Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2012

Fair Value Measurements (Tables) [Abstract]

Carrying value of assets measured at fair value on a recurring basis

The following table provides the level of valuation assumptions used to determine the carrying value of our assets measured at fair value on a recurring basis at March 31, 2012 and December 31, 2011.

			Fair Value Measurements at March 31, 2012 using
Description	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
					(In thousands)
Available for sale debt securities:
Mortgage-backed securities	$	9,039,762	$	—	$	9,039,762	$	—
Corporate debt		311,208		—		311,208		—
Total available for sale debt securities		9,350,970		—		9,350,970		—
Available for sale equity securities:
Financial services industry	$	7,400	$	7,400	$	—	$	—
Total available for sale equity securities		7,400		7,400		—		—
Total available for sale securities	$	9,358,370	$	7,400	$	9,350,970	$	—

Fair Value at December 31, 2011 using
Description	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Available for sale debt securities:
Mortgage-backed securities	$	9,170,390	$	—	$	9,170,390	$	—
Total available for sale debt securities		9,170,390		—		9,170,390		—
Available for sale equity securities:
Financial services industry	$	7,368	$	7,368	$	—	$	—
Total available for sale equity securities		7,368		7,368		—		—
Total available for sale securities	$	9,177,758	$	7,368	$	9,170,390	$	—

Level of valuation assumptions to determine carrying value of assets measured at fair value on non recurring basis

The following table provides the level of valuation assumptions used to determine the carrying value of our assets measured at fair value on a non-recurring basis at March 31, 2012 and December 31, 2011.

	Fair Value Measurements at March 31, 2012 using
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses)
	(In thousands)
Impaired loans	$	—	$	—	$	83,163	$	—
Foreclosed real estate		—		—		34,770		(1,128	)

	Fair Value Measurements at December 31, 2011 using
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses)
			(In thousands)
Impaired loans	$	—	$	—	$	73,240	$	(2,280	)
Foreclosed real estate		—		—		40,619		(7,461	)

Reconciliation of assets measure at fair value on a non-recurring basis

The following table provides a reconciliation of assets measured at fair value on a non-recurring basis at March 31, 2012.

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	(In thousands)
	Foreclosed Real Estate			Impaired Loans
Beginning balance at December 31, 2011	$	40,619		$	73,240
Gain (loss) on sale of foreclosed properties		(1,128	)		—
Net transfers in (out)		(4,721	)		9,923
Ending balance at March 31, 2012	$	34,770		$	83,163

Fair value measurements for financial instruments measured on non-recurring basis

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2012.

	March 31, 2012
Description	Fair Value		Valuation Technique	Significant Unobservable Input	Range (Weighted Average)
			(In thousands)
Impaired loans
One-to four-family	$	67,705	Net Present Value	N/A	0.0%-25.0% (1.7%)
Multi-family, Commercial and Construction mortgages		15,458	Appraisal Value	Adjustment for differences between the comparable sales.	N/A
Foreclosed real estate	$	34,770	Appraisal Value	Adjustment for differences between the comparable sales.	0.0%-100.0% (15.7%)

Estimated fair value of financial instruments

The estimated fair values of financial instruments are summarized as follows:

	March 31, 2012				December 31, 2011
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
	(In thousands)
Assets:
Cash and due from banks	$	140,592	$	140,592	$	194,029	$	194,029
Federal funds sold		690,096		690,096		560,051		560,051
Investment securities held to maturity		39,011		45,312		539,011		545,761
Investment securities available for sale		318,608		318,608		7,368		7,368
Federal Home Loan Bank of New York stock		470,064		470,064		510,564		510,564
Mortgage-backed securities held to maturity		3,853,733		4,108,287		4,115,523		4,368,423
Mortgage-backed securities available for sale		9,039,762		9,039,762		9,170,390		9,170,390
Loans		28,534,080		30,100,739		29,137,359		30,935,705
Liabilities:
Deposits		25,121,541		25,322,029		25,507,760		25,707,551
Borrowed funds		14,175,000		16,487,511		15,075,000		17,428,484