Loans Receivable and Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2013

Loans receivable at December 31, 2013 and 2012 are summarized as follows (in thousands):



	2013			2012
Mortgage loans:
Residential	$	1,174,043		1,265,015
Commercial	1,400,624			1,349,950
Multi-family	928,906			723,958
Construction	183,289			120,133
Total mortgage loans	3,686,862			3,459,056
Commercial loans	932,199			866,395
Consumer loans	577,602			579,166
Total gross loans	5,196,663			4,904,617
Premiums on purchased loans	4,202			4,964
Unearned discounts	(62		)	(78	)
Net deferred fees	(5,990		)	(4,804	)
	$	5,194,813		4,904,699

Summary of Aging Loans Receivable by Portfolio Segment and Class

The following table summarizes the aging of loans receivable by portfolio segment and class as follows (in thousands):



	At December 31, 2013
	30-59 Days		60-89 Days	Non-accrual	Total Past Due	Current	Total Loans Receivable	Recorded Investment > 90 days accruing
Mortgage loans:							.
Residential	$	10,639	5,062	23,011	38,712	1,135,331	1,174,043	—
Commercial	687		318	18,662	19,667	1,380,957	1,400,624	—
Multi-family	—		—	403	403	928,503	928,906	—
Construction	—		—	8,448	8,448	174,841	183,289	—
Total mortgage loans	11,326		5,380	50,524	67,230	3,619,632	3,686,862	—
Commercial loans	305		77	22,228	22,610	909,589	932,199	—
Consumer loans	2,474		2,194	3,928	8,596	569,006	577,602	—
Total gross loans	$	14,105	7,651	76,680	98,436	5,098,227	5,196,663	—



	At December 31, 2012
	30-59 Days		60-89 Days	Non-accrual	Total Past Due	Current	Total Loans Receivable	Recorded Investment > 90 days accruing
Mortgage loans:
Residential	$	15,752	11,986	29,293	57,031	1,207,984	1,265,015	—
Commercial	535		12,194	29,072	41,801	1,308,149	1,349,950	—
Multi-family	—		—	412	412	723,546	723,958	—
Construction	—		—	8,896	8,896	111,237	120,133	—
Total mortgage loans	16,287		24,180	67,673	108,140	3,350,916	3,459,056	—
Commercial loans	1,840		70	25,467	27,377	839,018	866,395	—
Consumer loans	4,144		1,808	5,850	11,802	567,364	579,166	—
Total gross loans	$	22,271	26,058	98,990	147,319	4,757,298	4,904,617	—

Summary of Loans Receivable by Portfolio Segment and Impairment Method

Loans receivable summarized by portfolio segment and impairment method are as follows (in thousands):



	At December 31, 2013
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments
Individually evaluated for impairment	$	75,839	28,210	2,321	106,370
Collectively evaluated for impairment	3,611,023		903,989	575,281	5,090,293
Total gross loans	$	3,686,862	932,199	577,602	5,196,663



	At December 31, 2012
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments
Individually evaluated for impairment	$	78,525	29,807	1,298	109,630
Collectively evaluated for impairment	3,380,531		836,588	577,868	4,794,987
Total gross loans	$	3,459,056	866,395	579,166	4,904,617

Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification

The allowance for loan losses is summarized by portfolio segment and impairment classification as follows (in thousands):



	At December 31, 2013
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments	Unallocated	Total
Individually evaluated for impairment	$	7,829	2,221	167	10,217	—	10,217
Collectively evaluated for impairment	26,315		21,886	4,762	52,963	1,484	54,447
Total	$	34,144	24,107	4,929	63,180	1,484	64,664



	At December 31, 2012
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments	Unallocated	Total
Individually evaluated for impairment	$	5,172	1,949	90	7,211	—	7,211
Collectively evaluated for impairment	32,790		18,366	5,134	56,290	6,847	63,137
Total	$	37,962	20,315	5,224	63,501	6,847	70,348

Schedule of Troubled Debt Restructuring

The following tables present the number of loans modified as TDRs during the years ended December 31, 2013 and 2012 and their balances immediately prior to the modification date and post-modification as of December 31, 2013 and 2012.



