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Loans and Leases (Tables) | 12 Months Ended
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Dec. 31, 2022
Receivables [Abstract] |
Composition of Loan and Lease Portfolio Held for Investment | The following table sets forth, at the dates indicated, the composition of the loan and lease portfolio held for investment, at their amortized cost, which includes the outstanding principal balance adjusted for any unamortized premiums, discounts, deferred fees and costs:
| December 31, 2022 |  |  | December 31, 2021 |  |
(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 | $ | 38,130 |  |  | 55.3 |  | % | $ | 34,628 |  |  | 75.7 |  | %
Commercial real estate |  | 8,526 |  |  | 12.4 |  |  |  | 6,701 |  |  | 14.7 |  |
One-to-four family first mortgage |  | 5,821 |  |  | 8.4 |  |  |  | 160 |  |  | 0.3 |  |
Acquisition, development, and construction |  | 1,996 |  |  | 2.8 |  |  |  | 209 |  |  | 0.5 |  |
Total mortgage loans held for investment (1) |  | 54,473 |  |  | 78.9 |  |  |  | 41,698 |  |  | 91.2 |  |
Other Loans: |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | 10,597 |  |  | 15.4 |  |  |  | 2,238 |  |  | 3.2 |  |
Lease financing, net of unearned income of $85 and $95 respectively |  | 1,679 |  |  | 2.4 |  |  |  | 1,796 |  |  | 3.9 |  |
Total commercial and industrial loans (2) |  | 12,276 |  |  | 17.8 |  |  |  | 4,034 |  |  | 7.2 |  |
Other |  | 2,252 |  |  | 3.3 |  |  |  | 6 |  |  | 0.0 |  |
Total other loans held for investment |  | 14,528 |  |  | 21.1 |  |  |  | 4,040 |  |  | 7.2 |  |
Total loans and leases held for investment (1) | $ | 69,001 |  |  | 100.0 |  | % | $ | 45,738 |  |  | 100.0 |  | %
Allowance for credit losses on loans and leases |  | (393 | ) |  |  |  |  | (199 | ) |  |  |
Total loans and leases held for investment, net | $ | 68,608 |  |  |  |  | $ | 45,539 |  |  |  |
Loans held for sale, at fair value |  | 1,115 |  |  |  |  |  | — |  |  |  |
Total loans and leases, net | $ | 69,723 |  |  |  |  | $ | 45,539 |  |  |  |
(1) Excludes accrued interest receivable of $292 million and $199 million at December 31, 2022 and December 31, 2021, respectively, which is included in other assets in the Consolidated Statements of Condition. (2) Includes specialty finance loans and leases of $4.4 billion and $3.5 billion, respectively, at December 31, 2022 and December 31, 2021.
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, 2022:
(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 |  | $ | 34 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 47 |  |  | $ | 38,083 |  |  | $ | 38,130 |
Commercial real estate |  |  | 2 |  |  |  | 20 |  |  |  | — |  |  |  | 22 |  |  |  | 8,504 |  |  |  | 8,526 |
One-to-four family first mortgage |  |  | 21 |  |  |  | 92 |  |  |  | — |  |  |  | 113 |  |  |  | 5,708 |  |  |  | 5,821 |
Acquisition, development, and construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,996 |  |  |  | 1,996 |
Commercial and industrial(1) |  |  | — |  |  |  | 7 |  |  |  | — |  |  |  | 7 |  |  |  | 12,269 |  |  |  | 12,276 |
Other |  |  | 13 |  |  |  | 9 |  |  |  | — |  |  |  | 22 |  |  |  | 2,230 |  |  |  | 2,252 |
Total |  | $ | 70 |  |  | $ | 141 |  |  | $ | — |  |  | $ | 211 |  |  | $ | 68,790 |  |  | $ | 69,001 |
(1) 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, 2021:
(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 |  | $ | 57 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 67 |  |  | $ | 34,561 |  |  | $ | 34,628 |
Commercial real estate |  |  | 2 |  |  |  | 16 |  |  |  | — |  |  |  | 18 |  |  |  | 6,683 |  |  |  | 6,701 |
One-to-four family first mortgage |  |  | 8 |  |  |  | 1 |  |  |  | — |  |  |  | 9 |  |  |  | 151 |  |  |  | 160 |
Acquisition, development, and construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 209 |  |  |  | 209 |
Commercial and industrial(1) |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | 6 |  |  |  | 4,029 |  |  |  | 4,035 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 5 |
