Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 19, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | Yes | ||
Entity Small Business | false | ||
Entity Voluntary Filers | No | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4.5 | ||
Entity Common Stock, Shares Outstanding | 467,301,496 | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 1-31565 | ||
Entity Incorporation, State or Country Code | DE | ||
City Area Code | 516 | ||
Entity Tax Identification Number | 06-1377322 | ||
Local Phone Number | 683-4100 | ||
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] | |||
Title of 12(b) Security | Common Stock | ||
Security Exchange Name | NYSE | ||
Trading Symbol | NYCB | ||
Bifurcated Option Note Unit SecuritiES [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Bifurcated Option Note Unit SecuritiESSM | ||
Security Exchange Name | NYSE | ||
Trading Symbol | NYCB PU | ||
Fixed to Floating Rate Series A Noncumulative Perpetual Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares each representing | ||
Security Exchange Name | NYSE | ||
Trading Symbol | NYCB PA |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
ASSETS: | |||
Cash and cash equivalents | $ 741,870 | $ 1,474,955 | |
Securities: | |||
Debt securities available-for-sale ($1,372,238 and $1,228,702 pledged at December 31, 2019 and 2018, respectively) | 5,853,057 | 5,613,520 | |
Equity investments with readily determinable fair values, at fair value | 32,830 | 30,551 | |
Total securities | 5,885,887 | 5,644,071 | |
Loans and leases, net of deferred loan fees and costs | 41,894,155 | 40,165,908 | |
Less: Allowance for loan losses | (147,638) | (159,820) | |
Total loans and leases, net | 41,746,517 | 40,006,088 | |
Federal Home Loan Bank stock, at cost | [1] | 647,562 | 644,590 |
Premises and equipment, net | 312,626 | 346,179 | |
Operating lease right-of-use assets | 286,194 | ||
Goodwill | 2,426,379 | 2,436,131 | |
Bank-owned life insurance | 1,145,058 | 977,627 | |
Other real estate owned and other repossessed assets | 12,268 | 10,794 | |
Other assets | 436,460 | 358,941 | |
Total assets | 53,640,821 | 51,899,376 | |
Deposits: | |||
Interest-bearing checking and money market accounts | 10,230,144 | 11,530,049 | |
Savings accounts | 4,780,007 | 4,643,260 | |
Certificates of deposit | 14,214,858 | 12,194,322 | |
Non-interest-bearing accounts | 2,432,123 | 2,396,799 | |
Total deposits | 31,657,132 | 30,764,430 | |
Wholesale borrowings: | |||
Federal Home Loan Bank advances | 13,102,661 | 13,053,661 | |
Repurchase agreements | 800,000 | 500,000 | |
Total wholesale borrowings | 13,902,661 | 13,553,661 | |
Junior subordinated debentures | 359,866 | 359,508 | |
Subordinated notes | 295,066 | 294,697 | |
Total borrowed funds | 14,557,593 | 14,207,866 | |
Operating lease liabilities | 285,991 | ||
Other liabilities | 428,411 | 271,845 | |
Total liabilities | 46,929,127 | 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 467,346,781 and 473,536,604 shares outstanding, respectively) | 4,904 | 4,904 | |
Paid-in capital in excess of par | 6,115,487 | 6,099,940 | |
Retained earnings | 342,023 | 297,202 | |
Treasury stock, at cost (23,092,289 and 16,902,466 shares, respectively) | (220,717) | (161,998) | |
Accumulated other comprehensive loss, net of tax: | |||
Net unrealized gain (loss) on securities available for sale, net of tax of $(11,941) and $4,201, respectively | 31,482 | (10,534) | |
Net unrealized loss on the non-credit portion of other-than-temporary impairment 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 $22,191 and $27,224, respectively | (59,136) | (71,077) | |
Net unrealized gain on cash flow hedges, net of tax of $(333) | 853 | ||
Total accumulated other comprehensive loss, net of tax | (32,843) | (87,653) | |
Total stockholders' equity | 6,711,694 | 6,655,235 | |
Total liabilities and stockholders' equity | $ 53,640,821 | $ 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 | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Securities Available-for-sale, pledged | $ 1,372,238 | $ 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 | 467,346,781 | 473,536,604 |
Treasury stock, shares | 23,092,289 | 16,902,466 |
Net unrealized (loss) gain on securities available for sale, tax | $ (11,941) | $ 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 | 22,191 | $ 27,224 |
Cash flow hedges tax component | $ 333 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INTEREST INCOME: | |||
Mortgage and other loans and leases | $ 1,553,004 | $ 1,467,944 | $ 1,417,237 |
Securities and money market investments | 252,156 | 221,729 | 165,002 |
Total interest income | 1,805,160 | 1,689,673 | 1,582,239 |
INTEREST EXPENSE: | |||
Interest-bearing checking and money market accounts | 174,347 | 167,972 | 98,980 |
Savings accounts | 35,705 | 28,994 | 28,447 |
Certificates of deposit | 320,234 | 182,383 | 102,355 |
Borrowed funds | 317,474 | 279,329 | 222,454 |
Total interest expense | 847,760 | 658,678 | 452,236 |
Net interest income | 957,400 | 1,030,995 | 1,130,003 |
Net interest income after provision for (recovery of) loan losses | 950,295 | 1,012,739 | 1,092,761 |
NON-INTEREST INCOME: | |||
Fee income | 29,297 | 29,765 | 31,759 |
Bank-owned life insurance | 28,363 | 28,252 | 27,133 |
Net gain (loss) on securities | 7,725 | (1,994) | 29,924 |
Mortgage banking income | 19,337 | ||
FDIC indemnification expense | (18,961) | ||
Gain on sale of covered loans and mortgage banking operations | 82,026 | ||
Other | 18,845 | 35,535 | 45,662 |
Total non-interest income | 84,230 | 91,558 | 216,880 |
Operating expenses: | |||
Compensation and benefits | 301,697 | 317,496 | 363,698 |
Occupancy and equipment | 89,174 | 100,107 | 98,963 |
General and administrative | 120,347 | 129,025 | 178,557 |
Total operating expenses | 511,218 | 546,628 | 641,218 |
Amortization of core deposit intangibles | 208 | ||
Total non-interest expense | 511,218 | 546,628 | 641,426 |
Income before income taxes | 523,307 | 557,669 | 668,215 |
Income tax expense | 128,264 | 135,252 | 202,014 |
Net income | 395,043 | 422,417 | 466,201 |
Preferred stock dividends | 32,828 | 32,828 | 24,621 |
Net income available to common shareholders | $ 362,215 | $ 389,589 | $ 441,580 |
Basic earnings per common share | $ 0.77 | $ 0.79 | $ 0.90 |
Diluted earnings per common share | $ 0.77 | $ 0.79 | $ 0.90 |
Net income | $ 395,043 | $ 422,417 | $ 466,201 |
Other comprehensive income (loss), net of tax: | |||
Change in net unrealized gain (loss) on securities available for sale, net of tax of $(17,669); $32,166; and $(29,740), respectively | 45,934 | (49,732) | 41,684 |
Change in the non-credit portion of OTTI losses recognized in other comprehensive income (loss), net of tax of $000; $(821); and $(13), respectively | (821) | 20 | |
Change in pension and post-retirement obligations, net of tax of $(5,033); $(4,897); and $(2,234), respectively | 11,941 | (21,943) | 1,585 |
Change in net unrealized gain (loss) on cash flow hedges, net of tax of $(376) | 964 | ||
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $1,527; $(4); and $1,245, respectively | (3,918) | 10 | (1,743) |
Reclassification adjustment for net gain on cash flow hedges included in net income, net of tax of $43 | (111) | ||
Total other comprehensive income (loss), net of tax | 54,810 | (72,486) | 41,546 |
Total comprehensive income, net of tax | 449,853 | 349,931 | 507,747 |
Non-Covered Loans | |||
INTEREST EXPENSE: | |||
Provision for (recovery of) losses | $ 7,105 | $ 18,256 | 60,943 |
Covered Loans | |||
INTEREST EXPENSE: | |||
Provision for (recovery of) losses | $ (23,701) |
Consolidated Statements of In_2
Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in net unrealized gain (loss) on securities available for sale, tax | $ (17,669) | $ 32,166 | $ (29,740) |
Change in the non-credit portion of OTTI losses recognized in other comprehensive income (loss), tax | 0 | (821) | (13) |
Change in pension and post-retirement obligations, tax | (5,033) | (4,897) | (2,234) |
Cash flow hedge, gain (loss), reclassification, tax | (376) | ||
Reclassification adjustment for sales of available-for-sale securities, tax | 1,527 | $ (4) | $ 1,245 |
Cash flow hedges tax component | $ 43 |
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, 2016 | $ 6,123,991 | $ 4,871 | $ 6,047,558 | $ 128,435 | $ (160) | $ (56,713) | |
Balance at beginning of year (in shares) at Dec. 31, 2016 | 487,056,676 | ||||||
Issuance of preferred stock (515,000 shares) | 502,840 | $ 502,840 | |||||
Shares issued for restricted stock, net of forfeitures | $ 20 | (11,028) | 11,008 | ||||
Shares issued for restricted stock, net of forfeitures (in shares) | 2,718,049 | ||||||
Compensation expense related to restricted stock awards | 36,029 | 36,029 | |||||
Net income | 466,201 | 466,201 | |||||
Dividends paid on common stock | (332,147) | (332,147) | |||||
Dividends paid on preferred stock | (24,621) | (24,621) | |||||
Purchase of common stock | (18,463) | (18,463) | |||||
Purchase of common stock (in shares) | (1,284,373) | ||||||
Other comprehensive income (loss), net of tax | 41,546 | 41,546 | |||||
Balance at end of year at Dec. 31, 2017 | 6,795,376 | 502,840 | $ 4,891 | 6,072,559 | 237,868 | (7,615) | (15,167) |
Balance at end 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 | 36,260 | 36,260 | |||||
Net income | 422,417 | 422,417 | |||||
Dividends paid on common stock | (333,061) | (333,061) | |||||
Dividends paid on preferred stock | (32,828) | (32,828) | |||||
Effect of adopting | ASU No. 2016-01 | 260 | 260 | |||||
Effect of adopting | ASU No. 2018-02 | 2,546 | (2,546) | |||||
Purchase of common stock | (163,249) | (163,249) | |||||
Purchase of common stock (in shares) | (16,993,351) | ||||||
Other comprehensive income (loss), net of tax | (69,940) | (69,940) | |||||
Balance at end of year at Dec. 31, 2018 | 6,655,235 | 502,840 | $ 4,904 | 6,099,940 | 297,202 | (161,998) | (87,653) |
Balance at end 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 | 32,048 | 32,048 | |||||
Net income | 395,043 | 395,043 | |||||
Dividends paid on common stock | (317,394) | (317,394) | |||||
Dividends paid on preferred stock | (32,828) | (32,828) | |||||
Purchase of common stock | (75,220) | (75,220) | |||||
Purchase of common stock (in shares) | (7,854,851) | ||||||
Other comprehensive income (loss), net of tax | 54,810 | 54,810 | |||||
Balance at end of year at Dec. 31, 2019 | $ 6,711,694 | $ 502,840 | $ 4,904 | $ 6,115,487 | $ 342,023 | $ (220,717) | $ (32,843) |
Balance at end of year (in shares) at Dec. 31, 2019 | 467,346,781 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
PREFERRED STOCK (Par Value: $0.01): | |||
Issuance of preferred stock, shares | (515,000) | ||
RETAINED EARNINGS: | |||
Dividends paid on common stock, per share | $ 0.68 | $ 0.68 | $ 0.68 |
Dividends paid on preferred stock, per share | $ 63.76 | $ 63.76 | $ 47.81 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 395,043 | $ 422,417 | $ 466,201 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 7,105 | 18,256 | 37,242 |
Depreciation | 27,096 | 32,323 | 32,803 |
Amortization of discounts and premiums, net | 7,951 | (3,891) | (4,555) |
Amortization of core deposit intangibles | 208 | ||
Net (gain) loss on securities | (7,725) | 14 | (29,924) |
Gain on trading activity | (66) | (222) | (316) |
Net loss (gain) on sales of loans | 75 | (111) | (87,301) |
Net gain on sales of fixed assets | (7,402) | ||
Stock-based compensation | 32,048 | 36,260 | 36,029 |
Deferred tax expense | 100,813 | 23,197 | 21,444 |
Changes in operating assets and liabilities: | |||
(Increase) decrease in other assets | (55,825) | 29,952 | 451,873 |
Increase (decrease) in other liabilities | 10,571 | (53,320) | 23,329 |
Purchases of securities held for trading | (42,500) | (141,615) | (202,450) |
Proceeds from sales of securities held for trading | 42,566 | 141,837 | 202,766 |
Origination of loans held for sale | (1,674,123) | ||
Proceeds from sales of loans originated for sale | 35,258 | 2,053,484 | |
Net cash provided by operating activities | 509,750 | 540,355 | 1,326,710 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from repayment of securities held to maturity | 175,375 | ||
Proceeds from repayment of securities available for sale | 1,962,433 | 817,822 | 387,772 |
Proceeds from sales of securities held to maturity | 547,925 | ||
Proceeds from sales of securities available for sale | 361,311 | 278,539 | 453,878 |
Purchase of securities held to maturity | (13,030) | ||
Purchase of securities available for sale | (2,503,248) | (3,288,204) | (1,163,043) |
Redemption of Federal Home Loan Bank stock | 135,906 | 120,220 | 90,909 |
Purchases of Federal Home Loan Bank stock | (138,878) | (160,991) | (103,794) |
Purchases of (proceeds from) bank-owned life insurance, net | (138,119) | 16,303 | |
Proceeds from sales of loans | 115,205 | 195,760 | 2,289,377 |
Purchases of loans | (864,299) | ||
Other changes in loans, net | (998,515) | (1,990,068) | (1,575,846) |
Proceeds from sales (purchases) of premises and equipment, net | 9,297 | (9,847) | (27,783) |
Net cash provided by (used in) investing activities | (2,058,907) | (4,020,466) | 1,061,740 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase in deposits | 892,702 | 1,662,267 | 214,260 |
Net increase (decrease) in short-term borrowed funds | 1,100,000 | (460,000) | |
Proceeds from long-term borrowed funds | 4,785,812 | 5,667,268 | 3,000,000 |
Repayments of long-term borrowed funds | (5,537,000) | (4,373,500) | (3,300,000) |
Net proceeds from issuance of preferred stock | 502,840 | ||
Cash dividends paid on common stock | (317,394) | (333,061) | (332,147) |
Cash dividends paid on preferred stock | (32,828) | (32,828) | (24,621) |
Treasury stock repurchased | (67,125) | (160,767) | |
Payments relating to treasury shares received for restricted stock award tax payments | (8,095) | (2,482) | (18,463) |
Net cash provided by (used in) financing activities | 816,072 | 2,426,897 | (418,131) |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (733,085) | (1,053,214) | 1,970,319 |
Cash, cash equivalents, and restricted cash at beginning of year | 1,474,955 | 2,528,169 | 557,850 |
Cash, cash equivalents, and restricted cash at end of year | 741,870 | 1,474,955 | 2,528,169 |
Supplemental information: | |||
Cash paid for interest | 813,161 | 645,588 | 447,476 |
Cash paid for income taxes | 75,680 | 44,123 | 217,682 |
Non-cash investing and financing activities: | |||
Transfers to repossessed assets from loans | 4,689 | 5,631 | 9,973 |
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 | 93,531 | ||
Transfer of loans from held for investment to held for sale | 115,280 | 195,649 | 1,910,121 |
Disposition of premises and equipment | 1,245 | ||
Shares issued for restricted stock awards | $ 16,501 | $ 8,879 | 11,028 |
Securities transferred from held to maturity to available for sale | $ 3,040,305 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Statement of Cash Flows [Abstract] | |
Amortization of operating lease right-of-use assets | $ 38.4 |
Amortization of operating lease liability | $ 38.4 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 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 issued its initial offering of common stock (par value: $0.01 per share) at a price of $25.00 per share ($0.93 per share on a split-adjusted basis, reflecting the impact of nine stock splits between 1994 and 2004). The Company currently operates 238 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 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 9, “Borrowed Funds,” for additional information regarding these trusts. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies | NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents For cash flow reporting purposes, cash and cash equivalents include cash on hand, amounts due from banks, and money market investments, which include federal funds sold and reverse repurchase agreements. At December 31, 2019 and 2018, the Company’s cash and cash equivalents totaled $ 741.9 m 1.5 608.4 m 1.3 b the FRB-NY. Also included in cash and cash equivalents at December 31, 2019 and 2018 were federal funds sold of $ 1.7 million and $ 5.2 million, respectively. There were no reverse repurchase agreements outstanding at December 31, 2019 or 2018 . Debt Securities and Equity Investments with Readily Determinable Fair Values The securities portfolio primarily consists of mortgage-related securities and, to a lesser extent, debt and equity (together, “other”) securities. Securities that are classified as “available for sale” are carried at their estimated fair value, with any unrealized gains or losses, net of taxes, reported as accumulated other comprehensive income or loss in stockholders’ equity. Securities that the Company has the intent and ability to hold to maturity are classified as “held to maturity” and carried at amortized cost, less the non-credit Equity investments with readily The fair values of our securities—and particularly of debt securities attributable to non-credit “Non-interest In accordance with OTTI accounting guidance, unless we have the intent to sell, or it is more likely than not that we may be required to sell a security before recovery, OTTI is recognized as a realized loss in earnings to the extent that the decline in fair value is credit-related. If there is a decline in fair value of a security below its carrying amount and we have the intent to sell it, or it is more likely than not that we may be required to sell the security before recovery, the entire amount of the decline in fair value is charged to earnings. Premiums and discounts on securities are amortized to expense and accreted to income over the remaining period to contractual maturity using a method that approximates the interest method, and are adjusted for anticipated prepayments. Dividend and interest income are recognized when earned. The cost of securities sold is based on the specific identification method. Federal Home Loan Bank Stock As a member of the FHLB-NY, FHLB-NY FHLB-NY. The Company conducts a periodic review and evaluation of its FHLB-NY FHLB-NY FHLB-NY Loans Loans, net, are carried at unpaid principal balances, including unearned discounts, purchase accounting (i.e., acquisition-date fair value) adjustments, net deferred loan origination costs or fees, and the allowance for loan losses. The Company recognizes interest income on loans using the interest method over the life of the loan. Accordingly, the Company defers certain loan origination and commitment fees, and certain loan origination costs, and amortizes the net fee or cost as an adjustment to the loan yield over the term of the related loan. When a loan is sold or repaid, the remaining net unamortized fee or cost is recognized in interest income. Prepayment income on loans is recorded in interest income and only when cash is received. Accordingly, there are no assumptions involved in the recognition of prepayment income. Two factors are considered in determining the amount of prepayment income: the prepayment penalty percentage set forth in the loan documents, and the principal balance of the loan at the time of prepayment. The volume of loans prepaying may vary from one period to another, often in connection with actual or perceived changes in the direction of market interest rates. When interest rates are declining, rising precipitously, or perceived to be on the verge of rising, prepayment income may increase as more borrowers opt to refinance and lock in current rates prior to further increases taking place. A loan generally is “non-accrual” non-accrual non-accrual Allowance for Loan Losses The allowance for loan losses represents our estimate of probable and estimable losses inherent in the loan portfolio as of the date of the balance sheet. Losses on loans are charged against, and recoveries of losses on loans are credited back to, the allowance for loan losses. The methodology used for the allocation of the allowance for loan losses at December 31, 2019 and December 31, 2018 was generally comparable, whereby the Bank segregated their loss factors (used for both criticized and non-criticized The allowance for loan losses is established based on management’s evaluation of incurred losses in the portfolio in accordance with GAAP, and is comprised of both specific valuation allowances and a general valuation allowance. Specific valuation allowances are established based on management’s analyses of individual loans that are considered impaired. If a loan is deemed to be impaired, management measures the extent of the impairment and establishes a specific valuation allowance for that amount. A loan is classified as impaired when, based on current information and/or events, it is probable that we will be unable to collect all amounts due under the contractual terms of the loan agreement. We apply this classification as necessary to loans individually evaluated for impairment in our portfolios. Smaller-balance homogenous loans and loans carried at the lower of cost or fair value are evaluated for impairment on a collective, rather than individual, basis. Loans to certain borrowers who have experienced financial difficulty and for which the terms have been modified, resulting in a concession, are considered TDRs and are classified as impaired. We primarily measure impairment on an individual loan and determine the extent to which a specific valuation allowance is necessary by comparing the loan’s outstanding balance to either the fair value of the collateral, less the estimated cost to sell, or the present value of expected cash flows, discounted at the loan’s effective interest rate. Generally, when the fair value of the collateral, net of the estimated cost to sell, or the present value of the expected cash flows is less than the recorded investment in the loan, any shortfall is promptly charged off. We also follow a process to assign the general valuation allowance to loan categories. The general valuation allowance is established by applying our loan loss provisioning methodology, and reflect the inherent risk in outstanding held-for-investment charge-off The allocation methodology consists of the following components: First, we determine an allowance for loan losses based on a quantitative loss factor for loans evaluated collectively for impairment. This quantitative loss factor is based primarily on historical loss rates, after considering loan type, historical loss and delinquency experience, and loss emergence periods. The quantitative loss factors applied in the methodology are periodically re-evaluated • Changes in lending policies and procedures, including changes in underwriting standards and collection, and charge-off • Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; • Changes in the nature and volume of the portfolio and in the terms of loans; • Changes in the volume and severity of past-due non-accrual • Changes in the quality of our loan review system; • Changes in the value of the underlying collateral for collateral-dependent loans; • The existence and effect of any concentrations of credit, and changes in the level of such concentrations; • Changes in the experience, ability, and depth of lending management and other relevant staff; and • The effect of other external factors, such as competition and legal and regulatory requirements, on the level of estimated credit losses in the existing portfolio. By considering the factors discussed above, we determine an allowance for loan losses that is applied to each significant loan portfolio segment to determine the total allowance for loan losses. The historical loss period we use to determine the allowance for loan losses on loans is a rolling 36-quarter look-back period, as we believe this produces an appropriate reflection of our historical loss experience. The process of establishing the allowance for losses on loans also involves: • Periodic inspections of the loan collateral by qualified in-house • Regular meetings of executive management with the pertinent Board committees, during which observable trends in the local economy and/or the real estate market are discussed; • Assessment of the aforementioned factors by the pertinent members of the Board of Directors and management when making a business judgment regarding the impact of anticipated changes on the future level of loan losses; and • Analysis of the portfolio in the aggregate, as well as on an individual loan basis, taking into consideration payment history, underwriting analyses, and internal risk ratings. In order to determine their overall adequacy, the loan loss allowance is reviewed quarterly by management Board Committees and the Board of Directors of the Bank, as applicable. We charge off loans, or portions of loans, in the period that such loans, or portions thereof, are deemed uncollectible. The collectability of individual loans is determined through an assessment of the financial condition and repayment capacity of the borrower and/or through an estimate of the fair value of any underlying collateral. For non-real past-due closed-end open-end closed-end open-end The level of future additions to the respective loan loss allowance is based on many factors, including certain factors that are beyond management’s control, such as changes in economic and local market conditions, including declines in real estate values, and increases in vacancy rates and unemployment. Management uses the best available information to recognize losses on loans or to make additions to the loan loss allowance; however, the Bank may be required to take certain charge-offs and/or recognize further additions to the loan loss allowance, based on the judgment of regulatory agencies with regard to information provided during their examinations of the Bank. An allowance for unfunded commitments is maintained separate from the allowance for loan losses and is included in Other liabilities in the Consolidated Statements of Condition. See Note 6, Allowance for Loan Losses for a further discussion of our allowance for loan losses. Goodwill We have significant intangible assets related to goodwill. In connection with our acquisitions, assets acquired and liabilities assumed are recorded at their estimated fair values. Goodwill represents the excess of the purchase price of our acquisitions over the fair value of identifiable net assets acquired, including other identified intangible assets. Our goodwill is evaluated for impairment annually as of year-end For annual goodwill impairment testing, we have the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill and other intangible assets. If we conclude that this is the case, we must perform the two-step two-step Step one requires the fair value of each reporting unit is compared to its carrying value in order to identify potential impairment. If the fair value of a reporting unit exceeds the carrying value of its net assets, goodwill is not considered impaired and no further testing is required. If the carrying value of the net assets exceeds the fair value of a reporting unit, potential impairment is indicated at the reporting unit level and step two of the impairment test is performed. Step two requires that when potential impairment is indicated in step one, we compare the implied fair value of goodwill with the carrying amount of that goodwill. Determining the implied fair value of goodwill requires a valuation of the reporting unit’s tangible and (non-goodwill) As of December 31, 2019, we had goodwill of $2.4 billion. During the year ended December 31, 2019, no triggering events were identified that indicated that the value of goodwill may be impaired. For the year ended December 31, 2019, the Company’s annual goodwill impairment assessment, using step one of the quantitative test, found no indication of goodwill impairment. Premises and Equipment, Net Premises, furniture, fixtures, and equipment are carried at cost, less the accumulated depreciation computed on a straight-line basis over the estimated useful lives of the respective assets (generally 20 years t hre Depreciation and amortization are included in “Occupancy and equipment expense” in the Consolidated Statements of Income Bank-Owned Life Insurance The Company has purchased life insurance policies on certain employees. These BOLI policies are recorded in the Consolidated Statements of Condition at their cash surrender value. Income from these policies and changes in the cash surrender value are recorded in “Non-interest Income b m Repossessed Assets and OREO Repossessed assets consist of any property or other assets acquired through, or in lieu of, foreclosure are sold or rented, and are recorded at fair value, less the estimated selling costs, at the date of acquisition. Following foreclosure, management periodically performs a valuation of the asset, and the assets are carried at the lower of the carrying amount or fair value, less the estimated selling costs. Expenses and revenues from operations and changes in valuation, if any, are included in “General and administrative expense” in the Consolidated Statements of Income Income Taxes Income tax expense consists of income taxes that are currently payable and deferred income taxes. Deferred income tax expense is determined by recognizing deferred tax assets and liabilities for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The Company assesses the deferred tax assets and establishes a valuation allowance when realization of a deferred asset is not considered to be “more likely than not.” The Company considers its expectation of future taxable income in evaluating the need for a valuation allowance. The Company estimates income taxes payable based on the amount it expects to owe the various tax authorities (i.e., federal, state, and local). Income taxes represent the net estimated amount due to, or to be received from, such tax authorities. In estimating income taxes, management assesses the relative merits and risks of the appropriate tax treatment of transactions, taking into account statutory, judicial, and regulatory guidance in the context of the Company’s tax position. In this process, management also relies on tax opinions, recent audits, and historical experience. Although the Company uses the best available information to record income taxes, underlying estimates and assumptions can change over time as a result of unanticipated events or circumstances such as changes in Derivative Instruments and Hedging Activities The Stock-Based Compensation Under the New York Community Bancorp, Inc. 2012 Stock Incentive Plan (the “2012 Stock Incentive Plan”), which was approved by the Company’s shareholders at its Annual Meeting on June 7, 2012, shares are available for grant as restricted stock or other forms of related rights. At December 31, 2019, the Company had 2,507,490 shares available for grant under the 2012 Stock Incentive Plan. Compensation cost related to restricted stock grants is recognized on a straight-line basis over the vesting period. For a more detailed discussion of the Company’s stock-based compensation, see Note 15, “Stock-Related Benefit Plans.” Retirement Plans The Company’s pension benefit obligations and post-retirement health and welfare benefit obligations, and the related costs, are calculated using actuarial concepts in accordance with GAAP. The measurement of such obligations and expenses requires that certain assumptions be made regarding several factors, most notably including the discount rate and the expected rate of return on plan assets. The Company evaluates these assumptions on an annual basis. Other factors considered by the Company in its evaluation include retirement patterns, mortality rates, turnover, and the rate of compensation increase. Under GAAP, actuarial gains and losses, prior service costs or credits, and any remaining transition assets or obligations that have not been recognized under previous accounting standards must be recognized in AOCL until they are amortized as a component of net periodic benefit cost. Earnings per Common Share (Basic and Diluted) Basic EPS is computed by dividing the net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the same method as basic EPS, however, the computation reflects the potential dilution that would occur if outstanding in-the-money 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 earnings per common share for the years ended December 31, 2019, 2018, and 2017: Years Ended December 31, (in thousands, except share and per share amounts) 2019 2018 2017 Net income available to common shareholders $ $ $ Less: Dividends paid on and earnings allocated to participating securities (4,333 ) (4,871 ) (3,554 ) Earnings applicable to common stock $ $ $ Weighted average common shares outstanding 465,380,010 487,287,872 487,073,951 Basic earnings per common share $ $ $ Earnings applicable to common stock $ $ $ Weighted average common shares outstanding 465,380,010 487,287,872 487,073,951 Potential dilutive common shares 283,322 — — Total shares for diluted earnings per common share computation 465,663,332 487,287,872 487,073,951 Diluted earnings per common share and common share equivalent s $ $ $ Impact of Recent Accounting Pronouncements Recently Adopted Accounting Standards The Company adopted ASU No. 2018-16, No. 2018-16 No. 2018-16 2018-16 The Company adopted ASU No. 2018-15, 350-40): No. 2018-15 internal-use internal-use No. 2018-15 The Company adopted ASU No. 2017-08, 310-20): 2017-08 2017-08 The Company adopted ASU No. 2016-02, right-of-use No. 2016-02 may elect to apply. The Company adopted the practical expedients of: not reevaluating whether or not a contract contains a lease; retaining current lease classification; not reassessing initial direct costs for existing leases; and not reassessing existing land easements that were not previously accounted for as leases under current lease accounting rules. Accordingly, previously reported financial statements, including footnote disclosures, have not been recast to reflect the application of ASU N o. 2016-02 to all comparative periods presented. The adoption of ASU N o. 2016-02, as reflected in Note 7, did not have a material impact on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
