QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
| ||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated Filer | ☐ | Smaller Reporting Company | ||||||||||||||||||||
Non-Accelerated Filer | ☐ | Emerging growth company |
Item 1. | ||||||||
Consolidated Statements of Financial Condition – March 31, 2024 (unaudited) and December 31, 2023 | ||||||||
Consolidated Statements of Income and Comprehensive Income – For the three months ended March 31, 2024 and 2023 (unaudited) | ||||||||
Consolidated Statements of Stockholders’ Equity – For the three months ended March 31, 2024 and 2023 (unaudited) | ||||||||
Consolidated Statements of Cash Flows – For the three months ended March 31, 2024 and 2023 (unaudited) | ||||||||
Note 2 - Computation of Earnings Per Common Share | ||||||||
Note 3 - Business Combination | ||||||||
Note 4 - Accumulated Other Comprehensive Income | ||||||||
Note 5 - Investment Securities | ||||||||
Note 6 - Loans and Leases | ||||||||
Note 7 - Allowance for Credit Losses | ||||||||
Note 8 - Leases | ||||||||
Note 9 - Mortgage Servicing Rights | ||||||||
Note 10 -Variable Interest Entities | ||||||||
Note 11 - Borrowed Funds | ||||||||
Note 12 - Pension and Other Post-Retirement Benefits | ||||||||
Note 13 - Stock-Related Benefit Plans | ||||||||
Note 14 - Derivative and Hedging Activities | ||||||||
Note 15 - Intangible Assets | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Term | Definition | Term | Definition | |||||||||||||||||
ACL | Allowance for Credit Losses | FHLB-NY | Federal Home Loan Bank of New York | |||||||||||||||||
ADC | Acquisition, development, and construction loan | FOMC | Federal Open Market Committee | |||||||||||||||||
ALCO | Asset and Liability Management Committee | FRB | Federal Reserve Board | |||||||||||||||||
AOCL | Accumulated other comprehensive loss | FRB-NY | Federal Reserve Bank of New York | |||||||||||||||||
ASC | Accounting Standards Codification | FTEs | Full-time equivalent employees | |||||||||||||||||
ASU | Accounting Standards Update | GAAP | U.S. generally accepted accounting principles | |||||||||||||||||
BaaS | Banking as a Service | GLBA | The Gramm Leach Bliley Act | |||||||||||||||||
BOLI | Bank-owned life insurance | GNMA | Government National Mortgage Association | |||||||||||||||||
BP | Basis point(s) | GSE | Government-sponsored enterprises | |||||||||||||||||
BTFP | Bank Term Funding Program | HELOC | Home Equity Line of Credit | |||||||||||||||||
C&I | Commercial and industrial loan | HELOAN | Home Equity Loan | |||||||||||||||||
CDs | Certificates of deposit | HPI | Housing Price Index | |||||||||||||||||
CECL | Current Expected Credit Loss | LGG | Loans with government guarantees | |||||||||||||||||
CFPB | Consumer Financial Protection Bureau | LHFS | Loans Held-for-Sale | |||||||||||||||||
CMOs | Collateralized mortgage obligations | LIBOR | London Interbank Offered Rate | |||||||||||||||||
CMT | Constant maturity treasury rate | LTV | Loan-to-value ratio | |||||||||||||||||
CPI | Consumer Price Index | MBS | Mortgage-backed securities | |||||||||||||||||
CPR | Constant prepayment rate | MSRs | Mortgage servicing rights | |||||||||||||||||
CRA | Community Reinvestment Act | NIM | Net interest margin | |||||||||||||||||
CRE | Commercial real estate loan | NOL | Net operating loss | |||||||||||||||||
DIF | Deposit Insurance Fund | NPAs | Non-performing assets | |||||||||||||||||
DFA | Dodd-Frank Wall Street Reform and Consumer Protection Act | NPLs | Non-performing loans | |||||||||||||||||
DSCR | Debt service coverage ratio | NPV | Net Portfolio Value | |||||||||||||||||
EPS | Earnings per common share | NYSE | New York Stock Exchange | |||||||||||||||||
ERM | Enterprise Risk Management | OCC | Office of the Comptroller of the Currency | |||||||||||||||||
ESOP | Employee Stock Ownership Plan | OREO | Other real estate owned | |||||||||||||||||
EVE | Economic Value of Equity at Risk | PAA | Purchase accounting adjustments | |||||||||||||||||
Fannie Mae | Federal National Mortgage Association | PSAs | Performance-Based Restricted Stock Units | |||||||||||||||||
FASB | Financial Accounting Standards Board | ROU | Right of use asset | |||||||||||||||||
FDI Act | Federal Deposit Insurance Act | RSAs | Restricted Stock Awards | |||||||||||||||||
FDIC | Federal Deposit Insurance Corporation | SBA | Small Business Administration | |||||||||||||||||
FHA | Federal Housing Administration | Signature | Signature Bridge Bank, N.A. | |||||||||||||||||
FHFA | Federal Housing Finance Agency | SEC | U.S. Securities and Exchange Commission | |||||||||||||||||
FHLB | Federal Home Loan Bank | SOFR | Secured Overnight Financing Rate | |||||||||||||||||
Freddie Mac | Federal Home Loan Mortgage Corporation | TDR | Troubled debt restructurings |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Three Months Ended, | |||||||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||
(dollars in millions) | Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | ||||||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Mortgage and other loans and leases , net (1) | $ | 84,123 | $ | 1,193 | 5.68 | % | $ | 85,671 | $ | 1,230 | 5.72 | % | $ | 70,774 | $ | 867 | 4.92 | % | |||||||||||||||||
Securities (2) (3) | 11,576 | 123 | 4.30 | % | 11,493 | 126 | 4.39 | % | 10,850 | 104 | 3.86 | % | |||||||||||||||||||||||
Reverse repurchase agreements | — | — | — | % | 46 | 1 | 6.91 | % | 785 | 11 | 5.53 | % | |||||||||||||||||||||||
Interest-earning cash and cash equivalents | 14,345 | 197 | 5.52 | % | 6,753 | 90 | 5.28 | % | 4,257 | 52 | 4.96 | % | |||||||||||||||||||||||
Total interest-earning assets | $ | 110,044 | $ | 1,513 | 5.51 | % | $ | 103,963 | $ | 1,447 | 5.55 | % | $ | 86,666 | $ | 1,034 | 4.80 | % | |||||||||||||||||
Non-interest-earning assets | 5,682 | 7,719 | 7,864 | ||||||||||||||||||||||||||||||||
Total assets | $ | 115,726 | $ | 111,683 | $ | 94,530 | |||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||
Interest-bearing checking and money market accounts | $ | 26,428 | $ | 232 | 3.54 | % | $ | 31,958 | $ | 286 | 3.55 | % | $ | 23,098 | $ | 157 | 2.76 | % | |||||||||||||||||
Savings accounts | 8,400 | 47 | 2.24 | % | 9,055 | 47 | 2.03 | % | 11,093 | 39 | 1.44 | % | |||||||||||||||||||||||
Certificates of deposit | 24,711 | 291 | 4.74 | % | 18,491 | 210 | 4.52 | % | 13,712 | 87 | 2.57 | % | |||||||||||||||||||||||
Total interest-bearing deposits | $ | 59,539 | $ | 570 | 3.85 | % | $ | 59,504 | $ | 543 | 3.62 | % | $ | 47,903 | $ | 283 | 2.40 | % | |||||||||||||||||
Short term borrowed funds | 5,649 | 55 | 3.94 | % | 7,609 | 83 | 4.33 | % | 9,036 | 103 | 4.61 | % | |||||||||||||||||||||||
Other borrowed funds | 20,079 | 264 | 5.28 | % | 8,105 | 81 | 3.96 | % | 13,290 | 93 | 2.85 | % | |||||||||||||||||||||||
Total Borrowed funds | $ | 25,728 | $ | 319 | 4.99 | % | $ | 15,714 | $ | 164 | 4.14 | % | $ | 22,326 | $ | 196 | 3.56 | % | |||||||||||||||||
Total interest-bearing liabilities | $ | 85,267 | $ | 889 | 4.19 | % | $ | 75,218 | $ | 707 | 3.73 | % | $ | 70,229 | $ | 479 | 2.77 | % | |||||||||||||||||
Non-interest-bearing deposits | 19,355 | 22,676 | 13,189 | ||||||||||||||||||||||||||||||||
Other liabilities | 2,563 | 2,753 | 1,939 | ||||||||||||||||||||||||||||||||
Total liabilities | $ | 107,185 | $ | 100,647 | $ | 85,357 | |||||||||||||||||||||||||||||
Stockholders’ equity | 8,541 | 11,036 | 9,173 | ||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 115,726 | $ | 111,683 | $ | 94,530 | |||||||||||||||||||||||||||||
Net interest income/interest rate spread | $ | 624 | 1.32 | % | $ | 740 | 1.82 | % | $ | 555 | 2.03 | % | |||||||||||||||||||||||
Net interest margin | 2.28 | % | 2.82 | % | 2.60 | % | |||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 1.29 | x | 1.38 | x | 1.23 | x |
Three Months Ended, | Three Months Ended, | |||||||||||||||||||||||||
March 31, 2024 compared to December 31, 2023 Increase/(Decrease) Due to: | March 31, 2024 compared to March 31, 2023 Increase/(Decrease) Due to: | |||||||||||||||||||||||||
(in millions) | Volume | Rate | Net | Volume | Rate | Net | ||||||||||||||||||||
INTEREST-EARNING ASSETS: | ||||||||||||||||||||||||||
Mortgage and other loans and leases | $ | (22) | $ | (15) | $ | (37) | $ | 190 | $ | 136 | $ | 326 | ||||||||||||||
Securities | 1 | (4) | (3) | 8 | 11 | 19 | ||||||||||||||||||||
Reverse repurchase agreements | — | (1) | (1) | — | (11) | (11) | ||||||||||||||||||||
Interest Earning Cash & Cash Equivalent | 105 | 2 | 107 | 139 | 6 | 145 | ||||||||||||||||||||
Total interest-earnings assets | $ | 84 | $ | (18) | $ | 66 | $ | 322 | $ | 157 | $ | 479 | ||||||||||||||
INTEREST-BEARING LIABILITIES: | ||||||||||||||||||||||||||
Interest-bearing checking and money market accounts | $ | (49) | $ | (5) | $ | (54) | $ | 29 | $ | 46 | $ | 75 | ||||||||||||||
Savings accounts | (4) | 4 | — | (15) | 23 | 8 | ||||||||||||||||||||
Certificates of deposit | 74 | 7 | 81 | 130 | 74 | 204 | ||||||||||||||||||||
Short Term Borrowed Funds | (19) | (9) | (28) | (33) | (15) | (48) | ||||||||||||||||||||
Other Borrowed Funds | 158 | 25 | 183 | 90 | 81 | 171 | ||||||||||||||||||||
Total interest-bearing liabilities | $ | 105 | $ | 77 | $ | 182 | $ | 158 | $ | 252 | $ | 410 | ||||||||||||||
Change in net interest income | $ | 35 | $ | (151) | $ | (116) | $ | 48 | $ | 21 | $ | 69 |
Three Months Ended, | ||||||||||||||||||||
(in millions) | March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||||
Bargain purchase gain | $ | (121) | $ | (11) | $ | 2,001 | ||||||||||||||
Fee income | 34 | 39 | 27 | |||||||||||||||||
Net return on mortgage servicing rights | 21 | 33 | 22 | |||||||||||||||||
Net gain on loan sales and securitizations | 20 | 16 | 20 | |||||||||||||||||
Other | 29 | 22 | 11 | |||||||||||||||||
Bank-owned life insurance | 10 | 11 | 10 | |||||||||||||||||
Net loan administration income | 16 | 17 | 7 | |||||||||||||||||
Total non-interest income | $ | 9 | $ | 127 | $ | 2,098 |
Three Months Ended, | ||||||||||||||||||||
(in millions) | March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||||
Operating expenses: | ||||||||||||||||||||
Compensation and benefits | $ | 333 | $ | 295 | $ | 219 | ||||||||||||||
Occupancy and equipment | 52 | 58 | 37 | |||||||||||||||||
General and administrative | 236 | 254 | 136 | |||||||||||||||||
Total operating expense | 621 | 607 | 392 | |||||||||||||||||
Intangible asset amortization | 35 | 36 | 17 | |||||||||||||||||
Merger-related and restructuring expenses | 43 | 63 | 67 | |||||||||||||||||
Goodwill impairment | — | $ | 2,426 | — | ||||||||||||||||
Total non-interest expense | $ | 699 | $ | 3,132 | $ | 476 |
March 31, 2024 | December 31, 2023 | ||||||||||||||||
(dollars in millions) | Amount | Percent of Loans Held for Investment | Amount | Percent of Loans Held for Investment | |||||||||||||
Mortgage Loans: | |||||||||||||||||
Multi-family | $ | 36,859 | 44.8 | % | $ | 37,265 | 44.0 | % | |||||||||
Commercial real estate | 10,323 | 12.5 | % | 10,470 | 12.4 | % | |||||||||||
One-to-four family first mortgage | 5,807 | 7.1 | % | 6,061 | 7.2 | % | |||||||||||
Acquisition, development, and construction | 3,207 | 3.9 | % | 2,912 | 3.4 | % | |||||||||||
Total mortgage loans | $ | 56,196 | 68.3 | % | $ | 56,708 | 67.0 | % | |||||||||
Other Loans: | |||||||||||||||||
Commercial and industrial | $ | 24,418 | 29.7 | % | $ | 25,254 | 29.9 | % | |||||||||
Other loans | 1,713 | 2.1 | % | 2,657 | 3.1 | % | |||||||||||
Total other loans held for investment | $ | 26,131 | 31.7 | % | $ | 27,911 | 33.0 | % | |||||||||
Total loans and leases held for investment | $ | 82,327 | 100.0 | % | $ | 84,619 | 100.0 | % | |||||||||
Allowance for credit losses on loans and leases | (1,215) | (992) | |||||||||||||||
Total loans and leases held for investment, net | $ | 81,112 | $ | 83,627 | |||||||||||||
Loans held for sale | 981 | 1,182 | |||||||||||||||
Total loans and leases, net | $ | 82,093 | $ | 84,809 |
Three Months Ended, | |||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||
(dollars in millions) | Amount | Amount | Amount | ||||||||||||||
Mortgage Loan Originated for Investment: | |||||||||||||||||
Multi-family | $ | 19 | $ | 78 | $ | 340 | |||||||||||
Commercial real estate | 212 | 225 | 309 | ||||||||||||||
One-to-four family first mortgage | 2,228 | 3,252 | 274 | ||||||||||||||
Acquisition, development, and construction | 222 | 298 | 185 | ||||||||||||||
Total mortgage loans originated for investment | $ | 2,681 | $ | 3,853 | $ | 1,108 | |||||||||||
Other Loans Originated for Investment: | |||||||||||||||||
Specialty finance | $ | 1,083 | $ | 1,858 | $ | 1,335 | |||||||||||
Commercial and industrial | 877 | 1,672 | 497 | ||||||||||||||
Other | 104 | 122 | 338 | ||||||||||||||
Total other loans originated for investment | $ | 2,064 | $ | 3,652 | $ | 2,170 | |||||||||||
Total loans originated for investment | $ | 4,745 | $ | 7,505 | $ | 3,278 |
At March 31, 2024 | ||||||||
Multi-Family Loans | ||||||||
(dollars in millions) | Amount | Percent of Total | ||||||
New York City: | ||||||||
Manhattan | $ | 6,792 | 18 | % | ||||
Brooklyn | 5,810 | 16 | % | |||||
Bronx | 3,367 | 9 | % | |||||
Queens | 2,816 | 8 | % | |||||
Staten Island | 131 | — | % | |||||
Total New York City | $ | 18,916 | 51 | % | ||||
New Jersey | 5,049 | 14 | % | |||||
Long Island | 507 | 1 | % | |||||
Total Metro New York | $ | 24,472 | 66 | % | ||||
Other New York State | 1,224 | 3 | % | |||||
Pennsylvania | 3,667 | 10 | % | |||||
Florida | 1,679 | 5 | % | |||||
Ohio | 1,048 | 3 | % | |||||
Arizona | 433 | 1 | % | |||||
All other states | 4,336 | 12 | % | |||||
Total | $ | 36,859 | 100 | % |
At March 31, 2024 | ||||||||
Commercial Real Estate Loans | ||||||||
(dollars in millions) | Amount | Percent of Total | ||||||
New York | $ | 5,180 | 50 | % | ||||
Michigan | 974 | 10 | % | |||||
New Jersey | 611 | 6 | % | |||||
Florida | 454 | 4 | % | |||||
Texas | 106 | 1 | % | |||||
Pennsylvania | 353 | 3 | % | |||||
Ohio | 113 | 1 | % | |||||
All other states | 2,532 | 25 | % | |||||
Total | $ | 10,323 | 100 | % |
March 31, 2024 | December 31, 2023 | ||||||||||
Non-performing loans to total loans held for investment | 0.97 | % | 0.51 | % | |||||||
Non-performing assets to total assets | 0.72 | 0.39 | |||||||||
Allowance for credit losses on loans and leases to non-performing loans | 152 | 232 | |||||||||
Allowance for credit losses on loans and leases to total loans held for investment | 1.48 | 1.17 |
Change from | |||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||
to | |||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||
(dollars in millions) | March 31, 2024 | December 31, 2023 | Amount | Percent | |||||||||||||||||||
Non-Performing Loans(1): | |||||||||||||||||||||||
Non-accrual mortgage loans: | |||||||||||||||||||||||
Multi-family | $ | 339 | $ | 138 | $ | 201 | 146 | % | |||||||||||||||
Commercial real estate | 264 | 128 | 136 | 106 | % | ||||||||||||||||||
One-to-four family first mortgage | 98 | 95 | 3 | 3 | % | ||||||||||||||||||
Acquisition, development, and construction | $ | 3 | $ | 2 | 1 | 50 | % | ||||||||||||||||
Total non-accrual mortgage loans | $ | 704 | $ | 363 | 341 | 94 | % | ||||||||||||||||
Commercial and industrial | 73 | 43 | 30 | 70 | % | ||||||||||||||||||
Other non-accrual loans(2) | 21 | 22 | (1) | (5) | % | ||||||||||||||||||
Total non-accrual loans | $ | 798 | $ | 428 | 370 | 86 | % | ||||||||||||||||
Loans 90 days or more past due and still accruing | — | $ | — | — | NM | ||||||||||||||||||
Total non-performing loans | $ | 798 | $ | 428 | 370 | 86 | % | ||||||||||||||||
Repossessed assets | 13 | 14 | (1) | (7) | % | ||||||||||||||||||
Total non-performing assets | $ | 811 | $ | 442 | 369 | 83 | % |
(in millions) | |||||
Balance at December 31, 2023 | $ | 428 | |||
New non-accrual, including acquired from acquisition | 443 | ||||
Charge-offs | (16) | ||||
Transferred to repossessed assets | (1) | ||||
Loan payoffs, including dispositions and principal pay-downs | (45) | ||||
Restored to performing status | (11) | ||||
Balance at March 31, 2024 | $ | 798 |
March 31, 2024 | |||||||||||||||||||||||
compared to | |||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||
(dollars in millions) | March 31, 2024 | December 31, 2023 | Amount | Percent | |||||||||||||||||||
Loans 30 to 89 Days Past Due: | |||||||||||||||||||||||
Multi-family | $ | 103 | $ | 121 | $ | (18) | (15) | % | |||||||||||||||
Commercial real estate | 9 | 28 | (19) | (68) | % | ||||||||||||||||||
One-to-four family first mortgage | 26 | 40 | (14) | (35) | % | ||||||||||||||||||
Acquisition, development, and construction | 6 | 2 | 4 | 200 | % | ||||||||||||||||||
Commercial and industrial | 60 | 37 | 23 | 62 | % | ||||||||||||||||||
Other loans | 8 | 22 | (14) | (64) | % | ||||||||||||||||||
Total loans 30-89 days past due | $ | 212 | $ | 250 | (38) | (15) | % |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
(dollars in millions) | Amount | Percent of loans held-for-investment | Amount | Percent of loans held-for-investment | |||||||||||||||||||
Multi-family loans | $ | 469 | 45 | % | $ | 307 | 44 | % | |||||||||||||||
Commercial real estate loans | 434 | 13 | 366 | 12 | |||||||||||||||||||
One-to-four family first mortgage loans | 41 | 7 | 48 | 7 | |||||||||||||||||||
Acquisition, development, and construction loans | 48 | 4 | 36 | 3 | |||||||||||||||||||
Commercial and industrial | 157 | 30 | 132 | 30 | |||||||||||||||||||
Other loans | 66 | 2 | 103 | 3 | |||||||||||||||||||
Total loans | $ | 1,215 | 100 | % | $ | 992 | 100 | % |
For the Three Months Ended | |||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||
(dollars in millions) | |||||||||||||||||
Charge-offs: | |||||||||||||||||
Multi-family | $ | 11 | $ | 117 | $ | — | |||||||||||
Commercial real estate | 64 | 42 | — | ||||||||||||||
One-to-four family residential | — | 1 | 2 | ||||||||||||||
Commercial and industrial | 11 | 24 | — | ||||||||||||||
Other | 5 | 5 | 3 | ||||||||||||||
Total charge-offs | $ | 91 | $ | 189 | $ | 5 | |||||||||||
Recoveries: | |||||||||||||||||
Multi-family | $ | (1) | $ | — | $ | — | |||||||||||
Commercial and industrial | (7) | (3) | (4) | ||||||||||||||
Other | (2) | (1) | (1) | ||||||||||||||
Total recoveries | $ | (10) | $ | (4) | $ | (5) | |||||||||||
Net charge-offs | $ | 81 | $ | 185 | $ | — |
Three Months Ended, | ||||||||||||||||||||
(dollars in millions) | March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||||
Multi-family | ||||||||||||||||||||
Net charge-offs (recoveries) during the period | $ | 10 | $ | 117 | $ | — | ||||||||||||||
Average amount outstanding | $ | 37,178 | $ | 37,839 | $ | 37,906 | ||||||||||||||
Net charge-offs (recoveries) as a percentage of average loans | 0.03 | % | 0.31 | % | — | % | ||||||||||||||
Commercial real estate | ||||||||||||||||||||
Net charge-offs (recoveries) during the period | $ | 64 | $ | 42 | $ | — | ||||||||||||||
Average amount outstanding | $ | 10,467 | $ | 9,905 | $ | 8,450 | ||||||||||||||
Net charge-offs (recoveries) as a percentage of average loans | 0.61 | % | 0.42 | % | — | % | ||||||||||||||
One-to-Four Family first mortgage | ||||||||||||||||||||
Net charge-offs (recoveries) during the period | $ | — | $ | 1 | $ | 2 | ||||||||||||||
Average amount outstanding | $ | 6,836 | $ | 5,907 | $ | 5,895 | ||||||||||||||
Net charge-offs (recoveries) as a percentage of average loans | — | % | 0.02 | % | 0.03 | % | ||||||||||||||
Acquisition, Development and Construction | ||||||||||||||||||||
Net charge-offs (recoveries) during the period | $ | — | $ | — | $ | — | ||||||||||||||
Average amount outstanding | $ | 3,254 | $ | 2,530 | $ | 2,110 | ||||||||||||||
Net charge-offs (recoveries) as a percentage of average loans | — | % | — | % | — | % | ||||||||||||||
Commercial and Industrial Loans | ||||||||||||||||||||
Net charge-offs (recoveries) during the period | $ | 4 | $ | 21 | $ | (4) | ||||||||||||||
Average amount outstanding | $ | 24,068 | $ | 21,460 | $ | — | ||||||||||||||
Net charge-offs (recoveries) as a percentage of average loans | 0.02 | % | 0.10 | % | #DIV/0! | |||||||||||||||
Other Loans | ||||||||||||||||||||
Net charge-offs (recoveries) during the period | $ | 3 | $ | 4 | $ | 2 | ||||||||||||||
Average amount outstanding | $ | 2,319 | $ | 2,551 | $ | 16,412 | ||||||||||||||
Net charge-offs (recoveries) as a percentage of average loans | 0.13 | % | 0.16 | % | 0.01 | % | ||||||||||||||
Total loans | ||||||||||||||||||||
Net charge-offs (recoveries) during the period | $ | 81 | $ | 185 | $ | — | ||||||||||||||
Average amount outstanding | $ | 84,123 | $ | 80,193 | $ | 70,774 | ||||||||||||||
Net charge-offs (recoveries) as a percentage of average loans | 0.10 | % | 0.23 | % | — | % |
Mortgage- Related Securities | U.S. Government and GSE Obligations | State, County, and Municipal | Other Debt Securities (2) | ||||||||||||||||||||
Available-for-Sale Debt Securities: (1) | |||||||||||||||||||||||
Due within one year | 3.14 | % | 4.03 | % | — | % | — | % | |||||||||||||||
Due from one to five years | 3.31 | — | — | 5.28 | |||||||||||||||||||
Due from five to ten years | 2.67 | 1.61 | 3.16 | 5.03 | |||||||||||||||||||
Due after ten years | 4.35 | — | — | 5.74 | |||||||||||||||||||
Total debt securities available for sale | 4.26 | 1.95 | 3.16 | 5.11 |
(in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Portion of U.S. time deposits in excess of insurance limit | $ | 11,961 | $ | 7,893 | |||||||
Time deposits otherwise uninsured with a maturity of: | |||||||||||
3 months or less | 1,397 | 1,675 | |||||||||
Over 3 months through 6 months | 2,259 | 1,623 | |||||||||
Over 6 months through 12 months | 4,127 | 2,325 | |||||||||
Over 12 months | 4,178 | 2,271 | |||||||||
Total time deposits otherwise uninsured | $ | 11,961 | $ | 7,894 |
(in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Multi-family and commercial real estate | $ | 55 | $ | 52 | |||||||
One-to-four family including interest rate locks | 2,545 | 1,694 | |||||||||
Acquisition, development, and construction | 3,631 | 3,926 | |||||||||
Warehouse loan commitments | 5,793 | 7,074 | |||||||||
Other loan commitments | 11,264 | 11,315 | |||||||||
Total loan commitments | $ | 23,288 | $ | 24,061 | |||||||
Commercial, performance stand-by, and financial stand-by letters of credit | 895 | 915 | |||||||||
Total commitments | $ | 24,183 | $ | 24,976 |
Risk-Based Capital | |||||||||||||||||||||||||||||||||||
March 31, 2024 | Common Equity Tier 1 | Tier 1 | Total | Leverage Capital | |||||||||||||||||||||||||||||||
(dollars in millions) | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||
Total capital | $ | 8,071 | 9.45 | % | $ | 9,169 | 10.73 | % | $ | 11,178 | 13.09 | % | $ | 9,169 | 7.90 | % | |||||||||||||||||||
Minimum for capital adequacy purposes | 3,844 | 4.50 | 5,126 | 6.00 | 6,834 | 8.00 | 4,641 | 4.00 | |||||||||||||||||||||||||||
Excess | $ | 4,227 | 4.95 | % | $ | 4,043 | 4.73 | % | $ | 4,344 | 5.09 | % | $ | 4,528 | 3.90 | % | |||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||||||||||||||
Total capital | $ | 8,009 | 9.05 | % | $ | 8,512 | 9.62 | % | $ | 10,415 | 11.77 | % | $ | 8,512 | 7.75 | % | |||||||||||||||||||
Minimum for capital adequacy purposes | 3,983 | 4.50 | 5,310 | 6.00 | 7,081 | 8.00 | 4,392 | 4.00 | |||||||||||||||||||||||||||
Excess | $ | 4,026 | 4.55 | % | $ | 3,202 | 3.62 | % | $ | 3,334 | 3.77 | % | $ | 4,120 | 3.75 | % |
Risk-Based Capital | |||||||||||||||||||||||||||||||||||
March 31, 2024 | Common Equity Tier 1 | Tier 1 | Total | Leverage Capital | |||||||||||||||||||||||||||||||
(dollars in millions) | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||
Total capital | $ | 9,459 | 11.08 | % | $ | 9,459 | 11.08 | % | $ | 10,528 | 12.33 | % | $ | 9,459 | 8.16 | % | |||||||||||||||||||
Minimum for capital adequacy purposes | 3,841 | 4.50 | 5,122 | 6.00 | 6,829 | 8.00 | 4,639 | 4.00 | |||||||||||||||||||||||||||
Excess | $ | 5,618 | 6.58 | % | $ | 4,337 | 5.08 | % | $ | 3,699 | 4.33 | % | $ | 4,820 | 4.16 | % | |||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||||||||||||||
Total capital | $ | 9,305 | 10.52 | % | $ | 9,305 | 10.52 | % | $ | 10,271 | 11.61 | % | $ | 9,305 | 8.48 | % | |||||||||||||||||||
Minimum for capital adequacy purposes | 3,980 | 4.50 | 5,307 | 6.00 | 7,076 | 8.00 | 4,389 | 4.00 | |||||||||||||||||||||||||||
Excess | $ | 5,325 | 6.02 | % | $ | 3,998 | 4.52 | % | $ | 3,195 | 3.61 | % | $ | 4,916 | 4.48 | % |
Change in Interest Rates (in basis points) | Estimated Percentage Change in Economic Value of Equity | |||||||
-200 shock | 2.0% | |||||||
-100 shock | 0.5% | |||||||
+100 shock | (1.6)% | |||||||
+200 shock | (4.1)% |
Change in Interest Rates (in basis points) (1) | Estimated Percentage Change in Future Net Interest Income | |||||||
-200 shock | (4.9)% | |||||||
-100 shock | (3.5)% | |||||||
+100 shock | 3.3% | |||||||
+200 shock | 6.6% |
ITEM 1. | FINANCIAL STATEMENTS |
March 31, 2024 | December 31, 2023 | ||||||||||
(in millions, except per share data) | (unaudited) | ||||||||||
ASSETS: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Securities: | |||||||||||
Debt Securities available-for-sale ($ | |||||||||||
Equity investments with readily determinable fair values, at fair value | |||||||||||
Total securities net of allowance for credit losses | |||||||||||
Loans held for sale ($ | |||||||||||
Loans and leases held for investment, net of deferred loan fees and costs ($ | |||||||||||
Less: Allowance for credit losses on loans and leases | ( | ( | |||||||||
Total loans and leases held for investment, net | |||||||||||
Federal Home Loan Bank stock and Federal Reserve Bank stock, at cost | |||||||||||
Premises and equipment, net | |||||||||||
Core deposit and other intangibles | |||||||||||
Mortgage servicing rights | |||||||||||
Bank-owned life insurance | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY: | |||||||||||
Deposits: | |||||||||||
Interest-bearing checking and money market accounts | $ | $ | |||||||||
Savings accounts | |||||||||||
Certificates of deposit | |||||||||||
Non-interest-bearing accounts | |||||||||||
Total deposits | |||||||||||
Borrowed funds: | |||||||||||
Federal Home Loan Bank advances | |||||||||||
Repurchase agreements | |||||||||||
Total wholesale borrowings | |||||||||||
Junior subordinated debentures | |||||||||||
Subordinated notes | |||||||||||
Total borrowed funds | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Mezzanine equity: | |||||||||||
Preferred stock - Series B and Series C (See Note 17 - Mezzanine and Stockholders Equity ) | |||||||||||
Stockholders' equity: | |||||||||||
Preferred stock - Series A (See Note 17 - Mezzanine and Stockholders Equity) | |||||||||||
Common stock at par shares issued; and | |||||||||||
Paid-in capital in excess of par | |||||||||||
Retained earnings | |||||||||||
Treasury stock, at cost ( | ( | ( | |||||||||
Accumulated other comprehensive loss, net of tax: | |||||||||||
Net unrealized loss on securities available for sale, net of tax of $ | ( | ( | |||||||||
Net unrealized loss on pension and post-retirement obligations, net of tax of $ | ( | ( | |||||||||
Net unrealized gain on cash flow hedges, net of tax of $( | |||||||||||
Total accumulated other comprehensive loss, net of tax | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities, Mezzanine and Stockholders’ Equity | $ | $ |
Three Months Ended, | |||||||||||
(in millions, except per share data) | March 31, 2024 | March 31, 2023 | |||||||||
INTEREST INCOME: | |||||||||||
Loans and leases | $ | $ | |||||||||
Securities and money market investments | |||||||||||
Total interest income | |||||||||||
INTEREST EXPENSE: | |||||||||||
Interest-bearing checking and money market accounts | |||||||||||
Savings accounts | |||||||||||
Certificates of deposit | |||||||||||
Borrowed funds | |||||||||||
Total interest expense | |||||||||||
Net interest income | |||||||||||
Provision for credit losses | |||||||||||
Net interest income after provision for credit loan losses | |||||||||||
NON-INTEREST INCOME: | |||||||||||
Fee income | |||||||||||
Bank-owned life insurance | |||||||||||
Net return on mortgage servicing rights | |||||||||||
Net gain on loan sales and securitizations | |||||||||||
Net Loan administration income | |||||||||||
Bargain purchase gain | ( | ||||||||||
Other | |||||||||||
Total non-interest income | |||||||||||
NON-INTEREST EXPENSE: | |||||||||||
Operating expenses: | |||||||||||
Compensation and benefits | |||||||||||
Occupancy and equipment | |||||||||||
General and administrative | |||||||||||
Total operating expense | |||||||||||
Intangible asset amortization | |||||||||||
Merger-related and restructuring expenses | |||||||||||
Goodwill impairment | |||||||||||
Total non-interest expense | |||||||||||
Income before income taxes | ( | ||||||||||
Income tax expense | ( | ||||||||||
Net (loss) income | $ | ( | $ | ||||||||
Preferred stock dividends | |||||||||||
Net (loss) income available to common stockholders | $ | ( | $ | ||||||||
Basic (loss) earnings per common share | $ | ( | $ | ||||||||
Diluted (loss) earnings per common share | $ | ( | $ | ||||||||
Net (loss) income | $ | ( | $ | ||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||
Change in net unrealized loss on securities available for sale, net of tax of $ | ( | ||||||||||
Change in pension and post-retirement obligations, net of tax of $( | |||||||||||
Change in net unrealized gain on cash flow hedges, net of tax of $( | ( | ||||||||||
Reclassification adjustment for defined benefit pension plan, net of tax of $ | |||||||||||
Reclassification adjustment for net gain on cash flow hedges included in net income, net of tax $ | ( | ( | |||||||||
Total other comprehensive loss, net of tax | ( | ( | |||||||||
Total comprehensive (loss) income, net of tax | $ | ( | $ |
(in millions, except share data) | Shares Outstanding | Preferred Stock (Par Value: $ | Common Stock (Par Value: $ | Paid-in Capital in excess of Par | Retained Earnings | Treasury Stock, at Cost | Accumulated Other Comprehensive Loss, Net of Tax | Total Stockholders’ Equity | Preferred Stock Mezzanine (Par Value: $ | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of mezzanine preferred stock Series B, net ( | 0 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of mezzanine preferred stock Series C, net ( | 0 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares and conversion of Series C preferred to common shares | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of warrants to purchase common shares | 0 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for restricted stock, net of forfeitures | ( | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Compensation expense related to restricted stock awards | 0 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Net loss | 0 | — | — | — | ( | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||
Dividends paid on common stock ($ | 0 | — | — | — | ( | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||
Dividends paid on preferred stock Series A ($ | 0 | — | — | — | ( | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | ( | — | — | — | — | ( | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | 0 | — | — | — | — | — | ( | ( | — | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2024 | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Issuance and exercise of FDIC Equity appreciation instrument | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for restricted stock, net of forfeitures | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Compensation expense related to restricted stock awards | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid on common stock ($ | — | — | — | ( | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||
Dividends paid on preferred stock ($ | — | — | — | ( | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||
Purchase of common stock | ( | — | — | — | — | ( | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | ( | ( | — | |||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ |
For the Three Months Ended March 31, | |||||||||||
(in millions) | 2024 | 2023 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net (loss) income | $ | ( | $ | ||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Provision for credit losses | |||||||||||
Amortization of intangibles | |||||||||||
Depreciation | |||||||||||
Amortization of discounts and premiums, net | ( | ||||||||||
Net gain on sales of loans | ( | ( | |||||||||
Gain on business acquisition | ( | ||||||||||
Stock-based compensation | |||||||||||
Deferred tax expense | ( | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
(Increase) decrease in other assets | ( | ||||||||||
(Decrease) increase in other liabilities | ( | ||||||||||
Purchases of securities held for trading | ( | ||||||||||
Proceeds from sales of securities held for trading | |||||||||||
Change in loans held for sale, net | |||||||||||
Net cash (used in) provided by operating activities | ( | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Proceeds from repayment of securities available for sale | |||||||||||
Proceeds from sales of securities available for sale | |||||||||||
Purchase of securities available for sale | ( | ( | |||||||||
Redemption of Federal Home Loan Bank stock | |||||||||||
Purchases of Federal Home Loan Bank and Federal Reserve Bank stock | ( | ( | |||||||||
Proceeds from bank-owned life insurance, net | |||||||||||
Net proceeds from sales of MSR's | |||||||||||
Other changes in loans, net | ( | ||||||||||
Purchases of premises and equipment, net | ( | ( | |||||||||
Cash acquired in business acquisition | |||||||||||
Net cash provided by investing activities | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Net decrease in deposits | ( | ( | |||||||||
Net increase in short-term borrowed funds | |||||||||||
Proceeds from long-term borrowed funds | |||||||||||
Repayments of long-term borrowed funds | ( | ( | |||||||||
Net receipt (disbursement) of payments of loans serviced for others | ( | ||||||||||
Cash dividends paid on common stock | ( | ( | |||||||||
Cash dividends paid on preferred stock | ( | ( | |||||||||
Treasury stock repurchased | ( | ||||||||||
Proceeds from common stock and warrants issued | |||||||||||
