Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 30, 2020 | Aug. 05, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-33390 | |
Entity Registrant Name | TFS FINANCIAL CORPORATION | |
Entity Incorporation, State or Country Code | X1 | |
Entity Tax Identification Number | 52-2054948 | |
Entity Address, Address Line One | 7007 Broadway Avenue | |
Entity Address, City or Town | Cleveland, | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44105 | |
City Area Code | 216 | |
Local Phone Number | 441-6000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | TFSL | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 280,149,431 | |
Entity Central Index Key | 0001381668 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Statements Of Cond
Consolidated Statements Of Condition (unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
ASSETS | ||
Cash and due from banks | $ 32,777 | $ 31,728 |
Other interest-earning cash equivalents | 296,502 | 243,415 |
Cash and cash equivalents | 329,279 | 275,143 |
Investment securities available for sale (amortized cost $506,734 and $550,605, respectively) | 514,330 | 547,864 |
Mortgage loans held for sale ($45,231 and $0 measured at fair value, respectively) | 51,139 | 3,666 |
Loans held for investment, net: | ||
Deferred loan expenses, net | 44,776 | 41,976 |
Allowance for loan losses | (45,564) | (38,913) |
Loans, net | 13,375,438 | 13,195,745 |
Mortgage loan servicing rights, net | 7,656 | 8,080 |
Federal Home Loan Bank stock, at cost | 136,793 | 101,858 |
Real estate owned, net | 1,395 | 2,163 |
Premises, equipment, and software, net | 42,697 | 61,577 |
Accrued interest receivable | 37,680 | 40,822 |
Bank owned life insurance contracts | 221,327 | 217,481 |
Other assets | 117,009 | 87,957 |
TOTAL ASSETS | 14,834,743 | 14,542,356 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Deposits | 9,230,111 | 8,766,384 |
Borrowed funds | 3,759,148 | 3,902,981 |
Borrowers’ advances for insurance and taxes | 91,104 | 103,328 |
Principal, interest, and related escrow owed on loans serviced | 43,193 | 32,909 |
Accrued expenses and other liabilities | 55,711 | 40,000 |
Total liabilities | 13,179,267 | 12,845,602 |
Commitments and contingent liabilities | ||
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $0.01 par value, 700,000,000 shares authorized; 332,318,750 shares issued; 280,149,431 and 279,962,777 outstanding at June 30, 2020 and September 30, 2019, respectively | 3,323 | 3,323 |
Paid-in capital | 1,741,003 | 1,734,154 |
Treasury stock, at cost; 52,169,319 and 52,355,973 shares at June 30, 2020 and September 30, 2019, respectively | (767,655) | (764,589) |
Unallocated ESOP shares | (41,167) | (44,417) |
Retained earnings—substantially restricted | 865,965 | 837,662 |
Accumulated other comprehensive loss | (145,993) | (69,379) |
Total shareholders’ equity | 1,655,476 | 1,696,754 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 14,834,743 | 14,542,356 |
Mortgage loans | ||
Loans held for investment, net: | ||
Loans, gross | 13,373,506 | 13,189,516 |
Other Loans | ||
Loans held for investment, net: | ||
Loans, gross | $ 2,720 | $ 3,166 |
Consolidated Statements Of Co_2
Consolidated Statements Of Condition (unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Available for sale, amortized cost | $ 506,734 | $ 550,605 |
Loans Held-for-sale, Fair Value Disclosure | $ 45,231 | $ 0 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 700,000,000 | 700,000,000 |
Common stock, shares issued | 332,318,750 | 332,318,750 |
Common stock, shares outstanding | 280,149,431 | 279,962,777 |
Treasury stock, shares | 52,169,319 | 52,355,973 |
Consolidated Statements Of Inco
Consolidated Statements Of Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
INTEREST AND DIVIDEND INCOME: | ||||
Loans, including fees | $ 106,839 | $ 115,129 | $ 337,267 | $ 341,926 |
Investment securities available for sale | 2,397 | 3,389 | 8,172 | 10,007 |
Other interest and dividend earning assets | 722 | 2,525 | 4,097 | 7,841 |
Total interest and dividend income | 109,958 | 121,043 | 349,536 | 359,774 |
INTEREST EXPENSE: | ||||
Deposits | 33,064 | 37,159 | 108,863 | 104,998 |
Borrowed funds | 14,015 | 18,366 | 48,571 | 53,685 |
Total interest expense | 47,079 | 55,525 | 157,434 | 158,683 |
NET INTEREST INCOME | 62,879 | 65,518 | 192,102 | 201,091 |
PROVISION (CREDIT) FOR LOAN LOSSES | 0 | (2,000) | 3,000 | (8,000) |
NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES | 62,879 | 67,518 | 189,102 | 209,091 |
NON-INTEREST INCOME: | ||||
Net gain on the sale of loans | 10,844 | 543 | 16,907 | 1,105 |
Increase in and death benefits from bank owned life insurance contracts | 1,559 | 1,703 | 5,581 | 5,124 |
Other | 749 | 1,064 | 7,276 | 3,092 |
Total non-interest income | 15,322 | 5,083 | 36,199 | 14,665 |
NON-INTEREST EXPENSE: | ||||
Salaries and employee benefits | 24,940 | 26,149 | 78,041 | 77,665 |
Marketing services | 3,673 | 6,063 | 12,163 | 17,579 |
Office property, equipment and software | 5,877 | 6,806 | 18,857 | 20,053 |
Federal insurance premium and assessments | 2,800 | 2,669 | 8,187 | 7,805 |
State franchise tax | 1,191 | 1,265 | 3,514 | 3,809 |
Other expenses | 6,352 | 6,916 | 20,949 | 21,664 |
Total non-interest expense | 44,833 | 49,868 | 141,711 | 148,575 |
INCOME BEFORE INCOME TAXES | 33,368 | 22,733 | 83,590 | 75,181 |
INCOME TAX EXPENSE | 6,528 | 4,476 | 13,851 | 16,461 |
NET INCOME | $ 26,840 | $ 18,257 | $ 69,739 | $ 58,720 |
Earnings per share—basic and diluted | $ 0.10 | $ 0.06 | $ 0.25 | $ 0.21 |
Weighted average shares outstanding | ||||
Basic | 275,956,011 | 275,384,635 | 275,789,040 | 275,373,426 |
Diluted | 277,521,881 | 277,398,486 | 277,842,653 | 277,269,555 |
Banking | ||||
NON-INTEREST INCOME: | ||||
Fees and service charges, net of amortization | $ 2,170 | $ 1,773 | $ 6,435 | $ 5,344 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net income | $ 26,840 | $ 18,257 | $ 69,739 | $ 58,720 |
Other comprehensive income (loss), net of tax: | ||||
Net change in unrealized gain (losses) on securities available for sale | (4,010) | 4,133 | 8,166 | 12,611 |
Net change in cash flow hedges | (11,571) | (36,844) | (86,135) | (82,602) |
Net change in defined benefit plan obligation | 451 | 264 | 1,355 | 792 |
Other comprehensive income (loss) | (15,130) | (32,447) | (76,614) | (69,199) |
Total comprehensive income | $ 11,710 | $ (14,190) | $ (6,875) | $ (10,479) |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Common Stock | Paid-In Capital | Treasury Stock | Unallocated Common Stock Held By ESOP | Retained Earnings | Accumulated other comprehensive income (loss) |
Balance at Sep. 30, 2018 | $ 1,758,404 | $ 3,323 | $ 1,726,992 | $ (754,272) | $ (48,751) | $ 807,890 | $ 23,222 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 58,720 | 58,720 | |||||
Other comprehensive income (loss), net of tax | (69,199) | 0 | (69,199) | ||||
ESOP shares allocated or committed to be released | 5,326 | 2,076 | 3,250 | ||||
Compensation costs for equity incentive plans | 3,343 | 3,343 | 0 | ||||
Purchase of treasury stock | (7,915) | (7,915) | |||||
Treasury stock allocated to equity incentive plan | (1,095) | (1,082) | (13) | 0 | |||
Dividends paid to common shareholders | (37,102) | (37,102) | |||||
Balance at Jun. 30, 2019 | 1,710,482 | 3,323 | 1,731,329 | (762,200) | (45,501) | 829,508 | (45,977) |
Balance at Mar. 31, 2019 | 1,735,985 | 3,323 | 1,729,499 | (760,367) | (46,584) | 823,644 | (13,530) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 18,257 | 18,257 | |||||
Other comprehensive income (loss), net of tax | (32,447) | 0 | (32,447) | ||||
ESOP shares allocated or committed to be released | 1,849 | 766 | 1,083 | ||||
Compensation costs for equity incentive plans | 1,116 | 1,116 | 0 | ||||
Purchase of treasury stock | (1,707) | (1,707) | |||||
Treasury stock allocated to equity incentive plan | (178) | (52) | (126) | 0 | |||
Dividends paid to common shareholders | (12,393) | (12,393) | |||||
Balance at Jun. 30, 2019 | 1,710,482 | 3,323 | 1,731,329 | (762,200) | (45,501) | 829,508 | (45,977) |
Balance at Sep. 30, 2019 | 1,696,754 | 3,323 | 1,734,154 | (764,589) | (44,417) | 837,662 | (69,379) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 69,739 | 69,739 | |||||
Other comprehensive income (loss), net of tax | (76,614) | 0 | (76,614) | ||||
ESOP shares allocated or committed to be released | 5,788 | 2,538 | 3,250 | ||||
Compensation costs for equity incentive plans | 3,527 | 3,527 | 0 | ||||
Purchase of treasury stock | (378) | (378) | |||||
Treasury stock allocated to equity incentive plan | (1,904) | 784 | (2,688) | 0 | |||
Dividends paid to common shareholders | (41,436) | (41,436) | |||||
Balance at Jun. 30, 2020 | 1,655,476 | 3,323 | 1,741,003 | (767,655) | (41,167) | 865,965 | (145,993) |
Balance at Mar. 31, 2020 | 1,655,164 | 3,323 | 1,739,523 | (767,723) | (42,251) | 853,155 | (130,863) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 26,840 | 26,840 | |||||
Other comprehensive income (loss), net of tax | (15,130) | 0 | (15,130) | ||||
