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Allowance for Losses on Loans (Tables)

6 Months Ended

Mar. 31, 2012

Financing Receivable, Recorded Investment [Line Items]

Summary of Activity in Allowance for Loan Losses

The following table summarizes the activity in the allowance for loan losses for the quarter ended March 31, 2012 and fiscal year ended September 30, 2011:

Quarter Ended March 31, 2012	Beginning Allowance				Charge-offs				Recoveries				Provision & Transfers				Ending Allowance
	(In thousands)
Single-family residential	$	84,793			$	(15,086	)		$	836			$	13,332			$	83,875
Construction - speculative	14,640				(980		)		—				2,283				15,943
Construction - custom	457				—				—				(73		)		384
Land - acquisition & development	29,089				(11,738		)		—				2,578				19,929
Land - consumer lot loans	8,283				(687		)		—				116				7,712
Multi-family	6,543				(106		)		9				(1,609		)		4,837
Commercial real estate	2,739				(151		)		6				275				2,869
Commercial & industrial	4,421				(111		)		53				64				4,427
HELOC	972				(76		)		—				73				969
Consumer	2,603				(1,053		)		363				961				2,874
	$	154,540			$	(29,988	)		$	1,267			$	18,000			$	143,819

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 March 31, 2012 and September 30, 2011:

March 31, 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	$	80,397			$	5,920,650			1.4	%		$	3,479			$	50,890			6.8	%
Construction - speculative	8,192				94,129				8.7			7,751				34,590				22.4
Construction - custom	384				235,566				0.2			—				—				—
Land - acquisition & development	6,339				44,765				14.2			13,589				107,202				12.7
Land - consumer lot loans	6,672				147,703				4.5			1,040				2,264				45.9
Multi-family	2,727				671,367				0.4			2,110				15,100				14.0
Commercial real estate	1,082				273,434				0.4			1,787				19,800				9.0
Commercial & industrial	4,403				93,376				4.7			24				1,543				1.6
HELOC	969				113,368				0.9			—				—				—
Consumer	2,874				71,080				4.0			—				—				—
	$	114,039			$	7,665,438			1.4			$	29,780			$	231,389			12.9

 ___________________

(1) Excludes acquired and 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 covered loans based on credit quality indicators (defined in Note A) as of March 31, 2012 and September 30, 2011:

Credit Risk Profile by Internally Assigned Grade:

March 31, 2012	Internally Assigned Grade																				Total Net  Loans
	Pass				Special mention				Substandard				Doubtful				Loss
	(In thousands)
Purchased non credit-impaired loans:
Single-family residential	$	37,588			$	—			$	3,196			$	—			$	—			$	40,784
Construction - speculative	734				—				—				—				—				734
Construction - custom	—				—				—				—				—				—
Land - acquisition & development	7,632				5,398				1,031				—				—				14,061
Land - consumer lot loans	507				—				—				—				—				507
Multi-family	29,828				—				2,760				—				—				32,588
Commercial real estate	99,296				1,115				28,787				—				—				129,198
Commercial & industrial	7,462				1,156				6,923				—				—				15,541
HELOC	19,705				—				—				—				—				19,705
Consumer	1,019				—				—				—				—				1,019
	203,771				7,669				42,697				—				—				254,137
Total grade as a % of total net loans	80.2		%		3.0		%		16.8		%		—		%		—		%
Purchased credit-impaired loans:
Pool 1 - Construction and land A&D	10,415				5,872				42,297				—				—				58,584
Pool 2 - Single-family residential	2,038				—				4,044				—				—				6,082
Pool 3 - Multi-family	—				3,043				—				—				—				3,043
Pool 4 - HELOC & other consumer	1,997				—				4,574				—				—				6,571
Pool 5 - Commercial real estate	411				30,259				41,912				—				—				72,582
Pool 6 - Commercial & industrial	4,983				1,556				15,109				—				—				21,648
	$	19,844			$	40,730			$	107,936			$	—			$	—			168,510
																	Total covered loans				422,647
																	Discount				(97,247		)
																	Allowance				(3,766		)
																	Covered loans, net				$	321,634

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 March 31, 2012 and September 30, 2011:

													Average Recorded Investment
March 31, 2012	Recorded Investment				Unpaid Principal Balance				Related Allowance				Quarter Ended March 31, 2012				Six Months Ended March 31, 2012
	(In thousands)
With no related allowance recorded:
Single-family residential	$	51,677			$	52,039			$	—			$	26,012			$	17,652
Construction - speculative	8,127				10,341				—				5,851				5,963
Construction - custom	—				—				—				—				—
Land - acquisition & development	27,521				59,792				—				31,846				32,913
Land - consumer lot loans	81				81				—				41				27
Multi-family	11,272				11,933				—				8,721				8,057
Commercial real estate	4,855				6,660				—				3,203				2,556
Commercial & industrial	201				201				—				103				68
HELOC	76				76				—				38				25
Consumer	—				—				—				—				—
	103,810				141,123				—				75,815				67,261
With an allowance recorded:
Single-family residential	332,053				332,053				25,823				331,768				336,505
Construction - speculative	27,751				27,751				7,751				26,163				25,511
Construction - custom	—				—				—				—				—
Land - acquisition & development	30,521				31,397				13,590				30,921				31,138
Land - consumer lot loans	250				250				1,040				251				251
Multi-family	11,352				11,352				2,110				11,370				11,386
Commercial real estate	6,587				6,587				1,787				6,413				6,484
Commercial & industrial	24				24				24				29				33
HELOC	—				—				—				—				—
Consumer	—				—				—				—				—
	408,538				409,414				52,125			(1)	406,915				411,308
Total:
Single-family residential	383,730				384,092				25,823				357,780				354,157
Construction - speculative	35,878				38,092				7,751				32,014				31,474
Construction - custom	—				—				—				—				—
Land - acquisition & development	58,042				91,189				13,590				62,767				64,051
Land - consumer lot loans	331				331				1,040				292				278
Multi-family	22,624				23,285				2,110				20,091				19,443
Commercial real estate	11,442				13,247				1,787				9,616				9,040
Commercial & industrial	225				$	225			24				132				101
HELOC	76				76				—				38				25
Consumer	—				—				—				—				—
	$	512,348			$	550,537			$	52,125		(1)	$	482,730			$	478,569

____________________ 

(1)Includes $29,781,000 of specific reserves and $22,344,000 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.

Excludes Acquired and Covered Loans [Member]

Financing Receivable, Recorded Investment [Line Items]

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 March 31, 2012 and September 30, 2011:

Credit Risk Profile by Internally Assigned Grade (excludes covered loans):

March 31, 2012	Internally Assigned Grade																				Total
	Pass				Special mention				Substandard				Doubtful				Loss				Gross Loans
	(In thousands)
Non-acquired loans
Single-family residential	$	5,792,611			$	300			$	178,629			$	—			$	—			$	5,971,540
Construction - speculative	69,948				8,885				49,886				—				—				128,719
Construction - custom	235,566				—				—				—				—				235,566
Land - acquisition & development	33,225				19,801				98,941				—				—				151,967
Land - consumer lot loans	149,243				259				465				—				—				149,967
Multi-family	651,722				6,735				28,010				—				—				686,467
Commercial real estate	255,328				2,633				35,273				—				—				293,234
Commercial & industrial	91,621				586				2,292				—				420				94,919
HELOC	113,368				—				—				—				—				113,368
Consumer	70,123				528				430				—				—				71,081
	7,462,755				39,727				393,926				—				420				7,896,828
Credit impaired acquired loans
Pool 1 - Construction and land A&D	2,567				—				2,062				—				—				4,629
Pool 2 - Single-family residential	—				—				2,093				—				—				2,093
Pool 3 - Multi-family	68				—				1,161				—				—				1,229
Pool 4 - HELOC & other consumer	16,846				—				—				494				—				17,340
Pool 5 - Commercial real estate	52,922				11,040				36,189				987				116				101,254
Pool 6 - Commercial & industrial	4,164				993				2,189				419				—				7,765
Total credit impaired acquired loans	76,567				12,033				43,694				1,900				116				134,310
Total gross loans	$	7,539,322			$	51,760			$	437,620			$	1,900			$	536			$	8,031,138
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 acquired and covered loans):

March 31, 2012	Performing Loans							Non-Performing Loans
	Amount				% of Total Gross  Loans			Amount				% of Total Gross  Loans
	(In thousands)
Single-family residential	$	5,855,256			98.1	%		$	116,284			1.9	%
Construction - speculative	120,529				93.6			8,190				6.4
Construction - custom	235,027				99.8			539				0.2
Land - acquisition & development	126,931				83.5			25,036				16.5
Land - consumer lot loans	144,326				96.2			5,641				3.8
Multi-family	681,937				99.3			4,530				0.7
Commercial real estate	288,237				98.3			4,997				1.7
Commercial & industrial	94,918				100.0			1				—
HELOC	112,777				99.5			591				0.5
Consumer	70,737				99.5			344				0.5
	$	7,730,675			97.9			$	166,153			2.1

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	%

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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- 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

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Tabular disclosure of impaired financing receivables.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section 50

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5212-111524

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