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Loans and Leases (Tables)

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Composition of Loan and Lease Portfolio

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

		March 31, 2021								December 31, 2020
(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		$	32,195,256				74.77		%	$	32,236,385				75.28		%
Commercial real estate			7,027,236				16.32				6,835,763				15.96
One-to-four family			208,108				0.48				235,989				0.55
Acquisition, development, and construction			115,947				0.27				89,790				0.21
Total mortgage loans held for investment(1)			39,546,547				91.84			$	39,397,927				92.00
Other Loans:
Commercial and industrial			1,610,550				3.74				1,682,519				3.93
Lease financing, net of unearned income of    $110,582 and $116,366, respectively			1,898,980				4.41				1,734,824				4.05
Total commercial and industrial loans (2)			3,509,530				8.15				3,417,343				7.98
Other			5,593				0.01				6,520				0.02
Total other loans held for investment(1)			3,515,123				8.16				3,423,863				8.00
Total loans and leases held for investment		$	43,061,670				100.00		%	$	42,821,790				100.00		%
Net deferred loan origination costs			63,469								61,808
Allowance for credit losses loans and leases			(197,758	)							(194,043	)
Total loans and leases held for investment, net		$	42,927,381							$	42,689,555
Loans held for sale (3)			141,435								117,136
Total loans and leases, net		$	43,068,816							$	42,806,691

(1) Excludes accrued interest receivable of $219.0 million and $219.1 million at March 31, 2021 and December 31, 2020, respectively, which is included in other assets in the Consolidated Statements of Condition.

(2) Includes specialty finance loans and leases of $3.2 billion and $3.0 billion, respectively, at March 31, 2021 and December 31, 2020, and other C&I loans of $350.8 million and $393.3 million, respectively, at March 31, 2021 and December 31, 2020.

(3) Includes deferred loan origination fees of $3.8 million and $1.7 million at March 31, 2021 and December 31, 2020, respectively.

Quality of Loans Held for Investment

The following table presents information regarding the quality of the Company’s loans held for investment at March 31, 2021:

(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		$	961			$	9,888			$	—			$	10,849			$	32,184,407			$	32,195,256
Commercial real estate			19,371				11,573				—				30,944				6,996,292				7,027,236
One-to-four family			—				1,466				—				1,466				206,642				208,108
Acquisition, development, and construction			—				—				—				—				115,947				115,947
Commercial and industrial(1) (2)			—				10,247				—				10,247				3,499,283				3,509,530
Other			13				4				—				17				5,576				5,593
Total loans and leases held for investment		$	20,345			$	33,178			$	—			$	53,523			$	43,008,147			$	43,061,670

(1) Includes $10.1 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, 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.

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 March 31, 2021:

		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		$	30,647,027			$	5,867,168			$	194,220			$	101,958			$	36,810,373			$	3,450,432			$	5,589			$	3,456,021
Special mention			875,091				785,007				5,354				13,989				1,679,441				2,071				—				2,071
Substandard			673,138				375,061				8,534				—				1,056,733				57,027				4				57,031
Doubtful			—				—				—				—				—				—				—				—
Total		$	32,195,256			$	7,027,236			$	208,108			$	115,947			$	39,546,547			$	3,509,530			$	5,593			$	3,515,123

(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, 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.

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, 2021.

(in thousands)		Vintage Year
Risk Rating Group		2021				2020				2019				2018				2017				Prior To 2017				Revolving Loans				Total
Pass		$	2,092,263			$	9,587,201			$	6,432,567			$	5,472,277			$	3,995,854			$	9,238,124			$	20,182			$	36,838,468
Special Mention			—				13,067				215,301				345,152				136,466				969,925				—				1,679,911
Substandard			—				—				193,116				249,729				109,848				503,900				—				1,056,593
Total mortgage loans		$	2,092,263			$	9,600,268			$	6,840,984			$	6,067,158			$	4,242,168			$	10,711,949			$	20,182			$	39,574,972
Pass			249,885				1,004,860				679,606				149,190				195,499				235,594				976,916				3,491,550
Special Mention			—				—				71				—				—				—				2,000				2,071
Substandard			—				2,132				3,723				1,840				8,688				13,844				26,319				56,546
Total other loans			249,885				1,006,992				683,400				151,030				204,187				249,438				1,005,235				3,550,167
Total		$	2,342,148			$	10,607,260			$	7,524,384			$	6,218,188			$	4,446,355			$	10,961,387			$	1,025,417			$	43,125,139

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, 2021:  

		Collateral Type
(in thousands)		Real Property				Other
Multi-family		$	6,840			$	—
Commercial real estate			25,386				—
One-to-four family			329				—
Acquisition, development, and construction			—				—
Commercial and industrial			—				16,769
Other			—				—
Total collateral-dependent loans held for investment		$	32,555			$	16,769

Information Regarding Troubled Debt Restructurings

The following table presents information regarding the Company’s TDRs as of March 31, 2021 and December 31, 2020:

		March 31, 2021												December 31, 2020
(in thousands)		Accruing				Non- Accrual				Total				Accruing				Non- Accrual				Total
Loan Category:
Multi-family		$	—			$	6,840			$	6,840			$	—			$	—			$	—
Commercial real estate			14,894				—				14,894				14,967				—				14,967
One-to-four family			—				330				330				—				557				557
Commercial and industrial(1)			—				10,134				10,134				—				18,761				18,761
Total		$	14,894			$	17,304			$	32,198			$	14,967			$	19,318			$	34,285

(1) Includes $10.0 million and $17.5 million of taxi medallion-related loans at March 31, 2021 and December 31, 2020, respectively.

Financial Effects of Troubled Debt Restructurings

The financial effects of the Company’s TDRs for the three months ended March 31, 2021 and 2020 are summarized as follows:

		For the Three Months Ended March 31, 2021
														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:
Multi-family			1			$	7,515			$	7,515				3.13	%			3.25	%		$	-			$	-

		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
Loan Category:
Commercial and industrial			8			$	1,920			$	1,572				3.29	%			3.24	%		$	348			$	—

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