Loans (Tables)

3 Months Ended

Mar. 31, 2015

The following table sets forth the composition of the loan portfolio at March 31, 2015 and December 31, 2014:


	March 31, 2015				December 31, 2014
(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	$	23,450,187		71.07%	$	23,831,846		72.21%
Commercial real estate		7,822,820		23.71		7,634,320		23.13
One-to-four family		105,054		0.32		138,915		0.42
Acquisition, development, and construction		308,526		0.94		258,116		0.78

Total mortgage loans held for investment		31,686,587		96.04		31,863,197		96.54

Other Loans:
Commercial and industrial		1,035,179		3.14		900,551		2.73
Lease financing, net of unearned income of $20,333 and $18,913		226,013		0.69		208,670		0.63

Total commercial and industrial loans		1,261,192		3.83		1,109,221		3.36
Purchased credit-impaired loans ⁽¹⁾		14,227		0.04		--		--
Other		29,460		0.09		31,943		0.10

Total other loans held for investment		1,304,879		3.96		1,141,164		3.46

Total non-covered loans held for investment	$	32,991,466		100.00%	$	33,004,361		100.00%

Net deferred loan origination costs		20,892				20,595
Allowance for losses on non-covered loans		(142,168)				(139,857)

Non-covered loans held for investment, net	$	32,870,190			$	32,885,099

Covered loans		2,341,428				2,428,622
Allowance for losses on covered loans		(43,942)				(45,481)

Covered loans, net	$	2,297,486			$	2,383,141
Loans held for sale		351,467				379,399

Total loans, net	$	35,519,143			$	35,647,639

(1)	Includes $947,000 of multi-family loans; $10.8 million of commercial real estate loans; $1.6 million of acquisition, development, and construction loans; $675,000 of commercial and industrial loans; and $171,000 of other loans that were included in “Covered loans” at December 31, 2014.

Quality of Non-Covered Loans

The following table presents information regarding the quality of the Company’s non-covered loans held for investment (excluding non-covered PCI loans) at March 31, 2015:


(in thousands)	Loans 30-89 Days Past Due		Non- Accrual Loans⁽¹⁾		Loans 90 Days or More Delinquent and Still Accruing Interest		Total Past Due Loans		Current Loans		Total Loans Receivable
Multi-family	$	1,594	$	18,779	$	--	$	20,373	$	23,429,814	$	23,450,187
Commercial real estate		3,259		23,698		--		26,957		7,795,863		7,822,820
One-to-four family		1,244		11,270		--		12,514		92,540		105,054
Acquisition, development, and construction		--		654		--		654		307,872		308,526
Commercial and industrial⁽²⁾		353		7,547		--		7,900		1,253,292		1,261,192
Other		311		1,149		--		1,460		28,000		29,460

Total	$	6,761	$	63,097	$	--	$	69,858	$	32,907,381	$	32,977,239

(1)	Excludes $2.9 million of non-covered PCI loans that were 90 days or more past due.

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

The following table presents information regarding the quality of the Company’s non-covered loans held for investment at December 31, 2014:


(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	$	464	$	31,089	$	--	$	31,553	$	23,800,293	$	23,831,846
Commercial real estate		1,464		24,824		--		26,288		7,608,032		7,634,320
One-to-four family		3,086		11,032		--		14,118		124,797		138,915
Acquisition, development, and construction		--		654		--		654		257,462		258,116
Commercial and industrial⁽¹⁾		530		8,382		--		8,912		1,100,309		1,109,221
Other		648		969		--		1,617		30,326		31,943

Total	$	6,192	$	76,950	$	--	$	83,142	$	32,921,219	$	33,004,361

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

Non-Covered Loan Portfolio by Credit Quality Indicator

The following table summarizes the Company’s portfolio of non-covered loans held for investment, excluding non-covered PCI loans, by credit quality indicator at March 31, 2015:


(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	$	23,406,267	$	7,788,726	$	93,784	$	307,270	$	31,596,047	$	1,225,663	$	28,311	$	1,253,974
Special mention		9,846		1,950		--		--		11,796		26,968		--		26,968
Substandard		34,074		32,144		11,270		1,256		78,744		8,561		1,149		9,710
Doubtful		--		--		--		--		--		--		--		--

Total	$	23,450,187	$	7,822,820	$	105,054	$	308,526	$	31,686,587	$	1,261,192	$	29,460	$	1,290,652

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

The following table summarizes the Company’s portfolio of non-covered loans held for investment by credit quality indicator at December 31, 2014:


(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	$	23,777,569	$	7,591,223	$	127,883	$	256,868	$	31,753,543	$	1,083,173	$	30,974	$	1,114,147
Special mention		6,798		9,123		--		--		15,921		17,032		--		17,032
Substandard		47,479		33,974		11,032		1,248		93,733		9,016		969		9,985
Doubtful		--		--		--		--		--		--		--		--

Total	$	23,831,846	$	7,634,320	$	138,915	$	258,116	$	31,863,197	$	1,109,221	$	31,943	$	1,141,164

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

Information Regarding Troubled Debt Restructurings

The following table presents information regarding the Company’s TDRs as of March 31, 2015 and December 31, 2014:


	March 31, 2015						December 31, 2014
(in thousands)	Accruing		Non-Accrual		Total		Accruing		Non-Accrual		Total
Loan Category:
Multi-family	$	7,664	$	6,041	$	13,705	$	7,697	$	17,879	$	25,576
Commercial real estate		8,234		9,642		17,876		8,139		9,939		18,078
One-to-four family		--		259		259		--		260		260
Acquisition, development, and construction		--		654		654		--		654		654
Commercial and industrial		--		1,198		1,198		--		1,195		1,195

Total	$	15,898	$	17,794	$	33,692	$	15,836	$	29,927	$	45,763

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 March 31, 2015:


(dollars in thousands)	Amount			Percent of Covered Loans
Loan Category:
One-to-four family		$	2,152,731		91.9%
All other loans			188,697		8.1

Total covered loans		$	2,341,428		100.0%

Changes in Accretable Yield for Covered Loans

In the three months ended March 31, 2015, changes in the accretable yield for covered loans were as follows:


(in thousands)	Accretable Yield
Balance at beginning of period	$	1,037,023
Reclassification from non-accretable difference		61,742
Accretion		(35,577)

Balance at end of period	$	1,063,188

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 March 31, 2015 and December 31, 2014:


(in thousands)	March 31, 2015		December 31, 2014
Covered Loans 90 Days or More Past Due:
One-to-four family	$	145,235	$	148,967
Other loans		6,752		8,922

Total covered loans 90 days or more past due	$	151,987	$	157,889

The following table presents information regarding the Company’s covered loans that were 30 to 89 days past due at March 31, 2015 and December 31, 2014:


(in thousands)	March 31, 2015		December 31, 2014
Covered Loans 30-89 Days Past Due:
One-to-four family	$	32,497	$	37,680
Other loans		3,226		4,016

Total covered loans 30-89 days past due	$	35,723	$	41,696