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NON COVERED LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 6 Months Ended
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Jun. 30, 2011
NON COVERED LOANS AND ALLOWANCE FOR LOAN LOSSES [Abstract] |
Summary of loans receivable, excluding covered loans | The following is a summary of loans receivable, excluding covered loans (“non-covered loans”) for the periods indicated:
|  | June 30, 2011 |  |  | December 31, 2010 |
|  | (In thousands) |
Residential: |  |  |  |  |  |
Single-family |  | $ | 1,286,235 |  |  | $ | 1,119,024 |
Multifamily |  |  | 950,981 |  |  |  | 974,745 |
Total residential |  |  | 2,237,216 |  |  |  | 2,093,769 |
Commercial Real Estate ("CRE"): |  |  |  |  |  |  |  |
Income producing |  |  | 3,408,560 |  |  |  | 3,392,984 |
Construction |  |  | 216,689 |  |  |  | 278,047 |
Land |  |  | 203,380 |  |  |  | 235,707 |
Total CRE |  |  | 3,828,629 |  |  |  | 3,906,738 |
Commercial and Industrial ("C&I"): |  |  |  |  |  |  |  |
Commercial business |  |  | 2,283,917 |  |  |  | 1,674,698 |
Trade finance |  |  | 400,555 |  |  |  | 308,657 |
Total C&I |  |  | 2,684,472 |  |  |  | 1,983,355 |
Consumer: |  |  |  |  |  |  |  |
Student loans |  |  | 358,378 |  |  |  | 490,314 |
Other consumer |  |  | 230,562 |  |  |  | 243,212 |
Total consumer |  |  | 588,940 |  |  |  | 733,526 |
Total gross loans receivable, excluding covered loans |  |  | 9,339,257 |  |  |  | 8,717,388 |
Unearned fees, premiums, and discounts, net |  |  | (24,258 | ) |  |  | (56,781 | )
Allowance for loan losses, excluding covered loans |  |  | (213,825 | ) |  |  | (230,408 | )
Loans receivable, excluding covered loans, net |  | $ | 9,101,174 |  |  | $ | 8,430,199 |
Summary of non-covered loans by credit quality | The tables below present the non-covered loan portfolio by credit quality indicator as of June 30, 2011 and December 31, 2010.
|  | Pass/Watch |  |  | Special Mention |  |  | Substandard |  |  | Doubtful |  |  | Total |
|  | (In thousands) |
June 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  | $ | 1,239,576 |  |  | $ | 12,477 |  |  | $ | 34,182 |  |  | $ | - |  |  | $ | 1,286,235 |
Multifamily |  |  | 813,053 |  |  |  | 21,776 |  |  |  | 116,152 |  |  |  | - |  |  |  | 950,981 |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  |  | 3,128,465 |  |  |  | 79,514 |  |  |  | 200,581 |  |  |  | - |  |  |  | 3,408,560 |
Construction |  |  | 155,593 |  |  |  | - |  |  |  | 61,096 |  |  |  | - |  |  |  | 216,689 |
Land |  |  | 124,456 |  |  |  | 8,039 |  |  |  | 70,885 |  |  |  | - |  |  |  | 203,380 |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  |  | 2,165,099 |  |  |  | 45,284 |  |  |  | 68,502 |  |  |  | 5,032 |  |  |  | 2,283,917 |
Trade finance |  |  | 377,930 |  |  |  | 11,662 |  |  |  | 10,963 |  |  |  | - |  |  |  | 400,555 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Student loans |  |  | 358,378 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 358,378 |
Other consumer |  |  | 225,470 |  |  |  | 2,064 |  |  |  | 3,028 |  |  |  | - |  |  |  | 230,562 |
Total |  | $ | 8,588,020 |  |  | $ | 180,816 |  |  | $ | 565,389 |  |  | $ | 5,032 |  |  | $ | 9,339,257 |
|  | Pass/Watch |  |  | Special Mention |  |  | Substandard |  |  | Doubtful |  |  | Total |
|  | (In thousands) |
