Loans (Tables)

12 Months Ended

Dec. 31, 2015

The following table sets forth the composition of the loan portfolio at December 31, 2015 and 2014:


	December 31,
	2015						2014
(dollars in thousands)	Amount			Percent of Non-Covered Loans Held for Investment			Amount			Percent of Non-Covered Loans Held for Investment
Non-Covered Loans Held for Investment:
Mortgage Loans:
Multi-family	$	25,971,629			72.67	%	$	23,831,846			72.21	%
Commercial real estate		7,857,204			21.98			7,634,320			23.13
Acquisition, development, and construction		311,676			0.87			258,116			0.78
One-to-four family		116,841			0.33			138,915			0.42

Total mortgage loans held for investment	$	34,257,350			95.85		$	31,863,197			96.54

Other Loans:
Commercial and industrial		1,085,529			3.04			900,551			2.73
Lease financing, net of unearned income of $43,553 and $18,913, respectively		365,027			1.02			208,670			0.63

Total commercial and industrial loans		1,450,556			4.06			1,109,221			3.36
Purchased credit-impaired loans ⁽¹⁾		8,344			0.02			—			—
Other		24,239			0.07			31,943			0.10

Total other loans held for investment		1,483,139			4.15			1,141,164			3.46

Total non-covered loans held for investment	$	35,740,489			100.00	%	$	33,004,361			100.00	%

Net deferred loan origination costs		22,715						20,595
Allowance for losses on non-covered loans		(147,124	)					(139,857	)

Non-covered loans held for investment, net	$	35,616,080					$	32,885,099

Covered loans		2,060,089						2,428,622
Allowance for losses on covered loans		(31,395	)					(45,481	)

Covered loans, net	$	2,028,694					$	2,383,141
Loans held for sale		367,221						379,399

Total loans, net	$	38,011,995					$	35,647,639

(1)

Includes $941,000 of multi-family loans; $6.0 million of commercial real estate loans; $835,000 of acquisition, development, and construction loans; $436,000 of commercial and industrial loans; and $162,000 of other loans that were included in “Covered loans” at December 31, 2014.

Quality of Non-Covered Loans

The following table presents information regarding the quality of the Company’s non-covered loans held for investment (excluding non-covered PCI loans) at December 31, 2015:


(in thousands)	Loans 30-89 Days Past Due		Non- Accrual Loans⁽¹⁾		Loans 90 Days or More Delinquent and Still Accruing Interest		Total Past Due Loans		Current Loans		Total Loans Receivable
Multi-family	$	4,818	$	13,904	$	—	$	18,722	$	25,952,907	$	25,971,629
Commercial real estate		178		14,920		—		15,098		7,842,106		7,857,204
One-to-four family		1,117		12,259		—		13,376		103,465		116,841
Acquisition, development, and construction		—		27		—		27		311,649		311,676
Commercial and industrial ⁽²⁾		—		4,473		—		4,473		1,446,083		1,450,556
Other		492		1,242		—		1,734		22,505		24,239

Total	$	6,605	$	46,825	$	—	$	53,430	$	35,678,715	$	35,732,145

(1)

Excludes $969,000 of non-covered PCI loans that were 90 days or more past due.

(2)

Includes lease financing receivables, all of which were current.

The following table presents information regarding the quality of the Company’s non-covered loans held for investment at December 31, 2014:


(in thousands)	Loans 30-89 Days Past Due		Non- Accrual Loans		Loans 90 Days or More Delinquent and Still Accruing Interest		Total Past Due Loans		Current Loans		Total Loans Receivable
Multi-family	$	464	$	31,089	$	—	$	31,553	$	23,800,293	$	23,831,846
Commercial real estate		1,464		24,824		—		26,288		7,608,032		7,634,320
One-to-four family		3,086		11,032		—		14,118		124,797		138,915
Acquisition, development, and construction		—		654		—		654		257,462		258,116
Commercial and industrial ⁽¹⁾		530		8,382		—		8,912		1,100,309		1,109,221
Other		648		969		—		1,617		30,326		31,943

Total	$	6,192	$	76,950	$	—	$	83,142	$	32,921,219	$	33,004,361

(1)

Includes lease financing receivables, all of which were current.

Non-Covered Loan Portfolio by Credit Quality Indicator

The following table summarizes the Company’s portfolio of non-covered loans held for investment (excluding non-covered PCI loans) by credit quality indicator at December 31, 2015:


(in thousands)	Multi-Family		Commercial Real Estate		One-to-Four Family		Acquisition, Development, and Construction		Total Mortgage Loans		Commercial and Industrial⁽¹⁾		Other		Total Other Loan Segment
Credit Quality Indicator:
Pass	$	25,936,423	$	7,839,127	$	104,582	$	309,039	$	34,189,171	$	1,433,778	$	22,996	$	1,456,774
Special mention		6,305		3,883		—		—		10,188		11,771		—		11,771
Substandard		28,901		14,194		12,259		2,637		57,991		5,007		1,243		6,250
Doubtful		—		—		—		—		—		—		—		—

Total	$	25,971,629	$	7,857,204	$	116,841	$	311,676	$	34,257,350	$	1,450,556	$	24,239	$	1,474,795

(1)

Includes lease financing receivables, all of which were classified as “pass.”

