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Loans Receivable (excluding Covered Loans)
9 Months Ended
Jun. 30, 2012
Loans Receivable [Abstract]  
Loans Receivable (excluding Covered Loans)
Loans Receivable (excluding Covered Loans)

 
June 30, 2012
 
September 30, 2011
 
(In thousands)
Non-acquired loans
 
 
 
 
 
 
 
  Single-family residential
$
5,904,805

 
74.0
%
 
$
6,218,878

 
74.9
%
  Construction - speculative
130,741

 
1.6

 
140,459

 
1.7

  Construction - custom
210,488

 
2.6

 
279,851

 
3.4

  Land - acquisition & development
135,392

 
1.7

 
200,692

 
2.4

  Land - consumer lot loans
145,129

 
1.8

 
163,146

 
2.0

  Multi-family
692,763

 
8.7

 
700,673

 
8.4

  Commercial real estate
310,588

 
3.9

 
303,442

 
3.7

  Commercial & industrial
148,577

 
1.9

 
109,332

 
1.3

  HELOC
113,559

 
1.4

 
115,092

 
1.4

  Consumer
68,202

 
0.9

 
67,509

 
0.8

Total non-acquired loans
7,860,244

 
98.5

 
8,299,074

 
100

Credit-impaired acquired loans
 
 
 
 
 
 
 
  Single-family residential
343

 

 

 

  Construction - speculative
1,889

 

 

 

  Construction - custom

 

 

 

  Land - acquisition & development
4,211

 
0.1

 

 

  Land - consumer lot loans

 

 

 

  Multi-family
1,074

 

 

 

  Commercial real estate
91,006

 
1.1

 

 

  Commercial & industrial
5,100

 
0.1

 

 

  HELOC
15,037

 
0.2

 

 

  Consumer
115

 

 

 

Total credit-impaired acquired loans
118,775

 
1.5

 

 

Total loans
 
 
 
 
 
 
 
   Single-family residential
5,905,148

 
74.0

 
6,218,878

 
74.9

   Construction - speculative
132,630

 
1.7

 
140,459

 
1.7

   Construction - custom
210,488

 
2.6

 
279,851

 
3.4

   Land - acquisition & development
139,603

 
1.7

 
200,692

 
2.4

   Land - consumer lot loans
145,129

 
1.8

 
163,146

 
2

   Multi-family
693,837

 
8.7

 
700,673

 
8.4

   Commercial real estate
401,594

 
5.1

 
303,442

 
3.7

   Commercial & industrial
153,677

 
1.9

 
109,332

 
1.3

   HELOC
128,596

 
1.6

 
115,092

 
1.4

   Consumer
68,317

 
0.9

 
67,509

 
0.8

Total loans
7,979,019

 
100
%
 
8,299,074

 
100
%
Less:
 
 
 
 
 
 
 
Allowance for probable losses
137,951

 
 
 
157,160

 
 
Loans in process
155,051

 
 
 
170,229

 
 
Discount on acquired loans
35,200

 
 
 

 
 
Deferred net origination fees
34,612

 
 
 
35,808

 
 
 
362,814

 
 
 
363,197

 
 
 
$
7,616,205

 
 
 
$
7,935,877

 
 

The following table presents the changes in the accretable yield for credit impaired acquired loans as of June 30, 2012:
 
Credit impaired acquired loans
 
Accretable
Yield
 
Carrying
Amount of
Loans
 
(In thousands)
Balance as of October 1, 2011
$

 
$

Additions
21,606

 
92,981

Accretion
(3,278
)
 
3,278

Transfers to REO

 

Payments received, net

 
(12,714
)
Balance as of June 30, 2012
$
18,328

 
$
83,545



The following table sets forth information regarding non-accrual loans held by the Company as of the dates indicated:
 
 
June 30, 2012
 
September 30, 2011
 
(In thousands)
Non-accrual loans:
 
 
 
 
 
 
 
Single-family residential
$
129,295

 
75.6
%
 
$
126,624

 
60.3
%
Construction - speculative
12,424

 
7.3

 
15,383

 
7.3

Construction - custom
539

 
0.3

 
635

 
0.3

Land - acquisition & development
12,514

 
7.3

 
37,339

 
17.7

Land - consumer lot loans
5,844

 
3.4

 
8,843

 
4.2

Multi-family
3,405

 
2.0

 
7,664

 
3.6

Commercial real estate
6,285

 
3.7

 
11,380

 
5.4

Commercial & industrial

 

 
1,679

 
0.8

HELOC
388

 
0.2

 
481

 
0.2

Consumer
339

 
0.2

 
437

 
0.2

Total non-accrual loans
$
171,033

 
100
%
 
$
210,465

 
100
%

The following tables provide an analysis of the age of loans in past due status as of June 30, 2012 and September 30, 2011, respectively.
 