ESOP shares allocated or committed to be released | 1,561 | 477 | 1,084 | ||||
Compensation costs for equity incentive plans | 1,178 | 1,178 | 0 | ||||
Purchase of treasury stock | 0 | ||||||
Treasury stock allocated to equity incentive plan | (107) | (175) | 68 | 0 | |||
Dividends paid to common shareholders | (14,030) | (14,030) | |||||
Balance at Jun. 30, 2020 | $ 1,655,476 | $ 3,323 | $ 1,741,003 | $ (767,655) | $ (41,167) | $ 865,965 | $ (145,993) |
Consolidated Statements Of Sh_2
Consolidated Statements Of Shareholders' Equity (unaudited) Consolidated Statements Of Shareholders' Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Purchase of treasury stock (in shares) | 0 | 102,900 | 20,500 | 491,400 |
Dividends paid to common shareholders (per common share) | $ 0.28 | $ 0.25 | $ 0.83 | $ 0.75 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 69,739 | $ 58,720 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
ESOP and stock-based compensation expense | 9,315 | 8,669 |
Depreciation and amortization | 22,880 | 16,773 |
Deferred income taxes | 1,217 | 514 |
Provision (credit) for loan losses | 3,000 | (8,000) |
Net gain on the sale of loans | (16,907) | (1,105) |
Net gain on sale of commercial property | 4,257 | 0 |
Other net losses | (470) | 192 |
Proceeds from sales of loans held for sale | 41,088 | 29,786 |
Loans originated for sale | (45,092) | (31,550) |
Increase in bank owned life insurance contracts | (4,687) | (4,619) |
Net increase in interest receivable and other assets | (1,892) | (3,102) |
Net increase in accrued expenses and other liabilities | 17,463 | 6,353 |
Net cash provided by operating activities | 91,397 | 72,631 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Loans originated | (3,142,885) | (2,166,159) |
Principal repayments on loans | 2,353,972 | 1,950,189 |
Proceeds from principal repayments and maturities of: | ||
Securities available for sale | 173,450 | 101,867 |
Proceeds from sale of: | ||
Loans | 563,667 | 55,710 |
Real estate owned | 2,366 | 3,239 |
Premises, Equipment and Other Assets | 23,512 | 0 |
Purchases of: | ||
FHLB stock | (34,935) | (6,103) |
Securities available for sale | (133,740) | (121,752) |
Premises and equipment | (2,832) | (2,888) |
Other | 358 | 369 |
Net cash used in investing activities | (197,067) | (185,528) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposits | 463,727 | 222,886 |
Net decrease in borrowers’ advances for insurance and taxes | (12,224) | (45,474) |
Net increase (decrease) in principal and interest owed on loans serviced | 10,284 | (12,310) |
Net increase(decrease) in short-term borrowed funds | (119,832) | 411,308 |
Proceeds from long-term borrowed funds | 250,000 | 0 |
Repayment of long-term borrowed funds | (274,001) | (299,407) |
Cash collateral received from (provided to) derivative counterparties | (114,394) | (116,396) |
Purchase of treasury shares | (414) | (7,940) |
Acquisition of treasury shares through net settlement of stock benefit plans compensation | (1,904) | (1,095) |
Dividends paid to common shareholders | (41,436) | (37,102) |
Net cash provided by financing activities | 159,806 | 114,470 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 54,136 | 1,573 |
CASH AND CASH EQUIVALENTS—Beginning of period | 275,143 | 269,775 |
CASH AND CASH EQUIVALENTS—End of period | 329,279 | 271,348 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 1,658 | 9,686 |
SUPPLEMENTAL SCHEDULES OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Transfer of loans to real estate owned | 1,751 | 2,925 |
Transfer of loans from held for investment to held for sale | 593,446 | 55,364 |
Treasury stock issued for stock benefit plans | 784 | 1,121 |
Deposits | ||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 108,809 | 103,999 |
Borrowed funds | ||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for interest | $ 48,544 | $ 59,468 |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis Of Presentation | BASIS OF PRESENTATION TFS Financial Corporation, a federally chartered stock holding company, conducts its principal activities through its wholly owned subsidiaries. The principal line of business of the Company is retail consumer banking, including mortgage lending, deposit gathering, and, to a much lesser extent, other financial services. As of June 30, 2020, approximately 81% of the Company’s outstanding shares were owned by a federally chartered mutual holding company, Third Federal Savings and Loan Association of Cleveland, MHC. The thrift subsidiary of TFS Financial Corporation is Third Federal Savings and Loan Association of Cleveland. Third Capital, Inc., an operating subsidiary of the Company, was formed to hold non-thrift investments and subsidiaries, which includes a partial ownership of a limited liability company that acquires and manages commercial real estate. On October 31, 2019, the limited liability company sold the remaining two commercial office buildings it owned, which had a net book value of $19,324 at September 30, 2019 included in premises, equipment and software, net and other assets. A $4,257 net gain on the sale of those properties was recorded for the quarter ended December 31, 2019, representing the Company's share of the gain on sale. Pending the outcome of various sale escrow reserves, which will not be resolved until later this year, the Company may record additional residual income in 2020. The accounting and reporting policies followed by the Company conform in all material respects to U.S. GAAP and to general practices in the financial services industry. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for loan losses, the valuation of deferred tax assets, and the determination of pension obligations are particularly subject to change. The unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature which, in the opinion of management, are necessary to present fairly the consolidated financial condition of the Company at June 30, 2020, and its results of operations and cash flows for the periods presented. Such adjustments are the only adjustments reflected in the unaudited interim financial statements. In accordance with SEC Regulation S-X for interim financial information, these statements do not include certain information and footnote disclosures required for complete audited financial statements. The Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2019 contains audited consolidated financial statements and related notes, which should be read in conjunction with the accompanying interim consolidated financial statements. The results of operations for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2020 or for any other period. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHAREBasic earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period. Diluted earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. For purposes of computing basic earnings per share, outstanding shares include shares held by the public, shares held by the ESOP that have been allocated to participants or committed to be released for allocation to participants, and the 227,119,132 shares held by Third Federal Savings, MHC. For purposes of computing dilutive earnings per share, stock options and restricted and performance share units with a dilutive impact are added to the outstanding shares used in the basic earnings per share calculation. Unvested shares awarded pursuant to the Company's restricted stock plans are treated as participating securities in the computation of EPS pursuant to the two-class method as they contain nonforfeitable rights to dividends. The two-class method is an earnings allocation that determines EPS for each class of common stock and participating security. Performance share units, determined to be contingently issuable and not participating securities, are excluded from the calculation of basic EPS. At June 30, 2020 and 2019, respectively, the ESOP held 4,116,726 and 4,550,066 shares, respectively, that were neither allocated to participants nor committed to be released to participants. The following is a summary of the Company's earnings per share calculations. For the Three Months Ended June 30, 2020 2019 Income Shares Per share Income Shares Per share (Dollars in thousands, except per share data) Net income $ 26,840 $ 18,257 Less: income allocated to restricted stock units 422 362 Basic earnings per share: Income available to common shareholders $ 26,418 275,956,011 $ 0.10 $ 17,895 275,384,635 $ 0.06 Diluted earnings per share: Effect of dilutive potential common shares 1,565,870 2,013,851 Income available to common shareholders $ 26,418 277,521,881 $ 0.10 $ 17,895 277,398,486 $ 0.06 For the Nine Months Ended June 30, 2020 2019 Income Shares Per share Income Shares Per share (Dollars in thousands, except per share data) Net income $ 69,739 $ 58,720 Less: income allocated to restricted stock units 1,220 1,124 Basic earnings per share: Income available to common shareholders $ 68,519 275,789,040 $ 0.25 $ 57,596 275,373,426 $ 0.21 Diluted earnings per share: Effect of dilutive potential common shares 2,053,613 1,896,129 Income available to common shareholders $ 68,519 277,842,653 $ 0.25 $ 57,596 277,269,555 $ 0.21 The following is a summary of outstanding stock options and restricted stock units and performance share units that are excluded from the computation of diluted earnings per share because their inclusion would be anti-dilutive. For the Three Months Ended June 30, For the Nine Months Ended June 30, 2020 2019 2020 2019 Options to purchase shares 2,441,700 710,100 573,500 710,100 Restricted and performance stock units 55,553 — 48,265 — |
