Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'ASTORIA FINANCIAL CORP | ' |
Entity Central Index Key | '0000910322 | ' |
Trading Symbol | 'AF | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 99,415,877 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash and due from banks | $132,557 | $121,950 |
Available-for-sale securities: | ' | ' |
Encumbered | 105,315 | 105,234 |
Unencumbered | 291,372 | 296,456 |
Total available-for-sale securities | 396,687 | 401,690 |
Held-to-maturity securities, fair value of $1,887,250 and $1,811,122, respectively: | ' | ' |
Encumbered | 1,139,127 | 1,150,315 |
Unencumbered | 772,373 | 699,211 |
Total held-to-maturity securities | 1,911,500 | 1,849,526 |
Federal Home Loan Bank of New York stock, at cost | 150,297 | 152,207 |
Loans held-for-sale, net | 3,177 | 7,375 |
Loans receivable | 12,286,674 | 12,442,066 |
Allowance for loan losses | -134,000 | -139,000 |
Loans receivable, net | 12,152,674 | 12,303,066 |
Mortgage servicing rights, net | 12,369 | 12,800 |
Accrued interest receivable | 38,492 | 37,926 |
Premises and equipment, net | 111,264 | 112,530 |
Goodwill | 185,151 | 185,151 |
Bank owned life insurance | 424,281 | 423,375 |
Real estate owned, net | 46,205 | 42,636 |
Other assets | 135,252 | 143,490 |
Total assets | 15,699,906 | 15,793,722 |
Deposits: | ' | ' |
Savings | 2,447,913 | 2,493,899 |
Money market | 2,076,651 | 1,972,136 |
NOW and demand deposit | 2,128,346 | 2,097,478 |
Certificates of deposit | 3,068,168 | 3,291,797 |
Total deposits | 9,721,078 | 9,855,310 |
Federal funds purchased | 337,000 | 335,000 |
Reverse repurchase agreements | 1,100,000 | 1,100,000 |
Federal Home Loan Bank of New York advances | 2,410,000 | 2,454,000 |
Other borrowings, net | 248,293 | 248,161 |
Mortgage escrow funds | 151,798 | 109,458 |
Accrued expenses and other liabilities | 179,669 | 172,280 |
Total liabilities | 14,147,838 | 14,274,209 |
Stockholders' Equity: | ' | ' |
Preferred stock, $1.00 par value; 5,000,000 shares authorized: Series C (150,000 shares authorized; and 135,000 shares issued and outstanding) | 129,796 | 129,796 |
Common stock, $0.01 par value (200,000,000 shares authorized; 166,494,888 shares issued; and 99,408,856 and 98,841,960 shares outstanding, respectively) | 1,665 | 1,665 |
Additional paid-in capital | 890,954 | 894,297 |
Retained earnings | 1,951,052 | 1,930,026 |
Treasury stock (67,086,032 and 67,652,928 shares, at cost, respectively) | -1,386,307 | -1,398,021 |
Accumulated other comprehensive loss | -35,092 | -38,250 |
Total stockholders' equity | 1,552,068 | 1,519,513 |
Total liabilities and stockholders' equity | $15,699,906 | $15,793,722 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Held-to-maturity securities, fair value (in dollars) | $1,887,250 | $1,811,122 |
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 | 99,408,856 | 98,841,960 |
Treasury stock, shares | 67,086,032 | 67,652,928 |
Series C Preferred Stock | ' | ' |
Preferred stock, shares authorized | 150,000 | 150,000 |
Preferred stock, shares issued | 135,000 | 135,000 |
Preferred stock, shares outstanding | 135,000 | 135,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest income: | ' | ' |
Residential mortgage loans | $64,954 | $80,207 |
Multi-family and commercial real estate mortgage loans | 43,390 | 38,623 |
Consumer and other loans | 2,086 | 2,228 |
Mortgage-backed and other securities | 13,677 | 10,899 |
Interest-earning cash accounts | 69 | 55 |
Federal Home Loan Bank of New York stock | 1,833 | 2,029 |
Total interest income | 126,009 | 134,041 |
Interest expense: | ' | ' |
Deposits | 13,229 | 17,321 |
Borrowings | 24,810 | 32,688 |
Total interest expense | 38,039 | 50,009 |
Net interest income | 87,970 | 84,032 |
Provision for loan losses | 1,631 | 9,126 |
Net interest income after provision for loan losses | 86,339 | 74,906 |
Non-interest income: | ' | ' |
Customer service fees | 9,020 | 9,046 |
Other loan fees | 608 | 522 |
Mortgage banking income, net | 800 | 4,776 |
Income from bank owned life insurance | 1,989 | 2,136 |
Other | 1,252 | 1,798 |
Total non-interest income | 13,669 | 18,278 |
General and administrative: | ' | ' |
Compensation and benefits | 33,388 | 31,998 |
Occupancy, equipment and systems | 18,174 | 19,785 |
Federal deposit insurance premium | 8,569 | 10,184 |
Advertising | 1,712 | 1,340 |
Other | 8,380 | 8,244 |
Total non-interest expense | 70,223 | 71,551 |
Income before income tax (benefit) expense | 29,785 | 21,633 |
Income tax (benefit) expense | -1,764 | 7,781 |
Net income | 31,549 | 13,852 |
Preferred stock dividends | 2,194 | ' |
Net income available to common shareholders | $29,355 | $13,852 |
Basic earnings per common share (in dollars per share) | $0.30 | $0.14 |
Diluted earnings per common share (in dollars per share) | $0.30 | $0.14 |
Basic weighted average common shares outstanding (in shares) | 98,106,045 | 96,674,729 |
Diluted weighted average common shares outstanding (in shares) | 98,106,045 | 96,674,729 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Consolidated Statements of Comprehensive Income | ' | ' |
Net income | $31,549 | $13,852 |
Other comprehensive income, net of tax: | ' | ' |
Net unrealized holding gain on securities available-for-sale arising during the period | 2,993 | 130 |
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | 135 | 627 |
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income | 30 | 34 |
Total other comprehensive income, net of tax | 3,158 | 791 |
Comprehensive income | $34,707 | $14,643 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss |
In Thousands, unless otherwise specified | |||||||
Balance at Dec. 31, 2013 | $1,519,513 | $129,796 | $1,665 | $894,297 | $1,930,026 | ($1,398,021) | ($38,250) |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income | 31,549 | ' | ' | ' | 31,549 | ' | ' |
Other comprehensive income, net of tax | 3,158 | ' | ' | ' | ' | ' | 3,158 |
Dividends on preferred stock ($16.25 per share) | -2,194 | ' | ' | ' | -2,194 | ' | ' |
Dividends on common stock ($0.04 per share) | -3,970 | ' | ' | ' | -3,970 | ' | ' |
Sale of treasury stock (143,550 shares) | 2,012 | ' | ' | ' | -954 | 2,966 | ' |
Restricted stock grants (423,346 shares) | ' | ' | ' | -5,343 | -3,405 | 8,748 | ' |
Stock-based compensation | 2,016 | ' | ' | 2,016 | ' | ' | ' |
Net tax benefit shortfall from stock-based compensation | -16 | ' | ' | -16 | ' | ' | ' |
Balance at Mar. 31, 2014 | $1,552,068 | $129,796 | $1,665 | $890,954 | $1,951,052 | ($1,386,307) | ($35,092) |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Dividends on preferred stock (in dollars per share) | $16.25 |
Dividends on common stock (in dollars per share) | $0.04 |
Sale of treasury stock (in shares) | 143,550 |
Restricted stock grants, shares | 423,346 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $31,549 | $13,852 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Net amortization on loans | 2,596 | 5,769 |
Net amortization on securities and borrowings | 2,361 | 4,959 |
Net provision for loan and real estate losses | 1,953 | 9,784 |
Depreciation and amortization | 2,901 | 2,971 |
Net gain on sales of loans | -465 | -4,081 |
Net gain on dispositions of premises and equipment | ' | -6 |
Other asset impairment charges | ' | 33 |
Originations of loans held-for-sale | -18,129 | -97,910 |
Proceeds from sales and principal repayments of loans held-for-sale | 22,622 | 149,240 |
Stock-based compensation and allocation of ESOP stock | 2,016 | 4,327 |
Increase in accrued interest receivable | -566 | -809 |
Mortgage servicing rights amortization and valuation allowance adjustments, net | 674 | 197 |
Bank owned life insurance income and insurance proceeds received, net | -906 | 292 |
Decrease in other assets | 6,842 | 8,092 |
Increase (decrease) in accrued expenses and other liabilities | 2,440 | -3,762 |
Net cash provided by operating activities | 55,888 | 92,948 |
Cash flows from investing activities: | ' | ' |
Originations of loans receivable | -292,124 | -530,857 |
Loan purchases through third parties | -43,548 | -72,939 |
Principal payments on loans receivable | 465,709 | 881,198 |
Proceeds from sales of delinquent and non-performing loans | 652 | 5,153 |
Purchases of securities held-to-maturity | -140,526 | -256,657 |
Purchases of securities available-for-sale | ' | -126,975 |
Principal payments on securities held-to-maturity | 81,849 | 243,048 |
Principal payments on securities available-for-sale | 8,992 | 34,728 |
Net redemptions of Federal Home Loan Bank of New York stock | 1,910 | 25,692 |
Proceeds from sales of real estate owned, net | 11,500 | 13,320 |
Purchases of premises and equipment | -1,635 | -1,864 |
Net cash provided by investing activities | 92,779 | 213,847 |
Cash flows from financing activities: | ' | ' |
Net (decrease) increase in deposits | -134,232 | 1,375 |
Net increase (decrease) in borrowings with original terms of three months or less | 58,000 | -365,000 |
Repayments of borrowings with original terms greater than three months | -100,000 | -100,000 |
Net increase in mortgage escrow funds | 42,340 | 37,916 |
Proceeds from sale of treasury stock | 2,012 | ' |
Proceeds from issuance of preferred stock | ' | 135,000 |
Cash payments for preferred stock issuance costs | ' | -4,467 |
Cash dividends paid to stockholders | -6,164 | -3,918 |
Net tax benefit shortfall from stock-based compensation | -16 | -1,345 |
Net cash used in financing activities | -138,060 | -300,439 |
Net increase in cash and cash equivalents | 10,607 | 6,356 |
Cash and cash equivalents at beginning of period | 121,950 | 121,473 |
Cash and cash equivalents at end of period | 132,557 | 127,829 |
Supplemental disclosures: | ' | ' |
Interest paid | 35,406 | 44,603 |
Income taxes paid | 751 | 184 |
Additions to real estate owned | 15,391 | 8,942 |
Loans transferred to held-for-sale | $726 | $9,392 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Basis of Presentation | ' |
Basis of Presentation | ' |
1. 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. As used in this quarterly 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 our opinion, the accompanying consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of our financial condition as of March 31, 2014 and December 31, 2013, our results of operations and other comprehensive income for the three months ended March 31, 2014 and 2013, changes in our stockholders’ equity for the three months ended March 31, 2014 and our cash flows for the three months ended March 31, 2014 and 2013. In preparing the consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities for the consolidated statements of financial condition as of March 31, 2014 and December 31, 2013, and amounts of revenues, expenses and other comprehensive income in the consolidated statements of income and comprehensive income for the three months ended March 31, 2014 and 2013. The results of operations and other comprehensive income for the three months ended March 31, 2014 are not necessarily indicative of the results of operations and other comprehensive income to be expected for the remainder of the year. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. | |
These consolidated financial statements should be read in conjunction with our December 31, 2013 audited consolidated financial statements and related notes included in our 2013 Annual Report on Form 10-K. | |
Change in New York State Tax Legislation | |
New York State, or NYS, tax legislation was signed into law on March 31, 2014. While the law generally becomes effective in 2015, the nature of the changes resulted in the recording of certain deferred tax assets in the first quarter of 2014. In recent years, we have been subject to taxation in NYS under an alternative taxation method. The new legislation, among other things, removes that alternative method. Further, the new law (1) requires that we be taxed in a manner that we believe may result in an increase in our tax expense beginning in 2015 and (2) caused us to recognize temporary differences and net operating loss carry-forward benefits in 2014 which we were unable to recognize previously. The result of this legislative change was an increase in our net deferred tax asset with a corresponding reduction in income tax expense of $11.5 million in the 2014 first quarter. |
Securities
Securities | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Securities | ' | |||||||||||||||||||
Securities | ' | |||||||||||||||||||
2. Securities | ||||||||||||||||||||
The following tables set forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at the dates indicated. | ||||||||||||||||||||
At March 31, 2014 | ||||||||||||||||||||
(In Thousands) | Amortized | Gross | Gross | Estimated | ||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
GSE (1) issuance REMICs and CMOs (2) | $ | 284,181 | $ | 1,591 | $ | (5,516 | ) | $ | 280,256 | |||||||||||
Non-GSE issuance REMICs and CMOs | 6,968 | 53 | (1 | ) | 7,020 | |||||||||||||||
GSE pass-through certificates | 15,303 | 770 | (5 | ) | 16,068 | |||||||||||||||
Total residential mortgage-backed securities | 306,452 | 2,414 | (5,522 | ) | 303,344 | |||||||||||||||
Obligations of GSEs | 98,676 | — | (5,337 | ) | 93,339 | |||||||||||||||
Fannie Mae stock | 15 | — | (11 | ) | 4 | |||||||||||||||
Total securities available-for-sale | $ | 405,143 | $ | 2,414 | $ | (10,870 | ) | $ | 396,687 | |||||||||||
Held-to-maturity: | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 1,481,464 | $ | 11,935 | $ | (24,638 | ) | $ | 1,468,761 | |||||||||||
Non-GSE issuance REMICs and CMOs | 3,476 | 53 | (8 | ) | 3,521 | |||||||||||||||
GSE pass-through certificates | 281,777 | 430 | (7,734 | ) | 274,473 | |||||||||||||||
Total residential mortgage-backed securities | 1,766,717 | 12,418 | (32,380 | ) | 1,746,755 | |||||||||||||||
Multi-family mortgage-backed securities: | ||||||||||||||||||||
GSE issuance REMICs | 53,277 | 214 | (325 | ) | 53,166 | |||||||||||||||
Obligations of GSEs | 90,930 | — | (4,177 | ) | 86,753 | |||||||||||||||
Other | 576 | — | — | 576 | ||||||||||||||||
Total securities held-to-maturity | $ | 1,911,500 | $ | 12,632 | $ | (36,882 | ) | $ | 1,887,250 | |||||||||||
(1) Government-sponsored enterprise | ||||||||||||||||||||
(2) Real estate mortgage investment conduits and collateralized mortgage obligations | ||||||||||||||||||||
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 | $ | 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 | |||||||||||
The following tables set forth the estimated fair values of securities with gross unrealized losses at the dates indicated, segregated between securities that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the dates indicated. | ||||||||||||||||||||
At March 31, 2014 | ||||||||||||||||||||
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: | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 168,017 | $ | (5,516 | ) | $ | — | $ | — | $ | 168,017 | $ | (5,516 | ) | ||||||
Non-GSE issuance REMICs and CMOs | — | — | 125 | (1 | ) | 125 | (1 | ) | ||||||||||||
GSE pass-through certificates | 440 | (4 | ) | 69 | (1 | ) | 509 | (5 | ) | |||||||||||
Obligations of GSEs | 93,339 | (5,337 | ) | — | — | 93,339 | (5,337 | ) | ||||||||||||
Fannie Mae stock | — | — | 4 | (11 | ) | 4 | (11 | ) | ||||||||||||
Total temporarily impaired securities available-for-sale | $ | 261,796 | $ | (10,857 | ) | $ | 198 | $ | (13 | ) | $ | 261,994 | $ | (10,870 | ) | |||||
Held-to-maturity: | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 595,141 | $ | (14,119 | ) | $ | 208,983 | $ | (10,519 | ) | $ | 804,124 | $ | (24,638 | ) | |||||
Non-GSE issuance REMICs and CMOs | 389 | (8 | ) | — | — | 389 | (8 | ) | ||||||||||||
GSE pass-through certificates | 232,412 | (7,734 | ) | — | — | 232,412 | (7,734 | ) | ||||||||||||
Multi-family mortgage-backed securities: | ||||||||||||||||||||
GSE issuance REMICs | 34,384 | (325 | ) | — | — | 34,384 | (325 | ) | ||||||||||||
Obligations of GSEs | 86,753 | (4,177 | ) | — | — | 86,753 | (4,177 | ) | ||||||||||||
Total temporarily impaired securities held-to-maturity | $ | 949,079 | $ | (26,363 | ) | $ | 208,983 | $ | (10,519 | ) | $ | 1,158,062 | $ | (36,882 | ) | |||||
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: | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
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: | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
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 | ) | |||||
We held 108 securities which had an unrealized loss at March 31, 2014 and 109 at December 31, 2013. At March 31, 2014 and December 31, 2013, 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 March 31, 2014 and December 31, 2013, 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. | ||||||||||||||||||||
At March 31, 2014, available-for-sale debt securities excluding mortgage-backed securities had an amortized cost of $98.7 million, a fair value of $93.3 million and contractual maturities in 2021 and 2022. At March 31, 2014, held-to-maturity debt securities excluding mortgage-backed securities had an amortized cost of $91.5 million, a fair value of $87.3 million and contractual maturities in 2016 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 March 31, 2014, we held securities with an amortized cost of $189.6 million which are callable within one year and at various times thereafter. | ||||||||||||||||||||
The balance of accrued interest receivable for securities totaled $6.1 million at March 31, 2014 and $6.3 million at December 31, 2013. |
Loans_Receivable_and_Allowance
Loans Receivable and Allowance for Loan Losses | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses | ' | |||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses | ' | |||||||||||||||||||||||||
