x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 11-3170868 | |
(State or other jurisdiction of | (I.R.S. Employer Identification | |
incorporation or organization) | Number) | |
One Astoria Bank Plaza, Lake Success, New York | 11042-1085 | |
(Address of principal executive offices) | (Zip Code) |
Classes of Common Stock | Number of Shares Outstanding, April 28, 2017 | ||
$0.01 Par Value | 101,725,639 |
Page | ||
(Unaudited) | |||||||||||
(In Thousands, Except Share Data) | At March 31, 2017 | At December 31, 2016 | |||||||||
Assets: | |||||||||||
Cash and due from banks | $ | 139,272 | $ | 129,944 | |||||||
Available-for-sale securities: | |||||||||||
Encumbered | 34,480 | 35,080 | |||||||||
Unencumbered | 231,419 | 244,965 | |||||||||
Total available-for-sale securities | 265,899 | 280,045 | |||||||||
Held-to-maturity securities, fair value of $2,721,723 and $2,690,546, respectively: | |||||||||||
Encumbered | 1,170,447 | 1,194,685 | |||||||||
Unencumbered | 1,598,929 | 1,545,447 | |||||||||
Total held-to-maturity securities | 2,769,376 | 2,740,132 | |||||||||
Federal Home Loan Bank of New York stock, at cost | 107,166 | 124,807 | |||||||||
Loans held-for-sale, net | 6,236 | 11,584 | |||||||||
Loans receivable | 10,200,966 | 10,417,187 | |||||||||
Allowance for loan losses | (82,500 | ) | (86,100 | ) | |||||||
Loans receivable, net | 10,118,466 | 10,331,087 | |||||||||
Mortgage servicing rights, net | 10,237 | 10,130 | |||||||||
Accrued interest receivable | 34,478 | 34,994 | |||||||||
Premises and equipment, net | 98,199 | 101,021 | |||||||||
Goodwill | 185,151 | 185,151 | |||||||||
Bank owned life insurance | 443,216 | 441,064 | |||||||||
Real estate owned, net | 13,500 | 15,144 | |||||||||
Other assets | 151,414 | 153,549 | |||||||||
Total assets | $ | 14,342,610 | $ | 14,558,652 | |||||||
Liabilities: | |||||||||||
Deposits: | |||||||||||
NOW and demand deposit | $ | 2,577,459 | $ | 2,521,094 | |||||||
Money market | 2,781,555 | 2,706,895 | |||||||||
Savings | 2,057,651 | 2,048,202 | |||||||||
Certificates of deposit | 1,573,582 | 1,600,864 | |||||||||
Total deposits | 8,990,247 | 8,877,055 | |||||||||
Federal funds purchased | 195,000 | 195,000 | |||||||||
Securities sold under agreements to repurchase | 1,100,000 | 1,100,000 | |||||||||
Federal Home Loan Bank of New York advances | 1,700,000 | 2,090,000 | |||||||||
Other borrowings, net | 249,885 | 249,752 | |||||||||
Mortgage escrow funds | 160,472 | 112,975 | |||||||||
Accrued expenses and other liabilities | 223,042 | 219,797 | |||||||||
Total liabilities | 12,618,646 | 12,844,579 | |||||||||
Stockholders’ Equity: | |||||||||||
Preferred stock, $1.00 par value; 5,000,000 shares authorized: | |||||||||||
Series C (150,000 shares authorized; and 135,000 shares issued and outstanding) | 129,796 | 129,796 | |||||||||
Common stock, $0.01 par value (200,000,000 shares authorized; 166,494,888 shares issued; and 101,731,174 and 101,210,478 shares outstanding, respectively) | 1,665 | 1,665 | |||||||||
Additional paid-in capital | 821,856 | 830,417 | |||||||||
Retained earnings | 2,163,528 | 2,155,785 | |||||||||
Treasury stock (64,763,714 and 65,284,410 shares, at cost, respectively) | (1,335,968 | ) | (1,346,709 | ) | |||||||
Accumulated other comprehensive loss | (56,913 | ) | (56,881 | ) | |||||||
Total stockholders’ equity | 1,723,964 | 1,714,073 | |||||||||
Total liabilities and stockholders’ equity | $ | 14,342,610 | $ | 14,558,652 |
For the Three Months Ended March 31, | |||||||
(In Thousands, Except Share Data) | 2017 | 2016 | |||||
Interest income: | |||||||
Residential mortgage loans | $ | 44,060 | $ | 47,375 | |||
Multi-family and commercial real estate mortgage loans | 43,406 | 46,805 | |||||
Consumer and other loans | 2,292 | 2,372 | |||||
Mortgage-backed and other securities | 18,000 | 16,904 | |||||
Interest-earning cash accounts | 161 | 120 | |||||
Federal Home Loan Bank of New York stock | 1,794 | 1,421 | |||||
Total interest income | 109,713 | 114,997 | |||||
Interest expense: | |||||||
Deposits | 6,359 | 7,462 | |||||
Borrowings | 23,239 | 24,283 | |||||
Total interest expense | 29,598 | 31,745 | |||||
Net interest income | 80,115 | 83,252 | |||||
Provision for loan losses credited to operations | (2,486 | ) | (3,127 | ) | |||
Net interest income after provision for loan losses | 82,601 | 86,379 | |||||
Non-interest income: | |||||||
Customer service fees | 6,609 | 6,988 | |||||
Other loan fees | 595 | 534 | |||||
Gain on sales of securities | — | 86 | |||||
Mortgage banking income (loss), net | 1,294 | (37 | ) | ||||
Income from bank owned life insurance | 2,152 | 2,289 | |||||
Other | 1,224 | 1,541 | |||||
Total non-interest income | 11,874 | 11,401 | |||||
Non-interest expense: | |||||||
General and administrative: | |||||||
Compensation and benefits | 36,997 | 38,253 | |||||
Occupancy, equipment and systems | 20,212 | 19,391 | |||||
Federal deposit insurance premium | 2,298 | 3,530 | |||||
Advertising | 589 | 1,453 | |||||
Other | 11,868 | 6,895 | |||||
Total non-interest expense | 71,964 | 69,522 | |||||
Income before income tax expense | 22,511 | 28,258 | |||||
Income tax expense | 8,104 | 9,693 | |||||
Net income | 14,407 | 18,565 | |||||
Preferred stock dividends | 2,194 | 2,194 | |||||
Net income available to common shareholders | $ | 12,213 | $ | 16,371 | |||
Basic earnings per common share | $ | 0.12 | $ | 0.16 | |||
Diluted earnings per common share | $ | 0.12 | $ | 0.16 | |||
Basic weighted average common shares outstanding | 100,585,603 | 100,368,931 | |||||
Diluted weighted average common shares outstanding | 100,585,603 | 100,368,931 |
For the Three Months Ended March 31, | |||||||
(In Thousands) | 2017 | 2016 | |||||
Net income | $ | 14,407 | $ | 18,565 | |||
Other comprehensive (loss) income, net of tax: | |||||||
Net unrealized (loss) gain on securities available-for-sale: | |||||||
Net unrealized holding (loss) gain on securities arising during the period | (432 | ) | 4,036 | ||||
Reclassification adjustment for gain on sales of securities included in net income | — | (51 | ) | ||||
Net unrealized (loss) gain on securities available-for-sale | (432 | ) | 3,985 | ||||
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | 371 | 397 | |||||
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income | 29 | 28 | |||||
Total other comprehensive (loss) income, net of tax | (32 | ) | 4,410 | ||||
Comprehensive income | $ | 14,375 | $ | 22,975 |
(In Thousands, Except Share Data) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||
Balance at December 31, 2016 | $ | 1,714,073 | $ | 129,796 | $ | 1,665 | $ | 830,417 | $ | 2,155,785 | $ | (1,346,709 | ) | $ | (56,881 | ) | |||||||||||||
Net income | 14,407 | — | — | — | 14,407 | — | — | ||||||||||||||||||||||
Other comprehensive loss, net of tax | (32 | ) | — | — | — | — | — | (32 | ) | ||||||||||||||||||||
Dividends on preferred stock ($16.25 per share) | (2,194 | ) | — | — | — | (2,194 | ) | — | — | ||||||||||||||||||||
Dividends on common stock ($0.04 per share) | (4,049 | ) | — | — | — | (4,049 | ) | — | — | ||||||||||||||||||||
Sales of treasury stock (1,822 shares) | 34 | — | — | — | (4 | ) | 38 | — | |||||||||||||||||||||
Restricted stock grants (521,784 shares) | — | — | — | (10,329 | ) | (434 | ) | 10,763 | — | ||||||||||||||||||||
Forfeitures of restricted stock (2,910 shares) | — | — | — | 43 | 17 | (60 | ) | — | |||||||||||||||||||||
Stock-based compensation | 1,725 | — | — | 1,725 | — | — | — | ||||||||||||||||||||||
Balance at March 31, 2017 | $ | 1,723,964 | $ | 129,796 | $ | 1,665 | $ | 821,856 | $ | 2,163,528 | $ | (1,335,968 | ) | $ | (56,913 | ) | |||||||||||||
Balance at December 31, 2015 | $ | 1,663,448 | $ | 129,796 | $ | 1,665 | $ | 902,349 | $ | 2,045,391 | $ | (1,357,136 | ) | $ | (58,617 | ) | |||||||||||||
Net income | 18,565 | — | — | — | 18,565 | — | — | ||||||||||||||||||||||
Other comprehensive income, net of tax | 4,410 | — | — | — | — | — | 4,410 | ||||||||||||||||||||||
Dividends on preferred stock ($16.25 per share) | (2,194 | ) | — | — | — | (2,194 | ) | — | — | ||||||||||||||||||||
Dividends on common stock ($0.04 per share) | (4,053 | ) | — | — | — | (4,053 | ) | — | — | ||||||||||||||||||||
Sales of treasury stock (2,710 shares) | 41 | — | — | — | (15 | ) | 56 | — | |||||||||||||||||||||
Restricted stock grants (685,872 shares) | — | — | — | (10,329 | ) | (3,823 | ) | 14,152 | — | ||||||||||||||||||||
Forfeitures of restricted stock (3,390 shares) | — | — | — | 45 | 25 | (70 | ) | — | |||||||||||||||||||||
Stock-based compensation | 1,581 | — | — | 1,580 | 1 | — | — | ||||||||||||||||||||||
Net tax benefit excess from stock-based compensation | 3 | — | — | 3 | — | — | — | ||||||||||||||||||||||
Balance at March 31, 2016 | $ | 1,681,801 | $ | 129,796 | $ | 1,665 | $ | 893,648 | $ | 2,053,897 | $ | (1,342,998 | ) | $ | (54,207 | ) |
For the Three Months Ended March 31, | |||||||||||
(In Thousands) | 2017 | 2016 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 14,407 | $ | 18,565 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Net amortization on loans | 2,136 | 2,310 | |||||||||
Net amortization on securities and borrowings | 1,601 | 1,822 | |||||||||
Net provision for loan and real estate losses credited to operations | (2,084 | ) | (2,918 | ) | |||||||
Depreciation and amortization | 3,422 | 3,694 | |||||||||
Net gain on sales of loans and securities | (610 | ) | (518 | ) | |||||||
Mortgage servicing rights amortization and valuation allowance adjustments, net | 238 | 1,404 | |||||||||
Stock-based compensation | 1,725 | 1,581 | |||||||||
Deferred income tax (benefit) expense | (1,695 | ) | 75 | ||||||||
Originations of loans held-for-sale | (30,585 | ) | (27,258 | ) | |||||||
Proceeds from sales and principal repayments of loans held-for-sale | 36,198 | 28,288 | |||||||||
Decrease (increase) in accrued interest receivable | 516 | (1,143 | ) | ||||||||
Bank owned life insurance income and insurance proceeds received, net | (2,152 | ) | (2,289 | ) | |||||||
Decrease in other assets | 3,935 | 2,572 | |||||||||
Increase in accrued expenses and other liabilities | 3,916 | 1,219 | |||||||||
Net cash provided by operating activities | 30,968 | 27,404 | |||||||||
Cash flows from investing activities: | |||||||||||
Originations of loans receivable | (203,866 | ) | (309,871 | ) | |||||||
Loan purchases through third parties | (59,167 | ) | (29,048 | ) | |||||||
Principal payments on loans receivable | 471,853 | 482,897 | |||||||||
Proceeds from sales of delinquent and non-performing loans | 300 | 400 | |||||||||
Purchases of securities held-to-maturity | (192,645 | ) | (354,392 | ) | |||||||
Principal payments on securities held-to-maturity | 162,092 | 206,196 | |||||||||
Principal payments on securities available-for-sale | 13,279 | 11,447 | |||||||||
Proceeds from sales of securities available-for-sale | — | 23,065 | |||||||||
Purchases of Federal Home Loan Bank of New York stock | (5,286 | ) | (25,548 | ) | |||||||
Redemptions of Federal Home Loan Bank of New York stock | 22,927 | 25,103 | |||||||||
Proceeds from sales of real estate owned, net | 4,993 | 7,863 | |||||||||
Purchases of premises and equipment, net of proceeds from sales | (600 | ) | (2,108 | ) | |||||||
Net cash provided by investing activities | 213,880 | 36,004 | |||||||||
Cash flows from financing activities: | |||||||||||
Net increase (decrease) in deposits | 113,192 | (54,488 | ) | ||||||||
Net increase (decrease) in borrowings with original terms of three months or less | 110,000 | (270,000 | ) | ||||||||
Proceeds from borrowings with terms greater than three months | 300,000 | 550,000 | |||||||||
Repayments of borrowings with original terms greater than three months | (800,000 | ) | (345,000 | ) | |||||||
Net increase in mortgage escrow funds | 47,497 | 47,796 | |||||||||
Proceeds from sales of treasury stock | 34 | 41 | |||||||||
Cash dividends paid to stockholders | (6,243 | ) | (6,247 | ) | |||||||
Net tax benefit excess from stock-based compensation | — | 3 | |||||||||
Net cash used in financing activities | (235,520 | ) | (77,895 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | 9,328 | (14,487 | ) | ||||||||
Cash and cash equivalents at beginning of period | 129,944 | 200,538 | |||||||||
Cash and cash equivalents at end of period | $ | 139,272 | $ | 186,051 | |||||||
Supplemental disclosures: | |||||||||||
Interest paid | $ | 27,024 | $ | 27,977 | |||||||
Income taxes paid | $ | 269 | $ | 4,613 | |||||||
Additions to real estate owned | $ | 3,755 | $ | 965 | |||||||
Loans transferred to held-for-sale | $ | 300 | $ | — |
At March 31, 2017 | |||||||||||||||||||
(In Thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||
Available-for-sale: | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||
GSE (1) issuance REMICs and CMOs (2) | $ | 229,367 | $ | 1,311 | $ | (3,386 | ) | $ | 227,292 | ||||||||||
Non-GSE issuance REMICs and CMOs | 1,141 | — | (5 | ) | 1,136 | ||||||||||||||
GSE pass-through certificates | 8,239 | 339 | (2 | ) | 8,576 | ||||||||||||||
Total residential mortgage-backed securities | 238,747 | 1,650 | (3,393 | ) | 237,004 | ||||||||||||||
Obligations of GSEs | 30,000 | — | (1,107 | ) | 28,893 | ||||||||||||||
Fannie Mae stock | 15 | — | (13 | ) | 2 | ||||||||||||||
Total securities available-for-sale | $ | 268,762 | $ | 1,650 | $ | (4,513 | ) | $ | 265,899 | ||||||||||
Held-to-maturity: | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 1,182,307 | $ | 4,893 | $ | (11,311 | ) | $ | 1,175,889 | ||||||||||
Non-GSE issuance REMICs and CMOs | 191 | — | (7 | ) | 184 | ||||||||||||||
GSE pass-through certificates | 221,058 | 909 | (2,384 | ) | 219,583 | ||||||||||||||
Total residential mortgage-backed securities | 1,403,556 | 5,802 | (13,702 | ) | 1,395,656 | ||||||||||||||
Multi-family mortgage-backed securities: | |||||||||||||||||||
GSE issuance REMICs | 906,183 | 217 | (19,581 | ) | 886,819 | ||||||||||||||
Obligations of GSEs | 379,316 | 23 | (16,249 | ) | 363,090 | ||||||||||||||
Corporate Debt securities | 80,000 | — | (4,163 | ) | 75,837 | ||||||||||||||
Other | 321 | — | — | 321 | |||||||||||||||
Total securities held-to-maturity | $ | 2,769,376 | $ | 6,042 | $ | (53,695 | ) | $ | 2,721,723 |
(1) | Government-sponsored enterprise |
(2) | Real estate mortgage investment conduits and collateralized mortgage obligations |
At December 31, 2016 | |||||||||||||||||||
(In Thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||
Available-for-sale: | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 242,172 | $ | 1,327 | $ | (2,706 | ) | $ | 240,793 | ||||||||||
Non-GSE issuance REMICs and CMOs | 1,442 | 2 | (1 | ) | 1,443 | ||||||||||||||
GSE pass-through certificates | 8,571 | 361 | (2 | ) | 8,930 | ||||||||||||||
Total residential mortgage-backed securities | 252,185 | 1,690 | (2,709 | ) | 251,166 | ||||||||||||||
Obligations of GSEs | 30,000 | — | (1,125 | ) | 28,875 | ||||||||||||||
Fannie Mae stock | 15 | — | (11 | ) | 4 | ||||||||||||||
Total securities available-for-sale | $ | 282,200 | $ | 1,690 | $ | (3,845 | ) | $ | 280,045 | ||||||||||
Held-to-maturity: | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 1,119,175 | $ | 4,896 | $ | (11,957 | ) | $ | 1,112,114 | ||||||||||
Non-GSE issuance REMICs and CMOs | 193 | — | (7 | ) | 186 | ||||||||||||||
GSE pass-through certificates | 228,976 | 665 | (3,282 | ) | 226,359 | ||||||||||||||
Total residential mortgage-backed securities | 1,348,344 | 5,561 | (15,246 | ) | 1,338,659 | ||||||||||||||
Multi-family mortgage-backed securities: | |||||||||||||||||||
GSE issuance REMICs | 927,119 | 363 | (19,290 | ) | 908,192 | ||||||||||||||
Obligations of GSEs | 384,325 | 54 | (16,510 | ) | 367,869 | ||||||||||||||
Corporate debt securities | 80,000 | — | (4,518 | ) | 75,482 | ||||||||||||||
Other | 344 | — | — | 344 | |||||||||||||||
Total securities held-to-maturity | $ | 2,740,132 | $ | 5,978 | $ | (55,564 | ) | $ | 2,690,546 |
March 31, 2017 | |||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||
(Dollars in Thousands) | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||
Securities remaining period to contractual maturity: | |||||||||||||||||||
Within one year | $ | 202 | $ | 204 | $ | 34,977 | $ | 34,979 | |||||||||||
Over one to five years | 1,333 | 1,329 | 17,522 | 17,541 | |||||||||||||||
Over five to ten years | 36,822 | 35,912 | 406,424 | 389,288 | |||||||||||||||
Over ten years | 230,405 | 228,454 | 2,310,453 | 2,279,915 | |||||||||||||||
Total securities | $ | 268,762 | $ | 265,899 | $ | 2,769,376 | $ | 2,721,723 |