June 30, 2012
Amount of Loans
 
Days Delinquent Based on $ Amount of Loans
 
% based
on $
Type of Loan
Net of LIP & Chg.-Offs
 
Current
 
30
 
60
 
90
 
Total
 
 
(In thousands)
Non-acquired loans
 
 
 
 
 
 
 
 
 
 
 
 
 
Single-Family Residential
$
5,902,633

 
$
5,736,969

 
$
33,571

 
$
19,127

 
$
112,966

 
$
165,664

 
2.81
%
Construction - Speculative
94,930

 
87,134

 
899

 
509

 
6,388

 
7,796

 
8.21

Construction - Custom
123,965

 
123,382

 
1

 
43

 
539

 
583

 
0.47

Land - Acquisition & Development
127,953

 
114,563

 
234

 
3,226

 
9,930

 
13,390

 
10.46

Land - Consumer Lot Loans
145,037

 
136,545

 
1,753

 
895

 
5,844

 
8,492

 
5.86

Multi-Family
675,334

 
670,859

 
569

 
594

 
3,312

 
4,475

 
0.66

Commercial Real Estate
305,046

 
300,668

 
334

 

 
4,044

 
4,378

 
1.44

Commercial & Industrial
148,565

 
148,546

 
9

 
10

 

 
19

 
0.01

HELOC
113,559

 
112,824

 
29

 
318

 
388

 
735

 
0.65

Consumer
68,202

 
66,222

 
1,117

 
524

 
339

 
1,980

 
2.90

Total non-acquired loans
7,705,224

 
7,497,712

 
38,516

 
25,246

 
143,750

 
207,512

 
2.69

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit-impaired acquired loans
 
 
 
 
 
 
 
 
 
 
 
 
 
Single-Family Residential
343

 

 

 
343

 

 
343

 
100.00

Construction - Speculative
1,889

 
1,889

 

 

 

 

 

Construction - Custom

 

 

 

 

 

 

Land - Acquisition & Development
4,210

 
3,685

 

 

 
525

 
525

 
12.47

Land - Consumer Lot Loans

 

 

 

 

 

 

Multi-Family
1,074

 
1,074

 

 

 

 

 

Commercial Real Estate
90,977

 
80,860

 
2,072

 
1,698

 
6,347

 
10,117

 
11.12

Commercial & Industrial
5,099

 
4,244

 
125

 
730

 

 
855

 
16.77

HELOC
15,037

 
13,912

 
1,125

 

 

 
1,125

 
7.48

Consumer
115

 
69

 
5

 
40

 
1

 
46

 
40.00

Total credit-impaired acquired loans
118,744

 
105,733

 
3,327

 
2,811

 
6,873

 
13,011

 
10.96

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total loans
$
7,823,968

 
$
7,603,445

 
$
41,843

 
$
28,057

 
$
150,623

 
$
220,523

 
2.82



September 30, 2011
Amount of Loans
 
Days Delinquent Based on $ Amount of Loans
 
% based
on $
Type of Loan
Net of LIP & Chg.-Offs
 
Current
 
30
 
60
 
90
 
Total
 
 
(In thousands)
Single-Family Residential
$
6,217,670

 
$
6,015,464

 
$
54,140

 
$
21,985

 
$
126,082

 
$
202,207

 
3.25
%
Construction - Speculative
115,409

 
106,843

 
330

 

 
8,236

 
8,566

 
7.42

Construction - Custom
147,764

 
147,129

 

 

 
635

 
635

 
0.43

Land - Acquisition & Development
193,613

 
159,357

 
679

 

 
33,577

 
34,256

 
17.69

Land - Consumer Lot Loans
163,146

 
151,849

 
1,163

 
1,291

 
8,843

 
11,297

 
6.92

Multi-Family
699,340

 
690,765

 

 
1,202

 
7,373

 
8,575

 
1.23

Commercial Real Estate
300,307

 
292,015

 
1,016

 

 
7,276

 
8,292

 
2.76

Commercial & Industrial
108,995

 
106,708

 
55

 
553

 
1,679

 
2,287

 
2.10

HELOC
115,092

 
114,059

 
452

 
100

 
481

 
1,033

 
0.90

Consumer
67,509

 
65,434

 
1,191

 
446

 
437

 
2,074

 
3.07

 
$
8,128,845

 
$
7,849,623

 
$
59,026

 
$
25,577

 
$
194,619

 
$
279,222

 
3.43



Most loans restructured in troubled debt restructurings ("TDRs") are accruing and performing loans where the borrower has proactively approached the Company about modification due to temporary financial difficulties. Each request is individually evaluated for merit and likelihood of success. The concession for these loans is typically a payment reduction through a rate reduction of between 100 to 200 basis points for a specific term, usually six to twelve months. Interest-only payments may also be approved during the modification period. Principal forgiveness is not an available option for restructured loans. As of June 30, 2012, single-family residential loans comprised 83.2% of TDRs.

The Company reserves for restructured loans within its allowance for loan loss methodology by taking into account the following performance indicators: 1) time since modification, 2) current payment status and 3) geographic area.