3. Loans Receivable and Allowance for Loan Losses | ||||||||||||||||||||||||||
The following tables set forth the composition of our loans receivable portfolio, and an aging analysis by accruing and non-accrual loans, by segment and class at the dates indicated. | ||||||||||||||||||||||||||
At March 31, 2014 | ||||||||||||||||||||||||||
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 | $ | 14,952 | $ | 6,086 | $ | — | $ | 21,038 | $ | 1,163,610 | $ | 1,184,648 | ||||||||||||||
Full documentation amortizing | 28,656 | 4,848 | — | 33,504 | 5,241,230 | 5,274,734 | ||||||||||||||||||||
Reduced documentation interest-only | 19,517 | 7,491 | — | 27,008 | 659,663 | 686,671 | ||||||||||||||||||||
Reduced documentation amortizing | 7,559 | 1,541 | — | 9,100 | 365,471 | 374,571 | ||||||||||||||||||||
Total residential | 70,684 | 19,966 | — | 90,650 | 7,429,974 | 7,520,624 | ||||||||||||||||||||
Multi-family | 8,168 | 3,540 | — | 11,708 | 3,320,636 | 3,332,344 | ||||||||||||||||||||
Commercial real estate | 1,548 | 500 | 231 | 2,279 | 824,268 | 826,547 | ||||||||||||||||||||
Total mortgage loans | 80,400 | 24,006 | 231 | 104,637 | 11,574,878 | 11,679,515 | ||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||
Home equity lines of credit | 2,918 | 582 | — | 3,500 | 184,098 | 187,598 | ||||||||||||||||||||
Other | 137 | 31 | — | 168 | 42,227 | 42,395 | ||||||||||||||||||||
Total consumer and other loans | 3,055 | 613 | — | 3,668 | 226,325 | 229,993 | ||||||||||||||||||||
Total accruing loans | $ | 83,455 | $ | 24,619 | $ | 231 | $ | 108,305 | $ | 11,801,203 | $ | 11,909,508 | ||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||||
Mortgage loans (gross): | ||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||
Full documentation interest-only | $ | 545 | $ | 185 | $ | 78,043 | $ | 78,773 | $ | 21,624 | $ | 100,397 | ||||||||||||||
Full documentation amortizing | 958 | 334 | 42,090 | 43,382 | 9,094 | 52,476 | ||||||||||||||||||||
Reduced documentation interest-only | 1,005 | 702 | 81,897 | 83,604 | 27,322 | 110,926 | ||||||||||||||||||||
Reduced documentation amortizing | 1,255 | 67 | 26,407 | 27,729 | 2,467 | 30,196 | ||||||||||||||||||||
Total residential | 3,763 | 1,288 | 228,437 | 233,488 | 60,507 | 293,995 | ||||||||||||||||||||
Multi-family | 84 | 1,012 | 10,256 | 11,352 | 2,179 | 13,531 | ||||||||||||||||||||
Commercial real estate | — | 527 | 2,698 | 3,225 | 6,501 | 9,726 | ||||||||||||||||||||
Total mortgage loans | 3,847 | 2,827 | 241,391 | 248,065 | 69,187 | 317,252 | ||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||
Home equity lines of credit | — | — | 5,535 | 5,535 | 312 | 5,847 | ||||||||||||||||||||
Other | — | — | 46 | 46 | — | 46 | ||||||||||||||||||||
Total consumer and other loans | — | — | 5,581 | 5,581 | 312 | 5,893 | ||||||||||||||||||||
Total non-accrual loans | $ | 3,847 | $ | 2,827 | $ | 246,972 | $ | 253,646 | $ | 69,499 | $ | 323,145 | ||||||||||||||
Total loans: | ||||||||||||||||||||||||||
Mortgage loans (gross): | ||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||
Full documentation interest-only | $ | 15,497 | $ | 6,271 | $ | 78,043 | $ | 99,811 | $ | 1,185,234 | $ | 1,285,045 | ||||||||||||||
Full documentation amortizing | 29,614 | 5,182 | 42,090 | 76,886 | 5,250,324 | 5,327,210 | ||||||||||||||||||||
Reduced documentation interest-only | 20,522 | 8,193 | 81,897 | 110,612 | 686,985 | 797,597 | ||||||||||||||||||||
Reduced documentation amortizing | 8,814 | 1,608 | 26,407 | 36,829 | 367,938 | 404,767 | ||||||||||||||||||||
Total residential | 74,447 | 21,254 | 228,437 | 324,138 | 7,490,481 | 7,814,619 | ||||||||||||||||||||
Multi-family | 8,252 | 4,552 | 10,256 | 23,060 | 3,322,815 | 3,345,875 | ||||||||||||||||||||
Commercial real estate | 1,548 | 1,027 | 2,929 | 5,504 | 830,769 | 836,273 | ||||||||||||||||||||
Total mortgage loans | 84,247 | 26,833 | 241,622 | 352,702 | 11,644,065 | 11,996,767 | ||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||
Home equity lines of credit | 2,918 | 582 | 5,535 | 9,035 | 184,410 | 193,445 | ||||||||||||||||||||
Other | 137 | 31 | 46 | 214 | 42,227 | 42,441 | ||||||||||||||||||||
Total consumer and other loans | 3,055 | 613 | 5,581 | 9,249 | 226,637 | 235,886 | ||||||||||||||||||||
Total loans | $ | 87,302 | $ | 27,446 | $ | 247,203 | $ | 361,951 | $ | 11,870,702 | $ | 12,232,653 | ||||||||||||||
Net unamortized premiums and deferred loan origination costs | 54,021 | |||||||||||||||||||||||||
Loans receivable | 12,286,674 | |||||||||||||||||||||||||
Allowance for loan losses | (134,000 | ) | ||||||||||||||||||||||||
Loans receivable, net | $ | 12,152,674 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
We segment our one-to-four family, or residential, mortgage loan portfolio by interest-only and amortizing loans, full documentation and reduced documentation loans and origination time periods and analyze our historical loss experience and delinquency levels and trends of these segments. We analyze multi-family and commercial real estate mortgage loans by portfolio, geographic location and origination time periods. 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. | ||||||||||||||||||||||||||
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 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 also consider qualitative factors with the purpose of assessing the adequacy of the overall allowance for loan losses as well as the allocation of the allowance for loan losses by portfolio. | ||||||||||||||||||||||||||
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 following tables set forth the changes in our allowance for loan losses by loan receivable segment for the periods indicated. | ||||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||
Mortgage Loans | Consumer | |||||||||||||||||||||||||
(In Thousands) | Residential | Multi- | Commercial | and Other | Total | |||||||||||||||||||||
Family | Real Estate | Loans | ||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 80,337 | $ | 36,703 | $ | 13,136 | $ | 8,824 | $ | 139,000 | ||||||||||||||||
Provision (credited) charged to operations | -3,476 | -1,412 | 4,538 | 1,981 | 1,631 | |||||||||||||||||||||
Charge-offs | -4,093 | -869 | -2,976 | -897 | (8,835 | ) | ||||||||||||||||||||
Recoveries | 1,949 | 156 | — | 99 | 2,204 | |||||||||||||||||||||
Balance at March 31, 2014 | $ | 74,717 | $ | 34,578 | $ | 14,698 | $ | 10,007 | $ | 134,000 | ||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||
Mortgage Loans | Consumer | |||||||||||||||||||||||||
(In Thousands) | Residential | Multi- | Commercial | and Other | Total | |||||||||||||||||||||
Family | Real Estate | Loans | ||||||||||||||||||||||||
Balance at January 1, 2013 | $ | 89,267 | $ | 35,514 | $ | 14,404 | $ | 6,316 | $ | 145,501 | ||||||||||||||||
Provision charged (credited) to operations | 8,906 | 191 | -815 | 844 | 9,126 | |||||||||||||||||||||
Charge-offs | -8,313 | -2,941 | -1,194 | -906 | (13,354 | ) | ||||||||||||||||||||
Recoveries | 1,686 | 1,188 | — | 103 | 2,977 | |||||||||||||||||||||
Balance at March 31, 2013 | $ | 91,546 | $ | 33,952 | $ | 12,395 | $ | 6,357 | $ | 144,250 | ||||||||||||||||
The following table sets forth the balances of our residential interest-only mortgage loans at March 31, 2014 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 | $ | 400,201 | ||||||||||||||||||||||||
More than one year to three years | 1,202,190 | |||||||||||||||||||||||||
More than three years to five years | 438,448 | |||||||||||||||||||||||||
Over five years | 41,803 | |||||||||||||||||||||||||
Total | $ | 2,082,642 | ||||||||||||||||||||||||
The following tables set forth the balances of our residential mortgage and consumer and other loan receivable segments by class and credit quality indicator at the dates indicated. | ||||||||||||||||||||||||||
At March 31, 2014 | ||||||||||||||||||||||||||
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 | $ | 1,184,648 | $ | 5,274,734 | $ | 686,671 | $ | 374,571 | $ | 187,598 | $ | 42,395 | ||||||||||||||
Non-performing: | ||||||||||||||||||||||||||
Current or past due less than 90 days | 22,354 | 10,386 | 29,029 | 3,789 | 312 | — | ||||||||||||||||||||
Past due 90 days or more | 78,043 | 42,090 | 81,897 | 26,407 | 5,535 | 46 | ||||||||||||||||||||
Total | $ | 1,285,045 | $ | 5,327,210 | $ | 797,597 | $ | 404,767 | $ | 193,445 | $ | 42,441 | ||||||||||||||
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 | ||||||||||||||
The following table sets forth the balances of our multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator at the dates indicated. | ||||||||||||||||||||||||||
At March 31, 2014 | At December 31, 2013 | |||||||||||||||||||||||||
(In Thousands) | Multi-Family | Commercial | Multi-Family | Commercial | ||||||||||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||||||||
Not criticized | $ | 3,290,089 | $ | 786,892 | $ | 3,209,786 | $ | 759,114 | ||||||||||||||||||
Criticized: | ||||||||||||||||||||||||||
Special mention | 12,974 | 8,529 | 14,063 | 9,760 | ||||||||||||||||||||||
Substandard | 42,812 | 38,839 | 72,606 | 44,092 | ||||||||||||||||||||||
Doubtful | — | 2,013 | — | — | ||||||||||||||||||||||
Total | $ | 3,345,875 | $ | 836,273 | $ | 3,296,455 | $ | 812,966 | ||||||||||||||||||
The following tables set forth the balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses at the dates indicated. | ||||||||||||||||||||||||||
At March 31, 2014 | ||||||||||||||||||||||||||
Mortgage Loans | Consumer | |||||||||||||||||||||||||
(In Thousands) | Residential | Multi- | Commercial | and Other | Total | |||||||||||||||||||||
Family | Real Estate | Loans | ||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 308,129 | $ | 49,567 | $ | 22,301 | $ | 4,006 | $ | 384,003 | ||||||||||||||||
Collectively evaluated for impairment | 7,506,490 | 3,296,308 | 813,972 | 231,880 | 11,848,650 | |||||||||||||||||||||
Total loans | $ | 7,814,619 | $ | 3,345,875 | $ | 836,273 | $ | 235,886 | $ | 12,232,653 | ||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 15,751 | $ | 5,431 | $ | 2,730 | $ | 4,006 | $ | 27,918 | ||||||||||||||||
Collectively evaluated for impairment | 58,966 | 29,147 | 11,968 | 6,001 | 106,082 | |||||||||||||||||||||
Total allowance for loan losses | $ | 74,717 | $ | 34,578 | $ | 14,698 | $ | 10,007 | $ | 134,000 | ||||||||||||||||
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 | ||||||||||||||||
The following table summarizes information related to our impaired loans by segment and class at the dates indicated. | ||||||||||||||||||||||||||
At March 31, 2014 | At December 31, 2013 | |||||||||||||||||||||||||
(In Thousands) | Unpaid | Recorded | Related | Net | Unpaid | Recorded | Related | Net | ||||||||||||||||||
Principal | Investment | Allowance | Investment | Principal | Investment | Allowance | Investment | |||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||
Full documentation interest-only | $ | 139,407 | $ | 107,515 | $ | (5,158 | ) | $ | 102,357 | $ | 142,659 | $ | 109,877 | $ | (6,019 | ) | $ | 103,858 | ||||||||
Full documentation amortizing | 44,193 | 39,513 | (2,278 | ) | 37,235 | 41,136 | 36,091 | (2,458 | ) | 33,633 | ||||||||||||||||
Reduced documentation interest-only | 175,395 | 134,501 | (6,327 | ) | 128,174 | 183,280 | 140,357 | (7,673 | ) | 132,684 | ||||||||||||||||
Reduced documentation amortizing | 30,111 | 25,401 | (1,988 | ) | 23,413 | 30,660 | 25,605 | (2,202 | ) | 23,403 | ||||||||||||||||
Multi-family | 43,685 | 37,571 | (5,431 | ) | 32,140 | 19,748 | 19,748 | (2,877 | ) | 16,871 | ||||||||||||||||
Commercial real estate | 31,002 | 22,301 | (2,730 | ) | 19,571 | 5,790 | 5,790 | (302 | ) | 5,488 | ||||||||||||||||
Consumer and other loans: | ||||||||||||||||||||||||||
Home equity lines of credit | 4,152 | 4,006 | (4,006 | ) | — | — | — | — | — | |||||||||||||||||
Without an allowance recorded: | ||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||
Full documentation amortizing | 1,428 | 1,199 | — | 1,199 | — | — | — | — | ||||||||||||||||||
Multi-family | 13,109 | 11,996 | — | 11,996 | 39,871 | 32,790 | — | 32,790 | ||||||||||||||||||
Commercial real estate | — | — | — | — | 19,988 | 14,264 | — | 14,264 | ||||||||||||||||||
Total impaired loans | $ | 482,482 | $ | 384,003 | $ | (27,918 | ) | $ | 356,085 | $ | 483,132 | $ | 384,522 | $ | (21,531 | ) | $ | 362,991 | ||||||||
The following table sets forth the average recorded investment, interest income recognized and cash basis interest income related to our impaired loans by segment and class for the periods indicated. | ||||||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
(In Thousands) | Average | Interest | Cash Basis | Average | Interest | Cash Basis | ||||||||||||||||||||
Recorded | Income | Interest | Recorded | Income | Interest | |||||||||||||||||||||
Investment | Recognized | Income | Investment | Recognized | Income | |||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||
Full documentation interest-only | $ | 108,696 | $ | 650 | $ | 650 | $ | 103,970 | $ | 573 | $ | 644 | ||||||||||||||
Full documentation amortizing | 37,802 | 301 | 294 | 27,802 | 115 | 128 | ||||||||||||||||||||
Reduced documentation interest-only | 137,429 | 1,062 | 1,041 | 149,079 | 901 | 1,002 | ||||||||||||||||||||
Reduced documentation amortizing | 25,503 | 121 | 119 | 26,396 | 90 | 110 | ||||||||||||||||||||
Multi-family | 28,660 | 358 | 377 | 18,394 | 173 | 174 | ||||||||||||||||||||
Commercial real estate | 14,046 | 175 | 283 | 9,781 | 82 | 102 | ||||||||||||||||||||
Consumer and other loans: | ||||||||||||||||||||||||||
Home equity lines of credit | 4,083 | 4 | 6 | — | — | — | ||||||||||||||||||||
Without an allowance recorded: | ||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||
Full documentation interest-only | — | — | — | 19,792 | 82 | 80 | ||||||||||||||||||||
Full documentation amortizing | 600 | 8 | 8 | 5,824 | 50 | 50 | ||||||||||||||||||||
Reduced documentation interest-only | — | — | — | 4,172 | — | — | ||||||||||||||||||||
Multi-family | 22,393 | 141 | 141 | 35,122 | 407 | 441 | ||||||||||||||||||||
Commercial real estate | 7,132 | — | — | 8,985 | 132 | 122 | ||||||||||||||||||||
Total impaired loans | $ | 386,344 | $ | 2,820 | $ | 2,919 | $ | 409,317 | $ | 2,605 | $ | 2,853 | ||||||||||||||
The following table sets forth information about our mortgage loans receivable by segment and class at March 31, 2014 and 2013 which were modified in a troubled debt restructuring, or TDR, during the periods indicated. | ||||||||||||||||||||||||||
Modifications During the Three Months Ended March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
(Dollars In Thousands) | Number | Pre- | Recorded | Number | Pre- | Recorded | ||||||||||||||||||||
of Loans | Modification | Investment at | of Loans | Modification | Investment at | |||||||||||||||||||||
Recorded | March 31, 2014 | Recorded | March 31, 2013 | |||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||
Full documentation interest-only | 9 | $ | 4,083 | $ | 3,691 | 6 | $ | 1,504 | $ | 1,461 | ||||||||||||||||
Full documentation amortizing | 5 | 1,509 | 1,481 | 2 | 781 | 781 | ||||||||||||||||||||
Reduced documentation interest-only | 4 | 1,099 | 1,097 | 11 | 3,433 | 3,349 | ||||||||||||||||||||
Reduced documentation amortizing | 2 | 317 | 264 | 3 | 742 | 730 | ||||||||||||||||||||
Multi-family | 2 | 1,060 | 952 | 3 | 2,784 | 2,476 | ||||||||||||||||||||
Commercial real estate | 1 | 659 | 647 | 1 | 1,539 | 1,350 | ||||||||||||||||||||
Total | 23 | $ | 8,727 | $ | 8,132 | 26 | $ | 10,783 | $ | 10,147 | ||||||||||||||||
The following table sets forth information about our mortgage loans receivable by segment and class at March 31, 2014 and 2013 which were modified in a TDR during the twelve months ended March 31, 2014 and 2013 and had a payment default subsequent to the modification during the periods indicated. | ||||||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
(Dollars In Thousands) | Number | Recorded | Number | Recorded | ||||||||||||||||||||||
of Loans | Investment at | of Loans | Investment at | |||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||
Full documentation interest-only | 6 | $ | 1,138 | 19 | $ | 5,265 | ||||||||||||||||||||
Full documentation amortizing | 5 | 1,308 | 7 | 1,176 | ||||||||||||||||||||||
Reduced documentation interest-only | 11 | 3,058 | 21 | 7,986 | ||||||||||||||||||||||
Reduced documentation amortizing | 3 | 846 | 5 | 991 | ||||||||||||||||||||||
Multi-family | 2 | 1,015 | — | — | ||||||||||||||||||||||
Commercial real estate | 1 | 1,569 | 1 | 1,363 | ||||||||||||||||||||||
Total | 28 | $ | 8,934 | 53 | $ | 16,781 | ||||||||||||||||||||
For additional information regarding our loans receivable and allowance for loan losses, see “Asset Quality” and “Critical Accounting Policies” in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” or “MD&A.” |
Earnings_Per_Common_Share
Earnings Per Common Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Common Share | ' | |||||||
Earnings Per Common Share | ' | |||||||
4. Earnings Per Common Share | ||||||||
The following table is a reconciliation of basic and diluted earnings per common share, or EPS. | ||||||||
For the Three Months Ended | ||||||||
Mar ch 31, | ||||||||
(In Thousands, Except Share Data) | 2014 | 2013 | ||||||
Net income | $ 31,549 | $ 13,852 | ||||||
Preferred stock dividends | (2,194 | ) | — | |||||
Net income available to common shareholders | 29,355 | 13,852 | ||||||
Income allocated to participating securities | (312 | ) | (158 | ) | ||||
Net income allocated to common shareholders | $ 29,043 | $ 13,694 | ||||||
