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Loans (Tables)

6 Months Ended

Jun. 30, 2017

Composition of Loan Portfolio

The following table sets forth the composition of the loan portfolio at the dates indicated:

		June 30, 2017								December 31, 2016
		Amount				Percent of Non-Covered Loans Held for Investment				Amount				Percent of Non-Covered Loans Held for Investment
(dollars in thousands)
Non-Covered Loans Held for Investment:
Mortgage Loans:
Multi-family		$	26,859,208				72.15	%		$	26,945,052				72.13	%
Commercial real estate			7,540,633				20.26				7,724,362				20.68
One-to-four family			412,945				1.11				381,081				1.02
Acquisition, development, and construction			373,041				1.00				381,194				1.02
Total mortgage loans held for investment		$	35,185,827				94.52			$	35,431,689				94.85
Other Loans:
Commercial and industrial			1,485,487				3.99				1,341,216				3.59
Lease financing, net of unearned income of $56,205 and $60,278, respectively			544,995				1.47				559,229				1.50
Total commercial and industrial loans (1)			2,030,482				5.46				1,900,445				5.09
Purchased credit-impaired loans			5,406				0.01				5,762				0.01
Other			4,129				0.01				18,305				0.05
Total other loans held for investment			2,040,017				5.48				1,924,512				5.15
Total non-covered loans held for investment		$	37,225,844				100.00	%		$	37,356,201				100.00	%
Net deferred loan origination costs			25,195								26,521
Allowance for losses on non-covered loans			(154,683	)							(158,290	)
Non-covered loans held for investment, net		$	37,096,356							$	37,224,432
Covered loans			—								1,698,133
Allowance for losses on covered loans			—								(23,701	)
Covered loans, net		$	—							$	1,674,432
Loans held for sale			1,803,724								409,152
Total loans, net		$	38,900,080							$	39,308,016

(1) Includes specialty finance loans of $1.5 billion at June 30, 2017 and $1.3 billion at December 31, 2016, and other commercial and industrial loans of $566.4 million and $632.9 million, respectively, at June 30, 2017 and December 31, 2016.

Quality of Non-Covered Loans

The following table presents information regarding the quality of the Company’s non-covered loans held for investment (excluding non-covered PCI loans) at June 30, 2017:

(in thousands)		Loans 30-89 Days Past Due(1)				Non-Accrual Loans(1)				Loans 90 Days or More Delinquent and Still Accruing Interest				Total Past Due Loans				Current Loans				Total Loans Receivable
Multi-family		$	4,201			$	9,820			$	—			$	14,021			$	26,845,187			$	26,859,208
Commercial real estate			1,586				4,497				—				6,083				7,534,550				7,540,633
One-to-four family			297				10,724				—				11,021				401,924				412,945
Acquisition, development, and construction			—				6,200				—				6,200				366,841				373,041
Commercial and industrial (2) (3)			6,036				49,484				—				55,520				1,974,962				2,030,482
Other			15				1,263				—				1,278				2,851				4,129
Total		$	12,135			$	81,988			$	—			$	94,123			$	37,126,315			$	37,220,438

(1) Excludes $595 thousand of non-covered PCI loans that were 90 days or more past due.

(2) Includes lease financing receivables, all of which were current.

(3) Includes $6.0 million and $34.3 million of taxi medallion loans or taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively.

The following table presents information regarding the quality of the Company’s non-covered loans held for investment (excluding non-covered PCI loans) at December 31, 2016:

(in thousands)		Loans 30-89 Days Past Due(1)				Non-Accrual Loans(1)				Loans 90 Days or More Delinquent and Still Accruing Interest				Total Past Due Loans				Current Loans				Total Loans Receivable
Multi-family		$	28			$	13,558			$	—			$	13,586			$	26,931,466			$	26,945,052
Commercial real estate			—				9,297				—				9,297				7,715,065				7,724,362
One-to-four family			2,844				9,679				—				12,523				368,558				381,081
Acquisition, development, and construction			—				6,200				—				6,200				374,994				381,194
Commercial and industrial (2) (3)			7,263				16,422				—				23,685				1,876,760				1,900,445
Other			248				1,313				—				1,561				16,744				18,305
Total		$	10,383			$	56,469			$	—			$	66,852			$	37,283,587			$	37,350,439

(1) Excludes $6 thousand and $869 thousand of non-covered PCI 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.

(3) Includes $6.8 million and $15.2 million of taxi medallion loans that were 30 to 89 days past due and 90 days or more past due, respectively.

Non-Covered Loan Portfolio by Credit Quality Indicator

The following table summarizes the Company’s portfolio of non-covered loans held for investment (excluding non-covered PCI loans) by credit quality indicator at June 30, 2017:

		Mortgage Loans																				Other Loans
(in thousands)		Multi-Family				Commercial Real Estate				One-to-Four Family				Acquisition, Development, and Construction				Total Mortgage Loans				Commercial and Industrial(1)				Other				Total Other Loans
Credit Quality Indicator:
Pass		$	26,664,141			$	7,525,701			$	410,772			$	324,789			$	34,925,403			$	1,910,975			$	4,121			$	1,915,096
Special mention			100,089				8,515				—				42,052				150,656				38,503				—				38,503
Substandard			94,978				6,417				2,173				6,200				109,768				81,004				8				81,012
Doubtful			—				—				—				—				—				—				—				—
Total		$	26,859,208			$	7,540,633			$	412,945			$	373,041			$	35,185,827			$	2,030,482			$	4,129			$	2,034,611

(1) Includes lease financing receivables, all of which were classified as “pass.”

