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Allowance for Losses on Loans (Tables)
12 Months Ended
Sep. 30, 2013
Receivables [Abstract]  
Summary of activity in allowance for loan losses
The following table summarizes the activity in the allowance for loan losses for the twelve months ended September 30, 2013 and 2012: 
September 30, 2013
Beginning
Allowance
 
Charge-offs
 
Recoveries
 
Provision &
Transfers
 
Ending
Allowance
 
(In thousands)
Single-family residential
$
81,815

 
$
(20,947
)
 
$
9,416

 
$
(6,100
)
 
$
64,184

Construction - speculative
12,060

 
(1,446
)
 
501

 
(2,708
)
 
8,407

Construction - custom
347

 
(481
)
 

 
1,016

 
882

Land - acquisition & development
15,598

 
(3,983
)
 
4,105

 
(6,555
)
 
9,165

Land - consumer lot loans
4,937

 
(1,363
)
 
40

 
(62
)
 
3,552

Multi-family
5,280

 
(1,043
)
 
171

 
(592
)
 
3,816

Commercial real estate
1,956

 
(747
)
 
17

 
4,369

 
5,595

Commercial & industrial
7,626

 
(1,145
)
 
95

 
10,038

 
16,614

HELOC
965

 
(163
)
 

 
200

 
1,002

Consumer
2,563

 
(2,783
)
 
2,000

 
1,744

 
3,524

 
$
133,147

 
$
(34,101
)
 
$
16,345

 
$
1,350

 
$
116,741


September 30, 2012
Beginning
Allowance
 
Charge-offs
 
Recoveries
 
Provision &
Transfers
 
Ending
Allowance
 
(In thousands)
Single-family residential
$
83,307

 
$
(53,789
)
 
$
8,164

 
$
44,133

 
$
81,815

Construction - speculative
13,828

 
(4,916
)
 
711

 
2,437

 
12,060

Construction - custom
623

 

 

 
(276
)
 
347

Land - acquisition & development
32,719

 
(16,978
)
 
1,341

 
(1,484
)
 
15,598

Land - consumer lot loans
5,520

 
(2,670
)
 

 
2,087

 
4,937

Multi-family
7,623

 
(1,393
)
 
504

 
(1,454
)
 
5,280

Commercial real estate
4,331

 
(814
)
 
225

 
(1,786
)
 
1,956

Commercial & industrial
5,099

 
(249
)
 
2,366

 
410

 
7,626

HELOC
1,139

 
(232
)
 
66

 
(8
)
 
965

Consumer
2,971

 
(3,538
)
 
1,480

 
1,650

 
2,563

 
$
157,160

 
$
(84,579
)
 
$
14,857

 
$
45,709

 
$
133,147

Summary of loans collectively and individually evaluated for impairment and related allocation of reserves
The following tables show a summary of loans collectively and individually evaluated for impairment and the related allocation of general and specific reserves as of September 30, 2013 and 2012:
September 30, 2013
Loans Collectively Evaluated for Impairment
 
Loans Individually Evaluated for Impairment
 
General  Reserve
Allocation
 
Gross Loans Subject  to
General Reserve (1)
 
Ratio
 
Specific  Reserve
Allocation
 
Gross Loans Subject  to
Specific Reserve (1)
 
Ratio
 
(In thousands)
 
 
 
(In thousands)
Single-family residential
$
64,184

 
$
5,262,159

 
1.2
%
 
$

 
$
96,989

 
%
Construction - speculative
7,307

 
115,554

 
6.3

 
1,100

 
15,224

 
7.2

Construction - custom
882

 
302,722

 
0.3

 

 

 

Land - acquisition & development
6,943

 
67,521

 
10.3

 
2,222

 
10,254

 
21.7

Land - consumer lot loans
3,506

 
107,216

 
3.3

 
46

 
14,455

 
0.3

Multi-family
3,711

 
824,279

 
0.5

 
105

 
7,405

 
1.4

Commercial real estate
5,595

 
400,789

 
1.4

 

 
14,172

 

Commercial & industrial
16,614

 
256,954

 
6.5

 

 
48

 

HELOC
1,002

 
111,169

 
0.9

 

 
1,017

 

Consumer
3,524

 
47,141

 
7.5

 

 

 

 
$
113,268

 
$
7,495,504

 
1.5
%
 
$
3,473

 
$
159,564

 
2.2
%
 ___________________
(1)
Excludes acquired loans with discounts sufficient to absorb potential losses and covered loans
September 30, 2012
Loans Collectively Evaluated for Impairment
 