December 31, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  | $ | 1,076,281 |  |  | $ | 12,376 |  |  | $ | 30,367 |  |  | $ | - |  |  | $ | 1,119,024 |
Multifamily |  |  | 789,631 |  |  |  | 42,887 |  |  |  | 142,227 |  |  |  | - |  |  |  | 974,745 |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  |  | 3,054,197 |  |  |  | 80,714 |  |  |  | 258,073 |  |  |  | - |  |  |  | 3,392,984 |
Construction |  |  | 202,385 |  |  |  | - |  |  |  | 75,662 |  |  |  | - |  |  |  | 278,047 |
Land |  |  | 146,499 |  |  |  | 4,656 |  |  |  | 84,552 |  |  |  | - |  |  |  | 235,707 |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  |  | 1,553,218 |  |  |  | 34,449 |  |  |  | 81,185 |  |  |  | 5,846 |  |  |  | 1,674,698 |
Trade finance |  |  | 296,430 |  |  |  | 4,069 |  |  |  | 8,158 |  |  |  | - |  |  |  | 308,657 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Student loans |  |  | 490,314 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 490,314 |
Other consumer |  |  | 238,964 |  |  |  | 1,486 |  |  |  | 2,762 |  |  |  | - |  |  |  | 243,212 |
Total |  | $ | 7,847,919 |  |  | $ | 180,637 |  |  | $ | 682,986 |  |  | $ | 5,846 |  |  | $ | 8,717,388 |
Age analysis of nonaccrual and past due non-covered loans and loans held for sale | The tables below present an aging analysis of nonaccrual loans and past due non-covered loans and loans held for sale, segregated by class of loans, as of June 30, 2011 and December 31, 2010:
|  | Accruing Loans 30-59 Days Past Due |  |  | Accruing Loans 60-89 Days Past Due |  |  | Total Accruing Past Due Loans |  |  | Nonaccrual Loans Less Than 90 Days Past Due |  |  | Nonaccrual Loans 90 or More Days Past Due |  |  | Total Nonaccrual Past Due Loans |  |  | Current Loans |  |  | Total |
|  | (In thousands) |
June 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  | $ | 9,617 |  |  | $ | 2,588 |  |  | $ | 12,205 |  |  | $ | - |  |  | $ | 13,326 |  |  | $ | 13,326 |  |  | $ | 1,260,704 |  |  | $ | 1,286,235 |
Multifamily |  |  | 6,250 |  |  |  | 637 |  |  |  | 6,887 |  |  |  | 3,708 |  |  |  | 11,174 |  |  |  | 14,882 |  |  |  | 929,212 |  |  |  | 950,981 |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  |  | 13,289 |  |  |  | 4,084 |  |  |  | 17,373 |  |  |  | 3,432 |  |  |  | 25,699 |  |  |  | 29,131 |  |  |  | 3,362,056 |  |  |  | 3,408,560 |
Construction |  |  | 2,859 |  |  |  | - |  |  |  | 2,859 |  |  |  | 16,231 |  |  |  | 17,296 |  |  |  | 33,527 |  |  |  | 180,303 |  |  |  | 216,689 |
Land |  |  | 13,410 |  |  |  | 2,758 |  |  |  | 16,168 |  |  |  | 4,782 |  |  |  | 19,368 |  |  |  | 24,150 |  |  |  | 163,062 |  |  |  | 203,380 |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  |  | 6,773 |  |  |  | 5,619 |  |  |  | 12,392 |  |  |  | 5,091 |  |  |  | 17,969 |  |  |  | 23,060 |  |  |  | 2,248,465 |  |  |  | 2,283,917 |
Trade finance |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,109 |  |  |  | 1,109 |  |  |  | 399,446 |  |  |  | 400,555 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Student loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 358,378 |  |  |  | 358,378 |
Other consumer |  |  | 1,057 |  |  |  | 2,064 |  |  |  | 3,121 |  |  |  | - |  |  |  | 1,077 |  |  |  | 1,077 |  |  |  | 226,364 |  |  |  | 230,562 |
Loans held for sale |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 24,471 |  |  |  | 24,471 |  |  |  | 302,370 |  |  |  | 326,841 |
