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NON-COVERED LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 9 Months Ended
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Sep. 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:
|  | September 30, |  |  | December 31, |
|  | 2011 |  |  | 2010 |
|  | (In thousands)
Residential: |  |
Single-family |  | $ | 1,517,954 |  |  | $ | 1,119,024 |
Multifamily |  |  | 942,428 |  |  |  | 974,745 |
Total residential |  |  | 2,460,382 |  |  |  | 2,093,769 |
Commercial Real Estate ("CRE"): |  |  |  |  |  |  |  |
Income producing |  |  | 3,459,001 |  |  |  | 3,392,984 |
Construction |  |  | 192,988 |  |  |  | 278,047 |
Land |  |  | 179,152 |  |  |  | 235,707 |
Total CRE |  |  | 3,831,141 |  |  |  | 3,906,738 |
Commercial and Industrial ("C&I"): |  |  |  |  |  |  |  |
Commercial business |  |  | 2,542,313 |  |  |  | 1,674,698 |
Trade finance |  |  | 469,839 |  |  |  | 308,657 |
Total C&I |  |  | 3,012,152 |  |  |  | 1,983,355 |
Consumer: |  |  |  |  |  |  |  |
Student loans |  |  | 260,283 |  |  |  | 490,314 |
Other consumer |  |  | 243,292 |  |  |  | 243,212 |
Total consumer |  |  | 503,575 |  |  |  | 733,526 |
Total gross loans receivable, excluding covered loans |  |  | 9,807,250 |  |  |  | 8,717,388 |
Unearned fees, premiums, and discounts, net |  |  | (16,746 | ) |  |  | (56,781 | )
Allowance for loan losses, excluding covered loans |  |  | (211,738 | ) |  |  | (230,408 | )
Loans receivable, excluding covered loans, net |  | $ | 9,578,766 |  |  | $ | 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 September 30, 2011 and December 31, 2010. As of September 30, 2011, non-covered loans graded Substandard and Doubtful have decreased by a net $133.5 million, or 19% from December 31, 2010. There were no Loss grade loans as of September 30, 2011 and December 31, 2010.
|  |  |  |  | Special |  |  |  |  |  |  |  |  |  |
|  | Pass/Watch |  |  | Mention |  |  | Substandard |  |  | Doubtful |  |  | Total |
|  | (In thousands)
September 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  | $ | 1,483,509 |  |  | $ | 11,780 |  |  | $ | 22,665 |  |  | $ | - |  |  | $ | 1,517,954 |
Multifamily |  |  | 811,509 |  |  |  | 20,815 |  |  |  | 110,104 |  |  |  | - |  |  |  | 942,428 |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  |  | 3,175,101 |  |  |  | 81,370 |  |  |  | 202,530 |  |  |  | - |  |  |  | 3,459,001 |
Construction |  |  | 134,865 |  |  |  | - |  |  |  | 58,123 |  |  |  | - |  |  |  | 192,988 |
Land |  |  | 117,471 |  |  |  | 7,998 |  |  |  | 53,683 |  |  |  | - |  |  |  | 179,152 |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  |  | 2,421,858 |  |  |  | 32,461 |  |  |  | 87,162 |  |  |  | 832 |  |  |  | 2,542,313 |
Trade finance |  |  | 447,734 |  |  |  | 6,210 |  |  |  | 15,895 |  |  |  | - |  |  |  | 469,839 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Student loans |  |  | 243,292 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 243,292 |
Other consumer |  |  | 255,864 |  |  |  | 127 |  |  |  | 4,292 |  |  |  | - |  |  |  | 260,283 |