Loans Individually Evaluated for Impairment
 
General  Reserve
Allocation
 
Gross Loans Subject  to
General Reserve (1)
 
Ratio
 
Specific  Reserve
Allocation
 
Gross Loans Subject  to
Specific Reserve (1)
 
Ratio
 
(In thousands)
 
 
 
(In thousands)
Single-family residential
$
81,737

 
$
5,694,337

 
1.4
%
 
$
78

 
$
84,584

 
0.1
%
Construction - speculative
9,079

 
104,312

 
8.7

 
2,981

 
25,325

 
11.8

Construction - custom
347

 
211,690

 
0.2

 

 

 

Land - acquisition & development
6,697

 
47,294

 
14.2

 
8,901

 
77,383

 
11.5

Land - consumer lot loans
4,176

 
138,666

 
3.0

 
761

 
3,178

 
23.9

Multi-family
2,818

 
694,140

 
0.4

 
2,462

 
16,000

 
15.4

Commercial real estate
1,158

 
292,550

 
0.4

 
798

 
26,660

 
3.0

Commercial & industrial
7,624

 
161,689

 
4.7

 
2

 
1,134

 
0.2

HELOC
965

 
112,812

 
0.9

 

 
90

 

Consumer
2,563

 
63,374

 
4.0

 

 

 

 
$
117,164

 
$
7,520,864

 
1.6
%
 
$
15,983

 
$
234,354

 
6.8
%
 ___________________
(1)
Excludes acquired loans and covered loans
Summary of loans based on credit quality indicators
The following tables provide information on loans based on credit quality indicators (defined above) as of September 30, 2013 and 2012:
 
September 30, 2013
Internally Assigned Grade
 
Total
 
Pass
 
Special mention
 
Substandard
 
Doubtful
 
Loss
 
Gross Loans
 
(In thousands)
Non-acquired loans
 
 
 
 
 
 
 
 
 
 
 
  Single-family residential
$
5,184,101

 
$
4,595

 
$
170,453

 
$

 
$

 
$
5,359,149

  Construction - speculative
99,436

 
3,199

 
28,143

 

 

 
130,778

  Construction - custom
302,722

 

 

 

 

 
302,722

  Land - acquisition & development
64,355

 
775

 
12,645

 

 

 
77,775

  Land - consumer lot loans
121,039

 

 
632

 

 

 
121,671

  Multi-family
819,911

 
2,114

 
9,659

 

 

 
831,684

  Commercial real estate
373,012

 
21,652

 
20,297

 

 

 
414,961

  Commercial & industrial
240,441

 
1,049

 
1,709

 

 

 
243,199

  HELOC
112,186

 

 

 

 

 
112,186

  Consumer
46,720

 

 
421

 

 

 
47,141

 
$
7,363,923

 
$
33,384

 
$
243,959

 
$

 
$

 
$
7,641,266

 
 
 
 
 
 
 
 
 
 
 
 
Acquired loans
 
 
 
 
 
 
 
 
 
 
 
  Single-family residential
$
14,468

 
$

 
$

 
$

 
$

 
$
14,468

  Construction - speculative

 

 

 

 

 

  Construction - custom

 

 

 

 

 

  Land - acquisition & development
312

 

 
1,177

 

 

 
1,489

  Land - consumer lot loans
3,313

 

 

 

 

 
3,313

  Multi-family
3,227

 

 
687

 

 

 
3,914

  Commercial real estate
105,055

 
4,190

 
24,178

 

 

 
133,423

  Commercial & industrial
64,933

 
1,309

 
9,084

 

 

 
75,326

  HELOC
10,179

 

 

 

 

 
10,179

  Consumer
8,267

 

 

 

 

 
8,267

 
$
209,754

 
$
5,499

 
$
35,126

 
$

 
$

 
$
250,379

 
 
 
 
 
 
 
 
 
 
 
 
 Credit impaired acquired loans
 
 
 
 
 
 
 
 
 
 
 
  Pool 1 - Construction and land A&D
$
980

 
$
461

 
$
955

 
$

 
$

 
$
2,396

  Pool 2 - Single-family residential
333

 

 

 

 

 
333

  Pool 3 - Multi-family

 

 

 

 

 

  Pool 4 - HELOC & other consumer
11,337

 

 

 

 

 
11,337

  Pool 5 - Commercial real estate
52,509

 
3,155

 
21,245

 

