Loans Receivable and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2014 |
Loans Receivable and Allowance for Loan Losses | ' |
Loans Receivable and Allowance for Loan Losses | ' |
4. Loans Receivable and Allowance for Loan Losses |
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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. |
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| | At June 30, 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 | | $ | 18,647 | | $ | 5,809 | | $ | — | | $ | 24,456 | | $ | 1,040,211 | | $ | 1,064,667 | | | | | | | | | | | | | | | | | | | | | |
Full documentation amortizing | | 30,266 | | 7,717 | | — | | 37,983 | | 5,111,329 | | 5,149,312 | | | | | | | | | | | | | | | | | | | | | |
Reduced documentation interest-only | | 24,048 | | 5,559 | | — | | 29,607 | | 618,429 | | 648,036 | | | | | | | | | | | | | | | | | | | | | |
Reduced documentation amortizing | | 8,466 | | 3,362 | | — | | 11,828 | | 368,120 | | 379,948 | | | | | | | | | | | | | | | | | | | | | |
Total residential | | 81,427 | | 22,447 | | — | | 103,874 | | 7,138,089 | | 7,241,963 | | | | | | | | | | | | | | | | | | | | | |
Multi-family | | 2,009 | | 3,549 | | — | | 5,558 | | 3,564,810 | | 3,570,368 | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | 181 | | 498 | | — | | 679 | | 853,757 | | 854,436 | | | | | | | | | | | | | | | | | | | | | |
Total mortgage loans | | 83,617 | | 26,494 | | — | | 110,111 | | 11,556,656 | | 11,666,767 | | | | | | | | | | | | | | | | | | | | | |
Consumer and other loans (gross): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | 2,820 | | 505 | | — | | 3,325 | | 179,769 | | 183,094 | | | | | | | | | | | | | | | | | | | | | |
Other | | 114 | | 19 | | — | | 133 | | 50,238 | | 50,371 | | | | | | | | | | | | | | | | | | | | | |
Total consumer and other loans | | 2,934 | | 524 | | — | | 3,458 | | 230,007 | | 233,465 | | | | | | | | | | | | | | | | | | | | | |
Total accruing loans | | $ | 86,551 | | $ | 27,018 | | $ | — | | $ | 113,569 | | $ | 11,786,663 | | $ | 11,900,232 | | | | | | | | | | | | | | | | | | | | | |
Non-accrual loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage loans (gross): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Full documentation interest-only | | $ | 1,761 | | $ | 177 | | $ | 5,565 | | $ | 7,503 | | $ | 20,046 | | $ | 27,549 | | | | | | | | | | | | | | | | | | | | | |
Full documentation amortizing | | 381 | | — | | 6,542 | | 6,923 | | 6,454 | | 13,377 | | | | | | | | | | | | | | | | | | | | | |
Reduced documentation interest-only | | 1,747 | | 579 | | 8,066 | | 10,392 | | 26,150 | | 36,542 | | | | | | | | | | | | | | | | | | | | | |
Reduced documentation amortizing | | 657 | | 232 | | 1,550 | | 2,439 | | 2,804 | | 5,243 | | | | | | | | | | | | | | | | | | | | | |
Total residential | | 4,546 | | 988 | | 21,723 | | 27,257 | | 55,454 | | 82,711 | | | | | | | | | | | | | | | | | | | | | |
Multi-family | | 82 | | — | | 10,324 | | 10,406 | | 2,834 | | 13,240 | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | 1,454 | | 1,569 | | 438 | | 3,461 | | 4,551 | | 8,012 | | | | | | | | | | | | | | | | | | | | | |
Total mortgage loans | | 6,082 | | 2,557 | | 32,485 | | 41,124 | | 62,839 | | 103,963 | | | | | | | | | | | | | | | | | | | | | |
Consumer and other loans (gross): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | — | | — | | 5,648 | | 5,648 | | 79 | | 5,727 | | | | | | | | | | | | | | | | | | | | | |
Other | | — | | — | | 37 | | 37 | | — | | 37 | | | | | | | | | | | | | | | | | | | | | |
Total consumer and other loans | | — | | — | | 5,685 | | 5,685 | | 79 | | 5,764 | | | | | | | | | | | | | | | | | | | | | |
