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Loans and Leases | 6 Months Ended
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Jun. 30, 2024
Receivables [Abstract] |
Loans and Leases | Loans and Leases The Company classifies loans that we have the intent and ability to hold for the foreseeable future or until maturity as loans held for investment. We report loans held for investment 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:
| June 30, 2024 |  | December 31, 2023
(dollars in millions) | Amount | Percent of Loans Held for Investment |  | Amount | Percent of Loans Held for Investment
Loans and Leases Held for Investment: |  |  |  |  |
Multi-family | $ | 36,011 |  | 48.3 | % |  | $ | 37,265 |  | 44.0 | %
Commercial real estate | 9,961 |  | 13.3 | % |  | 10,470 |  | 12.4 | %
One-to-four family first mortgage | 5,790 |  | 7.8 | % |  | 6,061 |  | 7.2 | %
Acquisition, development, and construction | 3,217 |  | 4.3 | % |  | 2,912 |  | 3.4 | %
Commercial and industrial(1) | 15,088 |  | 20.2 | % |  | 22,065 |  | 26.1 | %
Lease financing, net of unearned income of $218 and $258, respectively | 2,731 |  | 3.7 | % |  | 3,189 |  | 3.8 | %
Other | 1,754 |  | 2.4 | % |  | 2,657 |  | 3.1 | %
Total loans and leases held for investment (2) | $ | 74,552 |  | 100.0 | % |  | $ | 84,619 |  | 100.0 | %
Allowance for credit losses on loans and leases | (1,268) |  |  |  | (992) |  |
Total loans and leases held for investment, net | 73,284 |  |  |  | 83,627 |  |
Loans held for sale, at fair value | 7,845 |  |  |  | 1,182 |  |
Total loans and leases, net | $ | 81,129 |  |  |  | $ | 84,809 |  |
(1)Includes specialty finance loans and leases of $4.8 billion and $5.2 billion at June 30, 2024 and December 31, 2023, respectively. (2)Excludes accrued interest receivable of $376 million and $423 million at June 30, 2024 and December 31, 2023, respectively, which is included in other assets in the Consolidated Statements of Condition. Loans Held for Sale Loans held for sale at June 30, 2024 totaled $7.8 billion, up from $1.2 billion at December 31, 2023. During the second quarter, we transferred all warehouse loans from the commercial and industrial portfolio within loans held for investment to loans held for sale. This balance was $6.4 billion at June 30, 2024. We classify loans as held for sale when we originate or purchase loans that we intend to sell and when we change our intent about holding for investment. Loans held for sale are carried at fair value. We estimate the fair value of mortgage loans based on quoted market prices for securities backed by similar types of loans, where available, or by discounting estimated cash flows using observable inputs inclusive of interest rates, prepayment speeds and loss assumptions for similar collateral. Subsequent to June 30, 2024, approximately $6 billion of the warehouse loans were sold at their carrying amounts. Refer to Note 19 - Subsequent Events. Asset Quality All asset quality information excludes loans with government guarantees that are insured by U.S. government agencies. As of June 30, 2024, these loans totaled $486 million. A loan generally is classified as a non-accrual loan when it is 90 days or more past due or when it is deemed to be impaired because the Company no longer expects to collect all amounts due according to the contractual terms of the loan agreement. When a loan is placed on non-accrual status, management ceases recording interest income, and previously accrued interest is reversed against interest income. A loan is only returned to accrual status when the loan is current and management has reasonable assurance that the loan will be fully collectible. Interest received on non-accrual loans is recorded as a reduction in the carrying amount. At June 30, 2024 and December 31, 2023 we had no loans that were 90 days or more past due and still accruing. The following table presents information regarding the quality of the Company’s loans held for investment at June 30, 2024:
(in millions) |  | Loans 30-89 Days Past Due |  | Non-Accrual Loans |  |  |  | Total Past Due Loans |  | Remaining |  | Total Loans Receivable
Multi-family |  | $ | 893 |  |  | $ | 794 |  |  |  |  | $ | 1,687 |  |  | $ | 34,324 |  |  | $ | 36,011 |
Commercial real estate |  | 125 |  |  | 753 |  |  |  |  | 878 |  |  | 9,083 |  |  | 9,961 |
One-to-four family first mortgage |  | 22 |  |  | 106 |  |  |  |  | 128 |  |  | 5,662 |  |  | 5,790 |
Acquisition, development, and construction |  | 54 |  |  | 18 |  |  |  |  | 72 |  |  | 3,145 |  |  | 3,217 |
Commercial and industrial(1) |  | 100 |  |  | 247 |  |  |  |  | 347 |  |  | 17,472 |  |  | 17,819 |
Other |  | 10 |  |  | 24 |  |  |  |  | 34 |  |  | 1,720 |  |  | 1,754 |
Total |  | $ | 1,204 |  |  | $ | 1,942 |  |  |  |  | $ | 3,146 |  |  | $ | 71,406 |  |  | $ | 74,552 |
(1)Includes lease financing receivables. 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 |  | Remaining |  | 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. 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 June 30, 2024:
| Term Loans |  | Revolving Loans |  | Revolving Loans Converted to Term Loans |  |
| Amortized Cost Basis by Closing Year |  |  |  |
(in millions) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior To 2020 |  |  |  | Total
Multi-family: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 22 |  |  | $ | 765 |  |  | $ | 7,116 |  |  | $ | 7,311 |  |  | $ | 6,330 |  |  | $ | 5,859 |  |  | $ | 54 |  |  | $ | — |  |  | $ | 27,457 |
Special Mention | — |  |  | — |  |  | 460 |  |  | 123 |  |  | 437 |  |  | 641 |  |  | — |  |  | — |  |  | 1,661 |
Substandard | — |  |  | 73 |  |  | 349 |  |  | 507 |  |  | 887 |  |  | 4,283 |  |  | — |  |  | — |  |  | 6,099 |
Non-accrual | — |  |  | — |  |  | 71 |  |  | 50 |  |  | 112 |  |  | 561 |  |  | — |  |  | — |  |  | 794 |
Total Multi-family | 22 |  |  | 838 |  |  | 7,996 |  |  | 7,991 |  |  | 7,766 |  |  | 11,344 |  |  | 54 |  |  | — |  |  | 36,011 |
Current-period gross write-offs | — |  |  | — |  |  | (13) |  |  | (19) |  |  | (6) |  |  | (49) |  |  | — |  |  | — |  |  | (87) |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 231 |  |  | $ | 832 |  |  | $ | 1,800 |  |  | $ | 1,168 |  |  | $ | 688 |  |  | $ | 2,819 |  |  | $ | 189 |  |  | $ | 1 |  |  | $ | 7,728 |
Special Mention | — |  |  | — |  |  | 68 |  |  | 5 |  |  | 76 |  |  | 43 |  |  | 16 |  |  | — |  |  | 208 |
Substandard | — |  |  | — |  |  | 222 |  |  | 50 |  |  | 127 |  |  | 873 |  |  | — |  |  | — |  |  | 1,272 |
Non-accrual | — |  |  | 44 |  |  | 83 |  |  | 1 |  |  | 33 |  |  | 592 |  |  | — |  |  | — |  |  | 753 |
Total Commercial Real Estate | 231 |  |  | 876 |  |  | 2,173 |  |  | 1,224 |  |  | 924 |  |  | 4,327 |  |  | 205 |  |  | 1 |  |  | 9,961 |
Current-period gross write-offs | — |  |  | — |  |  | (42) |  |  | — |  |  | (19) |  |  | (240) |  |  | — |  |  | — |  |  | (301) |
One-to-Four Family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 173 |  |  | $ | 512 |  |  | $ | 2,493 |  |  | $ | 865 |  |  | $ | 206 |  |  | $ | 813 |  |  | $ | 82 |  |  | $ | 1 |  |  | $ | 5,145 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 537 |  |  | — |  |  | — |  |  | 537 |
