Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 01, 2018 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | NYB | |
Entity Registrant Name | NEW YORK COMMUNITY BANCORP INC | |
Entity Central Index Key | 910,073 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 490,393,912 |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | ||
Assets: | ||||
Cash and cash equivalents | $ 2,680,772 | $ 2,528,169 | ||
Securities: | ||||
Available-for-sale ($1,232,077 and $1,263,227 pledged, respectively) | 3,391,952 | 3,531,427 | [1] | |
Equity investments with readily determinable fair values, at fair value | 32,069 | |||
Total securities | 3,424,021 | 3,531,427 | ||
Loans held for sale | 31,402 | 35,258 | ||
Loans held for investment, net of deferred loan fees and costs | 38,889,423 | 38,387,971 | ||
Less: Allowance for loan losses | (161,140) | (158,046) | ||
Loans held for investment, net | 38,728,283 | 38,229,925 | ||
Total loans, net | 38,759,685 | 38,265,183 | ||
Federal Home Loan Bank stock, at cost | [2] | 622,989 | 603,819 | |
Premises and equipment, net | 364,312 | 368,655 | ||
Goodwill | 2,436,131 | 2,436,131 | ||
Mortgage servicing rights ($2,575 and $2,729 measured at fair value, respectively) | 5,187 | 6,100 | ||
Bank-owned life insurance | 965,655 | 967,173 | ||
Other real estate owned and other repossessed assets | 15,458 | 16,400 | ||
Other assets | 380,664 | 401,138 | ||
Total assets | 49,654,874 | 49,124,195 | ||
Deposits: | ||||
Interest-bearing checking and money market accounts | 12,633,937 | 12,936,301 | ||
Savings accounts | 5,019,698 | 5,210,001 | ||
Certificates of deposit | 9,063,320 | 8,643,646 | ||
Non-interest-bearing accounts | 2,518,479 | 2,312,215 | ||
Total deposits | 29,235,434 | 29,102,163 | ||
Wholesale borrowings: | ||||
Federal Home Loan Bank advances | 12,534,500 | 12,104,500 | ||
Repurchase agreements | 450,000 | 450,000 | ||
Total wholesale borrowings | 12,984,500 | 12,554,500 | ||
Junior subordinated debentures | 359,259 | 359,179 | ||
Total borrowed funds | 13,343,759 | 12,913,679 | ||
Other liabilities | 294,964 | 312,977 | ||
Total liabilities | 42,874,157 | 42,328,819 | ||
Stockholders' equity: | ||||
Preferred stock at par $0.01 (5,000,000 shares authorized): Series A (515,000 shares issued and outstanding) | 502,840 | 502,840 | ||
Common stock at par $0.01 (900,000,000 shares authorized; 490,439,070 and 489,072,101 shares issued; and 490,379,532 and 488,490,352 shares outstanding, respectively) | 4,904 | 4,891 | ||
Paid-in capital in excess of par | 6,073,755 | 6,072,559 | ||
Retained earnings | 255,777 | 237,868 | ||
Treasury stock, at cost (59,538 and 581,749 shares, respectively) | (777) | (7,615) | ||
Accumulated other comprehensive loss, net of tax: | ||||
Net unrealized gain on securities available for sale, net of tax of $(3,354) and $(27,961), respectively | 8,050 | 39,188 | ||
Net unrealized loss on the non-credit portion of OTTI losses on securities, net of tax of $2,517 and $3,338, respectively | (6,042) | (5,221) | ||
Net unrealized loss on pension and post-retirement obligations, net of tax of $21,604 and $32,121, respectively | (57,790) | (49,134) | ||
Total accumulated other comprehensive loss, net of tax | (55,782) | (15,167) | ||
Total stockholders' equity | 6,780,717 | 6,795,376 | ||
Total liabilities and stockholders' equity | $ 49,654,874 | $ 49,124,195 | ||
[1] | The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At December 31, 2017, the non-credit portion of OTTI recorded in AOCL was $8.6 million (before taxes). | |||
[2] | Carrying value and estimated fair value are at cost. |
Consolidated Statements of Con3
Consolidated Statements of Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Securities Available-for-sale, pledged | $ 1,232,077 | $ 1,263,227 |
Mortgage servicing rights,fair value | $ 2,575 | $ 2,729 |
Preferred stock, par | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, Series A shares issued | 515,000 | 515,000 |
Preferred stock, Series A shares outstanding | 515,000 | 515,000 |
Common stock, par | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 900,000,000 | 900,000,000 |
Common stock, shares issued | 490,439,070 | 489,072,101 |
Common stock, shares outstanding | 490,379,532 | 488,490,352 |
Treasury stock, shares | 59,538 | 581,749 |
Net unrealized gain on securities available for sale, tax | $ (3,354) | $ (27,961) |
Net unrealized loss on the non-credit portion of OTTI losses on securities, tax | 2,517 | 3,338 |
Net unrealized loss on pension and post-retirement obligations, tax | $ 21,604 | $ 32,121 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Interest Income: | |||
Mortgage and other loans | $ 355,917 | $ 358,402 | |
Securities and money market investments | 48,408 | 40,717 | |
Total interest income | 404,325 | 399,119 | |
Interest Expense: | |||
Interest-bearing checking and money market accounts | 34,369 | 19,709 | |
Savings accounts | 7,221 | 6,810 | |
Certificates of deposit | 30,515 | 22,131 | |
Borrowed funds | 61,922 | 55,552 | |
Total interest expense | 134,027 | 104,202 | |
Net interest income | 270,298 | 294,917 | |
Net interest income after provision for (recovery of) loan losses | 260,727 | 298,925 | |
Non-Interest Income: | |||
Fee income | 7,327 | 7,860 | |
Bank-owned life insurance | 6,804 | 6,337 | |
Mortgage banking income | 9,764 | ||
Net (loss) gain on securities | (466) | 1,979 | |
FDIC indemnification expense | (4,636) | ||
Other | 9,192 | 10,868 | |
Total non-interest income | 22,857 | 32,172 | |
Operating expenses: | |||
Compensation and benefits | 83,975 | 96,206 | |
Occupancy and equipment | 24,884 | 25,059 | |
General and administrative | 30,248 | 45,524 | |
Total operating expenses | 139,107 | 166,789 | |
Amortization of core deposit intangibles | 154 | ||
Total non-interest expense | 139,107 | 166,943 | |
Income before income taxes | 144,477 | 164,154 | |
Income tax expense | 37,925 | 60,197 | |
Net (Loss) income | 106,552 | 103,957 | |
Preferred stock dividends | 8,207 | ||
Net income available to common shareholders | $ 98,345 | $ 103,957 | |
Basic earnings per common share | $ 0.20 | $ 0.21 | |
Diluted earnings per common share | $ 0.20 | $ 0.21 | |
Net income | $ 106,552 | $ 103,957 | |
Other comprehensive (loss) income, net of tax: | |||
Change in net unrealized gain/loss on securities available for sale, net of tax of $24,607 and $(353), respectively | (31,138) | 495 | |
Change in the non-credit portion of OTTI losses recognized in other comprehensive income, net of tax of $(821) and $(13), respectively | (821) | 19 | |
Change in pension and post-retirement obligations, net of tax of $(10,517) and $(872), respectively | (8,656) | 1,218 | |
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $770 | (1,078) | ||
Total other comprehensive (loss) income, net of tax | (40,615) | 654 | |
Total comprehensive income, net of tax | 65,937 | 104,611 | |
Non-Covered Loans | |||
Interest Expense: | |||
Provision for (recovery of) losses | $ 9,571 | 1,787 | [1] |
Covered Loans | |||
Interest Expense: | |||
Provision for (recovery of) losses | $ (5,795) | ||
[1] | Represents allowance for losses on non-covered loans, excluding PCI loans. |
Consolidated Statements of Inc5
Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Change in net unrealized gain/loss on securities available for sale, tax | $ 24,607 | $ (353) |
Change in the non-credit portion of OTTI losses recognized in other comprehensive income, tax | (821) | (13) |
Change in pension and post-retirement obligations, tax | (10,517) | (872) |
Reclassification adjustment for sales of available-for-sale securities, tax | $ 770 | $ 770 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands | Total | Preferred Stock (Par Value: $0.01): | Common Stock (Par Value: $0.01): | Paid-in Capital in Excess of Par: | Retained Earnings: | Treasury Stock: | Accumulated Other Comprehensive Loss, Net of Tax: |
Balance at beginning of year at Dec. 31, 2017 | $ 6,795,376 | $ 502,840 | $ 4,891 | $ 6,072,559 | $ 237,868 | $ (7,615) | $ (15,167) |
Net income | 106,552 | 106,552 | |||||
Purchase of common stock (126,483 shares) | (1,715) | ||||||
Issuance of preferred stock (515,000 shares) | 0 | ||||||
Other comprehensive income, net of tax | (40,615) | (40,615) | |||||
Dividends paid on common stock ($0.17 per share) | (83,242) | ||||||
Shares issued for restricted stock awards (1,366,969 shares) | 13 | (8,566) | 8,553 | ||||
Dividends paid on preferred stock ($15.94 per share) | (8,207) | (8,207) | |||||
Compensation expense related to restricted stock awards | 9,762 | ||||||
Effect of adopting | ASU 2016-01 | 260 | ||||||
Effect of adopting | ASU 2018-02 | 2,546 | (2,546) | |||||
Balance at end of period at Mar. 31, 2018 | $ 6,780,717 | $ 502,840 | $ 4,904 | $ 6,073,755 | $ 255,777 | $ (777) | $ (55,782) |
Consolidated Statement of Chan7
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Preferred Stock (Par Value: $0.01): | |
Issuance of preferred stock, shares | 515,000 |
Common Stock (Par Value: $0.01): | |
Shares issued for restricted stock awards, shares | 1,366,969 |
Retained Earnings: | |
Dividends paid on common stock, per share | $ / shares | $ 0.17 |
Dividends paid on preferred stock, per share | $ / shares | $ 15.94 |
Treasury Stock: | |
Purchase of common stock, shares | 126,483 |
Shares issued for restricted stock awards, shares | 648,694 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash Flows from Operating Activities: | ||
Net income | $ 106,552 | $ 103,957 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 9,571 | (4,008) |
Depreciation | 8,382 | 8,043 |
Amortization of discounts and premiums, net | (2,044) | (1,216) |
Amortization of core deposit intangibles | 154 | |
Net gain on sales of securities | 466 | (1,979) |
Gain on trading securities activity | (172) | |
Net gain on sales of loans | (37) | (4,709) |
Stock-based compensation | 9,762 | 8,732 |
Deferred tax expense | 3,175 | 23,693 |
Changes in operating assets and liabilities: | ||
Decrease in other assets | 18,868 | 61,391 |
Decrease in other liabilities | (5,960) | (26,138) |
Purchases of securities held for trading | (110,000) | |
Proceeds from sales of securities held for trading | 110,172 | |
Origination of loans held for sale | (560,186) | |
Proceeds from sales of loans originated for sale | 762,365 | |
Net cash provided by operating activities | 148,269 | 370,099 |
Cash Flows from Investing Activities: | ||
Proceeds from repayment of securities held to maturity | 85,024 | |
Proceeds from repayment of securities available for sale | 346,614 | 33 |
Proceeds from sales of securities available for sale | 139,002 | |
Purchase of securities held to maturity | (13,030) | |
Purchase of securities available for sale | (292,927) | (84,000) |
Redemption of Federal Home Loan Bank stock | 12,330 | 34,641 |
Purchases of Federal Home Loan Bank stock | (31,500) | (21,651) |
Proceeds from bank-owned life insurance | 7,785 | |
Proceeds from sales of loans | 31,528 | 214,596 |
Other changes in loans, net | (535,564) | (73,257) |
Purchase of premises and equipment, net | (4,039) | (13,671) |
Net cash (used in) provided by investing activities | (465,773) | 267,687 |
Cash Flows from Financing Activities: | ||
Net increase (decrease) in deposits | 133,271 | (161,357) |
Net increase (decrease) in short-term borrowed funds | (460,000) | |
Proceeds from long-term borrowed funds | 1,950,000 | |
Repayments of long-term borrowed funds | (1,520,000) | |
Net proceeds from issuance of preferred stock | 503,116 | |
Cash dividends paid on common stock | (83,242) | (82,967) |
Cash dividends paid on preferred stock | (8,207) | |
Payments relating to treasury shares received for restricted stock award tax payments | (1,715) | (10,132) |
Net cash provided by (used in) financing activities | 470,107 | (211,340) |
Net increase in cash and cash equivalents | 152,603 | 426,446 |
Cash and cash equivalents at beginning of period | 2,528,169 | 557,850 |
Cash and cash equivalents at end of period | 2,680,772 | 984,296 |
Supplemental information: | ||
Cash paid for interest | 131,160 | 102,821 |
Cash paid for income taxes | 5,236 | 1 |
Non-cash investing and financing activities: | ||
Transfers to repossessed assets from loans | 800 | 5,911 |
Transfer of loans from held for investment to held for sale | 31,491 | 214,862 |
Shares issued for restricted stock awards | $ 8,566 | $ 10,311 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Organization and Basis of Presentation | Note 1. Organization and Basis of Presentation Organization New York Community Bancorp, Inc. (on a stand-alone basis, the Parent Company or, collectively with its subsidiaries, the Company) was organized under Delaware law on July 20, 1993 and is the holding company for New York Community Bank and New York Commercial Bank (hereinafter referred to as the Community Bank and the Commercial Bank, respectively, and collectively as the Banks). For the purpose of these Consolidated Financial Statements, the Community Bank and the Commercial Bank refer not only to the respective banks but also to their respective subsidiaries. The Community Bank is the primary banking subsidiary of the Company, which was formerly known as Queens County Bancorp, Inc. Founded on April 14, 1859 and formerly known as Queens County Savings Bank, the Community Bank converted from a state-chartered mutual savings bank to the capital stock form of ownership on November 23, 1993, at which date the Company issued its initial offering of common stock (par value: $0.01 per share) at a price of $25.00 per share ($0.93 per share on a split-adjusted basis, reflecting the impact of nine stock splits between 1994 and 2004). The Commercial Bank was established on December 30, 2005. Reflecting its growth through acquisitions, the Community Bank currently operates 225 branches, two of which operate directly under the Community Bank name. The remaining 223 Community Bank branches operate through seven divisional banks: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, and Roosevelt Savings Bank in New York; Garden State Community Bank in New Jersey; AmTrust Bank in Florida and Arizona; and Ohio Savings Bank in Ohio. The Commercial Bank currently operates 30 branches in Manhattan, Queens, Brooklyn, Westchester County, and Long Island (all in New York), including 18 branches that operate under the Atlantic Bank name. Basis of Presentation The following is a description of the significant accounting and reporting policies that the Company and its subsidiaries follow in preparing and presenting their consolidated financial statements, which conform to GAAP and to general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term are used in connection with the determination of the allowances for loan losses; the evaluation of goodwill for impairment; and the evaluation of the need for a valuation allowance on the Company’s deferred tax assets. The accompanying consolidated financial statements include the accounts of the Company and other entities in which the Company has a controlling financial interest. All inter-company accounts and transactions are eliminated in consolidation. The Company currently has certain unconsolidated subsidiaries in the form of wholly-owned statutory business trusts, which were formed to issue guaranteed capital securities. See Note 7, Borrowed Funds, for additional information regarding these trusts. |
Computation of Earnings per Com
Computation of Earnings per Common Share | 3 Months Ended |
Mar. 31, 2018 | |
Computation of Earnings per Common Share | Note 2. Computation of Earnings per Common Share Basic EPS is computed by dividing the net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the same method as basic EPS, however, the computation reflects the potential dilution that would occur if outstanding in-the-money Unvested stock-based compensation awards containing non-forfeitable two-class two-class non-forfeitable, The following table presents the Company’s computation of basic and diluted EPS for the periods indicated: Three Months Ended March 31, (in thousands, except share and per share amounts) 2018 2017 Net income available to common shareholders $ 98,345 $ 103,957 Less: Dividends paid on and earnings allocated to participating securities (900 ) (819 ) Earnings applicable to common stock $ 97,445 $ 103,138 Weighted average common shares outstanding 488,140,102 486,511,756 Basic earnings per common share $ 0.20 $ 0.21 Earnings applicable to common stock $ 97,445 $ 103,138 Weighted average common shares outstanding 488,140,102 486,511,756 Potential dilutive common shares — — Total shares for diluted earnings per common share computation 488,140,102 486,511,756 Diluted earnings per common share and common share equivalents $ 0.20 $ 0.21 |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2018 | |
Reclassifications Out of Accumulated Other Comprehensive Loss | Note 3. Reclassifications Out of Accumulated Other Comprehensive Loss (in thousands) For the Three Months Ended March 31, 2018 Details about Accumulated Other Comprehensive Loss Amount Reclassified (1) Affected Line Item in the Consolidated Statements of Operations and Comprehensive Income (Loss) Unrealized gains (losses) on debt securities available-for-sale $ — Net gain on securities — Income tax expense $ — Net gain on sales of securities, net of tax Amortization of defined benefit pension plan items: Past service liability $ 62 Included in the computation of net periodic (credit) expense (2) Actuarial losses (1,871 ) Included in the computation of net periodic (credit) expense (2) (1,809 ) Total before tax 532 Tax benefit $ (1,277 ) Amortization of defined benefit pension plan items, net of tax Total reclassifications for the period $ (1,277 ) (1) Amounts in parentheses indicate expense items. (2) See Note 8, “Pension and Other Post-Retirement Benefits,” for additional information. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2018 | |
