Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 06, 2019 | |
Document Information [Line Items] | ||
Amendment Flag | false | |
Document Type | 10-Q | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Document Period End Date | Sep. 30, 2019 | |
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 | 467,350,628 | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false | |
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 | 615 Merrick Avenue | |
Entity Address, City or Town | Westbury | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11590 | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | NYCB | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NYSE | |
Bifurcated Option Note Unit SecuritiES [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | NYCB PU | |
Title of 12(b) Security | Bifurcated Option Note Unit SecuritiES SM | |
Security Exchange Name | NYSE | |
Fixed to Floating Rate Series A Noncumulative Perpetual Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | NYCB PR A | |
Title of 12(b) Security | Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock | |
Security Exchange Name | NYSE |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Assets: | |||
Cash and cash equivalents | $ 854,678 | $ 1,474,955 | |
Securities: | |||
Debt securities available-for-sale ($1,720,197 and $1,228,702 pledged, respectively) | 5,854,568 | 5,613,520 | |
Equity investments with readily determinable fair values, at fair value | 32,861 | 30,551 | |
Total securities | 5,887,429 | 5,644,071 | |
Loans and leases, net of deferred loan fees and costs | 40,844,220 | 40,165,908 | |
Less: Allowance for loan losses | (149,433) | (159,820) | |
Total loans and leases, net | 40,694,787 | 40,006,088 | |
Federal Home Loan Bank stock, at cost | [1] | 606,371 | 644,590 |
Premises and equipment, net | 321,792 | 346,179 | |
Operating lease right-of-use assets | 300,955 | ||
Goodwill | 2,426,379 | 2,436,131 | |
Bank-owned life insurance | 1,028,707 | 977,627 | |
Other real estate owned and other repossessed assets | 11,691 | 10,794 | |
Other assets | 404,840 | 358,941 | |
Total assets | 52,537,629 | 51,899,376 | |
Deposits: | |||
Interest-bearing checking and money market accounts | 9,960,403 | 11,530,049 | |
Savings accounts | 4,817,697 | 4,643,260 | |
Certificates of deposit | 14,264,171 | 12,194,322 | |
Non-interest-bearing accounts | 2,529,905 | 2,396,799 | |
Total deposits | 31,572,176 | 30,764,430 | |
Wholesale borrowings: | |||
Federal Home Loan Bank advances | 12,171,661 | 13,053,661 | |
Repurchase agreements | 800,000 | 500,000 | |
Total wholesale borrowings | 12,971,661 | 13,553,661 | |
Junior subordinated debentures | 359,773 | 359,508 | |
Subordinated notes | 294,926 | 294,697 | |
Total borrowed funds | 13,626,360 | 14,207,866 | |
Operating lease liabilities | 300,610 | ||
Other liabilities | 343,476 | 271,845 | |
Total liabilities | 45,842,622 | 45,244,141 | |
Stockholders' equity: | |||
Preferred stock at par $0.01 (5,000,000 shares authorized): Series A (515,000 shares issued and outstanding) | 502,840 | 502,840 | |
Common stock at par $0.01 (900,000,000 shares authorized; 490,439,070 and 490,439,070 shares issued; and 467,350,860 and 473,536,604 shares outstanding, respectively) | 4,904 | 4,904 | |
Paid-in capital in excess of par | 6,107,376 | 6,099,940 | |
Retained earnings | 328,407 | 297,202 | |
Treasury stock, at cost 23,080,210 and 16,902,466 shares, respectively) | (220,669) | (161,998) | |
Accumulated other comprehensive loss, net of tax: | |||
Net unrealized gain (loss) on securities available for sale, net of tax of $(16,706) and $4,201, respectively | 43,804 | (10,534) | |
Net unrealized loss on the non-credit portion of OTTI losses on securities, net of tax of $2,517 and $2,517, respectively | (6,042) | (6,042) | |
Net unrealized loss on pension and post-retirement obligations, net of tax of $25,093 and $27,224, respectively | (65,613) | (71,077) | |
Total accumulated other comprehensive loss, net of tax | (27,851) | (87,653) | |
Total stockholders' equity | 6,695,007 | 6,655,235 | |
Total liabilities and stockholders' equity | $ 52,537,629 | $ 51,899,376 | |
[1] | Carrying value and estimated fair value are at cost. |
Consolidated Statements of Co_2
Consolidated Statements of Condition (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Securities Available-for-sale, pledged | $ 1,720,197 | $ 1,228,702 |
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 | 467,350,860 | 473,536,604 |
Treasury stock, shares | 23,080,210 | 16,902,466 |
Net unrealized (loss) gain on securities available for sale, tax | $ (16,706) | $ 4,201 |
Net unrealized loss on the non-credit portion of other-than-temporary impairment losses on securities, tax | 2,517 | 2,517 |
Net unrealized loss on pension and post-retirement obligations, tax | $ 25,093 | $ 27,224 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest Income: | ||||
Mortgage and other loans and leases | $ 391,920 | $ 368,264 | $ 1,159,344 | $ 1,092,637 |
Securities and money market investments | 62,631 | 56,880 | 195,133 | 154,164 |
Total interest income | 454,551 | 425,144 | 1,354,477 | 1,246,801 |
Interest Expense: | ||||
Interest-bearing checking and money market accounts | 42,465 | 44,497 | 140,396 | 119,246 |
Savings accounts | 9,326 | 7,325 | 26,270 | 21,176 |
Certificates of deposit | 86,934 | 51,249 | 235,360 | 121,298 |
Borrowed funds | 79,911 | 72,567 | 237,521 | 201,322 |
Total interest expense | 218,636 | 175,638 | 639,547 | 463,042 |
Net interest income | 235,915 | 249,506 | 714,930 | 783,759 |
Provision for losses on loans | 4,781 | 1,201 | 5,403 | 15,486 |
Net interest income after provision for loan losses | 231,134 | 248,305 | 709,527 | 768,273 |
Non-Interest Income: | ||||
Fee income | 7,580 | 7,237 | 22,295 | 22,056 |
Bank-owned life insurance | 6,791 | 7,302 | 20,245 | 20,424 |
Net gain (loss) on securities | 275 | (41) | 7,755 | (810) |
Other | 9,740 | 8,424 | 16,473 | 26,815 |
Total non-interest income | 24,386 | 22,922 | 66,768 | 68,485 |
Operating expenses: | ||||
Compensation and benefits | 75,159 | 78,283 | 229,172 | 242,572 |
Occupancy and equipment | 21,748 | 24,401 | 66,599 | 74,311 |
General and administrative | 26,395 | 31,749 | 89,350 | 94,799 |
Total non-interest expense | 123,302 | 134,433 | 385,121 | 411,682 |
Income before income taxes | 132,218 | 136,794 | 391,174 | 425,076 |
Income tax expense | 33,172 | 30,022 | 97,305 | 104,398 |
Net income | 99,046 | 106,772 | 293,869 | 320,678 |
Preferred stock dividends | 8,207 | 8,207 | 24,621 | 24,621 |
Net income available to common shareholders | $ 90,839 | $ 98,565 | $ 269,248 | $ 296,057 |
Basic earnings per common share | $ 0.19 | $ 0.20 | $ 0.57 | $ 0.60 |
Diluted earnings per common share | $ 0.19 | $ 0.20 | $ 0.57 | $ 0.60 |
Net income | $ 99,046 | $ 106,772 | $ 293,869 | $ 320,678 |
Other comprehensive income (loss), net of tax: | ||||
Change in net unrealized gain (loss) on securities available for sale, net of tax of $666; $8,738; $(22,434) and $40,456, respectively | (757) | (20,790) | 58,256 | (69,047) |
Change in the non-credit portion of OTTI losses recognized in other comprehensive income (loss), net of tax of $0; $0; $0; and ($821), respectively | (821) | |||
Change in pension and post-retirement obligations, net of tax of ($710); ($547); ($2,131) and ($11,611), respectively | 1,821 | 1,314 | 5,464 | (6,029) |
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $0; $0; $1,527 and $0 respectively | (3,918) | |||
Total other comprehensive income (loss), net of tax | 1,064 | (19,476) | 59,802 | (75,897) |
Total comprehensive income, net of tax | $ 100,110 | $ 87,296 | $ 353,671 | $ 244,781 |
Consolidated Statements of In_2
Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Change in net unrealized gain (loss) on securities available for sale, tax | $ 666 | $ 8,738 | $ (22,434) | $ 40,456 |
Change in the non-credit portion of OTTI losses recognized in other comprehensive income (loss), tax | 0 | 0 | 0 | (821) |
Change in pension and post-retirement obligations, tax | (710) | (547) | (2,131) | (11,611) |
Reclassification adjustment for sales of available-for-sale securities, tax | $ 0 | $ 0 | $ 1,527 | $ 0 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | PREFERRED STOCK (Par Value: $0.01): | COMMON 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 beginning of year at Dec. 31, 2017 | $ 6,795,376 | $ 502,840 | $ 4,891 | $ 6,072,559 | $ 237,868 | $ (7,615) | $ (15,167) |
Balance at beginning of year (in shares) at Dec. 31, 2017 | 488,490,352 | ||||||
Shares issued for restricted stock, net of forfeitures | $ 13 | (8,879) | 8,866 | ||||
Shares issued for restricted stock, net of forfeitures (in shares) | 2,039,603 | ||||||
Compensation expense related to restricted stock awards | 28,069 | 28,069 | |||||
Net income | 320,678 | 320,678 | |||||
Dividends paid on common stock | (249,968) | (249,968) | |||||
Dividends paid on preferred stock | (24,621) | (24,621) | |||||
Effect of adopting | ASU No. 2016-01 | 260 | 260 | |||||
Effect of adopting | ASU No. 2018-02 | 2,546 | (2,546) | |||||
Purchase of common stock | (2,428) | (2,428) | |||||
Purchase of common stock (in shares) | (188,091) | ||||||
Other comprehensive income (loss), net of tax | (73,351) | (73,351) | |||||
Balance at end of year at Sep. 30, 2018 | 6,794,015 | 502,840 | $ 4,904 | 6,091,749 | 286,763 | (1,177) | (91,064) |
Balance at end of year (in shares) at Sep. 30, 2018 | 490,341,864 | ||||||
Balance at beginning of year at Jun. 30, 2018 | 6,789,352 | 502,840 | $ 4,904 | 6,082,394 | 271,559 | (757) | (71,588) |
Balance at beginning of year (in shares) at Jun. 30, 2018 | 490,379,705 | ||||||
Compensation expense related to restricted stock awards | 9,355 | 9,355 | |||||
Net income | 106,772 | 106,772 | |||||
Dividends paid on common stock | (83,361) | (83,361) | |||||
Dividends paid on preferred stock | (8,207) | (8,207) | |||||
Purchase of common stock | (420) | (420) | |||||
Purchase of common stock (in shares) | (37,841) | ||||||
Other comprehensive income (loss), net of tax | (19,476) | (19,476) | |||||
Balance at end of year at Sep. 30, 2018 | 6,794,015 | 502,840 | $ 4,904 | 6,091,749 | 286,763 | (1,177) | (91,064) |
Balance at end of year (in shares) at Sep. 30, 2018 | 490,341,864 | ||||||
Balance at beginning of year at Dec. 31, 2018 | 6,655,235 | 502,840 | $ 4,904 | 6,099,940 | 297,202 | (161,998) | (87,653) |
Balance at beginning of year (in shares) at Dec. 31, 2018 | 473,536,604 | ||||||
Shares issued for restricted stock, net of forfeitures | (16,501) | 16,501 | |||||
Shares issued for restricted stock, net of forfeitures (in shares) | 1,665,028 | ||||||
Compensation expense related to restricted stock awards | 23,937 | 23,937 | |||||
Net income | 293,869 | 293,869 | |||||
Dividends paid on common stock | (238,043) | (238,043) | |||||
Dividends paid on preferred stock | (24,621) | (24,621) | |||||
Purchase of common stock | (75,172) | (75,172) | |||||
Purchase of common stock (in shares) | (7,850,772) | ||||||
Other comprehensive income (loss), net of tax | 59,802 | 59,802 | |||||
Balance at end of year at Sep. 30, 2019 | 6,695,007 | 502,840 | $ 4,904 | 6,107,376 | 328,407 | (220,669) | (27,851) |
Balance at end of year (in shares) at Sep. 30, 2019 | 467,350,860 | ||||||
Balance at beginning of year at Jun. 30, 2019 | 6,674,678 | 502,840 | $ 4,904 | 6,099,474 | 316,921 | (220,546) | (28,915) |
Balance at beginning of year (in shares) at Jun. 30, 2019 | 467,358,939 | ||||||
Shares issued for restricted stock, net of forfeitures | (222) | 222 | |||||
Shares issued for restricted stock, net of forfeitures (in shares) | 22,980 | ||||||
Compensation expense related to restricted stock awards | 8,124 | 8,124 | |||||
Net income | 99,046 | 99,046 | |||||
Dividends paid on common stock | (79,353) | (79,353) | |||||
Dividends paid on preferred stock | (8,207) | (8,207) | |||||
Purchase of common stock | (345) | (345) | |||||
Purchase of common stock (in shares) | (31,059) | ||||||
Other comprehensive income (loss), net of tax | 1,064 | 1,064 | |||||
Balance at end of year at Sep. 30, 2019 | $ 6,695,007 | $ 502,840 | $ 4,904 | $ 6,107,376 | $ 328,407 | $ (220,669) | $ (27,851) |
Balance at end of year (in shares) at Sep. 30, 2019 | 467,350,860 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - RETAINED EARNINGS: - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Dividends paid on common stock, per share | $ 0.17 | $ 0.17 | $ 0.51 | $ 0.51 |
Dividends paid on preferred stock, per share | $ 15.94 | $ 15.94 | $ 47.82 | $ 47.82 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Cash Flows from Operating Activities: | |||
Net income | $ 293,869 | $ 320,678 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 5,403 | 15,486 | |
Depreciation | 20,471 | 24,388 | |
Amortization of discounts and premiums, net | 3,690 | (3,868) | |
Net gain on securities | (7,755) | ||
Gain on trading activity | (66) | (222) | |
Net loss (gain) on sales of loans | 43 | (124) | |
Stock-based compensation | 23,937 | 28,069 | |
Deferred tax expense | 41,655 | 35,105 | |
Changes in operating assets and liabilities: | |||
Decrease in other assets | [1] | (30,826) | (214,040) |
Decrease in other liabilities | [2] | (11,527) | (21,101) |
Purchases of securities held for trading | (42,500) | (141,615) | |
Proceeds from sales of securities held for trading | 42,566 | 141,837 | |
Proceeds from sales of loans originated for sale | 35,258 | ||
Net cash provided by operating activities | 338,960 | 219,851 | |
Cash Flows from Investing Activities: | |||
Proceeds from repayment of securities available for sale | 1,579,297 | 725,328 | |
Proceeds from sales of securities available for sale | 363,621 | ||
Purchase of securities available for sale | (2,103,973) | (2,095,742) | |
Redemption of Federal Home Loan Bank stock | 114,097 | 57,101 | |
Purchases of Federal Home Loan Bank stock | (75,878) | (108,221) | |
Purchases of (proceeds from) bank-owned life insurance, net | (29,332) | 10,968 | |
Proceeds from sales of loans | 91,074 | 180,377 | |
Purchases of loans | (20,206) | ||
Other changes in loans, net | (765,013) | (1,644,430) | |
Dispositions (purchase) of premises and equipment, net | (646) | (8,251) | |
Net cash used in investing activities | (846,959) | (2,882,870) | |
Cash Flows from Financing Activities: | |||
Net increase in deposits | 807,746 | 1,217,121 | |
Proceeds from long-term borrowed funds | 3,285,812 | 3,700,000 | |
Repayments of long-term borrowed funds | (3,868,000) | (2,773,500) | |
Cash dividends paid on common stock | (238,043) | (249,968) | |
Cash dividends paid on preferred stock | (24,621) | (24,621) | |
Treasury stock repurchased | (67,125) | ||
Payments relating to treasury shares received for restricted stock award tax payments | (8,047) | (2,428) | |
Net cash (used in) provided by financing activities | (112,278) | 1,866,604 | |
Net decrease in cash, cash equivalents, and restricted cash | (620,277) | (796,415) | |
Cash, cash equivalents, and restricted cash at beginning of period | 1,474,955 | 2,528,169 | |
Cash, cash equivalents, and restricted cash at end of period | 854,678 | 1,731,754 | |
Supplemental information: | |||
Cash paid for interest | 622,027 | 444,444 | |
Cash paid for income taxes | 75,280 | 23,384 | |
Non-cash investing and financing activities: | |||
Transfers to repossessed assets from loans | 3,027 | 3,124 | |
Operating lease liabilities arising from obtaining right-of-use assets as of January 1, 2019 | 324,360 | ||
Securitization of residential mortgage loans to mortgage-backed securities available for sale | 20,206 | ||
Transfer of loans from held for investment to held for sale | 91,117 | 180,253 | |
Dispositions of premises and equipment | 1,245 | ||
Shares issued for restricted stock awards | $ 16,501 | $ 8,879 | |
[1] | Includes $23.8 million of amortization of operating lease right-of-use assets for the nine months ended September 30, 2019. | ||
[2] | Includes $23.8 million of amortization of operating lease liability for the nine months ended September 30, 2019. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Statement of Cash Flows [Abstract] | |
Amortization of operating lease right-of-use assets | $ 23.8 |
Amortization of operating lease liability | $ 23.8 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization and Basis of Presentation | Note 1. Organization and Basis of Presentation 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 completed 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 Company currently operates 239 branches through eight local divisions, each with a history of service and strength: 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; Ohio Savings Bank in Ohio; and AmTrust Bank in Arizona and Florida. 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 used in connection with the determination of the allowance for loan 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. |
Computation of Earnings per Com
Computation of Earnings per Common Share | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Text Block [Abstract] | |
Computation of Earnings per Common Share | Note 2. Computation of Earnings per Common Share Basic earnings per common share (“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 all dilutive securities were exercised and converted into common stock. Unvested stock-based compensation awards containing non-forfeitable two-class two-class non-forfeitable, The following table presents the Company’s computation of basic and diluted EPS for the periods indicated: Three Months Ended Nine Months Ended (in thousands, except share and per share amounts) 2019 2018 2019 2018 Net income available to common shareholders $ 90,839 $ 98,565 $ 269,248 $ 296,057 Less: Dividends paid on and earnings allocated to participating securities (1,073 ) (1,219 ) (3,245 ) (3,735 ) Earnings applicable to common stock $ 89,766 $ 97,346 $ 266,003 $ 292,322 Weighted average common shares outstanding 465,357,326 488,476,340 465,400,372 488,383,554 Basic earnings per common share $ 0.19 $ 0.20 $ 0.57 $ 0.60 Earnings applicable to common stock $ 89,766 $ 97,346 $ 266,003 $ 292,322 Weighted average common shares outstanding 465,357,326 488,476,340 465,400,372 488,383,554 Potential dilutive common shares 418,674 — 237,708 — Total shares for diluted earnings per common share computation 465,776,000 488,476,340 465,638,080 488,383,554 Diluted earnings per common share and common share equivalents $ 0.19 $ 0.20 $ 0.57 $ 0.60 |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2019 | |
