Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 03, 2020 | |
Document Information [Line Items] | ||
Amendment Flag | false | |
Document Type | 10-Q | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Document Period End Date | Jun. 30, 2020 | |
Entity Central Index Key | 0000910073 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | NEW YORK COMMUNITY BANCORP, INC. | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 463,909,673 | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Entity File Number | 1-31565 | |
Entity Incorporation, State or Country Code | DE | |
City Area Code | 516 | |
Local Phone Number | 683-4100 | |
Entity Tax Identification Number | 06-1377322 | |
Entity Address, Address Line One | 615 Merrick Avenue | |
Entity Address, City or Town | Westbury | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11590 | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NYSE | |
Trading Symbol | NYCB | |
Bifurcated Option Note Unit SecuritiES | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Bifurcated Option Note Unit SecuritiES | |
Security Exchange Name | NYSE | |
Trading Symbol | NYCB PU | |
Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Fixed-to-Floating Rate Series A NoncumulativePerpetual Preferred Stock | |
Security Exchange Name | NYSE | |
Trading Symbol | NYCB PA |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | |
Assets: | |||
Cash and cash equivalents | $ 1,404,527 | $ 741,870 | |
Securities: | |||
Debt securities available-for-sale ($1,256,431 and $1,372,238 pledged at June 30, 2020 and December 31, 2019, respectively) (Allowance for credit losses of $0 at June 30, 2020) | 5,168,182 | 5,853,057 | |
Equity investments with readily determinable fair values, at fair value | 33,518 | 32,830 | |
Total securities | 5,201,700 | 5,885,887 | |
Loans held for sale | 103,362 | ||
Loans and leases held for investment, net of deferred loan fees and costs | 42,306,187 | 41,894,155 | |
Less: Allowance for loan and lease losses | (174,287) | (147,638) | |
Total loans and leases held for investment, net | 42,131,900 | 41,746,517 | |
Total loans and leases, net | 42,235,262 | 41,746,517 | |
Federal Home Loan Bank stock, at cost | [1] | 668,698 | 647,562 |
Premises and equipment, net | 297,180 | 312,626 | |
Operating lease right-of-use assets | 278,276 | 286,194 | |
Goodwill | 2,426,379 | 2,426,379 | |
Bank-owned life insurance | 1,156,137 | 1,145,058 | |
Other real estate owned and other repossessed assets | 9,526 | 12,268 | |
Other assets | 532,731 | 436,460 | |
Total assets | 54,210,416 | 53,640,821 | |
Deposits: | |||
Interest-bearing checking and money market accounts | 11,141,163 | 10,230,144 | |
Savings accounts | 5,624,999 | 4,780,007 | |
Certificates of deposit | 12,042,254 | 14,214,858 | |
Non-interest-bearing accounts | 2,921,165 | 2,432,123 | |
Total deposits | 31,729,581 | 31,657,132 | |
Wholesale borrowings: | |||
Federal Home Loan Bank advances | 13,552,661 | 13,102,661 | |
Repurchase agreements | 800,000 | 800,000 | |
Total wholesale borrowings | 14,352,661 | 13,902,661 | |
Junior subordinated debentures | 360,058 | 359,866 | |
Subordinated notes | 295,345 | 295,066 | |
Total borrowed funds | 15,008,064 | 14,557,593 | |
Operating lease liabilities | 278,272 | 285,991 | |
Other liabilities | 501,486 | 428,411 | |
Total liabilities | 47,517,403 | 46,929,127 | |
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 463,933,831 and 467,346,781 shares outstanding, respectively) | 4,904 | 4,904 | |
Paid-in capital in excess of par | 6,109,597 | 6,115,487 | |
Retained earnings | 362,724 | 342,023 | |
Treasury stock, at cost (26,505,239 and 23,092,289 shares, respectively) | (257,232) | (220,717) | |
Accumulated other comprehensive loss, net of tax: | |||
Net unrealized gain on securities available for sale, net of tax of $(25,015) and $(9,424), respectively | 66,548 | 25,440 | |
Net unrealized loss on pension and post-retirement obligations, net of tax of $21,179 and $22,191, respectively | (56,470) | (59,136) | |
Net unrealized (loss) gain on cash flow hedges, net of tax of $15,132 and $(333), respectively | (39,898) | 853 | |
Total accumulated other comprehensive loss, net of tax | (29,820) | (32,843) | |
Total stockholders’ equity | 6,693,013 | 6,711,694 | |
Total liabilities and stockholders’ equity | $ 54,210,416 | $ 53,640,821 | |
[1] | Carrying value and estimated fair value are at cost. |
Consolidated Statements of Co_2
Consolidated Statements of Condition (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Statement Of Financial Position [Abstract] | ||
Securities Available-for-sale, pledged | $ 1,256,431 | $ 1,372,238 |
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 | 463,933,831 | 467,346,781 |
Treasury stock, shares | 26,505,239 | 23,092,289 |
Net unrealized (loss) gain on securities available for sale, tax | $ (25,015) | $ (9,424) |
Net unrealized loss on pension and post-retirement obligations, tax | 21,179 | 22,191 |
Cash flow hedges tax component | 15,132 | $ (333) |
Debt Securities, allowance for credit losses | $ 0 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest Income: | ||||
Loans and leases | $ 381,884 | $ 387,634 | $ 773,796 | $ 767,424 |
Securities and money market investments | 41,191 | 66,118 | 90,321 | 132,502 |
Total interest income | 423,075 | 453,752 | 864,117 | 899,926 |
Interest Expense: | ||||
Interest-bearing checking and money market accounts | 10,059 | 47,772 | 38,623 | 97,931 |
Savings accounts | 8,208 | 8,861 | 17,142 | 16,944 |
Certificates of deposit | 65,233 | 80,651 | 144,789 | 148,426 |
Borrowed funds | 73,703 | 78,778 | 153,224 | 157,610 |
Total interest expense | 157,203 | 216,062 | 353,778 | 420,911 |
Net interest income | 265,872 | 237,690 | 510,339 | 479,015 |
Provision for credit losses | 17,574 | 1,844 | 38,176 | 622 |
Net interest income after provision for credit losses | 248,298 | 235,846 | 472,163 | 478,393 |
Non-Interest Income: | ||||
Fee income | 3,723 | 7,487 | 10,741 | 14,715 |
Bank-owned life insurance | 9,503 | 6,479 | 16,892 | 13,454 |
Net gain on securities | 887 | 493 | 1,421 | 7,480 |
Other | 1,267 | 3,138 | 3,225 | 6,733 |
Total non-interest income | 15,380 | 17,597 | 32,279 | 42,382 |
Operating expenses: | ||||
Compensation and benefits | 75,705 | 72,573 | 155,156 | 154,013 |
Occupancy and equipment | 21,177 | 21,889 | 39,051 | 44,851 |
General and administrative | 26,711 | 28,590 | 54,907 | 62,955 |
Total non-interest expense | 123,593 | 123,052 | 249,114 | 261,819 |
Income before income taxes | 140,085 | 130,391 | 255,328 | 258,956 |
Income tax expense | 34,738 | 33,145 | 49,653 | 64,133 |
Net income | 105,347 | 97,246 | 205,675 | 194,823 |
Preferred stock dividends | 8,207 | 8,207 | 16,414 | 16,414 |
Net income available to common shareholders | $ 97,140 | $ 89,039 | $ 189,261 | $ 178,409 |
Basic earnings per common share | $ 0.21 | $ 0.19 | $ 0.40 | $ 0.38 |
Diluted earnings per common share | $ 0.21 | $ 0.19 | $ 0.40 | $ 0.38 |
Net income | $ 105,347 | $ 97,246 | $ 205,675 | $ 194,823 |
Other comprehensive income, net of tax: | ||||
Change in net unrealized gain (loss) on securities available for sale, net of tax of ($20,404); ($10,232); ($15,793) and ($23,100), respectively | 53,796 | 26,258 | 41,639 | 59,013 |
Change in pension and post-retirement obligations, net of tax of ($18); ($15); ($36) and ($31), respectively | 47 | 40 | 92 | 77 |
Change in net unrealized gain (loss) on cash flow hedges, net of tax of $2,295 and $15,692 | (5,463) | (41,351) | ||
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $(4); $10; $202 and $1,527, respectively | 11 | (26) | (532) | (3,918) |
Reclassification adjustment for defined benefit pension plan, net of tax of ($488); ($695); ($976) and ($1,390), respectively | 1,286 | 1,783 | 2,574 | 3,566 |
Reclassification adjustment for net gain on cash flow hedges included in net income, net of tax of ($405) and ($227) | 1,068 | 601 | ||
Total other comprehensive income, net of tax | 50,745 | 28,055 | 3,023 | 58,738 |
Total comprehensive income, net of tax | $ 156,092 | $ 125,301 | $ 208,698 | $ 253,561 |
Consolidated Statements of In_2
Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Change in net unrealized gain (loss) on securities available for sale, tax | $ (20,404) | $ (10,232) | $ (15,793) | $ (23,100) |
Change in pension and post-retirement obligations, tax | (18) | (15) | (36) | (31) |
Cash flow hedge, gain (loss), reclassification, tax | 2,295 | 15,692 | ||
Reclassification adjustment for sales of available-for-sale securities, tax | (4) | 10 | 202 | 1,527 |
Reclassification adjustment for defined benefit pension plan, net of tax | (488) | $ (695) | (976) | $ (1,390) |
Cash flow hedges tax component | $ (405) | $ (227) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock (Par Value: $0.01) | Preferred Stock (Par Value: $0.01) | Paid-in Capital in Excess of Par | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Treasury Stock, at Cost | Accumulated Other Comprehensive Loss, Net of Tax |
Balance at Dec. 31, 2018 | $ 6,655,235 | $ 4,904 | $ 502,840 | $ 6,099,940 | $ 297,202 | $ (161,998) | $ (87,653) | ||
Balance, shares at Dec. 31, 2018 | 473,536,604 | ||||||||
Shares issued for restricted stock, net of forfeitures | (15,058) | 15,058 | |||||||
Shares issued for restricted stock, net of forfeitures, shares | 1,515,760 | ||||||||
Compensation expense related to restricted stock awards | 7,910 | 7,910 | |||||||
Net income | 97,577 | 97,577 | |||||||
Dividends paid on common stock ($0.17) | (79,340) | (79,340) | |||||||
Dividends paid on preferred stock ($15.94) | (8,207) | (8,207) | |||||||
Purchase of common stock | (74,788) | (74,788) | |||||||
Purchase of common stock, shares | (7,816,228) | ||||||||
Other comprehensive income, net of tax | 30,683 | 30,683 | |||||||
Balance at Mar. 31, 2019 | 6,629,070 | $ 4,904 | 502,840 | 6,092,792 | 307,232 | (221,728) | (56,970) | ||
Balance, shares at Mar. 31, 2019 | 467,236,136 | ||||||||
Balance at Dec. 31, 2018 | 6,655,235 | $ 4,904 | 502,840 | 6,099,940 | 297,202 | (161,998) | (87,653) | ||
Balance, shares at Dec. 31, 2018 | 473,536,604 | ||||||||
Net income | 194,823 | ||||||||
Dividends paid on preferred stock ($15.94) | (16,414) | ||||||||
Balance at Jun. 30, 2019 | 6,674,678 | $ 4,904 | 502,840 | 6,099,474 | 316,921 | (220,546) | (28,915) | ||
Balance, shares at Jun. 30, 2019 | 467,358,939 | ||||||||
Balance at Mar. 31, 2019 | 6,629,070 | $ 4,904 | 502,840 | 6,092,792 | 307,232 | (221,728) | (56,970) | ||
Balance, shares at Mar. 31, 2019 | 467,236,136 | ||||||||
Shares issued for restricted stock, net of forfeitures | (1,221) | 1,221 | |||||||
Shares issued for restricted stock, net of forfeitures, shares | 126,288 | ||||||||
Compensation expense related to restricted stock awards | 7,903 | 7,903 | |||||||
Net income | 97,246 | 97,246 | |||||||
Dividends paid on common stock ($0.17) | (79,350) | (79,350) | |||||||
Dividends paid on preferred stock ($15.94) | (8,207) | (8,207) | |||||||
Purchase of common stock | (39) | (39) | |||||||
Purchase of common stock, shares | (3,485) | ||||||||
Other comprehensive income, net of tax | 28,055 | 28,055 | |||||||
Balance at Jun. 30, 2019 | 6,674,678 | $ 4,904 | 502,840 | 6,099,474 | 316,921 | (220,546) | (28,915) | ||
Balance, shares at Jun. 30, 2019 | 467,358,939 | ||||||||
Balance at Dec. 31, 2019 | 6,711,694 | $ (10,468) | $ 4,904 | $ 502,840 | 6,115,487 | 342,023 | $ (10,468) | (220,717) | $ (32,843) |
Balance, shares at Dec. 31, 2019 | 467,346,781 | ||||||||
Shares issued for restricted stock, net of forfeitures | (22,198) | $ 22,198 | |||||||
Shares issued for restricted stock, net of forfeitures, shares | 2,321,105 | ||||||||
Compensation expense related to restricted stock awards | 8,251 | $ 8,251 | |||||||
Net income | 100,328 | 100,328 | |||||||
Dividends paid on common stock ($0.17) | (79,332) | (79,332) | |||||||
Dividends paid on preferred stock ($15.94) | $ (8,207) | $ (8,207) | |||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | ||
Purchase of common stock | $ (37,159) | $ (37,159) | |||||||
Purchase of common stock, shares | (3,307,183) | ||||||||
Other comprehensive income, net of tax | (47,722) | $ (47,722) | |||||||
Balance at Mar. 31, 2020 | 6,637,385 | $ 4,904 | $ 502,840 | $ 6,101,540 | $ 344,344 | (235,678) | (80,565) | ||
Balance, shares at Mar. 31, 2020 | 466,360,703 | ||||||||
Balance at Dec. 31, 2019 | 6,711,694 | $ (10,468) | $ 4,904 | 502,840 | 6,115,487 | 342,023 | $ (10,468) | (220,717) | (32,843) |
Balance, shares at Dec. 31, 2019 | 467,346,781 | ||||||||
Net income | 205,675 | ||||||||
Dividends paid on preferred stock ($15.94) | $ (16,414) | ||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||||||||
Balance at Jun. 30, 2020 | $ 6,693,013 | $ 4,904 | 502,840 | 6,109,597 | 362,724 | (257,232) | (29,820) | ||
Balance, shares at Jun. 30, 2020 | 463,933,831 | ||||||||
Balance at Mar. 31, 2020 | 6,637,385 | $ 4,904 | 502,840 | 6,101,540 | 344,344 | (235,678) | (80,565) | ||
Balance, shares at Mar. 31, 2020 | 466,360,703 | ||||||||
Compensation expense related to restricted stock awards | 8,057 | 8,057 | |||||||
Net income | 105,347 | 105,347 | |||||||
Dividends paid on common stock ($0.17) | (78,760) | (78,760) | |||||||
Dividends paid on preferred stock ($15.94) | (8,207) | (8,207) | |||||||
Purchase of common stock | (21,554) | (21,554) | |||||||
Purchase of common stock, shares | (2,426,872) | ||||||||
Other comprehensive income, net of tax | 50,745 | 50,745 | |||||||
Balance at Jun. 30, 2020 | $ 6,693,013 | $ 4,904 | $ 502,840 | $ 6,109,597 | $ 362,724 | $ (257,232) | $ (29,820) | ||
Balance, shares at Jun. 30, 2020 | 463,933,831 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | |
Common Stock (Par Value: $0.01) | ||||
Dividends paid on common stock, per share | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 |
Preferred Stock (Par Value: $0.01) | ||||
Dividends paid on preferred stock, per share | $ 15.94 | $ 15.94 | $ 15.94 | $ 15.94 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Cash Flows from Operating Activities: | |||
Net income | $ 205,675 | $ 194,823 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 38,176 | 622 | |
Depreciation | 12,667 | 13,771 | |
Amortization of discounts and premiums, net | 9,614 | 2,403 | |
Net gain on sales of securities | (1,421) | (7,480) | |
Gain on trading activity | (35) | ||
Net loss on sales of loans | 4 | 31 | |
Stock-based compensation | 16,308 | 15,813 | |
Deferred tax expense | 76,963 | 19,362 | |
Changes in operating assets and liabilities: | |||
Increase in other assets | [1] | (98,462) | (31,751) |
(Decrease) increase in other liabilities | [2] | (9,213) | 51,381 |
Purchases of securities held for trading | (22,500) | ||
Proceeds from sales of securities held for trading | 22,535 | ||
Held for sale originations | (103,362) | ||
Net cash provided by operating activities | 146,949 | 258,975 | |
Cash Flows from Investing Activities: | |||
Proceeds from repayment of securities available for sale | 959,743 | 507,198 | |
Proceeds from sales of securities available for sale | 442,075 | 363,346 | |
Purchase of securities available for sale | (734,650) | (912,974) | |
Redemption of Federal Home Loan Bank stock | 126,726 | 85,349 | |
Purchases of Federal Home Loan Bank stock | (147,862) | (23,107) | |
Proceeds from bank-owned life insurance, net | 1,772 | 2,664 | |
Proceeds from sales of loans | 3,124 | 70,387 | |
Purchases of loans | (47,766) | ||
Other changes in loans, net | (379,463) | (790,541) | |
Dispositions of premises and equipment, net | 2,779 | 58 | |
Net cash provided by (used in) investing activities | 226,478 | (697,620) | |
Cash Flows from Financing Activities: | |||
Net increase in deposits | 72,449 | 1,568,096 | |
Net increase in short-term borrowed funds | 1,450,000 | ||
Proceeds from long-term borrowed funds | 3,125,000 | 1,504,820 | |
Repayments of long-term borrowed funds | (4,125,000) | (2,631,000) | |
Cash dividends paid on common stock | (158,092) | (158,690) | |
Cash dividends paid on preferred stock | (16,414) | (16,414) | |
Treasury stock repurchased | (50,190) | (67,125) | |
Payments relating to treasury shares received for restricted stock award tax payments | (8,523) | (7,702) | |
Net cash provided by financing activities | 289,230 | 191,985 | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 662,657 | (246,660) | |
Cash, cash equivalents, and restricted cash at beginning of period | 741,870 | 1,474,955 | |
Cash, cash equivalents, and restricted cash at end of period | 1,404,527 | 1,228,295 | |
Supplemental information: | |||
Cash paid for interest | 369,460 | 380,540 | |
Cash paid for income taxes | 10,386 | 75,280 | |
Non-cash investing and financing activities: | |||
Transfers to repossessed assets from loans | 120 | 3,027 | |
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 | 41,871 | ||
Transfer of loans from held for investment to held for sale | 70,418 | ||
Dispositions of premises and equipment | 1,245 | ||
Shares issued for restricted stock awards | $ 22,198 | $ 16,279 | |
[1] | Includes $8.6 million and $16.3 million of amortization of operating lease right-of-use assets for the six months ended June 30, 2020 and June 30, 2019, respectively. | ||
[2] | Includes $8.6 million and $16.3 million of amortization of operating lease liability for the six months ended June 30, 2020 and June 30, 2019, respectively. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Cash Flows [Abstract] | ||
Amortization of operating lease right-of-use assets | $ 8.6 | $ 16.3 |
Amortization of operating lease liability | $ 8.6 | $ 16.3 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Recently Adopted Accounting Standards | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Organization, Basis of Presentation and Recently Adopted Accounting Standards | Note 1. Organization, Basis of Presentation, and Recently Adopted Accounting Standards Organization New York Community Bancorp, Inc. (on a stand-alone basis, the “Parent Company” or, collectively with its subsidiaries, the “Company”) was organized under Delaware law on July 20, 1993 and is the holding company for New York Community Bank (hereinafter referred to as the “Bank”). Founded on April 14, 1859 and formerly known as Queens County Savings Bank, the Bank converted from a state-chartered mutual savings bank to the capital stock form of ownership on November 23, 1993, at which date the Company issued its initial offering of common stock (par value: $0.01 per share) at a price of $25.00 per share ($0.93 per share on a split-adjusted basis, reflecting the impact of nine stock splits between 1994 and 2004). The Bank currently operates 237 branches, 19 of which operate directly under the Community Bank name. The remaining 218 Community Bank branches operate through eight divisional banks: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; AmTrust Bank in Florida and Arizona; and Ohio Savings Bank in Ohio. Basis of Presentation The following is a description of the significant accounting and reporting policies that the Company and its subsidiaries follow in preparing and presenting their consolidated financial statements, which conform to U.S. generally accepted accounting principles (“GAAP”) and to general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term are used in connection with the determination of the allowance for credit losses and the evaluation of goodwill for impairment. The accompanying consolidated financial statements include the accounts of the Company and other entities in which the Company has a controlling financial interest. All inter-company accounts and transactions are eliminated in consolidation. The Company currently has certain unconsolidated subsidiaries in the form of wholly-owned statutory business trusts, which were formed to issue guaranteed capital securities. See Note 7, Borrowed Funds, for additional information regarding these trusts. When necessary, certain reclassifications have been made to prior-year amounts to conform to the current-year presentation. Recently Adopted Accounting Standards The Company adopted ASU No. 2020-04 upon issuance. The amendments provide optional expedients and exceptions for certain contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of rate reform. The guidance is effective from the date of issuance until December 31, 2022. If certain criteria are met, the amendments allow exceptions to the designation criteria of the hedging relationship and the assessment of hedge effectiveness during the transition period. At the time of adoption, the guidance did not have a material impact on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. The Company will continue to assess the impact as the reference rate transition occurs. The Company adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and its amendments, (“ASU No. 2016-13”) as of January 1, 2020. ASU No. 2016-13 amends guidance on reporting credit losses for assets held on an amortized cost basis and available-for-sale debt securities. For assets held at amortized cost, ASU No. 2016-13 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The amendments in ASU No. 2016-13 replace the incurred loss impairment methodology with a methodology that reflects the measurement of expected credit losses based on relevant information about past events, including historical loss experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses will be presented as an allowance rather than as a write-down. The amendments affected loans, debt securities, trade receivables, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company adopted ASU No. 2016-13 on a modified retrospective basis with a cumulative-effect adjustment to retained earnings as of the adoption date and, accordingly, the Company recorded a net of tax decrease of $10.5 million to retained earnings as of January 1, 2020. The results for prior period amounts continue to be reported in accordance with previously applicable GAAP. A prospective transition approach is required for debt securities for which an OTTI had been recognized before the effective date. The effect of a prospective transition approach is to maintain the same amortized cost basis before and after the effective date of ASU No. 2016-13. Amounts previously recognized in accumulated other comprehensive income (loss) as of the date of adoption that relate to improvements in cash flows expected to be collected will continue to be accreted into income over the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows after the date of adoption will be recorded in earnings when received. The Company adopted ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement on January 1, 2020. The purpose of ASU No. 2018-13 is to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each entity’s financial statements. The amendments remove the disclosure requirements for transfers between Levels 1 and 2 of the fair value hierarchy, the disclosure of the policy for timing of transfers between levels of the fair value hierarchy, and the disclosure of the valuation processes for Level 3 fair value measurements. Additionally, the amendments modify the disclosure requirements for investments in certain entities that calculate net asset value and measurement uncertainty. Finally, the amendments added disclosure requirements for the changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and the range and weighted average of significant unobservable inputs used to develop Level 3 measurements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The adoption of ASU No. 2018-13 did not have a material effect on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. The Company adopted, on a prospective basis, ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment as of January 1, 2020. ASU No. 2017-04 eliminates the second step of the goodwill impairment test which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity will recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill recorded. ASU No. 2017-04 does not amend the optional qualitative assessment of goodwill impairment. The impact of this adoption on the Company’s Consolidated Statements of Condition, results of operations, or cash flows will be dependent upon goodwill impairment determinations made after January 1, 2020. The adoption of ASU No. 2017-04 did not have a material effect on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. During the six months ended June 30, 2020, the Company assessed the current environment, including the estimated impact of the COVID-19 pandemic on macroeconomic variables and economic forecasts and how those might impact the fair value of its reporting unit. After consideration of the items above and the first six months 2020 results, the Company determined it was not more-likely-than-not that the fair value of its reporting unit was below its book value as of June 30, 2020. |