At March 31, 2017 | |||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||||||||
(In Thousands) | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 113,064 | $ | (2,634 | ) | $ | 19,720 | $ | (752 | ) | $ | 132,784 | $ | (3,386 | ) | ||||||||||||||
Non-GSE issuance REMICs and CMOs | 1,022 | (4 | ) | 81 | (1 | ) | 1,103 | (5 | ) | ||||||||||||||||||||
GSE pass-through certificates | 62 | (1 | ) | 59 | (1 | ) | 121 | (2 | ) | ||||||||||||||||||||
Obligations of GSEs | 28,893 | (1,107 | ) | — | — | 28,893 | (1,107 | ) | |||||||||||||||||||||
Fannie Mae stock | — | — | 2 | (13 | ) | 2 | (13 | ) | |||||||||||||||||||||
Total temporarily impaired securities available-for-sale | $ | 143,041 | $ | (3,746 | ) | $ | 19,862 | $ | (767 | ) | $ | 162,903 | $ | (4,513 | ) | ||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 569,367 | $ | (7,110 | ) | $ | 125,051 | $ | (4,201 | ) | $ | 694,418 | $ | (11,311 | ) | ||||||||||||||
Non-GSE issuance REMICs and CMOs | — | — | 184 | (7 | ) | 184 | (7 | ) | |||||||||||||||||||||
GSE pass-through certificates | 81,074 | (1,235 | ) | 60,450 | (1,149 | ) | 141,524 | (2,384 | ) | ||||||||||||||||||||
Multi-family mortgage-backed securities: | |||||||||||||||||||||||||||||
GSE issuance REMICs | 834,947 | (19,581 | ) | — | — | 834,947 | (19,581 | ) | |||||||||||||||||||||
Obligations of GSEs | 311,690 | (16,249 | ) | — | — | 311,690 | (16,249 | ) | |||||||||||||||||||||
Corporate debt securities | 9,327 | (673 | ) | 66,510 | (3,490 | ) | 75,837 | (4,163 | ) | ||||||||||||||||||||
Total temporarily impaired securities held-to-maturity | $ | 1,806,405 | $ | (44,848 | ) | $ | 252,195 | $ | (8,847 | ) | $ | 2,058,600 | $ | (53,695 | ) |
At December 31, 2016 | |||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||||||||
(In Thousands) | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 140,638 | $ | (1,886 | ) | $ | 20,026 | $ | (820 | ) | $ | 160,664 | $ | (2,706 | ) | ||||||||||||||
Non-GSE issuance REMICs and CMOs | — | — | 92 | (1 | ) | 92 | (1 | ) | |||||||||||||||||||||
GSE pass-through certificates | 71 | (1 | ) | 90 | (1 | ) | 161 | (2 | ) | ||||||||||||||||||||
Obligations of GSEs | 28,875 | (1,125 | ) | — | — | 28,875 | (1,125 | ) | |||||||||||||||||||||
Fannie Mae stock | — | — | 4 | (11 | ) | 4 | (11 | ) | |||||||||||||||||||||
Total temporarily impaired securities available-for-sale | $ | 169,584 | $ | (3,012 | ) | $ | 20,212 | $ | (833 | ) | $ | 189,796 | $ | (3,845 | ) | ||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 515,537 | $ | (7,457 | ) | $ | 131,629 | $ | (4,500 | ) | $ | 647,166 | $ | (11,957 | ) | ||||||||||||||
Non-GSE issuance REMICs and CMOs | — | — | 186 | (7 | ) | 186 | (7 | ) | |||||||||||||||||||||
GSE pass-through certificates | 104,538 | (1,775 | ) | 61,872 | (1,507 | ) | 166,410 | (3,282 | ) | ||||||||||||||||||||
Multi-family mortgage-backed securities: | |||||||||||||||||||||||||||||
GSE issuance REMICs | 871,436 | (19,290 | ) | — | — | 871,436 | (19,290 | ) | |||||||||||||||||||||
Obligations of GSEs | 296,427 | (16,510 | ) | — | — | 296,427 | (16,510 | ) | |||||||||||||||||||||
Corporate debt securities | 37,785 | (2,216 | ) | 37,698 | (2,302 | ) | 75,483 | (4,518 | ) | ||||||||||||||||||||
Total temporarily impaired securities held-to-maturity | $ | 1,825,723 | $ | (47,248 | ) | $ | 231,385 | $ | (8,316 | ) | $ | 2,057,108 | $ | (55,564 | ) |
At March 31, 2017 | |||||||||||||||||||||||
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 | $ | 1,120 | $ | — | $ | — | $ | 1,120 | $ | 166,790 | $ | 167,910 | |||||||||||
Full documentation amortizing | 32,903 | 5,047 | — | 37,950 | 4,240,703 | 4,278,653 | |||||||||||||||||
Reduced documentation interest-only | 2,186 | 302 | — | 2,488 | 54,181 | 56,669 | |||||||||||||||||
Reduced documentation amortizing | 22,149 | 9,375 | — | 31,524 | 554,455 | 585,979 | |||||||||||||||||
Total residential | 58,358 | 14,724 | — | 73,082 | 5,016,129 | 5,089,211 | |||||||||||||||||
Multi-family | 5,162 | 151 | — | 5,313 | 4,014,746 | 4,020,059 | |||||||||||||||||
Commercial real estate | 1,695 | 521 | 1,639 | 3,855 | 692,064 | 695,919 | |||||||||||||||||
Total mortgage loans | 65,215 | 15,396 | 1,639 | 82,250 | 9,722,939 | 9,805,189 | |||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||
Home equity and other consumer | 1,609 | 495 | — | 2,104 | 128,610 | 130,714 | |||||||||||||||||
Commercial and industrial | 375 | — | — | 375 | 90,567 | 90,942 | |||||||||||||||||
Total consumer and other loans | 1,984 | 495 | — | 2,479 | 219,177 | 221,656 | |||||||||||||||||
Total accruing loans | $ | 67,199 | $ | 15,891 | $ | 1,639 | $ | 84,729 | $ | 9,942,116 | $ | 10,026,845 | |||||||||||
Non-accrual loans: | |||||||||||||||||||||||
Mortgage loans (gross): | |||||||||||||||||||||||
Residential: | |||||||||||||||||||||||
Full documentation interest-only | $ | — | $ | — | $ | 9,073 | $ | 9,073 | $ | 877 | $ | 9,950 | |||||||||||
Full documentation amortizing | 2,353 | 498 | 45,117 | 47,968 | 9,273 | 57,241 | |||||||||||||||||
Reduced documentation interest-only | — | — | 9,503 | 9,503 | 1,919 | 11,422 | |||||||||||||||||
Reduced documentation amortizing | 929 | 884 | 35,286 | 37,099 | 9,847 | 46,946 | |||||||||||||||||
Total residential | 3,282 | 1,382 | 98,979 | 103,643 | 21,916 | 125,559 | |||||||||||||||||
Multi-family | 437 | 396 | 558 | 1,391 | 2,314 | 3,705 | |||||||||||||||||
Commercial real estate | 680 | — | 627 | 1,307 | 3,649 | 4,956 | |||||||||||||||||
Total mortgage loans | 4,399 | 1,778 | 100,164 | 106,341 | 27,879 | 134,220 | |||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||
Home equity and other consumer | — | — | 4,139 | 4,139 | — | 4,139 | |||||||||||||||||
Commercial and industrial | — | — | 32 | 32 | — | 32 | |||||||||||||||||
Total consumer and other loans | — | — | 4,171 | 4,171 | — | 4,171 | |||||||||||||||||
Total non-accrual loans | $ | 4,399 | $ | 1,778 | $ | 104,335 | $ | 110,512 | $ | 27,879 | $ | 138,391 | |||||||||||
Total loans: | |||||||||||||||||||||||
Mortgage loans (gross): | |||||||||||||||||||||||
Residential: | |||||||||||||||||||||||
Full documentation interest-only | $ | 1,120 | $ | — | $ | 9,073 | $ | 10,193 | $ | 167,667 | $ | 177,860 | |||||||||||
Full documentation amortizing | 35,256 | 5,545 | 45,117 | 85,918 | 4,249,976 | 4,335,894 | |||||||||||||||||
Reduced documentation interest-only | 2,186 | 302 | 9,503 | 11,991 | 56,100 | 68,091 | |||||||||||||||||
Reduced documentation amortizing | 23,078 | 10,259 | 35,286 | 68,623 | 564,302 | 632,925 | |||||||||||||||||
Total residential | 61,640 | 16,106 | 98,979 | 176,725 | 5,038,045 | 5,214,770 | |||||||||||||||||
Multi-family | 5,599 | 547 | 558 | 6,704 | 4,017,060 | 4,023,764 | |||||||||||||||||
Commercial real estate | 2,375 | 521 | 2,266 | 5,162 | 695,713 | 700,875 | |||||||||||||||||
Total mortgage loans | 69,614 | 17,174 | 101,803 | 188,591 | 9,750,818 | 9,939,409 | |||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||
Home equity and other consumer | 1,609 | 495 | 4,139 | 6,243 | 128,610 | 134,853 | |||||||||||||||||
Commercial and industrial | 375 | — | 32 | 407 | 90,567 | 90,974 | |||||||||||||||||
Total consumer and other loans | 1,984 | 495 | 4,171 | 6,650 | 219,177 | 225,827 | |||||||||||||||||
Total loans | $ | 71,598 | $ | 17,669 | $ | 105,974 | $ | 195,241 | $ | 9,969,995 | $ | 10,165,236 | |||||||||||
Net unamortized premiums and deferred loan origination costs | 35,730 | ||||||||||||||||||||||
Loans receivable | 10,200,966 | ||||||||||||||||||||||
Allowance for loan losses | (82,500 | ) | |||||||||||||||||||||
Loans receivable, net | $ | 10,118,466 |
At December 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 | $ | 1,476 | $ | 3,104 | $ | — | $ | 4,580 | $ | 212,316 | $ | 216,896 | |||||||||||
Full documentation amortizing | 36,563 | 8,217 | — | 44,780 | 4,300,620 | 4,345,400 | |||||||||||||||||
Reduced documentation interest-only | 2,974 | 779 | — | 3,753 | 80,416 | 84,169 | |||||||||||||||||
Reduced documentation amortizing | 27,449 | 5,222 | — | 32,671 | 552,233 | 584,904 | |||||||||||||||||
Total residential | 68,462 | 17,322 | — | 85,784 | 5,145,585 | 5,231,369 | |||||||||||||||||
Multi-family | 1,060 | 795 | — | 1,855 | 4,040,386 | 4,042,241 | |||||||||||||||||
Commercial real estate | 2,043 | 1,298 | — | 3,341 | 720,582 | 723,923 | |||||||||||||||||
Total mortgage loans | 71,565 | 19,415 | — | 90,980 | 9,906,553 | 9,997,533 | |||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||
Home equity and other consumer | 1,281 | 550 | — | 1,831 | 133,024 | 134,855 | |||||||||||||||||
Commercial and industrial | — | 647 | — | 647 | 99,087 | 99,734 | |||||||||||||||||
Total consumer and other loans | 1,281 | 1,197 | — | 2,478 | 232,111 | 234,589 | |||||||||||||||||
Total accruing loans | $ | 72,846 | $ | 20,612 | $ | — | $ | 93,458 | $ | 10,138,664 | $ | 10,232,122 | |||||||||||
Non-accrual loans: | |||||||||||||||||||||||
Mortgage loans (gross): | |||||||||||||||||||||||
Residential: | |||||||||||||||||||||||
Full documentation interest-only | $ | 437 | $ | — | $ | 11,605 | $ | 12,042 | $ | 2,048 | $ | 14,090 | |||||||||||
Full documentation amortizing | 2,469 | — | 42,983 | 45,452 | 11,753 | 57,205 | |||||||||||||||||
Reduced documentation interest-only | — | — | 11,624 | 11,624 | 3,768 | 15,392 | |||||||||||||||||
Reduced documentation amortizing | 1,077 | 992 | 35,351 | 37,420 | 9,887 | 47,307 | |||||||||||||||||
Total residential | 3,983 | 992 | 101,563 | 106,538 | 27,456 | 133,994 | |||||||||||||||||
Multi-family | 428 | 611 | 1,244 | 2,283 | 2,098 | 4,381 | |||||||||||||||||
Commercial real estate | 219 | — | — | 219 | 5,117 | 5,336 | |||||||||||||||||
Total mortgage loans | 4,630 | 1,603 | 102,807 | 109,040 | 34,671 | 143,711 | |||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||
Home equity and other consumer | — | — | 4,483 | 4,483 | — | 4,483 | |||||||||||||||||
Commercial and industrial | — | — | 42 | 42 | — | 42 | |||||||||||||||||
Total consumer and other loans | — | — | 4,525 | 4,525 | — | 4,525 | |||||||||||||||||
Total non-accrual loans | $ | 4,630 | $ | 1,603 | $ | 107,332 | $ | 113,565 | $ | 34,671 | $ | 148,236 | |||||||||||
Total loans: | |||||||||||||||||||||||
Mortgage loans (gross): | |||||||||||||||||||||||
Residential: | |||||||||||||||||||||||
Full documentation interest-only | $ | 1,913 | $ | 3,104 | $ | 11,605 | $ | 16,622 | $ | 214,364 | $ | 230,986 | |||||||||||
Full documentation amortizing | 39,032 | 8,217 | 42,983 | 90,232 | 4,312,373 | 4,402,605 | |||||||||||||||||
Reduced documentation interest-only | 2,974 | 779 | 11,624 | 15,377 | 84,184 | 99,561 | |||||||||||||||||
Reduced documentation amortizing | 28,526 | 6,214 | 35,351 | 70,091 | 562,120 | 632,211 | |||||||||||||||||
Total residential | 72,445 | 18,314 | 101,563 | 192,322 | 5,173,041 | 5,365,363 | |||||||||||||||||
Multi-family | 1,488 | 1,406 | 1,244 | 4,138 | 4,042,484 | 4,046,622 | |||||||||||||||||
Commercial real estate | 2,262 | 1,298 | — | 3,560 | 725,699 | 729,259 | |||||||||||||||||
Total mortgage loans | 76,195 | 21,018 | 102,807 | 200,020 | 9,941,224 | 10,141,244 | |||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||
Home equity and other consumer | 1,281 | 550 | 4,483 | 6,314 | 133,024 | 139,338 | |||||||||||||||||
Commercial and industrial | — | 647 | 42 | 689 | 99,087 | 99,776 | |||||||||||||||||
Total consumer and other loans | 1,281 | 1,197 | 4,525 | 7,003 | 232,111 | 239,114 | |||||||||||||||||
Total loans | $ | 77,476 | $ | 22,215 | $ | 107,332 | $ | 207,023 | $ | 10,173,335 | $ | 10,380,358 | |||||||||||
Net unamortized premiums and deferred loan origination costs | 36,829 | ||||||||||||||||||||||
Loans receivable | 10,417,187 | ||||||||||||||||||||||
Allowance for loan losses | (86,100 | ) | |||||||||||||||||||||
Loans receivable, net | $ | 10,331,087 |
For the Three Months Ended March 31, 2017 | |||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | ||||||||||||||||||||||||
Multi-Family | Commercial Real Estate | ||||||||||||||||||||||||
(In Thousands) | Residential | Total | |||||||||||||||||||||||
Balance at January 1, 2017 | $ | 36,439 | $ | 34,901 | $ | 9,299 | $ | 5,461 | $ | 86,100 | |||||||||||||||
Provision credited to operations | (901 | ) | (957 | ) | (503 | ) | (125 | ) | (2,486 | ) | |||||||||||||||
Charge-offs | (2,235 | ) | (34 | ) | — | (112 | ) | (2,381 | ) | ||||||||||||||||
Recoveries | 1,048 | 39 | 109 | 71 | 1,267 | ||||||||||||||||||||
Balance at March 31, 2017 | $ | 34,351 | $ | 33,949 | $ | 8,905 | $ | 5,295 | $ | 82,500 |
For the Three Months Ended March 31, 2016 | |||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | ||||||||||||||||||||||||
Multi-Family | Commercial Real Estate | ||||||||||||||||||||||||
(In Thousands) | Residential | 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 |
(In Thousands) | Recorded Investment | ||
Amortization scheduled to begin in: | |||
12 months or less (1) | $ | 206,063 | |
13 to 24 months | 24,107 | ||
25 to 36 months | 10,314 | ||
Over 36 months | 5,467 | ||
Total | $ | 245,951 |
(1) | Includes $14.4 million of past due loans that were scheduled to enter amortization prior to March 31, 2017. |
At March 31, 2017 | |||||||||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | ||||||||||||||||||||||||||||||
(In Thousands) | Residential | Multi-Family | Commercial Real Estate | Home Equity and Other Consumer | Commercial and Industrial | Total | |||||||||||||||||||||||||
Not criticized | $ | 5,019,425 | $ | 3,984,135 | $ | 673,838 | $ | 130,219 | $ | 89,075 | $ | 9,896,692 | |||||||||||||||||||
Criticized: | |||||||||||||||||||||||||||||||
Special mention | 12,849 | 23,777 | 6,856 | 495 | 1,867 | 45,844 | |||||||||||||||||||||||||
Substandard | 182,496 | 15,852 | 20,181 | 4,139 | 32 | 222,700 | |||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 5,214,770 | $ | 4,023,764 | $ | 700,875 | $ | 134,853 | $ | 90,974 | $ | 10,165,236 |
At December 31, 2016 | |||||||||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | ||||||||||||||||||||||||||||||
(In Thousands) | Residential | Multi-Family | Commercial Real Estate | Home Equity and Other Consumer | Commercial and Industrial | Total | |||||||||||||||||||||||||
Not criticized | $ | 5,158,878 | $ | 4,005,703 | $ | 702,697 | $ | 134,305 | $ | 99,087 | $ | 10,100,670 | |||||||||||||||||||
Criticized: | |||||||||||||||||||||||||||||||
Special mention | 14,922 | 24,804 | 9,235 | 550 | 647 | 50,158 | |||||||||||||||||||||||||
Substandard | 191,563 | 16,115 | 17,327 | 4,483 | 42 | 229,530 | |||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 5,365,363 | $ | 4,046,622 | $ | 729,259 | $ | 139,338 | $ | 99,776 | $ | 10,380,358 |
At March 31, 2017 | |||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | ||||||||||||||||||||
Multi-Family | Commercial Real Estate | ||||||||||||||||||||
(In Thousands) | Residential | Total | |||||||||||||||||||
Loans: | |||||||||||||||||||||
Individually evaluated for impairment | $ | 190,955 | $ | 6,059 | $ | 11,429 | $ | 3,928 | $ | 212,371 | |||||||||||
Collectively evaluated for impairment | 5,023,815 | 4,017,705 | 689,446 | 221,899 | 9,952,865 | ||||||||||||||||
Total loans | $ | 5,214,770 | $ | 4,023,764 | $ | 700,875 | $ | 225,827 | $ | 10,165,236 | |||||||||||
Allowance for loan losses: | |||||||||||||||||||||
Individually evaluated for impairment | $ | 8,691 | $ | 1 | $ | 70 | $ | 286 | $ | 9,048 | |||||||||||
Collectively evaluated for impairment | 25,660 | 33,948 | 8,835 | 5,009 | 73,452 | ||||||||||||||||
Total allowance for loan losses | $ | 34,351 | $ | 33,949 | $ | 8,905 | $ | 5,295 | $ | 82,500 |
At December 31, 2016 | |||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | ||||||||||||||||||||
Multi-Family | Commercial Real Estate | ||||||||||||||||||||
(In Thousands) | Residential | Total | |||||||||||||||||||
Loans: | |||||||||||||||||||||
Individually evaluated for impairment | $ | 192,427 | $ | 7,112 | $ | 10,033 | $ | 4,091 | $ | 213,663 | |||||||||||
Collectively evaluated for impairment | 5,172,936 | 4,039,510 | 719,226 | 235,023 | 10,166,695 | ||||||||||||||||
Total loans | $ | 5,365,363 | $ | 4,046,622 | $ | 729,259 | $ | 239,114 | $ | 10,380,358 | |||||||||||
Allowance for loan losses: | |||||||||||||||||||||
Individually evaluated for impairment | $ | 9,044 | $ | 24 | $ | — | $ | 310 | $ | 9,378 | |||||||||||
Collectively evaluated for impairment | 27,395 | 34,877 | 9,299 | 5,151 | 76,722 | ||||||||||||||||
Total allowance for loan losses | $ | 36,439 | $ | 34,901 | $ | 9,299 | $ | 5,461 | $ | 86,100 |
