | Junior Subordinated Debt | Junior Subordinated Debt | Astoria Capital Trust I | |||
5.75% Senior Unsecured Notes due 2012 | 5.75% Senior Unsecured Notes due 2012 | 5.00% Senior Unsecured Notes due 2017 | 5.00% Senior Unsecured Notes due 2017 | 5.00% Senior Unsecured Notes due 2017 | Minimum | Minimum | Maximum | Maximum | ||||||||
Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, contractual maturities | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '5 years | '10 years | '10 years | ' | ' | ' |
Securities pledged as collateral for repurchase agreements, Amortized Cost | ' | ' | ' | ' | ' | ' | ' | $1,260,000,000 | $1,210,000,000 | ' | ' | ' | ' | ' | ' | ' |
Securities pledged as collateral for repurchase agreements, Fair Value | ' | ' | ' | ' | ' | ' | ' | 1,240,000,000 | 1,230,000,000 | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | 128,900,000 | ' | ' |
Debt instrument, interest rate (as a percent) | ' | ' | ' | ' | 5.00% | ' | 5.00% | ' | ' | ' | ' | ' | ' | 9.75% | ' | 9.75% |
Minimum notice requirement | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other borrowings, net | 248,161,000 | 376,496,000 | ' | ' | 248,200,000 | 247,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Securities, aggregate liquidation amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 |
Common securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 |
Prepayment price for Junior Subordinated Debentures as a percentage of aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103.41% | ' | ' |
Debt prepayment, aggregate principal amount | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 128,900,000 | ' | ' |
Prepayment charge | $4,266,000 | $1,212,000 | ' | $1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,300,000 | ' |
Borrowings_Details_8
Borrowings (Details 8) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Borrowings | ' | ' | ' |
Total interest expense on borrowings | $113,911 | $154,219 | $181,773 |
Reverse repurchase agreements | ' | ' | ' |
Borrowings | ' | ' | ' |
Total interest expense on borrowings | 45,272 | 61,855 | 82,602 |
FHLB advances | FHLB-NY advances | ' | ' | ' |
Borrowings | ' | ' | ' |
Total interest expense on borrowings | 50,654 | 62,675 | 71,909 |
Other borrowings | ' | ' | ' |
Borrowings | ' | ' | ' |
Total interest expense on borrowings | 17,398 | 29,689 | 27,262 |
Federal funds purchased | ' | ' | ' |
Borrowings | ' | ' | ' |
Total interest expense on borrowings | $587 | ' | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||
Jan. 07, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 18, 2007 | Dec. 31, 2013 | Mar. 19, 2013 | Mar. 19, 2013 | |
Astoria Federal | Series C Preferred Stock | Depositary share | |||||
Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Shares issued (in shares) | ' | ' | ' | ' | ' | 135,000 | 5,400,000 |
Per share interest in Non-Cumulative Perpetual Preferred Stock, Series C | ' | ' | ' | ' | ' | ' | 0.025 |
Dividend rate (as a percent) | ' | ' | ' | ' | ' | 6.50% | ' |
Par value (in dollars per share) | ' | $1 | $1 | ' | ' | $1 | ' |
Liquidation preference (in dollars per share) | ' | ' | ' | ' | ' | $1,000 | $25 |
Aggregate proceeds from the offering, net of underwriting discounts and other issuance costs | ' | $129,796,000 | ' | ' | ' | $129,800,000 | ' |
Redemption price (in dollars per share) | ' | ' | ' | ' | ' | $1,000 | $25 |
Dividend reinvestment and stock purchase plan, shares of authorized and unissued reserved for the plan | 1,500,000 | ' | ' | ' | ' | ' | ' |
Maximum optional cash purchases amount per month of additional shares of common stock through the dividend reinvestment and stock purchase plan | 10,000 | ' | ' | ' | ' | ' | ' |
Stock repurchase program approved | ' | ' | ' | 10,000,000 | ' | ' | ' |
Percentage of common stock Outstanding | ' | ' | ' | 10.00% | ' | ' | ' |
The remaining number of shares authorized to be purchased | ' | 8,107,300 | ' | ' | ' | ' | ' |
Minimum notice period required for declaring dividend | ' | ' | ' | ' | '30 days | ' | ' |
Dividend paid by Astoria Federal | ' | ' | ' | ' | $44,000,000 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
item | |||
Commitments and Contingencies | ' | ' | ' |
Rent expense under operating leases | $13,500,000 | $11,100,000 | $9,700,000 |
Minimum sublease rentals due in the future | 5,900,000 | ' | ' |
Repurchase of loan as a result of recourse provisions, number | 1 | ' | ' |
Repurchase of loan as a result of recourse provisions, amount | 494,000 | ' | ' |
Principal balance of loans sold with recourse provisions | 358,100,000 | 342,200,000 | ' |
Outstanding standby letters of credit | $513,000 | $213,000 | ' |
Maximum | ' | ' | ' |
Commitments and Contingencies | ' | ' | ' |
Standby letters of credit, term extended by guarantee | '1 year | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 2) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies | ' |
2014 | $11,379 |
2015 | 11,595 |
2016 | 11,328 |
2017 | 9,827 |
2018 | 8,469 |
2019 and thereafter | 39,660 |
Total | $92,258 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details 3) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments and Contingencies | ' | ' |
Alleged tax deficiency including interest and penalties related to 2006 through 2008 tax years | $13,300,000 | ' |
Number of subsidiaries to which alleged tax deficiencies are related | 2 | ' |
Liability or reserve recorded related to alleged tax deficiencies | 0 | ' |
Loans held-for-sale | ' | ' |
Commitments and Contingencies | ' | ' |
Commitments to extend credit - fixed rate | 9,200,000 | 63,000,000 |
Adjustable Rate Loans | ' | ' |
Commitments and Contingencies | ' | ' |
Commitments to purchase or sell loans | 8,521,000 | 18,309,000 |
Fixed Rate | ' | ' |
Commitments and Contingencies | ' | ' |
Commitments to purchase or sell loans | 24,326,000 | 33,363,000 |
Home Equity - unused lines of credit | ' | ' |
Commitments and Contingencies | ' | ' |
Commitments to extend credit - adjustable rate | 103,436,000 | 138,232,000 |
Consumer and commercial loans - unused lines of credit | ' | ' |
Commitments and Contingencies | ' | ' |
Commitments to extend credit - adjustable rate | 74,534,000 | 59,335,000 |
Mortgage Loans | ' | ' |
Commitments and Contingencies | ' | ' |
Commitments to extend credit - adjustable rate | 216,675,000 | 80,691,000 |
Commitments to extend credit - fixed rate | 50,303,000 | 253,290,000 |
Commitments to purchase or sell loans | $19,114,000 | $121,932,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $24,524 | ($29,202) | $20,752 |
State and local | 3,722 | 3,201 | 3,862 |
Total current | 28,246 | -26,001 | 24,614 |
Deferred: | ' | ' | ' |
Federal | 9,496 | 52,969 | 14,305 |
State and local | 7 | 912 | -204 |
Total deferred | 9,503 | 53,881 | 14,101 |
Total income tax expense | $37,749 | $27,880 | $38,715 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes | ' | ' | ' |
Expected income tax expense at statutory federal rate | $36,520 | $28,340 | $37,073 |
State and local taxes, net of federal tax effect | 2,424 | 2,673 | 2,378 |
