Covered Assets (Tables)

12 Months Ended

Sep. 30, 2014

Summary of carrying value of acquired impaired and non-impaired loans

The following table reflects the carrying value of all acquired impaired and non-impaired loans as of September 30, 2014 and 2013:



	September 30, 2014								September 30, 2013
	Acquired Impaired Loans			Acquired Non-impaired Loans		Total			Acquired Impaired Loans		Acquired Non-impaired Loans		Total
	(In thousands)
Single-family residential	$	22,400		$	23,067	$	45,467		$	28,428	$	28,460	$	56,888
Construction – speculative	181			—		181			440		—		440
Construction – custom	—			—		—			1,197		—		1,197
Land – acquisition & development	5,589			1,364		6,953			17,953		4,810		22,763
Land – consumer lot loans	496			73		569			496		245		741
Multi-family	2,225			6,598		8,823			6,933		18,852		25,785
Commercial real estate	69,873			51,336		121,209			121,105		89,499		210,604
Commercial & industrial	8,894			5,492		14,386			14,949		9,416		24,365
HELOC	3,285			11,777		15,062			3,869		14,750		18,619
Consumer	99			454		553			242		604		846
Total covered loans	113,042			100,161		213,203			195,612		166,636		362,248
Allowance for losses	(2,244		)	—		(2,244		)	—		—		—
	$	110,798		$	100,161	$	210,959		$	195,612	$	166,636	$	362,248
Discount						(34,483		)					(66,301		)
Covered loans, net						$	176,476						$	295,947

Schedule of changes in carrying amount and accretable yield for acquired impaired and non-impaired loans

Changes in the carrying amount and accretable yield for acquired impaired and non-impaired loans were as follows for the fiscal years ended September 30, 2014 and 2013:



	September 30, 2014												September 30, 2013
	Acquired Impaired						Acquired Non-impaired						Acquired Impaired						Acquired Non-impaired
	Accretable Yield			Carrying Amount of Loans			Accretable Yield			Carrying Amount of Loans			Accretable Yield			Carrying Amount of Loans			Accretable Yield			Carrying Amount of Loans
	(In thousands)												(In thousands)
Balance at beginning of period	$	78,277		$	138,091		$	17,263		$	157,856		$	50,902		$	74,953		$	23,789		$	213,423
Additions	—			—			—			—			43,299			107,946			—			—
Reclassification from nonaccretable balance, net	10,186			(2,069		)	—			—			17,850			—			—			—
Accretion	(23,929		)	23,929			(7,004		)	7,004			(33,774		)	33,774			(6,526		)	6,526
Transfers to REO	—			(8,943		)	—			—			—			(11,196		)	—			—
Payments received, net	—			(72,953		)	—			(66,438		)	—			(67,386		)	—			(62,093		)
Balance at end of period	$	64,534		$	78,055		$	10,259		$	98,422		$	78,277		$	138,091		$	17,263		$	157,856

Schedule of activity for FDIC indemnification asset

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



	September 30, 2014			September 30, 2013
	(In thousands)
Balance at beginning of period	$	64,615		$	87,571
Additions	1,795			18,101
Payments received	(2,502		)	(13,421		)
Amortization	(27,850		)	(28,722		)
Accretion	802			1,086
Balance at end of period	$	36,860		$	64,615

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

Analysis of age of purchased non-credit impaired loans in past due status

The following table provides an analysis of the payment status of purchased non-credit impaired loans in past due status for the period ended September 30, 2014.



	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 $
	(In thousands)
Single-family residential	$	23,067	$	22,391	$	230	$	40	$	406	$	676	2.93	%
Construction - speculative	—		—		—		—		—		—		NM
Construction - custom	—		—		—		—		—		—		NM
Land - acquisition & development	1,364		1,328		—		—		36		36		2.64	%
Land - consumer lot loans	73		73		—		—		—		—		—	%
Multi-family	6,598		5,502		—		—		1,096		1,096		16.61	%
Commercial real estate	51,336		51,336		—		—		—		—		—	%
Commercial & industrial	5,492		5,492		—		—		—		—		—	%
HELOC	11,777		11,777		—		—		—		—		—	%
Consumer	454		443		11		—		—		11		2.42	%
	$	100,161	$	98,342	$	241	$	40	$	1,538	$	1,819	1.82	%