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Loans and Leases (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Schedule of Components

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.

Schedule of Quality of Loans Held for Investment

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

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.

Schedule of Loans Held for Investment by Credit Quality Indicator

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)

Schedule of Collateral

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

Schedule 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						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

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

X

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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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