Loans Receivable and Allowance for Loan Losses (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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	$	26,078	$	7,452	$	—	$	33,530	$	1,580,653	$	1,614,183
Full documentation amortizing	31,669		4,946		—		36,615		5,484,801		5,521,416
Reduced documentation interest-only	22,441		7,673		—		30,114		780,616		810,730
Reduced documentation amortizing	9,558		2,572		—		12,130		334,369		346,499
Total residential	89,746		22,643		—		112,389		8,180,439		8,292,828
Multi-family	11,232		10,527		—		21,759		2,871,071		2,892,830
Commercial real estate	1,389		3,775		594		5,758		814,199		819,957
Total mortgage loans	102,367		36,945		594		139,906		11,865,709		12,005,615
Consumer and other loans (gross):
Home equity lines of credit	2,091		723		—		2,814		205,840		208,654
Other	102		171		—		273		38,097		38,370
Total consumer and other loans	2,193		894		—		3,087		243,937		247,024
Total accruing loans	$	104,560	$	37,839	$	594	$	142,993	$	12,109,646	$	12,252,639
Non-accrual loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	1,529	$	200	$	92,004	$	93,733	$	22,410	$	116,143
Full documentation amortizing	1,776		—		41,604		43,380		7,445		50,825
Reduced documentation interest-only	2,364		996		102,779		106,139		28,016		134,155
Reduced documentation amortizing	933		606		26,369		27,908		5,770		33,678
Total residential	6,602		1,802		262,756		271,160		63,641		334,801
Multi-family	365		—		3,311		3,676		986		4,662
Commercial real estate	2,801		—		4,963		7,764		2,359		10,123
Total mortgage loans	9,768		1,802		271,030		282,600		66,986		349,586
Consumer and other loans (gross):
Home equity lines of credit	—		—		6,410		6,410		235		6,645
Other	—		—		31		31		14		45
Total consumer and other loans	—		—		6,441		6,441		249		6,690
Total non-accrual loans	$	9,768	$	1,802	$	277,471	$	289,041	$	67,235	$	356,276
Total loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	27,607	$	7,652	$	92,004	$	127,263	$	1,603,063	$	1,730,326
Full documentation amortizing	33,445		4,946		41,604		79,995		5,492,246		5,572,241
Reduced documentation interest-only	24,805		8,669		102,779		136,253		808,632		944,885
Reduced documentation amortizing	10,491		3,178		26,369		40,038		340,139		380,177
Total residential	96,348		24,445		262,756		383,549		8,244,080		8,627,629
Multi-family	11,597		10,527		3,311		25,435		2,872,057		2,897,492
Commercial real estate	4,190		3,775		5,557		13,522		816,558		830,080
Total mortgage loans	112,135		38,747		271,624		422,506		11,932,695		12,355,201
Consumer and other loans (gross):
Home equity lines of credit	2,091		723		6,410		9,224		206,075		215,299
Other	102		171		31		304		38,111		38,415
Total consumer and other loans	2,193		894		6,441		9,528		244,186		253,714
Total loans	$	114,328	$	39,641	$	278,065	$	432,034	$	12,176,881	$	12,608,915
Net unamortized premiums and deferred loan origination costs											60,167
Loans receivable											12,669,082
Allowance for loan losses											(143,900		)
Loans receivable, net											$	12,525,182

	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 June 30, 2013
	Mortgage Loans						Consumer
(In Thousands)	Residential		Multi- Family		Commercial Real Estate		and Other Loans		Total
Balance at April 1, 2013	$	91,546	$	33,952	$	12,395	$	6,357	$	144,250
Provision (credited) charged to operations	(9,077)		7,461		4,785		1,357		4,526
Charge-offs	(6,459)		(597)		(826)		(222)		(8,104		)
Recoveries	2,778		49		288		113		3,228
Balance at June 30, 2013	$	78,788	$	40,865	$	16,642	$	7,605	$	143,900

	For the Six Months Ended June 30, 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 (credited) charged to operations	(171)		7,652		3,970		2,201		13,652
Charge-offs	(14,772)		(3,538)		(2,020)		(1,128)		(21,458		)
Recoveries	4,464		1,237		288		216		6,205
Balance at June 30, 2013	$	78,788	$	40,865	$	16,642	$	7,605	$	143,900

