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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-16577
NEW YORK COMMUNITY BANCORP, INC.
(Exact name of registrant as specified in its charter)
Delaware06-1377322
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
102 Duffy Avenue,  Hicksville,New York11801
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (516683-4100

Title of each classTrading Symbol Name of each exchange on which registered
Common Stock, $0.01 par value per shareNYCBNew York Stock Exchange
Bifurcated Option Note Unit SecuritiESSMNYCB PUNew York Stock Exchange
Depositary Shares each representing a 1/40th interest in a share of Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred StockNYCB PANew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☒    No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated Filer  Smaller Reporting Company  
Non-Accelerated Filer  Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes     No  ☒

The number of shares of the registrant’s common stock outstanding as of May 6, 2024 was 820,716,107 shares.




NEW YORK COMMUNITY BANCORP, INC.
FORM 10-Q
FOR THE QUARTER ENDED March 31, 2024
TABLE OF CONTENTS
Item 1.
Consolidated Statements of Financial Condition – March 31, 2024 (unaudited) and December 31, 2023
Consolidated Statements of Income and Comprehensive Income – For the three months ended March 31, 2024 and 2023 (unaudited)
Consolidated Statements of Stockholders’ Equity – For the three months ended March 31, 2024 and 2023 (unaudited)
Consolidated Statements of Cash Flows – For the three months ended March 31, 2024 and 2023 (unaudited)
Note 2 - Computation of Earnings Per Common Share
Note 3 - Business Combination
Note 4 - Accumulated Other Comprehensive Income
Note 5 - Investment Securities
Note 6 - Loans and Leases
Note 7 - Allowance for Credit Losses
Note 9 - Mortgage Servicing Rights
Note 10 -Variable Interest Entities
Note 11 - Borrowed Funds
Note 12 - Pension and Other Post-Retirement Benefits
Note 13 - Stock-Related Benefit Plans
Note 14 - Derivative and Hedging Activities
Note 15 - Intangible Assets
Note 16 - Fair Value Measures
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2


ABBREVIATIONS AND ACRONYMS
The following list of abbreviations and acronyms are provided as a tool for the reader and may be used throughout this Report, including the Consolidated Financial Statements and Notes:

TermDefinitionTermDefinition
ACLAllowance for Credit LossesFHLB-NYFederal Home Loan Bank of New York
ADCAcquisition, development, and construction loanFOMCFederal Open Market Committee
ALCOAsset and Liability Management CommitteeFRBFederal Reserve Board
AOCLAccumulated other comprehensive lossFRB-NYFederal Reserve Bank of New York
ASCAccounting Standards CodificationFTEsFull-time equivalent employees
ASUAccounting Standards UpdateGAAPU.S. generally accepted accounting principles
BaaSBanking as a ServiceGLBAThe Gramm Leach Bliley Act
BOLIBank-owned life insuranceGNMAGovernment National Mortgage Association
BPBasis point(s)GSEGovernment-sponsored enterprises
BTFP
Bank Term Funding Program
HELOCHome Equity Line of Credit
C&ICommercial and industrial loanHELOANHome Equity Loan
CDsCertificates of depositHPIHousing Price Index
CECLCurrent Expected Credit LossLGGLoans with government guarantees
CFPBConsumer Financial Protection BureauLHFSLoans Held-for-Sale
CMOsCollateralized mortgage obligationsLIBORLondon Interbank Offered Rate
CMTConstant maturity treasury rateLTVLoan-to-value ratio
CPIConsumer Price IndexMBSMortgage-backed securities
CPRConstant prepayment rateMSRsMortgage servicing rights
CRACommunity Reinvestment ActNIMNet interest margin
CRECommercial real estate loanNOLNet operating loss
DIFDeposit Insurance FundNPAsNon-performing assets
DFADodd-Frank Wall Street Reform and Consumer Protection ActNPLsNon-performing loans
DSCRDebt service coverage ratioNPVNet Portfolio Value
EPSEarnings per common shareNYSENew York Stock Exchange
ERMEnterprise Risk ManagementOCCOffice of the Comptroller of the Currency
ESOPEmployee Stock Ownership PlanOREOOther real estate owned
EVEEconomic Value of Equity at RiskPAAPurchase accounting adjustments
Fannie MaeFederal National Mortgage Association
PSAs
Performance-Based Restricted Stock Units
FASBFinancial Accounting Standards BoardROURight of use asset
FDI ActFederal Deposit Insurance Act
RSAs
Restricted Stock Awards
FDICFederal Deposit Insurance CorporationSBASmall Business Administration
FHAFederal Housing AdministrationSignatureSignature Bridge Bank, N.A.
FHFAFederal Housing Finance AgencySECU.S. Securities and Exchange Commission
FHLBFederal Home Loan BankSOFRSecured Overnight Financing Rate
Freddie MacFederal Home Loan Mortgage CorporationTDRTroubled debt restructurings
3



For the purpose of this Quarterly Report on Form 10-Q, the words “we,” “us,” “our,” and the “Company” are used to refer to New York Community Bancorp, Inc. and our consolidated subsidiary, Flagstar Bank, N.A. (the “Bank”).

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING LANGUAGE
    
This report, like many written and oral communications presented by New York Community Bancorp, Inc. and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions.

Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “will,” “would,” “should,” “could,” “may,” or similar expressions. Although we believe that our plans, intentions, and expectations as reflected in these forward-looking statements are reasonable, we can give no assurance that they will be achieved or realized.

Our ability to predict results or the actual effects of our plans and strategies is inherently uncertain. Accordingly, actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained in this report.

There are a number of factors, many of which are beyond our control, that could cause actual conditions, events, or results to differ significantly from those described in our forward-looking statements. These factors include, but are not limited to:

