Loans Receivable and Allowance for Loan Losses (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015
	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	$	7,894	$	3,796	$	—	$	11,690	$	719,237	$	730,927
Full documentation amortizing	25,321		6,707		—		32,028		4,858,702		4,890,730
Reduced documentation interest-only	10,885		3,355		—		14,240		512,426		526,666
Reduced documentation amortizing	9,120		2,801		—		11,921		401,526		413,447
Total residential	53,220		16,659		—		69,879		6,491,891		6,561,770
Multi-family	6,796		334		—		7,130		3,977,772		3,984,902
Commercial real estate	681		180		—		861		863,179		864,040
Total mortgage loans	60,697		17,173		—		77,870		11,332,842		11,410,712
Consumer and other loans (gross):
Home equity and other consumer	1,168		767		—		1,935		169,420		171,355
Commercial and industrial	—		—		—		—		74,894		74,894
Total consumer and other loans	1,168		767		—		1,935		244,314		246,249
Total accruing loans	$	61,865	$	17,940	$	—	$	79,805	$	11,577,156	$	11,656,961
Non-accrual loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	333	$	—	$	11,278	$	11,611	$	13,122	$	24,733
Full documentation amortizing	3,312		188		16,478		19,978		7,184		27,162
Reduced documentation interest-only	1,014		264		14,231		15,509		24,414		39,923
Reduced documentation amortizing	732		97		4,762		5,591		1,721		7,312
Total residential	5,391		549		46,749		52,689		46,441		99,130
Multi-family	298		403		2,064		2,765		3,239		6,004
Commercial real estate	780		—		—		780		6,129		6,909
Total mortgage loans	6,469		952		48,813		56,234		55,809		112,043
Consumer and other loans (gross):
Home equity and other consumer	—		—		6,691		6,691		145		6,836
Commercial and industrial	—		—		—		—		—		—
Total consumer and other loans	—		—		6,691		6,691		145		6,836
Total non-accrual loans	$	6,469	$	952	$	55,504	$	62,925	$	55,954	$	118,879
Total loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	8,227	$	3,796	$	11,278	$	23,301	$	732,359	$	755,660
Full documentation amortizing	28,633		6,895		16,478		52,006		4,865,886		4,917,892
Reduced documentation interest-only	11,899		3,619		14,231		29,749		536,840		566,589
Reduced documentation amortizing	9,852		2,898		4,762		17,512		403,247		420,759
Total residential	58,611		17,208		46,749		122,568		6,538,332		6,660,900
Multi-family	7,094		737		2,064		9,895		3,981,011		3,990,906
Commercial real estate	1,461		180		—		1,641		869,308		870,949
Total mortgage loans	67,166		18,125		48,813		134,104		11,388,651		11,522,755
Consumer and other loans (gross):
Home equity and other consumer	1,168		767		6,691		8,626		169,565		178,191
Commercial and industrial	—		—		—		—		74,894		74,894
Total consumer and other loans	1,168		767		6,691		8,626		244,459		253,085
Total loans	$	68,334	$	18,892	$	55,504	$	142,730	$	11,633,110	$	11,775,840
Net unamortized premiums and deferred loan origination costs											46,027
Loans receivable											11,821,867
Allowance for loan losses											(110,500		)
Loans receivable, net											$	11,711,367



	At December 31, 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	$	13,943	$	7,332	$	—	$	21,275	$	804,880	$	826,155
Full documentation amortizing	25,878		7,611		144		33,633		4,948,391		4,982,024
Reduced documentation interest-only	18,490		2,584		—		21,074		547,350		568,424
Reduced documentation amortizing	11,024		1,648		—		12,672		384,250		396,922
Total residential	69,335		19,175		144		88,654		6,684,871		6,773,525
Multi-family	3,646		2,222		1,790		7,658		3,893,539		3,901,197
Commercial real estate	1,686		493		2,159		4,338		863,615		867,953
Total mortgage loans	74,667		21,890		4,093		100,650		11,442,025		11,542,675
Consumer and other loans (gross):
Home equity and other consumer	2,430		962		—		3,392		175,121		178,513
Commercial and industrial	—		—		—		—		64,815		64,815
Total consumer and other loans	2,430		962		—		3,392		239,936		243,328
Total accruing loans	$	77,097	$	22,852	$	4,093	$	104,042	$	11,681,961	$	11,786,003
Non-accrual loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	2,371	$	358	$	11,502	$	14,231	$	13,796	$	28,027
Full documentation amortizing	204		238		14,211		14,653		7,016		21,669
Reduced documentation interest-only	820		453		16,289		17,562		25,022		42,584
Reduced documentation amortizing	596		1,066		2,843		4,505		3,226		7,731
Total residential	3,991		2,115		44,845		50,951		49,060		100,011
Multi-family	648		346		7,127		8,121		3,735		11,856
Commercial real estate	790		—		729		1,519		4,293		5,812
Total mortgage loans	5,429		2,461		52,701		60,591		57,088		117,679
Consumer and other loans (gross):
Home equity and other consumer	—		—		6,040		6,040		—		6,040
Commercial and industrial	—		—		—		—		—		—
Total consumer and other loans	—		—		6,040		6,040		—		6,040
Total non-accrual loans	$	5,429	$	2,461	$	58,741	$	66,631	$	57,088	$	123,719
Total loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	16,314	$	7,690	$	11,502	$	35,506	$	818,676	$	854,182
Full documentation amortizing	26,082		7,849		14,355		48,286		4,955,407		5,003,693
Reduced documentation interest-only	19,310		3,037		16,289		38,636		572,372		611,008
Reduced documentation amortizing	11,620		2,714		2,843		17,177		387,476		404,653
Total residential	73,326		21,290		44,989		139,605		6,733,931		6,873,536
Multi-family	4,294		2,568		8,917		15,779		3,897,274		3,913,053
Commercial real estate	2,476		493		2,888		5,857		867,908		873,765
Total mortgage loans	80,096		24,351		56,794		161,241		11,499,113		11,660,354
Consumer and other loans (gross):
Home equity and other consumer	2,430		962		6,040		9,432		175,121		184,553
Commercial and industrial	—		—		—		—		64,815		64,815
Total consumer and other loans	2,430		962		6,040		9,432		239,936		249,368
Total loans	$	82,526	$	25,313	$	62,834	$	170,673	$	11,739,049	$	11,909,722
Net unamortized premiums and deferred loan origination costs											47,726
Loans receivable											11,957,448
Allowance for loan losses											(111,600		)
Loans receivable, net											$	11,845,848

