Loans Receivable and Allowance for Loan Losses (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016
	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	$	3,802	$	1,490	$	—	$	5,292	$	356,324	$	361,616
Full documentation amortizing	31,902		9,725		433		42,060		4,498,438		4,540,498
Reduced documentation interest-only	7,111		2,405		—		9,516		202,030		211,546
Reduced documentation amortizing	16,404		3,679		—		20,083		556,416		576,499
Total residential	59,219		17,299		433		76,951		5,613,208		5,690,159
Multi-family	6,632		2,609		484		9,725		4,060,832		4,070,557
Commercial real estate	—		859		2,239		3,098		805,136		808,234
Total mortgage loans	65,851		20,767		3,156		89,774		10,479,176		10,568,950
Consumer and other loans (gross):
Home equity and other consumer	1,259		125		—		1,384		147,666		149,050
Commercial and industrial	—		—		—		—		100,237		100,237
Total consumer and other loans	1,259		125		—		1,384		247,903		249,287
Total accruing loans	$	67,110	$	20,892	$	3,156	$	91,158	$	10,727,079	$	10,818,237
Non-accrual loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	1,238	$	951	$	12,380	$	14,569	$	4,687	$	19,256
Full documentation amortizing	2,012		792		38,184		40,988		5,764		46,752
Reduced documentation interest-only	217		135		14,634		14,986		9,179		24,165
Reduced documentation amortizing	1,979		47		24,004		26,030		14,143		40,173
Total residential	5,446		1,925		89,202		96,573		33,773		130,346
Multi-family	1,168		383		1,855		3,406		4,470		7,876
Commercial real estate	1,321		—		585		1,906		769		2,675
Total mortgage loans	7,935		2,308		91,642		101,885		39,012		140,897
Consumer and other loans (gross):
Home equity and other consumer	—		—		5,595		5,595		—		5,595
Commercial and industrial	—		—		574		574		—		574
Total consumer and other loans	—		—		6,169		6,169		—		6,169
Total non-accrual loans	$	7,935	$	2,308	$	97,811	$	108,054	$	39,012	$	147,066
Total loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	5,040	$	2,441	$	12,380	$	19,861	$	361,011	$	380,872
Full documentation amortizing	33,914		10,517		38,617		83,048		4,504,202		4,587,250
Reduced documentation interest-only	7,328		2,540		14,634		24,502		211,209		235,711
Reduced documentation amortizing	18,383		3,726		24,004		46,113		570,559		616,672
Total residential	64,665		19,224		89,635		173,524		5,646,981		5,820,505
Multi-family	7,800		2,992		2,339		13,131		4,065,302		4,078,433
Commercial real estate	1,321		859		2,824		5,004		805,905		810,909
Total mortgage loans	73,786		23,075		94,798		191,659		10,518,188		10,709,847
Consumer and other loans (gross):
Home equity and other consumer	1,259		125		5,595		6,979		147,666		154,645
Commercial and industrial	—		—		574		574		100,237		100,811
Total consumer and other loans	1,259		125		6,169		7,553		247,903		255,456
Total loans	$	75,045	$	23,200	$	100,967	$	199,212	$	10,766,091	$	10,965,303
Net unamortized premiums and deferred loan origination costs											39,778
Loans receivable											11,005,081
Allowance for loan losses											(94,200		)
Loans receivable, net											$	10,910,881