	Year Ended December 31, 2013
Troubled Debt Restructurings	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
	($ in thousands)
Mortgage loans:
Residential	42	$	9,097	9,149
Commercial	1	330		304
Total mortgage loans	43	9,427		9,453
Commercial loans	3	1,846		1,816
Consumer loans	8	1,119		1,095
Total restructured loans	54	$	12,392	12,364



	Year Ended December 31, 2012
Troubled Debt Restructurings	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
		($ in thousands)
Mortgage loans:
Residential	35	$	11,469	10,110
Commercial	1	276		276
Total mortgage loans	36	11,745		10,386
Commercial loans	10	14,474		13,542
Consumer loans	5	879		793
Total restructured loans	51	$	27,098	24,721

Schedule of Troubled Debt Restructurings Subsequently Defaulted

The following table presents loans modified as TDRs within the previous 12 months from December 31, 2013 and 2012, and for which there was a payment default (90 days or more past due) during the years ended December 31, 2013 and 2012:



	Year Ended December 31, 2013			Year Ended December 31, 2012
Troubled Debt Restructurings Subsequently Defaulted	Number of Loans	Outstanding Recorded Investment		Number of Loans	Outstanding Recorded Investment
		($ in thousands)			($ in thousands)
Mortgage loans:
Residential	—	$	—	1	$	121
Commercial	—	—		—	—
Multi-family	—	—		—	—
Construction	—	—		—	—
Total mortgage loans	—	—		1	121
Commercial loans	3	1,815		—	—
Consumer loans	1	130		1	52
Total restructured loans	4	$	1,945	2	$	173

Allowance for Loan Losses

The activity in the allowance for loan losses for the years ended December 31, 2013, 2012 and 2011 is as follows (in thousands):



	Years Ended December 31,
	2013			2012		2011
Balance at beginning of period	$	70,348		74,351		68,722
Provision charged to operations	5,500			16,000		28,900
Recoveries of loans previously charged off	3,222			3,904		1,782
Loans charged off	(14,406		)	(23,907	)	(25,053	)
Balance at end of period	$	64,664		70,348		74,351

Schedule of Allowance for Loan Losses by Portfolio Segment

The activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2013 and 2012 are as follows (in thousands):



	For the Year Ended December 31, 2013
	Mortgage loans			Commercial loans		Consumer loans		Total Portfolio Segments		Unallocated		Total
Balance at beginning of period	$	37,962		20,315		5,224		63,501		6,847		70,348
Provision charged to operations	2,065			6,403		2,395		10,863		(5,363	)	5,500
Recoveries of loans previously charged off	1,133			1,075		1,014		3,222		—		3,222
Loans charged off	(7,016		)	(3,686	)	(3,704	)	(14,406	)	—		(14,406	)
Balance at end of period	$	34,144		24,107		4,929		63,180		1,484		64,664



	Year ended December 31, 2012
	Mortgage loans			Commercial loans		Consumer loans		Total Portfolio Segments		Unallocated	Total
Balance at beginning of period	$	39,443		25,381		5,515		70,339		4,012	74,351
Provision charged to operations	6,489			4,422		2,254		13,165		2,835	16,000
Recoveries of loans previously charged off	162			2,771		971		3,904		—	3,904
Loans charged off	(8,132		)	(12,259	)	(3,516	)	(23,907	)	—	(23,907	)
Balance at end of period	$	37,962		20,315		5,224		63,501		6,847	70,348

Summary of Impaired Loans Receivable by Class

Impaired loans receivable by class are summarized as follows (in thousands):