general economic conditions, including higher inflation and its impacts, either nationally or in some or all of the areas in which we and our customers conduct our respective businesses;
conditions in the securities markets and real estate markets or the banking industry;
changes in real estate values, which could impact the quality of the assets securing the loans in our portfolio;
changes in interest rates, which may affect our net income, prepayment penalty income, and other future cash flows, or the market value of our assets, including our investment securities;
any uncertainty relating to the LIBOR transition process;
changes in the quality or composition of our loan or securities portfolios;
changes in our capital management policies, including those regarding business combinations, dividends, and share repurchases, among others;
heightened regulatory focus on commercial real estate and on commercial real estate loan concentrations;
changes in competitive pressures among financial institutions or from non-financial institutions;
changes in deposit flows and wholesale borrowing facilities;
changes in the demand for deposit, loan, and investment products and other financial services in the markets we serve;
our timely development of new lines of business and competitive products or services in a changing environment, and the acceptance of such products or services by our customers;
our ability to obtain timely stockholder and regulatory approvals of any merger transactions, capital raise transactions, corporate restructurings or other significant transactions we may propose;
our ability to successfully integrate any assets, liabilities, customers, systems, and management personnel we may acquire into our operations, and our ability to realize related synergies and cost savings within expected time frames, including those related to our 2022 acquisition of Flagstar Bancorp, Inc. and the purchase and assumption of certain assets and liabilities of Signature Bridge Bank;
potential exposure to unknown or contingent liabilities of companies we have acquired, may acquire, or target for acquisition, including our acquisition of Flagstar Bancorp, Inc. and the assets and liabilities of Signature Bridge Bank;
the success of our previously announced investment in, and partnership with, Figure Technologies, Inc., a FinTech company focusing on payment and lending via blockchain technology;
the ability to effectively invest in new information technology systems and platforms;
the more stringent regulatory framework and prudential standards we are subject to, including with respect to reporting, capital stress testing, and liquidity risk management, as a result of our transition to a Category IV banking organization, and the expenses we will incur to develop policies, programs, and systems that comply with these enhanced standards;
changes in future allowance for credit losses requirements under relevant accounting and regulatory requirements;
4


the ability to pay future dividends, including as a result of the failure to receive any required regulatory approval to pay a dividend, or for any other reasons;
the ability to hire and retain key personnel and qualified members of our board of directors;
the ability to attract new customers and retain existing ones in the manner anticipated;
changes in our customer base or in the financial or operating performances of our customers’ businesses;
the potential for deposit attrition related to the departure of private banking teams whose responsibilities include the acquisition and retention of customer deposits;
any interruption in customer service due to circumstances beyond our control;
the outcome of pending or threatened litigation, or of investigations or any other matters before regulatory agencies, whether currently existing or commencing in the future, including with respect to any litigation, investigation or other regulatory actions related to (i) the business practices of acquired companies, including our recent acquisition of Flagstar Bancorp, Inc. and the purchase and assumption of certain assets and liabilities of Signature Bridge Bank, (ii) the capital raise transaction we completed in March of 2024, (iii) the material weaknesses in internal control over financial reporting disclosed in our most recent Annual Report on Form 10-K, and (iv) recent events and circumstances involving the Company, including our full year 2023 earnings announcement, disclosures regarding credit losses, provisioning and goodwill impairment, and negative news and expectations about the prospects of the Company (and associated stock price volatility and changes);
environmental conditions that exist or may exist on properties owned by, leased by, or mortgaged to the Company;
potential for deferred tax asset valuation allowance relating to Section 382 of the Internal Revenue Code arising from aggregation risk of new shareholder share issuances and warrant exercises related the recent $1.05 billion capital raise, the Flagstar acquisition and additional potential market transactions not in the Company’s control.
cybersecurity incidents, including any interruption or breach of security resulting in failures or disruptions in customer account management, general ledger, deposit, loan, or other systems managed by us or third parties;
operational issues stemming from, and/or capital spending necessitated by, the potential need to adapt to industry changes in information technology systems, on which we are highly dependent;
the ability to keep pace with, and implement on a timely basis, technological changes;
changes in legislation, regulation, policies, guidance, or administrative practices, whether by judicial, governmental, or legislative action, and other changes pertaining to banking, securities, taxation, rent regulation and housing (the New York Housing Stability and Tenant Protection Act of 2019), financial accounting and reporting, environmental protection, insurance, and the ability to comply with such changes in a timely manner;
changes in the monetary and fiscal policies of the U.S. Government, including policies of the U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System;
changes in accounting principles, policies, practices, and guidelines;
changes in regulatory expectations relating to predictive models we use in connection with stress testing and other forecasting or in the assumptions on which such modeling and forecasting are predicated;
changes to federal, state, and local income tax laws;
changes in our credit ratings or in our ability to access the capital markets;
increases in our FDIC insurance premium or future assessments;
legislative and regulatory initiatives related to climate change;
the potential impact to the Company from climate change, including higher regulatory compliance, increased expenses, operational changes, and reputational risks;
unforeseen or catastrophic events including natural disasters, war, terrorist activities, and pandemics, epidemics, and other health emergencies;
the impacts related to or resulting from Russia’s military action in Ukraine and conflicts in the Middle East, including the broader impacts to financial markets and the global macroeconomic and geopolitical environment;
other economic, competitive, governmental, regulatory, technological, and geopolitical factors affecting our operations, pricing, and services; and
Completing the diversification of the Company’s loan portfolio may be more difficult, costly or time consuming than expected and the anticipated benefits and cost savings of the plan may not be realized.

In addition, the timing and occurrence or non-occurrence of events may be subject to circumstances beyond our control.

See Item 1A, Risk Factors, in our Form 10-K for the year ended December 31, 2023 and this Form 10-Q, for a further discussion of important risk factors that could cause actual results to differ materially from our forward-looking statements.

Readers should not place undue reliance on these forward-looking statements, which reflect our expectations only as of the date of this report. We do not assume any obligation to revise or update these forward-looking statements except as may be required by law.
5


PART I. FINANCIAL INFORMATION

ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Net Income (Loss) | Net Income (Loss) Available to Common Stockholders

New York Community Bancorp reported a first quarter 2024 net loss of $327 million compared to a net loss of $2.7 billion in the prior quarter and net income of $2.0 billion in the year ago quarter. The net loss available to common shareholders in the current quarter was $335 million, or $0.45 per diluted share, compared to $2.7 billion, or $3.76 per diluted share, in the prior quarter and net income of $2.0 billion, or $2.87 per diluted share, in the year ago quarter. The prior quarter net loss and diluted EPS included goodwill impairment of $2.4 billion. Net income for the three months ended March 31, 2023 included a bargain purchase gain of $2.0 billion arising from the Signature transaction.

Net Interest Income

Net interest income is our primary source of income. Its level is a function of the average balance of our interest-earning assets, the average balance of our interest-bearing liabilities, and the spread between the yield on such assets and the cost of such liabilities. These factors are influenced by both the pricing and mix of our interest-earning assets and our interest-bearing liabilities which, in turn, are impacted by various external factors, including the local economy, competition for loans and deposits, the monetary policy of the FOMC, and market interest rates.

The cost of our deposits and borrowed funds is largely based on short-term rates of interest, the level of which is partially impacted by the actions of the FOMC. While the target federal funds rate generally impacts the cost of our short-term borrowings and deposits, the yields on our held-for-investment loans and other interest-earning assets are not as sensitive to intermediate-term market interest rates.

