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Loans (Tables)
 12 Months Ended
Dec. 31, 2018
Composition of Loan Portfolio
The following table sets forth the composition of the loan portfolio at the dates indicated:
 
 
 
December 31, 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
 
$
29,883,919
 
 
 
74.46
%
 
$
28,074,709
 
 
 
73.19
%
Commercial real estate
 
 
6,998,834
 
 
 
17.44
 
 
 
7,322,226
 
 
 
19.09
 
One-to-four family
 
 
446,094
 
 
 
1.11
 
 
 
477,228
 
 
 
1.24
 
Acquisition, development, and construction
 
 
407,870
 
 
 
1.02
 
 
 
435,825
 
 
 
1.14
 
Total mortgage loans held for investment
 
$
37,736,717
 
 
 
94.03
 
 
$
36,309,988
 
 
 
94.66
 
Other Loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
 
 
1,705,308
 
 
 
4.25
 
 
 
1,377,964
 
 
 
3.59
 
Lease financing, net of unearned income of $53,891 and $65,041, respectively
 
 
683,112
 
 
 
1.70
 
 
 
662,610
 
 
 
1.73
 
Total commercial and industrial loans
(1)
 
 
2,388,420
 
 
 
5.95
 
 
 
2,040,574
 
 
 
5.32
 
Other
 
 
8,724
 
 
 
0.02
 
 
 
8,460
 
 
 
0.02
 
Total other loans held for investment
 
 
2,397,144
 
 
 
5.97
 
 
 
2,049,034
 
 
 
5.34
 
Total loans held for investment
 
$
40,133,861
 
 
 
100.00
%
 
$
38,359,022
 
 
 
100.00
%
Net deferred loan origination costs
 
 
32,047
 
 
 
 
 
 
 
28,949
 
 
 
 
 
Allowance for losses
 
 
(159,820
)
 
 
 
 
 
 
(158,046
)
 
 
 
 
Loans held for investment, net
 
$
40,006,088
 
 
 
 
 
 
$
38,229,925
 
 
 
 
 
Loans held for sale
 
 
—
 
 
 
 
 
 
 
35,258
 
 
 
 
 
Total loans, net
 
$
40,006,088
 
 
 
 
 
 
$
38,265,183
 
 
 
 
 
 
(1)
Includes specialty finance loans and leases of $1.9 billion and $1.5 billion, respectively, at December 31, 2018 and 2017. Other C&I loans of $469.9 million and $500.8 million, respectively, at December 31, 2018 and 2017.
Quality of Non-Covered Loans
The following table presents information regarding the quality of the Company’s loans held for investment at December 31, 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
 
$
—
 
 
$
4,220
 
 
$
—
 
 
$
4,220
 
 
$
29,879,699
 
 
$
29,883,919
 
Commercial real estate
 
 
—
 
 
 
3,021
 
 
 
—
 
 
 
3,021
 
 
 
6,995,813
 
 
 
6,998,834
 
One-to-four family
 
 
9
 
 
 
1,651
 
 
 
—
 
 
 
1,660
 
 
 
444,434
 
 
 
446,094
 
Acquisition, development, and construction
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
407,870
 
 
 
407,870
 
Commercial and industrial
(1) (2)
 
 
530
 
 
 
36,608
 
 
 
—
 
 
 
37,138
 
 
 
2,351,282
 
 
 
2,388,420
 
Other
 
 
25
 
 
 
6
 
 
 
—
 
 
 
31
 
 
 
8,693
 
 
 
8,724
 
Total
 
$
564
 
 
$
45,506
 
 
$
—
 
 
$
46,070
 
 
$
40,087,791
 
 
$
40,133,861
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Includes $530,000 and $35.5 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:
 
(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
 
$
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. 
Non-Covered Loan Portfolio by Credit Quality Indicator
The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at December 31, 2018:
 
 
 
Mortgage Loans
 
 
Other Loans
 
(in thousands)
 
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
 
$
29,548,242
 
 
$
6,880,105
 
 
$
444,443
 
 
$
319,001
 
 
$
37,191,791
 
 
$
2,306,563
 
 
$
8,469
 
 
$
2,315,032
 
Special mention
 
 
312,025
 
 
 
90,653
 
 
 
—
 
 
 
73,964
 
 
 
476,642
 
 
 
19,751
 
 
 
—
 
 
 
19,751
 
Substandard
 
 
23,652
 
 
 
28,076
 
 
 
1,651
 
 
 
14,905
 
 
 
68,284
 
 
 
62,106
 
 
 
255
 
 
 
62,361
 
Doubtful
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
Total
 
$
29,883,919
 
 
$
6,998,834
 
 
$
446,094
 
 
$
407,870
 
 
$
37,736,717
 
 
$
2,388,420
 
 
$
8,724
 
 
$
2,397,144
 
 
(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:
 
 
 
Mortgage Loans
 
 
Other Loans
 
(in thousands)
 
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
 
$
27,874,330
 
 
$
7,255,100
 
 
$
471,571
 
 
$
344,040
 
 
$
35,945,041
 
 
$
1,925,527
 
 
$
8,449
 
 
$
1,933,976
 
Special mention
 
 
125,752
 
 
 
47,123
 
 
 
3,691
 
 
 
76,033
 
 
 
252,599
 
 
 
20,883
 
 
 
—
 
 
 