 

 
76,909

  Pool 6 - Commercial & industrial
881

 

 
7,044

 

 

 
7,925

Total credit impaired acquired loans
$
66,040

 
$
3,616

 
$
29,244

 
$

 
$

 
$
98,900

Total gross loans
$
7,639,717

 
$
42,499

 
$
308,329

 
$

 
$

 
$
7,990,545

 
 
 
 
 
 
 
 
 
 
 
 
Total grade as a % of total gross loans
95.6
%
 
0.5
%
 
3.9
%
 
%
 
%
 
 


September 30, 2012
Internally Assigned Grade
 
Total
 
Pass
 
Special mention
 
Substandard
 
Doubtful
 
Loss
 
Gross Loans
 
(In thousands)
Non-acquired loans
 
 
 
 
 
 
 
 
 
 
 
  Single-family residential
$
5,588,252

 
$
844

 
$
189,826

 
$

 
$

 
$
5,778,922

  Construction - speculative
86,126

 
10,113

 
33,398

 

 

 
129,637

  Construction - custom
211,690

 

 

 

 

 
211,690

  Land - acquisition & development
73,661

 
4,637

 
46,379

 

 

 
124,677

  Land - consumer lot loans
140,006

 
223

 
1,615

 

 

 
141,844

  Multi-family
684,649

 
5,098

 
20,393

 

 

 
710,140

  Commercial real estate
278,022

 
16,282

 
24,906

 

 

 
319,210

  Commercial & industrial
158,421

 
1,071

 
3,331

 

 

 
162,823

  HELOC
112,902

 

 

 

 

 
112,902

  Consumer
62,611

 
354

 
409

 

 

 
63,374

 
$
7,396,340

 
$
38,622

 
$
320,257

 
$

 
$

 
$
7,755,219

 
 
 
 
 
 
 
 
 
 
 
 
Acquired loans
 
 
 
 
 
 
 
 
 
 
 
  Single-family residential
$

 
$

 
$

 
$

 
$

 
$

  Construction - speculative

 

 

 

 

 

  Construction - custom

 

 

 

 

 

  Land - acquisition & development

 

 

 

 

 

  Land - consumer lot loans

 

 

 

 

 

  Multi-family

 

 

 

 

 

  Commercial real estate

 

 

 

 

 

  Commercial & industrial

 

 

 

 

 

  HELOC

 

 

 

 

 

  Consumer

 

 

 

 

 

 
$

 
$

 
$

 
$

 
$

 
$

 
 
 
 
 
 
 
 
 
 
 
 
 Credit impaired acquired loans
 
 
 
 
 
 
 
 
 
 
 
  Pool 1 - Construction and land A&D
$
2,466

 
$

 
$
3,125

 
$

 
$

 
$
5,591

  Pool 2 - Single-family residential
342

 

 

 

 

 
342

  Pool 3 - Multi-family

 

 
601

 

 

 
601

  Pool 4 - HELOC & other consumer
14,137

 

 

 

 

 
14,137

  Pool 5 - Commercial real estate
53,683

 
4,308

 
28,200

 
963

 

 
87,154

  Pool 6 - Commercial & industrial
1,566

 
58

 
733

 
935

 

 
3,292

Total credit impaired acquired loans
$
72,194

 
$
4,366

 
$
32,659

 
$
1,898

 
$

 
$
111,117

Total gross loans
$
7,468,534

 
$
42,988

 
$
352,916

 
$
1,898

 
$

 
$
7,866,336

 
 
 
 
 
 
 
 
 
 
 
 
Total grade as a % of total gross loans
94.9
%
 
0.6
%
 
4.5
%
 
%
 
%
 
 
The following tables provide information on covered loans based on credit quality indicators (defined in Note A) as of September 30, 2013:
 
 
Internally Assigned Grade
 
Total
Net  Loans
 
Pass
 
Special mention
 
Substandard
 
Doubtful
 
Loss
 
 
(In thousands)
Purchased non-credit impaired loans:
 
 
 
 
 
 
 
 
 
 
 
Single-family residential
$
26,426

 
$

 
$
2,034

 
$

 
$

 
$
28,460

Construction - speculative

 

 

 

 

 

Construction - custom

 

 

 

 

 

Land - acquisition & development
3,069

 
1,019

 
722

 

 

 
4,810

Land - consumer lot loans
245

 

 

 

 

 
245

Multi-family
17,217

 

 
1,635

 