Investment Securities
Investment Securities | 9 Months Ended |
Jun. 30, 2020 | |
Investments [Abstract] | |
Investment Securities | INVESTMENT SECURITIES Investments available for sale are summarized as follows: June 30, 2020 Amortized Gross Fair Gains Losses REMICs $ 500,633 $ 7,531 $ (224) $ 507,940 Fannie Mae certificates 6,101 289 — 6,390 Total $ 506,734 $ 7,820 $ (224) $ 514,330 September 30, 2019 Amortized Gross Fair Gains Losses REMICs $ 544,042 $ 1,384 $ (4,384) $ 541,042 Fannie Mae certificates 6,563 259 — 6,822 Total $ 550,605 $ 1,643 $ (4,384) $ 547,864 Gross unrealized losses on available for sale securities and the estimated fair value of the related securities, aggregated by the length of time the securities have been in a continuous loss position, at June 30, 2020 and September 30, 2019, were as follows: June 30, 2020 Less Than 12 Months 12 Months or More Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Available for sale— REMICs $ 89,568 $ 212 $ 1,385 $ 12 $ 90,953 $ 224 September 30, 2019 Less Than 12 Months 12 Months or More Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Available for sale— REMICs $ 95,751 $ 488 $ 292,643 $ 3,896 $ 388,394 $ 4,384 We believe the unrealized losses on investment securities were attributable to changes in market interest rates. The contractual terms of U.S. government and agency obligations do not permit the issuer to settle the security at a price less than the par value of the investment. The contractual cash flows of mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae. REMICs are issued by or backed by securities issued by these governmental agencies. It is expected that the securities would not be settled at a price substantially less than the amortized cost of the investment. The U.S. Treasury Department established financing agreements in 2008 to ensure Fannie Mae and Freddie Mac meet their obligations to holders of mortgage-backed securities that they have issued or guaranteed. |
Loans And Allowance For Loan Lo
Loans And Allowance For Loan Losses | 9 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loans And Allowance For Loan Losses | LOANS AND ALLOWANCE FOR LOAN LOSSES Loans held for investment consist of the following: June 30, September 30, Real estate loans: Residential Core $ 10,985,732 $ 10,903,024 Residential Home Today 77,724 84,942 Home equity loans and lines of credit 2,284,152 2,174,961 Construction 54,345 52,332 Real estate loans 13,401,953 13,215,259 Other loans 2,720 3,166 Add (deduct): Deferred loan expenses, net 44,776 41,976 Loans in process (28,447) (25,743) Allowance for loan losses (45,564) (38,913) Loans held for investment, net $ 13,375,438 $ 13,195,745 At June 30, 2020 and September 30, 2019, respectively, $51,139 and $3,666 of loans were classified as mortgage loans held for sale. A large concentration of the Company’s lending is in Ohio and Florida. As of June 30, 2020 and September 30, 2019, the percentage of aggregate Residential Core, Home Today and Construction loans held in Ohio was 56% and 57%, respectively, and the percentage held in Florida was 16% as of both dates. As of June 30, 2020 and September 30, 2019, home equity loans and lines of credit were concentrated in Ohio (29% and 31%), Florida (19% as of both dates), and California (16% as of both dates). Home Today was an affordable housing program targeted to benefit low- and moderate-income home buyers and most loans under the program were originated prior to 2009. No new loans were originated under the Home Today program after September 30, 2016. Through this program the Company provided the majority of loans to borrowers who would not otherwise qualify for the Company’s loan products, generally because of low credit scores. Because the Company applied less stringent underwriting and credit standards to the majority of Home Today loans, loans originated under the program have greater credit risk than its traditional residential real estate mortgage loans in the Residential Core portfolio. Since loans are no longer originated under the Home Today program, the Home Today portfolio will continue to decline in balance, primarily due to contractual amortization. To supplant the Home Today product and to continue to meet the credit needs of customers and the communities served, since fiscal 2016 the Company has offered Fannie Mae eligible, Home Ready loans. These loans are originated in accordance with Fannie Mae's underwriting standards. While the Company retains the servicing to these loans, the loans, along with the credit risk associated therewith, are securitized/sold to Fannie Mae. The Company does not offer, and has not offered, loan products frequently considered to be designed to target sub-prime borrowers containing features such as higher fees or higher rates, negative amortization, a LTV ratio greater than 100%, or pay-option adjustable-rate mortgages. The Company currently offers home equity lines of credit that include monthly principal and interest payments throughout the entire term. Home equity lines of credit originated prior to June 2010 require interest only payments for ten years, with an option to extend the interest only and draw period another ten years. Once the draw period has expired the accounts are included in the home equity loan balance. The recorded investment in interest only loans comprised solely of equity lines of credit with balances of $486 and $8,231 at June 30, 2020 and September 30, 2019, respectively. Regulatory agencies have encouraged financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations because of the effects of COVID-19, as set forth in the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (initially issued on March 22, 2020 and revised on April 7, 2020). FASB confirmed the foregoing regulatory agencies' view, that such short-term modifications (e.g., six months) made on a good-faith basis to borrowers who were current as of the implementation date of a relief program in response to COVID-19 are not TDRs. The regulatory agencies stated that performing loans granted payment deferrals due to COVID-19 in accordance with this interagency statement are not generally considered past due or non-accrual. The revised statement provides that eligible loan modifications related to COVID-19 may also be accounted for under section 4013 of the CARES Act or in accordance with ASC 310-40. The Company has elected to apply the temporary suspension of TDR requirements provided by the revised interagency statement for eligible loan modifications. For loan modifications that are not eligible for the suspension offered by the revised interagency statement, the Company considers the CARES Act to evaluate loan modifications within its scope, or existing TDR evaluation policies if the modification does not fall within the scope of the CARES Act. As of June 30, 2020, certain of our borrowers have experienced unemployment or reduced income as a result of the COVID-19 global pandemic and have requested some type of loan payment forbearance. Short-term forbearance plans offered to borrowers affected by COVID-19 totaled $230,337 at June 30, 2020, of which $16,601 are classified as troubled debt restructurings due to either their classification as a TDR prior to the COVID-19 forbearance or not meeting the criteria to be exempt from TDR classification. Forbearance plans allow borrowers experiencing temporary financial hardship to defer a limited number of payments to a later point in time and are initially offered for a three-month period, which may be extended for borrowers that continue to be affected by COVID-19. The majority of COVID-19 forbearance plans have been extended to six months. Forbearance plans that are extended beyond six months will be evaluated for TDR classification in accordance with U.S. GAAP. The following table summarizes, as of June 30, 2020, for each portfolio, active forbearance plans by recorded investment and as a percent of total loans. Total Forbearance plans as % of Portfolio June 30, 2020 Real estate loans: Residential Core $ 195,744 1.78% Residential Home Today 6,827 8.82% Home equity loans and lines of credit 27,766 1.20% Total real estate loans $ 230,337 1.72% The following table summarizes, as of June 30, 2020, the recorded investment of active forbearance plans according to the month