From December 31, 2023 to March 7, 2024, we experienced $9.7 billion in core deposit runoff following the rating agency downgrades of our Company's credit ratings in February and March 2024. On March 6, 2024 we announced a $1.05 billion capital raise, after which, deposits stabilized and runoff was immaterial for the remainder of the first quarter 2024.  We funded the deposit runoff, and increased our on balance sheet liquidity, primarily through $4.1 billion in brokered CD’s and $5.5 billion of wholesale borrowings.


The following table sets forth certain information regarding our net interest income and average balance sheet for the periods indicated: Average yields are calculated by dividing the interest income produced by the average balance of interest-earning assets. Average costs are calculated by dividing the interest expense produced by the average balance of interest-bearing liabilities. The average balances for the periods are derived from average balances that are calculated daily.

6


Three Months Ended,
March 31, 2024December 31, 2023March 31, 2023
(dollars in millions)Average BalanceInterestAverage Yield/CostAverage BalanceInterestAverage Yield/CostAverage BalanceInterestAverage Yield/Cost
ASSETS:
Interest-earning assets:
Mortgage and other loans and leases , net (1)
$84,123 $1,193 5.68 %$85,671 $1,230 5.72 %$70,774 $867 4.92 %
Securities (2) (3)
11,576 123 4.30 %11,493 126 4.39 %10,850 104 3.86 %
Reverse repurchase agreements— — — %46 6.91 %785 11 5.53 %
Interest-earning cash and cash equivalents14,345 197 5.52 %6,753 90 5.28 %4,257 52 4.96 %
Total interest-earning assets$110,044 $1,513 5.51 %$103,963 $1,447 5.55 %$86,666 $1,034 4.80 %
Non-interest-earning assets5,682 7,719 7,864 
Total assets$115,726 $111,683 $94,530 
LIABILITIES AND STOCKHOLDERS' EQUITY:
Interest-bearing deposits:
Interest-bearing checking and money market accounts$26,428 $232 3.54 %$31,958 $286 3.55 %$23,098 $157 2.76 %
Savings accounts8,400 47 2.24 %9,055 47 2.03 %11,093 39 1.44 %
Certificates of deposit24,711 291 4.74 %18,491 210 4.52 %13,712 87 2.57 %
Total interest-bearing deposits$59,539 $570 3.85 %$59,504 $543 3.62 %$47,903 $283 2.40 %
Short term borrowed funds5,649 55 3.94 %7,609 83 4.33 %9,036 103 4.61 %
Other borrowed funds20,079 264 5.28 %8,105 81 3.96 %13,290 93 2.85 %
Total Borrowed funds$25,728 $319 4.99 %$15,714 $164 4.14 %$22,326 $196 3.56 %
Total interest-bearing liabilities$85,267 $889 4.19 %$75,218 $707 3.73 %$70,229 $479 2.77 %
Non-interest-bearing deposits19,355 22,676 13,189 
Other liabilities2,563 2,753 1,939 
Total liabilities$107,185 $100,647 $85,357 
Stockholders’ equity8,541 11,036 9,173 
Total liabilities and stockholders’ equity$115,726 $111,683 $94,530 
Net interest income/interest rate spread$624 1.32 %$740 1.82 %$555 2.03 %
Net interest margin2.28 %2.82 %2.60 %
Ratio of interest-earning assets to interest-bearing liabilities1.29 x1.38 x1.23 x
(1)Amounts are net of net deferred loan origination costs/(fees) and includes loans held for sale and non-performing loans.
(2)Amounts are at amortized cost.
(3)Includes FHLB stock and FRB stock.


7


The following table presents the extent to which changes in interest rates and changes in the volume of interest-earning assets and interest-bearing liabilities affected our interest income and interest expense during the periods indicated. Information is provided in each category with respect to (i) the changes attributable to changes in volume (changes in volume multiplied by prior rate); (ii) the changes attributable to changes in rate (changes in rate multiplied by prior volume); and (iii) the net change. The changes attributable to the combined impact of volume and rate have been allocated proportionately to the changes due to volume and the changes due to rate on each separate line.

Three Months Ended,Three Months Ended,
March 31, 2024 compared to December 31, 2023
Increase/(Decrease) Due to:
March 31, 2024 compared to March 31, 2023
Increase/(Decrease) Due to:
(in millions)VolumeRateNetVolumeRateNet
INTEREST-EARNING ASSETS:
Mortgage and other loans and leases
$(22)$(15)$(37)$190 $136 $326 
Securities(4)(3)11 19 
Reverse repurchase agreements— (1)(1)— (11)(11)
Interest Earning Cash & Cash Equivalent105 107 139 145 
Total interest-earnings assets$84 $(18)$66 $322 $157 $479 
INTEREST-BEARING LIABILITIES:
Interest-bearing checking and money market accounts$(49)$(5)$(54)$29 $46 $75 
Savings accounts(4)— (15)23 
Certificates of deposit74 81 130 74 204 
Short Term Borrowed Funds(19)(9)(28)(33)(15)(48)
Other Borrowed Funds158 25 183 90 81 171 
Total interest-bearing liabilities$105 $77 $182 $158 $252 $410 
Change in net interest income$35 $(151)$(116)$48 $21 $69 

Comparison to Prior Quarter

The Company's net interest margin for the three months ended March 31, 2024, was 2.28 percent, down 54 basis points compared to the three months ended December 31, 2023. The reduction is primarily driven by higher cost of funds with the average rate on borrowings costs increasing 85 basis points and the impact from a deposit mix shift from lower cost interest-bearing checking and MMA to higher cost certificates of deposits. The decline in lower rate deposits was primarily driven by withdrawals of uninsured deposits following the rating agency downgrades of our Company's credit ratings in February and March 2024. These elevated withdrawals of uninsured deposits resulted in us raising liquidity through the use of higher cost deposits and borrowings. Subsequent to announcing a $1.05 billion capital investment on March 6, 2024, our deposits stabilized and then remained around $75 billion for the remainder of the first quarter 2024, down from $81.5 billion at December 31, 2023.

Net interest income for the three months ended March 31, 2024 was $624 million, down $116 million or 15.7 percent compared to the three months ended December 31, 2023 primarily due to the following:

Interest expense on borrowed funds increased $155 million or 94.5 percent to $319 million primarily driven by a $10.0 billion or 55.0 percent increase in the average balances as we took actions to proactively manage our liquidity needs along with an 85 basis point increase in rates as long-term lower cost borrowings matured.

