Loans Receivable and Allowance for Loan Losses (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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	$	10,810	$	3,769	$	—	$	14,579	$	624,504	$	639,083
Full documentation amortizing	31,191		5,124		—		36,315		4,731,728		4,768,043
Reduced documentation interest-only	15,684		4,917		—		20,601		451,641		472,242
Reduced documentation amortizing	9,483		2,824		—		12,307		424,345		436,652
Total residential	67,168		16,634		—		83,802		6,232,218		6,316,020
Multi-family	5,023		1,127		737		6,887		3,931,487		3,938,374
Commercial real estate	1,692		—		2,234		3,926		854,329		858,255
Total mortgage loans	73,883		17,761		2,971		94,615		11,018,034		11,112,649
Consumer and other loans (gross):
Home equity and other consumer	1,067		499		—		1,566		164,175		165,741
Commercial and industrial	—		—		—		—		71,354		71,354
Total consumer and other loans	1,067		499		—		1,566		235,529		237,095
Total accruing loans	$	74,950	$	18,260	$	2,971	$	96,181	$	11,253,563	$	11,349,744
Non-accrual loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	1,155	$	—	$	12,338	$	13,493	$	11,361	$	24,854
Full documentation amortizing	1,567		1,795		21,020		24,382		7,601		31,983
Reduced documentation interest-only	536		492		13,513		14,541		23,261		37,802
Reduced documentation amortizing	491		342		5,397		6,230		3,345		9,575
Total residential	3,749		2,629		52,268		58,646		45,568		104,214
Multi-family	296		339		4,113		4,748		1,334		6,082
Commercial real estate	816		—		560		1,376		1,806		3,182
Total mortgage loans	4,861		2,968		56,941		64,770		48,708		113,478
Consumer and other loans (gross):
Home equity and other consumer	—		—		6,243		6,243		143		6,386
Commercial and industrial	—		—		—		—		—		—
Total consumer and other loans	—		—		6,243		6,243		143		6,386
Total non-accrual loans	$	4,861	$	2,968	$	63,184	$	71,013	$	48,851	$	119,864
Total loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	11,965	$	3,769	$	12,338	$	28,072	$	635,865	$	663,937
Full documentation amortizing	32,758		6,919		21,020		60,697		4,739,329		4,800,026
Reduced documentation interest-only	16,220		5,409		13,513		35,142		474,902		510,044
Reduced documentation amortizing	9,974		3,166		5,397		18,537		427,690		446,227
Total residential	70,917		19,263		52,268		142,448		6,277,786		6,420,234
Multi-family	5,319		1,466		4,850		11,635		3,932,821		3,944,456
Commercial real estate	2,508		—		2,794		5,302		856,135		861,437
Total mortgage loans	78,744		20,729		59,912		159,385		11,066,742		11,226,127
Consumer and other loans (gross):
Home equity and other consumer	1,067		499		6,243		7,809		164,318		172,127
Commercial and industrial	—		—		—		—		71,354		71,354
Total consumer and other loans	1,067		499		6,243		7,809		235,672		243,481
Total loans	$	79,811	$	21,228	$	66,155	$	167,194	$	11,302,414	$	11,469,608
Net unamortized premiums and deferred loan origination costs											44,448
Loans receivable											11,514,056
Allowance for loan losses											(107,500		)
Loans receivable, net											$	11,406,556



	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 June 30, 2015
		Mortgage Loans										Consumer and Other Loans
					Multi-Family			Commercial Real Estate
(In Thousands)	Residential				Multi-Family			Commercial Real Estate								Total
Balance at April 1, 2015		$	43,481		$	40,082			$	17,118			$	9,819		$	110,500
Provision charged (credited) to operations		1,497			(1,663		)		(1,728		)		(1,073		)	(2,967		)
Charge-offs		(1,602		)	(103		)		—				(86		)	(1,791		)
Recoveries		1,170			478				—				110			1,758
Balance at June 30, 2015		$	44,546		$	38,794			$	15,390			$	8,770		$	107,500

		For the Six Months Ended June 30, 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		(354		)	(1,407		)		(1,710		)		161			(3,310		)
Charge-offs		(3,359		)	(345		)		(142		)		(435		)	(4,281		)
Recoveries		1,976			1,296				—				219			3,491
Balance at June 30, 2015		$	44,546		$	38,794			$	15,390			$	8,770		$	107,500