during which the payment deferrals are currently scheduled to end, subject to available forbearance plan term extensions. Month ending Total 7/31/2020 $ 5,217 8/31/2020 39,503 9/30/2020 87,717 10/31/2020 97,759 11/30/2020 141 Total active forbearance plans $ 230,337 A COVID-19 forbearance plan is generally resolved through payment in full at termination of the forbearance; through a non-TDR repayment plan, where a portion of the forbearance is paid in addition to the original contractual payment over 12 months or less; or through a non-TDR capitalization, where the total of forborne payments are added to the principal balance of the account, either with or without an extension of the maturity date. If additional concessions are required beyond resolving the short-term forbearance, the account will be considered for further modification in a troubled debt restructuring. At June 30, 2020, there were $1,575 of residential mortgages and $179 of equity loans and lines of credit in short term repayment plans and $2,619 of residential mortgages whose forbearance amounts were capitalized, subsequent to COVID-19 forbearance plans, that did not require TDR classification. Real estate loans in COVID-19 forbearance plans and those that are subsequently placed in non-TDR short-term repayment plans are reported as current and accruing when they are current in accordance with their revised contractual terms and were less than 30 days past due as of the implementation date of the relief program, March 13, 2020, per the revised interagency statement, or not more than 30 days past due as of December 31, 2019 per the CARES Act. Otherwise, the delinquency and resulting accrual status of these loans are determined by the lowest number of days the loan was past due on either the two aforementioned measurement dates (March 13, 2020 or December 31, 2019) or, considering the loan's revised contractual terms, the current reporting date. At June 30, 2020, the balance of accrued interest receivable includes $1,990 of unpaid interest on active COVID-19 forbearance plans. The uncertain and potentially tumultuous impact of COVID-19 on the economic and housing markets, as well as the risk profiles of accounts in COVID-19 forbearance plans granted by the Company, were thoroughly considered in the determination of the allowance for loan losses as of June 30, 2020, as described in the Allowance for Loan Losses section of the Critical Accounting Policies in Part I Item 2. An aging analysis of the recorded investment in loan receivables that are past due at June 30, 2020 and September 30, 2019 is summarized in the following tables. When a loan is more than one month past due on its scheduled payments, the loan is considered 30 days or more past due. Balances are adjusted for deferred loan fees, expenses and any applicable loans-in-process. 30-59 60-89 90 Days or Total Past Current Total June 30, 2020 Real estate loans: Residential Core $ 5,482 $ 2,523 $ 9,840 $ 17,845 $ 10,985,836 $ 11,003,681 Residential Home Today 1,488 858 2,495 4,841 72,534 77,375 Home equity loans and lines of credit 2,175 1,116 5,490 8,781 2,302,947 2,311,728 Construction — — — — 25,498 25,498 Total real estate loans 9,145 4,497 17,825 31,467 13,386,815 13,418,282 Other loans — — — — 2,720 2,720 Total $ 9,145 $ 4,497 $ 17,825 $ 31,467 $ 13,389,535 $ 13,421,002 30-59 60-89 90 Days or Total Past Current Total September 30, 2019 Real estate loans: Residential Core $ 6,824 $ 4,030 $ 7,674 $ 18,528 $ 10,900,173 $ 10,918,701 Residential Home Today 2,629 1,685 2,623 6,937 77,677 84,614 Home equity loans and lines of credit 3,029 1,158 5,797 9,984 2,191,998 2,201,982 Construction — — — — 26,195 26,195 Total real estate loans 12,482 6,873 16,094 35,449 13,196,043 13,231,492 Other loans — — — — 3,166 3,166 Total $ 12,482 $ 6,873 $ 16,094 $ 35,449 $ 13,199,209 $ 13,234,658 At June 30, 2020, reported delinquencies above include $1,025, $467 and $779 of active COVID-19 forbearance plans and subsequent short-term repayment plans in 30-59 days past due, 60-89 days past due, and 90 days or more past due, respectively. The remaining balance of active COVID-19 forbearance and subsequent short-term repayment plans are reported as current. At June 30, 2020 and September 30, 2019, real estate loans include $6,367 and $7,543, respectively, of loans that were in the process of foreclosure. Pursuant to the CARES Act, most foreclosure proceedings were delayed during the quarter. Loans are placed in non-accrual status when they are contractually 90 days or more past due. The number of days past due is determined by the number of scheduled payments that remain unpaid, assuming a period of 30 days between each scheduled payment. Loans with a partial charge-off are placed in non-accrual and will remain in non-accrual status until, at a minimum, the impairment is recovered. Loans restructured in TDRs that were in non-accrual status prior to the restructurings remain in non-accrual status for a minimum of six months after restructuring. Loans restructured in TDRs with a high debt-to-income ratio at the time of modification are placed in non-accrual status for a minimum of 12 months. Additionally, home equity loans and lines of credit where the customer has a severely delinquent first mortgage loan and loans in Chapter 7 bankruptcy status where all borrowers have filed, and not reaffirmed or been dismissed, are placed in non-accrual status. The recorded investment of loan receivables in non-accrual status is summarized in the following table. Balances are adjusted for deferred loan fees and expenses. June 30, September 30, Real estate loans: Residential Core $ 30,306 $ 37,052 Residential Home Today 10,615 12,442 Home equity loans and lines of credit 13,018 21,771 Total non-accrual loans $ 53,939 $ 71,265 At June 30, 2020 and September 30, 2019, respectively, the recorded investment in non-accrual loans includes $36,338 and $55,171 of loans which are performing according to the terms of their agreement, of which $21,533 and $25,895 are loans in Chapter 7 bankruptcy status, primarily where all borrowers have filed, and have not reaffirmed or been dismissed. The change in non-accrual loans from September 30, 2019 was partially impacted by the length of time TDRs with high debt-to-income ratios are retained in non-accrual status. TDRs with high debt-to-income ratios are placed in non-accrual status until they show sustained payment performance. Interest on loans in accrual status, including certain loans individually reviewed for impairment, is recognized in interest income as it accrues, on a daily basis. Accrued interest on loans in non-accrual status is reversed by a charge to interest income and income is subsequently recognized only to the extent cash payments are received. Cash payments on loans in non-accrual status are applied to the oldest scheduled, unpaid payment first. Cash payments on loans with a partial charge-off are applied fully to principal, then to recovery of the charged off amount prior to interest income being recognized, except cash payments may be applied to interest capitalized in a restructuring when collection of remaining amounts due is considered probable. A non-accrual loan is generally returned to accrual status when contractual payments are less than 90 days past due. However, a loan may remain in non-accrual status when collectability is uncertain, such as a TDR that has not met minimum payment requirements, a loan with a partial charge-off, an equity loan or line of credit with a delinquent first mortgage greater than 90 days past due, or a loan in Chapter 7 bankruptcy status where all borrowers have filed, and have not reaffirmed or been dismissed. The recorded investment in loan receivables at June 30, 2020 and September 30, 2019 is summarized in the following table. The table provides details of the recorded balances according to the method of evaluation used for determining the allowance for loan losses, distinguishing between determinations made by evaluating individual loans and determinations made by evaluating groups of loans not individually evaluated. Balances of recorded investments are adjusted for deferred loan fees, expenses and any applicable loans-in-process. June 30, 2020 September 30, 2019 Individually Collectively Total Individually Collectively Total Real estate loans: Residential Core $ 78,574 $ 10,925,107 $ 11,003,681 $ 87,069 $ 10,831,632 $ 10,918,701 Residential Home Today 35,056 42,319 77,375 36,959 47,655 84,614 Home equity loans and lines of credit 42,784 2,268,944 2,311,728 46,445 2,155,537 2,201,982 Construction — 25,498 25,498 — 26,195 26,195 Total real estate loans 156,414 13,261,868 13,418,282 170,473 13,061,019 13,231,492 Other loans — 2,720 2,720 — 3,166 3,166 Total $ 156,414 $ 13,264,588 $ 13,421,002 $ 170,473 $ 13,064,185 $ 13,234,658 An analysis of the allowance for loan losses at June 30, 2020 and September 30, 2019 is summarized in the following table. The analysis provides details of the