Computation of Earnings per Com
Computation of Earnings per Common Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Earnings per Common Share | Note 2. Computation of Earnings per Common Share Basic EPS is computed by dividing the net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the same method as basic EPS, however, the computation reflects the potential dilution that would occur if outstanding in-the-money stock options were exercised and converted into common stock. Unvested stock-based compensation awards containing non-forfeitable rights to dividends paid on the Company’s common stock are considered participating securities, and therefore are included in the two-class method for calculating EPS. Under the two-class method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends on the common stock. The Company grants restricted stock to certain employees under its stock-based compensation plan. Recipients receive cash dividends during the vesting periods of these awards, including on the unvested portion of such awards. Since these dividends are non-forfeitable, the unvested awards are considered participating securities and therefore have earnings allocated to them. The following table presents the Company’s computation of basic and diluted EPS for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (in thousands, except share and per share amounts) 2020 2019 2020 2019 Net income available to common shareholders $ 97,140 $ 89,039 $ 189,261 $ 178,409 Less: Dividends paid on and earnings allocated to participating securities (1,186 ) (1,055 ) (3,331 ) (2,177 ) Earnings applicable to common stock $ 95,954 $ 87,984 $ 185,930 $ 176,232 Weighted average common shares outstanding 461,933,533 465,351,586 463,463,751 465,422,251 Basic earnings per common share $ 0.21 $ 0.19 $ 0.40 $ 0.38 Earnings applicable to common stock $ 95,954 $ 87,984 $ 185,930 $ 176,232 Weighted average common shares outstanding 461,933,533 465,351,586 463,463,751 465,422,251 Potential dilutive common shares 555,960 289,851 487,317 145,727 Total shares for diluted earnings per common share computation 462,489,493 465,641,437 463,951,068 465,567,978 Diluted earnings per common share and common share equivalents $ 0.21 $ 0.19 $ 0.40 $ 0.38 |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2020 | |
Reclassifications Of Accumulated Other Comprehensive Loss [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Loss | Note 3: Reclassifications out of Accumulated Other Comprehensive Loss (in thousands) For the Six Months Ended June 30, 2020 Details about Accumulated Other Comprehensive Loss Amount Reclassified out of Accumulated Other Comprehensive Loss (1) Affected Line Item in the Consolidated Statements of Income and Comprehensive Income Unrealized gains on available-for-sale securities: $ 734 Net gain on securities (202 ) Income tax expense $ 532 Net gain on securities, net of tax Unrealized loss on cash flow hedges: $ (828 ) Interest expense 227 Income tax benefit $ (601 ) Net gain on cash flow hedges, net of tax Amortization of defined benefit pension plan items: Past service liability $ 124 Included in the computation of net periodic credit (2) Actuarial losses (3,674 ) Included in the computation of net periodic cost (2) (3,550 ) Total before tax 976 Income tax benefit $ (2,574 ) Amortization of defined benefit pension plan items, net of tax Total reclassifications for the period $ (2,643 ) (1) Amounts in parentheses indicate expense items. (2) See Note 8, “Pension and Other Post-Retirement Benefits,” for additional information. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | Note 4. Securities The following tables summarize the Company’s portfolio of debt securities available for sale and equity investments with readily determinable fair values at June 30, 2020 and December 31, 2019: June 30, 2020 (in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Debt securities available-for-sale Mortgage-Related Debt Securities: GSE certificates $ 1,288,192 $ 69,358 $ 35 $ 1,357,515 GSE CMOs 1,613,437 56,848 848 1,669,437 Total mortgage-related debt securities $ 2,901,629 $ 126,206 $ 883 $ 3,026,952 Other Debt Securities: U. S. Treasury obligations $ 61,938 $ 46 $ 3 $ 61,981 GSE debentures 672,101 6,439 — 678,540 Asset-backed securities (1) 440,261 94 18,962 421,393 Municipal bonds 26,366 729 185 26,910 Corporate bonds 870,475 11,434 15,084 866,825 Capital trust notes 95,290 5,064 14,773 85,581 Total other debt securities $ 2,166,431 $ 23,806 $ 49,007 $ 2,141,230 Total debt securities available for sale $ 5,068,060 $ 150,012 $ 49,890 $ 5,168,182 Equity Securities: Preferred stock $ 15,292 $ — $ 103 $ 15,189 Mutual funds and common stock (2) 16,871 1,458 18,329 Total equity securities $ 32,163 $ 1,458 $ 103 $ 33,518 Total securities (3) $ 5,100,223 $ 151,470 $ 49,993 $ 5,201,700 (1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2) Primarily consists of mutual funds that are CRA-qualified investments. (3) Excludes accrued interest receivable of $16.5 million included in other assets in the Consolidated Statements of Condition. December 31, 2019 (in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss 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 $ 5,809,633 $ 76,658 $ 33,234 $ 5,853,057 Equity Securities: Preferred stock $ 15,292 $ 122 $ — $ 15,414 Mutual funds and common stock (2) 16,871 718 173 17,416 Total equity securities $ 32,163 $ 840 $ 173 $ 32,830 Total securities (3) $ 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) Primarily consists of mutual funds that are CRA-qualified investments. (3) Excludes accrued interest receivable of $24.4 million included in other assets in the Consolidated Statements of Condition. At June 30, 2020 and December 31, 2019, respectively, the Company had $668.7 million and $647.6 million of FHLB-NY stock, at cost. The Company maintains an investment in FHLB-NY stock partly in conjunction with its membership in the FHLB and partly related to its access to the FHLB funding it utilizes. The following table summarizes the gross proceeds, gross realized gains, and gross realized losses from the sale of available-for-sale securities during the six months ended June 30, 2020 and 2019: For the Six Months Ended June 30, (in thousands) 2020 2019 Gross proceeds $ 442,075 $ 363,346 Gross realized gains 1,877 5,445 Gross realized losses 1,143 — Net unrealized gains on equity securities recognized in earnings for the three and six months ended June 30, 2020 were $902,000 and $687,000, respectively. Net unrealized losses on equity securities recognized in earnings for the three and six months ended June 30, 2019 were $457,000 and $1.2 million, respectively. The following table summarizes, by contractual maturity, the amortized cost of securities at June 30, 2020: Mortgage- Related Securities Average Yield U.S. Government and GSE Obligations Average Yield State, County, and Municipal Average Yield (1) Other Debt Securities (2) Average Yield Fair Value (dollars in thousands) Available-for-Sale Debt Securities: Due within one year $ 109,229 3.54 % $ 68,888 0.99 % $ 149 6.66 % $ — — % $ 179,930 Due from one to five years 462,094 3.11 25,924 3.39 — — 196,373 3.15 724,999 Due from five to ten years 148,386 2.71 316,056 3.21 20,334 3.50 761,943 2.39 1,247,921 Due after ten years 2,181,920 2.55 323,171 2.15 5,883 3.33 447,710 1.41 3,015,332 Total debt securities available for sale $ 2,901,629 2.69 $ 734,039 2.54 $ 26,366 3.48 $ 1,406,026 2.18 $ 5,168,182 (1) Not presented on a tax-equivalent basis. (2) Includes corporate bonds, capital trust notes, and asset-backed securities. The following table presents securities with no related allowance having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of June 30, 2020: 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. Treasury obligations $ 9,997 $ 3 $ — $ — $ 9,997 $ 3 GSE certificates 13,142 35 — — 13,142 35 GSE CMOs 24,532 28 240,311 820 264,843 848 Asset-backed securities — — 361,265 18,962 361,265 18,962 Municipal bonds — — 9,215 185 9,215 185 Corporate bonds 483,178 6,274 241,190 8,810 724,368 15,084 Capital trust notes 43,034 3,897 32,981 10,876 76,015 14,773 Equity securities 15,190 103 — — 15,190 103 Total temporarily impaired securities $ 589,073 $ 10,340 $ 884,962 $ 39,653 $ 1,474,035 $ 49,993 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, 2019: Less than Twelve Months Twelve Months or Longer Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Temporarily Impaired Securities: U. S. Treasury obligations $ 11,917 $ — $ — $ — $ 11,917 $ — U. S. Government agency and GSE obligations 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 10,854 116,635 — 373,254 10,854 Municipal bonds — — 9,349 475 9,349 475 Corporate bonds 99,300 700 172,717 2,283 272,017 2,983 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 $ 21,770 $ 627,545 $ 11,637 $ 2,298,992 $ 33,407 The investment securities designated as having a continuous loss position for twelve months or more at June 30, 2020 consisted of seven agency collateralized mortgage obligations, five capital trusts notes, seven asset-backed securities, three corporate bonds, and one municipal bond. 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 CMOs, three asset-backed securities, two corporate bonds, one municipal bond, and one mutual fund. The Company evaluates available-for-sale debt securities in unrealized loss positions at least quarterly to determine if an allowance for credit losses is required. Based on an evaluation of available information about past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability, the Company has concluded that it expects to receive all contractual cash flows from each security held in its available-for-sale securities portfolio. We first assess whether (i) we intend to sell, or (ii) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of these criteria is met, any previously recognized allowances are charged off and the security’s amortized cost basis is written down to fair value through income. If neither of the aforementioned criteria are met, we evaluate whether the decline in fair value has resulted from credit losses or other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. None of the unrealized losses identified as of June 30, 2020 or December 31, 2019 relates to the marketability of the securities or the issuers’ ability to honor redemption obligations. Rather, the unrealized losses relate to changes in interest rates relative to when the investment securities were purchased, and do not indicate credit-related impairment. Management based this conclusion on an analysis of each issuer including a detailed credit assessment of each issuer. The Company does not intend to sell, and it is not more likely than not that the Company will be required to sell the positions before the recovery of their amortized cost basis, which may be at maturity. As such, no allowance for credit losses was recorded with respect to debt securities as of or during the six months ended June 30, 2020. Management has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Available-for-sale debt securities are placed on non-accrual status when we no longer expect to receive all contractual amounts due, which is generally at 90 days past due. Accrued interest receivable is reversed against interest income when a security is placed on non-accrual status. |
Loans and Leases
Loans and Leases | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loans and Leases | Note 5. Loans and Leases The following table sets forth the composition of the loan portfolio at the dates indicated: June 30, 2020 December 31, 2019 (dollars in thousands) Amount Percent of Loans Held for Investment Amount Percent of Loans Held for Investment Loans and Leases Held for Investment: Mortgage Loans: Multi-family $ 31,597,075 74.80 % $ 31,158,672 74.46 % Commercial real estate 6,929,883 16.40 % 7,081,910 16.93 One-to-four family 320,740 0.76 % 380,361 0.91 Acquisition, development, and construction 126,402 0.30 % 200,596 0.48 Total mortgage loans held for investment (1) 38,974,100 92.26 % $ 38,821,539 92.78 Other Loans: Commercial and industrial 1,571,432 3.72 % 1,742,380 4.16 Lease financing, net of unearned income of $123,141 and $104,826, respectively 1,693,640 4.01 % 1,271,998 3.04 Total commercial and industrial loans (2) 3,265,072 7.73 % 3,014,378 7.20 Other 6,723 0.01 % 8,102 0.02 Total other loans held for investment (1) 3,271,795 7.74 % 3,022,480 7.22 Total loans and leases held for investment $ 42,245,895 100.00 % $ 41,844,019 100.00 % Net deferred loan origination costs 60,292 50,136 Allowance for loan and lease losses (174,287 ) (147,638 ) Total loans and leases held for investment, net $ 42,131,900 $ 41,746,517 Loans held for sale 103,362 — Total loans and leases, net $ 42,235,262 $ 41,746,517 (1) Excludes accrued interest receivable of $167.3 million and $116.9 million at June 30, 2020 and December 31, 2019, respectively, which is included in other assets in the Consolidated Statements of Condition. (2) Includes specialty finance loans and leases of $2.9 billion and $2.6 billion, respectively, at June 30, 2020 and December 31, 2019, and other C&I loans of $380.9 million and $420.1 million, respectively, at June 30, 2020 and December 31, 2019. Loans Held for Investment The majority of the loans the Company originates for investment are multi-family loans, most of which are collateralized by non-luxury apartment buildings in New York City with rent-regulated units and below-market rents. In addition, the Company originates CRE loans, most of which are collateralized by income-producing properties such as office buildings, retail centers, mixed-use buildings, and multi-tenanted light industrial properties that are located in New York City and on Long Island. To a lesser extent, the Company also originates ADC loans for investment. One-to-four family loans held for investment were originated through the Company’s former mortgage banking operation and primarily consisted of jumbo adjustable rate mortgages made to borrowers with a solid credit history. ADC loans are primarily originated for multi-family and residential tract projects in New York City and on Long Island. C&I loans consist of asset-based loans, equipment loans and leases, and dealer floor-plan loans (together, specialty finance loans and leases) that generally are made to large corporate obligors, many of which are publicly traded, carry investment grade or near-investment grade ratings, and participate in stable industries nationwide; and other C&I loans that primarily are made to small and mid-size businesses in Metro New York. Other C&I loans are typically made for working capital, business expansion, and the purchase of machinery and equipment. The repayment of multi-family and CRE loans generally depends on the income produced by the underlying properties which, in turn, depends on their successful operation and management. To mitigate the potential for credit losses, the Company underwrites its loans in accordance with credit standards it considers to be prudent, looking first at the consistency of the cash flows being produced by the underlying property. In addition, multi-family buildings, CRE properties, and ADC projects are inspected as a prerequisite to approval, and independent appraisers, whose appraisals are carefully reviewed by the Company’s in-house appraisers, perform appraisals on the collateral properties. In many cases, a second independent appraisal review is performed. To further manage its credit risk, the Company’s lending policies limit the amount of credit granted to any one borrower and typically require conservative debt service coverage ratios and loan-to-value ratios. Nonetheless, the ability of the Company’s borrowers to repay these loans may be impacted by adverse conditions in the local real estate market and the local economy. Accordingly, there can be no assurance that its underwriting policies will protect the Company from credit-related losses or delinquencies. ADC loans typically involve a higher degree of credit risk than loans secured by improved or owner-occupied real estate. Accordingly, borrowers are required to provide a guarantee of repayment and completion, and loan proceeds are disbursed as construction progresses, as certified by in-house inspectors or third-party engineers. The Company seeks to minimize the credit risk on ADC loans by maintaining conservative lending policies and rigorous underwriting standards. However, if the estimate of value proves to be inaccurate, the cost of completion is greater than expected, or the length of time to complete and/or sell or lease the collateral property is greater than anticipated, the property could have a value upon completion that is insufficient to assure full repayment of the loan. This could have a material adverse effect on the quality of the ADC loan portfolio, and could result in losses or delinquencies. In addition, the Company utilizes the same stringent appraisal process for ADC loans as it does for its multi-family and CRE loans. To minimize the risk involved in specialty finance lending and leasing, the Company participates in syndicated loans that are brought to it, and equipment loans and leases that are assigned to it, by a select group of nationally recognized sources who have long-term relationships with its experienced lending officers. Each of these credits is secured with a perfected first security interest in or outright ownership of the underlying collateral, and structured as senior debt or as a non-cancelable lease. To further minimize the risk involved in specialty finance lending and leasing, each transaction is re-underwritten. In addition, outside counsel is retained to conduct a further review of the underlying documentation. To minimize the risks involved in other C&I lending, the Company underwrites such loans on the basis of the cash flows produced by the business; requires that such loans be collateralized by various business assets, including inventory, equipment, and accounts receivable, among others; and typically requires personal guarantees. However, the capacity of a borrower to repay such a C&I loan is substantially dependent on the degree to which the business is successful. In addition, the collateral underlying such loans may depreciate over time, may not be conducive to appraisal, or may fluctuate in value, based upon the results of operations of the business. Included in loans held for investment at June 30, 2020 and December 31, 2019, were mortgage loans of $38.0 million and $38.2 million, respectively, to officers, directors, and their related interests and parties. There were no loans to principal shareholders at that date. Asset Quality A loan generally is classified as a non-accrual loan when it is 90 days or more past due or when it is deemed to be impaired because the Company no longer expects to collect all amounts due according to the contractual terms of the loan agreement. When a loan is placed on non-accrual status, management ceases the accrual of interest owed, and previously accrued interest is charged against interest income. A loan is generally returned to accrual status when the loan is current and management has reasonable assurance that the loan will be fully collectible. Interest income on non-accrual loans is recorded when received in cash. At June 30, 2020 and December 31, 2019, all of our non-performing loans were non-accrual loans. The following table presents information regarding the quality of the Company’s loans held for investment at June 30, 2020: (in thousands) Loans 30-89 Days Past Due Non- Accrual Loans Loans 90 Days or More Delinquent and Still Accruing Interest Total Past Due Loans Current Loans Total Loans Receivable Multi-family $ 383 $ 6,316 $ — $ 6,699 $ 31,583,677 $ 31,597,075 Commercial real estate 326 16,183 — 16,509 6,896,865 6,929,883 One-to-four family 1,361 1,716 — 3,077 314,586 320,740 Acquisition, development, and construction — — — — 126,402 126,402 Commercial and industrial (1) (2) — 29,454 — 29,454 3,206,164 3,265,072 Other 65 2 — 67 6,589 6,723 Total loans and leases held for investment $ 2,135 $ 53,671 $ — $ 55,806 $ 42,134,283 $ 42,245,895 (1) Includes $26.0 million of taxi medallion-related loans that were 90 days or more past due. There were no taxi medallion-related loans that were 30 to 89 days past due. (2) Includes lease financing receivables, all of which were current. The following table presents information regarding the quality of the Company’s loans held for investment at December 31, 2019: (in thousands) Loans 30-89 Days Past Due Non- Accrual Loans Loans 90 Days or More Delinquent and Still Accruing Interest Total Past Due Loans Current Loans Total Loans Receivable Multi-family $ 1,131 $ 5,407 $ — $ 6,538 $ 31,152,134 $ 31,158,672 Commercial real estate 2,545 14,830 — 17,375 7,064,535 7,081,910 One-to-four family — 1,730 — 1,730 378,631 380,361 Acquisition, development, and construction — — — — 200,596 200,596 Commercial and industrial (1) (2) — 39,024 — 39,024 2,975,354 3,014,378 Other 44 252 — 296 7,806 8,102 Total $ 3,720 $ 61,243 $ — $ 64,963 $ 41,779,056 $ 41,844,019 (1) Includes $30.4 million of taxi medallion-related loans that were 90 days or more past due. There were no taxi medallion-related loans that were 30 to 89 days past due. (2) Includes lease financing receivables, all of which were current. The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at June 30, 2020: Mortgage Loans Other Loans (in thousands) Multi- Family Commercial Real Estate One-to- Four Family Acquisition, Development, and Construction Total Mortgage Loans Commercial and Industrial (1) Other Total Other Loans Credit Quality Indicator: Pass $ 31,302,833 $ 6,647,278 $ 317,411 $ 100,832 $ 38,368,354 $ 3,199,250 $ 6,721 $ 3,205,971 Special mention 230,210 193,232 1,618 25,570 450,630 3,894 — 3,894 Substandard 64,032 89,373 1,711 155,116 61,928 2 61,930 Doubtful — — Total $ 31,597,075 $ 6,929,883 $ 320,740 $ 126,402 $ 38,974,100 $ 3,265,072 $ 6,723 $ 3,271,795 (1) Includes lease financing receivables, all of which were classified as Pass. The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at December 31, 2019: Mortgage Loans Other Loans (in thousands) Multi- Family Commercial Real Estate One-to- Four Family Acquisition, Development, and Construction Total Mortgage Loans Commercial and Industrial (1) Other Total Other Loans Credit Quality Indicator: Pass $ 30,903,657 $ 6,902,218 $ 377,883 $ 158,751 $ 38,342,509 $ 2,960,557 $ 7,850 $ 2,968,407 Special mention 239,664 104,648 748 41,456 386,516 1,588 — 1,588 Substandard 15,351 75,044 1,730 389 92,514 52,233 252 52,485 Doubtful — — — — — — — — Total $ 31,158,672 $ 7,081,910 $ 380,361 $ 200,596 $ 38,821,539 $ 3,014,378 $ 8,102 $ 3,022,480 (1) Includes lease financing receivables, all of which were classified as Pass. 