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Allowance for Losses on Loans | 6 Months Ended
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Mar. 31, 2016
Receivables [Abstract] |
Allowance for Losses on Loans | Allowance for Losses on Loans The following tables summarize the activity in the allowance for loan losses.
Three Months Ended March 31, 2016 | Beginning Allowance |  | Charge-offs |  | Recoveries |  | Provision & Transfers |  | Ending Allowance
| (In thousands)
Single-family residential | $ | 47,756 |  |  | $ | (1,026 | ) |  | $ | 111 |  |  | $ | (5,013 | ) |  | $ | 41,828 |
Construction | 7,014 |  |  | — |  |  | (5 | ) |  | 8,717 |  |  | 15,726 |
Construction - custom | 1,062 |  |  | — |  |  | — |  |  | (40 | ) |  | 1,022 |
Land - acquisition & development | 6,778 |  |  | — |  |  | 3,371 |  |  | (2,897 | ) |  | 7,252 |
Land - consumer lot loans | 3,001 |  |  | (268 | ) |  | — |  |  | (267 | ) |  | 2,466 |
Multi-family | 5,047 |  |  | — |  |  | — |  |  | 1,737 |  |  | 6,784 |
Commercial real estate | 10,344 |  |  | (9 | ) |  | 992 |  |  | (3,544 | ) |  | 7,783 |
Commercial & industrial | 24,096 |  |  | (331 | ) |  | 590 |  |  | (531 | ) |  | 23,824 |
HELOC | 820 |  |  | (26 | ) |  | — |  |  | 34 |  |  | 828 |
Consumer | 1,983 |  |  | (278 | ) |  | 397 |  |  | 304 |  |  | 2,406 |
| $ | 107,901 |  |  | $ | (1,938 | ) |  | $ | 5,456 |  |  | $ | (1,500 | ) |  | $ | 109,919 |
Three Months Ended March 31, 2015 | Beginning Allowance |  | Charge-offs |  | Recoveries |  | Provision & Transfers |  | Ending Allowance
| (In thousands)
Single-family residential | $ | 55,495 |  |  | $ | (1,409 | ) |  | $ | 4,122 |  |  | $ | (3,446 | ) |  | $ | 54,762 |
Construction | 5,451 |  |  | — |  |  | 75 |  |  | (81 | ) |  | 5,445 |
Construction - custom | 965 |  |  | — |  |  | — |  |  | 3 |  |  | 968 |
Land - acquisition & development | 6,671 |  |  | — |  |  | 204 |  |  | 530 |  |  | 7,405 |
Land - consumer lot loans | 3,113 |  |  | (52 | ) |  | 34 |  |  | (60 | ) |  | 3,035 |
Multi-family | 4,500 |  |  | — |  |  | — |  |  | 173 |  |  | 4,673 |
Commercial real estate | 5,872 |  |  | — |  |  | 453 |  |  | 409 |  |  | 6,734 |
Commercial & industrial | 23,328 |  |  | (355 | ) |  | 18 |  |  | (1,845 | ) |  | 21,146 |
HELOC | 892 |  |  | — |  |  | — |  |  | (42 | ) |  | 850 |
Consumer | 2,413 |  |  | (701 | ) |  | 734 |  |  | 859 |  |  | 3,305 |
| $ | 108,700 |  |  | $ | (2,517 | ) |  | $ | 5,640 |  |  | $ | (3,500 | ) |  | $ | 108,323 |
Six Months Ended March 31, 2016 | Beginning Allowance |  | Charge-offs |  | Recoveries |  | Provision & Transfers |  | Ending Allowance
| (In thousands)
Single-family residential | $ | 47,347 |  |  | $ | (2,165 | ) |  | $ | 2,577 |  |  | $ | (5,931 | ) |  | $ | 41,828 |
Construction | 6,680 |  |  | — |  |  | 150 |  |  | 8,896 |  |  | 15,726 |
Construction - custom | 990 |  |  | (60 | ) |  | — |  |  | 92 |  |  | 1,022 |
Land - acquisition & development | 5,781 |  |  | — |  |  | 3,406 |  |  | (1,935 | ) |  | 7,252 |
Land - consumer lot loans | 2,946 |  |  | (676 | ) |  | — |  |  | 196 |  |  | 2,466 |
Multi-family | 5,304 |  |  | — |  |  | — |  |  | 1,480 |  |  | 6,784 |
Commercial real estate | 8,960 |  |  | (32 | ) |  | 1,115 |  |  | (2,260 | ) |  | 7,783 |
Commercial & industrial | 24,980 |  |  | (579 | ) |  | 591 |  |  | (1,168 | ) |  | 23,824 |
