Loans Receivable and Allowance for Loan Losses (Tables)

3 Months Ended

Mar. 31, 2014

Receivables [Abstract]

Schedule of Summarized Loans Receivable

Loans receivable at March 31, 2014 and December 31, 2013 are summarized as follows (in thousands):

	March 31, 2014			December 31, 2013
Mortgage loans:
Residential	1,165,196			1,174,043
Commercial	1,404,466			1,400,624
Multi-family	939,018			928,906
Construction	212,419			183,289
Total mortgage loans	3,721,099			3,686,862
Commercial loans	966,444			932,199
Consumer loans	572,136			577,602
Total gross loans	5,259,679			5,196,663
Premiums on purchased loans	4,187			4,202
Unearned discounts	(57		)	(62	)
Net deferred fees	(6,035		)	(5,990	)
	$	5,257,774		5,194,813

Summary of Aging Loans Receivable by Portfolio Segment and Class

The following tables summarize the aging of loans receivable by portfolio segment and class as follows (in thousands):

	March 31, 2014
	30-59 Days		60-89 Days	Non-accrual	Total Past Due and Non-accrual	Current	Total Loans Receivable	Recorded Investment > 90 days accruing
Mortgage loans:
Residential	$	7,742	5,429	21,985	35,156	1,130,040	1,165,196	—
Commercial	1,403		—	18,918	20,321	1,384,145	1,404,466	—
Multi-family	—		—	403	403	938,615	939,018	—
Construction	—		—	—	—	212,419	212,419	—
Total mortgage loans	9,145		5,429	41,306	55,880	3,665,219	3,721,099	—
Commercial loans	4,322		42	19,350	23,714	942,730	966,444	—
Consumer loans	2,756		1,808	3,400	7,964	564,172	572,136	—
Total loans	$	16,223	7,279	64,056	87,558	5,172,121	5,259,679	—

	December 31, 2013
	30-59 Days		60-89 Days	Non-accrual	Total Past Due and Non-accrual	Current	Total Loans Receivable	Recorded Investment > 90 days accruing
Mortgage loans:
Residential	$	10,639	5,062	23,011	38,712	1,135,331	1,174,043	—
Commercial	687		318	18,662	19,667	1,380,957	1,400,624	—
Multi-family	—		—	403	403	928,503	928,906	—
Construction	—		—	8,448	8,448	174,841	183,289	—
Total mortgage loans	11,326		5,380	50,524	67,230	3,619,632	3,686,862	—
Commercial loans	305		77	22,228	22,610	909,589	932,199	—
Consumer loans	2,474		2,194	3,928	8,596	569,006	577,602	—
Total loans	$	14,105	7,651	76,680	98,436	5,098,227	5,196,663	—

Summary of Loans Receivable by Portfolio Segment and Impairment Method

Loans receivable summarized by portfolio segment and impairment method are as follows (in thousands):

	March 31, 2014
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments
Individually evaluated for impairment	$	67,374	24,958	2,294	94,626
Collectively evaluated for impairment	3,653,725		941,486	569,842	5,165,053
Total	$	3,721,099	966,444	572,136	5,259,679

	December 31, 2013
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments
Individually evaluated for impairment	$	75,839	28,210	2,321	106,370
Collectively evaluated for impairment	3,611,023		903,989	575,281	5,090,293
Total	$	3,686,862	932,199	577,602	5,196,663

Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification

The allowance for loan losses is summarized by portfolio segment and impairment classification as follows (in thousands):

	March 31, 2014
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments	Unallocated	Total
Individually evaluated for impairment	$	4,763	2,248	119	7,130	—	7,130
Collectively evaluated for impairment	26,707		22,913	4,260	53,880	2,410	56,290
Total	$	31,470	25,161	4,379	61,010	2,410	63,420

	December 31, 2013
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments	Unallocated	Total
Individually evaluated for impairment	$	7,829	2,221	167	10,217	—	10,217
Collectively evaluated for impairment	26,315		21,886	4,762	52,963	1,484	54,447
	$	34,144	24,107	4,929	63,180	1,484	64,664

Schedule of Troubled Debt Restructuring

The following tables present the number of loans modified as TDRs during the three months ended March 31, 2014 and 2013 and their balances immediately prior to the modification date and post-modification as of March 31, 2014 and 2013.

	For the three months ended
	March 31, 2014					March 31, 2013
Troubled Debt Restructuring	Number  of Loans	Pre-Modification Outstanding Recorded  Investment		Post-Modification Outstanding Recorded  Investment		Number  of Loans	Pre-Modification Outstanding Recorded  Investment		Post-Modification Outstanding Recorded  Investment
	($ in thousands)
Mortgage loans:
Residential	4	$	875	$	835	15	$	2,802	$	2,882
Commercial	—	—		—		1	329		308
Total mortgage loans	4	875		835		16	3,131		3,190
Commercial loans	1	116		28		—	—		—
Consumer loans	—	—		—		3	240		244
Total restructured loans	5	$	991	$	863	19	$	3,371	$	3,434

Schedule of Troubled Debt Restructurings Subsequently Defaulted

The following table presents loans modified as TDRs within the previous 12 months from March 31, 2014 and 2013, and for which there was a payment default (90 days or more past due) at the quarter ended March 31, 2014 and 2013.

