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Loans and Leases (Tables)

3 Months Ended

Mar. 31, 2022

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


	March 31, 2022						December 31, 2021
(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	$	35,751			76.55	%	$	34,603			75.75	%
Commercial real estate		6,701			14.35			6,698			14.66
One-to-four family		145			0.31			160			0.35
Acquisition, development, and construction		237			0.51			209			0.46
Total mortgage loans held for investment (1)		42,834			91.72			41,670			91.22
Other Loans:
Commercial and industrial		2,200			4.71			2,236			4.89
Lease financing, net of unearned income of $90 and $95 respectively		1,663			3.57			1,770			3.88
Total commercial and industrial loans (2)		3,863			8.27			4,006			8.77
Other		6			0.01			5			0.01
Total other loans held for investment		3,869			8.28			4,011			8.78
Total loans and leases held for investment (1)	$	46,703			100.00	%	$	45,681			100.00	%
Net deferred loan origination costs		55						57
Allowance for loan and lease losses		(197	)					(199	)
Total loans and leases, net	$	46,561					$	45,539

(1)

Excludes accrued interest receivable of $200 million and $199 million at March 31, 2022 and December 31, 2021, respectively, which is included in other assets in the Consolidated Statements of Condition.

(2)

Includes specialty finance loans and leases of $3.3 billion and $3.5 billion, respectively, at March 31, 2022 and December 31, 2021, and other C&I loans of $548 million and $527 million, respectively, at March 31, 2022 and December 31, 2021.

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, 2022:


(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	$	23	$	22	$	—	$	45	$	35,706	$	35,751
Commercial real estate		4		35		—		39		6,662		6,701
One-to-four family		7		—		—		7		138		145
Acquisition, development, and construction		—		—		—		—		237		237
Commercial and industrial(1) (2)		—		6		—		6		3,857		3,863
Other		—		—		—		—		6		6
Total	$	34	$	63	$	—	$	97	$	46,606	$	46,703

(1)

Includes $5 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, 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.

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 March 31, 2022.


	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	$	34,087	$	5,951	$	122	$	233	$	40,393	$	3,858	$	6	$	3,864
Special mention		998		577		23		4		1,602		—		—		—
Substandard		666		173		—		—		839		5		—		5
Doubtful		—		—		—		—		—		—		—		—
Total	$	35,751	$	6,701	$	145	$	237	$	42,834	$	3,863	$	6	$	3,869

(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, 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.

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 March 31, 2022.


	Vintage Year
(in millions) Risk Rating Group	2022		2021		2020		2019		2018		Prior To 2018		Revolving Loans		Total
Pass	$	2,688	$	9,299	$	9,159	$	5,417	$	4,348	$	9,491	$	18	$	40,420
Special Mention		—		—		70		230		343		959		1		1,603
Substandard		—		—		39		147		176		477		—		839
Total mortgage loans	$	2,688	$	9,299	$	9,268	$	5,794	$	4,867	$	10,927	$	19	$	42,862
Pass		115		836		608		496		81		309		1,446		3,891
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		2		1		1		1		—		5
Total other loans		115		836		610		497		82		310		1,446		3,896
Total	$	2,803	$	10,135	$	9,878	$	6,291	$	4,949	$	11,237	$	1,465	$	46,758

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 March 31, 2022.


	Collateral Type
(in millions)	Real Property		Other
Multi-family	$	19	$	—
Commercial real estate		49		—
One-to-four family		—		—
Acquisition, development, and construction		—		—
Commercial and industrial		—		5
Other		—		—
Total collateral-dependent loans held for investment		68		5

Information Regarding Troubled Debt Restructurings

The following table presents information regarding the Company's TDRs as of March 31, 2022 and December 31, 2021:


		March 31, 2022									December 31, 2021
(in millions)		Accruing			Non- Accrual			Total			Accruing			Non- Accrual			Total
Loan Category:
Multi-family	$		—	$		7	$		7	$		—	$		7	$		7
Commercial real estate			16			19			35			16			—			16
One-to-four family			—			—			—			—			—			—
Acquisition, development, and construction			—			—			—			—			—			—
Commercial and industrial (1)			—			5			5			—			6			6
Total	$		16	$		31	$		47	$		16	$		13	$		29

(1) Includes $5 million and $6 million of taxi medallion-related loans at March 31, 2022 and December 31, 2021, respectively.

Financial Effects of Troubled Debt Restructurings

The financial effects of the Company’s TDRs for the three months ended March 31, 2022 and 2021 are summarized as follows:


	For the Three Months Ended March 31, 2022
							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	$	22	$	19		6.00	%	4.00	%	$	3	$	—


	For the Three Months Ended March 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:
Multi-family		1	$	8	$	8	3.13	%	3.25	%	$	—	$	—