	At December 31, 2013						At December 31, 2012
	Unpaid Principal Balance		Recorded Investment	Related Allowance	Average Recorded Investment	Interest Income Recognized	Unpaid Principal Balance		Recorded Investment	Related Allowance	Average Recorded Investment	Interest Income Recognized
Loans with no related allowance
Mortgage loans:
Residential	$	13,459	9,999	—	10,322	299	7,241		5,309	—	5,395	155
Commercial	4,917		4,667	—	4,834	3	17,656		14,104	—	16,579	82
Multi-family	—		—	—	—	—	—		—	—	—	—
Construction	—		—	—	—	—	9,810		8,896	—	9,738	—
Total	18,376		14,666	—	15,156	302	34,707		28,309	—	31,712	237
Commercial loans	8,163		6,674	—	8,252	24	7,252		6,117	—	7,064	53
Consumer loans	754		618	—	674	26	84		58	—	71	2
Total loans	$	27,293	21,958	—	24,082	352	42,043		34,484	—	38,847	292
Loans with an allow-ance recorded
Mortgage loans:
Residential	$	17,122	16,473	2,571	16,610	557	$	14,139	13,133	1,805	13,206	378
Commercial	37,320		36,251	2,309	36,727	976	37,739		37,083	3,367	37,490	990
Multi-family	—		—	—	—	—	—		—	—	—	—
Construction	9,810		8,449	2,949	8,659	—	—		—	—	—	—
Total	64,252		61,173	7,829	61,996	1,533	51,878		50,216	5,172	50,696	1,368
Commercial loans	22,779		21,536	2,221	23,204	650	24,545		23,690	1,949	24,777	689
Consumer loans	1,732		1,703	167	1,726	63	1,277		1,240	90	1,291	46
Total loans	$	88,763	84,412	10,217	86,926	2,246	$	77,700	75,146	7,211	76,764	2,103
Total
Mortgage loans:
Residential	$	30,581	26,472	2,571	26,932	856	$	21,380	18,442	1,805	18,601	533
Commercial	42,237		40,918	2,309	41,561	979	55,395		51,187	3,367	54,069	1,072
Multi-family	—		—	—	—	—	—		—	—	—	—
Construction	9,810		8,449	2,949	8,659	—	9,810		8,896	—	9,738	—
Total	82,628		75,839	7,829	77,152	1,835	86,585		78,525	5,172	82,408	1,605
Commercial loans	30,942		28,210	2,221	31,456	674	31,797		29,807	1,949	31,841	742
Consumer loans	2,486		2,321	167	2,400	89	1,361		1,298	90	1,362	48
Total loans	$	116,056	106,370	10,217	111,008	2,598	$	119,743	109,630	7,211	115,611	2,395

Summary of Loans Receivable by Credit Quality Risk Rating Indicator

Loans receivable by credit quality risk rating indicator are as follows (in thousands):



	At December 31, 2013
	Residential		Commercial mortgages	Multi- family	Construction	Total mortgages	Commercial loans	Consumer loans	Total loans
Special mention	$	5,062	15,301	—	—	20,363	28,551	2,037	50,951
Substandard	23,011		54,592	403	8,449	86,455	46,687	4,220	137,362
Doubtful	—		—	—	—	—	649	—	649
Loss	—		—	—	—	—	—	—	—
Total classified and criticized	28,073		69,893	403	8,449	106,818	75,887	6,257	188,962
Acceptable/watch	1,145,970		1,330,731	928,503	174,840	3,580,044	856,312	571,345	5,007,701
Total outstanding loans	$	1,174,043	1,400,624	928,906	183,289	3,686,862	932,199	577,602	5,196,663



	At December 31, 2012
	Residential		Commercial mortgages	Multi- family	Construction	Total mortgages	Commercial loans	Consumer loans	Total loans
Special mention	$	11,986	14,816	—	—	26,802	17,076	1,808	45,686
Substandard	29,293		79,235	412	13,642	122,582	54,200	5,666	182,448
Doubtful	—		—	—	—	—	464	—	464
Loss	—		—	—	—	—	—	—	—
Total classified and criticized	41,279		94,051	412	13,642	149,384	71,740	7,474	228,598
Acceptable/watch	1,223,736		1,255,899	723,546	106,491	3,309,672	794,655	571,692	4,676,019
Total outstanding loans	$	1,265,015	1,349,950	723,958	120,133	3,459,056	866,395	579,166	4,904,617