Total |  | $ | 9,091,203 |  |  | $ | 160,761 |  |  | $ | 554,454 |  |  | $ | 832 |  |  | $ | 9,807,250 |
|  |  |  |  | Special |  |  |  |  |  |  |  |  |  |
|  | Pass/Watch |  |  | Mention |  |  | Substandard |  |  | Doubtful |  |  | Total |
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, past due non-covered loans and loans held for sale, segregated by class of loans, as of September 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)
September 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  | $ | 6,196 |  |  | $ | 1,201 |  |  | $ | 7,397 |  |  | $ | 99 |  |  | $ | 5,687 |  |  | $ | 5,786 |  |  | $ | 1,504,771 |  |  | $ | 1,517,954 |
Multifamily |  |  | 10,797 |  |  |  | 1,048 |  |  |  | 11,845 |  |  |  | 5,468 |  |  |  | 12,906 |  |  |  | 18,374 |  |  |  | 912,209 |  |  |  | 942,428 |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  |  | 23,833 |  |  |  | - |  |  |  | 23,833 |  |  |  | 17,544 |  |  |  | 27,707 |  |  |  | 45,251 |  |  |  | 3,389,917 |  |  |  | 3,459,001 |
Construction |  |  | 472 |  |  |  | - |  |  |  | 472 |  |  |  | 1,665 |  |  |  | 26,648 |  |  |  | 28,313 |  |  |  | 164,203 |  |  |  | 192,988 |
Land |  |  | - |  |  |  | 2,197 |  |  |  | 2,197 |  |  |  | 1,867 |  |  |  | 10,113 |  |  |  | 11,980 |  |  |  | 164,975 |  |  |  | 179,152 |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  |  | 2,211 |  |  |  | - |  |  |  | 2,211 |  |  |  | 3,275 |  |  |  | 10,827 |  |  |  | 14,102 |  |  |  | 2,526,000 |  |  |  | 2,542,313 |
Trade finance |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 294 |  |  |  | 294 |  |  |  | 469,545 |  |  |  | 469,839 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Student loans |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 260,283 |  |  |  | 260,283 |
Other consumer |  |  | 259 |  |  |  | 127 |  |  |  | 386 |  |  |  | - |  |  |  | 2,935 |  |  |  | 2,935 |  |  |  | 239,971 |  |  |  | 243,292 |
Loans held for sale |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 20,674 |  |  |  | 20,674 |  |  |  | 231,246 |  |  |  | 251,920 |
Total |  | $ | 43,768 |  |  | $ | 4,573 |  |  | $ | 48,341 |  |  | $ | 29,918 |  |  | $ | 117,791 |  |  | $ | 147,709 |  |  | $ | 9,863,120 |  |  |  | 10,059,170 |
Unearned fees, premiums and discounts, net |  |  |  |  |  |  | (16,746) |
Total recorded investment in non-covered loans and loans held for sale |  |  |  |  | $ | 10,042,424 |
|  | 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 |  |  | For the Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2011 |  |  | 2010 |  |  | 2011 |  | 2010 |
|  | (In thousands) |
Interest income that would have been recognized had nonaccrual loans performed in accordance with their original terms |  | $ | 2,360 |  |  | $ | 3,957 |  |  | $ | 7,923 |  | $ | 11,479 |
Less: Interest income recognized on nonaccrual loans on a cash basis |  |  | (756 | ) |  |  | (3,235 | ) |  |  | (2,267 | ) |  | (5,437 | )
Interest income foregone on nonaccrual loans |  | $ | 1,604 |  |  | $ | 722 |  |  | $ | 5,656 |  | $ | 6,042 |
Loans modified as troubled debt restructurings | The following table provides information on loans modified as of September 30, 2011 that were modified as TDRs during the three and nine months ended September 30, 2011:
|  | Loans Modified as TDRs During the |
|  | Three Months Ended September 30, 2011 |
|  |  |  |  | Pre-Modification |  |  | Post-Modification |  |  |  |
|  | Number |  |  | Outstanding |  |  | Outstanding |  |  |  |
|  | of |  |  | Recorded |  |  | Recorded |  |  | Financial |
|  | Contracts |  |  | Investment |  |  | Investment (1) |  | Impact (2) |
|  | (Dollars in thousands) |
Residential: |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  |  | 4 |  |  | $ | 990 |  |  | $ | 987 |  |  | $ | 328 |
Multifamily |  |  | 4 |  |  | $ | 1,722 |  |  | $ | 1,040 |  |  | $ | 1,220 |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  |  | 2 |  |  | $ | 5,116 |  |  | $ | 5,097 |  |  | $ | - |
Construction |  |  | 1 |  |  | $ | 2,859 |  |  | $ | 2,859 |  |  | $ | - |
Land |  |  | 6 |  |  | $ | 4,311 |  |  | $ | 4,307 |  |  | $ | 1,507 |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  |  | 4 |  |  | $ | 548 |  |  | $ | 542 |  |  | $ | 885 |
Trade finance |  |  | 1 |  |  | $ | 4,127 |  |  | $ | 4,127 |  |  | $ | - |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Student loans |  |  | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Other consumer |  |  | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
|  | Loans Modified as TDRs During the |
|  | Nine Months Ended September 30, 2011 |
|  |  |  |  | Pre-Modification |  |  | Post-Modification |  |  |  |
|  | Number |  |  | Outstanding |  |  | Outstanding |  |  |  |
|  | of |  |  | Recorded |  |  | Recorded |  |  | Financial |
|  | Contracts |  |  | Investment |  |  | Investment (1) |  |  | Impact (2) |
|  | (Dollars in thousands) |
Residential: |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  |  | 9 |  |  | $ | 2,204 |  |  | $ | 2,089 |  |  | $ | 430 |
Multifamily |  |  | 11 |  |  | $ | 5,136 |  |  | $ | 4,436 |  |  | $ | 1,344 |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  |  | 8 |  |  | $ | 22,648 |  |  | $ | 19,273 |  |  | $ | 3,796 |
Construction |  |  | 2 |  |  | $ | 3,267 |  |  | $ | 3,748 |  |  | $ | - |
Land |  |  | 15 |  |  | $ | 40,651 |  |  | $ | 36,111 |  |  | $ | 1,874 |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  |  | 16 |  |  | $ | 8,916 |  |  | $ | 7,233 |  |  | $ | 2,053 |
Trade finance |  |  | 1 |  |  | $ | 4,127 |  |  | $ | 4,127 |  |  | $ | - |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Student loans |  |  | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Other consumer |  |  | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
_______________________
| (1) | Includes subsequent payments after modification and reflects the balance as of September 30, 2011.
| (2) | The financial impact includes chargeoffs and specific reserves recorded at modification date.
Troubled debt restructurings that subsequently defaulted | The following table provides information on TDRs that subsequently defaulted as of September 30, 2011 for the nine months ended September 30, 2011. There were no TDRs that subsequently defaulted during the three months ended September 30, 2011.
