x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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) |
Classes of Common Stock | Number of Shares Outstanding, October 28, 2016 | ||
$0.01 Par Value | 101,328,834 |
Page | ||
(Unaudited) | |||||||||||
(In Thousands, Except Share Data) | At September 30, 2016 | At December 31, 2015 | |||||||||
Assets: | |||||||||||
Cash and due from banks | $ | 132,799 | $ | 200,538 | |||||||
Available-for-sale securities: | |||||||||||
Encumbered | 36,922 | 81,481 | |||||||||
Unencumbered | 271,309 | 335,317 | |||||||||
Total available-for-sale securities | 308,231 | 416,798 | |||||||||
Held-to-maturity securities, fair value of $2,773,570 and $2,286,092, respectively: | |||||||||||
Encumbered | 1,162,662 | 1,123,480 | |||||||||
Unencumbered | 1,588,513 | 1,173,319 | |||||||||
Total held-to-maturity securities | 2,751,175 | 2,296,799 | |||||||||
Federal Home Loan Bank of New York stock, at cost | 130,820 | 131,137 | |||||||||
Loans held-for-sale, net | 5,550 | 8,960 | |||||||||
Loans receivable | 10,630,661 | 11,153,081 | |||||||||
Allowance for loan losses | (87,700 | ) | (98,000 | ) | |||||||
Loans receivable, net | 10,542,961 | 11,055,081 | |||||||||
Mortgage servicing rights, net | 8,580 | 11,014 | |||||||||
Accrued interest receivable | 34,834 | 34,996 | |||||||||
Premises and equipment, net | 103,971 | 109,758 | |||||||||
Goodwill | 185,151 | 185,151 | |||||||||
Bank owned life insurance | 442,228 | 439,646 | |||||||||
Real estate owned, net | 14,592 | 19,798 | |||||||||
Other assets | 153,050 | 166,535 | |||||||||
Total assets | $ | 14,813,942 | $ | 15,076,211 | |||||||
Liabilities: | |||||||||||
Deposits: | |||||||||||
NOW and demand deposit | $ | 2,478,959 | $ | 2,413,823 | |||||||
Money market | 2,719,547 | 2,560,204 | |||||||||
Savings | 2,079,553 | 2,137,818 | |||||||||
Certificates of deposit | 1,649,585 | 1,994,182 | |||||||||
Total deposits | 8,927,644 | 9,106,027 | |||||||||
Federal funds purchased | 245,000 | 435,000 | |||||||||
Reverse repurchase agreements | 1,100,000 | 1,100,000 | |||||||||
Federal Home Loan Bank of New York advances | 2,220,000 | 2,180,000 | |||||||||
Other borrowings, net | 249,620 | 249,222 | |||||||||
Mortgage escrow funds | 143,383 | 115,435 | |||||||||
Accrued expenses and other liabilities | 220,633 | 227,079 | |||||||||
Total liabilities | 13,106,280 | 13,412,763 | |||||||||
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 101,328,740 and 100,721,358 shares outstanding, respectively) | 1,665 | 1,665 | |||||||||
Additional paid-in capital | 895,741 | 902,349 | |||||||||
Retained earnings | 2,078,990 | 2,045,391 | |||||||||
Treasury stock (65,166,148 and 65,773,530 shares, at cost, respectively) | (1,344,603 | ) | (1,357,136 | ) | |||||||
Accumulated other comprehensive loss | (53,927 | ) | (58,617 | ) | |||||||
Total stockholders’ equity | 1,707,662 | 1,663,448 | |||||||||
Total liabilities and stockholders’ equity | $ | 14,813,942 | $ | 15,076,211 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
(In Thousands, Except Share Data) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Interest income: | |||||||||||||||
Residential mortgage loans | $ | 44,582 | $ | 49,899 | $ | 137,640 | $ | 155,236 | |||||||
Multi-family and commercial real estate mortgage loans | 47,795 | 47,979 | 141,207 | 144,082 | |||||||||||
Consumer and other loans | 2,456 | 2,208 | 7,263 | 6,640 | |||||||||||
Mortgage-backed and other securities | 17,873 | 15,816 | 52,177 | 46,124 | |||||||||||
Interest-earning cash accounts | 110 | 109 | 346 | 305 | |||||||||||
Federal Home Loan Bank of New York stock | 1,526 | 1,407 | 4,434 | 4,390 | |||||||||||
Total interest income | 114,342 | 117,418 | 343,067 | 356,777 | |||||||||||
Interest expense: | |||||||||||||||
Deposits | 6,463 | 8,577 | 20,482 | 29,250 | |||||||||||
Borrowings | 24,238 | 24,107 | 72,606 | 71,922 | |||||||||||
Total interest expense | 30,701 | 32,684 | 93,088 | 101,172 | |||||||||||
Net interest income | 83,641 | 84,734 | 249,979 | 255,605 | |||||||||||
Provision for loan losses credited to operations | (995 | ) | (4,439 | ) | (7,128 | ) | (7,749 | ) | |||||||
Net interest income after provision for loan losses | 84,636 | 89,173 | 257,107 | 263,354 | |||||||||||
Non-interest income: | |||||||||||||||
Customer service fees | 7,107 | 8,322 | 21,637 | 25,404 | |||||||||||
Other loan fees | 566 | 637 | 1,667 | 1,743 | |||||||||||
Gain on sales of securities | — | — | 86 | 72 | |||||||||||
Mortgage banking income, net | 916 | 132 | 1,034 | 2,535 | |||||||||||
Income from bank owned life insurance | 2,294 | 2,222 | 6,919 | 6,598 | |||||||||||
Other | 1,883 | 1,539 | 4,740 | 4,775 | |||||||||||
Total non-interest income | 12,766 | 12,852 | 36,083 | 41,127 | |||||||||||
Non-interest expense: | |||||||||||||||
General and administrative: | |||||||||||||||
Compensation and benefits | 37,725 | 38,356 | 112,686 | 112,292 | |||||||||||
Occupancy, equipment and systems | 19,713 | 18,962 | 57,944 | 57,600 | |||||||||||
Federal deposit insurance premium | 3,151 | 4,163 | 9,712 | 12,699 | |||||||||||
Advertising | 742 | 2,784 | 5,213 | 7,849 | |||||||||||
Other | 7,377 | 8,324 | 22,724 | 24,137 | |||||||||||
Total non-interest expense | 68,708 | 72,589 | 208,279 | 214,577 | |||||||||||
Income before income tax expense | 28,694 | 29,436 | 84,911 | 89,904 | |||||||||||
Income tax expense | 10,003 | 10,530 | 29,319 | 20,260 | |||||||||||
Net income | 18,691 | 18,906 | 55,592 | 69,644 | |||||||||||
Preferred stock dividends | 2,194 | 2,194 | 6,582 | 6,582 | |||||||||||
Net income available to common shareholders | $ | 16,497 | $ | 16,712 | $ | 49,010 | $ | 63,062 | |||||||
Basic earnings per common share | $ | 0.16 | $ | 0.17 | $ | 0.48 | $ | 0.63 | |||||||
Diluted earnings per common share | $ | 0.16 | $ | 0.17 | $ | 0.48 | $ | 0.63 | |||||||
Basic weighted average common shares outstanding | 100,383,631 | 99,700,759 | 100,377,618 | 99,540,721 | |||||||||||
Diluted weighted average common shares outstanding | 100,383,631 | 100,067,159 | 100,377,618 | 99,907,121 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
(In Thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Net income | $ | 18,691 | $ | 18,906 | $ | 55,592 | $ | 69,644 | |||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||
Net unrealized (loss) gain on securities available-for-sale: | |||||||||||||||
Net unrealized holding (loss) gain on securities arising during the period | (955 | ) | 2,903 | 3,588 | 2,148 | ||||||||||
Reclassification adjustment for gain on sales of securities included in net income | — | — | (51 | ) | (43 | ) | |||||||||
Net unrealized (loss) gain on securities available-for-sale | (955 | ) | 2,903 | 3,537 | 2,105 | ||||||||||
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | 356 | 442 | 1,068 | 1,328 | |||||||||||
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income | 28 | 29 | 85 | 85 | |||||||||||
Total other comprehensive (loss) income, net of tax | (571 | ) | 3,374 | 4,690 | 3,518 | ||||||||||
Comprehensive income | $ | 18,120 | $ | 22,280 | $ | 60,282 | $ | 73,162 |
(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, 2015 | $ | 1,663,448 | $ | 129,796 | $ | 1,665 | $ | 902,349 | $ | 2,045,391 | $ | (1,357,136 | ) | $ | (58,617 | ) | |||||||||||||
Net income | 55,592 | — | — | — | 55,592 | — | — | ||||||||||||||||||||||
Other comprehensive income, net of tax | 4,690 | — | — | — | — | — | 4,690 | ||||||||||||||||||||||
Dividends on preferred stock ($48.75 per share) | (6,582 | ) | — | — | — | (6,582 | ) | — | — | ||||||||||||||||||||
Dividends on common stock ($0.12 per share) | (12,161 | ) | — | — | — | (12,161 | ) | — | — | ||||||||||||||||||||
Sales of treasury stock (8,140 shares) | 122 | — | — | — | (46 | ) | 168 | — | |||||||||||||||||||||
Restricted stock grants (685,872 shares) | — | — | — | (10,329 | ) | (3,823 | ) | 14,152 | — | ||||||||||||||||||||
Forfeitures of restricted stock (86,630 shares) | — | — | — | 1,171 | 616 | (1,787 | ) | — | |||||||||||||||||||||
Stock-based compensation | 2,518 | — | — | 2,515 | 3 | — | — | ||||||||||||||||||||||
Net tax benefit excess from stock-based compensation | 35 | — | — | 35 | — | — | — | ||||||||||||||||||||||
Balance at September 30, 2016 | $ | 1,707,662 | $ | 129,796 | $ | 1,665 | $ | 895,741 | $ | 2,078,990 | $ | (1,344,603 | ) | $ | (53,927 | ) | |||||||||||||
Balance at December 31, 2014 | $ | 1,580,070 | $ | 129,796 | $ | 1,665 | $ | 897,049 | $ | 1,992,833 | $ | (1,375,322 | ) | $ | (65,951 | ) | |||||||||||||
Net income | 69,644 | — | — | — | 69,644 | — | — | ||||||||||||||||||||||
Other comprehensive income, net of tax | 3,518 | — | — | — | — | — | 3,518 | ||||||||||||||||||||||
Dividends on preferred stock ($48.75 per share) | (6,582 | ) | — | — | — | (6,582 | ) | — | — | ||||||||||||||||||||
Dividends on common stock ($0.12 per share) | (12,052 | ) | — | — | — | (12,052 | ) | — | — | ||||||||||||||||||||
Sales of treasury stock (479,751 shares) | 6,124 | — | — | — | (3,789 | ) | 9,913 | — | |||||||||||||||||||||
Restricted stock grants (429,752 shares) | — | — | — | (5,608 | ) | (3,273 | ) | 8,881 | — | ||||||||||||||||||||
Forfeitures of restricted stock (63,716 shares) | — | — | — | 747 | 569 | (1,316 | ) | — | |||||||||||||||||||||
Stock-based compensation | 6,432 | — | — | 6,415 | 17 | — | — | ||||||||||||||||||||||
Net tax benefit excess from stock-based compensation | 28 | — | — | 28 | — | — | — | ||||||||||||||||||||||
Balance at September 30, 2015 | $ | 1,647,182 | $ | 129,796 | $ | 1,665 | $ | 898,631 | $ | 2,037,367 | $ | (1,357,844 | ) | $ | (62,433 | ) |
For the Nine Months Ended September 30, | |||||||||||
(In Thousands) | 2016 | 2015 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 55,592 | $ | 69,644 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Net amortization on loans | 8,021 | 9,018 | |||||||||
Net amortization on securities and borrowings | 6,260 | 7,067 | |||||||||
Net provision for loan and real estate losses credited to operations | (6,226 | ) | (6,703 | ) | |||||||
Depreciation and amortization | 10,392 | 9,495 | |||||||||
Net gain on sales of loans and securities | (1,690 | ) | (1,567 | ) | |||||||
Mortgage servicing rights amortization and valuation allowance adjustments, net | 3,321 | 1,941 | |||||||||
Stock-based compensation | 2,518 | 6,432 | |||||||||
Deferred income tax expense (benefit) | 2,753 | (9,573 | ) | ||||||||
Originations of loans held-for-sale | (84,425 | ) | (90,841 | ) | |||||||
Proceeds from sales and principal repayments of loans held-for-sale | 87,879 | 94,495 | |||||||||
Decrease (increase) in accrued interest receivable | 162 | (141 | ) | ||||||||
Bank owned life insurance income and insurance proceeds received, net | (2,582 | ) | (6,598 | ) | |||||||
Decrease in other assets | 7,544 | 7,647 | |||||||||
(Decrease) increase in accrued expenses and other liabilities | (4,422 | ) | 2,611 | ||||||||
Net cash provided by operating activities | 85,097 | 92,927 | |||||||||
Cash flows from investing activities: | |||||||||||
Originations of loans receivable | (1,003,596 | ) | (1,028,137 | ) | |||||||
Loan purchases through third parties | (247,680 | ) | (187,821 | ) | |||||||
Principal payments on loans receivable | 1,750,607 | 1,897,447 | |||||||||
Proceeds from sales of delinquent and non-performing loans | 2,457 | 7,483 | |||||||||
Purchases of securities held-to-maturity | (1,155,291 | ) | (425,463 | ) | |||||||
Purchases of securities available-for-sale | (30,000 | ) | (113,833 | ) | |||||||
Principal payments on securities held-to-maturity | 695,738 | 355,657 | |||||||||
Principal payments on securities available-for-sale | 120,895 | 34,736 | |||||||||
Proceeds from sales of securities available-for-sale | 23,065 | 19,026 | |||||||||
Net redemptions of Federal Home Loan Bank of New York stock | 317 | 12,067 | |||||||||
Proceeds from sales of real estate owned, net | 14,278 | 20,114 | |||||||||
Purchases of premises and equipment, net of proceeds from sales | (4,605 | ) | (9,098 | ) | |||||||
Net cash provided by investing activities | 166,185 | 582,178 | |||||||||
Cash flows from financing activities: | |||||||||||
Net decrease in deposits | (178,383 | ) | (456,448 | ) | |||||||
Net decrease in borrowings with original terms of three months or less | (455,000 | ) | (182,000 | ) | |||||||
Repayments of borrowings with original terms greater than three months | (1,770,000 | ) | — | ||||||||
Proceeds from borrowings with terms greater than three months | 2,075,000 | — | |||||||||
Net increase in mortgage escrow funds | 27,948 | 29,165 | |||||||||
Proceeds from sales of treasury stock | 122 | 6,124 | |||||||||
Cash dividends paid to stockholders | (18,743 | ) | (18,634 | ) | |||||||
Net tax benefit excess from stock-based compensation | 35 | 28 | |||||||||
Net cash used in financing activities | (319,021 | ) | (621,765 | ) | |||||||
Net (decrease) increase in cash and cash equivalents | (67,739 | ) | 53,340 | ||||||||
Cash and cash equivalents at beginning of period | 200,538 | 143,185 | |||||||||
Cash and cash equivalents at end of period | $ | 132,799 | $ | 196,525 | |||||||
Supplemental disclosures: | |||||||||||
Interest paid | $ | 88,581 | $ | 97,982 | |||||||
Income taxes paid | $ | 18,253 | $ | 27,217 | |||||||
Additions to real estate owned | $ | 9,974 | $ | 4,583 | |||||||
Loans transferred to held-for-sale | $ | 1,872 | $ | 8,948 |
At September 30, 2016 | |||||||||||||||||||
(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) | $ | 263,153 | $ | 4,031 | $ | (275 | ) | $ | 266,909 | ||||||||||
Non-GSE issuance REMICs and CMOs | 1,856 | 4 | (1 | ) | 1,859 | ||||||||||||||
GSE pass-through certificates | 9,061 | 390 | (1 | ) | 9,450 | ||||||||||||||
Total residential mortgage-backed securities | 274,070 | 4,425 | (277 | ) | 278,218 | ||||||||||||||
Obligations of GSEs | 30,000 | 37 | (26 | ) | 30,011 | ||||||||||||||
Fannie Mae stock | 15 | — | (13 | ) | 2 | ||||||||||||||
Total securities available-for-sale | $ | 304,085 | $ | 4,462 | $ | (316 | ) | $ | 308,231 | ||||||||||
Held-to-maturity: | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 1,119,583 | $ | 14,824 | $ | (1,877 | ) | $ | 1,132,530 | ||||||||||
Non-GSE issuance REMICs and CMOs | 194 | — | (6 | ) | 188 | ||||||||||||||
GSE pass-through certificates | 226,896 | 4,165 | (427 | ) | 230,634 | ||||||||||||||
Total residential mortgage-backed securities | 1,346,673 | 18,989 | (2,310 | ) | 1,363,352 | ||||||||||||||
Multi-family mortgage-backed securities: | |||||||||||||||||||
GSE issuance REMICs | 964,778 | 9,583 | (747 | ) | 973,614 | ||||||||||||||
Obligations of GSEs | 359,357 | 629 | (713 | ) | 359,273 | ||||||||||||||
Corporate Debt securities | 80,000 | 325 | (3,362 | ) | 76,963 | ||||||||||||||
Other | 367 | 1 | — | 368 | |||||||||||||||
Total securities held-to-maturity | $ | 2,751,175 | $ | 29,527 | $ | (7,132 | ) | $ | 2,773,570 |
(1) | Government-sponsored enterprise |
(2) | Real estate mortgage investment conduits and collateralized mortgage obligations |
At December 31, 2015 | |||||||||||||||||||
(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 | $ | 331,099 | $ | 2,374 | $ | (2,934 | ) | $ | 330,539 | ||||||||||
Non-GSE issuance REMICs and CMOs | 3,048 | 13 | (7 | ) | 3,054 | ||||||||||||||
GSE pass-through certificates | 10,781 | 485 | (2 | ) | 11,264 | ||||||||||||||
Total residential mortgage-backed securities | 344,928 | 2,872 | (2,943 | ) | 344,857 | ||||||||||||||
Obligations of GSEs | 73,701 | — | (1,762 | ) | 71,939 | ||||||||||||||
Fannie Mae stock | 15 | — | (13 | ) | 2 | ||||||||||||||
Total securities available-for-sale | $ | 418,644 | $ | 2,872 | $ | (4,718 | ) | $ | 416,798 | ||||||||||
Held-to-maturity: | |||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 1,361,907 | $ | 8,135 | $ | (14,128 | ) | $ | 1,355,914 | ||||||||||
Non-GSE issuance REMICs and CMOs | 198 | — | (5 | ) | 193 | ||||||||||||||
GSE pass-through certificates | 260,707 | 1,535 | (3,413 | ) | 258,829 | ||||||||||||||
Total residential mortgage-backed securities | 1,622,812 | 9,670 | (17,546 | ) | 1,614,936 | ||||||||||||||
Multi-family mortgage-backed securities: | |||||||||||||||||||
GSE issuance REMICs | 434,587 | 1,255 | (2,334 | ) | 433,508 | ||||||||||||||
Obligations of GSEs | 178,967 | 220 | (480 | ) | 178,707 | ||||||||||||||
Corporate debt securities | 60,000 | — | (1,493 | ) | 58,507 | ||||||||||||||
Other | 433 | 1 | — | 434 | |||||||||||||||
Total securities held-to-maturity | $ | 2,296,799 | $ | 11,146 | $ | (21,853 | ) | $ | 2,286,092 |
At September 30, 2016 | |||||||||||||||||||||||||||||
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 | $ | 13,375 | $ | (55 | ) | $ | 21,347 | $ | (220 | ) | $ | 34,722 | $ | (275 | ) | ||||||||||||||
Non-GSE issuance REMICs and CMOs | — | — | 105 | (1 | ) | 105 | (1 | ) | |||||||||||||||||||||
GSE pass-through certificates | — | — | 120 | (1 | ) | 120 | (1 | ) | |||||||||||||||||||||
Obligations of GSEs | 14,974 | (26 | ) | — | — | 14,974 | (26 | ) | |||||||||||||||||||||
