10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2015

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from         to        

Commission file number 001-11967

ASTORIA FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	11-3170868
(State or other jurisdiction of	(I.R.S. Employer Identification
incorporation or organization)	Number)
One Astoria Bank Plaza, Lake Success, New York	11042-1085
(Address of principal executive offices)	(Zip Code)

(516) 327-3000

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES x  NO ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES x  NO ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company (as these items are defined in Rule 12b-2 of the Exchange Act).

Large accelerated filer x Accelerated filer ¨    Non-accelerated filer ¨Smaller reporting company ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  YES ¨  NO x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Classes of Common Stock	Number of Shares Outstanding, April 30, 2015
$0.01 Par Value	100,797,334

		Page
PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited):
	Consolidated Statements of Financial Condition at March 31, 2015 and December 31, 2014	2
	Consolidated Statements of Income for the Three Months Ended March 31, 2015 and 2014	3
	Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2015 and 2014	4
	Consolidated Statement of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2015	5
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2015 and 2014	6
	Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	65
Item 4.	Controls and Procedures	68
PART II — OTHER INFORMATION
Item 1.	Legal Proceedings	68
Item 1A.	Risk Factors	69
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	69
Item 3.	Defaults Upon Senior Securities	69
Item 4.	Mine Safety Disclosures	69
Item 5.	Other Information	69
Item 6.	Exhibits	69
Signatures		70

1

ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Financial Condition

		(Unaudited)
(In Thousands, Except Share Data)	At March 31, 2015				At December 31, 2014
Assets:
Cash and due from banks		$	165,766			$	143,185
Available-for-sale securities:
Encumbered		110,199				110,784
Unencumbered		303,204				273,575
Total available-for-sale securities		413,403				384,359
Held-to-maturity securities, fair value of $2,137,907 and $2,131,371, respectively:
Encumbered		1,113,681				1,147,991
Unencumbered		1,005,861				985,813
Total held-to-maturity securities		2,119,542				2,133,804
Federal Home Loan Bank of New York stock, at cost		141,622				140,754
Loans held-for-sale, net		8,066				7,640
Loans receivable		11,821,867				11,957,448
Allowance for loan losses		(110,500		)		(111,600		)
Loans receivable, net		11,711,367				11,845,848
Mortgage servicing rights, net		10,585				11,401
Accrued interest receivable		37,208				36,628
Premises and equipment, net		111,562				111,622
Goodwill		185,151				185,151
Bank owned life insurance		432,965				430,768
Real estate owned, net		30,160				35,723
Other assets		168,175				173,138
Total assets		$	15,535,572			$	15,640,021
Liabilities:
Deposits:
Savings		$	2,230,516			$	2,237,142
Money market		2,407,520				2,373,484
NOW and demand deposit		2,301,022				2,198,777
Certificates of deposit		2,467,971				2,695,506
Total deposits		9,407,029				9,504,909
Federal funds purchased		365,000				455,000
Reverse repurchase agreements		1,100,000				1,100,000
Federal Home Loan Bank of New York advances		2,400,000				2,384,000
Other borrowings, net		248,824				248,691
Mortgage escrow funds		162,129				115,400
Accrued expenses and other liabilities		249,300				251,951
Total liabilities		13,932,282				14,059,951
Stockholders’ Equity:
Preferred stock, $1.00 par value; 5,000,000 shares authorized:
Series C (150,000 shares authorized; and 135,000 shares issued and outstanding)		129,796				129,796
Common stock, $0.01 par value (200,000,000 shares authorized; 166,494,888 shares issued; and 100,396,907 and 99,940,399 shares outstanding, respectively)		1,665				1,665
Additional paid-in capital		898,788				897,049
Retained earnings		2,002,389				1,992,833
Treasury stock (66,097,981 and 66,554,489 shares, at cost, respectively)		(1,365,888		)		(1,375,322		)
Accumulated other comprehensive loss		(63,460		)		(65,951		)
Total stockholders’ equity		1,603,290				1,580,070
Total liabilities and stockholders’ equity		$	15,535,572			$	15,640,021

See accompanying Notes to Consolidated Financial Statements.

2

ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Income (Unaudited)

	For the   Three Months Ended   March 31,
(In Thousands, Except Share Data)	2015			2014
Interest income:
Residential mortgage loans	$	53,962		$	64,954
Multi-family and commercial real estate mortgage loans	47,492			43,390
Consumer and other loans	2,190			2,086
Mortgage-backed and other securities	15,070			13,677
Interest-earning cash accounts	89			69
Federal Home Loan Bank of New York stock	1,522			1,833
Total interest income	120,325			126,009
Interest expense:
Deposits	10,729			13,229
Borrowings	23,875			24,810
Total interest expense	34,604			38,039
Net interest income	85,721			87,970
Provision for loan losses (credited) charged to operations	(343		)	1,631
Net interest income after provision for loan losses	86,064			86,339
Non-interest income:
Customer service fees	8,211			9,020
Other loan fees	553			608
Mortgage banking income, net	327			800
Income from bank owned life insurance	2,197			1,989
Other	1,645			1,252
Total non-interest income	12,933			13,669
Non-interest expense:
General and administrative:
Compensation and benefits	36,281			33,388
Occupancy, equipment and systems	19,658			18,174
Federal deposit insurance premium	4,201			8,569
Advertising	2,264			1,712
Other	7,708			8,380
Total non-interest expense	70,112			70,223
Income before income tax expense (benefit)	28,885			29,785
Income tax expense (benefit)	9,578			(1,764		)
Net income	19,307			31,549
Preferred stock dividends	2,194			2,194
Net income available to common shareholders	$	17,113		$	29,355
Basic earnings per common share	$	0.17		$	0.30
Diluted earnings per common share	$	0.17		$	0.30
Basic weighted average common shares outstanding	99,252,031			98,106,045
Diluted weighted average common shares outstanding	99,252,031			98,106,045

See accompanying Notes to Consolidated Financial Statements.

3

ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Unaudited)

	For the   Three Months Ended   March 31,
(In Thousands)	2015		2014
Net income	$	19,307	$	31,549
Other comprehensive income, net of tax:
Net unrealized gain on securities available-for-sale arising during the period	1,993		2,993
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income	469		135
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income	29		30
Total other comprehensive income, net of tax	2,491		3,158
Comprehensive income	$	21,798	$	34,707

See accompanying Notes to Consolidated Financial Statements.

4

ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statement of Changes in Stockholders’ Equity (Unaudited)

For the Three Months Ended March 31, 2015

(In Thousands, Except Share Data)	Total			Preferred Stock		Common Stock		Additional Paid-in Capital			Retained Earnings			Treasury Stock			Accumulated Other Comprehensive Loss
Balance at December 31, 2014	$	1,580,070		$	129,796	$	1,665	$	897,049		$	1,992,833		$	(1,375,322	)		$	(65,951	)
Net income	19,307			—		—		—			19,307			—				—
Other comprehensive income, net of tax	2,491			—		—		—			—			—				2,491
Dividends on preferred stock ($16.25 per share)	(2,194		)	—		—		—			(2,194		)	—				—
Dividends on common stock ($0.04 per share)	(3,995		)	—		—		—			(3,995		)	—				—
Sales of treasury stock (471,680 shares)	6,009			—		—		—			(3,739		)	9,748				—
Restricted stock grants (26,232 shares)	—			—		—		(330		)	(212		)	542				—
Forfeitures of restricted stock (41,404 shares)	—			—		—		478			378			(856		)		—
Stock-based compensation	1,608			—		—		1,597			11			—				—
Net tax benefit shortfall from stock-based compensation	(6		)	—		—		(6		)	—			—				—
Balance at March 31, 2015	$	1,603,290		$	129,796	$	1,665	$	898,788		$	2,002,389		$	(1,365,888	)		$	(63,460	)

See accompanying Notes to Consolidated Financial Statements.

5

ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows (Unaudited)

	For the Three Months Ended March 31,
(In Thousands)	2015				2014
Cash flows from operating activities:
Net income		$	19,307			$	31,549
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization on loans		2,883				2,596
Net amortization on securities and borrowings		2,322				2,361
Net provision for loan and real estate losses (credited) charged to operations		(181		)		1,953
Depreciation and amortization		3,024				2,901
Net gain on sales of loans		(463		)		(465		)
Mortgage servicing rights amortization and valuation allowance adjustments, net		1,130				674
Stock-based compensation		1,608				2,016
Originations of loans held-for-sale		(27,463		)		(18,129		)
Proceeds from sales and principal repayments of loans held-for-sale		27,585				22,622
Increase in accrued interest receivable		(580		)		(566		)
Bank owned life insurance income and insurance proceeds received, net		(2,197		)		(906		)
Decrease in other assets		3,648				6,842
(Decrease) increase in accrued expenses and other liabilities		(1,847		)		2,440
Net cash provided by operating activities		28,776				55,888
Cash flows from investing activities:
Originations of loans receivable		(389,387		)		(292,124		)
Loan purchases through third parties		(49,855		)		(43,548		)
Principal payments on loans receivable		563,529				465,709
Proceeds from sales of delinquent and non-performing loans		5,806				652
Purchases of securities held-to-maturity		(93,428		)		(140,526		)
Purchases of securities available-for-sale		(37,049		)		—
Principal payments on securities held-to-maturity		105,752				81,849
Principal payments on securities available-for-sale		10,949				8,992
Net (purchases) redemptions of Federal Home Loan Bank of New York stock		(868		)		1,910
Proceeds from sales of real estate owned, net		6,670				11,500
Purchases of premises and equipment, net of proceeds from sales		(2,977		)		(1,635		)
Net cash provided by investing activities		119,142				92,779
Cash flows from financing activities:
Net decrease in deposits		(97,880		)		(134,232		)
Net (decrease) increase in borrowings with original terms of three months or less		(74,000		)		58,000
Repayments of borrowings with original terms greater than three months		—				(100,000		)
Net increase in mortgage escrow funds		46,729				42,340
Proceeds from sales of treasury stock		6,009				2,012
Cash dividends paid to stockholders		(6,189		)		(6,164		)
Net tax benefit shortfall from stock-based compensation		(6		)		(16		)
Net cash used in financing activities		(125,337		)		(138,060		)
Net increase in cash and cash equivalents		22,581				10,607
Cash and cash equivalents at beginning of period		143,185				121,950
Cash and cash equivalents at end of period		$	165,766			$	132,557
Supplemental disclosures:
Interest paid		$	31,708			$	35,406
Income taxes paid		$	1,477			$	751
Additions to real estate owned		$	1,269			$	15,391
Loans transferred to held-for-sale		$	6,205			$	726

See accompanying Notes to Consolidated Financial Statements.

6

ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

1.  Basis of Presentation

The accompanying consolidated financial statements include the accounts of Astoria Financial Corporation and its wholly-owned subsidiaries: Astoria Bank and its subsidiaries, referred to as Astoria Bank, and AF Insurance Agency, Inc.  As used in this quarterly report, “we,” “us” and “our” refer to Astoria Financial Corporation and its consolidated subsidiaries.  All significant inter-company accounts and transactions have been eliminated in consolidation.

In our opinion, the accompanying consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of our financial condition as of March 31, 2015 and December 31, 2014, our results of operations and other comprehensive income for the three months ended March 31, 2015 and 2014, changes in our stockholders’ equity for the three months ended March 31, 2015 and our cash flows for the three months ended March 31, 2015 and 2014.  In preparing the consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities for the consolidated statements of financial condition as of March 31, 2015 and December 31, 2014, and amounts of revenues, expenses and other comprehensive income in the consolidated statements of income and comprehensive income for the three months ended March 31, 2015 and 2014.  The results of operations and other comprehensive income for the three months ended March 31, 2015 are not necessarily indicative of the results of operations and other comprehensive income to be expected for the remainder of the year.  Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC. 

These consolidated financial statements should be read in conjunction with our December 31, 2014 audited consolidated financial statements and related notes included in our 2014 Annual Report on Form 10-K.

Changes in New York State and New York City Income Tax Legislation

New York State, or NY State, income tax reform legislation, or the 2014 NY State legislation, was enacted on March 31, 2014.  While the 2014 NY State legislation generally became effective in 2015, the nature of the changes resulted in the recognition of certain deferred tax assets in the 2014 first quarter. Prior to the effective date of the 2014 NY State legislation, we were subject to taxation in NY State under an alternative taxation method based on assets.  The 2014 NY State legislation, among other things, removed that alternative method.  Further, the new law (1) requires that we will be taxed in a manner that resulted in an increase in our income tax expense beginning in 2015 and (2) caused us to recognize temporary differences and net operating loss carry-forward benefits in 2014 which we were unable to recognize previously.  The result of the 2014 NY State legislation was an increase in our net deferred tax asset with a corresponding reduction in income tax expense of $11.5 million in the 2014 first quarter.

7

On April 13, 2015, a package of bills, or the 2015 NY State legislation, was signed into law in NY State that, among other things, (1) conforms New York City, or NY City, banking income tax laws to the 2014 NY State legislation, and (2) makes technical corrections to the 2014 NY State legislation. The 2015 NY State legislation is effective retroactively to tax years beginning on or after January 1, 2015. Under GAAP, the effects of changes in tax law on current and deferred taxes are accounted for in the period that includes the enactment date of the change, which means that we will be adjusting to the impact of the legislation in the second quarter of 2015. We are presently reviewing the impact of the 2015 NY State legislation, and anticipate the net impact of adjusting to the legislation will result in a credit to income tax expense in the 2015 second quarter, followed most likely by a higher effective income tax rate going forward. We currently expect that the effects of the 2015 NY State legislation in the 2015 second quarter will include (i) the reduction or elimination of our valuation allowance, totaling $7.2 million at March 31, 2015, which presently offsets certain net deferred tax assets related to NY City income taxes, and (ii) the recognition of additional deferred tax assets relating to NY City income tax benefits to become realizable in future periods, which in the aggregate will more than offset (iii) additional one-time income tax expense to be recorded in the 2015 second quarter, applicable to the first quarter of 2015, as this legislative change is retroactively applicable to January 1, 2015.

2.  Securities

The following tables set forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at the dates indicated.

	At March 31, 2015
(In Thousands)	Amortized Cost		Gross Unrealized Gains			Gross Unrealized Losses				Estimated Fair Value
Available-for-sale:
Residential mortgage-backed securities:
GSE (1) issuance REMICs and CMOs (2)	$	294,026		$	5,238		$	(829	)	$	298,435
Non-GSE issuance REMICs and CMOs	4,524			28			(1		)	4,551
GSE pass-through certificates	12,234			594			(2		)	12,826
Total residential mortgage-backed securities	310,784			5,860			(832		)	315,812
Obligations of GSEs	98,681			—			(1,092		)	97,589
Fannie Mae stock	15			—			(13		)	2
Total securities available-for-sale	$	409,480		$	5,860		$	(1,937	)	$	413,403
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	1,490,860		$	20,981		$	(7,138	)	$	1,504,703
Non-GSE issuance REMICs and CMOs	2,299			27			(7		)	2,319
GSE pass-through certificates	271,379			3,431			(1,665		)	273,145
Total residential mortgage-backed securities	1,764,538			24,439			(8,810		)	1,780,167
Multi-family mortgage-backed securities:
GSE issuance REMICs	225,738			2,748			(73		)	228,413
Obligations of GSEs	128,769			536			(476		)	128,829
Other	497			1			—			498
Total securities held-to-maturity	$	2,119,542		$	27,724		$	(9,359	)	$	2,137,907

(1) Government-sponsored enterprise

(2) Real estate mortgage investment conduits and collateralized mortgage obligations

8

	At December 31, 2014
(In Thousands)	Amortized Cost		Gross Unrealized Gains			Gross Unrealized Losses				Estimated Fair Value
Available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	266,946		$	3,608		$	(1,556	)	$	268,998
Non-GSE issuance REMICs and CMOs	5,071			34			(1		)	5,104
GSE pass-through certificates	12,919			640			(2		)	13,557
Total residential mortgage-backed securities	284,936			4,282			(1,559		)	287,659
Obligations of GSEs	98,680			—			(1,982		)	96,698
Fannie Mae stock	15			—			(13		)	2
Total securities available-for-sale	$	383,631		$	4,282		$	(3,554	)	$	384,359
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	1,575,402		$	14,536		$	(14,041	)	$	1,575,897
Non-GSE issuance REMICs and CMOs	2,482			31			(7		)	2,506
GSE pass-through certificates	281,685			2,442			(3,877		)	280,250
Total residential mortgage-backed securities	1,859,569			17,009			(17,925		)	1,858,653
Multi-family mortgage-backed securities:
GSE issuance REMICs	154,381			554			(590		)	154,345
Obligations of GSEs	119,336			42			(1,523		)	117,855
Other	518			—			—			518
Total securities held-to-maturity	$	2,133,804		$	17,605		$	(20,038	)	$	2,131,371

The following tables set forth the estimated fair values of securities with gross unrealized losses at the dates indicated, segregated between securities that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the dates indicated.

	At March 31, 2015
	Less Than Twelve Months						Twelve Months or Longer						Total
(In Thousands)	Estimated Fair Value		Gross Unrealized Losses				Estimated Fair Value		GrossUnrealized Losses				Estimated Fair Value		GrossUnrealized Losses
Available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	75,161		$	(829	)	$	—		$	—		$	75,161		$	(829	)
Non-GSE issuance REMICs and CMOs	—			—			89			(1		)	89			(1		)
GSE pass-through certificates	86			(1		)	63			(1		)	149			(2		)
Obligations of GSEs	24,857			(125		)	72,732			(967		)	97,589			(1,092		)
Fannie Mae stock	—			—			2			(13		)	2			(13		)
Total temporarily impaired securities available-for-sale	$	100,104		$	(955	)	$	72,886		$	(982	)	$	172,990		$	(1,937	)
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	52,357		$	(294	)	$	339,709		$	(6,844	)	$	392,066		$	(7,138	)
Non-GSE issuance REMICs and CMOs	—			—			294			(7		)	294			(7		)
GSE pass-through certificates	—			—			120,367			(1,665		)	120,367			(1,665		)
Multi-family mortgage-backed securities:
GSE issuance REMICs	25,013			(73		)	—			—			25,013			(73		)
Obligations of GSEs	29,947			(29		)	24,553			(447		)	54,500			(476		)
Total temporarily impaired securities held-to-maturity	$	107,317		$	(396	)	$	484,923		$	(8,963	)	$	592,240		$	(9,359	)

9

	At December 31, 2014
	Less Than Twelve Months						Twelve Months or Longer						Total
(In Thousands)	Estimated Fair Value		Gross Unrealized Losses				Estimated Fair Value		Gross Unrealized Losses				Estimated Fair Value		Gross Unrealized Losses
Available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	20,587		$	(159	)	$	75,444		$	(1,397	)	$	96,031		$	(1,556	)
Non-GSE issuance REMICs and CMOs	—			—			96			(1		)	96			(1		)
GSE pass-through certificates	53			(1		)	64			(1		)	117			(2		)
Obligations of GSEs	24,586			(395		)	72,112			(1,587		)	96,698			(1,982		)
Fannie Mae stock	—			—			2			(13		)	2			(13		)
Total temporarily impaired securities available-for-sale	$	45,226		$	(555	)	$	147,718		$	(2,999	)	$	192,944		$	(3,554	)
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	121,861		$	(302	)	$	500,348		$	(13,739	)	$	622,209		$	(14,041	)
Non-GSE issuance REMICs and CMOs	—			—			294			(7		)	294			(7		)
GSE pass-through certificates	—			—			164,453			(3,877		)	164,453			(3,877		)
Multi-family mortgage-backed securities:
GSE issuance REMICs	100,355			(590		)	—			—			100,355			(590		)
Obligations of GSEs	—			—			79,413			(1,523		)	79,413			(1,523		)
Total temporarily impaired securities held-to-maturity	$	222,216		$	(892	)	$	744,508		$	(19,146	)	$	966,724		$	(20,038	)

We held 56 securities which had an unrealized loss at March 31, 2015 and 80 securities which had an unrealized loss at December 31, 2014.  At March 31, 2015 and December 31, 2014, substantially all of the securities in an unrealized loss position had a fixed interest rate and the cause of the temporary impairment was directly related to changes in interest rates.  We generally view changes in fair value caused by changes in interest rates as temporary, which is consistent with our experience.  None of the unrealized losses are related to credit losses.  Therefore, at March 31, 2015 and December 31, 2014, the impairments were deemed temporary based on (1) the direct relationship of the decline in fair value to movements in interest rates, (2) the estimated remaining life and high credit quality of the investments and (3) the fact that we had no intention to sell these securities and it was not more likely than not that we would be required to sell these securities before their anticipated recovery of the remaining amortized cost basis and we expected to recover the entire amortized cost basis of the security.

At March 31, 2015, available-for-sale debt securities, excluding mortgage-backed securities, had an amortized cost of $98.7 million, an estimated fair value of $97.6 million and contractual maturities in 2021 and 2022.  At March 31, 2015, held-to-maturity debt securities, excluding mortgage-backed securities, had an amortized cost and an estimated fair value of $129.3 million and contractual maturities primarily in 2021 and 2023.  Actual maturities may differ from contractual maturities because issuers may have the right to prepay or call obligations with or without prepayment penalties.

At March 31, 2015, the amortized cost of callable securities in our portfolio totaled $227.4 million, of which $211.0 million are callable within one year and at various times thereafter.

The balance of accrued interest receivable for securities totaled $6.7 million at March 31, 2015 and December 31, 2014.

10

3. Loans Receivable and Allowance for Loan Losses

The following tables set forth the composition of our loans receivable portfolio, and an aging analysis by accruing and non-accrual loans, by segment and class at the dates indicated.

	At March 31, 2015
	Past Due
(In Thousands)	30-59 Days		60-89 Days		90 Days or More		Total Past Due		Current		Total
Accruing loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	7,894	$	3,796	$	—	$	11,690	$	719,237	$	730,927
Full documentation amortizing	25,321		6,707		—		32,028		4,858,702		4,890,730
Reduced documentation interest-only	10,885		3,355		—		14,240		512,426		526,666
Reduced documentation amortizing	9,120		2,801		—		11,921		401,526		413,447
Total residential	53,220		16,659		—		69,879		6,491,891		6,561,770
Multi-family	6,796		334		—		7,130		3,977,772		3,984,902
Commercial real estate	681		180		—		861		863,179		864,040
Total mortgage loans	60,697		17,173		—		77,870		11,332,842		11,410,712
Consumer and other loans (gross):
Home equity and other consumer	1,168		767		—		1,935		169,420		171,355
Commercial and industrial	—		—		—		—		74,894		74,894
Total consumer and other loans	1,168		767		—		1,935		244,314		246,249
Total accruing loans	$	61,865	$	17,940	$	—	$	79,805	$	11,577,156	$	11,656,961
Non-accrual loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	333	$	—	$	11,278	$	11,611	$	13,122	$	24,733
Full documentation amortizing	3,312		188		16,478		19,978		7,184		27,162
Reduced documentation interest-only	1,014		264		14,231		15,509		24,414		39,923
Reduced documentation amortizing	732		97		4,762		5,591		1,721		7,312
Total residential	5,391		549		46,749		52,689		46,441		99,130
Multi-family	298		403		2,064		2,765		3,239		6,004
Commercial real estate	780		—		—		780		6,129		6,909
Total mortgage loans	6,469		952		48,813		56,234		55,809		112,043
Consumer and other loans (gross):
Home equity and other consumer	—		—		6,691		6,691		145		6,836
Commercial and industrial	—		—		—		—		—		—
Total consumer and other loans	—		—		6,691		6,691		145		6,836
Total non-accrual loans	$	6,469	$	952	$	55,504	$	62,925	$	55,954	$	118,879
Total loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	8,227	$	3,796	$	11,278	$	23,301	$	732,359	$	755,660
Full documentation amortizing	28,633		6,895		16,478		52,006		4,865,886		4,917,892
Reduced documentation interest-only	11,899		3,619		14,231		29,749		536,840		566,589
Reduced documentation amortizing	9,852		2,898		4,762		17,512		403,247		420,759
Total residential	58,611		17,208		46,749		122,568		6,538,332		6,660,900
Multi-family	7,094		737		2,064		9,895		3,981,011		3,990,906
Commercial real estate	1,461		180		—		1,641		869,308		870,949
Total mortgage loans	67,166		18,125		48,813		134,104		11,388,651		11,522,755
Consumer and other loans (gross):
Home equity and other consumer	1,168		767		6,691		8,626		169,565		178,191
Commercial and industrial	—		—		—		—		74,894		74,894
Total consumer and other loans	1,168		767		6,691		8,626		244,459		253,085
Total loans	$	68,334	$	18,892	$	55,504	$	142,730	$	11,633,110	$	11,775,840
Net unamortized premiums and deferred loan origination costs											46,027
Loans receivable											11,821,867
Allowance for loan losses											(110,500		)
Loans receivable, net											$	11,711,367

11

	At December 31, 2014
	Past Due
(In Thousands)	30-59 Days		60-89 Days		90 Days or More		Total Past Due		Current		Total
Accruing loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	13,943	$	7,332	$	—	$	21,275	$	804,880	$	826,155
Full documentation amortizing	25,878		7,611		144		33,633		4,948,391		4,982,024
Reduced documentation interest-only	18,490		2,584		—		21,074		547,350		568,424
Reduced documentation amortizing	11,024		1,648		—		12,672		384,250		396,922
Total residential	69,335		19,175		144		88,654		6,684,871		6,773,525
Multi-family	3,646		2,222		1,790		7,658		3,893,539		3,901,197
Commercial real estate	1,686		493		2,159		4,338		863,615		867,953
Total mortgage loans	74,667		21,890		4,093		100,650		11,442,025		11,542,675
Consumer and other loans (gross):
Home equity and other consumer	2,430		962		—		3,392		175,121		178,513
Commercial and industrial	—		—		—		—		64,815		64,815
Total consumer and other loans	2,430		962		—		3,392		239,936		243,328
Total accruing loans	$	77,097	$	22,852	$	4,093	$	104,042	$	11,681,961	$	11,786,003
Non-accrual loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	2,371	$	358	$	11,502	$	14,231	$	13,796	$	28,027
Full documentation amortizing	204		238		14,211		14,653		7,016		21,669
Reduced documentation interest-only	820		453		16,289		17,562		25,022		42,584
Reduced documentation amortizing	596		1,066		2,843		4,505		3,226		7,731
Total residential	3,991		2,115		44,845		50,951		49,060		100,011
Multi-family	648		346		7,127		8,121		3,735		11,856
Commercial real estate	790		—		729		1,519		4,293		5,812
Total mortgage loans	5,429		2,461		52,701		60,591		57,088		117,679
Consumer and other loans (gross):
Home equity and other consumer	—		—		6,040		6,040		—		6,040
Commercial and industrial	—		—		—		—		—		—
Total consumer and other loans	—		—		6,040		6,040		—		6,040
Total non-accrual loans	$	5,429	$	2,461	$	58,741	$	66,631	$	57,088	$	123,719
Total loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	16,314	$	7,690	$	11,502	$	35,506	$	818,676	$	854,182
Full documentation amortizing	26,082		7,849		14,355		48,286		4,955,407		5,003,693
Reduced documentation interest-only	19,310		3,037		16,289		38,636		572,372		611,008
Reduced documentation amortizing	11,620		2,714		2,843		17,177		387,476		404,653
Total residential	73,326		21,290		44,989		139,605		6,733,931		6,873,536
Multi-family	4,294		2,568		8,917		15,779		3,897,274		3,913,053
Commercial real estate	2,476		493		2,888		5,857		867,908		873,765
Total mortgage loans	80,096		24,351		56,794		161,241		11,499,113		11,660,354
Consumer and other loans (gross):
Home equity and other consumer	2,430		962		6,040		9,432		175,121		184,553
Commercial and industrial	—		—		—		—		64,815		64,815
Total consumer and other loans	2,430		962		6,040		9,432		239,936		249,368
Total loans	$	82,526	$	25,313	$	62,834	$	170,673	$	11,739,049	$	11,909,722
Net unamortized premiums and deferred loan origination costs											47,726
Loans receivable											11,957,448
Allowance for loan losses											(111,600		)
Loans receivable, net											$	11,845,848

12

We segment our one-to-four family, or residential, mortgage loan portfolio by interest-only and amortizing loans, full documentation and reduced documentation loans and origination time periods and analyze our historical loss experience and delinquency levels and trends of these segments.  We analyze multi-family and commercial real estate mortgage loans by portfolio using predictive modeling techniques for loans originated after 2010 and by geographic location for loans originated prior to 2010.  We analyze our consumer and other loan portfolio by home equity lines of credit, commercial and industrial loans and other consumer loans and perform similar historical loss analyses.

We analyze our historical loss experience over 12, 15, 18 and 24 month periods.  The loss history used in calculating our quantitative allowance coverage percentages varies based on loan type.  Also, for a particular loan type we may not have sufficient loss history to develop a reasonable estimate of loss and consider our loss experience for other, similar loan types and may evaluate those losses over a longer period than two years.  Additionally, multi-family and commercial real estate loss experience may be adjusted based on the composition of the losses (loan sales, short sales and partial charge-offs).  Our evaluation of loss experience factors considers trends in such factors over the prior two years for substantially all of the loan portfolio, with the exception of multi-family and commercial real estate loans originated after 2010, for which our evaluation includes detailed modeling techniques.  These modeling techniques utilize data inputs for each loan in the portfolio, including credit facility terms and performance to date, property details and borrower financial performance data. The model also incorporates real estate market data from an established real estate market database company to forecast future performance of the properties, and includes a loan loss predictive model based on studies of defaulted commercial real estate loans. The model then generates a probability of default, loss given default and ultimately an estimated loss for each loan quarterly over the remaining life of the loan. The appropriate timeframe from which to assign an estimated loss percentage to the pool of loans is assessed by management. We update our historical loss analyses quarterly and evaluate the need to modify our quantitative allowances as a result of our updated charge-off and loss analyses.  We also consider qualitative factors with the purpose of assessing the adequacy of the overall allowance for loan losses as well as the allocation of the allowance for loan losses by loan category.

Allowance adequacy calculations are adjusted quarterly, based on the results of our quantitative and qualitative analyses, to reflect our current estimates of the amount of probable losses inherent in our loan portfolio in determining our allowance for loan losses.  The portion of the allowance allocated to each loan category does not represent the total available to absorb losses which may occur within the loan category, since the total allowance for loan losses is available for losses applicable to the entire loan portfolio.

The following tables set forth the changes in our allowance for loan losses by loan receivable segment for the periods indicated.

		For the Three Months Ended March 31, 2015
		Mortgage Loans										Consumer and Other Loans
					Multi-Family			Commercial Real Estate
(In Thousands)	Residential															Total
Balance at January 1, 2015		$	46,283		$	39,250			$	17,242			$	8,825		$	111,600
Provision (credited) charged to operations		(1,851		)	256				18				1,234			(343		)
Charge-offs		(1,757		)	(242		)		(142		)		(349		)	(2,490		)
Recoveries		806			818				—				109			1,733
Balance at March 31, 2015		$	43,481		$	40,082			$	17,118			$	9,819		$	110,500

13

		For the Three Months Ended March 31, 2014
		Mortgage Loans										Consumer and Other Loans
					Multi-Family			Commercial Real Estate
(In Thousands)	Residential															Total
Balance at January 1, 2014		$	80,337		$	36,703			$	13,136			$	8,824		$	139,000
Provision (credited) charged to operations		(3,476		)	(1,412		)		4,538				1,981			1,631
Charge-offs		(4,093		)	(869		)		(2,976		)		(897		)	(8,835		)
Recoveries		1,949			156				—				99			2,204
Balance at March 31, 2014		$	74,717		$	34,578			$	14,698			$	10,007		$	134,000

The following table sets forth the balances of our residential interest-only mortgage loans at March 31, 2015 by the period in which such loans are scheduled to enter their amortization period.

(In Thousands)	Recorded Investment
Amortization scheduled to begin in:
12 months or less	$	587,456
13 to 24 months	371,233
25 to 36 months	298,396
Over 36 months	65,164
Total	$	1,322,249

The following tables set forth the balances of our residential mortgage and consumer and other loan receivable segments by class and credit quality indicator at the dates indicated.

		At March 31, 2015
		Residential Mortgage Loans									Consumer and Other Loans
		Full Documentation					Reduced Documentation				Home Equity and Other Consumer			Commercial and Industrial
(In Thousands)	Interest-only			Amortizing		Interest-only			Amortizing
Performing		$	730,927	$	4,890,730		$	526,666	$	413,447		$	171,355	$	74,894
Non-performing:
Current or past due less than 90 days		13,455		10,684			25,692		2,550			145		—
Past due 90 days or more		11,278		16,478			14,231		4,762			6,691		—
Total		$	755,660	$	4,917,892		$	566,589	$	420,759		$	178,191	$	74,894
		At December 31, 2014
		Residential Mortgage Loans									Consumer and Other Loans
		Full Documentation					Reduced Documentation				Home Equity and Other Consumer			Commercial and Industrial
(In Thousands)	Interest-only			Amortizing		Interest-only			Amortizing
Performing		$	826,155	$	4,981,880		$	568,424	$	396,922		$	178,513	$	64,815
Non-performing:
Current or past due less than 90 days		16,525		7,458			26,295		4,888			—		—
Past due 90 days or more		11,502		14,355			16,289		2,843			6,040		—
Total		$	854,182	$	5,003,693		$	611,008	$	404,653		$	184,553	$	64,815

14

The following table sets forth the balances of our multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator at the dates indicated.

		At March 31, 2015						At December 31, 2014
				Commercial Real Estate						Commercial Real Estate
(In Thousands)	Multi-Family						Multi-Family
Not criticized		$	3,917,675		$	814,941		$	3,850,068		$	817,404
Criticized:
Special mention		43,832			21,443			30,975			22,584
Substandard		28,660			33,461			31,264			32,664
Doubtful		739			1,104			746			1,113
Total		$	3,990,906		$	870,949		$	3,913,053		$	873,765

The following tables set forth the balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses at the dates indicated.

	At March 31, 2015
	Mortgage Loans							Consumer and Other Loans
			Multi-Family		Commercial Real Estate
(In Thousands)	Residential									Total
Loans:
Individually evaluated for impairment	$	186,779	$	33,990		$	19,530	$	6,504	$	246,803
Collectively evaluated for impairment	6,474,121		3,956,916			851,419		246,581		11,529,037
Total loans	$	6,660,900	$	3,990,906		$	870,949	$	253,085	$	11,775,840
Allowance for loan losses:
Individually evaluated for impairment	$	10,519	$	2,785		$	2,481	$	4,938	$	20,723
Collectively evaluated for impairment	32,962		37,297			14,637		4,881		89,777
Total allowance for loan losses	$	43,481	$	40,082		$	17,118	$	9,819	$	110,500

	At December 31, 2014
	Mortgage Loans							Consumer and Other Loans
			Multi-Family		Commercial Real Estate
(In Thousands)	Residential									Total
Loans:
Individually evaluated for impairment	$	181,402	$	42,611		$	19,270	$	5,153	$	248,436
Collectively evaluated for impairment	6,692,134		3,870,442			854,495		244,215		11,661,286
Total loans	$	6,873,536	$	3,913,053		$	873,765	$	249,368	$	11,909,722
Allowance for loan losses:
Individually evaluated for impairment	$	10,304	$	3,172		$	2,446	$	3,810	$	19,732
Collectively evaluated for impairment	35,979		36,078			14,796		5,015		91,868
Total allowance for loan losses	$	46,283	$	39,250		$	17,242	$	8,825	$	111,600

15

The following table summarizes information related to our impaired loans by segment and class at the dates indicated.

	At March 31, 2015									At December 31, 2014
(In Thousands)	Unpaid Principal Balance		Recorded Investment		Related Allowance			Net Investment		Unpaid Principal Balance		Recorded Investment		Related Allowance			Net Investment
With an allowance recorded:
Mortgage loans:
Residential:
Full documentation interest-only	$	51,533	$	43,187	$	(3,503	)	$	39,684	$	55,352	$	46,331	$	(3,391	)	$	42,940
Full documentation amortizing	52,320		47,983		(1,841		)	46,142		43,044		39,994		(1,425		)	38,569
Reduced documentation interest-only	89,147		75,831		(4,538		)	71,293		90,171		76,960		(4,661		)	72,299
Reduced documentation amortizing	21,302		19,778		(637		)	19,141		19,463		18,117		(827		)	17,290
Multi-family	24,380		20,974		(2,785		)	18,189		34,972		28,109		(3,172		)	24,937
Commercial real estate	25,383		19,530		(2,481		)	17,049		24,991		19,270		(2,446		)	16,824
Consumer and other loans:
Home equity lines of credit	6,813		6,504		(4,938		)	1,566		5,436		5,153		(3,810		)	1,343
Without an allowance recorded:
Mortgage loans:
Multi-family	14,290		13,016		—			13,016		16,308		14,502		—			14,502
Total impaired loans	$	285,168	$	246,803	$	(20,723	)	$	226,080	$	289,737	$	248,436	$	(19,732	)	$	228,704

The following table sets forth the average recorded investment, interest income recognized and cash basis interest income related to our impaired loans by segment and class for the periods indicated.

	For the Three Months Ended March 31,
	2015						2014
(In Thousands)	Average Recorded Investment		Interest Income Recognized		Cash Basis Interest Income		Average Recorded Investment		Interest Income Recognized		Cash Basis Interest Income
With an allowance recorded:
Mortgage loans:
Residential:
Full documentation interest-only	$	44,759	$	349	$	353	$	108,696	$	650	$	650
Full documentation amortizing	43,989		395		386		37,802		301		294
Reduced documentation interest-only	76,396		730		737		137,429		1,062		1,041
Reduced documentation amortizing	18,948		162		162		25,503		121		119
Multi-family	24,542		260		268		28,660		358		377
Commercial real estate	19,400		268		286		14,046		175		283
Consumer and other loans:
Home equity lines of credit	5,829		6		16		4,083		4		6
Without an allowance recorded:
Mortgage loans:
Residential:
Full documentation amortizing	—		—		—		600		8		8
Multi-family	13,759		154		155		22,393		141		141
Commercial real estate	—		—		—		7,132		—		—
Total impaired loans	$	247,622	$	2,324	$	2,363	$	386,344	$	2,820	$	2,919

16

The following table sets forth information about our mortgage loans receivable by segment and class at March 31, 2015 and 2014 which were modified in a troubled debt restructuring, or TDR, during the periods indicated.

	Modifications During the Three Months Ended March 31,
	2015								2014
(Dollars In Thousands)	Number of Loans		Pre- Modification Recorded Investment			Recorded Investment at March 31, 2015			Number of Loans		Pre- Modification Recorded Investment			Recorded Investment at March 31, 2014
Residential:
Full documentation interest-only		4		$	2,035		$	2,030		9		$	4,083		$	3,691
Full documentation amortizing		6		2,059			2,016			5		1,509			1,481
Reduced documentation interest-only		4		1,687			1,687			4		1,099			1,097
Reduced documentation amortizing		—		—			—			2		317			264
Multi-family		—		—			—			2		1,060			952
Commercial real estate		2		2,902			2,878			1		659			647
Total		16		$	8,683		$	8,611		23		$	8,727		$	8,132

The following table sets forth information about our mortgage loans receivable by segment and class at March 31, 2015 and 2014 which were modified in a TDR during the twelve month periods ended March 31, 2015 and 2014 and had a payment default subsequent to the modification during the periods indicated.

	For the Three Months Ended March 31,
	2015					2014
(Dollars In Thousands)	Number of Loans		Recorded Investment at March 31, 2015			Number of Loans		Recorded Investment at March 31, 2014
Residential:
Full documentation interest-only		1		$	648		6		$	1,138
Full documentation amortizing		2		854			5		1,308
Reduced documentation interest-only		2		1,314			11		3,058
Reduced documentation amortizing		—		—			3		846
Multi-family		3		1,387			2		1,015
Commercial real estate		—		—			1		1,569
Total		8		$	4,203		28		$	8,934

Included in loans receivable at March 31, 2015 are loans in the process of foreclosure collateralized by residential real estate property with a recorded investment of $34.1 million.

For additional information regarding our loans receivable and allowance for loan losses, see “Asset Quality” and “Critical Accounting Policies” in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” or “MD&A.”

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4. Reverse Repurchase Agreements

Effective January 1, 2015, we adopted the guidance in Accounting Standards Update, or ASU, 2014-11, “Transfers and Servicing (Topic 860) — Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures” which applies to all entities that enter into repurchase-to-maturity transactions or repurchase financings (reverse repurchase agreements or securities sold under agreements to repurchase).  The amendments in this update changed the accounting for repurchase-to-maturity transactions and linked repurchase financings (a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty) to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements.  All of our repurchase agreements (reverse repurchase agreements) are accounted for as secured borrowings.  Therefore, our adoption of this guidance did not have an impact on our financial condition or results of operations. In addition, effective for interim periods beginning after March 15, 2015, the amendments in this update require an entity to disclose information on transfers accounted for as sales in transactions that are economically similar to repurchase agreements, which for us is not applicable as we have no such transfers. The amendments in this guidance also require, effective for interim periods beginning after March 15, 2015, the following disclosures to increase transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. 

The following table details the remaining contractual maturities of our reverse repurchase agreements at March 31, 2015.

Year		Amount
	(In Thousands)
2018		$	200,000	(1	)
2019		600,000		(1	)
2020		300,000		(2	)
Total		$	1,100,000

(1) Callable in 2015.

(2) Includes $100.0 million of borrowings which are callable in 2015, $100.0 million of borrowings which are callable in 2016 and $100.0 million of borrowings which are callable in 2017.

The outstanding reverse repurchase agreements at March 31, 2015 were fixed rate and collateralized by GSE securities, of which 83% were residential mortgage-backed securities and 17% were obligations of GSEs. Securities collateralizing these agreements are classified as encumbered securities in the consolidated statements of financial condition. The amount of excess collateral required is governed by each individual contract. The primary risk associated with these secured borrowings is the requirement to pledge a market value based balance of collateral in excess of the borrowed amount. The excess collateral pledged represents an unsecured exposure to the lending counterparty. As the market value of the collateral changes, both through changes in discount rates and spreads as well as related cash flows, additional collateral may need to be pledged. In accordance with our policies, eligible counterparties are defined and monitored to minimize our exposure.

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5.  Earnings Per Common Share

The following table is a reconciliation of basic and diluted earnings per common share, or EPS.

	For the Three Months Ended March 31,
(In Thousands, Except Share Data)	2015						2014
Net income		$	19,307					$	31,549
Preferred stock dividends		(2,194				)		(2,194				)
Net income available to common shareholders		17,113						29,355
Income allocated to participating securities		(114				)		(312				)
Net income allocated to common shareholders		$	16,999					$	29,043
Basic weighted average common shares outstanding	99,252,031						98,106,045
Dilutive effect of stock options and restricted stock units (1) (2)	—						—
Diluted weighted average common shares outstanding	99,252,031						98,106,045
Basic EPS				$	0.17					$	0.30
Diluted EPS				$	0.17					$	0.30

(1) Excludes options to purchase 20,667 shares of common stock which were outstanding during the three months ended March 31, 2015 and options to purchase 1,050,083 shares of common stock which were outstanding during the three months ended March 31, 2014 because their inclusion would be anti-dilutive.

(2) Excludes 762,038 unvested restricted stock units which were outstanding during the three months ended March 31, 2015 and 659,837 unvested restricted stock units which were outstanding during the three months ended March 31, 2014 because the performance conditions have not been satisfied.

6.  Other Comprehensive Income

The following tables set forth the components of accumulated other comprehensive loss, net of related tax effects, at the dates indicated and the changes during the three months ended March 31, 2015 and 2014.

(In Thousands)	At    December 31, 2014				Other Comprehensive Income			At   March 31, 2015
Net unrealized gain on securities available-for-sale		$	4,686			$	1,993		$	6,679
Net actuarial loss on pension plans and other postretirement benefits		(67,476		)		469			(67,007		)
Prior service cost on pension plans and other postretirement benefits		(3,161		)		29			(3,132		)
Accumulated other comprehensive loss		$	(65,951	)		$	2,491		$	(63,460	)
(In Thousands)	At    December 31, 2013				Other Comprehensive Income			At   March 31, 2014
Net unrealized loss on securities available-for-sale		$	(4,366	)		$	2,993		$	(1,373	)
Net actuarial loss on pension plans and other postretirement benefits		(30,600		)		135			(30,465		)
Prior service cost on pension plans and other postretirement benefits		(3,284		)		30			(3,254		)
Accumulated other comprehensive loss		$	(38,250	)		$	3,158		$	(35,092	)

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The following tables set forth the components of other comprehensive income for the periods indicated.