Interest expense on average interest-bearing deposits increased $27 million to $570 million during the three months ended March 31, 2024, driven by a 23 basis point increase in the average cost of interest-bearing deposits due to the impact from a deposit mix shift from lower cost interest-bearing checking and MMA to higher cost certificates of deposits.
Interest income on loans and leases decreased $37 million primarily driven by a $1.5 billion, or 2% reduction in average loan balances led by lower consumer loans due to the sale of the marine and RV portfolio, as well as lower multi-family and warehouse loan balances.
8


partially offset by:

Interest income on cash and cash equivalents increased $107 million driven by an increase in the average balance to $7.5 billion to proactively manage liquidity and a 24 basis point increase in the average yield to 5.52 percent.

Comparison to Prior Year to Date

For the three months ended March 31, 2024, the net interest margin was 2.28 percent, down 32 basis points compared to the three months ended March 31, 2023. The year-over-year decrease was primarily the impact of higher interest rates on the cost of funds with the average cost of borrowed funds increasing 143 basis points and the average cost of interest-bearing deposits increasing 145 basis points, partially offset by higher earning asset yields which increased 71 basis points.

For the three months ended March 31, 2024, net interest income totaled $624.0 million, up $69.0 million or 12.4 percent compared to $555 million for the three months ended March 31, 2023. The year-over-year increase was primarily the result of the following:

Interest income on mortgages and other loans increased $326 million driven by a $13.3 billion or 18.9 percent increase in average loan balances to $84.1 billion. This is primarily driven by the current period including a full quarter of the Signature Transaction that closed on March 20, 2023. Additionally, we had a 76 basis point increase in the average loan yield to 5.68 percent in the current quarter due primarily to the impact of rising rates and the higher yield of our portfolio due to loans acquired in the Signature Transaction.

Interest income on securities increased $19 million, driven by a 44 basis point increase in the average yield to 4.30 percent from 3.86 percent. Additionally, there was a $726 million or 6.7 percent increase in the average securities balance to $11.6 billion. The yield on securities is improving over time as lower rate securities mature and are replaced with higher rate securities, consistent with the increase in interest rates.

Interest income on cash and cash equivalents increased $145 million reflecting higher cash balances as a result of actions to proactively manage liquidity needs along with a 56 basis point increase in the average yield to 5.52 percent.

partially offset by:

Interest expense on average interest-bearing deposits increased $287 million to $570 million during the three months ended March 31, 2024. Average interest earning deposits grew $11.6 billion, or 24.3 percent, to $59.5 billion primarily due to a full quarter of the Signature Transaction. We also experienced a 145 basis point increase in the average cost of interest-bearing deposits primarily due to the impact from a deposit mix shift from lower cost interest-bearing checking and MMA to higher cost certificates of deposits.

Interest expense on borrowed funds increased $123 million or 62.8 percent to $319 million driven by a 143 basis point increase in rates in addition to a $3.4 billion or 22.2 percent increase in the average balance to $25.7 billion primarily reflecting actions to proactively manage liquidity needs in the first quarter of 2024.


9


Provision for Credit Losses

For the three months ended March 31, 2024, the provision for credit losses totaled $315 million compared to a $552 million provision for the three months ended December 31, 2023, and a $170 million provision for the three months ended March 31, 2023, which included a $132 million initial provision for credit losses for the loans acquired in the Signature Transaction. The increase reflects changes in market conditions and interest rates that are expected to affect portions of our portfolios that are subject to current market stresses.

Net charge-offs totaled $81 million for the three months ended March 31, 2024, compared with $185 million for the three months ended December 31, 2023. Net charge-offs on a non-annualized basis represented 0.10% and 0.22% of average loans outstanding for the three months ended March 31, 2024, and for the three months ended December 31, 2023, respectively. First quarter net charge-offs were $104 million lower compared to the prior quarter. Commercial real estate charge-offs were $64 million during the first quarter 2024 compared to $42 in the fourth quarter 2023. Multifamily net charge-offs were $11 million in the first quarter 2024 compared to $5 in the fourth quarter 2023. The fourth quarter 2023 also included a $112 million charge-off of a co-operative loan.


Non-Interest Income

The following table summarizes our non-interest income for the respective periods:

Three Months Ended,
(in millions)March 31, 2024December 31, 2023March 31, 2023
Bargain purchase gain$(121)$(11)$2,001 
Fee income343927
Net return on mortgage servicing rights213322
Net gain on loan sales and securitizations201620
Other292211
Bank-owned life insurance101110
Net loan administration income
16177
Total non-interest income$$127 $2,098 

Comparison to Prior Quarter

For the three months ended March 31, 2024, non-interest income totaled $9 million as compared to $127 million for the three months ended December 31, 2023. The first quarter includes a reduction in the bargain purchase gain of $121 million related to the final adjustment to the fair value of assets received and liabilities assumed, including the in-transit and other shared accounts of the Signature Transaction as compared to an $11 million reduction in the fourth quarter of 2023.

The net return on mortgage servicing rights was $21 million or 7.6 percent for the three months ended March 31, 2024 compared to $33 million or 12.0 percent for the three months ended December 31, 2023 primarily driven by unfavorable hedge performance.

First quarter 2024 non-interest income includes a gain on loan sales of $20 million compared to $16 million during the fourth quarter 2023. The current quarter included a net gain of $6 million related to the sale of a loan we moved to held-for-sale in the prior quarter and the sale of the RV/Marine portfolio, both of which closed during the current quarter.

Loan administration income was relatively flat for the three months ended March 31, 2024, as compared to the three months ended December 31, 2023. FDIC servicing income declined $10 million from $20.2 million in the fourth quarter of 2023 to $10.4 million in the first quarter of 2024. This was offset by higher net subservice fee income driven by a lower volume of subserviced custodial deposit activity. Our servicing agreement with the FDIC ended in March 2024 and is no longer expected to generate loan administration income in future periods.

10


Comparison to Prior Year to Date

Non-interest income decreased $2.1 billion for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 primarily due to the bargain purchase gain of $2.0 billion related to the Signature Transaction. Excluding the bargain gain impacts, non-interest income increased $33 million For the three months ended March 31, 2024, compared to three months ended March 31, 2023.,The increase was driven by a full quarter of the Signature Transaction and higher loan administration fee income as a result of higher FDIC subservicing income.

Excluding the bargain purchase gain adjustment of $121 million in the first quarter 2024 and $2.0 billion in the first quarter 2023 related to the Signature transaction, non-interest income increased $33 million compared to the first quarter 2023 primarily driven by $18 million higher other income, $9 million higher net loan administration income, and $7 million higher fee income. Net mortgage gain on sale margin decreased 28 basis points to 48 basis points compared to 76 basis points in the first quarter 2023.


