Loans and Allowance for Loan Losses (Tables)

3 Months Ended

Mar. 31, 2012

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

Summary of loans

Loans at March 31, 2012 and December 31, 2011 are summarized as follows:

	March 31, 2012		December 31, 2011
	(In thousands)
First mortgage loans:
One- to four-family
Amortizing	$	22,858,188	$	23,480,909
Interest-only		4,832,558		4,779,863
FHA/VA		720,720		734,781
Multi-family and commercial		38,657		39,634
Construction		4,669		4,929
Total first mortgage loans		28,454,792		29,040,116
Consumer and other loans:
Fixed–rate second mortgages		124,826		131,597
Home equity credit lines		130,337		134,502
Other		21,343		21,130
Total consumer and other loans		276,506		287,229
Total loans	$	28,731,298	$	29,327,345

Loan portfolio by credit quality indicator

The following tables present the composition of our loan portfolio by credit quality indicator at the dates indicated:

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
March 31, 2012	Amortizing		Interest-only		Commercial		Construction		mortgages		credit lines		Other
Performing	$	22,765,110	$	4,595,150	$	35,536	$	373	$	123,809	$	126,392	$	20,343	$	27,666,713
Non-performing		813,798		237,408		3,121		4,296		1,017		3,945		1,000		1,064,585
Total	$	23,578,908	$	4,832,558	$	38,657	$	4,669	$	124,826	$	130,337	$	21,343	$	28,731,298
December 31, 2011
Performing	$	23,417,785	$	4,566,001	$	37,411	$	585	$	130,869	$	130,897	$	21,110	$	28,304,658
Non-performing		797,905		213,862		2,223		4,344		728		3,605		20		1,022,687
Total	$	24,215,690	$	4,779,863	$	39,634	$	4,929	$	131,597	$	134,502	$	21,130	$	29,327,345

Credit Risk Profile by Internally Assigned Grade
	(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
March 31, 2012	Amortizing		Interest-only		Commercial		Construction		mortgages		credit lines		Other
Pass	$	22,678,188	$	4,563,706	$	23,068	$	80	$	123,511	$	125,737	$	18,439	$	27,532,729
Special mention		140,223		25,883		2,563		—		298		655		548		170,170
Substandard		760,497		242,969		13,026		4,589		1,017		3,945		2,356		1,028,399
Total	$	23,578,908	$	4,832,558	$	38,657	$	4,669	$	124,826	$	130,337	$	21,343	$	28,731,298
December 31, 2011
Pass	$	23,325,078	$	4,536,090	$	23,997	$	—	$	130,649	$	130,487	$	19,231	$	28,165,532
Special mention		146,391		26,428		2,989		—		220		410		593		177,031
Substandard		744,221		217,345		12,648		4,929		728		3,605		1,306		984,782
Total	$	24,215,690	$	4,779,863	$	39,634	$	4,929	$	131,597	$	134,502	$	21,130	$	29,327,345

Comparison of delinquent loans by class

The following table is a comparison of our delinquent loans by class as of the dates indicated:

													90 Days or
					90 Days		Total		Current		Total		more and
	30-59 Days		60-89 Days		or more		Past Due		Loans		Loans		accruing (1)
At March 31, 2012	(Dollars in thousands)
One- to four-family first mortgages:
Amortizing	$	307,581	$	151,988	$	813,798	$	1,273,367	$	22,305,541	$	23,578,908	$	103,631
Interest-only		75,526		27,957		237,408		340,891		4,491,667		4,832,558		—
Multi-family and commercial mortgages		—		767		3,121		3,888		34,769		38,657		—
Construction loans		—		293		4,296		4,589		80		4,669		—
Consumer and other loans:														—
Fixed-rate second mortgages		539		298		1,017		1,854		122,972		124,826		—
Home equity lines of credit		1,737		655		3,945		6,337		124,000		130,337		—
Other		1		50		1,000		1,051		20,292		21,343		—
Total	$	385,384	$	182,008	$	1,064,585	$	1,631,977	$	27,099,321	$	28,731,298	$	103,631
At December 31, 2011
One- to four-family first mortgages:
Amortizing	$	357,099	$	158,546	$	797,905	$	1,313,550	$	22,902,140	$	24,215,690	$	97,476
Interest-only		63,360		27,833		213,862		305,055		4,474,808		4,779,863		—
Multi-family and commercial mortgages		1,521		393		2,223		4,137		35,497		39,634		—
Construction loans		—		—		4,344		4,344		585		4,929		—
Consumer and other loans:
Fixed-rate second mortgages		1,202		220		728		2,150		129,447		131,597		—
Home equity lines of credit		2,471		410		3,605		6,486		128,016		134,502		—
Other		1,536		2		20		1,558		19,572		21,130		—
Total	$	427,189	$	187,404	$	1,022,687	$	1,637,280	$	27,690,065	$	29,327,345	$	97,476

(1) Loans that are past due 90 days or more and still accruing interest are loans that are guaranteed by the FHA.

