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Allowance for Losses on Loans (Tables)

12 Months Ended

Sep. 30, 2014

Receivables [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, 2014 and 2013:

September 30, 2014	Beginning Allowance				Charge-offs				Recoveries				Provision & Transfers				Ending Allowance
	(In thousands)
Single-family residential	$	64,184			$	(8,529	)		$	17,684			$	(10,576	)		$	62,763
Construction - speculative	8,407				(949		)		97				(813		)		6,742
Construction - custom	882				—				—				813				1,695
Land - acquisition & development	9,165				(541		)		3,071				(6,103		)		5,592
Land - consumer lot loans	3,552				(658		)		22				161				3,077
Multi-family	3,816				—				—				432				4,248
Commercial real estate	5,595				(105		)		33				2,025				7,548
Commercial & industrial	16,614				(826		)		5,043				(4,304		)		16,527
HELOC	1,002				(48		)		—				(26		)		928
Consumer	3,524				(3,443		)		3,513				(367		)		3,227
	$	116,741			$	(15,099	)		$	29,463			$	(18,758	)		$	112,347

September 30, 2013	Beginning Allowance				Charge-offs				Recoveries				Provision & Transfers				Ending Allowance
	(In thousands)
Single-family residential	$	81,815			$	(20,947	)		$	9,416			$	(6,100	)		$	64,184
Construction - speculative	12,060				(1,446		)		501				(2,708		)		8,407
Construction - custom	347				(481		)		—				1,016				882
Land - acquisition & development	15,598				(3,983		)		4,105				(6,555		)		9,165
Land - consumer lot loans	4,937				(1,363		)		40				(62		)		3,552
Multi-family	5,280				(1,043		)		171				(592		)		3,816
Commercial real estate	1,956				(747		)		17				4,369				5,595
Commercial & industrial	7,626				(1,145		)		95				10,038				16,614
HELOC	965				(163		)		—				200				1,002
Consumer	2,563				(2,783		)		2,000				1,744				3,524
	$	133,147			$	(34,101	)		$	16,345			$	1,350			$	116,741

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, 2014 and 2013:

September 30, 2014	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	$	62,067			$	5,487,331			1.1	%		$	—			$	72,869			—	%
Construction - speculative	6,682				130,901				5.5			60				9,159				0.7
Construction - custom	1,695				385,464				0.5			—				360				—
Land - acquisition & development	5,592				73,999				7.6			—				3,833				—
Land - consumer lot loans	3,077				95,684				3.2			—				12,939				—
Multi-family	4,248				911,162				0.5			—				6,124				—
Commercial real estate	7,548				563,534				1.4			—				27,802				—
Commercial & industrial	17,223				421,816				4.6			—				—				—
HELOC	928				114,393				0.9			—				1,650				—
Consumer	3,227				132,590				2.4			—				—				—
	$	112,287			$	8,316,874			1.4	%		$	60			$	134,736			—	%

 ___________________

(1) Excludes acquired loans with discounts sufficient to absorb potential losses and covered loans

September 30, 2013	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	$	64,184			$	5,262,159			1.2	%		$	—			$	96,989			—	%
Construction - speculative	7,307				115,554				6.3			1,100				15,224				7.2
Construction - custom	882				302,722				0.3			—				—				—
Land - acquisition & development	6,943				67,521				10.3			2,222				10,254				21.7
Land - consumer lot loans	3,506				107,216				3.3			46				14,455				0.3
Multi-family	3,711				824,279				0.5			105				7,405				1.4
Commercial real estate	5,595				400,789				1.4			—				14,172				—
Commercial & industrial	16,614				256,954				6.5			—				48				—
HELOC	1,002				111,169				0.9			—				1,017				—
Consumer	3,524				47,141				7.5			—				—				—
	$	113,268			$	7,495,504			1.5	%		$	3,473			$	159,564			2.2	%

 ___________________

(1) Excludes acquired loans with discounts sufficient to absorb potential losses and 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, 2014 and 2013:

September 30, 2014	Internally Assigned Grade																				Total
	Pass				Special mention				Substandard				Doubtful				Loss				Gross Loans
	(In thousands)
Non-acquired loans
Single-family residential	$	5,426,895			$	2,793			$	130,515			$	—			$	—			$	5,560,203
Construction - speculative	134,950				—				5,110				—				—				140,060
Construction - custom	385,824				—				—				—				—				385,824
Land - acquisition & development	71,692				—				6,140				—				—				77,832
Land - consumer lot loans	108,013				—				610				—				—				108,623
Multi-family	912,728				—				4,558				—				—				917,286
Commercial real estate	557,914				1,971				31,451				—				—				591,336
Commercial & industrial	359,221				14,740				5,265				—				—				379,226
HELOC	115,794				—				248				—				—				116,042
Consumer	132,349				—				241				—				—				132,590
	8,205,380				19,504				184,138				—				—				8,409,022
Acquired loans
Single-family residential	11,716				—				—				—				—				11,716
Construction - speculative	—				—				—				—				—				—
Construction - custom	—				—				—				—				—				—
Land - acquisition & development	503				—				402				—				—				905
Land - consumer lot loans	2,507				—				—				—				—				2,507
Multi-family	2,999				—				—				—				—				2,999
Commercial real estate	88,974				2,571				6,353				—				—				97,898
Commercial & industrial	36,311				13,642				4,208				58				—				54,219
HELOC	8,274				—				—				—				—				8,274
Consumer	5,670				—				—				—				—				5,670
	156,954				16,213				10,963				58				—				184,188
Credit impaired acquired loans
Pool 1 - Construction and land A&D	1,292				—				330				—				—				1,622
Pool 2 - Single-family residential	325				—				—				—				—				325
Pool 3 - Multi-family	—				—				—				—				—				—
Pool 4 - HELOC & other consumer	10,194				—				—				—				—				10,194
Pool 5 - Commercial real estate	48,878				2,143				12,702				—				—				63,723
Pool 6 - Commercial & industrial	643				—				—				—				—				643
Total credit impaired acquired loans	61,332				2,143				13,032				—				—				76,507
Total gross loans	$	8,423,666			$	37,860			$	208,133			$	58			$	—			$	8,669,717
Total grade as a % of total gross loans	97.2		%		0.4		%		2.4		%		—		%		—		%

September 30, 2013	Internally Assigned Grade																				Total
	Pass				Special mention				Substandard				Doubtful				Loss				Gross Loans
	(In thousands)
Non-acquired loans
Single-family residential	$	5,184,101			$	4,595			$	170,453			$	—			$	—			$	5,359,149
Construction - speculative	99,436				3,199				28,143				—				—				130,778
Construction - custom	302,722				—				—				—				—				302,722
Land - acquisition & development	64,355				775				12,645				—				—				77,775
Land - consumer lot loans	121,039				—				632				—				—				121,671
Multi-family	819,911				2,114				9,659				—				—				831,684
Commercial real estate	373,012				21,652				20,297				—				—				414,961
Commercial & industrial	240,441				1,049				1,709				—				—				243,199
HELOC	112,186				—				—				—				—				112,186
Consumer	46,720				—				421				—				—				47,141
	7,363,923				33,384				243,959				—				—				7,641,266
Acquired loans
Single-family residential	14,468				—				—				—				—				14,468
Construction - speculative	—				—				—				—				—				—
Construction - custom	—				—				—				—				—				—
Land - acquisition & development	312				—				1,177				—				—				1,489
Land - consumer lot loans	3,313				—				—				—				—				3,313
Multi-family	3,227				—				687				—				—				3,914
Commercial real estate	105,055				4,190				24,178				—				—				133,423
Commercial & industrial	64,933				1,309				9,084				—				—				75,326
HELOC	10,179				—				—				—				—				10,179
Consumer	8,267				—				—				—				—				8,267
	209,754				5,499				35,126				—				—				250,379
Credit impaired acquired loans
Pool 1 - Construction and land A&D	980				461				955				—				—				2,396
Pool 2 - Single-family residential	333				—				—				—				—				333
Pool 3 - Multi-family	—				—				—				—				—				—
Pool 4 - HELOC & other consumer	11,337				—				—				—				—				11,337
Pool 5 - Commercial real estate	52,509				3,155				21,245				—				—				76,909
Pool 6 - Commercial & industrial	881				—				7,044				—				—				7,925
Total credit impaired acquired loans	66,040				3,616				29,244				—				—				98,900
Total gross loans	$	7,639,717			$	42,499			$	308,329			$	—			$	—			$	7,990,545
Total grade as a % of total gross loans	95.6		%		0.5		%		3.9		%		—		%		—		%