Basic weighted average common shares outstanding | 98,106,045 | 96,674,729 | ||||||
Dilutive effect of stock options and restricted stock units (1) (2) | — | — | ||||||
Diluted weighted average common shares outstanding | 98,106,045 | 96,674,729 | ||||||
Basic EPS | $ 0.30 | $ 0.14 | ||||||
Diluted EPS | $ 0.30 | $ 0.14 | ||||||
-1 | Excludes options to purchase 1,050,083 shares of common stock which were outstanding during the three months ended March 31, 2014 and options to purchase 2,825,855 shares of common stock which were outstanding during the three months ended March 31, 2013 because their inclusion would be anti-dilutive. | |||||||
-2 | Excludes 659,837 unvested restricted stock units which were outstanding during the three months ended March 31, 2014 and 299,879 unvested restricted stock units which were outstanding during the three months ended March 31, 2013 because the performance conditions have not been satisfied. |
Other_Comprehensive_Income
Other Comprehensive Income | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Other Comprehensive Income | ' | |||||||||||||
Other Comprehensive Income | ' | |||||||||||||
5. Other Comprehensive Income | ||||||||||||||
The following tables set forth the components of accumulated other comprehensive loss, net of related tax effects, at the dates indicated and the changes during the three months ended March 31, 2014 and 2013. | ||||||||||||||
(In Thousands) | At | Other | At | |||||||||||
31-Dec-13 | Comprehensive | 31-Mar-14 | ||||||||||||
Income | ||||||||||||||
Net unrealized loss on securities available-for-sale | $ | (4,366 | ) | $ | 2,993 | $ | (1,373 | ) | ||||||
Net actuarial loss on pension plans and other postretirement benefits | (30,600 | ) | 135 | (30,465 | ) | |||||||||
Prior service cost on pension plans and other postretirement benefits | (3,284 | ) | 30 | (3,254 | ) | |||||||||
Accumulated other comprehensive loss | $ | (38,250 | ) | $ | 3,158 | $ | (35,092 | ) | ||||||
(In Thousands) | At | Other | At | |||||||||||
31-Dec-12 | Comprehensive | 31-Mar-13 | ||||||||||||
Income | ||||||||||||||
Net unrealized gain on securities available-for-sale | $ | 7,451 | $ | 130 | $ | 7,581 | ||||||||
Net actuarial loss on pension plans and other postretirement benefits | (77,115 | ) | 627 | (76,488 | ) | |||||||||
Prior service cost on pension plans and other postretirement benefits | (3,426 | ) | 34 | (3,392 | ) | |||||||||
Accumulated other comprehensive loss | $ | (73,090 | ) | $ | 791 | $ | (72,299 | ) | ||||||
The following table sets forth the components of other comprehensive income for the periods indicated. | ||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||
(In Thousands) | Before Tax | Tax | After Tax | |||||||||||
Amount | Expense | Amount | ||||||||||||
Net unrealized holding gain on securities available-for-sale arising during the period | $ | 4,628 | $ | (1,635 | ) | $ | 2,993 | |||||||
Reclassification adjustment for net actuarial loss included in net income | 208 | (73 | ) | 135 | ||||||||||
Reclassification adjustment for prior service cost included in net income | 47 | (17 | ) | 30 | ||||||||||
Other comprehensive income | $ | 4,883 | $ | (1,725 | ) | $ | 3,158 | |||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||
(In Thousands) | Before Tax | Tax | After Tax | |||||||||||
Amount | Expense | Amount | ||||||||||||
Net unrealized holding gain on securities available-for-sale arising during the period | $ | 200 | $ | (70 | ) | $ | 130 | |||||||
Reclassification adjustment for net actuarial loss included in net income | 967 | (340 | ) | 627 | ||||||||||
Reclassification adjustment for prior service cost included in net income | 53 | (19 | ) | 34 | ||||||||||
Other comprehensive income | $ | 1,220 | $ | (429 | ) | $ | 791 | |||||||
The following table sets forth information about amounts reclassified from accumulated other comprehensive loss to, and the affected line items in, the consolidated statements of income for the periods indicated. | ||||||||||||||
For the Three Months Ended | Income Statement | |||||||||||||
March 31, | Line Item | |||||||||||||
(In Thousands) | 2014 | 2013 | ||||||||||||
Reclassification adjustment for net actuarial loss (1) | $ | (208 | ) | $ | (967 | ) | Compensation and benefits | |||||||
Reclassification adjustment for prior service cost (1) | (47 | ) | (53 | ) | Compensation and benefits | |||||||||
Total reclassifications, before tax | (255 | ) | (1,020 | ) | ||||||||||
Income tax effect | 90 | 359 | Income tax (benefit) expense | |||||||||||
Total reclassifications, net of tax | $ | (165 | ) | $ | (661 | ) | Net income | |||||||
(1) These other comprehensive income components are included in the computations of net periodic cost for our defined benefit pension plans and other postretirement benefit plan. See Note 6 for additional details. |
Pension_Plans_and_Other_Postre
Pension Plans and Other Postretirement Benefits | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Pension Plans and Other Postretirement Benefits | ' | |||||||||||||||||
Pension Plans and Other Postretirement Benefits | ' | |||||||||||||||||
6. Pension Plans and Other Postretirement Benefits | ||||||||||||||||||
The following table sets forth information regarding the components of net periodic (benefit) cost for our defined benefit pension plans and other postretirement benefit plan for the periods indicated. | ||||||||||||||||||
Pension Benefits | Other Postretirement | |||||||||||||||||
Benefits | ||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||||
March 31, | March 31, | |||||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | — | $ | — | $ | 219 | $ | 318 | ||||||||||
Interest cost | 2,633 | 2,410 | 222 | 351 | ||||||||||||||
Expected return on plan assets | (3,713 | ) | (3,188 | ) | — | — | ||||||||||||
Recognized net actuarial loss (gain) | 359 | 779 | (151 | ) | 188 | |||||||||||||
Amortization of prior service cost | 47 | 53 | — | — | ||||||||||||||
Net periodic (benefit) cost | $ | (674 | ) | $ | 54 | $ | 290 | $ | 857 | |||||||||
Stock_Incentive_Plans
Stock Incentive Plans | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Stock Incentive Plans | ' | |||||||||||
Stock Incentive Plans | ' | |||||||||||
7. Stock Incentive Plans | ||||||||||||
During the three months ended March 31, 2014, 390,840 shares of restricted common stock were granted to select officers under the 2005 Re-designated, Amended and Restated Stock Incentive Plan for Officers and Employees of Astoria Financial Corporation, or the 2005 Employee Stock Plan, all of which vest one-third per year on or about December 15, beginning December 15, 2014. 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 restricted common stock granted pursuant to such plan immediately vests. Also, during the three months ended March 31, 2014, 395,900 performance-based restricted stock units were granted to select officers under the 2005 Employee Stock Plan. 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, 2016 and the vest date is February 1, 2017. Shares will be issued on the vest date at either 125%, 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, 2016 all restricted stock units will be forfeited. In the event a grantee’s employment terminates during the period on or after December 31, 2016 through February 1, 2017 due to death, disability, retirement or a change in control, the grantee will remain entitled to the shares otherwise earned. On March 19, 2014, the Board of Directors approved the 2014 Amended and Restated Stock Incentive Plan for Officers and Employees of Astoria Financial Corporation, subject to shareholder approval. The new plan would authorize an additional 3,250,000 shares of common stock for future grants to officers and employees. | ||||||||||||
During the three months ended March 31, 2014, 32,506 shares of restricted common stock were granted to directors under the Astoria Financial Corporation 2007 Non-Employee Directors Stock Plan, as amended, of which 28,148 remain outstanding at March 31, 2014 and vest 100% in February 2017, although awards immediately vest upon death, disability, mandatory retirement, involuntary termination or a change in control, as such terms are defined in the plan. | ||||||||||||
The following table summarizes restricted common stock and performance based restricted stock unit activity in our stock incentive plans for the three months ended March 31, 2014. | ||||||||||||
Restricted Common Stock | Restricted Stock Units | |||||||||||
Number of | Weighted Average | Number of | Weighted Average | |||||||||
Shares | Grant Date Fair Value | Units | Grant Date Fair Value | |||||||||
Unvested at January 1, 2014 | 781,644 | $ 11.46 | 409,100 | $ 9.22 | ||||||||
Granted | 423,346 | 12.62 | 395,900 | 12.14 | ||||||||
Vested | (26,668 | ) | (12.22 | ) | — | — | ||||||
Unvested at March 31, 2014 | 1,178,322 | 11.86 | 805,000 | 10.66 | ||||||||
Stock-based compensation expense is recognized on a straight-line basis over the vesting period and totaled $1.3 million, net of taxes of $712,000, for the three months ended March 31, 2014 and $1.1 million, net of taxes of $609,000, for the three months ended March 31, 2013. At March 31, 2014, pre-tax compensation cost related to all nonvested awards of restricted common stock and restricted stock units not yet recognized totaled $17.4 million and will be recognized over a weighted average period of approximately 2.3 years, which excludes $1.8 million of pre-tax compensation cost related to 65,000 shares of performance-based restricted common stock and 102,275 performance-based restricted stock units, for which compensation cost will begin to be recognized when the achievement of the performance conditions becomes probable. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Fair Value Measurements | ' | ||||||||||||||
Fair Value Measurements | ' | ||||||||||||||
8. 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 March 31, 2014 | |||||||||||||||
(In Thousands) | Total | Level 1 | Level 2 | ||||||||||||
Securities available-for-sale: | |||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||
GSE issuance REMICs and CMOs | $ 280,256 | $ | — | $ 280,256 | |||||||||||
Non-GSE issuance REMICs and CMOs | 7,020 | — | 7,020 | ||||||||||||
GSE pass-through certificates | 16,068 | — | 16,068 | ||||||||||||
Obligations of GSEs | 93,339 | — | 93,339 | ||||||||||||
Fannie Mae stock | 4 | 4 | — | ||||||||||||
Total securities available-for-sale | $ 396,687 | $ | 4 | $ 396,683 | |||||||||||
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 | |||||||||||
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 76% of our securities available-for-sale portfolio at March 31, 2014 and 77% at December 31, 2013. 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 March 31, 2014 and December 31, 2013. | |||||||||||||||
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 24% of our securities available-for-sale portfolio at March 31, 2014 and 23% at December 31, 2013 and consisted of debt securities issued by GSEs. The fair values for these securities are obtained from an independent nationally recognized pricing service. Our pricing service gathers information from market sources and integrates relative credit information, observed market movements and sector news into their pricing applications and models. Spread scales, representing credit risk, are created and are based on the new issue market, secondary trading and dealer quotes. Option adjusted spread, or OAS, models are incorporated to adjust spreads of issues that have early redemption features. Based upon our review of the prices provided by our pricing service, the estimated fair values incorporate observable market inputs commonly used by buyers and sellers of these types of securities at the measurement date in orderly transactions between market participants, and, as such, are classified as Level 2. | |||||||||||||||
Fannie Mae stock | |||||||||||||||
The fair value of the Fannie Mae stock in our available-for-sale securities portfolio is obtained from quoted market prices for identical instruments in active markets and, as such, is classified as Level 1. | |||||||||||||||
Non-Recurring Fair Value Measurements | |||||||||||||||
From time to time, we may be required to record at fair value assets or liabilities on a non-recurring basis, such as mortgage servicing rights, or MSR, loans receivable, certain assets held-for-sale and real estate owned, or REO. These non-recurring fair value adjustments involve the application of lower of cost or market accounting or impairment write-downs of individual assets. | |||||||||||||||
The following table sets forth the carrying values of those of our assets which were measured at fair value on a non-recurring basis at the dates indicated. The fair value measurements for all of these assets fall within Level 3 of the fair value hierarchy. | |||||||||||||||
Carrying Value | |||||||||||||||
(In Thousands) | At March 31, 2014 | At December 31, 2013 | |||||||||||||
Non-performing loans held-for-sale, net | $ 882 | $ 791 | |||||||||||||
Impaired loans | 265,359 | 271,408 | |||||||||||||
MSR, net | 12,369 | 12,800 | |||||||||||||
REO, net | 25,360 | 27,101 | |||||||||||||
Total | $ 303,970 | $ 312,100 | |||||||||||||
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 Three | |||||||||||||||
Months Ended | |||||||||||||||
March 31, | |||||||||||||||
(In Thousands) | 2014 | 2013 | |||||||||||||
Non-performing loans held-for-sale, net (1) | $ 533 | $ 2,604 | |||||||||||||
Impaired loans (2) | 6,419 | 8,378 | |||||||||||||
MSR, net (3) | 13 | — | |||||||||||||
REO, net (4) | 898 | 1,137 | |||||||||||||
Total | $ 7,863 | $ 12,119 | |||||||||||||
-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. All of the non-performing loans held-for-sale at March 31, 2014 and substantially all of the non-performing loans held-for-sale at December 31, 2013 were multi-family mortgage loans. | |||||||||||||||
Loans receivable, net (impaired loans) | |||||||||||||||
Loans which meet certain criteria are evaluated individually for impairment. A loan is considered impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement. Impaired loans were comprised of 80% residential mortgage loans, 19% multi-family and commercial real estate mortgage loans and 1% home equity lines of credit at March 31, 2014 and 81% residential mortgage loans and 19% multi-family and commercial real estate mortgage loans at December 31, 2013. Impaired loans for which a fair value adjustment was recognized were comprised of 82% residential mortgage loans and 18% multi-family and commercial real estate mortgage loans at March 31, 2014 and 83% residential mortgage loans and 17% multi-family and commercial real estate mortgage loans at December 31, 2013. 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 March 31, 2014, 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 11.14% and a weighted average life of 6.1 years. 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. Management reviews the assumptions used to estimate the fair value of MSR to ensure they reflect current and anticipated market conditions. | |||||||||||||||
REO, net | |||||||||||||||
REO represents real estate acquired through foreclosure or by deed in lieu of foreclosure, all of which were residential properties at March 31, 2014 and December 31, 2013, and is carried, net of allowances for losses, at the lower of cost or fair value less estimated selling costs. 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 March 31, 2014 | |||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||
(In Thousands) | Value | Total | Level 2 | Level 3 | |||||||||||
Financial Assets: | |||||||||||||||
Securities held-to-maturity | $ | 1,911,500 | $ | 1,887,250 | $ | 1,887,250 | $ | — | |||||||
FHLB-NY stock | 150,297 | 150,297 | 150,297 | — | |||||||||||
Loans held-for-sale, net (1) | 3,177 | 3,203 | — | 3,203 | |||||||||||
Loans receivable, net (1) | 12,152,674 | 12,292,358 | — | 12,292,358 | |||||||||||
MSR, net (1) | 12,369 | 12,374 | — | 12,374 | |||||||||||
Financial Liabilities: | |||||||||||||||
Deposits | 9,721,078 | 9,778,635 | 9,778,635 | — | |||||||||||
Borrowings, net | 4,095,293 | 4,331,588 | 4,331,588 | — | |||||||||||
(1) Includes assets measured at fair value on a non-recurring basis. | |||||||||||||||
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. | |||||||||||||||
The following is a description of the methods and assumptions used to estimate fair values of our financial instruments which are not measured or recorded at fair value on a recurring or non-recurring basis. | |||||||||||||||
Securities held-to-maturity | |||||||||||||||
The fair values for substantially all of our securities held-to-maturity are obtained from an independent nationally recognized pricing service using similar methods and assumptions as used for our securities available-for-sale which are measured at fair value on a recurring basis. | |||||||||||||||
Federal Home Loan Bank of New York, or FHLB-NY, stock | |||||||||||||||
The fair value of FHLB-NY stock is based on redemption at par value. | |||||||||||||||
Loans held-for-sale, net | |||||||||||||||
The fair values of fifteen and thirty year fixed rate residential mortgage loans originated for sale that conform to GSE guidelines (conforming 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 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. |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2014 | |
Litigation | ' |
Litigation | ' |
9. 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., or Fidata, and Astoria Federal Mortgage Corp., or AF Mortgage. 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 March 31, 2014 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. |