Reclassifications Out of Accumulated Other Comprehensive Loss | Note 3. Reclassifications Out of Accumulated Other Comprehensive Loss (in thousands) For the Nine Months Ended September 30, 2019 Details about Accumulated Other Comprehensive Loss Amount Reclassified out of (1) Affected Line Item in the Unrealized gains on available-for-sale $ 5,445 Net gain (loss) on securities (1,527 ) Income tax (expense) benefit $ 3,918 Net gain (loss) on securities, net of tax Amortization of defined benefit pension plan items: Past service liability $ 187 Included in the computation of net periodic credit (2) Actuarial losses (7,619 ) Included in the computation of net periodic credit (2) (7,432 ) Total before tax 2,052 Income tax benefit $ (5,380 ) Amortization of defined benefit pension plan items, net of tax Total reclassifications for the period $ (1,462 ) (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, 2019 | |
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, 2019 and December 31, 2018: September 30, 2019 (in thousands) Amortized Gross Gross Fair Value Debt securities available-for-sale: Mortgage-related Debt Securities: GSE certificates $ 1,538,922 $ 34,377 $ 394 $ 1,572,905 GSE CMOs 1,744,472 25,999 1,697 1,768,774 Total mortgage-related debt securities $ 3,283,394 $ 60,376 $ 2,091 $ 3,341,679 Other Debt Securities: U. S. Treasury obligations $ 29,763 $ 6 $ — $ 29,769 GSE debentures 1,137,235 7,231 2,003 1,142,463 Asset-backed securities (1) 384,784 — 6,528 378,256 Municipal bonds 27,319 620 382 27,557 Corporate bonds 836,558 13,333 9,877 840,014 Capital trust notes 95,006 6,477 6,653 94,830 Total other debt securities $ 2,510,665 $ 27,667 $ 25,443 $ 2,512,889 Total debt securities available for sale (2) $ 5,794,059 $ 88,043 $ 27,534 $ 5,854,568 Equity Securities: Preferred stock 15,292 81 — 15,373 Mutual funds and common stock (3) 16,871 735 118 17,488 Total equity securities $ 32,163 $ 816 $ 118 $ 32,861 Total securities $ 5,826,222 $ 88,859 $ 27,652 $ 5,887,429 (1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2) The amortized cost includes the non-credit non-credit (3) Primarily consists of mutual funds that are CRA-qualified . December 31, 2018 (in thousands) Amortized Gross Gross Fair Value Debt securities available-for-sale: Mortgage-related Debt Securities: GSE certificates $ 1,705,336 $ 18,146 $ 15,961 $ 1,707,521 GSE CMOs 1,248,621 8,380 4,240 1,252,761 Total mortgage-related debt securities $ 2,953,957 $ 26,526 $ 20,201 $ 2,960,282 Other Debt Securities: GSE debentures $ 1,334,549 $ 3,366 $ 8,988 $ 1,328,927 Asset-backed securities (1) 386,768 784 430 387,122 Municipal bonds 68,551 195 2,563 66,183 Corporate bonds 836,153 8,667 23,105 821,715 Capital trust notes 48,278 6,435 5,422 49,291 Total other debt securities $ 2,674,299 $ 19,447 $ 40,508 $ 2,653,238 Total debt securities available for sale (2) $ 5,628,256 $ 45,973 $ 60,709 $ 5,613,520 Equity Securities: Preferred stock 15,292 — 1,446 13,846 Mutual funds and common stock (3) 16,870 366 531 16,705 Total equity securities $ 32,162 $ 366 $ 1,977 $ 30,551 Total securities $ 5,660,418 $ 46,339 $ 62,686 $ 5,644,071 (1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2) The amortized cost includes the non-credit non-credit (3) Primarily consists of mutual funds that are CRA-qualified At September 30, 2019 and December 31, 2018, respectively, the Company had $606.4 million and $644.6 million of FHLB-NY FHLB-NY The following table summarizes the gross proceeds and gross realized gains from the sale of available-for-sale For the Nine Months Ended September 30, (in thousands) 2019 2018 Gross proceeds $ 363,621 — Gross realized gains 5,445 — Net unrealized gains on equity securities recognized in earnings for the three and nine months ended September 30, 2019 was $275,000 and $2.3 million, respectively. In the following table, the beginning balance represents the credit loss component for debt securities on which OTTI occurred prior to January 1, 2019. For credit-impaired debt securities, OTTI recognized in earnings after that date is presented as an addition in two components, based upon whether the current period is the first time a debt security was credit-impaired (initial credit impairment) or is not the first time a debt security was credit-impaired (subsequent credit impairment). (in thousands) For the September 30, 2019 Beginning credit loss amount as of December 31, 2018 $ 196,187 Add: Initial other-than-temporary credit losses — Subsequent other-than-temporary credit losses — Amount previously recognized in AOCL — Less: Realized losses for securities sold — Securities intended or required to be sold — Increase in cash flows on debt securities 46 Ending credit loss amount as of September 30, 2019 $ 196,141 The following table summarizes, by contractual maturity, the amortized cost of securities at September 30, 2019: Mortgage- Related Average U.S. Average State, County, Average (1) Other Debt (2) Average Fair Value (dollars in thousands) Available-for-Sale Due within one year $ 2,505 2.99 % $ 29,763 1.86 % $ 150 6.59 % $ 13,973 3.79 % $ 46,495 Due from one to five years 656,530 3.29 32,874 3.48 148 6.66 154,424 3.42 865,091 Due from five to ten years 345,793 3.31 958,361 3.18 10,957 3.79 734,124 4.19 2,071,651 Due after ten years 2,278,566 2.96 146,000 2.88 16,064 3.22 413,827 2.91 2,871,331 Total debt securities available for sale $ 3,283,394 3.06 $ 1,166,998 3.11 $ 27,319 3.49 $ 1,316,348 3.69 $ 5,854,568 (1) Not presented on a tax-equivalent (2) Includes corporate bonds, capital trust notes, and asset-backed securities. The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of September 30, 2019: Less than Twelve Months Twelve Months or Longer Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Temporarily Impaired Securities: U. S. Government agency and GSE obligations $ 128,052 $ 821 $ 118,879 $ 1,182 $ 246,931 $ 2,003 GSE certificates 165,955 334 7,866 60 173,821 394 GSE CMOs 395,590 959 104,844 738 500,434 1,697 Asset-backed securities 378,256 6,528 — — 378,256 6,528 Municipal bonds — — 9,793 382 9,793 382 Corporate bonds 325,936 9,877 — — 325,936 9,877 Capital trust notes 45,999 690 37,855 5,963 83,854 6,653 Equity securities — — 11,687 118 11,687 118 Total temporarily impaired securities $ 1,439,788 $ 19,209 $ 290,924 $ 8,443 $ 1,730,712 $ 27,652 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, 2018: Less than Twelve Months Twelve Months or Longer Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Temporarily Impaired Securities: U. S. Government agency and GSE obligations $ 276,113 $ 2,629 $ 329,372 $ 6,359 $ 605,485 $ 8,988 GSE certificates 576,970 10,598 232,969 5,363 809,939 15,961 GSE CMOs 465,779 1,892 99,050 2,348 564,829 4,240 Asset-backed securities 69,166 430 — — 69,166 430 Municipal bonds 5,876 21 48,837 2,542 54,713 2,563 Corporate bonds 642,843 23,105 — — 642,843 23,105 Capital trust notes — — 38,360 5,422 38,360 5,422 Equity securities 17,836 1,464 11,293 513 29,129 1,977 Total temporarily impaired securities $ 2,054,583 $ 40,139 $ 759,881 $ 22,547 $ 2,814,464 $ 62,686 An OTTI loss on impaired debt securities must be fully recognized in earnings if an investor has the intent to sell the debt security, or if it is more likely than not that the investor will be required to sell the debt security before recovery of its amortized cost. However, even if an investor does not expect to sell a debt security, it must evaluate the expected cash flows to be received and determine if a credit loss has occurred. In the event that a credit loss occurs, only the amount of impairment associated with the credit loss is recognized in earnings. Amounts of impairment relating to factors other than credit losses are recorded in AOCL. At September 30, 2019, the Company had unrealized losses on certain available for sale GSE obligations, municipal bonds, corporate bonds, asset-backed securities, capital trust notes, and equity investments with readily determinable fair values. The unrealized losses on the Company’s GSE obligations, municipal bonds, corporate bonds, asset-backed securities and capital trust notes at September 30, 2019 were primarily caused by movements in market interest rates and spread volatility, rather than credit risk. These securities are not expected to be settled at a price that is less than the amortized cost of the Company’s investment. The Company reviews quarterly financial information related to its investments in capital trust notes, as well as other information that is released by each of the issuers of such notes, to determine their continued creditworthiness. The Company continues to monitor these investments and currently estimates that the present value of expected cash flows is not less than the amortized cost of the securities. It is possible that these securities will perform worse than is currently expected, which could lead to adverse changes in cash flows from these securities and potential OTTI losses in the future. Future events that could trigger material unrecoverable declines in the fair values of the Company’s investments, and thus result in potential OTTI losses, include, but are not limited to, government intervention; deteriorating asset quality and credit metrics; significantly higher levels of default and loan loss provisions; losses in value on the underlying collateral; net operating losses; and illiquidity in the financial markets. The unrealized losses on the Company’s equity investments with readily determinable fair values at September 30, 2019 were caused by market volatility. Equity investments with readily determinable fair values are measured at fair value with changes in fair value recognized in net income, thus eliminating eligibility for the available-for-sale The investment securities designated as having a continuous loss position for twelve months or more at September 30, 2019 consisted of six five three two one one nine nine seven five three one At September 30, 2019, the fair value of securities having a continuous loss position for twelve months or more was 2.8% below the collective amortized cost of $299.4 million. At December 31, 2018, the fair value of such securities was 2.9% below the collective amortized cost of $782.4 million. At September 30, 2019 and December 31, 2018, the combined market value of the respective securities represented unrealized losses of $8.4 million and $22.5 million, respectively. |
Loans and Leases
Loans and Leases | 9 Months Ended |
Sep. 30, 2019 | |
Loans and Leases | Note 5. Loans and Leases The following table sets forth the composition of the loan and lease portfolio at the dates indicated: September 30, 2019 December 31, 2018 (dollars in thousands) Amount Percent of Amount Percent of Loans and Leases Held for Investment: Mortgage Loans: Multi-family $ 30,269,409 74.19 % $ 29,883,919 74.46 % Commercial real estate 6,985,568 17.12 6,998,834 17.44 One-to-four 395,044 0.97 446,094 1.11 Acquisition, development, and construction 297,526 0.73 407,870 1.02 Total mortgage loans held for investment 37,947,547 93.01 37,736,717 94.03 Other Loans: Commercial and industrial 1,784,081 4.37 1,705,308 4.25 Lease financing, net of unearned income of $88,329 and $53,891, respectively 1,058,071 2.60 683,112 1.70 Total commercial and industrial loans (1) 2,842,152 6.97 2,388,420 5.95 Other 8,741 0.02 8,724 0.02 Total other loans held for investment 2,850,893 6.99 2,397,144 5.97 Total loans and leases held for investment $ 40,798,440 100.00 % $ 40,133,861 100.00 % Net deferred loan origination costs 45,780 32,047 Allowance for losses (149,433 ) (159,820 ) Total loans and leases, net $ 40,694,787 $ 40,006,088 (1) Includes specialty finance loans and leases of $2.4 billion and $1.9 billion, respectively, at September 30, 2019 and December 31, 2018. Other C&I loans of $447.1 million and $469.9 million, respectively, at September 30, 2019 and December 31, 2018. Loans and Leases Loans and Leases 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 mixed-use To a lesser extent, the Company also originates ADC loans for investment. One-to-four 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 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 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 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 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 had long-term relationships with its experienced lending officers. Each of these credits is secured with a perfected first security interest or outright ownership in the underlying collateral, and structured as senior debt or as a non-cancelable re-underwritten. 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, 2019 were loans of $39.1 million to officers, directors, and their related interests and parties. There were no loans to principal shareholders at that date. Asset Quality The following table presents information regarding the quality of the Company’s loans held for investment at September 30, 2019: (in thousands) Loans 30-89 Non- Accrual Loans 90 Days or More Total Past Due Current Total Loans Multi-family $ — $ 5,793 $ — $ 5,793 $ 30,263,616 $ 30,269,409 Commercial real estate 9,750 5,563 — 15,313 6,970,255 6,985,568 One-to-four — 2,040 — 2,040 393,004 395,044 Acquisition, development, and construction — — — — 297,526 297,526 Commercial and industrial (1) (2) 483 42,544 — 43,027 2,799,125 2,842,152 Other 6 253 — 259 8,482 8,741 Total $ 10,239 $ 56,193 $ — $ 66,432 $ 40,732,008 $ 40,798,440 (1) Includes $483,000 and $33.6 million of taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively. (2) Includes lease financing receivables, all of which were current. The following table presents information regarding the quality of the Company’s loans held for investment at December 31, 2018: (in thousands) Loans 30-89 Non- Accrual Loans 90 Days or More Total Past Due Current Total Loans Multi-family $ — $ 4,220 $ — $ 4,220 $ 29,879,699 $ 29,883,919 Commercial real estate — 3,021 — 3,021 6,995,813 6,998,834 One-to-four 9 1,651 — 1,660 444,434 446,094 Acquisition, development, and construction — — — — 407,870 407,870 Commercial and industrial (1) (2) 530 36,608 — 37,138 2,351,282 2,388,420 Other 25 6 — 31 8,693 8,724 Total $ 564 $ 45,506 $ — $ 46,070 $ 40,087,791 $ 40,133,861 (1) Includes $530,000 and $35.5 million of taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively. (2) Includes lease financing receivables, all of which were current. The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at September 30, 2019: Mortgage Loans Other Loans (in thousands) Multi- Family Commercial One-to- Four Acquisition, Total Commercial (1) Other Total Other Credit Quality Indicator: Pass $ 29,958,415 $ 6,849,317 $ 392,251 $ 249,543 $ 37,449,526 $ 2,772,244 $ 8,488 $ 2,780,732 Special mention 269,615 52,023 753 45,634 368,025 3,424 — 3,424 Substandard 41,379 84,228 2,040 2,349 129,996 66,484 253 66,737 Doubtful — — — — — — — — Total $ 30,269,409 $ 6,985,568 $ 395,044 $ 297,526 $ 37,947,547 $ 2,842,152 $ 8,741 $ 2,850,893 (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, 2018: Mortgage Loans Other Loans (in thousands) Multi- Family Commercial One-to- Four Acquisition, Total Commercial (1) Other Total Other Credit Quality Indicator: Pass $ 29,548,242 $ 6,880,105 $ 444,443 $ 319,001 $ 37,191,791 $ 2,306,563 $ 8,469 $ 2,315,032 Special mention 312,025 90,653 — 73,964 476,642 19,751 — 19,751 Substandard 23,652 28,076 1,651 14,905 68,284 62,106 255 62,361 Doubtful — — — — — — — — Total $ 29,883,919 $ 6,998,834 $ 446,094 $ 407,870 $ 37,736,717 $ 2,388,420 $ 8,724 $ 2,397,144 (1) Includes lease financing receivables, all of which were classified as Pass. The 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. In addition, one-to-four 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 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, 2019, loans on which concessions were made with respect to rate reductions and/or extension of maturity dates amounted to $35.2 million; loans on which forbearance agreements were reached amounted to $8.1 million. The following table presents information regarding the Company’s TDRs as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 (in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Loan Category: Multi-family $ — $ 3,741 $ 3,741 $ — $ 4,220 $ 4,220 Commercial real estate — — — — — — One-to-four — 891 891 — 1,022 1,022 Acquisition, development, and construction 2,349 — 2,349 8,297 — 8,297 Commercial and industrial (1) 865 35,487 36,352 865 20,477 21,342 Total $ 3,214 $ 40,119 $ 43,333 $ 9,162 $ 25,719 $ 34,881 (1) Includes $27.4 million and $20.4 million of taxi medallion-related loans at September 30, 2019 and December 31, 2018, respectively. The eligibility of a borrower for work-out The financial effects of the Company’s TDRs for the three months ended September 30, 2019 and 2018 are summarized as follows: For the Three Months Ended September 30, 2019 Weighted Average Interest Rate (dollars in thousands) Number of Loans Pre-Modification Post-Modification Pre- Modification Post- Charge-off Capitalized Interest Loan Category: Commercial and industrial 28 $ 7,366 $ 7,086 2.99 % 2.82 % $ 280 $ 3 For the Three Months Ended September 30, 2018 Weighted Average Interest Rate (dollars in thousands) Number of Loans Pre-Modification Post-Modification Pre- Modification Post- Charge-off Capitalized Interest Loan Category: Commercial and industrial 6 $ 1,848 $ 1,212 3.36 % 3.28 % $ 545 $ — The financial effects of the Company’s TDRs for the nine months ended September 30, 2019 and 2018 are summarized as follows: For the Nine Months Ended September 30, 2019 Weighted Average Interest Rate (dollars in thousands) Number of Loans Pre-Modification Post-Modification Pre- Modification Post- Charge-off Capitalized Interest Loan Category: Commercial and industrial 58 $ 30,910 $ 28,179 4.48 % 4.52 % $ 2,731 $ 3 For the Nine Months Ended September 30, 2018 Weighted Average Interest Rate (dollars in thousands) Number of Loans Pre-Modification Post-Modification Pre- Modification Post- Charge-off Capitalized Interest Loan Category: Acquisition, development, and construction 1 $ 900 $ 900 4.50 % 4.50 % $ — $ — Commercial and industrial 18 6,914 4,386 3.30 3.18 2,308 — Total 19 $ 7,814 $ 5,286 $ 2,308 $ — At September 30, 2019, C&I and one-to-four 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 does consider a loan with multiple modifications or forbearance periods to be in default, and would also consider a loan to be in default if the borrower were in bankruptcy or if the loan were partially charged off subsequent to modification. |
