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Loans (Tables) | 9 Months Ended
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Sep. 30, 2018
Composition of Loan Portfolio | The following table sets forth the composition of the loan portfolio at the dates indicated:
|  | September 30, 2018 |  | December 31, 2017
|  | Amount |  | Percent of Loans Held for Investment |  | Amount |  | Percent of Loans Held for Investment
(dollars in thousands) |  |  |  |  |  |  |  |
Loans Held for Investment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family |  |  | $ | 29,546,399 |  |  |  |  | 74.22% |  |  |  | $ | 28,074,709 |  |  |  |  | 73.19% |
Commercial real estate |  |  |  | 7,033,629 |  |  |  |  | 17.67 |  |  |  |  | 7,322,226 |  |  |  |  | 19.09 |
One-to-four family |  |  |  | 456,317 |  |  |  |  | 1.15 |  |  |  |  | 477,228 |  |  |  |  | 1.24 |
Acquisition, development, and construction |  |  |  | 433,976 |  |  |  |  | 1.09 |  |  |  |  | 435,825 |  |  |  |  | 1.14 |
Total mortgage loans held for investment |  |  |  | 37,470,321 |  |  |  |  | 94.13 |  |  |  | $ | 36,309,988 |  |  |  |  | 94.66 |
Other Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  |  | 1,622,983 |  |  |  |  | 4.08 |  |  |  |  | 1,377,964 |  |  |  |  | 3.59 |
Lease financing, net of unearned income of $55,056 and $65,041, respectively |  |  |  | 703,696 |  |  |  |  | 1.77 |  |  |  |  | 662,610 |  |  |  |  | 1.73 |
Total commercial and industrial loans (1) |  |  |  | 2,326,679 |  |  |  |  | 5.85 |  |  |  |  | 2,040,574 |  |  |  |  | 5.32 |
Other |  |  |  | 9,031 |  |  |  |  | 0.02 |  |  |  |  | 8,460 |  |  |  |  | 0.02 |
Total other loans held for investment |  |  |  | 2,335,710 |  |  |  |  | 5.87 |  |  |  |  | 2,049,034 |  |  |  |  | 5.34 |
Total loans held for investment |  |  | $ | 39,806,031 |  |  |  |  | 100.00% |  |  |  | $ | 38,359,022 |  |  |  |  | 100.00% |
Net deferred loan origination costs |  |  |  | 32,240 |  |  |  |  |  |  |  |  |  | 28,949 |  |  |  |  |  |
Allowance for losses on non-covered loans |  |  |  | (159,655 | ) |  |  |  |  |  |  |  |  | (158,046 | ) |  |  |  |  |
Loans held for investment, net |  |  | $ | 39,678,616 |  |  |  |  |  |  |  |  | $ | 38,229,925 |  |  |  |  |  |
Loans held for sale |  |  |  | -- |  |  |  |  |  |  |  |  |  | 35,258 |  |  |  |  |  |
Total loans, net |  |  | $ | 39,678,616 |  |  |  |  |  |  |  |  | $ | 38,265,183 |  |  |  |  |  |
(1) | Includes specialty finance loans and leases of $1.8 billion at September 30, 2018 and $1.5 billion at December 31, 2017, and other C&I loans of $482.4 million and $500.8 million, respectively, at September 30, 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 September 30, 2018:
(in thousands) |  | Loans 30-89 Days Past Due |  | Non- Accrual Loans |  | Loans 90 Days or More Delinquent and Still Accruing Interest |  | Total Past Due Loans |  | Current Loans |  | Total Loans Receivable
Multi-family |  |  | $ | 288 |  |  |  | $ | 5,236 |  |  |  | $ | -- |  |  |  | $ | 5,524 |  |  |  | $ | 29,540,875 |  |  |  | $ | 29,546,399 |
Commercial real estate |  |  |  | 567 |  |  |  |  | 4,547 |  |  |  |  | -- |  |  |  |  | 5,114 |  |  |  |  | 7,028,515 |  |  |  |  | 7,033,629 |
One-to-four family |  |  |  | 1,967 |  |  |  |  | 1,665 |  |  |  |  | -- |  |  |  |  | 3,632 |  |  |  |  | 452,685 |  |  |  |  | 456,317 |
Acquisition, development, and construction |  |  |  | -- |  |  |  |  | -- |  |  |  |  | -- |  |  |  |  | -- |  |  |  |  | 433,976 |  |  |  |  | 433,976 |
Commercial and industrial(1) (2) |  |  |  | 534 |  |  |  |  | 42,611 |  |  |  |  | -- |  |  |  |  | 43,145 |  |  |  |  | 2,283,534 |  |  |  |  | 2,326,679 |
Other |  |  |  | 297 |  |  |  |  | 13 |  |  |  |  | -- |  |  |  |  | 310 |  |  |  |  | 8,721 |  |  |  |  | 9,031 |
Total |  |  | $ | 3,653 |  |  |  | $ | 54,072 |  |  |  | $ | -- |  |  |  | $ | 57,725 |  |  |  | $ | 39,748,306 |  |  |  | $ | 39,806,031 |
(1) | Includes $534,000 and $41.3 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 Past Due |  | Non- Accrual Loans |  | 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.