Total non-accrual loans | | $ | 6,082 | | $ | 2,557 | | $ | 38,170 | | $ | 46,809 | | $ | 62,918 | | $ | 109,727 | | | | | | | | | | | | | | | | | | | | | |
Total loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage loans (gross): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Full documentation interest-only | | $ | 20,408 | | $ | 5,986 | | $ | 5,565 | | $ | 31,959 | | $ | 1,060,257 | | $ | 1,092,216 | | | | | | | | | | | | | | | | | | | | | |
Full documentation amortizing | | 30,647 | | 7,717 | | 6,542 | | 44,906 | | 5,117,783 | | 5,162,689 | | | | | | | | | | | | | | | | | | | | | |
Reduced documentation interest-only | | 25,795 | | 6,138 | | 8,066 | | 39,999 | | 644,579 | | 684,578 | | | | | | | | | | | | | | | | | | | | | |
Reduced documentation amortizing | | 9,123 | | 3,594 | | 1,550 | | 14,267 | | 370,924 | | 385,191 | | | | | | | | | | | | | | | | | | | | | |
Total residential | | 85,973 | | 23,435 | | 21,723 | | 131,131 | | 7,193,543 | | 7,324,674 | | | | | | | | | | | | | | | | | | | | | |
Multi-family | | 2,091 | | 3,549 | | 10,324 | | 15,964 | | 3,567,644 | | 3,583,608 | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | 1,635 | | 2,067 | | 438 | | 4,140 | | 858,308 | | 862,448 | | | | | | | | | | | | | | | | | | | | | |
Total mortgage loans | | 89,699 | | 29,051 | | 32,485 | | 151,235 | | 11,619,495 | | 11,770,730 | | | | | | | | | | | | | | | | | | | | | |
Consumer and other loans (gross): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | 2,820 | | 505 | | 5,648 | | 8,973 | | 179,848 | | 188,821 | | | | | | | | | | | | | | | | | | | | | |
Other | | 114 | | 19 | | 37 | | 170 | | 50,238 | | 50,408 | | | | | | | | | | | | | | | | | | | | | |
Total consumer and other loans | | 2,934 | | 524 | | 5,685 | | 9,143 | | 230,086 | | 239,229 | | | | | | | | | | | | | | | | | | | | | |
Total loans | | $ | 92,633 | | $ | 29,575 | | $ | 38,170 | | $ | 160,378 | | $ | 11,849,581 | | $ | 12,009,959 | | | | | | | | | | | | | | | | | | | | | |
Net unamortized premiums and deferred loan origination costs | | | | | | | | | | | | 51,663 | | | | | | | | | | | | | | | | | | | | | |
Loans receivable | | | | | | | | | | | | 12,061,622 | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses | | | | | | | | | | | | (118,600 | ) | | | | | | | | | | | | | | | | | | | | |
Loans receivable, net | | | | | | | | | | | | $ | 11,943,022 | | | | | | | | | | | | | | | | | | | | | |
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| | 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 | | | | | | | | | | | | | | | | | | | | | |
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As discussed in Note 3, at June 30, 2014, we designated a pool of non-accrual residential mortgage loans, substantially all of which were 90 days or more past due, as held-for-sale. The pool is carried in our consolidated statement of financial condition as non-performing residential mortgage loans held-for-sale at its estimated fair value of $186.3 million at June 30, 2014 and is therefore not included in loans receivable and related disclosures and tables as of June 30, 2014. In connection with the designation of the pool of loans as held-for-sale, we recorded a loan charge-off of $8.7 million against the allowance for loan losses, to write down the pool of loans from its recorded investment of $195.0 million to its estimated fair value, and a loan loss release of $5.7 million, included in the provision for loan losses credited to operations for the three and six months ended June 30, 2014, reflecting reserves previously established in our allowance for loan losses that were no longer deemed necessary following the designation of the pool of loans as held-for-sale. |