Securities | Note 4. Securities The following tables summarize the Company’s portfolio of securities available for sale and equity investments with readily determinable fair values at March 31, 2018 and December 31, 2017: March 31, 2018 (in thousands) Amortized Gross Gross Fair Value Mortgage-Related Securities: GSE certificates $ 1,966,476 $ 20,565 $ 15,864 $ 1,971,177 GSE CMOs 537,621 7,425 3,459 541,587 Total mortgage-related securities $ 2,504,097 $ 27,990 $ 19,323 $ 2,512,764 Other Securities: U. S. Treasury obligations $ 199,678 $ — $ 248 $ 199,430 GSE debentures 478,588 1,213 6,732 473,069 Corporate bonds 79,828 9,890 — 89,718 Municipal bonds 70,117 201 1,711 68,607 Capital trust notes 48,242 6,485 6,363 48,364 Total other securities $ 876,453 $ 17,789 $ 15,054 $ 879,188 Total securities available for sale (1) $ 3,380,550 $ 45,779 $ 34,377 $ 3,391,952 Equity securities: Preferred stock $ 15,292 $ — $ 49 $ 15,243 Mutual funds and common stock (2) 16,874 402 450 16,826 Total equity securities $ 32,166 $ 402 $ 499 $ 32,069 Total securities $ 3,412,716 $ 46,181 $ 34,876 $ 3,424,021 (1) The amortized cost includes the non-credit non-credit (2) Primarily consists of mutual funds that are CRA-qualified December 31, 2017 (in thousands) Amortized Gross Gross Fair Value Mortgage-Related Securities: GSE certificates $ 2,023,677 $ 46,364 $ 1,199 $ 2,068,842 GSE CMOs 536,284 14,446 826 549,904 Total mortgage-related securities $ 2,559,961 $ 60,810 $ 2,025 $ 2,618,746 Other Securities: U. S. Treasury obligations $ 199,960 $ — $ 62 $ 199,898 GSE debentures 473,879 2,044 2,665 473,258 Corporate bonds 79,702 11,073 — 90,775 Municipal bonds 70,381 540 801 70,120 Capital trust notes 48,230 6,498 8,632 46,096 Preferred stock 15,292 142 — 15,434 Mutual funds and common stock (1) 16,874 487 261 17,100 Total other securities $ 904,318 $ 20,784 $ 12,421 $ 912,681 Total securities available for sale (2) $ 3,464,279 $ 81,594 $ 14,446 $ 3,531,427 (1) Primarily consists of mutual funds that are CRA-qualified (2) The amortized cost includes the non-credit non-credit At March 31, 2018 and December 31, 2017, respectively, the Company had $623.0 million and $603.8 million of FHLB-NY FHLB-NY The following table summarizes the gross proceeds and gross realized gains from the sale of available-for-sale For the Three Months Ended March 31, (in thousands) 2018 2017 Gross proceeds — $ 139,002 Gross realized gains — 1,979 In the following table, the beginning balance represents the credit loss component for debt securities on which OTTI occurred prior to January 1, 2018. For credit-impaired debt securities, OTTI recognized in earnings after that date is presented as an addition in two components, based upon whether the current period is the first time a debt security was credit-impaired (initial credit impairment) or is not the first time a debt security was credit-impaired (subsequent credit impairment). (in thousands) For the Three Months Ended March 31, 2018 Beginning credit loss amount as of December 31, 2017 $ 196,333 Add: Initial other-than-temporary credit losses — Subsequent other-than-temporary credit losses — Amount previously recognized in AOCL — Less: Realized losses for securities sold — Securities intended or required to be sold — Increase in cash flows on debt securities — Ending credit loss amount as of March 31, 2018 $ 196,333 The following table summarizes, by contractual maturity, the amortized cost of securities at March 31, 2018: Mortgage- Average U.S. Treasury Average State, County, Average (1) Other Debt (2) Average Fair Value (dollars in thousands) Available-for-Sale (3) Due within one year $ — — % $ 199,678 1.70 % $ 149 6.51 % $ — — % $ 199,581 Due from one to five years 950,910 3.37 6,950 3.84 292 6.63 48,548 3.74 1,019,714 Due from five to ten years 864,803 3.35 347,888 3.16 — — 31,280 8.37 1,257,619 Due after ten years 688,384 3.09 123,750 3.23 69,676 2.88 48,242 4.02 915,038 Total securities available for sale $ 2,504,097 3.29 % $ 678,266 2.75 % $ 70,117 2.90 % $ 128,070 4.98 % $ 3,391,952 (1) Not presented on a tax-equivalent (2) Includes corporate bonds and capital trust notes. (3) As equity securities have no contractual maturity, they have been excluded from this table. The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of March 31, 2018: Less than Twelve Months Twelve Months or Longer Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Temporarily Impaired Securities: GSE certificates $ 876,096 $ 14,756 $ 19,848 $ 1,108 $ 895,944 $ 15,864 GSE debentures 378,983 6,732 — — 378,983 6,732 GSE CMOs 199,397 3,459 — — 199,397 3,459 U. S. Treasury obligations 199,430 248 — — 199,430 248 Municipal bonds 10,901 469 40,156 1,242 51,057 1,711 Capital trust notes — — 37,385 6,363 37,385 6,363 Equity securities 16,676 52 11,359 447 28,035 499 Total temporarily impaired securities $ 1,681,483 $ 25,716 $ 108,748 $ 9,160 $ 1,790,231 $ 34,876 The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2017: Less than Twelve Months Twelve Months or Longer Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Temporarily Impaired Available-for-Sale GSE certificates $ 232,546 $ 535 $ 20,440 $ 664 $ 252,986 $ 1,199 GSE debentures 333,045 2,665 — — 333,045 2,665 GSE CMOs 118,694 826 — — 118,694 826 U. S. Treasury obligations 199,898 62 — — 199,898 62 Municipal bonds 11,169 259 41,054 542 52,223 801 Capital trust notes — — 35,105 8,632 35,105 8,632 Equity securities — — 11,545 261 11,545 261 Total temporarily impaired available-for-sale $ 895,352 $ 4,347 $ 108,144 $ 10,099 $ 1,003,496 $ 14,446 An OTTI loss on impaired debt securities must be fully recognized in earnings if an investor has the intent to sell the debt security, or if it is more likely than not that the investor will be required to sell the debt security before recovery of its amortized cost. However, even if an investor does not expect to sell a debt security, it must evaluate the expected cash flows to be received and determine if a credit loss has occurred. In the event that a credit loss occurs, only the amount of impairment associated with the credit loss is recognized in earnings. Amounts of impairment relating to factors other than credit losses are recorded in AOCL. At March 31, 2018, the Company had unrealized losses on certain GSE obligations, U.S. Treasury obligations, municipal bonds, capital trust notes, and equity securities. The unrealized losses on the Company’s GSE obligations, U.S. Treasury obligations, municipal bonds, and capital trust notes at March 31, 2018 were primarily caused by movements in market interest rates and spread volatility, rather than credit risk. These securities are not expected to be settled at a price that is less than the amortized cost of the Company’s investment. The Company reviews quarterly financial information related to its investments in capital trust notes, as well as other information that is released by each of the issuers of such notes, to determine their continued creditworthiness. The Company continues to monitor these investments and currently estimates that the present value of expected cash flows is not less than the amortized cost of the securities. It is possible that these securities will perform worse than is currently expected, which could lead to adverse changes in cash flows from these securities and potential OTTI losses in the future. Future events that could trigger material unrecoverable declines in the fair values of the Company’s investments, and thus result in potential OTTI losses, include, but are not limited to, government intervention; deteriorating asset quality and credit metrics; significantly higher levels of default and loan loss provisions; losses in value on the underlying collateral; net operating losses; and illiquidity in the financial markets. The Company considers a decline in the fair value of equity securities to be other than temporary if the Company does not expect to recover the entire amortized cost basis of the security. The unrealized losses on the Company’s equity securities at March 31, 2018 were caused by market volatility. The Company evaluated the near-term prospects of recovering the fair value of these securities, together with the severity and duration of impairment to date, and determined that they were not other-than-temporarily impaired. Nonetheless, it is possible that these equity securities will perform worse than is currently expected, which could lead to adverse changes in their fair value, or to the failure of the securities to fully recover in value as currently anticipated by management. Either event could cause the Company to record an OTTI loss in a future period. Events that could trigger a material decline in the fair value of these securities include, but are not limited to, deterioration in the equity markets; a decline in the quality of the loan portfolio of the issuer in which the Company has invested; and the recording of higher loan loss provisions and net operating losses by such issuer. The investment securities designated as having a continuous loss position for twelve months or more at both March 31, 2018 and December 31, 2017 consisted of six agency mortgage-related securities, five capital trust notes, two municipal bonds, and one mutual fund. At March 31, 2018, the fair value of securities having a continuous loss position for twelve months or more was 7.8% below the collective amortized cost of $117.9 million. At December 31, 2017, the fair value of such securities was 8.5% below the collective amortized cost of $118.2 million. At March 31, 2018 and December 31, 2017, the combined market value of the respective securities represented unrealized losses of $9.2 million and $10.1 million, respectively. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2018 | |
Loans | Note 5: Loans The following table sets forth the composition of the loan portfolio at the dates indicated: March 31, 2018 December 31, 2017 (dollars in thousands) Amount Percent of Amount Percent of Loans Held for Investment: Mortgage Loans: Multi-family $ 28,656,234 73.74 % $ 28,074,709 73.19 % Commercial real estate 7,252,889 18.66 7,322,226 19.09 One-to-four 465,704 1.20 477,228 1.24 Acquisition, development, and construction 441,767 1.14 435,825 1.14 Total mortgage loans held for investment $ 36,816,594 94.74 $ 36,309,988 94.66 Other Loans: Commercial and industrial 1,377,766 3.55 1,377,964 3.59 Lease financing, net of unearned income of $61,251 and $65,041, respectively 657,264 1.69 662,610 1.73 Total commercial and industrial loans (1) 2,035,030 5.24 2,040,574 5.32 Other 8,230 0.02 8,460 0.02 Total other loans held for investment 2,043,260 5.26 2,049,034 5.34 Total loans held for investment $ 38,859,854 100.00 % $ 38,359,022 100.00 % Net deferred loan origination costs 29,569 28,949 Allowance for losses on non-covered (161,140 ) (158,046 ) Loans held for investment, net $ 38,728,283 $ 38,229,925 Loans held for sale 31,402 35,258 Total loans, net $ 38,759,685 $ 38,265,183 (1) Includes specialty finance loans of $1.5 billion at March 31, 2018 and December 31, 2017, and other C&I loans of $522.0 million and $500.8 million, respectively, at March 31, 2018 and December 31, 2017. Loans Loans Held for Investment The majority of the loans the Company originates for investment are multi-family loans, most of which are collateralized by non-luxury mixed-use To a lesser extent, the Company also originates one-to-four One-to-four ADC loans are primarily originated for multi-family and residential tract projects in New York City and on Long Island. C&I loans consist of asset-based loans, equipment loans and leases, and dealer floor-plan loans (together, specialty finance loans and leases) that generally are made to large corporate obligors, many of which are publicly traded, carry investment grade or near-investment grade ratings, and participate in stable industries nationwide; and other C&I loans that primarily are made to small and mid-size The repayment of multi-family and CRE loans generally depends on the income produced by the underlying properties which, in turn, depends on their successful operation and management. To mitigate the potential for credit losses, the Company underwrites its loans in accordance with credit standards it considers to be prudent, looking first at the consistency of the cash flows being produced by the underlying property. In addition, multi-family buildings, CRE properties, and ADC projects are inspected as a prerequisite to approval, and independent appraisers, whose appraisals are carefully reviewed by the Company’s in-house To further manage its credit risk, the Company’s lending policies limit the amount of credit granted to any one borrower and typically require conservative debt service coverage ratios and loan-to-value ADC loans typically involve a higher degree of credit risk than loans secured by improved or owner-occupied real estate. Accordingly, borrowers are required to provide a guarantee of repayment and completion, and loan proceeds are disbursed as construction progresses, as certified by in-house To minimize the risk involved in specialty finance lending and leasing, the Company participates in syndicated loans that are brought to it, and equipment loans and leases that are assigned to it, by a select group of nationally recognized sources who have had long-term relationships with its experienced lending officers. Each of these credits is secured with a perfected first security interest or outright ownership in the underlying collateral, and structured as senior debt or as a non-cancelable re-underwritten. To minimize the risks involved in other C&I lending, the Company underwrites such loans on the basis of the cash flows produced by the business; requires that such loans be collateralized by various business assets, including inventory, equipment, and accounts receivable, among others; and typically requires personal guarantees. However, the capacity of a borrower to repay such a C&I loan is substantially dependent on the degree to which the business is successful. In addition, the collateral underlying such loans may depreciate over time, may not be conducive to appraisal, or may fluctuate in value, based upon the results of operations of the business. Included in non-covered Loans Held for Sale At March 31, 2018 the Company had loans held for sale of $31.4 million as compared to $35.3 million at December 31, 2017. At March 31, 2018, loans held for sale consisted of $21.9 million of one-to-four one-to-four Asset Quality The following table presents information regarding the quality of the Company’s loans held for investment at March 31, 2018: (in thousands) Loans 30-89 Days (1) Non- (1) Loans Total Current Total Loans Multi-family $ — $ 11,881 $ — $ 11,881 $ 28,644,353 $ 28,656,234 Commercial real estate 3,191 13,611 — 16,802 7,236,087 7,252,889 One-to-four 397 1,949 — 2,346 463,358 465,704 Acquisition, development, and construction — — — — 441,767 441,767 Commercial and industrial (1) (2) 6,736 45,941 — 52,677 1,982,353 2,035,030 Other 27 4 — 31 8,199 8,230 Total $ 10,351 $ 73,386 $ — $ 83,737 $ 38,776,117 $ 38,859,854 (1) Includes $6.7 million and $44.8 million of taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively. (2) Includes lease financing receivables, all of which were current. The following table presents information regarding the quality of the Company’s loans held for investment at December 31, 2017: (in thousands) Loans 30-89 Days (1) Non- (1) Loans Total Current Total Loans Multi-family $ 1,258 $ 11,078 $ — $ 12,336 $ 28,062,373 $ 28,074,709 Commercial real estate 13,227 6,659 — 19,886 7,302,340 7,322,226 One-to-four 585 1,966 — 2,551 474,677 477,228 Acquisition, development, and construction — 6,200 — 6,200 429,625 435,825 Commercial and industrial (1) (2) 2,711 47,768 — 50,479 1,990,095 2,040,574 Other 8 11 — 19 8,441 8,460 Total $ 17,789 $ 73,682 $ — $ 91,471 $ 38,267,551 $ 38,359,022 (1) Includes $2.7 million and $46.7 million of taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively. (2) Includes lease financing receivables, all of which were current. The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at March 31, 2018: Mortgage Loans Other Loans (in thousands) Multi-Family Commercial One-to- Four Acquisition, Total Commercial (1) Other Total Other Credit Quality Indicator: Pass $ 28,409,201 $ 7,193,256 $ 460,080 $ 357,174 $ 36,419,711 $ 1,923,271 $ 8,226 $ 1,931,497 Special mention 190,762 45,379 3,675 75,041 314,857 20,358 — 20,358 Substandard 56,271 14,254 1,949 9,552 82,026 91,401 4 91,405 Doubtful — — — — — — — — Total $ 28,656,234 $ 7,252,889 $ 465,704 $ 441,767 $ 36,816,594 $ 2,035,030 $ 8,230 $ 2,043,260 (1) Includes lease financing receivables, all of which were classified as Pass. The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at December 31, 2017: Mortgage Loans Other Loans (in thousands) Multi-Family Commercial One-to- Four Acquisition, Total Commercial (1) Other Total Other Credit Quality Indicator: Pass $ 27,874,330 $ 7,255,100 $ 471,571 $ 344,040 $ 35,945,041 $ 1,925,527 $ 8,449 $ 1,933,976 Special mention 125,752 47,123 3,691 76,033 252,599 20,883 — 20,883 Substandard 74,627 20,003 1,966 15,752 112,348 94,164 11 94,175 Doubtful — — — — — — — — Total $ 28,074,709 $ 7,322,226 $ 477,228 $ 435,825 $ 36,309,988 $ 2,040,574 $ 8,460 $ 2,049,034 (1) Includes lease financing receivables, all of which were classified as Pass. The preceding classifications are the most current ones available and generally have been updated within the last twelve months. In addition, they follow regulatory guidelines and can generally be described as follows: pass loans are of satisfactory quality; special mention loans have potential weaknesses that deserve management’s close attention; substandard loans are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged (these loans have a well-defined weakness and there is a possibility that the Company will sustain some loss); and doubtful loans, based on existing circumstances, have weaknesses that make collection or liquidation in full highly questionable and improbable. In addition, one-to-four Troubled Debt Restructurings The Company is required to account for certain held-for-investment non-accrual In an effort to proactively manage delinquent loans, the Company has selectively extended to certain borrowers concessions such as rate reductions, extension of maturity dates, and forbearance agreements. As of March 31, 2018, loans on which concessions were made with respect to rate reductions and/or extension of maturity dates amounted to $44.6 million; loans on which forbearance agreements were reached amounted to $1.8 million. The following table presents information regarding the Company’s TDRs as of March 31, 2018 and December 31, 2017: March 31, 2018 December 31, 2017 (in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Loan Category: Multi-family $ 820 $ 7,607 $ 8,427 $ 824 $ 8,061 $ 8,885 Commercial real estate — 365 365 — 368 368 One-to-four — 1,053 1,053 — 1,066 1,066 Acquisition, development, and construction 9,552 — 9,552 8,652 — 8,652 Commercial and industrial — 26,992 26,992 177 26,408 26,585 Total $ 10,372 $ 36,017 $ 46,389 $ 9,653 $ 35,903 $ 45,556 The eligibility of a borrower for work-out The financial effects of the Company’s TDRs for the three months ended March 31, 2018 and 2017 are summarized as follows: For the Three Months Ended March 31, 2018 Weighted Average (dollars in thousands) Number Pre-Modification Post-Modification Pre- Post- Charge-off Capitalized Loan Category: Acquisition, development, and construction 1 $ 900 $ 900 4.50 % 4.50 % $ — $ — Commercial and industrial 6 3,166 1,754 3.28 3.21 1,318 — Total 7 $ 4,066 $ 2,654 $ 1,318 $ — For the Three Months Ended March 31, 2017 Weighted Average (dollars in thousands) Number Pre-Modification Post-Modification Pre- Post- Charge-off Capitalized Loan Category: One-to-four 1 $ 264 $ 339 6.00 % 2.63 % $ — $ 5 Commercial and industrial 17 7,998 4,745 3.30 3.46 3,280 — Total 18 $ 8,262 $ 5,084 $ 3,280 $ 5 At March 31, 2018, eleven C&I loans, in the amount of $2.9 million that had been modified as a TDR during the twelve months ended at that date were in payment default. The Company does not consider a payment to be in default when the loan is in forbearance, or otherwise granted a delay of payment, when the agreement to forebear or allow a delay of payment is part of a modification. Subsequent to the modification, the loan is not considered to be in default until payment is contractually past due in accordance with the modified terms. However, the Company does consider a loan with multiple modifications or forbearance periods to be in default, and would also consider a loan to be in default if the borrower were in bankruptcy or if the loan were partially charged off subsequent to modification. |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2018 | |