At March 31, 2017 | At December 31, 2016 | ||||||||||||||||||||||||||||||
(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 | $ | 17,600 | $ | 13,753 | $ | (1,634 | ) | $ | 12,119 | $ | 21,202 | $ | 16,535 | $ | (1,863 | ) | $ | 14,672 | |||||||||||||
Full documentation amortizing | 89,948 | 81,243 | (3,373 | ) | 77,870 | 88,106 | 79,584 | (3,494 | ) | 76,090 | |||||||||||||||||||||
Reduced documentation interest-only | 18,646 | 15,673 | (1,367 | ) | 14,306 | 28,637 | 23,090 | (1,589 | ) | 21,501 | |||||||||||||||||||||
Reduced documentation amortizing | 88,981 | 77,591 | (2,317 | ) | 75,274 | 79,670 | 70,623 | (2,098 | ) | 68,525 | |||||||||||||||||||||
Multi-family | 1,449 | 1,449 | (1 | ) | 1,448 | 2,427 | 2,432 | (24 | ) | 2,408 | |||||||||||||||||||||
Commercial real estate | 2,266 | 2,266 | (70 | ) | 2,196 | — | — | — | — | ||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||
Home equity lines of credit | 4,261 | 3,896 | (286 | ) | 3,610 | 4,414 | 4,049 | (310 | ) | 3,739 | |||||||||||||||||||||
Without an allowance recorded: | |||||||||||||||||||||||||||||||
Mortgage loans: | |||||||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||
Reduced documentation amortizing | 3,123 | 2,695 | — | 2,695 | 2,965 | 2,595 | — | 2,595 | |||||||||||||||||||||||
Multi-family | 5,164 | 4,610 | — | 4,610 | 5,272 | 4,680 | — | 4,680 | |||||||||||||||||||||||
Commercial real estate | 10,812 | 9,163 | — | 9,163 | 11,791 | 10,033 | — | 10,033 | |||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||
Commercial and industrial | 80 | 32 | — | 32 | 90 | 42 | — | 42 | |||||||||||||||||||||||
Total impaired loans | $ | 242,330 | $ | 212,371 | $ | (9,048 | ) | $ | 203,323 | $ | 244,574 | $ | 213,663 | $ | (9,378 | ) | $ | 204,285 |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||
(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 | $ | 15,144 | $ | 153 | $ | 156 | $ | 29,462 | $ | 189 | $ | 186 | |||||||||||
Full documentation amortizing | 80,414 | 624 | 614 | 64,858 | 494 | 478 | |||||||||||||||||
Reduced documentation interest-only | 19,382 | 111 | 103 | 43,118 | 391 | 385 | |||||||||||||||||
Reduced documentation amortizing | 74,107 | 757 | 738 | 57,203 | 525 | 529 | |||||||||||||||||
Multi-family | 1,941 | 26 | 26 | 6,813 | 67 | 79 | |||||||||||||||||
Commercial real estate | 1,133 | 34 | 30 | 3,875 | 6 | 7 | |||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||
Home equity lines of credit | 3,973 | 13 | 13 | 4,753 | 5 | 9 | |||||||||||||||||
Without an allowance recorded: | |||||||||||||||||||||||
Mortgage loans: | |||||||||||||||||||||||
Residential: | |||||||||||||||||||||||
Reduced documentation amortizing | 2,645 | 23 | 21 | — | — | — | |||||||||||||||||
Multi-family | 4,645 | 51 | 55 | 13,375 | 152 | 149 | |||||||||||||||||
Commercial real estate | 9,598 | 128 | 129 | 10,206 | 166 | 171 | |||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||
Commercial and industrial | 37 | 2 | 2 | — | — | — | |||||||||||||||||
Total impaired loans | $ | 213,019 | $ | 1,922 | $ | 1,887 | $ | 233,663 | $ | 1,995 | $ | 1,993 |
Modifications During the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||||||||||||
(Dollars In Thousands) | Number of Loans | Pre- Modification Recorded Investment | Recorded Investment at March 31, 2017 | Number of Loans | Pre- Modification Recorded Investment | Recorded Investment at March 31, 2016 | |||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
Full documentation interest-only | 1 | $ | 196 | $ | 189 | 4 | $ | 888 | $ | 889 | |||||||||||||||||||||||
Full documentation amortizing | 2 | 485 | 482 | 2 | 591 | 589 | |||||||||||||||||||||||||||
Reduced documentation interest-only | 3 | 1,121 | 1,099 | 3 | 1,691 | 1,686 | |||||||||||||||||||||||||||
Reduced documentation amortizing | 4 | 795 | 788 | 3 | 995 | 985 | |||||||||||||||||||||||||||
Total | 10 | $ | 2,597 | $ | 2,558 | 12 | $ | 4,165 | $ | 4,149 |
For the Three Months Ended March 31, | |||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
(Dollars In Thousands) | Number of Loans | Recorded Investment at March 31, 2017 | Number of Loans | Recorded Investment at March 31, 2016 | |||||||||||||||||
Residential: | |||||||||||||||||||||
Full documentation interest-only | 3 | $ | 1,078 | 2 | $ | 533 | |||||||||||||||
Full documentation amortizing | 4 | 1,566 | 2 | 408 | |||||||||||||||||
Reduced documentation interest-only | 2 | 1,063 | 4 | 1,947 | |||||||||||||||||
Reduced documentation amortizing | — | — | 1 | 288 | |||||||||||||||||
Total | 9 | $ | 3,707 | 9 | $ | 3,176 |
Year | Amount | |||||
(In Thousands) | ||||||
2018 | $ | 200,000 | ||||
2019 | 600,000 | |||||
2020 | 300,000 | |||||
Total | $ | 1,100,000 | (1) |
(1) | Callable within the next three months and on a quarterly basis thereafter. |
For the Three Months Ended March 31, | |||||||||||||
(In Thousands, Except Share Data) | 2017 | 2016 | |||||||||||
Net income | $ | 14,407 | $ | 18,565 | |||||||||
Preferred stock dividends | (2,194 | ) | (2,194 | ) | |||||||||
Net income available to common shareholders | 12,213 | 16,371 | |||||||||||
Income allocated to participating securities | (80 | ) | (135 | ) | |||||||||
Net income allocated to common shareholders | $ | 12,133 | $ | 16,236 | |||||||||
Basic weighted average common shares outstanding | 100,585,603 | 100,368,931 | |||||||||||
Dilutive effect of stock options and restricted stock units (1) (2) | — | — | |||||||||||
Diluted weighted average common shares outstanding | 100,585,603 | 100,368,931 | |||||||||||
Basic EPS | $ | 0.12 | $ | 0.16 | |||||||||
Diluted EPS | $ | 0.12 | $ | 0.16 |
(1) | Excludes options to purchase 933 shares of common stock which were outstanding during the three months ended March 31, 2017 and options to purchase 6,989 shares of common stock which were outstanding during the three months ended March 31, 2016 because their inclusion would be anti-dilutive. |
(2) | Excludes 490,387 unvested restricted stock units which were outstanding during the three months ended March 31, 2017 and 747,132 unvested restricted stock units which were outstanding during the three months ended March 31, 2016 because the performance conditions have not been satisfied. |
(In Thousands) | At December 31, 2016 | Other Comprehensive (Loss) Income | At March 31, 2017 | ||||||||||||||
Net unrealized gain on securities available-for-sale | $ | 2,261 | $ | (432 | ) | $ | 1,829 | ||||||||||
Net actuarial loss on pension plans and other postretirement benefits | (56,207 | ) | 371 | (55,836 | ) | ||||||||||||
Prior service cost on pension plans and other postretirement benefits | (2,935 | ) | 29 | (2,906 | ) | ||||||||||||
Accumulated other comprehensive loss | $ | (56,881 | ) | $ | (32 | ) | $ | (56,913 | ) | ||||||||
(In Thousands) | At December 31, 2015 | Other Comprehensive Income | At March 31, 2016 | ||||||||||||||
Net unrealized gain on securities available-for-sale | $ | 2,827 | $ | 3,985 | $ | 6,812 | |||||||||||
Net actuarial loss on pension plans and other postretirement benefits | (58,396 | ) | 397 | (57,999 | ) | ||||||||||||
Prior service cost on pension plans and other postretirement benefits | (3,048 | ) | 28 | (3,020 | ) | ||||||||||||
Accumulated other comprehensive loss | $ | (58,617 | ) | $ | 4,410 | $ | (54,207 | ) | |||||||||
For the Three Months Ended March 31, 2017 | |||||||||||||||||
(In Thousands) | Before Tax Amount | Income Tax Benefit (Expense) | After Tax Amount | ||||||||||||||
Net unrealized holding loss on securities available-for-sale arising during the period | $ | (724 | ) | $ | 292 | $ | (432 | ) | |||||||||
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | 623 | (252 | ) | 371 | |||||||||||||
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income | 48 | (19 | ) | 29 | |||||||||||||
Other comprehensive loss | $ | (53 | ) | $ | 21 | $ | (32 | ) |
For the Three Months Ended March 31, 2016 | |||||||||||||||||
(In Thousands) | Before Tax Amount | Income Tax (Expense) Benefit | After Tax Amount | ||||||||||||||
Net unrealized gain on securities available-for-sale: | |||||||||||||||||
Net unrealized holding gain on securities arising during the period | $ | 6,774 | $ | (2,738 | ) | $ | 4,036 | ||||||||||
Reclassification adjustment for gain on sales of securities included in net income | (86 | ) | 35 | (51 | ) | ||||||||||||
Net unrealized gain on securities available-for-sale | 6,688 | (2,703 | ) | 3,985 | |||||||||||||
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | 667 | (270 | ) | 397 | |||||||||||||
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income | 47 | (19 | ) | 28 | |||||||||||||
Other comprehensive income | $ | 7,402 | $ | (2,992 | ) | $ | 4,410 |
For the Three Months Ended March 31, | Income Statement Line Item | ||||||||||||
(In Thousands) | 2017 | 2016 | |||||||||||
Reclassification adjustment for gain on sales of securities | $ | — | $ | 86 | Gain on sales of securities | ||||||||
Reclassification adjustment for net actuarial loss (1) | (623 | ) | (667 | ) | Compensation and benefits | ||||||||
Reclassification adjustment for prior service cost (1) | (48 | ) | (47 | ) | Compensation and benefits | ||||||||
Total reclassifications, before tax | (671 | ) | (628 | ) | |||||||||
Income tax effect | 271 | 254 | Income tax expense | ||||||||||
Total reclassifications, net of tax | $ | (400 | ) | $ | (374 | ) | Net income |
(1) | These other comprehensive income/loss components are included in the computations of net periodic cost/benefit for our defined benefit pension plans and other postretirement benefit plan. See Note 8 for additional details. |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
For the Three Months Ended March 31, | For the Three Months Ended March 31, | ||||||||||||||||||||||
(In Thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Service cost | $ | — | $ | — | $ | 490 | $ | 472 | |||||||||||||||
Interest cost | 2,430 | 2,536 | 255 | 263 | |||||||||||||||||||
Expected return on plan assets | (3,097 | ) | (3,058 | ) | — | — | |||||||||||||||||
Recognized net actuarial loss (gain) | 722 | 734 | (99 | ) | (67 | ) | |||||||||||||||||
Amortization of prior service cost | 48 | 47 | — | — | |||||||||||||||||||
Settlement | 61 | — | — | — | |||||||||||||||||||
Net periodic cost | $ | 164 | $ | 259 | $ | 646 | $ | 668 |
Restricted Common Stock | Restricted Stock Units | ||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | Number of Units | Weighted Average Grant Date Fair Value | ||||||||||||||||||
Unvested at January 1, 2017 | 639,329 | $ | 14.40 | 705,600 | $ | 12.41 | |||||||||||||||
Granted | 521,784 | 19.80 | — | — | |||||||||||||||||
Vested | (21,790 | ) | (12.62 | ) | — | — | |||||||||||||||
Forfeited | (2,910 | ) | (14.85 | ) | (1,000 | ) | (12.64 | ) | |||||||||||||
Expired | — | — | (327,800 | ) | (1) | (12.14 | ) | ||||||||||||||
Unvested at March 31, 2017 | 1,136,413 | 16.91 | 376,800 | 12.64 |
(1) | Expired on February 1, 2017. Performance-based conditions were not achieved. |
At March 31, 2017 | |||||||||||||||||||||||||||||||||
Actual | Minimum Capital Requirements | Minimum Capital Requirements with Conservation Buffer | To be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||
Astoria Financial Corporation: | |||||||||||||||||||||||||||||||||
Tier 1 leverage | $ | 1,583,061 | 11.12 | % | $ | 569,684 | 4.00 | % | N/A | N/A | $ | 712,105 | 5.00 | % | |||||||||||||||||||
Common equity tier 1 risk-based | 1,455,879 | 18.02 | 363,516 | 4.50 | $ | 464,492 | 5.75 | % | 525,078 | 6.50 | |||||||||||||||||||||||
Tier 1 risk-based | 1,583,061 | 19.60 | 484,688 | 6.00 | 585,664 | 7.25 | 646,250 | 8.00 | |||||||||||||||||||||||||
Total risk-based | 1,665,994 | 20.62 | 646,250 | 8.00 | 747,227 | 9.25 | 807,813 | 10.00 | |||||||||||||||||||||||||
Astoria Bank: | |||||||||||||||||||||||||||||||||
Tier 1 leverage | $ | 1,762,569 | 12.44 | % | $ | 566,931 | 4.00 | % | N/A | N/A | $ | 708,664 | 5.00 | % | |||||||||||||||||||
Common equity tier 1 risk-based | 1,762,569 | 21.86 | 362,844 | 4.50 | $ | 463,634 | 5.75 | % | 524,108 | 6.50 | |||||||||||||||||||||||
Tier 1 risk-based | 1,762,569 | 21.86 | 483,792 | 6.00 | 584,582 | 7.25 | 645,056 | 8.00 | |||||||||||||||||||||||||
Total risk-based | 1,845,502 | 22.89 | 645,056 | 8.00 | 745,846 | 9.25 | 806,320 | 10.00 |
At December 31, 2016 | |||||||||||||||||||||||||||||||||
Actual | Minimum Capital Requirements | Minimum Capital Requirements with Conservation Buffer | To be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||
Astoria Financial Corporation: | |||||||||||||||||||||||||||||||||
Tier 1 leverage | $ | 1,572,750 | 10.85 | % | $ | 579,829 | 4.00 | % | N/A | N/A | $ | 724,786 | 5.00 | % | |||||||||||||||||||
Common equity tier 1 risk-based | 1,448,341 | 17.29 | 376,857 | 4.50 | $ | 429,199 | 5.125 | % | 544,350 | 6.50 | |||||||||||||||||||||||
Tier 1 risk-based | 1,572,750 | 18.78 | 502,477 | 6.00 | 554,818 | 6.625 | 669,969 | 8.00 | |||||||||||||||||||||||||
Total risk-based | 1,659,221 | 19.81 | 669,969 | 8.00 | 722,310 | 8.625 | 837,461 | 10.00 | |||||||||||||||||||||||||
Astoria Bank: | |||||||||||||||||||||||||||||||||
Tier 1 leverage | $ | 1,742,580 | 12.09 | % | $ | 576,660 | 4.00 | % | N/A | N/A | $ | 720,825 | 5.00 | % | |||||||||||||||||||
Common equity tier 1 risk-based | 1,742,580 | 20.85 | 376,129 | 4.50 | $ | 428,369 | 5.125 | % | 543,297 | 6.50 | |||||||||||||||||||||||
Tier 1 risk-based | 1,742,580 | 20.85 | 501,505 | 6.00 | 553,745 | 6.625 | 668,673 | 8.00 | |||||||||||||||||||||||||
Total risk-based | 1,829,051 | 21.88 | 668,673 | 8.00 | 720,913 | 8.625 | 835,841 | 10.00 |
• | Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. |
• | Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. |
• | Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. |
Carrying Value at March 31, 2017 | |||||||||||
(In Thousands) | Total | Level 1 | Level 2 | ||||||||
Securities available-for-sale: | |||||||||||
Residential mortgage-backed securities: | |||||||||||
GSE issuance REMICs and CMOs | $ | 227,292 | $ | — | $ | 227,292 | |||||
Non-GSE issuance REMICs and CMOs | 1,136 | — | 1,136 | ||||||||
GSE pass-through certificates | 8,576 | — | 8,576 | ||||||||
Obligations of GSEs | 28,893 | — | 28,893 | ||||||||
Fannie Mae stock | 2 | 2 | — | ||||||||
Total securities available-for-sale | $ | 265,899 | $ | 2 | $ | 265,897 | |||||
Carrying Value at December 31, 2016 | |||||||||||
(In Thousands) | Total | Level 1 | Level 2 | ||||||||
Securities available-for-sale: | |||||||||||
Residential mortgage-backed securities: | |||||||||||
GSE issuance REMICs and CMOs | $ | 240,793 | $ | — | $ | 240,793 | |||||
Non-GSE issuance REMICs and CMOs | 1,443 | — | 1,443 | ||||||||
GSE pass-through certificates | 8,930 | — | 8,930 | ||||||||
Obligations of GSEs | 28,875 | — | 28,875 | ||||||||
Fannie Mae stock | 4 | 4 | — | ||||||||
Total securities available-for-sale | $ | 280,045 | $ | 4 | $ | 280,041 |
Carrying Value | |||||||||||
(In Thousands) | At March 31, 2017 | At December 31, 2016 | |||||||||
Non-performing loans held-for-sale, net | $ | 141 | $ | 143 | |||||||
Impaired loans | 124,766 | 124,101 | |||||||||
MSR, net | 10,237 | 10,130 | |||||||||
REO, net | 13,500 | 14,428 | |||||||||
Total | $ | 148,644 | $ | 148,802 |
For the Three Months Ended March 31, | |||||||||||
(In Thousands) | 2017 | 2016 | |||||||||
Non-performing loans held-for-sale, net (1) | $ | — | $ | — | |||||||
Impaired loans (2) | (1,704 | ) | (1,858 | ) | |||||||
MSR, net (3) | 215 | (877 | ) | ||||||||
REO, net (4) | (623 | ) | (250 | ) | |||||||
Total | $ | (2,112 | ) | $ | (2,985 | ) |
(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) | Gains (losses) are credited/charged to mortgage banking income, net. |
(4) | Upon the transfer of a loan to REO, losses are charged to the allowance for loan losses and gains are credited to the allowance for loan losses, to the extent of prior period loan charge-offs taken, or credited to fair value gain which is a component of other non-interest income. Losses subsequent to the transfer of a loan to REO are charged to REO expense which is a component of other non-interest expense. |
At March 31, 2017 | |||||||||||||||
Carrying Value | Estimated Fair Value | ||||||||||||||
(In Thousands) | Total | Level 2 | Level 3 | ||||||||||||
Financial Assets: | |||||||||||||||
Securities held-to-maturity | $ | 2,769,376 | $ | 2,721,723 | $ | 2,721,723 | $ | — | |||||||
FHLB-NY stock | 107,166 | 107,166 | 107,166 | — | |||||||||||
Loans held-for-sale, net (1) | 6,236 | 6,360 | — | 6,360 | |||||||||||
Loans receivable, net (1) | 10,118,466 | 10,097,856 | — | 10,097,856 | |||||||||||