|  | Loans Modified as TDRs that Subsequently |
|  | Defaulted During the |
|  | Nine Months Ended September 30, 2011 |
|  | Number of |  |  | Recorded |
|  | Contracts |  |  | Investment |
|  | (Dollars in thousands) |
Residential: |  |  |  |  |  |
Single-family |  |  | - |  |  | $ | - |
Multifamily |  |  | - |  |  | $ | - |
CRE: |  |  |  |  |  |  |  |
Income producing |  |  | - |  |  | $ | - |
Construction |  |  | 1 |  |  | $ | 890 |
Land |  |  | 5 |  |  | $ | 13,241 |
C&I: |  |  |  |  |  |  |  |
Commercial business |  |  | 1 |  |  | $ | 51 |
Trade finance |  |  | - |  |  | $ | - |
Consumer: |  |  |  |  |  |  |  |
Student loans |  |  | - |  |  | $ | - |
Other consumer |  |  | - |  |  | $ | - |
Summary of impaired non-covered loans, including interest income recognized | Impaired non-covered loans as of September 30, 2011 and December 31, 2010 are set forth in the following tables. The interest income recognized on impaired loans, excluding performing TDRs, is recognized on a cash basis when received.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | For the three months |  |  | For the nine months |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | ended September 30, 2011 |  |  | ended September 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 (1) |  |  | Average Recorded Investment |  |  | Interest Income Recognized (1) |
|  | (In thousands) |
As of and for the three and nine months ended September 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  | $ | 11,678 |  |  | $ | 10,064 |  |  | $ | 1,286 |  |  | $ | 11,350 |  |  | $ | 487 |  |  | $ | 11,502 |  |  | $ | 20 |  |  | $ | 11,666 |  |  | $ | 61 |
Multifamily |  |  | 35,400 |  |  |  | 28,767 |  |  |  | 4,609 |  |  |  | 33,376 |  |  |  | 997 |  |  |  | 34,764 |  |  |  | 94 |  |  |  | 35,074 |  |  |  | 283 |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  |  | 89,316 |  |  |  | 54,555 |  |  |  | 9,969 |  |  |  | 64,524 |  |  |  | 2,563 |  |  |  | 65,496 |  |  |  | 259 |  |  |  | 66,745 |  |  |  | 776 |
Construction |  |  | 64,526 |  |  |  | 35,065 |  |  |  | 595 |  |  |  | 35,660 |  |  |  | 595 |  |  |  | 47,064 |  |  |  | 183 |  |  |  | 51,520 |  |  |  | 550 |
Land |  |  | 44,832 |  |  |  | 30,816 |  |  |  | 3,799 |  |  |  | 34,615 |  |  |  | 1,648 |  |  |  | 38,428 |  |  |  | 92 |  |  |  | 39,393 |  |  |  | 276 |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  |  | 34,074 |  |  |  | 17,802 |  |  |  | 3,362 |  |  |  | 21,164 |  |  |  | 2,147 |  |  |  | 26,375 |  |  |  | 104 |  |  |  | 27,730 |  |  |  | 311 |
Trade finance |  |  | 4,489 |  |  |  | 4,421 |  |  |  | - |  |  |  | 4,421 |  |  |  | - |  |  |  | 4,466 |  |  |  | 1 |  |  |  | 4,472 |  |  |  | 2 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Student loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other consumer |  |  | 3,728 |  |  |  | 2,852 |  |  |  | - |  |  |  | 2,852 |  |  |  | - |  |  |  | 3,029 |  |  |  | 3 |  |  |  | 3,099 |  |  |  | 8 |
Total |  | $ | 288,043 |  |  | $ | 184,342 |  |  | $ | 23,620 |  |  | $ | 207,962 |  |  | $ | 8,437 |  |  | $ | 231,124 |  |  | $ | 756 |  |  | $ | 239,699 |  |  | $ | 2,267 |
|  | Unpaid Principal |  |  | Recorded Investment With No |  |  | Recorded Investment With |  |  | Total Recorded |  |  | Related |  |  | Average Recorded |  |  | Interest Income |
|  | Balance |  |  | Allowance |  |  | Allowance |  |  | Investment |  |  | Allowance |  |  | Investment |  |  | Recognized (1) |
|  | (In thousands) |
As of and for the year ended December 31, 2010 (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family |  | $ | 19,769 |  |  | $ | 18,521 |  |  | $ | 355 |  |  | $ | 18,876 |  |  | $ | 219 |  |  | $ | 21,212 |  |  | $ | 209 |