Proceeds from preferred stock issued | |||||||||||
Payments relating to treasury shares received for restricted stock award tax payments | ( | ||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net increase in cash, cash equivalents, and restricted cash (1) | |||||||||||
Cash, cash equivalents, and restricted cash at beginning of year (1) | |||||||||||
Cash, cash equivalents, and restricted cash at end of year (1) | $ | $ | |||||||||
Supplemental information: | |||||||||||
Cash paid for interest | $ | $ |
Cash paid for income taxes | |||||||||||
Non-cash investing and financing activities: | |||||||||||
Transfers to repossessed assets from loans | $ | $ | |||||||||
Securitization of loans to mortgage-backed securities available for sale | |||||||||||
Transfer of loans from held for investment to held for sale | |||||||||||
Shares issued for restricted stock awards | |||||||||||
Business Combination: | |||||||||||
Fair value of tangible assets acquired | |||||||||||
Intangible assets | |||||||||||
Liabilities assumed | |||||||||||
Issuance of FDIC Equity appreciation instrument | |||||||||||
Standard | Description | Effective Date | ||||||
ASU 2022-03, Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions | This ASU clarifies that a contractual restriction on the sale of an equity security should not be considered in measuring its fair value. In addition, the ASU requires specific disclosures related to equity securities that are subject to contractual sale restrictions. | Adoption of this ASU did not have a material impact on the consolidated financial statements. | ||||||
ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets | The amendments in this update require entities that hold certain crypto assets to measure such assets at fair value and recognize any changes in fair value in net income in each reporting period. Entities will also be required to present crypto assets measured at fair value separately from other intangible assets on the balance sheet and changes from the remeasurement of crypto assets separately from changes in the carrying amounts of other intangible assets in the income statement. Other disclosure items include the name, cost basis, fair value, and number of units for each significant crypto asset holding and the aggregate fair values and cost bases of crypto asset holdings that are not individually significant along with a rollforward of activity in the reporting period and disclosure of the method for determining the cost basis of the crypto assets. | Adoption of this ASU did not have a material impact on the consolidated financial statements. | ||||||
ASU 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements | This Update contains amendments to the Codification that remove references to various Concepts Statements. In most instances, the references are extraneous and not required to understand or apply the guidance. In other instances, the references were used in prior Statements to provide guidance in certain topical areas. | We early adopted this ASU which did not have a material impact to the Financial Statements. |
Three Months Ended March 31, | |||||||||||
(in millions, except share and per share amounts) | 2024 | 2023 | |||||||||
Net income available to common stockholders | $ | ( | $ | ||||||||
Less: Dividends paid on and earnings allocated to participating securities | ( | ||||||||||
Earnings applicable to common stock | $ | ( | $ | ||||||||
Weighted average common shares outstanding | |||||||||||
Basic earnings per common share | $ | ( | $ | ||||||||
Earnings applicable to common stock | $ | ( | $ | ||||||||
Weighted average common shares outstanding | |||||||||||
Potential dilutive common shares | |||||||||||
Total shares for diluted earnings per common share computation | |||||||||||
Diluted earnings per common share and common share equivalents | $ | ( | $ |
(in millions) | March 20, 2023 | ||||
Net assets acquired before fair value adjustments | $ | ||||
Fair value adjustments: | |||||
Loans | ( | ||||
Core deposit and other intangibles | |||||
Certificates of deposit | |||||
Other net assets and liabilities | |||||
FDIC Equity Appreciation Instrument | ( | ||||
Deferred tax liability | ( | ||||
Bargain purchase gain on Signature Transaction, as initially reported | $ | ||||
Adjustments related to items identified subsequent to the initial reporting period as of March 20, 2023: | |||||
Measurement period adjustments, excluding taxes | ( | ||||
Change in deferred tax liability | |||||
Bargain purchase gain on Signature Transaction, as adjusted | $ |
(in millions) | As Initially Reported | Measurement Period Adjustments | As Adjusted | ||||||||
Purchase Price consideration | $ | $ | |||||||||
Fair value of assets acquired: | |||||||||||
Cash & cash equivalents | ( | ||||||||||
Loans held for sale | |||||||||||
Loans held for investment: | |||||||||||
Commercial and industrial | ( | ||||||||||
Commercial real estate | ( | ||||||||||
Consumer and other | ( | ||||||||||
Total loans held for investment | ( | ||||||||||
CDI and other intangible assets | |||||||||||
Other assets | ( | ||||||||||
Total assets acquired | ( | ||||||||||
Fair value of liabilities assumed: | |||||||||||
Deposits | ( | ||||||||||
Other liabilities | ( | ||||||||||
Total liabilities assumed | ( | ||||||||||
Fair value of net identifiable assets | |||||||||||
Bargain purchase gain | $ | $ | $ |
(in millions) | Total | ||||
Par value (UPB) | $ | ||||
ACL at acquisition | ( | ||||
Non-credit (discount) | ( | ||||
Fair value | $ |
(in millions) | Three Months Ended March 31, 2024 | ||||||||||
Details about Accumulated Other Comprehensive Loss | Amount Reclassified out of Accumulated Other Comprehensive Loss (1) | Affected Line Item in the Consolidated Statements of Income and Comprehensive Income | |||||||||
Unrealized gains on available-for-sale securities: | $ | Net gain on securities | |||||||||
Income tax expense | |||||||||||
$ | Net gain on securities, net of tax | ||||||||||
Unrealized gains on cash flow hedges: | $ | Interest expense | |||||||||
( | Income tax benefit | ||||||||||
$ | Net gain on cash flow hedges, net of tax | ||||||||||
Amortization of defined benefit pension plan items: | |||||||||||
Past service liability | $ | Included in the computation of net periodic credit (2) | |||||||||
Actuarial losses | ( | Included in the computation of net periodic cost (2) | |||||||||
( | Total before tax | ||||||||||
Income tax benefit | |||||||||||
$ | ( | Amortization of defined benefit pension plan items, net of tax | |||||||||
Total reclassifications for the period | $ |
March 31, 2024 | |||||||||||||||||||||||
(in millions) | Amortized Cost (1) | Gross Unrealized Gain | Gross Unrealized Loss | Fair Value | |||||||||||||||||||
Debt securities available-for-sale | |||||||||||||||||||||||
Mortgage-Related Debt Securities: | |||||||||||||||||||||||
GSE certificates | $ | $ | $ | $ | |||||||||||||||||||
GSE CMOs | |||||||||||||||||||||||
Private Label CMOs | |||||||||||||||||||||||
Total mortgage-related debt securities | $ | $ | $ | $ | |||||||||||||||||||
Other Debt Securities: | |||||||||||||||||||||||
U. S. Treasury obligations | $ | $ | $ | $ | |||||||||||||||||||
GSE debentures | |||||||||||||||||||||||
Asset-backed securities (2) | |||||||||||||||||||||||
Municipal bonds | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Foreign notes | |||||||||||||||||||||||
Capital trust notes | |||||||||||||||||||||||
Total other debt securities | $ | $ | $ | $ | |||||||||||||||||||
Total debt securities available for sale | $ | $ | $ | $ | |||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Mutual funds | $ | $ | — | $ | $ | ||||||||||||||||||
Total equity securities | $ | $ | — | $ | $ | ||||||||||||||||||
Total securities (3) | $ | $ | $ | $ |
December 31, 2023 | |||||||||||||||||||||||
(in millions) | Amortized Cost (1) | Gross Unrealized Gain | Gross Unrealized Loss | Fair Value | |||||||||||||||||||
Debt securities available-for-sale | |||||||||||||||||||||||
Mortgage-Related Debt Securities: | |||||||||||||||||||||||
GSE certificates | $ | $ | $ | $ | |||||||||||||||||||
GSE CMOs | |||||||||||||||||||||||
Private Label CMOs | |||||||||||||||||||||||
Total mortgage-related debt securities | $ | $ | $ | $ | |||||||||||||||||||
Other Debt Securities: | |||||||||||||||||||||||
U. S. Treasury obligations | $ | $ | $ | $ | |||||||||||||||||||
GSE debentures | |||||||||||||||||||||||
Asset-backed securities (2) | |||||||||||||||||||||||
Municipal bonds | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Foreign Notes | |||||||||||||||||||||||
Capital trust notes | |||||||||||||||||||||||
Total other debt securities | $ | $ | $ | $ | |||||||||||||||||||
Total other securities available for sale | $ | $ | $ | $ | |||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Mutual funds | $ | $ | — | $ | $ | ||||||||||||||||||
Total equity securities | $ | $ | — | $ | $ | ||||||||||||||||||
Total securities (3) | $ | $ | $ | $ |
Mortgage- Related Securities | U.S. Government and GSE Obligations | State, County, and Municipal | Other Debt Securities (1) | Fair Value | |||||||||||||||||||||||||
( in millions) | |||||||||||||||||||||||||||||
Available-for-Sale Debt Securities: | |||||||||||||||||||||||||||||
Due within one year | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Due from one to five years | |||||||||||||||||||||||||||||
Due from five to ten years | |||||||||||||||||||||||||||||
Due after ten years | |||||||||||||||||||||||||||||
Total debt securities available for sale | $ | $ | $ | $ | $ |
Less than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||||||||||||||
(in millions) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||||||||||||
Temporarily Impaired Securities: | |||||||||||||||||||||||||||||||||||
U. S. Treasury obligations | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
U.S. Government agency and GSE obligations | |||||||||||||||||||||||||||||||||||
GSE certificates | |||||||||||||||||||||||||||||||||||
Private Label CMOs | |||||||||||||||||||||||||||||||||||
GSE CMOs | |||||||||||||||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||||||||||||||
Municipal bonds | |||||||||||||||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||||||||||||||
Foreign notes | |||||||||||||||||||||||||||||||||||
Capital trust notes | |||||||||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | $ | $ | $ | $ | $ |
Less than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||||||||||||||
(in millions) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||||||||||||
Temporarily Impaired Securities: | |||||||||||||||||||||||||||||||||||
U. S. Treasury obligations | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
U.S. Government agency and GSE obligations | |||||||||||||||||||||||||||||||||||
GSE certificates | |||||||||||||||||||||||||||||||||||
Private Label CMOs | |||||||||||||||||||||||||||||||||||
GSE CMOs | |||||||||||||||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||||||||||||||
Municipal bonds | |||||||||||||||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||||||||||||||
Foreign notes | |||||||||||||||||||||||||||||||||||
Capital trust notes | |||||||||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | $ | $ | $ | $ | $ |
March 31, 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: | |||||||||||||||||
Mortgage Loans: | |||||||||||||||||
Multi-family | $ | % | $ | % | |||||||||||||
Commercial real estate | % | % | |||||||||||||||
One-to-four family first mortgage | % | % | |||||||||||||||
Acquisition, development, and construction | % | % | |||||||||||||||
Total mortgage loans held for investment (1) | $ | % | $ | % | |||||||||||||
Other Loans: | |||||||||||||||||
Commercial and industrial | % | % | |||||||||||||||
Lease financing, net of unearned income of $ | % | % | |||||||||||||||
Total commercial and industrial loans (2) | % | % | |||||||||||||||
Other | % | % | |||||||||||||||
Total other loans held for investment | % | % | |||||||||||||||
Total loans and leases held for investment (1) | $ | % | $ | % | |||||||||||||
Allowance for credit losses on loans and leases | ( | ( | |||||||||||||||
Total loans and leases held for investment, net | |||||||||||||||||
Loans held for sale, at fair value | |||||||||||||||||
Total loans and leases, net | $ | $ |
(in millions) | Loans 30-89 Days Past Due | Non- Accrual Loans | Total Past Due Loans | Current Loans | Total Loans Receivable | |||||||||||||||||||||||||||
Multi-family | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||
One-to-four family first mortgage | ||||||||||||||||||||||||||||||||
Acquisition, development, and construction | ||||||||||||||||||||||||||||||||
Commercial and industrial(1) | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
(in millions) | Loans 30-89 Days Past Due | Non- Accrual Loans | Total Past Due Loans | Current Loans(2) | Total Loans Receivable | |||||||||||||||||||||||||||
Multi-family | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||
One-to-four family first mortgage | ||||||||||||||||||||||||||||||||
Acquisition, development, and construction | ||||||||||||||||||||||||||||||||
Commercial and industrial(1) | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
(in millions) | Multi- Family | Commercial Real Estate | One-to- Four Family | Acquisition, Development, and Construction | Commercial and Industrial | Other | Total Loans(1) | ||||||||||||||||||||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
(in millions) | Multi- Family | Commercial Real Estate | One-to- Four Family | Acquisition, Development, and Construction | Commercial and Industrial(2) | Other | Total Loans | ||||||||||||||||||||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
Vintage Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2024 | 2023 | 2022 | 2021 | 2020 | Prior To 2020 | Revolving Loans | Revolving Loans Converted to Term Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Current-period gross write-offs | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Current-period gross write-offs | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Collateral Type | |||||||||||
(in millions) | Real Property | Other | |||||||||
Multi-family | $ | $ | |||||||||
Commercial real estate | |||||||||||
One-to-four family first mortgage | |||||||||||
Acquisition, development, and construction | |||||||||||
Commercial and industrial | |||||||||||
Other | |||||||||||
Total collateral-dependent loans held for investment | $ | $ |
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 March 31, 2024 | |||||||||||||||||||||||||||||
Multi-family | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Commercial real estate | % | ||||||||||||||||||||||||||||
One-to-four family first mortgage | % | ||||||||||||||||||||||||||||
Commercial and Industrial | % | ||||||||||||||||||||||||||||
Other Consumer | % | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||
Multi-family | $ | $ | $ | $ | % | ||||||||||||||||||||||||
Commercial real estate | % | ||||||||||||||||||||||||||||
One-to-four family first mortgage | % | ||||||||||||||||||||||||||||
Commercial and Industrial | % | ||||||||||||||||||||||||||||
Other Consumer | $ | $ | $ | % | |||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Interest Rate Reduction | Term Extension | ||||||||||||||||
Weighted-average contractual interest rate | |||||||||||||||||
From | To | Weighted-average Term (in years) | |||||||||||||||
Three months ended March 31, 2024 | |||||||||||||||||
Multi-family | % | % | |||||||||||||||
Commercial real estate | % | % | |||||||||||||||
One-to-four family first mortgage | % | % | |||||||||||||||
Commercial and industrial | % | % | |||||||||||||||
Other Consumer | % | % | |||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||
Multi-family | % | % | |||||||||||||||
Commercial real estate | % | % | |||||||||||||||
One-to-four family first mortgage | % | % | |||||||||||||||
Commercial and industrial | % | % | |||||||||||||||
Other Consumer | % | % |
March 31, 2024 | ||||||||||||||||||||||||||
(dollars in millions) | Current | 30 - 89 Past Due | 90+ Past Due | Total | ||||||||||||||||||||||
Multi-family | $ | $ | $ | |||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||
One-to-four family first mortgage | $ | $ | $ | $ | ||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||
Other Consumer | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
March 31, 2023 | ||||||||||||||||||||||||||
(dollars in millions) | Current | 30 - 89 Past Due | 90+ Past Due | Total | ||||||||||||||||||||||
One-to-four family first mortgage | $ | $ | $ | $ | ||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||
(in millions) | Mortgage | Other | Total | Mortgage | Other | Total | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Adjustment for Purchased PCD Loans | |||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||
Provision for (recovery of) credit losses on loans and leases | ( | ( | |||||||||||||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ |
(in millions) | Recorded Investment | Related Allowance | Interest Income Recognized | ||||||||||||||
Nonaccrual loans with no related allowance: | |||||||||||||||||
Multi-family | $ | $ | — | $ | |||||||||||||
Commercial real estate | — | ||||||||||||||||
One-to-four family first mortgage | — | ||||||||||||||||
Acquisition, development, and construction | — | ||||||||||||||||
Other (includes C&I) | — | ||||||||||||||||
Total nonaccrual loans with no related allowance | $ | $ | — | $ | |||||||||||||
Nonaccrual loans with an allowance recorded: | |||||||||||||||||
Multi-family | $ | $ | $ | ||||||||||||||
Commercial real estate | |||||||||||||||||
One-to-four family first mortgage | |||||||||||||||||
Acquisition, development, and construction | |||||||||||||||||
Other (includes C&I) | |||||||||||||||||
Total nonaccrual loans with an allowance recorded | $ | $ | $ | ||||||||||||||
Total nonaccrual loans: | |||||||||||||||||
Multi-family | $ | $ | $ | ||||||||||||||
Commercial real estate | |||||||||||||||||
One-to-four family first mortgage | |||||||||||||||||
Acquisition, development, and construction | |||||||||||||||||
Other (includes C&I) | |||||||||||||||||
Total nonaccrual loans | $ | $ | $ |
(in millions) | Recorded Investment | Related Allowance | Interest Income Recognized | ||||||||||||||
Nonaccrual loans with no related allowance: | |||||||||||||||||
Multi-family | $ | $ | — | $ | |||||||||||||
Commercial real estate | — | ||||||||||||||||
One-to-four family first mortgage | — | ||||||||||||||||
Other (includes C&I) | — | ||||||||||||||||
Total nonaccrual loans with no related allowance | $ | $ | — | $ | |||||||||||||
Nonaccrual loans with an allowance recorded: | |||||||||||||||||
Multi-family | |||||||||||||||||
Commercial real estate | $ | $ | $ | ||||||||||||||
One-to-four family first mortgage | |||||||||||||||||
Other (includes C&I) | |||||||||||||||||
Total nonaccrual loans with an allowance recorded | $ | $ | $ | ||||||||||||||
Total nonaccrual loans: | |||||||||||||||||
Multi-family | $ | $ | $ | ||||||||||||||
Commercial real estate | |||||||||||||||||
One-to-four family first mortgage | |||||||||||||||||
Other (includes C&I) | |||||||||||||||||
Total nonaccrual loans | $ | $ | $ |
Three Months Ended, | |||||||||||
(in millions) | March 31, 2024 | March 31, 2023 | |||||||||
Interest income on lease financing (1) | $ | $ |
(in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Net investment in the lease - lease payments receivable | $ | $ | |||||||||
Net investment in the lease - unguaranteed residual assets | |||||||||||
Total lease payments | $ | $ |
(in millions) | March 31, 2024 | ||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Total lease payments | $ | ||||
Plus: deferred origination costs | |||||
Less: unearned income | ( | ||||
Less: purchase accounting adjustment | $ | ( | |||
Total lease finance receivables, net | $ |
Three Months Ended, | |||||||||||||||||
(in millions) | March 31, 2024 | March 31, 2023 | |||||||||||||||
Operating lease cost | $ | $ | |||||||||||||||
Total lease cost | $ | $ |
Three Months Ended, | |||||||||||
(in millions) | March 31, 2024 | March 31, 2023 | |||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | $ |
(in millions, except lease term and discount rate) | March 31, 2024 | December 31, 2023 | |||||||||
Operating Leases: | |||||||||||
Operating lease right-of-use assets (1) | $ | $ | |||||||||
Operating lease liabilities (2) | $ | $ | |||||||||
Weighted average remaining lease term | |||||||||||
Weighted average discount rate % | % | % |
(in millions) | March 31, 2024 | ||||
Maturities of lease liabilities: | |||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Total lease payments | $ | ||||
Less: imputed interest | $ | ( | |||
Total present value of lease liabilities | $ |
Three Months Ended, | ||||||||
(in millions) | March 31, 2024 | March 31, 2023 | ||||||
Balance at beginning of period | $ | $ | ||||||
Additions from loans sold with servicing retained | ||||||||
Reductions from sales | ( | |||||||
Decrease in MSR fair value due to pay-offs, pay-downs, run-off, model changes, and other (1) | ( | ( | ||||||
Changes in estimates of fair value due to interest rate risk (1) (2) | ( | |||||||
Fair value of MSRs at end of period | $ | $ |
March 31, 2024 | |||||||||||
Fair Value | |||||||||||
(dollars in millions) | Actual | 10% adverse change | 20% adverse change | ||||||||
Option adjusted spread | % | $ | $ | ||||||||
Constant prepayment rate | % | ||||||||||
Weighted average cost to service per loan | $ | $ | $ |
December 31, 2023 | |||||||||||
Fair Value | |||||||||||
(dollars in millions) | Actual | 10% adverse change | 20% adverse change | ||||||||
Option adjusted spread | % | $ | $ | ||||||||
Constant prepayment rate | % | ||||||||||
Weighted average cost to service per loan | $ | $ | $ |
Three Months Ended, | ||||||||
(in millions) | March 31, 2024 | March 31, 2023 | ||||||
Net return on mortgage servicing rights | ||||||||
Servicing fees, ancillary income and late fees (1) | $ | $ | ||||||
Decrease in MSR fair value due to pay-offs, pay-downs, run-off, model changes and other | ( | ( | ||||||
Changes in fair value due to interest rate risk | ( | |||||||
Gain on MSR derivatives (2) | ( | |||||||
Net transaction costs | ( | ( | ||||||
Total return (loss) included in net return on mortgage servicing rights | $ | $ |
Three Months Ended, | ||||||||
(in millions) | March 31, 2024 | March 31, 2023 | ||||||
Loan administration income on mortgage loans subserviced | ||||||||
Servicing fees, ancillary income and late fees (1) | $ | $ | ||||||
Charges on subserviced custodial balances (2) | ( | ( | ||||||
Other servicing charges | ( | |||||||
Total income (loss) on mortgage loans subserviced, included in loan administration income | $ | $ |
(in millions) | March 31, 2024 | December 31, 2023 | |||||||||
Wholesale borrowings: | |||||||||||
FHLB advances | $ | $ | |||||||||
FRB term funding | |||||||||||
Repurchase agreements | |||||||||||
Total wholesale borrowings | $ | $ | |||||||||
Junior subordinated debentures | |||||||||||
Subordinated notes | |||||||||||
Total borrowed funds | $ | $ |
Contractual Maturity | Earlier of Contractual Maturity or Next Call Date | ||||||||||||||||||||||
(dollars in millions) Year | Amount | Weighted Average Interest Rate (1) | Amount | Weighted Average Interest Rate (1) | |||||||||||||||||||
2024 | |||||||||||||||||||||||
2025 | |||||||||||||||||||||||
2026 | |||||||||||||||||||||||
2027 | |||||||||||||||||||||||
2028 | |||||||||||||||||||||||
2032 | |||||||||||||||||||||||
Total FHLB advances | $ | $ |
Issuer | Interest Rate of Capital Securities and Debentures | Junior Subordinated Debentures Amount Outstanding (3) | Capital Securities Amount Outstanding | Date of Original Issue | Stated Maturity | ||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||
New York Community Capital Trust V (BONUSES Units) (1) | % | $ | $ | November 04, 2002 | November 01, 2051 | ||||||||||||||||||||||||
New York Community Capital Trust X (2) | % | December 14, 2006 | December 15, 2036 | ||||||||||||||||||||||||||
PennFed Capital Trust III (2) | % | June 02, 2003 | June 15, 2033 | ||||||||||||||||||||||||||
New York Community Capital Trust XI (2) | % | April 16, 2007 | June 30, 2037 | ||||||||||||||||||||||||||
Flagstar Statutory Trust II (2) | % | December 26, 2002 | December 26, 2032 | ||||||||||||||||||||||||||
Flagstar Statutory Trust III (2) | % | February 19, 2003 | April 7, 2033 | ||||||||||||||||||||||||||
Flagstar Statutory Trust IV (2) | % | March 19, 2003 | March 19, 2033 | ||||||||||||||||||||||||||
Flagstar Statutory Trust V (2) | % | December 29, 2004 | January 07, 2035 | ||||||||||||||||||||||||||
Flagstar Statutory Trust VI (2) | % | March 30, 2005 | April 7, 2035 | ||||||||||||||||||||||||||
Flagstar Statutory Trust VII (2) | % | March 29, 2005 | June 15, 2035 | ||||||||||||||||||||||||||
Flagstar Statutory Trust VIII (2) | % | September 22, 2005 | October 7, 2035 | ||||||||||||||||||||||||||
Flagstar Statutory Trust IX (2) | % | June 28, 2007 | September 15, 2037 | ||||||||||||||||||||||||||
Flagstar Statutory Trust X (2) | % | August 31, 2007 | September 15, 2037 | ||||||||||||||||||||||||||
Total junior subordinated debentures (3) | $ | $ |
Date of Original Issue | Stated Maturity | Interest Rate at March 31, 2024 | Original Issue Amount | ||||||||||||||||||||
(1) | November 6, 2018 | November 6, 2028 | $ | ||||||||||||||||||||
(2) | October 28, 2020 | November 1, 2030 | $ |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
(in millions) | Pension Benefits | Post- Retirement Benefits (2) | Pension Benefits | Post- Retirement Benefits | |||||||||||||||||||
Components of net periodic pension expense (credit):(1) | |||||||||||||||||||||||
Interest cost | $ | $ | $ | $ | |||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Amortization of net actuarial loss | |||||||||||||||||||||||
Net periodic (credit) expense | $ | ( | $ | $ | ( | $ |
Three Months Ended March 31, 2024 | |||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||
Unvested at beginning of year | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Unvested at end of period | $ |
Number of Shares | Weighted Average Grant Date Fair Value | Performance Period | Expected Vesting Date | ||||||||||||||||||||
Outstanding at beginning of year | $ | ||||||||||||||||||||||
Granted | |||||||||||||||||||||||
Released | |||||||||||||||||||||||
Forfeited | ( | ||||||||||||||||||||||
Outstanding at end of period | January 1, 2022 - December 31, 2025 | March 31, 2025 - 2026 |
(in thousands, except per share data) | Three Months Ended March 31, 2024 | ||||||||||
Stock Options | Number of Options | Weighted- Average Exercise Price per Share | |||||||||
Outstanding as of January 1 | $ | $ | |||||||||
Granted | |||||||||||
Vested | — | ||||||||||
Forfeited | |||||||||||
Unvested at end of period | $ | ||||||||||
Exercisable at end of period |
(in thousands, except per share data) | Three Months Ended March 31, 2024 | ||||||||||||||||
Stock Options | Number of Options | Weighted- Average Exercise Price per Share | Weighted- Average Remaining Contractual Life (in years) | ||||||||||||||
$ | $ | ||||||||||||||||
$ | |||||||||||||||||
All stock options |
March 31, 2024 | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||
(in millions) | Notional Amount | Other Assets | Other Liabilities | Expiration Dates | |||||||||||||||||||
Derivatives designated as cash flow hedging instruments: | |||||||||||||||||||||||
Interest rate swaps on FHLB advances | $ | $ | $ | 2025-2028 | |||||||||||||||||||
Derivatives designated as fair value hedging instruments: | |||||||||||||||||||||||
Interest rate swaps on multi-family loans held for investment | $ | $ | $ | 2025-2027 | |||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Futures | $ | $ | $ | 2024 | |||||||||||||||||||
Mortgage-backed securities forwards | 2024 | ||||||||||||||||||||||
Rate lock commitments | 2024 | ||||||||||||||||||||||
Interest rate swaps and swaptions | 2024-2041 | ||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Mortgage-backed securities forwards | $ | $ | $ | 2024 | |||||||||||||||||||
Rate lock commitments | 2024 | ||||||||||||||||||||||
Interest rate swaps and swaptions | 2024-2054 | ||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||
(in millions) | Notional Amount | Other Assets | Other Liabilities | Expiration Date | |||||||||||||||||||
Derivatives designated as cash flow hedging instruments: | |||||||||||||||||||||||
Interest rate swaps on FHLB advances | $ | $ | $ | 2025-2028 | |||||||||||||||||||
Derivatives designated as fair value hedging instruments: | |||||||||||||||||||||||
Interest rate swaps on multi-family loans held for investment | $ | 2025-2027 | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Mortgage-backed securities forwards | 2024 | ||||||||||||||||||||||
Rate lock commitments | 2024 | ||||||||||||||||||||||
Interest rate swaps and swaptions | 2024-2041 | ||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Futures | 2024 | ||||||||||||||||||||||
Mortgage-backed securities forwards | 2024 | ||||||||||||||||||||||
Rate lock commitments | 2024 | ||||||||||||||||||||||
Interest rate swaps and swaptions | 2024-2054 |
March 31, 2024 | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statements of Condition | |||||||||||||||||||||||||||||
(in millions) | Gross Amount | Gross Amounts Netted in the Statements of Condition | Net Amount Presented in the Statements of Condition | Financial Instruments | Cash Collateral Pledged (Received) | ||||||||||||||||||||||||
Derivatives designated hedging instruments: | |||||||||||||||||||||||||||||
Interest rate swaps on FHLB advances | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Interest rate swaps on multi-family loans held for investment(1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Mortgage-backed securities forwards | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Interest rate swaptions | |||||||||||||||||||||||||||||
Futures | |||||||||||||||||||||||||||||
Total derivative assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Mortgage-backed securities forwards | |||||||||||||||||||||||||||||
Interest rate swaps (1) | |||||||||||||||||||||||||||||
Total derivative liabilities | $ | $ | $ | $ | $ |
December 31, 2023 | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statements of Condition | |||||||||||||||||||||||||||||
(in millions) | Gross Amount | Gross Amounts Netted in the Statements of Condition | Net Amount Presented in the Statements of Condition | Financial Instruments | Cash Collateral Pledged (Received) | ||||||||||||||||||||||||
Derivatives designated hedging instruments: | |||||||||||||||||||||||||||||
Interest rate swaps on FHLB advances | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Interest rate swaps on multi-family loans held for investment(1) | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Mortgage-backed securities forwards | $ | $ | $ | $ | $ | ( | |||||||||||||||||||||||
Interest rate swaptions | ( | ||||||||||||||||||||||||||||
Futures | |||||||||||||||||||||||||||||
Total derivative assets | $ | $ | $ | $ | $ | ( | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Futures | $ | $ | $ | $ | |||||||||||||||||||||||||
Mortgage-backed securities forwards | |||||||||||||||||||||||||||||
Interest rate swaps (1) | |||||||||||||||||||||||||||||
Total derivative liabilities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
(in millions) | For the three months ended March 31, 2024 | For the Year Ended December 31, 2023 | For the Three Months Ended March 31, 2023 | ||||||||||||||
Amount of gain (loss) recognized in AOCL | $ | $ | $ | ( | |||||||||||||
Amount of reclassified from AOCL to interest expense | $ | ( | $ | ( | $ | ( |
(dollars in millions) | Three Months Ended March 31, 2024 | Three Months Ended December 31, 2023 | ||||||||||||
Derivatives not designated as hedging instruments | Location of Gain (Loss) | |||||||||||||
Futures | Net return on mortgage servicing rights | $ | $ | ( | ||||||||||
Interest rate swaps and swaptions | Net return on mortgage servicing rights | ( | ||||||||||||
Mortgage-backed securities forwards | Net return on mortgage servicing rights | ( | ||||||||||||
Rate lock commitments and US Treasury futures | Net gain on loan sales | ( | ||||||||||||
Interest rate swaps (1) | Other non-interest income | ( | ( | |||||||||||
Total derivative (loss) gain | $ | ( | $ |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
(in millions) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | |||||||||||||||||||||||||||||
Core deposit intangible | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Other intangible assets | ( | ( | |||||||||||||||||||||||||||||||||
Total other intangible assets | $ | $ | ( | $ | $ | $ | ( | $ |
(in millions) | Amortization Expense | ||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Total | $ |
March 31, 2024 | |||||||||||||||||||||||||||||
(in millions) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Netting Adjustments | Total Fair Value | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Mortgage-related Debt Securities Available for Sale: | |||||||||||||||||||||||||||||
GSE certificates | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
GSE CMOs | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Private Label CMOs | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Total mortgage-related debt securities | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Other Debt Securities Available for Sale: | |||||||||||||||||||||||||||||
U. S. Treasury obligations | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
GSE debentures | — | ||||||||||||||||||||||||||||
Asset-backed securities | — | ||||||||||||||||||||||||||||
Municipal bonds | — | ||||||||||||||||||||||||||||
Corporate bonds | — | ||||||||||||||||||||||||||||
Foreign notes | — | ||||||||||||||||||||||||||||
Capital trust notes | — | ||||||||||||||||||||||||||||
Total other debt securities | — | ||||||||||||||||||||||||||||
Total debt securities available for sale | — | ||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