		For the Three Months Ended June 30, 2014
		Mortgage Loans										Consumer and Other Loans
					Multi-Family			Commercial Real Estate
(In Thousands)	Residential				Multi-Family			Commercial Real Estate								Total
Balance at April 1, 2014		$	74,717		$	34,578			$	14,698			$	10,007		$	134,000
Provision (credited) charged to operations		(9,132		)	2,686				735				(31		)	(5,742		)
Charge-offs		(12,834		)	(270		)		—				(527		)	(13,631		)
Recoveries		3,801			81				—				91			3,973
Balance at June 30, 2014		$	56,552		$	37,075			$	15,433			$	9,540		$	118,600

		For the Six Months Ended June 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		(12,608		)	1,274				5,273				1,950			(4,111		)
Charge-offs		(16,927		)	(1,139		)		(2,976		)		(1,424		)	(22,466		)
Recoveries		5,750			237				—				190			6,177
Balance at June 30, 2014		$	56,552		$	37,075			$	15,433			$	9,540		$	118,600

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 June 30, 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	$	559,500
13 to 24 months	377,632
25 to 36 months	188,770
Over 36 months	48,079
Total	$	1,173,981

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 June 30, 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	$	190,952	$	29,499		$	16,982	$	5,854	$	243,287
Collectively evaluated for impairment	6,229,282		3,914,957			844,455		237,627		11,226,321
Total loans	$	6,420,234	$	3,944,456		$	861,437	$	243,481	$	11,469,608
Allowance for loan losses:
Individually evaluated for impairment	$	11,056	$	999		$	906	$	4,334	$	17,295
Collectively evaluated for impairment	33,490		37,795			14,484		4,436		90,205
Total allowance for loan losses	$	44,546	$	38,794		$	15,390	$	8,770	$	107,500



	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 June 30, 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	$	49,005	$	41,113	$	(3,809	)	$	37,304	$	55,352	$	46,331	$	(3,391	)	$	42,940
Full documentation amortizing	58,641		53,254		(2,025		)	51,229		43,044		39,994		(1,425		)	38,569
Reduced documentation interest-only	85,832		72,588		(4,521		)	68,067		90,171		76,960		(4,661		)	72,299
Reduced documentation amortizing	25,884		23,997		(701		)	23,296		19,463		18,117		(827		)	17,290
Multi-family	9,187		8,487		(999		)	7,488		34,972		28,109		(3,172		)	24,937
Commercial real estate	10,653		7,972		(906		)	7,066		24,991		19,270		(2,446		)	16,824
Consumer and other loans:
Home equity lines of credit	6,181		5,854		(4,334		)	1,520		5,436		5,153		(3,810		)	1,343
Without an allowance recorded:
Mortgage loans:
Multi-family	24,551		21,012		—			21,012		16,308		14,502		—			14,502
Commercial real estate	12,122		9,010		—			9,010		—		—		—			—
Total impaired loans	$	282,056	$	243,287	$	(17,295	)	$	225,992	$	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 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 June 30,
	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	$	42,150	$	295	$	291	$	105,897	$	618	$	608
Full documentation amortizing	50,619		380		391		41,213		307		306
Reduced documentation interest-only	74,210		840		821		132,784		1,087		1,083
Reduced documentation amortizing	21,888		203		207		24,981		134		138
Multi-family	14,731		75		81		37,277		364		380
Commercial real estate	13,751		100		101		21,232		262		274
Consumer and other loans:
Home equity lines of credit	6,179		20		22		5,067		3		7
Without an allowance recorded:
Mortgage loans:
Residential:
Full documentation amortizing	—		—		—		913		—		—
Multi-family	17,014		138		138		11,782		136		137
Commercial real estate	4,505		266		266		—		—		—
Total impaired loans	$	245,047	$	2,317	$	2,318	$	381,146	$	2,911	$	2,933



