Loans (Tables)

6 Months Ended

Jun. 30, 2018

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


	June 30, 2018						December 31, 2017
(dollars in thousands)	Amount				Percent of Loans Held for Investment		Amount				Percent of Loans Held for Investment
Loans Held for Investment:
Mortgage Loans:
Multi-family		$	29,211,541			74.10%		$	28,074,709			73.19%
Commercial real estate			7,153,868			18.15			7,322,226			19.09
One-to-four family			449,419			1.14			477,228			1.24
Acquisition, development, and construction			424,827			1.08			435,825			1.14

Total mortgage loans held for investment		$	37,239,655			94.47		$	36,309,988			94.66

Other Loans:
Commercial and industrial			1,535,618			3.90			1,377,964			3.59
Lease financing, net of unearned income of $59,088 and $65,041, respectively			634,821			1.61			662,610			1.73

Total commercial and industrial loans ⁽¹⁾			2,170,439			5.51			2,040,574			5.32
Other			8,663			0.02			8,460			0.02

Total other loans held for investment			2,179,102			5.53			2,049,034			5.34

Total loans held for investment		$	39,418,757			100.00%		$	38,359,022			100.00%

Net deferred loan origination costs			29,068						28,949
Allowance for losses on non-covered loans			(160,652	)					(158,046	)

Loans held for investment, net		$	39,287,173					$	38,229,925

Loans held for sale			--						35,258

Total loans, net		$	39,287,173					$	38,265,183

(1)	Includes specialty finance loans and leases of $1.7 billion at June 30, 2018 and December 31, 2017, and other C&I loans of $491.7 million and $500.8 million, respectively, at June 30, 2018 and December 31, 2017.

The following table presents information regarding the quality of the Company’s loans held for investment at June 30, 2018:


(in thousands)	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		$	5		$	5,408		$	--		$	5,413		$	29,206,128		$	29,211,541
Commercial real estate			--			4,917			--			4,917			7,148,951			7,153,868
One-to-four family			214			1,669			--			1,883			447,536			449,419
Acquisition, development, and construction			--			--			--			--			424,827			424,827
Commercial and industrial⁽¹⁾ ^{(2 )}			1,994			44,483			--			46,477			2,123,962			2,170,439
Other			4,065			4			--			4,069			4,594			8,663

Total		$	6,278		$	56,481		$	--		$	62,759		$	39,355,998		$	39,418,757

(1)	Includes $2.0 million and $43.5 million of taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively.

(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, 2017:


							Loans
							90 Days or More
	Loans			Non-			Delinquent and			Total
	30-89 Days			Accrual			Still Accruing			Past Due			Current			Total Loans
(in thousands)	Past Due			Loans			Interest			Loans			Loans			Receivable
Multi-family		$	1,258		$	11,078		$	--		$	12,336		$	28,062,373		$	28,074,709
Commercial real estate			13,227			6,659			--			19,886			7,302,340			7,322,226
One-to-four family			585			1,966			--			2,551			474,677			477,228
Acquisition, development, and construction			--			6,200			--			6,200			429,625			435,825
Commercial and industrial^{(1) (2} ⁾			2,711			47,768			--			50,479			1,990,095			2,040,574
Other			8			11			--			19			8,441			8,460

Total		$	17,789		$	73,682		$	--		$	91,471		$	38,267,551		$	38,359,022

(1)	Includes $2.7 million and $46.7 million of taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively.

(2)	Includes lease financing receivables, all of which were current.

The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at June 30, 2018:

(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, 2017:

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

The following table presents information regarding the Company’s TDRs as of June 30, 2018 and December 31, 2017:


	June 30, 2018									December 31, 2017
(in thousands)	Accruing			Non-Accrual			Total			Accruing			Non-Accrual			Total
Loan Category:
Multi-family		$	816		$	5,174		$	5,990		$	824		$	8,061		$	8,885
Commercial real estate			--			356			356			--			368			368
One-to-four family			--			1,043			1,043			--			1,066			1,066
Acquisition, development, and construction			9,552			--			9,552			8,652			--			8,652
Commercial and industrial			--			24,759			24,759			177			26,408			26,585

Total		$	10,368		$	31,332		$	41,700		$	9,653		$	35,903		$	45,556

The financial effects of the Company’s TDRs for the three months ended June 30, 2018 and 2017 are summarized as follows:


	For the Three Months Ended June 30, 2018
									Weighted Average
									Interest Rate
			Pre-Modification			Post-Modification
	Number		Recorded			Recorded			Pre-			Post-			Charge-off			Capitalized
(dollars in thousands)	of Loans		Investment			Investment			Modification			Modification			Amount			Interest
Loan Category:
Commercial and industrial		6		$	2,613		$	1,420		3.27	%		3.05	%		$	1,158		$	--


	For the Three Months Ended June 30, 2017
									Weighted Average
									Interest Rate
			Pre-Modification			Post-Modification
	Number		Recorded			Recorded			Pre-			Post-			Charge-off			Capitalized
(dollars in thousands)	of Loans		Investment			Investment			Modification			Modification			Amount			Interest
Loan Category:
One-to-four family		3		$	544		$	657		5.90	%		2.00	%		$	--		$	7
Commercial and industrial		13			22,752			18,722		3.49			3.45				825			--

Total		16		$	23,296		$	19,379								$	825		$	7

The financial effects of the Company’s TDRs for the six months ended June 30, 2018 and 2017 are summarized as follows:


	For the Six Months Ended June 30, 2018
									Weighted Average
									Interest Rate
			Pre-Modification			Post-Modification
	Number		Recorded			Recorded			Pre-			Post-			Charge-off			Capitalized
(dollars in thousands)	of Loans		Investment			Investment			Modification			Modification			Amount			Interest
Loan Category:
Acquisition, development, and construction		1		$	900		$	900		4.50	%		4.50	%		$	--		$	--
Commercial and industrial		12			5,780			3,174		3.27			3.14				2,476			--

Total		13		$	6,680		$	4,074								$	2,476		$	--


	For the Six Months Ended June 30, 2017
									Weighted Average
									Interest Rate
			Pre-Modification			Post-Modification
	Number		Recorded			Recorded			Pre-			Post-			Charge-off			Capitalized
(dollars in thousands)	of Loans		Investment			Investment			Modification			Modification			Amount			Interest
Loan Category:
Multi-family		4		$	809		$	994		5.93	%		2.21	%		$	--		$	12
Commercial and industrial		30			30,714			23,151		3.45			3.45				4,104			--

Total		34		$	31,523		$	24,145								$	4,104		$	12