Loans Receivable and Allowance for Loan Losses (Tables)

9 Months Ended

Sep. 30, 2014

Schedule of composition of loans receivable portfolio and an aging analysis by accruing and non-accrual loans and by segment and class

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 September 30, 2014
	Past Due
(In Thousands)	30-59 Days		60-89 Days		90 Days or More		Total Past Due		Current		Total
Accruing loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	14,725	$	5,115	$	—	$	19,840	$	942,958	$	962,798
Full documentation amortizing	32,652		5,140		—		37,792		4,994,848		5,032,640
Reduced documentation interest-only	15,566		4,258		—		19,824		589,172		608,996
Reduced documentation amortizing	6,818		1,950		—		8,768		376,225		384,993
Total residential	69,761		16,463		—		86,224		6,903,203		6,989,427
Multi-family	4,351		506		152		5,009		3,644,376		3,649,385
Commercial real estate	2,199		495		—		2,694		871,670		874,364
Total mortgage loans	76,311		17,464		152		93,927		11,419,249		11,513,176
Consumer and other loans (gross):
Home equity lines of credit	1,656		159		—		1,815		173,747		175,562
Other	42		12		—		54		63,057		63,111
Total consumer and other loans	1,698		171		—		1,869		236,804		238,673
Total accruing loans	$	78,009	$	17,635	$	152	$	95,796	$	11,656,053	$	11,751,849
Non-accrual loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	2,958	$	177	$	9,268	$	12,403	$	18,030	$	30,433
Full documentation amortizing	548		284		9,549		10,381		5,222		15,603
Reduced documentation interest-only	2,110		1,224		11,920		15,254		24,616		39,870
Reduced documentation amortizing	799		554		1,132		2,485		4,406		6,891
Total residential	6,415		2,239		31,869		40,523		52,274		92,797
Multi-family	429		—		6,489		6,918		2,933		9,851
Commercial real estate	2,357		—		—		2,357		3,587		5,944
Total mortgage loans	9,201		2,239		38,358		49,798		58,794		108,592
Consumer and other loans (gross):
Home equity lines of credit	—		—		6,289		6,289		—		6,289
Other	—		—		34		34		—		34
Total consumer and other loans	—		—		6,323		6,323		—		6,323
Total non-accrual loans	$	9,201	$	2,239	$	44,681	$	56,121	$	58,794	$	114,915
Total loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	17,683	$	5,292	$	9,268	$	32,243	$	960,988	$	993,231
Full documentation amortizing	33,200		5,424		9,549		48,173		5,000,070		5,048,243
Reduced documentation interest-only	17,676		5,482		11,920		35,078		613,788		648,866
Reduced documentation amortizing	7,617		2,504		1,132		11,253		380,631		391,884
Total residential	76,176		18,702		31,869		126,747		6,955,477		7,082,224
Multi-family	4,780		506		6,641		11,927		3,647,309		3,659,236
Commercial real estate	4,556		495		—		5,051		875,257		880,308
Total mortgage loans	85,512		19,703		38,510		143,725		11,478,043		11,621,768
Consumer and other loans (gross):
Home equity lines of credit	1,656		159		6,289		8,104		173,747		181,851
Other	42		12		34		88		63,057		63,145
Total consumer and other loans	1,698		171		6,323		8,192		236,804		244,996
Total loans	$	87,210	$	19,874	$	44,833	$	151,917	$	11,714,847	$	11,866,764
Net unamortized premiums and deferred loan origination costs											49,171
Loans receivable											11,915,935
Allowance for loan losses											(113,600		)
Loans receivable, net											$	11,802,335



	At December 31, 2013
	Past Due
(In Thousands)	30-59 Days		60-89 Days		90 Days or More		Total Past Due		Current		Total
Accruing loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	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

