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Covered Assets (Tables)

9 Months Ended

Jun. 30, 2014

Covered Assets [Abstract]

Schedule of Changes in Carrying Amount and Accretable Yield of Assets

Changes in the net carrying amount and accretable yield for acquired impaired and non-impaired covered loans for the year to date period ended June 30, 2014 and the fiscal year ended September 30, 2013 were as follows:

June 30, 2014	Acquired Impaired								Acquired Non-impaired
	Accretable Yield				Net Carrying Amount of Loans				Accretable Yield				Net Carrying Amount of Loans
	(In thousands)
Balance at beginning of period	$	78,277			$	138,091			$	17,263			$	157,856
Reclassification from nonaccretable balance, net (1)	5,885				(2,069		)		—				—
Accretion	(20,230		)		20,230				(4,409		)		4,409
Transfers to REO	—				(6,359		)		—				—
Payments received, net	—				(62,946		)		—				(42,005		)
Balance at end of period	$	63,932			$	86,947			$	12,854			$	120,260
(1) reclassification due to improvements/impairments in expected cash flows of the underlying pools.

September 30, 2013	Acquired Impaired								Acquired Non-impaired
	Accretable Yield				Net 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				—				—
Reclassification from nonaccretable balance, net (2)	17,850				—				—				—
Accretion	(33,774		)		33,774				(6,526		)		6,526
Transfers to REO	—				(11,196		)		—				—
Payments received, net	—				(67,386		)		—				(62,093		)
Balance at end of period	$	78,277			$	138,091			$	17,263			$	157,856
(1) includes FDIC covered loans which were acquired as part of the South Valley Bank acquisition.
(2) reclassification due to improvements/impairments in expected cash flows of the underlying pools.

Schedule of Activity for FDIC Indemnification Asset

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

	June 30, 2014				September 30, 2013
	(In thousands)
Balance at beginning of fiscal year 2014 and 2013	$	64,615			$	87,571
Additions (1)	2,029				18,101
Payments made (received)	(949		)		(13,421		)
Amortization	(22,236		)		(28,722		)
Accretion	606				1,086
Balance at end of period	$	44,065			$	64,615
(1) Includes FDIC covered loans which were acquired as part of the South Valley Bank acquisition in 2013.

Summary of Loans Based on Credit Quality Indicators

The following tables provide information on loans based on credit quality indicators (defined above) as of June 30, 2014 and September 30, 2013.

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

June 30, 2014	Internally Assigned Grade																				Total
	Pass				Special mention				Substandard				Doubtful				Loss				Gross Loans
	(In thousands)
Non-acquired loans
Single-family residential	$	5,325,757			$	2,993			$	138,021			$	—			$	—			$	5,466,771
Construction - speculative	116,002				—				10,924				—				—				126,926
Construction - custom	372,789				—				—				—				—				372,789
Land - acquisition & development	79,820				—				8,499				—				—				88,319
Land - consumer lot loans	111,459				—				460				—				—				111,919
Multi-family	888,836				—				4,906				—				—				893,742
Commercial real estate	490,940				17,097				15,813				—				—				523,850
Commercial & industrial	312,811				16,508				4,123				110				—				333,552
HELOC	116,929				—				248				—				—				117,177
Consumer	131,910				—				152				—				—				132,062
	7,947,253				36,598				183,146				110				—				8,167,107
Non-impaired acquired loans
Single-family residential	12,014				—				—				—				—				12,014
Construction - speculative	—				—				—				—				—				—
Construction - custom	—				—				—				—				—				—
Land - acquisition & development	663				—				406				—				—				1,069
Land - consumer lot loans	2,654				—				—				—				—				2,654
Multi-family	3,057				—				—				—				—				3,057
Commercial real estate	89,566				2,516				11,133				—				—				103,215
Commercial & industrial	42,571				13,600				4,144				34				—				60,349
HELOC	8,469				—				—				—				—				8,469
Consumer	6,427				—				—				—				—				6,427
	165,421				16,116				15,683				34				—				197,254
Credit-impaired acquired loans
Pool 1 - Construction and land A&D	1,340				—				330				—				—				1,670
Pool 2 - Single-family residential	326				—				—				—				—				326
Pool 3 - Multi-family	—				—				—				—				—				—
Pool 4 - HELOC & other consumer	10,716				—				—				—				—				10,716
Pool 5 - Commercial real estate	50,556				2,155				13,645				—				—				66,356
Pool 6 - Commercial & industrial	712				3,162				—				406				—				4,280
Total credit impaired acquired loans	63,650				5,317				13,975				406				—				83,348
Total gross loans	$	8,176,324			$	58,031			$	212,804			$	550			$	—			$	8,447,709
Total grade as a % of total gross loans	96.9		%		0.7		%		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
Non-impaired 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		%		—		%		—		%

Credit Risk Profile Based on Payment Activity (excludes acquired and covered loans):

June 30, 2014	Performing Loans							Non-Performing Loans
	Amount				% of Total Gross  Loans			Amount				% of Total Gross  Loans
	(In thousands)
Single-family residential	$	5,388,454			98.6	%		$	78,317			1.4	%
Construction - speculative	124,960				98.5			1,966				1.5
Construction - custom	372,646				100.0			143				—
Land - acquisition & development	86,024				97.4			2,295				2.6
Land - consumer lot loans	110,040				98.3			1,879				1.7
Multi-family	891,639				99.8			2,103				0.2
Commercial real estate	518,408				99.0			5,442				1.0
Commercial & industrial	333,036				99.8			516				0.2
HELOC	116,207				99.2			970				0.8
Consumer	131,467				99.5			595				0.5
	$	8,072,881			98.8	%		$	94,226			1.2	%

