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COVERED ASSETS AND FDIC INDEMNIFICATION ASSET (Tables) | 6 Months Ended
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Jun. 30, 2011
COVERED ASSETS AND FDIC INDEMNIFICATION ASSET [Abstract] |
Carrying amounts and composition of covered loans | The carrying amounts and the composition of the covered loans as of June 30, 2011 and December 31, 2010 are as follows:
|  | June 30, 2011 |  |  | December 31, 2010 |
|  | (In thousands) |
Real estate loans: |  |  |  |  |  |
Residential single-family |  | $ | 497,846 |  |  | $ | 553,541 |
Residential multifamily |  |  | 1,008,114 |  |  |  | 1,093,331 |
Commercial and industrial real estate |  |  | 1,958,440 |  |  |  | 2,085,674 |
Construction and land |  |  | 791,698 |  |  |  | 1,043,717 |
Total real estate loans |  |  | 4,256,098 |  |  |  | 4,776,263 |
Other loans: |  |  |  |  |  |  |  |
Commercial business |  |  | 949,368 |  |  |  | 1,072,020 |
Other consumer |  |  | 104,161 |  |  |  | 107,490 |
Total other loans |  |  | 1,053,529 |  |  |  | 1,179,510 |
Total principal balance |  |  | 5,309,627 |  |  |  | 5,955,773 |
Covered discount |  |  | (946,301 | ) |  |  | (1,150,672 | )
Net valuation of loans |  |  | 4,363,326 |  |  |  | 4,805,101 |
Allowance on covered loans |  |  | (6,731 | ) |  |  | (4,225 | )
Total covered loans, net |  | $ | 4,356,595 |  |  | $ | 4,800,876 |
Covered nonperforming assets, by credit quality indicators | The tables below present the 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential single-family |  | $ | 469,239 |  |  | $ | 1,387 |  |  | $ | 27,220 |  |  | $ | - |  |  | $ | 497,846 |
Residential multifamily |  |  | 837,517 |  |  |  | 29,981 |  |  |  | 140,616 |  |  |  | - |  |  |  | 1,008,114 |
Commercial and industrial real estate |  |  | 1,376,656 |  |  |  | 54,765 |  |  |  | 518,267 |  |  |  | 8,752 |  |  |  | 1,958,440 |
Construction and land |  |  | 252,088 |  |  |  | 67,798 |  |  |  | 462,774 |  |  |  | 9,038 |  |  |  | 791,698 |
Total real estate loans |  |  | 2,935,500 |  |  |  | 153,931 |  |  |  | 1,148,877 |  |  |  | 17,790 |  |  |  | 4,256,098 |
Other loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  |  | 727,980 |  |  |  | 65,216 |  |  |  | 147,463 |  |  |  | 8,709 |  |  |  | 949,368 |
Other consumer |  |  | 102,713 |  |  |  | 218 |  |  |  | 1,230 |  |  |  | - |  |  |  | 104,161 |
Total other loans |  |  | 830,693 |  |  |  | 65,434 |  |  |  | 148,693 |  |  |  | 8,709 |  |  |  | 1,053,529 |
Total principal balance |  | $ | 3,766,193 |  |  | $ | 219,365 |  |  | $ | 1,297,570 |  |  | $ | 26,499 |  |  | $ | 5,309,627 |
|  | Pass/Watch |  |  | Special Mention |  |  | Substandard |  |  | Doubtful |  |  | Total |
|  | (In thousands) |
December 31, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential single-family |  | $ | 525,979 |  |  | $ | 2,153 |  |  | $ | 25,157 |  |  | $ | 252 |  |  | $ | 553,541 |
Residential multifamily |  |  | 1,008,274 |  |  |  | 15,114 |  |  |  | 67,366 |  |  |  | 2,577 |  |  |  | 1,093,331 |
Commercial and industrial real estate |  |  | 1,520,135 |  |  |  | 89,870 |  |  |  | 466,588 |  |  |  | 9,081 |  |  |  | 2,085,674 |
Construction and land |  |  | 328,214 |  |  |  | 125,688 |  |  |  | 556,070 |  |  |  | 33,745 |  |  |  | 1,043,717 |
Total real estate loans |  |  | 3,382,602 |  |  |  | 232,825 |  |  |  | 1,115,181 |  |  |  | 45,655 |  |  |  | 4,776,263 |
Other loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  |  | 834,252 |  |  |  | 64,702 |  |  |  | 161,401 |  |  |  | 11,665 |  |  |  | 1,072,020 |