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 March 31, 2015
		Mortgage Loans										Consumer and Other Loans
					Multi-Family			Commercial Real Estate
(In Thousands)	Residential				Multi-Family			Commercial Real Estate								Total
Balance at January 1, 2015		$	46,283		$	39,250			$	17,242			$	8,825		$	111,600
Provision (credited) charged to operations		(1,851		)	256				18				1,234			(343		)
Charge-offs		(1,757		)	(242		)		(142		)		(349		)	(2,490		)
Recoveries		806			818				—				109			1,733
Balance at March 31, 2015		$	43,481		$	40,082			$	17,118			$	9,819		$	110,500



		For the Three Months Ended March 31, 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		(3,476		)	(1,412		)		4,538				1,981			1,631
Charge-offs		(4,093		)	(869		)		(2,976		)		(897		)	(8,835		)
Recoveries		1,949			156				—				99			2,204
Balance at March 31, 2014		$	74,717		$	34,578			$	14,698			$	10,007		$	134,000

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 March 31, 2015 by the period in which such loans are scheduled to enter their amortization period.



(In Thousands)	Recorded Investment
Amortization scheduled to begin in:
12 months or less	$	587,456
13 to 24 months	371,233
25 to 36 months	298,396
Over 36 months	65,164
Total	$	1,322,249

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 March 31, 2015
	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	$	186,779	$	33,990		$	19,530	$	6,504	$	246,803
Collectively evaluated for impairment	6,474,121		3,956,916			851,419		246,581		11,529,037
Total loans	$	6,660,900	$	3,990,906		$	870,949	$	253,085	$	11,775,840
Allowance for loan losses:
Individually evaluated for impairment	$	10,519	$	2,785		$	2,481	$	4,938	$	20,723
Collectively evaluated for impairment	32,962		37,297			14,637		4,881		89,777
Total allowance for loan losses	$	43,481	$	40,082		$	17,118	$	9,819	$	110,500



	At December 31, 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	$	181,402	$	42,611		$	19,270	$	5,153	$	248,436
Collectively evaluated for impairment	6,692,134		3,870,442			854,495		244,215		11,661,286
Total loans	$	6,873,536	$	3,913,053		$	873,765	$	249,368	$	11,909,722
Allowance for loan losses:
Individually evaluated for impairment	$	10,304	$	3,172		$	2,446	$	3,810	$	19,732
Collectively evaluated for impairment	35,979		36,078			14,796		5,015		91,868
Total allowance for loan losses	$	46,283	$	39,250		$	17,242	$	8,825	$	111,600

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 March 31, 2015									At December 31, 2014
(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	$	51,533	$	43,187	$	(3,503	)	$	39,684	$	55,352	$	46,331	$	(3,391	)	$	42,940
Full documentation amortizing	52,320		47,983		(1,841		)	46,142		43,044		39,994		(1,425		)	38,569
Reduced documentation interest-only	89,147		75,831		(4,538		)	71,293		90,171		76,960		(4,661		)	72,299
Reduced documentation amortizing	21,302		19,778		(637		)	19,141		19,463		18,117		(827		)	17,290
Multi-family	24,380		20,974		(2,785		)	18,189		34,972		28,109		(3,172		)	24,937
Commercial real estate	25,383		19,530		(2,481		)	17,049		24,991		19,270		(2,446		)	16,824
Consumer and other loans:
Home equity lines of credit	6,813		6,504		(4,938		)	1,566		5,436		5,153		(3,810		)	1,343
Without an allowance recorded:
Mortgage loans:
Multi-family	14,290		13,016		—			13,016		16,308		14,502		—			14,502
Total impaired loans	$	285,168	$	246,803	$	(20,723	)	$	226,080	$	289,737	$	248,436	$	(19,732	)	$	228,704