Fannie Mae stock | — | — | 2 | (13 | ) | 2 | (13 | ) | |||||||||||||||||||||
Total temporarily impaired securities available-for-sale | $ | 28,349 | $ | (81 | ) | $ | 21,574 | $ | (235 | ) | $ | 49,923 | $ | (316 | ) | ||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 130,318 | $ | (353 | ) | $ | 147,383 | $ | (1,524 | ) | $ | 277,701 | $ | (1,877 | ) | ||||||||||||||
Non-GSE issuance REMICs and CMOs | — | — | 188 | (6 | ) | 188 | (6 | ) | |||||||||||||||||||||
GSE pass-through certificates | — | — | 65,629 | (427 | ) | 65,629 | (427 | ) | |||||||||||||||||||||
Multi-family mortgage-backed securities: | |||||||||||||||||||||||||||||
GSE issuance REMICs | 275,035 | (747 | ) | — | — | 275,035 | (747 | ) | |||||||||||||||||||||
Obligations of GSEs | 125,623 | (713 | ) | — | — | 125,623 | (713 | ) | |||||||||||||||||||||
Corporate debt securities | 57,151 | (2,849 | ) | 9,488 | (513 | ) | 66,639 | (3,362 | ) | ||||||||||||||||||||
Total temporarily impaired securities held-to-maturity | $ | 588,127 | $ | (4,662 | ) | $ | 222,688 | $ | (2,470 | ) | $ | 810,815 | $ | (7,132 | ) |
At December 31, 2015 | |||||||||||||||||||||||||||||
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 | $ | 189,364 | $ | (2,934 | ) | $ | — | $ | — | $ | 189,364 | $ | (2,934 | ) | |||||||||||||||
Non-GSE issuance REMICs and CMOs | 75 | (2 | ) | 64 | (5 | ) | 139 | (7 | ) | ||||||||||||||||||||
GSE pass-through certificates | 97 | (1 | ) | 103 | (1 | ) | 200 | (2 | ) | ||||||||||||||||||||
Obligations of GSEs | 24,602 | (390 | ) | 47,337 | (1,372 | ) | 71,939 | (1,762 | ) | ||||||||||||||||||||
Fannie Mae stock | — | — | 2 | (13 | ) | 2 | (13 | ) | |||||||||||||||||||||
Total temporarily impaired securities available-for-sale | $ | 214,138 | $ | (3,327 | ) | $ | 47,506 | $ | (1,391 | ) | $ | 261,644 | $ | (4,718 | ) | ||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||
GSE issuance REMICs and CMOs | $ | 395,659 | $ | (3,972 | ) | $ | 289,645 | $ | (10,156 | ) | $ | 685,304 | $ | (14,128 | ) | ||||||||||||||
Non-GSE issuance REMICs and CMOs | — | — | 193 | (5 | ) | 193 | (5 | ) | |||||||||||||||||||||
GSE pass-through certificates | 56,503 | (586 | ) | 106,738 | (2,827 | ) | 163,241 | (3,413 | ) | ||||||||||||||||||||
Multi-family mortgage-backed securities: | |||||||||||||||||||||||||||||
GSE issuance REMICs | 276,601 | (2,334 | ) | — | — | 276,601 | (2,334 | ) | |||||||||||||||||||||
Obligations of GSEs | 107,824 | (480 | ) | — | — | 107,824 | (480 | ) | |||||||||||||||||||||
Corporate debt securities | 58,507 | (1,493 | ) | — | — | 58,507 | (1,493 | ) | |||||||||||||||||||||
Total temporarily impaired securities held-to-maturity | $ | 895,094 | $ | (8,865 | ) | $ | 396,576 | $ | (12,988 | ) | $ | 1,291,670 | $ | (21,853 | ) |
At September 30, 2016 | |||||||||||||||||||||||
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 | $ | 4,948 | $ | 233 | $ | — | $ | 5,181 | $ | 268,405 | $ | 273,586 | |||||||||||
Full documentation amortizing | 36,938 | 6,843 | — | 43,781 | 4,342,747 | 4,386,528 | |||||||||||||||||
Reduced documentation interest-only | 3,711 | 724 | — | 4,435 | 119,308 | 123,743 | |||||||||||||||||
Reduced documentation amortizing | 21,412 | 4,016 | — | 25,428 | 556,203 | 581,631 | |||||||||||||||||
Total residential | 67,009 | 11,816 | — | 78,825 | 5,286,663 | 5,365,488 | |||||||||||||||||
Multi-family | 3,414 | 156 | 476 | 4,046 | 4,083,193 | 4,087,239 | |||||||||||||||||
Commercial real estate | 420 | 176 | — | 596 | 751,966 | 752,562 | |||||||||||||||||
Total mortgage loans | 70,843 | 12,148 | 476 | 83,467 | 10,121,822 | 10,205,289 | |||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||
Home equity and other consumer | 1,159 | 48 | — | 1,207 | 138,909 | 140,116 | |||||||||||||||||
Commercial and industrial | — | 529 | — | 529 | 96,634 | 97,163 | |||||||||||||||||
Total consumer and other loans | 1,159 | 577 | — | 1,736 | 235,543 | 237,279 | |||||||||||||||||
Total accruing loans | $ | 72,002 | $ | 12,725 | $ | 476 | $ | 85,203 | $ | 10,357,365 | $ | 10,442,568 | |||||||||||
Non-accrual loans: | |||||||||||||||||||||||
Mortgage loans (gross): | |||||||||||||||||||||||
Residential: | |||||||||||||||||||||||
Full documentation interest-only | $ | — | $ | 160 | $ | 11,492 | $ | 11,652 | $ | 4,387 | $ | 16,039 | |||||||||||
Full documentation amortizing | 2,956 | 1,050 | 41,016 | 45,022 | 10,104 | 55,126 | |||||||||||||||||
Reduced documentation interest-only | — | — | 13,228 | 13,228 | 5,121 | 18,349 | |||||||||||||||||
Reduced documentation amortizing | 1,408 | 1,002 | 31,201 | 33,611 | 11,801 | 45,412 | |||||||||||||||||
Total residential | 4,364 | 2,212 | 96,937 | 103,513 | 31,413 | 134,926 | |||||||||||||||||
Multi-family | 876 | 406 | 1,417 | 2,699 | 2,571 | 5,270 | |||||||||||||||||
Commercial real estate | 388 | — | — | 388 | 4,844 | 5,232 | |||||||||||||||||
Total mortgage loans | 5,628 | 2,618 | 98,354 | 106,600 | 38,828 | 145,428 | |||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||
Home equity and other consumer | — | — | 4,718 | 4,718 | — | 4,718 | |||||||||||||||||
Commercial and industrial | — | — | 282 | 282 | — | 282 | |||||||||||||||||
Total consumer and other loans | — | — | 5,000 | 5,000 | — | 5,000 | |||||||||||||||||
Total non-accrual loans | $ | 5,628 | $ | 2,618 | $ | 103,354 | $ | 111,600 | $ | 38,828 | $ | 150,428 | |||||||||||
Total loans: | |||||||||||||||||||||||
Mortgage loans (gross): | |||||||||||||||||||||||
Residential: | |||||||||||||||||||||||
Full documentation interest-only | $ | 4,948 | $ | 393 | $ | 11,492 | $ | 16,833 | $ | 272,792 | $ | 289,625 | |||||||||||
Full documentation amortizing | 39,894 | 7,893 | 41,016 | 88,803 | 4,352,851 | 4,441,654 | |||||||||||||||||
Reduced documentation interest-only | 3,711 | 724 | 13,228 | 17,663 | 124,429 | 142,092 | |||||||||||||||||
Reduced documentation amortizing | 22,820 | 5,018 | 31,201 | 59,039 | 568,004 | 627,043 | |||||||||||||||||
Total residential | 71,373 | 14,028 | 96,937 | 182,338 | 5,318,076 | 5,500,414 | |||||||||||||||||
Multi-family | 4,290 | 562 | 1,893 | 6,745 | 4,085,764 | 4,092,509 | |||||||||||||||||
Commercial real estate | 808 | 176 | — | 984 | 756,810 | 757,794 | |||||||||||||||||
Total mortgage loans | 76,471 | 14,766 | 98,830 | 190,067 | 10,160,650 | 10,350,717 | |||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||
Home equity and other consumer | 1,159 | 48 | 4,718 | 5,925 | 138,909 | 144,834 | |||||||||||||||||
Commercial and industrial | — | 529 | 282 | 811 | 96,634 | 97,445 | |||||||||||||||||
Total consumer and other loans | 1,159 | 577 | 5,000 | 6,736 | 235,543 | 242,279 | |||||||||||||||||
Total loans | $ | 77,630 | $ | 15,343 | $ | 103,830 | $ | 196,803 | $ | 10,396,193 | $ | 10,592,996 | |||||||||||
Net unamortized premiums and deferred loan origination costs | 37,665 | ||||||||||||||||||||||
Loans receivable | 10,630,661 | ||||||||||||||||||||||
Allowance for loan losses | (87,700 | ) | |||||||||||||||||||||
Loans receivable, net | $ | 10,542,961 |
At December 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 | $ | 10,045 | $ | 2,382 | $ | — | $ | 12,427 | $ | 401,486 | $ | 413,913 | |||||||||||
Full documentation amortizing | 40,151 | 10,346 | 332 | 50,829 | 4,602,940 | 4,653,769 | |||||||||||||||||
Reduced documentation interest-only | 7,254 | 2,321 | — | 9,575 | 266,084 | 275,659 | |||||||||||||||||
Reduced documentation amortizing | 20,135 | 4,369 | — | 24,504 | 527,566 | 552,070 | |||||||||||||||||
Total residential | 77,585 | 19,418 | 332 | 97,335 | 5,798,076 | 5,895,411 | |||||||||||||||||
Multi-family | 1,662 | 2,069 | — | 3,731 | 4,013,541 | 4,017,272 | |||||||||||||||||
Commercial real estate | 246 | 1,689 | — | 1,935 | 813,640 | 815,575 | |||||||||||||||||
Total mortgage loans | 79,493 | 23,176 | 332 | 103,001 | 10,625,257 | 10,728,258 | |||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||
Home equity and other consumer | 2,358 | 502 | — | 2,860 | 151,554 | 154,414 | |||||||||||||||||
Commercial and industrial | — | — | — | — | 91,171 | 91,171 | |||||||||||||||||
Total consumer and other loans | 2,358 | 502 | — | 2,860 | 242,725 | 245,585 | |||||||||||||||||
Total accruing loans | $ | 81,851 | $ | 23,678 | $ | 332 | $ | 105,861 | $ | 10,867,982 | $ | 10,973,843 | |||||||||||
Non-accrual loans: | |||||||||||||||||||||||
Mortgage loans (gross): | |||||||||||||||||||||||
Residential: | |||||||||||||||||||||||
Full documentation interest-only | $ | 1,182 | $ | — | $ | 11,359 | $ | 12,541 | $ | 5,834 | $ | 18,375 | |||||||||||
Full documentation amortizing | 3,579 | 603 | 32,535 | 36,717 | 7,480 | 44,197 | |||||||||||||||||
Reduced documentation interest-only | 257 | 579 | 15,285 | 16,121 | 11,451 | 27,572 | |||||||||||||||||
Reduced documentation amortizing | 2,238 | 365 | 14,322 | 16,925 | 12,935 | 29,860 | |||||||||||||||||
Total residential | 7,256 | 1,547 | 73,501 | 82,304 | 37,700 | 120,004 | |||||||||||||||||
Multi-family | 725 | 623 | 2,441 | 3,789 | 3,044 | 6,833 | |||||||||||||||||
Commercial real estate | 241 | — | 572 | 813 | 3,126 | 3,939 | |||||||||||||||||
Total mortgage loans | 8,222 | 2,170 | 76,514 | 86,906 | 43,870 | 130,776 | |||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||
Home equity and other consumer | — | — | 6,405 | 6,405 | — | 6,405 | |||||||||||||||||
Commercial and industrial | — | — | 703 | 703 | — | 703 | |||||||||||||||||
Total consumer and other loans | — | — | 7,108 | 7,108 | — | 7,108 | |||||||||||||||||
Total non-accrual loans | $ | 8,222 | $ | 2,170 | $ | 83,622 | $ | 94,014 | $ | 43,870 | $ | 137,884 | |||||||||||
Total loans: | |||||||||||||||||||||||
Mortgage loans (gross): | |||||||||||||||||||||||
Residential: | |||||||||||||||||||||||
Full documentation interest-only | $ | 11,227 | $ | 2,382 | $ | 11,359 | $ | 24,968 | $ | 407,320 | $ | 432,288 | |||||||||||
Full documentation amortizing | 43,730 | 10,949 | 32,867 | 87,546 | 4,610,420 | 4,697,966 | |||||||||||||||||
Reduced documentation interest-only | 7,511 | 2,900 | 15,285 | 25,696 | 277,535 | 303,231 | |||||||||||||||||
Reduced documentation amortizing | 22,373 | 4,734 | 14,322 | 41,429 | 540,501 | 581,930 | |||||||||||||||||
Total residential | 84,841 | 20,965 | 73,833 | 179,639 | 5,835,776 | 6,015,415 | |||||||||||||||||
Multi-family | 2,387 | 2,692 | 2,441 | 7,520 | 4,016,585 | 4,024,105 | |||||||||||||||||
Commercial real estate | 487 | 1,689 | 572 | 2,748 | 816,766 | 819,514 | |||||||||||||||||
Total mortgage loans | 87,715 | 25,346 | 76,846 | 189,907 | 10,669,127 | 10,859,034 | |||||||||||||||||
Consumer and other loans (gross): | |||||||||||||||||||||||
Home equity and other consumer | 2,358 | 502 | 6,405 | 9,265 | 151,554 | 160,819 | |||||||||||||||||
Commercial and industrial | — | — | 703 | 703 | 91,171 | 91,874 | |||||||||||||||||
Total consumer and other loans | 2,358 | 502 | 7,108 | 9,968 | 242,725 | 252,693 | |||||||||||||||||
Total loans | $ | 90,073 | $ | 25,848 | $ | 83,954 | $ | 199,875 | $ | 10,911,852 | $ | 11,111,727 | |||||||||||
Net unamortized premiums and deferred loan origination costs | 41,354 | ||||||||||||||||||||||
Loans receivable | 11,153,081 | ||||||||||||||||||||||
Allowance for loan losses | (98,000 | ) | |||||||||||||||||||||
Loans receivable, net | $ | 11,055,081 |
For the Three Months Ended September 30, 2016 | |||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | ||||||||||||||||||||||||
Multi-Family | Commercial Real Estate | ||||||||||||||||||||||||
(In Thousands) | Residential | Total | |||||||||||||||||||||||
Balance at July 1, 2016 | $ | 41,220 | $ | 32,131 | $ | 9,709 | $ | 6,940 | $ | 90,000 | |||||||||||||||
Provision (credited) charged to operations | (505 | ) | 1,831 | (887 | ) | (1,434 | ) | (995 | ) | ||||||||||||||||
Charge-offs | (2,822 | ) | — | (378 | ) | (378 | ) | (3,578 | ) | ||||||||||||||||
Recoveries | 469 | 443 | 981 | 380 | 2,273 | ||||||||||||||||||||
Balance at September 30, 2016 | $ | 38,362 | $ | 34,405 | $ | 9,425 | $ | 5,508 | $ | 87,700 | |||||||||||||||
For the Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | ||||||||||||||||||||||||
Multi-Family | Commercial Real Estate | ||||||||||||||||||||||||
(In Thousands) | Residential | Total | |||||||||||||||||||||||
Balance at January 1, 2016 | $ | 44,951 | $ | 35,544 | $ | 11,217 | $ | 6,288 | $ | 98,000 | |||||||||||||||
Provision credited to operations | (2,025 | ) | (2,696 | ) | (2,332 | ) | (75 | ) | (7,128 | ) | |||||||||||||||
Charge-offs | (6,313 | ) | (409 | ) | (441 | ) | (1,238 | ) | (8,401 | ) | |||||||||||||||
Recoveries | 1,749 | 1,966 | 981 | 533 | 5,229 | ||||||||||||||||||||
Balance at September 30, 2016 | $ | 38,362 | $ | 34,405 | $ | 9,425 | $ | 5,508 | $ | 87,700 |
For the Three Months Ended September 30, 2015 | |||||||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | ||||||||||||||||||||||||
Multi-Family | Commercial Real Estate | ||||||||||||||||||||||||
(In Thousands) | Residential | Total | |||||||||||||||||||||||
Balance at July 1, 2015 | $ | 44,546 | $ | 38,794 | $ | 15,390 | $ | 8,770 | $ | 107,500 | |||||||||||||||
Provision (credited) charged to operations | (1,992 | ) | 409 | (3,058 | ) | 202 | (4,439 | ) | |||||||||||||||||
Charge-offs | (982 | ) | (553 | ) | — | (80 | ) | (1,615 | ) | ||||||||||||||||
Recoveries | 669 | 216 | 1,087 | 82 | 2,054 | ||||||||||||||||||||
Balance at September 30, 2015 | $ | 42,241 | $ | 38,866 | $ | 13,419 | $ | 8,974 | $ | 103,500 | |||||||||||||||
For the Nine Months Ended September 30, 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 | (2,346 | ) | (998 | ) | (4,768 | ) | 363 | (7,749 | ) | ||||||||||||||||
Charge-offs | (4,341 | ) | (898 | ) | (142 | ) | (515 | ) | (5,896 | ) | |||||||||||||||
Recoveries | 2,645 | 1,512 | 1,087 | 301 | 5,545 | ||||||||||||||||||||
Balance at September 30, 2015 | $ | 42,241 | $ | 38,866 | $ | 13,419 | $ | 8,974 | $ | 103,500 |
(In Thousands) | Recorded Investment | ||
Amortization scheduled to begin in: | |||
12 months or less | $ | 329,098 | |
13 to 24 months | 80,135 | ||
25 to 36 months | 10,375 | ||
Over 36 months | 12,109 | ||
Total | $ | 431,717 |
At September 30, 2016 | |||||||||||||||||||||||||||||
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 | $ | 273,586 | $ | 4,386,528 | $ | 123,743 | $ | 581,631 | $ | 140,116 | $ | 97,163 | |||||||||||||||||
Non-performing: | |||||||||||||||||||||||||||||
Current or past due less than 90 days | 4,547 | 14,110 | 5,121 | 14,211 | — | — | |||||||||||||||||||||||
Past due 90 days or more | 11,492 | 41,016 | 13,228 | 31,201 | 4,718 | 282 | |||||||||||||||||||||||
Total | $ | 289,625 | $ | 4,441,654 | $ | 142,092 | $ | 627,043 | $ | 144,834 | $ | 97,445 | |||||||||||||||||
At December 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 | $ | 413,913 | $ | 4,653,437 | $ | 275,659 | $ | 552,070 | $ | 154,414 | $ | 91,171 | |||||||||||||||||
Non-performing: | |||||||||||||||||||||||||||||
Current or past due less than 90 days | 7,016 | 11,662 | 12,287 | 15,538 | — | — | |||||||||||||||||||||||
Past due 90 days or more | 11,359 | 32,867 | 15,285 | 14,322 | 6,405 | 703 | |||||||||||||||||||||||
Total | $ | 432,288 | $ | 4,697,966 | $ | 303,231 | $ | 581,930 | $ | 160,819 | $ | 91,874 |
At September 30, 2016 | At December 31, 2015 | ||||||||||||||||||||||
Commercial Real Estate | Commercial Real Estate | ||||||||||||||||||||||
(In Thousands) | Multi-Family | Multi-Family | |||||||||||||||||||||
Not criticized | $ | 4,054,211 | $ | 728,058 | $ | 3,981,050 | $ | 769,029 | |||||||||||||||
Criticized: | |||||||||||||||||||||||
Special mention | 21,214 | 11,605 | 14,931 | 20,441 | |||||||||||||||||||
Substandard | 17,084 | 18,131 | 28,124 | 30,044 | |||||||||||||||||||
Doubtful | — | — | — | — | |||||||||||||||||||
Total | $ | 4,092,509 | $ | 757,794 | $ | 4,024,105 | $ | 819,514 |
At September 30, 2016 | |||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | ||||||||||||||||||||
Multi-Family | Commercial Real Estate | ||||||||||||||||||||
(In Thousands) | Residential | Total | |||||||||||||||||||
Loans: | |||||||||||||||||||||
Individually evaluated for impairment | $ | 197,176 | $ | 9,469 | $ | 10,197 | $ | 4,514 | $ | 221,356 | |||||||||||
Collectively evaluated for impairment | 5,303,238 | 4,083,040 | 747,597 | 237,765 | 10,371,640 | ||||||||||||||||
Total loans | $ | 5,500,414 | $ | 4,092,509 | $ | 757,794 | $ | 242,279 | $ | 10,592,996 | |||||||||||
Allowance for loan losses: | |||||||||||||||||||||
Individually evaluated for impairment | $ | 9,921 | $ | 17 | $ | 1 | $ | 319 | $ | 10,258 | |||||||||||
Collectively evaluated for impairment | 28,441 | 34,388 | 9,424 | 5,189 | 77,442 | ||||||||||||||||
Total allowance for loan losses | $ | 38,362 | $ | 34,405 | $ | 9,425 | $ | 5,508 | $ | 87,700 |
At December 31, 2015 | |||||||||||||||||||||
Mortgage Loans | Consumer and Other Loans | ||||||||||||||||||||
Multi-Family | Commercial Real Estate | ||||||||||||||||||||
(In Thousands) | Residential | Total | |||||||||||||||||||
Loans: | |||||||||||||||||||||
Individually evaluated for impairment | $ | 192,914 | $ | 24,643 | $ | 14,993 | $ | 4,968 | $ | 237,518 | |||||||||||
