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Loans and Leases | 9 Months Ended
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Sep. 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:
| September 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 | $ | 35,140 |  | 49.4 | % |  | $ | 37,265 |  | 44.0 | %
Commercial real estate | 9,217 |  | 13.0 | % |  | 10,470 |  | 12.4 | %
One-to-four family first mortgage | 5,247 |  | 7.4 | % |  | 6,061 |  | 7.2 | %
Acquisition, development, and construction | 3,265 |  | 4.6 | % |  | 2,912 |  | 3.4 | %
Commercial and industrial(1) | 14,045 |  | 19.7 | % |  | 22,065 |  | 26.1 | %
Lease financing, net of unearned income of $193 and $258, respectively | 2,429 |  | 3.4 | % |  | 3,189 |  | 3.8 | %
Other | 1,773 |  | 2.5 | % |  | 2,657 |  | 3.1 | %
Total loans and leases held for investment (2) | $ | 71,116 |  | 100.0 | % |  | $ | 84,619 |  | 100.0 | %
Allowance for credit losses on loans and leases | (1,264) |  |  |  | (992) |  |
Total loans and leases held for investment, net | 69,852 |  |  |  | 83,627 |  |
Loans held for sale, at fair value | 1,851 |  |  |  | 1,182 |  |
Total loans and leases, net | $ | 71,703 |  |  |  | $ | 84,809 |  |
(1)Includes specialty finance loans and leases of $4.6 billion and $5.2 billion at September 30, 2024 and December 31, 2023, respectively. (2)Excludes accrued interest receivable of $304 million and $423 million at September 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 September 30, 2024 totaled $1.9 billion, up from $1.2 billion at December 31, 2023. 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. Mortgage loans held for sale for which, we have elected the fair value option are carried at fair value. Loans originally held for investment that we have changed our intent and plan to sell are carried at the lower of amortized cost or market. 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. The following table is a summary of non-accrual loans held for sale:
(in millions) |  | September 30, 2024 |  | December 30, 2023
Non-accrual loans held for sale: |  |  |  |
Commercial real estate |  | $ | 112 |  |  | $ | 163 |
One-to-four family first mortgage |  | 64 |  |  | — |
Acquisition, development, and construction |  | 13 |  |  | 1 |
Total non-accrual loans held for sale |  | $ | 189 |  |  | $ | 164 |
Asset Quality All asset quality information excludes loans with government guarantees that are insured by U.S. government agencies. A s of September 30, 2024, these loans totaled $386 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 (principal and interest) 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 (typically a minimum of six months of payment performance) 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 September 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 September 30, 2024:
(in millions) |  | Loans 30-89 Days Past Due |  | Non-Accrual Loans |  | Remaining |  | Total Loans Receivable
Multi-family |  | $ | 124 |  |  | $ | 1,504 |  |  | $ | 33,512 |  |  | $ | 35,140 |
Commercial real estate |  | 43 |  |  | 692 |  |  | $ | 8,482 |  |  | 9,217 |
One-to-four family first mortgage |  | 21 |  |  | 39 |  |  | $ | 5,187 |  |  | 5,247 |
Acquisition, development, and construction |  | 16 |  |  | 21 |  |  | $ | 3,228 |  |  | 3,265 |
Commercial and industrial(1) |  | 47 |  |  | 235 |  |  | $ | 16,192 |  |  | 16,474 |
Other |  | 10 |  |  | 23 |  |  | $ | 1,740 |  |  | 1,773 |
Total |  | $ | 261 |  |  | $ | 2,514 |  |  | $ | 68,341 |  |  | $ | 71,116 |
(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 |  | Remaining |  | Total Loans Receivable
Multi-family |  | $ | 121 |  |  | $ | 138 |  |  | $ | 37,006 |  |  | $ | 37,265 |
Commercial real estate |  | 28 |  |  | 128 |  |  | $ | 10,314 |  |  | 10,470 |