September 30, 2013	Performing Loans							Non-Performing Loans
	Amount				% of Total Gross  Loans			Amount				% of Total Gross  Loans
	(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	%

The following tables provide information on covered loans based on credit quality indicators (defined in Note E ) as of June 30, 2014 and September 30, 2013:

June 30, 2014	Internally Assigned Grade																				Total Net  Loans
	Pass				Special mention				Substandard				Doubtful				Loss
	(In thousands)
Acquired non-impaired loans:
Single-family residential	$	21,812			$	—			$	2,656			$	—			$	—			$	24,468
Construction - speculative	—				—				—				—				—				—
Construction - custom	—				—				—				—				—				—
Land - acquisition & development	1,441				—				395				—				—				1,836
Land - consumer lot loans	74				—				—				—				—				74
Multi-family	16,472				—				—				—				—				16,472
Commercial real estate	38,410				136				24,486				—				—				63,032
Commercial & industrial	2,831				—				2,748				—				—				5,579
HELOC	12,725				—				—				—				—				12,725
Consumer	501				—				—				—				—				501
	$	94,266			$	136			$	30,285			$	—			$	—			$	124,687
Total grade as a % of total net loans	75.6		%		0.1		%		24.3		%		—		%		—		%
Acquired credit-impaired loans:
Pool 1 - Construction and land A&D	$	9,429			$	—			$	17,919			$	—			$	—			$	27,348
Pool 2 - Single-family residential	16,429				—				982				—				—				17,411
Pool 3 - Multi-family	54				—				836				—				—				890
Pool 4 - HELOC & other consumer	2,938				—				1,227				—				—				4,165
Pool 5 - Commercial real estate	36,298				707				31,377				—				—				68,382
Pool 6 - Commercial & industrial	4,982				—				3,121				534				—				8,637
	$	70,130			$	707			$	55,462			$	534			$	—			$	126,833
													Total covered loans								251,520
																	Discount				(42,244		)
																	Allowance				(2,069		)
																	Covered loans, net				$	207,207

September 30, 2013	Internally Assigned Grade																				Total Net  Loans
	Pass				Special mention				Substandard				Doubtful				Loss
	(In thousands)
Acquired non-impaired loans:
Single-family residential	$	26,426			$	—			$	2,034			$	—			$	—			$	28,460
Construction - speculative	—				—				—				—				—				—
Construction - custom	—				—				—				—				—				—
Land - acquisition & development	3,069				1,019				722				—				—				4,810
Land - consumer lot loans	245				—				—				—				—				245
Multi-family	17,217				—				1,635				—				—				18,852
Commercial real estate	56,120				9,235				24,144				—				—				89,499
Commercial & industrial	5,175				500				3,741				—				—				9,416
HELOC	14,750				—				—				—				—				14,750
Consumer	604				—				—				—				—				604
	$	123,606			$	10,754			$	32,276			$	—			$	—			$	166,636
Total grade as a % of total net loans	74.2		%		6.4		%		19.4		%		—		%		—		%
Acquired credit-impaired loans:
Pool 1 - Construction and land A&D	$	14,361			$	4,296			$	25,363			$	—			$	—			$	44,020
Pool 2 - Single-family residential	21,541				—				—				—				—				21,541
Pool 3 - Multi-family	4,131				—				1,100				—				—				5,231
Pool 4 - HELOC & other consumer	4,111				—				1,880				—				—				5,991
Pool 5 - Commercial real estate	36,494				15,113				53,946				—				—				105,553
Pool 6 - Commercial & industrial	4,265				204				8,807				—				—				13,276
	$	84,903			$	19,613			$	91,096			$	—			$	—			$	195,612
													Total covered loans								362,248
																	Discount				(66,301		)
																	Allowance				—
																	Covered loans, net				$	295,947

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

The following tables provide an analysis of the age of acquired non credit-impaired covered loans in past due status as of June 30, 2014 and September 30, 2013:

June 30, 2014	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	$	24,468			$	23,056			$	108			$	13			$	1,291			$	1,412			5.77	%
Construction - Speculative	—				—				—				—				—				—				—
Construction - Custom	—				—				—				—				—				—				—
Land - Acquisition & Development	1,836				1,800				—				—				36				36				1.96
Land - Consumer Lot Loans	74				74				—				—				—				—				—
Multi-Family	16,472				16,472				—				—				—				—				—
Commercial Real Estate	63,032				61,937				—				—				1,095				1,095				1.74
Commercial & Industrial	5,579				5,579				—				—				—				—				—
HELOC	12,725				12,628				97				—				—				97				0.76
Consumer	501				486				2				13				—				15				2.99
	$	124,687			$	122,032			$	207			$	26			$	2,422			$	2,655			2.13	%

September 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	$	28,460			$	27,411			$	78			$	—			$	971			$	1,049			3.69	%
Construction - Speculative	—				—				—				—				—				—				—
Construction - Custom	—				—				—				—				—				—				—
Land - Acquisition & Development	4,810				4,774				—				—				36				36				0.75
Land - Consumer Lot Loans	245				199				—				—				46				46				18.78
Multi-Family	18,852				17,511				—				—				1,341				1,341				7.11
Commercial Real Estate	89,499				84,949				2,779				455				1,316				4,550				5.08
Commercial & Industrial	9,416				9,416				—				—				—				—				—
HELOC	14,750				14,334				103				74				239				416				2.82
Consumer	604				601				3				—				—				3				0.50
	$	166,636			$	159,195			$	2,963			$	529			$	3,949			$	7,441			4.47	%

X

- 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=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

-URI http://asc.fasb.org/extlink&oid=32702940&loc=SL6953803-111525

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