Covered Assets (Tables)

9 Months Ended

Jun. 30, 2012

Schedule of Changes in Carrying Amount and Accretable Yield of Assets

Changes in the carrying amount and accretable yield for acquired impaired and non-impaired loans were as follows:



June 30, 2012	Acquired Impaired						Acquired Non-impaired
	Accretable Yield			Carrying Amount of Loans			Accretable Yield			Carrying Amount of Loans
	(In thousands)
Balance at beginning of period	$	37,072		$	116,061		$	30,370		$	269,888
Accretion	(15,142		)	15,142			(4,939		)	4,939
Transfers to REO	—			(13,094		)	—			—
Payments received, net	—			(43,361		)	—			(46,894		)
Balance at end of period	$	21,930		$	74,748		$	25,431		$	227,933



September 30, 2011	Acquired Impaired						Acquired Non-impaired
	Accretable Yield			Carrying Amount of Loans			Accretable Yield			Carrying Amount of Loans
	(In thousands)
Balance at beginning of period	$	27,019		$	190,530		$	39,813		$	343,944
Reclassification from nonaccretable balance, net	24,025			—			—			—
Accretion	(13,972		)	13,972			(9,443		)	9,443
Transfers to REO	—			(54,638		)	—			—
Payments received, net	—			(33,803		)	—			(83,499		)
Balance at end of period	$	37,072		$	116,061		$	30,370		$	269,888

Schedule of Activity for FDIC Indemnification Asset

The following table shows the year to date activity for the FDIC indemnification asset:



	June 30, 2012			September 30, 2011
	(In thousands)
Balance at beginning of period	$	101,634		$	131,128
Additions	5,742			10,470
Payments made (received)	(276		)	(32,828		)
Amortization	(11,023		)	(10,239		)
Accretion	1,303			3,103
Balance at end of period	$	97,380		$	101,634

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 June 30, 2012 and September 30, 2011:

Credit Risk Profile by Internally Assigned Grade:



June 30, 2012	Internally Assigned Grade															Total Net Loans
	Pass			Special mention			Substandard			Doubtful			Loss
	(In thousands)
Purchased non credit-impaired loans:
Single-family residential	$	34,874		$	—		$	3,868		$	—		$	—		$	38,742
Construction - speculative	—			—			—			—			—			—
Construction - custom	—			—			—			—			—			—
Land - acquisition & development	4,623			2,669			6,031			—			—			13,323
Land - consumer lot loans	503			—			—			—			—			503
Multi-family	29,347			—			2,754			—			—			32,101
Commercial real estate	93,387			1,104			30,843			—			—			125,334
Commercial & industrial	6,953			917			6,707			—			—			14,577
HELOC	19,307			—			—			—			—			19,307
Consumer	973			—			—			—			—			973
	189,967			4,690			50,203			—			—			244,860
Total grade as a % of total net loans	77.6		%	1.9		%	20.5		%	—		%	—		%

Purchased credit-impaired loans:
Pool 1 - Construction and land A&D	9,807			5,865			39,582			—			—			55,254
Pool 2 - Single-family residential	379			—			3,959			—			—			4,338
Pool 3 - Multi-family	—			3,019			—			—			—			3,019
Pool 4 - HELOC & other consumer	1,171			—			3,469			—			—			4,640
Pool 5 - Commercial real estate	408			27,739			42,447			—			—			70,594
Pool 6 - Commercial & industrial	3,881			1,497			11,685			—			—			17,063
	$	15,646		$	38,120		$	101,142		$	—		$	—		154,908
													Total covered loans			399,768
													Discount			(93,321		)
													Allowance			(3,766		)
													Covered loans, net			$	302,681



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

Analysis of Age of Purchased Non-Credit Impaired Loans In Past Due Status

The following tables provide an analysis of the age of purchased non credit-impaired loans in past due status for the periods ended June 30, 2012 and September 30, 2011:



June 30, 2012	Amount of Loans Net of LIP & Chg.-Offs		Days Delinquent Based on $ Amount of Loans										% based on $
Type of Loans	Amount of Loans Net of LIP & Chg.-Offs		Current		30		60		90		Total		% based on $
Single-Family Residential	$	38,742	$	36,523	$	81	$	—	$	2,138	$	2,219	5.73	%
Construction - Speculative	—		—		—		—		—		—		NM
Construction - Custom	—		—		—		—		—		—		NM
Land - Acquisition & Development	13,323		12,847		476		—		—		476		3.57
Land - Consumer Lot Loans	503		405		—		—		98		98		19.48
Multi-Family	32,101		30,593		—		—		1,508		1,508		4.70
Commercial Real Estate	125,334		123,411		—		—		1,923		1,923		1.53
Commercial & Industrial	14,577		11,094		30		—		3,453		3,483		23.89
HELOC	19,307		18,814		18		244		231		493		2.55
Consumer	973		961		1		11		—		12		1.23
	$	244,860	$	234,648	$	606	$	255	$	9,351	$	10,212	4.17	%



September 30, 2011	Amount of Loans Net of LIP & Chg.-Offs		Days Delinquent Based on $ Amount of Loans										% based on $
Type of Loans	Amount of Loans Net of LIP & Chg.-Offs		Current		30		60		90		Total		% based on $
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	%

NM - not meaningful