Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 01, 2022 | |
Document Information [Line Items] | ||
Amendment Flag | false | |
Document Type | 10-Q | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Period End Date | Sep. 30, 2022 | |
Entity Central Index Key | 0000910073 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | NEW YORK COMMUNITY BANCORP, INC. | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 466,135,820 | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Entity File Number | 1-31565 | |
Entity Incorporation, State or Country Code | DE | |
City Area Code | 516 | |
Local Phone Number | 683-4100 | |
Entity Tax Identification Number | 06-1377322 | |
Entity Address, Address Line One | 102 Duffy Avenue | |
Entity Address, City or Town | Hicksville | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11801 | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NYSE | |
Trading Symbol | NYCB | |
Bifurcated Option Note Unit SecuritiES | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Bifurcated Option Note Unit SecuritiES | |
Security Exchange Name | NYSE | |
Trading Symbol | NYCB PU | |
Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depository Shares each representing | |
Security Exchange Name | NYSE | |
Trading Symbol | NYCB PA |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | ||
ASSETS: | ||||
Cash, cash equivalents and due from banks | $ 1,700 | $ 2,211 | ||
Securities: | ||||
Debt securities available-for-sale ($561 and $1,168 pledged at September 30, 2022 and December 31, 2021, respectively) | 6,689 | 5,780 | ||
Equity investments with readily determinable fair values, at fair value | 14 | 16 | ||
Total securities | 6,703 | [1] | 5,796 | [2] |
Loans and leases held for investment, net of deferred loan fees and costs | 48,984 | 45,738 | ||
Less: Allowance for credit losses on loans and leases | (218) | (199) | ||
Total loans and leases, net | 48,766 | 45,539 | ||
Federal Home Loan Bank stock, at cost | 630 | [3] | 734 | [4] |
Premises and equipment, net | 250 | 270 | ||
Operating lease right-of-use assets | 227 | 249 | ||
Goodwill | 2,426 | 2,426 | ||
Bank-owned life insurance | 1,200 | 1,184 | ||
Other assets | 1,054 | 1,118 | ||
Total assets | 62,956 | 59,527 | ||
Deposits: | ||||
Interest-bearing checking and money market accounts | 19,897 | 13,209 | ||
Savings accounts | 8,860 | 8,892 | ||
Certificates of deposit | 9,109 | 8,424 | ||
Non-interest-bearing accounts | 3,839 | 4,534 | ||
Total deposits | 41,705 | 35,059 | ||
Wholesale borrowings: | ||||
Federal Home Loan Bank advances | 12,840 | 15,105 | ||
Repurchase agreements | 300 | 800 | ||
Total wholesale borrowings | 13,140 | 15,905 | ||
Junior subordinated debentures | 361 | 361 | ||
Subordinated notes | 297 | 296 | ||
Total borrowed funds | 13,798 | 16,562 | ||
Operating lease liabilities | 227 | 249 | ||
Other liabilities | 480 | 613 | ||
Total liabilities | 56,210 | 52,483 | ||
Stockholders’ equity: | ||||
Preferred stock at par $0.01 (5,000,000 shares authorized): Series A (515,000 shares issued and outstanding) | 503 | 503 | ||
Common stock at par $0.01 (900,000,000 shares authorized; 490,439,070 and 490,439,070 shares issued; and 466,136,056 and 465,015,643 shares outstanding, respectively) | 5 | 5 | ||
Paid-in capital in excess of par | 6,121 | 6,126 | ||
Retained earnings | 957 | 741 | ||
Treasury stock, at cost (24,303,014 and 25,423,427 shares, respectively) | (238) | (246) | ||
Accumulated other comprehensive loss, net of tax: | ||||
Net unrealized loss on securities available for sale, net of tax of $234 and $17, respectively | (612) | (45) | ||
Net unrealized loss on pension and post-retirement obligations, net of tax of $12 and $12 respectively | (30) | (31) | ||
Net unrealized gain (loss) on cash flow hedges, net of tax of $(16) and $3, respectively | 40 | (9) | ||
Total accumulated other comprehensive loss, net of tax | (602) | (85) | ||
Total stockholders’ equity | 6,746 | 7,044 | ||
Total liabilities and stockholders’ equity | $ 62,956 | $ 59,527 | ||
[1] Excludes accrued interest receivable of $ 23 million included in other assets in the Consolidated Statements of Condition. Excludes accrued interest receivable of $ 15 million included in other assets in the Consolidated Statements of Condition. Carrying value and estimated fair value are at cost. Carrying value and estimated fair value are at cost. |
Consolidated Statements of Co_2
Consolidated Statements of Condition (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Securities available for sale | $ 6,689 | $ 5,780 |
Preferred stock, par | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, Series A shares issued | 515,000 | 515,000 |
Preferred stock, Series A shares outstanding | 515,000 | 515,000 |
Common stock, par | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 900,000,000 | 900,000,000 |
Common stock, shares issued | 490,439,070 | 490,439,070 |
Common stock, shares outstanding | 466,136,056 | 465,015,643 |
Treasury stock, shares | 24,303,014 | 25,423,427 |
Net unrealized loss on securities available for sale, tax | $ 234 | $ 17 |
Net unrealized loss on pension and post-retirement obligations, tax | 12 | 12 |
Cash flow hedges tax component | (16) | 3 |
Asset Pledged as Collateral | ||
Securities available for sale | $ 561 | $ 1,168 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
INTEREST INCOME: | ||||
Loans and leases | $ 442 | $ 376 | $ 1,259 | $ 1,145 |
Securities and money market investments | 67 | 39 | 152 | 124 |
Total interest income | 509 | 415 | 1,411 | 1,269 |
INTEREST EXPENSE: | ||||
Interest-bearing checking and money market accounts | 72 | 8 | 104 | 24 |
Savings accounts | 15 | 7 | 33 | 20 |
Certificates of deposit | 23 | 11 | 46 | 43 |
Borrowed funds | 73 | 71 | 211 | 215 |
Total interest expense | 183 | 97 | 394 | 302 |
Net interest income | 326 | 318 | 1,017 | 967 |
Provision for credit losses | 2 | (1) | 9 | (1) |
Net interest income after provision for credit losses | 324 | 319 | 1,008 | 968 |
NON-INTEREST INCOME: | ||||
Fee income | 5 | 6 | 17 | 17 |
Bank-owned life insurance | 10 | 7 | 24 | 22 |
Net loss on securities | (1) | (2) | ||
Other | 3 | 2 | 10 | 6 |
Total non-interest income | 17 | 15 | 49 | 45 |
Operating expenses: | ||||
Compensation and benefits | 79 | 77 | 238 | 229 |
Occupancy and equipment | 22 | 22 | 67 | 65 |
General and administrative | 31 | 30 | 95 | 96 |
Total operating expenses | 132 | 129 | 400 | 390 |
Merger-related expenses | 4 | 6 | 15 | 16 |
Total non-interest expense | 136 | 135 | 415 | 406 |
Income before income taxes | 205 | 199 | 642 | 607 |
Income tax expense | 53 | 50 | 164 | 161 |
Net income | 152 | 149 | 478 | 446 |
Preferred stock dividends | 8 | 9 | 25 | 25 |
Net income available to common shareholders | $ 144 | $ 140 | $ 453 | $ 421 |
Basic earnings per common share | $ 0.31 | $ 0.30 | $ 0.96 | $ 0.90 |
Diluted earnings per common share | $ 0.30 | $ 0.30 | $ 0.96 | $ 0.90 |
Net income | $ 152 | $ 149 | $ 478 | $ 446 |
Other comprehensive loss, net of tax: | ||||
Change in net unrealized gain (loss) on securities available-for-sale net of tax of $67; $9 $217 and $34, respectively | (176) | (23) | (567) | (89) |
Change in pension and post-retirement obligations, net of tax of$0; $0; $0 and $(1), respectively | 1 | (1) | 3 | |
Change in net unrealized (loss) gain on cash flow hedges, net of tax of $(11); $0; $(18) and $0, respectively | 28 | (2) | 46 | 1 |
Reclassification adjustment for defined benefit pension plan,net of tax of $0; $0; $0 and $(1), respectively | 1 | 1 | 2 | 4 |
Reclassification adjustment for net gain on cash flow hedges included in net income, net of tax $1; $(2); $(1) and $(4), respectively | (2) | 6 | 3 | 14 |
Total other comprehensive loss, net of tax | (149) | (17) | (517) | (67) |
Total comprehensive income (loss), net of tax | $ 3 | $ 132 | $ (39) | $ 379 |
Consolidated Statements of In_2
Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Change in net unrealized gain (loss) on securities available for sale, tax | $ 67 | $ 9 | $ 217 | $ 34 |
Change in pension and post-retirement obligations, tax | 0 | 0 | 0 | (1) |
Cash flow hedge, gain (loss), reclassification, tax | (11) | 0 | (18) | 0 |
Reclassification adjustment for sales of available-for-sale securities, tax | 0 | 0 | 0 | 0 |
Reclassification adjustment for defined benefit pension plan, net of tax | 0 | 0 | 0 | (1) |
Cash flow hedges tax component | $ 1 | $ (2) | $ (1) | $ (4) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock (Par Value: $0.01) | Preferred Stock (Par Value: $0.01) | Paid-in Capital in Excess of Par | Retained Earnings | Treasury Stock, at Cost | Accumulated Other Comprehensive Loss, Net of Tax |
Balance at Dec. 31, 2020 | $ 6,842 | $ 5 | $ 503 | $ 6,123 | $ 494 | $ (258) | $ (25) |
Balance, shares at Dec. 31, 2020 | 463,901,808 | ||||||
Shares issued for restricted stock, net of forfeitures | (28) | 28 | |||||
Shares issued for restricted stock, net of forfeitures, shares | 2,515,942 | ||||||
Compensation expense related to restricted stock awards | 24 | 24 | |||||
Net income | 446 | 446 | |||||
Dividends paid on common stock | (237) | (237) | |||||
Dividends paid on preferred stock | (25) | (25) | |||||
Purchase of common stock | (16) | (16) | |||||
Purchase of common stock, shares | (1,396,951) | ||||||
Other comprehensive income (loss), net of tax | (67) | (67) | |||||
Balance at Sep. 30, 2021 | 6,967 | $ 5 | 503 | 6,119 | 678 | (246) | (92) |
Balance, shares at Sep. 30, 2021 | 465,020,799 | ||||||
Balance at Jun. 30, 2021 | 6,916 | $ 5 | 503 | 6,111 | 617 | (245) | (75) |
Balance, shares at Jun. 30, 2021 | 465,056,962 | ||||||
Compensation expense related to restricted stock awards | 8 | 8 | |||||
Net income | 149 | 149 | |||||
Dividends paid on common stock | (79) | (79) | |||||
Dividends paid on preferred stock | (9) | (9) | |||||
Purchase of common stock | (1) | (1) | |||||
Purchase of common stock, shares | (36,163) | ||||||
Other comprehensive income (loss), net of tax | (17) | (17) | |||||
Balance at Sep. 30, 2021 | 6,967 | $ 5 | 503 | 6,119 | 678 | (246) | (92) |
Balance, shares at Sep. 30, 2021 | 465,020,799 | ||||||
Balance at Dec. 31, 2021 | 7,044 | $ 5 | 503 | 6,126 | 741 | (246) | (85) |
Balance, shares at Dec. 31, 2021 | 465,015,643 | ||||||
Shares issued for restricted stock, net of forfeitures | (27) | 27 | |||||
Shares issued for restricted stock, net of forfeitures, shares | 2,939,365 | ||||||
Compensation expense related to restricted stock awards | 22 | 22 | |||||
Net income | 478 | 478 | |||||
Dividends paid on common stock | (237) | (237) | |||||
Dividends paid on preferred stock | (25) | (25) | |||||
Purchase of common stock | (19) | (19) | |||||
Purchase of common stock, shares | (1,818,952) | ||||||
Other comprehensive income (loss), net of tax | (517) | (517) | |||||
Balance at Sep. 30, 2022 | 6,746 | $ 5 | 503 | 6,121 | 957 | (238) | (602) |
Balance, shares at Sep. 30, 2022 | 466,136,056 | ||||||
Balance at Jun. 30, 2022 | 6,824 | $ 5 | 503 | 6,114 | 893 | (238) | (453) |
Balance, shares at Jun. 30, 2022 | 466,243,078 | ||||||
Compensation expense related to restricted stock awards | 7 | 7 | |||||
Net income | 152 | 152 | |||||
Dividends paid on common stock | (80) | (80) | |||||
Dividends paid on preferred stock | (8) | (8) | |||||
Purchase of common stock, shares | (107,022) | ||||||
Other comprehensive income (loss), net of tax | (149) | (149) | |||||
Balance at Sep. 30, 2022 | $ 6,746 | $ 5 | $ 503 | $ 6,121 | $ 957 | $ (238) | $ (602) |
Balance, shares at Sep. 30, 2022 | 466,136,056 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Common Stock (Par Value: $0.01) | ||||
Dividends paid on common stock, per share | $ 0.17 | $ 0.17 | $ 0.51 | $ 0.51 |
Preferred Stock (Par Value: $0.01) | ||||
Dividends paid on preferred stock, per share | $ 15.94 | $ 15.94 | $ 47.82 | $ 47.82 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 478 | $ 446 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for (Recovery of) loan losses | 9 | (1) | |
Depreciation | 13 | 16 | |
Amortization of discounts and premiums, net | (8) | (4) | |
Net loss (gain) on securities | 2 | ||
Net loss (gain) on sales of loans | (1) | ||
Net gain on sales of fixed assets | (2) | ||
Stock-based compensation | 22 | 24 | |
Deferred tax expense | 0 | (6) | |
Changes in operating assets and liabilities: | |||
Decrease in other assets | [1] | 65 | (314) |
Decrease in other liabilities | [2] | 51 | (33) |
Purchases of securities held for trading | (75) | (110) | |
Proceeds from sales of securities held for trading | 75 | 110 | |
Origination of loans held for sale | (52) | ||
Net cash provided by operating activities | 631 | 75 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from repayment of securities available for sale | 571 | 1,399 | |
Purchase of securities available for sale | (2,190) | (1,567) | |
Redemption of Federal Home Loan Bank stock | 311 | 67 | |
Purchases of Federal Home Loan Bank stock | (207) | (37) | |
Proceeds from (purchases of) bank-owned life insurance, net | 5 | 10 | |
Proceeds from sales of loans | 37 | ||
Purchases of loans | (157) | (133) | |
Other changes in loans, net | (3,084) | (530) | |
Purchases of premises and equipment, net | 9 | (3) | |
Net cash used in investing activities | (4,742) | (757) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase in deposits | 6,646 | 2,184 | |
Net increase in short-term borrowed funds | 115 | ||
Proceeds from long-term borrowed funds | 6,930 | 650 | |
Repayments of long-term borrowed funds | (9,810) | (1,300) | |
Cash dividends paid on common stock | (237) | (237) | |
Cash dividends paid on preferred stock | (25) | (25) | |
Treasury stock repurchased | (7) | ||
Payments relating to treasury shares received for restricted stock award tax payments | (12) | (16) | |
Net cash provided by financing activities | 3,600 | 1,256 | |
Net increase in cash, cash equivalents, due from banks and restricted cash | (511) | 574 | |
Cash, cash equivalents, due from banks, and restricted cash at beginning of year | 2,211 | 1,948 | |
Cash, cash equivalents, due from banks, and restricted cash at end of year | 1,700 | 2,522 | |
Supplemental information: | |||
Cash paid for interest | 399 | 311 | |
Cash paid for income taxes | 13 | 471 | |
Non-cash investing and financing activities: | |||
Transfers to repossessed assets from loans | 1 | ||
Securitization of residential mortgage loans to mortgage-backed securities available for sale | 157 | 133 | |
Transfer of loans from held for investment to held for sale | 52 | ||
Transfer of loans from held for sale to held for investment | 94 | ||
Shares issued for restricted stock awards | $ 27 | $ 28 | |
[1] Includes $ 21 million and $ 15 million of amortization of operating lease right-of-use assets for the nine months ended September 30, 2022 and 2021 , respectively. Includes $ 21 million and $ 15 million of amortization of operating lease liability for the nine months ended September 30, 2022 and 2021 , respectively. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) (unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Cash Flows [Abstract] | ||
Amortization of operating lease right-of-use assets | $ 21 | $ 15 |
Amortization of operating lease liability | $ 21 | $ 15 |
Organization, Basis of Presenta
Organization, Basis of Presentation, and Impact of Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Organization, Basis of Presentation, and Impact of Recent Accounting Pronouncements | Note 1. Organization, Basis of Presentation, and Impact of Recent Accounting Pronouncements Organization New York Community Bancorp, Inc. (on a stand-alone basis, the “Parent Company” or, collectively with its subsidiaries, the “Company”) was organized under Delaware law on July 20, 1993 and is the holding company for New York Community Bank (hereinafter referred to as the “Bank”). Founded on April 14, 1859 and formerly known as Queens County Savings Bank, the Bank converted from a state-chartered mutual savings bank to the capital stock form of ownership on November 23, 1993, at which date the Company issued its initial offering of common stock (par value: $ 0.01 per share) at a price of $ 25.00 per share ( $ 0.93 per share on a split-adjusted basis, reflecting the impact of nine stock splits between 1994 and 2004 ). The Bank currently operates 237 branches, 18 of which operate directly under the New York Community Bank name. The remaining 219 Community Bank branches operate through eight divisional banks: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; AmTrust Bank in Florida and Arizona; and Ohio Savings Bank in Ohio. Basis of Presentation The following is a description of the significant accounting and reporting policies that the Company and its subsidiaries follow in preparing and presenting their consolidated financial statements, which conform to U.S. generally accepted accounting principles (“GAAP”) and to general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term are used in connection with the determination of the allowance for credit losses and the evaluation of goodwill for impairment. The accompanying consolidated financial statements include the accounts of the Company and other entities in which the Company has a controlling financial interest. All inter-company accounts and transactions are eliminated in consolidation. The Company currently has certain unconsolidated subsidiaries in the form of wholly-owned statutory business trusts, which were formed to issue guaranteed capital securities. See Note 7, Borrowed Funds, for additional information regarding these trusts. Impact of Recent Accounting Pronouncements Recently Adopted Accounting Standards The Company adopted ASU No. 2022-01—Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method in the first quarter of 2022 upon issuance. The amendments expand the current last-of-layer method of hedge accounting that permits only one hedged layer to allow multiple hedged layers of a single closed portfolio. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. In addition, the amendments expand the scope of the portfolio layer method to include non-prepayable assets; specify eligible hedging instruments in a single-layer hedge; provide additional guidance on the accounting for and disclosure of hedge basis adjustments; specify how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. To date, the guidance has not had any impact on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. |
Computation of Earnings per Com
Computation of Earnings per Common Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Earnings per Common Share | Note 2. Computation of Earnings per Common Share Basic EPS is computed by dividing the net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the same method as basic EPS, however, the computation reflects the potential dilution that would occur if outstanding in-the-money stock options were exercised and converted into common stock. Unvested stock-based compensation awards containing non-forfeitable rights to dividends paid on the Company’s common stock are considered participating securities, and therefore are included in the two-class method for calculating EPS. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends on the common stock. The Company grants restricted stock to certain employees under its stock-based compensation plan. Recipients receive cash dividends during the vesting periods of these awards, including on the unvested portion of such awards. Since these dividends are non-forfeitable, the unvested awards are considered participating securities and therefore have earnings allocated to them. The following table presents the Company’s computation of basic and diluted EPS for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in millions, except share and per share amounts) 2022 2021 2022 2021 Net income available to common stockholders $ 144 $ 140 $ 453 $ 421 Less: Dividends paid on and earnings allocated ( 2 ) ( 2 ) ( 6 ) ( 5 ) Earnings applicable to common stock $ 142 $ 138 $ 447 $ 416 Weighted average common shares outstanding 465,115,180 464,047,337 465,354,754 463,813,827 Basic earnings per common share $ 0.31 $ 0.30 $ 0.96 $ 0.90 Earnings applicable to common stock $ 142 $ 138 $ 447 $ 416 Weighted average common shares outstanding 465,115,180 464,047,337 465,354,754 463,813,827 Potential dilutive common shares 979,177 834,612 926,184 744,292 Total shares for diluted earnings per common 466,094,357 464,881,949 466,280,938 464,558,119 Diluted earnings per common share and $ 0.30 $ 0.30 $ 0.96 $ 0.90 |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2022 | |
