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Allowance for Credit Losses on Loans and Leases (Tables) | 6 Months Ended
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Jun. 30, 2024
Credit Loss [Abstract] |
Schedule of Activity in the Allowance for Loan and Lease Losses | The following table summarizes activity in the allowance for credit losses for the periods indicated:
| Multi- Family |  | Commercial Real Estate |  | One-to-Four Family First Mortgage |  | Acquisition, Development, and Construction |  | Other |  | Total
Three months ended June 30, 2024 | (in millions)
Balance, beginning of period | $ | 469 |  |  | $ | 434 |  |  | $ | 42 |  |  | $ | 48 |  |  | $ | 222 |  |  | $ | 1,215 |
Charge-offs | (76) |  | (237) |  | (1) |  | — |  | (40) |  | (354)
Recoveries | — |  | — |  | — |  | — |  | 5 |  | 5
Provision for (recovery of) credit losses on loans and leases | 225 |  | 131 |  | (1) |  | (5) |  | 52 |  | 402
Balance, end of period | $ | 618 |  |  | $ | 328 |  |  | $ | 40 |  |  | $ | 43 |  |  | $ | 239 |  |  | $ | 1,268 |
Three months ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 171 |  |  | $ | 53 |  |  | $ | 39 |  |  | $ | 20 |  |  | $ | 267 |  |  | $ | 550 |
Charge-offs | — |  | — |  | (1) |  | — |  | (2) |  | (3)
Recoveries | — |  | — |  | — |  | — |  | 4 |  | 4
Provision for (recovery of) credit losses on loans and leases | 21 |  | 16 |  | 7 |  | 3 |  | (4) |  | 43
Balance, end of period | $ | 192 |  |  | $ | 69 |  |  | $ | 45 |  |  | $ | 23 |  |  | $ | 265 |  |  | $ | 594 |
Six months ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 307 |  |  | $ | 366 |  |  | $ | 47 |  |  | $ | 36 |  |  | $ | 236 |  |  | $ | 992 |
Charge-offs | (87) |  | (301) |  | (1) |  | — |  | (56) |  | (445)
Recoveries | 1 |  | — |  | — |  | — |  | 13 |  | 14
Provision for (recovery of) credit losses on loans and leases | 397 |  | 263 |  | (6) |  | 7 |  | 46 |  | 707
Balance, end of period | $ | 618 |  |  | $ | 328 |  |  | $ | 40 |  |  | $ | 43 |  |  | $ | 239 |  |  | $ | 1,268 |
Six months ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 178 |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | 20 |  |  | $ | 103 |  |  | $ | 393 |
Adjustment for Purchased PCD Loans | — |  | — |  | — |  | — |  | 13 |  | 13
Charge-offs | — |  | — |  | (2) |  | — |  | (6) |  | (8)
Recoveries | — |  | — |  | — |  | — |  | 9 |  | 9
Provision for (recovery of) credit losses on loans and leases | 14 |  | 23 |  | 1 |  | 3 |  | 146 |  | 187
Balance, end of period | $ | 192 |  |  | $ | 69 |  |  | $ | 45 |  |  | $ | 23 |  |  | $ | 265 |  |  | $ | 594 |
Schedule of Additional Information about Nonaccrual Loans | The following table presents additional information about the Company’s non-accrual loans at June 30, 2024:
(in millions) | Recorded Investment |  | Related Allowance |  | Interest Income Recognized
Non-accrual loans with no related allowance: |  |  |  |  |
Multi-family | $ | 757 |  |  | $ | — |  |  | $ | 13 |
Commercial real estate | 618 |  | — |  | 17
One-to-four family first mortgage | 88 |  | — |  | —
Acquisition, development, and construction | 15 |  | — |  | 1
Other (includes commercial and industrial) | 25 |  | — |  | —
Total non-accrual loans with no related allowance | $ | 1,503 |  |  | $ | — |  |  | $ | 31 |
Non-accrual loans with an allowance recorded: |  |  |  |  |
Multi-family | $ | 37 |  |  | $ | 7 |  |  | $ | 1 |
Commercial real estate | 135 |  | 35 |  | 5
One-to-four family first mortgage | 18 |  | 1 |  | —
Acquisition, development, and construction | 3 |  | 1 |  | —
Other (includes commercial and industrial) | 246 |  | 74 |  | 4
Total non-accrual loans with an allowance recorded | $ | 439 |  |  | $ | 118 |  |  | $ | 10 |
Total non-accrual loans: |  |  |  |  |
Multi-family | $ | 794 |  |  | $ | 7 |  |  | $ | 14 |
Commercial real estate | 753 |  | 35 |  | 22
One-to-four family first mortgage | 106 |  | 1 |  | —
Acquisition, development, and construction | 18 |  | 1 |  | 1
Other (includes commercial and industrial) | 271 |  | 74 |  | 4
Total non-accrual loans | $ | 1,942 |  |  | $ | 118 |  |  | $ | 41 |
The following table presents additional information about the Company’s non-accrual loans at December 31, 2023:
(in millions) | Recorded Investment |  | Related Allowance |  | Interest Income Recognized
Non-accrual loans with no related allowance: |  |  |  |  |
Multi-family | $ | 134 |  |  | $ | — |  |  | $ | 5 |
Commercial real estate | 53 |  | — |  | 2
One-to-four family first mortgage | 85 |  | — |  | —
Other (includes commercial and industrial) | 22 |  | — |  | —
Total non-accrual loans with no related allowance | $ | 294 |  |  | $ | — |  |  | $ | 7 |
Non-accrual loans with an allowance recorded: |  |  |  |  |
Multi-family | $ | 4 |  |  | $ | — |  |  | $ | — |
Commercial real estate | $ | 75 |  |  | $ | 17 |  |  | $ | 3 |
One-to-four family first mortgage | 11 |  | 2 |  | —
Other (includes commercial and industrial) | 44 |  | 28 |  | —
Total non-accrual loans with an allowance recorded | $ | 134 |  |  | $ | 47 |  |  | $ | 3 |
Total non-accrual loans: |  |  |  |  |
Multi-family | $ | 138 |  |  | $ | — |  |  | $ | 5 |
Commercial real estate | 128 |  | 17 |  | 5
One-to-four family first mortgage | 96 |  | 2 |  | —
Other (includes commercial and industrial) | 66 |  | 28 |  | —
Total non-accrual loans | $ | 428 |  |  | $ | 47 |  |  | $ | 10 |

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- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-11B Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-13 + Details
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- Definition Tabular disclosure of impaired financing receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-15 + Details
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