Loans (Tables)

12 Months Ended

Dec. 31, 2014

The following table sets forth the composition of the loan portfolio at December 31, 2014 and 2013:


	December 31,
	2014						2013
(dollars in thousands)	Amount			Percent of Non-Covered Loans Held for Investment			Amount			Percent of Non-Covered Loans Held for Investment
Non-Covered Loans Held for Investment:
Mortgage Loans:
Multi-family	$	23,831,846			72.21	%	$	20,699,927			69.41	%
Commercial real estate		7,634,320			23.13			7,364,231			24.70
One-to-four family		138,915			0.42			560,730			1.88
Acquisition, development, and construction		258,116			0.78			344,100			1.15

Total mortgage loans held for investment		31,863,197			96.54			28,968,988			97.14

Other Loans:
Commercial and industrial		900,551			2.73			712,260			2.39
Lease financing, net of unearned income of $18,913 and $5,723		208,670			0.63			101,431			0.34

Total commercial and industrial loans		1,109,221			3.36			813,691			2.73

Other		31,943			0.10			39,036			0.13

Total other loans held for investment		1,141,164			3.46			852,727			2.86

Total non-covered loans held for investment	$	33,004,361			100.00	%	$	29,821,715			100.00	%

Net deferred loan origination costs		20,595						16,274
Allowance for losses on non-covered loans		(139,857	)					(141,946	)

Non-covered loans held for investment, net	$	32,885,099					$	29,696,043

Covered loans		2,428,622						2,788,618
Allowance for losses on covered loans		(45,481	)					(64,069	)

Covered loans, net	$	2,383,141					$	2,724,549
Loans held for sale		379,399						306,915

Total loans, net	$	35,647,639					$	32,727,507

Quality of Non-Covered Loans

The following table presents information regarding the quality of the Company’s non-covered loans held for investment at December 31, 2014:


(in thousands)	Loans 30-89 Days Past Due		Non- Accrual Loans		Loans 90 Days or More Delinquent and Still Accruing Interest		Total Past Due Loans		Current Loans		Total Loans Receivable
Multi-family	$	464	$	31,089	$	—	$	31,553	$	23,800,293	$	23,831,846
Commercial real estate		1,464		24,824		—		26,288		7,608,032		7,634,320
One-to-four family		3,086		11,032		—		14,118		124,797		138,915
Acquisition, development, and construction		—		654		—		654		257,462		258,116
Commercial and industrial⁽¹⁾		530		8,382		—		8,912		1,100,309		1,109,221
Other		648		969		—		1,617		30,326		31,943

Total	$	6,192	$	76,950	$	—	$	83,142	$	32,921,219	$	33,004,361

(1)

Includes lease financing receivables, all of which were current.

The following table presents information regarding the quality of the Company’s non-covered loans held for investment at December 31, 2013:


(in thousands)	Loans 30-89 Days Past Due		Non- Accrual Loans		Loans 90 Days or More Delinquent and Still Accruing Interest		Total Past Due Loans		Current Loans		Total Loans Receivable
Multi-family	$	33,678	$	58,395	$	—	$	92,073	$	20,607,854	$	20,699,927
Commercial real estate		1,854		24,550		—		26,404		7,337,827		7,364,231
One-to-four family		1,076		10,937		—		12,013		548,717		560,730
Acquisition, development, and construction		—		2,571		—		2,571		341,529		344,100
Commercial and industrial⁽¹⁾		1		5,735		—		5,736		807,955		813,691
Other		480		1,349		—		1,829		37,207		39,036

Total	$	37,089	$	103,537	$	—	$	140,626	$	29,681,089	$	29,821,715

(1)

Includes lease financing receivables, all of which were current.

Non-Covered Loan Portfolio by Credit Quality Indicator

The following table summarizes the Company’s portfolio of non-covered loans held for investment by credit quality indicator at December 31, 2014:


(in thousands)	Multi-Family		Commercial Real Estate		One-to-Four Family		Acquisition, Development, and Construction		Total Mortgage Loans		Commercial and Industrial⁽¹⁾		Other		Total Other Loan Segment
Credit Quality Indicator:
Pass	$	23,777,569	$	7,591,223	$	127,883	$	256,868	$	31,753,543	$	1,083,173	$	30,974	$	1,114,147
Special mention		6,798		9,123		—		—		15,921		17,032		—		17,032
Substandard		47,479		33,974		11,032		1,248		93,733		9,016		969		9,985
Doubtful		—		—		—		—		—		—		—		—

Total	$	23,831,846	$	7,634,320	$	138,915	$	258,116	$	31,863,197	$	1,109,221	$	31,943	$	1,141,164

(1)

Includes lease financing receivables, all of which were classified as “pass.”