Tax exempt income (principally on BOLI) | -2,945 | -3,356 | -3,672 |
Non-deductible ESOP compensation | 2,613 | 2,187 | 3,936 |
Low income housing tax credit | -1,676 | -1,727 | -1,885 |
Other, net | 813 | -237 | 885 |
Total income tax expense | $37,749 | $27,880 | $38,715 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Allowances for losses | $54,511 | $55,057 |
Compensation and benefits (principally pension and other postretirement benefit plans) | 21,955 | 53,167 |
Mortgage loans (principally deferred loan origination costs) | 7,524 | 9,029 |
Net unrealized loss on securities available-for-sale | 4,010 | ' |
Effect of unrecognized tax benefits, related accrued interest and other deductible temporary differences | 5,489 | 7,238 |
Total gross deferred tax assets | 93,489 | 124,491 |
Deferred tax liabilities: | ' | ' |
Premises and equipment | -3,882 | -3,124 |
Net unrealized gain on securities available-for-sale | ' | -2,432 |
Total gross deferred tax liabilities | -3,882 | -5,556 |
Net deferred tax assets (included in other assets) | $89,607 | $118,935 |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes | ' | ' |
Unrecognized tax benefits at beginning of year | $3,428 | $3,856 |
Additions as a result of a tax position taken during the current period | 600 | 630 |
Reductions as a result of tax positions taken during a prior period | -19 | ' |
Reductions relating to settlement with taxing authorities | ' | -1,058 |
Unrecognized tax benefits at end of year | $4,009 | $3,428 |
Income_Taxes_Details_5
Income Taxes (Details 5) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes | ' | ' | ' |
Reduction in income tax expense, net of the related federal tax effects, that would result in a realization of unrecognized tax benefits | $2,600,000 | ' | ' |
Accrued liabilities for interest and penalties related to uncertain tax positions | 1,100,000 | 730,000 | ' |
Interest and penalties on uncertain tax positions, income tax expense | 224,000 | 316,000 | 271,000 |
Reduction in income tax expense, net of the related deferred tax effects, that would result in a realization of unrecognized tax benefits for the reversal of accrued interest and penalties | 726,000 | ' | ' |
Base year bad debt reserves | 165,800,000 | 165,800,000 | ' |
Unrecognized deferred federal income tax liability | $58,000,000 | $58,000,000 | ' |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Common Share | ' | ' | ' |
Net income | $66,593 | $53,091 | $67,209 |
Preferred stock dividends | -7,214 | ' | ' |
Net income available to common shareholders | 59,379 | 53,091 | 67,209 |
Income allocated to participating securities | -720 | -463 | -1,685 |
Net income allocated to common shareholders | $58,659 | $52,628 | $65,524 |
Basic weighted average common shares outstanding | 97,121,497 | 95,455,344 | 93,253,928 |
Diluted weighted average common shares outstanding | 97,121,497 | 95,455,344 | 93,253,928 |
Basic EPS (in dollars per share) | $0.60 | $0.55 | $0.70 |
Diluted EPS (in dollars per share) | $0.60 | $0.55 | $0.70 |
Stock options excluded from computation of earnings per share (in shares) | 2,096,708 | 5,495,748 | 6,846,339 |
Restricted stock units | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' |
Outstanding (in shares) | ' | 0 | 0 |
Other_Comprehensive_IncomeLoss2
Other Comprehensive Income/Loss (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Changes in accumulated other comprehensive loss components | ' | ' | ' |
Balance at the beginning of the period | ($73,090) | ' | ' |
Other comprehensive (loss) income, net of tax | 34,840 | 2,571 | -33,500 |
Balance at the end of the period | -38,250 | -73,090 | ' |
Net unrealized gain (loss) on securities available-for-sale | ' | ' | ' |
Changes in accumulated other comprehensive loss components | ' | ' | ' |
Balance at the beginning of the period | 7,451 | ' | ' |
Other comprehensive (loss) income, net of tax | -11,817 | ' | ' |
Balance at the end of the period | -4,366 | ' | ' |
Net actuarial loss on pension plans and other postretirement benefits | ' | ' | ' |
Changes in accumulated other comprehensive loss components | ' | ' | ' |
Balance at the beginning of the period | -77,115 | ' | ' |
Other comprehensive (loss) income, net of tax | 46,515 | ' | ' |
Balance at the end of the period | -30,600 | ' | ' |
Prior service cost on pension plans and other postretirement benefits | ' | ' | ' |
Changes in accumulated other comprehensive loss components | ' | ' | ' |
Balance at the beginning of the period | -3,426 | ' | ' |
Other comprehensive (loss) income, net of tax | 142 | ' | ' |
Balance at the end of the period | ($3,284) | ' | ' |
Other_Comprehensive_IncomeLoss3
Other Comprehensive Income/Loss (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net unrealized loss on securities available-for-sale before tax amount: | ' | ' | ' |
Net unrealized holding loss on securities arising during the year | ($16,202) | ($2,040) | ($5,181) |
Reclassification adjustment for gain on sales of securities included in net income | -2,057 | -8,477 | ' |
Net unrealized loss on securities available-for-sale | -18,259 | -10,517 | ' |
Net actuarial loss adjustment on pension plans and other postretirement benefits before tax amount: | ' | ' | ' |
Net actuarial loss adjustment arising during the year | 68,150 | 14,141 | -55,530 |
Reclassification adjustment for net actuarial loss included in net income | 3,610 | 5,447 | 8,592 |
Net actuarial loss adjustment on pension plans and other postretirement benefits | 71,760 | 19,588 | -46,938 |
Prior service cost adjustment on pension plans and other postretirement benefits before tax amount: | ' | ' | ' |
Prior service cost adjustment arising during the year | ' | -5,463 | ' |
Reclassification adjustment for prior service cost included in net income | 213 | 152 | 92 |
Prior service cost adjustment on pension plans and other postretirement benefits | ' | -5,311 | ' |
Reclassification adjustment for loss on cash flow hedge included in net income, before tax amount | ' | 261 | 330 |
Total other comprehensive income, before tax amount | 53,714 | 4,021 | -51,697 |
Net unrealized loss on securities available-for-sale, tax benefit (expense): | ' | ' | ' |
Net unrealized holding loss on securities arising during the year | 5,717 | 720 | 1,827 |
Reclassification adjustment for gains included in net income | 725 | 2,987 | ' |
Net unrealized loss on securities available-for-sale | 6,442 | 3,707 | ' |
Net actuarial loss adjustment on pension plans and other postretirement benefits, tax benefit (expense): | ' | ' | ' |
Net actuarial loss adjustment arising during the year | -23,970 | -4,998 | 19,570 |
Reclassification adjustment for net actuarial loss included in net income | -1,275 | -1,920 | -3,028 |
Net actuarial loss adjustment on pension plans and other postretirement benefits | -25,245 | -6,918 | 16,542 |
Prior service cost adjustment on pension plans and other postretirement benefits, tax benefit (expense): | ' | ' | ' |
Prior service cost adjustment arising during the year | ' | 1,925 | ' |
Reclassification adjustment for prior service cost included in net income | -71 | -54 | -32 |
