Loans Receivable and Allowance for Loan Losses (Tables)

9 Months Ended

Sep. 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 September 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	$	23,479	$	6,327	$	—	$	29,806	$	1,387,347	$	1,417,153
Full documentation amortizing	29,947		9,623		—		39,570		5,408,913		5,448,483
Reduced documentation interest-only	24,384		7,232		—		31,616		723,406		755,022
Reduced documentation amortizing	8,635		1,997		—		10,632		348,810		359,442
Total residential	86,445		25,179		—		111,624		7,868,476		7,980,100
Multi-family	8,961		1,448		—		10,409		3,091,944		3,102,353
Commercial real estate	—		1,024		55		1,079		811,128		812,207
Total mortgage loans	95,406		27,651		55		123,112		11,771,548		11,894,660
Consumer and other loans (gross):
Home equity lines of credit	2,573		1,350		—		3,923		196,121		200,044
Other	60		36		—		96		37,499		37,595
Total consumer and other loans	2,633		1,386		—		4,019		233,620		237,639
Total accruing loans	$	98,039	$	29,037	$	55	$	127,131	$	12,005,168	$	12,132,299
Non-accrual loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	1,863	$	—	$	85,019	$	86,882	$	21,802	$	108,684
Full documentation amortizing	346		1,226		42,294		43,866		8,675		52,541
Reduced documentation interest-only	3,129		492		91,089		94,710		29,814		124,524
Reduced documentation amortizing	1,532		129		26,289		27,950		4,719		32,669
Total residential	6,870		1,847		244,691		253,408		65,010		318,418
Multi-family	1,030		363		11,037		12,430		3,231		15,661
Commercial real estate	—		937		1,098		2,035		8,578		10,613
Total mortgage loans	7,900		3,147		256,826		267,873		76,819		344,692
Consumer and other loans (gross):
Home equity lines of credit	—		—		6,441		6,441		32		6,473
Other	—		—		33		33		—		33
Total consumer and other loans	—		—		6,474		6,474		32		6,506
Total non-accrual loans	$	7,900	$	3,147	$	263,300	$	274,347	$	76,851	$	351,198
Total loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	25,342	$	6,327	$	85,019	$	116,688	$	1,409,149	$	1,525,837
Full documentation amortizing	30,293		10,849		42,294		83,436		5,417,588		5,501,024
Reduced documentation interest-only	27,513		7,724		91,089		126,326		753,220		879,546
Reduced documentation amortizing	10,167		2,126		26,289		38,582		353,529		392,111
Total residential	93,315		27,026		244,691		365,032		7,933,486		8,298,518
Multi-family	9,991		1,811		11,037		22,839		3,095,175		3,118,014
Commercial real estate	—		1,961		1,153		3,114		819,706		822,820
Total mortgage loans	103,306		30,798		256,881		390,985		11,848,367		12,239,352
Consumer and other loans (gross):
Home equity lines of credit	2,573		1,350		6,441		10,364		196,153		206,517
Other	60		36		33		129		37,499		37,628
Total consumer and other loans	2,633		1,386		6,474		10,493		233,652		244,145
Total loans	$	105,939	$	32,184	$	263,355	$	401,478	$	12,082,019	$	12,483,497
Net unamortized premiums and deferred loan origination costs											58,046
Loans receivable											12,541,543
Allowance for loan losses											(143,000		)
Loans receivable, net											$	12,398,543

	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 September 30, 2013
	Mortgage Loans						Consumer
(In Thousands)	Residential		Multi- Family		Commercial Real Estate		and Other Loans		Total
Balance at July 1, 2013	$	78,788	$	40,865	$	16,642	$	7,605	$	143,900
Provision charged (credited) to operations	7,659		(2,521)		(2,592)		(5)		2,541
Charge-offs	(5,560)		(99)		(293)		(544)		(6,496		)
Recoveries	2,537		—		247		271		3,055
Balance at September 30, 2013	$	83,424	$	38,245	$	14,004	$	7,327	$	143,000

	For the Nine Months Ended September 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 charged to operations	7,488		5,131		1,378		2,196		16,193
Charge-offs	(20,332)		(3,637)		(2,313)		(1,672)		(27,954		)
Recoveries	7,001		1,237		535		487		9,260
Balance at September 30, 2013	$	83,424	$	38,245	$	14,004	$	7,327	$	143,000

