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COVERED ASSETS AND FDIC INDEMNIFICATION ASSET (Tables) | 3 Months Ended
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Mar. 31, 2014
COVERED ASSETS AND FDIC INDEMNIFICATION ASSET |
Carrying amounts and composition of covered loans |
|  | March 31, |  | December 31, |
|  | 2014 |  | 2013 |
|  | (In thousands) |
Real estate loans: |  |  |  |  |
Residential single-family |  | $ | 276,330 |  | $ | 290,095 |
Residential multifamily |  | 374,252 |  | 403,508 |
Commercial and industrial real estate |  | 1,031,161 |  | 1,103,530 |
Construction and land |  | 110,130 |  | 163,833 |
Total real estate loans |  | 1,791,873 |  | 1,960,966 |
Other loans: |  |  |  |  |
Commercial business |  | 395,718 |  | 426,621 |
Other consumer |  | 72,368 |  | 73,973 |
Total other loans |  | 468,086 |  | 500,594 |
Total principal balance |  | 2,259,959 |  | 2,461,560 |
Covered discount |  | (224,635 | ) | (265,917 | )
Net valuation of loans |  | 2,035,324 |  | 2,195,643 |
Allowance on covered loans |  | (6,518 | ) | (7,745 | )
Total covered loans, net |  | $ | 2,028,806 |  | $ | 2,187,898 |
Schedule of covered loan portfolio by credit quality indicator |
|  |  |  | Special |  |  |  |  |  |  |
|  | Pass/Watch |  | Mention |  | Substandard |  | Doubtful |  | Total |
|  | (In thousands) |
March 31, 2014 |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |
Residential single-family |  | $ | 268,006 |  | $ | 380 |  | $ | 7,944 |  | $ | — |  | $ | 276,330 |
Residential multifamily |  | 349,242 |  | 785 |  | 24,225 |  | — |  | 374,252 |
Commercial and industrial real estate |  | 807,815 |  | 27,432 |  | 189,446 |  | 6,468 |  | 1,031,161 |
Construction and land |  | 22,685 |  | 9,431 |  | 77,119 |  | 895 |  | 110,130 |
Total real estate loans |  | 1,447,748 |  | 38,028 |  | 298,734 |  | 7,363 |  | 1,791,873 |
Other loans: |  |  |  |  |  |  |  |  |  |  |
Commercial business |  | 349,330 |  | 6,914 |  | 39,445 |  | 29 |  | 395,718 |
Other consumer |  | 70,599 |  | 150 |  | 1,619 |  | — |  | 72,368 |
Total other loans |  | 419,929 |  | 7,064 |  | 41,064 |  | 29 |  | 468,086 |
Total principal balance |  | $ | 1,867,677 |  | $ | 45,092 |  | $ | 339,798 |  | $ | 7,392 |  | $ | 2,259,959 |
|  |  |  | Special |  |  |  |  |  |  |
|  | Pass/Watch |  | Mention |  | Substandard |  | Doubtful |  | Total |
|  | (In thousands) |
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |
Residential single-family |  | $ | 281,246 |  | $ | 733 |  | $ | 8,116 |  | $ | — |  | $ | 290,095 |
Residential multifamily |  | 373,024 |  | 785 |  | 29,699 |  | — |  | 403,508 |
Commercial and industrial real estate |  | 857,376 |  | 27,851 |  | 211,835 |  | 6,468 |  | 1,103,530 |
Construction and land |  | 41,847 |  | 9,472 |  | 111,616 |  | 898 |  | 163,833 |
Total real estate loans |  | 1,553,493 |  | 38,841 |  | 361,266 |  | 7,366 |  | 1,960,966 |
Other loans: |  |  |  |  |  |  |  |  |  |  |
Commercial business |  | 378,086 |  | 4,635 |  | 43,797 |  | 103 |  | 426,621 |
Other consumer |  | 72,053 |  | 128 |  | 1,792 |  | — |  | 73,973 |
Total other loans |  | 450,139 |  | 4,763 |  | 45,589 |  | 103 |  | 500,594 |
Total principal balance |  | $ | 2,003,632 |  | $ | 43,604 |  | $ | 406,855 |  | $ | 7,469 |  | $ | 2,461,560 |
Covered nonperforming assets |
|  | March 31, |  | December 31, |
|  | 2014 |  | 2013 |
|  | (In thousands) |
Covered nonaccrual loans(1) (2) (3) |  | $ | 125,021 |  | $ | 126,895 |
Covered loans past due 90 days or more but not on nonaccrual |  | — |  | — |
Total nonperforming loans |  | 125,021 |  | 126,895 |
Other real estate owned covered, net |  | 30,610 |  | 21,373 |
Total covered nonperforming assets |  | $ | 155,631 |  | $ | 148,268 |
(1) |  | Covered nonaccrual loans include loans that meet the criteria for nonaccrual but have a yield accreted through interest income under ASC 310-30 and all losses on covered loans are 80% reimbursed by the FDIC.
(2) |  | Represents principal balance net of discount.
(3) |  | Includes $12.8 million and $17.7 million of loans at March 31, 2014 and December 31, 2013, respectively, accounted for under ASC 310-10, of which some loans have additional partial balances accounted for under ASC 310-30.
Schedule of covered TDR loan activity |
|  | Three Months Ended |
|  | March 31, |
|  | 2014 |  | 2013 |
|  | (In thousands) |
Balance at beginning of period |  | $ | 116,007 |  | $ | 157,736 |
Additions |  | 83 |  | 22,084 |
Sales |  | — |  | — |
Transfers to covered OREO |  | (1,230 | ) | — |
Charge-offs |  | (824 | ) | (3,704 | )
Paydowns/ Reductions |  | (40,802 | ) | (34,193 | )
Balance at end of period |  | $ | 73,234 |  | $ | 141,923 |
Changes in the accretable yield for the covered loans |
|  | Three Months Ended |
|  | March 31, |
|  | 2014 |  | 2013 |
|  | (In thousands) |
Balance at beginning of period |  | $ | 461,545 |  | $ | 556,986 |
Additions |  | — |  | — |
Accretion |  | (61,190 | ) | (81,627 | )
Changes in expected cash flows |  | 23,650 |  | 28,117 |
Balance at end of period |  | $ | 424,005 |  | $ | 503,476 |
FDIC indemnification asset activity |
|  | Three Months Ended |
|  | March 31, |
|  | 2014 |  | 2013 |
|  | (In thousands) |
Balance at beginning of period |  | $ | 74,708 |  | $ | 316,313 |
Amortization |  | (28,490 | ) | (8,686 | )
Reductions (1) |  | (11,842 | ) | (23,235 | )
Estimate of FDIC repayment (2) |  | (6,824 | ) | (7,558 | )
Balance at end of period |  | $ | 27,552 |  | $ | 276,834 |
(1) Reductions relate to charge-offs, partial prepayments, loan payoffs and loan sales which result in a corresponding reduction of the indemnification asset. (2) 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.
Schedule of FDIC receivable activity |
|  | Three Months Ended |
|  | March 31, |
|  | 2014 |  | 2013 |
|  | (In thousands) |
Balance at beginning of period |  | $ | 30,261 |  | $ | 73,091 |
Net (reduction) addition due to recovery or eligible expense/loss |  | (6,478 | ) | 7,561 |
Payment received from the FDIC |  | (4,139 | ) | (33,890 | )
Balance at end of period |  | $ | 19,644 |  | $ | 46,762 |

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