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Covered Assets (Tables)

12 Months Ended

Sep. 30, 2011

Covered Assets [Abstract]

Summary of carrying value of acquired impaired and non-impaired loans

The following table reflects the carrying value of all acquired impaired and non-impaired loans as of September 30, 2011 and 2010:

	September 30, 2011										September 30, 2010
	Acquired Impaired Loans			Acquired Non-impaired Loans			Total				Acquired Impaired Loans			Acquired Non-impaired Loans			Total
	(In thousands)
Single-family residential	$	9,235		$	46,214		$	55,449			$	7,872		$	58,863		$	66,735
Construction – speculative	8,006			1,315			9,321				24,353			5,277			29,630
Construction – custom	2,799			—			2,799				6,533			394			6,927
Land – acquisition & development	32,159			15,058			47,217				78,308			24,674			102,982
Land – consumer lot loans	499			654			1,153				499			1,314			1,813
Multi-family	9,333			34,906			44,239				12,342			41,916			54,258
Commercial real estate	101,599			148,464			250,063				127,844			181,143			308,987
Commercial & industrial	35,993			22,881			58,874				45,214			38,340			83,554
HELOC	1,829			21,730			23,559				1,911			24,676			26,587
Consumer	1,485			1,199			2,684				1,956			1,955			3,911
Total covered loans	$	202,937		$	292,421		$	495,358			$	306,832		$	378,552		$	685,384
Allowance for losses	(3,766		)	—			(3,766		)		—			—			—
	$	199,171		$	292,421		$	491,592			$	306,832		$	378,552		$	685,384
Discount							(109,409		)								(150,910		)
Covered loans, net							$	382,183									$	534,474

Schedule of changes in carrying amount and accretable yield for acquired impaired and non-impaired loans

Changes in the carrying amount and accretable yield for acquired impaired and non-impaired loans were as follows for the fiscal years ended September 30, 2011 and 2010:

	September 30, 2011																September 30, 2010
	Acquired Impaired								Acquired Non-impaired								Acquired Impaired								Acquired Non-impaired
	Accretable Yield				Carrying Amount of Loans				Accretable Yield				Carrying Amount of Loans				Accretable Yield				Carrying Amount of Loans				Accretable Yield				Carrying Amount of Loans
	(In thousands)																(In thousands)
Balance at beginning of period	$	27,019			$	190,530			$	39,813			$	343,944			$	—			$	—			$	—			$	—
Additions	—				—				—				—				36,731				246,383				50,000				425,000
Reclassification from nonaccretable balance, net	24,025				—				—				—				—				—				—				—
Accretion	(13,972		)		13,972				(9,443		)		9,443				(9,712		)		9,712				(10,187		)		10,187
Transfers to REO	—				(54,638		)		—				—				—				(34,536		)		—				—
Payments received, net	—				(33,803		)		—				(83,499		)		—				(31,029		)		—				(91,243		)
Balance at end of period	$	37,072			$	116,061			$	30,370			$	269,888			$	27,019			$	190,530			$	39,813			$	343,944

Schedule of activity for FDIC indemnification asset

	September 30, 2011				September 30, 2010
	(In thousands)
Balance at beginning of period	$	131,128			$	—
Additions	7,707				227,500
Payments received	(32,828		)		(92,551		)
Amortization	(10,239		)		(8,150		)
Accretion	3,103				4,329
Balance at end of period	$	98,871			$	131,128

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

Analysis of age of purchased non-credit impaired loans in past due status

The following table provides an analysis of the age of purchased non-credit impaired loans in past due status for the period ended September 30, 2011.

	Amount of  Loans Net of LIP & Chg.-Offs				Days Delinquent Based on $ Amount of Loans																				% based on $
Type of Loans					Current				30				60				90				Total
	(In thousands)
Single-family residential	$	46,214			$	43,445			$	1,034			$	30			$	1,705			$	2,769			5.99	%
Construction - speculative	1,315				1,315				—				—				—				—				NM
Construction - custom	—				—				—				—				—				—				NM
Land - acquisition & development	15,058				13,344				487				—				1,227				1,714				11.38	%
Land - consumer lot loans	654				527				16				—				111				127				19.42	%
Multi-family	34,906				33,398				—				—				1,508				1,508				4.32	%
Commercial real estate	148,464				142,060				1,527				—				4,877				6,404				4.31	%
Commercial & industrial	22,881				18,049				3,606				703				523				4,832				21.12	%
HELOC	21,730				20,339				731				391				269				1,391				6.40	%
Consumer	1,199				1,123				31				8				37				76				6.34	%
	$	292,421			$	273,600			$	7,432			$	1,132			$	10,257			$	18,821			6.44	%

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- Definition

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



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section 55

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=6951925&loc=SL6953803-111525

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Covered Assets [Abstract]

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