allowance for loan losses according to the method of evaluation, distinguishing between allowances for loan losses determined by evaluating individual loans and allowances for loan losses determined by evaluating groups of loans collectively. June 30, 2020 September 30, 2019 Individually Collectively Total Individually Collectively Total Real estate loans: Residential Core $ 6,784 $ 12,841 $ 19,625 $ 7,080 $ 12,673 $ 19,753 Residential Home Today 2,286 3,232 5,518 2,422 1,787 4,209 Home equity loans and lines of credit 3,820 16,596 20,416 4,003 10,943 14,946 Construction — 5 5 — 5 5 Total real estate loans $ 12,890 $ 32,674 $ 45,564 $ 13,505 $ 25,408 $ 38,913 At June 30, 2020 and September 30, 2019, individually evaluated loans that required an allowance were comprised only of loans evaluated for impairment based on the present value of cash flows, such as performing TDRs, and loans with an indication of further deterioration in the fair value of the property not yet supported by a full review and collateral evaluation. All other individually evaluated loans received a charge-off, if applicable. Because many variables are considered in determining the appropriate level of general valuation allowances, directional changes in individual considerations do not always align with the directional change in the balance of a particular component of the general valuation allowance. At June 30, 2020 and September 30, 2019, respectively, allowances on individually reviewed loans evaluated for impairment (IVAs) included those based on the present value of cash flows, such as performing TDRs, were $12,890 and $13,399, and allowances on loans with further deterioration in the fair value of the property not yet supported by a full review were $0 and $106. Residential Core mortgage loans represent the largest portion of the residential real estate portfolio. While the Company believes overall credit risk is low based on the nature, composition, collateral, products, lien position and performance of the portfolio, it could be affected by the duration and depth of the impact from COVID-19. The portfolio does not include loan types or structures that have experienced severe performance problems at other financial institutions (sub-prime, no documentation or pay-option adjustable-rate mortgages). The portfolio contains adjustable-rate mortgage loans whereby the interest rate is locked initially for mainly three or five years then resets annually, subject to various re-lock options available to the borrower. Although the borrower is qualified for its loan at a higher rate than the initial one, the adjustable-rate feature may impact a borrower's ability to afford the higher payments upon rate reset during periods of rising interest rates while this repayment risk may be reduced in a declining or low rate environment. With limited historical loss experience compared to other types of loans in the portfolio, judgment is required by management in assessing the allowance required on adjustable-rate mortgage loans. The principal amount of adjustable-rate mortgage loans included in the Residential Core portfolio was $5,236,097 and $5,063,010 at June 30, 2020 and September 30, 2019, respectively. As described earlier in this footnote, Home Today loans have greater credit risk than traditional residential real estate mortgage loans. At June 30, 2020 and September 30, 2019, respectively, approximately 13% and 14% of Home Today loans include private mortgage insurance coverage. The majority of the coverage on these loans was provided by PMI Mortgage Insurance Co., which was seized by the Arizona Department of Insurance in 2011 and currently pays all claim payments at 76.5%. Appropriate adjustments have been made to the Company’s affected valuation allowances and charge-offs, and estimated loss severity factors were adjusted accordingly for loans evaluated collectively. The amount of loans in the Company's total owned residential portfolio covered by mortgage insurance provided by PMIC as of June 30, 2020 and September 30, 2019, respectively, was $21,957 and $26,191, of which $20,991 and $24,198 was current. The amount of loans in the Company's total owned residential portfolio covered by mortgage insurance provided by Mortgage Guaranty Insurance Corporation as of June 30, 2020 and September 30, 2019, respectively, was $13,798 and $17,345, of which $13,630 and $17,232 was current. As of June 30, 2020, MGIC's long-term debt rating, as published by the major credit rating agencies, did not meet the requirements to qualify as "high credit quality"; however, MGIC continues to make claim payments in accordance with its contractual obligations and the Company has not increased its estimated loss severity factors related to MGIC's claim paying ability. No other loans were covered by mortgage insurers that were deferring claim payments or which were assessed as being non-investment grade. Home equity loans and lines of credit, which are comprised primarily of home equity lines of credit, represent a significant portion of the residential real estate portfolio. On home equity lines of credit originated prior to 2012, subsequent deterioration in economic and housing market conditions may impact a borrower's ability to afford the higher payments required during the end of draw repayment period that follows the period of interest only payments, or the ability to secure alternative financing. Beginning in 2013, the terms on new home equity lines of credit included monthly principal and interest payments throughout the entire term to minimize the potential payment differential between the draw and after draw periods. The impact of COVID-19 on employment, the general economy and, potentially, housing prices may adversely affect credit performance within the home equity loans and lines of credit portfolio. The Company originates construction loans to individuals for the construction of their personal single-family residence by a qualified builder (construction/permanent loans). The Company’s construction/permanent loans generally provide for disbursements to the builder or sub-contractors during the construction phase as work progresses. During the construction phase, the borrower only pays interest on the drawn balance. Upon completion of construction, the loan converts to a permanent amortizing loan without the expense of a second closing. The Company offers construction/permanent loans with fixed or adjustable-rates, and a current maximum loan-to-completed-appraised value ratio of 70%. Prior to March 26, 2020 the maximum loan to completed-appraised value ratio was 85%. Other loans are comprised of loans secured by certificate of deposit accounts, which are fully recoverable in the event of non-payment, and forgivable down payment assistance loans, which are unsecured loans used as down payment assistance to borrowers qualified through partner housing agencies. The Company records a liability for the loans which are forgiven in equal increments over a pre-determined term, subject to residency requirements. For all classes of loans, a loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal and interest according to the contractual terms of the loan agreement. Factors considered in determining that a loan is impaired may include the deteriorating financial condition of the borrower indicated by missed or delinquent payments, a pending legal action, such as bankruptcy or foreclosure, or the absence of adequate security for the loan. The recorded investment and the unpaid principal balance of impaired loans, including those reported as TDRs, as of June 30, 2020 and September 30, 2019, are summarized as follows. Balances of recorded investments are adjusted for deferred loan fees and expenses. June 30, 2020 September 30, 2019 Recorded Unpaid Related Recorded Unpaid Related With no related IVA recorded: Residential Core $ 41,444 $ 56,606 $ — $ 44,122 $ 59,538 $ — Residential Home Today 12,167 34,999 — 12,764 31,958 — Home equity loans and lines of credit 14,916 19,865 — 18,528 23,935 — Total $ 68,527 $ 111,470 $ — $ 75,414 $ 115,431 $ — With an IVA recorded: Residential Core $ 37,130 $ 37,198 $ 6,784 $ 42,947 $ 43,042 $ 7,080 Residential Home Today 22,889 22,861 2,286 24,195 24,178 2,422 Home equity loans and lines of credit 27,868 27,858 3,820 27,917 27,924 4,003 Total $ 87,887 $ 87,917 $ 12,890 $ 95,059 $ 95,144 $ 13,505 Total impaired loans: Residential Core $ 78,574 $ 93,804 $ 6,784 $ 87,069 $ 102,580 $ 7,080 Residential Home Today 35,056 57,860 2,286 36,959 56,136 2,422 Home equity loans and lines of credit 42,784 47,723 3,820 46,445 51,859 4,003 Total $ 156,414 $ 199,387 $ 12,890 $ 170,473 $ 210,575 $ 13,505 At June 30, 2020 and September 30, 2019, respectively, the recorded investment in impaired loans includes $143,178 and $157,408 of loans restructured in TDRs of which $8,287 and $8,435 are 90 days or more past due. The average recorded investment in impaired loans and the amount of interest income recognized