	For the Six Months Ended June 30,
	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	$	43,544	$	608	$	614	$	107,224	$	1,222	$	1,244
Full documentation amortizing	47,077		798		816		39,505		653		645
Reduced documentation interest-only	75,126		1,528		1,527		135,308		2,163		2,146
Reduced documentation amortizing	20,631		392		401		25,189		265		263
Multi-family	19,190		159		183		31,434		730		764
Commercial real estate	15,591		197		209		16,084		462		559
Consumer and other loans:
Home equity lines of credit	5,837		32		39		5,030		13		21
Without an allowance recorded:
Mortgage loans:
Residential:
Full documentation amortizing	—		—		—		609		—		—
Multi-family	16,177		534		534		18,785		274		275
Commercial real estate	3,003		277		275		4,755		—		—
Total impaired loans	$	246,176	$	4,525	$	4,598	$	383,923	$	5,782	$	5,917

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 June 30, 2015 and 2014 which were modified in a troubled debt restructuring, or TDR, during the periods indicated.



	Modifications During the Three Months Ended June 30,
	2015								2014
(Dollars In Thousands)	Number of Loans		Pre- Modification Recorded Investment			Recorded Investment at June 30, 2015			Number of Loans		Pre- Modification Recorded Investment			Recorded Investment at June 30, 2014
Residential:
Full documentation interest-only		4		$	1,315		$	1,309		7		$	2,940		$	2,939
Full documentation amortizing		5		1,142			1,136			—		—			—
Reduced documentation interest-only		1		209			209			4		1,278			1,277
Reduced documentation amortizing		2		339			339			—		—			—
Multi-family		—		—			—			1		357			357
Commercial real estate		—		—			—			1		254			251
Total		12		$	3,005		$	2,993		13		$	4,829		$	4,824



	Modifications During the Six Months Ended June 30,
	2015								2014
(Dollars In Thousands)	Number of Loans		Pre- Modification Recorded Investment			Recorded Investment at June 30, 2015			Number of Loans		Pre- Modification Recorded Investment			Recorded Investment at June 30, 2014
Residential:
Full documentation interest-only		8		$	3,350		$	3,340		18		$	7,797		$	7,374
Full documentation amortizing		11		3,201			3,126			3		519			489
Reduced documentation interest-only		5		1,896			1,903			8		2,301			2,290
Reduced documentation amortizing		2		339			339			2		317			262
Multi-family		—		—			—			2		1,060			946
Commercial real estate		2		2,902			2,864			2		913			892
Total		28		$	11,688		$	11,572		35		$	12,907		$	12,253

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 June 30, 2015 and 2014 which were modified in a TDR during the twelve month periods ended June 30, 2015 and 2014 and had a payment default subsequent to the modification during the periods indicated.



	For the Three Months Ended June 30,
	2015					2014
(Dollars In Thousands)	Number of Loans		Recorded Investment at June 30, 2015			Number of Loans		Recorded Investment at June 30, 2014
Residential:
Full documentation interest-only		4		$	1,957		—		$	—
Full documentation amortizing		1		387			2		447
Reduced documentation interest-only		4		1,967			1		579
Reduced documentation amortizing		—		—			1		93
Multi-family		2		1,036			—		—
Commercial real estate		—		—			1		1,569
Total		11		$	5,347		5		$	2,688



	For the Six Months Ended June 30,
	2015					2014
(Dollars In Thousands)	Number of Loans		Recorded Investment at June 30, 2015			Number of Loans		Recorded Investment at June 30, 2014
Residential:
Full documentation interest-only		4		$	1,957		2		$	399
Full documentation amortizing		2		845			2		447
Reduced documentation interest-only		4		1,967			3		889
Reduced documentation amortizing		—		—			1		93
Multi-family		2		1,036			—		—
Commercial real estate		—		—			1		1,569
Total		12		$	5,805		9		$	3,397

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 June 30, 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		$	639,083	$	4,768,043		$	472,242	$	436,652		$	165,741	$	71,354
Non-performing:
Current or past due less than 90 days		12,516		10,963			24,289		4,178			143		—
Past due 90 days or more		12,338		21,020			13,513		5,397			6,243		—
Total		$	663,937	$	4,800,026		$	510,044	$	446,227		$	172,127	$	71,354

		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 June 30, 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		$	3,868,976		$	811,729		$	3,850,068		$	817,404
Criticized:
Special mention		51,296			16,415			30,975			22,584
Substandard		23,444			32,199			31,264			32,664
Doubtful		740			1,094			746			1,113
Total		$	3,944,456		$	861,437		$	3,913,053		$	873,765