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Allowance for Losses on Loans (Tables) | 3 Months Ended
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Dec. 31, 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 quarter ended December 31, 2011 and fiscal year ended September 30, 2011:
Quarter Ended December 31, 2011 | Beginning Allowance |  | Charge-offs |  | Recoveries |  | Provision & Transfers |  | Ending Allowance
| (In thousands)
Single-family residential | $ | 83,307 |  |  | $ | (13,088 | ) |  | $ | 1,759 |  |  | $ | 12,815 |  |  | $ | 84,793 |
Construction - speculative | 13,828 |  |  | (723 | ) |  | 283 |  |  | 1,252 |  |  | 14,640 |
Construction - custom | 623 |  |  | — |  |  | — |  |  | (166 | ) |  | 457 |
Land - acquisition & development | 32,719 |  |  | (2,364 | ) |  | 233 |  |  | (1,499 | ) |  | 29,089 |
Land - consumer lot loans | 5,520 |  |  | (671 | ) |  | — |  |  | 3,434 |  |  | 8,283 |
Multi-family | 7,623 |  |  | (1,287 | ) |  | 208 |  |  | (1 | ) |  | 6,543 |
Commercial real estate | 4,331 |  |  | — |  |  | — |  |  | (1,592 | ) |  | 2,739 |
Commercial & industrial | 5,099 |  |  | (10 | ) |  | 2,201 |  |  | (2,869 | ) |  | 4,421 |
HELOC | 1,139 |  |  | — |  |  | 52 |  |  | (219 | ) |  | 972 |
Consumer | 2,971 |  |  | (734 | ) |  | 312 |  |  | 54 |  |  | 2,603 |
| $ | 157,160 |  |  | $ | (18,877 | ) |  | $ | 5,048 |  |  | $ | 11,209 |  |  | $ | 154,540 |
Fiscal Year Ended 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 shows a summary of loans collectively and individually evaluated for impairment and the related allocation of general and specific reserves as of December 31, 2011 and September 30, 2011:
December 31, 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 | $ | 80,583 |  |  | $ | 6,053,039 |  |  | 1.3 | % |  | $ | 4,210 |  |  | $ | 29,452 |  |  | 14.3 | %
Construction - speculative | 7,897 |  |  | 89,009 |  |  | 8.9 |  |  | 6,743 |  |  | 41,111 |  |  | 16.4 |
Construction - custom | 457 |  |  | 271,227 |  |  | 0.2 |  |  | — |  |  | — |  |  | — |
Land - acquisition & development | 7,123 |  |  | 47,420 |  |  | 15.0 |  |  | 21,966 |  |  | 128,545 |  |  | 17.1 |
Land - consumer lot loans | 7,029 |  |  | 152,378 |  |  | 4.6 |  |  | 1,254 |  |  | 2,496 |  |  | 50.2 |
Multi-family | 2,363 |  |  | 668,785 |  |  | 0.4 |  |  | 4,180 |  |  | 20,364 |  |  | 20.5 |
Commercial real estate | 1,138 |  |  | 393,736 |  |  | 0.3 |  |  | 1,601 |  |  | 21,658 |  |  | 7.4 |
Commercial & industrial | 4,387 |  |  | 91,359 |  |  | 4.8 |  |  | 34 |  |  | 2,433 |  |  | 1.4 |
HELOC | 972 |  |  | 132,089 |  |  | 0.7 |  |  | — |  |  | — |  |  | — |
Consumer | 2,603 |  |  | 63,243 |  |  | 4.1 |  |  | — |  |  | — |  |  | — |
| $ | 114,552 |  |  | $ | 7,962,285 |  |  | 1.4 |  |  | $ | 39,988 |  |  | $ | 246,059 |  |  | 16.3 |
___________________
(1) | Excludes covered 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 in Note A) as of December 31, 2011 and September 30, 2011: Credit Risk Profile by Internally Assigned Grade (excludes covered loans):
December 31, 2011 | Internally Assigned Grade |  | Total
| Pass |  | Special mention |  | Substandard |  | Doubtful |  | Loss |  | Gross Loans
| (In thousands)
Single-family residential | $ | 5,906,370 |  |  | $ | — |  |  | $ | 176,120 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,082,490 |
Construction - speculative | 65,880 |  |  | 7,663 |  |  | 56,577 |  |  | — |  |  | — |  |  | 130,120 |
Construction - custom | 271,227 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 271,227 |
