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COVERED ASSETS AND FDIC INDEMNIFICATION ASSET (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2011
COVERED ASSETS AND FDIC INDEMNIFICATION ASSET |
Carrying amounts and composition of covered loans |
|  | December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |
|  | (In thousands) |
Real estate loans: |  |  |  |  |  |  |
Residential single-family |  | $ | 442,732 |  | $ | 553,541 |
Residential multifamily |  |  | 918,941 |  |  | 1,093,331 |
Commercial and industrial real estate |  |  | 1,773,760 |  |  | 2,085,674 |
Construction and land |  |  | 653,045 |  |  | 1,043,717 |
Total real estate loans |  |  | 3,788,478 |  |  | 4,776,263 |
Other loans: |  |  |  |  |  |  |
Commercial business |  |  | 831,762 |  |  | 1,072,020 |
Other consumer |  |  | 97,844 |  |  | 107,490 |
Total other loans |  |  | 929,606 |  |  | 1,179,510 |
Total principal balance |  |  | 4,718,084 |  |  | 5,955,773 |
Covered discount |  |  | (788,295 | ) |  | (1,150,672 | )
Net valuation of loans |  |  | 3,929,789 |  |  | 4,805,101 |
Allowance on covered loans |  |  | (6,647 | ) |  | (4,225 | )
Total covered loans, net |  | $ | 3,923,142 |  | $ | 4,800,876 |
Covered nonperforming assets, by credit quality indicators |
|  | Pass/Watch |  | Special Mention |  | Substandard |  | Doubtful |  | Total |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  | (In thousands) |
December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential single-family |  | $ | 427,918 |  | $ | 1,085 |  | $ | 13,729 |  | $ | — |  | $ | 442,732 |
Residential multifamily |  |  | 779,694 |  |  | 26,124 |  |  | 113,123 |  |  | — |  |  | 918,941 |
Commercial and industrial real estate |  |  | 1,249,781 |  |  | 43,810 |  |  | 472,003 |  |  | 8,166 |  |  | 1,773,760 |
Construction and land |  |  | 242,996 |  |  | 40,859 |  |  | 362,958 |  |  | 6,232 |  |  | 653,045 |
Total real estate loans |  |  | 2,700,389 |  |  | 111,878 |  |  | 961,813 |  |  | 14,398 |  |  | 3,788,478 |
Other loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business |  |  | 643,117 |  |  | 34,707 |  |  | 149,253 |  |  | 4,685 |  |  | 831,762 |
Other consumer |  |  | 96,342 |  |  | — |  |  | 1,502 |  |  | — |  |  | 97,844 |
Total other loans |  |  | 739,459 |  |  | 34,707 |  |  | 150,755 |  |  | 4,685 |  |  | 929,606 |
Total principal balance |  | $ | 3,439,848 |  | $ | 146,585 |  | $ | 1,112,568 |  | $ | 19,083 |  | $ | 4,718,084 |
|  | 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 |
|  | December 31, 2011 |  | December 31, 2010 |
--- | --- | --- | --- | --- | ---
|  | (In thousands) |
Covered nonaccrual loans(1)(2) |  | $ | 194,506 |  | $ | 379,797 |
Covered loans past due 90 days or more but not on nonaccrual |  |  | — |  |  | — |
Total nonperforming loans |  |  | 194,506 |  |  | 379,797 |
Other real estate owned covered, net |  |  | 63,624 |  |  | 123,902 |
Total covered nonperforming assets |  | $ | 258,130 |  | $ | 503,699 |
(1) Covered nonaccrual loans meet the criteria for nonaccrual but have a yield accreted through interest income under ASC 310-30. (2) Represents principal balance net of the associated discount.
Changes in the accretable yield for the covered loans |
|  | 2011 |  | 2010 |
--- | --- | --- | --- | --- | ---
|  | (In thousands) |
Balance at beginning of period |  | $ | 1,153,272 |  | $ | 983,107 |
Additions(1) |  |  | — |  |  | 82,997 |
Accretion |  |  | (208,887 | ) |  | (183,835 | )
Changes in expected cash flows |  |  | (159,220 | ) |  | 271,003 |
Balance at end of period |  | $ | 785,165 |  | $ | 1,153,272 |
(1) The additions included above for the twelve months ended December 31, 2010, resulted from the June 11, 2010 acquisition of WFIB.
FDIC indemnification asset activity |
|  | 2011 |  | 2010 |
--- | --- | --- | --- | --- | ---
|  | (In thousands) |
Balance at beginning of period |  | $ | 785,035 |  | $ | 1,091,814 |
Addition due to WFIB acquisition |  |  | — |  |  | 41,131 |
(Amortization) Accretion |  |  | (59,929 | ) |  | 14,678 |
Reductions(1)(2) |  |  | (210,365 | ) |  | (355,490 | )
Estimate of FDIC repayment(3) |  |  | (3,606 | ) |  | (7,098 | )
Balance at end of period |  | $ | 511,135 |  | $ | 785,035 |
(1) Reductions relate to higher cash flows received from principal amortization, partial prepayments, loan payoffs and loan sales. (2) For the twelve months ended December 31, 2011, the reduction amount of $210.4 million also includes charge-offs, of which $126.4 million of these charge-offs are recoverable from the FDIC and recorded in other assets until reimbursement is received. For the twelve months ended December 31, 2010, the reduction amount of $355.5 million also includes charge-offs, of which $227.6 million are recoverable from the FDIC and recorded in other assets. Reductions relate to higher cash flows received from principal amortization, partial prepayments, loan payoffs and loan sales and the reduction of the credit discount. (3) This represents the change in the calculated estimate the Company will be required to pay the FDIC at the end of the FDIC loss share agreements, due to lower thresholds of losses.

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- Definition A tabular disclosure of the carrying amounts and composition of covered loans delineated by loan type. The disclosure includes the carrying amounts of credit impaired loans by loan type. + References No definition available. + Details
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