Prior service cost adjustment on pension plans and other postretirement benefits | -18,874 | 1,871 | ' |
Reclassification adjustment for loss on cash flow hedge included in net income, tax benefit (expense) | ' | -110 | -140 |
Total other comprehensive income, tax benefit (expense) | ' | -1,450 | 18,197 |
Net unrealized loss on securities available-for-sale: | ' | ' | ' |
Net unrealized holding loss on securities arising during the year | -10,485 | -1,320 | -3,354 |
Reclassification adjustment for gains included in net income | -1,332 | -5,490 | ' |
Net unrealized loss on securities available-for-sale | -11,817 | -6,810 | -3,354 |
Net actuarial loss adjustment on pension plans and other postretirement benefits: | ' | ' | ' |
Net actuarial loss adjustment arising during the year | 44,180 | 9,143 | -35,960 |
Reclassification adjustment for net actuarial loss included in net income | 2,335 | 3,527 | 5,564 |
Net actuarial loss adjustment on pension plans and other postretirement benefits | 46,515 | 12,670 | -30,396 |
Prior service cost adjustment on pension plans and other postretirement benefits: | ' | ' | ' |
Prior service cost adjustment arising during the year | ' | -3,538 | ' |
Reclassification adjustment for prior service cost included in net income | 142 | 98 | 60 |
Prior service cost adjustment on pension plans and other postretirement benefits | ' | -3,440 | ' |
Reclassification adjustment for loss on cash flow hedge included in net income | ' | 151 | 190 |
Total other comprehensive income (loss), net of tax | $34,840 | $2,571 | ($33,500) |
Other_Comprehensive_IncomeLoss4
Other Comprehensive Income/Loss (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ' | ' | ' |
Reclassification adjustment for gain on sales of securities | ($2,057) | ($8,477) | ' |
Reclassification adjustment for net actuarial loss | 3,610 | 5,447 | 8,592 |
Reclassification adjustment for prior service cost | 213 | 152 | 92 |
Income before income tax expense | 104,342 | 80,971 | 105,924 |
Income tax effect | -37,749 | -27,880 | -38,715 |
Net income | 66,593 | 53,091 | 67,209 |
Amount Reclassified from Accumulated Other Comprehensive Income | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ' | ' | ' |
Income before income tax expense | -1,766 | ' | ' |
Income tax effect | 621 | ' | ' |
Net income | -1,145 | ' | ' |
Gain on sales of securities | Amount Reclassified from Accumulated Other Comprehensive Income | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ' | ' | ' |
Reclassification adjustment for gain on sales of securities | 2,057 | ' | ' |
Compensation and benefits | Amount Reclassified from Accumulated Other Comprehensive Income | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ' | ' | ' |
Reclassification adjustment for net actuarial loss | -3,610 | ' | ' |
Reclassification adjustment for prior service cost | ($213) | ' | ' |
Benefit_Plans_Details
Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | $260,108 | $274,874 | ' |
Service cost | ' | 2,025 | 4,642 |
Interest cost | 9,549 | 10,992 | 12,212 |
Actuarial (gain) loss | -28,749 | 19,535 | ' |
Amendments | ' | 5,473 | ' |
Settlements | ' | -14,560 | ' |
Curtailments | ' | -28,192 | ' |
Benefits paid | -10,547 | -10,039 | ' |
Benefit obligation at end of year | 230,361 | 260,108 | 274,874 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 160,683 | 134,495 | ' |
Actual return on plan assets | 33,583 | 16,593 | ' |
Employer Contribution | 5,648 | 34,194 | ' |
Settlements | ' | -14,560 | ' |
Benefits paid | -10,547 | -10,039 | ' |
Fair value of plan assets at end of year | 189,367 | 160,683 | 134,495 |
Funded status at end of year | -40,994 | -99,425 | ' |
Other Postretirement Benefits | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 35,476 | 32,515 | ' |
Service cost | 1,578 | 1,061 | 529 |
Interest cost | 1,279 | 1,378 | 1,360 |
Actuarial (gain) loss | -18,572 | 1,454 | ' |
Benefits paid | -995 | -932 | ' |
Benefit obligation at end of year | 18,766 | 35,476 | 32,515 |
Change in plan assets: | ' | ' | ' |
Employer Contribution | 995 | 932 | ' |
Benefits paid | -995 | -932 | ' |
Funded status at end of year | ($18,766) | ($35,476) | ' |
Benefit_Plans_Details_2
Benefit Plans (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Benefit Plans | ' | ' |
Plan assets expected to be returned | $0 | ' |
Net actuarial loss that will be recognized as components of net periodic cost in 2014 | 830,000 | ' |
Prior service cost that will be recognized as components of net periodic cost in 2014 | 190,000 | ' |
Accumulated benefit obligation | 230,400,000 | 260,100,000 |
Pension Benefits | ' | ' |
Benefit Plans | ' | ' |
Contribution to Astoria Federal Pension Plan | 5,648,000 | 34,194,000 |
Astoria Federal | Pension Benefits | ' | ' |
Benefit Plans | ' | ' |
Contribution to Astoria Federal Pension Plan | 5,000,000 | ' |
Estimated Contribution to Astoria Federal Pension Plan in 2014 | $5,000,000 | ' |
Astoria Federal | Pension Benefits | Astoria Financial Corporation common stock | ' | ' |
Benefit Plans | ' | ' |
Maximum securities (as a percent) | 15.00% | ' |
Astoria Federal | Pension Benefits | Astoria Financial Corporation common stock | Maximum | ' | ' |
Benefit Plans | ' | ' |
Equity securities percentage in total plan assets | 10.00% | ' |
Astoria Federal | Pension Benefits | Equity securities | ' | ' |
Benefit Plans | ' | ' |
Maximum securities (as a percent) | 80.00% | ' |
Astoria Federal | Pension Benefits | Equity securities | International Equity Securities | ' | ' |
Benefit Plans | ' | ' |
Maximum securities (as a percent) | 10.00% | ' |
Astoria Federal | Pension Benefits | Equity securities | Large Cap Equity Securities | ' | ' |
Benefit Plans | ' | ' |
Maximum securities (as a percent) | 50.00% | ' |
Astoria Federal | Pension Benefits | Equity securities | Mid Cap Equity Securities | ' | ' |
Benefit Plans | ' | ' |
Maximum securities (as a percent) | 20.00% | ' |
Astoria Federal | Pension Benefits | Equity securities | Small Cap Equity Securities | ' | ' |
Benefit Plans | ' | ' |
Maximum securities (as a percent) | 20.00% | ' |
Astoria Federal | Pension Benefits | Equity securities | Investment in any one company | ' | ' |
Benefit Plans | ' | ' |
Maximum securities (as a percent) | 10.00% | ' |
Astoria Federal | Pension Benefits | Equity securities | Funds that mirror the S&P 500 | ' | ' |
Benefit Plans | ' | ' |
Maximum securities (as a percent) | 50.00% | ' |
Astoria Federal | Pension Benefits | Industry concentration | Investment in any one industry | ' | ' |
Benefit Plans | ' | ' |
Maximum securities (as a percent) | 30.00% | ' |
Astoria Federal | Pension Benefits | Debt securities | ' | ' |
Benefit Plans | ' | ' |
Maximum securities (as a percent) | 50.00% | ' |
Astoria Federal | Pension Benefits | Liquidity funds | ' | ' |
Benefit Plans | ' | ' |
Maximum securities (as a percent) | 25.00% | ' |
Benefit_Plans_Details_3
Benefit Plans (Details 3) (USD $) | 0 Months Ended | 12 Months Ended | ||
Dec. 20, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Incentive Savings Plan | ' | ' | ' | ' |