HELOC | 902 |  |  | (27 | ) |  | 21 |  |  | (68 | ) |  | 828 |
Consumer | 2,939 |  |  | (520 | ) |  | 789 |  |  | (802 | ) |  | 2,406 |
| $ | 106,829 |  |  | $ | (4,059 | ) |  | $ | 8,649 |  |  | $ | (1,500 | ) |  | $ | 109,919 |
Six Months Ended March 31, 2015 | Beginning Allowance |  | Charge-offs |  | Recoveries |  | Provision & Transfers |  | Ending Allowance
| (In thousands)
Single-family residential | $ | 62,763 |  |  | $ | (3,103 | ) |  | $ | 6,675 |  |  | $ | (11,573 | ) |  | $ | 54,762 |
Construction | 6,742 |  |  | (388 | ) |  | 75 |  |  | (984 | ) |  | 5,445 |
Construction - custom | 1,695 |  |  | — |  |  | — |  |  | (727 | ) |  | 968 |
Land - acquisition & development | 5,592 |  |  | (38 | ) |  | 205 |  |  | 1,646 |  |  | 7,405 |
Land - consumer lot loans | 3,077 |  |  | (87 | ) |  | 34 |  |  | 11 |  |  | 3,035 |
Multi-family | 4,248 |  |  | — |  |  | 220 |  |  | 205 |  |  | 4,673 |
Commercial real estate | 7,548 |  |  | (27 | ) |  | 481 |  |  | (1,268 | ) |  | 6,734 |
Commercial & industrial | 16,527 |  |  | (355 | ) |  | 52 |  |  | 4,922 |  |  | 21,146 |
HELOC | 928 |  |  | — |  |  | — |  |  | (78 | ) |  | 850 |
Consumer | 3,227 |  |  | (1,128 | ) |  | 1,349 |  |  | (143 | ) |  | 3,305 |
Covered loans | 2,244 |  |  |  |  |  |  | (2,244 | ) |  | — |
| $ | 114,591 |  |  | $ | (5,126 | ) |  | $ | 9,091 |  |  | $ | (10,233 | ) |  | $ | 108,323 |
The Company recorded a release of allowance for loan losses of $1,500,000 for the three months ended March 31, 2016, which compares to a release of allowance of $3,949,000 for the three months ended March 31, 2015. The release of allowance for loan losses for the quarter ended March 31, 2016 was a result of continued improvement in credit quality of the loan portfolio offset by net growth in the loan portfolio. The related improvement in the credit quality of the loan portfolio relates to the factors below. The Company had recoveries, net of charge-offs, of $3,518,000 for the quarter ended March 31, 2016, compared with $3,123,000 of net recoveries for the same quarter one year ago. Non-performing assets were $93,329,000, or 0.64%, of total assets at March 31, 2016, compared to $98,846,000, or 0.67%, and $128,577,000, or 0.88%, of total assets at December 31, 2015 and September 30, 2015, respectively. Non-accrual loans were $54,559,000 at March 31, 2016, compared to $56,748,000 and $67,810,000 at December 31, 2015 and September 30, 2015, respectively. The reserve for unfunded commitments was $3,085,000 as of March 31, 2016, which is unchanged since September 30, 2015. Management believes the allowance for loan losses plus the reserve for unfunded commitments, totaling $113,004,000, or 1.10% of gross loans, is sufficient to absorb estimated losses inherent in the portfolio. Acquired loans, including covered loans, are not usually classified as non-performing because at acquisition, the carrying value of these loans is recorded at fair value. As of March 31, 2016, $24,101,000 in acquired loans were subject to the general allowance as the discount related to these balances was no longer sufficient to absorb all of the expected losses. The following tables show loans collectively and individually evaluated for impairment and the related allocation of general and specific reserves.