Reclassifications Of Accumulated Other Comprehensive Loss [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Loss | Note 3: Reclassifications out of Accumulated Other Comprehensive Loss (in millions) For the Nine Months Ended September 30, Details about Accumulated Other Comprehensive Loss Amount (1) Affected Line Item in the Unrealized gains on available-for-sale securities: $ — Net gain on securities — Income tax expense $ — Net gain on securities, net of tax Unrealized loss on cash flow hedges: $ ( 4 ) Interest expense 1 Income tax benefit $ ( 3 ) Net loss on cash flow hedges, net of tax Amortization of defined benefit pension plan items: Past service liability $ — Included in the computation of net periodic credit (2) Actuarial losses ( 2 ) Included in the computation of net periodic cost (2) ( 2 ) Total before tax — Income tax benefit $ ( 2 ) Amortization of defined benefit pension plan items, net of tax Total reclassifications for the period $ ( 5 ) (1) Amounts in parentheses indicate expense items. (2) See Note 8, “Pension and Other Post-Retirement Benefits,” for additional information. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 4. Securities The following tables summarize the Company’s portfolio of debt securities available for sale and equity investments with readily determinable fair values at September 30, 2022 and December 31, 2021: September 30, 2022 (in millions) Amortized Gross Gross Fair Debt securities available-for-sale Mortgage-Related Debt Securities: GSE certificates $ 1,115 $ — $ 171 $ 944 GSE CMOs 1,562 — 276 1,286 Total mortgage-related debt securities $ 2,677 $ — $ 447 $ 2,230 Other Debt Securities: U. S. Treasury obligations $ 1,677 $ — $ 5 $ 1,672 GSE debentures 1,749 — 343 1,406 Asset-backed securities (1) 401 — 10 391 Corporate bonds 884 2 31 855 Municipal bonds 18 — — 18 Foreign notes 25 — — 25 Capital trust notes 96 6 10 92 Total other debt securities $ 4,850 $ 8 $ 399 $ 4,459 Total debt securities available for sale $ 7,527 $ 8 $ 846 $ 6,689 Equity securities: Mutual funds $ 16 $ — $ 2 $ 14 Total equity securities $ 16 $ — $ 2 $ 14 Total securities (2) $ 7,543 $ 8 $ 848 $ 6,703 (1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2) Excludes accrued interest receivable of $ 23 million included in other assets in the Consolidated Statements of Condition. December 31, 2021 (in millions) Amortized Gross Gross Fair Debt securities available-for-sale Mortgage-Related Debt Securities: GSE certificates $ 1,102 $ 20 $ 15 $ 1,107 GSE CMOs 1,717 11 45 1,683 Total mortgage-related debt securities $ 2,819 $ 31 $ 60 $ 2,790 Other Debt Securities: U. S. Treasury obligations $ 45 $ — $ — $ 45 GSE debentures 1,524 1 45 1,480 Asset-backed securities (1) 479 3 3 479 Corporate bonds 821 18 1 838 Municipal bonds 25 — — 25 Foreign Notes 25 1 — 26 Capital trust notes 96 8 7 97 Total other debt securities $ 3,015 $ 31 $ 56 $ 2,990 Total other securities available for sale $ 5,834 $ 62 $ 116 $ 5,780 Equity securities: Mutual funds $ 16 $ — $ — $ 16 Total equity securities $ 16 $ — $ — $ 16 Total securities (2) $ 5,850 $ 62 $ 116 $ 5,796 (1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2) Excludes accrued interest receivable of $ 15 million included in other assets in the Consolidated Statements of Condition. At September 30, 2022 and December 31, 2021, respectively, the Company had $ 630 million and $ 734 million of FHLB-NY stock, at cost. The Company maintains an investment in FHLB-NY stock partly in conjunction with its membership in the FHLB and partly related to its access to the FHLB funding it utilizes. Net losses on equity securities recognized in earnings for the nine months ended September 30, 2022 and 2021 were $ 2 and $ 0 , respectively. The following table summarizes, by contractual maturity, the amortized cost of securities at September 30, 2022: Mortgage- U.S. State, Other (1) Fair (in millions) Available-for-Sale Debt Due within one year $ 4 $ 1,677 $ — $ 25 $ 1,701 Due from one to five years 143 247 — 428 807 Due from five to ten years 219 1,077 18 527 1,544 Due after ten years 2,311 425 — 426 2,637 Total debt securities available $ 2,677 $ 3,426 $ 18 $ 1,406 $ 6,689 (1) Includes corporate bonds, capital trust notes, foreign notes and asset-backed securities. The following table presents securities with no related allowance having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of September 30, 2022: Less than Twelve Months Twelve Months or Longer Total (in millions) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Temporarily Impaired Securities: U. S. Treasury obligations $ 1,476 $ 5 $ — $ — $ 1,476 $ 5 GSE certificates 572 62 371 109 943 171 GSE CMOs 448 41 838 235 1,286 276 U.S. Government agency and GSE obligations 394 43 1,012 300 1,406 343 Asset-backed securities 125 2 224 8 349 10 Corporate bonds 720 27 95 4 815 31 Municipal bonds 11 — 7 1 18 1 Foreign notes 25 — — — 25 — Capital trust notes 46 1 36 8 82 9 Equity securities 4 — 11 2 15 2 Total temporarily impaired $ 3,821 $ 181 $ 2,594 $ 667 $ 6,415 $ 848 The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2021: Less than Twelve Months Twelve Months or Longer Total (in millions) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Temporarily Impaired Securities: U. S. Treasury obligations $ 45 $ — $ — $ — $ 45 $ — U.S. Government agency and GSE obligations 317 7 185 8 502 15 GSE certificates 846 28 293 17 1,139 45 GSE CMOs 491 8 926 37 1,417 45 Asset-backed securities 130 1 135 2 265 3 Corporate bonds — — 99 1 99 1 Municipal bonds — — 8 — 8 — Foreign notes 5 — — — 5 — Capital trust notes — — 37 7 37 7 Equity securities 12 — — — 12 — Total temporarily impaired $ 1,846 $ 44 $ 1,683 $ 72 $ 3,529 $ 116 The investment securities designated as having a continuous loss position for twelve months or more at September 30, 2022 consisted of 103 agency MBS, 18 agency CMOs, five capital trust notes, six asset-backed securities, two corporate bonds, 28 U.S. government agency bonds, one municipal bond and one equity security. The investment securities designated as having a continuous loss position for twelve months or more at December 31, 2021 consisted of four agency collateralized mortgage obligations, five capital trusts notes, four asset-backed securities, two corporate bonds, 20 US government agency bonds, 21 agency mortgage-backed securities and one municipal bond. The Company evaluates available-for-sale debt securities in unrealized loss positions at least quarterly to determine if an allowance for credit losses is required. Based on an evaluation of available information about past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability, the Company has concluded that it expects to receive all contractual cash flows from each security held in its available-for-sale securities portfolio. We first assess whether (i) we intend to sell, or (ii) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of these criteria is met, any previously recognized allowances are charged off and the security’s amortized cost basis is written down to fair value through income. If neither of the aforementioned criteria is met, we evaluate whether the decline in fair value has resulted from credit losses or other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. None of the unrealized losses identified as of September 30, 2022 or December 31, 2021 relates to the marketability of the securities or the issuers’ ability to honor redemption obligations. Rather, the unrealized losses relate to changes in interest rates relative to when the investment securities were purchased, and do not indicate credit-related impairment. Management based this conclusion on an analysis of each issuer including a detailed credit assessment of each issuer. The Company does not intend to sell, and it is not more likely than not that the Company will be required to sell the positions before the recovery of their amortized cost basis, which may be at maturity. As such, no allowance for credit losses was recorded with respect to debt securities as of or during the nine months ended September 30, 2022. Management has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Available-for-sale debt securities are placed on non-accrual status when we no longer expect to receive all contractual amounts due, which is generally at 90 days past due. Accrued interest receivable is reversed against interest income when a security is placed on non-accrual status. |
Loans and Leases
Loans and Leases | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Loans and Leases | Note 5. Loans and Leases The following table sets forth the composition of the loan portfolio at the dates indicated: September 30, 2022 December 31, 2021 (dollars in millions) Amount Percent of Amount Percent of Loans and Leases Held for Investment: Mortgage Loans: Multi-family $ 37,179 75.98 % $ 34,603 75.75 % Commercial real estate 6,603 13.49 6,698 14.66 One-to-four family 123 0.25 160 0.35 Acquisition, development, and construction 203 0.41 209 0.46 Total mortgage loans held for investment (1) 44,108 90.13 41,670 91.22 Other Loans: Commercial and industrial 3,122 6.38 2,236 4.89 Lease financing, net of unearned income 84 and $ 95 respectively 1,697 3.48 1,770 3.88 Total commercial and industrial loans (2) 4,819 9.86 4,006 8.77 Other 6 0.01 5 0.01 Total other loans held for investment 4,825 9.87 4,011 8.78 Total loans and leases held for investment (1) $ 48,933 100.00 % $ 45,681 100.00 % Net deferred loan origination costs 51 57 Allowance for loan and lease losses ( 218 ) ( 199 ) Total loans and leases, net $ 48,766 $ 45,539 (1) Excludes accrued interest receivable of $ 203 million and $ 199 million at September 30, 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 $ 4.2 billion and $ 3.5 billion, respectively, at September 30, 2022 and December 31, 2021, and other C&I loans of $ 577 million and $ 527 million, respectively, at September 30, 2022 and December 31, 2021 . Loans Held for Investment The majority of the loans the Company originates for investment are multi-family loans, most of which are collateralized by non-luxury apartment buildings in New York City with rent-regulated units and below-market rents. In addition, the Company originates CRE loans, most of which are collateralized by income-producing properties such as office buildings, retail centers, mixed-use buildings, and multi-tenanted light industrial properties that are located in New York City and on Long Island. The Company also originates one-to-four family loans for investment. One-to-four family loans held for investment were primarily originated through the Company’s former mortgage banking operation and primarily consisted of jumbo adjustable rate mortgages made to borrowers with a solid credit history. These loan balances include certain mixed-use CRE loans with less than five residential units classified as one-to-four family loans. ADC loans are primarily originated for multi-family and residential tract projects in New York City and on Long Island. C&I loans consist of asset-based loans, equipment loans and leases, and dealer floor-plan loans (together, specialty finance loans and leases) that generally are made to large corporate obligors, many of which are publicly traded, carry investment grade or near-investment grade ratings, and participate in stable industries nationwide; and other C&I loans that primarily are made to small and mid-size businesses in Metro New York. Other C&I loans are typically made for working capital, business expansion, and the purchase of machinery and equipment. The repayment of multi-family and CRE loans generally depends on the income produced by the underlying properties which, in turn, depends on their successful operation and management. To mitigate the potential for credit losses, the Company underwrites its loans in accordance with credit standards it considers to be prudent, looking first at the consistency of the cash flows being produced by the underlying property. In addition, multi-family buildings, CRE properties, and ADC projects are inspected as a prerequisite to approval, and independent appraisers, whose appraisals are carefully reviewed by the Company’s in-house appraisers, perform appraisals on the collateral properties. In many cases, a second independent appraisal review is performed. To further manage its credit risk, the Company’s lending policies limit the amount of credit granted to any one borrower and typically require conservative debt service coverage ratios and loan-to-value ratios. Nonetheless, the ability of the Company’s borrowers to repay these loans may be impacted by adverse conditions in the local real estate market and the local economy. Accordingly, there can be no assurance that its underwriting policies will protect the Company from credit-related losses or delinquencies. ADC loans typically involve a higher degree of credit risk than loans secured by improved or owner-occupied real estate. Accordingly, borrowers are required to provide a guarantee of repayment and completion, and loan proceeds are disbursed as construction progresses, as certified by in-house inspectors or third-party engineers. The Company seeks to minimize the credit risk on ADC loans by maintaining conservative lending policies and rigorous underwriting standards. However, if the estimate of value proves to be inaccurate, the cost of completion is greater than expected, or the length of time to complete and/or sell or lease the collateral property is greater than anticipated, the property could have a value upon completion that is insufficient to assure full repayment of the loan. This could have a material adverse effect on the quality of the ADC loan portfolio, and could result in losses or delinquencies. In addition, the Company utilizes the same stringent appraisal process for ADC loans as it does for its multi-family and CRE loans. To minimize the risk involved in specialty finance lending and leasing, the Company participates in syndicated loans that are brought to it, and equipment loans and leases that are assigned to it, by a select group of nationally recognized sources who have long-term relationships with its experienced lending officers. Each of these credits is secured with a perfected first security interest in or outright ownership of the underlying collateral, and structured as senior debt or as a non-cancelable lease. To further minimize the risk involved in specialty finance lending and leasing, each transaction is re-underwritten. In addition, outside counsel is retained to conduct a further review of the underlying documentation. To minimize the risks involved in other C&I lending, the Company underwrites such loans on the basis of the cash flows produced by the business; requires that such loans be collateralized by various business assets, including inventory, equipment, and accounts receivable, among others; and typically requires personal guarantees. However, the capacity of a borrower to repay such a C&I loan is substantially dependent on the degree to which the business is successful. In addition, the collateral underlying such loans may depreciate over time, may not be conducive to appraisal, or may fluctuate in value, based upon the results of operations of the business. Included in loans held for investment at September 30, 2022 and December 31, 2021 were loans of $ 6 million to certain officers, directors, and their related interests and parties. There were no loans to principal shareholders at that date. As of the second quarter of 2021, the Board of Directors adopted a revised policy in which the Bank shall no longer make loans or extensions of credit to executive officers and directors of the Company, and firms that employ directors. Any loans and extensions of credit made to an executive officer or director, or any firms that employ directors, prior to the adoption of these revisions have been grandfathered but remain subject to oversight and review of the Board of Directors. Asset Quality A loan generally is classified as a non-accrual loan when it is 90 days or more past due or when it is deemed to be impaired because the Company no longer expects to collect all amounts due according to the contractual terms of the loan agreement. When a loan is placed on non-accrual status, management ceases the accrual of interest owed, and previously accrued interest is charged against interest income. A loan is generally returned to accrual status when the loan is current and management has reasonable assurance that the loan will be fully collectible. Interest income on non-accrual loans is recorded when received in cash. At September 30, 2022 and December 31, 2021, all of our non-performing loans were non-accrual loans. The following table presents information regarding the quality of the Company’s loans held for investment at September 30, 2022: (in millions) Loans Non- Loans 90 Total Current Total Multi-family $ 31 $ 13 $ — $ 44 $ 37,135 $ 37,179 Commercial real estate 1 28 — 29 6,574 6,603 One-to-four family 7 1 — 8 115 123 Acquisition, development, and — — — — 203 203 Commercial and industrial (1) (2) — 3 — 3 4,816 4,819 Other — — — — 6 6 Total $ 39 $ 45 $ — $ 84 $ 48,849 $ 48,933 (1) Includes $ 3 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 Non- Loans 90 Total Current Total 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 — — — — 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. The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at September 30, 2022. Mortgage Loans Other Loans (in millions) Multi- Commercial One-to- Acquisition, Total Commercial (1) Other Total Credit Quality Indicator: Pass $ 35,688 $ 5,834 $ 107 $ 185 $ 41,814 $ 4,816 $ 6 $ 4,822 Special mention 830 464 8 18 1,320 — — — Substandard 661 305 8 — 974 3 — 3 Doubtful — — — — — — — — Total $ 37,179 $ 6,603 $ 123 $ 203 $ 44,108 $ 4,819 $ 6 $ 4,825 (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- Commercial One-to- Acquisition, Total Commercial (1) Other Total 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. The preceding classifications are the most current ones available and generally have been updated within the last twelve months. In addition, they follow regulatory guidelines and can generally be described as follows: pass loans are of satisfactory quality; special mention loans have potential weaknesses that deserve management’s close attention; substandard loans are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged (these loans have a well-defined weakness and there is a possibility that the Company will sustain some loss); and doubtful loans, based on existing circumstances, have weaknesses that make collection or liquidation in full highly questionable and improbable. 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, 2022. Vintage Year (in millions) 2022 2021 2020 2019 2018 Prior To Revolving Total Pass $ 7,655 $ 9,310 $ 8,727 $ 4,960 $ 3,825 $ 7,354 $ 12 $ 41,843 Special Mention — — 95 221 277 728 — 1,321 Substandard — — 37 201 130 605 — 973 Total mortgage loans $ 7,655 $ 9,310 $ 8,859 $ 5,382 $ 4,232 $ 8,687 $ 12 $ 44,137 Pass 757 642 457 423 78 223 2,263 4,843 Special Mention — — — — — — — — Substandard — — — 1 2 1 — 4 Total other loans 757 642 457 424 80 224 2,263 4,847 Total $ 8,412 $ 9,952 $ 9,316 $ 5,806 $ 4,312 $ 8,911 $ 2,275 $ 48,984 When management determines that foreclosure is probable, for loans that are individually evaluated the expected credit losses are based on the fair value of the collateral adjusted for selling costs. When the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, the collateral-dependent practical expedient has been elected and expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. For CRE loans, collateral properties include office buildings, warehouse/distribution buildings, shopping centers, apartment buildings, residential and commercial tract development. The primary source of repayment on these loans is expected to come from the sale, permanent financing or lease of the real property collateral. CRE loans are impacted by fluctuations in collateral values, as well as the ability of the borrower to obtain permanent financing. 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, 2022: Collateral Type (in millions) Real Other Multi-family $ 13 $ — Commercial real estate 43 — One-to-four family — — Acquisition, development, and construction — — Commercial and industrial — 4 Other — — Total collateral-dependent loans held for investment 56 4 Other collateral type consists of taxi medallions, cash, accounts receivable and inventory. There were no significant changes in the extent to which collateral secures the Company’s collateral-dependent financial assets during the nine months ended September 30, 2022. Troubled Debt Restructurings The Company is required to account for certain loan modifications and restructurings as TDRs. In general, a modification or restructuring of a loan constitutes a TDR if the Company grants a concession to a borrower experiencing financial difficulty. A loan modified as a TDR generally is placed on non-accrual status until the Company determines that future collection of principal and interest is reasonably assured, which requires, among other things, that the borrower demonstrate performance according to the restructured terms for a period of at least six consecutive months. In determining the Company’s allowance for credit losses, reasonably expected TDRs are individually evaluated and consist of criticized, classified, or maturing loans that will have a modification processed within the next three months. In an effort to proactively manage delinquent loans, the Company has selectively extended to certain borrowers concessions such as rate reductions, extension of maturity dates, and forbearance agreements. As of September 30, 2022 , loans on which concessions were made with respect to rate reductions and/or extension of maturity dates amounted to $ 45 million. The CARES Act was enacted on March 27, 2020. Under the CARES Act, the Company made the election to deem that loan modifications do not result in TDRs if they are (1) related to the novel coronavirus disease (“COVID-19”); (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (A) 60 days after the date of termination of the National Emergency or (B) December 31, 2020. This includes short-term (e.g., up to six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. In December 2020, Congress amended the CARES Act through the Consolidated Appropriation Act of 2021, which provided additional COVID-19 relief to American families and businesses, including extending TDR relief under the CARES Act until the earlier of December 31, 2021 or 60 days following the termination of the national emergency. The eligibility of a borrower for work-out concessions of any nature depends upon the facts and circumstances of each loan, which may change from period to period, and involves judgment by Company personnel regarding the likelihood that the concession will result in the maximum recovery for the Company. The following table presents information regarding the Company's TDRs as of September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 (in millions) Accruing Non- Total Accruing Non- Total Loan Category: Multi-family $ — $ 6 $ 6 $ — $ 7 $ 7 Commercial real estate 16 19 35 16 — 16 One-to-four family — — — — — — Acquisition, development, and — — — — — — Commercial and industrial (1) — 4 4 — 6 6 Total $ 16 $ 29 $ 45 $ 16 $ 13 $ 29 (1) Includes $ 4 million and $ 6 million of taxi medallion-related loans at September 30, 2022 and December 31, 2021 , respectively. The financial effects of the Company’s TDRs for the three months ended September 30, 2022 and 2021 are summarized as follows: For the Three Months Ended September 30, 2022 Weighted Average (dollars in millions) Number Pre- Post- Pre- Post- Charge- Capitalized Loan Category: Commercial real estate — $ — $ — 0 % 0 % $ — $ — For the Three Months Ended September 30, 2021 Weighted Average (dollars in millions) Number Pre- Post- Pre- Post- Charge- Capitalized Loan Category: Commercial real estate 2 $ 4 $ 4 6.00 % 3.55 % $ — $ — The financial effects of the Company’s TDRs for the nine months ended September 30, 2022 and 2021 are summarized as follows: For the Nine Months Ended September 30, 2022 Weighted Average (dollars in millions) Number Pre- Post- Pre- Post- Charge- Capitalized Loan Category: Commercial real estate 2 $ 22 $ 19 6.00 % 4.02 % $ 3 $ — For the Nine Months Ended September 30, 2021 Weighted Average (dollars in millions) Number Pre- Post- Pre- Post- Charge- Capitalized Loan Category: Commercial real estate 2 $ 4 $ 4 6.00 % 3.55 % $ — $ — At September 30, 2022 and September 30, 2021 , no loans have been modified as TDRs that were in payment default during the twelve months ended at that date. The Company does not consider a payment to be in default when the loan is in forbearance, or otherwise granted a delay of payment, when the agreement to forebear or allow a delay of payment is part of a modification. Subsequent to the modification, the loan is not considered to be in default until payment is contractually past due in accordance with the modified terms. However, the Company may consider a loan with multiple modifications or forbearance periods to be in default, and would consider a loan to be in default if the borrower were in bankruptcy or if the loan were partially charged off subsequent to modification. Management takes into consideration all TDR modifications in determining the appropriate level of the allowance. |
