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Allowances for Loan Losses | 3 Months Ended
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Mar. 31, 2017
Allowances for Loan Losses | Note 6. Allowances for Loan Losses The following tables provide additional information regarding the Company’s allowances for losses on non-covered loans and covered loans, based upon the method of evaluating loan impairment:
(in thousands) |  | Mortgage |  |  | Other |  |  | Total |
Allowances for Loan Losses at March 31, 2017: |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment |  | $ | — |  |  | $ | 189 |  |  | $ | 189 |
Loans collectively evaluated for impairment |  |  | 120,489 |  |  |  | 32,014 |  |  |  | 152,503 |
Acquired loans with deteriorated credit quality |  |  | 11,257 |  |  |  | 8,407 |  |  |  | 19,664 |
Total |  | $ | 131,746 |  |  | $ | 40,610 |  |  | $ | 172,356 |
(in thousands) |  | Mortgage |  |  | Other |  |  | Total |
Allowances for Loan Losses at December 31, 2016: |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment |  | $ | — |  |  | $ | 577 |  |  | $ | 577 |
Loans collectively evaluated for impairment |  |  | 123,925 |  |  |  | 32,022 |  |  |  | 155,947 |
Acquired loans with deteriorated credit quality |  |  | 11,984 |  |  |  | 13,483 |  |  |  | 25,467 |
Total |  | $ | 135,909 |  |  | $ | 46,082 |  |  | $ | 181,991 |
The following tables provide additional information regarding the methods used to evaluate the Company’s loan portfolio for impairment:
(in thousands) |  | Mortgage |  |  | Other |  |  | Total |
Loans Receivable at March 31, 2017: |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment |  | $ | 23,436 |  |  | $ | 29,400 |  |  | $ | 52,836 |
Loans collectively evaluated for impairment |  |  | 35,346,837 |  |  |  | 1,899,340 |  |  |  | 37,246,177 |
Acquired loans with deteriorated credit quality |  |  | 1,536,952 |  |  |  | 67,989 |  |  |  | 1,604,941 |
Total |  | $ | 36,907,225 |  |  | $ | 1,996,729 |  |  | $ | 38,903,954 |
(in thousands) |  | Mortgage |  |  | Other |  |  | Total |
Loans Receivable at December 31, 2016: |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated for impairment |  | $ | 29,660 |  |  | $ | 18,592 |  |  | $ | 48,252 |
Loans collectively evaluated for impairment |  |  | 35,402,029 |  |  |  | 1,900,158 |  |  |  | 37,302,187 |
Acquired loans with deteriorated credit quality |  |  | 1,614,755 |  |  |  | 89,140 |  |  |  | 1,703,895 |
Total |  | $ | 37,046,444 |  |  | $ | 2,007,890 |  |  | $ | 39,054,334 |
Allowance for Losses on Non-Covered Loans The following table summarizes activity in the allowance for losses on non-covered loans for the three months ended March 31, 2017 and 2016:
|  | March 31, |
|  | 2017 |  |  | 2016 |
(in thousands) |  | Mortgage |  |  | Other |  |  | Total |  |  | Mortgage |  |  | Other |  |  | Total |
Balance, beginning of period |  | $ | 125,416 |  |  | $ | 32,874 |  |  | $ | 158,290 |  |  | $ | 124,478 |  |  | $ | 22,646 |  |  | $ | 147,124 |
Charge-offs |  |  | — |  |  |  | (5,830 | ) |  |  | (5,830 | ) |  |  | (46 | ) |  |  | (148 | ) |  |  | (194 | )
Recoveries |  |  | 115 |  |  |  | 88 |  |  |  | 203 |  |  |  | 879 |  |  |  | 248 |  |  |  | 1,127 |
(Recovery of) provision for non-covered loan losses |  |  | (3,679 | ) |  |  | 5,466 |  |  |  | 1,787 |  |  |  | 874 |  |  |  | 1,847 |  |  |  | 2,721 |
Balance, end of period |  | $ | 121,852 |  |  | $ | 32,598 |  |  | $ | 154,450 |  |  | $ | 126,185 |  |  | $ | 24,593 |  |  | $ | 150,778 |
See “Critical Accounting Policies” for additional information regarding the Company’s allowance for losses on non-covered loans. The following table presents additional information about the Company’s impaired non-covered loans at March 31, 2017:
(in thousands) |  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
Impaired loans with no related allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family |  | $ | 10,223 |  |  | $ | 12,724 |  |  | $ | — |  |  | $ | 10,482 |  |  | $ | 143 |
Commercial real estate |  |  | 3,176 |  |  |  | 8,946 |  |  |  | — |  |  |  | 6,147 |  |  |  | 23 |
One-to-four family |  |  | 3,837 |  |  |  | 4,504 |  |  |  | — |  |  |  | 3,719 |  |  |  | 28 |
Acquisition, development, and construction |  |  | 6,200 |  |  |  | 15,500 |  |  |  | — |  |  |  | 6,200 |  |  |  | — |
Other |  |  | 28,143 |  |  |  | 36,906 |  |  |  | — |  |  |  | 17,441 |  |  |  | 176 |
Total impaired loans with no related allowance |  | $ | 51,579 |  |  | $ | 78,580 |  |  | $ | — |  |  | $ | 43,989 |  |  | $ | 370 |
Impaired loans with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
One-to-four family |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Acquisition, development, and construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other |  |  | 1,257 |  |  |  | 1,257 |  |  |  | 189 |  |  |  | 6,555 |  |  |  | 10 |
Total impaired loans with an allowance recorded |  | $ | 1,257 |  |  | $ | 1,257 |  |  | $ | 189 |  |  | $ | 6,555 |  |  | $ | 10 |
Total impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family |  | $ | 10,223 |  |  | $ | 12,724 |  |  | $ | — |  |  | $ | 10,482 |  |  | $ | 143 |