 

 
18,852

Commercial real estate
56,120

 
9,235

 
24,144

 

 

 
89,499

Commercial & industrial
5,175

 
500

 
3,741

 

 

 
9,416

HELOC
14,750

 

 

 

 

 
14,750

Consumer
604

 

 

 

 

 
604

 
123,606

 
10,754

 
32,276

 

 

 
166,636

Total grade as a % of total net loans
74.2
%
 
6.4
%
 
19.4
%
 
%
 
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchased credit impaired loans:
 
 
 
 
 
 
 
 
Pool 1 - Construction and land A&D
14,361

 
4,296

 
25,363

 

 

 
44,020

Pool 2 - Single-family residential
21,541

 

 

 

 

 
21,541

Pool 3 - Multi-family
4,131

 

 
1,100

 

 

 
5,231

Pool 4 - HELOC & other consumer
4,111

 

 
1,880

 

 

 
5,991

Pool 5 - Commercial real estate
36,494

 
15,113

 
53,946

 

 

 
105,553

Pool 6 - Commercial & industrial
4,265

 
204

 
8,807

 

 

 
13,276

 
$
84,903

 
$
19,613

 
$
91,096

 
$

 
$

 
$
195,612

 
 
 
 
 
 
 
 
 
Total covered loans
 
362,248

 
 
 
 
 
 
 
 
 
Discount
 
(66,301
)
 
 
 
 
 
 
 
 
 
Allowance
 
$

 
 
 
 
 
 
 
 
 
Covered loans, net
 
$
295,947

Schedule of Credit Risk Profile by Payment Activity
The following tables provide information on non-acquired loans based on payment activity as of September 30, 2013 and 2012:
 
September 30, 2013
Performing Loans
 
Non-Performing Loans
 
Amount
 
% of Total
Gross  Loans
 
Amount
 
% of Total
Gross  Loans
 
(In thousands)
 
 
 
(In thousands)
 
 
Single-family residential
$
5,258,688

 
98.1
%
 
$
100,460

 
1.9
%
Construction - speculative
126,218

 
96.5

 
4,560

 
3.5

Construction - custom
302,722

 
100.0

 

 

Land - acquisition & development
74,872

 
96.3

 
2,903

 
3.7

Land - consumer lot loans
118,334

 
97.3

 
3,337

 
2.7

Multi-family
825,111

 
99.2

 
6,573

 
0.8

Commercial real estate
389,423

 
97.1

 
11,736

 
2.9

Commercial & industrial
256,525

 
99.8

 
477

 
0.2

HELOC
111,923

 
99.8

 
263

 
0.2

Consumer
46,151

 
97.9

 
990

 
2.1

 
$
7,509,967

 
98.3
%
 
$
131,299

 
1.7
%

September 30, 2012
Performing Loans
 
Non-Performing Loans
 
Amount
 
% of Total
Gross  Loans
 
Amount
 
% of Total
Gross  Loans
 
(In thousands)
 
 
 
(In thousands)
 
 
Single-family residential
$
5,647,729

 
97.7
%
 
$
131,193

 
2.3
%
Construction - speculative
119,003

 
91.8

 
10,634

 
8.2

Construction - custom
211,151

 
99.7

 
539

 
0.3

Land - acquisition & development
111,200

 
89.2

 
13,477

 
10.8

Land - consumer lot loans
136,695

 
96.4

 
5,149

 
3.6

Multi-family
705,955

 
99.4

 
4,185

 
0.6

Commercial real estate
311,557

 
97.6

 
7,653

 
2.4

Commercial & industrial
162,807

 
100.0

 
16

 

HELOC
112,704

 
99.8

 
198

 
0.2

Consumer
62,991

 
99.4

 
383

 
0.6

 
$
7,581,792

 
97.8
%
 
$
173,427

 
2.2
%
Summary of impaired loans based on type
The following tables provide information on impaired loans based on loan types as of September 30, 2013 and 2012:
 
September 30, 2013
Recorded
Investment
 
Unpaid
Principal
Balance
 
Related
Allowance
 
Average
Recorded
Investment
 
(In thousands)
With no related allowance recorded:
 
 
 
 
 
 
 
Single-family residential
$
33,883

 
$
38,928

 
$

 
$
21,458

Construction - speculative
3,891

 
4,099

 

 
3,339

Construction - custom

 

 

 

Land - acquisition & development
3,020

 
10,705

 

 
2,548

Land - consumer lot loans
3,186

 
3,376

 