Allowance for Credit Losses on
Allowance for Credit Losses on Loans and Leases | 9 Months Ended |
Sep. 30, 2022 | |
Allowance For Credit Losses On Loans And Leases [Abstract] | |
Allowance for Credit Losses on Loans and Leases | Note 6. Allowance for Credit Losses on Loans and Leases Allowance for Credit Losses on Loans and Leases The following table summarizes activity in the allowance for credit losses on loans and leases for the periods indicated: For the Nine Months Ended September 30, 2022 2021 (in millions) Mortgage Other Total Mortgage Other Total Balance, beginning of period $ 178 $ 21 $ 199 $ 176 $ 18 $ 194 Charge-offs ( 5 ) — ( 5 ) ( 2 ) ( 3 ) ( 5 ) Recoveries 4 6 10 2 10 12 Provision for (recovery of) credit 31 ( 17 ) 14 1 — 1 Balance, end of period $ 208 $ 10 $ 218 $ 177 $ 25 $ 202 Separately, at September 30, 2022 , the Company had an allowance for unfunded commitments of $ 7 million, as compared to $ 12 million at December 31, 2021. For the nine months ended September 30, 2022, the allowance for credit losses on loan and leases increased primarily as a result of loan portfolio growth combined with reduced prepayment estimates lengthening the average portfolio life, primarily offset by improvements in environmental factors surrounding the COVID-19 pandemic, specifically those affecting the New York City area. The macroeconomic forecast factors in increasing costs of higher global energy prices and tighter financial market conditions on the U.S. economy. Gross Domestic Product (“GDP”) is now expected to rise at an annualized rate of 1.6% and 1.5% respectively for 2022 and 2023. Unemployment continues to subside from the historic shock of 2020, as peak unemployment rates are forecasted to be approximately 3.6% in 2022 and 3.9% in 2023. Federal Reserve continues to aggressively tighten monetary policy. As a result, the federal funds rate is now forecast to average 1.5% in 2022 and 3.3% in 2023, compared with 1.1% in 2022 and 2.7% in 2023 in the previous quarter Baseline scenario. The 10-year U.S. Treasury yield is expected to steadily increase over the next few years. In addition to these quantitative inputs, several qualitative factors were considered in estimating our allowance for loan and lease credit losses, including attributes related to a concentrated commercial real estate portfolio, specifically those affecting commercial real estate in the New York City area, as well as changes in credit policies and underwriting guidelines and laws and regulations. The Company charges off loans, or portions of loans, in the period that such loans, or portions thereof, are deemed uncollectible. The collectability of individual loans is determined through an assessment of the financial condition and repayment capacity of the borrower and/or through an estimate of the fair value of any underlying collateral. For non-real estate-related consumer credits, the following past-due time periods determine when charge-offs are typically recorded: (1) closed-end credits are charged off in the quarter that the loan becomes 120 days past due; (2) open-end credits are charged off in the quarter that the loan becomes 180 days past due; and (3) both closed-end and open-end credits are typically charged off in the quarter that the credit is 60 days past the date the Company received notification that the borrower has filed for bankruptcy. The following table presents additional information about the Company’s nonaccrual loans at September 30, 2022: (in millions) Recorded Related Interest Nonaccrual loans with no related allowance: Multi-family $ 13 $ — $ — Commercial real estate 27 — 1 One-to-four family — — — Acquisition, development, and construction — — — Other 3 — — Total nonaccrual loans with no related allowance $ 43 $ — $ 1 Nonaccrual loans with an allowance recorded: Multi-family $ — $ — $ — Commercial real estate 1 — — One-to-four family 1 — — Acquisition, development, and construction — — — Other — — — Total nonaccrual loans with an allowance recorded $ 2 $ — $ — Total nonaccrual loans: Multi-family $ 13 $ — $ — Commercial real estate 28 — 1 One-to-four family 1 — — Acquisition, development, and construction — — — Other 3 — — Total nonaccrual loans $ 45 $ — $ 1 The following table presents additional information about the Company’s nonaccrual loans at December 31, 2021: (in millions) Recorded Related Interest Nonaccrual loans with no related allowance: Multi-family $ 9 $ — $ 1 Commercial real estate 14 — — One-to-four family — — — Acquisition, development, and construction — — — Other 6 — — Total nonaccrual loans with no related allowance $ 29 $ — $ 1 Nonaccrual loans with an allowance recorded: Multi-family $ 1 $ — $ — Commercial real estate 2 — — One-to-four family 1 — — Acquisition, development, and construction — — — Other — — — Total nonaccrual loans with an allowance recorded $ 4 $ — $ — Total nonaccrual loans: Multi-family $ 10 $ — $ 1 Commercial real estate 16 — — One-to-four family 1 — — Acquisition, development, and construction — — — Other 6 — — Total nonaccrual loans $ 33 $ — $ 1 |
Borrowed Funds
Borrowed Funds | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Note 7. Borrowed Funds The following table summarizes the Company’s borrowed funds at the dates indicated: September 30, December 31, (in millions) 2022 2021 Wholesale borrowings: FHLB advances $ 12,840 $ 15,105 Repurchase agreements 300 800 Total wholesale borrowings $ 13,140 $ 15,905 Junior subordinated debentures 361 361 Subordinated notes 297 296 Total borrowed funds $ 13,798 $ 16,562 The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at September 30, 2022: Remaining Contractual Maturity of the Agreements (in millions) Overnight and Up to 30–90 Days Greater than GSE obligations $ — $ — $ — $ 300 Subordinated Notes At September 30, 2022 and December 31, 2021 , the Company had $ 297 million and $ 296 million of fixed-to-floating rate subordinated notes outstanding: Date of Original Issue Stated Maturity Interest Rate (1) Original Issue (dollars in millions) Nov. 6, 2018 Nov. 6, 2028 5.90 % $ 300 (1) From and including the date of original issuance to, but excluding November 6, 2023, the Notes will bear interest at an initial rate of 5.90 % per annum payable semi-annually. Unless redeemed, from and including November 6, 2023 to but excluding the maturity date, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus 278 basis points payable quarterly. Junior Subordinated Debentures At September 30, 2022 and December 31, 2021 , the Company had $ 361 million of outstanding junior subordinated deferrable interest debentures (“junior subordinated debentures”) held by statutory business trusts (the “Trusts”) that issued guaranteed capital securities. The Trusts are accounted for as unconsolidated subsidiaries, in accordance with GAAP. The proceeds of each issuance were invested in a series of junior subordinated debentures of the Company and the underlying assets of each statutory business trust are the relevant debentures. The Company has fully and unconditionally guaranteed the obligations under each trust’s capital securities to the extent set forth in a guarantee by the Company to each trust. The Trusts’ capital securities are each subject to mandatory redemption, in whole or in part, upon repayment of the debentures at their stated maturity or earlier redemption. The following junior subordinated debentures were outstanding at September 30, 2022: Issuer Interest Rate Junior Capital Date of Stated First Optional (dollars in millions) New York Community Capital SM Units) 6.00 % $ 147 $ 140 Nov. 4, 2002 Nov. 1, 2051 Nov. 4, 2007 (1) New York Community Capital 4.89 124 120 Dec. 14, 2006 Dec. 15, 2036 Dec. 15, 2011 (2) PennFed Capital Trust III 6.54 31 30 June 2, 2003 June 15, 2033 June 15, 2008 (2) New York Community Capital 5.32 59 58 April 16, 2007 June 30, 2037 June 30, 2012 (2) Total junior subordinated debentures $ 361 $ 348 (1) Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. (2) Callable from this date forward. |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits, Description [Abstract] | |
Pension and Other Post-Retirement Benefits | Note 8. Pension and Other Post-Retirement Benefits The following table sets forth certain disclosures for the Company’s pension and post-retirement plans for the periods indicated: For the Three Months Ended September 30, 2022 2021 Post Post Pension Retirement Pension Retirement (in millions) Benefits Benefits (1) Benefits Benefits (1) Components of net periodic pension expense (credit): Interest cost $ 1 $ — $ 1 $ — Expected return on plan assets ( 4 ) — ( 4 ) — Amortization of net actuarial loss 1 — 2 — Net periodic (credit) expense $ ( 2 ) $ — $ ( 1 ) $ — For the Nine Months Ended September 30, 2022 2021 Post Post Pension Retirement Pension Retirement (in millions) Benefits Benefits (1) Benefits Benefits (1) Components of net periodic pension expense (credit): Interest cost $ 3 $ — $ 3 $ — Expected return on plan assets ( 12 ) — ( 12 ) — Amortization of net actuarial loss 2 — 5 — Net periodic (credit) expense $ ( 7 ) $ — $ ( 4 ) $ — (1) Post-retirement benefits balances round to zero. The Company expects to contribute $ 1 million to its post-retirement plan to pay premiums and claims for the fiscal year ending December 31, 2022. The Company does no t expect to make any contributions to its pension plan in 2022. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 9. Stock-Based Compensation At September 30, 2022, the Company had a total of 5,350,487 shares available for grants as restricted stock, options, or other forms of related rights. The Company granted 3,096,694 shares of restricted stock, with an average fair value of $ 11.62 per share on the date of grant, during the nine months ended September 30, 2022. During the nine months ended September 30, 2021 , the Company granted 3,131,949 shares of restricted stock, with an average fair value of $ 11.20 per share. The shares of restricted stock that were granted during the nine months ended September 30, 2022 and 2021 , vest over a one- or five year period. Compensation and benefits expense related to the restricted stock grants is recognized on a straight-line basis over the vesting period and totaled $ 21 million and $ 22 million for the nine months ended September 30, 2022 and 2021 , including $ 7 million and $ 7 million for the three months ended September 30, 2022 and September 30, 2021, respectively. The following table provides a summary of activity with regard to restricted stock awards in the nine months ended September 30, 2022: For the Nine Months Ended Number of Shares Weighted Unvested at beginning of year 6,950,335 $ 11.68 Granted 3,096,694 11.62 Vested ( 2,288,069 ) 12.27 Canceled ( 426,785 ) 11.49 Unvested at end of year 7,332,175 11.49 As of September 30, 2022 , unrecognized compensation cost relating to unvested restricted stock totaled $ 66 million. This amount will be recognized over a remaining weighted average period of 3.1 years. The following table provides a summary of activity with regard to Performance-Based Restricted Stock Units ("PSUs") in the nine months ended September 30, 2022: Number of Performance Expected Outstanding at beginning of year 834,612 Granted 473,211 Released ( 176,090 ) Canceled ( 152,556 ) Outstanding at end of period 979,177 January 1, 2021 - December 31, 2023 March 31, 2023 and 2024 PSUs are subject to adjustment or forfeiture, based upon the achievement by the Company of certain performance standards. Compensation and benefits expense related to PSUs is recognized using the fair value as of the date the units were approved, on a straight-line basis over the vesting period and totaled $ 1 million and $ 2 million for the three and nine months ended September 30, 2022 and September 30, 2021. As of September 30, 2022 , unrecognized compensation cost relating to unvested restricted stock totaled $ 5 million. This amount will be recognized over a remaining weighted average period of 1.7 years. As of September 30, 2022, the Company believes it is probable that the performance conditions will be met. The Company matches a portion of employee 401(k) plan contributions. Such expense totaled $ 2 million and $ 5 million for the three and nine months ended September 30, 2022 and September 30, 2021 . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 10. Fair Value Measurements GAAP sets forth a definition of fair value, establishes a consistent framework for measuring fair value, and requires disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. GAAP also clarifies that fair value is an “exit” price, representing the amount that would be received when selling an asset, or paid when transferring a liability, in an orderly transaction between market participants. Fair value is thus a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants use in pricing an asset or liability. A financial instrument’s categorization within this valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following tables present assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at September 30, 2022 (in millions) Quoted Significant Significant Total Assets: Mortgage-related Debt Securities GSE certificates $ — $ 944 $ — $ 944 GSE CMOs — 1,286 — 1,286 Total mortgage-related debt securities $ — $ 2,230 $ — $ 2,230 Other Debt Securities Available for Sale: U. S. Treasury obligations $ 1,672 $ — $ — $ 1,672 GSE debentures — 1,406 — 1,406 Asset-backed securities — 391 — 391 Municipal bonds — 18 — 18 Corporate bonds — 855 — 855 Foreign notes — 25 — 25 Capital trust notes — 92 — 92 Total other debt securities $ 1,672 $ 2,787 $ — $ 4,459 Total debt securities available for sale $ 1,672 $ 5,017 $ — $ 6,689 Equity securities: Preferred stock $ — $ — $ — $ — Mutual funds and common stock — 14 — 14 Total equity securities $ — $ 14 $ — $ 14 Total securities $ 1,672 $ 5,031 $ — $ 6,703 Fair Value Measurements at December 31, 2021 (in millions) Quoted Significant Significant Total Assets: Mortgage-Related Debt Securities GSE certificates $ — $ 1,107 $ — $ 1,107 GSE CMOs — 1,683 — 1,683 Total mortgage-related debt securities $ — $ 2,790 $ — $ 2,790 Other Debt Securities Available U.S. Treasury obligations $ 45 $ — $ — $ 45 GSE debentures — 1,480 — 1,480 Asset-backed securities — 479 — 479 Municipal bonds — 25 — 25 Corporate bonds — 838 — 838 Foreign notes — 26 — 26 Capital trust notes — 97 — 97 Total other debt securities $ 45 $ 2,945 $ — $ 2,990 Total debt securities available for sale $ 45 $ 5,735 $ — $ 5,780 Equity securities: — Preferred stock $ — $ — $ — $ — Mutual funds and common stock — 16 — 16 Total equity securities $ — $ 16 $ — $ 16 Total securities $ 45 $ 5,751 $ — $ 5,796 The Company reviews and updates the fair value hierarchy classifications for its assets on a quarterly basis. Changes from one quarter to the next that are related to the observability of inputs for a fair value measurement may result in a reclassification from one hierarchy level to another. A description of the methods and significant assumptions utilized in estimating the fair values of securities follows: Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include highly liquid government securities and exchange-traded securities. If quoted market prices are not available for a specific security, then fair values are estimated by using pricing models. These pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices, and credit spreads. In addition to observable market information, models incorporate transaction details such as maturity and cash flow assumptions. Securities valued in this manner would generally be classified within Level 2 of the valuation hierarchy, and primarily include such instruments as mortgage-related and corporate debt securities. Periodically, the Company uses fair values supplied by independent pricing services to corroborate the fair values derived from the pricing models. In addition, the Company reviews the fair values supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness. The Company challenges pricing service valuations that appear to be unusual or unexpected. While the Company believes its valuation methods are appropriate, and consistent with those of other market participants, the use of different methodologies or assumptions to determine the fair values of certain financial instruments could result in different estimates of fair values at a reporting date. Assets Measured at Fair Value on a Non-Recurring Basis Certain assets are measured at fair value on a non-recurring basis. Such instruments are subject to fair value adjustments under certain circumstances (e.g., when there is evidence of impairment). The following tables present assets and liabilities that were measured at fair value on a non-recurring basis as of September 30, 2022 and December 31, 2021, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at September 30, 2022 Using (in millions) Quoted Prices Significant Significant Total Fair Certain loans (1) $ — $ — $ 25 $ 25 Other assets (2) — — 38 38 Total $ — $ — $ 63 $ 63 (1) Represents the fair value based on the value of the collateral. (2) Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets and equity investments without readily determinable fair values. These equity investments are classified as Level 3 due to the infrequency of the observable prices and/or the restrictions on the shares. Fair Value Measurements at December 31, 2021 Using (in millions) Quoted Prices Significant Significant Total Fair Certain loans (1) $ — $ — $ 32 $ 32 Other assets (2) — — 32 32 Total $ — $ — $ 64 $ 64 (1) Represents the fair value based on the value of the collateral. (2) Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets and equity investments without readily determinable fair values. These equity investments are classified as Level 3 due to the infrequency of the observable prices and/or the restrictions on the shares. The fair values of collateral-dependent impaired loans are determined using various valuation techniques, including consideration of appraised values and other pertinent real estate and other market data. Other Fair Value Disclosures For the disclosure of fair value information about the Company’s on- and off-balance sheet financial instruments, when available, quoted market prices are used as the measure of fair value. In cases where quoted market prices are not available, fair values are based on present-value estimates or other valuation techniques. Such fair values are significantly affected by the assumptions used, the timing of future cash flows, and the discount rate. Because assumptions are inherently subjective in nature, estimated fair values cannot be substantiated by comparison to independent market quotes. Furthermore, in many cases, the estimated fair values provided would not necessarily be realized in an immediate sale or settlement of such instruments. The following tables summarize the carrying values, estimated fair values, and fair value measurement levels of financial instruments that were not carried at fair value on the Company’s Consolidated Statements of Condition at September 30, 2022 and December 31, 2021: September 30, 2022 Fair Value Measurement Using (in millions) Carrying Estimated Quoted Prices Significant Significant Financial Assets: Cash, cash equivalents and due from banks $ 1,700 $ 1,700 $ 1,700 $ — $ — FHLB stock (1) 630 630 — 630 — Loans and leases, net 48,766 45,725 — — 45,725 Financial Liabilities: Deposits $ 41,705 $ 41,448 $ 32,596 (2) $ 8,852 (3) $ — Borrowed funds 13,798 13,615 — 13,615 — (1) Carrying value and estimated fair value are at cost. (2) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (3) Certificates of deposit. December 31, 2021 Fair Value Measurement Using (in millions) Carrying Estimated Quoted Prices Significant Significant Financial Assets: Cash, cash equivalents and due from banks $ 2,211 $ 2,211 $ 2,211 $ — $ — FHLB stock (1) 734 734 — 734 — Loans and leases, net 45,539 44,748 — — 44,748 Financial Liabilities: Deposits $ 35,059 $ 35,051 $ 26,635 (2) $ 8,416 (3) $ — Borrowed funds 16,562 17,169 — 17,169 — (1) Carrying value and estimated fair value are at cost. (2) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (3) Certificates of deposit. The methods and significant assumptions used to estimate fair values for the Company’s financial instruments follow: Cash, Cash Equivalents and Due From Banks Cash, cash equivalents and due from banks include cash and due from banks and federal funds sold. The estimated fair values of cash, cash equivalents and due from banks are assumed to equal their carrying values, as these financial instruments are either due on demand or have short-term maturities. Securities If quoted market prices are not available for a specific security, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. These pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices, and credit spreads. In addition to observable market information, pricing models also incorporate transaction details such as maturities and cash flow assumptions. Federal Home Loan Bank Stock Ownership in equity securities of the FHLB-NY is generally restricted and there is no established liquid market for their resale. The carrying amount approximates the fair value. Loans The Company discloses the fair value of loans measured at amortized cost using an exit price notion. The Company determined the fair value on substantially all of its loans for disclosure purposes, on an individual loan basis. The discount rates reflect current market rates for loans with similar terms to borrowers having similar credit quality on an exit price basis. The estimated fair values of non-performing mortgage and other loans are based on recent collateral appraisals. For those loans where a discounted cash flow technique was not considered reliable, the Company used a quoted market price for each individual loan. Deposits The fair values of deposit liabilities with no stated maturity (i.e., interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts) are equal to the carrying amounts payable on demand. The fair values of CDs represent contractual cash flows, discounted using interest rates currently offered on deposits with similar characteristics and remaining maturities. These estimated fair values do not include the intangible value of core deposit (total deposits excluding CDs) relationships, which comprise a significant portion of the Company’s deposit base. Borrowed Funds The estimated fair value of borrowed funds is based either on bid quotations received from securities dealers or the discounted value of contractual cash flows with interest rates currently in effect for borrowed funds with similar maturities and structures. Off-Balance Sheet Financial Instruments The fair values of commitments to extend credit and unadvanced lines of credit are estimated based on an analysis of the interest rates and fees currently charged to enter into similar transactions, considering the remaining terms of the commitments and the creditworthiness of the potential borrowers. The estimated fair values of such off-balance sheet financial instruments were insignificant at September 30, 2022 and December 31, 2021. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | Note 11. Leases Lessor Arrangements The Company is a lessor in the equipment finance business where it has executed direct financing leases (“lease finance receivables”). The Company produces lease finance receivables through a specialty finance subsidiary that participates in syndicated loans that are brought to them, and equipment loans and leases that are assigned to them, by a select group of nationally recognized sources, and are generally made to large corporate obligors, many of which are publicly traded, carry investment grade or near-investment grade ratings, and participate in stable industries nationwide. Lease finance receivables are carried at the aggregate of lease payments receivable plus the estimated residual value of the leased assets and any initial direct costs incurred to originate these leases, less unearned income, which is accreted to interest income over the lease term using the interest method. The standard leases are typically repayable on a level monthly basis with terms ranging from 24 to 120 months. At the end of the lease term, the lessee usually has the option to return the equipment, to renew the lease or purchase the equipment at the then fair market value (“FMV”) price. For leases with a FMV renewal/purchase option, the relevant residual value assumptions are based on the estimated value of the leased asset at the end of lease term, including evaluation of key factors, such as, the estimated remaining useful life of the leased asset, its historical secondary market value including history of the lessee executing the FMV option, overall credit evaluation and return provisions. The Company acquires the leased asset at fair market value and provides funding to the respective lessee at acquisition cost, less any volume or trade discounts, as applicable. Therefore, there is generally no selling profit or loss to recognize or defer at inception of a lease. The residual value component of a lease financing receivable represents the estimated fair value of the leased equipment at the end of the lease term. In establishing residual value estimates, the Company may rely on industry data, historical experience, and independent appraisals and, where appropriate, information regarding product life cycle, product upgrades and competing products. Upon expiration of a lease, residual assets are remarketed, resulting in an extension of the lease by the lessee, a lease to a new customer or purchase of the residual asset by the lessee or another party. Impairment of residual values arises if the expected fair value is less than the carrying amount. The Company assesses its net investment in lease financing receivables (including residual values) for impairment on an annual basis with any impairment losses recognized in accordance with the impairment guidance for financial instruments. As such, net investment in lease financing receivables may be reduced by an allowance for credit losses with changes recognized as provision expense. On certain lease financings, the Company obtains residual value insurance from third parties to manage and reduce the risk associated with the residual value of the leased assets. At September 30, 2022 and December 31, 2021, the carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $ 34 million and $ 61 million, respectively. The Company uses the interest rate implicit in the lease to determine the present value of its lease financing receivables. The components of lease income were as follows: (in millions) For the For the For the For the Interest income on lease financing (1) $ 14 $ 38 $ 13 $ 41 (1) Included in Interest Income – Loans and leases in the Consolidated Statements of Income and Comprehensive Income. At September 30, 2022 and December 31, 2021, the carrying value of net investment in leases was $ 1.8 billion and $ 1.9 billion, respectively. The components of net investment in direct financing leases, including the carrying amount of the lease receivables, as well as the unguaranteed residual asset were as follows: (in millions) September 30, December 31, Net investment in the lease - lease payments receivable $ 1,722 $ 1,790 Net investment in the lease - unguaranteed residual assets 59 75 Total lease payments $ 1,781 $ 1,865 The following table presents the remaining maturity analysis of the undiscounted lease receivables as of September 30, 2022, as well as the reconciliation to the total amount of receivables recognized in the Consolidated Statements of Condition: (in millions) September 30, 2022 $ 3 2023 86 2024 186 2025 375 2026 373 Thereafter 758 Total lease payments 1,781 Plus: deferred origination costs 20 Less: unearned income ( 84 ) Total lease finance receivables, net $ 1,717 Lessee Arrangements The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets and operating lease liabilities in the Consolidated Statements of Condition. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most leases do not provide an implicit rate, the incremental borrowing rate (FHLB borrowing rate) is used in determining the present value of lease payments. The implicit rate is used when readily determinable. The operating lease ROU asset is measured at cost, which includes the initial measurement of the lease liability, prepaid rent and initial direct costs incurred by the Company, less incentives received. The lease terms include options to extend the lease when it is reasonably certain that we will exercise that option. For the vast majority of the Company’s leases, we are reasonably certain we will exercise our options to renew to the end of all renewal option periods. As such, substantially all of our future options to extend the leases have been included in the lease liability and ROU assets. Variable costs such as the proportionate share of actual costs for utilities, common area maintenance, property taxes and insurance are not included in the lease liability and are recognized in the period in which they are incurred. Amortization of the ROU assets was $ 21 million and $ 15 million for the nine months ended September 30, 2022 and September 30, 2021 , respectively. Included in these amounts was $ 5 million and $ 5 million for the three months ended September 30, 2022 and September 30, 2021, respectively. The Company has operating leases for corporate offices, branch locations, and certain equipment. The Company’s leases have remaining lease terms of one year to approximately 25 years , the vast majority of which include one or more options to extend the leases for up to five years resulting in lease terms up to 40 years. The components of lease expense were as follows: (in millions) For the Three For the Nine For the Three For the Nine Operating lease cost $ 7 $ 21 $ 7 $ 20 Sublease income — — — — Total lease cost $ 7 $ 21 $ 7 $ 20 Supplemental cash flow information related to the leases for the following periods: (in millions) For the Three For the Nine For the Three For the Nine Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7 $ 21 $ 7 $ 20 Supplemental balance sheet information related to the leases for the following periods: (in millions, except lease term and discount rate) September 30, December 31, Operating Leases: Operating lease right-of-use assets $ 227 $ 249 Operating lease liabilities $ 227 $ 249 Weighted average remaining lease term 13 years 16 years Weighted average discount rate% 3.23 % 3.05 % (in millions) September 30, 2022 $ 7 2023 27 2024 26 2025 25 2026 24 Thereafter 171 Total lease payments 280 Less: imputed interest ( 53 ) Total present value of lease liabilities $ 227 |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Hedging Activities | Note 12. Derivative and Hedging Activities The Company’s derivative financial instruments consist of interest rate swaps. The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposure to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate and liquidity risks, primarily by managing the amount, sources, and duration of its assets and liabilities and, from time to time, the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Title VII of the DFA requires all standardized derivatives, including most interest rate swaps, to be submitted for clearing to central counterparties to reduce counterparty risk. Two of the central counterparties are the Chicago Mercantile Exchange (“CME”) and the London Clearing House (“LCH”). As of September 30, 2022, all of the Company’s $ 1.5 billion notional derivative contracts were cleared on the LCH. Daily variation margin payments on derivatives cleared through the LCH are accounted for as legal settlement. For derivatives cleared through LCH, the net gain (loss) position includes the variation margin amounts as settlement of the derivative and not collateral against the fair value of the derivative, which includes accrued interest; therefore, those interest rate and derivative contracts the Company clears through the LCH are reported at a fair value of approximately zero at September 30, 2022. The Company’s exposure is limited to the value of the derivative contracts in a gain position less any collateral held and plus any collateral posted. When there is a net negative exposure, we consider our exposure to the counterparty to be zero. At September 30, 2022, the Company had a net positive exposure. Fair Value of Hedges of Interest Rate Risk The Company is exposed to changes in the fair value of certain of its fixed-rate assets due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. Such derivatives were used to hedge the changes in fair value of certain of its pools of prepayable fixed rate assets. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. The Company entered into an interest rate swap with a notional amount of $ 2.0 billion to hedge certain real estate loans. This swap expired in February 2022 and was not renewed. For the nine months ended September 30, 2022 , the floating rate received related to the net settlement of this interest rate swap was less than the fixed rate payments. As such, interest income from Loans and leases in the accompanying Consolidated Statements of Income and Comprehensive Income was decreased by $ 6 million for the nine months ended September 30, 2022. For the three and nine months ended September 30, 2021 , the floating rate received related to the net settlement of this interest rate swap was less than the fixed rate payments. As such, interest income from Loans and leases in the accompanying Consolidated Statements of Income and Comprehensive Income was decreased by $ 12 million and $ 37 million for the three and nine months ended September 30, 2021. As of September 30, 2022, and December 31, 2021 the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges: (in millions) September 30, 2022 December 31, 2021 Line Item in the Consolidated Statements of Carrying Cumulative Carrying Cumulative Total loans and leases, net (1) $ - $ - $ 2,025 $ 25 (1) These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. Since the swap expired in February 2022, at September 30, 2022 , the amortized cost basis of the closed portfolios used in these hedging relationships, the cumulative basis adjustments associated with these hedging relationships, and the amount of the designated hedged items, were zero . The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the periods indicated. (in millions) For the Three For the Nine For the Three For the Nine Derivative – interest rate swap: Interest income $ — $ 25 $ 25 $ 49 Hedged item – loans: Interest income $ — $ ( 25 ) $ ( 25 ) $ ( 49 ) Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of amounts subject to variability caused by changes in interest rates from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Changes in the fair value of derivatives designated and that qualify as cash flow hedges are initially recorded in other comprehensive income and are subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Interest rate swaps with notional amounts totaling $ 1.5 billion and $ 2.3 billion as of September 30, 2022 and December 31, 2021, respectively, were designated as cash flow hedges of certain FHLB borrowings. The following table summarizes information about the interest rate swaps designated as cash flow hedges at September 30, 2022 and December 31, 2021: (dollars in millions) September 30, December 31, Notional amounts $ 1,500 $ 2,250 Cash collateral received (posted) 58 ( 12 ) Weighted average pay rates 1.51 % 1.27 % Weighted average receive rates 2.89 % 0.18 % Weighted average maturity 2.2 years 0.9 years The following table presents the effect of the Company's cash flow derivative instruments on AOCL for the nine months ended September 30, 2022 and 2021: (in millions) For the Nine For the Nine Amount of (loss) gain recognized in AOCL $ 64 $ 2 Amount of reclassified from AOCL to interest expense 4 18 Gains (losses) included in the Consolidated Statements of Income related to interest rate derivatives designated as cash flow hedges during the nine months ended September 30, 2022 was $ 4 million. Amounts reported in AOCL related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate borrowings. During the next twelve months, the Company estimates that an additional $ 21 million will be reclassified to interest expense. |
Pending Acquisition
Pending Acquisition | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Pending Acquisition | Note 13. Pending Acquisition Receipt of OCC Approval for Bank Merger and Merger Extension On October 28, 2022, the Company and Flagstar Bancorp, Inc. ("Flagstar") jointly announced the receipt of approval from the Office of the Comptroller of the Company (the "OCC") to convert Flagstar Bank, FSB to a national bank to be known as Flagstar Bank, N.A., and to merge New York Community Bank into Flagstar Bank, N.A. with Flagstar Bank being the surviving entity. The acquisition of Flagstar by the Company is still subject to the approval of the FRB, as well as the satisfaction of certain other customary closing conditions under the merger agreement, as amended, between the two companies (the “Merger Agreement”). The OCC approval is subject to a statutory 15-day waiting period that provides that the bank merger cannot be consummated until 15 days after OCC approval has been received, which in this case is November 11, 2022. There is no associated waiting period with the FRB approval. NYCB and Flagstar intend to consummate the holding company and bank merger promptly after FRB approval is received and the OCC waiting period ends. In addition, NYCB and Flagstar announced that they have mutually agreed to extend the Merger Agreement to December 31, 2022 from October 31, 2022 to provide additional time to obtain regulatory approval from the FRB. The extension was approved by the Boards of Directors of both companies. Pursuant to the terms of the Merger Agreement, Flagstar shareholders will receive 4.0151 shares of Company common stock for each Flagstar share they own. |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2022 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | Note 14. Legal Proceedings Following the announcement of the Merger Agreement, the first of four lawsuits was filed on June 23, 2021 in United States Federal District Courts by alleged stockholders of NYCB against NYCB and the members of its board of directors challenging the accuracy or completeness of the disclosures contained in the Form S-4 filed on June 25, 2021 by NYCB with the SEC relating to the proposed Merger. Four additional lawsuits were filed by alleged Flagstar stockholders in state and federal courts against Flagstar and its board of directors (and, in one instance, NYCB and 615 Corp.) challenging the proposed Merger or Flagstar’s disclosures relating to the Merger, and those four lawsuits have since been resolved and dismissed. The complaints in the actions against NYCB allege, among other things, that the defendants caused a materially incomplete and misleading Form S-4 relating to the proposed Merger to be filed with the SEC in violation of Section 14(a) and Section 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 14a-9 promulgated thereunder. Two of the lawsuits against NYCB have been voluntarily dismissed, without prejudice. In the two remaining actions, none of the NYCB defendants has been served with the complaint, and NYCB believes that these claims are without merit. |
Organization, Basis of Presen_2
Organization, Basis of Presentation, and Impact of Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Organization | Organization New York Community Bancorp, Inc. (on a stand-alone basis, the “Parent Company” or, collectively with its subsidiaries, the “Company”) was organized under Delaware law on July 20, 1993 and is the holding company for New York Community Bank (hereinafter referred to as the “Bank”). Founded on April 14, 1859 and formerly known as Queens County Savings Bank, the Bank converted from a state-chartered mutual savings bank to the capital stock form of ownership on November 23, 1993, at which date the Company issued its initial offering of common stock (par value: $ 0.01 per share) at a price of $ 25.00 per share ( $ 0.93 per share on a split-adjusted basis, reflecting the impact of nine stock splits between 1994 and 2004 ). The Bank currently operates 237 branches, 18 of which operate directly under the New York Community Bank name. The remaining 219 Community Bank branches operate through eight divisional banks: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; AmTrust Bank in Florida and Arizona; and Ohio Savings Bank in Ohio. |
Basis of Presentation | Basis of Presentation The following is a description of the significant accounting and reporting policies that the Company and its subsidiaries follow in preparing and presenting their consolidated financial statements, which conform to U.S. generally accepted accounting principles (“GAAP”) and to general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term are used in connection with the determination of the allowance for credit losses and the evaluation of goodwill for impairment. The accompanying consolidated financial statements include the accounts of the Company and other entities in which the Company has a controlling financial interest. All inter-company accounts and transactions are eliminated in consolidation. The Company currently has certain unconsolidated subsidiaries in the form of wholly-owned statutory business trusts, which were formed to issue guaranteed capital securities. See Note 7, Borrowed Funds, for additional information regarding these trusts. |
Recently Adopted Accounting Standards | Impact of Recent Accounting Pronouncements Recently Adopted Accounting Standards The Company adopted ASU No. 2022-01—Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method in the first quarter of 2022 upon issuance. The amendments expand the current last-of-layer method of hedge accounting that permits only one hedged layer to allow multiple hedged layers of a single closed portfolio. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. In addition, the amendments expand the scope of the portfolio layer method to include non-prepayable assets; specify eligible hedging instruments in a single-layer hedge; provide additional guidance on the accounting for and disclosure of hedge basis adjustments; specify how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. To date, the guidance has not had any impact on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. |
Computation of Earnings per C_2
Computation of Earnings per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted EPS | The following table presents the Company’s computation of basic and diluted EPS for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in millions, except share and per share amounts) 2022 2021 2022 2021 Net income available to common stockholders $ 144 $ 140 $ 453 $ 421 Less: Dividends paid on and earnings allocated ( 2 ) ( 2 ) ( 6 ) ( 5 ) Earnings applicable to common stock $ 142 $ 138 $ 447 $ 416 Weighted average common shares outstanding 465,115,180 464,047,337 465,354,754 463,813,827 Basic earnings per common share $ 0.31 $ 0.30 $ 0.96 $ 0.90 Earnings applicable to common stock $ 142 $ 138 $ 447 $ 416 Weighted average common shares outstanding 465,115,180 464,047,337 465,354,754 463,813,827 Potential dilutive common shares 979,177 834,612 926,184 744,292 Total shares for diluted earnings per common 466,094,357 464,881,949 466,280,938 464,558,119 Diluted earnings per common share and $ 0.30 $ 0.30 $ 0.96 $ 0.90 |