Impact_of_Accounting_Standards
Impact of Accounting Standards and Interpretations | 3 Months Ended |
Mar. 31, 2014 | |
Impact of Accounting Standards and Interpretations | ' |
Impact of Accounting Standards and Interpretations | ' |
10. Impact of 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 will not have an 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 will not have a material impact on our financial condition or results of operations. |
Securities_Tables
Securities (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Securities | ' | |||||||||||||||||||
Schedule of amortized cost and estimated fair value of securities available-for-sale and held-to-maturity | ' | |||||||||||||||||||
At March 31, 2014 | ||||||||||||||||||||
(In Thousands) | Amortized | Gross | Gross | Estimated | ||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
GSE (1) issuance REMICs and CMOs (2) | $ | 284,181 | $ | 1,591 | $ | (5,516 | ) | $ | 280,256 | |||||||||||
Non-GSE issuance REMICs and CMOs | 6,968 | 53 | (1 | ) | 7,020 | |||||||||||||||
GSE pass-through certificates | 15,303 | 770 | (5 | ) | 16,068 | |||||||||||||||
Total residential mortgage-backed securities | 306,452 | 2,414 | (5,522 | ) | 303,344 | |||||||||||||||
Obligations of GSEs | 98,676 | — | (5,337 | ) | 93,339 | |||||||||||||||
Fannie Mae stock | 15 | — | (11 | ) | 4 | |||||||||||||||
Total securities available-for-sale | $ | 405,143 | $ | 2,414 | $ | (10,870 | ) | $ | 396,687 | |||||||||||
Held-to-maturity: | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 1,481,464 | $ | 11,935 | $ | (24,638 | ) | $ | 1,468,761 | |||||||||||
Non-GSE issuance REMICs and CMOs | 3,476 | 53 | (8 | ) | 3,521 | |||||||||||||||
GSE pass-through certificates | 281,777 | 430 | (7,734 | ) | 274,473 | |||||||||||||||
Total residential mortgage-backed securities | 1,766,717 | 12,418 | (32,380 | ) | 1,746,755 | |||||||||||||||
Multi-family mortgage-backed securities: | ||||||||||||||||||||
GSE issuance REMICs | 53,277 | 214 | (325 | ) | 53,166 | |||||||||||||||
Obligations of GSEs | 90,930 | — | (4,177 | ) | 86,753 | |||||||||||||||
Other | 576 | — | — | 576 | ||||||||||||||||
Total securities held-to-maturity | $ | 1,911,500 | $ | 12,632 | $ | (36,882 | ) | $ | 1,887,250 | |||||||||||
(1) Government-sponsored enterprise | ||||||||||||||||||||
(2) Real estate mortgage investment conduits and collateralized mortgage obligations | ||||||||||||||||||||
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 | $ | 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 | |||||||||||
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 March 31, 2014 | ||||||||||||||||||||
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: | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 168,017 | $ | (5,516 | ) | $ | — | $ | — | $ | 168,017 | $ | (5,516 | ) | ||||||
Non-GSE issuance REMICs and CMOs | — | — | 125 | (1 | ) | 125 | (1 | ) | ||||||||||||
GSE pass-through certificates | 440 | (4 | ) | 69 | (1 | ) | 509 | (5 | ) | |||||||||||
Obligations of GSEs | 93,339 | (5,337 | ) | — | — | 93,339 | (5,337 | ) | ||||||||||||
Fannie Mae stock | — | — | 4 | (11 | ) | 4 | (11 | ) | ||||||||||||
Total temporarily impaired securities available-for-sale | $ | 261,796 | $ | (10,857 | ) | $ | 198 | $ | (13 | ) | $ | 261,994 | $ | (10,870 | ) | |||||
Held-to-maturity: | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 595,141 | $ | (14,119 | ) | $ | 208,983 | $ | (10,519 | ) | $ | 804,124 | $ | (24,638 | ) | |||||
Non-GSE issuance REMICs and CMOs | 389 | (8 | ) | — | — | 389 | (8 | ) | ||||||||||||
GSE pass-through certificates | 232,412 | (7,734 | ) | — | — | 232,412 | (7,734 | ) | ||||||||||||
Multi-family mortgage-backed securities: | ||||||||||||||||||||
GSE issuance REMICs | 34,384 | (325 | ) | — | — | 34,384 | (325 | ) | ||||||||||||
Obligations of GSEs | 86,753 | (4,177 | ) | — | — | 86,753 | (4,177 | ) | ||||||||||||
Total temporarily impaired securities held-to-maturity | $ | 949,079 | $ | (26,363 | ) | $ | 208,983 | $ | (10,519 | ) | $ | 1,158,062 | $ | (36,882 | ) | |||||
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: | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
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: | ||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
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 | ) | |||||
Loans_Receivable_and_Allowance1
Loans Receivable and Allowance for Loan Losses (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
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 March 31, 2014 | ||||||||||||||||||||||||||
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 | $ | 14,952 | $ | 6,086 | $ | — | $ | 21,038 | $ | 1,163,610 | $ | 1,184,648 | ||||||||||||||
Full documentation amortizing | 28,656 | 4,848 | — | 33,504 | 5,241,230 | 5,274,734 | ||||||||||||||||||||
Reduced documentation interest-only | 19,517 | 7,491 | — | 27,008 | 659,663 | 686,671 | ||||||||||||||||||||
Reduced documentation amortizing | 7,559 | 1,541 | — | 9,100 | 365,471 | 374,571 | ||||||||||||||||||||
Total residential | 70,684 | 19,966 | — | 90,650 | 7,429,974 | 7,520,624 | ||||||||||||||||||||
Multi-family | 8,168 | 3,540 | — | 11,708 | 3,320,636 | 3,332,344 | ||||||||||||||||||||
Commercial real estate | 1,548 | 500 | 231 | 2,279 | 824,268 | 826,547 | ||||||||||||||||||||
Total mortgage loans | 80,400 | 24,006 | 231 | 104,637 | 11,574,878 | 11,679,515 | ||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||
Home equity lines of credit | 2,918 | 582 | — | 3,500 | 184,098 | 187,598 | ||||||||||||||||||||
Other | 137 | 31 | — | 168 | 42,227 | 42,395 | ||||||||||||||||||||
Total consumer and other loans | 3,055 | 613 | — | 3,668 | 226,325 | 229,993 | ||||||||||||||||||||
Total accruing loans | $ | 83,455 | $ | 24,619 | $ | 231 | $ | 108,305 | $ | 11,801,203 | $ | 11,909,508 | ||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||||
Mortgage loans (gross): | ||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||
Full documentation interest-only | $ | 545 | $ | 185 | $ | 78,043 | $ | 78,773 | $ | 21,624 | $ | 100,397 | ||||||||||||||
Full documentation amortizing | 958 | 334 | 42,090 | 43,382 | 9,094 | 52,476 | ||||||||||||||||||||
Reduced documentation interest-only | 1,005 | 702 | 81,897 | 83,604 | 27,322 | 110,926 | ||||||||||||||||||||
Reduced documentation amortizing | 1,255 | 67 | 26,407 | 27,729 | 2,467 | 30,196 | ||||||||||||||||||||
Total residential | 3,763 | 1,288 | 228,437 | 233,488 | 60,507 | 293,995 | ||||||||||||||||||||
Multi-family | 84 | 1,012 | 10,256 | 11,352 | 2,179 | 13,531 | ||||||||||||||||||||
Commercial real estate | — | 527 | 2,698 | 3,225 | 6,501 | 9,726 | ||||||||||||||||||||
Total mortgage loans | 3,847 | 2,827 | 241,391 | 248,065 | 69,187 | 317,252 | ||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||
Home equity lines of credit | — | — | 5,535 | 5,535 | 312 | 5,847 | ||||||||||||||||||||
Other | — | — | 46 | 46 | — | 46 | ||||||||||||||||||||
Total consumer and other loans | — | — | 5,581 | 5,581 | 312 | 5,893 | ||||||||||||||||||||
Total non-accrual loans | $ | 3,847 | $ | 2,827 | $ | 246,972 | $ | 253,646 | $ | 69,499 | $ | 323,145 | ||||||||||||||
Total loans: | ||||||||||||||||||||||||||
Mortgage loans (gross): | ||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||
Full documentation interest-only | $ | 15,497 | $ | 6,271 | $ | 78,043 | $ | 99,811 | $ | 1,185,234 | $ | 1,285,045 | ||||||||||||||
Full documentation amortizing | 29,614 | 5,182 | 42,090 | 76,886 | 5,250,324 | 5,327,210 | ||||||||||||||||||||
Reduced documentation interest-only | 20,522 | 8,193 | 81,897 | 110,612 | 686,985 | 797,597 | ||||||||||||||||||||
Reduced documentation amortizing | 8,814 | 1,608 | 26,407 | 36,829 | 367,938 | 404,767 | ||||||||||||||||||||
Total residential | 74,447 | 21,254 | 228,437 | 324,138 | 7,490,481 | 7,814,619 | ||||||||||||||||||||
Multi-family | 8,252 | 4,552 | 10,256 | 23,060 | 3,322,815 | 3,345,875 | ||||||||||||||||||||
Commercial real estate | 1,548 | 1,027 | 2,929 | 5,504 | 830,769 | 836,273 | ||||||||||||||||||||
Total mortgage loans | 84,247 | 26,833 | 241,622 | 352,702 | 11,644,065 | 11,996,767 | ||||||||||||||||||||
Consumer and other loans (gross): | ||||||||||||||||||||||||||
Home equity lines of credit | 2,918 | 582 | 5,535 | 9,035 | 184,410 | 193,445 | ||||||||||||||||||||
Other | 137 | 31 | 46 | 214 | 42,227 | 42,441 | ||||||||||||||||||||
Total consumer and other loans | 3,055 | 613 | 5,581 | 9,249 | 226,637 | 235,886 | ||||||||||||||||||||
Total loans | $ | 87,302 | $ | 27,446 | $ | 247,203 | $ | 361,951 | $ | 11,870,702 | $ | 12,232,653 | ||||||||||||||
Net unamortized premiums and deferred loan origination costs | 54,021 | |||||||||||||||||||||||||
Loans receivable | 12,286,674 | |||||||||||||||||||||||||
Allowance for loan losses | (134,000 | ) | ||||||||||||||||||||||||
Loans receivable, net | $ | 12,152,674 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Schedule of changes in allowance for loan losses by loan receivable segment | ' | |||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||
Mortgage Loans | Consumer | |||||||||||||||||||||||||
(In Thousands) | Residential | Multi- | Commercial | and Other | Total | |||||||||||||||||||||
Family | Real Estate | Loans | ||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 80,337 | $ | 36,703 | $ | 13,136 | $ | 8,824 | $ | 139,000 | ||||||||||||||||
Provision (credited) charged to operations | -3,476 | -1,412 | 4,538 | 1,981 | 1,631 | |||||||||||||||||||||
Charge-offs | -4,093 | -869 | -2,976 | -897 | (8,835 | ) | ||||||||||||||||||||
Recoveries | 1,949 | 156 | — | 99 | 2,204 | |||||||||||||||||||||
Balance at March 31, 2014 | $ | 74,717 | $ | 34,578 | $ | 14,698 | $ | 10,007 | $ | 134,000 | ||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||
Mortgage Loans | Consumer | |||||||||||||||||||||||||
(In Thousands) | Residential | Multi- | Commercial | and Other | Total | |||||||||||||||||||||
Family | Real Estate | Loans | ||||||||||||||||||||||||
Balance at January 1, 2013 | $ | 89,267 | $ | 35,514 | $ | 14,404 | $ | 6,316 | $ | 145,501 | ||||||||||||||||
Provision charged (credited) to operations | 8,906 | 191 | -815 | 844 | 9,126 | |||||||||||||||||||||
Charge-offs | -8,313 | -2,941 | -1,194 | -906 | (13,354 | ) | ||||||||||||||||||||
Recoveries | 1,686 | 1,188 | — | 103 | 2,977 | |||||||||||||||||||||
Balance at March 31, 2013 | $ | 91,546 | $ | 33,952 | $ | 12,395 | $ | 6,357 | $ | 144,250 | ||||||||||||||||
Schedule of balances of residential interest-only mortgage loans by scheduled amortization period | ' | |||||||||||||||||||||||||
The following table sets forth the balances of our residential interest-only mortgage loans at March 31, 2014 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 | $ | 400,201 | ||||||||||||||||||||||||
More than one year to three years | 1,202,190 | |||||||||||||||||||||||||
More than three years to five years | 438,448 | |||||||||||||||||||||||||
Over five years | 41,803 | |||||||||||||||||||||||||
Total | $ | 2,082,642 | ||||||||||||||||||||||||
Schedule of balances of loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed | ' | |||||||||||||||||||||||||
At March 31, 2014 | ||||||||||||||||||||||||||
Mortgage Loans | Consumer | |||||||||||||||||||||||||
(In Thousands) | Residential | Multi- | Commercial | and Other | Total | |||||||||||||||||||||
Family | Real Estate | Loans | ||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 308,129 | $ | 49,567 | $ | 22,301 | $ | 4,006 | $ | 384,003 | ||||||||||||||||
Collectively evaluated for impairment | 7,506,490 | 3,296,308 | 813,972 | 231,880 | 11,848,650 | |||||||||||||||||||||
Total loans | $ | 7,814,619 | $ | 3,345,875 | $ | 836,273 | $ | 235,886 | $ | 12,232,653 | ||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 15,751 | $ | 5,431 | $ | 2,730 | $ | 4,006 | $ | 27,918 | ||||||||||||||||
Collectively evaluated for impairment | 58,966 | 29,147 | 11,968 | 6,001 | 106,082 | |||||||||||||||||||||
Total allowance for loan losses | $ | 74,717 | $ | 34,578 | $ | 14,698 | $ | 10,007 | $ | 134,000 | ||||||||||||||||
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 | ||||||||||||||||
Summary of information related to impaired loans by segment and class | ' | |||||||||||||||||||||||||
At March 31, 2014 | At December 31, 2013 | |||||||||||||||||||||||||
(In Thousands) | Unpaid | Recorded | Related | Net | Unpaid | Recorded | Related | Net | ||||||||||||||||||
Principal | Investment | Allowance | Investment | Principal | Investment | Allowance | Investment | |||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||
Full documentation interest-only | $ | 139,407 | $ | 107,515 | $ | (5,158 | ) | $ | 102,357 | $ | 142,659 | $ | 109,877 | $ | (6,019 | ) | $ | 103,858 | ||||||||
Full documentation amortizing | 44,193 | 39,513 | (2,278 | ) | 37,235 | 41,136 | 36,091 | (2,458 | ) | 33,633 | ||||||||||||||||
Reduced documentation interest-only | 175,395 | 134,501 | (6,327 | ) | 128,174 | 183,280 | 140,357 | (7,673 | ) | 132,684 | ||||||||||||||||
Reduced documentation amortizing | 30,111 | 25,401 | (1,988 | ) | 23,413 | 30,660 | 25,605 | (2,202 | ) | 23,403 | ||||||||||||||||
Multi-family | 43,685 | 37,571 | (5,431 | ) | 32,140 | 19,748 | 19,748 | (2,877 | ) | 16,871 | ||||||||||||||||
Commercial real estate | 31,002 | 22,301 | (2,730 | ) | 19,571 | 5,790 | 5,790 | (302 | ) | 5,488 | ||||||||||||||||
Consumer and other loans: | ||||||||||||||||||||||||||
Home equity lines of credit | 4,152 | 4,006 | (4,006 | ) | — | — | — | — | — | |||||||||||||||||
Without an allowance recorded: | ||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||
Full documentation amortizing | 1,428 | 1,199 | — | 1,199 | — | — | — | — | ||||||||||||||||||
Multi-family | 13,109 | 11,996 | — | 11,996 | 39,871 | 32,790 | — | 32,790 | ||||||||||||||||||
Commercial real estate | — | — | — | — | 19,988 | 14,264 | — | 14,264 | ||||||||||||||||||
Total impaired loans | $ | 482,482 | $ | 384,003 | $ | (27,918 | ) | $ | 356,085 | $ | 483,132 | $ | 384,522 | $ | (21,531 | ) | $ | 362,991 | ||||||||
Schedule of information related to average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans | ' | |||||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
(In Thousands) | Average | Interest | Cash Basis | Average | Interest | Cash Basis | ||||||||||||||||||||
Recorded | Income | Interest | Recorded | Income | Interest | |||||||||||||||||||||
Investment | Recognized | Income | Investment | Recognized | Income | |||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||
Full documentation interest-only | $ | 108,696 | $ | 650 | $ | 650 | $ | 103,970 | $ | 573 | $ | 644 | ||||||||||||||
Full documentation amortizing | 37,802 | 301 | 294 | 27,802 | 115 | 128 | ||||||||||||||||||||
Reduced documentation interest-only | 137,429 | 1,062 | 1,041 | 149,079 | 901 | 1,002 | ||||||||||||||||||||
Reduced documentation amortizing | 25,503 | 121 | 119 | 26,396 | 90 | 110 | ||||||||||||||||||||
Multi-family | 28,660 | 358 | 377 | 18,394 | 173 | 174 | ||||||||||||||||||||
Commercial real estate | 14,046 | 175 | 283 | 9,781 | 82 | 102 | ||||||||||||||||||||
Consumer and other loans: | ||||||||||||||||||||||||||
Home equity lines of credit | 4,083 | 4 | 6 | — | — | — | ||||||||||||||||||||
Without an allowance recorded: | ||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||
Full documentation interest-only | — | — | — | 19,792 | 82 | 80 | ||||||||||||||||||||
Full documentation amortizing | 600 | 8 | 8 | 5,824 | 50 | 50 | ||||||||||||||||||||
Reduced documentation interest-only | — | — | — | 4,172 | — | — | ||||||||||||||||||||
Multi-family | 22,393 | 141 | 141 | 35,122 | 407 | 441 | ||||||||||||||||||||
Commercial real estate | 7,132 | — | — | 8,985 | 132 | 122 | ||||||||||||||||||||
Total impaired loans | $ | 386,344 | $ | 2,820 | $ | 2,919 | $ | 409,317 | $ | 2,605 | $ | 2,853 | ||||||||||||||
Restructured Loans | ' | |||||||||||||||||||||||||
Loans receivable and allowance for loan losses disclosures | ' | |||||||||||||||||||||||||
Schedule of information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | |||||||||||||||||||||||||
Modifications During the Three Months Ended March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
(Dollars In Thousands) | Number | Pre- | Recorded | Number | Pre- | Recorded | ||||||||||||||||||||
of Loans | Modification | Investment at | of Loans | Modification | Investment at | |||||||||||||||||||||
Recorded | March 31, 2014 | Recorded | March 31, 2013 | |||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||
Full documentation interest-only | 9 | $ | 4,083 | $ | 3,691 | 6 | $ | 1,504 | $ | 1,461 | ||||||||||||||||
Full documentation amortizing | 5 | 1,509 | 1,481 | 2 | 781 | 781 | ||||||||||||||||||||
Reduced documentation interest-only | 4 | 1,099 | 1,097 | 11 | 3,433 | 3,349 | ||||||||||||||||||||
Reduced documentation amortizing | 2 | 317 | 264 | 3 | 742 | 730 | ||||||||||||||||||||
Multi-family | 2 | 1,060 | 952 | 3 | 2,784 | 2,476 | ||||||||||||||||||||
Commercial real estate | 1 | 659 | 647 | 1 | 1,539 | 1,350 | ||||||||||||||||||||
Total | 23 | $ | 8,727 | $ | 8,132 | 26 | $ | 10,783 | $ | 10,147 | ||||||||||||||||
Defaulted Loans | ' | |||||||||||||||||||||||||
Loans receivable and allowance for loan losses disclosures | ' | |||||||||||||||||||||||||
Schedule of information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | |||||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
(Dollars In Thousands) | Number | Recorded | Number | Recorded | ||||||||||||||||||||||
of Loans | Investment at | of Loans | Investment at | |||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||