March 31, 2016 | Loans Collectively Evaluated for Impairment |  | Loans Individually Evaluated for Impairment
| Allowance Allocation |  | Recorded Investment of Loans (1) |  | Ratio |  | Allowance Allocation |  | Recorded Investment of Loans (1) |  | Ratio
| (In thousands) |  |  |  | (In thousands)
Single-family residential | $ | 40,974 |  |  | $ | 5,557,463 |  |  | 0.7 | % |  | $ | 854 |  |  | $ | 28,462 |  |  | 3.0 | %
Construction | 15,726 |  |  | 391,616 |  |  | 4.0 |  |  | — |  |  | — |  |  | — |
Construction - custom | 1,021 |  |  | 210,809 |  |  | 0.5 |  |  | — |  |  | 171 |  |  | — |
Land - acquisition & development | 7,221 |  |  | 88,064 |  |  | 8.2 |  |  | 31 |  |  | 1,280 |  |  | 2.4 |
Land - consumer lot loans | 2,466 |  |  | 89,741 |  |  | 2.8 |  |  | — |  |  | 1,114 |  |  | — |
Multi-family | 6,774 |  |  | 1,070,178 |  |  | 0.6 |  |  | 11 |  |  | 1,522 |  |  | 0.7 |
Commercial real estate | 7,643 |  |  | 810,343 |  |  | 0.9 |  |  | 140 |  |  | 12,602 |  |  | 1.1 |
Commercial & industrial | 23,824 |  |  | 829,394 |  |  | 2.9 |  |  | — |  |  | — |  |  | — |
HELOC | 828 |  |  | 128,295 |  |  | 0.7 |  |  | — |  |  | 566 |  |  | — |
Consumer | 2,406 |  |  | 164,612 |  |  | 1.5 |  |  | — |  |  | — |  |  | — |
| $ | 108,883 |  |  | $ | 9,340,515 |  |  | 1.2 | % |  | $ | 1,036 |  |  | $ | 45,717 |  |  | 2.3 | %
(1) | Excludes acquired loans with discounts sufficient to absorb potential losses and covered loans
September 30, 2015 | Loans Collectively Evaluated for Impairment |  | Loans Individually Evaluated for Impairment
| Allowance Allocation |  | Recorded Investment of Loans (1) |  | Ratio |  | Allowance Allocation |  | Recorded Investment of Loans (1) |  | Ratio
| (In thousands) |  |  |  | (In thousands)
Single-family residential | $ | 47,073 |  |  | $ | 5,595,752 |  |  | 0.8 | % |  | $ | 275 |  |  | $ | 51,718 |  |  | 0.5 | %
Construction | 6,680 |  |  | 124,679 |  |  | 5.4 |  |  | — |  |  | 5,441 |  |  | — |
Construction - custom | 990 |  |  | 205,692 |  |  | 0.5 |  |  | — |  |  | — |  |  | — |
Land - acquisition & development | 5,781 |  |  | 72,602 |  |  | 8.0 |  |  | — |  |  | 2,198 |  |  | — |
Land - consumer lot loans | 2,946 |  |  | 93,103 |  |  | 3.2 |  |  | — |  |  | 10,824 |  |  | — |
Multi-family | 5,304 |  |  | 1,062,194 |  |  | 0.5 |  |  | — |  |  | 5,348 |  |  | — |
Commercial real estate | 8,960 |  |  | 844,691 |  |  | 1.1 |  |  | — |  |  | 8,826 |  |  | — |
Commercial & industrial | 24,980 |  |  | 643,577 |  |  | 3.9 |  |  | — |  |  | — |  |  | — |
HELOC | 902 |  |  | 126,594 |  |  | 0.7 |  |  | — |  |  | 1,072 |  |  | — |
Consumer | 2,938 |  |  | 194,569 |  |  | 1.5 |  |  | — |  |  | 86 |  |  | — |
| $ | 106,554 |  |  | $ | 8,963,453 |  |  | 1.2 | % |  | $ | 275 |  |  | $ | 85,513 |  |  | 0.3 | %
(1) Excludes acquired loans with discounts sufficient to absorb potential losses and covered loans As of March 31, 2016, $108,883,000 of the allowance was calculated under the formulas contained in our general allowance methodology and the remaining $1,036,000 was specific reserves on loans deemed to be individually impaired. As of September 30, 2015, $106,554,000 of the allowance was calculated under the formulas contained in our general allowance methodology and the remaining $275,000 was specific reserves on loans deemed to be individually impaired. The Company has an asset quality review function that analyzes its loan portfolios and reports the results of the review to the Board of Directors on a quarterly basis. The single-family residential, HELOC and consumer portfolios are evaluated based on their performance as a pool of loans, since no single loan is individually significant or judged by its risk rating, size or potential risk of loss. The construction, land, multi-family, commercial real estate and commercial and industrial loans are risk rated on a loan by loan basis to determine the relative risk inherent in specific borrowers or loans. Based on that risk rating, the loans are assigned a grade and classified as follows:
• | Pass – the credit does not meet one of the definitions below.
