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Allowance for Losses on Loans (Tables)

12 Months Ended

Sep. 30, 2011

Allowance for Losses on Loans [Abstract]

Summary of activity in allowance for loan losses

The following table summarizes the activity in the allowance for loan losses for the twelve months ended September 30, 2011 and 2010:

September 30, 2011	Beginning Allowance				Charge-offs				Recoveries				Provision & Transfers				Ending Allowance
	(In thousands)
Single-family residential	$	47,160			$	(38,465	)		$	3,072			$	71,540			$	83,307
Construction - speculative	26,346				(13,197		)		2,143				(1,464		)		13,828
Construction - custom	770				(237		)		—				90				623
Land - acquisition & development	61,637				(39,797		)		2,271				8,608				32,719
Land - consumer lot loans	4,793				(4,196		)		—				4,923				5,520
Multi-family	5,050				(1,950		)		71				4,452				7,623
Commercial real estate	3,165				(1,593		)		328				2,431				4,331
Commercial & industrial	6,193				(4,733		)		1,925				1,714				5,099
HELOC	586				(939		)		185				1,307				1,139
Consumer	7,394				(4,602		)		1,429				(1,250		)		2,971
	$	163,094			$	(109,709	)		$	11,424			$	92,351			$	157,160

September 30, 2010	Beginning Allowance				Charge-offs				Recoveries				Provision & Transfers				Ending Allowance
	(In thousands)
Single-family residential	$	18,547			$	(33,812	)		$	104			$	62,321			$	47,160
Construction - speculative	21,841				(28,930		)		523				32,912				26,346
Construction - custom	81				(359		)		188				860				770
Land - acquisition & development	104,569				(105,576		)		844				61,800				61,637
Land - consumer lot loans	1,298				(359		)		11				3,843				4,793
Multi-family	1,878				(2,010		)		—				5,182				5,050
Commercial real estate	1,344				(651		)		3				2,469				3,165
Commercial & industrial	7,327				(8,902		)		923				6,845				6,193
HELOC	377				(118		)		—				327				586
Consumer	9,574				(6,670		)		1,140				3,350				7,394
	$	166,836			$	(187,387	)		$	3,736			$	179,909			$	163,094

Summary of loans collectively and individually evaluated for impairment and related allocation of reserves

The following tables show a summary of loans collectively and individually evaluated for impairment and the related allocation of general and specific reserves as of September 30, 2011 and 2010:

September 30, 2011	Loans Collectively Evaluated for Impairment											Loans Individually Evaluated for Impairment
	General  Reserve Allocation				Gross Loans Subject  to General Reserve (1)				Ratio			Specific  Reserve Allocation				Gross Loans Subject  to Specific Reserve (1)				Ratio
	(In thousands)											(In thousands)
Single-family residential	$	77,441			$	6,186,322			1.3	%		$	5,866			$	32,556			18.0	%
Construction - speculative	6,969				89,986				7.7			6,859				50,473				13.6
Construction - custom	623				279,851				0.2			—				—				—
Land - acquisition & development	10,489				61,277				17.1			22,230				139,415				15.9
Land - consumer lot loans	4,385				160,906				2.7			1,135				2,240				50.7
Multi-family	3,443				679,823				0.5			4,180				20,850				20.0
Commercial real estate	2,730				268,906				1.0			1,601				34,536				4.6
Commercial & industrial	5,058				106,406				4.8			41				2,926				1.4
HELOC	1,139				115,092				1.0			—				—				—
Consumer	2,971				67,509				4.4			—				—				—
	$	115,248			$	8,016,078			1.4	%		$	41,912			$	282,996			14.8	%

 ___________________

(1) Excludes covered loans

September 30, 2010	Loans Collectively Evaluated for Impairment											Loans Individually Evaluated for Impairment
	General  Reserve Allocation				Gross Loans Subject  to General Reserve (1)				Ratio			Specific  Reserve Allocation				Gross Loans Subject  to Specific Reserve (1)				Ratio
	(In thousands)											(In thousands)
Single-family residential	$	41,057			$	6,525,729			0.6	%		$	6,103			$	26,107			23.4	%
Construction - speculative	15,792				113,059				14.0			10,554				56,653				18.6
Construction - custom	770				254,454				0.3			—				1,930				—
Land - acquisition & development	19,296				59,819				32.3			42,341				247,411				17.1
Land - consumer lot loans	3,020				183,253				1.7			1,773				3,587				49.4
Multi-family	2,490				688,778				0.4			2,560				8,573				29.9
Commercial real estate	2,313				315,063				0.7			852				852				100.0
Commercial & industrial	5,374				82,251				6.5			819				819				100.0
HELOC	586				116,143				0.5			—				—				—
Consumer	7,394				92,625				8.0			—				—				—
	$	98,092			$	8,431,174			1.2	%		$	65,002			$	345,932			18.8	%

 ___________________

(1) Excludes covered loans

Summary of loans based on credit quality indicators

The following tables provide information on loans based on credit quality indicators (defined in Note A) as of September 30, 2011 and 2010:

Credit Risk Profile by Internally Assigned Grade:

September 30, 2011	Internally Assigned Grade																				Total
	Pass				Special mention				Substandard				Doubtful				Loss				Gross Loans
	(In thousands)
Single-family residential	$	6,047,279			$	—			$	171,599			$	—			$	—			$	6,218,878
Construction - speculative	56,485				21,035				62,939				—				—				140,459
Construction - custom	279,851				—				—				—				—				279,851
Land - acquisition & development	44,888				44,840				110,964				—				—				200,692
Land - consumer lot loans	162,670				—				476				—				—				163,146
Multi-family	663,582				4,629				32,462				—				—				700,673
Commercial real estate	264,083				4,125				35,234				—				—				303,442
Commercial & industrial	104,171				1,128				1,407				2,245				381				109,332
HELOC	115,092				—				—				—				—				115,092
Consumer	66,512				528				469				—				—				67,509
	$	7,804,613			$	76,285			$	415,550			$	2,245			$	381			$	8,299,074
Total grade as a % of total gross loans	94.1		%		0.9		%		5.0		%		—		%		—		%

September 30, 2010	Internally Assigned Grade																				Total
	Pass				Special mention				Substandard				Doubtful				Loss				Gross Loans
	(In thousands)
Single-family residential	$	6,395,018			$	1,041			$	155,778			$	—			$	—			$	6,551,837
Construction - speculative	68,984				7,689				93,039				—				—				169,712
Construction - custom	256,384				—				—				—				—				256,384
Land - acquisition & development	110,088				9,868				187,274				—				—				307,230
Land - consumer lot loans	186,840				—				—				—				—				186,840
Multi-family	661,820				2,046				33,485				—				—				697,351
Commercial real estate	273,001				3,768				39,048				—				98				315,915
Commercial & industrial	62,699				10,436				9,758				—				177				83,070
HELOC	116,143				—				—				—				—				116,143
Consumer	90,497				1,150				977				—				—				92,624
	$	8,221,474			$	35,998			$	519,359			$	—			$	275			$	8,777,106
Total grade as a % of total gross loans	93.7		%		0.4		%		5.9		%		—		%		—		%

	Internally Assigned Grade																				Total Net  Loans
	Pass				Special mention				Substandard				Doubtful				Loss
	(In thousands)
Purchased non-credit impaired loans:
Single-family residential	$	45,619			$	—			$	595			$	—			$	—			$	46,214
Construction - speculative	1,315				—				—				—				—				1,315
Construction - custom	—				—				—				—				—				—
Land - acquisition & development	8,383				6,315				360				—				—				15,058
Land - consumer lot loans	543				—				111				—				—				654
Multi-family	32,448				—				2,458				—				—				34,906
Commercial real estate	118,124				1,361				28,979				—				—				148,464
Commercial & industrial	13,717				4,481				4,239				444				—				22,881
HELOC	21,730				—				—				—				—				21,730
Consumer	1,199				—				—				—				—				1,199
	243,078				12,157				36,742				444				—				292,421
Total grade as a % of total net loans	83.1		%		4.2		%		12.6		%		0.2		%		—		%
Purchased credit impaired loans:
Pool 1 - Construction and land A&D	9,982				2,980				54,682				—				—				67,644
Pool 2 - Single-family residential	3,667				—				8,263				—				—				11,930
Pool 3 - Multi-family	—				—				3,324				—				—				3,324
Pool 4 - HELOC & other consumer	3,544				—				5,411				—				—				8,955
Pool 5 - Commercial real estate	418				30,579				48,069				—				—				79,066
Pool 6 - Commercial & industrial	2,859				2,725				25,662				772				—				32,018
	$	20,470			$	36,284			$	145,411			$	772			$	—			202,937
																	Total covered loans				495,358
																	Discount				(109,409		)
																	Allowance				$	(3,766	)
																	Covered loans, net				$	382,183

Schedule of Credit Risk Profile by Payment Activity

Credit Risk Profile Based on Payment Activity:

September 30, 2011	Performing Loans							Non-Performing Loans
	Amount				% of Total Gross  Loans			Amount				% of Total Gross  Loans
	(In thousands)							(In thousands)
Single-family residential	$	6,092,254			98.0	%		$	126,624			2.0	%
Construction - speculative	125,076				89.0			15,383				11.0
Construction - custom	279,216				99.8			635				0.2
Land - acquisition & development	163,353				81.4			37,339				18.6
Land - consumer lot loans	154,303				94.6			8,843				5.4
Multi-family	693,009				98.9			7,664				1.1
Commercial real estate	292,062				96.2			11,380				3.8
Commercial & industrial	107,653				98.5			1,679				1.5
HELOC	114,611				99.6			481				0.4
Consumer	67,072				99.4			437				0.6
	$	8,088,609			97.5	%		$	210,465			2.5	%