Allowance for Loan Losses | Note 6. Allowance for Loan Losses The following tables provide additional information regarding the Company’s allowance for loan losses based upon the method of evaluating loan impairment: (in thousands) Mortgage Other Total Allowances for Loan Losses at March 31, 2018: Loans individually evaluated for impairment $ — $ 40 $ 40 Loans collectively evaluated for impairment 129,135 31,965 161,100 Total $ 129,135 $ 32,005 $ 161,140 (in thousands) Mortgage Other Total Allowances for Loan Losses at December 31, 2017: Loans collectively evaluated for impairment $ 128,275 $ 29,771 $ 158,046 The following tables provide additional information regarding the methods used to evaluate the Company’s loan portfolio for impairment: (in thousands) Mortgage Other Total Loans Receivable at March 31, 2018: Loans individually evaluated for impairment $ 22,555 $ 46,805 $ 69,360 Loans collectively evaluated for impairment 36,794,039 1,996,455 38,790,494 Total $ 36,816,594 $ 2,043,260 $ 38,859,854 (in thousands) Mortgage Other Total Loans Receivable at December 31, 2017: Loans individually evaluated for impairment $ 31,747 $ 48,810 $ 80,557 Loans collectively evaluated for impairment 36,278,241 2,000,224 38,278,465 Total $ 36,309,988 $ 2,049,034 $ 38,359,022 Allowance for Loan Losses The following table summarizes activity in the allowance for loan losses for the periods indicated: For the Three Months Ended March 31, 2018 2017 (1) (in thousands) Mortgage Other Total Mortgage Other Total Balance, beginning of period $ 128,275 $ 29,771 $ 158,046 $ 125,416 $ 32,874 $ 158,290 Charge-offs (5,411 ) (1,580 ) (6,991 ) — (5,830 ) (5,830 ) Recoveries 110 404 514 115 88 203 Provision for (recovery of) non-covered 6,161 3,410 9,571 (3,679 ) 5,466 1,787 Balance, end of period $ 129,135 $ 32,005 $ 161,140 $ 121,852 $ 32,598 $ 154,450 (1) Represents allowance for losses on non-covered The following table presents additional information about the Company’s impaired loans at March 31, 2018: (in thousands) Recorded Unpaid Related Average Interest Impaired loans with no related allowance: Multi-family $ 8,433 $ 11,130 $ — $ 8,662 $ 122 Commercial real estate 2,620 7,735 — 3,879 3 One-to-four 1,949 2,055 — 1,958 12 Acquisition, development, and construction 9,552 10,452 — 12,652 139 Other 46,766 104,106 — 47,788 725 Total impaired loans with no related allowance $ 69,320 $ 135,478 $ — $ 74,939 $ 1,001 Impaired loans with an allowance recorded: Multi-family $ — $ — $ — $ — $ — Commercial real estate — — — — — One-to-four — — — — — Acquisition, development, and construction — — — — — Other 40 40 40 20 3 Total impaired loans with an allowance recorded $ 40 $ 40 $ 40 $ 20 $ 3 Total impaired loans: Multi-family $ 8,433 $ 11,130 $ — $ 8,662 $ 122 Commercial real estate 2,620 7,735 — 3,879 3 One-to-four 1,949 2,055 — 1,958 12 Acquisition, development, and construction 9,552 10,452 — 12,652 139 Other 46,806 104,146 40 47,808 728 Total impaired loans $ 69,360 $ 135,518 $ 40 $ 74,959 $ 1,004 The following table presents additional information about the Company’s impaired loans at December 31, 2017: (in thousands) Recorded Unpaid Related Average Interest Impaired loans with no related allowance: Multi-family $ 8,892 $ 11,470 $ — $ 9,554 $ 495 Commercial real estate 5,137 10,252 — 3,522 92 One-to-four 1,966 2,072 — 2,489 50 Acquisition, development, and construction 15,752 25,952 — 10,976 575 Other 48,810 104,901 — 43,074 2,200 Total impaired loans with no related allowance $ 80,557 $ 154,647 $ — $ 69,615 $ 3,412 Impaired loans with an allowance recorded: Multi-family $ — $ — $ — $ — $ — Commercial real estate — — — — — One-to-four — — — — — Acquisition, development, and construction — — — — — Other — — — 314 — Total impaired loans with an allowance recorded $ — $ — $ — $ 314 $ — Total impaired loans: Multi-family $ 8,892 $ 11,470 $ — $ 9,554 $ 495 Commercial real estate 5,137 10,252 — 3,522 92 One-to-four 1,966 2,072 — 2,489 50 Acquisition, development, and construction 15,752 25,952 — 10,976 575 Other 48,810 104,901 — 43,388 2,200 Total impaired loans $ 80,557 $ 154,647 $ — $ 69,929 $ 3,412 |
Borrowed Funds
Borrowed Funds | 3 Months Ended |
Mar. 31, 2018 | |
Borrowed Funds | Note 7. Borrowed Funds The following table summarizes the Company’s borrowed funds at the dates indicated: (in thousands) March 31, 2018 December 31, Wholesale Borrowings: FHLB advances $ 12,534,500 $ 12,104,500 Repurchase agreements 450,000 450,000 Total wholesale borrowings $ 12,984,500 $ 12,554,500 Junior subordinated debentures 359,259 359,179 Total borrowed funds $ 13,343,759 $ 12,913,679 The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at March 31, 2018: Remaining Contractual Maturity of the Agreements (in thousands) Overnight and Up to 30–90 Days Greater than GSE obligations $ — $ 250,000 $ — $ 200,000 At March 31, 2018 and December 31, 2017, the Company had $359.3 million and $359.2 million, respectively, of outstanding junior subordinated deferrable interest debentures (junior subordinated debentures) held by statutory business trusts (the Trusts) that issued guaranteed capital securities. The Trusts are accounted for as unconsolidated subsidiaries, in accordance with GAAP. The proceeds of each issuance were invested in a series of junior subordinated debentures of the Company and the underlying assets of each statutory business trust are the relevant debentures. The Company has fully and unconditionally guaranteed the obligations under each trust’s capital securities to the extent set forth in a guarantee by the Company to each trust. The Trusts’ capital securities are each subject to mandatory redemption, in whole or in part, upon repayment of the debentures at their stated maturity or earlier redemption. The following junior subordinated debentures were outstanding at March 31, 2018: Issuer Interest Junior Capital Date of Stated Maturity First Optional (dollars in thousands) New York Community Capital Trust V (BONUSES SM 6.000 % $ 145,333 $ 138,982 Nov. 4, 2002 Nov. 1, 2051 Nov. 4, 2007 (1) New York Community Capital Trust X 3.725 123,712 120,000 Dec. 14, 2006 Dec. 15, 2036 Dec. 15, 2011 (2) PennFed Capital Trust III 5.375 30,928 30,000 June 2, 2003 June 15, 2033 June 15, 2008 (2) New York Community Capital Trust XI 3.958 59,286 57,500 April 16, 2007 June 30, 2037 June 30, 2012 (2) Total junior subordinated debentures $ 359,259 $ 346,482 (1) Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. (2) Callable from this date forward. |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 3 Months Ended |
Mar. 31, 2018 | |
Pension and Other Post-Retirement Benefits | Note 8. Pension and Other Post-Retirement Benefits The following table sets forth certain disclosures for the Company’s pension and post-retirement plans for the periods indicated: For the Three Months Ended March 31, 2018 2017 (in thousands) Pension Post- Pension Post- Components of net periodic (credit) expense: (1) Interest cost $ 1,271 $ 128 $ 1,404 $ 144 Expected return on plan assets (4,035 ) — (4,073 ) — Amortization of prior-service costs — (62 ) — (62 ) Amortization of net actuarial loss 1,795 76 2,053 68 Net periodic (credit) expense $ (969 ) $ 142 $ (616 ) $ 150 (1) Amounts are included in G&A expense on the Consolidated Statements of Income and Comprehensive Income. The Company expects to contribute $1.3 million to its post-retirement plan to pay premiums and claims for the fiscal year ending December 31, 2018. The Company does not expect to make any contributions to its pension plan in 2018. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Stock-Based Compensation | Note 9. Stock-Based Compensation At March 31, 2018, the Company had a total of 4,798,208 shares available for grants as options, restricted stock, or other forms of related rights under the New York Community Bancorp, Inc. 2012 Stock Incentive Plan, which was approved by the Company’s shareholders at its Annual Meeting on June 7, 2012. The Company granted 2,420,523 shares of restricted stock during the three months ended March 31, 2018. The shares had an average fair value of $13.61 per share on the date of grant and a vesting period of five years. Compensation and benefits expense related to the restricted stock grants is recognized on a straight-line basis over the vesting period and totaled $9.8 million and $8.7 million for the three months ended March 31, 2018 and 2017, respectively. The following table provides a summary of activity with regard to restricted stock awards in the three months ended March 31, 2018: Number of Shares Weighted Average Unvested at beginning of year 5,574,167 $ 15.38 Granted 2,420,523 13.61 Vested (615,482 ) 15.30 Canceled (72,380 ) 14.92 Unvested at end of period 7,306,828 14.80 As of March 31, 2018, unrecognized compensation cost relating to unvested restricted stock totaled $100.9 million. This amount will be recognized over a remaining weighted average period of 3.6 years. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Measurements | Note 10. Fair Value Measurements GAAP sets forth a definition of fair value, establishes a consistent framework for measuring fair value, and requires disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants use in pricing an asset or liability. A financial instrument’s categorization within this valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following tables present assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at March 31, 2018 (in thousands) Quoted Prices Significant Significant Netting (1) Total Assets: Mortgage-Related Securities Available for Sale: GSE certificates $ — $ 1,971,177 $ — $ — $ 1,971,177 GSE CMOs — 541,587 — — 541,587 Total mortgage-related securities $ — $ 2,512,764 $ — $ — $ 2,512,764 Other Securities Available for Sale: U. S. Treasury Obligations $ 199,430 $ — $ — $ — $ 199,430 GSE debentures — 473,069 — — 473,069 Corporate bonds — 89,718 — — 89,718 Municipal bonds — 68,607 — — 68,607 Capital trust notes — 48,364 — — 48,364 Total other securities $ 199,430 $ 679,758 $ — $ — $ 879,188 Total securities available for sale $ 199,430 $ 3,192,522 $ — $ — $ 3,391,952 Equity securities: Preferred stock $ 15,243 $ — $ — $ — $ 15,243 Mutual funds and common stock — 16,826 — — 16,826 Total equity securities $ 15,243 $ 16,826 $ — $ — $ 32,069 Total securities $ 214,673 $ 3,209,348 $ — $ — $ 3,424,021 Other Assets: Loans held for sale $ — $ 31,402 $ — $ — $ 31,402 Mortgage servicing rights — — 2,575 — 2,575 Fair Value Measurements at December 31, 2017 (in thousands) Quoted Prices Significant Significant Netting (1) Total Assets: Mortgage-Related Securities Available for Sale: GSE certificates $ — $ 2,068,842 $ — $ — $ 2,068,842 GSE CMOs 549,904 549,904 Total mortgage-related securities $ — $ 2,618,746 $ — $ — $ 2,618,746 Other Securities Available for Sale: U. S. Treasury Obligations $ 199,898 $ — $ — $ — $ 199,898 GSE debentures — 473,258 — — 473,258 Corporate bonds — 90,775 — — 90,775 Municipal bonds — 70,120 — — 70,120 Capital trust notes — 46,096 — — 46,096 Preferred stock 15,434 — — — 15,434 Mutual funds and common stock — 17,100 — — 17,100 Total other securities $ 215,332 $ 697,349 $ — $ — $ 912,681 Total securities available for sale $ 215,332 $ 3,316,095 $ — $ — $ 3,531,427 Other Assets: Loans held for sale $ — $ 35,258 $ — $ — $ 35,258 Mortgage servicing rights — — 2,729 — 2,729 (1) Includes cash collateral received from, and paid to, counterparties. (2) Includes $1.9 million to purchase Treasury options. The Company reviews and updates the fair value hierarchy classifications for its assets on a quarterly basis. Changes from one quarter to the next that are related to the observability of inputs for a fair value measurement may result in a reclassification from one hierarchy level to another. A description of the methods and significant assumptions utilized in estimating the fair values of securities follows: Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include highly liquid government securities and exchange-traded securities. If quoted market prices are not available for a specific security, then fair values are estimated by using pricing models. These pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices, and credit spreads. In addition to observable market information, models incorporate transaction details such as maturity and cash flow assumptions. Securities valued in this manner would generally be classified within Level 2 of the valuation hierarchy, and primarily include such instruments as mortgage-related and corporate debt securities. Periodically, the Company uses fair values supplied by independent pricing services to corroborate the fair values derived from the pricing models. In addition, the Company reviews the fair values supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness. The Company challenges pricing service valuations that appear to be unusual or unexpected. The Company carries loans held for sale at fair value. The fair value of loans held for sale is based on an exit price, representing the amount that would be received when selling an asset in an orderly transaction between market participants. Loans held for sale are classified within Level 2 of the valuation hierarchy. MSRs do not trade in an active open market with readily observable prices. The Company bases the fair value of its MSRs on the present value of estimated future net servicing income cash flows, utilizing a third-party valuation specialist. The specialist estimates future net servicing income cash flows with assumptions that market participants would use to estimate fair value, including estimates of prepayment speeds, discount rates, default rates, refinance rates, servicing costs, escrow account earnings, contractual servicing fee income, and ancillary income. The Company periodically adjusts the underlying inputs and assumptions to reflect market conditions and assumptions that a market participant would consider in valuing the MSR asset. MSR fair value measurements use significant unobservable inputs and, accordingly, are classified within Level 3. While the Company believes its valuation methods are appropriate, and consistent with those of other market participants, the use of different methodologies or assumptions to determine the fair values of certain financial instruments could result in different estimates of fair values at a reporting date. Fair Value Option Loans Held for Sale The Company has elected the fair value option for its loans held for sale. These loans held for sale consist of one-to-four The following table reflects the difference between the fair value carrying amount of loans held for sale, for which the Company has elected the fair value option, and the unpaid principal balance: March 31, 2018 December 31, 2017 (in thousands) Fair Value Aggregate Fair Value Fair Value Aggregate Fair Value Loans held for sale $ 31,402 $ 36,498 $ (5,096 ) $ 35,258 $ 34,563 $ 695 Gains and Losses Included in Income for Assets Where the Fair Value Option Has Been Elected The assets accounted for under the fair value option are initially measured at fair value. Gains and losses from the initial measurement and subsequent changes in fair value are recognized in earnings. The following table presents the changes in fair value related to initial measurement, and the subsequent changes in fair value included in earnings, for MSRs for the periods indicated: (Loss) Gain Included in Income from Changes in Fair Value (1) For the Three Months Ended March 31, (in thousands) 2018 2017 Mortgage servicing rights $ (154 ) $ (2,789 ) (1) Included in “Non-interest Changes in Level 3 Fair Value Measurements The following tables present, for the three months ended March 31, 2018 and March 31, 2017, a roll-forward of the balance sheet amounts (including changes in fair value) for financial instruments classified in Level 3 of the valuation hierarchy: (in thousands) Fair Value Total Realized/Unrealized Issuances Settlements Transfers Fair Value Change in Income/ Comprehensive Mortgage servicing rights $ 2,729 $ (154 ) $ — $ — $ — $ — $ 2,575 $ (154 ) (in thousands) Fair Value Total Realized/Unrealized Issuances Settlements Transfers Fair Value Change in Income/ Comprehensive Mortgage servicing rights $ 228,099 $ (2,726 ) $ — $ 7,574 $ (4,147 ) $ — $ 228,800 $ (2,726 ) Interest rate lock commitments 982 1,467 — — — — 2,449 2,430 The Company’s policy is to recognize transfers in and out of Levels 1, 2, and 3 as of the end of the reporting period. There were no transfers in or out of Levels 1, 2, or 3 during the three months ended March 31, 2018 or 2017. For Level 3 assets and liabilities measured at fair value on a recurring basis as of March 31, 2018, the significant unobservable inputs used in the fair value measurements were as follows: (dollars in thousands) Fair Value at Valuation Technique Significant Unobservable Inputs Significant Mortgage servicing rights $2,575 Discounted Cash Flow Weighted Average Constant Prepayment Rate (1) 10.66 % Weighted Average Discount Rate 12.00 (1) Represents annualized loan repayment rate assumptions. The significant unobservable inputs used in the fair value measurement of the Company’s MSRs are the weighted average constant prepayment rate and the weighted average discount rate. Significant increases or decreases in either of those inputs in isolation could result in significantly lower or higher fair value measurements. Although the constant prepayment rate and the discount rate are not directly interrelated, they generally move in opposite directions. Assets Measured at Fair Value on a Non-Recurring Certain assets are measured at fair value on a non-recurring non-recurring