Collectively evaluated for impairment | 5,822,501 | 3,999,462 | 804,521 | 247,725 | 10,874,209 | ||||||||||||||||
Total loans | $ | 6,015,415 | $ | 4,024,105 | $ | 819,514 | $ | 252,693 | $ | 11,111,727 | |||||||||||
Allowance for loan losses: | |||||||||||||||||||||
Individually evaluated for impairment | $ | 13,148 | $ | 456 | $ | 788 | $ | 421 | $ | 14,813 | |||||||||||
Collectively evaluated for impairment | 31,803 | 35,088 | 10,429 | 5,867 | 83,187 | ||||||||||||||||
Total allowance for loan losses | $ | 44,951 | $ | 35,544 | $ | 11,217 | $ | 6,288 | $ | 98,000 |
At September 30, 2016 | At December 31, 2015 | ||||||||||||||||||||||||||||||
(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 | $ | 26,329 | $ | 20,955 | $ | (2,383 | ) | $ | 18,572 | $ | 37,454 | $ | 30,631 | $ | (4,051 | ) | $ | 26,580 | |||||||||||||
Full documentation amortizing | 85,959 | 77,475 | (3,767 | ) | 73,708 | 69,242 | 63,223 | (2,534 | ) | 60,689 | |||||||||||||||||||||
Reduced documentation interest-only | 35,748 | 29,537 | (1,705 | ) | 27,832 | 55,939 | 46,540 | (4,253 | ) | 42,287 | |||||||||||||||||||||
Reduced documentation amortizing | 78,493 | 69,209 | (2,066 | ) | 67,143 | 57,955 | 52,520 | (2,310 | ) | 50,210 | |||||||||||||||||||||
Multi-family | 3,370 | 3,380 | (17 | ) | 3,363 | 8,029 | 7,950 | (456 | ) | 7,494 | |||||||||||||||||||||
Commercial real estate | 269 | 269 | (1 | ) | 268 | 6,651 | 6,723 | (788 | ) | 5,935 | |||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||
Home equity lines of credit | 4,591 | 4,232 | (319 | ) | 3,913 | 5,295 | 4,968 | (421 | ) | 4,547 | |||||||||||||||||||||
Without an allowance recorded: | |||||||||||||||||||||||||||||||
Mortgage loans: | |||||||||||||||||||||||||||||||
Multi-family | 6,868 | 6,089 | — | 6,089 | 19,523 | 16,693 | — | 16,693 | |||||||||||||||||||||||
Commercial real estate | 11,686 | 9,928 | — | 9,928 | 11,104 | 8,270 | — | 8,270 | |||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||
Commercial and industrial | 730 | 282 | — | 282 | — | — | — | — | |||||||||||||||||||||||
Total impaired loans | $ | 254,043 | $ | 221,356 | $ | (10,258 | ) | $ | 211,098 | $ | 271,192 | $ | 237,518 | $ | (14,813 | ) | $ | 222,705 |
For the Three Months Ended September 30, | |||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||
(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 | $ | 23,076 | $ | 135 | $ | 135 | $ | 38,691 | $ | 265 | $ | 268 | |||||||||||
Full documentation amortizing | 76,480 | 548 | 556 | 55,466 | 433 | 430 | |||||||||||||||||
Reduced documentation interest-only | 30,764 | 265 | 267 | 66,137 | 620 | 617 | |||||||||||||||||
Reduced documentation amortizing | 68,062 | 596 | 577 | 30,566 | 336 | 323 | |||||||||||||||||
Multi-family | 4,084 | 58 | 58 | 7,458 | 72 | 72 | |||||||||||||||||
Commercial real estate | 307 | 3 | 4 | 6,927 | 82 | 73 | |||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||
Home equity lines of credit | 4,335 | 14 | 14 | 5,651 | 13 | 15 | |||||||||||||||||
Without an allowance recorded: | |||||||||||||||||||||||
Mortgage loans: | |||||||||||||||||||||||
Multi-family | 7,401 | 81 | 81 | 20,232 | 240 | 246 | |||||||||||||||||
Commercial real estate | 10,761 | 131 | 147 | 9,946 | 157 | 168 | |||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||
Commercial and industrial | 141 | 4 | 4 | — | — | — | |||||||||||||||||
Total impaired loans | $ | 225,411 | $ | 1,835 | $ | 1,843 | $ | 241,074 | $ | 2,218 | $ | 2,212 | |||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||
(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 | $ | 26,269 | $ | 378 | $ | 393 | $ | 41,725 | $ | 798 | $ | 807 | |||||||||||
Full documentation amortizing | 70,669 | 1,642 | 1,677 | 49,727 | 1,309 | 1,323 | |||||||||||||||||
Reduced documentation interest-only | 36,941 | 817 | 815 | 71,266 | 1,927 | 1,911 | |||||||||||||||||
Reduced documentation amortizing | 62,632 | 1,804 | 1,815 | 24,757 | 966 | 972 | |||||||||||||||||
Multi-family | 5,449 | 154 | 168 | 16,000 | 236 | 238 | |||||||||||||||||
Commercial real estate | 2,091 | 15 | 17 | 13,163 | 219 | 223 | |||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||
Home equity lines of credit | 4,544 | 37 | 37 | 5,740 | 32 | 40 | |||||||||||||||||
Without an allowance recorded: | |||||||||||||||||||||||
Mortgage loans: | |||||||||||||||||||||||
Multi-family | 10,388 | 246 | 257 | 16,995 | 748 | 753 | |||||||||||||||||
Commercial real estate | 10,483 | 429 | 447 | 4,973 | 496 | 507 | |||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||
Commercial and industrial | 71 | 20 | 20 | — | — | — | |||||||||||||||||
Total impaired loans | $ | 229,537 | $ | 5,542 | $ | 5,646 | $ | 244,346 | $ | 6,731 | $ | 6,774 |
Modifications During the Three Months Ended September 30, | |||||||||||||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||||||||||||
(Dollars In Thousands) | Number of Loans | Pre- Modification Recorded Investment | Recorded Investment at September 30, 2016 | Number of Loans | Pre- Modification Recorded Investment | Recorded Investment at September 30, 2015 | |||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
Full documentation interest-only | 3 | $ | 895 | $ | 803 | 4 | $ | 1,270 | $ | 1,239 | |||||||||||||||||||||||
Full documentation amortizing | 4 | 1,404 | 1,340 | 6 | 1,156 | 1,138 | |||||||||||||||||||||||||||
Reduced documentation interest-only | 1 | 589 | 587 | 4 | 1,324 | 1,323 | |||||||||||||||||||||||||||
Reduced documentation amortizing | — | — | — | 3 | 764 | 757 | |||||||||||||||||||||||||||
Total | 8 | $ | 2,888 | $ | 2,730 | 17 | $ | 4,514 | $ | 4,457 | |||||||||||||||||||||||
Modifications During the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||||||||||||
(Dollars In Thousands) | Number of Loans | Pre- Modification Recorded Investment | Recorded Investment at September 30, 2016 | Number of Loans | Pre- Modification Recorded Investment | Recorded Investment at September 30, 2015 | |||||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||
Full documentation interest-only | 9 | $ | 3,481 | $ | 3,350 | 12 | $ | 4,620 | $ | 4,505 | |||||||||||||||||||||||
Full documentation amortizing | 17 | 6,269 | 6,020 | 17 | 4,357 | 4,241 | |||||||||||||||||||||||||||
Reduced documentation interest-only | 4 | 1,801 | 1,761 | 9 | 3,220 | 3,233 | |||||||||||||||||||||||||||
Reduced documentation amortizing | 5 | 1,524 | 1,497 | 5 | 1,103 | 1,099 | |||||||||||||||||||||||||||
Multi-family | 1 | 338 | 332 | — | — | — | |||||||||||||||||||||||||||
Commercial real estate | 1 | 515 | 464 | 2 | 2,902 | 2,849 | |||||||||||||||||||||||||||
Total | 37 | $ | 13,928 | $ | 13,424 | 45 | $ | 16,202 | $ | 15,927 |
For the Three Months Ended September 30, | |||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||
(Dollars In Thousands) | Number of Loans | Recorded Investment at September 30, 2016 | Number of Loans | Recorded Investment at September 30, 2015 | |||||||||||||||||
Residential: | |||||||||||||||||||||
Full documentation interest-only | 1 | $ | 590 | 6 | $ | 2,244 | |||||||||||||||
Full documentation amortizing | 6 | 2,315 | 5 | 1,687 | |||||||||||||||||
Reduced documentation interest-only | 1 | 489 | 2 | 758 | |||||||||||||||||
Reduced documentation amortizing | 1 | 923 | 3 | 729 | |||||||||||||||||
Total | 9 | $ | 4,317 | 16 | $ | 5,418 | |||||||||||||||
For the Nine Months Ended September 30, | |||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||
(Dollars In Thousands) | Number of Loans | Recorded Investment at September 30, 2016 | Number of Loans | Recorded Investment at September 30, 2015 | |||||||||||||||||
Residential: | |||||||||||||||||||||
Full documentation interest-only | 1 | $ | 590 | 6 | $ | 2,244 | |||||||||||||||
Full documentation amortizing | 7 | 2,781 | 5 | 1,687 | |||||||||||||||||
Reduced documentation interest-only | 1 | 489 | 4 | 1,395 | |||||||||||||||||
Reduced documentation amortizing | 1 | 923 | 3 | 729 | |||||||||||||||||
Total | 10 | $ | 4,783 | 18 | $ | 6,055 |
Year | Amount | ||||||
(In Thousands) | |||||||
2018 | $ | 200,000 | (1 | ) | |||
2019 | 600,000 | (1 | ) | ||||
2020 | 300,000 | (2 | ) | ||||
Total | $ | 1,100,000 |
(1) | Callable at various dates throughout the fourth quarter of 2016. |
(2) | Includes $200.0 million of borrowings which are callable in 2016 and $100.0 million of borrowings which are callable in 2017. |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
(In Thousands, Except Share Data) | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||
Net income | $ | 18,691 | $ | 18,906 | $ | 55,592 | $ | 69,644 | |||||||||||||||||||
Preferred stock dividends | (2,194 | ) | (2,194 | ) | (6,582 | ) | (6,582 | ) | |||||||||||||||||||
Net income available to common shareholders | 16,497 | 16,712 | 49,010 | 63,062 | |||||||||||||||||||||||
Income allocated to participating securities | (153 | ) | (173 | ) | (448 | ) | (578 | ) | |||||||||||||||||||
Net income allocated to common shareholders | $ | 16,344 | $ | 16,539 | $ | 48,562 | $ | 62,484 | |||||||||||||||||||
Basic weighted average common shares outstanding | 100,383,631 | 99,700,759 | 100,377,618 | 99,540,721 | |||||||||||||||||||||||
Dilutive effect of stock options and restricted stock units (1) (2) | — | 366,400 | — | 366,400 | |||||||||||||||||||||||
Diluted weighted average common shares outstanding | 100,383,631 | 100,067,159 | 100,377,618 | 99,907,121 | |||||||||||||||||||||||
Basic EPS | $ | 0.16 | $ | 0.17 | $ | 0.48 | $ | 0.63 | |||||||||||||||||||
Diluted EPS | $ | 0.16 | $ | 0.17 | $ | 0.48 | $ | 0.63 |
(1) | Excludes options to purchase 6,000 shares of common stock which were outstanding during the three months ended September 30, 2016; options to purchase 12,000 shares of common stock which were outstanding during the three months ended September 30, 2015; options to purchase 6,330 shares of common stock which were outstanding during the nine months ended September 30, 2016; and options to purchase 14,889 shares of common stock which were outstanding during the nine months ended September 30, 2015 because their inclusion would be anti-dilutive. |
(2) | Excludes 737,315 unvested restricted stock units which were outstanding during the three months ended September 30, 2016; 760,979 unvested restricted stock units which were outstanding during the three months ended September 30, 2015; 743,102 unvested restricted stock units which were outstanding during the nine months ended September 30, 2016; and 607,856 unvested restricted stock units which were outstanding during the nine months ended September 30, 2015 because the performance conditions have not been satisfied. |
(In Thousands) | At June 30, 2016 | Other Comprehensive (Loss) Income | At September 30, 2016 | ||||||||||||||
Net unrealized gain on securities available-for-sale | $ | 7,319 | $ | (955 | ) | $ | 6,364 | ||||||||||
Net actuarial loss on pension plans and other postretirement benefits | (57,684 | ) | 356 | (57,328 | ) | ||||||||||||
Prior service cost on pension plans and other postretirement benefits | (2,991 | ) | 28 | (2,963 | ) | ||||||||||||
Accumulated other comprehensive loss | $ | (53,356 | ) | $ | (571 | ) | $ | (53,927 | ) | ||||||||
(In Thousands) | At December 31, 2015 | Other Comprehensive Income | At September 30, 2016 | ||||||||||||||
Net unrealized gain on securities available-for-sale | $ | 2,827 | $ | 3,537 | $ | 6,364 | |||||||||||
Net actuarial loss on pension plans and other postretirement benefits | (58,396 | ) | 1,068 | (57,328 | ) | ||||||||||||
Prior service cost on pension plans and other postretirement benefits | (3,048 | ) | 85 | (2,963 | ) | ||||||||||||
Accumulated other comprehensive loss | $ | (58,617 | ) | $ | 4,690 | $ | (53,927 | ) | |||||||||
(In Thousands) | At June 30, 2015 | Other Comprehensive Income | At September 30, 2015 | ||||||||||||||
Net unrealized gain on securities available-for-sale | $ | 3,888 | $ | 2,903 | $ | 6,791 | |||||||||||
Net actuarial loss on pension plans and other postretirement benefits | (66,590 | ) | 442 | (66,148 | ) | ||||||||||||
Prior service cost on pension plans and other postretirement benefits | (3,105 | ) | 29 | (3,076 | ) | ||||||||||||
Accumulated other comprehensive loss | $ | (65,807 | ) | $ | 3,374 | $ | (62,433 | ) | |||||||||
(In Thousands) | At December 31, 2014 | Other Comprehensive Income | At September 30, 2015 | ||||||||||||||
Net unrealized gain on securities available-for-sale | $ | 4,686 | $ | 2,105 | $ | 6,791 | |||||||||||
Net actuarial loss on pension plans and other postretirement benefits | (67,476 | ) | 1,328 | (66,148 | ) | ||||||||||||
Prior service cost on pension plans and other postretirement benefits | (3,161 | ) | 85 | (3,076 | ) | ||||||||||||
Accumulated other comprehensive loss | $ | (65,951 | ) | $ | 3,518 | $ | (62,433 | ) |
For the Three Months Ended September 30, 2016 | |||||||||||||||||
(In Thousands) | Before Tax Amount | Income Tax Benefit (Expense) | After Tax Amount | ||||||||||||||
Net unrealized holding loss on securities available-for-sale arising during the period | $ | (1,603 | ) | $ | 648 | $ | (955 | ) | |||||||||
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | 598 | (242 | ) | 356 | |||||||||||||
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income | 48 | (20 | ) | 28 | |||||||||||||
Other comprehensive loss | $ | (957 | ) | $ | 386 | $ | (571 | ) |
For the Nine Months Ended September 30, 2016 | |||||||||||||||||
(In Thousands) | Before Tax Amount | Income Tax (Expense) Benefit | After Tax Amount | ||||||||||||||
Net unrealized gain on securities available-for-sale: | |||||||||||||||||
Net unrealized holding gain on securities available-for-sale arising during the period | $ | 6,023 | $ | (2,435 | ) | $ | 3,588 | ||||||||||
Reclassification adjustment for gain on sales of securities included in net income | (86 | ) | 35 | (51 | ) | ||||||||||||
Net unrealized gain on securities available-for-sale | 5,937 | (2,400 | ) | 3,537 | |||||||||||||
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | 1,793 | (725 | ) | 1,068 | |||||||||||||
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income | 143 | (58 | ) | 85 | |||||||||||||
Other comprehensive income | $ | 7,873 | $ | (3,183 | ) | $ | 4,690 |
For the Three Months Ended September 30, 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 | $ | 4,873 | $ | (1,970 | ) | $ | 2,903 | ||||||||||
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | 743 | (301 | ) | 442 | |||||||||||||
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income | 48 | (19 | ) | 29 | |||||||||||||
Other comprehensive income | $ | 5,664 | $ | (2,290 | ) | $ | 3,374 |
For the Nine Months Ended September 30, 2015 | |||||||||||||||||
(In Thousands) | Before Tax Amount | Income Tax (Expense) Benefit | After Tax Amount | ||||||||||||||
Net unrealized gain on securities available-for-sale: | |||||||||||||||||
Net unrealized holding gain on securities arising during the period | $ | 3,605 | $ | (1,457 | ) | $ | 2,148 | ||||||||||
Reclassification adjustment for gain on sales of securities included in net income | (72 | ) | 29 | (43 | ) | ||||||||||||
Net unrealized gain on securities available-for-sale | 3,533 | (1,428 | ) | 2,105 | |||||||||||||
Reclassification adjustment for net actuarial loss on pension plans and other postretirement benefits included in net income | 2,229 | (901 | ) | 1,328 | |||||||||||||
Reclassification adjustment for prior service cost on pension plans and other postretirement benefits included in net income | 143 | (58 | ) | 85 | |||||||||||||
Other comprehensive income | $ | 5,905 | $ | (2,387 | ) | $ | 3,518 |
For the Three Months Ended September 30, | Income Statement Line Item | ||||||||||||
(In Thousands) | 2016 | 2015 | |||||||||||
Reclassification adjustment for net actuarial loss (1) | $ | (598 | ) | $ | (743 | ) | Compensation and benefits | ||||||
Reclassification adjustment for prior service cost (1) | (48 | ) | (48 | ) | Compensation and benefits | ||||||||
Total reclassifications, before tax | (646 | ) | (791 | ) | |||||||||
Income tax effect | 262 | 320 | Income tax expense | ||||||||||
Total reclassifications, net of tax | $ | (384 | ) | $ | (471 | ) | Net income |
For the Nine Months Ended September 30, | Income Statement Line Item | ||||||||||||
(In Thousands) | 2016 | 2015 | |||||||||||
Reclassification adjustment for gain on sales of securities | $ | 86 | $ | 72 | Gain on sales of securities | ||||||||
Reclassification adjustment for net actuarial loss (1) | (1,793 | ) | (2,229 | ) | Compensation and benefits | ||||||||
Reclassification adjustment for prior service cost (1) | (143 | ) | (143 | ) | Compensation and benefits | ||||||||
Total reclassifications, before tax | (1,850 | ) | (2,300 | ) | |||||||||
Income tax effect | 748 | 930 | Income tax expense | ||||||||||
Total reclassifications, net of tax | $ | (1,102 | ) | $ | (1,370 | ) | Net income |
(1) | These other comprehensive income components are included in the computations of net periodic cost (benefit) for our defined benefit pension plans and other postretirement benefit plan. See Note 8 for additional details. |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