Allowance for Loan Losses
Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2019 | |
Allowances for Loan Losses | Note 6. Allowance for Loan Losses The following tables provide additional information regarding the Company’s allowance for loan losses based upon the method of evaluating loan impairment: (in thousands) Mortgage Other Total Allowances for Loan Losses at September 30, 2019: Loans collectively evaluated for impairment $ 122,967 $ 26,466 $ 149,433 (in thousands) Mortgage Other Total Allowances for Loan Losses at December 31, 2018: Loans collectively evaluated for impairment $ 130,983 $ 28,837 $ 159,820 The following tables provide additional information regarding the methods used to evaluate the Company’s loan portfolio for impairment: (in thousands) Mortgage Other Total Loans Receivable at September 30, 2019: Loans individually evaluated for impairment $ 14,363 $ 42,742 $ 57,105 Loans collectively evaluated for impairment 37,933,184 2,808,151 40,741,335 Total $ 37,947,547 $ 2,850,893 $ 40,798,440 (in thousands) Mortgage Other Total Loans Receivable at December 31, 2018: Loans individually evaluated for impairment $ 15,794 $ 36,375 $ 52,169 Loans collectively evaluated for impairment 37,720,923 2,360,769 40,081,692 Total $ 37,736,717 $ 2,397,144 $ 40,133,861 Allowance for Loan Losses The following table summarizes activity in the allowance for loan losses for the periods indicated: For the Nine Months Ended September 30, 2019 2018 (in thousands) Mortgage Other Total Mortgage Other Total Balance, beginning of period $ 130,983 $ 28,837 $ 159,820 $ 128,275 $ 29,771 $ 158,046 Charge-offs (1,386 ) (15,010 ) (16,396 ) (5,445 ) (9,705 ) (15,150 ) Recoveries 43 563 606 242 1,031 1,273 (Recovery of) provision for losses on loans (6,673 ) 12,076 5,403 5,744 9,742 15,486 Balance, end of period $ 122,967 $ 26,466 $ 149,433 $ 128,816 $ 30,839 $ 159,655 (in thousands) Recorded Unpaid Related Average Interest Impaired loans with no related allowance: Multi-family $ 5,793 $ 9,375 $ — $ 4,590 $ 317 Commercial real estate 5,330 10,445 — 3,280 83 One-to-four 891 909 — 887 20 Acquisition, development, and construction 2,349 3,249 — 4,548 324 Other 42,742 120,414 — 40,241 2,365 Total impaired loans with no related allowance $ 57,105 $ 144,392 $ — $ 53,546 $ 3,109 Impaired loans with an allowance recorded: Multi-family $ — $ — $ — $ — $ — Commercial real estate — — — — — One-to-four — — — — — Acquisition, development, and construction — — — — — Other — — — 5,000 — Total impaired loans with an allowance recorded $ — $ — $ — $ 5,000 $ — Total impaired loans: Multi-family $ 5,793 $ 9,375 $ — $ 4,590 $ 317 Commercial real estate 5,330 10,445 — 3,280 83 One-to-four 891 909 — 887 20 Acquisition, development, and construction 2,349 3,249 — 4,548 324 Other 42,742 120,414 — 45,241 2,365 Total impaired loans $ 57,105 $ 144,392 $ — $ 58,546 $ 3,109 The following table presents additional information about the Company’s impaired loans at December 31, 2018: (in thousands) Recorded Unpaid Related Average Interest Impaired loans with no related allowance: Multi-family $ 4,220 $ 7,168 $ — $ 6,114 $ 340 Commercial real estate 2,256 7,371 — 3,234 — One-to-four 1,022 1,076 — 1,576 26 Acquisition, development, and construction 8,296 9,197 — 9,238 590 Other 36,375 101,701 — 42,984 3,057 Total impaired loans with no related allowance $ 52,169 $ 126,513 $ — $ 63,146 $ 4,013 Impaired loans with an allowance recorded: Multi-family $ — $ — $ — $ — $ — Commercial real estate — — — — — One-to-four — — — — — Acquisition, development, and construction — — — — — Other — — — 20 — Total impaired loans with an allowance recorded $ — $ — $ — $ 20 $ — Total impaired loans: Multi-family $ 4,220 $ 7,168 $ — $ 6,114 $ 340 Commercial real estate 2,256 7,371 — 3,234 — One-to-four 1,022 1,076 — 1,576 26 Acquisition, development, and construction 8,296 9,197 — 9,238 590 Other 36,375 101,701 — 43,004 3,057 Total impaired loans $ 52,169 $ 126,513 $ — $ 63,166 $ 4,013 |
Borrowed Funds
Borrowed Funds | 9 Months Ended |
Sep. 30, 2019 | |
Borrowed Funds | Note 7. Borrowed Funds The following table summarizes the Company’s borrowed funds at the dates indicated: (in thousands) September 30, 2019 December 31, Wholesale Borrowings: FHLB advances $ 12,171,661 $ 13,053,661 Repurchase agreements 800,000 500,000 Total wholesale borrowings $ 12,971,661 $ 13,553,661 Junior subordinated debentures 359,773 359,508 Subordinated notes 294,926 294,697 Total borrowed funds $ 13,626,360 $ 14,207,866 The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at September 30, 2019: Remaining Contractual Maturity of the Agreements (in thousands) Overnight and Up to 30 Days 30–90 Days Greater than 90 Days GSE obligations $ — $ — $ — $ 800,000 Subordinated Notes On November 6, 2018, the Company issued $300.0 million aggregate principal amount of our 5.90% Fixed-to-Floating 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 in arrears on February 6, May 6, August 6 and November 6 of each year, commencing on February 6, 2024. Junior Subordinated Debentures The following junior subordinated debentures were outstanding at September 30, 2019: Issuer Interest of Capital Junior Capital Date of Original Issue Stated Maturity First Optional (dollars in thousands) New York Community Capital Trust V SM 6.00 % $ 145,847 $ 139,496 Nov. 4, 2002 Nov. 1, 2051 Nov. 4, 2007 (1) New York Community Capital Trust X 3.72 123,712 120,000 Dec. 14, 2006 Dec. 15, 2036 Dec. 15, 2011 (2) PennFed Capital Trust III 5.37 30,928 30,000 June 2, 2003 June 15, 2033 June 15, 2008 (2) New York Community Capital Trust XI 3.75 59,286 57,500 April 16, 2007 June 30, 2037 June 30, 2012 (2) Total junior subordinated debentures $ 359,773 $ 346,996 (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. At September 30, 2019 and December 31, 2018, the Company had $359.8 million and $359.5 million, respectively, 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. |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 2018 (in thousands) Pension Benefits Post- Pension Post- Retirement Components of net periodic expense (credit): (1) Interest cost $ 1,415 $ 128 $ 1,271 $ 128 Expected return on plan assets (3,483 ) — (4,035 ) — Amortization of prior-service costs — (62 ) — (62 ) Amortization of net actuarial loss 2,509 31 1,795 76 Net periodic expense (credit) $ 441 $ 97 $ (969 ) $ 142 (1) Amounts are included in G&A expense on the Consolidated Statements of Income and Comprehensive Income. For the Nine Months Ended September 30, 2019 2018 (in thousands) Pension Post- Pension Post- Components of net periodic expense (credit): (1) Interest cost $ 4,245 $ 384 $ 3,814 $ 384 Expected return on plan assets (10,449 ) — (12,106 ) — Amortization of prior-service costs — (187 ) — (186 ) Amortization of net actuarial loss 7,526 93 5,386 229 Net periodic expense (credit) $ 1,322 $ 290 $ (2,906 ) $ 427 (1) Amounts are included in G&A expense on the Consolidated Statements of Income and Comprehensive Income. The Company expects to contribute $1.2 million to its post-retirement plan to pay premiums and claims for the fiscal year ending December 31, 2019. The Company does not expect to make any contributions to its pension plan in 2019. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Stock-Based Compensation | Note 9. Stock-Based Compensation At September 30, 2019, the Company had a total of 2,498,370 shares available for grants as restricted stock, options, or other forms of related rights under the New York Community Bancorp, Inc. 2012 Stock Incentive Plan, which was approved by the Company’s shareholders at its annual meeting of shareholders held on June 7, 2012. The Company granted 2,022,198 shares of restricted stock during the nine months ended September 30, 2019. The shares had an average fair value of $10.44 per share on the date of grant and a vesting period of five years. The nine-month amount includes 81,400 shares that were granted in the third quarter with an average fair value of $10.78 per share on the date of grant. Compensation and benefits expense related to the restricted stock grants is recognized on a straight-line basis over the vesting period and totaled $23.2 million and $28.1 million, respectively, in the nine months ended September 30, 2019 and 2018, including $7.7 mill ion The following table provides a summary of activity with regard to restricted stock awards in the nine months ended September 30, 2019: Number of Shares Weighted Average Fair Value Unvested at beginning of year 6,904,388 $ 14.74 Granted 2,022,198 10.44 Vested (2,189,635 ) 15.19 Canceled (197,470 ) 12.88 Unvested at end of period 6,539,481 13.32 As of September 30, 2019, unrecognized compensation cost relating to unvested restricted stock totaled $71.6 million. This amount will be recognized over a remaining weighted average period of 2.9 years. In addition, during the nine months ended September 30, 2019, the Company granted 418,674 Performance-Based Restricted Stock Units (“PSUs”). The PSUs have a performance period of January 1, 2019 to December 31, 2021 and vest on April 1, 2022, 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 $411,000 and $689,000 for the three and nine months ended September 30, 2019, respectively. As of September 30, 2019, the Company believes it is probable that the performance conditions will be met. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
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 • 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, 2019 and December 31, 2018, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at September 30, 2019 (in thousands) Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Netting Total Fair Value Assets: Mortgage-related Debt Securities Available for Sale: GSE certificates $ — $ 1,572,905 $ — $ — $ 1,572,905 GSE CMOs — 1,768,774 — — 1,768,774 Total mortgage-related debt securities $ — $ 3,341,679 $ — $ — $ 3,341,679 Other Debt Securities Available for Sale: U. S. Treasury obligations $ 29,769 $ — $ — $ — $ 29,769 GSE debentures — 1,142,463 — — 1,142,463 Asset-backed securities — 378,256 — — 378,256 Municipal bonds — 27,557 — — 27,557 Corporate bonds — 840,014 — — 840,014 Capital trust notes — 94,830 — — 94,830 Total other debt securities $ 29,769 $ 2,483,120 $ — $ — $ 2,512,889 Total debt securities available for sale $ 29,769 $ 5,824,799 $ — $ — $ 5,854,568 Equity securities: Preferred stock $ 15,373 $ — $ — $ — $ 15,373 Mutual funds and common stock — 17,488 — — 17,488 Total equity securities $ 15,373 $ 17,488 $ — $ — $ 32,861 Total securities $ 45,142 $ 5,842,287 $ — $ — $ 5,887,429 Fair Value Measurements at December 31, 2018 (in thousands) Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Netting Total Fair Value Assets: Mortgage-related Debt Securities Available for Sale: GSE certificates $ — $ 1,707,521 $ — $ — $ 1,707,521 GSE CMOs — 1,252,761 — — 1,252,761 Total mortgage-related debt securities $ — $ 2,960,282 $ — $ — $ 2,960,282 Other Debt Securities Available for Sale: GSE debentures $ — $ 1,328,927 $ — $ — $ 1,328,927 Asset-backed securities — 387,122 — — 387,122 Municipal bonds — 66,183 — — 66,183 Corporate bonds — 821,715 — — 821,715 Capital trust notes — 49,291 — — 49,291 Total other debt securities $ — $ 2,653,238 $ — $ — $ 2,653,238 Total debt securities available for sale $ — $ 5,613,520 $ — $ — $ 5,613,520 Equity securities: Preferred stock $ 13,846 $ — $ — $ — $ 13,846 Mutual funds and common stock — 16,705 — — 16,705 Total equity securities $ 13,846 $ 16,705 $ — $ — $ 30,551 Total securities $ 13,846 $ 5,630,225 $ — $ — $ 5,644,071 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 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 that were measured at fair value on a non-recurring basis as of September 30, 2019 and December 31, 2018, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at September 30, 2019 Using (in thousands) Quoted Prices in (Level 1) Significant Other (Level 2) Significant (Level 3) Total Fair Certain impaired loans (1) $ — $ — $ 35,697 $ 35,697 Other assets (2) — — — — Total $ — $ — $ 35,697 $ 35,697 (1) Represents the fair value of impaired loans, 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. Fair Value Measurements at December 31, 2018 Using (in thousands) Quoted Prices in (Level 1) Significant Other (Level 2) Significant (Level 3) Total Fair Certain impaired loans (1) $ — $ — $ 38,213 $ 38,213 Other assets (2) — — 1,265 1,265 Total $ — $ — $ 39,478 $ 39,478 (1) Represents the fair value of impaired loans, 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. 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- off-balance 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, 2019 and December 31, 2018: September 30, 2019 Fair Value Measurement Using (in thousands) Carrying Estimated Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) Financial Assets: Cash and cash equivalents $ 854,678 $ 854,678 $ 854,678 $ — $ — FHLB stock (1) 606,371 606,371 — 606,371 — Loans and leases, net 40,694,787 40,608,048 — — 40,608,048 Financial Liabilities: Deposits $ 31,572,176 $ 31,633,111 $ 17,308,005 (2) $ 14,325,106 (3) $ — Borrowed funds 13,626,360 14,088,303 — 14,088,303 — (1) Carrying value and estimated fair value are at cost. (2) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing (3) Certificates of deposit. December 31, 2018 Fair Value Measurement Using (in thousands) Carrying Estimated Quoted Prices in for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant (Level 3) Financial Assets: Cash and cash equivalents $ 1,474,955 $ 1,474,955 $ 1,474,955 $ — $ — FHLB stock (1) 644,590 644,590 — 644,590 — Loans and leases, net 40,006,088 39,461,985 — — 39,461,985 Financial Liabilities: Deposits $ 30,764,430 $ 30,748,729 $ 18,570,108 (2) $ 12,178,621 (3) $ — Borrowed funds 14,207,866 14,136,526 — 14,136,526 — (1) Carrying value and estimated fair value are at cost. (2) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing (3) Certificates of deposit. The methods and significant assumptions used to estimate fair values for the Company’s financial instruments follow: Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks and federal funds sold. The estimated fair values of cash and cash equivalents 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 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 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 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 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 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
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 is staffed by a group of industry veterans with expertise in originating and underwriting senior securitized debt and equipment loans and leases. The subsidiary 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 provide 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. The carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $70.5 million. 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 thousands) For the Three Months Ended For the Nine Interest income on lease financing (1) $ 10,149 $ 27,358 (1) Included in Interest Income – Mortgage and other loans and leases in the Consolidated Statements of Income and Comprehensive Income. At September 30, 2019, the carrying value of net investment in leases was $1.1 billion. 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 thousands) September 30, 2019 Net investment in the lease- lease payments receivable $ 1,077,574 Net investment in the lease- unguaranteed residual assets 68,826 Total lease payments $ 1,146,400 The following table presents the remaining maturity analysis of the undiscounted lease receivables as of September 30, 2019, as well as the reconciliation to the total amount of receivables recognized in the Consolidated Statements of Condition: (in thousands) September 30, 2019 2019 $ 660 2020 55,811 2021 180,936 2022 194,564 2023 75,000 Thereafter 639,429 Total lease payments 1,146,400 Plus: deferred origination costs 19,781 Less: unearned income (88,329 ) Total lease finance receivables, net $ 1,077,852 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 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 based on the information available at adoption date 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 $7.5 million and $23.8 million for the three and nine months ended September 30, 2019, respectively. Included in the nine month period amount is $11.7 million that was due to the closing of certain locations. The Company has operating leases for corporate offices, branch locations and certain equipment. The Company’s leases have remaining lease terms of one year During the three months ended September 30, 2019, the Company entered into a sale-lease back transaction with an unrelated third party with a lease term of 20 years (including renewal options). The sale of the branch property in Florida resulted in a gain of $7.9 million, which is included in “Other income” in the Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2019. The components of lease expense were as follows: (in thousands) For the Three For the Nine Components of Lease Expense: Operating lease cost $ 7,193 $ 21,751 Sublease income (18 ) (83 ) Total lease cost $ 7,175 $ 21,668 Supplemental cash flow information related to the leases for the following period: (in thousands) For the Three For the Nine Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,193 $ 21,751 Supplemental balance sheet information related to the leases for the following period: (in thousands, except lease term and discount rate) September 30, 2019 Operating Leases: Operating lease right-of-use $ 300,955 Operating lease liabilities 300,610 Weighted average remaining lease term 17 Weighted average discount rate 3.24 % Maturities of lease liabilities: Maturities of lease liabilities: (in thousands) September 30, 2019 2019 $ 7,178 2020 28,373 2021 27,723 2022 26,885 2023 26,448 Thereafter 286,225 Total lease payments 402,832 Less: imputed interest (102,222 ) Total present value of lease liabilities $ 300,610 As previously disclosed in the Company’s 2018 Form 10-K, non-cancelable cost-of-living (in thousands) 2019 $ 30,322 2020 23,399 2021 19,736 2022 16,552 2023 and thereafter 55,525 Total minimum future rentals $ 145,534 |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 9 Months Ended |
