Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Measurements

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

	Carrying Value at December 31, 2013
(In Thousands)	Total		Level 1		Level 2
Securities available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	286,074	$	-	$	286,074
Non-GSE issuance REMICs and CMOs	7,572		-		7,572
GSE pass-through certificates	16,888		-		16,888
Obligations of GSEs	91,153		-		91,153
Fannie Mae stock	3		3		-
Total securities available-for-sale	$	401,690	$	3	$	401,687

	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 at December 31,
(In Thousands)		2013		2012
Non-performing loans held-for-sale, net		$	791	$	3,881
Impaired loans		271,408		282,723
MSR, net		12,800		6,947
REO, net		27,101		20,796
Total		$	312,100	$	314,347

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

	For the Year Ended December 31,
(In Thousands)	2013		2012		2011
Non-performing loans held-for-sale, net (1)	$	520	$	1,066	$	10,020
Impaired loans (2)	21,992		40,018		48,080
MSR, net (3)	-		931		148
REO, net (4)	3,788		3,137		6,677
Total	$	26,300	$	45,152	$	64,925

(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 December 31, 2013
	Carrying		Estimated Fair Value
(In Thousands)	Value		Total		Level 2		Level 3
Financial Assets:
Securities held-to-maturity	$	1,849,526	$	1,811,122	$	1,811,122	$	-
FHLB-NY stock	152,207		152,207		152,207		-
Loans held-for-sale, net (1)	7,375		7,436		-		7,436
Loans receivable, net (1)	12,303,066		12,480,533		-		12,480,533
MSR, net (1)	12,800		12,804		-		12,804
Financial Liabilities:
Deposits	9,855,310		9,922,631		9,922,631		-
Borrowings, net	4,137,161		4,376,336		4,376,336		-

(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.