For the Three Months Ended September 30, | For the Three Months Ended September 30, | ||||||||||||||||||||||
(In Thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||
Service cost | $ | — | $ | — | $ | 465 | $ | 532 | |||||||||||||||
Interest cost | 2,510 | 2,482 | 249 | 251 | |||||||||||||||||||
Expected return on plan assets | (3,058 | ) | (3,634 | ) | — | — | |||||||||||||||||
Recognized net actuarial loss (gain) | 703 | 743 | (105 | ) | — | ||||||||||||||||||
Amortization of prior service cost | 48 | 48 | — | — | |||||||||||||||||||
Net periodic cost (benefit) | $ | 203 | $ | (361 | ) | $ | 609 | $ | 783 | ||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
For the Nine Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
(In Thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||
Service cost | $ | — | $ | — | $ | 1,397 | $ | 1,597 | |||||||||||||||
Interest cost | 7,531 | 7,447 | 746 | 753 | |||||||||||||||||||
Expected return on plan assets | (9,174 | ) | (10,901 | ) | — | — | |||||||||||||||||
Recognized net actuarial loss (gain) | 2,110 | 2,229 | (317 | ) | — | ||||||||||||||||||
Amortization of prior service cost | 143 | 143 | — | — | |||||||||||||||||||
Net periodic cost (benefit) | $ | 610 | $ | (1,082 | ) | $ | 1,826 | $ | 2,350 |
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, 2016 | 374,817 | $ | 12.68 | 751,500 | $ | 12.41 | |||||||||||||||
Granted | 685,872 | 15.06 | — | — | |||||||||||||||||
Vested | (30,350 | ) | (9.72 | ) | — | — | |||||||||||||||
Forfeited | (21,630 | ) | (14.46 | ) | (19,800 | ) | 12.41 | ||||||||||||||
Expired | (65,000 | ) | (1) | (13.23 | ) | — | — | ||||||||||||||
Unvested at September 30, 2016 | 943,709 | 14.43 | 731,700 | 12.41 |
(1) | Expired on June 30, 2016. Performance-based conditions were not achieved. |
At September 30, 2016 | |||||||||||||||||||||||||||||||||
Actual | Minimum Capital Requirements | Minimum Capital Requirements with Conservation Buffer | To be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||
Astoria Financial Corporation: | |||||||||||||||||||||||||||||||||
Tier 1 leverage | $ | 1,563,322 | 10.61 | % | $ | 589,317 | 4.00 | % | N/A | N/A | $ | 736,646 | 5.00 | % | |||||||||||||||||||
Common equity tier 1 risk-based | 1,439,077 | 17.58 | 368,440 | 4.50 | $ | 419,612 | 5.125 | % | 532,191 | 6.50 | |||||||||||||||||||||||
Tier 1 risk-based | 1,563,322 | 19.09 | 491,254 | 6.00 | 542,426 | 6.625 | 655,005 | 8.00 | |||||||||||||||||||||||||
Total risk-based | 1,651,504 | 20.17 | 655,005 | 8.00 | 706,177 | 8.625 | 818,756 | 10.00 | |||||||||||||||||||||||||
Astoria Bank: | |||||||||||||||||||||||||||||||||
Tier 1 leverage | $ | 1,720,711 | 11.75 | % | $ | 585,844 | 4.00 | % | N/A | N/A | $ | 732,305 | 5.00 | % | |||||||||||||||||||
Common equity tier 1 risk-based | 1,720,711 | 21.07 | 367,584 | 4.50 | $ | 418,637 | 5.125 | % | 530,955 | 6.50 | |||||||||||||||||||||||
Tier 1 risk-based | 1,720,711 | 21.07 | 490,112 | 6.00 | 541,165 | 6.625 | 653,483 | 8.00 | |||||||||||||||||||||||||
Total risk-based | 1,808,893 | 22.14 | 653,483 | 8.00 | 704,536 | 8.625 | 816,853 | 10.00 |
• | 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. |
Carrying Value at September 30, 2016 | |||||||||||
(In Thousands) | Total | Level 1 | Level 2 | ||||||||
Securities available-for-sale: | |||||||||||
Residential mortgage-backed securities: | |||||||||||
GSE issuance REMICs and CMOs | $ | 266,909 | $ | — | $ | 266,909 | |||||
Non-GSE issuance REMICs and CMOs | 1,859 | — | 1,859 | ||||||||
GSE pass-through certificates | 9,450 | — | 9,450 | ||||||||
Obligations of GSEs | 30,011 | — | 30,011 | ||||||||
Fannie Mae stock | 2 | 2 | — | ||||||||
Total securities available-for-sale | $ | 308,231 | $ | 2 | $ | 308,229 | |||||
Carrying Value at December 31, 2015 | |||||||||||
(In Thousands) | Total | Level 1 | Level 2 | ||||||||
Securities available-for-sale: | |||||||||||
Residential mortgage-backed securities: | |||||||||||
GSE issuance REMICs and CMOs | $ | 330,539 | $ | — | $ | 330,539 | |||||
Non-GSE issuance REMICs and CMOs | 3,054 | — | 3,054 | ||||||||
GSE pass-through certificates | 11,264 | — | 11,264 | ||||||||
Obligations of GSEs | 71,939 | — | 71,939 | ||||||||
Fannie Mae stock | 2 | 2 | — | ||||||||
Total securities available-for-sale | $ | 416,798 | $ | 2 | $ | 416,796 |
Carrying Value | |||||||||||
(In Thousands) | At September 30, 2016 | At December 31, 2015 | |||||||||
Non-performing loans held-for-sale, net | $ | 706 | $ | 1,582 | |||||||
Impaired loans | 126,854 | 134,910 | |||||||||
MSR, net | 8,580 | 11,014 | |||||||||
REO, net | 13,166 | 16,307 | |||||||||
Total | $ | 149,306 | $ | 163,813 |
For the Nine Months Ended September 30, | |||||||||||
(In Thousands) | 2016 | 2015 | |||||||||
Non-performing loans held-for-sale, net (1) | $ | (120 | ) | $ | (445 | ) | |||||
Impaired loans (2) | (5,971 | ) | (3,246 | ) | |||||||
MSR, net (3) | (1,663 | ) | (172 | ) | |||||||
REO, net (4) | (979 | ) | (287 | ) | |||||||
Total | $ | (8,733 | ) | $ | (4,150 | ) |
(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) | Gains (losses) are credited/charged to mortgage banking income, net. |
(4) | Gains (losses) are credited/charged to the allowance for loan losses 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. |
At September 30, 2016 | |||||||||||||||
Carrying Value | Estimated Fair Value | ||||||||||||||
(In Thousands) | Total | Level 2 | Level 3 | ||||||||||||
Financial Assets: | |||||||||||||||
Securities held-to-maturity | $ | 2,751,175 | $ | 2,773,570 | $ | 2,773,570 | $ | — | |||||||
FHLB-NY stock | 130,820 | 130,820 | 130,820 | — | |||||||||||
Loans held-for-sale, net (1) | 5,550 | 5,653 | — | 5,653 | |||||||||||
Loans receivable, net (1) | 10,542,961 | 10,685,073 | — | 10,685,073 | |||||||||||
MSR, net (1) | 8,580 | 8,582 | — | 8,582 | |||||||||||
Financial Liabilities: | |||||||||||||||
Deposits | 8,927,644 | 8,953,874 | 8,953,874 | — | |||||||||||
Borrowings, net | 3,814,620 | 3,973,159 | 3,973,159 | — |
At December 31, 2015 | |||||||||||||||
Carrying Value | Estimated Fair Value | ||||||||||||||
(In Thousands) | Total | Level 2 | Level 3 | ||||||||||||
Financial Assets: | |||||||||||||||
Securities held-to-maturity | $ | 2,296,799 | $ | 2,286,092 | $ | 2,286,092 | $ | — | |||||||
FHLB-NY stock | 131,137 | 131,137 | 131,137 | — | |||||||||||
Loans held-for-sale, net (1) | 8,960 | 9,037 | — | 9,037 | |||||||||||
Loans receivable, net (1) | 11,055,081 | 11,112,709 | — | 11,112,709 | |||||||||||
MSR, net (1) | 11,014 | 11,017 | — | 11,017 | |||||||||||
Financial Liabilities: | |||||||||||||||
Deposits | 9,106,027 | 9,123,740 | 9,123,740 | — | |||||||||||
Borrowings, net | 3,964,222 | 4,132,940 | 4,132,940 | — |
(1) | Includes assets measured at fair value on a non-recurring basis. |
• | 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 collateral 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 the OCC, 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; |
• | our ability to implement enhanced risk management policies, procedures and controls commensurate with shifts in our business strategies and regulatory expectations; |
• | the actual results of the proposed Merger could vary materially as a result of a number of factors, including the possibility that various closing conditions for the transaction may not be satisfied or waived, and the Merger Agreement could be terminated under certain circumstances; |
• | the potential impact of the proposed Merger on relationships with third parties, including customers, employees and competitors; and |
• | delays in closing the Merger. |
Borrowings | Certificates of Deposit | |||||||||||||||
Weighted Average Rate | Weighted Average Rate | |||||||||||||||
(Dollars in Millions) | Amount | Amount | ||||||||||||||
Contractual Maturity: | ||||||||||||||||
12 months or less | $ | 1,865 | 1.30 | % | $ | 721 | 0.54 | % | ||||||||
13 to 36 months | 800 | (1) | 3.56 | 425 | 1.11 | |||||||||||
37 to 60 months | 1,150 | (2) | 3.54 | 503 | 1.50 | |||||||||||
Over 60 months | — | — | 1 | 1.64 | ||||||||||||
Total | $ | 3,815 | 2.45 | % | $ | 1,650 | 0.98 | % |
(1) | Callable by the counterparty within the next 3 months and on a quarterly basis thereafter. |
(2) | Includes $200.0 million of borrowings, with a weighted average interest rate of 3.86%, which are callable by the counterparty within the next 3 months and on a quarterly basis thereafter, and $950.0 million of borrowings, with a weighted average interest rate of 3.47%, which are callable by the counterparty within the next 12 months and on a quarterly basis thereafter. |
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 | $ | 3,815,000 | $ | 1,865,000 | $ | 800,000 | $ | 1,150,000 | $ | — | |||||||||||
Off-balance sheet contractual obligations: (1) | |||||||||||||||||||||
Commitments to originate and purchase loans (2) | 410,670 | 410,670 | — | — | — | ||||||||||||||||
Commitments to fund unused lines of credit (3) | 217,919 | 217,919 | — | — | — | ||||||||||||||||
Total | $ | 4,443,589 | $ | 2,493,589 | $ | 800,000 | $ | 1,150,000 | $ | — |
(1) | Excludes contractual obligations related to operating lease commitments which have not changed significantly since December 31, 2015. |
(2) | Includes commitments to originate loans held-for-sale of $26.8 million. |
(3) | Includes commitments to fund commercial and industrial lines of credit of $146.0 million, home equity lines of credit of $40.1 million, and other consumer lines of credit of $31.7 million. |
For the Nine Months Ended September 30, 2015 | |||||||||||||||||
(In Thousands, Except Per Share Data) | As Reported | Effect of Change in Tax Legislation | Non-GAAP | ||||||||||||||
Income before income tax expense | $ | 89,904 | $ | — | $ | 89,904 | |||||||||||
Income tax expense | 20,260 | 11,404 | 31,664 | ||||||||||||||
Net income | 69,644 | (11,404 | ) | 58,240 | |||||||||||||
Preferred stock dividends | 6,582 | — | 6,582 | ||||||||||||||
Net income available to common shareholders | $ | 63,062 | $ | (11,404 | ) | $ | 51,658 | ||||||||||
Basic and diluted earnings per common share | $ | 0.63 | $ | (0.12 | ) | $ | 0.51 | ||||||||||
Return on average: | |||||||||||||||||
Common stockholders’ equity | 5.67 | % | (1.02 | )% | 4.65 | % | |||||||||||
Tangible common stockholders’ equity | 6.48 | (1.17 | ) | 5.31 | |||||||||||||
Assets | 0.60 | (0.10 | ) | 0.50 | |||||||||||||
Effective tax rate | 22.54 | 12.68 | 35.22 |
For the Three Months Ended September 30, | |||||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||||
(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 | $ | 5,599,532 | $ | 44,582 | 3.18 | % | $ | 6,359,317 | $ | 49,899 | 3.14 | % | |||||||||||||
Multi-family and commercial real estate | 4,880,055 | 47,795 | 3.92 | 4,789,550 | 47,979 | 4.01 | |||||||||||||||||||
Consumer and other loans (1) | 248,053 | 2,456 | 3.96 | 245,987 | 2,208 | 3.59 | |||||||||||||||||||
Total loans | 10,727,640 | 94,833 | 3.54 | 11,394,854 | 100,086 | 3.51 | |||||||||||||||||||
Mortgage-backed and other securities (2) | 3,024,369 | 17,873 | 2.36 | 2,608,324 | 15,816 | 2.43 | |||||||||||||||||||
Interest-earning cash accounts | 107,872 | 110 | 0.41 | 147,229 | 109 | 0.30 | |||||||||||||||||||
FHLB-NY stock | 134,553 | 1,526 | 4.54 | 134,648 | 1,407 | 4.18 | |||||||||||||||||||
Total interest-earning assets | 13,994,434 | 114,342 | 3.27 | 14,285,055 | 117,418 | 3.29 | |||||||||||||||||||
Goodwill | 185,151 | 185,151 | |||||||||||||||||||||||
Other non-interest-earning assets | 757,396 | 728,658 | |||||||||||||||||||||||
Total assets | $ | 14,936,981 | $ | 15,198,864 | |||||||||||||||||||||
Liabilities and stockholders’ equity: | |||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||
NOW and demand deposit (3) | $ | 2,464,974 | $ | 204 | 0.03 | $ | 2,273,963 | $ | 198 | 0.03 | |||||||||||||||
Money market | 2,692,930 | 1,911 | 0.28 | 2,487,984 | 1,645 | 0.26 | |||||||||||||||||||
Savings | 2,093,032 | 264 | 0.05 | 2,171,057 | 273 | 0.05 | |||||||||||||||||||
Total core deposits | 7,250,936 | 2,379 | 0.13 | 6,933,004 | 2,116 | 0.12 | |||||||||||||||||||
Certificates of deposit | 1,676,833 | 4,084 | 0.97 | 2,153,084 | 6,461 | 1.20 | |||||||||||||||||||
Total deposits | 8,927,769 | 6,463 | 0.29 | 9,086,088 | 8,577 | 0.38 | |||||||||||||||||||
Borrowings | 3,916,586 | 24,238 | 2.48 | 4,077,448 | 24,107 | 2.36 | |||||||||||||||||||
Total interest-bearing liabilities | 12,844,355 | 30,701 | 0.96 | 13,163,536 | 32,684 | 0.99 | |||||||||||||||||||
Non-interest-bearing liabilities | 391,504 | 398,874 | |||||||||||||||||||||||
Total liabilities | 13,235,859 | 13,562,410 | |||||||||||||||||||||||
Stockholders’ equity | 1,701,122 | 1,636,454 | |||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 14,936,981 | $ | 15,198,864 | |||||||||||||||||||||
Net interest income/ net interest rate spread (4) | $ | 83,641 | 2.31 | % | $ | 84,734 | 2.30 | % | |||||||||||||||||
Net interest-earning assets/ net interest margin (5) | $ | 1,150,079 | 2.39 | % | $ | 1,121,519 | 2.37 | % | |||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 1.09 x | 1.09 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) | NOW and demand deposit accounts include non-interest bearing accounts with an average balance of $1.06 billion for the three months ending September 30, 2016 and $931.2 million for the three months ending September 30, 2015. |
(4) | 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. |
(5) | Net interest margin represents net interest income divided by average interest-earning assets. |
For the Nine Months Ended September 30, | |||||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||||
(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 | $ | 5,774,879 | $ | 137,640 | 3.18 | % | $ | 6,585,735 | $ | 155,236 | 3.14 | % | |||||||||||||
Multi-family and commercial real estate | 4,892,522 | 141,207 | 3.85 | 4,809,988 | 144,082 | 3.99 | |||||||||||||||||||
Consumer and other loans (1) | 253,730 | 7,263 | 3.82 | 250,509 | 6,640 | 3.53 | |||||||||||||||||||
Total loans | 10,921,131 | 286,110 | 3.49 | 11,646,232 | 305,958 | 3.50 | |||||||||||||||||||
Mortgage-backed and other securities (2) | 2,879,787 | 52,177 | 2.42 | 2,555,034 | 46,124 | 2.41 | |||||||||||||||||||
Interest-earning cash accounts | 126,976 | 346 | 0.36 | 141,795 | 305 | 0.29 | |||||||||||||||||||
FHLB-NY stock | 132,255 | 4,434 | 4.47 | 138,890 | 4,390 | 4.21 | |||||||||||||||||||
Total interest-earning assets | 14,060,149 | 343,067 | 3.25 | 14,481,951 | 356,777 | 3.28 | |||||||||||||||||||
Goodwill | 185,151 | 185,151 | |||||||||||||||||||||||
Other non-interest-earning assets | 755,101 | 726,154 | |||||||||||||||||||||||
Total assets | $ | 15,000,401 | $ | 15,393,256 | |||||||||||||||||||||
Liabilities and stockholders’ equity: | |||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||
NOW and demand deposit (3) | $ | 2,435,367 | $ | 602 | 0.03 | $ | 2,255,767 | $ | 581 | 0.03 | |||||||||||||||
Money market | 2,648,070 | 5,481 | 0.28 | 2,429,875 | 4,799 | 0.26 | |||||||||||||||||||
Savings | 2,113,229 | 793 | 0.05 | 2,204,226 | 824 | 0.05 | |||||||||||||||||||
Total core deposits | 7,196,666 | 6,876 | 0.13 | 6,889,868 | 6,204 | 0.12 | |||||||||||||||||||
Certificates of deposit | 1,774,207 | 13,606 | 1.02 | 2,361,325 | 23,046 | 1.30 | |||||||||||||||||||
Total deposits | 8,970,873 | 20,482 | 0.30 | 9,251,193 | 29,250 | 0.42 | |||||||||||||||||||
Borrowings | 3,931,114 | 72,606 | 2.46 | 4,121,519 | 71,922 | 2.33 | |||||||||||||||||||
Total interest-bearing liabilities | 12,901,987 | 93,088 | 0.96 | 13,372,712 | 101,172 | 1.01 | |||||||||||||||||||
Non-interest-bearing liabilities | 411,863 | 408,167 | |||||||||||||||||||||||
Total liabilities | 13,313,850 | 13,780,879 | |||||||||||||||||||||||
Stockholders’ equity | 1,686,551 | 1,612,377 | |||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 15,000,401 | $ | 15,393,256 | |||||||||||||||||||||
Net interest income/ net interest rate spread (4) | $ | 249,979 | 2.29 | % | $ | 255,605 | 2.27 | % | |||||||||||||||||
Net interest-earning assets/ net interest margin (5) | $ | 1,158,162 | 2.37 | % | $ | 1,109,239 | 2.35 | % | |||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 1.09 x | 1.08 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) | NOW and demand deposit accounts include non-interest bearing accounts with an average balance of $1.04 billion for the nine months ending September 30, 2016 and $917.0 million for the nine months ending September 30, 2015. |
(4) | 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. |
(5) | Net interest margin represents net interest income divided by average interest-earning assets. |
Increase (Decrease) for the Three Months ended September 30, 2016 Compared to the Three Months ended September 30, 2015 | Increase (Decrease) for the Nine Months ended September 30, 2016 Compared to the Nine Months ended September 30, 2015 | ||||||||||||||||||||||