Reclassifications Out of Accumulated Other Comprehensive Loss | NOTE 3: RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE LOSS (in thousands) For the Twelve Details about Accumulated Other Comprehensive Loss Amount Reclassified out Other Comprehensive Loss (1) Affected Line Item in the Consolidated Statements of Income and Comprehensive Income Unrealized gains on available-for-sale : $ 5,445 Net (1,527 ) Income tax expense $ 3,918 Net gain on securities, net of tax Unrealized gains on cash flow : $ 154 Interest expense (43 ) Income tax benefit $ 111 Net gain on cash flow hedges Amortization of defined benefit pension plan items: Past service liabilit y $ 249 Included in the computation of net periodic credit (2) Actuarial losse s (10,160 ) Included in the computation of net periodic c os (2) (9,911 ) Total before tax 2,726 Income tax benefit $ (7,185 ) Amortization of Total reclassifications for the period $ (3,156 ) (1) Amounts in parentheses indicate expense items. (2) See Note 14, “Employee Benefits,” for additional information. |
Securities
Securities | 12 Months Ended |
Dec. 31, 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 December 31, 2019 and 2018: December 31, 2019 (in thousands) Amortized Gross Gross Fair Value Debt securities available-for-sale Mortgage-Related Debt Securities: GSE certificates $ 1,530,317 $ 26,069 $ 3,763 $ 1,552,623 GSE CMOs 1,783,440 21,213 3,541 1,801,112 Total mortgage-related debt securities $ 3,313,757 $ 47,282 $ 7,304 $ 3,353,735 Other Debt Securities: U. S. Treasury obligations $ 41,820 $ 19 $ — $ 41,839 GSE debentures 1,093,845 5,707 5,312 1,094,240 Asset-backed securities (1) 384,108 — 10,854 373,254 Municipal bonds 26,808 559 475 26,892 Corporate bonds 854,195 15,970 2,983 867,182 Capital trust notes 95,100 7,121 6,306 95,915 Total other debt securities $ 2,495,876 $ 29,376 $ 25,930 $ 2,499,322 Total other securities available for sale (2) $ 5,809,633 $ 76,658 $ 33,234 $ 5,853,057 Equity securities: Preferred stock 15,292 122 — 15,414 Mutual funds and common stock (3) 16,871 718 173 17,416 Total equity securities $ 32,163 $ 840 $ 173 $ 32,830 Total securities $ 5,841,796 $ 77,498 $ 33,407 $ 5,885,887 (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 portion of OTTI recorded in AOCL. At December 31, 2019, the non-credit portion of OTTI recorded in AOCL was $8.6 million before taxes. (3) Primarily consists of mutual funds that are CRA-qualified investments. 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 other 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 portion of OTTI recorded in AOCL. At December 31, 2018, the non-credit portion of OTTI recorded in AOCL was $ 8.6 (3) Primarily consists of mutual funds that are CRA-qualified investments. At December 31, 2019 and 2018, respectively, the Company had $647.6 million and $644.6 million of FHLB-NY FHLB-NY The following table summarizes the gross proceeds, gross realized gains, and gross realized losses from the sale of available-for-sale December 31, (in thousands) 2019 2018 2017 Gross proceeds $ 361,311 $ 278,539 $ 453,878 Gross realized gains 5,445 967 3,848 Gross realized losses — 981 860 Net unrealized gains on equity securities recognized in earnings for the year ended December 31, 2019 were $2.3 million. Net unrealized losses on equity securities recognized in earnings for the year ended December 31, 2018 were $2.0 million. In addition, held-to-maturity held-to-maturity available-for-sale available-for-sale 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 Twelve Months Ended December 31, 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 55 Ending credit loss amount as of December 31, 2019 $ 196,132 The following table summarizes, by contractual maturity, the amortized cost of securities at December 31, 2019: (dollars in thousands) Mortgage- Related Average U.S. Average State, County, Average (1) Other Debt (2) Average Fair Value Available-for-Sale Due within one year $ 60,091 3.26 % $ 41,820 1.77 % $ 148 6.66 % $ 13,982 3.79 % $ 116,450 Due from one to five years 497,541 3.37 32,874 3.48 — — 179,566 3.28 727,437 Due from five to ten years 330,095 3.22 939,971 3.01 20,773 3.49 749,871 3.22 2,061,599 Due after ten years 2,426,030 2.85 121,000 2.83 5,887 3.33 389,984 2.67 2,947,571 Total debt securities available for sale $ 3,313,757 2.97 $ 1,135,665 2.96 $ 26,808 3.47 $ 1,333,403 3.07 $ 5,853,057 (1) Not presented on a tax-equivalent basis. (2) Includes corporate bonds, capital trust notes, and asset-backed securities. The following table presents securities having a 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. Treasur y $ 11,917 $ — $ — $ — $ 11,917 $ — GSE debentures 297,179 3,916 138,189 1,396 435,368 5,312 GSE certificates 396,930 3,718 7,542 45 404,472 3,763 GSE CMOs 609,502 2,582 133,955 959 743,457 3,541 Asset-backed securities 256,619 7,701 116,635 3,154 373,254 10,855 Municipal bonds — — 9,349 475 9,349 475 Corporate bonds 99,300 700 172,717 2,282 272,017 2,982 Capital trust notes — — 37,525 6,306 37,525 6,306 Equity securities — — 11,633 173 11,633 173 Total temporarily impaired securities $ 1,671,447 $ 18,617 $ 627,545 $ 14,790 $ 2,298,992 $ 33,407 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: GSE debentures $ 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 December 31, 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 December 31, 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 December 31, 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 December 31, 2019 consisted of seven US Government agency securities, five capital trusts notes, three agency mortgage-related securities, three agency CMO s three asset backed sec urities, two corporate bonds, C MO s At December 31, 2019, the fair value of securities having a continuous loss position for twelve months or more was 2.3% below the collective amortized cost of $642.3 million. At December 31, 2018, the fair value of such securities was 2.9% below the collective amortized cost of $782.4 million. At December 31 2018 |
Loans and Leases
Loans and Leases | 12 Months Ended |
Dec. 31, 2019 | |
Loans and Leases | NOTE 5: LOANS AND LEASE S The following table sets forth the composition of the loan and lease portfolio at the dates indicated: December 31, 2019 December 31, 2018 (dollars in thousands) Amount Percent of Amount Percent of Investment Loans and Leases Held for Investment: Mortgage Loans: Multi-family $ 31,158,672 74.46 % $ 29,883,919 74.46 % Commercial real estate 7,081,910 16.93 6,998,834 17.44 One-to-four 380,361 0.91 446,094 1.11 Acquisition, development, and construction 200,596 0.48 407,870 1.02 Total mortgage loans held for investment 38,821,539 92.78 37,736,717 94.03 Other Loans: Commercial and industrial 1,742,380 4.16 1,705,308 4.25 Lease financing, net of unearned income of $104,826 and $53,891, respectively 1,271,998 3.04 683,112 1.70 Total commercial and industrial loans (1) 3,014,378 7.20 2,388,420 5.95 Other 8,102 0.02 8,724 0.02 Total other loans held for investment 3,022,480 7.22 2,397,144 5.97 Total loans and leases held for investment $ 41,844,019 100.00 % $ 40,133,861 100.00 % Net deferred loan origination costs 50,136 32,047 Allowance for loan (147,638 ) (159,820 ) Total loans and leases, net $ 41,746,517 $ 40,006,088 (1) Includes specialty finance loans and leases of $2.6 billion and $1.9 billion, respectively, at December 31 31 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 performed. To further manage its credit risk, the Company’s lending policies limit the amount of credit granted to any one borrower and typically require conservative debt service coverage ratios and loan-to-value . 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 December 1 Asset Quality The following table presents information regarding the quality of the Company’s loans held for investment at December 31, 2019: (in thousands) Loans 30-89 Non- Loans 90 Days or More Total Past Due Current Total Loans Multi-family $ 1,131 $ 5,407 $ — $ 6,538 $ 31,152,134 $ 31,158,672 Commercial real estate 2,545 14,830 — 17,375 7,064,535 7,081,910 One-to-four — 1,730 — 1,730 378,631 380,361 Acquisition, development, and construction — — — — 200,596 200,596 Commercial and industrial (1) (2) — 39,024 — 39,024 2,975,354 3,014,378 Other 44 252 — 296 7,806 8,102 Total $ 3,720 $ 61,243 $ — $ 64,963 $ 41,779,056 $ 41,844,019 (1) Includes $30.4 million of taxi medallion-related loans that were 90 days or more past due . There wer e no taxi medallion -related (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- 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 December 31, 2019: Mortgage Loans Other Loans (in thousands) Multi-Family Commercial One-to-Four Acquisition, Total Commercial (1) Other Total Other Credit Quality Indicator: Pass $ 30,903,657 $ 6,902,218 $ 377,883 $ 158,751 $ 38,342,509 $ 2,960,557 $ 7,850 $ 2,968,407 Special mention 239,664 104,648 748 41,456 386,516 1,588 — 1,588 Substandard 15,351 75,044 1,730 389 92,514 52,233 252 52,485 Doubtful — — — — — — — Total $ 31,158,672 $ 7,081,910 $ 380,361 $ 200,596 $ 38,821,539 $ 3,014,378 $ 8,102 $ 3,022,480 (1) Includes lease financing receivables, all of which were classified as Pass. 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 delinquency. At December 31, 2019 and 2018, the Company had no residential mortgage loans in the process of foreclosure . The interest income that would have been recorded under the original terms of non-accrual December 31, (in thousands) 2019 2018 2017 Interest income that would have been recorded $ 5,599 $ 4,145 $ 4,974 Interest income actually recorded (3,409 ) (3,480 ) (2,904 ) Interest income foregone $ 2,190 $ 665 $ 2,070 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 December 31 The following table presents information regarding the Company’s TDRs as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 (in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Loan Category: Multi-family $ — $ 3,577 $ 3,577 $ — $ 4,220 $ 4,220 Commercial real estate — — — — — — One-to-four — 584 584 — 1,022 1,022 Acquisition, development, and construction 389 — 389 8,297 — 8,297 Commercial and industrial (1) 865 35,084 35,949 865 20,477 21,342 Total $ 1,254 $ 39,245 $ 40,499 $ 9,162 $ 25,719 $ 34,881 (1) Includes $27.3 million and $20.4 million of taxi medallion-related loans at December 31, 2019 and 2018, respectively. The eligibility of a borrower for work-out The financial effects of the Company’s TDRs for the twelve months ended December 31, 2019, 2018 and 2017 are summarized as follows: For the Twelve Months Ended December 31, 2019 (dollars in thousands) Weighted Average Interest Rate Number of Loans Pre- Modification Post- Modification Pre- Modification Post- Charge-off Capitalized Interest Loan Category: One-to-four family 1 $ 131 $ 131 5.50 % 5.50 % $ — $ 3 Commercial and industrial 72 35,156 30,685 4.31 4.37 4,471 — Total 73 $ 35,287 $ 30,816 $ 4,471 $ 3 For the Twelve Months Ended December 31, 2018 (dollars in thousands) Weighted Average Interest Rate 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 21 7,763 5,455 3.25 3.13 2,308 — Total 22 $ 8,663 $ 6,355 $ 2,308 $ — For the Twelve Months Ended December 31, 2017 (dollars in thousands Weighted Average Interest Rate Number of Pre- Modification Post- Modification Pre- Modification Post- Charge-off Capitalized Interest Loan Category: One-to-four 4 $ 810 $ 986 5.93 % 2.21 % $ — $ 12 Acquisition, development, and construction 2 8,652 8,652 5.50 5.50 — — Commercial and industrial 65 52,179 26,409 3.36 3.29 14,273 — Total 71 $ 61,641 $ 36,047 $ 14,273 $ 12 At December 31 one-to-four million 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 | 12 Months Ended |
Dec. 31, 2019 | |
Allowances for Loan Losses | NOTE 6: ALLOWANCE FOR LOAN LOSSES The following tables provide additional information regarding the Company’s allowance (in thousands) Mortgage Other Total Allowance for Loan Losses at December 31, 2019: Loans individually evaluated for impairment $ — $ 116 $ 116 Loans collectively evaluated for impairment 122,694 24,828 147,522 Total $ 122,694 $ 24,944 $ 147,638 (in thousands) Mortgage Other Total Allowance for Loan Losses at December 31, 2018: Loans collectively evaluated for impairmen t $ 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 December 31, 2019: Loans individually evaluated for impairment $ 19,267 $ 39,114 $ 58,381 Loans collectively evaluated for impairment 38,802,272 2,983,366 41,785,638 Total $ 38,821,539 $ 3,022,480 $ 41,844,019 (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 impairmen t 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 Twelve Months Ended December 31, 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 (1,613 ) (18,694 ) (20,307 ) (5,445 ) (12,897 ) (18,342 ) Recoveries 61 959 1,020 264 1,596 1,860 (Recovery of) provision for losses on loans (6,737 ) 13,842 7,105 7,889 10,367 18,256 Balance, end of period $ 122,694 $ 24,944 $ 147,638 $ 130,983 $ 28,837 $ 159,820 The following table presents additional information about the Company’s impaired loans at December 31, 2019: (in thousands) Recorded Unpaid Related Average Interest Impaired loans with no related allowance: Multi-family $ 3,577 $ 6,790 $ — $ 4,336 $ 266 Commercial real estate 14,717 19,832 — 6,140 371 One-to-four 584 602 — 811 21 Acquisition, development, and construction 389 1,289 — 3,508 364 Other 37,669 114,636 — 39,598 2,494 Total impaired loans with no related allowance $ 56,936 $ 143,149 $ — $ 54,393 $ 3,516 Impaired loans with an allowance recorded: Multi-family $ — $ — $ — $ — $ — Commercial real estate — — — — — One-to-four — — — — — Acquisition, development, and construction — — — — — Other 1,445 4,173 116 4,111 13 Total impaired loans with an allowance recorded $ 1,445 $ 4,173 $ 116 $ 4,111 $ 13 Total impaired loans: Multi-family $ 3,577 $ 6,790 $ — $ 4,336 $ 266 Commercial real estate 14,717 19,832 — 6,140 371 One-to-four 584 602 — 811 21 Acquisition, development, and construction 389 1,289 — 3,508 364 Other 39,114 118,809 116 43,709 2,507 Total impaired loans $ 58,381 $ 147,322 $ 116 $ 58,504 $ 3,529 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 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | NOTE 7. 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 secur ed 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 s 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 $70.1 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 Twelve Interest income on lease financing (1) $ 38,087 (1) Included in Interest Income – Mortgage and other loans and leases in the Consolidated Statements of Income and Comprehensive Income. At December 31, 2019, the carrying value of net investment in leases was $1.4 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) December 31, 2019 Net investment in the lease- lease payments receivable $ 1,302,760 Net investment in the lease- unguaranteed residual assets 74,064 Total lease payments $ 1,376,824 The following table presents the remaining maturity analysis of the undiscounted lease receivables as of December 31, 2019, as well as the reconciliation to the total amount of receivables recognized in the Consolidated Statements of Condition: (in thousands) December 31, 2019 2019 $ 13 2020 47,422 2021 135,430 2022 200,785 2023 79,105 Thereafter 914,069 Total lease payments 1,376,824 Plus: deferred origination costs 21,561 Less: unearned income (104,826 ) Total lease finance receivables, net $ 1,293,559 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 $38.4 million for the twelve months ended December 31, 2019. Included in the twelve 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 , During the twelve months ended December 31, 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 twelve months ended December 31, 2019. The components of lease expense were as follows: (in thousands) For the Twelve Components of l e Operating lease cost $ 28,695 Sublease income (105 ) Total lease cost $ 28,590 Supplemental cash flow information related to the leases for the following period: (in thousands) For the Twelve Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 28,695 Supplemental balance sheet information related to the leases for the following period: (in thousands, except lease term and discount rate) December 31, 2019 Operating Leases: Operating lease right-of-use $ 286,194 Operating lease liabilities 285,991 Weighted average remaining lease term 17 years Weighted average discount rate 3.23 % Maturities of lease liabilities (in thousands) December 31, 2019 2020 $ 27,304 2021 26,350 2022 25,515 2023 25,078 2024 24,414 Thereafter 255,547 Total lease payments 384,208 Less: imputed interest (98,217 ) Total present value of lease liabilities $ 285,991 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 The expense Income and , 9 201 8 and |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Deposits | NOTE 8: DEPOSITS The following table sets forth the weighted average interest rates for each type of deposit at December 31, 2019 and 2018: December 31, 2019 2018 (dollars in thousands) Amount Percent of Total Weighted Amount Percent of Total Weighted Interest-bearing checking and money market accounts $ 10,230,144 32.32 % 1.30 % $ 11,530,049 37.48 % 1.74 % Savings accounts 4,780,007 15.10 0.75 4,643,260 15.09 0.68 Certificates of deposit 14,214,858 44.90 2.30 12,194,322 39.64 2.15 Non-interest-bearing 2,432,123 7.68 — 2,396,799 7.79 — Total deposits $ 31,657,132 100.00 % 1.57 % $ 30,764,430 100.00 % 1.61 % At December 31, 2019 and 2018, the aggregate amount of deposits that had been reclassified as loan balances (i.e., overdrafts) was $2.4 million and $2.8 million, respectively. The scheduled maturities of certificates of deposit (“CDs”) at December 31, 2019 were as follows: (in thousands) 1 year or less $ 13,310,426 More than 1 year through 2 years 684,586 More than 2 years through 3 years 27,029 More than 3 years through 4 years 5,638 More than 4 years through 5 years 186,951 Over 5 years 228 Total CDs $ 14,214,858 The following table presents a summary of CDs in amounts of $100,000 or more by remaining term to maturity, at December 31, 2019: CDs of $100,000 or More Maturing Within (in thousands) 3 Months or Less Over 3 to 6 Months Over 6 to 12 Months Over 12 Months Total Total $ 1,884,127 $ 2,804,613 $ 2,626,676 $ 590,350 $ 7,905,766 Included , and were brokered deposits of $ billion and $ billion with weighted average interest rates of % and % at the respective year-ends. Brokered money market accounts represented $ billion and $ billion, respectively, of the December , and totals, and brokered interest-bearing checking accounts represented $ billion and $ million, respectively. Brokered CDs represented $ billion and $ billion of brokered deposits at December , and , respectively. |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2019 | |
Borrowed Funds | NOTE 9: BORROWED FUNDS The following table summarizes the Company’s borrowed funds at December 31, 2019 December 31, (in thousands) 2019 2018 Wholesale borrowings: FHLB advances $ 13,102,661 $ 13,053,661 Repurchase agreements 800,000 500,000 Total wholesale borrowings $ 13,902,661 $ 13,553,661 Junior subordinated debentures 359,866 359,508 Subordinated notes 295,066 294,697 Total borrowed fund s $ 14,557,593 $ 14,207,866 Accrued interest on borrowed funds is included in “Other liabilities” in the Consolidated Statements of Condition and amounted to $23.4 million and $23.5 million, respectively, at December 31, 2019 and 2018. FHLB Advances The contractual maturities and the next call dates of FHLB advances Contractual Maturity Earlier of Contractual Maturity (dollars in thousands) Year Amount Weighted Interest Rate Amount Weighted Interest Rate 2020 $ 4,525,000 2.06 $ 6,805,000 2.09 2021 822,661 2.40 4,222,661 2.30 2022 275,000 2.01 1,875,000 1.55 2023 — — 200,000 1.61 2028 4,350,000 2.40 — — 2029 3,130,000 1.55 — — Total FHLB advance s $ 13,102,661 2.07 % $ 13,102,661 2.07 % FHLB advances include both straight fixed-rate advances and advances under the FHLB convertible advance program, which gives the FHLB the option of either calling the advance after an initial lock-out one-time The Company had $1.0 billion of . During the twelve months ended December 31, 2019, the average balance of short-term FHLB advances were $52.4 million, with a weighted average interest rate of 1.9%, generating interest expense of $1.0 million. There were no short-term advances at December 31, 2018. During the twelve months ended at December 31, 2017, the average balances of short-term FHLB advances were $3.3 million, with a weighted average interest rate of 0.82%, generating interest expense of $27,000. At December 31, 2019 and 2018, respectively, the Bank had unused lines of available credit with the FHLB Company had of $100.0 million . The re were no over night FHLB advances a t December 31, Total FHLB advances generated interest expense of $259.0 million, $248.0 million, and $186.0 million, in the years ended December 31, 2019, 2018, and 2017, respectively. Repurchase Agreements The following table presents an analysis of the contractual maturities and next call dates of the Company’s outstanding repurchase agreements accounted for as secured borrowings at December 31, 2019 : Contractual Maturity Earlier of Contractual Maturity or Next Call Date (dollars in thousands) Year Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate 2021 $ — — % $ 400,000 2.31 % 2022 — — 400,000 2.16 2028 300,000 2.37 — — 2029 500,000 2.16 — — $ 800,000 2.24 $ 800,000 2.24 The following table provides the Mortgage-Related GSE Debentures and U.S. Treasury (dollars in thousands) Period of Maturity Amount Weighted Average Interest Rate Amortized Cost Fair Value Amortized Fair Value 30 to 90 days $ — — $ — $ — $ — $ — Greater than 90 days 800,000 2.24 % 232,836 238,180 636,190 637,050 Total $ 800,000 2.24 % $ 232,836 $ 238,180 $ 636,190 $ 637,050 The Company had no short-term repurchase agreements outstanding at December 31, 2019 or 2018. At December 31, 2019 and 2018, the accrued interest on repurchase agreements amounted to $1.7 million Federal Funds Purchased There were no federal funds purchased outstanding at December 31, 2019 or 2018. In 2019 and 2018, respectively, the average balances of federal funds purchased were $6.8 million a Junior Subordinated Debentures At December 31, 2019 and 2018, the Company had $359.9 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. The following junior subordinated debentures were outstanding at December 31, 2019: Issuer Interest of Capital Junior Capital Date of Original Issue Stated Maturity First Optional (dollars in thousands) New York Community Capital Trust V (BONUSES SM 6.00 % $ 145,940 $ 139,589 Nov. 4, 2002 Nov. 1, 2051 Nov. 4, 2007 (1) New York Community Capital Trust X 3.49 123,712 120,000 Dec. 14, 2006 Dec. 15, 2036 Dec. 15, 2011 (2) PennFed Capital Trust III 5.14 30,928 30,000 June 2, 2003 June 15, 2033 June 15, 2008 (2) New York Community Capital Trust XI 3.61 59,286 57,500 April 16, 2007 June 30, 2037 June 30, 2012 (2) Total junior subordinated debentures $ 359,866 $ 347,089 (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. The Bifurcated Option Note Unit SecuritiES SM non-callable The gross proceeds of the BONUSES units totaled $275.0 million and were allocated between the capital security and the warrant comprising such units in proportion to their relative values at the time of issuance. The value assigned to the warrants, $92.4 million, was recorded as a component of additional “paid-in s Consolidated Statements of Condition. The value assigned to the capital security component was $ million. The $ million difference between the assigned value and the stated liquidation amount of the capital securities was treated as an original issue discount, and is being amortized to interest expense over the 49-year life of the capital securities on a level-yield basis. At December , , this discount totaled $ million. The other three trust preferred securities noted in the preceding table were formed for the purpose of issuing Company Obligated Mandatorily Redeemable Capital Securities of Subsidiary Trusts Holding Solely Junior Subordinated Debentures (collectively, the “Capital Securities”). Dividends on the Capital Securities are payable either quarterly , , all dividends were current. Interest expense on junior subordinated debentures was $22.4 million, $21.7 million, and $19.6 million, respectively, for the years ended December 31, 2019, 2018, and 2017. Subordinated Notes At December 31, 2019 and 2018, the Company had $295.1 million and $294.7 million, respectively, of fixed-to-floating Date of Original Issue Stated Maturity Interest Rate (1) Original Issue Amount (dollars in thousands) Nov. 6, 2018 Nov. 6, 2028 5.90% $300,000 (1) From and including the date of original issuance to, but excluding November 6, 2023, the Notes will bear interest at an initial rate of 5.90% per annum payable semi-annually. Unless redeemed, from and including November 6, 2023 to but excluding the maturity date, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus 278 basis point payable quarterly. The interest expense on subordinated notes amounted to $18.3 million and $2.8 million, for the years ended December 31, 2019 and 2018, respectively. |
Federal, State And Local Taxes
Federal, State And Local Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Federal, State & Local Taxes | NOTE 10: FEDERAL, STATE, AND LOCAL TAXES The following table summarizes the components of the Company’s net deferred tax asset December 31, (in thousands) 2019 2018 Deferred Tax Assets: Allowance for loan losses $ 40,584 $ 45,611 Compensation and related benefit obligations 19,401 19,693 Acquisition accounting and fair value adjustments on securities (including OTTI) — 6,728 Non-accrual 624 431 Net operating loss carryforwards 19,750 — Other 12,169 11,349 Gross deferred tax assets 92,528 83,812 Valuation allowance — — Deferred tax asset after valuation allowance $ 92,528 $ 83,812 Deferred Tax Liabilities: Amortizable intangibles $ (2,480 ) $ (2,263 ) Acquisition accounting and fair value adjustments on securities (including OTTI) (9,742 ) — Mortgage servicing rights — (223 ) Premises and equipment (7,578 ) (11,242 ) Prepaid pension cost (22,739 ) (19,135 ) Leases (237,429 ) (115,259 ) Other (13,991 ) (14,800 ) Gross $ (293,959 ) $ (162,922 ) Net deferred tax liabilit y $ (201,431 ) $ (79,110 ) The deferred tax liability represents the anticipated federal, state, and local tax expenses or benefits that are expected to be realized in future years upon the utilization of the underlying tax attributes comprising said balances. The net deferred tax liability is included in “Other liabilities” in the Consolidated Statements of Condition at December 31, 2019 and 2018. At December 31, 2019, the Company had a federal net operating loss (“NOL”) carry forward of $94.0 million, which was available to offset future federal taxable income. The NOL may be carried forward to any future calendar tax year after 2019 and is not subject to expiration. The Company has determined that all deductible temporary differences and net operating loss carryforwards are more likely than not to provide a benefit in reducing future federal, state, and local tax liabilities, as applicable. The Company has reached this determination based on its history of reporting positive taxable income in all relevant tax jurisdictions, the length of time available to utilize the net operating loss carryforwards, and the recognition of taxable income in future periods from taxable temporary differences. The following table summarizes the Company’s income tax expense for the years ended December 31, 2019, 2018, and 2017: December 31, (in thousands) 2019 2018 2017 Federal – current $ 4,069 $ 89,187 $ 153,587 State and local – current 23,382 22,868 26,983 Total current 27,451 112,055 180,570 Federal – deferred 100,971 13,058 3,498 State and local – deferred (158 ) 10,139 17,946 Total deferred 100,813 23,197 21,444 Income tax expense reported in net income 128,264 135,252 202,014 Income tax expense reported in stockholders’ equity related to: Securities available-for-sale 16,142 (32,162 ) 28,495 Pension liability adjustments 5,033 4,897 2,234 Cash Flow Hedge 333 — — Non-credit portion of OTTI losses — 821 13 Total income taxes $ 149,772 $ 108,808 $ 232,756 The following table presents a reconciliation of statutory federal income tax expense (benefit) to combined actual income tax expense (benefit) reported in net income for the years ended December 31, 2019, 2018, and 2017: December 31, (in thousands) 2019 2018 2017 Statutory federal income tax at 21 21 35 $ 109,894 $ 117,111 $ 233,875 State and local income taxes, net of federal income tax effect 18,346 24,451 29,204 Effect of tax law changes — 1,625 (41,943 ) Non-deductible 6,938 8,852 — Effect of tax deductibility of ESOP (3,163 ) (3,116 ) (5,083 ) Non-taxable (5,981 ) (5,957 ) (9,529 ) Federal tax credits (750 ) (531 ) (1,386 ) Adjustments relating to prior tax years 373 (7,246 ) 144 Other, ne t 2,607 63 (3,268 ) Total income tax expense $ 128,264 $ 135,252 $ 202,014 GAAP requires that the impact of tax legislation be recognized in the The Company invests in affordable housing projects through limited partnerships that generate federal Low Income Housing Tax Credits. The balances of these investments, which are included in “Other assets” in the Consolidated Statements of Condition, were $57.1 million and $62.3 million, respectively, at December 31, 2019 and 2018, and included commitments of $29.1 million and $37.2 million that are expected to be funded over the next two GAAP prescribes a recognition threshold and measurement attribute for use in connection with the obligation of a company to recognize, measure, present, and disclose in its financial statements uncertain tax positions that the Company has taken or expects to take on a tax return. As of December 31, 2019, the Company had $35.7 million of unrecognized gross tax benefits. Gross tax benefits do not reflect the federal tax effect associated with state tax amounts. The total amount of net unrecognized tax benefits at December 31, 2019 that would have affected the effective tax rate, if recognized, was $28.2 million. Interest and penalties (if any) related to the underpayment of income taxes are classified as a component of income tax expense in the Consolidated Statements of Income The following table summarizes changes in the liability for unrecognized gross tax benefits for the years ended December 31, 2019, 2018, and 2017: December 31, (in thousands) 2019 2018 2017 Uncertain tax positions at beginning of year $ 33,357 $ 33,681 $ 33,487 Additions for tax positions relating to current-year operations 925 — 4,332 Additions for tax positions relating to prior tax years 2,036 1,660 1,398 Subtractions for tax positions relating to prior tax years (569 ) (1,984 ) (5,101 ) Reductions in balance due to settlements — — (435 ) Uncertain tax positions at end of year $ 35,749 $ 33,357 $ 33,681 The Company and its subsidiaries have filed tax returns in many states. The following are the more significant tax filings that are open for examination: • Federal tax filings for tax years 201 6 • New York State tax filings for tax years 2010 through the present; • New York City tax filings for tax years 2011 through the present; and • New Jersey tax filings for tax years 201 5 In addition to other state audits, the Company is currently under examination by the following taxing jurisdictions of significance to the Company: • New York State for the tax years 2010 through 2014; and • New York City for the tax years 2011 and 201 4 It is reasonably possible that there will be developments within the next twelve months that would necessitate an adjustment to the balance of unrecognized tax benefits, including decreases of up to $21 million due to completion of tax authorities’ exams and the expiration of statutes of limitations. As a savings institution, the Bank is subject to a special federal tax provision regarding its frozen tax bad debt reserve. At December 31, 2019, the Bank’s federal tax bad debt base-year reserve was $61.5 million, with a related federal deferred tax liability of $12.9 million, which has not been recognized since the Bank does not expect that this reserve will become taxable in the foreseeable future. Events that would result in taxation of this reserve include redemptions of the Bank’s stock or certain excess distributions by the Bank to the Company. |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 12 Months Ended |
