XML 36 R26.htm IDEA: XBRL DOCUMENT v3.20.2
Loans and Leases (Tables)
 9 Months Ended
Sep. 30, 2020
Receivables [Abstract]  
Composition of Loan and Lease Portfolio

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

 

 

 

September 30, 2020

 

 

December 31, 2019

 

(dollars in thousands)

 

Amount

 

 

Percent of

Loans Held

for Investment

 

 

Amount

 

 

Percent of

Loans Held

for Investment

 

Loans and Leases Held for Investment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-family

 

$

32,100,281

 

 

 

75.06

%

 

$

31,158,672

 

 

 

74.46

%

Commercial real estate

 

 

6,884,667

 

 

 

16.10

 

 

 

7,081,910

 

 

 

16.93

 

One-to-four family

 

 

274,095

 

 

 

0.64

 

 

 

380,361

 

 

 

0.91

 

Acquisition, development, and construction

 

 

86,007

 

 

 

0.20

 

 

 

200,596

 

 

 

0.48

 

Total mortgage loans held for investment(1)

 

 

39,345,050

 

 

 

92.00

 

 

$

38,821,539

 

 

 

92.78

 

Other Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

 

1,644,872

 

 

 

3.85

 

 

 

1,742,380

 

 

 

4.16

 

Lease financing, net of unearned income of

   $121,168 and $104,826, respectively

 

 

1,771,168

 

 

 

4.14

 

 

 

1,271,998

 

 

 

3.04

 

Total commercial and industrial loans (2)

 

 

3,416,040

 

 

 

7.99

 

 

 

3,014,378

 

 

 

7.20

 

Other

 

 

6,461

 

 

 

0.01

 

 

 

8,102

 

 

 

0.02

 

Total other loans held for investment(1)

 

 

3,422,501

 

 

 

8.00

 

 

 

3,022,480

 

 

 

7.22

 

Total loans and leases held for investment

 

$

42,767,551

 

 

 

100.00

%

 

$

41,844,019

 

 

 

100.00

%

Net deferred loan origination costs

 

 

61,668

 

 

 

 

 

 

 

50,136

 

 

 

 

 

Allowance for loan and lease losses

 

 

(188,307

)

 

 

 

 

 

 

(147,638

)

 

 

 

 

Total loans and leases held for investment, net

 

$

42,640,912

 

 

 

 

 

 

$

41,746,517

 

 

 

 

 

Loans held for sale(3)

 

 

117,272

 

 

 

 

 

 

 

—

 

 

 

 

 

Total loans and leases, net

 

$

42,758,184

 

 

 

 

 

 

$

41,746,517

 

 

 

 

 

 

(1)

Excludes accrued interest receivable of $217.8 million and $116.9 million at September 30, 2020 and December 31, 2019, respectively, which is included in other assets in the Consolidated Statements of Condition.

(2)

Includes specialty finance loans and leases of $3.1 billion and $2.6 billion, respectively, at September 30, 2020 and December 31, 2019, and other C&I loans of $394.3 million and $420.1 million, respectively, at September 30, 2020 and December 31, 2019.

(3)

Includes deferred loan origination fees of $1.7 million.

Quality of Loans Held for Investment

The following table presents information regarding the quality of the Company’s loans held for investment at September 30, 2020:

 

(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

 

$

378

 

 

$

4,068

 

 

$

—

 

 

$

4,446

 

 

$

32,095,835

 

 

$

32,100,281

 

Commercial real estate

 

 

2,617

 

 

 

12,673

 

 

 

—

 

 

 

15,290

 

 

 

6,869,377

 

 

 

6,884,667

 

One-to-four family

 

 

2,078

 

 

 

1,706

 

 

 

—

 

 

 

3,784

 

 

 

270,311

 

 

 

274,095

 

Acquisition, development, and construction

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

86,007

 

 

 

86,007

 

Commercial and industrial(1) (2)

 

 

—

 

 

 

26,902

 

 

 

—

 

 

 

26,902

 

 

 

3,389,138

 

 

 

3,416,040

 

Other

 

 

56

 

 

 

2

 

 

 

—

 

 

 

58

 

 

 

6,403

 

 

 

6,461

 

Total loans and leases held for investment

 

$

5,129

 

 

$

45,351

 

 

$

—

 

 

$

50,480

 

 

$

42,717,071

 

 

$

42,767,551

 

 

(1)

Includes $24.4 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, 2019:

 

(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

 

$

1,131

 

 

$

5,407

 

 

$

—

 

 

$

6,538

 

 

$

31,152,134

 

 

$

31,158,672

 