Reclassifications Out of Accu_2
Reclassifications Out of Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Reclassifications Of Accumulated Other Comprehensive Loss [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Loss | (in millions) For the Nine Months Ended September 30, Details about Accumulated Other Comprehensive Loss Amount (1) Affected Line Item in the Unrealized gains on available-for-sale securities: $ — Net gain on securities — Income tax expense $ — Net gain on securities, net of tax Unrealized loss on cash flow hedges: $ ( 4 ) Interest expense 1 Income tax benefit $ ( 3 ) Net loss on cash flow hedges, net of tax Amortization of defined benefit pension plan items: Past service liability $ — Included in the computation of net periodic credit (2) Actuarial losses ( 2 ) Included in the computation of net periodic cost (2) ( 2 ) Total before tax — Income tax benefit $ ( 2 ) Amortization of defined benefit pension plan items, net of tax Total reclassifications for the period $ ( 5 ) (1) Amounts in parentheses indicate expense items. (2) See Note 8, “Pension and Other Post-Retirement Benefits,” for additional information. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Portfolio of Securities Available for Sale | The following tables summarize the Company’s portfolio of debt securities available for sale and equity investments with readily determinable fair values at September 30, 2022 and December 31, 2021: September 30, 2022 (in millions) Amortized Gross Gross Fair Debt securities available-for-sale Mortgage-Related Debt Securities: GSE certificates $ 1,115 $ — $ 171 $ 944 GSE CMOs 1,562 — 276 1,286 Total mortgage-related debt securities $ 2,677 $ — $ 447 $ 2,230 Other Debt Securities: U. S. Treasury obligations $ 1,677 $ — $ 5 $ 1,672 GSE debentures 1,749 — 343 1,406 Asset-backed securities (1) 401 — 10 391 Corporate bonds 884 2 31 855 Municipal bonds 18 — — 18 Foreign notes 25 — — 25 Capital trust notes 96 6 10 92 Total other debt securities $ 4,850 $ 8 $ 399 $ 4,459 Total debt securities available for sale $ 7,527 $ 8 $ 846 $ 6,689 Equity securities: Mutual funds $ 16 $ — $ 2 $ 14 Total equity securities $ 16 $ — $ 2 $ 14 Total securities (2) $ 7,543 $ 8 $ 848 $ 6,703 (1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2) Excludes accrued interest receivable of $ 23 million included in other assets in the Consolidated Statements of Condition. December 31, 2021 (in millions) Amortized Gross Gross Fair Debt securities available-for-sale Mortgage-Related Debt Securities: GSE certificates $ 1,102 $ 20 $ 15 $ 1,107 GSE CMOs 1,717 11 45 1,683 Total mortgage-related debt securities $ 2,819 $ 31 $ 60 $ 2,790 Other Debt Securities: U. S. Treasury obligations $ 45 $ — $ — $ 45 GSE debentures 1,524 1 45 1,480 Asset-backed securities (1) 479 3 3 479 Corporate bonds 821 18 1 838 Municipal bonds 25 — — 25 Foreign Notes 25 1 — 26 Capital trust notes 96 8 7 97 Total other debt securities $ 3,015 $ 31 $ 56 $ 2,990 Total other securities available for sale $ 5,834 $ 62 $ 116 $ 5,780 Equity securities: Mutual funds $ 16 $ — $ — $ 16 Total equity securities $ 16 $ — $ — $ 16 Total securities (2) $ 5,850 $ 62 $ 116 $ 5,796 (1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2) Excludes accrued interest receivable of $ 15 million included in other assets in the Consolidated Statements of Condition. |
Summary of Amortized Cost of Available-for-Sale Securities by Contractual Maturity | The following table summarizes, by contractual maturity, the amortized cost of securities at September 30, 2022: Mortgage- U.S. State, Other (1) Fair (in millions) Available-for-Sale Debt Due within one year $ 4 $ 1,677 $ — $ 25 $ 1,701 Due from one to five years 143 247 — 428 807 Due from five to ten years 219 1,077 18 527 1,544 Due after ten years 2,311 425 — 426 2,637 Total debt securities available $ 2,677 $ 3,426 $ 18 $ 1,406 $ 6,689 (1) Includes corporate bonds, capital trust notes, foreign notes and asset-backed securities. |
Summary of Held-to-Maturity and Available-for-Sale Securities having Continuous Unrealized Loss Position | The following table presents securities with no related allowance having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of September 30, 2022: Less than Twelve Months Twelve Months or Longer Total (in millions) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Temporarily Impaired Securities: U. S. Treasury obligations $ 1,476 $ 5 $ — $ — $ 1,476 $ 5 GSE certificates 572 62 371 109 943 171 GSE CMOs 448 41 838 235 1,286 276 U.S. Government agency and GSE obligations 394 43 1,012 300 1,406 343 Asset-backed securities 125 2 224 8 349 10 Corporate bonds 720 27 95 4 815 31 Municipal bonds 11 — 7 1 18 1 Foreign notes 25 — — — 25 — Capital trust notes 46 1 36 8 82 9 Equity securities 4 — 11 2 15 2 Total temporarily impaired $ 3,821 $ 181 $ 2,594 $ 667 $ 6,415 $ 848 The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2021: Less than Twelve Months Twelve Months or Longer Total (in millions) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Temporarily Impaired Securities: U. S. Treasury obligations $ 45 $ — $ — $ — $ 45 $ — U.S. Government agency and GSE obligations 317 7 185 8 502 15 GSE certificates 846 28 293 17 1,139 45 GSE CMOs 491 8 926 37 1,417 45 Asset-backed securities 130 1 135 2 265 3 Corporate bonds — — 99 1 99 1 Municipal bonds — — 8 — 8 — Foreign notes 5 — — — 5 — Capital trust notes — — 37 7 37 7 Equity securities 12 — — — 12 — Total temporarily impaired $ 1,846 $ 44 $ 1,683 $ 72 $ 3,529 $ 116 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 December 31, 2021 (dollars in millions) Amount Percent of Amount Percent of Loans and Leases Held for Investment: Mortgage Loans: Multi-family $ 37,179 75.98 % $ 34,603 75.75 % Commercial real estate 6,603 13.49 6,698 14.66 One-to-four family 123 0.25 160 0.35 Acquisition, development, and construction 203 0.41 209 0.46 Total mortgage loans held for investment (1) 44,108 90.13 41,670 91.22 Other Loans: Commercial and industrial 3,122 6.38 2,236 4.89 Lease financing, net of unearned income 84 and $ 95 respectively 1,697 3.48 1,770 3.88 Total commercial and industrial loans (2) 4,819 9.86 4,006 8.77 Other 6 0.01 5 0.01 Total other loans held for investment 4,825 9.87 4,011 8.78 Total loans and leases held for investment (1) $ 48,933 100.00 % $ 45,681 100.00 % Net deferred loan origination costs 51 57 Allowance for loan and lease losses ( 218 ) ( 199 ) Total loans and leases, net $ 48,766 $ 45,539 (1) Excludes accrued interest receivable of $ 203 million and $ 199 million at September 30, 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 $ 4.2 billion and $ 3.5 billion, respectively, at September 30, 2022 and December 31, 2021, and other C&I loans of $ 577 million and $ 527 million, respectively, at September 30, 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 September 30, 2022: (in millions) Loans Non- Loans 90 Total Current Total Multi-family $ 31 $ 13 $ — $ 44 $ 37,135 $ 37,179 Commercial real estate 1 28 — 29 6,574 6,603 One-to-four family 7 1 — 8 115 123 Acquisition, development, and — — — — 203 203 Commercial and industrial (1) (2) — 3 — 3 4,816 4,819 Other — — — — 6 6 Total $ 39 $ 45 $ — $ 84 $ 48,849 $ 48,933 (1) Includes $ 3 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 Non- Loans 90 Total Current Total 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 — — — — 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. 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, 2022. Mortgage Loans Other Loans (in millions) Multi- Commercial One-to- Acquisition, Total Commercial (1) Other Total Credit Quality Indicator: Pass $ 35,688 $ 5,834 $ 107 $ 185 $ 41,814 $ 4,816 $ 6 $ 4,822 Special mention 830 464 8 18 1,320 — — — Substandard 661 305 8 — 974 3 — 3 Doubtful — — — — — — — — Total $ 37,179 $ 6,603 $ 123 $ 203 $ 44,108 $ 4,819 $ 6 $ 4,825 (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- Commercial One-to- Acquisition, Total Commercial (1) Other Total 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 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, 2022. Vintage Year (in millions) 2022 2021 2020 2019 2018 Prior To Revolving Total Pass $ 7,655 $ 9,310 $ 8,727 $ 4,960 $ 3,825 $ 7,354 $ 12 $ 41,843 Special Mention — — 95 221 277 728 — 1,321 Substandard — — 37 201 130 605 — 973 Total mortgage loans $ 7,655 $ 9,310 $ 8,859 $ 5,382 $ 4,232 $ 8,687 $ 12 $ 44,137 Pass 757 642 457 423 78 223 2,263 4,843 Special Mention — — — — — — — — Substandard — — — 1 2 1 — 4 Total other loans 757 642 457 424 80 224 2,263 4,847 Total $ 8,412 $ 9,952 $ 9,316 $ 5,806 $ 4,312 $ 8,911 $ 2,275 $ 48,984 |
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, 2022: Collateral Type (in millions) Real Other Multi-family $ 13 $ — Commercial real estate 43 — One-to-four family — — Acquisition, development, and construction — — Commercial and industrial — 4 Other — — Total collateral-dependent loans held for investment 56 4 |
Information Regarding Troubled Debt Restructurings | The following table presents information regarding the Company's TDRs as of September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 (in millions) Accruing Non- Total Accruing Non- Total Loan Category: Multi-family $ — $ 6 $ 6 $ — $ 7 $ 7 Commercial real estate 16 19 35 16 — 16 One-to-four family — — — — — — Acquisition, development, and — — — — — — Commercial and industrial (1) — 4 4 — 6 6 Total $ 16 $ 29 $ 45 $ 16 $ 13 $ 29 (1) Includes $ 4 million and $ 6 million of taxi medallion-related loans at September 30, 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 September 30, 2022 and 2021 are summarized as follows: For the Three Months Ended September 30, 2022 Weighted Average (dollars in millions) Number Pre- Post- Pre- Post- Charge- Capitalized Loan Category: Commercial real estate — $ — $ — 0 % 0 % $ — $ — For the Three Months Ended September 30, 2021 Weighted Average (dollars in millions) Number Pre- Post- Pre- Post- Charge- Capitalized Loan Category: Commercial real estate 2 $ 4 $ 4 6.00 % 3.55 % $ — $ — The financial effects of the Company’s TDRs for the nine months ended September 30, 2022 and 2021 are summarized as follows: For the Nine Months Ended September 30, 2022 Weighted Average (dollars in millions) Number Pre- Post- Pre- Post- Charge- Capitalized Loan Category: Commercial real estate 2 $ 22 $ 19 6.00 % 4.02 % $ 3 $ — For the Nine Months Ended September 30, 2021 Weighted Average (dollars in millions) Number Pre- Post- Pre- Post- Charge- Capitalized Loan Category: Commercial real estate 2 $ 4 $ 4 6.00 % 3.55 % $ — $ — |
Allowance for Credit Losses o_2
Allowance for Credit Losses on Loans and Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Summary of Additional Information about Nonaccrual Loans | The following table presents additional information about the Company’s nonaccrual loans at September 30, 2022: (in millions) Recorded Related Interest Nonaccrual loans with no related allowance: Multi-family $ 13 $ — $ — Commercial real estate 27 — 1 One-to-four family — — — Acquisition, development, and construction — — — Other 3 — — Total nonaccrual loans with no related allowance $ 43 $ — $ 1 Nonaccrual loans with an allowance recorded: Multi-family $ — $ — $ — Commercial real estate 1 — — One-to-four family 1 — — Acquisition, development, and construction — — — Other — — — Total nonaccrual loans with an allowance recorded $ 2 $ — $ — Total nonaccrual loans: Multi-family $ 13 $ — $ — Commercial real estate 28 — 1 One-to-four family 1 — — Acquisition, development, and construction — — — Other 3 — — Total nonaccrual loans $ 45 $ — $ 1 The following table presents additional information about the Company’s nonaccrual loans at December 31, 2021: (in millions) Recorded Related Interest Nonaccrual loans with no related allowance: Multi-family $ 9 $ — $ 1 Commercial real estate 14 — — One-to-four family — — — Acquisition, development, and construction — — — Other 6 — — Total nonaccrual loans with no related allowance $ 29 $ — $ 1 Nonaccrual loans with an allowance recorded: Multi-family $ 1 $ — $ — Commercial real estate 2 — — One-to-four family 1 — — Acquisition, development, and construction — — — Other — — — Total nonaccrual loans with an allowance recorded $ 4 $ — $ — Total nonaccrual loans: Multi-family $ 10 $ — $ 1 Commercial real estate 16 — — One-to-four family 1 — — Acquisition, development, and construction — — — Other 6 — — Total nonaccrual loans $ 33 $ — $ 1 |
Non-Covered Loans | |
Summary of Activity in Allowance for Loan and Lease Losses | The following table summarizes activity in the allowance for credit losses on loans and leases for the periods indicated: For the Nine Months Ended September 30, 2022 2021 (in millions) Mortgage Other Total Mortgage Other Total Balance, beginning of period $ 178 $ 21 $ 199 $ 176 $ 18 $ 194 Charge-offs ( 5 ) — ( 5 ) ( 2 ) ( 3 ) ( 5 ) Recoveries 4 6 10 2 10 12 Provision for (recovery of) credit 31 ( 17 ) 14 1 — 1 Balance, end of period $ 208 $ 10 $ 218 $ 177 $ 25 $ 202 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Summary of Borrowed Funds | The following table summarizes the Company’s borrowed funds at the dates indicated: September 30, December 31, (in millions) 2022 2021 Wholesale borrowings: FHLB advances $ 12,840 $ 15,105 Repurchase agreements 300 800 Total wholesale borrowings $ 13,140 $ 15,905 Junior subordinated debentures 361 361 Subordinated notes 297 296 Total borrowed funds $ 13,798 $ 16,562 |
Summary of Repurchase Agreements Accounted for Secured Borrowings | The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at September 30, 2022: Remaining Contractual Maturity of the Agreements (in millions) Overnight and Up to 30–90 Days Greater than GSE obligations $ — $ — $ — $ 300 |
Junior Subordinated Debentures Outstanding | The following junior subordinated debentures were outstanding at September 30, 2022: Issuer Interest Rate Junior Capital Date of Stated First Optional (dollars in millions) New York Community Capital SM Units) 6.00 % $ 147 $ 140 Nov. 4, 2002 Nov. 1, 2051 Nov. 4, 2007 (1) New York Community Capital 4.89 124 120 Dec. 14, 2006 Dec. 15, 2036 Dec. 15, 2011 (2) PennFed Capital Trust III 6.54 31 30 June 2, 2003 June 15, 2033 June 15, 2008 (2) New York Community Capital 5.32 59 58 April 16, 2007 June 30, 2037 June 30, 2012 (2) Total junior subordinated debentures $ 361 $ 348 (1) Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. (2) Callable from this date forward. |
Subordinated Debt | |
Junior Subordinated Debentures Outstanding | At September 30, 2022 and December 31, 2021 , the Company had $ 297 million and $ 296 million of fixed-to-floating rate subordinated notes outstanding: Date of Original Issue Stated Maturity Interest Rate (1) Original Issue (dollars in millions) Nov. 6, 2018 Nov. 6, 2028 5.90 % $ 300 (1) From and including the date of original issuance to, but excluding November 6, 2023, the Notes will bear interest at an initial rate of 5.90 % per annum payable semi-annually. Unless redeemed, from and including November 6, 2023 to but excluding the maturity date, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus 278 basis points payable quarterly. |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits, Description [Abstract] | |
Pension and Post-Retirement Plans | The following table sets forth certain disclosures for the Company’s pension and post-retirement plans for the periods indicated: For the Three Months Ended September 30, 2022 2021 Post Post Pension Retirement Pension Retirement (in millions) Benefits Benefits (1) Benefits Benefits (1) Components of net periodic pension expense (credit): Interest cost $ 1 $ — $ 1 $ — Expected return on plan assets ( 4 ) — ( 4 ) — Amortization of net actuarial loss 1 — 2 — Net periodic (credit) expense $ ( 2 ) $ — $ ( 1 ) $ — For the Nine Months Ended September 30, 2022 2021 Post Post Pension Retirement Pension Retirement (in millions) Benefits Benefits (1) Benefits Benefits (1) Components of net periodic pension expense (credit): Interest cost $ 3 $ — $ 3 $ — Expected return on plan assets ( 12 ) — ( 12 ) — Amortization of net actuarial loss 2 — 5 — Net periodic (credit) expense $ ( 7 ) $ — $ ( 4 ) $ — (1) Post-retirement benefits balances round to zero. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Activity for Restricted Stock Awards | The following table provides a summary of activity with regard to restricted stock awards in the nine months ended September 30, 2022: For the Nine Months Ended Number of Shares Weighted Unvested at beginning of year 6,950,335 $ 11.68 Granted 3,096,694 11.62 Vested ( 2,288,069 ) 12.27 Canceled ( 426,785 ) 11.49 Unvested at end of year 7,332,175 11.49 |
Summary of Activity for Performance-Based Restricted Stock Units | The following table provides a summary of activity with regard to Performance-Based Restricted Stock Units ("PSUs") in the nine months ended September 30, 2022: Number of Performance Expected Outstanding at beginning of year 834,612 Granted 473,211 Released ( 176,090 ) Canceled ( 152,556 ) Outstanding at end of period 979,177 January 1, 2021 - December 31, 2023 March 31, 2023 and 2024 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at September 30, 2022 (in millions) Quoted Significant Significant Total Assets: Mortgage-related Debt Securities GSE certificates $ — $ 944 $ — $ 944 GSE CMOs — 1,286 — 1,286 Total mortgage-related debt securities $ — $ 2,230 $ — $ 2,230 Other Debt Securities Available for Sale: U. S. Treasury obligations $ 1,672 $ — $ — $ 1,672 GSE debentures — 1,406 — 1,406 Asset-backed securities — 391 — 391 Municipal bonds — 18 — 18 Corporate bonds — 855 — 855 Foreign notes — 25 — 25 Capital trust notes — 92 — 92 Total other debt securities $ 1,672 $ 2,787 $ — $ 4,459 Total debt securities available for sale $ 1,672 $ 5,017 $ — $ 6,689 Equity securities: Preferred stock $ — $ — $ — $ — Mutual funds and common stock — 14 — 14 Total equity securities $ — $ 14 $ — $ 14 Total securities $ 1,672 $ 5,031 $ — $ 6,703 Fair Value Measurements at December 31, 2021 (in millions) Quoted Significant Significant Total Assets: Mortgage-Related Debt Securities GSE certificates $ — $ 1,107 $ — $ 1,107 GSE CMOs — 1,683 — 1,683 Total mortgage-related debt securities $ — $ 2,790 $ — $ 2,790 Other Debt Securities Available U.S. Treasury obligations $ 45 $ — $ — $ 45 GSE debentures — 1,480 — 1,480 Asset-backed securities — 479 — 479 Municipal bonds — 25 — 25 Corporate bonds — 838 — 838 Foreign notes — 26 — 26 Capital trust notes — 97 — 97 Total other debt securities $ 45 $ 2,945 $ — $ 2,990 Total debt securities available for sale $ 45 $ 5,735 $ — $ 5,780 Equity securities: — Preferred stock $ — $ — $ — $ — Mutual funds and common stock — 16 — 16 Total equity securities $ — $ 16 $ — $ 16 Total securities $ 45 $ 5,751 $ — $ 5,796 |
Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments | The following tables present assets and liabilities that were measured at fair value on a non-recurring basis as of September 30, 2022 and December 31, 2021, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at September 30, 2022 Using (in millions) Quoted Prices Significant Significant Total Fair Certain loans (1) $ — $ — $ 25 $ 25 Other assets (2) — — 38 38 Total $ — $ — $ 63 $ 63 (1) Represents the fair value based on the value of the collateral. (2) Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets and equity investments without readily determinable fair values. These equity investments are classified as Level 3 due to the infrequency of the observable prices and/or the restrictions on the shares. Fair Value Measurements at December 31, 2021 Using (in millions) Quoted Prices Significant Significant Total Fair Certain loans (1) $ — $ — $ 32 $ 32 Other assets (2) — — 32 32 Total $ — $ — $ 64 $ 64 (1) Represents the fair value based on the value of the collateral. (2) Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets and equity investments without readily determinable fair values. These equity investments are classified as Level 3 due to the infrequency of the observable prices and/or the restrictions on the shares. |
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | The following tables summarize the carrying values, estimated fair values, and fair value measurement levels of financial instruments that were not carried at fair value on the Company’s Consolidated Statements of Condition at September 30, 2022 and December 31, 2021: September 30, 2022 Fair Value Measurement Using (in millions) Carrying Estimated Quoted Prices Significant Significant Financial Assets: Cash, cash equivalents and due from banks $ 1,700 $ 1,700 $ 1,700 $ — $ — FHLB stock (1) 630 630 — 630 — Loans and leases, net 48,766 45,725 — — 45,725 Financial Liabilities: Deposits $ 41,705 $ 41,448 $ 32,596 (2) $ 8,852 (3) $ — Borrowed funds 13,798 13,615 — 13,615 — (1) Carrying value and estimated fair value are at cost. (2) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (3) Certificates of deposit. December 31, 2021 Fair Value Measurement Using (in millions) Carrying Estimated Quoted Prices Significant Significant Financial Assets: Cash, cash equivalents and due from banks $ 2,211 $ 2,211 $ 2,211 $ — $ — FHLB stock (1) 734 734 — 734 — Loans and leases, net 45,539 44,748 — — 44,748 Financial Liabilities: Deposits $ 35,059 $ 35,051 $ 26,635 (2) $ 8,416 (3) $ — Borrowed funds 16,562 17,169 — 17,169 — (1) Carrying value and estimated fair value are at cost. (2) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (3) Certificates of deposit. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Components of Lease Income | The components of lease income were as follows: (in millions) For the For the For the For the Interest income on lease financing (1) $ 14 $ 38 $ 13 $ 41 (1) Included in Interest Income – Loans and leases in the Consolidated Statements of Income and Comprehensive Income. |