Dec. 31, 2019 | |
Derivative and Hedging Activities | NOTE 11. DERIVATIVE AND HEDGING ACTIVITIES The Company’s derivative financial instruments consist of interest rate swaps. The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposure to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate and liquidity risks, primarily by managing the amount, sources, and duration of its assets and liabilities and, from time to time, the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Title VII of the 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 December 31, 2019, all of the Company’s $2.8 billion notional derivative contracts were cleared on the LCH. Daily variation margin payments on derivatives cleared through the LCH are accounted for as legal settlement. For derivatives cleared through LCH, the net gain (loss) position includes the variation margin amounts as settlement of the derivative and not collateral against the fair value of the derivative, which includes accrued interest; therefore, those interest rate and derivative contracts the Company clears through the LCH are reported at a fair value of approximately zero at December 31, 2019. 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 December 31, 2019, the Company had a net negative exposure. Fair Value of Hedges of Interest Rate Risk The Company is exposed to changes in the fair value of certain of its fixed-rate assets due to changes in 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 billion to hedge certain real estate loans. For the twelve months ended December 31, 2019, the floating rate received related to the net settlement of this interest rate swap was less than the fixed rate payments. As such, interest income from Mortgage and Other Loans and Leases in the accompanying Consolidated Statements of Income and Comprehensive Income was decreased by $3.4 million As of December 31, 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) December 31, 2019 Line Item in the Consolidated Statements of Condition in which the Hedge Item Carrying Cumulative Amount of Fair Total loans and leases, net (1) $ 2,053,483 $ 53,483 (1) These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At December 31, 2019, the amortized cost basis of the closed portfolios used in these hedging relationships was $ 4.5 53.5 2.0 The following table sets forth information regarding the Company’s derivative financial instruments at December 31, 2019. The Company had no such derivative financial instruments at December 31, 2018. December 31, 2019 (in thousands) Fair Value Notional Other Other Derivatives designated as fair value Interest rate swap $ 2,000,000 $ — $ — Total derivatives designated as fair value $ 2,000,000 $ — $ — 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 such (in thousands) For the Twelve Derivative – interest rate swap: Interest income $ (53,483 ) Hedged item – loans: Interest income $ 53,483 Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of amounts subject to variability caused by changes in interest rates from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Changes in the fair value of derivatives designated and that qualify as cash flow hedges are initially recorded in other comprehensive income and are subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Interest rate swaps with notional amounts totaling $800.0 million no such The following table summarizes information about the interest rate swaps designated as cash flow hedges at December 31, 2019: (dollars in thousands) December 31, 2019 Notional amounts $ 800,000 Cash collateral posted 1,185 Weighted average pay rates 1.62 % Weighted average receive rates 1.90 % Weighted average maturity 2.5 years The following table presents the effect of the Company’s cash flow derivative instruments on AOCL for the year ending December 31, 2019. The Company had no such (in thousands) For the Twelve Amount of gain (loss) recognized in AOCL $ 1,340 Amount of gain (loss) reclassified from AOCL to interest expense 154 Gains (losses) included in the Consolidated Statements of Income related to interest rate derivatives designated as cash flow hedges during the year ended December 31, 2019 was $154,000. Amounts reported in AOCL related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate borrowings. During the next twelve months, the Company estimates that an additional $3.0 million will be reclassified as a decrease to interest expense. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies | NOTE 12: COMMITMENTS AND CONTINGENCIES Pledged Assets The Company pledges securities to serve as collateral for its repurchase agreements, among other purposes. At December 31, 2019, the Company had pledged available for sale mortgage-related securities and other securities with carrying values of $651.3 million and $721.0 million, respectively. At December 31, 2018, the Company had pledged available for sale mortgage-related securities and other securities with carrying values of $840.7 million and $388.0 million, respectively. In addition, the Company had $32.6 billion and $31.4 billion of loans pledged to the FHLB-NY Loan Commitments and Letters of Credit At December 31, 2019 and 2018, the Company had commitments to originate loans, including unused lines of credit, of $2.0 billion and $2.0 billion, respectively. The majority of the outstanding loan commitments at those dates were expected to close within 90 days. In addition, the Company had commitments to originate letters of credit totaling $509.9 million and $508.1 The following table summarizes the Company’s off-balance (in thousands) Mortgage Loan Commitments: Multi-family and commercial real estate $ 251,679 One-to-four 801 Acquisition, development, and construction 205,499 Total mortgage loan commitments $ 457,979 Other loan commitments 1,548,513 Total loan commitments $ 2,006,492 Commercial, performance stand-by, stand-by 509,942 Total commitments $ 2,516,434 Financial Guarantees The Company provides guarantees and indemnifications to its customers to enable them to complete a variety of business transactions and to enhance their credit standings. These guarantees are recorded at their respective fair values in “Other liabilities” in the Consolidated Statements of Condition. The Company deems the fair value of the guarantees to equal the consideration received. The following table summarizes the Company’s guarantees and indemnifications at December 31, 2019: (in thousands) Expires Expires Total Maximum Potential Future Payments Financial stand-by $ 164,776 $ 58,014 $ 222,790 $ 448,602 Performance stand-by 3,351 — 3,351 3,351 Commercial letters of credit 2,401 361 2,762 57,989 Total letters of credit $ 170,528 $ 58,375 $ 228,903 $ 509,942 The maximum potential amount of future payments represents the notional amounts that could be funded under the guarantees and indemnifications if there were a total default by the guaranteed parties or if indemnification provisions were triggered, as applicable, without consideration of possible recoveries under recourse provisions or from collateral held or pledged. The Company collects fees upon the issuance of commercial and stand-by stand-by irrevoc able stand -by l c At December 31, 2019, the Company had no commitments to purchase securities. Legal Proceedings The Company is involved in various legal actions arising in the ordinary course of its business. All such actions in the aggregate involve amounts that are believed by management to be immaterial to the financial condition and results of operations of the Company. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Assets | NOTE 13: INTANGIBLE ASSETS Goodwill Goodwill is presumed to have an indefinite useful life and is tested for impairment, rather than amortized, at the reporting unit level, at least once a year. During year , goodwill was reduced by $9.8 million related to the sale of the Company’s we alth management busi ness, P eter B. Cannell & Co. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Employee Benefits | NOTE 14: EMPLOYEE BENEFITS Retirement Plan The New York Community Bancorp, Inc. Retirement Plan (the “Retirement Plan”) covers substantially all employees who had attained minimum age, service, and employment status requirements prior to the date when the individual plans were frozen by the banks of origin. Once frozen, the individual plans ceased to accrue additional benefits, service, and compensation factors, and became closed to employees who would otherwise have met eligibility requirements after the “freeze” date. The following table sets forth certain information regarding the Retirement Plan as of the dates indicated: December 31, (in thousands) 2019 2018 Change in Benefit Obligation: Benefit obligation at beginning of year $ 143,235 $ 151,411 Interest cost 5,660 5,085 Actuarial loss 18,806 (4,676 ) Annuity payments (6,473 ) (6,453 ) Settlements (1,332 ) (2,132 ) Benefit obligation at end of year $ 159,896 $ 143,235 Change in Plan Assets: Fair value of assets at beginning of year $ 210,246 $ 234,136 Actual return 40,117 (15,305 ) Contributions — — Annuity payments (6,473 ) (6,453 ) Settlements (1,332 ) (2,132 ) Fair value of assets at end of year $ 242,558 $ 210,246 Funded status (included in “Other assets”) $ 82,662 $ 67,011 Changes recognized in other comprehensive income for the year ended December 31: Amortization of prior service cost $ — $ — Amortization of actuarial loss (10,035 ) (7,179 ) Net actuarial (gain) (7,378 ) 26,768 Total recognized in other comprehensive income for the year (pre-tax) $ (17,413 ) $ 19,589 Accumulated other comprehensive loss (pre-tax) Prior service cost $ — $ — Actuarial loss, net 75,767 93,180 Total accumulated other comprehensive loss (pre-tax) $ 75,767 $ 93,180 In 2020, an estimated $7.3 million of unrecognized net actuarial loss for the Retirement Plan will be amortized from AOCL into net periodic benefit cost. The comparable amount recognized as net periodic benefit cost in 2019 was $10.0 million. No prior service cost will be amortized in 2020 and none was amortized in 2019. The discount rates used to determine the benefit obligation at December 31, 2019 and 2018 were 3.0% and 4.1%, respectively. The discount rate reflects rates at which the benefit obligation could be effectively settled. To determine this rate, the Company considers rates of return on high-quality fixed-income investments that are currently available and are expected to be available during the period until the pension benefits are paid. The expected future payments are discounted based on a portfolio of high-quality rated bonds (above-median AA curve) for which the Company relies on the Financial Times Stock Exchange (“FTSE”) (formerly Citigroup) Pension Liability Index that is published as of the measurement date. The components of net periodic pension expense (credit) were as follows for the years indicated: Years Ended December 31, (in thousands) 2019 2018 2017 Components of net periodic pension expense ( ) : Interest cost $ 5,660 $ 5,085 $ 5,616 Expected return on plan assets (13,933 ) (16,139 ) (16,290 ) Amortization of net actuarial loss 10,035 7,179 8,209 Net periodic pension expense ( ) $ 1,762 $ (3,875 ) $ (2,465 ) The following table indicates the weighted average assumptions used in determining the net periodic benefit cost for the years indicated: Years Ended December 31, 2019 2018 2017 Discount rate 4.1 % 3.4 % 3.9 % Expected rate of return on plan assets 6.8 7.0 7.5 As of December 31, 2019 Retirement Plan assets were invested in two diversified investment portfolios of the Pentegra Retirement Trust (the “Trust”) (formerly known as “RSI Retirement Trust”), a private placement investment fund. The Company (in this context, the “Plan Sponsor”) chooses the specific asset allocation for the Retirement Plan within the parameters set forth in the Trust’s Investment Policy Statement. The long-term investment objectives are to maintain the Retirement Plan’s assets at a level that will sufficiently cover the Plan Sponsor’s long-term obligations, and to generate a return on those assets that will meet or exceed the rate at which the Plan Sponsor’s long-term obligations will grow. The Retirement Plan allocates its assets in accordance with the following targets: • To hold 55 non-U.S. • To hold 44 non-U.S. • To hold 1% of its assets in a cash-equivalent portfolio for liquidity purposes. In addition, the Retirement Plan holds Company shares, the value of which is approximately equal to 12% of the assets that are held by the Trust. The LTGE and LTGFI portfolios are designed to provide long-term growth of equity and fixed-income assets with the objective of achieving an investment return in excess of the cost of funding the active life, deferred vesting, and all 30-year The following table presents information about the fair value measurements of the investments held by the Retirement Plan as of December 31, 2019: (in thousands) Total Quoted Prices in (Level 1) Significant Other (Level 2) Significant (Level 3) Equity: Large-cap (1) $ 21,279 $ — $ 21,279 $ — Large-cap (2) 21,852 — 21,852 — Large-cap (3) 15,978 — 15,978 — Mid-cap (4) 4,560 — 4,560 — Mid-cap (5) 4,871 — 4,871 — Mid-cap (6) 4,664 — 4,664 — Small-cap (7) 3,272 — 3,272 — Small-cap (8) 6,927 — 6,927 — Small-cap (9) 3,139 — 3,139 — International equity (10) 25,760 — 25,760 — Fixed Income Funds: Fixed Income – U.S. Core (11) 72,765 — 72,765 — Intermediate duration (12) 24,517 — 24,517 — Equity Securities: Company common stock 28,185 28,185 — — Cash Equivalents: Money market * 4,789 1,810 2,979 — $ 242,558 $ 29,995 $ 212,563 $ — * Includes cash equivalent investments in equity and fixed income strategies. (1) This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 70 (2) This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. (3) This fund tracks the performance of the S&P 500 Index by purchasing the securities represented in the Index in approximately the same weightings as the Index. (4) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Value Index. (5) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Growth Index. (6) This category seeks to track the performance of the S&P Midcap 400 Index. (7) This category consists of a selection of investments based on the Russell 2000 Value Index. (8) This category consists of a mutual fund invested in small cap growth companies along with a fund invested in a selection of investments based on the Russell 2000 Growth Index. (9) This category consists of a mutual fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10% of the market universe, or smaller than the 1000th largest US company. (10) This category invests primarily in medium to large non-US companies in developed and emerging markets. Under normal circumstances, at least 80% of total assets will be invested in equity securities, including common stocks, preferred stocks, and convertible securities. (11) This category currently includes equal investments in three mutual funds, two of which usually hold at least 80% of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50% or more in mortgage-backed securities guaranteed by the US government and its agencies. (12) This category consists of a mutual fund which invest in a diversified portfolio of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset backed securities, corporate and municipal bonds, CMOs, and other securities mostly rated A or better. Current Asset Allocation The asset allocations for the Retirement Plan as of December 31, 2019 and 2018 were as follows: At December 31, 2019 2018 Equity securities 58 % 57 % Debt securities 40 41 Cash equivalents 2 2 Total 100 % 100 % Determination of Long-Term Rate of Return The long-term rate of return on Retirement Plan assets assumption was based on historical returns earned by equities and fixed income securities, and adjusted to reflect expectations of future returns as applied to the Retirement Plan’s target allocation of asset classes. Equities and fixed income securities were assumed to earn long-term rates of return in the ranges of 6 8 3 5 5 7 Expected Contributions The Company does not expect to contribute to the Retirement Plan in 2020. Expected Future Annuity Payments The following annuity payments, which reflect expected future service, as appropriate, are expected to be paid by the Retirement Plan during the years indicated: (in thousands) 2020 $ 8,016 2021 7,855 2022 7,932 2023 8,031 2024 8,271 2025 and thereafter 43,671 Total $ 83,776 Qualified Savings Plan The Company maintains a defined contribution qualified savings plan in which all full-time employees are able to participate after three months of service and having attained age 21. No matching contributions were made by the Company to this plan during the years ended December 31, 2019 or 2018. Post-Retirement Health and Welfare Benefits The Company offers certain post-retirement benefits, including medical, dental, and life insurance (the “ Health The Health & Welfare Plan is an unfunded plan and is not expected to hold assets for investment at any time. Any contributions made to the Health & Welfare Plan are used to immediately pay plan premiums and claims as they come due. The following table sets forth certain information regarding the Health & Welfare Plan as of the dates indicated: December 31, (in thousands) 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 13,583 $ 16,349 Interest cost 512 513 Actuarial gain (1,233 ) (2,248 ) Premiums and claims paid (964 ) (1,031 ) Benefit obligation at end of year $ 11,898 $ 13,583 Change in plan assets: Fair value of assets at beginning of year $ — $ — Employer contribution 964 1,031 Premiums and claims paid (964 ) (1,031 ) Fair value of assets at end of year $ — $ — Funded status (included in “Other liabilities”) $ (11,898 ) $ (13,583 ) Changes recognized in other comprehensive income for the year ended December 31: Amortization of prior service cost $ 249 $ 249 Amortization of actuarial gain (124 ) (309 ) Net actuarial (gain) loss arising during the year (1,234 ) (2,248 ) Total recognized in other comprehensive income (pre-tax) $ (1,109 ) $ (2,308 ) Accumulated other comprehensive loss (pre-tax) Prior service cost $ (536 ) $ (785 ) Actuarial loss, net 1,466 2,823 Total accumulated other comprehensive income (pre-tax) $ 930 $ 2,038 The discount rates used in the preceding table were 2.9 3.9 The estimated net actuarial loss and the prior service liability that will be amortized from AOCL into net periodic benefit cost in 2020 are $ 25,000 249,000 The following table presents the components of net periodic benefit cost for the years indicated: Years Ended December 31, (in thousands) 2019 2018 2017 Components of Net Periodic Benefit Cost: Service cost $ — $ — $ — Interest cost 512 513 577 Amortization of past-service liability (249 ) (249 ) (249 ) Amortization of net actuarial loss 124 309 274 Net periodic benefit cost $ 387 $ 573 $ 602 The following table presents the weighted average assumptions used in determining the net periodic benefit cost for the years indicated: Years Ended December 31, 2019 2018 2017 Discount rate 3.9 % 3.3 % 3.7 % Current medical trend rate 6.5 6.5 6.5 Ultimate trend rate 5.0 5.0 5.0 Year when ultimate trend rate will be reached 2025 2024 2023 Had the assumed medical trend rate at December 31, 2019 increased by 1% for each future year, the accumulated post-retirement benefit obligation at that date would have increased by $ 650,000 26,000 548,000 22,000 Expected Contributions The Company expects to contribute $ 947,000 Expected Future Payments for Premiums and Claims The following amounts are currently expected to be paid for premiums and claims during the years indicated under the Health & Welfare Plan: (in thousands) 2020 $ 947 2021 920 2022 887 2023 858 2024 827 2025 and thereafter 3,659 Total $ 8,098 |
Stock-Related Benefit Plans
Stock-Related Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Stock-Related Benefit Plans | NOTE 15: STOCK-RELATED BENEFIT PLANS New York Community Bank Employee Stock Ownership Plan All full-time employees who have attained 21 years of age and have completed twelve consecutive months of credited service are eligible to participate in the ESOP, with benefits vesting on a six-year In 2019, 2018, and 2017, the Company allocated 349,356, 529,531, and 695,675 shares, respectively, to participants in the ESOP. For the years ended December 31, 2019, 2018, and 2017, the Company recorded ESOP-related compensation expense of $4.2 million, $5.0 million, and $9.2 million, respectively. Supplemental Executive Retirement Plan The has non-qualified paid-in Stock Based Compensation At December 31, 2019, the Company had a total of 2,507,490 shares available for grants as restricted stock, options, or other forms of related rights under the 2012 Stock Incentive Plan, which was approved by the Company’s shareholders at its Annual Meeting on June 7, 2012. The Company granted 2,031,198 shares of restricted stock, with an average fair value of $10.45 per share on the date of grant, during the twelve months ended December 31, 2019. During 2018 and 2017, the Company granted 2,543,023 shares and 2,956,249 shares, respectively, of restricted stock, which had average fair values of $13.50 and $15.16 per share on the respective grant dates. The shares of restricted stock that were granted during the years ended December 31, 2019, 2018, and 2017 vest over a period of five years. Compensation and benefits expense related to the restricted stock grants is recognized on a straight-line basis over the vesting period and totaled $30.9 million, $36.3 million, and $36.0 million, respectively, for the years ended December 31, 2019, 2018, and 2017. The following table provides a summary of activity with regard to restricted stock awards in the year ended December 31, 2019: For the Year Ended December 31, 2019 Number of Shares Weighted Average Fair Value Unvested at beginning of year 6,904,388 $ Granted 2,031,198 10.45 Vested (2,203,895 ) 15.18 Canceled (215,590 ) 12.89 Unvested at end of year 6,516,101 13.31 As of December 31, 2019, unrecognized compensation cost relating to unvested restricted stock totaled $63.3 million. This amount will be recognized over a remaining weighted average period of 2.7 years. In addition, during the twelve months ended December 31, 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 $1.1 million |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Measurements | NOTE 16: 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 December 31, 2019 and 2018, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at December 31, 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 $ — $ 1,552,623 $ — $ — $ 1,552,623 GSE CMOs — 1,801,112 — — 1,801,112 Total mortgage-related debt securities $ — $ 3,353,735 $ — $ — $ 3,353,735 Other Debt Securities Available for Sale: U. S. Treasury obligations $ 41,839 $ — $ — $ — $ 41,839 GSE debentures — 1,094,240 — — 1,094,240 Asset-backed securities — 373,254 — — 373,254 Municipal bonds — 26,892 — — 26,892 Corporate bonds — 867,182 — — 867,182 Capital trust notes — 95,915 — — 95,915 Total other debt securities $ 41,839 $ 2,457,483 $ — $ — $ 2,499,322 Total debt securities available for sale $ 41,839 $ 5,811,218 $ — $ — $ 5,853,057 Equity securities: — — Preferred stock $ 15,414 $ — $ — $ — $ 15,414 Mutual funds and common stock — 17,416 — — 17,416 Total equity securities $ 15,414 $ 17,416 $ — $ — $ 32,830 Total securities $ 57,253 $ 5,828,634 $ — $ — $ 5,885,887 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. Fair Value Option Gains and Losses Included in Income for Assets Where the Fair Value Option Has Been Elected The assets accounted for under the fair value option are initially measured at fair value. Gains and losses from the initial measurement and subsequent changes in fair value are recognized in earnings. The following table presents the changes in fair value related to initial measurement, and the subsequent changes in fair value included in earnings, for MSRs for the periods indicated: (Loss) Gain Included in Mortgage Banking Income from Changes in Fair Value (1) For the Twelve Months Ended December 31, (in thousands) 2019 2018 2017 Loans held for sale $ — $ — $ 899 Mortgage servicing rights — (224 ) (20,076 ) Total loss $ — $ (224 ) $ (19,177 ) (1) Included in “Non-interest Assets Measured at Fair Value on a Non-Recurring Certain assets are measured at fair value on a non-recurring non-recurring Fair Value Measurements at December 31, 2019 Using (in thousands) Quoted Prices in (Level 1) Significant Other (Level 2) Significant (Level 3) Total Fair Certain impaired loans (1) $ — $ — $ 42,767 $ 42,767 Other assets (2) — — 1,481 1,481 Total $ — $ — $ 44,248 $ 44,248 (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 December 31, 2019 and 2018: December 31, 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 $ 741,870 $ 741,870 $ 741,870 $ — $ — FHLB stock (1) 647,562 647,562 — 647,562 — Loans and leases, net 41,746,517 41,699,929 — — 41,699,929 Financial Liabilities: Deposits $ 31,657,132 $ 31,713,945 $ 17,442,274 (2) $ 14,271,671 (3) $ — Borrowed funds 14,557,593 14,882,776 — 14,882,776 — (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 Fair Value Quoted Prices in (Level 1) Significant (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 |
Dividend Restrictions
Dividend Restrictions | 12 Months Ended |
Dec. 31, 2019 | |
Dividend Restrictions | NOTE 17: DIVIDEND RESTRICTIONS The Parent Company is a separate legal entity from the Bank and must provide for its own liquidity. In addition to operating expenses and any share repurchases, the Parent Company is responsible for paying any dividends declared to the Company’s shareholders. As a Delaware corporation, the Parent Company is able to pay dividends either from surplus or, in case there is no surplus, from net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year. Various legal restrictions limit the extent to which the Company’s subsidiary bank can supply funds to the Parent Company and its non-bank paid-in 380.0 305.7 |
Parent Company Only Financial I
Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Parent Company Only Financial Information | NOTE 18: PARENT COMPANY-ONLY FINANCIAL INFORMATION The following tables present the condensed financial statements for New York Community Bancorp, Inc. (Parent Company only): Condensed Statements of Condition December 31, (in thousands) 2019 2018 ASSETS: Cash and cash equivalents $ 183,063 $ 228,618 Investments in subsidiaries 7,169,066 7,064,341 Receivables from subsidiaries 2,249 6,455 Other assets 23,338 23,724 Total assets $ 7,377,716 $ 7,323,138 LIABILITIES AND STOCKHOLDERS’ EQUITY: Junior subordinated debentures $ 359,866 $ 359,508 Subordinated notes 295,066 294,697 Other liabilities 11,090 13,698 Total liabilities 666,022 667,903 Stockholders’ equity 6,711,694 6,655,235 Total liabilities and stockholders’ equity $ 7,377,716 $ 7,323,138 Condensed Statements of Income Years Ended December 31, (in thousands) 2019 2018 2017 Interest income $ 668 $ 500 $ 943 Dividends received from subsidiaries 380,000 380,000 336,000 Other income 716 793 1,700 Gross income 381,384 381,293 338,643 Operating expenses 49,926 59,372 54,333 Income before income tax benefit and equity in underdistributed earnings of subsidiaries 331,458 321,921 284,310 Income tax benefit 13,669 16,616 19,575 Income before equity in underdistributed earnings of subsidiaries 345,127 338,537 303,885 Equity in underdistributed earnings of subsidiaries 49,916 83,880 162,316 Net income $ 395,043 $ 422,417 $ 466,201 Condensed Statements of Cash Flows Years Ended December 31, (in thousands) 2019 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 395,043 $ 422,417 $ 466,201 Change in other assets 386 256 10,122 Change in other liabilities (2,608 ) (1,152 ) (36,226 ) Other, net 32,776 36,677 36,330 Equity in underdistributed earnings of subsidiaries (49,916 ) (83,880 ) (162,316 ) Net cash provided by operating activities 375,681 374,318 314,111 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sales and repayments of securities — — 2,000 Change in receivable from subsidiaries, net 4,206 (1,705 ) 3,089 Investment in subsidiaries — — (420,000 ) Net cash provide d ) 4,206 (1,705 ) (414,911 ) CASH FLOWS FROM FINANCING ACTIVITIES: Treasury stock repurchased (75,220 ) (163,249 ) (18,463 ) Cash dividends paid on common and preferred stock (350,222 ) (365,889 ) (356,768 ) Proceeds from issuance of preferred stock — — 502,840 Proceeds from issuance of subordinated notes — 294,607 — Net cash (used in) provided by financing activities (425,442 ) (234,531 ) 127,609 Net (decrease) i (45,555 ) 138,082 26,809 Cash and cash equivalents at beginning of year 228,618 90,536 63,727 Cash and cash equivalents at end of year $ 183,063 $ 228,618 $ 90,536 |
Capital
Capital | 12 Months Ended |
Dec. 31, 2019 | |