Mutual funds and common stock | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Total equity securities | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Total securities | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Loans held-for-sale | |||||||||||||||||||||||||||||
Residential first mortgage loans | — | ||||||||||||||||||||||||||||
Acquisition, development, and construction | — | ||||||||||||||||||||||||||||
Commercial and industrial loans | — | — | |||||||||||||||||||||||||||
Loans held-for-investment | |||||||||||||||||||||||||||||
Residential first mortgage loans | $ | ||||||||||||||||||||||||||||
Acquisition, development, and construction | $ | ||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||
Interest rate swaps and swaptions | — | ||||||||||||||||||||||||||||
Futures | — | ||||||||||||||||||||||||||||
Rate lock commitments (fallout-adjusted) | — | ||||||||||||||||||||||||||||
Mortgage-backed securities forwards | — | ||||||||||||||||||||||||||||
Mortgage servicing rights | — | ||||||||||||||||||||||||||||
Total assets at fair value | $ | $ | — | $ | $ | — | $ | $ | — | $ | |||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||
Mortgage-backed securities forwards | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Interest rate swaps and swaptions | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Rate lock commitments (fallout-adjusted) | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Total liabilities at fair value | $ | $ | $ | $ | — | $ |
December 31, 2023 | |||||||||||||||||||||||||||||
(in millions) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Netting Adjustments | Total Fair Value | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Mortgage-related Debt Securities Available for Sale: | |||||||||||||||||||||||||||||
GSE certificates | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
GSE CMOs | — | ||||||||||||||||||||||||||||
Private Label CMOs | — | ||||||||||||||||||||||||||||
Total mortgage-related debt securities | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Other Debt Securities Available for Sale: | |||||||||||||||||||||||||||||
U. S. Treasury obligations | $ | $ | $ | — | $ | ||||||||||||||||||||||||
GSE debentures | — | ||||||||||||||||||||||||||||
Asset-backed securities | — | ||||||||||||||||||||||||||||
Municipal bonds | — | ||||||||||||||||||||||||||||
Corporate bonds | — | ||||||||||||||||||||||||||||
Foreign notes | — | ||||||||||||||||||||||||||||
Capital trust notes | — | ||||||||||||||||||||||||||||
Total other debt securities | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Total debt securities available for sale | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||
Mutual funds and common stock | — | ||||||||||||||||||||||||||||
Total equity securities | — | ||||||||||||||||||||||||||||
Total securities | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Loans held-for-sale | |||||||||||||||||||||||||||||
Residential first mortgage loans | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Acquisition, development, and construction | $ | ||||||||||||||||||||||||||||
Commercial and industrial loans | $ | ||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||
Interest rate swaps and swaptions | — | ||||||||||||||||||||||||||||
Futures | — | ||||||||||||||||||||||||||||
Rate lock commitments (fallout-adjusted) | — | ||||||||||||||||||||||||||||
Mortgage-backed securities forwards | — | ||||||||||||||||||||||||||||
Mortgage servicing rights | — | ||||||||||||||||||||||||||||
Total assets at fair value | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||
Mortgage-backed securities forwards | — | ||||||||||||||||||||||||||||
Futures | |||||||||||||||||||||||||||||
Interest rate swaps and swaptions | — | ||||||||||||||||||||||||||||
Rate lock commitments (fallout-adjusted) | . | — | |||||||||||||||||||||||||||
Total liabilities at fair value | $ | $ | $ | $ | — | . | $ |
(dollars in millions) | Balance at Beginning of Year | Purchases / Originations | Sales | Settlement | Transfers In (Out) | Balance at End of Year | |||||||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Mortgage servicing rights (1) | $ | $ | $ | $ | ( | $ | |||||||||||||||||
Private Label CMOs | |||||||||||||||||||||||
Rate lock commitments (net) (1)(2) | ( | ( | |||||||||||||||||||||
Totals | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||
Fair Value | Valuation Technique | Unobservable Input (1) | Range (Weighted Average) | |||||||||||
(dollars in millions) | ||||||||||||||
Assets | ||||||||||||||
Mortgage servicing rights | $ | Discounted cash flows | Option adjusted spread | |||||||||||
Constant prepayment rate | ||||||||||||||
Weighted average cost to service per loan | $ | |||||||||||||
Private Label CMOs | $ | Discounted cash flows | Constant default rates | |||||||||||
Weighted average life | ||||||||||||||
Rate lock commitments (net) | $ | Consensus pricing | Origination pull-through rate | |||||||||||
Fair Value Measurements at March 31, 2024 Using | |||||||||||||||||||||||
(in millions) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | |||||||||||||||||||
Certain impaired loans (2) | $ | $ | |||||||||||||||||||||
Other assets(1) | $ | $ | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | $ |
Fair Value Measurements at December 31, 2023 Using | |||||||||||||||||||||||
(in millions) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value | |||||||||||||||||||
Certain impaired loans (2) | $ | $ | $ | $ | |||||||||||||||||||
Other assets (1) | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
March 31, 2024 | |||||||||||||||||||||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||||||||||||||||||||
(in millions) | Carrying Value | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
FHLB and FRB stock (1) | |||||||||||||||||||||||||||||||||||
Loans and leases held for investment, net | |||||||||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||||||||
Deposits | $ | $ | $ | (2) | $ | (3) | $ | ||||||||||||||||||||||||||||
Borrowed funds |
December 31, 2023 | |||||||||||||||||||||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||||||||||||||||||||
(in millions) | Carrying Value | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
FHLB and FRB stock (1) | |||||||||||||||||||||||||||||||||||
Loans and leases held for investment, net | |||||||||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||||||||
Deposits | $ | $ | $ | (2) | $ | (3) | $ | ||||||||||||||||||||||||||||
Borrowed funds |
For the Three Months ended March 31, | ||||||||
(dollars in millions) | 2024 | 2023 | ||||||
Assets | ||||||||
Loans held-for-sale | ||||||||
Net gain on loan sales | $ | $ |
March 31, 2024 | |||||||||||
(dollars in millions) | Unpaid Principal Balance | Fair Value | Fair Value Over / (Under) UPB | ||||||||
Assets: | |||||||||||
Nonaccrual loans: | |||||||||||
Loans held-for-sale | $ | $ | $ | ||||||||
Loans held-for-investment | |||||||||||
Total non-accrual loans | |||||||||||
Other performing loans: | |||||||||||
Loans held-for-sale | |||||||||||
Loans held-for-investment | ( | ||||||||||
Total other performing loans | |||||||||||
Total loans: | |||||||||||
Loans held-for-sale | |||||||||||
Loans held-for-investment | ( | ||||||||||
Total loans | $ | $ | $ |
December 31, 2023 | |||||||||||
(dollars in millions) | Unpaid Principal Balance | Fair Value | Fair Value Over / (Under) UPB | ||||||||
Assets: | |||||||||||
Nonaccrual loans: | |||||||||||
Loans held-for-sale | $ | $ | $ | ||||||||
Total non-accrual loans | |||||||||||
Other performing loans: | |||||||||||
Loans held-for-sale | |||||||||||
Total other performing loans | |||||||||||
Total loans: | |||||||||||
Loans held-for-sale | |||||||||||
Total loans | $ | $ | $ |
Preferred Stock Series | Amount Outstanding (in millions) | Issued Date | Shares Authorized | Shares Issued | Shares Outstanding(1) | Par Value | Liquidation Preference | ||||||||||||||||
$ | March 17, 2017 | $ | |||||||||||||||||||||
$ | March 11, 2024 | $ | |||||||||||||||||||||
$ | March 11, 2024 | $ | |||||||||||||||||||||
Non-Voting Common Equivalent Series D | $ | N/A | $ | $ | |||||||||||||||||||
Item 3. | Quantitative and Qualitative Disclosures about Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
(dollars in millions, except share data) | ||||||||||||||||||||||||||
Period | Total Shares of Common Stock Repurchased | Average Price Paid per Common Share | Total Allocation | Total Shares of Common Stock Purchased as Part of Publicly Announced Plans or Programs | ||||||||||||||||||||||
First Quarter 2024 | ||||||||||||||||||||||||||
January 1 - 31, 2024 | 861,204 | $ | 10.00 | $ | 9 | — | ||||||||||||||||||||
February 1 - 29, 2024 | 7,720 | 4.51 | — | — | ||||||||||||||||||||||
March 1 - 31, 2024 | 33,218 | 3.59 | — | — | ||||||||||||||||||||||
Total First Quarter 2024 | 902,142 | $ | 9.72 | $ | 9 | — |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits |
Exhibit No. | ||||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
3.4 | ||||||||
3.5 | ||||||||
3.6 | ||||||||
3.7 | ||||||||
3.8 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
4.5 | ||||||||
4.6 | Registrant will furnish, upon request, copies of all instruments defining the rights of holders of long-term debt instruments of the registrant and its consolidated subsidiaries. | |||||||
10.1 |
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
10.6 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32 | ||||||||
101.INS | XBRL Instance Document – the instance document does not appear in the Interactive Data File because iXBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Date File (formatted in Inline XBRL and contained in Exhibit 101) |
DATE: | May 10, 2024 | New York Community Bancorp, Inc. | |||||||||
(Registrant) | |||||||||||
/s/ Bryan Marx | |||||||||||
Bryan Marx | |||||||||||
Executive Vice President and Chief Accounting Officer | |||||||||||
(Principal Accounting Officer) | |||||||||||
DATE: May 10, 2024 | /s/ Joseph Otting | ||||||||||
Joseph Otting | |||||||||||
President and Chief Executive Officer | |||||||||||
(Principal Executive Officer) |
DATE: May 10, 2024 | /s/ Craig Gifford | ||||||||||
Craig Gifford | |||||||||||
Senior Executive Vice President and Chief Financial Officer | |||||||||||
(Principal Financial Officer) |
DATE: May 10, 2024 | BY: | /s/ Joseph Otting | |||||||||
Joseph Otting | |||||||||||
President and Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
DATE: May 10, 2024 | /s/ Craig Gifford | ||||||||||
Craig Gifford | |||||||||||
Senior Executive Vice President and Chief Financial Officer | |||||||||||
(Principal Financial Officer) |
Consolidated Statements of Condition (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Pledged investment securities | $ 8,683 | $ 2,822 |
Loans held-for-sale, fair value | 981 | 902 |
Deferred loan fees and costs | $ 66 | $ 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 900,000,000 | 900,000,000 |
Common stock, shares issued (in shares) | 827,123,078 | 744,155,791 |
Common stock (in shares) | 804,285,598 | 722,066,370 |
Treasury stock (in shares) | 22,837,480 | 22,089,421 |
Net unrealized loss on securities available for sale, tax | $ 248 | $ 225 |
Net unrealized loss on pension and post-retirement obligations, tax | 11 | 12 |
Net unrealized (loss) gain on cash flow hedges, tax | $ (23) | $ (6) |
Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Income Statement [Abstract] | ||
Change in net unrealized (loss) gain on securities available for sale, tax | $ 23 | $ (21) |
Change in pension and post-retirement obligations, tax | (1) | 0 |
Change in net unrealized gain (loss) on cash flow hedges, tax | (23) | 23 |
Reclassification adjustment for defined benefit plans, tax | 0 | (1) |
Reclassification adjustment for net gain on cash flow hedges included in net income, tax | $ 6 | $ 2 |
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Dividends paid on common stock (in dollars per share) | $ 0.05 | $ 0.17 |
Dividends paid on preferred stock (in dollars per share) | 15.94 | 15.94 |
Preferred stock, par value (in usd per share) | 0.01 | |
Common stock, par value (in usd per share) | 0.01 | |
Noncumulative convertible preferred stock (in usd per share) | $ 0.01 | $ 0.01 |
Noncumulative Series B Preferred Stock | ||
Mezzanine preferred stock (in shares) | 192,062 | |
Noncumulative convertible preferred stock (in usd per share) | $ 0.01 | |
Noncumulative Convertible Preferred Stock Series C | ||
Mezzanine preferred stock (in shares) | 256,307 | |
Noncumulative convertible preferred stock (in usd per share) | $ 0.01 |
Organization and Basis of Presentation |
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Organization and Basis of Presentation | Organization and Basis of Presentation Organization New York Community Bancorp, Inc. (on a stand-alone basis, the “Parent Company” or, collectively with its subsidiaries, the “Company” or "we") was organized under Delaware law on July 20, 1993 and is the holding company for Flagstar Bank N.A. (hereinafter referred to as the “Bank”). The Company is headquartered in Hicksville, New York with regional headquarters in Troy, Michigan. The Company is subject to regulation, examination and supervision by the Federal Reserve. The Bank is a National Association, subject to federal regulation and oversight by the OCC. On November 23, 1993, the Company issued its initial offering of common stock (par value: $0.01 per share) at a price of $25.00 per share ($0.93 per share on a split-adjusted basis, reflecting the impact of nine stock splits between 1994 and 2004). The Company has grown organically and through a series of accretive mergers and acquisitions, culminating in its acquisition of Flagstar Bancorp, Inc., which closed on December 1, 2022 and the Signature Transaction which closed on March 20, 2023. Flagstar Bank, N.A. currently operates 419 branches across twelve states, including strong footholds in the Northeast and Midwest and exposure to markets in the Southeast and West Coast. Flagstar Mortgage operates nationally through a wholesale network of approximately 3,600 third-party mortgage originators. Liquidity On a consolidated basis, our funding primarily stems from a combination of the following sources: retail, institutional, and brokered deposits; borrowed funds, primarily in the form of wholesale borrowings; cash flows generated through the repayment and sale of loans; and cash flows generated through the repayment and sale of securities. We manage our liquidity to ensure that our cash flows are sufficient to support our operations, to protect against temporary mismatches between sources and uses of funds caused by variable loan and deposit demand, and to meet our financial obligations. Basis of Presentation See Note 1 to the Consolidated Financial Statements in the Company's annual report on Form 10-K for the year ended December 31, 2023 for information on the Company's accounting policies. The accompanying financial statements of the Company and other entities in which the Company has a controlling financial interest, have been prepared using GAAP for interim financial statements. The accompanying financial statements of the Company conform to U.S. generally accepted accounting principles and to general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used in connection with the determination of the allowance for credit losses, mortgage servicing rights and the acquisition method of accounting. All inter-company accounts and transactions are eliminated in consolidation. The Company currently has certain unconsolidated subsidiaries in the form of wholly-owned statutory business trusts, which were formed to issue guaranteed capital securities. See Note 11 “Borrowed Funds,” for additional information regarding these trusts. When necessary, certain reclassifications have been made to prior-year amounts to conform to the current-year presentation. Adoption of New Accounting Standards
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Computation of Earnings per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Earnings per Common Share | Computation of Earnings per Common Share Earnings per Common Share (Basic and Diluted) Basic EPS is computed by dividing the net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the same method as basic EPS, however, the computation reflects the potential dilution that would occur if outstanding in-the-money stock options were exercised and converted into common stock. Diluted earnings per share is the amount of earnings available to each common share outstanding during the reporting periods adjusted to include the effects of potentially dilutive common shares. Potentially dilutive common shares include warrants, convertible preferred stock, stock options and other stock-based awards. Potentially dilutive common shares are excluded from the computation of diluted earnings per share in the periods where the effect would be antidilutive. Unvested stock-based compensation awards containing non-forfeitable rights to dividends paid on the Company’s common stock are considered participating securities, and therefore are included in the two-class method for calculating EPS. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends on the common stock. The Company grants restricted stock to certain employees under its stock-based compensation plan. Recipients receive cash dividends during the vesting periods of these awards, including on the unvested portion of such awards. Since these dividends are non-forfeitable, the unvested awards are considered participating securities and therefore have earnings allocated to them. The following table presents the Company’s computation of basic and diluted earnings per common share:
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Business Combinations |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Business Combinations Signature Bridge Bank On March 20, 2023, the Company’s wholly owned bank subsidiary, Flagstar Bank N.A. (the “Bank”), entered into a Purchase and Assumption Agreement (the “Agreement”) with the Federal Deposit Insurance Corporation (“FDIC”), as receiver (the "FDIC Receiver") of Signature Bridge Bank, N.A. (“Signature”) to acquire certain assets and assume certain liabilities of Signature (the “Signature Transaction”). Headquartered in New York, New York, Signature Bank was a full-service commercial bank that operated 29 branches in New York, seven branches in California, two branches in North Carolina, one branch in Connecticut, and one branch in Nevada. In connection with the Signature Transaction the Bank assumed all of Signature’s branches. The Bank acquired only certain parts of Signature it believes to be financially and strategically complementary that are intended to enhance the Company’s future growth. Pursuant to the terms of the Agreement, the Company was not required to make a cash payment to the FDIC on March 20, 2023 as consideration for the acquired assets and assumed liabilities. The final settlement process between the Company and the FDIC concluded upon the one-year anniversary of the Signature Transaction. In addition, as part of the consideration for the Signature Transaction, the Company granted the FDIC equity appreciation rights in the common stock of the Company under an equity appreciation instrument (the "Equity Appreciation Instrument"). On March 31, 2023, the Company issued 39,032,006 shares of Company common stock to the FDIC pursuant to the Equity Appreciation Instrument. On May 19, 2023, the FDIC completed the secondary offering of those shares. The Company has determined that the Signature Transaction constitutes a business combination as defined by ASC 805, Business Combinations ("ASC 805"). ASC 805 establishes principles and requirements as to how the acquirer of a business recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquiree. Accordingly, the Company recorded the estimated fair value of the assets acquired and liabilities assumed as of March 20, 2023, which was subject to adjustment for up to one year after March 20, 2023 (the “Measurement Period”). As of March 31, 2024 the Measurement period has concluded and the Company has finalized its review of the assets acquired and liabilities assumed. Under the Agreement, the Company provided certain services to the FDIC to assist the FDIC in its administration of certain assets and liabilities which were not assumed by the Company and which remain under the control of the FDIC (the “Interim Servicing”). The Interim Servicing includes activities related to the servicing of loan portfolios not acquired on behalf of the FDIC for a period of up to one year from the date of the Signature Transaction unless such loans are sold or transferred at an earlier time by the FDIC or until cancelled by the FDIC upon 60-days’ notice. The FDIC reimbursed the Company for costs associated with the Interim Servicing based upon an agreed upon fee which approximates the cost to provide such services. As the FDIC reimbursed the Company for the costs to service the loans, neither a servicing asset nor servicing liability was recognized as part of the Signature Transaction. The Interim Servicing was completed in March 2024. The Company did not enter into a loss sharing arrangement with the FDIC in connection with the Signature Transaction. The determination of the fair value of the assets acquired and liabilities assumed required management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. A summary of the net assets acquired and the estimated fair value adjustments resulting in the bargain purchase gain is as follows:
In connection with the Signature Transaction, the Company recorded a bargain purchase gain, as adjusted, of approximately $2.0 billion. This includes a $121 million reduction in the bargain purchase gain during the three months ended March 31, 2024 due to final adjustments to the fair value of assets received and liabilities assumed, including the in-transit and other shared accounts. This adjustment is included in non-interest income in the Company’s Consolidated Statement of Income and Comprehensive Income. The bargain purchase gain represents the excess of the estimated fair value of the assets acquired (including cash payments received from the FDIC) over the estimated fair value of the liabilities assumed and was influenced significantly by the FDIC-assisted transaction process. Under the FDIC-assisted transaction process, only certain assets and liabilities are transferred to the acquirer and, depending on the nature and amount of the acquirers bid, the FDIC may be required to make a cash payment to the Company and the Company may be required to make a cash payment to the FDIC. The assets acquired and liabilities assumed and consideration paid in the Signature Transaction were recorded at their estimated fair values based on management’s best estimates using information available at the date of the Signature Transaction. The following table provides the purchase price allocation to the assets acquired and liabilities assumed at their estimated fair values as of the date of the Signature Transaction:
During the Measurement Period, the Company recorded measurement period adjustments to adjust the estimated fair value of loans and leases acquired and adjust other assets and accrued expenses and other liabilities for balances ultimately retained by the FDIC. The Company also recognized a net change in the deferred tax liability due to the measurement period adjustments and the secondary offering of shares completed by the FDIC. The Company incurred approximately $236 million in acquisition costs related to the Signature Transaction primarily for legal, advisory, system conversion and other professional services. These costs are recorded within Merger-related and restructuring expenses on the Consolidated Statements of Income and Comprehensive Income. Fair Value of Assets Acquired and Liabilities Assumed Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, reflecting assumptions that a market participant would use when pricing an asset or liability. In some cases, the estimation of fair values requires management to make estimates about discount rates, future expected cash flows, market conditions, and other future events that are highly subjective in nature and are subject to change. Described below are the methods used to determine the fair values of the significant assets acquired and liabilities assumed in the Signature Transaction. Cash and Cash Equivalents The estimated fair value of cash and cash equivalents approximates their stated face amounts, as these financial instruments are either due on demand or have short-term maturities. Loans and leases The fair value for loans was based on a discounted cash flow methodology that considered credit loss expectations, market interest rates and other market factors such as liquidity from the perspective of a market participant. Loans were grouped together according to similar characteristics and were treated in the aggregate when applying various valuation techniques. The probability of default, loss given default and prepayment assumptions were the key factors driving credit losses which were embedded into the estimated cash flows. These assumptions were informed by internal data on loan characteristics, historical loss experience, and current and forecasted economic conditions. The interest and liquidity component of the estimate was determined by discounting interest and principal cash flows through the expected life of each loan. The discount rates used for loans are based on current market rates for new originations of comparable loans and include adjustments for liquidity. The discount rates do not include a factor for credit losses as that has been included as a reduction to the estimated cash flows. Acquired loans were marked to fair value and adjusted for any PCD gross up as of the date of the Signature Transaction. Deposit Liabilities The fair value of deposit liabilities with no stated maturity (i.e., non-interest-bearing and interest-bearing checking accounts) is equal to the carrying amounts payable on demand. The fair value of certificates of deposit represents contractual cash flows, discounted using interest rates currently offered on deposits with similar characteristics and remaining maturities. Core Deposit Intangible Core deposit intangible (“CDI”) is a measure of the value of non-interest-bearing and interest-bearing checking accounts, savings accounts, and money market accounts that are acquired in a business combination. The fair value of the CDI was determined using a discounted cash flow methodology which considered discount rate, customer attrition rates, and other relevant market assumptions. This method estimated the fair value by discounting the present value of the expected cost savings attributable to the core deposit funding, relative to an alternative source of funding. The CDI relating to the Signature Transaction will be amortized over an estimated useful life of 10 years using the sum of years digits depreciation method. The Company evaluates such identifiable intangibles for impairment when an indication of impairment exists. CDI does not significantly impact our liquidity or capital ratios. PCD loans Purchased loans that reflect a more than insignificant deterioration of credit from origination are considered PCD. For PCD loans and leases, the initial estimate of expected credit losses is recognized in the allowance for credit losses (“ACL”) on the date of acquisition using the same methodology as other loans and leases held-for-investment. The following table provides a summary of loans and leases purchased as part of the Signature Transaction with credit deterioration and the associated credit loss reserve at acquisition:
Unaudited Pro Forma Information – Signature Transaction The Company’s operating results for the year ended December 31, 2023 and the three months ended March 31, 2024 include the operating results of the acquired assets and assumed liabilities of Signature subsequent to the acquisition on March 20, 2023. Due to the use of multiple systems and integration of the operating activities into those of the Company, historical reporting for the former Signature operations is impracticable and thus disclosures of the revenue from the assets acquired and income before income taxes is impracticable for the period subsequent to acquisition. Signature was only in operation from March 12, 2023 to March 20, 2023 and does not have historical financial information on which we could base pro forma information. Additionally, we did not acquire all assets or assume all liabilities of Signature and the historical operations are not consistent with the transaction. Therefore, it is impracticable to provide pro forma information on revenues and earnings for the Signature Transaction in accordance with ASC 805-10-50-2.
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Accumulated Other Comprehensive Income |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table sets forth the components in accumulated other comprehensive income:
(1)Amounts in parentheses indicate expense items. (2)See Note 12 - Pension and Other Post-Retirement Benefits for additional information. Mezzanine and Stockholders EquityThe following table summarizes the Company's preferred stock at March 31, 2024:
(1)Shares outstanding for Series C excludes 6,751 shares converted to common shares following issuance. Series A Preferred stock Each Series A preferred share represent 1/40th interest in a share of the Company’s Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock, with a liquidation preference of $1.00 per share (equivalent to $25 per share). Dividends accrue on the shares at a fixed rate equal to 6.375 percent per annum until March 17, 2027, and a floating rate equal to three-month SOFR plus 408.26 basis points per annum beginning on March 17, 2027. Dividends will be payable in arrears on March 17, June 17, September 17, and December 17 of each year, which commenced on June 17, 2017. In the first quarter of 2024, we paid dividends on our Series A preferred stock of $15.94 per share. Series B Preferred Stock Each share of Series B Noncumulative Convertible Preferred Stock, par value $0.01 per share (the “Series B Preferred Stock”), is automatically convertible into 1,000 shares of our common stock (or one share of Series C Preferred Stock in limited circumstances) in the event of a transfer consistent with the rules and limitations of Regulation Y (a "Reg Y Transfer"). As of March 31, 2024, all the issued and outstanding shares of Series B Preferred Stock represented the right (on an as converted basis) to receive approximately 192 million shares of our common stock. Series B Preferred Stock shareholders do not have voting rights, except in limited circumstances. Series B Preferred Stock provides for quarterly non-cumulative cash dividends at an annual rate of 13 percent, if declared by the Board, until the receipt of the requisite shareholder approval of both (a) an amendment to the Amended and Restated Certificate of Incorporation of the Company to increase the number of authorized shares of our common stock from 900,000,000 to at least 1,700,000,000; and (b) the issuance of shares of our common stock in connection with the March 2024 capital raise pursuant to NYSE listing rules (the “Stockholder Approvals”). Until receipt of the Stockholder Approvals, each share of Series B Preferred Stock is entitled to a liquidation preference equal to $2,000 per share. Series C Preferred Stock Each share of Series C Noncumulative Convertible Preferred Stock, par value $0.01 per shares (“Series C Preferred Stock”), is automatically convertible into 1,000 shares of our common stock upon the occurrence of certain events (including receipt of the Stockholder Approvals). In addition, in connection with Reg Y Transfers, the Series C Preferred Stock is automatically convertible into 1,000 shares of our common stock. As of March 31, 2024, all the issued and outstanding shares of Series C Preferred Stock represented the right (on an as converted basis) to receive approximately 249.6 million shares of our common stock. Series C Preferred Stock shareholders do not have voting rights, except in limited circumstances. Series C Preferred Stock provides for quarterly non-cumulative cash dividends at an annual rate of 13 percent, if declared by the Board. Each share of Series C Preferred Stock is entitled to a liquidation preference equal to $2,000 per share. The Series B and C Preferred Stock is classified in mezzanine equity as it is redeemable for cash, contingent on an event that is not solely in the control of the Company. The Series B and C Preferred Stock is not remeasured because it is currently not probable that it will become redeemable. Warrants Warrants were issued to purchase shares of a new class of non-voting, common-equivalent preferred stock of the Company, par value $0.01 per share (the "Series D NVCE Stock") for $2,500 per share. The warrants are not exercisable until September 10, 2024 and expire 7 years after issuance. Each share of Series D NVCE Stock is convertible into 1,000 shares of our common stock (or, in certain limited circumstances, one share of Series C Preferred Stock) in a Reg Y Transfer. All shares of Series D NVCE Stock represent the right (on an as converted basis) to receive 315 million shares of our common stock for an exercise price of $2.50 per common share. The terms of the warrant allow net settlement in shares and will not be exercisable for 180 days after closing.
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities The following tables summarize the Company’s portfolio of debt securities available for sale and equity investments with readily determinable fair values:
(1)The amortized cost of investment securities is reported net of allowance for credit losses of $1 million. (2)The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (3)Excludes accrued interest receivable of $35 million included in in the Consolidated Statements of Condition.