Non-Interest Expense

The following table summarizes our non-interest expense for the respective periods:

Three Months Ended,
(in millions)March 31, 2024December 31, 2023March 31, 2023
Operating expenses:
Compensation and benefits$333 $295 $219 
Occupancy and equipment525837
General and administrative236254136
Total operating expense621607392
Intangible asset amortization353617
Merger-related and restructuring expenses436367
Goodwill impairment$2,426 
Total non-interest expense$699 $3,132 $476 

Comparison to Prior Quarter

Total operating expenses for the three months ended March 31, 2024 were $621 million, up $14 million compared to $607 million for the fourth quarter 2023. The increase was primarily driven by higher compensation and benefits due to seasonal factors such as payroll taxes, 401(k) match resets and merit increases, coupled with lower incentive compensation in the fourth quarter 2023 driven by accrual reversals related to executive compensation as a result of Company performance. General and administrative costs were down $18 million primarily due to the FDIC special assessment recorded in the fourth quarter of 2023.

Comparison to Prior Year to Date

Total operating expenses for the three months ended March 31, 2024 were up $229 million compared to the three months ended March 31, 2023 . This increase was largely attributable to the impact from the Signature transaction, which closed in late March of 2023 along with a $28.1 million increase in FDIC insurance expense driven by a higher asset base and assessment rate.

11


Income Tax Expense

For the three months ended March 31, 2024, the Company reported a benefit for income taxes of $54 million compared to a benefit for income taxes of $112 million for the three months ended December 31, 2023 and an income tax expense of $1 million for the three months ended March 31, 2023 . The benefit for the three months ended March 31, 2024 was driven by the higher book loss for the quarter, primarily attributable to the loan loss provision. The effective tax rate difference was due to current period changes in non-tax deductible expenses and the bargain gain, in proportion to the pre-tax loss. The effective tax rate for the three months ended March 31, 2024, was 14.3 percent compared to 4.0 percent for the three months ended December 31, 2023 and less than one percent for the three months ended March 31, 2023 .


FINANCIAL CONDITION

Balance Sheet Summary

Total assets decreased $1.2 billion to $112.9 billion as of March 31, 2024, compared to $114.1 billion at December 31, 2023.

Total loans and leases held for investment were $82.3 billion at March 31, 2024 compared to $84.6 billion at December 31, 2023. The decrease was primarily driven by lower consumer loans due to the sale of the marine and RV portfolio and a slight net decrease in multi-family and commercial loans due to run-off and lower originations.

The securities portfolio totaled $9.4 billion at March 31, 2024, compared to $9.2 billion at December 31, 2023. Our securities portfolio is classified as available-for-sale with low credit risk U.S government agency bonds comprising over 90 percent of the total portfolio at March 31, 2024 and December 31, 2023. These instruments are recorded at fair value and unrealized gains and losses driven by changes in market interest rates are recorded in other comprehensive income. An allowance for credit loss is established for any credit-related impairments. At March 31, 2024 and December 31, 2023 the total allowance for credit losses on our securities portfolio was immaterial.

Total deposits decreased $6.7 billion, or 8 percent to $74.9 billion at March 31, 2024 compared to $81.5 billion at December 31, 2023. From December 31, 2023 to March 7, 2024, we experienced $9.7 billion in core deposit runoff following the rating agency downgrades of our Company's credit ratings in February and March 2024. On March 6, 2025 we announced a $1.05 billion capital raise, after which, deposits stabilized and runoff has been immaterial for the remainder of the first quarter 2024.

Wholesale borrowings at March 31, 2024 were $25.7 billion compared to $20.3 billion at December 31, 2023, reflecting actions to proactively manage the liquidity needs of the Company.

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Loans held-for-investment    

The following table summarizes the composition of our loan portfolio:

March 31, 2024December 31, 2023
(dollars in millions)AmountPercent of Loans Held for InvestmentAmountPercent of Loans Held for Investment
Mortgage Loans:
Multi-family$36,859 44.8 %$37,265 44.0 %
Commercial real estate10,32312.5 %10,47012.4 %
One-to-four family first mortgage5,8077.1 %6,0617.2 %
Acquisition, development, and construction3,2073.9 %2,9123.4 %
Total mortgage loans$56,196 68.3 %$56,708 67.0 %
Other Loans:
Commercial and industrial$24,418 29.7 %$25,254 29.9 %
Other loans1,7132.1 %2,6573.1 %
Total other loans held for investment$26,131 31.7 %$27,911 33.0 %
Total loans and leases held for investment$82,327 100.0 %$84,619 100.0 %
Allowance for credit losses on loans and leases(1,215)(992)
Total loans and leases held for investment, net$81,112 $83,627 
Loans held for sale
9811,182
Total loans and leases, net$82,093 $84,809 

The following table summarizes our production of loans held for investment:

Three Months Ended,
March 31, 2024December 31, 2023March 31, 2023
(dollars in millions)AmountAmountAmount
Mortgage Loan Originated for Investment:
   Multi-family
$19 $78 $340 
Commercial real estate212225309
One-to-four family first mortgage2,2283,252274
Acquisition, development, and construction222298185
Total mortgage loans originated for investment$2,681 $3,853 $1,108 
Other Loans Originated for Investment:
Specialty finance$1,083 $1,858 $1,335 
Commercial and industrial8771,672497
Other104122338
Total other loans originated for investment$2,064 $3,652 $2,170 
Total loans originated for investment$4,745 $7,505 $3,278 

Multi-Family Loans

The multi-family loan portfolio was $36.9 billion at March 31, 2024, down slightly compared to $37.3 billion at December 31, 2023 due to a combination of higher interest rates and our loan diversification strategy.

The majority of our multi-family loans are secured by rental apartment buildings. At March 31, 2024, $20.6 billion or 56 percent of the Company’s total multi-family loan portfolio is secured by properties in New York State, many of which are subject to rent regulation laws, to varying degrees. The weighted average LTV of the New York State rent regulated multi-family portfolio using origination-date values was 59 percent as of March 31, 2024 as compared to 58 percent at December 31,
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2023. Since their origination date, property values in this loan segment are down substantially due to unfavorable market conditions.

In addition to underwriting multi-family loans on the basis of the buildings’ income and condition, we consider the borrowers’ credit history, profitability, and building management expertise. Borrowers are required to present evidence of their ability to repay the loan from the buildings’ current rent rolls, their financial statements, and related documents.

While a percentage of our multi-family loans are ten-year fixed rate credits, the vast majority of our multi-family loans feature a term of ten or twelve years, with a fixed rate of interest for the first five or seven years of the loan, and an alternative rate of interest in years six through ten or eight through twelve. The rate charged in the first five or seven years is generally based on intermediate-term interest rates plus a spread.