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We segment our 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. |
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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. |
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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. |
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The following tables set forth the changes in our allowance for loan losses by loan receivable segment for the periods indicated. |
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| | For the Three Months Ended June 30, 2014 | | | | | | | | | | | | | | | |
| | Mortgage Loans | | Consumer | | | | | | | | | | | | | | | | | | |
(In Thousands) | | Residential | | Multi- | | Commercial | | and Other | | | Total | | | | | | | | | | | | | | | |
Family | Real Estate | Loans | | | | | | | | | | | | | | |
Balance at April 1, 2014 | | | $ | 74,717 | | | | $ | 34,578 | | | | $ | 14,698 | | | | $ | 10,007 | | | | $ | 134,000 | | | | | | | | | | | | | | | |
Provision (credited) charged to operations | | | (9,132 | ) | | | 2,686 | | | | 735 | | | | (31 | ) | | | (5,742 | ) | | | | | | | | | | | | | | |
Charge-offs | | | (12,834 | ) | | | (270 | ) | | | — | | | | (527 | ) | | | (13,631 | ) | | | | | | | | | | | | | | |
Recoveries | | | 3,801 | | | | 81 | | | | — | | | | 91 | | | | 3,973 | | | | | | | | | | | | | | | |
Balance at June 30, 2014 | | | $ | 56,552 | | | | $ | 37,075 | | | | $ | 15,433 | | | | $ | 9,540 | | | | $ | 118,600 | | | | | | | | | | | | | | | |
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| | For the Six Months Ended June 30, 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 | | | (12,608 | ) | | | 1,274 | | | | 5,273 | | | | 1,950 | | | | (4,111 | ) | | | | | | | | | | | | | | |
Charge-offs | | | (16,927 | ) | | | (1,139 | ) | | | (2,976 | ) | | | (1,424 | ) | | | (22,466 | ) | | | | | | | | | | | | | | |
Recoveries | | | 5,750 | | | | 237 | | | | — | | | | 190 | | | | 6,177 | | | | | | | | | | | | | | | |
Balance at June 30, 2014 | | | $ | 56,552 | | | | $ | 37,075 | | | | $ | 15,433 | | | | $ | 9,540 | | | | $ | 118,600 | | | | | | | | | | | | | | | |
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| | For the Three Months Ended June 30, 2013 | | | | | | | | | | | | | | | |
| | Mortgage Loans | | Consumer | | | | | | | | | | | | | | | | | | |
(In Thousands) | | Residential | | Multi- | | Commercial | | and Other | | | Total | | | | | | | | | | | | | | | |
Family | Real Estate | Loans | | | | | | | | | | | | | | |
Balance at April 1, 2013 | | | $ | 91,546 | | | | $ | 33,952 | | | | $ | 12,395 | | | | $ | 6,357 | | | | $ | 144,250 | | | | | | | | | | | | | | | |
Provision (credited) charged to operations | | | (9,077 | ) | | | 7,461 | | | | 4,785 | | | | 1,357 | | | | 4,526 | | | | | | | | | | | | | | | |
Charge-offs | | | (6,459 | ) | | | (597 | ) | | | (826 | ) | | | (222 | ) | | | (8,104 | ) | | | | | | | | | | | | | | |
Recoveries | | | 2,778 | | | | 49 | | | | 288 | | | | 113 | | | | 3,228 | | | | | | | | | | | | | | | |
Balance at June 30, 2013 | | | $ | 78,788 | | | | $ | 40,865 | | | | $ | 16,642 | | | | $ | 7,605 | | | | $ | 143,900 | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Six Months Ended June 30, 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 (credited) charged to operations | | | (171 | ) | | | 7,652 | | | | 3,970 | | | | 2,201 | | | | 13,652 | | | | | | | | | | | | | | | |
Charge-offs | | | (14,772 | ) | | | (3,538 | ) | | | (2,020 | ) | | | (1,128 | ) | | | (21,458 | ) | | | | | | | | | | | | | | |