during the period that the loans were impaired are summarized below. For the Three Months Ended June 30, 2020 2019 Average Interest Average Interest With no related IVA recorded: Residential Core $ 41,270 $ 322 $ 49,397 $ 430 Residential Home Today 12,083 51 14,487 50 Home equity loans and lines of credit 15,317 75 21,060 118 Total $ 68,670 $ 448 $ 84,944 $ 598 With an IVA recorded: Residential Core $ 38,158 $ 290 $ 41,861 $ 306 Residential Home Today 23,278 270 24,378 295 Home equity loans and lines of credit 28,123 165 27,583 168 Total $ 89,559 $ 725 $ 93,822 $ 769 Total impaired loans: Residential Core $ 79,428 $ 612 $ 91,258 $ 736 Residential Home Today 35,361 321 38,865 345 Home equity loans and lines of credit 43,440 240 48,643 286 Total $ 158,229 $ 1,173 $ 178,766 $ 1,367 For the Nine Months Ended June 30, 2020 2019 Average Interest Average Interest With no related IVA recorded: Residential Core $ 42,783 $ 1,062 $ 52,196 $ 1,231 Residential Home Today 12,466 151 14,962 174 Home equity loans and lines of credit 16,722 256 21,395 342 Total $ 71,971 $ 1,469 $ 88,553 $ 1,747 With an IVA recorded: Residential Core $ 40,039 $ 891 $ 38,058 $ 1,008 Residential Home Today 23,542 828 24,907 888 Home equity loans and lines of credit 27,893 502 26,632 499 Total $ 91,474 $ 2,221 $ 89,597 $ 2,395 Total impaired loans: Residential Core $ 82,822 $ 1,953 $ 90,254 $ 2,239 Residential Home Today 36,008 979 39,869 1,062 Home equity loans and lines of credit 44,615 758 48,027 841 Total $ 163,445 $ 3,690 $ 178,150 $ 4,142 Interest on loans in non-accrual status is recognized on a cash basis. The amount of interest income on impaired loans recognized using a cash basis method was $220 and $793 for the three and nine months ended June 30, 2020 and $343 and $1,082 for the three and nine months ended June 30, 2019, respectively. Cash payments on loans with a partial charge-off are applied fully to principal, then to recovery of the charged off amount prior to interest income being recognized, except cash payments may be applied to interest capitalized in a restructuring when collection of remaining amounts due is considered probable. Interest income on the remaining impaired loans is recognized on an accrual basis. Charge-offs on residential mortgage loans, home equity loans and lines of credit and construction loans are recognized when triggering events, such as foreclosure actions, short sales, or deeds accepted in lieu of repayment, result in less than full repayment of the recorded investment in the loans. Partial or full charge-offs are also recognized for the amount of impairment on loans considered collateral dependent that meet one or more of the conditions described below. • For residential mortgage loans, payments are greater than 180 days delinquent; • For home equity lines of credit, equity loans, and residential loans restructured in a TDR, payments are greater than 90 days delinquent; • For all classes of loans restructured in a TDR with a high debt-to-income ratio at time of modification; • For all classes of loans, a sheriff sale is scheduled within 60 days to sell the collateral securing the loan; • For all classes of loans, all borrowers have been discharged of their obligation through a Chapter 7 bankruptcy; • For all classes of loans, within 60 days of notification, all borrowers obligated on the loan have filed Chapter 7 bankruptcy and have not reaffirmed or been dismissed; • For all classes of loans, a borrower obligated on a loan has filed bankruptcy and the loan is greater than 30 days delinquent; and • For all classes of loans, it becomes evident that a loss is probable. Collateral dependent residential mortgage loans and construction loans are charged off to the extent the recorded investment in the loan, net of anticipated mortgage insurance claims, exceeds the fair value, less estimated costs to dispose of the underlying property. Management can determine if the loan is uncollectible for reasons such as foreclosures exceeding a reasonable time frame and recommend a full charge-off. Home equity loans or lines of credit are charged off to the extent the recorded investment in the loan plus the balance of any senior liens exceeds the fair value, less estimated costs to dispose of the underlying property, or management determines the collateral is not sufficient to satisfy the loan. A loan in any portfolio identified as collateral dependent will continue to be reported as impaired until it is no longer considered collateral dependent, is less than 30 days past due and does not have a prior charge-off. A loan in any portfolio that has a partial charge-off consequent to impairment evaluation will continue to be individually evaluated for impairment until, at a minimum, the impairment has been recovered. Residential mortgage loans, home equity loans and lines of credit and construction loans restructured in TDRs that are not evaluated based on collateral are separately evaluated for impairment on a loan by loan basis at the time of restructuring and at each subsequent reporting date for as long as they are reported as TDRs. The impairment evaluation is based on the present value of expected future cash flows discounted at the effective interest rate of the original loan. Expected future cash flows include a discount factor representing a potential for default. Valuation allowances are recorded for the excess of the recorded investments over the result of the cash flow analysis. Loans discharged in Chapter 7 bankruptcy are reported as TDRs and also evaluated based on the present value of expected future cash flows unless evaluated based on collateral. We evaluate these loans using the expected future cash flows because we expect the borrower, not liquidation of the collateral, to be the source of repayment for the loan. Other loans are not considered for restructuring. A loan restructured in a TDR is classified as an impaired loan for a minimum of one year. After one year, that loan may be reclassified out of the balance of impaired loans if the loan was restructured to yield a market rate for loans of similar credit risk at the time of restructuring and the loan is not impaired based on the terms of the restructuring agreement. No loans whose terms were restructured in TDRs were reclassified from impaired loans during the nine months ended June 30, 2020 and June 30, 2019. Initial concessions granted on loans restructured as TDRs may include reduction of interest rate, extension of amortization period, forbearance or other actions. Some TDRs have experienced a combination of concessions. TDRs also may occur as a result of bankruptcy proceedings. Loans discharged in Chapter 7 bankruptcy are classified as multiple restructurings if the loan's original terms had also been restructured by the Company. The recorded investment in TDRs by category as of June 30, 2020 and September 30, 2019 is shown in the tables below. June 30, 2020 Initial Restructuring Multiple Bankruptcy Total Residential Core $ 31,662 $ 23,562 $ 16,418 $ 71,642 Residential Home Today 15,504 15,499 3,219 34,222 Home equity loans and lines of credit 31,570 3,052 2,692 37,314 Total $ 78,736 $ 42,113 $ 22,329 $ 143,178 September 30, 2019 Initial Restructuring Multiple Bankruptcy Total Residential Core $ 35,829 $ 24,951 $ 19,494 $ 80,274 Residential Home Today 16,233 16,868 3,234 36,335 Home equity loans and lines of credit 34,459 3,115 3,225 40,799 Total $ 86,521 $ 44,934 $ 25,953 $ 157,408 TDRs may be restructured more than once. Among other requirements, a subsequent restructuring may be available for a borrower upon the expiration of temporary restructuring terms if the borrower cannot return to regular loan payments. If the borrower is experiencing an income curtailment that temporarily has reduced their capacity to repay, such as loss of employment, reduction of work hours, non-paid leave or short-term disability, a temporary restructuring is considered. If the borrower lacks the capacity to repay the loan at the current terms due to a permanent condition, a permanent restructuring is considered. In evaluating the need for a subsequent restructuring, the borrower’s ability to repay is generally ass |
Leases