Full documentation interest-only | 6 | $ | 1,138 | 19 | $ | 5,265 | ||||||||||||||||||||
Full documentation amortizing | 5 | 1,308 | 7 | 1,176 | ||||||||||||||||||||||
Reduced documentation interest-only | 11 | 3,058 | 21 | 7,986 | ||||||||||||||||||||||
Reduced documentation amortizing | 3 | 846 | 5 | 991 | ||||||||||||||||||||||
Multi-family | 2 | 1,015 | — | — | ||||||||||||||||||||||
Commercial real estate | 1 | 1,569 | 1 | 1,363 | ||||||||||||||||||||||
Total | 28 | $ | 8,934 | 53 | $ | 16,781 | ||||||||||||||||||||
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 March 31, 2014 | ||||||||||||||||||||||||||
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 | $ | 1,184,648 | $ | 5,274,734 | $ | 686,671 | $ | 374,571 | $ | 187,598 | $ | 42,395 | ||||||||||||||
Non-performing: | ||||||||||||||||||||||||||
Current or past due less than 90 days | 22,354 | 10,386 | 29,029 | 3,789 | 312 | — | ||||||||||||||||||||
Past due 90 days or more | 78,043 | 42,090 | 81,897 | 26,407 | 5,535 | 46 | ||||||||||||||||||||
Total | $ | 1,285,045 | $ | 5,327,210 | $ | 797,597 | $ | 404,767 | $ | 193,445 | $ | 42,441 | ||||||||||||||
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 | ||||||||||||||
Criticized, Not Criticized | ' | |||||||||||||||||||||||||
Loans receivable and allowance for loan losses disclosures | ' | |||||||||||||||||||||||||
Schedule of loan receivable segments by class and credit quality indicator | ' | |||||||||||||||||||||||||
At March 31, 2014 | At December 31, 2013 | |||||||||||||||||||||||||
(In Thousands) | Multi-Family | Commercial | Multi-Family | Commercial | ||||||||||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||||||||
Not criticized | $ | 3,290,089 | $ | 786,892 | $ | 3,209,786 | $ | 759,114 | ||||||||||||||||||
Criticized: | ||||||||||||||||||||||||||
Special mention | 12,974 | 8,529 | 14,063 | 9,760 | ||||||||||||||||||||||
Substandard | 42,812 | 38,839 | 72,606 | 44,092 | ||||||||||||||||||||||
Doubtful | — | 2,013 | — | — | ||||||||||||||||||||||
Total | $ | 3,345,875 | $ | 836,273 | $ | 3,296,455 | $ | 812,966 | ||||||||||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Common Share | ' | |||||||
Reconciliation of basic and diluted earnings per common share | ' | |||||||
For the Three Months Ended | ||||||||
Mar ch 31, | ||||||||
(In Thousands, Except Share Data) | 2014 | 2013 | ||||||
Net income | $ 31,549 | $ 13,852 | ||||||
Preferred stock dividends | (2,194 | ) | — | |||||
Net income available to common shareholders | 29,355 | 13,852 | ||||||
Income allocated to participating securities | (312 | ) | (158 | ) | ||||
Net income allocated to common shareholders | $ 29,043 | $ 13,694 | ||||||
Basic weighted average common shares outstanding | 98,106,045 | 96,674,729 | ||||||
Dilutive effect of stock options and restricted stock units (1) (2) | — | — | ||||||
Diluted weighted average common shares outstanding | 98,106,045 | 96,674,729 | ||||||
Basic EPS | $ 0.30 | $ 0.14 | ||||||
Diluted EPS | $ 0.30 | $ 0.14 | ||||||
-1 | Excludes options to purchase 1,050,083 shares of common stock which were outstanding during the three months ended March 31, 2014 and options to purchase 2,825,855 shares of common stock which were outstanding during the three months ended March 31, 2013 because their inclusion would be anti-dilutive. | |||||||
-2 | Excludes 659,837 unvested restricted stock units which were outstanding during the three months ended March 31, 2014 and 299,879 unvested restricted stock units which were outstanding during the three months ended March 31, 2013 because the performance conditions have not been satisfied. |
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Other Comprehensive Income | ' | |||||||||||||
Components of and Changes in Accumulated Other Comprehensive Loss net of tax | ' | |||||||||||||
(In Thousands) | At | Other | At | |||||||||||
31-Dec-13 | Comprehensive | 31-Mar-14 | ||||||||||||
Income | ||||||||||||||
Net unrealized loss on securities available-for-sale | $ | (4,366 | ) | $ | 2,993 | $ | (1,373 | ) | ||||||
Net actuarial loss on pension plans and other postretirement benefits | (30,600 | ) | 135 | (30,465 | ) | |||||||||
Prior service cost on pension plans and other postretirement benefits | (3,284 | ) | 30 | (3,254 | ) | |||||||||
Accumulated other comprehensive loss | $ | (38,250 | ) | $ | 3,158 | $ | (35,092 | ) | ||||||
(In Thousands) | At | Other | At | |||||||||||
31-Dec-12 | Comprehensive | 31-Mar-13 | ||||||||||||
Income | ||||||||||||||
Net unrealized gain on securities available-for-sale | $ | 7,451 | $ | 130 | $ | 7,581 | ||||||||
Net actuarial loss on pension plans and other postretirement benefits | (77,115 | ) | 627 | (76,488 | ) | |||||||||
Prior service cost on pension plans and other postretirement benefits | (3,426 | ) | 34 | (3,392 | ) | |||||||||
Accumulated other comprehensive loss | $ | (73,090 | ) | $ | 791 | $ | (72,299 | ) | ||||||
Schedule of components of other comprehensive income | ' | |||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||
(In Thousands) | Before Tax | Tax | After Tax | |||||||||||
Amount | Expense | Amount | ||||||||||||
Net unrealized holding gain on securities available-for-sale arising during the period | $ | 4,628 | $ | (1,635 | ) | $ | 2,993 | |||||||
Reclassification adjustment for net actuarial loss included in net income | 208 | (73 | ) | 135 | ||||||||||
Reclassification adjustment for prior service cost included in net income | 47 | (17 | ) | 30 | ||||||||||
Other comprehensive income | $ | 4,883 | $ | (1,725 | ) | $ | 3,158 | |||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||
(In Thousands) | Before Tax | Tax | After Tax | |||||||||||
Amount | Expense | Amount | ||||||||||||
Net unrealized holding gain on securities available-for-sale arising during the period | $ | 200 | $ | (70 | ) | $ | 130 | |||||||
Reclassification adjustment for net actuarial loss included in net income | 967 | (340 | ) | 627 | ||||||||||
Reclassification adjustment for prior service cost included in net income | 53 | (19 | ) | 34 | ||||||||||
Other comprehensive income | $ | 1,220 | $ | (429 | ) | $ | 791 | |||||||
Information about amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ' | |||||||||||||
For the Three Months Ended | Income Statement | |||||||||||||
March 31, | Line Item | |||||||||||||
(In Thousands) | 2014 | 2013 | ||||||||||||
Reclassification adjustment for net actuarial loss (1) | $ | (208 | ) | $ | (967 | ) | Compensation and benefits | |||||||
Reclassification adjustment for prior service cost (1) | (47 | ) | (53 | ) | Compensation and benefits | |||||||||
Total reclassifications, before tax | (255 | ) | (1,020 | ) | ||||||||||
Income tax effect | 90 | 359 | Income tax (benefit) expense | |||||||||||
Total reclassifications, net of tax | $ | (165 | ) | $ | (661 | ) | Net income | |||||||
(1) These other comprehensive income components are included in the computations of net periodic cost for our defined benefit pension plans and other postretirement benefit plan. See Note 6 for additional details. |
Pension_Plans_and_Other_Postre1
Pension Plans and Other Postretirement Benefits (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Pension Plans and Other Postretirement Benefits | ' | |||||||||||||||||
Schedule of net periodic (benefit) cost for defined benefit pension plans and other postretirement benefit plan | ' | |||||||||||||||||
Pension Benefits | Other Postretirement | |||||||||||||||||
Benefits | ||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||||
March 31, | March 31, | |||||||||||||||||
(In Thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | — | $ | — | $ | 219 | $ | 318 | ||||||||||
Interest cost | 2,633 | 2,410 | 222 | 351 | ||||||||||||||
Expected return on plan assets | (3,713 | ) | (3,188 | ) | — | — | ||||||||||||
Recognized net actuarial loss (gain) | 359 | 779 | (151 | ) | 188 | |||||||||||||
Amortization of prior service cost | 47 | 53 | — | — | ||||||||||||||
Net periodic (benefit) cost | $ | (674 | ) | $ | 54 | $ | 290 | $ | 857 | |||||||||
Stock_Incentive_Plans_Tables
Stock Incentive Plans (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Stock Incentive Plans | ' | |||||||||||
Schedule of restricted common stock and performance based restricted stock unit in stock incentive plans | ' | |||||||||||
Restricted Common Stock | Restricted Stock Units | |||||||||||
Number of | Weighted Average | Number of | Weighted Average | |||||||||
Shares | Grant Date Fair Value | Units | Grant Date Fair Value | |||||||||
Unvested at January 1, 2014 | 781,644 | $ 11.46 | 409,100 | $ 9.22 | ||||||||
Granted | 423,346 | 12.62 | 395,900 | 12.14 | ||||||||
Vested | (26,668 | ) | (12.22 | ) | — | — | ||||||
Unvested at March 31, 2014 | 1,178,322 | 11.86 | 805,000 | 10.66 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
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 March 31, 2014 | |||||||||||||||
(In Thousands) | Total | Level 1 | Level 2 | ||||||||||||
Securities available-for-sale: | |||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||
GSE issuance REMICs and CMOs | $ 280,256 | $ | — | $ 280,256 | |||||||||||
Non-GSE issuance REMICs and CMOs | 7,020 | — | 7,020 | ||||||||||||
GSE pass-through certificates | 16,068 | — | 16,068 | ||||||||||||
Obligations of GSEs | 93,339 | — | 93,339 | ||||||||||||
Fannie Mae stock | 4 | 4 | — | ||||||||||||
Total securities available-for-sale | $ 396,687 | $ | 4 | $ 396,683 | |||||||||||
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 | |||||||||||
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 | |||||||||||||||
(In Thousands) | At March 31, 2014 | At December 31, 2013 | |||||||||||||
Non-performing loans held-for-sale, net | $ 882 | $ 791 | |||||||||||||
Impaired loans | 265,359 | 271,408 | |||||||||||||
MSR, net | 12,369 | 12,800 | |||||||||||||
REO, net | 25,360 | 27,101 | |||||||||||||
Total | $ 303,970 | $ 312,100 | |||||||||||||
Schedule of losses recognized on assets measured at fair value on non-recurring basis | ' | ||||||||||||||
For the Three | |||||||||||||||
Months Ended | |||||||||||||||
March 31, | |||||||||||||||
(In Thousands) | 2014 | 2013 | |||||||||||||
Non-performing loans held-for-sale, net (1) | $ 533 | $ 2,604 | |||||||||||||
Impaired loans (2) | 6,419 | 8,378 | |||||||||||||
MSR, net (3) | 13 | — | |||||||||||||
REO, net (4) | 898 | 1,137 | |||||||||||||
Total | $ 7,863 | $ 12,119 | |||||||||||||
-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 March 31, 2014 | |||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||
(In Thousands) | Value | Total | Level 2 | Level 3 | |||||||||||
Financial Assets: | |||||||||||||||
Securities held-to-maturity | $ | 1,911,500 | $ | 1,887,250 | $ | 1,887,250 | $ | — | |||||||
FHLB-NY stock | 150,297 | 150,297 | 150,297 | — | |||||||||||
Loans held-for-sale, net (1) | 3,177 | 3,203 | — | 3,203 | |||||||||||
Loans receivable, net (1) | 12,152,674 | 12,292,358 | — | 12,292,358 | |||||||||||
MSR, net (1) | 12,369 | 12,374 | — | 12,374 | |||||||||||
Financial Liabilities: | |||||||||||||||
Deposits | 9,721,078 | 9,778,635 | 9,778,635 | — | |||||||||||
Borrowings, net | 4,095,293 | 4,331,588 | 4,331,588 | — | |||||||||||
(1) Includes assets measured at fair value on a non-recurring basis. | |||||||||||||||
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. | |||||||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Basis of Presentation | ' |
Increase in net deferred tax asset due to the effects of the New York State tax legisaltion | $11.50 |
Reduction in income tax expense due to the effects of the New York State tax legisaltion | $11.50 |
Securities_Details
Securities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Securities | ' | ' |
Available-for-sale, amortized cost | $405,143 | $414,457 |
Available-for-sale, Gross Unrealized Gains | 2,414 | 1,904 |
Available-for-sale, Gross Unrealized Losses | -10,870 | -14,671 |
Total available-for-sale securities | 396,687 | 401,690 |
Held-to-maturity, amortized cost | 1,911,500 | 1,849,526 |
Held-to-maturity, Gross Unrealized Gains | 12,632 | 13,023 |
Held-to-maturity, Gross Unrealized Losses | -36,882 | -51,427 |
Held-to-maturity, estimated fair value | 1,887,250 | 1,811,122 |
Residential mortgage-backed securities | ' | ' |
Securities | ' | ' |
Available-for-sale, amortized cost | 306,452 | 315,767 |
Available-for-sale, Gross Unrealized Gains | 2,414 | 1,904 |
Available-for-sale, Gross Unrealized Losses | -5,522 | -7,137 |
Total available-for-sale securities | 303,344 | 310,534 |
Held-to-maturity, amortized cost | 1,766,717 | 1,760,812 |
Held-to-maturity, Gross Unrealized Gains | 12,418 | 13,023 |
Held-to-maturity, Gross Unrealized Losses | -32,380 | -44,024 |
Held-to-maturity, estimated fair value | 1,746,755 | 1,729,811 |
GSE issuance REMICs and CMOs | ' | ' |
Securities | ' | ' |
Available-for-sale, amortized cost | 284,181 | 292,131 |
Available-for-sale, Gross Unrealized Gains | 1,591 | 1,077 |
Available-for-sale, Gross Unrealized Losses | -5,516 | -7,134 |
Total available-for-sale securities | 280,256 | 286,074 |
Held-to-maturity, amortized cost | 1,481,464 | 1,474,506 |
Held-to-maturity, Gross Unrealized Gains | 11,935 | 12,877 |
Held-to-maturity, Gross Unrealized Losses | -24,638 | -33,925 |
Held-to-maturity, estimated fair value | 1,468,761 | 1,453,458 |
Non-GSE issuance REMICs and CMOs | ' | ' |
Securities | ' | ' |
Available-for-sale, amortized cost | 6,968 | 7,516 |
Available-for-sale, Gross Unrealized Gains | 53 | 57 |
Available-for-sale, Gross Unrealized Losses | -1 | -1 |
Total available-for-sale securities | 7,020 | 7,572 |
Held-to-maturity, amortized cost | 3,476 | 3,833 |
Held-to-maturity, Gross Unrealized Gains | 53 | 61 |
Held-to-maturity, Gross Unrealized Losses | -8 | -10 |
Held-to-maturity, estimated fair value | 3,521 | 3,884 |
GSE pass-through certificates | ' | ' |
Securities | ' | ' |
Available-for-sale, amortized cost | 15,303 | 16,120 |
Available-for-sale, Gross Unrealized Gains | 770 | 770 |
Available-for-sale, Gross Unrealized Losses | -5 | -2 |
Total available-for-sale securities | 16,068 | 16,888 |
Held-to-maturity, amortized cost | 281,777 | 282,473 |
Held-to-maturity, Gross Unrealized Gains | 430 | 85 |
Held-to-maturity, Gross Unrealized Losses | -7,734 | -10,089 |
Held-to-maturity, estimated fair value | 274,473 | 272,469 |
GSE issuance REMICs | ' | ' |
Securities | ' | ' |
Held-to-maturity, amortized cost | 53,277 | ' |
Held-to-maturity, Gross Unrealized Gains | 214 | ' |
Held-to-maturity, Gross Unrealized Losses | -325 | ' |
Held-to-maturity, estimated fair value | 53,166 | ' |
Obligations of GSEs | ' | ' |
Securities | ' | ' |
Available-for-sale, amortized cost | 98,676 | 98,675 |
Available-for-sale, Gross Unrealized Losses | -5,337 | -7,522 |
Total available-for-sale securities | 93,339 | 91,153 |
Held-to-maturity, amortized cost | 90,930 | 88,128 |
Held-to-maturity, Gross Unrealized Losses | -4,177 | -7,403 |
Held-to-maturity, estimated fair value | 86,753 | 80,725 |
Fannie Mae stock | ' | ' |
Securities | ' | ' |
Available-for-sale, amortized cost | 15 | 15 |
Available-for-sale, Gross Unrealized Losses | -11 | -12 |
Total available-for-sale securities | 4 | 3 |
Other | ' | ' |
Securities | ' | ' |
Held-to-maturity, amortized cost | 576 | 586 |
Held-to-maturity, estimated fair value | $576 | $586 |
Securities_Details_2
Securities (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Securities | ' | ' |
Available-for-sale, Less Than Twelve Months, Estimated Fair Value | $261,796 | $334,474 |
Available-for-sale, Less Than Twelve Months, Gross Unrealized Losses | -10,857 | -14,657 |
Available-for-sale, Twelve Months or Longer, Estimated Fair Value | 198 | 205 |
Available-for-sale, Twelve Months or Longer, Gross Unrealized Losses | -13 | -14 |
Available-for-sale, Total, Estimated Fair Value | 261,994 | 334,679 |
Available-for-sale, Total, Gross Unrealized Losses | -10,870 | -14,671 |
Held-to-maturity, Less Than Twelve Months, Estimated Fair Value | 949,079 | 1,031,627 |
Held-to-maturity, Less Than Twelve Months, Gross Unrealized Losses | -26,363 | -43,112 |
Held-to-maturity, Twelve Months or Longer, Estimated Fair Value | 208,983 | 151,609 |
Held-to-maturity, Twelve Months or Longer, Gross Unrealized Losses | -10,519 | -8,315 |
Held-to-maturity, Total, Estimated Fair Value | 1,158,062 | 1,183,236 |
Held-to-maturity, Total, Gross Unrealized Losses | -36,882 | -51,427 |
GSE issuance REMICs and CMOs | ' | ' |
Securities | ' | ' |
Available-for-sale, Less Than Twelve Months, Estimated Fair Value | 168,017 | 243,149 |
Available-for-sale, Less Than Twelve Months, Gross Unrealized Losses | -5,516 | -7,134 |
Available-for-sale, Total, Estimated Fair Value | 168,017 | 243,149 |
Available-for-sale, Total, Gross Unrealized Losses | -5,516 | -7,134 |
Held-to-maturity, Less Than Twelve Months, Estimated Fair Value | 595,141 | 719,715 |
Held-to-maturity, Less Than Twelve Months, Gross Unrealized Losses | -14,119 | -25,611 |
Held-to-maturity, Twelve Months or Longer, Estimated Fair Value | 208,983 | 151,581 |
Held-to-maturity, Twelve Months or Longer, Gross Unrealized Losses | -10,519 | -8,314 |
Held-to-maturity, Total, Estimated Fair Value | 804,124 | 871,296 |
Held-to-maturity, Total, Gross Unrealized Losses | -24,638 | -33,925 |
Non-GSE issuance REMICs and CMOs | ' | ' |
Securities | ' | ' |
Available-for-sale, Twelve Months or Longer, Estimated Fair Value | 125 | 132 |
Available-for-sale, Twelve Months or Longer, Gross Unrealized Losses | -1 | -1 |
Available-for-sale, Total, Estimated Fair Value | 125 | 132 |
Available-for-sale, Total, Gross Unrealized Losses | -1 | -1 |
