Loans (Tables)

6 Months Ended

Jun. 30, 2011

Composition of Loan Portfolio

The following table sets forth the composition of the loan portfolio at June 30, 2011 and December 31, 2010:

	June 30, 2011						December 31, 2010
(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	$	17,055,571			69.62	%	$	16,807,913			70.88	%
Commercial real estate		6,123,594			25.00			5,439,611			22.94
Acquisition, development, and construction		524,077			2.14			569,537			2.40
One-to-four family		148,194			0.61			170,392			0.72
Total mortgage loans held for investment		23,851,436			97.37			22,987,453			96.94
Other Loans:
Commercial and industrial		571,200			2.33			641,663			2.70
Other		73,980			0.30			85,559			0.36
Total other loans held for investment		645,180			2.63			727,222			3.06
Total non-covered loans held for investment		24,496,616			100.00	%		23,714,675			100.00	%
Net deferred loan origination fees		(2,678	)					(7,181	)
Allowance for losses on non-covered loans		(134,471	)					(158,942	)
Non-covered loans held for investment, net		24,359,467						23,548,552
Covered loans		4,008,287						4,297,869
Allowance for losses on covered loans		(20,611	)					(11,903	)
Total covered loans, net		3,987,676						4,285,966
Loans held for sale		491,724						1,207,077
Total loans, net	$	28,838,867					$	29,041,595

Quality of Non-Covered Loans

The following table presents information regarding the quality of the Company’s non-covered loans at June 30, 2011:

(in thousands)	30-89 Days Past Due		Non- Accrual		90 Days or More Delinquent and Still Accruing Interest		Total Past Due Loans		Total Current Loans		Total Loans Receivable
Multi-family	$	14,678	$	304,695	$	—	$	319,373	$	16,736,198	$	17,055,571
Commercial real estate		13,496		105,167		—		118,663		6,004,931		6,123,594
Acquisition, development, and construction		16,535		63,001		—		79,536		444,541		524,077
One-to-four family		3,261		16,126		—		19,387		128,807		148,194
Commercial and industrial		4,621		11,936		—		16,557		554,643		571,200
Other		550		2,056		—		2,606		71,374		73,980
Total	$	53,141	$	502,981	$	—	$	556,122	$	23,940,494	$	24,496,616

The following table presents information regarding the quality of the Company’s non-covered loans at December 31, 2010:

(in thousands)	30-89 Days Past Due		Non- Accrual		90 Days or More Delinquent and Still Accruing Interest		Total Past Due Loans		Total Current Loans		Total Loans Receivable
Multi-family	$	121,188	$	327,892	$	—	$	449,080	$	16,358,833	$	16,807,913
Commercial real estate		8,207		162,400		—		170,607		5,269,004		5,439,611
Acquisition, development, and construction		5,194		91,850		—		97,044		472,493		569,537
One-to-four family		5,723		17,813		—		23,536		146,856		170,392
Commercial and industrial		9,324		22,804		—		32,128		609,535		641,663
Other		1,404		1,672		—		3,076		82,483		85,559
Total	$	151,040	$	624,431	$	—	$	775,471	$	22,939,204	$	23,714,675

Additional Information Regarding TDRs

The following table presents additional information regarding the Company’s TDRs as of June 30, 2011:

(in thousands)	Accruing		Non-Accrual		Total
Multi-family	$	60,845	$	175,060	$	235,905
Commercial real estate		3,464		63,250		66,714
Acquisition, development, and construction		—		17,666		17,666
Commercial and industrial		—		3,917		3,917
One-to-four family		—		1,520		1,520
Total	$	64,309	$	261,413	$	325,722

Non-Covered Loan Portfolio by Credit Quality Indicator

The following table summarizes the Company’s non-covered loan portfolio by credit quality indicator at June 30, 2011:

(in thousands)	Multi-Family		Commercial Real Estate		Acquisition, Development, and Construction		One-to- Four Family		Total Mortgage Segment		Commercial and Industrial		Other		Total Other Loan Segment
Credit Quality Indicator:
Pass	$	16,602,460	$	5,930,036	$	434,077	$	136,458	$	23,103,031	$	537,415	$	71,924	$	609,339
Special mention		56,001		66,810		21,968		—		144,779		16,626		—		16,626
Substandard		397,015		126,748		68,032		11,736		603,531		17,159		2,056		19,215
Doubtful		95		—		—		—		95		—		—		—
Loss		—		—		—		—		—		—		—		—
Total	$	17,055,571	$	6,123,594	$	524,077	$	148,194	$	23,851,436	$	571,200	$	73,980	$	645,180

The following table summarizes the Company’s non-covered loan portfolio by credit quality indicator at December 31, 2010:

(in thousands)	Multi-Family		Commercial Real Estate		Acquisition, Development, and Construction		One-to- Four Family		Total Mortgage Segment		Commercial and Industrial		Other		Total Other Loan Segment
Credit Quality Indicator:
Pass	$	16,097,834	$	5,239,936	$	454,570	$	158,240	$	21,950,580	$	594,373	$	83,887	$	678,260
Special mention		172,713		22,650		6,650		—		202,013		21,224		—		21,224
Substandard		535,366		176,797		108,317		12,152		832,632		23,564		1,672		25,236
Doubtful		2,000		228		—		—		2,228		2,502		—		2,502
Total	$	16,807,913	$	5,439,611	$	569,537	$	170,392	$	22,987,453	$	641,663	$	85,559	$	727,222

Covered Loans Acquired in AmTrust and Desert Hills Acquisitions

The following table presents the balance of covered loans acquired in the AmTrust and Desert Hills acquisitions as of June 30, 2011:

(dollars in thousands)	Amount		Percent of Covered Loans
Loan Category:
One-to-four family	$	3,622,087		90.4	%
All other loans		386,200		9.6
Total covered loans	$	4,008,287		100.0	%

Changes in Accretable Yield for Acquired Loans

Changes in the accretable yield for acquired loans were as follows for the six months ended June 30, 2011:

(in thousands)	Accretable Yield
Balance at beginning of period	$	1,356,844
Reclassification from nonaccretable difference		142,294
Accretion		(101,870	)
Balance at end of period	$	1,397,268

Covered Loans 90 Days or More Past Due

The following table presents information regarding the Company’s covered loans 90 days or more past due at June 30, 2011 and December 31, 2010:

(in thousands)	June 30, 2011		December 31, 2010
Covered Loans 90 Days or More Past Due:
One-to-four family	$	308,902	$	310,929
Other loans		47,360		49,898
Total covered loans 90 days or more past due	$	356,262	$	360,827

Covered Loans 30 to 89 Days Past Due

The following table presents information regarding the Company’s covered loans that were 30 to 89 days past due at June 30, 2011 and December 31, 2010:

(in thousands)	June 30, 2011		December 31, 2010
Covered Loans 30-89 Days Past Due:
One-to-four family	$	109,857	$	108,691
Other loans		14,343		21,851
Total covered loans 30-89 days past due	$	124,200	$	130,542