Loans Receivable (Tables)

12 Months Ended

Mar. 31, 2013

Loans Receivable Held For Investment

Loans receivable held for investment consist of the following:

	March 31,
	2013			2012
	(In thousands)
Residential	$	547,720		$	564,427
Commercial and industrial		30,574			38,977
Commercial real estate:
Land and construction		111,953			186,048
Multi-family		287,447			342,216
Retail/office		198,686			298,277
Other commercial real estate		172,857			248,275
Consumer:
Education		166,429			240,331
Other consumer		247,530			269,532
Total unpaid principal balance		1,763,196			2,188,083
Allowance for loan losses		(79,815	)		(111,215	)
Undisbursed loan proceeds(1)		(10,997	)		(16,034	)
Unamortized loan fees, net		(1,838	)		(3,086	)
Unearned interest		(3	)		(4	)
Total loan contra balances		(92,653	)		(130,339	)
Loans held for investment	$	1,670,543		$	2,057,744

(1) Undisbursed loan proceeds are funds to be released upon a draw request approved by the Corporation.

Allowance For Loan Losses By Component

The following table presents the allowance for loan losses by component:

	March 31,
	2013		2012
	(In thousands)
General component	$	28,163	$	37,085
Substandard loan component		22,560		29,980
Specific component		29,092		44,150
Total allowance for loan losses	$	79,815	$	111,215

Unpaid Principal Balance Of Loans By Risk Category

The following table presents the unpaid principal balance of loans by risk category:

	March 31,
	2013		2012
	(In thousands)
Pass (1)	$	1,519,665	$	1,740,542
Special mention		33,363		56,762
Total pass and special mention rated loans		1,533,028		1,797,304
Substandard rated loans, excluding TDR accrual		49,813		93,207
Troubled debt restructurings – accrual		41,565		72,648
Non-accrual		118,790		224,924
Total impaired loans		160,355		297,572
Total unpaid principal balance	$	1,763,196	$	2,188,083

(1) Includes all accrual residential and consumer loans as these loans are generally not individually rated.

Summary of Activity in Allowance for Loan Losses

A summary of the activity in the allowance for loan losses follows:

	Year Ended March 31,
	2013			2012			2011
	(In thousands)
Allowance at beginning of year	$	111,215		$	150,122		$	179,644
Provision		7,733			33,887			50,325
Charge-offs		(49,353	)		(82,562	)		(88,886	)
Recoveries		10,220			9,768			9,039
Allowance at end of year	$	79,815		$	111,215		$	150,122

Allowance For Loan Losses By Portfolio Segment

The following table presents activity in the allowance for loan losses by portfolio segment for the years ended March 31, 2013, 2012 and 2011:

	Residential			Commercial and Industrial			Commercial Real Estate			Consumer			Total
	(In thousands)
For the Year Ended:
March 31, 2013
Beginning balance	$	13,027		$	10,568		$	85,153		$	2,467		$	111,215
Provision		6,414			(1,471	)		(3,107	)		5,897			7,733
Charge-offs		(6,659	)		(3,483	)		(34,265	)		(4,946	)		(49,353	)
Recoveries		1,743			1,458			6,800			219			10,220
Ending balance	$	14,525		$	7,072		$	54,581		$	3,637		$	79,815
March 31, 2012
Beginning balance	$	20,487		$	19,541		$	106,445		$	3,649		$	150,122
Provision		(2,546	)		4,180			30,869			1,384			33,887
Charge-offs		(6,625	)		(14,993	)		(57,685	)		(3,259	)		(82,562	)
Recoveries		1,711			1,840			5,524			693			9,768
Ending balance	$	13,027		$	10,568		$	85,153		$	2,467		$	111,215
March 31, 2011
Beginning balance	$	20,658		$	29,783		$	126,553		$	2,650		$	179,644
Provision		13,346			(3,644	)		36,621			4,002			50,325
Charge-offs		(15,005	)		(8,021	)		(62,558	)		(3,302	)		(88,886	)
Recoveries		1,488			1,423			5,829			299			9,039
Ending balance	$	20,487		$	19,541		$	106,445		$	3,649		$	150,122

Allowance For Loan Losses And Recorded Investment In Loans By Portfolio Segment And Based On Impairment Method

The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2013 and 2012:

	Residential		Commercial and Industrial		Commercial Real Estate		Consumer		Total
	(In thousands)
March 31, 2013
Allowance for loan losses:
Associated with impaired loans	$	7,038	$	2,508	$	19,182	$	364	$	29,092
Associated with all other loans		7,487		4,564		35,399		3,273		50,723
Total	$	14,525	$	7,072	$	54,581	$	3,637	$	79,815
Loans:
Impaired loans individually evaluated	$	37,378	$	3,760	$	114,540	$	4,677	$	160,355
All other loans		510,342		26,814		656,403		409,282		1,602,841
Total	$	547,720	$	30,574	$	770,943	$	413,959	$	1,763,196
March 31, 2012
Allowance for loan losses:
Associated with impaired loans	$	5,080	$	5,548	$	33,137	$	385	$	44,150
Associated with all other loans		7,947		5,020		52,016		2,082		67,065
Total	$	13,027	$	10,568	$	85,153	$	2,467	$	111,215
Loans:
Impaired loans individually evaluated	$	49,411	$	10,774	$	228,873	$	8,514	$	297,572
All other loans		515,016		28,203		845,943		501,349		1,890,511
Total	$	564,427	$	38,977	$	1,074,816	$	509,863	$	2,188,083

Provision For Credit Losses Reflected On Consolidated Statements Of Operations

The provision for credit losses reflected on the consolidated statements of operations includes the provision for loan losses and the provision for unfunded commitment losses as follows:

	For the Year Ended March 31,
	2013		2012			2011
	(In thousands)
Provision for loan losses	$	7,733	$	33,887		$	50,325
Provision for unfunded commitment losses (1)		1,392		(309	)		873
Provision for credit losses	$	9,125	$	33,578		$	51,198

(1) The provision for unfunded commitments includes provisions for unfunded commitments to lend and commercial letters of credit.

Impaired Loans Segregated By Loans With No Specific Allowance And Loans With An Allowance By Class Of Loans

The following table presents impaired loans segregated by loans with no specific allowance and loans with an allowance by class of loans as of March 31, 2013 and 2012:

	Unpaid Principal Balance		Associated Allowance		Carrying Amount		Average Carrying Amount (1)		Fiscal Year to Date Interest Income Recognized
	(In thousands)
March 31, 2013
With no specific allowance recorded:
Residential	$	11,545	$	—	$	11,545	$	12,655	$	448
Commercial and industrial		280		—		280		1,020		75
Land and construction		9,982		—		9,982		21,678		189
Multi-family		12,217		—		12,217		14,826		400
Retail/office		6,913		—		6,913		15,810		350
Other commercial real estate		13,365		—		13,365		19,378		691
Education		—		—		—		—		—
Other consumer		531		—		531		665		62
Subtotal		54,833		—		54,833		86,032		2,215
With an allowance recorded (2):
Residential		25,833		7,038		18,795		23,509		611
Commercial and industrial		3,480		2,508		972		1,556		78
Land and construction		23,492		6,552		16,940		19,024		659
Multi-family		15,448		4,261		11,187		13,918		722
Retail/office		14,505		3,312		11,193		19,553		519
Other commercial real estate		18,618		5,057		13,561		19,545		632
Education (3)		424		1		423		615		—
Other consumer		3,722		363		3,359		6,167		293
Subtotal		105,522		29,092		76,430		103,887		3,514
Total
Residential		37,378		7,038		30,340		36,164		1,059
Commercial and industrial		3,760		2,508		1,252		2,576		153
Land and construction		33,474		6,552		26,922		40,702		848
Multi-family		27,665		4,261		23,404		28,744		1,122
Retail/office		21,418		3,312		18,106		35,363		869
Other commercial real estate		31,983		5,057		26,926		38,923		1,323
Education (3)		424		1		423		615		—
Other consumer		4,253		363		3,890		6,832		355
	$	160,355	$	29,092	$	131,263	$	189,919	$	5,729

(1) The average carrying amount of loans in each category is calculated on a trailing 12 month basis.

(2) Includes ratio-based allowance for loan losses of $5.7 million associated with loans totaling $35.9 million at March 31, 2013 for which individual reviews have not been completed but an allowance established based on the ratio of allowance for loan losses to unpaid principal balance for the loans individually reviewed by class of loan.

