Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Measurements

Schedule of carrying values of assets measured at fair value on recurring basis and level within the fair value hierarchy

	Carrying Value at June 30, 2013
(In Thousands)	Total		Level 1		Level 2
Securities available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	220,458	$	—	$ 220,458
Non-GSE issuance REMICs and CMOs	9,142		—		9,142
GSE pass-through certificates	19,501		—		19,501
Obligations of GSEs	93,489		—		93,489
Fannie Mae stock	1		1		—
Total securities available-for-sale	$	342,591	$	1	$ 342,590

	Carrying Value at December 31, 2012
(In Thousands)	Total		Level 1		Level 2
Securities available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	204,827	$	—	$ 204,827
Non-GSE issuance REMICs and CMOs	11,219		—		11,219
GSE pass-through certificates	21,375		—		21,375
Obligations of GSEs	98,879		—		98,879
Fannie Mae stock	—		—		—
Total securities available-for-sale	$	336,300	$	—	$ 336,300

Schedule of carrying values of assets measured at fair value on non-recurring basis which fall within Level 3 of the fair value hierarchy

	Carrying Value
(In Thousands)	At June 30, 2013	At December 31, 2012
Non-performing loans held-for-sale, net	$     3,555	$     3,881
Impaired loans	279,405	282,723
MSR, net	10,177	6,947
REO, net	12,108	20,796
Total	$ 305,245	$ 314,347

Schedule of losses recognized on assets measured at fair value on non-recurring basis

	For the Six Months Ended June 30,
(In Thousands)	2013		2012
Non-performing loans held-for-sale, net (1)	$	858	$	698
Impaired loans (2)	13,449		25,610
MSR, net (3)	—		574
REO, net (4)	1,177		2,726
Total	$	15,484	$	29,608

(1)	Losses are charged against the allowance for loan losses in the case of a write-down upon the reclassification of a loan to held-for-sale. Losses subsequent to the reclassification 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)	Losses are charged to mortgage banking income, net.
(4)	Losses are charged against the allowance for loan losses in the case of a write-down upon the transfer of a loan to REO. Losses subsequent to the transfer of a loan to REO are charged to REO expense which is a component of other non-interest expense.

Schedule of carrying values and estimated fair values of financial instruments

	At June 30, 2013
	Carrying		Estimated Fair Value
(In Thousands)	Value		Total		Level 2		Level 3
Financial Assets:
Securities held-to-maturity	$	1,892,883	$	1,882,671	$	1,882,671	$	—
FHLB-NY stock	148,738		148,738		148,738		—
Loans held-for-sale, net (1)	29,283		29,283		—		29,283
Loans receivable, net (1)	12,525,182		12,684,258		—		12,684,258
MSR, net (1)	10,177		10,180		—		10,180
Financial Liabilities:
Deposits	10,245,332		10,343,246		10,343,246		—
Borrowings, net	4,021,895		4,284,176		4,284,176		—

(1) Includes assets measured at fair value on a non-recurring basis.

	At December 31, 2012
	Carrying		Estimated Fair Value
(In Thousands)	Value		Total		Level 2		Level 3
Financial Assets:
Securities held-to-maturity	$	1,700,141	$	1,725,090	$	1,725,090	$	—
FHLB-NY stock	171,194		171,194		171,194		—
Loans held-for-sale, net (1)	76,306		78,486		—		78,486
Loans receivable, net (1)	13,078,471		13,311,997		—		13,311,997
MSR, net (1)	6,947		6,948		—		6,948
Financial Liabilities:
Deposits	10,443,958		10,588,073		10,588,073		—
Borrowings, net	4,373,496		4,857,989		4,857,989		—

(1) Includes assets measured at fair value on a non-recurring basis.