(In Thousands) | Volume | Rate | Net | Volume | Rate | Net | |||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||
Mortgage loans: | |||||||||||||||||||||||
Residential | $ | (5,954 | ) | $ | 637 | $ | (5,317 | ) | $ | (19,527 | ) | $ | 1,931 | $ | (17,596 | ) | |||||||
Multi-family and commercial real estate | 901 | (1,085 | ) | (184 | ) | 2,373 | (5,248 | ) | (2,875 | ) | |||||||||||||
Consumer and other loans | 19 | 229 | 248 | 84 | 539 | 623 | |||||||||||||||||
Mortgage-backed and other securities | 2,515 | (458 | ) | 2,057 | 5,861 | 192 | 6,053 | ||||||||||||||||
Interest-earning cash accounts | (34 | ) | 35 | 1 | (32 | ) | 73 | 41 | |||||||||||||||
FHLB-NY stock | (1 | ) | 120 | 119 | (217 | ) | 261 | 44 | |||||||||||||||
Total | (2,554 | ) | (522 | ) | (3,076 | ) | (11,458 | ) | (2,252 | ) | (13,710 | ) | |||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
NOW and demand deposit | 6 | — | 6 | 21 | — | 21 | |||||||||||||||||
Money market | 138 | 128 | 266 | 367 | 315 | 682 | |||||||||||||||||
Savings | (9 | ) | — | (9 | ) | (31 | ) | — | (31 | ) | |||||||||||||
Certificates of deposit | (1,274 | ) | (1,103 | ) | (2,377 | ) | (5,058 | ) | (4,382 | ) | (9,440 | ) | |||||||||||
Borrowings | (1,011 | ) | 1,142 | 131 | (3,330 | ) | 4,014 | 684 | |||||||||||||||
Total | (2,150 | ) | 167 | (1,983 | ) | (8,031 | ) | (53 | ) | (8,084 | ) | ||||||||||||
Net change in net interest income | $ | (404 | ) | $ | (689 | ) | $ | (1,093 | ) | $ | (3,427 | ) | $ | (2,199 | ) | $ | (5,626 | ) |
At September 30, 2016 | At December 31, 2015 | ||||||||||||
(Dollars in Thousands) | Amount | Percent of Total | Amount | Percent of Total | |||||||||
Residential mortgage loans: | |||||||||||||
Full documentation interest-only (1) | $ | 289,625 | 5.27 | % | $ | 432,288 | 7.19 | % | |||||
Full documentation amortizing (2) | 4,441,654 | 80.75 | 4,697,966 | 78.10 | |||||||||
Reduced documentation interest-only (1)(3) | 142,092 | 2.58 | 303,231 | 5.04 | |||||||||
Reduced documentation amortizing (3)(4) | 627,043 | 11.40 | 581,930 | 9.67 | |||||||||
Total residential mortgage loans | $ | 5,500,414 | 100.00 | % | $ | 6,015,415 | 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 $126.2 million at September 30, 2016 and $388.0 million at December 31, 2015. |
(2) | Includes loans previously categorized as full documentation interest-only that have converted to full documentation amortizing status totaling $958.3 million at September 30, 2016 and $992.0 million at December 31, 2015. |
(3) | Includes SISA loans totaling $119.6 million at September 30, 2016 and $135.7 million at December 31, 2015. |
(4) | Includes loans previously categorized as reduced documentation interest-only that have converted to reduced documentation amortizing status totaling $459.8 million at September 30, 2016 and $365.4 million at December 31, 2015. |
(Dollars in Thousands) | At September 30, 2016 | At December 31, 2015 | |||||||||
Non-performing loans (1) (2): | |||||||||||
Mortgage loans: | |||||||||||
Residential | $ | 134,926 | $ | 120,336 | |||||||
Multi-family | 5,746 | 6,833 | |||||||||
Commercial real estate | 5,232 | 3,939 | |||||||||
Consumer and other loans | 5,000 | 7,108 | |||||||||
Total non-performing loans | 150,904 | 138,216 | |||||||||
REO, net (3) | 14,592 | 19,798 | |||||||||
Total non-performing assets | $ | 165,496 | $ | 158,014 | |||||||
Non-performing loans to total loans | 1.42 | % | 1.24 | % | |||||||
Non-performing loans to total assets | 1.02 | 0.92 | |||||||||
Non-performing assets to total assets | 1.12 | 1.05 | |||||||||
Allowance for loan losses to non-performing loans | 58.12 | 70.90 | |||||||||
Allowance for loan losses to total loans | 0.83 | 0.88 |
(1) | Non-performing loans, substantially all of which are non-accrual loans, included loans modified in a TDR totaling $64.0 million at September 30, 2016 and $61.0 million at December 31, 2015. Non-performing loans exclude loans held-for-sale and 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 $476,000 at September 30, 2016 and $332,000 at December 31, 2015. |
(3) | At September 30, 2016, REO, all of which were residential properties, is net of a valuation allowance of $1.2 million. At December 31, 2015, REO is net of a valuation allowance of $1.3 million and included residential properties with a carrying value of $17.8 million. |
At September 30, 2016 | At December 31, 2015 | ||||||||||||
(Dollars in Thousands) | Amount | Percent of Total | Amount | Percent of Total | |||||||||
Non-performing residential mortgage loans: | |||||||||||||
Full documentation interest-only | $ | 16,039 | 11.89 | % | $ | 18,375 | 15.27 | % | |||||
Full documentation amortizing | 55,126 | 40.85 | 44,529 | 37.01 | |||||||||
Reduced documentation interest-only | 18,349 | 13.60 | 27,572 | 22.91 | |||||||||
Reduced documentation amortizing | 45,412 | 33.66 | 29,860 | 24.81 | |||||||||
Total non-performing residential mortgage loans (1) | $ | 134,926 | 100.00 | % | $ | 120,336 | 100.00 | % |
(1) | Includes $38.0 million of loans less than 90 days past due at September 30, 2016, of which $31.4 million were current, and includes $46.5 million of loans less than 90 days past due at December 31, 2015, of which $37.7 million were current. |
Residential Mortgage Loans At September 30, 2016 | ||||||||||||||||||||||||||
(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 | $ | 1,678.1 | 30.5 | % | $ | 13.0 | 9.6 | % | 0.77 | % | ||||||||||||||||
Connecticut | 533.0 | 9.7 | 16.6 | 12.3 | 3.11 | |||||||||||||||||||||
Massachusetts | 460.1 | 8.4 | 5.6 | 4.2 | 1.22 | |||||||||||||||||||||
Illinois | 424.5 | 7.7 | 17.3 | 12.8 | 4.08 | |||||||||||||||||||||
Virginia | 422.2 | 7.7 | 13.0 | 9.6 | 3.08 | |||||||||||||||||||||
New Jersey | 412.1 | 7.5 | 25.3 | 18.8 | 6.14 | |||||||||||||||||||||
Maryland | 361.7 | 6.6 | 21.7 | 16.1 | 6.00 | |||||||||||||||||||||
California | 293.6 | 5.3 | 11.6 | 8.6 | 3.95 | |||||||||||||||||||||
Washington | 199.9 | 3.6 | 0.7 | 0.5 | 0.35 | |||||||||||||||||||||
Texas | 129.2 | 2.3 | — | — | — | |||||||||||||||||||||
All other states (2)(3) | 586.0 | 10.7 | 10.1 | 7.5 | 1.72 | |||||||||||||||||||||
Total | $ | 5,500.4 | 100.0 | % | $ | 134.9 | 100.0 | % | 2.45 | % |
(1) | Includes $38.0 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 $89.7 million of total loans, of which $2.8 million were non-performing loans. |
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 September 30, 2016: | ||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||
Residential | 233 | $ | 71,373 | 54 | $ | 14,028 | 304 | $ | 96,937 | |||||||||||||||||
Multi-family | 28 | 4,290 | 7 | 562 | 11 | 1,893 | ||||||||||||||||||||
Commercial real estate | 4 | 808 | 1 | 176 | — | — | ||||||||||||||||||||
Consumer and other loans | 34 | 1,159 | 12 | 577 | 40 | 5,000 | ||||||||||||||||||||
Total delinquent loans | 299 | $ | 77,630 | 74 | $ | 15,343 | 355 | $ | 103,830 | |||||||||||||||||
Delinquent loans to total loans | 0.73 | % | 0.14 | % | 0.98 | % | ||||||||||||||||||||
At December 31, 2015: | ||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||
Residential | 270 | $ | 84,841 | 68 | $ | 20,965 | 244 | $ | 73,833 | |||||||||||||||||
Multi-family | 20 | 2,387 | 11 | 2,692 | 14 | 2,441 | ||||||||||||||||||||
Commercial real estate | 2 | 487 | 2 | 1,689 | 1 | 572 | ||||||||||||||||||||
Consumer and other loans | 76 | 2,358 | 22 | 502 | 50 | 7,108 | ||||||||||||||||||||
Total delinquent loans | 368 | $ | 90,073 | 103 | $ | 25,848 | 309 | $ | 83,954 | |||||||||||||||||
Delinquent loans to total loans | 0.81 | % | 0.23 | % | 0.75 | % |
(In Thousands) | For the Nine Months Ended September 30, 2016 | ||||
Balance at January 1, 2016 | $ | 98,000 | |||
Provision credited to operations | (7,128 | ) | |||
Charge-offs: | |||||
Residential | (6,313 | ) | |||
Multi-family | (409 | ) | |||
Commercial real estate | (441 | ) | |||
Consumer and other loans | (1,238 | ) | |||
Total charge-offs | (8,401 | ) | |||
Recoveries: | |||||
Residential | 1,749 | ||||
Multi-family | 1,966 | ||||
Commercial real estate | 981 | ||||
Consumer and other loans | 533 | ||||
Total recoveries | 5,229 | ||||
Net charge-offs | (3,172 | ) | |||
Balance at September 30, 2016 | $ | 87,700 |
At September 30, 2016 | |||||||||||||||||||
(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) | $ | 4,608,776 | $ | 2,525,536 | $ | 1,457,115 | $ | 1,694,292 | $ | 10,285,719 | |||||||||
Consumer and other loans (1) | 202,066 | 18,583 | 11,910 | 5,494 | 238,053 | ||||||||||||||
Interest-earning cash accounts | 101,593 | — | — | — | 101,593 | ||||||||||||||
Securities available-for-sale (2) | 103,707 | 61,305 | 32,056 | 107,017 | 304,085 | ||||||||||||||
Securities held-to-maturity | 632,207 | 492,558 | 307,024 | 1,319,386 | 2,751,175 | ||||||||||||||
FHLB-NY stock | — | — | — | 130,820 | 130,820 | ||||||||||||||
Total interest-earning assets | 5,648,349 | 3,097,982 | 1,808,105 | 3,257,009 | 13,811,445 | ||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||
Savings | 306,589 | 401,673 | 286,298 | 1,084,993 | 2,079,553 | ||||||||||||||
Money market | 1,359,773 | 815,796 | 543,978 | — | 2,719,547 | ||||||||||||||
NOW and demand deposit | 95,256 | 228,230 | 206,026 | 1,949,447 | 2,478,959 | ||||||||||||||
Certificates of deposit | 722,192 | 424,427 | 502,966 | — | 1,649,585 | ||||||||||||||
Borrowings, net (3) | 1,864,620 | 1,000,000 | 950,000 | — | 3,814,620 | ||||||||||||||
Total interest-bearing liabilities | 4,348,430 | 2,870,126 | 2,489,268 | 3,034,440 | 12,742,264 | ||||||||||||||
Interest rate sensitivity gap | 1,299,919 | 227,856 | (681,163 | ) | 222,569 | $ | 1,069,181 | ||||||||||||
Cumulative interest rate sensitivity gap | $ | 1,299,919 | $ | 1,527,775 | $ | 846,612 | $ | 1,069,181 | |||||||||||
Cumulative interest rate sensitivity gap as a percentage of total assets | 8.77 | % | 10.31 | % | 5.71 | % | 7.22 | % | |||||||||||
Cumulative net interest-earning assets as a percentage of interest-bearing liabilities | 129.89 | % | 121.16 | % | 108.72 | % | 108.39 | % |
(1) | Mortgage loans and consumer and other loans include loans held-for-sale and exclude non-accrual loans, except non-accrual residential mortgage loans which are current or less than 90 days past due, and the allowance for loan losses. |
(2) | At amortized cost. |
(3) | Classified according to projected repricing, maturity or call date. |
See Index of Exhibits on page 82. |
Astoria Financial Corporation | |||||
Dated: | November 9, 2016 | By: | /s/ | Monte N. Redman | |
Monte N. Redman | |||||
President and Chief Executive Officer | |||||
Dated: | November 9, 2016 | By: | /s/ | Frank E. Fusco | |
Frank E. Fusco | |||||
Senior Executive Vice President and | |||||
Chief Financial Officer | |||||
(Principal Accounting Officer) | |||||
Dated: | November 9, 2016 | By: | /s/ | John F. Kennedy | |
John F. Kennedy | |||||
Senior Vice President and | |||||
Chief Accounting Officer |
Exhibit No. | Identification of Exhibit | |
10.1 | Astoria Financial Corporation Amendment to the Employment Agreement with Josie Callari, entered into on August 8, 2016. | |
10.2 | Astoria Bank Amendment to the Employment Agreement with Josie Callari, entered into on August 8, 2016. | |
10.3 | Astoria Financial Corporation Amendment to the Employment Agreement with Robert DeStefano, entered into on August 8, 2016. | |
10.4 | Astoria Bank Amendment to the Employment Agreement with Robert DeStefano, entered into on August 8, 2016. | |
10.5 | Astoria Financial Corporation Amendment to the Employment Agreement with Brian Edwards, entered into on August 8, 2016. | |
10.6 | Astoria Bank Amendment to the Employment Agreement with Brian Edwards, entered into on August 8, 2016. | |
10.7 | Astoria Financial Corporation Amendment to the Employment Agreement with Stephen Sipola, entered into on August 8, 2016. | |
10.8 | Astoria Bank Amendment to the Employment Agreement with Stephen Sipola, entered into on August 8, 2016. | |
10.9 | Astoria Financial Corporation Amendment to the Amended and Restated Employment Agreement with Hugh Donlon, entered into on August 8, 2016. | |
10.10 | Astoria Bank Amendment to the Amended and Restated Employment Agreement with Hugh Donlon, entered into on August 8, 2016. | |
10.11 | Astoria Financial Corporation Amendment to the Amended and Restated Employment Agreement with Alan Eggleston, entered into on August 8, 2016. | |
10.12 | Astoria Bank Amendment to the Amended and Restated Employment Agreement with Alan Eggleston, entered into on August 8, 2016. | |
10.13 | Astoria Financial Corporation Amendment to the Amended and Restated Employment Agreement with Frank Fusco, entered into on August 8, 2016. | |
10.14 | Astoria Bank Amendment to the Amended and Restated Employment Agreement with Frank Fusco, entered into on August 8, 2016. | |
10.15 | Astoria Financial Corporation Amendment to the Amended and Restated Employment Agreement with Monte Redman, entered into on August 8, 2016. |
10.16 | Astoria Bank Amendment to the Amended and Restated Employment Agreement with Monte Redman, entered into on August 8, 2016. | |
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 |
1. | A new sentence is hereby added to Section 2(b) of the Employment Agreement as follows: |
2. | A new Section 11(c) is hereby added as follows: |
3. | A new Section 11(d) is hereby added as follows: |
4. | Except as expressly amended by this Amendment, all terms and conditions of the Employment Agreement shall remain in full force and effect. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts entered into and to be performed entirely within the State of New York. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same instrument. If the Merger Agreement is terminated by the parties thereto without the consummation of the transactions contemplated thereby, this Amendment shall be null and void ab initio. |
1. | A new sentence is hereby added to Section 2(b) of the Employment Agreement as follows: |
2. | A new Section 11(c) is hereby added as follows: |
3. | A new Section 11(d) is hereby added as follows: |
4. | Except as expressly amended by this Amendment, all terms and conditions of the Employment Agreement shall remain in full force and effect. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts entered into and to be performed entirely within the State of New York. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same instrument. If the Merger Agreement is terminated by the parties thereto without the consummation of the transactions contemplated thereby, this Amendment shall be null and void ab initio. |
1. | A new sentence is hereby added to Section 2(b) of the Employment Agreement as follows: |
2. | A new Section 11(c) is hereby added as follows: |
3. | A new Section 11(d) is hereby added as follows: |
4. | Except as expressly amended by this Amendment, all terms and conditions of the Employment Agreement shall remain in full force and effect. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts entered into and to be performed entirely within the State of New York. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same instrument. If the Merger Agreement is terminated by the parties thereto without the consummation of the transactions contemplated thereby, this Amendment shall be null and void ab initio. |
1. | A new sentence is hereby added to Section 2(b) of the Employment Agreement as follows: |
2. | A new Section 11(c) is hereby added as follows: |
3. | A new Section 11(d) is hereby added as follows: |
4. | Except as expressly amended by this Amendment, all terms and conditions of the Employment Agreement shall remain in full force and effect. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts entered into and to be performed entirely within the State of New York. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same instrument. If the Merger Agreement is terminated by the parties thereto without the consummation of the transactions contemplated thereby, this Amendment shall be null and void ab initio. |
1. | A new sentence is hereby added to Section 2(b) of the Employment Agreement as follows: |
2. | A new Section 11(c) is hereby added as follows: |
3. | A new Section 11(d) is hereby added as follows: |
4. | Except as expressly amended by this Amendment, all terms and conditions of the Employment Agreement shall remain in full force and effect. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts entered into and to be performed entirely within the State of New York. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same instrument. If the Merger Agreement is terminated by the parties thereto without the consummation of the transactions contemplated thereby, this Amendment shall be null and void ab initio. |
1. | A new sentence is hereby added to Section 2(b) of the Employment Agreement as follows: |
2. | A new Section 11(c) is hereby added as follows: |
3. | A new Section 11(d) is hereby added as follows: |