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 September 30, 2014
		Mortgage Loans										Consumer and Other Loans
					Multi-Family			Commercial Real Estate
(In Thousands)	Residential				Multi-Family			Commercial Real Estate								Total
Balance at July 1, 2014		$	56,552		$	37,075			$	15,433			$	9,540		$	118,600
Provision (credited) charged to operations		(7,617		)	3,183				1,245				147			(3,042		)
Charge-offs		(2,134		)	(2,275		)		(143		)		(352		)	(4,904		)
Recoveries		2,531			324				—				91			2,946
Balance at September 30, 2014		$	49,332		$	38,307			$	16,535			$	9,426		$	113,600

		For the Nine Months Ended September 30, 2014
		Mortgage Loans										Consumer and Other Loans
					Multi-Family			Commercial Real Estate
(In Thousands)	Residential				Multi-Family			Commercial Real Estate								Total
Balance at January 1, 2014		$	80,337		$	36,703			$	13,136			$	8,824		$	139,000
Provision (credited) charged to operations		(20,225		)	4,457				6,518				2,097			(7,153		)
Charge-offs		(19,061		)	(3,414		)		(3,119		)		(1,776		)	(27,370		)
Recoveries		8,281			561				—				281			9,123
Balance at September 30, 2014		$	49,332		$	38,307			$	16,535			$	9,426		$	113,600

		For the Three Months Ended September 30, 2013
		Mortgage Loans										Consumer and Other Loans
					Multi-Family			Commercial Real Estate
(In Thousands)	Residential				Multi-Family			Commercial Real Estate								Total
Balance at July 1, 2013		$	78,788		$	40,865			$	16,642			$	7,605		$	143,900
Provision charged (credited) to operations		7,659			(2,521		)		(2,592		)		(5		)	2,541
Charge-offs		(5,560		)	(99		)		(293		)		(544		)	(6,496		)
Recoveries		2,537			—				247				271			3,055
Balance at September 30, 2013		$	83,424		$	38,245			$	14,004			$	7,327		$	143,000

		For the Nine Months Ended September 30, 2013
		Mortgage Loans										Consumer and Other Loans
					Multi-Family			Commercial Real Estate
(In Thousands)	Residential				Multi-Family			Commercial Real Estate								Total
Balance at January 1, 2013		$	89,267		$	35,514			$	14,404			$	6,316		$	145,501
Provision charged to operations		7,488			5,131				1,378				2,196			16,193
Charge-offs		(20,332		)	(3,637		)		(2,313		)		(1,672		)	(27,954		)
Recoveries		7,001			1,237				535				487			9,260
Balance at September 30, 2013		$	83,424		$	38,245			$	14,004			$	7,327		$	143,000

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 September 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	$	494,856
Thirteen to twenty-four months	544,435
Twenty-five to thirty-six months	443,464
Over thirty-six months	159,342
Total	$	1,642,097

Schedule of balances of loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed

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 September 30, 2014
	Mortgage Loans							Consumer and Other Loans
			Multi-Family		Commercial Real Estate
(In Thousands)	Residential		Multi-Family		Commercial Real Estate					Total
Loans:
Individually evaluated for impairment	$	181,486	$	44,312		$	19,183	$	5,768	$	250,749
Collectively evaluated for impairment	6,900,738		3,614,924			861,125		239,228		11,616,015
Total loans	$	7,082,224	$	3,659,236		$	880,308	$	244,996	$	11,866,764
Allowance for loan losses:
Individually evaluated for impairment	$	9,789	$	3,448		$	2,308	$	4,340	$	19,885
Collectively evaluated for impairment	39,543		34,859			14,227		5,086		93,715
Total allowance for loan losses	$	49,332	$	38,307		$	16,535	$	9,426	$	113,600



	At December 31, 2013
	Mortgage Loans							Consumer and Other Loans
			Multi-Family		Commercial Real Estate
(In Thousands)	Residential		Multi-Family		Commercial Real Estate					Total
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

The following table summarizes information related to our impaired loans by segment and class at the dates indicated.



