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Allowance for Credit Losses on Loans and Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Credit Loss [Abstract] |
Schedule of Additional Information about Nonaccrual Loans | 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
Year Ended December 31, 2024 | (in millions)
Balance, beginning of period | $ | 307 |  |  | $ | 366 |  |  | $ | 47 |  |  | $ | 36 |  |  | $ | 236 |  |  | $ | 992 |
Charge-offs | (308) |  | (462) |  | (8) |  | (4) |  | (156) |  | (938) |
Recoveries | 5 |  | 8 |  | 5 |  | — |  | 28 |  | 46 |
Provision for (recovery of) credit losses on loans and leases | 635 |  | 348 |  | (5) |  | 12 |  | 111 |  | 1,101 |
Balance, end of period | $ | 639 |  |  | $ | 260 |  |  | $ | 39 |  |  | $ | 44 |  |  | $ | 219 |  |  | $ | 1,201 |
Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 178 |  |  | $ | 47 |  |  | $ | 46 |  |  | $ | 20 |  |  | $ | 102 |  |  | $ | 393 |
Adjustment for Purchased PCD Loans | — |  | — |  | — |  | — |  | 13 |  | 13 |
Charge-offs | (119) |  | (56) |  | (4) |  | — |  | (44) |  | (223) |
Recoveries | — |  | — |  | — |  | — |  | 15 |  | 15 |
Provision for (recovery of) credit losses on loans and leases | 248 |  | 375 |  | 5 |  | 16 |  | 150 |  | 794 |
Balance, end of period | $ | 307 |  |  | $ | 366 |  |  | $ | 47 |  |  | $ | 36 |  |  | $ | 236 |  |  | $ | 992 |
Balance at December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 159 |  |  | $ | 17 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 20 |  |  | $ | 199 |
Adjustment for Purchased PCD Loans | 9 |  | 18 |  | 17 |  | 7 |  | — |  | 51 |
Charge-offs | (1) |  | (4) |  | — |  | — |  | (2) |  | (7) |
Recoveries | — |  | 4 |  | — |  | — |  | 7 |  | 11 |
Provision for (recovery of) credit losses on loans and leases | 11 |  | 12 |  | 29 |  | 10 |  | 77 |  | 139 |
Balance, end of period | $ | 178 |  |  | $ | 47 |  |  | $ | 46 |  |  | $ | 20 |  |  | $ | 102 |  |  | $ | 393 |
The following table presents additional information about the Company’s non-accrual loans at December 31, 2024:
(in millions) | Recorded Investment |  | Related Allowance
Non-accrual loans with no related allowance: |  |  |
Multi-family | $ | 1,092 |  |  | $ | — |
Commercial real estate | 418 |  | —
One-to-four family first mortgage | 61 |  | —
Acquisition, development, and construction | 11 |  | —
Other (includes commercial and industrial) | 54 |  | —
Total non-accrual loans with no related allowance | $ | 1,636 |  |  | $ | — |
Non-accrual loans with an allowance recorded: |  |  |
Multi-family | $ | 663 |  |  | $ | 77 |
Commercial real estate | 128 |  | 28
One-to-four family first mortgage | 9 |  | 1
Acquisition, development, and construction | 7 |  | 3
Other (includes commercial and industrial) | 172 |  | 55
Total non-accrual loans with an allowance recorded | $ | 979 |  |  | $ | 164 |
Total non-accrual loans: |  |  |
Multi-family | $ | 1,755 |  |  | $ | 77 |
Commercial real estate | 546 |  | 28
One-to-four family first mortgage | 70 |  | 1
Acquisition, development, and construction | 18 |  | 3
Other (includes commercial and industrial) | 226 |  | 55
Total non-accrual loans | $ | 2,615 |  |  | $ | 164 |
The following table presents additional information about the Company’s non-accrual loans at December 31, 2023:
(in millions) | Recorded Investment |  | Related Allowance
Non-accrual loans with no related allowance: |  |  |
Multi-family | $ | 134 |  |  | $ | — |
Commercial real estate | 53 |  | —
One-to-four family first mortgage | 85 |  | —
Acquisition, development, and construction | — |  | —
Other (includes commercial and industrial) | 22 |  | —
Total non-accrual loans with no related allowance | $ | 294 |  |  | $ | — |
Non-accrual loans with an allowance recorded: |  |  |
Multi-family | $ | 4 |  |  | $ | — |
Commercial real estate | 75 |  |  | 17 |
One-to-four family first mortgage | 11 |  | 2
Acquisition, development, and construction | — |  | —
Other (includes commercial and industrial) | 44 |  | 28
Total non-accrual loans with an allowance recorded | $ | 134 |  |  | $ | 47 |
Total non-accrual loans: |  |  |
Multi-family | $ | 138 |  |  | $ | — |
Commercial real estate | 128 |  | 17
One-to-four family first mortgage | 96 |  | 2
Acquisition, development, and construction | — |  | —
Other (includes commercial and industrial) | 66 |  | 28
Total non-accrual loans | $ | 428 |  |  | $ | 47 |

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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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