		For the Three Months Ended   March 31, 2015
(In Thousands)	Before Tax Amount			Income Tax Expense				After Tax Amount
Net unrealized holding gain on securities available-for-sale arising during the period		$	3,223		$	(1,230	)		$	1,993
Reclassification adjustment for net actuarial loss included in net income		757			(288		)		469
Reclassification adjustment for prior service cost included in net income		47			(18		)		29
Other comprehensive income		$	4,027		$	(1,536	)		$	2,491

		For the Three Months Ended   March 31, 2014
(In Thousands)	Before Tax Amount			Income Tax Expense				After Tax Amount
Net unrealized holding gain on securities available-for-sale arising during the period		$	4,628		$	(1,635	)		$	2,993
Reclassification adjustment for net actuarial loss included in net income		208			(73		)		135
Reclassification adjustment for prior service cost included in net income		47			(17		)		30
Other comprehensive income		$	4,883		$	(1,725	)		$	3,158

The following tables set forth information about amounts reclassified from accumulated other comprehensive loss to, and the affected line items in, the consolidated statements of income for the periods indicated.

	For the Three Months Ended March 31,							Income Statement Line Item
(In Thousands)		2015			2014
Reclassification adjustment for net actuarial loss (1)		$	(757	)	$	(208	)	Compensation and benefits
Reclassification adjustment for prior service cost (1)		(47		)	(47		)	Compensation and benefits
Total reclassifications, before tax		(804		)	(255		)
Income tax effect		306			90			Income tax expense (benefit)
Total reclassifications, net of tax		$	(498	)	$	(165	)	Net income

(1) These other comprehensive income components are included in the computations of net periodic (benefit) cost for our defined benefit pension plans and other postretirement benefit plan. See Note 7 for additional details.

7.  Pension Plans and Other Postretirement Benefits

The following table sets forth information regarding the components of net periodic (benefit) cost for our defined benefit pension plans and other postretirement benefit plan for the periods indicated.

		Pension Benefits							Other Postretirement Benefits
	For the Three Months Ended March 31,							For the Three Months Ended March 31,
(In Thousands)		2015			2014				2015		2014
Service cost		$	—		$	—			$	469	$	219
Interest cost		2,510			2,633				276		222
Expected return on plan assets		(3,633		)	(3,713		)		—		—
Recognized net actuarial loss (gain)		757			359				—		(151		)
Amortization of prior service cost		47			47				—		—
Net periodic (benefit) cost		$	(319	)	$	(674	)		$	745	$	290

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8.  Stock Incentive Plans

During the three months ended March 31, 2015, 26,232 shares of restricted common stock were granted to directors under the Astoria Financial Corporation 2007 Non-Employee Directors Stock Plan, as amended, of which 21,860 remain outstanding at March 31, 2015 and vest 100% in February 2018, although awards immediately vest upon death, disability, mandatory retirement, involuntary termination or a change in control, as such terms are defined in the plan.

No stock-based compensation awards were made to our officers or employees during the three months ended March 31, 2015. On April 27, 2015, 400,320 shares of restricted common stock were granted to select officers under the 2014 Amended and Restated Stock Incentive Plan for Officers and Employees of Astoria Financial Corporation, or the 2014 Employee Stock Plan, with a grant date fair value of $13.07 per share, substantially all of which vest one-third per year on or about December 14, beginning December 2015.  In the event the grantee terminates his/her employment due to death or disability, or in the event we experience a change in control, as defined and specified in the 2014 Employee Stock Plan, all restricted common stock granted pursuant to such plan immediately vests.  Also, on April 27, 2015, 409,800 performance-based restricted stock units were granted to select officers under the 2014 Employee Stock Plan with a grant date fair value of $12.64 per unit.  Each restricted stock unit granted represents a right, under the 2014 Employee Stock Plan, to receive one share of our common stock in the future, subject to meeting certain criteria.  The restricted stock units have specified performance objectives within a specified performance measurement period and no voting or dividend rights prior to vesting and delivery of shares.  The performance measurement period for these restricted stock units is the fiscal year ending December 31, 2017 and the vest date is February 1, 2018.  Shares will be issued on the vest date at a specified percentage of units granted, ranging from 0% to 125%, based on actual performance during the performance measurement period.  However, in the event of a change in control prior to the end of the performance measurement period, the restricted stock units will vest on the change in control date and shares will be issued at 100% of units granted.  Absent a change in control, if a grantee’s employment terminates prior to the end of the performance measurement period all restricted stock units will be forfeited.  In the event a grantee’s employment terminates during the period on or after the end of the performance measurement period through the vest date due to death, disability, retirement or a change in control, the grantee will remain entitled to the shares otherwise earned. 

The following table summarizes restricted common stock and performance-based restricted stock unit activity in our stock incentive plans for the three months ended March 31, 2015.

	Restricted Common Stock							Restricted Stock Units
	Number of Shares			Weighted Average Grant Date Fair Value				Number of Units			Weighted Average Grant Date Fair Value
Unvested at January 1, 2015		752,701			$	11.90			776,500			$	10.66
Granted		26,232			12.58				—			—
Vested		(4,000	)		(8.95		)		—			—
Forfeited		(41,404	)		(11.54		)		(32,300	)		(10.89		)
Unvested at March 31, 2015		733,529			11.96				744,200			10.65

Stock-based compensation expense is recognized on a straight-line basis over the vesting period and totaled $995,000, net of taxes of $614,000, for the three months ended March 31, 2015 and $1.3 million, net of taxes of $712,000, for the three months ended March 31, 2014.  At March 31, 2015, exclusive of the compensation cost related to the April 27, 2015 grant, pre-tax compensation cost related to all nonvested awards of restricted common stock and restricted stock units not yet recognized totaled $9.0 million and will be recognized over a weighted average period of approximately 1.6 years, which excludes $1.7 million of pre-tax compensation

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cost related to 65,000 shares of performance-based restricted common stock and 95,025 performance-based restricted stock units, for which compensation cost will begin to be recognized when the achievement of the performance conditions becomes probable.

9. Investments in Affordable Housing Limited Partnerships

Effective January 1, 2015, we adopted the guidance in ASU 2014-01, “Investments - Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Qualified Affordable Housing Projects,” which applies to all reporting entities that invest in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. The amendments in this update modify the conditions that a reporting entity must meet to be eligible to use a method other than the equity or cost methods to account for qualified affordable housing project investments. If the modified conditions are met, the amendments permit an entity to use the proportional amortization method to amortize the initial cost of the investment in proportion to the amount of tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of income tax expense (benefit). We have not elected to use the proportional amortization method for our investments in qualified affordable housing projects. Therefore, our adoption of this guidance did not have an impact on our financial condition or results of operations. Additionally, the amendments introduce new recurring disclosures about all investments in qualified affordable housing projects which are presented below.

As part of our community reinvestment initiatives, we invest in affordable housing limited partnerships that make equity investments in multi-family affordable housing properties. We receive affordable housing tax credits and other tax benefits for these investments.

Our investment in affordable housing limited partnerships, reflected in other assets in the consolidated statements of financial condition, totaled $18.0 million at March 31, 2015 and $18.3 million at December 31, 2014. Our obligation related to such investments, reflected in other liabilities in the consolidated statements of financial condition, totaled $14.1 million at March 31, 2015 and $15.0 million at December 31, 2014. Installments are due on an "as needed" basis, currently projected over the next four years, the timing of which cannot be estimated.

Expense related to our investments in affordable housing limited partnerships, included in other non-interest expense in the consolidated statements of income, totaled $257,000 for the three months ended March 31, 2015 and $376,000 for the three months ended March 31, 2014. Affordable housing tax credits and other tax benefits recognized as a component of income tax expense in the consolidated statements of income totaled $358,000 for the three months ended March 31, 2015 and $551,000 for the three months ended March 31, 2014.

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10.Regulatory Matters

Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, or the Reform Act, in July 2013, the federal bank regulatory agencies, or the Agencies, issued final rules, or the Final Capital Rules, that subjected many savings and loan holding companies, including Astoria Financial Corporation, to consolidated capital requirements effective January 1, 2015. The Final Capital Rules also revised the quantity and quality of required minimum risk-based and leverage capital requirements, consistent with the Reform Act and the Third Basel Accord adopted by the Basel Committee on Banking Supervision, or Basel III capital standards.  In doing so, the Final Capital Rules:

• Established a new minimum Common equity tier 1 risk-based capital ratio (common equity tier 1 capital to total risk-weighted assets) of 4.5% and increased the minimum Tier 1 risk-based capital ratio from 4.0% to 6.0%, while maintaining the minimum Total risk-based capital ratio of 8.0% and the minimum Tier 1 leverage capital ratio of 4.0%.

• Revised the rules for calculating risk-weighted assets to enhance their risk sensitivity.

• Phased out trust preferred securities and cumulative perpetual preferred stock as Tier 1 capital.

•  Added a requirement to maintain a minimum Conservation Buffer, composed of Common equity tier 1 capital, of 2.5% of risk-weighted assets, to be applied to the new Common equity tier 1 risk-based capital ratio, the Tier 1 risk-based capital ratio and the Total risk-based capital ratio, which means that banking organizations, on a fully phased in basis no later than January 1, 2019, must maintain a minimum Common equity tier 1 risk-based capital ratio of 7.0%, a minimum Tier 1 risk-based capital ratio of 8.5% and a minimum Total risk-based capital ratio of 10.5%.

• Changed the definitions of capital categories for insured depository institutions for purposes of the Federal Deposit Insurance Corporation Improvement Act of 1991 prompt corrective action provisions.  Under these revised definitions, to be considered well-capitalized, an insured depository institution must have a Tier 1 leverage capital ratio of at least 5.0%, a Common equity tier 1 risk-based capital ratio of at least 6.5%, a Tier 1 risk-based capital ratio of at least 8.0% and a Total risk-based capital ratio of at least 10.0%.

The new minimum regulatory capital ratios and changes to the calculation of risk-weighted assets became effective for Astoria Financial Corporation and Astoria Bank on January 1, 2015.  The required minimum Conservation Buffer will be phased in incrementally, starting at 0.625% on January 1, 2016 and increasing to 1.25% on January 1, 2017, 1.875% on January 1, 2018 and 2.5% on January 1, 2019. The rules impose restrictions on capital distributions and certain discretionary cash bonus payments if the minimum Conservation Buffer is not met.

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At March 31, 2015, the capital levels of both Astoria Financial Corporation and Astoria Bank exceeded all regulatory capital requirements and their regulatory capital ratios were above the minimum levels required to be considered well capitalized for regulatory purposes. The following table sets forth information regarding the regulatory capital requirements applicable to Astoria Financial Corporation and Astoria Bank at March 31, 2015.

	Actual				Minimum Capital Requirements				To be Well Capitalized Under Prompt Corrective Action Provisions
(Dollars in Thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio
Astoria Financial Corporation:
Tier 1 leverage	$	1,471,058	9.56	%	$	615,813	4.00	%	$	769,767	5.00	%
Common equity tier 1 risk-based	1,347,582		14.85		408,225		4.50		589,658		6.50
Tier 1 risk-based	1,471,058		16.22		544,299		6.00		725,733		8.00
Total risk-based	1,582,466		17.44		725,733		8.00		907,166		10.00
Astoria Bank:
Tier 1 leverage	$	1,629,273	10.63	%	$	613,074	4.00	%	$	766,343	5.00	%
Common equity tier 1 risk-based	1,629,273		18.00		407,380		4.50		588,438		6.50
Tier 1 risk-based	1,629,273		18.00		543,173		6.00		724,231		8.00
Total risk-based	1,740,681		19.23		724,231		8.00		905,289		10.00

11.  Fair Value Measurements

We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures.  We group our assets and liabilities at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value.  These levels are:

• Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets.

• Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market.

• Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability.

We base our fair values on the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, with additional considerations when the volume and level of activity for an asset or liability have significantly decreased and on identifying circumstances that indicate a transaction is not orderly.  We maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

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Recurring Fair Value Measurements

Our securities available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income/loss in stockholders’ equity.  Additionally, in connection with our mortgage banking activities we have commitments to fund loans held-for-sale and commitments to sell loans, which are considered free-standing derivative financial instruments, the fair values of which are not material to our financial condition or results of operations.

The following tables set forth the carrying values of our assets measured at estimated fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated.

	Carrying Value at March 31, 2015
(In Thousands)	Total		Level 1		Level 2
Securities available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	298,435	$	—	$	298,435
Non-GSE issuance REMICs and CMOs	4,551		—		4,551
GSE pass-through certificates	12,826		—		12,826
Obligations of GSEs	97,589		—		97,589
Fannie Mae stock	2		2		—
Total securities available-for-sale	$	413,403	$	2	$	413,401
	Carrying Value at December 31, 2014
(In Thousands)	Total		Level 1		Level 2
Securities available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	268,998	$	—	$	268,998
Non-GSE issuance REMICs and CMOs	5,104		—		5,104
GSE pass-through certificates	13,557		—		13,557
Obligations of GSEs	96,698		—		96,698
Fannie Mae stock	2		2		—
Total securities available-for-sale	$	384,359	$	2	$	384,357

The following is a description of valuation methodologies used for assets measured at fair value on a recurring basis.

Residential mortgage-backed securities

Residential mortgage-backed securities comprised 76% of our securities available-for-sale portfolio at March 31, 2015 and 75% at December 31, 2014.  The fair values for these securities are obtained from an independent nationally recognized pricing service.  Our pricing service uses various modeling techniques to determine pricing for our mortgage-backed securities, including option pricing and discounted cash flow models.  The inputs to these models include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, reference data, monthly payment information and collateral performance.  GSE securities, for which an active market exists for similar securities making observable inputs readily available, comprised 99% of our available-for-sale residential mortgage-backed securities portfolio at March 31, 2015 and 98%December 31, 2014.

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We review changes in the pricing service fair values from month to month taking into consideration changes in market conditions including changes in mortgage spreads, changes in treasury yields and changes in pricing on 15 and 30 year pass-through mortgage-backed securities.  Significant month over month price changes are analyzed further using discounted cash flow models and, on occasion, third party quotes.  Based upon our review of the prices provided by our pricing service, the estimated fair values incorporate observable market inputs commonly used by buyers and sellers of these types of securities at the measurement date in orderly transactions between market participants, and, as such, are classified as Level 2.

Obligations of GSEs

Obligations of GSEs comprised 24% of our securities available-for-sale portfolio at March 31, 2015 and 25% at December 31, 2014 and consisted of debt securities issued by GSEs.  The fair values for these securities are obtained from an independent nationally recognized pricing service.  Our pricing service gathers information from market sources and integrates relative credit information, observed market movements and sector news into their pricing applications and models.  Spread scales, representing credit risk, are created and are based on the new issue market, secondary trading and dealer quotes.  Option adjusted spread, or OAS, models are incorporated to adjust spreads of issues that have early redemption features.  Based upon our review of the prices provided by our pricing service, the estimated fair values incorporate observable market inputs commonly used by buyers and sellers of these types of securities at the measurement date in orderly transactions between market participants, and, as such, are classified as Level 2.

Fannie Mae stock

The fair value of the Fannie Mae stock in our available-for-sale securities portfolio is obtained from quoted market prices for identical instruments in active markets and, as such, is classified as Level 1.

Non-Recurring Fair Value Measurements

From time to time, we may be required to record at fair value assets or liabilities on a non-recurring basis, such as mortgage servicing rights, or MSR, loans receivable, certain loans held-for-sale and real estate owned, or REO.  These non-recurring fair value adjustments involve the application of lower of cost or market accounting or impairment write-downs of individual assets.

The following table sets forth the carrying values of those of our assets which were measured at fair value on a non-recurring basis at the dates indicated.  The fair value measurements for all of these assets fall within Level 3 of the fair value hierarchy.

		Carrying Value
(In Thousands)	At March 31, 2015			At December 31, 2014
Non-performing loans held-for-sale, net		$	551		$	153
Impaired loans		139,302			140,663
MSR, net		10,585			11,401
REO, net		17,295			19,375
Total		$	167,733		$	171,592

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The following table provides information regarding the losses recognized on our assets measured at fair value on a non-recurring basis for the periods indicated.

	For the Three Months Ended March 31,
(In Thousands)		2015		2014
Non-performing loans held-for-sale, net (1)		$	188	$	533
Impaired loans (2)		1,964		6,419
MSR, net (3)		513		13
REO, net (4)		304		898
Total		$	2,969	$	7,863

(1) Losses are charged against the allowance for loan losses in the case of a write-down upon the transfer of a loan to held-for-sale. Losses subsequent to the transfer of a loan to held-for-sale are charged to other non-interest income.

(2) Losses are charged against the allowance for loan losses.

(3) Losses are charged to mortgage banking income, net.

(4) Losses are charged against the allowance for loan losses in the case of a write-down upon the transfer of a loan to REO. Losses subsequent to the transfer of a loan to REO are charged to REO expense which is a component of other non-interest expense.

The following is a description of valuation methodologies used for assets measured at fair value on a non-recurring basis.

Loans held-for-sale, net (non-performing loans held-for-sale)

Included in loans held-for-sale, net, are non-performing loans held-for-sale for which fair values are estimated through either preliminary bids from potential purchasers of the loans or the estimated fair value of the underlying collateral discounted for factors necessary to solicit acceptable bids, and adjusted as necessary based on management’s experience with sales of similar types of loans and, as such, are classified as Level 3. At March 31, 2015, non-performing loans held-for-sale were comprised of 60% multi-family mortgage loans and 40% residential mortgage loans. At December 31, 2014, we held-for-sale one non-performing multi-family mortgage loan.

Loans receivable, net (impaired loans)

Loans which meet certain criteria are evaluated individually for impairment.  A loan is considered impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement.  Impaired loans were comprised of 75% residential mortgage loans, 22% multi-family and commercial real estate mortgage loans and 3% home equity lines of credit at March 31, 2015 and 73% residential mortgage loans, 25% multi-family and commercial real estate mortgage loans and 2% home equity lines of credit at December 31, 2014.  Impaired loans for which a fair value adjustment was recognized were comprised of 73% residential mortgage loans, 26% multi-family and commercial real estate mortgage loans and 1% home equity lines of credit at March 31, 2015 and 69% residential mortgage loans, 30% multi-family and commercial real estate mortgage loans and 1% home equity lines of credit at December 31, 2014.  Our impaired loans are generally collateral dependent and, as such, are generally carried at the estimated fair value of the underlying collateral less estimated selling costs.

We obtain updated estimates of collateral values on residential mortgage loans at 180 days past due and earlier in certain instances, including for loans to borrowers who have filed for bankruptcy, and, to the extent the loans remain delinquent, annually thereafter.  Updated estimates of collateral value on residential loans are obtained primarily through automated valuation models. Additionally, our loan servicer performs property inspections to monitor and manage the collateral on our residential loans when they become 45 days past due and monthly thereafter until the foreclosure process is complete.  We obtain updated estimates of collateral

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value using third party appraisals on non-performing multi-family and commercial real estate mortgage loans when the loans initially become non-performing and annually thereafter and multi-family and commercial real estate loans modified in a TDR at the time of the modification and annually thereafter.  Appraisals on multi-family and commercial real estate loans are reviewed by our internal certified appraisers. We analyze  our home equity lines of credit when such loans become 90 days past due and consider our lien position, the estimated fair value of the underlying collateral value and the results of recent property inspections in determining the need for an individual valuation allowance. Adjustments to final appraised values obtained from independent third party appraisers and automated valuation models are not made.  The fair values of impaired loans cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the loan and, as such, are classified as Level 3.

MSR, net

The right to service loans for others is generally obtained through the sale of residential mortgage loans with servicing retained.  MSR are carried at the lower of cost or estimated fair value.  The estimated fair value of MSR is obtained through independent third party valuations through an analysis of future cash flows, incorporating estimates of assumptions market participants would use in determining fair value including market discount rates, prepayment speeds, servicing income, servicing costs, default rates and other market driven data, including the market’s perception of future interest rate movements and, as such, are classified as Level 3.  At March 31, 2015, our MSR were valued based on expected future cash flows considering a weighted average discount rate of 9.47%, a weighted average constant prepayment rate on mortgages of 13.35% and a weighted average life of 5.4 years.  At December 31, 2014, our MSR were valued based on expected future cash flows considering a weighted average discount rate of 9.48%, a weighted average constant prepayment rate on mortgages of 12.35% and a weighted average life of 5.7 years.  Management reviews the assumptions used to estimate the fair value of MSR to ensure they reflect current and anticipated market conditions.

REO, net

REO represents real estate acquired through foreclosure or by deed in lieu of foreclosure. At March 31, 2015, REO totaled $30.2 million, including residential properties with a carrying value of $28.1 million. At December 31, 2014, REO totaled $35.7 million, including residential properties with a carrying value of $33.7 million. REO is generally initially recorded at estimated fair value less estimated selling costs.  Thereafter, we maintain a valuation allowance representing decreases in the properties' estimated fair value. The fair value of REO is estimated through current appraisals, in conjunction with a drive-by inspection and comparison of the REO property with similar properties in the area by either a licensed appraiser or real estate broker.  As these properties are actively marketed, estimated fair values are periodically adjusted by management to reflect current market conditions and, as such, are classified as Level 3.

Fair Value of Financial Instruments

Quoted market prices available in formal trading marketplaces are typically the best evidence of the fair value of financial instruments.  In many cases, financial instruments we hold are not bought or sold in formal trading marketplaces.  Accordingly, fair values are derived or estimated based on a variety of valuation techniques in the absence of quoted market prices.  Fair value estimates are made at a specific point in time, based on relevant market information about the financial instrument.  These estimates do not reflect any possible tax ramifications, estimated transaction costs, or any premium or discount that could result from offering for sale at one time our entire holdings of a particular financial instrument.  Because no market exists for a certain portion of our financial instruments, fair value estimates are based on judgments regarding future loss experience, current economic conditions, risk characteristics and other such factors.  These estimates are subjective in nature, involve uncertainties and, therefore, cannot be determined with precision.  Changes

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in assumptions could significantly affect the estimates.  For these reasons and others, the estimated fair value disclosures presented herein do not represent our entire underlying value.  As such, readers are cautioned in using this information for purposes of evaluating our financial condition and/or value either alone or in comparison with any other company.

The following tables set forth the carrying values and estimated fair values of our financial instruments which are carried in the consolidated statements of financial condition at either cost or at lower of cost or fair value in accordance with GAAP, and are not measured or recorded at fair value on a recurring basis, and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated.

	At March 31, 2015
	Carrying Value		Estimated Fair Value
(In Thousands)			Total		Level 2		Level 3
Financial Assets:
Securities held-to-maturity	$	2,119,542	$	2,137,907	$	2,137,907	$	—
FHLB-NY stock	141,622		141,622		141,622		—
Loans held-for-sale, net (1)	8,066		8,385		—		8,385
Loans receivable, net (1)	11,711,367		11,862,011		—		11,862,011
MSR, net (1)	10,585		10,589		—		10,589
Financial Liabilities:
Deposits	9,407,029		9,439,513		9,439,513		—
Borrowings, net	4,113,824		4,337,180		4,337,180		—

	At December 31, 2014
	Carrying Value		Estimated Fair Value
(In Thousands)			Total		Level 2		Level 3
Financial Assets:
Securities held-to-maturity	$	2,133,804	$	2,131,371	$	2,131,371	$	—
FHLB-NY stock	140,754		140,754		140,754		—
Loans held-for-sale, net (1)	7,640		7,955		—		7,955
Loans receivable, net (1)	11,845,848		11,967,608		—		11,967,608
MSR, net (1)	11,401		11,406		—		11,406
Financial Liabilities:
Deposits	9,504,909		9,534,918		9,534,918		—
Borrowings, net	4,187,691		4,395,604		4,395,604		—

_______________________________________________________

(1) Includes assets measured at fair value on a non-recurring basis.

The following is a description of the methods and assumptions used to estimate fair values of our financial instruments which are not measured or recorded at fair value on a recurring or non-recurring basis.

Securities held-to-maturity

The fair values for substantially all of our securities held-to-maturity are obtained from an independent nationally recognized pricing service using similar methods and assumptions as used for our securities available-for-sale which are measured at fair value on a recurring basis.

Federal Home Loan Bank of New York, or FHLB-NY, stock

The fair value of FHLB-NY stock is based on redemption at par value.

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Loans held-for-sale, net

Included in loans held-for-sale, net, are 15 and 30 year fixed rate residential mortgage loans originated for sale that conform to GSE guidelines (conforming loans) for which fair values are estimated using an option-based pricing methodology designed to take into account interest rate volatility, which has a significant effect on the value of the options and structural features embedded in loans.  This methodology involves generating simulated interest rates, calculating the OAS of a mortgage-backed security whose price is known, which serves as a benchmark price, and using the benchmark OAS to estimate the pricing for similar mortgage instruments whose prices are not known.

Loans receivable, net

Fair values of loans are estimated using an option-based pricing methodology designed to take into account interest rate volatility, which has a significant effect on the value of the options and structural features embedded in loans.  This pricing methodology involves generating simulated interest rates, calculating the OAS of a mortgage-backed security whose price is known, which serves as a benchmark price, and using the benchmark OAS to estimate the pricing for similar mortgage instruments whose prices are not known.

This technique of estimating fair value is extremely sensitive to the assumptions and estimates used.  While we have attempted to use assumptions and estimates which are the most reflective of the loan portfolio and the current market, a greater degree of subjectivity is inherent in determining these fair values than for fair values obtained from formal trading marketplaces.  In addition, our valuation method for loans, which is consistent with accounting guidance, does not fully incorporate an exit price approach to fair value.

Deposits

The fair values of deposits with no stated maturity, such as savings, money market and NOW and demand deposit accounts, are equal to the amount payable on demand.  The fair values of certificates of deposit are based on discounted contractual cash flows using the weighted average remaining life of the portfolio discounted by the corresponding LIBOR Swap Curve.

Borrowings, net

The fair values of borrowings are based upon third party dealers’ estimated market values which are reviewed by management quarterly using an OAS model. An industry standard OAS model is used to to estimate the fair value borrowings for which broker quotes are unavailable.

Outstanding commitments

Outstanding commitments include commitments to extend credit and unadvanced lines of credit for which fair values were estimated based on an analysis of the interest rates and fees currently charged to enter into similar transactions.  The fair values of these commitments are immaterial to our financial condition.

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12.  Litigation

In the ordinary course of our business, we are routinely made a defendant in or a party to pending or threatened legal actions or proceedings which, in some cases, seek substantial monetary damages from or other forms of relief against us.  In our opinion, after consultation with legal counsel, we believe it unlikely that such actions or proceedings will have a material adverse effect on our financial condition, results of operations or liquidity.

City of New York Notice of Determination

By “Notice of Determination” dated September 14, 2010 and August 26, 2011, or the 2010 and 2011 Notices, the City of New York notified us of alleged tax deficiencies in the amount of $13.3 million, including interest and penalties, related to our 2006 through 2008 tax years.  The deficiencies related to our operation of Fidata Service Corp., or Fidata, and Astoria Federal Mortgage Corp., or AF Mortgage, subsidiaries of Astoria Bank. We disagree with the assertion of the tax deficiencies.  Hearings in this matter were held before the New York City Tax Appeals Tribunal, or the NYC Tax Appeals Tribunal, in March and April 2013.  On October 29, 2014, the NYC Tax Appeals Tribunal issued a decision favorable to us canceling the 2010 and 2011 Notices. The City of New York appealed the decision of the NYC Tax Appeals Tribunal. The parties are in the process of preparing and submitting briefs to the NYC Tax Appeals Tribunal and a hearing date for the appeal will be set after all briefs have been submitted. At this time, management believes it is more likely than not that we will succeed in defending against the City of New York’s appeal. Accordingly, no liability or reserve has been recognized in our consolidated statement of financial condition at March 31, 2015 with respect to this matter.

By “Notice of Determination” dated November 19, 2014, or the 2014 Notice, the City of New York notified us of an alleged tax deficiency in the amount of $6.1 million, including interest and penalties, related to our 2009 and 2010 tax years. This deficiency related to our operation of Fidata and AF Mortgage and the basis of the 2014 Notice is substantially the same as that of the 2010 and 2011 Notices. We disagree with the assertion of the tax deficiency and we filed a Petition for Hearing with the City of New York on February 13, 2015 to oppose the 2014 Notice. At this time, management believes it is more likely than not that we will succeed in refuting the City of New York’s position asserted in the 2014 Notice. Accordingly, no liability or reserve has been recognized in our consolidated statement of financial condition at March 31, 2015 with respect to this matter.

No assurance can be given as to whether or to what extent we will be required to pay the amount of the tax deficiencies asserted by the City of New York, whether additional tax will be assessed for years subsequent to 2010, that these matters will not be costly to oppose, that these matters will not have an impact on our financial condition or results of operations or that, ultimately, any such impact will not be material. 

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13.  Impact of Accounting Standards and Interpretations

In June 2014, the Financial Accounting Standards Board, or FASB, issued ASU 2014-12, “Compensation — Stock Compensation (Topic 718) — Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period,” which applies to all entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period.  The amendments in this update require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition.  As such, the performance target should not be reflected in estimating the grant date fair value of the award.  The amendments in ASU 2014-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 and may be applied either prospectively to all awards granted or modified after the effective date, or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter.  Early adoption is permitted. The terms of our share-based payment awards currently do not provide that a performance target that affects vesting could be achieved after the requisite service period. Therefore, this guidance is not expected to have an impact on our financial condition or results of operations.

In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. Therefore this guidance will not have an impact on our financial condition or results of operations. The amendments in ASU 2015-03 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, and must be adopted on a retrospective basis. Early adoption is permitted for financial statements that have not been previously issued. At March 31, 2015 and December 31, 2014, our debt issuance costs are presented as a direct reduction from the carrying amount of that debt liability in the consolidated statements of financial condition.

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ITEM 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Quarterly Report on Form 10-Q contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act.  These statements may be identified by the use of the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar terms and phrases, including references to assumptions.

Forward-looking statements are based on various assumptions and analyses made by us in light of our management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances.  These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond our control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.  These factors include, without limitation, the following:

• the timing and occurrence or non-occurrence of events that may be subject to circumstances beyond our control;

• increases in competitive pressure among financial institutions or from non-financial institutions;

• changes in the interest rate environment;

• changes in deposit flows, loan demand or real estate values;

• changes in accounting principles, policies or guidelines;

• changes in general economic conditions, either nationally or locally in some or all areas in which we do business, or conditions in the real estate or securities markets or the banking industry;

• legislative or regulatory changes, including the implementation of the Reform Act and any actions regarding foreclosures;

• enhanced supervision and examination by the Office of the Comptroller of the Currency, or OCC, the Board of Governors of the Federal Reserve System, or the FRB, and the Consumer Financial Protection Bureau;

• effects of changes in existing U.S. government or government-sponsored mortgage programs;

• our ability to successfully implement technological changes;

• our ability to successfully consummate new business initiatives;

• litigation or other matters before regulatory agencies, whether currently existing or commencing in the future; or

• our ability to implement enhanced risk management policies, procedures and controls commensurate with shifts in our business strategies.

We have no obligation to update any forward-looking statements to reflect events or circumstances after the date of this document.

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Executive Summary

The following overview should be read in conjunction with our MD&A in its entirety.

Astoria Financial Corporation is a Delaware corporation organized as the unitary savings and loan holding company of Astoria Bank.  As the premier Long Island community bank, Astoria Bank offers a wide range of financial services and solutions designed to meet customers’ personal, family and business banking needs.  Our goals are to enhance shareholder value while continuing to strengthen and expand our position as a more fully diversified, full service community bank.   We focus on growing our core businesses of mortgage portfolio lending and deposit gathering while maintaining strong asset quality and controlling operating expenses.  We continue to implement our strategies to diversify earning assets and to increase low cost savings, money market and NOW and demand deposit (checking) accounts, or core deposits.  These strategies include a greater level of participation in the local multi-family and commercial real estate mortgage lending markets and expanding our array of business banking products and services, focusing on small and middle market businesses with an emphasis on attracting clients from larger competitors.  Our physical presence consists presently of our branch network of 87 locations plus our dedicated business banking office in midtown Manhattan. We continue to explore opportunities to selectively expand into other prime locations in Manhattan and on Long Island from which to better serve and build our business banking relationships.

We are impacted by both national and regional economic factors, with residential mortgage loans from various regions of the country held in our portfolio and our multi-family and commercial real estate mortgage loan portfolio concentrated in the New York metropolitan area, which includes New York, New Jersey and Connecticut. Although the U.S. economy has shown signs of modest improvement, the operating environment continues to remain challenging. Interest rates have been at or near historical lows and we expect them to remain low for the near term. Long-term interest rates declined during 2014 and into the 2015 first quarter, with the ten-year U.S. Treasury rate decreasing from 2.17% at the end of December 2014 to 1.92% at the end of March 2015. The national unemployment rate remained essentially unchanged at 5.5% for March 2015 compared to December 2014, and new job growth in 2015 has continued its slow pace. We believe market conditions generally remain favorable in the New York metropolitan area with respect to our multi-family mortgage loan origination activities, though some competitor institutions in this market have offered rates and/or product terms at levels which we have chosen not to offer and which we believe do not fit our current risk tolerance.

Net income available to common shareholders for the three months ended March 31, 2015 decreased compared to the three months ended March 31, 2014. This decrease was primarily attributable to an increase in income tax expense largely due to an $11.5 million net tax benefit recognized in the 2014 first quarter reflecting the impact of the 2014 NY State legislation enacted on March 31, 2014. A decline in pre-tax income for the three months ended March 31, 2015, compared to the three months ended March 31, 2014, reflected decreases in net interest income and non-interest income which were partially offset by a provision for loan losses credited to operations in the 2015 first quarter compared to a provision for loan losses charged to operations in the 2014 first quarter.

Net interest income, the net interest rate spread and the net interest margin decreased for the three months ended March 31, 2015, compared to the three months ended March 31, 2014. The decrease in net interest income reflected a decline in interest income which was partially offset by a decline in interest expense. With the decline in long-term interest rates in 2014 which continued into the 2015 first quarter, in an already low interest rate environment, coupled with the changing mix and levels of our interest-earning assets and interest-bearing liabilities, the average yield on our interest-earning assets declined more rapidly than the decline in the average cost of our interest-bearing liabilities for the three months ended March 31, 2015

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compared to the three months ended March 31, 2014. The decrease in interest income for the 2015 first quarter, compared to the 2014 first quarter, reflected a significant decline in the average balance of our residential mortgage loan portfolio as well as a decline in the average yield on mortgage loans, partially offset by increases in the average balances of multi-family and commercial real estate mortgage loans and mortgage-backed and other securities. The decrease in interest expense for the 2015 first quarter compared to the same period a year ago was primarily due to a decline in the average balance of our certificates of deposit, coupled with a decrease in the average cost of borrowings reflecting in part the restructuring of borrowings primarily in the 2014 fourth quarter.

The provision for loan losses credited to operations for the 2015first quarter totaled $343,000, compared to a provision for loan losses charged to operations of $1.6 million for the 2014first quarter. The allowance for loan losses totaled $110.5 million at March 31, 2015, compared to $111.6 million at December 31, 2014. The reduction in the allowance for loan losses at March 31, 2015 compared to December 31, 2014, and the provision credited to operations for the three months ended March 31, 2015, reflects the results of our quarterly reviews of the adequacy of the allowance for loan losses. We continue to maintain our allowance for loan losses at a level which we believe is appropriate given the levels of delinquent and non-performing loans and continued improvement in our loan loss experience, as well as the improved asset quality in our loan portfolio as a result of reductions in the balances of certain loan classes we believe bear higher risk, the high quality of our loan originations and the contraction of the overall loan portfolio.

Non-interest income decreased for the three months ended March 31, 2015 compared to the three months ended March 31, 2014, primarily due to lower customer service fees and mortgage banking income, net, partially offset by increases in other non-interest income and income from bank owned life insurance. Non-interest expense was essentially unchanged for the 2015 first quarter compared to the 2014 first quarter as decreases in federal deposit insurance premium expense and other non-interest expense, primarily foreclosure and REO related expenses, were substantially offset by increases in compensation and benefits expense, occupancy, equipment and systems expense and advertising expense.

Total assets declined during the three months ended March 31, 2015 reflecting a decrease in residential mortgage loans, partially offset by growth in our multi-family and commercial real estate mortgage loan portfolio which represented 41% of our total loan portfolio at March 31, 2015. During the 2015 first quarter, as interest rates moved lower, our multi-family and commercial real estate mortgage loan portfolio grew at a slower pace than had previously been experienced as we maintained our disciplined approach to lending. Our residential mortgage loan portfolio continued to decline in the 2015 first quarter, reflecting an excess of mortgage loan repayments over originations and purchases. We remain focused on the strategic shift in our balance sheet.

While total deposits declined during the three months ended March 31, 2015 as a result of a decline in certificates of deposit, core deposits, particularly checking accounts, increased during the 2015 first quarter. At March 31, 2015, core deposits represented 74% of total deposits, up from 72% at December 31, 2014. Total deposits included $946.7 million of business deposits at March 31, 2015, up $16.3 million from December 31, 2014, substantially all of which were core deposits. We expect that the continued growth of our business banking operations should allow us to continue to grow our low cost core deposits.

In addition to the challenging economic environment in which we compete, the regulation and oversight of our business has changed significantly in recent years. The Final Capital Rules approved by the Agencies in 2013 subjected many savings and loan holding companies, including Astoria Financial Corporation, to consolidated capital requirements effective January 1, 2015. The Final Capital Rules also revised the quantity and quality of required minimum risk-based and leverage capital requirements, revised the calculation of

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risk-weighted assets to enhance their risk sensitivity and added a requirement to maintain a minimum Conservation Buffer. The new minimum regulatory capital ratios and changes to the calculation of risk-weighted assets became effective for Astoria Financial Corporation and Astoria Bank on January 1, 2015. The required minimum Conservation Buffer will be phased in incrementally starting on January 1, 2016. At March 31, 2015, the capital levels of both Astoria Financial Corporation and Astoria Bank exceeded all regulatory capital requirements and their regulatory capital ratios were above the minimum levels required to be considered well capitalized for regulatory purposes.

We look forward to continuing to strengthen and expand our position as a more fully diversified, full service community bank. Despite the current low interest rate environment, we continued to see positive results from the strategic shift in our balance sheet in the 2015 first quarter, such as the increase in both consumer and business core deposits and continued growth in our multi-family and commercial real estate mortgage loan portfolio, even as we maintained our disciplined approach in this challenging lending environment. As we maintain our disciplined approach to lending in this low interest rate, low spread environment, we expect to see a reduced pace of growth in our multi-family and commercial real estate mortgage loan portfolio.

Available Information

Our internet website address is www.astoriabank.com.  Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports can be obtained free of charge from our investor relations website at http://ir.astoriabank.com.  The above reports are available on our website as soon as reasonably practicable after we file such material with, or furnish such material to, the SEC.  Such reports are also available on the SEC’s website at www.sec.gov/edgar/searchedgar/webusers.htm.

Critical Accounting Policies

Note 1 of Notes to Consolidated Financial Statements in Part II, Item 8, “Financial Statements and Supplementary Data,” of our 2014 Annual Report on Form 10-K, as supplemented by this report, contains a summary of our significant accounting policies.  Various elements of our accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions and other subjective assessments.  Our policies with respect to the methodologies used to determine the allowance for loan losses, the valuation of MSR, judgments regarding goodwill and securities impairment and the estimates related to income taxes and our pension plans and other postretirement benefits are our most critical accounting policies because they are important to the presentation of our financial condition and results of operations, involve a higher degree of complexity and require management to make difficult and subjective judgments which often require assumptions and estimates about highly uncertain matters.  Actual results may differ from our assumptions, estimates and judgments.  The use of different assumptions, estimates and judgments could result in material differences in our results of operations or financial condition.  These critical accounting policies are reviewed quarterly with the Audit Committee of our Board of Directors.  The following description of these policies should be read in conjunction with the corresponding section of our 2014 Annual Report on Form 10-K.

Allowance for Loan Losses

We establish and maintain an allowance for loan losses based on our evaluation of the probable inherent losses in our loan portfolio.  Loan charge-offs in the period the loans, or portions thereof, are deemed uncollectible reduce the allowance for loan losses.  Recoveries of amounts previously charged-off increase the allowance for loan losses in the period they are received. The allowance is adjusted to an appropriate

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level through provisions for loan losses charged or credited to operations to increase or decrease the allowance based on a comprehensive analysis of our loan portfolio.  We evaluate the adequacy of the allowance on a quarterly basis.  The allowance is comprised of both valuation allowances related to individual loans and general valuation allowances, although the total allowance for loan losses is available for losses applicable to the entire loan portfolio.  In estimating specific allocations of the allowance, we review loans deemed to be impaired and measure impairment losses based on either the fair value of the collateral, the observable market price of the loan or the present value of expected future cash flows.  A loan is considered impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include the financial condition of the borrower, payment history, delinquency status, collateral value, our lien position and the probability of collecting principal and interest payments when due. When an impairment analysis indicates the need for a specific allocation of the allowance on an individual loan, such allocation would be established sufficient to cover probable incurred losses at the evaluation date based on the facts and circumstances of the loan.  When available information confirms that specific loans, or portions thereof, are uncollectible, these amounts are charged-off against the allowance for loan losses. For loans individually classified as impaired, the portion of the recorded investment in excess of either the estimated fair value of the underlying collateral less estimated selling costs, for collateral dependent loans, the observable market price of the loan or the present value of the discounted cash flows of a modified loan, is charged-off.

Our Asset Review Department employs a risk based loan review approach for multi-family and commercial real estate mortgage loans and commercial and industrial loans with balances of $250,000 or greater. Under this approach, individual loans are selected by a combination of individual loan reviews, targeted loan reviews, concentration of credit reviews and reviews of loans to one borrower to achieve, at a minimum on an annual basis, a review coverage rate of the outstanding principal balance of 30% for the multi-family mortgage loan portfolio, 40% for the commercial real estate mortgage loan portfolio and 60% for the commercial and industrial loan portfolio. Further, multi-family and commercial real estate portfolio management personnel also perform annual reviews for certain multi-family and commercial real estate mortgage loans and recommend further review by our Credit and Asset Review Departments as appropriate. The residential mortgage loan portfolio, home equity and other consumer loan portfolio and commercial and industrial loans with balances of less than $250,000 are reviewed collectively by delinquency and net loss trends.

Our residential mortgage loans are individually evaluated for impairment at 180 days past due and earlier in certain instances, including for loans to borrowers who have filed for bankruptcy, and, to the extent the loans remain delinquent, annually thereafter.  Updated estimates of collateral values on residential loans are obtained primarily through automated valuation models. Additionally, our loan servicer performs property inspections to monitor and manage the collateral on our residential loans when they become 45 days past due and monthly thereafter until the foreclosure process is complete. We obtain updated estimates of collateral value using third party appraisals on non-performing multi-family and commercial real estate mortgage loans when the loans initially become non-performing and annually thereafter and multi-family and commercial real estate loans modified in a TDR at the time of the modification and annually thereafter.  Appraisals on multi-family and commercial real estate loans are reviewed by our internal certified appraisers.  We analyze our home equity lines of credit when such loans become 90 days past due and consider our lien position, the estimated fair value of the underlying collateral value and the results of recent property inspections in determining the need for an individual valuation allowance.  We also obtain updated estimates of collateral value for certain other loans when the Asset Classification Committee believes repayment of such loans may be dependent on the value of the underlying collateral. Adjustments to final appraised values obtained from independent third party appraisers and automated valuation models are not made.

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Other current and anticipated economic conditions on which our individual valuation allowances rely are the impact that national and/or local economic and business conditions may have on borrowers, the impact that local real estate markets may have on collateral values, the level and direction of interest rates and their combined effect on real estate values and the ability of borrowers to service debt.  For multi-family and commercial real estate loans, additional factors specific to a borrower or the underlying collateral are considered.  These factors include, but are not limited to, the composition of tenancy, occupancy levels for the property, location of the property, cash flow estimates and, to a lesser degree, the existence of personal guarantees.  We also review all regulatory notices, bulletins and memoranda with the purpose of identifying upcoming changes in regulatory conditions which may impact our calculation of individual valuation allowances.  Our primary banking regulator periodically reviews our reserve methodology during regulatory examinations and any comments regarding changes to reserves or loan classifications are considered by management in determining valuation allowances.

The determination of the loans on which full collectibility is not reasonably assured, the estimates of the fair value of the underlying collateral and the assessment of economic and regulatory conditions are subject to assumptions and judgments by management.  Individual valuation allowances and charge-off amounts could differ materially as a result of changes in these assumptions and judgments.

Estimated losses for loans that are not individually deemed to be impaired are determined on a loan pool basis using our historical loss experience and various other qualitative factors and comprise our general valuation allowances.  General valuation allowances represent loss allowances that have been established to recognize the inherent risks associated with our lending activities which, unlike individual valuation allowances, have not been allocated to particular loans.  The determination of the adequacy of the general valuation allowances takes into consideration a variety of factors.