	For the Three Months Ended September 30, 2012
	Mortgage Loans						Consumer
(In Thousands)	Residential		Multi- Family		Commercial Real Estate		and Other Loans		Total
Balance at July 1, 2012	$	87,394	$	48,142	$	9,109	$	3,457	$	148,102
Provision charged (credited) to operations	9,210		(6,168)		3,828		2,630		9,500
Charge-offs	(8,195)		(1,233)		(1,379)		(891)		(11,698		)
Recoveries	2,355		122		—		91		2,568
Balance at September 30, 2012	$	90,764	$	40,863	$	11,558	$	5,287	$	148,472

	For the Nine Months Ended September 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 to operations	16,387		8,381		1,303		3,429		29,500
Charge-offs	(37,598)		(3,139)		(1,718)		(2,367)		(44,822		)
Recoveries	5,984		199		1		425		6,609
Balance at September 30, 2012	$	90,764	$	40,863	$	11,558	$	5,287	$	148,472

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

(In Thousands)	Recorded Investment
Amortization scheduled to begin:
Within one year	$	229,445
More than one year to three years	1,334,544
More than three years to five years	769,974
Over five years	71,420
Total	$	2,405,383

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

	At September 30, 2013
	Mortgage Loans						Consumer
(In Thousands)	Residential		Multi- Family		Commercial Real Estate		and Other Loans		Total
Loans:
Individually evaluated for impairment	$	313,495	$	55,391	$	17,154	$	—	$	386,040
Collectively evaluated for impairment	7,985,023		3,062,623		805,666		244,145		12,097,457
Total loans	$	8,298,518	$	3,118,014	$	822,820	$	244,145	$	12,483,497
Allowance for loan losses:
Individually evaluated for impairment	$	22,265	$	2,179	$	322	$	—	$	24,766
Collectively evaluated for impairment	61,159		36,066		13,682		7,327		118,234
Total allowance for loan losses	$	83,424	$	38,245	$	14,004	$	7,327	$	143,000

	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 September 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	$	149,386	$	114,923	$	(7,797	)	$	107,126	$	10,740	$	10,740	$	(241	)	$	10,499
Full documentation amortizing	40,794		35,014		(2,550		)	32,464		6,122		6,122		(347		)	5,775
Reduced documentation interest-only	183,353		139,472		(9,564		)	129,908		12,893		12,893		(277		)	12,616
Reduced documentation amortizing	29,062		24,086		(2,354		)	21,732		3,889		3,889		(136		)	3,753
Multi-family	23,437		23,437		(2,179		)	21,258		19,704		19,704		(2,576		)	17,128
Commercial real estate	6,764		6,764		(322		)	6,442		10,835		10,835		(1,469		)	9,366
Without an allowance recorded:
Residential:
Full documentation interest-only	—		—		—			—		122,275		86,607		—			86,607
Full documentation amortizing	—		—		—			—		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	38,635		31,954		—			31,954		44,341		36,412		—			36,412
Commercial real estate	14,830		10,390		—			10,390		13,256		7,809		—			7,809
Total impaired loans	$	486,261	$	386,040	$	(24,766	)	$	361,274	$	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 September 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	$	107,893	$	762	$	763	$	10,254	$	79	$	77
Full documentation amortizing	31,128		218		220		4,210		40		41
Reduced documentation interest-only	144,468		1,171		1,174		10,469		130		122
Reduced documentation amortizing	24,452		158		152		2,272		27		19
Multi-family	19,557		34		169		60,560		1,146		590
Commercial real estate	7,604		56		66		11,838		229		97
Without an allowance recorded:
Residential:
Full documentation interest-only	9,075		—		—		83,722		417		411
Full documentation amortizing	2,968		—		—		16,611		117		108
Reduced documentation interest-only	—		—		—		118,021		742		728
Reduced documentation amortizing	—		—		—		18,694		79		69
Multi-family	31,464		401		416		12,517		503		227
Commercial real estate	11,252		112		131		6,623		272		99
Total impaired loans	$	389,861	$	2,912	$	3,091	$	355,791	$	3,781	$	2,588

