Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 22, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Dec. 31, 2022 | ||
Entity Central Index Key | 0000910073 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Registrant Name | NEW YORK COMMUNITY BANCORP, INC. | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Small Business | false | ||
Entity Voluntary Filers | No | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4.2 | ||
Entity Common Stock, Shares Outstanding | 682,901,266 | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 1-31565 | ||
Entity Incorporation, State or Country Code | DE | ||
City Area Code | 516 | ||
Local Phone Number | 683-4100 | ||
Entity Tax Identification Number | 06-1377322 | ||
Entity Address, Address Line One | 102 Duffy | ||
Entity Address, City or Town | Hicksville | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 11801 | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | Portions of the definitive Proxy Statement for the Annual Meeting of Shareholders to be held on June 1, 2023 are incorporated by reference into Part III. | ||
Auditor Name | KPMG LLP | ||
Auditor Location | New York, New York | ||
Auditor Firm ID | 185 | ||
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | NYCB | ||
Security Exchange Name | NYSE | ||
Bifurcated Option Note Unit SecuritiES | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Bifurcated Option Note Unit SecuritiES | ||
Trading Symbol | NYCB PU | ||
Security Exchange Name | NYSE | ||
Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares each representing | ||
Trading Symbol | NYCB PA | ||
Security Exchange Name | NYSE |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | ||
ASSETS: | ||||
Cash and cash equivalents | $ 2,032 | $ 2,211 | [1] | |
Securities: | ||||
Debt securities available-for-sale ($434 and $1,168 pledged at December 31, 2022 and 2021, respectively) | 9,060 | 5,780 | ||
Equity investments with readily determinable fair values, at fair value | 14 | 16 | ||
Total securities | 9,074 | [2] | 5,796 | [3] |
Loans held for sale, at fair value | 1,115 | |||
Loans and leases held for investment, net of deferred loan fees and costs | 69,001 | 45,738 | ||
Less: Allowance for credit losses on loans and leases | (393) | (199) | ||
Total loans and leases held for investment, net | 68,608 | 45,539 | ||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 1,267 | 734 | [4] | |
Premises and equipment, net | 491 | 270 | ||
Core deposit and other intangibles | 287 | |||
Goodwill | 2,426 | 2,426 | ||
Mortgage servicing rights | 1,033 | |||
Bank-owned life insurance | 1,561 | 1,184 | ||
Other assets | 2,250 | 1,367 | ||
Total assets | 90,144 | 59,527 | ||
Deposits: | ||||
Interest-bearing checking and money market accounts | 22,511 | 13,209 | ||
Savings accounts | 11,645 | 8,892 | ||
Certificates of deposit | 12,510 | 8,424 | ||
Non-interest-bearing accounts | 12,055 | 4,534 | ||
Total deposits | 58,721 | 35,059 | ||
Wholesale borrowings: | ||||
Federal Home Loan Bank advances | 20,325 | 15,105 | ||
Repurchase agreements | 800 | |||
Total wholesale borrowings | 20,325 | 15,905 | ||
Junior subordinated debentures | 575 | 361 | ||
Subordinated notes | 432 | 296 | ||
Total borrowed funds | 21,332 | 16,562 | ||
Other liabilities | 1,267 | 862 | ||
Total liabilities | 81,320 | 52,483 | ||
Stockholders’ equity: | ||||
Preferred stock at par $0.01 (5,000,000 shares authorized): Series A (515,000 shares issued and outstanding) | 503 | 503 | ||
Common stock at par $0.01 (900,000,000 shares authorized; 705,429,386 and 490,439,070 shares issued; and 681,217,334 and 465,015,643 shares outstanding, respectively) | 7 | 5 | ||
Paid-in capital in excess of par | 8,130 | 6,126 | ||
Retained earnings | 1,041 | 741 | ||
Treasury stock, at cost (24,212,052 and 25,423,427shares, respectively) | (237) | (246) | ||
Accumulated other comprehensive loss, net of tax: | ||||
Net unrealized (loss) gain on securities available for sale, net of tax of $240 and $17, respectively | (626) | (45) | ||
Net unrealized loss on pension and post-retirement obligations, net of tax of $18 and $12 respectively | (46) | (31) | ||
Net unrealized loss on cash flow hedges, net of tax of $(20) and $3, respectively | 52 | (9) | ||
Total accumulated other comprehensive loss, net of tax | (620) | (85) | ||
Total stockholders’ equity | 8,824 | 7,044 | ||
Total liabilities and stockholders’ equity | $ 90,144 | $ 59,527 | ||
[1] For further information on restricted cash, see Note 14 - Derivatives and Hedging Activities. Excludes accrued interest receivable of $ 31 million included in other assets in the Consolidated Statements of Condition. Excludes accrued interest receivable of $ 15 million included in other assets in the Consolidated Statements of Condition. Carryin g value and estimated fair value are at cost. |
Consolidated Statements of Co_2
Consolidated Statements of Condition (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair value | $ 9,060 | $ 5,780 |
Preferred stock, par | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, Series A shares issued | 515,000 | 515,000 |
Preferred stock, Series A shares outstanding | 515,000 | 515,000 |
Common stock, par | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 900,000,000 | 900,000,000 |
Common stock, shares issued | 705,429,386 | 490,439,070 |
Common stock, shares outstanding | 681,217,334 | 465,015,643 |
Treasury stock, shares | 24,212,052 | 25,423,427 |
Net unrealized gain (loss) on securities available for sale, tax | $ 240 | $ 17 |
Net unrealized loss on pension and post-retirement obligations, tax | 18 | 12 |
Cash flow hedges tax component | (20) | 3 |
Asset pledged as collateral | ||
Fair value | $ 434 | $ 1,168 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INTEREST INCOME: | |||
Loans and leases | $ 1,848 | $ 1,525 | $ 1,542 |
Securities and money market investments | 244 | 164 | 166 |
Total interest income | 2,092 | 1,689 | 1,708 |
INTEREST EXPENSE: | |||
Interest-bearing checking and money market accounts | 226 | 31 | 57 |
Savings accounts | 60 | 28 | 32 |
Certificates of deposit | 97 | 55 | 217 |
Borrowed funds | 313 | 286 | 302 |
Total interest expense | 696 | 400 | 608 |
Net interest income | 1,396 | 1,289 | 1,100 |
Provision for credit losses | 133 | 3 | 62 |
Net interest income after provision for credit loan losses | 1,263 | 1,286 | 1,038 |
NON-INTEREST INCOME: | |||
Fee income | 27 | 23 | 22 |
Bank-owned life insurance | 32 | 29 | 32 |
Net (loss) gain on securities | (2) | 1 | |
Net return on mortgage servicing rights | 6 | ||
Net gain on loan sales | 5 | ||
Loan administration income | 3 | ||
Bargain purchase gain | 159 | ||
Other | 17 | 9 | 6 |
Total non-interest income | 247 | 61 | 61 |
Operating expenses: | |||
Compensation and benefits | 354 | 303 | 301 |
Occupancy and equipment | 92 | 88 | 86 |
General and administrative | 158 | 127 | 124 |
Total operating expenses | 604 | 518 | 511 |
Intangible asset amortization | 5 | ||
Merger-related expenses | 75 | 23 | |
Total non-interest expense | 684 | 541 | 511 |
Income before income taxes | 826 | 806 | 588 |
Income tax expense | 176 | 210 | 77 |
Net income | 650 | 596 | 511 |
Preferred stock dividends | 33 | 33 | 33 |
Net income available to common shareholders | $ 617 | $ 563 | $ 478 |
Basic earnings per common share | $ 1.26 | $ 1.20 | $ 1.02 |
Diluted earnings per common share | $ 1.26 | $ 1.20 | $ 1.02 |
Net income | $ 650 | $ 596 | $ 511 |
Other comprehensive income (loss), net of tax: | |||
Change in net unrealized (loss) gain on securities available for sale, net of tax of $223; $42; and $(16), respectively | (581) | (112) | 42 |
Change in pension and post-retirement obligations, net of tax of $6; $(8); and $(2) | (17) | 23 | (5) |
Change in net unrealizedgain (loss) on cash flow hedges, net of tax of $(24); $(2) and 16$, respectively | 64 | 6 | (42) |
Less: Reclassification adjustment for sales of available-for-sale securities, net of tax of $-; $-; and $-;, respectively | (1) | ||
Reclassification adjustment for defined benefit pension plan, net of tax of $0; $(2) and $(2), respectively | 2 | 5 | 5 |
Reclassification adjustment for net gain on cash flow hedges included in net income, net of tax$1; $(7);and $(3) , respectively | (3) | 18 | 8 |
Total other comprehensive (loss) income, net of tax | (535) | (60) | 7 |
Total comprehensive income, net of tax | $ 115 | $ 536 | $ 518 |
Consolidated Statements of In_2
Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Change in net unrealized gain (loss) on securities available for sale, tax | $ 223 | $ 42 | $ (16) |
Change in pension and post-retirement obligations, tax | 6 | (8) | 2 |
Cash flow hedge, (loss) gain, reclassification, tax | (24) | (2) | 16 |
Reclassification adjustment for defined benefit pension plan, net of tax | 0 | (2) | (2) |
Cash flow hedges tax component | $ 1 | $ (7) | $ (3) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Adjusted Balance | Common Stock (Par Value: $0.01) | Preferred Stock (Par Value: $0.01) | Paid-in Capital in Excess of Par | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings Adjusted Balance | Treasury Stock, at Cost | Accumulated Other Comprehensive Loss, Net of Tax | ||
Balance at Dec. 31, 2019 | $ 6,712 | $ (10) | [1] | $ 6,702 | $ 5 | $ 503 | $ 6,115 | $ 342 | $ (10) | $ 332 | $ (220) | $ (33) | |
Balance, shares at Dec. 31, 2019 | 467,346,781 | ||||||||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 | Accounting Standards Update 2016-13 | Accounting Standards Update 2016-13 | ||||||||||
Shares issued for restricted stock, net of forfeitures | (22) | 22 | |||||||||||
Shares issued for restricted stock, net of forfeitures, shares | 2,321,105 | ||||||||||||
Compensation expense related to restricted stock awards | $ 30 | 30 | |||||||||||
Net income | 511 | 511 | |||||||||||
Dividends paid on common stock | (316) | (316) | |||||||||||
Dividends paid on preferred stock | (33) | (33) | |||||||||||
Purchase of common stock | (60) | 0 | (60) | ||||||||||
Purchase of common stock, shares | (5,766,078) | ||||||||||||
Other comprehensive income (loss), net of tax | 8 | 8 | |||||||||||
Balance at Dec. 31, 2020 | 6,842 | $ 5 | 503 | 6,123 | 494 | $ (10) | [1] | (258) | (25) | ||||
Balance, shares at Dec. 31, 2020 | 463,901,808 | ||||||||||||
Shares issued for restricted stock, net of forfeitures | (28) | 28 | |||||||||||
Shares issued for restricted stock, net of forfeitures, shares | 2,515,942 | ||||||||||||
Compensation expense related to restricted stock awards | 31 | 31 | |||||||||||
Net income | 596 | 596 | |||||||||||
Dividends paid on common stock | (316) | (316) | |||||||||||
Dividends paid on preferred stock | (33) | (33) | |||||||||||
Purchase of common stock | (16) | (16) | |||||||||||
Purchase of common stock, shares | (1,402,107) | ||||||||||||
Other comprehensive income (loss), net of tax | (60) | (60) | |||||||||||
Balance at Dec. 31, 2021 | 7,044 | $ 5 | 503 | 6,126 | 741 | (246) | (85) | ||||||
Balance, shares at Dec. 31, 2021 | 465,015,643 | ||||||||||||
Issuance of common stock for business combination | 2,010 | $ 2 | 2,008 | ||||||||||
Issuance of common stock for business combination, shares | 214,990,316 | ||||||||||||
Shares issued for restricted stock, net of forfeitures | (33) | 33 | |||||||||||
Shares issued for restricted stock, net of forfeitures, shares | 3,548,310 | ||||||||||||
Compensation expense related to restricted stock awards | 29 | 29 | |||||||||||
Net income | 650 | 650 | |||||||||||
Dividends paid on common stock | (317) | (317) | |||||||||||
Dividends paid on preferred stock | (33) | (33) | |||||||||||
Purchase of common stock | (24) | (24) | |||||||||||
Purchase of common stock, shares | (2,336,935) | ||||||||||||
Other comprehensive income (loss), net of tax | (535) | (535) | |||||||||||
Balance at Dec. 31, 2022 | $ 8,824 | $ 7 | $ 503 | $ 8,130 | $ 1,041 | $ (237) | $ (620) | ||||||
Balance, shares at Dec. 31, 2022 | 681,217,334 | ||||||||||||
[1] Amount represents a $ 10 million cumulative adjustment, net of tax, to retained earnings as of January 1, 2020, as a result of the adoption of ASU 2016-13 , Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which became effective January 1, 2020. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Balance | $ 7,044 | $ 6,842 | $ 6,712 | ||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 | ||||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Balance | [1] | $ (10) | |||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 | ||||
Common Stock (Par Value: $0.01) | |||||
Dividends paid on common stock, per share | $ 0.68 | $ 0.68 | $ 0.68 | ||
Balance | $ 5 | $ 5 | $ 5 | ||
Preferred Stock (Par Value: $0.01) | |||||
Dividends paid on preferred stock, per share | $ 63.76 | $ 63.76 | $ 63.76 | ||
Balance | $ 503 | $ 503 | $ 503 | ||
Retained Earnings | |||||
Balance | $ 741 | 494 | 342 | ||
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | |||||
Balance | $ (10) | [1] | $ (10) | ||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 | ||||
[1] Amount represents a $ 10 million cumulative adjustment, net of tax, to retained earnings as of January 1, 2020, as a result of the adoption of ASU 2016-13 , Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which became effective January 1, 2020. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income | $ 650 | $ 596 | $ 511 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Provision for loan losses | 133 | 3 | 62 | |
Amortization of core deposit intangible | 5 | |||
Depreciation | 18 | 21 | 24 | |
Amortization of discounts and premiums, net | (37) | (5) | 11 | |
Net (gain) loss on securities | 2 | (2) | ||
Net (gain) loss on sales of loans | (5) | (1) | ||
Net gain on sales of fixed assets | (2) | |||
Gain on business acquisition | (159) | |||
Stock-based compensation | 29 | 31 | 29 | |
Deferred tax expense | (3) | (13) | 219 | |
Changes in operating assets and liabilities: | ||||
Decrease (increase) in other assets | 348 | (284) | (411) | |
(Decrease) increase in other liabilities | (100) | (6) | 9 | |
Purchases of securities held for trading | (75) | (110) | (15) | |
Proceeds from sales of securities held for trading | 75 | 110 | 15 | |
Change in loans held for sale, net | 147 | (52) | (119) | |
Net cash provided by operating activities | 1,026 | 290 | 334 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Proceeds from repayment of securities available for sale | 732 | 1,728 | 2,062 | |
Proceeds from sales of securities available for sale | 228 | 484 | ||
Purchase of securities available for sale | (2,242) | (1,796) | (2,514) | |
Redemption of Federal Home Loan Bank stock | 635 | 92 | 173 | |
Purchases of Federal Home Loan Bank and Federal Reserve Bank stock | (839) | (112) | (239) | |
Proceeds from bank-owned life insurance, net | 16 | 12 | 12 | |
Proceeds from sales of loans | 37 | 3 | ||
Purchases of loans | (162) | (161) | (95) | |
Other changes in loans, net | (5,019) | (2,558) | (912) | |
(Purchases) dispositions of premises and equipment, net | (3) | (4) | 1 | |
Cash acquired in business acquisition | 331 | |||
Net cash used in investing activities | (6,323) | (2,762) | (1,025) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net increase in deposits | 7,662 | 2,622 | 780 | |
Net increase in short-term borrowed funds | 2,550 | 950 | 1,150 | |
Proceeds from long-term borrowed funds | 9,479 | 2,072 | 6,925 | |
Repayments of long-term borrowed funds | (13,960) | (2,544) | (6,550) | |
Net receipt of payments of loans serviced for others | (189) | |||
Cash dividends paid on common stock | (317) | (316) | (316) | |
Cash dividends paid on preferred stock | (33) | (33) | (33) | |
Treasury stock repurchased | (7) | (50) | ||
Payments relating to treasury shares received for restricted stock award tax payments | (17) | (16) | (9) | |
Net cash provided by financing activities | 5,168 | 2,735 | 1,897 | |
Net (decrease) increase in cash, cash equivalents, and restricted cash | [1] | (129) | 263 | 1,206 |
Cash, cash equivalents, and restricted cash at beginning of year | [1] | 2,211 | 1,948 | 742 |
Cash, cash equivalents, and restricted cash at end of year | [1] | 2,082 | 2,211 | 1,948 |
Supplemental information: | ||||
Cash paid for interest | 657 | 402 | 633 | |
Cash paid for income taxes | 17 | 471 | 118 | |
Non-cash investing and financing activities: | ||||
Transfers to repossessed assets from loans | 1 | 1 | ||
Securitization of residential mortgage loans to mortgage-backed securities available for sale | 162 | 161 | 53 | |
Transfer of loans from held for investment to held for sale | 52 | |||
Transfer of loans from held for sale to held for investment | 94 | |||
MSRs resulting from sale or securitization of loans | 19 | |||
Shares issued for restricted stock awards | 33 | $ 28 | $ 22 | |
Business Combination: | ||||
Fair value of tangible assets acquired | 24,449 | |||
Intangible assets | 292 | |||
Mortgage Servicing Rights | 1,012 | |||
Liabilities assumed | 23,584 | |||
Common Stock issued in business combination | $ 2,010 | |||
[1] For further information on restricted cash, see Note 14 - Derivatives and Hedging Activities. |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Organization and Basis of Presentation | NOTE 1: ORGANIZATION AND BASIS OF PRESENTATION Organization New York Community Bancorp, Inc. (on a stand-alone basis, the “Parent Company” or, collectively with its subsidiaries, the “Company” or "we") was organized under Delaware law on July 20, 1993 and is the holding company for Flagstar Bank N.A. (hereinafter referred to as the “Bank”). The Company is headquartered in Hicksville, New York with regional headquarters in Troy, Michigan. The Company is subject to regulation, examination and supervision by the Federal Reserve. The Bank is a National Association, subject to federal regulation and oversight by the OCC. On November 23, 1993, the Company issued its initial offering of common stock (par value: $ 0.01 per share) at a price of $ 25.00 per share ( $ 0.93 per share on a split-adjusted basis, reflecting the impact of nine stock splits between 1994 and 2004 ). The Company has grown organically and through a series of accretive mergers and acquisitions, culminating in its acquisition of Flagstar Bancorp, Inc., which closed on December 1, 2022. Flagstar Bank, N.A. currently operates 395 branches across nine states, including strong footholds in the Northeast and Midwest and exposure to markets in the Southeast and West Coast. Flagstar Mortgage operates nationally through a wholesale network of approximately 3000 third-party mortgage originators. Flagstar Bank N.A. also operates through eight local divisions, each with a history of service and strength: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Arizona and Florida. Basis of Presentation The following is a description of the significant accounting and reporting policies that the Company and its subsidiaries follow in preparing and presenting their consolidated financial statements, which conform to U.S. generally accepted accounting principles and to general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates that are used in connection with the determination of the allowance for credit losses, mortgage servicing rights, and the Flagstar acquisition. 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 12 “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. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | NOTE 2: SUMMARY OF SIGNIF ICANT ACCOUNTING POLICIES Cash and Cash Equivalents and Restricted Cash For cash flow reporting purposes, cash and cash equivalents include cash on hand, amounts due from banks, and money market investments, which include federal funds sold and reverse repurchase agreements. At December 31, 2022 and 2021 , the Company’s cash and cash equivalents totaled $ 2.0 billion and $ 2.2 billion, respectively. Included in cash and cash equivalents at those dates were $ 837 million and $ 1.7 billion, respectively, of interest-bearing deposits in other financial institutions, primarily consisting of balances due from the FRB-NY. There were no federal funds sold outstanding at December 31, 2022 or December 31, 2021 . There was $ 793 million of reverse repurchase agreements outstanding at December 31, 2022 . There was $ 406 million reverse repurchase agreements outstanding at December 31, 2021. Restricted cash totaled $ 50 million at December 31, 2022, and includes cash that the Bank pledges as maintenance margin on centrally cleared derivatives and is included in other assets on the Consolidated Statements of Condition. Debt Securities and Equity Investments with Readily Determinable Fair Values The securities portfolio primarily consists of mortgage-related securities and, to a lesser extent, debt and equity securities. Securities that are classified as “available for sale” are carried at their estimated fair value, with any unrealized gains or losses, net of taxes, reported as accumulated other comprehensive income or loss in stockholders’ equity. Securities that the Company has the intent and ability to hold to maturity are classified as “held to maturity” and carried at amortized cost. The fair values of our securities—and particularly our fixed-rate securities—are affected by changes in market interest rates and credit spreads. In general, as interest rates rise and/or credit spreads widen, the fair value of fixed-rate securities will decline. As interest rates fall and/or credit spreads tighten, the fair value of fixed-rate securities will rise. 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. The Company first assesses whether (i) it intends to sell, or (ii) it is more likely than not that the Company 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, the Company evaluates 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. 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 the Company no longer expects 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. Equity investments with readily determinable fair values are measured at fair value with changes in fair value recognized in net income. Premiums and discounts on securities are amortized to expense and accreted to income over the remaining period to contractual maturity using the interest method, and are adjusted for anticipated prepayments. Dividend and interest income are recognized when earned. The cost of securities sold is based on the specific identification method. Federal Home Loan Bank Stock As a member of the FHLB-NY, the Company is required to hold shares of FHLB-NY stock, which is carried at cost. In addition, in connection with the Flagstar acquisition, the Company also holds shares of FHLB-Indianapolis stock, which is carried at cost. The Company’s holding requirement varies based on certain factors, including its outstanding borrowings from the FHLB-NY and FHLB-Indianapolis. The Company conducts a periodic review and evaluation of its FHLB-NY stock to determine if any impairment exists. The factors considered in this process include, among others, significant deterioration in FHLB-NY earnings performance, credit rating, or asset quality; significant adverse changes in the regulatory or economic environment; and other factors that could raise significant concerns about the creditworthiness and the ability of the FHLB-NY to continue as a going concern. Loans Held-for-Sale The Company classifies loans as LHFS when we originate or purchase loans that we intend to sell. We have elected the fair value option for the majority of our LHFS. The Company estimates the fair value of mortgage loans based on quoted market prices for securities backed by similar types of loans, where available, or by discounting estimated cash flows using observable inputs inclusive of interest rates, prepayment speeds and loss assumptions for similar collateral. Changes in fair value are recorded to other noninterest income on the Consolidated Statements of Income and Comprehensive Income. LHFS that are recorded at the lower of cost or fair value may be carried at fair value on a nonrecurring basis when the fair value is less than cost. For further information, see Note 19 - Fair Value Measurements. Loans that are transferred into the LHFS portfolio from the LHFI portfolio, due to a change in intent, are recorded at the lower of cost or fair value. Gains or losses recognized upon the sale of loans are determined using the specific identification method. Loans Held for Investment Loans and leases, net, are carried at unpaid principal balances, including unearned discounts, purchase accounting (i.e., acquisition-date fair value) adjustments, net deferred loan origination costs or fees, and the allowance for credit losses on loans and leases. The Company recognizes interest income on loans using the interest method over the life of the loan. Accordingly, the Company defers certain loan origination and commitment fees, and certain loan origination costs, and amortizes the net fee or cost as an adjustment to the loan yield over the term of the related loan. When a loan is sold or repaid, the remaining net unamortized fee or cost is recognized in interest income. Prepayment income on loans is recorded in interest income and only when cash is received. Accordingly, there are no assumptions involved in the recognition of prepayment income. Two factors are considered in determining the amount of prepayment income: the prepayment penalty percentage set forth in the loan documents, and the principal balance of the loan at the time of prepayment. The volume of loans prepaying may vary from one period to another, often in connection with actual or perceived changes in the direction of market interest rates. When interest rates are declining, rising precipitously, or perceived to be on the verge of rising, prepayment income may increase as more borrowers opt to refinance and lock in current rates prior to further increases taking place. A loan generally is 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. Loans with Government Guarantees The Company originates government guaranteed loans which are pooled and sold as Ginnie Mae MBS. Pursuant to Ginnie Mae servicing guidelines, the Company has the unilateral right to repurchase loans securitized in Ginnie Mae pools that are due, but unpaid, for three consecutive months. As a result, once the delinquency criteria have been met, and regardless of whether the repurchase option has been exercised, the Company accounts for the loans as if they had been repurchased. The Company recognizes the loans and corresponding liability as loans with government guarantees and loans with government guarantees repurchase options, respectively, in the Consolidated Statements of Condition. If the loan is repurchased, the liability is cash settled and the loan with government guarantee remains. Once repurchased, the Company works to cure the outstanding loans such that they are re-eligible for sale or may begin foreclosure and recover losses through a claims process with the government agency, as an approved lender. Allowance for Credit Losses on Loans and Leases The Company’s January 1, 2020, adoption of ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments,” resulted in a significant change to our methodology for estimating the allowance since December 31, 2019. ASU No. 2016-13 replaced the incurred loss methodology with an expected loss methodology that is referred to as the 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 credit losses on loans and leases 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 unpaid loan balance, net of deferred fees and expenses, and includes negative escrow. 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 and multiplying together the 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 economic forecasts. The Company’s economic forecast period is 24 months, and afterwards reverts to a historical average loss rate on a straight-line basis over a 12-month period. Historical credit experience provides the basis for the estimation of expected credit losses, with qualitative 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 legislation, regulation, policies, administrative practices 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 the Company reassesses the appropriateness of the economic forecasting period, the reversion period and historical mean at the portfolio segment level, considering any required adjustments for differences in underwriting standards, portfolio mix, and other relevant data shifts over time. The allowance for credit losses on loans and leases is measured on a collective (pool) basis when similar risk characteristics exist. The portfolio segment represents the level at which a systematic methodology is applied to estimate credit losses. Management believes the products within each of the entity’s portfolio segments exhibit similar risk characteristics. Smaller pools of homogenous financing receivables with homogeneous risk characteristics were modeled using the methodology selected for the portfolio segment. 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, the Company reverts to a historical average loss rate. This reversion to the historical average loss rate is performed on a straight-line basis over 12 months. 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). 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 Company maintains an allowance for credit losses on off-balance sheet credit exposures. At December 31, 2022 and December 31, 2021, the allowance for credit losses on off-balance sheet exposures was $ 23 million and $ 12 million, respectively. The Company estimates 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 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. When applying this critical accounting estimate, we incorporate several inputs and judgments that may be influenced by changes period to period. These include, but are not limited to changes in the economic environment and forecasts, changes in the credit profile and characteristics of the loan portfolio, and changes in prepayment assumptions which will result in provisions to or recoveries from the balance of the allowance for credit losses. While changes to the economic environment forecasts and portfolio characteristics will change from period to period, portfolio prepayments are an integral assumption in estimating the allowance for credit losses on our commercial real estate (multi-family, CRE and ADC) portfolio which comprises 70.5 % of the loan portfolio at December 31, 2022. Portfolio prepayments are subject to estimation uncertainty and changes in this assumption could have a material impact to our estimation process. Prepayment assumptions are sensitive to interest rates and existing loan terms and determine the weighted average life of the commercial mortgage loan portfolio. Excluding other factors, as the weighted average life of the portfolio increases or decreases, so will the required amount of the allowance for credit losses on commercial real estate. Goodwill The Company adopted, on a prospective basis, ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment on January 1, 2020. The Company has significant intangible assets related to goodwill and as of December 31, 2022, the Company had goodwill of $ 2.4 billion. In connection with its acquisitions, the assets acquired and liabilities assumed are recorded at their estimated fair values. Goodwill represents the excess of the purchase price of its acquisitions over the fair value of identifiable net assets acquired, including other identified intangible assets. The Company tests goodwill for impairment at the reporting unit level. The Company has identified one reporting unit which is the same as its operating segment and reportable segment. If the Company changes its strategy or if market conditions shift, its judgments may change, which may result in adjustments to the recorded goodwill balance. The Company performs its goodwill impairment test in the fourth quarter of each year, or more often if events or circumstances warrant. For annual goodwill impairment testing, the Company has the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill and other intangible assets. If the Company concludes that this is the case, it would compare the fair value the reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The loss recognized, however, would not exceed the total amount of goodwill allocated to that reporting unit. Additionally, the Company would consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. As of December 31, 2022, the Company’s goodwill was no t impaired. Mortgage Servicing Rights The Company purchases and originates mortgage loans for sale to the secondary market and sell the loans on either a servicing-retained or servicing-released basis. If the Company retains the right to service the loan, an MSR is created at the time of sale which is recorded at fair value. The Company uses an internal valuation model that utilizes an option-adjusted spread, constant prepayment speeds, costs to service and other assumptions to determine the fair value of MSRs. Management obtains third-party valuations of the MSR portfolio on a quarterly basis from independent valuation services to assess the reasonableness of the fair value calculated by our internal valuation model. Changes in the fair value of our MSRs are reported on the Consolidated Statements of Income and Comprehensive Income in net return on mortgage servicing. For further information, see Note 9 - Mortgage Servicing Rights and Note 19 - Fair Value Measurements. Premises and Equipment, Net Premises, furniture, fixtures, and equipment are carried at cost, less the accumulated depreciation computed on a straight-line basis over the estimated useful lives of the respective assets (generally 20 years for premises and three to ten years for furniture, fixtures, and equipment). Leasehold improvements are carried at cost less the accumulated amortization computed on a straight-line basis over the shorter of the related lease term or the estimated useful life of the improvement. Depreciation is included in “Occupancy and equipment expense” in the Consolidated Statements of Income and Comprehensive Income, and amounted to $ 18 million, $ 21 million, and $ 24 million, respectively, in the years ended December 31, 2022, 2021, and 2020 . Bank-Owned Life Insurance The Company has purchased life insurance policies on certain employees. These BOLI policies are recorded in the Consolidated Statements of Condition at their cash surrender value. Income from these policies and changes in the cash surrender value are recorded in “Non-interest income” in the Consolidated Statements of Income and Comprehensive Income. At December 31, 2022 and 2021, the Company’s investment in BOLI was $ 1.6 billion and $ 1.2 billion, respectively. The December 31, 2022 amount includes $ 373 million acquired in the Flagstar merger. The Company’s investment in BOLI generated income of $ 32 million, $ 29 million, and $ 32 million, respectively, during the years ended December 31, 2022, 2021, and 2020 . Variable Interest Entities An entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and consolidates the VIE. An entity is deemed to have a controlling financial interest and is the primary beneficiary of a VIE if it has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. For further information, see Note 10 - Variable Interest Entities. Repossessed Assets and OREO Repossessed assets consist of any property or other assets acquired through, or in lieu of, foreclosure are sold or rented, and are recorded at fair value, less the estimated selling costs, at the date of acquisition. Following foreclosure, management periodically performs a valuation of the asset, and the assets are carried at the lower of the carrying amount or fair value, less the estimated selling costs. Expenses and revenues from operations and changes in valuation, if any, are included in “General and administrative expense” in the Consolidated Statements of Income and Comprehensive Income. At December 31, 2022 , the Company had $ 8 million of OREO and $ 4 million of taxi medallions. At December 31, 2021 , the Company had $ 3 million of OREO and $ 5 million of taxi medallions. Servicing Fee Income Servicing fee income, late fees and ancillary fees received on loans for which the Company owns the MSR are included in net return on mortgage servicing rights on the Consolidated Statements of Income and Comprehensive Income. The fees are based on the outstanding principal and are recorded as income when earned. Subservicing fees, which are included in loan administration income on the Consolidated Statements of Income and Comprehensive Income, are based on a contractual monthly amount per loan including late fees and other ancillary income. Income Taxes Income tax expense consists of income taxes that are currently payable and deferred income taxes. Deferred income tax expense is determined by recognizing deferred tax assets and liabilities for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The Company assesses the deferred tax assets and establishes a valuation allowance when realization of a deferred asset is not considered to be “more likely than not.” The Company considers its expectation of future taxable income in evaluating the need for a valuation allowance. The Company estimates income taxes payable based on the amount it expects to owe the various tax authorities (i.e., federal, state, and local). Income taxes represent the net estimated amount due to, or to be received from, such tax authorities. In estimating income taxes, management assesses the relative merits and risks of the appropriate tax treatment of transactions, taking into account statutory, judicial, and regulatory guidance in the context of the Company’s tax position. In this process, management also relies on tax opinions, recent audits, and historical experience. Although the Company uses the best available information to record income taxes, underlying estimates and assumptions can change over time as a result of unanticipated events or circumstances such as changes in tax laws and judicial guidance influencing its overall tax position. Derivative Instruments and Hedging Activities The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The Company utilizes derivative instruments to manage the fair value changes in our MSRs, interest rate lock commitments and LHFS portfolio which are exposed to price and interest rate risk; facilitate asset/liability management; minimize the variability of future cash flows on long-term debt; and to meet the needs of our customers. All derivatives are recognized on the Consolidated Statements of Condition as other assets and liabilities, as applicable, at their estimated fair value. The Company uses interest rate swaps, swaptions, futures and forward loan sale commitments to mitigate the impact of fluctuations in interest rates and interest rate volatility on the fair value of the MSRs. Changes in their fair value are reflected in current period earnings under the net return on mortgage servicing asset. These derivatives are valued based on quoted prices for similar assets in an active market with inputs that are observable. The Company also enters into various derivative agreements with customers and correspondents in the form of interest rate lock commitments and forward purchase contracts which are commitments to originate or purchase mortgage loans whereby the interest rate on the loan is determined prior to funding and the customers have locked into that interest rate. The derivatives are valued using internal models that utilize market interest rates and other unobservable inputs. Changes in the fair value of these commitments due to fluctuations in interest rates are economically hedged through the use of forward loan sale commitments of MBS. The gains and losses arising from this derivative activity are reflected in current period earnings under the net gain on loan sales. To assist customers in meeting their needs to manage interest rate risk, the Company enters into interest rate swap derivative contracts. To economically hedge this risk, the Company enters into offsetting derivative contracts to effectively eliminate the interest rate risk associated with these contracts. For additional information regarding the accounting for derivatives, see Note 14 - Derivatives and Hedging Activities and for additional information on recurring fair value disclosures, see Note 19 - Fair Value Measurements. Representation and Warranty Reserve When the Company sells mortgage loans into the secondary mortgage market, it makes customary representations and warranties to the purchasers about various characteristics of each loan. Upon the sale of a loan, the Company recognizes a liability for that guarantee at its fair value as a reduction of our net gain on loan sales. Subsequent to the sale, the liability is re-measured at fair value on an ongoing basis based upon an estimate of probable future losses. An estimate of the fair value of the guarantee associated with the mortgage loans is recorded in other liabilities in the Consolidated Statements of Condition, and was $ 10 million at December 31, 2022 , as compared to $ 2 million at December 31, 2021 . Stock-Based Compensation Under the New York Community Bancorp, Inc. 2020 Omnibus Incentive Plan (the “2020 Incentive Plan”), which was approved by the Company’s shareholders at its Annual Meeting on June 3, 2020, shares are available for grant as restricted stock or other forms of related rights. At December 31, 2022 , the Company had 5,774,229 shares available for grant under the 2020 Incentive Plan. In addition, the Company had 4,025,636 shares available for grant under the Flagstar Bancorp, Inc. 2016 Stock Award and Incentive Plan. Compensation cost related to restricted stock grants is recognized on a straight-line basis over the vesting period. For a more detailed discussion of the Company’s stock-based compensation, see Note 18, “Stock-Related Benefit Plans.” Retirement Plans The Company’s pension benefit obligations and post-retirement health and welfare benefit obligations, and the related costs, are calculated using actuarial concepts in accordance with GAAP. The measurement of such obligations and expenses requires that certain assumptions be made regarding several factors, most notably including the discount rate and the expected rate of return on plan assets. The Company evaluates these assumptions on an annual basis. Other factors considered by the Company in its evaluation include retirement patterns and mortality rates. Under GAAP, actuarial gains and losses, prior service costs or credits, and any remaining transition assets or obligations that have not been recognized under previous accounting standards must be recognized in AOCL until they are amortized as a component of net periodic benefit cost. Earnings per Common Share (Basic and Diluted) Basic EPS is computed by dividing the net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the same method as basic EPS, however, the computation reflects the potential dilution that would occur if outstanding in-the-money 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 earnings per common share: Years Ended December 31, (in millions, except share and per share amounts) 2022 2021 2020 Net i |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Business Combination | NOTE 3: BUSINESS COMBINATION On December 1, 2022, the Company closed the acquisition of Flagstar Bancorp, Inc. (“Flagstar Bancorp”) in an all-stock transaction. Flagstar was a savings and loan holding company headquartered in Troy, MI. Pursuant to the terms of the Merger Agreement, each share of Flagstar Bancorp. common stock was converted into 4.0151 shares of the Company’s common shares at the effective time of the merger. In addition, the Company received approval from the Office of the Comptroller of the Currency (the “OCC”) to convert Flagstar Bank, FSB to a national bank to be known as Flagstar Bank, N.A., and to merge New York Community Bank into Flagstar Bank, N.A. with Flagstar Bank, N.A. being the surviving entity. Flagstar Bank, FSB, provided commercial, small business, and consumer banking services through 158 branches in Michigan, Indiana, California, Wisconsin, and Ohio. It also provided home loans through a wholesale network of brokers and correspondents in all 50 states. The acquisition of Flagstar added significant scale, geographic diversification, improved funding profile, and a broader product mix to the Company. The acquisition of Flagstar has been accounted for as a business combination. The Company recorded the estimate of fair value based on initial valuations at December 1, 2022. Due to the timing of the transaction closing date and the Company’s annual report on Form 10-K, these estimated fair values are considered preliminary as of December 31, 2022, and subject to adjustment for up to one year after December 1, 2022. While the Company believes that the information available on December 1, 2022 provided a reasonable basis for estimating fair value, the Company expects that it may obtain additional information and evidence during the measurement period that would result in changes to the estimated fair value amounts. Valuations subject to change include, but are not limited to, loans and leases, certain deposits, intangibles, deferred tax assets and liabilities and certain other assets and other liabilities. The Company’s results of operations for the year-ended December 31, 2022, include the results of operations of Flagstar on and after December 1, 2022. Results for periods prior to December 1, 2022, do not include the results of operations of Flagstar. The following table provides a preliminary allocation of consideration paid for the fair value of assets acquired and liabilities and equity assumed from Flagstar as of December 1, 2022. (in millions) Purchase price consideration $ 2,010 Fair value of assets acquired: Cash & cash equivalents 331 Securities 2,695 Loans held for sale 1,257 Loans held for investment: One-to-four family first mortgage 5,438 Commercial real estate 3,891 Commercial and industrial 6,523 Consumer and other 2,156 Total loans held for investment 18,008 CDI and other intangible assets 292 Mortgage servicing rights 1,012 Other assets 2,158 Total assets acquired 25,753 Fair value of liabilities assumed: Deposits 15,995 Borrowings 6,700 Other liabilities 889 Total liabilities assumed 23,584 Fair value of net identifiable assets 2,169 Bargain purchase gain $ 159 In connection with the acquisition, the Company recorded a bargain purchase gain of approximately $ 159 million. Fair Value of Assets Acquired and Liabilities Assumed Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, reflecting assumptions that a market participant would use when pricing an asset or liability. In some cases, the estimation of fair values requires management to make estimates about discount rates, future expected cash flows, market conditions, and other future events that are highly subjective in nature and are subject to change. Described below are the methods used to determine the fair values of the significant assets acquired and liabilities assumed in the Flagstar acquisition. Cash and Cash Equivalents The estimated fair values of cash and cash equivalents approximate their stated face amounts, as these financial instruments are either due on demand or have short-term maturities. Investment Securities and Federal Home Loan Bank Stock Quoted market prices for the securities acquired were used to determine their fair values. If quoted market prices were not available for a specific security, then quoted prices for similar securities in active markets were used to estimate the fair value. The fair value of FHLB-Indianapolis stock is equivalent to the redemption amount. Loans Fair values for loans were based on a discounted cash flow methodology that considered credit loss expectations, market interest rates and other market factors such as liquidity from the perspective of a market participant. Loans were grouped together according to similar characteristics and were treated in the aggregate when applying various valuation techniques. The probability of default, loss given default and prepayment assumptions were the key factors driving credit losses which were embedded into the estimated cash flows. These assumptions were informed by internal data on loan characteristics, historical loss experience, and current and forecasted economic conditions. The interest and liquidity component of the estimate was determined by discounting interest and principal cash flows through the expected life of each loan. The discount rates used for loans are based on current market rates for new originations of comparable loans and include adjustments for liquidity. The discount rates do not include a factor for credit losses as that has been included as a reduction to the estimated cash flows. Acquired loans were marked to fair value and adjusted for any PCD gross up as of the merger date. Core Deposit Intangible CDI is a measure of the value of non-interest-bearing and interest-bearing checking accounts, savings accounts, and money market accounts that are acquired in a business combination. The fair value of the CDI stemming from any given business combination is based on the present value of the expected cost savings attributable to the core deposit funding, relative to an alternative source of funding. The CDI relating to the Flagstar acquisition will be amortized over an estimated useful life of 10 years using the sum of years digits depreciation method. The Company evaluates such identifiable intangibles for impairment when an indication of impairment exists. Deposit Liabilities The fair values of deposit liabilities with no stated maturity (i.e., money market accounts, savings accounts, and non-interest-bearing and interest-bearing checking accounts) are equal to the carrying amounts payable on demand. The fair values of certificates of deposit represent contractual cash flows, discounted using interest rates currently offered on deposits with similar characteristics and remaining maturities. Borrowed Funds The estimated fair value of borrowed funds is based 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. PCD loans Purchased loans that reflect a more-than-insignificant deterioration of credit from origination are considered PCD. For PCD loans and leases, the initial estimate of expected credit losses is recognized in the ACL on the date of acquisition using the same methodology as other loans and leases held-for-investment. The following table provides a summary of loans and leases purchased as part of the Flagstar acquisition with credit deterioration and associated credit loss reserve at acquisition: (in millions) Total Par value (UPB) $ 1,950 ACL at acquisition ( 51 ) Non-credit (discount) ( 33 ) Fair value $ 1,866 Pro Forma Combined Results of Operations The following pro forma financial information presents the unaudited consolidated results of operations of the Company and Flagstar as if the Merger occurred as of January 1, 2021 with pro forma adjustments. The pro forma adjustments give effect to any change in interest income due to the accretion of the net discounts from the fair value adjustments of acquired loans, any change in interest expense due to the estimated net premium from the fair value adjustments to acquired time deposits and other debt, and the amortization of intangibles had the deposits been acquired as of January 1, 2021. The pro forma amounts for the twelve months ended December 31, 2022 and 2021 do not reflect the anticipated cost savings that have not yet been realized. Merger related expenses incurred by the Company during the twelve months ended December 31, 2022 and 2021 are reflected in the pro forma amounts. The pro forma information does not necessarily reflect the results of operations that would have occurred had the Company merged with Flagstar at the beginning of 2021. Twelve Months Ended December 31, (unaudited) (in millions) 2022 2021 Net interest income $ 2,278 $ 2,208 Non-interest income 650 1,105 Net income 804 1,207 Net income available to common stockholders 771 1,174 |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2022 | |