Total |  | $ | 53,255 |  |  | $ | 17,750 |  |  | $ | 71,005 |  |  | $ | 33,244 |  |  | $ | 131,489 |  |  | $ | 164,733 |  |  | $ | 9,430,360 |  |  |  | 9,666,098 |
Unearned fees, premiums and discounts, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (24,258 | )
Total recorded investment in non-covered loans and loans held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 9,641,840 |
|  | Accruing Loans 30-59 Days Past Due |  |  | Accruing Loans 60-89 Days Past Due |  |  | Total Accruing Past Due Loans |  |  | Nonaccrual Loans Less Than 90 Days Past Due |  |  | Nonaccrual Loans 90 or More Days Past Due |  |  | Total Nonaccrual Past Due Loans |  |  | Current Loans |  |  | Total |
|  | (In thousands) |
December 31, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  | $ | 5,449 |  |  | $ | 5,432 |  |  | $ | 10,881 |  |  | $ | 355 |  |  | $ | 7,058 |  |  | $ | 7,413 |  |  | $ | 1,100,730 |  |  | $ | 1,119,024 |
Multifamily |  |  | 18,894 |  |  |  | 4,368 |  |  |  | 23,262 |  |  |  | 7,694 |  |  |  | 9,687 |  |  |  | 17,381 |  |  |  | 934,102 |  |  |  | 974,745 |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  |  | 27,002 |  |  |  | 6,034 |  |  |  | 33,036 |  |  |  | 7,962 |  |  |  | 38,454 |  |  |  | 46,416 |  |  |  | 3,313,532 |  |  |  | 3,392,984 |
Construction |  |  | - |  |  |  | 1,486 |  |  |  | 1,486 |  |  |  | 25,688 |  |  |  | 9,778 |  |  |  | 35,466 |  |  |  | 241,095 |  |  |  | 278,047 |
Land |  |  | 479 |  |  |  | - |  |  |  | 479 |  |  |  | 20,761 |  |  |  | 8,138 |  |  |  | 28,899 |  |  |  | 206,329 |  |  |  | 235,707 |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  |  | 3,216 |  |  |  | 1,086 |  |  |  | 4,302 |  |  |  | 14,437 |  |  |  | 8,235 |  |  |  | 22,672 |  |  |  | 1,647,724 |  |  |  | 1,674,698 |
Trade finance |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 308,657 |  |  |  | 308,657 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Student loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 490,314 |  |  |  | 490,314 |
Other consumer |  |  | 781 |  |  |  | 1,485 |  |  |  | 2,266 |  |  |  | - |  |  |  | 620 |  |  |  | 620 |  |  |  | 240,326 |  |  |  | 243,212 |
Loans held for sale |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 14,062 |  |  |  | 14,062 |  |  |  | 205,993 |  |  |  | 220,055 |
Total |  | $ | 55,821 |  |  | $ | 19,891 |  |  | $ | 75,712 |  |  | $ | 76,897 |  |  | $ | 96,032 |  |  | $ | 172,929 |  |  | $ | 8,688,802 |  |  |  | 8,937,443 |
Unearned fees, premiums and discounts, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (56,781 | )
Total recorded investment in non-covered loans and loans held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,880,662 |
Summary of interest income foregone on nonaccrual loans | The following is a summary of interest income foregone on nonaccrual loans:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
|  | (In thousands) |
Interest income that would have been recognized had nonaccrual loans performed in accordance with their original terms |  | $ | 2,798 |  |  | $ | 3,656 |  |  | $ | 5,563 |  |  | $ | 7,522 |
Less: Interest income recognized on nonaccrual loans on a cash basis(1) |  |  | (415 | ) |  |  | (1,085 | ) |  |  | (830 | ) |  |  | (2,202 | )
Interest income foregone on nonaccrual loans |  | $ | 2,383 |  |  | $ | 2,571 |  |  | $ | 4,733 |  |  | $ | 5,320 |
_______________________
(1) | Includes interest income recognized on nonaccrual loans held for sale.