Sep. 30, 2019 | |
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. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s pools of fixed-rate assets. 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. In the first quarter of 2019, the Company entered into an interest rate swap with a notional amount of $ 2.0 less than the fixed rate payments. As such, interest income from Mortgage and Other Loans and Leases in the accompanying Consolidated Statements of Income and Comprehensive Income was decreased by $1.1 million and $684,000 for the three and nine months ended September 30, 2019, respectively. As of September 30, 2019, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges. The Company did not have any derivative instruments at December 31, 2018: (in thousands) September 30, 2019 Line Item in the Consolidated Statements of Condition in which the Hedge Item is Included Carrying Amount of Cumulative Amount of Fair Total loans and leases, net (1) $ 2,048,338 $ 48,338 (1) These amounts include the amortized cost basis of closed portfolios used to designated hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At September 30, 2019, the amortized cost basis of the closed portfolios used in these hedging relationships was $4.6 billion; the cumulative basis adjustments associated with these hedging relationships was $48.3 million; and the amount of the designated hedged items was $2.0 billion. The following table sets forth information regarding the Company’s derivative financial instruments at September 30, 2019. The Company had no derivative financial instruments at December 31, 2018. September 30, 2019 (in thousands) Notional Fair Value Other Other Derivatives designated as hedging instruments: Interest rate swap $ 2,000,000 $ — $ — Total derivatives designated as hedging instruments $ 2,000,000 $ — $ — Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) 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, 2019, all of the Company’s $2.0 billion notional derivative contracts were cleared on the LCH. 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. 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, 2019, the Company had a net negative exposure. The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the periods indicated. The Company had no derivative financial instruments outstanding during 2018: (in thousands) For the Three For the Nine Derivative – interest rate swap: Interest income $ 10,016 $ (48,338 ) Hedged item – loans: Interest income $ (10,016 ) $ 48,338 |
Impact of Recent Accounting Pro
Impact of Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
Impact of Recent Accounting Pronouncements | Note 13. Impact of Recent Accounting Pronouncements Recently Adopted Accounting Standards The Company adopted ASU No. 2018-16, 2018-16 2018-16 2018-16 The Company adopted ASU No. 2018-15, 350-40): 2018-15 internal-use internal-use 2018-15 The Company adopted ASU No. 2017-08, 310-20): 2017-08 non-contingently 2017-08 The Company adopted ASU No. 2016-02, right-of-use 2016-02 2016-02 2016-02, Recently Issued Accounting Standards In August 2018, the FASB issued ASU 2018-13, 2018-13 2018-13 2018-13 In January 2017, the FASB issued ASU No. 2017-04, 2017-04 2017-04 2017-04 In June 2016, the FASB issued ASU No. 2016-13, 2016-13 available-for-sale 2016-13 2016-13 available-for-sale off-balance The Company will adopt ASU No. 2016-13 2016-13. The Company has evaluated ASU No. 2016-13 supportable forecasts. The Company has performed parallel runs utilizing its CECL credit models to test its implementation. We have preliminarily determined for modeling current expected credit losses, we can reasonably estimate expected losses that incorporate the current and forecasted economics conditions over a two year period, after which the model will revert to our long-term historic loss rates on a straight line basis over one year. These models are currently being refined and undergoing final model validations. As the Company approaches the implementation date, additional parallel runs will be performed, required governance and internal controls will be implemented and testing and validation of all models will be completed. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
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 used in connection with the determination of the allowance for loan 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/Issued Accounting Standards | Recently Adopted Accounting Standards The Company adopted ASU No. 2018-16, 2018-16 2018-16 2018-16 The Company adopted ASU No. 2018-15, 350-40): 2018-15 internal-use internal-use 2018-15 The Company adopted ASU No. 2017-08, 310-20): 2017-08 non-contingently 2017-08 The Company adopted ASU No. 2016-02, right-of-use 2016-02 2016-02 2016-02, Recently Issued Accounting Standards In August 2018, the FASB issued ASU 2018-13, 2018-13 2018-13 2018-13 In January 2017, the FASB issued ASU No. 2017-04, 2017-04 2017-04 2017-04 In June 2016, the FASB issued ASU No. 2016-13, 2016-13 available-for-sale 2016-13 2016-13 available-for-sale off-balance |
Computation of Earnings per C_2
Computation of Earnings per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Computation of Basic and Diluted EPS | The following table presents the Company’s computation of basic and diluted EPS for the periods indicated: Three Months Ended Nine Months Ended (in thousands, except share and per share amounts) 2019 2018 2019 2018 Net income available to common shareholders $ 90,839 $ 98,565 $ 269,248 $ 296,057 Less: Dividends paid on and earnings allocated to participating securities (1,073 ) (1,219 ) (3,245 ) (3,735 ) Earnings applicable to common stock $ 89,766 $ 97,346 $ 266,003 $ 292,322 Weighted average common shares outstanding 465,357,326 488,476,340 465,400,372 488,383,554 Basic earnings per common share $ 0.19 $ 0.20 $ 0.57 $ 0.60 Earnings applicable to common stock $ 89,766 $ 97,346 $ 266,003 $ 292,322 Weighted average common shares outstanding 465,357,326 488,476,340 465,400,372 488,383,554 Potential dilutive common shares 418,674 — 237,708 — Total shares for diluted earnings per common share computation 465,776,000 488,476,340 465,638,080 488,383,554 Diluted earnings per common share and common share equivalents $ 0.19 $ 0.20 $ 0.57 $ 0.60 |
Reclassifications Out of Accu_2
Reclassifications Out of Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Reclassifications Out of Accumulated Other Comprehensive Loss | (in thousands) For the Nine Months Ended September 30, 2019 Details about Accumulated Other Comprehensive Loss Amount Reclassified out of (1) Affected Line Item in the Unrealized gains on available-for-sale $ 5,445 Net gain (loss) on securities (1,527 ) Income tax (expense) benefit $ 3,918 Net gain (loss) on securities, net of tax Amortization of defined benefit pension plan items: Past service liability $ 187 Included in the computation of net periodic credit (2) Actuarial losses (7,619 ) Included in the computation of net periodic credit (2) (7,432 ) Total before tax 2,052 Income tax benefit $ (5,380 ) Amortization of defined benefit pension plan items, net of tax Total reclassifications for the period $ (1,462 ) (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, 2019 | |
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, 2019 and December 31, 2018: September 30, 2019 (in thousands) Amortized Gross Gross Fair Value Debt securities available-for-sale: Mortgage-related Debt Securities: GSE certificates $ 1,538,922 $ 34,377 $ 394 $ 1,572,905 GSE CMOs 1,744,472 25,999 1,697 1,768,774 Total mortgage-related debt securities $ 3,283,394 $ 60,376 $ 2,091 $ 3,341,679 Other Debt Securities: U. S. Treasury obligations $ 29,763 $ 6 $ — $ 29,769 GSE debentures 1,137,235 7,231 2,003 1,142,463 Asset-backed securities (1) 384,784 — 6,528 378,256 Municipal bonds 27,319 620 382 27,557 Corporate bonds 836,558 13,333 9,877 840,014 Capital trust notes 95,006 6,477 6,653 94,830 Total other debt securities $ 2,510,665 $ 27,667 $ 25,443 $ 2,512,889 Total debt securities available for sale (2) $ 5,794,059 $ 88,043 $ 27,534 $ 5,854,568 Equity Securities: Preferred stock 15,292 81 — 15,373 Mutual funds and common stock (3) 16,871 735 118 17,488 Total equity securities $ 32,163 $ 816 $ 118 $ 32,861 Total securities $ 5,826,222 $ 88,859 $ 27,652 $ 5,887,429 (1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2) The amortized cost includes the non-credit non-credit (3) Primarily consists of mutual funds that are CRA-qualified . December 31, 2018 (in thousands) Amortized Gross Gross Fair Value Debt securities available-for-sale: Mortgage-related Debt Securities: GSE certificates $ 1,705,336 $ 18,146 $ 15,961 $ 1,707,521 GSE CMOs 1,248,621 8,380 4,240 1,252,761 Total mortgage-related debt securities $ 2,953,957 $ 26,526 $ 20,201 $ 2,960,282 Other Debt Securities: GSE debentures $ 1,334,549 $ 3,366 $ 8,988 $ 1,328,927 Asset-backed securities (1) 386,768 784 430 387,122 Municipal bonds 68,551 195 2,563 66,183 Corporate bonds 836,153 8,667 23,105 821,715 Capital trust notes 48,278 6,435 5,422 49,291 Total other debt securities $ 2,674,299 $ 19,447 $ 40,508 $ 2,653,238 Total debt securities available for sale (2) $ 5,628,256 $ 45,973 $ 60,709 $ 5,613,520 Equity Securities: Preferred stock 15,292 — 1,446 13,846 Mutual funds and common stock (3) 16,870 366 531 16,705 Total equity securities $ 32,162 $ 366 $ 1,977 $ 30,551 Total securities $ 5,660,418 $ 46,339 $ 62,686 $ 5,644,071 (1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2) The amortized cost includes the non-credit non-credit (3) Primarily consists of mutual funds that are CRA-qualified |
Summary of Gross Proceeds and Gross Realized Gains and Losses from Sale of Available-for-Sale Securities | The following table summarizes the gross proceeds and gross realized gains from the sale of available-for-sale For the Nine Months Ended September 30, (in thousands) 2019 2018 Gross proceeds $ 363,621 — Gross realized gains 5,445 — |
Credit Loss Component of Other Than Temporary Impairment on Debt Securities | (in thousands) For the September 30, 2019 Beginning credit loss amount as of December 31, 2018 $ 196,187 Add: Initial other-than-temporary credit losses — Subsequent other-than-temporary credit losses — Amount previously recognized in AOCL — Less: Realized losses for securities sold — Securities intended or required to be sold — Increase in cash flows on debt securities 46 Ending credit loss amount as of September 30, 2019 $ 196,141 |
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, 2019: Mortgage- Related Average U.S. Average State, County, Average (1) Other Debt (2) Average Fair Value (dollars in thousands) Available-for-Sale Due within one year $ 2,505 2.99 % $ 29,763 1.86 % $ 150 6.59 % $ 13,973 3.79 % $ 46,495 Due from one to five years 656,530 3.29 32,874 3.48 148 6.66 154,424 3.42 865,091 Due from five to ten years 345,793 3.31 958,361 3.18 10,957 3.79 734,124 4.19 2,071,651 Due after ten years 2,278,566 2.96 146,000 2.88 16,064 3.22 413,827 2.91 2,871,331 Total debt securities available for sale $ 3,283,394 3.06 $ 1,166,998 3.11 $ 27,319 3.49 $ 1,316,348 3.69 $ 5,854,568 (1) Not presented on a tax-equivalent (2) Includes corporate bonds, capital trust notes, and asset-backed securities. |
Summary of Held-to-Maturity and Available-for-Sale Securities having Continuous Unrealized Loss Position | Less than Twelve Months Twelve Months or Longer Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Temporarily Impaired Securities: U. S. Government agency and GSE obligations $ 128,052 $ 821 $ 118,879 $ 1,182 $ 246,931 $ 2,003 GSE certificates 165,955 334 7,866 60 173,821 394 GSE CMOs 395,590 959 104,844 738 500,434 1,697 Asset-backed securities 378,256 6,528 — — 378,256 6,528 Municipal bonds — — 9,793 382 9,793 382 Corporate bonds 325,936 9,877 — — 325,936 9,877 Capital trust notes 45,999 690 37,855 5,963 83,854 6,653 Equity securities — — 11,687 118 11,687 118 Total temporarily impaired securities $ 1,439,788 $ 19,209 $ 290,924 $ 8,443 $ 1,730,712 $ 27,652 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, 2018: Less than Twelve Months Twelve Months or Longer Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Temporarily Impaired Securities: U. S. Government agency and GSE obligations $ 276,113 $ 2,629 $ 329,372 $ 6,359 $ 605,485 $ 8,988 GSE certificates 576,970 10,598 232,969 5,363 809,939 15,961 GSE CMOs 465,779 1,892 99,050 2,348 564,829 4,240 Asset-backed securities 69,166 430 — — 69,166 430 Municipal bonds 5,876 21 48,837 2,542 54,713 2,563 Corporate bonds 642,843 23,105 — — 642,843 23,105 Capital trust notes — — 38,360 5,422 38,360 5,422 Equity securities 17,836 1,464 11,293 513 29,129 1,977 Total temporarily impaired securities $ 2,054,583 $ 40,139 $ 759,881 $ 22,547 $ 2,814,464 $ 62,686 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Composition of Loan and Lease Portfolio | The following table sets forth the composition of the loan and lease portfolio at the dates indicated: September 30, 2019 December 31, 2018 (dollars in thousands) Amount Percent of Amount Percent of Loans and Leases Held for Investment: Mortgage Loans: Multi-family $ 30,269,409 74.19 % $ 29,883,919 74.46 % Commercial real estate 6,985,568 17.12 6,998,834 17.44 One-to-four 395,044 0.97 446,094 1.11 Acquisition, development, and construction 297,526 0.73 407,870 1.02 Total mortgage loans held for investment 37,947,547 93.01 37,736,717 94.03 Other Loans: Commercial and industrial 1,784,081 4.37 1,705,308 4.25 Lease financing, net of unearned income of $88,329 and $53,891, respectively 1,058,071 2.60 683,112 1.70 Total commercial and industrial loans (1) 2,842,152 6.97 2,388,420 5.95 Other 8,741 0.02 8,724 0.02 Total other loans held for investment 2,850,893 6.99 2,397,144 5.97 Total loans and leases held for investment $ 40,798,440 100.00 % $ 40,133,861 100.00 % Net deferred loan origination costs 45,780 32,047 Allowance for losses (149,433 ) (159,820 ) Total loans and leases, net $ 40,694,787 $ 40,006,088 (1) Includes specialty finance loans and leases of $2.4 billion and $1.9 billion, respectively, at September 30, 2019 and December 31, 2018. Other C&I loans of $447.1 million and $469.9 million, respectively, at September 30, 2019 and December 31, 2018. |
Quality of Non-Covered Loans | Asset Quality The following table presents information regarding the quality of the Company’s loans held for investment at September 30, 2019: (in thousands) Loans 30-89 Non- Accrual Loans 90 Days or More Total Past Due Current Total Loans Multi-family $ — $ 5,793 $ — $ 5,793 $ 30,263,616 $ 30,269,409 Commercial real estate 9,750 5,563 — 15,313 6,970,255 6,985,568 One-to-four — 2,040 — 2,040 393,004 395,044 Acquisition, development, and construction — — — — 297,526 297,526 Commercial and industrial (1) (2) 483 42,544 — 43,027 2,799,125 2,842,152 Other 6 253 — 259 8,482 8,741 Total $ 10,239 $ 56,193 $ — $ 66,432 $ 40,732,008 $ 40,798,440 (1) Includes $483,000 and $33.6 million of taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively. (2) Includes lease financing receivables, all of which were current. The following table presents information regarding the quality of the Company’s loans held for investment at December 31, 2018: (in thousands) Loans 30-89 Non- Accrual Loans 90 Days or More Total Past Due Current Total Loans Multi-family $ — $ 4,220 $ — $ 4,220 $ 29,879,699 $ 29,883,919 Commercial real estate — 3,021 — 3,021 6,995,813 6,998,834 One-to-four 9 1,651 — 1,660 444,434 446,094 Acquisition, development, and construction — — — — 407,870 407,870 Commercial and industrial (1) (2) 530 36,608 — 37,138 2,351,282 2,388,420 Other 25 6 — 31 8,693 8,724 Total $ 564 $ 45,506 $ — $ 46,070 $ 40,087,791 $ 40,133,861 (1) Includes $530,000 and $35.5 million of taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively. (2) Includes lease financing receivables, all of which were current. |
Non-Covered Loan Portfolio by Credit Quality Indicator | The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at September 30, 2019: Mortgage Loans Other Loans (in thousands) Multi- Family Commercial One-to- Four Acquisition, Total Commercial (1) Other Total Other Credit Quality Indicator: Pass $ 29,958,415 $ 6,849,317 $ 392,251 $ 249,543 $ 37,449,526 $ 2,772,244 $ 8,488 $ 2,780,732 Special mention 269,615 52,023 753 45,634 368,025 3,424 — 3,424 Substandard 41,379 84,228 2,040 2,349 129,996 66,484 253 66,737 Doubtful — — — — — — — — Total $ 30,269,409 $ 6,985,568 $ 395,044 $ 297,526 $ 37,947,547 $ 2,842,152 $ 8,741 $ 2,850,893 (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, 2018: Mortgage Loans Other Loans (in thousands) Multi- Family Commercial One-to- Four Acquisition, Total Commercial (1) Other Total Other Credit Quality Indicator: Pass $ 29,548,242 $ 6,880,105 $ 444,443 $ 319,001 $ 37,191,791 $ 2,306,563 $ 8,469 $ 2,315,032 Special mention 312,025 90,653 — 73,964 476,642 19,751 — 19,751 Substandard 23,652 28,076 1,651 14,905 68,284 62,106 255 62,361 Doubtful — — — — — — — — Total $ 29,883,919 $ 6,998,834 $ 446,094 $ 407,870 $ 37,736,717 $ 2,388,420 $ 8,724 $ 2,397,144 (1) Includes lease financing receivables, all of which were classified as Pass. |
Information Regarding Troubled Debt Restructurings | The following table presents information regarding the Company’s TDRs as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 (in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Loan Category: Multi-family $ — $ 3,741 $ 3,741 $ — $ 4,220 $ 4,220 Commercial real estate — — — — — — One-to-four — 891 891 — 1,022 1,022 Acquisition, development, and construction 2,349 — 2,349 8,297 — 8,297 Commercial and industrial (1) 865 35,487 36,352 865 20,477 21,342 Total $ 3,214 $ 40,119 $ 43,333 $ 9,162 $ 25,719 $ 34,881 (1) Includes $27.4 million and $20.4 million of taxi medallion-related loans at September 30, 2019 and December 31, 2018, respectively. |