Held-to-maturity, Less Than Twelve Months, Estimated Fair Value | 389 | 392 |
Held-to-maturity, Less Than Twelve Months, Gross Unrealized Losses | -8 | -10 |
Held-to-maturity, Total, Estimated Fair Value | 389 | 392 |
Held-to-maturity, Total, Gross Unrealized Losses | -8 | -10 |
GSE pass-through certificates | ' | ' |
Securities | ' | ' |
Available-for-sale, Less Than Twelve Months, Estimated Fair Value | 440 | 172 |
Available-for-sale, Less Than Twelve Months, Gross Unrealized Losses | -4 | -1 |
Available-for-sale, Twelve Months or Longer, Estimated Fair Value | 69 | 70 |
Available-for-sale, Twelve Months or Longer, Gross Unrealized Losses | -1 | -1 |
Available-for-sale, Total, Estimated Fair Value | 509 | 242 |
Available-for-sale, Total, Gross Unrealized Losses | -5 | -2 |
Held-to-maturity, Less Than Twelve Months, Estimated Fair Value | 232,412 | 230,795 |
Held-to-maturity, Less Than Twelve Months, Gross Unrealized Losses | -7,734 | -10,088 |
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 | 232,412 | 230,823 |
Held-to-maturity, Total, Gross Unrealized Losses | -7,734 | -10,089 |
GSE issuance REMICs | ' | ' |
Securities | ' | ' |
Held-to-maturity, Less Than Twelve Months, Estimated Fair Value | 34,384 | ' |
Held-to-maturity, Less Than Twelve Months, Gross Unrealized Losses | -325 | ' |
Held-to-maturity, Total, Estimated Fair Value | 34,384 | ' |
Held-to-maturity, Total, Gross Unrealized Losses | -325 | ' |
Obligations of GSEs | ' | ' |
Securities | ' | ' |
Available-for-sale, Less Than Twelve Months, Estimated Fair Value | 93,339 | 91,153 |
Available-for-sale, Less Than Twelve Months, Gross Unrealized Losses | -5,337 | -7,522 |
Available-for-sale, Total, Estimated Fair Value | 93,339 | 91,153 |
Available-for-sale, Total, Gross Unrealized Losses | -5,337 | -7,522 |
Held-to-maturity, Less Than Twelve Months, Estimated Fair Value | 86,753 | 80,725 |
Held-to-maturity, Less Than Twelve Months, Gross Unrealized Losses | -4,177 | -7,403 |
Held-to-maturity, Total, Estimated Fair Value | 86,753 | 80,725 |
Held-to-maturity, Total, Gross Unrealized Losses | -4,177 | -7,403 |
Fannie Mae stock | ' | ' |
Securities | ' | ' |
Available-for-sale, Twelve Months or Longer, Estimated Fair Value | 4 | 3 |
Available-for-sale, Twelve Months or Longer, Gross Unrealized Losses | -11 | -12 |
Available-for-sale, Total, Estimated Fair Value | 4 | 3 |
Available-for-sale, Total, Gross Unrealized Losses | ($11) | ($12) |
Securities_Details_3
Securities (Details 3) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
item | item | |
Securities | ' | ' |
Number of securities held with unrealized loss | 108 | 109 |
Total available-for-sale securities | $396,687,000 | $401,690,000 |
Held-to-maturity, amortized cost | 1,911,500,000 | 1,849,526,000 |
Held-to-maturity, fair value | 1,887,250,000 | 1,811,122,000 |
Callable securities, amortized cost | 189,600,000 | ' |
Accrued interest receivable for securities | 6,100,000 | 6,300,000 |
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 | 93,300,000 | ' |
Held-to-maturity debt securities, excluding mortgage-backed securities | ' | ' |
Securities | ' | ' |
Held-to-maturity, amortized cost | 91,500,000 | ' |
Held-to-maturity, fair value | $87,300,000 | ' |
Loans_Receivable_and_Allowance2
Loans Receivable and Allowance for Loan Losses (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | $87,302 | $115,982 | ' | ' |
60-89 Days Past Due | 27,446 | 26,750 | ' | ' |
90 Days or More | 247,203 | 250,534 | ' | ' |
Total Past Due | 361,951 | 393,266 | ' | ' |
Current | 11,870,702 | 11,993,112 | ' | ' |
Total loans | 12,232,653 | 12,386,378 | ' | ' |
Net unamortized premiums and deferred loan origination costs | 54,021 | 55,688 | ' | ' |
Loans receivable | 12,286,674 | 12,442,066 | ' | ' |
Allowance for loan losses | -134,000 | -139,000 | -144,250 | -145,501 |
Loans receivable, net | 12,152,674 | 12,303,066 | ' | ' |
Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 83,455 | 107,754 | ' | ' |
60-89 Days Past Due | 24,619 | 24,154 | ' | ' |
90 Days or More | 231 | 384 | ' | ' |
Total Past Due | 108,305 | 132,292 | ' | ' |
Current | 11,801,203 | 11,922,468 | ' | ' |
Total loans | 11,909,508 | 12,054,760 | ' | ' |
Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 3,847 | 8,228 | ' | ' |
60-89 Days Past Due | 2,827 | 2,596 | ' | ' |
90 Days or More | 246,972 | 250,150 | ' | ' |
Total Past Due | 253,646 | 260,974 | ' | ' |
Current | 69,499 | 70,644 | ' | ' |
Total loans | 323,145 | 331,618 | ' | ' |
Consumer and Other Loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 3,055 | 3,177 | ' | ' |
60-89 Days Past Due | 613 | 1,340 | ' | ' |
90 Days or More | 5,581 | 5,948 | ' | ' |
Total Past Due | 9,249 | 10,465 | ' | ' |
Current | 226,637 | 229,216 | ' | ' |
Total loans | 235,886 | 239,681 | ' | ' |
Allowance for loan losses | -10,007 | -8,824 | -6,357 | -6,316 |
Consumer and Other Loans | Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 3,055 | 3,177 | ' | ' |
60-89 Days Past Due | 613 | 1,340 | ' | ' |
Total Past Due | 3,668 | 4,517 | ' | ' |
Current | 226,325 | 229,184 | ' | ' |
Total loans | 229,993 | 233,701 | ' | ' |
Consumer and Other Loans | Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
90 Days or More | 5,581 | 5,948 | ' | ' |
Total Past Due | 5,581 | 5,948 | ' | ' |
Current | 312 | 32 | ' | ' |
Total loans | 5,893 | 5,980 | ' | ' |
Consumer and Other Loans | Home equity lines of credit | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 2,918 | 3,000 | ' | ' |
60-89 Days Past Due | 582 | 1,321 | ' | ' |
90 Days or More | 5,535 | 5,916 | ' | ' |
Total Past Due | 9,035 | 10,237 | ' | ' |
Current | 184,410 | 189,572 | ' | ' |
Total loans | 193,445 | 199,809 | ' | ' |
Consumer and Other Loans | Home equity lines of credit | Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 2,918 | 3,000 | ' | ' |
60-89 Days Past Due | 582 | 1,321 | ' | ' |
Total Past Due | 3,500 | 4,321 | ' | ' |
Current | 184,098 | 189,540 | ' | ' |
Total loans | 187,598 | 193,861 | ' | ' |
Consumer and Other Loans | Home equity lines of credit | Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
90 Days or More | 5,535 | 5,916 | ' | ' |
Total Past Due | 5,535 | 5,916 | ' | ' |
Current | 312 | 32 | ' | ' |
Total loans | 5,847 | 5,948 | ' | ' |
Consumer and Other Loans | Other Loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 137 | 177 | ' | ' |
60-89 Days Past Due | 31 | 19 | ' | ' |
90 Days or More | 46 | 32 | ' | ' |
Total Past Due | 214 | 228 | ' | ' |
Current | 42,227 | 39,644 | ' | ' |
Total loans | 42,441 | 39,872 | ' | ' |
Consumer and Other Loans | Other Loans | Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 137 | 177 | ' | ' |
60-89 Days Past Due | 31 | 19 | ' | ' |
Total Past Due | 168 | 196 | ' | ' |
Current | 42,227 | 39,644 | ' | ' |
Total loans | 42,395 | 39,840 | ' | ' |
Consumer and Other Loans | Other Loans | Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
90 Days or More | 46 | 32 | ' | ' |
Total Past Due | 46 | 32 | ' | ' |
Total loans | 46 | 32 | ' | ' |
Mortgage Loans (Gross) | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 84,247 | 112,805 | ' | ' |
60-89 Days Past Due | 26,833 | 25,410 | ' | ' |
90 Days or More | 241,622 | 244,586 | ' | ' |
Total Past Due | 352,702 | 382,801 | ' | ' |
Current | 11,644,065 | 11,763,896 | ' | ' |
Total loans | 11,996,767 | 12,146,697 | ' | ' |
Mortgage Loans (Gross) | Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 80,400 | 104,577 | ' | ' |
60-89 Days Past Due | 24,006 | 22,814 | ' | ' |
90 Days or More | 231 | 384 | ' | ' |
Total Past Due | 104,637 | 127,775 | ' | ' |
Current | 11,574,878 | 11,693,284 | ' | ' |
Total loans | 11,679,515 | 11,821,059 | ' | ' |
Mortgage Loans (Gross) | Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 3,847 | 8,228 | ' | ' |
60-89 Days Past Due | 2,827 | 2,596 | ' | ' |
90 Days or More | 241,391 | 244,202 | ' | ' |
Total Past Due | 248,065 | 255,026 | ' | ' |
Current | 69,187 | 70,612 | ' | ' |
Total loans | 317,252 | 325,638 | ' | ' |
Mortgage Loans (Gross) | Residential | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 74,447 | 96,302 | ' | ' |
60-89 Days Past Due | 21,254 | 22,393 | ' | ' |
90 Days or More | 228,437 | 234,378 | ' | ' |
Total Past Due | 324,138 | 353,073 | ' | ' |
Current | 7,490,481 | 7,684,203 | ' | ' |
Total loans | 7,814,619 | 8,037,276 | ' | ' |
Allowance for loan losses | -74,717 | -80,337 | -91,546 | -89,267 |
Mortgage Loans (Gross) | Residential | Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 70,684 | 90,108 | ' | ' |
60-89 Days Past Due | 19,966 | 20,154 | ' | ' |
90 Days or More | ' | 151 | ' | ' |
Total Past Due | 90,650 | 110,413 | ' | ' |
Current | 7,429,974 | 7,621,388 | ' | ' |
Total loans | 7,520,624 | 7,731,801 | ' | ' |
Mortgage Loans (Gross) | Residential | Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 3,763 | 6,194 | ' | ' |
60-89 Days Past Due | 1,288 | 2,239 | ' | ' |
90 Days or More | 228,437 | 234,227 | ' | ' |
Total Past Due | 233,488 | 242,660 | ' | ' |
Current | 60,507 | 62,815 | ' | ' |
Total loans | 293,995 | 305,475 | ' | ' |
Mortgage Loans (Gross) | Residential | Full documentation interest-only loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 15,497 | 29,476 | ' | ' |
60-89 Days Past Due | 6,271 | 5,802 | ' | ' |
90 Days or More | 78,043 | 78,271 | ' | ' |
Total Past Due | 99,811 | 113,549 | ' | ' |
Current | 1,185,234 | 1,268,652 | ' | ' |
Total loans | 1,285,045 | 1,382,201 | ' | ' |
Mortgage Loans (Gross) | Residential | Full documentation interest-only loans | Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 14,952 | 27,291 | ' | ' |
60-89 Days Past Due | 6,086 | 5,220 | ' | ' |
Total Past Due | 21,038 | 32,511 | ' | ' |
Current | 1,163,610 | 1,249,462 | ' | ' |
Total loans | 1,184,648 | 1,281,973 | ' | ' |
Mortgage Loans (Gross) | Residential | Full documentation interest-only loans | Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 545 | 2,185 | ' | ' |
60-89 Days Past Due | 185 | 582 | ' | ' |
90 Days or More | 78,043 | 78,271 | ' | ' |
Total Past Due | 78,773 | 81,038 | ' | ' |
Current | 21,624 | 19,190 | ' | ' |
Total loans | 100,397 | 100,228 | ' | ' |
Mortgage Loans (Gross) | Residential | Full documentation amortizing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 29,614 | 32,516 | ' | ' |
60-89 Days Past Due | 5,182 | 8,068 | ' | ' |
90 Days or More | 42,090 | 42,085 | ' | ' |
Total Past Due | 76,886 | 82,669 | ' | ' |
Current | 5,250,324 | 5,336,788 | ' | ' |
Total loans | 5,327,210 | 5,419,457 | ' | ' |
Mortgage Loans (Gross) | Residential | Full documentation amortizing loans | Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 28,656 | 31,189 | ' | ' |
60-89 Days Past Due | 4,848 | 7,415 | ' | ' |
90 Days or More | ' | 151 | ' | ' |
Total Past Due | 33,504 | 38,755 | ' | ' |
Current | 5,241,230 | 5,325,944 | ' | ' |
Total loans | 5,274,734 | 5,364,699 | ' | ' |
Mortgage Loans (Gross) | Residential | Full documentation amortizing loans | Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 958 | 1,327 | ' | ' |
60-89 Days Past Due | 334 | 653 | ' | ' |
90 Days or More | 42,090 | 41,934 | ' | ' |
Total Past Due | 43,382 | 43,914 | ' | ' |
Current | 9,094 | 10,844 | ' | ' |
Total loans | 52,476 | 54,758 | ' | ' |
Mortgage Loans (Gross) | Residential | Reduced documentation interest-only loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 20,522 | 24,700 | ' | ' |
60-89 Days Past Due | 8,193 | 5,787 | ' | ' |
90 Days or More | 81,897 | 87,910 | ' | ' |
Total Past Due | 110,612 | 118,397 | ' | ' |
Current | 686,985 | 721,264 | ' | ' |
Total loans | 797,597 | 839,661 | ' | ' |
Mortgage Loans (Gross) | Residential | Reduced documentation interest-only loans | Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 19,517 | 22,635 | ' | ' |
60-89 Days Past Due | 7,491 | 5,208 | ' | ' |
Total Past Due | 27,008 | 27,843 | ' | ' |
Current | 659,663 | 693,660 | ' | ' |
Total loans | 686,671 | 721,503 | ' | ' |
Mortgage Loans (Gross) | Residential | Reduced documentation interest-only loans | Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 1,005 | 2,065 | ' | ' |
60-89 Days Past Due | 702 | 579 | ' | ' |
90 Days or More | 81,897 | 87,910 | ' | ' |
Total Past Due | 83,604 | 90,554 | ' | ' |
Current | 27,322 | 27,604 | ' | ' |
Total loans | 110,926 | 118,158 | ' | ' |
Mortgage Loans (Gross) | Residential | Reduced documentation amortizing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 8,814 | 9,610 | ' | ' |
60-89 Days Past Due | 1,608 | 2,736 | ' | ' |
90 Days or More | 26,407 | 26,112 | ' | ' |
Total Past Due | 36,829 | 38,458 | ' | ' |
Current | 367,938 | 357,499 | ' | ' |
Total loans | 404,767 | 395,957 | ' | ' |
Mortgage Loans (Gross) | Residential | Reduced documentation amortizing loans | Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 7,559 | 8,993 | ' | ' |
60-89 Days Past Due | 1,541 | 2,311 | ' | ' |
Total Past Due | 9,100 | 11,304 | ' | ' |
Current | 365,471 | 352,322 | ' | ' |
Total loans | 374,571 | 363,626 | ' | ' |
Mortgage Loans (Gross) | Residential | Reduced documentation amortizing loans | Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 1,255 | 617 | ' | ' |
60-89 Days Past Due | 67 | 425 | ' | ' |
90 Days or More | 26,407 | 26,112 | ' | ' |
Total Past Due | 27,729 | 27,154 | ' | ' |
Current | 2,467 | 5,177 | ' | ' |
Total loans | 30,196 | 32,331 | ' | ' |
Mortgage Loans (Gross) | Multi-Family | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 8,252 | 13,844 | ' | ' |
60-89 Days Past Due | 4,552 | 1,327 | ' | ' |
90 Days or More | 10,256 | 9,054 | ' | ' |
Total Past Due | 23,060 | 24,225 | ' | ' |
Current | 3,322,815 | 3,272,230 | ' | ' |
Total loans | 3,345,875 | 3,296,455 | ' | ' |
Allowance for loan losses | -34,578 | -36,703 | -33,952 | -35,514 |
Mortgage Loans (Gross) | Multi-Family | Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 8,168 | 12,740 | ' | ' |
60-89 Days Past Due | 3,540 | 970 | ' | ' |
Total Past Due | 11,708 | 13,710 | ' | ' |
Current | 3,320,636 | 3,270,206 | ' | ' |
Total loans | 3,332,344 | 3,283,916 | ' | ' |
Mortgage Loans (Gross) | Multi-Family | Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 84 | 1,104 | ' | ' |
60-89 Days Past Due | 1,012 | 357 | ' | ' |
90 Days or More | 10,256 | 9,054 | ' | ' |
Total Past Due | 11,352 | 10,515 | ' | ' |
Current | 2,179 | 2,024 | ' | ' |
Total loans | 13,531 | 12,539 | ' | ' |
Mortgage Loans (Gross) | Commercial Real Estate | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 1,548 | 2,659 | ' | ' |
60-89 Days Past Due | 1,027 | 1,690 | ' | ' |
90 Days or More | 2,929 | 1,154 | ' | ' |
Total Past Due | 5,504 | 5,503 | ' | ' |
Current | 830,769 | 807,463 | ' | ' |
Total loans | 836,273 | 812,966 | ' | ' |
Allowance for loan losses | -14,698 | -13,136 | -12,395 | -14,404 |
Mortgage Loans (Gross) | Commercial Real Estate | Accruing loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | 1,548 | 1,729 | ' | ' |
60-89 Days Past Due | 500 | 1,690 | ' | ' |
90 Days or More | 231 | 233 | ' | ' |
Total Past Due | 2,279 | 3,652 | ' | ' |
Current | 824,268 | 801,690 | ' | ' |
Total loans | 826,547 | 805,342 | ' | ' |
Mortgage Loans (Gross) | Commercial Real Estate | Non-accrual loans | ' | ' | ' | ' |
Loans receivable and allowance for loan losses | ' | ' | ' | ' |
30-59 Days Past Due | ' | 930 | ' | ' |
60-89 Days Past Due | 527 | ' | ' | ' |
90 Days or More | 2,698 | 921 | ' | ' |
Total Past Due | 3,225 | 1,851 | ' | ' |
Current | 6,501 | 5,773 | ' | ' |
Total loans | $9,726 | $7,624 | ' | ' |
Loans_Receivable_and_Allowance3
Loans Receivable and Allowance for Loan Losses (Details 2) | 3 Months Ended |
Mar. 31, 2014 | |
Loans receivable and allowance for loan losses | ' |
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 |
Loans_Receivable_and_Allowance4
Loans Receivable and Allowance for Loan Losses (Details 3) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Loans receivable and allowance for loan losses | ' | ' |
Balance at the beginning of the period | $139,000 | $145,501 |
Provision (credited) charged to operations | 1,631 | 9,126 |
Charge-offs | -8,835 | -13,354 |
Recoveries | 2,204 | 2,977 |
Balance at the end of the period | 134,000 | 144,250 |
Consumer and Other Loans | ' | ' |
Loans receivable and allowance for loan losses | ' | ' |
Balance at the beginning of the period | 8,824 | 6,316 |
Provision (credited) charged to operations | 1,981 | 844 |
Charge-offs | -897 | -906 |
Recoveries | 99 | 103 |
Balance at the end of the period | 10,007 | 6,357 |
Mortgage Loans (Gross) | Residential | ' | ' |
Loans receivable and allowance for loan losses | ' | ' |
Balance at the beginning of the period | 80,337 | 89,267 |
Provision (credited) charged to operations | -3,476 | 8,906 |
Charge-offs | -4,093 | -8,313 |
Recoveries | 1,949 | 1,686 |
Balance at the end of the period | 74,717 | 91,546 |
Mortgage Loans (Gross) | Multi-Family | ' | ' |
Loans receivable and allowance for loan losses | ' | ' |
Balance at the beginning of the period | 36,703 | 35,514 |
Provision (credited) charged to operations | -1,412 | 191 |
Charge-offs | -869 | -2,941 |
Recoveries | 156 | 1,188 |
Balance at the end of the period | 34,578 | 33,952 |
Mortgage Loans (Gross) | Commercial Real Estate | ' | ' |
Loans receivable and allowance for loan losses | ' | ' |
Balance at the beginning of the period | 13,136 | 14,404 |
Provision (credited) charged to operations | 4,538 | -815 |
Charge-offs | -2,976 | -1,194 |
Balance at the end of the period | $14,698 | $12,395 |
Loans_Receivable_and_Allowance5
Loans Receivable and Allowance for Loan Losses (Details 4) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Recorded Investment | ' | ' |
Total loans | $12,232,653 | $12,386,378 |
Residential Mortgage Loans | Interest-only loans | ' | ' |
