Loans and Allowance for Loan Losses (Tables)

9 Months Ended

Sep. 30, 2011

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

Summary of loans

	September 30, 2011		December 31, 2010
	(In thousands)
First mortgage loans:
One- to four-family
Amortizing	$	24,059,302	$	24,912,935
Interest-only		4,897,590		5,136,463
FHA/VA		747,459		499,724
Multi-family and commercial		39,958		48,067
Construction		7,999		9,081
Total first mortgage loans		29,752,308		30,606,270
Consumer and other loans:
Fixed–rate second mortgages		138,767		160,896
Home equity credit lines		135,872		137,467
Other		20,475		19,264
Total consumer and other loans		295,114		317,627
Total loans	$	30,047,422	$	30,923,897

Loan portfolio by credit quality indicator

	Credit Risk Profile based on Payment Activity
	(In thousands)
	One-to four- family				Other first										Total
	first mortgage loans				Mortgages				Consumer and Other						Loans
					Multi-family				Fixed-rate
					and				second		Home Equity
	Amortizing		Interest-only		Commercial		Construction		mortgages		credit lines		Other
September 30, 2011
Performing	$	24,070,010	$	4,697,894	$	39,433	$	1,097	$	138,200	$	132,228	$	19,854	$	29,098,716
Non-performing		736,751		199,696		525		6,902		567		3,644		621		948,706
Total	$	24,806,761	$	4,897,590	$	39,958	$	7,999	$	138,767	$	135,872	$	20,475	$	30,047,422
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
September 30, 2011
Pass	$	23,963,790	$	4,664,834	$	24,164	$	—	$	137,576	$	131,653	$	19,200
Special mention		151,673		30,576		2,561		1,097		624		575		654
Substandard		690,698		202,180		4,188		5,202		567		3,552		621
Doubtful		600				9,045		1,700		—		92		—
Total	$	24,806,761	$	4,897,590	$	39,958	$	7,999	$	138,767	$	135,872	$	20,475
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 September 30, 2011
One- to four-family first mortgages:
Amortizing	$	327,983	$	167,469	$	736,751	$	1,232,203	$	23,574,558	$	24,806,761	$	84,670
Interest-only		74,941		30,576		199,696		305,213		4,592,377		4,897,590		—
Multi-family and commercial mortgages		240		2,474		525		3,239		36,719		39,958		—
Construction loans		—		—		6,902		6,902		1,097		7,999		—
Consumer and other loans:														—
Fixed-rate second mortgages		619		624		567		1,810		136,957		138,767		—
Home equity lines of credit		2,078		575		3,644		6,297		129,575		135,872		—
Other		52		1		621		674		19,801		20,475		—
Total	$	405,913	$	201,719	$	948,706	$	1,556,338	$	28,491,084	$	30,047,422	$	84,670
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

	September 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		116	$	45,370	$	43,207		6	$	2,014	$	2,031
Interest-only		5		3,077		3,080		1		1,093		1,104
Multi-family and commercial mortgages		2		7,911		7,911		2		7,911		7,911
Total		123	$	56,358	$	54,198		9	$	11,018	$	11,046

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

	At September 30, 2011						At December 31, 2010
				Non-performing						Non-performing
	Total loans			Loans			Total loans			Loans
New Jersey		43.9	%		49.5	%		44.0	%		45.7	%
New York		21.7			19.2			19.9			18.7
Connecticut		14.7			6.0			14.5			6.5
Total New York metropolitan area		80.3			74.7			78.4			70.9
Pennsylvania		4.4			1.4			3.1			1.2
Virginia		2.9			3.5			3.5			4.6
Illinois		2.5			4.9			3.0			4.9
Maryland		2.3			3.7			2.7			4.4
All others		7.6			11.8			9.3			14.0
Total outside New York metropolitan area		19.7			25.3			21.6			29.1
		100.0	%		100.0	%		100.0	%		100.0	%

Summary of loans, by class

	September 30, 2011		December 31, 2010
	(In thousands)
Non-accrual loans:
One-to four-family amortizing loans	$	652,081	$	614,758
One-to four-family interest-only loans		199,696		179,348
Multi-family and commercial mortgages		525		1,117
Construction loans		6,902		7,560
Fixed-rate second mortgages		567		440
Home equity lines of credit		3,644		2,356
Other loans		621		1,524
Total non-accrual loans		864,036		807,103
Accruing loans delinquent 90 days or more		84,670		64,156
Total non-performing loans	$	948,706	$	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)
September 30, 2011
One-to four-family amortizing loans	$	43,207	$	45,192	$	—	$	44,299	$	1,619
One-to four-family interest-only loans		3,080		3,080		—		3,084		77
Multi-family and commercial mortgages		5,277		8,570		3,293		8,573		364
Construction loans		5,301		6,902		1,601		7,231		—
Total	$	56,865	$	63,744	$	4,894	$	63,187	$	2,060
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 September 30,						For the Nine Months Ended September 30,
	2011			2010			2011			2010
				(In thousands)
Balance at beginning of period	$	262,306		$	192,983		$	236,574		$	140,074
Charge-offs		(21,350	)		(29,974	)		(73,347	)		(79,001	)
Recoveries		2,798			3,274			10,527			5,210
Net charge-offs		(18,552	)		(26,700	)		(62,820	)		(73,791	)
Provision for loan losses		25,000			50,000			95,000			150,000
Balance at end of period	$	268,754		$	216,283		$	268,754		$	216,283

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		94,547			(294	)		(104	)		851			95,000
Charge-offs		(73,101	)		—			—			(246	)		(73,347	)
Recoveries		10,512			—			—			15			10,527
Net charge-offs		(62,589	)		—			—			(231	)		(62,820	)
Balance at September 30, 2011	$	259,182		$	4,125		$	1,624		$	3,823		$	268,754
Loan portfolio:
Balance at September 30, 2011
Individually evaluated for impairment	$	46,287		$	8,570		$	6,902		$	—		$	61,759
Collectively evaluated for impairment		29,658,064			31,388			1,097			295,114			29,985,663