Reclassifications Of Accumulated Other Comprehensive Loss [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Loss | NOTE 4: RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE LOSS (in millions) For the Twelve Months Ended December 31, 2022 Details about Amount (1) Affected Line Item in the Unrealized gains on available-for-sale $ - Net gain on securities - Income tax expense $ - Net gain on securities, net of tax Unrealized gains on cash flow hedges: $ 4 Interest expense ( 1 ) Income tax benefit $ 3 Net gain on cash flow hedges, net of tax Amortization of defined benefit pension Past service liability $ - Included in the computation of net periodic credit (2) Actuarial losses ( 2 ) Included in the computation of net periodic cost (2) ( 2 ) Total before tax - Income tax benefit $ ( 2 ) Amortization of defined benefit pension plan items, net of tax Total reclassifications for the period $ 1 (1) Amounts in parentheses indicate expense items. (2) See Note 17, “Employee Benefits,” for additional information. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | NOTE 5: SECURITIES The following tables summarize the Company’s portfolio of debt securities available for sale and equity investments with readily determinable fair values: December 31, 2022 (in millions) Amortized Gross Gross Fair Debt securities available-for-sale Mortgage-Related Debt Securities: GSE certificates $ 1,457 $ — $ 160 $ 1,297 GSE CMOs 3,600 1 300 3,301 Private Label CMOs 185 6 — 191 Total mortgage-related debt securities $ 5,242 $ 7 $ 460 $ 4,789 Other Debt Securities: U. S. Treasury obligations $ 1,491 $ — $ 4 $ 1,487 GSE debentures 1,749 — 351 1,398 Asset-backed securities (1) 375 — 14 361 Municipal bonds 30 — — 30 Corporate bonds 913 2 30 885 Foreign notes 20 — — 20 Capital trust notes 97 5 12 90 Total other debt securities $ 4,675 $ 7 $ 411 $ 4,271 Total debt securities available for sale $ 9,917 $ 14 $ 871 $ 9,060 Equity securities: Mutual funds 16 — 2 14 Total equity securities $ 16 $ — $ 2 $ 14 Total securities (2) $ 9,933 $ 14 $ 873 $ 9,074 (1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2) Excludes accrued interest receivable of $ 31 million included in other assets in the Consolidated Statements of Condition. December 31, 2021 (in millions) Amortized Gross Gross Fair Debt securities available-for-sale Mortgage-Related Debt Securities: GSE certificates 1,102 20 15 $ 1,107 GSE CMOs 1,717 11 45 1,683 Total mortgage-related debt securities $ 2,819 $ 31 $ 60 $ 2,790 Other Debt Securities: U. S. Treasury obligations 45 $ — $ — $ 45 GSE debentures 1,524 1 45 1,480 Asset-backed securities (1) 479 3 3 479 Municipal bonds 25 — — 25 Corporate bonds 821 18 1 838 Foreign Notes 25 1 — 26 Capital trust notes 96 8 7 97 Total other debt securities $ 3,015 $ 31 $ 56 $ 2,990 Total other securities available for sale $ 5,834 $ 62 $ 116 $ 5,780 Equity securities: Mutual funds 16 — — 16 Total equity securities $ 16 $ — $ — $ 16 Total securities (2) $ 5,850 $ 62 $ 116 $ 5,796 (1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2) Excludes accrued interest receivable of $ 15 million included in other assets in the Consolidated Statements of Condition. At December 31, 2022 , the Company had $ 762 million and $ 329 million of FHLB-NY stock, at cost and FHLB-Indianapolis stock, at cost, respectively. At December 31, 2021 , the Company had $ 734 million of FHLB-NY stock, at cost. The Company maintains an investment in FHLB-NY stock partly in conjunction with its membership in the FHLB and partly related to its access to the FHLB funding it utilizes. In addition, at December 31, 2022 , the Company had $ 176 million of Federal Reserve Bank stock, at cost. The Company had no Federal Reserve Bank stock, at December 31, 2021. The following table summarizes the gross proceeds, gross realized gains, and gross realized losses from the sale of available-for-sale securities during the years-ended: December 31, (in millions) 2022 2021 2020 Gross proceeds $ 228 $ — $ 484 Gross realized gains — — 2 Gross realized losses — — 1 Net unrealized (loss) gains on equity securities recognized in earnings for the years ended December 31, 2022, 2021, and 2020 were $( 2 ) million, $ 0 million and $ 1 million, respectively. The following table summarizes, by contractual maturity, the amortized cost of securities at December 31, 2022: Mortgage- U.S. State, Other (1) Fair (dollars in millions) Available-for-Sale Debt Due within one year $ 52 $ 1,588 $ 2 $ 20 $ 1,657 Due from one to five years 195 150 — 472 804 Due from five to ten years 277 1,177 18 509 1,656 Due after ten years 4,718 325 10 404 4,943 Total debt securities available $ 5,242 $ 3,240 $ 30 $ 1,405 $ 9,060 (1) Includes corporate bonds, capital trust notes, foreign notes, and asset-backed securities. The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2022: Less than Twelve Months Twelve Months or Longer Total (in millions) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Temporarily Impaired Securities: U. S. Treasury obligations $ 1,487 $ 4 $ — $ — $ 1,487 $ 4 U.S. Government agency and GSE obligations 243 5 1,156 346 1,399 351 GSE certificates 871 46 420 114 1,291 160 GSE CMOs 2,219 36 925 264 3,144 300 Asset-backed securities 61 2 262 12 323 14 Municipal bonds 9 — 7 — 16 — Corporate bonds 698 27 97 4 795 30 Foreign notes 20 — — — 20 — Capital trust notes 46 2 34 10 80 12 Equity securities 4 — 10 2 14 2 Total temporarily impaired $ 5,658 $ 122 $ 2,911 $ 752 $ 8,569 $ 873 The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2021: Less than Twelve Months Twelve Months or Longer Total (in millions) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Temporarily Impaired Securities: U. S. Treasury obligations $ 45 $ — $ — $ — $ 45 $ — U.S. Government agency and GSE obligations 317 7 185 8 502 15 GSE certificates 846 28 293 17 1,139 45 GSE CMOs 491 8 926 37 1,417 45 Asset-backed securities 130 1 135 2 265 3 Municipal bonds — — 8 — 8 — Corporate bonds — — 99 1 99 1 Foreign notes 5 — — — 5 — Capital trust notes — — 37 7 37 7 Equity securities 12 — — — 12 — Total temporarily impaired $ 1,846 $ 44 $ 1,683 $ 72 $ 3,529 $ 116 The investment securities designated as having a continuous loss position for twelve months or more at December 31, 2022 consisted of twenty three agency collateralized mortgage obligations, five capital trusts notes, seven asset-backed securities, two corporate bonds, thirty three US government agency bonds, one hundred thirty three mortgage-backed securities, one mutual fund, and one municipal bond. The investment securities designated as having a continuous loss position for twelve months or more at December 31, 2021 consisted of four agency collateralized mortgage obligations, five capital trusts notes, four asset-backed securities, two corporate bonds, twenty US government ag ency bonds, twenty one mortgage-backed securities and one municipal bond. The Company evaluates available-for-sale debt securities in unrealized loss positions at least quarterly to determine if an allowance for credit losses is required. Based on an evaluation of available information about past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability, the Company has concluded that it expects to receive all contractual cash flows from each security held in its available-for-sale securities portfolio. We first assess whether (i) we intend to sell, or (ii) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of these criteria is met, any previously recognized allowances are charged off and the security’s amortized cost basis is written down to fair value through income. If neither of the aforementioned criteria 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 December 31, 2022 or December 31, 2021 relates to the marketability of the securities or the issuers’ ability to honor redemption obligations. Rather, the unrealized losses relate to changes in interest rates relative to when the investment securities were purchased, and do not indicate credit-related impairment. Management based this conclusion on an analysis of each issuer including a detailed credit assessment of each issuer. The Company does not intend to sell, and it is not more likely than not that the Company will be required to sell the positions before the recovery of their amortized cost basis, which may be at maturity. As such, no allowance for credit losses was recorded with respect to debt securities as of or during the twelve months ended December 31, 2022 . |
Loans and Leases
Loans and Leases | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Loans and Leases | NOTE 6: LOANS AND LEASES The following table sets forth, at the dates indicated, the composition of the loan and lease portfolio held for investment, at their amortized cost, which includes the outstanding principal balance adjusted for any unamortized premiums, discounts, deferred fees and costs: December 31, 2022 December 31, 2021 (dollars in millions) Amount Percent of Amount Percent of Loans and Leases Held for Investment: Mortgage Loans: Multi-family $ 38,130 55.3 % $ 34,628 75.7 % Commercial real estate 8,526 12.4 6,701 14.7 One-to-four family first mortgage 5,821 8.4 160 0.3 Acquisition, development, and construction 1,996 2.8 209 0.5 Total mortgage loans held for investment (1) 54,473 78.9 41,698 91.2 Other Loans: Commercial and industrial 10,597 15.4 2,238 3.2 Lease financing, net of unearned income 85 and $ 95 respectively 1,679 2.4 1,796 3.9 Total commercial and industrial loans (2) 12,276 17.8 4,034 7.2 Other 2,252 3.3 6 0.0 Total other loans held for investment 14,528 21.1 4,040 7.2 Total loans and leases held for investment (1) $ 69,001 100.0 % $ 45,738 100.0 % Allowance for credit losses on loans and leases ( 393 ) ( 199 ) Total loans and leases held for investment, net $ 68,608 $ 45,539 Loans held for sale, at fair value 1,115 — Total loans and leases, net $ 69,723 $ 45,539 (1) Excludes accrued interest receivable of $ 292 million and $ 199 million at December 31, 2022 and December 31, 2021 , respectively, which is included in other assets in the Consolidated Statements of Condition. (2) Includes specialty finance loans and leases of $ 4.4 billion and $ 3.5 billion, respectively, at December 31, 2022 and December 31, 2021 . Loans and Leases Loans and Leases Held for Investment The majority of the loans the Company originates for investment are multi-family loans, most of which are collateralized by non-luxury 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 prime 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, the local economy and changes in applicable laws and regulations. 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 had long-term relationships with its experienced lending officers. Each of these credits is secured with a perfected first security interest or outright ownership in the underlying collateral, and structured as senior debt or as a non-cancelable 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. At December 31, 2022, one-to-four family loans represented $ 5.8 billion and as of December 31, 2021 one-to-four family loans totaled $ 160 million, with the increase being driven by the Flagstar acquisition. These loans include various types of conforming and non-conforming fixed and adjustable rate loans underwritten using Fannie Mae and Freddie Mac guidelines for the purpose of purchasing or refinancing owner occupied and second home properties. At December 31, 2022, other loans totaled $ 2.3 billion and consisted primarily of home equity lines of credit, boat and recreational vehicle indirect lending, point of sale consumer loans and other consumer loans, including overdraft loans acquired in the Flagstar acquisition. Included in loans held for investment at December 31, 2022 and December 31, 2021 , were loans of $ 101 million and $ 6 million, respectively, to officers, directors, and their related interests and parties. There were no loans to principal shareholders at that date. Loans with Government Guarantees Substantially all LGG are insured or guaranteed by the FHA or the U.S. Department of Veterans Affairs. Nonperforming repurchased loans in this portfolio earn interest at a rate based upon the 10-year U.S. Treasury note rate from the time the underlying loan becomes 60 days delinquent until the loan is conveyed to HUD (if foreclosure timelines are met), which is not paid by the FHA until claimed. The Bank has a unilateral option to repurchase loans sold to GNMA if the loan is due, but unpaid, for three consecutive months (typically referred to as 90 days past due) and can recover losses through a claims process from the guarantor. These loans are recorded in loans held for investment and the liability to repurchase the loans is recorded in other liabilities on the Consolidated Statements of Condition. Certain loans within our portfolio may be subject to indemnifications and insurance limits which expose us to limited credit risk. As of December 31, 2022, LGG loans totaled $ 1.2 billion and the repurchase liability was $ 0.3 billion. Repossessed assets and the associated net claims related to government guaranteed loans are recorded in other assets and was $ 14 million at December 31, 2022. Loans Held-for-Sale At December 31, 2022, loans held for sale were $ 1.1 billion compared to zero at December 31, 2021, with the increase driven by the Flagstar acquisition. The Company classifies loans as held for sale when we originate or purchase loans that we intend to sell. The Company has elected the fair value option for nearly all of this portfolio. The Company estimates the fair value of mortgage loans based on quoted market prices for securities backed by similar types of loans, where available, or by discounting estimated cash flows using observable inputs inclusive of interest rates, prepayment speeds and loss assumptions for similar collateral. The majority of our mortgage loans originated as LHFS are ultimately sold into the secondary market on a whole loan basis or by securitizing the loans into agency, government, or private label MBS. Asset Quality All asset quality information excludes LGG that are insured by U.S government agencies. 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 December 31, 2022 and December 31, 2021, all of our non-performing loans were non-accrual loans. The following table presents information regarding the quality of the Company’s loans held for investment at December 31, 2022: (in millions) Loans Non- Loans 90 Total Current Total Multi-family $ 34 $ 13 $ — $ 47 $ 38,083 $ 38,130 Commercial real estate 2 20 — 22 8,504 8,526 One-to-four family first mortgage 21 92 — 113 5,708 5,821 Acquisition, development, and — — — — 1,996 1,996 Commercial and industrial (1) — 7 — 7 12,269 12,276 Other 13 9 — 22 2,230 2,252 Total $ 70 $ 141 $ — $ 211 $ 68,790 $ 69,001 (1) Includes lease financing receivables, all of which were current. The following table presents information regarding the quality of the Company’s loans held for investment at December 31, 2021: (in millions) Loans Non- Loans 90 Total Current Total Multi-family $ 57 $ 10 $ — $ 67 $ 34,561 $ 34,628 Commercial real estate 2 16 — 18 6,683 6,701 One-to-four family first mortgage 8 1 — 9 151 160 Acquisition, development, and — — — — 209 209 Commercial and industrial (1) — 6 — 6 4,029 4,035 Other — — — — 5 5 Total $ 67 $ 33 $ — $ 100 $ 45,638 $ 45,738 (1) Includes lease financing receivables, all of which were current. The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at December 31, 2022: Mortgage Loans Other Loans (in millions) Multi- Commercial One-to- Acquisition, Total Commercial (1) Other Total Credit Quality Indicator: Pass $ 36,622 $ 7,871 $ 5,710 $ 1,992 $ 52,195 $ 12,208 $ 2,238 $ 14,446 Special mention 864 230 8 4 1,106 18 — 18 Substandard 644 425 103 — 1,172 50 14 64 Doubtful — — — — — — — — Total $ 38,130 $ 8,526 $ 5,821 $ 1,996 $ 54,473 $ 12,276 $ 2,252 $ 14,528 (1) Includes lease financing receivables, all of which were classified as Pass. The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at December 31, 2021: Mortgage Loans Other Loans (in millions) Multi- Commercial One-to- Acquisition, Total Commercial (1) Other Total Credit Quality Indicator: Pass $ 33,035 $ 5,876 $ 137 $ 204 $ 39,252 $ 3,987 $ 6 $ 3,993 Special mention 982 644 14 5 1,645 2 — 2 Substandard 611 181 9 — 801 45 — 45 Doubtful — — — — — — — — Total $ 34,628 $ 6,701 $ 160 $ 209 $ 41,698 $ 4,034 $ 6 $ 4,040 (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 December 31, 2022: Vintage Year (in millions) 2022 2021 2020 2019 2018 Prior To Revolving Revolving Total Pass $ 12,817 $ 10,925 $ 9,121 $ 5,519 $ 4,301 $ 8,055 $ 1,452 $ 5 $ 52,195 Special Mention — 15 103 244 293 451 — — 1,106 Substandard 1 6 48 224 137 753 — 3 1,172 Total mortgage loans $ 12,818 $ 10,946 $ 9,272 $ 5,987 $ 4,731 $ 9,259 $ 1,452 $ 8 $ 54,473 Pass 5,415 964 637 727 180 266 6,209 46 14,444 Special Mention 12 — — 7 — — — — 19 Substandard 1 1 22 2 9 7 19 4 65 Total other loans 5,428 965 659 736 189 273 6,228 50 14,528 Total $ 18,246 $ 11,911 $ 9,931 $ 6,723 $ 4,920 $ 9,532 $ 7,680 $ 58 $ 69,001 When management determines that foreclosure is probable, for loans that are individually evaluated the expected credit losses are based on the fair value of the collateral adjusted for selling costs. When the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, the collateral-dependent practical expedient has been elected and expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. For CRE loans, collateral properties include office buildings, warehouse/distribution buildings, shopping centers, apartment buildings, residential and commercial tract development. The primary source of repayment on these loans is expected to come from the sale, permanent financing or lease of the real property collateral. CRE loans are impacted by fluctuations in collateral values, as well as the ability of the borrower to obtain permanent financing. The following table summarizes the extent to which collateral secures the Company’s collateral-dependent loans held for investment by collateral type as of December 31, 2022: Collateral Type (in millions) Real Other Multi-family $ 13 $ — Commercial real estate 35 — One-to-four family first mortgage 136 — Acquisition, development, and construction — — Commercial and industrial — 3 Other 14 — Total collateral-dependent loans held for investment 198 3 Other collateral type consists of taxi medallions, cash, accounts receivable and inventory. There were no significant changes in the extent to which collateral secures the Company’s collateral-dependent financial assets during the twelve months ended December 31, 2022. At December 31, 2022 and December 31, 2021 , the Company had $ 121 million residential mortgage loans in the process of foreclosure and no residential mortgage loans in the process of foreclosure, respectively. The interest income that would have been recorded under the original terms of non-accrual loans at the respective year-ends, and the interest income actually recorded on these loans in the respective years, is summarized below: December 31, (in millions) 2022 2021 2020 Interest income that would have been recorded $ 3 $ 3 $ 5 Interest income actually recorded ( 1 ) ( 1 ) ( 1 ) Interest income foregone $ 2 $ 2 $ 4 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 an effort to proactively manage delinquent loans, the Company has selectively extended to certain borrowers concessions such as rate reductions, extension of maturity dates, and forbearance agreements. As of December 31, 2022 , loans on which concessions were made with respect to rate reductions and/or extension of maturity dates amounted to $ 38 million. The following table presents information regarding the Company’s TDRs: December 31, 2022 December 31, 2021 (in millions) Accruing Non- Total Accruing Non- Total Loan Category: Multi-family $ — $ 6 $ 6 $ — $ 7 $ 7 Commercial real estate 16 19 35 16 — 16 One-to-four family first mortgage — — — — — — Acquisition, development, and — — — — — — Commercial and industrial — 3 3 — 6 6 Total $ 16 $ 28 $ 44 $ 16 $ 13 $ 29 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 are summarized as follows: For the Twelve Months Ended December 31, 2022 Weighted Average (dollars in millions) Number Pre- Post- Pre- Post- Charge- Capitalized Loan Category: Commercial real estate 2 $ 22 $ 19 6.00 % 4.02 % $ 3 $ — Total 2 $ 22 $ 19 $ 3 $ — For the Twelve Months Ended December 31, 2021 Weighted Average (dollars in millions) Number Pre- Post- Pre- Post- Charge- Capitalized Loan Category: Commercial real estate 2 $ 4 $ 4 6.00 % 3.55 % $ — $ — Commercial and industrial 1 8 8 3.13 3.25 — — Total 3 $ 12 $ 12 $ — For the Twelve Months Ended December 31, 2020 Weighted Average (dollars in millions) Number Pre- Post- Pre- Post- Charge- Capitalized Loan Category: One-to-four family first mortgage 1 $ 15 $ 15 8.00 % 3.50 % $ — $ — Commercial and industrial 42 9 $ 8 2.36 2.23 1 — Total 43 $ 24 $ 23 $ 1 $ — At December 31, 2022 and December 31, 2021 , no loans have been modified as TDR's that were in payment default during the twelve months ended at that date. At December 31, 2020 , C&I loans in the amount of $ 3 million that had been modified as a TDR during the twelve months ended at that date was in prepayment 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. |
Allowance for Credit Losses on
Allowance for Credit Losses on Loans and Leases | 12 Months Ended |
Dec. 31, 2022 | |
Allowance For Credit Losses On Loans And Leases [Abstract] | |
Allowance for Credit Losses on Loans and Leases | NOTE 7: ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES Allowance for Credit Losses on Loans and Leases The following table summarizes activity in the allowance for loan and lease losses for the periods indicated: Twelve Months Ended December 31, 2022 2021 (in millions) Mortgage Other Total Mortgage Other Total Balance, beginning of period $ 178 $ 21 $ 199 $ 176 $ 18 $ 194 Adjustment for Purchased PCD Loans 21 30 51 — — — Charge-offs ( 5 ) ( 2 ) ( 7 ) ( 6 ) ( 7 ) ( 13 ) Recoveries 4 7 11 2 13 15 Provision for (recovery of) credit 92 47 139 6 ( 3 ) 3 Balance, end of period $ 290 $ 103 $ 393 $ 178 $ 21 $ 199 At December 31, 2022 , the allowance for credit losses on loans and leases totaled $ 393 million, up $ 194 million compared to December 31, 2021, driven primarily by the initial provision for credit losses and the adjustment for PCD loans acquired in the Flagstar acquisition. In addition, the increase was also driven by net recoveries of $ 4 million during the year 2022. At December 31, 2022 and 2021 , the allowance for unfunded commitments totaled $ 23 million and $ 12 million, respectively. For the year ended December 31, 2022 the increase in the allowance for credit losses on loans and leases was primarily driven by a combination of increased loan balances as a result of the Flagstar acquisition and changes in the macroeconomic environment both on a spot and forecasted basis, specifically the inflationary pressures leading to sharp increases in interest rates and a slow-down of prepayment activity leading to longer weighted average lives on the balance sheet. In addition, the impact of the forecasted macroeconomic factors had resultant decreases on market level factors in Property Prices on the Multi-Family, Commercial Real Estate and 1-4 Family loan portfolios reflecting the changing economic landscape. The Company charges off loans, or portions of loans, in the period that such loans, or portions thereof, are deemed uncollectible. The collectability of individual loans is determined through an assessment of the financial condition and repayment capacity of the borrower and/or through an estimate of the fair value of any underlying collateral. For non-real estate-related consumer credits, the following past-due time periods determine when charge-offs are typically recorded: (1) closed-end credits are charged off in the quarter that the loan becomes 120 days past due; (2) open-end credits are charged off in the quarter that the loan becomes 180 days past due; and (3) both closed-end and open-end credits are typically charged off in the quarter that the credit is 60 days past the date the Company received notification that the borrower has filed for bankruptcy. The following table presents additional information about the Company’s nonaccrual loans at December 31, 2022: (in millions) Recorded Related Interest Nonaccrual loans with no related allowance: Multi-family $ 13 $ — $ — Commercial real estate 19 — 1 One-to-four family first mortgage 90 — — Acquisition, development, and construction — — — Other (includes C&I) 3 — — Total nonaccrual loans with no related allowance $ 125 $ — $ 1 Nonaccrual loans with an allowance recorded: Multi-family $ — $ — $ — Commercial real estate 1 — — One-to-four family first mortgage 2 — — Acquisition, development, and construction — — — Other (includes C&I) 13 14 — Total nonaccrual loans with an allowance recorded $ 16 $ 14 $ — Total nonaccrual loans: Multi-family $ 13 $ — $ — Commercial real estate 20 — 1 One-to-four family first mortgage 92 — — Acquisition, development, and construction — — — Other (includes C&I) 16 14 — Total nonaccrual loans $ 141 $ 14 $ 1 The following table presents additional information about the Company’s nonaccrual loans at December 31, 2021 (in millions) Recorded Related Interest Nonaccrual loans with no related allowance: Multi-family $ 9 $ — $ 1 Commercial real estate 14 — — One-to-four family first mortgage — — — Acquisition, development, and construction — — — Other 6 — — Total nonaccrual loans with no related allowance $ 29 $ — $ 1 Nonaccrual loans with an allowance recorded: Multi-family $ 1 $ — $ — Commercial real estate 2 — — One-to-four family first mortgage 1 — — Acquisition, development, and construction — — — Other — — — Total nonaccrual loans with an allowance recorded $ 4 $ — $ — Total nonaccrual loans: Multi-family $ 10 $ — $ 1 Commercial real estate 16 — — One-to-four family first mortgage 1 — — Acquisition, development, and construction — — — Other 6 — — Total nonaccrual loans $ 33 $ — $ 1 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | NOTE 8. 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 the 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 either 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 December 31, 2022 and December 31, 2021 , the carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $ 32 million and $ 61 million, respectively. The Company uses the interest rate implicit in the lease to determine the present value of its lease financing receivables. The components of lease income were as follows: (in millions) For the For the Interest income on lease financing (1) $ 53 $ 53 (1) Included in Interest Income – Loans and leases in the Consolidated Statements of Income and Comprehensive Income. At December 31, 2022 and December 31, 2021 , the carrying value of net investment in leases was $ 1.7 billion and $ 1.9 billion, respectively. The components of net investment in direct financing leases, including the carrying amount of the lease receivables, as well as the unguaranteed residual asset were as follows: (in millions) December 31, December 31, Net investment in the lease - lease payments receivable $ 1,685 $ 1,790 Net investment in the lease - unguaranteed residual assets 60 75 Total lease payments $ 1,745 $ 1,865 The following table presents the remaining maturity analysis of the undiscounted lease receivables, as well as the reconciliation to the total amount of receivables recognized in the Consolidated Statements of Condition: (in millions) December 31, 2022 $ - 2023 52 2024 152 2025 396 2026 342 Thereafter 803 Total lease payments 1,745 Plus: deferred origination costs 19 Less: unearned income ( 85 ) Total lease finance receivables, net $ 1,679 Lessee Arrangements The Company has operating leases for corporate offices, branch locations, and certain equipment. These leases generally have terms of 20 years or less, determined based on the contractual maturity of the lease, and include periods covered by options to extend or terminate the lease when the Company is reasonably certain that it will exercise those options. For the vast majority of the Company’s leases, we are not reasonably certain we will exercise our options to renew to the end of all renewal option periods. 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 the vast majority of the leases do not provide an implicit rate, the incremental borrowing rate (FHLB borrowing rate) is used based on the information available at commencement 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. 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. The components of lease expense were as follows: (in millions) For the Twelve For the Twelve Operating lease cost $ 28 $ 27 Sublease income — — Total lease cost $ 28 $ 27 Supplemental cash flow information related to the leases for the following periods: (in millions) For the Twelve For the Twelve Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 28 $ 27 Supplemental balance sheet information related to the leases for the following periods: (in millions, except lease term and discount rate) December 31, December 31, Operating Leases: Operating lease right-of-use assets (1) $ 119 $ 249 Operating lease liabilities (2) $ 122 249 Weighted average remaining lease term 6 years 16 years Weighted average discount rate % 3.85 % 3.05 % (1) Included in Other assets in the Consolidated Statements of Condition. (2) Included in Other liabilities in the Consolidated Statements of Condition. (in millions) December 31, 2023 $ 28 2024 25 2025 24 2026 19 2027 13 Thereafter 28 Total lease payments 137 Less: imputed interest ( 15 ) Total present value of lease liabilities $ 122 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2022 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | NOTE 9: MORTGAGE SERVICING RIGHTS The Company has investments in MSRs that result from the sale of loans to the secondary market for which we retain the servicing. The Company accounts for MSRs at their fair value. A primary risk associated with MSRs is the potential reduction in fair value as a result of higher than anticipated prepayments due to loan refinancing prompted, in part, by declining interest rates or government intervention. Conversely, these assets generally increase in value in a rising interest rate environment to the extent that prepayments are slower than anticipated. The Company utilizes derivatives as economic hedges to offset changes in the fair value of the MSRs resulting from the actual or anticipated changes in prepayments stemming from changing interest rate environments. There is also a risk of valuation decline due to higher than expected default rates, which we do not believe can be effectively managed using derivatives. For further information regarding the derivative instruments utilized to manage our MSR risks, see Note 14 - Derivative and Hedging Activities. Changes in the fair value of residential first mortgage MSRs were as follows: For the Month Ended December 31, 2022 (in millions) Balance at beginning of period, December 1, 2022 $ 1,012 Additions from loans sold with servicing retained 19 Reductions from sales - Decrease in MSR fair value due to pay-offs, pay-downs, run-off , model changes, and other (1) ( 8 ) Changes in estimates of fair value due to interest rate risk (1) (2) 10 Fair value of MSRs at end of period $ 1,033 (1) Changes in fair value are included within net return on mortgage servicing rights on the Consolidated Statements of Income and Comprehensive Income. (2) Represents estimated MSR value change resulting primarily from market-driven changes which we manage through the use of derivatives. The following table summarizes the hypothetical effect on the fair value of servicing rights using adverse changes of 10 percent and 20 percent to the weighted average of certain significant assumptions used in valuing these assets: December 31, 2022 Fair value Actual 10% adverse change 20% adverse change (dollars in millions) Option adjusted spread 5.9 % $ 1,012 $ 992 Constant prepayment rate 7.9 % 1,000 970 Weighted average cost to service per loan $ 68 1,023 1,013 The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. To isolate the effect of the specified change, the fair value shock analysis is consistent with the identified adverse change, while holding all other assumptions constant. In practice, a change in one assumption generally impacts other assumptions, which may either magnify or counteract the effect of the change. For further information on the fair value of MSRs. Contractual servicing and subservicing fees, including late fees and other ancillary income are presented below. Contractual servicing fees are included within net return on mortgage servicing rights on the Consolidated Statements of Income and Comprehensive Income. Contractual subservicing fees including late fees and other ancillary income are included within loan administration income on the Consolidated Statements of Income and Comprehensive Income . Subservicing fee income is recorded for fees earned on subserviced loans, net of third-party subservicing costs. The following table summarizes income and fees associated with owned MSRs: For the Month Ended December 31, 2022 (in millions) Net return on mortgage servicing rights Servicing fees, ancillary income and late fees (1) $ 20 Decrease in MSR fair value due to pay-offs, pay-downs, run-off , model changes and other ( 8 ) Changes in fair value due to interest rate risk 10 Loss on MSR derivatives (2) ( 16 ) Net transaction costs - Total return (loss) included in net return on mortgage servicing rights $ 6 (1) Servicing fees are recorded on an accrual basis. Ancillary income and late fees are recorded on a cash basis. (2) Changes in the derivatives utilized as economic hedges to offset changes in fair value of the MSRs. The following table summarizes income and fees associated with our mortgage loans subserviced for others: For the Month Ended December 31, 2022 (in millions) Loan administration income on mortgage loans subserviced Servicing fees, ancillary income and late fees (1) $ 11 Charges on subserviced custodial balances (2) ( 8 ) Other servicing charges - Total income on mortgage loans subserviced, included in loan administration $ 3 (1) Servicing fees are recorded on an accrual basis. Ancillary income and late fees are recorded on a cash basis. (2) Charges on subserviced custodial balances represent interest due to MSR owner. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2022 | |
Variable Interest Entity [Abstract] | |
Variable Interest Entities | NOTE 10: VARIABLE INTEREST ENTITIES We have no consolidated VIEs as of December 31, 2022 and December 31, 2021. In connection with our non-qualified mortgage securitization activities, we have retained a five percent interest in the investment securities of certain trusts ("other MBS") and are contracted as the subservicer of the underlying loans, compensated based on market rates, which constitutes a continuing involvement in these trusts. Although we have a variable interest in these securitization trusts, we are not their primary beneficiary due to the relative size of our investment in comparison to the total amount of securities issued by the VIE and our inability to direct activities that most significantly impact the VIE’s economic performance. As a result, we have not consolidated the assets and liabilities of the VIE in our Consolidated Statements of Condition. The Bank’s maximum exposure to loss is limited to our five percent retained interest in the investment securities that had a fair value of $ 191 million as of December 31, 2022 as well as the standard representations and warranties made in conjunction with the loan transfers. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Banking And Thrift Disclosure [Abstract] | |