One-to-four family first mortgage |  | 40 |  |  | 95 |  |  | $ | 5,926 |  |  | 6,061 |
Acquisition, development, and construction |  | 2 |  |  | 2 |  |  | $ | 2,908 |  |  | 2,912 |
Commercial and industrial(1) |  | 37 |  |  | 43 |  |  | $ | 25,174 |  |  | 25,254 |
Other |  | 22 |  |  | 22 |  |  | $ | 2,613 |  |  | 2,657 |
Total |  | $ | 250 |  |  | $ | 428 |  |  | $ | 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 September 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 | $ | 17 |  |  | $ | 743 |  |  | $ | 6,631 |  |  | $ | 6,870 |  |  | $ | 5,719 |  |  | $ | 4,381 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,361 |
Special Mention | — |  |  | 11 |  |  | 817 |  |  | 294 |  |  | 466 |  |  | 829 |  |  | 18 |  |  | — |  |  | 2,435 |
Substandard | 2 |  |  | 84 |  |  | 441 |  |  | 643 |  |  | 1,282 |  |  | 4,388 |  |  | — |  |  | — |  |  | 6,840 |
Non-accrual | — |  |  | — |  |  | 100 |  |  | 96 |  |  | 240 |  |  | 1,068 |  |  | — |  |  | — |  |  | 1,504 |
Total Multi-family | 19 |  |  | 838 |  |  | 7,989 |  |  | 7,903 |  |  | 7,707 |  |  | 10,666 |  |  | 18 |  |  | — |  |  | 35,140 |
Year to date gross charge-offs | — |  |  | — |  |  | (18) |  |  | (24) |  |  | (34) |  |  | (112) |  |  | — |  |  | — |  |  | (188) |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 130 |  |  | $ | 705 |  |  | $ | 1,667 |  |  | $ | 1,061 |  |  | $ | 673 |  |  | $ | 2,336 |  |  | $ | 97 |  |  | $ | 409 |  |  | $ | 7,078 |
Special Mention | — |  |  | 35 |  |  | 3 |  |  | 12 |  |  | 69 |  |  | 139 |  |  | 9 |  |  | — |  |  | 267 |
Substandard | 1 |  |  | 12 |  |  | 201 |  |  | 62 |  |  | 110 |  |  | 793 |  |  | — |  |  | 1 |  |  | 1,180 |
Non-accrual | — |  |  | 36 |  |  | 138 |  |  | 1 |  |  | 33 |  |  | 484 |  |  | — |  |  | — |  |  | 692 |
Total Commercial Real Estate | 131 |  |  | 788 |  |  | 2,009 |  |  | 1,136 |  |  | 885 |  |  | 3,752 |  |  | 106 |  |  | 410 |  |  | 9,217 |
Year to date gross charge-offs | — |  |  | (8) |  |  | (81) |  |  | — |  |  | (19) |  |  | (303) |  |  | — |  |  | — |  |  | (411) |
One-to-Four Family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 123 |  |  | $ | 551 |  |  | $ | 2,503 |  |  | $ | 875 |  |  | $ | 183 |  |  | $ | 652 |  |  | $ | 84 |  |  | $ | 1 |  |  | $ | 4,972 |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
Substandard | — |  |  | 1 |  |  | 7 |  |  | 2 |  |  | 20 |  |  | 204 |  |  | — |  |  | — |  |  | 234 |
Non-accrual | — |  |  | 1 |  |  | 5 |  |  | 5 |  |  | 4 |  |  | 21 |  |  | 3 |  |  | — |  |  | 39 |
Total One-to-Four Family | 123 |  |  | 553 |  |  | 2,515 |  |  | 882 |  |  | 207 |  |  | 879 |  |  | 87 |  |  | 1 |  |  | 5,247 |
Year to date gross charge-offs | — |  |  | — |  |  | (1) |  |  | (1) |  |  | — |  |  | (6) |  |  | — |  |  | — |  |  | (8) |
Acquisition, Development and Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 314 |  |  | $ | 542 |  |  | $ | 169 |  |  | $ | 186 |  |  | $ | 1 |  |  | $ | 10 |  |  | $ | 1,640 |  |  | $ | 2 |  |  | $ | 2,864 |
Special Mention | — |  |  | 20 |  |  | 61 |  |  | 42 |  |  | 3 |  |  | — |  |  | 133 |  |  | — |  |  | 259 |
Substandard | 1 |  |  | 11 |  |  | 10 |  |  | 2 |  |  | — |  |  | — |  |  | 97 |  |  | — |  |  | 121 |
Non-accrual | — |  |  | — |  |  | 18 |  |  | 1 |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | 21 |
Total Acquisition, Development and Construction | 315 |  |  | 573 |  |  | 258 |  |  | 231 |  |  | 4 |  |  | 12 |  |  | 1,870 |  |  | 2 |  |  | 3,265 |
Year to date gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4) |  |  | — |  |  | — |  |  | (4) |
Commercial and Industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 892 |  |  | $ | 3,099 |  |  | $ | 2,269 |  |  | $ | 786 |  |  | $ | 537 |  |  | $ | 966 |  |  | $ | 5,696 |  |  | $ | 1,319 |  |  | $ | 15,564 |