MSR, net (1) | 10,237 | 10,240 | — | 10,240 | |||||||||||
Financial Liabilities: | |||||||||||||||
Deposits | 8,990,247 | 8,998,724 | 8,998,724 | — | |||||||||||
Borrowings, net | 3,244,885 | 3,339,515 | 3,339,515 | — |
At December 31, 2016 | |||||||||||||||
Carrying Value | Estimated Fair Value | ||||||||||||||
(In Thousands) | Total | Level 2 | Level 3 | ||||||||||||
Financial Assets: | |||||||||||||||
Securities held-to-maturity | $ | 2,740,132 | $ | 2,690,546 | $ | 2,690,546 | $ | — | |||||||
FHLB-NY stock | 124,807 | 124,807 | 124,807 | — | |||||||||||
Loans held-for-sale, net (1) | 11,584 | 11,589 | — | 11,589 | |||||||||||
Loans receivable, net (1) | 10,331,087 | 10,318,246 | — | 10,318,246 | |||||||||||
MSR, net (1) | 10,130 | 10,133 | — | 10,133 | |||||||||||
Financial Liabilities: | |||||||||||||||
Deposits | 8,877,055 | 8,887,745 | 8,887,745 | — | |||||||||||
Borrowings, net | 3,634,752 | 3,747,657 | 3,747,657 | — |
(1) | Includes assets measured at fair value on a non-recurring basis. |
• | the timing and occurrence or non-occurrence of events that may be subject to circumstances beyond our control; |
• | increases in competitive pressure among financial institutions or from non-financial institutions; |
• | changes in the interest rate environment; |
• | changes in deposit flows, loan demand or collateral values; |
• | changes in accounting principles, policies or guidelines; |
• | changes in general economic conditions, either nationally or locally in some or all areas in which we do business, or conditions in the real estate or securities markets or the banking industry; |
• | legislative or regulatory changes, including those that may be implemented by the new administration in Washington, D.C.; |
• | supervision and examination by the OCC, the FRB and the Consumer Financial Protection Bureau; |
• | effects of changes in existing U.S. government or government-sponsored mortgage programs; |
• | our ability to successfully implement technological changes; |
• | our ability to successfully consummate new business initiatives; |
• | litigation or other matters before regulatory agencies, whether currently existing or commencing in the future; |
• | our ability to implement enhanced risk management policies, procedures and controls commensurate with shifts in our business strategies and regulatory expectations; |
• | the actual results of the proposed Sterling Merger could vary materially as a result of a number of factors, including the possibility that various closing conditions for the transaction may not be satisfied or waived, and the Sterling Merger Agreement could be terminated under certain circumstances; |
• | the potential impact of the proposed Sterling Merger on relationships with third parties, including customers, employees and competitors; and |
• | delays in closing the Sterling Merger. |
Borrowings | Certificates of Deposit | |||||||||||||||
Weighted Average Rate | Weighted Average Rate | |||||||||||||||
(Dollars in Millions) | Amount | Amount | ||||||||||||||
Contractual Maturity: | ||||||||||||||||
12 months or less | $ | 1,295 | (1) | 1.73 | % | $ | 597 | 0.57 | % | |||||||
13 to 36 months | 800 | (2) | 3.56 | 608 | 1.27 | |||||||||||
37 to 60 months | 1,150 | (2) | 3.54 | 368 | 1.52 | |||||||||||
Over 60 months | — | — | 1 | 1.64 | ||||||||||||
Total | $ | 3,245 | 2.82 | % | $ | 1,574 | 1.06 | % |
(1) | Includes $250.0 million of 5.00% senior notes, which mature on June 19, 2017. |
(2) | Callable by the counterparty within the next three months and on a quarterly basis thereafter. |
Payments Due by Period | |||||||||||||||||||||
(In Thousands) | Total | Less than One Year | Over One to Three Years | Over Three to Five Years | More than Five Years | ||||||||||||||||
On-balance sheet contractual obligations: | |||||||||||||||||||||
Borrowings with original terms greater than three months | $ | 2,900,000 | $ | 950,000 | $ | 800,000 | $ | 1,150,000 | $ | — | |||||||||||
Off-balance sheet contractual obligations: (1) | |||||||||||||||||||||
Commitments to originate and purchase loans (2) | 287,805 | 287,805 | — | — | — | ||||||||||||||||
Commitments to fund unused lines of credit (3) | 221,862 | 221,862 | — | — | — | ||||||||||||||||
Total | $ | 3,409,667 | $ | 1,459,667 | $ | 800,000 | $ | 1,150,000 | $ | — |
(1) | Excludes contractual obligations related to operating lease commitments which have not changed significantly since December 31, 2016. |
(2) | Includes commitments to originate loans held-for-sale of $9.5 million. |
(3) | Includes commitments to fund commercial and industrial lines of credit of $152.1 million, home equity lines of credit of $39.0 million, and other consumer lines of credit of $30.8 million. |
For the Three Months Ended March 31, | |||||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||||
(Dollars in Thousands) | Average Balance | Interest | Average Yield/ Cost | Average Balance | Interest | Average Yield/ Cost | |||||||||||||||||||
(Annualized) | (Annualized) | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||
Mortgage loans (1): | |||||||||||||||||||||||||
Residential | $ | 5,335,844 | $ | 44,060 | 3.30 | % | $ | 5,961,860 | $ | 47,375 | 3.18 | % | |||||||||||||
Multi-family and commercial real estate | 4,745,176 | 43,406 | 3.66 | 4,878,436 | 46,805 | 3.84 | |||||||||||||||||||
Consumer and other loans (1) | 233,042 | 2,292 | 3.93 | 253,518 | 2,372 | 3.74 | |||||||||||||||||||
Total loans | 10,314,062 | 89,758 | 3.48 | 11,093,814 | 96,552 | 3.48 | |||||||||||||||||||
Mortgage-backed and other securities (2) | 2,989,831 | 18,000 | 2.41 | 2,729,321 | 16,904 | 2.48 | |||||||||||||||||||
Interest-earning cash accounts | 119,036 | 161 | 0.54 | 162,233 | 120 | 0.30 | |||||||||||||||||||
FHLB-NY stock | 116,811 | 1,794 | 6.14 | 132,896 | 1,421 | 4.28 | |||||||||||||||||||
Total interest-earning assets | 13,539,740 | 109,713 | 3.24 | 14,118,264 | 114,997 | 3.26 | |||||||||||||||||||
Goodwill | 185,151 | 185,151 | |||||||||||||||||||||||
Other non-interest-earning assets | 713,627 | 743,391 | |||||||||||||||||||||||
Total assets | $ | 14,438,518 | $ | 15,046,806 | |||||||||||||||||||||
Liabilities and stockholders’ equity: | |||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||
NOW and demand deposit (3) | $ | 2,500,385 | $ | 201 | 0.03 | $ | 2,375,285 | $ | 195 | 0.03 | |||||||||||||||
Money market | 2,754,002 | 1,887 | 0.27 | 2,608,009 | 1,765 | 0.27 | |||||||||||||||||||
Savings | 2,048,919 | 252 | 0.05 | 2,125,860 | 265 | 0.05 | |||||||||||||||||||
Total core deposits | 7,303,306 | 2,340 | 0.13 | 7,109,154 | 2,225 | 0.13 | |||||||||||||||||||
Certificates of deposit | 1,585,512 | 4,019 | 1.01 | 1,904,346 | 5,237 | 1.10 | |||||||||||||||||||
Total deposits | 8,888,818 | 6,359 | 0.29 | 9,013,500 | 7,462 | 0.33 | |||||||||||||||||||
Borrowings | 3,458,473 | 23,239 | 2.69 | 3,962,709 | 24,283 | 2.45 | |||||||||||||||||||
Total interest-bearing liabilities | 12,347,291 | 29,598 | 0.96 | 12,976,209 | 31,745 | 0.98 | |||||||||||||||||||
Non-interest-bearing liabilities | 372,167 | 398,179 | |||||||||||||||||||||||
Total liabilities | 12,719,458 | 13,374,388 | |||||||||||||||||||||||
Stockholders’ equity | 1,719,060 | 1,672,418 | |||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 14,438,518 | $ | 15,046,806 | |||||||||||||||||||||
Net interest income/ net interest rate spread (4) | $ | 80,115 | 2.28 | % | $ | 83,252 | 2.28 | % | |||||||||||||||||
Net interest-earning assets/ net interest margin (5) | $ | 1,192,449 | 2.37 | % | $ | 1,142,055 | 2.36 | % | |||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 1.10 x | 1.09 x |
(1) | Mortgage loans and consumer and other loans include loans held-for-sale and non-performing loans and exclude the allowance for loan losses. |
(2) | Securities available-for-sale are included at average amortized cost. |
(3) | NOW and demand deposit accounts include non-interest bearing accounts with an average balance of $1.06 billion for the three months ending March 31, 2017 and $1.00 billion for the three months ending March 31, 2016. |
(4) | Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities. |
(5) | Net interest margin represents net interest income divided by average interest-earning assets. |
Increase (Decrease) for the Three Months ended March 31, 2017 Compared to the Three Months ended March 31, 2016 | |||||||||||
(In Thousands) | Volume | Rate | Net | ||||||||
Interest-earning assets: | |||||||||||
Mortgage loans: | |||||||||||
Residential | $ | (5,070 | ) | $ | 1,755 | $ | (3,315 | ) | |||
Multi-family and commercial real estate | (1,251 | ) | (2,148 | ) | (3,399 | ) | |||||
Consumer and other loans | (197 | ) | 117 | (80 | ) | ||||||
Mortgage-backed and other securities | 1,583 | (487 | ) | 1,096 | |||||||
Interest-earning cash accounts | (38 | ) | 79 | 41 | |||||||
FHLB-NY stock | (188 | ) | 561 | 373 | |||||||
Total | (5,161 | ) | (123 | ) | (5,284 | ) | |||||
Interest-bearing liabilities: | |||||||||||
NOW and demand deposit | 6 | — | 6 | ||||||||
Money market | 122 | — | 122 | ||||||||
Savings | (13 | ) | — | (13 | ) | ||||||
Certificates of deposit | (819 | ) | (399 | ) | (1,218 | ) | |||||
Borrowings | (3,277 | ) | 2,233 | (1,044 | ) | ||||||
Total | (3,981 | ) | 1,834 | (2,147 | ) | ||||||
Net change in net interest income | $ | (1,180 | ) | $ | (1,957 | ) | $ | (3,137 | ) |
At March 31, 2017 | At December 31, 2016 | ||||||||||||
(Dollars in Thousands) | Amount | Percent of Total | Amount | Percent of Total | |||||||||
Residential mortgage loans: | |||||||||||||
Full documentation interest-only (1) | $ | 177,860 | 3.41 | % | $ | 230,986 | 4.31 | % | |||||
Full documentation amortizing (2) | 4,335,894 | 83.15 | 4,402,605 | 82.05 | |||||||||
Reduced documentation interest-only (1)(3) | 68,091 | 1.31 | 99,561 | 1.86 | |||||||||
Reduced documentation amortizing (3)(4) | 632,925 | 12.13 | 632,211 | 11.78 | |||||||||
Total residential mortgage loans | $ | 5,214,770 | 100.00 | % | $ | 5,365,363 | 100.00 | % |
(1) | Includes interest-only hybrid ARM loans originated prior to 2007 which were underwritten at the initial note rate, which may have been a discounted rate, totaling $12.6 million at March 31, 2017 and $45.4 million at December 31, 2016. |
(2) | Includes loans previously categorized as full documentation interest-only that have converted to full documentation amortizing status totaling $919.4 million at March 31, 2017 and $941.3 million at December 31, 2016. |
(3) | Includes SISA loans totaling $109.3 million at March 31, 2017 and $114.8 million at December 31, 2016. |
(4) | Includes loans previously categorized as reduced documentation interest-only that have converted to reduced documentation amortizing status totaling $477.1 million at March 31, 2017 and $471.8 million at December 31, 2016. |
(Dollars in Thousands) | At March 31, 2017 | At December 31, 2016 | |||||||||
Non-performing loans (1) (2): | |||||||||||
Mortgage loans: | |||||||||||
Residential | $ | 125,559 | $ | 133,994 | |||||||
Multi-family | 3,705 | 4,381 | |||||||||
Commercial real estate | 6,595 | 5,336 | |||||||||
Consumer and other loans | 4,171 | 4,525 | |||||||||
Total non-performing loans | 140,030 | 148,236 | |||||||||
REO, net (3) | 13,500 | 15,144 | |||||||||
Total non-performing assets | $ | 153,530 | $ | 163,380 | |||||||
Non-performing loans to total loans | 1.37 | % | 1.42 | % | |||||||
Non-performing loans to total assets | 0.98 | 1.02 | |||||||||
Non-performing assets to total assets | 1.07 | 1.12 | |||||||||
Allowance for loan losses to non-performing loans | 58.92 | 58.08 | |||||||||
Allowance for loan losses to total loans | 0.81 | 0.83 |
(1) | Non-performing loans, substantially all of which are non-accrual loans, included loans modified in a TDR totaling $51.2 million at March 31, 2017 and $58.6 million at December 31, 2016. Non-performing loans exclude loans held-for-sale and loans which have been modified in a TDR that have been returned to accrual status. |
(2) | Includes mortgage loans 90 days or more past due, primarily as to their maturity date but not their interest due, and still accruing interest totaling $1.6 million at March 31, 2017. There were no such loans at December 31, 2016. |
(3) | REO, all of which were residential properties, is net of a valuation allowance of $1.4 million at March 31, 2017 and $1.2 million at December 31, 2016. |
At March 31, 2017 | At December 31, 2016 | ||||||||||||
(Dollars in Thousands) | Amount | Percent of Total | Amount | Percent of Total | |||||||||
Non-performing residential mortgage loans: | |||||||||||||
Full documentation interest-only | $ | 9,950 | 7.92 | % | $ | 14,090 | 10.52 | % | |||||
Full documentation amortizing | 57,241 | 45.59 | 57,205 | 42.69 | |||||||||
Reduced documentation interest-only | 11,422 | 9.10 | 15,392 | 11.49 | |||||||||
Reduced documentation amortizing | 46,946 | 37.39 | 47,307 | 35.30 | |||||||||
Total non-performing residential mortgage loans (1) | $ | 125,559 | 100.00 | % | $ | 133,994 | 100.00 | % |
(1) | Includes $26.6 million of loans less than 90 days past due at March 31, 2017, of which $21.9 million were current, and includes $32.4 million of loans less than 90 days past due at December 31, 2016, of which $27.5 million were current. |
Residential Mortgage Loans At March 31, 2017 | ||||||||||||||||||||||||||
(Dollars in Millions) | Total Loans | Percent of Total Loans | Total Non-Performing Loans (1) | Percent of Total Non-Performing Loans | Non-Performing Loans as Percent of State Totals | |||||||||||||||||||||
State: | ||||||||||||||||||||||||||
New York | $ | 1,607.3 | 30.8 | % | $ | 14.1 | 11.2 | % | 0.88 | % | ||||||||||||||||
Connecticut | 488.8 | 9.4 | 15.6 | 12.4 | 3.19 | |||||||||||||||||||||
Massachusetts | 429.9 | 8.2 | 4.4 | 3.5 | 1.02 | |||||||||||||||||||||
New Jersey | 399.8 | 7.7 | 24.7 | 19.8 | 6.18 | |||||||||||||||||||||
Virginia | 397.3 | 7.6 | 12.7 | 10.1 | 3.20 | |||||||||||||||||||||
Illinois | 381.6 | 7.3 | 15.7 | 12.5 | 4.11 | |||||||||||||||||||||
Maryland | 341.9 | 6.6 | 19.5 | 15.5 | 5.70 | |||||||||||||||||||||
California | 276.9 | 5.3 | 8.6 | 6.8 | 3.11 | |||||||||||||||||||||
Washington | 216.4 | 4.1 | — | — | — | |||||||||||||||||||||
Texas | 119.5 | 2.3 | — | — | — | |||||||||||||||||||||
All other states (2)(3) | 555.4 | 10.7 | 10.3 | 8.2 | 1.85 | |||||||||||||||||||||
Total | $ | 5,214.8 | 100.0 | % | $ | 125.6 | 100.0 | % | 2.41 | % |
(1) | Includes $26.6 million of loans which were current or less than 90 days past due. |
(2) | Includes 25 states and Washington, D.C. |
(3) | Includes Florida with $81.4 million of total loans, of which $2.7 million were non-performing loans. |
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | ||||||||||||||||||||||||
(Dollars in Thousands) | Number of Loans | Amount | Number of Loans | Amount | Number of Loans | Amount | ||||||||||||||||||||
At March 31, 2017: | ||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||
Residential | 192 | $ | 61,640 | 49 | $ | 16,106 | 307 | $ | 98,979 | |||||||||||||||||
Multi-family | 24 | 5,599 | 4 | 547 | 10 | 558 | ||||||||||||||||||||
Commercial real estate | 3 | 2,375 | 1 | 521 | 2 | 2,266 | ||||||||||||||||||||
Consumer and other loans | 28 | 1,984 | 7 | 495 | 34 | 4,171 | ||||||||||||||||||||
Total delinquent loans | 247 | $ | 71,598 | 61 | $ | 17,669 | 353 | $ | 105,974 | |||||||||||||||||
Delinquent loans to total loans | 0.70 | % | 0.17 | % | 1.04 | % | ||||||||||||||||||||
At December 31, 2016: | ||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||
Residential | 240 | $ | 72,445 | 59 | $ | 18,314 | 315 | $ | 101,563 | |||||||||||||||||
Multi-family | 17 | 1,488 | 5 | 1,406 | 12 | 1,244 | ||||||||||||||||||||
Commercial real estate | 3 | 2,262 | 2 | 1,298 | — | — | ||||||||||||||||||||
Consumer and other loans | 37 | 1,281 | 20 | 1,197 | 39 | 4,525 | ||||||||||||||||||||
Total delinquent loans | 297 | $ | 77,476 | 86 | $ | 22,215 | 366 | $ | 107,332 | |||||||||||||||||
Delinquent loans to total loans | 0.74 | % | 0.21 | % | 1.03 | % |
For the Three Months Ended March 31, | ||||||||||
(In Thousands) | 2017 | 2016 | ||||||||
Balance at January 1, | $ | 86,100 | $ | 98,000 | ||||||
Provision credited to operations | (2,486 | ) | (3,127 | ) | ||||||
Charge-offs: | ||||||||||
Residential | (2,235 | ) | (1,665 | ) | ||||||
Multi-family | (34 | ) | (310 | ) | ||||||
Commercial real estate | — | — | ||||||||
Consumer and other loans | (112 | ) | (765 | ) | ||||||
Total charge-offs | (2,381 | ) | (2,740 | ) | ||||||