Multifamily |  |  | 34,708 |  |  |  | 32,012 |  |  |  | 631 |  |  |  | 32,643 |  |  |  | 90 |  |  |  | 39,350 |  |  |  | 540 |
CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income producing |  |  | 95,899 |  |  |  | 82,345 |  |  |  | 6,354 |  |  |  | 88,699 |  |  |  | 1,557 |  |  |  | 100,004 |  |  |  | 2,174 |
Construction |  |  | 88,586 |  |  |  | 81,789 |  |  |  | 2,436 |  |  |  | 84,225 |  |  |  | 1,366 |  |  |  | 95,324 |  |  |  | 1,728 |
Land |  |  | 39,937 |  |  |  | 22,082 |  |  |  | 6,920 |  |  |  | 29,002 |  |  |  | 4,324 |  |  |  | 32,820 |  |  |  | 1,326 |
C&I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  |  | 37,668 |  |  |  | 23,044 |  |  |  | 3,897 |  |  |  | 26,941 |  |  |  | 2,468 |  |  |  | 27,378 |  |  |  | 1,199 |
Trade finance |  |  | - |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Consumer: |  |  |  |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Student loans |  |  | - |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other consumer |  |  | 1,261 |  |  |  | 620 |  |  |  | - |  |  |  | 620 |  |  |  | - |  |  |  | 1,072 |  |  |  | 28 |
Total |  | $ | 317,828 |  |  | $ | 260,413 |  |  | $ | 20,593 |  |  | $ | 281,006 |  |  | $ | 10,024 |  |  | $ | 317,160 |  |  | $ | 7,204 |
______________________
(1) | Excludes interest from performing TDRs.
(2) | The table has been corrected to include performing TDRs in the prior period presentation. Previously, the Company did not include performing TDRs as impaired loans. The amount of performing TDR's as of December 31, 2010 totaled approximately $122 million.
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 three and nine months ended September 30, 2011 and the year ended December 31, 2010. Allocation of a portion of the allowance to one segment of the loan portfolio does not preclude its availability to absorb losses in other segments.
|  |  |  |  |  |  |  |  |  |  |  |  |  | Covered Loans |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Subject to |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Allowance for |  |  |  |  |  |  |
|  | Residential |  |  | CRE |  |  | C&I |  |  | Consumer |  |  | Loan Losses (1) |  |  | Unallocated |  |  | Total |
|  | (In thousands) |
Nine months ended September 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 49,491 |  |  | $ | 117,752 |  |  | $ | 59,737 |  |  | $ | 3,428 |  |  | $ | 4,225 |  |  | $ | - |  |  | $ | 234,633 |
Provision for loan losses |  |  | 7,618 |  |  |  | 10,861 |  |  |  | 51,223 |  |  |  | 1,850 |  |  |  | 2,209 |  |  |  | 1,245 |  |  |  | 75,006 |
Allowance for unfunded loan commitments and letters of credit |  |  | - |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,245 | ) |  |  | (1,245 | )
Charge-offs |  |  | (9,388 | ) |  |  | (60,248 | ) |  |  | (29,410 | ) |  |  | (1,659 | ) |  |  | - |  |  |  | - |  |  |  | (100,705 | )
Recoveries |  |  | 449 |  |  |  | 4,502 |  |  |  | 5,419 |  |  |  | 113 |  |  |  | - |  |  |  | - |  |  |  | 10,483 |
Net charge-offs |  |  | (8,939 | ) |  |  | (55,746 | ) |  |  | (23,991 | ) |  |  | (1,546 | ) |  |  | - |  |  |  | - |  |  |  | (90,222 | )
Ending balance |  | $ | 48,170 |  |  | $ | 72,867 |  |  | $ | 86,969 |  |  | $ | 3,732 |  |  | $ | 6,434 |  |  | $ | - |  |  | $ | 218,172 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Covered Loans |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Subject to |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Allowance for |  |  |  |  |  |  |
|  | Residential |  |  | CRE |  |  | C&I |  |  | Consumer |  |  | Loan Losses (1) |  |  | Unallocated |  |  | Total |
|  | (In thousands) |