Employee maximum contribution of pre-tax base salary, percentage | ' | 30.00% | ' | ' |
Employee maximum contribution of pre-tax base salary limit | ' | $17,500 | ' | ' |
Maximum percentage of the participating employees' contributions matched by the employer | ' | 50.00% | ' | ' |
Maximum employer matching contribution as a percentage of participating employees' compensation | ' | 6.00% | ' | ' |
Matching contributions | ' | 2,000,000 | 0 | 0 |
Employee vesting in employer contributions after period of time | ' | '1 year | ' | ' |
Employee Stock Ownership Plan | ' | ' | ' | ' |
ESOP loans outstanding principal balance | ' | ' | 5,900,000 | ' |
ESOP loans interest rate (as a percent) | ' | 6.00% | ' | ' |
Shares allocated to participants | 967,013 | ' | 1,075,354 | 1,398,763 |
Shares allocated to participants to date | ' | 15,068,562 | ' | ' |
Remaining unallocated common stock held by ESOP | ' | 0 | 3,542,000 | ' |
Cash contribution to participant accounts | ' | 155,000 | 513,000 | 1,800,000 |
Compensation expense related to ESOP | ' | 11,200,000 | 10,700,000 | 18,200,000 |
Contribution to be made to the plan subsequent to December 31, 2013 | ' | $0 | ' | ' |
Benefit_Plans_Details_4
Benefit Plans (Details 4) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Pension Benefits | ' | ' |
Benefit Plans | ' | ' |
Net actuarial loss (gain) | $57,327 | $110,043 |
Prior service cost | 5,140 | 5,353 |
Total accumulated other comprehensive loss (income) | 62,467 | 115,396 |
Other Postretirement Benefits | ' | ' |
Benefit Plans | ' | ' |
Net actuarial loss (gain) | -8,089 | 10,955 |
Total accumulated other comprehensive loss (income) | ($8,089) | $10,955 |
Benefit_Plans_Details_5
Benefit Plans (Details 5) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Benefit Plans | ' | ' |
Accumulated benefit obligation | $230.40 | $260.10 |
Unfunded Retirement Plans | ' | ' |
Benefit Plans | ' | ' |
Projected benefit obligation | 13.1 | 14.6 |
Accumulated benefit obligation | $13.10 | $14.60 |
Benefit_Plans_Details_6
Benefit Plans (Details 6) | Dec. 31, 2013 | Dec. 31, 2012 |
Astoria Federal | Pension Benefits | ' | ' |
Discount rates used to determine the benefit obligations | ' | ' |
Discount Rate (as a percent) | 4.66% | 3.77% |
Astoria Federal | Excess and Supplemental Benefit Plans | ' | ' |
Discount rates used to determine the benefit obligations | ' | ' |
Discount Rate (as a percent) | 4.39% | 3.49% |
Astoria Federal | Directors' Retirement Plan | ' | ' |
Discount rates used to determine the benefit obligations | ' | ' |
Discount Rate (as a percent) | 4.23% | 3.21% |
Astoria Federal | Retiree Health Care Plan | ' | ' |
Discount rates used to determine the benefit obligations | ' | ' |
Discount Rate (as a percent) | 4.80% | 3.98% |
Greater | Directors' Retirement Plan | ' | ' |
Discount rates used to determine the benefit obligations | ' | ' |
Discount Rate (as a percent) | 3.64% | 2.77% |
LIB | Directors' Retirement Plan | ' | ' |
Discount rates used to determine the benefit obligations | ' | ' |
Discount Rate (as a percent) | 0.50% | 0.63% |
Benefit_Plans_Details_7
Benefit Plans (Details 7) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits | ' | ' | ' |
Benefit Plans | ' | ' | ' |
Service cost | ' | $2,025 | $4,642 |
Interest cost | 9,549 | 10,992 | 12,212 |
Expected return on plan assets | -12,754 | -11,947 | -10,648 |
Recognized net actuarial loss | 3,138 | 4,930 | 8,445 |
Amortization of prior service cost (credit) | 213 | 177 | 191 |
Settlement | ' | 2,302 | ' |
Net periodic cost | 146 | 8,479 | 14,842 |
Other Postretirement Benefits | ' | ' | ' |
Benefit Plans | ' | ' | ' |
Service cost | 1,578 | 1,061 | 529 |
Interest cost | 1,279 | 1,378 | 1,360 |
Recognized net actuarial loss | 472 | 517 | 147 |
Amortization of prior service cost (credit) | ' | -25 | -99 |
Net periodic cost | $3,329 | $2,931 | $1,937 |
Benefit_Plans_Details_8
Benefit Plans (Details 8) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Astoria Federal | Pension Benefits | ' | ' | ' |
Assumptions used to determine net periodic cost | ' | ' | ' |
Rate of Compensation Increase (as a percent) | 5.10% | ' | ' |
Discount Rate (as a percent) | 4.44% | 3.77% | 4.44% |
Expected Return on Plan Assets (as a percent) | ' | 8.00% | 8.00% |
Astoria Federal | Excess and Supplemental Benefit Plans | ' | ' | ' |
Assumptions used to determine net periodic cost | ' | ' | ' |
Rate of Compensation Increase (as a percent) | 6.10% | ' | ' |
Discount Rate (as a percent) | 4.16% | 3.49% | 3.99% |
Astoria Federal | Directors' Retirement Plan | ' | ' | ' |
Assumptions used to determine net periodic cost | ' | ' | ' |
Rate of Compensation Increase (as a percent) | 4.00% | ' | ' |
Discount Rate (as a percent) | 4.09% | 3.21% | 3.97% |
Astoria Federal | Retiree Health Care Plan | ' | ' | ' |
Assumptions used to determine net periodic cost | ' | ' | ' |
Discount Rate (as a percent) | ' | 3.98% | 4.50% |
Greater | Directors' Retirement Plan | ' | ' | ' |
Assumptions used to determine net periodic cost | ' | ' | ' |
Discount Rate (as a percent) | ' | 2.77% | 3.78% |
LIB | Directors' Retirement Plan | ' | ' | ' |
Assumptions used to determine net periodic cost | ' | ' | ' |
Discount Rate (as a percent) | ' | 0.63% | 1.74% |
Benefit_Plans_Details_9
Benefit Plans (Details 9) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Health care cost trend rate assumed for the next year: | ' | ' |
Pre-age 65 (as a percent) | 7.00% | 7.50% |
Post-age 65 (as a percent) | 10.00% | 7.50% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (as a percent) | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | '2021 | '2018 |
Benefit_Plans_Details_10
Benefit Plans (Details 10) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Benefit Plans | ' |
Effect on total service and interest cost components one percentage point increase | $639 |
Effect on the postretirement benefit obligation one percentage increase | 3,008 |
Effect on total service and interest cost components one percentage point decrease | -488 |
Effect on the postretirement benefit obligation one percentage point decrease | ($2,360) |
Benefit_Plans_Details_11
Benefit Plans (Details 11) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Benefits | ' |
Benefit Plans | ' |
2014 | $11,615 |
2015 | 11,649 |
2016 | 15,103 |
2017 | 13,490 |
2018 | 12,975 |
2019-2023 | 68,942 |
Other Postretirement Benefits | ' |
Benefit Plans | ' |
2014 | 857 |
2015 | 885 |
2016 | 916 |
2017 | 951 |
2018 | 989 |
2019-2023 | $5,219 |
Benefit_Plans_Details_12
Benefit Plans (Details 12) (Pension Benefits, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Benefit Plans | ' | ' | ' |
Pension plan assets | $189,367 | $160,683 | $134,495 |
Astoria Federal | Recurring basis | ' | ' | ' |
Benefit Plans | ' | ' | ' |
Pension plan assets | 189,367 | 160,683 | ' |
Astoria Federal | Recurring basis | Level 1 | ' | ' | ' |
Benefit Plans | ' | ' | ' |
Pension plan assets | 12,691 | 8,469 | ' |
Astoria Federal | Recurring basis | Level 2 | ' | ' | ' |
Benefit Plans | ' | ' | ' |