Deposits | NOTE 11: DEPOSITS The following table sets forth the weighted average interest rates for each type of deposit at December 31, 2022 and 2021: December 31, 2022 2021 (dollars in millions) Amount Percent Weighted Amount Percent Weighted Interest-bearing checking and money $ 22,511 38.34 % 2.66 % $ 13,209 37.68 % 0.20 % Savings accounts 11,645 19.83 1.30 8,892 25.36 0.35 Certificates of deposit 12,510 21.30 2.04 8,424 24.03 0.52 Non-interest-bearing accounts 12,055 20.53 — 4,534 12.93 — Total deposits $ 58,721 100.00 % 1.71 % $ 35,059 100.00 % 0.29 % At December 31, 2022 and 2021 , the aggregate amount of deposits that had been reclassified as loan balances (i.e., overdrafts) was $ 4 million and $ 2 million, respectively. The scheduled maturities of certificates of deposit at December 31, 2022 were as follows: (in millions) 1 year or less $ 9,247 More than 1 year through 2 years 2,922 More than 2 years through 3 years 298 More than 3 years through 4 years 50 More than 4 years through 5 years 24 Over 5 years 5 Total CDs (1) $ 12,546 (1) Excludes PAA. Included in total deposits at both December 31, 2022 and 2021 were brokered deposits of $ 5.1 billion and $ 5.7 billion with weighted average interest rates of .49 percent and .07 percent at the respective year-ends. Brokered money market accounts represented $ 2.8 billion and $ 3.0 billion of the December 31, 2022 and 2021 totals, and brokered interest-bearing checking accounts represented $ 1.0 billion and $ 1.5 billion, respectively. Brokered CDs represented $ 1.3 billion and $ 1.2 billion of brokered deposits at December 31, 2022 and 2021 , respectively. |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | NOTE 12: BORROWED FUNDS The following table summarizes the Company’s borrowed funds at December 31, 2022 and 2021: December 31, (in millions) 2022 2021 Wholesale borrowings: FHLB advances $ 20,325 $ 15,105 Repurchase agreements — 800 Total wholesale borrowings $ 20,325 $ 15,905 Junior subordinated debentures 575 361 Subordinated notes 432 296 Total borrowed funds $ 21,332 $ 16,562 Accrued interest on borrowed funds is included in “Other liabilities” in the Consolidated Statements of Condition and amounted to $ 37 million and $ 18 million, respectively, at December 31, 2022 and 2021. FHLB Advances The contractual maturities and the next call dates of FHLB advances outstanding at December 31, 2022 were as follows: Contractual Maturity Earlier of Contractual (dollars in millions) Amount Weighted (1) Amount Weighted (1) 2023 $ 10,325 3.51 % $ 15,325 3.26 % 2024 1,600 1.36 3,100 2.42 2025 — — 250 3.50 2026 — — — — 2027 2,650 3.77 1,250 3.87 2028 400 4.11 400 4.11 2029 200 1.61 — — 2030 — — — — 2031 — — — — 2032 5,150 2.80 — — Total FHLB advances $ 20,325 3.19 $ 20,325 3.19 (1) Does not included the effect interest rate swap agreements. FHLB advances include both straight fixed-rate advances and advances under the FHLB convertible advance program, which gives the FHLB the option of either calling the advance after an initial lock-out period of up to five years and quarterly thereafter until maturity, or a one-time call at the initial call date. At December 31, 2022 and 2021 , respectively, the Bank had unused lines of available credit with the FHLB-NY of up to $ 11.3 billion and $ 8.4 billion. The Company had $ 2.8 billion of overnight advances at December 31, 2022 , and no overnight advances at December 31, 2021. During the twelve months ended December 31, 2022 , the average balance of overnight advances amounted to $ 318 million, with a weighted average interest rate of 3.48 percent. During the twelve months ended December 31, 2021 , the average balances of overnight advances amounted to $ 6 million, with weighted average interest rates of 0.36 percent. Total FHLB advances generated interest expense of $ 251 million, $ 233 million, and $ 246 million, in the years ended December 31, 2022, 2021, and 2020, respectively. Repurchase Agreements The Company had no outstanding repurchase agreements as of December 31, 2022. As of December 31, 2021 , the company had $ 800 million of outstanding repurchase agreements. The Company had no short-term repurchase agreements outstanding at December 31, 2022 or 2021. At December 31, 2021 , the accrued interest on repurchase agreements amounted to $ 2 million. The interest expense on repurchase agreements was $ 14 million for the year ended December 31, 2022 , and $ 18 million for each of the years ended December 31, 2021 and 2020. Federal Funds Purchased There were no federal funds purchased outstanding at December 31, 2022 or 2021. In 2022 and 2021 , respectively, the average balances of federal funds purchased were $ 466 million and $ 81 million, with weighted average interest rates of 1.65 percent and 0.09 percent. The interest expense produced by federal funds purchased was $ 8 million, $ 0 million and $ 1 million for the years ended December 31, 2022, 2021 and 2020, respectively. Junior Subordinated Debentures At December 31, 2022 and 2021 , the Company had $ 608 million and $ 361 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 table presents contractual terms of the junior subordinated debentures outstanding at December 31, 2022: Issuer Interest Rate Junior Capital Date of Stated (dollars in millions) New York Community Capital Trust V (BONUSES Units) (1) 6.00 % $ 147 $ 141 Nov. 4, 2002 Nov. 1, 2051 New York Community Capital Trust X (2) 6.37 124 120 Dec. 14, 2006 Dec. 15, 2036 PennFed Capital Trust III (2) 8.02 31 30 June 2, 2003 June 15, 2033 New York Community Capital Trust XI (2) 6.38 59 58 April 16, 2007 June 30, 2037 Flagstar Statutory Trust II (2) 7.97 26 25 Dec. 26, 2002 Dec. 26, 2032 Flagstar Statutory Trust III (2) 7.33 26 25 Feb. 19, 2003 April 7, 2033 Flagstar Statutory Trust IV (2) 7.98 26 25 Mar. 19, 2003 Mar 19, 2033 Flagstar Statutory Trust V (2) 6.08 26 25 Dec 29, 2004 Jan. 7, 2035 Flagstar Statutory Trust VI (2) 6.08 26 25 Mar. 30, 2005 April 7, 2035 Flagstar Statutory Trust VII (2) 6.52 51 50 Mar. 29, 2005 June 15, 2035 Flagstar Statutory Trust VIII (2) 5.58 25 24 Sept. 22, 2005 Oct. 7, 2035 Flagstar Statutory Trust IX (2) 6.22 25 24 June 28, 2007 Sept. 15, 2037 Flagstar Statutory Trust X (2) 7.27 16 16 Aug. 31, 2007 Sept 15, 2037 Total junior subordinated debentures $ 608 $ 588 (1) Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. (2) Callable at any time. The Bifurcated Option Note Unit SecuritiES SM (“BONUSES units”) included in the preceding table were issued by the Company on November 4, 2002 at a public offering price of $ 50.00 per share. Each of the 5,500,000 BONUSES units offered consisted of a capital security issued by New York Community Capital Trust V, a trust formed by the Company, and a warrant to purchase 2.4953 shares of the common stock of the Company (for a total of approximately 13.7 million common shares) at an effective exercise price of $ 20.04 per share. Each capital security has a maturity of 49 years , with a coupon, or distribution rate, of 6.00 percent on the $ 50.00 per share liquidation amount. The warrants and capital securities were non-callable for five years from the date of issuance and were not called by the Company when the five-year period passed on November 4, 2007. The gross proceeds of the BONUSES units totaled $ 275 million and were allocated between the capital security and the warrant comprising such units in proportion to their relative values at the time of issuance. The value assigned to the warrants, $ 92.4 million, was recorded as a component of additional “paid-in capital” in the Company’s Consolidated Statements of Condition. The value assigned to the capital security component was $ 182.6 million. The $ 92.4 million difference between the assigned value and the stated liquidation amount of the capital securities was treated as an original issue discount, and is being amortized to interest expense over the 49-year life of the capital securities on a level-yield basis. At December 31, 2022 , this discount totaled $ 64 million. The other remaining trust preferred securities noted in the preceding table were formed for the purpose of issuing Company Obligated Mandatorily Redeemable Capital Securities of Subsidiary Trusts Holding Solely Junior Subordinated Debentures (collectively, the “Capital Securities”). Dividends on the Capital Securities are payable either quarterly or semi-annually and are deferrable, at the Company’s option, for up to five years. As of December 31, 2022, all dividends were current. Interest expense on junior subordinated debentures was $ 22 million, $ 18 million, and $ 19 million, respectively, for the years ended December 31, 2022, 2021, and 2020. Subordinated Notes At December 31, 2022 and 2021 , the Company had a total of $ 432 million and $ 296 million subordinated notes outstanding; respectively, of fixed-to-floating rate subordinated notes outstanding: Date of Original Issue Stated Maturity Interest Rate Original Issue (dollars in millions) November 6, 2018 November 6, 2028 (1) 5.900 % $ 300 October 28, 2020 November 1, 2030 (2) 4.125 % 150 (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 percent per annum payable semi-annually. Unless redeemed, from and including November 6, 2023 to but excluding the maturity date, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus 278 basis point payable quarterly. (2) From and including the date of original issuance, the Notes will bear interest at a fixed rate of 4.125 percent through October 31, 2025, and a variable rate tied to SOFR thereafter until maturity. The Company has the option to redeem all or a part of the Notes beginning on November 1, 2025, and on any subsequent interest payment date. The interest expense on subordinated notes amounted to $ 19 million for the year ended December 31, 2022 and $ 18 million for the years ended December 31, 2021, and 2020 . |
Federal, State And Local Taxes
Federal, State And Local Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Federal, State & Local Taxes | NOTE 13: FEDERAL, STATE, AND LOCAL TAXES The following table summarizes the components of the Company’s net deferred tax asset (liability) at December 31, 2022 and 2021: December 31, (in millions) 2022 2021 Deferred Tax Assets: Allowance for credit losses on loans and leases $ 102 $ 55 Acquisition accounting and fair value adjustments on securities (including OTTI) 227 21 Acquisition accounting and fair value adjustments on loans 36 — Capitalized loans costs 46 — Compensation and related benefit obligations 23 17 Capitalized research and development costs 10 — Net operating loss carryforwards 15 1 Other 18 15 Gross deferred tax assets 477 109 Valuation allowance ( 5 ) — Net deferred tax asset after valuation allowance $ 472 $ 109 Deferred Tax Liabilities: Leases $ ( 328 ) $ ( 360 ) Mortgage servicing rights ( 105 ) $ — Premises and equipment ( 18 ) ( 5 ) Prepaid pension cost ( 29 ) ( 35 ) Fair value adjustments on loans — ( 81 ) Amortizable intangibles ( 71 ) ( 3 ) Acquisition accounting and fair value adjustments on deposits ( 9 ) — Acquisition accounting and fair value adjustments on debt ( 10 ) — Other ( 9 ) ( 9 ) Gross deferred tax liabilities $ ( 579 ) $ ( 493 ) Net deferred tax liability $ ( 107 ) $ ( 384 ) The deferred tax liability represents the anticipated federal, state, and local tax expenses or benefits that are expected to be realized in future years upon the utilization of the underlying tax attributes comprising said balances. The net deferred tax liability is included in “Other liabilities” in the Consolidated Statements of Condition at December 31, 2022 and 2021. The Company evaluates the need for a deferred tax asset valuation allowances based on a more likely than not standard. The Company’s evaluation is based on its history of reporting positive taxable income in all relevant tax jurisdictions, the length of time available to utilize the net operating loss carryforwards, and the recognition of taxable income in future periods from taxable temporary differences. At December 31, 2022 , the Company had a state deferred tax asset for net operating losses (“NOL”) of $ 15 million, (net of federal tax impact) which includes total state net operating loss carryforwards of $ 303 million at December 31, 2022 , that expire if unused in calendar years through 2033 . In connection with our ongoing assessment of deferred taxes, we analyzed each state net operating loss separately, determined the amount of net operating loss available and estimated the amount which we expected to expire unused. Based on that assessment, we recorded a valuation allowance of $ 5 million to reduce the DTA to the amount which is more likely than not to be realized. The following table summarizes the Company’s income tax expense for the years ended December 31, 2022, 2021, and 2020: December 31, (in millions) 2022 2021 2020 Federal – current $ 147 $ 188 $ ( 148 ) State and local – current 32 35 5 Total current 179 223 ( 143 ) Federal – deferred ( 10 ) ( 28 ) 190 State and local – deferred 7 15 29 Total deferred ( 3 ) ( 13 ) 219 Income tax expense reported in net income 176 210 77 Income tax expense reported in stockholders’ equity related to: Securities available-for-sale ( 223 ) ( 42 ) 16 Pension liability adjustments ( 6 ) 10 — Cash flow hedge 23 9 ( 13 ) Adoption of ASU 2016-13 — — ( 4 ) Total income taxes $ ( 30 ) $ 187 $ 76 The following table presents a reconciliation of statutory federal income tax expense (benefit) to combined actual income tax expense (benefit) reported in net income for the years ended December 31, 2022, 2021, and 2020: December 31, (in millions) 2022 2021 2020 Statutory federal income tax at 21 % $ 174 $ 169 $ 123 State and local income taxes, net of federal income tax effect 31 40 27 Effect of tax law changes — — ( 73 ) Non-taxable bargain gain ( 33 ) — — Non-deductible FDIC deposit insurance premiums 10 9 8 Effect of tax deductibility of ESOP ( 3 ) ( 3 ) ( 3 ) Non-taxable income and expense of BOLI ( 7 ) ( 6 ) ( 7 ) Non-deductible merger expenses 3 3 — Non-deductible compensation expense 4 — — Federal tax credits ( 1 ) — ( 1 ) Adjustments relating to prior tax years ( 1 ) ( 1 ) 1 Other, net ( 1 ) ( 1 ) 2 Total income tax expense $ 176 $ 210 $ 77 GAAP requires that the impact of tax legislation be recognized in the period in which the law was enacted. The CARES Act was enacted on March 27, 2020 to provide relief related to the COVID-19 pandemic. The CARES Act includes many measures to assist companies including the allowance of net operating losses originating in 2018, 2019 or 2020 to be carried back five years . The Company recorded $ 68.4 million in tax benefits for the year ended December 31, 2020 relating to the enactment of the CARES Act. The Company invests in affordable housing projects through limited partnerships that generate federal Low Income Housing Tax Credits. The balances of these investments, which are included in “Other assets” in the Consolidated Statements of Condition, were $ 304 million and $ 76 million, respectively, at December 31, 2022 and 2021, and included commitments of $ 183 million and $ 34 million that are expected to be funded over the next 5 years. The Company elected to apply the proportional amortization method to these investments. Recognized in the determination of income tax (benefit) expense from operations for the years ended December 31, 2022, 2021, and 2020 were $ 11 million, $ 9 million, and $ 8 million, respectively, of affordable housing tax credits and other tax benefits, and an offsetting $ 10 million, $ 9 million, and $ 6 million, respectively, for the amortization of the related investments. No impairment losses were recognized in relation to these investments for the years ended December 31, 2022, 2021, and 2020. GAAP prescribes a recognition threshold and measurement attribute for use in connection with the obligation of a company to recognize, measure, present, and disclose in its financial statements uncertain tax positions that the Company has taken or expects to take on a tax return. As of December 31, 2022, the Company had $ 40 million of unrecognized gross tax benefits. Gross tax benefits do not reflect the federal tax effect associated with state tax amounts. The total amount of net unrecognized tax benefits at December 31, 2022 that would have affected the effective tax rate, if recognized, was $ 32 million. Interest and penalties (if any) related to the underpayment of income taxes are classified as a component of income tax expense in the Consolidated Statements of Income and Comprehensive Income. During the years ended December 31, 2022, 2021, and 2020, the Company recognized income tax expense attributed to interest and penalties of $ 4 million, $ 4 million, and $ 3 million, respectively. Accrued interest and penalties on tax liabilities were $ 26 million and $ 22 million, respectively, at December 31, 2022 and 2021. The following table summarizes changes in the liability for unrecognized gross tax benefits for the years ended December 31, 2022, 2021, and 2020: December 31, (in millions) 2022 2021 2020 Uncertain tax positions at beginning of year $ 39 $ 38 $ 36 Additions for tax positions relating to current-year operations 1 2 1 Additions for tax positions relating to prior tax years — 1 1 Subtractions for tax positions relating to prior tax years — ( 2 ) — Uncertain tax positions at end of year $ 40 $ 39 $ 38 The Company and its subsidiaries have filed tax returns in many states. The following are the more significant tax filings that are open for examination: • Federal tax filings for tax years 2019 through the present; • New York State tax filings for tax years 2010 through the present; • New York City tax filings for tax years 2011 through the present; and • New Jersey tax filings for tax years 2015 through the present. In addition to other state audits, the Company is currently under examination by the following taxing jurisdictions of significance to the Company: • Federal 2019 • New York State for the tax years 2010 through 2016; and • New York City for the tax years 2011 and 2014. It is reasonably possible that there will be developments within the next twelve months that would necessitate an adjustment to the balance of unrecognized tax benefits, including decreases of up to $ 21 million due to completion of tax authorities’ exams and the expiration of statutes of limitations. As a savings institution, the Bank is subject to a special federal tax provision regarding its frozen tax bad debt reserve. At December 31, 2022, the Bank’s federal tax bad debt base-year reserve was $ 62 million, with a related federal deferred tax liability of $ 13 million, which has not been recognized since the Bank does not expect that this reserve will become taxable in the foreseeable future. Events that would result in taxation of this reserve include redemptions of the Bank’s stock or certain excess distributions by the Bank to the Company. |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Hedging Activities | NOTE 14. DERIVATIVE AND HEDGING ACTIVITIES 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, 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. Derivative financial instruments are recorded at fair value in other assets and other liabilities on the Consolidated Statements of Condition. The Company's policy is to present our derivative assets and derivative liabilities on the Consolidated Statement of Condition on a gross basis, even when provisions allowing for set-off are in place. However, for derivative contracts cleared through certain central clearing parties, variation margin payments are recognized as settlements. We are exposed to non-performance risk by the counterparties to our various derivative financial instruments. A majority of our derivatives are centrally cleared through a Central Counterparty Clearing House or consist of residential mortgage interest rate lock commitments further limiting our exposure to non-performance risk. We believe that the non-performance risk inherent in our remaining derivative contracts is minimal based on credit standards and the collateral provisions of the derivative agreements. Derivatives not designated as hedging instruments. The Company maintains a derivative portfolio of interest rate swaps, futures and forward commitments used to manage exposure to changes in interest rates and MSR asset values and to meet the needs of customers. The Company also enters into interest rate lock commitments, which are commitments to originate mortgage loans whereby the interest rate on the loan is determined prior to funding and the customers have locked into that interest rate. Market risk on interest rate lock commitments and mortgage LHFS is managed using corresponding forward sale commitments and US Treasury futures. Changes in the fair value of derivatives not designated as hedging instruments are recognized on the Consolidated Statements of Income and Comprehensive Income. Derivatives designated as hedging instruments . The Company has designated certain interest rate swaps as cash flow hedges on LIBOR and overnight SOFR-based variable interest payments on federal home loan bank advances. Changes in the fair value of derivatives designated as cash flow hedges are recorded in other comprehensive income on the Consolidated Statements of Condition and reclassified into interest expense in the same period in which the hedge transaction is recognized in earnings. At December 31, 2022 , the Company had $ 52 million (net-of-tax) of unrealized gains on derivatives classified as cash flow hedges recorded in accumulated other comprehensive loss. The Company had $ 9 million (net-of-tax) of unrealized losses on derivatives classified as cash flow hedges at December 31, 2021. Derivatives that are designated in hedging relationships are assessed for effectiveness using regression analysis at inception and qualitatively thereafter, unless regression analysis is deemed necessary. All designated hedge relationships were, and are expected to be, highly effective as of December 31, 2022. Fair Value of Hedges of Interest Rate Risk The Company is exposed to changes in the fair value of certain of its fixed-rate assets due to changes in interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. Such derivatives were used to hedge the changes in fair value of certain of its pools of prepayable fixed rate assets. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. The Company had entered into an interest rate swap with a notional amount of $ 2.0 billion to hedge certain real estate loans. Interest income from loans and lease receivables decreased by $ 6 million and $ 49 million for the twelve months ended December 31, 2022 and 2021, respectively, related to a $ 2.0 billion of interest swaps designated in a fair value relationship related to certain real estate loans which matured in February 2022. As of December 31, 2022 and 2021, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges. (in millions) December 31, 2022 December 31, 2021 Line Item in the Consolidated Statements of Carrying Cumulative Carrying Cumulative Total loans and leases, net (1) $ - $ - $ 2,025 $ 25 (1) These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. Since the swap expired in February 2022, at December 31, 2022 , the amortized cost basis of the closed portfolios used in these hedging relationships, the cumulative basis adjustments associated with these hedging relationships, and the amount of the designated hedged items, were zero . The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the periods indicated. (in millions) For the Twelve For the Twelve Derivative – interest rate swap: Interest income $ 25 $ 48 Hedged item – loans: Interest income $ ( 25 ) $ ( 48 ) The following table sets forth information regarding the Company’s derivative financial instruments at December 31, 2022. December 31, 2022 Fair Value (in millions) Notional Other Other Derivatives designated as cash flow hedging instruments: Interest rate swap $ 3,750 $ 5 $ — Total $ 3,750 $ 5 $ — Derivatives not designated as hedging instruments: Assets Futures $ 1,205 $ 2 $ — Mortgage-backed securities forwards 1,065 36 — Rate lock commitments 1,539 9 — Interest rate swaps and swaptions 7,594 182 — Total $ 11,403 $ 229 $ — Liabilities Mortgage-backed securities forwards 739 — 61 Rate lock commitments 527 — 10 Interest rate swaps and swaptions 2,445 — 65 Total derivatives not designated as hedging instruments $ 3,711 $ — $ 136 The following table presents the derivative subject to a master netting agreement, including the cash pledged as collateral: December 31, 2022 Gross Amounts Not Offset in the Statements of Condition (in millions) Gross Amount Gross Amounts Netted in the Statements of Condition Net Amount Presented in the Statements of Condition Financial Instruments Cash Collateral Pledged (Received) Derivatives designated hedging instruments: Interest rate swaps on FHLB advances (1) $ 5 $ — $ 5 $ 4 $ 27 Derivatives not designated as hedging instruments: Assets Mortgage-backed securities forwards $ 36 $ — $ 36 $ — $ ( 9 ) Interest rate swaptions 182 — 182 — ( 36 ) Futures 2 2 1 Total derivative assets $ 220 $ — $ 220 $ — $ ( 44 ) Liabilities Mortgage-backed securities forwards $ 61 $ — $ 61 $ — $ 54 Interest rate swaps (2) 65 — 65 — 29 Total derivative liabilities $ 126 $ — $ 126 $ — $ 83 (1) Notional value of cash flow hedging instruments at December 31, 2021 $ 2.3 billion. Securities pledged at December 31, 2021 was $ 9 million. (2) Variation margin pledged to, or received from, a Central Counterparty Clearing House to cover the prior days fair value of open positions is considered settlement of the derivative position for accounting purposes. 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 income. Interest rate swaps with notional amounts totaling $ 3.8 billion and $ 2.3 billion as of December 31, 2022 and December 31, 2021, were designated as cash flow hedges of certain FHLB borrowings. The following table presents the effect of the Company’s cash flow derivative instruments on AOCL for the year ending December 31, 2022 and 2021: (in millions) For the Twelve For the Twelve Amount of gain recognized in AOCL $ 88 $ 8 Amount of reclassified from AOCL to interest expense ( 4 ) 25 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 $ 51 million will be reclassified to interest expense. The following table presents the net gain (loss) recognized in income on derivative instruments, net of the impact of offsetting positions: For the Twelve For the Twelve (dollars in millions) Derivatives not designated as hedging instruments Location of Gain (Loss) Futures Net return on mortgage servicing rights $ ( 1 ) $ — Interest rate swaps and swaptions Net return on mortgage servicing rights ( 11 ) — Mortgage-backed securities forwards Net return on mortgage servicing rights ( 4 ) — Rate lock commitments and US Treasury futures Net gain on loan sales 28 — Forward commitments Other noninterest income ( 1 ) — Interest rate swaps (1) Other noninterest income — — Total derivative (loss) gain $ 11 $ — (1) Includes customer-initiated commercial interest rate swaps. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 15: COMMITMENTS AND CONTINGENCIES Pledged Assets The Company pledges securities to serve as collateral for its repurchase agreements, among other purposes. At December 31, 2022 , the Company had pledged available for sale mortgage-related securities and other debt securities with carrying values of $ 430 million and $ 4 million, respectively. At December 31, 2021 , the Company had pledged available for sale mortgage-related securities and other debt securities with carrying values of $ 704 million and $ 464 million, respectively. In addition, the Company had $ 44.5 billion and $ 33.9 billion of loans pledged to the FHLB-NY to serve as collateral for its wholesale borrowings at the respective year-ends. Loan Commitments and Letters of Credit At December 31, 2022 and 2021 , the Company had commitments to originate loans, including unused lines of credit, of $ 21.8 billion and $ 2.8 billion, respectively. The majority of the outstanding loan commitments at those dates were expected to close within 90 days. In addition, the Company had commitments to originate letters of credit totaling $ 541 million and $ 291 million at December 31, 2022 and 2021. The following table summarizes the Company’s off-balance sheet commitments to originate loans and letters of credit at December 31, 2022: (in millions) Multi-family and commercial real estate $ 216 One-to-four family including interest rate locks 2,066 Acquisition, development, and construction 3,539 Warehouse loan commitments 8,042 Other loan commitments 7,964 Total loan commitments $ 21,827 Commercial, performance stand-by, and financial stand-by letters of credit 541 Total commitments $ 22,368 Financial Guarantees The Company provides guarantees and indemnifications to its customers to enable them to complete a variety of business transactions and to enhance their credit standings. These guarantees are recorded at their respective fair values in “Other liabilities” in the Consolidated Statements of Condition. The Company deems the fair value of the guarantees to equal the consideration received. The following table summarizes the Company’s guarantees and indemnifications at December 31, 2022: (in millions) Expires Within Expires After Total Maximum Financial stand-by letters of credit $ 79 $ 85 $ 164 $ 398 Performance stand-by letters of credit 108 11 119 118 Commercial letters of credit 10 1 11 25 Total letters of credit $ 197 $ 97 $ 294 $ 541 The maximum potential amount of future payments represents the notional amounts that could be funded under the guarantees and indemnifications if there were a total default by the guaranteed parties or if indemnification provisions were triggered, as applicable, without consideration of possible recoveries under recourse provisions or from collateral held or pledged. The Company collects fees upon the issuance of commercial and stand-by letters of credit. Stand-by letters of credit fees are initially recorded by the Company as a liability, and are recognized as income periodically through the respective expiration dates. Fees for commercial letters of credit are collected and recognized as income at the time that they are issued and upon payment of each set of documents presented. In addition, the Company requires adequate collateral, typically in the form of cash, real property, and/or personal guarantees upon its issuance of irrevocable stand-by letters of credit. Commercial letters of credit are primarily secured by the goods being purchased in the underlying transaction and are also personally guaranteed by the owner(s) of the applicant company. At December 31, 2022 , the Company had no commitments to purchase securities. Legal Proceedings The Company is involved in various legal actions arising in the ordinary course of its business. All such actions in the aggregate involve amounts that are believed by management to be immaterial to the financial condition and results of operations of the Company. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 16: INTANGIBLE ASSETS Goodwill is presumed to have an indefinite useful life and is tested for impairment at the reporting unit level, at least once a year. There was no change in goodwill during the year ended December 31, 2022. At December 31, 2022, other intangible assets consisted of the following: (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Value Core deposit intangible $ 250 $ ( 4 ) $ 246 Other intangible assets 42 ( 1 ) 41 Total other intangible assets $ 292 $ ( 5 ) $ 287 The estimated amortization expense of CDI and other intangible assets for the next five years is as follows: (in millions) Amortization Expense 2023 $ 59 2024 54 2025 38 2026 33 2027 29 Total $ 213 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefits | NOTE 17: EMPLOYEE BENEFITS Retirement Plan The New York Community Bancorp, Inc. Retirement Plan (the “Retirement Plan”) covers substantially all employees who had attained minimum age, service, and employment status requirements prior to the date when the individual plans were frozen by the banks of origin. Once frozen, the individual plans ceased to accrue additional benefits, service, and compensation factors, and became closed to employees who would otherwise have met eligibility requirements after the “freeze” date. The following table sets forth certain information regarding the Retirement Plan as of the dates indicated: December 31, (in millions) 2022 2021 Change in Benefit Obligation: Benefit obligation at beginning of year $ 158 $ 172 Interest cost 4 4 Actuarial gain ( 38 ) ( 9 ) Annuity payments ( 7 ) ( 6 ) Settlements ( 1 ) ( 3 ) Benefit obligation at end of year $ 116 $ 158 Change in Plan Assets: Fair value of assets at beginning of year $ 283 $ 261 Actual return (loss) on plan assets ( 47 ) 31 Annuity payments ( 7 ) ( 6 ) Settlements ( 1 ) ( 3 ) Fair value of assets at end of year $ 228 $ 283 Funded status (included in “Other assets”) $ 112 $ 125 Changes recognized in other comprehensive income for the year ended Amortization of actuarial loss ( 2 ) ( 7 ) Net actuarial (gain) loss arising during the year 26 ( 23 ) Total recognized in other comprehensive income for the year (pre-tax) $ 24 $ ( 30 ) Accumulated other comprehensive loss (pre-tax) not yet recognized Actuarial loss, net 66 43 Total accumulated other comprehensive loss (pre-tax) $ 66 $ 43 In 2023, an estimated $ 7 million of unrecognized net actuarial loss for the Retirement Plan will be amortized from AOCL into net periodic benefit cost. The comparable amount recognized as net periodic benefit cost in 2022 was $ 2 million. No prior service cost was amortized in 2022 or 2021. The discount rates used to determine the benefit obligation at December 31, 2022 and 2021 were 4.9 percent and 2.6 percent, respectively. The discount rate reflects rates at which the benefit obligation could be effectively settled. To determine this rate, the Company considers rates of return on high-quality fixed-income investments that are currently available and are expected to be available during the period until the pension benefits are paid. The expected future payments are discounted based on a portfolio of high-quality rated bonds (AA or better) for which the Company relies on the Financial Times Stock Exchange (“FTSE”) Pension Liability Index that is published as of the measurement date. The components of net periodic pension (credit) expense were as follows for the years indicated: Years Ended December 31, (in millions) 2022 2021 2020 Components of net periodic pension expense (credit): Interest cost $ 4 $ 4 $ 5 Expected return on plan assets ( 16 ) ( 16 ) ( 15 ) Amortization of net actuarial loss 2 7 7 Net periodic pension credit $ ( 10 ) $ ( 5 ) $ ( 3 ) The following table indicates the weighted average assumptions used in determining the net periodic benefit cost for the years indicated: Years Ended December 31, 2022 2021 2020 Discount rate 2.6 % 2.2 % 3.0 % Expected rate of return on plan assets 6.0 6.3 6.5 As of December 31, 2022, Retirement Plan assets were invested in two diversified investment portfolios of the Pentegra Retirement Trust (the “Trust”), a private placement investment fund. The Company (in this context, the “Plan Sponsor”) chooses the specific asset allocation for the Retirement Plan within the parameters set forth in the Trust’s Investment Policy Statement. The long-term investment objectives are to maintain the Retirement Plan’s assets at a level that will sufficiently cover the Plan Sponsor’s long-term obligations, and to generate a return on those assets that will meet or exceed the rate at which the Plan Sponsor’s long-term obligations will grow. The Retirement Plan allocates its assets in accordance with the following targets: • To hold 55 percent of its assets in equity securities via investment in the Trust’s Long-Term Growth—Equity (“LTGE”) Portfolio, a diversified portfolio that invests in a number of actively and passively managed equity mutual funds and collective trusts in order to gain exposure to both U.S. and non-U.S. equity markets; • To hold 44 percent of its assets in intermediate-term investment-grade bonds via investment in the Long-Term Growth—Fixed Income (“LTGFI”) Portfolio, a diversified portfolio that invests in a number of fixed-income mutual funds and collective investment trusts, primarily including intermediate-term bond funds with a focus on U.S. investment grade securities and opportunistic allocations to below-investment grade and non-U.S. investments; and • To hold 1 percent in a cash equivalents portfolio for liquidity purposes. In addition, the Retirement Plan holds Company shares, the value of which is approximately equal to 11 percent of the assets that are held by the Trust. The LTGE and LTGFI portfolios are designed to provide long-term growth of equity and fixed-income assets with the objective of achieving an investment return in excess of the cost of funding the active life, deferred vesting, and all 30-year term and longer obligations of retired lives in the Trust. Risk and volatility are further managed in accordance with the distinct investment objectives of the Trust’s respective portfolios. The following table presents information about the fair value measurements of the investments held by the Retirement Plan as of December 31, 2022: (in millions) Total Quoted Prices Significant Other Significant Equity: Large-cap value (1) $ 23 $ — $ 23 $ — Large-cap growth (2) 17 — 17 — Large-cap core (3) 13 — 13 — Mid-cap value (4) 5 — 5 — Mid-cap growth (5) 4 — 4 — Mid-cap core (6) 5 — 5 — Small-cap value (7) 3 — 3 — Small-cap growth (8) 6 — 6 — Small-cap core (9) 4 — 4 — International equity (10) 30 — 30 — Fixed Income Funds: Fixed Income – U.S. Core (11) 65 — 65 — Intermediate duration (12) 22 — 22 — Equity Securities: Company common stock 26 26 — — Cash Equivalents: Money market * 5 1 4 — $ 228 $ 27 $ 201 $ — * Includes cash equivalent investments in equity and fixed income strategies. (1) This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. (2) This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. (3) This fund tracks the performance of the S&P 500 Index by purchasing the securities represented in the Index in approximately the same weightings as the Index. (4) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Value Index. (5) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Growth Index. (6) This category seeks to track the performance of the S&P Midcap 400 Index. (7) This category consists of a selection of investments based on the Russell 2000 Value Index. (8) This category consists of a mutual fund invested in small cap growth companies along with a fund invested in a selection of investments based on the Russell 2000 Growth Index. (9) This category consists of a mutual fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10 percent of the market universe, or smaller than the 1000th largest US company. (10) This category invests primarily in medium to large non-US companies in developed and emerging markets. Under normal circumstances, at least 80 percent of total assets will be invested in equity securities, including common stocks, preferred stocks, and convertible securities. (11) This category currently includes equal investments in three mutual funds, two of which usually hold at least 80 percent of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50 percent or more in mortgage-backed securities guaranteed by the US government and its agencies. (12) This category consists of a mutual fund which invest in a diversified portfolio of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset backed securities, corporate and municipal bonds, CMOs, and other securities mostly rated A or better. Current Asset Allocation The asset allocations for the Retirement Plan were as follows: At December 31, 2022 2021 Equity securities 60 % 62 % Debt securities 38 36 Cash equivalents 2 2 Total 100 % 100 % Determination of Long-Term Rate of Return The long-term rate of return on Retirement Plan assets assumption was based on historical returns earned by equities and fixed income securities, and adjusted to reflect expectations of future returns as applied to the Retirement Plan’s target allocation of asset classes. Equities and fixed income securities were assumed to earn long-term rates of return in the ranges of 6 percent to 8 percent and 3 percent to 5 percent, respectively, with an assumed long-term inflation rate of 2.5 percent reflected within these ranges. When these overall return expectations are applied to the Retirement Plan’s target allocations, the result is an expected rate of return of 5 percent to 7 percent. Expected Contributions The Company does not expect to contribute to the Retirement Plan in 2022. Expected Future Annuity Payments The following annuity payments, which reflect expected future service, as appropriate, are expected to be paid by the Retirement Plan during the years indicated: (in millions) 2023 $ 8 2024 8 2025 8 2026 8 2027 8 2028 and thereafter 42 Total $ 82 Qualified Savings Plan (401(k) Plan) The Company maintains a defined contribution qualified savings plan in the form of a 401(k) plan in which all salaried employees are able to participate after one month of service and having attained age 21. The Company instituted a safe harbor matching contribution program during the year ended December 31, 2020, and accordingly, the Company matches a portion of employee 401(k) plan contributions. Such expense totaled $ 7 million and $ 6 million for the twelve months ended December 31, 2022 and 2021, respectively. Flagstar also maintains a defined contribution qualified savings plan in the form of a 401(k) plan in which certain employees are able to participate. Post-Retirement Health and Welfare Benefits The Company offers certain post-retirement benefits, including medical, dental, and life insurance (the “Health & Welfare Plan”) to retired employees, depending on age and years of service at the time of retirement. The costs of such benefits are accrued during the years that an employee renders the necessary service. The Health & Welfare Plan is an unfunded plan and is not expected to hold assets for investment at any time. Any contributions made to the Health & Welfare Plan are used to immediately pay plan premiums and claims as they come due. The following table sets forth certain information regarding the Health & Welfare Plan as of the dates indicated: December 31, (in millions) 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 10 $ 12 Interest cost — — Actuarial gain ( 2 ) ( 2 ) Premiums and claims paid ( 1 ) — Benefit obligation at end of year $ 7 10 Change in plan assets: Fair value of assets at beginning of year $ — $ — Employer contribution 1 — Premiums and claims paid ( 1 ) — Fair value of assets at end of year $ — $ — Funded status (included in “Other liabilities”) $ ( 7 ) ( 10 ) Changes recognized in other comprehensive income for Amortization of prior service cost $ — $ — Amortization of actuarial gain — — Net actuarial (gain) loss arising during the year ( 2 ) ( 2 ) Total recognized in other comprehensive income for the year (pre-tax) $ ( 2 ) $ ( 2 ) Accumulated other comprehensive (gain) loss (pre-tax) not yet recognized Prior service cost $ — $ — Actuarial (gain) loss, net ( 2 ) — Total accumulated other comprehensive income (pre-tax) $ ( 2 ) — The discount rates used in the preceding table were 4.8 percent at December 31, 2022 and 2.3 percent at December 31, 2021. The estimated net actuarial loss and the prior service liability that will be amortized from AOCL into net periodic benefit cost in 2023 are $ 0 and $ 0 , respectively. The net periodic benefit costs and all components thereof for the years-ended December 2022, 2021 and 2020 were less than $ 1 million. The following table presents the weighted average assumptions used in determining the net periodic benefit cost for the years indicated: Years Ended December 31, 2022 2021 2020 Discount rate 2.3 % 2.0 % 2.9 % Current medical trend rate 6.5 6.5 6.5 Ultimate trend rate 5.0 5.0 5.0 Year when ultimate trend rate will be reached 2028 2027 2026 Expected Contributions The Company expects to contribute $ 1 million to the Health & Welfare Plan to pay premiums and claims in the fiscal year ending December 31, 2022. Expected Future Payments for Premiums and Claims The following amounts are currently expected to be paid for premiums and claims during the years indicated under the Health & Welfare Plan: (in millions) 2023 $ 1 2024 1 2025 1 2026 1 2027 1 2028 and thereafter 2 Total $ 7 |
Stock-Related Benefit Plans
Stock-Related Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Related Benefit Plans | NOTE 18: STOCK-RELATED BENEFIT PLANS Stock Based Compensation At December 31, 2022 , the Company had a total of 9,799,865 shares available for grants as restricted stock, options, or other forms of related rights under the 2020 Incentive Plan, which includes the remaining shares available, converted at the merger conversion factor from the legacy Flagstar Bancorp, Inc. 2016 Stock Plan. The Company granted 3,710,689 shares of restricted stock, with an average fair value of $ 11.23 per share on the date of grant, during the twelve months ended December 31, 2022. During the years ended December 31, 2021 and 2020, the Company granted 3,131,949 shares and 2,421,345 shares, respectively, of restricted stock, which had average fair values of $ 11.20 and $ 11.61 per share on the respective grant dates. Compensation and benefits expense related to the restricted stock grants is recognized on a straight-line basis over the vesting period and totaled $ 25 million, $ 27 million, and $ 28 million, respectively, for the years ended December 31, 2022, 2021, and 2020. The following table provides a summary of activity with regard to restricted stock awards: For the Year Ended Number of Shares Weighted Unvested at beginning of year 6,950,335 $ 11.68 Granted 3,710,689 11.23 Assumed in business acquisition (1) 1,904,025 9.35 Vested ( 2,374,209 ) 12.21 Forfeited ( 614,238 ) 11.56 Unvested at end of year 9,576,602 10.92 (1) Weighted-average per share represents the fair value per share on the acquisition date. As of December 31, 2022 , unrecognized compensation cost relating to unvested restricted stock totaled $ 74 million. This amount will be recognized over a remaining weighted average period of 2.5 years. The following table provides a summary of activity with regard to Performance-Based Restricted Stock Units ("PSUs") in th e twelve months ended December 31, 2022: Number of Weighted Performance Expected Outstanding at beginning of year 834,612 $ 11.44 Granted 473,211 10.09 Released ( 176,090 ) 11.42 Forfeited ( 336,749 ) 11.43 Outstanding at end of period 794,984 11.43 January 1, 2022 - December 31, 2024 March 31, 2023 - 2025 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 19: 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 December 31, 2022 and 2021, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at December 31, 2022 (in millions) Quoted Significant Significant Netting Total Assets: Mortgage-related Debt Securities GSE certificates $ — $ 1,297 $ — $ — $ 1,297 GSE CMOs — 3,301 — — 3,301 Private Label CMOs — 191 — — 191 Total mortgage-related debt securities $ — $ 4,789 $ — $ — $ 4,789 Other Debt Securities Available for Sale: U. S. Treasury obligations $ 1,487 $ — $ — $ — $ 1,487 GSE debentures — 1,398 — — 1,398 Asset-backed securities — 361 — — 361 Municipal bonds — 30 — — 30 Corporate bonds — 885 — — 885 Foreign notes — 20 — — 20 Capital trust notes — 90 — — 90 Total other debt securities $ 1,487 $ 2,784 $ — $ — $ 4,271 Total debt securities available for sale $ 1,487 $ 7,573 $ — $ — $ 9,060 Equity securities: Mutual funds and common stock — 14 — — 14 Total equity securities $ — $ 14 $ — $ — $ 14 Total securities $ 1,487 $ 7,587 $ — $ — $ 9,074 Loans held-for-sale Residential first mortgage loans $ — $ 1,115 $ — $ — $ 1,115 Derivative assets Interest rate swaps and swaptions — 182 — — 182 Futures — 2 — — 2 Rate lock commitments (fallout-adjusted) — — 9 — 9 Mortgage-backed securities forwards — 36 — — 36 Mortgage servicing rights — — 1,033 — 1,033 Total assets at fair value $ 1,487 $ 8,922 $ 1,042 $ — $ 11,451 Derivative liabilities Mortgage-backed securities forwards — 61 — — 61 Interest rate swaps and swaptions — 65 — — 65 Rate lock commitments (fallout-adjusted) — — 10 — 10 Total liabilities at fair value $ — $ 126 $ 10 $ — $ 136 Fair Value Measurements at December 31, 2021 (in millions) Quoted Significant Significant Netting Total Assets: Mortgage-Related Debt Securities GSE certificates $ — $ 1,107 $ — $ — $ 1,107 GSE CMOs — 1,683 — — 1,683 Total mortgage-related debt securities $ — $ 2,790 $ — $ — $ 2,790 Other Debt Securities Available U.S. Treasury obligations $ 45 $ — $ — $ — $ 45 GSE debentures — 1,480 — — 1,480 Asset-backed securities — 479 — — 479 Municipal bonds — 25 — — 25 Corporate bonds — 838 — — 838 Foreign notes — 26 — — 26 Capital trust notes — 97 — — 97 Total other debt securities $ 45 $ 2,945 $ — $ — $ 2,990 Total debt securities available for sale $ 45 $ 5,735 $ — $ — $ 5,780 Equity securities: — — Mutual funds and common stock — 16 — — 16 Total equity securities $ — $ 16 $ — $ — $ 16 Total securities $ 45 $ 5,751 $ — $ — $ 5,796 The Company reviews and updates the fair value hierarchy classifications for its assets on a quarterly basis. Changes from one quarter to the next that are related to the observability of inputs for a fair value measurement may result in a reclassification from one hierarchy level to another. A description of the methods and significant assumptions utilized in estimating the fair values of securities follows: Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include highly liquid government securities and exchange-traded securities. If quoted market prices are not available for a specific security, then fair values are estimated by using pricing models. These pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices, and credit spreads. In addition to observable market information, models incorporate transaction details such as maturity and cash flow assumptions. Securities valued in this manner would generally be classified within Level 2 of the valuation hierarchy, and primarily include such instruments as mortgage-related and corporate debt securities. Periodically, the Company uses fair values supplied by independent pricing services to corroborate the fair values derived from the pricing models. In addition, the Company reviews the fair values supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness. The Company challenges pricing service valuations that appear to be unusual or unexpected. While the Company believes its valuation methods are appropriate, and consistent with those of other market participants, the use of different methodologies or assumptions to determine the fair values of certain financial instruments could result in different estimates of fair values at a reporting date. Fair Value Measurements Using Significant Unobservable Inputs The following tables include a roll forward of the Consolidated Statements of Condition amounts (including the change in fair value) for financial instruments classified by us within Level 3 of the valuation hierarchy: Balance at Beginning of Year Total Gains / (Losses) Recorded in Earnings (1) Purchases / Originations Sales Settlement Transfers In (Out) Balance at End of Year (dollars in millions) Year-Ended December 31, 2022 Assets Mortgage servicing rights (1) $ 1,012 $ 2 $ 19 — — — $ 1,033 Rate lock commitments (net) (1)(2) 21 ( 12 ) 5 — — ( 15 ) ( 1 ) Totals $ 1,033 $ ( 10 ) $ 24 $ — $ — $ ( 15 ) $ 1,032 1. We utilized swaptions, futures, forward agency and loan sales and interest rate swaps to manage the risk associated with mortgage servicing rights and rate lock commitments. Gains and losses for individual lines do not reflect the effect of our risk management activities related to such Level 3 instruments. 2. Rate lock commitments are reported on a fallout-adjusted basis. Transfers out of Level 3 represent the settlement value of the commitments that are transferred to LHFS, which are classified as Level 2 assets. The following tables present the quantitative information about recurring Level 3 fair value financial instruments and the fair value measurements as of December 31, 2022: Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (dollars in millions) Assets Option adjusted spread 5.3 % - 21.6 % ( 5.9 %) Mortgage servicing rights $ 1,033 Discounted cash flows Constant prepayment rate 0 % - 10.0 % ( 7.9 %) Weighted average cost to service per loan $ 65 - $ 90 ($ 68 ) Rate lock commitments (net) $ ( 1 ) Consensus pricing Origination pull-through rate 76.41 % (1) Unobservable inputs were weighted by their relative fair value of the instruments. 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 that were measured at fair value on a non-recurring basis as of December 31, 2022 and 2021, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at December 31, 2022 Using (in millions) Quoted Prices Significant Significant Total Fair Certain loans (1) $ — $ — $ 28 $ 28 Other assets (2) — — 41 41 Total $ — $ — $ 69 $ 69 (1) Represents the fair value of certain loans individually assessed for impairment, based on the value of the collateral. (2) Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets and equity securities without readily determinable fair values. These equity securities are classified as Level 3 due to the infrequency of the observable prices and/or the restrictions on the shares. Fair Value Measurements at December 31, 2021 Using (in millions) Quoted Prices Significant Significant Total Fair Certain impaired loans (1) $ — $ — $ 32 $ 32 Other assets (2) — — 32 32 Total $ — $ — $ 64 $ 64 (1) R epresents 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 December 31, 2022 and 2021: December 31, 2022 Fair Value Measurement Using (in millions) Carrying Estimated Quoted Prices Significant Significant Financial Assets: Cash and cash equivalents $ 2,032 $ 2,032 $ 2,032 $ — $ — FHLB and FRB stock (1) 1,267 1,267 — 1,267 — Loans and leases held for investment, net 68,608 65,673 — — 65,673 Financial Liabilities: Deposits $ 58,721 $ 58,479 $ 46,211 (2) $ 12,268 (3) $ — Borrowed funds 21,332 21,231 — 21,231 — (1) Carrying value and estimated fair value are at cost. (2) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (3) Certificates of deposit. December 31, 2021 Fair Value Measurement Using (in millions) Carrying Estimated Quoted Prices Significant Significant Financial Assets: Cash and cash equivalents $ 2,211 $ 2,211 $ 2,211 $ — $ — FHLB stock (1) 734 734 — 734 — Loans and leases, net 45,539 44,748 — — 44,748 Financial Liabilities: Deposits $ 35,059 $ 35,051 $ 26,635 (2) $ 8,416 (3) $ — Borrowed funds 16,562 17,169 — 17,169 — (1) Carryin g 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 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. MSRs The significant unobservable inputs used in the fair value measurement of the MSRs are option adjusted spreads, prepayment rates and cost to service. Significant increases (decreases) in all three assumptions in isolation result in a significantly lower (higher) fair value measurement. Weighted average life (in years) is used to determine the change in fair value of MSRs. For December 31, 2022, the weighted average life (in years) for the entire MSR portfolio was 7.3 . Rate lock commitments The significant unobservable input used in the fair value measurement of the rate lock commitments is the pull through rate. The pull through rate is a statistical analysis of our actual rate lock fallout history to determine the sensitivity of the residential mortgage loan pipeline compared to interest rate changes and other deterministic values. New market prices are applied based on updated loan characteristics and new fallout ratios (i.e. the inverse of the pull through rate) are applied accordingly. Significant increases (decreases) in the pull through rate in isolation result in a significantly higher (lower) fair value measurement. 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 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 December 31, 2022 and 2021. Fair Value Option We elected the fair value option for certain items as discussed throughout the Notes to the Consolidated Financial Statements to more closely align the accounting method with the underlying economic exposure. Interest income on LHFS is accrued on the principal outstanding primarily using the "simple-interest" method. The following table reflects the change in fair value included in earnings of financial instruments for which the fair value option has been elected: Year-ended December 31, 2022 (dollars in millions) Assets Loans held-for-sale Net gain on loan sales $ 8 The following table reflects the difference between the aggregate fair value and aggregate remaining contractual principal balance outstanding for assets and liabilities for which the fair value option has been elected: |