Three Months Ended September 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 44,630 |  |  | $ | 85,686 |  |  | $ | 79,985 |  |  | $ | 3,524 |  |  | $ | 6,731 |  |  | $ | - |  |  | $ | 220,556 |
Provision for loan losses |  |  | 7,172 |  |  |  | 1,193 |  |  |  | 13,471 |  |  |  | 461 |  |  |  | (297 | ) |  |  | - |  |  |  | 22,000 |
Allowance for unfunded loan commitments and letters of credit |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Charge-offs |  |  | (3,835 | ) |  |  | (15,863 | ) |  |  | (7,602 | ) |  |  | (275 | ) |  |  | - |  |  |  | - |  |  |  | (27,575 | )
Recoveries |  |  | 203 |  |  |  | 1,851 |  |  |  | 1,115 |  |  |  | 22 |  |  |  | - |  |  |  | - |  |  |  | 3,191 |
Net charge-offs |  |  | (3,632 | ) |  |  | (14,012 | ) |  |  | (6,487 | ) |  |  | (253 | ) |  |  | - |  |  |  | - |  |  |  | (24,384 | )
Ending balance |  | $ | 48,170 |  |  | $ | 72,867 |  |  | $ | 86,969 |  |  | $ | 3,732 |  |  | $ | 6,434 |  |  | $ | - |  |  | $ | 218,172 |
Ending balance allocated to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment |  | $ | 1,484 |  |  | $ | 4,843 |  |  | $ | 2,147 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 8,474 |
Loans collectively evaluated for impairment |  |  | 46,686 |  |  |  | 68,024 |  |  |  | 84,822 |  |  |  | 3,732 |  |  |  | 6,434 |  |  |  | - |  |  |  | 209,698 |
Loans acquired with deteriorated credit quality (2) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending balance |  | $ | 48,170 |  |  | $ | 72,867 |  |  | $ | 86,969 |  |  | $ | 3,732 |  |  | $ | 6,434 |  |  | $ | - |  |  | $ | 218,172 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Covered Loans |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Subject to |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Allowance for |  |  |  |  |  |  |
|  | Residential |  |  | CRE |  |  | C&I |  |  | Consumer |  |  | 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 September 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:
|  |  |  |  |  |  |  |  |  |  |  |  |  | Covered Loans |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Subject to |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Allowance for |  |  |  |
|  | Residential |  |  | CRE |  |  | C&I |  |  | Consumer |  |  | Loan Losses |  |  | Total |
|  | (In thousands) |
September 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment |  | $ | 44,726 |  |  | $ | 134,799 |  |  | $ | 25,585 |  |  | $ | 2,852 |  |  | $ | - |  |  | $ | 207,962 |
Loans collectively evaluated for impairment |  |  | 2,415,656 |  |  |  | 3,696,342 |  |  |  | 2,986,567 |  |  |  | 500,723 |  |  |  | 586,604 |  |  |  | 10,185,892 |
Loans acquired with deteriorated credit quality (1) |  |  | 1,401,215 |  |  |  | 2,487,186 |  |  |  | 471,994 |  |  |  | 71,268 |  |  |  | - |  |  |  | 4,431,663 |
Ending balance |  | $ | 3,861,597 |  |  | $ | 6,318,327 |  |  | $ | 3,484,146 |  |  | $ | 574,843 |  |  | $ | 586,604 |  |  | $ | 14,825,517 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Covered Loans |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Subject to |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Allowance for |  |  |  |  |
|  | Residential |  |  | CRE |  |  | C&I |  |  | Consumer |  |  | Loan Losses |  |  | Total |
|  | (In thousands) |
December 31, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment |  | $ | 51,519 |  |  | $ | 201,926 |  |  | $ | 26,941 |  |  | $ | 620 |  |  | $ | - |  |  | $ | 281,006 |
Loans collectively evaluated for impairment |  |  | 2,042,250 |  |  |  | 3,704,812 |  |  |  | 1,956,415 |  |  |  | 732,905 |  |  |  | 561,725 |  |  |  | 8,998,107 |
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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