Components of Net Investment in Direct Financing Leases | The components of net investment in direct financing leases, including the carrying amount of the lease receivables, as well as the unguaranteed residual asset were as follows: (in millions) September 30, December 31, Net investment in the lease - lease payments receivable $ 1,722 $ 1,790 Net investment in the lease - unguaranteed residual assets 59 75 Total lease payments $ 1,781 $ 1,865 |
Summary of Remaining Maturity of Undiscounted Lease Receivables | The following table presents the remaining maturity analysis of the undiscounted lease receivables as of September 30, 2022, as well as the reconciliation to the total amount of receivables recognized in the Consolidated Statements of Condition: (in millions) September 30, 2022 $ 3 2023 86 2024 186 2025 375 2026 373 Thereafter 758 Total lease payments 1,781 Plus: deferred origination costs 20 Less: unearned income ( 84 ) Total lease finance receivables, net $ 1,717 |
Summary of Components of Lease Expense | The components of lease expense were as follows: (in millions) For the Three For the Nine For the Three For the Nine Operating lease cost $ 7 $ 21 $ 7 $ 20 Sublease income — — — — Total lease cost $ 7 $ 21 $ 7 $ 20 |
Summary of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to the leases for the following periods: (in millions) For the Three For the Nine For the Three For the Nine Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7 $ 21 $ 7 $ 20 |
Summary of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to the leases for the following periods: (in millions, except lease term and discount rate) September 30, December 31, Operating Leases: Operating lease right-of-use assets $ 227 $ 249 Operating lease liabilities $ 227 $ 249 Weighted average remaining lease term 13 years 16 years Weighted average discount rate% 3.23 % 3.05 % |
Summary of Maturities of Lease Liabilities | (in millions) September 30, 2022 $ 7 2023 27 2024 26 2025 25 2026 24 Thereafter 171 Total lease payments 280 Less: imputed interest ( 53 ) Total present value of lease liabilities $ 227 |
Derivative and Hedging Activi_2
Derivative and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Cumulative Basis Adjustment for Fair Value Hedges | As of September 30, 2022, and December 31, 2021 the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges: (in millions) September 30, 2022 December 31, 2021 Line Item in the Consolidated Statements of Carrying Cumulative Carrying Cumulative Total loans and leases, net (1) $ - $ - $ 2,025 $ 25 (1) These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. Since the swap expired in February 2022, at September 30, 2022 , the amortized cost basis of the closed portfolios used in these hedging relationships, the cumulative basis adjustments associated with these hedging relationships, and the amount of the designated hedged items, were zero . |
Effect of Derivative Instruments on Consolidated Statements of Income and Comprehensive Income | The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the periods indicated. (in millions) For the Three For the Nine For the Three For the Nine Derivative – interest rate swap: Interest income $ — $ 25 $ 25 $ 49 Hedged item – loans: Interest income $ — $ ( 25 ) $ ( 25 ) $ ( 49 ) |
Information about Interest Rate Swaps Designated as Cash Flow Hedges | The following table summarizes information about the interest rate swaps designated as cash flow hedges at September 30, 2022 and December 31, 2021: (dollars in millions) September 30, December 31, Notional amounts $ 1,500 $ 2,250 Cash collateral received (posted) 58 ( 12 ) Weighted average pay rates 1.51 % 1.27 % Weighted average receive rates 2.89 % 0.18 % Weighted average maturity 2.2 years 0.9 years |
Effect of Cash Flow Derivative Instruments on AOCL | The following table presents the effect of the Company's cash flow derivative instruments on AOCL for the nine months ended September 30, 2022 and 2021: (in millions) For the Nine For the Nine Amount of (loss) gain recognized in AOCL $ 64 $ 2 Amount of reclassified from AOCL to interest expense 4 18 |
Organization, Basis of Presen_3
Organization, Basis of Presentation, and Impact of Recent Accounting Pronouncements - Additional Information (Details) | 9 Months Ended | |
Sep. 30, 2022 Branch $ / shares | Dec. 31, 2021 $ / shares | |
Organization and Basis of Presentation [Line Items] | ||
Common stock, par | $ / shares | $ 0.01 | $ 0.01 |
Description of nine stock splits | $0.93 per share on a split-adjusted basis, reflecting the impact of nine stock splits between 1994 and 2004 | |
New York Community Bank | ||
Organization and Basis of Presentation [Line Items] | ||
Number of branches | Branch | 237 | |
New York Community Bank | Corporate Segment | ||
Organization and Basis of Presentation [Line Items] | ||
Number of branches | Branch | 18 | |
New York Community Bank | Corporate and Other | ||
Organization and Basis of Presentation [Line Items] | ||
Number of branches | Branch | 219 | |
IPO | ||
Organization and Basis of Presentation [Line Items] | ||
Shares issued, price per share | $ / shares | $ 25 | |
Shares issued, price per share, split adjusted basis | $ / shares | $ 0.93 |
Computation of Earnings per C_3
Computation of Earnings per Common Share - Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income available to common shareholders | $ 144 | $ 140 | $ 453 | $ 421 |
Less: Dividends paid on and earnings allocated to participating securities | (2) | (2) | (6) | (5) |
Earnings applicable to common stock | $ 142 | $ 138 | $ 447 | $ 416 |
Weighted average common shares outstanding | 465,115,180 | 464,047,337 | 465,354,754 | 463,813,827 |
Basic earnings per common share | $ 0.31 | $ 0.30 | $ 0.96 | $ 0.90 |
Earnings applicable to common stock | $ 142 | $ 138 | $ 447 | $ 416 |
Potential dilutive common shares | 979,177 | 834,612 | 926,184 | 744,292 |
Total shares for diluted earnings per common share computation | 466,094,357 | 464,881,949 | 466,280,938 | 464,558,119 |
Diluted earnings per common share and common share equivalents | $ 0.30 | $ 0.30 | $ 0.96 | $ 0.90 |
Reclassifications Out of Accu_3
Reclassifications Out of Accumulated Other Comprehensive Loss - Reclassifications of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Income tax benefit | $ 53 | $ 50 | $ 164 | $ 161 | |
Net income | 152 | 149 | 478 | 446 | |
Interest expense | $ 183 | $ 97 | 394 | $ 302 | |
Reclassifications, net of tax | [1] | (5) | |||
Past service liability | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassifications, before tax | [1],[2] | 0 | |||
Actuarial losses | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassifications, before tax | [1],[2] | (2) | |||
Amortization of defined benefit pension | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassifications, before tax | [1] | (2) | |||
Income tax benefit | [1] | 0 | |||
Reclassifications, net of tax | [1] | (2) | |||
Reclassification out of Accumulated Other Comprehensive Income (loss) | Unrealized gains on available-for-sale securities | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net gain on securities | [1] | 0 | |||
Income tax benefit | [1] | 0 | |||
Net income | [1] | 0 | |||
Reclassification out of Accumulated Other Comprehensive Income (loss) | Unrealized loss on cash flow hedges | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Income tax benefit | [1] | 1 | |||
Net income | [1] | (3) | |||
Interest expense | [1] | $ (4) | |||
[1] Amounts in parentheses indicate expense items. See Note 8, “Pension and Other Post-Retirement Benefits,” for additional information. |
Securities - Summary of Portfol
Securities - Summary of Portfolio of Securities Available for Sale (Details) - USD ($) $ in Millions | 9 Months Ended | ||||
Sep. 30, 2022 | Dec. 31, 2021 | ||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair Value | $ 6,689 | $ 5,780 | |||
Equity Securities, Fair Value | 14 | 16 | |||
Total Securities, Amortized Cost | 7,543 | [1] | 5,850 | [2] | |
Total Securities, Gross Unrealized Gain | 8 | [1] | 62 | [2] | |
Total Securities, Gross Unrealized Loss | 848 | [1] | 116 | [2] | |
Total Securities, Fair Value | 6,703 | [1] | 5,796 | [2] | |
Mortgage-Related Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 2,677 | 2,819 | |||
Gross Unrealized Gain | 31 | ||||
Gross Unrealized Loss | 447 | 60 | |||
Fair Value | 2,230 | 2,790 | |||
Mortgage-Related Securities | GSE Certificates | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 1,115 | 1,102 | |||
Gross Unrealized Gain | 20 | ||||
Gross Unrealized Loss | 171 | 15 | |||
Fair Value | 944 | 1,107 | |||
Mortgage-Related Securities | GSE CMOs | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 1,562 | 1,717 | |||
Gross Unrealized Gain | 11 | ||||
Gross Unrealized Loss | 276 | 45 | |||
Fair Value | 1,286 | 1,683 | |||
Debt Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 4,850 | 3,015 | |||
Gross Unrealized Gain | 8 | 31 | |||
Gross Unrealized Loss | 399 | 56 | |||
Fair Value | 4,459 | 2,990 | |||
Debt Securities | U.S. Treasury Obligations | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 1,677 | 45 | |||
Gross Unrealized Loss | 5 | ||||
Fair Value | 1,672 | 45 | |||
Debt Securities | GSE Debentures | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 1,749 | 1,524 | |||
Gross Unrealized Gain | 1 | ||||
Gross Unrealized Loss | 343 | 45 | |||
Fair Value | 1,406 | 1,480 | |||
Debt Securities | Asset-backed Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 401 | [3] | 479 | [4] | |
Gross Unrealized Gain | [4] | 3 | |||
Gross Unrealized Loss | 10 | [3] | 3 | [4] | |
Fair Value | 391 | [3] | 479 | [4] | |
Debt Securities | Corporate Bonds | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 884 | 821 | |||
Gross Unrealized Gain | 2 | 18 | |||
Gross Unrealized Loss | 31 | 1 | |||
Fair Value | 855 | 838 | |||
Debt Securities | Municipal Bonds | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 18 | 25 | |||
Fair Value | 18 | 25 | |||
Debt Securities | Foreign Notes | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 25 | 25 | |||
Gross Unrealized Gain | 1 | ||||
Fair Value | 25 | 26 | |||
Debt Securities | Capital Trust Notes | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 96 | 96 | |||
Gross Unrealized Gain | 6 | 8 | |||
Gross Unrealized Loss | 10 | 7 | |||
Fair Value | 92 | 97 | |||
Mortgage Backed Securities And Other Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 7,527 | 5,834 | |||
Gross Unrealized Gain | 8 | 62 | |||
Gross Unrealized Loss | 846 | 116 | |||
Fair Value | 6,689 | 5,780 | |||
Equity Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Equity Securities, Amortized Cost | 16 | 16 | |||
Equity Securities, Gross Unrealized Loss | 2 | ||||
Equity Securities, Fair Value | 14 | 16 | |||
Equity Securities | Mutual Funds | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Equity Securities, Amortized Cost | 16 | 16 | |||
Equity Securities, Gross Unrealized Loss | 2 | ||||
Equity Securities, Fair Value | $ 14 | $ 16 | |||
[1] Excludes accrued interest receivable of $ 23 million included in other assets in the Consolidated Statements of Condition. Excludes accrued interest receivable of $ 15 million included in other assets in the Consolidated Statements of Condition. The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. |
Securities - Summary of Portf_2
Securities - Summary of Portfolio of Securities Available for Sale (Parenthetical) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Available-for-sale Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Accrued interest receivable | $ 23 | $ 15 |
Securities - Additional Informa
Securities - Additional Information (Details) $ in Millions | 9 Months Ended | ||||
Sep. 30, 2022 USD ($) Investment | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) Investment | |||
Schedule of Investments [Line Items] | |||||
Federal Home Loan Bank stock, at cost | $ | $ 630 | [1] | $ 734 | [2] | |
Net losses on equity securities | $ | $ 2 | $ 0 | |||
Collateralized Mortgage Obligations | |||||
Schedule of Investments [Line Items] | |||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 18 | 4 | |||
Capital Trust Notes | |||||
Schedule of Investments [Line Items] | |||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 5 | 5 | |||
Asset-backed Securities | |||||
Schedule of Investments [Line Items] | |||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 6 | 4 | |||
Corporate Bonds | |||||
Schedule of Investments [Line Items] | |||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 2 | 2 | |||
U.S. Government Agency Bonds | |||||
Schedule of Investments [Line Items] | |||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 28 | 20 | |||
Municipal Bonds | |||||
Schedule of Investments [Line Items] | |||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 1 | 1 | |||
Mortgage-Related Securities | |||||
Schedule of Investments [Line Items] | |||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 103 | ||||
Agency Mortgage-backed Securities | |||||
Schedule of Investments [Line Items] | |||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 21 | ||||
Equity Securities | |||||
Schedule of Investments [Line Items] | |||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 1 | ||||
[1] Carrying value and estimated fair value are at cost. Carrying value and estimated fair value are at cost. |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost of Available-for-Sale Securities by Contractual Maturity (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Available-for-Sale Debt Securities: | |||
Due within one year, fair value | $ 1,701 | ||
Due from one to five years, fair value | 807 | ||
Due from five to ten years, fair value | 1,544 | ||
Due after ten years, fair value | 2,637 | ||
Fair Value | 6,689 | $ 5,780 | |
Mortgage-Related Securities | |||
Available-for-Sale Debt Securities: | |||
Due within one year | 4 | ||
Due from one to five years | 143 | ||
Due from five to ten years | 219 | ||
Due after ten years | 2,311 | ||
Amortized Cost | 2,677 | ||
U.S. Government and GSE obligations | |||
Available-for-Sale Debt Securities: | |||
Due within one year | 1,677 | ||
Due from one to five years | 247 | ||
Due from five to ten years | 1,077 | ||
Due after ten years | 425 | ||
Amortized Cost | 3,426 | ||
State, County, and Municipal | |||
Available-for-Sale Debt Securities: | |||
Due from five to ten years | 18 | ||
Amortized Cost | 18 | ||
Other Debt Securities | |||
Available-for-Sale Debt Securities: | |||
Due within one year | [1] | 25 | |
Due from one to five years | [1] | 428 | |
Due from five to ten years | [1] | 527 | |
Due after ten years | [1] | 426 | |
Amortized Cost | [1] | $ 1,406 | |
[1] Includes corporate bonds, capital trust notes, foreign notes and asset-backed securities. |
Securities - Summary of Held-to
Securities - Summary of Held-to-Maturity and Available-for-Sale Securities Having Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | $ 3,821 | $ 1,846 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 181 | 44 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 2,594 | 1,683 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 667 | 72 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 6,415 | 3,529 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 848 | 116 |
Debt Securities | U.S. Treasury Obligations | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 1,476 | 45 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 5 | |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 1,476 | 45 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 5 | |
Debt Securities | U.S. Government and GSE obligations | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 394 | 317 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 43 | 7 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 1,012 | 185 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 300 | 8 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 1,406 | 502 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 343 | 15 |
Debt Securities | GSE Certificates | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 572 | 846 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 62 | 28 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 371 | 293 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 109 | 17 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 943 | 1,139 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 171 | 45 |
Debt Securities | GSE CMOs | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 448 | 491 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 41 | 8 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 838 | 926 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 235 | 37 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 1,286 | 1,417 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 276 | 45 |
Debt Securities | Asset-backed Securities | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 125 | 130 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 2 | 1 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 224 | 135 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 8 | 2 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 349 | 265 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 10 | 3 |
Debt Securities | Municipal Bonds | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 11 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 7 | 8 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 1 | |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 18 | 8 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 1 | |
Debt Securities | Corporate Bonds | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 720 | |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 27 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 95 | 99 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 4 | 1 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 815 | 99 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 31 | 1 |
Debt Securities | Foreign Notes | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 25 | 5 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 25 | 5 |
Debt Securities | Capital Trust Notes | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 46 | |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 1 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 36 | 37 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 8 | 7 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 82 | 37 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 9 | 7 |
Equity Securities | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 4 | 12 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 11 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 2 | |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 15 | $ 12 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | $ 2 |
Loans and Leases - Composition
Loans and Leases - Composition of Loan and Lease Portfolio (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Non-Covered Loans | [1] | $ 48,933 | $ 45,681 | ||||
Non-Covered Loans, Percentage | [1] | 100% | 100% | ||||
Net deferred loan origination costs | $ 51 | $ 57 | |||||
Allowance for loan and lease losses | (218) | (199) | $ (202) | $ (194) | |||
Total loans and leases, net | 48,766 | 45,539 | |||||
Multi-Family | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Non-Covered Loans | $ 37,179 | $ 34,603 | |||||
Non-Covered Loans, Percentage | 75.98% | 75.75% | |||||
Commercial Real Estate | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Non-Covered Loans | $ 6,603 | $ 6,698 | |||||
Non-Covered Loans, Percentage | 13.49% | 14.66% | |||||
One-to-Four Family | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Non-Covered Loans | $ 123 | $ 160 | |||||
Non-Covered Loans, Percentage | 0.25% | 0.35% | |||||
Acquisition, Development, and Construction | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Non-Covered Loans | $ 203 | $ 209 | |||||
Non-Covered Loans, Percentage | 0.41% | 0.46% | |||||
Mortgage Receivable | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Non-Covered Loans | [1] | $ 44,108 | $ 41,670 | ||||
Non-Covered Loans, Percentage | [1] | 90.13% | 91.22% | ||||
Allowance for loan and lease losses | $ (208) | $ (178) | $ (177) | $ (176) | |||
Commercial and Industrial | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Non-Covered Loans | [3] | $ 4,819 | [2] | $ 4,006 | [4] | ||
Non-Covered Loans, Percentage | [3] | 9.86% | 8.77% | ||||
Commercial and Industrial | Other Loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Non-Covered Loans | $ 3,122 | $ 2,236 | |||||
Non-Covered Loans, Percentage | 6.38% | 4.89% | |||||
Lease Financing, Unearned Income | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Non-Covered Loans | $ 1,697 | $ 1,770 | |||||
Non-Covered Loans, Percentage | 3.48% | 3.88% | |||||
Other | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Non-Covered Loans | $ 6 | $ 5 | |||||
Non-Covered Loans, Percentage | 0.01% | 0.01% | |||||
Total Other Loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Non-Covered Loans | $ 4,825 | $ 4,011 | |||||
Total Other Loans | Other Loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Non-Covered Loans | $ 4,825 | $ 4,011 | |||||
Non-Covered Loans, Percentage | 9.87% | 8.78% | |||||
[1] Excludes accrued interest receivable of $ 203 million and $ 199 million at September 30, 2022 and December 31, 2021 , respectively, which is included in other assets in the Consolidated Statements of Condition. Includes lease financing receivables, all of which were classified as Pass. Includes specialty finance loans and leases of $ 4.2 billion and $ 3.5 billion, respectively, at September 30, 2022 and December 31, 2021, and other C&I loans of $ 577 million and $ 527 million, respectively, at September 30, 2022 and December 31, 2021 . Includes lease financing receivables, all of which were classified as Pass. |
Loans and Leases - Compositio_2
Loans and Leases - Composition of Loan and Lease Portfolio (Parenthetical) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | [1] | $ 48,933 | $ 45,681 | ||
Other Assets | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accrued interest receivable | 203 | 199 | |||
Lease Financing, Unearned Income | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Unearned income | 84 | 95 | |||
Non-Covered Loans | 1,697 | 1,770 | |||
Commercial and Industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | [3] | 4,819 | [2] | 4,006 | [4] |
Commercial and Industrial | Other Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | 3,122 | 2,236 | |||
