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Loans and Leases (Tables)

12 Months Ended

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					$	—

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.

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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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