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Loans and Leases (Tables)

12 Months Ended

Dec. 31, 2021

The following table sets forth the composition of the loan and lease portfolio at the dates indicated:


	December 31, 2021						December 31, 2020
(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	$	34,603			75.75	%	$	32,236			75.28	%
Commercial real estate		6,698			14.66			6,836			15.96
One-to-four family		160			0.35			236			0.55
Acquisition, development, and construction		209			0.46			90			0.21
Total mortgage loans held for investment (1)		41,670			91.22			39,398			92.00
Other Loans:
Commercial and industrial		2,236			4.89			1,682			3.93
Lease financing, net of unearned income of $95 and $116 respectively		1,770			3.88			1,735			4.05
Total commercial and industrial loans (2)		4,006			8.77			3,417			7.98
Other		5			0.01			7			0.02
Total other loans held for investment		4,011			8.78			3,424			8.00
Total loans and leases held for investment (1)	$	45,681			100.00	%	$	42,822			100.00	%
Net deferred loan origination costs		57						62
Allowance for loan and lease losses		(199	)					(194	)
Total loans and leases held for investment, net	$	45,539					$	42,690
Loans held for sale (3)		—						117
Total loans and leases, net	$	45,539					$	42,807

(1)

Excludes accrued interest receivable of $199 million and $219 million at December 31, 2021 and December 31, 2020, respectively, which is included in other assets in the Consolidated Statements of Condition.

(2)

Includes specialty finance loans and leases of $3.5 billion and $3.0 billion, respectively, at December 31, 2021 and December 31, 2020, and other C&I loans of $527 million and $393 million, respectively, at December 31, 2021 and December 31, 2020.

(3)

Includes deferred loan origination fees of $2 million.

Quality of Loans Held for Investment

The following table presents information regarding the quality of the Company’s loans held for investment at December 31, 2021:


(in millions)	Loans 30-89 Days Past Due		Non- Accrual Loans		Loans 90 Days or More Delinquent and Still Accruing Interest		Total Past Due Loans		Current Loans		Total Loans Receivable
Multi-family	$	57	$	10	$	—	$	67	$	34,536	$	34,603
Commercial real estate		2		16		—		18		6,680		6,698
One-to-four family		8		1		—		9		151		160
Acquisition, development, and construction		—		—		—		—		209		209
Commercial and industrial(1) (2)		—		6		—		6		4,000		4,006
Other		—		—		—		—		5		5
Total	$	67	$	33	$	—	$	100	$	45,581	$	45,681

(1)

Includes $6 million of taxi medallion-related loans that were 90 days or more past due. There were no taxi medallion-related loans that were 30 to 89 days past due.

(2)

Includes lease financing receivables, all of which were current.

The following table presents information regarding the quality of the Company’s loans held for investment at December 31, 2020:


(in millions)	Loans 30-89 Days Past Due		Non- Accrual Loans		Loans 90 Days or More Delinquent and Still Accruing Interest		Total Past Due Loans		Current Loans		Total Loans Receivable
Multi-family	$	4	$	4	$	—	$	8	$	32,228	$	32,236
Commercial real estate		10		12		—		22		6,814		6,836
One-to-four family		2		2		—		4		232		236
Acquisition, development, and construction		—		—		—		—		90		90
Commercial and industrial(1) (2)		—		20		—		20		3,397		3,417
Other		—		—		—		—		7		7
Total	$	16	$	38	$	—	$	54	$	42,768	$	42,822

(1)

Includes $19 million of taxi medallion-related loans that were 90 days or more past due. There were no taxi medallion-related loans that were 30 to 89 days past due.

(2)

Includes lease financing receivables, all of which were current.

Portfolio 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 December 31, 2021:


	Mortgage Loans										Other Loans
(in millions)	Multi- Family		Commercial Real Estate		One-to- Four Family		Acquisition, Development, and Construction		Total Mortgage Loans		Commercial and Industrial(1)		Other		Total Other Loans
Credit Quality Indicator:
Pass	$	33,011	$	5,874	$	137	$	204	$	39,226	$	3,959	$	5	$	3,964
Special mention		981		643		14		5		1,643		2		—		2
Substandard		611		181		9		—		801		45		—		45
Doubtful		—		—		—		—		—		—		—		—
Total	$	34,603	$	6,698	$	160	$	209	$	41,670	$	4,006	$	5	$	4,011

(1)

Includes lease financing receivables, all of which were classified as Pass.

The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at December 31, 2020:


	Mortgage Loans										Other Loans
(in millions)	Multi- Family		Commercial Real Estate		One-to- Four Family		Acquisition, Development, and Construction		Total Mortgage Loans		Commercial and Industrial(1)		Other		Total Other Loans
Credit Quality Indicator:
Pass	$	31,220	$	5,884	$	222	$	68	$	37,394	$	3,388	$	7	$	3,395
Special mention		567		637		12		22		1,238		3		—		3
Substandard		449		315		2		—		766		26		—		26
Doubtful		—		—		—		—		—		—		—		—
Total	$	32,236	$	6,836	$	236	$	90	$	39,398	$	3,417	$	7	$	3,424

(1)

Includes lease financing receivables, all of which were classified as Pass.