Fair Value Measurements at March 31, 2018 Using (in thousands) Quoted Prices in Significant Other Significant Total Fair Certain impaired loans (1) $ — $ — $ 15,558 $ 15,558 Other assets (2) $ — $ — 3,121 3,121 Total $ — $ — $ 18,679 $ 18,679 (1) Represents the fair value of impaired loans, based on the value of the collateral. (2) Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets. Fair Value Measurements at December 31, 2017 Using (in thousands) Quoted Prices in Significant Other Significant Total Fair Certain impaired loans (1) $ — $ — $ 45,837 $ 45,837 Other assets (2) — — 4,357 4,357 Total $ — $ — $ 50,194 $ 50,194 (1) Represents the fair value of impaired loans, based on the value of the collateral. (2) Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets. The fair values of collateral-dependent impaired loans are determined using various valuation techniques, including consideration of appraised values and other pertinent real estate and other market data. Other Fair Value Disclosures For the disclosure of fair value information about the Company’s on- off-balance Because assumptions are inherently subjective in nature, estimated fair values cannot be substantiated by comparison to independent market quotes. Furthermore, in many cases, the estimated fair values provided would not necessarily be realized in an immediate sale or settlement of such instruments. The following tables summarize the carrying values, estimated fair values, and fair value measurement levels of financial instruments that were not carried at fair value on the Company’s Consolidated Statements of Condition at March 31, 2018 and December 31, 2017: March 31, 2018 Fair Value Measurement Using (in thousands) Carrying Value Estimated Quoted Prices in Significant Significant Financial Assets: Cash and cash equivalents $ 2,680,772 $ 2,680,772 $ 2,680,772 $ — $ — FHLB stock (1) 622,989 622,989 — 622,989 — Loans, net 38,759,685 38,462,422 — — 38,462,422 Financial Liabilities: Deposits $ 29,235,434 $ 29,178,221 $ 20,172,114 (2) $ 9,006,107 (3) $ — Borrowed funds 13,343,759 13,176,141 — 13,176,141 — (1) Carrying value and estimated fair value are at cost. (2) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing (3) Certificates of deposit. December 31, 2017 Fair Value Measurement Using (in thousands) Carrying Value Estimated Quoted Prices in Significant Significant Financial Assets: Cash and cash equivalents $ 2,528,169 $ 2,528,169 $ 2,528,169 $ — $ — FHLB stock (1) 603,819 603,819 — 603,819 — Loans, net 38,265,183 38,254,538 — — 38,254,538 Financial Liabilities: Deposits $ 29,102,163 $ 29,044,852 $ 20,458,517 (2) $ 8,586,335 (3) $ — Borrowed funds 12,913,679 12,780,653 — 12,780,653 — (1) Carrying value and estimated fair value are at cost. (2) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing (3) Certificates of deposit. The methods and significant assumptions used to estimate fair values for the Company’s financial instruments follow: Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks and federal funds sold. The estimated fair values of cash and cash equivalents are assumed to equal their carrying values, as these financial instruments are either due on demand or have short-term maturities. Securities If quoted market prices are not available for a specific security, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. These pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices, and credit spreads. In addition to observable market information, pricing models also incorporate transaction details such as maturities and cash flow assumptions. Federal Home Loan Bank Stock Ownership in equity securities of the FHLB is generally restricted and there is no established liquid market for their resale. The carrying amount approximates the fair value. Loans The Company discloses the fair value of loans measured at amortized cost using an exit price notion. Prior to adopting ASU No. 2016-01, non-performing Mortgage Servicing Rights MSRs do not trade in an active market with readily observable prices. Accordingly, the Company bases the fair value of its MSRs on a valuation performed by a third-party valuation specialist. This specialist determines fair value based on the present value of estimated future net servicing income cash flows, and incorporates assumptions that market participants would use to estimate fair value, including estimates of prepayment speeds, discount rates, default rates, refinance rates, servicing costs, escrow account earnings, contractual servicing fee income, and ancillary income. The specialist and the Company evaluate, and periodically adjust, as necessary, these underlying inputs and assumptions to reflect market conditions and changes in the assumptions that a market participant would consider in valuing MSRs. Deposits The fair values of deposit liabilities with no stated maturity (i.e., interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing Borrowed Funds The estimated fair value of borrowed funds is based either on bid quotations received from securities dealers or the discounted value of contractual cash flows with interest rates currently in effect for borrowed funds with similar maturities and structures. Off-Balance The fair values of commitments to extend credit and unadvanced lines of credit are estimated based on an analysis of the interest rates and fees currently charged to enter into similar transactions, considering the remaining terms of the commitments and the creditworthiness of the potential borrowers. The estimated fair values of such off-balance |
Impact of Recent Accounting Pro
Impact of Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
Impact of Recent Accounting Pronouncements | Note 11. Impact of Recent Accounting Pronouncements Recently Adopted Accounting Standards The Company early adopted ASU No. 2018-02, No. 2018-02 No. 2018-02 The Company early adopted ASU No. 2017-12, 2017-12 The Company adopted ASU No. 2017-09, 2017-09 No. 2017-09 The Company adopted ASU No. 2017-07, 2017-07 The Company adopted ASU No. 2016-18, No. 2016-18 beginning-of-period end-of-period No. 2016-18 The Company adopted ASU No. 2016-15, No. 2016-15 zero-coupon 2016-15 The Company adopted ASU No. 2016-01, 825-10): No. 2016-01 in-scope 2016-01. The Company adopted ASU No. 2014-09, Recently Issued Accounting Standards In March 2017, the FASB issued ASU No. 2017-08, 310-20): No. 2017-08 non-contingently No. 2017-08 No. 2017-08 No. 2017-08 In January 2017, the FASB issued ASU No. 2017-04, No. 2017-04 No. 2017-04 No. 2017-04 No. 2017-04 In June 2016, the FASB issued ASU No. 2016-13, No. 2016-13 available-for-sale No. 2016-13 it is probable a loss has been incurred. The amendments in ASU No. 2016-13 available-for-sale No. 2016-13 off-balance No. 2016-13 An entity will apply the amendments in ASU No. 2016-13 No. 2016-13. 310-30, No. 2016-13 No. 2016-13. 310-30 The Company is evaluating ASU No. 2016-13 No. 2016-13 In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” and the Company will adopt the ASU as of January 1, 2019. ASU No. 2016-02 is intended to improve financial reporting about leasing transactions and the key provision impacting the Company is the requirement for a lessee to record a right-of-use asset and a liability, which represents the obligation to make lease payments for long-term operating leases. Additionally, the ASU includes quantitative and qualitative disclosures required by lessees and lessors to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. Lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. The Company’s working group, comprised of associates from disciplines such as Vendor Risk Management, Real Estate, Technology, and Accounting, have made substantial progress in reviewing contractual arrangements for embedded leases in an effort to identify the Company’s full lease population. To date, we have found only a few minor embedded leases in our non-lease contracts. We are presently evaluating all of our leases for compliance with the new lease accounting rules and as a lessor and lessee, we do not anticipate the classification of our leases to change. However, the Company’s assets and liabilities will increase based on the present value of remaining lease payments for leases in place at the adoption date. The Company is currently reviewing vendor software solutions to provide a robust lease accounting package that will accurately prepare the financial statement adjustments and enhanced disclosures required by ASU No. 2016-02. |
Organization and Basis of Pre20
Organization and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Basis of Presentation | Basis of Presentation The following is a description of the significant accounting and reporting policies that the Company and its subsidiaries follow in preparing and presenting their consolidated financial statements, which conform to GAAP and to general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term are used in connection with the determination of the allowances for loan losses; the evaluation of goodwill for impairment; and the evaluation of the need for a valuation allowance on the Company’s deferred tax assets. The accompanying consolidated financial statements include the accounts of the Company and other entities in which the Company has a controlling financial interest. All inter-company accounts and transactions are eliminated in consolidation. The Company currently has certain unconsolidated subsidiaries in the form of wholly-owned statutory business trusts, which were formed to issue guaranteed capital securities. See Note 7, Borrowed Funds, for additional information regarding these trusts. |
Recently Adopted/Issued Accounting Standards | Recently Adopted Accounting Standards The Company early adopted ASU No. 2018-02, No. 2018-02 No. 2018-02 The Company early adopted ASU No. 2017-12, 2017-12 The Company adopted ASU No. 2017-09, 2017-09 No. 2017-09 The Company adopted ASU No. 2017-07, 2017-07 The Company adopted ASU No. 2016-18, No. 2016-18 beginning-of-period end-of-period No. 2016-18 The Company adopted ASU No. 2016-15, No. 2016-15 zero-coupon 2016-15 The Company adopted ASU No. 2016-01, 825-10): No. 2016-01 in-scope 2016-01. The Company adopted ASU No. 2014-09, Recently Issued Accounting Standards In March 2017, the FASB issued ASU No. 2017-08, 310-20): No. 2017-08 non-contingently No. 2017-08 No. 2017-08 No. 2017-08 In January 2017, the FASB issued ASU No. 2017-04, No. 2017-04 No. 2017-04 No. 2017-04 No. 2017-04 In June 2016, the FASB issued ASU No. 2016-13, No. 2016-13 available-for-sale No. 2016-13 it is probable a loss has been incurred. The amendments in ASU No. 2016-13 available-for-sale No. 2016-13 off-balance No. 2016-13 An entity will apply the amendments in ASU No. 2016-13 No. 2016-13. 310-30, No. 2016-13 No. 2016-13. 310-30 The Company is evaluating ASU No. 2016-13 No. 2016-13 In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” and the Company will adopt the ASU as of January 1, 2019. ASU No. 2016-02 is intended to improve financial reporting about leasing transactions and the key provision impacting the Company is the requirement for a lessee to record a right-of-use asset and a liability, which represents the obligation to make lease payments for long-term operating leases. Additionally, the ASU includes quantitative and qualitative disclosures required by lessees and lessors to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. Lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. The Company’s working group, comprised of associates from disciplines such as Vendor Risk Management, Real Estate, Technology, and Accounting, have made substantial progress in reviewing contractual arrangements for embedded leases in an effort to identify the Company’s full lease population. To date, we have found only a few minor embedded leases in our non-lease contracts. We are presently evaluating all of our leases for compliance with the new lease accounting rules and as a lessor and lessee, we do not anticipate the classification of our leases to change. However, the Company’s assets and liabilities will increase based on the present value of remaining lease payments for leases in place at the adoption date. The Company is currently reviewing vendor software solutions to provide a robust lease accounting package that will accurately prepare the financial statement adjustments and enhanced disclosures required by ASU No. 2016-02. |
Computation of Earnings per C21
Computation of Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Computation of Basic and Diluted EPS | The following table presents the Company’s computation of basic and diluted EPS for the periods indicated: Three Months Ended March 31, (in thousands, except share and per share amounts) 2018 2017 Net income available to common shareholders $ 98,345 $ 103,957 Less: Dividends paid on and earnings allocated to participating securities (900 ) (819 ) Earnings applicable to common stock $ 97,445 $ 103,138 Weighted average common shares outstanding 488,140,102 486,511,756 Basic earnings per common share $ 0.20 $ 0.21 Earnings applicable to common stock $ 97,445 $ 103,138 Weighted average common shares outstanding 488,140,102 486,511,756 Potential dilutive common shares — — Total shares for diluted earnings per common share computation 488,140,102 486,511,756 Diluted earnings per common share and common share equivalents $ 0.20 $ 0.21 |
Reclassifications Out of Accu22
Reclassifications Out of Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Reclassifications Out of Accumulated Other Comprehensive Loss | (in thousands) For the Three Months Ended March 31, 2018 Details about Accumulated Other Comprehensive Loss Amount Reclassified (1) Affected Line Item in the Consolidated Statements of Operations and Comprehensive Income (Loss) Unrealized gains (losses) on debt securities available-for-sale $ — Net gain on securities — Income tax expense $ — Net gain on sales of securities, net of tax Amortization of defined benefit pension plan items: Past service liability $ 62 Included in the computation of net periodic (credit) expense (2) Actuarial losses (1,871 ) Included in the computation of net periodic (credit) expense (2) (1,809 ) Total before tax 532 Tax benefit $ (1,277 ) Amortization of defined benefit pension plan items, net of tax Total reclassifications for the period $ (1,277 ) (1) Amounts in parentheses indicate expense items. (2) See Note 8, “Pension and Other Post-Retirement Benefits,” for additional information. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Summary of Portfolio of Securities Available for Sale and Equity Investments with Readily Determinable Fair Values | The following tables summarize the Company’s portfolio of securities available for sale and equity investments with readily determinable fair values at March 31, 2018 and December 31, 2017: March 31, 2018 (in thousands) Amortized Gross Gross Fair Value Mortgage-Related Securities: GSE certificates $ 1,966,476 $ 20,565 $ 15,864 $ 1,971,177 GSE CMOs 537,621 7,425 3,459 541,587 Total mortgage-related securities $ 2,504,097 $ 27,990 $ 19,323 $ 2,512,764 Other Securities: U. S. Treasury obligations $ 199,678 $ — $ 248 $ 199,430 GSE debentures 478,588 1,213 6,732 473,069 Corporate bonds 79,828 9,890 — 89,718 Municipal bonds 70,117 201 1,711 68,607 Capital trust notes 48,242 6,485 6,363 48,364 Total other securities $ 876,453 $ 17,789 $ 15,054 $ 879,188 Total securities available for sale (1) $ 3,380,550 $ 45,779 $ 34,377 $ 3,391,952 Equity securities: Preferred stock $ 15,292 $ — $ 49 $ 15,243 Mutual funds and common stock (2) 16,874 402 450 16,826 Total equity securities $ 32,166 $ 402 $ 499 $ 32,069 Total securities $ 3,412,716 $ 46,181 $ 34,876 $ 3,424,021 (1) The amortized cost includes the non-credit non-credit (2) Primarily consists of mutual funds that are CRA-qualified December 31, 2017 (in thousands) Amortized Gross Gross Fair Value Mortgage-Related Securities: GSE certificates $ 2,023,677 $ 46,364 $ 1,199 $ 2,068,842 GSE CMOs 536,284 14,446 826 549,904 Total mortgage-related securities $ 2,559,961 $ 60,810 $ 2,025 $ 2,618,746 Other Securities: U. S. Treasury obligations $ 199,960 $ — $ 62 $ 199,898 GSE debentures 473,879 2,044 2,665 473,258 Corporate bonds 79,702 11,073 — 90,775 Municipal bonds 70,381 540 801 70,120 Capital trust notes 48,230 6,498 8,632 46,096 Preferred stock 15,292 142 — 15,434 Mutual funds and common stock (1) 16,874 487 261 17,100 Total other securities $ 904,318 $ 20,784 $ 12,421 $ 912,681 Total securities available for sale (2) $ 3,464,279 $ 81,594 $ 14,446 $ 3,531,427 (1) Primarily consists of mutual funds that are CRA-qualified (2) The amortized cost includes the non-credit non-credit |
Summary of Gross Proceeds and Gross Realized Gains from Sale of Available-for-Sale Securities | The following table summarizes the gross proceeds and gross realized gains from the sale of available-for-sale For the Three Months Ended March 31, (in thousands) 2018 2017 Gross proceeds — $ 139,002 Gross realized gains — 1,979 |
Credit Loss Component of Other Than Temporary Impairment on Debt Securities | (in thousands) For the Three Months Ended March 31, 2018 Beginning credit loss amount as of December 31, 2017 $ 196,333 Add: Initial other-than-temporary credit losses — Subsequent other-than-temporary credit losses — Amount previously recognized in AOCL — Less: Realized losses for securities sold — Securities intended or required to be sold — Increase in cash flows on debt securities — Ending credit loss amount as of March 31, 2018 $ 196,333 |
Summary of Amortized Cost of Securities by Contractual Maturity | The following table summarizes, by contractual maturity, the amortized cost of securities at March 31, 2018: Mortgage- Average U.S. Treasury Average State, County, Average (1) Other Debt (2) Average Fair Value (dollars in thousands) Available-for-Sale (3) Due within one year $ — — % $ 199,678 1.70 % $ 149 6.51 % $ — — % $ 199,581 Due from one to five years 950,910 3.37 6,950 3.84 292 6.63 48,548 3.74 1,019,714 Due from five to ten years 864,803 3.35 347,888 3.16 — — 31,280 8.37 1,257,619 Due after ten years 688,384 3.09 123,750 3.23 69,676 2.88 48,242 4.02 915,038 Total securities available for sale $ 2,504,097 3.29 % $ 678,266 2.75 % $ 70,117 2.90 % $ 128,070 4.98 % $ 3,391,952 (1) Not presented on a tax-equivalent (2) Includes corporate bonds and capital trust notes. (3) As equity securities have no contractual maturity, they have been excluded from this table. |