Non-accrual | — |  |  | 2 |  |  | 15 |  |  | 17 |  |  | 9 |  |  | 60 |  |  | 3 |  |  | — |  |  | 106 |
Total One-to-Four Family | 173 |  |  | 514 |  |  | 2,508 |  |  | 882 |  |  | 215 |  |  | 1,412 |  |  | 85 |  |  | 1 |  |  | 5,790 |
Current-period gross write-offs | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |
Acquisition, Development and Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 85 |  |  | $ | 488 |  |  | $ | 309 |  |  | $ | 279 |  |  | $ | 1 |  |  | $ | 13 |  |  | $ | 1,786 |  |  | $ | — |  |  | $ | 2,961 |
Special Mention | — |  |  | 9 |  |  | 45 |  |  | 13 |  |  | 3 |  |  | — |  |  | 67 |  |  | — |  |  | 137 |
Substandard | — |  |  | 1 |  |  | 4 |  |  | 15 |  |  | — |  |  | — |  |  | 81 |  |  | — |  |  | 101 |
Non-accrual | — |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 16 |  |  | — |  |  | — |  |  | 18 |
Total Acquisition, Development and Construction | 85 |  |  | 498 |  |  | 359 |  |  | 308 |  |  | 4 |  |  | 29 |  |  | 1,934 |  |  | — |  |  | 3,217 |
Current-period gross write-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial and Industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 576 |  |  | $ | 4,187 |  |  | $ | 3,488 |  |  | $ | 1,469 |  |  | $ | 899 |  |  | $ | 2,338 |  |  | $ | 4,167 |  |  | $ | 3 |  |  | $ | 17,127 |
Special Mention | 18 |  | 22 |  | 27 |  | 24 |  | 12 |  | 27 |  | 26 |  | — |  |  | 156 |
Substandard | 5 |  | 31 |  | 55 |  | 115 |  | 5 |  | 27 |  | 51 |  | — |  |  | 289 |
Non-accrual | 0 |  | 11 |  | 185 |  | 4 |  | 15 |  | 13 |  | 19 |  | — |  |  | 247 |
Total Commercial and Industrial | $ | 599 |  |  | $ | 4,251 |  |  | $ | 3,755 |  |  | $ | 1,612 |  |  | $ | 931 |  |  | $ | 2,405 |  |  | $ | 4,263 |  |  | $ | 3 |  |  | $ | 17,819 |
Current-period gross write-offs | (3) |  |  | (8) |  |  | (12) |  |  | (4) |  |  | (10) |  |  | (9) |  |  | — |  |  | — |  |  | (46) |
Other Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 17 |  |  | $ | 43 |  |  | $ | 20 |  |  | $ | 9 |  |  | $ | 5 |  |  | $ | 88 |  |  | $ | 1,406 |  |  | $ | 142 |  |  | $ | 1,730 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Non-accrual | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | 18 |  |  | — |  |  | 24 |
Total Other Loans | 17 |  |  | 43 |  |  | 20 |  |  | 9 |  |  | 5 |  |  | 94 |  |  | 1,424 |  |  | 142 |  |  | 1,754 |
Current-period gross write-offs | (1) |  |  | (2) |  |  | (3) |  |  | (1) |  |  | (1) |  |  | (2) |  |  | — |  |  | — |  |  | (10) |
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:
| Term Loans |  | Revolving Loans |  | Revolving Loans Converted to Term Loans |  |
| Amortized Cost Basis by Closing Year |  |  |  |
(in millions) | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior To 2019 |  |  |  | Total
Multi-family: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 840 |  |  | $ | 7,945 |  |  | $ | 7,967 |  |  | $ | 7,310 |  |  | $ | 3,525 |  |  | $ | 6,537 |  |  | $ | 46 |  |  | $ | — |  |  | $ | 34,170 |
Special Mention | — |  | 95 |  | 33 |  | 377 |  | 36 |  | 227 |  | — |  | — |  | 768
Substandard | — |  | 21 |  | 176 |  | 237 |  | 451 |  | 1,304 |  | — |  | — |  | 2,189
Non-accrual | — |  | 5 |  | 6 |  | — |  | 28 |  | 99 |  | — |  | — |  | 138
Total Multi-family | 840 |  | 8,066 |  | 8,182 |  | 7,924 |  | 4,040 |  | 8,167 |  | 46 |  | — |  | 37,265
Current-period gross write-offs | — |  | (112) |  | — |  | — |  | — |  | (7) |  | — |  | — |  | (119)