Financial Effects of Troubled Debt Restructurings | The financial effects of the Company’s TDRs for the three months ended September 30, 2019 and 2018 are summarized as follows: For the Three Months Ended September 30, 2019 Weighted Average Interest Rate (dollars in thousands) Number of Loans Pre-Modification Post-Modification Pre- Modification Post- Charge-off Capitalized Interest Loan Category: Commercial and industrial 28 $ 7,366 $ 7,086 2.99 % 2.82 % $ 280 $ 3 For the Three Months Ended September 30, 2018 Weighted Average Interest Rate (dollars in thousands) Number of Loans Pre-Modification Post-Modification Pre- Modification Post- Charge-off Capitalized Interest Loan Category: Commercial and industrial 6 $ 1,848 $ 1,212 3.36 % 3.28 % $ 545 $ — The financial effects of the Company’s TDRs for the nine months ended September 30, 2019 and 2018 are summarized as follows: For the Nine Months Ended September 30, 2019 Weighted Average Interest Rate (dollars in thousands) Number of Loans Pre-Modification Post-Modification Pre- Modification Post- Charge-off Capitalized Interest Loan Category: Commercial and industrial 58 $ 30,910 $ 28,179 4.48 % 4.52 % $ 2,731 $ 3 For the Nine Months Ended September 30, 2018 Weighted Average Interest Rate (dollars in thousands) Number of Loans Pre-Modification Post-Modification Pre- Modification Post- Charge-off Capitalized Interest Loan Category: Acquisition, development, and construction 1 $ 900 $ 900 4.50 % 4.50 % $ — $ — Commercial and industrial 18 6,914 4,386 3.30 3.18 2,308 — Total 19 $ 7,814 $ 5,286 $ 2,308 $ — |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Activity in Allowance for Loan Losses | The following tables provide additional information regarding the Company’s allowance for loan losses based upon the method of evaluating loan impairment: (in thousands) Mortgage Other Total Allowances for Loan Losses at September 30, 2019: Loans collectively evaluated for impairment $ 122,967 $ 26,466 $ 149,433 (in thousands) Mortgage Other Total Allowances for Loan Losses at December 31, 2018: Loans collectively evaluated for impairment $ 130,983 $ 28,837 $ 159,820 |
Additional Information Regarding Methods Used to Evaluate Loan Portfolio for Impairment | The following tables provide additional information regarding the methods used to evaluate the Company’s loan portfolio for impairment: (in thousands) Mortgage Other Total Loans Receivable at September 30, 2019: Loans individually evaluated for impairment $ 14,363 $ 42,742 $ 57,105 Loans collectively evaluated for impairment 37,933,184 2,808,151 40,741,335 Total $ 37,947,547 $ 2,850,893 $ 40,798,440 (in thousands) Mortgage Other Total Loans Receivable at December 31, 2018: Loans individually evaluated for impairment $ 15,794 $ 36,375 $ 52,169 Loans collectively evaluated for impairment 37,720,923 2,360,769 40,081,692 Total $ 37,736,717 $ 2,397,144 $ 40,133,861 |
Additional Information Regarding Impaired Non-Covered Loans | The following table presents additional information about the Company’s impaired loans at September 30, 2019: (in thousands) Recorded Unpaid Related Average Interest Impaired loans with no related allowance: Multi-family $ 5,793 $ 9,375 $ — $ 4,590 $ 317 Commercial real estate 5,330 10,445 — 3,280 83 One-to-four 891 909 — 887 20 Acquisition, development, and construction 2,349 3,249 — 4,548 324 Other 42,742 120,414 — 40,241 2,365 Total impaired loans with no related allowance $ 57,105 $ 144,392 $ — $ 53,546 $ 3,109 Impaired loans with an allowance recorded: Multi-family $ — $ — $ — $ — $ — Commercial real estate — — — — — One-to-four — — — — — Acquisition, development, and construction — — — — — Other — — — 5,000 — Total impaired loans with an allowance recorded $ — $ — $ — $ 5,000 $ — Total impaired loans: Multi-family $ 5,793 $ 9,375 $ — $ 4,590 $ 317 Commercial real estate 5,330 10,445 — 3,280 83 One-to-four 891 909 — 887 20 Acquisition, development, and construction 2,349 3,249 — 4,548 324 Other 42,742 120,414 — 45,241 2,365 Total impaired loans $ 57,105 $ 144,392 $ — $ 58,546 $ 3,109 The following table presents additional information about the Company’s impaired loans at December 31, 2018: (in thousands) Recorded Unpaid Related Average Interest Impaired loans with no related allowance: Multi-family $ 4,220 $ 7,168 $ — $ 6,114 $ 340 Commercial real estate 2,256 7,371 — 3,234 — One-to-four 1,022 1,076 — 1,576 26 Acquisition, development, and construction 8,296 9,197 — 9,238 590 Other 36,375 101,701 — 42,984 3,057 Total impaired loans with no related allowance $ 52,169 $ 126,513 $ — $ 63,146 $ 4,013 Impaired loans with an allowance recorded: Multi-family $ — $ — $ — $ — $ — Commercial real estate — — — — — One-to-four — — — — — Acquisition, development, and construction — — — — — Other — — — 20 — Total impaired loans with an allowance recorded $ — $ — $ — $ 20 $ — Total impaired loans: Multi-family $ 4,220 $ 7,168 $ — $ 6,114 $ 340 Commercial real estate 2,256 7,371 — 3,234 — One-to-four 1,022 1,076 — 1,576 26 Acquisition, development, and construction 8,296 9,197 — 9,238 590 Other 36,375 101,701 — 43,004 3,057 Total impaired loans $ 52,169 $ 126,513 $ — $ 63,166 $ 4,013 |
Non-Covered Loans | |
Activity in Allowance for Loan Losses | Allowance for Loan Losses The following table summarizes activity in the allowance for loan losses for the periods indicated: For the Nine Months Ended September 30, 2019 2018 (in thousands) Mortgage Other Total Mortgage Other Total Balance, beginning of period $ 130,983 $ 28,837 $ 159,820 $ 128,275 $ 29,771 $ 158,046 Charge-offs (1,386 ) (15,010 ) (16,396 ) (5,445 ) (9,705 ) (15,150 ) Recoveries 43 563 606 242 1,031 1,273 (Recovery of) provision for losses on loans (6,673 ) 12,076 5,403 5,744 9,742 15,486 Balance, end of period $ 122,967 $ 26,466 $ 149,433 $ 128,816 $ 30,839 $ 159,655 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Summary of Borrowed Funds | The following table summarizes the Company’s borrowed funds at the dates indicated: (in thousands) September 30, 2019 December 31, Wholesale Borrowings: FHLB advances $ 12,171,661 $ 13,053,661 Repurchase agreements 800,000 500,000 Total wholesale borrowings $ 12,971,661 $ 13,553,661 Junior subordinated debentures 359,773 359,508 Subordinated notes 294,926 294,697 Total borrowed funds $ 13,626,360 $ 14,207,866 |
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, 2019: Remaining Contractual Maturity of the Agreements (in thousands) Overnight and Up to 30 Days 30–90 Days Greater than 90 Days GSE obligations $ — $ — $ — $ 800,000 |
Junior Subordinated Debentures Outstanding | The following junior subordinated debentures were outstanding at September 30, 2019: Issuer Interest of Capital Junior Capital Date of Original Issue Stated Maturity First Optional (dollars in thousands) New York Community Capital Trust V SM 6.00 % $ 145,847 $ 139,496 Nov. 4, 2002 Nov. 1, 2051 Nov. 4, 2007 (1) New York Community Capital Trust X 3.72 123,712 120,000 Dec. 14, 2006 Dec. 15, 2036 Dec. 15, 2011 (2) PennFed Capital Trust III 5.37 30,928 30,000 June 2, 2003 June 15, 2033 June 15, 2008 (2) New York Community Capital Trust XI 3.75 59,286 57,500 April 16, 2007 June 30, 2037 June 30, 2012 (2) Total junior subordinated debentures $ 359,773 $ 346,996 (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-Retire_2
Pension and Other Post-Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 2018 (in thousands) Pension Benefits Post- Pension Post- Retirement Components of net periodic expense (credit): (1) Interest cost $ 1,415 $ 128 $ 1,271 $ 128 Expected return on plan assets (3,483 ) — (4,035 ) — Amortization of prior-service costs — (62 ) — (62 ) Amortization of net actuarial loss 2,509 31 1,795 76 Net periodic expense (credit) $ 441 $ 97 $ (969 ) $ 142 (1) Amounts are included in G&A expense on the Consolidated Statements of Income and Comprehensive Income. For the Nine Months Ended September 30, 2019 2018 (in thousands) Pension Post- Pension Post- Components of net periodic expense (credit): (1) Interest cost $ 4,245 $ 384 $ 3,814 $ 384 Expected return on plan assets (10,449 ) — (12,106 ) — Amortization of prior-service costs — (187 ) — (186 ) Amortization of net actuarial loss 7,526 93 5,386 229 Net periodic expense (credit) $ 1,322 $ 290 $ (2,906 ) $ 427 (1) Amounts are included in G&A expense on the Consolidated Statements of Income and Comprehensive Income. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [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, 2019: Number of Shares Weighted Average Fair Value Unvested at beginning of year 6,904,388 $ 14.74 Granted 2,022,198 10.44 Vested (2,189,635 ) 15.19 Canceled (197,470 ) 12.88 Unvested at end of period 6,539,481 13.32 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and December 31, 2018, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at September 30, 2019 (in thousands) Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Netting Total Fair Value Assets: Mortgage-related Debt Securities Available for Sale: GSE certificates $ — $ 1,572,905 $ — $ — $ 1,572,905 GSE CMOs — 1,768,774 — — 1,768,774 Total mortgage-related debt securities $ — $ 3,341,679 $ — $ — $ 3,341,679 Other Debt Securities Available for Sale: U. S. Treasury obligations $ 29,769 $ — $ — $ — $ 29,769 GSE debentures — 1,142,463 — — 1,142,463 Asset-backed securities — 378,256 — — 378,256 Municipal bonds — 27,557 — — 27,557 Corporate bonds — 840,014 — — 840,014 Capital trust notes — 94,830 — — 94,830 Total other debt securities $ 29,769 $ 2,483,120 $ — $ — $ 2,512,889 Total debt securities available for sale $ 29,769 $ 5,824,799 $ — $ — $ 5,854,568 Equity securities: Preferred stock $ 15,373 $ — $ — $ — $ 15,373 Mutual funds and common stock — 17,488 — — 17,488 Total equity securities $ 15,373 $ 17,488 $ — $ — $ 32,861 Total securities $ 45,142 $ 5,842,287 $ — $ — $ 5,887,429 Fair Value Measurements at December 31, 2018 (in thousands) Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Netting Total Fair Value Assets: Mortgage-related Debt Securities Available for Sale: GSE certificates $ — $ 1,707,521 $ — $ — $ 1,707,521 GSE CMOs — 1,252,761 — — 1,252,761 Total mortgage-related debt securities $ — $ 2,960,282 $ — $ — $ 2,960,282 Other Debt Securities Available for Sale: GSE debentures $ — $ 1,328,927 $ — $ — $ 1,328,927 Asset-backed securities — 387,122 — — 387,122 Municipal bonds — 66,183 — — 66,183 Corporate bonds — 821,715 — — 821,715 Capital trust notes — 49,291 — — 49,291 Total other debt securities $ — $ 2,653,238 $ — $ — $ 2,653,238 Total debt securities available for sale $ — $ 5,613,520 $ — $ — $ 5,613,520 Equity securities: Preferred stock $ 13,846 $ — $ — $ — $ 13,846 Mutual funds and common stock — 16,705 — — 16,705 Total equity securities $ 13,846 $ 16,705 $ — $ — $ 30,551 Total securities $ 13,846 $ 5,630,225 $ — $ — $ 5,644,071 |
Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments | The following tables present assets that were measured at fair value on a non-recurring basis as of September 30, 2019 and December 31, 2018, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at September 30, 2019 Using (in thousands) Quoted Prices in (Level 1) Significant Other (Level 2) Significant (Level 3) Total Fair Certain impaired loans (1) $ — $ — $ 35,697 $ 35,697 Other assets (2) — — — — Total $ — $ — $ 35,697 $ 35,697 (1) Represents the fair value of impaired loans, 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. Fair Value Measurements at December 31, 2018 Using (in thousands) Quoted Prices in (Level 1) Significant Other (Level 2) Significant (Level 3) Total Fair Certain impaired loans (1) $ — $ — $ 38,213 $ 38,213 Other assets (2) — — 1,265 1,265 Total $ — $ — $ 39,478 $ 39,478 (1) Represents the fair value of impaired loans, 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. |
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, 2019 and December 31, 2018: September 30, 2019 Fair Value Measurement Using (in thousands) Carrying Estimated Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) Financial Assets: Cash and cash equivalents $ 854,678 $ 854,678 $ 854,678 $ — $ — FHLB stock (1) 606,371 606,371 — 606,371 — Loans and leases, net 40,694,787 40,608,048 — — 40,608,048 Financial Liabilities: Deposits $ 31,572,176 $ 31,633,111 $ 17,308,005 (2) $ 14,325,106 (3) $ — Borrowed funds 13,626,360 14,088,303 — 14,088,303 — (1) Carrying value and estimated fair value are at cost. (2) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing (3) Certificates of deposit. December 31, 2018 Fair Value Measurement Using (in thousands) Carrying Estimated Quoted Prices in for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant (Level 3) Financial Assets: Cash and cash equivalents $ 1,474,955 $ 1,474,955 $ 1,474,955 $ — $ — FHLB stock (1) 644,590 644,590 — 644,590 — Loans and leases, net 40,006,088 39,461,985 — — 39,461,985 Financial Liabilities: Deposits $ 30,764,430 $ 30,748,729 $ 18,570,108 (2) $ 12,178,621 (3) $ — Borrowed funds 14,207,866 14,136,526 — 14,136,526 — (1) Carrying value and estimated fair value are at cost. (2) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing (3) Certificates of deposit. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Components of lease income | (in thousands) For the Three Months Ended For the Nine Interest income on lease financing (1) $ 10,149 $ 27,358 (1) Included in Interest Income – Mortgage and other loans and leases in the Consolidated Statements of Income and Comprehensive Income. |
Components of net investment in direct financing leases | At September 30, 2019, the carrying value of net investment in leases was $1.1 billion. 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 thousands) September 30, 2019 Net investment in the lease- lease payments receivable $ 1,077,574 Net investment in the lease- unguaranteed residual assets 68,826 Total lease payments $ 1,146,400 |
Remaining maturity analysis of the undiscounted lease receivables | The following table presents the remaining maturity analysis of the undiscounted lease receivables as of September 30, 2019, as well as the reconciliation to the total amount of receivables recognized in the Consolidated Statements of Condition: (in thousands) September 30, 2019 2019 $ 660 2020 55,811 2021 180,936 2022 194,564 2023 75,000 Thereafter 639,429 Total lease payments 1,146,400 Plus: deferred origination costs 19,781 Less: unearned income (88,329 ) Total lease finance receivables, net $ 1,077,852 |
Lease Expense | (in thousands) For the Three For the Nine Components of Lease Expense: Operating lease cost $ 7,193 $ 21,751 Sublease income (18 ) (83 ) Total lease cost $ 7,175 $ 21,668 |
Supplemental Cash Flow Information Related to the Leases | Supplemental cash flow information related to the leases for the following period: (in thousands) For the Three For the Nine Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,193 $ 21,751 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to the leases for the following period: (in thousands, except lease term and discount rate) September 30, 2019 Operating Leases: Operating lease right-of-use $ 300,955 Operating lease liabilities 300,610 Weighted average remaining lease term 17 Weighted average discount rate 3.24 % |
Maturities of Lease Liabilities | Maturities of lease liabilities: Maturities of lease liabilities: (in thousands) September 30, 2019 2019 $ 7,178 2020 28,373 2021 27,723 2022 26,885 2023 26,448 Thereafter 286,225 Total lease payments 402,832 Less: imputed interest (102,222 ) Total present value of lease liabilities $ 300,610 |
Projected Minimum Annual Rental Commitments | The remaining projected minimum annual rental commitments under these agreements, exclusive of taxes and other charges, are summarized as follows: (in thousands) 2019 $ 30,322 2020 23,399 2021 19,736 2022 16,552 2023 and thereafter 55,525 Total minimum future rentals $ 145,534 |
Derivative and Hedging Activi_2
Derivative and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Schedule of Cumulative Basis Adjustment for Fair Value Hedges | As of September 30, 2019, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges. The Company did not have any derivative instruments at December 31, 2018: (in thousands) September 30, 2019 Line Item in the Consolidated Statements of Condition in which the Hedge Item is Included Carrying Amount of Cumulative Amount of Fair Total loans and leases, net (1) $ 2,048,338 $ 48,338 (1) These amounts include the amortized cost basis of closed portfolios used to designated hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At September 30, 2019, the amortized cost basis of the closed portfolios used in these hedging relationships was $4.6 billion; the cumulative basis adjustments associated with these hedging relationships was $48.3 million; and the amount of the designated hedged items was $2.0 billion. |
Company's derivative financial instruments | The following table sets forth information regarding the Company’s derivative financial instruments at September 30, 2019. The Company had no derivative financial instruments at December 31, 2018. September 30, 2019 (in thousands) Notional Fair Value Other Other Derivatives designated as hedging instruments: Interest rate swap $ 2,000,000 $ — $ — Total derivatives designated as hedging instruments $ 2,000,000 $ — $ — |
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. The Company had no derivative financial instruments outstanding during 2018: (in thousands) For the Three For the Nine Derivative – interest rate swap: Interest income $ 10,016 $ (48,338 ) Hedged item – loans: Interest income $ (10,016 ) $ 48,338 |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Additional Information (Detail) | 9 Months Ended | ||
Sep. 30, 2019Location$ / shares | Dec. 31, 2018$ / shares | Nov. 23, 1993$ / shares | |
Organization and Basis Of Presentation [Line Items] | |||
Common stock, par | $ 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). | ||
IPO | |||
Organization and Basis Of Presentation [Line Items] | |||
Shares issued, price per share | $ 25 | ||
Shares issued, price per share, split adjusted basis | $ 0.93 | ||
New York Community Bank | |||