4. | Except as expressly amended by this Amendment, all terms and conditions of the Employment Agreement shall remain in full force and effect. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts entered into and to be performed entirely within the State of New York. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same instrument. If the Merger Agreement is terminated by the parties thereto without the consummation of the transactions contemplated thereby, this Amendment shall be null and void ab initio. |
1. | A new sentence is hereby added to Section 2(b) of the Employment Agreement as follows: |
2. | A new Section 11(c) is hereby added as follows: |
3. | Except as expressly amended by this Amendment, all terms and conditions of the Employment Agreement shall remain in full force and effect. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts entered into and to be performed |
1. | A new sentence is hereby added to Section 2(b) of the Employment Agreement as follows: |
2. | A new Section 11(c) is hereby added as follows: |
3. | Except as expressly amended by this Amendment, all terms and conditions of the Employment Agreement shall remain in full force and effect. This Amendment shall be governed by and construed and enforced in accordance with the laws of |
1. | A new Section 11(c) is hereby added as follows: |
2. | Except as expressly amended by this Amendment, all terms and conditions of the Employment Agreement shall remain in full force and effect. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts entered into and to be performed entirely within the State of New York. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same instrument. If the Merger Agreement is terminated by the parties thereto without the consummation of the transactions contemplated thereby, this Amendment shall be null and void ab initio. |
1. | A new Section 11(c) is hereby added as follows: |
2. | Except as expressly amended by this Amendment, all terms and conditions of the Employment Agreement shall remain in full force and effect. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts entered into and to be performed entirely within the State of New York. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same instrument. If the Merger Agreement is terminated by the parties thereto without the consummation of the transactions contemplated thereby, this Amendment shall be null and void ab initio. |
1. | A new Section 11(c) is hereby added as follows: |
2. | A new Section 11(d) is hereby added as follows: |
3. | Except as expressly amended by this Amendment, all terms and conditions of the Employment Agreement shall remain in full force and effect. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts entered into and to be performed entirely within the State of New York. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same instrument. If the Merger Agreement is terminated by the parties thereto without the consummation of the transactions contemplated thereby, this Amendment shall be null and void ab initio. |
1. | A new Section 11(c) is hereby added as follows: |
2. | A new Section 11(d) is hereby added as follows: |
3. | Except as expressly amended by this Amendment, all terms and conditions of the Employment Agreement shall remain in full force and effect. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts entered into and to be performed entirely within the State of New York. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same instrument. If the Merger Agreement is terminated by the parties thereto without the consummation of the transactions contemplated thereby, this Amendment shall be null and void ab initio. |
1. | A new Section 11(c) is hereby added as follows: |
2. | A new Section 11(d) is hereby added as follows: |
3. | Except as expressly amended by this Amendment, all terms and conditions of the Employment Agreement shall remain in full force and effect. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts entered into and to be performed entirely within the State of New York. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same instrument. If the Merger Agreement is terminated by the parties thereto without the consummation of the transactions contemplated thereby, this Amendment shall be null and void ab initio. |
1. | A new Section 11(c) is hereby added as follows: |
2. | A new Section 11(d) is hereby added as follows: |
3. | Except as expressly amended by this Amendment, all terms and conditions of the Employment Agreement shall remain in full force and effect. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts entered into and to be performed entirely within the State of New York. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same instrument. If the Merger Agreement is terminated by the parties thereto without the consummation of the transactions contemplated thereby, this Amendment shall be null and void ab initio. |
1. | A new Section 11(c) is hereby added as follows: |
2. | Except as expressly amended by this Amendment, all terms and conditions of the Employment Agreement shall remain in full force and effect. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts entered into and to be performed entirely within the State of New York. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same instrument. If the Merger Agreement is terminated by the parties thereto without the consummation of the transactions contemplated thereby, this Amendment shall be null and void ab initio. |
1. | A new Section 11(c) is hereby added as follows: |
2. | Except as expressly amended by this Amendment, all terms and conditions of the Employment Agreement shall remain in full force and effect. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts entered into and to be performed entirely within the State of New York. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same instrument. If the Merger Agreement is terminated by the parties thereto without the consummation of the transactions contemplated thereby, this Amendment shall be null and void ab initio. |
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: | November 9, 2016 | |
/s/ Monte N. Redman | ||
Monte N. Redman | ||
President and Chief Executive Officer | ||
Astoria Financial Corporation |
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: | November 9, 2016 | |
/s/ Frank E. Fusco | ||
Frank E. Fusco | ||
Senior Executive Vice President and Chief Financial Officer | ||
Astoria Financial Corporation |
(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. |
November 9, 2016 | /s/ | Monte N. Redman | |
Dated | Monte N. Redman | ||
President and Chief Executive Officer | |||
November 9, 2016 | /s/ | Frank E. Fusco | |
Dated | Frank E. Fusco | ||
Senior Executive Vice President and | |||
Chief Financial Officer |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Oct. 28, 2016 |
|
Document and Entity Information | ||
Entity Registrant Name | ASTORIA FINANCIAL CORP | |
Entity Central Index Key | 0000910322 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 101,328,834 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 |
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Held-to-maturity securities, fair value | $ 2,773,570 | $ 2,286,092 |
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 | 101,328,740 | 100,721,358 |
Treasury stock, shares | 65,166,148 | 65,773,530 |
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 |
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Interest income: | ||||
Residential mortgage loans | $ 44,582 | $ 49,899 | $ 137,640 | $ 155,236 |
Multi-family and commercial real estate mortgage loans | 47,795 | 47,979 | 141,207 | 144,082 |
Consumer and other loans | 2,456 | 2,208 | 7,263 | 6,640 |
Mortgage-backed and other securities | 17,873 | 15,816 | 52,177 | 46,124 |
Interest-earning cash accounts | 110 | 109 | 346 | 305 |
Federal Home Loan Bank of New York stock | 1,526 | 1,407 | 4,434 | 4,390 |
Total interest income | 114,342 | 117,418 | 343,067 | 356,777 |
Interest expense: | ||||
Deposits | 6,463 | 8,577 | 20,482 | 29,250 |
Borrowings | 24,238 | 24,107 | 72,606 | 71,922 |
Total interest expense | 30,701 | 32,684 | 93,088 | 101,172 |
Net interest income | 83,641 | 84,734 | 249,979 | 255,605 |
Provision for loan losses credited to operations | (995) | (4,439) | (7,128) | (7,749) |
Net interest income after provision for loan losses | 84,636 | 89,173 | 257,107 | 263,354 |
Non-interest income: | ||||
Customer service fees | 7,107 | 8,322 | 21,637 | 25,404 |
Other loan fees | 566 | 637 | 1,667 | 1,743 |
Gain on sales of securities | 0 | 0 | 86 | 72 |
Mortgage banking income, net | 916 | 132 | 1,034 | 2,535 |
Income from bank owned life insurance | 2,294 | 2,222 | 6,919 | 6,598 |
Other | 1,883 | 1,539 | 4,740 | 4,775 |
Total non-interest income | 12,766 | 12,852 | 36,083 | 41,127 |
General and administrative: | ||||
Compensation and benefits | 37,725 | 38,356 | 112,686 | 112,292 |
Occupancy, equipment and systems | 19,713 | 18,962 | 57,944 | 57,600 |
Federal deposit insurance premium | 3,151 | 4,163 | 9,712 | 12,699 |
Advertising | 742 | 2,784 | 5,213 | 7,849 |
Other | 7,377 | 8,324 | 22,724 | 24,137 |
Total non-interest expense | 68,708 | 72,589 | 208,279 | 214,577 |
Income before income tax expense | 28,694 | 29,436 | 84,911 | 89,904 |
Income tax expense | 10,003 | 10,530 | 29,319 | 20,260 |
Net income | 18,691 | 18,906 | 55,592 | 69,644 |
Preferred stock dividends | 2,194 | 2,194 | 6,582 | 6,582 |
Net income available to common shareholders | $ 16,497 | $ 16,712 | $ 49,010 | $ 63,062 |
Basic earnings per common share (in dollars per share) | $ 0.16 | $ 0.17 | $ 0.48 | $ 0.63 |
Diluted earnings per common share (in dollars per share) | $ 0.16 | $ 0.17 | $ 0.48 | $ 0.63 |
Basic weighted average common shares outstanding | 100,383,631 | 99,700,759 | 100,377,618 | 99,540,721 |
Diluted weighted average common shares outstanding | 100,383,631 | 100,067,159 | 100,377,618 | 99,907,121 |
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares |
9 Months Ended | |
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Sep. 30, 2016 |
Sep. 30, 2015 |
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Statement of Stockholders' Equity [Abstract] | ||
Dividends on preferred stock (in dollars per share) | $ 48.75 | $ 48.75 |
Dividends on common stock (in dollars per share) | $ 0.12 | $ 0.12 |
Sale of treasury stock (in shares) | 8,140 | 479,751 |
Restricted stock grants (in shares) | 685,872 | 429,752 |
Forfeitures of restricted stock (in shares) | 86,630 | 63,716 |
Basis of Presentation |
9 Months Ended |
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Sep. 30, 2016 | |
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, "Astoria," “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 September 30, 2016 and December 31, 2015, our results of operations and other comprehensive income for the three and nine months ended September 30, 2016 and 2015, changes in our stockholders’ equity for the nine months ended September 30, 2016 and 2015 and our cash flows for the nine months ended September 30, 2016 and 2015. 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 September 30, 2016 and December 31, 2015, and amounts of revenues, expenses and other comprehensive income in the consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2016 and 2015. The results of operations and other comprehensive income for the three and nine months ended September 30, 2016 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, 2015 audited consolidated financial statements and related notes included in our 2015 Annual Report on Form 10-K. Changes in 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 and generally became effective in 2015. 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 and required that we be taxed in a manner that resulted in an increase in our NY State income tax expense beginning in 2015. On April 13, 2015, a package of additional legislation, or the 2015 NY State legislation, was signed into law in NY State that, among other things, largely conformed New York City, or NY City, banking income tax laws to the 2014 NY State legislation. The 2015 NY State legislation was effective retroactively to tax years beginning on or after January 1, 2015. In addition, on June 30, 2015, the State of Connecticut enacted tax legislation that changed the method for calculating Connecticut income taxes, resulting in the recognition of certain deferred tax assets. 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 recorded the impacts of the legislation in the second quarter of 2015. The tax law changes effective in 2015 resulted in a reduction in income tax expense of $11.4 million in the 2015 second quarter comprised of (i) the elimination of our valuation allowance totaling $7.2 million, which previously offset certain deferred tax assets, and (ii) the recognition of additional deferred tax assets totaling $4.2 million, primarily related to NY City taxation. |
Merger Agreement with New York Community Bancorp, Inc. |
9 Months Ended |
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Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Merger Agreement with New York Community Bancorp, Inc. | Merger Agreement with New York Community Bancorp, Inc. On October 28, 2015, Astoria entered into an Agreement and Plan of Merger, or the Merger Agreement, with New York Community Bancorp, Inc., a Delaware corporation, or NYCB. The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Astoria will merge with and into NYCB, with NYCB as the surviving corporation, such merger referred to as the Merger. Immediately following the Merger, Astoria’s wholly owned subsidiary, Astoria Bank, will merge with and into NYCB’s wholly owned subsidiary, New York Community Bank, such merger referred to as the Bank Merger. New York Community Bank will be the surviving entity in the Bank Merger. The Merger Agreement was unanimously approved and adopted by the Board of Directors of each of Astoria and NYCB. Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger, or the Effective Time, Astoria stockholders will have the right to receive one share of common stock, par value $0.01 per share, of NYCB, or NYCB Common Stock, and $0.50 in cash for each share of common stock, par value $0.01 per share, of Astoria Financial Corporation, or Astoria Common Stock. Also in the Merger, each share of Astoria 6.50% Non-Cumulative Perpetual Preferred Stock, Series C, par value $1.00 per share, with a liquidation preference of $1,000 per share, issued and outstanding immediately prior to the Effective Time will be automatically converted into the right to receive one share of NYCB 6.50% Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, with a liquidation preference of $1,000 per share. The Merger Agreement contains customary representations and warranties from both Astoria and NYCB, and each party has agreed to customary covenants, including, among others, covenants relating to (1) the conduct of Astoria’s and NYCB’s businesses during the interim period between the execution of the Merger Agreement and the Effective Time, (2) the obligation of NYCB to call a meeting of its stockholders to adopt the Merger Agreement and approve an amendment to its charter to increase the authorized shares of NYCB Common Stock from 600 million to 900 million, and, subject to certain exceptions, to recommend that its stockholders adopt the Merger Agreement and the transactions contemplated thereby, (3) the obligation of Astoria to call a meeting of its stockholders to adopt the Merger Agreement, and, subject to certain exceptions, to recommend that its stockholders adopt the Merger Agreement, and (4) Astoria’s non-solicitation obligations relating to alternative acquisition proposals. Astoria and NYCB have agreed to use their reasonable best efforts to prepare and file all applications, notices, and other documents to obtain all necessary consents and approvals for consummation of the transactions contemplated by the Merger Agreement. The completion of the Merger is subject to customary conditions, including (1) adoption of the Merger Agreement by Astoria’s stockholders, (2) adoption of the Merger Agreement and approval of the NYCB charter amendment by NYCB’s stockholders, (3) authorization for listing on the New York Stock Exchange of the shares of NYCB Common Stock to be issued in the Merger, (4) the receipt of required regulatory approvals, including the approval of the Board of Governors of the Federal Reserve System, or FRB, the Federal Deposit Insurance Corporation, or FDIC, and the New York State Department of Financial Services, or DFS, (5) effectiveness of the registration statement on Form S-4 for the NYCB Common Stock to be issued in the Merger, and (6) the absence of any order, injunction or other legal restraint preventing the completion of the Merger or making the completion of the Merger illegal. The registration statement on Form S-4 for the NYCB Common Stock to be issued in the Merger became effective on March 16, 2016, and special meetings of Astoria’s and NYCB’s respective stockholders were held on April 26, 2016, at which Astoria’s stockholders adopted the Merger Agreement and NYCB’s stockholders adopted the Merger Agreement and approved the NYCB charter amendment. In addition, all applications and notices necessary to obtain the required regulatory approvals to complete the Merger have been submitted or sent by Astoria or NYCB. Each party’s obligation to complete the Merger is also subject to certain additional customary conditions, including (1) subject to certain exceptions, the accuracy of the representations and warranties of the other party, (2) performance in all material respect by the other party of its obligations under the Merger Agreement and (3) receipt by such party of an opinion from its counsel to the effect that the Merger will qualify as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code. The Merger Agreement also provides certain termination rights for both Astoria and NYCB and further provides that a termination fee of $69.5 million will be payable by either Astoria or NYCB, as applicable, upon termination of the Merger Agreement under certain circumstances. NYCB has informed us that based on discussions they have had with their regulators, they do not expect to receive, prior to the end of 2016, the regulatory approvals required to consummate the merger. Under the merger agreement, either NYCB or Astoria may terminate the agreement, without penalty, if the merger has not occurred by December 31, 2016. Astoria and NYCB remain committed to the transaction, but any extension to the end date or other modification under the merger agreement is subject to the discretionary approval of the Board of Directors of each company, and there can be no assurance that each Board will agree to any such extension or other modification. |