Land - acquisition & development | 41,528 |  |  | 24,028 |  |  | 110,409 |  |  | — |  |  | — |  |  | 175,965 |
Land - consumer lot loans | 154,228 |  |  | 261 |  |  | 385 |  |  | — |  |  | — |  |  | 154,874 |
Multi-family | 653,006 |  |  | 6,193 |  |  | 29,950 |  |  | — |  |  | — |  |  | 689,149 |
Commercial real estate | 377,668 |  |  | 7,276 |  |  | 30,450 |  |  | — |  |  | — |  |  | 415,394 |
Commercial & industrial | 89,705 |  |  | 1,344 |  |  | 2,362 |  |  | — |  |  | 381 |  |  | 93,792 |
HELOC | 132,089 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 132,089 |
Consumer | 62,247 |  |  | 528 |  |  | 468 |  |  | — |  |  | — |  |  | 63,243 |
| $ | 7,753,948 |  |  | $ | 47,293 |  |  | $ | 406,721 |  |  | $ | — |  |  | $ | 381 |  |  | $ | 8,208,343 |
Total grade as a % of total gross loans | 94.5 | % |  | 0.6 | % |  | 4.9 | % |  | — | % |  | — | % |  |
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 | % |  | — | % |  | — | % |  |
Credit Risk Profile Based on Payment Activity (excludes covered loans):
December 31, 2011 | Performing Loans |  | Non-Performing Loans
| Amount |  | % of Total Gross Loans |  | Amount |  | % of Total Gross Loans
| (In thousands)
Single-family residential | $ | 5,961,272 |  |  | 98.0 | % |  | $ | 121,218 |  |  | 2.0 | %
Construction - speculative | 121,044 |  |  | 93.0 |  |  | 9,076 |  |  | 7.0 |
Construction - custom | 270,592 |  |  | 99.8 |  |  | 635 |  |  | 0.2 |
Land - acquisition & development | 140,816 |  |  | 80.0 |  |  | 35,149 |  |  | 20.0 |
Land - consumer lot loans | 148,023 |  |  | 95.6 |  |  | 6,851 |  |  | 4.4 |
Multi-family | 682,121 |  |  | 99.0 |  |  | 7,028 |  |  | 1.0 |
Commercial real estate | 410,620 |  |  | 98.9 |  |  | 4,774 |  |  | 1.1 |
Commercial & industrial | 93,784 |  |  | 100.0 |  |  | 8 |  |  | — |
HELOC | 131,478 |  |  | 99.5 |  |  | 611 |  |  | 0.5 |
Consumer | 62,810 |  |  | 99.3 |  |  | 433 |  |  | 0.7 |
| $ | 8,022,560 |  |  | 97.7 |  |  | $ | 185,783 |  |  | 2.3 |
September 30, 2011 | Performing Loans |  | Non-Performing Loans
| Amount |  | % of Total Gross Loans |  | Amount |  | % of Total Gross Loans
| (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 | %
The following tables provide information on covered loans based on credit quality indicators (defined in Note A) as of December 31, 2011 and September 30, 2011: Credit Risk Profile by Internally Assigned Grade:
December 31, 2011 | Internally Assigned Grade |  | Total Net Loans
| Pass |  | Special mention |  | Substandard |  | Doubtful |  | Loss |
| (In thousands)
Purchased non-credit impaired loans: |  |  |  |  |  |  |  |  |  |  |
Single-family residential | $ | 42,610 |  |  | $ | — |  |  | $ | 586 |  |  | $ | — |  |  | $ | — |  |  | $ | 43,196 |
Construction - speculative | 725 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 725 |
Construction - custom | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Land - acquisition & development | 8,050 |  |  | 5,402 |  |  | 1,177 |  |  | — |  |  | — |  |  | 14,629 |
Land - consumer lot loans | 523 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 523 |
Multi-family | 30,317 |  |  | 313 |  |  | 2,454 |  |  | — |  |  | — |  |  | 33,084 |
Commercial real estate | 104,144 |  |  | 1,139 |  |  | 29,719 |  |  | — |  |  | — |  |  | 135,002 |
Commercial & industrial | 8,347 |  |  | 4,601 |  |  | 3,948 |  |  | 444 |  |  | — |  |  | 17,340 |
HELOC | 21,595 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 21,595 |