(1)The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2)Excludes accrued interest receivable of $38 million included in in the Consolidated Statements of Condition. At March 31, 2024, the Company had $1.0 billion of FHLB-NY stock, at cost and $329 million of FHLB-Indianapolis stock, at cost. At December 31, 2023, the Company had $861 million of FHLB-NY stock, at cost and $329 million of FHLB-Indianapolis stock, at cost. The Company maintains an investment in FHLB stock partly in conjunction with its membership in the FHLB and partly related to its access to the FHLB funding it utilizes. In addition, at March 31, 2024, the Company had $203 million of Federal Reserve Bank stock, at cost. The Company had $203 million of Federal Reserve Bank stock, at December 31, 2023. There were no net unrealized losses on equity securities recognized in earnings for the three months ended March 31, 2024 and 2023. The following table summarizes, by contractual maturity, the amortized cost of securities at March 31, 2024:
(1)Includes corporate bonds, capital trust notes, foreign notes, and asset-backed securities. The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of March 31, 2024:
The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2023:
The investment securities designated as having a continuous loss position for twelve months or more at March 31, 2024 consisted of one hundred eighty agency collateralized mortgage obligations, six capital trusts notes, seven asset-backed securities, twelve corporate bonds, thirty-nine US government agency bonds, three hundred twenty-six mortgage-backed securities, one mutual fund, one municipal bond, one private collateralized mortgage obligations and one foreign note. The investment securities designated as having a continuous loss position for twelve months or more at December 31, 2023 consisted of eighty-four agency collateralized mortgage obligations, six capital trusts notes, eight asset-backed securities, twelve corporate bonds, thirty-seven US government agency bonds, three hundred two mortgage-backed securities, one mutual fund, one foreign debt and one municipal bond. The Company evaluates available-for-sale debt securities in unrealized loss positions at least quarterly to determine if an allowance for credit losses is required. We also assess whether (i) we intend to sell, or (ii) it is more likely than not that we will be required to sell, the security before recovery of its amortized cost basis. If either of these criteria is met, any previously recognized allowances are charged off and the security’s amortized cost basis is written down to fair value through income. If neither of the aforementioned criteria are met, we evaluate whether the decline in fair value has resulted from credit losses or other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. During the three months ended March 31, 2024, the Company recorded a $1 million allowance for credit losses related to a corporate debt security. None of the remaining unrealized losses identified as of March 31, 2024 or December 31, 2023 relates to the marketability of the securities or the issuers’ ability to honor redemption obligations. Rather, the unrealized losses relate to changes in interest rates relative to when the investment securities were purchased, and do not indicate credit-related impairment. Management based this conclusion on an analysis of each issuer including a detailed credit assessment of each issuer. The Company does not intend to sell, and it is not more likely than not that the Company will be required to sell, the positions before the recovery of their amortized cost basis, which may be at maturity. As such, no additional allowance for credit losses was recorded with respect to debt securities as of March 31, 2024.
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Loans and Leases |
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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 LHFI. We report LHFI 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:
(1)Excludes accrued interest receivable of $410 million and $410 million at March 31, 2024 and December 31, 2023, respectively, which is included in other assets in the Consolidated Statements of Condition. (2)Includes specialty finance loans and leases of $4.8 billion and $5.2 billion at March 31, 2024 and December 31, 2023, respectively. Loans Held-for-Sale Loans held-for-sale at March 31, 2024 totaled $981 million, down 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. We have elected the fair value option for nearly all of this portfolio, except the SBA loans. 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. Asset Quality All asset quality information excludes loans with government guarantees that are insured by U.S government agencies. As of March 31, 2024, these loans totaled $507 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 the accrual of interest owed, and previously accrued interest is charged against interest income. A loan is generally returned to accrual status when the loan is current and management has reasonable assurance that the loan will be fully collectible. Interest income on non-accrual loans is recorded when received in cash. At March 31, 2024 and December 31, 2023 we had no loans that were nonperforming and still accruing. The following table presents information regarding the quality of the Company’s loans held for investment at March 31, 2024:
(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:
(1)Includes lease financing receivables. The Company conducted a thorough review of its largest 350 real estate loans at the end of the first quarter of 2024. This review included both internal collateral valuation analysis, and obtaining third-party estimates of collateral values, given the potential reliance on the underlying assets as part of the Borrower’s ability to repay debt. The review also included analysis of the most currently available borrower financial information to evaluate the ability of the underlying collateral to generate sufficient cash flow as the primary source of repayment. The Company downgraded certain loans in the first quarter of 2024 as a result of this review. The downgrades were principally related to loans with upcoming maturities or repricing where the estimated property net operating income would not be sufficient to fully cover pro-forma debt service when applying current market rates and terms, and the underlying collateral values are estimated to have declined to at or below the loan carrying amount. These downgrades increased loans classified as substandard or worse by $2.3 billion. Downgrades to substandard or below reflect the potential a loss may occur if deficiencies in the primary source of repayment for these loans are unable to be corrected. The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at March 31, 2024: `
(1)Includes loans carried under the fair value option The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at December 31, 2023:
The preceding classifications are the most current ones 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 doubtful loans, based on existing circumstances, have weaknesses that make collection or liquidation in full highly questionable and improbable. In addition, one-to-four family loans are classified based on the duration of the delinquency. 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 March 31, 2024:
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 CRE 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. CRE 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 extent to which collateral secures the Company’s collateral-dependent loans held for investment by collateral type as of March 31, 2024:
Other collateral type consists of taxi medallions, cash, accounts receivable and inventory. There were no significant changes in the extent to which collateral secures the Company’s collateral-dependent financial assets during the three months ended March 31, 2024. At March 31, 2024 and December 31, 2023, the Company had $74 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:
The following table describes the financial effect of the modification made to borrowers experiencing financial difficulty:
As of March 31, 2024, 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 period and $3 million one-to-four family first mortgages that were combination modifications and subsequently defaulted during the period. 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 tables depict the performance of loans that have been modified during the twelve-month period ended March 31, 2024:
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Allowance for Credit Losses on Loans and Leases |
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Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses on Loans and Leases | Allowance for Credit Losses on Loans and Leases Allowance for Credit Losses on Loans and Leases The following table summarizes activity in the allowance for credit losses for the periods indicated:
At March 31, 2024, the allowance for credit losses on loans and leases was $1.2 billion compared to $992 million at December 31, 2023, up $223 million reflecting changes in market conditions over the quarter. In the first quarter we completed an in-depth review of our largest multi-family and commercial real estate loans, which in combination with our modeling, suggested credit losses as of March 31 had increased. In the first quarter, we now expect market interest rates to be higher for a longer period of time which is expected to put additional pressure on the ability for some borrowers whose rates reset to current levels to cover debt service because, when combined with inflationary pressure on operating costs and limits on the ability to increase rental rates, debt service levels may approach or exceed some properties' net operating income, which increases the risk of loss. We also have continuing pressure in the office portfolio due to remote working and other factors leading to a decline in occupancy levels that reduces operating income and has led to declining property values. As of March 31, 2024 and December 31, 2023, the allowance for unfunded commitments totaled $73 million and $52 million, respectively. The allowance for credit losses on loans and leases to total loans held for investment ratio increased to 1.48 percent at March 31, 2024, compared to 1.17 percent at December 31, 2023. Excluding loans with government guarantees and warehouse loans, the allowance for credit losses was 1.59 percent at March 31, 2024, compared to 1.26 percent at December 31, 2023. The following table presents additional information about the Company’s nonaccrual loans at March 31, 2024:
The following table presents additional information about the Company’s nonaccrual loans at December 31, 2023:
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Lessor Arrangements The Company is a lessor in the equipment finance business where it has executed direct financing leases (“lease finance receivables”). The Company produces lease finance receivables through a specialty finance subsidiary that participates in syndicated loans that are brought to them, and equipment loans and leases that are assigned to them, by a select group of nationally recognized sources, and are generally made to large corporate obligors, many of which are publicly traded, carry investment grade or near-investment grade ratings, and participate in stable industries nationwide. Lease finance receivables are carried at the aggregate of lease payments receivable plus the estimated residual value of the leased assets and any initial direct costs incurred to originate these leases, less unearned income, which is accreted to interest income over the lease term using the interest method. The standard leases are typically repayable on a level monthly basis with terms ranging from 24 to 120 months. At the end of the lease term, the lessee usually has the option to return the equipment, to renew the lease or purchase the equipment at the then fair market value (“FMV”) price. For leases with a FMV renewal/purchase option, the relevant residual value assumptions are based on the estimated value of the leased asset at the end of the lease term, including evaluation of key factors, such as, the estimated remaining useful life of the leased asset, its historical secondary market value including history of the lessee executing the FMV option, overall credit evaluation and return provisions. The Company acquires the leased asset at fair market value and provides funding to the respective lessee at acquisition cost, less any volume or trade discounts, as applicable. Therefore, there is generally no selling profit or loss to recognize or defer at inception of a lease. The residual value component of a lease financing receivable represents the estimated fair value of the leased equipment at the end of the lease term. In establishing residual value estimates, the Company may rely on industry data, historical experience, and independent appraisals and, where appropriate, information regarding product life cycle, product upgrades and competing products. Upon expiration of a lease, residual assets are remarketed, resulting in either an extension of the lease by the lessee, a lease to a new customer or purchase of the residual asset by the lessee or another party. Impairment of residual values arises if the expected fair value is less than the carrying amount. The Company assesses its net investment in lease financing receivables (including residual values) for impairment on an annual basis with any impairment losses recognized in accordance with the impairment guidance for financial instruments. As such, net investment in lease financing receivables may be reduced by an allowance for credit losses with changes recognized as provision expense. On certain lease financings, the Company obtains residual value insurance from third parties to manage and reduce the risk associated with the residual value of the leased assets. At March 31, 2024 and December 31, 2023, the carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $294 million and $280 million, respectively. The Company uses the interest rate implicit in the lease to determine the present value of its lease financing receivables. The components of lease income were as follows:
(1)Included in Interest Income – Loans and leases in the Consolidated Statements of Income and Comprehensive Income. The increase in interest income on lease financing for the three months ended March 31, 2024 compared to the three months ended March 31, 2023, was driven by lease finance receivables acquired in the Signature Transaction. At March 31, 2024 and December 31, 2023, the carrying value of net investment in leases, excluding purchase accounting adjustments was $3.3 billion and $3.5 billion, respectively. The components of net investment in direct financing leases, including the carrying amount of the lease receivables, as well as the unguaranteed residual asset were as follows:
The following table presents the remaining maturity analysis of the undiscounted lease receivables, as well as the reconciliation to the total amount of receivables recognized in the Consolidated Statements of Condition:
Lessee Arrangements The Company has operating leases for corporate offices, branch locations, and certain equipment. These leases generally have terms of 20 years or less, determined based on the contractual maturity of the lease, and include periods covered by options to extend or terminate the lease when the Company is reasonably certain that it will exercise those options. For the vast majority of the Company’s leases, we are not reasonably certain we will exercise our options to renew to the end of all renewal option periods. The Company determines if an arrangement is a lease at inception. Operating leases are included in other assets and other liabilities in the Consolidated Statements of Condition. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the vast majority of the leases do not provide an implicit rate, the incremental borrowing rate (FHLB borrowing rate) is used based on the information available at commencement date in determining the present value of lease payments. The implicit rate is used when readily determinable. The operating lease ROU asset is measured at cost, which includes the initial measurement of the lease liability, prepaid rent and initial direct costs incurred by the Company, less incentives received. Variable costs such as the proportionate share of actual costs for utilities, common area maintenance, property taxes and insurance are not included in the lease liability and are recognized in the period in which they are incurred. The components of lease expense were as follows:
Supplemental cash flow information related to the leases for the following periods:
Supplemental balance sheet information related to the leases for the following periods:
(1)Included in Other assets in the Consolidated Statements of Condition. (2)Included in Other liabilities in the Consolidated Statements of Condition.
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Leases | Leases Lessor Arrangements The Company is a lessor in the equipment finance business where it has executed direct financing leases (“lease finance receivables”). The Company produces lease finance receivables through a specialty finance subsidiary that participates in syndicated loans that are brought to them, and equipment loans and leases that are assigned to them, by a select group of nationally recognized sources, and are generally made to large corporate obligors, many of which are publicly traded, carry investment grade or near-investment grade ratings, and participate in stable industries nationwide. Lease finance receivables are carried at the aggregate of lease payments receivable plus the estimated residual value of the leased assets and any initial direct costs incurred to originate these leases, less unearned income, which is accreted to interest income over the lease term using the interest method. The standard leases are typically repayable on a level monthly basis with terms ranging from 24 to 120 months. At the end of the lease term, the lessee usually has the option to return the equipment, to renew the lease or purchase the equipment at the then fair market value (“FMV”) price. For leases with a FMV renewal/purchase option, the relevant residual value assumptions are based on the estimated value of the leased asset at the end of the lease term, including evaluation of key factors, such as, the estimated remaining useful life of the leased asset, its historical secondary market value including history of the lessee executing the FMV option, overall credit evaluation and return provisions. The Company acquires the leased asset at fair market value and provides funding to the respective lessee at acquisition cost, less any volume or trade discounts, as applicable. Therefore, there is generally no selling profit or loss to recognize or defer at inception of a lease. The residual value component of a lease financing receivable represents the estimated fair value of the leased equipment at the end of the lease term. In establishing residual value estimates, the Company may rely on industry data, historical experience, and independent appraisals and, where appropriate, information regarding product life cycle, product upgrades and competing products. Upon expiration of a lease, residual assets are remarketed, resulting in either an extension of the lease by the lessee, a lease to a new customer or purchase of the residual asset by the lessee or another party. Impairment of residual values arises if the expected fair value is less than the carrying amount. The Company assesses its net investment in lease financing receivables (including residual values) for impairment on an annual basis with any impairment losses recognized in accordance with the impairment guidance for financial instruments. As such, net investment in lease financing receivables may be reduced by an allowance for credit losses with changes recognized as provision expense. On certain lease financings, the Company obtains residual value insurance from third parties to manage and reduce the risk associated with the residual value of the leased assets. At March 31, 2024 and December 31, 2023, the carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $294 million and $280 million, respectively. The Company uses the interest rate implicit in the lease to determine the present value of its lease financing receivables. The components of lease income were as follows:
(1)Included in Interest Income – Loans and leases in the Consolidated Statements of Income and Comprehensive Income. The increase in interest income on lease financing for the three months ended March 31, 2024 compared to the three months ended March 31, 2023, was driven by lease finance receivables acquired in the Signature Transaction. At March 31, 2024 and December 31, 2023, the carrying value of net investment in leases, excluding purchase accounting adjustments was $3.3 billion and $3.5 billion, respectively. The components of net investment in direct financing leases, including the carrying amount of the lease receivables, as well as the unguaranteed residual asset were as follows:
The following table presents the remaining maturity analysis of the undiscounted lease receivables, as well as the reconciliation to the total amount of receivables recognized in the Consolidated Statements of Condition:
Lessee Arrangements The Company has operating leases for corporate offices, branch locations, and certain equipment. These leases generally have terms of 20 years or less, determined based on the contractual maturity of the lease, and include periods covered by options to extend or terminate the lease when the Company is reasonably certain that it will exercise those options. For the vast majority of the Company’s leases, we are not reasonably certain we will exercise our options to renew to the end of all renewal option periods. The Company determines if an arrangement is a lease at inception. Operating leases are included in other assets and other liabilities in the Consolidated Statements of Condition. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the vast majority of the leases do not provide an implicit rate, the incremental borrowing rate (FHLB borrowing rate) is used based on the information available at commencement date in determining the present value of lease payments. The implicit rate is used when readily determinable. The operating lease ROU asset is measured at cost, which includes the initial measurement of the lease liability, prepaid rent and initial direct costs incurred by the Company, less incentives received. Variable costs such as the proportionate share of actual costs for utilities, common area maintenance, property taxes and insurance are not included in the lease liability and are recognized in the period in which they are incurred. The components of lease expense were as follows:
Supplemental cash flow information related to the leases for the following periods:
Supplemental balance sheet information related to the leases for the following periods:
(1)Included in Other assets in the Consolidated Statements of Condition. (2)Included in Other liabilities in the Consolidated Statements of Condition.
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Mortgage Servicing Rights |
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Transfers and Servicing [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Servicing Rights | Mortgage Servicing Rights The Company has investments in MSRs that result from the sale of loans to the secondary market for which we retain the servicing. The Company accounts for MSRs at their fair value. A primary risk associated with MSRs is the potential reduction in fair value as a result of higher than anticipated prepayments due to loan refinancing prompted, in part, by declining interest rates or government intervention. Conversely, these assets generally increase in value in a rising interest rate environment to the extent that prepayments are slower than anticipated. The Company utilizes derivatives as economic hedges to offset changes in the fair value of the MSRs resulting from the actual or anticipated changes in prepayments stemming from changing interest rate environments. There is also a risk of valuation decline due to higher than expected default rates, which we do not believe can be effectively managed using derivatives. For further information regarding the derivative instruments utilized to manage our MSR risks, see Note 14 - Derivative and Hedging Activities. Changes in the fair value of residential first mortgage MSRs were as follows:
(1)Changes in fair value are included within net return on mortgage servicing rights on the Consolidated Statements of Income and Comprehensive Income. (2)Represents estimated MSR value change resulting primarily from market-driven changes which we manage through the use of derivatives. The following table summarizes the hypothetical resulting fair value of servicing rights using adverse changes of 10 percent and 20 percent to the weighted average of certain significant assumptions used in valuing these assets:
The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. To isolate the effect of the specified change, the fair value shock analysis is consistent with the identified adverse change, while holding all other assumptions constant. In practice, a change in one assumption generally impacts other assumptions, which may either magnify or counteract the effect of the change. For further information on the fair value of MSRs, see Note 16 - Fair Value Measures. Contractual servicing and subservicing fees, including late fees and other ancillary income are presented below. Contractual servicing fees are included within net return on mortgage servicing rights on the Consolidated Statements of Income and Comprehensive Income. Contractual subservicing fees including late fees and other ancillary income are included within loan administration income on the Consolidated Statements of Income and Comprehensive Income. Subservicing fee income is recorded for fees earned on subserviced loans, net of third-party subservicing costs. The following table summarizes income and fees associated with owned MSRs:
(1)Servicing fees are recorded on an accrual basis. Ancillary income and late fees are recorded on a cash basis. (2)Changes in the derivatives utilized as economic hedges to offset changes in fair value of the MSRs. ]The following table summarizes income and fees associated with our mortgage loans subserviced for others:
(1)Servicing fees are recorded on an accrual basis. Ancillary income and late fees are recorded on a cash basis. (2)Charges on subserviced custodial balances represent interest due to MSR owner. We also earned approximately $10 million in service fee income for loans being serviced for the FDIC related to the Signature transaction.
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Variable Interest Entities |
3 Months Ended |
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Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities We have no consolidated VIEs as of March 31, 2024 and December 31, 2023. In connection with our non-qualified mortgage securitization activities, we have retained a five percent interest in the investment securities of certain trusts ("other MBS") and are contracted as the subservicer of the underlying loans, compensated based on market rates, which constitutes a continuing involvement in these trusts. Although we have a variable interest in these securitization trusts, we are not their primary beneficiary due to the relative size of our investment in comparison to the total amount of securities issued by the VIE and our inability to direct activities that most significantly impact the VIE’s economic performance. As a result, we have not consolidated the assets and liabilities of the VIE in our Consolidated Statements of Condition. The Bank’s maximum exposure to loss is limited to our five percent retained interest in the investment securities that had a fair value of $176 million as of March 31, 2024 as well as the standard representations and warranties made in conjunction with the loan transfers.
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Borrowed Funds |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowed Funds | Borrowed Funds The following table summarizes the Company’s borrowed funds:
Accrued interest on borrowed funds is included in “Other liabilities” in the Consolidated Statements of Condition and amounted to $120 million and $50 million, respectively, at March 31, 2024 and December 31, 2023. FHLB Advances The contractual maturities and the next call dates of FHLB advances outstanding at March 31, 2024 were as follows:
(1)Does not included the effect interest rate swap agreements. FHLB advances include both straight fixed-rate advances and advances under the FHLB convertible advance program, which gives the FHLB the option of either calling the advance after an initial lock-out period of up to five years and quarterly thereafter until maturity, or a one-time call at the initial call date. Junior Subordinated Debentures The Company had $609 million at both March 31, 2024 and December 31, 2023, of outstanding junior subordinated deferrable interest debentures (“junior subordinated debentures”) held by statutory business trusts (the “Trusts”) that issued guaranteed capital securities, excluding purchase accounting adjustments. The following table presents contractual terms of the junior subordinated debentures outstanding at March 31, 2024:
(1)Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. (2)Callable at any time. (3)Excludes Flagstar Acquisition fair value adjustments of $30 million. Subordinated Notes The Company had $439 million in subordinated notes outstanding at March 31, 2024, and $438 million outstanding at December 31, 2023. All of the subordinated notes include a fixed rate of interest for a contractual period of time and then are floating thereafter as summarized in the table and information below.
(1)From and including the date of original issuance to, but excluding November 6, 2023, the Notes bore interest at an initial rate of 5.90% per annum payable semi-annually. From and including November 6, 2023 to but excluding the maturity date, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month SOFR rate plus 304.16 basis points payable quarterly. (2)From and including the date of original issuance, the Notes will bear interest at a fixed rate of 4.125 percent through October 31, 2025, and a variable rate tied to SOFR thereafter until maturity. The Company has the option to redeem all or a part of the Notes beginning on November 1, 2025, and on any subsequent interest payment date.
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Pension and Other Post-Retirement Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Post-Retirement Benefits | Pension and Other Post-Retirement Benefits The following table sets forth certain disclosures for the Company’s pension and post-retirement plans for the periods indicated:
(1)Amounts are included in General and administrative expense on the Consolidated Statements of Income and Comprehensive Income. (2)Post-retirement benefits balances round to zero. The Company expects to contribute $1 million to its post-retirement plan to pay premiums and claims for the fiscal year ending December 31, 2024. The Company does not expect to make any contributions to its pension plan in 2024.
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Stock-Related Benefits Plans |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Related Benefits Plans | Stock-Related Benefits Plans Stock Based Compensation At March 31, 2024, the Company had a total of 11,938,776 shares available for grants as restricted stock, options, or other forms of related rights under the 2020 Incentive Plan, which includes the remaining shares available, converted at the merger conversion factor from the legacy Flagstar Bancorp, Inc. 2016 Stock Plan. The Company granted 1,971,715 shares of restricted stock, with an average fair value of $3.98 per share on the date of grant, during the three months ended March 31, 2024. The shares of restricted stock that were granted during the three months ended March 31, 2024 and 2023 vest over to five years. Compensation and benefits expense related to the restricted stock awards is recognized on a straight-line basis over the vesting period and totaled $7 million and $8 million for the three months ended March 31, 2024 and 2023, respectively. The following table provides a summary of restricted stock award activity:
As of March 31, 2024, unrecognized compensation cost relating to unvested restricted stock totaled $108 million. This amount will be recognized over a remaining weighted average period of 2.3 years. The following table provides a summary of activity with regard to Performance-Based Restricted Stock Units ("PSUs") in the three months ended March 31, 2024:
PSUs are subject to adjustment or forfeiture, based upon the achievement by the Company of certain performance standards. Compensation and benefits expense related to PSUs is recognized using the fair value as of the date the units were approved, on a straight-line basis over the vesting period and totaled $1 million for the three months ended March 31, 2024 and 2023. As of March 31, 2024, unrecognized compensation cost relating to unvested restricted stock totaled $2 million. This amount will be recognized over a remaining weighted average period of 1.6 years. Forfeitures of RSAs and PSUs are accounted for as they occur. Stock Options On March 6, 2024 the Company granted 19,000,000 stock options (4,000,000 vest on March 6, 2025 and 15,000,000 shares vest in 12 equal quarterly installments on the final day of each quarter beginning June 30, 2024) to senior executives of the Company. These options expire on March 6, 2034. There were no options granted during the year ended December 31, 2023. The Company generally utilizes the Black- Scholes option pricing model to measure the fair value of stock option grants, although measurements for long-dated options are difficult due to lack of market data appropriate for the instrument lives. No stock options vested during the three months ended March 31, 2024. The Company estimates the options granted in the first quarter of 2024 to have a value of $40 million, which will be recognized in compensation expense over the vesting period. The following table summarizes stock options activity for the period indicated:
The following table summarizes outstanding and exercisable stock options by exercise price per share at March 31, 2024(1):
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Derivative and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative and Hedging Activities | Derivative and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposure to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate and liquidity risks, primarily by managing the amount, sources, and duration of its assets and liabilities and, the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Derivative financial instruments are recorded at fair value in other assets and other liabilities on the Consolidated Statements of Condition. The Company's policy is to present our derivative assets and derivative liabilities on the Consolidated Statement of Condition on a gross basis, even when provisions allowing for set-off are in place. However, for derivative contracts cleared through certain central clearing parties, variation margin payments are recognized as settlements. We are exposed to non-performance risk by the counterparties to our various derivative financial instruments. A majority of our derivatives are centrally cleared through a Central Counterparty Clearing House or consist of residential mortgage interest rate lock commitments further limiting our exposure to non-performance risk. We believe that the non-performance risk inherent in our remaining derivative contracts is minimal based on credit standards and the collateral provisions of the derivative agreements. Derivatives not designated as hedging instruments. The Company maintains a derivative portfolio of interest rate swaps, foreign currency swaps, futures, swaptions and forward commitments used to manage exposure to changes in interest rates and MSR asset values and to meet the needs of customers. The Company also enters into interest rate lock commitments, which are commitments to originate mortgage loans whereby the interest rate on the loan is determined prior to funding and the customers have locked into that interest rate. Market risk on interest rate lock commitments and mortgage LHFS is managed using corresponding forward sale commitments and US Treasury futures. Changes in the fair value of derivatives not designated as hedging instruments are recognized on the Consolidated Statements of Income and Comprehensive Income. Derivatives designated as hedging instruments. The Company has designated certain interest rate swaps as cash flow hedges on overnight SOFR-based variable interest payments on federal home loan bank advances. Changes in the fair value of derivatives designated as cash flow hedges are recorded in other comprehensive income on the Consolidated Statements of Condition and reclassified into interest expense in the same period in which the hedged transaction is recognized in earnings. At March 31, 2024, the Company had $61 million (net-of-tax) of unrealized gains on derivatives classified as cash flow hedges recorded in accumulated other comprehensive loss. The Company had $10 million (net-of-tax) of unrealized gains on derivatives classified as cash flow hedges recorded other comprehensive loss at December 31, 2023. Derivatives that are designated in hedging relationships are assessed for effectiveness using regression analysis at inception and qualitatively thereafter, unless regression analysis is deemed necessary. All designated hedge relationships were, and are expected to be, highly effective as of March 31, 2024. Subsequent to March 31, 2024 we terminated all of our derivatives that were designated in a cash flow or fair value hedge relationship. This action was taken to reduce our asset sensitivity and bring the balance sheet to an interest rate neutral position and did not have any immediate impact to earnings. The remaining impact from the cash flow hedge relationships will be reclassified from other comprehensive income into income over the life of the hedged items. Fair Value of Hedges of Interest Rate Risk The Company is exposed to changes in the fair value of certain of its fixed-rate assets due to changes in interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. Such derivatives were used to hedge the changes in fair value of certain of its pools of prepayable fixed rate assets. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. The Company has interest rate swaps with a notional amounts of $2.0 billion to hedge certain multi-family loans using the portfolio layer method. For the three months ended March 31, 2024, the floating rate received related to the net settlement of these interest rate swaps was greater than the fixed rate payments. As such, interest income from loans and leases in the accompanying Consolidated Statements of Income and Comprehensive Income was increased by $9 million for three months ended March 31, 2024. The fair value basis adjustment on our hedged real estate loans is included in loans and leases held for investment on our Consolidated Statements of Condition. The carrying amount of our hedged loans was $6.0 billion at March 31, 2024, of which unrealized gains of $26 million were due to the fair value hedge relationship. We have designated $2.0 billion of this portfolio of loans in a hedging relationship as of March 31, 2024. The following tables set forth information regarding the Company’s derivative financial instruments:
The following table presents the derivatives subject to a master netting agreement, including the cash pledged as collateral:
(1)Variation margin pledged to, or received from, a Central Counterparty Clearing House to cover the prior days fair value of open positions is considered settlement of the derivative position for accounting purposes. The following table presents the derivatives subject to a master netting agreement, including the cash pledged as collateral:
(1)Variation margin pledged to, or received from, a Central Counterparty Clearing House to cover the prior days fair value of open positions is considered settlement of the derivative position for accounting purposes. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of amounts subject to variability caused by changes in interest rates from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Changes in the fair value of derivatives designated and that qualify as cash flow hedges are initially recorded in other comprehensive income and are subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Interest rate swaps with notional amounts totaling $5.5 billion and $5.5 billion as of March 31, 2024 and December 31, 2023, were designated as cash flow hedges of certain FHLB borrowings. The following table presents the effect of the Company’s cash flow derivative instruments on AOCL:
Amounts reported in AOCL related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate borrowings. We will recognize $106 million lower interest expense over the next rolling twelve month period related to the reclassification. Derivatives not Designated as Hedging Instruments The following table presents the net gain (loss) recognized in income on derivatives not designated as hedging instruments, net of the impact of offsetting positions:
(1) Includes customer-initiated commercial interest rate swaps.
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Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | Intangible Assets Finite-lived Intangible Assets At March 31, 2024, intangible assets consisted of the following:
As of March 31, 2024 the weighted average amortization period for core deposit intangible and other intangible assets is 10 years and 5.1 years, respectively. The estimated amortization expense of CDI and other intangible assets for the next five years is as follows:
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Fair Value Measures |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measures | Fair Value Measures GAAP sets forth a definition of fair value, establishes a consistent framework for measuring fair value, and requires disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. GAAP also clarifies that fair value is an “exit” price, representing the amount that would be received when selling an asset, or paid when transferring a liability, in an orderly transaction between market participants. Fair value is thus a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: •Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. •Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. •Level 3 – Inputs to the valuation methodology are significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants use in pricing an asset or liability. A financial instrument’s categorization within this valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following tables present assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, and that were included in the Company’s Consolidated Statements of Condition at those dates:
The Company reviews and updates the fair value hierarchy classifications for its assets on a quarterly basis. Changes from one quarter to the next that are related to the observability of inputs for a fair value measurement may result in a reclassification from one hierarchy level to another. A description of the methods and significant assumptions utilized in estimating the fair values of securities follows: Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include highly liquid government securities and exchange-traded securities. If quoted market prices are not available for a specific security, then fair values are estimated by using pricing models. These pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices, and credit spreads. In addition to observable market information, models incorporate transaction details such as maturity and cash flow assumptions. Securities valued in this manner would generally be classified within Level 2 of the valuation hierarchy, and primarily include such instruments as mortgage-related and corporate debt securities. Periodically, the Company uses fair values supplied by independent pricing services to corroborate the fair values derived from the pricing models. In addition, the Company reviews the fair values supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness. The Company challenges pricing service valuations that appear to be unusual or unexpected. While the Company believes its valuation methods are appropriate, and consistent with those of other market participants, the use of different methodologies or assumptions to determine the fair values of certain financial instruments could result in different estimates of fair values at a reporting date. Fair Value Measurements Using Significant Unobservable Inputs The following tables include a roll forward of the Consolidated Statements of Condition amounts (including the change in fair value) for financial instruments classified by us within Level 3 of the valuation hierarchy:
(1)We utilized swaptions, futures, forward agency and loan sales and interest rate swaps to manage the risk associated with mortgage servicing rights and rate lock commitments. Gains and losses for individual lines do not reflect the effect of our risk management activities related to such Level 3 instruments. (2)Rate lock commitments are reported on a fallout-adjusted basis. Transfers out of Level 3 represent the settlement value of the commitments that are transferred to LHFS, which are classified as Level 2 assets. The following tables present the quantitative information about recurring Level 3 fair value financial instruments and the fair value measurements as of March 31, 2024:
(1)Unobservable inputs were weighted by their relative fair value of the instruments. Assets Measured at Fair Value on a Non-Recurring Basis Certain assets are measured at fair value on a non-recurring basis. Such instruments are subject to fair value adjustments under certain circumstances (e.g., when there is evidence of impairment). The following tables present assets that were measured at fair value on a non-recurring basis as of March 31, 2024 and December 31, 2023, and that were included in the Company’s Consolidated Statements of Condition at those dates:
(1)Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets and equity securities without readily determinable fair values. These equity securities are classified as Level 3 due to the infrequency of the observable prices and/or the restrictions on the shares. (2)Represents the fair value of impaired loans, based on the value of the collateral.