We segment our residential mortgage loan portfolio by interest-only and amortizing loans, full documentation and reduced documentation loans and origination time periods and analyze our historical loss experience and delinquency levels and trends of these segments.  We analyze multi-family and commercial real estate mortgage loans by portfolio using predictive modeling techniques for loans originated after 2010 and by geographic location for loans originated prior to 2010.  We analyze our consumer and other loan portfolio by home equity lines of credit, commercial and industrial loans and other consumer loans and perform similar historical loss analyses.  In our analysis of non-performing loans, we consider our aggregate historical loss experience with respect to the ultimate disposition of the underlying collateral along with the migration of delinquent loans based on the portfolio segments noted above.  These analyses and the resulting loss rates are used as an integral part of our judgment in developing estimated loss percentages to apply to the loan portfolio segments. We monitor credit risk on interest-only hybrid adjustable rate mortgage, or ARM, loans that were underwritten at the initial note rate, which may have been a discounted rate, in the same manner that we monitor credit risk on all interest-only hybrid ARM loans.  We monitor interest rate reset dates of our loan portfolio, in the aggregate, and the current interest rate environment and consider the impact, if any, on borrowers’ ability to continue to make timely principal and interest payments in determining our allowance for loan losses.  We also consider the size, composition, risk profile and delinquency levels of our loan portfolio, as well as our credit administration and asset management procedures.  We monitor property value trends in our market areas by reference to various industry and market reports, economic releases and surveys, and our general and specific knowledge of the real estate markets in which we lend, in order to determine what impact, if any, such trends may have on the level of our general valuation allowances.  In addition, we evaluate and consider the impact that current and anticipated economic and market conditions may have on the loan portfolio and known and inherent risks in the portfolio.  We update our analyses quarterly and refine our evaluations as experience provides clearer guidance, our product offerings change and as economic conditions evolve.

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We analyze our historical loss experience over 12, 15, 18 and 24 month periods. The loss history used in calculating our quantitative allowance coverage percentages varies based on loan type.  Also, for a particular loan type we may not have sufficient loss history to develop a reasonable estimate of loss and consider our loss experience for other, similar loan types and may evaluate those losses over a longer period than two years.  Additionally, multi-family and commercial real estate loss experience may be adjusted based on the composition of the losses (loan sales, short sales and partial charge-offs).  Our evaluation of loss experience factors considers trends in such factors over the prior two years for substantially all of the loan portfolio, with the exception of multi-family and commercial real estate mortgage loans originated after 2010, for which our evaluation includes detailed modeling techniques.  These modeling techniques utilize data inputs for each loan in the portfolio, including credit facility terms and performance to date, property details and borrower financial performance data. The model also incorporates real estate market data from an established real estate market database company to forecast future performance of the properties, and includes a loan loss predictive model based on studies of defaulted commercial real estate loans. The model then generates a probability of default, loss given default and ultimately an estimated loss for each loan quarterly over the remaining life of the loan. The appropriate timeframe from which to assign an estimated loss percentage to the pool of loans is assessed by management. We update our historical loss analyses quarterly and evaluate the need to modify our quantitative allowances as a result of our updated charge-off and loss analyses.

We consider qualitative factors with the purpose of assessing the adequacy of the overall allowance for loan losses as well as the allocation of the allowance for loan losses by loan category.  The qualitative factors we consider generally include, but are not limited to, changes in (1) lending policies and procedures, (2) economic and business conditions and developments that affect collectibility of our loan portfolio, (3) the nature and volume of our loan portfolio and in the terms of loans, (4) the experience, ability and depth of lending management and other staff, (5) the volume and severity of past due, non-accrual and adversely classified loans, (6) the quality of the loan review system, (7) the value of underlying collateral, (8) the existence or effect of any credit concentrations and (9) external factors such as competition and legal or regulatory requirements.  In addition to the nine qualitative factors noted, we also review certain analytical information such as our coverage ratios and peer analysis.

We use ratio analyses as a supplemental tool for evaluating the overall reasonableness of the allowance for loan losses.  As such, we consider our asset quality ratios as well as the allowance ratios and coverage percentages set forth in both peer group and regulatory agency data.  We also consider any comments from our primary banking regulator resulting from their review of our general valuation allowance methodology during regulatory examinations.  We consider the observed trends in our asset quality ratios in combination with our primary focus on our historical loss experience and the impact of current economic conditions.  After evaluating these variables, we determine appropriate allowance coverage percentages for each of our portfolio segments and the appropriate level of our allowance for loan losses.  We do not determine the appropriate level of our allowance for loan losses based exclusively on a single factor or asset quality ratio.  We periodically review the actual performance and charge-off history of our loan portfolio and compare that to our previously determined allowance coverage percentages and individual valuation allowances.  In doing so, we evaluate the impact the previously mentioned variables may have had on the loan portfolio to determine which changes, if any, should be made to our assumptions and analyses.

Allowance adequacy calculations are adjusted quarterly, based on the results of our quantitative and qualitative analyses, to reflect our current estimates of the amount of probable losses inherent in our loan portfolio in determining our allowance for loan losses.  Allocations of the allowance to each loan category are adjusted quarterly to reflect probable inherent losses using the same quantitative and qualitative analyses used in connection with the overall allowance adequacy calculations.  The portion of the allowance allocated to each

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loan category does not represent the total available to absorb losses which may occur within the loan category, since the total allowance for loan losses is available for losses applicable to the entire loan portfolio.

Based on our evaluation of the composition and size of our loan portfolio, the levels and composition of delinquent and non-performing loans, our loss history, the housing and real estate markets and the current economic environment, we determined that an allowance for loan losses of $110.5 million was appropriate at March 31, 2015, compared to $111.6 million at December 31, 2014. The provision for loan losses credited to operations totaled $343,000 for the three months ended March 31, 2015.

The balance of our allowance for loan losses represents management’s best estimate of the probable inherent losses in our loan portfolio at the reporting dates.  Actual results could differ from our estimates as a result of changes in economic or market conditions.  Changes in estimates could result in a material change in the allowance for loan losses.  While we believe that the allowance for loan losses has been established and maintained at levels that reflect the risks inherent in our loan portfolio, future adjustments may be necessary if portfolio performance or economic or market conditions differ substantially from the conditions that existed at the time of the initial determinations.

For additional information regarding our allowance for loan losses, see “Provision for Loan Losses (Credited) Charged to Operations” and “Asset Quality” in this document and Part II, Item 7, “MD&A,” in our 2014 Annual Report on Form 10-K.

Valuation of MSR

The initial asset recognized for originated MSR is measured at fair value.  The fair value of MSR is estimated by reference to current market values of similar loans sold servicing released.  MSR are amortized in proportion to and over the period of estimated net servicing income.  We apply the amortization method for measurement of our MSR.  MSR are assessed for impairment based on fair value at each reporting date.  Impairment exists if the carrying value of MSR exceeds the estimated fair value. The estimated fair value of MSR is obtained through independent third party valuations.  MSR impairment, if any, is recognized in a valuation allowance with a corresponding charge to earnings.  Increases in the fair value of impaired MSR are recognized only up to the amount of the previously recognized valuation allowance.

At March 31, 2015, our MSR had a carrying value of $10.6 million, net of a valuation allowance of $3.2 million, which approximated the estimated fair value based on expected future cash flows considering a weighted average discount rate of 9.47%, a weighted average constant prepayment rate on mortgages of 13.35% and a weighted average life of 5.4 years. At December 31, 2014, our MSR had a carrying value of $11.4 million, net of a valuation allowance of $2.7 million, which approximated the estimated fair value based on expected future cash flows considering a weighted average discount rate of 9.48%, a weighted average constant prepayment rate on mortgages of 12.35% and a weighted average life of 5.7 years.

The fair value of MSR is highly sensitive to changes in assumptions.  Changes in prepayment speed assumptions generally have the most significant impact on the fair value of our MSR.  Generally, as interest rates decline, mortgage loan prepayments accelerate due to increased refinance activity, which results in a decrease in the fair value of MSR.  As interest rates rise, mortgage loan prepayments slow down, which results in an increase in the fair value of MSR.  Thus, any measurement of the fair value of our MSR is limited by the conditions existing and the assumptions utilized as of a particular point in time, and those assumptions may not be appropriate if they are applied at a different point in time.

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Goodwill Impairment

Goodwill is presumed to have an indefinite useful life and is tested, at least annually, for impairment at the reporting unit level.  If the estimated fair value of the reporting unit exceeds its carrying amount, further evaluation is not necessary.  However, if the fair value of the reporting unit is less than its carrying amount, further evaluation is required to compare the implied fair value of the reporting unit’s goodwill to its carrying amount to determine if a write-down of goodwill is required.  Impairment exists when the carrying amount of goodwill exceeds its implied fair value.

For purposes of our goodwill impairment testing, we have identified a single reporting unit.  We consider the quoted market price of our common stock on our impairment testing date as an initial indicator of estimating the fair value of our reporting unit.  We also consider the average price of our common stock, both before and after our impairment test date, as well as market-based control premiums in determining the estimated fair value of our reporting unit.  In addition to our internal goodwill impairment analysis, we periodically obtain a goodwill impairment analysis from an independent third party valuation firm.  The independent third party utilizes multiple valuation approaches including comparable transactions, control premium, public market peers and discounted cash flow.  Management reviews the assumptions and inputs used in the third party analysis for reasonableness.

At March 31, 2015, the carrying amount of our goodwill totaled $185.2 million. As of September 30, 2014, we performed our annual goodwill impairment test internally and obtained an independent third party analysis and concluded there was no goodwill impairment. We would test our goodwill for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of our reporting unit below its carrying amount. No events have occurred and no circumstances have changed since our annual impairment test date that would more likely than not reduce the fair value of our reporting unit below its carrying amount. The identification of additional reporting units, the use of other valuation techniques or changes to the input assumptions used in our analysis or the analysis by our third party valuation firm could result in materially different evaluations of impairment.

Securities Impairment

Our available-for-sale securities portfolio is carried at estimated fair value with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income/loss in stockholders’ equity.  Debt securities which we have the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost.  The fair values for our securities are obtained from an independent nationally recognized pricing service.

Our securities portfolio is comprised primarily of fixed rate mortgage-backed securities guaranteed by a GSE as issuer. GSE issuance mortgage-backed securities comprised 91% of our securities portfolio at March 31, 2015. Non-GSE issuance mortgage-backed securities at March 31, 2015 comprised less than 1% of our securities portfolio and had an amortized cost of $6.8 million, with 66% classified as available-for-sale and 34% classified as held-to-maturity. Substantially all of our non-GSE issuance securities are investment grade securities and have performed similarly to our GSE issuance securities. Credit quality concerns have not significantly impacted the performance of our non-GSE securities or our ability to obtain reliable prices. The balance of our securities portfolio is primarily comprised of debt securities issued by GSEs.

The fair value of our securities portfolio is primarily impacted by changes in interest rates. We conduct a periodic review and evaluation of the securities portfolio to determine if a decline in the fair value of any security below its cost basis is other-than-temporary. Our evaluation of other-than-temporary impairment,

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or OTTI, considers the duration and severity of the impairment, our assessments of the reason for the decline in value, the likelihood of a near-term recovery and our intent and ability to not sell the securities. We generally view changes in fair value caused by changes in interest rates as temporary, which is consistent with our experience. If such decline is deemed other-than-temporary, the security is written down to a new cost basis and the resulting loss is charged to earnings as a component of non-interest income, except for the amount of the total OTTI for a debt security that does not represent credit losses which is recognized in other comprehensive income/loss, net of applicable taxes. At March 31, 2015, we held 56 securities with an estimated fair value totaling $765.2 million which had an unrealized loss totaling $11.3 million. Of the securities in an unrealized loss position at March 31, 2015, $557.8 million, with an unrealized loss of $9.9 million, had been in a continuous unrealized loss position for 12 months or longer. At March 31, 2015, the impairments were deemed temporary based on (1) the direct relationship of the decline in fair value to movements in interest rates, (2) the estimated remaining life and high credit quality of the investments and (3) the fact that we had no intention to sell these securities and it was not more likely than not that we would be required to sell these securities before their anticipated recovery of the remaining amortized cost basis and we expected to recover the entire amortized cost basis of the security.

Income Taxes

Our provision for income tax expense is based on our income, statutory tax rates and other provisions of tax law applicable to us in various jurisdictions. We file income tax returns in the United States federal jurisdiction and in NY State and NY City jurisdictions, as well as various other state jurisdictions in which we do business. In establishing a provision for income tax expense, we must make judgments and interpretations about the application of these inherently complex tax laws to our business activities, as well as the timing of when certain items may affect taxable income. Our interpretations may be subject to review during examination by taxing authorities and disputes may arise over our tax positions. We attempt to resolve these disputes during the tax examination and audit process and ultimately through the court systems when applicable. Changes to our income tax estimates can occur due to changes in tax rates, implementation of new business strategies, resolution of matters with taxing authorities regarding previously taken tax positions and newly enacted statutory, judicial and regulatory guidance. Such changes could affect the amount of our provision for income taxes and could be material to our financial condition or results of operations.

Our income tax expense consists of income taxes that are currently payable and deferred income taxes. We also maintain a reserve related to certain tax positions and strategies that management believes contain an element of uncertainty and evaluate each of our tax positions and strategies to determine whether the reserve continues to be appropriate. Accruals of interest and penalties related to unrecognized tax benefits are recognized in income tax expense. Our current income tax expense approximates taxes to be paid or refunded for the current period. Our deferred income tax expense results from changes in our deferred tax assets and liabilities between periods. Deferred tax assets and liabilities represent decreases or increases in taxes expected to be paid in the future because of future reversals of temporary differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities and net operating loss carryforwards. We assess our deferred tax assets and establish a valuation allowance if realization of a deferred tax asset is not considered to be more likely than not. We evaluate the recoverability of these future tax deductions by assessing the adequacy of expected taxable income from all sources, including taxable income in carryback years, reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. These sources of taxable income rely heavily on estimates and we use our historical experience and our short- and long-range business forecasts in making such estimates. We have recorded deferred tax assets, net of deferred tax liabilities and valuation allowances, of $100.4 million at March 31, 2015 and $103.5 million at December 31, 2014. We believe that our historical and future results of operations, and tax planning strategies which could be employed, will more likely than not generate

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sufficient taxable income to enable us to realize our net deferred tax assets. If changes in circumstances lead us to change our judgment about our ability to realize deferred tax assets in future years, we would adjust our valuation allowances in the period that our change in judgment occurs and record a corresponding increase or charge to income.

Pension Benefits and Other Postretirement Benefit Plans

Astoria Bank has a qualified, non-contributory defined benefit pension plan covering employees meeting specified eligibility criteria.  In addition, Astoria Bank has non-qualified and unfunded supplemental retirement plans covering certain officers and directors.  In 2012, all such plans were amended to, among other things, change the manner in which benefits were computed for service through April 30, 2012 and to suspend accrual of additional benefits effective April 30, 2012.  We also sponsor a health care plan that provides for postretirement medical and dental coverage to select individuals.

We recognize the overfunded or underfunded status of our defined benefit pension plans and other postretirement benefit plan, which is measured as the difference between plan assets at fair value and the benefit obligation at the measurement date, in other assets or other liabilities in our consolidated statements of financial condition.  Changes in the funded status are recognized through other comprehensive income/loss in the period in which the changes occur. Astoria Bank’s policy is to fund pension costs in accordance with the minimum funding requirement. 

There are several key assumptions which we provide our actuary which have a significant impact on the pension benefits and other postretirement benefit obligations as well as benefits expense.  These include the discount rate and the expected return on plan assets.  We continually review and evaluate all actuarial assumptions affecting the pension benefits and other postretirement benefit plans.  We monitor these rates in relation to the current market interest rate environment and update our actuarial analysis accordingly.

The discount rate is used to calculate the present value of the benefit obligations at the measurement date and the expense to be recorded in the following period.  A lower discount rate will result in a higher benefit obligation and expense, while a higher discount rate will result in a lower benefit obligation and expense.  Discount rate assumptions are determined by reference to the Citigroup Pension Discount Curve, adjusted for Astoria Bank benefit plan specific cash flows.  We compare these rates to other yield curves and market indices, such as the Mercer Mature Plan Index and Bloomberg AA Discount Curve, for reasonableness and make adjustments, as necessary, so the discount rates used reflect current market data and trends.

To determine the expected return on plan assets, we consider the long-term historical return information on plan assets, the mix of investments that comprise plan assets and the historical returns on indices comparable to the fund classes in which the plan invests.

For further information on the actuarial assumptions used for our pension benefits and other postretirement benefit plans, see Note 13 of Notes to Consolidated Financial Statements in Part II, Item 8, “Financial Statements and Supplementary Data” in our 2014 Annual Report on Form 10-K.

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Liquidity and Capital Resources

Our primary source of funds is cash provided by principal and interest payments on loans and securities. The most significant liquidity challenge we face is the variability in cash flows as a result of changes in mortgage refinance activity. Principal payments on loans and securities increased to $680.2 million for the three months ended March 31, 2015, compared to $556.6 million for the three months ended March 31, 2014, primarily reflecting an increase in mortgage loan prepayments as longer-term interest rates moved lower in the 2015 first quarter.

In addition to cash provided by principal and interest payments on loans and securities, our other sources of funds include cash provided by operating activities, deposits and borrowings. Net cash provided by operating activities totaled $28.8 million for the three months ended March 31, 2015 and $55.9 million for the three months ended March 31, 2014. Deposits decreased $97.9 million during the three months ended March 31, 2015 and $134.2 million during the three months ended March 31, 2014, due to decreases in certificates of deposit, partially offset by increases in core deposits. During the three months ended March 31, 2015 and 2014, we continued to allow high cost certificates of deposit to run off. Total deposits included business deposits of $946.7 million at March 31, 2015, substantially all of which are core deposits, an increase of $16.3 million since December 31, 2014 reflecting our continued focus on our business banking operations, a component of the strategic shift in our balance sheet. At March 31, 2015, core deposits represented 74% of total deposits, up from 72% at December 31, 2014. This reflects our efforts to reposition the liability mix of our balance sheet, reducing high cost certificates of deposit and increasing low cost core deposits. Net borrowings decreased $73.9 million during the three months ended March 31, 2015 and $41.9 million during the three months ended March 31, 2014.

Our primary use of funds is for the origination and purchase of mortgage loans and, to a lesser degree, for the purchase of securities. Gross mortgage loans originated and purchased for portfolio during the three months ended March 31, 2015 increased to $400.4 million, compared to $316.3 million during the three months ended March 31, 2014, reflecting increases in both residential and multi-family and commercial real estate mortgage loan production as refinance activity increased with the decline in longer-term interest rates in the 2015 first quarter. Multi-family and commercial real estate loan originations totaled $259.9 million during the three months ended March 31, 2015, compared to $218.0 million during the three months ended March 31, 2014. We remain committed to grow these portfolios, while maintaining our disciplined approach in this challenging lending environment as some competitor institutions have offered rates and/or product terms at levels which we have chosen not to offer and which we believe do not fit our current risk tolerance. Residential mortgage loan originations and purchases for portfolio totaled $140.5 million during the three months ended March 31, 2015, of which $91.2 million were originations and $49.3 million were purchases of individual residential mortgage loans through our third party loan origination program, compared to $98.3 million during the three months ended March 31, 2014, of which $55.2 million were originations and $43.1 million were purchases. Given the low interest rate environment, and consistent with our strategy to diversify our earning assets, we have focused on multi-family and commercial real estate mortgage lending and our business banking operations, with reduced emphasis on the origination and purchase of residential mortgage loans. Purchases of securities totaled $130.5 million during the three months ended March 31, 2015 and $145.7 million during the three months ended March 31, 2014.

Our policies and procedures with respect to managing funding and liquidity risk are established to ensure our safe and sound operation in compliance with applicable bank regulatory requirements. Our liquidity management process is sufficient to meet our daily funding needs and cover both expected and unexpected deviations from normal daily operations. Processes are in place to appropriately identify, measure, monitor and control liquidity and funding risk. The primary tools we use for measuring and managing liquidity risk

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include cash flow projections, diversified funding sources, stress testing, a cushion of liquid assets and contingency funding plans.

We maintain liquidity levels to meet our operational needs in the normal course of our business. The levels of our liquid assets during any given period are dependent on our operating, investing and financing activities. Cash and due from banks totaled $165.8 million at March 31, 2015 and $143.2 million at December 31, 2014. At March 31, 2015, we had $1.59 billion of borrowings with a weighted average interest rate of 0.58% maturing over the next 12 months. We have the flexibility to either repay or rollover these borrowings as they mature. Included in our borrowings are various obligations which, by their terms, may be called by the counterparty. At March 31, 2015, we had $1.95 billion of callable borrowings, of which $900.0 million were contractually callable by the counterparty within the next 12 months and on a quarterly basis thereafter. We believe the potential for these borrowings to be called does not present a liquidity concern as they have above current market coupons and, as such, are not likely to be called absent a significant increase in market interest rates. In addition, to the extent such borrowings were to be called, we believe we can readily obtain replacement funding, although such funding may be at higher rates. At March 31, 2015, FHLB-NY advances totaled $2.40 billion, or 58% of total borrowings. We do not believe any of our borrowing counterparty concentrations represent a material risk to our liquidity. In addition, we had $1.39 billion of certificates of deposit at March 31, 2015 with a weighted average interest rate of 1.41% maturing over the next 12 months. We believe we have the ability to retain or replace a significant portion of such deposits based on our pricing and historical experience.

The following table details our borrowing and certificate of deposit maturities and their weighted average interest rates at March 31, 2015.

	Borrowings					Certificates of Deposit
				Weighted Average Rate				Weighted Average Rate
(Dollars in Millions)	Amount					Amount
Contractual Maturity:
12 months or less	$	1,590		0.58	%	$	1,387	1.41	%
13 to 36 months	575			2.82		687		1.19
37 to 60 months	800		(1)	3.56		393		1.46
Over 60 months	1,150		(2)	3.54		1		1.71
Total	$	4,115		2.30	%	$	2,468	1.36	%

(1) Callable by the counterparty within the next 12 months and on a quarterly basis thereafter.

(2) Includes $100.0 million of borrowings, with an interest rate of 4.05%, which are callable by the counterparty within the next 12 months and on a quarterly basis thereafter and $1.05 billion of borrowings, with a weighted average interest rate of 3.49%, which are callable by the counterparty in 13 to 36 months.

Through the Federal Reserve Bank of New York discount window we have the ability to borrow additional funds should the need arise on a short-term basis, primarily overnight. Our borrowing capacity through the discount window totaled approximately $489.0 million at March 31, 2015. In order to have the ability to borrow through the discount window, the Federal Reserve Bank of New York requires that collateral is pledged. In accordance with such requirements, at March 31, 2015 we had pledged as collateral with the Federal Reserve Bank of New York securities with an amortized cost of $99.5 million and commercial real estate mortgage loans with an unpaid principal balance of $895.3 million. We view the discount window as a secondary source of liquidity and, during the three months ended March 31, 2015, we did not utilize this source.

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Additional sources of liquidity at the holding company level have included public and private issuances of debt and equity securities into the capital markets.  Holding company debt obligations are included in other borrowings.  We have an automatic shelf registration statement on Form S-3 on file with the SEC which allows us to periodically offer and sell, from time to time, in one or more offerings, individually or in any combination, common stock, preferred stock, depositary shares, senior notes, warrants to purchase common stock or preferred stock and units consisting of one or more of the foregoing.  This shelf registration statement provides us with greater capital management flexibility and enables us to more readily access the capital markets in order to pursue growth opportunities that may become available to us in the future or should there be any changes in the regulatory environment that call for increased capital requirements.  Although the shelf registration statement does not limit the amount of the foregoing items that we may offer and sell, our ability and any decision to do so is subject to market conditions and our capital needs.  Our ability to continue to access the capital markets for additional financing at favorable terms may be limited by, among other things, market conditions, interest rates, our capital levels, Astoria Bank’s ability to pay dividends to Astoria Financial Corporation, our credit profile and ratings and our business model.

We have registered 1,500,000 shares of our common stock under the Securities Act for offer and sale from time to time pursuant to the Astoria Financial Corporation Dividend Reinvestment and Stock Purchase Plan, or the Stock Purchase Plan, which allows our shareholders to automatically reinvest the cash dividend paid on all or a portion of their shares of our common stock into additional shares of our common stock and make optional cash purchases, up to $10,000 per month, of additional shares of our common stock, unless we grant a waiver permitting a higher amount of optional cash purchases. Shares of common stock may be purchased either directly from us from authorized but unissued shares or from treasury shares, or on the open market. During the three months ended March 31, 2015, 471,680 shares of our common stock were purchased pursuant to the Stock Purchase Plan directly from us from treasury shares for net proceeds totaling $6.0 million.

Astoria Financial Corporation’s primary uses of funds include payment of dividends on common and preferred stock and payment of interest on its debt obligations. During the three months ended March 31, 2015, Astoria Financial Corporation paid dividends on common and preferred stock totaling $6.2 million. On March 19, 2015, our Board of Directors declared a quarterly cash dividend on the Series C Preferred Stock aggregating $2.2 million, or $16.25 per share, for the quarterly period from January 15, 2015 through and including April 14, 2015, which was paid on April 15, 2015 to stockholders of record as of March 31, 2015. On April 22, 2015, our Board of Directors declared a quarterly cash dividend of $0.04 per share on shares of our common stock payable on June 1, 2015 to stockholders of record as of May 15, 2015.

Our ability to pay dividends, service our debt obligations and repurchase common stock is dependent primarily upon receipt of capital distributions from Astoria Bank. Astoria Bank paid dividends to Astoria Financial Corporation totaling $19.7 million during the three months ended March 31, 2015. Since Astoria Bank is a federally chartered savings association, there are regulatory limits on its ability to make distributions to Astoria Financial Corporation. During the three months ended March 31, 2015, Astoria Bank was required to, and did, notify the OCC of its intent to pay dividends. Astoria Bank must also provide notice to the FRB at least 30 days prior to declaring a dividend. See Part I, Item 1, “Business - Regulation and Supervision - Limitations on Capital Distributions,” in our 2014 Annual Report on Form 10-K for further discussion of limitations on capital distributions from Astoria Bank.

See “Financial Condition” for further discussion of the changes in stockholders’ equity.

At March 31, 2015, our tangible common equity ratio, which represents common stockholders’ equity less goodwill divided by total assets less goodwill, was 8.39%. Pursuant to the Reform Act, in July 2013, the Agencies issued Final Capital Rules that subjected many savings and loan holding companies, including

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Astoria Financial Corporation, to consolidated capital requirements effective January 1, 2015. The Final Capital Rules also revised the quantity and quality of required minimum risk-based and leverage capital requirements, consistent with the Reform Act and the Basel III capital standards. For a more detailed description of these rules, see Part I, Item 1, “Business - Regulation and Supervision - Capital Requirements,” in our 2014 Annual Report on Form 10-K. At March 31, 2015, the capital levels of both Astoria Financial Corporation and Astoria Bank exceeded all regulatory capital requirements and their regulatory capital ratios were above the minimum levels required to be considered well capitalized for regulatory purposes.

At March 31, 2015, Astoria Financial Corporation's Tier 1 leverage capital ratio was 9.56%, Common equity tier 1 risk-based capital ratio was 14.85%, Tier 1 risk-based capital ratio was 16.22% and Total risk-based capital ratio was 17.44%, and Astoria Bank’s Tier 1 leverage capital ratio was 10.63%, Common equity tier 1 risk-based and Tier 1 risk-based capital ratios were 18.00% and Total risk-based capital ratio was 19.23%. For additional information on the regulatory capital ratios of Astoria Financial Corporation and Astoria Bank at March 31, 2015, see Note 10 of Notes to Consolidated Financial Statements (Unaudited) in Part I, Item 1, "Financial Statements (Unaudited)."

Off-Balance Sheet Arrangements and Contractual Obligations

We are a party to financial instruments with off-balance sheet risk in the normal course of our business in order to meet the financing needs of our customers and in connection with our overall interest rate risk management strategy.  These instruments involve, to varying degrees, elements of credit, interest rate and liquidity risk.  In accordance with GAAP, these instruments are either not recorded in the consolidated financial statements or are recorded in amounts that differ from the notional amounts.  Such instruments primarily include lending commitments and lease commitments.

Lending commitments include commitments to originate and purchase loans and commitments to fund unused lines of credit.  We also have commitments to fund loans held-for-sale and commitments to sell loans in connection with our mortgage banking activities which are considered derivative financial instruments.  Commitments to sell loans totaled $26.3 million at March 31, 2015.  The fair values of our mortgage banking derivative financial instruments are immaterial to our financial condition and results of operations.  We also have contractual obligations related to operating lease commitments which have not changed significantly from December 31, 2014.

The following table details our contractual obligations at March 31, 2015.

	Payments Due by Period
(In Thousands)	Total		Less than One Year		Over One to Three Years			Over Three to Five Years			More than Five Years
On-balance sheet contractual obligations:
Borrowings with original terms greater than three months	$	3,050,000	$	525,000		$	575,000		$	800,000	$	1,150,000
Off-balance sheet contractual obligations:
Commitments to originate and purchase loans (1)	422,315		422,315			—			—		—
Commitments to fund unused lines of credit (2)	174,542		174,542			—			—		—
Total	$	3,646,857	$	1,121,857		$	575,000		$	800,000	$	1,150,000

(1)   Includes commitments to originate loans held-for-sale of $17.8 million.

(2)   Includes commitments to fund home equity lines of credit of $60.2 million, commercial and industrial lines of credit of $79.5 million and other consumer lines of credit of $34.8 million.

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In addition to the contractual obligations previously discussed, we have liabilities for gross unrecognized tax benefits and interest and penalties related to uncertain tax positions which have not changed significantly from December 31, 2014 and are not included in the table above as the amounts and timing of their resolution cannot be estimated.  For further information regarding these liabilities, see Note 10 of Notes to Consolidated Financial Statements in Part II, Item 8, “Financial Statements and Supplementary Data,” in our 2014 Annual Report on Form 10-K.  Similarly, we have an obligation related to our investments in affordable housing limited partnerships totaling $14.1 million at March 31, 2015 which is not included in the table above as the timing of installments, which are due on an "as needed" basis, currently projected over the next four years, cannot be estimated. We also have contingent liabilities related to assets sold with recourse and standby letters of credit which have not changed significantly from December 31, 2014.

For further information regarding our off-balance sheet arrangements and contractual obligations, see Part II, Item 7, “MD&A,” in our 2014 Annual Report on Form 10-K.

Comparison of Financial Condition as of March 31, 2015 and December 31, 2014 and Operating Results for the Three Months Ended March 31, 2015 and 2014

Financial Condition

Total assets declined $104.4 million to $15.54 billion at March 31, 2015, from $15.64 billion at December 31, 2014, primarily attributable to a net decline in our loan portfolio. Loans receivable decreased $135.6 million to $11.82 billion at March 31, 2015, from $11.96 billion at December 31, 2014, and represented 76% of total assets at March 31, 2015. Growth in our multi-family mortgage loan portfolio was more than offset by the decline in our residential mortgage loan portfolio resulting in a net decline of $137.6 million in our total mortgage loan portfolio to $11.52 billion at March 31, 2015, compared to $11.66 billion at December 31, 2014. The decline in our mortgage loan portfolio reflects repayments of $530.0 million which were in excess of originations and purchases of $400.4 million during the 2015 first quarter.

Our multi-family mortgage loan portfolio increased $77.9 million to $3.99 billion at March 31, 2015, from $3.91 billion at December 31, 2014, and represented 34% of our total loan portfolio at March 31, 2015. Our commercial real estate mortgage loan portfolio decreased slightly to $870.9 million at March 31, 2015 compared to $873.8 million at December 31, 2014 and represented 7% of our total loan portfolio at March 31, 2015. Multi-family and commercial real estate loan originations totaled $259.9 million during the three months ended March 31, 2015. Our levels of originations reflect our continued commitment to grow these portfolios while maintaining our disciplined approach in this challenging lending environment. However, our originations of commercial real estate mortgage loans did not keep pace with the levels of repayments resulting in a slight decline in that portfolio. During the three months ended March 31, 2015, our multi-family and commercial real estate mortgage loan originations reflected loan balances averaging approximately $2.7 million with a weighted average loan-to-value ratio, at the time of origination, of approximately 50% and a weighted average debt service coverage ratio of approximately 1.64.

Our residential mortgage loan portfolio decreased $212.6 million to $6.66 billion at March 31, 2015, from $6.87 billion at December 31, 2014, and represented 57% of our total loan portfolio at March 31, 2015. Residential mortgage loan repayments continued to outpace our origination and purchase volume during the three months ended March 31, 2015. Residential mortgage loan originations and purchases totaled $140.5 million during the three months ended March 31, 2015, of which $91.2 million were originations and $49.3 million were purchases. During the three months ended March 31, 2015, the loan-to-value ratio of our residential mortgage loan originations and purchases for portfolio, at the time of origination or purchase, averaged approximately 62% and the loan amount averaged approximately $633,000.

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Our securities portfolio increased slightly to $2.53 billion at March 31, 2015 compared to $2.52 billion at December 31, 2014 and represented 16% of total assets at March 31, 2015. Purchases totaling $130.5 million were in excess of repayments of $116.7 million during the three months ended March 31, 2015 resulting in the slight increase in the portfolio. At March 31, 2015, our securities portfolio was comprised primarily of fixed rate REMIC and CMO securities which had an amortized cost of $2.02 billion, a weighted average current coupon of 2.86%, a weighted average collateral coupon of 4.19% and a weighted average life of 3.7 years.

Total liabilities declined $127.7 million to $13.93 billion at March 31, 2015, from $14.06 billion at December 31, 2014, primarily due to a decline in total deposits. Deposits totaled $9.41 billion at March 31, 2015, or 68% of total liabilities, a decline of $97.9 million compared to $9.50 billion at December 31, 2014. While total deposits declined during the 2015 first quarter, primarily as a result of a decrease of $227.6 million in certificates of deposit, core deposits increased $129.7 million. At March 31, 2015, core deposits totaled $6.94 billion and represented 74% of total deposits, up from 72% at December 31, 2014. This reflects our efforts to reposition the liability mix of our balance sheet. The net increase in core deposits at March 31, 2015, compared to December 31, 2014, primarily reflected an increase of $102.2 million in checking accounts, both consumer and business accounts, to $2.30 billion at March 31, 2015 and an increase of $34.0 million in money market accounts to $2.41 billion at March 31, 2015. The net increase in core deposits during the three months ended March 31, 2015 reflects our efforts to grow our core deposits, including our efforts to expand our business banking customer base, as well as customers' preference for the liquidity these types of deposits provide. At March 31, 2015, total deposits included $946.7 million of business deposits, an increase of $16.3 million since December 31, 2014, substantially all of which were core deposits.

Stockholders' equity increased $23.2 million to $1.60 billion at March 31, 2015, from $1.58 billion at December 31, 2014.The increase in stockholders’ equity was primarily due to net income of $19.3 million and capital raised through our Stock Purchase Plan of $6.0 million, partially offset by dividends on common and preferred stock totaling $6.2 million.

Results of Operations

General

Net income available to common shareholders for the three months ended March 31, 2015 decreased $12.3 million to $17.1 million, or $0.17 diluted EPS per common share, compared to $29.4 million for the three months ended March 31, 2014, or $0.30 diluted EPS per common share. The decrease in net income available to common shareholders and decline in diluted EPS for the 2015 first quarter compared to the 2014 first quarter was primarily attributable to an increase in income tax expense to $9.6 million for the three months ended March 31, 2015 compared to an income tax benefit of $1.8 million for the three months ended March 31, 2014, largely due to an $11.5 million net tax benefit recognized in the 2014 first quarter reflecting the impact of the 2014 NY State legislation enacted on March 31, 2014. A decline in pre-tax income to $28.9 million for the three months ended March 31, 2015, compared to $29.8 million for the three months ended March 31, 2014, reflected decreases in net interest income and non-interest income which were partially offset by a provision for loan losses credited to operations in the 2015 first quarter compared to a provision for loan losses charged to operations in the 2014 first quarter.

Return on average common stockholders’ equity decreased to 4.69% for the three months ended March 31, 2015, compared to 8.37% for the three months ended March 31, 2014. Return on average tangible common stockholders’ equity, which represents average common stockholders’ equity less average goodwill, decreased

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to 5.37% for the three months ended March 31, 2015, compared to 9.64% for the three months ended March 31, 2014. The decreases in the returns on average common stockholders’ equity and average tangible common stockholders’ equity were due to the decrease in net income available to common shareholders, coupled with the increase in average common stockholders’ equity, for the three months ended March 31, 2015, compared to the three months ended March 31, 2014. Return on average assets decreased to 0.50% for the three months ended March 31, 2015, compared to 0.80% for the three months ended March 31, 2014, reflecting the decrease in net income, partially offset by a reduction in average assets, for the three months ended March 31, 2015, compared to the three months ended March 31, 2014.

As indicated above, our results of operations for the three months ended March 31, 2014 include an $11.5 million net tax benefit reflecting the impact of the 2014 NY State legislation enacted on March 31, 2014. For the three months ended March 31, 2014, this reduction in income tax expense increased diluted EPS by $0.12 per common share, return on average common stockholders’ equity by 328 basis points, return on average tangible common stockholders’ equity by 377 basis points and return on average assets by 29 basis points. See Note 1 of Notes to Consolidated Financial Statements (Unaudited) and “Income Tax Expense” below for further discussion of the impact of the 2014 NY State legislation.

Income and expense and related financial ratios adjusted to exclude the effect of the 2014 NY State legislation represent non-GAAP financial measures which we believe provide investors with a meaningful comparison for effectively evaluating our operating results. Non-GAAP financial ratios are calculated by substituting non-GAAP net income, non-GAAP net income available to common shareholders and non-GAAP income tax expense for net income, net income available to common shareholders and income tax benefit in the corresponding calculations.

The following table provides a reconciliation between the non-GAAP financial measures to the comparable GAAP measures as reported in our consolidated statement of income for the three months ended March 31, 2014 and related financial ratios.

	For the Three Months Ended March 31, 2014
(In Thousands, Except Per Share Data)	As Reported				Effect of Change in Tax Legislation				Non-GAAP
Income before income tax expense		$	29,785			$	—			$	29,785
Income tax (benefit) expense		(1,764		)		11,487				9,723
Net income		31,549				(11,487		)		20,062
Preferred stock dividends		2,194				—				2,194
Net income available to common shareholders		$	29,355			$	(11,487	)		$	17,868
Basic and diluted earnings per common share		$	0.30			$	(0.12	)		$	0.18
Return on average:
Common stockholders’ equity		8.37		%		(3.28		)%		5.09		%
Tangible common stockholders’ equity		9.64				(3.77		)		5.87
Assets		0.80				(0.29		)		0.51
Effective tax rate		(5.92		)		38.56				32.64

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Net Interest Income

Net interest income represents the difference between income on interest-earning assets and expense on interest-bearing liabilities. Net interest income depends primarily upon the volume of interest-earning assets and interest-bearing liabilities and the corresponding interest rates earned or paid. Our net interest income is significantly impacted by changes in interest rates and market yield curves and their related impact on cash flows. See Part I, Item 3, “Quantitative and Qualitative Disclosures About Market Risk,” for further discussion of the potential impact of changes in interest rates on our results of operations.

Net interest income decreased $2.3 million to $85.7 million for the three months ended March 31, 2015, compared to $88.0 million for the three months ended March 31, 2014. The net interest rate spread decreased three basis points to 2.26% for the three months ended March 31, 2015, from 2.29% for the three months ended March 31, 2014. The net interest margin decreased two basis points to 2.34% for the three months ended March 31, 2015, from 2.36% for the three months ended March 31, 2014. The decrease in net interest income reflected a decline in interest expense which was more than offset by a decline in interest income. With the decline in long-term interest rates in 2014 which continued into the 2015 first quarter, in an already low interest rate environment, coupled with the changing mix and levels of our interest-earning assets and interest-bearing liabilities, the average yield on our interest-earning assets declined more rapidly than the decline in the average cost of our interest-bearing liabilities for the three months ended March 31, 2015 compared to the three months ended March 31, 2014. The decrease in interest income for the 2015 first quarter, compared to the 2014 first quarter, reflected a significant decline in the average balance of our residential mortgage loan portfolio as well as a decline in the average yield on mortgage loans, partially offset by increases in the average balances of multi-family and commercial real estate mortgage loans and mortgage-backed and other securities. The decrease in interest expense for the 2015 first quarter compared to the same period a year ago was primarily due to a decline in the average balance of our certificates of deposit, coupled with a decrease in the average cost of borrowings reflecting in part the restructuring of borrowings primarily in the 2014 fourth quarter. The average balance of net interest-earning assets increased $74.9 million to $1.08 billion for the three months ended March 31, 2015, from $1.01 billion for the three months ended March 31, 2014.

The changes in average interest-earning assets and interest-bearing liabilities and their related yields and costs are discussed in greater detail under “Interest Income” and “Interest Expense.”

Analysis of Net Interest Income

The following table sets forth certain information about the average balances of our assets and liabilities and their related yields and costs for the periods indicated. Average yields are derived by dividing income by the average balance of the related assets and average costs are derived by dividing expense by the average balance of the related liabilities, for the periods shown. Average balances are derived from average daily balances. The yields and costs include amortization of fees, costs, premiums and discounts which are considered adjustments to interest rates.

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	For the Three Months Ended March 31,
	2015							2014
(Dollars in Thousands)	Average Balance		Interest		Average Yield/ Cost			Average Balance		Interest		Average Yield/ Cost
					(Annualized)							(Annualized)
Assets:
Interest-earning assets:
Mortgage loans (1):
Residential	$	6,817,565	$	53,962		3.17	%	$	7,984,747	$	64,954		3.25	%
Multi-family and commercial real estate	4,832,043		47,492			3.93		4,152,276		43,390			4.18
Consumer and other loans (1)	255,392		2,190			3.43		238,962		2,086			3.49
Total loans	11,905,000		103,644			3.48		12,375,985		110,430			3.57
Mortgage-backed and other securities (2)	2,504,112		15,070			2.41		2,262,530		13,677			2.42
Interest-earning cash accounts	130,744		89			0.27		96,523		69			0.29
FHLB-NY stock	144,495		1,522			4.21		151,603		1,833			4.84
Total interest-earning assets	14,684,351		120,325			3.28		14,886,641		126,009			3.39
Goodwill	185,151							185,151
Other non-interest-earning assets	721,508							659,660
Total assets	$	15,591,010						$	15,731,452
Liabilities and stockholders’ equity:
Interest-bearing liabilities:
Savings	$	2,230,405	275			0.05		$	2,468,658	304			0.05
Money market	2,378,929		1,555			0.26		2,027,845		1,260			0.25
NOW and demand deposit	2,208,170		189			0.03		2,081,356		165			0.03
Total core deposits	6,817,504		2,019			0.12		6,577,859		1,729			0.11
Certificates of deposit	2,550,291		8,710			1.37		3,151,979		11,500			1.46
Total deposits	9,367,795		10,729			0.46		9,729,838		13,229			0.54
Borrowings	4,236,228		23,875			2.25		4,151,418		24,810			2.39
Total interest-bearing liabilities	13,604,023		34,604			1.02		13,881,256		38,039			1.10
Non-interest-bearing liabilities	397,005							316,928
Total liabilities	14,001,028							14,198,184
Stockholders’ equity	1,589,982							1,533,268
Total liabilities and stockholders’ equity	$	15,591,010						$	15,731,452
Net interest income/ net interest rate spread (3)			$	85,721		2.26	%			$	87,970		2.29	%
Net interest-earning assets/ net interest margin (4)	$	1,080,328				2.34	%	$	1,005,385				2.36	%
Ratio of interest-earning assets to interest-bearing liabilities	1.08 x							1.07 x

__________________________________

(1) Mortgage loans and consumer and other loans include loans held-for-sale and non-performing loans and exclude the allowance for loan losses.

(2) Securities available-for-sale are included at average amortized cost.

(3) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.

(4) Net interest margin represents net interest income divided by average interest-earning assets.

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Rate/Volume Analysis

The following table presents the extent to which changes in interest rates and changes in the volume of interest-earning assets and interest-bearing liabilities have affected our interest income and interest expense during the periods indicated.  Information is provided in each category with respect to (1) the changes attributable to changes in volume (changes in volume multiplied by prior rate), (2) the changes attributable to changes in rate (changes in rate multiplied by prior volume), and (3) the net change.  The changes attributable to the combined impact of volume and rate have been allocated proportionately to the changes due to volume and the changes due to rate.

