Loans Receivable and Allowance for Loan Losses (Tables)

9 Months Ended

Sep. 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 September 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	$	6,863	$	3,017	$	—	$	9,880	$	501,991	$	511,871
Full documentation amortizing	29,944		8,394		142		38,480		4,696,199		4,734,679
Reduced documentation interest-only	12,619		3,898		—		16,517		345,582		362,099
Reduced documentation amortizing	16,535		3,246		—		19,781		485,168		504,949
Total residential	65,961		18,555		142		84,658		6,028,940		6,113,598
Multi-family	3,524		2,882		491		6,897		3,896,917		3,903,814
Commercial real estate	1,752		179		1,763		3,694		817,507		821,201
Total mortgage loans	71,237		21,616		2,396		95,249		10,743,364		10,838,613
Consumer and other loans (gross):
Home equity and other consumer	2,189		396		—		2,585		158,273		160,858
Commercial and industrial	—		—		—		—		81,587		81,587
Total consumer and other loans	2,189		396		—		2,585		239,860		242,445
Total accruing loans	$	73,426	$	22,012	$	2,396	$	97,834	$	10,983,224	$	11,081,058
Non-accrual loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	1,167	$	—	$	14,021	$	15,188	$	9,172	$	24,360
Full documentation amortizing	1,242		1,750		26,246		29,238		8,667		37,905
Reduced documentation interest-only	1,632		—		15,659		17,291		17,042		34,333
Reduced documentation amortizing	2,168		190		6,052		8,410		8,861		17,271
Total residential	6,209		1,940		61,978		70,127		43,742		113,869
Multi-family	744		1,380		1,842		3,966		988		4,954
Commercial real estate	247		552		190		989		3,291		4,280
Total mortgage loans	7,200		3,872		64,010		75,082		48,021		123,103
Consumer and other loans (gross):
Home equity and other consumer	—		—		6,209		6,209		—		6,209
Commercial and industrial	—		—		—		—		—		—
Total consumer and other loans	—		—		6,209		6,209		—		6,209
Total non-accrual loans	$	7,200	$	3,872	$	70,219	$	81,291	$	48,021	$	129,312
Total loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	8,030	$	3,017	$	14,021	$	25,068	$	511,163	$	536,231
Full documentation amortizing	31,186		10,144		26,388		67,718		4,704,866		4,772,584
Reduced documentation interest-only	14,251		3,898		15,659		33,808		362,624		396,432
Reduced documentation amortizing	18,703		3,436		6,052		28,191		494,029		522,220
Total residential	72,170		20,495		62,120		154,785		6,072,682		6,227,467
Multi-family	4,268		4,262		2,333		10,863		3,897,905		3,908,768
Commercial real estate	1,999		731		1,953		4,683		820,798		825,481
Total mortgage loans	78,437		25,488		66,406		170,331		10,791,385		10,961,716
Consumer and other loans (gross):
Home equity and other consumer	2,189		396		6,209		8,794		158,273		167,067
Commercial and industrial	—		—		—		—		81,587		81,587
Total consumer and other loans	2,189		396		6,209		8,794		239,860		248,654
Total loans	$	80,626	$	25,884	$	72,615	$	179,125	$	11,031,245	$	11,210,370
Net unamortized premiums and deferred loan origination costs											43,002
Loans receivable											11,253,372
Allowance for loan losses											(103,500		)
Loans receivable, net											$	11,149,872



	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 September 30, 2015
		Mortgage Loans										Consumer and Other Loans
					Multi-Family			Commercial Real Estate
(In Thousands)	Residential				Multi-Family			Commercial Real Estate								Total
Balance at July 1, 2015		$	44,546		$	38,794			$	15,390			$	8,770		$	107,500
Provision (credited) charged to operations		(1,992		)	409				(3,058		)		202			(4,439		)
Charge-offs		(982		)	(553		)		—				(80		)	(1,615		)
Recoveries		669			216				1,087				82			2,054
Balance at September 30, 2015		$	42,241		$	38,866			$	13,419			$	8,974		$	103,500

		For the Nine Months Ended September 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		(2,346		)	(998		)		(4,768		)		363			(7,749		)
Charge-offs		(4,341		)	(898		)		(142		)		(515		)	(5,896		)
Recoveries		2,645			1,512				1,087				301			5,545
Balance at September 30, 2015		$	42,241		$	38,866			$	13,419			$	8,974		$	103,500



		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

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, 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	$	416,082
13 to 24 months	388,670
25 to 36 months	94,985
Over 36 months	32,926
Total	$	932,663

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, 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	$	190,767	$	25,879		$	16,763	$	5,447	$	238,856
Collectively evaluated for impairment	6,036,700		3,882,889			808,718		243,207		10,971,514
Total loans	$	6,227,467	$	3,908,768		$	825,481	$	248,654	$	11,210,370
Allowance for loan losses:
Individually evaluated for impairment	$	12,978	$	369		$	765	$	3,920	$	18,032
Collectively evaluated for impairment	29,263		38,497			12,654		5,054		85,468
Total allowance for loan losses	$	42,241	$	38,866		$	13,419	$	8,974	$	103,500



