Loans (Tables)

9 Months Ended

Sep. 30, 2018

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


	September 30, 2018						December 31, 2017
	Amount				Percent of Loans Held for Investment		Amount				Percent of Loans Held for Investment
(dollars in thousands)
Loans Held for Investment:
Mortgage Loans:
Multi-family		$	29,546,399			74.22%		$	28,074,709			73.19%
Commercial real estate			7,033,629			17.67			7,322,226			19.09
One-to-four family			456,317			1.15			477,228			1.24
Acquisition, development, and construction			433,976			1.09			435,825			1.14

Total mortgage loans held for investment			37,470,321			94.13		$	36,309,988			94.66

Other Loans:
Commercial and industrial			1,622,983			4.08			1,377,964			3.59
Lease financing, net of unearned income of $55,056 and $65,041, respectively			703,696			1.77			662,610			1.73

Total commercial and industrial loans ⁽¹⁾			2,326,679			5.85			2,040,574			5.32
Other			9,031			0.02			8,460			0.02

Total other loans held for investment			2,335,710			5.87			2,049,034			5.34

Total loans held for investment		$	39,806,031			100.00%		$	38,359,022			100.00%

Net deferred loan origination costs			32,240						28,949
Allowance for losses on non-covered loans			(159,655	)					(158,046	)

Loans held for investment, net		$	39,678,616					$	38,229,925

Loans held for sale			--						35,258

Total loans, net		$	39,678,616					$	38,265,183

(1)	Includes specialty finance loans and leases of $1.8 billion at September 30, 2018 and $1.5 billion at December 31, 2017, and other C&I loans of $482.4 million and $500.8 million, respectively, at September 30, 2018 and December 31, 2017.

The following table presents information regarding the quality of the Company’s loans held for investment at September 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		$	288		$	5,236		$	--		$	5,524		$	29,540,875		$	29,546,399
Commercial real estate			567			4,547			--			5,114			7,028,515			7,033,629
One-to-four family			1,967			1,665			--			3,632			452,685			456,317
Acquisition, development, and construction			--			--			--			--			433,976			433,976
Commercial and industrial^{(1) (2)}			534			42,611			--			43,145			2,283,534			2,326,679
Other			297			13			--			310			8,721			9,031

Total		$	3,653		$	54,072		$	--		$	57,725		$	39,748,306		$	39,806,031

(1)	Includes $534,000 and $41.3 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.

The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at September 30, 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		$	29,176,497		$	6,934,670		$	451,012		$	343,134		$	36,905,313		$	2,224,744		$	9,018		$	2,233,762
Special mention			289,820			93,168			2,723			81,290			467,001			33,202			--			33,202
Substandard			80,082			5,791			2,582			9,552			98,007			68,733			13			68,746
Doubtful			--			--			--			--			--			--			--			--

Total		$	29,546,399		$	7,033,629		$	456,317		$	433,976		$	37,470,321		$	2,326,679		$	9,031		$	2,335,710

(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.

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


	September 30, 2018									December 31, 2017
(in thousands)	Accruing			Non-Accrual			Total			Accruing			Non-Accrual			Total
Loan Category:
Multi-family		$	812		$	5,002		$	5,814		$	824		$	8,061		$	8,885
Commercial real estate			--			--			--			--			368			368
One-to-four family			--			1,033			1,033			--			1,066			1,066
Acquisition, development, and construction			9,552			--			9,552			8,652			--			8,652
Commercial and industrial			--			23,714			23,714			177			26,408			26,585

Total		$	10,364		$	29,749		$	40,113		$	9,653		$	35,903		$	45,556

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


	For the Three Months Ended September 30, 2018
(dollars in thousands)									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		6			1,848		$	1,212		3.36	%		3.28	%		$	545		$	--


	For the Three Months Ended September 30, 2017
(dollars in thousands)									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:
Acquisition, development, and construction		2		$	8,652		$	8,652		5.50	%		5.50	%		$	--		$	--
Commercial and industrial		22			18,002			7,620		3.18			2.91				6,350			--

Total		24		$	26,654		$	16,272								$	6,350		$	--

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


	For the Nine Months Ended September 30, 2018
(dollars in thousands)									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:
Acquisition, development, and construction		1		$	900		$	900		4.50	%		4.50	%		$	--		$	--
Commercial and industrial		18			6,914			4,386		3.30			3.18				2,308			--

Total		19		$	7,814		$	5,286								$	2,308		$	--


	For the Nine Months Ended September 30, 2017
(dollars in thousands)									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:
One-to-four family		4		$	810		$	990		5.93	%		2.21	%		$	--		$	12
Acquisition, development, and construction		2			8,652			8,652		5.50			5.50				--			--
Commercial and industrial		52			48,716			23,673		3.36			3.29				11,079			--

Total		58		$	58,178		$	33,315								$	11,079		$	12