The following table summarizes the Company’s portfolio of non-covered loans held for investment (excluding non-covered PCI loans) by credit quality indicator at December 31, 2016:

		Mortgage Loans																				Other Loans
(in thousands)		Multi-Family				Commercial Real Estate				One-to-Four Family				Acquisition, Development, and Construction				Total Mortgage Loans				Commercial and Industrial(1)				Other				Total Other Loans
Credit Quality Indicator:
Pass		$	26,754,622			$	7,701,773			$	371,179			$	341,784			$	35,169,358			$	1,771,975			$	16,992			$	1,788,967
Special mention			164,325				12,604				—				33,210				210,139				54,979				—				54,979
Substandard			26,105				9,985				9,902				6,200				52,192				73,491				1,313				74,804
Doubtful			—				—				—				—				—				—				—				—
Total		$	26,945,052			$	7,724,362			$	381,081			$	381,194			$	35,431,689			$	1,900,445			$	18,305			$	1,918,750

(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 the dates indicated:

		June 30, 2017												December 31, 2016
(in thousands)		Accruing				Non-Accrual				Total				Accruing				Non-Accrual				Total
Loan Category:
Multi-family		$	1,962			$	8,061			$	10,023			$	1,981			$	8,755			$	10,736
Commercial real estate			—				891				891				—				1,861				1,861
One-to-four family			219				3,021				3,240				222				1,749				1,971
Commercial and industrial			177				25,512				25,689				1,263				3,887				5,150
Other			—				201				201				—				202				202
Total		$	2,358			$	37,686			$	40,044			$	3,466			$	16,454			$	19,920

Financial Effects of Troubled Debt Restructurings

The financial effects of the Company’s TDRs for the three months ended June 30, 2017 and 2016 are summarized as follows:

		For the Three Months Ended June 30, 2017
														Weighted Average Interest Rate
(dollars in thousands)		Number of Loans				Pre-Modification Recorded Investment				Post-Modification Recorded Investment				Pre-Modification				Post- Modification				Charge-off Amount				Capitalized Interest
Loan Category:
One-to-four family			3			$	544			$	657				5.90	%			2.00	%		$	—			$	7
Commercial and industrial			13				22,752				18,722				3.49				3.45				825				—
Total			16			$	23,296			$	19,379											$	825			$	7
		For the Three Months Ended June 30, 2016
														Weighted Average Interest Rate
(dollars in thousands)		Number of Loans				Pre-Modification Recorded Investment				Post-Modification Recorded Investment				Pre-Modification				Post- Modification				Charge-off Amount				Capitalized Interest
Loan Category:
One-to-four family			1			$	1			$	108				4.13	%			2.00	%		$	—			$	2
Commercial and industrial			1				651				650				3.30				3.30				—				—
Total			2			$	652			$	758											$	—			$	2

The financial effects of the Company’s TDRs for the six months ended June 30, 2017 and 2016 are summarized as follows:

		For the Six Months Ended June 30, 2017
														Weighted Average Interest Rate
(dollars in thousands)		Number of Loans				Pre-Modification Recorded Investment				Post-Modification Recorded Investment				Pre-Modification				Post- Modification				Charge-off Amount				Capitalized Interest
Loan Category:
One-to-four family			4			$	809			$	994				5.93	%			2.21	%		$	—			$	12
Commercial and industrial			30				30,714				23,151				3.45				3.45				4,104				—
Total			34			$	31,523			$	24,145											$	4,104			$	12

		For the Six Months Ended June 30, 2016
														Weighted Average Interest Rate
(dollars in thousands)		Number of Loans				Pre-Modification Recorded Investment				Post-Modification Recorded Investment				Pre-Modification				Post- Modification				Charge-off Amount				Capitalized Interest
Loan Category:
Multi-family			1			$	9,340			$	8,503				4.63	%			4.00	%		$	—			$	—
One-to-four family			3				477				636				3.62				3.07				—				6
Commercial and industrial			2			$	1,397			$	1,300				3.30				3.20				47				—
Total			6			$	11,214			$	10,439											$	47			$	6

Covered Loans Acquired in Acquisitions of AmTrust Bank ("Am Trust") and Desert Hills Bank ("Desert Hills")

The following table presents the carrying value of held-for-sale covered loans which were acquired in the acquisitions of AmTrust and Desert Hills Bank (“Desert Hills”) as of June 30, 2017:

(dollars in thousands)		Amount				Percent of Covered Loans Held for Sale
Loan Category:
One-to-four family		$	1,433,324				96.8	%
Other loans			47,409				3.2
Total covered loans held for sale		$	1,480,733				100.0	%

Changes in Accretable Yield for Covered Loans

In the six months ended June 30, 2017, changes in the accretable yield for covered loans were as follows:

(in thousands)		Accretable Yield
Balance at beginning of period		$	647,470
Reclassification to non-accretable difference			(11,381	)
Accretion			(62,625	)
Balance at end of period		$	573,464

Covered Loans Thirty to Eighty Nine Days, Ninety Days or More Past Due

The following table presents information regarding the Company’s covered loans (which, as of June 30, 2017 are classified as held for sale) that were 90 days or more past due at the dates indicated:

(in thousands)		June 30, 2017				December 31, 2016
Covered Loans 90 Days or More Past Due:
One-to-four family		$	120,815			$	124,820
Other loans			8,278				6,645
Total covered loans 90 days or more past due		$	129,093			$	131,465

The following table presents information regarding the Company’s covered loans (which, as of June 30, 2017 are classified as held for sale) that were 30 to 89 days past due at the dates indicated:

(in thousands)		June 30, 2017				December 31, 2016
Covered Loans 30-89 Days Past Due:
One-to-four family		$	17,718			$	21,112
Other loans			5,134				1,536
Total covered loans 30-89 days past due		$	22,852			$	22,648

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