(1)Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets and equity securities without readily determinable fair values. These equity securities are classified as Level 3 due to the infrequency of the observable prices and/or the restrictions on the shares. (2)Represents the fair value of impaired loans, based on the value of the collateral. The fair values of collateral-dependent impaired loans are determined using various valuation techniques, including consideration of appraised values and other pertinent real estate and other market data. Other Fair Value Disclosures For the disclosure of fair value information about the Company’s on- and off-balance sheet financial instruments, when available, quoted market prices are used as the measure of fair value. In cases where quoted market prices are not available, fair values are based on present-value estimates or other valuation techniques. Such fair values are significantly affected by the assumptions used, the timing of future cash flows, and the discount rate. Because assumptions are inherently subjective in nature, estimated fair values cannot be substantiated by comparison to independent market quotes. Furthermore, in many cases, the estimated fair values provided would not necessarily be realized in an immediate sale or settlement of such instruments. The following tables summarize the carrying values, estimated fair values, and fair value measurement levels of financial instruments that were not carried at fair value on the Company’s Consolidated Statements of Condition at March 31, 2024 and December 31, 2023:
(1)Carrying value and estimated fair value are at cost. (2)Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (3)Certificates of deposit.
(1)Carrying value and estimated fair value are at cost. (2)Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (3)Certificates of deposit. The methods and significant assumptions used to estimate fair values for the Company’s financial instruments follow: Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks and federal funds sold. The estimated fair values of cash and cash equivalents are assumed to equal their carrying values, as these financial instruments are either due on demand or have short-term maturities. Securities If quoted market prices are not available for a specific security, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. These pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices, and credit spreads. In addition to observable market information, pricing models also incorporate transaction details such as maturities and cash flow assumptions. Federal Home Loan Bank Stock Ownership in equity securities of the FHLB is generally restricted and there is no established liquid market for their resale. The carrying amount approximates the fair value. Loans and leases The Company discloses the fair value of loans measured at amortized cost using an exit price notion. The Company determined the fair value on substantially all of its loans for disclosure purposes, on an individual loan basis. The discount rates reflect current market rates for loans with similar terms to borrowers having similar credit quality on an exit price basis. For those loans where a discounted cash flow technique was not considered reliable, the Company used a quoted market price for each individual loan. MSRs The significant unobservable inputs used in the fair value measurement of the MSRs are option adjusted spreads, prepayment rates and cost to service. Significant increases (decreases) in all three assumptions in isolation result in a significantly lower (higher) fair value measurement. Weighted average life (in years) is used to determine the change in fair value of MSRs. For March 31, 2024, the weighted average life (in years) for the entire portfolio was 7.06. Rate lock commitments The significant unobservable input used in the fair value measurement of the rate lock commitments is the pull through rate. The pull through rate is a statistical analysis of our actual rate lock fallout history to determine the sensitivity of the residential mortgage loan pipeline compared to interest rate changes and other deterministic values. New market prices are applied based on updated loan characteristics and new fallout ratios (i.e. the inverse of the pull through rate) are applied accordingly. Significant increases (decreases) in the pull through rate in isolation result in a significantly higher (lower) fair value measurement. Deposits The fair values of deposit liabilities with no stated maturity (i.e., interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts) are equal to the carrying amounts payable on demand. The fair values of CDs represent contractual cash flows, discounted using interest rates currently offered on deposits with similar characteristics and remaining maturities. These estimated fair values do not include the intangible value of core deposit relationships, which comprise a portion of the Company’s deposit base. Borrowed Funds The estimated fair value of borrowed funds is based either on bid quotations received from securities dealers or the discounted value of contractual cash flows with interest rates currently in effect for borrowed funds with similar maturities and structures. Off-Balance Sheet Financial Instruments The fair values of commitments to extend credit and unadvanced lines of credit are estimated based on an analysis of the interest rates and fees currently charged to enter into similar transactions, considering the remaining terms of the commitments and the creditworthiness of the potential borrowers. The estimated fair values of such off-balance sheet financial instruments were insignificant at March 31, 2024 and December 31, 2023. Fair Value Option We elected the fair value option for certain items as discussed throughout the Notes to the Consolidated Financial Statements to more closely align the accounting method with the underlying economic exposure. Interest income on LHFS is accrued on the principal outstanding primarily using the "simple-interest" method. The following table reflects the change in fair value included in earnings of financial instruments for which the fair value option has been elected:
The following table reflects the difference between the aggregate fair value and aggregate remaining contractual principal balance outstanding for assets and liabilities for which the fair value option has been elected:
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Mezzanine and Stockholders Equity |
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Temporary Equity Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine and Stockholders Equity | Accumulated Other Comprehensive Income The following table sets forth the components in accumulated other comprehensive income:
(1)Amounts in parentheses indicate expense items. (2)See Note 12 - Pension and Other Post-Retirement Benefits for additional information. Mezzanine and Stockholders EquityThe following table summarizes the Company's preferred stock at March 31, 2024:
(1)Shares outstanding for Series C excludes 6,751 shares converted to common shares following issuance. Series A Preferred stock Each Series A preferred share represent 1/40th interest in a share of the Company’s Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock, with a liquidation preference of $1.00 per share (equivalent to $25 per share). Dividends accrue on the shares at a fixed rate equal to 6.375 percent per annum until March 17, 2027, and a floating rate equal to three-month SOFR plus 408.26 basis points per annum beginning on March 17, 2027. Dividends will be payable in arrears on March 17, June 17, September 17, and December 17 of each year, which commenced on June 17, 2017. In the first quarter of 2024, we paid dividends on our Series A preferred stock of $15.94 per share. Series B Preferred Stock Each share of Series B Noncumulative Convertible Preferred Stock, par value $0.01 per share (the “Series B Preferred Stock”), is automatically convertible into 1,000 shares of our common stock (or one share of Series C Preferred Stock in limited circumstances) in the event of a transfer consistent with the rules and limitations of Regulation Y (a "Reg Y Transfer"). As of March 31, 2024, all the issued and outstanding shares of Series B Preferred Stock represented the right (on an as converted basis) to receive approximately 192 million shares of our common stock. Series B Preferred Stock shareholders do not have voting rights, except in limited circumstances. Series B Preferred Stock provides for quarterly non-cumulative cash dividends at an annual rate of 13 percent, if declared by the Board, until the receipt of the requisite shareholder approval of both (a) an amendment to the Amended and Restated Certificate of Incorporation of the Company to increase the number of authorized shares of our common stock from 900,000,000 to at least 1,700,000,000; and (b) the issuance of shares of our common stock in connection with the March 2024 capital raise pursuant to NYSE listing rules (the “Stockholder Approvals”). Until receipt of the Stockholder Approvals, each share of Series B Preferred Stock is entitled to a liquidation preference equal to $2,000 per share. Series C Preferred Stock Each share of Series C Noncumulative Convertible Preferred Stock, par value $0.01 per shares (“Series C Preferred Stock”), is automatically convertible into 1,000 shares of our common stock upon the occurrence of certain events (including receipt of the Stockholder Approvals). In addition, in connection with Reg Y Transfers, the Series C Preferred Stock is automatically convertible into 1,000 shares of our common stock. As of March 31, 2024, all the issued and outstanding shares of Series C Preferred Stock represented the right (on an as converted basis) to receive approximately 249.6 million shares of our common stock. Series C Preferred Stock shareholders do not have voting rights, except in limited circumstances. Series C Preferred Stock provides for quarterly non-cumulative cash dividends at an annual rate of 13 percent, if declared by the Board. Each share of Series C Preferred Stock is entitled to a liquidation preference equal to $2,000 per share. The Series B and C Preferred Stock is classified in mezzanine equity as it is redeemable for cash, contingent on an event that is not solely in the control of the Company. The Series B and C Preferred Stock is not remeasured because it is currently not probable that it will become redeemable. Warrants Warrants were issued to purchase shares of a new class of non-voting, common-equivalent preferred stock of the Company, par value $0.01 per share (the "Series D NVCE Stock") for $2,500 per share. The warrants are not exercisable until September 10, 2024 and expire 7 years after issuance. Each share of Series D NVCE Stock is convertible into 1,000 shares of our common stock (or, in certain limited circumstances, one share of Series C Preferred Stock) in a Reg Y Transfer. All shares of Series D NVCE Stock represent the right (on an as converted basis) to receive 315 million shares of our common stock for an exercise price of $2.50 per common share. The terms of the warrant allow net settlement in shares and will not be exercisable for 180 days after closing.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Pay vs Performance Disclosure | ||
Net (loss) income | $ (327) | $ 2,006 |
Insider Trading Arrangements |
3 Months Ended |
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Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization and Basis of Presentation (Policies) |
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | The accompanying financial statements of the Company and other entities in which the Company has a controlling financial interest, have been prepared using GAAP for interim financial statements. The accompanying financial statements of the Company conform to U.S. generally accepted accounting principles and to general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used in connection with the determination of the allowance for credit losses, mortgage servicing rights and the acquisition method of accounting. | |||||||||||||||||||||||||||||||||||||||||||||
Consolidation | All inter-company accounts and transactions are eliminated in consolidation. The Company currently has certain unconsolidated subsidiaries in the form of wholly-owned statutory business trusts, which were formed to issue guaranteed capital securities. | |||||||||||||||||||||||||||||||||||||||||||||
Adoption of New Accounting Standards | Adoption of New Accounting Standards
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Earnings per Common Share (Basic and Diluted) | Basic EPS is computed by dividing the net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the same method as basic EPS, however, the computation reflects the potential dilution that would occur if outstanding in-the-money stock options were exercised and converted into common stock. Diluted earnings per share is the amount of earnings available to each common share outstanding during the reporting periods adjusted to include the effects of potentially dilutive common shares. Potentially dilutive common shares include warrants, convertible preferred stock, stock options and other stock-based awards. Potentially dilutive common shares are excluded from the computation of diluted earnings per share in the periods where the effect would be antidilutive. Unvested stock-based compensation awards containing non-forfeitable rights to dividends paid on the Company’s common stock are considered participating securities, and therefore are included in the two-class method for calculating EPS. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends on the common stock. The Company grants restricted stock to certain employees under its stock-based compensation plan. Recipients receive cash dividends during the vesting periods of these awards, including on the unvested portion of such awards. Since these dividends are non-forfeitable, the unvested awards are considered participating securities and therefore have earnings allocated to them.
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Lessor Arrangements | Lessor Arrangements The Company is a lessor in the equipment finance business where it has executed direct financing leases (“lease finance receivables”). The Company produces lease finance receivables through a specialty finance subsidiary that participates in syndicated loans that are brought to them, and equipment loans and leases that are assigned to them, by a select group of nationally recognized sources, and are generally made to large corporate obligors, many of which are publicly traded, carry investment grade or near-investment grade ratings, and participate in stable industries nationwide. Lease finance receivables are carried at the aggregate of lease payments receivable plus the estimated residual value of the leased assets and any initial direct costs incurred to originate these leases, less unearned income, which is accreted to interest income over the lease term using the interest method. The standard leases are typically repayable on a level monthly basis with terms ranging from 24 to 120 months. At the end of the lease term, the lessee usually has the option to return the equipment, to renew the lease or purchase the equipment at the then fair market value (“FMV”) price. For leases with a FMV renewal/purchase option, the relevant residual value assumptions are based on the estimated value of the leased asset at the end of the lease term, including evaluation of key factors, such as, the estimated remaining useful life of the leased asset, its historical secondary market value including history of the lessee executing the FMV option, overall credit evaluation and return provisions. The Company acquires the leased asset at fair market value and provides funding to the respective lessee at acquisition cost, less any volume or trade discounts, as applicable. Therefore, there is generally no selling profit or loss to recognize or defer at inception of a lease. The residual value component of a lease financing receivable represents the estimated fair value of the leased equipment at the end of the lease term. In establishing residual value estimates, the Company may rely on industry data, historical experience, and independent appraisals and, where appropriate, information regarding product life cycle, product upgrades and competing products. Upon expiration of a lease, residual assets are remarketed, resulting in either an extension of the lease by the lessee, a lease to a new customer or purchase of the residual asset by the lessee or another party. Impairment of residual values arises if the expected fair value is less than the carrying amount. The Company assesses its net investment in lease financing receivables (including residual values) for impairment on an annual basis with any impairment losses recognized in accordance with the impairment guidance for financial instruments. As such, net investment in lease financing receivables may be reduced by an allowance for credit losses with changes recognized as provision expense. On certain lease financings, the Company obtains residual value insurance from third parties to manage and reduce the risk associated with the residual value of the leased assets.
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Lessee Arrangements | Lessee Arrangements The Company has operating leases for corporate offices, branch locations, and certain equipment. These leases generally have terms of 20 years or less, determined based on the contractual maturity of the lease, and include periods covered by options to extend or terminate the lease when the Company is reasonably certain that it will exercise those options. For the vast majority of the Company’s leases, we are not reasonably certain we will exercise our options to renew to the end of all renewal option periods. The Company determines if an arrangement is a lease at inception. Operating leases are included in other assets and other liabilities in the Consolidated Statements of Condition. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the vast majority of the leases do not provide an implicit rate, the incremental borrowing rate (FHLB borrowing rate) is used based on the information available at commencement date in determining the present value of lease payments. The implicit rate is used when readily determinable. The operating lease ROU asset is measured at cost, which includes the initial measurement of the lease liability, prepaid rent and initial direct costs incurred by the Company, less incentives received. Variable costs such as the proportionate share of actual costs for utilities, common area maintenance, property taxes and insurance are not included in the lease liability and are recognized in the period in which they are incurred.
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Fair Value Measurements | GAAP sets forth a definition of fair value, establishes a consistent framework for measuring fair value, and requires disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. GAAP also clarifies that fair value is an “exit” price, representing the amount that would be received when selling an asset, or paid when transferring a liability, in an orderly transaction between market participants. Fair value is thus a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: •Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. •Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. •Level 3 – Inputs to the valuation methodology are significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants use in pricing an asset or liability. A financial instrument’s categorization within this valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
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Business Combinations | Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, reflecting assumptions that a market participant would use when pricing an asset or liability. In some cases, the estimation of fair values requires management to make estimates about discount rates, future expected cash flows, market conditions, and other future events that are highly subjective in nature and are subject to change. Described below are the methods used to determine the fair values of the significant assets acquired and liabilities assumed in the Signature Transaction. Cash and Cash Equivalents The estimated fair value of cash and cash equivalents approximates their stated face amounts, as these financial instruments are either due on demand or have short-term maturities. Loans and leases The fair value for loans was based on a discounted cash flow methodology that considered credit loss expectations, market interest rates and other market factors such as liquidity from the perspective of a market participant. Loans were grouped together according to similar characteristics and were treated in the aggregate when applying various valuation techniques. The probability of default, loss given default and prepayment assumptions were the key factors driving credit losses which were embedded into the estimated cash flows. These assumptions were informed by internal data on loan characteristics, historical loss experience, and current and forecasted economic conditions. The interest and liquidity component of the estimate was determined by discounting interest and principal cash flows through the expected life of each loan. The discount rates used for loans are based on current market rates for new originations of comparable loans and include adjustments for liquidity. The discount rates do not include a factor for credit losses as that has been included as a reduction to the estimated cash flows. Acquired loans were marked to fair value and adjusted for any PCD gross up as of the date of the Signature Transaction. Deposit Liabilities The fair value of deposit liabilities with no stated maturity (i.e., non-interest-bearing and interest-bearing checking accounts) is equal to the carrying amounts payable on demand. The fair value of certificates of deposit represents contractual cash flows, discounted using interest rates currently offered on deposits with similar characteristics and remaining maturities. Core Deposit Intangible Core deposit intangible (“CDI”) is a measure of the value of non-interest-bearing and interest-bearing checking accounts, savings accounts, and money market accounts that are acquired in a business combination. The fair value of the CDI was determined using a discounted cash flow methodology which considered discount rate, customer attrition rates, and other relevant market assumptions. This method estimated the fair value by discounting the present value of the expected cost savings attributable to the core deposit funding, relative to an alternative source of funding. The CDI relating to the Signature Transaction will be amortized over an estimated useful life of 10 years using the sum of years digits depreciation method. The Company evaluates such identifiable intangibles for impairment when an indication of impairment exists. CDI does not significantly impact our liquidity or capital ratios. PCD loans Purchased loans that reflect a more than insignificant deterioration of credit from origination are considered PCD. For PCD loans and leases, the initial estimate of expected credit losses is recognized in the allowance for credit losses (“ACL”) on the date of acquisition using the same methodology as other loans and leases held-for-investment.
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Organization, Consolidation and Presentation of Financial Statements (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Adoption of New Accounting Standards and Accounting Standards Issued But Not Yet Adopted | Adoption of New Accounting Standards
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Summary of Net Assets Acquired | A summary of the net assets acquired and the estimated fair value adjustments resulting in the bargain purchase gain is as follows:
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Computation of Earnings per Common Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Earnings Per Share of Common Stock | The following table presents the Company’s computation of basic and diluted earnings per common share:
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Business Combinations (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Net Assets Acquired | A summary of the net assets acquired and the estimated fair value adjustments resulting in the bargain purchase gain is as follows:
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Summary of Loans and Leases Purchased as Part of Acquisition | The following table provides a summary of loans and leases purchased as part of the Signature Transaction with credit deterioration and the associated credit loss reserve at acquisition:
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Accumulated Other Comprehensive Income (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | The following table sets forth the components in accumulated other comprehensive income:
(1)Amounts in parentheses indicate expense items. (2)See Note 12 - Pension and Other Post-Retirement Benefits for additional information.
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Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Held-to-Maturity and Available-for-Sale Securities | The following tables summarize the Company’s portfolio of debt securities available for sale and equity investments with readily determinable fair values:
(1)The amortized cost of investment securities is reported net of allowance for credit losses of $1 million. (2)The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (3)Excludes accrued interest receivable of $35 million included in in the Consolidated Statements of Condition.
(1)The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2)Excludes accrued interest receivable of $38 million included in in the Consolidated Statements of Condition.
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Summary of Unrealized Loss Positions on Investment Securities Held-to-Maturity | The following table summarizes, by contractual maturity, the amortized cost of securities at March 31, 2024:
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Schedule of Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity | The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of March 31, 2024:
The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2023:
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Loans and Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Components | We report LHFI 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:
(1)Excludes accrued interest receivable of $410 million and $410 million at March 31, 2024 and December 31, 2023, respectively, which is included in other assets in the Consolidated Statements of Condition. (2)Includes specialty finance loans and leases of $4.8 billion and $5.2 billion at March 31, 2024 and December 31, 2023, respectively.
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Schedule of Quality of Loans Held for Investment | The following table presents information regarding the quality of the Company’s loans held for investment at March 31, 2024:
(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:
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Summary of Loans Held for Investment by Credit Quality Indicator | The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at March 31, 2024: `
(1)Includes loans carried under the fair value option The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at December 31, 2023:
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 March 31, 2024:
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Summary of Collateral | The following table summarizes the extent to which collateral secures the Company’s collateral-dependent loans held for investment by collateral type as of March 31, 2024:
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Summary 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:
The following table describes the financial effect of the modification made to borrowers experiencing financial difficulty:
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Allowance for Credit Losses on Loans and Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 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:
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Schedule of Additional Information about Nonaccrual Loans | The following table presents additional information about the Company’s nonaccrual loans at March 31, 2024:
The following table presents additional information about the Company’s nonaccrual loans at December 31, 2023:
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Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Lease Income | The components of lease income were as follows:
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Components of Net Investment in Direct Financing Leases | The components of net investment in direct financing leases, including the carrying amount of the lease receivables, as well as the unguaranteed residual asset were as follows:
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Maturity Analysis of Undiscounted Lease Receivables | The following table presents the remaining maturity analysis of the undiscounted lease receivables, as well as the reconciliation to the total amount of receivables recognized in the Consolidated Statements of Condition:
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Lease Cost Information | The components of lease expense were as follows:
Supplemental cash flow information related to the leases for the following periods:
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Supplemental Balance Sheet Information | Supplemental balance sheet information related to the leases for the following periods:
(1)Included in Other assets in the Consolidated Statements of Condition. (2)Included in Other liabilities in the Consolidated Statements of Condition.
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Schedule of Minimum Contractual Lease Obligations |
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Mortgage Servicing Rights (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in the Fair Value of Residential First Mortgage MSRs | Changes in the fair value of residential first mortgage MSRs were as follows:
(1)Changes in fair value are included within net return on mortgage servicing rights on the Consolidated Statements of Income and Comprehensive Income. (2)Represents estimated MSR value change resulting primarily from market-driven changes which we manage through the use of derivatives.
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Summary of Adverse Changes to Weighted-Average Assumptions on the Fair Value of Servicing Rights | The following table summarizes the hypothetical resulting fair value of servicing rights using adverse changes of 10 percent and 20 percent to the weighted average of certain significant assumptions used in valuing these assets:
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Summary of Income and Fees | The following table summarizes income and fees associated with owned MSRs:
(1)Servicing fees are recorded on an accrual basis. Ancillary income and late fees are recorded on a cash basis. (2)Changes in the derivatives utilized as economic hedges to offset changes in fair value of the MSRs. The following table summarizes income and fees associated with our mortgage loans subserviced for others:
(1)Servicing fees are recorded on an accrual basis. Ancillary income and late fees are recorded on a cash basis. (2)Charges on subserviced custodial balances represent interest due to MSR owner.
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Borrowed Funds (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following table summarizes the Company’s borrowed funds:
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Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank | The contractual maturities and the next call dates of FHLB advances outstanding at March 31, 2024 were as follows:
(1)Does not included the effect interest rate swap agreements.
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Schedule of Subordinated Borrowing | The following table presents contractual terms of the junior subordinated debentures outstanding at March 31, 2024:
(1)Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. (2)Callable at any time. (3)Excludes Flagstar Acquisition fair value adjustments of $30 million. The Company had $439 million in subordinated notes outstanding at March 31, 2024, and $438 million outstanding at December 31, 2023. All of the subordinated notes include a fixed rate of interest for a contractual period of time and then are floating thereafter as summarized in the table and information below.
(1)From and including the date of original issuance to, but excluding November 6, 2023, the Notes bore interest at an initial rate of 5.90% per annum payable semi-annually. From and including November 6, 2023 to but excluding the maturity date, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month SOFR rate plus 304.16 basis points payable quarterly. (2)From and including the date of original issuance, the Notes will bear interest at a fixed rate of 4.125 percent through October 31, 2025, and a variable rate tied to SOFR thereafter until maturity. The Company has the option to redeem all or a part of the Notes beginning on November 1, 2025, and on any subsequent interest payment date.
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Pension and Other Post-Retirement Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | The following table sets forth certain disclosures for the Company’s pension and post-retirement plans for the periods indicated:
(1)Amounts are included in General and administrative expense on the Consolidated Statements of Income and Comprehensive Income. (2)Post-retirement benefits balances round to zero.
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Stock-Related Benefits Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Restricted Stock Activity | The following table provides a summary of restricted stock award activity:
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Summary of Performance-Based Restricted Stock Activity | The following table provides a summary of activity with regard to Performance-Based Restricted Stock Units ("PSUs") in the three months ended March 31, 2024:
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Share-Based Payment Arrangement, Option, Activity | The following table summarizes stock options activity for the period indicated:
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Share-Based Payment Arrangement, Option, Exercise Price Range | The following table summarizes outstanding and exercisable stock options by exercise price per share at March 31, 2024(1):
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Derivative and Hedging Activities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Financial Instruments | The following tables set forth information regarding the Company’s derivative financial instruments:
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Schedule of Derivatives Subject to a Master Netting Arrangement | The following table presents the derivatives subject to a master netting agreement, including the cash pledged as collateral:
(1)Variation margin pledged to, or received from, a Central Counterparty Clearing House to cover the prior days fair value of open positions is considered settlement of the derivative position for accounting purposes. The following table presents the derivatives subject to a master netting agreement, including the cash pledged as collateral:
(1)Variation margin pledged to, or received from, a Central Counterparty Clearing House to cover the prior days fair value of open positions is considered settlement of the derivative position for accounting purposes.
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents the effect of the Company’s cash flow derivative instruments on AOCL:
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Schedule of Net Gain (Loss) Recognized in Income on Derivative Instruments | The following table presents the net gain (loss) recognized in income on derivatives not designated as hedging instruments, net of the impact of offsetting positions:
(1) Includes customer-initiated commercial interest rate swaps.
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Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | At March 31, 2024, intangible assets consisted of the following:
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated amortization expense of CDI and other intangible assets for the next five years is as follows:
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Fair Value Measures (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments Carried at Fair Value | The following tables present assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, and that were included in the Company’s Consolidated Statements of Condition at those dates:
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Roll Forward of Financial Instruments | The following tables include a roll forward of the Consolidated Statements of Condition amounts (including the change in fair value) for financial instruments classified by us within Level 3 of the valuation hierarchy:
(1)We utilized swaptions, futures, forward agency and loan sales and interest rate swaps to manage the risk associated with mortgage servicing rights and rate lock commitments. Gains and losses for individual lines do not reflect the effect of our risk management activities related to such Level 3 instruments. (2)Rate lock commitments are reported on a fallout-adjusted basis. Transfers out of Level 3 represent the settlement value of the commitments that are transferred to LHFS, which are classified as Level 2 assets.
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Quantitative Information about Recurring Level 3 Fair Value Financial Instruments | The following tables present the quantitative information about recurring Level 3 fair value financial instruments and the fair value measurements as of March 31, 2024:
(1)Unobservable inputs were weighted by their relative fair value of the instruments.
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Assets Measured at Fair Value on a Nonrecurring Basis | The following tables present assets that were measured at fair value on a non-recurring basis as of March 31, 2024 and December 31, 2023, and that were included in the Company’s Consolidated Statements of Condition at those dates:
(1)Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets and equity securities without readily determinable fair values. These equity securities are classified as Level 3 due to the infrequency of the observable prices and/or the restrictions on the shares. (2)Represents the fair value of impaired loans, based on the value of the collateral.
(1)Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets and equity securities without readily determinable fair values. These equity securities are classified as Level 3 due to the infrequency of the observable prices and/or the restrictions on the shares. (2)Represents the fair value of impaired loans, based on the value of the collateral.
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Carrying Amount and Estimated Fair Value of Financial Instruments | The following tables summarize the carrying values, estimated fair values, and fair value measurement levels of financial instruments that were not carried at fair value on the Company’s Consolidated Statements of Condition at March 31, 2024 and December 31, 2023:
(1)Carrying value and estimated fair value are at cost. (2)Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (3)Certificates of deposit.
(1)Carrying value and estimated fair value are at cost. (2)Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (3)Certificates of deposit.
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Changes in Fair Value Included in Earnings - Fair Value Option | The following table reflects the change in fair value included in earnings of financial instruments for which the fair value option has been elected:
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Differences Between Aggregate Fair Value and Aggregate Remaining Contractual Principal Balance Outstanding - Fair Value Option | The following table reflects the difference between the aggregate fair value and aggregate remaining contractual principal balance outstanding for assets and liabilities for which the fair value option has been elected:
|
Mezzanine and Stockholders Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary Equity Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary Equity | The following table summarizes the Company's preferred stock at March 31, 2024:
(1)Shares outstanding for Series C excludes 6,751 shares converted to common shares following issuance.
|
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Schedule of Stock by Class | The following table summarizes the Company's preferred stock at March 31, 2024:
(1)Shares outstanding for Series C excludes 6,751 shares converted to common shares following issuance.