	Increase (Decrease) for the Three Months ended March 31, 2015 Compared to the Three Months ended March 31, 2014
(In Thousands)	Volume				Rate				Net
Interest-earning assets:
Mortgage loans:
Residential		$	(9,408	)		$	(1,584	)		$	(10,992	)
Multi-family and commercial real estate		6,806				(2,704		)		4,102
Consumer and other loans		141				(37		)		104
Mortgage-backed and other securities		1,450				(57		)		1,393
Interest-earning cash accounts		25				(5		)		20
FHLB-NY stock		(82		)		(229		)		(311		)
Total		(1,068		)		(4,616		)		(5,684		)
Interest-bearing liabilities:
Savings		(29		)		—				(29		)
Money market		239				56				295
NOW and demand deposit		24				—				24
Certificates of deposit		(2,109		)		(681		)		(2,790		)
Borrowings		510				(1,445		)		(935		)
Total		(1,365		)		(2,070		)		(3,435		)
Net change in net interest income		$	297			$	(2,546	)		$	(2,249	)

Interest Income

Interest income decreased $5.7 million to $120.3 million for the three months ended March 31, 2015, from $126.0 million for the three months ended March 31, 2014, due to a decrease in the average yield on interest-earning assets to 3.28% for the three months ended March 31, 2015, from 3.39% for the three months ended March 31, 2014, coupled with a decrease of $202.3 million in the average balance of interest-earning assets to $14.68 billion for the three months ended March 31, 2015, from $14.89 billion for the three months ended March 31, 2014. The decrease in the average yield on interest-earning assets was primarily due to a lower average yield on mortgage loans. The decrease in the average balance of interest-earning assets was primarily due to a significant decline in the average balance of residential mortgage loans, partially offset by increases in the average balances of multi-family and commercial real estate mortgage loans and mortgage-backed and other securities.

Interest income on residential mortgage loans decreased $11.0 million to $54.0 million for the three months ended March 31, 2015, from $65.0 million for the three months ended March 31, 2014, due to a decrease of $1.16 billion in the average balance to $6.82 billion for the three months ended March 31, 2015, from $7.98 billion for the three months ended March 31, 2014, coupled with a decrease in the average yield to 3.17%

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for the three months ended March 31, 2015, from 3.25% for the three months ended March 31, 2014. The decrease in the average balance of residential mortgage loans reflected the continued decline of this portfolio as repayments outpaced our originations over the past year. The decrease in the average yield was primarily due to new originations at lower interest rates than the interest rates on loans repaid over the past year and the impact of the downward repricing of our ARM loans. Net premium and deferred loan origination cost amortization totaled $2.6 million for the three months ended March 31, 2015 and $2.4 million for the three months ended March 31, 2014.

Interest income on multi-family and commercial real estate mortgage loans increased $4.1 million to $47.5 million for the three months ended March 31, 2015, from $43.4 million for the three months ended March 31, 2014, due to an increase of $679.8 million in the average balance to $4.83 billion for the three months ended March 31, 2015, from $4.15 billion for the three months ended March 31, 2014, partially offset by a decrease in the average yield to 3.93% for the three months ended March 31, 2015, from 4.18% for the three months ended March 31, 2014. The increase in the average balance of multi-family and commercial real estate loans was attributable to originations of such loans which exceeded repayments over the past year. The decrease in the average yield was due in part to new originations at interest rates below the weighted average interest rate of the portfolio as well as the interest rates on loans repaid, coupled with the impact of the downward repricing of our ARM loans. Prepayment penalties totaled $2.2 million for the three months ended March 31, 2015 and $2.4 million for the three months ended March 31, 2014.

Interest income on mortgage-backed and other securities increased $1.4 million to $15.1 million for the three months ended March 31, 2015, from $13.7 million for the three months ended March 31, 2014, primarily due to an increase of $241.6 million in the average balance of the portfolio to $2.50 billion for the three months ended March 31, 2015, from $2.26 billion for the three months ended March 31, 2014, reflecting securities purchases over the past year in excess of repayments and sales. The average yield decreased slightly to 2.41% for the three months ended March 31, 2015, from 2.42% for the three months ended March 31, 2014. Net premium amortization was essentially unchanged for the three months ended March 31, 2015 compared to the three months ended March 31, 2014 and totaled $2.2 million.

Interest Expense

Interest expense decreased $3.4 million to $34.6 million for the three months ended March 31, 2015, from $38.0 million for the three months ended March 31, 2014, due to a decrease in the average cost of interest-bearing liabilities to 1.02% for the three months ended March 31, 2015, from 1.10% for the three months ended March 31, 2014, coupled with a decrease of $277.2 million in the average balance of interest-bearing liabilities to $13.60 billion for the three months ended March 31, 2015, from $13.88 billion for the three months ended March 31, 2014. The decrease in the average cost of interest-bearing liabilities was primarily due to a decrease in the average cost of borrowings and certificates of deposit. The decrease in the average balance of interest-bearing liabilities primarily reflected a decrease in the average balance of certificates of deposit, partially offset by increases in the average balances of core deposits and borrowed funds.

Interest expense on total deposits decreased $2.5 million to $10.7 million for the three months ended March 31, 2015, from $13.2 million for the three months ended March 31, 2014, due to a decrease of $362.0 million in the average balance of total deposits to $9.37 billion for the three months ended March 31, 2015, from $9.73 billion for the three months ended March 31, 2014, coupled with a decrease in the average cost to 0.46% for the three months ended March 31, 2015, from 0.54% for the three months ended March 31, 2014. The decrease in the average balance of total deposits was primarily due to decreases in the average balances of certificates of deposit and savings accounts, partially offset by increases in money market and checking

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accounts. The decrease in the average cost of total deposits was primarily due to a decrease in the average cost of our certificates of deposit accounts.

Interest expense on certificates of deposit decreased $2.8 million to $8.7 million for the three months ended March 31, 2015, from $11.5 million for the three months ended March 31, 2014, due to a decrease of $601.7 million in the average balance, coupled with a decrease in the average cost to 1.37% for the three months ended March 31, 2015, from 1.46% for the three months ended March 31, 2014. The decrease in the average balance of certificates of deposit was primarily the result of our reduced focus on certificates of deposit, reflecting our efforts to reposition the liability mix of our balance sheet to increase our core deposits and reduce certificates of deposit. The decrease in the average cost of certificates of deposit reflects the impact of certificates of deposit at higher interest rates maturing and being replaced at lower interest rates. During the three months ended March 31, 2015, $677.2 million of certificates of deposit, with a weighted average interest rate of 1.34% and a weighted average maturity at inception of 30 months, matured and $440.9 million of certificates of deposit were issued or repriced, with a weighted average interest rate of 0.65% and a weighted average maturity at inception of 25 months.

Interest expense on borrowings decreased $935,000 to $23.9 million for the three months ended March 31, 2015, from $24.8 million for the three months ended March 31, 2014, primarily due to a decrease in the average cost to 2.25% for the three months ended March 31, 2015, from 2.39% for the three months ended March 31, 2014, partially offset by an increase of $84.8 million in the average balance to $4.24 billion for the three months ended March 31, 2015, from $4.15 billion for the three months ended March 31, 2014. The decline in the average cost of borrowings for the 2015 first quarter compared to the 2014 first quarter was primarily due to the restructuring of $600.0 million of borrowings, primarily in the 2014 fourth quarter, which resulted in a reduction of the weighted average interest rate on such borrowings from 4.19% to 3.73% and an extension of terms from a weighted average remaining term at the time of the restructuring of approximately 2.5 years to approximately 4.5 years. Increased utilization of lower cost short-term borrowings, coupled with the repayment of higher rate borrowings as they matured during 2014, also contributed to the decline in the average cost of borrowings for the 2015 first quarter compared to the 2014 first quarter.

Provision for Loan Losses (Credited) Charged to Operations

We review our allowance for loan losses on a quarterly basis. Material factors considered during our quarterly review are the composition and size of our loan portfolio, the levels and composition of delinquent and non-performing loans, our loss history and our evaluation of the housing and real estate markets and the current economic environment. We continue to closely monitor the local and national real estate markets and other factors related to risks inherent in our loan portfolio. We are impacted by both national and regional economic factors, with residential mortgage loans from various regions of the country held in our portfolio and our multi-family and commercial real estate mortgage loan portfolio concentrated in the New York metropolitan area. Although the U.S. economy has shown signs of modest improvement, the operating environment continues to remain challenging. Interest rates have been at or near historical lows and we expect them to remain low for the near term. Long-term interest rates declined during 2014 and into the 2015 first quarter, with the ten-year U.S. Treasury rate decreasing from 2.17% at the end of December 2014 to 1.92% at the end of March 2015. The national unemployment rate remained essentially unchanged at 5.5% for March 2015 compared to December 2014, and new job growth in 2015 has continued its slow pace. We believe market conditions generally remain favorable in the New York metropolitan area with respect to our multi-family mortgage loan origination activities, though some competitor institutions in this market have offered rates and/or product terms at levels which we have chosen not to offer and which we believe do not fit our current risk tolerance.

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We recorded a provision for loan losses credited to operations of $343,000 for the three months ended March 31, 2015, compared to a provision for loan losses charged to operations of $1.6 million for the three months ended March 31, 2014. The allowance for loan losses totaled $110.5 million at March 31, 2015, compared to $111.6 million at December 31, 2014, representing 0.93% of total loans at March 31, 2015 and December 31, 2014. The allowance for loan losses as a percentage of non-performing loans increased to 92.95% at March 31, 2015, compared to 87.32% at December 31, 2014, primarily reflecting a decline in non-performing loans. The reduction in the allowance for loan losses at March 31, 2015 compared to December 31, 2014, and the provision credited to operations for the three months ended March 31, 2015, reflects the results of our quarterly reviews of the adequacy of the allowance for loan losses. We continue to maintain our allowance for loan losses at a level which we believe is appropriate given the levels of delinquent and non-performing loans and continued improvement in our loan loss experience, as well as the improved asset quality in our loan portfolio as a result of reductions in the balances of certain loan classes we believe bear higher risk, such as residential interest-only loans and loans originated prior to 2008 and multi-family and commercial real estate mortgage loans originated prior to 2011, the high quality of our loan originations and the contraction of the overall loan portfolio.

Non-performing loans, which are comprised primarily of mortgage loans and exclude loans held-for-sale, totaled $118.9 million, or 1.01% of total loans, at March 31, 2015, compared to $127.8 million, or 1.07% of total loans, at December 31, 2014. The decrease in non-performing loans and related ratio at March 31, 2015 compared to December 31, 2014 is primarily attributable to an decrease in non-performing multi-family mortgage loans. The changes in non-performing loans during any period are taken into account when determining the allowance for loan losses because the allowance coverage percentages related to our non-performing loans are generally higher than the allowance coverage percentages related to our performing loans. In evaluating our allowance coverage percentages for non-performing loans, we consider our aggregate historical loss experience with respect to the ultimate disposition of the underlying collateral. Net loan charge-offs decreased to $757,000, or three basis points of average loans outstanding, annualized, for the three months ended March 31, 2015, compared to $6.6 million, or 21 basis points of average loans outstanding, annualized, for the three months ended March 31, 2014. The decrease in net loan charge-offs for the 2015 first quarter compared to the 2014 first quarter reflected declines in net charge-offs in all loan categories.

When analyzing our asset quality trends and coverage ratios, consideration is given to the accounting for non-performing loans, particularly when reviewing our allowance for loan losses to non-performing loans ratio. Included in our non-performing loans are residential mortgage loans which are 180 days or more past due for which we update our estimates of collateral values annually. We record a charge-off for the portion of the recorded investment in these loans in excess of the estimated fair value of the underlying collateral less estimated selling costs. Therefore, certain losses inherent in our non-performing residential mortgage loans are being recognized through a charge-off at 180 days past due and annually thereafter. The impact of updating these estimates of collateral value and recognizing any required charge-offs is to increase charge-offs and reduce the allowance for loan losses required on these loans. Therefore, when reviewing the adequacy of the allowance for loan losses as a percentage of non-performing loans, the impact of these charge-offs is considered. Non-performing residential mortgage loans which were 180 days or more past due at March 31, 2015 totaled $31.3 million, net of $3.4 million in charge-offs related to such loans, compared to $23.8 million, net of $2.1 million in charge-offs related to such loans, at December 31, 2014.

While ratio analyses are used as a supplemental tool for evaluating the overall reasonableness of the allowance for loan losses, the adequacy of the allowance for loan losses is ultimately determined by the actual losses and charges recognized in the portfolio. We update our loss analyses quarterly to ensure that our allowance coverage percentages are adequate and the overall allowance for loan losses is our best estimate of loss as of a particular point in time. Our 2015first quarter analysis of loss severity on residential mortgage loans,

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defined as the ratio of net write-downs taken through disposition of the asset (typically the sale of REO or a short sale) to the loan’s original principal balance, indicated an average loss severity of approximately 26%, unchanged from our 2014 fourth quarter analysis. Our analysis in the 2015first quarter involved a review of residential REO sales and short sales which occurred during the 12 months ended December 31, 2014, as well as the sale of a substantial portion of our non-performing residential mortgage loans in the 2014 third quarter, and included both full documentation and reduced documentation loans in a variety of states with varying years of origination. Our 2015first quarter analysis of charge-offs on multi-family and commercial real estate mortgage loans during the 12 months ended December 31, 2014, which generally related to certain delinquent and non-performing loans transferred to held-for-sale, loans modified in a TDR or loans foreclosed upon and transferred to REO, indicated an average loss severity of approximately 32%, compared to approximately 28% in our 2014 fourth quarter analysis. We consider our average loss severity experience as a gauge in evaluating the overall adequacy of our allowance for loan losses. However, the uniqueness of each multi-family and commercial real estate loan, particularly multi-family loans within New York City, many of which are rent stabilized, is also factored into our analyses. We also consider the growth in our multi-family and commercial real estate mortgage loan portfolio in evaluating the adequacy of the allowance for loan losses. The ratio of the allowance for loan losses to non-performing loans was approximately 93% at March 31, 2015, which exceeds our average loss severity experience for our mortgage loan portfolios, supporting our determination that our allowance for loan losses is adequate to cover potential losses. For additional information on the sale of non-performing residential mortgage loans in the 2014 third quarter, see Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," in our 2014 Annual Report on Form 10-K.

We obtain updated estimates of collateral values on residential mortgage loans at 180 days past due and earlier in certain instances, including for loans to borrowers who have filed for bankruptcy, and, to the extent the loans remain delinquent, annually thereafter. Updated estimates of collateral values on residential loans are obtained primarily through automated valuation models. Additionally, our loan servicer performs property inspections to monitor and manage the collateral on our residential loans when they become 45 days past due and monthly thereafter until the foreclosure process is complete. We obtain updated estimates of collateral value using third party appraisals on non-performing multi-family and commercial real estate mortgage loans when the loans initially become non-performing and annually thereafter and multi-family and commercial real estate mortgage loans modified in a TDR at the time of the modification and annually thereafter. Appraisals on multi-family and commercial real estate loans are reviewed by our internal certified appraisers. We analyze our home equity lines of credit when such loans become 90 days past due and consider our lien position, the estimated fair value of the underlying collateral value and the results of recent property inspections in determining the need for an individual valuation allowance. We also obtain updated estimates of collateral value for certain other loans when the Asset Classification Committee believes repayment of such loans may be dependent on the value of the underlying collateral. Adjustments to final appraised values obtained from independent third party appraisers and automated valuation models are not made.

Total delinquent loans declined $28.0 million to $142.7 million at March 31, 2015, compared to $170.7 million at December 31, 2014. The decrease in total delinquent loans at March 31, 2015 compared to December 31, 2014 includes a decrease of $17.0 million in delinquent residential mortgage loans, due primarily to a decline in loans which were 30-59 days past due, and a decline of $10.1 million in delinquent multi-family and commercial real estate mortgage loans, due primarily to a decline in loans which were 90 days or more past due. Net loan charge-offs increased to $757,000 for the 2015 first quarter compared to net loan recoveries of $316,000 for the 2014 fourth quarter. The national unemployment rate was 5.5% for March 2015, compared to 5.6% for December 2014, and there were job gains for the quarter totaling 591,000 at the time of our analysis. We continued to update our charge-off and loss analyses, including our predictive models, during the 2015 first quarter and updated our allowance coverage percentages accordingly. As a

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result of these factors, our allowance for loan losses decreased compared to December 31, 2014 and totaled $110.5 million at March 31, 2015 which resulted in a provision for loan losses credited to operations of $343,000 for the 2015 first quarter.

There are no material assumptions relied on by management which have not been made apparent in our disclosures or reflected in our asset quality ratios and activity in the allowance for loan losses. We believe our allowance for loan losses has been established and maintained at levels that reflect the risks inherent in our loan portfolio, giving consideration to the composition and size of our loan portfolio, the levels and composition of delinquent and non-performing loans, our loss history and our evaluation of the housing and real estate markets and the current economic environment. The balance of our allowance for loan losses represents management’s best estimate of the probable inherent losses in our loan portfolio at March 31, 2015 and December 31, 2014.

For further discussion of the methodology used to determine the allowance for loan losses, see “Critical Accounting Policies-Allowance for Loan Losses” and for further discussion of our loan portfolio composition and non-performing loans, see “Asset Quality” and Note 3 of Notes to Consolidated Financial Statements (Unaudited) in Part I, Item 1, “Financial Statements (Unaudited).”

Non-Interest Income

Non-interest income decreased $736,000 to $12.9 million for the three months ended March 31, 2015, from $13.7 million for the three months ended March 31, 2014, primarily due to decreases in customer service fees and mortgage banking income, net, partially offset by increases in other non-interest income, primarily due to insurance proceeds in 2015 from an individual life insurance policy on a former executive, and income from bank owned life insurance reflecting an increase in the crediting rate paid on our investment.

Customer service fees decreased $809,000 to $8.2 million for the three months ended March 31, 2015, compared to $9.0 million for the three months ended March 31, 2014. This decline was primarily due to lower commissions on sales of annuity and insurance products, checking account charges, including overdraft charges, and automated teller machine fees.

Mortgage banking income, net, which includes loan servicing fees, net gain on sales of loans, amortization of MSR and provision for MSR valuation, decreased to $327,000 for the three months ended March 31, 2015, compared to $800,000 for the three months ended March 31, 2014. This decrease was primarily due to a higher provision for MSR valuation in the 2015 first quarter compared to the 2014 first quarter. The provision recorded in 2015 was reflective of an increase in the weighted average constant prepayment rate on mortgages and a corresponding decrease in the estimated weighted average life of the servicing portfolio at March 31, 2015, compared to December 31, 2014, primarily attributable to the decrease in the U.S. Treasury rates in the 2015 first quarter.

Non-Interest Expense

Non-interest expense decreased slightly to $70.1 million for the three months ended March 31, 2015, compared to $70.2 million for the three months ended March 31, 2014, as decreases in federal deposit insurance premium expense and other non-interest expense were substantially offset by increases in compensation and benefits expense, occupancy, equipment and systems expense and advertising expense. Our percentage of general and administrative expense to average assets, annualized, was 1.80% for the three months ended March 31, 2015 and 1.79% for the three months ended March 31, 2014.

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Compensation and benefits expense increased $2.9 million to $36.3 million for the three months ended March 31, 2015, from $33.4 million for the three months ended March 31, 2014. The increase included higher salaries, pension and other postretirement benefit costs and employer matching contributions for the 401(k) plan, partially offset by lower stock-based compensation costs, for the 2015 first quarter compared to the 2014 first quarter. Net periodic cost for our defined benefit pension plans and other postretirement benefit plan totaled $426,000 for the 2015 first quarter, compared to a net periodic benefit of $384,000 for the 2014 first quarter, an increase of $810,000 in this cost. This increase was primarily attributable to an increase in recognized net actuarial loss.

Occupancy, equipment and systems expense increased $1.5 million to $19.7 million for the three months ended March 31, 2015, compared to $18.2 million for the three months ended March 31, 2014, reflecting increases in building repairs and maintenance, software maintenance and other data processing charges, depreciation expense and rent expense. Federal deposit insurance premium expense decreased $4.4 million to $4.2 million for the three months ended March 31, 2015, compared to $8.6 million for the three months ended March 31, 2014, primarily due to a reduction in our assessment rate. Other non-interest expense decreased $672,000 to $7.7 million for the 2015 first quarter, compared to $8.4 million for the 2014 first quarter, primarily due to a decline in foreclosure and other REO related expenses to $896,000 for the three months ended March 31, 2015, compared to $1.7 million for the three months ended March 31, 2014.

Income Tax Expense (Benefit)

Income tax expense increased $11.4 million to $9.6 million, representing an effective tax rate of 33.2%, for the three months ended March 31, 2015, compared to an income tax benefit of $1.8 million for the three months ended March 31, 2014. The increase in income tax expense was largely due to an $11.5 million net tax benefit recognized in the 2014 first quarter reflecting the impact of the 2014 NY State legislation enacted on March 31, 2014. While the 2014 NY State legislation generally became effective in 2015, the nature of the changes resulted in the recognition of certain deferred tax assets, with a corresponding reduction of income tax expense, in the 2014 first quarter. Prior to the effective date of the 2014 NY State legislation, we were subject to taxation in NY State under an alternative taxation method based on assets. The 2014 NY State legislation, among other things, removes that alternative method. Further, the new law (1) requires that we will be taxed in a manner that resulted in an increase in our tax expense beginning in 2015 and (2) caused us to recognize temporary differences and net operating loss carry-forward benefits in 2014 which we were unable to recognize previously. The impact of the 2014 NY State legislation more than offset our income tax expense resulting from current operations of $9.7 million for the three months ended March 31, 2014, representing an effective tax rate of 32.6%. See "Results of Operations - General" for a reconciliation of income tax expense as reported and income tax expense excluding the impact of the 2014 NY State legislation for the three months ended March 31, 2014 which is a non-GAAP financial measure.

On April 13, 2015, 2015 NY State legislation was signed into law in NY State that, among other things, (1) conforms NY City banking income tax laws to the 2014 NY State legislation, and (2) makes technical corrections to the 2014 NY State legislation. See Note 1 of Notes to Consolidated Financial Statements (Unaudited) in Part I, Item 1, "Financial Statements (Unaudited)," and Part II, Item 1A, "Risk Factors," for additional information.

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Asset Quality

One of our key operating objectives has been and continues to be to maintain a high level of asset quality.  We continue to employ sound underwriting standards for new loan originations.  Through a variety of strategies, including, but not limited to, collection efforts and the marketing of delinquent and non-performing loans and foreclosed properties, we have been proactive in addressing problem and non-performing assets which, in turn, has helped to maintain the strength of our financial condition.

As a result of our continuing efforts to reposition the asset mix of our balance sheet, we have experienced increases in our multi-family and commercial real estate mortgage loan portfolio and declines in our residential mortgage loan portfolio over the past few years. During the 2015 first quarter, our multi-family mortgage loan portfolio increased to represent 34% of our total loan portfolio at March 31, 2015, compared to 33% at December 31, 2014. In contrast, our residential mortgage loan portfolio decreased to represent 57% of our total loan portfolio at March 31, 2015, compared to 58% at December 31, 2014. At March 31, 2015 and December 31, 2014, our commercial real estate mortgage loan portfolio represented 7% of our total loan portfolio and the remaining 2% of our total loan portfolio was comprised of consumer and other loans.

We continue to adhere to prudent underwriting standards.  We underwrite our residential mortgage loans primarily based upon our evaluation of the borrower’s ability to pay.  We do not originate negative amortization loans, payment option loans or other loans with short-term interest-only periods.  Additionally, we do not originate one-year ARM loans.  The ARM loans in our portfolio which currently reprice annually represent hybrid ARM loans (interest-only and amortizing) which have passed their initial fixed rate period.  Interest-only loans in our portfolio require the borrower to pay interest only during the first ten years of the loan term. After the tenth anniversary of the loan, principal and interest payments are required to amortize the loan over the remaining loan term. During the 2010 third quarter, we stopped offering interest-only loans.  At March 31, 2015, $1.14 billion of residential mortgage loans originated in prior years as interest-only loans were included in our portfolio of amortizing residential mortgage loans as a result of a refinance with us or through the conversion to amortizing loans at the end of their initial interest-only period, of which $131.3 million were refinanced or converted to amortizing loans during the three months ended March 31, 2015. Non-performing amortizing residential mortgage loans at March 31, 2015 included $19.9 million of loans originated as interest-only loans that are amortizing as a result of a refinance with us or through the conversion to amortizing at the end of their initial interest-only period. Reduced documentation loans in our portfolio are comprised primarily of SIFA (stated income, full asset) loans.  To a lesser extent, reduced documentation loans in our portfolio also include SISA (stated income, stated asset) loans.  During the 2007 fourth quarter, we stopped offering reduced documentation loans.

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At March 31, 2015 and at December 31, 2014, full documentation loans comprised 91% of our total mortgage loan portfolio and comprised 85% of our residential mortgage loan portfolio.  The following table provides further details on the composition of our residential mortgage loan portfolio in dollar amounts and percentages of the portfolio at the dates indicated.

	At March 31, 2015				At December 31, 2014
(Dollars in Thousands)	Amount		Percent of Total		Amount		Percent of Total
Residential mortgage loans:
Full documentation interest-only (1)	$	755,660	11.34	%	$	854,182	12.43	%
Full documentation amortizing	4,917,892		73.83		5,003,693		72.79
Reduced documentation interest-only (1)(2)	566,589		8.51		611,008		8.89
Reduced documentation amortizing (2)	420,759		6.32		404,653		5.89
Total residential mortgage loans	$	6,660,900	100.00	%	$	6,873,536	100.00	%

(1) Includes interest-only hybrid ARM loans originated prior to 2007 which were underwritten at the initial note rate, which may have been a discounted rate, totaling $926.6 million at March 31, 2015 and $1.06 billion at December 31, 2014.

(2) Includes SISA loans totaling $146.4 million at March 31, 2015 and $148.9 million at December 31, 2014.

Non-Performing Assets

The following table sets forth information regarding non-performing assets at the dates indicated.

(Dollars in Thousands)	At March 31, 2015				At December 31, 2014
Non-performing loans (1) (2):
Mortgage loans:
Residential		$	99,130			$	100,155
Multi-family		6,004				13,646
Commercial real estate		6,909				7,971
Consumer and other loans		6,836				6,040
Total non-performing loans		118,879				127,812
REO, net (3)		30,160				35,723
Total non-performing assets		$	149,039			$	163,535
Non-performing loans to total loans		1.01		%		1.07		%
Non-performing loans to total assets		0.77				0.82
Non-performing assets to total assets		0.96				1.05
Allowance for loan losses to non-performing loans		92.95				87.32
Allowance for loan losses to total loans		0.93				0.93

_______________________________________________

(1) Non-performing loans, substantially all of which are non-accrual loans, included loans modified in a TDR totaling $67.4 million at March 31, 2015 and $68.4 million at December 31, 2014. Non-performing loans exclude loans which have been modified in a TDR that have been returned to accrual status.

(2) Includes mortgage loans 90 days or more past due, primarily as to their maturity date but not their interest due, and still accruing interest totaling $4.1 million at December 31, 2014.

(3) REO is net of a valuation allowance of $791,000 at March 31, 2015 and $839,000 at December 31, 2014 and included residential properties with a carrying value of $28.1 million at March 31, 2015 and $33.7 million at December 31, 2014.

Total non-performing assets decreased $14.5 million to $149.0 million at March 31, 2015 compared to $163.5 million at December 31, 2014, primarily due to a decrease in non-performing loans, which are comprised primarily of mortgage loans and exclude loans held-for-sale, coupled with a decrease in REO, net. The ratio of non-performing assets to total assets decreased to 0.96% at March 31, 2015, compared to 1.05% at December 31, 2014, primarily due to the decline in non-performing assets. Non-performing loans, the most significant component of non-performing assets, decreased $8.9 million to $118.9 million at March 31, 2015, compared to $127.8 million at December 31, 2014. The ratio of non-performing loans to total loans decreased to 1.01% at March 31, 2015, compared to 1.07% at December 31, 2014. The decrease in non-performing

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loans and related ratio at March 31, 2015 compared to December 31, 2014 was primarily attributable to a decrease in non-performing multi-family mortgage loans, due in large part to the sale of a group of related loans to an unrelated third party at a price that approximated the recorded investment in the loans. REO, net, decreased $5.6 million during the 2015 first quarter to $30.2 million at March 31, 2015. This decline reflected an excess of the volume of REO sold over the volume of loans that shifted from non-performing delinquent loans to REO through the completion of the foreclosure process during the 2015 first quarter.

We may agree, in certain instances, to modify the contractual terms of a borrower’s loan.  In cases where such modifications represent a concession to a borrower experiencing financial difficulty, the modification is considered a TDR.  Modifications as a result of a TDR may include, but are not limited to, interest rate modifications, payment deferrals, restructuring of payments to interest-only from amortizing and/or extensions of maturity dates.  Modifications which result in insignificant payment delays and payment shortfalls are generally not classified as a TDR. Residential mortgage loans discharged in a Chapter 7 bankruptcy filing are also reported as loans modified in a TDR as relief granted by a court is also viewed as a concession to the borrower in the loan agreement.  Loans modified in a TDR are individually classified as impaired and are initially placed on non-accrual status regardless of their delinquency status and reported as non-performing loans.  Loans modified in a TDR which are included in non-performing loans totaled $67.4 million at March 31, 2015 and $68.4 million at December 31, 2014, of which $58.1 million at March 31, 2015 and $60.4 million at December 31, 2014 were current or less than 90 days past due. Loans modified in a TDR remain as non-performing loans in non-accrual status until we determine that future collection of principal and interest is reasonably assured.  Where we have agreed to modify the contractual terms of a borrower’s loan, we require the borrower to demonstrate performance according to the restructured terms, generally for a period of at least six months, prior to returning the loan to accrual status.  Loans modified in a TDR which have been returned to accrual status are excluded from non-performing loans, but remain classified as impaired.  As a result of the migration of restructured loans from non-accrual to accrual status as borrowers complied with the terms of their restructure agreement for a satisfactory period of time, restructured accruing loans increased to $111.3 million at March 31, 2015, compared to $106.0 million at December 31, 2014.

We discontinue accruing interest on loans when they become 90 days past due as to their payment due date and at the time a loan is deemed a TDR.  We may also discontinue accruing interest on certain other loans because of deterioration in financial or other conditions of the borrower.  In addition, we reverse all previously accrued and uncollected interest through a charge to interest income.  While loans are in non-accrual status, interest due is monitored and, presuming we deem the remaining recorded investment in the loan to be fully collectible, income is recognized only to the extent cash is received until a return to accrual status is warranted.  In some circumstances, we may continue to accrue interest on mortgage loans 90 days or more past due, primarily as to their maturity date but not their interest due.  In other cases, we may defer recognition of income until the principal balance has been recovered.  If all non-accrual loans at March 31, 2015 and 2014 had been performing in accordance with their original terms, we would have recorded interest income, with respect to such loans, of $1.3 million for the three months ended March 31, 2015 and $3.7 million for the three months ended March 31, 2014.  Actual payments recorded as interest income, with respect to such loans, totaled $691,000 for the three months ended March 31, 2015 and $1.1 million for the three months ended March 31, 2014.

In addition to non-performing loans, we had $138.5 million of potential problem loans at March 31, 2015, including $83.7 million of residential mortgage loans and $51.6 million of multi-family and commercial real estate mortgage loans, compared to $132.8 million of potential problem loans at December 31, 2014, including $85.3 million of residential mortgage loans and $46.5 million of multi-family and commercial real estate mortgage loans. Such loans include loans 60-89 days past due and accruing interest and certain other internally adversely classified loans.

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Non-performing residential mortgage loans continue to include a greater concentration of reduced documentation loans as compared to the entire residential mortgage loan portfolio. Reduced documentation loans represented only 15% of the residential mortgage loan portfolio, yet represented 48% of non-performing residential mortgage loans at March 31, 2015. The following table provides further details on the composition of our non-performing residential mortgage loans in dollar amounts and percentages of the portfolio, at the dates indicated.

	At March 31, 2015				At December 31, 2014
(Dollars in Thousands)	Amount		Percent of Total		Amount		Percent of Total
Non-performing residential mortgage loans:
Full documentation interest-only	$	24,733	24.95	%	$	28,027	27.98	%
Full documentation amortizing	27,162		27.40		21,813		21.78
Reduced documentation interest-only	39,923		40.27		42,584		42.52
Reduced documentation amortizing	7,312		7.38		7,731		7.72
Total non-performing residential mortgage loans (1)	$	99,130	100.00	%	$	100,155	100.00	%

(1) Includes $52.4 million of loans less than 90 days past due at March 31, 2015, of which $46.4 million were current, and includes $55.2 million of loans less than 90 days past due at December 31, 2014, of which $49.1 million were current.

The following table provides details on the geographic composition of both our total and non-performing residential mortgage loans at March 31, 2015.

	Residential Mortgage Loans At March 31, 2015
(Dollars in Millions)	Total Loans			Percent of Total Loans			Total Non-Performing Loans (1)			Percent of Total Non-Performing Loans			Non-Performing Loans as Percent of State Totals
State:
New York		$	1,982.3		29.6	%		$	10.5		10.6	%		0.53	%
Connecticut		654.5			9.8			6.2			6.3			0.95
Illinois		576.7			8.7			13.3			13.4			2.31
Massachusetts		569.9			8.6			2.7			2.7			0.47
Virginia		503.2			7.6			12.2			12.3			2.42
New Jersey		458.7			6.9			16.5			16.7			3.60
Maryland		426.4			6.4			14.5			14.6			3.40
California		380.6			5.7			10.9			11.0			2.86
Washington		210.2			3.2			—			—			—
Texas		168.5			2.5			—			—			—
All other states (2)(3)		729.9			11.0			12.3			12.4			1.69
Total		$	6,660.9		100.0	%		$	99.1		100.0	%		1.49	%

(1) Includes $52.4 million of loans which were current or less than 90 days past due.

(2)Includes 25 states and Washington, D.C.

(3)Includes Florida with $116.3 million of total loans, of which $3.5 million were non-performing loans.

At March 31, 2015, substantially all of our multi-family and commercial real estate mortgage loans and all of the non-performing multi-family and commercial real estate mortgage loans were secured by properties located in the New York metropolitan area.

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Delinquent Loans

The following table shows a comparison of delinquent loans at the dates indicated.  Delinquent loans are reported based on the number of days the loan payments are past due.

		30-59 Days Past Due					60-89 Days Past Due					90 Days or More Past Due
(Dollars in Thousands)	Number of Loans		Amount			Number of Loans		Amount			Number of Loans		Amount
At March 31, 2015:
Mortgage loans:
Residential		204	$	58,611			59	$	17,208			158	$	46,749
Multi-family		29	7,094				5	737				15	2,064
Commercial real estate		4	1,461				1	180				—	—
Consumer and other loans		40	1,168				17	767				54	6,691
Total delinquent loans		277	$	68,334			82	$	18,892			227	$	55,504
Delinquent loans to total loans			0.58		%			0.16		%			0.47		%
At December 31, 2014:
Mortgage loans:
Residential		255	$	73,326			70	$	21,290			148	$	44,989
Multi-family		26	4,294				11	2,568				26	8,917
Commercial real estate		7	2,476				1	493				2	2,888
Consumer and other loans		58	2,430				17	962				52	6,040
Total delinquent loans		346	$	82,526			99	$	25,313			228	$	62,834
Delinquent loans to total loans			0.69		%			0.21		%			0.53		%

Delinquent loans totaled $142.7 million at March 31, 2015, a decline of $28.0 million compared to $170.7 million at December 31, 2014. The decrease in total delinquent loans at March 31, 2015 compared to December 31, 2014 includes a decrease of $17.0 million in delinquent residential mortgage loans, due primarily to a decline in loans which were 30-59 days past due, and a decline of $10.1 million in delinquent multi-family and commercial real estate mortgage loans, due primarily to a decline in loans which were 90 days or more past due.

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Allowance for Loan Losses

The following table summarizes activity in the allowance for loan losses.

(In Thousands)	For the Three Months Ended   March 31, 2015
Balance at January 1, 2015		$	111,600
Provision credited to operations		(343		)
Charge-offs:
Residential		(1,757		)
Multi-family		(242		)
Commercial real estate		(142		)
Consumer and other loans		(349		)
Total charge-offs		(2,490		)
Recoveries:
Residential		806
Multi-family		818
Consumer and other loans		109
Total recoveries		1,733
Net charge-offs		(757		)
Balance at March 31, 2015		$	110,500

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

As a financial institution, the primary component of our market risk is interest rate risk.  The objective of our interest rate risk management policy is to maintain an appropriate mix and level of assets, liabilities and off-balance sheet items to enable us to meet our earnings and/or growth objectives, while maintaining specified minimum capital levels as required by our primary banking regulator and as established by our Board of Directors.  We use a variety of analyses to monitor, control and adjust our asset and liability positions, primarily interest rate sensitivity gap analysis, or gap analysis, and net interest income sensitivity analysis.  Additional interest rate risk modeling is done by Astoria Bank in conformity with regulatory requirements.

Gap Analysis

Gap analysis measures the difference between the amount of interest-earning assets anticipated to mature or reprice within specific time periods and the amount of interest-bearing liabilities anticipated to mature or reprice within the same time periods.  Gap analysis does not indicate the impact of general interest rate movements on our net interest income because the actual repricing dates of various assets and liabilities will differ from our estimates and it does not give consideration to the yields and costs of the assets and liabilities or the projected yields and costs to replace or retain those assets and liabilities.  Callable features of certain assets and liabilities, in addition to the foregoing, may also cause actual experience to vary from the analysis.

The following table, referred to as the Gap Table, sets forth the amount of interest-earning assets and interest-bearing liabilities outstanding at March 31, 2015 that we anticipate will reprice or mature in each of the future time periods shown using certain assumptions based on our historical experience and other market-based data available to us.  The Gap Table includes $900.0 million of borrowings which are callable within one year and on a quarterly basis thereafter, classified according to their maturity dates primarily in the more than three years to five years category, and $1.05 billion of borrowings callable in more than one year to three years, classified according to their maturity dates in the more than five years category.  In addition, the

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Gap Table includes callable securities with an amortized cost of $227.4 million, substantially all of which are callable within one year and at various times thereafter, classified according to their maturity dates in the more than five years category.  The classification of callable borrowings and securities according to their maturity dates is based on our experience with, and expectations of, the behavior of these types of instruments in the current interest rate environment.  As indicated in the Gap Table, our one-year interest rate sensitivity gap at March 31, 2015 was negative 0.02% compared to negative 1.87% at December 31, 2014.

	At March 31, 2015
(Dollars in Thousands)	One Year or Less			More than One Year to Three Years			More than Three Years to Five Years			More than Five Years			Total
Interest-earning assets:
Mortgage loans (1)	$	3,988,612		$	3,466,582		$	2,987,316		$	1,028,649		$	11,471,159
Consumer and other loans (1)	218,781			20,390			2,476			4,602			246,249
Interest-earning cash accounts	136,805			—			—			—			136,805
Securities available-for-sale	79,031			87,937			104,363			134,998			406,329
Securities held-to-maturity	287,328			390,651			530,986			885,036			2,094,001
FHLB-NY stock	—			—			—			141,622			141,622
Total interest-earning assets	4,710,557			3,965,560			3,625,141			2,194,907			14,496,165
Net unamortized purchase premiums and deferred costs (2)	20,731			19,189			19,035			15,764			74,719
Net interest-earning assets (3)	4,731,288			3,984,749			3,644,176			2,210,671			14,570,884
Interest-bearing liabilities:
Savings	285,777			352,112			352,112			1,240,515			2,230,516
Money market	1,330,185			327,874			327,874			421,587			2,407,520
NOW and demand deposit	140,038			280,051			280,051			1,600,882			2,301,022
Certificates of deposit	1,387,950			686,859			393,162			—			2,467,971
Borrowings, net	1,590,000			573,824			800,000			1,150,000			4,113,824
Total interest-bearing liabilities	4,733,950			2,220,720			2,153,199			4,412,984			13,520,853
Interest rate sensitivity gap	(2,662		)	1,764,029			1,490,977			(2,202,313		)	$	1,050,031
Cumulative interest rate sensitivity gap	$	(2,662	)	$	1,761,367		$	3,252,344		$	1,050,031
Cumulative interest rate sensitivity gap as a percentage of total assets	(0.02		)%	11.34		%	20.93		%	6.76		%
Cumulative net interest-earning assets as a percentage of interest-bearing liabilities	99.94		%	125.33		%	135.71		%	107.77		%

_______________________________________________

(1) Mortgage loans and consumer and other loans include loans held-for-sale and exclude non-performing loans, except non-performing residential mortgage loans which are current or less than 90 days past due, and the allowance for loan losses.

(2) Net unamortized purchase premiums and deferred costs are prorated.

(3) Includes securities available-for-sale at amortized cost.

66

Net Interest Income Sensitivity Analysis

In managing interest rate risk, we also use an internal income simulation model for our net interest income sensitivity analyses.  These analyses measure changes in projected net interest income over various time periods resulting from hypothetical changes in interest rates.  The interest rate scenarios most commonly analyzed reflect gradual and reasonable changes over a specified time period, which is typically one year.  The base net interest income projection utilizes similar assumptions as those reflected in the Gap Table, assumes that cash flows are reinvested in similar assets and liabilities and that interest rates as of the reporting date remain constant over the projection period.  For each alternative interest rate scenario, corresponding changes in the cash flow and repricing assumptions of each financial instrument, consisting of all our interest-earning assets and interest-bearing liabilities included in the Gap Table, are made to determine the impact on net interest income.

We perform analyses of interest rate increases and decreases of up to 400 basis points (when reasonably practical) over various time horizons although changes in interest rates of 200 basis points over a one year horizon is a more common and reasonable scenario for analytical purposes. Assuming the entire yield curve was to increase 200 basis points, through quarterly parallel increments of 50 basis points, our projected net interest income for the 12 month period beginning April 1, 2015 would decrease by approximately 6.44% from the base projection. At December 31, 2014, in the up 200 basis point scenario, our projected net interest income for the 12 month period beginning January 1, 2015 would have decreased by approximately 7.18% from the base projection. The current low interest rate environment prevents us from performing an income simulation for a decline in interest rates of the same magnitude and timing as our rising interest rate simulation, since certain asset yields, liability costs and related indices are below 2.00%. However, assuming the entire yield curve was to decrease 100 basis points, through quarterly parallel decrements of 25 basis points, our projected net interest income for the 12 month period beginning April 1, 2015 would decrease by approximately 2.31% from the base projection. At December 31, 2014, in the down 100 basis point scenario, our projected net interest income for the 12 month period beginning January 1, 2015 would have decreased by approximately 2.66% from the base projection. The down 100 basis point scenarios include some limitations as well since certain indices, yields and costs are already below 1.00%.

Various shortcomings are inherent in both gap analyses and net interest income sensitivity analyses.  Certain assumptions may not reflect the manner in which actual yields and costs respond to market changes.  Similarly, prepayment estimates and similar assumptions are subjective in nature, involve uncertainties and, therefore, cannot be determined with precision.  Changes in interest rates may also affect our operating environment and operating strategies as well as those of our competitors.  In addition, certain adjustable rate assets have limitations on the magnitude of rate changes over specified periods of time.  Accordingly, although our net interest income sensitivity analyses may provide an indication of our interest rate risk exposure, such analyses are not intended to and do not provide a precise forecast of the effect of changes in market interest rates on our net interest income and our actual results will differ.  Additionally, certain assets, liabilities and items of income and expense which may be affected by changes in interest rates, albeit to a much lesser degree, and which do not affect net interest income, are excluded from this analysis.  These include income from bank owned life insurance and changes in the fair value of MSR.  With respect to these items alone, and assuming the entire yield curve was to increase 200 basis points, through quarterly parallel increments of 50 basis points, our projected net income for the 12 month period beginning April 1, 2015 would increase by approximately $3.6 million.  Conversely, assuming the entire yield curve was to decrease 100 basis points, through quarterly parallel decrements of 25 basis points, our projected net income for the 12 month period beginning April 1, 2015 would decrease by approximately $3.3 million with respect to these items alone.

67

For further information regarding our market risk and the limitations of our gap analysis and net interest income sensitivity analysis, see Part II, Item 7A, “Quantitative and Qualitative Disclosures about Market Risk,” included in our 2014 Annual Report on Form 10-K.

ITEM 4. Controls and Procedures

Monte N. Redman, our President and Chief Executive Officer, and Frank E. Fusco, our Senior Executive Vice President and Chief Financial Officer, conducted an evaluation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of March 31, 2015.  Based upon their evaluation, they each found that our disclosure controls and procedures were effective to ensure that information required to be disclosed in the reports we file and submit under the Exchange Act is recorded, processed, summarized and reported as and when required and that such information is accumulated and communicated to our management as appropriate to allow timely decisions regarding required disclosure.

There were no changes in our internal controls over financial reporting that occurred during the three months ended March 31, 2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II -OTHER INFORMATION

ITEM 1. Legal Proceedings

In the ordinary course of our business, we are routinely made a defendant in or a party to pending or threatened legal actions or proceedings which, in some cases, seek substantial monetary damages from or other forms of relief against us.  In our opinion, after consultation with legal counsel, we believe it unlikely that such actions or proceedings will have a material adverse effect on our financial condition, results of operations or liquidity.