Summary of Held-to-Maturity and Available-for-Sale Securities having Continuous Unrealized Loss Position | The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of March 31, 2018: Less than Twelve Months Twelve Months or Longer Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Temporarily Impaired Securities: GSE certificates $ 876,096 $ 14,756 $ 19,848 $ 1,108 $ 895,944 $ 15,864 GSE debentures 378,983 6,732 — — 378,983 6,732 GSE CMOs 199,397 3,459 — — 199,397 3,459 U. S. Treasury obligations 199,430 248 — — 199,430 248 Municipal bonds 10,901 469 40,156 1,242 51,057 1,711 Capital trust notes — — 37,385 6,363 37,385 6,363 Equity securities 16,676 52 11,359 447 28,035 499 Total temporarily impaired securities $ 1,681,483 $ 25,716 $ 108,748 $ 9,160 $ 1,790,231 $ 34,876 The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2017: Less than Twelve Months Twelve Months or Longer Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Temporarily Impaired Available-for-Sale GSE certificates $ 232,546 $ 535 $ 20,440 $ 664 $ 252,986 $ 1,199 GSE debentures 333,045 2,665 — — 333,045 2,665 GSE CMOs 118,694 826 — — 118,694 826 U. S. Treasury obligations 199,898 62 — — 199,898 62 Municipal bonds 11,169 259 41,054 542 52,223 801 Capital trust notes — — 35,105 8,632 35,105 8,632 Equity securities — — 11,545 261 11,545 261 Total temporarily impaired available-for-sale $ 895,352 $ 4,347 $ 108,144 $ 10,099 $ 1,003,496 $ 14,446 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Composition of Loan Portfolio | The following table sets forth the composition of the loan portfolio at the dates indicated: March 31, 2018 December 31, 2017 (dollars in thousands) Amount Percent of Amount Percent of Loans Held for Investment: Mortgage Loans: Multi-family $ 28,656,234 73.74 % $ 28,074,709 73.19 % Commercial real estate 7,252,889 18.66 7,322,226 19.09 One-to-four 465,704 1.20 477,228 1.24 Acquisition, development, and construction 441,767 1.14 435,825 1.14 Total mortgage loans held for investment $ 36,816,594 94.74 $ 36,309,988 94.66 Other Loans: Commercial and industrial 1,377,766 3.55 1,377,964 3.59 Lease financing, net of unearned income of $61,251 and $65,041, respectively 657,264 1.69 662,610 1.73 Total commercial and industrial loans (1) 2,035,030 5.24 2,040,574 5.32 Other 8,230 0.02 8,460 0.02 Total other loans held for investment 2,043,260 5.26 2,049,034 5.34 Total loans held for investment $ 38,859,854 100.00 % $ 38,359,022 100.00 % Net deferred loan origination costs 29,569 28,949 Allowance for losses on non-covered (161,140 ) (158,046 ) Loans held for investment, net $ 38,728,283 $ 38,229,925 Loans held for sale 31,402 35,258 Total loans, net $ 38,759,685 $ 38,265,183 (1) Includes specialty finance loans of $1.5 billion at March 31, 2018 and December 31, 2017, and other C&I loans of $522.0 million and $500.8 million, respectively, at March 31, 2018 and December 31, 2017. |
Quality of Loans | The following table presents information regarding the quality of the Company’s loans held for investment at March 31, 2018: (in thousands) Loans 30-89 Days (1) Non- (1) Loans Total Current Total Loans Multi-family $ — $ 11,881 $ — $ 11,881 $ 28,644,353 $ 28,656,234 Commercial real estate 3,191 13,611 — 16,802 7,236,087 7,252,889 One-to-four 397 1,949 — 2,346 463,358 465,704 Acquisition, development, and construction — — — — 441,767 441,767 Commercial and industrial (1) (2) 6,736 45,941 — 52,677 1,982,353 2,035,030 Other 27 4 — 31 8,199 8,230 Total $ 10,351 $ 73,386 $ — $ 83,737 $ 38,776,117 $ 38,859,854 (1) Includes $6.7 million and $44.8 million of taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively. (2) Includes lease financing receivables, all of which were current. The following table presents information regarding the quality of the Company’s loans held for investment at December 31, 2017: (in thousands) Loans 30-89 Days (1) Non- (1) Loans Total Current Total Loans Multi-family $ 1,258 $ 11,078 $ — $ 12,336 $ 28,062,373 $ 28,074,709 Commercial real estate 13,227 6,659 — 19,886 7,302,340 7,322,226 One-to-four 585 1,966 — 2,551 474,677 477,228 Acquisition, development, and construction — 6,200 — 6,200 429,625 435,825 Commercial and industrial (1) (2) 2,711 47,768 — 50,479 1,990,095 2,040,574 Other 8 11 — 19 8,441 8,460 Total $ 17,789 $ 73,682 $ — $ 91,471 $ 38,267,551 $ 38,359,022 (1) Includes $2.7 million and $46.7 million of taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively. (2) Includes lease financing receivables, all of which were current. |
Loan Portfolio by Credit Quality Indicator | The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at March 31, 2018: Mortgage Loans Other Loans (in thousands) Multi-Family Commercial One-to- Four Acquisition, Total Commercial (1) Other Total Other Credit Quality Indicator: Pass $ 28,409,201 $ 7,193,256 $ 460,080 $ 357,174 $ 36,419,711 $ 1,923,271 $ 8,226 $ 1,931,497 Special mention 190,762 45,379 3,675 75,041 314,857 20,358 — 20,358 Substandard 56,271 14,254 1,949 9,552 82,026 91,401 4 91,405 Doubtful — — — — — — — — Total $ 28,656,234 $ 7,252,889 $ 465,704 $ 441,767 $ 36,816,594 $ 2,035,030 $ 8,230 $ 2,043,260 (1) Includes lease financing receivables, all of which were classified as Pass. The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at December 31, 2017: Mortgage Loans Other Loans (in thousands) Multi-Family Commercial One-to- Four Acquisition, Total Commercial (1) Other Total Other Credit Quality Indicator: Pass $ 27,874,330 $ 7,255,100 $ 471,571 $ 344,040 $ 35,945,041 $ 1,925,527 $ 8,449 $ 1,933,976 Special mention 125,752 47,123 3,691 76,033 252,599 20,883 — 20,883 Substandard 74,627 20,003 1,966 15,752 112,348 94,164 11 94,175 Doubtful — — — — — — — — Total $ 28,074,709 $ 7,322,226 $ 477,228 $ 435,825 $ 36,309,988 $ 2,040,574 $ 8,460 $ 2,049,034 (1) Includes lease financing receivables, all of which were classified as Pass. |
Information Regarding Troubled Debt Restructurings | The following table presents information regarding the Company’s TDRs as of March 31, 2018 and December 31, 2017: March 31, 2018 December 31, 2017 (in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Loan Category: Multi-family $ 820 $ 7,607 $ 8,427 $ 824 $ 8,061 $ 8,885 Commercial real estate — 365 365 — 368 368 One-to-four — 1,053 1,053 — 1,066 1,066 Acquisition, development, and construction 9,552 — 9,552 8,652 — 8,652 Commercial and industrial — 26,992 26,992 177 26,408 26,585 Total $ 10,372 $ 36,017 $ 46,389 $ 9,653 $ 35,903 $ 45,556 |
Financial Effects of Troubled Debt Restructurings | The financial effects of the Company’s TDRs for the three months ended March 31, 2018 and 2017 are summarized as follows: For the Three Months Ended March 31, 2018 Weighted Average (dollars in thousands) Number Pre-Modification Post-Modification Pre- Post- Charge-off Capitalized Loan Category: Acquisition, development, and construction 1 $ 900 $ 900 4.50 % 4.50 % $ — $ — Commercial and industrial 6 3,166 1,754 3.28 3.21 1,318 — Total 7 $ 4,066 $ 2,654 $ 1,318 $ — For the Three Months Ended March 31, 2017 Weighted Average (dollars in thousands) Number Pre-Modification Post-Modification Pre- Post- Charge-off Capitalized Loan Category: One-to-four 1 $ 264 $ 339 6.00 % 2.63 % $ — $ 5 Commercial and industrial 17 7,998 4,745 3.30 3.46 3,280 — Total 18 $ 8,262 $ 5,084 $ 3,280 $ 5 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Activity in Allowance for Loan Losses | The following tables provide additional information regarding the Company’s allowance for loan losses based upon the method of evaluating loan impairment: (in thousands) Mortgage Other Total Allowances for Loan Losses at March 31, 2018: Loans individually evaluated for impairment $ — $ 40 $ 40 Loans collectively evaluated for impairment 129,135 31,965 161,100 Total $ 129,135 $ 32,005 $ 161,140 (in thousands) Mortgage Other Total Allowances for Loan Losses at December 31, 2017: Loans collectively evaluated for impairment $ 128,275 $ 29,771 $ 158,046 |
Additional Information Regarding Methods Used to Evaluate Loan Portfolio for Impairment | The following tables provide additional information regarding the methods used to evaluate the Company’s loan portfolio for impairment: (in thousands) Mortgage Other Total Loans Receivable at March 31, 2018: Loans individually evaluated for impairment $ 22,555 $ 46,805 $ 69,360 Loans collectively evaluated for impairment 36,794,039 1,996,455 38,790,494 Total $ 36,816,594 $ 2,043,260 $ 38,859,854 (in thousands) Mortgage Other Total Loans Receivable at December 31, 2017: Loans individually evaluated for impairment $ 31,747 $ 48,810 $ 80,557 Loans collectively evaluated for impairment 36,278,241 2,000,224 38,278,465 Total $ 36,309,988 $ 2,049,034 $ 38,359,022 |
Additional Information Regarding Impaired Loans | The following table presents additional information about the Company’s impaired loans at March 31, 2018: (in thousands) Recorded Unpaid Related Average Interest Impaired loans with no related allowance: Multi-family $ 8,433 $ 11,130 $ — $ 8,662 $ 122 Commercial real estate 2,620 7,735 — 3,879 3 One-to-four 1,949 2,055 — 1,958 12 Acquisition, development, and construction 9,552 10,452 — 12,652 139 Other 46,766 104,106 — 47,788 725 Total impaired loans with no related allowance $ 69,320 $ 135,478 $ — $ 74,939 $ 1,001 Impaired loans with an allowance recorded: Multi-family $ — $ — $ — $ — $ — Commercial real estate — — — — — One-to-four — — — — — Acquisition, development, and construction — — — — — Other 40 40 40 20 3 Total impaired loans with an allowance recorded $ 40 $ 40 $ 40 $ 20 $ 3 Total impaired loans: Multi-family $ 8,433 $ 11,130 $ — $ 8,662 $ 122 Commercial real estate 2,620 7,735 — 3,879 3 One-to-four 1,949 2,055 — 1,958 12 Acquisition, development, and construction 9,552 10,452 — 12,652 139 Other 46,806 104,146 40 47,808 728 Total impaired loans $ 69,360 $ 135,518 $ 40 $ 74,959 $ 1,004 The following table presents additional information about the Company’s impaired loans at December 31, 2017: (in thousands) Recorded Unpaid Related Average Interest Impaired loans with no related allowance: Multi-family $ 8,892 $ 11,470 $ — $ 9,554 $ 495 Commercial real estate 5,137 10,252 — 3,522 92 One-to-four 1,966 2,072 — 2,489 50 Acquisition, development, and construction 15,752 25,952 — 10,976 575 Other 48,810 104,901 — 43,074 2,200 Total impaired loans with no related allowance $ 80,557 $ 154,647 $ — $ 69,615 $ 3,412 Impaired loans with an allowance recorded: Multi-family $ — $ — $ — $ — $ — Commercial real estate — — — — — One-to-four — — — — — Acquisition, development, and construction — — — — — Other — — — 314 — Total impaired loans with an allowance recorded $ — $ — $ — $ 314 $ — Total impaired loans: Multi-family $ 8,892 $ 11,470 $ — $ 9,554 $ 495 Commercial real estate 5,137 10,252 — 3,522 92 One-to-four 1,966 2,072 — 2,489 50 Acquisition, development, and construction 15,752 25,952 — 10,976 575 Other 48,810 104,901 — 43,388 2,200 Total impaired loans $ 80,557 $ 154,647 $ — $ 69,929 $ 3,412 |
Non-Covered Loans | |
Activity in Allowance for Loan Losses | The following table summarizes activity in the allowance for loan losses for the periods indicated: For the Three Months Ended March 31, 2018 2017 (1) (in thousands) Mortgage Other Total Mortgage Other Total Balance, beginning of period $ 128,275 $ 29,771 $ 158,046 $ 125,416 $ 32,874 $ 158,290 Charge-offs (5,411 ) (1,580 ) (6,991 ) — (5,830 ) (5,830 ) Recoveries 110 404 514 115 88 203 Provision for (recovery of) non-covered 6,161 3,410 9,571 (3,679 ) 5,466 1,787 Balance, end of period $ 129,135 $ 32,005 $ 161,140 $ 121,852 $ 32,598 $ 154,450 (1) Represents allowance for losses on non-covered |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Summary of Borrowed Funds | The following table summarizes the Company’s borrowed funds at the dates indicated: (in thousands) March 31, 2018 December 31, Wholesale Borrowings: FHLB advances $ 12,534,500 $ 12,104,500 Repurchase agreements 450,000 450,000 Total wholesale borrowings $ 12,984,500 $ 12,554,500 Junior subordinated debentures 359,259 359,179 Total borrowed funds $ 13,343,759 $ 12,913,679 |
Summary of Repurchase Agreements Accounted for Secured Borrowings | The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at March 31, 2018: Remaining Contractual Maturity of the Agreements (in thousands) Overnight and Up to 30–90 Days Greater than GSE obligations $ — $ 250,000 $ — $ 200,000 |
Junior Subordinated Debentures Outstanding | The following junior subordinated debentures were outstanding at March 31, 2018: Issuer Interest Junior Capital Date of Stated Maturity First Optional (dollars in thousands) New York Community Capital Trust V (BONUSES SM 6.000 % $ 145,333 $ 138,982 Nov. 4, 2002 Nov. 1, 2051 Nov. 4, 2007 (1) New York Community Capital Trust X 3.725 123,712 120,000 Dec. 14, 2006 Dec. 15, 2036 Dec. 15, 2011 (2) PennFed Capital Trust III 5.375 30,928 30,000 June 2, 2003 June 15, 2033 June 15, 2008 (2) New York Community Capital Trust XI 3.958 59,286 57,500 April 16, 2007 June 30, 2037 June 30, 2012 (2) Total junior subordinated debentures $ 359,259 $ 346,482 (1) Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. (2) Callable from this date forward. |
Pension and Other Post-Retire27
Pension and Other Post-Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Pension and Post-Retirement Plans | The following table sets forth certain disclosures for the Company’s pension and post-retirement plans for the periods indicated: For the Three Months Ended March 31, 2018 2017 (in thousands) Pension Post- Pension Post- Components of net periodic (credit) expense: (1) Interest cost $ 1,271 $ 128 $ 1,404 $ 144 Expected return on plan assets (4,035 ) — (4,073 ) — Amortization of prior-service costs — (62 ) — (62 ) Amortization of net actuarial loss 1,795 76 2,053 68 Net periodic (credit) expense $ (969 ) $ 142 $ (616 ) $ 150 (1) Amounts are included in G&A expense on the Consolidated Statements of Income and Comprehensive Income. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Summary of Activity for Restricted Stock Awards | The following table provides a summary of activity with regard to restricted stock awards in the three months ended March 31, 2018: Number of Shares Weighted Average Unvested at beginning of year 5,574,167 $ 15.38 Granted 2,420,523 13.61 Vested (615,482 ) 15.30 Canceled (72,380 ) 14.92 Unvested at end of period 7,306,828 14.80 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at March 31, 2018 (in thousands) Quoted Prices Significant Significant Netting (1) Total Assets: Mortgage-Related Securities Available for Sale: GSE certificates $ — $ 1,971,177 $ — $ — $ 1,971,177 GSE CMOs — 541,587 — — 541,587 Total mortgage-related securities $ — $ 2,512,764 $ — $ — $ 2,512,764 Other Securities Available for Sale: U. S. Treasury Obligations $ 199,430 $ — $ — $ — $ 199,430 GSE debentures — 473,069 — — 473,069 Corporate bonds — 89,718 — — 89,718 Municipal bonds — 68,607 — — 68,607 Capital trust notes — 48,364 — — 48,364 Total other securities $ 199,430 $ 679,758 $ — $ — $ 879,188 Total securities available for sale $ 199,430 $ 3,192,522 $ — $ — $ 3,391,952 Equity securities: Preferred stock $ 15,243 $ — $ — $ — $ 15,243 Mutual funds and common stock — 16,826 — — 16,826 Total equity securities $ 15,243 $ 16,826 $ — $ — $ 32,069 Total securities $ 214,673 $ 3,209,348 $ — $ — $ 3,424,021 Other Assets: Loans held for sale $ — $ 31,402 $ — $ — $ 31,402 Mortgage servicing rights — — 2,575 — 2,575 Fair Value Measurements at December 31, 2017 (in thousands) Quoted Prices Significant Significant Netting (1) Total Assets: Mortgage-Related Securities Available for Sale: GSE certificates $ — $ 2,068,842 $ — $ — $ 2,068,842 GSE CMOs 549,904 549,904 Total mortgage-related securities $ — $ 2,618,746 $ — $ — $ 2,618,746 Other Securities Available for Sale: U. S. Treasury Obligations $ 199,898 $ — $ — $ — $ 199,898 GSE debentures — 473,258 — — 473,258 Corporate bonds — 90,775 — — 90,775 Municipal bonds — 70,120 — — 70,120 Capital trust notes — 46,096 — — 46,096 Preferred stock 15,434 — — — 15,434 Mutual funds and common stock — 17,100 — — 17,100 Total other securities $ 215,332 $ 697,349 $ — $ — $ 912,681 Total securities available for sale $ 215,332 $ 3,316,095 $ — $ — $ 3,531,427 Other Assets: Loans held for sale $ — $ 35,258 $ — $ — $ 35,258 Mortgage servicing rights — — 2,729 — 2,729 (1) Includes cash collateral received from, and paid to, counterparties. (2) Includes $1.9 million to purchase Treasury options. |
Difference between Fair Value Option and Unpaid Principal Balance | The following table reflects the difference between the fair value carrying amount of loans held for sale, for which the Company has elected the fair value option, and the unpaid principal balance: March 31, 2018 December 31, 2017 (in thousands) Fair Value Aggregate Fair Value Fair Value Aggregate Fair Value Loans held for sale $ 31,402 $ 36,498 $ (5,096 ) $ 35,258 $ 34,563 $ 695 |
Changes in Fair Value of MSRs | The following table presents the changes in fair value related to initial measurement, and the subsequent changes in fair value included in earnings, for MSRs for the periods indicated: (Loss) Gain Included in Income from Changes in Fair Value (1) For the Three Months Ended March 31, (in thousands) 2018 2017 Mortgage servicing rights $ (154 ) $ (2,789 ) |
Rollforward of Financial Instruments Classified in Level Three of Valuation Hierarchy | The following tables present, for the three months ended March 31, 2018 and March 31, 2017, a roll-forward of the balance sheet amounts (including changes in fair value) for financial instruments classified in Level 3 of the valuation hierarchy: (in thousands) Fair Value Total Realized/Unrealized Issuances Settlements Transfers Fair Value Change in Income/ Comprehensive Mortgage servicing rights $ 2,729 $ (154 ) $ — $ — $ — $ — $ 2,575 $ (154 ) (in thousands) Fair Value Total Realized/Unrealized Issuances Settlements Transfers Fair Value Change in Income/ Comprehensive Mortgage servicing rights $ 228,099 $ (2,726 ) $ — $ 7,574 $ (4,147 ) $ — $ 228,800 $ (2,726 ) Interest rate lock commitments 982 1,467 — — — — 2,449 2,430 |
Significant Unobservable Inputs used in Fair Value Measurement | For Level 3 assets and liabilities measured at fair value on a recurring basis as of March 31, 2018, the significant unobservable inputs used in the fair value measurements were as follows: (dollars in thousands) Fair Value at Valuation Technique Significant Unobservable Inputs Significant Mortgage servicing rights $2,575 Discounted Cash Flow Weighted Average Constant Prepayment Rate (1) 10.66 % Weighted Average Discount Rate 12.00 (1) Represents annualized loan repayment rate assumptions. |
Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments | The following tables present assets and liabilities that were measured at fair value on a non-recurring Fair Value Measurements at March 31, 2018 Using (in thousands) Quoted Prices in Significant Other Significant Total Fair Certain impaired loans (1) $ — $ — $ 15,558 $ 15,558 Other assets (2) $ — $ — 3,121 3,121 Total $ — $ — $ 18,679 $ 18,679 (1) Represents the fair value of impaired loans, based on the value of the collateral. (2) Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets. Fair Value Measurements at December 31, 2017 Using (in thousands) Quoted Prices in Significant Other Significant Total Fair Certain impaired loans (1) $ — $ — $ 45,837 $ 45,837 Other assets (2) — — 4,357 4,357 Total $ — $ — $ 50,194 $ 50,194 (1) Represents the fair value of impaired loans, based on the value of the collateral. (2) Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets. |