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 family loans are classified based on the duration of the delinquency. The following table presents, by credit quality indicator, loan class, and year of origination, the amortized cost basis of the Company’s loans and leases as of June 30, 2020. (in thousands) Vintage Year Risk Rating Group 2020 2019 2018 2017 2016 Prior To 2016 Revolving Loans Total Pass $ 4,311,632 $ 7,066,229 $ 6,737,878 $ 5,204,929 $ 4,234,835 $ 10,816,916 $ 22,631 $ 38,395,050 Special Mention — 2,267 68,295 77,061 126,081 176,358 790 450,852 Substandard — — 7,582 18,866 49,372 78,557 — 154,377 Total mortgage loans $ 4,311,632 $ 7,068,496 $ 6,813,755 $ 5,300,856 $ 4,410,288 $ 11,071,831 $ 23,421 $ 39,000,279 Pass 579,851 904,008 205,400 236,169 137,604 157,650 1,019,443 3,240,125 Special Mention — 42 — — — — 3,850 3,892 Substandard 1,042 8,350 3,711 15,454 4,190 3,473 25,673 61,893 Total other loans 580,893 912,400 209,111 251,623 141,794 161,123 1,048,966 3,305,910 Total $ 4,892,525 $ 7,980,896 $ 7,022,866 $ 5,552,479 $ 4,552,082 $ 11,232,954 $ 1,072,387 $ 42,306,189 When management determines that foreclosure is probable, expected credit losses are based on the fair value of the collateral adjusted for selling costs. When the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, the collateral-dependent practical expedient has been elected and expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. For CRE loans, collateral properties include office buildings, warehouse/distribution buildings, shopping centers, apartment buildings, residential and commercial tract development. The primary source of repayment on these loans is expected to come from the sale, permanent financing or lease of the real property collateral. CRE loans are impacted by fluctuations in collateral values, as well as the ability of the borrower to obtain permanent financing. The following table summarizes the extent to which collateral secures the Company’s collateral-dependent loans held for investment by collateral type as of June 30, 2020: Collateral Type (in thousands) Real Property Other Multi-family $ 2,248 $ — Commercial real estate 29,824 — One-to-four family 570 — Acquisition, development, and construction — 37,135 Commercial and industrial — — Other — Total collateral-dependent loans held for investment $ 32,642 $ 37,135 Other collateral primarily consists of taxi medallions, cash, accounts receivable and inventory. There were no significant changes in the extent to which collateral secures the Company’s collateral-dependent financial assets during the three months ended June 30, 2020. Troubled Debt Restructurings The Company is required to account for certain loan modifications and restructurings as TDRs. In general, a modification or restructuring of a loan constitutes a TDR if the Company grants a concession to a borrower experiencing financial difficulty. A loan modified as a TDR generally is placed on non-accrual status until the Company determines that future collection of principal and interest is reasonably assured, which requires, among other things, that the borrower demonstrate performance according to the restructured terms for a period of at least six consecutive months. In determining the Company’s allowance for loan and lease losses, reasonably expected TDRs are individually evaluated and consist of criticized, classified, or maturing loans that will have a modification processed within the next three months. In an effort to proactively manage delinquent loans, the Company has selectively extended to certain borrowers concessions such as rate reductions, extension of maturity dates, and forbearance agreements. As of June 30, 2020, loans on which concessions were made with respect to rate reductions and/or extension of maturity dates amounted to $18.6 million; loans on which forbearance agreements were reached amounted to $26.3 million. The CARES Act was enacted on March 27, 2020. Under the CARES Act, the Company made the election to deem that loan modifications do not result in TDRs if they are (1) related to the novel coronavirus disease (“COVID-19”); (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (A) 60 days after the date of termination of the National Emergency or (B) December 31, 2020. This includes short-term (e.g., up to six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. At June 30, 2020, total payment deferrals for the entire loan portfolio were $7.4 billion. The following table presents information regarding the Company’s TDRs as of June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 (in thousands) Accruing Non- Accrual Total Accruing Non- Accrual Total Loan Category: Multi-family $ — $ 2,248 $ 2,248 $ — $ 3,577 $ 3,577 Commercial real estate 15,119 — 15,119 — — — One-to-four family — 570 570 — 584 584 Acquisition, development, and construction — — — 389 — 389 Commercial and industrial (1) 865 26,146 27,011 865 35,084 35,949 Other — — — — — — Total $ 15,984 $ 28,964 $ 44,948 $ 1,254 $ 39,245 $ 40,499 (1) Includes $20.1 million and $30.4 million of taxi medallion-related loans at June 30, 2020 and December 31, 2019, respectively The eligibility of a borrower for work-out concessions of any nature depends upon the facts and circumstances of each loan, which may change from period to period, and involves judgment by Company personnel regarding the likelihood that the concession will result in the maximum recovery for the Company. The financial effects of the Company’s TDRs for the three months ended June 30, 2020 and 2019 are summarized as follows: For the Three Months Ended June 30, 2020 Weighted Average Interest Rate (dollars in thousands) Number of Loans Pre- Modification Recorded Investment Post- Modification Recorded Investment Pre- Modification Post- Modification Charge- off Amount Capitalized Interest Loan Category: Commercial real estate 1 $ 15,119 $ 15,119 8.00 % 3.50 % $ - $ - Commercial and industrial 11 2,484 1,391 2.92 2.92 1,093 — Total 12 $ 17,603 $ 16,510 7.28 3.45 $ 1,093 $ - For the Three Months Ended June 30, 2019 Weighted Average Interest Rate (dollars in thousands) Number of Loans Pre- Modification Recorded Investment Post- Modification Recorded Investment Pre- Modification Post- Modification Charge- off Amount Capitalized Interest Loan Category: Commercial and industrial 15 $ 19,350 $ 18,004 5.31 % 5.45 % $ 1,346 $ — The financial effects of the Company’s TDRs for the six months ended June 30, 2020 and 2019 are summarized as follows: For the Six Months Ended June 30, 2020 Weighted Average Interest Rate (dollars in thousands) Number of Loans Pre- Modification Recorded Investment Post- Modification Recorded Investment Pre- Modification Post- Modification Charge- off Amount Capitalized Interest Loan Category: Commercial real estate 1 $ 15,119 $ 15,119 8.00 % 3.50 % $ - $ - Commercial and industrial 19 4,404 2,963 3.08 3.03 1,441 — Total 20 $ 19,523 $ 18,082 6.89 3.42 $ 1,441 $ - For the Six Months Ended June 30, 2019 Weighted Average Interest Rate (dollars in thousands) Number of Loans Pre- Modification Recorded Investment Post- Modification Recorded Investment Pre- Modification Post- Modification Charge- off Amount Capitalized Interest Loan Category: Commercial and industrial 30 $ 23,544 $ 21,092 4.95 % 5.09 % $ 2,452 $ — At June 30, 2020, 40 C&I loans in the aggregate amount of $6.4 million have been modified as TDRs during the twelve months ended at that date, and were in payment default. At June 30, 2019, 13 C&I loans in the aggregate amount of $3.3 million that had been modified as TDRs during the twelve months ended at that date and were in payment default. 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. Management takes into consideration all TDR modifications in determining the appropriate level of the allowance. |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses | 6 Months Ended |
Jun. 30, 2020 | |
Text Block [Abstract] | |
Allowance for Loan and Lease Losses | Note 6. Allowance for Loan and Lease Losses Allowance for Credit Losses on Loans and Leases The following table summarizes activity in the allowance for loan and lease losses for the periods indicated: Six Months Ended June 30, 2020 2019 (in thousands) Mortgage Other Total Mortgage Other Total Balance, beginning of period $ 122,695 $ 24,943 $ 147,638 $ 130,983 $ 28,837 $ 159,820 Impact of CECL adoption 99 1,812 1,911 — — — Charge-offs — (14,323 ) (14,323 ) — (9,830 ) (9,830 ) Recoveries 60 283 343 22 478 500 Provision for (recovery of) credit losses on loans 34,653 4,065 38,718 (8,917 ) 9,539 622 Balance, end of period $ 157,507 $ 16,780 $ 174,287 $ 122,088 $ 29,024 $ 151,112 ASU No. 2016-13 replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, including loan receivables. It also applies to off-balance sheet exposures not accounted for as insurance and net investments in leases accounted for under ASC Topic 842. The allowance for loan and lease losses is deducted from the amortized cost basis of a financial asset or a group of financial assets so that the balance sheet reflects the net amount the Company expects to collect. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, fair value hedge accounting adjustments, and deferred fees and costs. Subsequent changes (favorable and unfavorable) in expected credit losses are recognized immediately in net income as a credit loss expense or a reversal of credit loss expense. Management estimates the allowance by projecting probability-of-default, loss-given-default and exposure-at-default depending on economic parameters for each month of the remaining contractual term. Economic parameters are developed using available information relating to past events, current conditions, and reasonable and supportable forecasts. The Company’s reasonable and supportable forecast period reverts to a historical norm based on inputs within 36 months. Historical credit experience provides the basis for the estimation of expected credit losses, with adjustments made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels and terms, as well as for changes in environmental conditions, such as changes in unemployment rates, property values or other relevant factors. Expected credit losses are estimated over the contractual term of the loans, adjusted for forecasted prepayments when appropriate. The contractual term excludes potential extensions or renewals. The methodology used in the estimation of the allowance for loan and lease losses, which is performed at least quarterly, is designed to be dynamic and responsive to changes in portfolio credit quality and forecasted economic conditions. Each quarter, we reassess the appropriateness of the reasonable and supportable period, the reversion period and historical mean at the Classes of Financing Receivable (“CFR”) level, considering any required adjustments for differences in underwriting standards, portfolio mix, and other relevant data shifts over time. The allowance for loan and lease losses is measured on a collective (pool) basis when similar risk characteristics exist. Management believes the products within each of the entity’s portfolio classes exhibit similar risk characteristics. Loans that are determined to have unique risk characteristics are evaluated on an individual basis by management. If a loan is determined to be collateral dependent, or meets the criteria to apply the collateral dependent practical expedient, expected credit losses are determined based on the fair value of the collateral at the reporting date, less costs to sell as appropriate. The macroeconomic data used in the quantitative models are based on a reasonable and supportable forecast period of 24 months. The Company leverages economic projections including property market and prepayment forecasts from established independent third parties to inform its loss drivers in the forecast. Beyond this forecast period, we revert to a historical average loss rate. This reversion to the mean is performed on a straight-line basis over 12 months. CFR represent the level at which a systematic methodology is applied to estimate credit losses. Smaller pools of homogenous financing receivables with homogeneous risk characteristics were modeled using the methodology selected for the CFR to which factors in the qualitative scorecard include: concentration, modeling and forecast imprecision and limitations, policy and underwriting, prepayment uncertainty, external factors, nature and volume, management, and loan review. Each factor is subject to an evaluation of metrics, consistently applied, to measure adjustments needed for each reporting period. Loans that do not share risk characteristics are evaluated on an individual basis. These include loans that are in nonaccrual status with balances above management determined materiality thresholds depending on loan class and also loans that are designated as TDR or “reasonably expected TDR” (criticized, classified, or maturing loans that will have a modification processed within the next three months). In addition, all taxi medallion loans are individually evaluated. The Company maintains an allowance for credit losses on off-balance sheet credit exposures. We estimate expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted as a provision for credit losses expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over their estimated life. The Company examined historical credit conversion factor (“CCF”) trends to estimate utilization rates, and chose an appropriate mean CCF based on both management judgment and quantitative analysis. Quantitative analysis involved examination of CCFs over a range of fund-up windows (between 12 and 36 months) and comparison of the mean CCF for each fund-up window with management judgment determining whether the highest mean CCF across fund-up windows made business sense. The Company applies the same standards and estimated loss rates to the credit exposures as to the related class of loans. 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 estate-related consumer credits, the following past-due time periods determine when charge-offs are typically recorded: (1) closed-end credits are charged off in the quarter that the loan becomes 120 days past due; (2) open-end credits are charged off in the quarter that the loan becomes 180 days past due; and (3) both closed-end and open-end credits are typically charged off in the quarter that the credit is 60 days past the date we received notification that the borrower has filed for bankruptcy. The following table presents additional information about the Company’s nonaccrual loans at June 30, 2020: (in thousands) Recorded Investment Related Allowance Interest Income Recognized Nonaccrual loans with no related allowance: Multi-family $ 2,248 $ — $ 121 Commercial real estate 14,699 - $ 24 One-to-four family 570 - $ 10 Acquisition, development, and construction - - $ — Other 29,456 - $ 651 Total nonaccrual loans with no related allowance $ 46,973 $ — $ 806 Nonaccrual loans with an allowance recorded: Multi-family $ 4,068 $ 443 $ 28 Commercial real estate 1,484 117 $ 31 One-to-four family 1,146 201 $ 7 Acquisition, development, and construction - - $ — Other - - $ — Total nonaccrual loans with an allowance recorded $ 6,698 $ 761 $ 66 Total nonaccrual loans: Multi-family $ 6,316 $ 443 $ 149 Commercial real estate 16,183 117 55 One-to-four family 1,716 201 17 Acquisition, development, and construction - - - Other 29,456 - 651 Total nonaccrual loans $ 53,671 $ 761 $ 872 The following table presents additional information about the Company’s impaired loans at December 31, 2019: (in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized 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 family 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 family 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 family 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 |
Borrowed Funds
Borrowed Funds | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Note 7. Borrowed Funds The following table summarizes the Company’s borrowed funds at the dates indicated: (in thousands) June 30, 2020 December 31, 2019 Wholesale Borrowings: FHLB advances $ 13,552,661 $ 13,102,661 Repurchase agreements 800,000 800,000 Total wholesale borrowings $ 14,352,661 $ 13,902,661 Junior subordinated debentures 360,058 359,866 Subordinated notes 295,345 295,066 Total borrowed funds $ 15,008,064 $ 14,557,593 The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at June 30, 2020: Remaining Contractual Maturity of the Agreements (in thousands) Overnight and Continuous Up to 30 Days 30–90 Days Greater than 90 Days GSE obligations $ — $ — $ — $ 800,000 Subordinated Notes At June 30, 2020 and December 31, 2019, the Company had $295.3 million and $295.1million, respectively, of fixed-to-floating rate subordinated notes outstanding: 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 points payable quarterly. Junior Subordinated Debentures At June 30, 2020 and December 31, 2019, the Company had $360.1 million and $359.9 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 June 30, 2020: Issuer Interest Rate of Capital Securities and Debentures Junior Subordinated Debentures Amount Outstanding Capital Securities Amount Outstanding Date of Original Issue Stated Maturity First Optional Redemption Date (dollars in thousands) New York Community Capital Trust V (BONUSES SM 6.00 % $ 146,132 $ 139,781 Nov. 4, 2002 Nov. 1, 2051 Nov. 4, 2007 (1) New York Community Capital Trust X 2.34 123,712 120,000 Dec. 14, 2006 Dec. 15, 2036 Dec. 15, 2011 (2) PennFed Capital Trust III 3.99 30,928 30,000 June 2, 2003 June 15, 2033 June 15, 2008 (2) New York Community Capital Trust XI 3.02 59,286 57,500 April 16, 2007 June 30, 2037 June 30, 2012 (2) Total junior subordinated debentures $ 360,058 $ 347,281 (1) Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. (2) Callable from this date forward. |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 6 Months Ended |
Jun. 30, 2020 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Pension and Other Post-Retirement Benefits | Note 8. Pension and Other Post-Retirement Benefits The following table sets forth certain disclosures for the Company’s pension and post-retirement plans for the periods indicated: For the Three Months Ended June 30, 2020 2019 (in thousands) Pension Benefits Post- Retirement Benefits Pension Benefits Post- Retirement Benefits Components of net periodic (credit) expense: (1) Interest cost $ 1,173 $ 82 $ 1,415 $ 128 Expected return on plan assets (3,876 ) - (3,483 ) — Amortization of prior-service costs - (62 ) — (62 ) Amortization of net actuarial loss 1,831 6 2,509 31 Net periodic (credit) expense $ (872 ) $ 26 $ 441 $ 97 For the Six Months Ended June 30, 2020 2019 (in thousands) Pension Benefits Post- Retirement Benefits Pension Benefits Post- Retirement Benefits Components of net periodic (credit) expense: (1) Interest cost $ 2,346 $ 164 $ 2,830 $ 256 Expected return on plan assets (7,752 ) — (6,966 ) — Amortization of prior-service costs — (124 ) — (124 ) Amortization of net actuarial loss 3,662 12 5,018 62 Net periodic (credit) expense $ (1,744 ) $ 52 $ 882 $ 194 (1) Amounts are included in G&A expense on the Consolidated Statements of Income and Comprehensive Income. The Company expects to contribute $947,000 to its post-retirement plan to pay premiums and claims for the fiscal year ending December 31, 2020. The Company does not expect to make any contributions to its pension plan in 2020. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 9. Stock-Based Compensation At June 30, 2020, the Company had a total of 11,557,874 shares available for grants as restricted stock, options, or other forms of related rights. The Company granted 2,390,345 shares of restricted stock, with an average fair value of $11.64 per share on the date of grant, during the six months ended June 30, 2020. During the six months ended June 30, 2019, the Company granted 1,940,798 shares of restricted stock, with an average fair value of $10.42 per share. The shares of restricted stock that were granted during the six months ended June 30, 2020 and 2019, vest over a three or five year period. Compensation and benefits expense related to the restricted stock grants is recognized on a straight-line basis over the vesting period and totaled $16.3 million and $15.5 million, respectively, for the six months ended June 30, 2020 and 2019, including $8.1 million and $7.6 million for the three months ended at those dates. The following table provides a summary of activity with regard to restricted stock awards in the six months ended June 30, 2020: Number of Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 6,516,101 $ 13.31 Granted 2,390,345 11.64 Vested (2,097,411 ) 14.09 Canceled (110,000 ) 12.62 Unvested at end of period 6,699,035 12.49 As of June 30, 2020, unrecognized compensation cost relating to unvested restricted stock totaled $78.1 million. This amount will be recognized over a remaining weighted average period of 3.2 years. In addition, the Company has granted a total of 865,855 Performance-Based Restricted Stock Units (“PSUs”). The PSUs have a performance period of January 1, 2019 to December 31, 2022 and vest on April 1, 2022, subject to adjustment or forfeiture, based upon the achievement by the Company of certain performance standards. Included in the total PSUs granted are 446,181 shares granted during the three months ended June 30, 2020. 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 $540,000 and $947,000 for the three and six months ended June 30, 2020, respectively. No PSUs were granted during 2019. As of June 30, 2020, the Company believes it is probable that the performance conditions will be met. During the first quarter of 2020, the Company began to match employee 401(k) plan contributions. Such expense totaled $1.3 million and $3.0 million for the three and six months ended June 30, 2020, respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 10. Fair Value Measurements GAAP sets forth a definition of fair value, establishes a consistent framework for measuring fair value, and requires disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. GAAP also clarifies that fair value is an “exit” price, representing the amount that would be received when selling an asset, or paid when transferring a liability, in an orderly transaction between market participants. Fair value is thus a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants use in pricing an asset or liability. A financial instrument’s categorization within this valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following tables present assets and liabilities that were measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at June 30, 2020 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Netting Adjustments Total Fair Value Assets: Mortgage-Related Debt Securities Available for Sale: GSE certificates $ — $ 1,357,515 $ — $ — $ 1,357,515 GSE CMOs — 1,669,437 — — 1,669,437 Total mortgage-related debt securities $ — $ 3,026,952 $ — $ — $ 3,026,952 Other Debt Securities Available for Sale: U. S. Treasury obligations $ 61,981 $ — $ — $ — $ 61,981 GSE debentures — 678,540 — — 678,540 Asset-backed securities — 421,393 — — 421,393 Municipal bonds — 26,910 — — 26,910 Corporate bonds — 866,825 — — 866,825 Capital trust notes — 85,581 — — 85,581 Total other debt securities $ 61,981 $ 2,079,249 $ — $ — $ 2,141,230 Total debt securities available for sale $ 61,981 $ 5,106,201 $ — $ — $ 5,168,182 Equity securities: Preferred stock $ 15,189 $ — $ — $ — $ 15,189 Mutual funds and common stock — 18,329 — — 18,329 Total equity securities $ 15,189 $ 18,329 $ — $ — $ 33,518 Total securities $ 77,170 $ 5,124,530 $ — $ — $ 5,201,700 Fair Value Measurements at December 31, 2019 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Netting Adjustments 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 The Company reviews and updates the fair value hierarchy classifications for its assets on a quarterly basis. Changes from one quarter to the next that are related to the observability of inputs for a fair value measurement may result in a reclassification from one hierarchy level to another. A description of the methods and significant assumptions utilized in estimating the fair values of securities follows: Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include highly liquid government securities and exchange-traded securities. If quoted market prices are not available for a specific security, then fair values are estimated by using pricing models. These pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices, and credit spreads. In addition to observable market information, models incorporate transaction details such as maturity and cash flow assumptions. Securities valued in this manner would generally be classified within Level 2 of the valuation hierarchy, and primarily include such instruments as mortgage-related and corporate debt securities. Periodically, the Company uses fair values supplied by independent pricing services to corroborate the fair values derived from the pricing models. In addition, the Company reviews the fair values supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness. The Company challenges pricing service valuations that appear to be unusual or unexpected. While the Company believes its valuation methods are appropriate, and consistent with those of other market participants, the use of different methodologies or assumptions to determine the fair values of certain financial instruments could result in different estimates of fair values at a reporting date. Assets Measured at Fair Value on a Non-Recurring Basis Certain assets are measured at fair value on a non-recurring basis. Such instruments are subject to fair value adjustments under certain circumstances (e.g., when there is evidence of impairment). The following tables present assets and liabilities that were measured at fair value on a non-recurring basis as of June 30, 2020 and December 31, 2019, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at June 30, 2020 Using (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Certain impaired loans (1) $ — $ — $ 35,696 $ 35,696 Other assets (2) — — 2,862 2,862 Total $ — $ — $ 38,558 $ 38,558 (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, 2019 Using (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value 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. The fair values of collateral-dependent impaired loans are determined using various valuation