Capital | NOTE 19: CAPITAL The Company is subject to examination, regulation, and periodic reporting under the Bank Holding Company Act of 1956, as amended, which is administered by the FRB. The FRB has adopted capital adequacy guidelines for bank holding companies (on a consolidated basis) that are substantially similar to those of the FDIC for the Bank. The following tables present the regulatory capital ratios for the Company at December 31, 2019 and 2018, in comparison with the minimum amounts and ratios required by the FRB for capital adequacy purposes: Risk-Based Capital At December 31, 2019 Common Equity Tier 1 Tier 1 Total Leverage Capital (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 3,818,311 9.91 % $ 4,321,151 11.22 % $ 5,111,990 13.27 % $ 4,321,151 8.66 % Minimum for capital adequacy purposes 1,733,826 4.50 2,311,768 6.00 3,082,358 8.00 1,996,966 4.00 Excess $ 2,084,485 5.41 % $ 2,009,383 5.22 % $ 2,029,632 5.27 % $ 2,324,185 4.66 % Risk-Based Capital At December 31, 2018 Common Equity Tier 1 Tier 1 Total Leverage Capital (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 3,806,857 10.55 % $ 4,309,697 11.94 % $ 5,112,079 14.16 % $ 4,309,697 8.74 % Minimum for capital adequacy purposes 1,624,366 4.50 2,165,822 6.00 2,887,763 8.00 1,972,440 4.00 Excess $ 2,182,491 6.05 % $ 2,143,875 5.94 % $ 2,224,316 6.16 % $ 2,337,257 4.74 % At December 31, 2019, our total risk-based capital ratio exceeded the minimum requirement for capital adequacy purposes by 527 phased-in 277 The Bank is subject to regulation, examination, and supervision by the NYSDFS and the FDIC (the “Regulators”). The Bank is also governed by numerous federal and state laws and regulations, including the FDIC Improvement Act of 1991, which established five categories of capital adequacy ranging from “well capitalized” to “critically undercapitalized.” Such classifications are used by the FDIC to determine various matters, including prompt corrective action and each institution’s FDIC deposit insurance premium assessments. Capital amounts and classifications are also subject to the Regulators’ qualitative judgments about the components of capital and risk weightings, among other factors. The quantitative measures established to ensure capital adequacy require that banks maintain minimum amounts and ratios of leverage capital to average assets and of common equity tier 1 capital, tier 1 capital, and total capital to risk-weighted assets (as such measures are defined in the regulations). At December 31, 201 9 As of December 31, 2019, the Company and the Bank are categorized as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as well capitalized, a bank must maintain a minimum common equity tier 1 risk-based capital ratio of 6.50 8.00 10.00 5.00 The following tables present the actual capital amounts and ratios for the Bank at December 31, 2019 and 2018 in comparison to the minimum amounts and ratios required for capital adequacy purposes. Risk-Based Capital At December 31, 2019 Common Equity Tier 1 Tier 1 Total Leverage Capital (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 4,785,217 12.42 % $ 4,785,217 12.42 % $ 4,933,900 12.81 % $ 4,785,217 9.59 % Minimum for capital adequacy purposes 1,733,085 4.50 2,310,780 6.00 3,081,040 8.00 1,996,288 4.00 Excess $ 3,052,132 7.92 % $ 2,474,437 6.42 % $ 1,852,860 4.81 % $ 2,788,929 5.59 % Risk-Based Capital At December 31, 2018 Common Equity Tier 1 Tier 1 Total Leverage Capital (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 4,725,497 13.10 % $ 4,725,497 13.10 % $ 4,886,450 13.54 % $ 4,725,497 9.58 % Minimum for capital adequacy purposes 1,623,575 4.50 2,164,766 6.00 2,886,355 8.00 1,972,625 4.00 Excess $ 3,101,922 8.60 % $ 2,560,731 7.10 % $ 2,000,095 5.54 % $ 2,752,872 5.58 % Preferred Stock On March 17, 2017, the Company issued 20,600,000 Fixed-to-Floating 0.01 1,000 25 6.375 Dividends will be payable in arrears on March 17, June 17, September 17, and December 17 of each year, which commenced on June 17, 2017. Treasury Stock Repurchases On October 23, 2018, the Board of Directors approved the repurchase of up to $ 300 7.1 16.8 67.1 160.8 |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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 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 9, “Borrowed Funds,” for additional information regarding these trusts. |
Cash and Cash Equivalents | Cash and Cash Equivalents For cash flow reporting purposes, cash and cash equivalents include cash on hand, amounts due from banks, and money market investments, which include federal funds sold and reverse repurchase agreements. At December 31, 2019 and 2018, the Company’s cash and cash equivalents totaled $ 741.9 m 1.5 608.4 m 1.3 b the FRB-NY. Also included in cash and cash equivalents at December 31, 2019 and 2018 were federal funds sold of $ 1.7 million and $ 5.2 million, respectively. There were no reverse repurchase agreements outstanding at December 31, 2019 or 2018 . |
Securities Available for Sale and Held to Maturity | Debt Securities and Equity Investments with Readily Determinable Fair Values The securities portfolio primarily consists of mortgage-related securities and, to a lesser extent, debt and equity (together, “other”) securities. Securities that are classified as “available for sale” are carried at their estimated fair value, with any unrealized gains or losses, net of taxes, reported as accumulated other comprehensive income or loss in stockholders’ equity. Securities that the Company has the intent and ability to hold to maturity are classified as “held to maturity” and carried at amortized cost, less the non-credit Equity investments with readily The fair values of our securities—and particularly of debt securities attributable to non-credit “Non-interest In accordance with OTTI accounting guidance, unless we have the intent to sell, or it is more likely than not that we may be required to sell a security before recovery, OTTI is recognized as a realized loss in earnings to the extent that the decline in fair value is credit-related. If there is a decline in fair value of a security below its carrying amount and we have the intent to sell it, or it is more likely than not that we may be required to sell the security before recovery, the entire amount of the decline in fair value is charged to earnings. Premiums and discounts on securities are amortized to expense and accreted to income over the remaining period to contractual maturity using a method that approximates the interest method, and are adjusted for anticipated prepayments. Dividend and interest income are recognized when earned. The cost of securities sold is based on the specific identification method. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock As a member of the FHLB-NY, FHLB-NY FHLB-NY. The Company conducts a periodic review and evaluation of its FHLB-NY FHLB-NY FHLB-NY |
Loans | Loans Loans, net, are carried at unpaid principal balances, including unearned discounts, purchase accounting (i.e., acquisition-date fair value) adjustments, net deferred loan origination costs or fees, and the allowance for loan losses. The Company recognizes interest income on loans using the interest method over the life of the loan. Accordingly, the Company defers certain loan origination and commitment fees, and certain loan origination costs, and amortizes the net fee or cost as an adjustment to the loan yield over the term of the related loan. When a loan is sold or repaid, the remaining net unamortized fee or cost is recognized in interest income. Prepayment income on loans is recorded in interest income and only when cash is received. Accordingly, there are no assumptions involved in the recognition of prepayment income. Two factors are considered in determining the amount of prepayment income: the prepayment penalty percentage set forth in the loan documents, and the principal balance of the loan at the time of prepayment. The volume of loans prepaying may vary from one period to another, often in connection with actual or perceived changes in the direction of market interest rates. When interest rates are declining, rising precipitously, or perceived to be on the verge of rising, prepayment income may increase as more borrowers opt to refinance and lock in current rates prior to further increases taking place. A loan generally is “non-accrual” non-accrual non-accrual |
Allowances for Loan Losses | Allowance for Loan Losses The allowance for loan losses represents our estimate of probable and estimable losses inherent in the loan portfolio as of the date of the balance sheet. Losses on loans are charged against, and recoveries of losses on loans are credited back to, the allowance for loan losses. The methodology used for the allocation of the allowance for loan losses at December 31, 2019 and December 31, 2018 was generally comparable, whereby the Bank segregated their loss factors (used for both criticized and non-criticized The allowance for loan losses is established based on management’s evaluation of incurred losses in the portfolio in accordance with GAAP, and is comprised of both specific valuation allowances and a general valuation allowance. Specific valuation allowances are established based on management’s analyses of individual loans that are considered impaired. If a loan is deemed to be impaired, management measures the extent of the impairment and establishes a specific valuation allowance for that amount. A loan is classified as impaired when, based on current information and/or events, it is probable that we will be unable to collect all amounts due under the contractual terms of the loan agreement. We apply this classification as necessary to loans individually evaluated for impairment in our portfolios. Smaller-balance homogenous loans and loans carried at the lower of cost or fair value are evaluated for impairment on a collective, rather than individual, basis. Loans to certain borrowers who have experienced financial difficulty and for which the terms have been modified, resulting in a concession, are considered TDRs and are classified as impaired. We primarily measure impairment on an individual loan and determine the extent to which a specific valuation allowance is necessary by comparing the loan’s outstanding balance to either the fair value of the collateral, less the estimated cost to sell, or the present value of expected cash flows, discounted at the loan’s effective interest rate. Generally, when the fair value of the collateral, net of the estimated cost to sell, or the present value of the expected cash flows is less than the recorded investment in the loan, any shortfall is promptly charged off. We also follow a process to assign the general valuation allowance to loan categories. The general valuation allowance is established by applying our loan loss provisioning methodology, and reflect the inherent risk in outstanding held-for-investment charge-off The allocation methodology consists of the following components: First, we determine an allowance for loan losses based on a quantitative loss factor for loans evaluated collectively for impairment. This quantitative loss factor is based primarily on historical loss rates, after considering loan type, historical loss and delinquency experience, and loss emergence periods. The quantitative loss factors applied in the methodology are periodically re-evaluated • Changes in lending policies and procedures, including changes in underwriting standards and collection, and charge-off • Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; • Changes in the nature and volume of the portfolio and in the terms of loans; • Changes in the volume and severity of past-due non-accrual • Changes in the quality of our loan review system; • Changes in the value of the underlying collateral for collateral-dependent loans; • The existence and effect of any concentrations of credit, and changes in the level of such concentrations; • Changes in the experience, ability, and depth of lending management and other relevant staff; and • The effect of other external factors, such as competition and legal and regulatory requirements, on the level of estimated credit losses in the existing portfolio. By considering the factors discussed above, we determine an allowance for loan losses that is applied to each significant loan portfolio segment to determine the total allowance for loan losses. The historical loss period we use to determine the allowance for loan losses on loans is a rolling 36-quarter look-back period, as we believe this produces an appropriate reflection of our historical loss experience. The process of establishing the allowance for losses on loans also involves: • Periodic inspections of the loan collateral by qualified in-house • Regular meetings of executive management with the pertinent Board committees, during which observable trends in the local economy and/or the real estate market are discussed; • Assessment of the aforementioned factors by the pertinent members of the Board of Directors and management when making a business judgment regarding the impact of anticipated changes on the future level of loan losses; and • Analysis of the portfolio in the aggregate, as well as on an individual loan basis, taking into consideration payment history, underwriting analyses, and internal risk ratings. In order to determine their overall adequacy, the loan loss allowance is reviewed quarterly by management Board Committees and the Board of Directors of the Bank, as applicable. We charge off loans, or portions of loans, in the period that such loans, or portions thereof, are deemed uncollectible. The collectability of individual loans is determined through an assessment of the financial condition and repayment capacity of the borrower and/or through an estimate of the fair value of any underlying collateral. For non-real past-due closed-end open-end closed-end open-end The level of future additions to the respective loan loss allowance is based on many factors, including certain factors that are beyond management’s control, such as changes in economic and local market conditions, including declines in real estate values, and increases in vacancy rates and unemployment. Management uses the best available information to recognize losses on loans or to make additions to the loan loss allowance; however, the Bank may be required to take certain charge-offs and/or recognize further additions to the loan loss allowance, based on the judgment of regulatory agencies with regard to information provided during their examinations of the Bank. An allowance for unfunded commitments is maintained separate from the allowance for loan losses and is included in Other liabilities in the Consolidated Statements of Condition. See Note 6, Allowance for Loan Losses for a further discussion of our allowance for loan losses. |
Goodwill | Goodwill We have significant intangible assets related to goodwill. In connection with our acquisitions, assets acquired and liabilities assumed are recorded at their estimated fair values. Goodwill represents the excess of the purchase price of our acquisitions over the fair value of identifiable net assets acquired, including other identified intangible assets. Our goodwill is evaluated for impairment annually as of year-end For annual goodwill impairment testing, we have the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill and other intangible assets. If we conclude that this is the case, we must perform the two-step two-step Step one requires the fair value of each reporting unit is compared to its carrying value in order to identify potential impairment. If the fair value of a reporting unit exceeds the carrying value of its net assets, goodwill is not considered impaired and no further testing is required. If the carrying value of the net assets exceeds the fair value of a reporting unit, potential impairment is indicated at the reporting unit level and step two of the impairment test is performed. Step two requires that when potential impairment is indicated in step one, we compare the implied fair value of goodwill with the carrying amount of that goodwill. Determining the implied fair value of goodwill requires a valuation of the reporting unit’s tangible and (non-goodwill) As of December 31, 2019, we had goodwill of $2.4 billion. During the year ended December 31, 2019, no triggering events were identified that indicated that the value of goodwill may be impaired. For the year ended December 31, 2019, the Company’s annual goodwill impairment assessment, using step one of the quantitative test, found no indication of goodwill impairment. |
Premises and Equipment, Net | Premises and Equipment, Net Premises, furniture, fixtures, and equipment are carried at cost, less the accumulated depreciation computed on a straight-line basis over the estimated useful lives of the respective assets (generally 20 years t hre Depreciation and amortization are included in “Occupancy and equipment expense” in the Consolidated Statements of Income |
Bank-Owned Life Insurance | Bank-Owned Life Insurance The Company has purchased life insurance policies on certain employees. These BOLI policies are recorded in the Consolidated Statements of Condition at their cash surrender value. Income from these policies and changes in the cash surrender value are recorded in “Non-interest Income b m |
Repossessed Assets | Repossessed Assets and OREO Repossessed assets consist of any property or other assets acquired through, or in lieu of, foreclosure are sold or rented, and are recorded at fair value, less the estimated selling costs, at the date of acquisition. Following foreclosure, management periodically performs a valuation of the asset, and the assets are carried at the lower of the carrying amount or fair value, less the estimated selling costs. Expenses and revenues from operations and changes in valuation, if any, are included in “General and administrative expense” in the Consolidated Statements of Income |
Income Taxes | Income Taxes Income tax expense consists of income taxes that are currently payable and deferred income taxes. Deferred income tax expense is determined by recognizing deferred tax assets and liabilities for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The Company assesses the deferred tax assets and establishes a valuation allowance when realization of a deferred asset is not considered to be “more likely than not.” The Company considers its expectation of future taxable income in evaluating the need for a valuation allowance. The Company estimates income taxes payable based on the amount it expects to owe the various tax authorities (i.e., federal, state, and local). Income taxes represent the net estimated amount due to, or to be received from, such tax authorities. In estimating income taxes, management assesses the relative merits and risks of the appropriate tax treatment of transactions, taking into account statutory, judicial, and regulatory guidance in the context of the Company’s tax position. In this process, management also relies on tax opinions, recent audits, and historical experience. Although the Company uses the best available information to record income taxes, underlying estimates and assumptions can change over time as a result of unanticipated events or circumstances such as changes in |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The |
Stock-Based Compensation | Stock-Based Compensation Under the New York Community Bancorp, Inc. 2012 Stock Incentive Plan (the “2012 Stock Incentive Plan”), which was approved by the Company’s shareholders at its Annual Meeting on June 7, 2012, shares are available for grant as restricted stock or other forms of related rights. At December 31, 2019, the Company had 2,507,490 shares available for grant under the 2012 Stock Incentive Plan. Compensation cost related to restricted stock grants is recognized on a straight-line basis over the vesting period. For a more detailed discussion of the Company’s stock-based compensation, see Note 15, “Stock-Related Benefit Plans.” |
Retirement Plans | Retirement Plans The Company’s pension benefit obligations and post-retirement health and welfare benefit obligations, and the related costs, are calculated using actuarial concepts in accordance with GAAP. The measurement of such obligations and expenses requires that certain assumptions be made regarding several factors, most notably including the discount rate and the expected rate of return on plan assets. The Company evaluates these assumptions on an annual basis. Other factors considered by the Company in its evaluation include retirement patterns, mortality rates, turnover, and the rate of compensation increase. Under GAAP, actuarial gains and losses, prior service costs or credits, and any remaining transition assets or obligations that have not been recognized under previous accounting standards must be recognized in AOCL until they are amortized as a component of net periodic benefit cost. |
Earnings (Loss) per Common Share (Basic and Diluted) | Earnings per Common Share (Basic and Diluted) Basic EPS is computed by dividing the net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the same method as basic EPS, however, the computation reflects the potential dilution that would occur if outstanding in-the-money 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 earnings per common share for the years ended December 31, 2019, 2018, and 2017: Years Ended December 31, (in thousands, except share and per share amounts) 2019 2018 2017 Net income available to common shareholders $ $ $ Less: Dividends paid on and earnings allocated to participating securities (4,333 ) (4,871 ) (3,554 ) Earnings applicable to common stock $ $ $ Weighted average common shares outstanding 465,380,010 487,287,872 487,073,951 Basic earnings per common share $ $ $ Earnings applicable to common stock $ $ $ Weighted average common shares outstanding 465,380,010 487,287,872 487,073,951 Potential dilutive common shares 283,322 — — Total shares for diluted earnings per common share computation 465,663,332 487,287,872 487,073,951 Diluted earnings per common share and common share equivalent s $ $ $ |
Recently Adopted/Issued Accounting Standards | Recently Adopted Accounting Standards The Company adopted ASU No. 2018-16, No. 2018-16 No. 2018-16 2018-16 The Company adopted ASU No. 2018-15, 350-40): No. 2018-15 internal-use internal-use No. 2018-15 The Company adopted ASU No. 2017-08, 310-20): 2017-08 2017-08 The Company adopted ASU No. 2016-02, right-of-use No. 2016-02 may elect to apply. The Company adopted the practical expedients of: not reevaluating whether or not a contract contains a lease; retaining current lease classification; not reassessing initial direct costs for existing leases; and not reassessing existing land easements that were not previously accounted for as leases under current lease accounting rules. Accordingly, previously reported financial statements, including footnote disclosures, have not been recast to reflect the application of ASU N o. 2016-02 to all comparative periods presented. The adoption of ASU N o. 2016-02, as reflected in Note 7, did not have a material impact on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Computation of Basic and Diluted Earnings (Loss) Per Common Share | The following table presents the Company’s computation of basic and diluted earnings per common share for the years ended December 31, 2019, 2018, and 2017: Years Ended December 31, (in thousands, except share and per share amounts) 2019 2018 2017 Net income available to common shareholders $ $ $ Less: Dividends paid on and earnings allocated to participating securities (4,333 ) (4,871 ) (3,554 ) Earnings applicable to common stock $ $ $ Weighted average common shares outstanding 465,380,010 487,287,872 487,073,951 Basic earnings per common share $ $ $ Earnings applicable to common stock $ $ $ Weighted average common shares outstanding 465,380,010 487,287,872 487,073,951 Potential dilutive common shares 283,322 — — Total shares for diluted earnings per common share computation 465,663,332 487,287,872 487,073,951 Diluted earnings per common share and common share equivalent s $ $ $ |
Reclassifications Out of Accu_2
Reclassifications Out of Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Reclassifications Out of Accumulated Other Comprehensive Loss | (in thousands) For the Twelve Details about Accumulated Other Comprehensive Loss Amount Reclassified out Other Comprehensive Loss (1) Affected Line Item in the Consolidated Statements of Income and Comprehensive Income Unrealized gains on available-for-sale : $ 5,445 Net (1,527 ) Income tax expense $ 3,918 Net gain on securities, net of tax Unrealized gains on cash flow : $ 154 Interest expense (43 ) Income tax benefit $ 111 Net gain on cash flow hedges Amortization of defined benefit pension plan items: Past service liabilit y $ 249 Included in the computation of net periodic credit (2) Actuarial losse s (10,160 ) Included in the computation of net periodic c os (2) (9,911 ) Total before tax 2,726 Income tax benefit $ (7,185 ) Amortization of Total reclassifications for the period $ (3,156 ) (1) Amounts in parentheses indicate expense items. (2) See Note 14, “Employee Benefits,” for additional information. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2019 and 2018: December 31, 2019 (in thousands) Amortized Gross Gross Fair Value Debt securities available-for-sale Mortgage-Related Debt Securities: GSE certificates $ 1,530,317 $ 26,069 $ 3,763 $ 1,552,623 GSE CMOs 1,783,440 21,213 3,541 1,801,112 Total mortgage-related debt securities $ 3,313,757 $ 47,282 $ 7,304 $ 3,353,735 Other Debt Securities: U. S. Treasury obligations $ 41,820 $ 19 $ — $ 41,839 GSE debentures 1,093,845 5,707 5,312 1,094,240 Asset-backed securities (1) 384,108 — 10,854 373,254 Municipal bonds 26,808 559 475 26,892 Corporate bonds 854,195 15,970 2,983 867,182 Capital trust notes 95,100 7,121 6,306 95,915 Total other debt securities $ 2,495,876 $ 29,376 $ 25,930 $ 2,499,322 Total other securities available for sale (2) $ 5,809,633 $ 76,658 $ 33,234 $ 5,853,057 Equity securities: Preferred stock 15,292 122 — 15,414 Mutual funds and common stock (3) 16,871 718 173 17,416 Total equity securities $ 32,163 $ 840 $ 173 $ 32,830 Total securities $ 5,841,796 $ 77,498 $ 33,407 $ 5,885,887 (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 portion of OTTI recorded in AOCL. At December 31, 2019, the non-credit portion of OTTI recorded in AOCL was $8.6 million before taxes. (3) Primarily consists of mutual funds that are CRA-qualified investments. 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 other 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 portion of OTTI recorded in AOCL. At December 31, 2018, the non-credit portion of OTTI recorded in AOCL was $ 8.6 (3) Primarily consists of mutual funds that are CRA-qualified investments. |
Summary of Gross Proceeds and Gross Realized Gains and Losses from Sale of Available-for-Sale Securities | The following table summarizes the gross proceeds, gross realized gains, and gross realized losses from the sale of available-for-sale December 31, (in thousands) 2019 2018 2017 Gross proceeds $ 361,311 $ 278,539 $ 453,878 Gross realized gains 5,445 967 3,848 Gross realized losses — 981 860 |
Credit Loss Component of Other Than Temporary Impairment on Debt Securities | (in thousands) For the Twelve Months Ended December 31, 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 55 Ending credit loss amount as of December 31, 2019 $ 196,132 |
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 December 31, 2019: (dollars in thousands) Mortgage- Related Average U.S. Average State, County, Average (1) Other Debt (2) Average Fair Value Available-for-Sale Due within one year $ 60,091 3.26 % $ 41,820 1.77 % $ 148 6.66 % $ 13,982 3.79 % $ 116,450 Due from one to five years 497,541 3.37 32,874 3.48 — — 179,566 3.28 727,437 Due from five to ten years 330,095 3.22 939,971 3.01 20,773 3.49 749,871 3.22 2,061,599 Due after ten years 2,426,030 2.85 121,000 2.83 5,887 3.33 389,984 2.67 2,947,571 Total debt securities available for sale $ 3,313,757 2.97 $ 1,135,665 2.96 $ 26,808 3.47 $ 1,333,403 3.07 $ 5,853,057 (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 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. Treasur y $ 11,917 $ — $ — $ — $ 11,917 $ — GSE debentures 297,179 3,916 138,189 1,396 435,368 5,312 GSE certificates 396,930 3,718 7,542 45 404,472 3,763 GSE CMOs 609,502 2,582 133,955 959 743,457 3,541 Asset-backed securities 256,619 7,701 116,635 3,154 373,254 10,855 Municipal bonds — — 9,349 475 9,349 475 Corporate bonds 99,300 700 172,717 2,282 272,017 2,982 Capital trust notes — — 37,525 6,306 37,525 6,306 Equity securities — — 11,633 173 11,633 173 Total temporarily impaired securities $ 1,671,447 $ 18,617 $ 627,545 $ 14,790 $ 2,298,992 $ 33,407 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: GSE debentures $ 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) | 12 Months Ended |
Dec. 31, 2019 | |
Composition of Loan and Lease Portfolio | The following table sets forth the composition of the loan and lease portfolio at the dates indicated: December 31, 2019 December 31, 2018 (dollars in thousands) Amount Percent of Amount Percent of Investment Loans and Leases Held for Investment: Mortgage Loans: Multi-family $ 31,158,672 74.46 % $ 29,883,919 74.46 % Commercial real estate 7,081,910 16.93 6,998,834 17.44 One-to-four 380,361 0.91 446,094 1.11 Acquisition, development, and construction 200,596 0.48 407,870 1.02 Total mortgage loans held for investment 38,821,539 92.78 37,736,717 94.03 Other Loans: Commercial and industrial 1,742,380 4.16 1,705,308 4.25 Lease financing, net of unearned income of $104,826 and $53,891, respectively 1,271,998 3.04 683,112 1.70 Total commercial and industrial loans (1) 3,014,378 7.20 2,388,420 5.95 Other 8,102 0.02 8,724 0.02 Total other loans held for investment 3,022,480 7.22 2,397,144 5.97 Total loans and leases held for investment $ 41,844,019 100.00 % $ 40,133,861 100.00 % Net deferred loan origination costs 50,136 32,047 Allowance for loan (147,638 ) (159,820 ) Total loans and leases, net $ 41,746,517 $ 40,006,088 (1) Includes specialty finance loans and leases of $2.6 billion and $1.9 billion, respectively, at December 31 31 |
Quality of Non-Covered Loans | The following table presents information regarding the quality of the Company’s loans held for investment at December 31, 2019: (in thousands) Loans 30-89 Non- Loans 90 Days or More Total Past Due Current Total Loans Multi-family $ 1,131 $ 5,407 $ — $ 6,538 $ 31,152,134 $ 31,158,672 Commercial real estate 2,545 14,830 — 17,375 7,064,535 7,081,910 One-to-four — 1,730 — 1,730 378,631 380,361 Acquisition, development, and construction — — — — 200,596 200,596 Commercial and industrial (1) (2) — 39,024 — 39,024 2,975,354 3,014,378 Other 44 252 — 296 7,806 8,102 Total $ 3,720 $ 61,243 $ — $ 64,963 $ 41,779,056 $ 41,844,019 (1) Includes $30.4 million of taxi medallion-related loans that were 90 days or more past due . There wer e no taxi medallion -related (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- 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 December 31, 2019: Mortgage Loans Other Loans (in thousands) Multi-Family Commercial One-to-Four Acquisition, Total Commercial (1) Other Total Other Credit Quality Indicator: Pass $ 30,903,657 $ 6,902,218 $ 377,883 $ 158,751 $ 38,342,509 $ 2,960,557 $ 7,850 $ 2,968,407 Special mention 239,664 104,648 748 41,456 386,516 1,588 — 1,588 Substandard 15,351 75,044 1,730 389 92,514 52,233 252 52,485 Doubtful — — — — — — — Total $ 31,158,672 $ 7,081,910 $ 380,361 $ 200,596 $ 38,821,539 $ 3,014,378 $ 8,102 $ 3,022,480 (1) Includes lease financing receivables, all of which were classified as Pass. 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 |
Details of Interest Income on Non-Accrual Loans | The interest income that would have been recorded under the original terms of non-accrual December 31, (in thousands) 2019 2018 2017 Interest income that would have been recorded $ 5,599 $ 4,145 $ 4,974 Interest income actually recorded (3,409 ) (3,480 ) (2,904 ) Interest income foregone $ 2,190 $ 665 $ 2,070 |
Information Regarding Troubled Debt Restructurings | The following table presents information regarding the Company’s TDRs as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 (in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Loan Category: Multi-family $ — $ 3,577 $ 3,577 $ — $ 4,220 $ 4,220 Commercial real estate — — — — — — One-to-four — 584 584 — 1,022 1,022 Acquisition, development, and construction 389 — 389 8,297 — 8,297 Commercial and industrial (1) 865 35,084 35,949 865 20,477 21,342 Total $ 1,254 $ 39,245 $ 40,499 $ 9,162 $ 25,719 $ 34,881 |