City of New York Notice of Determination

By "Notice of Determination" dated September 14, 2010 and August 26, 2011, or the 2010 and 2011 Notices, the City of New York notified us of alleged tax deficiencies in the amount of $13.3 million, including interest and penalties, related to our 2006 through 2008 tax years. The deficiencies related to our operation of Fidata and AF Mortgage, subsidiaries of Astoria Bank. We disagree with the assertion of the tax deficiencies. Hearings in this matter were held before the NYC Tax Appeals Tribunal in March and April 2013. On October 29, 2014, the NYC Tax Appeals Tribunal issued a decision favorable to us canceling the 2010 and 2011 Notices. The City of New York appealed the decision of the NYC Tax Appeals Tribunal. The parties are in the process of preparing and submitting briefs to the NYC Tax Appeals Tribunal and a hearing date for the appeal will be set after all briefs have been submitted. At this time, management believes it is more likely than not that we will succeed in defending against the City of New York's appeal. Accordingly, no liability or reserve has been recognized in our consolidated statement of financial condition at March 31, 2015 with respect to this matter.

By "Notice of Determination" dated November 19, 2014, or the 2014 Notice, the City of New York notified us of an alleged tax deficiency in the amount of $6.1 million, including interest and penalties, related to our 2009 and 2010 tax years. This deficiency related to our operation of Fidata and AF Mortgage and the basis of the 2014 Notice is substantially the same as that of the 2010 and 2011 Notices. We disagree with the assertion of the tax deficiency and we filed a Petition for Hearing with the City of New York on February 13, 2015 to oppose the 2014 Notice. At this time, management believes it is more likely than not that we will succeed in refuting the City of New York's position asserted in the 2014 Notice. Accordingly, no liability or reserve has been recognized in our consolidated statement of financial condition at March 31, 2015 with respect to this matter.

68

No assurance can be given as to whether or to what extent we will be required to pay the amount of the tax deficiencies asserted by the City of New York, whether additional tax will be assessed for years subsequent to 2010, that these matters will not be costly to oppose, that these matters will not have an impact on our financial condition or results of operations or that, ultimately, any such impact will not be material.

ITEM 1A.  Risk Factors

For a summary of risk factors relevant to our operations, see Part I, Item 1A, “Risk Factors,” in our 2014 Annual Report on Form 10-K.  There were no material changes in risk factors relevant to our operations since December 31, 2014 except as discussed below.

Recent NY State income tax legislation may result in an increase in income tax expense in the future.

On April 13, 2015, the 2015 NY State legislation was signed into law in NY State that, among other things, conforms NY City banking income tax laws to the 2014 NY State legislation that was enacted on March 31, 2014. The 2015 NY State legislation is effective retroactively to tax years beginning on or after January 1, 2015. Under GAAP, the effects of changes in tax law on current and deferred taxes are accounted for in the period that includes the enactment date of the change, which means that we will be adjusting to the impact of the legislation in the second quarter of 2015. We are continuing to evaluate and interpret the 2015 NY State legislation and the impact such legislation will have on us in future periods. We presently anticipate the net impact of adjusting to the legislation will result in a credit to income tax expense in the 2015 second quarter, followed most likely by a higher effective income tax rate going forward. The ultimate impact of the 2015 NY State legislation on our effective income tax rate going forward will depend on, among other things, the level and sources of our revenue and how that revenue is treated under the new legislation. However, we cannot predict the magnitude of such impact or whether such impact will be material to our future income tax expense and, therefore, on our results of operations.

ITEM 2.  Unregistered Sales of Equity Securities and Use of Proceeds

Our twelfth stock repurchase plan, approved by our Board of Directors on April 18, 2007, authorized the purchase of 10,000,000 shares, or approximately 10% of our common stock then outstanding, in open-market or privately negotiated transactions.  At March 31, 2015, a maximum of 8,107,300 shares may yet be purchased under this plan.  However, we are not currently repurchasing additional shares of our common stock and have not since the 2008 third quarter.

ITEM 3.  Defaults Upon Senior Securities

Not applicable.

ITEM 4.  Mine Safety Disclosures

Not applicable.

ITEM 5.  Other Information

Not applicable.

ITEM 6.  Exhibits

See Index of Exhibits on page 71.

69

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

				Astoria Financial Corporation
Dated:	May 8, 2015	By:	/s/	Monte N. Redman
				Monte N. Redman
				President and Chief Executive Officer
Dated:	May 8, 2015	By:	/s/	Frank E. Fusco
				Frank E. Fusco
				Senior Executive Vice President and
				Chief Financial Officer
				(Principal Accounting Officer)
Dated:	May 8, 2015	By:	/s/	John F. Kennedy
				John F. Kennedy
				Senior Vice President and
				Chief Accounting Officer

70

ASTORIA FINANCIAL CORPORATION AND SUBSIDIARIES

INDEX OF EXHIBITS

Exhibit No.	Identification of Exhibit
10.1	Letter Agreement, entered into as of September 14, 2014, by and between Astoria Bank and Hugh J. Donlon.
31.1	Certifications of Chief Executive Officer.
31.2	Certifications of Chief Financial Officer.
32.1	Written Statement of Chief Executive Officer and Chief Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Pursuant to SEC rules, this exhibit will not be deemed filed for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section.
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

71

EX-10.1

Exhibit 10.1

Astoria Bank
One Astoria Bank Plaza
Lake Success, NY11042
516.327.3000
www.astoriabank.com

September 11, 2014

Mr. Hugh Donlon
55 Meeker Road
Basking Ridge, NJ 07920

Dear Hugh:

On behalf of Astoria Bank and its savings and loan holding company, Astoria Financial Corporation (Collectively referred to herein as "Astoria") I am pleased to confirm our offer of employment to you as Chief Lending Officer of Astoria Bank. You will report directly to me and will have the title of Senior Executive Vice President (hereafter SEVP). Upon commencement of your employment, we will offer to you three year employment contracts with Astoria Bank and and Astoria Financial Corporation. These contracts are on terms specific to our SEVP and above employees and provide significant protections for both the employees, including but not limited to indemnification, participation in benefit programs, protections concerning place of employment and compensation levels, change of control and other severance benefits, and for the institutions in terms of, but not limited to, issues such as confidentiality, solicitation of employees and customers and non-compete provisions. Forms of these contracts are being separately provided to you for your prior review and that of your advisors.

Your initial biweekly base salary will be $17,307.69 ($450,000 on an annualized basis) and will generally be reviewed for possible upward adjustment on an annual basis. Additionally, you will receive a Signing Bonus of $325,000.00, payable at the conclusion of our first biweekly pay period of 2015. You will also receive a 2015 Bonus of not less than $325,000 payable at the conclusion of the first full payroll period after January 29, 2016, each subject to usual and customary tax withholding.

In recognition of the unvested shares held in the equity plans of your current employer which you may forfeit by accepting our offer and commencing employment with Astoria, we are prepared to provide to you the following additional compensation in the aggregate amount of $1,400,000.00 (hereafter Additional Compensation), valued as cash in the case of the cash component or the fair market value of Astoria Financial Corporation's common stock at the date of grant pursuant to the terms of our 2014 Amended and Restated Stock Incentive Plan for Officers and Employees of Astoria Financial Corporation. The Additional Compensation will be provided as follows: (i) a cash payment in the amount of $350,000.00, subject to usual and customary tax withholding, payable on April 1, 2015 and (ii) the balance in the form of a restricted stock grant to be made on the date of the first Board of Directors meeting of Astoria Financial Corporation following the commencement of your employment with Astoria. This grant will include dividend and voting rights prior to vesting and will vest, subject to the terms of your employment contracts with Astoria and the 2014 Amended and Restated Stock Incentive Plan for Officers and Employees of Astoria Financial Corporation, 1/3 on October 1, 2015, 1/3 on October 1, 2016, and 1/3 on October 1, 2017.

As a SEVP, you will be eligible for additional periodic grants of equity pursuant to the 2014 Amended and Restated Stock Incentive Plan for Officers and Employees of Astoria Financial Corporation. These grants are currently made in the form of half restricted stock, vesting 1/3 a year over a three years period, and half performance based restricted stock units which cliff vest based upon a one year performance period three years hence. Your equity grant in January 2015 under the 2014 Amended and Restated Stock Incentive Plan for Officers and Employees of Astoria Financial Corporation is to be not less than $427,500 granted in the form of 50% restricted stock and 50% performance based restricted stock units.

Additional usual and customary benefits applicable to SEVPs are summarized on the attached schedule. Such benefits are subject of course to the terms and conditions of the particular plans pursuant to which they are offered. Of particular note among such benefits is participation in the Astoria Financial Corporation Executive Officer Annual Incentive Plan and a company car for your business and personal use.

Upon your acceptance of this offer, we will work with you as we develop the necessary SEC and other public disclosures appropriate as a new senior executive officer of Astoria. We will at such time also assist in establishing or transitioning your status as a Securities Exchange Act Section 16 filer.

This offer is subject to your satisfactory completion of our standard drug test and FDIC prohibited offenses review to which all new employees are subject. Upon your acceptance of this offer, we will arrange for these with you through our Human Resources Department, as well as coordinate your start date.

This letter sets out the complete terms of our offer to you. While Astoria reserves its right to terminate your employment at any time; likewise, you are free to terminate your employment with Astoria at any time. Each such event would be subject to the terms and conditions of your employment contracts with Astoria described above. Please indicate your acceptance of this offer by no later than September 15, 2014 or this offer is void. Please sign and date this letter in the spaces provided below, return it and keep a copy of this letter for your records. This letter may be executed in counterparts and each as well as electronic transmissions thereof shall be treated as an original.

This letter supersedes any previous oral or written communication regarding your employment by Astoria.

We are pleased to welcome you to Astoria and wish you the best of luck and every success.

Sincerely,

/s/ Gerard C. Keegan    Gerard C. Keegan
Senior Executive Vice President and
Chief Operating Office

/s/ Hugh J. Donlon        9/14/14    
Hugh J. Donlon            Date

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Monte N. Redman, certify that:
1.	I have reviewed this Quarterly Report on Form 10-Q of Astoria Financial Corporation;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 8, 2015
/s/   Monte N. Redman
Monte N. Redman
President and Chief Executive Officer
Astoria Financial Corporation

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Frank E. Fusco, certify that:
1.	I have reviewed this Quarterly Report on Form 10-Q of Astoria Financial Corporation;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 8, 2015
/s/   Frank E. Fusco
Frank E. Fusco
Senior Executive Vice President and Chief Financial Officer
Astoria Financial Corporation

EX-32.1

Exhibit 32.1

STATEMENT FURNISHED PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

This statement is being furnished in connection with the filing by Astoria Financial Corporation (the “Company”) of the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2015 (the “Report”).

By execution of this statement, the undersigned, Monte N. Redman, as President and Chief Executive Officer of the Company, and Frank E. Fusco, as Senior Executive Vice President and Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(A) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)) and

(B) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods covered by the Report.

May 8, 2015	/s/	Monte N. Redman
Dated		Monte N. Redman
		President and Chief Executive Officer
May 8, 2015	/s/	Frank E. Fusco
Dated		Frank E. Fusco
		Senior Executive Vice President and
		Chief Financial Officer

XML

Loans Receivable and Allowance for Loan Losses (Multi-Family and Commercial Real Estate Loans, by Credit Quality Indicator) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator
Total	$ 11,775,840	$ 11,909,722
Mortgage loans (gross)
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator
Total	11,522,755	11,660,354
Mortgage loans (gross) | Multi-family
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator
Total	3,990,906	3,913,053
Mortgage loans (gross) | Multi-family | Not criticized
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator
Total	3,917,675	3,850,068
Mortgage loans (gross) | Multi-family | Special mention
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator
Total	43,832	30,975
Mortgage loans (gross) | Multi-family | Substandard
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator
Total	28,660	31,264
Mortgage loans (gross) | Multi-family | Doubtful
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator
Total	739	746
Mortgage loans (gross) | Commercial real estate
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator
Total	870,949	873,765
Mortgage loans (gross) | Commercial real estate | Not criticized
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator
Total	814,941	817,404
Mortgage loans (gross) | Commercial real estate | Special mention
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator
Total	21,443	22,584
Mortgage loans (gross) | Commercial real estate | Substandard
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator
Total	33,461	32,664
Mortgage loans (gross) | Commercial real estate | Doubtful
Balances of multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator
Total	$ 1,104	$ 1,113

XML

Investments in Affordable Housing Limited Partnerships (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Other Assets
Schedule of Equity Method Investments [Line Items]
Investment in affordable housing limited partnerships	$ 18,000,000		$ 18,300,000
Other Liabilities
Schedule of Equity Method Investments [Line Items]
Obligations relating to investments in affordable housing limited partnerships	14,100,000		15,000,000
Other Non-Interest Expense
Schedule of Equity Method Investments [Line Items]
Expense relating to investments in affordable housing limited partnerships	257,000	376,000
Income Tax Expense
Schedule of Equity Method Investments [Line Items]
Affordable housing tax credits and other tax benefits	$ 358,000	$ 551,000

XML

Other Comprehensive Income/Loss (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Changes in accumulated other comprehensive loss components
Balance at the beginning of the period	$ (65,951)	$ (38,250)
Other comprehensive income, net of tax	2,491	3,158
Balance at the end of the period	(63,460)	(35,092)
Net unrealized (loss) gain on securities available-for-sale
Changes in accumulated other comprehensive loss components
Balance at the beginning of the period	4,686	(4,366)
Other comprehensive income, net of tax	1,993	2,993
Balance at the end of the period	6,679	(1,373)
Net actuarial loss on pension plans and other postretirement benefits
Changes in accumulated other comprehensive loss components
Balance at the beginning of the period	(67,476)	(30,600)
Other comprehensive income, net of tax	469	135
Balance at the end of the period	(67,007)	(30,465)
Prior service cost on pension plans and other postretirement benefits
Changes in accumulated other comprehensive loss components
Balance at the beginning of the period	(3,161)	(3,284)
Other comprehensive income, net of tax	29	30
Balance at the end of the period	$ (3,132)	$ (3,254)

XML

Regulatory Matters (Narrative) (Details)	Dec. 31, 2014	Mar. 31, 2015
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Tier 1 risk based capital minimum capital percentage	4.00%
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 effective on January 1, 2015
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Common equity Tier 1 risk-based capital minimum capital requirement percentage		4.50%
Tier 1 risk based capital minimum capital percentage		6.00%
Total risk based capital minimum capital requirement percentage		8.00%
Tier 1 leverage minimum capital requirement percentage		4.00%
Tier 1 leverage capital to be well capitalized percentage		5.00%
Common Equity Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets		6.50%
Tier 1 risk based capital to be well capitalized percentage		8.00%
Total risk based capital to be well capitalized percentage		10.00%
Astoria Bank
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Common equity Tier 1 risk-based capital minimum capital requirement percentage		4.50%
Tier 1 risk based capital minimum capital percentage		6.00%
Total risk based capital minimum capital requirement percentage		8.00%
Tier 1 leverage minimum capital requirement percentage		4.00%
Tier 1 leverage capital to be well capitalized percentage		5.00%
Common Equity Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets		6.50%
Tier 1 risk based capital to be well capitalized percentage		8.00%
Total risk based capital to be well capitalized percentage		10.00%
Minimum capital ratios including conservation buffer, January 1, 2019 | Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 effective on January 1, 2015
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Common equity Tier 1 risk-based capital minimum capital requirement percentage		7.00%
Tier 1 risk based capital minimum capital percentage		8.50%
Total risk based capital minimum capital requirement percentage		10.50%
Required minimum conservation buffer percentage		2.50%
On January 1, 2016 | Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 effective on January 1, 2015
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Required minimum conservation buffer percentage		0.625%
On January 1, 2017 | Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 effective on January 1, 2015
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Required minimum conservation buffer percentage		1.25%
On January 1, 2018 | Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 effective on January 1, 2015
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Required minimum conservation buffer percentage		1.875%

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Reverse Repurchase Agreements Contractual Maturities of Reverse Repurchase Agreements (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total	$ 1,100,000,000	$ 1,100,000,000
Secured Debt
Debt Instrument [Line Items]
2018	200,000,000
2019	600,000,000
2020	300,000,000
Total	1,100,000,000
Callable 2015	100,000,000
Callable 2016	100,000,000
Callable 2017	$ 100,000,000
Residential mortgage-backed securities | Secured Debt
Debt Instrument [Line Items]
Composition of collateral that can be resold or repledged, as percentage	83.00%
Obligations of GSEs | Secured Debt
Debt Instrument [Line Items]
Composition of collateral that can be resold or repledged, as percentage	17.00%

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Securities (Details 2) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Securities
Available-for-sale, less than twelve months, estimated fair value	$ 100,104	$ 45,226
Available-for-sale, less than twelve months, gross unrealized losses	(955)	(555)
Available-for-sale, twelve months or longer, estimated fair value	72,886	147,718
Available-for-sale, twelve months or longer, gross unrealized losses	(982)	(2,999)
Available-for-sale, total, estimated fair value	172,990	192,944
Available-for-sale, total, gross unrealized losses	(1,937)	(3,554)
Held-to-maturity, less than twelve months, estimated fair value	107,317	222,216
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss	(396)	(892)
Held-to-maturity, twelve months or longer, estimated fair value	484,923	744,508
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss	(8,963)	(19,146)
Held-to-maturity, total, estimated fair value	592,240	966,724
Held-to-maturity, total, gross unrealized losses	(9,359)	(20,038)
GSE issuance REMICs and CMOs
Securities
Available-for-sale, less than twelve months, estimated fair value	75,161	20,587
Available-for-sale, less than twelve months, gross unrealized losses	(829)	(159)
Available-for-sale, twelve months or longer, estimated fair value	0	75,444
Available-for-sale, twelve months or longer, gross unrealized losses	0	(1,397)
Available-for-sale, total, estimated fair value	75,161	96,031
Available-for-sale, total, gross unrealized losses	(829)	(1,556)
Held-to-maturity, less than twelve months, estimated fair value	52,357	121,861
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss	(294)	(302)
Held-to-maturity, twelve months or longer, estimated fair value	339,709	500,348
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss	(6,844)	(13,739)
Held-to-maturity, total, estimated fair value	392,066	622,209
Held-to-maturity, total, gross unrealized losses	(7,138)	(14,041)
Non-GSE issuance REMICs and CMOs
Securities
Available-for-sale, twelve months or longer, estimated fair value	89	96
Available-for-sale, twelve months or longer, gross unrealized losses	(1)	(1)
Available-for-sale, total, estimated fair value	89	96
Available-for-sale, total, gross unrealized losses	(1)	(1)
Held-to-maturity, less than twelve months, estimated fair value		0
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss		0
Held-to-maturity, twelve months or longer, estimated fair value	294	294
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss	(7)	(7)
Held-to-maturity, total, estimated fair value	294	294
Held-to-maturity, total, gross unrealized losses	(7)	(7)
GSE pass-through certificates
Securities
Available-for-sale, less than twelve months, estimated fair value	86	53
Available-for-sale, less than twelve months, gross unrealized losses	(1)	(1)
Available-for-sale, twelve months or longer, estimated fair value	63	64
Available-for-sale, twelve months or longer, gross unrealized losses	(1)	(1)
Available-for-sale, total, estimated fair value	149	117
Available-for-sale, total, gross unrealized losses	(2)	(2)
Held-to-maturity, less than twelve months, estimated fair value		0
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss		0
Held-to-maturity, twelve months or longer, estimated fair value	120,367	164,453
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss	(1,665)	(3,877)
Held-to-maturity, total, estimated fair value	120,367	164,453
Held-to-maturity, total, gross unrealized losses	(1,665)	(3,877)
Obligations of GSEs
Securities
Available-for-sale, less than twelve months, estimated fair value	24,857	24,586
Available-for-sale, less than twelve months, gross unrealized losses	(125)	(395)
Available-for-sale, twelve months or longer, estimated fair value	72,732	72,112
Available-for-sale, twelve months or longer, gross unrealized losses	(967)	(1,587)
Available-for-sale, total, estimated fair value	97,589	96,698
Available-for-sale, total, gross unrealized losses	(1,092)	(1,982)
Held-to-maturity, less than twelve months, estimated fair value	29,947	0
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss	(29)	0
Held-to-maturity, twelve months or longer, estimated fair value	24,553	79,413
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, accumulated loss	(447)	(1,523)
Held-to-maturity, total, estimated fair value	54,500	79,413
Held-to-maturity, total, gross unrealized losses	(476)	(1,523)
Fannie Mae stock
Securities
Available-for-sale, twelve months or longer, estimated fair value	2	2
Available-for-sale, twelve months or longer, gross unrealized losses	(13)	(13)
Available-for-sale, total, estimated fair value	2	2
Available-for-sale, total, gross unrealized losses	(13)	(13)
Multi-family mortgage-backed securities:
Securities
Held-to-maturity, less than twelve months, estimated fair value	25,013	100,355
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, accumulated loss	(73)	(590)
Held-to-maturity, total, estimated fair value	25,013	100,355
Held-to-maturity, total, gross unrealized losses	$ (73)	$ (590)

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Fair Value Measurements (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Valuation methodologies used for assets measured at fair value
Percentage of non performing loans held-for-sale comprising of multi family mortgage loans	60.00%
Percentage of non performing loans held-for-sale comprising residential mortgage loans	40.00%
Impaired loans comprising residential mortgage loans (as a percent)	75.00%	73.00%
Impaired loans comprising multi-family and commercial real estate loans (as a percent)	22.00%	25.00%
Impaired Loans comprising home equity lines of credit (as a percent)	3.00%	2.00%
Impaired loans for which fair value adjustment is recognized comprising residential mortgage loans (as a percent)	73.00%	69.00%
Impaired loans for which fair value adjustment is recognized comprising multi-family and commercial real estate loans (as a percent)	26.00%	30.00%
Impaired loans for which fair value adjustment is recognized comprising home equity lines of credit (as a percent)	1.00%	1.00%
Real estate owned, net	30,160	35,723
Weighted average
Valuation methodologies used for assets measured at fair value
Assumption to estimate fair value of servicing asset, weighted average discount rate (as a percent)	9.47%	9.48%
Assumption to estimate fair value of servicing asset, weighted average constant prepayment rate (as a percent)	13.35%	12.35%
Assumption to estimate fair value of servicing asset, weighted average life	5 years 4 months 24 days	5 years 8 months 11 days
Non Performing Multi Family Mortgage Loans
Valuation methodologies used for assets measured at fair value
Non-Performing Number Of Loans		1
Residential Mortgage Loans
Valuation methodologies used for assets measured at fair value
Period after which loans are individually evaluated for impairment	180 days
Period past due when loan servicer performs property inspections	45 days
Home equity lines of credit
Valuation methodologies used for assets measured at fair value
Period after which loans are individually evaluated for impairment	90 days
Residential Properties
Valuation methodologies used for assets measured at fair value
Real estate owned, net	28,100	33,700
Recurring basis | Residential mortgage-backed securities
Valuation methodologies used for assets measured at fair value
Percentage of debt securities comprising available for sale securities portfolio	76.00%	75.00%
Percentage available for sale residential mortgage backed securities which are GSE securities	99.00%	98.00%
Recurring basis | Obligations of GSEs
Valuation methodologies used for assets measured at fair value
Percentage of debt securities comprising available for sale securities portfolio	24.00%	25.00%

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Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Reconciliation of basic and diluted earnings per common share

The following table is a reconciliation of basic and diluted earnings per common share, or EPS.

	For the Three Months Ended March 31,
(In Thousands, Except Share Data)	2015						2014
Net income		$	19,307					$	31,549
Preferred stock dividends		(2,194				)		(2,194				)
Net income available to common shareholders		17,113						29,355
Income allocated to participating securities		(114				)		(312				)
Net income allocated to common shareholders		$	16,999					$	29,043
Basic weighted average common shares outstanding	99,252,031						98,106,045
Dilutive effect of stock options and restricted stock units (1) (2)	—						—
Diluted weighted average common shares outstanding	99,252,031						98,106,045
Basic EPS				$	0.17					$	0.30
Diluted EPS				$	0.17					$	0.30

(1) Excludes options to purchase 20,667 shares of common stock which were outstanding during the three months ended March 31, 2015 and options to purchase 1,050,083 shares of common stock which were outstanding during the three months ended March 31, 2014 because their inclusion would be anti-dilutive.

(2) Excludes 762,038 unvested restricted stock units which were outstanding during the three months ended March 31, 2015 and 659,837 unvested restricted stock units which were outstanding during the three months ended March 31, 2014 because the performance conditions have not been satisfied.

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Other Comprehensive Income/Loss (Details 3) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income
Reclassification adjustment for net actuarial loss	$ 757	$ 208
Reclassification adjustment for prior service cost	47	47
Income before income tax expense (benefit)	28,885	29,785
Income tax effect	(9,578)	1,764
Net income	19,307	31,549
Amount Reclassified from Accumulated Other Comprehensive Loss
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income
Income before income tax expense (benefit)	(804)	(255)
Income tax effect	306	90
Net income	(498)	(165)
Compensation and benefits | Amount Reclassified from Accumulated Other Comprehensive Loss
Amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income
Reclassification adjustment for net actuarial loss	(757)	(208)
Reclassification adjustment for prior service cost	$ (47)	$ (47)

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Loans Receivable and Allowance for Loan Losses (Average Recorded Investment, Interest Income Recognized and Cash Basis Interest Income on Impaired Loans) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class
Average recorded investment	$ 247,622	$ 386,344
Interest income recognized	2,324	2,820
Cash basis interest income	2,363	2,919
Consumer and Other Loans | Home equity and other consumer
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class
Average recorded investment, loans with an allowance recorded	5,829	4,083
Interest income recognized, loans with an allowance recorded	6	4
Cash basis interest income, loans with an allowance recorded	16	6
Mortgage loans | Residential | Full documentation interest-only
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class
Average recorded investment, loans with an allowance recorded	44,759	108,696
Interest income recognized, loans with an allowance recorded	349	650
Cash basis interest income, loans with an allowance recorded	353	650
Mortgage loans | Residential | Full documentation amortizing loans
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class
Average recorded investment, loans with an allowance recorded	43,989	37,802
Average recorded investment, loans without an allowance recorded	0	600
Interest income recognized, loans with an allowance recorded	395	301
Interest income recognized, loans without an allowance recorded		8
Cash basis interest income, loans with an allowance recorded	386	294
Cash basis interest income, loans without an allowance recorded		8
Mortgage loans | Residential | Reduced documentation interest-only
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class
Average recorded investment, loans with an allowance recorded	76,396	137,429
Interest income recognized, loans with an allowance recorded	730	1,062
Cash basis interest income, loans with an allowance recorded	737	1,041
Mortgage loans | Residential | Reduced documentation amortizing
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class
Average recorded investment, loans with an allowance recorded	18,948	25,503
Interest income recognized, loans with an allowance recorded	162	121
Cash basis interest income, loans with an allowance recorded	162	119
Mortgage loans | Multi-family
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class
Average recorded investment, loans with an allowance recorded	24,542	28,660
Average recorded investment, loans without an allowance recorded	13,759	22,393
Interest income recognized, loans with an allowance recorded	260	358
Interest income recognized, loans without an allowance recorded	154	141
Cash basis interest income, loans with an allowance recorded	268	377
Cash basis interest income, loans without an allowance recorded	155	141
Mortgage loans | Commercial real estate
Average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans by segment and class
Average recorded investment, loans with an allowance recorded	19,400	14,046
Average recorded investment, loans without an allowance recorded		7,132
Interest income recognized, loans with an allowance recorded	268	175
Interest income recognized, loans without an allowance recorded		0
Cash basis interest income, loans with an allowance recorded	286	283
Cash basis interest income, loans without an allowance recorded		$ 0

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Loans Receivable and Allowance for Loan Losses (Residential Interest-Only Mortgage Loans, Amortization Period) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Recorded Investment
Total	$ 11,775,840	$ 11,909,722
Residential Mortgage Loans | Interest-only loans
Recorded Investment
12 months or less	587,456
13 to 24 months	371,233
25 to 36 months	298,396
Over 36 months	65,164
Total	$ 1,322,249

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Stock Incentive Plans (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Apr. 27, 2015	Dec. 31, 2014
Stock Incentive Plans
Stock-based compensation expense, net of taxes	$ 995,000	$ 1,300,000
Stock-based compensation expense, taxes	614,000	712,000
Restricted common stock
Stock Incentive Plans
Granted (in shares)	26,232
Granted (in dollars per share)	$ 12.58
Outstanding (in shares)	733,529			752,701
Performance-based restricted stock units
Stock Incentive Plans
Granted (in shares)	0
Granted (in dollars per share)	$ 0.00
Outstanding (in shares)	744,200			776,500
Restricted shares or units for which compensation cost will be excluded until the achievement of the performance conditions become probable	95,025
Restricted common stock and restricted stock units
Stock Incentive Plans
Pre-tax compensation cost related to share-based compensation awards not yet recognized	9,000,000
Pre-tax compensation cost, weighted average recognition period	1 year 7 months 6 days
Performance-based restricted common stock and performance-based restricted stock units
Stock Incentive Plans
Pre-tax compensation cost related to non-vested performance-based stock awards and units	$ 1,700,000
Performance-based restricted common stock
Stock Incentive Plans
Restricted shares or units for which compensation cost will be excluded until the achievement of the performance conditions become probable	65,000
Directors Stock Plan, 2007 Plan | Restricted common stock
Stock Incentive Plans
Granted (in shares)	26,232
Directors Stock Plan, 2007 Plan | Restricted common stock | Shares Vesting in February 2018
Stock Incentive Plans
Outstanding (in shares)	21,860
Vesting percentage	100.00%
Subsequent Event | Performance-based restricted stock units | Shares Vesting in February 2018
Stock Incentive Plans
Shares to be issued as a percentage of units granted in the event of change in control			100.00%
Subsequent Event | Employee Stock Plan, 2014 Plan | Restricted common stock
Stock Incentive Plans
Granted (in shares)			400,320
Granted (in dollars per share)			13.07
Vesting percentage			33.00%
Subsequent Event | Employee Stock Plan, 2014 Plan | Performance-based restricted stock units
Stock Incentive Plans
Granted (in shares)			409,800
Granted (in dollars per share)			12.64
Share of common stock to be paid for each restricted stock unit			1
Minimum | Subsequent Event | Performance-based restricted stock units | Shares Vesting in February 2018
Stock Incentive Plans
Shares to be issued on vest date as percentage of units granted based on actual performance			0.00%
Maximum | Subsequent Event | Performance-based restricted stock units | Shares Vesting in February 2018
Stock Incentive Plans
Shares to be issued on vest date as percentage of units granted based on actual performance			125.00%

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Fair Value Measurements (Details 5) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Financial Assets:
Securities held-to-maturity	$ 2,119,542	$ 2,133,804
FHLB-NY stock	141,622	140,754
MSR, net	10,585	11,401
Level 2 fair value
Financial Assets:
Securities held-to-maturity	2,137,907	2,131,371
FHLB-NY stock	141,622	140,754
Financial Liabilities:
Deposits	9,439,513	9,534,918
Borrowings, net	4,337,180	4,395,604
Level 3 fair value
Financial Assets:
Loans held-for-sale, net	8,385	7,955
Loans Receivable, Fair Value Disclosure	11,862,011	11,967,608
MSR, net	10,589	11,406
Carrying value
Financial Assets:
Securities held-to-maturity	2,119,542	2,133,804
FHLB-NY stock	141,622	140,754
Loans held-for-sale, net	8,066	7,640
Loans Receivable, Fair Value Disclosure	11,711,367	11,845,848
MSR, net	10,585	11,401
Financial Liabilities:
Deposits	9,407,029	9,504,909
Borrowings, net	4,113,824	4,187,691
Estimate of Fair Value Measurement [Member]
Financial Assets:
Securities held-to-maturity	2,137,907	2,131,371
Loans held-for-sale, net	8,385	7,955
Loans Receivable, Fair Value Disclosure	11,862,011	11,967,608
MSR, net	10,589	11,406
Financial Liabilities:
Deposits	9,439,513	9,534,918
Borrowings, net	$ 4,337,180	$ 4,395,604

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Earnings Per Common Share (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Net income	$ 19,307	$ 31,549
Preferred stock dividends	(2,194)	(2,194)
Net income available to common shareholders	17,113	29,355
Income allocated to participating securities	(114)	(312)
Net income allocated to common shareholders	$ 16,999	$ 29,043
Basic weighted average common shares outstanding	99,252,031	98,106,045
Dilutive effect of stock options and restricted stock units	0	0
Diluted weighted average common shares outstanding	99,252,031	98,106,045
Basic EPS	$ 0.17	$ 0.30
Diluted EPS	$ 0.17	$ 0.30
Options
Antidilutive securities excluded from computation of earnings per share
Stock options excluded from computation of earnings per share (in shares)	20,667	1,050,083
Restricted stock units (RSUs)
Antidilutive securities excluded from computation of earnings per share
Restricted stock units excluded from the computation of earning per share (in shares)	762,038	659,837

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Basis of Presentation

3 Months Ended

Mar. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

 Basis of Presentation

The accompanying consolidated financial statements include the accounts of Astoria Financial Corporation and its wholly-owned subsidiaries: Astoria Bank and its subsidiaries, referred to as Astoria Bank, and AF Insurance Agency, Inc.  As used in this quarterly report, “we,” “us” and “our” refer to Astoria Financial Corporation and its consolidated subsidiaries.  All significant inter-company accounts and transactions have been eliminated in consolidation.

In our opinion, the accompanying consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of our financial condition as of March 31, 2015 and December 31, 2014, our results of operations and other comprehensive income for the three months ended March 31, 2015 and 2014, changes in our stockholders’ equity for the three months ended March 31, 2015 and our cash flows for the three months ended March 31, 2015 and 2014.  In preparing the consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities for the consolidated statements of financial condition as of March 31, 2015 and December 31, 2014, and amounts of revenues, expenses and other comprehensive income in the consolidated statements of income and comprehensive income for the three months ended March 31, 2015 and 2014.  The results of operations and other comprehensive income for the three months ended March 31, 2015 are not necessarily indicative of the results of operations and other comprehensive income to be expected for the remainder of the year.  Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC. 

These consolidated financial statements should be read in conjunction with our December 31, 2014 audited consolidated financial statements and related notes included in our 2014 Annual Report on Form 10-K.

Changes in New York State and New York City Income Tax Legislation

New York State, or NY State, income tax reform legislation, or the 2014 NY State legislation, was enacted on March 31, 2014.  While the 2014 NY State legislation generally became effective in 2015, the nature of the changes resulted in the recognition of certain deferred tax assets in the 2014 first quarter. Prior to the effective date of the 2014 NY State legislation, we were subject to taxation in NY State under an alternative taxation method based on assets.  The 2014 NY State legislation, among other things, removed that alternative method.  Further, the new law (1) requires that we will be taxed in a manner that resulted in an increase in our income tax expense beginning in 2015 and (2) caused us to recognize temporary differences and net operating loss carry-forward benefits in 2014 which we were unable to recognize previously.  The result of the 2014 NY State legislation was an increase in our net deferred tax asset with a corresponding reduction in income tax expense of $11.5 million in the 2014 first quarter.

On April 13, 2015, a package of bills, or the 2015 NY State legislation, was signed into law in NY State that, among other things, (1) conforms New York City, or NY City, banking income tax laws to the 2014 NY State legislation, and (2) makes technical corrections to the 2014 NY State legislation. The 2015 NY State legislation is effective retroactively to tax years beginning on or after January 1, 2015. Under GAAP, the effects of changes in tax law on current and deferred taxes are accounted for in the period that includes the enactment date of the change, which means that we will be adjusting to the impact of the legislation in the second quarter of 2015. We are presently reviewing the impact of the 2015 NY State legislation, and anticipate the net impact of adjusting to the legislation will result in a credit to income tax expense in the 2015 second quarter, followed most likely by a higher effective income tax rate going forward. We currently expect that the effects of the 2015 NY State legislation in the 2015 second quarter will include (i) the reduction or elimination of our valuation allowance, totaling $7.2 million at March 31, 2015, which presently offsets certain net deferred tax assets related to NY City income taxes, and (ii) the recognition of additional deferred tax assets relating to NY City income tax benefits to become realizable in future periods, which in the aggregate will more than offset (iii) additional one-time income tax expense to be recorded in the 2015 second quarter, applicable to the first quarter of 2015, as this legislative change is retroactively applicable to January 1, 2015.

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Litigation (Details) (USD $) In Millions, unless otherwise specified	0 Months Ended
	Nov. 19, 2014	Sep. 14, 2010
Commitments and Contingencies Disclosure [Abstract]
Alleged tax deficiency	$ 6.1	$ 13.3

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Loans Receivable and Allowance for Loan Losses (TDR Mortgage Loans Receivable) (Details) (Mortgage loans (gross), USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015 loan	Mar. 31, 2014 loan
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring
Number of Loans	16	23
Pre-modification recorded investment	$ 8,683	$ 8,727
Recorded investment	8,611	8,132
Residential Mortgage Loans | Full documentation interest-only
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring
Number of Loans	4	9
Pre-modification recorded investment	2,035	4,083
Recorded investment	2,030	3,691
Residential Mortgage Loans | Full documentation amortizing loans
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring
Number of Loans	6	5
Pre-modification recorded investment	2,059	1,509
Recorded investment	2,016	1,481
Residential Mortgage Loans | Reduced documentation interest-only
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring
Number of Loans	4	4
Pre-modification recorded investment	1,687	1,099
Recorded investment	1,687	1,097
Residential Mortgage Loans | Reduced documentation amortizing
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring
Number of Loans	0	2
Pre-modification recorded investment	0	317
Recorded investment	0	264
Multi-family
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring
Number of Loans	0	2
Pre-modification recorded investment	0	1,060
Recorded investment	0	952
Commercial real estate
Information about mortgage loans receivable by segment and class modified in troubled debt restructuring
Number of Loans	2	1
Pre-modification recorded investment	2,902	659
Recorded investment	$ 2,878	$ 647

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Regulatory Matters (Tables)

3 Months Ended

Mar. 31, 2015

Regulatory Capital Requirements [Abstract]

Regulatory Capital Requirements Applicable to Astoria Bank

The following table sets forth information regarding the regulatory capital requirements applicable to Astoria Financial Corporation and Astoria Bank at March 31, 2015.

	Actual				Minimum Capital Requirements				To be Well Capitalized Under Prompt Corrective Action Provisions
(Dollars in Thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio
Astoria Financial Corporation:
Tier 1 leverage	$	1,471,058	9.56	%	$	615,813	4.00	%	$	769,767	5.00	%
Common equity tier 1 risk-based	1,347,582		14.85		408,225		4.50		589,658		6.50
Tier 1 risk-based	1,471,058		16.22		544,299		6.00		725,733		8.00
Total risk-based	1,582,466		17.44		725,733		8.00		907,166		10.00
Astoria Bank:
Tier 1 leverage	$	1,629,273	10.63	%	$	613,074	4.00	%	$	766,343	5.00	%
Common equity tier 1 risk-based	1,629,273		18.00		407,380		4.50		588,438		6.50
Tier 1 risk-based	1,629,273		18.00		543,173		6.00		724,231		8.00
Total risk-based	1,740,681		19.23		724,231		8.00		905,289		10.00

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Stock Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of restricted common stock and performance based restricted stock unit in stock incentive plans

The following table summarizes restricted common stock and performance-based restricted stock unit activity in our stock incentive plans for the three months ended March 31, 2015.

	Restricted Common Stock							Restricted Stock Units
	Number of Shares			Weighted Average Grant Date Fair Value				Number of Units			Weighted Average Grant Date Fair Value
Unvested at January 1, 2015		752,701			$	11.90			776,500			$	10.66
Granted		26,232			12.58				—			—
Vested		(4,000	)		(8.95		)		—			—
Forfeited		(41,404	)		(11.54		)		(32,300	)		(10.89		)
Unvested at March 31, 2015		733,529			11.96				744,200			10.65

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Regulatory Matters (Regulatory Capital Requirements) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Mar. 31, 2015
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Tier 1 risk based capital minimum capital percentage	4.00%
Astoria Financial Corporation
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Tier 1 leverage		$ 1,471,058
Tier 1 leverage percentage		9.56%
Tier 1 leverage minimum capital requirement		615,813
Tier 1 leverage minimum capital requirement percentage		4.00%
Tier 1 leverage to be well capitalized		769,767
Tier 1 leverage capital to be well capitalized percentage		5.00%
Common equity tier 1		1,347,582
Common equity tier 1 percentage		14.85%
Common Equity Tier One Risk Based Capital Required for Capital Adequacy		408,225
Common equity Tier 1 risk-based capital minimum capital requirement percentage		4.50%
Common equity tier 1 to be well capitalized		589,658
Common Equity Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets		6.50%
Tier 1 risk based capital		1,471,058
Tier 1 risk based capital percentage		16.22%
Tier 1 risk based capital minimum capital requirement		544,299
Tier 1 risk based capital minimum capital percentage		6.00%
Tier 1 risk based capital to be well capitalized		725,733
Tier 1 risk based capital to be well capitalized percentage		8.00%
Total risk based capital		1,582,466
Total risk based capital percentage		17.44%
Total risk based capital minimum capital requirement		725,733
Total risk based capital minimum capital requirement percentage		8.00%
Total risk based capital to be well capitalized		907,166
Total risk based capital to be well capitalized percentage		10.00%
Astoria Bank
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Tier 1 leverage		1,629,273
Tier 1 leverage percentage		10.63%
Tier 1 leverage minimum capital requirement		613,074
Tier 1 leverage minimum capital requirement percentage		4.00%
Tier 1 leverage to be well capitalized		766,343
Tier 1 leverage capital to be well capitalized percentage		5.00%
Common equity tier 1		1,629,273
Common equity tier 1 percentage		18.00%
Common Equity Tier One Risk Based Capital Required for Capital Adequacy		407,380
Common equity Tier 1 risk-based capital minimum capital requirement percentage		4.50%
Common equity tier 1 to be well capitalized		588,438
Common Equity Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets		6.50%
Tier 1 risk based capital		1,629,273
Tier 1 risk based capital percentage		18.00%
Tier 1 risk based capital minimum capital requirement		543,173
Tier 1 risk based capital minimum capital percentage		6.00%
Tier 1 risk based capital to be well capitalized		724,231
Tier 1 risk based capital to be well capitalized percentage		8.00%
Total risk based capital		1,740,681
Total risk based capital percentage		19.23%
Total risk based capital minimum capital requirement		724,231
Total risk based capital minimum capital requirement percentage		8.00%
Total risk based capital to be well capitalized		$ 905,289
Total risk based capital to be well capitalized percentage		10.00%

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Loans Receivable and Allowance for Loan Losses (TDR Mortgage Loans, Subsequent Payment Default) (Details) (Mortgage loans (gross), USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015 loan	Mar. 31, 2014 loan
Information about loans receivable by segment and class modified in troubled debt restructuring
Number of Loans	8	28
Recorded Investment	$ 4,203	$ 8,934
Residential Mortgage Loans | Full documentation interest-only
Information about loans receivable by segment and class modified in troubled debt restructuring
Number of Loans	1	6
Recorded Investment	648	1,138
Residential Mortgage Loans | Full documentation amortizing loans
Information about loans receivable by segment and class modified in troubled debt restructuring
Number of Loans	2	5
Recorded Investment	854	1,308
Residential Mortgage Loans | Reduced documentation interest-only
Information about loans receivable by segment and class modified in troubled debt restructuring
Number of Loans	2	11
Recorded Investment	1,314	3,058
Residential Mortgage Loans | Reduced documentation amortizing
Information about loans receivable by segment and class modified in troubled debt restructuring
Number of Loans		3
Recorded Investment		846
Multi-family
Information about loans receivable by segment and class modified in troubled debt restructuring
Number of Loans	3	2
Recorded Investment	1,387	1,015
Commercial real estate
Information about loans receivable by segment and class modified in troubled debt restructuring
Number of Loans		1
Recorded Investment		$ 1,569

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Schedule of carrying values of assets measured at estimated fair value on recurring basis and level within the fair value hierarchy

The following tables set forth the carrying values of our assets measured at estimated fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated.

	Carrying Value at March 31, 2015
(In Thousands)	Total		Level 1		Level 2
Securities available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	298,435	$	—	$	298,435
Non-GSE issuance REMICs and CMOs	4,551		—		4,551
GSE pass-through certificates	12,826		—		12,826
Obligations of GSEs	97,589		—		97,589
Fannie Mae stock	2		2		—
Total securities available-for-sale	$	413,403	$	2	$	413,401
	Carrying Value at December 31, 2014
(In Thousands)	Total		Level 1		Level 2
Securities available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	268,998	$	—	$	268,998
Non-GSE issuance REMICs and CMOs	5,104		—		5,104
GSE pass-through certificates	13,557		—		13,557
Obligations of GSEs	96,698		—		96,698
Fannie Mae stock	2		2		—
Total securities available-for-sale	$	384,359	$	2	$	384,357

Schedule of carrying values of assets measured at fair value on non-recurring basis which fall within Level 3 of the fair value hierarchy

The following table sets forth the carrying values of those of our assets which were measured at fair value on a non-recurring basis at the dates indicated.  The fair value measurements for all of these assets fall within Level 3 of the fair value hierarchy.

