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Allowance for Losses on Loans (Tables)

12 Months Ended

Sep. 30, 2012

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, 2012 and 2011:

September 30, 2012	Beginning Allowance				Charge-offs				Recoveries				Provision & Transfers				Ending Allowance
	(In thousands)
Single-family residential	$	83,307			$	(53,789	)		$	8,164			$	44,133			$	81,815
Construction - speculative	13,828				(4,916		)		711				2,437				12,060
Construction - custom	623				—				—				(276		)		347
Land - acquisition & development	32,719				(16,978		)		1,341				(1,484		)		15,598
Land - consumer lot loans	5,520				(2,670		)		—				2,087				4,937
Multi-family	7,623				(1,393		)		504				(1,454		)		5,280
Commercial real estate	4,331				(814		)		225				(1,786		)		1,956
Commercial & industrial	5,099				(249		)		2,366				410				7,626
HELOC	1,139				(232		)		66				(8		)		965
Consumer	2,971				(3,538		)		1,480				1,650				2,563
	$	157,160			$	(84,579	)		$	14,857			$	45,709			$	133,147

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

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, 2012 and 2011:

September 30, 2012	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	$	81,737			$	5,694,337			1.4	%		$	78			$	84,584			0.1	%
Construction - speculative	9,079				104,312				8.7			2,981				25,325				11.8
Construction - custom	347				211,690				0.2			—				—				—
Land - acquisition & development	6,697				47,294				14.2			8,901				77,383				11.5
Land - consumer lot loans	4,176				138,666				3.0			761				3,178				23.9
Multi-family	2,818				694,140				0.4			2,462				16,000				15.4
Commercial real estate	1,158				292,550				0.4			798				26,660				3.0
Commercial & industrial	7,624				161,689				4.7			2				1,134				0.2
HELOC	965				112,812				0.9			—				90				—
Consumer	2,563				63,374				4.0			—				—				—
	$	117,164			$	7,520,864			1.6	%		$	15,983			$	234,354			6.8	%

 ___________________

(1) Excludes covered loans & credit impaired acquired loans

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

Summary of loans based on credit quality indicators

The following tables provide information on loans based on credit quality indicators (defined above) as of September 30, 2012 and 2011:

Credit Risk Profile by Internally Assigned Grade:

September 30, 2012	Internally Assigned Grade																				Total
	Pass				Special mention				Substandard				Doubtful				Loss				Gross Loans
	(In thousands)
Non-acquired loans
Single-family residential	$	5,588,252			$	844			$	189,826			$	—			$	—			5,778,922
Construction - speculative	86,126				10,113				33,398				—				—				129,637
Construction - custom	211,690				—				—				—				—				211,690
Land - acquisition & development	73,661				4,637				46,379				—				—				124,677
Land - consumer lot loans	140,006				223				1,615				—				—				141,844
Multi-family	684,649				5,098				20,393				—				—				710,140
Commercial real estate	278,022				16,282				24,906				—				—				319,210
Commercial & industrial	158,421				1,071				3,331				—				—				162,823
HELOC	112,902				—				—				—				—				112,902
Consumer	62,611				354				409				—				—				63,374
	$	7,396,340			$	38,622			$	320,257			$	—			$	—			$	7,755,219
Credit impaired acquired loans
Pool 1 - Construction and land A&D	$	2,466			$	—			$	3,125			$	—			$	—			$	5,591
Pool 2 - Single-family residential	342				—				—				—				—				342
Pool 3 - Multi-family	—				—				601				—				—				601
Pool 4 - HELOC & other consumer	14,137				—				—				—				—				14,137
Pool 5 - Commercial real estate	53,683				4,308				28,200				963				—				87,154
Pool 6 - Commercial & industrial	1,566				58				733				935				—				3,292
Total credit impaired acquired loans	$	72,194			$	4,366			$	32,659			$	1,898			$	—			$	111,117
Total gross loans	$	7,468,534			$	42,988			$	352,916			$	1,898			$	—			$	7,866,336
Total grade as a % of total gross loans	94.9		%		0.6		%		4.5		%		—		%		—		%

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		%		—		%		—		%

The following tables provide information on covered loans based on credit quality indicators (defined in Note A) as of September 30, 2012:

Credit Risk Profile by Internally Assigned Grade:

	Internally Assigned Grade																				Total Net  Loans
	Pass				Special mention				Substandard				Doubtful				Loss
	(In thousands)
Purchased non-credit impaired loans:
Single-family residential	$	32,272			$	—			$	3,404			$	—			$	—			$	35,676
Construction - speculative	90				—				—				—				—				90
Construction - custom	—				—				—				—				—				—
Land - acquisition & development	3,440				1,970				6,020				—				—				11,430
Land - consumer lot loans	498				—				—				—				—				498
Multi-family	24,898				—				2,747				—				—				27,645
Commercial real estate	89,530				298				31,764				—				—				121,592
Commercial & industrial	7,146				510				5,367				—				—				13,023
HELOC	17,971				—				—				—				—				17,971
Consumer	918				—				—				—				—				918
	176,763				2,778				49,302				—				—				228,843
Total grade as a % of total net loans	77.3		%		1.2		%		21.5		%		—		%		—		%
Purchased credit impaired loans:
Pool 1 - Construction and land A&D	9,795				5,301				35,857				—				—				50,953
Pool 2 - Single-family residential	669				—				2,953				—				—				3,622
Pool 3 - Multi-family	—				—				2,996				—				—				2,996
Pool 4 - HELOC & other consumer	1,094				—				3,096				—				—				4,190
Pool 5 - Commercial real estate	404				25,785				41,403				—				—				67,592
Pool 6 - Commercial & industrial	3,787				1,006				10,466				—				—				15,259
	$	15,749			$	32,092			$	96,771			$	—			$	—			$	144,612
																	Total covered loans				373,455
																	Discount				(85,079		)
																	Allowance				$	—
																	Covered loans, net				$	288,376

Schedule of Credit Risk Profile by Payment Activity

Credit Risk Profile Based on Payment Activity:

September 30, 2012	Performing Loans							Non-Performing Loans
	Amount				% of Total Gross  Loans			Amount				% of Total Gross  Loans
	(In thousands)							(In thousands)
Single-family residential	$	5,647,729			97.7	%		$	131,193			2.3	%
Construction - speculative	119,003				91.8			10,634				8.2
Construction - custom	211,151				99.7			539				0.3
Land - acquisition & development	111,200				89.2			13,477				10.8
Land - consumer lot loans	136,695				96.4			5,149				3.6
Multi-family	705,955				99.4			4,185				0.6
Commercial real estate	311,557				97.6			7,653				2.4
Commercial & industrial	162,807				100.0			16				—
HELOC	112,704				99.8			198				0.2
Consumer	62,991				99.4			383				0.6
	$	7,581,792			97.8	%		$	173,427			2.2	%

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	%

Summary of impaired loans based on type

The following tables provide information on impaired loans based on loan types as of September 30, 2012 and 2011:

September 30, 2012	Recorded Investment				Unpaid Principal Balance				Related Allowance				Average Recorded Investment
	(In thousands)
With no related allowance recorded:
Single-family residential	$	106,955			$	124,342			$	—			$	49,524
Construction - speculative	13,726				16,568				—				13,581
Construction - custom	—				—				—				—
Land - acquisition & development	18,000				30,209				—				16,417
Land - consumer lot loans	1,677				2,185				—				487
Multi-family	8,792				8,991				—				6,935
Commercial real estate	31,190				42,656				—				12,946
Commercial & industrial	1,146				7,363				—				581
HELOC	90				1,066				—				36
Consumer	—				4				—				—
	181,576				233,384				—				100,507
With an allowance recorded:
Single-family residential	317,901				317,901				25,723				305,350
Construction - speculative	12,836				12,836				2,981				12,822
Construction - custom	—				—				—				—
Land - acquisition & development	20,750				20,750				8,901				21,650
Land - consumer lot loans	13,881				13,881				761				13,126
Multi-family	14,153				14,555				2,462				14,279
Commercial real estate	3,722				3,722				798				2,897
Commercial & industrial	—				2				2				22
HELOC	734				734				—				743
Consumer	—				—				—				—
	383,977				384,381				41,628			(1)	370,889
Total:
Single-family residential	424,856				442,243				25,723				354,874
Construction - speculative	26,562				29,404				2,981				26,403
Construction - custom	—				—				—				—
Land - acquisition & development	38,750				50,959				8,901				38,067
Land - consumer lot loans	15,558				16,066				761				13,613
Multi-family	22,945				23,546				2,462				21,214
Commercial real estate	34,912				46,378				798				15,843
Commercial & industrial	1,146				7,365				2				603
HELOC	824				1,800				—				779
Consumer	—				4				—				—
	$	565,553			$	617,765			$	41,628		(1)	$	471,396

____________________ 

(1) Includes $15,983,000 of specific reserves and $25,645,000 included in the general reserves.

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.

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

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+ 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=7512638&loc=SL6953659-111524



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