The following tables provide information related to loans that were restructured during the periods indicated:

 
Quarter Ended June 30,
 
2012
 
2011
 
 
 
Pre-Modification
 
Post-Modification
 
 
 
Pre-Modification
 
Post-Modification
 
 
 
Outstanding
 
Outstanding
 
 
 
Outstanding
 
Outstanding
 
Number of
 
Recorded
 
Recorded
 
Number of
 
Recorded
 
Recorded
 
Contracts
 
Investment
 
Investment
 
Contracts
 
Investment
 
Investment
 
 
 
(In thousands)
 
 
 
(In thousands)
Troubled Debt Restructurings:
 
 
 
 
 
 
 
 
 
 
 
   Single-Family Residential
199

 
$
43,104

 
$
43,104

 
155

 
$
39,362

 
$
39,362

   Construction - Speculative

 

 

 
1

 
337

 
337

   Construction - Custom
1

 
1,196

 
1,196

 

 

 

   Land - Acquisition & Development

 

 

 
3

 
4,427

 
4,427

   Land - Consumer Lot Loans
8

 
965

 
965

 
9

 
1,335

 
1,335

   Multi-Family
1

 
389

 
389

 
1

 
985

 
985

   Commercial Real Estate
2

 
5,572

 
5,572

 

 

 

   Commercial & Industrial

 

 

 

 

 

   HELOC
2

 
113

 
113

 

 

 

   Consumer

 

 

 

 

 

 
213

 
$
51,339

 
$
51,339

 
169

 
$
46,446

 
$
46,446



 
Nine Months Ended June 30,
 
2012
 
2011
 
 
 
Pre-Modification
 
Post-Modification
 
 
 
Pre-Modification
 
Post-Modification
 
 
 
Outstanding
 
Outstanding
 
 
 
Outstanding
 
Outstanding
 
Number of
 
Recorded
 
Recorded
 
Number of
 
Recorded
 
Recorded
 
Contracts
 
Investment
 
Investment
 
Contracts
 
Investment
 
Investment
 
 
 
(In thousands)
 
 
 
(In thousands)
Troubled Debt Restructurings:
 
 
 
 
 
 
 
 
 
 
 
   Single-Family Residential
681

 
$
159,651

 
$
159,651

 
481

 
$
131,018

 
$
131,018

   Construction - Speculative
22

 
6,253

 
6,253

 
2

 
529

 
529

   Construction - Custom
1

 
1,196

 
1,196

 

 

 

   Land - Acquisition & Development
26

 
5,565

 
5,565

 
3

 
4,427

 
4,427

   Land - Consumer Lot Loans
30

 
3,906

 
3,906

 
34

 
5,175

 
5,175

   Multi-Family
3

 
2,257

 
2,257

 
7

 
9,146

 
9,146

   Commercial Real Estate
3

 
5,881

 
5,881

 

 

 

   Commercial & Industrial
1

 
2

 
2

 

 

 

   HELOC
2

 
113

 
113

 

 

 

   Consumer

 

 

 

 

 

 
769

 
$
184,824

 
$
184,824

 
527

 
$
150,295

 
$
150,295




The following tables provide information on restructured loans for which a payment default occurred during the periods indicated and that had been modified as a TDR within 12 months or less of the payment default:

 
Quarter Ended June 30,
 
2012
 
2011
 
Number of
 
Recorded
 
Number of
 
Recorded
 
Contracts
 
Investment
 
Contracts
 
Investment
 
 
 
(In thousands)
 
 
 
(In thousands)
Troubled Debt Restructurings That Subsequently Defaulted:
 
 
 
 
 
 
 
   Single-Family Residential
30

 
$
8,225

 
10

 
$
3,295

   Construction - Speculative

 

 

 

   Construction - Custom

 

 

 

   Land - Acquisition & Development

 

 

 

   Land - Consumer Lot Loans

 

 
3

 
404

   Multi-Family

 

 
1

 
3,589

   Commercial Real Estate

 

 

 

   Commercial & Industrial

 

 

 

   HELOC

 

 

 

   Consumer

 

 

 

 
30

 
$
8,225

 
14

 
$
7,288



 
Nine Months Ended June 30,
 
2012
 
2011
 
Number of
 
Recorded
 
Number of
 
Recorded
 
Contracts
 
Investment
 
Contracts
 
Investment
 
 
 
(In thousands)
 
 
 
(In thousands)
Troubled Debt Restructurings That Subsequently Defaulted:
 
 
 
 
 
 
 
   Single-Family Residential
97

 
$
21,687

 
29

 
$
7,783

   Construction - Speculative

 

 

 

   Construction - Custom

 

 

 

   Land - Acquisition & Development

 

 

 

   Land - Consumer Lot Loans
4

 
603

 
3

 
404

   Multi-Family

 

 
1

 
3,589

   Commercial Real Estate

 

 

 

   Commercial & Industrial

 

 

 

   HELOC

 

 

 

   Consumer

 

 

 

 
101

 
$
22,290

 
33

 
$
11,776