Covered Assets and FDIC Loss-sharing Asset (Tables)

3 Months Ended

Mar. 31, 2012

Covered Assets And FDIC Loss Sharing Asset [Line Items]

Analysis and Allowance for Losses on Covered Loans

The following is an analysis of our covered loans, net of related allowance for losses on covered loans as of March 31, 2012 and December 31, 2011:

	March 31, 2012					December 31, 2011
	Covered Loans		Weighted- Average Risk Rating	Allowance for Loan Losses		Covered Loans		Weighted- Average Risk Rating	Allowance for Loan Losses
	(dollars in thousands)
Commercial business	$	175,623	6.00	$	6,320	$	195,737	6.05	$	977
Real estate:
One-to-four family residential	74,733		5.35	2,947		79,328		5.32	678
Commercial and multifamily residential	299,202		5.57	6,840		311,308		5.65	2,683
Total real estate	373,935			9,787		390,636			3,361
Real estate construction:
One-to-four family residential	44,335		7.25	1,604		54,402		7.32	136
Commercial and multifamily residential	21,330		7.04	711		23,661		7.32	86
Total real estate construction	65,665			2,315		78,063			222
Consumer	51,661		4.71	2,082		56,877		4.84	384
Subtotal of covered loans	666,884			$	20,504	721,313			$	4,944
Less:
Valuation discount resulting from acquisition accounting	144,767					184,440
Allowance for loan losses	20,504					4,944
Covered loans, net of valuation discounts and allowance for loan losses	$	501,613				$	531,929

Changes in Accretable Yield for Acquired Loans

The following table shows the changes in accretable yield for acquired loans for the three months ended March 31, 2012 and 2011:

	Three Months Ended March 31,
	2012			2011
	(in thousands)
Balance at beginning of period	$	259,669		$	256,572
Accretion	(27,658		)	(21,303		)
Disposals	(1,799		)	(3,159		)
Reclassifications from (to) nonaccretable difference	9,465			(14,759		)
Balance at end of period	$	239,677		$	217,351

Covered OREO at Carrying Value

The following table sets forth activity in covered OREO at carrying value for the three months ended March 31, 2012 and 2011:

	Three Months Ended March 31,
	2012			2011
	(in thousands)
Covered OREO:
Balance, beginning of period	$	28,126		$	14,443
Transfers in	2,468			3,425
Additional OREO write-downs	(1,505		)	(15		)
Proceeds from sale of OREO property	(8,025		)	(6,959		)
Gain on sale of OREO	3,366			2,633
Total covered OREO, end of period	$	24,430		$	13,527

FDIC Loss-sharing Asset

	Three Months Ended March 31,
	2012			2011
	(in thousands)
Balance at beginning of period	$	175,071		$	205,991
Adjustments not reflected in income
Cash received from the FDIC	(14,804		)	—
FDIC reimbursable losses, net	462			1,836
Adjustments reflected in income
Amortization, net	(13,873		)	(13,569		)
Impairment	12,548			(338		)
Sale of other real estate	(2,067		)	(867		)
Other	1,724			—
Balance at end of period	$	159,061		$	193,053

Covered Loans [Member]

Covered Assets And FDIC Loss Sharing Asset [Line Items]

Allowance for Credit Losses on Financing Receivables

The changes in the ALLL for covered loans for the three months ended March 31, 2012 and 2011 are summarized as follows:

	Three Months Ended March 31,
	2012			2011
	(in thousands)
Beginning balance	$	4,944		$	6,055
Loans charged off	(562		)	—
Recoveries	437			—
Provision charged to expense	15,685			(422		)
Ending balance	$	20,504		$	5,633