techniques, including consideration of appraised values and other pertinent real estate and other market data. Other Fair Value Disclosures For the disclosure of fair value information about the Company’s on- and off-balance sheet financial instruments, when available, quoted market prices are used as the measure of fair value. In cases where quoted market prices are not available, fair values are based on present-value estimates or other valuation techniques. Such fair values are significantly affected by the assumptions used, the timing of future cash flows, and the discount rate. Because assumptions are inherently subjective in nature, estimated fair values cannot be substantiated by comparison to independent market quotes. Furthermore, in many cases, the estimated fair values provided would not necessarily be realized in an immediate sale or settlement of such instruments. The following tables summarize the carrying values, estimated fair values, and fair value measurement levels of financial instruments that were not carried at fair value on the Company’s Consolidated Statements of Condition at June 30, 2020 and December 31, 2019: June 30, 2020 Fair Value Measurement Using (in thousands) Carrying Value Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 1,404,527 $ 1,404,527 $ 1,404,527 $ — $ — FHLB stock (1) 668,698 668,698 — 668,698 — Loans, net 42,235,262 41,894,718 — — 41,894,718 Financial Liabilities: Deposits $ 31,729,581 $ 31,797,595 $ 19,687,327 (2 ) $ 12,110,268 (3 ) $ — Borrowed funds 15,008,064 15,776,408 — 15,776,408 — (1) Carrying value and estimated fair value are at cost. (2) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (3) Certificates of deposit. December 31, 2019 Fair Value Measurement Using (in thousands) Carrying Value Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 741,870 $ 741,870 $ 741,870 $ — $ — FHLB stock (1) 647,562 647,562 — 647,562 — Loans, 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 accounts. (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-NY is generally restricted and there is no established liquid market for their resale. The carrying amount approximates the fair value. Loans The Company discloses the fair value of loans measured at amortized cost using an exit price notion. The Company determined the fair value on substantially all of its loans for disclosure purposes, on an individual loan basis. The discount rates reflect current market rates for loans with similar terms to borrowers having similar credit quality on an exit price basis. The estimated fair values of non-performing mortgage and other loans are based on recent collateral appraisals. For those loans where a discounted cash flow technique was not considered reliable, the Company used a quoted market price for each individual loan. Deposits The fair values of deposit liabilities with no stated maturity (i.e., interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts) are equal to the carrying amounts payable on demand. The fair values of CDs represent contractual cash flows, discounted using interest rates currently offered on deposits with similar characteristics and remaining maturities. These estimated fair values do not include the intangible value of core deposit relationships, which comprise a significant portion of the Company’s deposit base. Borrowed Funds The estimated fair value of borrowed funds is based either on bid quotations received from securities dealers or the discounted value of contractual cash flows with interest rates currently in effect for borrowed funds with similar maturities and structures. Off-Balance Sheet Financial Instruments The fair values of commitments to extend credit and unadvanced lines of credit are estimated based on an analysis of the interest rates and fees currently charged to enter into similar transactions, considering the remaining terms of the commitments and the creditworthiness of the potential borrowers. The estimated fair values of such off-balance sheet financial instruments were insignificant at June 30, 2020 and December 31, 2019. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | Note 11. Leases Lessor Arrangements The Company is a lessor in the equipment finance business where it has executed direct financing leases (“lease finance receivables”). The Company produces lease finance receivables through a specialty finance subsidiary that participates in syndicated loans that are brought to them, and equipment loans and leases that are assigned to them, by a select group of nationally recognized sources, and are generally made to large corporate obligors, many of which are publicly traded, carry investment grade or near-investment grade ratings, and participate in stable industries nationwide. Lease finance receivables are carried at the aggregate of lease payments receivable plus the estimated residual value of the leased assets and any initial direct costs incurred to originate these leases, less unearned income, which is accreted to interest income over the lease term using the interest method. The standard leases are typically repayable on a level monthly basis with terms ranging from 24 to 120 months. At the end of the lease term, the lessee usually has the option to return the equipment, to renew the lease or purchase the equipment at the then fair market value (“FMV”) price. For leases with a FMV renewal/purchase option, the relevant residual value assumptions are based on the estimated value of the leased asset at the end of lease term, including evaluation of key factors, such as, the estimated remaining useful life of the leased asset, its historical secondary market value including history of the lessee executing the FMV option, overall credit evaluation and return provisions. The Company acquires the leased asset at fair market value and provides funding to the respective lessee at acquisition cost, less any volume or trade discounts, as applicable. Therefore, there is generally no selling profit or loss to recognize or defer at inception of a lease. The residual value component of a lease financing receivable represents the estimated fair value of the leased equipment at the end of the lease term. In establishing residual value estimates, the Company may rely on industry data, historical experience, and independent appraisals and, where appropriate, information regarding product life cycle, product upgrades and competing products. Upon expiration of a lease, residual assets are remarketed, resulting in an extension of the lease by the lessee, a lease to a new customer or purchase of the residual asset by the lessee or another party. Impairment of residual values arises if the expected fair value is less than the carrying amount. The Company assesses its net investment in lease financing receivables (including residual values) for impairment on an annual basis with any impairment losses recognized in accordance with the impairment guidance for financial instruments. As such, net investment in lease financing receivables may be reduced by an allowance for credit losses with changes recognized as provision expense. On certain lease financings, the Company obtains residual value insurance from third parties to manage and reduce the risk associated with the residual value of the leased assets. At June 30, 2020 and December 31, 2019, the carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $69.7 million and $70.1 million, respectively. The Company uses the interest rate implicit in the lease to determine the present value of its lease financing receivables. The components of lease income were as follows: (in thousands) For the Three Months ended June 30, 2020 For the Six Months Ended June 30, 2020 For the Three Months ended June 30, 2019 For the Six Months Ended June 30, 2019 Interest income on lease financing (1) $ 13,577 $ 25,526 $ 9,881 $ 17,208 (1) Included in Interest Income – Loans and leases in the Consolidated Statements of Income and Comprehensive Income. At June 30, 2020 and December 31, 2019, the carrying value of net investment in leases was $1.8 billion and $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) June 30, 2020 December 31, 2019 Net investment in the lease - lease payments receivable $ 1,742,965 $ 1,302,760 Net investment in the lease - unguaranteed residual assets 73,816 74,064 Total lease payments $ 1,816,781 $ 1,376,824 The following table presents the remaining maturity analysis of the undiscounted lease receivables as of June 30, 2020, as well as the reconciliation to the total amount of receivables recognized in the Consolidated Statements of Condition: (in thousands) June 30, 2020 2020 $ 9,424 2021 73,886 2022 261,716 2023 150,221 2024 121,837 Thereafter 1,199,697 Total lease payments 1,816,781 Plus: deferred origination costs 30,529 Less: unearned income (123,141 ) Total lease finance receivables, net $ 1,724,169 Lessee Arrangements The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets and operating lease liabilities in the Consolidated Statements of Condition. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most leases do not provide an implicit rate, the incremental borrowing rate (FHLB borrowing rate) is used 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 $8.6 million and $16.3 million for the six months ended June 30, 2020 and June 30, 2019, respectively. Included in these amounts was $4.5 million and $4.6 million for the three months ended June 30, 2020 and June 30, 2019, respectively. Included in the six months ended June 30, 2019, was $11.7 million that was due to the closing of certain locations. The Company has operating leases for corporate offices, branch locations, and certain equipment. The Company’s leases have remaining lease terms of one year to approximately 25 years, the vast majority of which include one or more options to extend the leases for up to five years resulting in lease terms up to 40 years. The components of lease expense were as follows: (in thousands) For the Three Months Ended June 30, 2020 For the Six Months Ended June 30, 2020 For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 Operating lease cost $ 6,800 $ 13,559 $ 7,210 $ 14,558 Sublease income (12 ) (23 ) (43 ) (65 ) Total lease cost $ 6,788 $ 13,536 $ 7,167 $ 14,493 Supplemental cash flow information related to the leases for the following periods: (in thousands) For the Three Months Ended June 30, 2020 For the Six Months Ended June 30, 2020 For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,800 $ 13,559 $ 7,210 $ 14,558 Supplemental balance sheet information related to the leases for the following periods: (in thousands, except lease term and discount rate) June 30, 2020 December 31, 2019 Operating Leases: Operating lease right-of-use assets 278,276 $ 286,194 Operating lease liabilities 278,272 285,991 Weighted average remaining lease term 17 years 17 years Weighted average discount rate% 3.21 % 3.23 % Maturities of lease liabilities: June 30, 2020 (in thousands) 2020 $ 13,447 2021 26,733 2022 25,916 2023 25,497 2024 24,850 Thereafter 254,689 Total lease payments 371,132 Less: imputed interest (92,860 ) Total present value of lease liabilities $ 278,272 |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative and Hedging Activities | Note 12. Derivative and Hedging Activities The Company’s derivative financial instruments consist of interest rate swaps. The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposure to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate and liquidity risks, primarily by managing the amount, sources, and duration of its assets and liabilities and, from time to time, the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Title VII of the 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 June 30, 2020, all of the Company’s $4.3 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 June 30, 2020. 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 June 30, 2020, 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 benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. Such derivatives were used to hedge the changes in fair value of certain of its pools of prepayable fixed rate assets. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. The Company has entered into an interest rate swap with a notional amount of $2.0 billion to hedge certain real estate loans. For the three and six months ended June 30, 2020, the floating rate received related to the net settlement of this interest rate swap was less than the fixed rate payments. As such, interest income from Loans and Leases in the accompanying Consolidated Statements of Income and Comprehensive Income was decreased by $7.9 and $11.8 million for the three and six months ended June 30, 2020, respectively. For the three and six months ended June 30, 2019, the floating rate received related to the net settlement of this interest rate swap was in excess of 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 increased by $207,000 and $446,000 for the three and six months ended June 30, 2019, respectively. As of June 30, 2020, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges: (in thousands) June 30, 2020 Line Item in the Consolidated Statements of Condition in which the Hedge Item is Included Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets Total loans and leases, net (1) $ 2,095,269 $ 95,269 (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 June 30, 2020, the amortized cost basis of the closed portfolios used in these hedging relationships was $4.1 billion; the cumulative basis adjustments associated with these hedging relationships was $95.3 million; and the amount of the designated hedged items was $2.0 billion. As of December 31, 2019, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges: (in thousands) December 31, 2019 Line Item in the Consolidated Statements of Condition in which the Hedge Item is Included Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets 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 billion; the cumulative basis adjustments associated with these hedging relationships was $53.5 million; and the amount of the designated hedged items was $2.0 billion. The following table sets forth information regarding the Company’s derivative financial instruments at June 30, 2020 and December 31, 2019: Notional Amount Other Assets Other Liabilities Derivatives designated as fair value hedging instruments: Interest rate swap $ 2,000,000 $ — $ — Total derivatives designated as fair value hedging instruments $ 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. (in thousands) For the Three Months Ended June 30, 2020 For the Six Months Ended June 30, 2020 For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 Derivative – interest rate swap: Interest income $ (8,785 ) $ (36,915 ) $ (39,822 ) $ (58,354 ) Hedged item – loans: Interest income $ 8,785 $ 36,915 $ 39,822 $ 58,354 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 $2.3 billion and $800.0 million as of June 30, 2020 and December 31, 2019, respectively, were designated as cash flow hedges of certain FHLB borrowings. The following table summarizes information about the interest rate swaps designated as cash flow hedges at June 30, 2020 and December 31, 2019: (dollars in thousands) June 30, 2020 December 31, 2019 Notional amounts $ 2,250,000 $ 800,000 Cash collateral posted 55,030 1,185 Weighted average pay rates 1.27 % 1.62 % Weighted average receive rates 0.56 % 1.90 % Weighted average maturity 2.4 years 2.5 years The following table presents the effect of the Company’s cash flow derivative instruments on AOCL for the six months ended June 30, 2020. The Company had no such derivative financial instruments during the six months ended June 30, 2019: (in thousands) For the Six Months Ended June 30, 2020 Amount of loss recognized in AOCL $ 57,043 Amount of gain reclassified from AOCL to interest expense 828 Gains (losses) included in the Consolidated Statements of Income related to interest rate derivatives designated as cash flow hedges during the six months ended June 30, 2020 was $828,000. 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 $15.9 million will be reclassified as a decrease to interest expense. |
Organization, Basis of Presen_2
Organization, Basis of Presentation and Recently Adopted Accounting Standards (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Organization | Organization New York Community Bancorp, Inc. (on a stand-alone basis, the “Parent Company” or, collectively with its subsidiaries, the “Company”) was organized under Delaware law on July 20, 1993 and is the holding company for New York Community Bank (hereinafter referred to as the “Bank”). Founded on April 14, 1859 and formerly known as Queens County Savings Bank, the Bank converted from a state-chartered mutual savings bank to the capital stock form of ownership on November 23, 1993, at which date the Company issued its initial offering of common stock (par value: $0.01 per share) at a price of $25.00 per share ($0.93 per share on a split-adjusted basis, reflecting the impact of nine stock splits between 1994 and 2004). The Bank currently operates 237 branches, 19 of which operate directly under the Community Bank name. The remaining 218 Community Bank branches operate through eight divisional banks: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; AmTrust Bank in Florida and Arizona; and Ohio Savings Bank in Ohio. |
Basis of Presentation | Basis of Presentation The following is a description of the significant accounting and reporting policies that the Company and its subsidiaries follow in preparing and presenting their consolidated financial statements, which conform to U.S. generally accepted accounting principles (“GAAP”) and to general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term are used in connection with the determination of the allowance for credit losses and the evaluation of goodwill for impairment. The accompanying consolidated financial statements include the accounts of the Company and other entities in which the Company has a controlling financial interest. All inter-company accounts and transactions are eliminated in consolidation. The Company currently has certain unconsolidated subsidiaries in the form of wholly-owned statutory business trusts, which were formed to issue guaranteed capital securities. See Note 7, Borrowed Funds, for additional information regarding these trusts. When necessary, certain reclassifications have been made to prior-year amounts to conform to the current-year presentation. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards The Company adopted ASU No. 2020-04 upon issuance. The amendments provide optional expedients and exceptions for certain contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of rate reform. The guidance is effective from the date of issuance until December 31, 2022. If certain criteria are met, the amendments allow exceptions to the designation criteria of the hedging relationship and the assessment of hedge effectiveness during the transition period. At the time of adoption, the guidance did not have a material impact on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. The Company will continue to assess the impact as the reference rate transition occurs. The Company adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and its amendments, (“ASU No. 2016-13”) as of January 1, 2020. ASU No. 2016-13 amends guidance on reporting credit losses for assets held on an amortized cost basis and available-for-sale debt securities. For assets held at amortized cost, ASU No. 2016-13 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The amendments in ASU No. 2016-13 replace the incurred loss impairment methodology with a methodology that reflects the measurement of expected credit losses based on relevant information about past events, including historical loss experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses will be presented as an allowance rather than as a write-down. The amendments affected loans, debt securities, trade receivables, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company adopted ASU No. 2016-13 on a modified retrospective basis with a cumulative-effect adjustment to retained earnings as of the adoption date and, accordingly, the Company recorded a net of tax decrease of $10.5 million to retained earnings as of January 1, 2020. The results for prior period amounts continue to be reported in accordance with previously applicable GAAP. A prospective transition approach is required for debt securities for which an OTTI had been recognized before the effective date. The effect of a prospective transition approach is to maintain the same amortized cost basis before and after the effective date of ASU No. 2016-13. Amounts previously recognized in accumulated other comprehensive income (loss) as of the date of adoption that relate to improvements in cash flows expected to be collected will continue to be accreted into income over the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows after the date of adoption will be recorded in earnings when received. The Company adopted ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement on January 1, 2020. The purpose of ASU No. 2018-13 is to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each entity’s financial statements. The amendments remove the disclosure requirements for transfers between Levels 1 and 2 of the fair value hierarchy, the disclosure of the policy for timing of transfers between levels of the fair value hierarchy, and the disclosure of the valuation processes for Level 3 fair value measurements. Additionally, the amendments modify the disclosure requirements for investments in certain entities that calculate net asset value and measurement uncertainty. Finally, the amendments added disclosure requirements for the changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and the range and weighted average of significant unobservable inputs used to develop Level 3 measurements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The adoption of ASU No. 2018-13 did not have a material effect on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. The Company adopted, on a prospective basis, ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment as of January 1, 2020. ASU No. 2017-04 eliminates the second step of the goodwill impairment test which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity will recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill recorded. ASU No. 2017-04 does not amend the optional qualitative assessment of goodwill impairment. The impact of this adoption on the Company’s Consolidated Statements of Condition, results of operations, or cash flows will be dependent upon goodwill impairment determinations made after January 1, 2020. The adoption of ASU No. 2017-04 did not have a material effect on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. During the six months ended June 30, 2020, the Company assessed the current environment, including the estimated impact of the COVID-19 pandemic on macroeconomic variables and economic forecasts and how those might impact the fair value of its reporting unit. After consideration of the items above and the first six months 2020 results, the Company determined it was not more-likely-than-not that the fair value of its reporting unit was below its book value as of June 30, 2020. |
Computation of Earnings per C_2
Computation of Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted EPS | The following table presents the Company’s computation of basic and diluted EPS for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, (in thousands, except share and per share amounts) 2020 2019 2020 2019 Net income available to common shareholders $ 97,140 $ 89,039 $ 189,261 $ 178,409 Less: Dividends paid on and earnings allocated to participating securities (1,186 ) (1,055 ) (3,331 ) (2,177 ) Earnings applicable to common stock $ 95,954 $ 87,984 $ 185,930 $ 176,232 Weighted average common shares outstanding 461,933,533 465,351,586 463,463,751 465,422,251 Basic earnings per common share $ 0.21 $ 0.19 $ 0.40 $ 0.38 Earnings applicable to common stock $ 95,954 $ 87,984 $ 185,930 $ 176,232 Weighted average common shares outstanding 461,933,533 465,351,586 463,463,751 465,422,251 Potential dilutive common shares 555,960 289,851 487,317 145,727 Total shares for diluted earnings per common share computation 462,489,493 465,641,437 463,951,068 465,567,978 Diluted earnings per common share and common share equivalents $ 0.21 $ 0.19 $ 0.40 $ 0.38 |
Reclassifications Out of Accu_2