|
Organization and Basis of Presentation (Details) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024
originator
branch
state
$ / shares
|
Dec. 31, 2023
$ / shares
|
Nov. 23, 1993
$ / shares
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Shares issued price per share split adjusted basis (in usd per share) | 0.93 | ||
Number of traditional branches | branch | 419 | ||
Number of states in which offices are located | state | 12 | ||
Financing Receivable, Number Of Third-Party Mortgage Originators | originator | 3,600 | ||
IPO | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Shares issued, price per share (in usd per share) | $ 25.00 |
Computation of Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Earnings Per Share [Abstract] | ||
Net income available to common stockholders | $ (335) | $ 1,998 |
Less: Dividends paid on and earnings allocated to participating securities | 0 | (21) |
Earnings applicable to common stock | $ (335) | $ 1,977 |
Weighted average common shares outstanding (in shares) | 740,047,777 | 686,911,555 |
Basic earnings per common share (in usd per share) | $ (0.45) | $ 2.88 |
Potential dilutive common shares | 0 | 1,360,056 |
Total shares for diluted earnings per common share compensation (in shares) | 740,047,777 | 688,271,611 |
Diluted earnings per common share and common share equivalents (in usd per share) | $ (0.45) | $ 2.87 |
Business Combinations - Narrative (Details) $ in Millions |
3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Mar. 31, 2023
shares
|
Mar. 20, 2023
USD ($)
branch
|
Mar. 19, 2023
USD ($)
|
Mar. 31, 2024
USD ($)
branch
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
Business Acquisition [Line Items] | ||||||
Number of branches | 419 | |||||
Settlement period | 1 year | |||||
Bargain purchase gain | $ | $ 2,000 | |||||
Reduction to bargain purchase gain | $ | $ 121 | $ (2,001) | ||||
Core Deposits | ||||||
Business Acquisition [Line Items] | ||||||
Estimated useful life | 10 years | |||||
Signature Bridge Bank | ||||||
Business Acquisition [Line Items] | ||||||
Bargain purchase gain | $ | $ 2,010 | $ 2,010 | ||||
Restructuring charges | $ | $ 236 | |||||
Signature Bridge Bank | Core Deposits | ||||||
Business Acquisition [Line Items] | ||||||
Estimated useful life | 10 years | |||||
Signature Bridge Bank | FDIC | ||||||
Business Acquisition [Line Items] | ||||||
Shares issued (in shares) | shares | 39,032,006 | |||||
Signature Bridge Bank | New York | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches | 29 | |||||
Signature Bridge Bank | California | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches | 7 | |||||
Signature Bridge Bank | North Carolina | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches | 2 | |||||
Signature Bridge Bank | Connecticut | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches | 1 | |||||
Signature Bridge Bank | Nevada | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches | 1 |
Business Combinations - Net Assets Acquired (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 20, 2023 |
Mar. 19, 2023 |
Dec. 31, 2023 |
|
Fair value adjustments: | |||
Bargain purchase gain on Signature Transaction, as initially reported | $ 2,000 | ||
Restatement Adjustment | |||
Fair value adjustments: | |||
Measurement period adjustments, excluding taxes | $ (134) | ||
Change in deferred tax liability | 143 | ||
Signature Bridge Bank | |||
Business Acquisition [Line Items] | |||
Net assets acquired before fair value adjustments | $ 2,973 | ||
Fair value adjustments: | |||
Loans | (727) | ||
Core deposit and other intangibles | 464 | ||
Certificates of deposit | 27 | ||
Other net assets and liabilities | 39 | ||
FDIC Equity Appreciation Instrument | (85) | ||
Deferred tax liability | (690) | ||
Bargain purchase gain on Signature Transaction, as initially reported | 2,010 | $ 2,010 | |
Signature Bridge Bank | Previously Reported | |||
Fair value adjustments: | |||
Bargain purchase gain on Signature Transaction, as initially reported | $ 2,001 |
Business Combinations - Preliminary Allocation (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 20, 2023 |
Mar. 19, 2023 |
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Fair value of assets acquired: | ||||
Cash & cash equivalents | $ (142) | |||
Fair value of liabilities assumed: | ||||
Bargain purchase gain | $ 2,000 | |||
Signature Bridge Bank | ||||
Business Acquisition [Line Items] | ||||
Purchase Price consideration | $ 85 | |||
Fair value of assets acquired: | ||||
Cash & cash equivalents | 24,901 | |||
Loans held for sale | 232 | |||
Total loans held for investment | 11,741 | |||
CDI and other intangible assets | 464 | |||
Other assets | 413 | |||
Total assets acquired | 37,751 | |||
Fair value of liabilities assumed: | ||||
Deposits | 33,507 | |||
Other liabilities | 2,149 | |||
Total liabilities assumed | 35,656 | |||
Fair value of net identifiable assets | 2,095 | |||
Bargain purchase gain | 2,010 | $ 2,010 | ||
Signature Bridge Bank | Previously Reported | ||||
Business Acquisition [Line Items] | ||||
Purchase Price consideration | 85 | |||
Fair value of assets acquired: | ||||
Cash & cash equivalents | 25,043 | |||
Loans held for sale | 232 | |||
Total loans held for investment | 12,218 | |||
CDI and other intangible assets | 464 | |||
Other assets | 679 | |||
Total assets acquired | 38,636 | |||
Fair value of liabilities assumed: | ||||
Deposits | 33,568 | |||
Other liabilities | 2,982 | |||
Total liabilities assumed | 36,550 | |||
Fair value of net identifiable assets | 2,086 | |||
Bargain purchase gain | 2,001 | |||
Signature Bridge Bank | Restatement Adjustment | ||||
Fair value of assets acquired: | ||||
Total loans held for investment | (477) | |||
CDI and other intangible assets | 0 | |||
Other assets | (266) | |||
Total assets acquired | (885) | |||
Fair value of liabilities assumed: | ||||
Deposits | (61) | |||
Other liabilities | (833) | |||
Total liabilities assumed | (894) | |||
Fair value of net identifiable assets | 9 | |||
Bargain purchase gain | 9 | |||
Signature Bridge Bank | Commercial and industrial | ||||
Fair value of assets acquired: | ||||
Total loans held for investment | 9,888 | |||
Signature Bridge Bank | Commercial and industrial | Previously Reported | ||||
Fair value of assets acquired: | ||||
Total loans held for investment | 10,102 | |||
Signature Bridge Bank | Commercial and industrial | Restatement Adjustment | ||||
Fair value of assets acquired: | ||||
Total loans held for investment | (214) | |||
Signature Bridge Bank | Commercial real estate | ||||
Fair value of assets acquired: | ||||
Total loans held for investment | 1,680 | |||
Signature Bridge Bank | Commercial real estate | Previously Reported | ||||
Fair value of assets acquired: | ||||
Total loans held for investment | 1,942 | |||
Signature Bridge Bank | Commercial real estate | Restatement Adjustment | ||||
Fair value of assets acquired: | ||||
Total loans held for investment | (262) | |||
Signature Bridge Bank | Consumer and other | ||||
Fair value of assets acquired: | ||||
Total loans held for investment | 173 | |||
Signature Bridge Bank | Consumer and other | Previously Reported | ||||
Fair value of assets acquired: | ||||
Total loans held for investment | 174 | |||
Signature Bridge Bank | Consumer and other | Restatement Adjustment | ||||
Fair value of assets acquired: | ||||
Total loans held for investment | $ (1) |
Business Combinations - PCD Loans Acquired (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 20, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Business Acquisition [Line Items] | |||
ACL at acquisition | $ 0 | $ (13) | |
Signature Bridge Bank | |||
Business Acquisition [Line Items] | |||
Par value (UPB) | $ 583 | ||
ACL at acquisition | (13) | ||
Non-credit (discount) | (76) | ||
Fair value | $ 494 |
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Income tax expense (benefit) | $ (54) | $ 1 |
Net income (loss) | (327) | 2,006 |
Interest expense | 889 | 479 |
General and administrative | 236 | $ 136 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Income tax expense (benefit) | 0 | |
General and administrative | (1) | |
Reclassifications, net of tax | (1) | |
Past service liability | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
General and administrative | 0 | |
Actuarial losses | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
General and administrative | (1) | |
Reclassification from AOCI | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net income (loss) | 16 | |
Reclassification from AOCI | Unrealized gains on available-for-sale securities: | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net (loss) on securities | 0 | |
Income tax expense (benefit) | 0 | |
Net income (loss) | 0 | |
Reclassification from AOCI | Unrealized gains on cash flow hedges: | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Income tax expense (benefit) | (6) | |
Net income (loss) | 17 | |
Interest expense | $ 23 |
Investment Securities - Summary of Investment Securities (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt securities available-for-sale | ||
Amortized Cost | $ 9,336 | |
Equity securities: | ||
Fair Value | 14 | $ 14 |
Total Securities | ||
Amortized Cost | 10,241 | 9,958 |
Gross Unrealized Gain | 36 | 62 |
Gross Unrealized Loss | 927 | 861 |
Fair Value | 9,350 | 9,159 |
Amortized cost of investment securities | 1 | |
Interest receivable | $ 35 | $ 38 |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Mortgage Backed Securities And Other Securities | ||
Debt securities available-for-sale | ||
Amortized Cost | $ 10,225 | $ 9,942 |
Gross Unrealized Gain | 36 | 62 |
Gross Unrealized Loss | 925 | 859 |
Fair Value | 9,336 | 9,145 |
Mortgage-Related Debt Securities: | ||
Debt securities available-for-sale | ||
Amortized Cost | 7,680 | 7,035 |
Gross Unrealized Gain | 31 | 56 |
Gross Unrealized Loss | 575 | 528 |
Fair Value | 7,136 | 6,563 |
GSE certificates | ||
Debt securities available-for-sale | ||
Amortized Cost | 1,342 | 1,366 |
Gross Unrealized Gain | 1 | 1 |
Gross Unrealized Loss | 163 | 146 |
Fair Value | 1,180 | 1,221 |
GSE CMOs | ||
Debt securities available-for-sale | ||
Amortized Cost | 6,167 | 5,495 |
Gross Unrealized Gain | 25 | 48 |
Gross Unrealized Loss | 412 | 381 |
Fair Value | 5,780 | 5,162 |
Private Label CMOs | ||
Debt securities available-for-sale | ||
Amortized Cost | 171 | 174 |
Gross Unrealized Gain | 5 | 7 |
Gross Unrealized Loss | 0 | 1 |
Fair Value | 176 | 180 |
Other Debt Securities: | ||
Debt securities available-for-sale | ||
Amortized Cost | 2,545 | 2,907 |
Gross Unrealized Gain | 5 | 6 |
Gross Unrealized Loss | 350 | 331 |
Fair Value | 2,200 | 2,582 |
U. S. Treasury obligations | ||
Debt securities available-for-sale | ||
Amortized Cost | 0 | 198 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | 0 | 0 |
Fair Value | 0 | 198 |
GSE debentures | ||
Debt securities available-for-sale | ||
Amortized Cost | 1,752 | 1,899 |
Gross Unrealized Gain | 0 | 1 |
Gross Unrealized Loss | 312 | 291 |
Fair Value | 1,440 | 1,609 |
Asset-backed securities | ||
Debt securities available-for-sale | ||
Amortized Cost | 291 | 307 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | 4 | 5 |
Fair Value | 287 | 302 |
Municipal bonds | ||
Debt securities available-for-sale | ||
Amortized Cost | 6 | 6 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | 0 | 0 |
Fair Value | 6 | 6 |
Corporate bonds | ||
Debt securities available-for-sale | ||
Amortized Cost | 364 | 365 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | 24 | 22 |
Fair Value | 340 | 343 |
Foreign notes | ||
Debt securities available-for-sale | ||
Amortized Cost | 35 | 35 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | 0 | 1 |
Fair Value | 35 | 34 |
Capital trust notes | ||
Debt securities available-for-sale | ||
Amortized Cost | 97 | 97 |
Gross Unrealized Gain | 5 | 5 |
Gross Unrealized Loss | 10 | 12 |
Fair Value | 92 | 90 |
Equity securities: | ||
Equity securities: | ||
Amortized Cost | 16 | 16 |
Gross Unrealized Loss | 2 | 2 |
Fair Value | 14 | 14 |
Mutual funds and common stock | ||
Equity securities: | ||
Amortized Cost | 16 | 16 |
Gross Unrealized Loss | 2 | 2 |
Fair Value | $ 14 | $ 14 |
Investment Securities - Investment Securities, Narrative (Details) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024
USD ($)
security
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
security
|
|
Schedule of Investments [Line Items] | |||
Federal home loan bank stock | $ | $ 1,550,000,000 | $ 1,392,000,000 | |
Federal reserve bank stock | $ | 203,000,000 | 203,000,000 | |
Equity securities, gross unrealized loss | $ | 0 | $ 0 | |
Corporate bonds | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ | $ 340,000,000 | $ 343,000,000 | |
Collateralized Debt Obligations | |||
Schedule of Investments [Line Items] | |||
Number of securities continuous unrealized loss position more than twelve months | 180 | 84 | |
Capital trust notes | |||
Schedule of Investments [Line Items] | |||
Number of securities continuous unrealized loss position more than twelve months | 6 | 6 | |
Asset-backed securities | |||
Schedule of Investments [Line Items] | |||
Number of securities continuous unrealized loss position more than twelve months | 7 | 8 | |
Corporate bonds | |||
Schedule of Investments [Line Items] | |||
Number of securities continuous unrealized loss position more than twelve months | 12 | 12 | |
Provision for credit loss | $ | $ 1,000,000 | ||
US Government Agencies Debt Securities | |||
Schedule of Investments [Line Items] | |||
Number of securities continuous unrealized loss position more than twelve months | 39 | 37 | |
Mortgage-Related Debt Securities: | |||
Schedule of Investments [Line Items] | |||
Number of securities continuous unrealized loss position more than twelve months | 326 | 302 | |
Mutual funds and common stock | |||
Schedule of Investments [Line Items] | |||
Number of securities continuous unrealized loss position more than twelve months | 1 | ||
Municipal bonds | |||
Schedule of Investments [Line Items] | |||
Number of securities continuous unrealized loss position more than twelve months | 1 | 1 | |
Foreign notes | |||
Schedule of Investments [Line Items] | |||
Number of securities continuous unrealized loss position more than twelve months | 1 | 1 | |
Private Collateralized Mortgage Obligations | |||
Schedule of Investments [Line Items] | |||
Number of securities continuous unrealized loss position more than twelve months | 1 | ||
Federal Home Loan Bank of New York | |||
Schedule of Investments [Line Items] | |||
Federal home loan bank stock | $ | $ 1,000,000,000 | $ 861,000,000 | |
Federal Home Loan Bank of Indianapolis | |||
Schedule of Investments [Line Items] | |||
Federal home loan bank stock | $ | $ 329,000,000 | $ 329,000,000 |
Investment Securities - Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Due within one year | $ 299 | |
Due from one to five years | 455 | |
Due from five to ten years | 1,565 | |
Due after ten years | 7,017 | |
Amortized Cost | 9,336 | |
Mortgage-Related Debt Securities: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Due within one year | 2 | |
Due from one to five years | 172 | |
Due from five to ten years | 311 | |
Due after ten years | 7,195 | |
Amortized Cost | 7,680 | $ 7,035 |
U.S. Government agency and GSE obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Due within one year | 250 | |
Due from one to five years | 0 | |
Due from five to ten years | 1,502 | |
Due after ten years | 0 | |
Amortized Cost | 1,752 | |
US States and Political Subdivisions Debt Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Due within one year | 0 | |
Due from one to five years | 0 | |
Due from five to ten years | 6 | |
Due after ten years | 0 | |
Amortized Cost | 6 | |
Other Debt Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Due within one year | 50 | |
Due from one to five years | 304 | |
Due from five to ten years | 102 | |
Due after ten years | 331 | |
Amortized Cost | $ 787 |
Investment Securities - Summary of Unrealized Loss Positions on Investment Securities (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Less than Twelve Months, Fair Value | $ 1,360 | $ 2,357 |
Less than Twelve Months, Unrealized Loss | 28 | 84 |
Twelve Months or Longer, Fair Value | 5,531 | 4,198 |
Twelve Months or Longer, Unrealized Loss | 899 | 777 |
Fair Value | 6,891 | 6,555 |
Unrealized Loss | 927 | 861 |
Other Debt Securities: | U. S. Treasury obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than Twelve Months, Fair Value | 0 | 0 |
Less than Twelve Months, Unrealized Loss | 0 | 0 |
Twelve Months or Longer, Fair Value | 0 | 0 |
Twelve Months or Longer, Unrealized Loss | 0 | 0 |
Fair Value | 0 | 0 |
Unrealized Loss | 0 | 0 |
Other Debt Securities: | U.S. Government agency and GSE obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than Twelve Months, Fair Value | 0 | 181 |
Less than Twelve Months, Unrealized Loss | 0 | 1 |
Twelve Months or Longer, Fair Value | 1,441 | 1,362 |
Twelve Months or Longer, Unrealized Loss | 311 | 290 |
Fair Value | 1,441 | 1,543 |
Unrealized Loss | 311 | 291 |
Other Debt Securities: | GSE certificates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than Twelve Months, Fair Value | 53 | 312 |
Less than Twelve Months, Unrealized Loss | 1 | 5 |
Twelve Months or Longer, Fair Value | 1,087 | 843 |
Twelve Months or Longer, Unrealized Loss | 163 | 141 |
Fair Value | 1,140 | 1,155 |
Unrealized Loss | 164 | 146 |
Other Debt Securities: | Private Label CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than Twelve Months, Fair Value | 15 | 29 |
Less than Twelve Months, Unrealized Loss | 0 | 1 |
Twelve Months or Longer, Fair Value | 3 | 0 |
Twelve Months or Longer, Unrealized Loss | 0 | 0 |
Fair Value | 18 | 29 |
Unrealized Loss | 0 | 1 |
Other Debt Securities: | GSE CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than Twelve Months, Fair Value | 1,292 | 1,835 |
Less than Twelve Months, Unrealized Loss | 27 | 77 |
Twelve Months or Longer, Fair Value | 2,340 | 1,312 |
Twelve Months or Longer, Unrealized Loss | 385 | 304 |
Fair Value | 3,632 | 3,147 |
Unrealized Loss | 412 | 381 |
Other Debt Securities: | Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than Twelve Months, Fair Value | 0 | 0 |
Less than Twelve Months, Unrealized Loss | 0 | 0 |
Twelve Months or Longer, Fair Value | 207 | 228 |
Twelve Months or Longer, Unrealized Loss | 4 | 5 |
Fair Value | 207 | 228 |
Unrealized Loss | 4 | 5 |
Other Debt Securities: | Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than Twelve Months, Fair Value | 0 | 0 |
Less than Twelve Months, Unrealized Loss | 0 | 0 |
Twelve Months or Longer, Fair Value | 6 | 6 |
Twelve Months or Longer, Unrealized Loss | 0 | 0 |
Fair Value | 6 | 6 |
Unrealized Loss | 0 | 0 |
Other Debt Securities: | Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than Twelve Months, Fair Value | 0 | 0 |
Less than Twelve Months, Unrealized Loss | 0 | 0 |
Twelve Months or Longer, Fair Value | 341 | 343 |
Twelve Months or Longer, Unrealized Loss | 24 | 22 |
Fair Value | 341 | 343 |
Unrealized Loss | 24 | 22 |
Other Debt Securities: | Foreign notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than Twelve Months, Fair Value | 0 | 0 |
Less than Twelve Months, Unrealized Loss | 0 | 0 |
Twelve Months or Longer, Fair Value | 10 | 9 |
Twelve Months or Longer, Unrealized Loss | 0 | 1 |
Fair Value | 10 | 9 |
Unrealized Loss | 0 | 1 |
Other Debt Securities: | Capital trust notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than Twelve Months, Fair Value | 0 | 0 |
Less than Twelve Months, Unrealized Loss | 0 | 0 |
Twelve Months or Longer, Fair Value | 82 | 81 |
Twelve Months or Longer, Unrealized Loss | 10 | 12 |
Fair Value | 82 | 81 |
Unrealized Loss | 10 | 12 |
Equity securities: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than Twelve Months, Fair Value | 0 | 0 |
Less than Twelve Months, Unrealized Loss | 0 | 0 |
Twelve Months or Longer, Fair Value | 14 | 14 |
Twelve Months or Longer, Unrealized Loss | 2 | 2 |
Fair Value | 14 | 14 |
Unrealized Loss | $ 2 | $ 2 |
Loans and Leases - Components (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases held for investment | $ 82,327 | $ 84,619 | ||
Allowance for credit losses on loans and leases | (1,215) | (992) | $ (550) | $ (393) |
Total loans and leases held for investment, net | 81,112 | 83,627 | ||
Loans held for sale, at fair value | 981 | 1,182 | ||
Total loans and leases, net | $ 82,093 | $ 84,809 | ||
Percent of loans held for investment | 100.00% | 100.00% | ||
Unearned income | $ 243 | $ 258 | ||
Accrued interest receivable | 410 | 410 | ||
Mortgage Loans: | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases held for investment | 56,196 | 56,708 | ||
Allowance for credit losses on loans and leases | $ (993) | $ (756) | (283) | (290) |
Percent of loans held for investment | 68.30% | 67.00% | ||
Mortgage Loans: | Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases held for investment | $ 36,859 | $ 37,265 | ||
Percent of loans held for investment | 44.80% | 44.00% | ||
Mortgage Loans: | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases held for investment | $ 10,323 | $ 10,470 | ||
Percent of loans held for investment | 12.50% | 12.40% | ||
Mortgage Loans: | One-to-four family first mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases held for investment | $ 5,807 | $ 6,061 | ||
Percent of loans held for investment | 7.10% | 7.20% | ||
Mortgage Loans: | Acquisition, development, and construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases held for investment | $ 3,207 | $ 2,912 | ||
Percent of loans held for investment | 3.90% | 3.40% | ||
Other Loans: | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases held for investment | $ 26,131 | $ 27,911 | ||
Allowance for credit losses on loans and leases | $ (222) | $ (236) | $ (267) | $ (103) |
Percent of loans held for investment | 31.70% | 33.00% | ||
Other Loans: | Commercial and industrial loans and lease financing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases held for investment | $ 24,418 | $ 25,254 | ||
Percent of loans held for investment | 29.60% | 29.80% | ||
Other Loans: | Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases held for investment | $ 21,428 | $ 22,065 | ||
Percent of loans held for investment | 26.00% | 26.10% | ||
Other Loans: | Lease financing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases held for investment | $ 2,990 | $ 3,189 | ||
Percent of loans held for investment | 3.60% | 3.80% | ||
Other Loans: | Specialty finance loans and leases | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases held for investment | $ 4,800 | $ 5,200 | ||
Other Loans: | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases held for investment | $ 1,713 | $ 2,657 | ||
Percent of loans held for investment | 2.10% | 3.10% |
Loans and Leases - Narrative (Details) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024
USD ($)
loan
|
Dec. 31, 2023
USD ($)
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale, at fair value | $ 981 | $ 1,182 |
LGG loans | 507 | |
Loans 90 days or greater past due and still accruing | $ 0 | 0 |
Largest real estate loans | loan | 350 | |
Loans and leases held for investment, net of deferred loan fees and costs ($66 and zero measured at fair value at March 31, 2024 and December 31, 2023, respectively) | $ 82,327 | 84,619 |
Residential mortgage loans in process of foreclosure | 74 | 81 |
Financing receivable increase | 2,300 | |
One-to-four family first mortgage | Term Extension | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans modified that subsequently defaulted | 3 | |
One-to-four family first mortgage | Combination - Interest Rate Reduction & Term Extension | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans modified that subsequently defaulted | 3 | |
Mortgage Loans: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases held for investment, net of deferred loan fees and costs ($66 and zero measured at fair value at March 31, 2024 and December 31, 2023, respectively) | 56,196 | 56,708 |
Mortgage Loans: | One-to-four family first mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases held for investment, net of deferred loan fees and costs ($66 and zero measured at fair value at March 31, 2024 and December 31, 2023, respectively) | $ 5,807 | $ 6,061 |
Loans and Leases - Quality of Loans Held for Investment (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | $ 82,327 | $ 84,619 |
Non- Accrual Loans | 798 | 428 |
Loans 90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
Loans 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 212 | 250 |
Total Past Due Loans | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 1,010 | 678 |
Current Loans | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 81,317 | 83,941 |
Mortgage Loans: | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 56,196 | 56,708 |
Mortgage Loans: | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 36,859 | 37,265 |
Non- Accrual Loans | 339 | 138 |
Mortgage Loans: | Multi-family | Loans 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 103 | 121 |
Mortgage Loans: | Multi-family | Total Past Due Loans | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 442 | 259 |
Mortgage Loans: | Multi-family | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 36,417 | 37,006 |
Mortgage Loans: | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 10,323 | 10,470 |
Non- Accrual Loans | 264 | 128 |
Mortgage Loans: | Commercial real estate | Loans 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 9 | 28 |
Mortgage Loans: | Commercial real estate | Total Past Due Loans | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 273 | 156 |
Mortgage Loans: | Commercial real estate | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 10,050 | 10,314 |
Mortgage Loans: | One-to-four family first mortgage | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 5,807 | 6,061 |
Non- Accrual Loans | 98 | 95 |
Mortgage Loans: | One-to-four family first mortgage | Loans 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 26 | 40 |
Mortgage Loans: | One-to-four family first mortgage | Total Past Due Loans | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 124 | 135 |
Mortgage Loans: | One-to-four family first mortgage | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 5,683 | 5,926 |
Mortgage Loans: | Acquisition, development, and construction | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 3,207 | 2,912 |
Non- Accrual Loans | 3 | 2 |
Mortgage Loans: | Acquisition, development, and construction | Loans 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 6 | 2 |
Mortgage Loans: | Acquisition, development, and construction | Total Past Due Loans | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 9 | 4 |
Mortgage Loans: | Acquisition, development, and construction | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 3,198 | 2,908 |
Other Loans: | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 26,131 | 27,911 |
Other Loans: | Commercial and industrial loans and lease financing | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 24,418 | 25,254 |
Non- Accrual Loans | 73 | 43 |
Other Loans: | Commercial and industrial loans and lease financing | Loans 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 60 | 37 |
Other Loans: | Commercial and industrial loans and lease financing | Total Past Due Loans | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 133 | 80 |
Other Loans: | Commercial and industrial loans and lease financing | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 24,285 | 25,174 |
Other Loans: | Other | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 1,713 | 2,657 |
Non- Accrual Loans | 21 | 22 |
Other Loans: | Other | Loans 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 8 | 22 |
Other Loans: | Other | Total Past Due Loans | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | 29 | 44 |
Other Loans: | Other | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Loans Receivable | $ 1,684 | $ 2,613 |
Loans and Leases - Loans Held for Investment by Credit Quality Indicator (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024 | $ 5,975 | ||
2023 | 7,055 | ||
2022 | 16,627 | ||
2021 | 11,883 | ||
2020 | 10,030 | ||
Prior To 2020 | 19,309 | ||
Revolving Loans | 11,266 | ||
Revolving Loans Converted to Term Loans | 182 | ||
Total | 82,327 | $ 84,619 | |
Current-period gross write-offs | |||
Total | (91) | $ (5) | |
Pass | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 74,190 | ||
Special mention | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 1,159 | ||
Substandard | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 6,978 | ||
Mortgage Loans: | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024 | 285 | ||
2023 | 3,490 | ||
2022 | 13,064 | ||
2021 | 10,423 | ||
2020 | 9,081 | ||
Prior To 2020 | 17,626 | ||
Revolving Loans | 2,212 | ||
Revolving Loans Converted to Term Loans | 15 | ||
Total | 56,196 | 56,708 | |
Current-period gross write-offs | |||
2024 | 0 | ||
2023 | 0 | ||
2022 | 0 | ||
2021 | (6) | ||
2020 | (3) | ||
Prior To 2020 | (66) | ||
Revolving Loans | 0 | ||
Revolving Loans Converted to Term Loans | 0 | ||
Total | (75) | (2) | |
Mortgage Loans: | Pass | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024 | 281 | ||
2023 | 3,425 | ||
2022 | 12,524 | ||
2021 | 9,987 | ||
2020 | 8,571 | ||
Prior To 2020 | 11,760 | ||
Revolving Loans | 2,128 | ||
Revolving Loans Converted to Term Loans | 15 | ||
Total | 48,691 | ||
Mortgage Loans: | Special mention | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024 | 4 | ||
2023 | 0 | ||
2022 | 139 | ||
2021 | 85 | ||
2020 | 74 | ||
Prior To 2020 | 631 | ||
Revolving Loans | 78 | ||
Revolving Loans Converted to Term Loans | 0 | ||
Total | 1,011 | ||
Mortgage Loans: | Substandard | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024 | 0 | ||
2023 | 65 | ||
2022 | 401 | ||
2021 | 351 | ||
2020 | 436 | ||
Prior To 2020 | 5,235 | ||
Revolving Loans | 6 | ||
Revolving Loans Converted to Term Loans | 0 | ||
Total | 6,494 | ||
Mortgage Loans: | Multi-family | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 36,859 | 37,265 | |
Mortgage Loans: | Multi-family | Pass | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 32,209 | 34,170 | |
Mortgage Loans: | Multi-family | Special mention | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 702 | 768 | |
Mortgage Loans: | Multi-family | Substandard | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 3,948 | 2,327 | |
Mortgage Loans: | Commercial real estate | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 10,323 | 10,470 | |
Mortgage Loans: | Commercial real estate | Pass | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 8,417 | 8,734 | |
Mortgage Loans: | Commercial real estate | Special mention | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 237 | 367 | |
Mortgage Loans: | Commercial real estate | Substandard | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 1,669 | 1,369 | |
Mortgage Loans: | One-to-four family first mortgage | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 5,807 | 6,061 | |
Mortgage Loans: | One-to-four family first mortgage | Pass | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 4,985 | 5,328 | |
Mortgage Loans: | One-to-four family first mortgage | Special mention | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 0 | 0 | |
Mortgage Loans: | One-to-four family first mortgage | Substandard | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 822 | 733 | |
Mortgage Loans: | Acquisition, development, and construction | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 3,207 | 2,912 | |
Mortgage Loans: | Acquisition, development, and construction | Pass | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 3,081 | 2,825 | |
Mortgage Loans: | Acquisition, development, and construction | Special mention | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 72 | 57 | |
Mortgage Loans: | Acquisition, development, and construction | Substandard | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 54 | 30 | |
Other Loans: | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024 | 5,690 | ||
2023 | 3,565 | ||
2022 | 3,563 | ||
2021 | 1,460 | ||
2020 | 949 | ||
Prior To 2020 | 1,683 | ||
Revolving Loans | 9,054 | ||
Revolving Loans Converted to Term Loans | 167 | ||
Total | 26,131 | 27,911 | |
Current-period gross write-offs | |||
2024 | 0 | ||
2023 | (1) | ||
2022 | (8) | ||
2021 | (5) | ||
2020 | 0 | ||
Prior To 2020 | (2) | ||
Revolving Loans | 0 | ||
Revolving Loans Converted to Term Loans | 0 | ||
Total | (16) | $ (3) | |
Other Loans: | Pass | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024 | 5,662 | ||
2023 | 3,548 | ||
2022 | 3,326 | ||
2021 | 1,401 | ||
2020 | 896 | ||
Prior To 2020 | 1,599 | ||
Revolving Loans | 8,901 | ||
Revolving Loans Converted to Term Loans | 166 | ||
Total | 25,499 | 78,374 | |
Other Loans: | Special mention | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024 | 18 | ||
2023 | 4 | ||
2022 | 48 | ||
2021 | 17 | ||
2020 | 13 | ||
Prior To 2020 | 5 | ||
Revolving Loans | 43 | ||
Revolving Loans Converted to Term Loans | 0 | ||
Total | 148 | 1,527 | |
Other Loans: | Substandard | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024 | 10 | ||
2023 | 13 | ||
2022 | 189 | ||
2021 | 42 | ||
2020 | 40 | ||
Prior To 2020 | 79 | ||
Revolving Loans | 110 | ||
Revolving Loans Converted to Term Loans | 1 | ||
Total | 484 | 4,718 | |
Other Loans: | Commercial and industrial loans and lease financing | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 24,418 | 25,254 | |
Other Loans: | Commercial and industrial loans and lease financing | Pass | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 23,816 | 24,683 | |
Other Loans: | Commercial and industrial loans and lease financing | Special mention | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 148 | 335 | |
Other Loans: | Commercial and industrial loans and lease financing | Substandard | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 454 | 236 | |
Other Loans: | Other | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 1,713 | 2,657 | |
Other Loans: | Other | Pass | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 1,682 | 2,634 | |
Other Loans: | Other | Special mention | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | 0 | 0 | |
Other Loans: | Other | Substandard | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total | $ 31 | $ 23 |
Loans and Leases - Collateral (Details) - Asset pledged as collateral $ in Millions |
Mar. 31, 2024
USD ($)
|
---|---|
Real Property | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Total collateral-dependent loans held for investment | $ 981 |
Real Property | Mortgage Loans: | Multi-family | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Total collateral-dependent loans held for investment | 457 |
Real Property | Mortgage Loans: | Commercial real estate | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Total collateral-dependent loans held for investment | 412 |
Real Property | Mortgage Loans: | One-to-four family first mortgage | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Total collateral-dependent loans held for investment | 107 |
Real Property | Mortgage Loans: | Acquisition, development, and construction | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Total collateral-dependent loans held for investment | 5 |
Real Property | Other Loans: | Commercial and industrial | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Total collateral-dependent loans held for investment | 0 |
Real Property | Other Loans: | Other | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Total collateral-dependent loans held for investment | 0 |
Other | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Total collateral-dependent loans held for investment | 78 |