Securities |
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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.
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.
We held 84 securities which had an unrealized loss at September 30, 2016 and 129 securities which had an unrealized loss at December 31, 2015. Securities in unrealized loss positions are analyzed as part of our ongoing assessment of other-than-temporary impairment. Our assertion regarding our intent not to sell, or that it is not more likely than not that we will be required to sell a security before its anticipated recovery, is based on a number of factors, including a quantitative estimate of the expected recovery period (which may extend to maturity), and our intended strategy with respect to the identified security or portfolio. If we do have the intent to sell, or believe it is more likely than not that we will be required to sell the security before its anticipated recovery, the unrealized loss is charged directly to earnings in the Consolidated Statements of Income and Comprehensive Income. Other factors considered in determining whether or not an impairment is temporary include the severity of the impairment; the duration of the impairment; the cause of the impairment; the near-term prospects of the issuer; and the estimated recovery period. The unrealized losses on our residential and multi-family mortgage-backed securities and GSE obligations at September 30, 2016 were primarily caused by movements in market interest rates subsequent to the purchase of such securities or obligations. The unrealized losses on our corporate debt obligations were primarily due to the observed credit spread widening that occurred during the nine months ended September 30, 2016, which we attribute to the contemporaneous broad-based equity market volatility. We do not consider these unrealized losses to be other than temporary impairment. During the nine months ended September 30, 2016, proceeds from sales of securities from the available-for-sale portfolio totaled $23.1 million, resulting in gross realized gains of $86,000. During the nine months ended September 30, 2015, proceeds from sales of securities from the available-for-sale portfolio totaled $19.0 million, resulting in gross realized gains of $72,000. At September 30, 2016, available-for-sale debt securities, excluding mortgage-backed securities, had an amortized cost of $30.0 million, an estimated fair value of $30.0 million and contractual maturities in 2025 through 2026. At September 30, 2016, held-to-maturity debt securities, excluding mortgage-backed securities, had an amortized cost of $439.7 million, an estimated fair value of $436.6 million and contractual maturities primarily in 2016 through 2027. Actual maturities may differ from contractual maturities because issuers may have the right to prepay or call obligations with or without prepayment penalties. At September 30, 2016, the amortized cost of callable securities in our portfolio totaled $344.4 million, of which $328.0 million are callable within one year and at various times thereafter. The balance of accrued interest receivable for securities totaled $8.0 million at September 30, 2016 and $7.4 million at December 31, 2015. |
Loans Receivable and Allowance for Loan Losses |
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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.
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 2011. 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 in these instances we may 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 three years, as well as an estimate of the average amount of time from an event signaling the potential inability of a borrower to continue to pay as agreed to the point at which a loss is confirmed, 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, as well as our predictive model, 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. 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.
The following table sets forth the balances of our residential interest-only mortgage loans at September 30, 2016 by the period in which such loans are scheduled to enter their amortization period.
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.
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.
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.
The following table summarizes information related to our impaired loans by segment and class at the dates indicated.
The following tables set 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.
The following tables set forth information about our mortgage loans receivable by segment and class at September 30, 2016 and 2015 which were modified in a troubled debt restructuring, or TDR, during the periods indicated.
The following tables set forth information about our mortgage loans receivable by segment and class at September 30, 2016 and 2015 which were modified in a TDR during the twelve month periods ended September 30, 2016 and 2015 and had a payment default subsequent to the modification during the periods indicated.
Included in loans receivable at September 30, 2016 are loans in the process of foreclosure collateralized by residential real estate property with a recorded investment of $73.6 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.” |
Reverse Repurchase Agreements |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reverse Repurchase Agreements | Reverse Repurchase Agreements The following table details the remaining contractual maturities of our reverse repurchase agreements at September 30, 2016.
The outstanding reverse repurchase agreements at September 30, 2016 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. |
Earnings Per Common Share |
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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.
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Other Comprehensive Income/Loss |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income/Loss | Other Comprehensive Income/Loss 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 and nine months ended September 30, 2016 and 2015.
The following tables set forth the components of other comprehensive income (loss) for the periods indicated.
The following tables set forth information about amounts reclassified from accumulated other comprehensive loss to the affected line items in the consolidated statements of income for the periods indicated.
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Pension Plans and Other Postretirement Benefits |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans and Other Postretirement Benefits | Pension Plans and Other Postretirement Benefits The following tables set forth information regarding the components of net periodic cost (benefit) for our defined benefit pension plans and other postretirement benefit plan for the periods indicated.
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Stock Incentive Plans |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Incentive Plans | Stock Incentive Plans During the nine months ended September 30, 2016, 663,960 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, of which 649,230 shares remain outstanding at September 30, 2016 and vest one-third per year beginning in December 2016. 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. During the nine months ended September 30, 2016, 21,912 shares of restricted common stock were granted to directors under the Astoria Financial Corporation 2007 Non-Employee Directors Stock Plan, as amended, all of which remain outstanding at September 30, 2016 and vest 100% in February 2019, although awards immediately vest upon death, disability, mandatory retirement, involuntary termination or a change in control, as such terms are defined in the plan. The following table summarizes restricted common stock and performance-based restricted stock unit activity in our stock incentive plans for the nine months ended September 30, 2016.
Stock-based compensation expense is recognized on a straight-line basis over the vesting period and totaled $245,000, net of taxes of $166,000, for the three months ended September 30, 2016 and $1.5 million, net of taxes of $1.0 million, for the three months ended September 30, 2015. Stock-based compensation expense totaled $1.5 million, net of taxes of $1.0 million, for the nine months ended September 30, 2016 and $3.8 million, net of taxes of $2.6 million, for the nine months ended September 30, 2015. At September 30, 2016, pre-tax compensation cost related to all nonvested awards of restricted common stock and restricted stock units not yet recognized totaled $10.6 million and will be recognized over a weighted average period of approximately 2.0 years, which excludes $6.6 million of pre-tax compensation cost related to 536,700 performance-based restricted stock units, for which compensation cost will begin to be recognized when the achievement of the performance conditions becomes probable. |
Investments in Affordable Housing Limited Partnerships |
9 Months Ended |
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Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Affordable Housing Limited Partnerships | Investments in Affordable Housing Limited Partnerships 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 $16.1 million at September 30, 2016 and $17.2 million at December 31, 2015. Our funding obligation related to such investments, reflected in other liabilities in the consolidated statements of financial condition, totaled $12.0 million at September 30, 2016 and $12.9 million at December 31, 2015. Funding installments are due on an "as needed" basis, currently projected over the next three 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 $400,000 for the three months ended September 30, 2016 and $278,000 for the three months ended September 30, 2015. Such expenses totaled $1.1 million for the nine months ended September 30, 2016 and $834,000 for the nine months ended September 30, 2015. Affordable housing tax credits and other tax benefits recognized as a component of income tax expense in the consolidated statements of income totaled $284,000 for the three months ended September 30, 2016 and $353,000 for the three months ended September 30, 2015. Such tax credits and other tax benefits totaled $1.2 million for the nine months ended September 30, 2016 and $1.1 million for the nine months ended September 30, 2015. |
Regulatory Matters |
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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 addition, the Final Capital Rules added a requirement to maintain a minimum conservation buffer, or the Conservation Buffer, composed of Common equity tier 1 capital, of 2.5% of risk-weighted assets, to be phased in over three years and applied to the Common equity tier 1 risk-based capital ratio, the Tier 1 risk-based capital ratio and the Total risk-based capital ratio. Accordingly, 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%. The required minimum Conservation Buffer began to be phased in incrementally, starting at 0.625% on January 1, 2016 and will increase to 1.25% on January 1, 2017, 1.875% on January 1, 2018 and 2.5% on January 1, 2019. The Final Capital Rules impose restrictions on capital distributions and certain discretionary cash bonus payments if the minimum Conservation Buffer is not met. At September 30, 2016, 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 capital levels of both Astoria Financial Corporation and Astoria Bank at September 30, 2016 also exceeded the minimum capital requirements shown in the table below including the currently applicable Conservation Buffer of 0.625%. The following table sets forth information regarding the regulatory capital requirements applicable to Astoria Financial Corporation and Astoria Bank.
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Fair Value Measurements |
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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:
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.
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 90% of our securities available-for-sale portfolio at September 30, 2016 and 83% at December 31, 2015. 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 options based 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 September 30, 2016 and December 31, 2015. 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 option based pricing, discounted cash flow models and 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 10% of our securities available-for-sale portfolio at September 30, 2016 and 17% at December 31, 2015 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, including new issue and secondary markets, and integrates relative credit information, observed market movements and sector news into their pricing applications and models. 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.
The following table provides information regarding the gains (losses) recognized on our assets measured at fair value on a non-recurring basis for the periods indicated.
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 September 30, 2016, non-performing loans held for sale were comprised of 44% commercial real estate mortgage loans, 36% residential mortgage loans and 20% multi-family mortgage loans. At December 31, 2015, non-performing loans held for sale were comprised of 80% multi-family mortgage loans and 20% residential mortgage loans. 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 89% residential mortgage loans, 9% multi-family and commercial real estate mortgage loans and 2% home equity lines of credit at September 30, 2016 and 81% residential mortgage loans, 17% multi-family and commercial real estate mortgage loans and 2% home equity lines of credit at December 31, 2015. Impaired loans for which a fair value adjustment was recognized were comprised of 89% residential mortgage loans, 10% multi-family and commercial real estate mortgage loans and 1% home equity lines of credit at September 30, 2016 and 80% residential mortgage loans, 19% multi-family and commercial real estate mortgage loans and 1% home equity lines of credit at December 31, 2015. 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 are based upon unobservable inputs 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 September 30, 2016, our MSR were valued based on expected future cash flows considering a weighted average discount rate of 9.94%, a weighted average constant prepayment rate on mortgages of 13.35% and a weighted average life of 5.1 years. At December 31, 2015, our MSR were valued based on expected future cash flows considering a weighted average discount rate of 9.97%, a weighted average constant prepayment rate on mortgages of 10.47% and a weighted average life of 6.1 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 September 30, 2016, REO totaled $14.6 million, all of which were residential properties. At December 31, 2015, REO totaled $19.8 million, including residential properties with a carrying value of $17.8 million. REO is 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.