Parent Company Only Financial I
Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Only Financial Information | NOTE 20: PARENT COMPANY-ONLY FINANCIAL INFORMATION The following tables present the condensed financial statements for New York Community Bancorp, Inc. (Parent Company only): Condensed Statements of Condition December 31, (in millions) 2022 2021 ASSETS: Cash and cash equivalents $ 121 139 Investments in subsidiaries 9,633 7,525 Other assets 85 48 Total assets $ 9,839 7,712 LIABILITIES AND STOCKHOLDERS’ EQUITY: Junior subordinated debentures $ 575 361 Subordinated notes 432 296 Other liabilities 8 11 Total liabilities 1,015 668 Stockholders’ equity 8,824 7,044 Total liabilities and stockholders’ equity $ 9,839 7,712 Condensed Statements of Income Years Ended December 31, (in millions) 2022 2021 2020 Dividends received from subsidiaries $ 335 $ 4 $ 380 Other income 160 1 1 Gross income 495 381 381 Operating expenses 55 50 52 Income before income tax benefit and equity in undistributed 440 331 329 Income tax benefit 14 14 14 Income before equity in undistributed earnings of subsidiaries 454 345 343 Equity in undistributed earnings of subsidiaries 196 251 168 Net income $ 650 $ 596 $ 511 Condensed Statements of Cash Flows Years Ended December 31, (in millions) 2022 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 650 $ 596 $ 511 Change in other assets ( 3 ) ( 22 ) — Change in other liabilities ( 4 ) 1 — Other, net ( 130 ) 32 30 Equity in undistributed earnings of subsidiaries ( 196 ) ( 251 ) ( 168 ) Net cash provided by operating activities 317 356 373 CASH FLOWS FROM INVESTING ACTIVITIES: Cash acquired in business acquisition 34 — — Change in receivable from subsidiaries, net 5 ( 3 ) 2 Net cash provided by (used in) investing activities 39 ( 3 ) 2 CASH FLOWS FROM FINANCING ACTIVITIES: Treasury stock repurchased ( 24 ) ( 16 ) ( 59 ) Cash dividends paid on common and preferred stock ( 350 ) ( 349 ) ( 348 ) Net cash used in financing activities ( 374 ) ( 365 ) ( 407 ) Net decrease in cash and cash equivalents ( 18 ) ( 12 ) ( 32 ) Cash and cash equivalents at beginning of year 139 151 183 Cash and cash equivalents at end of year $ 121 $ 139 $ 151 |
Capital
Capital | 12 Months Ended |
Dec. 31, 2022 | |
Banking Regulation, Total Capital [Abstract] | |
Capital | NOTE 21: CAPITAL The Company is subject to examination, regulation, and periodic reporting under the Bank Holding Company Act of 1956, as amended, which is administered by the FRB. The FRB has adopted capital adequacy guidelines for bank holding companies (on a consolidated basis) that are substantially similar to those of the FDIC for the Bank. The following tables present the regulatory capital ratios for the Company at December 31, 2022 and 2021, in comparison with the minimum amounts and ratios required by the FRB for capital adequacy purposes: Risk-Based Capital At December 31, 2022 Common Equity Tier 1 Total Leverage Capital (dollars in millions) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 6,335 9.06 % $ 6,838 9.78 % $ 8,154 11.66 % $ 6,838 9.70 % Minimum for capital 3,146 4.50 4,195 6.00 5,593 8.00 2,819 4.00 Excess $ 3,189 4.56 % $ 2,643 3.78 % $ 2,561 3.66 % $ 4,019 5.70 % Risk-Based Capital At December 31, 2021 Common Equity Tier 1 Total Leverage Capital (dollars in millions) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 4,226 9.68 % $ 4,729 10.83 % $ 5,558 12.73 % $ 4,729 8.46 % Minimum for capital 1,966 4.50 2,621 6.00 3,494 8.00 2,237 4.00 Excess $ 2,260 5.18 % $ 2,108 4.83 % $ 2,064 4.73 % $ 2,492 4.46 % At December 31, 2022, our total risk-based capital ratio exceeded the minimum requirement for capital adequacy purposes by 366 basis points and the fully phased-in capital conservation buffer by 116 basis points. The Bank is subject to the provisions of the National Bank Act and other statutes governing national banks, as well as the rules and regulations of the OCC, CFPB, and FDIC (the “Regulators”). The Bank is also governed by numerous federal laws and regulations, including the FDIC Improvement Act of 1991, which established five categories of capital adequacy ranging from “well capitalized” to “critically undercapitalized.” Such classifications are used by the FDIC to determine various matters, including each institution’s FDIC deposit insurance premium assessments. Capital amounts and classifications are also subject to the Regulators’ qualitative judgments about the components of capital and risk weightings, among other factors. The quantitative measures established to ensure capital adequacy require that banks maintain minimum amounts and ratios of leverage capital to average assets and of common equity tier 1 capital, tier 1 capital, and total capital to risk-weighted assets (as such measures are defined in the regulations). At December 31, 2022, the Bank exceeded all the capital adequacy requirements to which they were subject. As of December 31, 2022 , the Company and the Bank are categorized as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as well capitalized, a bank must maintain a minimum common equity tier 1 risk-based capital ratio of 6.50 percent; a minimum tier 1 risk-based capital ratio of 8.00 percent; a minimum total risk-based capital ratio of 10.00 percent; and a minimum leverage capital ratio of 5.00 percent. In the opinion of management, no conditions or events have transpired since December 31, 2022 to change these capital adequacy classifications. The following tables present the actual capital amounts and ratios for the Bank at December 31, 2022 and 2021 in comparison to the minimum amounts and ratios required for capital adequacy purposes. Risk-Based Capital At December 31, 2022 Common Tier 1 Total Leverage (dollars in millions) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 7,653 10.96 % $ 7,653 10.96 % $ 7,982 11.43 % $ 7,653 10.87 % Minimum for capital adequacy 3,142 4.50 4,189 6.00 5,585 8.00 2,817 4.00 Excess $ 4,511 6.46 % $ 3,464 4.96 % $ 2,397 3.43 % $ 4,836 6.87 % Risk-Based Capital At December 31, 2021 Common Tier 1 Total Leverage (dollars in millions) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 5,217 11.95 % $ 5,217 11.95 % $ 5,402 12.38 % $ 5,217 9.33 % Minimum for capital adequacy 1,964 4.50 2,619 6.00 3,491 8.00 2,236 4.00 Excess $ 3,253 7.45 % $ 2,598 5.95 % $ 1,911 4.38 % $ 2,981 5.33 % Preferred Stock On March 17, 2017, the Company issued 20,600,000 depositary shares, each representing a 1/40th interest in a share of the Company’s Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock, par value $ 0.01 per share, with a liquidation preference of $ 1.000 per share (equivalent to $ 25 per depositary share). Dividends will accrue on the depositary shares at a fixed rate equal to 6.375 percent per annum until March 17, 2027, and a floating rate equal to Three-month LIBOR plus 382.1 basis points per annum beginning on March 17, 2027. Dividends will be payable in arrears on March 17, June 17, September 17, and December 17 of each year, which commenced on June 17, 2017 . Treasury Stock Repurchases On October 23, 2018, the Board of Directors approved the repurchase of up to $ 300 million of the Company’s outstanding common stock. As of December 31, 2022 , the Company has repurchased a total of 30 million shares at an average price of $ 8.88 or an aggregate purchase of $ 286 million. During the year ended December 31, 2022, the Company repurchased 0.9 million shares, at a cost of $ 8 million. The Company had no repurchases during 2021. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Organization | Organization New York Community Bancorp, Inc. (on a stand-alone basis, the “Parent Company” or, collectively with its subsidiaries, the “Company” or "we") was organized under Delaware law on July 20, 1993 and is the holding company for Flagstar Bank N.A. (hereinafter referred to as the “Bank”). The Company is headquartered in Hicksville, New York with regional headquarters in Troy, Michigan. The Company is subject to regulation, examination and supervision by the Federal Reserve. The Bank is a National Association, subject to federal regulation and oversight by the OCC. On November 23, 1993, the Company issued its initial offering of common stock (par value: $ 0.01 per share) at a price of $ 25.00 per share ( $ 0.93 per share on a split-adjusted basis, reflecting the impact of nine stock splits between 1994 and 2004 ). The Company has grown organically and through a series of accretive mergers and acquisitions, culminating in its acquisition of Flagstar Bancorp, Inc., which closed on December 1, 2022. Flagstar Bank, N.A. currently operates 395 branches across nine states, including strong footholds in the Northeast and Midwest and exposure to markets in the Southeast and West Coast. Flagstar Mortgage operates nationally through a wholesale network of approximately 3000 third-party mortgage originators. Flagstar Bank N.A. also operates through eight local divisions, each with a history of service and strength: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Arizona and Florida. |
Basis of Presentation | 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 and to general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates that are used in connection with the determination of the allowance for credit losses, mortgage servicing rights, and the Flagstar acquisition. 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 12 “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. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash For cash flow reporting purposes, cash and cash equivalents include cash on hand, amounts due from banks, and money market investments, which include federal funds sold and reverse repurchase agreements. At December 31, 2022 and 2021 , the Company’s cash and cash equivalents totaled $ 2.0 billion and $ 2.2 billion, respectively. Included in cash and cash equivalents at those dates were $ 837 million and $ 1.7 billion, respectively, of interest-bearing deposits in other financial institutions, primarily consisting of balances due from the FRB-NY. There were no federal funds sold outstanding at December 31, 2022 or December 31, 2021 . There was $ 793 million of reverse repurchase agreements outstanding at December 31, 2022 . There was $ 406 million reverse repurchase agreements outstanding at December 31, 2021. Restricted cash totaled $ 50 million at December 31, 2022, and includes cash that the Bank pledges as maintenance margin on centrally cleared derivatives and is included in other assets on the Consolidated Statements of Condition. |
Securities Available for Sale and Held to Maturity | Debt Securities and Equity Investments with Readily Determinable Fair Values The securities portfolio primarily consists of mortgage-related securities and, to a lesser extent, debt and equity securities. Securities that are classified as “available for sale” are carried at their estimated fair value, with any unrealized gains or losses, net of taxes, reported as accumulated other comprehensive income or loss in stockholders’ equity. Securities that the Company has the intent and ability to hold to maturity are classified as “held to maturity” and carried at amortized cost. The fair values of our securities—and particularly our fixed-rate securities—are affected by changes in market interest rates and credit spreads. In general, as interest rates rise and/or credit spreads widen, the fair value of fixed-rate securities will decline. As interest rates fall and/or credit spreads tighten, the fair value of fixed-rate securities will rise. 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. The Company first assesses whether (i) it intends to sell, or (ii) it is more likely than not that the Company 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, the Company evaluates 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. 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 the Company no longer expects 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. Equity investments with readily determinable fair values are measured at fair value with changes in fair value recognized in net income. Premiums and discounts on securities are amortized to expense and accreted to income over the remaining period to contractual maturity using the interest method, and are adjusted for anticipated prepayments. Dividend and interest income are recognized when earned. The cost of securities sold is based on the specific identification method. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock As a member of the FHLB-NY, the Company is required to hold shares of FHLB-NY stock, which is carried at cost. In addition, in connection with the Flagstar acquisition, the Company also holds shares of FHLB-Indianapolis stock, which is carried at cost. The Company’s holding requirement varies based on certain factors, including its outstanding borrowings from the FHLB-NY and FHLB-Indianapolis. The Company conducts a periodic review and evaluation of its FHLB-NY stock to determine if any impairment exists. The factors considered in this process include, among others, significant deterioration in FHLB-NY earnings performance, credit rating, or asset quality; significant adverse changes in the regulatory or economic environment; and other factors that could raise significant concerns about the creditworthiness and the ability of the FHLB-NY to continue as a going concern. |
Loans Held-for-Sale | Loans Held-for-Sale The Company classifies loans as LHFS when we originate or purchase loans that we intend to sell. We have elected the fair value option for the majority of our LHFS. The Company estimates the fair value of mortgage loans based on quoted market prices for securities backed by similar types of loans, where available, or by discounting estimated cash flows using observable inputs inclusive of interest rates, prepayment speeds and loss assumptions for similar collateral. Changes in fair value are recorded to other noninterest income on the Consolidated Statements of Income and Comprehensive Income. LHFS that are recorded at the lower of cost or fair value may be carried at fair value on a nonrecurring basis when the fair value is less than cost. For further information, see Note 19 - Fair Value Measurements. Loans that are transferred into the LHFS portfolio from the LHFI portfolio, due to a change in intent, are recorded at the lower of cost or fair value. Gains or losses recognized upon the sale of loans are determined using the specific identification method. |
Loans Held for Investment | Loans Held for Investment Loans and leases, net, are carried at unpaid principal balances, including unearned discounts, purchase accounting (i.e., acquisition-date fair value) adjustments, net deferred loan origination costs or fees, and the allowance for credit losses on loans and leases. The Company recognizes interest income on loans using the interest method over the life of the loan. Accordingly, the Company defers certain loan origination and commitment fees, and certain loan origination costs, and amortizes the net fee or cost as an adjustment to the loan yield over the term of the related loan. When a loan is sold or repaid, the remaining net unamortized fee or cost is recognized in interest income. Prepayment income on loans is recorded in interest income and only when cash is received. Accordingly, there are no assumptions involved in the recognition of prepayment income. Two factors are considered in determining the amount of prepayment income: the prepayment penalty percentage set forth in the loan documents, and the principal balance of the loan at the time of prepayment. The volume of loans prepaying may vary from one period to another, often in connection with actual or perceived changes in the direction of market interest rates. When interest rates are declining, rising precipitously, or perceived to be on the verge of rising, prepayment income may increase as more borrowers opt to refinance and lock in current rates prior to further increases taking place. A loan generally is 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. |
Loans with Government Guarantees | Loans with Government Guarantees The Company originates government guaranteed loans which are pooled and sold as Ginnie Mae MBS. Pursuant to Ginnie Mae servicing guidelines, the Company has the unilateral right to repurchase loans securitized in Ginnie Mae pools that are due, but unpaid, for three consecutive months. As a result, once the delinquency criteria have been met, and regardless of whether the repurchase option has been exercised, the Company accounts for the loans as if they had been repurchased. The Company recognizes the loans and corresponding liability as loans with government guarantees and loans with government guarantees repurchase options, respectively, in the Consolidated Statements of Condition. If the loan is repurchased, the liability is cash settled and the loan with government guarantee remains. Once repurchased, the Company works to cure the outstanding loans such that they are re-eligible for sale or may begin foreclosure and recover losses through a claims process with the government agency, as an approved lender. |
Allowance for Credit Losses on Loans and Leases | Allowance for Credit Losses on Loans and Leases The Company’s January 1, 2020, adoption of ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments,” resulted in a significant change to our methodology for estimating the allowance since December 31, 2019. ASU No. 2016-13 replaced the incurred loss methodology with an expected loss methodology that is referred to as the 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 credit losses on loans and leases 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 unpaid loan balance, net of deferred fees and expenses, and includes negative escrow. 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 and multiplying together the 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 economic forecasts. The Company’s economic forecast period is 24 months, and afterwards reverts to a historical average loss rate on a straight-line basis over a 12-month period. Historical credit experience provides the basis for the estimation of expected credit losses, with qualitative 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 legislation, regulation, policies, administrative practices 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 the Company reassesses the appropriateness of the economic forecasting period, the reversion period and historical mean at the portfolio segment level, considering any required adjustments for differences in underwriting standards, portfolio mix, and other relevant data shifts over time. The allowance for credit losses on loans and leases is measured on a collective (pool) basis when similar risk characteristics exist. The portfolio segment represents the level at which a systematic methodology is applied to estimate credit losses. Management believes the products within each of the entity’s portfolio segments exhibit similar risk characteristics. Smaller pools of homogenous financing receivables with homogeneous risk characteristics were modeled using the methodology selected for the portfolio segment. 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, the Company reverts to a historical average loss rate. This reversion to the historical average loss rate is performed on a straight-line basis over 12 months. 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). 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 Company maintains an allowance for credit losses on off-balance sheet credit exposures. At December 31, 2022 and December 31, 2021, the allowance for credit losses on off-balance sheet exposures was $ 23 million and $ 12 million, respectively. The Company estimates 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 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. When applying this critical accounting estimate, we incorporate several inputs and judgments that may be influenced by changes period to period. These include, but are not limited to changes in the economic environment and forecasts, changes in the credit profile and characteristics of the loan portfolio, and changes in prepayment assumptions which will result in provisions to or recoveries from the balance of the allowance for credit losses. While changes to the economic environment forecasts and portfolio characteristics will change from period to period, portfolio prepayments are an integral assumption in estimating the allowance for credit losses on our commercial real estate (multi-family, CRE and ADC) portfolio which comprises 70.5 % of the loan portfolio at December 31, 2022. Portfolio prepayments are subject to estimation uncertainty and changes in this assumption could have a material impact to our estimation process. Prepayment assumptions are sensitive to interest rates and existing loan terms and determine the weighted average life of the commercial mortgage loan portfolio. Excluding other factors, as the weighted average life of the portfolio increases or decreases, so will the required amount of the allowance for credit losses on commercial real estate. |
Goodwill | Goodwill The Company adopted, on a prospective basis, ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment on January 1, 2020. The Company has significant intangible assets related to goodwill and as of December 31, 2022, the Company had goodwill of $ 2.4 billion. In connection with its acquisitions, the assets acquired and liabilities assumed are recorded at their estimated fair values. Goodwill represents the excess of the purchase price of its acquisitions over the fair value of identifiable net assets acquired, including other identified intangible assets. The Company tests goodwill for impairment at the reporting unit level. The Company has identified one reporting unit which is the same as its operating segment and reportable segment. If the Company changes its strategy or if market conditions shift, its judgments may change, which may result in adjustments to the recorded goodwill balance. The Company performs its goodwill impairment test in the fourth quarter of each year, or more often if events or circumstances warrant. For annual goodwill impairment testing, the Company has the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill and other intangible assets. If the Company concludes that this is the case, it would compare the fair value the reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The loss recognized, however, would not exceed the total amount of goodwill allocated to that reporting unit. Additionally, the Company would consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. As of December 31, 2022, the Company’s goodwill was no t impaired. |
Mortgage Servicing Rights | Mortgage Servicing Rights The Company purchases and originates mortgage loans for sale to the secondary market and sell the loans on either a servicing-retained or servicing-released basis. If the Company retains the right to service the loan, an MSR is created at the time of sale which is recorded at fair value. The Company uses an internal valuation model that utilizes an option-adjusted spread, constant prepayment speeds, costs to service and other assumptions to determine the fair value of MSRs. Management obtains third-party valuations of the MSR portfolio on a quarterly basis from independent valuation services to assess the reasonableness of the fair value calculated by our internal valuation model. Changes in the fair value of our MSRs are reported on the Consolidated Statements of Income and Comprehensive Income in net return on mortgage servicing. For further information, see Note 9 - Mortgage Servicing Rights and Note 19 - Fair Value Measurements. |
Premises and Equipment, Net | Premises and Equipment, Net Premises, furniture, fixtures, and equipment are carried at cost, less the accumulated depreciation computed on a straight-line basis over the estimated useful lives of the respective assets (generally 20 years for premises and three to ten years for furniture, fixtures, and equipment). Leasehold improvements are carried at cost less the accumulated amortization computed on a straight-line basis over the shorter of the related lease term or the estimated useful life of the improvement. Depreciation is included in “Occupancy and equipment expense” in the Consolidated Statements of Income and Comprehensive Income, and amounted to $ 18 million, $ 21 million, and $ 24 million, respectively, in the years ended December 31, 2022, 2021, and 2020 . |
Bank-Owned Life Insurance | Bank-Owned Life Insurance The Company has purchased life insurance policies on certain employees. These BOLI policies are recorded in the Consolidated Statements of Condition at their cash surrender value. Income from these policies and changes in the cash surrender value are recorded in “Non-interest income” in the Consolidated Statements of Income and Comprehensive Income. At December 31, 2022 and 2021, the Company’s investment in BOLI was $ 1.6 billion and $ 1.2 billion, respectively. The December 31, 2022 amount includes $ 373 million acquired in the Flagstar merger. The Company’s investment in BOLI generated income of $ 32 million, $ 29 million, and $ 32 million, respectively, during the years ended December 31, 2022, 2021, and 2020 . |
Variable Interest Entities | Variable Interest Entities An entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and consolidates the VIE. An entity is deemed to have a controlling financial interest and is the primary beneficiary of a VIE if it has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. For further information, see Note 10 - Variable Interest Entities. |
Repossessed Assets and OREO | Repossessed Assets and OREO Repossessed assets consist of any property or other assets acquired through, or in lieu of, foreclosure are sold or rented, and are recorded at fair value, less the estimated selling costs, at the date of acquisition. Following foreclosure, management periodically performs a valuation of the asset, and the assets are carried at the lower of the carrying amount or fair value, less the estimated selling costs. Expenses and revenues from operations and changes in valuation, if any, are included in “General and administrative expense” in the Consolidated Statements of Income and Comprehensive Income. At December 31, 2022 , the Company had $ 8 million of OREO and $ 4 million of taxi medallions. At December 31, 2021 , the Company had $ 3 million of OREO and $ 5 million of taxi medallions. |
Servicing Fee Income | Servicing Fee Income Servicing fee income, late fees and ancillary fees received on loans for which the Company owns the MSR are included in net return on mortgage servicing rights on the Consolidated Statements of Income and Comprehensive Income. The fees are based on the outstanding principal and are recorded as income when earned. Subservicing fees, which are included in loan administration income on the Consolidated Statements of Income and Comprehensive Income, are based on a contractual monthly amount per loan including late fees and other ancillary income. |
Income Taxes | Income Taxes Income tax expense consists of income taxes that are currently payable and deferred income taxes. Deferred income tax expense is determined by recognizing deferred tax assets and liabilities for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The Company assesses the deferred tax assets and establishes a valuation allowance when realization of a deferred asset is not considered to be “more likely than not.” The Company considers its expectation of future taxable income in evaluating the need for a valuation allowance. The Company estimates income taxes payable based on the amount it expects to owe the various tax authorities (i.e., federal, state, and local). Income taxes represent the net estimated amount due to, or to be received from, such tax authorities. In estimating income taxes, management assesses the relative merits and risks of the appropriate tax treatment of transactions, taking into account statutory, judicial, and regulatory guidance in the context of the Company’s tax position. In this process, management also relies on tax opinions, recent audits, and historical experience. Although the Company uses the best available information to record income taxes, underlying estimates and assumptions can change over time as a result of unanticipated events or circumstances such as changes in tax laws and judicial guidance influencing its overall tax position. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The Company utilizes derivative instruments to manage the fair value changes in our MSRs, interest rate lock commitments and LHFS portfolio which are exposed to price and interest rate risk; facilitate asset/liability management; minimize the variability of future cash flows on long-term debt; and to meet the needs of our customers. All derivatives are recognized on the Consolidated Statements of Condition as other assets and liabilities, as applicable, at their estimated fair value. The Company uses interest rate swaps, swaptions, futures and forward loan sale commitments to mitigate the impact of fluctuations in interest rates and interest rate volatility on the fair value of the MSRs. Changes in their fair value are reflected in current period earnings under the net return on mortgage servicing asset. These derivatives are valued based on quoted prices for similar assets in an active market with inputs that are observable. The Company also enters into various derivative agreements with customers and correspondents in the form of interest rate lock commitments and forward purchase contracts which are commitments to originate or purchase mortgage loans whereby the interest rate on the loan is determined prior to funding and the customers have locked into that interest rate. The derivatives are valued using internal models that utilize market interest rates and other unobservable inputs. Changes in the fair value of these commitments due to fluctuations in interest rates are economically hedged through the use of forward loan sale commitments of MBS. The gains and losses arising from this derivative activity are reflected in current period earnings under the net gain on loan sales. To assist customers in meeting their needs to manage interest rate risk, the Company enters into interest rate swap derivative contracts. To economically hedge this risk, the Company enters into offsetting derivative contracts to effectively eliminate the interest rate risk associated with these contracts. For additional information regarding the accounting for derivatives, see Note 14 - Derivatives and Hedging Activities and for additional information on recurring fair value disclosures, see Note 19 - Fair Value Measurements. |
Representation and Warranty Reserve | Representation and Warranty Reserve When the Company sells mortgage loans into the secondary mortgage market, it makes customary representations and warranties to the purchasers about various characteristics of each loan. Upon the sale of a loan, the Company recognizes a liability for that guarantee at its fair value as a reduction of our net gain on loan sales. Subsequent to the sale, the liability is re-measured at fair value on an ongoing basis based upon an estimate of probable future losses. An estimate of the fair value of the guarantee associated with the mortgage loans is recorded in other liabilities in the Consolidated Statements of Condition, and was $ 10 million at December 31, 2022 , as compared to $ 2 million at December 31, 2021 . |
Stock-Based Compensation | Stock-Based Compensation Under the New York Community Bancorp, Inc. 2020 Omnibus Incentive Plan (the “2020 Incentive Plan”), which was approved by the Company’s shareholders at its Annual Meeting on June 3, 2020, shares are available for grant as restricted stock or other forms of related rights. At December 31, 2022 , the Company had 5,774,229 shares available for grant under the 2020 Incentive Plan. In addition, the Company had 4,025,636 shares available for grant under the Flagstar Bancorp, Inc. 2016 Stock Award and Incentive Plan. Compensation cost related to restricted stock grants is recognized on a straight-line basis over the vesting period. For a more detailed discussion of the Company’s stock-based compensation, see Note 18, “Stock-Related Benefit Plans.” |
Retirement Plans | Retirement Plans The Company’s pension benefit obligations and post-retirement health and welfare benefit obligations, and the related costs, are calculated using actuarial concepts in accordance with GAAP. The measurement of such obligations and expenses requires that certain assumptions be made regarding several factors, most notably including the discount rate and the expected rate of return on plan assets. The Company evaluates these assumptions on an annual basis. Other factors considered by the Company in its evaluation include retirement patterns and mortality rates. Under GAAP, actuarial gains and losses, prior service costs or credits, and any remaining transition assets or obligations that have not been recognized under previous accounting standards must be recognized in AOCL until they are amortized as a component of net periodic benefit cost. |
Earnings per Common Share (Basic and Diluted) | Earnings per Common Share (Basic and Diluted) Basic EPS is computed by dividing the net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the same method as basic EPS, however, the computation reflects the potential dilution that would occur if outstanding in-the-money 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 earnings per common share: Years Ended December 31, (in millions, except share and per share amounts) 2022 2021 2020 Net income available to common stockholders $ 617 $ 563 $ 478 Less: Dividends paid on and earnings allocated ( 8 ) ( 7 ) ( 6 ) Earnings applicable to common stock $ 609 $ 556 $ 472 Weighted average common shares outstanding 483,603,395 463,865,661 462,605,341 Basic earnings per common share $ 1.26 $ 1.20 $ 1.02 Earnings applicable to common stock $ 609 $ 556 $ 472 Weighted average common shares outstanding 483,603,395 463,865,661 462,605,341 Potential dilutive common shares 1,530,950 767,058 676,061 Total shares for diluted earnings per common 485,134,345 464,632,719 463,281,402 Diluted earnings per common share and $ 1.26 $ 1.20 $ 1.02 |
Recently Adopted Accounting Standards | Impact of Recent Accounting Pronouncements Recently Adopted Accounting Standards The Company adopted ASU No. 2022-01—Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method in the first quarter of 2022 upon issuance. The amendments expand the current last-of-layer method of hedge accounting that permits only one hedged layer to allow multiple hedged layers of a single closed portfolio. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. In addition, the amendments expand the scope of the portfolio layer method to include non-prepayable assets; specify eligible hedging instruments in a single-layer hedge; provide additional guidance on the accounting for and disclosure of hedge basis adjustments; specify how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. To date, the guidance has not had any impact on the Company’s Consolidated Statements of Condition, results of operations, or cash flows. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Computation of Basic and Diluted Earnings (Loss) Per Common Share | The following table presents the Company’s computation of basic and diluted earnings per common share: Years Ended December 31, (in millions, except share and per share amounts) 2022 2021 2020 Net income available to common stockholders $ 617 $ 563 $ 478 Less: Dividends paid on and earnings allocated ( 8 ) ( 7 ) ( 6 ) Earnings applicable to common stock $ 609 $ 556 $ 472 Weighted average common shares outstanding 483,603,395 463,865,661 462,605,341 Basic earnings per common share $ 1.26 $ 1.20 $ 1.02 Earnings applicable to common stock $ 609 $ 556 $ 472 Weighted average common shares outstanding 483,603,395 463,865,661 462,605,341 Potential dilutive common shares 1,530,950 767,058 676,061 Total shares for diluted earnings per common 485,134,345 464,632,719 463,281,402 Diluted earnings per common share and $ 1.26 $ 1.20 $ 1.02 |
Business Combination (Tables)
Business Combination (Tables) - Flagstar | 12 Months Ended |
Dec. 31, 2022 | |
Business Acquisition [Line Items] | |
Summary of Fair Value of Assets Acquired and Liabilities and Equity Assumed | The following table provides a preliminary allocation of consideration paid for the fair value of assets acquired and liabilities and equity assumed from Flagstar as of December 1, 2022. (in millions) Purchase price consideration $ 2,010 Fair value of assets acquired: Cash & cash equivalents 331 Securities 2,695 Loans held for sale 1,257 Loans held for investment: One-to-four family first mortgage 5,438 Commercial real estate 3,891 Commercial and industrial 6,523 Consumer and other 2,156 Total loans held for investment 18,008 CDI and other intangible assets 292 Mortgage servicing rights 1,012 Other assets 2,158 Total assets acquired 25,753 Fair value of liabilities assumed: Deposits 15,995 Borrowings 6,700 Other liabilities 889 Total liabilities assumed 23,584 Fair value of net identifiable assets 2,169 Bargain purchase gain $ 159 |
Summary of Loans and Leases Purchased as Part of Acquisition | The following table provides a summary of loans and leases purchased as part of the Flagstar acquisition with credit deterioration and associated credit loss reserve at acquisition: (in millions) Total Par value (UPB) $ 1,950 ACL at acquisition ( 51 ) Non-credit (discount) ( 33 ) Fair value $ 1,866 |
Summary of Unaudited Pro Forma Financial Information | The following pro forma financial information presents the unaudited consolidated results of operations of the Company and Flagstar as if the Merger occurred as of January 1, 2021 with pro forma adjustments. The pro forma adjustments give effect to any change in interest income due to the accretion of the net discounts from the fair value adjustments of acquired loans, any change in interest expense due to the estimated net premium from the fair value adjustments to acquired time deposits and other debt, and the amortization of intangibles had the deposits been acquired as of January 1, 2021. The pro forma amounts for the twelve months ended December 31, 2022 and 2021 do not reflect the anticipated cost savings that have not yet been realized. Merger related expenses incurred by the Company during the twelve months ended December 31, 2022 and 2021 are reflected in the pro forma amounts. The pro forma information does not necessarily reflect the results of operations that would have occurred had the Company merged with Flagstar at the beginning of 2021. Twelve Months Ended December 31, (unaudited) (in millions) 2022 2021 Net interest income $ 2,278 $ 2,208 Non-interest income 650 1,105 Net income 804 1,207 Net income available to common stockholders 771 1,174 |
Reclassifications Out of Accu_2