Schedule of information related to average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans

The following table sets 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 March 31,
	2015						2014
(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	$	44,759	$	349	$	353	$	108,696	$	650	$	650
Full documentation amortizing	43,989		395		386		37,802		301		294
Reduced documentation interest-only	76,396		730		737		137,429		1,062		1,041
Reduced documentation amortizing	18,948		162		162		25,503		121		119
Multi-family	24,542		260		268		28,660		358		377
Commercial real estate	19,400		268		286		14,046		175		283
Consumer and other loans:
Home equity lines of credit	5,829		6		16		4,083		4		6
Without an allowance recorded:
Mortgage loans:
Residential:
Full documentation amortizing	—		—		—		600		8		8
Multi-family	13,759		154		155		22,393		141		141
Commercial real estate	—		—		—		7,132		—		—
Total impaired loans	$	247,622	$	2,324	$	2,363	$	386,344	$	2,820	$	2,919

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 table sets forth information about our mortgage loans receivable by segment and class at March 31, 2015 and 2014 which were modified in a troubled debt restructuring, or TDR, during the periods indicated.



	Modifications During the Three Months Ended March 31,
	2015								2014
(Dollars In Thousands)	Number of Loans		Pre- Modification Recorded Investment			Recorded Investment at March 31, 2015			Number of Loans		Pre- Modification Recorded Investment			Recorded Investment at March 31, 2014
Residential:
Full documentation interest-only		4		$	2,035		$	2,030		9		$	4,083		$	3,691
Full documentation amortizing		6		2,059			2,016			5		1,509			1,481
Reduced documentation interest-only		4		1,687			1,687			4		1,099			1,097
Reduced documentation amortizing		—		—			—			2		317			264
Multi-family		—		—			—			2		1,060			952
Commercial real estate		2		2,902			2,878			1		659			647
Total		16		$	8,683		$	8,611		23		$	8,727		$	8,132

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 table sets forth information about our mortgage loans receivable by segment and class at March 31, 2015 and 2014 which were modified in a TDR during the twelve month periods ended March 31, 2015 and 2014 and had a payment default subsequent to the modification during the periods indicated.



	For the Three Months Ended March 31,
	2015					2014
(Dollars In Thousands)	Number of Loans		Recorded Investment at March 31, 2015			Number of Loans		Recorded Investment at March 31, 2014
Residential:
Full documentation interest-only		1		$	648		6		$	1,138
Full documentation amortizing		2		854			5		1,308
Reduced documentation interest-only		2		1,314			11		3,058
Reduced documentation amortizing		—		—			3		846
Multi-family		3		1,387			2		1,015
Commercial real estate		—		—			1		1,569
Total		8		$	4,203		28		$	8,934

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 March 31, 2015
		Residential Mortgage Loans									Consumer and Other Loans
		Full Documentation					Reduced Documentation				Home Equity and Other Consumer			Commercial and Industrial
(In Thousands)	Interest-only			Amortizing		Interest-only			Amortizing		Home Equity and Other Consumer			Commercial and Industrial
Performing		$	730,927	$	4,890,730		$	526,666	$	413,447		$	171,355	$	74,894
Non-performing:
Current or past due less than 90 days		13,455		10,684			25,692		2,550			145		—
Past due 90 days or more		11,278		16,478			14,231		4,762			6,691		—
Total		$	755,660	$	4,917,892		$	566,589	$	420,759		$	178,191	$	74,894

		At December 31, 2014
		Residential Mortgage Loans									Consumer and Other Loans
		Full Documentation					Reduced Documentation				Home Equity and Other Consumer			Commercial and Industrial
(In Thousands)	Interest-only			Amortizing		Interest-only			Amortizing		Home Equity and Other Consumer			Commercial and Industrial
Performing		$	826,155	$	4,981,880		$	568,424	$	396,922		$	178,513	$	64,815
Non-performing:
Current or past due less than 90 days		16,525		7,458			26,295		4,888			—		—
Past due 90 days or more		11,502		14,355			16,289		2,843			6,040		—
Total		$	854,182	$	5,003,693		$	611,008	$	404,653		$	184,553	$	64,815

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 March 31, 2015						At December 31, 2014
				Commercial Real Estate						Commercial Real Estate
(In Thousands)	Multi-Family			Commercial Real Estate			Multi-Family			Commercial Real Estate
Not criticized		$	3,917,675		$	814,941		$	3,850,068		$	817,404
Criticized:
Special mention		43,832			21,443			30,975			22,584
Substandard		28,660			33,461			31,264			32,664
Doubtful		739			1,104			746			1,113
Total		$	3,990,906		$	870,949		$	3,913,053		$	873,765