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Other Real Estate Owned (Tables)
 12 Months Ended
Mar. 31, 2013
Summary Of Other Real Estate Owned Activity

A summary of the activity in other real estate owned is as follows:

 

     Year Ended March 31,  
     2013     2012  
     (In thousands)  

Balance at beginning of period

    $ 88,841      $ 90,707   

Additions (1)

      75,727        77,835   

Capitalized improvements

      300        —     

Valuations/write-offs/reserve for probable losses (2)

      (26,733 )      (15,338 ) 

Valuation of deposit method property (3)

      (3,301 )      —     

Transfer to premises and equipment

      (2,870 )      —     

Sales

      (47,622 )      (64,363 ) 
  

 

 

    

 

 

  

Balance at end of period

    $ 84,342      $ 88,841   
  

 

 

    

 

 

  

 

(1) Includes a transfer from premises and equipment of a closed retail branch facility no longer used for banking purposes totaling $558,000 during the year ended March 31, 2013.
(2) Includes adjustments to the OREO reserve for probable losses.
(3) Represents the write-down to fair value less estimated selling costs of a loan classified as OREO due to a Bank financed sale of foreclosed property accounted for under the deposit method because of an inadequate down payment by the buyer. The buyer recently defaulted on this loan and the property has been foreclosed upon and revalued in OREO. The valuation amount includes the write-off of principal and interest payments received over the life of the loan totaling $1.4 million and a charge-off to the allowance for loan losses of $1.9 million.
Summary Of OREO Valuation Allowance Activity

A summary of activity in the OREO valuation allowance is as follows:

 

     For the Year Ended March 31,  
     2013     2012     2011  
     (In thousands)  

Balance at beginning of period

    $ 22,521      $ 19,975      $ 16,630   

Provision

      26,733        15,338        15,125   

Sales

      (13,245 )      (12,792 )      (11,780 ) 
  

 

 

    

 

 

    

 

 

  

Balance at end of period

    $ 36,009      $ 22,521      $ 19,975   
  

 

 

    

 

 

    

 

 

  
Summary Of Net OREO Expenses

Net OREO expense consisted of the following components for the years ended March 31, 2013, 2012 and 2011:

 

     For the Year Ended March 31,  
     2013      2012      2011  
     (In thousands)  

Valuation adjustments

    $ 26,733       $ 15,338       $ 15,125   

Foreclosure cost expense

      2,602         4,387         5,586   

Expenses from operations, net

      8,236         8,959         10,215   
  

 

 

     

 

 

     

 

 

  

OREO expense, net

    $ 37,571       $ 28,684       $ 30,926