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | The following tables summarize the carrying values, estimated fair values, and fair value measurement levels of financial instruments that were not carried at fair value on the Company’s Consolidated Statements of Condition at March 31, 2018 and December 31, 2017: March 31, 2018 Fair Value Measurement Using (in thousands) Carrying Value Estimated Quoted Prices in Significant Significant Financial Assets: Cash and cash equivalents $ 2,680,772 $ 2,680,772 $ 2,680,772 $ — $ — FHLB stock (1) 622,989 622,989 — 622,989 — Loans, net 38,759,685 38,462,422 — — 38,462,422 Financial Liabilities: Deposits $ 29,235,434 $ 29,178,221 $ 20,172,114 (2) $ 9,006,107 (3) $ — Borrowed funds 13,343,759 13,176,141 — 13,176,141 — (1) Carrying value and estimated fair value are at cost. (2) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing (3) Certificates of deposit. December 31, 2017 Fair Value Measurement Using (in thousands) Carrying Value Estimated Quoted Prices in Significant Significant Financial Assets: Cash and cash equivalents $ 2,528,169 $ 2,528,169 $ 2,528,169 $ — $ — FHLB stock (1) 603,819 603,819 — 603,819 — Loans, net 38,265,183 38,254,538 — — 38,254,538 Financial Liabilities: Deposits $ 29,102,163 $ 29,044,852 $ 20,458,517 (2) $ 8,586,335 (3) $ — Borrowed funds 12,913,679 12,780,653 — 12,780,653 — (1) Carrying value and estimated fair value are at cost. (2) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing (3) Certificates of deposit. |
Organization and Basis of Pre30
Organization and Basis of Presentation - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2018Location$ / shares | Dec. 31, 2017$ / shares | Nov. 23, 1993$ / shares | |
Organization and Basis Of Presentation [Line Items] | |||
Common stock, par | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
Description of nine stock splits | ($0.93 per share on a split-adjusted basis, reflecting the impact of nine stock splits between 1994 and 2004). | ||
IPO | |||
Organization and Basis Of Presentation [Line Items] | |||
Shares issued, price per share | $ / shares | $ 25 | ||
Shares issued, price per share, split adjusted basis | $ / shares | $ 0.93 | ||
New York Community Bank | |||
Organization and Basis Of Presentation [Line Items] | |||
Number of branches | 225 | ||
New York Community Bank | Directly Operated Banks | |||
Organization and Basis Of Presentation [Line Items] | |||
Number of branches | 2 | ||
New York Community Bank | Seven Divisional Banks | |||
Organization and Basis Of Presentation [Line Items] | |||
Number of branches | 223 | ||
New York Commercial Bank | |||
Organization and Basis Of Presentation [Line Items] | |||
Number of branches | 30 | ||
New York Commercial Bank | Atlantic Bank | |||
Organization and Basis Of Presentation [Line Items] | |||
Number of branches | 18 |
Computation of Basic and Dilute
Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net income available to common shareholders | $ 98,345 | $ 103,957 |
Less: Dividends paid on and earnings allocated to participating securities | (900) | (819) |
Earnings applicable to common stock | $ 97,445 | $ 103,138 |
Weighted average common shares outstanding | 488,140,102 | 486,511,756 |
Basic earnings per common share | $ 0.20 | $ 0.21 |
Potential dilutive common shares | 0 | 0 |
Total shares for diluted earnings per common share computation | 488,140,102 | 486,511,756 |
Diluted earnings per common share and common share equivalents | $ 0.20 | $ 0.21 |
Reclassifications of Accumulate
Reclassifications of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net gain on securities | $ (466) | $ 1,979 | |
Income tax expense | (37,925) | (60,197) | |
Net (Loss) income | 106,552 | $ 103,957 | |
Reclassifications, net of tax | [1] | (1,277) | |
Past service liability | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassifications, before tax | [1],[2] | 62 | |
Actuarial losses | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassifications, before tax | [1],[2] | (1,871) | |
Amortization of defined benefit pension | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassifications, before tax | [1] | (1,809) | |
Tax benefit | [1] | 532 | |
Reclassifications, net of tax | [1] | (1,277) | |
Reclassification out of Accumulated Other Comprehensive Income (loss) | Unrealized gains on available for sale securities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net gain on securities | [1] | 0 | |
Income tax expense | [1] | 0 | |
Net (Loss) income | [1] | $ 0 | |
[1] | Amounts in parentheses indicate expense items. | ||
[2] | See Note 8, "Pension and Other Post-Retirement Benefits," for additional information. |
Summary of Portfolio of Securit
Summary of Portfolio of Securities Available for Sale and Equity Investments with Readily Determinable Fair Values (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | [1] | $ 3,464,279 | ||
Gross Unrealized Gain | [1] | 81,594 | ||
Gross Unrealized Loss | [1] | 14,446 | ||
Fair Value | $ 3,391,952 | 3,531,427 | [1] | |
Amortized Cost | 3,412,716 | |||
Gross Unrealized Gain | 46,181 | |||
Gross Unrealized Loss | 34,876 | |||
Fair Value | 3,424,021 | 3,531,427 | ||
Mortgage-Related Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 2,504,097 | 2,559,961 | ||
Gross Unrealized Gain | 27,990 | 60,810 | ||
Gross Unrealized Loss | 19,323 | 2,025 | ||
Fair Value | 2,512,764 | 2,618,746 | ||
Mortgage-Related Securities | GSE certificates | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 1,966,476 | 2,023,677 | ||
Gross Unrealized Gain | 20,565 | 46,364 | ||
Gross Unrealized Loss | 15,864 | 1,199 | ||
Fair Value | 1,971,177 | 2,068,842 | ||
Mortgage-Related Securities | GSE CMOs | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 537,621 | 536,284 | ||
Gross Unrealized Gain | 7,425 | 14,446 | ||
Gross Unrealized Loss | 3,459 | 826 | ||
Fair Value | 541,587 | 549,904 | ||
Other Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 876,453 | 904,318 | ||
Gross Unrealized Gain | 17,789 | 20,784 | ||
Gross Unrealized Loss | 15,054 | 12,421 | ||
Fair Value | 879,188 | 912,681 | ||
Other Securities | U.S. Treasury obligations | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 199,678 | 199,960 | ||
Gross Unrealized Loss | 248 | 62 | ||
Fair Value | 199,430 | 199,898 | ||
Other Securities | GSE debentures | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 478,588 | 473,879 | ||
Gross Unrealized Gain | 1,213 | 2,044 | ||
Gross Unrealized Loss | 6,732 | 2,665 | ||
Fair Value | 473,069 | 473,258 | ||
Other Securities | Corporate bonds | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 79,828 | 79,702 | ||
Gross Unrealized Gain | 9,890 | 11,073 | ||
Fair Value | 89,718 | 90,775 | ||
Other Securities | Municipal bonds | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 70,117 | 70,381 | ||
Gross Unrealized Gain | 201 | 540 | ||
Gross Unrealized Loss | 1,711 | 801 | ||
Fair Value | 68,607 | 70,120 | ||
Other Securities | Capital trust notes | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 48,242 | 48,230 | ||
Gross Unrealized Gain | 6,485 | 6,498 | ||
Gross Unrealized Loss | 6,363 | 8,632 | ||
Fair Value | 48,364 | 46,096 | ||
Other Securities | Preferred stock | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 15,292 | |||
Gross Unrealized Gain | 142 | |||
Fair Value | 15,434 | |||
Other Securities | Mutual Funds and Common Stock | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | [2] | 16,874 | ||
Gross Unrealized Gain | [2] | 487 | ||
Gross Unrealized Loss | [2] | 261 | ||
Fair Value | [2] | $ 17,100 | ||
Mortgage Backed Securities And Other Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | [3] | 3,380,550 | ||
Gross Unrealized Gain | [3] | 45,779 | ||
Gross Unrealized Loss | [3] | 34,377 | ||
Fair Value | [3] | 3,391,952 | ||
Equity securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 32,166 | |||
Gross Unrealized Gain | 402 | |||
Gross Unrealized Loss | 499 | |||
Fair Value | 32,069 | |||
Equity securities | Preferred stock | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 15,292 | |||
Gross Unrealized Loss | 49 | |||
Fair Value | 15,243 | |||
Equity securities | Mutual Funds and Common Stock | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | [2] | 16,874 | ||
Gross Unrealized Gain | [2] | 402 | ||
Gross Unrealized Loss | [2] | 450 | ||
Fair Value | [2] | $ 16,826 | ||
[1] | The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At December 31, 2017, the non-credit portion of OTTI recorded in AOCL was $8.6 million (before taxes). | |||
[2] | Primarily consists of mutual funds that are CRA-qualified investments. | |||
[3] | The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At March 31, 2018, the non-credit portion of OTTI recorded in AOCL was $8.6 million (before taxes). |
Summary of Portfolio of Secur34
Summary of Portfolio of Securities Available for Sale and Equity Investments with Readily Determinable Fair Values (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Available-for-sale Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Non-credit portion of OTTI recorded in AOCL, pre-tax | $ 8.6 | $ 8.6 |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Thousands | Mar. 31, 2018USD ($)Investment | Dec. 31, 2017USD ($)Investment | |
Schedule of Investments [Line Items] | |||
Federal Home Loan Bank stock, at cost | [1] | $ 622,989 | $ 603,819 |
Investment securities designated as having a continuous loss position for twelve months or more, unrealized losses | $ 9,200 | $ 10,100 | |
Investment securities designated as having a continuous loss position for twelve months or more, percentage below collective amortized cost | 7.80% | 8.50% | |
Investment securities designated as having a continuous loss position for twelve months or more, amortized cost | $ 118,200 | $ 117,900 | |
Capital trust notes | |||
Schedule of Investments [Line Items] | |||
Number of investment securities designated as having a continuous loss position for twelve months or more | Investment | 5 | 5 | |
Mortgage-Related Securities | |||
Schedule of Investments [Line Items] | |||
Number of investment securities designated as having a continuous loss position for twelve months or more | Investment | 6 | 6 | |
[1] | Carrying value and estimated fair value are at cost. |
Summary of Gross Proceeds and G
Summary of Gross Proceeds and Gross Realized Gains from Sale of Available-for-Sale Securities (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Gain (Loss) on Investments [Line Items] | |
Gross proceeds | $ 139,002 |
Gross realized gains | $ 1,979 |
Credit Loss Component of Other
Credit Loss Component of Other Than Temporary Impairment on Debt Securities (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |
Beginning OTTI credit loss amount | $ 196,333 |
Add: Initial other-than-temporary credit losses | 0 |
Subsequent other-than-temporary credit losses | 0 |
Amount previously recognized in AOCL | 0 |
Less: Realized losses for securities sold | 0 |
Securities intended or required to be sold | 0 |
Increase in cash flows on debt securities | 0 |
Ending OTTI credit loss amount | $ 196,333 |
Summary of Amortized Cost of Se
Summary of Amortized Cost of Securities by Contractual Maturity (Detail) $ in Thousands | Mar. 31, 2018USD ($) | [1] |
Available-for-Sale Securities: | ||
Due within one year | $ 199,581 | |
Due from one to five years | 1,019,714 | |
Due from five to ten years | 1,257,619 | |
Due after ten years | 915,038 | |
Total securities available for sale | 3,391,952 | |
Mortgage-Related Securities | ||
Available-for-Sale Securities: | ||
Due from one to five years | 950,910 | |
Due from five to ten years | 864,803 | |
Due after ten years | 688,384 | |
Total securities available for sale | $ 2,504,097 | |
Available-for-Sale Securities, Average Yield | ||
Due from one to five years, Average Yield | 3.37% | |
Due from five to ten years, Average Yield | 3.35% | |
Due after ten years, Average Yield | 3.09% | |
Total securities available for sale, Average Yield | 3.29% | |
U.S. Treasury and GSE Obligations | ||
Available-for-Sale Securities: | ||
Due within one year | $ 199,678 | |
Due from one to five years | 6,950 | |
Due from five to ten years | 347,888 | |
Due after ten years | 123,750 | |
Total securities available for sale | $ 678,266 | |
Available-for-Sale Securities, Average Yield | ||
Due within one year, Average Yield | 1.70% | |
Due from one to five years, Average Yield | 3.84% | |
Due from five to ten years, Average Yield | 3.16% | |
Due after ten years, Average Yield | 3.23% | |
Total securities available for sale, Average Yield | 2.75% | |
State, county, and municipal | ||
Available-for-Sale Securities: | ||
Due within one year | $ 149 | |
Due from one to five years | 292 | |
Due after ten years | 69,676 | |
Total securities available for sale | $ 70,117 | |
Available-for-Sale Securities, Average Yield | ||
Due within one year, Average Yield | 6.51% | [2] |
Due from one to five years, Average Yield | 6.63% | [2] |
Due after ten years, Average Yield | 2.88% | [2] |
Total securities available for sale, Average Yield | 2.90% | [2] |
Other Debt Securities | ||
Available-for-Sale Securities: | ||
Due from one to five years | $ 48,548 | [3] |
Due from five to ten years | 31,280 | [3] |
Due after ten years | 48,242 | [3] |
Total securities available for sale | $ 128,070 | [3] |
Available-for-Sale Securities, Average Yield | ||
Due from one to five years, Average Yield | 3.74% | |
Due from five to ten years, Average Yield | 8.37% | |
Due after ten years, Average Yield | 4.02% | |
Total securities available for sale, Average Yield | 4.98% | |
[1] | As equity securities have no contractual maturity, they have been excluded from this table. | |
[2] | Not presented on a tax-equivalent basis. | |
[3] | (2) Includes corporate bonds and capital trust notes. |
Summary of Held-to-Maturity and
Summary of Held-to-Maturity and Available-for-Sale Securities Having Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Securities | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | $ 1,681,483 | $ 895,352 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 25,716 | 4,347 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 108,748 | 108,144 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 9,160 | 10,099 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 1,790,231 | 1,003,496 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 34,876 | 14,446 |
Debt Securities | GSE certificates | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 876,096 | 232,546 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 14,756 | 535 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 19,848 | 20,440 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 1,108 | 664 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 895,944 | 252,986 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 15,864 | 1,199 |
Debt Securities | GSE debentures | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 378,983 | 333,045 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 6,732 | 2,665 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 378,983 | 333,045 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 6,732 | 2,665 |
Debt Securities | GSE CMOs | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 199,397 | 118,694 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 3,459 | 826 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 199,397 | 118,694 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 3,459 | 826 |
Debt Securities | U.S. Treasury obligations | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 199,430 | 199,898 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 248 | 62 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 199,430 | 199,898 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 248 | 62 |
Debt Securities | Municipal bonds | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 10,901 | 11,169 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 469 | 259 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 40,156 | 41,054 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 1,242 | 542 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 51,057 | 52,223 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 1,711 | 801 |
Debt Securities | Capital trust notes | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 37,385 | 35,105 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 6,363 | 8,632 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 37,385 | 35,105 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 6,363 | 8,632 |
Equity securities | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 16,676 | |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 52 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 11,359 | 11,545 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 447 | 261 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 28,035 | 11,545 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | $ 499 | $ 261 |
Composition of Loan Portfolio (
Composition of Loan Portfolio (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | [1] | Dec. 31, 2016 | [1] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Held for Investment | $ 38,859,854 | $ 38,359,022 | |||||
Net deferred loan origination costs | $ 29,569 | $ 28,949 | |||||
Percent of loans held for investment | 100.00% | 100.00% | |||||
Allowance for losses on non-covered loans | $ (161,140) | $ (158,046) | $ (154,450) | $ (158,290) | |||
Loans held for investment, net | 38,728,283 | 38,229,925 | |||||
Loans held for sale | 31,402 | 35,258 | |||||
Total loans, net | 38,759,685 | 38,265,183 | |||||
Commercial and Industrial | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Held for Investment | [2] | 2,035,030 | 2,040,574 | ||||
Commercial and Industrial | Other loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Held for Investment | $ 1,377,766 | $ 1,377,964 | |||||
Percent of loans held for investment | 3.55% | 3.59% | |||||
Multi-Family | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Held for Investment | $ 28,656,234 | $ 28,074,709 | |||||
Percent of loans held for investment | 73.74% | 73.19% | |||||
Commercial Real Estate | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Held for Investment | $ 7,252,889 | $ 7,322,226 | |||||
Percent of loans held for investment | 18.66% | 19.09% | |||||