Recoveries | | | 4,464 | | | | 1,237 | | | | 288 | | | | 216 | | | | 6,205 | | | | | | | | | | | | | | | |
Balance at June 30, 2013 | | | $ | 78,788 | | | | $ | 40,865 | | | | $ | 16,642 | | | | $ | 7,605 | | | | $ | 143,900 | | | | | | | | | | | | | | | |
|
The following table sets forth the balances of our residential interest-only mortgage loans at June 30, 2014 by the period in which such loans are scheduled to enter their amortization period. |
|
(In Thousands) | | Recorded | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization scheduled to begin in: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Twelve months or less | | $ | 381,032 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Thirteen to twenty-four months | | 668,564 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Twenty-five to thirty-six months | | 431,858 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Over thirty-six months | | 295,340 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 1,776,794 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
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 June 30, 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 | | | $ | 1,064,667 | | | | $ | 5,149,312 | | | | $ | 648,036 | | | | $ | 379,948 | | | | $ | 183,094 | | | | $ | 50,371 | | | | | | | | | | |
Non-performing: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current or past due less than 90 days | | | 21,984 | | | | 6,835 | | | | 28,476 | | | | 3,693 | | | | 79 | | | | — | | | | | | | | | | |
Past due 90 days or more | | | 5,565 | | | | 6,542 | | | | 8,066 | | | | 1,550 | | | | 5,648 | | | | 37 | | | | | | | | | | |
Total | | | $ | 1,092,216 | | | | $ | 5,162,689 | | | | $ | 684,578 | | | | $ | 385,191 | | | | $ | 188,821 | | | | $ | 50,408 | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 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 June 30, 2014 | | At December 31, 2013 | | | | | | | | | | | | | | | | | | | |
(In Thousands) | | Multi-Family | | Commercial | | Multi-Family | | Commercial | | | | | | | | | | | | | | | | | | | |
Real Estate | Real Estate | | | | | | | | | | | | | | | | | | | |
Not criticized | | | $ | 3,526,105 | | | | $ | 816,216 | | | | $ | 3,209,786 | | | | $ | 759,114 | | | | | | | | | | | | | | | | | | | | |
Criticized: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Special mention | | | 17,261 | | | | 9,937 | | | | 14,063 | | | | 9,760 | | | | | | | | | | | | | | | | | | | | |
Substandard | | | 40,242 | | | | 36,295 | | | | 72,606 | | | | 44,092 | | | | | | | | | | | | | | | | | | | | |
Doubtful | | | — | | | | — | | | | — | | | | — | | | | | | | | | | | | | | | | | | | | |
Total | | | $ | 3,583,608 | | | | $ | 862,448 | | | | $ | 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 June 30, 2014 | | | | | | | | | | | | | | | | | | | | | | |
| | Mortgage Loans | | Consumer | | | | | | | | | | | | | | | | | | | | | | | | |
(In Thousands) | | Residential | | Multi- | | Commercial | | and Other | | Total | | | | | | | | | | | | | | | | | | | | | | |
Family | Real Estate | Loans | | | | | | | | | | | | | | | | | | | | | |
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | $ | 177,038 | | $ | 48,551 | | | $ | 20,162 | | | $ | 5,323 | | $ | 251,074 | | | | | | | | | | | | | | | | | | | | | | |
Collectively evaluated for impairment | | 7,147,636 | | 3,535,057 | | | 842,286 | | | 233,906 | | 11,758,885 | | | | | | | | | | | | | | | | | | | | | | |
Total loans | | $ | 7,324,674 | | $ | 3,583,608 | | | $ | 862,448 | | | $ | 239,229 | | $ | 12,009,959 | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | $ | 7,853 | | $ | 5,234 | | | $ | 2,599 | | | $ | 3,882 | | $ | 19,568 | | | | | | | | | | | | | | | | | | | | | | |