Summary of impaired non-covered loans, including interest income recognized | Impaired non-covered loans as of June 30, 2011 and December 31, 2010 are set forth in the following tables.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | As of and for the three months ended June 30, 2011 |  |  | As of and for the six months ended June 30, 2011 |
|  | Unpaid Principal Balance |  |  | Recorded Investment With No Allowance |  |  | Recorded Investment With Allowance |  |  | Total Recorded Investment |  |  | Related Allowance |  |  | Average Recorded Investment |  |  | Interest Income Recognized |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
|  | (In thousands) |
As of and for the three and six months ended June 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  | $ | 9,089 |  |  | $ | 8,539 |  |  | $ | - |  |  | $ | 8,539 |  |  | $ | - |  |  | $ | 8,648 |  |  | $ | 3 |  |  | $ | 8,884 |  |  | $ | 6 |
Multifamily |  |  | 17,002 |  |  |  | 14,479 |  |  |  | 404 |  |  |  | 14,883 |  |  |  | 91 |  |  |  | 15,257 |  |  |  | 44 |  |  |  | 15,542 |  |  |  | 87 |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  |  | 53,805 |  |  |  | 27,680 |  |  |  | 1,451 |  |  |  | 29,131 |  |  |  | 342 |  |  |  | 29,983 |  |  |  | 68 |  |  |  | 30,333 |  |  |  | 137 |
Construction |  |  | 52,704 |  |  |  | 30,831 |  |  |  | 2,695 |  |  |  | 33,526 |  |  |  | 1,187 |  |  |  | 42,360 |  |  |  | 54 |  |  |  | 45,325 |  |  |  | 108 |
Land |  |  | 37,932 |  |  |  | 17,954 |  |  |  | 6,196 |  |  |  | 24,150 |  |  |  | 552 |  |  |  | 24,808 |  |  |  | 89 |  |  |  | 26,807 |  |  |  | 178 |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  |  | 34,295 |  |  |  | 20,371 |  |  |  | 2,689 |  |  |  | 23,060 |  |  |  | 1,574 |  |  |  | 24,196 |  |  |  | 141 |  |  |  | 25,635 |  |  |  | 283 |
Trade finance |  |  | 2,998 |  |  |  | 1,109 |  |  |  | - |  |  |  | 1,109 |  |  |  | - |  |  |  | 2,055 |  |  |  | 15 |  |  |  | 2,370 |  |  |  | 30 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Student loans |  |  | - |  |  |  | 1,077 |  |  |  | - |  |  |  | 1,077 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other consumer |  |  | 1,688 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,078 |  |  |  | 1 |  |  |  | 1,137 |  |  |  | 1 |
Total |  | $ | 209,513 |  |  | $ | 122,040 |  |  | $ | 13,435 |  |  | $ | 135,475 |  |  | $ | 3,746 |  |  | $ | 148,385 |  |  | $ | 415 |  |  | $ | 156,033 |  |  | $ | 830 |
|  | Unpaid Principal Balance |  |  | Recorded Investment With No Allowance |  |  | Recorded Investment With Allowance |  |  | Total Recorded Investment |  |  | Related Allowance |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
|  | (In thousands) |
As of and for the year ended December 31, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  | $ | 8,272 |  |  | $ | 7,058 |  |  | $ | 355 |  |  | $ | 7,413 |  |  | $ | 219 |  |  | $ | 9,046 |  |  | $ | 209 |
Multifamily |  |  | 19,065 |  |  |  | 16,751 |  |  |  | 631 |  |  |  | 17,382 |  |  |  | 90 |  |  |  | 18,835 |  |  |  | 540 |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  |  | 53,615 |  |  |  | 40,062 |  |  |  | 6,354 |  |  |  | 46,416 |  |  |  | 1,557 |  |  |  | 53,678 |  |  |  | 2,174 |
Construction |  |  | 41,200 |  |  |  | 33,030 |  |  |  | 2,436 |  |  |  | 35,466 |  |  |  | 1,366 |  |  |  | 39,076 |  |  |  | 1,728 |
Land |  |  | 39,840 |  |  |  | 21,979 |  |  |  | 6,920 |  |  |  | 28,899 |  |  |  | 4,324 |  |  |  | 32,722 |  |  |  | 1,326 |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  |  | 32,273 |  |  |  | 18,774 |  |  |  | 3,897 |  |  |  | 22,671 |  |  |  | 2,468 |  |  |  | 22,800 |  |  |  | 1,199 |
Trade finance |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Student loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other consumer |  |  | 1,261 |  |  |  | 620 |  |  |  | - |  |  |  | 620 |  |  |  | - |  |  |  | 1,072 |  |  |  | 28 |
Total |  | $ | 195,526 |  |  | $ | 138,274 |  |  | $ | 20,593 |  |  | $ | 158,867 |  |  | $ | 10,024 |  |  | $ | 177,229 |  |  | $ | 7,204 |
Detail of activity in allowance for loan losses, for both covered and non-covered loans, by portfolio segment | The following tables detail activity in the allowance for loan losses, for both non-covered and covered loans, by portfolio segment for the six months ended June 30, 2011 and the year ended December 31, 2010.