One-to-four family | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Held for Investment | $ 465,704 | $ 477,228 | |||||
Percent of loans held for investment | 1.20% | 1.24% | |||||
Acquisition, Development and Construction | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Held for Investment | $ 441,767 | $ 435,825 | |||||
Percent of loans held for investment | 1.14% | 1.14% | |||||
Mortgage Receivable | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Held for Investment | $ 36,816,594 | $ 36,309,988 | |||||
Percent of loans held for investment | 94.74% | 94.66% | |||||
Allowance for losses on non-covered loans | $ (129,135) | $ (128,275) | $ (121,852) | $ (125,416) | |||
Lease financing, unearned income | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Held for Investment | $ 657,264 | $ 662,610 | |||||
Percent of loans held for investment | 1.69% | 1.73% | |||||
Other Commercial and Industrial Loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Held for Investment | [3] | $ 2,035,030 | $ 2,040,574 | ||||
Percent of loans held for investment | [3] | 5.24% | 5.32% | ||||
Other | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Held for Investment | $ 8,230 | $ 8,460 | |||||
Percent of loans held for investment | 0.02% | 0.02% | |||||
Total Other Loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Held for Investment | $ 2,043,260 | $ 2,049,034 | |||||
Total Other Loans | Other loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Held for Investment | $ 2,043,260 | $ 2,049,034 | |||||
Percent of loans held for investment | 5.26% | 5.34% | |||||
[1] | Represents allowance for losses on non-covered loans, excluding PCI loans. | ||||||
[2] | Includes lease financing receivables, all of which were classified as Pass. | ||||||
[3] | Includes specialty finance loans of $1.5 billion at March 31, 2018 and December 31, 2017, and other C&I loans of $522.0 million and $500.8 million, respectively, at March 31, 2018 and December 31, 2017. |
Composition of Loan Portfolio41
Composition of Loan Portfolio (Parenthetical) (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | $ 38,859,854 | $ 38,359,022 | |
Commercial and Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | [1] | 2,035,030 | 2,040,574 |
Commercial and Industrial | Other loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | 1,377,766 | 1,377,964 | |
Lease financing, unearned income | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unearned income | 61,251 | 65,041 | |
Non-Covered Loans | 657,264 | 662,610 | |
Specialty Finance Loans | Commercial and Industrial | Other loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | 1,500,000 | 1,500,000 | |
Other Commercial and Industrial Loans | Commercial and Industrial | Other loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | $ 522,000 | $ 500,800 | |
[1] | Includes lease financing receivables, all of which were classified as Pass. |
Loans - Additional Information
Loans - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018USD ($)Investment | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($)Investment | |
Financing Receivable, Recorded Investment [Line Items] | |||
Outstanding loans to Executive officers, directors, principal shareholders, related interest and parties | $ 56,800,000 | $ 56,800,000 | |
Loans held for sale | 31,402,000 | 31,402,000 | $ 35,258,000 |
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | $ 2,654,000 | $ 5,084,000 | |
Number of loans classified as a non-accrual TDRs | Investment | 7 | 18 | |
Freedom Mortgage Corporation | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | $ 31,400,000 | 31,400,000 | $ 35,300,000 |
One-to-four family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | $ 339,000 | ||
Number of loans classified as a non-accrual TDRs | Investment | 1 | ||
One-to-four family | Freedom Mortgage Corporation | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | 21,900,000 | 21,900,000 | |
Commercial Real Estate | Freedom Mortgage Corporation | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans held for sale | 9,500,000 | 9,500,000 | |
Commercial and Industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | $ 1,754,000 | $ 4,745,000 | |
Number of loans classified as a non-accrual TDRs | Investment | 6 | 17 | |
Commercial and Industrial | Payment Default | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Number of loans classified as a non-accrual TDRs | 11 | ||
Loan classified as non accrual TDRs | $ 2,900,000 | 2,900,000 | |
Principal shareholders | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Outstanding loans to Executive officers, directors, principal shareholders, related interest and parties | $ 0 | 0 | |
Financing Receivable Troubled Debt Restructurings Rate Reductions | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | 44,600,000 | ||
Financing Receivable Troubled Debt Restructurings Forbearance of Arrears | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | $ 1,800,000 |
Quality of Loans (Excluding PCI
Quality of Loans (Excluding PCI Loans) (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-Covered Loans | $ 38,859,854 | $ 38,359,022 | |||
Multi-Family | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-Covered Loans | 28,656,234 | 28,074,709 | |||
Commercial Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-Covered Loans | 7,252,889 | 7,322,226 | |||
One-to-four family | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-Covered Loans | 465,704 | 477,228 | |||
Acquisition, Development and Construction | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-Covered Loans | 441,767 | 435,825 | |||
Commercial and Industrial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-Covered Loans | 2,035,030 | [1],[2] | 2,040,574 | [3],[4] | |
Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non-Covered Loans | 8,230 | 8,460 | |||
Non-Covered Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non- Accrual | 73,386 | [2] | 73,682 | [1] | |
Total Past Due | 83,737 | 91,471 | |||
Current | 38,776,117 | 38,267,551 | |||
Non-Covered Loans | Financing Receivable, 30-89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 10,351 | [2] | 17,789 | [1] | |
Non-Covered Loans | Multi-Family | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non- Accrual | 11,881 | [2] | 11,078 | [1] | |
Total Past Due | 11,881 | 12,336 | |||
Current | 28,644,353 | 28,062,373 | |||
Non-Covered Loans | Multi-Family | Financing Receivable, 30-89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | [1] | 1,258 | |||
Non-Covered Loans | Commercial Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non- Accrual | 13,611 | [2] | 6,659 | [1] | |
Total Past Due | 16,802 | 19,886 | |||
Current | 7,236,087 | 7,302,340 | |||
Non-Covered Loans | Commercial Real Estate | Financing Receivable, 30-89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 3,191 | [2] | 13,227 | [1] | |
Non-Covered Loans | One-to-four family | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non- Accrual | 1,949 | [2] | 1,966 | [1] | |
Total Past Due | 2,346 | 2,551 | |||
Current | 463,358 | 474,677 | |||
Non-Covered Loans | One-to-four family | Financing Receivable, 30-89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 397 | [2] | 585 | [1] | |
Non-Covered Loans | Acquisition, Development and Construction | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non- Accrual | [1] | 6,200 | |||
Total Past Due | 6,200 | ||||
Current | 441,767 | 429,625 | |||
Non-Covered Loans | Commercial and Industrial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non- Accrual | [1] | 45,941 | [2] | 47,768 | [3],[4] |
Total Past Due | 52,677 | [1],[2] | 50,479 | [3],[4] | |
Current | 1,982,353 | [1],[2] | 1,990,095 | [3],[4] | |
Non-Covered Loans | Commercial and Industrial | Financing Receivable, 30-89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | [1] | 6,736 | [2] | 2,711 | [3],[4] |
Non-Covered Loans | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non- Accrual | 4 | [2] | 11 | [1] | |
Total Past Due | 31 | 19 | |||
Current | 8,199 | 8,441 | |||
Non-Covered Loans | Other | Financing Receivable, 30-89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | $ 27 | [2] | $ 8 | [1] | |
[1] | (2) Includes lease financing receivables, all of which were current. | ||||
[2] | Includes $6.7 million and $44.8million of taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively. | ||||
[3] | Includes $2.7 million and $46.7 million of taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively. | ||||
[4] | Includes lease financing receivables, all of which were current. |
Quality of Loans (Excluding P44
Quality of Loans (Excluding PCI Loans) (Parenthetical) (Detail) - Taxi Medallion Loans - Commercial and Industrial - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 6.7 | $ 2.7 |
Loans 90 Days Or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 44.8 | $ 46.7 |
Loan Portfolio by Credit Qualit
Loan Portfolio by Credit Quality Indicator (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | $ 38,859,854 | $ 38,359,022 | |
Multi-Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 28,656,234 | 28,074,709 | |
Multi-Family | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 28,409,201 | 27,874,330 | |
Multi-Family | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 190,762 | 125,752 | |
Multi-Family | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 56,271 | 74,627 | |
Commercial Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 7,252,889 | 7,322,226 | |
Commercial Real Estate | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 7,193,256 | 7,255,100 | |
Commercial Real Estate | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 45,379 | 47,123 | |
Commercial Real Estate | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 14,254 | 20,003 | |
One-to-four family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 465,704 | 477,228 | |
One-to-four family | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 460,080 | 471,571 | |
One-to-four family | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 3,675 | 3,691 | |
One-to-four family | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 1,949 | 1,966 | |
Acquisition, Development and Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 441,767 | 435,825 | |
Acquisition, Development and Construction | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 357,174 | 344,040 | |
Acquisition, Development and Construction | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 75,041 | 76,033 | |
Acquisition, Development and Construction | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 9,552 | 15,752 | |
Mortgage Receivable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 36,816,594 | 36,309,988 | |
Mortgage Receivable | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 36,419,711 | 35,945,041 | |
Mortgage Receivable | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 314,857 | 252,599 | |
Mortgage Receivable | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 82,026 | 112,348 | |
Commercial and Industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [1] | 2,035,030 | 2,040,574 |
Commercial and Industrial | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [1] | 1,923,271 | 1,925,527 |
Commercial and Industrial | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [1] | 20,358 | 20,883 |
Commercial and Industrial | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [1] | 91,401 | 94,164 |
Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 8,230 | 8,460 | |
Other | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 8,226 | 8,449 | |
Other | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 4 | 11 | |
Total Other Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 2,043,260 | 2,049,034 | |
Total Other Loans | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 1,931,497 | 1,933,976 | |
Total Other Loans | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 20,358 | 20,883 | |
Total Other Loans | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | $ 91,405 | $ 94,175 | |
[1] | Includes lease financing receivables, all of which were classified as Pass. |
Information Regarding Troubled
Information Regarding Troubled Debt Restructurings (Detail) - Non-Covered Loans - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | $ 46,389 | $ 45,556 |
Multi-Family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 8,427 | 8,885 |
Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 365 | 368 |
One-to-four family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 1,053 | 1,066 |
Acquisition, Development and Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 9,552 | 8,652 |
Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 26,992 | 26,585 |
Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 10,372 | 9,653 |
Accruing | Multi-Family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 820 | 824 |
Accruing | Acquisition, Development and Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 9,552 | 8,652 |
Accruing | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 177 | |
Non-Accrual | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 36,017 | 35,903 |
Non-Accrual | Multi-Family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 7,607 | 8,061 |
Non-Accrual | Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 365 | 368 |
Non-Accrual | One-to-four family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 1,053 | 1,066 |
Non-Accrual | Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | $ 26,992 | $ 26,408 |
Summary of Financial Effects of
Summary of Financial Effects of Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018USD ($)Investment | Dec. 31, 2017USD ($)Investment | |
Financing Receivable, Modifications [Line Items] | ||
Number of loans classified as a non-accrual TDRs | Investment | 7 | 18 |
Pre-Modification Recorded Investment | $ 4,066 | $ 8,262 |
Post-Modification Recorded Investment | 2,654 | 5,084 |
Trouble debt restructuring, charge-off amount | $ 1,318 | 3,280 |
Capitalized interest | $ 5 | |
Acquisition, Development and Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans classified as a non-accrual TDRs | Investment | 1 | |
Pre-Modification Recorded Investment | $ 900 | |
Post-Modification Recorded Investment | $ 900 | |
Weighted Average Interest Rate, Pre-Modification | 4.50% | |
Weighted Average Interest Rate, Post-Modification | 4.50% | |
Commercial and Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans classified as a non-accrual TDRs | Investment | 6 | 17 |
Pre-Modification Recorded Investment | $ 3,166 | $ 7,998 |
Post-Modification Recorded Investment | $ 1,754 | $ 4,745 |
Weighted Average Interest Rate, Pre-Modification | 3.28% | 3.30% |
Weighted Average Interest Rate, Post-Modification | 3.21% | 3.46% |
Trouble debt restructuring, charge-off amount | $ 1,318 | $ 3,280 |
One-to-four family | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans classified as a non-accrual TDRs | Investment | 1 | |
Pre-Modification Recorded Investment | $ 264 | |
Post-Modification Recorded Investment | $ 339 | |
Weighted Average Interest Rate, Pre-Modification | 6.00% | |
Weighted Average Interest Rate, Post-Modification | 2.63% | |
Capitalized interest | $ 5 |
Activity in Allowance for Loan
Activity in Allowance for Loan Losses Based Upon the Method of Evaluating Loan Impairment (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Individually evaluated for impairment | $ 40 | |
Allowance for Loan Losses, Collectively evaluated for impairment | 161,100 | $ 158,046 |
Allowance for Loan Losses | 161,140 | |
Mortgage Receivable | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 129,135 | 128,275 |
Allowance for Loan Losses | 129,135 | |
Other loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Individually evaluated for impairment | 40 | |
Allowance for Loan Losses, Collectively evaluated for impairment | 31,965 | $ 29,771 |
Allowance for Loan Losses | $ 32,005 |
Additional Information Regardin
Additional Information Regarding Methods used to Evaluate Loan Portfolio for Impairment (Detail) - Additional Information Loan Portfolio - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Individually evaluated for impairment | $ 69,360 | $ 80,557 |
Loans Receivable, Collectively evaluated for impairment | 38,790,494 | 38,278,465 |
Total loans, net | 38,859,854 | 38,359,022 |
Mortgage Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Individually evaluated for impairment | 22,555 | 31,747 |
Loans Receivable, Collectively evaluated for impairment | 36,794,039 | 36,278,241 |
Total loans, net | 36,816,594 | 36,309,988 |
Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Individually evaluated for impairment | 46,805 | 48,810 |
Loans Receivable, Collectively evaluated for impairment | 1,996,455 | 2,000,224 |
Total loans, net | $ 2,043,260 | $ 2,049,034 |
Activity in Allowance for Loa50
Activity in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | [1] | |
Valuation Allowance [Line Items] | |||
Balance, beginning of period | $ 158,046 | $ 158,290 | |
Charge-offs | (6,991) | (5,830) | |
Recoveries | 514 | 203 | |
Balance, end of period | 161,140 | 154,450 | |
Non-Covered Loans | |||
Valuation Allowance [Line Items] | |||
Provision for (recovery of) non-covered loan losses | 9,571 | 1,787 | |
Mortgage Receivable | |||
Valuation Allowance [Line Items] | |||
Balance, beginning of period | 128,275 | 125,416 | |
Charge-offs | (5,411) | ||
Recoveries | 110 | 115 | |
Balance, end of period | 129,135 | 121,852 | |
Mortgage Receivable | Non-Covered Loans | |||
Valuation Allowance [Line Items] | |||
Provision for (recovery of) non-covered loan losses | 6,161 | (3,679) | |
Other loans | |||
Valuation Allowance [Line Items] | |||
Balance, beginning of period | 29,771 | 32,874 | |
Charge-offs | (1,580) | (5,830) | |
Recoveries | 404 | 88 | |
Balance, end of period | 32,005 | 32,598 | |
Other loans | Non-Covered Loans | |||
Valuation Allowance [Line Items] | |||
Provision for (recovery of) non-covered loan losses | $ 3,410 | $ 5,466 | |
[1] | Represents allowance for losses on non-covered loans, excluding PCI loans. |
Additional Information about Im
Additional Information about Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | $ 69,320 | $ 80,557 |
Impaired loans with no related allowance, Unpaid Principal Balance | 135,478 | 154,647 |
Impaired loans with no related allowance, Average Recorded Investment | 74,939 | 69,615 |
Impaired loans with no related allowance, Interest Income Recognized | 1,001 | 3,412 |
Impaired loans with an allowance recorded, Recorded Investment | 40 | |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 40 | |
Impaired loans with an allowance recorded, Related Allowance | 40 | |
Impaired loans with an allowance recorded, Average Recorded Investment | 20 | 314 |
Impaired loans with an allowance recorded, Interest Income Recognized | 3 | |
Total impaired loans, Recorded Investment | 69,360 | 80,557 |