Reclassifications Out of Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Reclassifications Of Accumulated Other Comprehensive Loss [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Loss | (in thousands) For the Six Months Ended June 30, 2020 Details about Accumulated Other Comprehensive Loss Amount Reclassified out of Accumulated Other Comprehensive Loss (1) Affected Line Item in the Consolidated Statements of Income and Comprehensive Income Unrealized gains on available-for-sale securities: $ 734 Net gain on securities (202 ) Income tax expense $ 532 Net gain on securities, net of tax Unrealized loss on cash flow hedges: $ (828 ) Interest expense 227 Income tax benefit $ (601 ) Net gain on cash flow hedges, net of tax Amortization of defined benefit pension plan items: Past service liability $ 124 Included in the computation of net periodic credit (2) Actuarial losses (3,674 ) Included in the computation of net periodic cost (2) (3,550 ) Total before tax 976 Income tax benefit $ (2,574 ) Amortization of defined benefit pension plan items, net of tax Total reclassifications for the period $ (2,643 ) (1) Amounts in parentheses indicate expense items. (2) See Note 8, “Pension and Other Post-Retirement Benefits,” for additional information. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Portfolio of Securities Available for Sale | The following tables summarize the Company’s portfolio of debt securities available for sale and equity investments with readily determinable fair values at June 30, 2020 and December 31, 2019: June 30, 2020 (in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Debt securities available-for-sale Mortgage-Related Debt Securities: GSE certificates $ 1,288,192 $ 69,358 $ 35 $ 1,357,515 GSE CMOs 1,613,437 56,848 848 1,669,437 Total mortgage-related debt securities $ 2,901,629 $ 126,206 $ 883 $ 3,026,952 Other Debt Securities: U. S. Treasury obligations $ 61,938 $ 46 $ 3 $ 61,981 GSE debentures 672,101 6,439 — 678,540 Asset-backed securities (1) 440,261 94 18,962 421,393 Municipal bonds 26,366 729 185 26,910 Corporate bonds 870,475 11,434 15,084 866,825 Capital trust notes 95,290 5,064 14,773 85,581 Total other debt securities $ 2,166,431 $ 23,806 $ 49,007 $ 2,141,230 Total debt securities available for sale $ 5,068,060 $ 150,012 $ 49,890 $ 5,168,182 Equity Securities: Preferred stock $ 15,292 $ — $ 103 $ 15,189 Mutual funds and common stock (2) 16,871 1,458 18,329 Total equity securities $ 32,163 $ 1,458 $ 103 $ 33,518 Total securities (3) $ 5,100,223 $ 151,470 $ 49,993 $ 5,201,700 (1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2) Primarily consists of mutual funds that are CRA-qualified investments. (3) Excludes accrued interest receivable of $16.5 million included in other assets in the Consolidated Statements of Condition. December 31, 2019 (in thousands) Amortized Cost Gross Unrealized Gain Gross Unrealized Loss 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 $ 5,809,633 $ 76,658 $ 33,234 $ 5,853,057 Equity Securities: Preferred stock $ 15,292 $ 122 $ — $ 15,414 Mutual funds and common stock (2) 16,871 718 173 17,416 Total equity securities $ 32,163 $ 840 $ 173 $ 32,830 Total securities (3) $ 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) 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 securities during the six months ended June 30, 2020 and 2019: For the Six Months Ended June 30, (in thousands) 2020 2019 Gross proceeds $ 442,075 $ 363,346 Gross realized gains 1,877 5,445 Gross realized losses 1,143 — |
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 June 30, 2020: Mortgage- Related Securities Average Yield U.S. Government and GSE Obligations Average Yield State, County, and Municipal Average Yield (1) Other Debt Securities (2) Average Yield Fair Value (dollars in thousands) Available-for-Sale Debt Securities: Due within one year $ 109,229 3.54 % $ 68,888 0.99 % $ 149 6.66 % $ — — % $ 179,930 Due from one to five years 462,094 3.11 25,924 3.39 — — 196,373 3.15 724,999 Due from five to ten years 148,386 2.71 316,056 3.21 20,334 3.50 761,943 2.39 1,247,921 Due after ten years 2,181,920 2.55 323,171 2.15 5,883 3.33 447,710 1.41 3,015,332 Total debt securities available for sale $ 2,901,629 2.69 $ 734,039 2.54 $ 26,366 3.48 $ 1,406,026 2.18 $ 5,168,182 (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 | The following table presents securities with no related allowance having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of June 30, 2020: 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. Treasury obligations $ 9,997 $ 3 $ — $ — $ 9,997 $ 3 GSE certificates 13,142 35 — — 13,142 35 GSE CMOs 24,532 28 240,311 820 264,843 848 Asset-backed securities — — 361,265 18,962 361,265 18,962 Municipal bonds — — 9,215 185 9,215 185 Corporate bonds 483,178 6,274 241,190 8,810 724,368 15,084 Capital trust notes 43,034 3,897 32,981 10,876 76,015 14,773 Equity securities 15,190 103 — — 15,190 103 Total temporarily impaired securities $ 589,073 $ 10,340 $ 884,962 $ 39,653 $ 1,474,035 $ 49,993 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, 2019: Less than Twelve Months Twelve Months or Longer Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Temporarily Impaired Securities: U. S. Treasury obligations $ 11,917 $ — $ — $ — $ 11,917 $ — U. S. Government agency and GSE obligations 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 10,854 116,635 — 373,254 10,854 Municipal bonds — — 9,349 475 9,349 475 Corporate bonds 99,300 700 172,717 2,283 272,017 2,983 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 $ 21,770 $ 627,545 $ 11,637 $ 2,298,992 $ 33,407 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Composition of Loan and Lease Portfolio | The following table sets forth the composition of the loan portfolio at the dates indicated: June 30, 2020 December 31, 2019 (dollars in thousands) Amount Percent of Loans Held for Investment Amount Percent of Loans Held for Investment Loans and Leases Held for Investment: Mortgage Loans: Multi-family $ 31,597,075 74.80 % $ 31,158,672 74.46 % Commercial real estate 6,929,883 16.40 % 7,081,910 16.93 One-to-four family 320,740 0.76 % 380,361 0.91 Acquisition, development, and construction 126,402 0.30 % 200,596 0.48 Total mortgage loans held for investment (1) 38,974,100 92.26 % $ 38,821,539 92.78 Other Loans: Commercial and industrial 1,571,432 3.72 % 1,742,380 4.16 Lease financing, net of unearned income of $123,141 and $104,826, respectively 1,693,640 4.01 % 1,271,998 3.04 Total commercial and industrial loans (2) 3,265,072 7.73 % 3,014,378 7.20 Other 6,723 0.01 % 8,102 0.02 Total other loans held for investment (1) 3,271,795 7.74 % 3,022,480 7.22 Total loans and leases held for investment $ 42,245,895 100.00 % $ 41,844,019 100.00 % Net deferred loan origination costs 60,292 50,136 Allowance for loan and lease losses (174,287 ) (147,638 ) Total loans and leases held for investment, net $ 42,131,900 $ 41,746,517 Loans held for sale 103,362 — Total loans and leases, net $ 42,235,262 $ 41,746,517 (1) Excludes accrued interest receivable of $167.3 million and $116.9 million at June 30, 2020 and December 31, 2019, respectively, which is included in other assets in the Consolidated Statements of Condition. (2) Includes specialty finance loans and leases of $2.9 billion and $2.6 billion, respectively, at June 30, 2020 and December 31, 2019, and other C&I loans of $380.9 million and $420.1 million, respectively, at June 30, 2020 and December 31, 2019. |
Quality of Loans Held for Investment | The following table presents information regarding the quality of the Company’s loans held for investment at June 30, 2020: (in thousands) Loans 30-89 Days Past Due Non- Accrual Loans Loans 90 Days or More Delinquent and Still Accruing Interest Total Past Due Loans Current Loans Total Loans Receivable Multi-family $ 383 $ 6,316 $ — $ 6,699 $ 31,583,677 $ 31,597,075 Commercial real estate 326 16,183 — 16,509 6,896,865 6,929,883 One-to-four family 1,361 1,716 — 3,077 314,586 320,740 Acquisition, development, and construction — — — — 126,402 126,402 Commercial and industrial (1) (2) — 29,454 — 29,454 3,206,164 3,265,072 Other 65 2 — 67 6,589 6,723 Total loans and leases held for investment $ 2,135 $ 53,671 $ — $ 55,806 $ 42,134,283 $ 42,245,895 (1) Includes $26.0 million of taxi medallion-related loans that were 90 days or more past due. There were no taxi medallion-related loans that were 30 to 89 days past due. (2) Includes lease financing receivables, all of which were current. The following table presents information regarding the quality of the Company’s loans held for investment at December 31, 2019: (in thousands) Loans 30-89 Days Past Due Non- Accrual Loans Loans 90 Days or More Delinquent and Still Accruing Interest Total Past Due Loans Current Loans Total Loans Receivable Multi-family $ 1,131 $ 5,407 $ — $ 6,538 $ 31,152,134 $ 31,158,672 Commercial real estate 2,545 14,830 — 17,375 7,064,535 7,081,910 One-to-four family — 1,730 — 1,730 378,631 380,361 Acquisition, development, and construction — — — — 200,596 200,596 Commercial and industrial (1) (2) — 39,024 — 39,024 2,975,354 3,014,378 Other 44 252 — 296 7,806 8,102 Total $ 3,720 $ 61,243 $ — $ 64,963 $ 41,779,056 $ 41,844,019 (1) Includes $30.4 million of taxi medallion-related loans that were 90 days or more past due. There were no taxi medallion-related loans that were 30 to 89 days past due. (2) Includes lease financing receivables, all of which were current. |
Portfolio of Loans Held for Investment by Credit Quality Indicator | The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at June 30, 2020: Mortgage Loans Other Loans (in thousands) Multi- Family Commercial Real Estate One-to- Four Family Acquisition, Development, and Construction Total Mortgage Loans Commercial and Industrial (1) Other Total Other Loans Credit Quality Indicator: Pass $ 31,302,833 $ 6,647,278 $ 317,411 $ 100,832 $ 38,368,354 $ 3,199,250 $ 6,721 $ 3,205,971 Special mention 230,210 193,232 1,618 25,570 450,630 3,894 — 3,894 Substandard 64,032 89,373 1,711 155,116 61,928 2 61,930 Doubtful — — Total $ 31,597,075 $ 6,929,883 $ 320,740 $ 126,402 $ 38,974,100 $ 3,265,072 $ 6,723 $ 3,271,795 (1) Includes lease financing receivables, all of which were classified as Pass. The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at December 31, 2019: Mortgage Loans Other Loans (in thousands) Multi- Family Commercial Real Estate One-to- Four Family Acquisition, Development, and Construction Total Mortgage Loans Commercial and Industrial (1) Other Total Other Loans Credit Quality Indicator: Pass $ 30,903,657 $ 6,902,218 $ 377,883 $ 158,751 $ 38,342,509 $ 2,960,557 $ 7,850 $ 2,968,407 Special mention 239,664 104,648 748 41,456 386,516 1,588 — 1,588 Substandard 15,351 75,044 1,730 389 92,514 52,233 252 52,485 Doubtful — — — — — — — — Total $ 31,158,672 $ 7,081,910 $ 380,361 $ 200,596 $ 38,821,539 $ 3,014,378 $ 8,102 $ 3,022,480 (1) Includes lease financing receivables, all of which were classified as Pass. |
Schedule of Credit Quality Indicator, Loan Class, and Year of Origination, the Amortized Cost Basis of Loans and Leases | The following table presents, by credit quality indicator, loan class, and year of origination, the amortized cost basis of the Company’s loans and leases as of June 30, 2020. (in thousands) Vintage Year Risk Rating Group 2020 2019 2018 2017 2016 Prior To 2016 Revolving Loans Total Pass $ 4,311,632 $ 7,066,229 $ 6,737,878 $ 5,204,929 $ 4,234,835 $ 10,816,916 $ 22,631 $ 38,395,050 Special Mention — 2,267 68,295 77,061 126,081 176,358 790 450,852 Substandard — — 7,582 18,866 49,372 78,557 — 154,377 Total mortgage loans $ 4,311,632 $ 7,068,496 $ 6,813,755 $ 5,300,856 $ 4,410,288 $ 11,071,831 $ 23,421 $ 39,000,279 Pass 579,851 904,008 205,400 236,169 137,604 157,650 1,019,443 3,240,125 Special Mention — 42 — — — — 3,850 3,892 Substandard 1,042 8,350 3,711 15,454 4,190 3,473 25,673 61,893 Total other loans 580,893 912,400 209,111 251,623 141,794 161,123 1,048,966 3,305,910 Total $ 4,892,525 $ 7,980,896 $ 7,022,866 $ 5,552,479 $ 4,552,082 $ 11,232,954 $ 1,072,387 $ 42,306,189 |
Summary of Collateral-Dependent Loans Held for Investment by Collateral Type | The following table summarizes the extent to which collateral secures the Company’s collateral-dependent loans held for investment by collateral type as of June 30, 2020: Collateral Type (in thousands) Real Property Other Multi-family $ 2,248 $ — Commercial real estate 29,824 — One-to-four family 570 — Acquisition, development, and construction — 37,135 Commercial and industrial — — Other — Total collateral-dependent loans held for investment $ 32,642 $ 37,135 |
Information Regarding Troubled Debt Restructurings | The following table presents information regarding the Company’s TDRs as of June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 (in thousands) Accruing Non- Accrual Total Accruing Non- Accrual Total Loan Category: Multi-family $ — $ 2,248 $ 2,248 $ — $ 3,577 $ 3,577 Commercial real estate 15,119 — 15,119 — — — One-to-four family — 570 570 — 584 584 Acquisition, development, and construction — — — 389 — 389 Commercial and industrial (1) 865 26,146 27,011 865 35,084 35,949 Other — — — — — — Total $ 15,984 $ 28,964 $ 44,948 $ 1,254 $ 39,245 $ 40,499 (1) Includes $20.1 million and $30.4 million of taxi medallion-related loans at June 30, 2020 and December 31, 2019, respectively |
Financial Effects of Troubled Debt Restructurings | The financial effects of the Company’s TDRs for the three months ended June 30, 2020 and 2019 are summarized as follows: For the Three Months Ended June 30, 2020 Weighted Average Interest Rate (dollars in thousands) Number of Loans Pre- Modification Recorded Investment Post- Modification Recorded Investment Pre- Modification Post- Modification Charge- off Amount Capitalized Interest Loan Category: Commercial real estate 1 $ 15,119 $ 15,119 8.00 % 3.50 % $ - $ - Commercial and industrial 11 2,484 1,391 2.92 2.92 1,093 — Total 12 $ 17,603 $ 16,510 7.28 3.45 $ 1,093 $ - For the Three Months Ended June 30, 2019 Weighted Average Interest Rate (dollars in thousands) Number of Loans Pre- Modification Recorded Investment Post- Modification Recorded Investment Pre- Modification Post- Modification Charge- off Amount Capitalized Interest Loan Category: Commercial and industrial 15 $ 19,350 $ 18,004 5.31 % 5.45 % $ 1,346 $ — The financial effects of the Company’s TDRs for the six months ended June 30, 2020 and 2019 are summarized as follows: For the Six Months Ended June 30, 2020 Weighted Average Interest Rate (dollars in thousands) Number of Loans Pre- Modification Recorded Investment Post- Modification Recorded Investment Pre- Modification Post- Modification Charge- off Amount Capitalized Interest Loan Category: Commercial real estate 1 $ 15,119 $ 15,119 8.00 % 3.50 % $ - $ - Commercial and industrial 19 4,404 2,963 3.08 3.03 1,441 — Total 20 $ 19,523 $ 18,082 6.89 3.42 $ 1,441 $ - For the Six Months Ended June 30, 2019 Weighted Average Interest Rate (dollars in thousands) Number of Loans Pre- Modification Recorded Investment Post- Modification Recorded Investment Pre- Modification Post- Modification Charge- off Amount Capitalized Interest Loan Category: Commercial and industrial 30 $ 23,544 $ 21,092 4.95 % 5.09 % $ 2,452 $ — |
Allowance for Loan and Lease _2
Allowance for Loan and Lease Losses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Summary of Additional Information about Nonaccrual Loans | The following table presents additional information about the Company’s nonaccrual loans at June 30, 2020: (in thousands) Recorded Investment Related Allowance Interest Income Recognized Nonaccrual loans with no related allowance: Multi-family $ 2,248 $ — $ 121 Commercial real estate 14,699 - $ 24 One-to-four family 570 - $ 10 Acquisition, development, and construction - - $ — Other 29,456 - $ 651 Total nonaccrual loans with no related allowance $ 46,973 $ — $ 806 Nonaccrual loans with an allowance recorded: Multi-family $ 4,068 $ 443 $ 28 Commercial real estate 1,484 117 $ 31 One-to-four family 1,146 201 $ 7 Acquisition, development, and construction - - $ — Other - - $ — Total nonaccrual loans with an allowance recorded $ 6,698 $ 761 $ 66 Total nonaccrual loans: Multi-family $ 6,316 $ 443 $ 149 Commercial real estate 16,183 117 55 One-to-four family 1,716 201 17 Acquisition, development, and construction - - - Other 29,456 - 651 Total nonaccrual loans $ 53,671 $ 761 $ 872 |
Summary of Additional Information about Impaired Loans | The following table presents additional information about the Company’s impaired loans at December 31, 2019: (in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized 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 family 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 family 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 family 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 |
Non-Covered Loans | |
Summary of Activity in Allowance for Loan and Lease Losses | The following table summarizes activity in the allowance for loan and lease losses for the periods indicated: Six Months Ended June 30, 2020 2019 (in thousands) Mortgage Other Total Mortgage Other Total Balance, beginning of period $ 122,695 $ 24,943 $ 147,638 $ 130,983 $ 28,837 $ 159,820 Impact of CECL adoption 99 1,812 1,911 — — — Charge-offs — (14,323 ) (14,323 ) — (9,830 ) (9,830 ) Recoveries 60 283 343 22 478 500 Provision for (recovery of) credit losses on loans 34,653 4,065 38,718 (8,917 ) 9,539 622 Balance, end of period $ 157,507 $ 16,780 $ 174,287 $ 122,088 $ 29,024 $ 151,112 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Summary of Borrowed Funds | The following table summarizes the Company’s borrowed funds at the dates indicated: (in thousands) June 30, 2020 December 31, 2019 Wholesale Borrowings: FHLB advances $ 13,552,661 $ 13,102,661 Repurchase agreements 800,000 800,000 Total wholesale borrowings $ 14,352,661 $ 13,902,661 Junior subordinated debentures 360,058 359,866 Subordinated notes 295,345 295,066 Total borrowed funds $ 15,008,064 $ 14,557,593 |
Summary of Repurchase Agreements Accounted for Secured Borrowings | The following table summarizes the Company’s repurchase agreements accounted for as secured borrowings at June 30, 2020: Remaining Contractual Maturity of the Agreements (in thousands) Overnight and Continuous Up to 30 Days 30–90 Days Greater than 90 Days GSE obligations $ — $ — $ — $ 800,000 |
Junior Subordinated Debentures Outstanding | The following junior subordinated debentures were outstanding at June 30, 2020: Issuer Interest Rate of Capital Securities and Debentures Junior Subordinated Debentures Amount Outstanding Capital Securities Amount Outstanding Date of Original Issue Stated Maturity First Optional Redemption Date (dollars in thousands) New York Community Capital Trust V (BONUSES SM 6.00 % $ 146,132 $ 139,781 Nov. 4, 2002 Nov. 1, 2051 Nov. 4, 2007 (1) New York Community Capital Trust X 2.34 123,712 120,000 Dec. 14, 2006 Dec. 15, 2036 Dec. 15, 2011 (2) PennFed Capital Trust III 3.99 30,928 30,000 June 2, 2003 June 15, 2033 June 15, 2008 (2) New York Community Capital Trust XI 3.02 59,286 57,500 April 16, 2007 June 30, 2037 June 30, 2012 (2) Total junior subordinated debentures $ 360,058 $ 347,281 (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 June 30, 2020 and December 31, 2019, the Company had $295.3 million and $295.1million, respectively, of fixed-to-floating rate subordinated notes outstanding: 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 points payable quarterly. |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Pension and Post-Retirement Plans | The following table sets forth certain disclosures for the Company’s pension and post-retirement plans for the periods indicated: For the Three Months Ended June 30, 2020 2019 (in thousands) Pension Benefits Post- Retirement Benefits Pension Benefits Post- Retirement Benefits Components of net periodic (credit) expense: (1) Interest cost $ 1,173 $ 82 $ 1,415 $ 128 Expected return on plan assets (3,876 ) - (3,483 ) — Amortization of prior-service costs - (62 ) — (62 ) Amortization of net actuarial loss 1,831 6 2,509 31 Net periodic (credit) expense $ (872 ) $ 26 $ 441 $ 97 For the Six Months Ended June 30, 2020 2019 (in thousands) Pension Benefits Post- Retirement Benefits Pension Benefits Post- Retirement Benefits Components of net periodic (credit) expense: (1) Interest cost $ 2,346 $ 164 $ 2,830 $ 256 Expected return on plan assets (7,752 ) — (6,966 ) — Amortization of prior-service costs — (124 ) — (124 ) Amortization of net actuarial loss 3,662 12 5,018 62 Net periodic (credit) expense $ (1,744 ) $ 52 $ 882 $ 194 (1) Amounts are included in G&A expense on the Consolidated Statements of Income and Comprehensive Income. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased 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 six months ended June 30, 2020: Number of Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 6,516,101 $ 13.31 Granted 2,390,345 11.64 Vested (2,097,411 ) 14.09 Canceled (110,000 ) 12.62 Unvested at end of period 6,699,035 12.49 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present assets and liabilities that were measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at June 30, 2020 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Netting Adjustments Total Fair Value Assets: Mortgage-Related Debt Securities Available for Sale: GSE certificates $ — $ 1,357,515 $ — $ — $ 1,357,515 GSE CMOs — 1,669,437 — — 1,669,437 Total mortgage-related debt securities $ — $ 3,026,952 $ — $ — $ 3,026,952 Other Debt Securities Available for Sale: U. S. Treasury obligations $ 61,981 $ — $ — $ — $ 61,981 GSE debentures — 678,540 — — 678,540 Asset-backed securities — 421,393 — — 421,393 Municipal bonds — 26,910 — — 26,910 Corporate bonds — 866,825 — — 866,825 Capital trust notes — 85,581 — — 85,581 Total other debt securities $ 61,981 $ 2,079,249 $ — $ — $ 2,141,230 Total debt securities available for sale $ 61,981 $ 5,106,201 $ — $ — $ 5,168,182 Equity securities: Preferred stock $ 15,189 $ — $ — $ — $ 15,189 Mutual funds and common stock — 18,329 — — 18,329 Total equity securities $ 15,189 $ 18,329 $ — $ — $ 33,518 Total securities $ 77,170 $ 5,124,530 $ — $ — $ 5,201,700 Fair Value Measurements at December 31, 2019 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Netting Adjustments 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 |
Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments | The following tables present assets and liabilities that were measured at fair value on a non-recurring basis as of June 30, 2020 and December 31, 2019, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at June 30, 2020 Using (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Certain impaired loans (1) $ — $ — $ 35,696 $ 35,696 Other assets (2) — — 2,862 2,862 Total $ — $ — $ 38,558 $ 38,558 (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, 2019 Using (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value 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. |
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 June 30, 2020 and December 31, 2019: June 30, 2020 Fair Value Measurement Using (in thousands) Carrying Value Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 1,404,527 $ 1,404,527 $ 1,404,527 $ — $ — FHLB stock (1) 668,698 668,698 — 668,698 — Loans, net 42,235,262 41,894,718 — — 41,894,718 Financial Liabilities: Deposits $ 31,729,581 $ 31,797,595 $ 19,687,327 (2 ) $ 12,110,268 (3 ) $ — Borrowed funds 15,008,064 15,776,408 — 15,776,408 — (1) Carrying value and estimated fair value are at cost. (2) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (3) Certificates of deposit. December 31, 2019 Fair Value Measurement Using (in thousands) Carrying Value Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets: Cash and cash equivalents $ 741,870 $ 741,870 $ 741,870 $ — $ — FHLB stock (1) 647,562 647,562 — 647,562 — Loans, 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 accounts. (3) Certificates of deposit. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Components of Lease Income | The components of lease income were as follows: (in thousands) For the Three Months ended June 30, 2020 For the Six Months Ended June 30, 2020 For the Three Months ended June 30, 2019 For the Six Months Ended June 30, 2019 Interest income on lease financing (1) $ 13,577 $ 25,526 $ 9,881 $ 17,208 (1) Included in Interest Income – Loans and leases in the Consolidated Statements of Income and Comprehensive Income. |
Components of Net Investment in Direct Financing Leases | At June 30, 2020 and December 31, 2019, the carrying value of net investment in leases was $1.8 billion and $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) June 30, 2020 December 31, 2019 Net investment in the lease - lease payments receivable $ 1,742,965 $ 1,302,760 Net investment in the lease - unguaranteed residual assets 73,816 74,064 Total lease payments $ 1,816,781 $ 1,376,824 |