Financial Effects of Troubled Debt Restructurings | The financial effects of the Company’s TDRs for the twelve months ended December 31, 2019, 2018 and 2017 are summarized as follows: For the Twelve Months Ended December 31, 2019 (dollars in thousands) Weighted Average Interest Rate Number of Loans Pre- Modification Post- Modification Pre- Modification Post- Charge-off Capitalized Interest Loan Category: One-to-four family 1 $ 131 $ 131 5.50 % 5.50 % $ — $ 3 Commercial and industrial 72 35,156 30,685 4.31 4.37 4,471 — Total 73 $ 35,287 $ 30,816 $ 4,471 $ 3 For the Twelve Months Ended December 31, 2018 (dollars in thousands) Weighted Average Interest Rate 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 21 7,763 5,455 3.25 3.13 2,308 — Total 22 $ 8,663 $ 6,355 $ 2,308 $ — For the Twelve Months Ended December 31, 2017 (dollars in thousands Weighted Average Interest Rate Number of Pre- Modification Post- Modification Pre- Modification Post- Charge-off Capitalized Interest Loan Category: One-to-four 4 $ 810 $ 986 5.93 % 2.21 % $ — $ 12 Acquisition, development, and construction 2 8,652 8,652 5.50 5.50 — — Commercial and industrial 65 52,179 26,409 3.36 3.29 14,273 — Total 71 $ 61,641 $ 36,047 $ 14,273 $ 12 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Activity in Allowance for Loan Losses | The following tables provide additional information regarding the Company’s allowance (in thousands) Mortgage Other Total Allowance for Loan Losses at December 31, 2019: Loans individually evaluated for impairment $ — $ 116 $ 116 Loans collectively evaluated for impairment 122,694 24,828 147,522 Total $ 122,694 $ 24,944 $ 147,638 (in thousands) Mortgage Other Total Allowance for Loan Losses at December 31, 2018: Loans collectively evaluated for impairmen t $ 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 December 31, 2019: Loans individually evaluated for impairment $ 19,267 $ 39,114 $ 58,381 Loans collectively evaluated for impairment 38,802,272 2,983,366 41,785,638 Total $ 38,821,539 $ 3,022,480 $ 41,844,019 (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 impairmen t 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 December 31, 2019: (in thousands) Recorded Unpaid Related Average Interest Impaired loans with no related allowance: Multi-family $ 3,577 $ 6,790 $ — $ 4,336 $ 266 Commercial real estate 14,717 19,832 — 6,140 371 One-to-four 584 602 — 811 21 Acquisition, development, and construction 389 1,289 — 3,508 364 Other 37,669 114,636 — 39,598 2,494 Total impaired loans with no related allowance $ 56,936 $ 143,149 $ — $ 54,393 $ 3,516 Impaired loans with an allowance recorded: Multi-family $ — $ — $ — $ — $ — Commercial real estate — — — — — One-to-four — — — — — Acquisition, development, and construction — — — — — Other 1,445 4,173 116 4,111 13 Total impaired loans with an allowance recorded $ 1,445 $ 4,173 $ 116 $ 4,111 $ 13 Total impaired loans: Multi-family $ 3,577 $ 6,790 $ — $ 4,336 $ 266 Commercial real estate 14,717 19,832 — 6,140 371 One-to-four 584 602 — 811 21 Acquisition, development, and construction 389 1,289 — 3,508 364 Other 39,114 118,809 116 43,709 2,507 Total impaired loans $ 58,381 $ 147,322 $ 116 $ 58,504 $ 3,529 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 | The following table summarizes activity in the allowance for loan losses for the periods indicated: For the Twelve Months Ended December 31, 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 (1,613 ) (18,694 ) (20,307 ) (5,445 ) (12,897 ) (18,342 ) Recoveries 61 959 1,020 264 1,596 1,860 (Recovery of) provision for losses on loans (6,737 ) 13,842 7,105 7,889 10,367 18,256 Balance, end of period $ 122,694 $ 24,944 $ 147,638 $ 130,983 $ 28,837 $ 159,820 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Components of lease income | The components of lease income were as follows: (in thousands) For the Twelve Interest income on lease financing (1) $ 38,087 (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 | 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) December 31, 2019 Net investment in the lease- lease payments receivable $ 1,302,760 Net investment in the lease- unguaranteed residual assets 74,064 Total lease payments $ 1,376,824 |
Remaining maturity analysis of the undiscounted lease receivables | The following table presents the remaining maturity analysis of the undiscounted lease receivables as of December 31, 2019, as well as the reconciliation to the total amount of receivables recognized in the Consolidated Statements of Condition: (in thousands) December 31, 2019 2019 $ 13 2020 47,422 2021 135,430 2022 200,785 2023 79,105 Thereafter 914,069 Total lease payments 1,376,824 Plus: deferred origination costs 21,561 Less: unearned income (104,826 ) Total lease finance receivables, net $ 1,293,559 |
Lease Expense | The components of lease expense were as follows: (in thousands) For the Twelve Components of l e Operating lease cost $ 28,695 Sublease income (105 ) Total lease cost $ 28,590 |
Supplemental Cash Flow Information Related to the Leases | Supplemental cash flow information related to the leases for the following period: (in thousands) For the Twelve Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 28,695 |
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) December 31, 2019 Operating Leases: Operating lease right-of-use $ 286,194 Operating lease liabilities 285,991 Weighted average remaining lease term 17 years Weighted average discount rate 3.23 % |
Maturities of Lease Liabilities | Maturities of lease liabilities (in thousands) December 31, 2019 2020 $ 27,304 2021 26,350 2022 25,515 2023 25,078 2024 24,414 Thereafter 255,547 Total lease payments 384,208 Less: imputed interest (98,217 ) Total present value of lease liabilities $ 285,991 |
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 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Weighted Average Interest Rates for Each Type of Deposit | The following table sets forth the weighted average interest rates for each type of deposit at December 31, 2019 and 2018: December 31, 2019 2018 (dollars in thousands) Amount Percent of Total Weighted Amount Percent of Total Weighted Interest-bearing checking and money market accounts $ 10,230,144 32.32 % 1.30 % $ 11,530,049 37.48 % 1.74 % Savings accounts 4,780,007 15.10 0.75 4,643,260 15.09 0.68 Certificates of deposit 14,214,858 44.90 2.30 12,194,322 39.64 2.15 Non-interest-bearing 2,432,123 7.68 — 2,396,799 7.79 — Total deposits $ 31,657,132 100.00 % 1.57 % $ 30,764,430 100.00 % 1.61 % |
Scheduled Maturities of Certificates of Deposit Intangibles | The scheduled maturities of certificates of deposit (“CDs”) at December 31, 2019 were as follows: (in thousands) 1 year or less $ 13,310,426 More than 1 year through 2 years 684,586 More than 2 years through 3 years 27,029 More than 3 years through 4 years 5,638 More than 4 years through 5 years 186,951 Over 5 years 228 Total CDs $ 14,214,858 |
Core Deposit Intangibles in Amounts of One Hundred Thousand or more, by Remaining Term to Maturity | The following table presents a summary of CDs in amounts of $100,000 or more by remaining term to maturity, at December 31, 2019: CDs of $100,000 or More Maturing Within (in thousands) 3 Months or Less Over 3 to 6 Months Over 6 to 12 Months Over 12 Months Total Total $ 1,884,127 $ 2,804,613 $ 2,626,676 $ 590,350 $ 7,905,766 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Borrowed Funds | The following table summarizes the Company’s borrowed funds at December 31, 2019 December 31, (in thousands) 2019 2018 Wholesale borrowings: FHLB advances $ 13,102,661 $ 13,053,661 Repurchase agreements 800,000 500,000 Total wholesale borrowings $ 13,902,661 $ 13,553,661 Junior subordinated debentures 359,866 359,508 Subordinated notes 295,066 294,697 Total borrowed fund s $ 14,557,593 $ 14,207,866 |
Analysis of Contractual Maturities of Outstanding Federal Home Loan Bank Advances | The contractual maturities and the next call dates of FHLB advances Contractual Maturity Earlier of Contractual Maturity (dollars in thousands) Year Amount Weighted Interest Rate Amount Weighted Interest Rate 2020 $ 4,525,000 2.06 $ 6,805,000 2.09 2021 822,661 2.40 4,222,661 2.30 2022 275,000 2.01 1,875,000 1.55 2023 — — 200,000 1.61 2028 4,350,000 2.40 — — 2029 3,130,000 1.55 — — Total FHLB advance s $ 13,102,661 2.07 % $ 13,102,661 2.07 % |
Analysis of Contractual Maturities of Outstanding Repurchase Agreements Accounted for as Secured Borrowings | The following table presents an analysis of the contractual maturities and next call dates of the Company’s outstanding repurchase agreements accounted for as secured borrowings at December 31, 2019 : Contractual Maturity Earlier of Contractual Maturity or Next Call Date (dollars in thousands) Year Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate 2021 $ — — % $ 400,000 2.31 % 2022 — — 400,000 2.16 2028 300,000 2.37 — — 2029 500,000 2.16 — — $ 800,000 2.24 $ 800,000 2.24 |
Details of Repurchase Agreements | The following table provides the Mortgage-Related GSE Debentures and U.S. Treasury (dollars in thousands) Period of Maturity Amount Weighted Average Interest Rate Amortized Cost Fair Value Amortized Fair Value 30 to 90 days $ — — $ — $ — $ — $ — Greater than 90 days 800,000 2.24 % 232,836 238,180 636,190 637,050 Total $ 800,000 2.24 % $ 232,836 $ 238,180 $ 636,190 $ 637,050 |
Junior Subordinated Debentures Outstanding | The following junior subordinated debentures were outstanding at December 31, 2019: Issuer Interest of Capital Junior Capital Date of Original Issue Stated Maturity First Optional (dollars in thousands) New York Community Capital Trust V (BONUSES SM 6.00 % $ 145,940 $ 139,589 Nov. 4, 2002 Nov. 1, 2051 Nov. 4, 2007 (1) New York Community Capital Trust X 3.49 123,712 120,000 Dec. 14, 2006 Dec. 15, 2036 Dec. 15, 2011 (2) PennFed Capital Trust III 5.14 30,928 30,000 June 2, 2003 June 15, 2033 June 15, 2008 (2) New York Community Capital Trust XI 3.61 59,286 57,500 April 16, 2007 June 30, 2037 June 30, 2012 (2) Total junior subordinated debentures $ 359,866 $ 347,089 (1) Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. (2) Callable from this date forward. |
Subordinated Debt | |
Junior Subordinated Debentures Outstanding | At December 31, 2019 and 2018, the Company had $295.1 million and $294.7 million, respectively, of fixed-to-floating Date of Original Issue Stated Maturity Interest Rate (1) Original Issue Amount (dollars in thousands) Nov. 6, 2018 Nov. 6, 2028 5.90% $300,000 (1) From and including the date of original issuance to, but excluding November 6, 2023, the Notes will bear interest at an initial rate of 5.90% per annum payable semi-annually. Unless redeemed, from and including November 6, 2023 to but excluding the maturity date, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus 278 basis point payable quarterly. |
Federal, State And Local Taxes
Federal, State And Local Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Components of Net Deferred Tax Asset (Liability) | The following table summarizes the components of the Company’s net deferred tax asset December 31, (in thousands) 2019 2018 Deferred Tax Assets: Allowance for loan losses $ 40,584 $ 45,611 Compensation and related benefit obligations 19,401 19,693 Acquisition accounting and fair value adjustments on securities (including OTTI) — 6,728 Non-accrual 624 431 Net operating loss carryforwards 19,750 — Other 12,169 11,349 Gross deferred tax assets 92,528 83,812 Valuation allowance — — Deferred tax asset after valuation allowance $ 92,528 $ 83,812 Deferred Tax Liabilities: Amortizable intangibles $ (2,480 ) $ (2,263 ) Acquisition accounting and fair value adjustments on securities (including OTTI) (9,742 ) — Mortgage servicing rights — (223 ) Premises and equipment (7,578 ) (11,242 ) Prepaid pension cost (22,739 ) (19,135 ) Leases (237,429 ) (115,259 ) Other (13,991 ) (14,800 ) Gross $ (293,959 ) $ (162,922 ) Net deferred tax liabilit y $ (201,431 ) $ (79,110 ) |
Income Tax Expense (Benefit) | The following table summarizes the Company’s income tax expense for the years ended December 31, 2019, 2018, and 2017: December 31, (in thousands) 2019 2018 2017 Federal – current $ 4,069 $ 89,187 $ 153,587 State and local – current 23,382 22,868 26,983 Total current 27,451 112,055 180,570 Federal – deferred 100,971 13,058 3,498 State and local – deferred (158 ) 10,139 17,946 Total deferred 100,813 23,197 21,444 Income tax expense reported in net income 128,264 135,252 202,014 Income tax expense reported in stockholders’ equity related to: Securities available-for-sale 16,142 (32,162 ) 28,495 Pension liability adjustments 5,033 4,897 2,234 Cash Flow Hedge 333 — — Non-credit portion of OTTI losses — 821 13 Total income taxes $ 149,772 $ 108,808 $ 232,756 |
Reconciliation of Statutory Federal Income Tax Expense (Benefit) Reported in Net Income to Combined Actual Income Tax Expense (Benefit) | The following table presents a reconciliation of statutory federal income tax expense (benefit) to combined actual income tax expense (benefit) reported in net income for the years ended December 31, 2019, 2018, and 2017: December 31, (in thousands) 2019 2018 2017 Statutory federal income tax at 21 21 35 $ 109,894 $ 117,111 $ 233,875 State and local income taxes, net of federal income tax effect 18,346 24,451 29,204 Effect of tax law changes — 1,625 (41,943 ) Non-deductible 6,938 8,852 — Effect of tax deductibility of ESOP (3,163 ) (3,116 ) (5,083 ) Non-taxable (5,981 ) (5,957 ) (9,529 ) Federal tax credits (750 ) (531 ) (1,386 ) Adjustments relating to prior tax years 373 (7,246 ) 144 Other, ne t 2,607 63 (3,268 ) Total income tax expense $ 128,264 $ 135,252 $ 202,014 |
Changes in Liability for Unrecognized Gross Tax Benefits | The following table summarizes changes in the liability for unrecognized gross tax benefits for the years ended December 31, 2019, 2018, and 2017: December 31, (in thousands) 2019 2018 2017 Uncertain tax positions at beginning of year $ 33,357 $ 33,681 $ 33,487 Additions for tax positions relating to current-year operations 925 — 4,332 Additions for tax positions relating to prior tax years 2,036 1,660 1,398 Subtractions for tax positions relating to prior tax years (569 ) (1,984 ) (5,101 ) Reductions in balance due to settlements — — (435 ) Uncertain tax positions at end of year $ 35,749 $ 33,357 $ 33,681 |
Derivative and Hedging Activi_2
Derivative and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Cumulative Basis Adjustment for Fair Value Hedges | As of December 31, 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) December 31, 2019 Line Item in the Consolidated Statements of Condition in which the Hedge Item Carrying Cumulative Amount of Fair Total loans and leases, net (1) $ 2,053,483 $ 53,483 |
Company's derivative financial instruments | The following table sets forth information regarding the Company’s derivative financial instruments at December 31, 2019. The Company had no such derivative financial instruments at December 31, 2018. December 31, 2019 (in thousands) Fair Value Notional Other Other Derivatives designated as fair value Interest rate swap $ 2,000,000 $ — $ — Total derivatives designated as fair value $ 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 such (in thousands) For the Twelve Derivative – interest rate swap: Interest income $ (53,483 ) Hedged item – loans: Interest income $ 53,483 |
Detailed information about interest rate swaps with cash flows hedges | The following table summarizes information about the interest rate swaps designated as cash flow hedges at December 31, 2019: (dollars in thousands) December 31, 2019 Notional amounts $ 800,000 Cash collateral posted 1,185 Weighted average pay rates 1.62 % Weighted average receive rates 1.90 % Weighted average maturity 2.5 years |
Detailed information about in cashflows derivative instrument on AOCL | The following table presents the effect of the Company’s cash flow derivative instruments on AOCL for the year ending December 31, 2019. The Company had no such (in thousands) For the Twelve Amount of gain (loss) recognized in AOCL $ 1,340 Amount of gain (loss) reclassified from AOCL to interest expense 154 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Off-Balance-Sheet Originate Loans and Letters of Credit | The following table summarizes the Company’s off-balance (in thousands) Mortgage Loan Commitments: Multi-family and commercial real estate $ 251,679 One-to-four 801 Acquisition, development, and construction 205,499 Total mortgage loan commitments $ 457,979 Other loan commitments 1,548,513 Total loan commitments $ 2,006,492 Commercial, performance stand-by, stand-by 509,942 Total commitments $ 2,516,434 |
Guarantees and Indemnifications | The following table summarizes the Company’s guarantees and indemnifications at December 31, 2019: (in thousands) Expires Expires Total Maximum Potential Future Payments Financial stand-by $ 164,776 $ 58,014 $ 222,790 $ 448,602 Performance stand-by 3,351 — 3,351 3,351 Commercial letters of credit 2,401 361 2,762 57,989 Total letters of credit $ 170,528 $ 58,375 $ 228,903 $ 509,942 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost | The following table indicates the weighted average assumptions used in determining the net periodic benefit cost for the years indicated: Years Ended December 31, 2019 2018 2017 Discount rate 4.1 % 3.4 % 3.9 % Expected rate of return on plan assets 6.8 7.0 7.5 |
Fair Value Measurements of Investments Held by Retirement Plan | The following table presents information about the fair value measurements of the investments held by the Retirement Plan as of December 31, 2019: (in thousands) Total Quoted Prices in (Level 1) Significant Other (Level 2) Significant (Level 3) Equity: Large-cap (1) $ 21,279 $ — $ 21,279 $ — Large-cap (2) 21,852 — 21,852 — Large-cap (3) 15,978 — 15,978 — Mid-cap (4) 4,560 — 4,560 — Mid-cap (5) 4,871 — 4,871 — Mid-cap (6) 4,664 — 4,664 — Small-cap (7) 3,272 — 3,272 — Small-cap (8) 6,927 — 6,927 — Small-cap (9) 3,139 — 3,139 — International equity (10) 25,760 — 25,760 — Fixed Income Funds: Fixed Income – U.S. Core (11) 72,765 — 72,765 — Intermediate duration (12) 24,517 — 24,517 — Equity Securities: Company common stock 28,185 28,185 — — Cash Equivalents: Money market * 4,789 1,810 2,979 — $ 242,558 $ 29,995 $ 212,563 $ — * Includes cash equivalent investments in equity and fixed income strategies. (1) This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 70 (2) This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. (3) This fund tracks the performance of the S&P 500 Index by purchasing the securities represented in the Index in approximately the same weightings as the Index. (4) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Value Index. (5) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Growth Index. (6) This category seeks to track the performance of the S&P Midcap 400 Index. (7) This category consists of a selection of investments based on the Russell 2000 Value Index. (8) This category consists of a mutual fund invested in small cap growth companies along with a fund invested in a selection of investments based on the Russell 2000 Growth Index. (9) This category consists of a mutual fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10% of the market universe, or smaller than the 1000th largest US company. (10) This category invests primarily in medium to large non-US companies in developed and emerging markets. Under normal circumstances, at least 80% of total assets will be invested in equity securities, including common stocks, preferred stocks, and convertible securities. (11) This category currently includes equal investments in three mutual funds, two of which usually hold at least 80% of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50% or more in mortgage-backed securities guaranteed by the US government and its agencies. (12) This category consists of a mutual fund which invest in a diversified portfolio of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset backed securities, corporate and municipal bonds, CMOs, and other securities mostly rated A or better. |
Weighted Average Asset Allocations for Retirement Plan | The asset allocations for the Retirement Plan as of December 31, 2019 and 2018 were as follows: At December 31, 2019 2018 Equity securities 58 % 57 % Debt securities 40 41 Cash equivalents 2 2 Total 100 % 100 % |
Expected Future Annuity Payments by Retirement Plan | The following annuity payments, which reflect expected future service, as appropriate, are expected to be paid by the Retirement Plan during the years indicated: (in thousands) 2020 $ 8,016 2021 7,855 2022 7,932 2023 8,031 2024 8,271 2025 and thereafter 43,671 Total $ 83,776 |
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost of Health and Welfare Plan | The following table presents the weighted average assumptions used in determining the net periodic benefit cost for the years indicated: Years Ended December 31, 2019 2018 2017 Discount rate 3.9 % 3.3 % 3.7 % Current medical trend rate 6.5 6.5 6.5 Ultimate trend rate 5.0 5.0 5.0 Year when ultimate trend rate will be reached 2025 2024 2023 |
Expected Future Payments for Premiums and Claims under Health and Welfare Plan | The following amounts are currently expected to be paid for premiums and claims during the years indicated under the Health & Welfare Plan: (in thousands) 2020 $ 947 2021 920 2022 887 2023 858 2024 827 2025 and thereafter 3,659 Total $ 8,098 |
Pension Benefits | |
Information Regarding Benefit Plan | The following table sets forth certain information regarding the Retirement Plan as of the dates indicated: December 31, (in thousands) 2019 2018 Change in Benefit Obligation: Benefit obligation at beginning of year $ 143,235 $ 151,411 Interest cost 5,660 5,085 Actuarial loss 18,806 (4,676 ) Annuity payments (6,473 ) (6,453 ) Settlements (1,332 ) (2,132 ) Benefit obligation at end of year $ 159,896 $ 143,235 Change in Plan Assets: Fair value of assets at beginning of year $ 210,246 $ 234,136 Actual return 40,117 (15,305 ) Contributions — — Annuity payments (6,473 ) (6,453 ) Settlements (1,332 ) (2,132 ) Fair value of assets at end of year $ 242,558 $ 210,246 Funded status (included in “Other assets”) $ 82,662 $ 67,011 Changes recognized in other comprehensive income for the year ended December 31: Amortization of prior service cost $ — $ — Amortization of actuarial loss (10,035 ) (7,179 ) Net actuarial (gain) (7,378 ) 26,768 Total recognized in other comprehensive income for the year (pre-tax) $ (17,413 ) $ 19,589 Accumulated other comprehensive loss (pre-tax) Prior service cost $ — $ — Actuarial loss, net 75,767 93,180 Total accumulated other comprehensive loss (pre-tax) $ 75,767 $ 93,180 |
Components of Net Periodic Benefit Cost | The components of net periodic pension expense (credit) were as follows for the years indicated: Years Ended December 31, (in thousands) 2019 2018 2017 Components of net periodic pension expense ( ) : Interest cost $ 5,660 $ 5,085 $ 5,616 Expected return on plan assets (13,933 ) (16,139 ) (16,290 ) Amortization of net actuarial loss 10,035 7,179 8,209 Net periodic pension expense ( ) $ 1,762 $ (3,875 ) $ (2,465 ) |
Post-Retirement Benefits | |
Information Regarding Benefit Plan | The following table sets forth certain information regarding the Health & Welfare Plan as of the dates indicated: December 31, (in thousands) 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 13,583 $ 16,349 Interest cost 512 513 Actuarial gain (1,233 ) (2,248 ) Premiums and claims paid (964 ) (1,031 ) Benefit obligation at end of year $ 11,898 $ 13,583 Change in plan assets: Fair value of assets at beginning of year $ — $ — Employer contribution 964 1,031 Premiums and claims paid (964 ) (1,031 ) Fair value of assets at end of year $ — $ — Funded status (included in “Other liabilities”) $ (11,898 ) $ (13,583 ) Changes recognized in other comprehensive income for the year ended December 31: Amortization of prior service cost $ 249 $ 249 Amortization of actuarial gain (124 ) (309 ) Net actuarial (gain) loss arising during the year (1,234 ) (2,248 ) Total recognized in other comprehensive income (pre-tax) $ (1,109 ) $ (2,308 ) Accumulated other comprehensive loss (pre-tax) Prior service cost $ (536 ) $ (785 ) Actuarial loss, net 1,466 2,823 Total accumulated other comprehensive income (pre-tax) $ 930 $ 2,038 |
Components of Net Periodic Benefit Cost | The following table presents the components of net periodic benefit cost for the years indicated: Years Ended December 31, (in thousands) 2019 2018 2017 Components of Net Periodic Benefit Cost: Service cost $ — $ — $ — Interest cost 512 513 577 Amortization of past-service liability (249 ) (249 ) (249 ) Amortization of net actuarial loss 124 309 274 Net periodic benefit cost $ 387 $ 573 $ 602 |
Stock-Related Benefit Plans (Ta
Stock-Related Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 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 year ended December 31, 2019: For the Year Ended December 31, 2019 Number of Shares Weighted Average Fair Value Unvested at beginning of year 6,904,388 $ Granted 2,031,198 10.45 Vested (2,203,895 ) 15.18 Canceled (215,590 ) 12.89 Unvested at end of year 6,516,101 13.31 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2019 and 2018, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at December 31, 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 $ — $ 1,552,623 $ — $ — $ 1,552,623 GSE CMOs — 1,801,112 — — 1,801,112 Total mortgage-related debt securities $ — $ 3,353,735 $ — $ — $ 3,353,735 Other Debt Securities Available for Sale: U. S. Treasury obligations $ 41,839 $ — $ — $ — $ 41,839 GSE debentures — 1,094,240 — — 1,094,240 Asset-backed securities — 373,254 — — 373,254 Municipal bonds — 26,892 — — 26,892 Corporate bonds — 867,182 — — 867,182 Capital trust notes — 95,915 — — 95,915 Total other debt securities $ 41,839 $ 2,457,483 $ — $ — $ 2,499,322 Total debt securities available for sale $ 41,839 $ 5,811,218 $ — $ — $ 5,853,057 Equity securities: — — Preferred stock $ 15,414 $ — $ — $ — $ 15,414 Mutual funds and common stock — 17,416 — — 17,416 Total equity securities $ 15,414 $ 17,416 $ — $ — $ 32,830 Total securities $ 57,253 $ 5,828,634 $ — $ — $ 5,885,887 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 |
Changes in Fair Value of Loans Held For Sale | The following table presents the changes in fair value related to initial measurement, and the subsequent changes in fair value included in earnings, for MSRs for the periods indicated: (Loss) Gain Included in Mortgage Banking Income from Changes in Fair Value (1) For the Twelve Months Ended December 31, (in thousands) 2019 2018 2017 Loans held for sale $ — $ — $ 899 Mortgage servicing rights — (224 ) (20,076 ) Total loss $ — $ (224 ) $ (19,177 ) (1) Included in “Non-interest |
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 Fair Value Measurements at December 31, 2019 Using (in thousands) Quoted Prices in (Level 1) Significant Other (Level 2) Significant (Level 3) Total Fair Certain impaired loans (1) $ — $ — $ 42,767 $ 42,767 Other assets (2) — — 1,481 1,481 Total $ — $ — $ 44,248 $ 44,248 (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 December 31, 2019 and 2018: December 31, 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 $ 741,870 $ 741,870 $ 741,870 $ — $ — FHLB stock (1) 647,562 647,562 — 647,562 — Loans and leases, net 41,746,517 41,699,929 — — 41,699,929 Financial Liabilities: Deposits $ 31,657,132 $ 31,713,945 $ 17,442,274 (2) $ 14,271,671 (3) $ — Borrowed funds 14,557,593 14,882,776 — 14,882,776 — (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 Fair Value Quoted Prices in (Level 1) Significant (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. |
Parent Company Only Financial_2
Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Statements of Condition | Condensed Statements of Condition December 31, (in thousands) 2019 2018 ASSETS: Cash and cash equivalents $ 183,063 $ 228,618 Investments in subsidiaries 7,169,066 7,064,341 Receivables from subsidiaries 2,249 6,455 Other assets 23,338 23,724 Total assets $ 7,377,716 $ 7,323,138 LIABILITIES AND STOCKHOLDERS’ EQUITY: Junior subordinated debentures $ 359,866 $ 359,508 Subordinated notes 295,066 294,697 Other liabilities 11,090 13,698 Total liabilities 666,022 667,903 Stockholders’ equity 6,711,694 6,655,235 Total liabilities and stockholders’ equity $ 7,377,716 $ 7,323,138 |
Condensed Statements of Income (Loss) | Condensed Statements of Income Years Ended December 31, (in thousands) 2019 2018 2017 Interest income $ 668 $ 500 $ 943 Dividends received from subsidiaries 380,000 380,000 336,000 Other income 716 793 1,700 Gross income 381,384 381,293 338,643 Operating expenses 49,926 59,372 54,333 Income before income tax benefit and equity in underdistributed earnings of subsidiaries 331,458 321,921 284,310 Income tax benefit 13,669 16,616 19,575 Income before equity in underdistributed earnings of subsidiaries 345,127 338,537 303,885 Equity in underdistributed earnings of subsidiaries 49,916 83,880 162,316 Net income $ 395,043 $ 422,417 $ 466,201 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended December 31, (in thousands) 2019 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 395,043 $ 422,417 $ 466,201 Change in other assets 386 256 10,122 Change in other liabilities (2,608 ) (1,152 ) (36,226 ) Other, net 32,776 36,677 36,330 Equity in underdistributed earnings of subsidiaries (49,916 ) (83,880 ) (162,316 ) Net cash provided by operating activities 375,681 374,318 314,111 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sales and repayments of securities — — 2,000 Change in receivable from subsidiaries, net 4,206 (1,705 ) 3,089 Investment in subsidiaries — — (420,000 ) Net cash provide d ) 4,206 (1,705 ) (414,911 ) CASH FLOWS FROM FINANCING ACTIVITIES: Treasury stock repurchased (75,220 ) (163,249 ) (18,463 ) Cash dividends paid on common and preferred stock (350,222 ) (365,889 ) (356,768 ) Proceeds from issuance of preferred stock — — 502,840 Proceeds from issuance of subordinated notes — 294,607 — Net cash (used in) provided by financing activities (425,442 ) (234,531 ) 127,609 Net (decrease) i (45,555 ) 138,082 26,809 Cash and cash equivalents at beginning of year 228,618 90,536 63,727 Cash and cash equivalents at end of year $ 183,063 $ 228,618 $ 90,536 |
Capital (Tables)
Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Regulatory Capital Ratios for Company in Comparison With Minimum Amounts and Ratios Required by Federal Reserve Board of Governors | The following tables present the regulatory capital ratios for the Company at December 31, 2019 and 2018, in comparison with the minimum amounts and ratios required by the FRB for capital adequacy purposes: Risk-Based Capital At December 31, 2019 Common Equity Tier 1 Tier 1 Total Leverage Capital (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 3,818,311 9.91 % $ 4,321,151 11.22 % $ 5,111,990 13.27 % $ 4,321,151 8.66 % Minimum for capital adequacy purposes 1,733,826 4.50 2,311,768 6.00 3,082,358 8.00 1,996,966 4.00 Excess $ 2,084,485 5.41 % $ 2,009,383 5.22 % $ 2,029,632 5.27 % $ 2,324,185 4.66 % Risk-Based Capital At December 31, 2018 Common Equity Tier 1 Tier 1 Total Leverage Capital (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 3,806,857 10.55 % $ 4,309,697 11.94 % $ 5,112,079 14.16 % $ 4,309,697 8.74 % Minimum for capital adequacy purposes 1,624,366 4.50 2,165,822 6.00 2,887,763 8.00 1,972,440 4.00 Excess $ 2,182,491 6.05 % $ 2,143,875 5.94 % $ 2,224,316 6.16 % $ 2,337,257 4.74 % At December 31, 2019, our total risk-based capital ratio exceeded the minimum requirement for capital adequacy purposes by 527 phased-in 277 |
Actual Capital Amounts and Ratios for Community Bank in Comparison to Minimum Amounts and Ratios Required | The following tables present the actual capital amounts and ratios for the Bank at December 31, 2019 and 2018 in comparison to the minimum amounts and ratios required for capital adequacy purposes. Risk-Based Capital At December 31, 2019 Common Equity Tier 1 Tier 1 Total Leverage Capital (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 4,785,217 12.42 % $ 4,785,217 12.42 % $ 4,933,900 12.81 % $ 4,785,217 9.59 % Minimum for capital adequacy purposes 1,733,085 4.50 2,310,780 6.00 3,081,040 8.00 1,996,288 4.00 Excess $ 3,052,132 7.92 % $ 2,474,437 6.42 % $ 1,852,860 4.81 % $ 2,788,929 5.59 % Risk-Based Capital At December 31, 2018 Common Equity Tier 1 Tier 1 Total Leverage Capital (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 4,725,497 13.10 % $ 4,725,497 13.10 % $ 4,886,450 13.54 % $ 4,725,497 9.58 % Minimum for capital adequacy purposes 1,623,575 4.50 2,164,766 6.00 2,886,355 8.00 1,972,625 4.00 Excess $ 3,101,922 8.60 % $ 2,560,731 7.10 % $ 2,000,095 5.54 % $ 2,752,872 5.58 % |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 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 | 238 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Significant Accounting Policies [Line Items] | ||||
Cash and cash equivalents, interest-bearing deposits in other financial institutions | $ 741,870 | $ 1,474,955 | $ 2,528,169 | $ 557,850 |
Cash and cash equivalents, interest-bearing deposits in other financial institutions, Federal Reserve Bank of New York | 608,400,000 | 1,300,000 | ||
Cash and cash equivalents, federal funds sold | 1,700 | 5,200 | ||
Cash and cash equivalents, outstanding reverse repurchase agreements | 0 | 0 | ||
Depreciation and amortization | 27,096 | 32,323 | 32,803 | |
Bank-owned life insurance | 1,145,058 | 977,627 | ||
Bank-owned life insurance income | 28,363 | 28,252 | $ 27,133 | |
Other real estate owned | $ 2,000 | 2,600 | ||
Shares available for grant | 2,507,490 | |||