Commercial and Industrial | Specialty Finance Loans | Other Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | 4,200 | 3,500 | |||
Commercial and Industrial | Other Commercial and Industrial Loans | Other Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 577 | $ 527 | |||
[1] Excludes accrued interest receivable of $ 203 million and $ 199 million at September 30, 2022 and December 31, 2021 , respectively, which is included in other assets in the Consolidated Statements of Condition. Includes lease financing receivables, all of which were classified as Pass. Includes specialty finance loans and leases of $ 4.2 billion and $ 3.5 billion, respectively, at September 30, 2022 and December 31, 2021, and other C&I loans of $ 577 million and $ 527 million, respectively, at September 30, 2022 and December 31, 2021 . Includes lease financing receivables, all of which were classified as Pass. |
Loans and Leases - Additional I
Loans and Leases - Additional Information (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 USD ($) Investment | Dec. 31, 2021 USD ($) | |
Financing Receivable, Recorded Investment [Line Items] | ||
Outstanding loans to Executive officers, directors, principal shareholders, related interest and parties | $ 6 | $ 6 |
CARES act of 2020 aid, election description | the Company made the election to deem that loan modifications do not result in TDRs if they are (1) related to the novel coronavirus disease (“COVID-19”); (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (A) 60 days after the date of termination of the National Emergency or (B) December 31, 2020. This includes short-term (e.g., up to six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. In December 2020, Congress amended the CARES Act through the Consolidated Appropriation Act of 2021, which provided additional COVID-19 relief to American families and businesses, including extending TDR relief under the CARES Act until the earlier of December 31, 2021 or 60 days following the termination of the national emergency. | |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of financing receivable contracts modified as TDRs within previous 12 months, with payment default | Investment | 0 | |
Financing Receivable Troubled Debt Restructurings Rate Reductions | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, loans in process of foreclosure | $ 45 |
Loans and Leases - Quality of L
Loans and Leases - Quality of Loans Held for Investment (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | [1] | $ 48,933 | $ 45,681 | ||
Multi-Family | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 37,179 | 34,603 | |||
Commercial Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 6,603 | 6,698 | |||
One-to-Four Family | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 123 | 160 | |||
Acquisition, Development, and Construction | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 203 | 209 | |||
Commercial and Industrial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | [3] | 4,819 | [2] | 4,006 | [4] |
Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 6 | 5 | |||
Non-Covered Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non- Accrual Loans | 45 | 33 | |||
Total Loans Receivable | 48,933 | 45,681 | |||
Non-Covered Loans | Financing Receivable, 30-89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 39 | 67 | |||
Non-Covered Loans | Total Past Due Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 84 | 100 | |||
Non-Covered Loans | Current Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 48,849 | 45,581 | |||
Non-Covered Loans | Multi-Family | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non- Accrual Loans | 13 | 10 | |||
Total Loans Receivable | 37,179 | 34,603 | |||
Non-Covered Loans | Multi-Family | Financing Receivable, 30-89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 31 | 57 | |||
Non-Covered Loans | Multi-Family | Total Past Due Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 44 | 67 | |||
Non-Covered Loans | Multi-Family | Current Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 37,135 | 34,536 | |||
Non-Covered Loans | Commercial Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non- Accrual Loans | 28 | 16 | |||
Total Loans Receivable | 6,603 | 6,698 | |||
Non-Covered Loans | Commercial Real Estate | Financing Receivable, 30-89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 1 | 2 | |||
Non-Covered Loans | Commercial Real Estate | Total Past Due Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 29 | 18 | |||
Non-Covered Loans | Commercial Real Estate | Current Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 6,574 | 6,680 | |||
Non-Covered Loans | One-to-Four Family | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non- Accrual Loans | 1 | 1 | |||
Total Loans Receivable | 123 | 160 | |||
Non-Covered Loans | One-to-Four Family | Financing Receivable, 30-89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 7 | 8 | |||
Non-Covered Loans | One-to-Four Family | Total Past Due Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 8 | 9 | |||
Non-Covered Loans | One-to-Four Family | Current Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 115 | 151 | |||
Non-Covered Loans | Acquisition, Development, and Construction | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 203 | 209 | |||
Non-Covered Loans | Acquisition, Development, and Construction | Current Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 203 | 209 | |||
Non-Covered Loans | Commercial and Industrial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Non- Accrual Loans | [6] | 3 | [5] | 6 | [7] |
Total Loans Receivable | [6] | 4,819 | [5] | 4,006 | [7] |
Non-Covered Loans | Commercial and Industrial | Total Past Due Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | [6] | 3 | [5] | 6 | [7] |
Non-Covered Loans | Commercial and Industrial | Current Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | [6] | 4,816 | [5] | 4,000 | [7] |
Non-Covered Loans | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 6 | 5 | |||
Non-Covered Loans | Other | Current Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 6 | $ 5 | |||
[1] Excludes accrued interest receivable of $ 203 million and $ 199 million at September 30, 2022 and December 31, 2021 , respectively, which is included in other assets in the Consolidated Statements of Condition. Includes lease financing receivables, all of which were classified as Pass. Includes specialty finance loans and leases of $ 4.2 billion and $ 3.5 billion, respectively, at September 30, 2022 and December 31, 2021, and other C&I loans of $ 577 million and $ 527 million, respectively, at September 30, 2022 and December 31, 2021 . Includes lease financing receivables, all of which were classified as Pass. Includes $ 3 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. Includes lease financing receivables, all of which were current. 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. |
Loans and Leases - Quality of_2
Loans and Leases - Quality of Loans Held for Investment (Parenthetical) (Details) - Taxi Medallion Loans - Commercial and Industrial - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Loans 90 Days Or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 3,000,000 | $ 6,000,000 |
Financing Receivable, 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 0 | $ 0 |
Loans and Leases - Portfolio of
Loans and Leases - Portfolio of Loans Held for Investment by Credit Quality Indicator (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | [1] | $ 48,933 | $ 45,681 | ||
Multi-Family | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 37,179 | 34,603 | |||
Multi-Family | Pass | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 35,688 | 33,011 | |||
Multi-Family | Special Mention | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 830 | 981 | |||
Multi-Family | Substandard | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 661 | 611 | |||
Commercial Real Estate | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 6,603 | 6,698 | |||
Commercial Real Estate | Pass | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 5,834 | 5,874 | |||
Commercial Real Estate | Special Mention | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 464 | 643 | |||
Commercial Real Estate | Substandard | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 305 | 181 | |||
One-to-Four Family | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 123 | 160 | |||
One-to-Four Family | Pass | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 107 | 137 | |||
One-to-Four Family | Special Mention | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 8 | 14 | |||
One-to-Four Family | Substandard | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 8 | 9 | |||
Acquisition, Development, and Construction | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 203 | 209 | |||
Acquisition, Development, and Construction | Pass | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 185 | 204 | |||
Acquisition, Development, and Construction | Special Mention | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 18 | 5 | |||
Mortgage Receivable | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | [1] | 44,108 | 41,670 | ||
Mortgage Receivable | Pass | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 41,814 | 39,226 | |||
Mortgage Receivable | Special Mention | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 1,320 | 1,643 | |||
Mortgage Receivable | Substandard | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 974 | 801 | |||
Commercial and Industrial | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | [3] | 4,819 | [2] | 4,006 | [4] |
Commercial and Industrial | Pass | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 4,816 | [2] | 3,959 | [4] | |
Commercial and Industrial | Special Mention | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | [4] | 2 | |||
Commercial and Industrial | Substandard | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 3 | [2] | 45 | [4] | |
Other | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 6 | 5 | |||
Other | Pass | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 6 | 5 | |||
Total Other Loans | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 4,825 | 4,011 | |||
Total Other Loans | Pass | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 4,822 | 3,964 | |||
Total Other Loans | Special Mention | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 2 | ||||
Total Other Loans | Substandard | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | $ 3 | $ 45 | |||
[1] Excludes accrued interest receivable of $ 203 million and $ 199 million at September 30, 2022 and December 31, 2021 , respectively, which is included in other assets in the Consolidated Statements of Condition. Includes lease financing receivables, all of which were classified as Pass. Includes specialty finance loans and leases of $ 4.2 billion and $ 3.5 billion, respectively, at September 30, 2022 and December 31, 2021, and other C&I loans of $ 577 million and $ 527 million, respectively, at September 30, 2022 and December 31, 2021 . Includes lease financing receivables, all of which were classified as Pass. |
Loans and Leases - Schedule of
Loans and Leases - Schedule of Credit Quality Indicator, Loan Class and Year of Origination the Amortized Cost Basis of Loans And Leases (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | $ 48,984 |
Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 44,137 |
Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 4,847 |
Pass | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 41,843 |
Pass | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 4,843 |
Special Mention | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 1,321 |
Substandard | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 973 |
Substandard | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 4 |
2022 | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 8,412 |
2022 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 7,655 |
2022 | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 757 |
2022 | Pass | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 7,655 |
2022 | Pass | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 757 |
2021 | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 9,952 |
2021 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 9,310 |
2021 | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 642 |
2021 | Pass | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 9,310 |
2021 | Pass | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 642 |
2020 | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 9,316 |
2020 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 8,859 |
2020 | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 457 |
2020 | Pass | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 8,727 |
2020 | Pass | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 457 |
2020 | Special Mention | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 95 |
2020 | Substandard | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 37 |
2019 | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 5,806 |
2019 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 5,382 |
2019 | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 424 |
2019 | Pass | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 4,960 |
2019 | Pass | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 423 |
2019 | Special Mention | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 221 |
2019 | Substandard | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 201 |
2019 | Substandard | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 1 |
2018 | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 4,312 |
2018 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 4,232 |
2018 | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 80 |
2018 | Pass | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 3,825 |
2018 | Pass | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 78 |
2018 | Special Mention | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 277 |
2018 | Substandard | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 130 |
2018 | Substandard | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 2 |
Prior to 2018 | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 8,911 |
Prior to 2018 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 8,687 |
Prior to 2018 | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 224 |
Prior to 2018 | Pass | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 7,354 |
Prior to 2018 | Pass | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 223 |
Prior to 2018 | Special Mention | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 728 |
Prior to 2018 | Substandard | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 605 |
Prior to 2018 | Substandard | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 1 |
Revolving Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 2,275 |
Revolving Loans | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 12 |
Revolving Loans | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 2,263 |
Revolving Loans | Pass | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 12 |
Revolving Loans | Pass | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | $ 2,263 |
Loans and Leases - Summary of C
Loans and Leases - Summary of Collateral-Dependent Loans Held for Investment by Collateral Type (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Real Estate | |
Disclosure Of Summary Of Collateral Dependent Loans Held For Investment By Collateral Type [Line Items] | |
Assets received as collateral | $ 56 |
Asset pledged as collateral | Real Estate | Multi-Family | |
Disclosure Of Summary Of Collateral Dependent Loans Held For Investment By Collateral Type [Line Items] | |
Loans and leases receivable | 13 |
Asset pledged as collateral | Real Estate | Commercial Real Estate | |
Disclosure Of Summary Of Collateral Dependent Loans Held For Investment By Collateral Type [Line Items] | |
Loans and leases receivable | 43 |
Asset pledged as collateral | Other | |
Disclosure Of Summary Of Collateral Dependent Loans Held For Investment By Collateral Type [Line Items] | |
Loans and leases receivable | 4 |
Asset pledged as collateral | Other | Commercial and Industrial | |
Disclosure Of Summary Of Collateral Dependent Loans Held For Investment By Collateral Type [Line Items] | |
Loans and leases receivable | $ 4 |
Loans and Leases - Information
Loans and Leases - Information Regarding Troubled Debt Restructurings (Details) - Non-Covered Loans - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable Modifications [Line Items] | |||
Troubled debt restructurings | $ 45 | $ 29 | |
Accruing | |||
Financing Receivable Modifications [Line Items] | |||
Troubled debt restructurings | 16 | 16 | |
Non-Accrual | |||
Financing Receivable Modifications [Line Items] | |||
Troubled debt restructurings | 29 | 13 | |
Multi-Family | |||
Financing Receivable Modifications [Line Items] | |||
Troubled debt restructurings | 6 | 7 | |
Multi-Family | Non-Accrual | |||
Financing Receivable Modifications [Line Items] | |||
Troubled debt restructurings | 6 | 7 | |
Commercial Real Estate | |||
Financing Receivable Modifications [Line Items] | |||
Troubled debt restructurings | 35 | 16 | |
Commercial Real Estate | Accruing | |||
Financing Receivable Modifications [Line Items] | |||
Troubled debt restructurings | 16 | 16 | |
Commercial Real Estate | Non-Accrual | |||
Financing Receivable Modifications [Line Items] | |||
Troubled debt restructurings | 19 | ||
Commercial and Industrial | |||
Financing Receivable Modifications [Line Items] | |||
Troubled debt restructurings | [1] | 4 | 6 |
Commercial and Industrial | Non-Accrual | |||
Financing Receivable Modifications [Line Items] | |||
Troubled debt restructurings | [1] | $ 4 | $ 6 |
[1] Includes $ 4 million and $ 6 million of taxi medallion-related loans at September 30, 2022 and December 31, 2021 , respectively. |
Loans and Leases - Informatio_2
Loans and Leases - Information Regarding Troubled Debt Restructurings (Parenthetical) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Taxi Medallion Loans | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | $ 4 | $ 6 |
Loans and Leases - Summary of F
Loans and Leases - Summary of Financial Effects of Troubled Debt Restructurings (Details) - Commercial Real Estate $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 USD ($) Investment | Sep. 30, 2022 USD ($) Investment | Sep. 30, 2021 USD ($) Investment | |
Financing Receivable Modifications [Line Items] | ||||
Number of loans classified as a non-accrual TDRs | Investment | 2 | 2 | 2 | |
Pre-Modification Recorded Investment | $ 4 | $ 22 | $ 4 | |
Post-Modification Recorded Investment | $ 4 | $ 19 | $ 4 | |
Weighted Average Interest Rate, Pre-Modification | 0% | 6% | 6% | 6% |
Weighted Average Interest Rate, Post-Modification | 0% | 3.55% | 4.02% | 3.55% |
Trouble debt restructuring, charge-off amount | $ 3 |
Allowance for Credit Losses o_3
Allowance for Credit Losses on Loans and Leases - Summary of Activity in Allowance for Loan and Lease Losses (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Valuation Allowance [Line Items] | ||
Balance, beginning of period | $ 199 | $ 194 |
Charge-offs | (5) | (5) |
Recoveries | 10 | 12 |
Provision for (recovery of) credit losses | 14 | 1 |
Balance, end of period | 218 | 202 |
Mortgage Receivable | ||
Valuation Allowance [Line Items] | ||
Balance, beginning of period | 178 | 176 |
Charge-offs | (5) | (2) |
Recoveries | 4 | 2 |
Provision for (recovery of) credit losses | 31 | 1 |
Balance, end of period | 208 | 177 |
Other Loans | ||
Valuation Allowance [Line Items] | ||
Balance, beginning of period | 21 | 18 |
Charge-offs | (3) | |
Recoveries | 6 | 10 |
Provision for (recovery of) credit losses | (17) | |
Balance, end of period | $ 10 | $ 25 |
Allowance for Credit Losses o_4
Allowance for Credit Losses on Loans and Leases - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Valuation Allowance [Line Items] | ||
COVID-19 pandemic, impacts | For the nine months ended September 30, 2022, the allowance for credit losses on loan and leases increased primarily as a result of loan portfolio growth combined with reduced prepayment estimates lengthening the average portfolio life, primarily offset by improvements in environmental factors surrounding the COVID-19 pandemic, specifically those affecting the New York City area. The macroeconomic forecast factors in increasing costs of higher global energy prices and tighter financial market conditions on the U.S. economy. Gross Domestic Product (“GDP”) is now expected to rise at an annualized rate of 1.6% and 1.5% respectively for 2022 and 2023. Unemployment continues to subside from the historic shock of 2020, as peak unemployment rates are forecasted to be approximately 3.6% in 2022 and 3.9% in 2023. Federal Reserve continues to aggressively tighten monetary policy. As a result, the federal funds rate is now forecast to average 1.5% in 2022 and 3.3% in 2023, compared with 1.1% in 2022 and 2.7% in 2023 in the previous quarter Baseline scenario. The 10-year U.S. Treasury yield is expected to steadily increase over the next few years. In addition to these quantitative inputs, several qualitative factors were considered in estimating our allowance for loan and lease credit losses, including attributes related to a concentrated commercial real estate portfolio, specifically those affecting commercial real estate in the New York City area, as well as changes in credit policies and underwriting guidelines and laws and regulations. | |
Unfunded Loan Commitment [Member] | ||
Valuation Allowance [Line Items] | ||
Allowance for credit losses | $ 7 | $ 12 |
Allowance for Credit Losses o_5
Allowance for Credit Losses on Loans and Leases - Summary of Additional Information about Nonaccrual Loans (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | $ 43 | $ 29 |
Impaired loans with no related allowance, Interest Income Recognized | 1 | 1 |
Impaired loans with an allowance recorded, Recorded Investment | 2 | 4 |
Total impaired loans, Recorded Investment | 45 | 33 |
Total impaired loans, Interest Income Recognized | 1 | 1 |
Multi-Family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 13 | 9 |
Impaired loans with no related allowance, Interest Income Recognized | 1 | |