(3) Excludes the guaranteed portion of education loans 90+ days past due with unpaid principal balance of $13,697 and average carrying amounts totaling $21,249 at March 31, 2013 that are not considered impaired based on a guarantee provided by government agencies.

	Unpaid Principal Balance		Associated Allowance		Carrying Amount		Average Carrying Amount (1)		Fiscal Year to Date Interest Income Recognized
	(In thousands)
March 31, 2012
With no specific allowance recorded:
Residential	$	19,845	$	—	$	19,845	$	22,224	$	208
Commercial and industrial		3,389		—		3,389		6,771		61
Land and construction		34,446		—		34,446		39,601		581
Multi-family		19,822		—		19,822		21,624		264
Retail/office		21,787		—		21,787		23,577		816
Other commercial real estate		24,213		—		24,213		23,812		571
Education		—		—		—		—		—
Other consumer		474		—		474		507		62
Subtotal		123,976		—		123,976		138,116		2,563
With an allowance recorded (2):
Residential		29,566		5,080		24,486		28,070		520
Commercial and industrial		7,385		5,548		1,837		6,285		260
Land and construction		47,545		14,543		33,002		47,499		886
Multi-family		27,307		7,896		19,411		25,803		927
Retail/office		28,954		6,672		22,282		27,417		858
Other commercial real estate		24,799		4,026		20,773		22,891		737
Education (3)		762		1		761		789		—
Other consumer		7,278		384		6,894		7,190		480
Subtotal		173,596		44,150		129,446		165,944		4,668
Total
Residential		49,411		5,080		44,331		50,294		728
Commercial and industrial		10,774		5,548		5,226		13,056		321
Land and construction		81,991		14,543		67,448		87,100		1,467
Multi-family		47,129		7,896		39,233		47,427		1,191
Retail/office		50,741		6,672		44,069		50,994		1,674
Other commercial real estate		49,012		4,026		44,986		46,703		1,308
Education (3)		762		1		761		789		—
Other consumer		7,752		384		7,368		7,697		542
	$	297,572	$	44,150	$	253,422	$	304,060	$	7,231

(1) The average carrying amount of loans in each category is calculated on a trailing 12 month basis.

(2) Includes ratio-based allowance for loan losses of $2.8 million associated with loans totaling $24.6 million at March 31, 2012 for which individual reviews have not been completed but an allowance established based on the ratio of allowance for loan losses to unpaid principal balance for the loans individually reviewed by class of loan.

(3) Excludes the guaranteed portion of education loans 90+ days past due with unpaid principal balance of $24,641 and average carrying amounts totaling $25,520 at March 31, 2012 that are not considered impaired based on a guarantee provided by government agencies.

The carrying amounts in the table above represent the unpaid principal balance less the associated allowance. The average carrying amount is a trailing twelve month average calculated based on the ending quarterly balances. The interest income recognized is the fiscal year to date interest income recognized on a cash basis.

Impaired Loans

The following is additional information regarding impaired loans:

	March 31,
	2013			2012
	(In thousands)
Unpaid principal balance of impaired loans:
With specific reserve required	$	105,522		$	173,596
Without a specific reserve		54,833			123,976
Total impaired loans		160,355			297,572
Less:
Specific valuation allowance for impaired loans		(29,092	)		(44,150	)
Carrying amount of impaired loans	$	131,263		$	253,422
Average carrying amount of impaired loans	$	189,919		$	304,060
Loans and troubled debt restructurings on non-accrual status		118,790			224,924
Troubled debt restructurings – accrual		41,565			72,648
Troubled debt restructurings – non-accrual (1)		26,287			76,378
Loans past due ninety days or more and still accruing (2)		13,697			30,697

(1) Troubled debt restructurings – non-accrual are included in the loans and troubled debt restructurings on non-accrual status line item above.

(2) Includes the guaranteed portion of education loans of $13,697 and $24,641 at March 31, 2013 and 2012, respectively, that were 90+ days past due which continue to accrue interest due to a guarantee provided by government agencies covering approximately 97% of the outstanding balance.

Interest Income Recognized On Impaired Loans On Cash Basis

The following table presents interest income recognized on impaired loans on a cash basis.

