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Allowance for Credit Losses on Loans and Leases (Tables) | 9 Months Ended
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Sep. 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 September 30, 2024 | (in millions)
Balance, beginning of period | $ | 618 |  |  | $ | 328 |  |  | $ | 40 |  |  | $ | 43 |  |  | $ | 239 |  |  | $ | 1,268 |
Charge-offs | (101) |  | (110) |  | (7) |  | (4) |  | (38) |  | (260)
Recoveries | 3 |  | 6 |  | 5 |  | — |  | 7 |  | 21
Provision for (recovery of) credit losses on loans and leases | 104 |  | 68 |  | 4 |  | 11 |  | 48 |  | 235
Balance, end of period | $ | 624 |  |  | $ | 292 |  |  | $ | 42 |  |  | $ | 50 |  |  | $ | 256 |  |  | $ | 1,264 |
Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 192 |  |  | $ | 69 |  |  | $ | 45 |  |  | $ | 23 |  |  | $ | 265 |  |  | $ | 594 |
Charge-offs | (2) |  | (13) |  | (1) |  | — |  | (10) |  | (26)
Recoveries | — |  | — |  | — |  | — |  | 2 |  | 2
Provision for (recovery of) credit losses on loans and leases | (6) |  | 64 |  | (1) |  | 8 |  | (16) |  | 49
Balance, end of period | $ | 184 |  |  | $ | 120 |  |  | $ | 43 |  |  | $ | 31 |  |  | $ | 241 |  |  | $ | 619 |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 307 |  |  | $ | 366 |  |  | $ | 47 |  |  | $ | 36 |  |  | $ | 236 |  |  | $ | 992 |
Charge-offs | (188) |  | (411) |  | (8) |  | (4) |  | (94) |  | (705)
Recoveries | 4 |  | 6 |  | 5 |  | — |  | 20 |  | 35
Provision for (recovery of) credit losses on loans and leases | 501 |  | 331 |  | (2) |  | 18 |  | 94 |  | 942
Balance, end of period | $ | 624 |  |  | $ | 292 |  |  | $ | 42 |  |  | $ | 50 |  |  | $ | 256 |  |  | $ | 1,264 |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 178 |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | 20 |  |  | $ | 103 |  |  | $ | 393 |
Adjustment for Purchased PCD Loans | — |  | — |  | — |  | — |  | 13 |  | 13
Charge-offs | (2) |  | (14) |  | (3) |  | — |  | (16) |  | (35)
Recoveries | — |  | — |  | — |  | — |  | 12 |  | 12
Provision for (recovery of) credit losses on loans and leases | 8 |  | 88 |  | — |  | 11 |  | 129 |  | 236
Balance, end of period | $ | 184 |  |  | $ | 120 |  |  | $ | 43 |  |  | $ | 31 |  |  | $ | 241 |  |  | $ | 619 |
Schedule of Additional Information about Nonaccrual Loans | The following table presents additional information about the Company’s non-accrual loans at September 30, 2024:
(in millions) | Recorded Investment |  | Related Allowance |  | Interest Income Recognized
Non-accrual loans with no related allowance: |  |  |  |  |
Multi-family | $ | 837 |  |  | $ | — |  |  | $ | 23 |
Commercial real estate | 722 |  | — |  | 33
One-to-four family first mortgage | 94 |  | — |  | —
Acquisition, development, and construction | 17 |  | — |  | 1
Other (includes commercial and industrial) | 7 |  | — |  | —
Total non-accrual loans with no related allowance | $ | 1,677 |  |  | $ | — |  |  | $ | 57 |
Non-accrual loans with an allowance recorded: |  |  |  |  |
Multi-family | $ | 667 |  |  | $ | 56 |  |  | $ | 22 |
Commercial real estate | 83 |  | 24 |  | 4
One-to-four family first mortgage | 9 |  | 1 |  | —
Acquisition, development, and construction | 17 |  | 4 |  | 1
Other (includes commercial and industrial) | 250 |  | 78 |  | 7
Total non-accrual loans with an allowance recorded | $ | 1,026 |  |  | $ | 163 |  |  | $ | 34 |
Total non-accrual loans: |  |  |  |  |
Multi-family | $ | 1,504 |  |  | $ | 56 |  |  | $ | 45 |
Commercial real estate | 805 |  | 24 |  | 37
One-to-four family first mortgage | 103 |  | 1 |  | —
Acquisition, development, and construction | 34 |  | 4 |  | 2
Other (includes commercial and industrial) | 257 |  | 78 |  | 7
Total non-accrual loans | $ | 2,703 |  |  | $ | 163 |  |  | $ | 91 |
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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