Loans (Tables)

12 Months Ended

Dec. 31, 2013

Composition of Loan Portfolio

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

	December 31,
	2013						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	$	20,699,927			69.41	%	$	18,595,833			68.18	%
Commercial real estate		7,364,231			24.70			7,436,598			27.27
One-to-four family		560,730			1.88			203,435			0.75
Acquisition, development, and construction		344,100			1.15			397,917			1.46
Total mortgage loans held for investment		28,968,988			97.14			26,633,783			97.66
Other Loans:
Commercial and industrial		712,260			2.39			590,044			2.16
Lease financing, net of unearned income of $5,723		101,431			0.34			—			—
Total commercial and industrial loans		813,691			2.73			590,044			2.16
Other		39,036			0.13			49,880			0.18
Total other loans held for investment		852,727			2.86			639,924			2.34
Total non-covered loans held for investment	$	29,821,715			100.00	%	$	27,273,707			100.00	%
Net deferred loan origination costs		16,274						10,757
Allowance for losses on non-covered loans		(141,946	)					(140,948	)
Non-covered loans held for investment, net	$	29,696,043					$	27,143,516
Covered loans		2,788,618						3,284,061
Allowance for losses on covered loans		(64,069	)					(51,311	)
Total covered loans, net	$	2,724,549					$	3,232,750
Loans held for sale		306,915						1,204,370
Total loans, net	$	32,727,507					$	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 December 31, 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	$	33,678	$	58,395	$	—	$	92,073	$	20,607,854	$	20,699,927
Commercial real estate		1,854		24,550		—		26,404		7,337,827		7,364,231
One-to-four family		1,076		10,937		—		12,013		548,717		560,730
Acquisition, development, and construction		—		2,571		—		2,571		341,529		344,100
Commercial and industrial(1)		1		5,735		—		5,736		807,955		813,691
Other		480		1,349		—		1,829		37,207		39,036
Total	$	37,089	$	103,537	$	—	$	140,626	$	29,681,089	$	29,821,715

(1) Includes lease financing receivables, all of which were current loans.

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
One-to-four family		2,645		10,945		—		13,590		189,845		203,435
Acquisition, development, and construction		1,178		12,091		—		13,269		384,648		397,917
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 December 31, 2013:

(in thousands)	Multi-Family		Commercial Real Estate		One-to-Four Family		Acquisition, Development, and Construction		Total Mortgage Loans		Commercial and Industrial(1)		Other		Total Other Loan Segment
Credit Quality Indicator:
Pass	$	20,527,460	$	7,304,502	$	554,132	$	333,805	$	28,719,899	$	793,693	$	37,688	$	831,381
Special mention		73,549		25,407		—		7,400		106,356		13,036		—		13,036
Substandard		98,918		33,822		6,598		2,895		142,233		6,808		1,348		8,156
Doubtful		—		500		—		—		500		154		—		154
Total	$	20,699,927	$	7,364,231	$	560,730	$	344,100	$	28,968,988	$	813,691	$	39,036	$	852,727

(1) Includes lease financing receivables, all of which were classified as “pass.”

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		One-to-Four Family		Acquisition, Development, and Construction		Total Mortgage Loans		Commercial and Industrial		Other		Total Other Loan Segment
Credit Quality Indicator:
Pass	$	18,285,333	$	7,337,315	$	195,232	$	383,557	$	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		7,909		11,277		345,240		18,292		599		18,891
Doubtful		1,426		500		—		3,083		5,009		—		—		—
Total	$	18,595,833	$	7,436,598	$	203,435	$	397,917	$	26,633,783	$	590,044	$	49,880	$	639,924

Details of Interest Income on Non-Accrual Loans

The interest income that would have been recorded under the original terms of non-accrual loans at the respective year-ends, and the interest income actually recorded on these loans in the respective years is summarized below:

	December 31,
(in thousands)	2013			2012			2011
Interest income that would have been recorded	$	5,156		$	11,814		$	14,072
Interest income actually recorded		(2,721	)		(5,506	)		(6,484	)
Interest income foregone	$	2,435		$	6,308		$	7,588

Information Regarding Troubled Debt Restructurings

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

	December 31,
	2013						2012
(in thousands)	Accruing		Non-Accrual		Total		Accruing		Non-Accrual		Total
Loan Category:
Multi-family	$	10,083	$	50,548	$	60,631	$	66,092	$	114,556	$	180,648
Commercial real estate		2,198		15,626		17,824		37,457		39,127		76,584
One-to-four family		—		—		—		—		1,101		1,101
Acquisition, development, and construction		—		—		—		—		510		510
Commercial and industrial		1,129		758		1,887		1,463		—		1,463
Total	$	13,410	$	66,932	$	80,342	$	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 December 31, 2013:

(dollars in thousands)	Amount		Percent of Covered Loans
Loan Category:
One-to-four family	$	2,529,200		90.7	%
All other loans		259,418		9.3
Total covered loans	$	2,788,618		100.0	%

Changes in Accretable Yield for Covered Loans

Changes in the accretable yield for covered loans in the twelve months ended December 31, 2013 were as follows:

(in thousands)	Accretable Yield
Balance at beginning of period	$	1,201,172
Reclassification to non-accretable difference		(248,918	)
Accretion		(155,261	)
Balance at end of period	$	796,993

Covered Loans Thirty to Eighty Nine Days, Ninety Days or More Past Due

The following table presents information regarding the Company’s covered loans that were 90 days or more past due at December 31, 2013 and 2012:

	December 31,
(in thousands)	2013		2012
Covered Loans 90 Days or More Past Due:
One-to-four family	$	201,425	$	297,265
Other loans		10,060		15,308
Total covered loans 90 days or more past due	$	211,485	$	312,573

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

	December 31,
(in thousands)	2013		2012
Covered Loans 30-89 Days Past Due:
One-to-four family	$	52,250	$	75,129
Other loans		5,679		6,057
Total covered loans 30-89 days past due	$	57,929	$	81,186