Recoveries: | ||||||||||
Residential | 1,048 | 954 | ||||||||
Multi-family | 39 | 1,043 | ||||||||
Commercial real estate | 109 | — | ||||||||
Consumer and other loans | 71 | 70 | ||||||||
Total recoveries | 1,267 | 2,067 | ||||||||
Net charge-offs | (1,114 | ) | (673 | ) | ||||||
Balance at March 31, | $ | 82,500 | $ | 94,200 |
At March 31, 2017 | |||||||||||||||||||
(Dollars in Thousands) | One Year or Less | More than One Year to Three Years | More than Three Years to Five Years | More than Five Years | Total | ||||||||||||||
Interest-earning assets: | |||||||||||||||||||
Mortgage loans (1) | $ | 4,074,870 | $ | 2,614,136 | $ | 1,378,467 | $ | 1,805,429 | $ | 9,872,902 | |||||||||
Consumer and other loans (1) | 188,455 | 19,239 | 10,408 | 4,387 | 222,489 | ||||||||||||||
Interest-earning cash accounts | 109,972 | — | — | — | 109,972 | ||||||||||||||
Securities available-for-sale (2) | 46,087 | 42,140 | 31,282 | 149,253 | 268,762 | ||||||||||||||
Securities held-to-maturity | 318,260 | 466,207 | 352,370 | 1,632,539 | 2,769,376 | ||||||||||||||
FHLB-NY stock | — | — | — | 107,166 | 107,166 | ||||||||||||||
Total interest-earning assets | 4,737,644 | 3,141,722 | 1,772,527 | 3,698,774 | 13,350,667 | ||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||
Savings | 295,735 | 390,443 | 281,174 | 1,090,299 | 2,057,651 | ||||||||||||||
Money market | 1,390,777 | 834,396 | 556,382 | — | 2,781,555 | ||||||||||||||
NOW and demand deposit | 100,082 | 240,951 | 215,337 | 2,021,089 | 2,577,459 | ||||||||||||||
Certificates of deposit | 597,788 | 607,958 | 367,836 | — | 1,573,582 | ||||||||||||||
Borrowings, net (3) | 1,294,885 | 1,850,000 | 100,000 | — | 3,244,885 | ||||||||||||||
Total interest-bearing liabilities | 3,679,267 | 3,923,748 | 1,520,729 | 3,111,388 | 12,235,132 | ||||||||||||||
Interest rate sensitivity gap | 1,058,377 | (782,026 | ) | 251,798 | 587,386 | $ | 1,115,535 | ||||||||||||
Cumulative interest rate sensitivity gap | $ | 1,058,377 | $ | 276,351 | $ | 528,149 | $ | 1,115,535 | |||||||||||
Cumulative interest rate sensitivity gap as a percentage of total assets | 7.38 | % | 1.93 | % | 3.68 | % | 7.78 | % | |||||||||||
Cumulative net interest-earning assets as a percentage of interest-bearing liabilities | 128.77 | % | 103.63 | % | 105.79 | % | 109.12 | % |
(1) | Mortgage loans and consumer and other loans include loans held-for-sale and exclude non-accrual loans, except non-accrual residential mortgage loans which are current or less than 90 days past due, and the allowance for loan losses. |
(2) | At amortized cost. |
(3) | Classified according to projected repricing, maturity or call date. |
See Index of Exhibits on page 77. |
Astoria Financial Corporation | |||||
Dated: | May 5, 2017 | By: | /s/ | Monte N. Redman | |
Monte N. Redman | |||||
President and Chief Executive Officer | |||||
Dated: | May 5, 2017 | By: | /s/ | Frank E. Fusco | |
Frank E. Fusco | |||||
Senior Executive Vice President and | |||||
Chief Financial Officer | |||||
(Principal Accounting Officer) | |||||
Dated: | May 5, 2017 | By: | /s/ | John F. Kennedy | |
John F. Kennedy | |||||
Senior Vice President and | |||||
Chief Accounting Officer |
Exhibit No. | Identification of Exhibit | |
2.1 | Agreement and Plan of Merger by and between Astoria Financial Corporation and Sterling Bancorp, dated March 6, 2017. (1) | |
31.1 | Certifications of Chief Executive Officer. (*) | |
31.2 | Certifications of Chief Financial Officer. (*) | |
32.1 | Written Statement of Chief Executive Officer and Chief Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Pursuant to SEC rules, this exhibit will not be deemed filed for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section. (*) | |
101.INS | XBRL Instance Document (*) | |
101.SCH | XBRL Taxonomy Extension Schema Document (*) | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document (*) | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document (*) | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document (*) | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document (*) |
(1) | Incorporated by reference to Astoria Financial Corporation’s Current Report on Form 8-K, dated March 6, 2017, filed with the Securities and Exchange Commission on March 9, 2017 (File Number 001-11967). |
I, Monte N. Redman, certify that: | ||
1. | I have reviewed this Quarterly Report on Form 10-Q of Astoria Financial Corporation; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): | |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | May 5, 2017 | |
/s/ Monte N. Redman | ||
Monte N. Redman | ||
President and Chief Executive Officer | ||
Astoria Financial Corporation |
I, Frank E. Fusco, certify that: | ||
1. | I have reviewed this Quarterly Report on Form 10-Q of Astoria Financial Corporation; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): | |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | May 5, 2017 | |
/s/ Frank E. Fusco | ||
Frank E. Fusco | ||
Senior Executive Vice President and Chief Financial Officer | ||
Astoria Financial Corporation |
(A) | the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)) and |
(B) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods covered by the Report. |
May 5, 2017 | /s/ | Monte N. Redman | |
Dated | Monte N. Redman | ||
President and Chief Executive Officer | |||
May 5, 2017 | /s/ | Frank E. Fusco | |
Dated | Frank E. Fusco | ||
Senior Executive Vice President and | |||
Chief Financial Officer |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Apr. 28, 2017 |
|
Document and Entity Information | ||
Entity Registrant Name | ASTORIA FINANCIAL CORP | |
Entity Central Index Key | 0000910322 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 101,725,639 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q1 |
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Held-to-maturity securities, fair value | $ 2,721,723 | $ 2,690,546 |
Preferred stock, par value (in dollars per share) | $ 1.00 | $ 1.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 166,494,888 | 166,494,888 |
Common stock, shares outstanding | 101,731,174 | 101,210,478 |
Treasury stock, shares | 64,763,714 | 65,284,410 |
Series C Preferred Stock | ||
Preferred stock, shares authorized | 150,000 | 150,000 |
Preferred stock, shares issued | 135,000 | 135,000 |
Preferred stock, shares outstanding | 135,000 | 135,000 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 14,407 | $ 18,565 |
Net unrealized (loss) gain on securities available-for-sale: | ||
Net unrealized holding (loss) gain on securities arising during the period | (432) | 4,036 |
Reclassification adjustment for gain on sales of securities included in net income | 0 | (51) |
Net unrealized (loss) gain on securities available-for-sale | (432) | 3,985 |
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | 371 | 397 |
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income | 29 | 28 |
Total other comprehensive (loss) income, net of tax | (32) | 4,410 |
Comprehensive income | $ 14,375 | $ 22,975 |
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Treasury Stock |
Accumulated Other Comprehensive Loss |
---|---|---|---|---|---|---|---|
Balance at beginning of period at Dec. 31, 2015 | $ 1,663,448 | $ 129,796 | $ 1,665 | $ 902,349 | $ 2,045,391 | $ (1,357,136) | $ (58,617) |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 18,565 | 18,565 | |||||
Other comprehensive (loss) income, net of tax | 4,410 | 4,410 | |||||
Dividends on preferred stock | (2,194) | (2,194) | |||||
Dividends on common stock | (4,053) | (4,053) | |||||
Sales of treasury stock | 41 | (15) | 56 | ||||
Restricted stock grants | 0 | (10,329) | (3,823) | 14,152 | |||
Forfeitures of restricted stock | 0 | 45 | 25 | (70) | |||
Stock-based compensation | 1,581 | 1,580 | 1 | ||||
Net tax benefit excess from stock-based compensation | 3 | 3 | |||||
Balance at end of period at Mar. 31, 2016 | 1,681,801 | 129,796 | 1,665 | 893,648 | 2,053,897 | (1,342,998) | (54,207) |
Balance at beginning of period at Dec. 31, 2016 | 1,714,073 | 129,796 | 1,665 | 830,417 | 2,155,785 | (1,346,709) | (56,881) |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 14,407 | 14,407 | |||||
Other comprehensive (loss) income, net of tax | (32) | (32) | |||||
Dividends on preferred stock | (2,194) | (2,194) | |||||
Dividends on common stock | (4,049) | (4,049) | |||||
Sales of treasury stock | 34 | (4) | 38 | ||||
Restricted stock grants | 0 | (10,329) | (434) | 10,763 | |||
Forfeitures of restricted stock | 0 | 43 | 17 | (60) | |||
Stock-based compensation | 1,725 | 1,725 | |||||
Balance at end of period at Mar. 31, 2017 | $ 1,723,964 | $ 129,796 | $ 1,665 | $ 821,856 | $ 2,163,528 | $ (1,335,968) | $ (56,913) |
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Statement of Stockholders' Equity [Abstract] | ||
Dividends on preferred stock (in dollars per share) | $ 16.25 | $ 16.25 |
Dividends on common stock (in dollars per share) | $ 0.04 | $ 0.04 |
Sale of treasury stock (in shares) | 1,822 | 2,710 |
Restricted stock grants (in shares) | 521,784 | 685,872 |
Forfeitures of restricted stock (in shares) | 2,910 | 3,390 |
Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Astoria Financial Corporation and its wholly-owned subsidiaries: Astoria Bank and its subsidiaries, referred to as Astoria Bank, and AF Insurance Agency, Inc. As used in this quarterly report, "Astoria," “we,” “us” and “our” refer to Astoria Financial Corporation and its consolidated subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. In our opinion, the accompanying consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of our financial condition as of March 31, 2017 and December 31, 2016, our results of operations and other comprehensive income for the three months ended March 31, 2017 and 2016, changes in our stockholders’ equity for the three months ended March 31, 2017 and 2016 and our cash flows for the three months ended March 31, 2017 and 2016. In preparing the consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities for the consolidated statements of financial condition as of March 31, 2017 and December 31, 2016, and amounts of revenues, expenses and other comprehensive income in the consolidated statements of income and comprehensive income for the three months ended March 31, 2017 and 2016. The results of operations and other comprehensive income for the three months ended March 31, 2017 are not necessarily indicative of the results of operations and other comprehensive income to be expected for the remainder of the year. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC. These consolidated financial statements should be read in conjunction with our December 31, 2016 audited consolidated financial statements and related notes included in our 2016 Annual Report on Form 10-K. |
Merger Agreement with Sterling Bancorp |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Merger Agreement with Sterling Bancorp | Merger Agreement with Sterling Bancorp On March 6, 2017, Astoria entered into an Agreement and Plan of Merger, or the Sterling Merger Agreement, with Sterling Bancorp, a Delaware corporation, or Sterling. The Sterling Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Astoria will merge with and into Sterling, with Sterling as the surviving corporation, such merger referred to as the Sterling Merger. Immediately following the consummation of the Sterling Merger, Astoria’s wholly owned subsidiary, Astoria Bank, will merge with and into Sterling’s wholly owned subsidiary, Sterling National Bank, such merger referred to as the Sterling Bank Merger. Sterling National Bank will be the surviving entity in the Sterling Bank Merger. The Sterling Merger Agreement was unanimously approved and adopted by the Board of Directors of each of Astoria and Sterling. Subject to the terms and conditions of the Sterling Merger Agreement, at the effective time of the Sterling Merger, or the Effective Time, Astoria stockholders will have the right to receive 0.875 shares of common stock, par value $0.01 per share, of Sterling, or Sterling Common Stock, for each share of common stock, par value $0.01 per share, of Astoria Financial Corporation, or Astoria Common Stock. Also in the Sterling Merger, each share of Astoria 6.50% Non-Cumulative Perpetual Preferred Stock, Series C, par value $1.00 per share, with a liquidation preference of $1,000 per share, issued and outstanding immediately prior to the Effective Time will be automatically converted into the right to receive one share of Sterling 6.50% Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, with a liquidation preference of $1,000 per share. The Sterling Merger Agreement contains customary representations and warranties from both Astoria and Sterling, and each party has agreed to customary covenants, including, among others, covenants relating to (1) the conduct of Astoria’s and Sterling’s businesses during the interim period between the execution of the Sterling Merger Agreement and the Effective Time, (2) the obligation of Sterling to call a meeting of its stockholders to adopt the Sterling Merger Agreement and approve an amendment to its charter to increase the authorized shares of Sterling Common Stock from 190 million to 310 million, and, subject to certain exceptions, to recommend that its stockholders adopt the Sterling Merger Agreement and the transactions contemplated thereby, (3) the obligation of Astoria to call a meeting of its stockholders to adopt the Sterling Merger Agreement, and, subject to certain exceptions, to recommend that its stockholders adopt the Sterling Merger Agreement, and (4) Astoria’s non-solicitation obligations relating to alternative acquisition proposals. Astoria and Sterling have agreed to use their reasonable best efforts to prepare and file all applications, notices, and other documents to obtain all necessary consents and approvals for consummation of the transactions contemplated by the Sterling Merger Agreement. The completion of the Sterling Merger is subject to customary conditions, including (1) adoption of the Sterling Merger Agreement by Astoria’s stockholders, (2) adoption of the Sterling Merger Agreement and approval of the Sterling charter amendment by Sterling’s stockholders, (3) authorization for listing on the New York Stock Exchange of the shares of Sterling Common Stock to be issued in the Sterling Merger, (4) the receipt of required regulatory approvals, including the approval of the Board of Governors of the Federal Reserve System, or FRB, and the Office of the Comptroller of the Currency, or OCC, (5) effectiveness of the registration statement on Form S-4 for the Sterling Common Stock to be issued in the Sterling Merger, and (6) the absence of any order, injunction or other legal restraint preventing the completion of the Sterling Merger or making the completion of the Sterling Merger illegal. The registration statement on Form S-4 for the Sterling Common Stock to be issued in the Sterling Merger was filed on April 5, 2017 and was declared effective by the SEC on April 28, 2017. Special meetings of Astoria’s and Sterling’s respective stockholders are scheduled to be held on June 13, 2017, at which Astoria’s stockholders will vote on the Sterling Merger Agreement and Sterling’s stockholders will vote on the Sterling Merger Agreement and the Sterling charter amendment. In addition, all applications and notices necessary to obtain the required regulatory approvals to complete the Sterling Merger have been submitted or sent by Astoria or Sterling. Each party’s obligation to complete the Sterling Merger is also subject to certain additional customary conditions, including (1) subject to certain exceptions, the accuracy of the representations and warranties of the other party, (2) performance in all material respect by the other party of its obligations under the Sterling Merger Agreement, and (3) receipt by such party of an opinion from its counsel to the effect that the Sterling Merger will qualify as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code. The Sterling Merger Agreement also provides certain termination rights for both Astoria and Sterling and further provides that a termination fee of $75.7 million will be payable by either Astoria or Sterling, as applicable, upon termination of the Sterling Merger Agreement under certain circumstances. |
Securities |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities The following tables set forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at the dates indicated.