• | Special mention – A special mention credit is considered to be currently protected from loss but is potentially weak. No loss of principal or interest is foreseen; however, proper supervision and Management attention is required to deter further deterioration in the credit. Assets in this category constitute some undue and unwarranted credit risk but not to the point of justifying a risk rating of substandard. The credit risk may be relatively minor yet constitutes an unwarranted risk in light of the circumstances surrounding a specific asset.
• | Substandard – A substandard credit is an unacceptable credit. Additionally, repayment in the normal course is in jeopardy due to the existence of one or more well defined weaknesses. In these situations, loss of principal is likely if the weakness is not corrected. A substandard asset is inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. Assets so classified will have a well defined weakness or weaknesses that jeopardize the collection or liquidation of the debt. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets risk rated substandard.
• | Doubtful – A credit classified doubtful has all the weaknesses inherent in one classified substandard with the added characteristic that the weakness makes collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The probability of loss is high, but because of certain important and reasonably specific pending factors that may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and refinancing plans.
• | Loss – Credits classified loss are considered uncollectible and of such little value that their continuance as a bankable asset is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this asset even though partial recovery may be affected in the future. Losses should be taken in the period in which they are identified as uncollectible. Partial charge-off versus full charge-off may be taken if the collateral offers some identifiable protection.
The following tables provide information on loans based on risk rating categories as defined above.
March 31, 2016 | Internally Assigned Grade |  |
| Pass |  | Special mention |  | Substandard |  | Doubtful |  | Loss |  | Total Gross Loans
| (In thousands)
Non-acquired loans |  |  |  |  |  |  |  |  |  |  |
Single-family residential | $ | 5,547,231 |  |  | $ | — |  |  | $ | 71,723 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,618,954 |
Construction | 774,540 |  |  | 7,500 |  |  | 3,806 |  |  | — |  |  | — |  |  | 785,846 |
Construction - custom | 395,010 |  |  | — |  |  | 3,787 |  |  | — |  |  | — |  |  | 398,797 |
Land - acquisition & development | 93,668 |  |  | — |  |  | 7,937 |  |  | — |  |  | — |  |  | 101,605 |
Land - consumer lot loans | 99,081 |  |  | — |  |  | 1,775 |  |  | — |  |  | — |  |  | 100,856 |
Multi-family | 1,065,161 |  |  | 3,613 |  |  | 4,448 |  |  | — |  |  | — |  |  | 1,073,222 |