Other consumer |  |  | 106,232 |  |  |  | 336 |  |  |  | 922 |  |  |  | - |  |  |  | 107,490 |
Total other loans |  |  | 940,484 |  |  |  | 65,038 |  |  |  | 162,323 |  |  |  | 11,665 |  |  |  | 1,179,510 |
Total principal balance |  | $ | 4,323,086 |  |  | $ | 297,863 |  |  | $ | 1,277,504 |  |  | $ | 57,320 |  |  | $ | 5,955,773 |
Covered nonperforming assets | The following table sets forth information regarding covered nonperforming assets as of the dates indicated:
|  | June 30, 2011 |  |  | December 31, 2010 |
|  | (In thousands) |
Covered nonaccrual loans(1) |  | $ | 242,106 |  |  | $ | 379,797 |
Covered loans past due 90 days or more but not on nonaccrual |  |  | - |  |  |  | - |
Total nonperforming loans |  |  | 242,106 |  |  |  | 379,797 |
Other real estate owned covered, net |  |  | 123,050 |  |  |  | 123,902 |
Total covered nonperforming assets |  | $ | 365,156 |  |  | $ | 503,699 |
_______________________
| (1) | Covered nonaccrual loans meet the criteria for nonaccrual but have a yield accreted through interest income under ASC 310-30.
Changes in the accretable yield for the covered loans | Changes in the accretable yield for the covered loans are as follows for the periods shown:
|  | Three Months Ended June 30, |
|  | 2011 |  |  | 2010 |
|  | (In thousands) |
Balance at beginning of period |  | $ | 1,068,116 |  |  | $ | 771,549 |
Additions |  |  | - |  |  |  | 84,556 |
Accretion |  |  | (52,760 | ) |  |  | (3,664 | )
Changes in expected cash flows |  |  | (34,424 | ) |  |  | 133,948 |
Balance at end of period |  | $ | 980,932 |  |  | $ | 986,389 |
|  | Six Months Ended June 30, |
|  | 2011 |  |  | 2010 |
|  | (In thousands) |
Balance at beginning of period |  | $ | 1,153,272 |  |  | $ | 983,107 |
Additions |  |  | - |  |  |  | 84,556 |
Accretion |  |  | (111,440 | ) |  |  | (7,517 | )
Changes in expected cash flows |  |  | (60,900 | ) |  |  | (73,757 | )
Balance at end of period |  | $ | 980,932 |  |  | $ | 986,389 |
FDIC indemnification asset activity | The table below shows FDIC indemnification asset activity for the periods shown:
|  | Three Months Ended June 30, |
|  | 2011 |  |  | 2010 |
|  | (In thousands) |
Balance at beginning of period |  | $ | 717,260 |  |  | $ | 980,950 |
Addition due to WFIB acquisition |  |  | - |  |  |  | 41,131 |
(Amortization) Accretion |  |  | (15,432 | ) |  |  | 10,624 |
Reductions(1)(2) |  |  | (64,293 | ) |  |  | (85,694 | )
Balance at end of period |  | $ | 637,535 |  |  | $ | 947,011 |
|  | Six Months Ended June 30, |
|  | 2011 |  |  | 2010 |
|  | (In thousands) |
Balance at beginning of period |  | $ | 792,133 |  |  | $ | 1,091,814 |
Addition due to WFIB acquisition |  |  | - |  |  |  | 41,131 |
(Amortization) Accretion |  |  | (33,709 | ) |  |  | 22,092 |
Reductions(1)(2) |  |  | (120,889 | ) |  |  | (208,026 | )
Balance at end of period |  | $ | 637,535 |  |  | $ | 947,011 |
_______________________
| (1) | Reductions relate to cash flows received from principal amortization, partial prepayments, loan payoffs and loan sales.
| (2) | For the three and six months ended June 30, 2011, the reduction amounts of $64.3 million and $120.9 million, respectively, include charge-offs, of which $42.8 million and $74.3 million, respectively, of these charge-offs are recoverable from the FDIC and recorded in other assets. For the three and six months ended June 30, 2010, the reduction amounts of $85.7 million and $208.0 million, respectively, also include charge-offs, of which $56.1 million and $118.0 million, respectively, is recoverable from the FDIC and recorded in other assets.

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