Loans Receivable and Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 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 December 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		$	27,291	$	5,220	$	-	$	32,511	$	1,249,462	$	1,281,973
Full documentation amortizing		31,189		7,415		151		38,755		5,325,944		5,364,699
Reduced documentation interest-only		22,635		5,208		-		27,843		693,660		721,503
Reduced documentation amortizing		8,993		2,311		-		11,304		352,322		363,626
Total residential		90,108		20,154		151		110,413		7,621,388		7,731,801
Multi-family		12,740		970		-		13,710		3,270,206		3,283,916
Commercial real estate		1,729		1,690		233		3,652		801,690		805,342
Total mortgage loans		104,577		22,814		384		127,775		11,693,284		11,821,059
Consumer and other loans (gross):
Home equity lines of credit		3,000		1,321		-		4,321		189,540		193,861
Other		177		19		-		196		39,644		39,840
Total consumer and other loans		3,177		1,340		-		4,517		229,184		233,701
Total accruing loans		$	107,754	$	24,154	$	384	$	132,292	$	11,922,468	$	12,054,760
Non-accrual loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only		$	2,185	$	582	$	78,271	$	81,038	$	19,190	$	100,228
Full documentation amortizing		1,327		653		41,934		43,914		10,844		54,758
Reduced documentation interest-only		2,065		579		87,910		90,554		27,604		118,158
Reduced documentation amortizing		617		425		26,112		27,154		5,177		32,331
Total residential		6,194		2,239		234,227		242,660		62,815		305,475
Multi-family		1,104		357		9,054		10,515		2,024		12,539
Commercial real estate		930		-		921		1,851		5,773		7,624
Total mortgage loans		8,228		2,596		244,202		255,026		70,612		325,638
Consumer and other loans (gross):
Home equity lines of credit		-		-		5,916		5,916		32		5,948
Other		-		-		32		32		-		32
Total consumer and other loans		-		-		5,948		5,948		32		5,980
Total non-accrual loans		$	8,228	$	2,596	$	250,150	$	260,974	$	70,644	$	331,618
Total loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only		$	29,476	$	5,802	$	78,271	$	113,549	$	1,268,652	$	1,382,201
Full documentation amortizing		32,516		8,068		42,085		82,669		5,336,788		5,419,457
Reduced documentation interest-only		24,700		5,787		87,910		118,397		721,264		839,661
Reduced documentation amortizing		9,610		2,736		26,112		38,458		357,499		395,957
Total residential		96,302		22,393		234,378		353,073		7,684,203		8,037,276
Multi-family		13,844		1,327		9,054		24,225		3,272,230		3,296,455
Commercial real estate		2,659		1,690		1,154		5,503		807,463		812,966
Total mortgage loans		112,805		25,410		244,586		382,801		11,763,896		12,146,697
Consumer and other loans (gross):
Home equity lines of credit		3,000		1,321		5,916		10,237		189,572		199,809
Other		177		19		32		228		39,644		39,872
Total consumer and other loans		3,177		1,340		5,948		10,465		229,216		239,681
Total loans		$	115,982	$	26,750	$	250,534	$	393,266	$	11,993,112	$	12,386,378
Net unamortized premiums and
deferred loan origination costs												55,688
Loans receivable												12,442,066
Allowance for loan losses												(139,000		)
Loans receivable, net												$	12,303,066

	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

	Mortgage Loans									Consumer
(In Thousands)	Residential			Multi- Family			Commercial Real Estate			and Other Loans			Total
Balance at December 31, 2010	$	125,524		$	56,266		$	15,563		$	4,146		$	201,499
Provision charged to operations	34,457			814			547			1,182			37,000
Charge-offs	(64,834		)	(22,160		)	(4,138		)	(1,665		)	(92,797		)
Recoveries	10,844			502			-			137			11,483
Balance at December 31, 2011	105,991			35,422			11,972			3,800			157,185
Provision charged to operations	24,663			6,161			5,038			4,538			40,400
Charge-offs	(49,794		)	(6,275		)	(2,607		)	(2,541		)	(61,217		)
Recoveries	8,407			206			1			519			9,133
Balance at December 31, 2012	89,267			35,514			14,404			6,316			145,501
Provision charged to operations	9,368			4,684			1,945			3,604			19,601
Charge-offs	(26,644		)	(4,732		)	(3,748		)	(1,916		)	(37,040		)
Recoveries	8,346			1,237			535			820			10,938
Balance at December 31, 2013	$	80,337		$	36,703		$	13,136		$	8,824		$	139,000

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

(In Thousands)	Recorded Investment
Amortization scheduled to begin:
Within one year	$	290,092
More than one year to three years	1,288,457
More than three years to five years	592,454
Over five years	50,859
Total	$	2,221,862

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

	At December 31, 2013
	Mortgage Loans						Consumer
(In Thousands)	Residential		Multi- Family		Commercial Real Estate		and Other Loans		Total
Loans:
Individually evaluated for impairment	$	311,930	$	52,538	$	20,054	$	-	$	384,522
Collectively evaluated for impairment	7,725,346		3,243,917		792,912		239,681		12,001,856
Total loans	$	8,037,276	$	3,296,455	$	812,966	$	239,681	$	12,386,378
Allowance for loan losses:
Individually evaluated for impairment	$	18,352	$	2,877	$	302	$	-	$	21,531
Collectively evaluated for impairment	61,985		33,826		12,834		8,824		117,469
Total allowance for loan losses	$	80,337	$	36,703	$	13,136	$	8,824	$	139,000

