Loans Receivable and Allowance for Loan Losses (Tables)

3 Months Ended

Mar. 31, 2013

Loans Receivable and Allowance for Loan Losses

Schedule of composition of loans receivable portfolio and an aging analysis by accruing and non-accrual loans and by segment and class

	At March 31, 2013
	Past Due
	30-59		60-89		90 Days		Total
(In Thousands)	Days		Days		or More		Past Due		Current		Total
Accruing loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	31,298	$	8,343	$	—	$	39,641	$	1,732,224	$	1,771,865
Full documentation amortizing	39,310		5,624		—		44,934		5,839,072		5,884,006
Reduced documentation interest-only	30,428		7,587		—		38,015		809,738		847,753
Reduced documentation amortizing	9,557		1,950		—		11,507		338,706		350,213
Total residential	110,593		23,504		—		134,097		8,719,740		8,853,837
Multi-family	17,450		5,731		—		23,181		2,545,582		2,568,763
Commercial real estate	2,887		6,588		609		10,084		796,666		806,750
Total mortgage loans	130,930		35,823		609		167,362		12,061,988		12,229,350
Consumer and other loans (gross):
Home equity lines of credit	2,828		1,350		—		4,178		212,953		217,131
Other	68		177		—		245		35,131		35,376
Total consumer and other loans	2,896		1,527		—		4,423		248,084		252,507
Total accruing loans	$	133,826	$	37,350	$	609	$	171,785	$	12,310,072	$	12,481,857
Non-accrual loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	1,634	$	851	$	92,128	$	94,613	$	23,005	$	117,618
Full documentation amortizing	539		408		43,320		44,267		8,706		52,973
Reduced documentation interest-only	4,156		1,467		105,326		110,949		25,068		136,017
Reduced documentation amortizing	2,166		69		30,369		32,604		4,264		36,868
Total residential	8,495		2,795		271,143		282,433		61,043		343,476
Multi-family	—		—		3,706		3,706		3,849		7,555
Commercial real estate	1,363		—		5,606		6,969		1,350		8,319
Total mortgage loans	9,858		2,795		280,455		293,108		66,242		359,350
Consumer and other loans (gross):
Home equity lines of credit	—		—		6,178		6,178		252		6,430
Other	—		—		68		68		—		68
Total consumer and other loans	—		—		6,246		6,246		252		6,498
Total non-accrual loans	$	9,858	$	2,795	$	286,701	$	299,354	$	66,494	$	365,848
Total loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	32,932	$	9,194	$	92,128	$	134,254	$	1,755,229	$	1,889,483
Full documentation amortizing	39,849		6,032		43,320		89,201		5,847,778		5,936,979
Reduced documentation interest-only	34,584		9,054		105,326		148,964		834,806		983,770
Reduced documentation amortizing	11,723		2,019		30,369		44,111		342,970		387,081
Total residential	119,088		26,299		271,143		416,530		8,780,783		9,197,313
Multi-family	17,450		5,731		3,706		26,887		2,549,431		2,576,318
Commercial real estate	4,250		6,588		6,215		17,053		798,016		815,069
Total mortgage loans	140,788		38,618		281,064		460,470		12,128,230		12,588,700
Consumer and other loans (gross):
Home equity lines of credit	2,828		1,350		6,178		10,356		213,205		223,561
Other	68		177		68		313		35,131		35,444
Total consumer and other loans	2,896		1,527		6,246		10,669		248,336		259,005
Total loans	$	143,684	$	40,145	$	287,310	$	471,139	$	12,376,566	$	12,847,705
Net unamortized premiums and deferred loan origination costs											64,078
Loans receivable											12,911,783
Allowance for loan losses											(144,250		)
Loans receivable, net											$	12,767,533