Total impaired loans, Unpaid Principal Balance | 135,518 | 154,647 |
Total impaired loans, Related Allowance | 40 | |
Total impaired loans, Average Recorded Investment | 74,959 | 69,929 |
Total impaired loans, Interest Income Recognized | 1,004 | 3,412 |
Multi-Family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 8,433 | 8,892 |
Impaired loans with no related allowance, Unpaid Principal Balance | 11,130 | 11,470 |
Impaired loans with no related allowance, Average Recorded Investment | 8,662 | 9,554 |
Impaired loans with no related allowance, Interest Income Recognized | 122 | 495 |
Total impaired loans, Recorded Investment | 8,433 | 8,892 |
Total impaired loans, Unpaid Principal Balance | 11,130 | 11,470 |
Total impaired loans, Average Recorded Investment | 8,662 | 9,554 |
Total impaired loans, Interest Income Recognized | 122 | 495 |
Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 2,620 | 5,137 |
Impaired loans with no related allowance, Unpaid Principal Balance | 7,735 | 10,252 |
Impaired loans with no related allowance, Average Recorded Investment | 3,879 | 3,522 |
Impaired loans with no related allowance, Interest Income Recognized | 3 | 92 |
Total impaired loans, Recorded Investment | 2,620 | 5,137 |
Total impaired loans, Unpaid Principal Balance | 7,735 | 10,252 |
Total impaired loans, Average Recorded Investment | 3,879 | 3,522 |
Total impaired loans, Interest Income Recognized | 3 | 92 |
One-to-four family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 1,949 | 1,966 |
Impaired loans with no related allowance, Unpaid Principal Balance | 2,055 | 2,072 |
Impaired loans with no related allowance, Average Recorded Investment | 1,958 | 2,489 |
Impaired loans with no related allowance, Interest Income Recognized | 12 | 50 |
Total impaired loans, Recorded Investment | 1,949 | 1,966 |
Total impaired loans, Unpaid Principal Balance | 2,055 | 2,072 |
Total impaired loans, Average Recorded Investment | 1,958 | 2,489 |
Total impaired loans, Interest Income Recognized | 12 | 50 |
Acquisition, Development and Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 9,552 | 15,752 |
Impaired loans with no related allowance, Unpaid Principal Balance | 10,452 | 25,952 |
Impaired loans with no related allowance, Average Recorded Investment | 12,652 | 10,976 |
Impaired loans with no related allowance, Interest Income Recognized | 139 | 575 |
Total impaired loans, Recorded Investment | 9,552 | 15,752 |
Total impaired loans, Unpaid Principal Balance | 10,452 | 25,952 |
Total impaired loans, Average Recorded Investment | 12,652 | 10,976 |
Total impaired loans, Interest Income Recognized | 139 | 575 |
Other loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 46,766 | 48,810 |
Impaired loans with no related allowance, Unpaid Principal Balance | 104,106 | 104,901 |
Impaired loans with no related allowance, Average Recorded Investment | 47,788 | 43,074 |
Impaired loans with no related allowance, Interest Income Recognized | 725 | 2,200 |
Impaired loans with an allowance recorded, Recorded Investment | 40 | |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 40 | |
Impaired loans with an allowance recorded, Related Allowance | 40 | |
Impaired loans with an allowance recorded, Average Recorded Investment | 20 | 314 |
Impaired loans with an allowance recorded, Interest Income Recognized | 3 | |
Total impaired loans, Recorded Investment | 46,806 | 48,810 |
Total impaired loans, Unpaid Principal Balance | 104,146 | 104,901 |
Total impaired loans, Related Allowance | 40 | |
Total impaired loans, Average Recorded Investment | 47,808 | 43,388 |
Total impaired loans, Interest Income Recognized | $ 728 | $ 2,200 |
Summary of Borrowed Funds (Deta
Summary of Borrowed Funds (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Outstanding [Line Items] | ||
FHLB advances | $ 12,534,500 | $ 12,104,500 |
Repurchase agreements | 450,000 | 450,000 |
Total wholesale borrowings | 12,984,500 | 12,554,500 |
Junior subordinated debentures | 359,259 | 359,179 |
Total borrowed funds | $ 13,343,759 | $ 12,913,679 |
Summary of Repurchase Agreement
Summary of Repurchase Agreements Accounted for Secured Borrowings (Detail) - GSE obligations $ in Thousands | Mar. 31, 2018USD ($) |
Up to 30 Days | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Remaining Contractual Maturity of the Agreements | $ 250,000 |
Greater than 90 Days | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Remaining Contractual Maturity of the Agreements | $ 200,000 |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Junior subordinated debentures | $ 359,259 | $ 359,179 |
Junior Subordinated Debentures
Junior Subordinated Debentures Outstanding (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2017 | ||
Subordinated Borrowing [Line Items] | |||
Junior Subordinated Debentures Amount Outstanding | $ 359,259 | $ 359,179 | |
Capital Securities Amount Outstanding | $ 346,482 | ||
New York Community Capital Trust V (BONUSESSM Units) | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | 6.00% | ||
Junior Subordinated Debentures Amount Outstanding | $ 145,333 | ||
Capital Securities Amount Outstanding | $ 138,982 | ||
Date of Original Issue | Nov. 4, 2002 | ||
Stated Maturity | Nov. 1, 2051 | ||
First Optional Redemption Date | [1] | Nov. 4, 2007 | |
New York Community Capital Trust X | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | 3.725% | ||
Junior Subordinated Debentures Amount Outstanding | $ 123,712 | ||
Capital Securities Amount Outstanding | $ 120,000 | ||
Date of Original Issue | Dec. 14, 2006 | ||
Stated Maturity | Dec. 15, 2036 | ||
First Optional Redemption Date | [2] | Dec. 15, 2011 | |
PennFed Capital Trust III | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | 5.375% | ||
Junior Subordinated Debentures Amount Outstanding | $ 30,928 | ||
Capital Securities Amount Outstanding | $ 30,000 | ||
Date of Original Issue | Jun. 2, 2003 | ||
Stated Maturity | Jun. 15, 2033 | ||
First Optional Redemption Date | [2] | Jun. 15, 2008 | |
New York Community Capital Trust XI | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | 3.958% | ||
Junior Subordinated Debentures Amount Outstanding | $ 59,286 | ||
Capital Securities Amount Outstanding | $ 57,500 | ||
Date of Original Issue | Apr. 16, 2007 | ||
Stated Maturity | Jun. 30, 2037 | ||
First Optional Redemption Date | [2] | Jun. 30, 2012 | |
[1] | Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. | ||
[2] | Callable from this date forward. |
Pension and Post-Retirement Pla
Pension and Post-Retirement Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | May 31, 2017 | |
Pension Benefits | ||
Components of net periodic (credit) expense: | ||
Interest cost | $ 1,271 | $ 1,404 |
Expected return on plan assets | (4,035) | (4,073) |
Amortization of net actuarial loss | 1,795 | 2,053 |
Net periodic (credit) expense | (969) | (616) |
Post-Retirement Benefits | ||
Components of net periodic (credit) expense: | ||
Interest cost | 128 | 144 |
Amortization of prior-service costs | (62) | (62) |
Amortization of net actuarial loss | 76 | 68 |
Net periodic (credit) expense | $ 142 | $ 150 |
Pension and Other Post-Retire57
Pension and Other Post-Retirement Benefits - Additional Information (Detail) | Mar. 31, 2018USD ($) |
Post-Retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contribution to defined benefit plan for the fiscal year | $ 1,300,000 |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contribution to defined benefit plan for the fiscal year | $ 0 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for grant | 4,798,208 | |
Shares granted | 2,420,523 | |
Shares granted, weighted average grant date fair value | $ 13.61 | |
Unrecognized compensation cost relating to unvested restricted stock | $ 100.9 | |
Unrecognized compensation cost relating to unvested restricted stock, recognition period (in years) | 3 years 7 months 6 days | |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted, vesting period | 5 years | |
Compensation and benefits expense | $ 9.8 | $ 8.7 |
Stock Incentive Plan Twenty Twelve | Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | 2,420,523 | |
Shares granted, weighted average grant date fair value | $ 13.61 |
Summary of Activity for Restric
Summary of Activity for Restricted Stock Awards (Detail) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Number of Shares | |
Unvested at beginning of year | shares | 5,574,167 |
Granted | shares | 2,420,523 |
Vested | shares | (615,482) |
Canceled | shares | (72,380) |
Unvested at end of period | shares | 7,306,828 |
Weighted Average Grant Date Fair Value | |
Unvested at beginning of year | $ / shares | $ 15.38 |
Granted | $ / shares | 13.61 |
Vested | $ / shares | 15.30 |
Canceled | $ / shares | 14.92 |
Unvested at end of period | $ / shares | $ 14.80 |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | $ 3,391,952 | $ 3,531,427 | [1] | |
Total securities | 3,424,021 | 3,531,427 | ||
Loans held for sale | 31,402 | 35,258 | ||
Mortgage servicing rights | 2,575 | 2,729 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 3,391,952 | 3,531,427 | ||
Total securities | 3,424,021 | |||
Loans held for sale | 31,402 | 35,258 | ||
Mortgage servicing rights | 2,575 | 2,729 | ||
Fair Value, Measurements, Recurring | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 2,512,764 | 2,618,746 | ||
Fair Value, Measurements, Recurring | Mortgage-Related Securities | GSE certificates | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 1,971,177 | 2,068,842 | ||
Fair Value, Measurements, Recurring | Mortgage-Related Securities | GSE CMOs | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 541,587 | 549,904 | ||
Fair Value, Measurements, Recurring | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 879,188 | 912,681 | ||
Fair Value, Measurements, Recurring | Other Securities | U.S. Treasury obligations | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 199,430 | 199,898 | ||
Fair Value, Measurements, Recurring | Other Securities | GSE debentures | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 473,069 | 473,258 | ||
Fair Value, Measurements, Recurring | Other Securities | Corporate bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 89,718 | 90,775 | ||
Fair Value, Measurements, Recurring | Other Securities | Municipal bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 68,607 | 70,120 | ||
Fair Value, Measurements, Recurring | Other Securities | Capital trust notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 48,364 | 46,096 | ||
Fair Value, Measurements, Recurring | Other Securities | Preferred stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 15,434 | |||
Fair Value, Measurements, Recurring | Other Securities | Mutual Funds and Common Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 17,100 | |||
Fair Value, Measurements, Recurring | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 32,069 | |||
Fair Value, Measurements, Recurring | Equity securities | Preferred stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 15,243 | |||
Fair Value, Measurements, Recurring | Equity securities | Mutual Funds and Common Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 16,826 | |||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 199,430 | 215,332 | ||
Total securities | 214,673 | |||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 199,430 | 215,332 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Securities | U.S. Treasury obligations | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 199,430 | 199,898 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Securities | Preferred stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 15,434 | |||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 15,243 | |||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | Preferred stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 15,243 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 3,192,522 | 3,316,095 | ||
Total securities | 3,209,348 | |||
Loans held for sale | 31,402 | 35,258 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 2,512,764 | 2,618,746 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-Related Securities | GSE certificates | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 1,971,177 | 2,068,842 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-Related Securities | GSE CMOs | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 541,587 | 549,904 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 679,758 | 697,349 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | GSE debentures | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 473,069 | 473,258 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | Corporate bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 89,718 | 90,775 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | Municipal bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 68,607 | 70,120 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | Capital trust notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 48,364 | 46,096 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | Mutual Funds and Common Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 17,100 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 16,826 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Equity securities | Mutual Funds and Common Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 16,826 | |||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage servicing rights | $ 2,575 | [2] | $ 2,729 | |
[1] | The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At December 31, 2017, the non-credit portion of OTTI recorded in AOCL was $8.6 million (before taxes). | |||
[2] | Includes cash collateral received from, and paid to, counterparties. |
Assets and Liabilities Measur61
Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Treasury Options | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative assets-other | $ 1.9 |
Difference between Fair Value O
Difference between Fair Value Option and Unpaid Principal Balance (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value Carrying Amount | $ 31,402 | $ 35,258 |
Aggregate Unpaid Principal | 36,498 | 34,563 |
Fair Value Carrying Amount Less Aggregate Unpaid Principal | $ (5,096) | $ 695 |
Changes in Fair Value of MSRs (
Changes in Fair Value of MSRs (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Mortgage servicing rights | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Mortgage Banking Income | [1] | $ (154) | $ (2,789) |
[1] | Included in "Non-interest income." |
Rollforward of Financial Instru
Rollforward of Financial Instruments Classified in Level Three of Valuation Hierarchy (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest rate lock commitments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Beginning Balance | $ 982 | |
Total Realized/Unrealized (Losses)/Gains Recorded in (Loss)/ Income | 1,467 | |
Total Realized/Unrealized (Losses)/Gain Recorded in Comprehensive (Loss) Income | 0 | |
Transfers to/(from) level 3 | 0 | |
Fair Value, Ending Balance | 2,449 | |
Change in Unrealized Gains/(Losses) Related to Instruments Held | 2,430 | |
Mortgage servicing rights | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Beginning Balance | $ 2,729 | 228,099 |
Total Realized/Unrealized (Losses)/Gains Recorded in (Loss)/ Income | (154) | (2,726) |
Total Realized/Unrealized (Losses)/Gain Recorded in Comprehensive (Loss) Income | 0 | 0 |
Issuances | 7,574 | |
Settlements | (4,147) | |
Transfers to/(from) level 3 | 0 | 0 |
Fair Value, Ending Balance | 2,575 | 228,800 |
Change in Unrealized Gains/(Losses) Related to Instruments Held | $ (154) | $ (2,726) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, transfers out of Level 3 | $ 0 | $ 0 |
Significant Unobservable Inputs
Significant Unobservable Inputs used in Fair Value Measurement (Detail) - Mortgage servicing rights - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||||
Fair value | $ 2,575 | $ 2,729 | $ 228,800 | $ 228,099 | |
Valuation Technique | Discounted Cash Flow | ||||
Weighted Average Constant Prepayment Rate | [1] | 10.66% | |||
Weighted Average Discount Rate | 12.00% | ||||
[1] | Represents annualized loan repayment rate assumptions. |
Assets and Liabilities Measur67
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Certain impaired loans | [1] | $ 15,558 | $ 45,837 | ||
Other assets | 3,121 | [2] | 4,357 | [3] | |
Total | 18,679 | 50,194 | |||
Significant Unobservable Inputs (Level 3) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Certain impaired loans | [1] | 15,558 | 45,837 | ||
Other assets | 3,121 | [2] | 4,357 | [3] | |
Total | $ 18,679 | $ 50,194 | |||
[1] | Represents the fair value of impaired loans, based on the value of the collateral. | ||||
[2] | Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets. | ||||
[3] | Represents the fair value of repossessed assets based on the appraised value of the collateral subsequent to its initial classification as repossessed assets. |
Summary of Carrying Values, Est
Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Financial Assets: | |||||
Cash and cash equivalents | $ 2,680,772 | $ 2,528,169 | $ 984,296 | $ 557,850 | |
FHLB stock | [1] | 622,989 | 603,819 | ||
Loans, net | 38,759,685 | 38,265,183 | |||
Financial Liabilities: | |||||
Deposits | 29,235,434 | 29,102,163 | |||
Borrowed funds | 13,343,759 | 12,913,679 | |||
Financial Assets: | |||||
Cash and cash equivalents | 2,680,772 | 2,528,169 | |||
FHLB stock | [1] | 622,989 | 603,819 | ||
Loans, net | 38,462,422 | 38,254,538 | |||
Financial Liabilities: | |||||
Deposits | 29,178,221 | 29,044,852 | |||
Borrowed funds | 13,176,141 | 12,780,653 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Financial Assets: | |||||
Cash and cash equivalents | 2,680,772 | 2,528,169 | |||
Financial Liabilities: | |||||
Deposits | [2] | 20,172,114 | 20,458,517 | ||
Significant Other Observable Inputs (Level 2) | |||||
Financial Assets: | |||||
FHLB stock | [1] | 622,989 | 603,819 | ||
Financial Liabilities: | |||||
Deposits | [3] | 9,006,107 | 8,586,335 | ||
Borrowed funds | 13,176,141 | 12,780,653 | |||
Significant Unobservable Inputs (Level 3) | |||||
Financial Assets: | |||||
Loans, net | $ 38,462,422 | $ 38,254,538 | |||
[1] | Carrying value and estimated fair value are at cost. | ||||
[2] | Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. | ||||
[3] | Certificates of deposit. |
Impact of Recent Accounting P69
Impact of Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Significant Accounting Policies [Line Items] | ||
Federal corporate income tax rate | 21.00% | 35.00% |
ASU 2018-02 | Retained Earnings | ||
Significant Accounting Policies [Line Items] | ||
Effect of adopting | $ 2,546 | |
ASU 2018-02 | Accumulated Other Comprehensive Loss | ||
Significant Accounting Policies [Line Items] | ||
Effect of adopting | $ (2,546) |