The following contractual maturity table sets forth certain information regarding the amortized costs and estimated fair values of our securities available-for-sale and securities held-to-maturity at March 31, 2017 and does not reflect the effect of prepayments or scheduled principal amortization on our REMICs, CMOs and pass-through certificates or the effect of callable features on our obligations of GSEs (all of which are callable in 2017 and at various times thereafter).
The following tables set forth the estimated fair values of securities with gross unrealized losses at the dates indicated, segregated between securities that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the dates indicated.
We held 195 securities which had an unrealized loss at March 31, 2017 and 188 securities which had an unrealized loss at December 31, 2016. Securities in unrealized loss positions are analyzed as part of our ongoing assessment of other-than-temporary impairment. Our assertion regarding our intent not to sell, or that it is not more likely than not that we will be required to sell a security before its anticipated recovery, is based on a number of factors, including a quantitative estimate of the expected recovery period (which may extend to maturity), and our intended strategy with respect to the identified security or portfolio. If we do have the intent to sell, or believe it is more likely than not that we will be required to sell the security before its anticipated recovery, the unrealized loss is charged directly to earnings in the Consolidated Statements of Income and Comprehensive Income. Other factors considered in determining whether or not an impairment is temporary include the severity of the impairment; the duration of the impairment; the cause of the impairment; the near-term prospects of the issuer; and the estimated recovery period. The unrealized losses on our residential and multi-family mortgage-backed securities and GSE obligations at March 31, 2017 were primarily caused by movements in market interest rates subsequent to the purchase of such securities or obligations. The unrealized losses on our corporate debt obligations were primarily due to the observed credit spread widening that occurred during the three months ended March 31, 2017, which we attribute to the contemporaneous broad-based equity market volatility. We do not consider these unrealized losses to be other than temporary impairment. There were no sales of securities from the available-for-sale portfolio during the three months ended March 31, 2017. During the three months ended March 31, 2016, proceeds from sales of securities from the available-for-sale portfolio totaled $23.1 million, resulting in gross realized gains of $86,000. At March 31, 2017, available-for-sale debt securities, excluding mortgage-backed securities, had an amortized cost of $30.0 million, an estimated fair value of $28.9 million and contractual maturities in 2025 and 2026. At March 31, 2017, held-to-maturity debt securities, excluding mortgage-backed securities, had an amortized cost of $459.6 million, an estimated fair value of $439.2 million and contractual maturities primarily in 2017 through 2027. Actual maturities may differ from contractual maturities because issuers may have the right to prepay or call obligations with or without prepayment penalties. At March 31, 2017, the amortized cost of callable securities in our portfolio totaled $374.3 million, which are callable in 2017 and at various times thereafter. The balance of accrued interest receivable for securities totaled $8.3 million at March 31, 2017 and $8.1 million at December 31, 2016. |
Loans Receivable and Allowance for Loan Losses |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses | Loans Receivable and Allowance for Loan Losses 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.
We segment our one-to-four family, or residential, mortgage loan portfolio by interest-only and amortizing loans, full documentation and reduced documentation loans, and origination time periods, and analyze our historical loss experience and delinquency levels and trends of these segments. We analyze multi-family and commercial real estate mortgage loans by portfolio using predictive modeling techniques for loans originated after 2010 and by geographic location for loans originated prior to 2011. We analyze our consumer and other loan portfolio by home equity lines of credit, commercial and industrial loans and other consumer loans and perform similar historical loss analyses. Our evaluation of loss experience factors considers trends in such factors over the prior three years, as well as an estimate of the average amount of time from an event signaling the potential inability of a borrower to continue to pay as agreed to the point at which a loss is confirmed, for substantially all of the loan portfolio, with the exception of multi-family and commercial real estate mortgage loans originated after 2010, for which our evaluation includes predictive modeling techniques. We also analyze our historical loss experience over 12, 15, 18 and 24 month periods. The loss history used in calculating our quantitative allowance coverage percentages varies based on loan type. Also, for a particular loan type, we may not have sufficient loss history to develop a reasonable estimate of loss and in these instances we may consider our loss experience for other, similar loan types and may evaluate those losses over a longer period than two years. Additionally, multi-family and commercial real estate loss experience may be adjusted based on the composition of the losses (loan sales, short sales and partial charge-offs). Modeling techniques utilize data inputs for each loan in the portfolio, including credit facility terms and performance to date, property details and borrower financial performance data. The model also incorporates real estate market data from an established real estate market database company to forecast future performance of the properties, and includes a loan loss predictive model based on studies of defaulted commercial real estate loans. The model then generates a probability of default, loss given default and ultimately an estimated loss for each loan quarterly over the remaining life of the loan. The appropriate timeframe from which to assign an estimated loss percentage to the pool of loans is assessed by management. We update our historical loss analyses, as well as our predictive model, quarterly and evaluate the need to modify our quantitative allowances as a result of our updated charge-off and loss analyses. We also consider qualitative factors with the purpose of assessing the adequacy of the overall allowance for loan losses as well as the allocation of the allowance for loan losses by loan category. Allowance adequacy calculations are adjusted quarterly, based on the results of our quantitative and qualitative analyses, to reflect our current estimates of the amount of probable losses inherent in our loan portfolio. The portion of the allowance allocated to each loan category does not represent the total available to absorb losses which may occur within the loan category, since the total allowance for loan losses is available for losses applicable to the entire loan portfolio. The following tables set forth the changes in our allowance for loan losses by loan receivable segment for the periods indicated.
The following table sets forth the balances of our residential interest-only mortgage loans at March 31, 2017 by the period in which such loans are scheduled to enter their amortization period.
Pursuant to federal regulations and our policy, loans considered to be of lesser quality are rated as special mention, substandard, doubtful or loss. A loan rated as special mention has potential weaknesses, which, if uncorrected, may result in the deterioration of the repayment prospects or in our credit position at some future date. A loan rated as substandard is inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. Substandard loans include those characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Loans rated as doubtful have all of the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses present make collection or liquidation in full satisfaction of the loan amount, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Loans rated as loss are those considered uncollectable and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted. Those assets classified as substandard, doubtful or loss are considered adversely classified. The following tables set forth the balances of our loan portfolio segments by credit quality indicator at the dates indicated.
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.
The following table summarizes information related to our impaired loans by segment and class at the dates indicated.
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.
The following table sets forth information about our mortgage loans receivable by segment and class at March 31, 2017 and 2016 which were modified in a troubled debt restructuring, or TDR, during the periods indicated. Modifications in a TDR for the three months ended March 31, 2017 included interest rate modifications of $1.7 million. In addition, $884,000 of loans at March 31, 2017 were classified as TDRs as a result of relief granted under Chapter 7 bankruptcy filings.
The following table sets forth information about our mortgage loans receivable by segment and class at March 31, 2017 and 2016 which were modified in a TDR during the twelve month periods ended March 31, 2017 and 2016 and had a subsequent payment default during the periods indicated.
Included in loans receivable at March 31, 2017 are loans in the process of foreclosure collateralized by residential real estate property with a recorded investment of $75.0 million. For additional information regarding our loans receivable and allowance for loan losses, see “Asset Quality” and “Critical Accounting Policies” in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” or “MD&A.” |
Securities Sold Under Agreements to Repurchase |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase The following table details the remaining contractual maturities of our agreements to repurchase, or repo agreements, at March 31, 2017.
The outstanding repo agreements at March 31, 2017 were fixed rate and collateralized by GSE securities, of which 82% were residential mortgage-backed securities and 18% were obligations of GSEs. Securities collateralizing these agreements are classified as encumbered securities in the consolidated statements of financial condition. The amount of excess collateral required is governed by each individual contract. The primary risk associated with these secured borrowings is the requirement to pledge a market value based balance of collateral in excess of the borrowed amount. The excess collateral pledged represents an unsecured exposure to the lending counterparty. As the market value of the collateral changes, both through changes in discount rates and spreads as well as related cash flows, additional collateral may need to be pledged. In accordance with our policies, criteria for eligible counterparties has been established and excess collateral pledged is monitored to minimize our exposure. |
Earnings Per Common Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share | Earnings Per Common Share The following table is a reconciliation of basic and diluted earnings per common share, or EPS.
|
Other Comprehensive Income/Loss |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income/Loss | Other Comprehensive Income/Loss The following tables set forth the components of accumulated other comprehensive loss, net of related tax effects, at the dates indicated and the changes during the three months ended March 31, 2017 and 2016.
The following tables set forth the components of other comprehensive income/loss for the periods indicated.
The following table sets forth information about amounts reclassified from accumulated other comprehensive loss to, and the affected line items in, the consolidated statements of income for the periods indicated.
|
Pension Plans and Other Postretirement Benefits |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans and Other Postretirement Benefits | Pension Plans and Other Postretirement Benefits The following table sets forth information regarding the components of net periodic cost for our defined benefit pension plans and other postretirement benefit plan for the periods indicated.
|
Stock Incentive Plans |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Incentive Plans | Stock Incentive Plans During the three months ended March 31, 2017, 504,252 shares of restricted common stock were granted to select officers under the 2014 Amended and Restated Stock Incentive Plan for Officers and Employees of Astoria Financial Corporation, or the 2014 Employee Stock Plan, all of which remain outstanding at March 31, 2017 and vest one-third per year beginning in December 2017. In the event the grantee terminates his/her employment due to death or disability, or in the event we experience a change in control, as defined and specified in the 2014 Employee Stock Plan, all restricted common stock granted pursuant to such plan immediately vests. During the three months ended March 31, 2017, 17,532 shares of restricted common stock were granted to directors under the Astoria Financial Corporation 2007 Non-Employee Directors Stock Plan, as amended, all of which remain outstanding at March 31, 2017 and vest 100% in January 2020, although awards immediately vest upon death, disability, mandatory retirement, involuntary termination or a change in control, as such terms are defined in the plan. The following table summarizes restricted common stock and performance-based restricted stock unit activity in our stock incentive plans for the three months ended March 31, 2017.
Stock-based compensation expense is recognized on a straight-line basis over the vesting period and totaled $1.0 million, net of taxes of $697,000, for the three months ended March 31, 2017 and $942,000, net of taxes of $639,000, for the three months ended March 31, 2016. At March 31, 2017, pre-tax compensation cost related to all unvested awards of restricted common stock and restricted stock units not yet recognized totaled $17.4 million and will be recognized over a weighted average period of approximately 2.2 years, which excludes $2.4 million of pre-tax compensation cost related to 188,400 performance-based restricted stock units granted in 2015, for which compensation cost will begin to be recognized when the achievement of the performance conditions becomes probable. |
Investments in Affordable Housing Limited Partnerships |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Affordable Housing Limited Partnerships | Investments in Affordable Housing Limited Partnerships As part of our community reinvestment initiatives, we invest in affordable housing limited partnerships that make equity investments in multi-family affordable housing properties. We receive affordable housing tax credits and other tax benefits for these investments. Our investment in affordable housing limited partnerships, reflected in other assets in the consolidated statements of financial condition, totaled $15.1 million at March 31, 2017 and $15.7 million at December 31, 2016. Our funding obligation related to such investments, reflected in other liabilities in the consolidated statements of financial condition, totaled $12.0 million at March 31, 2017 and December 31, 2016. Funding installments are due on an "as needed" basis, currently projected over the next two years, the timing of which cannot be estimated. Expense related to our investments in affordable housing limited partnerships totaled $653,000 for the three months ended March 31, 2017, which was included in income tax expense in the consolidated statements of income. Such expense totaled $352,000 for the three months ended March 31, 2016, which was included in other non-interest expense in the consolidated statements of income. Affordable housing tax credits and other tax benefits recognized as a component of income tax expense in the consolidated statements of income totaled $590,000 for the three months ended March 31, 2017 and $390,000 for the three months ended March 31, 2016. |
Regulatory Matters |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Matters | Regulatory Matters Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, or the Reform Act, in July 2013, the federal bank regulatory agencies, or the Agencies, issued final rules, or the Final Capital Rules, that subjected many savings and loan holding companies, including Astoria Financial Corporation, to consolidated capital requirements effective January 1, 2015. The Final Capital Rules also revised the quantity and quality of required minimum risk-based and leverage capital requirements, consistent with the Reform Act and the Third Basel Accord adopted by the Basel Committee on Banking Supervision, or Basel III capital standards. In addition, the Final Capital Rules added a requirement to maintain a minimum conservation buffer, or the Conservation Buffer, composed of Common equity tier 1 capital, of 2.5% of risk-weighted assets, to be phased in over three years and applied to the Common equity tier 1 risk-based capital ratio, the Tier 1 risk-based capital ratio and the Total risk-based capital ratio. Accordingly, banking organizations, on a fully phased in basis no later than January 1, 2019, must maintain a minimum Common equity tier 1 risk-based capital ratio of 7.0%, a minimum Tier 1 risk-based capital ratio of 8.5% and a minimum Total risk-based capital ratio of 10.5%. The required minimum Conservation Buffer began to be phased in incrementally, starting at 0.625% on January 1, 2016, increased to 1.25% on January 1, 2017 and will increase to 1.875% on January 1, 2018 and 2.5% on January 1, 2019. The Final Capital Rules impose restrictions on capital distributions and certain discretionary cash bonus payments if the minimum Conservation Buffer is not met. At March 31, 2017, the capital levels of both Astoria Financial Corporation and Astoria Bank exceeded all regulatory capital requirements and their regulatory capital ratios were above the minimum levels required to be considered well capitalized for regulatory purposes. The capital levels of both Astoria Financial Corporation and Astoria Bank at March 31, 2017 also exceeded the minimum capital requirements shown in the table below including the currently applicable Conservation Buffer of 1.25%. The following table sets forth information regarding the regulatory capital requirements applicable to Astoria Financial Corporation and Astoria Bank.
|
Fair Value Measurements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. We group our assets and liabilities at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are:
We base our fair values on the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, with additional considerations when the volume and level of activity for an asset or liability have significantly decreased and on identifying circumstances that indicate a transaction is not orderly. We maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Recurring Fair Value Measurements Our securities available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income/loss in stockholders’ equity. Additionally, in connection with our mortgage banking activities we have commitments to fund loans held-for-sale and commitments to sell loans, which are considered free-standing derivative financial instruments, the fair values of which are not material to our financial condition or results of operations. 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.