Leases | 9 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | LEASES On October 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842), and all related amendments which require lessees to recognize operating leases on the Consolidated Statements of Condition as lease assets (a right-of-use asset) and lease liabilities (a liability to make lease payments), measured on a discounted basis. Prior to October 1, 2019, operating leases were not recorded on the Consolidated Statements of Condition. As permitted under ASC 842, the Company has made an accounting policy election to exempt leases with an initial term of twelve months or less from the Consolidated Statements of Condition recognition and to expense them over the lease term. The Company elected the practical expedient to account for lease and non-lease components as a single lease component for all classes of assets. The Company also elected the package of practical expedients that do not require reassessment of whether any expired or existing contracts are or contain leases, the lease classification for any expired or existing leases, or initial direct costs for any existing leases. The Company also adopted ASU 2018-11, Leases (Topic 842) Targeted Improvements, and elected not to recast comparative periods in the period of adoption of ASU 2016-02. The adoption of ASU 2018-11 did not result in a cumulative effect adjustment to beginning retained earnings. As a lessee, the Company enters into leases of buildings and land. The Company occupies certain banking branches and a disaster recovery site through non-cancellable operating leases with remaining terms ranging from less than one year to 17 years. The Company does not have financing leases. Most of the leases have fixed payment terms with annual fixed-escalation clauses. Certain leases have annual rent escalations based on subsequent year-to-year changes in the consumer price index. These year-to-year changes in the consumer price index are excluded from the calculation of right-of-use assets and lease liabilities and recognized as expense in the period in which they are incurred. Additionally, all variable lease costs that are not based on an index or rate, such as "common area maintenance" costs, are expensed as incurred. Most of the Company's leases include options to extend for periods that range from five to 10 years. The leases do not have early-termination options. The Company has not included term extensions in the calculation of the lease term, as the Company does not consider it reasonably certain that the options will be exercised. As the interest rate implicit in all of the Company's lease contracts is not readily determinable, the Company utilized its incremental borrowing rate, which is the rate that would be incurred to borrow on a collateralized basis over a similar term on an amount equal to the total contractual lease payments in a similar economic environment. The incremental borrowing rate utilized for all the Company's leases is the FHLB Advance rate based on the lease term at commencement in determining the present value of lease payments. Operating lease expenses for the three and nine months ended June 30, 2020 totaled $1,272 and $3,841, respectively. Variable lease expenses for the three and nine months ended June 30, 2020 totaled $298 and $950, respectively. During the three and nine months ended June 30, 2020, the Company paid $1,268 and $3,800 in cash for amounts included in the measurement of lease liabilities. As of June 30, 2020, the Company has not entered into any material leases that have not yet commenced. The following table summarizes information relating to the Company's operating leases as of June 30, 2020: Right-of-use assets (a) $ 16,631 Lease liabilities (b) $ 16,988 Weighted Average Remaining Lease Term 6.19 years Weighted Average Discount Rate 1.92 % (a) Included in other assets in the Consolidated Statements of Condition (b) Included in accrued expenses and other liabilities in the Consolidated Statements of Condition The following table summarizes the maturities of lease liabilities as of June 30, 2020: Maturing in: Amount 12 months or less $ 4,697 13 to 24 months 3,692 25 to 36 months 2,925 37 to 48 months 2,048 49 to 60 months 1,348 over 60 months 3,443 Total minimum lease payments 18,153 Less imputed interest 1,165 Total lease liabilities $ 16,988 The following table summarizes the future minimum payments as of September 30, 2019, prior to the date of adoption and as defined by previous lease accounting guidance, ASC 840, with non-cancellable operating lease terms expiring after September 30, 2019: Maturing in: Amount 12 months or less $ 4,881 13 to 24 months 4,145 25 to 36 months 3,171 37 to 48 months 2,366 49 to 60 months 1,613 over 60 months 4,209 Total minimum lease payments $ 20,385 |
Deposits
Deposits | 9 Months Ended |
Jun. 30, 2020 | |
Deposits [Abstract] | |
Deposits | DEPOSITS Deposit account balances are summarized as follows: June 30, September 30, Checking accounts $ 983,308 $ 862,647 Savings accounts, excluding money market accounts 1,074,988 1,042,357 Money market accounts 490,969 441,843 Certificates of deposit 6,677,078 6,415,824 9,226,343 8,762,671 Accrued interest 3,768 3,713 Total deposits $ 9,230,111 $ 8,766,384 Brokered certificates of deposit (exclusive of acquisition costs and subsequent amortization), which are used as a cost effective funding alternative, totaled $553,860 at June 30, 2020 and $507,800 at September 30, 2019. The FDIC places restrictions on banks with regard to issuing brokered deposits based on the bank's capital classification. As a well-capitalized institution at June 30, 2020 and September 30, 2019, the Association may accept brokered deposits without FDIC restrictions. |
Borrowed Funds
Borrowed Funds | 9 Months Ended |
Jun. 30, 2020 | |
Advances from Federal Home Loan Banks [Abstract] | |
Borrowed Funds | BORROWED FUNDS Federal Home Loan Bank borrowings at June 30, 2020 are summarized in the table below. The amount and weighted average rates of certain FHLB Advances maturing in 12 months or less reflect the net impact of deferred penalties discussed below: Amount Weighted Maturing in: 12 months or less $ 3,196,113 0.34 % 13 to 24 months 249 1.49 % 25 to 36 months 16,515 2.80 % 37 to 48 months 250,000 1.70 % 49 to 60 months 275,000 1.69 % Over 60 months 19,303 1.66 % Total FHLB Advances 3,757,180 0.55 % Accrued interest 1,968 Total $ 3,759,148 For the nine month periods ending June 30, 2020 and June 30, 2019 net interest expense related to Federal Home Loan Bank short-term borrowings was $39,500 and $44,589, respectively. Through the use of interest rate swaps discussed in Note 14. Derivative Instruments , $3,075,000 of FHLB advances included in the table above as maturing in 12 months or less, have effective maturities, assuming no early terminations of the swap contracts, as shown below: Amount Swap Adjusted Weighted Effective maturity: 12 months or less $ 400,000 1.21 % 13 to 24 months 825,000 1.79 % 25 to 36 months 400,000 2.12 % 37 to 48 months 250,000 1.72 % 49 to 60 months 400,000 1.34 % Over 60 months 800,000 2.20 % Total FHLB Advances under swap contracts $ 3,075,000 1.80 % During fiscal year 2016, $150,000 of fixed-rate FHLB advances with remaining terms of approximately four years were prepaid and replaced with new four- and five-year interest rate swap arrangements. The unamortized deferred repayment penalties of $177 related to the $150,000 of restructuring are being recognized in interest expense over the remaining term of the swap contracts. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | OTHER COMPREHENSIVE INCOME (LOSS) The change in accumulated other comprehensive income (loss) by component is as follows: For the Three Months Ended For the Three Months Ended June 30, 2020 June 30, 2019 Unrealized Gains (Losses) on Securities Available for Sale Cash flow hedges Defined Benefit Plan Total Unrealized Gains (Losses) on Securities Available for Sale Cash flow hedges Defined Benefit Plan Total Balance at beginning of period $ 10,011 $ (119,479) $ (21,395) $ (130,863) $ (5,146) $ 6,156 $ (14,540) $ (13,530) Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $(5,334) and $(7,956) (4,010) (16,056) — (20,066) 4,133 (34,055) — (29,922) Amounts reclassified, net of tax expense (benefit) of $1,313 and $(671) — 4,485 451 4,936 — (2,789) 264 (2,525) Other comprehensive income (loss) (4,010) (11,571) 451 (15,130) 4,133 (36,844) 264 (32,447) Balance at end of period $ 6,001 $ (131,050) $ (20,944) $ (145,993) $ (1,013) $ (30,688) $ (14,276) $ (45,977) For the Nine Months Ended For the Nine Months Ended June 30, 2020 June 30, 2019 Unrealized Gains (Losses) on Securities Available for Sale Cash flow hedges Defined Benefit Plan Total Unrealized Gains (Losses) on Securities Available for Sale Cash flow hedges Defined Benefit Plan Total Balance at beginning of period $ (2,165) $ (44,915) $ (22,299) $ (69,379) $ (13,624) $ 51,914 $ (15,068) $ 23,222 Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $(21,879) and $(16,396) 8,166 (90,472) — (82,306) 12,611 (74,286) — (61,675) Amounts reclassified, net of tax expense (benefit) of $1,514 and $(2,000) — 4,337 1,355 5,692 — (8,316) 792 (7,524) Other comprehensive income (loss) 8,166 (86,135) 1,355 (76,614) 12,611 (82,602) 792 (69,199) Balance at end of period $ 6,001 $ (131,050) $ (20,944) $ (145,993) $ (1,013) $ (30,688) $ (14,276) $ (45,977) The following table presents the reclassification adjustment out of accumulated other comprehensive income included in net income and the corresponding line item on the consolidated statements of income for the periods indicated: Amounts Reclassified from Accumulated Amounts Reclassified from Accumulated Details about Accumulated Other Comprehensive Income