Loans and Allowance for Loan Losses (Tables)

6 Months Ended

Jun. 30, 2011

Loans and Allowance for Loan Losses (Tables) [Abstract]

Summary of loans

	June 30, 2011		December 31, 2010
	(In thousands)
First mortgage loans:
One- to four-family
Amortizing	$	24,238,748	$	24,912,935
Interest-only		5,065,540		5,136,463
FHA/VA		718,204		499,724
Multi-family and commercial		42,460		48,067
Construction		8,368		9,081
Total first mortgage loans		30,073,320		30,606,270
Consumer and other loans:
Fixed—rate second mortgages		144,746		160,896
Home equity credit lines		134,688		137,467
Other		20,722		19,264
Total consumer and other loans		300,156		317,627
Total loans	$	30,373,476	$	30,923,897

Loan portfolio by credit quality indicator

	Credit Risk Profile based on Payment Activity
					(In thousands)
	One-to four- family				Other first
	first mortgage loans				Mortgages				Consumer and Other
					Multi-family				Fixed-rate
					and				second		Home Equity				Total
	Amortizing		Interest-only		Commercial		Construction		mortgages		credit lines		Other		Loans
June 30, 2011
Performing	$	24,246,317	$	4,873,257	$	41,929	$	1,366	$	144,284	$	131,422	$	20,662	$	29,459,237
Non-performing		710,635		192,283		531		7,002		462		3,266		60		914,239
Total	$	24,956,952	$	5,065,540	$	42,460	$	8,368	$	144,746	$	134,688	$	20,722	$	30,373,476
December 31, 2010
Performing	$	24,733,745	$	4,957,115	$	46,950	$	1,521	$	160,456	$	135,111	$	17,740	$	30,052,638
Non-performing		678,914		179,348		1,117		7,560		440		2,356		1,524		871,259
Total	$	25,412,659	$	5,136,463	$	48,067	$	9,081	$	160,896	$	137,467	$	19,264	$	30,923,897

	Credit Risk Profile by Internally Assigned Grade
					(In thousands)
	One-to four- family				Other first
	first mortgage loans				Mortgages				Consumer and Other
					Multi-family				Fixed-rate
					and				second		Home Equity
	Amortizing		Interest-only		Commercial		Construction		mortgages		credit lines		Other
June 30, 2011
Pass	$	24,190,053	$	4,846,639	$	25,705	$	—	$	144,067	$	130,833	$	19,848
Special mention		131,009		26,618		3,480		1,366		217		589		814
Substandard		635,290		192,283		4,228		5,302		462		3,174		60
Doubtful		600		—		9,047		1,700		—		92		—
Total	$	24,956,952	$	5,065,540	$	42,460	$	8,368	$	144,746	$	134,688	$	20,722
December 31, 2010
Pass		24,646,101	$	$4,927,545	$	37,697	$	1,521	$	160,216	$	134,408	$	17,737
Special mention		151,800		29,570		1,199		—		240		703		3
Substandard		614,758		179,348		1,117		7,560		440		2,356		1,524
Doubtful		—		—		8,054		—		—		—		—
Total	$	25,412,659	$	5,136,463	$	48,067	$	9,081	$	160,896	$	137,467	$	19,264

Comparison of delinquent loans by class

													90 Days
					90 Days		Total		Current		Total		or more
	30-59 Days		60-89 Days		or more		Past Due		Loans		Loans		accruing
	(Dollars in thousands)
At June 30, 2011
One- to four-family first mortgages:
Amortizing	$	338,590	$	141,260	$	710,635	$	1,190,485	$	23,766,467	$	24,956,952	$	75,345
Interest-only		65,416		26,618		192,283		284,317		4,781,223		5,065,540		—
Multi-family and commercial mortgages		1,334		1,717		531		3,582		38,878		42,460		—
Construction loans		—		—		7,002		7,002		1,366		8,368		—
Consumer and other loans:														—
Fixed-rate second mortgages		832		217		462		1,511		143,235		144,746		—
Home equity lines of credit		1,739		589		3,266		5,594		129,094		134,688		—
Other		625		40		60		725		19,997		20,722		—
Total	$	408,536	$	170,441	$	914,239	$	1,493,216	$	28,880,260	$	30,373,476	$	75,345
At December 31, 2010
One- to four-family first mortgages:
Amortizing	$	363,583	$	161,530	$	678,914	$	1,204,027	$	24,208,632	$	25,412,659	$	64,156
Interest-only		47,479		29,570		179,348		256,397		4,880,066		5,136,463		—
Multi-family and commercial mortgages		3,199		1,199		1,117		5,515		42,552		48,067		—
Construction loans		—		—		7,560		7,560		1,521		9,081		—
Consumer and other loans:
Fixed-rate second mortgages		896		240		440		1,576		159,320		160,896		—
Home equity lines of credit		2,419		703		2,356		5,478		131,989		137,467		—
Other		1,330		3		1,524		2,857		16,407		19,264		—
Total	$	418,906	$	193,245	$	871,259	$	1,483,410	$	29,440,487	$	30,923,897	$	64,156