20,883
 
Substandard
 
 
74,627
 
 
 
20,003
 
 
 
1,966
 
 
 
15,752
 
 
 
112,348
 
 
 
94,164
 
 
 
11
 
 
 
94,175
 
Doubtful
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
Total
 
$
28,074,709
 
 
$
7,322,226
 
 
$
477,228
 
 
$
435,825
 
 
$
36,309,988
 
 
$
2,040,574
 
 
$
8,460
 
 
$
2,049,034
 
 
(1)
Includes lease financing receivables, all of which were classified as Pass.
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 thousands)
 
2018
 
 
2017
 
 
2016
 
Interest income that would have been recorded
 
$
4,145
 
 
$
4,974
 
 
$
3,128
 
Interest income actually recorded
 
 
(3,480
)
 
 
(2,904
)
 
 
(1,708
)
Interest income foregone
 
$
665
 
 
$
2,070
 
 
$
1,420
 
Information Regarding Troubled Debt Restructurings
The following table presents information regarding the Company’s TDRs as of December 31, 2018 and 2017:
 
 
 
December 31, 2018
 
 
December 31, 2017
 
(in thousands)
 
Accruing
 
 
Non-Accrual
 
 
Total
 
 
Accruing
 
 
Non-Accrual
 
 
Total
 
Loan Category:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Multi-family
 
$
—
 
 
$
4,220
 
 
$
4,220
 
 
$
824
 
 
$
8,061
 
 
$
8,885
 
Commercial real estate
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
368
 
 
 
368
 
One-to-four family
 
 
—
 
 
 
1,022
 
 
 
1,022
 
 
 
—
 
 
 
1,066
 
 
 
1,066
 
Acquisition, development, and construction
 
 
8,297
 
 
 
—
 
 
 
8,297
 
 
 
8,652
 
 
 
—
 
 
 
8,652
 
Commercial and industrial
 
 
865
 
 
 
20,477
 
 
 
21,342
 
 
 
177
 
 
 
26,408
 
 
 
26,585
 
Total
 
$
9,162
 
 
$
25,719
 
 
$
34,881
 
 
$
9,653
 
 
$
35,903
 
 
$
45,556
 
Financial Effects of Troubled Debt Restructurings
The financial effects of the Company’s TDRs for the twelve months ended December 31, 2018, 2017 and 2016 are summarized as follows:
 
 
 
For the Twelve Months Ended December 31, 2018
 
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
Weighted Average
Interest Rate
 
 
 
 
 
 
 
 
Number

of Loans
 
 
Pre-Modification

Recorded

Investment
 
 
Post-Modification

Recorded

Investment
 
 
Pre-
Modification
 
 
Post-
Modification
 
 
Charge-off

Amount
 
 
Capitalized

Interest
 
Loan Category:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition, development, and construction
 
 
1
 
 
$
900
 
 
$
900
 
 
 
4.50
%
 
 
4.50
%
 
$
—
 
 
$
—
 
Commercial and industrial
 
 
21
 
 
 
7,763
 
 
 
5,455
 
 
 
3.25
 
 
 
3.13
 
 
 
2,308
 
 
 
—
 
Total
 
 
22
 
 
$
8,663
 
 
$
6,355
 
 
 
 
 
 
 
 
 
 
$
2,308
 
 
$
—
 
 
 
 
For the Twelve Months Ended December 31, 2017
 
(dollars in thousands)
 
 
 
 
Pre-Modification
 
 
Post-Modification
 
 
Weighted Average
Interest Rate
 
 
 
 
 
 
 
 
Number
of Loans
 
 
Recorded

Investment
 
 
Recorded

Investment
 
 
Pre-Modification
 
 
Post-Modification
 
 
Charge-off 
Amount
 
 
Capitalized

Interest
 
Loan Category:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family
 
 
4
 
 
$
810
 
 
$
986
 
 
 
5.93
%
 
 
2.21
%
 
$
—
 
 
$
12
 
Acquisition, development, and construction
 
 
2
 
 
 
8,652
 
 
 
8,652
 
 
 
5.50
 
 
 
5.50
 
 
 
—
 
 
 
—
 
Commercial and industrial
 
 
65
 
 
 
52,179
 
 
 
26,409
 
 
 
3.36
 
 
 
3.29
 
 
 
14,273
 
 
 
—
 
Total
 
 
71
 
 
$
61,641
 
 
$
36,047
 
 
 
 
 
 
 
 
 
 
$
14,273
 
 
$
12
 
 
 
 
For the Twelve Months Ended December 31, 2016
 
(dollars in thousands
)
 
 
 
 
 
 
 
 
 
 
Weighted Average
Interest Rate
 
 
 
 
 
 
 
 
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
 
 
$
9,340
 
 
$
8,129
 
 
 
4.63
%
 
 
4.00
%
 
$
—
 
 
$
—
 
One-to-four family
 
 
5
 
 
 
900
 
 
 
1,036
 
 
 
4.26
 
 
 
2.65
 
 
 
—
 
 
 
11
 
Commercial and industrial
 
 
7
 
 
 
4,697
 
 
 
3,935
 
 
 
3.22
 
 
 
3.19
 
 
 
170
 
 
 
—
 
Total
 
 
13
 
 
$
14,937
 
 
$
13,100
 
 
 
 
 
 
 
 
 
 
$
170
 
 
$
11