Loans (Tables)

9 Months Ended

Sep. 30, 2016

The following table sets forth the composition of the loan portfolio at September 30, 2016 and December 31, 2015:


	September 30, 2016						December 31, 2015
	Amount			Percent of Non-Covered Loans Held for Investment			Amount			Percent of Non-Covered Loans Held for Investment
(dollars in thousands)
Non-Covered Loans Held for Investment:
Mortgage Loans:
Multi-family	$	27,066,459			72.49	%	$	25,971,629			72.67	%
Commercial real estate		7,764,241			20.80			7,857,204			21.98
Acquisition, development, and construction		372,199			1.00			311,676			0.87
One-to-four family		331,617			0.89			116,841			0.33

Total mortgage loans held for investment	$	35,534,516			95.18		$	34,257,350			95.85

Other Loans:
Commercial and industrial		1,301,814			3.48			1,085,529			3.04
Lease financing, net of unearned income of $52,788 and $43,553, respectively		473,481			1.27			365,027			1.02

Total commercial and industrial loans ⁽¹⁾		1,775,295			4.75			1,450,556			4.06
Purchased credit-impaired loans		5,939			0.02			8,344			0.02
Other		19,791			0.05			24,239			0.07

Total other loans held for investment		1,801,025			4.82			1,483,139			4.15

Total non-covered loans held for investment	$	37,335,541			100.00	%	$	35,740,489			100.00	%

Net deferred loan origination costs		25,199						22,715
Allowance for losses on non-covered loans		(154,705	)					(147,124	)

Non-covered loans held for investment, net	$	37,206,035					$	35,616,080

Covered loans		1,789,164						2,060,089
Allowance for losses on covered loans		(25,360	)					(31,395	)

Covered loans, net	$	1,763,804					$	2,028,694
Loans held for sale		701,398						367,221

Total loans, net	$	39,671,237					$	38,011,995

(1)	Includes specialty finance loans of $1.1 billion and $880.7 million, and other C&I loans of $630.7 million and $569.9 million, respectively, at September 30, 2016 and December 31, 2015.

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 September 30, 2016:


(in thousands)	Loans 30-89 Days Past Due⁽¹⁾		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	$	2,948	$	10,769	$	—	$	13,717	$	27,052,742	$	27,066,459
Commercial real estate		—		10,628		—		10,628		7,753,613		7,764,241
One-to-four family		1,495		9,790		—		11,285		320,332		331,617
Acquisition, development, and construction		6,200		—		—		6,200		365,999		372,199
Commercial and industrial ⁽²⁾		15,694		10,847		—		26,541		1,748,754		1,775,295
Other		235		1,367		—		1,602		18,189		19,791

Total	$	26,572	$	43,401	$	—	$	69,973	$	37,259,629	$	37,329,602

(1)	Excludes $4,000 and $950,000 of non-covered PCI loans that were 30-89 days past due and 90 days or more past due, respectively.

(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, 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	$	4,818	$	13,904	$	—	$	18,722	$	25,952,907	$	25,971,629
Commercial real estate		178		14,920		—		15,098		7,842,106		7,857,204
One-to-four family		1,117		12,259		—		13,376		103,465		116,841
Acquisition, development, and construction		—		27		—		27		311,649		311,676
Commercial and industrial ⁽²⁾		—		4,473		—		4,473		1,446,083		1,450,556
Other		492		1,242		—		1,734		22,505		24,239

Total	$	6,605	$	46,825	$	—	$	53,430	$	35,678,715	$	35,732,145

(1)	Excludes $969,000 of non-covered PCI loans that were 90 days or more past due.

