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Loans and Leases (Tables)

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Composition of Loan and Lease Portfolio

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

			December 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		$		32,236,385				75.28		%		$	31,158,672				74.46	%
Commercial real estate				6,835,763				15.96					7,081,910				16.93
One-to-four family				235,989				0.55					380,361				0.91
Acquisition, development, and construction				89,790				0.21					200,596				0.48
Total mortgage loans held for investment (1)				39,397,927				92.00					38,821,539				92.78
Other Loans:
Commercial and industrial				1,682,519				3.93					1,742,380				4.16
Lease financing, net of unearned income    of $116,366 and $104,826, respectively				1,734,824				4.05					1,271,998				3.04
Total commercial and industrial loans (2)				3,417,343				7.98					3,014,378				7.20
Other				6,520				0.02					8,102				0.02
Total other loans held for investment				3,423,863				8.00					3,022,480				7.22
Total loans and leases held for investment (1)		$		42,821,790				100.00		%		$	41,844,019				100.00	%
Net deferred loan origination costs				61,808									50,136
Allowance for loan and lease losses				(194,043	)								(147,638	)
Total loans and leases held for investment, net		$		42,689,555								$	41,746,517
Loans held for sale (3)				117,136									—
Total loans and leases, net		$		42,806,691								$	41,746,517

(1) Excludes accrued interest receivable of $219.1 million and $116.9 million at December 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 December 31, 2020 and December 31, 2019, and other C&I loans of $393.3 million and $420.1 million, respectively, at December 31, 2020 and December 31, 2019.

(3) Includes deferred loan origination fees of $1.7 million.

Quality of Loans Held for Investment

The following table presents information regarding the quality of the Company’s loans held for investment at December 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		$		4,091			$		4,068			$	—			$		8,159			$		32,228,226			$		32,236,385
Commercial real estate				9,989					12,142				—					22,131					6,813,632					6,835,763
One-to-four family				1,575					1,696				—					3,271					232,718					235,989
Acquisition, development, and    construction				—					—				—					—					89,790					89,790
Commercial and industrial(1) (2)				—					19,866				—					19,866					3,397,477					3,417,343
Other				3					13				—					16					6,504					6,520
Total		$		15,658			$		37,785			$	—			$		53,443			$		42,768,347			$		42,821,790

(1) Includes $18.6 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 December 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		$		31,220,071			$		5,884,244			$		221,861			$		68,233			$		37,394,409			$		3,388,293			$		6,507			$		3,394,800
Special mention				566,756					637,101					12,436					21,557					1,237,850					2,842					—					2,842
Substandard				449,558					314,418					1,692					—					765,668					26,208					13					26,221
Doubtful				—					—					—					—					—					—					—					—
Total		$		32,236,385			$		6,835,763			$		235,989			$		89,790			$		39,397,927			$		3,417,343			$		6,520			$		3,423,863

(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 December 31, 2020.

(in thousands)			Vintage Year
Risk Rating Group			2020				2019				2018				2017				2016				Prior To 2016				Revolving Loans				Total
Pass		$		9,819,431			$	6,719,587			$	5,986,476			$	4,260,433			$	3,062,012			$	7,571,266			$	24,608			$	37,443,813
Special Mention				13,067				116,400				176,428				164,635				332,176				425,632				-				1,228,338
Substandard				-				121,861				177,123				60,924				221,835				172,293				-				754,036
Total mortgage loans		$		9,832,498			$	6,957,848			$	6,340,027			$	4,485,992			$	3,616,023			$	8,169,191			$	24,608			$	39,426,187
Pass				962,956				757,220				180,133				209,963				126,680				144,999				1,046,400				3,428,351
Special Mention				-				42				-				-				-				-				2,800				2,842
Substandard				2,987				5,284				3,103				12,558				1,252				1,034				-				26,218
Total other loans				965,943				762,546				183,236				222,521				127,932				146,033				1,049,200				3,457,411
Total		$		10,798,441			$	7,720,394			$	6,523,263			$	4,708,513			$	3,743,955			$	8,315,224			$	1,073,808			$	42,883,598

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 December 31, 2020:  

			Collateral Type
(in thousands)			Real Property				Other
Multi-family		$		7,525			$	—
Commercial real estate				25,462				—
One-to-four family				557				—
Acquisition, development, and construction				—				—
Commercial and industrial				—				26,487
Other				—				—
Total collateral-dependent loans held for investment		$		33,544				26,487

Details of Interest Income on Non-Accrual Loans

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)			2020				2019				2018
Interest income that would have been recorded		$		4,491			$	5,599			$	4,145
Interest income actually recorded				(939	)			(3,409	)			(3,480	)
Interest income foregone		$		3,552			$	2,190			$	665

Information Regarding Troubled Debt Restructurings

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

			December 31, 2020														December 31, 2019
(in thousands)			Accruing					Non- Accrual					Total				Accruing				Non- Accrual				Total
Loan Category:
Multi-family		$		-			$		-			$		-				-				3,577				3,577
Commercial real estate				14,967					-					14,967				-				-				-
One-to-four family				-					557					557				-				584				584
Acquisition, development, and    construction				-					-					-				389				-				389
Commercial and industrial (1)				-					18,761					18,761				865				35,084				35,949
Total		$		14,967			$		19,318			$		34,285				1,254				39,245				40,499

(1) Includes $17.5 million and $27.3 million of taxi medallion-related loans at December 31, 2020 and 2019, respectively.

Financial Effects of Troubled Debt Restructurings

The financial effects of the Company’s TDRs for the twelve months ended December 31, 2020, 2019 and 2018 are summarized as follows:

		For the Twelve Months Ended December 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
Loan Category:
Commercial real estate			1			$		15,119			$		15,119			8.00	%	3.50	%	$		-			$		-
Commercial and industrial			42					8,912					7,471			2.36		2.23				1,441					-
Total			43			$		24,031			$		22,590							$		1,441			$		-

		For the Twelve Months Ended December 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:
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
														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			$	—

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