Summary of Remaining Maturity of Undiscounted Lease Receivables | The following table presents the remaining maturity analysis of the undiscounted lease receivables as of June 30, 2020, as well as the reconciliation to the total amount of receivables recognized in the Consolidated Statements of Condition: (in thousands) June 30, 2020 2020 $ 9,424 2021 73,886 2022 261,716 2023 150,221 2024 121,837 Thereafter 1,199,697 Total lease payments 1,816,781 Plus: deferred origination costs 30,529 Less: unearned income (123,141 ) Total lease finance receivables, net $ 1,724,169 |
Summary of Components of Lease Expense | The components of lease expense were as follows: (in thousands) For the Three Months Ended June 30, 2020 For the Six Months Ended June 30, 2020 For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 Operating lease cost $ 6,800 $ 13,559 $ 7,210 $ 14,558 Sublease income (12 ) (23 ) (43 ) (65 ) Total lease cost $ 6,788 $ 13,536 $ 7,167 $ 14,493 |
Summary of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to the leases for the following periods: (in thousands) For the Three Months Ended June 30, 2020 For the Six Months Ended June 30, 2020 For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,800 $ 13,559 $ 7,210 $ 14,558 |
Summary of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to the leases for the following periods: (in thousands, except lease term and discount rate) June 30, 2020 December 31, 2019 Operating Leases: Operating lease right-of-use assets 278,276 $ 286,194 Operating lease liabilities 278,272 285,991 Weighted average remaining lease term 17 years 17 years Weighted average discount rate% 3.21 % 3.23 % |
Summary of Maturities of Lease Liabilities | Maturities of lease liabilities: June 30, 2020 (in thousands) 2020 $ 13,447 2021 26,733 2022 25,916 2023 25,497 2024 24,850 Thereafter 254,689 Total lease payments 371,132 Less: imputed interest (92,860 ) Total present value of lease liabilities $ 278,272 |
Derivative and Hedging Activi_2
Derivative and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Cumulative Basis Adjustment for Fair Value Hedges | As of June 30, 2020, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges: (in thousands) June 30, 2020 Line Item in the Consolidated Statements of Condition in which the Hedge Item is Included Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets Total loans and leases, net (1) $ 2,095,269 $ 95,269 (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 June 30, 2020, the amortized cost basis of the closed portfolios used in these hedging relationships was $4.1 billion; the cumulative basis adjustments associated with these hedging relationships was $95.3 million; and the amount of the designated hedged items was $2.0 billion. As of December 31, 2019, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges: (in thousands) December 31, 2019 Line Item in the Consolidated Statements of Condition in which the Hedge Item is Included Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets 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 billion; the cumulative basis adjustments associated with these hedging relationships was $53.5 million; and the amount of the designated hedged items was $2.0 billion. |
Information Regarding Derivative Financial Instruments | The following table sets forth information regarding the Company’s derivative financial instruments at June 30, 2020 and December 31, 2019: Notional Amount Other Assets Other Liabilities Derivatives designated as fair value hedging instruments: Interest rate swap $ 2,000,000 $ — $ — Total derivatives designated as fair value hedging instruments $ 2,000,000 $ — $ — |
Effect of Derivative Instruments on Consolidated Statements of Income and Comprehensive Income | The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the periods indicated. (in thousands) For the Three Months Ended June 30, 2020 For the Six Months Ended June 30, 2020 For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 Derivative – interest rate swap: Interest income $ (8,785 ) $ (36,915 ) $ (39,822 ) $ (58,354 ) Hedged item – loans: Interest income $ 8,785 $ 36,915 $ 39,822 $ 58,354 |
Information about Interest Rate Swaps Designated as Cash Flow Hedges | The following table summarizes information about the interest rate swaps designated as cash flow hedges at June 30, 2020 and December 31, 2019: (dollars in thousands) June 30, 2020 December 31, 2019 Notional amounts $ 2,250,000 $ 800,000 Cash collateral posted 55,030 1,185 Weighted average pay rates 1.27 % 1.62 % Weighted average receive rates 0.56 % 1.90 % Weighted average maturity 2.4 years 2.5 years |
Effect of Cash Flow Derivative Instruments on AOCL | The following table presents the effect of the Company’s cash flow derivative instruments on AOCL for the six months ended June 30, 2020. The Company had no such derivative financial instruments during the six months ended June 30, 2019: (in thousands) For the Six Months Ended June 30, 2020 Amount of loss recognized in AOCL $ 57,043 Amount of gain reclassified from AOCL to interest expense 828 |
Organization, Basis of Presen_3
Organization, Basis of Presentation and Recently Adopted Accounting Standards - Additional Information (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020 | Jun. 30, 2020USD ($)Branch$ / shares | Dec. 31, 2019$ / shares | Nov. 23, 1993$ / shares | |
Organization and Basis of Presentation [Line Items] | ||||
Common stock, par | $ / shares | $ 0.01 | $ 0.01 | ||
Description of nine stock splits | ($0.93 per share on a split-adjusted basis, reflecting the impact of nine stock splits between 1994 and 2004). | |||
Cumulative effect on retained earnings, reduction in tax | $ | $ 10.5 | |||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | ||
New York Community Bank | ||||
Organization and Basis of Presentation [Line Items] | ||||
Number of branches | Branch | 237 | |||
New York Community Bank | Corporate Segment | ||||
Organization and Basis of Presentation [Line Items] | ||||
Number of branches | Branch | 19 | |||
New York Community Bank | Corporate and Other | ||||
Organization and Basis of Presentation [Line Items] | ||||
Number of branches | Branch | 218 | |||
IPO | ||||
Organization and Basis of Presentation [Line Items] | ||||
Shares issued, price per share | $ / shares | $ 25 | |||
Shares issued, price per share, split adjusted basis | $ / shares | $ 0.93 |
Computation of Earnings per C_3
Computation of Earnings per Common Share - Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income available to common shareholders | $ 97,140 | $ 89,039 | $ 189,261 | $ 178,409 |
Less: Dividends paid on and earnings allocated to participating securities | (1,186) | (1,055) | (3,331) | (2,177) |
Earnings applicable to common stock | $ 95,954 | $ 87,984 | $ 185,930 | $ 176,232 |
Weighted average common shares outstanding | 461,933,533 | 465,351,586 | 463,463,751 | 465,422,251 |
Basic earnings per common share | $ 0.21 | $ 0.19 | $ 0.40 | $ 0.38 |
Earnings applicable to common stock | $ 95,954 | $ 87,984 | $ 185,930 | $ 176,232 |
Potential dilutive common shares | 555,960 | 289,851 | 487,317 | 145,727 |
Total shares for diluted earnings per common share computation | 462,489,493 | 465,641,437 | 463,951,068 | 465,567,978 |
Diluted earnings per common share and common share equivalents | $ 0.21 | $ 0.19 | $ 0.40 | $ 0.38 |
Reclassifications of Accumulate
Reclassifications of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
Income tax (expense) benefit | $ 34,738 | $ 33,145 | $ 49,653 | $ 64,133 | |||
Net income | 105,347 | $ 100,328 | 97,246 | $ 97,577 | 205,675 | 194,823 | |
Interest expense | $ 157,203 | $ 216,062 | 353,778 | $ 420,911 | |||
Reclassifications, net of tax | [1] | (2,643) | |||||
Past service liability | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
Reclassifications, before tax | [1],[2] | 124 | |||||
Actuarial losses | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
Reclassifications, before tax | [1],[2] | (3,674) | |||||
Amortization of defined benefit pension | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
Reclassifications, before tax | [1] | (3,550) | |||||
Tax benefit | [1] | 976 | |||||
Reclassifications, net of tax | [1] | (2,574) | |||||
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] | 734 | |||||
Income tax (expense) benefit | [1] | (202) | |||||
Net income | [1] | 532 | |||||
Reclassification out of Accumulated Other Comprehensive Income (loss) | Unrealized loss on cash flow hedges | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
Income tax (expense) benefit | [1] | 227 | |||||
Net income | [1] | (601) | |||||
Interest expense | [1] | $ (828) | |||||
[1] | Amounts in parentheses indicate expense items. | ||||||
[2] | See Note 8, “Pension and Other Post-Retirement Benefits,” for additional information. |
Securities - Summary of Portfol
Securities - Summary of Portfolio of Securities Available for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | $ 5,100,223 | [1] | $ 5,841,796 | |
Gross Unrealized Gain | 151,470 | [1] | 77,498 | |
Gross Unrealized Loss | 49,993 | [1] | 33,407 | |
Fair Value | 5,201,700 | [1] | 5,885,887 | |
Asset-backed Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 440,261 | [2] | 384,108 | |
Gross Unrealized Gain | [2] | 94 | ||
Gross Unrealized Loss | 18,962 | [2] | 10,854 | |
Fair Value | 421,393 | [2] | 373,254 | |
Mutual Funds and Common Stock | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 16,871 | [3] | 16,871 | |
Gross Unrealized Gain | 1,458 | [3] | 718 | |
Gross Unrealized Loss | 173 | |||
Fair Value | 18,329 | [3] | 17,416 | |
Mortgage-related Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 2,901,629 | 3,313,757 | ||
Gross Unrealized Gain | 126,206 | 47,282 | ||
Gross Unrealized Loss | 883 | 7,304 | ||
Fair Value | 3,026,952 | 3,353,735 | ||
Mortgage-related Securities | GSE Certificates | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 1,288,192 | 1,530,317 | ||
Gross Unrealized Gain | 69,358 | 26,069 | ||
Gross Unrealized Loss | 35 | 3,763 | ||
Fair Value | 1,357,515 | 1,552,623 | ||
Mortgage-related Securities | GSE CMOs | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 1,613,437 | 1,783,440 | ||
Gross Unrealized Gain | 56,848 | 21,213 | ||
Gross Unrealized Loss | 848 | 3,541 | ||
Fair Value | 1,669,437 | 1,801,112 | ||
Debt Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 2,166,431 | 2,495,876 | ||
Gross Unrealized Gain | 23,806 | 29,376 | ||
Gross Unrealized Loss | 49,007 | 25,930 | ||
Fair Value | 2,141,230 | 2,499,322 | ||
Debt Securities | U.S. Treasury Obligations | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 61,938 | 41,820 | ||
Gross Unrealized Gain | 46 | 19 | ||
Gross Unrealized Loss | 3 | |||
Fair Value | 61,981 | 41,839 | ||
Debt Securities | GSE Debentures | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 672,101 | 1,093,845 | ||
Gross Unrealized Gain | 6,439 | 5,707 | ||
Gross Unrealized Loss | 5,312 | |||
Fair Value | 678,540 | 1,094,240 | ||
Debt Securities | Municipal Bonds | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 26,366 | 26,808 | ||
Gross Unrealized Gain | 729 | 559 | ||
Gross Unrealized Loss | 185 | 475 | ||
Fair Value | 26,910 | 26,892 | ||
Debt Securities | Corporate Bonds | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 870,475 | 854,195 | ||
Gross Unrealized Gain | 11,434 | 15,970 | ||
Gross Unrealized Loss | 15,084 | 2,983 | ||
Fair Value | 866,825 | 867,182 | ||
Debt Securities | Capital Trust Notes | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 95,290 | 95,100 | ||
Gross Unrealized Gain | 5,064 | 7,121 | ||
Gross Unrealized Loss | 14,773 | 6,306 | ||
Fair Value | 85,581 | 95,915 | ||
Mortgage Backed Securities And Other Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 5,068,060 | 5,809,633 | ||
Gross Unrealized Gain | 150,012 | 76,658 | ||
Gross Unrealized Loss | 49,890 | 33,234 | ||
Fair Value | 5,168,182 | 5,853,057 | ||
Equity Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 32,163 | 32,163 | ||
Gross Unrealized Gain | 1,458 | 840 | ||
Gross Unrealized Loss | 103 | 173 | ||
Fair Value | 33,518 | 32,830 | ||
Equity Securities | Preferred stock | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 15,292 | 15,292 | ||
Gross Unrealized Gain | 122 | |||
Gross Unrealized Loss | 103 | |||
Fair Value | $ 15,189 | $ 15,414 | ||
[1] | Excludes accrued interest receivable of $16.5 million included in other assets in the Consolidated Statements of Condition. | |||
[2] | The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. | |||
[3] | Primarily consists of mutual funds that are CRA-qualified investments. |
Securities - Summary of Portf_2
Securities - Summary of Portfolio of Securities Available for Sale (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Available-for-sale Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Accrued interest receivable | $ 16.5 | $ 24.4 |
Securities - Additional Informa
Securities - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020USD ($)Investment | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)Investment | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($)Investment | ||
Schedule of Investments [Line Items] | ||||||
Federal Home Loan Bank stock, at cost | $ | [1] | $ 668,698,000 | $ 668,698,000 | $ 647,562,000 | ||
Equity Securities, FV-NI, Unrealized Gain | $ | $ 902,000 | $ 457,000 | $ 687,000 | $ 1,200,000 | ||
Collateralized Mortgage Obligations | ||||||
Schedule of Investments [Line Items] | ||||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 7 | 7 | 3 | |||
Capital Trust Notes | ||||||
Schedule of Investments [Line Items] | ||||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 5 | 5 | 5 | |||
Asset-backed Securities | ||||||
Schedule of Investments [Line Items] | ||||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 7 | 7 | 3 | |||
Corporate Bonds | ||||||
Schedule of Investments [Line Items] | ||||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 3 | 3 | 2 | |||
Municipal Bonds | ||||||
Schedule of Investments [Line Items] | ||||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 1 | 1 | 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 | 7 | |||||
Mortgage-related Securities | ||||||
Schedule of Investments [Line Items] | ||||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 3 | |||||
Mutual Fund | ||||||
Schedule of Investments [Line Items] | ||||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 1 | |||||
[1] | Carrying value and estimated fair value are at cost. |
Securities - Summary of Gross P
Securities - Summary of Gross Proceeds and Gross Realized Gains and Losses from Sale of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | ||
Gross proceeds | $ 442,075 | $ 363,346 |
Gross realized gains | 1,877 | $ 5,445 |
Gross realized losses | $ 1,143 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost of Available-for-Sale Securities by Contractual Maturity (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Available-for-Sale Debt Securities: | |
Due within one year | $ 179,930 |
Due from one to five years | 724,999 |
Due from five to ten years | 1,247,921 |
Due after ten years | 3,015,332 |
Total debt securities available for sale | 5,168,182 |
Mortgage-related Securities | |
Available-for-Sale Debt Securities: | |
Due within one year | 109,229 |
Due from one to five years | 462,094 |
Due from five to ten years | 148,386 |
Due after ten years | 2,181,920 |
Total debt securities available for sale | $ 2,901,629 |
Available-for-Sale Securities, Average Yield | |
Due within one year, Average Yield | 3.54% |
Due from one to five years, Average Yield | 3.11% |
Due from five to ten years, Average Yield | 2.71% |
Due after ten years, Average Yield | 2.55% |
Total securities available for sale, Average Yield | 2.69% |
U.S. Government and GSE obligations | |
Available-for-Sale Debt Securities: | |
Due within one year | $ 68,888 |
Due from one to five years | 25,924 |
Due from five to ten years | 316,056 |
Due after ten years | 323,171 |
Total debt securities available for sale | $ 734,039 |
Available-for-Sale Securities, Average Yield | |
Due within one year, Average Yield | 0.99% |
Due from one to five years, Average Yield | 3.39% |
Due from five to ten years, Average Yield | 3.21% |
Due after ten years, Average Yield | 2.15% |
Total securities available for sale, Average Yield | 2.54% |
State, County, and Municipal | |
Available-for-Sale Debt Securities: | |
Due within one year | $ 149 |
Due from five to ten years | 20,334 |
Due after ten years | 5,883 |
Total debt securities available for sale | $ 26,366 |
Available-for-Sale Securities, Average Yield | |
Due within one year, Average Yield | 6.66% |
Due from five to ten years, Average Yield | 3.50% |
Due after ten years, Average Yield | 3.33% |
Total securities available for sale, Average Yield | 3.48% |
Other Debt Securities | |
Available-for-Sale Debt Securities: | |
Due from one to five years | $ 196,373 |
Due from five to ten years | 761,943 |
Due after ten years | 447,710 |
Total debt securities available for sale | $ 1,406,026 |
Available-for-Sale Securities, Average Yield | |
Due from one to five years, Average Yield | 3.15% |
Due from five to ten years, Average Yield | 2.39% |
Due after ten years, Average Yield | 1.41% |
Total securities available for sale, Average Yield | 2.18% |
Securities - Summary of Held-to
Securities - Summary of Held-to-Maturity and Available-for-Sale Securities Having Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Securities | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | $ 589,073 | $ 1,671,447 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 10,340 | 21,770 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 884,962 | 627,545 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 39,653 | 11,637 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 1,474,035 | 2,298,992 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 49,993 | 33,407 |
Debt Securities | U.S. Treasury Obligations | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 9,997 | 11,917 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 3 | |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 9,997 | 11,917 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 3 | |
Debt Securities | GSE Certificates | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 13,142 | 396,930 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 35 | 3,718 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 7,542 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 45 | |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 13,142 | 404,472 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 35 | 3,763 |
Debt Securities | GSE CMOs | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 24,532 | 609,502 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 28 | 2,582 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 240,311 | 133,955 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 820 | 959 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 264,843 | 743,457 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 848 | 3,541 |
Debt Securities | Asset-backed Securities | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 256,619 | |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 10,854 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 361,265 | 116,635 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 18,962 | |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 361,265 | 373,254 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 18,962 | 10,854 |
Debt Securities | Municipal Bonds | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 9,215 | 9,349 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 185 | 475 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 9,215 | 9,349 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 185 | 475 |
Debt Securities | Corporate Bonds | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 483,178 | 99,300 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 6,274 | 700 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 241,190 | 172,717 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 8,810 | 2,283 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 724,368 | 272,017 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 15,084 | 2,983 |
Debt Securities | Capital Trust Notes | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 43,034 | |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 3,897 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 32,981 | 37,525 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 10,876 | 6,306 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 76,015 | 37,525 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 14,773 | 6,306 |
Debt Securities | U.S. Government and GSE obligations | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 297,179 | |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 3,916 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 138,189 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 1,396 | |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 435,368 | |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 5,312 | |
Equity Securities | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 15,190 | |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 103 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 11,633 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 173 | |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 15,190 | 11,633 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | $ 103 | $ 173 |
Loans and Leases - Composition
Loans and Leases - Composition of Loan and Lease Portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 42,245,895 | $ 41,844,019 | |||
Non-Covered Loans, Percentage | 100.00% | 100.00% | |||
Net deferred loan origination costs | $ 60,292 | $ 50,136 | |||
Allowance for loan and lease losses | (174,287) | (147,638) | $ (151,112) | $ (159,820) | |
Total loans and leases held for investment, net | 42,131,900 | 41,746,517 | |||
Loans held for sale | 103,362 | ||||
Total loans and leases, net | 42,235,262 | 41,746,517 | |||
Multi-Family | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 31,597,075 | $ 31,158,672 | |||
Non-Covered Loans, Percentage | 74.80% | 74.46% | |||
Commercial Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 6,929,883 | $ 7,081,910 | |||
Non-Covered Loans, Percentage | 16.40% | 16.93% | |||
One-to-Four Family | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 320,740 | $ 380,361 | |||
Non-Covered Loans, Percentage | 0.76% | 0.91% | |||
Acquisition, Development, and Construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 126,402 | $ 200,596 | |||
Non-Covered Loans, Percentage | 0.30% | 0.48% | |||
Mortgage Receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | [1] | $ 38,974,100 | $ 38,821,539 | ||
Non-Covered Loans, Percentage | [1] | 92.26% | 92.78% | ||
Allowance for loan and lease losses | $ (157,507) | $ (122,695) | $ (122,088) | $ (130,983) | |
Commercial and Industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | [2],[3] | $ 3,265,072 | $ 3,014,378 | ||
Non-Covered Loans, Percentage | [3] | 7.73% | 7.20% | ||
Commercial and Industrial | Other loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 1,571,432 | $ 1,742,380 | |||
Non-Covered Loans, Percentage | 3.72% | 4.16% | |||
Lease Financing, Unearned Income | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 1,693,640 | $ 1,271,998 | |||
Non-Covered Loans, Percentage | 4.01% | 3.04% | |||
Other | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 6,723 | $ 8,102 | |||
Non-Covered Loans, Percentage | 0.01% | 0.02% | |||
Total Other Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 3,271,795 | $ 3,022,480 | |||
Total Other Loans | Other loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | [1] | $ 3,271,795 | $ 3,022,480 | ||
Non-Covered Loans, Percentage | [1] | 7.74% | 7.22% | ||
[1] | Excludes accrued interest receivable of $167.3 million and $116.9 million at June 30, 2020 and December 31, 2019, respectively, which is included in other assets in the Consolidated Statements of Condition. | ||||
[2] | Includes lease financing receivables, all of which were classified as Pass | ||||
[3] | Includes specialty finance loans and leases of $2.9 billion and $2.6 billion, respectively, at June 30, 2020 and December 31, 2019, and other C&I loans of $380.9 million and $420.1 million, respectively, at June 30, 2020 and December 31, 2019. |
Loans and Leases - Compositio_2
Loans and Leases - Composition of Loan and Lease Portfolio (Parenthetical) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | $ 42,245,895 | $ 41,844,019 | |
Other Assets | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable | 167,300 | 116,900 | |