Special Mention | 15 |  | 19 |  | 24 |  | 9 |  | 8 |  | 4 |  | 69 |  | 6 |  |  | 154 |
Substandard | 32 |  | 38 |  | 110 |  | 83 |  | 6 |  | 43 |  | 209 |  | — |  |  | 521 |
Non-accrual | 0 |  | 14 |  | 187 |  | 8 |  | 14 |  | 12 |  | 0 |  | — |  |  | 235 |
Total Commercial and Industrial | $ | 939 |  |  | $ | 3,170 |  |  | $ | 2,590 |  |  | $ | 886 |  |  | $ | 565 |  |  | $ | 1,025 |  |  | $ | 5,974 |  |  | $ | 1,325 |  |  | $ | 16,474 |
Year to date gross charge-offs | (3) |  |  | (12) |  |  | (17) |  |  | (5) |  |  | (11) |  |  | (31) |  |  | — |  |  | — |  |  | (79) |
Other Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 97 |  |  | $ | 31 |  |  | $ | 13 |  |  | $ | 5 |  |  | $ | 2 |  |  | $ | 37 |  |  | $ | 1,434 |  |  | $ | 130 |  |  | $ | 1,749 |
Special Mention | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Non-accrual | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | 18 |  |  | — |  |  | 23 |
Total Other Loans | 97 |  |  | 31 |  |  | 13 |  |  | 6 |  |  | 2 |  |  | 42 |  |  | 1,452 |  |  | 130 |  |  | 1,773 |
Year to date gross charge-offs | (2) |  |  | (3) |  |  | (3) |  |  | (1) |  |  | (1) |  |  | (5) |  |  | — |  |  | — |  |  | (15) |
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
Year to date gross charge-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
Year to date gross charge-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
Year to date gross charge-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
Year to date gross charge-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
Year to date gross charge-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
Year to date gross charge-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 September 30, 2024:
| Collateral Type
(in millions) | Real Property |  | Other
Multi-family | $ | 1,582 |  |  | $ | — |
Commercial real estate | 708 |  |  | — |
One-to-four family first mortgage | 37 |  |  | — |
Acquisition, development, and construction | 20 |  |  | — |
Commercial and industrial | — |  |  | 207 |
Total collateral-dependent loans held for investment | $ | 2,347 |  |  | $ | 207 |
At September 30, 2024 and December 31, 2023, the Company had $57 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 |  | Principal Forgiveness |  | Total |  | Percent of Total Loan class
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
One-to-four family first mortgage | — |  |  | $ | 1 |  |  | — |  |  | $ | 1 |  |  | $ | 2 |  |  | 0.04 | %
Commercial and industrial | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 0.01 | %
Total | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 3 |  |  |
Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Multi-family | $ | 100 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 100 |  |  | 0.95 | %
Commercial real estate | 67 |  |  | — |  |  | — |  |  | — |  |  | 67 |  |  | 0.64 | %
One-to-four family first mortgage | 3 |  |  | 1 |  |  | 2 |  |  | — |  |  | 6 |  |  | 0.10 | %
Commercial and industrial | 1 |  |  | 11 |  |  | 2 |  |  | — |  |  | 14 |  |  | 0.07 | %
Other Consumer | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | — |  |  | 1 |  |  | 0.04 | %
Total | $ | 171 |  |  | $ | 12 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 188 |  |  |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Multi-family | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | 0.01 | %
Commercial real estate | 8 |  |  | 4 |  |  | — |  |  | — |  |  | 12 |  |  | 0.13 | %
One-to-four family first mortgage | — |  |  | 6 |  |  | 2 |  |  | 1 |  |  | 9 |  |  | 0.15 | %
Commercial and industrial | — |  |  | 8 |  |  | 1 |  |  | — |  |  | 9 |  |  | 0.05 | %