Commercial real estate |  |  | 3,176 |  |  |  | 8,946 |  |  |  | — |  |  |  | 6,147 |  |  |  | 23 |
One-to-four family |  |  | 3,837 |  |  |  | 4,504 |  |  |  | — |  |  |  | 3,719 |  |  |  | 28 |
Acquisition, development, and construction |  |  | 6,200 |  |  |  | 15,500 |  |  |  | — |  |  |  | 6,200 |  |  |  | — |
Other |  |  | 29,400 |  |  |  | 38,163 |  |  |  | 189 |  |  |  | 23,996 |  |  |  | 186 |
Total impaired loans |  | $ | 52,836 |  |  | $ | 79,837 |  |  | $ | 189 |  |  | $ | 50,544 |  |  | $ | 380 |
The following table presents additional information about the Company’s impaired non-covered loans at December 31, 2016:
(in thousands) |  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
Impaired loans with no related allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family |  | $ | 10,742 |  |  | $ | 13,133 |  |  | $ | — |  |  | $ | 11,431 |  |  | $ | 627 |
Commercial real estate |  |  | 9,117 |  |  |  | 14,868 |  |  |  | — |  |  |  | 10,461 |  |  |  | 143 |
One-to-four family |  |  | 3,601 |  |  |  | 4,267 |  |  |  | — |  |  |  | 3,079 |  |  |  | 124 |
Acquisition, development, and construction |  |  | 6,200 |  |  |  | 15,500 |  |  |  | — |  |  |  | 1,550 |  |  |  | 414 |
Other |  |  | 6,739 |  |  |  | 7,955 |  |  |  | — |  |  |  | 8,261 |  |  |  | 92 |
Total impaired loans with no related allowance |  | $ | 36,399 |  |  | $ | 55,723 |  |  | $ | — |  |  | $ | 34,782 |  |  | $ | 1,400 |
Impaired loans with an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
One-to-four family |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Acquisition, development, and construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other |  |  | 11,853 |  |  |  | 13,529 |  |  |  | 577 |  |  |  | 4,574 |  |  |  | 213 |
Total impaired loans with an allowance recorded |  | $ | 11,853 |  |  | $ | 13,529 |  |  | $ | 577 |  |  | $ | 4,574 |  |  | $ | 213 |
Total impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family |  | $ | 10,742 |  |  | $ | 13,133 |  |  | $ | — |  |  | $ | 11,431 |  |  | $ | 627 |
Commercial real estate |  |  | 9,117 |  |  |  | 14,868 |  |  |  | — |  |  |  | 10,461 |  |  |  | 143 |
One-to-four family |  |  | 3,601 |  |  |  | 4,267 |  |  |  | — |  |  |  | 3,079 |  |  |  | 124 |
Acquisition, development, and construction |  |  | 6,200 |  |  |  | 15,500 |  |  |  | — |  |  |  | 1,550 |  |  |  | 414 |
Other |  |  | 18,592 |  |  |  | 21,484 |  |  |  | 577 |  |  |  | 12,835 |  |  |  | 305 |
Total impaired loans |  | $ | 48,252 |  |  | $ | 69,252 |  |  | $ | 577 |  |  | $ | 39,356 |  |  | $ | 1,613 |
Allowance for Losses on Covered Loans Covered loans are reported exclusive of the FDIC loss share receivable. The covered loans acquired in the AmTrust and Desert Hills acquisitions are, and will continue to be, reviewed for collectability based on the expectations of cash flows from these loans. Covered loans have been aggregated into pools of loans with common characteristics. In determining the allowance for losses on covered loans, the Company periodically performs an analysis to estimate the expected cash flows for each of the pools of loans. The Company records a provision for (recovery of) losses on covered loans to the extent that the expected cash flows from a loan pool have decreased or increased since the acquisition date. Accordingly, if there is a decrease in expected cash flows due to an increase in estimated credit losses (as compared to the estimates made at the respective acquisition dates), the decrease in the present value of expected cash flows is recorded as a provision for covered loan losses charged to earnings, and the allowance for covered loan losses is increased. A related credit to non-interest income and an increase in the FDIC loss share receivable are recognized at the same time, and measured based on the applicable loss sharing agreement percentage. If there is an increase in expected cash flows due to a decrease in estimated credit losses (as compared to the estimates made at the respective acquisition dates), the increase in the present value of expected cash flows is recorded as a recovery of the prior-period impairment charged to earnings, and the allowance for covered loan losses is reduced. A related debit to non-interest income and a decrease in the FDIC loss share receivable are recognized at the same time, and measured based on the applicable loss sharing agreement percentage. The following table summarizes activity in the allowance for losses on covered loans for the three months ended March 31, 2017 and 2016:
|  | March 31, |
(in thousands) |  | 2017 |  |  | 2016 |
Balance, beginning of period |  | $ | 23,701 |  |  | $ | 31,395 |
Recovery of losses on covered loans |  |  | (5,795 | ) |  |  | (2,897 | )
Balance, end of period |  | $ | 17,906 |  |  | $ | 28,498 |

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- Definition Allowance for Loan Losses. + References No definition available. + Details
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