(2)	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 September 30, 2016:


	Mortgage Loans										Other Loans
(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 Loans
Credit Quality Indicator:
Pass	$	26,768,006	$	7,739,061	$	321,827	$	348,789	$	35,177,683	$	1,681,841	$	18,423	$	1,700,264
Special mention		271,366		14,452		—		17,210		303,028		32,156		—		32,156
Substandard		27,087		10,728		9,790		6,200		53,805		61,298		1,368		62,666
Doubtful		—		—		—		—		—		—		—		—

Total	$	27,066,459	$	7,764,241	$	331,617	$	372,199	$	35,534,516	$	1,775,295	$	19,791	$	1,795,086

(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, 2015:


	Mortgage Loans										Other Loans
(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 Loans
Credit Quality Indicator:
Pass	$	25,936,423	$	7,839,127	$	104,582	$	309,039	$	34,189,171	$	1,433,778	$	22,996	$	1,456,774
Special mention		6,305		3,883		—		—		10,188		11,771		—		11,771
Substandard		28,901		14,194		12,259		2,637		57,991		5,007		1,243		6,250
Doubtful		—		—		—		—		—		—		—		—

Total	$	25,971,629	$	7,857,204	$	116,841	$	311,676	$	34,257,350	$	1,450,556	$	24,239	$	1,474,795

(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 September 30, 2016 and December 31, 2015:


	September 30, 2016						December 31, 2015
(in thousands)	Accruing		Non-Accrual		Total		Accruing		Non-Accrual		Total
Loan Category:
Multi-family	$	1,990	$	8,877	$	10,867	$	2,017	$	635	$	2,652
Commercial real estate		—		2,495		2,495		115		6,255		6,370
One-to-four family		—		1,571		1,571		—		987		987
Acquisition, development, and construction		—		—		—		—		27		27
Commercial and industrial		1,884		2,358		4,242		627		1,279		1,906
Other		—		204		204		—		213		213

Total	$	3,874	$	15,505	$	19,379	$	2,759	$	9,396	$	12,155

Financial Effects of Troubled Debt Restructurings

The financial effects of the Company’s TDRs for the nine months ended September 30, 2016 and September 30, 2015 are summarized as follows:


	For the Nine Months Ended September 30, 2016
(dollars in thousands)	Weighted Average Interest Rate
(dollars in thousands)	Number of Loans		Pre- Modification			Post- Modification			Charge- off Amount		Capitalized Interest
Loan Category:
Multi-family		1		4.63	%		4.00	%	$	—	$	—
One-to-four family		3		3.62			3.07			—		6
Commercial and industrial		4		3.26			3.21			89		—

Total		8							$	89	$	6


	For the Nine Months Ended September 30, 2015
		Weighted Average Interest Rate
(dollars in thousands)		Number of Loans		Pre- Modification			Post- Modification			Charge- off Amount		Capitalized Interest
Loan Category:
Commercial real estate		3		7.49	%		7.49	%		—	$	—
One-to-four family		3		2.97			2.41			—		3
Multi-family		1		5.63			—			—		—
Other		2		4.58			2.00			—		2

Total		9								—	$	5

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 September 30, 2016:


(dollars in thousands)	Amount		Percent of Covered Loans
Loan Category:
One-to-four family	$	1,688,148		94.4	%
Other loans		101,016		5.6

Total covered loans	$	1,789,164		100.0	%

Changes in Accretable Yield for Covered Loans

In the nine months ended September 30, 2016, changes in the accretable yield for covered loans were as follows:


(in thousands)	Accretable Yield
Balance at beginning of period	$	803,145
Reclassification to non-accretable difference		(26,350	)
Accretion		(99,028	)

Balance at end of period	$	677,767

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 September 30, 2016 and December 31, 2015:


(in thousands)	September 30, 2016		December 31, 2015
Covered Loans 90 Days or More Past Due:
One-to-four family	$	126,612	$	130,626
Other loans		6,465		6,556

Total covered loans 90 days or more past due	$	133,077	$	137,182

The following table presents information regarding the Company’s covered loans that were 30 to 89 days past due at September 30, 2016 and December 31, 2015:


(in thousands)	September 30, 2016		December 31, 2015
Covered Loans 30-89 Days Past Due:
One-to-four family	$	24,973	$	30,455
Other loans		1,458		2,369

Total covered loans 30-89 days past due	$	26,431	$	32,824