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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 market reference rates and spreads, credit spread adjustments, discounted cash flow analysis, benchmark pricing and option based pricing, as appropriate. Loans receivable, net Fair values of loans are estimated using market reference rates and spreads, credit spread adjustments, discounted cash flow analysis, benchmark pricing and option based pricing, as appropriate. 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 NOW and demand deposit (checking), money market and savings 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 Swap Curve. Borrowings, net The fair values of borrowings are based upon an industry standard option adjusted spread, or OAS, model. This OAS model is calibrated to available counter party dealers' market quotes, as necessary. 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. |
Litigation |
9 Months Ended |
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Sep. 30, 2016 | |
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 Notices 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 disagreed with the assertion of the tax deficiencies, and hearings on the 2010 and 2011 Notices 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, an Administrative Law Judge with the NYC Tax Appeals Tribunal issued a decision favorable to us canceling the 2010 and 2011 Notices, which decision was appealed by the City of New York. In addition, 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, and by “Notice of Determination” dated August 5, 2015, or the 2015 Notice, the City of New York notified us of an alleged tax deficiency in the amount of $2.1 million, including interest and penalties, related to our 2011 through 2013 tax years. The bases of the 2014 Notice and the 2015 Notice were substantially the same as that of the 2010 and 2011 Notices, which we similarly opposed. The proceedings relating to the 2014 Notice and the 2015 Notice were adjourned in 2015 pending the resolution of the proceedings with respect to the 2010 and 2011 Notices, as the outcome of those proceedings was expected to be determinative of some or all of the issues in the proceedings with respect to the 2014 Notice and the 2015 Notice. On May 19, 2016, the NYC Tax Appeals Tribunal issued a decision affirming the Administrative Law Judge's original decision regarding the 2010 and 2011 Notices, which the City of New York cannot appeal, resulting in the tax years 2006 through 2008 being closed. Following the NYC Tax Appeals Tribunal's decision canceling the 2010 and 2011 Notices, the City of New York canceled the 2014 and 2015 Notices, resulting in tax years 2009 through 2013 being closed, with no additional tax liability. Merger-related Litigation Following the announcement of the execution of the Merger Agreement, six lawsuits challenging the proposed Merger were filed in the Supreme Court of the State of New York, County of Nassau. These actions are captioned: (1) Sandra E. Weiss IRA v. Chrin, et al., Index No. 607132/2015 (filed November 4, 2015); (2) Raul v. Palleschi, et al., Index No. 607238/2015 (filed November 6, 2015); (3) Lowinger v. Redman, et al., Index No. 607268/2015 (filed November 9, 2015); (4) Minzer v. Astoria Fin. Corp., et al., Index No. 607358/2015 (filed November 12, 2015); (5) MSS 12-09 Trust v. Palleschi, et al., Index No. 607472/2015 (filed November 13, 2015); and (6) The Firemen’s Retirement System of St. Louis v. Keegan, et al., Index No. 607612/2015 (filed November 23, 2015). On January 15, 2016, the court consolidated the New York lawsuits under the caption In re Astoria Financial Corporation Shareholders Litigation, Index No. 607132/2015, and on January 29, 2016 the lead plaintiffs filed an amended consolidated complaint. In addition, a seventh lawsuit was filed challenging the proposed transaction in the Delaware Court of Chancery, captioned O’Connell v. Astoria Financial Corp., et al., Case No. 11928 (filed January 22, 2016). The plaintiff in this case voluntarily dismissed the case on September 26, 2016. Each of the lawsuits is a putative class action filed on behalf of the stockholders of Astoria and names as defendants Astoria, its directors and NYCB, or collectively, the defendants. The various complaints generally allege that the directors of Astoria breached their fiduciary duties in connection with their approval of the Merger Agreement because they failed to properly value Astoria and to take steps to maximize value to Astoria’s public stockholders, resulting in inadequate merger consideration. The complaints further allege that the directors of Astoria approved the Merger through a flawed and unfair sales process, alleging the absence of a competitive sales process and that the process was tainted by certain alleged conflicts of interest on the part of the Astoria directors regarding certain personal and financial benefits they will receive upon consummation of the proposed transaction that public stockholders of Astoria will not receive. The complaints also variously allege that the Astoria directors breached their fiduciary duties because they improperly agreed to deal protection devices that allegedly preclude other bidders from making a successful competing offer for Astoria, including a no solicitation provision that allegedly prevents other buyers from participating in discussions which may lead to a superior proposal, a matching rights provision that allows NYCB to match any competing proposal in the event one is made and a provision that requires Astoria to pay NYCB a termination fee of $69.5 million under certain circumstances. In addition, the lawsuit filed in Delaware also alleges that Astoria’s directors breached their fiduciary duties by causing a false and materially misleading Form S-4 Registration Statement to be filed with the SEC. Each of the complaints further alleges that NYCB aided and abetted the alleged fiduciary breaches by the Astoria directors. Each of the actions seek, among other things, an order enjoining completion of the proposed Merger and an award of costs and attorneys’ fees. Certain of the actions also seek compensatory damages arising from the alleged breaches of fiduciary duty. The defendants believe these actions are without merit. Accordingly, no liability or reserve has been recognized in our consolidated statement of financial condition at September 30, 2016 with respect to these matters. On April 6, 2016, the defendants and lead plaintiffs for the consolidated New York lawsuits entered into a memorandum of understanding, or the MOU, which provides for the settlement of the New York lawsuits. The MOU contemplates, among other things, that Astoria will make certain supplemental disclosures relating to the Merger. Although the defendants deny the allegations made in the New York lawsuits (including the amended consolidated complaint) and believe that no supplemental disclosure is required under applicable laws, in order to avoid the burden and expense of further litigation, Astoria agreed to make such supplemental disclosures pursuant to the terms of the MOU. The supplemental disclosures were made available to Astoria’s shareholders on April 8, 2016 through a filing with the SEC by Astoria on a Current Report on Form 8-K. The settlement contemplated by the MOU is subject to confirmatory discovery and customary conditions, including court approval following notice to Astoria’s stockholders. A hearing will be scheduled at which the Supreme Court of the State of New York will consider the fairness, reasonableness and adequacy of the settlement. If the settlement is finally approved by the court, it will resolve and release all claims by stockholders of Astoria challenging any aspect of the Merger, the Merger Agreement, and any disclosure made in connection therewith, pursuant to terms that will be disclosed to stockholders prior to final approval of the settlement. There can be no assurance that the court will approve the settlement contemplated by the MOU. If the court does not approve the settlement, or if the settlement is otherwise disallowed, the proposed settlement as contemplated by the MOU may be terminated. If the MOU is terminated, no assurance can be given at this time that the litigation against us will be resolved in our favor, that this litigation will not be costly to defend, that this litigation will not have an impact on our financial condition or results of operations or that, ultimately, any such impact will not be material. |
Impact of Accounting Standards and Interpretations |
9 Months Ended |
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Sep. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Impact of Accounting Standards and Interpretations | Impact of Accounting Standards and Interpretations In February 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2016-02, "Leases (Topic 842)", which requires lessees to recognize most leases, including operating leases, on-balance sheet via a right-to-use asset and lease liability. This will require many companies to include more existing leases on-balance sheet. For banks, this could impact branch leases or other equipment leases. The new standard is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are currently evaluating the impact of ASU 2016-02 on our accounting and have not yet concluded on the impact ASU 2016-02 will have on our financial condition, results of operations or cash flows. In March 2016, the FASB, issued ASU 2016-09, “Compensation — Stock Compensation (Topic 718) — Improvements to Employee Share-Based Payment Accounting,” which applies to all entities that issue share-based payment awards to their employees. The amendments involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments are part of FASB's Simplification Initiative, the stated objective of which is to identify, evaluate, and improve areas of GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. The amendments in ASU 2016-09 for public business entities are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted for any entity in any interim or annual period and if so elected, adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. An entity that elects early adoption must adopt all of the amendments in the same period. We are currently evaluating the impact of ASU 2016-09 on our accounting and do not expect this guidance to have a significant impact on our financial condition, results of operations or cash flow. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” which require a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The measurement of expected credit losses is to be based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This measurement is to take place at the time an asset is first added to the balance sheet and periodically thereafter. This differs significantly from the “incurred loss” methodology for recognizing credit losses required under current GAAP, which delays recognition until it is probable a loss has been incurred. The new standard is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently evaluating the impact of ASU 2016-13 on our accounting, but we expect to recognize a one-time cumulative-effect adjustment to our allowance for loan losses as of the beginning of the first reporting period in which the new standard becomes effective. We cannot yet determine the magnitude of any such one-time cumulative adjustment or of the overall impact of the new standard on our financial condition or results of operations. |
Impact of Accounting Standards and Interpretations (Policies) |
9 Months Ended |
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Sep. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | In February 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2016-02, "Leases (Topic 842)", which requires lessees to recognize most leases, including operating leases, on-balance sheet via a right-to-use asset and lease liability. This will require many companies to include more existing leases on-balance sheet. For banks, this could impact branch leases or other equipment leases. The new standard is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are currently evaluating the impact of ASU 2016-02 on our accounting and have not yet concluded on the impact ASU 2016-02 will have on our financial condition, results of operations or cash flows. In March 2016, the FASB, issued ASU 2016-09, “Compensation — Stock Compensation (Topic 718) — Improvements to Employee Share-Based Payment Accounting,” which applies to all entities that issue share-based payment awards to their employees. The amendments involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments are part of FASB's Simplification Initiative, the stated objective of which is to identify, evaluate, and improve areas of GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. The amendments in ASU 2016-09 for public business entities are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted for any entity in any interim or annual period and if so elected, adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. An entity that elects early adoption must adopt all of the amendments in the same period. We are currently evaluating the impact of ASU 2016-09 on our accounting and do not expect this guidance to have a significant impact on our financial condition, results of operations or cash flow. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” which require a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The measurement of expected credit losses is to be based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This measurement is to take place at the time an asset is first added to the balance sheet and periodically thereafter. This differs significantly from the “incurred loss” methodology for recognizing credit losses required under current GAAP, which delays recognition until it is probable a loss has been incurred. The new standard is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently evaluating the impact of ASU 2016-13 on our accounting, but we expect to recognize a one-time cumulative-effect adjustment to our allowance for loan losses as of the beginning of the first reporting period in which the new standard becomes effective. We cannot yet determine the magnitude of any such one-time cumulative adjustment or of the overall impact of the new standard on our financial condition or results of operations. |
Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale and Held-to-Maturity 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.
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Schedule of Estimated Fair Values of Securities with Gross Unrealized Losses | 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.
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Loans Receivable and Allowance for Loan Losses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Loans Receivable Portfolio and Aging Analysis by Accruing and Non-Accrual Loans | 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.
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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.
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Balances of Residential Interest-Only Mortgage Loans | The following table sets forth the balances of our residential interest-only mortgage loans at September 30, 2016 by the period in which such loans are scheduled to enter their amortization period.
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Balances 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.
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.
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Balances of Loans Receivable and Related Allowance for Loan Loss Allocation | 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.
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Impaired Loans by Segment and Class | The following table summarizes information related to our impaired loans by segment and class at the dates indicated.
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Average Recorded Investment, Interest Income Recognized and Cash Basis Interest Income Related to Impaired Loans | The following tables set 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.
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Mortgage Loans Receivable by Segment and Class | The following tables set forth information about our mortgage loans receivable by segment and class at September 30, 2016 and 2015 which were modified in a troubled debt restructuring, or TDR, during the periods indicated.
The following tables set forth information about our mortgage loans receivable by segment and class at September 30, 2016 and 2015 which were modified in a TDR during the twelve month periods ended September 30, 2016 and 2015 and had a payment default subsequent to the modification during the periods indicated.
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Reverse Repurchase Agreements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remaining Contractual Maturities of Reverse Repurchase Agreements | The following table details the remaining contractual maturities of our reverse repurchase agreements at September 30, 2016.
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Earnings Per Common Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
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Other Comprehensive Income/Loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of and Changes in Accumulated Other Comprehensive Loss, Net of Related Tax Effects | 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 and nine months ended September 30, 2016 and 2015.
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Schedule of Components of Other Comprehensive Income (Loss) | The following tables set forth the components of other comprehensive income (loss) for the periods indicated.
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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 the affected line items in the consolidated statements of income for the periods indicated.
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Pension Plans and Other Postretirement Benefits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Cost (Benefit) for Defined Benefit Pension Plans and Other Postretirement Benefit Plan | The following tables set forth information regarding the components of net periodic cost (benefit) for our defined benefit pension plans and other postretirement benefit plan for the periods indicated.
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Stock Incentive Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restricted Common Stock and Performance-Based Restricted Stock Unit Activity | The following table summarizes restricted common stock and performance-based restricted stock unit activity in our stock incentive plans for the nine months ended September 30, 2016.
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Regulatory Matters (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Regulatory Capital Requirements Applicable | The following table sets forth information regarding the regulatory capital requirements applicable to Astoria Financial Corporation and Astoria Bank.
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Values of Assets Measured at Estimated Fair Value on a Recurring Basis | 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.
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Schedule of Carrying Values of Assets Measured at Fair Value on a Non-Recurring Basis | 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.
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Schedule of Gains (Losses) Recognized on Assets Measured at Fair Value on a Non-Recurring Basis | The following table provides information regarding the gains (losses) recognized on our assets measured at fair value on a non-recurring basis for the periods indicated.
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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.
_______________________________________________________
|
Basis of Presentation (Details) $ in Millions |
3 Months Ended |
---|---|
Jun. 30, 2015
USD ($)
| |
New York State | |
Valuation Allowance [Line Items] | |
Reduction in income tax expense | $ 11.4 |
Elimination of valuation allowance | 7.2 |
New York City | |
Valuation Allowance [Line Items] | |
Recognition of additional deferred tax assets | $ 4.2 |
Loans Receivable and Allowance for Loan Losses - Narrative (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Receivables [Abstract] | |
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 | 3 years |
Loans, in foreclosure | $ 73.6 |
Loans Receivable and Allowance for Loan Losses - Balances of Residential Interest-Only Mortgage Loans (Details) - Residential Mortgage Loans - Interest-only loans $ in Thousands |
Sep. 30, 2016
USD ($)
|
---|---|
Amortization scheduled to begin in: | |
12 months or less | $ 329,098 |
13 to 24 months | 80,135 |
25 to 36 months | 10,375 |
Over 36 months | 12,109 |
Total | $ 431,717 |
Reverse Repurchase Agreements (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Year | ||
Total | $ 1,100,000 | $ 1,100,000 |
Secured Debt | ||
Year | ||
2018 | 200,000 | |
2019 | 600,000 | |
2020 | 300,000 | |
Total | 1,100,000 | |
Callable 2016 | 200,000 | |
Callable 2017 | $ 100,000 | |
Secured Debt | Residential mortgage-backed securities | ||
Year | ||
Composition of collateral that can be resold or repledged, as a percentage | 83.00% | |
Secured Debt | Obligations of GSEs | ||
Year | ||
Composition of collateral that can be resold or repledged, as a percentage | 17.00% |
Pension Plans and Other Postretirement Benefits (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Pension Benefits | ||||
Benefit Plans | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 2,510 | 2,482 | 7,531 | 7,447 |
Expected return on plan assets | (3,058) | (3,634) | (9,174) | (10,901) |
Recognized net actuarial loss (gain) | 703 | 743 | 2,110 | 2,229 |
Amortization of prior service cost | 48 | 48 | 143 | 143 |
Net periodic cost (benefit) | 203 | (361) | 610 | (1,082) |
Other Postretirement Benefits | ||||
Benefit Plans | ||||
Service cost | 465 | 532 | 1,397 | 1,597 |
Interest cost | 249 | 251 | 746 | 753 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Recognized net actuarial loss (gain) | (105) | 0 | (317) | 0 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Net periodic cost (benefit) | $ 609 | $ 783 | $ 1,826 | $ 2,350 |
Investments in Affordable Housing Limited Partnerships (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Schedule of Equity Method Investments [Line Items] | |||||
Funding installments, installment period | 3 years | ||||
Other Non-Interest Expense | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Expense related to investments in affordable housing limited partnerships | $ 400 | $ 278 | $ 1,100 | $ 834 | |
Income Tax Expense | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Affordable housing tax credits and other tax benefits | 284 | $ 353 | 1,200 | $ 1,100 | |
Other Assets | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment in affordable housing limited partnerships | 16,100 | 16,100 | $ 17,200 | ||
Other Liabilities | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Funding obligation related to investments | $ 12,000 | $ 12,000 | $ 12,900 |
Fair Value Measurements - Schedule of Carrying Values of Assets Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Carrying Value | ||
Impaired loans | $ 221,356 | $ 237,518 |
MSR, net | 8,580 | 11,014 |
REO, net | 14,592 | 19,798 |
Carrying Value | ||
Carrying Value | ||
Non-performing loans held-for-sale, net | 5,550 | 8,960 |
MSR, net | 8,580 | 11,014 |
Nonrecurring | Level 3 | Carrying Value | ||
Carrying Value | ||
Non-performing loans held-for-sale, net | 706 | 1,582 |
Impaired loans | 126,854 | 134,910 |
MSR, net | 8,580 | 11,014 |
REO, net | 13,166 | 16,307 |
Total | $ 149,306 | $ 163,813 |
Fair Value Measurements - Schedule of Gains (Losses) Recognized on Assets Measured at Fair Value on a Non-Recurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Fair Value of Financial Instruments | ||
Total | $ (8,733) | $ (4,150) |
Non-performing loans held-for-sale, net | ||
Fair Value of Financial Instruments | ||
Total | (120) | (445) |
Impaired loans | ||
Fair Value of Financial Instruments | ||
Total | (5,971) | (3,246) |
MSR, net | ||
Fair Value of Financial Instruments | ||
Total | (1,663) | (172) |
REO, net | ||
Fair Value of Financial Instruments | ||
Total | $ (979) | $ (287) |
Litigation (Details) |
11 Months Ended | |||||
---|---|---|---|---|---|---|
Aug. 05, 2015
USD ($)
|
Nov. 19, 2014
USD ($)
|
Sep. 14, 2010
USD ($)
|
Sep. 30, 2016
lawsuit
|
May 19, 2016
USD ($)
|
Oct. 28, 2015
USD ($)
|
|
Income Tax Contingency [Line Items] | ||||||
Additional tax liability as a result of tax years being closed | $ 0 | |||||
Number of lawsuits challenging merger | lawsuit | 6 | |||||
Contract termination fee | $ 69,500,000 | |||||
Tax Years 2006 Through 2008 | ||||||
Income Tax Contingency [Line Items] | ||||||
Alleged tax deficiency | $ 13,300,000 | |||||
Tax Years 2009 Through 2010 | ||||||
Income Tax Contingency [Line Items] | ||||||
Alleged tax deficiency | $ 6,100,000 | |||||
Tax Years 2011 Through 2013 | ||||||
Income Tax Contingency [Line Items] | ||||||
Alleged tax deficiency | $ 2,100,000 |
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