Consumer | 1,061 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,061 |
| 217,372 |  |  | 11,455 |  |  | 37,884 |  |  | 444 |  |  | — |  |  | 267,155 |
Total grade as a % of total net loans | 81.4 | % |  | 4.3 | % |  | 14.2 | % |  | 0.2 | % |  | — | % |  |
Purchased credit impaired loans: |  |  |  |  |  |  |  |
Pool 1 - Construction and land A&D | 9,989 |  |  | 2,723 |  |  | 50,717 |  |  | — |  |  | — |  |  | 63,429 |
Pool 2 - Single-family residential | 3,579 |  |  | — |  |  | 4,025 |  |  | — |  |  | — |  |  | 7,604 |
Pool 3 - Multi-family | — |  |  | 3,066 |  |  | 234 |  |  | — |  |  | — |  |  | 3,300 |
Pool 4 - HELOC & other consumer | 2,603 |  |  | — |  |  | 4,415 |  |  | — |  |  | — |  |  | 7,018 |
Pool 5 - Commercial real estate | 415 |  |  | 30,416 |  |  | 47,723 |  |  | — |  |  | — |  |  | 78,554 |
Pool 6 - Commercial & industrial | 2,866 |  |  | 2,590 |  |  | 21,268 |  |  | 560 |  |  | 47 |  |  | 27,331 |
| $ | 19,452 |  |  | $ | 38,795 |  |  | $ | 128,382 |  |  | $ | 560 |  |  | $ | 47 |  |  | 187,236 |
|  |  |  |  |  |  |  |  | Total covered loans |  | 454,391 |
|  |  |  |  |  |  |  |  | Discount |  | (103,156 | )
|  |  |  |  |  |  |  |  | Allowance |  | (3,766 | )
|  |  |  |  |  |  |  |  | Covered loans, net |  | $ | 347,469 |
September 30, 2011 | 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 |
Sumary of Impaired Loans Based on Type | The following table provides information on impaired loans based on loan types as of December 31, 2011 and September 30, 2011:
December 31, 2011 | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment for Quarter Ended December 31, 2011
| (In thousands)
With no related allowance recorded: |  |  |  |  |  |  |
Single-family residential | $ | 630 |  |  | $ | 744 |  |  | $ | — |  |  | $ | 648 |
Construction - speculative | 1,047 |  |  | 1,461 |  |  | — |  |  | 958 |
Construction - custom | — |  |  | — |  |  | — |  |  | — |
Land - acquisition & development | 22,046 |  |  | 50,712 |  |  | — |  |  | 21,568 |
Land - consumer lot loans | — |  |  | — |  |  | — |  |  | — |
Multi-family | 4,978 |  |  | 5,653 |  |  | — |  |  | 5,315 |
Commercial real estate | 1,550 |  |  | 2,051 |  |  | — |  |  | 1,095 |
Commercial & industrial | 13 |  |  | 22 |  |  | — |  |  | 6 |
HELOC | — |  |  | — |  |  | — |  |  | — |
Consumer | — |  |  | — |  |  | — |  |  | — |
| 30,264 |  |  | 60,643 |  |  | — |  |  | 29,590 |
With an allowance recorded: |  |  |  |  |  |  |
Single-family residential | 352,599 |  |  | 352,599 |  |  | 30,185 |  |  | 338,996 |
Construction - speculative | 30,687 |  |  | 30,687 |  |  | 6,743 |  |  | 30,578 |
Construction - custom | — |  |  | — |  |  | — |  |  | — |
Land - acquisition & development | 47,663 |  |  | 48,540 |  |  | 21,966 |  |  | 47,789 |
Land - consumer lot loans | 351 |  |  | 351 |  |  | 1,254 |  |  | 351 |
Multi-family | 13,260 |  |  | 13,260 |  |  | 4,180 |  |  | 13,274 |
Commercial real estate | 6,409 |  |  | 6,409 |  |  | 1,601 |  |  | 6,419 |
Commercial & industrial | 34 |  |  | 34 |  |  | 34 |  |  | 37 |
HELOC | — |  |  | — |  |  | — |  |  | — |
Consumer | — |  |  | — |  |  | — |  |  | — |
| 451,003 |  |  | 451,880 |  |  | 65,963 |  | (1) | 437,444 |
Total: |  |  |  |  |  |  |
Single-family residential | 353,229 |  |  | 353,343 |  |  | 30,185 |  |  | 339,644 |
Construction - speculative | 31,734 |  |  | 32,148 |  |  | 6,743 |  |  | 31,536 |
Construction - custom | — |  |  | — |  |  | — |  |  | — |
Land - acquisition & development | 69,709 |  |  | 99,252 |  |  | 21,966 |  |  | 69,357 |