Impaired loans with an allowance recorded, Recorded Investment | 1 | |
Total impaired loans, Recorded Investment | 13 | 10 |
Total impaired loans, Interest Income Recognized | 1 | |
Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 27 | 14 |
Impaired loans with no related allowance, Interest Income Recognized | 1 | |
Impaired loans with an allowance recorded, Recorded Investment | 2 | |
Total impaired loans, Recorded Investment | 28 | 16 |
Total impaired loans, Interest Income Recognized | 1 | |
One-to-Four Family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with an allowance recorded, Recorded Investment | 1 | 1 |
Total impaired loans, Recorded Investment | 1 | |
Acquisition, Development, and Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | ||
Total impaired loans, Recorded Investment | ||
Other Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 3 | 6 |
Total impaired loans, Recorded Investment | $ 3 | $ 6 |
Borrowed Funds - Summary of Bor
Borrowed Funds - Summary of Borrowed Funds (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
FHLB advances | $ 12,840 | $ 15,105 |
Repurchase agreements | 300 | 800 |
Total wholesale borrowings | 13,140 | 15,905 |
Junior subordinated debentures | 361 | 361 |
Subordinated notes | 297 | 296 |
Total borrowed funds | $ 13,798 | $ 16,562 |
Borrowed Funds - Summary of Rep
Borrowed Funds - Summary of Repurchase Agreements Accounted for Secured Borrowings (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Greater than 90 Days | GSE obligations | |
Debt Outstanding [Line Items] | |
Remaining Contractual Maturity of the Agreements | $ 300 |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Subordinated notes outstanding | $ 297 | $ 296 |
Junior subordinated debentures | $ 361 | $ 361 |
Borrowed Funds - Summary of Fix
Borrowed Funds - Summary of Fixed-To-Floating Rate Subordinated Notes Outstanding (Details) - Subordinated Debt $ in Millions | 9 Months Ended | |
Sep. 30, 2022 USD ($) | ||
Debt Outstanding [Line Items] | ||
Stated Maturity | Nov. 06, 2028 | |
Interest Rate of Capital Securities and Debentures | 5.90% | [1] |
Principal amount of Subordinated Notes | $ 300 | |
[1] From and including the date of original issuance to, but excluding November 6, 2023, the Notes will bear interest at an initial rate of 5.90 % per annum payable semi-annually. Unless redeemed, from and including November 6, 2023 to but excluding the maturity date, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus 278 basis points payable quarterly. |
Borrowed Funds - Summary of F_2
Borrowed Funds - Summary of Fixed-To-Floating Rate Subordinated Notes Outstanding (Parenthetical) (Details) - Subordinated Debt | 9 Months Ended | |
Sep. 30, 2022 | ||
Interest Rate of Capital Securities and Debentures | 5.90% | [1] |
Description of variable rate basis | LIBOR rate plus 278 basis points | |
Debt instrument spread on variable rate | 278% | |
[1] From and including the date of original issuance to, but excluding November 6, 2023, the Notes will bear interest at an initial rate of 5.90 % per annum payable semi-annually. Unless redeemed, from and including November 6, 2023 to but excluding the maturity date, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus 278 basis points payable quarterly. |
Borrowed Funds - Junior Subordi
Borrowed Funds - Junior Subordinated Debentures Outstanding (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2021 | ||
Subordinated Borrowing [Line Items] | |||
Junior Subordinated Debentures Amount Outstanding | $ 361 | $ 361 | |
Capital Securities Amount Outstanding | $ 348 | ||
New York Community Capital Trust V (BONUSESSM Units) | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | [1] | 6% | |
Junior Subordinated Debentures Amount Outstanding | [1] | $ 147 | |
Capital Securities Amount Outstanding | [1] | $ 140 | |
Date of Original Issue | [1] | Nov. 04, 2002 | |
Stated Maturity | [1] | Nov. 01, 2051 | |
First Optional Redemption Date | [1] | Nov. 04, 2007 | |
New York Community Capital Trust X | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | [2] | 4.89% | |
Junior Subordinated Debentures Amount Outstanding | [2] | $ 124 | |
Capital Securities Amount Outstanding | [2] | $ 120 | |
Date of Original Issue | [2] | Dec. 14, 2006 | |
Stated Maturity | [2] | Dec. 15, 2036 | |
First Optional Redemption Date | [2] | Dec. 15, 2011 | |
PennFed Capital Trust III | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | [2] | 6.54% | |
Junior Subordinated Debentures Amount Outstanding | [2] | $ 31 | |
Capital Securities Amount Outstanding | [2] | $ 30 | |
Date of Original Issue | [2] | Jun. 02, 2003 | |
Stated Maturity | [2] | Jun. 15, 2033 | |
First Optional Redemption Date | [2] | Jun. 15, 2008 | |
New York Community Capital Trust XI | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | [2] | 5.32% | |
Junior Subordinated Debentures Amount Outstanding | [2] | $ 59 | |
Capital Securities Amount Outstanding | [2] | $ 58 | |
Date of Original Issue | [2] | Apr. 16, 2007 | |
Stated Maturity | [2] | Jun. 30, 2037 | |
First Optional Redemption Date | [2] | Jun. 30, 2012 | |
[1] Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. Callable from this date forward. |
Pension and Other Post-Retire_3
Pension and Other Post-Retirement Benefits - Pension and Post-Retirement Plans (Details) - Pension Benefits - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Components of net periodic pension expense (credit): | ||||
Interest cost | $ 1 | $ 1 | $ 3 | $ 3 |
Expected return on plan assets | (4) | (4) | (12) | (12) |
Amortization of net actuarial loss | 1 | 2 | 2 | 5 |
Net periodic (credit) expense | $ (2) | $ (1) | $ (7) | $ (4) |
Pension and Other Post-Retire_4
Pension and Other Post-Retirement Benefits - Additional Information (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Post- Retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contribution to defined benefit plan for the fiscal year | $ 1 |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contribution to defined benefit plan for the fiscal year | $ 0 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant | 5,350,487 | 5,350,487 | ||
Shares granted | 3,096,694 | 3,131,949 | ||
Shares granted, weighted average grant date fair value | $ 11.62 | $ 11.20 | ||
Expense recognized under 401(K) plan | $ 2 | $ 2 | $ 5 | $ 5 |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 3,096,694 | |||
Shares granted, weighted average grant date fair value | $ 11.62 | |||
Compensation and benefits expense | 7 | 7 | $ 21 | $ 22 |
Unrecognized compensation cost relating to unvested restricted stock | 66 | $ 66 | ||
Unrecognized compensation cost relating to unvested restricted stock, recognition period (in years) | 3 years 1 month 6 days | |||
Restricted Stock | Share-based Payment Arrangement, Tranche One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted, vesting period | 1 year | 1 year | ||
Restricted Stock | Share-based Payment Arrangement, Tranche Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted, vesting period | 5 years | 5 years | ||
Performance-Based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 473,211 | |||
Compensation and benefits expense | 1 | $ 2 | $ 1 | $ 2 |
Unrecognized compensation cost relating to unvested restricted stock | $ 5 | $ 5 | ||
Unrecognized compensation cost relating to unvested restricted stock, recognition period (in years) | 1 year 8 months 12 days |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Activity for Restricted Stock Awards (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Number of Shares | ||
Granted | 3,096,694 | 3,131,949 |
Weighted Average Grant Date Fair Value | ||
Granted | $ 11.62 | $ 11.20 |
Restricted Stock | ||
Number of Shares | ||
Unvested at beginning of year | 6,950,335 | |
Granted | 3,096,694 | |
Vested | (2,288,069) | |
Canceled | (426,785) | |
Unvested at end of year | 7,332,175 | |
Weighted Average Grant Date Fair Value | ||
Unvested at beginning of year | $ 11.68 | |
Granted | 11.62 | |
Vested | 12.27 | |
Canceled | 11.49 | |
Unvested at end of year | $ 11.49 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Activity for Performance-Based Restricted Stock Units (Details) - shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Granted | 3,096,694 | 3,131,949 |
Performance-Based Restricted Stock Units | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Unvested at beginning of year | 834,612 | |
Granted | 473,211 | |
Released | (176,090) | |
Canceled | (152,556) | |
Unvested at end of year | 979,177 | |
Performance Period | January 1, 2021 - December 31, 2023 | |
Expected Vesting Dates | March 31, 2023 and 2024 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | $ 6,689 | $ 5,780 | ||
Total equity securities | 14 | 16 | ||
Total securities | 6,703 | [1] | 5,796 | [2] |
Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 2,230 | 2,790 | ||
Mortgage-Related Securities | GSE Certificates | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 944 | 1,107 | ||
Mortgage-Related Securities | GSE CMOs | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 1,286 | 1,683 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 6,689 | 5,780 | ||
Total equity securities | 14 | 16 | ||
Total securities | 6,703 | 5,796 | ||
Fair Value, Measurements, Recurring | Mutual Funds and Common Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total equity securities | 14 | 16 | ||
Fair Value, Measurements, Recurring | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 2,230 | 2,790 | ||
Fair Value, Measurements, Recurring | Mortgage-Related Securities | GSE Certificates | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 944 | 1,107 | ||
Fair Value, Measurements, Recurring | Mortgage-Related Securities | GSE CMOs | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 1,286 | 1,683 | ||
Fair Value, Measurements, Recurring | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 4,459 | 2,990 | ||
Fair Value, Measurements, Recurring | Other Securities | U.S. Treasury Obligations | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 1,672 | 45 | ||
Fair Value, Measurements, Recurring | Other Securities | GSE Debentures | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 1,406 | 1,480 | ||
Fair Value, Measurements, Recurring | Other Securities | Asset-backed Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 391 | 479 | ||
Fair Value, Measurements, Recurring | Other Securities | Municipal Bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 18 | 25 | ||
Fair Value, Measurements, Recurring | Other Securities | Corporate Bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 855 | 838 | ||
Fair Value, Measurements, Recurring | Other Securities | Foreign Notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 25 | 26 | ||
Fair Value, Measurements, Recurring | Other Securities | Capital Trust Notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 92 | 97 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 1,672 | 45 | ||
Total securities | 1,672 | 45 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 2,790 | |||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-Related Securities | GSE Certificates | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 1,107 | |||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-Related Securities | GSE CMOs | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 1,683 | |||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 1,672 | 45 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Securities | U.S. Treasury Obligations | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 1,672 | 45 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 5,017 | 5,735 | ||
Total equity securities | 14 | 16 | ||
Total securities | 5,031 | 5,751 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mutual Fund | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total equity securities | 16 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mutual Funds and Common Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total equity securities | 14 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 2,230 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-Related Securities | GSE Certificates | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 944 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-Related Securities | GSE CMOs | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 1,286 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 2,787 | 2,945 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | GSE Certificates | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 1,480 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | GSE Debentures | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 1,406 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | Asset-backed Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 391 | 479 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | Municipal Bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 18 | 25 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | Corporate Bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 855 | 838 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | Foreign Notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | 25 | 26 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | Capital Trust Notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities available for sale | $ 92 | $ 97 | ||
[1] Excludes accrued interest receivable of $ 23 million included in other assets in the Consolidated Statements of Condition. Excludes accrued interest receivable of $ 15 million included in other assets in the Consolidated Statements of Condition. |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Certain loans | $ 25 | [1] | $ 32 | [2] |
Other assets | 38 | [3] | 32 | [4] |
Total | 63 | 64 | ||
Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Certain loans | 25 | [1] | 32 | [2] |
Other assets | 38 | [3] | 32 | [4] |
Total | $ 63 | $ 64 | ||
[1] Represents the fair value based on the value of the collateral. Represents the fair value based on the value of the collateral. Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets and equity investments without readily determinable fair values. These equity investments are classified as Level 3 due to the infrequency of the observable prices and/or the restrictions on the shares. Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets and equity investments without readily determinable fair values. These equity investments are classified as Level 3 due to the infrequency of the observable prices and/or the restrictions on the shares. |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Financial Assets: | |||||
Cash and cash equivalents, and due from banks, Carrying Value | $ 1,700 | $ 2,211 | $ 1,948 | ||
Cash and cash equivalents and due from banks, Estimated Fair Value | 1,700 | 2,211 | |||
FHLB stock, Carrying Value | 630 | [1] | 734 | [2] | |
FHLB stock, Estimated Fair Value | 630 | [1] | 734 | [2] | |
Loans and leases, net, Carrying Value | 48,766 | 45,539 | |||
Loans and leases, net, Estimated Fair Value | 45,725 | 44,748 | |||
Financial Liabilities: | |||||
Deposits, Carrying Value | 41,705 | 35,059 | |||
Deposits, Estimated Fair Value | 41,448 | 35,051 | |||
Borrowed funds, Carrying Value | 13,798 | 16,562 | |||
Borrowed funds, Estimated Fair Value | 13,615 | 17,169 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Financial Assets: | |||||
Cash and cash equivalents, and due from banks, Carrying Value | 1,700 | 2,211 | |||
Financial Liabilities: | |||||
Deposits, Carrying Value | 32,596 | [3] | 26,635 | [4] | |
Significant Other Observable Inputs (Level 2) | |||||
Financial Assets: | |||||
FHLB stock, Carrying Value | 630 | [1] | 734 | [2] | |
Financial Liabilities: | |||||
Deposits, Carrying Value | 8,852 | [5] | 8,416 | [6] | |
Borrowed funds, Carrying Value | 13,615 | 17,169 | |||
Significant Unobservable Inputs (Level 3) | |||||
Financial Assets: | |||||
Loans and leases, net, Carrying Value | $ 45,725 | $ 44,748 | |||
[1] Carrying value and estimated fair value are at cost. Carrying value and estimated fair value are at cost. Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. Certificates of deposit. Certificates of deposit. |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Residual value of leased asset | $ 34 | $ 34 | $ 61 | ||
Carrying value of investment lease | 1,800 | $ 1,800 | $ 1,900 | ||
Operating Lease, extension terms | the vast majority of which include one or more options to extend the leases for up to five years resulting in lease terms up to 40 years. | ||||
Amortization of operating lease right-of-use assets | $ 5 | $ 5 | $ 21 | $ 15 | |
Minimum | |||||
Lessor, operating lease, term of contract | 24 months | 24 months | |||
Operating lease, remaining lease term | 1 year | 1 year | |||
Maximum | |||||
Lessor, operating lease, term of contract | 120 months | 120 months | |||
Operating lease, remaining lease term | 25 years | 25 years |
Leases - Components of Lease In
Leases - Components of Lease Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Leases [Abstract] | |||||
Interest income on lease financing | [1] | $ 14 | $ 13 | $ 38 | $ 41 |
[1] Included in Interest Income – Loans and leases in the Consolidated Statements of Income and Comprehensive Income. |
Leases - Components of Net Inve
Leases - Components of Net Investment in Direct Financing Leases (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Net investment in the lease - lease payments receivable | $ 1,722 | $ 1,790 |
Net investment in the lease - unguaranteed residual assets | 59 | 75 |
Total lease payments | $ 1,781 | $ 1,865 |
Leases - Summary of Remaining M
Leases - Summary of Remaining Maturity of Undiscounted Lease Receivables (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Leases [Abstract] | |
2022 | $ 3 |
2023 | 86 |
2024 | 186 |
2025 | 375 |
2026 | 373 |
Thereafter | 758 |
Total lease payments | 1,781 |
Plus: deferred origination costs | 20 |
Less: unearned income | (84) |
Total lease finance receivables, net | $ 1,717 |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 7 | $ 7 | $ 21 | $ 20 |
Total lease cost | $ 7 | $ 7 | $ 21 | $ 20 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Operating cash flows from operating leases | $ 7 | $ 7 | $ 21 | $ 20 |
Leases - Summary of Supplemen_2
Leases - Summary of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 227 | $ 249 |
Operating lease liabilities | $ 227 | $ 249 |
Weighted average remaining lease term | 13 years | 16 years |
Weighted average discount rate% | 3.23% | 3.05% |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lease Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2022 | $ 7 | |
2023 | 27 | |
2024 | 26 | |
2025 | 25 | |
2026 | 24 | |
Thereafter | 171 | |
Total lease payments | 280 | |
Less: imputed interest | (53) | |
Total present value of lease liabilities | $ 227 | $ 249 |
Derivative and Hedging Activi_3
Derivative and Hedging Activities - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Derivative [Line Items] | |||||
Interest income | $ 326 | $ 318 | $ 1,017 | $ 967 | |
Gain (losses) on interest rate derivatives designated as cash flow hedge | 4 | ||||
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net | 21 | 21 | |||
Interest Rate Swap | Cash Flow Hedging | |||||
Derivative [Line Items] | |||||
Derivative, notional amount | 1,500 | 1,500 | $ 2,250 | ||
Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Derivative, notional amount | 0 | 0 | |||
Interest income | $ 12 | 6 | $ 37 | ||
Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Derivative, notional amount | 2,000 | $ 2,000 | |||
Derivative, expired period | 2022-02 | ||||
LCH | Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Derivative, notional amount | $ 1,500 | $ 1,500 |
Derivative and Hedging Activi_4
Derivative and Hedging Activities - Schedule of Cumulative Basis Adjustment for Fair Value Hedges (Details) - Loans and Leases - Fair Value Hedging $ in Millions | Dec. 31, 2021 USD ($) | [1] |
Derivative [Line Items] | ||
Carrying Amount of the Hedged Assets | $ 2,025 | |
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets | $ 25 | |
[1] These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. Since the swap expired in February 2022, at September 30, 2022 , the amortized cost basis of the closed portfolios used in these hedging relationships, the cumulative basis adjustments associated with these hedging relationships, and the amount of the designated hedged items, were zero . |
Derivative and Hedging Activi_5
Derivative and Hedging Activities - Schedule of Cumulative Basis Adjustment for Fair Value Hedges (Parenthetical) (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Designated as Hedging Instrument | |
Derivative [Line Items] | |
Derivative, notional amount | $ 0 |
Derivative and Hedging Activi_6
Derivative and Hedging Activities - Effect of Derivative Instruments on Consolidated Statements of Income and Comprehensive Income (Details) - Interest Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Interest income | $ 0 | $ 25 | $ 25 | $ 49 |
Hedged Item - Loans | ||||
Derivative [Line Items] | ||||
Interest income | $ 0 | $ (25) | $ (25) | $ (49) |
Derivative and Hedging Activi_7
Derivative and Hedging Activities - Information about Interest Rate Swaps Designated as Cash Flow Hedges (Details) - Interest Rate Swap - Cash Flow Hedging - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Notional amounts | $ 1,500 | $ 2,250 |
Cash collateral received (posted) | $ 58 | $ (12) |
Weighted average pay rates | 1.51% | 1.27% |
Weighted average receive rates | 2.89% | 0.18% |
Weighted average maturity | 2 years 2 months 12 days | 10 months 24 days |
Derivative and Hedging Activi_8
Derivative and Hedging Activities - Effect of Cash Flow Derivative Instruments on AOCL (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Amount of (loss) gain recognized in AOCL | $ 64 | $ 2 |
Amount of reclassified from AOCL to interest expense | $ 4 | $ 18 |
Pending Acquisition - Additiona
Pending Acquisition - Additional Information (Details) - Flagstar - $ / shares | Oct. 28, 2022 | Apr. 27, 2022 |
Business Acquisition [Line Items] | ||
Extend merger agreement termination date | Oct. 31, 2022 | |
Subsequent Event | ||
Business Acquisition [Line Items] | ||
Extend merger agreement termination date | Dec. 31, 2022 | |
Business acquisition, share price | $ 4.0151 |