During the remaining years, the loan resets to an annually adjustable rate that is indexed to CME Term SOFR or Prime, plus a spread. Alternately, the borrower may opt for a fixed rate that is tied to the five-year fixed advance rate of the FHLB-NY, plus a spread. The fixed-rate option also requires the payment of one percentage point of the then-outstanding loan balance. In either case, the minimum rate at repricing is equivalent to the rate in the initial five-or seven-year term.
We primarily underwrite our multi-family loans based on the current cash flows produced by the collateral property, with a reliance on the “income” approach to appraising the properties, rather than the “sales” approach. We also consider a variety of other factors, including the physical condition of the underlying property; the net operating income of the mortgaged premises prior to debt service; the DSCR, which is the ratio of the property’s net operating income to its debt service; and the ratio of the loan amount to the appraised value (i.e., the LTV) of the property.

In addition to requiring a minimum DSCR of 125 percent on multi-family buildings, we obtain a security interest in the personal property located on the premises, and an assignment of rents and leases. Our multi-family loans generally represent no more than 75 percent of the lower of the appraised value or the sales price of the underlying property, and typically feature an amortization period of 30 years. In addition, our multi-family loans may contain an initial interest-only period which typically does not exceed two years; however, these loans are underwritten on a fully amortizing basis. Exceptions to these levels are made to borrowers on a case by case basis and approved by the joint authority of credit and lending officers and when necessary, the either the Management Credit Committee or the Credit Committee of the Board.

We continue to monitor our loans held for investment portfolio and the related allowance for credit losses, particularly
given the economic pressures facing the commercial real estate and multi-family markets. Although occupancy levels have historically tended to be stable due to below market rents, rent-regulated loans that are resetting are incurring debt service levels that, when combined with inflationary pressure on operating costs and limits on the ability to increase rental rates, will approach or exceed some properties’ net operating income and may require borrower support until elevated interest rates subside.

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The following table presents a geographical analysis of the multi-family loans in our held-for-investment loan portfolio:

At March 31, 2024
Multi-Family Loans
(dollars in millions)AmountPercent of Total
New York City:
Manhattan$6,792 18 %
Brooklyn5,810 16 %
Bronx3,367 %
Queens2,816 %
Staten Island131 — %
Total New York City$18,916 51 %
New Jersey5,049 14 %
Long Island507 %
Total Metro New York$24,472 66 %
Other New York State1,224 %
Pennsylvania 3,667 10 %
Florida1,679 %
Ohio1,048 %
Arizona433 %
All other states4,336 12 %
Total$36,859 100 %

Commercial Real Estate

At March 31, 2024, CRE loans represented $10.3 billion, or 12.5 percent, of total loans held for investment, reflecting a $147 million decrease when compared to $10.5 billion at December 31, 2023.

CRE loans represented $212 million, or 4.5 percent, of the loans we originated in the first quarter 2024 as compared to $225 million, or 3.0 percent in the fourth quarter 2023.

The CRE loans we produce are secured by income-producing properties such as office buildings, retail centers, mixed-use buildings, and multi-tenanted light industrial properties. At March 31, 2024, the largest concentration of CRE loans were secured by properties in the metro New York City area. Refer to the Geographical Analysis table included below for additional details.

Approximately $3.1 billion of the CRE portfolio are office properties with an average balance of approximately $14 million and located primarily in the New York metro area. Occupancy levels for office space have declined substantially over the past three years which has an impact on borrowers net operating income and their ability to cover debt service. These unfavorable market conditions also lower the value of underlying collateral and have resulted in higher current LTVs in this loan segment as compared to those at their origination date.

The terms of more than half of our CRE loans primarily feature a fixed rate of interest for the first five years of the loan
that is generally based on intermediate-term interest rates plus a spread. In addition to customary fixed rate terms, we now also
offer floating rates advances indexed to CME Term SOFR. These products are generally offered in combination with interest
rate cap or swaps that provide borrowers with additional optionality to manage their interest rate risk. Following the initial fixed
rate period, the loan resets to an adjustable interest rate that is indexed to CME Term SOFR or Prime, plus a spread.
Alternately, the borrower may opt for a fixed rate that is tied to the five-year fixed advance rate of the FHLB-NY plus a spread.
The fixed-rate option also requires the payment of an amount equal to one percentage point of the then-outstanding loan
balance. In either case, the minimum rate at repricing is equivalent to the rate in the initial five- or seven-year term.

We originate CRE loans in adherence with underwriting standards, and require that such loans qualify on the basis of the
property’s current income stream and DSCR. The approval of a loan primarily depends on the borrower’s credit history,
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profitability, and expertise in property management, and generally requires a minimum DSCR of 130 percent and a maximum
LTV at origination of 70 percent, but is tiered to more conservative metrics based upon the inherent risks associated with specific asset types. In addition, the origination of CRE loans typically requires a security interest in the fixtures, equipment, and other personal property of the borrower and/or an assignment of the rents and/or leases. In addition, certain of our CRE loans may contain an interest-only period which typically does not exceed three years; however, these loans are underwritten on a fully amortizing basis.

The following table presents a geographical analysis of the CRE loans in our held-for-investment loan portfolio:

At March 31, 2024
Commercial Real Estate Loans
(dollars in millions)AmountPercent of Total
New York$5,180 50 %
Michigan974 10 %
New Jersey611 %
Florida454 %
Texas106 %
Pennsylvania353 %
Ohio113 %
All other states2,532 25 %
Total$10,323 100 %

Acquisition, Development, and Construction Loans

At March 31, 2024, our ADC loans represented $3.2 billion, or 3.9 percent, of total loans held for investment, reflecting an increase of $295 million compared to December 31, 2023.

Because ADC loans are generally considered to have a higher degree of credit risk, especially during a downturn in the credit cycle, borrowers are required to provide a guarantee of repayment and completion. The risk of loss on an ADC loan is largely dependent upon the accuracy of the initial appraisal of the property’s value upon completion of construction; the developer’s experience; the estimated cost of construction, including interest; and the estimated time to complete and/or sell or lease such property.

When applicable, as a condition to closing an ADC loan, it is our practice to require that properties meet pre-sale or pre-lease requirements prior to funding.

C&I Loans

At March 31, 2024 C&I loans totaled $24.4 billion or 29.7 percent of total loans held-for-investment. Included in this portfolio is $5.2 billion in warehouse loans that allow mortgage lenders to fund the closing of residential mortgage loans.

The non-warehouse C&I loans we produce are primarily made to small and mid-size businesses and finance companies. Such loans are tailored to meet the specific needs of our borrowers, and include term loans, demand loans, revolving lines of credit, and, to a much lesser extent, loans that are partly guaranteed by the Small Business Administration.