	At December 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	$	10,045	$	2,382	$	—	$	12,427	$	401,486	$	413,913
Full documentation amortizing	40,151		10,346		332		50,829		4,602,940		4,653,769
Reduced documentation interest-only	7,254		2,321		—		9,575		266,084		275,659
Reduced documentation amortizing	20,135		4,369		—		24,504		527,566		552,070
Total residential	77,585		19,418		332		97,335		5,798,076		5,895,411
Multi-family	1,662		2,069		—		3,731		4,013,541		4,017,272
Commercial real estate	246		1,689		—		1,935		813,640		815,575
Total mortgage loans	79,493		23,176		332		103,001		10,625,257		10,728,258
Consumer and other loans (gross):
Home equity and other consumer	2,358		502		—		2,860		151,554		154,414
Commercial and industrial	—		—		—		—		91,171		91,171
Total consumer and other loans	2,358		502		—		2,860		242,725		245,585
Total accruing loans	$	81,851	$	23,678	$	332	$	105,861	$	10,867,982	$	10,973,843
Non-accrual loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	1,182	$	—	$	11,359	$	12,541	$	5,834	$	18,375
Full documentation amortizing	3,579		603		32,535		36,717		7,480		44,197
Reduced documentation interest-only	257		579		15,285		16,121		11,451		27,572
Reduced documentation amortizing	2,238		365		14,322		16,925		12,935		29,860
Total residential	7,256		1,547		73,501		82,304		37,700		120,004
Multi-family	725		623		2,441		3,789		3,044		6,833
Commercial real estate	241		—		572		813		3,126		3,939
Total mortgage loans	8,222		2,170		76,514		86,906		43,870		130,776
Consumer and other loans (gross):
Home equity and other consumer	—		—		6,405		6,405		—		6,405
Commercial and industrial	—		—		703		703		—		703
Total consumer and other loans	—		—		7,108		7,108		—		7,108
Total non-accrual loans	$	8,222	$	2,170	$	83,622	$	94,014	$	43,870	$	137,884
Total loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	11,227	$	2,382	$	11,359	$	24,968	$	407,320	$	432,288
Full documentation amortizing	43,730		10,949		32,867		87,546		4,610,420		4,697,966
Reduced documentation interest-only	7,511		2,900		15,285		25,696		277,535		303,231
Reduced documentation amortizing	22,373		4,734		14,322		41,429		540,501		581,930
Total residential	84,841		20,965		73,833		179,639		5,835,776		6,015,415
Multi-family	2,387		2,692		2,441		7,520		4,016,585		4,024,105
Commercial real estate	487		1,689		572		2,748		816,766		819,514
Total mortgage loans	87,715		25,346		76,846		189,907		10,669,127		10,859,034
Consumer and other loans (gross):
Home equity and other consumer	2,358		502		6,405		9,265		151,554		160,819
Commercial and industrial	—		—		703		703		91,171		91,874
Total consumer and other loans	2,358		502		7,108		9,968		242,725		252,693
Total loans	$	90,073	$	25,848	$	83,954	$	199,875	$	10,911,852	$	11,111,727
Net unamortized premiums and deferred loan origination costs											41,354
Loans receivable											11,153,081
Allowance for loan losses											(98,000		)
Loans receivable, net											$	11,055,081

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, 2016
		Mortgage Loans										Consumer and Other Loans
					Multi-Family			Commercial Real Estate
(In Thousands)	Residential				Multi-Family			Commercial Real Estate								Total
Balance at January 1, 2016		$	44,951		$	35,544			$	11,217			$	6,288		$	98,000
Provision charged (credited) to operations		138			(3,257		)		(849		)		841			(3,127		)
Charge-offs		(1,665		)	(310		)		—				(765		)	(2,740		)
Recoveries		954			1,043				—				70			2,067
Balance at March 31, 2016		$	44,378		$	33,020			$	10,368			$	6,434		$	94,200



		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

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, 2016 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	$	309,631
13 to 24 months	256,659
25 to 36 months	29,120
Over 36 months	21,173
Total	$	616,583

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, 2016						At December 31, 2015
				Commercial Real Estate						Commercial Real Estate
(In Thousands)	Multi-Family			Commercial Real Estate			Multi-Family			Commercial Real Estate
Not criticized		$	4,037,071		$	770,883		$	3,981,050		$	769,029
Criticized:
Special mention		16,630			12,215			14,931			20,441
Substandard		24,732			27,811			28,124			30,044
Doubtful		—			—			—			—
Total		$	4,078,433		$	810,909		$	4,024,105		$	819,514

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, 2016
		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		$	361,616	$	4,540,065		$	211,546	$	576,499		$	149,050	$	100,237
Non-performing:
Current or past due less than 90 days		6,876		8,568			9,531		16,169			—		—
Past due 90 days or more		12,380		38,617			14,634		24,004			5,595		574
Total		$	380,872	$	4,587,250		$	235,711	$	616,672		$	154,645	$	100,811

		At December 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		$	413,913	$	4,653,437		$	275,659	$	552,070		$	154,414	$	91,171
Non-performing:
Current or past due less than 90 days		7,016		11,662			12,287		15,538			—		—
Past due 90 days or more		11,359		32,867			15,285		14,322			6,405		703
Total		$	432,288	$	4,697,966		$	303,231	$	581,930		$	160,819	$	91,874

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, 2016
	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	$	196,365	$	15,733		$	13,168	$	4,537	$	229,803
Collectively evaluated for impairment	5,624,140		4,062,700			797,741		250,919		10,735,500
Total loans	$	5,820,505	$	4,078,433		$	810,909	$	255,456	$	10,965,303
Allowance for loan losses:
Individually evaluated for impairment	$	13,337	$	173		$	85	$	381	$	13,976
Collectively evaluated for impairment	31,041		32,847			10,283		6,053		80,224
Total allowance for loan losses	$	44,378	$	33,020		$	10,368	$	6,434	$	94,200