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 880 |  |  | $ | 2,110 |  |  | $ | 1,182 |  |  | $ | 939 |  |  | $ | 1,011 |  |  | $ | 2,439 |  |  | $ | 172 |  |  | $ | 1 |  |  | $ | 8,734 |
Special Mention | — |  | 122 |  | 12 |  | — |  | 116 |  | 106 |  | 11 |  | — |  | 367
Substandard | 44 |  | 49 |  | 47 |  | 72 |  | 239 |  | 790 |  | — |  | — |  | 1,241
Non-accrual | — |  | — |  | 1 |  | — |  | 4 |  | 123 |  | — |  | — |  | 128
Total Commercial Real Estate | 924 |  | 2,281 |  | 1,242 |  | 1,011 |  | 1,370 |  | 3,458 |  | 183 |  | 1 |  | 10,470
Current-period gross write-offs | — |  | — |  | — |  | — |  | — |  | (56) |  | — |  | — |  | (56)
One-to-Four Family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 526 |  |  | $ | 2,627 |  |  | $ | 920 |  |  | $ | 210 |  |  | $ | 239 |  |  | $ | 721 |  |  | $ | 78 |  |  | $ | 7 |  |  | $ | 5,328 |
Special Mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Substandard | — |  | 5 |  | 2 |  | 20 |  | 69 |  | 542 |  | — |  | — |  | 638
Non-accrual | 1 |  | 11 |  | 17 |  | 8 |  | 18 |  | 37 |  | — |  | 3 |  | 95
Total One-to-Four Family | 527 |  | 2,643 |  | 939 |  | 238 |  | 326 |  | 1,300 |  | 78 |  | 10 |  | 6,061
Current-period gross write-offs | — |  | — |  | — |  | — |  | (1) |  | (2) |  | — |  | — |  | (3)
Acquisition, Development and Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 406 |  |  | $ | 322 |  |  | $ | 298 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | 6 |  |  | $ | 1,685 |  |  | $ | 100 |  |  | $ | 2,825 |
Special Mention | — |  | — |  | 24 |  | 30 |  | — |  | — |  | 3 |  | — |  | 57
Substandard | — |  | 6 |  | 7 |  | — |  | — |  | 15 |  | — |  | — |  | 28
Non-accrual | — |  | 1 |  | 1 |  | — |  | — |  | — |  | — |  | — |  | 2
Total Acquisition, Development and Construction | 406 |  | 329 |  | 330 |  | 34 |  | 4 |  | 21 |  | 1,688 |  | 100 |  | 2,912
Current-period gross write-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Commercial and Industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 9,418 |  |  | $ | 3,547 |  |  | $ | 1,633 |  |  | $ | 984 |  |  | $ | 719 |  |  | $ | 791 |  |  | $ | 7,535 |  |  | $ | 56 |  |  | $ | 24,683 |
Special Mention | 1 |  | 182 |  | 17 |  | 8 |  | 6 |  | 20 |  | 101 |  | — |  | 335
Substandard | 7 |  | 24 |  | 43 |  | 16 |  | 38 |  | 33 |  | 32 |  | — |  | 193
Non-accrual | 2 |  | 14 |  | 2 |  | 11 |  | 1 |  | 2 |  | 11 |  | — |  | 43
Total Commercial and Industrial | 9,428 |  | 3,767 |  | 1,695 |  | 1,019 |  | 764 |  | 846 |  | 7,679 |  | 56 |  | 25,254
Current-period gross write-offs | (2) |  | (7) |  | (1) |  | (7) |  | — |  | (14) |  | — |  | — |  | (31)
Other Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 171 |  |  | $ | 346 |  |  | $ | 244 |  |  | $ | 133 |  |  | $ | 133 |  |  | $ | 117 |  |  | $ | 1,223 |  |  | $ | 268 |  |  | $ | 2,635 |
Non-accrual | — |  | 2 |  | 1 |  | 1 |  | 1 |  | 2 |  | 4 |  | 11 |  | 22
Total Other Loans | 171 |  | 348 |  | 245 |  | 134 |  | 134 |  | 119 |  | 1,227 |  | 279 |  | 2,657
Current-period gross write-offs | — |  | (3) |  | (4) |  | (1) |  | (2) |  | (4) |  | — |  | — |  | (14)
