Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Schedule of carrying values of assets measured at estimated fair value on recurring basis and level within the fair value hierarchy

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 September 30, 2014
(In Thousands)	Total		Level 1		Level 2
Securities available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	250,746	$	—	$	250,746
Non-GSE issuance REMICs and CMOs	5,727		—		5,727
GSE pass-through certificates	14,011		—		14,011
Obligations of GSEs	95,539		—		95,539
Fannie Mae stock	3		3		—
Total securities available-for-sale	$	366,026	$	3	$	366,023
	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

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 September 30, 2014			At December 31, 2013
Non-performing loans held-for-sale, net		$	154		$	791
Impaired loans		144,258			271,408
MSR, net		11,905			12,800
REO, net		19,971			27,101
Total		$	176,288		$	312,100

Schedule of losses recognized on assets measured at fair value on non-recurring basis

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 Nine Months Ended September 30,
(In Thousands)		2014		2013
Non-performing loans held-for-sale, net (1)		$	—	$	567
Impaired loans (2)		5,187		16,698
MSR, net (3)		—		—
REO, net (4)		1,811		2,630
Total		$	6,998	$	19,895

(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

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 September 30, 2014
	Carrying		Estimated Fair Value
(In Thousands)	Value		Total		Level 2		Level 3
Financial Assets:
Securities held-to-maturity	$	2,053,337	$	2,035,378	$	2,035,378	$	—
FHLB-NY stock	133,398		133,398		133,398		—
Loans held-for-sale, net (1)	7,629		7,849		—		7,849
Loans receivable, net (1)	11,802,335		11,906,833		—		11,906,833
MSR, net (1)	11,905		11,909		—		11,909
Financial Liabilities:
Deposits	9,612,761		9,648,916		9,648,916		—
Borrowings, net	3,911,559		4,115,223		4,115,223		—

	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.