	At December 31, 2012
	Past Due
	30-59		60-89		90 Days		Total
(In Thousands)	Days		Days		or More		Past Due		Current		Total
Accruing loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	30,520	$	8,973	$	—	$	39,493	$	1,862,382	$	1,901,875
Full documentation amortizing	35,918		6,564		—		42,482		6,218,064		6,260,546
Reduced documentation interest-only	28,212		7,694		—		35,906		855,907		891,813
Reduced documentation amortizing	11,780		3,893		—		15,673		350,268		365,941
Total residential	106,430		27,124		—		133,554		9,286,621		9,420,175
Multi-family	21,743		5,382		—		27,125		2,368,895		2,396,020
Commercial real estate	13,536		3,126		328		16,990		750,385		767,375
Total mortgage loans	141,709		35,632		328		177,669		12,405,901		12,583,570
Consumer and other loans (gross):
Home equity lines of credit	3,103		1,092		—		4,195		221,266		225,461
Other	120		223		—		343		31,782		32,125
Total consumer and other loans	3,223		1,315		—		4,538		253,048		257,586
Total accruing loans	$	144,932	$	36,947	$	328	$	182,207	$	12,658,949	$	12,841,156
Non-accrual loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	—	$	677	$	97,907	$	98,584	$	937	$	99,521
Full documentation amortizing	363		—		43,014		43,377		949		44,326
Reduced documentation interest-only	1,042		—		107,254		108,296		5,186		113,482
Reduced documentation amortizing	445		13		32,496		32,954		768		33,722
Total residential	1,850		690		280,671		283,211		7,840		291,051
Multi-family	—		—		7,359		7,359		3,299		10,658
Commercial real estate	—		—		6,541		6,541		—		6,541
Total mortgage loans	1,850		690		294,571		297,111		11,139		308,250
Consumer and other loans (gross):
Home equity lines of credit	—		—		6,459		6,459		—		6,459
Other	—		—		49		49		—		49
Total consumer and other loans	—		—		6,508		6,508		—		6,508
Total non-accrual loans	$	1,850	$	690	$	301,079	$	303,619	$	11,139	$	314,758
Total loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	30,520	$	9,650	$	97,907	$	138,077	$	1,863,319	$	2,001,396
Full documentation amortizing	36,281		6,564		43,014		85,859		6,219,013		6,304,872
Reduced documentation interest-only	29,254		7,694		107,254		144,202		861,093		1,005,295
Reduced documentation amortizing	12,225		3,906		32,496		48,627		351,036		399,663
Total residential	108,280		27,814		280,671		416,765		9,294,461		9,711,226
Multi-family	21,743		5,382		7,359		34,484		2,372,194		2,406,678
Commercial real estate	13,536		3,126		6,869		23,531		750,385		773,916
Total mortgage loans	143,559		36,322		294,899		474,780		12,417,040		12,891,820
Consumer and other loans (gross):
Home equity lines of credit	3,103		1,092		6,459		10,654		221,266		231,920
Other	120		223		49		392		31,782		32,174
Total consumer and other loans	3,223		1,315		6,508		11,046		253,048		264,094
Total loans	$	146,782	$	37,637	$	301,407	$	485,826	$	12,670,088	$	13,155,914
Net unamortized premiums and deferred loan origination costs											68,058
Loans receivable											13,223,972
Allowance for loan losses											(145,501		)
Loans receivable, net											$	13,078,471

Schedule of changes in allowance for loan losses by loan receivable segment

	For the Three Months Ended March 31, 2013
	Mortgage Loans									Consumer
(In Thousands)	Residential			Multi- Family			Commercial Real Estate			and Other Loans			Total
Balance at January 1, 2013	$	89,267		$	35,514		$	14,404		$	6,316		$	145,501
Provision charged (credited) to operations	8,906			191			(815		)	844			9,126
Charge-offs	(8,313		)	(2,941		)	(1,194		)	(906		)	(13,354		)
Recoveries	1,686			1,188			—			103			2,977
Balance at March 31, 2013	$	91,546		$	33,952		$	12,395		$	6,357		$	144,250

	For the Three Months Ended March 31, 2012
	Mortgage Loans									Consumer
(In Thousands)	Residential			Multi- Family			Commercial Real Estate			and Other Loans			Total
Balance at January 1, 2012	$	105,991		$	35,422		$	11,972		$	3,800		$	157,185
Provision charged (credited) to operations	988			9,860			(1,232		)	384			10,000
Charge-offs	(17,704		)	(432		)	(339		)	(600		)	(19,075		)
Recoveries	1,623			77			1			88			1,789
Balance at March 31, 2012	$	90,898		$	44,927		$	10,402		$	3,672		$	149,899

Schedule of balances of residential interest-only mortgage loans by scheduled amortization period

