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Loans and Leases (Tables)

6 Months Ended

Jun. 30, 2020

Receivables [Abstract]

Composition of Loan and Lease Portfolio

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

		June 30, 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		$	31,597,075				74.80	%		$	31,158,672				74.46	%
Commercial real estate			6,929,883				16.40	%			7,081,910				16.93
One-to-four family			320,740				0.76	%			380,361				0.91
Acquisition, development, and construction			126,402				0.30	%			200,596				0.48
Total mortgage loans held for investment(1)			38,974,100				92.26	%		$	38,821,539				92.78
Other Loans:
Commercial and industrial			1,571,432				3.72	%			1,742,380				4.16
Lease financing, net of unearned income of    $123,141 and $104,826, respectively			1,693,640				4.01	%			1,271,998				3.04
Total commercial and industrial loans (2)			3,265,072				7.73	%			3,014,378				7.20
Other			6,723				0.01	%			8,102				0.02
Total other loans held for investment(1)			3,271,795				7.74	%			3,022,480				7.22
Total loans and leases held for investment		$	42,245,895				100.00	%		$	41,844,019				100.00	%
Net deferred loan origination costs			60,292								50,136
Allowance for loan and lease losses			(174,287	)							(147,638	)
Total loans and leases held for investment, net		$	42,131,900							$	41,746,517
Loans held for sale			103,362								—
Total loans and leases, net		$	42,235,262							$	41,746,517

(1) Excludes accrued interest receivable of $167.3 million and $116.9 million at June 30, 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 $2.9 billion and $2.6 billion, respectively, at June 30, 2020 and December 31, 2019, and other C&I loans of $380.9 million and $420.1 million, respectively, at June 30, 2020 and December 31, 2019.

Quality of Loans Held for Investment

The following table presents information regarding the quality of the Company’s loans held for investment at June 30, 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		$	383			$	6,316			$	—			$	6,699			$	31,583,677			$	31,597,075
Commercial real estate			326				16,183				—				16,509				6,896,865				6,929,883
One-to-four family			1,361				1,716				—				3,077				314,586				320,740
Acquisition, development, and construction			—				—				—				—				126,402				126,402
Commercial and industrial(1) (2)			—				29,454				—				29,454				3,206,164				3,265,072
Other			65				2				—				67				6,589				6,723
Total loans and leases held for investment		$	2,135			$	53,671			$	—			$	55,806			$	42,134,283			$	42,245,895

(1) Includes $26.0 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 $30.4 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.

Portfolio of Loans Held for Investment by Credit Quality Indicator

The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at June 30, 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		$	31,302,833			$	6,647,278			$	317,411			$	100,832			$	38,368,354			$	3,199,250			$	6,721			$	3,205,971
Special mention			230,210				193,232				1,618				25,570				450,630				3,894				—				3,894
Substandard			64,032				89,373				1,711								155,116				61,928				2				61,930
Doubtful																			—												—
Total		$	31,597,075			$	6,929,883			$	320,740			$	126,402			$	38,974,100			$	3,265,072			$	6,723			$	3,271,795

(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.

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 June 30, 2020.

(in thousands)		Vintage Year
Risk Rating Group		2020				2019				2018				2017				2016				Prior To 2016				Revolving Loans				Total
Pass		$	4,311,632			$	7,066,229			$	6,737,878			$	5,204,929			$	4,234,835			$	10,816,916			$	22,631			$	38,395,050
Special Mention			—				2,267				68,295				77,061				126,081				176,358				790				450,852
Substandard			—				—				7,582				18,866				49,372				78,557				—				154,377
Total mortgage loans		$	4,311,632			$	7,068,496			$	6,813,755			$	5,300,856			$	4,410,288			$	11,071,831			$	23,421			$	39,000,279
Pass			579,851				904,008				205,400				236,169				137,604				157,650				1,019,443				3,240,125
Special Mention			—				42				—				—				—				—				3,850				3,892
Substandard			1,042				8,350				3,711				15,454				4,190				3,473				25,673				61,893
Total other loans			580,893				912,400				209,111				251,623				141,794				161,123				1,048,966				3,305,910
Total		$	4,892,525			$	7,980,896			$	7,022,866			$	5,552,479			$	4,552,082			$	11,232,954			$	1,072,387			$	42,306,189

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 June 30, 2020:  

		Collateral Type
(in thousands)		Real Property				Other
Multi-family		$	2,248			$	—
Commercial real estate			29,824				—
One-to-four family			570				—
Acquisition, development, and construction			—				37,135
Commercial and industrial			—				—
Other			—
Total collateral-dependent loans held for investment		$	32,642			$	37,135

Information Regarding Troubled Debt Restructurings

The following table presents information regarding the Company’s TDRs as of June 30, 2020 and December 31, 2019:

		June 30, 2020												December 31, 2019
(in thousands)		Accruing				Non- Accrual				Total				Accruing				Non- Accrual				Total
Loan Category:
Multi-family		$	—			$	2,248			$	2,248			$	—			$	3,577			$	3,577
Commercial real estate			15,119				—				15,119				—				—				—
One-to-four family			—				570				570				—				584				584
Acquisition, development, and construction			—				—				—				389				—				389
Commercial and industrial(1)			865				26,146				27,011				865				35,084				35,949
Other			—				—				—				—				—				—
Total		$	15,984			$	28,964			$	44,948			$	1,254			$	39,245			$	40,499

(1) Includes $20.1 million and $30.4 million of taxi medallion-related loans at June 30, 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 June 30, 2020 and 2019 are summarized as follows:

		For the Three Months Ended June 30, 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
Loan Category:
Commercial real estate			1			$	15,119			$	15,119				8.00	%			3.50	%		$	-			$	-
Commercial and industrial			11				2,484				1,391				2.92				2.92				1,093				—
Total			12			$	17,603			$	16,510				7.28				3.45			$	1,093			$	-

		For the Three Months Ended June 30, 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			$	19,350			$	18,004				5.31	%			5.45	%		$	1,346			$	—

The financial effects of the Company’s TDRs for the six months ended June 30, 2020 and 2019 are summarized as follows:

		For the Six Months Ended June 30, 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
Loan Category:
Commercial real estate			1			$	15,119			$	15,119				8.00	%			3.50	%		$	-			$	-
Commercial and industrial			19				4,404				2,963				3.08				3.03				1,441				—
Total			20			$	19,523			$	18,082				6.89				3.42			$	1,441			$	-

		For the Six Months Ended June 30, 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			30			$	23,544			$	21,092				4.95	%			5.09	%		$	2,452			$	—

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