Reclassifications Out of Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Reclassifications Of Accumulated Other Comprehensive Loss [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Loss | (in millions) For the Twelve Months Ended December 31, 2022 Details about Amount (1) Affected Line Item in the Unrealized gains on available-for-sale $ - Net gain on securities - Income tax expense $ - Net gain on securities, net of tax Unrealized gains on cash flow hedges: $ 4 Interest expense ( 1 ) Income tax benefit $ 3 Net gain on cash flow hedges, net of tax Amortization of defined benefit pension Past service liability $ - Included in the computation of net periodic credit (2) Actuarial losses ( 2 ) Included in the computation of net periodic cost (2) ( 2 ) Total before tax - Income tax benefit $ ( 2 ) Amortization of defined benefit pension plan items, net of tax Total reclassifications for the period $ 1 (1) Amounts in parentheses indicate expense items. (2) See Note 17, “Employee Benefits,” for additional information. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Portfolio of Securities Available for Sale | The following tables summarize the Company’s portfolio of debt securities available for sale and equity investments with readily determinable fair values: December 31, 2022 (in millions) Amortized Gross Gross Fair Debt securities available-for-sale Mortgage-Related Debt Securities: GSE certificates $ 1,457 $ — $ 160 $ 1,297 GSE CMOs 3,600 1 300 3,301 Private Label CMOs 185 6 — 191 Total mortgage-related debt securities $ 5,242 $ 7 $ 460 $ 4,789 Other Debt Securities: U. S. Treasury obligations $ 1,491 $ — $ 4 $ 1,487 GSE debentures 1,749 — 351 1,398 Asset-backed securities (1) 375 — 14 361 Municipal bonds 30 — — 30 Corporate bonds 913 2 30 885 Foreign notes 20 — — 20 Capital trust notes 97 5 12 90 Total other debt securities $ 4,675 $ 7 $ 411 $ 4,271 Total debt securities available for sale $ 9,917 $ 14 $ 871 $ 9,060 Equity securities: Mutual funds 16 — 2 14 Total equity securities $ 16 $ — $ 2 $ 14 Total securities (2) $ 9,933 $ 14 $ 873 $ 9,074 (1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2) Excludes accrued interest receivable of $ 31 million included in other assets in the Consolidated Statements of Condition. December 31, 2021 (in millions) Amortized Gross Gross Fair Debt securities available-for-sale Mortgage-Related Debt Securities: GSE certificates 1,102 20 15 $ 1,107 GSE CMOs 1,717 11 45 1,683 Total mortgage-related debt securities $ 2,819 $ 31 $ 60 $ 2,790 Other Debt Securities: U. S. Treasury obligations 45 $ — $ — $ 45 GSE debentures 1,524 1 45 1,480 Asset-backed securities (1) 479 3 3 479 Municipal bonds 25 — — 25 Corporate bonds 821 18 1 838 Foreign Notes 25 1 — 26 Capital trust notes 96 8 7 97 Total other debt securities $ 3,015 $ 31 $ 56 $ 2,990 Total other securities available for sale $ 5,834 $ 62 $ 116 $ 5,780 Equity securities: Mutual funds 16 — — 16 Total equity securities $ 16 $ — $ — $ 16 Total securities (2) $ 5,850 $ 62 $ 116 $ 5,796 (1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2) Excludes accrued interest receivable of $ 15 million included in other assets in the Consolidated Statements of Condition. |
Summary of 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 years-ended: December 31, (in millions) 2022 2021 2020 Gross proceeds $ 228 $ — $ 484 Gross realized gains — — 2 Gross realized losses — — 1 |
Summary of Amortized Cost of Available-for-Sale Securities by Contractual Maturity | The following table summarizes, by contractual maturity, the amortized cost of securities at December 31, 2022: Mortgage- U.S. State, Other (1) Fair (dollars in millions) Available-for-Sale Debt Due within one year $ 52 $ 1,588 $ 2 $ 20 $ 1,657 Due from one to five years 195 150 — 472 804 Due from five to ten years 277 1,177 18 509 1,656 Due after ten years 4,718 325 10 404 4,943 Total debt securities available $ 5,242 $ 3,240 $ 30 $ 1,405 $ 9,060 (1) Includes corporate bonds, capital trust notes, foreign notes, and asset-backed securities. |
Summary of Held-to-Maturity and Available-for-Sale Securities having Continuous Unrealized Loss Position | The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2022: Less than Twelve Months Twelve Months or Longer Total (in millions) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Temporarily Impaired Securities: U. S. Treasury obligations $ 1,487 $ 4 $ — $ — $ 1,487 $ 4 U.S. Government agency and GSE obligations 243 5 1,156 346 1,399 351 GSE certificates 871 46 420 114 1,291 160 GSE CMOs 2,219 36 925 264 3,144 300 Asset-backed securities 61 2 262 12 323 14 Municipal bonds 9 — 7 — 16 — Corporate bonds 698 27 97 4 795 30 Foreign notes 20 — — — 20 — Capital trust notes 46 2 34 10 80 12 Equity securities 4 — 10 2 14 2 Total temporarily impaired $ 5,658 $ 122 $ 2,911 $ 752 $ 8,569 $ 873 The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2021: Less than Twelve Months Twelve Months or Longer Total (in millions) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Temporarily Impaired Securities: U. S. Treasury obligations $ 45 $ — $ — $ — $ 45 $ — U.S. Government agency and GSE obligations 317 7 185 8 502 15 GSE certificates 846 28 293 17 1,139 45 GSE CMOs 491 8 926 37 1,417 45 Asset-backed securities 130 1 135 2 265 3 Municipal bonds — — 8 — 8 — Corporate bonds — — 99 1 99 1 Foreign notes 5 — — — 5 — Capital trust notes — — 37 7 37 7 Equity securities 12 — — — 12 — Total temporarily impaired $ 1,846 $ 44 $ 1,683 $ 72 $ 3,529 $ 116 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Composition of Loan and Lease Portfolio Held for Investment | The following table sets forth, at the dates indicated, the composition of the loan and lease portfolio held for investment, at their amortized cost, which includes the outstanding principal balance adjusted for any unamortized premiums, discounts, deferred fees and costs: December 31, 2022 December 31, 2021 (dollars in millions) Amount Percent of Amount Percent of Loans and Leases Held for Investment: Mortgage Loans: Multi-family $ 38,130 55.3 % $ 34,628 75.7 % Commercial real estate 8,526 12.4 6,701 14.7 One-to-four family first mortgage 5,821 8.4 160 0.3 Acquisition, development, and construction 1,996 2.8 209 0.5 Total mortgage loans held for investment (1) 54,473 78.9 41,698 91.2 Other Loans: Commercial and industrial 10,597 15.4 2,238 3.2 Lease financing, net of unearned income 85 and $ 95 respectively 1,679 2.4 1,796 3.9 Total commercial and industrial loans (2) 12,276 17.8 4,034 7.2 Other 2,252 3.3 6 0.0 Total other loans held for investment 14,528 21.1 4,040 7.2 Total loans and leases held for investment (1) $ 69,001 100.0 % $ 45,738 100.0 % Allowance for credit losses on loans and leases ( 393 ) ( 199 ) Total loans and leases held for investment, net $ 68,608 $ 45,539 Loans held for sale, at fair value 1,115 — Total loans and leases, net $ 69,723 $ 45,539 (1) Excludes accrued interest receivable of $ 292 million and $ 199 million at December 31, 2022 and December 31, 2021 , respectively, which is included in other assets in the Consolidated Statements of Condition. (2) Includes specialty finance loans and leases of $ 4.4 billion and $ 3.5 billion, respectively, at December 31, 2022 and December 31, 2021 . |
Quality of Loans Held for Investment | The following table presents information regarding the quality of the Company’s loans held for investment at December 31, 2022: (in millions) Loans Non- Loans 90 Total Current Total Multi-family $ 34 $ 13 $ — $ 47 $ 38,083 $ 38,130 Commercial real estate 2 20 — 22 8,504 8,526 One-to-four family first mortgage 21 92 — 113 5,708 5,821 Acquisition, development, and — — — — 1,996 1,996 Commercial and industrial (1) — 7 — 7 12,269 12,276 Other 13 9 — 22 2,230 2,252 Total $ 70 $ 141 $ — $ 211 $ 68,790 $ 69,001 (1) Includes lease financing receivables, all of which were current. The following table presents information regarding the quality of the Company’s loans held for investment at December 31, 2021: (in millions) Loans Non- Loans 90 Total Current Total Multi-family $ 57 $ 10 $ — $ 67 $ 34,561 $ 34,628 Commercial real estate 2 16 — 18 6,683 6,701 One-to-four family first mortgage 8 1 — 9 151 160 Acquisition, development, and — — — — 209 209 Commercial and industrial (1) — 6 — 6 4,029 4,035 Other — — — — 5 5 Total $ 67 $ 33 $ — $ 100 $ 45,638 $ 45,738 (1) 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 December 31, 2022: Mortgage Loans Other Loans (in millions) Multi- Commercial One-to- Acquisition, Total Commercial (1) Other Total Credit Quality Indicator: Pass $ 36,622 $ 7,871 $ 5,710 $ 1,992 $ 52,195 $ 12,208 $ 2,238 $ 14,446 Special mention 864 230 8 4 1,106 18 — 18 Substandard 644 425 103 — 1,172 50 14 64 Doubtful — — — — — — — — Total $ 38,130 $ 8,526 $ 5,821 $ 1,996 $ 54,473 $ 12,276 $ 2,252 $ 14,528 (1) Includes lease financing receivables, all of which were classified as Pass. The following table summarizes the Company’s portfolio of loans held for investment by credit quality indicator at December 31, 2021: Mortgage Loans Other Loans (in millions) Multi- Commercial One-to- Acquisition, Total Commercial (1) Other Total Credit Quality Indicator: Pass $ 33,035 $ 5,876 $ 137 $ 204 $ 39,252 $ 3,987 $ 6 $ 3,993 Special mention 982 644 14 5 1,645 2 — 2 Substandard 611 181 9 — 801 45 — 45 Doubtful — — — — — — — — Total $ 34,628 $ 6,701 $ 160 $ 209 $ 41,698 $ 4,034 $ 6 $ 4,040 (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 December 31, 2022: Vintage Year (in millions) 2022 2021 2020 2019 2018 Prior To Revolving Revolving Total Pass $ 12,817 $ 10,925 $ 9,121 $ 5,519 $ 4,301 $ 8,055 $ 1,452 $ 5 $ 52,195 Special Mention — 15 103 244 293 451 — — 1,106 Substandard 1 6 48 224 137 753 — 3 1,172 Total mortgage loans $ 12,818 $ 10,946 $ 9,272 $ 5,987 $ 4,731 $ 9,259 $ 1,452 $ 8 $ 54,473 Pass 5,415 964 637 727 180 266 6,209 46 14,444 Special Mention 12 — — 7 — — — — 19 Substandard 1 1 22 2 9 7 19 4 65 Total other loans 5,428 965 659 736 189 273 6,228 50 14,528 Total $ 18,246 $ 11,911 $ 9,931 $ 6,723 $ 4,920 $ 9,532 $ 7,680 $ 58 $ 69,001 |
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 December 31, 2022: Collateral Type (in millions) Real Other Multi-family $ 13 $ — Commercial real estate 35 — One-to-four family first mortgage 136 — Acquisition, development, and construction — — Commercial and industrial — 3 Other 14 — Total collateral-dependent loans held for investment 198 3 |
Details of Interest Income on Non-Accrual Loans | The interest income that would have been recorded under the original terms of non-accrual loans at the respective year-ends, and the interest income actually recorded on these loans in the respective years, is summarized below: December 31, (in millions) 2022 2021 2020 Interest income that would have been recorded $ 3 $ 3 $ 5 Interest income actually recorded ( 1 ) ( 1 ) ( 1 ) Interest income foregone $ 2 $ 2 $ 4 |
Information Regarding Troubled Debt Restructurings | The following table presents information regarding the Company’s TDRs: December 31, 2022 December 31, 2021 (in millions) Accruing Non- Total Accruing Non- Total Loan Category: Multi-family $ — $ 6 $ 6 $ — $ 7 $ 7 Commercial real estate 16 19 35 16 — 16 One-to-four family first mortgage — — — — — — Acquisition, development, and — — — — — — Commercial and industrial — 3 3 — 6 6 Total $ 16 $ 28 $ 44 $ 16 $ 13 $ 29 |
Financial Effects of Troubled Debt Restructurings | The financial effects of the Company’s TDRs are summarized as follows: For the Twelve Months Ended December 31, 2022 Weighted Average (dollars in millions) Number Pre- Post- Pre- Post- Charge- Capitalized Loan Category: Commercial real estate 2 $ 22 $ 19 6.00 % 4.02 % $ 3 $ — Total 2 $ 22 $ 19 $ 3 $ — For the Twelve Months Ended December 31, 2021 Weighted Average (dollars in millions) Number Pre- Post- Pre- Post- Charge- Capitalized Loan Category: Commercial real estate 2 $ 4 $ 4 6.00 % 3.55 % $ — $ — Commercial and industrial 1 8 8 3.13 3.25 — — Total 3 $ 12 $ 12 $ — For the Twelve Months Ended December 31, 2020 Weighted Average (dollars in millions) Number Pre- Post- Pre- Post- Charge- Capitalized Loan Category: One-to-four family first mortgage 1 $ 15 $ 15 8.00 % 3.50 % $ — $ — Commercial and industrial 42 9 $ 8 2.36 2.23 1 — Total 43 $ 24 $ 23 $ 1 $ — |
Allowance for Credit Losses o_2
Allowance for Credit Losses on Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Additional Information about Nonaccrual Loans | The following table presents additional information about the Company’s nonaccrual loans at December 31, 2022: (in millions) Recorded Related Interest Nonaccrual loans with no related allowance: Multi-family $ 13 $ — $ — Commercial real estate 19 — 1 One-to-four family first mortgage 90 — — Acquisition, development, and construction — — — Other (includes C&I) 3 — — Total nonaccrual loans with no related allowance $ 125 $ — $ 1 Nonaccrual loans with an allowance recorded: Multi-family $ — $ — $ — Commercial real estate 1 — — One-to-four family first mortgage 2 — — Acquisition, development, and construction — — — Other (includes C&I) 13 14 — Total nonaccrual loans with an allowance recorded $ 16 $ 14 $ — Total nonaccrual loans: Multi-family $ 13 $ — $ — Commercial real estate 20 — 1 One-to-four family first mortgage 92 — — Acquisition, development, and construction — — — Other (includes C&I) 16 14 — Total nonaccrual loans $ 141 $ 14 $ 1 The following table presents additional information about the Company’s nonaccrual loans at December 31, 2021 (in millions) Recorded Related Interest Nonaccrual loans with no related allowance: Multi-family $ 9 $ — $ 1 Commercial real estate 14 — — One-to-four family first mortgage — — — Acquisition, development, and construction — — — Other 6 — — Total nonaccrual loans with no related allowance $ 29 $ — $ 1 Nonaccrual loans with an allowance recorded: Multi-family $ 1 $ — $ — Commercial real estate 2 — — One-to-four family first mortgage 1 — — Acquisition, development, and construction — — — Other — — — Total nonaccrual loans with an allowance recorded $ 4 $ — $ — Total nonaccrual loans: Multi-family $ 10 $ — $ 1 Commercial real estate 16 — — One-to-four family first mortgage 1 — — Acquisition, development, and construction — — — Other 6 — — Total nonaccrual loans $ 33 $ — $ 1 |
Non-Covered Loans | |
Summary of Activity in Allowance for Loan and Lease Losses | The following table summarizes activity in the allowance for loan and lease losses for the periods indicated: Twelve Months Ended December 31, 2022 2021 (in millions) Mortgage Other Total Mortgage Other Total Balance, beginning of period $ 178 $ 21 $ 199 $ 176 $ 18 $ 194 Adjustment for Purchased PCD Loans 21 30 51 — — — Charge-offs ( 5 ) ( 2 ) ( 7 ) ( 6 ) ( 7 ) ( 13 ) Recoveries 4 7 11 2 13 15 Provision for (recovery of) credit 92 47 139 6 ( 3 ) 3 Balance, end of period $ 290 $ 103 $ 393 $ 178 $ 21 $ 199 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Components of Lease Income | The components of lease income were as follows: (in millions) For the For the Interest income on lease financing (1) $ 53 $ 53 (1) Included in Interest Income – Loans and leases in the Consolidated Statements of Income and Comprehensive Income. |
Components of Net Investment in Direct Financing Leases | The components of net investment in direct financing leases, including the carrying amount of the lease receivables, as well as the unguaranteed residual asset were as follows: (in millions) December 31, December 31, Net investment in the lease - lease payments receivable $ 1,685 $ 1,790 Net investment in the lease - unguaranteed residual assets 60 75 Total lease payments $ 1,745 $ 1,865 |
Summary of Remaining Maturity of Undiscounted Lease Receivables | The following table presents the remaining maturity analysis of the undiscounted lease receivables, as well as the reconciliation to the total amount of receivables recognized in the Consolidated Statements of Condition: (in millions) December 31, 2022 $ - 2023 52 2024 152 2025 396 2026 342 Thereafter 803 Total lease payments 1,745 Plus: deferred origination costs 19 Less: unearned income ( 85 ) Total lease finance receivables, net $ 1,679 |
Summary of Components of Lease Expense | The components of lease expense were as follows: (in millions) For the Twelve For the Twelve Operating lease cost $ 28 $ 27 Sublease income — — Total lease cost $ 28 $ 27 |
Summary of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to the leases for the following periods: (in millions) For the Twelve For the Twelve Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 28 $ 27 |
Summary of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to the leases for the following periods: (in millions, except lease term and discount rate) December 31, December 31, Operating Leases: Operating lease right-of-use assets (1) $ 119 $ 249 Operating lease liabilities (2) $ 122 249 Weighted average remaining lease term 6 years 16 years Weighted average discount rate % 3.85 % 3.05 % (1) Included in Other assets in the Consolidated Statements of Condition. (2) Included in Other liabilities in the Consolidated Statements of Condition. |
Summary of Maturities of Lease Liabilities | (in millions) December 31, 2023 $ 28 2024 25 2025 24 2026 19 2027 13 Thereafter 28 Total lease payments 137 Less: imputed interest ( 15 ) Total present value of lease liabilities $ 122 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Transfers and Servicing [Abstract] | |
Changes in the Fair Value of Residential First Mortgage MSRs | Changes in the fair value of residential first mortgage MSRs were as follows: For the Month Ended December 31, 2022 (in millions) Balance at beginning of period, December 1, 2022 $ 1,012 Additions from loans sold with servicing retained 19 Reductions from sales - Decrease in MSR fair value due to pay-offs, pay-downs, run-off , model changes, and other (1) ( 8 ) Changes in estimates of fair value due to interest rate risk (1) (2) 10 Fair value of MSRs at end of period $ 1,033 (1) Changes in fair value are included within net return on mortgage servicing rights on the Consolidated Statements of Income and Comprehensive Income. (2) Represents estimated MSR value change resulting primarily from market-driven changes which we manage through the use of derivatives. |
Summary of Adverse Changes to Weighted Average of Certain Significant Assumptions Used in Valuing These Assets | The following table summarizes the hypothetical effect on the fair value of servicing rights using adverse changes of 10 percent and 20 percent to the weighted average of certain significant assumptions used in valuing these assets: December 31, 2022 Fair value Actual 10% adverse change 20% adverse change (dollars in millions) Option adjusted spread 5.9 % $ 1,012 $ 992 Constant prepayment rate 7.9 % 1,000 970 Weighted average cost to service per loan $ 68 1,023 1,013 |
Summary of Income and Fees Associated With Owned MRSs and Mortgage Loans Subserviced for Others | The following table summarizes income and fees associated with owned MSRs: For the Month Ended December 31, 2022 (in millions) Net return on mortgage servicing rights Servicing fees, ancillary income and late fees (1) $ 20 Decrease in MSR fair value due to pay-offs, pay-downs, run-off , model changes and other ( 8 ) Changes in fair value due to interest rate risk 10 Loss on MSR derivatives (2) ( 16 ) Net transaction costs - Total return (loss) included in net return on mortgage servicing rights $ 6 (1) Servicing fees are recorded on an accrual basis. Ancillary income and late fees are recorded on a cash basis. (2) Changes in the derivatives utilized as economic hedges to offset changes in fair value of the MSRs. The following table summarizes income and fees associated with our mortgage loans subserviced for others: For the Month Ended December 31, 2022 (in millions) Loan administration income on mortgage loans subserviced Servicing fees, ancillary income and late fees (1) $ 11 Charges on subserviced custodial balances (2) ( 8 ) Other servicing charges - Total income on mortgage loans subserviced, included in loan administration $ 3 (1) Servicing fees are recorded on an accrual basis. Ancillary income and late fees are recorded on a cash basis. (2) Charges on subserviced custodial balances represent interest due to MSR owner. |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Banking And Thrift Disclosure [Abstract] | |
Weighted Average Interest Rates for Each Type of Deposit | The following table sets forth the weighted average interest rates for each type of deposit at December 31, 2022 and 2021: December 31, 2022 2021 (dollars in millions) Amount Percent Weighted Amount Percent Weighted Interest-bearing checking and money $ 22,511 38.34 % 2.66 % $ 13,209 37.68 % 0.20 % Savings accounts 11,645 19.83 1.30 8,892 25.36 0.35 Certificates of deposit 12,510 21.30 2.04 8,424 24.03 0.52 Non-interest-bearing accounts 12,055 20.53 — 4,534 12.93 — Total deposits $ 58,721 100.00 % 1.71 % $ 35,059 100.00 % 0.29 % |
Scheduled Maturities of Certificates of Deposit Intangibles | The scheduled maturities of certificates of deposit at December 31, 2022 were as follows: (in millions) 1 year or less $ 9,247 More than 1 year through 2 years 2,922 More than 2 years through 3 years 298 More than 3 years through 4 years 50 More than 4 years through 5 years 24 Over 5 years 5 Total CDs (1) $ 12,546 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Borrowed Funds | The following table summarizes the Company’s borrowed funds at December 31, 2022 and 2021: December 31, (in millions) 2022 2021 Wholesale borrowings: FHLB advances $ 20,325 $ 15,105 Repurchase agreements — 800 Total wholesale borrowings $ 20,325 $ 15,905 Junior subordinated debentures 575 361 Subordinated notes 432 296 Total borrowed funds $ 21,332 $ 16,562 |
Analysis of Contractual Maturities of Outstanding Federal Home Loan Bank Advances | The contractual maturities and the next call dates of FHLB advances outstanding at December 31, 2022 were as follows: Contractual Maturity Earlier of Contractual (dollars in millions) Amount Weighted (1) Amount Weighted (1) 2023 $ 10,325 3.51 % $ 15,325 3.26 % 2024 1,600 1.36 3,100 2.42 2025 — — 250 3.50 2026 — — — — 2027 2,650 3.77 1,250 3.87 2028 400 4.11 400 4.11 2029 200 1.61 — — 2030 — — — — 2031 — — — — 2032 5,150 2.80 — — Total FHLB advances $ 20,325 3.19 $ 20,325 3.19 (1) Does not included the effect interest rate swap agreements. |
Contractual Terms of Junior Subordinated Debentures Outstanding | The following table presents contractual terms of the junior subordinated debentures outstanding at December 31, 2022: Issuer Interest Rate Junior Capital Date of Stated (dollars in millions) New York Community Capital Trust V (BONUSES Units) (1) 6.00 % $ 147 $ 141 Nov. 4, 2002 Nov. 1, 2051 New York Community Capital Trust X (2) 6.37 124 120 Dec. 14, 2006 Dec. 15, 2036 PennFed Capital Trust III (2) 8.02 31 30 June 2, 2003 June 15, 2033 New York Community Capital Trust XI (2) 6.38 59 58 April 16, 2007 June 30, 2037 Flagstar Statutory Trust II (2) 7.97 26 25 Dec. 26, 2002 Dec. 26, 2032 Flagstar Statutory Trust III (2) 7.33 26 25 Feb. 19, 2003 April 7, 2033 Flagstar Statutory Trust IV (2) 7.98 26 25 Mar. 19, 2003 Mar 19, 2033 Flagstar Statutory Trust V (2) 6.08 26 25 Dec 29, 2004 Jan. 7, 2035 Flagstar Statutory Trust VI (2) 6.08 26 25 Mar. 30, 2005 April 7, 2035 Flagstar Statutory Trust VII (2) 6.52 51 50 Mar. 29, 2005 June 15, 2035 Flagstar Statutory Trust VIII (2) 5.58 25 24 Sept. 22, 2005 Oct. 7, 2035 Flagstar Statutory Trust IX (2) 6.22 25 24 June 28, 2007 Sept. 15, 2037 Flagstar Statutory Trust X (2) 7.27 16 16 Aug. 31, 2007 Sept 15, 2037 Total junior subordinated debentures $ 608 $ 588 (1) Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. (2) Callable at any time. |
Subordinated Debt | |
Contractual Terms of Junior Subordinated Debentures Outstanding | At December 31, 2022 and 2021 , the Company had a total of $ 432 million and $ 296 million subordinated notes outstanding; respectively, of fixed-to-floating rate subordinated notes outstanding: Date of Original Issue Stated Maturity Interest Rate Original Issue (dollars in millions) November 6, 2018 November 6, 2028 (1) 5.900 % $ 300 October 28, 2020 November 1, 2030 (2) 4.125 % 150 (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 percent per annum payable semi-annually. Unless redeemed, from and including November 6, 2023 to but excluding the maturity date, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus 278 basis point payable quarterly. (2) From and including the date of original issuance, the Notes will bear interest at a fixed rate of 4.125 percent through October 31, 2025, and a variable rate tied to SOFR thereafter until maturity. The Company has the option to redeem all or a part of the Notes beginning on November 1, 2025, and on any subsequent interest payment date. |
Federal, State And Local Taxes
Federal, State And Local Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Net Deferred Tax Asset (Liability) | The following table summarizes the components of the Company’s net deferred tax asset (liability) at December 31, 2022 and 2021: December 31, (in millions) 2022 2021 Deferred Tax Assets: Allowance for credit losses on loans and leases $ 102 $ 55 Acquisition accounting and fair value adjustments on securities (including OTTI) 227 21 Acquisition accounting and fair value adjustments on loans 36 — Capitalized loans costs 46 — Compensation and related benefit obligations 23 17 Capitalized research and development costs 10 — Net operating loss carryforwards 15 1 Other 18 15 Gross deferred tax assets 477 109 Valuation allowance ( 5 ) — Net deferred tax asset after valuation allowance $ 472 $ 109 Deferred Tax Liabilities: Leases $ ( 328 ) $ ( 360 ) Mortgage servicing rights ( 105 ) $ — Premises and equipment ( 18 ) ( 5 ) Prepaid pension cost ( 29 ) ( 35 ) Fair value adjustments on loans — ( 81 ) Amortizable intangibles ( 71 ) ( 3 ) Acquisition accounting and fair value adjustments on deposits ( 9 ) — Acquisition accounting and fair value adjustments on debt ( 10 ) — Other ( 9 ) ( 9 ) Gross deferred tax liabilities $ ( 579 ) $ ( 493 ) Net deferred tax liability $ ( 107 ) $ ( 384 ) |
Income Tax Expense (Benefit) | The following table summarizes the Company’s income tax expense for the years ended December 31, 2022, 2021, and 2020: December 31, (in millions) 2022 2021 2020 Federal – current $ 147 $ 188 $ ( 148 ) State and local – current 32 35 5 Total current 179 223 ( 143 ) Federal – deferred ( 10 ) ( 28 ) 190 State and local – deferred 7 15 29 Total deferred ( 3 ) ( 13 ) 219 Income tax expense reported in net income 176 210 77 Income tax expense reported in stockholders’ equity related to: Securities available-for-sale ( 223 ) ( 42 ) 16 Pension liability adjustments ( 6 ) 10 — Cash flow hedge 23 9 ( 13 ) Adoption of ASU 2016-13 — — ( 4 ) Total income taxes $ ( 30 ) $ 187 $ 76 |
Reconciliation of Statutory Federal Income Tax Expense (Benefit) Reported in Net Income to Combined Actual Income Tax Expense (Benefit) | The following table presents a reconciliation of statutory federal income tax expense (benefit) to combined actual income tax expense (benefit) reported in net income for the years ended December 31, 2022, 2021, and 2020: December 31, (in millions) 2022 2021 2020 Statutory federal income tax at 21 % $ 174 $ 169 $ 123 State and local income taxes, net of federal income tax effect 31 40 27 Effect of tax law changes — — ( 73 ) Non-taxable bargain gain ( 33 ) — — Non-deductible FDIC deposit insurance premiums 10 9 8 Effect of tax deductibility of ESOP ( 3 ) ( 3 ) ( 3 ) Non-taxable income and expense of BOLI ( 7 ) ( 6 ) ( 7 ) Non-deductible merger expenses 3 3 — Non-deductible compensation expense 4 — — Federal tax credits ( 1 ) — ( 1 ) Adjustments relating to prior tax years ( 1 ) ( 1 ) 1 Other, net ( 1 ) ( 1 ) 2 Total income tax expense $ 176 $ 210 $ 77 |
Changes in Liability for Unrecognized Gross Tax Benefits | The following table summarizes changes in the liability for unrecognized gross tax benefits for the years ended December 31, 2022, 2021, and 2020: December 31, (in millions) 2022 2021 2020 Uncertain tax positions at beginning of year $ 39 $ 38 $ 36 Additions for tax positions relating to current-year operations 1 2 1 Additions for tax positions relating to prior tax years — 1 1 Subtractions for tax positions relating to prior tax years — ( 2 ) — Uncertain tax positions at end of year $ 40 $ 39 $ 38 |
Derivative and Hedging Activi_2
Derivative and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Cumulative Basis Adjustment for Fair Value Hedges | As of December 31, 2022 and 2021, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges. (in millions) December 31, 2022 December 31, 2021 Line Item in the Consolidated Statements of Carrying Cumulative Carrying Cumulative Total loans and leases, net (1) $ - $ - $ 2,025 $ 25 (1) These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. Since the swap expired in February 2022, at December 31, 2022 , the amortized cost basis of the closed portfolios used in these hedging relationships, the cumulative basis adjustments associated with these hedging relationships, and the amount of the designated hedged items, were zero . |
Effect of Derivative Instruments on Consolidated Statements of Income and Comprehensive Income | The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the periods indicated. (in millions) For the Twelve For the Twelve Derivative – interest rate swap: Interest income $ 25 $ 48 Hedged item – loans: Interest income $ ( 25 ) $ ( 48 ) |
Information Regarding Derivative Financial Instruments | The following table sets forth information regarding the Company’s derivative financial instruments at December 31, 2022. December 31, 2022 Fair Value (in millions) Notional Other Other Derivatives designated as cash flow hedging instruments: Interest rate swap $ 3,750 $ 5 $ — Total $ 3,750 $ 5 $ — Derivatives not designated as hedging instruments: Assets Futures $ 1,205 $ 2 $ — Mortgage-backed securities forwards 1,065 36 — Rate lock commitments 1,539 9 — Interest rate swaps and swaptions 7,594 182 — Total $ 11,403 $ 229 $ — Liabilities Mortgage-backed securities forwards 739 — 61 Rate lock commitments 527 — 10 Interest rate swaps and swaptions 2,445 — 65 Total derivatives not designated as hedging instruments $ 3,711 $ — $ 136 |
Schedule of derivative subject to a master netting agreement, Including the cash pledged as collateral | The following table presents the derivative subject to a master netting agreement, including the cash pledged as collateral: December 31, 2022 Gross Amounts Not Offset in the Statements of Condition (in millions) Gross Amount Gross Amounts Netted in the Statements of Condition Net Amount Presented in the Statements of Condition Financial Instruments Cash Collateral Pledged (Received) Derivatives designated hedging instruments: Interest rate swaps on FHLB advances (1) $ 5 $ — $ 5 $ 4 $ 27 Derivatives not designated as hedging instruments: Assets Mortgage-backed securities forwards $ 36 $ — $ 36 $ — $ ( 9 ) Interest rate swaptions 182 — 182 — ( 36 ) Futures 2 2 1 Total derivative assets $ 220 $ — $ 220 $ — $ ( 44 ) Liabilities Mortgage-backed securities forwards $ 61 $ — $ 61 $ — $ 54 Interest rate swaps (2) 65 — 65 — 29 Total derivative liabilities $ 126 $ — $ 126 $ — $ 83 (1) Notional value of cash flow hedging instruments at December 31, 2021 $ 2.3 billion. Securities pledged at December 31, 2021 was $ 9 million. (2) Variation margin pledged to, or received from, a Central Counterparty Clearing House to cover the prior days fair value of open positions is considered settlement of the derivative position for accounting purposes. |
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 year ending December 31, 2022 and 2021: (in millions) For the Twelve For the Twelve Amount of gain recognized in AOCL $ 88 $ 8 Amount of reclassified from AOCL to interest expense ( 4 ) 25 |
Net Gain (Loss) Recognized in Income on Derivative Instruments | The following table presents the net gain (loss) recognized in income on derivative instruments, net of the impact of offsetting positions: For the Twelve For the Twelve (dollars in millions) Derivatives not designated as hedging instruments Location of Gain (Loss) Futures Net return on mortgage servicing rights $ ( 1 ) $ — Interest rate swaps and swaptions Net return on mortgage servicing rights ( 11 ) — Mortgage-backed securities forwards Net return on mortgage servicing rights ( 4 ) — Rate lock commitments and US Treasury futures Net gain on loan sales 28 — Forward commitments Other noninterest income ( 1 ) — Interest rate swaps (1) Other noninterest income — — Total derivative (loss) gain $ 11 $ — (1) Includes customer-initiated commercial interest rate swaps. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off-Balance-Sheet Originate Loans and Letters of Credit | The following table summarizes the Company’s off-balance sheet commitments to originate loans and letters of credit at December 31, 2022: (in millions) Multi-family and commercial real estate $ 216 One-to-four family including interest rate locks 2,066 Acquisition, development, and construction 3,539 Warehouse loan commitments 8,042 Other loan commitments 7,964 Total loan commitments $ 21,827 Commercial, performance stand-by, and financial stand-by letters of credit 541 Total commitments $ 22,368 |
Guarantees and Indemnifications | The following table summarizes the Company’s guarantees and indemnifications at December 31, 2022: (in millions) Expires Within Expires After Total Maximum Financial stand-by letters of credit $ 79 $ 85 $ 164 $ 398 Performance stand-by letters of credit 108 11 119 118 Commercial letters of credit 10 1 11 25 Total letters of credit $ 197 $ 97 $ 294 $ 541 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Other Intangible Assets | At December 31, 2022, other intangible assets consisted of the following: (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Value Core deposit intangible $ 250 $ ( 4 ) $ 246 Other intangible assets 42 ( 1 ) 41 Total other intangible assets $ 292 $ ( 5 ) $ 287 |
Schedule of Estimated Amortization Expense of CDI and Other Intangible Assets | The estimated amortization expense of CDI and other intangible assets for the next five years is as follows: (in millions) Amortization Expense 2023 $ 59 2024 54 2025 38 2026 33 2027 29 Total $ 213 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost | The following table indicates the weighted average assumptions used in determining the net periodic benefit cost for the years indicated: Years Ended December 31, 2022 2021 2020 Discount rate 2.6 % 2.2 % 3.0 % Expected rate of return on plan assets 6.0 6.3 6.5 |
Fair Value Measurements of Investments Held by Retirement Plan | The following table presents information about the fair value measurements of the investments held by the Retirement Plan as of December 31, 2022: (in millions) Total Quoted Prices Significant Other Significant Equity: Large-cap value (1) $ 23 $ — $ 23 $ — Large-cap growth (2) 17 — 17 — Large-cap core (3) 13 — 13 — Mid-cap value (4) 5 — 5 — Mid-cap growth (5) 4 — 4 — Mid-cap core (6) 5 — 5 — Small-cap value (7) 3 — 3 — Small-cap growth (8) 6 — 6 — Small-cap core (9) 4 — 4 — International equity (10) 30 — 30 — Fixed Income Funds: Fixed Income – U.S. Core (11) 65 — 65 — Intermediate duration (12) 22 — 22 — Equity Securities: Company common stock 26 26 — — Cash Equivalents: Money market * 5 1 4 — $ 228 $ 27 $ 201 $ — * Includes cash equivalent investments in equity and fixed income strategies. (1) This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. (2) This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. (3) This fund tracks the performance of the S&P 500 Index by purchasing the securities represented in the Index in approximately the same weightings as the Index. (4) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Value Index. (5) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Growth Index. (6) This category seeks to track the performance of the S&P Midcap 400 Index. (7) This category consists of a selection of investments based on the Russell 2000 Value Index. (8) This category consists of a mutual fund invested in small cap growth companies along with a fund invested in a selection of investments based on the Russell 2000 Growth Index. (9) This category consists of a mutual fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10 percent of the market universe, or smaller than the 1000th largest US company. (10) This category invests primarily in medium to large non-US companies in developed and emerging markets. Under normal circumstances, at least 80 percent of total assets will be invested in equity securities, including common stocks, preferred stocks, and convertible securities. (11) This category currently includes equal investments in three mutual funds, two of which usually hold at least 80 percent of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50 percent or more in mortgage-backed securities guaranteed by the US government and its agencies. (12) This category consists of a mutual fund which invest in a diversified portfolio of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset backed securities, corporate and municipal bonds, CMOs, and other securities mostly rated A or better. |
Weighted Average Asset Allocations for Retirement Plan | The asset allocations for the Retirement Plan were as follows: At December 31, 2022 2021 Equity securities 60 % 62 % Debt securities 38 36 Cash equivalents 2 2 Total 100 % 100 % |
Expected Future Annuity Payments by Retirement Plan | The following annuity payments, which reflect expected future service, as appropriate, are expected to be paid by the Retirement Plan during the years indicated: (in millions) 2023 $ 8 2024 8 2025 8 2026 8 2027 8 2028 and thereafter 42 Total $ 82 |
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost of Health and Welfare Plan | The following table presents the weighted average assumptions used in determining the net periodic benefit cost for the years indicated: Years Ended December 31, 2022 2021 2020 Discount rate 2.3 % 2.0 % 2.9 % Current medical trend rate 6.5 6.5 6.5 Ultimate trend rate 5.0 5.0 5.0 Year when ultimate trend rate will be reached 2028 2027 2026 |
Expected Future Payments for Premiums and Claims under Health and Welfare Plan | The following amounts are currently expected to be paid for premiums and claims during the years indicated under the Health & Welfare Plan: (in millions) 2023 $ 1 2024 1 2025 1 2026 1 2027 1 2028 and thereafter 2 Total $ 7 |
Pension Benefits | |
Information Regarding Benefit Plan | The following table sets forth certain information regarding the Retirement Plan as of the dates indicated: December 31, (in millions) 2022 2021 Change in Benefit Obligation: Benefit obligation at beginning of year $ 158 $ 172 Interest cost 4 4 Actuarial gain ( 38 ) ( 9 ) Annuity payments ( 7 ) ( 6 ) Settlements ( 1 ) ( 3 ) Benefit obligation at end of year $ 116 $ 158 Change in Plan Assets: Fair value of assets at beginning of year $ 283 $ 261 Actual return (loss) on plan assets ( 47 ) 31 Annuity payments ( 7 ) ( 6 ) Settlements ( 1 ) ( 3 ) Fair value of assets at end of year $ 228 $ 283 Funded status (included in “Other assets”) $ 112 $ 125 Changes recognized in other comprehensive income for the year ended Amortization of actuarial loss ( 2 ) ( 7 ) Net actuarial (gain) loss arising during the year 26 ( 23 ) Total recognized in other comprehensive income for the year (pre-tax) $ 24 $ ( 30 ) Accumulated other comprehensive loss (pre-tax) not yet recognized Actuarial loss, net 66 43 Total accumulated other comprehensive loss (pre-tax) $ 66 $ 43 |
Components of Net Periodic Benefit Cost | The components of net periodic pension (credit) expense were as follows for the years indicated: Years Ended December 31, (in millions) 2022 2021 2020 Components of net periodic pension expense (credit): Interest cost $ 4 $ 4 $ 5 Expected return on plan assets ( 16 ) ( 16 ) ( 15 ) Amortization of net actuarial loss 2 7 7 Net periodic pension credit $ ( 10 ) $ ( 5 ) $ ( 3 ) |
Post-Retirement Benefits | |
Information Regarding Benefit Plan | The following table sets forth certain information regarding the Health & Welfare Plan as of the dates indicated: December 31, (in millions) 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 10 $ 12 Interest cost — — Actuarial gain ( 2 ) ( 2 ) Premiums and claims paid ( 1 ) — Benefit obligation at end of year $ 7 10 Change in plan assets: Fair value of assets at beginning of year $ — $ — Employer contribution 1 — Premiums and claims paid ( 1 ) — Fair value of assets at end of year $ — $ — Funded status (included in “Other liabilities”) $ ( 7 ) ( 10 ) Changes recognized in other comprehensive income for Amortization of prior service cost $ — $ — Amortization of actuarial gain — — Net actuarial (gain) loss arising during the year ( 2 ) ( 2 ) Total recognized in other comprehensive income for the year (pre-tax) $ ( 2 ) $ ( 2 ) Accumulated other comprehensive (gain) loss (pre-tax) not yet recognized Prior service cost $ — $ — Actuarial (gain) loss, net ( 2 ) — Total accumulated other comprehensive income (pre-tax) $ ( 2 ) — |
Stock-Related Benefit Plans (Ta
Stock-Related Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Activity for Restricted Stock Awards | The following table provides a summary of activity with regard to restricted stock awards: For the Year Ended Number of Shares Weighted Unvested at beginning of year 6,950,335 $ 11.68 Granted 3,710,689 11.23 Assumed in business acquisition (1) 1,904,025 9.35 Vested ( 2,374,209 ) 12.21 Forfeited ( 614,238 ) 11.56 Unvested at end of year 9,576,602 10.92 (1) Weighted-average per share represents the fair value per share on the acquisition date. |
Summary of Activity for Performance-Based Restricted Stock Units | The following table provides a summary of activity with regard to Performance-Based Restricted Stock Units ("PSUs") in th e twelve months ended December 31, 2022: Number of Weighted Performance Expected Outstanding at beginning of year 834,612 $ 11.44 Granted 473,211 10.09 Released ( 176,090 ) 11.42 Forfeited ( 336,749 ) 11.43 Outstanding at end of period 794,984 11.43 January 1, 2022 - December 31, 2024 March 31, 2023 - 2025 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2022 and 2021, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at December 31, 2022 (in millions) Quoted Significant Significant Netting Total Assets: Mortgage-related Debt Securities GSE certificates $ — $ 1,297 $ — $ — $ 1,297 GSE CMOs — 3,301 — — 3,301 Private Label CMOs — 191 — — 191 Total mortgage-related debt securities $ — $ 4,789 $ — $ — $ 4,789 Other Debt Securities Available for Sale: U. S. Treasury obligations $ 1,487 $ — $ — $ — $ 1,487 GSE debentures — 1,398 — — 1,398 Asset-backed securities — 361 — — 361 Municipal bonds — 30 — — 30 Corporate bonds — 885 — — 885 Foreign notes — 20 — — 20 Capital trust notes — 90 — — 90 Total other debt securities $ 1,487 $ 2,784 $ — $ — $ 4,271 Total debt securities available for sale $ 1,487 $ 7,573 $ — $ — $ 9,060 Equity securities: Mutual funds and common stock — 14 — — 14 Total equity securities $ — $ 14 $ — $ — $ 14 Total securities $ 1,487 $ 7,587 $ — $ — $ 9,074 Loans held-for-sale Residential first mortgage loans $ — $ 1,115 $ — $ — $ 1,115 Derivative assets Interest rate swaps and swaptions — 182 — — 182 Futures — 2 — — 2 Rate lock commitments (fallout-adjusted) — — 9 — 9 Mortgage-backed securities forwards — 36 — — 36 Mortgage servicing rights — — 1,033 — 1,033 Total assets at fair value $ 1,487 $ 8,922 $ 1,042 $ — $ 11,451 Derivative liabilities Mortgage-backed securities forwards — 61 — — 61 Interest rate swaps and swaptions — 65 — — 65 Rate lock commitments (fallout-adjusted) — — 10 — 10 Total liabilities at fair value $ — $ 126 $ 10 $ — $ 136 Fair Value Measurements at December 31, 2021 (in millions) Quoted Significant Significant Netting Total Assets: Mortgage-Related Debt Securities GSE certificates $ — $ 1,107 $ — $ — $ 1,107 GSE CMOs — 1,683 — — 1,683 Total mortgage-related debt securities $ — $ 2,790 $ — $ — $ 2,790 Other Debt Securities Available U.S. Treasury obligations $ 45 $ — $ — $ — $ 45 GSE debentures — 1,480 — — 1,480 Asset-backed securities — 479 — — 479 Municipal bonds — 25 — — 25 Corporate bonds — 838 — — 838 Foreign notes — 26 — — 26 Capital trust notes — 97 — — 97 Total other debt securities $ 45 $ 2,945 $ — $ — $ 2,990 Total debt securities available for sale $ 45 $ 5,735 $ — $ — $ 5,780 Equity securities: — — Mutual funds and common stock — 16 — — 16 Total equity securities $ — $ 16 $ — $ — $ 16 Total securities $ 45 $ 5,751 $ — $ — $ 5,796 |
Assets Measured by using Significant Unobservable Inputs | The following tables include a roll forward of the Consolidated Statements of Condition amounts (including the change in fair value) for financial instruments classified by us within Level 3 of the valuation hierarchy: Balance at Beginning of Year Total Gains / (Losses) Recorded in Earnings (1) Purchases / Originations Sales Settlement Transfers In (Out) Balance at End of Year (dollars in millions) Year-Ended December 31, 2022 Assets Mortgage servicing rights (1) $ 1,012 $ 2 $ 19 — — — $ 1,033 Rate lock commitments (net) (1)(2) 21 ( 12 ) 5 — — ( 15 ) ( 1 ) Totals $ 1,033 $ ( 10 ) $ 24 $ — $ — $ ( 15 ) $ 1,032 1. We utilized swaptions, futures, forward agency and loan sales and interest rate swaps to manage the risk associated with mortgage servicing rights and rate lock commitments. Gains and losses for individual lines do not reflect the effect of our risk management activities related to such Level 3 instruments. 2. Rate lock commitments are reported on a fallout-adjusted basis. Transfers out of Level 3 represent the settlement value of the commitments that are transferred to LHFS, which are classified as Level 2 assets. |
Summary of Quantitative Information | The following tables present the quantitative information about recurring Level 3 fair value financial instruments and the fair value measurements as of December 31, 2022: Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (dollars in millions) Assets Option adjusted spread 5.3 % - 21.6 % ( 5.9 %) Mortgage servicing rights $ 1,033 Discounted cash flows Constant prepayment rate 0 % - 10.0 % ( 7.9 %) Weighted average cost to service per loan $ 65 - $ 90 ($ 68 ) Rate lock commitments (net) $ ( 1 ) Consensus pricing Origination pull-through rate 76.41 % (1) Unobservable inputs were weighted by their relative fair value of the instruments. |
Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments | The following tables present assets that were measured at fair value on a non-recurring basis as of December 31, 2022 and 2021, and that were included in the Company’s Consolidated Statements of Condition at those dates: Fair Value Measurements at December 31, 2022 Using (in millions) Quoted Prices Significant Significant Total Fair Certain loans (1) $ — $ — $ 28 $ 28 Other assets (2) — — 41 41 Total $ — $ — $ 69 $ 69 (1) Represents the fair value of certain loans individually assessed for impairment, based on the value of the collateral. (2) Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets and equity securities without readily determinable fair values. These equity securities are classified as Level 3 due to the infrequency of the observable prices and/or the restrictions on the shares. Fair Value Measurements at December 31, 2021 Using (in millions) Quoted Prices Significant Significant Total Fair Certain impaired loans (1) $ — $ — $ 32 $ 32 Other assets (2) — — 32 32 Total $ — $ — $ 64 $ 64 (1) R epresents the fair value of impaired loans, based on the value of the collateral. (2) Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets. |
