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Loans and Leases (Tables) | 12 Months Ended
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Dec. 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 adjustments for acquired loans:
| December 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 | $ | 37,265 |  | 44.0 | % |  | $ | 38,130 |  | 55.3 | %
Commercial real estate | 10,470 | 12.4 | % |  | 8,526 | 12.4 | %
One-to-four family first mortgage | 6,061 | 7.2 | % |  | 5,821 | 8.4 | %
Acquisition, development, and construction | 2,912 | 3.4 | % |  | 1,996 | 2.8 | %
Total mortgage loans held for investment (1) | $ | 56,708 |  | 67.0 | % |  | $ | 54,473 |  | 78.9 | %
Other Loans: |  |  |  |  |
Commercial and industrial | 22,065 | 26.1 | % |  | 10,597 | 15.4 | %
Lease financing, net of unearned income of $258 and $85, respectively | 3,189 | 3.8 | % |  | 1,679 | 2.4 | %
Total commercial and industrial loans (2) | 25,254 | 29.9 | % |  | 12,276 | 17.8 | %
Other | 2,657 | 3.1 | % |  | 2,252 | 3.3 | %
Total other loans held for investment | 27,911 | 33.0 | % |  | 14,528 | 21.1 | %
Total loans and leases held for investment (1) | $ | 84,619 |  | 100.0 | % |  | $ | 69,001 |  | 100.0 | %
Allowance for credit losses on loans and leases | (992) |  |  | (393) |
Total loans and leases held for investment, net | 83,627 |  |  | 68,608 |
Loans held for sale | 1,182 |  |  |  | 1,115 |
Total loans and leases, net | $ | 84,809 |  |  |  | $ | 69,723 |  |
(1)Excludes accrued interest receivable of $423 million and $292 million at December 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 $5.2 billion and $4.4 billion at December 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 December 31, 2023:
(in millions) | Loans 30-89 Days Past Due |  | Non- Accrual Loans |  |  |  | Total Past Due Loans |  | Current Loans (2) |  | Total Loans Receivable
Multi-family | $ | 121 |  |  | $ | 138 |  |  |  |  | $ | 259 |  |  | $ | 37,006 |  |  | $ | 37,265 |
Commercial real estate | 28 |  |  | 128 |  |  |  |  | 156 |  |  | 10,314 |  |  | 10,470 |
One-to-four family first mortgage | 40 |  |  | 95 |  |  |  |  | 135 |  |  | 5,926 |  |  | 6,061 |
Acquisition, development, and construction | 2 |  |  | 2 |  |  |  |  | 4 |  |  | 2,908 |  |  | 2,912 |
Commercial and industrial(1) | 37 |  |  | 43 |  |  |  |  | 80 |  |  | 25,174 |  |  | 25,254 |
Other | 22 |  |  | 22 |  |  |  |  | 44 |  |  | 2,613 |  |  | 2,657 |
Total | $ | 250 |  |  | $ | 428 |  |  |  |  | $ | 678 |  |  | $ | 83,941 |  |  | $ | 84,619 |
(1)Includes lease financing receivables. (2)Includes $207 million multi-family loans from one borrower that had a payment in the process of collection as of December 31, 2023 and subsequently settled on January 2, 2024. 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 |  |  |  | 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) | 2 |  |  | 3 |  |  |  |  | 5 |  |  | 12,271 |  |  | 12,276 |
Other | 11 |  |  | 13 |  |  |  |  | 24 |  |  | 2,228 |  |  | 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 December 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 |  | Other |  | Total Other Loans
Credit Quality Indicator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 34,170 |  |  | $ | 8,734 |  |  | $ | 5,328 |  |  | $ | 2,825 |  |  | $ | 51,057 |  |  | $ | 24,683 |  |  | $ | 2,634 |  |  | $ | 27,317 |
Special mention | 768 |  |  | 367 |  |  | — |  |  | 57 |  |  | 1,192 |  |  | 335 |  |  | — |  |  | 335 |
Substandard | 2,327 |  |  | 1,369 |  |  | 733 |  |  | 30 |  |  | 4,459 |  |  | 236 |  |  | 23 |  |  | 259 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 37,265 |  |  | $ | 10,470 |  |  | $ | 6,061 |  |  | $ | 2,912 |  |  | $ | 56,708 |  |  | $ | 25,254 |  |  | $ | 2,657 |  |  | $ | 27,911 |
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 |  | 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 |
Total | $ | 38,130 |  |  | $ | 8,526 |  |  | $ | 5,821 |  |  | $ | 1,996 |  |  | $ | 54,473 |  |  | $ | 12,276 |  |  | $ | 2,252 |  |  | $ | 14,528 |
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, 2023:
| Vintage Year
(in millions) | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior To 2019 |  | Revolving Loans |  | Revolving Loans Converted to Term Loans |  | Total
Pass | $ | 2,532 |  |  | $ | 13,295 |  |  | $ | 10,308 |  |  | $ | 8,438 |  |  | $ | 4,725 |  |  | $ | 9,670 |  |  | $ | 1,981 |  |  | $ | 108 |  |  | $ | 51,057 |