Troubled debt restructurings on financing receivables

	June 30, 2011						December 31, 2010
			Pre-restructuring		Post-restructuring				Pre-restructuring		Post-restructuring
	Number		Outstanding		Outstanding		Number		Outstanding		Outstanding
	of		Recorded		Recorded		of		Recorded		Recorded
	Contracts		Investment		Investment		Contracts		Investment		Investment
			(In thousands)						(In thousands)
Troubled debt restructurings:
One-to-four family first mortgages:
Amortizing		79	$	31,876	$	30,797		6	$	2,014	$	2,031
Interest-only		5		3,077		3,086		1		1,093		1,103
Multi-family and commercial mortgages		2		7,911		7,911		2		7,911		7,911
Total		86	$	42,864	$	41,794		9	$	11,018	$	11,045

Geographic distribution of loan portfolio as percentage of total loans and non performing loans as percentage of total non performing loans

	At June 30, 2011						At December 31, 2010
				Non-performing						Non-performing
	Total loans			Loans			Total loans			Loans
New Jersey		43.9	%		48.0	%		44.0	%		45.7	%
New York		21.0			18.3			19.9			18.7
Connecticut		15.0			6.4			14.5			6.5
Total New York metropolitan area		79.9			72.7			78.4			70.9
Pennsylvania		4.1			1.4			3.1			1.2
Virginia		3.1			3.9			3.5			4.6
Illinois		2.6			4.7			3.0			4.9
Maryland		2.3			4.1			2.7			4.4
All others		8.0			13.2			9.3			14.0
Total outside New York metropolitan area		20.1			27.3			21.6			29.1
		100.0	%		100.0	%		100.0	%		100.0	%

Summary of loans by class

	June 30, 2011		December 31, 2010
	(In thousands)
Non-accrual loans:
One-to four-family amortizing loans	$	635,290	$	614,758
One-to four-family interest-only loans		192,283		179,348
Multi-family and commercial mortgages		531		1,117
Construction loans		7,002		7,560
Fixed-rate second mortgages		462		440
Home equity lines of credit		3,266		2,356
Other loans		60		1,524
Total non-accrual loans		838,894		807,103
Accruing loans delinquent 90 days or more		75,345		64,156
Total non-performing loans	$	914,239	$	871,259

Summary of loans evaluated for impairment by class

			Unpaid					Average		Interest
	Recorded		Principal			Related		Recorded		Income
	Investment		Balance			Allowance		Investment		Recognized
					(In thousands)
June 30, 2011
One-to four-family amortizing loans	$	30,797	$	31,832		$	—	$	31,345	$	793
One-to four-family interest-only loans		3,086		3,086			—		3,086		64
Multi-family and commercial mortgages		5,285		8,578			3,293		5,306		243
Construction loans		5,388		7,002			1,614		5,626		—
Total	$	44,556	$	50,498		$	4,907	$	45,363	$	1,100
December 31, 2010
One-to four-family amortizing loans	$	2,031	$	2,031		$	—	$	2,031	$	106
One-to four-family interest-only loans		1,104		1,104			—		1,104		55
Multi-family and commercial mortgages		5,712		9,161			3,449		9,159		485
Construction loans		5,863		7,560			1,697		6,949		—
Total	$	14,710	$	19,856		$	5,146	$	19,243	$	646

Allowance for loan losses

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2011			2010			2011			2010
				(In thousands)
Balance at beginning of period	$	255,283		$	165,829		$	236,574		$	140,074
Charge-offs		(28,551	)		(24,156	)		(51,997	)		(49,027	)
Recoveries		5,574			1,310			7,729			1,936
Net charge-offs		(22,977	)		(22,846	)		(44,268	)		(47,091	)
Provision for loan losses		30,000			50,000			70,000			100,000
Balance at end of period	$	262,306		$	192,983		$	262,306		$	192,983

Allowance for loan losses by portfolio segment

	One-to four-			Multi-family
	Family			and Commercial							Consumer and
	Mortgages			Mortgages				Construction			Other Loans			Total
							(In thousands)
Balance at December 31, 2010	$	227,224		$	4,419			$	1,728		$	3,203		$	236,574
Provision for loan losses		70,429			(298	)			(87	)		(44	)		70,000
Charge-offs		(51,852	)		—				—			(145	)		(51,997	)
Recoveries		7,728			—				—			1			7,729
Net charge-offs		(44,124	)		—				—			(144	)		(44,268	)
Balance at June 30, 2011	$	253,529		$	4,121			$	1,641		$	3,015		$	262,306
Loan portfolio:
Balance at June 30, 2011
Individually evaluated for impairment	$	33,883		$	8,578			$	7,002		$	—		$	49,463
Collectively evaluated for impairment		29,988,609			33,882				1,366			300,156			30,324,013