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

The following table presents the geographic distribution of our loan portfolio as a percentage of total loans and of our non-performing loans as a percentage of total non-performing loans.

	At March 31, 2012						At December 31, 2011
				Non-performing						Non-performing
	Total loans			Loans			Total loans			Loans
New Jersey		44.3	%		50.2	%		44.7	%		51.3	%
New York		22.9			20.0			22.4			19.5
Connecticut		14.6			7.3			14.6			6.8
Total New York metropolitan area		81.8			77.5			81.7			77.6
Pennsylvania		4.7			1.7			4.7			1.4
Virginia		2.6			2.8			2.6			2.9
Illinois		2.3			4.6			2.3			4.7
Maryland		2.0			3.6			2.0			3.2
All others		6.6			9.8			6.7			10.2
Total Outside New York metropolitan area		18.2			22.5			18.3			22.4
		100.0	%		100.0	%		100.0	%		100.0	%

Summary of loans, by class

The following is a summary of loans, by class, on which the accrual of income has been discontinued and loans that are contractually past due 90 days or more but have not been classified as non-accrual at March 31, 2012 and December 31, 2011:

	March 31, 2012		December 31, 2011
	(In thousands)
Non-accrual loans:
One-to four-family amortizing loans	$	710,167	$	700,429
One-to four-family interest-only loans		237,408		213,862
Multi-family and commercial mortgages		3,121		2,223
Construction loans		4,296		4,344
Fixed-rate second mortgages		1,017		728
Home equity lines of credit		3,945		3,605
Other loans		1,000		20
Total non-accrual loans		960,954		925,211
Accruing loans delinquent 90 days or more (1)		103,631		97,476
Total non-performing loans	$	1,064,585	$	1,022,687

(1) Loans that are past due 90 days or more and still accruing interest are loans that are insured by the FHA.

Comparison of troubled debt restructuring by class

The following table is a comparison of our troubled debt restructuring by class as of the date indicated.

	March 31, 2012						December 31, 2011
			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
	(Dollars in thousands)
Troubled debt restructurings:
One-to-four family first mortgages:
Amortizing		168	$	65,048	$	60,827		146	$	57,336	$	53,831
Interest-only		12		7,013		6,878		9		4,970		4,799
Multi-family and commercial mortgages		2		7,911		7,911		2		7,911		7,911
Total		182	$	79,972	$	75,616		157	$	70,217	$	66,541

Summary of loans evaluated for impairment by class

			Unpaid				Average		Interest
	Recorded		Principal		Related		Recorded		Income
	Investment		Balance		Allowance		Investment		Recognized
	(In thousands)
March 31, 2012
One-to four-family amortizing loans	$	60,827	$	64,922	$	—	$	62,978	$	676
One-to four-family interest-only loans		6,878		7,053		—		6,678		62
Multi-family and commercial mortgages		8,131		11,162		3,031		10,908		121
Construction loans		3,581		4,296		715		4,280		—
Total	$	79,417	$	87,433	$	3,746	$	84,844	$	859
December 31, 2011
One-to four-family amortizing loans	$	53,831	$	56,876	$	—	$	55,595	$	2,411
One-to four-family interest-only loans		4,799		4,974		—		4,891		159
Multi-family and commercial mortgages		6,548		10,266		3,718		10,294		485
Construction loans		3,622		4,344		722		4,752		—
Total	$	68,800	$	76,460	$	4,440	$	75,532	$	3,055

Allowance for loan losses

The following table presents the activity in our ALL for the periods indicated:

							For The Year Ended
	For the Three Months Ended March 31,						December 31,
	2012			2011			2011
	(In thousands)
Balance at beginning of year	$	273,791		$	236,574		$	236,574
Charge-offs		(23,490	)		(23,446	)		(97,096	)
Recoveries		5,412			2,155			14,313
Net charge-offs		(18,078	)		(21,291	)		(82,783	)
Provision for loan losses		25,000			40,000			120,000
Balance at end of period	$	280,713		$	255,283		$	273,791

Allowance for loan losses by portfolio segment

The following table presents the activity in our ALL 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, 2011	$	264,922		$	4,382		$	734		$	3,753		$	273,791
Provision for loan losses		25,688			(740	)		(17	)		69			25,000
Charge-offs		(23,470	)		—			—			(20	)		(23,490	)
Recoveries		5,411			—			—			1			5,412
Net charge-offs		(18,059	)		—			—			(19	)		(18,078	)
Balance at March 31, 2012	$	272,551		$	3,642		$	717		$	3,803		$	280,713
Loan portfolio:
Balance at March 31, 2012
Individually evaluated for impairment	$	67,705		$	11,162		$	4,296		$	—		$	83,163
Collectively evaluated for impairment		28,343,761			27,495			373			276,506			28,648,135
Allowance
Individually evaluated for impairment	$	2,197		$	3,031		$	715		$	—		$	5,943
Collectively evaluated for impairment		270,354			611			2			3,803			274,770