	For the Year Ended March 31,
	2013		2012		2011
	(In thousands)
Interest income recognized on impaired loans on a cash basis	$	5,729	$	7,231	$	9,818

Aging Of Recorded Investment In Past Due Loans, By Class Of Loans

The following table presents the aging of the recorded investment in past due loans as of March 31, 2013 and 2012 by class of loans:

	Days Past Due
	30-59		60-89		90 or More		Total
	(In thousands)
March 31, 2013
Residential	$	2,028	$	3,390	$	24,645	$	30,063
Commercial and industrial		1,004		115		2,212		3,331
Land and construction		841		456		11,777		13,074
Multi-family		2,170		856		17,619		20,645
Retail/office		2,160		653		12,263		15,076
Other commercial real estate		10		55		5,873		5,938
Education		4,414		3,853		14,121		22,388
Other consumer		1,667		731		3,699		6,097
	$	14,294	$	10,109	$	92,209	$	116,612
March 31, 2012
Residential	$	2,414	$	1,071	$	37,791	$	41,276
Commercial and industrial		976		539		3,183		4,698
Land and construction		37		—		60,680		60,717
Multi-family		360		541		26,371		27,272
Retail/office		2,627		2,634		14,033		19,294
Other commercial real estate		1,884		191		16,323		18,398
Education		8,370		6,562		25,403		40,335
Other consumer		1,664		692		6,879		9,235
	$	18,332	$	12,230	$	190,663	$	221,225

Risk Category Of Loans By Class Of Loans

As of March 31, 2013 and 2012, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows:

	Pass			Special Mention			Substandard			Non-Accrual			Total Unpaid Principal Balance
	(In thousands)
March 31, 2013
Commercial and industrial	$	21,141		$	878		$	5,640		$	2,915		$	30,574
Commercial real estate:
Land and construction		64,229			787			15,150			31,787			111,953
Multi-family		245,980			3,660			17,155			20,652			287,447
Retail/office		156,919			5,144			19,100			17,523			198,686
Other		107,465			22,894			34,333			8,165			172,857
	$	595,734		$	33,363		$	91,378		$	81,042		$	801,517
Percent of total unpaid principal balance		74.3	%		4.2	%		11.4	%		10.1	%		100.0	%
March 31, 2012
Commercial and industrial	$	20,693		$	255		$	9,812		$	8,217		$	38,977
Commercial real estate:
Land and construction		68,175			6,344			47,300			64,229			186,048
Multi-family		278,936			2,728			22,790			37,762			342,216
Retail/office		208,159			13,080			43,221			33,817			298,277
Other		143,225			34,355			42,732			27,963			248,275
	$	719,188		$	56,762		$	165,855		$	171,988		$	1,113,793
Percent of total unpaid principal balance		64.6	%		5.1	%		14.9	%		15.4	%		100.0	%

Unpaid Principal Balance Of Residential And Consumer Loans Based On Accrual Status

The following table presents the unpaid principal balance of residential and consumer loans based on accrual status as of March 31, 2013 and 2012:

	March 31, 2013						March 31, 2012
	Accrual		Non-Accrual		Total Unpaid Principal Balance		Accrual		Non-Accrual		Total Unpaid Principal Balance
	(In thousands)
Residential	$	514,613	$	33,107	$	547,720	$	519,877	$	44,550	$	564,427
Consumer:
Education (1)		166,005		424		166,429		239,569		762		240,331
Other consumer		243,313		4,217		247,530		261,908		7,624		269,532
	$	923,931	$	37,748	$	961,679	$	1,021,354	$	52,936	$	1,074,290

(1) Non-accrual education loans represent the portion of these loans 90+ days past due that are not covered by a guarantee provided by government agencies that is limited to approximately 97% of the outstanding balance.

Loans Modified Troubled Debt Restructuring By Class

The following table presents information related to loans modified in a troubled debt restructuring, by class, during the years ended March 31, 2013 and 2012:

	Year Ended March 31, 2013								Year Ended March 31, 2012
Troubled Debt Restructurings (1)	Number of Modifications		Unpaid Principal Balance (2) (at period end)		Balance in the ALLL (3)						Unpaid Principal Balance (2) (at period end)		Balance in the ALLL  (3)
					Prior to Modification		At Period End		Number of Modifications				Prior to Modification		At Period End
	(Dollars in thousands)
Residential		0	$	—	$	—	$	—		40	$	5,964	$	318	$	477
Commercial and industrial		3		169		206		139		14		6,439		2,841		3,007
Land and construction		2		546		548		36		16		50,820		4,553		16,259
Multi-family		0		—		—		—		10		9,891		2,725		4,477
Retail/office		3		899		383		176		14		9,433		1,006		1,541
Other commercial real estate		4		934		591		44		13		12,927		2,334		4,422
Education		0		—		—		—		0		—		—		—
Other consumer		2		32		—		—		6		304		—		—
		14	$	2,580	$	1,728	$	395		113	$	95,778	$	13,777	$	30,183

(1) Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported in this table.