	For the Three Months Ended June 30, 2012
	Mortgage Loans
(In Thousands)	Residential		Multi- Family		Commercial Real Estate		Consumer and Other Loans		Total
Balance at April 1, 2012	$	90,898	$	44,927	$	10,402	$	3,672	$	149,899
Provision charged (credited) to operations	6,189		4,689		(1,293)		415		10,000
Charge-offs	(11,699)		(1,474)		—		(876)		(14,049		)
Recoveries	2,006		—		—		246		2,252
Balance at June 30, 2012	$	87,394	$	48,142	$	9,109	$	3,457	$	148,102

	For the Six Months Ended June 30, 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	7,177		14,549		(2,525)		799		20,000
Charge-offs	(29,403)		(1,906)		(339)		(1,476)		(33,124		)
Recoveries	3,629		77		1		334		4,041
Balance at June 30, 2012	$	87,394	$	48,142	$	9,109	$	3,457	$	148,102

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

(In Thousands)	Recorded Investment
Amortization scheduled to begin:
Within one year	$	224,443
More than one year to three years	1,387,809
More than three years to five years	929,416
Over five years	133,543
Total	$	2,675,211

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

	At June 30, 2013
	Mortgage Loans						Consumer
(In Thousands)	Residential		Multi- Family		Commercial Real Estate		and Other Loans		Total
Loans:
Individually evaluated for impairment	$	326,469	$	46,651	$	20,557	$	—	$	393,677
Collectively evaluated for impairment	8,301,160		2,850,841		809,523		253,714		12,215,238
Total loans	$	8,627,629	$	2,897,492	$	830,080	$	253,714	$	12,608,915
Allowance for loan losses:
Individually evaluated for impairment	$	19,045	$	1,194	$	794	$	—	$	21,033
Collectively evaluated for impairment	59,743		39,671		15,848		7,605		122,867
Total allowance for loan losses	$	78,788	$	40,865	$	16,642	$	7,605	$	143,900

	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 June 30, 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	$	128,785	$	100,862	$	(5,340	)	$	95,522	$	10,740	$	10,740	$	(241	)	$	10,499
Full documentation amortizing	31,008		27,241		(1,817		)	25,424		6,122		6,122		(347		)	5,775
Reduced documentation interest-only	197,826		149,463		(8,970		)	140,493		12,893		12,893		(277		)	12,616
Reduced documentation amortizing	30,342		24,818		(2,918		)	21,900		3,889		3,889		(136		)	3,753
Multi-family	15,677		15,677		(1,194		)	14,483		19,704		19,704		(2,576		)	17,128
Commercial real estate	8,444		8,444		(794		)	7,650		10,835		10,835		(1,469		)	9,366
Without an allowance recorded:
Residential:
Full documentation interest-only	26,568		18,149		—			18,149		122,275		86,607		—			86,607
Full documentation amortizing	8,333		5,936		—			5,936		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	37,556		30,974		—			30,974		44,341		36,412		—			36,412
Commercial real estate	16,595		12,113		—			12,113		13,256		7,809		—			7,809
Total impaired loans	$	501,134	$	393,677	$	(21,033	)	$	372,644	$	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 June 30,
	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	$	103,076	$	608	$	630	$	10,378	$	81	$	85
Full documentation amortizing	27,316		171		173		4,104		39		38
Reduced documentation interest-only	150,542		992		1,018		10,982		114		115
Reduced documentation amortizing	25,243		209		210		2,006		19		19
Multi-family	16,380		180		195		63,795		578		674
Commercial real estate	8,586		139		147		12,744		76		118
Without an allowance recorded:
Residential:
Full documentation interest-only	19,119		96		91		83,978		356		350
Full documentation amortizing	6,153		17		15		18,085		59		55
Reduced documentation interest-only	—		—		—		118,551		520		509
Reduced documentation amortizing	—		—		—		17,889		102		105
Multi-family	32,404		346		389		9,543		166		156
Commercial real estate	11,137		51		134		5,981		131		131
Total impaired loans	$	399,956	$	2,809	$	3,002	$	358,036	$	2,241	$	2,355