Pension plan assets | 170,377 | 145,037 | ' |
Astoria Federal | Recurring basis | Level 3 | ' | ' | ' |
Benefit Plans | ' | ' | ' |
Pension plan assets | 6,299 | 7,177 | ' |
Astoria Federal | Cash and Cash Equivalents | Recurring basis | ' | ' | ' |
Benefit Plans | ' | ' | ' |
Pension plan assets | 4 | 3 | ' |
Astoria Federal | Cash and Cash Equivalents | Recurring basis | Level 1 | ' | ' | ' |
Benefit Plans | ' | ' | ' |
Pension plan assets | 4 | 3 | ' |
Astoria Federal | PRIAC Pooled Separate Accounts | Recurring basis | ' | ' | ' |
Benefit Plans | ' | ' | ' |
Pension plan assets | 170,377 | 145,037 | ' |
Astoria Federal | PRIAC Pooled Separate Accounts | Recurring basis | Level 2 | ' | ' | ' |
Benefit Plans | ' | ' | ' |
Pension plan assets | 170,377 | 145,037 | ' |
Astoria Federal | Astoria Financial Corporation common stock | Recurring basis | ' | ' | ' |
Benefit Plans | ' | ' | ' |
Pension plan assets | 12,687 | 8,466 | ' |
Astoria Federal | Astoria Financial Corporation common stock | Recurring basis | Level 1 | ' | ' | ' |
Benefit Plans | ' | ' | ' |
Pension plan assets | 12,687 | 8,466 | ' |
Astoria Federal | PRIAC Guaranteed Deposit Account | Recurring basis | ' | ' | ' |
Benefit Plans | ' | ' | ' |
Pension plan assets | 6,299 | 7,177 | ' |
Astoria Federal | PRIAC Guaranteed Deposit Account | Recurring basis | Level 3 | ' | ' | ' |
Benefit Plans | ' | ' | ' |
Pension plan assets | $6,299 | $7,177 | ' |
Benefit_Plans_Details_13
Benefit Plans (Details 13) (Astoria Federal, Pension Benefits, USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Benefit Plans | ' | ' |
Unrealized gain(loss) | $313,000 | $517,000 |
Fair Value Measurements Recurring | PRIAC Pooled Separate Accounts | International Equity Securities | ' | ' |
Benefit Plans | ' | ' |
Securities (as a percent) | 11.00% | 12.00% |
Fair Value Measurements Recurring | PRIAC Pooled Separate Accounts | Large Cap Equity Securities | ' | ' |
Benefit Plans | ' | ' |
Securities (as a percent) | 41.00% | 39.00% |
Fair Value Measurements Recurring | PRIAC Pooled Separate Accounts | Small Cap Equity Securities | ' | ' |
Benefit Plans | ' | ' |
Securities (as a percent) | 8.00% | 8.00% |
Fair Value Measurements Recurring | PRIAC Pooled Separate Accounts | Mid Cap Equity Securities | ' | ' |
Benefit Plans | ' | ' |
Securities (as a percent) | 5.00% | 6.00% |
Fair Value Measurements Recurring | PRIAC Pooled Separate Accounts | Debt securities | ' | ' |
Benefit Plans | ' | ' |
Securities (as a percent) | 35.00% | 35.00% |
Benefit_Plans_Details_14
Benefit Plans (Details 14) (Astoria Federal, Pension Benefits, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Astoria Federal | Pension Benefits | ' | ' |
Changes in the fair value of Level 3 assets | ' | ' |
Fair value at beginning of year | $7,177 | $6,564 |
Total net gain, realized and unrealized, included in change in net assets | 21 | 455 |
Purchases | 9,000 | 9,640 |
Sales | -9,899 | -9,482 |
Fair value at end of year | $6,299 | $7,177 |
Stock_Incentive_Plans_Details
Stock Incentive Plans (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Stock Incentive Plans | ' | ' | ' | ' |
Options outstanding and exercisable, intrinsic value | 0 | ' | ' | ' |
Options outstanding and exercisable, weighted average remaining contractual term | '11 months | ' | ' | ' |
Options exercised (in shares) | 0 | 0 | 0 | ' |
Restricted common stock and restricted stock units | ' | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' | ' |
Restricted common stock granted (in shares) | 536,110 | ' | ' | ' |
Granted (in dollars per share) | 9.7 | ' | ' | ' |
Outstanding (in shares) | 781,644 | 1,146,657 | ' | ' |
Aggregate fair value of restricted common stock awards, vested | 9,600,000 | ' | ' | ' |
Stock-based compensation expense, net of taxes | 4,500,000 | 3,300,000 | 5,900,000 | ' |
Stock-based compensation expense, taxes | 2,500,000 | 1,800,000 | 3,200,000 | ' |
Pre-tax compensation cost not yet recognized | 9,300,000 | ' | ' | ' |
Pre-tax compensation cost, weighted average recognition period | '1 year 10 months 24 days | ' | ' | ' |
Pre-tax compensation cost related to non-vested performance-based stock awards and units | 1,800,000 | ' | ' | ' |
Stock-based compensation expense reversed | ' | 569,000 | ' | ' |
Stock-based compensation expense, taxes reversed | ' | 310,000 | ' | ' |
Performance-based restricted common stock awards or units | Officers | Vest on February 1, 2016, performance level one | ' | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' | ' |
Shares to be issued on vest date as percentage of units granted based on actual performance | 100.00% | ' | ' | ' |
Performance-based restricted common stock awards or units | Officers | Vest on February 1, 2016, performance level one | Change in control | ' | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' | ' |
Shares to be issued on vesting date as a percentage of units granted in the event of change in control | 100.00% | ' | ' | ' |
Performance-based restricted common stock awards or units | Officers | Vest on February 1, 2016, performance level two | ' | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' | ' |
Shares to be issued on vest date as percentage of units granted based on actual performance | 75.00% | ' | ' | ' |
Performance-based restricted common stock awards or units | Officers | Vest on February 1, 2016, performance level three | ' | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' | ' |
Shares to be issued on vest date as percentage of units granted based on actual performance | 50.00% | ' | ' | ' |
Performance-based restricted common stock awards or units | Officers | Vest on February 1, 2016, performance level four | ' | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' | ' |
Shares to be issued on vest date as percentage of units granted based on actual performance | 0.00% | ' | ' | ' |
Employee Stock Plan, 2005 Plan | ' | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' | ' |
Common shares reserved for option, restricted stock, restricted stock units and/or stock appreciation right grants | 6,850,000 | ' | ' | ' |
Shares available for future grants | 1,300,665 | ' | ' | ' |
Employee Stock Plan, 2005 Plan | Restricted common stock and restricted stock units | ' | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' | ' |
Restricted common stock granted (in shares) | 494,420 | 155,000 | 663,530 | 778,740 |
Outstanding (in shares) | 315,820 | 86,000 | 229,560 | 99,604 |
Employee Stock Plan, 2005 Plan | Performance-based restricted common stock awards or units | ' | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' | ' |
Restricted common stock granted (in shares) | 102,275 | ' | 65,000 | ' |
Employee Stock Plan, 2005 Plan | Performance-based restricted common stock awards or units | Officers | ' | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' | ' |
Restricted common stock granted (in shares) | 432,300 | ' | ' | ' |
Granted (in dollars per share) | 9.22 | ' | ' | ' |
Outstanding (in shares) | 409,100 | ' | ' | ' |
Share of common stock to be paid for each restricted stock unit | 1 | ' | ' | ' |
