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Loans and Leases (Tables)

6 Months Ended

Jun. 30, 2019

Composition of Loan and Lease Portfolio

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

		June 30, 2019								December 31, 2018
(dollars in thousands)		Amount				Percent of Loans Held for Investment				Amount				Percent of Loans Held for Investment
Loans and Leases Held for Investment:
Mortgage Loans:
Multi-family		$	30,465,835				74.61	%		$	29,883,919				74.46	%
Commercial real estate			6,898,577				16.89				6,998,834				17.44
One-to-four family			417,605				1.03				446,094				1.11
Acquisition, development, and construction			266,282				0.65				407,870				1.02
Total mortgage loans held for investment		$	38,048,299				93.18			$	37,736,717				94.03
Other Loans:
Commercial and industrial			1,767,472				4.33				1,705,308				4.25
Lease financing, net of unearned income of $81,559 and $53,891, respectively			1,009,347				2.47				683,112				1.70
Total commercial and industrial loans(1)			2,776,819				6.80				2,388,420				5.95
Other			8,328				0.02				8,724				0.02
Total other loans held for investment			2,785,147				6.82				2,397,144				5.97
Total loans and leases held for investment		$	40,833,446				100.00	%		$	40,133,861				100.00	%
Net deferred loan origination costs			43,255								32,047
Allowance for losses			(151,112	)							(159,820	)
Total loans and leases, net		$	40,725,589							$	40,006,088

(1) Includes specialty finance loans and leases of $2.3 billion and $1.9 billion, respectively, at June 30, 2019 and December 31, 2018. Other C&I loans of $456.1 million and $469.9 million, respectively, at June 30, 2019 and December 31, 2018.

Quality of Non-Covered Loans

Asset Quality

The following table presents information regarding the quality of the Company’s loans held for investment at June 30, 2019:

(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		$	1,312			$	3,906			$	—			$	5,218			$	30,460,617			$	30,465,835
Commercial real estate			—				2,993				—				2,993				6,895,584				6,898,577
One-to-four family			1,869				1,143				—				3,012				414,593				417,605
Acquisition, development, and construction			—				—				—				—				266,282				266,282
Commercial and industrial(1) (2)			1,084				43,357				—				44,441				2,732,378				2,776,819
Other			24				15				—				39				8,289				8,328
Total		$	4,289			$	51,414			$	—			$	55,703			$	40,777,743			$	40,833,446

(1) Includes $204,000 and $32.9 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, 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		$	—			$	4,220			$	—			$	4,220			$	29,879,699			$	29,883,919
Commercial real estate			—				3,021				—				3,021				6,995,813				6,998,834
One-to-four family			9				1,651				—				1,660				444,434				446,094
Acquisition, development, and construction			—				—				—				—				407,870				407,870
Commercial and industrial(1) (2)			530				36,608				—				37,138				2,351,282				2,388,420
Other			25				6				—				31				8,693				8,724
Total		$	564			$	45,506			$	—			$	46,070			$	40,087,791			$	40,133,861

(1) Includes $530,000 and $35.5 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.

Non-Covered Loan Portfolio by Credit Quality Indicator

The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at June 30, 2019:

		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		$	30,212,134			$	6,797,371			$	415,704			$	215,015			$	37,640,224			$	2,700,862			$	8,064			$	2,708,926
Special mention			226,488				25,106				758				46,508				298,860				3,591				—				3,591
Substandard			27,213				76,100				1,143				4,759				109,215				72,366				264				72,630
Doubtful			—				—				—				—				—				—				—				—
Total		$	30,465,835			$	6,898,577			$	417,605			$	266,282			$	38,048,299			$	2,776,819			$	8,328			$	2,785,147

(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, 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		$	29,548,242			$	6,880,105			$	444,443			$	319,001			$	37,191,791			$	2,306,563			$	8,469			$	2,315,032
Special mention			312,025				90,653				—				73,964				476,642				19,751				—				19,751
Substandard			23,652				28,076				1,651				14,905				68,284				62,106				255				62,361
Doubtful			—				—				—				—				—				—				—				—
Total		$	29,883,919			$	6,998,834			$	446,094			$	407,870			$	37,736,717			$	2,388,420			$	8,724			$	2,397,144

Information Regarding Troubled Debt Restructurings

The following table presents information regarding the Company’s TDRs as of June 30, 2019 and December 31, 2018:

		June 30, 2019												December 31, 2018
(in thousands)		Accruing				Non-Accrual				Total				Accruing				Non-Accrual				Total
Loan Category:
Multi-family		$	—			$	3,906			$	3,906			$	—			$	4,220			$	4,220
Commercial real estate			—				—				—				—				—				—
One-to-four family			—				757				757				—				1,022				1,022
Acquisition, development, and construction			4,759				—				4,759				8,297				—				8,297
Commercial and industrial(1)			865				32,135				33,000				865				20,477				21,342
Total		$	5,624			$	36,798			$	42,422			$	9,162			$	25,719			$	34,881

(1) Includes $22.6 million and $20.4 million of taxi medallion related TDRs at June 30, 2019 and December 31, 2018, respectively.

Financial Effects of Troubled Debt Restructurings

The financial effects of the Company’s TDRs for the three months ended June 30, 2019 and 2018 are summarized as follows:

		For the Three Months Ended June 30, 2019
(dollars in thousands)		Number of Loans				Pre-Modification Recorded Investment				Post-Modification Recorded Investment				Weighted Average Interest Rate
														Pre- Modification				Post- Modification				Charge-off Amount				Capitalized Interest
Loan Category:
Commercial and industrial			15			$	19,350			$	18,004				5.31	%			5.45	%		$	1,346			$	—
		For the Three Months Ended June 30, 2018
(dollars in thousands)		Number of Loans				Pre-Modification Recorded Investment				Post-Modification Recorded Investment				Weighted Average Interest Rate
														Pre- Modification				Post- Modification				Charge-off Amount				Capitalized Interest
Loan Category:
Commercial and industrial			6			$	2,613			$	1,420				3.27	%			3.05	%		$	1,158			$	—

The financial effects of the Company’s TDRs for the six months ended June 30, 2019 and 2018 are summarized as follows:

		For the Six Months Ended June 30, 2019
(dollars in thousands)		Number of Loans				Pre-Modification Recorded Investment				Post-Modification Recorded Investment				Weighted Average Interest Rate
														Pre- Modification				Post- Modification				Charge-off Amount				Capitalized Interest
Loan Category:
Commercial and industrial			30			$	23,544			$	21,092				4.95	%			5.09	%		$	2,452			$	—
		For the Six Months Ended June 30, 2018
(dollars in thousands)		Number of Loans				Pre-Modification Recorded Investment				Post-Modification Recorded Investment				Weighted Average Interest Rate
														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			12				5,780				3,174				3.27				3.14				2,476				—
Total			13			$	6,680			$	4,074											$	2,476			$	—

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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.

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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.

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