Goodwill | $ 2,426,379 | 2,436,131 | ||
Additional purchases of BOLI | 150,000 | 0 | ||
Taxi Medallion Loans | ||||
Significant Accounting Policies [Line Items] | ||||
Other real estate owned | $ 10,300 | $ 8,200 | ||
Building | ||||
Significant Accounting Policies [Line Items] | ||||
Premises, furniture, fixtures, and equipment, estimated useful lives (in years) | 20 years | |||
Minimum | Furniture and Fixtures | ||||
Significant Accounting Policies [Line Items] | ||||
Premises, furniture, fixtures, and equipment, estimated useful lives (in years) | 3 years | |||
Minimum | Equipment | ||||
Significant Accounting Policies [Line Items] | ||||
Premises, furniture, fixtures, and equipment, estimated useful lives (in years) | 3 years | |||
Maximum | Furniture and Fixtures | ||||
Significant Accounting Policies [Line Items] | ||||
Premises, furniture, fixtures, and equipment, estimated useful lives (in years) | 10 years | |||
Maximum | Equipment | ||||
Significant Accounting Policies [Line Items] | ||||
Premises, furniture, fixtures, and equipment, estimated useful lives (in years) | 10 years |
Computation of Basic and Dilute
Computation of Basic and Diluted Earnings (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net income available to common shareholders | $ 362,215 | $ 389,589 | $ 441,580 |
Less: Dividends paid on and earnings allocated to participating securities | (4,333) | (4,871) | (3,554) |
Earnings applicable to common stock | $ 357,882 | $ 384,718 | $ 438,026 |
Weighted average common shares outstanding | 465,380,010 | 487,287,872 | 487,073,951 |
Basic earnings per common share | $ 0.77 | $ 0.79 | $ 0.90 |
Potential dilutive common shares | 283,322 | ||
Total shares for diluted earnings per common share computation | 465,663,332 | 487,287,872 | 487,073,951 |
Diluted earnings per common share and common share equivalents | $ 0.77 | $ 0.79 | $ 0.90 |
Reclassifications of Accumulate
Reclassifications of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net gain on securities | $ 7,725 | $ (14) | $ 29,924 | |
Interest expense | 847,760 | 658,678 | 452,236 | |
Income tax expenses\ benefit | (128,264) | (135,252) | (202,014) | |
Net income | 395,043 | $ 422,417 | $ 466,201 | |
Reclassifications, net of tax | [1] | (3,156) | ||
Past service liability | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, before tax | [1],[2] | 249 | ||
Actuarial losses | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, before tax | [1],[2] | (10,160) | ||
Amortization of defined benefit pension | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, before tax | [1] | (9,911) | ||
Tax benefit | [1] | 2,726 | ||
Reclassifications, net of tax | [1] | (7,185) | ||
Reclassification out of Accumulated Other Comprehensive Income (loss) | Unrealized gains on available-for-sale securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net gain on securities | [1] | 5,445 | ||
Income tax expenses\ benefit | [1] | (1,527) | ||
Net income | [1] | 3,918 | ||
Reclassification out of Accumulated Other Comprehensive Income (loss) | Unrealized gains (loss) on cash flow hedges | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | [1] | 154 | ||
Income tax expenses\ benefit | [1] | (43) | ||
Net income | [1] | $ 111 | ||
[1] | Amounts in parentheses indicate expense items. | |||
[2] | See Note 14, “Employee Benefits,” for additional information. |
Summary of Portfolio of Securit
Summary of Portfolio of Securities Available for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 5,841,796 | $ 5,660,418 | |
Gross Unrealized Gain | 77,498 | 46,339 | |
Gross Unrealized Loss | 33,407 | 62,686 | |
Fair Value | 5,885,887 | 5,644,071 | |
Mortgage-related Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 3,313,757 | 2,953,957 | |
Gross Unrealized Gain | 47,282 | 26,526 | |
Gross Unrealized Loss | 7,304 | 20,201 | |
Fair Value | 3,353,735 | 2,960,282 | |
Mortgage-related Securities | GSE certificates | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,530,317 | 1,705,336 | |
Gross Unrealized Gain | 26,069 | 18,146 | |
Gross Unrealized Loss | 3,763 | 15,961 | |
Fair Value | 1,552,623 | 1,707,521 | |
Mortgage-related Securities | GSE CMOs | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,783,440 | 1,248,621 | |
Gross Unrealized Gain | 21,213 | 8,380 | |
Gross Unrealized Loss | 3,541 | 4,240 | |
Fair Value | 1,801,112 | 1,252,761 | |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 32,163 | 32,162 | |
Gross Unrealized Gain | 840 | 366 | |
Gross Unrealized Loss | 173 | 1,977 | |
Fair Value | 32,830 | 30,551 | |
Equity Securities [Member] | Preferred stock | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 15,292 | 15,292 | |
Gross Unrealized Gain | 122 | ||
Gross Unrealized Loss | 1,446 | ||
Fair Value | 15,414 | 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] | 718 | 366 |
Gross Unrealized Loss | [1] | 173 | 531 |
Fair Value | [1] | 17,416 | 16,705 |
Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,495,876 | 2,674,299 | |
Gross Unrealized Gain | 29,376 | 19,447 | |
Gross Unrealized Loss | 25,930 | 40,508 | |
Fair Value | 2,499,322 | 2,653,238 | |
Debt Securities [Member] | U.S. Treasury obligations | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 41,820 | ||
Gross Unrealized Gain | 19 | ||
Fair Value | 41,839 | ||
Debt Securities [Member] | GSE debentures | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,093,845 | 1,334,549 | |
Gross Unrealized Gain | 5,707 | 3,366 | |
Gross Unrealized Loss | 5,312 | 8,988 | |
Fair Value | 1,094,240 | 1,328,927 | |
Debt Securities [Member] | Corporate bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 854,195 | 836,153 | |
Gross Unrealized Gain | 15,970 | 8,667 | |
Gross Unrealized Loss | 2,983 | 23,105 | |
Fair Value | 867,182 | 821,715 | |
Debt Securities [Member] | Municipal bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 26,808 | 68,551 | |
Gross Unrealized Gain | 559 | 195 | |
Gross Unrealized Loss | 475 | 2,563 | |
Fair Value | 26,892 | 66,183 | |
Debt Securities [Member] | Capital trust notes | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 95,100 | 48,278 | |
Gross Unrealized Gain | 7,121 | 6,435 | |
Gross Unrealized Loss | 6,306 | 5,422 | |
Fair Value | 95,915 | 49,291 | |
Debt Securities [Member] | Asset-backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | [2] | 384,108 | 386,768 |
Gross Unrealized Gain | [2] | 784 | |
Gross Unrealized Loss | [2] | 10,854 | 430 |
Fair Value | [2] | 373,254 | 387,122 |
Mortgage Backed Securities And Other Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | [3] | 5,809,633 | 5,628,256 |
Gross Unrealized Gain | [3] | 76,658 | 45,973 |
Gross Unrealized Loss | [3] | 33,234 | 60,709 |
Fair Value | [3] | $ 5,853,057 | $ 5,613,520 |
[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 December 31, 2019, the non-credit portion of OTTI recorded in AOCL was $0.0 million before taxes. |
Summary of Portfolio of Secur_2
Summary of Portfolio of Securities Available for Sale (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 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 | 12 Months Ended | |||
Dec. 31, 2019USD ($)Investment | Dec. 31, 2018USD ($)Investment | Dec. 31, 2017USD ($) | ||
Schedule of Investments [Line Items] | ||||
Federal Home Loan Bank stock, at cost | [1] | $ 647,562 | $ 644,590 | |
Amortized cost from sales of held to maturity securities | $ 521,000 | |||
Proceeds from sales of held to maturity securities | 547,925 | |||
Gross realized gains from sales of held to maturity securities | 26,900 | |||
Securities transferred from held to maturity to available for sale | 3,040,305 | |||
Unrealized gain on securities transferred from held to maturity to available for sale | $ 82,800 | |||
Investment securities designated as having a continuous loss position for twelve months or more, unrealized losses | $ 14,800 | $ 22,500 | ||
Investment securities designated as having a continuous loss position for twelve months or more, percentage below collective amortized cost | 2.30% | 2.90% | ||
Investment securities designated as having a continuous loss position for twelve months or more, amortized cost | $ 642,300 | $ 782,400 | ||
Equity Securities, FV-NI, Unrealized Gain | $ 2,300 | $ 2,000 | ||
Mortgage-Related Securities | ||||
Schedule of Investments [Line Items] | ||||
Number of investment securities designated as having a continuous loss position for twelve months or more | Investment | 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 | Investment | 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 | Investment | 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 | Investment | 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 | Investment | 7 | 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 | Investment | 3 | 7 | ||
Corporate bonds | ||||
Schedule of Investments [Line Items] | ||||
Number of investment securities designated as having a continuous loss position for twelve months or more | Investment | 2 | |||
Asset-backed Securities | ||||
Schedule of Investments [Line Items] | ||||
Number of investment securities designated as having a continuous loss position for twelve months or more | Investment | 3 | |||
[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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gain (Loss) on Investments [Line Items] | |||
Gross proceeds | $ 361,311 | $ 278,539 | $ 453,878 |
Gross realized gains | $ 5,445 | 967 | 3,848 |
Gross realized losses | $ 981 | $ 860 |
Credit Loss Component of Other
Credit Loss Component of Other Than Temporary Impairment on Debt Securities (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 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 | 55 |
Ending credit loss amount as of December 31, 2019 | $ 196,132 |
Summary of Amortized Cost of Av
Summary of Amortized Cost of Available-for-Sale Securities by Contractual Maturity (Detail) $ in Thousands | Dec. 31, 2019USD ($) | |
Available-for-Sale Securities: | ||
Due within one year | $ 116,450 | |
Due from one to five years | 727,437 | |
Due from five to ten years | 2,061,599 | |
Due after ten years | 2,947,571 | |
Total securities available for sale | 5,853,057 | |
Mortgage-related Securities | ||
Available-for-Sale Securities: | ||
Due within one year | 60,091 | |
Due from one to five years | 497,541 | |
Due from five to ten years | 330,095 | |
Due after ten years | 2,426,030 | |
Total securities available for sale | $ 3,313,757 | |
Available-for-Sale Securities, Average Yield | ||
Due within one year, Average Yield | 3.26% | |
Due from one to five years, Average Yield | 3.37% | |
Due from five to ten years, Average Yield | 3.22% | |
Due after ten years, Average Yield | 2.85% | |
Total securities available for sale, Average Yield | 2.97% | |
U.S. Treasury and GSE Obligations | ||
Available-for-Sale Securities: | ||
Due within one year | $ 41,820 | |
Due from one to five years | 32,874 | |
Due from five to ten years | 939,971 | |
Due after ten years | 121,000 | |
Total securities available for sale | $ 1,135,665 | |
Available-for-Sale Securities, Average Yield | ||
Due within one year, Average Yield | 1.77% | |
Due from one to five years, Average Yield | 3.48% | |
Due from five to ten years, Average Yield | 3.01% | |
Due after ten years, Average Yield | 2.83% | |
Total securities available for sale, Average Yield | 2.96% | |
State, county, and municipal | ||
Available-for-Sale Securities: | ||
Due within one year | $ 148 | |
Due from five to ten years | 20,773 | |
Due after ten years | 5,887 | |
Total securities available for sale | $ 26,808 | |
Available-for-Sale Securities, Average Yield | ||
Due within one year, Average Yield | 6.66% | [1] |
Due from five to ten years, Average Yield | 3.49% | [1] |
Due after ten years, Average Yield | 3.33% | [1] |
Total securities available for sale, Average Yield | 3.47% | [1] |
Other Debt Securities | ||
Available-for-Sale Securities: | ||
Due within one year | $ 13,982 | [2] |
Due from one to five years | 179,566 | [2] |
Due from five to ten years | 749,871 | [2] |
Due after ten years | 389,984 | [2] |
Total securities available for sale | $ 1,333,403 | [2] |
Available-for-Sale Securities, Average Yield | ||
Due within one year, Average Yield | 3.79% | |
Due from one to five years, Average Yield | 3.28% | |
Due from five to ten years, Average Yield | 3.22% | |
Due after ten years, Average Yield | 2.67% | |
Total securities available for sale, Average Yield | 3.07% | |
[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 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | $ 1,671,447 | $ 2,054,583 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 18,617 | 40,139 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 627,545 | 759,881 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 14,790 | 22,547 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 2,298,992 | 2,814,464 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 33,407 | 62,686 |
Debt Securities | GSE certificates | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 396,930 | 576,970 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 3,718 | 10,598 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 7,542 | 232,969 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 45 | 5,363 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 404,472 | 809,939 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 3,763 | 15,961 |
Debt Securities | GSE CMOs | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 609,502 | 465,779 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 2,582 | 1,892 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 133,955 | 99,050 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 959 | 2,348 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 743,457 | 564,829 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 3,541 | 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 | 11,917 | |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 11,917 | |
Debt Securities | GSE debentures | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 297,179 | 276,113 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 3,916 | 2,629 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 138,189 | 329,372 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 1,396 | 6,359 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 435,368 | 605,485 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 5,312 | 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 | 9,349 | 48,837 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 475 | 2,542 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 9,349 | 54,713 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 475 | 2,563 |
Debt Securities | Capital trust notes | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 37,525 | 38,360 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 6,306 | 5,422 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 37,525 | 38,360 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 6,306 | 5,422 |
Debt Securities | Asset-backed Securities | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 256,619 | 69,166 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 7,701 | 430 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 116,635 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 3,154 | |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 373,254 | 69,166 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 10,855 | 430 |
Debt Securities | Corporate Bond Securities | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 99,300 | 642,843 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 700 | 23,105 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 172,717 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 2,282 | |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 272,017 | 642,843 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 2,982 | 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 | 11,633 | 11,293 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 173 | 513 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 11,633 | 29,129 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | $ 173 | $ 1,977 |
Composition of Loan and Lease P
Composition of Loan and Lease Portfolio (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Non-Covered Loans | $ 41,844,019 | $ 40,133,861 | ||
Net deferred loan origination costs | 50,136 | 32,047 | ||
Allowance for losses | (147,638) | (159,820) | $ (158,046) | |
Total loans and leases, net | $ 41,746,517 | $ 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] | $ 3,014,378 | $ 2,388,420 | |
Non-Covered Loans, Percentage | [1] | 7.20% | 5.95% | |
Commercial and Industrial | Other loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Non-Covered Loans | $ 1,742,380 | $ 1,705,308 | ||
Non-Covered Loans, Percentage | 4.16% | 4.25% | ||
Multi-Family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Non-Covered Loans | $ 31,158,672 | $ 29,883,919 | ||
Non-Covered Loans, Percentage | 74.46% | 74.46% | ||
Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Non-Covered Loans | $ 7,081,910 | $ 6,998,834 | ||
Non-Covered Loans, Percentage | 16.93% | 17.44% | ||
One-to-four family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Non-Covered Loans | $ 380,361 | $ 446,094 | ||
Non-Covered Loans, Percentage | 0.91% | 1.11% | ||
Acquisition, development, and construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Non-Covered Loans | $ 200,596 | $ 407,870 | ||
Non-Covered Loans, Percentage | 0.48% | 1.02% | ||
Mortgage Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Non-Covered Loans | $ 38,821,539 | $ 37,736,717 | ||
Allowance for losses | $ (122,694) | $ (130,983) | $ (128,275) | |
Non-Covered Loans, Percentage | 92.78% | 94.03% | ||
Lease financing, unearned income | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Non-Covered Loans | $ 1,271,998 | $ 683,112 | ||
Non-Covered Loans, Percentage | 3.04% | 1.70% | ||
Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Non-Covered Loans | $ 8,102 | $ 8,724 | ||
Non-Covered Loans, Percentage | 0.02% | 0.02% | ||
Total Other Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Non-Covered Loans | $ 3,022,480 | $ 2,397,144 | ||
Total Other Loans | Other loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Non-Covered Loans | $ 3,022,480 | $ 2,397,144 | ||
Non-Covered Loans, Percentage | 7.22% | 5.97% | ||
[1] | Includes specialty finance loans and leases of $0.0 billion and $1.9 billion, respectively, at December 30, 2019 and 2018. Other C&I loans of $000.0 million and $469.9 million, respectively, at December 30, 2019 and 2018. |
Composition of Loan and Lease_2
Composition of Loan and Lease Portfolio (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | $ 41,844,019 | $ 40,133,861 | |
Commercial and Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | [1] | 3,014,378 | 2,388,420 |
Commercial and Industrial | Other loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | 1,742,380 | 1,705,308 | |
Lease financing, unearned income | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unearned income | 104,826 | 53,891 | |
Non-Covered Loans | 1,271,998 | 683,112 | |
Specialty Finance Loans | Commercial and Industrial | Other loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | 2,600,000 | 1,900,000 | |
Other Commercial and Industrial Loans | Commercial and Industrial | Other loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | $ 420,100 | $ 469,900 | |
[1] | Includes specialty finance loans and leases of $0.0 billion and $1.9 billion, respectively, at December 30, 2019 and 2018. Other C&I loans of $000.0 million and $469.9 million, respectively, at December 30, 2019 and 2018. |
Loans and Leases - Additional I
Loans and Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Outstanding loans to Executive officers, directors, principal shareholders, related interest and parties | $ 38,200 | ||
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | 30,816 | $ 6,355 | $ 36,047 |
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 | 30,685 | $ 5,455 | $ 26,409 |
Loan classified as non accrual TDRs | 194,000,000 | ||
Commercial And Industrial Sector And One To Four Family Mortgage Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loan classified as non accrual TDRs | 1,100 | ||
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 | 32,700 | ||
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 | $ 7,800 |
Quality of Non-Covered Loans (E
Quality of Non-Covered Loans (Excluding PCI Loans and Leases) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 7,064,535 | |
Non-Covered Loans | 41,844,019 | $ 40,133,861 |
Financing Receivable, 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 530,000,000 | |
Multi-Family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Covered Loans | 31,158,672 | 29,883,919 |
Multi-Family | Financing Receivable, 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,131 | |
Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Covered Loans | 7,081,910 | 6,998,834 |
One-to-four family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Covered Loans | 380,361 | 446,094 |
Acquisition, development, and construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Covered Loans | 200,596 | 407,870 |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non- Accrual | 194,000,000 | |
Non-Covered Loans | 3,014,378 | 2,388,420 |
Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Covered Loans | 8,102 | 8,724 |
Non-Covered Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 64,963 | 46,070 |
Non- Accrual | 61,243 | 45,506 |
Current | 41,779,056 | 40,087,791 |
Non-Covered Loans | Financing Receivable, 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,720 | 564 |
Non-Covered Loans | Multi-Family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,538 | 4,220 |
Non- Accrual | 5,407 | 4,220 |
Current | 31,152,134 | 29,879,699 |
Non-Covered Loans | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 17,375 | 3,021 |
Non- Accrual | 14,830 | 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 | 2,545 | |
Non-Covered Loans | One-to-four family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,730 | 1,660 |
Non- Accrual | 1,730 | 1,651 |
Current | 378,631 | 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] | ||
Current | 200,596 | 407,870 |
Non-Covered Loans | Commercial and Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 39,024 | 37,138 |
Non- Accrual | 39,024 | 36,608 |
Current | 2,975,354 | 2,351,282 |
Non-Covered Loans | Commercial and Industrial | Financing Receivable, 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 530 | |
Non-Covered Loans | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 296 | 31 |
Non- Accrual | 252 | 6 |
Current | 7,806 | 8,693 |
Non-Covered Loans | Other | Financing Receivable, 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 44 | $ 25 |
Quality of Non-Covered Loans _2
Quality of Non-Covered Loans (Excluding PCI Loans and Leases) (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 530,000 | |
Loans 90 Days Or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 30.4 | $ 35.5 |
Non-Covered Loan Portfolio by C
Non-Covered Loan Portfolio by Credit Quality Indicator (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | $ 41,844,019 | $ 40,133,861 | |
Multi-Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 31,158,672 | 29,883,919 | |
Multi-Family | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 30,903,657 | 29,548,242 | |
Multi-Family | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 239,664 | 312,025 | |
Multi-Family | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 15,351 | 23,652 | |
Commercial Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 7,081,910 | 6,998,834 | |
Commercial Real Estate | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 6,902,218 | 6,880,105 | |
Commercial Real Estate | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 104,648 | 90,653 | |
Commercial Real Estate | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 75,044 | 28,076 | |
One-to-four family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 380,361 | 446,094 | |
One-to-four family | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 377,883 | 444,443 | |
One-to-four family | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 748 | ||
One-to-four family | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 1,730 | 1,651 | |
Acquisition, development, and construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 200,596 | 407,870 | |
Acquisition, development, and construction | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 158,751 | 319,001 | |
Acquisition, development, and construction | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 41,456 | 73,964 | |
Acquisition, development, and construction | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 389 | 14,905 | |
Mortgage Receivable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 38,821,539 | 37,736,717 | |
Mortgage Receivable | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 38,342,509 | 37,191,791 | |
Mortgage Receivable | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 386,516 | 476,642 | |
Mortgage Receivable | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 92,514 | 68,284 | |
Commercial and Industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [1] | 3,014,378 | 2,388,420 |
Commercial and Industrial | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 2,960,557 | 2,306,563 | |
Commercial and Industrial | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 1,588 | 19,751 | |
Commercial and Industrial | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 52,233 | 62,106 | |
Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 8,102 | 8,724 | |
Other | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 7,850 | 8,469 | |
Other | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 252 | 255 | |
Total Other Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 3,022,480 | 2,397,144 | |
Total Other Loans | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 2,968,407 | 2,315,032 | |
Total Other Loans | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 1,588 | 19,751 | |
Total Other Loans | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | $ 52,485 | $ 62,361 | |
[1] | Includes specialty finance loans and leases of $0.0 billion and $1.9 billion, respectively, at December 30, 2019 and 2018. Other C&I loans of $000.0 million and $469.9 million, respectively, at December 30, 2019 and 2018. |
Details of Interest Income on N
Details of Interest Income on Non accrual loans (Detail) - Non-Covered Loans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income that would have been recorded | $ 5,599 | $ 4,145 | $ 4,974 |
Interest income actually recorded | (3,409) | (3,480) | (2,904) |
Interest income foregone | $ 2,190 | $ 665 | $ 2,070 |
Information Regarding Troubled
Information Regarding Troubled Debt Restructurings (Detail) - Non-Covered Loans - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | $ 40,499 | $ 34,881 | |
Multi-Family | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | 3,577 | 4,220 | |
Commercial Real Estate | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | 0 | ||
One-to-four family | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | 584 | 1,022 | |
Acquisition, development, and construction | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | 389 | 8,297 | |
Commercial and Industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | [1] | 35,949 | 21,342 |
Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | 1,254 | 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 | 389 | 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 | 39,245 | 25,719 | |
Non-Accrual | Multi-Family | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings | 3,577 | 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 | 584 | 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] | $ 35,084 | $ 20,477 |
[1] | Includes $00.0 million and $20.4 million of taxi medallion-related loans at December 31, 2019 and 2018, respectively. |
Information Regarding Trouble_2
Information Regarding Troubled Debt Restructurings (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Taxi Medallion Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | $ 27.3 | $ 20.4 |
Summary of Financial Effects of
Summary of Financial Effects of Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Investment | Dec. 31, 2018USD ($)Investment | Dec. 31, 2017USD ($)Investment | |
Financing Receivable, Modifications [Line Items] | |||
Number of loans classified as a non-accrual TDRs | Investment | 73 | 22 | 71 |
Pre-Modification Recorded Investment | $ 35,287 | $ 8,663 | $ 61,641 |
Post-Modification Recorded Investment | 30,816 | 6,355 | 36,047 |
Trouble debt restructuring, charge-off amount | 4,471 | $ 2,308 | 14,273 |
Capitalized interest | $ 3 | $ 12 | |
One-to-four family | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans classified as a non-accrual TDRs | Investment | 1 | 4 | |
Pre-Modification Recorded Investment | $ 131 | $ 810 | |
Post-Modification Recorded Investment | $ 131 | $ 986 | |
Weighted Average Interest Rate, Pre-Modification | 5.50% | 5.93% | |
Weighted Average Interest Rate, Post-Modification | 5.50% | 2.21% | |
Capitalized interest | $ 12 | ||
Commercial and Industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans classified as a non-accrual TDRs | Investment | 72 | 21 | 65 |
Pre-Modification Recorded Investment | $ 35,156 | $ 7,763 | $ 52,179 |
Post-Modification Recorded Investment | $ 30,685 | $ 5,455 | $ 26,409 |
Weighted Average Interest Rate, Pre-Modification | 4.31% | 3.25% | 3.36% |
Weighted Average Interest Rate, Post-Modification | 4.37% | 3.13% | 3.29% |
Trouble debt restructuring, charge-off amount | $ 4,471 | $ 2,308 | $ 14,273 |
Capitalized interest | $ 0 | ||
Acquisition, development, and construction | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans classified as a non-accrual TDRs | Investment | 1 | 2 | |
Pre-Modification Recorded Investment | $ 900 | $ 8,652 | |
Post-Modification Recorded Investment | $ 900 | $ 8,652 | |
Weighted Average Interest Rate, Pre-Modification | 4.50% | 5.50% | |
Weighted Average Interest Rate, Post-Modification | 4.50% | 5.50% |
Activity in Allowance for Losse
Activity in Allowance for Losses for Non-Covered Loans and Covered Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Individually evaluated for impairment | $ 116 | |
Allowance for Loan Losses, Collectively evaluated for impairment | 147,522 | $ 159,820 |
Allowance for Loan Losses | 147,638 | |
Mortgage Receivable | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 122,694 | 130,983 |
Allowance for Loan Losses | 122,694 | |
Other loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Individually evaluated for impairment | 116 | |
Allowance for Loan Losses, Collectively evaluated for impairment | 24,828 | $ 28,837 |
Allowance for Loan Losses | $ 24,944 |
Additional Information Regardin
Additional Information Regarding Methods used to Evaluate Loan Portfolio for Impairment (Detail) - Additional Information Loan Portfolio - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Individually evaluated for impairment | $ 58,381 | $ 52,169 |
Loans Receivable, Collectively evaluated for impairment | 41,785,638 | 40,081,692 |
Total loans, net | 41,844,019 | 40,133,861 |
Mortgage Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Individually evaluated for impairment | 19,267 | 15,794 |
Loans Receivable, Collectively evaluated for impairment | 38,802,272 | 37,720,923 |
Total loans, net | 38,821,539 | 37,736,717 |
Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Individually evaluated for impairment | 39,114 | 36,375 |
Loans Receivable, Collectively evaluated for impairment | 2,983,366 | 2,360,769 |
Total loans, net | $ 3,022,480 | $ 2,397,144 |
Activity in Allowance for Los_2
Activity in Allowance for Losses on Non-Covered Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation Allowance [Line Items] | |||
Balance, beginning of period | $ 159,820 | $ 158,046 | |
Charge-offs | (20,307) | (18,342) | |
Recoveries | 1,020 | 1,860 | |
Balance, end of period | 147,638 | 159,820 | $ 158,046 |
Non-Covered Loans | |||
Valuation Allowance [Line Items] | |||
(Recovery of) provision for loan losses | 7,105 | 18,256 | 60,943 |
Mortgage Receivable | |||
Valuation Allowance [Line Items] | |||
Balance, beginning of period | 130,983 | 128,275 | |
Charge-offs | (1,613) | (5,445) | |
Recoveries | 61 | 264 | |