Total |  | $ | 67 |  |  | $ | 33 |  |  | $ | — |  |  | $ | 100 |  |  | $ | 45,638 |  |  | $ | 45,738 |
(1) 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, 2022:
|  | Mortgage Loans |  |  | Other Loans |
(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 |  | $ | 36,622 |  |  | $ | 7,871 |  |  | $ | 5,710 |  |  | $ | 1,992 |  |  | $ | 52,195 |  |  | $ | 12,208 |  |  | $ | 2,238 |  |  | $ | 14,446 |
Special mention |  |  | 864 |  |  |  | 230 |  |  |  | 8 |  |  |  | 4 |  |  |  | 1,106 |  |  |  | 18 |  |  |  | — |  |  |  | 18 |
Substandard |  |  | 644 |  |  |  | 425 |  |  |  | 103 |  |  |  | — |  |  |  | 1,172 |  |  |  | 50 |  |  |  | 14 |  |  |  | 64 |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 38,130 |  |  | $ | 8,526 |  |  | $ | 5,821 |  |  | $ | 1,996 |  |  | $ | 54,473 |  |  | $ | 12,276 |  |  | $ | 2,252 |  |  | $ | 14,528 |
(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, 2021:
|  | Mortgage Loans |  |  | Other Loans |
(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 |  | $ | 33,035 |  |  | $ | 5,876 |  |  | $ | 137 |  |  | $ | 204 |  |  | $ | 39,252 |  |  | $ | 3,987 |  |  | $ | 6 |  |  | $ | 3,993 |
Special mention |  |  | 982 |  |  |  | 644 |  |  |  | 14 |  |  |  | 5 |  |  |  | 1,645 |  |  |  | 2 |  |  |  | — |  |  |  | 2 |
Substandard |  |  | 611 |  |  |  | 181 |  |  |  | 9 |  |  |  | — |  |  |  | 801 |  |  |  | 45 |  |  |  | — |  |  |  | 45 |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 34,628 |  |  | $ | 6,701 |  |  | $ | 160 |  |  | $ | 209 |  |  | $ | 41,698 |  |  | $ | 4,034 |  |  | $ | 6 |  |  | $ | 4,040 |
(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, 2022:
|  | Vintage Year |
(in millions) Risk Rating Group |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | Prior To 2018 |  |  | Revolving Loans |  |  | Revolving Loans Converted to Term Loans |  |  | Total |
Pass |  | $ | 12,817 |  |  | $ | 10,925 |  |  | $ | 9,121 |  |  | $ | 5,519 |  |  | $ | 4,301 |  |  | $ | 8,055 |  |  | $ | 1,452 |  |  | $ | 5 |  |  | $ | 52,195 |
Special Mention |  |  | — |  |  |  | 15 |  |  |  | 103 |  |  |  | 244 |  |  |  | 293 |  |  |  | 451 |  |  |  | — |  |  |  | — |  |  |  | 1,106 |
Substandard |  |  | 1 |  |  |  | 6 |  |  |  | 48 |  |  |  | 224 |  |  |  | 137 |  |  |  | 753 |  |  |  | — |  |  |  | 3 |  |  |  | 1,172 |
Total mortgage loans |  | $ | 12,818 |  |  | $ | 10,946 |  |  | $ | 9,272 |  |  | $ | 5,987 |  |  | $ | 4,731 |  |  | $ | 9,259 |  |  | $ | 1,452 |  |  | $ | 8 |  |  | $ | 54,473 |
Pass |  |  | 5,415 |  |  |  | 964 |  |  |  | 637 |  |  |  | 727 |  |  |  | 180 |  |  |  | 266 |  |  |  | 6,209 |  |  |  | 46 |  |  |  | 14,444 |
Special Mention |  |  | 12 |  |  |  | — |  |  |  | — |  |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19 |
Substandard |  |  | 1 |  |  |  | 1 |  |  |  | 22 |  |  |  | 2 |  |  |  | 9 |  |  |  | 7 |  |  |  | 19 |  |  |  | 4 |  |  |  | 65 |
Total other loans |  |  | 5,428 |  |  |  | 965 |  |  |  | 659 |  |  |  | 736 |  |  |  | 189 |  |  |  | 273 |  |  |  | 6,228 |  |  |  | 50 |  |  |  | 14,528 |
Total |  | $ | 18,246 |  |  | $ | 11,911 |  |  | $ | 9,931 |  |  | $ | 6,723 |  |  | $ | 4,920 |  |  | $ | 9,532 |  |  | $ | 7,680 |  |  | $ | 58 |  |  | $ | 69,001 |
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, 2022:
|  | Collateral Type |
(in millions) |  | Real Property |  |  | Other |
Multi-family |  | $ | 13 |  |  | $ | — |
Commercial real estate |  |  | 35 |  |  |  | — |
One-to-four family first mortgage |  |  | 136 |  |  |  | — |
Acquisition, development, and construction |  |  | — |  |  |  | — |
Commercial and industrial |  |  | — |  |  |  | 3 |
Other |  |  | 14 |  |  |  | — |
Total collateral-dependent loans held for investment |  |  | 198 |  |  |  | 3 |
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 millions) |  | 2022 |  |  | 2021 |  |  | 2020 |
Interest income that would have been recorded |  | $ | 3 |  |  | $ | 3 |  |  | $ | 5 |
Interest income actually recorded |  |  | (1 | ) |  |  | (1 | ) |  |  | (1 | )
Interest income foregone |  | $ | 2 |  |  | $ | 2 |  |  | $ | 4 |