Commercial real estate | 813,405 |  |  | 8,281 |  |  | 11,884 |  |  | — |  |  | — |  |  | 833,570 |
Commercial & industrial | 747,693 |  |  | 3,975 |  |  | 53,604 |  |  | — |  |  | — |  |  | 805,272 |
HELOC | 129,656 |  |  | — |  |  | 803 |  |  | — |  |  | — |  |  | 130,459 |
Consumer | 164,292 |  |  | — |  |  | 380 |  |  | — |  |  | — |  |  | 164,672 |
| 9,829,737 |  |  | 23,369 |  |  | 160,147 |  |  | — |  |  | — |  |  | 10,013,253 |
Non-impaired acquired loans | 143,164 |  |  | — |  |  | 9,408 |  |  | — |  |  | — |  |  | 152,572 |
Credit-impaired acquired loans | 73,699 |  |  | — |  |  | 32,938 |  |  | — |  |  | — |  |  | 106,637 |
Covered loans | 33,649 |  |  | — |  |  | 562 |  |  | — |  |  | — |  |  | 34,211 |
Total gross loans | $ | 10,080,249 |  |  | $ | 23,369 |  |  | $ | 203,055 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,306,673 |
Total grade as a % of total gross loans | 97.8 | % |  | 0.2 | % |  | 2.0 | % |  | — | % |  | — | % |  |
September 30, 2015 | Internally Assigned Grade |  |
| Pass |  | Special mention |  | Substandard |  | Doubtful |  | Loss |  | Total Gross Loans
| (In thousands)
Non-acquired loans |  |  |  |  |  |  |  |  |  |  |
Single-family residential | $ | 5,558,700 |  |  | $ | — |  |  | $ | 93,145 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,651,845 |
Construction | 197,935 |  |  | — |  |  | 2,574 |  |  | — |  |  | — |  |  | 200,509 |
Construction - custom | 396,307 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 396,307 |
Land - acquisition & development | 89,656 |  |  | — |  |  | 4,552 |  |  | — |  |  | — |  |  | 94,208 |
Land - consumer lot loans | 103,569 |  |  | — |  |  | 420 |  |  | — |  |  | — |  |  | 103,989 |
Multi-family | 1,118,673 |  |  | 865 |  |  | 6,184 |  |  | — |  |  | — |  |  | 1,125,722 |
Commercial real estate | 971,510 |  |  | 4,360 |  |  | 10,400 |  |  | — |  |  | — |  |  | 986,270 |
Commercial & industrial | 575,034 |  |  | 1,496 |  |  | 36,306 |  |  | — |  |  | — |  |  | 612,836 |
HELOC | 127,398 |  |  | — |  |  | 248 |  |  | — |  |  | — |  |  | 127,646 |
Consumer | 194,451 |  |  | — |  |  | 204 |  |  | — |  |  | — |  |  | 194,655 |
| 9,333,233 |  |  | 6,721 |  |  | 154,033 |  |  | — |  |  | — |  |  | 9,493,987 |
Non-impaired acquired loans | 149,891 |  |  | — |  |  | 16,402 |  |  | — |  |  | — |  |  | 166,293 |
Credit-impaired acquired loans | 61,019 |  |  | — |  |  | 26,062 |  |  | — |  |  | — |  |  | 87,081 |
Covered loans | 61,776 |  |  | — |  |  | 14,133 |  |  | — |  |  | — |  |  | 75,909 |
Total gross loans | $ | 9,605,919 |  |  | $ | 6,721 |  |  | $ | 210,630 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,823,270 |
Total grade as a % of total gross loans | 97.8 | % |  | 0.1 | % |  | 2.1 | % |  | — | % |  | — | % |  |
The following tables provide information on loans (excluding acquired and covered loans) based on borrower payment activity.