The following table summarizes the Company’s portfolio of non-covered loans held for investment by credit quality indicator at December 31, 2014:


(in thousands)	Multi-Family		Commercial Real Estate		One-to-Four Family		Acquisition, Development, and Construction		Total Mortgage Loans		Commercial and Industrial⁽¹⁾		Other		Total Other Loan Segment
Credit Quality Indicator:
Pass	$	23,777,569	$	7,591,223	$	127,883	$	256,868	$	31,753,543	$	1,083,173	$	30,974	$	1,114,147
Special mention		6,798		9,123		—		—		15,921		17,032		—		17,032
Substandard		47,479		33,974		11,032		1,248		93,733		9,016		969		9,985
Doubtful		—		—		—		—		—		—		—		—

Total	$	23,831,846	$	7,634,320	$	138,915	$	258,116	$	31,863,197	$	1,109,221	$	31,943	$	1,141,164

(1)

Includes lease financing receivables, all of which were classified as “pass.”

Details of Interest Income on Non-Accrual Loans

The interest income that would have been recorded under the original terms of non-accrual loans at the respective year-ends, and the interest income actually recorded on these loans in the respective years, is summarized below:


	December 31,
(in thousands)	2015			2014			2013
Interest income that would have been recorded	$	2,288		$	3,997		$	5,156
Interest income actually recorded		(1,574	)		(3,017	)		(2,721	)

Interest income foregone	$	714		$	980		$	2,435

Information Regarding Troubled Debt Restructurings

The following table presents information regarding the Company’s TDRs as of December 31, 2015 and 2014:


	December 31,
	2015						2014
(in thousands)	Accruing		Non-Accrual		Total		Accruing		Non-Accrual		Total
Loan Category:
Multi-family	$	2,017	$	635	$	2,652	$	7,697	$	17,879	$	25,576
Commercial real estate		115		6,255		6,370		8,139		9,939		18,078
One-to-four family		—		987		987		—		260		260
Acquisition, development, and construction		—		27		27		—		654		654
Commercial and industrial		627		1,279		1,906		—		1,195		1,195
Other		—		213		213		—		—		—

Total	$	2,759	$	9,396	$	12,155	$	15,836	$	29,927	$	45,763

Financial Effects of Troubled Debt Restructurings

The financial effects of the Company’s TDRs for the twelve months ended December 31, 2015 and 2014 are summarized as follows:


	For the Twelve Months Ended December 31, 2015
	Weighted Average Interest Rate
(dollars in thousands)	Number of Loans		Pre-Modification			Post- Modification			Charge- off Amount		Capitalized Interest
Loan Category:
One-to-four family		4		4.02	%		2.72	%	$	—	$	6
Commercial and industrial		2		3.40			3.52			33		—
Other		2		4.58			2.00			—		2

Total		8							$	33	$	8


	For the Twelve Months Ended December 31, 2014
	Weighted Average Interest Rate
(dollars in thousands)	Number of Loans		Pre-Modification			Post- Modification			Charge-off Amount		Capitalized Interest
Loan Category:
Multi-family		2		5.61	%		5.61	%	$	—	$	—
Commercial real estate		2		6.71			5.54			334		—
One-to-four family		1		5.75			4.27			18		22
Acquisition, development, and construction		2		7.00			7.00			—		—
Commercial and industrial		1		5.00			5.00			—		—

Total		8							$	352	$	22

Covered Loans Acquired in AmTrust and Desert Hills Acquisitions

The following table presents the carrying value of covered loans acquired in the AmTrust and Desert Hills acquisitions as of December 31, 2015:


(dollars in thousands)	Amount		Percent of Covered Loans
Loan Category:
One-to-four family	$	1,916,509		93.0	%
Other loans		143,580		7.0

Total covered loans	$	2,060,089		100.0	%

Changes in Accretable Yield for Covered Loans

In the twelve months ended December 31, 2015, changes in the accretable yield for covered loans were as follows:


(in thousands)	Accretable Yield
Balance at beginning of period	$	1,037,023
Reclassification to non-accretable difference		(96,788	)
Accretion		(137,090	)

Balance at end of period	$	803,145

Covered Loans Thirty to Eighty Nine Days, Ninety Days or More Past Due

The following table presents information regarding the Company’s covered loans that were 90 days or more past due at December 31, 2015 and 2014:


	December 31,
(in thousands)	2015		2014
Covered Loans 90 Days or More Past Due:
One-to-four family	$	130,626	$	148,967
Other loans		6,556		8,922

Total covered loans 90 days or more past due	$	137,182	$	157,889

The following table presents information regarding the Company’s covered loans that were 30 to 89 days past due at December 31, 2015 and 2014:


	December 31,
(in thousands)	2015		2014
Covered Loans 30-89 Days Past Due:
One-to-four family	$	30,455	$	37,680
Other loans		2,369		4,016

Total covered loans 30-89 days past due	$	32,824	$	41,696