Organization and Basis Of Presentation [Line Items] | |||
Number of branches | Location | 239 |
Computation of Basic and Dilute
Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income available to common shareholders | $ 90,839 | $ 98,565 | $ 269,248 | $ 296,057 |
Less: Dividends paid on and earnings allocated to participating securities | (1,073) | (1,219) | (3,245) | (3,735) |
Earnings applicable to common stock | $ 89,766 | $ 97,346 | $ 266,003 | $ 292,322 |
Weighted average common shares outstanding | 465,357,326 | 488,476,340 | 465,400,372 | 488,383,554 |
Basic earnings per common share | $ 0.19 | $ 0.20 | $ 0.57 | $ 0.60 |
Potential dilutive common shares | 418,674 | 0 | 237,708 | 0 |
Total shares for diluted earnings per common share computation | 465,776,000 | 488,476,340 | 465,638,080 | 488,383,554 |
Diluted earnings per common share and common share equivalents | $ 0.19 | $ 0.20 | $ 0.57 | $ 0.60 |
Reclassifications of Accumulate
Reclassifications of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net gain (loss) on securities | $ 7,755 | ||||
Income tax (expense) benefit | $ (33,172) | $ (30,022) | (97,305) | $ (104,398) | |
Net income | $ 99,046 | $ 106,772 | 293,869 | $ 320,678 | |
Reclassifications, net of tax | [1] | (1,462) | |||
Past service liability | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassifications, before tax | [1],[2] | 187 | |||
Actuarial losses | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassifications, before tax | [1],[2] | (7,619) | |||
Amortization of defined benefit pension | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassifications, before tax | [1] | (7,432) | |||
Tax benefit | [1] | 2,052 | |||
Reclassifications, net of tax | [1] | (5,380) | |||
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 (loss) on securities | [1] | 5,445 | |||
Income tax (expense) benefit | [1] | (1,527) | |||
Net income | [1] | $ 3,918 | |||
[1] | Amounts in parentheses indicate expense items. | ||||
[2] | See Note 8, “Pension and Other Post-Retirement Benefits,” for additional information. |
Summary of Portfolio of Securit
Summary of Portfolio of Securities Available for Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | $ 5,826,222 | $ 5,660,418 | |||
Gross Unrealized Gain | 88,859 | 46,339 | |||
Gross Unrealized Loss | 27,652 | 62,686 | |||
Fair Value | 5,887,429 | 5,644,071 | |||
Mortgage-related Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 3,283,394 | 2,953,957 | |||
Gross Unrealized Gain | 60,376 | 26,526 | |||
Gross Unrealized Loss | 2,091 | 20,201 | |||
Fair Value | 3,341,679 | 2,960,282 | |||
Mortgage-related Securities | GSE certificates | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 1,538,922 | 1,705,336 | |||
Gross Unrealized Gain | 34,377 | 18,146 | |||
Gross Unrealized Loss | 394 | 15,961 | |||
Fair Value | 1,572,905 | 1,707,521 | |||
Mortgage-related Securities | GSE CMOs | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 1,744,472 | 1,248,621 | |||
Gross Unrealized Gain | 25,999 | 8,380 | |||
Gross Unrealized Loss | 1,697 | 4,240 | |||
Fair Value | 1,768,774 | 1,252,761 | |||
Equity Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 32,163 | 32,162 | |||
Gross Unrealized Gain | 816 | 366 | |||
Gross Unrealized Loss | 118 | 1,977 | |||
Fair Value | 32,861 | 30,551 | |||
Equity Securities [Member] | Preferred stock | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 15,292 | 15,292 | |||
Gross Unrealized Gain | 81 | ||||
Gross Unrealized Loss | 1,446 | ||||
Fair Value | 15,373 | 13,846 | |||
Equity Securities [Member] | Mutual Funds and Common Stock | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | [1] | 16,871 | 16,870 | ||
Gross Unrealized Gain | [1] | 735 | 366 | ||
Gross Unrealized Loss | [1] | 118 | 531 | ||
Fair Value | [1] | 17,488 | 16,705 | ||
Debt Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 2,510,665 | 2,674,299 | |||
Gross Unrealized Gain | 27,667 | 19,447 | |||
Gross Unrealized Loss | 25,443 | 40,508 | |||
Fair Value | 2,512,889 | 2,653,238 | |||
Debt Securities [Member] | U.S. Treasury obligations | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 29,763 | ||||
Gross Unrealized Gain | 6 | ||||
Fair Value | 29,769 | ||||
Debt Securities [Member] | GSE debentures | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 1,137,235 | 1,334,549 | |||
Gross Unrealized Gain | 7,231 | 3,366 | |||
Gross Unrealized Loss | 2,003 | 8,988 | |||
Fair Value | 1,142,463 | 1,328,927 | |||
Debt Securities [Member] | Corporate bonds | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 836,558 | 836,153 | |||
Gross Unrealized Gain | 13,333 | 8,667 | |||
Gross Unrealized Loss | 9,877 | 23,105 | |||
Fair Value | 840,014 | 821,715 | |||
Debt Securities [Member] | Municipal bonds | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 27,319 | 68,551 | |||
Gross Unrealized Gain | 620 | 195 | |||
Gross Unrealized Loss | 382 | 2,563 | |||
Fair Value | 27,557 | 66,183 | |||
Debt Securities [Member] | Capital trust notes | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 95,006 | 48,278 | |||
Gross Unrealized Gain | 6,477 | 6,435 | |||
Gross Unrealized Loss | 6,653 | 5,422 | |||
Fair Value | 94,830 | 49,291 | |||
Debt Securities [Member] | Asset-backed Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | [2] | 384,784 | 386,768 | ||
Gross Unrealized Gain | [2] | 784 | |||
Gross Unrealized Loss | [2] | 6,528 | 430 | ||
Fair Value | [2] | 378,256 | 387,122 | ||
Mortgage Backed Securities And Other Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 5,794,059 | [3] | 5,628,256 | [4] | |
Gross Unrealized Gain | 88,043 | [3] | 45,973 | [4] | |
Gross Unrealized Loss | 27,534 | [3] | 60,709 | [4] | |
Fair Value | $ 5,854,568 | [3] | $ 5,613,520 | [4] | |
[1] | Primarily consists of mutual funds that are CRA-qualified investments. | ||||
[2] | The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. | ||||
[3] | The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At September 30, 2019, the non-credit portion of OTTI recorded in AOCL was $8.6 million before taxes. | ||||
[4] | The amortized cost includes the non-credit portion of OTTI recorded in AOCL. At December 31, 2018, the non-credit portion of OTTI recorded in AOCL was $8.6 million before taxes. |
Summary of Portfolio of Secur_2
Summary of Portfolio of Securities Available for Sale (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Available-for-sale Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Non-credit portion of OTTI recorded in AOCL, pre-tax | $ 8.6 | $ 8.6 |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)Investment | Sep. 30, 2019USD ($)Investment | Dec. 31, 2018USD ($)Investment | ||
Schedule of Investments [Line Items] | ||||
Federal Home Loan Bank stock, at cost | $ | [1] | $ 606,371 | $ 606,371 | $ 644,590 |
Investment securities designated as having a continuous loss position for twelve months or more, unrealized losses | $ | $ 8,400 | $ 8,400 | $ 22,500 | |
Investment securities designated as having a continuous loss position for twelve months or more, percentage below collective amortized cost | 2.80% | 2.80% | 2.90% | |
Investment securities designated as having a continuous loss position for twelve months or more, amortized cost | $ | $ 299,400 | $ 299,400 | $ 782,400 | |
Net unrealised gains losses on equity securities recognised | $ | $ 275,000 | $ 2,300 | ||
Mortgage-related Securities | ||||
Schedule of Investments [Line Items] | ||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 3 | 3 | 9 | |
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 | 5 | |
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 | 3 | |
Mutual Fund | ||||
Schedule of Investments [Line Items] | ||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 1 | 1 | 1 | |
US Government agencies securities | ||||
Schedule of Investments [Line Items] | ||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 6 | 6 | 9 | |
Collateralized mortgage obligations | ||||
Schedule of Investments [Line Items] | ||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 2 | 2 | 7 | |
[1] | Carrying value and estimated fair value are at cost. |
Summary of Gross Proceeds and G
Summary of Gross Proceeds and Gross Realized Gains and Losses from Sale of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Gain (Loss) on Investments [Line Items] | ||
Gross proceeds | $ 363,621 | |
Gross realized gains | $ 5,445 |
Credit Loss Component of Other
Credit Loss Component of Other Than Temporary Impairment on Debt Securities (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |
Beginning credit loss amount as of December 31, 2018 | $ 196,187 |
Add: Initial other-than-temporary credit losses | |
Subsequent other-than-temporary credit losses | |
Amount previously recognized in AOCL | |
Less: Realized losses for securities sold | |
Securities intended or required to be sold | |
Increase in cash flows on debt securities | 46 |
Ending credit loss amount as of September 30, 2019 | $ 196,141 |
Summary of Amortized Cost of Av
Summary of Amortized Cost of Available-for-Sale Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Available-for-Sale Securities: | |||
Due within one year | $ 46,495 | ||
Due from one to five years | 865,091 | ||
Due from five to ten years | 2,071,651 | ||
Due after ten years | 2,871,331 | ||
Total securities available for sale | 5,854,568 | $ 5,613,520 | |
Mortgage-related Securities | |||
Available-for-Sale Securities: | |||
Due within one year | 2,505 | ||
Due from one to five years | 656,530 | ||
Due from five to ten years | 345,793 | ||
Due after ten years | 2,278,566 | ||
Total securities available for sale | $ 3,283,394 | ||
Available-for-Sale Securities, Average Yield | |||
Due within one year, Average Yield | 2.99% | ||
Due from one to five years, Average Yield | 3.29% | ||
Due from five to ten years, Average Yield | 3.31% | ||
Due after ten years, Average Yield | 2.96% | ||
Total securities available for sale, Average Yield | 3.06% | ||
U.S. Treasury and GSE Obligations | |||
Available-for-Sale Securities: | |||
Due within one year | $ 29,763 | ||
Due from one to five years | 32,874 | ||
Due from five to ten years | 958,361 | ||
Due after ten years | 146,000 | ||
Total securities available for sale | $ 1,166,998 | ||
Available-for-Sale Securities, Average Yield | |||
Due within one year, Average Yield | 1.86% | ||
Due from one to five years, Average Yield | 3.48% | ||
Due from five to ten years, Average Yield | 3.18% | ||
Due after ten years, Average Yield | 2.88% | ||
Total securities available for sale, Average Yield | 3.11% | ||
State, county, and municipal | |||
Available-for-Sale Securities: | |||
Due within one year | $ 150 | ||
Due from one to five years | 148 | ||
Due from five to ten years | 10,957 | ||
Due after ten years | 16,064 | ||
Total securities available for sale | $ 27,319 | ||
Available-for-Sale Securities, Average Yield | |||
Due within one year, Average Yield | [1] | 6.59% | |
Due from one to five years, Average Yield | [1] | 6.66% | |
Due from five to ten years, Average Yield | [1] | 3.79% | |
Due after ten years, Average Yield | [1] | 3.22% | |
Total securities available for sale, Average Yield | [1] | 3.49% | |
Other Debt Securities | |||
Available-for-Sale Securities: | |||
Due within one year | [2] | $ 13,973 | |
Due from one to five years | [2] | 154,424 | |
Due from five to ten years | [2] | 734,124 | |
Due after ten years | [2] | 413,827 | |
Total securities available for sale | [2] | $ 1,316,348 | |
Available-for-Sale Securities, Average Yield | |||
Due within one year, Average Yield | 3.79% | ||
Due from one to five years, Average Yield | 3.42% | ||
Due from five to ten years, Average Yield | 4.19% | ||
Due after ten years, Average Yield | 2.91% | ||
Total securities available for sale, Average Yield | 3.69% | ||
[1] | Not presented on a tax-equivalent basis. | ||
[2] | Includes corporate bonds, capital trust notes, and asset-backed securities. |
Summary of Held-to-Maturity and
Summary of Held-to-Maturity and Available-for-Sale Securities Having Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | $ 1,439,788 | $ 2,054,583 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 19,209 | 40,139 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 290,924 | 759,881 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 8,443 | 22,547 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 1,730,712 | 2,814,464 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 27,652 | 62,686 |
Debt Securities | GSE certificates | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 165,955 | 576,970 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 334 | 10,598 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 7,866 | 232,969 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 60 | 5,363 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 173,821 | 809,939 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 394 | 15,961 |
Debt Securities | GSE CMOs | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 395,590 | 465,779 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 959 | 1,892 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 104,844 | 99,050 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 738 | 2,348 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 500,434 | 564,829 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 1,697 | 4,240 |
Debt Securities | U.S. Treasury obligations | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 128,052 | 276,113 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 821 | 2,629 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 118,879 | 329,372 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 1,182 | 6,359 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 246,931 | 605,485 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 2,003 | 8,988 |
Debt Securities | Municipal bonds | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 5,876 | |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 21 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 9,793 | 48,837 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 382 | 2,542 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 9,793 | 54,713 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 382 | 2,563 |
Debt Securities | Capital trust notes | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 45,999 | |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 690 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 37,855 | 38,360 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 5,963 | 5,422 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 83,854 | 38,360 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 6,653 | 5,422 |
Debt Securities | Asset-backed Securities | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 378,256 | 69,166 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 6,528 | 430 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 378,256 | 69,166 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 6,528 | 430 |
Debt Securities | Corporate Bond Securities | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 325,936 | 642,843 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 9,877 | 23,105 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 325,936 | 642,843 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 9,877 | 23,105 |
Equity securities | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 17,836 | |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 1,464 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 11,687 | 11,293 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 118 | 513 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 11,687 | 29,129 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | $ 118 | $ 1,977 |
Composition of Loan and Lease P
Composition of Loan and Lease Portfolio (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 40,798,440 | $ 40,133,861 | |||
Net deferred loan origination costs | 45,780 | 32,047 | |||
Allowance for losses | (149,433) | (159,820) | $ (159,655) | $ (158,046) | |
Total loans and leases, net | $ 40,694,787 | $ 40,006,088 | |||
Non-Covered Loans, Percentage | 100.00% | 100.00% | |||
Commercial and Industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | [1],[2] | $ 2,842,152 | $ 2,388,420 | ||
Non-Covered Loans, Percentage | [2] | 6.97% | 5.95% | ||
Commercial and Industrial | Other loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 1,784,081 | $ 1,705,308 | |||
Non-Covered Loans, Percentage | 4.37% | 4.25% | |||
Multi-Family | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 30,269,409 | $ 29,883,919 | |||
Non-Covered Loans, Percentage | 74.19% | 74.46% | |||
Commercial Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 6,985,568 | $ 6,998,834 | |||
Non-Covered Loans, Percentage | 17.12% | 17.44% | |||
One-to-four family | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 395,044 | $ 446,094 | |||
Non-Covered Loans, Percentage | 0.97% | 1.11% | |||
Acquisition, development, and construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 297,526 | $ 407,870 | |||
Non-Covered Loans, Percentage | 0.73% | 1.02% | |||
Mortgage Receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 37,947,547 | $ 37,736,717 | |||
Allowance for losses | $ (122,967) | $ (130,983) | $ (128,816) | $ (128,275) | |
Non-Covered Loans, Percentage | 93.01% | 94.03% | |||
Lease financing, unearned income | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 1,058,071 | $ 683,112 | |||
Non-Covered Loans, Percentage | 2.60% | 1.70% | |||
Other | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 8,741 | $ 8,724 | |||
Non-Covered Loans, Percentage | 0.02% | 0.02% | |||
Total Other Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 2,850,893 | $ 2,397,144 | |||
Total Other Loans | Other loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 2,850,893 | $ 2,397,144 | |||
Non-Covered Loans, Percentage | 6.99% | 5.97% | |||
[1] | Includes lease financing receivables, all of which were classified as Pass. | ||||
[2] | Includes specialty finance loans and leases of $2.4 billion and $1.9 billion, respectively, at September 30, 2019 and December 31, 2018. Other C&I loans of $447.1 million and $469.9 million, respectively, at September 30, 2019 and December 31, 2018. |
Composition of Loan and Lease_2