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | The following tables summarize the carrying values, estimated fair values, and fair value measurement levels of financial instruments that were not carried at fair value on the Company’s Consolidated Statements of Condition at December 31, 2022 and 2021: December 31, 2022 Fair Value Measurement Using (in millions) Carrying Estimated Quoted Prices Significant Significant Financial Assets: Cash and cash equivalents $ 2,032 $ 2,032 $ 2,032 $ — $ — FHLB and FRB stock (1) 1,267 1,267 — 1,267 — Loans and leases held for investment, net 68,608 65,673 — — 65,673 Financial Liabilities: Deposits $ 58,721 $ 58,479 $ 46,211 (2) $ 12,268 (3) $ — Borrowed funds 21,332 21,231 — 21,231 — (1) Carrying value and estimated fair value are at cost. (2) Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. (3) Certificates of deposit. December 31, 2021 Fair Value Measurement Using (in millions) Carrying Estimated Quoted Prices Significant Significant Financial Assets: Cash and cash equivalents $ 2,211 $ 2,211 $ 2,211 $ — $ — FHLB stock (1) 734 734 — 734 — Loans and leases, net 45,539 44,748 — — 44,748 Financial Liabilities: Deposits $ 35,059 $ 35,051 $ 26,635 (2) $ 8,416 (3) $ — Borrowed funds 16,562 17,169 — 17,169 — (1) Carryin g 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. |
Changes in Fair Value Included in Earnings | The following table reflects the change in fair value included in earnings of financial instruments for which the fair value option has been elected: Year-ended December 31, 2022 (dollars in millions) Assets Loans held-for-sale Net gain on loan sales $ 8 |
Differences Between Aggregate Fair Value and Aggregate Remaining Contractual Principal Balance Outstanding | The following table reflects the difference between the aggregate fair value and aggregate remaining contractual principal balance outstanding for assets and liabilities for which the fair value option has been elected: December 31, 2022 (dollars in millions) Unpaid Principal Balance Fair Value Fair Value Over / (Under) UPB Assets: Other performing loans Loans held-for-sale $ 1,095 $ 1,115 $ 20 Total other performing loans 1,095 1,115 20 Total loans Loans held-for-sale $ 1,095 $ 1,115 $ 20 Total loans $ 1,095 $ 1,115 $ 20 |
Parent Company Only Financial_2
Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Statements of Condition | Condensed Statements of Condition December 31, (in millions) 2022 2021 ASSETS: Cash and cash equivalents $ 121 139 Investments in subsidiaries 9,633 7,525 Other assets 85 48 Total assets $ 9,839 7,712 LIABILITIES AND STOCKHOLDERS’ EQUITY: Junior subordinated debentures $ 575 361 Subordinated notes 432 296 Other liabilities 8 11 Total liabilities 1,015 668 Stockholders’ equity 8,824 7,044 Total liabilities and stockholders’ equity $ 9,839 7,712 |
Condensed Statements of Income (Loss) | Condensed Statements of Income Years Ended December 31, (in millions) 2022 2021 2020 Dividends received from subsidiaries $ 335 $ 4 $ 380 Other income 160 1 1 Gross income 495 381 381 Operating expenses 55 50 52 Income before income tax benefit and equity in undistributed 440 331 329 Income tax benefit 14 14 14 Income before equity in undistributed earnings of subsidiaries 454 345 343 Equity in undistributed earnings of subsidiaries 196 251 168 Net income $ 650 $ 596 $ 511 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended December 31, (in millions) 2022 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 650 $ 596 $ 511 Change in other assets ( 3 ) ( 22 ) — Change in other liabilities ( 4 ) 1 — Other, net ( 130 ) 32 30 Equity in undistributed earnings of subsidiaries ( 196 ) ( 251 ) ( 168 ) Net cash provided by operating activities 317 356 373 CASH FLOWS FROM INVESTING ACTIVITIES: Cash acquired in business acquisition 34 — — Change in receivable from subsidiaries, net 5 ( 3 ) 2 Net cash provided by (used in) investing activities 39 ( 3 ) 2 CASH FLOWS FROM FINANCING ACTIVITIES: Treasury stock repurchased ( 24 ) ( 16 ) ( 59 ) Cash dividends paid on common and preferred stock ( 350 ) ( 349 ) ( 348 ) Net cash used in financing activities ( 374 ) ( 365 ) ( 407 ) Net decrease in cash and cash equivalents ( 18 ) ( 12 ) ( 32 ) Cash and cash equivalents at beginning of year 139 151 183 Cash and cash equivalents at end of year $ 121 $ 139 $ 151 |
Capital (Tables)
Capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Banking Regulation, Total Capital [Abstract] | |
Regulatory Capital Ratios for Company in Comparison With Minimum Amounts and Ratios Required by Federal Reserve Board of Governors | The following tables present the regulatory capital ratios for the Company at December 31, 2022 and 2021, in comparison with the minimum amounts and ratios required by the FRB for capital adequacy purposes: Risk-Based Capital At December 31, 2022 Common Equity Tier 1 Total Leverage Capital (dollars in millions) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 6,335 9.06 % $ 6,838 9.78 % $ 8,154 11.66 % $ 6,838 9.70 % Minimum for capital 3,146 4.50 4,195 6.00 5,593 8.00 2,819 4.00 Excess $ 3,189 4.56 % $ 2,643 3.78 % $ 2,561 3.66 % $ 4,019 5.70 % Risk-Based Capital At December 31, 2021 Common Equity Tier 1 Total Leverage Capital (dollars in millions) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 4,226 9.68 % $ 4,729 10.83 % $ 5,558 12.73 % $ 4,729 8.46 % Minimum for capital 1,966 4.50 2,621 6.00 3,494 8.00 2,237 4.00 Excess $ 2,260 5.18 % $ 2,108 4.83 % $ 2,064 4.73 % $ 2,492 4.46 % |
Actual Capital Amounts and Ratios for Community Bank in Comparison to Minimum Amounts and Ratios Required | The following tables present the actual capital amounts and ratios for the Bank at December 31, 2022 and 2021 in comparison to the minimum amounts and ratios required for capital adequacy purposes. Risk-Based Capital At December 31, 2022 Common Tier 1 Total Leverage (dollars in millions) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 7,653 10.96 % $ 7,653 10.96 % $ 7,982 11.43 % $ 7,653 10.87 % Minimum for capital adequacy 3,142 4.50 4,189 6.00 5,585 8.00 2,817 4.00 Excess $ 4,511 6.46 % $ 3,464 4.96 % $ 2,397 3.43 % $ 4,836 6.87 % Risk-Based Capital At December 31, 2021 Common Tier 1 Total Leverage (dollars in millions) Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital $ 5,217 11.95 % $ 5,217 11.95 % $ 5,402 12.38 % $ 5,217 9.33 % Minimum for capital adequacy 1,964 4.50 2,619 6.00 3,491 8.00 2,236 4.00 Excess $ 3,253 7.45 % $ 2,598 5.95 % $ 1,911 4.38 % $ 2,981 5.33 % |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2022 Branch Mortage $ / shares | Dec. 31, 2021 $ / shares | |
Organization and Basis of Presentation [Line Items] | ||
Common stock, par | $ 0.01 | $ 0.01 |
Description of nine stock splits | $0.93 per share on a split-adjusted basis, reflecting the impact of nine stock splits between 1994 and 2004 | |
Number of third party mortgage originators | Mortage | 3,000 | |
New York Community Bank | ||
Organization and Basis of Presentation [Line Items] | ||
Number of branches | Branch | 395 | |
IPO | ||
Organization and Basis of Presentation [Line Items] | ||
Shares issued, price per share | $ 25 | |
Shares issued, price per share, split adjusted basis | $ 0.93 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||||||
Dec. 31, 2022 USD ($) Segment shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | [1] | |||
Significant Accounting Policies [Line Items] | |||||||
Cash and cash equivalents, interest-bearing deposits in other financial institutions | $ 2,032,000,000 | $ 2,211,000,000 | [1] | $ 1,948,000,000 | [1] | $ 742,000,000 | |
Cash and cash equivalents, interest-bearing deposits in other financial institutions, Federal Reserve Bank of New York | 837,000,000 | 1,700,000,000 | |||||
Cash and cash equivalents, federal funds sold | 0 | 0 | |||||
Cash and cash equivalents, outstanding reverse repurchase agreements | 793,000,000 | 406,000,000 | |||||
Allowance for credit losses | 23,000,000 | 12,000,000 | |||||
Goodwill | $ 2,426,000,000 | 2,426,000,000 | |||||
Number of operating segments | Segment | 1 | ||||||
Number of reportable segments | Segment | 1 | ||||||
Goodwill impairment | $ 0 | ||||||
Depreciation | 18,000,000 | 21,000,000 | 24,000,000 | ||||
Bank-owned life insurance | 1,561,000,000 | 1,184,000,000 | |||||
Bank-owned life insurance income | 32,000,000 | 29,000,000 | $ 32,000,000 | ||||
Other real estate owned | 8,000,000 | 3,000,000 | |||||
Estimate fair value of mortgage loans | $ 10,000,000 | 2,000,000 | |||||
Shares available for grant | shares | 9,799,865 | ||||||
Restricted cash | $ 50,000,000 | ||||||
Commercial Real Estate | |||||||
Significant Accounting Policies [Line Items] | |||||||
Percentage of loan portfolio | 70.50% | ||||||
2020 Incentive Plan | |||||||
Significant Accounting Policies [Line Items] | |||||||
Shares available for grant | shares | 5,774,229 | ||||||
Taxi Medallion Loans | |||||||
Significant Accounting Policies [Line Items] | |||||||
Other real estate owned | $ 4,000,000 | $ 5,000,000 | |||||
Flagstar | |||||||
Significant Accounting Policies [Line Items] | |||||||
Bank-owned life insurance | $ 373,000,000 | ||||||
Shares available for grant | shares | 4,025,636 | ||||||
Premises | |||||||
Significant Accounting Policies [Line Items] | |||||||
Premises, furniture, fixtures, and equipment, estimated useful lives (in years) | 20 years | ||||||
Furniture, Fixtures and Equipment | Minimum | |||||||
Significant Accounting Policies [Line Items] | |||||||
Premises, furniture, fixtures, and equipment, estimated useful lives (in years) | 3 years | ||||||
Furniture, Fixtures and Equipment | Maximum | |||||||
Significant Accounting Policies [Line Items] | |||||||
Premises, furniture, fixtures, and equipment, estimated useful lives (in years) | 10 years | ||||||
[1] For further information on restricted cash, see Note 14 - Derivatives and Hedging Activities. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Net income available to common shareholders | $ 617 | $ 563 | $ 478 |
Less: Dividends paid on and earnings allocated to participating securities | (8) | (7) | (6) |
Earnings applicable to common stock | $ 609 | $ 556 | $ 472 |
Weighted average common shares outstanding | 483,603,395 | 463,865,661 | 462,605,341 |
Basic earnings per common share | $ 1.26 | $ 1.20 | $ 1.02 |
Earnings applicable to common stock | $ 609 | $ 556 | $ 472 |
Potential dilutive common shares | 1,530,950 | 767,058 | 676,061 |
Total shares for diluted earnings per common share computation | 485,134,345 | 464,632,719 | 463,281,402 |
Diluted earnings per common share and common share equivalents | $ 1.26 | $ 1.20 | $ 1.02 |
Business Combination - Addition
Business Combination - Additional Information (Details) - Flagstar $ / shares in Units, $ in Millions | Dec. 01, 2022 USD ($) State Branch $ / shares |
Business Acquisition [Line Items] | |
Business acquisition, share price | $ / shares | $ 4.0151 |
Number of branches | Branch | 158 |
Number of states provides home loans | State | 50 |
Core deposit intangibles, estimated useful life | 10 years |
Bargain purchase gain | $ | $ 159 |
Business Combination - Summary
Business Combination - Summary of Fair Value of Assets Acquired and Liabilities and Equity Assumed (Details) - Flagstar $ in Millions | Dec. 01, 2022 USD ($) |
Business Acquisition [Line Items] | |
Purchase price consideration | $ 2,010 |
Fair value of assets acquired: | |
Cash & cash equivalents | 331 |
Securities | 2,695 |
Loans held for sale | 1,257 |
Loans held for investment | 18,008 |
CDI and other intangible assets | 292 |
Mortgage servicing rights | 1,012 |
Other assets | 2,158 |
Total assets acquired | 25,753 |
Fair value of liabilities assumed: | |
Deposits | 15,995 |
Borrowings | 6,700 |
Other liabilities | 889 |
Total liabilities assumed | 23,584 |
Fair value of net identifiable assets | 2,169 |
Bargain purchase gain | 159 |
One-to-Four Family First Mortgage | |
Fair value of assets acquired: | |
Loans held for investment | 5,438 |
Commercial Real Estate | |
Fair value of assets acquired: | |
Loans held for investment | 3,891 |
Commercial and Industrial | |
Fair value of assets acquired: | |
Loans held for investment | 6,523 |
Consumer and Other | |
Fair value of assets acquired: | |
Loans held for investment | $ 2,156 |
Business Combination - Summar_2
Business Combination - Summary of Loans and Leases Purchased as Part of Acquisition (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||||
ACL at acquisition | $ 393 | $ 199 | $ 194 | |
Mortgage | ||||
Business Acquisition [Line Items] | ||||
ACL at acquisition | 290 | 178 | 176 | |
Other | ||||
Business Acquisition [Line Items] | ||||
ACL at acquisition | $ 103 | $ 21 | $ 18 | |
Flagstar | ||||
Business Acquisition [Line Items] | ||||
Par value (UPB) | $ 1,950 | |||
ACL at acquisition | (51) | |||
Non-credit (discount) | (33) | |||
Fair value | $ 1,866 |
Business Combination - Summar_3
Business Combination - Summary of Unaudited Pro Forma Financial Information (Details) - Flagstar - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||
Net interest income | $ 2,278 | $ 2,208 |
Non-interest income | 650 | 1,105 |
Net income | 804 | 1,207 |
Net income available to common stockholders | $ 771 | $ 1,174 |
Reclassifications Out of Accu_3
Reclassifications Out of Accumulated Other Comprehensive Loss - Reclassifications of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax benefit | $ 176 | $ 210 | $ 77 | |
Net income | 650 | 596 | 511 | |
Interest expense | 696 | $ 400 | $ 608 | |
Reclassifications, net of tax | [1] | 1 | ||
Past service liability | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, before tax | [1],[2] | 0 | ||
Actuarial losses | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, before tax | [1],[2] | (2) | ||
Amortization of defined benefit pension | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, before tax | [1] | (2) | ||
Income tax benefit | [1] | 0 | ||
Reclassifications, net of tax | [1] | (2) | ||
Reclassification out of Accumulated Other Comprehensive Income (loss) | Unrealized gains on available-for-sale securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net gain on securities | [1] | 0 | ||
Income tax benefit | [1] | 0 | ||
Net income | [1] | 0 | ||
Reclassification out of Accumulated Other Comprehensive Income (loss) | Unrealized gains on cash flow hedges | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax benefit | [1] | (1) | ||
Net income | [1] | 3 | ||
Interest expense | [1] | $ 4 | ||
[1] Amounts in parentheses indicate expense items. See Note 17, “Employee Benefits,” for additional information. |
Securities - Summary of Portfol
Securities - Summary of Portfolio of Securities Available for Sale (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | ||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Fair value | $ 9,060 | $ 5,780 | |||
Equity Securities, Fair Value | 14 | 16 | |||
Total Securities, Amortized Cost | 9,933 | [1] | 5,850 | [2] | |
Total Securities, Gross Unrealized Gain | 14 | [1] | 62 | [2] | |
Total Securities, Gross Unrealized Loss | 873 | [1] | 116 | [2] | |
Total Securities, Fair Value | 9,074 | [1] | 5,796 | [2] | |
Mortgage-Related Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 5,242 | 2,819 | |||
Gross Unrealized Gain | 7 | 31 | |||
Gross Unrealized Loss | 460 | 60 | |||
Fair value | 4,789 | 2,790 | |||
Mortgage-Related Securities | GSE Certificates | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 1,457 | 1,102 | |||
Gross Unrealized Gain | 20 | ||||
Gross Unrealized Loss | 160 | 15 | |||
Fair value | 1,297 | 1,107 | |||
Mortgage-Related Securities | GSE CMOs | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 3,600 | 1,717 | |||
Gross Unrealized Gain | 1 | 11 | |||
Gross Unrealized Loss | 300 | 45 | |||
Fair value | 3,301 | 1,683 | |||
Mortgage-Related Securities | Private Label CMOs | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 185 | ||||
Gross Unrealized Gain | 6 | ||||
Fair value | 191 | ||||
Debt Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 4,675 | 3,015 | |||
Gross Unrealized Gain | 7 | 31 | |||
Gross Unrealized Loss | 411 | 56 | |||
Fair value | 4,271 | 2,990 | |||
Debt Securities | U.S. Treasury Obligations | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 1,491 | 45 | |||
Gross Unrealized Loss | 4 | ||||
Fair value | 1,487 | 45 | |||
Debt Securities | GSE Debentures | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 1,749 | 1,524 | |||
Gross Unrealized Gain | 1 | ||||
Gross Unrealized Loss | 351 | 45 | |||
Fair value | 1,398 | 1,480 | |||
Debt Securities | Asset-backed Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 375 | [3] | 479 | [4] | |
Gross Unrealized Gain | [4] | 3 | |||
Gross Unrealized Loss | 14 | [3] | 3 | [4] | |
Fair value | 361 | [3] | 479 | [4] | |
Debt Securities | Municipal Bonds | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 30 | 25 | |||
Fair value | 30 | 25 | |||
Debt Securities | Corporate Bonds | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 913 | 821 | |||
Gross Unrealized Gain | 2 | 18 | |||
Gross Unrealized Loss | 30 | 1 | |||
Fair value | 885 | 838 | |||
Debt Securities | Foreign Notes | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 20 | 25 | |||
Gross Unrealized Gain | 1 | ||||
Fair value | 20 | 26 | |||
Debt Securities | Capital Trust Notes | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 97 | 96 | |||
Gross Unrealized Gain | 5 | 8 | |||
Gross Unrealized Loss | 12 | 7 | |||
Fair value | 90 | 97 | |||
Mortgage Backed Securities And Other Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized Cost | 9,917 | 5,834 | |||
Gross Unrealized Gain | 14 | 62 | |||
Gross Unrealized Loss | 871 | 116 | |||
Fair value | 9,060 | 5,780 | |||
Equity Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Equity Securities, Amortized Cost | 16 | 16 | |||
Equity Securities, Gross Unrealized Loss | 2 | ||||
Equity Securities, Fair Value | 14 | 16 | |||
Equity Securities | Mutual Funds | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Equity Securities, Amortized Cost | 16 | 16 | |||
Equity Securities, Gross Unrealized Loss | 2 | ||||
Equity Securities, Fair Value | $ 14 | $ 16 | |||
[1] Excludes accrued interest receivable of $ 31 million included in other assets in the Consolidated Statements of Condition. Excludes accrued interest receivable of $ 15 million included in other assets in the Consolidated Statements of Condition. The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. |
Securities - Summary of Portf_2
Securities - Summary of Portfolio of Securities Available for Sale (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Available-for-sale Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Accrued interest receivable | $ 31 | $ 15 |
Securities - Additional Informa
Securities - Additional Information (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 USD ($) Investment | Dec. 31, 2021 USD ($) Investment | Dec. 31, 2020 USD ($) | ||
Schedule of Investments [Line Items] | ||||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | $ | $ 1,267 | $ 734 | [1] | |
Federal Reserve Bank Stock | $ | 176 | 0 | ||
Net unrealized (loss) gains on equity securities | $ | (2) | 0 | $ 1 | |
FHLB - NY | ||||
Schedule of Investments [Line Items] | ||||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | $ | 762 | $ 734 | ||
FHLB - Indianapolis | ||||
Schedule of Investments [Line Items] | ||||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | $ | $ 329 | |||
Collateralized Mortgage Obligations | ||||
Schedule of Investments [Line Items] | ||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 23 | 4 | ||
Capital Trust Notes | ||||
Schedule of Investments [Line Items] | ||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 5 | 5 | ||
Asset-backed Securities | ||||
Schedule of Investments [Line Items] | ||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 7 | 4 | ||
Corporate Bonds | ||||
Schedule of Investments [Line Items] | ||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 2 | 2 | ||
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 | ||
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 | 33 | 20 | ||
Mortgage-Related Securities | ||||
Schedule of Investments [Line Items] | ||||
Number of investment securities designated as having a continuous loss position for twelve months or more | 133 | 21 | ||
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] Carryin g 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 Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Gross proceeds | $ 228 | $ 484 |
Gross realized gains | 2 | |
Gross realized losses | $ 1 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost of Available-for-Sale Securities by Contractual Maturity (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Available-for-Sale Debt Securities: | |||
Due within one year, fair value | $ 1,657 | ||
Due from one to five years, fair value | 804 | ||
Due from five to ten years, fair value | 1,656 | ||
Due after ten years, fair value | 4,943 | ||
Fair value | 9,060 | $ 5,780 | |
Mortgage-Related Securities | |||
Available-for-Sale Debt Securities: | |||
Due within one year | 52 | ||
Due from one to five years | 195 | ||
Due from five to ten years | 277 | ||
Due after ten years | 4,718 | ||
Amortized Cost | 5,242 | ||
U.S. Government and GSE obligations | |||
Available-for-Sale Debt Securities: | |||
Due within one year | 1,588 | ||
Due from one to five years | 150 | ||
Due from five to ten years | 1,177 | ||
Due after ten years | 325 | ||
Amortized Cost | 3,240 | ||
State, County, and Municipal | |||
Available-for-Sale Debt Securities: | |||
Due within one year | 2 | ||
Due from five to ten years | 18 | ||
Due after ten years | 10 | ||
Amortized Cost | 30 | ||
Other Debt Securities | |||
Available-for-Sale Debt Securities: | |||
Due within one year | [1] | 20 | |
Due from one to five years | [1] | 472 | |
Due from five to ten years | [1] | 509 | |
Due after ten years | [1] | 404 | |
Amortized Cost | [1] | $ 1,405 | |
[1] Includes corporate bonds, capital trust notes, foreign notes, and asset-backed securities. |
Securities - Summary of Held-to
Securities - Summary of Held-to-Maturity and Available-for-Sale Securities Having Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | $ 5,658 | $ 1,846 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 122 | 44 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 2,911 | 1,683 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 752 | 72 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 8,569 | 3,529 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 873 | 116 |
Debt Securities | U.S. Treasury Obligations | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 1,487 | 45 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 4 | |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 1,487 | 45 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 4 | |
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 | 243 | 317 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 5 | 7 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 1,156 | 185 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 346 | 8 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 1,399 | 502 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 351 | 15 |
Debt Securities | GSE Certificates | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 871 | 846 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 46 | 28 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 420 | 293 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 114 | 17 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 1,291 | 1,139 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 160 | 45 |
Debt Securities | GSE CMOs | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 2,219 | 491 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 36 | 8 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 925 | 926 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 264 | 37 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 3,144 | 1,417 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 300 | 45 |
Debt Securities | Asset-backed Securities | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 61 | 130 |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 2 | 1 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 262 | 135 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 12 | 2 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 323 | 265 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 14 | 3 |
Debt Securities | Municipal Bonds | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 9 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 7 | 8 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 16 | 8 |
Debt Securities | Corporate Bonds | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 698 | |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 27 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 97 | 99 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 4 | 1 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 795 | 99 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 30 | 1 |
Debt Securities | Foreign Notes | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 20 | 5 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 20 | 5 |
Debt Securities | Capital Trust Notes | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 46 | |
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Unrealized Loss | 2 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 34 | 37 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 10 | 7 |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 80 | 37 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | 12 | 7 |
Equity Securities | ||
Schedule of Investments [Line Items] | ||
Temporarily Impaired Available-for-Sale Securities, Less than Twelve Months Fair Value | 4 | 12 |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Fair Value | 10 | |
Temporarily Impaired Available-for-Sale Securities, Twelve Months or Longer Unrealized Loss | 2 | |
Temporarily Impaired Available-for-Sale Securities, Total Fair Value | 14 | $ 12 |
Temporarily Impaired Available-for-Sale Securities, Total Unrealized Loss | $ 2 |
Loans and Leases - Composition
Loans and Leases - Composition of Loan and Lease Portfolio Held for Investment (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Non-Covered Loans | [1] | $ 69,001 | $ 45,738 | |||
Non-Covered Loans, Percentage | [1] | 100% | 100% | |||
Allowance for credit losses on loans and leases | $ (393) | $ (199) | $ (194) | |||
Total loans and leases held for investment, net | 68,608 | 45,539 | ||||
Loans held for sale, at fair value | 1,115 | |||||
Total loans and leases, net | 69,723 | 45,539 | ||||
Multi-Family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Non-Covered Loans | $ 38,130 | $ 34,628 | ||||
Non-Covered Loans, Percentage | 55.30% | 75.70% | ||||
Commercial Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Non-Covered Loans | $ 8,526 | $ 6,701 | ||||
Non-Covered Loans, Percentage | 12.40% | 14.70% | ||||
One-to-Four Family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Non-Covered Loans | $ 5,821 | $ 160 | ||||
One-to-Four Family First Mortgage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Non-Covered Loans | $ 5,821 | $ 160 | ||||
Non-Covered Loans, Percentage | 8.40% | 0.30% | ||||
Acquisition, Development, and Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Non-Covered Loans | $ 1,996 | $ 209 | ||||
Non-Covered Loans, Percentage | 2.80% | 0.50% | ||||
Mortgage Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Non-Covered Loans | [1] | $ 54,473 | $ 41,698 | |||
Non-Covered Loans, Percentage | [1] | 78.90% | 91.20% | |||
Allowance for credit losses on loans and leases | $ (290) | $ (178) | $ (176) | |||
Commercial and Industrial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Non-Covered Loans | [3] | $ 12,276 | [2] | $ 4,034 | [4] | |
Non-Covered Loans, Percentage | [3] | 17.80% | 7.20% | |||
Commercial and Industrial | Other Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Non-Covered Loans | $ 10,597 | $ 2,238 | ||||
Non-Covered Loans, Percentage | 15.40% | 3.20% | ||||
Lease Financing, Unearned Income | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Non-Covered Loans | $ 1,679 | $ 1,796 | ||||
Non-Covered Loans, Percentage | 2.40% | 3.90% | ||||
Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Non-Covered Loans | $ 2,252 | $ 6 | ||||
Non-Covered Loans, Percentage | 3.30% | 0% | ||||
Total Other Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Non-Covered Loans | $ 14,528 | $ 4,040 | ||||
Total Other Loans | Other Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Non-Covered Loans | $ 14,528 | $ 4,040 | ||||
Non-Covered Loans, Percentage | 21.10% | 7.20% | ||||
[1] Excludes accrued interest receivable of $ 292 million and $ 199 million at December 31, 2022 and December 31, 2021 , respectively, which is included in other assets in the Consolidated Statements of Condition. Includes lease financing receivables, all of which were classified as Pass. Includes specialty finance loans and leases of $ 4.4 billion and $ 3.5 billion, respectively, at December 31, 2022 and December 31, 2021 . Includes lease financing receivables, all of which were classified as Pass. |
Loans and Leases - Compositio_2
Loans and Leases - Composition of Loan and Lease Portfolio Held for Investment (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | [1] | $ 69,001 | $ 45,738 | ||
Other Assets | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accrued interest receivable | 292 | 199 | |||
Lease Financing, Unearned Income | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Unearned income | 85 | 95 | |||
Non-Covered Loans | 1,679 | 1,796 | |||
Commercial and Industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | [3] | 12,276 | [2] | 4,034 | [4] |
Commercial and Industrial | Other Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | 10,597 | 2,238 | |||
Commercial and Industrial | Specialty Finance Loans | Other Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non-Covered Loans | $ 4,400 | $ 3,500 | |||
[1] Excludes accrued interest receivable of $ 292 million and $ 199 million at December 31, 2022 and December 31, 2021 , respectively, which is included in other assets in the Consolidated Statements of Condition. Includes lease financing receivables, all of which were classified as Pass. Includes specialty finance loans and leases of $ 4.4 billion and $ 3.5 billion, respectively, at December 31, 2022 and December 31, 2021 . Includes lease financing receivables, all of which were classified as Pass. |
Loans and Leases - Additional I
Loans and Leases - Additional Information (Details) | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) Investment | Dec. 31, 2021 USD ($) Investment | Dec. 31, 2020 USD ($) | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Outstanding loans to Executive officers, directors, principal shareholders, related interest and parties | $ 101,000,000 | $ 6,000,000 | ||||
Debt instrument, term | 10 years | |||||
Loans with government guarantees | $ 1,200,000,000 | |||||
Repurchase liability | 300,000,000 | |||||
Repossessed assets and associated claims | 8,000,000 | 3,000,000 | ||||
Total loans receivable | [1] | 69,001,000,000 | 45,738,000,000 | |||
Net gain on loan sales | 5,000,000 | |||||
Flagstar | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans held-for-sale | 1,100,000,000 | 0 | ||||
Other Assets | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Repossessed assets and associated claims | 14,000,000 | |||||
Commercial and Industrial | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Total loans receivable | [3] | $ 12,276,000,000 | [2] | $ 4,034,000,000 | [4] | |
Loan classified as non accrual TDRs | $ 3,000,000 | |||||
Number of financing receivable contracts modified as TDRs within previous 12 months, with payment default | Investment | 0 | 0 | ||||
One-to-Four Family First Mortgage | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Total loans receivable | $ 5,821,000,000 | $ 160,000,000 | ||||
One-to-Four Family First Mortgage | Flagstar | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Total loans receivable | 5,800,000,000 | 160,000,000 | ||||
One-to-Four Family | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Total loans receivable | 5,821,000,000 | 160,000,000 | ||||
Other | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Total loans receivable | 2,252,000,000 | 6,000,000 | ||||
Other | Flagstar | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Total loans receivable | 2,300,000,000 | |||||
Residential Mortgage | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and leases receivable, loans in process of foreclosure | 121,000,000 | 0 | ||||
Financing Receivable Troubled Debt Restructurings Rate Reductions | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and leases receivable, loans in process of foreclosure | 38,000,000 | |||||
Other Loans | Commercial and Industrial | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Total loans receivable | $ 10,597,000,000 | $ 2,238,000,000 | ||||
[1] Excludes accrued interest receivable of $ 292 million and $ 199 million at December 31, 2022 and December 31, 2021 , respectively, which is included in other assets in the Consolidated Statements of Condition. Includes lease financing receivables, all of which were classified as Pass. Includes specialty finance loans and leases of $ 4.4 billion and $ 3.5 billion, respectively, at December 31, 2022 and December 31, 2021 . Includes lease financing receivables, all of which were classified as Pass. |
Loans and Leases - Quality of L
Loans and Leases - Quality of Loans Held for Investment (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans Receivable | [1] | $ 69,001 | $ 45,738 | |||
Multi-Family | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans Receivable | 38,130 | 34,628 | ||||
Commercial Real Estate | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans Receivable | 8,526 | 6,701 | ||||
One-to-Four Family | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans Receivable | 5,821 | 160 | ||||
One-to-Four Family First Mortgage | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans Receivable | 5,821 | 160 | ||||
Acquisition, Development, and Construction | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans Receivable | 1,996 | 209 | ||||
Commercial and Industrial | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non- Accrual Loans | $ 3 | |||||
Total Loans Receivable | [3] | 12,276 | [2] | 4,034 | [4] | |
Other | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans Receivable | 2,252 | 6 | ||||
Non-Covered Loans | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non- Accrual Loans | 141 | 33 | ||||
Total Loans Receivable | 69,001 | 45,738 | ||||
Non-Covered Loans | Financing Receivable, 30-89 Days Past Due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 70 | 67 | ||||
Non-Covered Loans | Total Past Due Loans | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 211 | 100 | ||||
Non-Covered Loans | Current Loans | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 68,790 | 45,638 | ||||
Non-Covered Loans | Multi-Family | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non- Accrual Loans | 13 | 10 | ||||
Total Loans Receivable | 38,130 | 34,628 | ||||
Non-Covered Loans | Multi-Family | Financing Receivable, 30-89 Days Past Due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 34 | 57 | ||||
Non-Covered Loans | Multi-Family | Total Past Due Loans | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 47 | 67 | ||||
Non-Covered Loans | Multi-Family | Current Loans | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 38,083 | 34,561 | ||||
Non-Covered Loans | Commercial Real Estate | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non- Accrual Loans | 20 | 16 | ||||
Total Loans Receivable | 8,526 | 6,701 | ||||
Non-Covered Loans | Commercial Real Estate | Financing Receivable, 30-89 Days Past Due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 2 | 2 | ||||
Non-Covered Loans | Commercial Real Estate | Total Past Due Loans | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 22 | 18 | ||||
Non-Covered Loans | Commercial Real Estate | Current Loans | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 8,504 | 6,683 | ||||
Non-Covered Loans | One-to-Four Family First Mortgage | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non- Accrual Loans | 92 | 1 | ||||
Total Loans Receivable | 5,821 | 160 | ||||
Non-Covered Loans | One-to-Four Family First Mortgage | Financing Receivable, 30-89 Days Past Due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 21 | 8 | ||||
Non-Covered Loans | One-to-Four Family First Mortgage | Total Past Due Loans | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 113 | 9 | ||||
Non-Covered Loans | One-to-Four Family First Mortgage | Current Loans | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 5,708 | 151 | ||||
Non-Covered Loans | Acquisition, Development, and Construction | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans Receivable | 1,996 | 209 | ||||
Non-Covered Loans | Acquisition, Development, and Construction | Current Loans | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 1,996 | 209 | ||||
Non-Covered Loans | Commercial and Industrial | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non- Accrual Loans | 7 | [5] | 6 | [6] | ||
Total Loans Receivable | 12,276 | [5] | 4,035 | [6] | ||
Non-Covered Loans | Commercial and Industrial | Total Past Due Loans | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 7 | [5] | 6 | [6] | ||
Non-Covered Loans | Commercial and Industrial | Current Loans | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 12,269 | [5] | 4,029 | [6] | ||
Non-Covered Loans | Other | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Non- Accrual Loans | 9 | |||||
Total Loans Receivable | 2,252 | 5 | ||||
Non-Covered Loans | Other | Financing Receivable, 30-89 Days Past Due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 13 | |||||
Non-Covered Loans | Other | Total Past Due Loans | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | 22 | |||||
Non-Covered Loans | Other | Current Loans | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total Loans | $ 2,230 | $ 5 | ||||
[1] Excludes accrued interest receivable of $ 292 million and $ 199 million at December 31, 2022 and December 31, 2021 , respectively, which is included in other assets in the Consolidated Statements of Condition. Includes lease financing receivables, all of which were classified as Pass. Includes specialty finance loans and leases of $ 4.4 billion and $ 3.5 billion, respectively, at December 31, 2022 and December 31, 2021 . Includes lease financing receivables, all of which were classified as Pass. Includes lease financing receivables, all of which were current. Includes lease financing receivables, all of which were current. |
Loans and Leases - Portfolio of
Loans and Leases - Portfolio of Loans Held for Investment by Credit Quality Indicator (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | [1] | $ 69,001 | $ 45,738 | ||
Multi-Family | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 38,130 | 34,628 | |||
Multi-Family | Pass | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 36,622 | 33,035 | |||
Multi-Family | Special Mention | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 864 | 982 | |||
Multi-Family | Substandard | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 644 | 611 | |||
Commercial Real Estate | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 8,526 | 6,701 | |||
Commercial Real Estate | Pass | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 7,871 | 5,876 | |||
Commercial Real Estate | Special Mention | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 230 | 644 | |||
Commercial Real Estate | Substandard | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 425 | 181 | |||
One-to-Four Family | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 5,821 | 160 | |||
One-to-Four Family | Pass | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 5,710 | 137 | |||
One-to-Four Family | Special Mention | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 8 | 14 | |||
One-to-Four Family | Substandard | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 103 | 9 | |||
Acquisition, Development, and Construction | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 1,996 | 209 | |||
Acquisition, Development, and Construction | Pass | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 1,992 | 204 | |||
Acquisition, Development, and Construction | Special Mention | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 4 | 5 | |||
Mortgage Receivable | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | [1] | 54,473 | 41,698 | ||
Mortgage Receivable | Pass | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 52,195 | 39,252 | |||
Mortgage Receivable | Special Mention | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 1,106 | 1,645 | |||
Mortgage Receivable | Substandard | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 1,172 | 801 | |||
Commercial and Industrial | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | [3] | 12,276 | [2] | 4,034 | [4] |
Commercial and Industrial | Pass | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 12,208 | [2] | 3,987 | [4] | |
Commercial and Industrial | Special Mention | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 18 | [2] | 2 | [4] | |
Commercial and Industrial | Substandard | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 50 | [2] | 45 | [4] | |
Other | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 2,252 | 6 | |||
Other | Pass | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 2,238 | 6 | |||
Other | Substandard | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 14 | ||||
Total Other Loans | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 14,528 | 4,040 | |||
Total Other Loans | Pass | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 14,446 | 3,993 | |||
Total Other Loans | Special Mention | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | 18 | 2 | |||
Total Other Loans | Substandard | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Non-Covered Loans | $ 64 | $ 45 | |||
[1] Excludes accrued interest receivable of $ 292 million and $ 199 million at December 31, 2022 and December 31, 2021 , respectively, which is included in other assets in the Consolidated Statements of Condition. Includes lease financing receivables, all of which were classified as Pass. Includes specialty finance loans and leases of $ 4.4 billion and $ 3.5 billion, respectively, at December 31, 2022 and December 31, 2021 . Includes lease financing receivables, all of which were classified as Pass. |
Loans and Leases - Schedule of
Loans and Leases - Schedule of Credit Quality Indicator, Loan Class and Year of Origination the Amortized Cost Basis of Loans And Leases (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | $ 69,001 |
Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 54,473 |
Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 14,528 |
Pass | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 52,195 |
Pass | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 14,444 |
Special Mention | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 1,106 |
Special Mention | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 19 |
Substandard | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 1,172 |
Substandard | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 65 |
2022 | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 18,246 |
2022 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 12,818 |
2022 | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 5,428 |
2022 | Pass | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 12,817 |
2022 | Pass | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 5,415 |
2022 | Special Mention | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 12 |
2022 | Substandard | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 1 |
2022 | Substandard | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 1 |
2021 | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 11,911 |
2021 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 10,946 |
2021 | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 965 |
2021 | Pass | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 10,925 |
2021 | Pass | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 964 |
2021 | Special Mention | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 15 |
2021 | Substandard | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 6 |
2021 | Substandard | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 1 |
2020 | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 9,931 |
2020 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 9,272 |
2020 | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 659 |
2020 | Pass | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 9,121 |
2020 | Pass | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 637 |
2020 | Special Mention | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 103 |
2020 | Substandard | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 48 |
2020 | Substandard | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 22 |
2019 | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 6,723 |
2019 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 5,987 |
2019 | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 736 |
2019 | Pass | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 5,519 |
2019 | Pass | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 727 |
2019 | Special Mention | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 244 |
2019 | Special Mention | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 7 |
2019 | Substandard | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 224 |
2019 | Substandard | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 2 |
2018 | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 4,920 |
2018 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 4,731 |
2018 | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 189 |
2018 | Pass | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 4,301 |
2018 | Pass | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 180 |
2018 | Special Mention | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 293 |
2018 | Substandard | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 137 |
2018 | Substandard | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 9 |
