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Table of Contents
Index to Financial Statements
As detailed in Note 25, in addition to these loans receivable, net, the Company had commitments to originate, buy and sell loans at
December 31, 2003 and 2002.
Approximately 42% and 32% of the Bank’s real estate loans were concentrated in California at December 31, 2003 and 2002,
respectively. No other state had concentrations of real estate loans that represented 10% or more of the Bank’s real estate portfolio.
The following table shows the percentage of adjustable and fixed-rate loans in the Company’s portfolio (dollars in thousands):
The weighted-average remaining maturity of mortgage loans secured by one- to four-family residences is 334 months at December 31,
2003. Additionally, all mortgage loans outstanding at December 31, 2003 and 2002 in the held-for-investment portfolio were serviced by other
companies.
The Company actively sells loans originated by the Bank and correspondents. From time-to-time, the Company also sells loans that it
originally purchased from others. A summary of these activities is presented below (in thousands):
The following is the relative breakout of nonperforming loans (in thousands):
69
December 31, 2003
December 31, 2002
$ Amount
% of Loans
$ Amount
% of Loans
Adjustable rate loans:
Real estate
$
3,317,262
36.92
%
$
1,817,965
25.24
%
Credit card and other
113,434
1.26
137
—
Total adjustable rate loans
3,430,696
38.18
1,818,102
25.24
Fixed rate loans
5,554,466
61.82
5,384,778
74.76
Total loans
$
8,985,162
100.00
%
$
7,202,880
100.00
%
Year Ended December 31,
2003
2002
2001
Loans sold:
Correspondent
$
4,114,563
$
6,011,964
$
3,449,137
Origination
$
9,401,248
$
5,999,900
$
4,450,854
Gain on sales of loans:
Correspondent loan sales
$
185
$
26,105
$
24,306
Origination loan sales
$
192,467
$
128,506
$
95,478
December 31,
2003
2002
First mortgage loans, secured by one
-
to four
-
family residences
$
18,094
$
22,497
Home equity lines of credit
269
81
Recreational vehicle
1,399
1,486
Automobile
1,602
2,277
Marine
1,067
94
Credit card
2,147
—
Other
16
53
Total nonperforming loans
$
24,594
$
26,488