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Loans and Leases (Tables)

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Summary of Components

We report LHFI loans at their amortized cost, which includes the outstanding principal balance adjusted for any unamortized premiums, discounts, deferred fees and unamortized fair value for acquired loans:

			March 31, 2023									December 31, 2022
(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			$	38,004		46.0		%				$	38,130		55.3		%
Commercial real estate			10,464			12.7		%				8,526			12.4		%
One-to-four family first mortgage			5,934			7.2		%				5,821			8.4		%
Acquisition, development, and construction			2,203			2.7		%				1,996			2.9		%
Total mortgage loans held for investment (1)			56,605			68.6		%				$	54,473		78.9		%
Other Loans:
Commercial and industrial			20,217			24.5		%				10,597			15.4		%
Lease financing, net of unearned income of $88 and $90, respectively			3,140			3.8		%				1,679			2.4		%
Total commercial and industrial loans (2)			23,357			28.3		%				12,276			17.8		%
Other			2,585			3.1		%				2,252			3.3		%
Total other loans held for investment			25,942			31.4		%				14,528			21.1		%
Total loans and leases held for investment (1)			$	82,547		100.0		%				$	69,001		100.0		%
Allowance for credit losses on loans and leases			(550)									(393)
Total loans and leases held for investment, net			81,997									68,608
Loans held for sale, at fair value			1,305									1,115
Total loans and leases, net			$	83,302								$	69,723

(1)Excludes accrued interest receivable of $365 million and $292 million at March 31, 2023 and December 31, 2022, respectively, which is included in other assets in the Consolidated Statements of Condition.

(2)Includes specialty finance loans and leases of $4.8 billion and $4.4 billion at March 31, 2023 and December 31, 2022, respectively.

Schedule of 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, 2023:

(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						$	72					$	13					$	—					$	85					$	37,919					$	38,004
Commercial real estate						15						21						—						36						10,428						10,464
One-to-four family first mortgage						20						84						—						104						5,830						5,934
Acquisition, development, and construction						—						—						—						—						2,203						2,203
Commercial and industrial(1)						57						30						13						100						23,257						23,357
Other						11												—						11						2,574						2,585
Total						$	175					$	148					$	13					$	336					$	82,211					$	82,547

(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, 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.

Summary 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, 2023:

			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			$	36,497					$	9,567					$	5,832					$	2,196					$	54,092					$	23,164					$	2,566					$	25,730
Special mention			926						403						8						7						1,344						68						—						68
Substandard			581						494						94						—						1,169						125						19						144
Total			$	38,004					$	10,464					$	5,934					$	2,203					$	56,605					$	23,357					$	2,585					$	25,942

(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, 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			—						—						—						—						0						—						—						—
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 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, 2023:

			Vintage Year
(in millions)			2023						2022						2021						2020						2019						Prior To 2019						Revolving Loans						Revolving Loans Converted to Term Loans						Total
Pass			$	935					$	14,349					$	10,976					$	9,217					$	5,531					$	12,800					$	279					$	5					$	54,092
Special Mention			—						—						80						168						262						833						1						—						1,344
Substandard			12						2						14						46						237						855						—						3						1,169
Total mortgage loans			$	947					$	14,351					$	11,070					$	9,431					$	6,030					$	14,488					$	280					$	8					$	56,605
Current-period gross writeoffs			—						—						—						—						—						(2)						—						—						(2)
Pass			$	5,095					$	4,728					$	2,667					$	1,519					$	1,246					$	1,025					$	9,389					$	61					$	25,730
Special Mention			3						13						3						3						18						17						11						—						68
Substandard			1						16						8						29						7						45						31						7						144
Total other loans			$	5,099					$	4,757					$	2,678					$	1,551					$	1,271					$	1,087					$	9,431					$	68					$	25,942
Current-period gross writeoffs			$	—					$	—					$	—					$	—					$	—					$	(3)					$	—					$	—					$	(3)
Total			$	6,046					$	19,108		$	—		$	13,748					$	10,982					$	7,301					$	15,575					$	9,711					$	76					$	82,547

Summary of Collateral

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, 2023:

			Collateral Type
(in millions)			Real Property						Other
Multi-family			$	13					$	—
Commercial real estate			18						—
One-to-four family first mortgage			92						—
Acquisition, development, and construction			—						—
Commercial and industrial			—						3
Other			10						—
Total collateral-dependent loans held for investment			$	133					$	3

Summary of Modifications to Borrowers Experiencing Financial Difficulty and Performance of Loans Modified in Last 12 Months, and TDRs

The following table summarizes the amortized cost basis of loans modified during the reporting period to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of modification:

			Amortized Cost
(dollars in millions)			Interest Rate Reduction						Term Extension						Combination - Interest Rate Reduction & Term Extension						Total						Percent of Total Loan class
Commercial real estate			$	44					$	—					$	—					$	44					0.42		%
One-to-four family first mortgage			—						1						1						2						0.03		%
Total			$	44					$	1					$	1					$	46

The following table describes the financial effect of the modification made to borrowers experiencing financial difficulty:

			Interest Rate Reduction												Term Extension
			Weighted-average contractual interest rate
			From						To						Weighted-average Term (in years)
Commercial real estate			10.50		%				4.0		%
One-to-four family first mortgage			4.84		%				3.97		%				12.7

The following table depicts the performance of loans that have been modified during the reporting period:

						March 31, 2023
(dollars in millions)						Current						30 - 89 Past Due						90+ Past Due						Total
Commercial real estate						$	44					$	—					$	—					$	44
One-to-four family first mortgage						—						—						3						3
Total						$	44					$	—					$	3					$	47

The following table presents information regarding the Company's TDRs as of March 31, 2022:

			March 31, 2022
(dollars in millions)			Accruing						Non- Accrual						Total
Loan Category:
Multi-family			$	—					$	7					$	7
Commercial real estate			16						19						35
Commercial and industrial (1)			—						5						5
Total			$	16					$	31					$	47

(1) Includes $5 million of taxi medallion-related loans at March 31, 2022.

The financial effects of the Company’s TDRs for the three months ended March 31, 2022 are summarized as follows:

			For the Three Months Ended March 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			1						$	22					$	19					6.00		%				4.00		%				$	3					$	—

X

- 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

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of financial instruments held by the entity for its own account for trading or investment purposes that are carried at fair value and pledged to counterparties as collateral for financing transactions. Description may include equity, fixed income, debt or other securities.

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