Balance, end of period | 122,694 | 130,983 | 128,275 |
Mortgage Receivable | Non-Covered Loans | |||
Valuation Allowance [Line Items] | |||
(Recovery of) provision for loan losses | (6,737) | 7,889 | |
Other loans | |||
Valuation Allowance [Line Items] | |||
Balance, beginning of period | 28,837 | 29,771 | |
Charge-offs | (18,694) | (12,897) | |
Recoveries | 959 | 1,596 | |
Balance, end of period | 24,944 | 28,837 | $ 29,771 |
Other loans | Non-Covered Loans | |||
Valuation Allowance [Line Items] | |||
(Recovery of) provision for loan losses | $ 13,842 | $ 10,367 |
Additional Information about Im
Additional Information about Impaired Loans (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | $ 56,936,000 | $ 52,169,000 |
Impaired loans with no related allowance, Unpaid Principal Balance | 143,149,000 | 126,513,000 |
Impaired loans with no related allowance, Average Recorded Investment | 54,393,000 | 63,146,000 |
Impaired loans with no related allowance, Interest Income Recognized | 3,516,000 | 4,013,000 |
Impaired loans with an allowance recorded, Recorded Investment | 1,445,000 | |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 4,173,000 | |
Impaired loans with an allowance recorded, Related Allowance | 116,000 | |
Impaired loans with an allowance recorded, Average Recorded Investment | 4,111,000 | 20,000 |
Impaired loans with an allowance recorded, Interest Income Recognized | 13,000 | |
Total impaired loans, Recorded Investment | 58,381,000 | 52,169,000 |
Total impaired loans, Unpaid Principal Balance | 147,322 | 126,513,000 |
Total impaired loans, Related Allowance | 116,000 | |
Total impaired loans, Average Recorded Investment | 58,504,000 | 63,166,000 |
Total impaired loans, Interest Income Recognized | 3,529,000 | 4,013,000 |
Multi-Family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 3,577,000 | 4,220,000 |
Impaired loans with no related allowance, Unpaid Principal Balance | 6,790,000 | 7,168,000 |
Impaired loans with no related allowance, Average Recorded Investment | 4,336,000 | 6,114,000 |
Impaired loans with no related allowance, Interest Income Recognized | 266,000 | 340,000 |
Total impaired loans, Recorded Investment | 3,577,000 | 4,220,000 |
Total impaired loans, Unpaid Principal Balance | 6,790 | 7,168,000 |
Total impaired loans, Average Recorded Investment | 4,336,000 | 6,114,000 |
Total impaired loans, Interest Income Recognized | 266,000 | 340,000 |
Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 14,717,000 | 2,256,000 |
Impaired loans with no related allowance, Unpaid Principal Balance | 19,832,000 | 7,371,000 |
Impaired loans with no related allowance, Average Recorded Investment | 6,140,000 | 3,234,000 |
Impaired loans with no related allowance, Interest Income Recognized | 371,000 | |
Total impaired loans, Recorded Investment | 14,717,000 | 2,256,000 |
Total impaired loans, Unpaid Principal Balance | 19,832 | 7,371,000 |
Total impaired loans, Average Recorded Investment | 6,140,000 | 3,234,000 |
Total impaired loans, Interest Income Recognized | 371,000 | |
One-to-four family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 584,000 | 1,022,000 |
Impaired loans with no related allowance, Unpaid Principal Balance | 602,000 | 1,076,000 |
Impaired loans with no related allowance, Average Recorded Investment | 811,000 | 1,576,000 |
Impaired loans with no related allowance, Interest Income Recognized | 21,000 | 26,000 |
Total impaired loans, Recorded Investment | 584,000 | 1,022,000 |
Total impaired loans, Unpaid Principal Balance | 602,000 | 1,076,000 |
Total impaired loans, Average Recorded Investment | 811,000 | 1,576,000 |
Total impaired loans, Interest Income Recognized | 21,000 | 26,000 |
Acquisition, development, and construction | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 389,000 | 8,296,000 |
Impaired loans with no related allowance, Unpaid Principal Balance | 1,289,000 | 9,197,000 |
Impaired loans with no related allowance, Average Recorded Investment | 3,508,000 | 9,238,000 |
Impaired loans with no related allowance, Interest Income Recognized | 364,000 | 590,000 |
Total impaired loans, Recorded Investment | 389,000 | 8,296,000 |
Total impaired loans, Unpaid Principal Balance | 1,289 | 9,197,000 |
Total impaired loans, Average Recorded Investment | 3,508,000 | 9,238,000 |
Total impaired loans, Interest Income Recognized | 364,000 | 590,000 |
Other | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 37,669,000 | 36,375,000 |
Impaired loans with no related allowance, Unpaid Principal Balance | 114,636,000 | 101,701,000 |
Impaired loans with no related allowance, Average Recorded Investment | 39,598,000 | 42,984,000 |
Impaired loans with no related allowance, Interest Income Recognized | 2,494,000 | 3,057,000 |
Impaired loans with an allowance recorded, Recorded Investment | 1,445,000 | |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 4,173,000 | |
Impaired loans with an allowance recorded, Related Allowance | 116,000 | |
Impaired loans with an allowance recorded, Average Recorded Investment | 4,111,000 | 20,000 |
Impaired loans with an allowance recorded, Interest Income Recognized | 13,000 | |
Total impaired loans, Recorded Investment | 39,114,000 | 36,375,000 |
Total impaired loans, Unpaid Principal Balance | 118,809 | 101,701,000 |
Total impaired loans, Related Allowance | 116,000 | |
Total impaired loans, Average Recorded Investment | 43,709,000 | 43,004,000 |
Total impaired loans, Interest Income Recognized | $ 2,507,000 | $ 3,057,000 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Lease, Weighted Average Remaining Lease Term | 17 years | |
Lessee, Operating Lease, Option to Extend | 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 | $ 38.4 | |
Residual value of leased asset | 70.1 | |
Carrying value of investment lease | 1,400 | |
Operating leases, rent expense | 28.7 | $ 33.6 |
Operating lease, lease income | 9.5 | $ 9.9 |
Other Income [Member] | ||
Gain on sale of branch property | 7.9 | |
Discontinued Operations [Member] | ||
Amortization Of ROU assets | $ 11.7 | |
Minimum [Member] | ||
Operating Lease, Weighted Average Remaining Lease Term | 1 year | |
Lessor, operating lease, term of contract | 24 months | |
Maximum [Member] | ||
Operating Lease, Weighted Average Remaining Lease Term | 25 years | |
Lessor, operating lease, term of contract | 120 months |
Components Of Lease Income (Det
Components Of Lease Income (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Interest income on lease financing | $ 38,087 |
Components Of Net Investment In
Components Of Net Investment In Direct Financing Leases (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Net investment in the lease- lease payments receivable | $ 1,302,760 |
Net investment in the lease- unguaranteed residual assets | 74,064 |
Total lease payments | $ 1,376,824 |
Summary Of Remaining Maturity O
Summary Of Remaining Maturity Of The Undiscounted Lease Receivables (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 13 |
2020 | 47,422 |
2021 | 135,430 |
2022 | 200,785 |
2023 | 79,105 |
Thereafter | 914,069 |
Total lease payments | 1,376,824 |
Plus: deferred origination costs | 21,561 |
Less: unearned income | (104,826) |
Total lease finance receivables, net | $ 1,293,559 |
Summary of components of lease
Summary of components of lease expense (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 28,695 |
Sublease income | (105) |
Total lease cost | $ 28,590 |
Summary of cash flow informatio
Summary of cash flow information related to the leases (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 28,695 |
Summary of Balance Sheet Inform
Summary of Balance Sheet Information Related To Leases (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Operating lease right-of-use assets | $ 286,194 |
Operating lease liabilities | $ 285,991 |
Weighted average remaining lease term | 17 years |
Weighted average discount rate | 3.23% |
Summary of Maturities of Lease
Summary of Maturities of Lease Liabilities (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 27,304 |
2021 | 26,350 |
2022 | 25,515 |
2023 | 25,078 |
2024 | 24,414 |
Thereafter | 255,547 |
Total lease payments | 384,208 |
Less: imputed interest | (98,217) |
Total present value of lease liabilities | $ 285,991 |
Summary of Remaining Projected
Summary of Remaining Projected Minimum Annual Rental Commitments (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 30,322 |
2020 | 23,399 |
2021 | 19,736 |
2022 | 16,552 |
2023 and thereafter | 55,525 |
Total minimum future rentals | $ 145,534 |
Weighted Average Interest Rates
Weighted Average Interest Rates for Each Type of Deposit (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Amount | ||
Interest-bearing checking and money market accounts | $ 10,230,144 | $ 11,530,049 |
Savings accounts | 4,780,007 | 4,643,260 |
Certificates of deposit | 14,214,858 | 12,194,322 |
Non-interest-bearing accounts | 2,432,123 | 2,396,799 |
Total deposits | $ 31,657,132 | $ 30,764,430 |
Percent of Total | ||
Interest-bearing checking and money market accounts | 32.32% | 37.48% |
Savings accounts | 15.10% | 15.09% |
Certificates of deposit | 44.90% | 39.64% |
Non-interest-bearing accounts | 7.68% | 7.79% |
Total deposits | 100.00% | 100.00% |
Weighted Average Interest Rate | ||
Interest-bearing checking and money market accounts, weighted average interest rate | 1.30% | 1.74% |
Savings accounts, weighted average interest rate | 0.75% | 0.68% |
Certificates of deposit, weighted average interest rate | 2.30% | 2.15% |
Total deposits, weighted average interest rate | 1.57% | 1.61% |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Investments [Line Items] | ||
Aggregate amounts of deposits reclassified as loan balances | $ 2.4 | $ 2.8 |
Brokered deposits | $ 5,200 | $ 4,000 |
Brokered deposits, weighted average interest rates | 1.94% | 2.50% |
Money Market | ||
Schedule of Investments [Line Items] | ||
Brokered deposits | $ 1,500 | $ 1,900 |
Interest Bearing Checking Accounts | ||
Schedule of Investments [Line Items] | ||
Brokered deposits | 1,200 | 786.1 |
Certificates of Deposits | ||
Schedule of Investments [Line Items] | ||
Brokered deposits | $ 2,500 | $ 1,300 |
Scheduled Maturities of Certifi
Scheduled Maturities of Certificates of Deposit Intangibles (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Time deposits by maturity | ||
1 year or less | $ 13,310,426 | |
More than 1 year through 2 years | 684,586 | |
More than 2 years through 3 years | 27,029 | |
More than 3 years through 4 years | 5,638 | |
More than 4 years through 5 years | 186,951 | |
Over 5 years | 228 | |
Total CDs | $ 14,214,858 | $ 12,194,322 |
Core Deposit Intangibles in Amo
Core Deposit Intangibles in Amounts of One Hundred Thousand or more, by Remaining Term to Maturity (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
CDs of $100,000 or More Maturing Within, 3 Months or Less | $ 1,884,127 |
CDs of $100,000 or More Maturing Within, Over 3 to 6 Months | 2,804,613 |
CDs of $100,000 or More Maturing Within, Over 6 to 12 Months | 2,626,676 |
CDs of $100,000 or More Maturing Within, Over 12 Months | 590,350 |
CDs of $100,000 or More Maturing Within, Total | $ 7,905,766 |
Summary of Borrowed Funds (Deta
Summary of Borrowed Funds (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Outstanding [Line Items] | ||
FHLB advances | $ 13,102,661 | $ 13,053,661 |
Repurchase agreements | 800,000 | 500,000 |
Total wholesale borrowings | 13,902,661 | 13,553,661 |
Junior subordinated debentures | 359,866 | 359,508 |
Subordinated notes | 295,066 | 294,697 |
Total borrowed funds | $ 14,557,593 | $ 14,207,866 |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Detail) | Nov. 04, 2002USD ($)age$ / sharesshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | ||||
Accrued interest | $ 23,400,000 | $ 23,500,000 | ||
Short-term FHLB advances, average balance | $ 52,400,000 | $ 3,300,000 | ||
Short-term FHLB advances, average balance, weighted average interest rate | 1.90% | 0.82% | ||
Short-term FHLB advances, interest expense | $ 1,000,000 | $ 27,000 | ||
Interest expense | $ 317,474,000 | $ 279,329,000 | 222,454,000 | |
Federal funds purchased | $ 47,900,000 | |||
Federal fund purchased Weighted average interest rate | 1.70% | 2.20% | 2.20% | |
Federal funds purchased, average balance | $ 6.8 | $ 620,000 | ||
Federal fund purchased, interest expenses | 118,000 | 14,000 | $ 418,000 | |
Junior subordinated debentures | 359,866,000 | 359,508,000 | ||
Short-term FHLB advances | 1,000,000,000 | |||
Subordinated notes outstanding | 295,100,000 | 294,700,000 | ||
Interest expense on subordinated notes | 18,300,000 | 2,800,000 | ||
Repurchase Agreements | ||||
Debt Instrument [Line Items] | ||||
Accrued interest | 1.7 | 287,000 | ||
Interest expense | 17,700,000 | 6,800,000 | 16,400,000 | |
Federal Home Loan Bank Advances | ||||
Debt Instrument [Line Items] | ||||
Interest expense | 259,000,000 | 248,000,000 | 186,000,000 | |
Junior Subordinated Debt | ||||
Debt Instrument [Line Items] | ||||
Interest expense | 22,400,000 | 21,700,000 | 19,600,000 | |
New York Community Capital Trust V (BONUSESSM Units) | BONUSESSM units | ||||
Debt Instrument [Line Items] | ||||
Public offering of Bifurcated Option Note Unit Securities ("BONUSES units") | shares | 5,500,000 | |||
Public offering of units, offering price per share | $ / shares | $ 50 | |||
Gross proceeds of BONUSES, debt | $ 275,000,000 | |||
Difference between the assigned value and the stated liquidation amount of the capital securities is treated as an original issue discount | 92,400,000 | |||
Original issue discount amortized amount | 65,800,000 | |||
New York Community Capital Trust V (BONUSESSM Units) | BONUSESSM units | Warrant | ||||
Debt Instrument [Line Items] | ||||
Gross proceeds of BONUSES | $ 92,400,000 | |||
New York Community Capital Trust V (BONUSESSM Units) | BONUSESSM units | Capital Units | ||||
Debt Instrument [Line Items] | ||||
Warrant to purchase, number of shares | age | 2.4953 | |||
Warrant to purchase, total number of shares | shares | 13,700,000 | |||
Warrant to purchase, exercise price per share | $ / shares | $ 20.04 | |||
Capital security, term (in years) | 49 years | |||
Capital security, coupon or distribution rate | 6.00% | |||
Capital security, per share liquidation amount | $ / shares | $ 50 | |||
Gross proceeds of BONUSES | $ 182,600,000 | |||
FHLB - NY | ||||
Debt Instrument [Line Items] | ||||
Unused line of credit | 7,900,000,000 | 7,500,000,000 | ||
Overnight FHLB advances | 100,000,000 | 0 | ||
Line of credit, average balance | $ 3,100,000 | $ 5,200,000 | $ 7,700,000 | |
Line of credit, weighted average interest rate | 2.10% | 2.30% | 0.98% | |
Interest expense | $ 66,000,000,000 | $ 121,000 | $ 75,000 |
Contractual Maturities of Outst
Contractual Maturities of Outstanding Federal Home Loan Bank Advances (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Year of Maturity | ||
Total FHLB advances | $ 13,102,661 | $ 13,053,661 |
Contractual Maturity | ||
Year of Maturity | ||
2020 | 4,525,000 | |
2021 | 822,661 | |
2022 | 275,000 | |
2023 | 0 | |
2028 | 4,350,000 | |
2029 | 3,130,000 | |
Total FHLB advances | $ 13,102,661 | |
Weighted Average Interest Rate | ||
2020 | 2.06% | |
2021 | 2.40% | |
2022 | 2.01% | |
2023 | 0.00% | |
2028 | 2.40% | |
2029 | 1.55% | |
Total FHLB advances | 2.07% | |
Earlier of Contractual Maturity or Next Call Date | ||
Year of Maturity | ||
2020 | $ 6,805,000 | |
2021 | 4,222,661 | |
2022 | 1,875,000 | |
2023 | 200,000 | |
2028 | 0 | |
2029 | 0 | |
Total FHLB advances | $ 13,102,661 | |
Weighted Average Interest Rate | ||
2020 | 2.09% | |
2021 | 2.30% | |
2022 | 1.55% | |
2023 | 1.61% | |
2028 | 0.00% | |
2029 | 0.00% | |
Total FHLB advances | 2.07% |
Analysis of Contractual Maturit
Analysis of Contractual Maturities of Outstanding Repurchase Agreements (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Amount | ||
Repurchase agreements | $ 800,000 | $ 500,000 |
Weighted Average Interest Rate | ||
Contractual Maturity Over 90 days, Weighted Average Interest Rate | 2.24% | |
Contractual Maturity | ||
Amount | ||
2028 | $ 300,000 | |
2029 | 500,000 | |
Repurchase agreements | $ 800,000 | |
Weighted Average Interest Rate | ||
2028 | 2.37% | |
2029 | 2.16% | |
Contractual Maturity Over 90 days, Weighted Average Interest Rate | 2.24% | |
Earlier of Contractual Maturity or Next Call Date | ||
Amount | ||
2021 | $ 400,000 | |
2022 | 400,000 | |
Repurchase agreements | $ 800,000 | |
Weighted Average Interest Rate | ||
2021 | 2.31% | |
2022 | 2.16% | |
Contractual Maturity Over 90 days, Weighted Average Interest Rate | 2.24% |
Details of Repurchase Agreement
Details of Repurchase Agreements (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Outstanding [Line Items] | ||
Contractual Maturity Over 90 days, amount | $ 800,000 | $ 500,000 |
Contractual Maturity Over 90 days, Weighted Average Interest Rate | 2.24% | |
Maturity 30 to 90 Days [Member] | ||
Debt Outstanding [Line Items] | ||
Contractual Maturity Over 90 days, amount | $ 0 | |
Contractual Maturity Over 90 days, Weighted Average Interest Rate | 0.00% | |
Maturity Greater than 90 Days [Member] | ||
Debt Outstanding [Line Items] | ||
Contractual Maturity Over 90 days, amount | $ 800,000 | |
Contractual Maturity Over 90 days, Weighted Average Interest Rate | 2.24% | |
Mortgage-Related Securities | ||
Debt Outstanding [Line Items] | ||
Contractual Maturity Over 90 days, Fair Value | $ 238,180 | |
Contractual Maturity Over 90 days, Amortized Cost | 232,836 | |
Mortgage-Related Securities | Maturity 30 to 90 Days [Member] | ||
Debt Outstanding [Line Items] | ||
Contractual Maturity Over 90 days, Fair Value | 0 | |
Contractual Maturity Over 90 days, Amortized Cost | 0 | |
Mortgage-Related Securities | Maturity Greater than 90 Days [Member] | ||
Debt Outstanding [Line Items] | ||
Contractual Maturity Over 90 days, Fair Value | 238,180 | |
Contractual Maturity Over 90 days, Amortized Cost | 232,836 | |
U.S. Treasury and GSE Obligations | ||
Debt Outstanding [Line Items] | ||
Contractual Maturity Over 90 days, Fair Value | 637,050 | |
Contractual Maturity Over 90 days, Amortized Cost | 636,190 | |
U.S. Treasury and GSE Obligations | Maturity 30 to 90 Days [Member] | ||
Debt Outstanding [Line Items] | ||
Contractual Maturity Over 90 days, Fair Value | 0 | |
Contractual Maturity Over 90 days, Amortized Cost | 0 | |
U.S. Treasury and GSE Obligations | Maturity Greater than 90 Days [Member] | ||
Debt Outstanding [Line Items] | ||
Contractual Maturity Over 90 days, Fair Value | 637,050 | |
Contractual Maturity Over 90 days, Amortized Cost | $ 636,190 |
Junior Subordinated Debentures
Junior Subordinated Debentures Outstanding (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Subordinated Borrowing [Line Items] | |||
Junior Subordinated Debentures Amount Outstanding | $ 359,866 | $ 359,508 | |
Capital Securities Amount Outstanding | $ 347,089 | ||
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 | $ 145,940 | ||
Capital Securities Amount Outstanding | $ 139,589 | ||
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 | 3.49% | ||
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 | 5.14% | ||
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 | 3.61% | ||
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. |
Summary of Fixed-To-Floating Ra
Summary of Fixed-To-Floating Rate Subordinated Notes Outstanding (Detail) - Subordinated Debt $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Date of Original Issue | Nov. 6, 2018 | |
Stated Maturity | Nov. 6, 2028 | |
Interest rate of subordinated note | 5.90% | [1] |
Principal amount of Subordinated Notes | $ 300,000 | |
[1] | From and including the date of original issuance to, but excluding November 6, 2023, the Notes will bear interest at an initial rate of 5.90% per annum payable semi-annually. Unless redeemed, from and including November 6, 2023 to but excluding the maturity date, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus 278 basis point payable quarterly. |
Summary of Fixed-To-Floating
Summary of Fixed-To-Floating Rate Subordinated Notes Outstanding (Parenthetical) (Detail) - Subordinated Debt | 12 Months Ended | |
Dec. 31, 2019 | ||
Interest rate | 5.90% | [1] |
Description of variable rate basis | LIBOR rate plus 278 basis point | |
Debt instrument spread on variable rate | 278.00% | |
[1] | From and including the date of original issuance to, but excluding November 6, 2023, the Notes will bear interest at an initial rate of 5.90% per annum payable semi-annually. Unless redeemed, from and including November 6, 2023 to but excluding the maturity date, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus 278 basis point payable quarterly. |
Components of Net Deferred Tax
Components of Net Deferred Tax Asset (Liability) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Assets: | ||
Allowance for loan losses | $ 40,584 | $ 45,611 |
Compensation and related benefit obligations | 19,401 | 19,693 |
Acquisition accounting and fair value adjustments on securities (including OTTI) | 6,728 | |
Non-accrual interest | 624 | 431 |
Net operating loss carryforwards | 19,750 | |
Other | 12,169 | 11,349 |
Gross deferred tax assets | 92,528 | 83,812 |
Deferred tax asset after valuation allowance | 92,528 | 83,812 |
Deferred Tax Liabilities: | ||
Amortizable intangibles | (2,480) | (2,263) |
Acquisition accounting and fair value adjustments on securities (including OTTI) | (9,742) | |
Mortgage servicing rights | (223) | |
Premises and equipment | (7,578) | (11,242) |
Prepaid pension cost | (22,739) | (19,135) |
Leases | (237,429) | (115,259) |
Other | (13,991) | (14,800) |
Gross deferred tax liabilities | (293,959) | (162,922) |
Net deferred tax liability | $ (201,431) | $ (79,110) |
Income Tax Expense (Benefit) (D
Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | |||
Federal – current | $ 4,069 | $ 89,187 | $ 153,587 |
State and local – current | 23,382 | 22,868 | 26,983 |
Total current | 27,451 | 112,055 | 180,570 |
Federal – deferred | 100,971 | 13,058 | 3,498 |
State and local – deferred | (158) | 10,139 | 17,946 |
Total deferred | 100,813 | 23,197 | 21,444 |
Income tax expense reported in net income | 128,264 | 135,252 | 202,014 |
Securities available-for-sale | 16,142 | (32,162) | 28,495 |
Pension liability adjustments | 5,033 | 4,897 | 2,234 |
Cash Flow Hedge | 333 | ||
Non-credit portion of OTTI losses | 0 | 821 | 13 |
Total income taxes | $ 149,772 | $ 108,808 | $ 232,756 |
Reconciliation of Statutory Fed
Reconciliation of Statutory Federal Income Tax Expense (Benefit) Reported in Net Income to Combined Actual Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Provision of Income Taxes [Line Items] | |||
Statutory federal income tax at 21%, 21% and 35%, respectively | $ 109,894 | $ 117,111 | $ 233,875 |
State and local income taxes, net of federal income tax effect | 18,346 | 24,451 | 29,204 |
Effect of tax law changes | 1,625 | (41,943) | |
Non-deductible FDIC deposit insurance premiums | 6,938 | 8,852 | |
Effect of tax deductibility of ESOP | (3,163) | (3,116) | (5,083) |
Non-taxable income and expense of BOLI | (5,981) | (5,957) | (9,529) |
Federal tax credits | (750) | (531) | (1,386) |
Adjustments relating to prior tax years | 373 | (7,246) | 144 |
Other, net | 2,607 | 63 | (3,268) |
Income tax expense reported in net income | $ 128,264 | $ 135,252 | $ 202,014 |
Reconciliation of Statutory F_2
Reconciliation of Statutory Federal Income Tax Expense (Benefit) Reported in Net Income to Combined Actual Income Tax Expense (Benefit) (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Provision of Income Taxes [Line Items] | |||
Statutory federal income tax rate | 21.00% | 21.00% | 35.00% |
Federal, State and Local Taxe_2
Federal, State and Local Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | ||||
Income tax benefit due to change in tax rate | $ 42,000 | |||
Outstanding amount of the investment | $ 57,100 | $ 62,300 | ||
Other commitments of additional anticipated equity contributions relating to current investments | 29,100 | 37,200 | ||
Affordable housing tax credits and other tax benefits recognized | 5,900 | 5,200 | 4,500 | |
Affordable housing tax credits and other tax benefits, related amortization recognized | 5,200 | 4,700 | 3,100 | |
Unrecognized gross tax benefits | 35,749 | 33,357 | 33,681 | $ 33,487 |
Total amount of net unrecognized tax benefits that would affect the effective tax rate, if recognized | 28,200 | |||
Income tax benefit attributed to interest and penalties | 2,500 | 1,700 | 1,800 | |
Accrued interest and penalties on tax liabilities | 14,500 | 11,300 | ||
Net deferred tax liabilities | 201,431 | 79,110 | ||
Tax expense | 128,264 | 135,252 | $ 202,014 | |
Domestic Tax Authority | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforward | 94,000 | |||
Maximum | ||||
Income Taxes [Line Items] | ||||
Estimated change in balance of unrecognized tax benefit, within next twelve months | 21,000 | |||
New Jersey Division of Taxation [Member] | ||||
Income Taxes [Line Items] | ||||
Tax expense | $ 2,100 | |||
Special Federal Tax Provision | ||||
Income Taxes [Line Items] | ||||
Tax bad debt base-year reserves | 61,500 | |||
Net deferred tax liabilities | $ 12,900 |
Changes in Liability for Unreco
Changes in Liability for Unrecognized Gross Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||
Uncertain tax positions at beginning of year | $ 33,357 | $ 33,681 | $ 33,487 |
Additions for tax positions relating to current-year operations | 925 | 4,332 | |
Additions for tax positions relating to prior tax years | 2,036 | 1,660 | 1,398 |
Subtractions for tax positions relating to prior tax years | (569) | (1,984) | (5,101) |
Reductions in balance due to settlements | (435) | ||
Uncertain tax positions at end of year | $ 35,749 | $ 33,357 | $ 33,681 |
Derivative and Hedging Activi_3
Derivative and Hedging Activities - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Interest Income (Expense), Net | $ 957,400,000 | $ 1,030,995,000 | $ 1,130,003,000 | |
Carrying Amount of the Hedged Assets | 2,000,000,000 | |||
Gain (loss) on interest rate cash flow hedge ineffectiveness | 154,000 | |||
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net | 3,000,000 | |||
Designated as Hedging Instrument [Member] | ||||
Derivative, Notional Amount | 2,000,000,000 | 2,000,000,000 | ||
Interest Income (Expense), Net | 3,400,000 | |||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative, Notional Amount | 800,000,000 | $ 0 | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative, Notional Amount | 2,000,000,000 | |||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | LCH | ||||
Derivative, Notional Amount | 2,800,000,000 | |||
Loans and leases | ||||
Amortized Cost | 4,500,000,000 | |||
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets | [1] | 53,483,000 | ||
Carrying Amount of the Hedged Assets | [1] | $ 2,053,483,000 | ||
[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 December 31, 2019, the amortized cost basis of the closed portfolios used in these hedging relationships was $0.0 billion; the cumulative basis adjustments associated with these hedging relationships was $00.0 million; and the amount of the designated hedged items was $0.0 billion. |
Cumulative basis adjustment for
Cumulative basis adjustment for fair value hedges (Detail) $ in Thousands | Dec. 31, 2019USD ($) | |
Carrying Amount of the Hedged Assets | $ 2,000,000 | |
Loans and leases | ||
Carrying Amount of the Hedged Assets | 2,053,483 | [1] |
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets | $ 53,483 | [1] |
[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 December 31, 2019, the amortized cost basis of the closed portfolios used in these hedging relationships was $0.0 billion; the cumulative basis adjustments associated with these hedging relationships was $00.0 million; and the amount of the designated hedged items was $0.0 billion. |
Company's derivative financial
Company's derivative financial instruments (Detail) - Designated as Fair Value Hedging Instrument [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative, Notional Amount | $ 2,000,000 | $ 2,000,000 |
Interest Rate Swap [Member] | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative, Notional Amount | 2,000,000 | |
Interest Rate Swap [Member] | Other Assets [Member] | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Asset | $ 0 |
Consolidated Statements of In_3
Consolidated Statements of Income and Comprehensive Income (Detail) - Interest Income [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Interest Rate Swap [Member] | |
Interest income | $ 53,483 |
Hedged item - loans [Member] | |
Interest income | $ 53,483 |
Detailed Information about Inte
Detailed Information about Interest Rate Swaps with Cash Flows Hedges (Detail) - Interest Rate Swap [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Notional amounts | $ 800,000 | $ 0 |
Cash Collateral Posted | $ 1,185 | |
Weighted average pay rates | 1.62% | |
Weighted average receive rates | 1.90% | |
Weighted average maturity | 2 years 6 months |
Detailed Information About in C
Detailed Information About in Cash flow Derivative Instrument on AOCL (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Amount of gain (loss) recognized in AOCL | $ 1,340 |
Amount of gain (loss) reclassified from AOCL to interest expense | $ 154 |
Commitments And Contingencies -
Commitments And Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | ||
Securities held to maturity, mortgaged related securities, pledged | $ 651,300 | $ 840,700 |
Securities available for sale, other securities, pledged | 721,000 | 388,000 |
Loans pledged to FHLB, collateral for wholesale borrowings | 32,600,000 | 31,400,000 |
Commitments | 2,516,434 | |
Total loan commitments | ||
Loss Contingencies [Line Items] | ||
Commitments | 2,006,492 | 2,000,000 |
Commercial, performance stand-by, and financial stand-by letters of credit | ||
Loss Contingencies [Line Items] | ||
Commitments | $ 509,942 | $ 508,100 |
Off-Balance-Sheet Originate Loa
Off-Balance-Sheet Originate Loans and Letters of Credit (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | $ 2,516,434 | |
Total loan commitments | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | 2,006,492 | $ 2,000,000 |
Commercial, performance stand-by, and financial stand-by letters of credit | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | 509,942 | $ 508,100 |
Total mortgage loan commitments | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | 457,979 | |
Total mortgage loan commitments | Multi-family and commercial real estate | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | 251,679 | |
Total mortgage loan commitments | One-to-four family | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | 801 | |
Total mortgage loan commitments | Acquisition, development, and construction | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | 205,499 | |
Other loan commitments | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitments | $ 1,548,513 |
Guarantees and Indemnifications
Guarantees and Indemnifications (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Guarantor Obligations [Line Items] | |
Guarantees and Indemnifications Outstanding Amount, Expires Within One Year | $ 170,528 |
Guarantees and Indemnifications Outstanding Amount, Expires After One Year | 58,375 |
Guarantees and Indemnifications, Total Outstanding Amount | 228,903 |
Guarantees and Indemnifications, Maximum Potential Amount of Future Payments | 509,942 |
Financial stand-by letters of credit | |
Guarantor Obligations [Line Items] | |
Guarantees and Indemnifications Outstanding Amount, Expires Within One Year | 164,776 |
Guarantees and Indemnifications Outstanding Amount, Expires After One Year | 58,014 |
Guarantees and Indemnifications, Total Outstanding Amount | 222,790 |
Guarantees and Indemnifications, Maximum Potential Amount of Future Payments | 448,602 |
Performance stand-by letters of credit | |
Guarantor Obligations [Line Items] | |
Guarantees and Indemnifications Outstanding Amount, Expires Within One Year | 3,351 |
Guarantees and Indemnifications, Total Outstanding Amount | 3,351 |
Guarantees and Indemnifications, Maximum Potential Amount of Future Payments | 3,351 |
Commercial Letters of Credit | |
Guarantor Obligations [Line Items] | |
Guarantees and Indemnifications Outstanding Amount, Expires Within One Year | 2,401 |
Guarantees and Indemnifications Outstanding Amount, Expires After One Year | 361 |
Guarantees and Indemnifications, Total Outstanding Amount | 2,762 |