(In Thousands)		Recorded Investment
Amortization scheduled to begin:
Within one year		$ 205,246
More than one year to three years		1,388,990
More than three years to five years		1,084,140
Over five years		194,877
Total		$ 2,873,253

Schedule of balances of loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed

	At March 31, 2013
	Mortgage Loans
(In Thousands)	Residential		Multi- Family		Commercial Real Estate		Consumer and Other Loans		Total
Loans:
Individually evaluated for impairment	$	336,427	$	50,917	$	18,888	$	—	$	406,232
Collectively evaluated for impairment	8,860,886		2,525,401		796,181		259,005		12,441,473
Total loans	$	9,197,313	$	2,576,318	$	815,069	$	259,005	$	12,847,705
Allowance for loan losses:
Individually evaluated for impairment	$	24,484	$	1,157	$	300	$	—	$	25,941
Collectively evaluated for impairment	67,062		32,795		12,095		6,357		118,309
Total allowance for loan losses	$	91,546	$	33,952	$	12,395	$	6,357	$	144,250

	At December 31, 2012
	Mortgage Loans						Consumer
(In Thousands)	Residential		Multi- Family		Commercial Real Estate		and Other Loans		Total
Loans:
Individually evaluated for impairment	$	272,146	$	56,116	$	18,644	$	—	$	346,906
Collectively evaluated for impairment	9,439,080		2,350,562		755,272		264,094		12,809,008
Total loans	$	9,711,226	$	2,406,678	$	773,916	$	264,094	$	13,155,914
Allowance for loan losses:
Individually evaluated for impairment	$	1,001	$	2,576	$	1,469	$	—	$	5,046
Collectively evaluated for impairment	88,266		32,938		12,935		6,316		140,455
Total allowance for loan losses	$	89,267	$	35,514	$	14,404	$	6,316	$	145,501

Summary of information related to impaired mortgage loans by segment and class

	At March 31, 2013					At December 31, 2012
(In Thousands)	Unpaid Principal Balance	Recorded Investment	Related Allowance		Net Investment	Unpaid Principal Balance	Recorded Investment	Related Allowance		Net Investment
With an allowance recorded:
Residential:
Full documentation interest-only	$ 134,138	$ 105,291	$ (8,196	)	$ 97,095	$ 10,740	$ 10,740	$ (241	)	$ 10,499
Full documentation amortizing	31,131	27,390	(2,205	)	25,185	6,122	6,122	(347	)	5,775
Reduced documentation interest-only	201,169	151,621	(10,270	)	141,351	12,893	12,893	(277	)	12,616
Reduced documentation amortizing	31,670	25,667	(3,813	)	21,854	3,889	3,889	(136	)	3,753
Multi-family	17,083	17,083	(1,157	)	15,926	19,704	19,704	(2,576	)	17,128
Commercial real estate	8,727	8,727	(300	)	8,427	10,835	10,835	(1,469	)	9,366
Without an allowance recorded:
Residential:
Full documentation interest-only	28,717	20,088	—		20,088	122,275	86,607	—		86,607
Full documentation amortizing	8,825	6,370	—		6,370	23,489	17,962	—		17,962
Reduced documentation interest-only	—	—	—		—	166,477	116,514	—		116,514
Reduced documentation amortizing	—	—	—		—	23,419	17,419	—		17,419
Multi-family	40,467	33,834	—		33,834	44,341	36,412	—		36,412
Commercial real estate	16,551	10,161	—		10,161	13,256	7,809	—		7,809
Total impaired loans	$ 518,478	$ 406,232	$ (25,941	)	$ 380,291	$ 457,440	$ 346,906	$ (5,046	)	$ 341,860

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

	For the Three Months Ended March 31,
	2013						2012
(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:
Residential:
Full documentation interest-only	$	91,571	$	573	$	644	$	10,466	$	91	$	93
Full documentation amortizing	23,099		115		128		3,933		40		40
Reduced documentation interest-only	136,342		901		1,002		11,464		117		121
Reduced documentation amortizing	23,487		90		110		1,896		23		22
Multi-family	18,394		173		174		50,079		554		802
Commercial real estate	9,781		82		102		14,554		159		169
Without an allowance recorded:
Residential:
Full documentation interest-only	19,792		82		80		79,553		345		341
Full documentation amortizing	5,824		50		50		18,294		52		56
Reduced documentation interest-only	4,172		—		—		112,704		522		536
Reduced documentation amortizing	—		—		—		15,893		124		123
Multi-family	35,122		407		441		5,820		174		174
Commercial real estate	8,985		132		122		3,001		139		131
Total impaired loans	$	376,569	$	2,605	$	2,853	$	327,657	$	2,340	$	2,608