Lease Financing, Unearned Income | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unearned income | 123,141 | 104,826 | |
Non-Covered Loans | 1,693,640 | 1,271,998 | |
Commercial and Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | [1],[2] | 3,265,072 | 3,014,378 |
Commercial and Industrial | Other loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | 1,571,432 | 1,742,380 | |
Commercial and Industrial | Specialty Finance Loans | Other loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | 2,900,000 | 2,600,000 | |
Commercial and Industrial | Other Commercial and Industrial Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered Loans | $ 380,900 | $ 420,100 | |
[1] | Includes lease financing receivables, all of which were classified as Pass | ||
[2] | Includes specialty finance loans and leases of $2.9 billion and $2.6 billion, respectively, at June 30, 2020 and December 31, 2019, and other C&I loans of $380.9 million and $420.1 million, respectively, at June 30, 2020 and December 31, 2019. |
Loans and Leases - Additional I
Loans and Leases - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Financing Receivable, Recorded Investment [Line Items] | |||||
Outstanding loans to Executive officers, directors, principal shareholders, related interest and parties | $ 38,000 | $ 38,000 | $ 38,200 | ||
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | 16,510 | $ 18,082 | |||
CARES act of 2020 aid, election description | the Company made the election to deem that loan modifications do not result in TDRs if they are (1) related to the novel coronavirus disease (“COVID-19”); (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (A) 60 days after the date of termination of the National Emergency or (B) December 31, 2020. This includes short-term (e.g., up to six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. At June 30, 2020, total payment deferrals for the entire loan portfolio were $7.4 billion. | ||||
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 | 1,391 | $ 18,004 | $ 2,963 | $ 21,092 | |
Loan classified as non accrual TDRs | 6,400 | $ 3,300 | 6,400 | $ 3,300 | |
Payment Deferrals | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Troubled debt restructurings | $ 7,400,000 | 7,400,000 | |||
Financing Receivable Troubled Debt Restructurings Rate Reductions | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Delinquent loans selectively extended to certain borrowers, rate reductions, forbearance of arrears, and extension of maturity dates | 18,600 | ||||
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 | $ 26,300 |
Loans and Leases - Quality of L
Loans and Leases - Quality of Loans Held for Investment (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans Receivable | $ 42,245,895 | $ 41,844,019 | ||
Multi-Family | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans Receivable | 31,597,075 | 31,158,672 | ||
Commercial Real Estate | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans Receivable | 6,929,883 | 7,081,910 | ||
One-to-Four Family | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans Receivable | 320,740 | 380,361 | ||
Acquisition, Development, and Construction | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans Receivable | 126,402 | 200,596 | ||
Commercial and Industrial | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non- Accrual Loans | 6,400 | $ 3,300 | ||
Total Loans Receivable | [1],[2] | 3,265,072 | 3,014,378 | |
Other | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Loans Receivable | 6,723 | 8,102 | ||
Non-Covered Loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due Loans | 55,806 | 64,963 | ||
Non- Accrual Loans | 53,671 | 61,243 | ||
Current Loans | 42,134,283 | 41,779,056 | ||
Total Loans Receivable | 42,245,895 | 41,844,019 | ||
Non-Covered Loans | Financing Receivable, 30-89 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due Loans | 2,135 | 3,720 | ||
Non-Covered Loans | Multi-Family | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due Loans | 6,699 | 6,538 | ||
Non- Accrual Loans | 6,316 | 5,407 | ||
Current Loans | 31,583,677 | 31,152,134 | ||
Total Loans Receivable | 31,597,075 | 31,158,672 | ||
Non-Covered Loans | Multi-Family | Financing Receivable, 30-89 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due Loans | 383 | 1,131 | ||
Non-Covered Loans | Commercial Real Estate | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due Loans | 16,509 | 17,375 | ||
Non- Accrual Loans | 16,183 | 14,830 | ||
Current Loans | 6,896,865 | 7,064,535 | ||
Total Loans Receivable | 6,929,883 | 7,081,910 | ||
Non-Covered Loans | Commercial Real Estate | Financing Receivable, 30-89 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due Loans | 326 | 2,545 | ||
Non-Covered Loans | One-to-Four Family | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due Loans | 3,077 | 1,730 | ||
Non- Accrual Loans | 1,716 | 1,730 | ||
Current Loans | 314,586 | 378,631 | ||
Total Loans Receivable | 320,740 | 380,361 | ||
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 Loans | 1,361 | |||
Non-Covered Loans | Acquisition, Development, and Construction | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current Loans | 126,402 | 200,596 | ||
Total Loans Receivable | 126,402 | 200,596 | ||
Non-Covered Loans | Commercial and Industrial | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due Loans | 29,454 | 39,024 | ||
Non- Accrual Loans | 29,454 | 39,024 | ||
Current Loans | 3,206,164 | 2,975,354 | ||
Total Loans Receivable | 3,265,072 | 3,014,378 | ||
Non-Covered Loans | Other | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due Loans | 67 | 296 | ||
Non- Accrual Loans | 2 | 252 | ||
Current Loans | 6,589 | 7,806 | ||
Total Loans Receivable | 6,723 | 8,102 | ||
Non-Covered Loans | Other | Financing Receivable, 30-89 Days Past Due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due Loans | $ 65 | $ 44 | ||
[1] | Includes lease financing receivables, all of which were classified as Pass | |||
[2] | Includes specialty finance loans and leases of $2.9 billion and $2.6 billion, respectively, at June 30, 2020 and December 31, 2019, and other C&I loans of $380.9 million and $420.1 million, respectively, at June 30, 2020 and December 31, 2019. |
Loans and Leases - Quality of_2
Loans and Leases - Quality of Loans Held for Investment (Parenthetical) (Details) - Taxi Medallion Loans - Commercial and Industrial - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Loans 90 Days Or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 26,000,000 | $ 30,400,000 |
Financing Receivable, 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 0 | $ 0 |
Loans and Leases - Portfolio of
Loans and Leases - Portfolio of Loans Held for Investment by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | $ 42,245,895 | $ 41,844,019 | |
Multi-Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 31,597,075 | 31,158,672 | |
Multi-Family | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 31,302,833 | 30,903,657 | |
Multi-Family | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 230,210 | 239,664 | |
Multi-Family | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 64,032 | 15,351 | |
Commercial Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 6,929,883 | 7,081,910 | |
Commercial Real Estate | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 6,647,278 | 6,902,218 | |
Commercial Real Estate | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 193,232 | 104,648 | |
Commercial Real Estate | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 89,373 | 75,044 | |
One-to-Four Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 320,740 | 380,361 | |
One-to-Four Family | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 317,411 | 377,883 | |
One-to-Four Family | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 1,618 | 748 | |
One-to-Four Family | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 1,711 | 1,730 | |
Acquisition, Development, and Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 126,402 | 200,596 | |
Acquisition, Development, and Construction | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 100,832 | 158,751 | |
Acquisition, Development, and Construction | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 25,570 | 41,456 | |
Acquisition, Development, and Construction | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 389 | ||
Mortgage Receivable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [1] | 38,974,100 | 38,821,539 |
Mortgage Receivable | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 38,368,354 | 38,342,509 | |
Mortgage Receivable | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 450,630 | 386,516 | |
Mortgage Receivable | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 155,116 | 92,514 | |
Commercial and Industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [2],[3] | 3,265,072 | 3,014,378 |
Commercial and Industrial | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [2] | 3,199,250 | 2,960,557 |
Commercial and Industrial | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [2] | 3,894 | 1,588 |
Commercial and Industrial | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | [2] | 61,928 | 52,233 |
Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 6,723 | 8,102 | |
Other | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 6,721 | 7,850 | |
Other | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 2 | 252 | |
Total Other Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 3,271,795 | 3,022,480 | |
Total Other Loans | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 3,205,971 | 2,968,407 | |
Total Other Loans | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | 3,894 | 1,588 | |
Total Other Loans | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Non-Covered Loans | $ 61,930 | $ 52,485 | |
[1] | Excludes accrued interest receivable of $167.3 million and $116.9 million at June 30, 2020 and December 31, 2019, respectively, which is included in other assets in the Consolidated Statements of Condition. | ||
[2] | Includes lease financing receivables, all of which were classified as Pass | ||
[3] | Includes specialty finance loans and leases of $2.9 billion and $2.6 billion, respectively, at June 30, 2020 and December 31, 2019, and other C&I loans of $380.9 million and $420.1 million, respectively, at June 30, 2020 and December 31, 2019. |
Loans and Leases - Schedule of
Loans and Leases - Schedule of Credit Quality Indicator, Loan Class and Year of Origination the Amortized Cost Basis of Loans And Leases (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | $ 42,306,189 |
Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 39,000,279 |
Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 3,305,910 |
2020 | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 4,892,525 |
2020 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 4,311,632 |
2020 | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 580,893 |
2019 | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 7,980,896 |
2019 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 7,068,496 |
2019 | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 912,400 |
2018 | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 7,022,866 |
2018 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 6,813,755 |
2018 | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 209,111 |
2017 | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 5,552,479 |
2017 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 5,300,856 |
2017 | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 251,623 |
2016 | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 4,552,082 |
2016 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 4,410,288 |
2016 | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 141,794 |
Prior to 2016 | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 11,232,954 |
Prior to 2016 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 11,071,831 |
Prior to 2016 | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 161,123 |
Revolving Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 1,072,387 |
Revolving Loans | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 23,421 |
Revolving Loans | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 1,048,966 |
Pass | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 38,395,050 |
Pass | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 3,240,125 |
Pass | 2020 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 4,311,632 |
Pass | 2020 | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 579,851 |
Pass | 2019 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 7,066,229 |
Pass | 2019 | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 904,008 |
Pass | 2018 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 6,737,878 |
Pass | 2018 | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 205,400 |
Pass | 2017 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 5,204,929 |
Pass | 2017 | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 236,169 |
Pass | 2016 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 4,234,835 |
Pass | 2016 | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 137,604 |
Pass | Prior to 2016 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 10,816,916 |
Pass | Prior to 2016 | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 157,650 |
Pass | Revolving Loans | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 22,631 |
Pass | Revolving Loans | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 1,019,443 |
Special Mention | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 450,852 |
Special Mention | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 3,892 |
Special Mention | 2019 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 2,267 |
Special Mention | 2019 | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 42 |
Special Mention | 2018 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 68,295 |
Special Mention | 2017 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 77,061 |
Special Mention | 2016 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 126,081 |
Special Mention | Prior to 2016 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 176,358 |
Special Mention | Revolving Loans | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 790 |
Special Mention | Revolving Loans | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 3,850 |
Substandard | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 154,377 |
Substandard | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 61,893 |
Substandard | 2020 | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 1,042 |
Substandard | 2019 | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 8,350 |
Substandard | 2018 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 7,582 |
Substandard | 2018 | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 3,711 |
Substandard | 2017 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 18,866 |
Substandard | 2017 | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 15,454 |
Substandard | 2016 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 49,372 |
Substandard | 2016 | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 4,190 |
Substandard | Prior to 2016 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 78,557 |
Substandard | Prior to 2016 | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 3,473 |
Substandard | Revolving Loans | Other loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | $ 25,673 |
Loans and Leases - Summary of C
Loans and Leases - Summary of Collateral-Dependent Loans Held for Investment by Collateral Type (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Real Estate | |
Disclosure of Summary of Collateral Dependent Loans Held for Investment by Collateral Type [Line Items] | |
Assets received as collateral | $ 32,642 |
Real Estate | Multi-Family | |
Disclosure of Summary of Collateral Dependent Loans Held for Investment by Collateral Type [Line Items] | |
Loans and leases receivable, collateral for secured borrowings | 2,248 |
Real Estate | Commercial Real Estate | |
Disclosure of Summary of Collateral Dependent Loans Held for Investment by Collateral Type [Line Items] | |
Loans and leases receivable, collateral for secured borrowings | 29,824 |
Real Estate | One-to-Four Family | |
Disclosure of Summary of Collateral Dependent Loans Held for Investment by Collateral Type [Line Items] | |
Loans and leases receivable, collateral for secured borrowings | 570 |
Other | |
Disclosure of Summary of Collateral Dependent Loans Held for Investment by Collateral Type [Line Items] | |
Loans and leases receivable, collateral for secured borrowings | 37,135 |
Other | Acquisition, Development, and Construction | |
Disclosure of Summary of Collateral Dependent Loans Held for Investment by Collateral Type [Line Items] | |
Loans and leases receivable, collateral for secured borrowings | $ 37,135 |
Loans and Leases - Information
Loans and Leases - Information Regarding Troubled Debt Restructurings (Details) - Non-Covered Loans - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | $ 44,948 | $ 40,499 |
Multi-Family | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | 2,248 | 3,577 |
Commercial Real Estate | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | 15,119 | |
One-to-Four Family | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | 570 | 584 |
Acquisition, Development, and Construction | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | 389 | |
Commercial and Industrial | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | 27,011 | 35,949 |
Accruing | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | 15,984 | 1,254 |
Accruing | Commercial Real Estate | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | 15,119 | |
Accruing | Acquisition, Development, and Construction | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | 389 | |
Accruing | Commercial and Industrial | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | 865 | 865 |
Non-Accrual | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | 28,964 | 39,245 |
Non-Accrual | Multi-Family | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | 2,248 | 3,577 |
Non-Accrual | One-to-Four Family | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | 570 | 584 |
Non-Accrual | Commercial and Industrial | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | $ 26,146 | $ 35,084 |
Loans and Leases - Informatio_2
Loans and Leases - Information Regarding Troubled Debt Restructurings (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Taxi Medallion Loans | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | $ 20.1 | $ 30.4 |
Loans and Leases - Summary of F
Loans and Leases - Summary of Financial Effects of Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020USD ($)Investment | Jun. 30, 2019USD ($)Investment | Jun. 30, 2020USD ($)Investment | Jun. 30, 2019USD ($)Investment | |
Financing Receivable Modifications [Line Items] | ||||
Number of loans classified as a non-accrual TDRs | Investment | 12 | 20 | ||
Pre-Modification Recorded Investment | $ 17,603 | $ 19,523 | ||
Post-Modification Recorded Investment | $ 16,510 | $ 18,082 | ||
Weighted Average Interest Rate, Pre-Modification | 7.28% | 6.89% | ||
Weighted Average Interest Rate, Post-Modification | 3.45% | 3.42% | ||
Trouble debt restructuring, charge-off amount | $ 1,093 | $ 1,441 | ||
Commercial Real Estate | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of loans classified as a non-accrual TDRs | Investment | 1 | 1 | ||
Pre-Modification Recorded Investment | $ 15,119 | $ 15,119 | ||
Post-Modification Recorded Investment | $ 15,119 | $ 15,119 | ||
Weighted Average Interest Rate, Pre-Modification | 8.00% | 8.00% | ||
Weighted Average Interest Rate, Post-Modification | 3.50% | 3.50% | ||
Commercial and Industrial | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of loans classified as a non-accrual TDRs | Investment | 11 | 15 | 19 | 30 |
Pre-Modification Recorded Investment | $ 2,484 | $ 19,350 | $ 4,404 | $ 23,544 |
Post-Modification Recorded Investment | $ 1,391 | $ 18,004 | $ 2,963 | $ 21,092 |
Weighted Average Interest Rate, Pre-Modification | 2.92% | 5.31% | 3.08% | 4.95% |
Weighted Average Interest Rate, Post-Modification | 2.92% | 5.45% | 3.03% | 5.09% |
Trouble debt restructuring, charge-off amount | $ 1,093 | $ 1,346 | $ 1,441 | $ 2,452 |
Allowance for Loan and Lease _3
Allowance for Loan and Lease Losses - Summary of Activity in Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Valuation Allowance [Line Items] | ||
Balance, beginning of period | $ 147,638 | $ 159,820 |
Impact of CECL adoption | 1,911 | |
Charge-offs | (14,323) | (9,830) |
Recoveries | 343 | 500 |
Balance, end of period | 174,287 | 151,112 |
Mortgage Receivable | ||
Valuation Allowance [Line Items] | ||
Balance, beginning of period | 122,695 | 130,983 |
Impact of CECL adoption | 99 | |
Recoveries | 60 | 22 |
Balance, end of period | 157,507 | 122,088 |
Other loans | ||
Valuation Allowance [Line Items] | ||
Balance, beginning of period | 24,943 | 28,837 |
Impact of CECL adoption | 1,812 | |
Charge-offs | (14,323) | (9,830) |
Recoveries | 283 | 478 |
Balance, end of period | 16,780 | 29,024 |
Non-Covered Loans | ||
Valuation Allowance [Line Items] | ||
Provision for (recovery of) credit losses on loans | 38,718 | 622 |
Non-Covered Loans | Mortgage Receivable | ||
Valuation Allowance [Line Items] | ||
Provision for (recovery of) credit losses on loans | 34,653 | (8,917) |
Non-Covered Loans | Other loans | ||
Valuation Allowance [Line Items] | ||
Provision for (recovery of) credit losses on loans | $ 4,065 | $ 9,539 |
Allowance for Loan and Lease _4
Allowance for Loan and Lease Losses - Summary of Additional Information about Nonaccrual Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | $ 46,973 | $ 56,936 |
Impaired loans with no related allowance, Interest Income Recognized | 806 | 3,516 |
Impaired loans with an allowance recorded, Recorded Investment | 6,698 | 1,445 |
Impaired loans with an allowance recorded, Related Allowance | 761 | 116 |
Impaired loans with an allowance recorded, Interest Income Recognized | 66 | 13 |
Total impaired loans, Recorded Investment | 53,671 | 58,381 |
Total impaired loans, Interest Income Recognized | 872 | 3,529 |
Multi-Family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 2,248 | 3,577 |
Impaired loans with no related allowance, Interest Income Recognized | 121 | 266 |
Impaired loans with an allowance recorded, Recorded Investment | 4,068 | |
Impaired loans with an allowance recorded, Related Allowance | 443 | |
Impaired loans with an allowance recorded, Interest Income Recognized | 28 | |
Total impaired loans, Recorded Investment | 6,316 | 3,577 |
Total impaired loans, Interest Income Recognized | 149 | 266 |
Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 14,699 | 14,717 |
Impaired loans with no related allowance, Interest Income Recognized | 24 | 371 |
Impaired loans with an allowance recorded, Recorded Investment | 1,484 | |
Impaired loans with an allowance recorded, Related Allowance | 117 | |
Impaired loans with an allowance recorded, Interest Income Recognized | 31 | |
Total impaired loans, Recorded Investment | 16,183 | 14,717 |
Total impaired loans, Interest Income Recognized | 55 | 371 |
One-to-Four Family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 570 | 584 |
Impaired loans with no related allowance, Interest Income Recognized | 10 | 21 |
Impaired loans with an allowance recorded, Recorded Investment | 1,146 | |
Impaired loans with an allowance recorded, Related Allowance | 201 | |
Impaired loans with an allowance recorded, Interest Income Recognized | 7 | |
Total impaired loans, Recorded Investment | 1,716 | 584 |
Total impaired loans, Interest Income Recognized | 17 | 21 |
Acquisition, Development, and Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 389 | |
Impaired loans with no related allowance, Interest Income Recognized | 364 | |
Total impaired loans, Recorded Investment | 389 | |
Total impaired loans, Interest Income Recognized | 364 | |
Other loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 29,456 | 37,669 |
Impaired loans with no related allowance, Interest Income Recognized | 651 | 2,494 |
Impaired loans with an allowance recorded, Recorded Investment | 1,445 | |
Impaired loans with an allowance recorded, Related Allowance | 116 | |
Impaired loans with an allowance recorded, Interest Income Recognized | 13 | |
Total impaired loans, Recorded Investment | 29,456 | 39,114 |
Total impaired loans, Interest Income Recognized | $ 651 | $ 2,507 |
Allowance for Loan and Lease _5
Allowance for Loan and Lease Losses - Summary of Additional Information about Impaired Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | $ 46,973 | $ 56,936 |