	For the Nine Months Ended September 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	$	105,931	$	2,114	$	2,229	$	10,360	$	247	$	247
Full documentation amortizing	29,465		623		639		4,071		121		122
Reduced documentation interest-only	146,773		3,053		3,205		10,967		342		345
Reduced documentation amortizing	25,424		464		493		2,084		86		78
Multi-family	18,975		659		722		55,319		2,252		1,946
Commercial real estate	8,692		253		285		13,196		430		321
Without an allowance recorded:
Residential:
Full documentation interest-only	14,433		—		—		81,638		1,069		1,136
Full documentation amortizing	4,396		—		—		17,452		221		234
Reduced documentation interest-only	2,086		—		—		115,363		1,731		1,824
Reduced documentation amortizing	—		—		—		17,293		291		303
Multi-family	33,294		1,165		1,229		9,168		921		662
Commercial real estate	10,118		286		319		4,812		541		389
Total impaired loans	$	399,587	$	8,617	$	9,121	$	341,723	$	8,252	$	7,607

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 September 30,
	2013			2012
(Dollars In Thousands)	Number of Loans	Pre- Modification Recorded Investment	Recorded Investment at September 30, 2013	Number of Loans	Pre- Modification Recorded Investment	Recorded Investment at September 30, 2012
Residential:
Full documentation interest-only	7	$ 2,128	$ 2,127	2	$ 355	$ 354
Full documentation amortizing	1	161	161	3	805	786
Reduced documentation interest-only	10	3,107	3,096	5	2,693	2,690
Reduced documentation amortizing	2	387	386	—	—	—
Multi-family	5	3,967	3,774	—	—	—
Commercial real estate	4	6,488	5,458	3	3,437	3,325
Total	29	$ 16,238	$ 15,002	13	$ 7,290	$ 7,155

	Modifications During the Nine Months Ended September 30,
	2013			2012
(Dollars In Thousands)	Number of Loans	Pre- Modification Recorded Investment	Recorded Investment at September 30, 2013	Number of Loans	Pre- Modification Recorded Investment	Recorded Investment at September 30, 2012
Residential:
Full documentation interest-only	18	$ 4,579	$ 4,577	6	$ 1,415	$ 1,384
Full documentation amortizing	6	1,662	1,682	3	805	786
Reduced documentation interest-only	28	8,957	8,921	12	5,422	5,407
Reduced documentation amortizing	8	2,470	2,408	5	1,950	1,840
Multi-family	8	6,751	6,228	12	31,581	29,129
Commercial real estate	7	10,443	9,125	6	7,671	6,120
Total	75	$ 34,862	$ 32,941	44	$ 48,844	$ 44,666

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 September 30,				For the Nine Months Ended September 30,
	2013		2012		2013		2012
(Dollars In Thousands)	Number of Loans	Recorded Investment at September 30, 2013	Number of Loans	Recorded Investment at September 30, 2012	Number of Loans	Recorded Investment at September 30, 2013	Number of Loans	Recorded Investment at September 30, 2012
Residential:
Full documentation interest-only	14	$ 3,365	—	$ —	22	$ 5,343	—	$ —
Full documentation amortizing	8	2,159	1	485	10	2,589	1	485
Reduced documentation interest-only	20	5,729	3	1,174	24	6,707	5	1,821
Reduced documentation amortizing	2	303	—	—	5	880	5	1,817
Multi-family	1	671	1	2,062	1	671	2	3,743
Total	45	$ 12,227	5	$ 3,721	62	$ 16,190	13	$ 7,866

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 September 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	$	1,417,153	$	5,448,483	$	755,022	$	359,442	$	200,044	$	37,595
Non-performing:
Current or past due less than 90 days	23,665		10,247		33,435		6,380		32		—
Past due 90 days or more	85,019		42,294		91,089		26,289		6,441		33
Total	$	1,525,837	$	5,501,024	$	879,546	$	392,111	$	206,517	$	37,628

	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 September 30, 2013				At December 31, 2012
(In Thousands)	Multi-Family		Commercial Real Estate		Multi-Family		Commercial Real Estate
Not criticized	$	3,027,701	$	774,515	$	2,271,006	$	706,334
Criticized:
Special mention	20,016		8,123		54,956		28,210
Substandard	70,297		40,182		80,716		39,372
Doubtful	—		—		—		—
Total	$	3,118,014	$	822,820	$	2,406,678	$	773,916