The following is a description of valuation methodologies used for assets measured at fair value on a recurring basis. Residential mortgage-backed securities Residential mortgage-backed securities comprised 89% of our securities available-for-sale portfolio at March 31, 2017 and 90% at December 31, 2016. The fair values for these securities are obtained from an independent nationally recognized pricing service. Our pricing service uses various modeling techniques to determine pricing for our mortgage-backed securities, including options based pricing and discounted cash flow models. The inputs to these models include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, reference data, monthly payment information and collateral performance. GSE securities, for which an active market exists for similar securities making observable inputs readily available, comprised 100% of our available-for-sale residential mortgage-backed securities portfolio at March 31, 2017 and 99% at December 31, 2016. We review changes in the pricing service fair values from month to month taking into consideration changes in market conditions including changes in mortgage spreads, changes in treasury yields and changes in pricing on 15 and 30 year pass-through mortgage-backed securities. Significant month over month price changes are analyzed further using discounted cash flow models and third party quotes. Based upon our review of the prices provided by our pricing service, the estimated fair values incorporate observable market inputs commonly used by buyers and sellers of these types of securities at the measurement date in orderly transactions between market participants, and, as such, are classified as Level 2. Obligations of GSEs Obligations of GSEs comprised 11% of our securities available-for-sale portfolio at March 31, 2017 and 10% at December 31, 2016 and consisted of debt securities issued by GSEs. The fair values for these securities are obtained from an independent nationally recognized pricing service. Our pricing service gathers information from market sources and integrates relative credit information, observed market movements and sector news into their pricing applications and models. Spread scales, representing credit risk, are created and are based on the new issue market, secondary trading and dealer quotes. Option adjusted spread, or OAS, models are incorporated to adjust spreads of issues that have early redemption features. Based upon our review of the prices provided by our pricing service, the estimated fair values incorporate observable market inputs commonly used by buyers and sellers of these types of securities at the measurement date in orderly transactions between market participants, and, as such, are classified as Level 2. Fannie Mae stock The fair value of the Fannie Mae stock in our available-for-sale securities portfolio is obtained from quoted market prices for identical instruments in active markets and, as such, is classified as Level 1. Non-Recurring Fair Value Measurements From time to time, we may be required to record at fair value assets or liabilities on a non-recurring basis, such as mortgage servicing rights, or MSR, loans receivable, certain loans held-for-sale and real estate owned, or REO. These non-recurring fair value adjustments involve the application of lower of cost or market accounting or impairment write-downs of individual assets. 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.
The following table provides information regarding the gains (losses) recognized on our assets measured at fair value on a non-recurring basis for the periods indicated.
The following is a description of valuation methodologies used for assets measured at fair value on a non-recurring basis. Loans held-for-sale, net (non-performing loans held-for-sale) Fair values of non-performing loans held-for-sale are estimated through either preliminary bids from potential purchasers of the loans or the estimated fair value of the underlying collateral discounted for factors necessary to solicit acceptable bids, and adjusted as necessary based on management’s experience with sales of similar types of loans and, as such, are classified as Level 3. At March 31, 2017 and December 31, 2016, we held- for-sale one non-performing multi-family mortgage loan. Loans receivable, net (impaired loans) Loans which meet certain criteria are evaluated individually for impairment. A loan is considered impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement. Impaired loans were comprised of 90% residential mortgage loans, 8% multi-family and commercial real estate mortgage loans and 2% home equity lines of credit at March 31, 2017 and December 31, 2016. Impaired loans for which a fair value adjustment was recognized were comprised of 91% residential mortgage loans, 8% multi-family and commercial real estate mortgage loans and 1% home equity lines of credit at March 31, 2017 and 90% residential mortgage loans, 9% multi-family and commercial real estate mortgage loans and 1% home equity lines of credit at December 31, 2016. Our impaired loans are generally collateral dependent and, as such, are generally carried at the estimated fair value of the underlying collateral less estimated selling costs. We obtain updated estimates of collateral values on residential mortgage loans at 180 days past due and earlier in certain instances, including for loans to borrowers who have filed for bankruptcy, and, to the extent the loans remain delinquent, annually thereafter. Updated estimates of collateral value on residential loans are obtained primarily through automated valuation models. Additionally, our loan servicer performs property inspections to monitor and manage the collateral on our residential loans when they become 45 days past due and monthly thereafter until the foreclosure process is complete. We obtain updated estimates of collateral value using third party appraisals on non-performing multi-family and commercial real estate mortgage loans when the loans initially become non-performing and annually thereafter and multi-family and commercial real estate loans modified in a TDR at the time of the modification and annually thereafter. Appraisals on multi-family and commercial real estate loans are reviewed by our internal certified appraisers. We analyze our home equity lines of credit when such loans become 90 days past due and consider our lien position, the estimated fair value of the underlying collateral value and the results of recent property inspections in determining the need for an individual valuation allowance. Adjustments to final appraised values obtained from independent third party appraisers and automated valuation models are not made. The fair values of impaired loans are based upon unobservable inputs and may not be realized in an actual sale or immediate settlement of the loan and, as such, are classified as Level 3. MSR, net The right to service loans for others is generally obtained through the sale of residential mortgage loans with servicing retained. MSR are carried at the lower of cost or estimated fair value. The estimated fair value of MSR is obtained through independent third party valuations through an analysis of future cash flows, incorporating estimates of assumptions market participants would use in determining fair value including market discount rates, prepayment speeds, servicing income, servicing costs, default rates and other market driven data, including the market’s perception of future interest rate movements and, as such, are classified as Level 3. At March 31, 2017, our MSR were valued based on expected future cash flows considering a weighted average discount rate of 9.93%, a weighted average constant prepayment rate on mortgages of 10.24% and a weighted average life of 6.1 years. At December 31, 2016, our MSR were valued based on expected future cash flows considering a weighted average discount rate of 9.94%, a weighted average constant prepayment rate on mortgages of 10.63% and a weighted average life of 6.0 years. Management reviews the assumptions used to estimate the fair value of MSR to ensure they reflect current and anticipated market conditions. REO, net REO represents real estate acquired through foreclosure or by deed in lieu of foreclosure. All of our REO consisted of residential properties at March 31, 2017 and December 31, 2016. REO is initially recorded at estimated fair value less estimated selling costs. Thereafter, we maintain a valuation allowance representing decreases in the properties' estimated fair value. The fair value of REO is estimated through current appraisals, in conjunction with a drive-by inspection and comparison of the REO property with similar properties in the area by either a licensed appraiser or real estate broker. As these properties are actively marketed, estimated fair values are periodically adjusted by management to reflect current market conditions and, as such, are classified as Level 3. Fair Value of Financial Instruments Quoted market prices available in formal trading marketplaces are typically the best evidence of the fair value of financial instruments. In many cases, financial instruments we hold are not bought or sold in formal trading marketplaces. Accordingly, fair values are derived or estimated based on a variety of valuation techniques in the absence of quoted market prices. Fair value estimates are made at a specific point in time, based on relevant market information about the financial instrument. These estimates do not reflect any possible tax ramifications, estimated transaction costs, or any premium or discount that could result from offering for sale at one time our entire holdings of a particular financial instrument. Because no market exists for a certain portion of our financial instruments, fair value estimates are based on judgments regarding future loss experience, current economic conditions, risk characteristics and other such factors. These estimates are subjective in nature, involve uncertainties and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. For these reasons and others, the estimated fair value disclosures presented herein do not represent our entire underlying value. As such, readers are cautioned in using this information for purposes of evaluating our financial condition and/or value either alone or in comparison with any other company. 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.
_______________________________________________________
The following is a description of the methods and assumptions used to estimate fair values of our financial instruments which are not measured or recorded at fair value on a recurring or non-recurring basis. Securities held-to-maturity The fair values for substantially all of our securities held-to-maturity are obtained from an independent nationally recognized pricing service using similar methods and assumptions as used for our securities available-for-sale which are measured at fair value on a recurring basis. Federal Home Loan Bank of New York, or FHLB-NY, stock The fair value of FHLB-NY stock is based on redemption at par value. Loans held-for-sale, net Included in loans held-for-sale, net, are 15 and 30 year fixed rate residential mortgage loans originated for sale that conform to GSE guidelines (conforming loans) for which fair values are estimated using market reference rates and spreads, credit spread adjustments, discounted cash flow analysis, benchmark pricing and option based pricing, as appropriate. Loans receivable, net Fair values of loans are estimated using market reference rates and spreads, credit spread adjustments, discounted cash flow analysis, benchmark pricing and option based pricing, as appropriate. This technique of estimating fair value is extremely sensitive to the assumptions and estimates used. While we have attempted to use assumptions and estimates which are the most reflective of the loan portfolio and the current market, a greater degree of subjectivity is inherent in determining these fair values than for fair values obtained from formal trading marketplaces. In addition, our valuation method for loans, which is consistent with accounting guidance, does not fully incorporate an exit price approach to fair value. Deposits The fair values of deposits with no stated maturity, such as NOW and demand deposit (checking), money market and savings accounts, are equal to the amount payable on demand. The fair values of certificates of deposit are based on discounted contractual cash flows using the weighted average remaining life of the portfolio discounted by the corresponding swap curve. Borrowings, net The fair values of borrowings are based upon an industry standard OAS model. This OAS model is calibrated to available counter party dealers' market quotes, as necessary. Outstanding commitments Outstanding commitments include commitments to extend credit and unadvanced lines of credit for which fair values were estimated based on an analysis of the interest rates and fees currently charged to enter into similar transactions. The fair values of these commitments are immaterial to our financial condition. |
Litigation |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Litigation In the ordinary course of our business, we are routinely made a defendant in or a party to pending or threatened legal actions or proceedings which, in some cases, seek substantial monetary damages from or other forms of relief against us. In our opinion, after consultation with legal counsel, we believe it unlikely that such actions or proceedings will have a material adverse effect on our financial condition, results of operations or liquidity. New York Community Bancorp, Inc. Merger-related Litigation Following the announcement of the execution of the Agreement and Plan of Merger with New York Community Bancorp, Inc., or NYCB, on October 28, 2015, referred to as the NYCB Merger Agreement, six lawsuits challenging the proposed merger with NYCB, or the NYCB Merger, were filed in the Supreme Court of the State of New York, County of Nassau. These actions were captioned: (1) Sandra E. Weiss IRA v. Chrin, et al., Index No. 607132/2015 (filed November 4, 2015); (2) Raul v. Palleschi, et al., Index No. 607238/2015 (filed November 6, 2015); (3) Lowinger v. Redman, et al., Index No. 607268/2015 (filed November 9, 2015); (4) Minzer v. Astoria Fin. Corp., et al., Index No. 607358/2015 (filed November 12, 2015); (5) MSS 12-09 Trust v. Palleschi, et al., Index No. 607472/2015 (filed November 13, 2015); and (6) The Firemen’s Retirement System of St. Louis v. Keegan, et al., Index No. 607612/2015 (filed November 23, 2015). On January 15, 2016, the court consolidated the New York lawsuits under the caption In re Astoria Financial Corporation Shareholders Litigation, Index No. 607132/2015. Each of the lawsuits was a putative class action filed on behalf of the stockholders of Astoria and named as defendants Astoria, its directors and NYCB, or collectively, the defendants. The NYCB Merger Agreement was terminated effective January 1, 2017. On February 23, 2017, in light of the termination of the NYCB Merger Agreement, the defendants and the plaintiffs agreed to voluntarily discontinue the consolidated lawsuits without prejudice and without any costs to any party. For additional information regarding the NYCB Merger-related litigation, see Part I, Item 3, “Legal Proceedings,” in our 2016 Annual Report on Form 10-K. Sterling Merger-related Litigation Following the announcement of the execution of the Sterling Merger Agreement, a number of lawsuits challenging the proposed Sterling Merger were filed: (1) MSS 1209 Trust v. Astoria Financial Corporation, et al, Index No. 602161/2017, filed March 13, 2017 in the Supreme Court of the State of New York, County of Nassau, or the MSS Complaint; (2) Parshall v. Astoria Financial Corporation, et al, Case No. 2:17-cv-02165, filed April 10, 2017 in the United States District Court for the Eastern District of New York, or the Parshall Complaint; (3) Minzer v. Astoria Financial Corporation, et al., Case No. 2017-0284, filed April 12, 2017 in the Court of Chancery of the State of Delaware, or the Minzer Complaint; (4) O’Connell v. Astoria Financial Corporation, et al., Index No. 603703/2017, filed April 28, 2017 in the Supreme Court of the State of New York, County of Nassau, or the O’Connell Complaint, and together with the MSS Complaint and the Minzer Complaint, the State Court Complaints; and (5) Jenkins v. Astoria Financial Corporation, et al., filed May 2, 2017 in the United States District Court for the Eastern District of New York, or the Jenkins Complaint, and together with the Parshall Complaint, the Federal Complaints. Each of these lawsuits is a putative class action filed on behalf of stockholders of Astoria and names as defendants Astoria, its directors and Sterling. The State Court Complaints generally allege that the directors of Astoria breached their fiduciary duties in connection with their approval of the Sterling Merger Agreement because they failed to properly value Astoria and to take steps to maximize value to Astoria’s public stockholders, resulting in inadequate merger consideration. The State Court Complaints further variously allege that the directors of Astoria approved the Sterling Merger through a flawed sales process, alleging the absence of a competitive sales process and that the process was tainted by certain alleged conflicts of interest on the part of the Astoria directors. The State Court Complaints also allege that the directors of Astoria breached their fiduciary duties because they agreed to unreasonable deal protection devices that allegedly preclude other bidders from making a successful competing offer for Astoria, including, among others, a no solicitation provision that allegedly prevents other buyers from participating in discussions which may lead to a superior proposal, a recurring and unlimited information rights provision, which allegedly gives Astoria 24 hours to provide Sterling unfettered access to confidential, non-public information about competing proposals from third parties, and a provision that requires Astoria to pay Sterling a termination fee of $75.7 million under certain circumstances. The State Court Complaints further allege that Sterling aided and abetted the alleged fiduciary breaches by the Astoria Board of Directors. The Federal Complaints variously allege that the defendants violated federal securities laws by disseminating a registration statement that omits material information with respect to the Sterling Merger, including because it allegedly omits material information regarding Astoria’s and Sterling’s financial projections and financial analyses performed by their respective financial advisors, as well as material information regarding the process leading to the proposed Sterling Merger. The O’Connell Complaint and the Minzer Complaint also allege that the registration statement is materially misleading. Plaintiffs in the state and federal actions seek, among other things, an order enjoining completion of the proposed Sterling Merger, additional disclosure, rescission of the transaction or rescissory damages if the Sterling Merger is consummated, and an award of costs and attorneys’ fees. In addition, on April 26, 2017, a lawsuit challenging the proposed Sterling Merger was filed in the Supreme Court of the State of New York, County of Rockland, Garfield v. Sterling Bancorp, et al, Index No. 031888/2017. This lawsuit is also a putative class action, but was brought on behalf of the stockholders of Sterling and names Sterling, its directors, and Astoria as defendants. The complaint alleges, among other things, that Astoria has aided and abetted a breach of the Sterling directors’ fiduciary duty of candor by jointly filing a materially deficient and misleading proxy statement. The complaint states that plaintiffs are seeking an order, requiring, among other things, the defendants to cause Sterling to make corrective and complete disclosures on the proxy statement, or enjoinment and unwinding of the proposed Sterling Merger Agreement if they do not, and an award of rescissory and other damages to plaintiffs, including attorneys’ fees and costs. The defendants believe these actions are without merit. Accordingly, no liability or reserve has been recognized in our consolidated statement of financial condition at March 31, 2017 with respect to these matters. Other potential plaintiffs may file additional lawsuits challenging the proposed Sterling Merger. The outcome of the pending and any additional future litigation is uncertain. If the cases are not resolved, these lawsuits could result in substantial costs to Astoria, including any costs associated with the indemnification of Astoria’s directors and officers. No assurance can be given at this time that the litigation against us will be resolved in our favor, that this litigation will not be costly to defend, that this litigation will not have an impact on our financial condition or results of operations or that, ultimately, any such impact will not be material. |