A broad range of C&I loans, both collateralized and unsecured, are made available to businesses for working capital (including inventory and accounts receivable), business expansion, the purchase of machinery and equipment, and other general corporate needs. In determining the term and structure of C&I loans, several factors are considered, including the purpose, the collateral, and the anticipated sources of repayment. C&I loans are typically secured by business assets and personal guarantees of the borrower, and include financial covenants to monitor the borrower’s financial stability.

Also included in our C&I portfolio is our national warehouse lending platform with relationship managers across the country. We offer warehouse lines of credit to other mortgage lenders which allow the lender to fund the closing of residential mortgage loans. Each extension, advance, or draw-down on the line is fully collateralized by residential mortgage loans and is paid off when the lender sells the loan to an outside investor or, in some instances, to the Bank.

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Underlying mortgage loans are predominantly originated using the agencies' underwriting standards. The guideline for debt to tangible net worth is 15 to 1. At March 31, 2024, we had $5.2 billion outstanding warehouse loans to other mortgage lenders and have relationships in place to lend up to $11.6 billion at our discretion.

The interest rates on our C&I loans can be fixed or floating, with floating-rate loans being tied to SOFR, prime or some other market index, plus an applicable spread. Our floating-rate loans may or may not feature a floor rate of interest. The decision to require a floor on C&I loans depends on the level of competition we face for such loans from other institutions, the direction of market interest rates, and the profitability of our relationship with the borrower.

Specialty Finance

At March 31, 2024, specialty finance loans and leases totaled $4.8 billion or 6 percent of total loans held for investment, down $397 million or 8 percent compared to December 31, 2023.

We produce our specialty finance loans and leases through a 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. These loans 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.

The specialty finance loans and leases we fund fall into three categories: asset-based lending, dealer floor-plan lending, and equipment loan and lease financing. Each of these credits is secured with a perfected first security interest in, or outright ownership of, the underlying collateral, and structured as senior debt or as a non-cancelable lease. As of March 31, 2024, 84 percent of specialty finance loan commitments are structured as floating rate obligations.

In the first quarter of 2024, the Company originated $1.1 billion of specialty finance loans and leases, representing 23 percent of total originations compared to $1.3 billion for the same period in 2023, representing 41 percent of total originations.

One-to-Four Family Loans

At March 31, 2024, one-to-four family loans represented $5.8 billion, including $882 million of LGG, or 7.1%, of total loans held for investment. As of March 31, 2024, the repurchase liability on LGG loans was $376 million. As of December 31, 2023 one-to-four family loans totaled $6.1 billion. 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. We typically hold certain mortgage loans in LHFI that do not qualify for sale to the Agencies and that have an acceptable yield and risk profile. The LTV requirements on our residential first mortgage loans vary depending on occupancy, property type, loan amount, and FICO scores. Loans with LTVs exceeding 80 percent are required to obtain mortgage insurance. As of March 31, 2024, non-government guaranteed loans in this portfolio had an average current FICO score of 742 and an average LTV of 52.

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 Department of Housing and Urban Development (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. We have reserved for these risks within other assets and as a component of our ACL on residential first mortgages.

Other Loans

At March 31, 2024, other loans totaled $1.7 billion and consisted primarily of home equity lines of credit, point of sale consumer loans and other consumer loans, including overdraft loans.

Our home equity portfolio includes HELOANs, second mortgage loans, and HELOCs. These loans are underwritten and priced in an effort to ensure credit quality and loan profitability. Our debt-to-income ratio on HELOANs and HELOCs is capped at 43 percent and 45 percent, respectively. We currently limit the maximum CLTV to 89.99 percent and FICO scores to a minimum of 700. Second mortgage loans and HELOANs are fixed rate loans and are available with terms up to 20 years.
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HELOC loans are primarily variable-rate loans that contain a 10-year interest only draw period followed by a 20-year amortizing period. As of March 31, 2024, loans in this portfolio had an average current FICO score of 751.

As of March 31, 2024, loans in our indirect portfolio had an average current FICO score of 643. Point of sale loans consist of unsecured consumer installment loans originated primarily for home improvement purposes through a third-party financial technology company who also provides us a level of credit loss protection.
    
Loans Held for Sale

Loans held-for-sale at March 31, 2024 totaled $1.0 billion, down from $1.2 billion at December 31, 2023. We classify loans as held for sale when we originate or purchase loans that we intend to sell. We have elected the fair value option for nearly all of this portfolio. We estimate 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.

Credit Quality

To mitigate the potential for credit losses, we underwrite our loans in accordance with credit standards that we consider to be prudent as described more fully in our annual report on form 10-K for the year ended December 31, 2023.

The Company conducted a thorough review of its largest 350 real estate loans at the end of the first quarter of 2024. This review included both internal collateral valuation analysis, and obtaining third-party estimates of collateral values, given the potential reliance on the underlying assets as part of the Borrower’s ability to repay debt. The review also included analysis of the most currently available borrower financial information to evaluate the ability of the underlying collateral to generate sufficient cash flow as the primary source of repayment. The Company downgraded certain loans in the first quarter of 2024 as a result of this review. The downgrades were principally related to loans with upcoming maturities or repricing where the estimated property net operating income would not be sufficient to fully cover pro-forma debt service when applying current market rates and terms, and the underlying collateral values are estimated to have declined to at or below the loan carrying amount. These downgrades increased loans classified as substandard or worse by $2.3 billion. Downgrades to substandard or below reflect the potential a loss may occur if deficiencies in the primary source of repayment for these loans are unable to be corrected. Refer to Note 6 for additional details.

The procedures we follow with respect to delinquent loans are generally consistent across all categories, with late charges assessed, and notices mailed to the borrower, at specified dates. We attempt to reach the borrower by telephone to ascertain the reasons for delinquency and the prospects for repayment. When contact is made with a borrower at any time prior to foreclosure or recovery against collateral property, we attempt to obtain full payment, and will consider a repayment schedule to avoid taking such action. Delinquencies are addressed by our Loan Workout Unit and every effort is made to collect rather than initiate foreclosure proceedings.

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 we no longer expect to collect all amounts due according to the contractual terms of the loan agreement. When a loan is placed on non-accrual status, we cease the accrual of interest owed, and previously accrued interest is reversed and charged against interest income. At March 31, 2024 and December 31, 2023, all of our non-performing loans were non-accrual loans. A loan is generally returned to accrual status when the loan is current and we have reasonable assurance that the loan will be fully collectible.