		Carrying Value
(In Thousands)	At March 31, 2015			At December 31, 2014
Non-performing loans held-for-sale, net		$	551		$	153
Impaired loans		139,302			140,663
MSR, net		10,585			11,401
REO, net		17,295			19,375
Total		$	167,733		$	171,592

Schedule of losses recognized on assets measured at fair value on non-recurring basis

The following table provides information regarding the losses recognized on our assets measured at fair value on a non-recurring basis for the periods indicated.

	For the Three Months Ended March 31,
(In Thousands)		2015		2014
Non-performing loans held-for-sale, net (1)		$	188	$	533
Impaired loans (2)		1,964		6,419
MSR, net (3)		513		13
REO, net (4)		304		898
Total		$	2,969	$	7,863

(1) Losses are charged against the allowance for loan losses in the case of a write-down upon the transfer of a loan to held-for-sale. Losses subsequent to the transfer of a loan to held-for-sale are charged to other non-interest income.

(2) Losses are charged against the allowance for loan losses.

(3) Losses are charged to mortgage banking income, net.

(4) Losses are charged against the allowance for loan losses in the case of a write-down upon the transfer of a loan to REO. Losses subsequent to the transfer of a loan to REO are charged to REO expense which is a component of other non-interest expense.

Schedule of carrying values and estimated fair values of financial instruments

The following tables set forth the carrying values and estimated fair values of our financial instruments which are carried in the consolidated statements of financial condition at either cost or at lower of cost or fair value in accordance with GAAP, and are not measured or recorded at fair value on a recurring basis, and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated.

	At March 31, 2015
	Carrying Value		Estimated Fair Value
(In Thousands)			Total		Level 2		Level 3
Financial Assets:
Securities held-to-maturity	$	2,119,542	$	2,137,907	$	2,137,907	$	—
FHLB-NY stock	141,622		141,622		141,622		—
Loans held-for-sale, net (1)	8,066		8,385		—		8,385
Loans receivable, net (1)	11,711,367		11,862,011		—		11,862,011
MSR, net (1)	10,585		10,589		—		10,589
Financial Liabilities:
Deposits	9,407,029		9,439,513		9,439,513		—
Borrowings, net	4,113,824		4,337,180		4,337,180		—

	At December 31, 2014
	Carrying Value		Estimated Fair Value
(In Thousands)			Total		Level 2		Level 3
Financial Assets:
Securities held-to-maturity	$	2,133,804	$	2,131,371	$	2,131,371	$	—
FHLB-NY stock	140,754		140,754		140,754		—
Loans held-for-sale, net (1)	7,640		7,955		—		7,955
Loans receivable, net (1)	11,845,848		11,967,608		—		11,967,608
MSR, net (1)	11,401		11,406		—		11,406
Financial Liabilities:
Deposits	9,504,909		9,534,918		9,534,918		—
Borrowings, net	4,187,691		4,395,604		4,395,604		—

_______________________________________________________

(1) Includes assets measured at fair value on a non-recurring basis.

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Basis of Presentation (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Income Tax Expense Decrease Resulting from State Tax Legislation	$ 11.5
Deferred tax assets, net, increase resulting from state tax legislation	11.5
Deferred tax asset valuation allowance		$ 7.2

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$ 19,307	$ 31,549
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization on loans	2,883	2,596
Net amortization on securities and borrowings	2,322	2,361
Net provision for loan and real estate losses (credited) charged to operations	(181)	1,953
Depreciation and amortization	3,024	2,901
Net gain on sales of loans	(463)	(465)
Mortgage servicing rights amortization and valuation allowance adjustments, net	1,130	674
Stock-based compensation	1,608	2,016
Originations of loans held-for-sale	(27,463)	(18,129)
Proceeds from sales and principal repayments of loans held-for-sale	27,585	22,622
Increase in accrued interest receivable	(580)	(566)
Bank owned life insurance income and insurance proceeds received, net	(2,197)	(906)
Decrease in other assets	3,648	6,842
(Decrease) increase in accrued expenses and other liabilities	(1,847)	2,440
Net cash provided by operating activities	28,776	55,888
Cash flows from investing activities:
Originations of loans receivable	(389,387)	(292,124)
Loan purchases through third parties	(49,855)	(43,548)
Principal payments on loans receivable	563,529	465,709
Proceeds from sales of delinquent and non-performing loans	5,806	652
Purchases of securities held-to-maturity	(93,428)	(140,526)
Purchases of securities available-for-sale	(37,049)	0
Principal payments on securities held-to-maturity	105,752	81,849
Principal payments on securities available-for-sale	10,949	8,992
Net (purchases) redemptions of Federal Home Loan Bank of New York stock	(868)	1,910
Proceeds from sales of real estate owned, net	6,670	11,500
Purchases of premises and equipment, net of proceeds from sales	(2,977)	(1,635)
Net cash provided by investing activities	119,142	92,779
Cash flows from financing activities:
Net decrease in deposits	(97,880)	(134,232)
Net (decrease) increase in borrowings with original terms of three months or less	(74,000)	58,000
Repayments of borrowings with original terms greater than three months	0	(100,000)
Net increase in mortgage escrow funds	46,729	42,340
Proceeds from sales of treasury stock	6,009	2,012
Cash dividends paid to stockholders	(6,189)	(6,164)
Net tax benefit shortfall from stock-based compensation	(6)	(16)
Net cash used in financing activities	(125,337)	(138,060)
Net increase in cash and cash equivalents	22,581	10,607
Cash and cash equivalents at beginning of period	143,185	121,950
Cash and cash equivalents at end of period	165,766	132,557
Supplemental disclosures:
Interest paid	31,708	35,406
Income taxes paid	1,477	751
Additions to real estate owned	1,269	15,391
Loans transferred to held-for-sale	$ 6,205	$ 726

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Securities (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Securities
Available-for-sale, amortized cost	$ 409,480	$ 383,631
Available-for-sale, gross unrealized gains	5,860	4,282
Available-for-sale, gross unrealized losses	(1,937)	(3,554)
Total available-for-sale securities	413,403	384,359
Total held-to-maturity securities	2,119,542	2,133,804
Held-to-maturity, gross unrealized gains	27,724	17,605
Held-to-maturity, gross unrealized losses	(9,359)	(20,038)
Held-to-maturity securities, fair value	2,137,907	2,131,371
GSE issuance REMICs and CMOs
Securities
Available-for-sale, amortized cost	294,026	266,946
Available-for-sale, gross unrealized gains	5,238	3,608
Available-for-sale, gross unrealized losses	(829)	(1,556)
Total available-for-sale securities	298,435	268,998
Total held-to-maturity securities	1,490,860	1,575,402
Held-to-maturity, gross unrealized gains	20,981	14,536
Held-to-maturity, gross unrealized losses	(7,138)	(14,041)
Held-to-maturity securities, fair value	1,504,703	1,575,897
Non-GSE issuance REMICs and CMOs
Securities
Available-for-sale, amortized cost	4,524	5,071
Available-for-sale, gross unrealized gains	28	34
Available-for-sale, gross unrealized losses	(1)	(1)
Total available-for-sale securities	4,551	5,104
Total held-to-maturity securities	2,299	2,482
Held-to-maturity, gross unrealized gains	27	31
Held-to-maturity, gross unrealized losses	(7)	(7)
Held-to-maturity securities, fair value	2,319	2,506
GSE pass-through certificates
Securities
Available-for-sale, amortized cost	12,234	12,919
Available-for-sale, gross unrealized gains	594	640
Available-for-sale, gross unrealized losses	(2)	(2)
Total available-for-sale securities	12,826	13,557
Total held-to-maturity securities	271,379	281,685
Held-to-maturity, gross unrealized gains	3,431	2,442
Held-to-maturity, gross unrealized losses	(1,665)	(3,877)
Held-to-maturity securities, fair value	273,145	280,250
Total residential mortgage-backed securities
Securities
Available-for-sale, amortized cost	310,784	284,936
Available-for-sale, gross unrealized gains	5,860	4,282
Available-for-sale, gross unrealized losses	(832)	(1,559)
Total available-for-sale securities	315,812	287,659
Total held-to-maturity securities	1,764,538	1,859,569
Held-to-maturity, gross unrealized gains	24,439	17,009
Held-to-maturity, gross unrealized losses	(8,810)	(17,925)
Held-to-maturity securities, fair value	1,780,167	1,858,653
Obligations of GSEs
Securities
Available-for-sale, amortized cost	98,681	98,680
Available-for-sale, gross unrealized losses	(1,092)	(1,982)
Total available-for-sale securities	97,589	96,698
Total held-to-maturity securities	128,769	119,336
Held-to-maturity, gross unrealized gains	536	42
Held-to-maturity, gross unrealized losses	(476)	(1,523)
Held-to-maturity securities, fair value	128,829	117,855
Fannie Mae stock
Securities
Available-for-sale, amortized cost	15	15
Available-for-sale, gross unrealized losses	(13)	(13)
Total available-for-sale securities	2	2
Multi-family mortgage-backed securities:
Securities
Total held-to-maturity securities	225,738	154,381
Held-to-maturity, gross unrealized gains	2,748	554
Held-to-maturity, gross unrealized losses	(73)	(590)
Held-to-maturity securities, fair value	228,413	154,345
Equity Securities Other and Other Debt Securities [Member]
Securities
Total held-to-maturity securities	497	518
Held-to-maturity, gross unrealized gains	1
Held-to-maturity securities, fair value	$ 498	$ 518

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Loans Receivable and Allowance for Loan Losses (Loans Receivable and Related Allowance by Impairment Methodology) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses
Loans individually evaluated for impairment	$ 246,803	$ 248,436
Loans collectively evaluated for impairment	11,529,037	11,661,286
Total	11,775,840	11,909,722
Loans individually evaluated for impairment, allowance for loan losses	20,723	19,732
Loans collectively evaluated for impairment, allowance for loan losses	89,777	91,868
Total allowance for loan losses	110,500	111,600	134,000	139,000
Consumer and Other Loans
Balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses
Loans individually evaluated for impairment	6,504	5,153
Loans collectively evaluated for impairment	246,581	244,215
Total	253,085	249,368
Loans individually evaluated for impairment, allowance for loan losses	4,938	3,810
Loans collectively evaluated for impairment, allowance for loan losses	4,881	5,015
Total allowance for loan losses	9,819	8,825	10,007	8,824
Mortgage loans (gross)
Balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses
Total	11,522,755	11,660,354
Mortgage loans (gross) | Residential
Balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses
Loans individually evaluated for impairment	186,779	181,402
Loans collectively evaluated for impairment	6,474,121	6,692,134
Total	6,660,900	6,873,536
Loans individually evaluated for impairment, allowance for loan losses	10,519	10,304
Loans collectively evaluated for impairment, allowance for loan losses	32,962	35,979
Total allowance for loan losses	43,481	46,283	74,717	80,337
Mortgage loans (gross) | Multi-family
Balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses
Loans individually evaluated for impairment	33,990	42,611
Loans collectively evaluated for impairment	3,956,916	3,870,442
Total	3,990,906	3,913,053
Loans individually evaluated for impairment, allowance for loan losses	2,785	3,172
Loans collectively evaluated for impairment, allowance for loan losses	37,297	36,078
Total allowance for loan losses	40,082	39,250	34,578	36,703
Mortgage loans (gross) | Commercial real estate
Balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses
Loans individually evaluated for impairment	19,530	19,270
Loans collectively evaluated for impairment	851,419	854,495
Total	870,949	873,765
Loans individually evaluated for impairment, allowance for loan losses	2,481	2,446
Loans collectively evaluated for impairment, allowance for loan losses	14,637	14,796
Total allowance for loan losses	$ 17,118	$ 17,242	$ 14,698	$ 13,136

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Stock Incentive Plans (Details 2) (USD $)	3 Months Ended
	Mar. 31, 2015
Restricted Common Stock
Number of Shares
Unvested at the beginning of the period (in shares)	752,701
Granted (in shares)	26,232
Vested (in shares)	(4,000)
Forfeited (in shares)	(41,404)
Unvested at the end of the period (in shares)	733,529
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 11.90
Granted (in dollars per share)	$ 12.58
Vested (in dollars per share)	$ (8.95)
Forfeited (in dollars per share)	$ (11.54)
Unvested at the end of the period (in dollars per share)	$ 11.96
Restricted Stock Units
Number of Shares
Unvested at the beginning of the period (in shares)	776,500
Granted (in shares)	0
Forfeited (in shares)	(32,300)
Unvested at the end of the period (in shares)	744,200
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 10.66
Granted (in dollars per share)	$ 0.00
Forfeited (in dollars per share)	$ (10.89)
Unvested at the end of the period (in dollars per share)	$ 10.65

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Consolidated Statements of Financial Condition (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Assets:
Cash and due from banks	$ 165,766	$ 143,185
Available-for-sale securities:
Encumbered	110,199	110,784
Unencumbered	303,204	273,575
Total available-for-sale securities	413,403	384,359
Held-to-maturity securities, fair value of $2,137,907 and $2,131,371, respectively:
Encumbered	1,113,681	1,147,991
Unencumbered	1,005,861	985,813
Total held-to-maturity securities	2,119,542	2,133,804
Federal Home Loan Bank of New York stock, at cost	141,622	140,754
Loans held-for-sale, net	8,066	7,640
Loans receivable	11,821,867	11,957,448
Allowance for loan losses	(110,500)	(111,600)
Loans receivable, net	11,711,367	11,845,848
Mortgage servicing rights, net	10,585	11,401
Accrued interest receivable	37,208	36,628
Premises and equipment, net	111,562	111,622
Goodwill	185,151	185,151
Bank owned life insurance	432,965	430,768
Real estate owned, net	30,160	35,723
Other assets	168,175	173,138
Total assets	15,535,572	15,640,021
Deposits:
Savings	2,230,516	2,237,142
Money market	2,407,520	2,373,484
NOW and demand deposit	2,301,022	2,198,777
Certificates of deposit	2,467,971	2,695,506
Total deposits	9,407,029	9,504,909
Federal funds purchased	365,000	455,000
Reverse repurchase agreements	1,100,000	1,100,000
Federal Home Loan Bank of New York advances	2,400,000	2,384,000
Other borrowings, net	248,824	248,691
Mortgage escrow funds	162,129	115,400
Accrued expenses and other liabilities	249,300	251,951
Total liabilities	13,932,282	14,059,951
Stockholders’ Equity:
Preferred stock, $1.00 par value; 5,000,000 shares authorized: Series C (150,000 shares authorized; and 135,000 shares issued and outstanding)	129,796	129,796
Common stock, $0.01 par value (200,000,000 shares authorized; 166,494,888 shares issued; and 100,396,907 and 99,940,399 shares outstanding, respectively)	1,665	1,665
Additional paid-in capital	898,788	897,049
Retained earnings	2,002,389	1,992,833
Treasury stock (66,097,981 and 66,554,489 shares, at cost, respectively)	(1,365,888)	(1,375,322)
Accumulated other comprehensive loss	(63,460)	(65,951)
Total stockholders’ equity	1,603,290	1,580,070
Total liabilities and stockholders’ equity	$ 15,535,572	$ 15,640,021

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Loans Receivable and Allowance for Loan Losses (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Loans receivable and allowance for loan losses
Length of period one over which the historical loss experience is analyzed	12 months
Length of period two over which the historical loss experience is analyzed	15 months
Length of period three over which the historical loss experience is analyzed	18 months
Length of period four over which the historical loss experience is analyzed	24 months
Minimum length of period over which the historical loss experience is analyzed for a particular loan type that may not have sufficient loss history	2 years
Extended prior period over which loss experience factors are evaluated to consider trends for the majority of loan portfolio	2 years
Loans, in foreclosure	$ 34.1

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Consolidated Statement of Changes in Stockholders' Equity (USD $) In Thousands, unless otherwise specified	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss
Balance at beginning of period at Dec. 31, 2014	$ 1,580,070	$ 129,796	$ 1,665	$ 897,049	$ 1,992,833	$ (1,375,322)	$ (65,951)
Increase (Decrease) in Stockholders' Equity
Net income	19,307				19,307
Other comprehensive income, net of tax	2,491						2,491
Dividends on preferred stock ($16.25 per share)	(2,194)				(2,194)
Dividends on common stock ($0.04 per share)	(3,995)				(3,995)
Sales of treasury stock (471,680 shares)	6,009				(3,739)	9,748
Restricted stock grants (26,232 shares)				(330)	(212)	542
Forfeitures of restricted stock (41,404 shares)				478	378	(856)
Stock-based compensation	1,608			1,597	11
Net tax benefit shortfall from stock-based compensation	(6)			(6)
Balance at end of period at Mar. 31, 2015	$ 1,603,290	$ 129,796	$ 1,665	$ 898,788	$ 2,002,389	$ (1,365,888)	$ (63,460)

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Fair Value Measurements (Details 3) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Carrying value of assets
Impaired loans	$ 246,803	$ 248,436
MSR, net	10,585	11,401
REO, net	30,160	35,723
Carrying value
Carrying value of assets
Loans held-for-sale, net	8,066	7,640
MSR, net	10,585	11,401
Level 3
Carrying value of assets
Loans held-for-sale, net	8,385	7,955
MSR, net	10,589	11,406
Measured on a non-recurring basis | Level 3 | Carrying value
Carrying value of assets
Loans held-for-sale, net	551	153
Impaired loans	139,302	140,663
MSR, net	10,585	11,401
REO, net	17,295	19,375
Total	$ 167,733	$ 171,592

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Loans Receivable and Allowance for Loan Losses (Composition of Loans Receivable) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Loans receivable and allowance for loan losses
30-59 Days	$ 68,334	$ 82,526
60-89 Days	18,892	25,313
90 Days or More	55,504	62,834
Total Past Due	142,730	170,673
Current	11,633,110	11,739,049
Total	11,775,840	11,909,722
Net unamortized premiums and deferred loan origination costs	46,027	47,726
Loans receivable	11,821,867	11,957,448
Allowance for loan losses	(110,500)	(111,600)	(134,000)	(139,000)
Loans receivable, net	11,711,367	11,845,848
Accruing loans:
Loans receivable and allowance for loan losses
30-59 Days	61,865	77,097
60-89 Days	17,940	22,852
90 Days or More	0	4,093
Total Past Due	79,805	104,042
Current	11,577,156	11,681,961
Total	11,656,961	11,786,003
Non-accrual loans:
Loans receivable and allowance for loan losses
30-59 Days	6,469	5,429
60-89 Days	952	2,461
90 Days or More	55,504	58,741
Total Past Due	62,925	66,631
Current	55,954	57,088
Total	118,879	123,719
Consumer and Other Loans
Loans receivable and allowance for loan losses
30-59 Days	1,168	2,430
60-89 Days	767	962
90 Days or More	6,691	6,040
Total Past Due	8,626	9,432
Current	244,459	239,936
Total	253,085	249,368
Allowance for loan losses	(9,819)	(8,825)	(10,007)	(8,824)
Consumer and Other Loans | Accruing loans:
Loans receivable and allowance for loan losses
30-59 Days	1,168	2,430
60-89 Days	767	962
Total Past Due	1,935	3,392
Current	244,314	239,936
Total	246,249	243,328
Consumer and Other Loans | Non-accrual loans:
Loans receivable and allowance for loan losses
90 Days or More	6,691	6,040
Total Past Due	6,691	6,040
Current	145	0
Total	6,836	6,040
Consumer and Other Loans | Home equity and other consumer
Loans receivable and allowance for loan losses
30-59 Days	1,168	2,430
60-89 Days	767	962
90 Days or More	6,691	6,040
Total Past Due	8,626	9,432
Current	169,565	175,121
Total	178,191	184,553
Consumer and Other Loans | Home equity and other consumer | Accruing loans:
Loans receivable and allowance for loan losses
30-59 Days	1,168	2,430
60-89 Days	767	962
Total Past Due	1,935	3,392
Current	169,420	175,121
Total	171,355	178,513
Consumer and Other Loans | Home equity and other consumer | Non-accrual loans:
Loans receivable and allowance for loan losses
90 Days or More	6,691	6,040
Total Past Due	6,691	6,040
Current	145	0
Total	6,836	6,040
Consumer and Other Loans | Commercial and industrial
Loans receivable and allowance for loan losses
30-59 Days	0	0
60-89 Days	0	0
90 Days or More	0	0
Total Past Due	0	0
Current	74,894	64,815
Total	74,894	64,815
Consumer and Other Loans | Commercial and industrial | Accruing loans:
Loans receivable and allowance for loan losses
30-59 Days	0	0
60-89 Days	0	0
Total Past Due	0	0
Current	74,894	64,815
Total	74,894	64,815
Consumer and Other Loans | Commercial and industrial | Non-accrual loans:
Loans receivable and allowance for loan losses
90 Days or More	0	0
Total Past Due	0	0
Total	0	0
Mortgage loans (gross)
Loans receivable and allowance for loan losses
30-59 Days	67,166	80,096
60-89 Days	18,125	24,351
90 Days or More	48,813	56,794
Total Past Due	134,104	161,241
Current	11,388,651	11,499,113
Total	11,522,755	11,660,354
Mortgage loans (gross) | Accruing loans:
Loans receivable and allowance for loan losses
30-59 Days	60,697	74,667
60-89 Days	17,173	21,890
90 Days or More	0	4,093
Total Past Due	77,870	100,650
Current	11,332,842	11,442,025
Total	11,410,712	11,542,675
Mortgage loans (gross) | Non-accrual loans:
Loans receivable and allowance for loan losses
30-59 Days	6,469	5,429
60-89 Days	952	2,461
90 Days or More	48,813	52,701
Total Past Due	56,234	60,591
Current	55,809	57,088
Total	112,043	117,679
Mortgage loans (gross) | Residential
Loans receivable and allowance for loan losses
30-59 Days	58,611	73,326
60-89 Days	17,208	21,290
90 Days or More	46,749	44,989
Total Past Due	122,568	139,605
Current	6,538,332	6,733,931
Total	6,660,900	6,873,536
Allowance for loan losses	(43,481)	(46,283)	(74,717)	(80,337)
Mortgage loans (gross) | Residential | Accruing loans:
Loans receivable and allowance for loan losses
30-59 Days	53,220	69,335
60-89 Days	16,659	19,175
90 Days or More		144
Total Past Due	69,879	88,654
Current	6,491,891	6,684,871
Total	6,561,770	6,773,525
Mortgage loans (gross) | Residential | Non-accrual loans:
Loans receivable and allowance for loan losses
30-59 Days	5,391	3,991
60-89 Days	549	2,115
90 Days or More	46,749	44,845
Total Past Due	52,689	50,951
Current	46,441	49,060
Total	99,130	100,011
Mortgage loans (gross) | Residential | Full documentation interest-only
Loans receivable and allowance for loan losses
30-59 Days	8,227	16,314
60-89 Days	3,796	7,690
90 Days or More	11,278	11,502
Total Past Due	23,301	35,506
Current	732,359	818,676
Total	755,660	854,182
Mortgage loans (gross) | Residential | Full documentation interest-only | Accruing loans:
Loans receivable and allowance for loan losses
30-59 Days	7,894	13,943
60-89 Days	3,796	7,332
Total Past Due	11,690	21,275
Current	719,237	804,880
Total	730,927	826,155
Mortgage loans (gross) | Residential | Full documentation interest-only | Non-accrual loans:
Loans receivable and allowance for loan losses
30-59 Days	333	2,371
60-89 Days	0	358
90 Days or More	11,278	11,502
Total Past Due	11,611	14,231
Current	13,122	13,796
Total	24,733	28,027
Mortgage loans (gross) | Residential | Full documentation amortizing
Loans receivable and allowance for loan losses
30-59 Days	28,633	26,082
60-89 Days	6,895	7,849
90 Days or More	16,478	14,355
Total Past Due	52,006	48,286
Current	4,865,886	4,955,407
Total	4,917,892	5,003,693
Mortgage loans (gross) | Residential | Full documentation amortizing | Accruing loans:
Loans receivable and allowance for loan losses
30-59 Days	25,321	25,878
60-89 Days	6,707	7,611
90 Days or More		144
Total Past Due	32,028	33,633
Current	4,858,702	4,948,391
Total	4,890,730	4,982,024
Mortgage loans (gross) | Residential | Full documentation amortizing | Non-accrual loans:
Loans receivable and allowance for loan losses
30-59 Days	3,312	204
60-89 Days	188	238
90 Days or More	16,478	14,211
Total Past Due	19,978	14,653
Current	7,184	7,016
Total	27,162	21,669
Mortgage loans (gross) | Residential | Reduced documentation interest-only
Loans receivable and allowance for loan losses
30-59 Days	11,899	19,310
60-89 Days	3,619	3,037
90 Days or More	14,231	16,289
Total Past Due	29,749	38,636
Current	536,840	572,372
Total	566,589	611,008
Mortgage loans (gross) | Residential | Reduced documentation interest-only | Accruing loans:
Loans receivable and allowance for loan losses
30-59 Days	10,885	18,490
60-89 Days	3,355	2,584
Total Past Due	14,240	21,074
Current	512,426	547,350
Total	526,666	568,424
Mortgage loans (gross) | Residential | Reduced documentation interest-only | Non-accrual loans:
Loans receivable and allowance for loan losses
30-59 Days	1,014	820
60-89 Days	264	453
90 Days or More	14,231	16,289
Total Past Due	15,509	17,562
Current	24,414	25,022
Total	39,923	42,584
Mortgage loans (gross) | Residential | Reduced documentation amortizing
Loans receivable and allowance for loan losses
30-59 Days	9,852	11,620
60-89 Days	2,898	2,714
90 Days or More	4,762	2,843
Total Past Due	17,512	17,177
Current	403,247	387,476
Total	420,759	404,653
Mortgage loans (gross) | Residential | Reduced documentation amortizing | Accruing loans:
Loans receivable and allowance for loan losses
30-59 Days	9,120	11,024
60-89 Days	2,801	1,648
Total Past Due	11,921	12,672
Current	401,526	384,250
Total	413,447	396,922
Mortgage loans (gross) | Residential | Reduced documentation amortizing | Non-accrual loans:
Loans receivable and allowance for loan losses
30-59 Days	732	596
60-89 Days	97	1,066
90 Days or More	4,762	2,843
Total Past Due	5,591	4,505
Current	1,721	3,226
Total	7,312	7,731
Mortgage loans (gross) | Multi-family
Loans receivable and allowance for loan losses
30-59 Days	7,094	4,294
60-89 Days	737	2,568
90 Days or More	2,064	8,917
Total Past Due	9,895	15,779
Current	3,981,011	3,897,274
Total	3,990,906	3,913,053
Allowance for loan losses	(40,082)	(39,250)	(34,578)	(36,703)
Mortgage loans (gross) | Multi-family | Accruing loans:
Loans receivable and allowance for loan losses
30-59 Days	6,796	3,646
60-89 Days	334	2,222
90 Days or More	0	1,790
Total Past Due	7,130	7,658
Current	3,977,772	3,893,539
Total	3,984,902	3,901,197
Mortgage loans (gross) | Multi-family | Non-accrual loans:
Loans receivable and allowance for loan losses
30-59 Days	298	648
60-89 Days	403	346
90 Days or More	2,064	7,127
Total Past Due	2,765	8,121
Current	3,239	3,735
Total	6,004	11,856
Mortgage loans (gross) | Commercial real estate
Loans receivable and allowance for loan losses
30-59 Days	1,461	2,476
60-89 Days	180	493
90 Days or More		2,888
Total Past Due	1,641	5,857
Current	869,308	867,908
Total	870,949	873,765
Allowance for loan losses	(17,118)	(17,242)	(14,698)	(13,136)
Mortgage loans (gross) | Commercial real estate | Accruing loans:
Loans receivable and allowance for loan losses
30-59 Days	681	1,686
60-89 Days	180	493
90 Days or More		2,159
Total Past Due	861	4,338
Current	863,179	863,615
Total	864,040	867,953
Mortgage loans (gross) | Commercial real estate | Non-accrual loans:
Loans receivable and allowance for loan losses
30-59 Days	780	790
90 Days or More		729
Total Past Due	780	1,519
Current	6,129	4,293
Total	$ 6,909	$ 5,812

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Securities (Tables)

3 Months Ended

Mar. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Estimated Fair Value of Securities Available-For-Sale and Held-to-Maturity

The following tables set forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at the dates indicated.

	At March 31, 2015
(In Thousands)	Amortized Cost		Gross Unrealized Gains			Gross Unrealized Losses				Estimated Fair Value
Available-for-sale:
Residential mortgage-backed securities:
GSE (1) issuance REMICs and CMOs (2)	$	294,026		$	5,238		$	(829	)	$	298,435
Non-GSE issuance REMICs and CMOs	4,524			28			(1		)	4,551
GSE pass-through certificates	12,234			594			(2		)	12,826
Total residential mortgage-backed securities	310,784			5,860			(832		)	315,812
Obligations of GSEs	98,681			—			(1,092		)	97,589
Fannie Mae stock	15			—			(13		)	2
Total securities available-for-sale	$	409,480		$	5,860		$	(1,937	)	$	413,403
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	1,490,860		$	20,981		$	(7,138	)	$	1,504,703
Non-GSE issuance REMICs and CMOs	2,299			27			(7		)	2,319
GSE pass-through certificates	271,379			3,431			(1,665		)	273,145
Total residential mortgage-backed securities	1,764,538			24,439			(8,810		)	1,780,167
Multi-family mortgage-backed securities:
GSE issuance REMICs	225,738			2,748			(73		)	228,413
Obligations of GSEs	128,769			536			(476		)	128,829
Other	497			1			—			498
Total securities held-to-maturity	$	2,119,542		$	27,724		$	(9,359	)	$	2,137,907

(1) Government-sponsored enterprise

(2) Real estate mortgage investment conduits and collateralized mortgage obligations

	At December 31, 2014
(In Thousands)	Amortized Cost		Gross Unrealized Gains			Gross Unrealized Losses				Estimated Fair Value
Available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	266,946		$	3,608		$	(1,556	)	$	268,998
Non-GSE issuance REMICs and CMOs	5,071			34			(1		)	5,104
GSE pass-through certificates	12,919			640			(2		)	13,557
Total residential mortgage-backed securities	284,936			4,282			(1,559		)	287,659
Obligations of GSEs	98,680			—			(1,982		)	96,698
Fannie Mae stock	15			—			(13		)	2
Total securities available-for-sale	$	383,631		$	4,282		$	(3,554	)	$	384,359
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	1,575,402		$	14,536		$	(14,041	)	$	1,575,897
Non-GSE issuance REMICs and CMOs	2,482			31			(7		)	2,506
GSE pass-through certificates	281,685			2,442			(3,877		)	280,250
Total residential mortgage-backed securities	1,859,569			17,009			(17,925		)	1,858,653
Multi-family mortgage-backed securities:
GSE issuance REMICs	154,381			554			(590		)	154,345
Obligations of GSEs	119,336			42			(1,523		)	117,855
Other	518			—			—			518
Total securities held-to-maturity	$	2,133,804		$	17,605		$	(20,038	)	$	2,131,371

Schedule of Estimated Fair Values of Securities with Gross Unrealized Losses in Continuous Unrealized Loss Position for Less Than Twelve Months and for Twelve Months or Longer

The following tables set forth the estimated fair values of securities with gross unrealized losses at the dates indicated, segregated between securities that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the dates indicated.

	At March 31, 2015
	Less Than Twelve Months						Twelve Months or Longer						Total
(In Thousands)	Estimated Fair Value		Gross Unrealized Losses				Estimated Fair Value		GrossUnrealized Losses				Estimated Fair Value		GrossUnrealized Losses
Available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	75,161		$	(829	)	$	—		$	—		$	75,161		$	(829	)
Non-GSE issuance REMICs and CMOs	—			—			89			(1		)	89			(1		)
GSE pass-through certificates	86			(1		)	63			(1		)	149			(2		)
Obligations of GSEs	24,857			(125		)	72,732			(967		)	97,589			(1,092		)
Fannie Mae stock	—			—			2			(13		)	2			(13		)
Total temporarily impaired securities available-for-sale	$	100,104		$	(955	)	$	72,886		$	(982	)	$	172,990		$	(1,937	)
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	52,357		$	(294	)	$	339,709		$	(6,844	)	$	392,066		$	(7,138	)
Non-GSE issuance REMICs and CMOs	—			—			294			(7		)	294			(7		)
GSE pass-through certificates	—			—			120,367			(1,665		)	120,367			(1,665		)
Multi-family mortgage-backed securities:
GSE issuance REMICs	25,013			(73		)	—			—			25,013			(73		)
Obligations of GSEs	29,947			(29		)	24,553			(447		)	54,500			(476		)
Total temporarily impaired securities held-to-maturity	$	107,317		$	(396	)	$	484,923		$	(8,963	)	$	592,240		$	(9,359	)

	At December 31, 2014
	Less Than Twelve Months						Twelve Months or Longer						Total
(In Thousands)	Estimated Fair Value		Gross Unrealized Losses				Estimated Fair Value		Gross Unrealized Losses				Estimated Fair Value		Gross Unrealized Losses
Available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	20,587		$	(159	)	$	75,444		$	(1,397	)	$	96,031		$	(1,556	)
Non-GSE issuance REMICs and CMOs	—			—			96			(1		)	96			(1		)
GSE pass-through certificates	53			(1		)	64			(1		)	117			(2		)
Obligations of GSEs	24,586			(395		)	72,112			(1,587		)	96,698			(1,982		)
Fannie Mae stock	—			—			2			(13		)	2			(13		)
Total temporarily impaired securities available-for-sale	$	45,226		$	(555	)	$	147,718		$	(2,999	)	$	192,944		$	(3,554	)
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	121,861		$	(302	)	$	500,348		$	(13,739	)	$	622,209		$	(14,041	)
Non-GSE issuance REMICs and CMOs	—			—			294			(7		)	294			(7		)
GSE pass-through certificates	—			—			164,453			(3,877		)	164,453			(3,877		)
Multi-family mortgage-backed securities:
GSE issuance REMICs	100,355			(590		)	—			—			100,355			(590		)
Obligations of GSEs	—			—			79,413			(1,523		)	79,413			(1,523		)
Total temporarily impaired securities held-to-maturity	$	222,216		$	(892	)	$	744,508		$	(19,146	)	$	966,724		$	(20,038	)

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Loans Receivable and Allowance for Loan Losses (Allowance for Loan Losses) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Allowance for Loan and Lease Losses [Roll Forward]
Balance at the beginning of the period	$ 111,600	$ 139,000
Provision (credited) charged to operations	(343)	1,631
Charge-offs	(2,490)	(8,835)
Recoveries	1,733	2,204
Balance at the end of the period	110,500	134,000
Consumer and Other Loans
Allowance for Loan and Lease Losses [Roll Forward]
Balance at the beginning of the period	8,825	8,824
Provision (credited) charged to operations	1,234	1,981
Charge-offs	(349)	(897)
Recoveries	109	99
Balance at the end of the period	9,819	10,007
Mortgage loans (gross) | Residential
Allowance for Loan and Lease Losses [Roll Forward]
Balance at the beginning of the period	46,283	80,337
Provision (credited) charged to operations	(1,851)	(3,476)
Charge-offs	(1,757)	(4,093)
Recoveries	806	1,949
Balance at the end of the period	43,481	74,717
Mortgage loans (gross) | Multi-family
Allowance for Loan and Lease Losses [Roll Forward]
Balance at the beginning of the period	39,250	36,703
Provision (credited) charged to operations	256	(1,412)
Charge-offs	(242)	(869)
Recoveries	818	156
Balance at the end of the period	40,082	34,578
Mortgage loans (gross) | Commercial real estate
Allowance for Loan and Lease Losses [Roll Forward]
Balance at the beginning of the period	17,242	13,136
Provision (credited) charged to operations	18	4,538
Charge-offs	(142)	(2,976)
Recoveries		0
Balance at the end of the period	$ 17,118	$ 14,698

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Reverse Repurchase Agreements (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Contractual Maturities of Reverse Repurchase Agreements

The following table details the remaining contractual maturities of our reverse repurchase agreements at March 31, 2015.

Year		Amount
	(In Thousands)
2018		$	200,000	(1	)
2019		600,000		(1	)
2020		300,000		(2	)
Total		$	1,100,000

(1) Callable in 2015.

(2) Includes $100.0 million of borrowings which are callable in 2015, $100.0 million of borrowings which are callable in 2016 and $100.0 million of borrowings which are callable in 2017.

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Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) (USD $)	3 Months Ended
	Mar. 31, 2015
Statement of Stockholders' Equity [Abstract]
Dividends on preferred stock (in dollars per share)	$ 16.25
Dividends on common stock (in dollars per share)	$ 0.04
Sale of treasury stock (in shares)	471,680
Restricted stock grants, shares	26,232
Forfeitures of restricted stock, shares	41,404

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Consolidated Statements of Financial Condition (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Held-to-maturity securities, fair value (in dollars)	$ 2,137,907	$ 2,131,371
Preferred stock, par value (in dollars per share)	$ 1.00	$ 1.00
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	166,494,888	166,494,888
Common stock, shares outstanding	100,396,907	99,940,399
Treasury stock, shares	66,097,981	66,554,489
Series C Preferred Stock
Preferred stock, shares authorized	150,000	150,000
Preferred stock, shares issued	135,000	135,000
Preferred stock, shares outstanding	135,000	135,000

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Investments in Affordable Housing Limited Partnerships (Notes)

3 Months Ended

Mar. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Investments in Affordable Housing Limited Partnerships

Investments in Affordable Housing Limited Partnerships

Effective January 1, 2015, we adopted the guidance in ASU 2014-01, “Investments - Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Qualified Affordable Housing Projects,” which applies to all reporting entities that invest in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. The amendments in this update modify the conditions that a reporting entity must meet to be eligible to use a method other than the equity or cost methods to account for qualified affordable housing project investments. If the modified conditions are met, the amendments permit an entity to use the proportional amortization method to amortize the initial cost of the investment in proportion to the amount of tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of income tax expense (benefit). We have not elected to use the proportional amortization method for our investments in qualified affordable housing projects. Therefore, our adoption of this guidance did not have an impact on our financial condition or results of operations. Additionally, the amendments introduce new recurring disclosures about all investments in qualified affordable housing projects which are presented below.

As part of our community reinvestment initiatives, we invest in affordable housing limited partnerships that make equity investments in multi-family affordable housing properties. We receive affordable housing tax credits and other tax benefits for these investments.

Our investment in affordable housing limited partnerships, reflected in other assets in the consolidated statements of financial condition, totaled $18.0 million at March 31, 2015 and $18.3 million at December 31, 2014. Our obligation related to such investments, reflected in other liabilities in the consolidated statements of financial condition, totaled $14.1 million at March 31, 2015 and $15.0 million at December 31, 2014. Installments are due on an "as needed" basis, currently projected over the next four years, the timing of which cannot be estimated.

Expense related to our investments in affordable housing limited partnerships, included in other non-interest expense in the consolidated statements of income, totaled $257,000 for the three months ended March 31, 2015 and $376,000 for the three months ended March 31, 2014. Affordable housing tax credits and other tax benefits recognized as a component of income tax expense in the consolidated statements of income totaled $358,000 for the three months ended March 31, 2015 and $551,000 for the three months ended March 31, 2014.

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Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document and Entity Information
Entity Registrant Name	ASTORIA FINANCIAL CORP
Entity Central Index Key	0000910322
Trading Symbol	AF
Document Type	10-Q
Document Period End Date	Mar. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		100,797,334
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

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Regulatory Matters (Notes)

3 Months Ended

Mar. 31, 2015

Regulatory Capital Requirements [Abstract]

Regulatory Matters

Regulatory Matters

Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, or the Reform Act, in July 2013, the federal bank regulatory agencies, or the Agencies, issued final rules, or the Final Capital Rules, that subjected many savings and loan holding companies, including Astoria Financial Corporation, to consolidated capital requirements effective January 1, 2015. The Final Capital Rules also revised the quantity and quality of required minimum risk-based and leverage capital requirements, consistent with the Reform Act and the Third Basel Accord adopted by the Basel Committee on Banking Supervision, or Basel III capital standards.  In doing so, the Final Capital Rules:

• Established a new minimum Common equity tier 1 risk-based capital ratio (common equity tier 1 capital to total risk-weighted assets) of 4.5% and increased the minimum Tier 1 risk-based capital ratio from 4.0% to 6.0%, while maintaining the minimum Total risk-based capital ratio of 8.0% and the minimum Tier 1 leverage capital ratio of 4.0%.

• Revised the rules for calculating risk-weighted assets to enhance their risk sensitivity.

• Phased out trust preferred securities and cumulative perpetual preferred stock as Tier 1 capital.

•  Added a requirement to maintain a minimum Conservation Buffer, composed of Common equity tier 1 capital, of 2.5% of risk-weighted assets, to be applied to the new Common equity tier 1 risk-based capital ratio, the Tier 1 risk-based capital ratio and the Total risk-based capital ratio, which means that banking organizations, on a fully phased in basis no later than January 1, 2019, must maintain a minimum Common equity tier 1 risk-based capital ratio of 7.0%, a minimum Tier 1 risk-based capital ratio of 8.5% and a minimum Total risk-based capital ratio of 10.5%.

• Changed the definitions of capital categories for insured depository institutions for purposes of the Federal Deposit Insurance Corporation Improvement Act of 1991 prompt corrective action provisions.  Under these revised definitions, to be considered well-capitalized, an insured depository institution must have a Tier 1 leverage capital ratio of at least 5.0%, a Common equity tier 1 risk-based capital ratio of at least 6.5%, a Tier 1 risk-based capital ratio of at least 8.0% and a Total risk-based capital ratio of at least 10.0%.

The new minimum regulatory capital ratios and changes to the calculation of risk-weighted assets became effective for Astoria Financial Corporation and Astoria Bank on January 1, 2015.  The required minimum Conservation Buffer will be phased in incrementally, starting at 0.625% on January 1, 2016 and increasing to 1.25% on January 1, 2017, 1.875% on January 1, 2018 and 2.5% on January 1, 2019. The rules impose restrictions on capital distributions and certain discretionary cash bonus payments if the minimum Conservation Buffer is not met.

At March 31, 2015, the capital levels of both Astoria Financial Corporation and Astoria Bank exceeded all regulatory capital requirements and their regulatory capital ratios were above the minimum levels required to be considered well capitalized for regulatory purposes. The following table sets forth information regarding the regulatory capital requirements applicable to Astoria Financial Corporation and Astoria Bank at March 31, 2015.

	Actual				Minimum Capital Requirements				To be Well Capitalized Under Prompt Corrective Action Provisions
(Dollars in Thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio
Astoria Financial Corporation:
Tier 1 leverage	$	1,471,058	9.56	%	$	615,813	4.00	%	$	769,767	5.00	%
Common equity tier 1 risk-based	1,347,582		14.85		408,225		4.50		589,658		6.50
Tier 1 risk-based	1,471,058		16.22		544,299		6.00		725,733		8.00
Total risk-based	1,582,466		17.44		725,733		8.00		907,166		10.00
Astoria Bank:
Tier 1 leverage	$	1,629,273	10.63	%	$	613,074	4.00	%	$	766,343	5.00	%
Common equity tier 1 risk-based	1,629,273		18.00		407,380		4.50		588,438		6.50
Tier 1 risk-based	1,629,273		18.00		543,173		6.00		724,231		8.00
Total risk-based	1,740,681		19.23		724,231		8.00		905,289		10.00

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Consolidated Statements of Income (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Interest income:
Residential mortgage loans	$ 53,962	$ 64,954
Multi-family and commercial real estate mortgage loans	47,492	43,390
Consumer and other loans	2,190	2,086
Mortgage-backed and other securities	15,070	13,677
Interest-earning cash accounts	89	69
Federal Home Loan Bank of New York stock	1,522	1,833
Total interest income	120,325	126,009
Interest expense:
Deposits	10,729	13,229
Borrowings	23,875	24,810
Total interest expense	34,604	38,039
Net interest income	85,721	87,970
Provision for loan losses (credited) charged to operations	(343)	1,631
Net interest income after provision for loan losses	86,064	86,339
Non-interest income:
Customer service fees	8,211	9,020
Other loan fees	553	608
Mortgage banking income, net	327	800
Income from bank owned life insurance	2,197	1,989
Other	1,645	1,252
Total non-interest income	12,933	13,669
General and administrative:
Compensation and benefits	36,281	33,388
Occupancy, equipment and systems	19,658	18,174
Federal deposit insurance premium	4,201	8,569
Advertising	2,264	1,712
Other	7,708	8,380
Total non-interest expense	70,112	70,223
Income before income tax expense (benefit)	28,885	29,785
Income tax expense (benefit)	9,578	(1,764)
Net income	19,307	31,549
Preferred stock dividends	2,194	2,194
Net income available to common shareholders	$ 17,113	$ 29,355
Basic earnings per common share (in dollars per share)	$ 0.17	$ 0.30
Diluted earnings per common share (in dollars per share)	$ 0.17	$ 0.30
Basic weighted average common shares outstanding (in shares)	99,252,031	98,106,045
Diluted weighted average common shares outstanding (in shares)	99,252,031	98,106,045

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Reverse Repurchase Agreements (Notes)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Reverse Repurchase Agreements

Reverse Repurchase Agreements

Effective January 1, 2015, we adopted the guidance in Accounting Standards Update, or ASU, 2014-11, “Transfers and Servicing (Topic 860) — Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures” which applies to all entities that enter into repurchase-to-maturity transactions or repurchase financings (reverse repurchase agreements or securities sold under agreements to repurchase).  The amendments in this update changed the accounting for repurchase-to-maturity transactions and linked repurchase financings (a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty) to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements.  All of our repurchase agreements (reverse repurchase agreements) are accounted for as secured borrowings.  Therefore, our adoption of this guidance did not have an impact on our financial condition or results of operations. In addition, effective for interim periods beginning after March 15, 2015, the amendments in this update require an entity to disclose information on transfers accounted for as sales in transactions that are economically similar to repurchase agreements, which for us is not applicable as we have no such transfers. The amendments in this guidance also require, effective for interim periods beginning after March 15, 2015, the following disclosures to increase transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. 

