Loans (Tables)

3 Months Ended

Mar. 31, 2016

The following table sets forth the composition of the loan portfolio at March 31, 2016 and December 31, 2015:


	March 31, 2016						December 31, 2015
(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	$	26,406,585			73.04	%	$	25,971,629			72.67	%
Commercial real estate		7,676,793			21.23			7,857,204			21.98
Acquisition, development, and construction		344,645			0.95			311,676			0.87
One-to-four family		186,033			0.52			116,841			0.33

Total mortgage loans held for investment	$	34,614,056			95.74		$	34,257,350			95.85

Other Loans:
Commercial and industrial ⁽¹⁾		1,140,835			3.16			1,085,529			3.04
Lease financing, net of unearned income of $43,964 and $43,553, respectively		369,674			1.02			365,027			1.02

Total commercial and industrial loans		1,510,509			4.18			1,450,556			4.06
Purchased credit-impaired loans		6,474			0.02			8,344			0.02
Other		22,629			0.06			24,239			0.07

Total other loans held for investment		1,539,612			4.26			1,483,139			4.15

Total non-covered loans held for investment	$	36,153,668			100.00	%	$	35,740,489			100.00	%

Net deferred loan origination costs		22,214						22,715
Allowance for losses on non-covered loans		(150,778	)					(147,124	)

Non-covered loans held for investment, net	$	36,025,104					$	35,616,080

Covered loans		1,986,054						2,060,089
Allowance for losses on covered loans		(28,498	)					(31,395	)

Covered loans, net	$	1,957,556					$	2,028,694
Loans held for sale		471,276						367,221

Total loans, net	$	38,453,936					$	38,011,995

(1)	Includes specialty finance loans of $895.9 million and $880.7 million and other C&I loans of $614.7 million and $569.9 million, respectively, at March 31, 2016 and December 31, 2015.

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 March 31, 2016:


(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	$	760	$	15,900	$	—	$	16,660	$	26,389,925	$	26,406,585
Commercial real estate		—		11,863		—		11,863		7,664,930		7,676,793
One-to-four family		380		11,172		—		11,552		174,481		186,033
Acquisition, development, and construction		—		—		—		—		344,645		344,645
Commercial and industrial ⁽²⁾		1,880		8,940		—		10,820		1,499,689		1,510,509
Other		165		1,358		—		1,523		21,106		22,629

Total	$	3,185	$	49,233	$	—	$	52,418	$	36,094,776	$	36,147,194

(1)	Excludes $954,000 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, 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.

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 March 31, 2016:


(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	$	26,371,966	$	7,635,582	$	174,862	$	343,835	$	34,526,245	$	1,483,734	$	21,271	$	1,505,005
Special mention		5,992		30,058		—		810		36,860		1,632		—		1,632
Substandard		28,627		11,153		11,171		—		50,951		25,143		1,358		26,501
Doubtful		—		—		—		—		—		—		—		—

Total	$	26,406,585	$	7,676,793	$	186,033	$	344,645	$	34,614,056	$	1,510,509	$	22,629	$	1,533,138

(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, 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.”

Information Regarding Troubled Debt Restructurings

The following table presents information regarding the Company’s TDRs as of March 31, 2016 and December 31, 2015:


	March 31, 2016						December 31, 2015
(in thousands)	Accruing		Non-Accrual		Total		Accruing		Non-Accrual		Total
Loan Category:
Multi-family	$	2,008	$	10,986	$	12,994	$	2,017	$	635	$	2,652
Commercial real estate		—		2,558		2,558		115		6,255		6,370
One-to-four family		—		1,512		1,512		—		987		987
Acquisition, development, and construction		—		—		—		—		27		27
Commercial and industrial		624		1,959		2,583		627		1,279		1,906
Other		—		211		211		—		213		213

Total	$	2,632	$	17,226	$	19,858	$	2,759	$	9,396	$	12,155

Financial Effects of Troubled Debt Restructurings

The financial effects of the Company’s TDRs for the three months ended March 31, 2016 and the twelve months ended December 31, 2015 are summarized as follows:


	For the Three Months Ended March 31, 2016
	Weighted Average Interest Rate
(dollars in thousands)	Number of Loans		Pre- Modification			Post- Modification			Charge- off Amount		Capitalized Interest
Loan Category:
Multi-family		1		4.63	%		4.00	%	$	—	$	—
One-to-four family		2		3.52			3.29			—		4
Commercial and industrial		1		3.30			3.10			47		—

Total		4							$	47	$	4

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 March 31, 2016:


(dollars in thousands)	Amount		Percent of Covered Loans
Loan Category:
One-to-four family	$	1,853,643		93.3	%
Other loans		132,411		6.7

Total covered loans	$	1,986,054		100.0	%

Changes in Accretable Yield for Covered Loans

In the three months ended March 31, 2016, changes in the accretable yield for covered loans were as follows:


(in thousands)	Accretable Yield
Balance at beginning of period	$	803,145
Reclassification from non-accretable difference		25,261
Accretion		(33,320	)

Balance at end of period	$	795,086

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 March 31, 2016 and December 31, 2015:


(in thousands)	March 31, 2016		December 31, 2015
Covered Loans 90 Days or More Past Due:
One-to-four family	$	131,876	$	130,626
Other loans		6,859		6,556

Total covered loans 90 days or more past due	$	138,735	$	137,182

The following table presents information regarding the Company’s covered loans that were 30 to 89 days past due at March 31, 2016 and December 31, 2015:


(in thousands)	March 31, 2016		December 31, 2015
Covered Loans 30-89 Days Past Due:
One-to-four family	$	26,849	$	30,455
Other loans		1,158		2,369

Total covered loans 30-89 days past due	$	28,007	$	32,824