Impact of Recent Accounting Standards and Interpretations |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Impact of Recent Accounting Standards and Interpretations | Impact of Recent Accounting Standards and Interpretations In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2014-09, “Revenue from Contracts with Customers (Topic 606),” to replace all current U.S. GAAP guidance on this topic and eliminate industry-specific guidance, providing a unified model to determine when and how revenue is recognized. We will adopt this guidance in the first quarter of 2018 using the modified retrospective method with a cumulative-effect adjustment to opening retained earnings, as appropriate. Our revenue is comprised of net interest income on financial assets and financial liabilities and non-interest income. The scope of ASU 2014-09 explicitly excludes net interest income as well as other revenues associated with financial assets and liabilities, including loans, leases, securities and derivatives. Accordingly, the majority of our revenues will not be affected. Other recurring revenue streams are within the scope of ASU 2014-09, including revenues associated with certain products and services offered by our banking and insurance businesses. Our preliminary analysis suggests that adoption of ASU 2014-09 is not expected to have a material impact on our financial condition or results of operations. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in ASU 2016-01 require all equity investments to be measured at fair value, with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those resulting in consolidation of the investee). The amendments in ASU 2016-01 also require an entity to present separately in “other comprehensive income” the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in ASU 2016-01 eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of ASU 2016-01 is not expected to have a material effect on our consolidated statements of condition or results of operations. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize most leases, including operating leases, on-balance sheet via a right-to-use asset that will be depreciated over the term of the lease and a lease liability measured on a discounted basis. This will require many entities including Astoria Bank to include more existing leases on-balance sheet. We have identified several areas that are within the scope of ASU 2016-02, including Astoria Bank's contracts with respect to leased real estate and office equipment. We continue to evaluate the impact of ASU 2016-02, including determining whether other contracts exist that are deemed to be in scope. As such, no conclusions have yet been reached regarding the potential impact of adoption on our financial condition, results of operations or cash flows. ASU 2016-02 is effective for public companies for fiscal years beginning after December 15, 2018, including interim period within those fiscal years. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” which require a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The measurement of expected credit losses is to be based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This measurement is to take place at the time an asset is first added to the balance sheet and periodically thereafter. This differs significantly from the “incurred loss” methodology for recognizing credit losses required under current GAAP, which delays recognition until it is probable a loss has been incurred. The new standard is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently evaluating the impact of ASU 2016-13 on our accounting, but we expect to recognize a one-time cumulative-effect adjustment to our allowance for loan losses as of the beginning of the first reporting period in which the new standard becomes effective. While we have begun the process of compiling historical loss data by loan category, we cannot yet determine the magnitude of any such one-time cumulative adjustment or of the overall impact of the new standard on our financial condition or results of operations. Further, to date, no guidance has been issued by either our or Astoria Bank’s primary regulator with respect to how the impact of ASU 2016-13 is to be treated for regulatory capital purposes. In January 2017, the FASB issued ASU 2017-04, “Intangibles-Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment,” as an update for entities that perform an annual goodwill impairment test. This update eliminates Step 2 from the goodwill impairment test and allows companies to measure impairment by comparing the fair value of a reporting unit with its carrying amount. Thus, an entity will no longer determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. The new standard is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We continue to evaluate the impact of ASU 2017-04, but the adoption is not expected to have a material effect on our consolidated statements of condition or results of operations. |
Impact of Recent Accounting Standards and Interpretations (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Impact of Recent Accounting Standards and Interpretations | In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2014-09, “Revenue from Contracts with Customers (Topic 606),” to replace all current U.S. GAAP guidance on this topic and eliminate industry-specific guidance, providing a unified model to determine when and how revenue is recognized. We will adopt this guidance in the first quarter of 2018 using the modified retrospective method with a cumulative-effect adjustment to opening retained earnings, as appropriate. Our revenue is comprised of net interest income on financial assets and financial liabilities and non-interest income. The scope of ASU 2014-09 explicitly excludes net interest income as well as other revenues associated with financial assets and liabilities, including loans, leases, securities and derivatives. Accordingly, the majority of our revenues will not be affected. Other recurring revenue streams are within the scope of ASU 2014-09, including revenues associated with certain products and services offered by our banking and insurance businesses. Our preliminary analysis suggests that adoption of ASU 2014-09 is not expected to have a material impact on our financial condition or results of operations. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in ASU 2016-01 require all equity investments to be measured at fair value, with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those resulting in consolidation of the investee). The amendments in ASU 2016-01 also require an entity to present separately in “other comprehensive income” the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in ASU 2016-01 eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of ASU 2016-01 is not expected to have a material effect on our consolidated statements of condition or results of operations. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize most leases, including operating leases, on-balance sheet via a right-to-use asset that will be depreciated over the term of the lease and a lease liability measured on a discounted basis. This will require many entities including Astoria Bank to include more existing leases on-balance sheet. We have identified several areas that are within the scope of ASU 2016-02, including Astoria Bank's contracts with respect to leased real estate and office equipment. We continue to evaluate the impact of ASU 2016-02, including determining whether other contracts exist that are deemed to be in scope. As such, no conclusions have yet been reached regarding the potential impact of adoption on our financial condition, results of operations or cash flows. ASU 2016-02 is effective for public companies for fiscal years beginning after December 15, 2018, including interim period within those fiscal years. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” which require a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The measurement of expected credit losses is to be based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This measurement is to take place at the time an asset is first added to the balance sheet and periodically thereafter. This differs significantly from the “incurred loss” methodology for recognizing credit losses required under current GAAP, which delays recognition until it is probable a loss has been incurred. The new standard is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently evaluating the impact of ASU 2016-13 on our accounting, but we expect to recognize a one-time cumulative-effect adjustment to our allowance for loan losses as of the beginning of the first reporting period in which the new standard becomes effective. While we have begun the process of compiling historical loss data by loan category, we cannot yet determine the magnitude of any such one-time cumulative adjustment or of the overall impact of the new standard on our financial condition or results of operations. Further, to date, no guidance has been issued by either our or Astoria Bank’s primary regulator with respect to how the impact of ASU 2016-13 is to be treated for regulatory capital purposes. In January 2017, the FASB issued ASU 2017-04, “Intangibles-Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment,” as an update for entities that perform an annual goodwill impairment test. This update eliminates Step 2 from the goodwill impairment test and allows companies to measure impairment by comparing the fair value of a reporting unit with its carrying amount. Thus, an entity will no longer determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. The new standard is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We continue to evaluate the impact of ASU 2017-04, but the adoption is not expected to have a material effect on our consolidated statements of condition or results of operations. |
Securities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale and Held-to-Maturity Securities | The following tables set forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at the dates indicated.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contractual Maturity | The following contractual maturity table sets forth certain information regarding the amortized costs and estimated fair values of our securities available-for-sale and securities held-to-maturity at March 31, 2017 and does not reflect the effect of prepayments or scheduled principal amortization on our REMICs, CMOs and pass-through certificates or the effect of callable features on our obligations of GSEs (all of which are callable in 2017 and at various times thereafter).
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Estimated Fair Values of Securities with Gross Unrealized Losses | The following tables set forth the estimated fair values of securities with gross unrealized losses at the dates indicated, segregated between securities that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the dates indicated.
|
Loans Receivable and Allowance for Loan Losses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Loans Receivable Portfolio and Aging Analysis by Accruing and Non-Accrual Loans | 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances of Residential Interest-Only Mortgage Loans | The following table sets forth the balances of our residential interest-only mortgage loans at March 31, 2017 by the period in which such loans are scheduled to enter their amortization period.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances of Loan Portfolio Segments by Credit Quality Indicator | The following tables set forth the balances of our loan portfolio segments by credit quality indicator at the dates indicated.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances of Loans Receivable and Related Allowance for Loan Loss Allocation | 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired Loans by Segment and Class | The following table summarizes information related to our impaired loans by segment and class at the dates indicated.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Recorded Investment, Interest Income Recognized and Cash Basis Interest Income Related to Impaired 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans Receivable by Segment and Class | The following table sets forth information about our mortgage loans receivable by segment and class at March 31, 2017 and 2016 which were modified in a troubled debt restructuring, or TDR, during the periods indicated. Modifications in a TDR for the three months ended March 31, 2017 included interest rate modifications of $1.7 million. In addition, $884,000 of loans at March 31, 2017 were classified as TDRs as a result of relief granted under Chapter 7 bankruptcy filings.
The following table sets forth information about our mortgage loans receivable by segment and class at March 31, 2017 and 2016 which were modified in a TDR during the twelve month periods ended March 31, 2017 and 2016 and had a subsequent payment default during the periods indicated.
|
Securities Sold Under Agreements to Repurchase (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Remaining Contractual Maturities of Agreements to Repurchase, or Repo Agreements | The following table details the remaining contractual maturities of our agreements to repurchase, or repo agreements, at March 31, 2017.
|
Earnings Per Common Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Basic and Diluted Earnings Per Common Share | The following table is a reconciliation of basic and diluted earnings per common share, or EPS.
|
Other Comprehensive Income/Loss (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accumulated Other Comprehensive Loss, Net of Related Tax Effects | The following tables set forth the components of accumulated other comprehensive loss, net of related tax effects, at the dates indicated and the changes during the three months ended March 31, 2017 and 2016.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Other Comprehensive Income/Loss | The following tables set forth the components of other comprehensive income/loss for the periods indicated.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Information About Amounts Reclassified from Accumulated Other Comprehensive Loss | The following table sets forth information about amounts reclassified from accumulated other comprehensive loss to, and the affected line items in, the consolidated statements of income for the periods indicated.
|
Pension Plans and Other Postretirement Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Cost for Defined Benefit Pension Plans and Other Postretirement Benefit Plan | The following table sets forth information regarding the components of net periodic cost for our defined benefit pension plans and other postretirement benefit plan for the periods indicated.
|
Stock Incentive Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Restricted Common Stock and Performance-Based Restricted Stock Unit Activity | The following table summarizes restricted common stock and performance-based restricted stock unit activity in our stock incentive plans for the three months ended March 31, 2017.
|
Regulatory Matters (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Regulatory Capital Requirements | The following table sets forth information regarding the regulatory capital requirements applicable to Astoria Financial Corporation and Astoria Bank.
|
Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Values of Assets Measured at Estimated Fair Value on a Recurring Basis | 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Values of Assets Measured at Fair Value on a Non-Recurring Basis | 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Gains (Losses) Recognized on Assets Measured at Fair Value on a Non-Recurring Basis | The following table provides information regarding the gains (losses) recognized on our assets measured at fair value on a non-recurring basis for the periods indicated.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
_______________________________________________________
|
Securities - Schedule of Contractual Maturity (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Amortized Cost | ||
Within one year | $ 202 | |
Over one to five years | 1,333 | |
Over five to ten years | 36,822 | |
Over ten years | 230,405 | |
Total securities | 268,762 | |
Estimated Fair Value | ||
Within one year | 204 | |
Over one to five years | 1,329 | |
Over five to ten years | 35,912 | |
Over ten years | 228,454 | |
Total securities | 265,899 | |
Amortized Cost | ||
Within one year | 34,977 | |
Over one to five years | 17,522 | |
Over five to ten years | 406,424 | |
Over ten years | 2,310,453 | |
Total held-to-maturity securities | 2,769,376 | $ 2,740,132 |
Estimated Fair Value | ||
Within one year | 34,979 | |
Over one to five years | 17,541 | |
Over five to ten years | 389,288 | |
Over ten years | 2,279,915 | |
Total securities | $ 2,721,723 | $ 2,690,546 |
Loans Receivable and Allowance for Loan Losses - Balances of Residential Interest-Only Mortgage Loans (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Amortization scheduled to begin in: | ||
Past due loans scheduled to enter amortization prior to March 31, 2017 | $ 195,241 | $ 207,023 |
Residential Mortgage Loans | Interest-only loans | ||
Amortization scheduled to begin in: | ||
12 months or less | 206,063 | |
13 to 24 months | 24,107 | |
25 to 36 months | 10,314 | |
Over 36 months | 5,467 | |
Total | 245,951 | |
Past due loans scheduled to enter amortization prior to March 31, 2017 | $ 14,400 |
Loans Receivable and Allowance for Loan Losses - Mortgage Loans Receivable by Segment and Class, Subsequent Payment Default (Details) - Mortgage Loans $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017
USD ($)
loan
|
Mar. 31, 2016
USD ($)
loan
|
|
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 9 | 9 |
Recorded Investment | $ | $ 3,707 | $ 3,176 |
Residential | Full documentation interest-only | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 3 | 2 |
Recorded Investment | $ | $ 1,078 | $ 533 |
Residential | Full documentation amortizing | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 4 | 2 |
Recorded Investment | $ | $ 1,566 | $ 408 |
Residential | Reduced documentation interest-only | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 2 | 4 |
Recorded Investment | $ | $ 1,063 | $ 1,947 |
Residential | Reduced documentation amortizing | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 288 |
Securities Sold Under Agreements to Repurchase (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Year | ||
Total | $ 1,100,000 | $ 1,100,000 |
Secured Debt | ||
Year | ||
2018 | 200,000 | |
2019 | 600,000 | |
2020 | 300,000 | |
Total | $ 1,100,000 | |
Secured Debt | Residential mortgage-backed securities | ||
Year | ||
Composition of outstanding repo agreements (as a percent) | 82.00% | |
Secured Debt | Obligations of GSEs | ||
Year | ||
Composition of outstanding repo agreements (as a percent) | 18.00% |
Pension Plans and Other Postretirement Benefits (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Pension Benefits | ||
Benefit Plans | ||
Service cost | $ 0 | $ 0 |
Interest cost | 2,430 | 2,536 |
Expected return on plan assets | (3,097) | (3,058) |
Recognized net actuarial loss (gain) | 722 | 734 |
Amortization of prior service cost | 48 | 47 |
Settlement | 61 | 0 |
Net periodic cost | 164 | 259 |
Other Postretirement Benefits | ||
Benefit Plans | ||
Service cost | 490 | 472 |
Interest cost | 255 | 263 |
Expected return on plan assets | 0 | 0 |
Recognized net actuarial loss (gain) | (99) | (67) |
Amortization of prior service cost | 0 | 0 |
Settlement | 0 | 0 |
Net periodic cost | $ 646 | $ 668 |
Investments in Affordable Housing Limited Partnerships (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Schedule of Equity Method Investments [Line Items] | |||
Funding installments, installment period | 2 years | ||
Other non-interest expense | |||
Schedule of Equity Method Investments [Line Items] | |||
Expense related to investments in affordable housing limited partnerships | $ 653 | $ 352 | |
Income tax expense | |||
Schedule of Equity Method Investments [Line Items] | |||
Affordable housing tax credits and other tax benefits | 590 | $ 390 | |
Other assets | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in affordable housing limited partnerships | 15,100 | $ 15,700 | |
Other liabilities | |||
Schedule of Equity Method Investments [Line Items] | |||
Funding obligation related to investments | $ 12,000 | $ 12,000 |
Fair Value Measurements - Schedule of Carrying Values of Assets Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Fair Value of Financial Instruments | ||
Impaired loans | $ 212,371 | $ 213,663 |
MSR, net | 10,237 | 10,130 |
REO, net | 13,500 | 15,144 |
Carrying Value | ||
Fair Value of Financial Instruments | ||
Non-performing loans held-for-sale, net | 6,236 | 11,584 |
MSR, net | 10,237 | 10,130 |
Level 3 | ||
Fair Value of Financial Instruments | ||
Non-performing loans held-for-sale, net | 6,360 | 11,589 |
MSR, net | 10,240 | 10,133 |
Nonrecurring | Level 3 | Carrying Value | ||
Fair Value of Financial Instruments | ||
Non-performing loans held-for-sale, net | 141 | 143 |
Impaired loans | 124,766 | 124,101 |
MSR, net | 10,237 | 10,130 |
REO, net | 13,500 | 14,428 |
Total | $ 148,644 | $ 148,802 |
Fair Value Measurements - Schedule of Gains (Losses) Recognized on Assets Measured at Fair Value on a Non-Recurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Fair Value of Financial Instruments | ||
Total | $ (2,112) | $ (2,985) |
Non-performing loans held-for-sale, net | ||
Fair Value of Financial Instruments | ||
Total | 0 | 0 |
Impaired loans | ||
Fair Value of Financial Instruments | ||
Total | (1,704) | (1,858) |
MSR, net | ||
Fair Value of Financial Instruments | ||
Total | 215 | (877) |
REO, net | ||
Fair Value of Financial Instruments | ||
Total | $ (623) | $ (250) |
Litigation (Details) |
16 Months Ended | ||
---|---|---|---|
Feb. 23, 2017
lawsuit
|
Mar. 31, 2017
USD ($)
|
Mar. 06, 2017
USD ($)
|
|
New York Community Bancorp, Inc. Merger-related Litigation | |||
Business Acquisition [Line Items] | |||
Number of lawsuits challenging the proposed merger | lawsuit | 6 | ||
Sterling Merger-related Litigation | |||
Business Acquisition [Line Items] | |||
Liability or reserve recognized | $ 0 | ||
Sterling Merger-related Litigation | Sterling Merger Agreement | Sterling | |||
Business Acquisition [Line Items] | |||
Termination fee | $ 75,700,000 |
',:N^FWV-L^WGV[* 07@O%$S
M"TI1XG4Z.QW/<>:_PK8!? ;P&P";"D7E3\*+(K-F)'::?2_"%:<'CK,I0S".
M(OY#\0ZCEX*_3S)V"41SSG'*X:N<=,E@R+Z4X%LECOP?.-^&[S85[B)\MX;O
M_E-_OTFPCP3[OUI,;UK )98FEA;>*3'-?W,="KYB9I"H5JQX:,4#*YY9\>(J"^>)W;\54-GD/#83H)D S 1F)HC+
MF.!373,W0):J2K,3H9T(PB[B!A)L(,G^\,F3I,\8:AM9MU=(YRJRRC2HH9^Z
M(.YJ<:%0.3X)I,C7,6$K5&&R5 61-XHF0>5MJ#T'#-)Y'YQB28$=%<3?*)J.
MA*'(>;)"PCPYO0N**
WDOO?=!=1)TDJ6:6
M\8@R'%$&(RK#B#+Z326K#<(+)+26+#<\I *'5,"0ZC"D$GZ3Y6II& ]0E:8=
M#Z;"P=0XF''^5'#76V3OHQTOD-"E2JMX1 V.J,41C5.HA5_TLFE.HWF0K,@H
M>]O"Q'_974?9STC6THGLV;UU>&\=?/7#O74T&:5YL#82FDEBUI:$XVD"8R+S
M64A(EODP)C@0BDX$LD?1Z2TWKR?S_3&V1UDW9SXJ.+ *BJSC/'P4/8]EKB+C
M=P6$V[=JK9S
1DQEV?\)L"
+Y9LQ%DT5!9MLJ6# 19M)6R;$90
M0YLJRV:@W%HIH64/DM7$BJ,; 1<-M6R.:X8&_%NZA%9B4&@J=,>:H) &4