Non-performing loans are reviewed regularly by management and discussed on a monthly basis with the Board Credit Committee, and the Board of Directors of the Bank, as applicable. In accordance with our charge-off policy, collateral-dependent non-performing loans are written down to their current appraised values, less certain transaction costs. Workout specialists from our Loan Workout Unit actively pursue borrowers who are delinquent in repaying their loans in an effort to collect payment. In addition, outside counsel with experience in foreclosure proceedings are retained to institute such action with regard to such borrowers.

It is our policy to order updated appraisals for all non-performing loans 90 days or more past due that are collateralized by multi-family buildings, CRE properties, or land, if the most recent appraisal on file for the property is more than one year old. Appraisals are ordered annually until such time as the loan becomes performing and is returned to accrual status. It is not our policy to obtain updated appraisals for performing loans. However, appraisals may be ordered for performing loans when a borrower requests an increase in the loan amount, a modification in loan terms, or an extension of a maturing loan.
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Properties and other assets that are acquired through foreclosure are classified as repossessed assets, and are recorded at fair value at the date of acquisition, less the estimated cost of selling the property. Subsequent declines in the fair value of the assets are charged to earnings and are included in non-interest expense. It is our policy to require an appraisal and an environmental assessment of properties classified as OREO before foreclosure, and to re-appraise the properties on an as-needed basis, and not less than annually, until they are sold. We dispose of such properties as quickly and prudently as possible, given current market conditions and the property’s condition.

Asset Quality Measures

All asset quality information excludes LGG that are insured by U.S government agencies.

The following table presents the Company's asset quality measures at the respective dates:

March 31, 2024December 31, 2023
Non-performing loans to total loans held for investment
0.97 %0.51 %
Non-performing assets to total assets0.72 0.39 
Allowance for credit losses on loans and leases to non-performing loans
152 232 
Allowance for credit losses on loans and leases to total loans held for investment
1.48 1.17 
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Non-Performing Loans

The following table presents our non-performing loans held for investment by loan type and the changes in the respective balances:

Change from
December 31, 2023
to
March 31, 2024
(dollars in millions)March 31, 2024December 31, 2023AmountPercent
Non-Performing Loans(1):
Non-accrual mortgage loans:
Multi-family$339 $138 $201 146 %
Commercial real estate264 128 136 106 %
One-to-four family first mortgage98 95 %
Acquisition, development, and construction$$50 %
Total non-accrual mortgage loans$704 $363 341 94 %
Commercial and industrial
73 43 30 70 %
Other non-accrual loans(2)
21 22 (1)(5)%
Total non-accrual loans$798 $428 370 86 %
Loans 90 days or more past due and still accruing
— $— — NM
Total non-performing loans$798 $428 370 86 %
Repossessed assets13 14 (1)(7)%
Total non-performing assets$811 $442 369 83 %
(1)Unpaid principal balance.
(2)Includes home equity, consumer and other loans.

At March 31, 2024 total non-accrual mortgage loans increased $341 million to $704 million from December 31, 2023 and C&I non-accruals increased $30 million to $73 million. The increase in NPLs was primarily driven by two loans in the CRE office sector and two multi-family loans.

The following table sets forth the changes in non-accrual loans over the three months ended March 31, 2024:

(in millions)
Balance at December 31, 2023
$428 
New non-accrual, including acquired from acquisition
443 
Charge-offs(16)
Transferred to repossessed assets(1)
Loan payoffs, including dispositions and principal pay-downs(45)
Restored to performing status(11)
Balance at March 31, 2024
$798 

At March 31, 2024, repossessed assets of $13 million were relatively unchanged compared to $14 million at December 31, 2023.
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Delinquencies

The following table presents our loans, 30 to 89 days past due by loan type and the changes in the respective balances:

March 31, 2024
compared to
December 31, 2023
(dollars in millions)March 31, 2024December 31, 2023AmountPercent
Loans 30 to 89 Days Past Due:
Multi-family$103 $121 $(18)(15)%
Commercial real estate28 (19)(68)%
One-to-four family first mortgage26 40 (14)(35)%
Acquisition, development, and construction200 %
Commercial and industrial60 37 23 62 %
Other loans22 (14)(64)%
Total loans 30-89 days past due$212 $250 (38)(15)%

Allowance for Credit Losses

The following table sets forth the allocation of the consolidated allowance for losses on loans, at each period-end:

March 31, 2024December 31, 2023
(dollars in millions)Amount
Percent of loans held-for-investment
Amount
Percent of loans held-for-investment
Multi-family loans$469 45 %$307 44 %
Commercial real estate loans43413 36612 
One-to-four family first mortgage loans4148
Acquisition, development, and construction loans4836
Commercial and industrial
15730 13230 
Other loans66103
Total loans$1,215 100 %$992 100 %

At March 31, 2024, the allowance for credit losses on loans and leases was $1.2 billion compared to $992 million at December 31, 2023, up $223 million reflecting changes in market conditions over the quarter. In the first quarter we completed an in-depth review of our largest multi-family and commercial real estate loans, which in combination with our modeling, suggested credit losses as of March 31 had increased. We now expect market interest rates to be higher for a longer period of time which is expected to put additional pressure on the ability for some borrowers whose rates reset to current levels to cover debt service because, when combined with inflationary pressure on operating costs and limits on the ability to increase rental rates, debt service levels may approach or exceed some properties' net operating income, which increases the risk of loss. We also have continuing pressure in the office portfolio due to remote working and other factors leading to a decline in occupancy levels that reduces operating income and has led to declining property values.

The allowance for credit losses on loans and leases to total loans held for investment ratio increased to 1.48 percent at March 31, 2024, compared to 1.17 percent at December 31, 2023. Excluding loans with government guarantees and warehouse loans, the allowance for credit losses was 1.59 percent at March 31, 2024, compared to 1.26 percent at December 31, 2023.










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Charge-offs

The following table presents information on the Company's net charge-offs:

For the Three Months Ended
March 31, 2024December 31, 2023March 31, 2023
(dollars in millions)
Charge-offs:
Multi-family$11 $117 $— 
Commercial real estate64 42 — 
One-to-four family residential— 
Commercial and industrial11 24 — 
Other
Total charge-offs$91 $189 $
Recoveries:
Multi-family$(1)$— $— 
Commercial and industrial(7)(3)(4)
Other(2)(1)(1)
Total recoveries$(10)$(4)$(5)
Net charge-offs
$81 $185 $— 





































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The following table presents information on the Company's net charge-offs as compared to average loans outstanding:

Three Months Ended,
(dollars in millions)March 31, 2024December 31, 2023March 31, 2023
Multi-family
Net charge-offs (recoveries) during the period$