Directors Stock Plan, 2007 Plan | ' | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' | ' |
Common shares reserved for option, restricted stock, restricted stock units and/or stock appreciation right grants | 240,080 | ' | ' | ' |
Shares available for future grants | 99,641 | ' | ' | ' |
Restricted common stock granted (in shares) | 41,690 | ' | ' | ' |
Directors Stock Plan, 2007 Plan | Restricted common stock and restricted stock units | ' | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' | ' |
Vesting date of restricted common stock granted | '3 years | ' | ' | ' |
All stock plans other than Employee stock plan 2005 plan and Directors stock plan 2007 plan | Options | Maximum | ' | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' | ' |
Vesting date of restricted common stock granted | '10 years | ' | ' | ' |
Stock_Incentive_Plans_Details_
Stock Incentive Plans (Details 2) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Restricted common stock | ' | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' | ' |
Restricted common stock granted (in shares) | 536,110 | ' | ' | ' |
Unvested at the end of the period (in shares) | 781,644 | 1,146,657 | ' | ' |
Employee Stock Plan, 2005 Plan | Shares vesting in December 2014 | ' | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' | ' |
Restricted common stock granted (in shares) | 156,410 | 34,500 | 82,280 | 99,604 |
Employee Stock Plan, 2005 Plan | Shares vesting in December 2015 | ' | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' | ' |
Restricted common stock granted (in shares) | 157,410 | 51,500 | 82,280 | ' |
Employee Stock Plan, 2005 Plan | Shares vesting in December 2016 | ' | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' | ' |
Restricted common stock granted (in shares) | 2,000 | ' | 65,000 | ' |
Employee Stock Plan, 2005 Plan | Restricted common stock | ' | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' | ' |
Restricted common stock granted (in shares) | 494,420 | 155,000 | 663,530 | 778,740 |
Unvested at the end of the period (in shares) | 315,820 | 86,000 | 229,560 | 99,604 |
Employee Stock Plan, 2005 Plan | Performance-based restricted common stock awards or units | ' | ' | ' | ' |
Stock Incentive Plans | ' | ' | ' | ' |
Restricted common stock granted (in shares) | 102,275 | ' | 65,000 | ' |
Stock_Incentive_Plans_Details_1
Stock Incentive Plans (Details 3) (Restricted common stock, USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Restricted common stock | ' |
Number of Shares | ' |
Unvested at the beginning of the period (in shares) | 1,146,657 |
Granted (in shares) | 536,110 |
Vested (in shares) | -787,655 |
Forfeited (in shares) | -113,468 |
Unvested at the end of the period (in shares) | 781,644 |
Weighted-Average Grant Date Fair Value | ' |
Unvested at the beginning of the period (in dollars per share) | $14.87 |
Granted (in dollars per share) | $9.70 |
Vested (in dollars per share) | ($15.31) |
Forfeited (in dollars per share) | ($10.88) |
Unvested at the end of the period (in dollars per share) | $11.46 |
Stock_Incentive_Plans_Details_2
Stock Incentive Plans (Details 4) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Number of Options | ' |
Number of Options, Outstanding at beginning of year | 2,846,850 |
Expired (in shares) | -1,744,200 |
Number of Options, Outstanding and exercisable at end of year | 1,102,650 |
Weighted Average Exercise Price | ' |
Weighted Average Exercise Price, Outstanding at beginning of year | $25.70 |
Expired (in dollars per shares) | ($25.08) |
Weighted Average Exercise Price, Outstanding and exercisable at end of year | $26.68 |
Regulatory_Matters_Details
Regulatory Matters (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 effective on January 1, 2015 | ' | ' |
Regulatory Matters | ' | ' |
Tier 1 Leverage Capital minimum capital requirement percentage | 4.00% | ' |
Tier 1 Leverage Capital to be well capitalized percentage | 5.00% | ' |
Tier 1 Risk Based Capital minimum capital requirement percentage | 6.00% | ' |
Tier 1 Risk Based Capital to be well capitalized percentage | 8.00% | ' |
Total Risk Based Capital minimum capital requirement percentage | 8.00% | ' |
Total Risk Based Capital to be well capitalized percentage | 10.00% | ' |
Minimum common equity Tier 1 risk-based capital ratio | 4.50% | ' |
Common equity Tier 1 Risk Based Capital to be well capitalized percentage | 6.50% | ' |
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 effective on January 1, 2015 | On January 1, 2016 | ' | ' |
Regulatory Matters | ' | ' |
Required minimum Conservation Buffer percentage | 0.63% | ' |
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 effective on January 1, 2015 | On January 1, 2017 | ' | ' |
Regulatory Matters | ' | ' |
Required minimum Conservation Buffer percentage | 1.25% | ' |
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 effective on January 1, 2015 | On January 1, 2018 | ' | ' |
Regulatory Matters | ' | ' |
Required minimum Conservation Buffer percentage | 1.88% | ' |
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 effective on January 1, 2015 | On January 1, 2019 | ' | ' |
Regulatory Matters | ' | ' |
Required minimum Conservation Buffer percentage | 2.50% | ' |
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 effective on January 1, 2015 | Minimum capital ratios including conservation buffer, January 1, 2019 | ' | ' |
Regulatory Matters | ' | ' |
Tier 1 Risk Based Capital minimum capital requirement percentage | 8.50% | ' |
Total Risk Based Capital minimum capital requirement percentage | 10.50% | ' |
Minimum common equity Tier 1 risk-based capital ratio | 7.00% | ' |
Astoria Federal | ' | ' |
Regulatory Matters | ' | ' |
Tangible Capital | $1,543,764 | $1,500,927 |
Tangible Capital Percentage | 9.93% | 9.24% |
Tangible Capital minimum capital requirement | 233,158 | 243,769 |
Tangible Capital minimum capital requirement percentage | 1.50% | 1.50% |
Tier 1 Leverage Capital | 1,543,764 | 1,500,927 |
Tier 1 Leverage Capital Percentage | 9.93% | 9.24% |
Tier 1 Leverage Capital minimum capital requirement | 621,755 | 650,050 |
Tier 1 Leverage Capital minimum capital requirement percentage | 4.00% | 4.00% |
Tier 1 Leverage Capital to be well capitalized | 777,194 | 812,563 |
Tier 1 Leverage Capital to be well capitalized percentage | 5.00% | 5.00% |
Tier 1 Risk Based Capital | 1,543,764 | 1,500,927 |
Tier 1 Risk Based Capital Percentage | 15.79% | 15.23% |
Tier 1 Risk Based Capital minimum capital requirement | 391,083 | 394,230 |
Tier 1 Risk Based Capital minimum capital requirement percentage | 4.00% | 4.00% |
Tier 1 Risk Based Capital to be well capitalized | 586,625 | 591,344 |
Tier 1 Risk Based Capital to be well capitalized percentage | 6.00% | 6.00% |
Total Risk Based Capital | 1,666,637 | 1,624,730 |
Total Risk Based Capital percentage | 17.05% | 16.49% |
Total Risk Based Capital minimum capital requirement | 782,167 | 788,459 |
Total Risk Based Capital minimum capital requirement percentage | 8.00% | 8.00% |
Total Risk Based Capital to be well capitalized | $977,708 | $985,574 |