Other | Mortgage Loans: | Multi-family | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Total collateral-dependent loans held for investment | 0 |
Other | Mortgage Loans: | Commercial real estate | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Total collateral-dependent loans held for investment | 0 |
Other | Mortgage Loans: | One-to-four family first mortgage | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Total collateral-dependent loans held for investment | 0 |
Other | Mortgage Loans: | Acquisition, development, and construction | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Total collateral-dependent loans held for investment | 0 |
Other | Other Loans: | Commercial and industrial | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Total collateral-dependent loans held for investment | 78 |
Other | Other Loans: | Other | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |
Total collateral-dependent loans held for investment | $ 0 |
Loans and Leases - Loan Modifications (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 26 | $ 46 |
Mortgage Loans: | Multi-family | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 8 | $ 0 |
Percent of Total Loan class | 0.08% | 0.00% |
Mortgage Loans: | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 2 | $ 44 |
Percent of Total Loan class | 0.02% | 0.42% |
Mortgage Loans: | One-to-four family first mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 2 | $ 2 |
Percent of Total Loan class | 0.03% | 0.03% |
Other Loans: | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 1 | $ 0 |
Percent of Total Loan class | 0.06% | 0.00% |
Other Loans: | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 13 | $ 0 |
Percent of Total Loan class | 0.06% | 0.00% |
Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 10 | $ 44 |
Interest Rate Reduction | Mortgage Loans: | Multi-family | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 8 | $ 0 |
Interest Rate Reduction | Mortgage Loans: | Multi-family | Minimum | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-average contractual interest rate | 8.13% | 0.00% |
Interest Rate Reduction | Mortgage Loans: | Multi-family | Maximum | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-average contractual interest rate | 6.95% | 0.00% |
Interest Rate Reduction | Mortgage Loans: | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 2 | $ 44 |
Interest Rate Reduction | Mortgage Loans: | Commercial real estate | Minimum | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-average contractual interest rate | 8.08% | 10.50% |
Interest Rate Reduction | Mortgage Loans: | Commercial real estate | Maximum | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-average contractual interest rate | 6.00% | 4.00% |
Interest Rate Reduction | Mortgage Loans: | One-to-four family first mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 0 | $ 0 |
Weighted-average Term (in years) | 15 years 3 months 18 days | 12 years 8 months 12 days |
Interest Rate Reduction | Mortgage Loans: | One-to-four family first mortgage | Minimum | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-average contractual interest rate | 4.66% | 4.84% |
Interest Rate Reduction | Mortgage Loans: | One-to-four family first mortgage | Maximum | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-average contractual interest rate | 3.76% | 3.97% |
Interest Rate Reduction | Mortgage Loans: | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-average Term (in years) | 3 months 18 days | |
Interest Rate Reduction | Mortgage Loans: | Commercial and industrial | Minimum | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-average contractual interest rate | 6.78% | 0.00% |
Interest Rate Reduction | Mortgage Loans: | Commercial and industrial | Maximum | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-average contractual interest rate | 6.50% | 0.00% |
Interest Rate Reduction | Mortgage Loans: | Other Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-average Term (in years) | 1 year 9 months 18 days | |
Interest Rate Reduction | Mortgage Loans: | Other Consumer | Minimum | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-average contractual interest rate | 11.01% | 0.00% |
Interest Rate Reduction | Mortgage Loans: | Other Consumer | Maximum | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted-average contractual interest rate | 4.76% | 0.00% |
Interest Rate Reduction | Other Loans: | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 0 | $ 0 |
Interest Rate Reduction | Other Loans: | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 0 | 0 |
Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 14 | 1 |
Term Extension | Mortgage Loans: | Multi-family | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 0 | 0 |
Term Extension | Mortgage Loans: | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 0 | 0 |
Term Extension | Mortgage Loans: | One-to-four family first mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 1 | 1 |
Term Extension | Other Loans: | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 0 | 0 |
Term Extension | Other Loans: | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 13 | 0 |
Combination - Interest Rate Reduction & Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 2 | 1 |
Combination - Interest Rate Reduction & Term Extension | Mortgage Loans: | Multi-family | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 0 | 0 |
Combination - Interest Rate Reduction & Term Extension | Mortgage Loans: | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 0 | 0 |
Combination - Interest Rate Reduction & Term Extension | Mortgage Loans: | One-to-four family first mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 1 | 1 |
Combination - Interest Rate Reduction & Term Extension | Other Loans: | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 1 | 0 |
Combination - Interest Rate Reduction & Term Extension | Other Loans: | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 0 | $ 0 |
Loans and Leases - Performance of Loans Modified in Last 12 Months (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Mar. 31, 2023 |
---|---|---|
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | $ 35 | $ 47 |
Current Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 25 | 44 |
Loans 30-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 2 | 0 |
90+ Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 8 | 3 |
Mortgage Loans: | Multi-family | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 8 | |
Mortgage Loans: | Multi-family | Current Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 8 | |
Mortgage Loans: | Multi-family | Loans 30-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | |
Mortgage Loans: | Multi-family | 90+ Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | |
Mortgage Loans: | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 2 | |
Mortgage Loans: | Commercial real estate | Current Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 2 | |
Mortgage Loans: | Commercial real estate | Loans 30-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | |
Mortgage Loans: | Commercial real estate | 90+ Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | |
Mortgage Loans: | One-to-four family first mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 10 | 3 |
Mortgage Loans: | One-to-four family first mortgage | Current Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 2 | 0 |
Mortgage Loans: | One-to-four family first mortgage | Loans 30-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | 0 |
Mortgage Loans: | One-to-four family first mortgage | 90+ Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 8 | 3 |
Other Loans: | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 14 | 44 |
Other Loans: | Commercial and industrial | Current Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 12 | 44 |
Other Loans: | Commercial and industrial | Loans 30-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 2 | 0 |
Other Loans: | Commercial and industrial | 90+ Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | $ 0 |
Other Loans: | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 1 | |
Other Loans: | Other | Current Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 1 | |
Other Loans: | Other | Loans 30-89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | 0 | |
Other Loans: | Other | 90+ Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total | $ 0 |
Allowance for Credit Losses on Loans and Leases - Schedule of Activity in the Allowance for Loan and Lease Losses (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Balance, beginning of period | $ 992 | $ 393 |
Adjustment for Purchased PCD Loans | 0 | 13 |
Charge-offs | (91) | (5) |
Recoveries | 10 | 5 |
Provision for (recovery of) credit losses on loans and leases | 304 | 144 |
Balance, end of period | 1,215 | 550 |
Mortgage | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Balance, beginning of period | 756 | 290 |
Adjustment for Purchased PCD Loans | 0 | |
Charge-offs | (75) | (2) |
Recoveries | 1 | 0 |
Provision for (recovery of) credit losses on loans and leases | 311 | (5) |
Balance, end of period | 993 | 283 |
Other | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Balance, beginning of period | 236 | 103 |
Adjustment for Purchased PCD Loans | 13 | |
Charge-offs | (16) | (3) |
Recoveries | 9 | 5 |
Provision for (recovery of) credit losses on loans and leases | (7) | 149 |
Balance, end of period | $ 222 | $ 267 |
Allowance for Credit Losses on Loans and Leases - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Financing Receivable, Allowance for Credit Losses | ||||
Allowance for credit losses on loans and leases | $ 1,215 | $ 992 | $ 550 | $ 393 |
Increase in allowance for credit losses | $ (223) | |||
Allowance for credit loss to loans held for investment ratio | 1.48% | 1.17% | ||
Excluding loans with government guarantees and warehouse loans, the allowance for credit losses | 1.59% | 1.26% | ||
Unfunded Loan Commitment | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Allowance for credit losses on loans and leases | $ 73 | $ 52 |
Allowance for Credit Losses on Loans and Leases - Schedule of Additional Information about Nonaccrual Loans (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance - Recorded Investment | $ 656 | $ 294 |
Nonaccrual loans with no related allowance - Interest Income Recognized | 3 | 7 |
Nonaccrual loans with an allowance recorded - Recorded Investment | 142 | 134 |
Total nonaccrual loans - Related Allowance | 48 | 47 |
Nonaccrual loans with an allowance recorded - Interest Income Recognized | 0 | 3 |
Total nonaccrual loans - Recorded Investment | 798 | 428 |
Total nonaccrual loans - Interest Income Recognized | 3 | 10 |
Mortgage | Multi-family | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance - Recorded Investment | 334 | 134 |
Nonaccrual loans with no related allowance - Interest Income Recognized | 0 | 5 |
Nonaccrual loans with an allowance recorded - Recorded Investment | 5 | 4 |
Total nonaccrual loans - Related Allowance | 1 | 0 |
Nonaccrual loans with an allowance recorded - Interest Income Recognized | 0 | 0 |
Total nonaccrual loans - Recorded Investment | 339 | 138 |
Total nonaccrual loans - Interest Income Recognized | 0 | 5 |
Mortgage | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance - Recorded Investment | 188 | 53 |
Nonaccrual loans with no related allowance - Interest Income Recognized | 3 | 2 |
Nonaccrual loans with an allowance recorded - Recorded Investment | 76 | 75 |
Total nonaccrual loans - Related Allowance | 17 | 17 |
Nonaccrual loans with an allowance recorded - Interest Income Recognized | 0 | 3 |
Total nonaccrual loans - Recorded Investment | 264 | 128 |
Total nonaccrual loans - Interest Income Recognized | 3 | 5 |
Mortgage | One-to-four family first mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance - Recorded Investment | 89 | 85 |
Nonaccrual loans with no related allowance - Interest Income Recognized | 0 | 0 |
Nonaccrual loans with an allowance recorded - Recorded Investment | 9 | 11 |
Total nonaccrual loans - Related Allowance | 0 | 2 |
Nonaccrual loans with an allowance recorded - Interest Income Recognized | 0 | 0 |
Total nonaccrual loans - Recorded Investment | 98 | 96 |
Total nonaccrual loans - Interest Income Recognized | 0 | 0 |
Mortgage | Acquisition, development, and construction | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance - Recorded Investment | 0 | |
Nonaccrual loans with no related allowance - Interest Income Recognized | 0 | |
Nonaccrual loans with an allowance recorded - Recorded Investment | 3 | |
Total nonaccrual loans - Related Allowance | 2 | |
Nonaccrual loans with an allowance recorded - Interest Income Recognized | 0 | |
Total nonaccrual loans - Recorded Investment | 3 | |
Total nonaccrual loans - Interest Income Recognized | 0 | |
Other (includes C&I) | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance - Recorded Investment | 45 | 22 |
Nonaccrual loans with no related allowance - Interest Income Recognized | 0 | 0 |
Nonaccrual loans with an allowance recorded - Recorded Investment | 49 | 44 |
Total nonaccrual loans - Related Allowance | 28 | 28 |
Nonaccrual loans with an allowance recorded - Interest Income Recognized | 0 | 0 |
Total nonaccrual loans - Recorded Investment | 94 | 66 |
Total nonaccrual loans - Interest Income Recognized | $ 0 | $ 0 |
Leases - Lessor Arrangements Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Lessor, Lease, Description [Line Items] | ||
Residual value of leased asset | $ 294 | $ 280 |
Carrying value of net investment in leases | $ 3,289 | $ 3,508 |
Minimum | ||
Lessor, Lease, Description [Line Items] | ||
Term of lease | 24 months | |
Maximum | ||
Lessor, Lease, Description [Line Items] | ||
Term of lease | 120 months |
Leases - Components of Lease Income (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Leases [Abstract] | ||
Interest income on lease financing | $ 38 | $ 20 |
Leases - Components of Net Investment in Direct Financing Leases (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Leases [Abstract] | ||
Net investment in the lease - lease payments receivable | $ 2,960 | $ 3,187 |
Net investment in the lease - unguaranteed residual assets | 329 | 321 |
Total lease payments | $ 3,289 | $ 3,508 |
Leases - Maturity Analysis of Undiscounted Lease Receivables (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Leases [Abstract] | ||
2024 | $ 410 | |
2025 | 565 | |
2026 | 837 | |
2027 | 509 | |
2028 | 296 | |
Thereafter | 672 | |
Total lease payments | 3,289 | |
Plus: deferred origination costs | 14 | |
Less: unearned income | (243) | $ (258) |
Less: purchase accounting adjustment | (70) | |
Total lease finance receivables, net | $ 2,990 |
Leases - Lease Arrangements Narrative (Details) |
Mar. 31, 2024 |
---|---|
Leases [Abstract] | |
Term of contract | 20 years |
Leases - Component of Lease Expense (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Leases [Abstract] | ||
Operating lease cost | $ 18 | $ 11 |
Total lease cost | $ 18 | $ 11 |
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 18 | $ 10 |
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Operating Leases: | ||
Operating lease right-of-use assets | $ 415 | $ 426 |
Operating lease liabilities | $ 437 | $ 446 |
Weighted average remaining lease term | 10 years 10 months 24 days | 11 years 2 months 12 days |
Weighted average discount rate % | 4.70% | 4.71% |
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Leases [Abstract] | ||
2024 | $ 54 | |
2025 | 67 | |
2026 | 59 | |
2027 | 53 | |
2028 | 46 | |
Thereafter | 290 | |
Total lease payments | 569 | |
Less: imputed interest | (132) | |
Total present value of lease liabilities | $ 437 | $ 446 |
Mortgage Servicing Rights - Changes in the Fair Value of Residential First Mortgage MSRs (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Servicing Asset at Fair Value [Roll Forward] | ||
Balance at beginning of period | $ 1,111 | |
Decrease in MSR fair value due to pay-offs, pay-downs, run-off, model changes and other | (26) | $ (18) |
Changes in estimates of fair value due to interest rate risk | 34 | (19) |
Fair value of MSRs at end of period | 1,092 | 1,034 |
Residential First Mortgage | ||
Servicing Asset at Fair Value [Roll Forward] | ||
Balance at beginning of period | 1,111 | 1,033 |
Additions from loans sold with servicing retained | 42 | 38 |
Reductions from sales | (69) | 0 |
Decrease in MSR fair value due to pay-offs, pay-downs, run-off, model changes and other | (26) | (18) |
Changes in estimates of fair value due to interest rate risk | $ 34 | $ (19) |
Mortgage Servicing Rights - Summary of Adverse Changes to Weighted-Average Assumptions on the Fair Value of Servicing Rights (Details) - Mortgage servicing rights - USD ($) |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Actual | ||
Option adjusted spread (percent) | 5.30% | 5.40% |
Constant prepayment rate (as a percent) | 7.70% | 7.90% |
Weighted average cost to service per loan | $ 68,000,000 | $ 69,000,000 |
10% adverse change | ||
Option adjusted spread (percent) | 1,072,000,000 | 1,091,000,000 |
Constant prepayment rate (as a percent) | 1,054,000,000 | 1,073,000,000 |
Weighted average cost to service per loan | 1,081,000,000 | 1,100,000,000 |
20% adverse change | ||
Option adjusted spread (percent) | 1,053,000,000 | 1,072,000,000 |
Constant prepayment rate (as a percent) | 1,020,000,000 | 1,040,000,000 |
Weighted average cost to service per loan | $ 1,071,000,000 | $ 1,090,000,000 |
Mortgage Servicing Rights - Summary of Income and Fees (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Servicing Assets at Fair Value [Line Items] | ||
Decrease in MSR fair value due to pay-offs, pay-downs, run-off, model changes and other | $ (26) | $ (18) |
Changes in fair value due to interest rate risk | 34 | (19) |
Residential first mortgage loans | ||
Servicing Assets at Fair Value [Line Items] | ||
Servicing fees, ancillary income and late fees | 58 | 56 |
Decrease in MSR fair value due to pay-offs, pay-downs, run-off, model changes and other | (26) | (18) |
Changes in fair value due to interest rate risk | 34 | (19) |
Gain on MSR derivatives | (44) | 3 |
Net transaction costs | (1) | (1) |
Total return (loss) included in net return on mortgage servicing rights | 21 | 21 |
Residential first mortgage loans | Loan administration income on mortgage loans subserviced | ||
Servicing Assets at Fair Value [Line Items] | ||
Servicing fees, ancillary income and late fees | 37 | 36 |
Charges on subserviced custodial balances | (36) | (29) |
Other servicing charges | 1 | (1) |
Total income (loss) on mortgage loans subserviced, included in loan administration income | 2 | $ 6 |
FDIC Serviced Loans | Loan administration income on mortgage loans subserviced | ||
Servicing Assets at Fair Value [Line Items] | ||
Servicing fees, ancillary income and late fees | $ 10 |
Variable Interest Entities (Details) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024
USD ($)
entity
|
Dec. 31, 2023
USD ($)
entity
|
|
Private-label Securitizations [Line Items] | ||
Number of variable interest entities | entity | 0 | 0 |
Variable Interest Entity, Not Primary Beneficiary | ||
Private-label Securitizations [Line Items] | ||
VIE ownership percentage | 5.00% | |
Fair Value | $ 176 | |
Private Label CMOs | ||
Private-label Securitizations [Line Items] | ||
Fair Value | $ 176 | $ 180 |
Borrowed Funds - Breakdown of Borrowed Funds (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Instrument | ||
Federal Home Loan Bank advances | $ 23,750 | $ 20,250 |
Total wholesale borrowings | 25,708 | 20,250 |
Junior subordinated debentures | 580 | 579 |
Subordinated notes | 439 | 438 |
Total borrowed funds | 26,727 | 21,267 |
Total wholesale borrowings | ||
Debt Instrument | ||
Total wholesale borrowings | 25,708 | 20,250 |
FHLB advances | ||
Debt Instrument | ||
Federal Home Loan Bank advances | 22,750 | 19,250 |
Federal Reserve Bank Advances | ||
Debt Instrument | ||
Fed funds purchased | 1,000 | 1,000 |
Repurchase agreements | ||
Debt Instrument | ||
Fed funds purchased | 1,958 | 0 |
Junior Subordinated Debt | ||
Debt Instrument | ||
Junior subordinated debentures | 580 | 579 |
Subordinated notes | ||
Debt Instrument | ||
Subordinated notes | $ 439 | $ 438 |
Borrowed Funds - Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Disclosure [Abstract] | ||
Interest payable | $ 120 | $ 50 |
FHLB lockout period | 5 years | |
Junior subordinated debentures | $ 609 | 609 |
Subordinated notes | $ 439 | $ 438 |
Borrowed Funds - Advances (Details) $ in Millions |
Mar. 31, 2024
USD ($)
|
---|---|
Amount | |
2024 | $ 8,100 |
2025 | 3,500 |
2026 | 4,000 |
2027 | 4,000 |
2028 | 2,400 |
2032 | 750 |
Total FHLB advances | $ 22,750 |
Weighted Average Interest Rate | |
2024 | 4.90% |
2025 | 5.68% |
2026 | 5.80% |
2027 | 5.16% |
2028 | 5.62% |
2032 | 3.54% |
Amount | |
2024 | $ 8,600 |
2025 | 3,750 |
2026 | 4,000 |
2027 | 4,000 |
2028 | 2,400 |
2032 | 0 |
Total FHLB advances | $ 22,750 |
Weighted Average Interest Rate | |
2024 | 4.82% |
2025 | 5.54% |
2026 | 5.80% |
2027 | 5.16% |
2028 | 5.62% |
2032 | 0.00% |
Borrowed Funds - Junior Subordinated Debentures (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Debt Instrument | ||
Junior subordinated debentures | $ 609 | $ 609 |
Capital Securities Amount Outstanding | 589 | |
Fair value adjustments, business combination | (30) | |
Previously Reported | ||
Debt Instrument | ||
Junior subordinated debentures | $ 609 | |
New York Community Capital Trust V (BONUSES Units) | ||
Debt Instrument | ||
Interest Rate of Capital Securities and Debentures | 6.00% | |
Junior subordinated debentures | $ 147 | |
Capital Securities Amount Outstanding | $ 141 | |
New York Community Capital Trust X | ||
Debt Instrument | ||
Interest Rate of Capital Securities and Debentures | 7.19% | |
Junior subordinated debentures | $ 124 | |
Capital Securities Amount Outstanding | $ 120 | |
PennFed Capital Trust III | ||
Debt Instrument | ||
Interest Rate of Capital Securities and Debentures | 8.84% | |
Junior subordinated debentures | $ 31 | |
Capital Securities Amount Outstanding | $ 30 | |
New York Community Capital Trust XI | ||
Debt Instrument | ||
Interest Rate of Capital Securities and Debentures | 7.21% | |
Junior subordinated debentures | $ 59 | |
Capital Securities Amount Outstanding | $ 58 | |
Flagstar Statutory Trust II | ||
Debt Instrument | ||
Interest Rate of Capital Securities and Debentures | 8.82% | |
Junior subordinated debentures | $ 26 | |
Capital Securities Amount Outstanding | $ 25 | |
Flagstar Statutory Trust III | ||
Debt Instrument | ||
Interest Rate of Capital Securities and Debentures | 8.83% | |
Junior subordinated debentures | $ 26 | |
Capital Securities Amount Outstanding | $ 25 | |
Flagstar Statutory Trust IV | ||
Debt Instrument | ||
Interest Rate of Capital Securities and Debentures | 8.81% | |
Junior subordinated debentures | $ 26 | |
Capital Securities Amount Outstanding | $ 25 | |
Flagstar Statutory Trust V | ||
Debt Instrument | ||
Interest Rate of Capital Securities and Debentures | 7.58% | |
Junior subordinated debentures | $ 26 | |
Capital Securities Amount Outstanding | $ 25 | |
Flagstar Statutory Trust VI | ||
Debt Instrument | ||
Interest Rate of Capital Securities and Debentures | 7.58% | |
Junior subordinated debentures | $ 26 | |
Capital Securities Amount Outstanding | $ 25 | |
Flagstar Statutory Trust VII | ||
Debt Instrument | ||
Interest Rate of Capital Securities and Debentures | 7.34% | |
Junior subordinated debentures | $ 51 | |
Capital Securities Amount Outstanding | $ 50 | |
Flagstar Statutory Trust VIII | ||
Debt Instrument | ||
Interest Rate of Capital Securities and Debentures | 7.08% | |
Junior subordinated debentures | $ 26 | |
Capital Securities Amount Outstanding | $ 25 | |
Flagstar Statutory Trust IX | ||
Debt Instrument | ||
Interest Rate of Capital Securities and Debentures | 7.04% | |
Junior subordinated debentures | $ 26 | |
Capital Securities Amount Outstanding | $ 25 | |
Flagstar Statutory Trust X | ||
Debt Instrument | ||
Interest Rate of Capital Securities and Debentures | 8.09% | |
Junior subordinated debentures | $ 15 | |
Capital Securities Amount Outstanding | $ 15 |
Borrowed Funds - Subordinated Notes (Details) - Subordinated notes - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Nov. 06, 2018 |
|
Subordinated notes maturing in 2028 | ||
Debt Instrument | ||
Interest Rate at March 31, 2024 | 8.332% | 5.90% |
Original Issue Amount | $ 300 | |
Subordinated notes maturing in 2028 | Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument | ||
Variable rate on spread | 3.0416% | |
Subordinated notes maturing in 2030 | ||
Debt Instrument | ||
Interest Rate at March 31, 2024 | 4.125% | |
Original Issue Amount | $ 150 |
Pension and Other Post-Retirement Benefits - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Pension Benefits | ||
Components of net periodic pension expense (credit) | ||
Interest cost | $ 1 | $ 1 |
Expected return on plan assets | (4) | (4) |
Amortization of net actuarial loss | 1 | 2 |
Net periodic (credit) expense | (2) | (1) |
Post- Retirement Benefits | ||
Components of net periodic pension expense (credit) | ||
Interest cost | 0 | 0 |
Expected return on plan assets | 0 | 0 |
Amortization of net actuarial loss | 0 | 0 |
Net periodic (credit) expense | $ 0 | $ 0 |
Pension and Other Post-Retirement Benefits - Narrative (Details) $ in Millions |
Dec. 31, 2024
USD ($)
|
---|---|
Post- Retirement Benefits | Forecast | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contributions to post-retirement plan, current fiscal year | $ 1 |
Stock-Related Benefits Plans - Narrative (Details) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 06, 2024
installment
shares
|
Mar. 31, 2024
USD ($)
$ / shares
shares
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
shares
|
Dec. 31, 2022
USD ($)
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Non-vested balance (in shares) | 11,938,776 | ||||
Unrecognized stock-based compensation cost for options | $ | $ 40 | ||||
Granted (in shares) | 19,000,000 | 19,000,000 | 0 | ||
Vested (in shares) | 0 | ||||
Allowance for credit losses on loans and leases | $ | $ 1,215 | $ 550 | $ 992 | $ 393 | |
Unfunded Loan Commitment | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allowance for credit losses on loans and leases | $ | $ 73 | $ 52 | |||
Vesting In One Year | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 4,000,000 | ||||
Vesting In Three Years | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 15,000,000 | ||||
Quarterly installments | installment | 12 | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Non-vested balance (in shares) | 14,100,509 | 15,173,941 | |||
Granted (in shares) | 1,971,715 | ||||
Granted (in usd per share) | $ / shares | $ 3.98 | ||||
Share-based compensation expense | $ | $ 7 | $ 8 | |||
Unrecognized stock-based compensation cost for options | $ | $ 108 | ||||
Period to be recognized | 2 years 3 months 18 days | ||||
Restricted Stock | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 1 year | 1 year | |||
Restricted Stock | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 5 years | 5 years | |||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Non-vested balance (in shares) | 464,652 | 1,218,288 | |||
Granted (in shares) | 0 | ||||
Granted (in usd per share) | $ / shares | $ 0 | ||||
Share-based compensation expense | $ | $ 1 | $ 1 | |||
Unrecognized stock-based compensation cost for options | $ | $ 2 | ||||
Period to be recognized | 1 year 7 months 6 days |
Stock-Related Benefits Plans - Summary of RSA and PSUs (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024
$ / shares
shares
| |
Number of Shares | |
Non-vested balance at end of period (in shares) | 11,938,776 |
Restricted Stock | |
Number of Shares | |
Non-vested balance at beginning of period (in shares) | 15,173,941 |
Granted (in shares) | 1,971,715 |
Vested (in shares) | (2,269,230) |
Forfeited (in shares) | (775,917) |
Non-vested balance at end of period (in shares) | 14,100,509 |
Weighted Average Grant Date Fair Value | |
Non-vested balance at beginning of period (in usd per share) | $ / shares | $ 10.49 |
Granted (in usd per share) | $ / shares | 3.98 |
Vested (in usd per share) | $ / shares | 10.84 |
Forfeited (in usd per share) | $ / shares | 10.19 |
Non-vested balance at end of period (in usd per share) | $ / shares | $ 9.54 |
Performance Shares | |
Number of Shares | |
Non-vested balance at beginning of period (in shares) | 1,218,288 |
Granted (in shares) | 0 |
Vested (in shares) | 0 |
Forfeited (in shares) | (753,636) |
Non-vested balance at end of period (in shares) | 464,652 |
Weighted Average Grant Date Fair Value | |
Non-vested balance at beginning of period (in usd per share) | $ / shares | $ 9.95 |
Granted (in usd per share) | $ / shares | 0 |
Vested (in usd per share) | $ / shares | 0 |
Forfeited (in usd per share) | $ / shares | 10.31 |
Non-vested balance at end of period (in usd per share) | $ / shares | $ 9.36 |
Stock-Related Benefits Plans - Stock Option Activity (Details) - $ / shares |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 06, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Number of Options | |||
Outstanding, beginning balance (in shares) | 0 | ||
Granted (in shares) | 19,000,000 | 19,000,000 | 0 |
Vested (in shares) | 0 | ||
Forfeited (in shares) | 0 | ||
Outstanding, ending balance (in shares) | 0 | ||
Unvested, ending balance (in shares) | 19,000,000 | ||
Exercisable, ending balance (in shares) | 0 | ||
Weighted- Average Exercise Price per Share | |||
Outstanding, beginning balance (in dollars per share) | $ 0 | ||
Granted (in dollars per share) | 2.31 | ||
Forfeited (in dollars per share) | 0 | ||
Outstanding, ending balance (in dollars per share) | $ 2.31 | $ 0 |
Stock-Related Benefits Plans - Exercise Price Range (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options (in shares) | shares | 19,000,000 |
Weighted-Average Exercise Price per Share (in dollars per share) | $ 2.31 |
Weighted- Average Remaining Contractual Life (in years) | 10 years |
$2.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | $ 2 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit | $ 2 |
Number of Options (in shares) | shares | 15,000,000 |
Weighted-Average Exercise Price per Share (in dollars per share) | $ 2.00 |
Weighted- Average Remaining Contractual Life (in years) | 10 years |
$3.46 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | $ 3.46 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit | $ 3.46 |
Number of Options (in shares) | shares | 4,000,000 |
Weighted-Average Exercise Price per Share (in dollars per share) | $ 3.46 |
Weighted- Average Remaining Contractual Life (in years) | 10 years |
Derivative and Hedging Activities - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain on cash flow hedges, net of tax of $(23) and $(6), respectively | $ 61 | $ 10 |
Interest , loans and leases held-for-sale | 9 | |
Derivative, amount of hedged item | 6,000 | |
Fair value of interest rate fair value hedging instruments | 26 | |
Amount of gain (loss), net of tax, to be reclassified during the next 12 months | 106 | |
Interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | 2,000 | |
Derivative, amount of hedged item | 2,000 | |
Interest rate swaps on FHLB advances | Derivatives designated hedging instruments: | Cash flow hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, notional amount | $ 5,500 | $ 5,500 |
Derivative and Hedging Activities - Notional Amount and Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Derivatives designated hedging instruments: | Interest rate swaps on FHLB advances | ||
Liabilities | ||
Fair Value | $ 26 | $ 2 |
Derivatives designated hedging instruments: | Interest rate swaps on FHLB advances | Cash flow hedging | ||
Liabilities | ||
Notional Amount | 5,500 | 5,500 |
Derivatives designated hedging instruments: | Interest rate swaps on FHLB advances | Other Assets | Cash flow hedging | ||
Liabilities | ||
Fair Value | 26 | 0 |
Derivatives designated hedging instruments: | Interest rate swaps on FHLB advances | Other Liabilities | Cash flow hedging | ||
Liabilities | ||
Fair Value | 0 | 2 |
Derivatives designated hedging instruments: | Interest rate swaps on multi-family loans held for investment | ||
Liabilities | ||
Fair Value | 0 | 1 |
Derivatives designated hedging instruments: | Interest rate swaps on multi-family loans held for investment | Fair value hedging | ||
Liabilities | ||
Notional Amount | 2,000 | 2,000 |
Derivatives designated hedging instruments: | Interest rate swaps on multi-family loans held for investment | Other Assets | Fair value hedging | ||
Liabilities | ||
Fair Value | 0 | 0 |
Derivatives designated hedging instruments: | Interest rate swaps on multi-family loans held for investment | Other Liabilities | Fair value hedging | ||
Liabilities | ||
Fair Value | 0 | 1 |
Derivatives not designated as hedging instruments: | ||
Assets | ||
Fair Value | 111 | 126 |
Liabilities | ||
Fair Value | 70 | 92 |
Derivatives not designated as hedging instruments: | Futures | ||
Assets | ||
Fair Value | 1 | |
Liabilities | ||
Fair Value | 1 | |
Derivatives not designated as hedging instruments: | Futures | Other Assets | ||
Assets | ||
Notional Amount | 1,890 | |
Fair Value | 1 | |
Liabilities | ||
Fair Value | 0 | |
Derivatives not designated as hedging instruments: | Futures | Other Liabilities | ||
Assets | ||
Fair Value | 0 | |
Liabilities | ||
Notional Amount | 2,235 | |
Fair Value | 1 | |
Derivatives not designated as hedging instruments: | Mortgage-backed securities forwards | ||
Assets | ||
Fair Value | 7 | 11 |
Liabilities | ||
Fair Value | 9 | 32 |
Derivatives not designated as hedging instruments: | Mortgage-backed securities forwards | Other Assets | ||
Assets | ||
Notional Amount | 1,468 | 1,012 |
Fair Value | 7 | 11 |
Liabilities | ||
Fair Value | 0 | 0 |
Derivatives not designated as hedging instruments: | Mortgage-backed securities forwards | Other Liabilities | ||
Assets | ||
Fair Value | 0 | 0 |
Liabilities | ||
Notional Amount | 1,375 | 1,048 |
Fair Value | 9 | 32 |
Derivatives not designated as hedging instruments: | Rate lock commitments | Other Assets | ||
Assets | ||
Notional Amount | 1,847 | 1,490 |
Fair Value | 11 | 12 |
Liabilities | ||
Fair Value | 0 | 0 |
Derivatives not designated as hedging instruments: | Rate lock commitments | Other Liabilities | ||
Assets | ||
Fair Value | 0 | 0 |
Liabilities | ||
Notional Amount | 225 | 77 |
Fair Value | 3 | 3 |
Derivatives not designated as hedging instruments: | Interest rate swaps and swaptions | Other Assets | ||
Assets | ||
Notional Amount | 5,745 | 5,431 |
Fair Value | 103 | 115 |
Liabilities | ||
Fair Value | 0 | 0 |
Derivatives not designated as hedging instruments: | Interest rate swaps and swaptions | Other Liabilities | ||
Assets | ||
Fair Value | 0 | 0 |
Liabilities | ||
Notional Amount | 2,833 | 2,720 |
Fair Value | $ 61 | $ 59 |
Derivative and Hedging Activities - Derivatives Subject to a Master Netting Arrangement (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Derivatives designated hedging instruments: | Interest rate swaps on FHLB advances | ||
Liabilities | ||
Gross Amount | $ 26 | $ 2 |
Gross Amounts Netted in the Statements of Condition | 0 | 0 |
Net Amount Presented in the Statements of Condition | 26 | 2 |
Financial Instruments | 0 | 0 |
Cash Collateral Pledged (Received) | 90 | 75 |
Derivatives designated hedging instruments: | Interest rate swaps on multi-family loans held for investment | ||
Liabilities | ||
Gross Amount | 0 | 1 |
Gross Amounts Netted in the Statements of Condition | 0 | 0 |
Net Amount Presented in the Statements of Condition | 0 | 1 |
Financial Instruments | 0 | 0 |
Cash Collateral Pledged (Received) | 33 | 27 |
Derivatives not designated as hedging instruments: | ||
Assets | ||
Gross Amount | 111 | 126 |
Gross Amounts Netted in the Statements of Condition | 0 | 0 |