	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 December 31,
	2013									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	$	142,659	$	109,877	$	(6,019	)	$	103,858	$	10,740	$	10,740	$	(241	)	$	10,499
Full documentation amortizing	41,136		36,091		(2,458		)	33,633		6,122		6,122		(347		)	5,775
Reduced documentation interest-only	183,280		140,357		(7,673		)	132,684		12,893		12,893		(277		)	12,616
Reduced documentation amortizing	30,660		25,605		(2,202		)	23,403		3,889		3,889		(136		)	3,753
Multi-family	19,748		19,748		(2,877		)	16,871		19,704		19,704		(2,576		)	17,128
Commercial real estate	5,790		5,790		(302		)	5,488		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	39,871		32,790		-			32,790		44,341		36,412		-			36,412
Commercial real estate	19,988		14,264		-			14,264		13,256		7,809		-			7,809
Total impaired loans	$	483,132	$	384,522	$	(21,531	)	$	362,991	$	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 Year Ended December 31,
	2013						2012						2011
(In Thousands)	Average Recorded Investment		Interest Income Recognized		Cash Basis Interest Income		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	$	106,720	$	2,938	$	3,068	$	10,436	$	348	$	350	$	10,688	$	420	$	425
Full documentation amortizing	30,790		948		974		4,482		193		200		5,428		158		156
Reduced documentation interest-only	145,490		4,179		4,371		11,352		542		543		11,239		544		539
Reduced documentation amortizing	25,460		696		729		2,445		114		119		1,248		88		86
Multi-family	19,130		737		789		48,196		663		715		55,284		2,168		2,096
Commercial real estate	8,112		367		377		12,724		495		540		19,964		1,237		1,204
Without an allowance recorded:
Residential:
Full documentation interest-only	11,547		-		-		82,631		1,633		1,739		68,320		1,402		1,626
Full documentation amortizing	3,517		-		-		17,554		299		332		13,858		214		252
Reduced documentation interest-only	1,669		-		-		115,593		2,555		2,655		108,857		2,131		2,317
Reduced documentation amortizing	-		-		-		17,319		367		384		14,130		333		341
Multi-family	33,193		1,606		1,671		14,617		2,053		2,088		882		215		215
Commercial real estate	10,947		745		698		5,411		519		547		-		-		-
Total impaired loans	$	396,575	$	12,216	$	12,677	$	342,760	$	9,781	$	10,212	$	309,898	$	8,910	$	9,257

State Concentration of Greater Than 5% of residential mortgage loans or total non-performing residential mortgage loans

			Percent of Total
	Percent of Total		Non-Performing
State	Residential Loans		Residential Loans
New York	29.6	%	17.8	%
Connecticut	10.3		11.8
Illinois	9.2		11.6
Massachusetts	8.5		4.4
New Jersey	7.1		18.7
Virginia	7.0		4.9
Maryland	6.2		11.6
California	5.9		7.7

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 Year Ended December 31,
	2013					2012					2011
(Dollars In Thousands)	Number of Loans	Pre- Modification Recorded Investment		Recorded Investment at December 31, 2013		Number of Loans	Pre- Modification Recorded Investment		Recorded Investment at December 31, 2012		Number of Loans	Pre- Modification Recorded Investment		Recorded Investment at December 31, 2011
Residential:
Full documentation interest-only	26	$	6,760	$	6,730	20	$	4,390	$	4,355	14	$	5,750	$	5,698
Full documentation amortizing	11	3,753		3,734		11	3,319		3,291		2	438		389
Reduced documentation interest-only	37	12,199		12,227		29	11,141		11,125		28	12,116		11,941
Reduced documentation amortizing	11	3,404		3,325		14	3,984		3,860		6	1,204		1,176
Multi-family	8	6,751		5,888		16	36,262		32,005		11	7,666		7,140
Commercial real estate	7	10,232		9,104		3	3,898		2,305		4	7,176		6,621
Total	100	$	43,099	$	41,008	93	$	62,994	$	56,941	65	$	34,350	$	32,965

Defaulted Loans

Loans receivable and allowance for loan losses disclosures

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

	During the Year Ended December 31,
	2013			2012			2011
(Dollars In Thousands)	Number of Loans	Recorded Investment at December 31, 2013		Number of Loans	Recorded Investment at December 31, 2012		Number of Loans	Recorded Investment at December 31, 2011
Residential:
Full documentation interest-only	11	$	2,191	1	$	165	5	$	1,797
Full documentation amortizing	4	1,334		2	643		1	83
Reduced documentation interest-only	17	4,190		5	1,829		12	5,482
Reduced documentation amortizing	3	788		4	1,628		2	358
Multi-family	2	1,018		2	3,589		1	322
Total	37	$	9,521	14	$	7,854	21	$	8,042

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 December 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	$	1,281,973	$	5,364,548	$	721,503	$	363,626	$	193,861	$	39,840
Non-performing:
Current or past due less than 90 days	21,957		12,824		30,248		6,219		32		-
Past due 90 days or more	78,271		42,085		87,910		26,112		5,916		32
Total	$	1,382,201	$	5,419,457	$	839,661	$	395,957	$	199,809	$	39,872

	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 December 31,
	2013				2012
(In Thousands)	Multi-Family		Commercial Real Estate		Multi-Family		Commercial Real Estate
Not criticized	$	3,209,786	$	759,114	$	2,271,006	$	706,334
Criticized:
Special mention	14,063		9,760		54,956		28,210
Substandard	72,606		44,092		80,716		39,372
Doubtful	-		-		-		-
Total	$	3,296,455	$	812,966	$	2,406,678	$	773,916