Composition of Loan and Lease Portfolio (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | $ 40,798,440 | $ 40,133,861 | |
Commercial and Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | [1],[2] | 2,842,152 | 2,388,420 |
Commercial and Industrial | Other loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | 1,784,081 | 1,705,308 | |
Lease financing, unearned income | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unearned income | 88,329 | 53,891 | |
Non-Covered Loans | 1,058,071 | 683,112 | |
Specialty Finance Loans | Commercial and Industrial | Other loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | 2,400,000 | 1,900,000 | |
Other Commercial and Industrial Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | $ 469,900 | ||
Other Commercial and Industrial Loans | Commercial and Industrial | Other loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | $ 447,100 | ||
[1] | Includes lease financing receivables, all of which were classified as Pass. | ||
[2] | Includes specialty finance loans and leases of $2.4 billion and $1.9 billion, respectively, at September 30, 2019 and December 31, 2018. Other C&I loans of $447.1 million and $469.9 million, respectively, at September 30, 2019 and December 31, 2018. |
Loans and Leases - Additional I
Loans and Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Recorded Investment [Line Items] | ||||
Outstanding loans to Executive officers, directors, principal shareholders, related interest and parties | $ 39,100 | $ 39,100 | ||
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | $ 5,286 | |||
Commercial and Industrial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | 7,086 | $ 1,212 | 28,179 | 4,386 |
Loan classified as non accrual TDRs | $ 1,100 | $ 1,100 | ||
Commercial And Industrial Sector And One To Four Family Mortgage Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loan classified as non accrual TDRs | $ 505,000 | 505,000 | ||
Financing Receivable Troubled Debt Restructurings Rate Reductions | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | 35,200 | |||
Financing Receivable Troubled Debt Restructurings Forbearance of Arrears | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | $ 8,100 |
Quality of Non-Covered Loans (E
Quality of Non-Covered Loans (Excluding PCI Loans and Leases) (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Current | $ 6,970,255 | |||||
Non-Covered Loans | 40,798,440 | $ 40,133,861 | ||||
Multi-Family | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non-Covered Loans | 30,269,409 | 29,883,919 | ||||
Commercial Real Estate | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non-Covered Loans | 6,985,568 | 6,998,834 | ||||
One-to-four family | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non-Covered Loans | 395,044 | 446,094 | ||||
Acquisition, development, and construction | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non-Covered Loans | 297,526 | 407,870 | ||||
Commercial and Industrial | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non- Accrual | $ 1,100 | |||||
Non-Covered Loans | [2] | 2,842,152 | [1] | 2,388,420 | [3] | |
Other | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non-Covered Loans | 8,741 | 8,724 | ||||
Non-Covered Loans | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 66,432 | 46,070 | ||||
Non- Accrual | 56,193 | 45,506 | ||||
Current | 40,732,008 | 40,087,791 | ||||
Non-Covered Loans | Financing Receivable, 30-89 Days Past Due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 10,239 | 564 | ||||
Non-Covered Loans | Multi-Family | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 5,793 | 4,220 | ||||
Non- Accrual | 5,793 | 4,220 | ||||
Current | 30,263,616 | 29,879,699 | ||||
Non-Covered Loans | Commercial Real Estate | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 15,313 | 3,021 | ||||
Non- Accrual | 5,563 | 3,021 | ||||
Current | 6,995,813 | |||||
Non-Covered Loans | Commercial Real Estate | Financing Receivable, 30-89 Days Past Due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 9,750 | |||||
Non-Covered Loans | One-to-four family | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 2,040 | 1,660 | ||||
Non- Accrual | 2,040 | 1,651 | ||||
Current | 393,004 | 444,434 | ||||
Non-Covered Loans | One-to-four family | Financing Receivable, 30-89 Days Past Due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 9 | |||||
Non-Covered Loans | Acquisition, development, and construction | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 0 | |||||
Current | 297,526 | 407,870 | ||||
Non-Covered Loans | Commercial and Industrial | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | [2] | 43,027 | [1] | 37,138 | [3] | |
Non- Accrual | [2] | 42,544 | [1] | 36,608 | [3] | |
Current | [2] | 2,799,125 | [1] | 2,351,282 | [3] | |
Non-Covered Loans | Commercial and Industrial | Financing Receivable, 30-89 Days Past Due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | [2] | 483 | [1] | 530 | [3] | |
Non-Covered Loans | Other | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | 259 | 31 | ||||
Non- Accrual | 253 | 6 | ||||
Current | 8,482 | 8,693 | ||||
Non-Covered Loans | Other | Financing Receivable, 30-89 Days Past Due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Past Due | $ 6 | $ 25 | ||||
[1] | Includes $483,000 and $33.6 million of taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively. | |||||
[2] | Includes lease financing receivables, all of which were current. | |||||
[3] | Includes $530,000 and $35.5 million of taxi medallion-related loans that were 30 to 89 days past due and 90 days or more past due, respectively. |
Quality of Non-Covered Loans _2
Quality of Non-Covered Loans (Excluding PCI Loans and Leases) (Parenthetical) (Detail) - Taxi Medallion Loans - Commercial and Industrial - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 483,000 | $ 530,000 |
Loans 90 Days Or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 33,600 | $ 35,500 |
Non-Covered Loan Portfolio by C
Non-Covered Loan Portfolio by Credit Quality Indicator (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | $ 40,798,440 | $ 40,133,861 | |
Multi-Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 30,269,409 | 29,883,919 | |
Multi-Family | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 29,958,415 | 29,548,242 | |
Multi-Family | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 269,615 | 312,025 | |
Multi-Family | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 41,379 | 23,652 | |
Commercial Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 6,985,568 | 6,998,834 | |
Commercial Real Estate | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 6,849,317 | 6,880,105 | |
Commercial Real Estate | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 52,023 | 90,653 | |
Commercial Real Estate | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 84,228 | 28,076 | |
One-to-four family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 395,044 | 446,094 | |
One-to-four family | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 392,251 | 444,443 | |
One-to-four family | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 753 | ||
One-to-four family | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 2,040 | 1,651 | |
Acquisition, development, and construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 297,526 | 407,870 | |
Acquisition, development, and construction | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 249,543 | 319,001 | |
Acquisition, development, and construction | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 45,634 | 73,964 | |
Acquisition, development, and construction | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 2,349 | 14,905 | |
Mortgage Receivable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 37,947,547 | 37,736,717 | |
Mortgage Receivable | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 37,449,526 | 37,191,791 | |
Mortgage Receivable | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 368,025 | 476,642 | |
Mortgage Receivable | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 129,996 | 68,284 | |
Commercial and Industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [1],[2] | 2,842,152 | 2,388,420 |
Commercial and Industrial | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [1] | 2,772,244 | 2,306,563 |
Commercial and Industrial | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [1] | 3,424 | 19,751 |
Commercial and Industrial | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [1] | 66,484 | 62,106 |
Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 8,741 | 8,724 | |
Other | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 8,488 | 8,469 | |
Other | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 253 | 255 | |
Total Other Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 2,850,893 | 2,397,144 | |
Total Other Loans | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 2,780,732 | 2,315,032 | |
Total Other Loans | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 3,424 | 19,751 | |
Total Other Loans | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | $ 66,737 | $ 62,361 | |
[1] | Includes lease financing receivables, all of which were classified as Pass. | ||
[2] | Includes specialty finance loans and leases of $2.4 billion and $1.9 billion, respectively, at September 30, 2019 and December 31, 2018. Other C&I loans of $447.1 million and $469.9 million, respectively, at September 30, 2019 and December 31, 2018. |
Information Regarding Troubled
Information Regarding Troubled Debt Restructurings (Detail) - Non-Covered Loans - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | $ 43,333 | $ 34,881 | |
Multi-Family | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | 3,741 | 4,220 | |
Commercial Real Estate | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | 0 | 0 | |
One-to-four family | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | 891 | 1,022 | |
Acquisition, development, and construction | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | 2,349 | 8,297 | |
Commercial and Industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | [1] | 36,352 | 21,342 |
Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | 3,214 | 9,162 | |
Accruing | Multi-Family | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | 0 | 0 | |
Accruing | Commercial Real Estate | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | 0 | 0 | |
Accruing | One-to-four family | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | 0 | 0 | |
Accruing | Acquisition, development, and construction | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | 2,349 | 8,297 | |
Accruing | Commercial and Industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | [1] | 865 | 865 |
Non-Accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | 40,119 | 25,719 | |
Non-Accrual | Multi-Family | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | 3,741 | 4,220 | |
Non-Accrual | Commercial Real Estate | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | 0 | 0 | |
Non-Accrual | One-to-four family | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | 891 | 1,022 | |
Non-Accrual | Acquisition, development, and construction | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | 0 | 0 | |
Non-Accrual | Commercial and Industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | [1] | $ 35,487 | $ 20,477 |
[1] | Includes $27.4 million and $20.4 million of taxi medallion-related loans at September 30, 2019 and December 31, 2018, respectively. |
Information Regarding Trouble_2
Information Regarding Troubled Debt Restructurings (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Taxi Medallion Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | $ 27.4 | $ 20.4 |
Summary of Financial Effects of
Summary of Financial Effects of Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)Investment | Sep. 30, 2018USD ($)Investment | Sep. 30, 2019USD ($)Investment | Sep. 30, 2018USD ($)Investment | |
Financing Receivable, Modifications [Line Items] | ||||
Number of loans classified as a non-accrual TDRs | Investment | 19 | |||
Pre-Modification Recorded Investment | $ 7,814 | |||
Post-Modification Recorded Investment | 5,286 | |||
Trouble debt restructuring, charge-off amount | $ 2,308 | |||
Commercial and Industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of loans classified as a non-accrual TDRs | Investment | 28 | 6 | 58 | 18 |
Pre-Modification Recorded Investment | $ 7,366 | $ 1,848 | $ 30,910 | $ 6,914 |
Post-Modification Recorded Investment | $ 7,086 | $ 1,212 | $ 28,179 | $ 4,386 |
Weighted Average Interest Rate, Pre-Modification | 2.99% | 3.36% | 4.48% | 3.30% |
Weighted Average Interest Rate, Post-Modification | 2.82% | 3.28% | 4.52% | 3.18% |
Trouble debt restructuring, charge-off amount | $ 280 | $ 545 | $ 2,731 | $ 2,308 |
Capitalized interest | $ 3 | $ 3 | ||
Acquisition, development, and construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of loans classified as a non-accrual TDRs | Investment | 1 | |||
Pre-Modification Recorded Investment | $ 900 | |||
Post-Modification Recorded Investment | $ 900 | |||
Weighted Average Interest Rate, Pre-Modification | 4.50% | |||
Weighted Average Interest Rate, Post-Modification | 4.50% |
Activity in Allowance for Losse
Activity in Allowance for Losses for Non-Covered Loans and Covered Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Collectively evaluated for impairment | $ 149,433 | $ 159,820 |
Mortgage Receivable | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 122,967 | 130,983 |
Other loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Collectively evaluated for impairment | $ 26,466 | $ 28,837 |
Additional Information Regardin
Additional Information Regarding Methods used to Evaluate Loan Portfolio for Impairment (Detail) - Additional Information Loan Portfolio - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Individually evaluated for impairment | $ 57,105 | $ 52,169 |
Loans Receivable, Collectively evaluated for impairment | 40,741,335 | 40,081,692 |
Total loans, net | 40,798,440 | 40,133,861 |
Mortgage Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Individually evaluated for impairment | 14,363 | 15,794 |
Loans Receivable, Collectively evaluated for impairment | 37,933,184 | 37,720,923 |
Total loans, net | 37,947,547 | 37,736,717 |
Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Individually evaluated for impairment | 42,742 | 36,375 |
Loans Receivable, Collectively evaluated for impairment | 2,808,151 | 2,360,769 |
Total loans, net | $ 2,850,893 | $ 2,397,144 |
Activity in Allowance for Los_2
Activity in Allowance for Losses on Non-Covered Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Valuation Allowance [Line Items] | ||||
Balance, beginning of period | $ 159,820 | $ 158,046 | ||
Charge-offs | (16,396) | (15,150) | ||
Recoveries | 606 | 1,273 | ||
(Recovery of) provision for loan losses | $ 4,781 | $ 1,201 | 5,403 | 15,486 |
Balance, end of period | 149,433 | 159,655 | 149,433 | 159,655 |
Non-Covered Loans | ||||
Valuation Allowance [Line Items] | ||||
(Recovery of) provision for loan losses | 5,403 | 15,486 | ||
Mortgage Receivable | ||||
Valuation Allowance [Line Items] | ||||
Balance, beginning of period | 130,983 | 128,275 | ||
Charge-offs | (1,386) | (5,445) | ||
Recoveries | 43 | 242 | ||
Balance, end of period | 122,967 | 128,816 | 122,967 | 128,816 |
Mortgage Receivable | Non-Covered Loans | ||||
Valuation Allowance [Line Items] | ||||
(Recovery of) provision for loan losses | (6,673) | 5,744 | ||
Other loans | ||||
Valuation Allowance [Line Items] | ||||
Balance, beginning of period | 28,837 | 29,771 | ||
Charge-offs | (15,010) | (9,705) | ||
Recoveries | 563 | 1,031 | ||
Balance, end of period | $ 26,466 | $ 30,839 | 26,466 | 30,839 |
Other loans | Non-Covered Loans | ||||
Valuation Allowance [Line Items] | ||||
(Recovery of) provision for loan losses | $ 12,076 | $ 9,742 |
Additional Information about Im
Additional Information about Impaired Loans (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | $ 57,105 | $ 52,169 |
Impaired loans with no related allowance, Unpaid Principal Balance | 144,392 | 126,513 |
Impaired loans with no related allowance, Average Recorded Investment | 53,546 | 63,146 |
Impaired loans with no related allowance, Interest Income Recognized | 3,109 | 4,013 |
Impaired loans with an allowance recorded, Average Recorded Investment | 5,000 | 20 |
Total impaired loans, Recorded Investment | 57,105 | 52,169 |
Total impaired loans, Unpaid Principal Balance | 144,392 | 126,513 |
Total impaired loans, Average Recorded Investment | 58,546 | 63,166 |
Total impaired loans, Interest Income Recognized | 3,109 | 4,013 |
Multi-Family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 5,793 | 4,220 |
Impaired loans with no related allowance, Unpaid Principal Balance | 9,375 | 7,168 |
Impaired loans with no related allowance, Average Recorded Investment | 4,590 | 6,114 |
Impaired loans with no related allowance, Interest Income Recognized | 317 | 340 |
Total impaired loans, Recorded Investment | 5,793 | 4,220 |
Total impaired loans, Unpaid Principal Balance | 9,375 | 7,168 |
Total impaired loans, Average Recorded Investment | 4,590 | 6,114 |
Total impaired loans, Interest Income Recognized | 317 | 340 |
Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 5,330 | 2,256 |
Impaired loans with no related allowance, Unpaid Principal Balance | 10,445 | 7,371 |
Impaired loans with no related allowance, Average Recorded Investment | 3,280 | 3,234 |
Impaired loans with no related allowance, Interest Income Recognized | 83 | |
Total impaired loans, Recorded Investment | 5,330 | 2,256 |
Total impaired loans, Unpaid Principal Balance | 10,445 | 7,371 |
Total impaired loans, Average Recorded Investment | 3,280 | 3,234 |
Total impaired loans, Interest Income Recognized | 83 | |
One-to-four family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 891 | 1,022 |
Impaired loans with no related allowance, Unpaid Principal Balance | 909 | 1,076 |
Impaired loans with no related allowance, Average Recorded Investment | 887 | 1,576 |
Impaired loans with no related allowance, Interest Income Recognized | 20 | 26 |
Total impaired loans, Recorded Investment | 891 | 1,022 |
Total impaired loans, Unpaid Principal Balance | 909 | 1,076 |
Total impaired loans, Average Recorded Investment | 887 | 1,576 |