The following tables provide information on covered loans based on credit quality indicators (defined in Note A) as of September 30, 2014:

	Internally Assigned Grade																				Total Net  Loans
	Pass				Special mention				Substandard				Doubtful				Loss
	(In thousands)
Purchased non-credit impaired loans:
Single-family residential	$	21,311			$	—			$	1,756			$	—			$	—			$	23,067
Construction - speculative	—				—				—				—				—				—
Construction - custom	—				—				—				—				—				—
Land - acquisition & development	972				—				392				—				—				1,364
Land - consumer lot loans	73				—				—				—				—				73
Multi-family	6,598				—				—				—				—				6,598
Commercial real estate	26,940				115				24,281				—				—				51,336
Commercial & industrial	2,801				—				2,691				—				—				5,492
HELOC	11,777				—				—				—				—				11,777
Consumer	454				—				—				—				—				454
	70,926				115				29,120				—				—				100,161
Total grade as a % of total net loans	70.8		%		0.1		%		29.1		%		—		%		—		%
Purchased credit impaired loans:
Pool 1 - Construction and land A&D	8,349				—				11,912				—				—				20,261
Pool 2 - Single-family residential	15,585				—				379				—				—				15,964
Pool 3 - Multi-family	52				—				471				—				—				523
Pool 4 - HELOC & other consumer	2,804				—				1,173				—				—				3,977
Pool 5 - Commercial real estate	33,909				700				29,782				—				—				64,391
Pool 6 - Commercial & industrial	3,509				—				3,892				525				—				7,926
	$	64,208			$	700			$	47,609			$	525			$	—			$	113,042
																	Total covered loans				213,203
																	Discount				(34,483		)
																	Allowance				$	(2,244	)
																	Covered loans, net				$	176,476

Schedule of Credit Risk Profile by Payment Activity

The following tables provide information on non-acquired loans based on payment activity as of September 30, 2014 and 2013:

September 30, 2014	Performing Loans							Non-Performing Loans
	Amount				% of Total Gross  Loans			Amount				% of Total Gross  Loans
	(In thousands)							(In thousands)
Single-family residential	$	5,486,136			98.7	%		$	74,067			1.3	%
Construction - speculative	138,583				98.9			1,477				1.1
Construction - custom	385,824				100.0			—				—
Land - acquisition & development	77,021				99.0			811				1.0
Land - consumer lot loans	105,986				97.6			2,637				2.4
Multi-family	915,544				99.8			1,742				0.2
Commercial real estate	586,230				99.1			5,106				0.9
Commercial & industrial	379,219				100.0			7				—
HELOC	115,247				99.3			795				0.7
Consumer	131,801				99.4			789				0.6
	$	8,321,591			99.0	%		$	87,431			1.0	%

September 30, 2013	Performing Loans							Non-Performing Loans
	Amount				% of Total Gross  Loans			Amount				% of Total Gross  Loans
	(In thousands)							(In thousands)
Single-family residential	$	5,258,688			98.1	%		$	100,460			1.9	%
Construction - speculative	126,218				96.5			4,560				3.5
Construction - custom	302,722				100.0			—				—
Land - acquisition & development	74,872				96.3			2,903				3.7
Land - consumer lot loans	118,334				97.3			3,337				2.7
Multi-family	825,111				99.2			6,573				0.8
Commercial real estate	389,423				97.1			11,736				2.9
Commercial & industrial	256,525				99.8			477				0.2
HELOC	111,923				99.8			263				0.2
Consumer	46,151				97.9			990				2.1
	$	7,509,967			98.3	%		$	131,299			1.7	%

Summary of impaired loans based on type

The following tables provide information on impaired loans based on loan types as of September 30, 2014 and 2013:

September 30, 2014	Recorded Investment				Unpaid Principal Balance				Related Allowance				Average Recorded Investment
	(In thousands)
With no related allowance recorded:
Single-family residential	$	24,044			$	26,628			$	—			$	16,843
Construction - speculative	1,603				2,173				—				1,804
Construction - custom	—				—				—				—
Land - acquisition & development	837				2,325				—				1,038
Land - consumer lot loans	974				1,072				—				713
Multi-family	1,111				1,111				—				327
Commercial real estate	13,234				20,085				—				11,720
Commercial & industrial	3,195				17,166				—				3,900
HELOC	1,019				1,730				—				612
Consumer	663				833				—				517
	46,680				73,123				—				37,474
With an allowance recorded:
Single-family residential	322,320				327,869				10,527				316,348
Construction - speculative	7,556				7,986				60				7,532
Construction - custom	—				—				—				—
Land - acquisition & development	4,696				5,636				—				4,114
Land - consumer lot loans	13,002				13,385				—				12,858
Multi-family	5,243				5,463				—				4,957
Commercial real estate	34,159				35,028				—				18,572
Commercial & industrial	—				—				—				—
HELOC	1,486				1,486				—				1,204
Consumer	43				214				—				79
	388,505				397,067				10,587				365,664
Total:
Single-family residential	346,364				354,497				10,527				333,191
Construction - speculative	9,159				10,159				60				9,336
Construction - custom	—				—				—				—
Land - acquisition & development	5,533				7,961				—				5,152
Land - consumer lot loans	13,976				14,457				—				13,571
Multi-family	6,354				6,574				—				5,284
Commercial real estate	47,393				55,113				—				30,292
Commercial & industrial	3,195				17,166				—				3,900
HELOC	2,505				3,216				—				1,816
Consumer	706				1,047				—				596
	$	435,185			$	470,190			$	10,587			$	403,138

____________________ 

(1) Includes $60,000 of specific reserves and $10,527,000 included in the general reserves.

September 30, 2013	Recorded Investment				Unpaid Principal Balance				Related Allowance				Average Recorded Investment
	(In thousands)
With no related allowance recorded:
Single-family residential	$	33,883			$	38,928			$	—			$	21,458
Construction - speculative	3,891				4,099				—				3,339
Construction - custom	—				—				—				—
Land - acquisition & development	3,020				10,705				—				2,548
Land - consumer lot loans	3,186				3,376				—				1,839
Multi-family	4,929				4,929				—				1,734
Commercial real estate	23,537				31,876				—				9,651
Commercial & industrial	7,279				31,197				—				3,123
HELOC	446				946				—				133
Consumer	601				618				—				127
	80,772				126,674				—				43,952
With an allowance recorded:
Single-family residential	335,140				341,910				15,137				330,407
Construction - speculative	8,892				9,342				1,100				12,362
Construction - custom	—				—				—				—
Land - acquisition & development	2,598				4,002				—				8,315
Land - consumer lot loans	12,631				13,014				2,222				12,301
Multi-family	5,958				6,178				46				7,731
Commercial real estate	7,539				8,476				105				9,321
Commercial & industrial	56				56				—				11
HELOC	938				938				—				858
Consumer	33				33				—				9
	373,785				383,949				18,610			(1)	381,315
Total:
Single-family residential	369,023				380,838				15,137				351,865
Construction - speculative	12,783				13,441				1,100				15,701
Construction - custom	—				—				—				—
Land - acquisition & development	5,618				14,707				—				10,863
Land - consumer lot loans	15,817				16,390				2,222				14,140
Multi-family	10,887				11,107				46				9,465
Commercial real estate	31,076				40,352				105				18,972
Commercial & industrial	7,335				31,253				—				3,134
HELOC	1,384				1,884				—				991
Consumer	634				651				—				136
	$	454,557			$	510,623			$	18,610		(1)	$	425,267

____________________ 

(1) Includes $3,473,000 of specific reserves and $15,137,000 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

-Paragraph 11B

-URI http://asc.fasb.org/extlink&oid=28368275&loc=SL6953423-111524

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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=28368275&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.

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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=28368275&loc=d3e5212-111524

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