Loan Portfolio by Credit Quality Indicator | The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at September 30, 2018:
|  | 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 |  |  | $ | 29,176,497 |  |  |  | $ | 6,934,670 |  |  |  | $ | 451,012 |  |  |  | $ | 343,134 |  |  |  | $ | 36,905,313 |  |  |  | $ | 2,224,744 |  |  |  | $ | 9,018 |  |  |  | $ | 2,233,762 |
Special mention |  |  |  | 289,820 |  |  |  |  | 93,168 |  |  |  |  | 2,723 |  |  |  |  | 81,290 |  |  |  |  | 467,001 |  |  |  |  | 33,202 |  |  |  |  | -- |  |  |  |  | 33,202 |
Substandard |  |  |  | 80,082 |  |  |  |  | 5,791 |  |  |  |  | 2,582 |  |  |  |  | 9,552 |  |  |  |  | 98,007 |  |  |  |  | 68,733 |  |  |  |  | 13 |  |  |  |  | 68,746 |
Doubtful |  |  |  | -- |  |  |  |  | -- |  |  |  |  | -- |  |  |  |  | -- |  |  |  |  | -- |  |  |  |  | -- |  |  |  |  | -- |  |  |  |  | -- |
Total |  |  | $ | 29,546,399 |  |  |  | $ | 7,033,629 |  |  |  | $ | 456,317 |  |  |  | $ | 433,976 |  |  |  | $ | 37,470,321 |  |  |  | $ | 2,326,679 |  |  |  | $ | 9,031 |  |  |  | $ | 2,335,710 |
(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 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.
Information Regarding Troubled Debt Restructurings | The following table presents information regarding the Company’s TDRs as of September 30, 2018 and December 31, 2017:
|  | September 30, 2018 |  | December 31, 2017
(in thousands) |  | Accruing |  | Non-Accrual |  | Total |  | Accruing |  | Non-Accrual |  | Total
Loan Category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family |  |  | $ | 812 |  |  |  | $ | 5,002 |  |  |  | $ | 5,814 |  |  |  | $ | 824 |  |  |  | $ | 8,061 |  |  |  | $ | 8,885 |
Commercial real estate |  |  |  | -- |  |  |  |  | -- |  |  |  |  | -- |  |  |  |  | -- |  |  |  |  | 368 |  |  |  |  | 368 |
One-to-four family |  |  |  | -- |  |  |  |  | 1,033 |  |  |  |  | 1,033 |  |  |  |  | -- |  |  |  |  | 1,066 |  |  |  |  | 1,066 |
Acquisition, development, and construction |  |  |  | 9,552 |  |  |  |  | -- |  |  |  |  | 9,552 |  |  |  |  | 8,652 |  |  |  |  | -- |  |  |  |  | 8,652 |
Commercial and industrial |  |  |  | -- |  |  |  |  | 23,714 |  |  |  |  | 23,714 |  |  |  |  | 177 |  |  |  |  | 26,408 |  |  |  |  | 26,585 |
Total |  |  | $ | 10,364 |  |  |  | $ | 29,749 |  |  |  | $ | 40,113 |  |  |  | $ | 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 September 30, 2018 and 2017 are summarized as follows:
|  | For the Three Months Ended September 30, 2018
(dollars in thousands) |  |  |  |  |  |  |  | Weighted Average Interest Rate |  |  |  |
| Number of Loans |  | Pre-Modification Recorded Investment |  | Post-Modification Recorded Investment |  | Pre- Modification |  | Post- Modification |  | Charge-off Amount |  | Capitalized Interest
Loan Category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  |  | 6 |  |  |  |  | 1,848 |  |  |  | $ | 1,212 |  |  |  |  | 3.36 | % |  |  |  | 3.28 | % |  |  | $ | 545 |  |  |  | $ | -- |
|  | For the Three Months Ended September 30, 2017
(dollars in thousands) |  |  |  |  |  |  |  | Weighted Average Interest Rate |  |  |  |
| Number of Loans |  | Pre-Modification Recorded Investment |  | Post-Modification Recorded Investment |  | Pre- Modification |  | Post- Modification |  | Charge-off Amount |  | Capitalized Interest
Loan Category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition, development, and construction |  |  |  | 2 |  |  |  | $ | 8,652 |  |  |  | $ | 8,652 |  |  |  |  | 5.50 | % |  |  |  | 5.50 | % |  |  | $ | -- |  |  |  | $ | -- |
Commercial and industrial |  |  |  | 22 |  |  |  |  | 18,002 |  |  |  |  | 7,620 |  |  |  |  | 3.18 |  |  |  |  | 2.91 |  |  |  |  | 6,350 |  |  |  |  | -- |
