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Covered Assets | 9 Months Ended
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Jun. 30, 2013
Covered Assets [Abstract] |
Covered Assets | Covered Assets Covered assets represent loans and real estate held for sale acquired from the FDIC that are subject to loss sharing agreements and were $337,892,000 as of June 30, 2013, versus $317,925,000 as of September 30, 2012. As of the close of business October 31, 2012, the Company acquired covered assets as part of the South Valley acquisition as described in Note B. The carrying balance of acquired covered loans have been included in the following tables. Changes in the carrying amount and accretable yield for acquired impaired and non-impaired loans for the year to date period ended June 30, 2013 and the fiscal year ended September 30, 2012 were as follows:
June 30, 2013 | Acquired Impaired |  | Acquired Non-impaired
| Accretable Yield |  | Carrying Amount of Loans |  | Accretable Yield |  | Carrying Amount of Loans
| (In thousands)
Balance at beginning of period | $ | 50,902 |  |  | $ | 74,953 |  |  | $ | 23,789 |  |  | $ | 213,423 |
Additions (1) | 43,299 |  |  | 107,946 |  |  | — |  |  | — |
Accretion | (26,590 | ) |  | 26,590 |  |  | (5,716 | ) |  | 5,716 |
Transfers to REO | — |  |  | (11,694 | ) |  | — |  |  | — |
Payments received, net | — |  |  | (52,329 | ) |  | — |  |  | (54,227 | )
Balance at end of period | $ | 67,611 |  |  | $ | 145,466 |  |  | $ | 18,073 |  |  | $ | 164,912 |
(1) includes FDIC covered loans which were acquired as part of the South Valley acquisition. |  |  |  |
September 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 |
Reclassification from nonaccretable balance, net | 34,690 |  |  | — |  |  | — |  |  | — |
Accretion | (20,860 | ) |  | 20,860 |  |  | (6,581 | ) |  | 6,581 |
Transfers to REO | — |  |  | (15,905 | ) |  | — |  |  | — |
Payments received, net | — |  |  | (46,063 | ) |  | — |  |  | (63,046 | )
Balance at end of period | $ | 50,902 |  |  | $ | 74,953 |  |  | $ | 23,789 |  |  | $ | 213,423 |
At June 30, 2013, none of the acquired impaired or non-impaired loans were classified as non-performing assets. Therefore, interest income, through accretion of the difference between the carrying amount of the loans and the expected cash flows, was recognized on all acquired loans. The outstanding principal balance of acquired loans was $383,825,000 and $373,455,000 as of June 30, 2013 and September 30, 2012, respectively. The discount balance related to the acquired loans was $73,447,000 and $85,079,000 as of June 30, 2013 and September 30, 2012, respectively. The following table shows the year to date activity for the FDIC indemnification asset:
| June 30, 2013 |  | September 30, 2012
| (In thousands)
Balance at beginning of period | $ | 87,571 |  |  | $ | 101,634 |
Additions (1) | 17,965 |  |  | 3,284 |
Payments made (received) | (13,014 | ) |  | (3,456 | )
Amortization | (19,693 | ) |  | (15,510 | )
Accretion | 836 |  |  | 1,619 |
Balance at end of period | $ | 73,665 |  |  | $ | 87,571 |
(1) includes FDIC covered loans which were acquired as part of the South Valley acquisition.
The following tables provide information on covered loans based on credit quality indicators (defined in Note A) as of June 30, 2013 and September 30, 2012: Credit Risk Profile by Internally Assigned Grade:
June 30, 2013 | Internally Assigned Grade |  | Total Net Loans
| Pass |  | Special mention |  | Substandard |  | Doubtful |  | Loss |
| (In thousands)
Purchased non credit-impaired loans: |  |  |  |  |  |  |  |  |  |  |
Single-family residential | $ | 29,323 |  |  | $ | — |  |  | $ | 2,698 |  |  | $ | — |  |  | $ | — |  |  | $ | 32,021 |
Construction - speculative | 104 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 104 |
Construction - custom | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Land - acquisition & development | 2,780 |  |  | 1,203 |  |  | 1,028 |  |  | — |  |  | — |  |  | 5,011 |
Land - consumer lot loans | 247 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 247 |
Multi-family | 19,026 |  |  | — |  |  | 294 |  |  | — |  |  | — |  |  | 19,320 |