	For the Six Months Ended June 30,
	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	$	102,934	$	1,157	$	1,262	$	10,448	$	174	$	179
Full documentation amortizing	27,615		289		305		4,031		81		81
Reduced documentation interest-only	149,207		1,897		2,042		11,226		235		241
Reduced documentation amortizing	25,870		297		322		1,930		42		41
Multi-family	17,488		373		380		54,621		1,227		1,552
Commercial real estate	9,335		240		264		14,194		261		314
Without an allowance recorded:
Residential:
Full documentation interest-only	19,244		166		170		81,249		660		700
Full documentation amortizing	5,861		67		65		17,748		107		112
Reduced documentation interest-only	2,781		—		—		115,561		987		1,064
Reduced documentation amortizing	—		—		—		17,012		202		232
Multi-family	33,740		745		796		7,194		366		356
Commercial real estate	10,028		225		259		3,987		269		262
Total impaired loans	$	404,103	$	5,456	$	5,865	$	339,201	$	4,611	$	5,134

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 June 30,
	2013					2012
(Dollars In Thousands)	Number of Loans	Pre- Modification Recorded Investment		Recorded Investment at June 30, 2013		Number of Loans	Pre- Modification Recorded Investment		Recorded Investment at June 30, 2012
Residential:
Full documentation interest-only	6	$	1,296	$	1,295	4	$	1,060	$	1,046
Full documentation amortizing	3	721		718		—	—		—
Reduced documentation interest-only	8	2,702		2,702		4	1,815		1,803
Reduced documentation amortizing	3	1,342		1,321		1	401		393
Multi-family	—	—		—		6	5,545		5,456
Commercial real estate	2	2,416		2,359		2	3,235		3,235
Total	22	$	8,477	$	8,395	17	$	12,056	$	11,933

	Modifications During the Six Months Ended June 30,
	2013					2012
(Dollars In Thousands)	Number of Loans	Pre- Modification Recorded Investment		Recorded Investment at June 30, 2013		Number of Loans	Pre- Modification Recorded Investment		Recorded Investment at June 30, 2012
Residential:
Full documentation interest-only	11	$	2,451	$	2,450	4	$	1,060	$	1,046
Full documentation amortizing	5	1,501		1,506		—	—		—
Reduced documentation interest-only	19	6,135		6,111		7	2,729		2,718
Reduced documentation amortizing	6	2,084		2,045		5	1,950		1,851
Multi-family	3	2,784		2,465		12	31,581		30,303
Commercial real estate	3	3,955		3,698		3	4,234		4,164
Total	47	$	18,910	$	18,275	31	$	41,554	$	40,082

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 June 30,						For the Six Months Ended June 30,
	2013			2012			2013			2012
(Dollars In Thousands)	Number of Loans	Recorded Investment at June 30, 2013		Number of Loans	Recorded Investment at June 30, 2012		Number of Loans	Recorded Investment at June 30, 2013		Number of Loans	Recorded Investment at June 30, 2012
Residential:
Full documentation interest-only	11	$	2,915	1	$	339	18	$	4,554	1	$	339
Full documentation amortizing	9	2,668		1	79		9	2,668		1	79
Reduced documentation interest-only	19	6,369		5	1,701		24	8,157		6	2,057
Reduced documentation amortizing	3	483		2	544		5	885		6	1,980
Multi-family	—	—		3	4,473		—	—		3	4,473
Total	42	$	12,435	12	$	7,136	56	$	16,264	17	$	8,928

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 June 30, 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	$	1,614,183	$	5,521,416	$	810,730	$	346,499	$	208,654	$	38,370
Non-performing:
Current or past due less than 90 days	24,139		9,221		31,376		7,309		235		14
Past due 90 days or more	92,004		41,604		102,779		26,369		6,410		31
Total	$	1,730,326	$	5,572,241	$	944,885	$	380,177	$	215,299	$	38,415

	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 June 30, 2013				At December 31, 2012
(In Thousands)	Multi-Family		Commercial Real Estate		Multi-Family		Commercial Real Estate
Not criticized	$	2,797,888	$	772,058	$	2,271,006	$	706,334
Criticized:
Special mention	26,223		14,661		54,956		28,210
Substandard	73,381		43,361		80,716		39,372
Doubtful	—		—		—		—
Total	$	2,897,492	$	830,080	$	2,406,678	$	773,916