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Loans and Leases (Tables)

6 Months Ended

Jun. 30, 2021

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, 2021								December 31, 2020
(dollars in millions)		Amount				Percent of Loans Held for Investment				Amount				Percent of Loans Held for Investment
Loans and Leases Held for Investment:
Mortgage Loans:
Multi-family		$	32,540				74.77		%	$	32,236				75.28		%
Commercial real estate			6,813				15.66				6,836				15.96
One-to-four family			190				0.44				236				0.55
Acquisition, development, and construction			187				0.43				90				0.21
Total mortgage loans held for investment(1)			39,730				91.30			$	39,398				92.00
Other Loans:
Commercial and industrial			1,930				4.43				1,682				3.93
Lease financing, net of unearned income of    $103 and $116, respectively			1,846				4.24				1,735				4.05
Total commercial and industrial loans (2)			3,776				8.67				3,417				7.98
Other			12				0.03				7				0.02
Total other loans held for investment(1)			3,788				8.70				3,424				8.00
Total loans and leases held for investment		$	43,518				100.00		%	$	42,822				100.00		%
Net deferred loan origination costs			57								62
Allowance for credit losses loans and leases			(202	)							(194	)
Total loans and leases held for investment, net		$	43,373							$	42,690
Loans held for sale (3)			-								117
Total loans and leases, net		$	43,373							$	42,807

(1) Excludes accrued interest receivable of $211 million and $219 million at June 30, 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 June 30, 2021 and December 31, 2020, and other C&I loans of $555 million and $393 million, respectively, at June 30, 2021 and December 31, 2020.

(3) Includes deferred loan origination fees of $0 million and $2 million at June 30, 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 June 30, 2021:

(dollars in millions)		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		$	9			$	9			$	—			$	18			$	32,522			$	32,540
Commercial real estate			15				12				—				27				6,786				6,813
One-to-four family			—				2				—				2				188				190
Acquisition, development, and construction			—				—				—				—				187				187
Commercial and industrial(1) (2)			11				—				—				11				3,765				3,776
Other			—				9				—				9				3				12
Total loans and leases held for investment		$	35			$	32			$	—			$	67			$	43,451			$	43,518

(1) Includes $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, 2020:

(dollars in millions)		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			$	4			$	—			$	8			$	32,228			$	32,236
Commercial real estate			10				12				—				22				6,814				6,836
One-to-four family			2				2				—				4				232				236
Acquisition, development, and construction			—				—				—				—				90				90
Commercial and industrial(1) (2)			—				20				—				20				3,397				3,417
Other			—				—				—				—				7				7
Total		$	16			$	38			$	—			$	54			$	42,768			$	42,822

(1) Includes $19 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, 2021:

		Mortgage Loans																				Other Loans
(dollars in millions)		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		$	31,044			$	5,906			$	177			$	176			$	37,303			$	3,719			$	12			$	3,731
Special mention			879				682				5				11				1,577				2				—				2
Substandard			617				225				8				—				850				55				—				55
Doubtful			—				—				—				—				—				—				—				—
Total		$	32,540			$	6,813			$	190			$	187			$	39,730			$	3,776			$	12			$	3,788

(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
(dollars in millions)		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			$	5,884			$	222			$	68			$	37,394			$	3,388			$	7			$	3,395
Special mention			567				637				12				22				1,238				3				—				3
Substandard			449				315				2				—				766				26				—				26
Doubtful			—				—				—				—				—				—				—				—
Total		$	32,236			$	6,836			$	236			$	90			$	39,398			$	3,417			$	7			$	3,424

(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, 2021.

(dollars in millions)		Vintage Year
Risk Rating Group		2021				2020				2019				2018				2017				Prior To 2017				Revolving Loans				Total
Pass		$	4,297			$	9,536			$	6,159			$	5,305			$	3,630			$	8,383			$	20			$	37,330
Special Mention			—				30				272				194				138				944				—				1,578
Substandard			—				7				70				226				120				426				1				850
Total mortgage loans		$	4,297			$	9,573			$	6,501			$	5,725			$	3,888			$	9,753			$	21			$	39,758
Pass			612				931				632				139				184				217				1,045				3,760
Special Mention			—				—				—				—				—				—				2				2
Substandard			—				2				3				2				8				14				26				55
Total other loans			612				933				635				141				192				231				1,073				3,817
Total		$	4,909			$	10,506			$	7,136			$	5,866			$	4,080			$	9,984			$	1,094			$	43,575

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, 2021:  

		Collateral Type
(dollars in millions)		Real Property				Other
Multi-family		$	7			$	—
Commercial real estate			26				—
One-to-four family			—				—
Acquisition, development, and construction			—				—
Commercial and industrial			—				15
Other			—				—
Total collateral-dependent loans held for investment		$	33			$	15

Information Regarding Troubled Debt Restructurings

The following table presents information regarding the Company’s TDRs as of June 30, 2021 and December 31, 2020:

		June 30, 2021												December 31, 2020
(dollars in millions)		Accruing				Non- Accrual				Total				Accruing				Non- Accrual				Total
Loan Category:
Multi-family		$	—			$	7			$	7			$	—			$	—			$	—
Commercial real estate			15				—				15				15				—				15
One-to-four family			—				—				—				—				—				—
Commercial and industrial(1)			—				9				9				—				19				19
Total		$	15			$	16			$	31			$	15			$	19			$	34

(1) Includes $9 million and $18 million of taxi medallion-related loans at June 30, 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 June 30, 2021 and 2020 are summarized as follows:

For the Three Months Ended June 30, 2021

Weighted Average Interest Rate

(dollars in millions)

Number of Loans

Pre- Modification Recorded Investment

Post- Modification Recorded Investment

Pre- Modification

Post- Modification

Charge- off Amount

Capitalized Interest

Loan Category:

Multi-family

—

$

—

$

—

—

—

$

—

$

—

		For the Three Months Ended June 30, 2020
														Weighted Average Interest Rate
(dollars in millions)		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			$	15				8.00	%			3.50	%		$	—			$	—
Commercial and industrial		11					2				1				2.92				2.92				1				—
Total			12				17				16				7.28				3.45			$	1			$	—

The financial effects of the Company’s TDRs for the six months ended June 30, 2021 and 2020 are summarized as follows:

		For the Six Months Ended June 30, 2021
														Weighted Average Interest Rate
(dollars in millions)		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				7				3.13	%			3.25	%		$	—			$	—

		For the Six Months Ended June 30, 2020
														Weighted Average Interest Rate
(dollars in millions)		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			$	15				8.00	%			3.50	%		$	—			$	—
Commercial and industrial			19				4				3				3.08				3.03				1				—
Total			20			$	19			$	18				6.89				3.42			$	1			$	—

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