Total impaired loans, Interest Income Recognized | 20 | 26 |
Acquisition, development, and construction | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 2,349 | 8,296 |
Impaired loans with no related allowance, Unpaid Principal Balance | 3,249 | 9,197 |
Impaired loans with no related allowance, Average Recorded Investment | 4,548 | 9,238 |
Impaired loans with no related allowance, Interest Income Recognized | 324 | 590 |
Total impaired loans, Recorded Investment | 2,349 | 8,296 |
Total impaired loans, Unpaid Principal Balance | 3,249 | 9,197 |
Total impaired loans, Average Recorded Investment | 4,548 | 9,238 |
Total impaired loans, Interest Income Recognized | 324 | 590 |
Other | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 42,742 | 36,375 |
Impaired loans with no related allowance, Unpaid Principal Balance | 120,414 | 101,701 |
Impaired loans with no related allowance, Average Recorded Investment | 40,241 | 42,984 |
Impaired loans with no related allowance, Interest Income Recognized | 2,365 | 3,057 |
Impaired loans with an allowance recorded, Average Recorded Investment | 5,000 | 20 |
Total impaired loans, Recorded Investment | 42,742 | 36,375 |
Total impaired loans, Unpaid Principal Balance | 120,414 | 101,701 |
Total impaired loans, Average Recorded Investment | 45,241 | 43,004 |
Total impaired loans, Interest Income Recognized | $ 2,365 | $ 3,057 |
Summary of Borrowed Funds (Deta
Summary of Borrowed Funds (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Outstanding [Line Items] | ||
FHLB advances | $ 12,171,661 | $ 13,053,661 |
Repurchase agreements | 800,000 | 500,000 |
Total wholesale borrowings | 12,971,661 | 13,553,661 |
Junior subordinated debentures | 359,773 | 359,508 |
Subordinated notes | 294,926 | 294,697 |
Total borrowed funds | $ 13,626,360 | $ 14,207,866 |
Summary of Repurchase Agreement
Summary of Repurchase Agreements Accounted for Secured Borrowings (Detail) - GSE obligations $ in Thousands | Sep. 30, 2019USD ($) |
Overnight and Continuous | |
Remaining Contractual Maturity of the Agreements | |
Up to 30 Days | |
Remaining Contractual Maturity of the Agreements | |
30–90 Days | |
Remaining Contractual Maturity of the Agreements | |
Greater than 90 Days | |
Remaining Contractual Maturity of the Agreements | $ 800,000 |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Nov. 06, 2018 |
Debt Instrument [Line Items] | |||
Junior subordinated debentures | $ 359,773 | $ 359,508 | |
Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Capital security, coupon or distribution rate | 5.90% | ||
Principal amount of Subordinated Notes | $ 300,000 | ||
interest rate of subordinated note | 5.90% |
Junior Subordinated Debentures
Junior Subordinated Debentures Outstanding (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2018 | ||
Subordinated Borrowing [Line Items] | |||
Junior Subordinated Debentures Amount Outstanding | $ 359,773 | $ 359,508 | |
Capital Securities Amount Outstanding | $ 346,996 | ||
New York Community Capital Trust V (BONUSESSM Units) | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | 6.00% | ||
Junior Subordinated Debentures Amount Outstanding | $ 145,847 | ||
Capital Securities Amount Outstanding | $ 139,496 | ||
Date of Original Issue | Nov. 4, 2002 | ||
Stated Maturity | Nov. 1, 2051 | ||
First Optional Redemption Date | [1] | Nov. 4, 2007 | |
New York Community Capital Trust X | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | 3.72% | ||
Junior Subordinated Debentures Amount Outstanding | $ 123,712 | ||
Capital Securities Amount Outstanding | $ 120,000 | ||
Date of Original Issue | Dec. 14, 2006 | ||
Stated Maturity | 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 | 5.37% | ||
Junior Subordinated Debentures Amount Outstanding | $ 30,928 | ||
Capital Securities Amount Outstanding | $ 30,000 | ||
Date of Original Issue | Jun. 2, 2003 | ||
Stated Maturity | 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 | 3.75% | ||
Junior Subordinated Debentures Amount Outstanding | $ 59,286 | ||
Capital Securities Amount Outstanding | $ 57,500 | ||
Date of Original Issue | Apr. 16, 2007 | ||
Stated Maturity | 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. | ||
[2] | Callable from this date forward. |
Pension and Other Post-Retire_3
Pension and Other Post-Retirement Benefits (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Pension Benefits | |||||
Components of net periodic (credit) expense: | |||||
Interest cost | [1] | $ 1,415 | $ 1,271 | $ 4,245 | $ 3,814 |
Expected return on plan assets | [1] | (3,483) | (4,035) | (10,449) | (12,106) |
Amortization of prior-service costs | [1] | 0 | 0 | 0 | 0 |
Amortization of net actuarial loss | [1] | 2,509 | 1,795 | 7,526 | 5,386 |
Net periodic expense (credit) | [1] | 441 | (969) | 1,322 | (2,906) |
Post- Retirement Benefits | |||||
Components of net periodic (credit) expense: | |||||
Interest cost | [1] | 128 | 128 | 384 | 384 |
Expected return on plan assets | [1] | 0 | 0 | 0 | 0 |
Amortization of prior-service costs | [1] | (62) | (62) | (187) | (186) |
Amortization of net actuarial loss | [1] | 31 | 76 | 93 | 229 |
Net periodic expense (credit) | [1] | $ 97 | $ 142 | $ 290 | $ 427 |
[1] | Amounts are included in G&A expense on the Consolidated Statements of Income and Comprehensive Income. |
Pension and Other Post-Retire_4
Pension and Other Post-Retirement Benefits - Additional Information (Detail) | Sep. 30, 2019USD ($) |
Post- Retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contribution to defined benefit plan for the fiscal year | $ 1,200,000 |
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 (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant | 2,498,370 | 2,498,370 | ||
Shares granted | 2,022,198 | |||
Shares granted, weighted average grant date fair value | $ 10.44 | |||
Unrecognized compensation cost relating to unvested restricted stock | $ 71,600 | $ 71,600 | ||
Unrecognized compensation cost relating to unvested restricted stock, recognition period (in years) | 2 years 10 months 24 days | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted, vesting period | 5 years | |||
Compensation and benefits expense | 7,700,000 | $ 9,400,000 | $ 23,200,000 | $ 28,100,000 |
Performance Based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 418,674 | |||
Compensation and benefits expense | $ 411,000 | $ 689,000 | ||
Vesting rights, description | The PSUs have a performance period of January 1, 2019 to December 31, 2021 and vest on April 1, 2022, subject to adjustment or forfeiture, based upon the achievement by the Company of certain performance standards. | |||
Stock Incentive Plan Twenty Twelve | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 81,400 | 2,022,198 | ||
Shares granted, weighted average grant date fair value | $ 10.78 | $ 10.44 |
Summary of Activity for Restric
Summary of Activity for Restricted Stock Awards (Detail) | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Number of Shares | |
Unvested at beginning of year | shares | 6,904,388 |
Granted | shares | 2,022,198 |
Vested | shares | (2,189,635) |
Canceled | shares | (197,470) |
Unvested at end of year | shares | 6,539,481 |
Weighted Average Grant Date Fair Value | |
Unvested at beginning of year | $ / shares | $ 14.74 |
Granted | $ / shares | 10.44 |
Vested | $ / shares | 15.19 |
Canceled | $ / shares | 12.88 |
Unvested at end of year | $ / shares | $ 13.32 |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 5,887,429 | $ 5,644,071 |
Total equity securities | 32,861 | 30,551 |
Total securities | 5,887,429 | 5,644,071 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 5,854,568 | 5,613,520 |
Total equity securities | 32,861 | 30,551 |
Total securities | 5,887,429 | 5,644,071 |
Fair Value, Measurements, Recurring | Preferred stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity securities | 15,373 | 13,846 |
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 | 17,488 | 16,705 |
Fair Value, Measurements, Recurring | Mortgage-related Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,341,679 | 2,960,282 |
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 | 1,572,905 | 1,707,521 |
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 | 1,768,774 | 1,252,761 |
Fair Value, Measurements, Recurring | Other Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 2,512,889 | 2,653,238 |
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 | 29,769 | |
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 | 1,142,463 | 1,328,927 |
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 | 840,014 | 821,715 |
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 | 27,557 | 66,183 |
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 | 94,830 | 49,291 |
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 | 378,256 | 387,122 |
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 | 29,769 | |
Total equity securities | 15,373 | 13,846 |
Total securities | 45,142 | 13,846 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Preferred stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total equity securities | 15,373 | 13,846 |
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 | 29,769 | |
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 | 29,769 | |
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 | 5,824,799 | 5,613,520 |
Total equity securities | 17,488 | 16,705 |
Total securities | 5,842,287 | 5,630,225 |
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 | 17,488 | 16,705 |
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 | 3,341,679 | 2,960,282 |
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 | 1,572,905 | 1,707,521 |
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 | 1,768,774 | 1,252,761 |
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 | 2,483,120 | 2,653,238 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | U.S. Treasury obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | |
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 | 1,142,463 | 1,328,927 |
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 | 840,014 | 821,715 |
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 | 27,557 | 66,183 |
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 | 94,830 | 49,291 |
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 | $ 378,256 | $ 387,122 |
Assets and Liabilities Measur_2
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Certain impaired loans | [1] | $ 35,697 | $ 38,213 |
Other assets | [2] | 1,265 | |
Total | 35,697 | 39,478 | |
Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Certain impaired loans | [1] | 35,697 | 38,213 |
Other assets | [2] | 1,265 | |
Total | $ 35,697 | $ 39,478 | |
[1] | Represents the fair value of impaired loans, 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. |
Summary of Carrying Values, Est
Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financial Assets: | ||||
Cash and cash equivalents | $ 854,678 | $ 1,474,955 | $ 2,528,169 | |
FHLB stock | [1] | 606,371 | 644,590 | |
Loans and leases, net | 40,694,787 | 40,006,088 | ||
Financial Liabilities: | ||||
Deposits | 31,572,176 | 30,764,430 | ||
Borrowed funds | 13,626,360 | 14,207,866 | ||
Financial Assets: | ||||
Cash and cash equivalents | 854,678 | 1,474,955 | ||
FHLB stock | [1] | 606,371 | 644,590 | |
Loans and leases, net | 40,608,048 | 39,461,985 | ||
Financial Liabilities: | ||||
Deposits | 31,633,111 | 30,748,729 | ||
Borrowed funds | 14,088,303 | 14,136,526 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Financial Assets: | ||||
Cash and cash equivalents | 854,678 | 1,474,955 | ||
Financial Liabilities: | ||||
Deposits | [2] | 17,308,005 | 18,570,108 | |
Significant Other Observable Inputs (Level 2) | ||||
Financial Assets: | ||||
FHLB stock | [1] | 606,371 | 644,590 | |
Financial Liabilities: | ||||
Deposits | [3] | 14,325,106 | 12,178,621 | |
Borrowed funds | 14,088,303 | 14,136,526 | ||
Significant Unobservable Inputs (Level 3) | ||||
Financial Assets: | ||||
Loans and leases, net | $ 40,608,048 | $ 39,461,985 | ||
[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. |
Components Of Lease Income (Det
Components Of Lease Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | ||
Interest income on lease financing | [1] | $ 10,149 | $ 27,358 |
[1] | Included in Interest Income – Mortgage and other loans and leases in the Consolidated Statements of Income and Comprehensive Income. |
Components Of Net Investment In
Components Of Net Investment In Direct Financing Leases (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Net investment in the lease- lease payments receivable | $ 1,077,574 |
Net investment in the lease- unguaranteed residual assets | 68,826 |
Total lease payments | $ 1,146,400 |
Summary Of Remaining Maturity O
Summary Of Remaining Maturity Of The Undiscounted Lease Receivables (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
2019 | $ 660 |
2020 | 55,811 |
2021 | 180,936 |
2022 | 194,564 |
2023 | 75,000 |
Thereafter | 639,429 |
Total lease payments | 1,146,400 |
Plus: deferred origination costs | 19,781 |
Less: unearned income | (88,329) |
Total lease finance receivables, net | $ 1,077,852 |
Summary of components of lease
Summary of components of lease expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Components of Lease Expense: | ||
Operating lease cost | $ 7,193 | $ 21,751 |
Sublease income | (18) | (83) |
Total lease cost | $ 7,175 | $ 21,668 |
Summary of cash flow informatio
Summary of cash flow information related to the leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 7,193 | $ 21,751 |
Summary of Balance Sheet Inform
Summary of Balance Sheet Information Related To Leases (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Operating Leases: | |
Operating lease right-of-use assets | $ 300,955 |
Operating lease liabilities | $ 300,610 |
Weighted average remaining lease term | 17 years |
Weighted average discount rate | 3.24% |
Summary of Maturities of Lease
Summary of Maturities of Lease Liabilities (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Lessee Operating Lease [Line Items] | |
2019 | $ 7,178 |
2020 | 28,373 |
2021 | 27,723 |
2022 | 26,885 |
2023 | 26,448 |
Thereafter | 286,225 |
Total lease payments | 402,832 |
Less: imputed interest | (102,222) |
Total present value of lease liabilities | $ 300,610 |
Summary of Remaining Projected
Summary of Remaining Projected Minimum Annual Rental Commitments (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Lessee Operating Lease [Line Items] | |
2019 | $ 30,322 |
2020 | 23,399 |
2021 | 19,736 |
2022 | 16,552 |
2023 and thereafter | 55,525 |
Total minimum future rentals | $ 145,534 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Operating Lease, Weighted Average Remaining Lease Term | 17 years | 17 years |
Lessee, Operating Lease, Option to Extend | 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 ROU assets | $ 7,500 | $ 23,800 |
Residual value of leased asset | 70,500 | 70,500 |
Direct financing lease, Net investment in lease | 1,146,400 | 1,146,400 |
Other Income [Member] | ||
Gain on sale of branch property | $ 7,900 | 7,900 |
Discontinued Operations [Member] | ||
Amortization Of ROU assets | $ 11,700 | |
Minimum [Member] | ||
Operating Lease, Weighted Average Remaining Lease Term | 1 year | 1 year |
Lessor, operating lease, term of contract | 24 months | 24 months |
Maximum [Member] | ||
Operating Lease, Weighted Average Remaining Lease Term | 25 years | 25 years |
Lessor, operating lease, term of contract | 120 months | 120 months |
Cumulative basis adjustment for
Cumulative basis adjustment for fair value hedges (Detail) - Loans and leases $ in Thousands | Sep. 30, 2019USD ($) | [1] |
Carrying Amount of the Hedged Assets | $ 2,048,338 | |
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets | $ 48,338 | |
[1] | These amounts include the amortized cost basis of closed portfolios used to designated hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At September 30, 2019, the amortized cost basis of the closed portfolios used in these hedging relationships was $4.6 billion; the cumulative basis adjustments associated with these hedging relationships was $48.3 million; and the amount of the designated hedged items was $2.0 billion. |
Company's derivative financial
Company's derivative financial instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Derivative Liability | $ 0 | ||
Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Derivative, Notional Amount | $ 2,000,000 | $ 2,000,000 | |
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Derivative Liability | |||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Derivative, Notional Amount | 2,000,000 | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Derivative Liability |
Consolidated Statements of In_3
Consolidated Statements of Income and Comprehensive Income (Detail) - Interest Income [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Hedged item - loans [Member] | ||
Interest income | $ (10,016) | $ 48,338 |
Interest Rate Swap [Member] | ||
Interest income | $ 10,016 | $ (48,338) |
Derivative and Hedging Activi_3
Derivative and Hedging Activities - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | ||
Interest Income (Expense), Net | $ 235,915 | $ 249,506 | $ 714,930 | $ 783,759 | |||
Derivative Liability | $ 0 | ||||||
Designated as Hedging Instrument [Member] | |||||||
Derivative, Notional Amount | 2,000,000 | 2,000,000 | $ 2,000,000 | ||||
Interest Income (Expense), Net | 1,100 | 684,000 | |||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||||||
Derivative, Notional Amount | 2,000,000 | 2,000,000 | |||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | |||||||
Derivatives | 0 | 0 | |||||
Loans and leases | |||||||
Amortized Cost | 4,600,000 | 4,600,000 | |||||
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets | [1] | 48,338 | 48,338 | ||||
Carrying Amount of the Hedged Assets | [1] | $ 2,048,338 | $ 2,048,338 | ||||
[1] | These amounts include the amortized cost basis of closed portfolios used to designated hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At September 30, 2019, the amortized cost basis of the closed portfolios used in these hedging relationships was $4.6 billion; the cumulative basis adjustments associated with these hedging relationships was $48.3 million; and the amount of the designated hedged items was $2.0 billion. |