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Loans (Tables)

12 Months Ended

Dec. 31, 2017

Composition of Loan Portfolio

The following table sets forth the composition of the loan portfolio at December 31, 2017 and 2016:

		December 31,
		2017								2016
(dollars in thousands)		Amount				Percent of Non-Covered Loans Held for Investment				Amount				Percent of Non-Covered Loans Held for Investment
Non-Covered Loans Held for Investment:
Mortgage Loans:
Multi-family		$	28,074,709				73.19	%		$	26,945,052				72.13	%
Commercial real estate			7,322,226				19.09				7,724,362				20.68
One-to-four family			477,228				1.24				381,081				1.02
Acquisition, development, and construction			435,825				1.14				381,194				1.02
Total mortgage loans held for investment		$	36,309,988				94.66			$	35,431,689				94.85
Other Loans:
Commercial and industrial			1,377,964				3.59				1,341,216				3.59
Lease financing, net of unearned income of $65,041 and $60,278, respectively			662,610				1.73				559,229				1.50
Total commercial and industrial loans (1)			2,040,574				5.32				1,900,445				5.09
Purchased credit-impaired loans			—				—				5,762				0.01
Other			8,460				0.02				18,305				0.05
Total other loans held for investment			2,049,034				5.34				1,924,512				5.15
Total non-covered loans held for investment		$	38,359,022				100.00	%		$	37,356,201				100.00	%
Net deferred loan origination costs			28,949								26,521
Allowance for losses on non-covered loans			(158,046	)							(158,290	)
Non-covered loans held for investment, net		$	38,229,925							$	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			35,258								409,152
Total loans, net		$	38,265,183							$	39,308,016

(1) Includes specialty finance loans of $1.5 billion and $1.3 billion, and other C&I loans of $500.8 million and $632.9 million, respectively, at December 31, 2017 and 2016.

Quality of Non-Covered Loans

The following table presents information regarding the quality of the Company’s non-covered loans held for investment at December 31, 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		$	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 family			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 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(1)(2)			7,263				16,422				—				23,685				1,876,760				1,900,445
Other (3)			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 by credit quality indicator at December 31, 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		$	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 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.”

Details of Interest Income on Non-Accrual Loans

The interest income that would have been recorded under the original terms of non-accrual loans at the respective year-ends, and the interest income actually recorded on these loans in the respective years, is summarized below:

		December 31,
(in thousands)		2017				2016				2015
Interest income that would have been recorded		$	4,974			$	3,128			$	2,288
Interest income actually recorded			(2,904	)			(1,708	)			(1,574	)
Interest income foregone		$	2,070			$	1,420			$	714

Information Regarding Troubled Debt Restructurings

The following table presents information regarding the Company’s TDRs as of December 31, 2017 and 2016:

		December 31,
		2017												2016
(in thousands)		Accruing				Non- Accrual				Total				Accruing				Non- Accrual				Total
Loan Category:
Multi-family		$	824			$	8,061			$	8,885			$	1,981			$	8,755			$	10,736
Commercial real estate			—				368				368				—				1,861				1,861
One-to-four family			—				1,066				1,066				222				1,749				1,971
Acquisition, development, and construction			8,652				—				8,652				—				—				—
Commercial and industrial			177				26,408				26,585				1,263				3,887				5,150
Other			—				—				—				—				202				202
Total		$	9,653			$	35,903			$	45,556			$	3,466			$	16,454			$	19,920

Financial Effects of Troubled Debt Restructurings

The financial effects of the Company’s TDRs for the twelve months ended December 31, 2017, 2016, and 2015 are summarized as follows:

		For the Twelve Months Ended December 31, 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			$	810			$	986				5.93	%			2.21	%		$	—			$	12
Acquisition, development, and construction			2				8,652				8,652				5.50				5.50				—				—
Commercial and industrial			65				52,179				26,409				3.36				3.26				14,273				—
Total			71			$	61,641			$	36,047											$	14,273			$	12

		For the Twelve Months Ended December 31, 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			$	8,129				4.63	%			4.00	%		$	—			$	—
One-to-four family			5				900				1,036				4.26				2.65				—				11
Commercial and industrial			7				4,697				3,935				3.22				3.19				170				—
Total			13			$	14,937			$	13,100											$	170			$	11

		For the Twelve Months Ended December 31, 2015
														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			$	568			$	619				4.02	%			2.72	%		$	—			$	6
Commercial and industrial			2				1,345				1,312				3.40				3.52				33				—
Other			2				193				213				4.58				2.00				—				2
Total			8			$	2,106			$	2,144											$	33			$	8

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

The following table presents the carrying value of covered loans which were acquired in the acquisitions of AmTrust and Desert Hills as of December 31, 2016.

(dollars in thousands)		Amount				Percent of Covered Loans
Loan Category:
One-to-four family		$	1,609,635				94.8	%
Other loans			88,498				5.2
Total covered loans		$	1,698,133				100.0	%

Changes in Accretable Yield for Covered Loans

In the twelve months ended December 31, 2017, changes in the accretable yield for covered loans were as follows:

(in thousands)		Accretable Yield
Balance at beginning of period		$	647,470
Accretion			(72,842	)
Reclassification to non-accretable difference for the six months ended June 30, 2017			(11,381	)
Changes in expected cash flows due to the sale of the covered loan portfolio			(563,247	)
Balance at end of period		$	—

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

The following table presents information regarding the Company’s covered loans at December 31, 2016 that were 90 days or more past due:

(in thousands)
Covered Loans 90 Days or More Past Due:
One-to-four family		$	124,820
Other loans			6,645
Total covered loans 90 days or more past due		$	131,465

The following table presents information regarding the Company’s covered loans at December 31, 2016 that were 30 to 89 days past due:

(in thousands)
Covered Loans 30-89 Days Past Due:
One-to-four family		$	21,112
Other loans			1,536
Total covered loans 30-89 days past due		$	22,648

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