The following table details the remaining contractual maturities of our reverse repurchase agreements at March 31, 2015.

Year		Amount
	(In Thousands)
2018		$	200,000	(1	)
2019		600,000		(1	)
2020		300,000		(2	)
Total		$	1,100,000

(1) Callable in 2015.

(2) Includes $100.0 million of borrowings which are callable in 2015, $100.0 million of borrowings which are callable in 2016 and $100.0 million of borrowings which are callable in 2017.

The outstanding reverse repurchase agreements at March 31, 2015 were fixed rate and collateralized by GSE securities, of which 83% were residential mortgage-backed securities and 17% were obligations of GSEs. Securities collateralizing these agreements are classified as encumbered securities in the consolidated statements of financial condition. The amount of excess collateral required is governed by each individual contract. The primary risk associated with these secured borrowings is the requirement to pledge a market value based balance of collateral in excess of the borrowed amount. The excess collateral pledged represents an unsecured exposure to the lending counterparty. As the market value of the collateral changes, both through changes in discount rates and spreads as well as related cash flows, additional collateral may need to be pledged. In accordance with our policies, eligible counterparties are defined and monitored to minimize our exposure.

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Loans Receivable and Allowance for Loan Losses

3 Months Ended

Mar. 31, 2015

Receivables [Abstract]

Loans Receivable and Allowance for Loan Losses

Loans Receivable and Allowance for Loan Losses

The following tables set forth the composition of our loans receivable portfolio, and an aging analysis by accruing and non-accrual loans, by segment and class at the dates indicated.

	At March 31, 2015
	Past Due
(In Thousands)	30-59 Days		60-89 Days		90 Days or More		Total Past Due		Current		Total
Accruing loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	7,894	$	3,796	$	—	$	11,690	$	719,237	$	730,927
Full documentation amortizing	25,321		6,707		—		32,028		4,858,702		4,890,730
Reduced documentation interest-only	10,885		3,355		—		14,240		512,426		526,666
Reduced documentation amortizing	9,120		2,801		—		11,921		401,526		413,447
Total residential	53,220		16,659		—		69,879		6,491,891		6,561,770
Multi-family	6,796		334		—		7,130		3,977,772		3,984,902
Commercial real estate	681		180		—		861		863,179		864,040
Total mortgage loans	60,697		17,173		—		77,870		11,332,842		11,410,712
Consumer and other loans (gross):
Home equity and other consumer	1,168		767		—		1,935		169,420		171,355
Commercial and industrial	—		—		—		—		74,894		74,894
Total consumer and other loans	1,168		767		—		1,935		244,314		246,249
Total accruing loans	$	61,865	$	17,940	$	—	$	79,805	$	11,577,156	$	11,656,961
Non-accrual loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	333	$	—	$	11,278	$	11,611	$	13,122	$	24,733
Full documentation amortizing	3,312		188		16,478		19,978		7,184		27,162
Reduced documentation interest-only	1,014		264		14,231		15,509		24,414		39,923
Reduced documentation amortizing	732		97		4,762		5,591		1,721		7,312
Total residential	5,391		549		46,749		52,689		46,441		99,130
Multi-family	298		403		2,064		2,765		3,239		6,004
Commercial real estate	780		—		—		780		6,129		6,909
Total mortgage loans	6,469		952		48,813		56,234		55,809		112,043
Consumer and other loans (gross):
Home equity and other consumer	—		—		6,691		6,691		145		6,836
Commercial and industrial	—		—		—		—		—		—
Total consumer and other loans	—		—		6,691		6,691		145		6,836
Total non-accrual loans	$	6,469	$	952	$	55,504	$	62,925	$	55,954	$	118,879
Total loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	8,227	$	3,796	$	11,278	$	23,301	$	732,359	$	755,660
Full documentation amortizing	28,633		6,895		16,478		52,006		4,865,886		4,917,892
Reduced documentation interest-only	11,899		3,619		14,231		29,749		536,840		566,589
Reduced documentation amortizing	9,852		2,898		4,762		17,512		403,247		420,759
Total residential	58,611		17,208		46,749		122,568		6,538,332		6,660,900
Multi-family	7,094		737		2,064		9,895		3,981,011		3,990,906
Commercial real estate	1,461		180		—		1,641		869,308		870,949
Total mortgage loans	67,166		18,125		48,813		134,104		11,388,651		11,522,755
Consumer and other loans (gross):
Home equity and other consumer	1,168		767		6,691		8,626		169,565		178,191
Commercial and industrial	—		—		—		—		74,894		74,894
Total consumer and other loans	1,168		767		6,691		8,626		244,459		253,085
Total loans	$	68,334	$	18,892	$	55,504	$	142,730	$	11,633,110	$	11,775,840
Net unamortized premiums and deferred loan origination costs											46,027
Loans receivable											11,821,867
Allowance for loan losses											(110,500		)
Loans receivable, net											$	11,711,367

	At December 31, 2014
	Past Due
(In Thousands)	30-59 Days		60-89 Days		90 Days or More		Total Past Due		Current		Total
Accruing loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	13,943	$	7,332	$	—	$	21,275	$	804,880	$	826,155
Full documentation amortizing	25,878		7,611		144		33,633		4,948,391		4,982,024
Reduced documentation interest-only	18,490		2,584		—		21,074		547,350		568,424
Reduced documentation amortizing	11,024		1,648		—		12,672		384,250		396,922
Total residential	69,335		19,175		144		88,654		6,684,871		6,773,525
Multi-family	3,646		2,222		1,790		7,658		3,893,539		3,901,197
Commercial real estate	1,686		493		2,159		4,338		863,615		867,953
Total mortgage loans	74,667		21,890		4,093		100,650		11,442,025		11,542,675
Consumer and other loans (gross):
Home equity and other consumer	2,430		962		—		3,392		175,121		178,513
Commercial and industrial	—		—		—		—		64,815		64,815
Total consumer and other loans	2,430		962		—		3,392		239,936		243,328
Total accruing loans	$	77,097	$	22,852	$	4,093	$	104,042	$	11,681,961	$	11,786,003
Non-accrual loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	2,371	$	358	$	11,502	$	14,231	$	13,796	$	28,027
Full documentation amortizing	204		238		14,211		14,653		7,016		21,669
Reduced documentation interest-only	820		453		16,289		17,562		25,022		42,584
Reduced documentation amortizing	596		1,066		2,843		4,505		3,226		7,731
Total residential	3,991		2,115		44,845		50,951		49,060		100,011
Multi-family	648		346		7,127		8,121		3,735		11,856
Commercial real estate	790		—		729		1,519		4,293		5,812
Total mortgage loans	5,429		2,461		52,701		60,591		57,088		117,679
Consumer and other loans (gross):
Home equity and other consumer	—		—		6,040		6,040		—		6,040
Commercial and industrial	—		—		—		—		—		—
Total consumer and other loans	—		—		6,040		6,040		—		6,040
Total non-accrual loans	$	5,429	$	2,461	$	58,741	$	66,631	$	57,088	$	123,719
Total loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	16,314	$	7,690	$	11,502	$	35,506	$	818,676	$	854,182
Full documentation amortizing	26,082		7,849		14,355		48,286		4,955,407		5,003,693
Reduced documentation interest-only	19,310		3,037		16,289		38,636		572,372		611,008
Reduced documentation amortizing	11,620		2,714		2,843		17,177		387,476		404,653
Total residential	73,326		21,290		44,989		139,605		6,733,931		6,873,536
Multi-family	4,294		2,568		8,917		15,779		3,897,274		3,913,053
Commercial real estate	2,476		493		2,888		5,857		867,908		873,765
Total mortgage loans	80,096		24,351		56,794		161,241		11,499,113		11,660,354
Consumer and other loans (gross):
Home equity and other consumer	2,430		962		6,040		9,432		175,121		184,553
Commercial and industrial	—		—		—		—		64,815		64,815
Total consumer and other loans	2,430		962		6,040		9,432		239,936		249,368
Total loans	$	82,526	$	25,313	$	62,834	$	170,673	$	11,739,049	$	11,909,722
Net unamortized premiums and deferred loan origination costs											47,726
Loans receivable											11,957,448
Allowance for loan losses											(111,600		)
Loans receivable, net											$	11,845,848

We segment our one-to-four family, or residential, mortgage loan portfolio by interest-only and amortizing loans, full documentation and reduced documentation loans and origination time periods and analyze our historical loss experience and delinquency levels and trends of these segments.  We analyze multi-family and commercial real estate mortgage loans by portfolio using predictive modeling techniques for loans originated after 2010 and by geographic location for loans originated prior to 2010.  We analyze our consumer and other loan portfolio by home equity lines of credit, commercial and industrial loans and other consumer loans and perform similar historical loss analyses.

We analyze our historical loss experience over 12, 15, 18 and 24 month periods.  The loss history used in calculating our quantitative allowance coverage percentages varies based on loan type.  Also, for a particular loan type we may not have sufficient loss history to develop a reasonable estimate of loss and consider our loss experience for other, similar loan types and may evaluate those losses over a longer period than two years.  Additionally, multi-family and commercial real estate loss experience may be adjusted based on the composition of the losses (loan sales, short sales and partial charge-offs).  Our evaluation of loss experience factors considers trends in such factors over the prior two years for substantially all of the loan portfolio, with the exception of multi-family and commercial real estate loans originated after 2010, for which our evaluation includes detailed modeling techniques.  These modeling techniques utilize data inputs for each loan in the portfolio, including credit facility terms and performance to date, property details and borrower financial performance data. The model also incorporates real estate market data from an established real estate market database company to forecast future performance of the properties, and includes a loan loss predictive model based on studies of defaulted commercial real estate loans. The model then generates a probability of default, loss given default and ultimately an estimated loss for each loan quarterly over the remaining life of the loan. The appropriate timeframe from which to assign an estimated loss percentage to the pool of loans is assessed by management. We update our historical loss analyses quarterly and evaluate the need to modify our quantitative allowances as a result of our updated charge-off and loss analyses.  We also consider qualitative factors with the purpose of assessing the adequacy of the overall allowance for loan losses as well as the allocation of the allowance for loan losses by loan category.

Allowance adequacy calculations are adjusted quarterly, based on the results of our quantitative and qualitative analyses, to reflect our current estimates of the amount of probable losses inherent in our loan portfolio in determining our allowance for loan losses.  The portion of the allowance allocated to each loan category does not represent the total available to absorb losses which may occur within the loan category, since the total allowance for loan losses is available for losses applicable to the entire loan portfolio.

The following tables set forth the changes in our allowance for loan losses by loan receivable segment for the periods indicated.

		For the Three Months Ended March 31, 2015
		Mortgage Loans										Consumer and Other Loans
					Multi-Family			Commercial Real Estate
(In Thousands)	Residential															Total
Balance at January 1, 2015		$	46,283		$	39,250			$	17,242			$	8,825		$	111,600
Provision (credited) charged to operations		(1,851		)	256				18				1,234			(343		)
Charge-offs		(1,757		)	(242		)		(142		)		(349		)	(2,490		)
Recoveries		806			818				—				109			1,733
Balance at March 31, 2015		$	43,481		$	40,082			$	17,118			$	9,819		$	110,500

		For the Three Months Ended March 31, 2014
		Mortgage Loans										Consumer and Other Loans
					Multi-Family			Commercial Real Estate
(In Thousands)	Residential															Total
Balance at January 1, 2014		$	80,337		$	36,703			$	13,136			$	8,824		$	139,000
Provision (credited) charged to operations		(3,476		)	(1,412		)		4,538				1,981			1,631
Charge-offs		(4,093		)	(869		)		(2,976		)		(897		)	(8,835		)
Recoveries		1,949			156				—				99			2,204
Balance at March 31, 2014		$	74,717		$	34,578			$	14,698			$	10,007		$	134,000

The following table sets forth the balances of our residential interest-only mortgage loans at March 31, 2015 by the period in which such loans are scheduled to enter their amortization period.

(In Thousands)	Recorded Investment
Amortization scheduled to begin in:
12 months or less	$	587,456
13 to 24 months	371,233
25 to 36 months	298,396
Over 36 months	65,164
Total	$	1,322,249

The following tables set forth the balances of our residential mortgage and consumer and other loan receivable segments by class and credit quality indicator at the dates indicated.

		At March 31, 2015
		Residential Mortgage Loans									Consumer and Other Loans
		Full Documentation					Reduced Documentation				Home Equity and Other Consumer			Commercial and Industrial
(In Thousands)	Interest-only			Amortizing		Interest-only			Amortizing
Performing		$	730,927	$	4,890,730		$	526,666	$	413,447		$	171,355	$	74,894
Non-performing:
Current or past due less than 90 days		13,455		10,684			25,692		2,550			145		—
Past due 90 days or more		11,278		16,478			14,231		4,762			6,691		—
Total		$	755,660	$	4,917,892		$	566,589	$	420,759		$	178,191	$	74,894
		At December 31, 2014
		Residential Mortgage Loans									Consumer and Other Loans
		Full Documentation					Reduced Documentation				Home Equity and Other Consumer			Commercial and Industrial
(In Thousands)	Interest-only			Amortizing		Interest-only			Amortizing
Performing		$	826,155	$	4,981,880		$	568,424	$	396,922		$	178,513	$	64,815
Non-performing:
Current or past due less than 90 days		16,525		7,458			26,295		4,888			—		—
Past due 90 days or more		11,502		14,355			16,289		2,843			6,040		—
Total		$	854,182	$	5,003,693		$	611,008	$	404,653		$	184,553	$	64,815

The following table sets forth the balances of our multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator at the dates indicated.

		At March 31, 2015						At December 31, 2014
				Commercial Real Estate						Commercial Real Estate
(In Thousands)	Multi-Family						Multi-Family
Not criticized		$	3,917,675		$	814,941		$	3,850,068		$	817,404
Criticized:
Special mention		43,832			21,443			30,975			22,584
Substandard		28,660			33,461			31,264			32,664
Doubtful		739			1,104			746			1,113
Total		$	3,990,906		$	870,949		$	3,913,053		$	873,765

The following tables set forth the balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses at the dates indicated.

	At March 31, 2015
	Mortgage Loans							Consumer and Other Loans
			Multi-Family		Commercial Real Estate
(In Thousands)	Residential									Total
Loans:
Individually evaluated for impairment	$	186,779	$	33,990		$	19,530	$	6,504	$	246,803
Collectively evaluated for impairment	6,474,121		3,956,916			851,419		246,581		11,529,037
Total loans	$	6,660,900	$	3,990,906		$	870,949	$	253,085	$	11,775,840
Allowance for loan losses:
Individually evaluated for impairment	$	10,519	$	2,785		$	2,481	$	4,938	$	20,723
Collectively evaluated for impairment	32,962		37,297			14,637		4,881		89,777
Total allowance for loan losses	$	43,481	$	40,082		$	17,118	$	9,819	$	110,500

	At December 31, 2014
	Mortgage Loans							Consumer and Other Loans
			Multi-Family		Commercial Real Estate
(In Thousands)	Residential									Total
Loans:
Individually evaluated for impairment	$	181,402	$	42,611		$	19,270	$	5,153	$	248,436
Collectively evaluated for impairment	6,692,134		3,870,442			854,495		244,215		11,661,286
Total loans	$	6,873,536	$	3,913,053		$	873,765	$	249,368	$	11,909,722
Allowance for loan losses:
Individually evaluated for impairment	$	10,304	$	3,172		$	2,446	$	3,810	$	19,732
Collectively evaluated for impairment	35,979		36,078			14,796		5,015		91,868
Total allowance for loan losses	$	46,283	$	39,250		$	17,242	$	8,825	$	111,600

The following table summarizes information related to our impaired loans by segment and class at the dates indicated.

	At March 31, 2015									At December 31, 2014
(In Thousands)	Unpaid Principal Balance		Recorded Investment		Related Allowance			Net Investment		Unpaid Principal Balance		Recorded Investment		Related Allowance			Net Investment
With an allowance recorded:
Mortgage loans:
Residential:
Full documentation interest-only	$	51,533	$	43,187	$	(3,503	)	$	39,684	$	55,352	$	46,331	$	(3,391	)	$	42,940
Full documentation amortizing	52,320		47,983		(1,841		)	46,142		43,044		39,994		(1,425		)	38,569
Reduced documentation interest-only	89,147		75,831		(4,538		)	71,293		90,171		76,960		(4,661		)	72,299
Reduced documentation amortizing	21,302		19,778		(637		)	19,141		19,463		18,117		(827		)	17,290
Multi-family	24,380		20,974		(2,785		)	18,189		34,972		28,109		(3,172		)	24,937
Commercial real estate	25,383		19,530		(2,481		)	17,049		24,991		19,270		(2,446		)	16,824
Consumer and other loans:
Home equity lines of credit	6,813		6,504		(4,938		)	1,566		5,436		5,153		(3,810		)	1,343
Without an allowance recorded:
Mortgage loans:
Multi-family	14,290		13,016		—			13,016		16,308		14,502		—			14,502
Total impaired loans	$	285,168	$	246,803	$	(20,723	)	$	226,080	$	289,737	$	248,436	$	(19,732	)	$	228,704

The following table sets forth the average recorded investment, interest income recognized and cash basis interest income related to our impaired loans by segment and class for the periods indicated.

	For the Three Months Ended March 31,
	2015						2014
(In Thousands)	Average Recorded Investment		Interest Income Recognized		Cash Basis Interest Income		Average Recorded Investment		Interest Income Recognized		Cash Basis Interest Income
With an allowance recorded:
Mortgage loans:
Residential:
Full documentation interest-only	$	44,759	$	349	$	353	$	108,696	$	650	$	650
Full documentation amortizing	43,989		395		386		37,802		301		294
Reduced documentation interest-only	76,396		730		737		137,429		1,062		1,041
Reduced documentation amortizing	18,948		162		162		25,503		121		119
Multi-family	24,542		260		268		28,660		358		377
Commercial real estate	19,400		268		286		14,046		175		283
Consumer and other loans:
Home equity lines of credit	5,829		6		16		4,083		4		6
Without an allowance recorded:
Mortgage loans:
Residential:
Full documentation amortizing	—		—		—		600		8		8
Multi-family	13,759		154		155		22,393		141		141
Commercial real estate	—		—		—		7,132		—		—
Total impaired loans	$	247,622	$	2,324	$	2,363	$	386,344	$	2,820	$	2,919

The following table sets forth information about our mortgage loans receivable by segment and class at March 31, 2015 and 2014 which were modified in a troubled debt restructuring, or TDR, during the periods indicated.

	Modifications During the Three Months Ended March 31,
	2015								2014
(Dollars In Thousands)	Number of Loans		Pre- Modification Recorded Investment			Recorded Investment at March 31, 2015			Number of Loans		Pre- Modification Recorded Investment			Recorded Investment at March 31, 2014
Residential:
Full documentation interest-only		4		$	2,035		$	2,030		9		$	4,083		$	3,691
Full documentation amortizing		6		2,059			2,016			5		1,509			1,481
Reduced documentation interest-only		4		1,687			1,687			4		1,099			1,097
Reduced documentation amortizing		—		—			—			2		317			264
Multi-family		—		—			—			2		1,060			952
Commercial real estate		2		2,902			2,878			1		659			647
Total		16		$	8,683		$	8,611		23		$	8,727		$	8,132

The following table sets forth information about our mortgage loans receivable by segment and class at March 31, 2015 and 2014 which were modified in a TDR during the twelve month periods ended March 31, 2015 and 2014 and had a payment default subsequent to the modification during the periods indicated.

	For the Three Months Ended March 31,
	2015					2014
(Dollars In Thousands)	Number of Loans		Recorded Investment at March 31, 2015			Number of Loans		Recorded Investment at March 31, 2014
Residential:
Full documentation interest-only		1		$	648		6		$	1,138
Full documentation amortizing		2		854			5		1,308
Reduced documentation interest-only		2		1,314			11		3,058
Reduced documentation amortizing		—		—			3		846
Multi-family		3		1,387			2		1,015
Commercial real estate		—		—			1		1,569
Total		8		$	4,203		28		$	8,934

Included in loans receivable at March 31, 2015 are loans in the process of foreclosure collateralized by residential real estate property with a recorded investment of $34.1 million.

For additional information regarding our loans receivable and allowance for loan losses, see “Asset Quality” and “Critical Accounting Policies” in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” or “MD&A.”

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Loans Receivable and Allowance for Loan Losses (Tables)

3 Months Ended

Mar. 31, 2015

Receivables [Abstract]

Schedule of composition of loans receivable portfolio and an aging analysis by accruing and non-accrual loans and by segment and class

The following tables set forth the composition of our loans receivable portfolio, and an aging analysis by accruing and non-accrual loans, by segment and class at the dates indicated.

	At March 31, 2015
	Past Due
(In Thousands)	30-59 Days		60-89 Days		90 Days or More		Total Past Due		Current		Total
Accruing loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	7,894	$	3,796	$	—	$	11,690	$	719,237	$	730,927
Full documentation amortizing	25,321		6,707		—		32,028		4,858,702		4,890,730
Reduced documentation interest-only	10,885		3,355		—		14,240		512,426		526,666
Reduced documentation amortizing	9,120		2,801		—		11,921		401,526		413,447
Total residential	53,220		16,659		—		69,879		6,491,891		6,561,770
Multi-family	6,796		334		—		7,130		3,977,772		3,984,902
Commercial real estate	681		180		—		861		863,179		864,040
Total mortgage loans	60,697		17,173		—		77,870		11,332,842		11,410,712
Consumer and other loans (gross):
Home equity and other consumer	1,168		767		—		1,935		169,420		171,355
Commercial and industrial	—		—		—		—		74,894		74,894
Total consumer and other loans	1,168		767		—		1,935		244,314		246,249
Total accruing loans	$	61,865	$	17,940	$	—	$	79,805	$	11,577,156	$	11,656,961
Non-accrual loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	333	$	—	$	11,278	$	11,611	$	13,122	$	24,733
Full documentation amortizing	3,312		188		16,478		19,978		7,184		27,162
Reduced documentation interest-only	1,014		264		14,231		15,509		24,414		39,923
Reduced documentation amortizing	732		97		4,762		5,591		1,721		7,312
Total residential	5,391		549		46,749		52,689		46,441		99,130
Multi-family	298		403		2,064		2,765		3,239		6,004
Commercial real estate	780		—		—		780		6,129		6,909
Total mortgage loans	6,469		952		48,813		56,234		55,809		112,043
Consumer and other loans (gross):
Home equity and other consumer	—		—		6,691		6,691		145		6,836
Commercial and industrial	—		—		—		—		—		—
Total consumer and other loans	—		—		6,691		6,691		145		6,836
Total non-accrual loans	$	6,469	$	952	$	55,504	$	62,925	$	55,954	$	118,879
Total loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	8,227	$	3,796	$	11,278	$	23,301	$	732,359	$	755,660
Full documentation amortizing	28,633		6,895		16,478		52,006		4,865,886		4,917,892
Reduced documentation interest-only	11,899		3,619		14,231		29,749		536,840		566,589
Reduced documentation amortizing	9,852		2,898		4,762		17,512		403,247		420,759
Total residential	58,611		17,208		46,749		122,568		6,538,332		6,660,900
Multi-family	7,094		737		2,064		9,895		3,981,011		3,990,906
Commercial real estate	1,461		180		—		1,641		869,308		870,949
Total mortgage loans	67,166		18,125		48,813		134,104		11,388,651		11,522,755
Consumer and other loans (gross):
Home equity and other consumer	1,168		767		6,691		8,626		169,565		178,191
Commercial and industrial	—		—		—		—		74,894		74,894
Total consumer and other loans	1,168		767		6,691		8,626		244,459		253,085
Total loans	$	68,334	$	18,892	$	55,504	$	142,730	$	11,633,110	$	11,775,840
Net unamortized premiums and deferred loan origination costs											46,027
Loans receivable											11,821,867
Allowance for loan losses											(110,500		)
Loans receivable, net											$	11,711,367

	At December 31, 2014
	Past Due
(In Thousands)	30-59 Days		60-89 Days		90 Days or More		Total Past Due		Current		Total
Accruing loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	13,943	$	7,332	$	—	$	21,275	$	804,880	$	826,155
Full documentation amortizing	25,878		7,611		144		33,633		4,948,391		4,982,024
Reduced documentation interest-only	18,490		2,584		—		21,074		547,350		568,424
Reduced documentation amortizing	11,024		1,648		—		12,672		384,250		396,922
Total residential	69,335		19,175		144		88,654		6,684,871		6,773,525
Multi-family	3,646		2,222		1,790		7,658		3,893,539		3,901,197
Commercial real estate	1,686		493		2,159		4,338		863,615		867,953
Total mortgage loans	74,667		21,890		4,093		100,650		11,442,025		11,542,675
Consumer and other loans (gross):
Home equity and other consumer	2,430		962		—		3,392		175,121		178,513
Commercial and industrial	—		—		—		—		64,815		64,815
Total consumer and other loans	2,430		962		—		3,392		239,936		243,328
Total accruing loans	$	77,097	$	22,852	$	4,093	$	104,042	$	11,681,961	$	11,786,003
Non-accrual loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	2,371	$	358	$	11,502	$	14,231	$	13,796	$	28,027
Full documentation amortizing	204		238		14,211		14,653		7,016		21,669
Reduced documentation interest-only	820		453		16,289		17,562		25,022		42,584
Reduced documentation amortizing	596		1,066		2,843		4,505		3,226		7,731
Total residential	3,991		2,115		44,845		50,951		49,060		100,011
Multi-family	648		346		7,127		8,121		3,735		11,856
Commercial real estate	790		—		729		1,519		4,293		5,812
Total mortgage loans	5,429		2,461		52,701		60,591		57,088		117,679
Consumer and other loans (gross):
Home equity and other consumer	—		—		6,040		6,040		—		6,040
Commercial and industrial	—		—		—		—		—		—
Total consumer and other loans	—		—		6,040		6,040		—		6,040
Total non-accrual loans	$	5,429	$	2,461	$	58,741	$	66,631	$	57,088	$	123,719
Total loans:
Mortgage loans (gross):
Residential:
Full documentation interest-only	$	16,314	$	7,690	$	11,502	$	35,506	$	818,676	$	854,182
Full documentation amortizing	26,082		7,849		14,355		48,286		4,955,407		5,003,693
Reduced documentation interest-only	19,310		3,037		16,289		38,636		572,372		611,008
Reduced documentation amortizing	11,620		2,714		2,843		17,177		387,476		404,653
Total residential	73,326		21,290		44,989		139,605		6,733,931		6,873,536
Multi-family	4,294		2,568		8,917		15,779		3,897,274		3,913,053
Commercial real estate	2,476		493		2,888		5,857		867,908		873,765
Total mortgage loans	80,096		24,351		56,794		161,241		11,499,113		11,660,354
Consumer and other loans (gross):
Home equity and other consumer	2,430		962		6,040		9,432		175,121		184,553
Commercial and industrial	—		—		—		—		64,815		64,815
Total consumer and other loans	2,430		962		6,040		9,432		239,936		249,368
Total loans	$	82,526	$	25,313	$	62,834	$	170,673	$	11,739,049	$	11,909,722
Net unamortized premiums and deferred loan origination costs											47,726
Loans receivable											11,957,448
Allowance for loan losses											(111,600		)
Loans receivable, net											$	11,845,848

Schedule of changes in allowance for loan losses by loan receivable segment

The following tables set forth the changes in our allowance for loan losses by loan receivable segment for the periods indicated.

		For the Three Months Ended March 31, 2015
		Mortgage Loans										Consumer and Other Loans
					Multi-Family			Commercial Real Estate
(In Thousands)	Residential															Total
Balance at January 1, 2015		$	46,283		$	39,250			$	17,242			$	8,825		$	111,600
Provision (credited) charged to operations		(1,851		)	256				18				1,234			(343		)
Charge-offs		(1,757		)	(242		)		(142		)		(349		)	(2,490		)
Recoveries		806			818				—				109			1,733
Balance at March 31, 2015		$	43,481		$	40,082			$	17,118			$	9,819		$	110,500

		For the Three Months Ended March 31, 2014
		Mortgage Loans										Consumer and Other Loans
					Multi-Family			Commercial Real Estate
(In Thousands)	Residential															Total
Balance at January 1, 2014		$	80,337		$	36,703			$	13,136			$	8,824		$	139,000
Provision (credited) charged to operations		(3,476		)	(1,412		)		4,538				1,981			1,631
Charge-offs		(4,093		)	(869		)		(2,976		)		(897		)	(8,835		)
Recoveries		1,949			156				—				99			2,204
Balance at March 31, 2014		$	74,717		$	34,578			$	14,698			$	10,007		$	134,000

Schedule of balances of residential interest-only mortgage loans by scheduled amortization period

The following table sets forth the balances of our residential interest-only mortgage loans at March 31, 2015 by the period in which such loans are scheduled to enter their amortization period.

(In Thousands)	Recorded Investment
Amortization scheduled to begin in:
12 months or less	$	587,456
13 to 24 months	371,233
25 to 36 months	298,396
Over 36 months	65,164
Total	$	1,322,249

Schedule of balances of loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed

The following tables set forth the balances of our loans receivable and the related allowance for loan loss allocation by segment and by the impairment methodology followed in determining the allowance for loan losses at the dates indicated.

	At March 31, 2015
	Mortgage Loans							Consumer and Other Loans
			Multi-Family		Commercial Real Estate
(In Thousands)	Residential									Total
Loans:
Individually evaluated for impairment	$	186,779	$	33,990		$	19,530	$	6,504	$	246,803
Collectively evaluated for impairment	6,474,121		3,956,916			851,419		246,581		11,529,037
Total loans	$	6,660,900	$	3,990,906		$	870,949	$	253,085	$	11,775,840
Allowance for loan losses:
Individually evaluated for impairment	$	10,519	$	2,785		$	2,481	$	4,938	$	20,723
Collectively evaluated for impairment	32,962		37,297			14,637		4,881		89,777
Total allowance for loan losses	$	43,481	$	40,082		$	17,118	$	9,819	$	110,500

	At December 31, 2014
	Mortgage Loans							Consumer and Other Loans
			Multi-Family		Commercial Real Estate
(In Thousands)	Residential									Total
Loans:
Individually evaluated for impairment	$	181,402	$	42,611		$	19,270	$	5,153	$	248,436
Collectively evaluated for impairment	6,692,134		3,870,442			854,495		244,215		11,661,286
Total loans	$	6,873,536	$	3,913,053		$	873,765	$	249,368	$	11,909,722
Allowance for loan losses:
Individually evaluated for impairment	$	10,304	$	3,172		$	2,446	$	3,810	$	19,732
Collectively evaluated for impairment	35,979		36,078			14,796		5,015		91,868
Total allowance for loan losses	$	46,283	$	39,250		$	17,242	$	8,825	$	111,600

Summary of information related to impaired loans by segment and class

The following table summarizes information related to our impaired loans by segment and class at the dates indicated.

	At March 31, 2015									At December 31, 2014
(In Thousands)	Unpaid Principal Balance		Recorded Investment		Related Allowance			Net Investment		Unpaid Principal Balance		Recorded Investment		Related Allowance			Net Investment
With an allowance recorded:
Mortgage loans:
Residential:
Full documentation interest-only	$	51,533	$	43,187	$	(3,503	)	$	39,684	$	55,352	$	46,331	$	(3,391	)	$	42,940
Full documentation amortizing	52,320		47,983		(1,841		)	46,142		43,044		39,994		(1,425		)	38,569
Reduced documentation interest-only	89,147		75,831		(4,538		)	71,293		90,171		76,960		(4,661		)	72,299
Reduced documentation amortizing	21,302		19,778		(637		)	19,141		19,463		18,117		(827		)	17,290
Multi-family	24,380		20,974		(2,785		)	18,189		34,972		28,109		(3,172		)	24,937
Commercial real estate	25,383		19,530		(2,481		)	17,049		24,991		19,270		(2,446		)	16,824
Consumer and other loans:
Home equity lines of credit	6,813		6,504		(4,938		)	1,566		5,436		5,153		(3,810		)	1,343
Without an allowance recorded:
Mortgage loans:
Multi-family	14,290		13,016		—			13,016		16,308		14,502		—			14,502
Total impaired loans	$	285,168	$	246,803	$	(20,723	)	$	226,080	$	289,737	$	248,436	$	(19,732	)	$	228,704

Schedule of information related to average recorded investment, interest income recognized and cash basis interest income related to impaired mortgage loans

The following table sets forth the average recorded investment, interest income recognized and cash basis interest income related to our impaired loans by segment and class for the periods indicated.

	For the Three Months Ended March 31,
	2015						2014
(In Thousands)	Average Recorded Investment		Interest Income Recognized		Cash Basis Interest Income		Average Recorded Investment		Interest Income Recognized		Cash Basis Interest Income
With an allowance recorded:
Mortgage loans:
Residential:
Full documentation interest-only	$	44,759	$	349	$	353	$	108,696	$	650	$	650
Full documentation amortizing	43,989		395		386		37,802		301		294
Reduced documentation interest-only	76,396		730		737		137,429		1,062		1,041
Reduced documentation amortizing	18,948		162		162		25,503		121		119
Multi-family	24,542		260		268		28,660		358		377
Commercial real estate	19,400		268		286		14,046		175		283
Consumer and other loans:
Home equity lines of credit	5,829		6		16		4,083		4		6
Without an allowance recorded:
Mortgage loans:
Residential:
Full documentation amortizing	—		—		—		600		8		8
Multi-family	13,759		154		155		22,393		141		141
Commercial real estate	—		—		—		7,132		—		—
Total impaired loans	$	247,622	$	2,324	$	2,363	$	386,344	$	2,820	$	2,919

Restructured Loans

Loans receivable and allowance for loan losses disclosures

Schedule of information about mortgage loans receivable by segment and class modified in troubled debt restructuring

The following table sets forth information about our mortgage loans receivable by segment and class at March 31, 2015 and 2014 which were modified in a troubled debt restructuring, or TDR, during the periods indicated.

	Modifications During the Three Months Ended March 31,
	2015								2014
(Dollars In Thousands)	Number of Loans		Pre- Modification Recorded Investment			Recorded Investment at March 31, 2015			Number of Loans		Pre- Modification Recorded Investment			Recorded Investment at March 31, 2014
Residential:
Full documentation interest-only		4		$	2,035		$	2,030		9		$	4,083		$	3,691
Full documentation amortizing		6		2,059			2,016			5		1,509			1,481
Reduced documentation interest-only		4		1,687			1,687			4		1,099			1,097
Reduced documentation amortizing		—		—			—			2		317			264
Multi-family		—		—			—			2		1,060			952
Commercial real estate		2		2,902			2,878			1		659			647
Total		16		$	8,683		$	8,611		23		$	8,727		$	8,132

Defaulted Loans

Loans receivable and allowance for loan losses disclosures

Schedule of information about mortgage loans receivable by segment and class modified in troubled debt restructuring

The following table sets forth information about our mortgage loans receivable by segment and class at March 31, 2015 and 2014 which were modified in a TDR during the twelve month periods ended March 31, 2015 and 2014 and had a payment default subsequent to the modification during the periods indicated.

	For the Three Months Ended March 31,
	2015					2014
(Dollars In Thousands)	Number of Loans		Recorded Investment at March 31, 2015			Number of Loans		Recorded Investment at March 31, 2014
Residential:
Full documentation interest-only		1		$	648		6		$	1,138
Full documentation amortizing		2		854			5		1,308
Reduced documentation interest-only		2		1,314			11		3,058
Reduced documentation amortizing		—		—			3		846
Multi-family		3		1,387			2		1,015
Commercial real estate		—		—			1		1,569
Total		8		$	4,203		28		$	8,934

Performing, non-performing credit quality indicator

Loans receivable and allowance for loan losses disclosures

Schedule of loan receivable segments by class and credit quality indicator

The following tables set forth the balances of our residential mortgage and consumer and other loan receivable segments by class and credit quality indicator at the dates indicated.

		At March 31, 2015
		Residential Mortgage Loans									Consumer and Other Loans
		Full Documentation					Reduced Documentation				Home Equity and Other Consumer			Commercial and Industrial
(In Thousands)	Interest-only			Amortizing		Interest-only			Amortizing
Performing		$	730,927	$	4,890,730		$	526,666	$	413,447		$	171,355	$	74,894
Non-performing:
Current or past due less than 90 days		13,455		10,684			25,692		2,550			145		—
Past due 90 days or more		11,278		16,478			14,231		4,762			6,691		—
Total		$	755,660	$	4,917,892		$	566,589	$	420,759		$	178,191	$	74,894
		At December 31, 2014
		Residential Mortgage Loans									Consumer and Other Loans
		Full Documentation					Reduced Documentation				Home Equity and Other Consumer			Commercial and Industrial
(In Thousands)	Interest-only			Amortizing		Interest-only			Amortizing
Performing		$	826,155	$	4,981,880		$	568,424	$	396,922		$	178,513	$	64,815
Non-performing:
Current or past due less than 90 days		16,525		7,458			26,295		4,888			—		—
Past due 90 days or more		11,502		14,355			16,289		2,843			6,040		—
Total		$	854,182	$	5,003,693		$	611,008	$	404,653		$	184,553	$	64,815

Criticized, Not Criticized

Loans receivable and allowance for loan losses disclosures

Schedule of loan receivable segments by class and credit quality indicator

The following table sets forth the balances of our multi-family and commercial real estate mortgage loan receivable segments by credit quality indicator at the dates indicated.

		At March 31, 2015						At December 31, 2014
				Commercial Real Estate						Commercial Real Estate
(In Thousands)	Multi-Family						Multi-Family
Not criticized		$	3,917,675		$	814,941		$	3,850,068		$	817,404
Criticized:
Special mention		43,832			21,443			30,975			22,584
Substandard		28,660			33,461			31,264			32,664
Doubtful		739			1,104			746			1,113
Total		$	3,990,906		$	870,949		$	3,913,053		$	873,765

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Fair Value Measurements

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures.  We group our assets and liabilities at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value.  These levels are:

• Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets.

• Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market.

• Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability.

We base our fair values on the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, with additional considerations when the volume and level of activity for an asset or liability have significantly decreased and on identifying circumstances that indicate a transaction is not orderly.  We maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

Recurring Fair Value Measurements

Our securities available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income/loss in stockholders’ equity.  Additionally, in connection with our mortgage banking activities we have commitments to fund loans held-for-sale and commitments to sell loans, which are considered free-standing derivative financial instruments, the fair values of which are not material to our financial condition or results of operations.

The following tables set forth the carrying values of our assets measured at estimated fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated.

	Carrying Value at March 31, 2015
(In Thousands)	Total		Level 1		Level 2
Securities available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	298,435	$	—	$	298,435
Non-GSE issuance REMICs and CMOs	4,551		—		4,551
GSE pass-through certificates	12,826		—		12,826
Obligations of GSEs	97,589		—		97,589
Fannie Mae stock	2		2		—
Total securities available-for-sale	$	413,403	$	2	$	413,401
	Carrying Value at December 31, 2014
(In Thousands)	Total		Level 1		Level 2
Securities available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	268,998	$	—	$	268,998
Non-GSE issuance REMICs and CMOs	5,104		—		5,104
GSE pass-through certificates	13,557		—		13,557
Obligations of GSEs	96,698		—		96,698
Fannie Mae stock	2		2		—
Total securities available-for-sale	$	384,359	$	2	$	384,357

The following is a description of valuation methodologies used for assets measured at fair value on a recurring basis.

Residential mortgage-backed securities

Residential mortgage-backed securities comprised 76% of our securities available-for-sale portfolio at March 31, 2015 and 75% at December 31, 2014.  The fair values for these securities are obtained from an independent nationally recognized pricing service.  Our pricing service uses various modeling techniques to determine pricing for our mortgage-backed securities, including option pricing and discounted cash flow models.  The inputs to these models include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, reference data, monthly payment information and collateral performance.  GSE securities, for which an active market exists for similar securities making observable inputs readily available, comprised 99% of our available-for-sale residential mortgage-backed securities portfolio at March 31, 2015 and 98%December 31, 2014.

We review changes in the pricing service fair values from month to month taking into consideration changes in market conditions including changes in mortgage spreads, changes in treasury yields and changes in pricing on 15 and 30 year pass-through mortgage-backed securities.  Significant month over month price changes are analyzed further using discounted cash flow models and, on occasion, third party quotes.  Based upon our review of the prices provided by our pricing service, the estimated fair values incorporate observable market inputs commonly used by buyers and sellers of these types of securities at the measurement date in orderly transactions between market participants, and, as such, are classified as Level 2.

Obligations of GSEs

Obligations of GSEs comprised 24% of our securities available-for-sale portfolio at March 31, 2015 and 25% at December 31, 2014 and consisted of debt securities issued by GSEs.  The fair values for these securities are obtained from an independent nationally recognized pricing service.  Our pricing service gathers information from market sources and integrates relative credit information, observed market movements and sector news into their pricing applications and models.  Spread scales, representing credit risk, are created and are based on the new issue market, secondary trading and dealer quotes.  Option adjusted spread, or OAS, models are incorporated to adjust spreads of issues that have early redemption features.  Based upon our review of the prices provided by our pricing service, the estimated fair values incorporate observable market inputs commonly used by buyers and sellers of these types of securities at the measurement date in orderly transactions between market participants, and, as such, are classified as Level 2.

Fannie Mae stock

The fair value of the Fannie Mae stock in our available-for-sale securities portfolio is obtained from quoted market prices for identical instruments in active markets and, as such, is classified as Level 1.

Non-Recurring Fair Value Measurements

From time to time, we may be required to record at fair value assets or liabilities on a non-recurring basis, such as mortgage servicing rights, or MSR, loans receivable, certain loans held-for-sale and real estate owned, or REO.  These non-recurring fair value adjustments involve the application of lower of cost or market accounting or impairment write-downs of individual assets.

The following table sets forth the carrying values of those of our assets which were measured at fair value on a non-recurring basis at the dates indicated.  The fair value measurements for all of these assets fall within Level 3 of the fair value hierarchy.

		Carrying Value
(In Thousands)	At March 31, 2015			At December 31, 2014
Non-performing loans held-for-sale, net		$	551		$	153
Impaired loans		139,302			140,663
MSR, net		10,585			11,401
REO, net		17,295			19,375
Total		$	167,733		$	171,592

The following table provides information regarding the losses recognized on our assets measured at fair value on a non-recurring basis for the periods indicated.

	For the Three Months Ended March 31,
(In Thousands)		2015		2014
Non-performing loans held-for-sale, net (1)		$	188	$	533
Impaired loans (2)		1,964		6,419
MSR, net (3)		513		13
REO, net (4)		304		898
Total		$	2,969	$	7,863

(1) Losses are charged against the allowance for loan losses in the case of a write-down upon the transfer of a loan to held-for-sale. Losses subsequent to the transfer of a loan to held-for-sale are charged to other non-interest income.

(2) Losses are charged against the allowance for loan losses.

(3) Losses are charged to mortgage banking income, net.

(4) Losses are charged against the allowance for loan losses in the case of a write-down upon the transfer of a loan to REO. Losses subsequent to the transfer of a loan to REO are charged to REO expense which is a component of other non-interest expense.

The following is a description of valuation methodologies used for assets measured at fair value on a non-recurring basis.