Collectively evaluated for impairment | | 48,699 | | 31,841 | | | 12,834 | | | 5,658 | | 99,032 | | | | | | | | | | | | | | | | | | | | | | |
Total allowance for loan losses | | $ | 56,552 | | $ | 37,075 | | | $ | 15,433 | | | $ | 9,540 | | $ | 118,600 | | | | | | | | | | | | | | | | | | | | | | |
|
| | 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 June 30, 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 | | | $ | 62,967 | | | | $ | 53,351 | | | | $ | (2,339 | ) | | | $ | 51,012 | | | | $ | 142,659 | | | | $ | 109,877 | | | | $ | (6,019 | ) | | $ | 103,858 | |
Full documentation amortizing | | | 32,725 | | | | 30,784 | | | | (1,065 | ) | | | 29,719 | | | | 41,136 | | | | 36,091 | | | | (2,458 | ) | | 33,633 | |
Reduced documentation interest-only | | | 94,276 | | | | 79,733 | | | | (3,721 | ) | | | 76,012 | | | | 183,280 | | | | 140,357 | | | | (7,673 | ) | | 132,684 | |
Reduced documentation amortizing | | | 14,208 | | | | 13,170 | | | | (728 | ) | | | 12,442 | | | | 30,660 | | | | 25,605 | | | | (2,202 | ) | | 23,403 | |
Multi-family | | | 42,981 | | | | 36,983 | | | | (5,234 | ) | | | 31,749 | | | | 19,748 | | | | 19,748 | | | | (2,877 | ) | | 16,871 | |
Commercial real estate | | | 26,967 | | | | 20,162 | | | | (2,599 | ) | | | 17,563 | | | | 5,790 | | | | 5,790 | | | | (302 | ) | | 5,488 | |
Consumer and other loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | 5,607 | | | | 5,323 | | | | (3,882 | ) | | | 1,441 | | | | — | | | | — | | | | — | | | — | |
Without an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family | | | 12,647 | | | | 11,568 | | | | — | | | | 11,568 | | | | 39,871 | | | | 32,790 | | | | — | | | 32,790 | |
Commercial real estate | | | — | | | | — | | | | — | | | | — | | | | 19,988 | | | | 14,264 | | | | — | | | 14,264 | |
Total impaired loans | | | $ | 292,378 | | | | $ | 251,074 | | | | $ | (19,568 | ) | | | $ | 231,506 | | | | $ | 483,132 | | | | $ | 384,522 | | | | $ | (21,531 | ) | | $ | 362,991 | |
|
The following tables set forth the average recorded investment, interest income recognized and cash basis interest income related to our impaired loans by segment and class for the periods indicated. |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended June 30, | | | | | | | | | |
| | 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 | | | $ | 105,897 | | | | $ | 618 | | | | $ | 608 | | | | $ | 103,076 | | | | $ | 608 | | | | $ | 630 | | | | | | | | | | |
Full documentation amortizing | | | 41,213 | | | | 307 | | | | 306 | | | | 27,316 | | | | 171 | | | | 173 | | | | | | | | | | |
Reduced documentation interest-only | | | 132,784 | | | | 1,087 | | | | 1,083 | | | | 150,542 | | | | 992 | | | | 1,018 | | | | | | | | | | |
Reduced documentation amortizing | | | 24,981 | | | | 134 | | | | 138 | | | | 25,243 | | | | 209 | | | | 210 | | | | | | | | | | |
Multi-family | | | 37,277 | | | | 364 | | | | 380 | | | | 16,380 | | | | 180 | | | | 195 | | | | | | | | | | |
Commercial real estate | | | 21,232 | | | | 262 | | | | 274 | | | | 8,586 | | | | 139 | | | | 147 | | | | | | | | | | |
Consumer and other loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | 5,067 | | | | 3 | | | | 7 | | | | — | | | | — | | | | — | | | | | | | | | | |
Without an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Full documentation interest-only | | | — | | | | — | | | | — | | | | 19,119 | | | | 96 | | | | 91 | | | | | | | | | | |
Full documentation amortizing | | | 913 | | | | — | | | | — | | | | 6,153 | | | | 17 | | | | 15 | | | | | | | | | | |
Multi-family | | | 11,782 | | | | 136 | | | | 137 | | | | 32,404 | | | | 346 | | | | 389 | | | | | | | | | | |
