NYCB 2017 Annual Report

54 The following table presents information about our five largest non-performing loans at December 31, 2017, all of which are non-covered held-for-investment loans: Loan No. 1 (2) Loan No. 2 Loan No. 3 Loan No. 4 Loan No. 5 Type of Loan C&I Multi-Family ADC CRE Multi-Family Origination date 4/29/14 1/05/06 7/07/04 1/19/07 4/24/07 Origination balance $13,325,000 $12,640,000 $6,200,000 $3,000,000 $2,000,000 Full commitment balance (1) $13,325,000 $12,640,000 $6,200,000 $3,000,000 $2,000,000 Balance at December 31, 2017 $7,677,946 $7,434,196 $6,200,000 $2,513,830 $1,780,488 Associated allowance None None None None None Non-accrual date June 2017 March 2014 October 2016 December 2017 July 2017 Origination LTV N/A 79% 57% 63% 54% Current LTV N/A 57% 67% 50% 68% Last appraisal N/A February 2017 April 2017 December 2017 September 2017 (1) There are no funds available for further advances on the five largest non-performing loans. (2) As of June 30, 2017, this loan has been restructured as a TDR. The following is a description of the five loans identified in the preceding table. It should be noted that no allocation for the non-covered loan loss allowance was needed for any of these loans, as determined by using the fair value of collateral method defined in ASC 310-10 and -35. No. 1 – The borrower is an owner of a finance company based in Delaware. The loan is collateralized by various taxi medallion-related loans, which in turn, are collateralized by taxi medallions in New York City and Chicago. No. 2 – The borrower is an owner of real estate and is based in New Jersey. The loan is collateralized by a multi- family complex with 314 residential units and four retail stores in Atlantic City, New Jersey. No. 3 – The borrower is an owner of real estate and is based in Maryland. The loan is collateralized by 1,031 acres of vacant land in La Plata, Maryland. No. 4 – The borrower is an owner of real estate and is based in New York. The loan is collateralized by a retail building containing 22,120 square feet of rental area in Nanuet, New York. No. 5 – The borrower is an owner of real estate and is based in Connecticut. The loan is collateralized by a multi-family building with 80 residential units in Waterbury, Connecticut. Troubled Debt Restructurings In an effort to proactively manage delinquent loans, we have selectively extended such concessions as rate reductions and extensions of maturity dates, as well as forbearance agreements, to certain borrowers who have experienced financial difficulty. In accordance with GAAP, we are required to account for such loan modifications or restructurings as TDRs. The eligibility of a borrower for work-out concessions of any nature depends upon the facts and circumstances of each transaction, which may change from period to period, and involve management’s judgme nt regarding the likelihood that the concession will result in the maximum recovery for the Company. Loans modified as TDRs are placed on non-accrual status until we determine that future collection of principal and interest is reasonably assured. This generally requires that the borrower demonstrate performance according to the restructured terms for at least six consecutive months. At December 31, 2017, loans modified as TDRs totaled $45.6 million, including accruing loans of $9.7 million and non-accrual loans of $35.9 million. At the prior year-end, loans modified as TDRs totaled $19.9 million, including accruing loans of $3.5 million and non-accrual loans of $16.5 million.