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Loans (Tables)

6 Months Ended

Jun. 30, 2014

Residential Loans

Summary of Classifications and Carrying Value of Loans

The following table summarizes the classifications and carrying value of the residential loans owned at Redwood and at consolidated Sequoia entities at June 30, 2014 and December 31, 2013.

June 30, 2014 (In Thousands)				Redwood				Sequoia				Total
Held-for-sale
Fair value - Conforming				$	259,675			$	-			$	259,675
Fair value - Jumbo					846,564				-				846,564
Lower of cost or fair value					1,638				-				1,638
Held-for-investment					-				1,616,504				1,616,504
Total Residential Loans				$	1,107,877			$	1,616,504			$	2,724,381

December 31, 2013 (In Thousands)				Redwood				Sequoia				Total
Held-for-sale
Fair value - Conforming				$	11,502			$	-			$	11,502
Fair value - Jumbo					391,100				-				391,100
Lower of cost or fair value					1,665				-				1,665
Held-for-investment					-				1,762,167				1,762,167
Total Residential Loans				$	404,267			$	1,762,167			$	2,166,434

Carrying Value for Loans Held-for-Investment

The following table details the carrying value for residential loans held-for-investment at June 30, 2014 and December 31, 2013. These loans are owned at Sequoia securitization entities that we consolidate for financial reporting purposes.

(In Thousands)				June 30, 2014				December 31, 2013
Principal balance				$	1,625,890			$	1,770,803
Unamortized premium, net					14,586				16,791
Recorded investment					1,640,476				1,787,594
Allowance for loan losses					(23,972)				(25,427)
Carrying Value				$	1,616,504			$	1,762,167

Recorded Investment in Residential Loans Held-For-Investment Organized by Year of Origination

The following table displays our recorded investment in residential loans held-for-investment at June 30, 2014 and December 31, 2013, organized by year of origination.

(In Thousands)				June 30, 2014				December 31, 2013
2003 & Earlier				$	798,571			$	881,364
2004					479,478				513,458
2005					60,138				62,675
2006					141,937				149,776
2007					-				-
2008					-				-
2009					19,994				25,860
2010					84,992				92,728
2011					55,366				61,733
Total Recorded Investment				$	1,640,476			$	1,787,594

Summary of Activity in Allowance for Loans Losses

The following table summarizes the activity in the allowance for loan losses for the three and six months ended June 30, 2014 and 2013.

						Three Months Ended June 30,								Six Months Ended June 30,
(In Thousands)						2014				2013				2014				2013
Balance at beginning of period						$	25,571			$	29,064			$	25,427			$	28,504
Charge-offs, net							(994)				(1,751)				(1,478)				(2,545)
(Reversal of provision) provision for loan losses							(605)				(4,163)				23				(2,809)
Balance at End of Period						$	23,972			$	23,150			$	23,972			$	23,150

Loan Modifications Determined to be Troubled Debt Restructuring

The following table presents the details of the loan modifications determined to be TDRs for the three and six months ended June 30, 2014 and 2013.

				Three Months Ended June 30,								Six Months Ended June 30,
(Dollars in Thousands)				2014				2013				2014				2013
TDRs
Number of modifications					9				4				14				7
Pre-modification outstanding recorded investment				$	3,052			$	1,031			$	4,967			$	1,795
Post-modification outstanding recorded investment					3,272				1,145				5,165				1,941
Loan modification effect on net interest income after provision and other MVA					(812)				(140)				(1,221)				(309)
TDRs that Subsequently Defaulted
Number of modifications					3				1				6				3
Recorded investment				$	1,574			$	178			$	2,493			$	587

Residential Loans | Collectively Evaluated for Impairment

Loans Evaluated for Impairment

The following table summarizes the balances for loans collectively evaluated for impairment at June 30, 2014 and December 31, 2013.

(In Thousands)				June 30, 2014				December 31, 2013
Principal balance				$	1,612,303			$	1,762,165
Recorded investment					1,627,228				1,779,161
Related allowance					22,695				24,762

Recorded Investment and Past Due Status of Loans

The following table summarizes the recorded investment and past due status of residential loans collectively evaluated for impairment at June 30, 2014 and December 31, 2013.

(In Thousands)				30-59 Days     Past Due				60-89 Days     Past Due				90+ Days       Past Due				Current				Total Loans
June 30, 2014				$	25,639			$	9,619			$	74,393			$	1,517,577			$	1,627,228
December 31, 2013					34,187				13,248				79,010				1,652,716				1,779,161

Residential Loans | Individually Evaluated for Impairment

Recorded Investment and Past Due Status of Loans

The following table summarizes the recorded investment and past due status of residential loans individually evaluated for impairment at June 30, 2014 and December 31, 2013.

(In Thousands)				30-59 Days     Past Due				60-89 Days     Past Due				90+ Days       Past Due				Current				Total Loans
June 30, 2014				$	1,611			$	1,319			$	551			$	9,767			$	13,248
December 31, 2013					1,560				-				567				6,306				8,433

Loans Evaluated for Impairment

The following table summarizes the balances for loans individually evaluated for impairment, all of which had an allowance, at June 30, 2014 and December 31, 2013.

(In Thousands)				June 30, 2014				December 31, 2013
Principal balance				$	13,587			$	8,638
Recorded investment					13,248				8,433
Related allowance					1,277				665

Commercial Loans

Summary of Classifications and Carrying Value of Loans

The following table summarizes the classifications and carrying value of commercial loans at June 30, 2014 and December 31, 2013.

(In Thousands)				June 30, 2014				December 31, 2013
Held-for-sale, at fair value				$	50,848			$	89,111
Held-for-investment
At fair value					71,270				-
At amortized cost					346,648				343,344
Total Commercial Loans				$	468,766			$	432,455

Carrying Value for Loans Held-for-Investment

The following table provides additional information for our commercial loans held-for-investment at amortized cost at June 30, 2014 and December 31, 2013.

(In Thousands)				June 30, 2014				December 31, 2013
Principal balance				$	357,292			$	353,331
Unamortized discount, net					(2,327)				(2,614)
Recorded investment					354,965				350,717
Allowance for loan losses					(8,317)				(7,373)
Carrying Value				$	346,648			$	343,344

Summary of Activity in Allowance for Loans Losses

The following table summarizes the activity in the allowance for commercial loan losses for the three and six months ended June 30, 2014 and 2013.

				Three Months Ended June 30,								Six Months Ended June 30,
(In Thousands)				2014				2013				2014				2013
Balance at beginning of period				$	8,028			$	4,769			$	7,373			$	4,084
Charge-offs, net					-				-				-				-
Provision for loan losses					289				891				944				1,576
Balance at End of Period				$	8,317			$	5,660			$	8,317			$	5,660

Commercial Loans | Collectively Evaluated for Impairment

Loans Evaluated for Impairment

The following table summarizes the balances for loans collectively evaluated for impairment at June 30, 2014 and December 31, 2013.

(In Thousands)				June 30, 2014				December 31, 2013
Principal balance				$	357,292			$	353,331
Recorded investment					354,965				350,717
Related allowance					8,317				7,373

Commercial Loans Held For Investment

Commercial Loans Held-for-Investment by Risk Category

The following table presents the principal balance of commercial loans held-for-investment by risk category.

(In Thousands)				June 30, 2014				December 31, 2013
Pass				$	331,558			$	309,792
Watch list					25,734				43,539
Workout					-				-
Total Commercial Loans Held-for-Investment				$	357,292			$	353,331

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