	March 31, 2014			March 31, 2013
Troubled Debt Restructurings Subsequently Defaulted	Number of Loans	Outstanding Recorded  Investment		Number of Loans	Outstanding Recorded  Investment
		($ in thousands)			($ in thousands)
Mortgage loans:
Residential	1	$	90	1	$	1,785
Total mortgage loans	1	90		1	1,785
Commercial loans	3	$	1,647	—	$	—
Total restructured loans	4	$	1,737	1	$	1,785

Schedule of Allowance for Loan Losses by Portfolio Segment

The activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2014 and 2013 was as follows (in thousands):

Three months ended March 31,	Mortgage loans			Commercial loans		Consumer loans		Total Portfolio Segments		Unallocated		Total
2014
Balance at beginning of period	$	34,144		24,107		4,929		63,180		1,484		64,664
Provision charged to operations	(2,000		)	1,330		144		(526	)	926		400
Recoveries of loans previously charged off	67			243		121		431		—		431
Loans charged off	(741		)	(519	)	(815	)	(2,075	)	—		(2,075	)
Balance at end of period	$	31,470		25,161		4,379		61,010		2,410		63,420
2013
Balance at beginning of period	$	37,962		20,315		5,224		63,501		6,847		70,348
Provision charged to operations	(823		)	3,853		(2	)	3,028		(1,528	)	1,500
Recoveries of loans previously charged off	229			113		243		585		—		585
Loans charged off	(975		)	(780	)	(644	)	(2,399	)	—		(2,399	)
Balance at end of period	$	36,393		23,501		4,821		64,715		5,319		70,034

Summary of Impaired Loans Receivable by Class

Impaired loans receivable by class are summarized as follows (in thousands):

	March 31, 2014						December 31, 2013
	Unpaid Principal Balance		Recorded Investment	Related Allowance	Average Recorded Investment	Interest Income Recognized	Unpaid Principal Balance	Recorded Investment	Related Allowance	Average Recorded Investment	Interest Income Recognized
Loans with no related allowance
Mortgage loans:
Residential	$	14,607	10,791	—	10,874	84	13,459	9,999	—	10,322	299
Commercial	5,081		4,847	—	4,856	—	4,917	4,667	—	4,834	3
Multi-family	—		—	—	—	—	—	—	—	—	—
Construction	—		—	—	—	—	—	—	—	—	—
Total	19,688		15,638	—	15,730	84	18,376	14,666	—	15,156	302
Commercial loans	4,991		3,981	—	4,015	—	8,163	6,674	—	8,252	24
Consumer loans	1,015		861	—	869	229	754	618	—	674	26
Total loans	25,694		20,480	—	20,614	313	27,293	21,958	—	24,082	352
Loans with an allowance recorded
Mortgage loans:
Residential	$	16,467	15,874	2,285	15,912	148	17,122	16,473	2,571	16,610	557
Commercial	37,068		35,862	2,478	35,982	235	37,320	36,251	2,309	36,727	976
Multi-family	—		—	—	—	—	—	—	—	—	—
Construction	—		—	—	—	—	9,810	8,449	2,949	8,659	—
Total	53,535		51,736	4,763	51,894	383	64,252	61,173	7,829	61,996	1,533
Commercial loans	22,417		20,977	2,248	21,380	114	22,779	21,536	2,221	23,204	650
Consumer loans	1,443		1,433	119	1,439	17	1,732	1,703	167	1,726	63
Total loans	$	77,395	74,146	7,130	74,713	514	88,763	84,412	10,217	86,926	2,246
Total
Mortgage loans:
Residential	$	31,074	26,665	2,285	26,786	232	30,581	26,472	2,571	26,932	856
Commercial	42,149		40,709	2,478	40,838	235	42,237	40,918	2,309	41,561	979
Multi-family	—		—	—	—	—	—	—	—	—	—
Construction	—		—	—	—	—	9,810	8,449	2,949	8,659	—
Total	73,223		67,374	4,763	67,624	467	82,628	75,839	7,829	77,152	1,835
Commercial loans	27,408		24,958	2,248	25,395	114	30,942	28,210	2,221	31,456	674
Consumer loans	2,458		2,294	119	2,308	246	2,486	2,321	167	2,400	89
Total loans	$	103,089	94,626	7,130	95,327	827	116,056	106,370	10,217	111,008	2,598

Summary of Loans Receivable by Credit Quality Risk Rating Indicator

Loans receivable by credit quality risk rating indicator are as follows (in thousands):

	At March 31, 2014
	Residential		Commercial mortgage	Multi- family	Construction	Total mortgages	Commercial	Consumer	Total loans
Special mention	$	5,429	13,602	329	—	19,360	31,191	1,807	52,358
Substandard	21,985		52,037	403	—	74,425	45,895	3,554	123,874
Doubtful	—		—	—	—	—	649	—	649
Loss	—		—	—	—	—	—	—	—
Total classified and criticized	27,414		65,639	732	—	93,785	77,735	5,361	176,881
Pass/Watch	1,137,782		1,338,827	938,286	212,419	3,627,314	888,709	566,775	5,082,798
Total outstanding loans	$	1,165,196	1,404,466	939,018	212,419	3,721,099	966,444	572,136	5,259,679
	At December 31, 2013
	Residential		Commercial mortgage	Multi- family	Construction	Total mortgages	Commercial	Consumer	Total loans
Special mention	$	5,062	15,301	—	—	20,363	28,551	2,037	50,951
Substandard	23,011		54,592	403	8,449	86,455	46,687	4,220	137,362
Doubtful	—		—	—	—	—	649	—	649
Loss	—		—	—	—	—	—	—	—
Total classified and criticized	28,073		69,893	403	8,449	106,818	75,887	6,257	188,962
Pass/Watch	1,145,970		1,330,731	928,503	174,840	3,580,044	856,312	571,345	5,007,701
Total outstanding loans	$	1,174,043	1,400,624	928,906	183,289	3,686,862	932,199	577,602	5,196,663