Schedule of Credit Quality Indicator, Loan Class, and Year of Origination, the Amortized Cost Basis of Loans and Leases

The following table presents, by credit quality indicator, loan class, and year of origination, the amortized cost basis of the Company’s loans and leases as of December 31, 2021.


	Vintage Year
(in millions) Risk Rating Group	2021		2020		2019		2018		2017		Prior To 2017		Revolving Loans		Total
Pass	$	9,363	$	9,223	$	5,623	$	4,700	$	3,320	$	7,006	$	17	$	39,252
Special Mention		—		128		221		346		123		825		1		1,644
Substandard		—		23		108		145		93		432		—		801
Total mortgage loans	$	9,363	$	9,374	$	5,952	$	5,191	$	3,536	$	8,263	$	18	$	41,697
Pass		916		670		533		87		152		167		1,469		3,994
Special Mention		—		—		—		—		—		—		2		2
Substandard		—		2		2		1		1		13		26		45
Total other loans		916		672		535		88		153		180		1,497		4,041
Total	$	10,279	$	10,046	$	6,487	$	5,279	$	3,689	$	8,443	$	1,515	$	45,738

Summary of Collateral-Dependent Loans Held for Investment by Collateral Type

The following table summarizes the extent to which collateral secures the Company’s collateral-dependent loans held for investment by collateral type as of December 31, 2021:


	Collateral Type
(in millions)	Real Property		Other
Multi-family	$	9	$	—
Commercial real estate		30		—
One-to-four family		—		—
Acquisition, development, and construction		—		—
Commercial and industrial		—		6
Other		—		—
Total collateral-dependent loans held for investment		39		6

Details of Interest Income on Non-Accrual Loans

The interest income that would have been recorded under the original terms of non-accrual loans at the respective year-ends, and the interest income actually recorded on these loans in the respective years, is summarized below:


	December 31,
(in millions)	2021			2020			2019
Interest income that would have been recorded	$	3		$	5		$	5
Interest income actually recorded		(1	)		(1	)		(3	)
Interest income foregone	$	2		$	4		$	2

Information Regarding Troubled Debt Restructurings

The following table presents information regarding the Company’s TDRs as of December 31, 2021 and 2020:


		December 31, 2021									December 31, 2020
(in millions)		Accruing			Non- Accrual			Total			Accruing			Non- Accrual			Total
Loan Category:
Multi-family	$		—	$		7	$		7	$		—	$		—	$		—
Commercial real estate			16			—			16			15			—			15
One-to-four family			—			—			—			—			—			—
Acquisition, development, and construction			—			—			—			—			—			—
Commercial and industrial (1)			—			6			6			—			19			19
Total	$		16	$		13	$		29	$		15	$		19	$		34

(1)

Includes $6 million and $18 million of taxi medallion-related loans at December 31, 2021 and 2020, respectively.

Financial Effects of Troubled Debt Restructurings

The financial effects of the Company’s TDRs for the twelve months ended December 31, 2021, 2020 and 2019 are summarized as follows:


	For the Twelve Months Ended December 31, 2021
							Weighted Average Interest Rate
(dollars in millions)	Number of Loans		Pre- Modification Recorded Investment		Post- Modification Recorded Investment		Pre- Modification			Post- Modification		Charge- off Amount		Capitalized Interest
Loan Category:
Commercial real estate		2	$	4	$	4		6.00	%	3.55	%	$	—	$	—
Multi-family		1		8		8	3.13			3.25			—		—
Total		3	$	12	$	12						$	—	$	—


	For the Twelve Months Ended December 31, 2020
							Weighted Average Interest Rate
(dollars in millions)	Number of Loans		Pre- Modification Recorded Investment		Post- Modification Recorded Investment		Pre- Modification		Post- Modification		Charge- off Amount		Capitalized Interest
Loan Category:
Commercial real estate		1	$	15	$	15	8.00	%	3.50	%	$	—	$	—
Commercial and industrial		42		9		8	2.36		2.23			1		—
Total		43	$	24	$	23					$	1	$	—


	For the Twelve Months Ended December 31, 2019
							Weighted Average Interest Rate
(dollars in millions)	Number of Loans		Pre- Modification Recorded Investment		Post- Modification Recorded Investment		Pre- Modification			Post- Modification			Charge- off Amount		Capitalized Interest
Loan Category:
One-to-four family		1	$	—	$	—		5.50	%		5.50	%	$	—	$	—
Commercial and industrial		72		35		31	4.31			4.37				4		—
Total		73	$	35	$	31							$	4	$	—