Special Mention | — |  |  | 217 |  |  | 69 |  |  | 407 |  |  | 144 |  |  | 341 |  |  | 14 |  |  | — |  |  | 1,192 |
Substandard | 45 |  |  | 98 |  |  | 258 |  |  | 336 |  |  | 809 |  |  | 2,910 |  |  | — |  |  | 3 |  |  | 4,459 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total mortgage loans | $ | 2,577 |  |  | $ | 13,610 |  |  | $ | 10,635 |  |  | $ | 9,181 |  |  | $ | 5,678 |  |  | $ | 12,921 |  |  | $ | 1,995 |  |  | $ | 111 |  |  | $ | 56,708 |
Current-period gross write-offs | — |  |  | (112) |  |  | — |  |  | — |  |  | (2) |  |  | (64) |  |  | — |  |  | — |  |  | (178) |
Pass(1) | $ | 9,709 |  |  | $ | 3,598 |  |  | $ | 1,936 |  |  | $ | 1,141 |  |  | $ | 911 |  |  | $ | 941 |  |  | $ | 8,757 |  |  | $ | 324 |  |  | $ | 27,317 |
Special Mention | 1 |  |  | 182 |  |  | 17 |  |  | 9 |  |  | 6 |  |  | 18 |  |  | 102 |  |  | — |  |  | 335 |
Substandard | 10 |  |  | 39 |  |  | 45 |  |  | 28 |  |  | 40 |  |  | 40 |  |  | 46 |  |  | 11 |  |  | 259 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total other loans | $ | 9,720 |  |  | $ | 3,819 |  |  | $ | 1,998 |  |  | $ | 1,178 |  |  | $ | 957 |  |  | $ | 999 |  |  | $ | 8,905 |  |  | $ | 335 |  |  | $ | 27,911 |
Current-period gross write-offs | $ | (2) |  |  | $ | (10) |  |  | $ | (5) |  |  | $ | (8) |  |  | $ | (2) |  |  | $ | (18) |  |  | $ | — |  |  | $ | — |  |  | $ | (45) |
Total | $ | 12,297 |  |  | $ | 17,429 |  | $ | — |  | $ | 12,633 |  |  | $ | 10,359 |  |  | $ | 6,635 |  |  | $ | 13,920 |  |  | $ | 10,900 |  |  | $ | 446 |  |  | $ | 84,619 |
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 December 31, 2023:
| Collateral Type
(in millions) | Real Property |  | Other
Multi-family | $ | 253 |  |  | $ | — |
Commercial real estate | 256 |  |  | — |
One-to-four family first mortgage | 105 |  |  | — |
Commercial and industrial | — |  |  | 120 |
Total collateral-dependent loans held for investment | $ | 614 |  |  | $ | 120 |
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
Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |
Multi-family | $ | 122 |  |  | $ | — |  |  | $ | — |  |  | $ | 122 |  |  | 1.17 | %
Commercial real estate | 102 |  |  | 1 |  |  | — |  |  | 103 |  |  | 0.98 | %
One-to-four family first mortgage | 3 |  |  | 5 |  |  | 6 |  |  | 14 |  |  | 0.23 | %
Commercial and Industrial | — |  |  | 19 |  |  | 2 |  |  | 21 |  |  | 0.08 | %
Other Consumer | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | 2 |  |  | 0.08 | %
Total | $ | 227 |  |  | $ | 25 |  |  | $ | 10 |  |  | $ | 262 |  |  |
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)
Year Ended December 31, 2023 |  |  |  |  |
Multi-family | 7.45 | % |  | 6.02 | % |  |
Commercial real estate | 8.83 | % |  | 4.56 | % |  |
One-to-four family first mortgage | 6.08 | % |  | 4.79 | % |  |
Commercial and industrial | 8.44 | % |  | 8.08 | % |  | 0.58
Other Consumer | 9.09 | % |  | 4.82 | % |  |
The following table depicts the performance of loans that have been modified during the reporting period:
|  | December 31, 2023
(dollars in millions) |  | Current |  | 30 - 89 Past Due |  | 90+ Past Due |  | Total
Commercial real estate |  | 1 |  |  | — |  |  | — |  |  | 1 |
One-to-four family first mortgage |  | 3 |  | — |  | 8 |  | 11
Commercial and industrial |  | 3 |  | 9 |  | 1 |  | 13
Other Consumer |  | 1 |  | 1 |  | — |  | 2
Total |  | $ | 8 |  |  | $ | 10 |  |  | $ | 9 |  |  | $ | 27 |
The following table presents information regarding the Company's TDRs as of December 31, 2022:
| December 31, 2022
(dollars in millions) | Accruing |  | Non- Accrual |  | Total
Loan Category: |  |  |  |  |
Multi-family | $ | — |  |  | $ | 6 |  |  | $ | 6 |
Commercial real estate | 16 |  | 19 |  | 35
Commercial and industrial | — |  | 3 |  | 3
Total | $ | 16 |  |  | $ | 28 |  |  | $ | 44 |
The financial effects of the Company’s TDRs for the twelve months ended December 31, 2022 are summarized as follows:
|  |  |  |  |  |  | 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 |  |  | $ | — |

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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 -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-29 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481444/860-30-45-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A + Details
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