Net Amount Presented in the Statements of Condition | 111 | 126 |
Financial Instruments | 0 | 0 |
Cash Collateral Pledged (Received) | 4 | (35) |
Liabilities | ||
Gross Amount | 70 | 92 |
Gross Amounts Netted in the Statements of Condition | 0 | 0 |
Net Amount Presented in the Statements of Condition | 70 | 92 |
Financial Instruments | 0 | 0 |
Cash Collateral Pledged (Received) | 57 | 102 |
Derivatives not designated as hedging instruments: | Mortgage-backed securities forwards | ||
Assets | ||
Gross Amount | 7 | 11 |
Gross Amounts Netted in the Statements of Condition | 0 | 0 |
Net Amount Presented in the Statements of Condition | 7 | 11 |
Financial Instruments | 0 | 0 |
Cash Collateral Pledged (Received) | 0 | (1) |
Liabilities | ||
Gross Amount | 9 | 32 |
Gross Amounts Netted in the Statements of Condition | 0 | 0 |
Net Amount Presented in the Statements of Condition | 9 | 32 |
Financial Instruments | 0 | 0 |
Cash Collateral Pledged (Received) | 8 | 57 |
Derivatives not designated as hedging instruments: | Interest rate swaptions | ||
Assets | ||
Gross Amount | 103 | 115 |
Gross Amounts Netted in the Statements of Condition | 0 | 0 |
Net Amount Presented in the Statements of Condition | 103 | 115 |
Financial Instruments | 0 | 0 |
Cash Collateral Pledged (Received) | 3 | (34) |
Derivatives not designated as hedging instruments: | Futures | ||
Assets | ||
Gross Amount | 1 | |
Gross Amounts Netted in the Statements of Condition | 0 | 0 |
Net Amount Presented in the Statements of Condition | 1 | 0 |
Financial Instruments | 0 | 0 |
Cash Collateral Pledged (Received) | 1 | 0 |
Liabilities | ||
Gross Amount | 1 | |
Gross Amounts Netted in the Statements of Condition | 0 | |
Net Amount Presented in the Statements of Condition | 1 | |
Financial Instruments | ||
Cash Collateral Pledged (Received) | 3 | |
Derivatives not designated as hedging instruments: | Interest rate swaps | ||
Liabilities | ||
Gross Amount | 61 | 59 |
Gross Amounts Netted in the Statements of Condition | 0 | 0 |
Net Amount Presented in the Statements of Condition | 61 | 59 |
Financial Instruments | 0 | 0 |
Cash Collateral Pledged (Received) | $ 49 | $ 42 |
Derivative and Hedging Activities - Cash Flow Derivative Instruments On AOCL (Details) - Swap FHLB - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in AOCL | $ 91 | $ (90) | $ 9 |
Amount of reclassified from AOCL to interest expense | $ (23) | $ (6) | $ (65) |
Derivative and Hedging Activities - Net Gain (Loss) Recognized on Designated Instruments (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized in AOCL | $ (25) | $ 18 |
Futures | Net return on mortgage servicing rights | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized in AOCL | 2 | (2) |
Interest rate swaps and swaptions | Net return on mortgage servicing rights | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized in AOCL | (34) | 49 |
Mortgage-backed securities forwards | Net return on mortgage servicing rights | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized in AOCL | (12) | 10 |
Rate lock commitments and US Treasury futures | Net gain on loan sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized in AOCL | 22 | (37) |
Interest rate swaps | Other non-interest income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized in AOCL | $ (3) | $ (2) |
Intangible Assets - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 20, 2023 |
Mar. 31, 2024 |
|
Core Deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life | 10 years | |
Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life | 5 years 1 month 6 days | |
Signature Bridge Bank | ||
Finite-Lived Intangible Assets [Line Items] | ||
Core deposit and other intangibles | $ 464 | |
Signature Bridge Bank | Core Deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life | 10 years |
Intangible Assets - Schedule Intangible Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 756 | $ 756 |
Accumulated Amortization | (166) | (131) |
Net Carrying Value | 590 | 625 |
Core Deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 700 | 700 |
Accumulated Amortization | (143) | (113) |
Net Carrying Value | 557 | 587 |
Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 56 | 56 |
Accumulated Amortization | (23) | (18) |
Net Carrying Value | $ 33 | $ 38 |
Intangible Assets - Future Amortization (Details) $ in Millions |
Mar. 31, 2024
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 97 |
2025 | 107 |
2026 | 94 |
2027 | 81 |
2028 | 67 |
Total | $ 446 |
Fair Value Measures - Financial Instruments Carried at Fair Value (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
---|---|---|---|
Assets: | |||
Loans held-for-sale | $ 981 | $ 902 | |
Mortgage servicing rights | 1,092 | 1,111 | $ 1,034 |
Total debt securities available for sale | |||
Assets: | |||
Total debt securities available for sale | 9,336 | 9,145 | |
Mortgage-related Debt Securities Available for Sale: | |||
Assets: | |||
Total debt securities available for sale | 7,136 | 6,563 | |
GSE certificates | |||
Assets: | |||
Total debt securities available for sale | 1,180 | 1,221 | |
GSE CMOs | |||
Assets: | |||
Total debt securities available for sale | 5,780 | 5,162 | |
Private Label CMOs | |||
Assets: | |||
Total debt securities available for sale | 176 | 180 | |
Other Debt Securities Available for Sale: | |||
Assets: | |||
Total debt securities available for sale | 2,200 | 2,582 | |
U. S. Treasury obligations | |||
Assets: | |||
Total debt securities available for sale | 0 | 198 | |
GSE debentures | |||
Assets: | |||
Total debt securities available for sale | 1,440 | 1,609 | |
Asset-backed securities | |||
Assets: | |||
Total debt securities available for sale | 287 | 302 | |
Municipal bonds | |||
Assets: | |||
Total debt securities available for sale | 6 | 6 | |
Corporate bonds | |||
Assets: | |||
Total debt securities available for sale | 340 | 343 | |
Foreign notes | |||
Assets: | |||
Total debt securities available for sale | 35 | 34 | |
Capital trust notes | |||
Assets: | |||
Total debt securities available for sale | 92 | 90 | |
Recurring | |||
Assets: | |||
Fair Value | 9,350 | 9,159 | |
Mortgage servicing rights | 1,092 | 1,111 | |
Total assets at fair value | 11,637 | 11,310 | |
Liabilities: | |||
Total liabilities at fair value | 73 | 95 | |
Recurring | Acquisition, development, and construction | |||
Assets: | |||
Loans held-for-sale | 138 | 123 | |
Recurring | Commercial and industrial | |||
Assets: | |||
Loans held-for-sale | 40 | 9 | |
Recurring | Mortgage Loans: | Residential first mortgage loans | |||
Assets: | |||
Loans held-for-sale | 803 | 770 | |
Loans held-for-investment | 8 | ||
Recurring | Mortgage Loans: | Acquisition, development, and construction | |||
Assets: | |||
Loans held-for-investment | 58 | ||
Recurring | Interest rate swaps and swaptions | |||
Assets: | |||
Derivative assets | 129 | 115 | |
Liabilities: | |||
Derivative liabilities | 61 | 59 | |
Recurring | Futures | |||
Assets: | |||
Derivative assets | 1 | 0 | |
Liabilities: | |||
Derivative liabilities | 1 | ||
Recurring | Rate lock commitments | |||
Assets: | |||
Derivative assets | 11 | 12 | |
Liabilities: | |||
Derivative liabilities | 3 | 3 | |
Recurring | Mortgage-backed securities forwards | |||
Assets: | |||
Derivative assets | 7 | 11 | |
Liabilities: | |||
Derivative liabilities | 9 | 32 | |
Recurring | Total debt securities available for sale | |||
Assets: | |||
Total debt securities available for sale | 9,336 | 9,145 | |
Recurring | Mortgage-related Debt Securities Available for Sale: | |||
Assets: | |||
Total debt securities available for sale | 7,136 | 6,563 | |
Recurring | GSE certificates | |||
Assets: | |||
Total debt securities available for sale | 1,180 | 1,221 | |
Recurring | GSE CMOs | |||
Assets: | |||
Total debt securities available for sale | 5,780 | 5,162 | |
Recurring | Private Label CMOs | |||
Assets: | |||
Total debt securities available for sale | 176 | 180 | |
Recurring | Other Debt Securities Available for Sale: | |||
Assets: | |||
Total debt securities available for sale | 2,200 | 2,582 | |
Recurring | U. S. Treasury obligations | |||
Assets: | |||
Total debt securities available for sale | 0 | 198 | |
Recurring | GSE debentures | |||
Assets: | |||
Total debt securities available for sale | 1,440 | 1,609 | |
Recurring | Asset-backed securities | |||
Assets: | |||
Total debt securities available for sale | 287 | 302 | |
Recurring | Municipal bonds | |||
Assets: | |||
Total debt securities available for sale | 6 | 6 | |
Recurring | Corporate bonds | |||
Assets: | |||
Total debt securities available for sale | 340 | 343 | |
Recurring | Foreign notes | |||
Assets: | |||
Total debt securities available for sale | 35 | 34 | |
Recurring | Capital trust notes | |||
Assets: | |||
Total debt securities available for sale | 92 | 90 | |
Recurring | Equity securities: | |||
Assets: | |||
Equity securities: | 14 | 14 | |
Recurring | Mutual funds and common stock | |||
Assets: | |||
Equity securities: | 14 | 14 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Assets: | |||
Fair Value | 0 | 198 | |
Mortgage servicing rights | 0 | 0 | |
Total assets at fair value | 0 | 198 | |
Liabilities: | |||
Total liabilities at fair value | 0 | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Acquisition, development, and construction | |||
Assets: | |||
Loans held-for-sale | 0 | ||
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial and industrial | |||
Assets: | |||
Loans held-for-sale | 0 | ||
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage Loans: | Residential first mortgage loans | |||
Assets: | |||
Loans held-for-sale | 0 | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate swaps and swaptions | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Futures | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Liabilities: | |||
Derivative liabilities | |||
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Rate lock commitments | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities forwards | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Total debt securities available for sale | |||
Assets: | |||
Total debt securities available for sale | 0 | 198 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-related Debt Securities Available for Sale: | |||
Assets: | |||
Total debt securities available for sale | 0 | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | GSE certificates | |||
Assets: | |||
Total debt securities available for sale | 0 | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | GSE CMOs | |||
Assets: | |||
Total debt securities available for sale | 0 | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Private Label CMOs | |||
Assets: | |||
Total debt securities available for sale | 0 | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Debt Securities Available for Sale: | |||
Assets: | |||
Total debt securities available for sale | 0 | 198 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U. S. Treasury obligations | |||
Assets: | |||
Total debt securities available for sale | 0 | 198 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | GSE debentures | |||
Assets: | |||
Total debt securities available for sale | 0 | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Asset-backed securities | |||
Assets: | |||
Total debt securities available for sale | 0 | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal bonds | |||
Assets: | |||
Total debt securities available for sale | 0 | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate bonds | |||
Assets: | |||
Total debt securities available for sale | 0 | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign notes | |||
Assets: | |||
Total debt securities available for sale | 0 | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Capital trust notes | |||
Assets: | |||
Total debt securities available for sale | 0 | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities: | |||
Assets: | |||
Equity securities: | 0 | 0 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual funds and common stock | |||
Assets: | |||
Equity securities: | 0 | 0 | |
Recurring | Significant Other Observable Inputs (Level 2) | |||
Assets: | |||
Fair Value | 9,317 | 8,929 | |
Mortgage servicing rights | 0 | 0 | |
Total assets at fair value | 10,501 | 9,957 | |
Liabilities: | |||
Total liabilities at fair value | 70 | 92 | |
Recurring | Significant Other Observable Inputs (Level 2) | Acquisition, development, and construction | |||
Assets: | |||
Loans held-for-sale | 138 | 123 | |
Recurring | Significant Other Observable Inputs (Level 2) | Commercial and industrial | |||
Assets: | |||
Loans held-for-sale | 40 | 9 | |
Recurring | Significant Other Observable Inputs (Level 2) | Mortgage Loans: | Residential first mortgage loans | |||
Assets: | |||
Loans held-for-sale | 803 | 770 | |
Loans held-for-investment | 8 | ||
Recurring | Significant Other Observable Inputs (Level 2) | Mortgage Loans: | Acquisition, development, and construction | |||
Assets: | |||
Loans held-for-investment | 58 | ||
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate swaps and swaptions | |||
Assets: | |||
Derivative assets | 129 | 115 | |
Liabilities: | |||
Derivative liabilities | 61 | 59 | |
Recurring | Significant Other Observable Inputs (Level 2) | Futures | |||
Assets: | |||
Derivative assets | 1 | 0 | |
Liabilities: | |||
Derivative liabilities | 1 | ||
Recurring | Significant Other Observable Inputs (Level 2) | Rate lock commitments | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities forwards | |||
Assets: | |||
Derivative assets | 7 | 11 | |
Liabilities: | |||
Derivative liabilities | 9 | 32 | |
Recurring | Significant Other Observable Inputs (Level 2) | Total debt securities available for sale | |||
Assets: | |||
Total debt securities available for sale | 9,303 | 8,915 | |
Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-related Debt Securities Available for Sale: | |||
Assets: | |||
Total debt securities available for sale | 7,103 | 6,531 | |
Recurring | Significant Other Observable Inputs (Level 2) | GSE certificates | |||
Assets: | |||
Total debt securities available for sale | 1,180 | 1,221 | |
Recurring | Significant Other Observable Inputs (Level 2) | GSE CMOs | |||
Assets: | |||
Total debt securities available for sale | 5,780 | 5,162 | |
Recurring | Significant Other Observable Inputs (Level 2) | Private Label CMOs | |||
Assets: | |||
Total debt securities available for sale | 143 | 148 | |
Recurring | Significant Other Observable Inputs (Level 2) | Other Debt Securities Available for Sale: | |||
Assets: | |||
Total debt securities available for sale | 2,200 | 2,384 | |
Recurring | Significant Other Observable Inputs (Level 2) | U. S. Treasury obligations | |||
Assets: | |||
Total debt securities available for sale | 0 | ||
Recurring | Significant Other Observable Inputs (Level 2) | GSE debentures | |||
Assets: | |||
Total debt securities available for sale | 1,440 | 1,609 | |
Recurring | Significant Other Observable Inputs (Level 2) | Asset-backed securities | |||
Assets: | |||
Total debt securities available for sale | 287 | 302 | |
Recurring | Significant Other Observable Inputs (Level 2) | Municipal bonds | |||
Assets: | |||
Total debt securities available for sale | 6 | 6 | |
Recurring | Significant Other Observable Inputs (Level 2) | Corporate bonds | |||
Assets: | |||
Total debt securities available for sale | 340 | 343 | |
Recurring | Significant Other Observable Inputs (Level 2) | Foreign notes | |||
Assets: | |||
Total debt securities available for sale | 35 | 34 | |
Recurring | Significant Other Observable Inputs (Level 2) | Capital trust notes | |||
Assets: | |||
Total debt securities available for sale | 92 | 90 | |
Recurring | Significant Other Observable Inputs (Level 2) | Equity securities: | |||
Assets: | |||
Equity securities: | 14 | 14 | |
Recurring | Significant Other Observable Inputs (Level 2) | Mutual funds and common stock | |||
Assets: | |||
Equity securities: | 14 | 14 | |
Recurring | Significant Unobservable Inputs (Level 3) | |||
Assets: | |||
Fair Value | 33 | 32 | |
Mortgage servicing rights | 1,092 | 1,111 | |
Total assets at fair value | 1,136 | 1,155 | |
Liabilities: | |||
Total liabilities at fair value | 3 | 3 | |
Recurring | Significant Unobservable Inputs (Level 3) | Acquisition, development, and construction | |||
Assets: | |||
Loans held-for-sale | 0 | ||
Recurring | Significant Unobservable Inputs (Level 3) | Commercial and industrial | |||
Assets: | |||
Loans held-for-sale | 0 | ||
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage Loans: | Residential first mortgage loans | |||
Assets: | |||
Loans held-for-sale | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Interest rate swaps and swaptions | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Futures | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Liabilities: | |||
Derivative liabilities | |||
Recurring | Significant Unobservable Inputs (Level 3) | Rate lock commitments | |||
Assets: | |||
Derivative assets | 11 | 12 | |
Liabilities: | |||
Derivative liabilities | 3 | 3 | |
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage-backed securities forwards | |||
Assets: | |||
Derivative assets | 0 | 0 | |
Liabilities: | |||
Derivative liabilities | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Total debt securities available for sale | |||
Assets: | |||
Total debt securities available for sale | 33 | 32 | |
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage-related Debt Securities Available for Sale: | |||
Assets: | |||
Total debt securities available for sale | 33 | 32 | |
Recurring | Significant Unobservable Inputs (Level 3) | GSE certificates | |||
Assets: | |||
Total debt securities available for sale | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | GSE CMOs | |||
Assets: | |||
Total debt securities available for sale | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Private Label CMOs | |||
Assets: | |||
Total debt securities available for sale | 33 | 32 | |
Recurring | Significant Unobservable Inputs (Level 3) | Other Debt Securities Available for Sale: | |||
Assets: | |||
Total debt securities available for sale | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | U. S. Treasury obligations | |||
Assets: | |||
Total debt securities available for sale | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | GSE debentures | |||
Assets: | |||
Total debt securities available for sale | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Asset-backed securities | |||
Assets: | |||
Total debt securities available for sale | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Municipal bonds | |||
Assets: | |||
Total debt securities available for sale | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Corporate bonds | |||
Assets: | |||
Total debt securities available for sale | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Foreign notes | |||
Assets: | |||
Total debt securities available for sale | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Capital trust notes | |||
Assets: | |||
Total debt securities available for sale | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Equity securities: | |||
Assets: | |||
Equity securities: | 0 | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Mutual funds and common stock | |||
Assets: | |||
Equity securities: | $ 0 | $ 0 |
Fair Value Measures - Roll Forward of Financial Instruments (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income |
Significant Unobservable Inputs (Level 3) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at Beginning of Year | $ 1,120 |
Total Gains / (Losses) Recorded in Earnings | 7 |
Purchases / Originations | 54 |
Sales | (69) |
Settlement | 0 |
Transfers In (Out) | 21 |
Balance at End of Year | 1,133 |
Significant Unobservable Inputs (Level 3) | Mortgage Servicing Rights | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at Beginning of Year | 1,111 |
Total Gains / (Losses) Recorded in Earnings | 8 |
Purchases / Originations | 42 |
Sales | (69) |
Settlement | 0 |
Transfers In (Out) | 0 |
Balance at End of Year | 1,092 |
Significant Unobservable Inputs (Level 3) | Private Label CMOs | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at Beginning of Year | 0 |
Total Gains / (Losses) Recorded in Earnings | 0 |
Purchases / Originations | 0 |
Sales | 0 |
Settlement | 0 |
Transfers In (Out) | 33 |
Balance at End of Year | 33 |
Significant Unobservable Inputs (Level 3) | Rate lock commitments | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at Beginning of Year | 9 |
Total Gains / (Losses) Recorded in Earnings | (1) |
Purchases / Originations | 12 |
Sales | |
Settlement | |
Transfers In (Out) | (12) |
Balance at End of Year | $ 8 |
Fair Value Measures - Quantitative Information about Recurring Level 3 Fair Value Financial Instruments (Details) $ in Millions |
Mar. 31, 2024
USD ($)
constant_default_rate_per_loan
|
Dec. 31, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
---|---|---|---|
Assets: | |||
Mortgage servicing rights | $ | $ 1,092 | $ 1,111 | $ 1,034 |
Private Label CMOs | |||
Assets: | |||
Fair Value | $ | 176 | 180 | |
Recurring | |||
Assets: | |||
Mortgage servicing rights | $ | 1,092 | 1,111 | |
Recurring | Private Label CMOs | |||
Assets: | |||
Fair Value | $ | 176 | 180 | |
Recurring | Rate lock commitments | |||
Liabilities: | |||
Rate lock commitments (net) | $ | 3 | 3 | |
Significant Unobservable Inputs (Level 3) | Recurring | |||
Assets: | |||
Mortgage servicing rights | $ | 1,092 | 1,111 | |
Significant Unobservable Inputs (Level 3) | Recurring | Private Label CMOs | |||
Assets: | |||
Fair Value | $ | 33 | 32 | |
Significant Unobservable Inputs (Level 3) | Recurring | Rate lock commitments | |||
Liabilities: | |||
Rate lock commitments (net) | $ | $ 3 | $ 3 | |
Significant Unobservable Inputs (Level 3) | Option adjusted spread | Minimum | Recurring | Valuation Technique, Discounted Cash Flow | |||
Assets: | |||
Mortgage servicing rights, measurement input | 0.049 | ||
Significant Unobservable Inputs (Level 3) | Option adjusted spread | Maximum | Recurring | Valuation Technique, Discounted Cash Flow | |||
Assets: | |||
Mortgage servicing rights, measurement input | 0.217 | ||
Significant Unobservable Inputs (Level 3) | Option adjusted spread | Weighted average | Recurring | Valuation Technique, Discounted Cash Flow | |||
Assets: | |||
Mortgage servicing rights, measurement input | 0.053 | ||
Significant Unobservable Inputs (Level 3) | Constant prepayment rate | Minimum | Recurring | Valuation Technique, Discounted Cash Flow | |||
Assets: | |||
Mortgage servicing rights, measurement input | 0 | ||
Significant Unobservable Inputs (Level 3) | Constant prepayment rate | Maximum | Recurring | Valuation Technique, Discounted Cash Flow | |||
Assets: | |||
Mortgage servicing rights, measurement input | 0.100 | ||
Significant Unobservable Inputs (Level 3) | Constant prepayment rate | Weighted average | Recurring | Valuation Technique, Discounted Cash Flow | |||
Assets: | |||
Mortgage servicing rights, measurement input | 0.077 | ||
Significant Unobservable Inputs (Level 3) | Weighted average cost to service per loan | Minimum | Recurring | Valuation Technique, Discounted Cash Flow | |||
Assets: | |||
Mortgage servicing rights, measurement input | 65 | ||
Significant Unobservable Inputs (Level 3) | Weighted average cost to service per loan | Maximum | Recurring | Valuation Technique, Discounted Cash Flow | |||
Assets: | |||
Mortgage servicing rights, measurement input | 90 | ||
Significant Unobservable Inputs (Level 3) | Weighted average cost to service per loan | Weighted average | Recurring | Valuation Technique, Discounted Cash Flow | |||
Assets: | |||
Mortgage servicing rights, measurement input | 68 | ||
Significant Unobservable Inputs (Level 3) | Constant default rates | Minimum | Recurring | Valuation Technique, Discounted Cash Flow | Private Label CMOs | |||
Assets: | |||
Fair value, measurement input | 0.0010 | ||
Significant Unobservable Inputs (Level 3) | Constant default rates | Maximum | Recurring | Valuation Technique, Discounted Cash Flow | Private Label CMOs | |||
Assets: | |||
Fair value, measurement input | 0.0030 | ||
Significant Unobservable Inputs (Level 3) | Measurement input, expected term | Minimum | Recurring | Valuation Technique, Discounted Cash Flow | Private Label CMOs | |||
Assets: | |||
Fair value, measurement input | 0.1150 | ||
Significant Unobservable Inputs (Level 3) | Measurement input, expected term | Maximum | Recurring | Valuation Technique, Discounted Cash Flow | Private Label CMOs | |||
Assets: | |||
Fair value, measurement input | 0.0796 | ||
Significant Unobservable Inputs (Level 3) | Measurement Input, Origination Pull-Through | Recurring | Rate lock commitments | Valuation Technique, Consensus Pricing Model | |||
Liabilities: | |||
Rate lock commitments (net), measurement input | 0.7180 | ||
Significant Unobservable Inputs (Level 3) | Rate lock commitments | Recurring | Rate lock commitments | |||
Liabilities: | |||
Rate lock commitments (net) | $ | $ 8 |
Fair Value Measures - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Certain impaired loans | $ 236 | $ 197 |
Other assets | 50 | 50 |
Total assets at fair value | 286 | 247 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Certain impaired loans | 0 | |
Other assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Certain impaired loans | 0 | |
Other assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Certain impaired loans | 236 | 197 |
Other assets | 50 | 50 |
Total assets at fair value | $ 286 | $ 247 |
Fair Value Measures - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Carrying Value | ||
Financial Assets: | ||
Cash and cash equivalents | $ 12,890 | $ 11,475 |
FHLB and FRB stock | 1,550 | 1,392 |
Loans and leases held for investment, net | 81,112 | 83,627 |
Financial Liabilities: | ||
Deposits | 74,858 | 81,526 |
Borrowed funds | 26,727 | 21,267 |
Estimated Fair Value | ||
Financial Assets: | ||
Cash and cash equivalents | 12,890 | 11,475 |
FHLB and FRB stock | 1,550 | 1,392 |
Loans and leases held for investment, net | 76,458 | 79,333 |
Financial Liabilities: | ||
Deposits | 74,755 | 81,247 |
Borrowed funds | 26,651 | 21,082 |
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets: | ||
Cash and cash equivalents | 12,890 | 11,475 |
FHLB and FRB stock | 0 | 0 |
Loans and leases held for investment, net | 0 | 0 |
Financial Liabilities: | ||
Deposits | 48,095 | 59,972 |
Borrowed funds | 0 | 0 |
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
FHLB and FRB stock | 1,550 | 1,392 |
Loans and leases held for investment, net | 0 | 0 |
Financial Liabilities: | ||
Deposits | 26,660 | 21,275 |
Borrowed funds | 26,651 | 21,082 |
Estimated Fair Value | Significant Unobservable Inputs (Level 3) | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
FHLB and FRB stock | 0 | 0 |
Loans and leases held for investment, net | 76,458 | 79,333 |
Financial Liabilities: | ||
Deposits | 0 | 0 |
Borrowed funds | $ 0 | $ 0 |
Fair Value Measures - Changes in Fair Value Included in Earnings - Fair Value Option (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Fair Value Disclosures [Abstract] | ||
Weighted-average life | 7 years 21 days | |
Change in fair value included in earnings | $ 3 | $ 28 |
Fair Value Measures - Differences Between Aggregate Fair Value and Aggregate Remaining Contractual Principal Balance Outstanding - Fair Value Option (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Fair Value, Option, Quantitative Disclosures | ||
Unpaid Principal Balance | $ 990 | $ 871 |
Fair Value | 1,007 | 896 |
Fair Value Over / (Under) UPB | 17 | 25 |
Total other performing loans | ||
Fair Value, Option, Quantitative Disclosures | ||
Unpaid Principal Balance | 990 | 869 |
Fair Value | 1,007 | 894 |
Fair Value Over / (Under) UPB | 17 | 25 |
Nonaccrual loans: | ||
Fair Value, Option, Quantitative Disclosures | ||
Unpaid Principal Balance | 0 | 2 |
Fair Value | 0 | 2 |
Fair Value Over / (Under) UPB | 0 | 0 |
Loans held-for-sale | ||
Fair Value, Option, Quantitative Disclosures | ||
Unpaid Principal Balance | 923 | 871 |
Fair Value | 941 | 896 |
Fair Value Over / (Under) UPB | 18 | 25 |
Loans held-for-sale | Total other performing loans | ||
Fair Value, Option, Quantitative Disclosures | ||
Unpaid Principal Balance | 923 | 869 |
Fair Value | 941 | 894 |
Fair Value Over / (Under) UPB | 18 | 25 |
Loans held-for-sale | Nonaccrual loans: | ||
Fair Value, Option, Quantitative Disclosures | ||
Unpaid Principal Balance | 0 | 2 |
Fair Value | 0 | 2 |
Fair Value Over / (Under) UPB | 0 | $ 0 |
Loans held-for-investment | ||
Fair Value, Option, Quantitative Disclosures | ||
Unpaid Principal Balance | 67 | |
Fair Value | 66 | |
Fair Value Over / (Under) UPB | (1) | |
Loans held-for-investment | Total other performing loans | ||
Fair Value, Option, Quantitative Disclosures | ||
Unpaid Principal Balance | 67 | |
Fair Value | 66 | |
Fair Value Over / (Under) UPB | (1) | |
Loans held-for-investment | Nonaccrual loans: | ||
Fair Value, Option, Quantitative Disclosures | ||
Unpaid Principal Balance | 0 | |
Fair Value | 0 | |
Fair Value Over / (Under) UPB | $ 0 |
Mezzanine and Stockholders Equity- Schedule of Preferred and Temporary Equity (Details) - USD ($) |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Nov. 23, 1993 |
|
Amount Outstanding (in millions) | |||||
Preferred stock | $ 503,000,000 | $ 503,000,000 | |||
Noncumulative convertible preferred stock | 595,000,000 | 0 | $ 0 | $ 0 | |
Common stock | $ 8,000,000 | $ 7,000,000 | |||
Shares Authorized | |||||
Preferred stock (in shares) | 5,000,000 | ||||
Common stock (in shares) | 900,000,000 | 900,000,000 | |||
Shares Issued | |||||
Preferred stock (in shares) | 515,000 | ||||
Common stock (in shares) | 827,123,078 | 744,155,791 | |||
Shares Outstanding | |||||
Preferred stock (in shares) | 515,000 | ||||
Common stock (in shares) | 804,285,598 | 722,066,370 | |||
Par Value | |||||
Preferred stock (in usd per share) | $ 0.01 | $ 0.01 | |||
Noncumulative convertible preferred stock (in usd per share) | 0.01 | 0.01 | $ 0.01 | $ 0.01 | |
Common stock (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Liquidation Preference | |||||
Preferred Stock | $ 1,000 | ||||
Preferred Stock (Par Value: $0.01) | |||||
Temporary Equity [Line Items] | |||||
Dividend rate percentage | 6.375% | ||||
Noncumulative Series B Preferred Stock | |||||
Temporary Equity [Line Items] | |||||
Dividend rate percentage | 13.00% | ||||
Amount Outstanding (in millions) | |||||
Noncumulative convertible preferred stock | $ 258,000,000 | ||||
Shares Authorized | |||||
Noncumulative convertible preferred stock (in shares) | 267,062 | ||||
Shares Issued | |||||
Noncumulative convertible preferred stock (in shares) | 192,062 | ||||
Shares Outstanding | |||||
Noncumulative convertible preferred stock (in shares) | 192,062 | ||||
Par Value | |||||
Noncumulative convertible preferred stock (in usd per share) | $ 0.01 | ||||
Liquidation Preference | |||||
Noncumulative convertible preferred stock | $ 2,000 | ||||
Noncumulative Convertible Preferred Stock Series C | |||||
Temporary Equity [Line Items] | |||||
Dividend rate percentage | 13.00% | ||||
Amount Outstanding (in millions) | |||||
Noncumulative convertible preferred stock | $ 337,000,000 | ||||
Shares Authorized | |||||
Noncumulative convertible preferred stock (in shares) | 523,369 | ||||
Shares Issued | |||||
Noncumulative convertible preferred stock (in shares) | 256,307 | ||||
Shares Outstanding | |||||
Noncumulative convertible preferred stock (in shares) | 249,556 | ||||
Par Value | |||||
Noncumulative convertible preferred stock (in usd per share) | $ 0.01 | ||||
Liquidation Preference | |||||
Noncumulative convertible preferred stock | $ 2,000 | ||||
Conversion of convertible shares (in shares) | 6,751 | ||||
Non-Voting Common Equivalent Series D | |||||
Amount Outstanding (in millions) | |||||
Common stock | $ 0 | ||||
Shares Authorized | |||||
Common stock (in shares) | 315,000 | ||||
Shares Issued | |||||
Common stock (in shares) | 0 | ||||
Shares Outstanding | |||||
Common stock (in shares) | 0 | ||||
Par Value | |||||
Common stock (in usd per share) | $ 0.01 | ||||
Liquidation Preference | |||||
Common Stock | $ 0.0001 |
Mezzanine and Stockholders Equity - Narrative (Details) |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 17, 2027 |
Mar. 31, 2024
$ / shares
shares
|
Mar. 31, 2023
$ / shares
|
Dec. 31, 2023
$ / shares
|
Dec. 31, 2022
$ / shares
|
|
Temporary Equity [Line Items] | |||||
Preferred stock, convertible, price (in USD per share) | $ / shares | $ 2.50 | ||||
Dividends paid on preferred stock (in dollars per share) | $ / shares | 15.94 | $ 15.94 | |||
Preferred stock, par value (in usd per share) | $ / shares | 0.01 | $ 0.01 | |||
Noncumulative convertible preferred stock (in usd per share) | $ / shares | 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Series D Preferred Stock Warrants | |||||
Temporary Equity [Line Items] | |||||
Offering price (in dollars per share) | $ / shares | $ 2,500 | ||||
Warrant term | 7 years | ||||
Date warrants will not be exercisable | 180 days | ||||
Forecast | Secured Overnight Financing Rate (SOFR) | |||||
Temporary Equity [Line Items] | |||||
Dividend payment variable rate | 0.040826 | ||||
Noncumulative Series A Preferred Stock | |||||
Temporary Equity [Line Items] | |||||
Interest in share conversion ratio | 0.025 | ||||
Liquidation Preference Per Share (in USD per share) | $ / shares | $ 1.00 | ||||
Preferred stock, convertible, price (in USD per share) | $ / shares | 25 | ||||
Dividends paid on preferred stock (in dollars per share) | $ / shares | 15.94 | ||||
Noncumulative Series B Preferred Stock | |||||
Temporary Equity [Line Items] | |||||
Liquidation Preference Per Share (in USD per share) | $ / shares | $ 2,000 | ||||
Shares issued upon conversion (in shares) | shares | 1,000 | ||||
Common stock issued upon conversion (in shares) | shares | 192,000,000 | ||||
Dividend rate percentage | 13.00% | ||||
Noncumulative convertible preferred stock (in usd per share) | $ / shares | $ 0.01 | ||||
Noncumulative convertible preferred stock (in shares) | shares | 267,062 | ||||
Noncumulative Series B Preferred Stock | Minimum | |||||
Temporary Equity [Line Items] | |||||
Noncumulative convertible preferred stock (in shares) | shares | 900,000,000 | ||||
Noncumulative Series B Preferred Stock | Maximum | |||||
Temporary Equity [Line Items] | |||||
Noncumulative convertible preferred stock (in shares) | shares | 1,700,000,000 | ||||
Noncumulative Convertible Preferred Stock Series C | |||||
Temporary Equity [Line Items] | |||||
Shares issued upon conversion (in shares) | shares | 1,000 | ||||
Common stock issued upon conversion (in shares) | shares | 249,600,000 | ||||
Dividend rate percentage | 13.00% | ||||
Noncumulative convertible preferred stock (in usd per share) | $ / shares | $ 0.01 | ||||
Noncumulative convertible preferred stock (in shares) | shares | 523,369 | ||||
Series C Preferred Stock | Conversion of Series D NVCE Stock into Common Stock | |||||
Temporary Equity [Line Items] | |||||
Shares issued upon conversion (in shares) | shares | 1 | ||||
Series C Preferred Stock | Conversion Of Series B Convertible Stock Into Common Stock | |||||
Temporary Equity [Line Items] | |||||
Shares issued upon conversion (in shares) | shares | 1 | ||||
Preferred Stock (Par Value: $0.01) | |||||
Temporary Equity [Line Items] | |||||
Dividend rate percentage | 6.375% | ||||
Series D NYCE Stock | |||||
Temporary Equity [Line Items] | |||||
Preferred stock, par value (in usd per share) | $ / shares | $ 0.01 | ||||
Convertible stock (in shares) | shares | 315,000,000 | ||||
Series D NYCE Stock | Conversion of Series D NVCE Stock into Common Stock | |||||
Temporary Equity [Line Items] | |||||
Shares issued upon conversion (in shares) | shares | 1,000 |
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