September 30, 2010	Performing Loans							Non-Performing Loans
	Amount				% of Total Gross  Loans			Amount				% of Total Gross  Loans
	(In thousands)							(In thousands)
Single-family residential	$	6,428,214			98.1	%		$	123,623			1.9	%
Construction - speculative	129,797				76.5			39,915				23.5
Construction - custom	256,384				100.0			—				—
Land - acquisition & development	242,347				78.9			64,883				21.1
Land - consumer lot loans	186,840				100.0			—				—
Multi-family	692,420				99.3			4,931				0.7
Commercial real estate	305,084				96.6			10,831				3.4
Commercial & industrial	82,699				99.6			371				0.4
HELOC	116,143				100.0			—				—
Consumer	91,647				98.9			977				1.1
	$	8,531,575			97.2	%		$	245,531			2.8	%

Sumary of impaired loans based on type

The following tables provide information on impaired loans based on loan types as of September 30, 2011 and 2010:

September 30, 2011	Recorded Investment				Unpaid Principal Balance				Related Allowance				Average Recorded Investment
	(In thousands)
With no related allowance recorded:
Single-family residential	$	5,597			$	9,575			$	—			$	5,935
Construction - speculative	8,286				11,026				—				7,374
Construction - custom	—				—				—				—
Land - acquisition & development	22,436				50,970				—				28,168
Land - consumer lot loans	—				—				—				—
Multi-family	3,233				4,508				—				4,058
Commercial real estate	3,462				3,963				—				2,141
Commercial & industrial	—				—				—				—
HELOC	—				—				—				—
Consumer	—				—				—				—
	43,014				80,042				—				47,676
With an allowance recorded:
Single-family residential	331,546				331,546				29,378				261,736
Construction - speculative	29,255				29,255				6,859				26,385
Construction - custom	—				—				—				—
Land - acquisition & development	49,036				49,912				22,230				41,006
Land - consumer lot loans	352				352				1,135				110
Multi-family	17,149				17,149				4,180				12,380
Commercial real estate	6,429				6,429				1,601				3,351
Commercial & industrial	41				41				41				31
HELOC	—				—				—				—
Consumer	—				—				—				—
	433,808				434,684				65,424			(1)	344,999
Total:
Single-family residential	337,143				341,121				29,378				267,671
Construction - speculative	37,541				40,281				6,859				33,759
Construction - custom	—				—				—				—
Land - acquisition & development	71,472				100,882				22,230				69,174
Land - consumer lot loans	352				352				1,135				110
Multi-family	20,382				21,657				4,180				16,438
Commercial real estate	9,891				10,392				1,601				5,492
Commercial & industrial	41				41				41				31
HELOC	—				—				—				—
Consumer	—				—				—				—
	$	476,822			$	514,726			$	65,424		(1)	$	392,675

____________________ 

(1) Includes $41,912,000 of specific reserves and $23,512,000 included in the general reserves.

September 30, 2010	Recorded Investment				Unpaid Principal Balance				Related Allowance				Average Recorded Investment
	(In thousands)
With no related allowance recorded:
Single-family residential	$	3,385			$	3,385			$	—			$	1,614
Construction - speculative	21,563				24,971				—				17,085
Construction - custom	—				—				—				—
Land - acquisition & development	24,011				35,594				—				38,957
Land - consumer lot loans	—				—				—				—
Multi-family	8,934				8,934				—				2,403
Commercial real estate	10,607				10,607				—				3,332
Commercial & industrial	3,632				3,632				—				953
HELOC	—				—				—				—
Consumer	—				—				—				—
	72,132				87,123				—				64,344
With an allowance recorded:
Single-family residential	241,683				241,684				10,321				214,799
Construction - speculative	45,754				45,754				10,554				37,991
Construction - custom	—				—				—				—
Land - acquisition & development	116,428				116,428				42,341				108,251
Land - consumer lot loans	—				—				1,773				—
Multi-family	7,783				7,783				2,560				4,793
Commercial real estate	5,216				5,216				852				1,480
Commercial & industrial	830				830				819				230
HELOC	—				—				—				—
Consumer	—				—				—				—
	417,694				417,695				69,220			(1)	367,544
Total:
Single-family residential	245,068				245,069				10,321				216,413
Construction - speculative	67,317				70,725				10,554				55,076
Construction - custom	—				—				—				—
Land - acquisition & development	140,439				152,022				42,341				147,208
Land - consumer lot loans	—				—				1,773				—
Multi-family	16,717				16,717				2,560				7,196
Commercial real estate	15,823				15,823				852				4,812
Commercial & industrial	4,462				4,462				819				1,183
HELOC	—				—				—				—
Consumer	—				—				—				—
	$	489,826			$	504,818			$	69,220		(1)	$	431,888

____________________ 

(1) Includes $65,002,000 of specific reserves and $4,218,000 included in the general reserves.

X

- Definition

Tabular disclosure of financing receivables (examples of financing receivables include loans, trade accounts receivable and notes receivable) and activity in the allowance for credit losses account.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section 50

-Paragraph 11B

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Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section 50

-Paragraph 29

-URI http://asc.fasb.org/extlink&oid=6965416&loc=SL6953659-111524



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Tabular disclosure of impaired financing receivables.

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