Loans held-for-sale, net (non-performing loans held-for-sale)

Included in loans held-for-sale, net, are non-performing loans held-for-sale for which fair values are estimated through either preliminary bids from potential purchasers of the loans or the estimated fair value of the underlying collateral discounted for factors necessary to solicit acceptable bids, and adjusted as necessary based on management’s experience with sales of similar types of loans and, as such, are classified as Level 3. At March 31, 2015, non-performing loans held-for-sale were comprised of 60% multi-family mortgage loans and 40% residential mortgage loans. At December 31, 2014, we held-for-sale one non-performing multi-family mortgage loan.

Loans receivable, net (impaired loans)

Loans which meet certain criteria are evaluated individually for impairment.  A loan is considered impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement.  Impaired loans were comprised of 75% residential mortgage loans, 22% multi-family and commercial real estate mortgage loans and 3% home equity lines of credit at March 31, 2015 and 73% residential mortgage loans, 25% multi-family and commercial real estate mortgage loans and 2% home equity lines of credit at December 31, 2014.  Impaired loans for which a fair value adjustment was recognized were comprised of 73% residential mortgage loans, 26% multi-family and commercial real estate mortgage loans and 1% home equity lines of credit at March 31, 2015 and 69% residential mortgage loans, 30% multi-family and commercial real estate mortgage loans and 1% home equity lines of credit at December 31, 2014.  Our impaired loans are generally collateral dependent and, as such, are generally carried at the estimated fair value of the underlying collateral less estimated selling costs.

We obtain updated estimates of collateral values on residential mortgage loans at 180 days past due and earlier in certain instances, including for loans to borrowers who have filed for bankruptcy, and, to the extent the loans remain delinquent, annually thereafter.  Updated estimates of collateral value on residential loans are obtained primarily through automated valuation models. Additionally, our loan servicer performs property inspections to monitor and manage the collateral on our residential loans when they become 45 days past due and monthly thereafter until the foreclosure process is complete.  We obtain updated estimates of collateral value using third party appraisals on non-performing multi-family and commercial real estate mortgage loans when the loans initially become non-performing and annually thereafter and multi-family and commercial real estate loans modified in a TDR at the time of the modification and annually thereafter.  Appraisals on multi-family and commercial real estate loans are reviewed by our internal certified appraisers. We analyze  our home equity lines of credit when such loans become 90 days past due and consider our lien position, the estimated fair value of the underlying collateral value and the results of recent property inspections in determining the need for an individual valuation allowance. Adjustments to final appraised values obtained from independent third party appraisers and automated valuation models are not made.  The fair values of impaired loans cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the loan and, as such, are classified as Level 3.

MSR, net

The right to service loans for others is generally obtained through the sale of residential mortgage loans with servicing retained.  MSR are carried at the lower of cost or estimated fair value.  The estimated fair value of MSR is obtained through independent third party valuations through an analysis of future cash flows, incorporating estimates of assumptions market participants would use in determining fair value including market discount rates, prepayment speeds, servicing income, servicing costs, default rates and other market driven data, including the market’s perception of future interest rate movements and, as such, are classified as Level 3.  At March 31, 2015, our MSR were valued based on expected future cash flows considering a weighted average discount rate of 9.47%, a weighted average constant prepayment rate on mortgages of 13.35% and a weighted average life of 5.4 years.  At December 31, 2014, our MSR were valued based on expected future cash flows considering a weighted average discount rate of 9.48%, a weighted average constant prepayment rate on mortgages of 12.35% and a weighted average life of 5.7 years.  Management reviews the assumptions used to estimate the fair value of MSR to ensure they reflect current and anticipated market conditions.

REO, net

REO represents real estate acquired through foreclosure or by deed in lieu of foreclosure. At March 31, 2015, REO totaled $30.2 million, including residential properties with a carrying value of $28.1 million. At December 31, 2014, REO totaled $35.7 million, including residential properties with a carrying value of $33.7 million. REO is generally initially recorded at estimated fair value less estimated selling costs.  Thereafter, we maintain a valuation allowance representing decreases in the properties' estimated fair value. The fair value of REO is estimated through current appraisals, in conjunction with a drive-by inspection and comparison of the REO property with similar properties in the area by either a licensed appraiser or real estate broker.  As these properties are actively marketed, estimated fair values are periodically adjusted by management to reflect current market conditions and, as such, are classified as Level 3.

Fair Value of Financial Instruments

Quoted market prices available in formal trading marketplaces are typically the best evidence of the fair value of financial instruments.  In many cases, financial instruments we hold are not bought or sold in formal trading marketplaces.  Accordingly, fair values are derived or estimated based on a variety of valuation techniques in the absence of quoted market prices.  Fair value estimates are made at a specific point in time, based on relevant market information about the financial instrument.  These estimates do not reflect any possible tax ramifications, estimated transaction costs, or any premium or discount that could result from offering for sale at one time our entire holdings of a particular financial instrument.  Because no market exists for a certain portion of our financial instruments, fair value estimates are based on judgments regarding future loss experience, current economic conditions, risk characteristics and other such factors.  These estimates are subjective in nature, involve uncertainties and, therefore, cannot be determined with precision.  Changes in assumptions could significantly affect the estimates.  For these reasons and others, the estimated fair value disclosures presented herein do not represent our entire underlying value.  As such, readers are cautioned in using this information for purposes of evaluating our financial condition and/or value either alone or in comparison with any other company.

The following tables set forth the carrying values and estimated fair values of our financial instruments which are carried in the consolidated statements of financial condition at either cost or at lower of cost or fair value in accordance with GAAP, and are not measured or recorded at fair value on a recurring basis, and the level within the fair value hierarchy in which the fair value measurements fall at the dates indicated.

	At March 31, 2015
	Carrying Value		Estimated Fair Value
(In Thousands)			Total		Level 2		Level 3
Financial Assets:
Securities held-to-maturity	$	2,119,542	$	2,137,907	$	2,137,907	$	—
FHLB-NY stock	141,622		141,622		141,622		—
Loans held-for-sale, net (1)	8,066		8,385		—		8,385
Loans receivable, net (1)	11,711,367		11,862,011		—		11,862,011
MSR, net (1)	10,585		10,589		—		10,589
Financial Liabilities:
Deposits	9,407,029		9,439,513		9,439,513		—
Borrowings, net	4,113,824		4,337,180		4,337,180		—

	At December 31, 2014
	Carrying Value		Estimated Fair Value
(In Thousands)			Total		Level 2		Level 3
Financial Assets:
Securities held-to-maturity	$	2,133,804	$	2,131,371	$	2,131,371	$	—
FHLB-NY stock	140,754		140,754		140,754		—
Loans held-for-sale, net (1)	7,640		7,955		—		7,955
Loans receivable, net (1)	11,845,848		11,967,608		—		11,967,608
MSR, net (1)	11,401		11,406		—		11,406
Financial Liabilities:
Deposits	9,504,909		9,534,918		9,534,918		—
Borrowings, net	4,187,691		4,395,604		4,395,604		—

_______________________________________________________

(1) Includes assets measured at fair value on a non-recurring basis.

The following is a description of the methods and assumptions used to estimate fair values of our financial instruments which are not measured or recorded at fair value on a recurring or non-recurring basis.

Securities held-to-maturity

The fair values for substantially all of our securities held-to-maturity are obtained from an independent nationally recognized pricing service using similar methods and assumptions as used for our securities available-for-sale which are measured at fair value on a recurring basis.

Federal Home Loan Bank of New York, or FHLB-NY, stock

The fair value of FHLB-NY stock is based on redemption at par value.

Loans held-for-sale, net

Included in loans held-for-sale, net, are 15 and 30 year fixed rate residential mortgage loans originated for sale that conform to GSE guidelines (conforming loans) for which fair values are estimated using an option-based pricing methodology designed to take into account interest rate volatility, which has a significant effect on the value of the options and structural features embedded in loans.  This methodology involves generating simulated interest rates, calculating the OAS of a mortgage-backed security whose price is known, which serves as a benchmark price, and using the benchmark OAS to estimate the pricing for similar mortgage instruments whose prices are not known.

Loans receivable, net

Fair values of loans are estimated using an option-based pricing methodology designed to take into account interest rate volatility, which has a significant effect on the value of the options and structural features embedded in loans.  This pricing methodology involves generating simulated interest rates, calculating the OAS of a mortgage-backed security whose price is known, which serves as a benchmark price, and using the benchmark OAS to estimate the pricing for similar mortgage instruments whose prices are not known.

This technique of estimating fair value is extremely sensitive to the assumptions and estimates used.  While we have attempted to use assumptions and estimates which are the most reflective of the loan portfolio and the current market, a greater degree of subjectivity is inherent in determining these fair values than for fair values obtained from formal trading marketplaces.  In addition, our valuation method for loans, which is consistent with accounting guidance, does not fully incorporate an exit price approach to fair value.

Deposits

The fair values of deposits with no stated maturity, such as savings, money market and NOW and demand deposit accounts, are equal to the amount payable on demand.  The fair values of certificates of deposit are based on discounted contractual cash flows using the weighted average remaining life of the portfolio discounted by the corresponding LIBOR Swap Curve.

Borrowings, net

The fair values of borrowings are based upon third party dealers’ estimated market values which are reviewed by management quarterly using an OAS model. An industry standard OAS model is used to to estimate the fair value borrowings for which broker quotes are unavailable.

Outstanding commitments

Outstanding commitments include commitments to extend credit and unadvanced lines of credit for which fair values were estimated based on an analysis of the interest rates and fees currently charged to enter into similar transactions.  The fair values of these commitments are immaterial to our financial condition.

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Pension Plans and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Pension Plans and Other Postretirement Benefits

Pension Plans and Other Postretirement Benefits

The following table sets forth information regarding the components of net periodic (benefit) cost for our defined benefit pension plans and other postretirement benefit plan for the periods indicated.

		Pension Benefits							Other Postretirement Benefits
	For the Three Months Ended March 31,							For the Three Months Ended March 31,
(In Thousands)		2015			2014				2015		2014
Service cost		$	—		$	—			$	469	$	219
Interest cost		2,510			2,633				276		222
Expected return on plan assets		(3,633		)	(3,713		)		—		—
Recognized net actuarial loss (gain)		757			359				—		(151		)
Amortization of prior service cost		47			47				—		—
Net periodic (benefit) cost		$	(319	)	$	(674	)		$	745	$	290

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Fair Value Measurements (Details 4) (Measured on a non-recurring basis, USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Fair Value of Financial Instruments
Losses recognized on assets measured at fair value on a non-recurring basis	$ 2,969	$ 7,863
Non-performing loans held-for-sale, net
Fair Value of Financial Instruments
Losses recognized on assets measured at fair value on a non-recurring basis	188	533
Impaired loans
Fair Value of Financial Instruments
Losses recognized on assets measured at fair value on a non-recurring basis	1,964	6,419
Mortgage Servicing Rights [Member]
Fair Value of Financial Instruments
Losses recognized on assets measured at fair value on a non-recurring basis	513	13
REO, net
Fair Value of Financial Instruments
Losses recognized on assets measured at fair value on a non-recurring basis	$ 304	$ 898

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Earnings Per Common Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

The following table is a reconciliation of basic and diluted earnings per common share, or EPS.

	For the Three Months Ended March 31,
(In Thousands, Except Share Data)	2015						2014
Net income		$	19,307					$	31,549
Preferred stock dividends		(2,194				)		(2,194				)
Net income available to common shareholders		17,113						29,355
Income allocated to participating securities		(114				)		(312				)
Net income allocated to common shareholders		$	16,999					$	29,043
Basic weighted average common shares outstanding	99,252,031						98,106,045
Dilutive effect of stock options and restricted stock units (1) (2)	—						—
Diluted weighted average common shares outstanding	99,252,031						98,106,045
Basic EPS				$	0.17					$	0.30
Diluted EPS				$	0.17					$	0.30

(1) Excludes options to purchase 20,667 shares of common stock which were outstanding during the three months ended March 31, 2015 and options to purchase 1,050,083 shares of common stock which were outstanding during the three months ended March 31, 2014 because their inclusion would be anti-dilutive.

(2) Excludes 762,038 unvested restricted stock units which were outstanding during the three months ended March 31, 2015 and 659,837 unvested restricted stock units which were outstanding during the three months ended March 31, 2014 because the performance conditions have not been satisfied.

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Other Comprehensive Income/Loss

3 Months Ended

Mar. 31, 2015

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Other Comprehensive Income/Loss

Other Comprehensive Income

The following tables set forth the components of accumulated other comprehensive loss, net of related tax effects, at the dates indicated and the changes during the three months ended March 31, 2015 and 2014.

(In Thousands)	At    December 31, 2014				Other Comprehensive Income			At   March 31, 2015
Net unrealized gain on securities available-for-sale		$	4,686			$	1,993		$	6,679
Net actuarial loss on pension plans and other postretirement benefits		(67,476		)		469			(67,007		)
Prior service cost on pension plans and other postretirement benefits		(3,161		)		29			(3,132		)
Accumulated other comprehensive loss		$	(65,951	)		$	2,491		$	(63,460	)
(In Thousands)	At    December 31, 2013				Other Comprehensive Income			At   March 31, 2014
Net unrealized loss on securities available-for-sale		$	(4,366	)		$	2,993		$	(1,373	)
Net actuarial loss on pension plans and other postretirement benefits		(30,600		)		135			(30,465		)
Prior service cost on pension plans and other postretirement benefits		(3,284		)		30			(3,254		)
Accumulated other comprehensive loss		$	(38,250	)		$	3,158		$	(35,092	)

The following tables set forth the components of other comprehensive income for the periods indicated.

		For the Three Months Ended   March 31, 2015
(In Thousands)	Before Tax Amount			Income Tax Expense				After Tax Amount
Net unrealized holding gain on securities available-for-sale arising during the period		$	3,223		$	(1,230	)		$	1,993
Reclassification adjustment for net actuarial loss included in net income		757			(288		)		469
Reclassification adjustment for prior service cost included in net income		47			(18		)		29
Other comprehensive income		$	4,027		$	(1,536	)		$	2,491

		For the Three Months Ended   March 31, 2014
(In Thousands)	Before Tax Amount			Income Tax Expense				After Tax Amount
Net unrealized holding gain on securities available-for-sale arising during the period		$	4,628		$	(1,635	)		$	2,993
Reclassification adjustment for net actuarial loss included in net income		208			(73		)		135
Reclassification adjustment for prior service cost included in net income		47			(17		)		30
Other comprehensive income		$	4,883		$	(1,725	)		$	3,158

The following tables set forth information about amounts reclassified from accumulated other comprehensive loss to, and the affected line items in, the consolidated statements of income for the periods indicated.

	For the Three Months Ended March 31,							Income Statement Line Item
(In Thousands)		2015			2014
Reclassification adjustment for net actuarial loss (1)		$	(757	)	$	(208	)	Compensation and benefits
Reclassification adjustment for prior service cost (1)		(47		)	(47		)	Compensation and benefits
Total reclassifications, before tax		(804		)	(255		)
Income tax effect		306			90			Income tax expense (benefit)
Total reclassifications, net of tax		$	(498	)	$	(165	)	Net income

(1) These other comprehensive income components are included in the computations of net periodic (benefit) cost for our defined benefit pension plans and other postretirement benefit plan. See Note 7 for additional details.

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Stock Incentive Plans

3 Months Ended

Mar. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Incentive Plans

Stock Incentive Plans

During the three months ended March 31, 2015, 26,232 shares of restricted common stock were granted to directors under the Astoria Financial Corporation 2007 Non-Employee Directors Stock Plan, as amended, of which 21,860 remain outstanding at March 31, 2015 and vest 100% in February 2018, although awards immediately vest upon death, disability, mandatory retirement, involuntary termination or a change in control, as such terms are defined in the plan.

No stock-based compensation awards were made to our officers or employees during the three months ended March 31, 2015. On April 27, 2015, 400,320 shares of restricted common stock were granted to select officers under the 2014 Amended and Restated Stock Incentive Plan for Officers and Employees of Astoria Financial Corporation, or the 2014 Employee Stock Plan, with a grant date fair value of $13.07 per share, substantially all of which vest one-third per year on or about December 14, beginning December 2015.  In the event the grantee terminates his/her employment due to death or disability, or in the event we experience a change in control, as defined and specified in the 2014 Employee Stock Plan, all restricted common stock granted pursuant to such plan immediately vests.  Also, on April 27, 2015, 409,800 performance-based restricted stock units were granted to select officers under the 2014 Employee Stock Plan with a grant date fair value of $12.64 per unit.  Each restricted stock unit granted represents a right, under the 2014 Employee Stock Plan, to receive one share of our common stock in the future, subject to meeting certain criteria.  The restricted stock units have specified performance objectives within a specified performance measurement period and no voting or dividend rights prior to vesting and delivery of shares.  The performance measurement period for these restricted stock units is the fiscal year ending December 31, 2017 and the vest date is February 1, 2018.  Shares will be issued on the vest date at a specified percentage of units granted, ranging from 0% to 125%, based on actual performance during the performance measurement period.  However, in the event of a change in control prior to the end of the performance measurement period, the restricted stock units will vest on the change in control date and shares will be issued at 100% of units granted.  Absent a change in control, if a grantee’s employment terminates prior to the end of the performance measurement period all restricted stock units will be forfeited.  In the event a grantee’s employment terminates during the period on or after the end of the performance measurement period through the vest date due to death, disability, retirement or a change in control, the grantee will remain entitled to the shares otherwise earned. 

The following table summarizes restricted common stock and performance-based restricted stock unit activity in our stock incentive plans for the three months ended March 31, 2015.

	Restricted Common Stock							Restricted Stock Units
	Number of Shares			Weighted Average Grant Date Fair Value				Number of Units			Weighted Average Grant Date Fair Value
Unvested at January 1, 2015		752,701			$	11.90			776,500			$	10.66
Granted		26,232			12.58				—			—
Vested		(4,000	)		(8.95		)		—			—
Forfeited		(41,404	)		(11.54		)		(32,300	)		(10.89		)
Unvested at March 31, 2015		733,529			11.96				744,200			10.65

Stock-based compensation expense is recognized on a straight-line basis over the vesting period and totaled $995,000, net of taxes of $614,000, for the three months ended March 31, 2015 and $1.3 million, net of taxes of $712,000, for the three months ended March 31, 2014.  At March 31, 2015, exclusive of the compensation cost related to the April 27, 2015 grant, pre-tax compensation cost related to all nonvested awards of restricted common stock and restricted stock units not yet recognized totaled $9.0 million and will be recognized over a weighted average period of approximately 1.6 years, which excludes $1.7 million of pre-tax compensation cost related to 65,000 shares of performance-based restricted common stock and 95,025 performance-based restricted stock units, for which compensation cost will begin to be recognized when the achievement of the performance conditions becomes probable.

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Securities (Details 3) (USD $)	Mar. 31, 2015 security	Dec. 31, 2014 security
Securities
Number of securities held with unrealized loss	56	80
Total available-for-sale securities	$ 413,403,000	$ 384,359,000
Held-to-maturity, amortized cost	2,119,542,000	2,133,804,000
Callable securities, amortized cost	227,400,000
Accrued interest receivable for securities	6,700,000	6,700,000
Callable securities amortized cost, callable within one year and thereafter	211,000,000
Held-to-maturity securities, fair value	2,137,907,000	2,131,371,000
Available-for-sale debt securities, excluding mortgage-backed securities
Securities
Available-for-sale debt securities, amortized cost	98,700,000
Total available-for-sale securities	97,600,000
Held-to-maturity debt securities, excluding mortgage-backed securities
Securities
Held-to-maturity, amortized cost	129,300,000
Held-to-maturity securities, fair value	$ 129,300,000

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Pension Plans and Other Postretirement Benefits (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Pension Benefits
Pension plans and other postretirement benefits
Interest cost	$ 2,510	$ 2,633
Expected return on plan assets	(3,633)	(3,713)
Recognized net actuarial loss (gain)	757	359
Amortization of prior service cost	47	47
Net periodic (benefit) cost	(319)	(674)
Other Postretirement Benefits
Pension plans and other postretirement benefits
Service cost	469	219
Interest cost	276	222
Recognized net actuarial loss (gain)	0	(151)
Net periodic (benefit) cost	$ 745	$ 290

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Impact of Accounting Standards and Interpretations

3 Months Ended

Mar. 31, 2015

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Impact of Accounting Standards and Interpretations

Impact of Accounting Standards and Interpretations

In June 2014, the Financial Accounting Standards Board, or FASB, issued ASU 2014-12, “Compensation — Stock Compensation (Topic 718) — Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period,” which applies to all entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period.  The amendments in this update require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition.  As such, the performance target should not be reflected in estimating the grant date fair value of the award.  The amendments in ASU 2014-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 and may be applied either prospectively to all awards granted or modified after the effective date, or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter.  Early adoption is permitted. The terms of our share-based payment awards currently do not provide that a performance target that affects vesting could be achieved after the requisite service period. Therefore, this guidance is not expected to have an impact on our financial condition or results of operations.

In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. Therefore this guidance will not have an impact on our financial condition or results of operations. The amendments in ASU 2015-03 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, and must be adopted on a retrospective basis. Early adoption is permitted for financial statements that have not been previously issued. At March 31, 2015 and December 31, 2014, our debt issuance costs are presented as a direct reduction from the carrying amount of that debt liability in the consolidated statements of financial condition.

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Other Comprehensive Income/Loss (Tables)

3 Months Ended

Mar. 31, 2015

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Components of and Changes in Accumulated Other Comprehensive Loss net of tax

The following tables set forth the components of accumulated other comprehensive loss, net of related tax effects, at the dates indicated and the changes during the three months ended March 31, 2015 and 2014.

(In Thousands)	At    December 31, 2014				Other Comprehensive Income			At   March 31, 2015
Net unrealized gain on securities available-for-sale		$	4,686			$	1,993		$	6,679
Net actuarial loss on pension plans and other postretirement benefits		(67,476		)		469			(67,007		)
Prior service cost on pension plans and other postretirement benefits		(3,161		)		29			(3,132		)
Accumulated other comprehensive loss		$	(65,951	)		$	2,491		$	(63,460	)
(In Thousands)	At    December 31, 2013				Other Comprehensive Income			At   March 31, 2014
Net unrealized loss on securities available-for-sale		$	(4,366	)		$	2,993		$	(1,373	)
Net actuarial loss on pension plans and other postretirement benefits		(30,600		)		135			(30,465		)
Prior service cost on pension plans and other postretirement benefits		(3,284		)		30			(3,254		)
Accumulated other comprehensive loss		$	(38,250	)		$	3,158		$	(35,092	)

Schedule of Components of Other Comprehensive Income/Loss

The following tables set forth the components of other comprehensive income for the periods indicated.

		For the Three Months Ended   March 31, 2015
(In Thousands)	Before Tax Amount			Income Tax Expense				After Tax Amount
Net unrealized holding gain on securities available-for-sale arising during the period		$	3,223		$	(1,230	)		$	1,993
Reclassification adjustment for net actuarial loss included in net income		757			(288		)		469
Reclassification adjustment for prior service cost included in net income		47			(18		)		29
Other comprehensive income		$	4,027		$	(1,536	)		$	2,491

		For the Three Months Ended   March 31, 2014
(In Thousands)	Before Tax Amount			Income Tax Expense				After Tax Amount
Net unrealized holding gain on securities available-for-sale arising during the period		$	4,628		$	(1,635	)		$	2,993
Reclassification adjustment for net actuarial loss included in net income		208			(73		)		135
Reclassification adjustment for prior service cost included in net income		47			(17		)		30
Other comprehensive income		$	4,883		$	(1,725	)		$	3,158

Information About Amounts Reclassified From Accumulated Other Comprehensive Loss to the Consolidated Statements of Income

The following tables set forth information about amounts reclassified from accumulated other comprehensive loss to, and the affected line items in, the consolidated statements of income for the periods indicated.

	For the Three Months Ended March 31,							Income Statement Line Item
(In Thousands)		2015			2014
Reclassification adjustment for net actuarial loss (1)		$	(757	)	$	(208	)	Compensation and benefits
Reclassification adjustment for prior service cost (1)		(47		)	(47		)	Compensation and benefits
Total reclassifications, before tax		(804		)	(255		)
Income tax effect		306			90			Income tax expense (benefit)
Total reclassifications, net of tax		$	(498	)	$	(165	)	Net income

(1) These other comprehensive income components are included in the computations of net periodic (benefit) cost for our defined benefit pension plans and other postretirement benefit plan. See Note 7 for additional details.

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Other Comprehensive Income/Loss (Details 2) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net unrealized gain on securities available-for-sale before tax amount:
Net unrealized loss on securities available-for-sale	$ 3,223	$ 4,628
Net actuarial loss adjustment on pension plans and other postretirement benefits before tax amount:
Reclassification adjustment for net actuarial loss included in net income	757	208
Prior service cost adjustment on pension plans and other postretirement benefits before tax amount:
Reclassification adjustment for prior service cost included in net income	47	47
Total other comprehensive income, before tax amount	4,027	4,883
Net unrealized gain on securities available-for-sale, tax expense:
Net unrealized loss on securities available-for-sale	(1,230)	(1,635)
Net actuarial loss adjustment on pension plans and other postretirement benefits, tax expense:
Reclassification adjustment for net actuarial loss included in net income	(288)	(73)
Prior service cost adjustment on pension plans and other postretirement benefits, tax expense:
Reclassification adjustment for prior service cost included in net income	(18)	(17)
Total other comprehensive income, tax expense	(1,536)	(1,725)
Net unrealized gain on securities available-for-sale:
Net unrealized gain on securities available-for-sale arising during the period	1,993	2,993
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income	469	135
Prior service cost adjustment on pension plans and other postretirement benefits:
Reclassification adjustment for prior service cost included in net income	29	30
Total other comprehensive income, net of tax	$ 2,491	$ 3,158

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Loans Receivable and Allowance for Loan Losses (Impaired Loans) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Financing receivable, impaired
Unpaid Principal Balance	$ 285,168	$ 289,737
Recorded Investment	246,803	248,436
Related Allowance	(20,723)	(19,732)
Net Investment	226,080	228,704
Consumer and other loans | Home equity and other consumer
Financing receivable, impaired
Unpaid Principal Balance, Loans with an allowance recorded	6,813	5,436
Recorded Investment, Loans with an allowance recorded	6,504	5,153
Related Allowance	(4,938)	(3,810)
Net Investment, Loans with an allowance recorded	1,566	1,343
Mortgage loans | Residential | Full documentation interest-only
Financing receivable, impaired
Unpaid Principal Balance, Loans with an allowance recorded	51,533	55,352
Recorded Investment, Loans with an allowance recorded	43,187	46,331
Related Allowance	(3,503)	(3,391)
Net Investment, Loans with an allowance recorded	39,684	42,940
Mortgage loans | Residential | Full documentation amortizing loans
Financing receivable, impaired
Unpaid Principal Balance, Loans with an allowance recorded	52,320	43,044
Recorded Investment, Loans with an allowance recorded	47,983	39,994
Related Allowance	(1,841)	(1,425)
Net Investment, Loans with an allowance recorded	46,142	38,569
Mortgage loans | Residential | Reduced documentation interest-only
Financing receivable, impaired
Unpaid Principal Balance, Loans with an allowance recorded	89,147	90,171
Recorded Investment, Loans with an allowance recorded	75,831	76,960
Related Allowance	(4,538)	(4,661)
Net Investment, Loans with an allowance recorded	71,293	72,299
Mortgage loans | Residential | Reduced documentation amortizing
Financing receivable, impaired
Unpaid Principal Balance, Loans with an allowance recorded	21,302	19,463
Recorded Investment, Loans with an allowance recorded	19,778	18,117
Related Allowance	(637)	(827)
Net Investment, Loans with an allowance recorded	19,141	17,290
Mortgage loans | Multi-family
Financing receivable, impaired
Unpaid Principal Balance, Loans with an allowance recorded	24,380	34,972
Unpaid Principal Balance, Loans without an allowance recorded	14,290	16,308
Recorded Investment, Loans with an allowance recorded	20,974	28,109
Recorded Investment, Loans without an allowance recorded	13,016	14,502
Related Allowance	(2,785)	(3,172)
Net Investment, Loans with an allowance recorded	18,189	24,937
Net Investment, Loans without an allowance recorded	13,016	14,502
Mortgage loans | Commercial real estate
Financing receivable, impaired
Unpaid Principal Balance, Loans with an allowance recorded	25,383	24,991
Recorded Investment, Loans with an allowance recorded	19,530	19,270
Related Allowance	(2,481)	(2,446)
Net Investment, Loans with an allowance recorded	$ 17,049	$ 16,824

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Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 19,307	$ 31,549
Net unrealized (loss) gain on securities available-for-sale:
Net unrealized gain on securities available-for-sale arising during the period	1,993	2,993
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income	469	135
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income	29	30
Total other comprehensive income, net of tax	2,491	3,158
Comprehensive income	$ 21,798	$ 34,707

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Securities

3 Months Ended

Mar. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Securities

Securities

The following tables set forth the amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at the dates indicated.

	At March 31, 2015
(In Thousands)	Amortized Cost		Gross Unrealized Gains			Gross Unrealized Losses				Estimated Fair Value
Available-for-sale:
Residential mortgage-backed securities:
GSE (1) issuance REMICs and CMOs (2)	$	294,026		$	5,238		$	(829	)	$	298,435
Non-GSE issuance REMICs and CMOs	4,524			28			(1		)	4,551
GSE pass-through certificates	12,234			594			(2		)	12,826
Total residential mortgage-backed securities	310,784			5,860			(832		)	315,812
Obligations of GSEs	98,681			—			(1,092		)	97,589
Fannie Mae stock	15			—			(13		)	2
Total securities available-for-sale	$	409,480		$	5,860		$	(1,937	)	$	413,403
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	1,490,860		$	20,981		$	(7,138	)	$	1,504,703
Non-GSE issuance REMICs and CMOs	2,299			27			(7		)	2,319
GSE pass-through certificates	271,379			3,431			(1,665		)	273,145
Total residential mortgage-backed securities	1,764,538			24,439			(8,810		)	1,780,167
Multi-family mortgage-backed securities:
GSE issuance REMICs	225,738			2,748			(73		)	228,413
Obligations of GSEs	128,769			536			(476		)	128,829
Other	497			1			—			498
Total securities held-to-maturity	$	2,119,542		$	27,724		$	(9,359	)	$	2,137,907

(1) Government-sponsored enterprise

(2) Real estate mortgage investment conduits and collateralized mortgage obligations

	At December 31, 2014
(In Thousands)	Amortized Cost		Gross Unrealized Gains			Gross Unrealized Losses				Estimated Fair Value
Available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	266,946		$	3,608		$	(1,556	)	$	268,998
Non-GSE issuance REMICs and CMOs	5,071			34			(1		)	5,104
GSE pass-through certificates	12,919			640			(2		)	13,557
Total residential mortgage-backed securities	284,936			4,282			(1,559		)	287,659
Obligations of GSEs	98,680			—			(1,982		)	96,698
Fannie Mae stock	15			—			(13		)	2
Total securities available-for-sale	$	383,631		$	4,282		$	(3,554	)	$	384,359
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	1,575,402		$	14,536		$	(14,041	)	$	1,575,897
Non-GSE issuance REMICs and CMOs	2,482			31			(7		)	2,506
GSE pass-through certificates	281,685			2,442			(3,877		)	280,250
Total residential mortgage-backed securities	1,859,569			17,009			(17,925		)	1,858,653
Multi-family mortgage-backed securities:
GSE issuance REMICs	154,381			554			(590		)	154,345
Obligations of GSEs	119,336			42			(1,523		)	117,855
Other	518			—			—			518
Total securities held-to-maturity	$	2,133,804		$	17,605		$	(20,038	)	$	2,131,371

The following tables set forth the estimated fair values of securities with gross unrealized losses at the dates indicated, segregated between securities that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the dates indicated.

	At March 31, 2015
	Less Than Twelve Months						Twelve Months or Longer						Total
(In Thousands)	Estimated Fair Value		Gross Unrealized Losses				Estimated Fair Value		GrossUnrealized Losses				Estimated Fair Value		GrossUnrealized Losses
Available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	75,161		$	(829	)	$	—		$	—		$	75,161		$	(829	)
Non-GSE issuance REMICs and CMOs	—			—			89			(1		)	89			(1		)
GSE pass-through certificates	86			(1		)	63			(1		)	149			(2		)
Obligations of GSEs	24,857			(125		)	72,732			(967		)	97,589			(1,092		)
Fannie Mae stock	—			—			2			(13		)	2			(13		)
Total temporarily impaired securities available-for-sale	$	100,104		$	(955	)	$	72,886		$	(982	)	$	172,990		$	(1,937	)
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	52,357		$	(294	)	$	339,709		$	(6,844	)	$	392,066		$	(7,138	)
Non-GSE issuance REMICs and CMOs	—			—			294			(7		)	294			(7		)
GSE pass-through certificates	—			—			120,367			(1,665		)	120,367			(1,665		)
Multi-family mortgage-backed securities:
GSE issuance REMICs	25,013			(73		)	—			—			25,013			(73		)
Obligations of GSEs	29,947			(29		)	24,553			(447		)	54,500			(476		)
Total temporarily impaired securities held-to-maturity	$	107,317		$	(396	)	$	484,923		$	(8,963	)	$	592,240		$	(9,359	)

	At December 31, 2014
	Less Than Twelve Months						Twelve Months or Longer						Total
(In Thousands)	Estimated Fair Value		Gross Unrealized Losses				Estimated Fair Value		Gross Unrealized Losses				Estimated Fair Value		Gross Unrealized Losses
Available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	20,587		$	(159	)	$	75,444		$	(1,397	)	$	96,031		$	(1,556	)
Non-GSE issuance REMICs and CMOs	—			—			96			(1		)	96			(1		)
GSE pass-through certificates	53			(1		)	64			(1		)	117			(2		)
Obligations of GSEs	24,586			(395		)	72,112			(1,587		)	96,698			(1,982		)
Fannie Mae stock	—			—			2			(13		)	2			(13		)
Total temporarily impaired securities available-for-sale	$	45,226		$	(555	)	$	147,718		$	(2,999	)	$	192,944		$	(3,554	)
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$	121,861		$	(302	)	$	500,348		$	(13,739	)	$	622,209		$	(14,041	)
Non-GSE issuance REMICs and CMOs	—			—			294			(7		)	294			(7		)
GSE pass-through certificates	—			—			164,453			(3,877		)	164,453			(3,877		)
Multi-family mortgage-backed securities:
GSE issuance REMICs	100,355			(590		)	—			—			100,355			(590		)
Obligations of GSEs	—			—			79,413			(1,523		)	79,413			(1,523		)
Total temporarily impaired securities held-to-maturity	$	222,216		$	(892	)	$	744,508		$	(19,146	)	$	966,724		$	(20,038	)

We held 56 securities which had an unrealized loss at March 31, 2015 and 80 securities which had an unrealized loss at December 31, 2014.  At March 31, 2015 and December 31, 2014, substantially all of the securities in an unrealized loss position had a fixed interest rate and the cause of the temporary impairment was directly related to changes in interest rates.  We generally view changes in fair value caused by changes in interest rates as temporary, which is consistent with our experience.  None of the unrealized losses are related to credit losses.  Therefore, at March 31, 2015 and December 31, 2014, the impairments were deemed temporary based on (1) the direct relationship of the decline in fair value to movements in interest rates, (2) the estimated remaining life and high credit quality of the investments and (3) the fact that we had no intention to sell these securities and it was not more likely than not that we would be required to sell these securities before their anticipated recovery of the remaining amortized cost basis and we expected to recover the entire amortized cost basis of the security.

At March 31, 2015, available-for-sale debt securities, excluding mortgage-backed securities, had an amortized cost of $98.7 million, an estimated fair value of $97.6 million and contractual maturities in 2021 and 2022.  At March 31, 2015, held-to-maturity debt securities, excluding mortgage-backed securities, had an amortized cost and an estimated fair value of $129.3 million and contractual maturities primarily in 2021 and 2023.  Actual maturities may differ from contractual maturities because issuers may have the right to prepay or call obligations with or without prepayment penalties.

At March 31, 2015, the amortized cost of callable securities in our portfolio totaled $227.4 million, of which $211.0 million are callable within one year and at various times thereafter.

The balance of accrued interest receivable for securities totaled $6.7 million at March 31, 2015 and December 31, 2014.

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Fair Value Measurements (Details 2) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Fair Value of Financial Instruments
Total available-for-sale securities	$ 413,403	$ 384,359
Total residential mortgage-backed securities
Fair Value of Financial Instruments
Total available-for-sale securities	315,812	287,659
GSE issuance REMICs and CMOs
Fair Value of Financial Instruments
Total available-for-sale securities	298,435	268,998
Non-GSE issuance REMICs and CMOs
Fair Value of Financial Instruments
Total available-for-sale securities	4,551	5,104
GSE pass-through certificates
Fair Value of Financial Instruments
Total available-for-sale securities	12,826	13,557
Obligations of GSEs
Fair Value of Financial Instruments
Total available-for-sale securities	97,589	96,698
Fannie Mae stock
Fair Value of Financial Instruments
Total available-for-sale securities	2	2
Level 1 | Recurring basis
Fair Value of Financial Instruments
Total available-for-sale securities	2	2
Level 1 | Fannie Mae stock | Recurring basis
Fair Value of Financial Instruments
Total available-for-sale securities	2	2
Level 2 | Recurring basis
Fair Value of Financial Instruments
Total available-for-sale securities	413,401	384,357
Level 2 | GSE issuance REMICs and CMOs | Recurring basis
Fair Value of Financial Instruments
Total available-for-sale securities	298,435	268,998
Level 2 | Non-GSE issuance REMICs and CMOs | Recurring basis
Fair Value of Financial Instruments
Total available-for-sale securities	4,551	5,104
Level 2 | GSE pass-through certificates | Recurring basis
Fair Value of Financial Instruments
Total available-for-sale securities	12,826	13,557
Level 2 | Obligations of GSEs | Recurring basis
Fair Value of Financial Instruments
Total available-for-sale securities	$ 97,589	$ 96,698

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Pension Plans and Other Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Schedule of net periodic (benefit) cost for defined benefit pension plans and other postretirement benefit plan

The following table sets forth information regarding the components of net periodic (benefit) cost for our defined benefit pension plans and other postretirement benefit plan for the periods indicated.

		Pension Benefits							Other Postretirement Benefits
	For the Three Months Ended March 31,							For the Three Months Ended March 31,
(In Thousands)		2015			2014				2015		2014
Service cost		$	—		$	—			$	469	$	219
Interest cost		2,510			2,633				276		222
Expected return on plan assets		(3,633		)	(3,713		)		—		—
Recognized net actuarial loss (gain)		757			359				—		(151		)
Amortization of prior service cost		47			47				—		—
Net periodic (benefit) cost		$	(319	)	$	(674	)		$	745	$	290

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Loans Receivable and Allowance for Loan Losses (Residential Mortgage, Consumer and Other Loans, by Class and Credit Quality Indicator) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Recorded Investment
Total	$ 11,775,840	$ 11,909,722
Past due 90 days or more	55,504	62,834
Consumer and Other Loans
Recorded Investment
Total	253,085	249,368
Past due 90 days or more	6,691	6,040
Consumer and Other Loans | Home equity and other consumer
Recorded Investment
Total	178,191	184,553
Past due 90 days or more	6,691	6,040
Consumer and Other Loans | Commercial and industrial
Recorded Investment
Total	74,894	64,815
Past due 90 days or more	0	0
Mortgage loans (gross)
Recorded Investment
Total	11,522,755	11,660,354
Past due 90 days or more	48,813	56,794
Mortgage loans (gross) | Residential Mortgage Loans
Recorded Investment
Total	6,660,900	6,873,536
Past due 90 days or more	46,749	44,989
Mortgage loans (gross) | Residential Mortgage Loans | Full documentation interest-only
Recorded Investment
Total	755,660	854,182
Past due 90 days or more	11,278	11,502
Mortgage loans (gross) | Residential Mortgage Loans | Full documentation amortizing loans
Recorded Investment
Total	4,917,892	5,003,693
Past due 90 days or more	16,478	14,355
Mortgage loans (gross) | Residential Mortgage Loans | Reduced documentation interest-only loans
Recorded Investment
Total	566,589	611,008
Past due 90 days or more	14,231	16,289
Mortgage loans (gross) | Residential Mortgage Loans | Reduced documentation amortizing loans
Recorded Investment
Total	420,759	404,653
Past due 90 days or more	4,762	2,843
Performing | Consumer and Other Loans | Home equity and other consumer
Recorded Investment
Total	171,355	178,513
Performing | Consumer and Other Loans | Commercial and industrial
Recorded Investment
Total	74,894	64,815
Performing | Mortgage loans (gross) | Residential Mortgage Loans | Full documentation interest-only
Recorded Investment
Total	730,927	826,155
Performing | Mortgage loans (gross) | Residential Mortgage Loans | Full documentation amortizing loans
Recorded Investment
Total	4,890,730	4,981,880
Performing | Mortgage loans (gross) | Residential Mortgage Loans | Reduced documentation interest-only loans
Recorded Investment
Total	526,666	568,424
Performing | Mortgage loans (gross) | Residential Mortgage Loans | Reduced documentation amortizing loans
Recorded Investment
Total	413,447	396,922
Non-performing: | Consumer and Other Loans | Home equity and other consumer
Recorded Investment
Current or past due less than 90 days	145	0
Past due 90 days or more	6,691	6,040
Non-performing: | Consumer and Other Loans | Commercial and industrial
Recorded Investment
Past due 90 days or more	0	0
Non-performing: | Mortgage loans (gross) | Residential Mortgage Loans | Full documentation interest-only
Recorded Investment
Current or past due less than 90 days	13,455	16,525
Past due 90 days or more	11,278	11,502
Non-performing: | Mortgage loans (gross) | Residential Mortgage Loans | Full documentation amortizing loans
Recorded Investment
Current or past due less than 90 days	10,684	7,458
Past due 90 days or more	16,478	14,355
Non-performing: | Mortgage loans (gross) | Residential Mortgage Loans | Reduced documentation interest-only loans
Recorded Investment
Current or past due less than 90 days	25,692	26,295
Past due 90 days or more	14,231	16,289
Non-performing: | Mortgage loans (gross) | Residential Mortgage Loans | Reduced documentation amortizing loans
Recorded Investment
Current or past due less than 90 days	2,550	4,888
Past due 90 days or more	$ 4,762	$ 2,843

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Litigation

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Litigation

Litigation

In the ordinary course of our business, we are routinely made a defendant in or a party to pending or threatened legal actions or proceedings which, in some cases, seek substantial monetary damages from or other forms of relief against us.  In our opinion, after consultation with legal counsel, we believe it unlikely that such actions or proceedings will have a material adverse effect on our financial condition, results of operations or liquidity.

City of New York Notice of Determination

By “Notice of Determination” dated September 14, 2010 and August 26, 2011, or the 2010 and 2011 Notices, the City of New York notified us of alleged tax deficiencies in the amount of $13.3 million, including interest and penalties, related to our 2006 through 2008 tax years.  The deficiencies related to our operation of Fidata Service Corp., or Fidata, and Astoria Federal Mortgage Corp., or AF Mortgage, subsidiaries of Astoria Bank. We disagree with the assertion of the tax deficiencies.  Hearings in this matter were held before the New York City Tax Appeals Tribunal, or the NYC Tax Appeals Tribunal, in March and April 2013.  On October 29, 2014, the NYC Tax Appeals Tribunal issued a decision favorable to us canceling the 2010 and 2011 Notices. The City of New York appealed the decision of the NYC Tax Appeals Tribunal. The parties are in the process of preparing and submitting briefs to the NYC Tax Appeals Tribunal and a hearing date for the appeal will be set after all briefs have been submitted. At this time, management believes it is more likely than not that we will succeed in defending against the City of New York’s appeal. Accordingly, no liability or reserve has been recognized in our consolidated statement of financial condition at March 31, 2015 with respect to this matter.

By “Notice of Determination” dated November 19, 2014, or the 2014 Notice, the City of New York notified us of an alleged tax deficiency in the amount of $6.1 million, including interest and penalties, related to our 2009 and 2010 tax years. This deficiency related to our operation of Fidata and AF Mortgage and the basis of the 2014 Notice is substantially the same as that of the 2010 and 2011 Notices. We disagree with the assertion of the tax deficiency and we filed a Petition for Hearing with the City of New York on February 13, 2015 to oppose the 2014 Notice. At this time, management believes it is more likely than not that we will succeed in refuting the City of New York’s position asserted in the 2014 Notice. Accordingly, no liability or reserve has been recognized in our consolidated statement of financial condition at March 31, 2015 with respect to this matter.

No assurance can be given as to whether or to what extent we will be required to pay the amount of the tax deficiencies asserted by the City of New York, whether additional tax will be assessed for years subsequent to 2010, that these matters will not be costly to oppose, that these matters will not have an impact on our financial condition or results of operations or that, ultimately, any such impact will not be material.