The following table summarizes the Company’s portfolio of non-covered loans held for investment by credit quality indicator at December 31, 2013:


(in thousands)	Multi-Family		Commercial Real Estate		One-to-Four Family		Acquisition, Development, and Construction		Total Mortgage Loans		Commercial and Industrial⁽¹⁾		Other		Total Other Loan Segment
Credit Quality Indicator:
Pass	$	20,527,460	$	7,304,502	$	554,132	$	333,805	$	28,719,899	$	793,693	$	37,688	$	831,381
Special mention		73,549		25,407		—		7,400		106,356		13,036		—		13,036
Substandard		98,918		33,822		6,598		2,895		142,233		6,808		1,348		8,156
Doubtful		—		500		—		—		500		154		—		154

Total	$	20,699,927	$	7,364,231	$	560,730	$	344,100	$	28,968,988	$	813,691	$	39,036	$	852,727

(1)

Includes lease financing receivables, all of which were classified as “pass.”

Details of Interest Income on Non-Accrual Loans

The interest income that would have been recorded under the original terms of non-accrual loans at the respective year-ends, and the interest income actually recorded on these loans in the respective years, is summarized below:


	December 31,
(in thousands)	2014			2013			2012
Interest income that would have been recorded	$	3,997		$	5,156		$	11,814
Interest income actually recorded		(3,017	)		(2,721	)		(5,506	)

Interest income foregone	$	980		$	2,435		$	6,308

Information Regarding Troubled Debt Restructurings

The following table presents information regarding the Company’s TDRs as of December 31, 2014 and 2013:


	December 31,
	2014						2013
(in thousands)	Accruing		Non-Accrual		Total		Accruing		Non-Accrual		Total
Loan Category:
Multi-family	$	7,697	$	17,879	$	25,576	$	10,083	$	50,548	$	60,631
Commercial real estate		8,139		9,939		18,078		2,198		15,626		17,824
One-to-four family		—		260		260		—		—		—
Acquisition, development, and construction		—		654		654		—		—		—
Commercial and industrial		—		1,195		1,195		1,129		758		1,887

Total	$	15,836	$	29,927	$	45,763	$	13,410	$	66,932	$	80,342

Financial Effects of Troubled Debt Restructurings

The financial effects of the Company’s TDRs for the twelve months ended December 31, 2014 are summarized as follows:


	For the Twelve Months Ended December 31, 2014
(dollars in thousands)	Weighted Average Interest Rate
	Number of Loans		Pre- Modification			Post- Modification			Charge-off Amount		Capitalized Interest
Loan Category:
Multi-family		2		5.61	%		5.61	%	$	—	$	—
Commercial real estate		2		6.71			5.54			334		—
One-to-four family		1		5.75			4.27			18		22
Acquisition, development, and construction		2		7.00			7.00			—		—
Commercial and industrial		1		5.00			5.00			—		—

Total		8							$	352	$	22

Covered Loans Acquired in AmTrust and Desert Hills Acquisitions

The following table presents the carrying value of covered loans acquired in the AmTrust and Desert Hills acquisitions as of December 31, 2014:


(dollars in thousands)	Amount		Percent of Covered Loans
Loan Category:
One-to-four family	$	2,212,442		91.1	%
All other loans		216,180		8.9

Total covered loans	$	2,428,622		100.0	%

Changes in Accretable Yield for Covered Loans

In the twelve months ended December 31, 2014, changes in the accretable yield for covered loans were as follows:


(in thousands)	Accretable Yield
Balance at beginning of period	$	796,993
Reclassification from non-accretable difference		380,171
Accretion		(140,141	)

Balance at end of period	$	1,037,023

Covered Loans Thirty to Eighty Nine Days, Ninety Days or More Past Due

The following table presents information regarding the Company’s covered loans that were 90 days or more past due at December 31, 2014 and 2013:


	December 31,
(in thousands)	2014		2013
Covered Loans 90 Days or More Past Due:
One-to-four family	$	148,967	$	201,425
Other loans		8,922		10,060

Total covered loans 90 days or more past due	$	157,889	$	211,485

The following table presents information regarding the Company’s covered loans that were 30 to 89 days past due at December 31, 2014 and 2013:


	December 31,
(in thousands)	2014		2013
Covered Loans 30-89 Days Past Due:
One-to-four family	$	37,680	$	52,250
Other loans		4,016		5,679

Total covered loans 30-89 days past due	$	41,696	$	57,929

- Definition

Tabular disclosure of troubled debt restructuring which results when the debtor restructures the terms of its debt with a creditor due to the debtor's financial difficulties and the creditor grants certain concessions to obtain payment it might not otherwise receive. Includes a description of the principal changes in terms, the major features of settlement for each restructuring, the aggregate gain on restructuring and the related income tax effect, the per share amount of the total gain on restructuring, net of related income tax effect, and the total gain (loss) on transfers of assets recognized during the period. After the troubled debt restructuring has occurred debtors discuss the extent and amount to which amounts contingently payable are included in the carrying amount of restructured payables, and the conditions under which those amounts would become payable or would be forgiven when there is at least a reasonable possibility that a liability for contingent payments will be incurred.

+ References+ Details