Commercial real estate

 

 

2,545

 

 

 

14,830

 

 

 

—

 

 

 

17,375

 

 

 

7,064,535

 

 

 

7,081,910

 

One-to-four family

 

 

—

 

 

 

1,730

 

 

 

—

 

 

 

1,730

 

 

 

378,631

 

 

 

380,361

 

Acquisition, development, and construction

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

200,596

 

 

 

200,596

 

Commercial and industrial(1) (2)

 

 

—

 

 

 

39,024

 

 

 

—

 

 

 

39,024

 

 

 

2,975,354

 

 

 

3,014,378

 

Other

 

 

44

 

 

 

252

 

 

 

—

 

 

 

296

 

 

 

7,806

 

 

 

8,102

 

Total

 

$

3,720

 

 

$

61,243

 

 

$

—

 

 

$

64,963

 

 

$

41,779,056

 

 

$

41,844,019

 

 

(1)

Includes $30.4 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 September 30, 2020:

 

 

 

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

 

$

31,688,547

 

 

$

5,999,490

 

 

$

272,393

 

 

$

62,589

 

 

$

38,023,019

 

 

$

3,351,910

 

 

$

6,459

 

 

$

3,358,369

 

Special mention

 

 

343,366

 

 

 

775,959

 

 

 

—

 

 

 

23,418

 

 

 

1,142,743

 

 

 

3,892

 

 

 

—

 

 

 

3,892

 

Substandard

 

 

68,368

 

 

 

109,218

 

 

 

1,702

 

 

 

—

 

 

 

179,288

 

 

 

60,238

 

 

 

2

 

 

 

60,240

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

32,100,281

 

 

$

6,884,667

 

 

$

274,095

 

 

$

86,007

 

 

$

39,345,050

 

 

$

3,416,040

 

 

$

6,461

 

 

$

3,422,501

 

 

(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, 2019:

 

 

 

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

 

$

30,903,657

 

 

$

6,902,218

 

 

$

377,883

 

 

$

158,751

 

 

$

38,342,509

 

 

$

2,960,557

 

 

$

7,850

 

 

$

2,968,407

 

Special mention

 

 

239,664

 

 

 

104,648

 

 

 

748

 

 

 

41,456

 

 

 

386,516

 

 

 

1,588

 

 

 

—

 

 

 

1,588

 

Substandard

 

 

15,351

 

 

 

75,044

 

 

 

1,730

 

 

 

389

 

 

 

92,514

 

 

 

52,233

 

 

 

252

 

 

 

52,485

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

31,158,672

 

 

$

7,081,910

 

 

$

380,361

 

 

$

200,596

 

 

$

38,821,539

 

 

$

3,014,378

 

 

$

8,102

 

 

$

3,022,480

 

 

(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 September 30, 2020.

 

(in thousands)

 

Vintage Year

 

Risk Rating Group

 

2020

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

Prior To

2016

 

 

Revolving

Loans

 

 

Total

 

Pass

 

$

6,574,686

 

 

$

6,824,784

 

 

$

6,493,565

 

 

$

4,807,008

 

 

$

3,823,209

 

 

$

9,503,766

 

 

$

23,914

 

 

$

38,050,932

 

Special Mention

 

 

—

 

 

 

216,236

 

 

 

129,332

 

 

 

246,885

 

 

 

303,899

 

 

 

245,876

 

 

 

790

 

 

 

1,143,018

 

Substandard

 

 

—

 

 

 

—

 

 

 

18,410

 

 

 

32,746

 

 

 

44,819

 

 

 

82,606

 

 

 

—

 

 

 

178,581

 

Total mortgage loans

 

$

6,574,686

 

 

$

7,041,020

 

 

$

6,641,307

 

 

$

5,086,639

 

 

$

4,171,927

 

 

$

9,832,248

 

 

$

24,704

 

 

$

39,372,531

 

Pass

 

 

900,386

 

 

 

820,707

 

 

 

188,768

 

 

 

221,595

 

 

 

131,410

 

 

 

153,233

 

 

 

976,487

 

 

 

3,392,586

 

Special Mention

 

 

—

 

 

 

42

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,850

 

 

 

3,892

 

Substandard

 

 

3,652

 

 

 

8,338

 

 

 

3,709

 

 

 

13,918

 

 

 

1,528

 

 

 

2,235

 

 

 

26,830

 

 

 

60,210

 

Total other loans

 

 

904,038

 

 

 

829,087

 

 

 

192,477

 

 

 

235,513

 

 

 

132,938

 

 

 

155,468

 

 

 

1,007,167

 

 

 

3,456,688

 