Commercial real estate | | | — | | | | — | | | | — | | | | 11,137 | | | | 51 | | | | 134 | | | | | | | | | | |
Total impaired loans | | | $ | 381,146 | | | | $ | 2,911 | | | | $ | 2,933 | | | | $ | 399,956 | | | | $ | 2,809 | | | | $ | 3,002 | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Six Months Ended June 30, | | | | | | | | | |
| | 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 | | | $ | 107,224 | | | | $ | 1,222 | | | | $ | 1,244 | | | | $ | 102,934 | | | | $ | 1,157 | | | | $ | 1,262 | | | | | | | | | | |
Full documentation amortizing | | | 39,505 | | | | 653 | | | | 645 | | | | 27,615 | | | | 289 | | | | 305 | | | | | | | | | | |
Reduced documentation interest-only | | | 135,308 | | | | 2,163 | | | | 2,146 | | | | 149,207 | | | | 1,897 | | | | 2,042 | | | | | | | | | | |
Reduced documentation amortizing | | | 25,189 | | | | 265 | | | | 263 | | | | 25,870 | | | | 297 | | | | 322 | | | | | | | | | | |
Multi-family | | | 31,434 | | | | 730 | | | | 764 | | | | 17,488 | | | | 373 | | | | 380 | | | | | | | | | | |
Commercial real estate | | | 16,084 | | | | 462 | | | | 559 | | | | 9,335 | | | | 240 | | | | 264 | | | | | | | | | | |
Consumer and other loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Home equity lines of credit | | | 5,030 | | | | 13 | | | | 21 | | | | — | | | | — | | | | — | | | | | | | | | | |
Without an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Full documentation interest-only | | | — | | | | — | | | | — | | | | 19,244 | | | | 166 | | | | 170 | | | | | | | | | | |
Full documentation amortizing | | | 609 | | | | — | | | | — | | | | 5,861 | | | | 67 | | | | 65 | | | | | | | | | | |
Reduced documentation interest-only | | | — | | | | — | | | | — | | | | 2,781 | | | | — | | | | — | | | | | | | | | | |
Multi-family | | | 18,785 | | | | 274 | | | | 275 | | | | 33,740 | | | | 745 | | | | 796 | | | | | | | | | | |
Commercial real estate | | | 4,755 | | | | — | | | | — | | | | 10,028 | | | | 225 | | | | 259 | | | | | | | | | | |
Total impaired loans | | | $ | 383,923 | | | | $ | 5,782 | | | | $ | 5,917 | | | | $ | 404,103 | | | | $ | 5,456 | | | | $ | 5,865 | | | | | | | | | | |
|
The following tables set forth information about our mortgage loans receivable by segment and class at June 30, 2014 and 2013 which were modified in a troubled debt restructuring, or TDR, during the periods indicated. |
|
| | Modifications During the Three Months Ended June 30, | | | | | | | | | | | | | | | | | | | | |
| | 2014 | | 2013 | | | | | | | | | | | | | | | | | | | | |
(Dollars In Thousands) | | Number | | Pre- | | Recorded | | Number | | Pre- | | Recorded | | | | | | | | | | | | | | | | | | | | | |
of Loans | Modification | Investment at | of Loans | Modification | Investment at | | | | | | | | | | | | | | | | | | | | |
| Recorded | June 30, 2014 | | Recorded | June 30, 2013 | | | | | | | | | | | | | | | | | | | | |
| Investment | | | Investment | | | | | | | | | | | | | | | | | | | | | |
Residential: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Full documentation interest-only | | 7 | | | $ | 2,940 | | $ | 2,939 | | 6 | | | $ | 1,296 | | $ | 1,295 | | | | | | | | | | | | | | | | | | | | | |
Full documentation amortizing | | — | | | — | | — | | 3 | | | 721 | | 718 | | | | | | | | | | | | | | | | | | | | | |
Reduced documentation interest-only | | 4 | | | 1,278 | | 1,277 | | 8 | | | 2,702 | | 2,702 | | | | | | | | | | | | | | | | | | | | | |
Reduced documentation amortizing | | — | | | — | | — | | 3 | | | 1,342 | | 1,321 | | | | | | | | | | | | | | | | | | | | | |
Multi-family | | 1 | | | 357 | | 357 | | — | | | — | | — | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | 1 | | | 254 | | 251 | | 2 | | | 2,416 | | 2,359 | | | | | | | | | | | | | | | | | | | | | |