Guarantees and Indemnifications, Maximum Potential Amount of Future Payments | $ 57,989 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 2,426,379 | $ 2,436,131 |
Peter B. Cannell & Co. | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill, written off related to sale of business Unit | $ 9,800 |
Retirement Plan, Based on Measu
Retirement Plan, Based on Measurement Date (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in Plan Assets: | |||
Fair value of assets at end of year | $ 242,558 | ||
Pension Benefits | |||
Change in Benefit Obligation: | |||
Benefit obligation at beginning of year | 143,235 | $ 151,411 | |
Interest cost | 5,660 | 5,085 | $ 5,616 |
Actuarial loss (gain) | 18,806 | (4,676) | |
Annuity payments | (6,473) | (6,453) | |
Settlements | (1,332) | (2,132) | |
Benefit obligation at end of year | 159,896 | 143,235 | 151,411 |
Change in Plan Assets: | |||
Fair value of assets at beginning of year | 210,246 | 234,136 | |
Actual return (loss) on plan assets | 40,117 | (15,305) | |
Annuity payments | (6,473) | (6,453) | |
Settlements | (1,332) | (2,132) | |
Fair value of assets at end of year | 242,558 | 210,246 | $ 234,136 |
Funded status (included in "Other assets") | 82,662 | 67,011 | |
Changes recognized in other comprehensive income for the year ended December 31: | |||
Amortization of actuarial loss | (10,035) | (7,179) | |
Net actuarial (gain) loss arising during the year | (7,378) | 26,768 | |
Total recognized in other comprehensive income for the year (pre-tax) | (17,413) | 19,589 | |
Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: | |||
Actuarial loss, net | 75,767 | 93,180 | |
Total accumulated other comprehensive loss (pre-tax) | $ 75,767 | $ 93,180 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of company stock held equal to plan assets | 12.00% | ||
Period of obligations for retired lives in trust | 30 years | ||
Long term inflation rate | 2.50% | ||
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on equity security | 6.00% | ||
Expected rate of return on fixed income security | 3.00% | ||
Overall expected rate of return | 5.00% | ||
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected rate of return on equity security | 8.00% | ||
Expected rate of return on fixed income security | 5.00% | ||
Overall expected rate of return | 7.00% | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated unrecognized net actuarial loss (gain) that will be amortized from accumulated other comprehensive loss into net periodic benefit cost | $ 7,300,000 | ||
Amount recognized of net actuarial loss into net periodic benefit cost | 10,035,000 | $ 7,179,000 | $ 8,209,000 |
Estimated prior service cost that will be amortized from accumulated other comprehensive loss (gain) into net periodic benefit cost | 0 | ||
Amortization of past-service liability | $ 0 | ||
Discount rates used to determine the benefit obligation | 3.00% | 4.10% | |
Percentage of assets allocated to equities to be considered well funded | 55.00% | ||
Percentage of assets allocated to fixed income to be considered well funded | 44.00% | ||
Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated unrecognized net actuarial loss (gain) that will be amortized from accumulated other comprehensive loss into net periodic benefit cost | $ 25,000 | ||
Amount recognized of net actuarial loss into net periodic benefit cost | 124,000 | $ 309,000 | 274,000 |
Estimated prior service cost that will be amortized from accumulated other comprehensive loss (gain) into net periodic benefit cost | 249,000 | ||
Amortization of past-service liability | $ (249,000) | $ (249,000) | $ (249,000) |
Discount rates used to determine the benefit obligation | 2.90% | 3.90% | |
Effect of 1% increase in assumed medical trend rate on accumulated post-retirement benefit obligation | $ 650,000 | ||
Effect of 1% increase in assumed medical trend rate on benefits earned and the interest components | 26,000 | ||
Effect of 1% decrease in assumed medical trend rate on accumulated post-retirement benefit obligation | 548,000 | ||
Effect of 1% decrease in assumed medical trend rate on benefits earned and the interest components | 22,000 | ||
Contribution to Health & Welfare Plan to pay premiums and claims in the next fiscal year | $ 947,000 |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits | |||
Components of net periodic pension expense (credit): | |||
Interest cost | $ 5,660 | $ 5,085 | $ 5,616 |
Amortization of past-service liability | 0 | ||
Expected return on plan assets | (13,933) | (16,139) | (16,290) |
Amortization of net actuarial loss | 10,035 | 7,179 | 8,209 |
Net periodic pension expense (credit) | 1,762 | (3,875) | (2,465) |
Post- Retirement Benefits | |||
Components of net periodic pension expense (credit): | |||
Service cost | 0 | ||
Interest cost | 512 | 513 | 577 |
Amortization of past-service liability | (249) | (249) | (249) |
Amortization of net actuarial loss | 124 | 309 | 274 |
Net periodic pension expense (credit) | $ 387 | $ 573 | $ 602 |
Weighted Average Assumptions Us
Weighted Average Assumptions Used in Determining Net Periodic Benefit Cost for Pension (Detail) - Pension Benefits | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.10% | 3.40% | 3.90% |
Expected rate of return on plan assets | 6.80% | 7.00% | 7.50% |
Fair Value Measurements of Inve
Fair Value Measurements of Investments Held by Retirement Plan (Detail) $ in Thousands | Dec. 31, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | $ 242,558 | |
Mutual Funds - Equity | Large-Cap Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 21,279 | [1] |
Mutual Funds - Equity | Large-Cap Growth | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 21,852 | [2] |
Mutual Funds - Equity | Large-Cap Core | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 15,978 | [3] |
Mutual Funds - Equity | United States Mid Cap Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 4,560 | [4] |
Mutual Funds - Equity | Mid Cap Growth | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 4,871 | [5] |
Mutual Funds - Equity | Mid Cap Core | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 4,664 | [6] |
Mutual Funds - Equity | US Small-Cap Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 3,272 | [7] |
Mutual Funds - Equity | Small Cap Value Growth | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 6,927 | [8] |
Mutual Funds - Equity | Small-Cap Core | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 3,139 | [9] |
Mutual Funds - Equity | International Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 25,760 | [10] |
Fixed Income Funds | U.S. Core | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 72,765 | [11] |
Fixed Income Funds | Intermediate Duration | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 24,517 | [12] |
Equity securities | Common stock | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 28,185 | |
Cash Equivalents | Money Market | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 4,789 | [13] |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 29,995 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | Common stock | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 28,185 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash Equivalents | Money Market | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 1,810 | [13] |
Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 212,563 | |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | Large-Cap Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 21,279 | [1] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | Large-Cap Growth | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 21,852 | [2] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | Large-Cap Core | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 15,978 | [3] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | United States Mid Cap Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 4,560 | [4] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | Mid Cap Growth | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 4,871 | [5] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | Mid Cap Core | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 4,664 | [6] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | US Small-Cap Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 3,272 | [7] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | Small Cap Value Growth | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 6,927 | [8] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | Small-Cap Core | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 3,139 | [9] |
Significant Other Observable Inputs (Level 2) | Mutual Funds - Equity | International Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 25,760 | [10] |
Significant Other Observable Inputs (Level 2) | Fixed Income Funds | U.S. Core | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 72,765 | [11] |
Significant Other Observable Inputs (Level 2) | Fixed Income Funds | Intermediate Duration | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 24,517 | [12] |
Significant Other Observable Inputs (Level 2) | Cash Equivalents | Money Market | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | $ 2,979 | [13] |
[1] | This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. | |
[2] | This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. | |
[3] | This fund tracks the performance of the S&P 500 Index by purchasing the securities represented in the Index in approximately the same weightings as the Index. | |
[4] | This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Value Index. | |
[5] | This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Growth Index. | |
[6] | This category seeks to track the performance of the S&P Midcap 400 Index. | |
[7] | This category consists of a selection of investments based on the Russell 2000 Value Index. | |
[8] | This category consists of a mutual fund invested in small cap growth companies along with a fund invested in a selection of investments based on the Russell 2000 Growth Index. | |
[9] | This category consists of a mutual fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10% of the market universe, or smaller than the 1000th largest US company. | |
[10] | This category has investments in medium to large non-US companies, including high quality, durable growth companies and companies based in countries with stable economic and political systems. A portion of this category consists of an index fund designed to track the MSC ACWI ex-US Net Dividend Return Index. | |
[11] | This category currently includes equal investments in three mutual funds, two of which usually hold at least 80% of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50% or more in mortgage-backed securities guaranteed by the US government and its agencies. | |
[12] | This category consists of a mutual fund which invest in a diversified portfolio of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset backed securities, corporate and municipal bonds, CMOs, and other securities mostly rated A or better. | |
[13] | Includes cash equivalent investments in equity and fixed income strategies. |
Fair Value Measurements of In_2
Fair Value Measurements of Investments Held by Retirement Plan (Parenthetical) (Detail) - Large-Cap Value - Common/Collective Trusts - Equity | Dec. 31, 2019Stock |
Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Number of stocks held | 60 |
Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Number of stocks held | 70 |
Weighted Average Asset Allocati
Weighted Average Asset Allocations for Retirement Plan (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocation | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocation | 58.00% | 57.00% |
Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocation | 40.00% | 41.00% |
Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocation | 2.00% | 2.00% |
Expected Future Annuity Payment
Expected Future Annuity Payments by Retirement Plan (Detail) - Pension Benefits $ in Thousands | Dec. 31, 2019USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 8,016 |
2021 | 7,855 |
2022 | 7,932 |
2023 | 8,031 |
2024 | 8,271 |
2025 and thereafter | 43,671 |
Total | $ 83,776 |
Certain Information Regarding H
Certain Information Regarding Health and Welfare Plan (Detail) - Post-Retirement Benefits - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 13,583 | $ 16,349 | |
Interest cost | 512 | 513 | $ 577 |
Actuarial gain | (1,233) | (2,248) | |
Premiums and claims paid | (964) | (1,031) | |
Benefit obligation at end of year | 11,898 | 13,583 | $ 16,349 |
Change in Plan Assets: | |||
Employer contribution | 964 | 1,031 | |
Premiums and claims paid | (964) | (1,031) | |
Funded status (included in "Other liabilities") | (11,898) | (13,583) | |
Changes recognized in other comprehensive income for the year ended December 31: | |||
Amortization of prior service cost | 249 | 249 | |
Amortization of actuarial gain | (124) | (309) | |
Net actuarial (gain) loss arising during the year | (1,234) | (2,248) | |
Total recognized in other comprehensive income for the year (pre-tax) | (1,109) | (2,308) | |
Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: | |||
Prior service cost | (536) | (785) | |
Actuarial loss, net | 1,466 | 2,823 | |
Total accumulated other comprehensive income (pre-tax) | $ 930 | $ 2,038 |
Weighted Average Assumptions _2
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost of Health and Welfare Plan (Detail) - Post-Retirement Benefits | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.90% | 3.30% | 3.70% |
Current medical trend rate | 6.50% | 6.50% | 6.50% |
Ultimate trend rate | 5.00% | 5.00% | 5.00% |
Year when ultimate trend rate will be reached | 2025 | 2024 | 2023 |
Expected Future Payments for Pr
Expected Future Payments for Premiums and Claims Under Health and Welfare Plan (Detail) - Post-Retirement Benefits $ in Thousands | Dec. 31, 2019USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 947 |
2021 | 920 |
2022 | 887 |
2023 | 858 |
2024 | 827 |
2025 and thereafter | 3,659 |
Total | $ 8,098 |
Stock-Related Benefit Plans - A
Stock-Related Benefit Plans - Additional Information (Detail) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)age$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant | 2,507,490 | ||
Shares granted | 2,031,198 | ||
Shares granted, weighted average grant date fair value | $ / shares | $ 10.45 | ||
Unrecognized compensation cost relating to unvested restricted stock | $ | $ 63.3 | ||
Unrecognized compensation cost relating to unvested restricted stock, recognition period (in years) | 2 years 8 months 12 days | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted, vesting period | 5 years | ||
Compensation and benefits expense | $ | $ 30.9 | $ 36.3 | $ 36 |
Performance Based Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 418,674 | ||
Compensation and benefits expense | $ | $ 1.1 | ||
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 | 2,031,198 | 2,543,023 | 2,956,249 |
Shares granted, weighted average grant date fair value | $ / shares | $ 10.45 | $ 13.50 | $ 15.16 |
Supplemental Executive Retirement Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Trust held assets of Supplemental Executive Retirement Plan (SERP), shares | 2,046,449 | 1,929,189 | |
New York Community Bank | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Description of the ESOP Plan | All full-time employees who have attained 21 years of age and have completed twelve consecutive months of credited service are eligible to participate in the ESOP, with benefits vesting on a six-year basis | ||
Full-time employees, age to participate in plan | age | 21 | ||
Shares granted, vesting period | 6 years | ||
Allocated shares to participants in the ESOP | 349,356 | 529,531 | 695,675 |
ESOP-related compensation expense | $ | $ 4.2 | $ 5 | $ 9.2 |
New York Community Bank | Third year of employment | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of shares vested | 20.00% | ||
New York Community Bank | Each successive year after third year | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of shares vested | 20.00% |
Summary of Activity for Restric
Summary of Activity for Restricted Stock Awards (Detail) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Number of Shares | |
Unvested at beginning of year | shares | 6,904,388 |
Granted | shares | 2,031,198 |
Vested | shares | (2,203,895) |
Canceled | shares | (215,590) |
Unvested at end of year | shares | 6,516,101 |
Weighted Average Grant Date Fair Value | |
Unvested at beginning of year | $ / shares | $ 14.74 |
Granted | $ / shares | 10.45 |
Vested | $ / shares | 15.18 |
Canceled | $ / shares | 12.89 |
Unvested at end of year | $ / shares | $ 13.31 |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 5,885,887 | $ 5,644,071 |
Total equity securities | 32,830 | 30,551 |
Total securities | 5,885,887 | 5,644,071 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 5,853,057 | 5,613,520 |
Total equity securities | 32,830 | 30,551 |
Total securities | 5,885,887 | 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 | 15,414 | 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 | 17,416 | 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 | 3,353,735 | 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 | 1,552,623 | 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 | 1,801,112 | 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 | 2,499,322 | 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 | 41,839 | |
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 | 1,094,240 | 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 | 867,182 | 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 | 26,892 | 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 | 95,915 | 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 | 373,254 | 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 | 41,839 | |
Total equity securities | 15,414 | 13,846 |
Total securities | 57,253 | 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 | 15,414 | 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 | 41,839 | |
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 | 41,839 | |
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 | 5,811,218 | 5,613,520 |
Total equity securities | 17,416 | 16,705 |
Total securities | 5,828,634 | 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 | 17,416 | 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 | 3,353,735 | 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 | 1,552,623 | 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 | 1,801,112 | 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 | 2,457,483 | 2,653,238 |
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 | 1,094,240 | 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 | 867,182 | 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 | 26,892 | 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 | 95,915 | 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 | $ 373,254 | $ 387,122 |
Changes in Fair Value of Loans
Changes in Fair Value of Loans Held for Sale (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Mortgage Banking Income | [1] | $ (224) | $ (19,177) |
Loans held for sale | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Mortgage Banking Income | [1] | 899 | |
Mortgage servicing rights | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Mortgage Banking Income | [1] | $ (224) | $ (20,076) |
[1] | Included in “Non-interest income.” |
Summary of Carrying Values, Est
Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments (Detail) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Certain impaired loans | [1] | $ 42,767 | $ 38,213 |
Other assets | [2] | 1,481 | 1,265 |
Total | 44,248 | 39,478 | |
Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Certain impaired loans | [1] | 42,767 | 38,213 |
Other assets | [2] | 1,481 | 1,265 |
Total | $ 44,248 | $ 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 Measur_2
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Financial Assets: | ||||||
Cash and cash equivalents | $ 741,870 | $ 1,474,955 | $ 2,528,169 | $ 557,850 | ||
FHLB stock | [1] | 647,562 | 644,590 | |||
Loans and leases, net | 41,746,517 | 40,006,088 | ||||
Financial Liabilities: | ||||||
Deposits | 31,657,132 | 30,764,430 | ||||
Borrowed funds | 14,557,593 | 14,207,866 | ||||
Financial Assets: | ||||||
Cash and cash equivalents | 741,870 | 1,474,955 | ||||
FHLB stock | [1] | 647,562 | 644,590 | |||
Loans and leases, net | 41,699,929 | 39,461,985 | ||||
Financial Liabilities: | ||||||
Deposits | 31,713,945 | 30,748,729 | ||||
Borrowed funds | 14,882,776 | 14,136,526 | ||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||||
Financial Assets: | ||||||
Cash and cash equivalents | 741,870 | 1,474,955 | ||||
Financial Liabilities: | ||||||
Deposits | [2] | 17,442,274 | 18,570,108 | |||
Significant Other Observable Inputs (Level 2) | ||||||
Financial Assets: | ||||||
FHLB stock | 647,562 | [1] | 644,590 | |||
Financial Liabilities: | ||||||
Deposits | [3] | 14,271,671 | 12,178,621 | |||
Borrowed funds | 14,882,776 | 14,136,526 | ||||
Significant Unobservable Inputs (Level 3) | ||||||
Financial Assets: | ||||||
Loans and leases, net | $ 41,699,929 | $ 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. |
Dividend Restrictions - Additio
Dividend Restrictions - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Condensed Financial Statements, Captions [Line Items] | |
Dividend paid to the Parent Company | $ 380 |
Additional dividends that could have been paid to the Parent Company without regulatory approval | $ 305.7 |
Condensed Statements of Conditi
Condensed Statements of Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS: | ||||
Cash and cash equivalents | $ 741,870 | $ 1,474,955 | $ 2,528,169 | $ 557,850 |
Other assets | 436,460 | 358,941 | ||
Total assets | 53,640,821 | 51,899,376 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Junior subordinated debentures | 359,866 | 359,508 | ||
Other liabilities | 428,411 | 271,845 | ||
Total liabilities | 46,929,127 | 45,244,141 | ||
Stockholders' equity | 6,711,694 | 6,655,235 | 6,795,376 | 6,123,991 |
Total liabilities and stockholders' equity | 53,640,821 | 51,899,376 | ||
Parent Company | ||||
ASSETS: | ||||
Cash and cash equivalents | 183,063 | 228,618 | $ 90,536 | $ 63,727 |
Investments in subsidiaries | 7,169,066 | 7,064,341 | ||
Receivables from subsidiaries | 2,249 | 6,455 | ||
Other assets | 23,338 | 23,724 | ||
Total assets | 7,377,716 | 7,323,138 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Junior subordinated debentures | 359,866 | 359,508 | ||
Subordinated notes | 295,066 | 294,697 | ||
Other liabilities | 11,090 | 13,698 | ||
Total liabilities | 666,022 | 667,903 | ||
Stockholders' equity | 6,711,694 | 6,655,235 | ||
Total liabilities and stockholders' equity | $ 7,377,716 | $ 7,323,138 |
Condensed Statements of Income
Condensed Statements of Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||
Interest income | $ 1,805,160 | $ 1,689,673 | $ 1,582,239 |
Dividends received from subsidiaries | (380,000) | ||
Other income | 18,845 | 35,535 | 45,662 |
Operating expenses | 511,218 | 546,628 | 641,218 |
Income tax benefit | (128,264) | (135,252) | (202,014) |
Net income | 395,043 | 422,417 | 466,201 |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest income | 668 | 500 | 943 |
Dividends received from subsidiaries | 380,000 | 380,000 | 336,000 |
Other income | 716 | 793 | 1,700 |
Gross income | 381,384 | 381,293 | 338,643 |
Operating expenses | 49,926 | 59,372 | 54,333 |
Income before income tax benefit and equity in underdistributed earnings of subsidiaries | 331,458 | 321,921 | 284,310 |
Income tax benefit | 13,669 | 16,616 | 19,575 |
Income before equity in underdistributed earnings of subsidiaries | 345,127 | 338,537 | 303,885 |
Equity in underdistributed earnings of subsidiaries | 49,916 | 83,880 | 162,316 |
Net income | $ 395,043 | $ 422,417 | $ 466,201 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flow (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 395,043 | $ 422,417 | $ 466,201 |
Change in other assets | (55,825) | 29,952 | 451,873 |
Change in other liabilities | 10,571 | (53,320) | 23,329 |
Net cash provided by operating activities | 509,750 | 540,355 | 1,326,710 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash provided by (used in) investing activities | (2,058,907) | (4,020,466) | 1,061,740 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Treasury stock purchases | (67,125) | (160,767) | |
Proceeds from issuance of preferred stock | 502,840 | ||
Net cash provided by (used in) financing activities | 816,072 | 2,426,897 | (418,131) |
Net (decrease) increase in cash and cash equivalents | (733,085) | (1,053,214) | 1,970,319 |
Cash, cash equivalents, and restricted cash at beginning of year | 1,474,955 | 2,528,169 | 557,850 |
Cash, cash equivalents, and restricted cash at end of year | 741,870 | 1,474,955 | 2,528,169 |
Parent Company | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | 395,043 | 422,417 | 466,201 |
Change in other assets | 386 | 256 | 10,122 |
Change in other liabilities | (2,608) | (1,152) | (36,226) |
Other, net | 32,776 | 36,677 | 36,330 |
Equity in (underdistributed) overdistributed earnings of subsidiaries | (49,916) | (83,880) | (162,316) |
Net cash provided by operating activities | 375,681 | 374,318 | 314,111 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sales and repayments of securities | 2,000 | ||
Change in receivable from subsidiaries, net | 4,206 | (1,705) | 3,089 |
Investment in subsidiaries | (420,000) | ||
Net cash provided by (used in) investing activities | 4,206 | (1,705) | (414,911) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Treasury stock purchases | (75,220) | (163,249) | (18,463) |
Cash dividends paid on common and preferred stock | (350,222) | (365,889) | (356,768) |
Proceeds from issuance of preferred stock | 502,840 | ||
Proceeds from issuance of subordinated notes | 294,607 | ||
Net cash provided by (used in) financing activities | (425,442) | (234,531) | 127,609 |
Net (decrease) increase in cash and cash equivalents | (45,555) | 138,082 | 26,809 |
Cash, cash equivalents, and restricted cash at beginning of year | 228,618 | 90,536 | 63,727 |
Cash, cash equivalents, and restricted cash at end of year | $ 183,063 | $ 228,618 | $ 90,536 |
Actual Capital Amounts and Rati
Actual Capital Amounts and Ratios for Community Bank in Comparison to Minimum Amounts and Ratios Required (Detail) - Company [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Common Equity, Tier 1 Amount | ||
Total regulatory capital, Common Equity, Tier 1 Amount | $ 3,818,311 | $ 3,806,857 |
Minimum for capital adequacy purposes, Common Equity, Tier 1 Amount | 1,733,826 | 1,624,366 |
Excess, Common Equity, Tier 1 Amount | $ 2,084,485 | $ 2,182,491 |
Common Equity, Tier 1 Ratio | ||
Total regulatory capital, Common Equity, Tier 1 Ratio | 9.91% | 10.55% |
Minimum for capital adequacy purposes, Common Equity, Tier 1 Ratio | 4.50% | 4.50% |
Excess, Common Equity, Tier 1 Ratio | 5.41% | 6.05% |
Leverage Capital, Amount | ||
Total regulatory capital, Leverage Capital, Amount | $ 4,321,151 | $ 4,309,697 |
Minimum for capital adequacy purposes, Leverage Capital, Amount | 1,996,966 | 1,972,440 |
Excess, Leverage Capital, Amount | $ 2,324,185 | $ 2,337,257 |
Leverage Capital, Ratio | ||
Total regulatory capital, Leverage Capital, Ratio | 8.66% | 8.74% |
Minimum for capital adequacy purposes, Leverage Capital, Ratio | 4.00% | 4.00% |
Excess, Leverage Capital, Ratio | 4.66% | 4.74% |
Risk-Based Capital, Tier 1 Amount | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Amount | $ 4,321,151 | $ 4,309,697 |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Amount | 2,311,768 | 2,165,822 |
Excess, Risk-Based Capital, Tier 1 Amount | $ 2,009,383 | $ 2,143,875 |
Risk-Based Capital, Tier 1 Ratio | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Ratio | 11.22% | 11.94% |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Ratio | 6.00% | 6.00% |
Excess, Risk-Based Capital, Tier 1 Ratio | 5.22% | 5.94% |
Risk-Based Capital, Total Amount | ||
Total regulatory capital, Risk-Based Capital, Total Amount | $ 5,111,990 | $ 5,112,079 |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Amount | 3,082,358 | 2,887,763 |
Excess, Risk-Based Capital, Total Amount | $ 2,029,632 | $ 2,224,316 |
Risk-Based Capital, Total Ratio | ||
Total regulatory capital, Risk-Based Capital, Total Ratio | 13.27% | 14.16% |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Ratio | 8.00% | 8.00% |
Excess, Risk-Based Capital, Total Ratio | 5.27% | 6.16% |
Capital - Additional Informatio
Capital - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | |||
Mar. 17, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 23, 2018 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Minimum leverage capital ratio to be categorized as well capitalized | 5.00% | |||
Minimum Tier 1 risk based capital ratio to be categorized as well capitalized | 8.00% | |||
Minimum total risk based capital ratio to be categorized as well capitalized | 10.00% | |||
Minimum Common equity Tier 1 risk-based capital ratio | 6.50% | |||
Preferred stock par value | $ 0.01 | $ 0.01 | ||
Treasury Stock, Value | $ 220,717 | $ 161,998 | ||
Depositary Shares [Member] | Series A Noncumulative Preferred Stock [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Depositary shares issued | 20,600,000 | |||
Preferred stock par value | $ 0.01 | |||
Preferred stock, liquidation preference per share | 1,000 | |||
Depository shares, liquidation preference per share | $ 25 | |||
Fixed dividend rate per annum | 6.375% | |||
Floating dividend rate per annum | Three-month LIBOR plus 382.1 basis | |||
Dividends payable description | Dividends will be payable in arrears on March 17, June 17, September 17, and December 17 of each year, which commenced on June 17, 2017. | |||
Common Stock [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 300,000 | |||
Treasury Stock, Value | $ 7,100 | $ 16,800 | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 67,100,000 | 160,800,000 |
Actual Capital Amounts and Ra_2
Actual Capital Amounts and Ratios for Commercial Bank in Comparison With Minimum Amounts and Ratios Required (Detail) - Bank [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Common Equity, Tier 1 Amount | ||
Total regulatory capital, Common Equity, Tier 1 Amount | $ 4,785,217 | $ 4,725,497 |
Minimum for capital adequacy purposes, Common Equity, Tier 1 Amount | 1,733,085 | 1,623,575 |
Excess, Common Equity, Tier 1 Amount | $ 3,052,132 | $ 3,101,922 |
Common Equity, Tier 1 Ratio | ||
Total regulatory capital, Common Equity, Tier 1 Ratio | 12.42% | 13.10% |
Minimum for capital adequacy purposes, Common Equity, Tier 1 Ratio | 4.50% | 4.50% |
Excess, Common Equity, Tier 1 Ratio | 7.92% | 8.60% |
Leverage Capital, Amount | ||
Total regulatory capital, Leverage Capital, Amount | $ 4,785,217 | $ 4,725,497 |
Minimum for capital adequacy purposes, Leverage Capital, Amount | 1,996,288 | 1,972,625 |
Excess, Leverage Capital, Amount | $ 2,788,929 | $ 2,752,872 |
Leverage Capital, Ratio | ||
Total regulatory capital, Leverage Capital, Ratio | 9.59% | 9.58% |
Minimum for capital adequacy purposes, Leverage Capital, Ratio | 4.00% | 4.00% |
Excess, Leverage Capital, Ratio | 5.59% | 5.58% |
Risk-Based Capital, Tier 1 Amount | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Amount | $ 4,785,217 | $ 4,725,497 |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Amount | 2,310,780 | 2,164,766 |
Excess, Risk-Based Capital, Tier 1 Amount | $ 2,474,437 | $ 2,560,731 |
Risk-Based Capital, Tier 1 Ratio | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Ratio | 12.42% | 13.10% |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Ratio | 6.00% | 6.00% |
Excess, Risk-Based Capital, Tier 1 Ratio | 6.42% | 7.10% |
Risk-Based Capital, Total Amount | ||
Total regulatory capital, Risk-Based Capital, Total Amount | $ 4,933,900 | $ 4,886,450 |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Amount | 3,081,040 | 2,886,355 |
Excess, Risk-Based Capital, Total Amount | $ 1,852,860 | $ 2,000,095 |
Risk-Based Capital, Total Ratio | ||
Total regulatory capital, Risk-Based Capital, Total Ratio | 12.81% | 13.54% |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Ratio | 8.00% | 8.00% |
Excess, Risk-Based Capital, Total Ratio | 4.81% | 5.54% |