Restructured Loans

Loans receivable and allowance for loan losses disclosures

Schedule of information about mortgage loans receivable by segment and class modified in TDR

	Modifications During the Three Months Ended March 31,
	2013			2012
(Dollars In Thousands)	Number of Loans	Pre- Modification Recorded Investment	Recorded Investment at March 31, 2013	Number of Loans	Pre- Modification Recorded Investment	Recorded Investment at March 31, 2012
Residential:
Full documentation interest-only	6	$ 1,504	$ 1,461	—	$ —	$ —
Full documentation amortizing	2	781	781	—	—	—
Reduced documentation interest-only	11	3,433	3,349	3	914	914
Reduced documentation amortizing	3	742	730	4	1,549	1,473
Multi-family	3	2,784	2,476	6	26,037	25,233
Commercial real estate	1	1,539	1,350	1	999	941
Total	26	$ 10,783	$ 10,147	14	$29,499	$ 28,561

Defaulted Loans

Loans receivable and allowance for loan losses disclosures

Schedule of information about mortgage loans receivable by segment and class modified in TDR

	For the Three Months Ended March 31,
	2013		2012
(Dollars In Thousands)	Number of Loans	Recorded Investment at March 31, 2013	Number of Loans	Recorded Investment at March 31, 2012
Residential:
Full documentation interest-only	19	$ 5,265	2	$ 524
Full documentation amortizing	7	1,176	1	81
Reduced documentation interest-only	21	7,986	7	3,493
Reduced documentation amortizing	5	991	6	1,780
Multi-family	—	—	1	1,785
Commercial real estate	1	1,363	—	—
Total	53	$ 16,781	17	$ 7,663

Performing, non-performing credit quality indicator

Loans receivable and allowance for loan losses disclosures

Schedule of loan receivable segments by class and credit quality indicator

	At March 31, 2013
	Residential Mortgage Loans				Consumer and Other Loans
	Full Documentation		Reduced Documentation		Home Equity
(In Thousands)	Interest-only	Amortizing	Interest-only	Amortizing	Lines of Credit	Other
Performing	$ 1,771,865	$ 5,884,006	$ 847,753	$ 350,213	$ 217,131	$ 35,376
Non-performing:
Current or past due less than 90 days	25,490	9,653	30,691	6,499	252	—
Past due 90 days or more	92,128	43,320	105,326	30,369	6,178	68
Total	$ 1,889,483	$ 5,936,979	$ 983,770	$ 387,081	$ 223,561	$ 35,444

	At December 31, 2012
	Residential Mortgage Loans				Consumer and Other Loans
	Full Documentation		Reduced Documentation		Home Equity
(In Thousands)	Interest-only	Amortizing	Interest-only	Amortizing	Lines of Credit	Other
Performing	$ 1,901,875	$ 6,260,546	$ 891,813	$ 365,941	$ 225,461	$ 32,125
Non-performing:
Current or past due less than 90 days	1,614	1,312	6,228	1,226	—	—
Past due 90 days or more	97,907	43,014	107,254	32,496	6,459	49
Total	$ 2,001,396	$ 6,304,872	$1,005,295	$ 399,663	$ 231,920	$ 32,174

Criticized, Not Criticized

Loans receivable and allowance for loan losses disclosures

Schedule of loan receivable segments by class and credit quality indicator

	At March 31, 2013		At December 31, 2012
(In Thousands)	Multi-Family	Commercial Real Estate	Multi-Family	Commercial Real Estate
Not criticized	$2,456,069	$ 754,204	$ 2,271,006	$ 706,334
Criticized:
Special mention	51,843	21,378	54,956	28,210
Substandard	68,406	39,487	80,716	39,372
Doubtful	—	—	—	—
Total	$2,576,318	$ 815,069	$ 2,406,678	$ 773,916