Total |  |  |  | 24 |  |  |  | $ | 26,654 |  |  |  | $ | 16,272 |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,350 |  |  |  | $ | -- |
The financial effects of the Company’s TDRs for the nine months ended September 30, 2018 and 2017 are summarized as follows:
|  | For the Nine Months Ended September 30, 2018
(dollars in thousands) |  |  |  |  |  |  |  | Weighted Average Interest Rate |  |  |  |
| Number of Loans |  | Pre-Modification Recorded Investment |  | Post-Modification Recorded Investment |  | Pre- Modification |  | Post- Modification |  | Charge-off Amount |  | Capitalized Interest
Loan Category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition, development, and construction |  |  |  | 1 |  |  |  | $ | 900 |  |  |  | $ | 900 |  |  |  |  | 4.50 | % |  |  |  | 4.50 | % |  |  | $ | -- |  |  |  | $ | -- |
Commercial and industrial |  |  |  | 18 |  |  |  |  | 6,914 |  |  |  |  | 4,386 |  |  |  |  | 3.30 |  |  |  |  | 3.18 |  |  |  |  | 2,308 |  |  |  |  | -- |
Total |  |  |  | 19 |  |  |  | $ | 7,814 |  |  |  | $ | 5,286 |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,308 |  |  |  | $ | -- |
|  | For the Nine Months Ended September 30, 2017
(dollars in thousands) |  |  |  |  |  |  |  | Weighted Average Interest Rate |  |  |  |
| 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 |  |  |  | $ | 990 |  |  |  |  | 5.93 | % |  |  |  | 2.21 | % |  |  | $ | -- |  |  |  | $ | 12 |
Acquisition, development, and construction |  |  |  | 2 |  |  |  |  | 8,652 |  |  |  |  | 8,652 |  |  |  |  | 5.50 |  |  |  |  | 5.50 |  |  |  |  | -- |  |  |  |  | -- |
Commercial and industrial |  |  |  | 52 |  |  |  |  | 48,716 |  |  |  |  | 23,673 |  |  |  |  | 3.36 |  |  |  |  | 3.29 |  |  |  |  | 11,079 |  |  |  |  | -- |
Total |  |  |  | 58 |  |  |  | $ | 58,178 |  |  |  | $ | 33,315 |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 11,079 |  |  |  | $ | 12 |

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=84173941&loc=SL6953659-111524 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=82894031&loc=SL6953803-111525 + Details
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- Definition Tabular disclosure of troubled debt restructuring which results when the debtor restructures the terms of its debt with a creditor due to the debtor's financial difficulties and the creditor grants certain concessions to obtain payment it might not otherwise receive. Includes a description of the principal changes in terms, the major features of settlement for each restructuring, the aggregate gain on restructuring and the related income tax effect, the per share amount of the total gain on restructuring, net of related income tax effect, and the total gain (loss) on transfers of assets recognized during the period. After the troubled debt restructuring has occurred debtors discuss the extent and amount to which amounts contingently payable are included in the carrying amount of restructured payables, and the conditions under which those amounts would become payable or would be forgiven when there is at least a reasonable possibility that a liability for contingent payments will be incurred. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 60 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6402221&loc=d3e15743-112638 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 60 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6402221&loc=d3e15765-112638 + Details
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- Definition Tabular disclosure of financing receivables and troubled debt restructurings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=84173941&loc=SL6953676-111524 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=84173941&loc=SL6953682-111524 + Details
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