Recorded Investment | ' | ' |
Within one year | 400,201 | ' |
More than one year to three years | 1,202,190 | ' |
More than three years to five years | 438,448 | ' |
Over five years | 41,803 | ' |
Total loans | $2,082,642 | ' |
Loans_Receivable_and_Allowance6
Loans Receivable and Allowance for Loan Losses (Details 5) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Recorded Investment | ' | ' |
Total | $12,232,653 | $12,386,378 |
Past due 90 days or more | 247,203 | 250,534 |
Consumer and Other Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 235,886 | 239,681 |
Past due 90 days or more | 5,581 | 5,948 |
Consumer and Other Loans | Home equity lines of credit | ' | ' |
Recorded Investment | ' | ' |
Total | 193,445 | 199,809 |
Past due 90 days or more | 5,535 | 5,916 |
Consumer and Other Loans | Other Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 42,441 | 39,872 |
Past due 90 days or more | 46 | 32 |
Mortgage Loans (Gross) | ' | ' |
Recorded Investment | ' | ' |
Total | 11,996,767 | 12,146,697 |
Past due 90 days or more | 241,622 | 244,586 |
Mortgage Loans (Gross) | Residential Mortgage Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 7,814,619 | 8,037,276 |
Past due 90 days or more | 228,437 | 234,378 |
Mortgage Loans (Gross) | Residential Mortgage Loans | Full Documentation Interest-only Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 1,285,045 | 1,382,201 |
Past due 90 days or more | 78,043 | 78,271 |
Mortgage Loans (Gross) | Residential Mortgage Loans | Full Documentation Amortizing Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 5,327,210 | 5,419,457 |
Past due 90 days or more | 42,090 | 42,085 |
Mortgage Loans (Gross) | Residential Mortgage Loans | Reduced Documentation Interest-only Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 797,597 | 839,661 |
Past due 90 days or more | 81,897 | 87,910 |
Mortgage Loans (Gross) | Residential Mortgage Loans | Reduced Documentation Amortizing Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 404,767 | 395,957 |
Past due 90 days or more | 26,407 | 26,112 |
Performing | Consumer and Other Loans | Home equity lines of credit | ' | ' |
Recorded Investment | ' | ' |
Total | 187,598 | 193,861 |
Performing | Consumer and Other Loans | Other Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 42,395 | 39,840 |
Performing | Mortgage Loans (Gross) | Residential Mortgage Loans | Full Documentation Interest-only Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 1,184,648 | 1,281,973 |
Performing | Mortgage Loans (Gross) | Residential Mortgage Loans | Full Documentation Amortizing Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 5,274,734 | 5,364,548 |
Performing | Mortgage Loans (Gross) | Residential Mortgage Loans | Reduced Documentation Interest-only Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 686,671 | 721,503 |
Performing | Mortgage Loans (Gross) | Residential Mortgage Loans | Reduced Documentation Amortizing Loans | ' | ' |
Recorded Investment | ' | ' |
Total | 374,571 | 363,626 |
Non-performing | Consumer and Other Loans | Home equity lines of credit | ' | ' |
Recorded Investment | ' | ' |
Current or past due less than 90 days | 312 | 32 |
Past due 90 days or more | 5,535 | 5,916 |
Non-performing | Consumer and Other Loans | Other Loans | ' | ' |
Recorded Investment | ' | ' |
Past due 90 days or more | 46 | 32 |
Non-performing | Mortgage Loans (Gross) | Residential Mortgage Loans | Full Documentation Interest-only Loans | ' | ' |
Recorded Investment | ' | ' |
Current or past due less than 90 days | 22,354 | 21,957 |
Past due 90 days or more | 78,043 | 78,271 |
Non-performing | Mortgage Loans (Gross) | Residential Mortgage Loans | Full Documentation Amortizing Loans | ' | ' |
Recorded Investment | ' | ' |
Current or past due less than 90 days | 10,386 | 12,824 |
Past due 90 days or more | 42,090 | 42,085 |
Non-performing | Mortgage Loans (Gross) | Residential Mortgage Loans | Reduced Documentation Interest-only Loans | ' | ' |
Recorded Investment | ' | ' |
Current or past due less than 90 days | 29,029 | 30,248 |
Past due 90 days or more | 81,897 | 87,910 |
Non-performing | Mortgage Loans (Gross) | Residential Mortgage Loans | Reduced Documentation Amortizing Loans | ' | ' |
Recorded Investment | ' | ' |
Current or past due less than 90 days | 3,789 | 6,219 |
Past due 90 days or more | $26,407 | $26,112 |
Loans_Receivable_and_Allowance7
Loans Receivable and Allowance for Loan Losses (Details 6) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | $12,232,653 | $12,386,378 |
Mortgage Loans (Gross) | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 11,996,767 | 12,146,697 |
Mortgage Loans (Gross) | Multi-Family | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 3,345,875 | 3,296,455 |
Mortgage Loans (Gross) | Multi-Family | Not criticized | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 3,290,089 | 3,209,786 |
Mortgage Loans (Gross) | Multi-Family | Special mention | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 12,974 | 14,063 |
Mortgage Loans (Gross) | Multi-Family | Substandard | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 42,812 | 72,606 |
Mortgage Loans (Gross) | Commercial Real Estate | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 836,273 | 812,966 |
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 | 786,892 | 759,114 |
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 | 8,529 | 9,760 |
Mortgage Loans (Gross) | Commercial Real Estate | Substandard | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | 38,839 | 44,092 |
Mortgage Loans (Gross) | Commercial Real Estate | Doubtful | ' | ' |
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator | ' | ' |
Total | $2,013 | ' |
Loans_Receivable_and_Allowance8
Loans Receivable and Allowance for Loan Losses (Details 7) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
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 | $384,003 | $384,522 | ' | ' |
Loans collectively evaluated for impairment | 11,848,650 | 12,001,856 | ' | ' |
Total loans | 12,232,653 | 12,386,378 | ' | ' |
Loans individually evaluated for impairment, allowance for loan losses | 27,918 | 21,531 | ' | ' |
Loans collectively evaluated for impairment, allowance for loan losses | 106,082 | 117,469 | ' | ' |
Total allowance for loan losses | 134,000 | 139,000 | 144,250 | 145,501 |
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 individually evaluated for impairment | 4,006 | ' | ' | ' |
Loans collectively evaluated for impairment | 231,880 | 239,681 | ' | ' |
Total loans | 235,886 | 239,681 | ' | ' |
Loans individually evaluated for impairment, allowance for loan losses | 4,006 | ' | ' | ' |
Loans collectively evaluated for impairment, allowance for loan losses | 6,001 | 8,824 | ' | ' |
Total allowance for loan losses | 10,007 | 8,824 | 6,357 | 6,316 |
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 | 11,996,767 | 12,146,697 | ' | ' |
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 | 308,129 | 311,930 | ' | ' |
Loans collectively evaluated for impairment | 7,506,490 | 7,725,346 | ' | ' |
Total loans | 7,814,619 | 8,037,276 | ' | ' |
Loans individually evaluated for impairment, allowance for loan losses | 15,751 | 18,352 | ' | ' |
Loans collectively evaluated for impairment, allowance for loan losses | 58,966 | 61,985 | ' | ' |
Total allowance for loan losses | 74,717 | 80,337 | 91,546 | 89,267 |
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 | 49,567 | 52,538 | ' | ' |
Loans collectively evaluated for impairment | 3,296,308 | 3,243,917 | ' | ' |
Total loans | 3,345,875 | 3,296,455 | ' | ' |
Loans individually evaluated for impairment, allowance for loan losses | 5,431 | 2,877 | ' | ' |
Loans collectively evaluated for impairment, allowance for loan losses | 29,147 | 33,826 | ' | ' |
Total allowance for loan losses | 34,578 | 36,703 | 33,952 | 35,514 |
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 | 22,301 | 20,054 | ' | ' |
Loans collectively evaluated for impairment | 813,972 | 792,912 | ' | ' |
Total loans | 836,273 | 812,966 | ' | ' |
Loans individually evaluated for impairment, allowance for loan losses | 2,730 | 302 | ' | ' |
Loans collectively evaluated for impairment, allowance for loan losses | 11,968 | 12,834 | ' | ' |
Total allowance for loan losses | $14,698 | $13,136 | $12,395 | $14,404 |
Loans_Receivable_and_Allowance9
Loans Receivable and Allowance for Loan Losses (Details 8) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing receivable, impaired | ' | ' |
Unpaid Principal Balance | $482,482 | $483,132 |
Recorded Investment | 384,003 | 384,522 |
Related Allowance | -27,918 | -21,531 |
Net Investment | 356,085 | 362,991 |
Consumer and other loans | Home equity lines of credit | ' | ' |
Financing receivable, impaired | ' | ' |
Unpaid Principal Balance, Loans with an allowance recorded | 4,152 | ' |
Recorded Investment, Loans with an allowance recorded | 4,006 | ' |
Related Allowance | -4,006 | ' |
Mortgage loans | Residential | Full documentation interest-only loans | ' | ' |
Financing receivable, impaired | ' | ' |
Unpaid Principal Balance, Loans with an allowance recorded | 139,407 | 142,659 |
Recorded Investment, Loans with an allowance recorded | 107,515 | 109,877 |
Related Allowance | -5,158 | -6,019 |
Net Investment, Loans with an allowance recorded | 102,357 | 103,858 |
Mortgage loans | Residential | Full documentation amortizing loans | ' | ' |
Financing receivable, impaired | ' | ' |
Unpaid Principal Balance, Loans with an allowance recorded | 44,193 | 41,136 |
Unpaid Principal Balance, Loans without an allowance recorded | 1,428 | ' |
Recorded Investment, Loans with an allowance recorded | 39,513 | 36,091 |
Recorded Investment, Loans without an allowance recorded | 1,199 | ' |
Related Allowance | -2,278 | -2,458 |
Net Investment, Loans with an allowance recorded | 37,235 | 33,633 |
Net Investment, Loans without an allowance recorded | 1,199 | ' |
Mortgage loans | Residential | Reduced documentation interest-only loans | ' | ' |
Financing receivable, impaired | ' | ' |
Unpaid Principal Balance, Loans with an allowance recorded | 175,395 | 183,280 |
Recorded Investment, Loans with an allowance recorded | 134,501 | 140,357 |
Related Allowance | -6,327 | -7,673 |
Net Investment, Loans with an allowance recorded | 128,174 | 132,684 |
Mortgage loans | Residential | Reduced documentation amortizing loans | ' | ' |
Financing receivable, impaired | ' | ' |
Unpaid Principal Balance, Loans with an allowance recorded | 30,111 | 30,660 |
Recorded Investment, Loans with an allowance recorded | 25,401 | 25,605 |
Related Allowance | -1,988 | -2,202 |
Net Investment, Loans with an allowance recorded | 23,413 | 23,403 |
Mortgage loans | Multi-Family | ' | ' |
Financing receivable, impaired | ' | ' |
Unpaid Principal Balance, Loans with an allowance recorded | 43,685 | 19,748 |
Unpaid Principal Balance, Loans without an allowance recorded | 13,109 | 39,871 |
Recorded Investment, Loans with an allowance recorded | 37,571 | 19,748 |
Recorded Investment, Loans without an allowance recorded | 11,996 | 32,790 |
Related Allowance | -5,431 | -2,877 |
Net Investment, Loans with an allowance recorded | 32,140 | 16,871 |
Net Investment, Loans without an allowance recorded | 11,996 | 32,790 |
Mortgage loans | Commercial Real Estate | ' | ' |
Financing receivable, impaired | ' | ' |
Unpaid Principal Balance, Loans with an allowance recorded | 31,002 | 5,790 |
Unpaid Principal Balance, Loans without an allowance recorded | ' | 19,988 |
Recorded Investment, Loans with an allowance recorded | 22,301 | 5,790 |
Recorded Investment, Loans without an allowance recorded | ' | 14,264 |
Related Allowance | -2,730 | -302 |
Net Investment, Loans with an allowance recorded | 19,571 | 5,488 |
Net Investment, Loans without an allowance recorded | ' | $14,264 |
Recovered_Sheet1
Loans Receivable and Allowance for Loan Losses (Details 9) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class | ' | ' |
Average Recorded Investment | $386,344 | $409,317 |
Interest Income Recognized | 2,820 | 2,605 |
Cash Basis Interest Income | 2,919 | 2,853 |
Consumer and other loans | Home equity lines of credit | ' | ' |
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 | 4,083 | ' |
Interest Income Recognized, Loans with an allowance recorded | 4 | ' |
Cash Basis Interest Income, Loans with an allowance recorded | 6 | ' |
Mortgage loans | 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 | 108,696 | 103,970 |
Average Recorded Investment, Loans without an allowance recorded | ' | 19,792 |
Interest Income Recognized, Loans with an allowance recorded | 650 | 573 |
Interest Income Recognized, Loans without an allowance recorded | ' | 82 |
Cash Basis Interest Income, Loans with an allowance recorded | 650 | 644 |
Cash Basis Interest Income, Loans without an allowance recorded | ' | 80 |
Mortgage loans | 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 | 37,802 | 27,802 |
Average Recorded Investment, Loans without an allowance recorded | 600 | 5,824 |
Interest Income Recognized, Loans with an allowance recorded | 301 | 115 |
Interest Income Recognized, Loans without an allowance recorded | 8 | 50 |
Cash Basis Interest Income, Loans with an allowance recorded | 294 | 128 |
Cash Basis Interest Income, Loans without an allowance recorded | 8 | 50 |
Mortgage loans | 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 | 137,429 | 149,079 |
Average Recorded Investment, Loans without an allowance recorded | ' | 4,172 |
Interest Income Recognized, Loans with an allowance recorded | 1,062 | 901 |
Cash Basis Interest Income, Loans with an allowance recorded | 1,041 | 1,002 |
Mortgage loans | 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 | 25,503 | 26,396 |
Interest Income Recognized, Loans with an allowance recorded | 121 | 90 |
Cash Basis Interest Income, Loans with an allowance recorded | 119 | 110 |
Mortgage loans | 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 | 28,660 | 18,394 |
Average Recorded Investment, Loans without an allowance recorded | 22,393 | 35,122 |
Interest Income Recognized, Loans with an allowance recorded | 358 | 173 |
Interest Income Recognized, Loans without an allowance recorded | 141 | 407 |
Cash Basis Interest Income, Loans with an allowance recorded | 377 | 174 |
Cash Basis Interest Income, Loans without an allowance recorded | 141 | 441 |
Mortgage loans | 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 | 14,046 | 9,781 |
Average Recorded Investment, Loans without an allowance recorded | 7,132 | 8,985 |
Interest Income Recognized, Loans with an allowance recorded | 175 | 82 |
Interest Income Recognized, Loans without an allowance recorded | ' | 132 |
Cash Basis Interest Income, Loans with an allowance recorded | 283 | 102 |
Cash Basis Interest Income, Loans without an allowance recorded | ' | $122 |
Recovered_Sheet2
Loans Receivable and Allowance for Loan Losses (Details 10) (Mortgage Loans (Gross), USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
item | item | |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | ' |
Number of Loans | 23 | 26 |
Pre-Modification Recorded Investment | $8,727 | $10,783 |
Recorded Investment | 8,132 | 10,147 |
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 | 9 | 6 |
Pre-Modification Recorded Investment | 4,083 | 1,504 |
Recorded Investment | 3,691 | 1,461 |
Residential Mortgage Loans | Full documentation amortizing loans | ' | ' |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | ' |
Number of Loans | 5 | 2 |
Pre-Modification Recorded Investment | 1,509 | 781 |
Recorded Investment | 1,481 | 781 |
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 | 4 | 11 |
Pre-Modification Recorded Investment | 1,099 | 3,433 |
Recorded Investment | 1,097 | 3,349 |
Residential Mortgage Loans | Reduced documentation amortizing loans | ' | ' |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | ' |
Number of Loans | 2 | 3 |
Pre-Modification Recorded Investment | 317 | 742 |
Recorded Investment | 264 | 730 |
Multi-Family | ' | ' |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | ' |
Number of Loans | 2 | 3 |
Pre-Modification Recorded Investment | 1,060 | 2,784 |
Recorded Investment | 952 | 2,476 |
Commercial Real Estate | ' | ' |
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring | ' | ' |
Number of Loans | 1 | 1 |
Pre-Modification Recorded Investment | 659 | 1,539 |
Recorded Investment | $647 | $1,350 |
Recovered_Sheet3
Loans Receivable and Allowance for Loan Losses (Details 11) (Mortgage Loans (Gross), USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
item | item | |
Information about loans receivable by segment and class modified in troubled debt restructuring | ' | ' |
Number of Loans | 28 | 53 |
Recorded Investment | $8,934 | $16,781 |
Residential Mortgage Loans | Full documentation interest-only loans | ' | ' |
Information about loans receivable by segment and class modified in troubled debt restructuring | ' | ' |
Number of Loans | 6 | 19 |
Recorded Investment | 1,138 | 5,265 |
Residential Mortgage Loans | Full documentation amortizing loans | ' | ' |
Information about loans receivable by segment and class modified in troubled debt restructuring | ' | ' |
Number of Loans | 5 | 7 |
Recorded Investment | 1,308 | 1,176 |
Residential Mortgage Loans | Reduced documentation interest-only loans | ' | ' |
Information about loans receivable by segment and class modified in troubled debt restructuring | ' | ' |
Number of Loans | 11 | 21 |
Recorded Investment | 3,058 | 7,986 |
Residential Mortgage Loans | Reduced documentation amortizing loans | ' | ' |
Information about loans receivable by segment and class modified in troubled debt restructuring | ' | ' |