 
1,839

Multi-family
4,929

 
4,929

 

 
1,734

Commercial real estate
23,537

 
31,876

 

 
9,651

Commercial & industrial
7,279

 
31,197

 

 
3,123

HELOC
446

 
946

 

 
133

Consumer
601

 
618

 

 
127

 
80,772

 
126,674

 

 
43,952

With an allowance recorded:
 
 
 
 
 
 
 
Single-family residential
335,140

 
341,910

 
15,137

 
330,407

Construction - speculative
8,892

 
9,342

 
1,100

 
12,362

Construction - custom

 

 

 

Land - acquisition & development
2,598

 
4,002

 

 
8,315

Land - consumer lot loans
12,631

 
13,014

 
2,222

 
12,301

Multi-family
5,958

 
6,178

 
46

 
7,731

Commercial real estate
7,539

 
8,476

 
105

 
9,321

Commercial & industrial
56

 
56

 

 
11

HELOC
938

 
938

 

 
858

Consumer
33

 
33

 

 
9

 
373,785

 
383,949

 
18,610

(1)
381,315

Total:
 
 
 
 
 
 
 
Single-family residential
369,023

 
380,838

 
15,137

 
351,865

Construction - speculative
12,783

 
13,441

 
1,100

 
15,701

Construction - custom

 

 

 

Land - acquisition & development
5,618

 
14,707

 

 
10,863

Land - consumer lot loans
15,817

 
16,390

 
2,222

 
14,140

Multi-family
10,887

 
11,107

 
46

 
9,465

Commercial real estate
31,076

 
40,352

 
105

 
18,972

Commercial & industrial
7,335

 
31,253

 

 
3,134

HELOC
1,384

 
1,884

 

 
991

Consumer
634

 
651

 

 
136

 
$
454,557

 
$
510,623

 
$
18,610

(1)
$
425,267

____________________ 
(1)
Includes $3,473,000 of specific reserves and $15,137,000 included in the general reserves.

September 30, 2012
Recorded
Investment
 
Unpaid
Principal
Balance
 
Related
Allowance
 
Average
Recorded
Investment
 
(In thousands)
With no related allowance recorded:
 
 
 
 
 
 
 
Single-family residential
$
106,955

 
$
124,342

 
$

 
$
49,524

Construction - speculative
13,726

 
16,568

 

 
13,581

Construction - custom

 

 

 

Land - acquisition & development
18,000

 
30,209

 

 
16,417

Land - consumer lot loans
1,677

 
2,185

 

 
487

Multi-family
8,792

 
8,991

 

 
6,935

Commercial real estate
31,190

 
42,656

 

 
12,946

Commercial & industrial
1,146

 
7,363

 

 
581

HELOC
90

 
1,066

 

 
36

Consumer

 
4

 

 

 
181,576

 
233,384

 

 
100,507

With an allowance recorded:
 
 
 
 
 
 
 
Single-family residential
317,901

 
317,901

 
25,723

 
305,350

Construction - speculative
12,836

 
12,836

 
2,981

 
12,822

Construction - custom

 

 

 

Land - acquisition & development
20,750

 
20,750

 
8,901

 
21,650

Land - consumer lot loans
13,881

 
13,881

 
761

 
13,126

Multi-family
14,153

 
14,555

 
2,462

 
14,279

Commercial real estate
3,722

 
3,722

 
798

 
2,897

Commercial & industrial

 
2

 
2

 
22

HELOC
734

 
734

 

 
743

Consumer

 

 

 

 
383,977

 
384,381

 
41,628

(1)
370,889

Total:
 
 
 
 
 
 
 
Single-family residential
424,856

 
442,243

 
25,723

 
354,874

Construction - speculative
26,562

 
29,404

 
2,981

 
26,403

Construction - custom

 

 

 

Land - acquisition & development
38,750

 
50,959

 
8,901

 
38,067

Land - consumer lot loans
15,558

 
16,066

 
761

 
13,613

Multi-family
22,945

 
23,546

 
2,462

 
21,214

Commercial real estate
34,912

 
46,378

 
798

 
15,843

Commercial & industrial
1,146

 
7,365

 
2

 
603

HELOC
824

 
1,800

 

 
779

Consumer

 
4

 

 

 
$
565,553

 
$
617,765

 
$
41,628

(1)
$
471,396


____________________ 
(1)
Includes $15,983,000 of specific reserves and $25,645,000 included in the general reserves.