Impaired loans with no related allowance, Unpaid Principal Balance | 143,149 | |
Impaired loans with no related allowance, Average Recorded Investment | 54,393 | |
Impaired loans with no related allowance, Interest Income Recognized | 806 | 3,516 |
Impaired loans with an allowance recorded, Recorded Investment | 6,698 | 1,445 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 4,173 | |
Impaired loans with an allowance recorded, Related Allowance | 761 | 116 |
Impaired loans with an allowance recorded, Average Recorded Investment | 4,111 | |
Impaired loans with an allowance recorded, Interest Income Recognized | 66 | 13 |
Total impaired loans, Recorded Investment | 53,671 | 58,381 |
Total impaired loans, Unpaid Principal Balance | 147,322 | |
Total impaired loans, Average Recorded Investment | 58,504 | |
Total impaired loans, Interest Income Recognized | 872 | 3,529 |
Multi-Family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 2,248 | 3,577 |
Impaired loans with no related allowance, Unpaid Principal Balance | 6,790 | |
Impaired loans with no related allowance, Average Recorded Investment | 4,336 | |
Impaired loans with no related allowance, Interest Income Recognized | 121 | 266 |
Impaired loans with an allowance recorded, Recorded Investment | 4,068 | |
Impaired loans with an allowance recorded, Related Allowance | 443 | |
Impaired loans with an allowance recorded, Interest Income Recognized | 28 | |
Total impaired loans, Recorded Investment | 6,316 | 3,577 |
Total impaired loans, Unpaid Principal Balance | 6,790 | |
Total impaired loans, Average Recorded Investment | 4,336 | |
Total impaired loans, Interest Income Recognized | 149 | 266 |
Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 14,699 | 14,717 |
Impaired loans with no related allowance, Unpaid Principal Balance | 19,832 | |
Impaired loans with no related allowance, Average Recorded Investment | 6,140 | |
Impaired loans with no related allowance, Interest Income Recognized | 24 | 371 |
Impaired loans with an allowance recorded, Recorded Investment | 1,484 | |
Impaired loans with an allowance recorded, Related Allowance | 117 | |
Impaired loans with an allowance recorded, Interest Income Recognized | 31 | |
Total impaired loans, Recorded Investment | 16,183 | 14,717 |
Total impaired loans, Unpaid Principal Balance | 19,832 | |
Total impaired loans, Average Recorded Investment | 6,140 | |
Total impaired loans, Interest Income Recognized | 55 | 371 |
One-to-Four Family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 570 | 584 |
Impaired loans with no related allowance, Unpaid Principal Balance | 602 | |
Impaired loans with no related allowance, Average Recorded Investment | 811 | |
Impaired loans with no related allowance, Interest Income Recognized | 10 | 21 |
Impaired loans with an allowance recorded, Recorded Investment | 1,146 | |
Impaired loans with an allowance recorded, Related Allowance | 201 | |
Impaired loans with an allowance recorded, Interest Income Recognized | 7 | |
Total impaired loans, Recorded Investment | 1,716 | 584 |
Total impaired loans, Unpaid Principal Balance | 602 | |
Total impaired loans, Average Recorded Investment | 811 | |
Total impaired loans, Interest Income Recognized | 17 | 21 |
Acquisition, Development, and Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 389 | |
Impaired loans with no related allowance, Unpaid Principal Balance | 1,289 | |
Impaired loans with no related allowance, Average Recorded Investment | 3,508 | |
Impaired loans with no related allowance, Interest Income Recognized | 364 | |
Total impaired loans, Recorded Investment | 389 | |
Total impaired loans, Unpaid Principal Balance | 1,289 | |
Total impaired loans, Average Recorded Investment | 3,508 | |
Total impaired loans, Interest Income Recognized | 364 | |
Other loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 29,456 | 37,669 |
Impaired loans with no related allowance, Unpaid Principal Balance | 114,636 | |
Impaired loans with no related allowance, Average Recorded Investment | 39,598 | |
Impaired loans with no related allowance, Interest Income Recognized | 651 | 2,494 |
Impaired loans with an allowance recorded, Recorded Investment | 1,445 | |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 4,173 | |
Impaired loans with an allowance recorded, Related Allowance | 116 | |
Impaired loans with an allowance recorded, Average Recorded Investment | 4,111 | |
Impaired loans with an allowance recorded, Interest Income Recognized | 13 | |
Total impaired loans, Recorded Investment | 29,456 | 39,114 |
Total impaired loans, Unpaid Principal Balance | 118,809 | |
Total impaired loans, Average Recorded Investment | 43,709 | |
Total impaired loans, Interest Income Recognized | $ 651 | $ 2,507 |
Borrowed Funds - Summary of Bor
Borrowed Funds - Summary of Borrowed Funds (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
FHLB advances | $ 13,552,661 | $ 13,102,661 |
Repurchase agreements | 800,000 | 800,000 |
Total wholesale borrowings | 14,352,661 | 13,902,661 |
Junior subordinated debentures | 360,058 | 359,866 |
Subordinated notes | 295,345 | 295,066 |
Total borrowed funds | $ 15,008,064 | $ 14,557,593 |
Borrowed Funds - Summary of Rep
Borrowed Funds - Summary of Repurchase Agreements Accounted for Secured Borrowings (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Greater than 90 Days | GSE obligations | |
Debt Outstanding [Line Items] | |
Remaining Contractual Maturity of the Agreements | $ 800,000 |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Subordinated notes outstanding | $ 295,345 | $ 295,066 |
Junior subordinated debentures | $ 360,058 | $ 359,866 |
Borrowed Funds - Summary of Fix
Borrowed Funds - Summary of Fixed-To-Floating Rate Subordinated Notes Outstanding (Details) - Subordinated Debt $ in Thousands | 6 Months Ended | |
Jun. 30, 2020USD ($) | ||
Debt Outstanding [Line Items] | ||
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 points payable quarterly. |
Borrowed Funds - Summary of F_2
Borrowed Funds - Summary of Fixed-To-Floating Rate Subordinated Notes Outstanding (Parenthetical) (Details) - Subordinated Debt | 6 Months Ended | |
Jun. 30, 2020 | ||
Interest rate of subordinated note | 5.90% | [1] |
Description of variable rate basis | LIBOR rate plus 278 basis points | |
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 points payable quarterly. |
Borrowed Funds - Junior Subordi
Borrowed Funds - Junior Subordinated Debentures Outstanding (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2019 | ||
Subordinated Borrowing [Line Items] | |||
Junior subordinated debentures | $ 360,058 | $ 359,866 | |
Capital Securities Amount Outstanding | $ 347,281 | ||
New York Community Capital Trust V (BONUSESSM Units) | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | 6.00% | ||
Junior subordinated debentures | $ 146,132 | ||
Capital Securities Amount Outstanding | $ 139,781 | ||
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 | 2.34% | ||
Junior subordinated debentures | $ 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 | 3.99% | ||
Junior subordinated debentures | $ 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 | 3.02% | ||
Junior subordinated debentures | $ 59,286 | ||
Capital Securities Amount Outstanding | $ 57,500 | ||
Date of Original Issue | Apr. 16, 2007 | ||
Stated Maturity | Jun. 30, 2037 | ||
First Optional Redemption Date | [2] | Jun. 30, 2012 | |
[1] | Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. | ||
[2] | Callable from this date forward. |
Pension and Other Post-Retire_3
Pension and Other Post-Retirement Benefits - Pension and Post-Retirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Pension Benefits | |||||
Components of net periodic (credit) expense: | |||||
Interest cost | [1] | $ 1,173 | $ 1,415 | $ 2,346 | $ 2,830 |
Expected return on plan assets | [1] | (3,876) | (3,483) | (7,752) | (6,966) |
Amortization of net actuarial loss | [1] | 1,831 | 2,509 | 3,662 | 5,018 |
Net periodic (credit) expense | [1] | (872) | 441 | (1,744) | 882 |
Post- Retirement Benefits | |||||
Components of net periodic (credit) expense: | |||||
Interest cost | [1] | 82 | 128 | 164 | 256 |
Amortization of prior-service costs | [1] | (62) | (62) | (124) | (124) |
Amortization of net actuarial loss | [1] | 6 | 31 | 12 | 62 |
Net periodic (credit) expense | [1] | $ 26 | $ 97 | $ 52 | $ 194 |
[1] | Amounts are included in G&A expense on the Consolidated Statements of Income and Comprehensive Income. |
Pension and Other Post-Retire_4
Pension and Other Post-Retirement Benefits - Additional Information (Details) | Jun. 30, 2020USD ($) |
Post- Retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contribution to defined benefit plan for the fiscal year | $ 947,000 |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contribution to defined benefit plan for the fiscal year | $ 0 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for grant | 11,557,874 | 11,557,874 | |||
Shares granted | 2,390,345 | ||||
Shares granted, weighted average grant date fair value | $ 11.64 | ||||
Unrecognized compensation cost relating to unvested restricted stock | $ 78,100 | $ 78,100 | |||
Unrecognized compensation cost relating to unvested restricted stock, recognition period (in years) | 3 years 2 months 12 days | ||||
Four Zero One K Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employer Discretionary Contribution Amount | 1,300 | $ 3,000 | |||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 2,390,345 | 1,940,798 | |||
Shares granted, weighted average grant date fair value | $ 11.64 | $ 10.42 | |||
Compensation and benefits expense | $ 8,100 | $ 7,600 | $ 16,300 | $ 15,500 | |
Restricted Stock | Share-based Payment Arrangement, Tranche One | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted, vesting period | 3 years | 3 years | |||
Restricted Stock | Share-based Payment Arrangement, Tranche Two | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted, vesting period | 5 years | 5 years | |||
Performance-Based Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 446,181 | 865,855 | 0 | ||
Compensation and benefits expense | $ 540,000 | $ 947,000 | |||
Vesting rights, description | The PSUs have a performance period of January 1, 2019 to December 31, 2022 and vest on April 1, 2022, subject to adjustment or forfeiture, based upon the achievement by the Company of certain performance standards. |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Activity for Restricted Stock Awards (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Number of Shares | ||
Granted | 2,390,345 | |
Weighted Average Grant Date Fair Value | ||
Granted | $ 11.64 | |
Restricted Stock | ||
Number of Shares | ||
Unvested at beginning of year | 6,516,101 | |
Granted | 2,390,345 | 1,940,798 |
Vested | (2,097,411) | |
Canceled | (110,000) | |
Unvested at end of year | 6,699,035 | |
Weighted Average Grant Date Fair Value | ||
Unvested at beginning of year | $ 13.31 | |
Granted | 11.64 | $ 10.42 |
Vested | 14.09 | |
Canceled | 12.62 | |
Unvested at end of year | $ 12.49 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | $ 5,201,700,000 | [1] | $ 5,885,887,000 |
Total equity securities | 33,518,000 | 32,830,000 | |
Total securities | 5,201,700,000 | 5,885,887,000 | |
Asset-backed Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 421,393,000 | [2] | 373,254,000 |
Mutual Funds and Common Stock | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 18,329,000 | [3] | 17,416,000 |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 5,168,182 | 5,853,057 | |
Total equity securities | 33,518 | 32,830 | |
Total securities | 5,201,700 | 5,885,887 | |
Fair Value, Measurements, Recurring | Preferred stock | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total equity securities | 15,189 | 15,414 | |
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 | 18,329 | 17,416 | |
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 | 61,981 | 41,839 | |
Total equity securities | 15,189 | 15,414 | |
Total securities | 77,170 | 57,253 | |
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 | 15,189 | 15,414 | |
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 | 5,106,201 | 5,811,218 | |
Total equity securities | 18,329 | 17,416 | |
Total securities | 5,124,530 | 5,828,634 | |
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 | 18,329 | 17,416 | |
Fair Value, Measurements, Recurring | Mortgage-related Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 3,026,952 | 3,353,735 | |
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 | 1,357,515 | 1,552,623 | |
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 | 1,669,437 | 1,801,112 | |
Fair Value, Measurements, Recurring | Mortgage-related Securities | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 3,026,952 | 3,353,735 | |
Fair Value, Measurements, Recurring | Mortgage-related Securities | Significant Other Observable Inputs (Level 2) | GSE Certificates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 1,357,515 | 1,552,623 | |
Fair Value, Measurements, Recurring | Mortgage-related Securities | Significant Other Observable Inputs (Level 2) | GSE CMOs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 1,669,437 | 1,801,112 | |
Fair Value, Measurements, Recurring | Other Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 2,141,230 | 2,499,322 | |
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 | 61,981 | 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 | 678,540 | 1,094,240 | |
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 | 421,393 | 373,254 | |
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 | 26,910 | 26,892 | |
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 | 866,825 | 867,182 | |
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 | 85,581 | 95,915 | |
Fair Value, Measurements, Recurring | Other Securities | 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 | 61,981 | 41,839 | |
Fair Value, Measurements, Recurring | Other Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury Obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 61,981 | 41,839 | |
Fair Value, Measurements, Recurring | Other Securities | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 2,079,249 | 2,457,483 | |
Fair Value, Measurements, Recurring | Other Securities | Significant Other Observable Inputs (Level 2) | GSE Debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 678,540 | 1,094,240 | |
Fair Value, Measurements, Recurring | Other Securities | Significant Other Observable Inputs (Level 2) | Asset-backed Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 421,393 | 373,254 | |
Fair Value, Measurements, Recurring | Other Securities | Significant Other Observable Inputs (Level 2) | Municipal Bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 26,910 | 26,892 | |
Fair Value, Measurements, Recurring | Other Securities | Significant Other Observable Inputs (Level 2) | Corporate Bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 866,825 | 867,182 | |
Fair Value, Measurements, Recurring | Other Securities | Significant Other Observable Inputs (Level 2) | Capital Trust Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | $ 85,581 | $ 95,915 | |
[1] | Excludes accrued interest receivable of $16.5 million included in other assets in the Consolidated Statements of Condition. | ||
[2] | The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. | ||
[3] | Primarily consists of mutual funds that are CRA-qualified investments. |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Certain impaired loans | [1] | $ 35,696 | $ 42,767 |
Other assets | [2] | 2,862 | 1,481 |
Total | 38,558 | 44,248 | |
Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Certain impaired loans | [1] | 35,696 | 42,767 |
Other assets | [2] | 2,862 | 1,481 |
Total | $ 38,558 | $ 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 - Ass_2
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial Assets: | |||||
Cash and cash equivalents, Carrying Value | $ 1,404,527 | $ 741,870 | $ 741,870 | $ 1,474,955 | |
Cash and cash equivalents, Estimated Fair Value | 1,404,527 | 741,870 | |||
FHLB stock, Carrying Value | [1] | 668,698 | 647,562 | ||
FHLB stock, Estimated Fair Value | [1] | 668,698 | 647,562 | ||
Loans, net, Carrying Value | 42,235,262 | 41,746,517 | |||
Loans, net, Estimated Fair Value | 41,894,718 | 41,699,929 | |||
Financial Liabilities: | |||||
Deposits, Carrying Value | 31,729,581 | 31,657,132 | |||
Deposits, Estimated Fair Value | 31,797,595 | 31,713,945 | |||
Borrowed funds, Carrying Value | 15,008,064 | 14,557,593 | |||
Borrowed funds, Estimated Fair Value | 15,776,408 | 14,882,776 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Financial Assets: | |||||
Cash and cash equivalents, Estimated Fair Value | 1,404,527 | 741,870 | |||
Financial Liabilities: | |||||
Deposits, Estimated Fair Value | [2] | 19,687,327 | 17,442,274 | ||
Significant Other Observable Inputs (Level 2) | |||||
Financial Assets: | |||||
FHLB stock, Estimated Fair Value | [1] | 668,698 | 647,562 | ||
Financial Liabilities: | |||||
Deposits, Estimated Fair Value | [3] | 12,110,268 | 14,271,671 | ||
Borrowed funds, Estimated Fair Value | 15,776,408 | 14,882,776 | |||
Significant Unobservable Inputs (Level 3) | |||||
Financial Assets: | |||||
Loans, net, Estimated Fair Value | $ 41,894,718 | $ 41,699,929 | |||
[1] | Carrying value and estimated fair value are at cost. | ||||
[2] | Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. | ||||
[3] | Certificates of deposit. |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Residual value of leased asset | $ 69.7 | $ 69.7 | $ 70.1 | ||
Carrying value of investment lease | 1,800 | 1,800 | $ 1,400 | ||
Amortization of ROU assets | $ 4.5 | $ 4.6 | $ 8.6 | $ 16.3 | |
Operating Lease, extension terms | the vast majority of which include one or more options to extend the leases for up to five years resulting in lease terms up to 40 years | ||||
Discontinued Operations | |||||
Amortization of ROU assets | $ 11.7 | ||||
Minimum | |||||
Lessor, operating lease, term of contract | 24 months | 24 months | |||
Operating lease, remaining lease term | 1 year | 1 year | |||
Maximum | |||||
Lessor, operating lease, term of contract | 120 months | 120 months | |||
Operating lease, remaining lease term | 25 years | 25 years |
Leases - Components of Lease In
Leases - Components of Lease Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||||
Interest income on lease financing | $ 13,577 | $ 9,881 | $ 25,526 | $ 17,208 |
Leases - Components of Net Inve
Leases - Components of Net Investment in Direct Financing Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Net investment in the lease - lease payments receivable | $ 1,742,965 | $ 1,302,760 |
Net investment in the lease - unguaranteed residual assets | 73,816 | 74,064 |
Total lease payments | $ 1,816,781 | $ 1,376,824 |
Leases - Summary of Remaining M
Leases - Summary of Remaining Maturity of Undiscounted Lease Receivables (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Leases [Abstract] | |
2020 | $ 9,424 |
2021 | 73,886 |
2022 | 261,716 |
2023 | 150,221 |
2024 | 121,837 |
Thereafter | 1,199,697 |
Total lease payments | 1,816,781 |
Plus: deferred origination costs | 30,529 |
Less: unearned income | (123,141) |
Total lease finance receivables, net | $ 1,724,169 |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||||
Operating lease cost | $ 6,800 | $ 7,210 | $ 13,559 | $ 14,558 |
Sublease income | (12) | (43) | (23) | (65) |
Total lease cost | $ 6,788 | $ 7,167 | $ 13,536 | $ 14,493 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||||
Operating cash flows from operating leases | $ 6,800 | $ 7,210 | $ 13,559 | $ 14,558 |
Leases - Summary of Supplemen_2
Leases - Summary of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 278,276 | $ 286,194 |
Operating lease liabilities | $ 278,272 | $ 285,991 |
Weighted average remaining lease term | 17 years | 17 years |
Weighted average discount rate% | 3.21% | 3.23% |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2020 | $ 13,447 | |
2021 | 26,733 | |
2022 | 25,916 | |
2023 | 25,497 | |
2024 | 24,850 | |
Thereafter | 254,689 | |
Total lease payments | 371,132 | |
Less: imputed interest | (92,860) | |
Total present value of lease liabilities | $ 278,272 | $ 285,991 |
Derivative and Hedging Activi_3
Derivative and Hedging Activities - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Derivative [Line Items] | |||||
Interest income | $ 265,872,000 | $ 237,690,000 | $ 510,339,000 | $ 479,015,000 | |
Derivative Liabilities | 0 | 0 | |||
Gain (losses) on interest rate derivatives designated as cash flow hedge | 828,000,000 | ||||
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net | 15,900,000 | 15,900,000 | |||
Interest Rate Swap | Cash Flow Hedging | |||||
Derivative [Line Items] | |||||
Derivative, notional amount | 2,250,000,000 | 2,250,000,000 | $ 800,000,000 | ||
Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Derivative, notional amount | 2,000,000,000 | 2,000,000,000 | $ 2,000,000,000 | ||
Interest income | 7,900,000 | $ 207,000 | 11,800,000 | $ 446,000 | |
Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Derivative, notional amount | 2,000,000,000 | 2,000,000,000 | |||
LCH | Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Derivative, notional amount | $ 4,300,000,000 | $ 4,300,000,000 |
Derivative and Hedging Activi_4
Derivative and Hedging Activities - Schedule of Cumulative Basis Adjustment for Fair Value Hedges (Details) - Loans and Leases - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | ||
Derivative [Line Items] | ||||
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets | $ 95,300 | $ 53,500 | ||
Fair Value Hedging | ||||
Derivative [Line Items] | ||||
Carrying Amount of the Hedged Assets | 2,095,269 | [1] | 2,053,483 | [2] |
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets | $ 95,269 | [1] | $ 53,483 | [2] |
[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 June 30, 2020, the amortized cost basis of the closed portfolios used in these hedging relationships was $4.1 billion; the cumulative basis adjustments associated with these hedging relationships was $95.3 million; and the amount of the designated hedged items was $2.0 billion. | |||
[2] | 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 billion; the cumulative basis adjustments associated with these hedging relationships was $53.5 million; and the amount of the designated hedged items was $2.0 billion. |
Derivative and Hedging Activi_5
Derivative and Hedging Activities - Schedule of Cumulative Basis Adjustment for Fair Value Hedges (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Amount of designated hedged items | $ 2,000 | $ 2,000 |
Loans and Leases | ||
Derivative [Line Items] | ||
Amortized cost basis | 4,100 | 4,500 |
Cumulative basis adjustment associated with hedging relationships | $ 95.3 | $ 53.5 |
Derivative and Hedging Activi_6
Derivative and Hedging Activities - Information Regarding Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Derivative Liabilities | $ 0 | |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Amount of designated hedged items | 2,000,000 | $ 2,000,000 |
Fair Value Hedging | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Amount of designated hedged items | 2,000,000 | 2,000,000 |
Interest Rate Swap | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Amount of designated hedged items | 2,000,000 | |
Interest Rate Swap | Fair Value Hedging | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Amount of designated hedged items | $ 2,000,000 | $ 2,000,000 |
Derivative and Hedging Activi_7
Derivative and Hedging Activities - Effect of Derivative Instruments on Consolidated Statements of Income and Comprehensive Income (Details) - Interest Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Interest income | $ (8,785) | $ (39,822) | $ (36,915) | $ (58,354) |
Hedged Item - Loans | ||||
Derivative [Line Items] | ||||
Interest income | $ 8,785 | $ 39,822 | $ 36,915 | $ 58,354 |
Derivative and Hedging Activi_8
Derivative and Hedging Activities - Information about Interest Rate Swaps Designated as Cash Flow Hedges (Details) - Interest Rate Swap - Cash Flow Hedging - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Notional amounts | $ 2,250,000 | $ 800,000 |
Cash collateral posted | $ 55,030 | $ 1,185 |
Weighted average pay rates | 1.27% | 1.62% |
Weighted average receive rates | 0.56% | 1.90% |
Weighted average maturity | 2 years 4 months 24 days | 2 years 6 months |
Derivative and Hedging Activi_9
Derivative and Hedging Activities - Effect of Cash Flow Derivative Instruments on AOCL (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Amount of loss recognized in AOCL | $ 57,043 |
Amount of gain reclassified from AOCL to interest expense | $ 828 |