Total | $ | 10 |  |  | $ | 18 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | 32 |  |  |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Multi-family | $ | 100 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 100 |  |  | 0.95 | %
Commercial real estate | 119 |  |  | — |  |  | — |  |  | — |  |  | 119 |  |  | 1.13 | %
One-to-four family first mortgage | 3 |  |  | 4 |  |  | 5 |  |  | — |  |  | 12 |  |  | 0.20 | %
Commercial and industrial | 1 |  |  | 18 |  |  | 2 |  |  | — |  |  | 21 |  |  | 0.10 | %
Other Consumer | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | 0.04 | %
Total | $ | 223 |  |  | $ | 22 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 253 |  |  |
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 September 30, 2024 |  |  |  |  |
One-to-four family first mortgage | — | % |  | — | % |  | 10.73
Commercial and industrial | — |  |  | — |  |  | 1.9
Three Months Ended September 30, 2023 |  |  |  |  |
Multi-family | 7.73 | % |  | 6.17 | % |  |
Commercial real estate | 10.77 | % |  | 4.32 | % |  |
One-to-four family first mortgage | — |  |  | — |  |  | 9.9
Commercial and industrial | 8.02 | % |  | 7.74 | % |  | 0.36
Other Consumer | 9.28 | % |  | 4.75 | % |  | 4.8
Nine Months ended September 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 |  |  | 12.1
Commercial and industrial | 7.81 |  |  | 6.1 |  |  | 0.6
Other Consumer | 10.73 |  |  | 4.3 |  |  | 1.8
Nine Months ended September 30, 2023 |  |  |  |  |
Multi-family | 7.73 | % |  | 6.17 | % |  |
Commercial real estate | 10.48 | % |  | 4.18 | % |  |
One-to-four family first mortgage | — |  |  | — |  |  | 12.0
Commercial and industrial | 8.02 | % |  | 7.74 |  |  | 0.46
Other Consumer | 14.49 | % |  | 8.00 | % |  | 4.8
The following table presents the amortized cost basis of the modifications for borrowers experiencing financial difficulty that subsequently defaulted during the first nine months of 2024 and were within twelve months of the modification date:
(dollars in millions) |  |  | Term Extension |  |  |  | Combination - Interest Rate Reduction and Term/Payment Extension/Delay |  |  |  |
Commercial real estate |  |  | $ | 4 |  |  |  |  | $ | — |  |  |  |  |
One-to-four family first mortgage |  |  | — |  |  |  | 1 |  |  |  |
Commercial and industrial |  |  | 4 |  |  |  | — |  |  |  |
Total |  |  | $ | 8 |  |  |  |  | $ | 1 |  |  |  |  |
As of September 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 nine months of 2023 and $5 million one-to-four family first mortgages that were combination modifications and subsequently defaulted during the first nine 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 September 30, 2024, which were modified during the prior twelve months, by class of financing receivable and delinquency status:
|  | September 30, 2024
(dollars in millions) |  | Current |  | 30 - 89 Past Due |  | 90+ Past Due |  | Total
Multi-family |  | $ | 24 |  |  | $ | — |  |  | $ | — |  |  | $ | 24 |
Commercial real estate |  | 8 |  |  | — |  |  | 4 |  |  | 12 |
One-to-four family first mortgage |  | 7 |  |  | — |  |  | 5 |  |  | 12 |
Commercial and industrial |  | 2 |  | 2 |  | 5 |  | 9
Other Consumer |  | 1 |  | — |  | — |  | 1
Total |  | $ | 42 |  |  | $ | 2 |  |  | $ | 14 |  |  | $ | 58 |
The following table provides a summary of loan balances at September 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:
|  | September 30, 2023
(dollars in millions) |  | Current |  | 30 - 89 Past Due |  | 90+ Past Due |  | Total
One-to-four family first mortgage |  | $ | 1 |  |  | $ | — |  |  | $ | 9 |  |  | $ | 10 |
Commercial and industrial |  | 21 |  | — |  | — |  | 21
Other Consumer |  | 1 |  | — |  | — |  | 1
Total |  | $ | 23 |  |  | $ | — |  |  | $ | 9 |  |  | $ | 32 |

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