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Loans and Leases (Tables)

9 Months Ended

Sep. 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:

		September 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		$	32,838				75.27		%	$	32,236				75.28		%
Commercial real estate			6,715				15.39				6,836				15.96
One-to-four family			170				0.39				236				0.55
Acquisition, development, and construction			198				0.45				90				0.21
Total mortgage loans held for investment(1)		$	39,921				91.50			$	39,398				92.00
Other Loans:
Commercial and industrial			1,936				4.44				1,682				3.93
Lease financing, net of unearned income of    $98 and $116, respectively			1,768				4.05				1,735				4.05
Total commercial and industrial loans (2)			3,704				8.49				3,417				7.98
Other			6				0.01				7				0.02
Total other loans held for investment(1)			3,710				8.50				3,424				8.00
Total loans and leases held for investment		$	43,631				100.00		%	$	42,822				100.00		%
Net deferred loan origination costs			56								62
Allowance for credit losses loans and leases			(200	)							(194	)
Total loans and leases held for investment, net		$	43,487							$	42,690
Loans held for sale (3)			-								117
Total loans and leases, net		$	43,487							$	42,807

(1)Excludes accrued interest receivable of $207 million and $219 million at September 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 $3.1 billion and $3.0 billion, respectively, at September 30, 2021 and December 31, 2020, and other C&I loans of $561 million and $393 million, respectively, at September 30, 2021 and December 31, 2020.

(3)Includes deferred loan origination fees of $2 million at December 31, 2020.

Quality of Loans Held for Investment

The following table presents information regarding the quality of the Company’s loans held for investment at September 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		$	426			$	8			$	—			$	434			$	32,404			$	32,838
Commercial real estate			11				12				—				23				6,692				6,715
One-to-four family			10				1				—				11				159				170
Acquisition, development, and construction			—				—				—				—				198				198
Commercial and industrial(1) (2)			—				7				—				7				3,697				3,704
Other			—				—				—				—				6				6
Total loans and leases held for investment		$	447			$	28			$	—			$	475			$	43,156			$	43,631

(1)Includes $7 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 September 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		$	31,128			$	5,905			$	147			$	193			$	37,373			$	3,647			$	6			$	3,653
Special mention			1,146				619				14				5				1,784				3				—				3
Substandard			564				191				9				—				764				54				—				54
Doubtful			—				—				—				—				—				—				—				—
Total		$	32,838			$	6,715			$	170			$	198			$	39,921			$	3,704			$	6			$	3,710

(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 September 30, 2021.

(dollars in millions)		Vintage Year
Risk Rating Group		2021				2020				2019				2018				2017				Prior To 2017				Revolving Loans				Total
Pass		$	6,196			$	9,374			$	5,912			$	4,948			$	3,446			$	7,508			$	17			$	37,401
Special Mention			—				90				280				363				143				908				—				1,784
Substandard			—				17				108				152				111				375				1				764
Total mortgage loans		$	6,196			$	9,481			$	6,300			$	5,463			$	3,700			$	8,791			$	18			$	39,949
Pass			651				741				592				98				172				199				1,228				3,681
Special Mention			—				—				—				—				—				—				3				3
Substandard			—				2				2				1				8				15				26				54
Total other loans			651				743				594				99				180				214				1,257				3,738
Total		$	6,847			$	10,224			$	6,894			$	5,562			$	3,880			$	9,005			$	1,275			$	43,687

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 September 30, 2021:

		Collateral Type
(dollars in millions)		Real Property				Other
Multi-family		$	7			$	—
Commercial real estate			27				—
One-to-four family			—				—
Acquisition, development, and construction			—				—
Commercial and industrial			—				14
Other			—				—
Total collateral-dependent loans held for investment		$	34			$	14

Information Regarding Troubled Debt Restructurings

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

		September 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			16				3				19				15				—				15
One-to-four family			—				—				—				—				—				—
Commercial and industrial(1)			—				7				7				—				19				19
Total		$	16			$	17			$	33			$	15			$	19			$	34

(1) Includes $7 million and $18 million of taxi medallion-related loans at September 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 September 30, 2021 and 2020 are summarized as follows:

		For the Three Months Ended September 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:
Commercial real estate			2			$	4			$	4				6.00	%			3.55	%		$	—			$	—

		For the Three Months Ended September 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 and industrial			23			$	5			$	5				1.66	%			1.66	%		$	—			$	—

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

		For the Nine Months Ended September 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:
Commercial real estate			2			$	4			$	4				6.00	%			3.55	%		$	—			$	—
Multi-family			1				8				8				3.13				3.25				—				—
Total			3			$	12			$	12				4.18				3.36			$	—			$	—

		For the Nine Months Ended September 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			42				9				8				2.36				2.20				1				—
Total			43			$	24			$	23				5.91				3.08			$	1			$	—

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