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Loans and Leases (Tables)

12 Months Ended

Dec. 31, 2019

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


	December 31, 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	$	31,158,672			74.46	%	$	29,883,919			74.46	%
Commercial real estate		7,081,910			16.93			6,998,834			17.44
One-to-four family		380,361			0.91			446,094			1.11
Acquisition, development, and construction		200,596			0.48			407,870			1.02

Total mortgage loans held for investment		38,821,539			92.78			37,736,717			94.03

Other Loans:
Commercial and industrial		1,742,380			4.16			1,705,308			4.25
Lease financing, net of unearned income of $104,826 and $53,891, respectively		1,271,998			3.04			683,112			1.70

Total commercial and industrial loans (1)		3,014,378			7.20			2,388,420			5.95
Other		8,102			0.02			8,724			0.02

Total other loans held for investment		3,022,480			7.22			2,397,144			5.97

Total loans and leases held for investment	$	41,844,019			100.00	%	$	40,133,861			100.00	%

Net deferred loan origination costs		50,136						32,047
Allowance for loan losses		(147,638	)					(159,820	)

Total loans and leases, net	$	41,746,517					$	40,006,088

(1)	Includes specialty finance loans and leases of $2.6 billion and $1.9 billion, respectively, at December 31 , 2019 and 2018. Other C&I loans of $420.1 million and $469.9 million, respectively, at December 31 , 2019 and 2018.

The following table presents information regarding the quality of the Company’s loans held for investment at December 31, 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	$	1,131	$	5,407	$	—	$	6,538	$	31,152,134	$	31,158,672
Commercial real estate		2,545		14,830		—		17,375		7,064,535		7,081,910
One-to-four family		—		1,730		—		1,730		378,631		380,361
Acquisition, development, and construction		—		—		—		—		200,596		200,596
Commercial and industrial (1) (2)		—		39,024		—		39,024		2,975,354		3,014,378
Other		44		252		—		296		7,806		8,102

Total	$	3,720	$	61,243	$	—	$	64,963	$	41,779,056	$	41,844,019

(1)	Includes $30.4 million of taxi medallion-related loans that were 90 days or more past due . There wer e no taxi medallion -related loans that were 30 to 89 days past due.

(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.

The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at December 31, 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	$	30,903,657	$	6,902,218	$	377,883	$	158,751	$	38,342,509	$	2,960,557	$	7,850	$	2,968,407
Special mention		239,664		104,648		748		41,456		386,516		1,588		—		1,588
Substandard		15,351		75,044		1,730		389		92,514		52,233		252		52,485
Doubtful		—		—		—		—		—		—		—

Total	$	31,158,672	$	7,081,910	$	380,361	$	200,596	$	38,821,539	$	3,014,378	$	8,102	$	3,022,480

(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

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)	2019			2018			2017
Interest income that would have been recorded	$	5,599		$	4,145		$	4,974
Interest income actually recorded		(3,409	)		(3,480	)		(2,904	)

Interest income foregone	$	2,190		$	665		$	2,070

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


	December 31, 2019						December 31, 2018
(in thousands)	Accruing		Non-Accrual		Total		Accruing		Non-Accrual		Total
Loan Category:
Multi-family	$	—	$	3,577	$	3,577	$	—	$	4,220	$	4,220
Commercial real estate		—		—		—		—		—		—
One-to-four family		—		584		584		—		1,022		1,022
Acquisition, development, and construction		389		—		389		8,297		—		8,297
Commercial and industrial (1)		865		35,084		35,949		865		20,477		21,342

Total	$	1,254	$	39,245	$	40,499	$	9,162	$	25,719	$	34,881

The financial effects of the Company’s TDRs for the twelve months ended December 31, 2019, 2018 and 2017 are summarized as follows:


	For the Twelve Months Ended December 31, 2019
(dollars in thousands)							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	$	131	$	131		5.50	%		5.50	%	$	—	$	3
Commercial and industrial		72		35,156		30,685		4.31			4.37			4,471		—

Total		73	$	35,287	$	30,816							$	4,471	$	3


	For the Twelve Months Ended December 31, 2018
(dollars in thousands)							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:
Acquisition, development, and construction		1	$	900	$	900		4.50	%		4.50	%	$	—	$	—
Commercial and industrial		21		7,763		5,455		3.25			3.13			2,308		—

Total		22	$	8,663	$	6,355							$	2,308	$	—


	For the Twelve Months Ended December 31, 2017
(dollars in thousands )							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			3.29			14,273		—

Total		71	$	61,641	$	36,047							$	14,273	$	12