Prior To 2018 | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 9,532 |
Prior To 2018 | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 9,259 |
Prior To 2018 | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 273 |
Prior To 2018 | Pass | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 8,055 |
Prior To 2018 | Pass | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 266 |
Prior To 2018 | Special Mention | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 451 |
Prior To 2018 | Substandard | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 753 |
Prior To 2018 | Substandard | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 7 |
Revolving Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 7,680 |
Revolving Loans | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 1,452 |
Revolving Loans | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 6,228 |
Revolving Loans | Pass | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 1,452 |
Revolving Loans | Pass | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 6,209 |
Revolving Loans | Substandard | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 19 |
Revolving Loans Converted tto Term Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 58 |
Revolving Loans Converted tto Term Loans | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 8 |
Revolving Loans Converted tto Term Loans | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 50 |
Revolving Loans Converted tto Term Loans | Pass | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 5 |
Revolving Loans Converted tto Term Loans | Pass | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 46 |
Revolving Loans Converted tto Term Loans | Substandard | Mortgage Receivable | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | 3 |
Revolving Loans Converted tto Term Loans | Substandard | Other Loans | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans and lease receivable amortized cost basis | $ 4 |
Loans and Leases - Summary of C
Loans and Leases - Summary of Collateral-Dependent Loans Held for Investment by Collateral Type (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Real Estate | |
Disclosure Of Summary Of Collateral Dependent Loans Held For Investment By Collateral Type [Line Items] | |
Loans and leases receivable | $ 198 |
Asset pledged as collateral | Real Estate | Multi-Family | |
Disclosure Of Summary Of Collateral Dependent Loans Held For Investment By Collateral Type [Line Items] | |
Loans and leases receivable | 13 |
Asset pledged as collateral | Real Estate | Commercial Real Estate | |
Disclosure Of Summary Of Collateral Dependent Loans Held For Investment By Collateral Type [Line Items] | |
Loans and leases receivable | 35 |
Asset pledged as collateral | Real Estate | One-to-Four Family First Mortgage | |
Disclosure Of Summary Of Collateral Dependent Loans Held For Investment By Collateral Type [Line Items] | |
Loans and leases receivable | 136 |
Asset pledged as collateral | Real Estate | Other | |
Disclosure Of Summary Of Collateral Dependent Loans Held For Investment By Collateral Type [Line Items] | |
Loans and leases receivable | 14 |
Asset pledged as collateral | Other | |
Disclosure Of Summary Of Collateral Dependent Loans Held For Investment By Collateral Type [Line Items] | |
Loans and leases receivable | 3 |
Asset pledged as collateral | Other | Commercial and Industrial | |
Disclosure Of Summary Of Collateral Dependent Loans Held For Investment By Collateral Type [Line Items] | |
Loans and leases receivable | $ 3 |
Loans and Leases - Summary of I
Loans and Leases - Summary of Interest Income on Non accrual loans (Details) - Non-Covered Loans - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income that would have been recorded | $ 3 | $ 3 | $ 5 |
Interest income actually recorded | (1) | (1) | (1) |
Interest income foregone | $ 2 | $ 2 | $ 4 |
Loans and Leases - Information
Loans and Leases - Information Regarding Troubled Debt Restructurings (Details) - Non-Covered Loans - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | $ 44 | $ 29 |
Accruing | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | 16 | 16 |
Non-Accrual | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | 28 | 13 |
Multi-Family | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | 6 | 7 |
Multi-Family | Non-Accrual | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | 6 | 7 |
Commercial Real Estate | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | 35 | 16 |
Commercial Real Estate | Accruing | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | 16 | 16 |
Commercial Real Estate | Non-Accrual | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | 19 | |
Commercial and Industrial | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | 3 | 6 |
Commercial and Industrial | Non-Accrual | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructurings | $ 3 | $ 6 |
Loans and Leases - Summary of F
Loans and Leases - Summary of Financial Effects of Troubled Debt Restructurings (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Investment | Dec. 31, 2021 USD ($) Investment | Dec. 31, 2020 USD ($) Investment | |
Financing Receivable Modifications [Line Items] | |||
Number of loans classified as a non-accrual TDRs | Investment | 2 | 3 | 43 |
Pre-Modification Recorded Investment | $ 22 | $ 12 | $ 24 |
Post-Modification Recorded Investment | 19 | $ 12 | 23 |
Trouble debt restructuring, charge-off amount | $ 3 | $ 1 | |
Commercial Real Estate | |||
Financing Receivable Modifications [Line Items] | |||
Number of loans classified as a non-accrual TDRs | Investment | 2 | 2 | |
Pre-Modification Recorded Investment | $ 22 | $ 4 | |
Post-Modification Recorded Investment | $ 19 | $ 4 | |
Weighted Average Interest Rate, Pre-Modification | 6% | 6% | |
Weighted Average Interest Rate, Post-Modification | 4.02% | 3.55% | |
Trouble debt restructuring, charge-off amount | $ 3 | ||
Commercial and Industrial | |||
Financing Receivable Modifications [Line Items] | |||
Number of loans classified as a non-accrual TDRs | Investment | 1 | 42 | |
Pre-Modification Recorded Investment | $ 8 | $ 9 | |
Post-Modification Recorded Investment | $ 8 | $ 8 | |
Weighted Average Interest Rate, Pre-Modification | 3.13% | 2.36% | |
Weighted Average Interest Rate, Post-Modification | 3.25% | 2.23% | |
Trouble debt restructuring, charge-off amount | $ 1 | ||
One-to-Four Family First Mortgage | |||
Financing Receivable Modifications [Line Items] | |||
Number of loans classified as a non-accrual TDRs | Investment | 1 | ||
Pre-Modification Recorded Investment | $ 15 | ||
Post-Modification Recorded Investment | $ 15 | ||
Weighted Average Interest Rate, Pre-Modification | 8% | ||
Weighted Average Interest Rate, Post-Modification | 3.50% |
Allowance for Credit Losses o_3
Allowance for Credit Losses on Loans and Leases - Summary of Activity in Allowance for Loan and Lease Losses (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Valuation Allowance [Line Items] | ||
Balance, beginning of period | $ 199 | $ 194 |
Adjustment for Purchased PCD Loans | 51 | |
Charge-offs | (7) | (13) |
Recoveries | 11 | 15 |
Provision for (recovery of) credit losses on loans and leases | 139 | 3 |
Balance, end of period | 393 | 199 |
Mortgage Receivable | ||
Valuation Allowance [Line Items] | ||
Balance, beginning of period | 178 | 176 |
Adjustment for Purchased PCD Loans | 21 | |
Charge-offs | (5) | (6) |
Recoveries | 4 | 2 |
Provision for (recovery of) credit losses on loans and leases | 92 | 6 |
Balance, end of period | 290 | 178 |
Other Loans | ||
Valuation Allowance [Line Items] | ||
Balance, beginning of period | 21 | 18 |
Adjustment for Purchased PCD Loans | 30 | |
Charge-offs | (2) | (7) |
Recoveries | 7 | 13 |
Provision for (recovery of) credit losses on loans and leases | 47 | (3) |
Balance, end of period | $ 103 | $ 21 |
Allowance for Credit Losses o_4
Allowance for Credit Losses on Loans and Leases - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Valuation Allowance [Line Items] | |||
ACL at acquisition | $ 393 | $ 199 | $ 194 |
Increase in allowance for credit losses on loans and leases | $ 11 | 15 | |
COVID-19 pandemic, impacts | For the year ended December 31, 2022 the increase in the allowance for credit losses on loans and leases was primarily driven by a combination of increased loan balances as a result of the Flagstar acquisition and changes in the macroeconomic environment both on a spot and forecasted basis, specifically the inflationary pressures leading to sharp increases in interest rates and a slow-down of prepayment activity leading to longer weighted average lives on the balance sheet. In addition, the impact of the forecasted macroeconomic factors had resultant decreases on market level factors in Property Prices on the Multi-Family, Commercial Real Estate and 1-4 Family loan portfolios reflecting the changing economic landscape. | ||
Provision for loan losses | $ 133 | 3 | $ 62 |
Unfunded Loan Commitment | |||
Valuation Allowance [Line Items] | |||
Allowance for credit losses | 23 | $ 12 | |
CARES Act | |||
Valuation Allowance [Line Items] | |||
ACL at acquisition | 393 | ||
Increase in allowance for credit losses on loans and leases | 194 | ||
Recoveries from credit losses | $ 4 |
Allowance for Credit Losses o_5
Allowance for Credit Losses on Loans and Leases - Summary of Additional Information about Nonaccrual Loans (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | $ 125 | $ 29 |
Impaired loans with no related allowance, Interest Income Recognized | 1 | 1 |
Impaired loans with an allowance recorded, Recorded Investment | 16 | 4 |
Impaired loans with an allowance recorded, Related Allowance | 14 | |
Total impaired loans, Recorded Investment | 141 | 33 |
Total impaired loans, Related Allowance | 14 | |
Total impaired loans, Interest Income Recognized | 1 | 1 |
Multi-Family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 13 | 9 |
Impaired loans with no related allowance, Interest Income Recognized | 1 | |
Impaired loans with an allowance recorded, Recorded Investment | 1 | |
Total impaired loans, Recorded Investment | 13 | 10 |
Total impaired loans, Interest Income Recognized | 1 | |
Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 19 | 14 |
Impaired loans with no related allowance, Interest Income Recognized | 1 | |
Impaired loans with an allowance recorded, Recorded Investment | 1 | 2 |
Total impaired loans, Recorded Investment | 20 | 16 |
Total impaired loans, Interest Income Recognized | 1 | |
One-to-Four Family First Mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 90 | |
Impaired loans with an allowance recorded, Recorded Investment | 2 | 1 |
Total impaired loans, Recorded Investment | 92 | 1 |
Other loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 3 | 6 |
Impaired loans with an allowance recorded, Recorded Investment | 13 | |
Impaired loans with an allowance recorded, Related Allowance | 14 | |
Total impaired loans, Recorded Investment | 16 | $ 6 |
Total impaired loans, Related Allowance | $ 14 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Residual value of leased asset | $ 32 | $ 61 |
Carrying value of investment lease | $ 1,700 | $ 1,900 |
Minimum | ||
Lessor, operating lease, term of contract | 24 months | |
Maximum | ||
Lessor, operating lease, term of contract | 120 months | |
Operating lease, remaining lease term | 20 years |
Leases - Components of Lease In
Leases - Components of Lease Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Leases [Abstract] | |||
Interest income on lease financing | [1] | $ 53 | $ 53 |
[1] Included in Interest Income – Loans and leases in the Consolidated Statements of Income and Comprehensive Income. |
Leases - Components of Net Inve
Leases - Components of Net Investment in Direct Financing Leases (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Net investment in the lease - lease payments receivable | $ 1,685 | $ 1,790 |
Net investment in the lease - unguaranteed residual assets | 60 | 75 |
Total lease payments | $ 1,745 | $ 1,865 |
Leases - Summary of Remaining M
Leases - Summary of Remaining Maturity of Undiscounted Lease Receivables (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 52 |
2024 | 152 |
2025 | 396 |
2026 | 342 |
Thereafter | 803 |
Total lease payments | 1,745 |
Plus: deferred origination costs | 19 |
Less: unearned income | (85) |
Total lease finance receivables, net | $ 1,679 |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Operating lease cost | $ 28 | $ 27 |
Total lease cost | $ 28 | $ 27 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 28 | $ 27 |
Leases - Summary of Supplemen_2
Leases - Summary of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease right-of-use assets | [1] | $ 119 | $ 249 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | |
Operating lease liabilities | [2] | $ 122 | $ 249 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | |
Weighted average remaining lease term | 6 years | 16 years | |
Weighted average discount rate% | 3.85% | 3.05% | |
[1] Included in Other assets in the Consolidated Statements of Condition. Included in Other liabilities in the Consolidated Statements of Condition. |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
2023 | $ 28 | ||
2024 | 25 | ||
2025 | 24 | ||
2026 | 19 | ||
2027 | 13 | ||
Thereafter | 28 | ||
Total lease payments | 137 | ||
Less: imputed interest | (15) | ||
Total present value of lease liabilities | [1] | $ 122 | $ 249 |
[1] Included in Other liabilities in the Consolidated Statements of Condition. |
Mortgage Servicing Rights - Cha
Mortgage Servicing Rights - Changes in the Fair Value of Residential First Mortgage MSRs (Details) - Residential First Mortgage $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) | ||
Servicing Assets at Fair Value [Line Items] | ||
Balance at beginning of period | $ 1,012 | |
Additions from loans sold with servicing retained | 19 | |
Decreases in MSR fair value due to pay-offs, pay-downs, run-off, model changes, and other | $ (8) | [1] |
Servicing Asset, Fair Value, Change in Fair Value, Valuation Input, Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Return On Mortgage Servicing Rights | |
Changes in estimates of fair value due to interest rate risk | $ 10 | [1],[2] |
Fair value of MSRs at end of period | $ 1,033 | |
[1] Changes in fair value are included within net return on mortgage servicing rights on the Consolidated Statements of Income and Comprehensive Income. Represents estimated MSR value change resulting primarily from market-driven changes which we manage through the use of derivatives. |
Mortgage Servicing Rights - Sum
Mortgage Servicing Rights - Summary of Adverse Changes to Weighted-Average Assumptions on the Fair Value of Servicing Rights (Details) - Mortgage Servicing Rights $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Actual | |
Option adjusted spread | 5.90% |
Constant prepayment rate | 7.90% |
Weighted average cost to service per loan | $ 68 |
Fair value impact due to 10% adverse change | |
Option adjusted spread | 1,012 |
Constant prepayment rate | 1,000 |
Weighted average cost to service per loan | 1,023 |
Fair value impact due to 20% adverse change | |
Option adjusted spread | 992 |
Constant prepayment rate | 970 |
Weighted average cost to service per loan | $ 1,013 |
Mortgage Servicing Rights - S_2
Mortgage Servicing Rights - Summary of Income and Fees (Details) - Residential First Mortgage Loans $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) | ||
Servicing Assets at Fair Value [Line Items] | ||
Decreases in MSR fair value due to pay-offs, pay-downs, run-off, model changes, and other | $ (8) | [1] |
Servicing Asset, Fair Value, Change in Fair Value, Valuation Input, Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Return On Mortgage Servicing Rights | |
Changes in fair value due to interest rate risk | $ 10 | [1],[2] |
Net Return (loss) on Mortgage Servicing Rights | ||
Servicing Assets at Fair Value [Line Items] | ||
Servicing fees, ancillary income and late fees | 20 | [3] |
Changes in fair value due to interest rate risk | 10 | |
Loss on MSR derivatives | (16) | [4] |
Total return (loss) and income on mortgage loans | 6 | |
Loan Administration Income on Mortgage Loans Subserviced | ||
Servicing Assets at Fair Value [Line Items] | ||
Servicing fees, ancillary income and late fees | 11 | [5] |
Charges on subserviced custodial balances | (8) | [6] |
Total return (loss) and income on mortgage loans | $ 3 | |
[1] Changes in fair value are included within net return on mortgage servicing rights on the Consolidated Statements of Income and Comprehensive Income. Represents estimated MSR value change resulting primarily from market-driven changes which we manage through the use of derivatives. Servicing fees are recorded on an accrual basis. Ancillary income and late fees are recorded on a cash basis. Changes in the derivatives utilized as economic hedges to offset changes in fair value of the MSRs. Servicing fees are recorded on an accrual basis. Ancillary income and late fees are recorded on a cash basis. Charges on subserviced custodial balances represent interest due to MSR owner. |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) $ in Millions | Dec. 31, 2022 USD ($) Entity | Dec. 31, 2021 USD ($) Entity |
Variable Interest Entity [Line Items] | ||
Number of consolidated VIEs | Entity | 0 | 0 |
Investment securities available-for-sale | $ 9,060 | $ 5,780 |
Other MBS | ||
Variable Interest Entity [Line Items] | ||
Ownership interest in investment | 5% | |
Investment securities available-for-sale | $ 191 |
Deposits - Weighted Average Int
Deposits - Weighted Average Interest Rates for Each Type of Deposit (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits: | ||
Interest-bearing checking and money market accounts | $ 22,511 | $ 13,209 |
Savings accounts | 11,645 | 8,892 |
Certificates of deposit | 12,510 | 8,424 |
Non-interest-bearing accounts | 12,055 | 4,534 |
Total deposits | $ 58,721 | $ 35,059 |
Percent of Total | ||
Interest-bearing checking and money market accounts | 38.34% | 37.68% |
Savings accounts | 19.83% | 25.36% |
Certificates of deposit | 21.30% | 24.03% |
Non-interest-bearing accounts | 20.53% | 12.93% |
Total deposits | 100% | 100% |
Weighted Average Interest Rate | ||
Interest-bearing checking and money market accounts, weighted average interest rate | 2.66% | 0.20% |
Savings accounts, weighted average interest rate | 1.30% | 0.35% |
Certificates of deposit, weighted average interest rate | 2.04% | 0.52% |
Total deposits, weighted average interest rate | 1.71% | 0.29% |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Aggregate amounts of deposits reclassified as loan balances | $ 4 | $ 2 |
Brokered deposits | $ 5,100 | $ 5,700 |
Brokered deposits, weighted average interest rates | 0.49% | 0.07% |
Money Market | ||
Schedule of Investments [Line Items] | ||
Brokered deposits | $ 2,800 | $ 3,000 |
Interest Bearing Checking Accounts | ||
Schedule of Investments [Line Items] | ||
Brokered deposits | 1,000 | 1,500 |
Certificates of Deposits | ||
Schedule of Investments [Line Items] | ||
Brokered deposits | $ 1,300 | $ 1,200 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificates of Deposit Intangibles (Details) $ in Millions | Dec. 31, 2022 USD ($) | |
Time deposits by maturity | ||
1 year or less | $ 9,247 | |
More than 1 year through 2 years | 2,922 | |
More than 2 years through 3 years | 298 | |
More than 3 years through 4 years | 50 | |
More than 4 years through 5 years | 24 | |
Over 5 years | 5 | |
Total CDs | $ 12,546 | [1] |
[1] Excludes PAA. |
Borrowed Funds - Summary of Bor
Borrowed Funds - Summary of Borrowed Funds (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
FHLB advances | $ 20,325 | $ 15,105 |
Repurchase agreements | 800 | |
Total wholesale borrowings | 20,325 | 15,905 |
Junior subordinated debentures | 575 | 361 |
Subordinated notes | 432 | 296 |
Total borrowed funds | $ 21,332 | $ 16,562 |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Details) | 12 Months Ended | |||
Nov. 04, 2002 USD ($) Age $ / shares shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | ||||
Accrued interest | $ 37,000,000 | $ 18,000,000 | ||
Interest expense | 313,000,000 | 286,000,000 | $ 302,000,000 | |
Federal funds purchased outstanding amount | 0 | 0 | ||
Federal funds purchased, average balance | $ 466,000,000 | $ 81,000,000 | ||
Federal fund purchased Weighted average interest rate | 1.65% | 0.09% | ||
Federal fund purchased, interest expenses | $ 8,000,000 | $ 0 | 1,000,000 | |
Junior subordinated debentures | $ 608,000,000 | 361,000,000 | ||
Capital security, term (in years) | 10 years | |||
Gross proceeds of BONUSES, debt | $ 9,479,000,000 | 2,072,000,000 | 6,925,000,000 | |
Subordinated notes outstanding | 432,000,000 | 296,000,000 | ||
Outstanding repurchase agreements | 800,000,000 | |||
Interest expense on subordinated notes | 19,000,000 | 18,000,000 | 18,000,000 | |
Repurchase Agreements | ||||
Debt Instrument [Line Items] | ||||
Accrued interest | 2,000,000 | |||
Interest expense | 14,000,000 | 18,000,000 | 18,000,000 | |
Short-term debt outstanding amount | 0 | 0 | ||
Outstanding repurchase agreements | 0 | 800,000,000 | ||
Federal Home Loan Bank Advances | ||||
Debt Instrument [Line Items] | ||||
Interest expense | 251,000,000 | 233,000,000 | 246,000,000 | |
BONUSESSM units | New York Community Capital Trust V (BONUSES Units) | ||||
Debt Instrument [Line Items] | ||||
Public offering of Bifurcated Option Note Unit Securities ("BONUSES units") | shares | 5,500,000 | |||
Public offering of units, offering price per share | $ / shares | $ 50 | |||
Warrants and capital securities non-callable period | 5 years | |||
Gross proceeds of BONUSES, debt | $ 275,000,000 | |||
Difference between the assigned value and the stated liquidation amount of the capital securities is treated as an original issue discount | $ 92,400,000 | |||
Original issue discount amortized amount | 64,000,000 | |||
BONUSESSM units | New York Community Capital Trust V (BONUSES Units) | Capital Units | ||||
Debt Instrument [Line Items] | ||||
Warrant to purchase, number of shares | Age | 2.4953 | |||
Warrant to purchase, total number of shares | shares | 13,700,000 | |||
Warrant to purchase, exercise price per share | $ / shares | $ 20.04 | |||
Capital security, term (in years) | 49 years | |||
Capital security, coupon or distribution rate | 6% | |||
Capital security, per share liquidation amount | $ / shares | $ 50 | |||
Gross proceeds of BONUSES | $ 182,600,000 | |||
BONUSESSM units | New York Community Capital Trust V (BONUSES Units) | Warrant | ||||
Debt Instrument [Line Items] | ||||
Gross proceeds of BONUSES | $ 92,400,000 | |||
Junior Subordinated Debt | ||||
Debt Instrument [Line Items] | ||||
Interest expense | 22,000,000 | 18,000,000 | $ 19,000,000 | |
FHLB - NY | ||||
Debt Instrument [Line Items] | ||||
Unused line of credit | 11,300,000,000 | 8,400,000,000 | ||
Overnight FHLB advances | 2,800,000 | 0 | ||
Line of credit, average balance | $ 318,000,000 | $ 6,000,000 | ||
Line of credit, weighted average interest rate | 3.48% | 0.36% |
Borrowed Funds - Analysis of Co
Borrowed Funds - Analysis of Contractual Maturities of Outstanding Federal Home Loan Bank Advances (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Year of Maturity | |||
Total FHLB advances | $ 20,325 | $ 15,105 | |
Contractual Maturity | |||
Year of Maturity | |||
2023 | 10,325 | ||
2024 | 1,600 | ||
2027 | 2,650 | ||
2028 | 400 | ||
2029 | 200 | ||
2032 | 5,150 | ||
Total FHLB advances | $ 20,325 | ||
Weighted Average Interest Rate | |||
2023 | [1] | 3.51% | |
2024 | [1] | 1.36% | |
2027 | [1] | 3.77% | |
2028 | [1] | 4.11% | |
2029 | [1] | 1.61% | |
2032 | [1] | 2.80% | |
Total FHLB advances | [1] | 3.19% | |
Earlier of Contractual Maturity or Next Call Date | |||
Year of Maturity | |||
2023 | $ 15,325 | ||
2024 | 3,100 | ||
2025 | 250 | ||
2027 | 1,250 | ||
2028 | 400 | ||
Total FHLB advances | $ 20,325 | ||
Weighted Average Interest Rate | |||
2023 | [1] | 3.26% | |
2024 | [1] | 2.42% | |
2025 | [1] | 3.50% | |
2027 | [1] | 3.87% | |
2028 | [1] | 4.11% | |
Total FHLB advances | [1] | 3.19% | |
[1] Does not included the effect interest rate swap agreements. |
Borrowed Funds - Contractual Te
Borrowed Funds - Contractual Terms of Junior Subordinated Debentures Outstanding (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Subordinated Borrowing [Line Items] | |||
Junior Subordinated Debentures Amount Outstanding | $ 575 | $ 361 | |
Junior Subordinated Debentures Amount Outstanding | 608 | $ 361 | |
Capital Securities Amount Outstanding | $ 588 | ||
New York Community Capital Trust V (BONUSES Units) | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | [1] | 6% | |
Junior Subordinated Debentures Amount Outstanding | [1] | $ 147 | |
Capital Securities Amount Outstanding | [1] | $ 141 | |
Date of Original Issue | [1] | Nov. 04, 2002 | |
Stated Maturity | [1] | Nov. 01, 2051 | |
New York Community Capital Trust X | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | [2] | 6.37% | |
Junior Subordinated Debentures Amount Outstanding | [2] | $ 124 | |
Capital Securities Amount Outstanding | [2] | $ 120 | |
Date of Original Issue | [2] | Dec. 14, 2006 | |
Stated Maturity | [2] | Dec. 15, 2036 | |
PennFed Capital Trust III | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | [2] | 8.02% | |
Junior Subordinated Debentures Amount Outstanding | [2] | $ 31 | |
Capital Securities Amount Outstanding | [2] | $ 30 | |
Date of Original Issue | [2] | Jun. 02, 2003 | |
Stated Maturity | [2] | Jun. 15, 2033 | |
New York Community Capital Trust XI | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | [2] | 6.38% | |
Junior Subordinated Debentures Amount Outstanding | [2] | $ 59 | |
Capital Securities Amount Outstanding | [2] | $ 58 | |
Date of Original Issue | [2] | Apr. 16, 2007 | |
Stated Maturity | [2] | Jun. 30, 2037 | |
Flagstar Statutory Trust II | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | [2] | 7.97% | |
Junior Subordinated Debentures Amount Outstanding | [2] | $ 26 | |
Capital Securities Amount Outstanding | [2] | $ 25 | |
Date of Original Issue | [2] | Dec. 26, 2002 | |
Stated Maturity | [2] | Dec. 26, 2032 | |
Flagstar Statutory Trust III | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | [2] | 7.33% | |
Junior Subordinated Debentures Amount Outstanding | [2] | $ 26 | |
Capital Securities Amount Outstanding | [2] | $ 25 | |
Date of Original Issue | [2] | Feb. 19, 2003 | |
Stated Maturity | [2] | Apr. 07, 2033 | |
Flagstar Statutory Trust IV | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | [2] | 7.98% | |
Junior Subordinated Debentures Amount Outstanding | [2] | $ 26 | |
Capital Securities Amount Outstanding | [2] | $ 25 | |
Date of Original Issue | [2] | Mar. 19, 2003 | |
Stated Maturity | [2] | Mar. 19, 2033 | |
Flagstar Statutory Trust V | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | [2] | 6.08% | |
Junior Subordinated Debentures Amount Outstanding | [2] | $ 26 | |
Capital Securities Amount Outstanding | [2] | $ 25 | |
Date of Original Issue | [2] | Dec. 29, 2004 | |
Stated Maturity | [2] | Jan. 07, 2035 | |
Flagstar Statutory Trust VI | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | [2] | 6.08% | |
Junior Subordinated Debentures Amount Outstanding | [2] | $ 26 | |
Capital Securities Amount Outstanding | [2] | $ 25 | |
Date of Original Issue | [2] | Mar. 30, 2005 | |
Stated Maturity | [2] | Apr. 07, 2035 | |
Flagstar Statutory Trust VII | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | [2] | 6.52% | |
Junior Subordinated Debentures Amount Outstanding | [2] | $ 51 | |
Capital Securities Amount Outstanding | [2] | $ 50 | |
Date of Original Issue | [2] | Mar. 29, 2005 | |
Stated Maturity | [2] | Jun. 15, 2035 | |
Flagstar Statutory Trust VIII | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | [2] | 5.58% | |
Junior Subordinated Debentures Amount Outstanding | [2] | $ 25 | |
Capital Securities Amount Outstanding | [2] | $ 24 | |
Date of Original Issue | [2] | Sep. 22, 2005 | |
Stated Maturity | [2] | Oct. 07, 2035 | |
Flagstar Statutory Trust IX | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | [2] | 6.22% | |
Junior Subordinated Debentures Amount Outstanding | [2] | $ 25 | |
Capital Securities Amount Outstanding | [2] | $ 24 | |
Date of Original Issue | [2] | Jun. 28, 2007 | |
Stated Maturity | [2] | Sep. 15, 2037 | |
Flagstar Statutory Trust X | |||
Subordinated Borrowing [Line Items] | |||
Interest Rate of Capital Securities and Debentures | [2] | 7.27% | |
Junior Subordinated Debentures Amount Outstanding | [2] | $ 16 | |
Capital Securities Amount Outstanding | [2] | $ 16 | |
Date of Original Issue | [2] | Aug. 31, 2007 | |
Stated Maturity | [2] | Sep. 15, 2037 | |
[1] Callable subject to certain conditions as described in the prospectus filed with the SEC on November 4, 2002. Callable at any time. |
Borrowed Funds - Summary of Fix
Borrowed Funds - Summary of Fixed-To-Floating Rate Subordinated Notes Outstanding (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) | ||
Subordinated Debt | ||
Debt Outstanding [Line Items] | ||
Stated Maturity | Nov. 06, 2028 | |
Interest Rate of Capital Securities and Debentures | 5.90% | [1] |
Principal amount of Subordinated Notes | $ 300 | |
Subordinated Debt 1 | ||
Debt Outstanding [Line Items] | ||
Stated Maturity | Nov. 01, 2030 | |
Interest Rate of Capital Securities and Debentures | 4.125% | [2] |
Principal amount of Subordinated Notes | $ 150 | |
[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 percent per annum payable semi-annually. Unless redeemed, from and including November 6, 2023 to but excluding the maturity date, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus 278 basis point payable quarterly. From and including the date of original issuance, the Notes will bear interest at a fixed rate of 4.125 percent through October 31, 2025, and a variable rate tied to SOFR thereafter until maturity. The Company has the option to redeem all or a part of the Notes beginning on November 1, 2025, and on any subsequent interest payment date. |
Borrowed Funds - Summary of F_2
Borrowed Funds - Summary of Fixed-To-Floating Rate Subordinated Notes Outstanding (Parenthetical) (Details) | 12 Months Ended | |
Dec. 31, 2022 | ||
Subordinated Debt | ||
Interest Rate of Capital Securities and Debentures | 5.90% | [1] |
Description of variable rate basis | LIBOR rate plus 278 basis point | |
Debt instrument spread on variable rate | 278% | |
Subordinated Debt 1 | ||
Interest Rate of Capital Securities and Debentures | 4.125% | [2] |
[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 percent per annum payable semi-annually. Unless redeemed, from and including November 6, 2023 to but excluding the maturity date, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus 278 basis point payable quarterly. From and including the date of original issuance, the Notes will bear interest at a fixed rate of 4.125 percent through October 31, 2025, and a variable rate tied to SOFR thereafter until maturity. The Company has the option to redeem all or a part of the Notes beginning on November 1, 2025, and on any subsequent interest payment date. |
Federal, State and Local Taxe_2
Federal, State and Local Taxes - Components of Net Deferred Tax Asset (Liability) (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Tax Assets: | ||
Allowance for credit losses on loans and leases | $ 102 | $ 55 |
Acquisition accounting and fair value adjustments on securities (including OTTI) | 227 | 21 |
Acquisition accounting and fair value adjustments on loans | 36 | |
Capitalized loans costs | 46 | |
Compensation and related benefit obligations | 23 | 17 |
Capitalized research and development costs | 10 | |
Net operating loss carryforwards | 15 | 1 |
Other | 18 | 15 |
Gross deferred tax assets | 477 | 109 |
Valuation allowance | (5) | |
Net deferred tax asset after valuation allowance | 472 | 109 |
Deferred Tax Liabilities: | ||
Leases | (328) | (360) |
Mortgage servicing rights | (105) | |
Premises and equipment | (18) | (5) |
Prepaid pension cost | (29) | (35) |
Fair value adjustments on loans | (81) | |
Amortizable intangibles | (71) | (3) |
Acquisition accounting and fair value adjustments on deposits | (9) | |
Acquisition accounting and fair value adjustments on debt | (10) | |
Other | (9) | (9) |
Gross deferred tax liabilities | (579) | (493) |
Net deferred tax liability | $ (107) | $ (384) |
Federal, State and Local Taxe_3
Federal, State and Local Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Line Items] | ||||
Deferred tax asset for net operating loss | $ 15,000,000 | $ 1,000,000 | ||
Valuation allowance | 5,000,000 | |||
Income tax expense | 176,000,000 | 210,000,000 | $ 77,000,000 | |
CARES Act allowance of net operating losses | 5 years | |||
Outstanding amount of the investment | 304,000,000 | 76,000,000 | ||
Other commitments of additional anticipated equity contributions relating to current investments | 183,000,000 | 34,000,000 | ||
Affordable housing tax credits and other tax benefits recognized | 11,000,000 | 9,000,000 | $ 8,000,000 | |
Affordable housing tax credits and other tax benefits, related amortization recognized | 10,000,000 | 9,000,000 | 6,000,000 | |
Impairment losses on other assets | 0 | 0 | 0 | |
Unrecognized gross tax benefits | 40,000,000 | 39,000,000 | 38,000,000 | $ 36,000,000 |
Total amount of net unrecognized tax benefits that would affect the effective tax rate, if recognized | 32,000,000 | |||
Income tax benefit attributed to interest and penalties | 4,000,000 | 4,000,000 | 3,000,000 | |
Accrued interest and penalties on tax liabilities | 26,000,000 | 22,000,000 | ||
Net deferred tax liabilities | 107,000,000 | $ 384,000,000 | ||
Special Federal Tax Provision | ||||
Income Taxes [Line Items] | ||||
Tax bad debt base-year reserves | 62,000,000 | |||
Net deferred tax liabilities | 13,000,000 | |||
Maximum | ||||
Income Taxes [Line Items] | ||||
Estimated change in balance of unrecognized tax benefit, within next twelve months | 21,000,000 | |||
CARES Act | ||||
Income Taxes [Line Items] | ||||
Income tax expense | $ 68,400,000 | |||
State Tax Authority | ||||
Income Taxes [Line Items] | ||||
Deferred tax asset for net operating loss | 15,000,000 | |||
Net operating loss carryforward | $ 303,000,000 | |||
Operating loss carryforwards expiration year | 2033 | |||
Valuation allowance | $ 5,000,000 |
Federal, State and Local Taxe_4
Federal, State and Local Taxes - Income Tax Expense (Benefit) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Federal – current | $ 147 | $ 188 | $ (148) |
State and local – current | 32 | 35 | 5 |
Total current | 179 | 223 | (143) |
Federal – deferred | (10) | (28) | 190 |
State and local – deferred | 7 | 15 | 29 |
Total deferred | (3) | (13) | 219 |
Income tax expense reported in net income | 176 | 210 | 77 |
Securities available-for-sale | (223) | (42) | 16 |
Pension liability adjustments | (6) | 10 | |
Cash flow hedge | 23 | 9 | (13) |
Adoption of ASU 2016-13 | $ (4) | ||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 | ||
Total income taxes | $ (30) | $ 187 | $ 76 |
Federal, State and Local Taxe_5
Federal, State and Local Taxes - Reconciliation of Statutory Federal Income Tax Expense (Benefit) Reported in Net Income to Combined Actual Income Tax Expense (Benefit) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax at 21% | $ 174 | $ 169 | $ 123 |
State and local income taxes, net of federal income tax effect | 31 | 40 | 27 |
Effect of tax law changes | (73) | ||
Non-taxable bargain gain | (33) | ||
Non-deductible FDIC deposit insurance premiums | 10 | 9 | 8 |
Effect of tax deductibility of ESOP | (3) | (3) | (3) |
Non-taxable income and expense of BOLI | (7) | (6) | (7) |
Non-deductible merger expense | 3 | 3 | |
Non-deductible compensation expense | 4 | ||
Federal tax credits | (1) | (1) | |
Adjustments relating to prior tax years | (1) | (1) | 1 |
Other, net | (1) | (1) | 2 |
Income tax expense reported in net income | $ 176 | $ 210 | $ 77 |
Federal, State and Local Taxe_6
Federal, State and Local Taxes - Reconciliation of Statutory Federal Income Tax Expense (Benefit) Reported in Net Income to Combined Actual Income Tax Expense (Benefit) (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 21% | 21% | 21% |
Federal, State and Local Taxe_7
Federal, State and Local Taxes - Changes in Liability for Unrecognized Gross Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Uncertain tax positions at beginning of year | $ 39 | $ 38 | $ 36 |
Additions for tax positions relating to current-year operations | 1 | 2 | 1 |
Additions for tax positions relating to prior tax years | 1 | 1 | |
Subtractions for tax positions relating to prior tax years | (2) | ||
Uncertain tax positions at end of year | $ 40 | $ 39 | $ 38 |
Derivative and Hedging Activi_3
Derivative and Hedging Activities - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Derivative, notional amount | $ 2,300 | ||
Interest income | 1,396 | $ 1,289 | $ 1,100 |
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net | 51 | ||
Cash Flow Hedging | |||
Derivative [Line Items] | |||
Unrealized gains (losses) on derivatives | 52 | (9) | |
Interest Rate Swap | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Derivative, notional amount | 3,800 | 2,300 | |
Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative, notional amount | 0 | ||
Interest income | 6 | $ 49 | |
Designated as Hedging Instrument | Interest Rate Swap | |||
Derivative [Line Items] | |||
Derivative, notional amount | $ 2,000 |
Derivative and Hedging Activi_4
Derivative and Hedging Activities - Schedule of Cumulative Basis Adjustment for Fair Value Hedges (Details) - Loans and Leases - Fair Value Hedging $ in Millions | Dec. 31, 2021 USD ($) | [1] |
Derivative [Line Items] | ||
Carrying Amount of the Hedged Assets | $ 2,025 | |
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets | $ 25 | |
[1] These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. Since the swap expired in February 2022, at December 31, 2022 , the amortized cost basis of the closed portfolios used in these hedging relationships, the cumulative basis adjustments associated with these hedging relationships, and the amount of the designated hedged items, were zero . |
Derivative and Hedging Activi_5
Derivative and Hedging Activities - Schedule of Cumulative Basis Adjustment for Fair Value Hedges (Parenthetical) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Derivative [Line Items] | |
Derivative, notional amount | $ 2,300 |
Designated as Hedging Instrument | |
Derivative [Line Items] | |
Derivative, notional amount | $ 0 |
Derivative and Hedging Activi_6
Derivative and Hedging Activities - Effect of Derivative Instruments on Consolidated Statements of Income and Comprehensive Income (Details) - Interest Income - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Interest income | $ 25 | $ 48 |
Hedged Item - Loans | ||
Derivative [Line Items] | ||
Interest income | $ (25) | $ (48) |
Derivative and Hedging Activi_7
Derivative and Hedging Activities - Information Regarding Derivative Financial Instruments (Details) $ in Millions | Dec. 31, 2022 USD ($) | |
Derivative [Line Items] | ||
Amount of designated hedged items | $ 2,300 | |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Amount of designated hedged items | 0 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Amount of designated hedged items | 3,711 | |
Derivative Assets, Notional Amount | 11,403 | |
Derivative Assets, Fair Value | 220 | |
Derivative Liabilities, Fair Value | 126 | |
Other Assets | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Assets, Fair Value | 229 | |
Other Liabilities | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Liabilities, Fair Value | 136 | |
Fair Value Hedging | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Amount of designated hedged items | 3,750 | |
Fair Value Hedging | Other Assets | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, Fair Value | 5 | |
Interest Rate Swap | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Amount of designated hedged items | 2,000 | |
Interest Rate Swap | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Liabilities, Fair Value | 65 | [1] |
Interest Rate Swap | Fair Value Hedging | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Amount of designated hedged items | 3,750 | |
Interest Rate Swap | Fair Value Hedging | Other Assets | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, Fair Value | 5 | |
Futures | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Assets, Notional Amount | 1,205 | |
Derivative Assets, Fair Value | 2 | |
Futures | Other Assets | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Assets, Fair Value | 2 | |
Mortgage-backed Securities Forwards | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Assets, Notional Amount | 1,065 | |
Derivative Liabilites, Notional Amount | 739 | |
Derivative Assets, Fair Value | 36 | |
Derivative Liabilities, Fair Value | 61 | |
Mortgage-backed Securities Forwards | Other Assets | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Assets, Fair Value | 36 | |
Mortgage-backed Securities Forwards | Other Liabilities | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Liabilities, Fair Value | 61 | |
Rate Lock Commitments | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Assets, Notional Amount | 1,539 | |
Derivative Liabilites, Notional Amount | 527 | |
Rate Lock Commitments | Other Assets | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Assets, Fair Value | 9 | |
Rate Lock Commitments | Other Liabilities | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Liabilities, Fair Value | 10 | |
Interest Rate Swaps and Swaptions | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Assets, Notional Amount | 7,594 | |
Derivative Liabilites, Notional Amount | 2,445 | |
Interest Rate Swaps and Swaptions | Other Assets | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Assets, Fair Value | 182 | |
Interest Rate Swaps and Swaptions | Other Liabilities | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Liabilities, Fair Value | $ 65 | |
[1] Variation margin pledged to, or received from, a Central Counterparty Clearing House to cover the prior days fair value of open positions is considered settlement of the derivative position for accounting purposes. |
Derivative and Hedging Activi_8
Derivative and Hedging Activities - Schedule of Derivative Subject to a Master Netting Agreement, Including the Cash Pledged as Collateral (Details) $ in Millions | Dec. 31, 2022 USD ($) | |
Designated as Hedging Instrument | Interest Rate Swaps on FHLB Advances | ||
Derivative [Line Items] | ||
Gross Amount | $ 5 | [1] |
Net Amount Presented in the Statements of Financial Condition | 5 | [1] |
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | 4 | [1] |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged | 27 | [1] |
Derivatives Not Designated as Hedging Instruments | ||
Assets | ||
Gross Amount | 220 | |
Net Amount Presented in the Statements of Financial Condition | 220 | |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged (Received) | (44) | |
Liabilities | ||
Gross Amount | 126 | |
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | 126 | |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged (Received) | 83 | |
Derivatives Not Designated as Hedging Instruments | Mortgage-backed Securities Forwards | ||
Assets | ||
Gross Amount | 36 | |
Net Amount Presented in the Statements of Financial Condition | 36 | |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged (Received) | (9) | |
Liabilities | ||
Gross Amount | 61 | |
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | 61 | |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged (Received) | 54 | |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swaptions | ||
Assets | ||
Gross Amount | 182 | |
Net Amount Presented in the Statements of Financial Condition | 182 | |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged (Received) | (36) | |
Derivatives Not Designated as Hedging Instruments | Futures | ||
Assets | ||
Gross Amount | 2 | |
Net Amount Presented in the Statements of Financial Condition | 2 | |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged (Received) | 1 | |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap | ||
Liabilities | ||
Gross Amount | 65 | [2] |
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | 65 | [2] |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Pledged (Received) | $ 29 | [2] |
[1] Notional value of cash flow hedging instruments at December 31, 2021 $ 2.3 billion. Securities pledged at December 31, 2021 was $ 9 million. Variation margin pledged to, or received from, a Central Counterparty Clearing House to cover the prior days fair value of open positions is considered settlement of the derivative position for accounting purposes. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities - Schedule of derivative subject to a master netting agreement (Parenthetical) (Details) - USD ($) $ in Billions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative, notional amount | $ 2.3 | |
Securities Loaned, Fair Value of Collateral | $ 9 |
Derivative and Hedging Activi_9
Derivative and Hedging Activities - Effect of Cash Flow Derivative Instruments on AOCL (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Amount of (loss) gain recognized in AOCL | $ 88 | $ 8 |
Amount of reclassified from AOCL to interest expense | $ (4) | $ 25 |
Derivative and Hedging Activ_10
Derivative and Hedging Activities - Net Gain (Loss) Recognized in Income on Derivative Instruments (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Derivative [Line Items] | |
Derivative gain (loss) | $ 11 |
Net Return (loss) on Mortgage Servicing Rights | Futures | |
Derivative [Line Items] | |
Derivative gain (loss) | (1) |
Net Return (loss) on Mortgage Servicing Rights | Interest Rate Swaps and Swaptions | |
Derivative [Line Items] | |
Derivative gain (loss) | (11) |
Net Return (loss) on Mortgage Servicing Rights | Mortgage-backed Securities Forwards | |
Derivative [Line Items] | |
Derivative gain (loss) | (4) |
Net gain on loan sales | Rate Lock Commitments and US Treasury Futures | |
Derivative [Line Items] | |
Derivative gain (loss) | 28 |
Other non interest income | Forward Commitments | |
Derivative [Line Items] | |
Derivative gain (loss) | $ (1) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | ||
Fair value | $ 9,060,000,000 | $ 5,780,000,000 |
Loans pledged to FHLB, collateral for wholesale borrowings | 44,500,000,000 | 33,900,000,000 |