|  | Residential |  |  | CRE |  |  | C&I |  |  | Consumer |  |  | Covered Loans Subject to Allowance for Loan Losses(1) |  |  | Unallocated |  |  | Total |
|  | (In thousands) |
Six months ended June 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 49,491 |  |  | $ | 117,752 |  |  | $ | 59,737 |  |  | $ | 3,428 |  |  | $ | 4,225 |  |  | $ | - |  |  | $ | 234,633 |
Provision for loan losses |  |  | 446 |  |  |  | 9,668 |  |  |  | 37,752 |  |  |  | 1,389 |  |  |  | 2,506 |  |  |  | 1,245 |  |  |  | 53,006 |
Allowance for unfunded loan commitments and letters of credit |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,245 | ) |  |  | (1,245 | )
Charge-offs |  |  | (5,553 | ) |  |  | (44,385 | ) |  |  | (21,808 | ) |  |  | (1,384 | ) |  |  | - |  |  |  | - |  |  |  | (73,130 | )
Recoveries |  |  | 246 |  |  |  | 2,651 |  |  |  | 4,304 |  |  |  | 91 |  |  |  | - |  |  |  | - |  |  |  | 7,292 |
Net charge-offs |  |  | (5,307 | ) |  |  | (41,734 | ) |  |  | (17,504 | ) |  |  | (1,293 | ) |  |  | - |  |  |  | - |  |  |  | (65,838 | )
Ending balance |  | $ | 44,630 |  |  | $ | 85,686 |  |  | $ | 79,985 |  |  | $ | 3,524 |  |  | $ | 6,731 |  |  | $ | - |  |  | $ | 220,556 |
|  | Residential |  |  | CRE |  |  | C&I |  |  | Consumer |  |  | Covered Loans Subject to Allowance for Loan Losses(1) |  |  | Unallocated |  |  | Total |
|  | (In thousands) |
Three Months Ended June 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 47,309 |  |  | $ | 96,221 |  |  | $ | 73,104 |  |  | $ | 3,768 |  |  | $ | 5,759 |  |  | $ | - |  |  | $ | 226,161 |
Provision for loan losses |  |  | (478 | ) |  |  | 9,772 |  |  |  | 15,725 |  |  |  | 22 |  |  |  | 972 |  |  |  | 487 |  |  |  | 26,500 |
Allowance for unfunded loan commitments and letters of credit |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (487 | ) |  |  | (487 | )
Charge-offs |  |  | (2,216 | ) |  |  | (21,985 | ) |  |  | (11,090 | ) |  |  | (304 | ) |  |  | - |  |  |  | - |  |  |  | (35,595 | )
Recoveries |  |  | 15 |  |  |  | 1,678 |  |  |  | 2,246 |  |  |  | 38 |  |  |  | - |  |  |  | - |  |  |  | 3,977 |
Net charge-offs |  |  | (2,201 | ) |  |  | (20,307 | ) |  |  | (8,844 | ) |  |  | (266 | ) |  |  | - |  |  |  | - |  |  |  | (31,618 | )
Ending balance |  | $ | 44,630 |  |  | $ | 85,686 |  |  | $ | 79,985 |  |  | $ | 3,524 |  |  | $ | 6,731 |  |  | $ | - |  |  | $ | 220,556 |
Ending balance allocated to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment |  | $ | 91 |  |  | $ | 2,081 |  |  | $ | 1,574 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 3,746 |
Loans collectively evaluated for impairment |  |  | 44,539 |  |  |  | 83,605 |  |  |  | 78,411 |  |  |  | 3,524 |  |  |  | 6,731 |  |  |  | - |  |  |  | 216,810 |
Loans acquired with deteriorated credit quality(2) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending balance |  | $ | 44,630 |  |  | $ | 85,686 |  |  | $ | 79,985 |  |  | $ | 3,524 |  |  | $ | 6,731 |  |  | $ | - |  |  | $ | 220,556 |
|  | Residential |  |  | CRE |  |  | C&I |  |  | Consumer |  |  | Covered Loans Subject to Allowance for Loan Losses(1) |  |  | Unallocated |  |  | Total |
|  | (In thousands) |
Year ended December 31, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 38,025 |  |  | $ | 147,591 |  |  | $ | 50,487 |  |  | $ | 2,730 |  |  | $ | - |  |  | $ | - |  |  | $ | 238,833 |
Provision for loan losses |  |  | 59,525 |  |  |  | 97,548 |  |  |  | 34,613 |  |  |  | 2,415 |  |  |  | 4,225 |  |  |  | 1,833 |  |  |  | 200,159 |
Allowance for unfunded loan commitments and letters of credit |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,833 | ) |  |  | (1,833 | )
Charge-offs |  |  | (49,685 | ) |  |  | (137,460 | ) |  |  | (35,479 | ) |  |  | (2,579 | ) |  |  | - |  |  |  | - |  |  |  | (225,203 | )