Number of Loans | 3 | 5 |
Recorded Investment | 846 | 991 |
Multi-Family | ' | ' |
Information about loans receivable by segment and class modified in troubled debt restructuring | ' | ' |
Number of Loans | 2 | ' |
Recorded Investment | 1,015 | ' |
Commercial Real Estate | ' | ' |
Information about loans receivable by segment and class modified in troubled debt restructuring | ' | ' |
Number of Loans | 1 | 1 |
Recorded Investment | $1,569 | $1,363 |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Common Share | ' | ' |
Net income | $31,549 | $13,852 |
Preferred stock dividends | -2,194 | ' |
Net income available to common shareholders | 29,355 | 13,852 |
Income allocated to participating securities | -312 | -158 |
Net income allocated to common shareholders | $29,043 | $13,694 |
Basic weighted average common shares outstanding | 98,106,045 | 96,674,729 |
Diluted weighted average common shares outstanding | 98,106,045 | 96,674,729 |
Basic EPS (in dollars per share) | $0.30 | $0.14 |
Diluted EPS (in dollars per share) | $0.30 | $0.14 |
Antidilutive securities excluded from computation of earnings per share | ' | ' |
Restricted stock units excluded from the computation of earnings per share (in shares) | 659,837 | 299,879 |
Options | ' | ' |
Antidilutive securities excluded from computation of earnings per share | ' | ' |
Stock options excluded from computation of earnings per share (in shares) | 1,050,083 | 2,825,855 |
Other_Comprehensive_Income_Det
Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Changes in accumulated other comprehensive loss components | ' | ' |
Balance at the beginning of the period | ($38,250) | ($73,090) |
Other comprehensive income, net of tax | 3,158 | 791 |
Balance at the end of the period | -35,092 | -72,299 |
Net unrealized loss on securities available-for-sale | ' | ' |
Changes in accumulated other comprehensive loss components | ' | ' |
Balance at the beginning of the period | -4,366 | 7,451 |
Other comprehensive income, net of tax | 2,993 | 130 |
Balance at the end of the period | -1,373 | 7,581 |
Net actuarial loss on pension plans and other postretirement benefits | ' | ' |
Changes in accumulated other comprehensive loss components | ' | ' |
Balance at the beginning of the period | -30,600 | -77,115 |
Other comprehensive income, net of tax | 135 | 627 |
Balance at the end of the period | -30,465 | -76,488 |
Prior service cost on pension plans and other postretirement benefits | ' | ' |
Changes in accumulated other comprehensive loss components | ' | ' |
Balance at the beginning of the period | -3,284 | -3,426 |
Other comprehensive income, net of tax | 30 | 34 |
Balance at the end of the period | ($3,254) | ($3,392) |
Other_Comprehensive_Income_Det1
Other Comprehensive Income (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net unrealized gain on securities available-for-sale before tax amount: | ' | ' |
Net unrealized holding gain on securities available-for-sale arising during the period | $4,628 | $200 |
Net actuarial loss adjustment on pension plans and other postretirement benefits before tax amount: | ' | ' |
Reclassification adjustment for net actuarial loss included in net income | 208 | 967 |
Prior service cost adjustment on pension plans and other postretirement benefits before tax amount: | ' | ' |
Reclassification adjustment for prior service cost included in net income | 47 | 53 |
Total other comprehensive income, before tax amount | 4,883 | 1,220 |
Net unrealized gain on securities available-for-sale, tax expense: | ' | ' |
Net unrealized holding gain on securities available-for-sale arising during the period | -1,635 | -70 |
Net actuarial loss adjustment on pension plans and other postretirement benefits, tax expense: | ' | ' |
Reclassification adjustment for net actuarial loss included in net income | -73 | -340 |
Prior service cost adjustment on pension plans and other postretirement benefits, tax expense: | ' | ' |
Reclassification adjustment for prior service cost included in net income | -17 | -19 |
Total other comprehensive income, tax expense | -1,725 | -429 |
Net unrealized gain on securities available-for-sale: | ' | ' |
Net unrealized holding gain on securities available-for-sale arising during the period | 2,993 | 130 |
Net actuarial loss adjustment on pension plans and other postretirement benefits: | ' | ' |
Reclassification adjustment for net actuarial loss included in net income | 135 | 627 |
Prior service cost adjustment on pension plans and other postretirement benefits: | ' | ' |
Reclassification adjustment for prior service cost included in net income | 30 | 34 |
Total other comprehensive income, net of tax | $3,158 | $791 |
Other_Comprehensive_Income_Det2
Other Comprehensive Income (Details 3) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ' | ' |
Reclassification adjustment for net actuarial loss | $208 | $967 |
Reclassification adjustment for prior service cost | 47 | 53 |
Income before income tax (benefit) expense | 29,785 | 21,633 |
Income tax effect | 1,764 | -7,781 |
Net income | 31,549 | 13,852 |
Amount Reclassified from Accumulated Other Comprehensive Loss | ' | ' |
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ' | ' |
Income before income tax (benefit) expense | -255 | -1,020 |
Income tax effect | 90 | 359 |
Net income | -165 | -661 |
Compensation and benefits | Amount Reclassified from Accumulated Other Comprehensive Loss | ' | ' |
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income | ' | ' |
Reclassification adjustment for net actuarial loss | -208 | -967 |
Reclassification adjustment for prior service cost | ($47) | ($53) |
Pension_Plans_and_Other_Postre2
Pension Plans and Other Postretirement Benefits (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Benefits | ' | ' |
Pension plans and other postretirement benefits | ' | ' |
Interest cost | $2,633 | $2,410 |
Expected return on plan assets | -3,713 | -3,188 |
Recognized net actuarial loss (gain) | 359 | 779 |
Amortization of prior service cost | 47 | 53 |
Net periodic (benefit) cost | -674 | 54 |
Other Postretirement Benefits | ' | ' |
Pension plans and other postretirement benefits | ' | ' |
Service cost | 219 | 318 |
Interest cost | 222 | 351 |
Recognized net actuarial loss (gain) | -151 | 188 |
Net periodic (benefit) cost | $290 | $857 |
Stock_Incentive_Plans_Details
Stock Incentive Plans (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 19, 2014 | |
Restricted common stock | Restricted common stock | Restricted common stock and restricted stock units | Performance-based restricted common stock and performance-based restricted stock units | Performance-based restricted common stock | Performance-based restricted stock units | Performance-based restricted stock units | Performance-based restricted stock units | Performance-based restricted stock units | Performance-based restricted stock units | Performance-based restricted stock units | Performance-based restricted stock units | Performance-based restricted stock units | Employee Stock Plan, 2005 Plan | Employee Stock Plan, 2005 Plan | Employee Stock Plan, 2005 Plan | Directors Stock Plan, 2007 Plan | Directors Stock Plan, 2007 Plan | Employee Stock Plan, 2014 Plan | |||
Vest on February 1, 2017, performance level one | Vest on February 1, 2017, performance level one | Vest on February 1, 2017, performance level two | Vest on February 1, 2017, performance level three | Vest on February 1, 2017, performance level four | Vest on February 1, 2017, performance level five | Restricted common stock | Restricted common stock | Performance-based restricted stock units | Restricted common stock | Restricted common stock | |||||||||||
Change in control | Shares vesting one-third per year beginning in December 2014 | Vesting in February 2017 | |||||||||||||||||||
Stock Incentive Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted common stock granted (in shares) | ' | ' | 423,346 | ' | ' | ' | ' | 395,900 | ' | ' | ' | ' | ' | ' | ' | 390,840 | ' | 395,900 | 32,506 | ' | ' |
Vesting percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% | ' | ' | 100.00% | ' |
Granted (in dollars per share) | ' | ' | $12.62 | ' | ' | ' | ' | $12.14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding (in shares) | ' | ' | 1,178,322 | 781,644 | ' | ' | ' | 805,000 | 409,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,148 | ' | ' |
Share of common stock to be paid for each restricted stock unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Shares to be issued on vest date as percentage of units granted based on actual performance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125.00% | ' | 100.00% | 75.00% | 50.00% | 0.00% | ' | ' | ' | ' | ' | ' |
Shares to be issued on vesting date as a percentage of units granted in the event of change in control | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional shares authorized for future grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,250,000 |
Stock-based compensation expense, net of taxes | $1,300,000 | $1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense, taxes | 712,000 | 609,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax compensation cost related to share-based compensation awards not yet recognized | ' | ' | ' | ' | 17,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax compensation cost, weighted average recognition period | ' | ' | ' | ' | '2 years 3 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax compensation cost related to non-vested performance-based stock awards and units | ' | ' | ' | ' | ' | $1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares or units for which compensation cost will be excluded until the achievement of the performance conditions become probable | ' | ' | ' | ' | ' | ' | 65,000 | 102,275 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Incentive_Plans_Details_
Stock Incentive Plans (Details 2) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Restricted Common Stock | ' |
Number of Shares | ' |
Unvested at the beginning of the period (in shares) | 781,644 |
Granted (in shares) | 423,346 |
Vested (in shares) | -26,668 |
Unvested at the end of the period (in shares) | 1,178,322 |
Weighted-Average Grant Date Fair Value | ' |
Unvested at the beginning of the period (in dollars per share) | $11.46 |
Granted (in dollars per share) | $12.62 |
Vested (in dollars per share) | ($12.22) |
Unvested at the end of the period (in dollars per share) | $11.86 |
Restricted Stock Units | ' |
Number of Shares | ' |
Unvested at the beginning of the period (in shares) | 409,100 |
Granted (in shares) | 395,900 |
Unvested at the end of the period (in shares) | 805,000 |
Weighted-Average Grant Date Fair Value | ' |
Unvested at the beginning of the period (in dollars per share) | $9.22 |
Granted (in dollars per share) | $12.14 |
Unvested at the end of the period (in dollars per share) | $10.66 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | $396,687 | $401,690 |
Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 396,687 | 401,690 |
Residential mortgage-backed securities | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 303,344 | 310,534 |
Residential mortgage-backed securities | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Percentage of debt securities comprising available-for-sale portfolio | 76.00% | 77.00% |
Available-for-sale residential mortgage-backed securities portfolio which are GSE securities (as a percent) | 98.00% | 98.00% |
GSE issuance REMICs and CMOs | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 280,256 | 286,074 |
GSE issuance REMICs and CMOs | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 280,256 | 286,074 |
Non-GSE issuance REMICs and CMOs | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 7,020 | 7,572 |
Non-GSE issuance REMICs and CMOs | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 7,020 | 7,572 |
GSE pass-through certificates | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 16,068 | 16,888 |
GSE pass-through certificates | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 16,068 | 16,888 |
Obligations of GSEs | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 93,339 | 91,153 |
Obligations of GSEs | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 93,339 | 91,153 |
Percentage of debt securities comprising available-for-sale portfolio | 24.00% | 23.00% |
Fannie Mae stock | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 4 | 3 |
Fannie Mae stock | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 4 | 3 |
Level 1 | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 4 | 3 |
Level 1 | Fannie Mae stock | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 4 | 3 |
Level 2 | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 396,683 | 401,687 |
Level 2 | GSE issuance REMICs and CMOs | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 280,256 | 286,074 |
Level 2 | Non-GSE issuance REMICs and CMOs | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 7,020 | 7,572 |
Level 2 | GSE pass-through certificates | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | 16,068 | 16,888 |
Level 2 | Obligations of GSEs | Recurring basis | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Total securities available-for-sale | $93,339 | $91,153 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying value of assets | ' | ' |
Impaired loans | $384,003 | $384,522 |
MSR, net | 12,369 | 12,800 |
REO, net | 46,205 | 42,636 |
Carrying Value | ' | ' |
Carrying value of assets | ' | ' |
Loans held-for-sale, net | 3,177 | 7,375 |
MSR, net | 12,369 | 12,800 |
Level 3 | ' | ' |
Carrying value of assets | ' | ' |
Loans held-for-sale, net | 3,203 | 7,436 |
MSR, net | 12,374 | 12,804 |
Measured on a non-recurring basis | Level 3 | Carrying Value | ' | ' |
Carrying value of assets | ' | ' |
Impaired loans | 265,359 | 271,408 |
MSR, net | 12,369 | 12,800 |
REO, net | 25,360 | 27,101 |
Total | 303,970 | 312,100 |
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 | $882 | $791 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3) (Measured on a non-recurring basis, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Fair Value of Financial Instruments | ' | ' |
Losses recognized on assets measured at fair value on a non-recurring basis | $7,863 | $12,119 |
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 | 533 | 2,604 |
Impaired loans | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Losses recognized on assets measured at fair value on a non-recurring basis | 6,419 | 8,378 |
MSR, net | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Losses recognized on assets measured at fair value on a non-recurring basis | 13 | ' |
REO, net | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Losses recognized on assets measured at fair value on a non-recurring basis | $898 | $1,137 |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details 4) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Valuation methodologies used for assets measured at fair value | ' | ' |
Impaired loans comprising residential mortgage loans (as a percent) | 80.00% | 81.00% |
Impaired loans comprising multi-family and commercial real estate loans (as a percent) | 19.00% | 19.00% |
Percentage of Impaired Loans Comprising home equity lines of credit | 1.00% | ' |
Impaired loans for which fair value adjustment is recognized comprising residential mortgage loans (as a percent) | 82.00% | 83.00% |
Impaired loans for which fair value adjustment is recognized comprising multi-family and commercial real estate loans (as a percent) | 18.00% | 17.00% |
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% | 9.45% |
Assumption to estimate fair value of servicing asset, weighted average constant prepayment rate (as a percent) | 11.14% | 10.52% |
Assumption to estimate fair value of servicing asset, weighted average life | '6 years 1 month 6 days | '6 years 3 months 18 days |
Residential Mortgage Loans | ' | ' |
Valuation methodologies used for assets measured at fair value | ' | ' |
Period after which loans are individually evaluated for impairment | '180 days | ' |
Period past due when loan servicer performs property inspections | '45 days | ' |
Fair_Value_Measurements_Detail4
Fair Value Measurements (Details 5) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
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 | $1,911,500 | $1,849,526 | ' | ' | $1,887,250 | $1,811,122 | $1,887,250 | $1,811,122 | ' | ' | $1,911,500 | $1,849,526 |
FHLB-NY stock | 150,297 | 152,207 | ' | ' | 150,297 | 152,207 | 150,297 | 152,207 | ' | ' | 150,297 | 152,207 |
Loans held-for-sale, net | ' | ' | ' | ' | 3,203 | 7,436 | ' | ' | 3,203 | 7,436 | 3,177 | 7,375 |
Loans receivable, net | ' | ' | ' | ' | 12,292,358 | 12,480,533 | ' | ' | 12,292,358 | 12,480,533 | 12,152,674 | 12,303,066 |
MSR, net | 12,369 | 12,800 | ' | ' | 12,374 | 12,804 | ' | ' | 12,374 | 12,804 | 12,369 | 12,800 |
Mortgage loan, original term | ' | ' | '15 years | '30 years | ' | ' | ' | ' | ' | ' | ' | ' |
Financial Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposits | ' | ' | ' | ' | 9,778,635 | 9,922,631 | 9,778,635 | 9,922,631 | ' | ' | 9,721,078 | 9,855,310 |
Borrowings, net | ' | ' | ' | ' | $4,331,588 | $4,376,336 | $4,331,588 | $4,376,336 | ' | ' | $4,095,293 | $4,137,161 |
Litigation_Details
Litigation (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
item | |
Litigation | ' |
Alleged tax deficiency including interest and penalties related to 2006 through 2008 tax years | $13.30 |
Number of subsidiaries to which alleged tax deficiencies are related | 2 |
Liability or reserve recorded related to alleged tax deficiencies | $0 |