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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 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 December 31, 2014
(In Thousands)
Total
 
Level 1
 
Level 2
Securities available-for-sale:
 

 
 
 

 
 
 

Residential mortgage-backed securities:
 

 
 
 

 
 
 

GSE issuance REMICs and CMOs
$
268,998

 
 
$

 
 
$
268,998

Non-GSE issuance REMICs and CMOs
5,104

 
 

 
 
5,104

GSE pass-through certificates
13,557

 
 

 
 
13,557

Obligations of GSEs
96,698

 
 

 
 
96,698

Fannie Mae stock
2

 
 
2

 
 

Total securities available-for-sale
$
384,359

 
 
$
2

 
 
$
384,357

 
 
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 at December 31,
(In Thousands)
 
2014
 
 
 
2013
 
Non-performing loans held-for-sale, net
 
$
153

 
 
 
$
791

 
Impaired loans
 
140,663

 
 
 
271,408

 
MSR, net
 
11,401

 
 
 
12,800

 
REO, net
 
19,375

 
 
 
27,101

 
Total
 
$
171,592

 
 
 
$
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 years indicated.
 
 
For the Year Ended December 31,
(In Thousands)
2014
 
2013
 
2012
Non-performing loans held-for-sale, net (1)
$

 
$
520

 
$
1,066

Impaired loans (2)
6,311

 
21,992

 
40,018

MSR, net (3)

 

 
931

REO, net (4)
1,654

 
3,788

 
3,137

Total
$
7,965

 
$
26,300

 
$
45,152

 
(1)
Losses are charged against the allowance for loan losses in the case of a write-down upon the transfer of a loan to held-for-sale.  Losses subsequent to the transfer 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 in 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 December 31, 2014
 
Carrying
Value
 
Estimated Fair Value
(In Thousands)
 
Total
 
Level 2
 
Level 3
Financial Assets:
 

 
 

 
 

 
 

Securities held-to-maturity
$
2,133,804

 
$
2,131,371

 
$
2,131,371

 
$

FHLB-NY stock
140,754

 
140,754

 
140,754

 

Loans held-for-sale, net (1)
7,640

 
7,955

 

 
7,955

Loans receivable, net (1)
11,845,848

 
11,967,608

 

 
11,967,608

MSR, net (1)
11,401

 
11,406

 

 
11,406

Financial Liabilities:
 

 
 

 
 

 
 

Deposits
9,504,909

 
9,534,918

 
9,534,918

 

Borrowings, net
4,187,691

 
4,395,604

 
4,395,604

 

 
 
At December 31, 2013
 
Carrying
Value
 
Estimated Fair Value
(In Thousands)
 
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.