Total | | 13 | | | $ | 4,829 | | $ | 4,824 | | 22 | | | $ | 8,477 | | $ | 8,395 | | | | | | | | | | | | | | | | | | | | | |
|
| | Modifications During the Six Months Ended June 30, | | | | | | | | | | | | | | | | | | | | |
| | 2014 | | 2013 | | | | | | | | | | | | | | | | | | | | |
(Dollars In Thousands) | | Number | | Pre- | | Recorded | | Number | | Pre- | | Recorded | | | | | | | | | | | | | | | | | | | | | |
of Loans | Modification | Investment at | of Loans | Modification | Investment at | | | | | | | | | | | | | | | | | | | | |
| Recorded | June 30, 2014 | | Recorded | June 30, 2013 | | | | | | | | | | | | | | | | | | | | |
| Investment | | | Investment | | | | | | | | | | | | | | | | | | | | | |
Residential: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Full documentation interest-only | | 18 | | | $ | 7,797 | | $ | 7,374 | | 11 | | | $ | 2,451 | | $ | 2,450 | | | | | | | | | | | | | | | | | | | | | |
Full documentation amortizing | | 3 | | | 519 | | 489 | | 5 | | | 1,501 | | 1,506 | | | | | | | | | | | | | | | | | | | | | |
Reduced documentation interest-only | | 8 | | | 2,301 | | 2,290 | | 19 | | | 6,135 | | 6,111 | | | | | | | | | | | | | | | | | | | | | |
Reduced documentation amortizing | | 2 | | | 317 | | 262 | | 6 | | | 2,084 | | 2,045 | | | | | | | | | | | | | | | | | | | | | |
Multi-family | | 2 | | | 1,060 | | 946 | | 3 | | | 2,784 | | 2,465 | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | 2 | | | 913 | | 892 | | 3 | | | 3,955 | | 3,698 | | | | | | | | | | | | | | | | | | | | | |
Total | | 35 | | | $ | 12,907 | | $ | 12,253 | | 47 | | | $ | 18,910 | | $ | 18,275 | | | | | | | | | | | | | | | | | | | | | |
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The following table sets forth information about our mortgage loans receivable by segment and class at June 30, 2014 and 2013 which were modified in a TDR during the twelve month periods ended June 30, 2014 and 2013 and had a payment default subsequent to the modification during the periods indicated. |
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| | For the Three Months Ended June 30, | | For the Six Months Ended June 30, | | | | | | | | | | | | | | | |
| | 2014 | | 2013 | | 2014 | | 2013 | | | | | | | | | | | | | | | |
(Dollars In Thousands) | | Number | | Recorded | | Number | | Recorded | | Number | | Recorded | | Number | | Recorded | | | | | | | | | | | | | | | |
of Loans | Investment at | of Loans | Investment at | of Loans | Investment at | of Loans | Investment at | | | | | | | | | | | | | | |
| June 30, 2014 | | June 30, 2013 | | June 30, 2014 | | June 30, 2013 | | | | | | | | | | | | | | |
Residential: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Full documentation interest-only | | — | | | $ | — | | 11 | | | $ | 2,915 | | 2 | | | $ | 399 | | 18 | | | $ | 4,554 | | | | | | | | | | | | | | | |
Full documentation amortizing | | 2 | | | 447 | | 9 | | | 2,668 | | 2 | | | 447 | | 9 | | | 2,668 | | | | | | | | | | | | | | | |
Reduced documentation interest-only | | 1 | | | 579 | | 19 | | | 6,369 | | 3 | | | 889 | | 24 | | | 8,157 | | | | | | | | | | | | | | | |
Reduced documentation amortizing | | 1 | | | 93 | | 3 | | | 483 | | 1 | | | 93 | | 5 | | | 885 | | | | | | | | | | | | | | | |
Commercial real estate | | 1 | | | 1,569 | | — | | | — | | 1 | | | 1,569 | | — | | | — | | | | | | | | | | | | | | | |
Total | | 5 | | | $ | 2,688 | | 42 | | | $ | 12,435 | | 9 | | | $ | 3,397 | | 56 | | | $ | 16,264 | | | | | | | | | | | | | | | |
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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.” |