The classifications in the preceding tables are the most currently available and generally have been updated within the last twelve months. In addition, they follow regulatory guidelines and can generally be described as follows: pass loans are of satisfactory quality; special mention loans have potential weaknesses that deserve management’s close attention; substandard loans are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged (these loans have a well-defined weakness and there is a possibility that the Company will sustain some loss); and non-accrual loans, which based on existing circumstances, have weaknesses that make collection or liquidation in full highly questionable and improbable. One-to-four family loans are classified based on the duration of the delinquency. When management determines that foreclosure is probable for loans that are individually evaluated, the expected credit losses are based on the fair value of the collateral adjusted for selling costs. When the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, the collateral-dependent practical expedient has been elected and expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. For commercial real estate loans, collateral properties include office buildings, warehouse/distribution buildings, shopping centers, apartment buildings, residential and commercial tract development. The primary source of repayment on these loans is expected to come from the sale, permanent financing or lease of the real property collateral. Commercial real estate loans are impacted by fluctuations in collateral values, as well as the ability of the borrower to obtain permanent financing. The following table summarizes the recorded investment of the Company’s collateral-dependent loans held for investment by collateral type as of June 30, 2024:
| Collateral Type
(in millions) | Real Property |  | Other
Multi-family | $ | 896 |  |  | $ | — |
Commercial real estate | 769 |  |  | — |
One-to-four family first mortgage | 106 |  |  | — |
Acquisition, development, and construction | 19 |  |  | — |
Commercial and industrial | — |  |  | 240 |
Total collateral-dependent loans held for investment | $ | 1,790 |  |  | $ | 240 |
At June 30, 2024 and December 31, 2023, the Company had $59 million and $81 million of residential mortgage loans in the process of foreclosure, respectively. Modifications to Borrowers Experiencing Financial Difficulty When borrowers are experiencing financial difficulty, the Company may make certain loan modifications as part of loss mitigation strategies to maximize expected payment. Modifications in the form of principal forgiveness, an interest rate reduction, or an other-than-insignificant payment delay or a term extension that have occurred in the current reporting period to a borrower experiencing financial difficulty are disclosed along with the financial impact of the modifications. 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
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |
One-to-four family first mortgage | — |  |  | 4 |  |  | 1 |  |  | 5 |  |  | 0.09 | %
Total | $ | — |  |  | $ | 4 |  |  | $ | 1 |  |  | $ | 5 |  |  |
Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |
Commercial real estate | 8 |  |  | — |  |  | — |  |  | 8 |  |  | 0.08 | %
One-to-four family first mortgage | — |  |  | 2 |  |  | 2 |  |  | 4 |  |  | 0.07 | %
Commercial and industrial | — |  |  | 7 |  |  | — |  |  | 7 |  |  | 0.03 | %
Total | $ | 8 |  |  | $ | 9 |  |  | $ | 2 |  |  | $ | 19 |  |  |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |
Multi-family | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | 0.01 | %
Commercial real estate | 8 |  |  | 4 |  |  | — |  |  | 12 |  |  | 0.12 | %
One-to-four family first mortgage | — |  |  | 5 |  |  | 2 |  |  | 7 |  |  | 0.12 | %
Commercial and industrial | — |  |  | 7 |  |  | 1 |  |  | 8 |  |  | 0.04 | %
Total | $ | 10 |  |  | $ | 16 |  |  | $ | 3 |  |  | $ | 29 |  |  |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |
Commercial real estate | 52 |  |  | — |  |  | — |  |  | 52 |  |  | 0.49 | %
One-to-four family first mortgage | — |  |  | 3 |  |  | 3 |  |  | 6 |  |  | 0.10 | %
Commercial and industrial | — |  |  | 7 |  |  | — |  |  | 7 |  |  | 0.03 | %
Total | $ | 52 |  |  | $ | 10 |  |  | $ | 3 |  |  | $ | 65 |  |  |
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)
Three months ended June 30, 2024 |  |  |  |  |
One-to-four family first mortgage | 4.76 | % |  | 3.65 | % |  | 10.56
Commercial and industrial | 8.51 |  |  | 6.00 |  |  | 1.0
Three Months Ended June 30, 2023 |  |  |  |  |
Commercial real estate | 8.00 | % |  | 4.0 | % |  |
One-to-four family first mortgage | 6.05 |  |  | 4.8 |  |  | 13.6
Commercial and industrial | — |  |  | — |  |  | 0.76
Six months ended June 30, 2024 |  |  |  |  |
Multi-family | 8.08 | % |  | 6.0 | % |  |
Commercial real estate | 8.13 |  |  | 7.0 |  |  |
One-to-four family first mortgage | 4.69 |  |  | 3.7 |  |  | 12.2
Commercial and industrial | 7.44 |  |  | 6.3 |  |  | 0.4
Other Consumer | 10.72 |  |  | 4.3 |  |  | 1.8
Six months ended June 30, 2023 |  |  |  |  |
Commercial real estate | 10.09 | % |  | 4.0 | % |  |
One-to-four family first mortgage | 5.47 |  |  | 4.4 |  |  | 13.0
Commercial and industrial | — |  |  | — |  |  | 0.76
As of June 30, 2024, there were $1 million one-to-four family first mortgages that were modified for borrowers experiencing financial difficulty that received term extension and subsequently defaulted during the first six months of 2024 and $2 million one-to-four family first mortgages that were combination modifications and subsequently defaulted during the first six months of 2024. As of June 30, 2023, there were $3 million one-to-four family first mortgages that were modified for borrowers experiencing financial difficulty that received term extension and subsequently defaulted during the first six months of 2023 and $3 million one-to-four family first mortgages that were combination modifications and subsequently defaulted during the first six months of 2023. The performance of loans made to borrowers experiencing financial difficulty in which modifications were made is closely monitored to understand the effectiveness of modification efforts. The following table provides a summary of loan balances at June 30, 2024, which were modified during the prior twelve months, by class of financing receivable and delinquency status:
|  | June 30, 2024
(dollars in millions) |  | Current |  | 30 - 89 Past Due |  | 90+ Past Due |  | Total
Multi-family |  | $ | 26 |  |  | $ | 97 |  |  | $ | — |  |  | 123 |
Commercial real estate |  | 21 |  |  | 3 |  |  | 78 |  |  | 102 |
One-to-four family first mortgage |  | $ | 8 |  |  | $ | — |  |  | $ | 9 |  |  | $ | 17 |
Commercial and industrial |  | 3 |  | 2 |  | 8 |  | 13
Other Consumer |  | — |  | — |  | 1 |  | 1
Total |  | $ | 58 |  |  | $ | 102 |  |  | $ | 96 |  |  | $ | 256 |
The following table provides a summary of loan balances at June 30, 2023, which were modified on or after January 1, 2023, the date the Company adopted accounting guidance which removed the separate recognition and measurement of troubled debt restructurings, through June 30, 2023, by class of financing receivable and delinquency status:
|  | June 30, 2023
(dollars in millions) |  | Current |  | 30 - 89 Past Due |  | 90+ Past Due |  | Total
One-to-four family first mortgage |  | $ | — |  |  | $ | — |  |  | $ | 6 |  |  | $ | 6 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 6 |  |  | $ | 6 |

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