	At September 30, 2014									At December 31, 2013
(In Thousands)	Unpaid Principal Balance		Recorded Investment		Related Allowance			Net Investment		Unpaid Principal Balance		Recorded Investment		Related Allowance			Net Investment
With an allowance recorded:
Mortgage loans:
Residential:
Full documentation interest-only	$	62,496	$	53,319	$	(3,052	)	$	50,267	$	142,659	$	109,877	$	(6,019	)	$	103,858
Full documentation amortizing	35,521		33,189		(1,043		)	32,146		41,136		36,091		(2,458		)	33,633
Reduced documentation interest-only	91,461		77,977		(4,836		)	73,141		183,280		140,357		(7,673		)	132,684
Reduced documentation amortizing	18,298		17,001		(858		)	16,143		30,660		25,605		(2,202		)	23,403
Multi-family	36,424		29,043		(3,448		)	25,595		19,748		19,748		(2,877		)	16,871
Commercial real estate	26,130		19,183		(2,308		)	16,875		5,790		5,790		(302		)	5,488
Consumer and other loans:
Home equity lines of credit	6,051		5,768		(4,340		)	1,428		—		—		—			—
Without an allowance recorded:
Mortgage loans:
Multi-family	16,670		15,269		—			15,269		39,871		32,790		—			32,790
Commercial real estate	—		—		—			—		19,988		14,264		—			14,264
Total impaired loans	$	293,051	$	250,749	$	(19,885	)	$	230,864	$	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

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 September 30,
	2014						2013
(In Thousands)	Average Recorded Investment		Interest Income Recognized		Cash Basis Interest Income		Average Recorded Investment		Interest Income Recognized		Cash Basis Interest Income
With an allowance recorded:
Mortgage loans:
Residential:
Full documentation interest-only	$	78,799	$	440	$	461	$	107,893	$	762	$	763
Full documentation amortizing	38,051		289		283		31,128		218		220
Reduced documentation interest-only	104,522		782		814		144,468		1,171		1,174
Reduced documentation amortizing	20,781		141		147		24,452		158		152
Multi-family	33,013		329		328		19,557		34		169
Commercial real estate	19,673		289		261		7,604		56		66
Consumer and other loans:
Home equity lines of credit	5,546		5		13		—		—		—
Without an allowance recorded:
Mortgage loans:
Residential:
Full documentation interest-only	—		—		—		9,075		—		—
Full documentation amortizing	314		—		—		2,968		—		—
Multi-family	13,419		175		175		31,464		401		416
Commercial real estate	—		—		—		11,252		112		131
Total impaired loans	$	314,118	$	2,450	$	2,482	$	389,861	$	2,912	$	3,091

	For the Nine Months Ended September 30,
	2014						2013
(In Thousands)	Average Recorded Investment		Interest Income Recognized		Cash Basis Interest Income		Average Recorded Investment		Interest Income Recognized		Cash Basis Interest Income
With an allowance recorded:
Mortgage loans:
Residential:
Full documentation interest-only	$	93,748	$	1,644	$	1,695	$	105,931	$	2,114	$	2,229
Full documentation amortizing	37,926		993		992		29,465		623		639
Reduced documentation interest-only	120,976		2,922		2,939		146,773		3,053		3,205
Reduced documentation amortizing	23,142		478		482		25,424		464		493
Multi-family	30,836		952		970		18,975		659		722
Commercial real estate	16,859		748		813		8,692		253		285
Consumer and other loans:
Home equity lines of credit	5,215		37		51		—		—		—
Without an allowance recorded:
Mortgage loans:
Residential:
Full documentation interest-only	—		—		—		14,433		—		—
Full documentation amortizing	457		—		—		4,396		—		—
Reduced documentation interest-only	—		—		—		2,086		—		—
Multi-family	17,906		529		530		33,294		1,165		1,229
Commercial real estate	3,566		—		—		10,118		286		319
Total impaired loans	$	350,631	$	8,303	$	8,472	$	399,587	$	8,617	$	9,121

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

The following tables set forth information about our mortgage loans receivable by segment and class at September 30, 2014 and 2013 which were modified in a troubled debt restructuring, or TDR, during the periods indicated.