	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 September 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	$	43,489	$	36,269	$	(4,554	)	$	31,715	$	55,352	$	46,331	$	(3,391	)	$	42,940
Full documentation amortizing	63,266		57,677		(2,199		)	55,478		43,044		39,994		(1,425		)	38,569
Reduced documentation interest-only	71,182		59,686		(4,961		)	54,725		90,171		76,960		(4,661		)	72,299
Reduced documentation amortizing	40,243		37,135		(1,264		)	35,871		19,463		18,117		(827		)	17,290
Multi-family	6,415		6,428		(369		)	6,059		34,972		28,109		(3,172		)	24,937
Commercial real estate	5,861		5,881		(765		)	5,116		24,991		19,270		(2,446		)	16,824
Consumer and other loans:
Home equity lines of credit	5,774		5,447		(3,920		)	1,527		5,436		5,153		(3,810		)	1,343
Without an allowance recorded:
Mortgage loans:
Multi-family	22,823		19,451		—			19,451		16,308		14,502		—			14,502
Commercial real estate	15,174		10,882		—			10,882		—		—		—			—
Total impaired loans	$	274,227	$	238,856	$	(18,032	)	$	220,824	$	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 September 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	$	38,691	$	265	$	268	$	78,799	$	440	$	461
Full documentation amortizing	55,466		433		430		38,051		289		283
Reduced documentation interest-only	66,137		620		617		104,522		782		814
Reduced documentation amortizing	30,566		336		323		20,781		141		147
Multi-family	7,458		72		72		33,013		329		328
Commercial real estate	6,927		82		73		19,673		289		261
Consumer and other loans:
Home equity lines of credit	5,651		13		15		5,546		5		13
Without an allowance recorded:
Mortgage loans:
Residential:
Full documentation amortizing	—		—		—		314		—		—
Multi-family	20,232		240		246		13,419		175		175
Commercial real estate	9,946		157		168		—		—		—
Total impaired loans	$	241,074	$	2,218	$	2,212	$	314,118	$	2,450	$	2,482



	For the Nine Months Ended September 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	$	41,725	$	798	$	807	$	93,748	$	1,644	$	1,695
Full documentation amortizing	49,727		1,309		1,323		37,926		993		992
Reduced documentation interest-only	71,266		1,927		1,911		120,976		2,922		2,939
Reduced documentation amortizing	24,757		966		972		23,142		478		482
Multi-family	16,000		236		238		30,836		952		970
Commercial real estate	13,163		219		223		16,859		748		813
Consumer and other loans:
Home equity lines of credit	5,740		32		40		5,215		37		51
Without an allowance recorded:
Mortgage loans:
Residential:
Full documentation amortizing	—		—		—		457		—		—
Multi-family	16,995		748		753		17,906		529		530
Commercial real estate	4,973		496		507		3,566		—		—
Total impaired loans	$	244,346	$	6,731	$	6,774	$	350,631	$	8,303	$	8,472

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, 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		$	511,871	$	4,734,537		$	362,099	$	504,949		$	160,858	$	81,587
Non-performing:
Current or past due less than 90 days		10,339		11,659			18,674		11,219			—		—
Past due 90 days or more		14,021		26,388			15,659		6,052			6,209		—
Total		$	536,231	$	4,772,584		$	396,432	$	522,220		$	167,067	$	81,587

		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 September 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		$	3,866,033		$	775,666		$	3,850,068		$	817,404
Criticized:
Special mention		18,965			17,492			30,975			22,584
Substandard		23,770			31,238			31,264			32,664
Doubtful		—			1,085			746			1,113
Total		$	3,908,768		$	825,481		$	3,913,053		$	873,765

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



	Modifications During the Three Months Ended September 30,
	2015								2014
(Dollars In Thousands)	Number of Loans		Pre- Modification Recorded Investment			Recorded Investment at September 30, 2015			Number of Loans		Pre- Modification Recorded Investment			Recorded Investment at September 30, 2014
Residential:
Full documentation interest-only		4		$	1,270		$	1,239		3		$	1,447		$	1,447
Full documentation amortizing		6		1,156			1,138			—		—			—
Reduced documentation interest-only		4		1,324			1,323			9		3,585			3,581
Reduced documentation amortizing		3		764			757			1		282			281
Multi-family		—		—			—			2		1,441			1,055
Commercial real estate		—		—			—			1		1,569			1,569
Total		17		$	4,514		$	4,457		16		$	8,324		$	7,933



	Modifications During the Nine Months Ended September 30,
	2015								2014
(Dollars In Thousands)	Number of Loans		Pre- Modification Recorded Investment			Recorded Investment at September 30, 2015			Number of Loans		Pre- Modification Recorded Investment			Recorded Investment at September 30, 2014
Residential:
Full documentation interest-only		12		$	4,620		$	4,505		21		$	9,244		$	8,776
Full documentation amortizing		17		4,357			4,241			3		519			485
Reduced documentation interest-only		9		3,220			3,233			17		5,885			5,860
Reduced documentation amortizing		5		1,103			1,099			3		599			541
Multi-family		—		—			—			4		2,501			1,994
Commercial real estate		2		2,902			2,849			3		2,482			2,453
Total		45		$	16,202		$	15,927		51		$	21,230		$	20,109

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



	For the Three Months Ended September 30,
	2015					2014
(Dollars In Thousands)	Number of Loans		Recorded Investment at September 30, 2015			Number of Loans		Recorded Investment at September 30, 2014
Residential:
Full documentation interest-only		6		$	2,244		2		$	714
Full documentation amortizing		5		1,687			3		852
Reduced documentation interest-only		2		758			2		910
Reduced documentation amortizing		3		729			—		—
Total		16		$	5,418		7		$	2,476



	For the Nine Months Ended September 30,
	2015					2014
(Dollars In Thousands)	Number of Loans		Recorded Investment at September 30, 2015			Number of Loans		Recorded Investment at September 30, 2014
Residential:
Full documentation interest-only		6		$	2,244		3		$	854
Full documentation amortizing		5		1,687			4		1,057
Reduced documentation interest-only		4		1,395			4		1,799
Reduced documentation amortizing		3		729			1		92
Total		18		$	6,055		12		$	3,802