Land - consumer lot loans | 351 |  |  | 351 |  |  | 1,254 |  |  | 351 |
Multi-family | 18,238 |  |  | 18,913 |  |  | 4,180 |  |  | 18,589 |
Commercial real estate | 7,959 |  |  | 8,460 |  |  | 1,601 |  |  | 7,514 |
Commercial & industrial | 47 |  |  | $ | 56 |  |  | 34 |  |  | 43 |
HELOC | — |  |  | — |  |  | — |  |  | — |
Consumer | — |  |  | — |  |  | — |  |  | — |
| $ | 481,267 |  |  | $ | 512,523 |  |  | $ | 65,963 |  | (1) | $ | 467,034 |
____________________ (1)Includes $39,988,000 of specific reserves and $25,975,000 included in the general reserves.
September 30, 2011 | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment for Quarter Ended December 31, 2010
| (In thousands)
With no related allowance recorded: |  |  |  |  |  |  |
Single-family residential | $ | 5,597 |  |  | $ | 9,575 |  |  | $ | — |  |  | $ | — |
Construction - speculative | 8,286 |  |  | 11,026 |  |  | — |  |  | 25,722 |
Construction - custom | — |  |  | — |  |  | — |  |  | — |
Land - acquisition & development | 22,436 |  |  | 50,970 |  |  | — |  |  | 37,685 |
Land - consumer lot loans | — |  |  | — |  |  | — |  |  | — |
Multi-family | 3,233 |  |  | 4,508 |  |  | — |  |  | 5,627 |
Commercial real estate | 3,462 |  |  | 3,963 |  |  | — |  |  | 8,444 |
Commercial & industrial | — |  |  | — |  |  | — |  |  | 1,911 |
HELOC | — |  |  | — |  |  | — |  |  | — |
Consumer | — |  |  | — |  |  | — |  |  | — |
| 43,014 |  |  | 80,042 |  |  | — |  |  | 79,389 |
With an allowance recorded: |  |  |  |  |  |  |
Single-family residential | 331,546 |  |  | 331,546 |  |  | 29,378 |  |  | 218,831 |
Construction - speculative | 29,255 |  |  | 29,255 |  |  | 6,859 |  |  | 50,691 |
Construction - custom | — |  |  | — |  |  | — |  |  | — |
Land - acquisition & development | 49,036 |  |  | 49,912 |  |  | 22,230 |  |  | 100,163 |
Land - consumer lot loans | 352 |  |  | 352 |  |  | 1,135 |  |  | — |
Multi-family | 17,149 |  |  | 17,149 |  |  | 4,180 |  |  | 11,348 |
Commercial real estate | 6,429 |  |  | 6,429 |  |  | 1,601 |  |  | 2,409 |
Commercial & industrial | 41 |  |  | 41 |  |  | 41 |  |  | 120 |
HELOC | — |  |  | — |  |  | — |  |  | — |
Consumer | — |  |  | — |  |  | — |  |  | — |
| 433,808 |  |  | 434,684 |  |  | 65,424 |  | (1) | 383,562 |
Total: |  |  |  |  |  |  |
Single-family residential | 337,143 |  |  | 341,121 |  |  | 29,378 |  |  | 218,831 |
Construction - speculative | 37,541 |  |  | 40,281 |  |  | 6,859 |  |  | 76,413 |
Construction - custom | — |  |  | — |  |  | — |  |  | — |
Land - acquisition & development | 71,472 |  |  | 100,882 |  |  | 22,230 |  |  | 137,848 |
Land - consumer lot loans | 352 |  |  | 352 |  |  | 1,135 |  |  | — |
Multi-family | 20,382 |  |  | 21,657 |  |  | 4,180 |  |  | 16,975 |
Commercial real estate | 9,891 |  |  | 10,392 |  |  | 1,601 |  |  | 10,853 |
Commercial & industrial | 41 |  |  | 41 |  |  | 41 |  |  | 2,031 |
HELOC | — |  |  | — |  |  | — |  |  | — |
Consumer | — |  |  | — |  |  | — |  |  | — |
| $ | 476,822 |  |  | $ | 514,726 |  |  | $ | 65,424 |  | (1) | $ | 462,951 |
(1) | Includes $41,912,000 of specific reserves and $23,512,000 included in the general reserves.

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