(2) The unpaid principal balance is inclusive of all partial paydowns and charge-offs since the modification date.

(3) The balance in the ALLL represents any specific component of the allowance for loan losses associated with these loans.

Unpaid Principal Balance Of Loans Modified In TDR By Class And By Type Of Modification

The following tables present the unpaid principal balance of loans modified in a troubled debt restructuring during the years ended March 31, 2013 and 2012, by class and by type of modification:

	Year Ended March 31, 2013
	Principal and Interest to Interest Only		Interest Rate Reduction				Below Market Rate (4)		Other  (5)		Total
Troubled Debt Restructurings (1)(2)			To Below Market Rate		To Interest Only (3)
	(In thousands)
Residential	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and industrial		—		—		—		16		153		169
Land and construction		—		—		—		425		121		546
Multi-family		—		—		—		—		—		—
Retail/office		—		214		160		—		525		899
Other commercial real estate		540		122		—		—		272		934
Education		—		—		—		—		—		—
Other consumer		—		—		—		19		13		32
	$	540	$	336	$	160	$	460	$	1,084	$	2,580

	Year Ended March 31, 2012
	Principal and  Interest to Interest Only		Interest Rate Reduction				Below Market Rate (4)		Other (5)		Total
Troubled Debt Restructurings (1)(2)			To Below Market Rate		To Interest Only (3)
	(In thousands)
Residential	$	1,400	$	1,952	$	942	$	611	$	1,059	$	5,964
Commercial and industrial		170		1,771		—		923		3,575		6,439
Land and construction		367		29,461		—		15,735		5,257		50,820
Multi-family		2,497		—		—		5,819		1,575		9,891
Retail/office		613		2,297		2,311		1,219		2,993		9,433
Other commercial real estate		1,324		5,315		—		268		6,020		12,927
Education		—		—		—		—		—		—
Other consumer		—		285		—		—		19		304
	$	6,371	$	41,081	$	3,253	$	24,575	$	20,498	$	95,778

(1) Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported in this table.

(2) The unpaid principal balance is inclusive of all partial paydowns and charge-offs since the modification date.

(3) Includes modifications of loan repayment terms from principal and interest to interest only, along with a reduction in the contractual interest rate.

(4) Includes loans modified at below market rates for borrowers with similar risk profiles and having comparable loan terms and conditions. Market rates are determined by reference to internal new loan pricing grids that specify credit spreads based on loan risk rating and term to maturity.

(5) Other modifications primarily include providing for the deferral of interest currently due to the new maturity date of the loan.

Loans Modified Troubled Debt Restructuring Subsequently Defaulted

The following table presents loans modified in a troubled debt restructuring from April 1, 2012 to March 31, 2013, by class, that subsequently defaulted (i.e.: 90 days or more past due following a modification) during the year ended March 31, 2013 compared to year ended March 31, 2012:

	Year Ended March 31,
	2013				2012
Troubled Debt Restructurings (1)	Number of Modified Loans		Unpaid Principal Balance (2) (at period end)		Number of Modified Loans		Unpaid Principal Balance (2) (at period end)
	(Dollars in thousands)
Residential		—	$	—		11	$	1,830
Commercial and industrial		—		—		7		1,083
Land and construction		—		—		4		36,100
Multi-family		—		—		6		8,747
Retail/office		2		374		9		9,233
Other commercial real estate		2		581		4		1,543
Education		—		—		—		—
Other consumer		—		—		4		304
		4	$	955		45	$	58,840

(1) Loans modified in a TDR that were fully paid down, charged-off or foreclosed upon by period end are not reported in this table.

(2) The unpaid principal balance is inclusive of all partial paydowns and charge-offs since the modification date.