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Loans and Leases (Tables)

3 Months Ended

Mar. 31, 2020

Composition of Loan and Lease Portfolio

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

		March 31, 2020								December 31, 2019
(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		$	31,271,073				74.04	%		$	31,158,672				74.46	%
Commercial real estate			7,034,720				16.67				7,081,910				16.93
One-to-four family			352,301				0.83				380,361				0.91
Acquisition, development, and construction			130,675				0.30				200,596				0.48
Total mortgage loans held for investment(1)			38,788,769				91.84			$	38,821,539				92.78
Other Loans:
Commercial and industrial			1,953,431				4.62				1,742,380				4.16
Lease financing, net of unearned income of $106,450 and $104,826, respectively			1,484,263				3.52				1,271,998				3.04
Total commercial and industrial loans(2)			3,437,694				8.14				3,014,378				7.20
Other			9,514				0.02				8,102				0.02
Total other loans held for investment(1)			3,447,208				8.16				3,022,480				7.22
Total loans and leases held for investment		$	42,235,977				100.00	%		$	41,844,019				100.00	%
Net deferred loan origination costs			55,782								50,136
Allowance for loan and lease losses			(162,244	)							(147,638	)
Total loans and leases held for investment, net		$	42,129,515							$	41,746,517

(1) Excludes accrued interest receivable of $119.6 million and $116.9 million at March 31, 2020 and December 31, 2019, respectively, which is included in other assets in the Consolidated Statements of Condition.

(2) Includes specialty finance loans and leases of $3.0 billion and $2.6 billion, respectively, at March 31, 2020 and December 31, 2019, and other C&I loans of $432.8 million and $420.1 million, respectively, at March 31, 2020 and December 31, 2019.

Quality of Non-Covered Loans

The following table presents information regarding the quality of the Company’s loans held for investment at March 31, 2020:

(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		$	2,679			$	4,242			$	—			$	6,921			$	31,264,152			$	31,271,073
Commercial real estate			97				16,101				—				16,198				7,018,522				7,034,720
One-to-four family			—				1,721				—				1,721				350,580				352,301
Acquisition, development, and construction			—				—				—				—				130,675				130,675
Commercial and industrial(1) (2)			38				27,060				—				27,098				3,410,596				3,437,694
Other			14				158				—				172				9,342				9,514
Total		$	2,828			$	49,282			$	—			$	52,110			$	42,183,867			$	42,235,977

(1) Includes $22.9 million of taxi medallion-related loans that were 90 days or more past due. There were 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, 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 $0 and $30.4 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 March 31, 2020:

		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		$	31,051,107			$	6,810,593			$	348,953			$	97,390			$	38,308,043			$	3,370,054			$	9,356			$	3,379,410
Special mention			181,529				156,623				1,627				33,285				373,064				22,228				—				22,228
Substandard			38,437				67,504				1,721				—				107,662				45,412				158				45,570
Doubtful			—				—				—				—				—				—				—				—
Total		$	31,271,073			$	7,034,720			$	352,301			$	130,675			$	38,788,769			$	3,437,694			$	9,514			$	3,447,208

(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, 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.

Summary of Collateral-Dependent Loans Held for Investment by Collateral Type

The following table summarizes the extent to which collateral secures the Company’s collateral-dependent loans held for investment by collateral type as of March 31, 2020:

		Collateral Type
(in thousands)		Real Property				Other
Multi-family		$	2,413			$	—
Commercial real estate			29,885				—
One-to-four family			577				—
Acquisition, development, and construction			—				—
Commercial and industrial			—				41,144
Other			—				154
Total collateral-dependent loans held for investment		$	32,875			$	41,298

Schedule Of Credit Quality Indicator Loan Class and Year of Origination the Amortized Cost Basis of Loans And Leases

The following table presents, by credit quality indicator, loan class, and year of origination, the amortized cost basis of the Company’s loans and leases as of March 31, 2020.

(in thousands)		Vintage Year
Risk Rating Group		2020				2019				2018				2017				2016				Prior To 2016				Revolving Loans				Total
Pass		$	1,810,786			$	7,073,176			$	7,192,253			$	5,482,863			$	4,316,731			$	12,434,784			$	25,270			$	38,335,863
Special Mention			—				8,190				37,739				59,749				145,622				121,180				790				373,270
Substandard			—				—				4,533				616				25,322				76,424				—				106,895
Total mortgage loans		$	1,810,786			$	7,081,366			$	7,234,525			$	5,543,228			$	4,487,675			$	12,632,388			$	26,060			$	38,816,028
Pass			237,490				975,096				229,159				251,133				174,287				164,021				1,381,655				3,412,841
Special Mention			—				—				—				—				—				—				22,176				22,176
Substandard			1,095				9,050				4,638				17,041				4,200				4,536				154				40,714
Total other loans			238,585				984,146				233,797				268,174				178,487				168,557				1,403,985				3,475,731
Total		$	2,049,371			$	8,065,512			$	7,468,322			$	5,811,402			$	4,666,162			$	12,800,945			$	1,430,045			$	42,291,759

Information Regarding Troubled Debt Restructurings

The following table presents information regarding the Company’s TDRs as of March 31, 2020 and December 31, 2019:

		March 31, 2020												December 31, 2019
(in thousands)		Accruing				Non-Accrual				Total				Accruing				Non-Accrual				Total
Loan Category:
Multi-family		$	—			$	2,412			$	2,412			$	—			$	3,577			$	3,577
Commercial real estate			—				—				—				—				—				—
One-to-four family			—				577				577				—				584				584
Acquisition, development, and construction			—				—				—				389				—				389
Commercial and industrial(1)			865				25,621				26,486				865				35,084				35,949
Other			—				154				154				—				—				—
Total		$	865			$	28,764			$	29,629			$	1,254			$	39,245			$	40,499

(1) Includes $21.4 million and $27.3 million of taxi medallion-related loans at March 31, 2020 and December 31, 2019, respectively

Financial Effects of Troubled Debt Restructurings

The financial effects of the Company’s TDRs for the three months ended March 31, 2020 and 2019 are summarized as follows:

		For the Three Months Ended March 31, 2020
														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
Commercial and industrial and other			8			$	1,920			$	1,572				3.29	%			3.24	%		$	348			$	—

		For the Three Months Ended March 31, 2019
														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:
Commercial and industrial			15			$	4,194			$	3,088				3.26	%			2.98	%		$	1,106			$	—

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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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