Recoveries |  |  | 1,626 |  |  |  | 10,073 |  |  |  | 10,116 |  |  |  | 862 |  |  |  | - |  |  |  | - |  |  |  | 22,677 |
Net charge-offs |  |  | (48,059 | ) |  |  | (127,387 | ) |  |  | (25,363 | ) |  |  | (1,717 | ) |  |  | - |  |  |  | - |  |  |  | (202,526 | )
Ending balance |  | $ | 49,491 |  |  | $ | 117,752 |  |  | $ | 59,737 |  |  | $ | 3,428 |  |  | $ | 4,225 |  |  | $ | - |  |  | $ | 234,633 |
Ending balance allocated to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment |  | $ | 309 |  |  | $ | 7,247 |  |  | $ | 2,468 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 10,024 |
Loans collectively evaluated for impairment |  |  | 49,182 |  |  |  | 110,505 |  |  |  | 57,269 |  |  |  | 3,428 |  |  |  | 4,225 |  |  |  | - |  |  |  | 224,609 |
Loans acquired with deteriorated credit quality(2) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending balance |  | $ | 49,491 |  |  | $ | 117,752 |  |  | $ | 59,737 |  |  | $ | 3,428 |  |  | $ | 4,225 |  |  | $ | - |  |  | $ | 234,633 |
_______________________
(1) | This allowance is related to drawdowns on commitments that were in existence as of the acquisition dates of WFIB and UCB and, therefore, are covered under the shared-loss agreements with the FDIC. Allowance on these subsequent drawdowns is accounted for as part of the allowance for loan losses.
(2) | The Company has elected to account for all covered loans acquired in the FDIC-assisted acquisitions under ASC 310-30.
Recorded investment in total loans receivable by portfolio segment, disaggregated by impairment methodology | The Company's recorded investment in total loans receivable as of June 30, 2011 and December 31, 2010 related to each balance in the allowance for loan losses by portfolio segment and disaggregated on the basis of the Company's impairment methodology is as follows:
|  | Residential |  |  | CRE |  |  | C&I |  |  | Consumer |  |  | Covered Loans Subject to Allowance for Loan Losses |  |  | Total |
|  | (In thousands) |
June 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment |  | $ | 23,421 |  |  | $ | 86,808 |  |  | $ | 24,169 |  |  | $ | 1,077 |  |  | $ | - |  |  | $ | 135,475 |
Loans collectively evaluated for impairment |  |  | 2,213,795 |  |  |  | 3,741,821 |  |  |  | 2,660,303 |  |  |  | 587,863 |  |  |  | 607,475 |  |  |  | 9,811,257 |
Loans acquired with deteriorated credit quality(1) |  |  | 1,473,275 |  |  |  | 2,634,131 |  |  |  | 519,949 |  |  |  | 74,797 |  |  |  | - |  |  |  | 4,702,152 |
Ending balance |  | $ | 3,710,491 |  |  | $ | 6,462,760 |  |  | $ | 3,204,421 |  |  | $ | 663,737 |  |  | $ | 607,475 |  |  | $ | 14,648,884 |
|  | Residential |  |  | CRE |  |  | C&I |  |  | Consumer |  |  | Covered Loans Subject to Allowance for Loan Losses |  |  | Total |
|  | (In thousands) |
December 31, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment |  | $ | 24,795 |  |  | $ | 110,781 |  |  | $ | 22,671 |  |  | $ | 620 |  |  | $ | - |  |  | $ | 158,867 |
Loans collectively evaluated for impairment |  |  | 2,068,974 |  |  |  | 3,795,957 |  |  |  | 1,960,685 |  |  |  | 732,905 |  |  |  | 561,725 |  |  |  | 9,120,246 |
Loans acquired with deteriorated credit quality(1) |  |  | 1,614,732 |  |  |  | 3,059,133 |  |  |  | 634,560 |  |  |  | 85,623 |  |  |  | - |  |  |  | 5,394,048 |
Ending balance |  | $ | 3,708,501 |  |  | $ | 6,965,871 |  |  | $ | 2,617,916 |  |  | $ | 819,148 |  |  | $ | 561,725 |  |  | $ | 14,673,161 |
_______________________
(1) | The Company has elected to account for all covered loans acquired in the FDIC-assisted acquisitions under ASC 310-30. The total principal balance is presented and excludes the purchase discount and any additional advances subsequent to acquisition date.

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