Total

 

$

7,478,724

 

 

$

7,870,107

 

 

$

6,833,784

 

 

$

5,322,152

 

 

$

4,304,865

 

 

$

9,987,716

 

 

$

1,031,871

 

 

$

42,829,219

 
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 September 30, 2020:  

 

 

 

Collateral

Type

 

(in thousands)

 

Real

Property

 

 

Other

 

Multi-family

 

$

—

 

 

$

—

 

Commercial real estate

 

 

27,051

 

 

 

—

 

One-to-four family

 

 

563

 

 

 

—

 

Acquisition, development, and construction

 

 

—

 

 

 

—

 

Commercial and industrial

 

 

—

 

 

 

34,447

 

Other

 

 

—

 

 

 

—

 

Total collateral-dependent loans held for investment

 

$

27,614

 

 

$

34,447

 
Information Regarding Troubled Debt Restructurings

The following table presents information regarding the Company’s TDRs as of September 30, 2020 and December 31, 2019:

 

 

 

September 30, 2020

 

 

December 31, 2019

 

(in thousands)

 

Accruing

 

 

Non-

Accrual

 

 

Total

 

 

Accruing

 

 

Non-

Accrual

 

 

Total

 

Loan Category:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-family

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

3,577

 

 

$

3,577

 

Commercial real estate

 

 

15,040

 

 

 

—

 

 

 

15,040

 

 

 

—

 

 

 

—

 

 

 

—

 

One-to-four family

 

 

—

 

 

 

563

 

 

 

563

 

 

 

—

 

 

 

584

 

 

 

584

 

Acquisition, development, and construction

 

 

—

 

 

 

—

 

 

 

—

 

 

 

389

 

 

 

—

 

 

 

389

 

Commercial and industrial(1)

 

 

865

 

 

 

25,435

 

 

 

26,300

 

 

 

865

 

 

 

35,084

 

 

 

35,949

 

Other

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

15,905

 

 

$

25,998

 

 

$

41,903

 

 

$

1,254

 

 

$

39,245

 

 

$

40,499

 

 

(1)

Includes $23.0 million and $27.3 million of taxi medallion-related loans at September 30, 2020 and December 31, 2019, respectively

Financial Effects of Troubled Debt Restructurings

The financial effects of the Company’s TDRs for the three months ended September 30, 2020 and 2019 are summarized as follows:

 

 

 

For the Three Months Ended September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average

Interest Rate

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

Number

of Loans

 

 

Pre-

Modification

Recorded

Investment

 

 

Post-

Modification

Recorded

Investment

 

 

Pre-

Modification

 

 

Post-

Modification

 

 

Charge-

off

Amount

 

 

Capitalized

Interest

 

Loan Category:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

 

23

 

 

 

4,508

 

 

 

4,508

 

 

 

1.66

%

 

 

1.66

%

 

 

—

 

 

 

—

 

 

 

 

For the Three Months Ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average

Interest Rate

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

Number

of Loans

 

 

Pre-

Modification

Recorded

Investment

 

 

Post-

Modification

Recorded

Investment

 

 

Pre-

Modification

 

 

Post-

Modification

 

 

Charge-

off

Amount

 

 

Capitalized

Interest

 

Loan Category:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

 

28

 

 

$

7,366

 

 

$

7,086

 

 

 

2.99

%

 

 

2.82

%

 

$

280

 

 

$

3

 

 

The financial effects of the Company’s TDRs for the nine months ended September 30, 2020 and 2019 are summarized as follows:

 

 

 

For the Nine Months Ended September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average

Interest Rate

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

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

 

 

$

15,119

 

 

$

15,119

 

 

 

8.00

%

 

 

3.50

%

 

$

-

 

 

$

-

 

Commercial and industrial

 

 

42

 

 

 

8,912

 

 

 

7,471

 

 

 

2.36

 

 

 

2.20

 

 

 

1,441

 

 

 

—

 

Total

 

 

43

 

 

$

24,031

 

 

$

22,590

 

 

 

5.91

 

 

 

3.08

 

 

$

1,441

 

 

$

-

 

 

 

 

For the Nine Months Ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average

Interest Rate

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

Number

of Loans

 

 

Pre-

Modification

Recorded

Investment

 

 

Post-

Modification

Recorded

Investment

 

 

Pre-

Modification

 

 

Post-

Modification

 

 

Charge-

off

Amount

 

 

Capitalized

Interest

 

Loan Category:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

 

58

 

 

$

30,910

 

 

$

28,179

 

 

 

4.48

%

 

 

4.52

%

 

$

2,731

 

 

$

3