March 31, 2016 | Performing Loans |  | Non-Performing Loans
| Amount |  | % of Total Gross Loans |  | Amount |  | % of Total Gross Loans
| (In thousands)
Single-family residential | $ | 5,576,559 |  |  | 99.2 | % |  | $ | 42,395 |  |  | 0.8 | %
Construction | 785,846 |  |  | 100.0 |  |  | — |  |  | — |
Construction - custom | 398,730 |  |  | 100.0 |  |  | 67 |  |  | — |
Land - acquisition & development | 101,128 |  |  | 99.5 |  |  | 477 |  |  | 0.5 |
Land - consumer lot loans | 99,916 |  |  | 99.1 |  |  | 940 |  |  | 0.9 |
Multi-family | 1,071,702 |  |  | 99.9 |  |  | 1,520 |  |  | 0.1 |
Commercial real estate | 825,869 |  |  | 99.1 |  |  | 7,701 |  |  | 0.9 |
Commercial & industrial | 804,676 |  |  | 99.9 |  |  | 596 |  |  | 0.1 |
HELOC | 129,905 |  |  | 99.6 |  |  | 554 |  |  | 0.4 |
Consumer | 164,363 |  |  | 99.8 |  |  | 309 |  |  | 0.2 |
| $ | 9,958,694 |  |  | 99.5 | % |  | $ | 54,559 |  |  | 0.5 | %
September 30, 2015 | Performing Loans |  | Non-Performing Loans
| Amount |  | % of Total Gross Loans |  | Amount |  | % of Total Gross Loans
| (In thousands)
Single-family residential | $ | 5,592,771 |  |  | 99.0 | % |  | $ | 59,074 |  |  | 1.0 | %
Construction | 199,755 |  |  | 99.6 |  |  | 754 |  |  | 0.4 |
Construction - custom | 395,575 |  |  | 99.8 |  |  | 732 |  |  | 0.2 |
Land - acquisition & development | 94,208 |  |  | 100.0 |  |  | — |  |  | — |
Land - consumer lot loans | 102,716 |  |  | 98.8 |  |  | 1,273 |  |  | 1.2 |
Multi-family | 1,123,165 |  |  | 99.8 |  |  | 2,558 |  |  | 0.2 |
Commercial real estate | 984,093 |  |  | 99.8 |  |  | 2,176 |  |  | 0.2 |
Commercial & industrial | 612,836 |  |  | 100.0 |  |  | — |  |  | — |
HELOC | 127,083 |  |  | 99.6 |  |  | 563 |  |  | 0.4 |
Consumer | 193,975 |  |  | 99.7 |  |  | 680 |  |  | 0.3 |
| $ | 9,426,177 |  |  | 99.3 | % |  | $ | 67,810 |  |  | 0.7 | %
The following tables provide information on impaired loan balances and the related allowances by loan types.
March 31, 2016 | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment
| (In thousands)
With no related allowance recorded: |  |  |  |  |  |  |
Single-family residential | $ | 11,818 |  |  | $ | 13,412 |  |  | $ | — |  |  | $ | 10,345 |
Construction - custom | 699 |  |  | 759 |  |  | — |  |  | 449 |
Land - acquisition & development | 188 |  |  | 9,086 |  |  | — |  |  | 365 |
Land - consumer lot loans | 548 |  |  | 634 |  |  | — |  |  | 418 |
Multi-family | 1,044 |  |  | 4,793 |  |  | — |  |  | 675 |
Commercial real estate | 5,797 |  |  | 6,428 |  |  | — |  |  | 4,891 |
Commercial & industrial | 182 |  |  | 6,611 |  |  | — |  |  | 567 |
HELOC | 439 |  |  | 830 |  |  | — |  |  | 330 |
Consumer | 116 |  |  | 501 |  |  | — |  |  | 218 |
| 20,831 |  |  | 43,054 |  |  | — |  |  | 18,258 |
With an allowance recorded: |  |  |  |  |  |  |
Single-family residential | 233,544 |  |  | 237,663 |  |  | 4,277 |  |  | 234,260 |
Land - acquisition & development | 1,632 |  |  | 2,834 |  |  | 24 |  |  | 1,867 |
Land - consumer lot loans | 9,981 |  |  | 11,037 |  |  | 7 |  |  | 10,496 |
Multi-family | 1,522 |  |  | 1,522 |  |  | 11 |  |  | 1,527 |
Commercial real estate | 22,139 |  |  | 24,586 |  |  | 140 |  |  | 22,876 |
HELOC | 1,396 |  |  | 1,398 |  |  | — |  |  | 1,394 |
Consumer | 94 |  |  | 284 |  |  | — |  |  | 96 |
| 270,308 |  |  | 279,324 |  |  | 4,459 |  | (1) | 272,516 |
Total: |  |  |  |  |  |  |
Single-family residential | 245,362 |  |  | 251,075 |  |  | 4,277 |  |  | 244,605 |
Construction - custom | 699 |  |  | 759 |  |  | — |  |  | 449 |
Land - acquisition & development | 1,820 |  |  | 11,920 |  |  | 24 |  |  | 2,232 |
Land - consumer lot loans | 10,529 |  |  | 11,671 |  |  | 7 |  |  | 10,914 |
Multi-family | 2,566 |  |  | 6,315 |  |  | 11 |  |  | 2,202 |
Commercial real estate | 27,936 |  |  | 31,014 |  |  | 140 |  |  | 27,767 |
Commercial & industrial | 182 |  |  | 6,611 |  |  | — |  |  | 567 |
HELOC | 1,835 |  |  | 2,228 |  |  | — |  |  | 1,724 |
Consumer | 210 |  |  | 785 |  |  | — |  |  | 314 |
| $ | 291,139 |  |  | $ | 322,378 |  |  | $ | 4,459 |  | (1) | $ | 290,774 |
(1) | Includes $1,036,000 of specific reserves and $3,423,000 included in the general reserves.