Commercial real estate | 62,600 |  |  | 9,398 |  |  | 19,978 |  |  | — |  |  | — |  |  | 91,976 |
Commercial & industrial | 5,935 |  |  | 500 |  |  | 3,238 |  |  | — |  |  | — |  |  | 9,673 |
HELOC | 15,508 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,508 |
Consumer | 640 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 640 |
| 136,163 |  |  | 11,101 |  |  | 27,236 |  |  | — |  |  | — |  |  | 174,500 |
Total grade as a % of total net loans | 78.0 | % |  | 6.4 | % |  | 15.6 | % |  | — | % |  | — | % |  |
Purchased credit-impaired loans: |  |  |  |  |  |  |  |
Pool 1 - Construction and land A&D | 14,818 |  |  | 4,297 |  |  | 26,955 |  |  | — |  |  | — |  |  | 46,070 |
Pool 2 - Single-family residential | 22,198 |  |  | — |  |  | 340 |  |  | — |  |  | — |  |  | 22,538 |
Pool 3 - Multi-family | 1,239 |  |  | — |  |  | 4,496 |  |  | — |  |  | — |  |  | 5,735 |
Pool 4 - HELOC & other consumer | 4,331 |  |  | — |  |  | 2,034 |  |  | — |  |  | — |  |  | 6,365 |
Pool 5 - Commercial real estate | 37,083 |  |  | 15,205 |  |  | 58,800 |  |  | — |  |  | — |  |  | 111,088 |
Pool 6 - Commercial & industrial | 7,004 |  |  | 229 |  |  | 10,296 |  |  | — |  |  | — |  |  | 17,529 |
| $ | 86,673 |  |  | $ | 19,731 |  |  | $ | 102,921 |  |  | $ | — |  |  | $ | — |  |  | 209,325 |
|  |  |  |  |  |  |  |  | Total covered loans |  | 383,825 |
|  |  |  |  |  |  |  |  | Discount |  | (73,447 | )
|  |  |  |  |  |  |  |  | Allowance |  | — |
|  |  |  |  |  |  |  |  | Covered loans, net |  | $ | 310,378 |
September 30, 2012 | 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 |
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, 2013 and September 30, 2012:
June 30, 2013 | 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 |
Single-Family Residential | $ | 32,021 |  |  | $ | 30,935 |  |  | $ | 14 |  |  | $ | 255 |  |  | $ | 817 |  |  | $ | 1,086 |  |  | 3.39 | %
Construction - Speculative | 104 |  |  | 104 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | NM |
Construction - Custom | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | NM |
Land - Acquisition & Development | 5,011 |  |  | 4,975 |  |  | — |  |  | — |  |  | 36 |  |  | 36 |  |  | 0.72 |
Land - Consumer Lot Loans | 247 |  |  | 201 |  |  | — |  |  | — |  |  | 46 |  |  | 46 |  |  | 18.62 |
Multi-Family | 19,320 |  |  | 19,320 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | NM |
Commercial Real Estate | 91,976 |  |  | 90,881 |  |  | — |  |  | — |  |  | 1,095 |  |  | 1,095 |  |  | 1.19 |
Commercial & Industrial | 9,673 |  |  | 9,673 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | NM |
HELOC | 15,508 |  |  | 15,143 |  |  | — |  |  | 18 |  |  | 347 |  |  | 365 |  |  | 2.35 |
Consumer | 640 |  |  | 634 |  |  | 5 |  |  | — |  |  | 1 |  |  | 6 |  |  | 0.94 |
| $ | 174,500 |  |  | $ | 171,866 |  |  | $ | 19 |  |  | $ | 273 |  |  | $ | 2,342 |  |  | $ | 2,634 |  |  | 1.51 | %
September 30, 2012 | 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 |
Single-Family Residential | $ | 35,676 |  |  | $ | 32,601 |  |  | $ | 2,075 |  |  | $ | — |  |  | $ | 1,000 |  |  | $ | 3,075 |  |  | 8.62 | %
Construction - Speculative | 90 |  |  | 90 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | NM |
Construction - Custom | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | NM |
Land - Acquisition & Development | 11,430 |  |  | 9,922 |  |  | — |  |  | — |  |  | 1,508 |  |  | 1,508 |  |  | 13.19 |
Land - Consumer Lot Loans | 498 |  |  | 385 |  |  | — |  |  | — |  |  | 113 |  |  | 113 |  |  | 22.69 |
Multi-Family | 27,645 |  |  | 26,137 |  |  | — |  |  | — |  |  | 1,508 |  |  | 1,508 |  |  | 5.45 |
Commercial Real Estate | 121,592 |  |  | 115,206 |  |  | 17 |  |  | 4,447 |  |  | 1,922 |  |  | 6,386 |  |  | 5.25 |
Commercial & Industrial | 13,023 |  |  | 9,513 |  |  | — |  |  | 69 |  |  | 3,441 |  |  | 3,510 |  |  | 26.95 |
HELOC | 17,971 |  |  | 17,440 |  |  | 97 |  |  | 50 |  |  | 384 |  |  | 531 |  |  | 2.95 |
Consumer | 918 |  |  | 916 |  |  | — |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 2.20 |
| $ | 228,843 |  |  | $ | 212,210 |  |  | $ | 2,189 |  |  | $ | 4,567 |  |  | $ | 9,877 |  |  | $ | 16,633 |  |  | 7.27 | %
NM - not meaningful

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