	At December 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	$	192,914	$	24,643		$	14,993	$	4,968	$	237,518
Collectively evaluated for impairment	5,822,501		3,999,462			804,521		247,725		10,874,209
Total loans	$	6,015,415	$	4,024,105		$	819,514	$	252,693	$	11,111,727
Allowance for loan losses:
Individually evaluated for impairment	$	13,148	$	456		$	788	$	421	$	14,813
Collectively evaluated for impairment	31,803		35,088			10,429		5,867		83,187
Total allowance for loan losses	$	44,951	$	35,544		$	11,217	$	6,288	$	98,000

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, 2016									At December 31, 2015
(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	$	34,525	$	28,292	$	(3,724	)	$	24,568	$	37,454	$	30,631	$	(4,051	)	$	26,580
Full documentation amortizing	73,169		66,492		(3,021		)	63,471		69,242		63,223		(2,534		)	60,689
Reduced documentation interest-only	47,328		39,696		(3,720		)	35,976		55,939		46,540		(4,253		)	42,287
Reduced documentation amortizing	69,004		61,885		(2,872		)	59,013		57,955		52,520		(2,310		)	50,210
Multi-family	5,791		5,676		(173		)	5,503		8,029		7,950		(456		)	7,494
Commercial real estate	942		1,027		(85		)	942		6,651		6,723		(788		)	5,935
Consumer and other loans:
Home equity lines of credit	4,896		4,537		(381		)	4,156		5,595		4,968		(421		)	4,547
Without an allowance recorded:
Mortgage loans:
Multi-family	11,761		10,057		—			10,057		19,523		16,693		—			16,693
Commercial real estate	14,975		12,141		—			12,141		11,104		8,270		—			8,270
Total impaired loans	$	262,391	$	229,803	$	(13,976	)	$	215,827	$	271,492	$	237,518	$	(14,813	)	$	222,705

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,
	2016						2015
(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	$	29,462	$	189	$	186	$	44,759	$	349	$	353
Full documentation amortizing	64,858		494		478		43,989		395		386
Reduced documentation interest-only	43,118		391		385		76,396		730		737
Reduced documentation amortizing	57,203		525		529		18,948		162		162
Multi-family	6,813		67		79		24,542		260		268
Commercial real estate	3,875		6		7		19,400		268		286
Consumer and other loans:
Home equity lines of credit	4,753		5		9		5,829		6		16
Without an allowance recorded:
Mortgage loans:
Multi-family	13,375		152		149		13,759		154		155
Commercial real estate	10,206		166		171		—		—		—
Total impaired loans	$	233,663	$	1,995	$	1,993	$	247,622	$	2,324	$	2,363

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, 2016 and 2015 which were modified in a troubled debt restructuring, or TDR, during the periods indicated.



	Modifications During the Three Months Ended March 31,
	2016								2015
(Dollars In Thousands)	Number of Loans		Pre- Modification Recorded Investment			Recorded Investment at March 31, 2016			Number of Loans		Pre- Modification Recorded Investment			Recorded Investment at March 31, 2015
Residential:
Full documentation interest-only		4		$	888		$	889		4		$	2,035		$	2,030
Full documentation amortizing		2		591			589			6		2,059			2,016
Reduced documentation interest-only		3		1,691			1,686			4		1,687			1,687
Reduced documentation amortizing		3		995			985			—		—			—
Commercial real estate		—		—			—			2		2,902			2,878
Total		12		$	4,165		$	4,149		16		$	8,683		$	8,611

The following table sets forth information about our mortgage loans receivable by segment and class at March 31, 2016 and 2015 which were modified in a TDR during the twelve month periods ended March 31, 2016 and 2015 and had a payment default subsequent to the modification during the periods indicated.



	For the Three Months Ended March 31,
	2016					2015
(Dollars In Thousands)	Number of Loans		Recorded Investment at March 31, 2016			Number of Loans		Recorded Investment at March 31, 2015
Residential:
Full documentation interest-only		2		$	533		1		$	648
Full documentation amortizing		2		408			2		854
Reduced documentation interest-only		4		1,947			2		1,314
Reduced documentation amortizing		1		288			—		—
Multi-family		—		—			3		1,387
Total		9		$	3,176		8		$	4,203