Commitments | 22,368,000,000 | |
Commitments to purchase securities | 0 | |
Asset pledged as collateral | ||
Loss Contingencies [Line Items] | ||
Fair value | 4,000,000 | 464,000,000 |
Mortgage-Related Securities | ||
Loss Contingencies [Line Items] | ||
Securities held to maturity, mortgaged related securities, pledged | 430,000,000 | 704,000,000 |
Total loan commitments | ||
Loss Contingencies [Line Items] | ||
Commitments | 21,827,000,000 | 2,800,000,000 |
Commercial, performance stand-by, and financial stand-by letters of credit | ||
Loss Contingencies [Line Items] | ||
Commitments | $ 541,000,000 | $ 291,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Off-Balance-Sheet Originate Loans and Letters of Credit (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
Commitments | $ 22,368 | |
Multi-family and commercial real estate | ||
Loss Contingencies [Line Items] | ||
Commitments | 216 | |
One-to-four family including interest rate locks | ||
Loss Contingencies [Line Items] | ||
Commitments | 2,066 | |
Acquisition, Development, and Construction | ||
Loss Contingencies [Line Items] | ||
Commitments | 3,539 | |
Warehouse loan commitments | ||
Loss Contingencies [Line Items] | ||
Commitments | 8,042 | |
Total loan commitments | ||
Loss Contingencies [Line Items] | ||
Commitments | 21,827 | $ 2,800 |
Commercial, performance stand-by, and financial stand-by letters of credit | ||
Loss Contingencies [Line Items] | ||
Commitments | 541 | $ 291 |
Other loan commitments | ||
Loss Contingencies [Line Items] | ||
Commitments | $ 7,964 |
Commitments and Contingencies_3
Commitments and Contingencies - Guarantees and Indemnifications (Detail) $ in Millions | Dec. 31, 2022 USD ($) |
Loss Contingencies [Line Items] | |
Expires Within One Year | $ 197 |
Expires After One Year | 97 |
Total Outstanding Amount | 294 |
Maximum Potential Amount of Future Payments | 541 |
Financial stand-by letters of credit | |
Loss Contingencies [Line Items] | |
Expires Within One Year | 79 |
Expires After One Year | 85 |
Total Outstanding Amount | 164 |
Maximum Potential Amount of Future Payments | 398 |
Performance stand-by letters of credit | |
Loss Contingencies [Line Items] | |
Expires Within One Year | 108 |
Expires After One Year | 11 |
Total Outstanding Amount | 119 |
Maximum Potential Amount of Future Payments | 118 |
Commercial Letters of Credit | |
Loss Contingencies [Line Items] | |
Expires Within One Year | 10 |
Expires After One Year | 1 |
Total Outstanding Amount | 11 |
Maximum Potential Amount of Future Payments | $ 25 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Goodwill [Line Items] | |
Change in goodwill | $ 0 |
Intangible Assets - Summary of
Intangible Assets - Summary of Other Intangible Assets (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | $ 292 |
Accumulated Amortization | (5) |
Net Carrying Value | 287 |
Core Deposit Intangible | |
Finite-Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | 250 |
Accumulated Amortization | (4) |
Net Carrying Value | 246 |
Other Intangible Assets | |
Finite-Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | 42 |
Accumulated Amortization | (1) |
Net Carrying Value | $ 41 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Estimated Amortization Expense of CDI and Other Intangible Assets (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Net Carrying Value | $ 287 |
Core Deposit and Other Intangible | |
Finite-Lived Intangible Assets [Line Items] | |
2023 | 59 |
2024 | 54 |
2025 | 38 |
2026 | 33 |
2027 | 29 |
Net Carrying Value | $ 213 |
Employee Benefits - Retirement
Employee Benefits - Retirement Plan, Based on Measurement Date (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Change in Plan Assets: | |||
Fair value of assets at end of year | $ 228 | ||
Pension Benefits | |||
Change in Benefit Obligation: | |||
Benefit obligation at beginning of year | 158 | $ 172 | |
Interest cost | 4 | 4 | $ 5 |
Actuarial gain | (38) | (9) | |
Annuity payments | (7) | (6) | |
Settlements | (1) | (3) | |
Benefit obligation at end of year | 116 | 158 | 172 |
Change in Plan Assets: | |||
Fair value of assets at beginning of year | 283 | 261 | |
Actual return (loss) on plan assets | (47) | 31 | |
Annuity payments | (7) | (6) | |
Settlements | (1) | (3) | |
Fair value of assets at end of year | 228 | 283 | $ 261 |
Funded status (included in “Other assets”) | 112 | 125 | |
Changes recognized in other comprehensive income for the year ended December 31: | |||
Amortization of actuarial loss | (2) | (7) | |
Net actuarial (gain) loss arising during the year | 26 | (23) | |
Total recognized in other comprehensive income for the year (pre-tax) | 24 | (30) | |
Accumulated other comprehensive (gain) loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: | |||
Actuarial (gain) loss, net | 66 | 43 | |
Total accumulated other comprehensive loss (pre-tax) | $ 66 | $ 43 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of company stock held equal to plan assets | 11% | |||
Period of obligations for retired lives in trust | 30 years | |||
Long term inflation rate | 2.50% | |||
Expense recognized under 401(K) plan | $ 7,000,000 | $ 6,000,000 | ||
Contribution to Health & Welfare Plan to pay premiums and claims in the next fiscal year | $ 1,000,000 | |||
Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected rate of return on equity security | 6% | |||
Expected rate of return on fixed income security | 3% | |||
Overall expected rate of return | 5% | |||
Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected rate of return on equity security | 8% | |||
Expected rate of return on fixed income security | 5% | |||
Overall expected rate of return | 7% | |||
Net periodic benefit costs | 1,000,000 | $ 1,000,000 | ||
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated unrecognized net actuarial loss (gain) that will be amortized from accumulated other comprehensive loss into net periodic benefit cost | $ (7,000,000) | |||
Amount recognized of net actuarial loss into net periodic benefit cost | 2,000,000 | 7,000,000 | 7,000,000 | |
Amortization of past-service liability | $ 0 | $ 0 | ||
Discount rates used to determine the benefit obligation | 4.90% | 2.60% | ||
Percentage of assets allocated to equities to be considered well funded | 55% | |||
Percentage of assets allocated to fixed income to be considered well funded | 44% | |||
Defined benefit plan cash equivalent portfolio percentage | 1% | |||
Net periodic benefit costs | $ (10,000,000) | $ (5,000,000) | $ (3,000,000) | |
Post-Retirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rates used to determine the benefit obligation | 4.80% | 2.30% | ||
Post-Retirement Benefits | Subsequent Event | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated prior service cost that will be amortized from accumulated other comprehensive loss (gain) into net periodic benefit cost | $ 0 | |||
Amortization of past-service liability | $ 0 |
Employee Benefits - Pension and
Employee Benefits - Pension and Other Post-Retirement Benefits (Detail) - Pension Benefits - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Components of net periodic pension expense (credit): | |||
Interest cost | $ 4,000,000 | $ 4,000,000 | $ 5,000,000 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax |
Amortization of past-service liability | $ 0 | $ 0 | |
Expected return on plan assets | $ (16,000,000) | $ (16,000,000) | $ (15,000,000) |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax |
Amortization of net actuarial loss | $ 2,000,000 | $ 7,000,000 | $ 7,000,000 |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax |
Net periodic pension credit | $ (10,000,000) | $ (5,000,000) | $ (3,000,000) |
Employee Benefits - Weighted Av
Employee Benefits - Weighted Average Assumptions Used in Determining Net Periodic Benefit Cost for Pension (Detail) - Pension Benefits | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.60% | 2.20% | 3% |
Expected rate of return on plan assets | 6% | 6.30% | 6.50% |
Employee Benefits - Fair Value
Employee Benefits - Fair Value Measurements of Investments Held by Retirement Plan (Detail) $ in Millions | Dec. 31, 2022 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | $ 228 | |
Common Stock | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 26 | |
Money Market | Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 5 | [1] |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 27 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Common Stock | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 26 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money Market | Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 1 | [1] |
Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 201 | |
Significant Other Observable Inputs (Level 2) | Money Market | Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 4 | [1] |
Large-Cap Value | Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 23 | [2] |
Large-Cap Value | Significant Other Observable Inputs (Level 2) | Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 23 | [2] |
Large-Cap Growth | Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 17 | [3] |
Large-Cap Growth | Significant Other Observable Inputs (Level 2) | Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 17 | [3] |
Large-Cap Core | Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 13 | [4] |
Large-Cap Core | Significant Other Observable Inputs (Level 2) | Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 13 | [4] |
United States Mid Cap Value | Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 5 | [5] |
United States Mid Cap Value | Significant Other Observable Inputs (Level 2) | Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 5 | [5] |
Mid Cap Growth | Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 4 | [6] |
Mid Cap Growth | Significant Other Observable Inputs (Level 2) | Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 4 | [6] |
Mid Cap Core | Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 5 | [7] |
Mid Cap Core | Significant Other Observable Inputs (Level 2) | Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 5 | [7] |
US Small-Cap Value | Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 3 | [8] |
US Small-Cap Value | Significant Other Observable Inputs (Level 2) | Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 3 | [8] |
Small Cap Value Growth | Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 6 | [9] |
Small Cap Value Growth | Significant Other Observable Inputs (Level 2) | Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 6 | [9] |
Small-Cap Core | Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 4 | [10] |
Small-Cap Core | Significant Other Observable Inputs (Level 2) | Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 4 | [10] |
International Equity | Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 30 | [11] |
International Equity | Significant Other Observable Inputs (Level 2) | Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 30 | [11] |
U.S. Core | Fixed Income Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 65 | [12] |
U.S. Core | Significant Other Observable Inputs (Level 2) | Fixed Income Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 65 | [12] |
Intermediate Duration | Fixed Income Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | 22 | [13] |
Intermediate Duration | Significant Other Observable Inputs (Level 2) | Fixed Income Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of assets | $ 22 | [13] |
[1] Includes cash equivalent investments in equity and fixed income strategies. This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. This fund tracks the performance of the S&P 500 Index by purchasing the securities represented in the Index in approximately the same weightings as the Index. This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Value Index. This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Growth Index. This category seeks to track the performance of the S&P Midcap 400 Index. This category consists of a selection of investments based on the Russell 2000 Value Index. This category consists of a mutual fund invested in small cap growth companies along with a fund invested in a selection of investments based on the Russell 2000 Growth Index. This category consists of a mutual fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10 percent of the market universe, or smaller than the 1000th largest US company. This category invests primarily in medium to large non-US companies in developed and emerging markets. Under normal circumstances, at least 80 percent of total assets will be invested in equity securities, including common stocks, preferred stocks, and convertible securities. This category currently includes equal investments in three mutual funds, two of which usually hold at least 80 percent of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50 percent or more in mortgage-backed securities guaranteed by the US government and its agencies. This category consists of a mutual fund which invest in a diversified portfolio of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset backed securities, corporate and municipal bonds, CMOs, and other securities mostly rated A or better. |
Employee Benefits - Fair Valu_2
Employee Benefits - Fair Value Measurements of Investments Held by Retirement Plan (Parenthetical) (Detail) | Dec. 31, 2022 Fund Stock |
Large-Cap Value | Minimum | Common/Collective Trusts - Equity | |
Defined Benefit Plan Disclosure [Line Items] | |
Number of stocks held | 60 |
Large-Cap Value | Maximum | Common/Collective Trusts - Equity | |
Defined Benefit Plan Disclosure [Line Items] | |
Number of stocks held | 70 |
Small-Cap Core | Equity Funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Mutual fund investment in marketable securities with percentage of market capitalization | 10% |
International Equity | Minimum | Equity Funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Percentage of investments | 80% |
U.S. Core | Fixed Income Funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Number of mutual funds | Fund | 3 |
U.S. Core | Fixed Income Funds | Mortgage-backed Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Percentage of investments | 50% |
U.S. Core | Minimum | Fixed Income Funds | Fixed Income Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Percentage of investments | 80% |
Employee Benefits - Weighted _2
Employee Benefits - Weighted Average Asset Allocations for Retirement Plan (Detail) | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocation | 100% | 100% |
Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocation | 60% | 62% |
Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocation | 38% | 36% |
Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average asset allocation | 2% | 2% |
Employee Benefits - Expected Fu
Employee Benefits - Expected Future Annuity Payments by Retirement Plan (Detail) - Pension Benefits $ in Millions | Dec. 31, 2022 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 8 |
2024 | 8 |
2025 | 8 |
2026 | 8 |
2027 | 8 |
2028 and thereafter | 42 |
Total | $ 82 |
Employee Benefits - Certain Inf
Employee Benefits - Certain Information Regarding Health and Welfare Plan (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Change in Plan Assets: | ||
Fair value of assets at end of year | $ 228 | |
Post-Retirement Benefits | ||
Change in benefit obligation: | ||
Benefit obligation at beginning of year | 10 | $ 12 |
Actuarial gain | (2) | (2) |
Premiums and claims paid | (1) | |
Benefit obligation at end of year | 7 | 10 |
Change in Plan Assets: | ||
Employer contribution | 1 | |
Premiums and claims paid | (1) | |
Funded status (included in “Other liabilities”) | (7) | (10) |
Changes recognized in other comprehensive income for the year ended December 31: | ||
Net actuarial (gain) loss arising during the year | 2 | 2 |
Total recognized in other comprehensive income for the year (pre-tax) | 2 | $ 2 |
Accumulated other comprehensive (gain) loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: | ||
Actuarial (gain) loss, net | (2) | |
Total accumulated other comprehensive loss (pre-tax) | $ (2) |
Employee Benefits - Weighted _3
Employee Benefits - Weighted Average Assumptions used in Determining Net Periodic Benefit Cost of Health and Welfare Plan (Detail) - Post-Retirement Benefits | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.30% | 2% | 2.90% |
Current medical trend rate | 6.50% | 6.50% | 6.50% |
Ultimate trend rate | 5% | 5% | 5% |
Year when ultimate trend rate will be reached | 2028 | 2027 | 2026 |
Employee Benefits - Expected _2
Employee Benefits - Expected Future Payments for Premiums and Claims Under Health and Welfare Plan (Detail) - Post-Retirement Benefits $ in Millions | Dec. 31, 2021 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 1 |
2024 | 1 |
2025 | 1 |
2026 | 1 |
2027 | 1 |
2028 and thereafter | 2 |
Total | $ 7 |
Stock-Related Benefit Plans - A
Stock-Related Benefit Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant | 9,799,865 | ||
Shares granted | 3,710,689 | ||
Shares granted, weighted average grant date fair value | $ 11.23 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 3,710,689 | ||
Shares granted, weighted average grant date fair value | $ 11.23 | ||
Compensation and benefits expense | $ 25 | $ 27 | $ 28 |
Unrecognized compensation cost relating to unvested restricted stock | $ 74 | ||
Unrecognized compensation cost relating to unvested restricted stock, recognition period (in years) | 2 years 6 months | ||
Performance-Based Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 473,211 | ||
Shares granted, weighted average grant date fair value | $ 10.09 | ||
Compensation and benefits expense | $ 3 | $ 5 | $ 1 |
Unrecognized compensation cost relating to unvested restricted stock | $ 4 | ||
Unrecognized compensation cost relating to unvested restricted stock, recognition period (in years) | 1 year 7 months 6 days | ||
Stock Incentive Plan Twenty Twelve | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 3,131,949 | 2,421,345 | |
Shares granted, weighted average grant date fair value | $ 11.20 | $ 11.61 | |
Supplemental Executive Retirement Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Trust held assets of Supplemental Executive Retirement Plan (SERP), shares | 1,006,186 | ||
New York Community Bank | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee stock ownership plan allocated amount | $ 4 | ||
ESOP-related compensation expense | $ 4 | $ 4 |
Stock-Related Benefit Plans - S
Stock-Related Benefit Plans - Summary of Activity for Restricted Stock Awards (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Number of Shares | |
Granted | shares | 3,710,689 |
Weighted Average Grant Date Fair Value | |
Granted | $ / shares | $ 11.23 |
Restricted Stock | |
Number of Shares | |
Unvested at beginning of year | shares | 6,950,335 |
Granted | shares | 3,710,689 |
Assumed in business acquisition | shares | 1,904,025 |
Vested | shares | (2,374,209) |
Forfeited | shares | (614,238) |
Unvested at end of year | shares | 9,576,602 |
Weighted Average Grant Date Fair Value | |
Unvested, Beginning of year | $ / shares | $ 11.68 |
Granted | $ / shares | 11.23 |
Assumed in business acquisition | $ / shares | 9.35 |
Vested | $ / shares | 12.21 |
Forfeited | $ / shares | 11.56 |
Unvested at end of year | $ / shares | $ 10.92 |
Stock-Related Benefit Plans -_2
Stock-Related Benefit Plans - Summary of Activity for Performance-Based Restricted Stock Units (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Granted | shares | 3,710,689 |
Weighted Average Grant Date Fair Value | |
Granted | $ / shares | $ 11.23 |
Performance-Based Restricted Stock Units | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested at beginning of year | shares | 834,612 |
Granted | shares | 473,211 |
Released | shares | (176,090) |
Forfeited | shares | (336,749) |
Unvested at end of year | shares | 794,984 |
Weighted Average Grant Date Fair Value | |
Unvested, Beginning of year | $ / shares | $ 11.44 |
Granted | $ / shares | 10.09 |
Released | $ / shares | 11.42 |
Forfeited | $ / shares | 11.43 |
Unvested at end of year | $ / shares | $ 11.43 |
Performance Period | January 1, 2022 - December 31, 2024 |
Expected Vesting Date | March 31, 2023 - 2025 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | $ 9,060 | $ 5,780 | ||
Total equity securities | 14 | 16 | ||
Total securities | 9,074 | [1] | 5,796 | [2] |
Total assets at fair value | 69 | 64 | ||
Total liabilities at fair value | 1,115 | |||
Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 4,789 | 2,790 | ||
GSE Certificates | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 1,297 | 1,107 | ||
GSE CMOs | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 3,301 | 1,683 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 9,060 | 5,780 | ||
Total equity securities | 14 | 16 | ||
Total securities | 9,074 | 5,796 | ||
Mortgage servicing rights | 1,033 | |||
Total assets at fair value | 11,451 | |||
Total liabilities at fair value | 136 | |||
Fair Value, Measurements, Recurring | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 4,789 | 2,790 | ||
Fair Value, Measurements, Recurring | Residential First Mortgage | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held-for-sale | 1,115 | |||
Fair Value, Measurements, Recurring | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 4,271 | 2,990 | ||
Fair Value, Measurements, Recurring | GSE Certificates | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 1,297 | 1,107 | ||
Fair Value, Measurements, Recurring | GSE CMOs | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 3,301 | 1,683 | ||
Fair Value, Measurements, Recurring | Private Label CMOs | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 191 | |||
Fair Value, Measurements, Recurring | U.S. Treasury Obligations | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 1,487 | 45 | ||
Fair Value, Measurements, Recurring | GSE Debentures | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 1,398 | 1,480 | ||
Fair Value, Measurements, Recurring | Asset-backed Securities | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 361 | 479 | ||
Fair Value, Measurements, Recurring | Municipal Bonds | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 30 | 25 | ||
Fair Value, Measurements, Recurring | Corporate Bonds | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 885 | 838 | ||
Fair Value, Measurements, Recurring | Foreign Notes | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 20 | 26 | ||
Fair Value, Measurements, Recurring | Capital Trust Notes | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 90 | 97 | ||
Fair Value, Measurements, Recurring | Mutual Funds and Common Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total equity securities | 14 | 16 | ||
Fair Value, Measurements, Recurring | Mortgage-backed securities forwards | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | $ 36 | |||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | |||
Derivative liabilities | $ 61 | |||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | |||
Fair Value, Measurements, Recurring | Interest rate swaps and swaptions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | $ 182 | |||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | |||
Derivative liabilities | $ 65 | |||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | |||
Fair Value, Measurements, Recurring | Futures | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | $ 2 | |||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | |||
Fair Value, Measurements, Recurring | Rate lock commitments (fallout-adjusted) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | $ 9 | |||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | |||
Derivative liabilities | $ 10 | |||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | |||
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] | ||||
Investment securities available-for-sale | $ 1,487 | 45 | ||
Total securities | 1,487 | 45 | ||
Total assets at fair value | 1,487 | |||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 1,487 | 45 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury Obligations | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 1,487 | 45 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 7,573 | 5,735 | ||
Total equity securities | 14 | 16 | ||
Total securities | 7,587 | 5,751 | ||
Total assets at fair value | 8,922 | |||
Total liabilities at fair value | 126 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 4,789 | 2,790 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Residential First Mortgage | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held-for-sale | 1,115 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 2,784 | 2,945 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | GSE Certificates | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 1,297 | 1,107 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | GSE CMOs | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 3,301 | 1,683 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Private Label CMOs | Mortgage-Related Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 191 | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | GSE Debentures | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 1,398 | 1,480 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Asset-backed Securities | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 361 | 479 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Municipal Bonds | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 30 | 25 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Corporate Bonds | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 885 | 838 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Foreign Notes | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 20 | 26 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Capital Trust Notes | Other Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities available-for-sale | 90 | 97 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mutual Funds and Common Stock | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total equity securities | 14 | $ 16 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities forwards | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | $ 36 | |||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | |||
Derivative liabilities | $ 61 | |||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest rate swaps and swaptions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | $ 182 | |||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | |||
Derivative liabilities | $ 65 | |||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | |||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Futures | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | $ 2 | |||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | |||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage servicing rights | $ 1,033 | |||
Total assets at fair value | 1,042 | |||
Total liabilities at fair value | 10 | |||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Rate lock commitments (fallout-adjusted) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | $ 9 | |||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | |||
Derivative liabilities | $ 10 | |||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | |||
[1] Excludes accrued interest receivable of $ 31 million included in other assets in the Consolidated Statements of Condition. Excludes accrued interest receivable of $ 15 million included in other assets in the Consolidated Statements of Condition. |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets Measured by using Significant Unobservable Inputs (Details) - Significant Unobservable Inputs (Level 3) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance at Beginning of Year | $ 1,033 | |
Total Gains / (Losses) Recorded in Earnings | $ (10) | [1] |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Return On Mortgage Servicing Rights | |
Purchases / Originations | $ 24 | |
Transfers In (Out) | (15) | |
Balance at End of Year | 1,032 | |
Mortgage Servicing Rights | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance at Beginning of Year | 1,012 | [1] |
Total Gains / (Losses) Recorded in Earnings | $ 2 | [1] |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Return On Mortgage Servicing Rights | |
Purchases / Originations | $ 19 | [1] |
Balance at End of Year | 1,033 | [1] |
Rate Lock Commitments Net | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance at Beginning of Year | 21 | [2] |
Total Gains / (Losses) Recorded in Earnings | $ (12) | [1],[2] |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Return On Mortgage Servicing Rights | |
Purchases / Originations | $ 5 | [2] |
Transfers In (Out) | (15) | [2] |
Balance at End of Year | $ (1) | [1],[2] |
[1] We utilized swaptions, futures, forward agency and loan sales and interest rate swaps to manage the risk associated with mortgage servicing rights and rate lock commitments. Gains and losses for individual lines do not reflect the effect of our risk management activities related to such Level 3 instruments. Rate lock commitments are reported on a fallout-adjusted basis. Transfers out of Level 3 represent the settlement value of the commitments that are transferred to LHFS, which are classified as Level 2 assets. |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Quantitative Information (Details) - Fair Value, Measurements, Recurring $ in Millions | Dec. 31, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value | $ 1,033 |
Significant Unobservable Inputs (Level 3) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value | 1,033 |
Minimum | Significant Unobservable Inputs (Level 3) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Weighted average cost to service per loan | $ 65 |
Minimum | Significant Unobservable Inputs (Level 3) | Option adjusted spread | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Range (Weighted Average) | 5.3 |
Maximum | Significant Unobservable Inputs (Level 3) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Weighted average cost to service per loan | $ 90 |
Maximum | Significant Unobservable Inputs (Level 3) | Option adjusted spread | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Range (Weighted Average) | 21.6 |
Weighted Average | Significant Unobservable Inputs (Level 3) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Weighted average cost to service per loan | $ 68 |
Weighted Average | Significant Unobservable Inputs (Level 3) | Option adjusted spread | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Discount rate | 5.9 |
Discounted cash flows | Mortgage Servicing Rights | Significant Unobservable Inputs (Level 3) | Constant prepayment rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value | $ 1,033 |
Discounted cash flows | Minimum | Mortgage Servicing Rights | Significant Unobservable Inputs (Level 3) | Constant prepayment rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Range (Weighted Average) | 0 |
Discounted cash flows | Maximum | Mortgage Servicing Rights | Significant Unobservable Inputs (Level 3) | Constant prepayment rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Range (Weighted Average) | 10 |
Discounted cash flows | Weighted Average | Mortgage Servicing Rights | Significant Unobservable Inputs (Level 3) | Constant prepayment rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Range (Weighted Average) | 7.9 |
Consensus pricing | Rate Lock Commitments | Significant Unobservable Inputs (Level 3) | Origination pull-through rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value | $ (1) |
Range (Weighted Average) | 76.41 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Certain impaired loans | $ 28 | [1] | $ 32 | [2] |
Other assets | 41 | [3] | 32 | [4] |
Total | 69 | 64 | ||
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Certain impaired loans | 28 | [1] | 32 | [2] |
Other assets | 41 | [3] | 32 | [4] |
Total | $ 69 | $ 64 | ||
[1] Represents the fair value of certain loans individually assessed for impairment, based on the value of the collateral. R epresents the fair value of impaired loans, based on the value of the collateral. Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets and equity securities without readily determinable fair values. These equity securities are classified as Level 3 due to the infrequency of the observable prices and/or the restrictions on the shares. Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets. |
Fair Value Measurements - Ass_3
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | [1] | Dec. 31, 2019 | [1] | |||
Financial Assets: | |||||||||
Cash and cash equivalents, Carrying Value | $ 2,032 | $ 2,211 | [1] | $ 1,948 | $ 742 | ||||
Cash and cash equivalents, Estimated Fair Value | 2,032 | 2,211 | |||||||
FHLB and FRB stock, Carrying Value | [2] | 1,267 | |||||||
FHLB and FRB stock, Estimated Fair Value | [2] | 1,267 | |||||||
FHLB stock, Carrying Value | 1,267 | 734 | [2] | ||||||
FHLB stock, Estimated Fair Value | [2] | 734 | |||||||
Loans and leases, net, Carrying Value | 68,608 | 45,539 | |||||||
Loans and leases, net, Estimated Fair Value | 65,673 | 44,748 | |||||||
Financial Liabilities: | |||||||||
Deposits, Carrying Value | 58,721 | 35,059 | |||||||
Deposits, Estimated Fair Value | 58,479 | 35,051 | |||||||
Borrowed funds, Carrying Value | 21,332 | 16,562 | |||||||
Borrowed funds, Estimated Fair Value | 21,231 | 17,169 | |||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||||
Financial Assets: | |||||||||
Cash and cash equivalents, Carrying Value | 2,032 | 2,211 | |||||||
Financial Liabilities: | |||||||||
Deposits, Carrying Value | 46,211 | [3] | 26,635 | [4] | |||||
Significant Other Observable Inputs (Level 2) | |||||||||
Financial Assets: | |||||||||
FHLB and FRB stock, Carrying Value | [5] | 1,267 | |||||||
FHLB stock, Carrying Value | [2] | 734 | |||||||
Financial Liabilities: | |||||||||
Deposits, Carrying Value | 12,268 | [6] | 8,416 | [7] | |||||
Borrowed funds, Carrying Value | 21,231 | 17,169 | |||||||
Significant Unobservable Inputs (Level 3) | |||||||||
Financial Assets: | |||||||||
Loans and leases, net, Carrying Value | $ 65,673 | $ 44,748 | |||||||
[1] For further information on restricted cash, see Note 14 - Derivatives and Hedging Activities. Carryin g value and estimated fair value are at cost. Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts. Carrying value and estimated fair value are at cost. Certificates of deposit. Certificates of deposit. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Measurement Input Expected Term | Significant Unobservable Inputs (Level 3) | Residential Mortgage Servicing Rights Capitalized | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Weighted average life (in years) | 7 years 3 months 18 days |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Fair Value Included in Earnings (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Loans Held-for-Sale | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Net gain on loan sales | $ 8 |
Fair Value Measurements - Diffe
Fair Value Measurements - Differences Between Aggregate Fair Value and Aggregate Remaining Contractual Principal Balance Outstanding (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid Principal Balance, Loans | $ 1,095 | |
Fair Value, Assets | 69 | $ 64 |
Fair Value, Loans | 1,115 | |
Fair Value Over / (Under) UPB, Loans | 20 | |
Other Performing Loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid Principal Balance, Assets | 1,095 | |
Fair Value, Assets | 1,115 | |
Fair Value Over / (Under) UPB, Assets | 20 | |
Loans Held-for-Sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid Principal Balance, Loans | 1,095 | |
Fair Value, Loans | 1,115 | |
Fair Value Over / (Under) UPB, Loans | 20 | |
Loans Held-for-Sale | Other Performing Loans | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid Principal Balance, Assets | 1,095 | |
Fair Value, Assets | 1,115 | |
Fair Value Over / (Under) UPB, Assets | $ 20 |
Parent Company Only Financial_3
Parent Company Only Financial Information - Condensed Statements of Condition (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
ASSETS: | |||||||
Cash and cash equivalents | $ 2,032 | $ 2,211 | [1] | $ 1,948 | [1] | $ 742 | [1] |
Other assets | 2,250 | 1,367 | |||||
Total assets | 90,144 | 59,527 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||
Junior subordinated debentures | 575 | 361 | |||||
Other liabilities | 1,267 | 862 | |||||
Total liabilities | 81,320 | 52,483 | |||||
Stockholders’ equity | 8,824 | 7,044 | 6,842 | 6,712 | |||
Total liabilities and stockholders’ equity | 90,144 | 59,527 | |||||
Parent Company | |||||||
ASSETS: | |||||||
Cash and cash equivalents | 121 | 139 | $ 151 | $ 183 | |||
Investments in subsidiaries | 9,633 | 7,525 | |||||
Other assets | 85 | 48 | |||||
Total assets | 9,839 | 7,712 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||
Junior subordinated debentures | 575 | 361 | |||||
Subordinated notes | 432 | 296 | |||||
Other liabilities | 8 | 11 | |||||
Total liabilities | 1,015 | 668 | |||||
Stockholders’ equity | 8,824 | 7,044 | |||||
Total liabilities and stockholders’ equity | $ 9,839 | $ 7,712 | |||||
[1] For further information on restricted cash, see Note 14 - Derivatives and Hedging Activities. |
Parent Company Only Financial_4
Parent Company Only Financial Information - Condensed Statements of Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | |||
Interest income | $ 2,092 | $ 1,689 | $ 1,708 |
Other income | 17 | 9 | 6 |
Operating expenses | 604 | 518 | 511 |
Income tax benefit | (176) | (210) | (77) |
Net income | 650 | 596 | 511 |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividends received from subsidiaries | 335 | 4 | 380 |
Other income | 160 | 1 | 1 |
Gross income | 495 | 381 | 381 |
Operating expenses | 55 | 50 | 52 |
Income before income tax benefit and equity in undistributed earnings of subsidiaries | 440 | 331 | 329 |
Income tax benefit | 14 | 14 | 14 |
Income before equity in undistributed earnings of subsidiaries | 454 | 345 | 343 |
Equity in undistributed earnings of subsidiaries | 196 | 251 | 168 |
Net income | $ 650 | $ 596 | $ 511 |
Parent Company Only Financial_5
Parent Company Only Financial Information - Condensed Statements of Cash Flow (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
Net income | $ 650 | $ 596 | $ 511 | |||
Change in other assets | 348 | (284) | (411) | |||
Change in other liabilities | (100) | (6) | 9 | |||
Net cash provided by operating activities | 1,026 | 290 | 334 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
Cash acquired in business acquisition | 331 | |||||
Net cash used in investing activities | (6,323) | (2,762) | (1,025) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
Treasury stock repurchased | (7) | (50) | ||||
Net cash provided by financing activities | 5,168 | 2,735 | 1,897 | |||
Net (decrease) increase in cash, cash equivalents, and restricted cash | [1] | (129) | 263 | 1,206 | ||
Cash, cash equivalents, and restricted cash at beginning of year | [1] | 2,211 | 1,948 | 742 | ||
Cash and cash equivalents at end of year | 2,032 | 2,211 | [1] | 1,948 | [1] | |
Parent Company | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
Net income | 650 | 596 | 511 | |||
Change in other assets | (3) | (22) | ||||
Change in other liabilities | (4) | 1 | ||||
Other, net | (130) | 32 | 30 | |||
Equity in undistributed earnings of subsidiaries | (196) | (251) | (168) | |||
Net cash provided by operating activities | 317 | 356 | 373 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
Cash acquired in business acquisition | 34 | |||||
Change in receivable from subsidiaries, net | 5 | (3) | 2 | |||
Net cash used in investing activities | 39 | (3) | 2 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
Treasury stock repurchased | (24) | (16) | (59) | |||
Cash dividends paid on common and preferred stock | (350) | (349) | (348) | |||
Net cash provided by financing activities | (374) | (365) | (407) | |||
Net (decrease) increase in cash, cash equivalents, and restricted cash | (18) | (12) | (32) | |||
Cash, cash equivalents, and restricted cash at beginning of year | 139 | 151 | 183 | |||
Cash and cash equivalents at end of year | $ 121 | $ 139 | $ 151 | |||
[1] For further information on restricted cash, see Note 14 - Derivatives and Hedging Activities. |
Capital - Actual Capital Amount
Capital - Actual Capital Amounts and Ratios for Community Bank in Comparison to Minimum Amounts and Ratios Required (Detail) - Company - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Common Equity, Tier 1 Amount | ||
Total regulatory capital, Common Equity, Tier 1 Amount | $ 6,335 | $ 4,226 |
Minimum for capital adequacy purposes, Common Equity, Tier 1 Amount | 3,146 | 1,966 |
Excess, Common Equity, Tier 1 Amount | $ 3,189 | $ 2,260 |
Common Equity, Tier 1 Ratio | ||
Total regulatory capital, Common Equity, Tier 1 Ratio | 9.06% | 9.68% |
Minimum for capital adequacy purposes, Common Equity, Tier 1 Ratio | 4.50% | 4.50% |
Excess, Common Equity, Tier 1 Ratio | 4.56% | 5.18% |
Risk-Based Capital, Tier 1 Amount | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Amount | $ 6,838 | $ 4,729 |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Amount | 4,195 | 2,621 |
Excess, Risk-Based Capital, Tier 1 Amount | $ 2,643 | $ 2,108 |
Risk-Based Capital, Tier 1 Ratio | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Ratio | 0.0978 | 0.1083 |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Ratio | 0.0600 | 0.0600 |
Excess, Risk-Based Capital, Tier 1 Ratio | 0.0378 | 0.0483 |
Risk-Based Capital, Total Amount | ||
Total regulatory capital, Risk-Based Capital, Total Amount | $ 8,154 | $ 5,558 |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Amount | 5,593 | 3,494 |
Excess, Risk-Based Capital, Total Amount | $ 2,561 | $ 2,064 |
Risk-Based Capital, Total Ratio | ||
Total regulatory capital, Risk-Based Capital, Total Ratio | 0.1166 | 0.1273 |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Ratio | 0.0800 | 0.0800 |
Excess, Risk-Based Capital, Total Ratio | 0.0366 | 0.0473 |
Leverage Capital, Amount | ||
Total regulatory capital, Leverage Capital, Amount | $ 6,838 | $ 4,729 |
Minimum for capital adequacy purposes, Leverage Capital, Amount | 2,819 | 2,237 |
Excess, Leverage Capital, Amount | $ 4,019 | $ 2,492 |
Leverage Capital, Ratio | ||
Total regulatory capital, Leverage Capital, Ratio | 0.0970 | 0.0846 |
Minimum for capital adequacy purposes, Leverage Capital, Ratio | 0.0400 | 0.0400 |
Excess, Leverage Capital, Ratio | 0.0570 | 0.0446 |
Capital - Additional Informatio
Capital - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Mar. 17, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 23, 2018 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Minimum Common equity Tier 1 risk-based capital ratio | 6.50% | |||
Minimum Tier 1 risk based capital ratio to be categorized as well capitalized | 0.0800 | |||
Minimum total risk based capital ratio to be categorized as well capitalized | 0.1000 | |||
Minimum leverage capital ratio to be categorized as well capitalized | 0.0500 | |||
Preferred stock par value | $ 0.01 | $ 0.01 | ||
Depositary Shares | Series A Noncumulative Preferred Stock | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Depositary shares issued | 20,600,000 | |||
Preferred stock par value | $ 0.01 | |||
Preferred stock, liquidation preference per share | 1 | |||
Depository shares, liquidation preference per share | $ 25 | |||
Fixed dividend rate per annum | 6.375% | |||
Floating dividend rate per annum | Three-month LIBOR plus 382.1 basis | |||
Dividends payable description | Dividends will be payable in arrears on March 17, June 17, September 17, and December 17 of each year, which commenced on June 17, 2017 | |||
Common Stock | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 300 | |||
Stock repurchase program, shares repurchased | 30,000,000 | |||
Treasury stock average price per share | $ 8.88 | |||
Treasury stock aggregate purchase price | $ 286 | |||
Stock repurchased during period, shares | 900,000 | 0 | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 8,000,000 |
Capital - Actual Capital Amou_2
Capital - Actual Capital Amounts and Ratios for Commercial Bank in Comparison With Minimum Amounts and Ratios Required (Detail) - Bank - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Common Equity, Tier 1 Amount | ||
Total regulatory capital, Common Equity, Tier 1 Amount | $ 7,653 | $ 5,217 |
Minimum for capital adequacy purposes, Common Equity, Tier 1 Amount | 3,142 | 1,964 |
Excess, Common Equity, Tier 1 Amount | $ 4,511 | $ 3,253 |
Common Equity, Tier 1 Ratio | ||
Total regulatory capital, Common Equity, Tier 1 Ratio | 10.96% | 11.95% |
Minimum for capital adequacy purposes, Common Equity, Tier 1 Ratio | 4.50% | 4.50% |
Excess, Common Equity, Tier 1 Ratio | 6.46% | 7.45% |
Risk-Based Capital, Tier 1 Amount | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Amount | $ 7,653 | $ 5,217 |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Amount | 4,189 | 2,619 |
Excess, Risk-Based Capital, Tier 1 Amount | $ 3,464 | $ 2,598 |
Risk-Based Capital, Tier 1 Ratio | ||
Total regulatory capital, Risk-Based Capital, Tier 1 Ratio | 0.1096 | 0.1195 |
Minimum for capital adequacy purposes, Risk-Based Capital, Tier 1 Ratio | 0.0600 | 0.0600 |
Excess, Risk-Based Capital, Tier 1 Ratio | 0.0496 | 0.0595 |
Risk-Based Capital, Total Amount | ||
Total regulatory capital, Risk-Based Capital, Total Amount | $ 7,982 | $ 5,402 |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Amount | 5,585 | 3,491 |
Excess, Risk-Based Capital, Total Amount | $ 2,397 | $ 1,911 |
Risk-Based Capital, Total Ratio | ||
Total regulatory capital, Risk-Based Capital, Total Ratio | 0.1143 | 0.1238 |
Minimum for capital adequacy purposes, Risk-Based Capital, Total Ratio | 0.0800 | 0.0800 |
Excess, Risk-Based Capital, Total Ratio | 0.0343 | 0.0438 |
Leverage Capital, Amount | ||
Total regulatory capital, Leverage Capital, Amount | $ 7,653 | $ 5,217 |
Minimum for capital adequacy purposes, Leverage Capital, Amount | 2,817 | 2,236 |
Excess, Leverage Capital, Amount | $ 4,836 | $ 2,981 |
Leverage Capital, Ratio | ||
Total regulatory capital, Leverage Capital, Ratio | 0.1087 | 0.0933 |
Minimum for capital adequacy purposes, Leverage Capital, Ratio | 0.0400 | 0.0400 |
Excess, Leverage Capital, Ratio | 0.0687 | 0.0533 |