Total Risk Based Capital to be well capitalized percentage | 10.00% | 10.00% |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | $401,690 | $336,300 |
Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 401,690 | 336,300 |
Residential mortgage-backed securities | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 310,534 | 237,421 |
Residential mortgage-backed securities | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Percentage of debt securities comprising available-for-sale portfolio | 77.00% | 71.00% |
Available-for-sale residential mortgage-backed securities portfolio which are GSE securities (as a percent) | 98.00% | 95.00% |
GSE issuance REMICs and CMOs | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 286,074 | 204,827 |
GSE issuance REMICs and CMOs | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 286,074 | 204,827 |
Non-GSE issuance REMICs and CMOs | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 7,572 | 11,219 |
Non-GSE issuance REMICs and CMOs | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 7,572 | 11,219 |
GSE pass-through certificates | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 16,888 | 21,375 |
GSE pass-through certificates | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 16,888 | 21,375 |
Obligations of GSEs | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 91,153 | 98,879 |
Obligations of GSEs | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 91,153 | 98,879 |
Percentage of debt securities comprising available-for-sale portfolio | 23.00% | 29.00% |
Fannie Mae stock | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 3 | ' |
Fannie Mae stock | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 3 | ' |
Level 1 | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 3 | ' |
Level 1 | Fannie Mae stock | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 3 | ' |
Level 2 | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 401,687 | 336,300 |
Level 2 | GSE issuance REMICs and CMOs | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 286,074 | 204,827 |
Level 2 | Non-GSE issuance REMICs and CMOs | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 7,572 | 11,219 |
Level 2 | GSE pass-through certificates | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 16,888 | 21,375 |
Level 2 | Obligations of GSEs | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | $91,153 | $98,879 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Carrying value of assets | ' | ' |
Impaired loans | $384,522 | $346,906 |
MSR, net | 12,800 | 6,947 |
REO, net | 42,636 | 28,523 |
Carrying Value | ' | ' |
Carrying value of assets | ' | ' |
Loans held-for-sale, net | 7,375 | 76,306 |
MSR, net | 12,800 | 6,947 |
Level 3 | ' | ' |
Carrying value of assets | ' | ' |
Loans held-for-sale, net | 7,436 | 78,486 |
MSR, net | 12,804 | 6,948 |
Measured on a non-recurring basis | Level 3 | Carrying Value | ' | ' |
Carrying value of assets | ' | ' |
Impaired loans | 271,408 | 282,723 |
MSR, net | 12,800 | 6,947 |
REO, net | 27,101 | 20,796 |
Total | 312,100 | 314,347 |
Measured on a non-recurring basis | Level 3 | Carrying Value | Non-performing loans held-for-sale, net | ' | ' |
Carrying value of assets | ' | ' |
Loans held-for-sale, net | $791 | $3,881 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3) (Measured on a non-recurring basis, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value of Financial Instruments | ' | ' | ' |
Losses recognized on assets measured at fair value on a non-recurring basis | $26,300 | $45,152 | $64,925 |
Non-performing loans held-for-sale, net | ' | ' | ' |
Fair Value of Financial Instruments | ' | ' | ' |
Losses recognized on assets measured at fair value on a non-recurring basis | 520 | 1,066 | 10,020 |
Impaired loans | ' | ' | ' |
Fair Value of Financial Instruments | ' | ' | ' |
Losses recognized on assets measured at fair value on a non-recurring basis | 21,992 | 40,018 | 48,080 |
MSR, net | ' | ' | ' |
Fair Value of Financial Instruments | ' | ' | ' |
Losses recognized on assets measured at fair value on a non-recurring basis | ' | 931 | 148 |
REO, net | ' | ' | ' |
Fair Value of Financial Instruments | ' | ' | ' |
Losses recognized on assets measured at fair value on a non-recurring basis | $3,788 | $3,137 | $6,677 |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details 4) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Valuation methodologies used for assets measured at fair value | ' | ' |
Impaired loans comprising residential mortgage loans (as a percent) | 81.00% | 78.00% |
Impaired loans comprising multi-family and commercial real estate loans (as a percent) | 19.00% | 22.00% |
Impaired loans for which fair value adjustment is recognized comprising residential mortgage loans (as a percent) | 83.00% | 84.00% |
Impaired loans for which fair value adjustment is recognized comprising multi-family and commercial real estate loans (as a percent) | 17.00% | 16.00% |
Weighted average | ' | ' |
Valuation methodologies used for assets measured at fair value | ' | ' |
Assumption to estimate fair value of servicing asset, weighted average discount rate (as a percent) | 9.45% | 10.95% |
Assumption to estimate fair value of servicing asset, weighted average constant prepayment rate (as a percent) | 10.52% | 23.12% |
Assumption to estimate fair value of servicing asset, weighted average life | '6 years 3 months 18 days | '3 years 4 months 24 days |
Residential Mortgage Loans | ' | ' |
Valuation methodologies used for assets measured at fair value | ' | ' |
Period past due when loan servicer performs property inspections | '45 days | ' |
Period after which loans are individually evaluated for impairment | '180 days | ' |
Fair_Value_Measurements_Detail4
Fair Value Measurements (Details 5) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Mortgage loans held-for-sale | Mortgage loans held-for-sale | Total Fair Value | Total Fair Value | Level 2 Fair Value | Level 2 Fair Value | Level 3 Fair Value | Level 3 Fair Value | Carrying Value | Carrying Value | ||
Minimum | Maximum | |||||||||||
Financial Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities held-to-maturity | $1,849,526 | $1,700,141 | ' | ' | $1,811,122 | $1,725,090 | $1,811,122 | $1,725,090 | ' | ' | $1,849,526 | $1,700,141 |
FHLB-NY stock | 152,207 | 171,194 | ' | ' | 152,207 | 171,194 | 152,207 | 171,194 | ' | ' | 152,207 | 171,194 |
Loans held-for-sale, net | ' | ' | ' | ' | 7,436 | 78,486 | ' | ' | 7,436 | 78,486 | 7,375 | 76,306 |
Loans receivable, net | ' | ' | ' | ' | 12,480,533 | 13,311,997 | ' | ' | 12,480,533 | 13,311,997 | 12,303,066 | 13,078,471 |
MSR, net | 12,800 | 6,947 | ' | ' | 12,804 | 6,948 | ' | ' | 12,804 | 6,948 | 12,800 | 6,947 |
Mortgage loan, original term | ' | ' | '15 years | '30 years | ' | ' | ' | ' | ' | ' | ' | ' |
Financial Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposits | ' | ' | ' | ' | 9,922,631 | 10,588,073 | 9,922,631 | 10,588,073 | ' | ' | 9,855,310 | 10,443,958 |
Borrowings, net | ' | ' | ' | ' | $4,376,336 | $4,857,989 | $4,376,336 | $4,857,989 | ' | ' | $4,137,161 | $4,373,496 |