	Modifications During the Three Months Ended September 30,
	2014								2013
(Dollars In Thousands)	Number of Loans		Pre- Modification Recorded Investment			Recorded Investment at September 30, 2014			Number of Loans		Pre- Modification Recorded Investment			Recorded Investment at September 30, 2013
Residential:
Full documentation interest-only		3		$	1,447		$	1,447		7		$	2,128		$	2,127
Full documentation amortizing		—		—			—			1		161			161
Reduced documentation interest-only		9		3,585			3,581			10		3,107			3,096
Reduced documentation amortizing		1		282			281			2		387			386
Multi-family		2		1,441			1,055			5		3,967			3,774
Commercial real estate		1		1,569			1,569			4		6,488			5,458
Total		16		$	8,324		$	7,933		29		$	16,238		$	15,002



	Modifications During the Nine Months Ended September 30,
	2014								2013
(Dollars In Thousands)	Number of Loans		Pre- Modification Recorded Investment			Recorded Investment at September 30, 2014			Number of Loans		Pre- Modification Recorded Investment			Recorded Investment at September 30, 2013
Residential:
Full documentation interest-only		21		$	9,244		$	8,776		18		$	4,579		$	4,577
Full documentation amortizing		3		519			485			6		1,662			1,682
Reduced documentation interest-only		17		5,885			5,860			28		8,957			8,921
Reduced documentation amortizing		3		599			541			8		2,470			2,408
Multi-family		4		2,501			1,994			8		6,751			6,228
Commercial real estate		3		2,482			2,453			7		10,443			9,125
Total		51		$	21,230		$	20,109		75		$	34,862		$	32,941

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

The following tables set forth information about our mortgage loans receivable by segment and class at September 30, 2014 and 2013 which were modified in a TDR during the twelve month periods ended September 30, 2014 and 2013 and had a payment default subsequent to the modification during the periods indicated.



	For the Three Months Ended September 30,
	2014					2013
(Dollars In Thousands)	Number of Loans		Recorded Investment at September 30, 2014			Number of Loans		Recorded Investment at September 30, 2013
Residential:
Full documentation interest-only		2		$	714		14		$	3,365
Full documentation amortizing		3		852			8		2,159
Reduced documentation interest-only		2		910			20		5,729
Reduced documentation amortizing		—		—			2		303
Multi-family		—		—			1		671
Total		7		$	2,476		45		$	12,227



	For the Nine Months Ended September 30,
	2014					2013
(Dollars In Thousands)	Number of Loans		Recorded Investment at September 30, 2014			Number of Loans		Recorded Investment at September 30, 2013
Residential:
Full documentation interest-only		3		$	854		22		$	5,343
Full documentation amortizing		4		1,057			10		2,589
Reduced documentation interest-only		4		1,799			24		6,707
Reduced documentation amortizing		1		92			5		880
Multi-family		—		—			1		671
Total		12		$	3,802		62		$	16,190

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

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 September 30, 2014
		Residential Mortgage Loans									Consumer and Other Loans
		Full Documentation					Reduced Documentation				Home Equity Lines of Credit
(In Thousands)	Interest-only			Amortizing		Interest-only			Amortizing		Home Equity Lines of Credit			Other
Performing		$	962,798	$	5,032,640		$	608,996	$	384,993		$	175,562	$	63,111
Non-performing:
Current or past due less than 90 days		21,165		6,054			27,950		5,759			—		—
Past due 90 days or more		9,268		9,549			11,920		1,132			6,289		34
Total		$	993,231	$	5,048,243		$	648,866	$	391,884		$	181,851	$	63,145

		At December 31, 2013
		Residential Mortgage Loans									Consumer and Other Loans
		Full Documentation					Reduced Documentation				Home Equity Lines of Credit
(In Thousands)	Interest-only			Amortizing		Interest-only			Amortizing		Home Equity 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

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 September 30, 2014						At December 31, 2013
				Commercial Real Estate						Commercial Real Estate
(In Thousands)	Multi-Family			Commercial Real Estate			Multi-Family			Commercial Real Estate
Not criticized		$	3,604,937		$	825,089		$	3,209,786		$	759,114
Criticized:
Special mention		22,390			16,578			14,063			9,760
Substandard		31,157			38,641			72,606			44,092
Doubtful		752			—			—			—
Total		$	3,659,236		$	880,308		$	3,296,455		$	812,966