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Loans (Tables)

9 Months Ended

Sep. 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 September 30, 2014 and December 31, 2013.

September 30, 2014 (In Thousands)		Redwood				Sequoia				Total
Held-for-sale
Fair value - Conforming		$	399,145			$	-			$	399,145
Fair value - Jumbo			1,101,782				-				1,101,782
Lower of cost or fair value			1,502				-				1,502
Held-for-investment
Fair value - Jumbo			238,651				-				238,651
At amortized cost			-				1,546,507				1,546,507
Total Residential Loans		$	1,741,080			$	1,546,507			$	3,287,587

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, at amortized cost			-				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 amortized cost at September 30, 2014 and December 31, 2013. These loans are owned at Sequoia securitization entities that we consolidate for financial reporting purposes.

(In Thousands)		September 30, 2014				December 31, 2013
Principal balance		$	1,554,876			$	1,770,803
Unamortized premium, net			13,540				16,791
Recorded investment			1,568,416				1,787,594
Allowance for loan losses			(21,909)				(25,427)
Carrying Value		$	1,546,507			$	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 September 30, 2014 and December 31, 2013, organized by year of origination.

(In Thousands)		September 30, 2014				December 31, 2013
2003 & Earlier		$	758,768			$	881,364
2004			459,050				513,458
2005			59,946				62,675
2006			138,263				149,776
2007			-				-
2008			-				-
2009			19,273				25,860
2010			80,209				92,728
2011			52,907				61,733
Total Recorded Investment		$	1,568,416			$	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 nine months ended September 30, 2014 and 2013.

		Three Months Ended September 30,								Nine Months Ended September 30,
(In Thousands)		2014				2013				2014				2013
Balance at beginning of period		$	23,972			$	23,150			$	25,427			$	28,504
Charge-offs, net			(1,355)				(818)				(2,833)				(3,363)
(Reversal of provision) provision for loan losses			(708)				883				(685)				(1,926)
Balance at End of Period		$	21,909			$	23,215			$	21,909			$	23,215

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 nine months ended September 30, 2014 and 2013.

		Three Months Ended September 30,								Nine Months Ended September 30,
(Dollars in Thousands)		2014				2013				2014				2013
TDRs
Number of modifications			8				5				22				12
Pre-modification outstanding recorded investment		$	2,041			$	1,144			$	7,008			$	2,939
Post-modification outstanding recorded investment			2,081				898				7,245				2,838
Loan modification effect on net interest income after provision and other MVA			(494)				(555)				(1,714)				(863)
TDRs that Subsequently Defaulted
Number of modifications			3				1				9				4
Recorded investment		$	672			$	201			$	3,165			$	788

Commercial Loans

Summary of Classifications and Carrying Value of Loans

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

(In Thousands)		September 30, 2014				December 31, 2013
Held-for-sale, at fair value		$	104,709			$	89,111
Held-for-investment
At fair value			70,712				-
At amortized cost			322,576				343,344
Total Commercial Loans		$	497,997			$	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 September 30, 2014 and December 31, 2013.

(In Thousands)		September 30, 2014				December 31, 2013
Principal balance		$	332,258			$	353,331
Unamortized discount, net			(2,253)				(2,614)
Recorded investment			330,005				350,717
Allowance for loan losses			(7,429)				(7,373)
Carrying Value		$	322,576			$	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 nine months ended September 30, 2014 and 2013.

		Three Months Ended September 30,								Nine Months Ended September 30,
(In Thousands)		2014				2013				2014				2013
Balance at beginning of period		$	8,317			$	5,660			$	7,373			$	4,084
Charge-offs, net			-				-				-				-
Reversal of provision (provision) for loan losses			(888)				844				56				2,420
Balance at End of Period		$	7,429			$	6,504			$	7,429			$	6,504

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)		September 30, 2014				December 31, 2013
Pass		$	306,575			$	309,792
Watch list			25,683				43,539
Total Commercial Loans Held-for-Investment		$	332,258			$	353,331

Collectively Evaluated for Impairment | Residential Loans

Loans Evaluated for Impairment

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

(In Thousands)		September 30, 2014				December 31, 2013
Principal balance		$	1,539,330			$	1,762,165
Recorded investment			1,553,147				1,779,161
Related allowance			20,580				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 September 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
September 30, 2014		$	25,885			$	10,046			$	73,355			$	1,443,861			$	1,553,147
December 31, 2013			34,187				13,248				79,010				1,652,716				1,779,161

Collectively Evaluated for Impairment | Commercial Loans

Loans Evaluated for Impairment

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

(In Thousands)		September 30, 2014				December 31, 2013
Principal balance		$	332,258			$	353,331
Recorded investment			330,005				350,717
Related allowance			7,429				7,373

Individually Evaluated for Impairment | Residential Loans

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 September 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
September 30, 2014		$	1,842			$	1,538			$	544			$	11,345			$	15,269
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 September 30, 2014 and December 31, 2013.

(In Thousands)		September 30, 2014				December 31, 2013
Principal balance		$	15,546			$	8,638
Recorded investment			15,269				8,433
Related allowance			1,329				665

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Loans Held for Investment

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