Loans (Tables)

6 Months Ended

Jun. 30, 2013

Composition of Loan Portfolio

The following table sets forth the composition of the loan portfolio at June 30, 2013 and December 31, 2012:

	June 30, 2013					December 31, 2012
(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		$	19,218,540		68.54%		$	18,595,833		68.18%
Commercial real estate			7,310,119		26.07			7,436,598		27.27
Acquisition, development, and construction			417,948		1.49			397,917		1.46
One-to-four family			375,585		1.35			203,435		0.75
Total mortgage loans held for investment			27,322,192		97.45			26,633,783		97.66
Other Loans:
Commercial and industrial			671,074		2.39			590,044		2.16
Other			44,985		0.16			49,880		0.18
Total other loans held for investment			716,059		2.55			639,924		2.34
Total non-covered loans held for investment		$	28,038,251		100.00%		$	27,273,707		100.00%
Net deferred loan origination costs			13,091					10,757
Allowance for losses on non-covered loans			(140,689)					(140,948)
Non-covered loans held for investment, net		$	27,910,653				$	27,143,516
Covered loans			3,032,172					3,284,061
Allowance for losses on covered loans			(60,431)					(51,311)
Total covered loans, net		$	2,971,741				$	3,232,750
Loans held for sale			756,601					1,204,370
Total loans, net		$	31,638,995				$	31,580,636

Quality of Non-Covered Loans

The following table presents information regarding the quality of the Company’s non-covered loans held for investment at June 30, 2013:

(in thousands)	Loans  30-89  Days  Past Due			Non-  Accrual  Loans			Loans  90 Days or  More  Delinquent and Still Accruing Interest			Total Past  Due Loans			Current    Loans			Total Loans Receivable
Multi-family		$	23,195		$	112,904		$	--		$	136,099		$	19,082,441		$	19,218,540
Commercial real estate			12,432			30,329			--			42,761			7,267,358			7,310,119
Acquisition, development, and construction			--			6,737			--			6,737			411,211			417,948
One-to-four family			2,738			10,881			--			13,619			361,966			375,585
Commercial and industrial			814			4,767			--			5,581			665,493			671,074
Other			546			1,475			--			2,021			42,964			44,985
Total		$	39,725		$	167,093		$	--		$	206,818		$	27,831,433		$	28,038,251

The following table presents information regarding the quality of the Company’s non-covered loans held for investment at December 31, 2012:

(in thousands)	Loans  30-89 Days  Past Due			Non-  Accrual  Loans			Loans  90 Days or  More  Delinquent and Still Accruing Interest			Total Past  Due Loans			Current    Loans			Total Loans Receivable
Multi-family		$	19,945		$	163,460		$	--		$	183,405		$	18,412,428		$	18,595,833
Commercial real estate			1,679			56,863			--			58,542			7,378,056			7,436,598
Acquisition, development, and construction			1,178			12,091			--			13,269			384,648			397,917
One-to-four family			2,645			10,945			--			13,590			189,845			203,435
Commercial and industrial			262			17,372			--			17,634			572,410			590,044
Other			1,876			599			--			2,475			47,405			49,880
Total		$	27,585		$	261,330		$	--		$	288,915		$	26,984,792		$	27,273,707

Non-Covered Loan Portfolio by Credit Quality Indicator

The following table summarizes the Company’s portfolio of non-covered held-for-investment loans by credit quality indicator at June 30, 2013:

(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		$19,015,112		$	7,228,098		$	410,897		$	366,868		$	27,020,975		$	652,336		$	43,510		$	695,846
Special mention		60,273			32,753			--			276			93,302			11,913			--			11,913
Substandard		141,954			48,768			7,051			8,441			206,214			6,825			1,475			8,300
Doubtful		1,201			500			--			--			1,701			--			--			--
Total		$19,218,540		$	7,310,119		$	417,948		$	375,585		$	27,322,192		$	671,074		$	44,985		$	716,059

The following table summarizes the Company’s portfolio of non-covered held-for-investment loans by credit quality indicator at December 31, 2012:

(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		$18,285,333		$	7,337,315		$	383,557		$	195,232		$	26,201,437		$	561,541		$	49,281		$	610,822
Special mention		55,280			26,523			--			294			82,097			10,211			--			10,211
Substandard		253,794			72,260			11,277			7,909			345,240			18,292			599			18,891
Doubtful		1,426			500			3,083			--			5,009			--			--			--
Total		$18,595,833		$	7,436,598		$	397,917		$	203,435		$	26,633,783		$	590,044		$	49,880		$	639,924

Information Regarding Troubled Debt Restructurings

The following table presents information regarding the Company’s TDRs as of June 30, 2013 and December 31, 2012:

	June 30, 2013						December 31, 2012
(in thousands)	Accruing		Non-Accrual		Total		Accruing		Non-Accrual		Total
Loan Category:
Multi-family		$10,608		$  93,604		$104,212		$  66,092		$114,556		$180,648
Commercial real estate		2,232		16,625		18,857		37,457		39,127		76,584
Acquisition, development, and construction		--		--		--		--		510		510
Commercial and industrial		1,329		--		1,329		1,463		--		1,463
One-to-four family		--		--		--		--		1,101		1,101
Total		$14,169		$110,229		$124,398		$105,012		$155,294		$260,306

Covered Loans Acquired in AmTrust and Desert Hills Acquisitions

The following table presents the carrying value of covered loans acquired in the AmTrust and Desert Hills acquisitions as of June 30, 2013:

(dollars in thousands)	Amount			Percent of Covered Loans
Loan Category:
One-to-four family		$	2,753,300		90.8%
All other loans			278,872		9.2
Total covered loans		$	3,032,172		100.0%

Changes in Accretable Yield for Covered Loans

Changes in the accretable yield for covered loans for the three months ended June 30, 2013 were as follows:

(in thousands)	Accretable Yield
Balance at beginning of period		$1,201,172
Reclassification to non-accretable difference		(164,717)
Accretion		(80,326)
Balance at end of period		$956,129

Covered Loans Thirty to Eighty Nine Days, Ninety 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, 2013 and December 31, 2012:

(in thousands)	June 30, 2013		December 31, 2012
Covered Loans 90 Days or More Past Due:
One-to-four family		$255,260		$297,265
Other loans		12,561		15,308
Total covered loans 90 days or more past due		$267,821		$312,573

The following table presents information regarding the Company’s covered loans that were 30 to 89 days past due at June 30, 2013 and December 31, 2012:

(in thousands)	June 30, 2013		December 31, 2012
Covered Loans 30-89 Days Past Due:
One-to-four family		$61,213		$75,129
Other loans		4,178		6,057
Total covered loans 30-89 days past due		$65,391		$81,186