Condensed_Parent_Company_Only_2
Condensed Parent Company Only Financial Statements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
ASSETS: | ' | ' | ' | ' |
Cash | $121,950 | $121,473 | ' | ' |
ESOP loans receivable | ' | 5,900 | ' | ' |
Other assets | 143,490 | 216,661 | ' | ' |
Total assets | 15,793,722 | 16,496,642 | ' | ' |
Liabilities and stockholders' equity: | ' | ' | ' | ' |
Other borrowings, net | 248,161 | 376,496 | ' | ' |
Other liabilities | 172,280 | 272,098 | ' | ' |
Stockholders' equity | 1,519,513 | 1,293,989 | 1,251,198 | 1,241,780 |
Total liabilities and stockholders' equity | 15,793,722 | 16,496,642 | ' | ' |
Astoria Financial Corporation | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' |
Cash | 63,418 | 47,604 | ' | ' |
ESOP loans receivable | ' | 5,908 | ' | ' |
Other assets | 103 | 1,009 | ' | ' |
Total assets | 1,770,718 | 1,677,490 | ' | ' |
Liabilities and stockholders' equity: | ' | ' | ' | ' |
Other borrowings, net | 248,161 | 376,496 | ' | ' |
Other liabilities | 3,044 | 1,369 | ' | ' |
Amounts due to subsidiaries | ' | 5,636 | ' | ' |
Stockholders' equity | 1,519,513 | 1,293,989 | ' | ' |
Total liabilities and stockholders' equity | 1,770,718 | 1,677,490 | ' | ' |
Astoria Financial Corporation | Astoria Federal | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' |
Investment in subsidiary | 1,705,964 | 1,617,880 | ' | ' |
Astoria Financial Corporation | AF Insurance Agency, Inc | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' |
Investment in subsidiary | 1,233 | 1,160 | ' | ' |
Astoria Financial Corporation | Astoria Capital Trust I | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' |
Investment in Astoria Capital Trust l | ' | $3,929 | ' | ' |
Condensed_Parent_Company_Only_3
Condensed Parent Company Only Financial Statements (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest income: | ' | ' | ' |
Repurchase agreements | $263 | $338 | $237 |
Total interest income | 518,430 | 600,509 | 695,248 |
Interest expense on borrowings | 113,911 | 154,219 | 181,773 |
Net interest expense | -341,902 | -348,269 | -375,426 |
Non-interest income | 6,854 | 6,339 | 4,950 |
Non-interest expense: | ' | ' | ' |
Compensation and benefits | 133,689 | 139,140 | 151,149 |
Extinguishment of debt | 4,266 | 1,212 | ' |
Other | 35,277 | 38,620 | 39,161 |
Total non-interest expense | 287,531 | 300,133 | 301,417 |
Income before income taxes and equity in undistributed earnings of subsidiaries | 104,342 | 80,971 | 105,924 |
Income tax benefit | -37,749 | -27,880 | -38,715 |
Net income | 66,593 | 53,091 | 67,209 |
Preferred stock dividends | 7,214 | ' | ' |
Net income available to common shareholders | 59,379 | 53,091 | 67,209 |
Astoria Financial Corporation | ' | ' | ' |
Interest income: | ' | ' | ' |
Repurchase agreements | ' | 18 | 19 |
ESOP loans receivable | 344 | 728 | 1,194 |
Total interest income | 344 | 746 | 1,213 |
Interest expense on borrowings | 17,398 | 29,689 | 27,262 |
Net interest expense | 17,054 | 28,943 | 26,049 |
Non-interest income | ' | ' | 204 |
Cash dividends from subsidiaries | 45,150 | 42,000 | 65,030 |
Non-interest expense: | ' | ' | ' |
Compensation and benefits | 3,261 | 3,735 | 4,278 |
Extinguishment of debt | 4,266 | 1,212 | ' |
Other | 3,148 | 2,878 | 2,898 |
Total non-interest expense | 10,675 | 7,825 | 7,176 |
Income before income taxes and equity in undistributed earnings of subsidiaries | 17,421 | 5,232 | 32,009 |
Income tax benefit | 9,644 | 12,844 | 11,574 |
Income before equity in undistributed earnings of subsidiaries | 27,065 | 18,076 | 43,583 |
Equity in undistributed earnings of subsidiaries | 39,528 | 35,015 | 23,626 |
Net income | 66,593 | 53,091 | 67,209 |
Preferred stock dividends | 7,214 | ' | ' |
Net income available to common shareholders | $59,379 | $53,091 | $67,209 |
Condensed_Parent_Company_Only_4
Condensed Parent Company Only Financial Statements (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $66,593 | $53,091 | $67,209 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Amortization of premiums and deferred costs | 15,794 | 16,762 | 8,288 |
Net cash provided by operating activities | 232,664 | 187,413 | 227,693 |
Cash flows from investing activities: | ' | ' | ' |
Redemption of Astoria Capital Trust I common securities | 3,866 | ' | ' |
Net cash provided by investing activities | 488,662 | 377,632 | 935,612 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from borrowings with original terms greater than three months | ' | 950,000 | 200,000 |
Repayments of borrowings with original terms greater than three months | -553,866 | -1,144,000 | -1,116,000 |
Cash payments for debt issuance costs | ' | -2,653 | ' |
Proceeds from issuance of preferred stock | 135,000 | ' | ' |
Cash payments for preferred stock issuance costs | -5,204 | ' | ' |
Cash dividends paid to stockholders | -20,688 | -24,104 | -49,435 |
Net tax benefit shortfall from stock-based compensation | -800 | -4,123 | -263 |
Net cash used in financing activities | -720,849 | -576,276 | -1,149,617 |
Net increase (decrease) in cash and cash equivalents | 477 | -11,231 | 13,688 |
Cash and cash equivalents at beginning of year | 121,473 | 132,704 | 119,016 |
Cash and cash equivalents at end of year | 121,950 | 121,473 | 132,704 |
Supplemental disclosure: | ' | ' | ' |
Interest paid | 180,871 | 258,503 | 322,225 |
Astoria Financial Corporation | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | 66,593 | 53,091 | 67,209 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Equity in undistributed earnings of subsidiaries | -39,528 | -35,015 | -23,626 |
Amortization of premiums and deferred costs | 531 | 837 | 699 |
(Increase) decrease in other assets, net of other liabilities and amounts due to subsidiaries | -998 | 846 | -1,423 |
Net cash provided by operating activities | 26,598 | 19,759 | 42,859 |
Cash flows from investing activities: | ' | ' | ' |
Principal payments on ESOP loans receivable | 5,908 | 6,235 | 7,780 |
Redemption of Astoria Capital Trust I common securities | 3,866 | ' | ' |
Net cash provided by investing activities | 9,774 | 6,235 | 7,780 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from borrowings with original terms greater than three months | ' | 250,000 | ' |
Repayments of borrowings with original terms greater than three months | -128,866 | -250,000 | ' |
Cash payments for debt issuance costs | ' | -2,653 | ' |
Proceeds from issuance of preferred stock | 135,000 | ' | ' |
Cash payments for preferred stock issuance costs | -5,204 | ' | ' |
Cash dividends paid to stockholders | -20,688 | -24,104 | -49,435 |
Net tax benefit shortfall from stock-based compensation | -800 | -4,123 | -263 |
Net cash used in financing activities | -20,558 | -30,880 | -49,698 |
Net increase (decrease) in cash and cash equivalents | 15,814 | -4,886 | 941 |
Cash and cash equivalents at beginning of year | 47,604 | 52,490 | 51,549 |
Cash and cash equivalents at end of year | 63,418 | 47,604 | 52,490 |
Supplemental disclosure: | ' | ' | ' |
Interest paid | $18,898 | $31,535 | $26,563 |