Information Regarding Troubled Debt Restructurings | The following table presents information regarding the Company’s TDRs:
|  |  | December 31, 2022 |  |  | December 31, 2021 |
(in millions) |  |  | Accruing |  |  |  | Non- Accrual |  |  |  | Total |  |  | Accruing |  |  | Non- Accrual |  |  | Total |
Loan Category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family |  | $ |  | — |  |  | $ |  | 6 |  |  | $ |  | 6 |  | $ |  | — |  | $ |  | 7 |  | $ |  | 7 |
Commercial real estate |  |  |  | 16 |  |  |  |  | 19 |  |  |  |  | 35 |  |  |  | 16 |  |  |  | — |  |  |  | 16 |
One-to-four family first mortgage |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Acquisition, development, and construction |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Commercial and industrial |  |  |  | — |  |  |  |  | 3 |  |  |  |  | 3 |  |  |  | — |  |  |  | 6 |  |  |  | 6 |
Total |  | $ |  | 16 |  |  | $ |  | 28 |  |  | $ |  | 44 |  | $ |  | 16 |  | $ |  | 13 |  | $ |  | 29 |
Financial Effects of Troubled Debt Restructurings | The financial effects of the Company’s TDRs are summarized as follows:
|  | For the Twelve Months Ended December 31, 2022 |
|  |  |  |  |  |  |  |  |  |  | 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 |  |  | $ | 22 |  |  | $ | 19 |  |  |  | 6.00 |  | % | 4.02 | % | $ | 3 |  |  | $ | — |
Total |  |  | 2 |  |  | $ | 22 |  |  | $ | 19 |  |  |  |  |  |  |  | $ | 3 |  |  | $ | — |
|  | For the Twelve Months Ended December 31, 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 | % | $ | — |  |  | $ | — |
Commercial and industrial |  |  | 1 |  |  |  | 8 |  |  |  | 8 |  |  | 3.13 |  | 3.25 |  |  | — |  |  |  | — |
Total |  |  | 3 |  |  | $ | 12 |  |  | $ | 12 |  |  |  |  |  |  |  |  |  | $ | — |
|  | For the Twelve Months Ended December 31, 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family first mortgage |  |  | 1 |  |  | $ | 15 |  |  | $ | 15 |  |  | 8.00 |  | % | 3.50 |  | % | $ | — |  |  | $ | — |
Commercial and industrial |  |  | 42 |  |  |  | 9 |  |  | $ | 8 |  |  |  | 2.36 |  |  |  | 2.23 |  |  |  | 1 |  |  |  | — |
Total |  |  | 43 |  |  | $ | 24 |  |  | $ | 23 |  |  |  |  |  |  |  |  | $ | 1 |  |  | $ | — |

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953659-111524 + Details
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- Definition Tabular disclosure of troubled debt restructuring which results when the debtor restructures the terms of its debt with a creditor due to the debtor's financial difficulties and the creditor grants certain concessions to obtain payment it might not otherwise receive. Includes a description of the principal changes in terms, the major features of settlement for each restructuring, the aggregate gain on restructuring and the related income tax effect, the per share amount of the total gain on restructuring, net of related income tax effect, and the total gain (loss) on transfers of assets recognized during the period. After the troubled debt restructuring has occurred debtors discuss the extent and amount to which amounts contingently payable are included in the carrying amount of restructured payables, and the conditions under which those amounts would become payable or would be forgiven when there is at least a reasonable possibility that a liability for contingent payments will be incurred. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 60 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6402221&loc=d3e15743-112638 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 60 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=6402221&loc=d3e15765-112638 + Details
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- Definition Tabular disclosure of financing receivable modified as troubled debt restructuring. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 33 -URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953676-111524 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953682-111524 + Details
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