September 30, 2015 | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment
| (In thousands)
With no related allowance recorded: |  |  |  |  |  |  |
Single-family residential | $ | 17,250 |  |  | $ | 19,644 |  |  | $ | — |  |  | $ | 14,069 |
Construction | 453 |  |  | 2,151 |  |  | — |  |  | 471 |
Construction - custom | 554 |  |  | 554 |  |  | — |  |  | 182 |
Land - acquisition & development | 2,570 |  |  | 9,426 |  |  | — |  |  | 926 |
Land - consumer lot loans | 727 |  |  | 814 |  |  | — |  |  | 544 |
Multi-family | 3,770 |  |  | 7,054 |  |  | — |  |  | 1,545 |
Commercial real estate | 9,427 |  |  | 15,620 |  |  | — |  |  | 8,130 |
Commercial & industrial | 2,955 |  |  | 13,066 |  |  | — |  |  | 2,681 |
HELOC | 683 |  |  | 1,532 |  |  | — |  |  | 536 |
Consumer | 477 |  |  | 703 |  |  | — |  |  | 390 |
| 38,866 |  |  | 70,564 |  |  | — |  |  | 29,474 |
With an allowance recorded: |  |  |  |  |  |  |
Single-family residential | 259,461 |  |  | 263,268 |  |  | 6,678 |  |  | 260,028 |
Construction | 4,988 |  |  | 5,778 |  |  | — |  |  | 5,432 |
Land - acquisition & development | 2,486 |  |  | 3,426 |  |  | — |  |  | 3,478 |
Land - consumer lot loans | 11,289 |  |  | 11,554 |  |  | — |  |  | 11,324 |
Multi-family | 3,823 |  |  | 3,823 |  |  | — |  |  | 3,732 |
Commercial real estate | 19,124 |  |  | 21,078 |  |  | — |  |  | 18,886 |
HELOC | 1,443 |  |  | 1,443 |  |  | — |  |  | 1,359 |
Consumer | 99 |  |  | 289 |  |  | — |  |  | 102 |
| 302,713 |  |  | 310,659 |  |  | 6,678 |  | (1) | 304,341 |
Total: |  |  |  |  |  |  |
Single-family residential | 276,711 |  |  | 282,912 |  |  | 6,678 |  |  | 274,097 |
Construction | 5,441 |  |  | 7,929 |  |  | — |  |  | 5,903 |
Construction - custom | 554 |  |  | 554 |  |  | — |  |  | 182 |
Land - acquisition & development | 5,056 |  |  | 12,852 |  |  | — |  |  | 4,404 |
Land - consumer lot loans | 12,016 |  |  | 12,368 |  |  | — |  |  | 11,868 |
Multi-family | 7,593 |  |  | 10,877 |  |  | — |  |  | 5,277 |
Commercial real estate | 28,551 |  |  | 36,698 |  |  | — |  |  | 27,016 |
Commercial & industrial | 2,955 |  |  | 13,066 |  |  | — |  |  | 2,681 |
HELOC | 2,126 |  |  | 2,975 |  |  | — |  |  | 1,895 |
Consumer | 576 |  |  | 992 |  |  | — |  |  | 492 |
| $ | 341,579 |  |  | $ | 381,223 |  |  | $ | 6,678 |  | (1) | $ | 333,815 |
(1) | Includes $275,000 of specific reserves and $6,403,000 included in the general reserves.

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