Components For the Three Months Ended June 30, For the Nine Months Ended June 30, Line Item in the Consolidated Statement of Income 2020 2019 2020 2019 Cash flow hedges: Interest (income) expense $ 5,677 $ (3,530) $ 5,490 $ (10,526) Interest expense Net income tax effect (1,192) 741 (1,153) 2,210 Income tax expense Net of income tax expense (benefit) 4,485 (2,789) 4,337 (8,316) Amortization of defined benefit plan: Actuarial loss 572 334 1,716 1,002 (a) Net income tax effect (121) (70) (361) (210) Income tax expense Net of income tax expense (benefit) 451 264 1,355 792 Total reclassifications for the period $ 4,936 $ (2,525) $ 5,692 $ (7,524) (a) This item is included in the computation of net periodic pension cost. See Note 10. Defined Benefit Plan for additional disclosure. |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and in various state and city jurisdictions. The Company is no longer subject to income tax examinations in its major jurisdictions for tax years prior to 2016. The Company recognizes interest and penalties on income tax assessments or income tax refunds, where applicable, in the financial statements as a component of its provision for income taxes. The Company’s combined federal and state effective income tax rate was 16.6% and 21.9% for the nine months ended June 30, 2020 and June 30, 2019, respectively. The decrease in the effective tax rate is primarily due to the passage of the CARES Act, which permits a carry back of net tax operating losses to years taxed at a higher rate, and an increase in excess tax benefits associated with equity compensation during the nine months ended June 30, 2020 compared to the nine months ended June 30, 2019. The Company makes certain investments in limited partnerships which invest in affordable housing projects that qualify for the Low Income Housing Tax Credit (LIHTC). The Company acts as a limited partner in these investments and does not exert control over the operating or financial policies of the partnership. The Company accounts for its interests in LIHTCs using the proportional amortization method. The impact of the Company's investments in tax credit entities on the provision for income taxes was not material during the nine months ended June 30, 2020 and June 30, 2019. |
Defined Benefit Plan
Defined Benefit Plan | 9 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plan | DEFINED BENEFIT PLAN The Third Federal Savings Retirement Plan (the “Plan”) is a defined benefit pension plan. Effective December 31, 2002, the Plan was amended to limit participation to employees who met the Plan’s eligibility requirements on that date. Effective December 31, 2011, the Plan was amended to freeze future benefit accruals for participants in the Plan. After December 31, 2002, employees not participating in the Plan, upon meeting the applicable eligibility requirements, and those eligible participants who no longer receive service credits under the Plan, participate in a separate tier of the Company’s defined contribution 401(k) Savings Plan. Benefits under the Plan are based on years of service and the employee’s average annual compensation (as defined in the Plan) through December 31, 2011. The funding policy of the Plan is consistent with the funding requirements of U.S. federal and other governmental laws and regulations. The components of net periodic cost recognized in other non-interest expense in the unaudited Consolidated Statements of Income are as follows: Three Months Ended Nine Months Ended June 30, June 30, 2020 2019 2020 2019 Interest cost $ 699 $ 808 $ 2,098 $ 2,422 Expected return on plan assets (1,163) (1,146) (3,489) (3,438) Amortization of net loss 572 334 1,716 1,002 Net periodic cost (benefit) $ 108 $ (4) $ 325 $ (14) |
Equity Incentive Plan
Equity Incentive Plan | 9 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plan | EQUITY INCENTIVE PLAN In December 2019, 73,700 restricted stock units were granted to certain directors and officers of the Company and 51,800 performance share units were granted to certain officers of the Company. The awards were made pursuant to the Amended and Restated 2008 Equity Incentive Plan, which was approved at the annual meeting of shareholders held on February 22, 2018. The following table presents share-based compensation expense recognized during the periods presented. Three Months Ended June 30, Nine Months Ended June 30, 2020 2019 2020 2019 Stock option expense $ 119 $ 198 $ 441 $ 635 Restricted stock units expense 832 918 2,491 2,708 Performance share units expense 227 $ — 595 — Total stock-based compensation expense $ 1,178 $ 1,116 $ 3,527 $ 3,343 At June 30, 2020, 3,689,900 shares were subject to options, with a weighted average exercise price of $13.78 per share and a weighted average grant date fair value of $2.59 per share. Expected future expense related to the 528,100 non-vested options outstanding as of June 30, 2020 is $157 over a weighted average period of 0.4 years. At June 30, 2020, 527,364 restricted stock units and 116,300 performance share units with a weighted average grant date fair value of $15.62 and $17.42 per unit, respectively, are unvested. Expected future compensation expense relating to the 1,293,112 restricted stock units and |
Commitments And Contingent Liab
Commitments And Contingent Liabilities | 9 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES In the normal course of business, the Company enters into commitments with off-balance sheet risk to meet the financing needs of its customers. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments to originate loans generally have fixed expiration dates of 60 to 360 days or other termination clauses and may require payment of a fee. Unfunded commitments related to home equity lines of credit generally expire from five to 10 years following the date that the line of credit was established, subject to various conditions, including compliance with payment obligations, adequacy of collateral securing the line and maintenance of a satisfactory credit profile by the borrower. Since some of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Off-balance sheet commitments to extend credit involve elements of credit risk and interest rate risk in excess of the amount recognized in the consolidated statements of condition. The Company’s exposure to credit loss in the event of nonperformance by the other party to the commitment is represented by the contractual amount of the commitment. The Company generally uses the same credit policies in making commitments as it does for on-balance-sheet instruments. Interest rate risk on commitments to extend credit results from the possibility that interest rates may have moved unfavorably from the position of the Company since the time the commitment was made. At June 30, 2020, the Company had commitments to originate loans as follows: Fixed-rate mortgage loans $ 472,276 Adjustable-rate mortgage loans 326,523 Equity loans and lines of credit 86,591 Total $ 885,390 At June 30, 2020, the Company had unfunded commitments outstanding as follows: Equity lines of credit $ 2,507,084 Construction loans 28,447 Total $ 2,535,531 At June 30, 2020, the unfunded commitment on home equity lines of credit, including commitments for accounts suspended as a result of material default or a decline in equity, was $2,521,450. At June 30, 2020 and September 30, 2019, the Company had $45,231and $0, respectively, in commitments to securitize and sell mortgage loans. The above commitments are expected to be funded through normal operations. The Company and its subsidiaries are subject to various legal actions arising in the normal course of business. In the opinion of management, the resolution of these legal actions is not expected to have a material adverse effect on the Company’s consolidated financial condition, results of operation, or statements of cash flows. |
Fair Value
Fair Value | 9 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value | FAIR VALUE Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date under current market conditions. A fair value framework is established whereby assets and liabilities measured at fair value are grouped into three levels of a fair value hierarchy, based on the transparency of inputs and the reliability of assumptions used to estimate fair value. The Company’s policy is to recognize transfers between levels of the hierarchy as of the end of the reporting period in which the transfer occurs. The three levels of inputs are defined as follows: Level 1 – quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 – quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets with few transactions, or model-based valuation techniques using assumptions that are observable in the market. Level 3 – a company’s own assumptions about how market participants would price an asset or liability. As permitted under the fair value guidance in U.S. GAAP, the Company elects to measure at fair value mortgage loans classified as held for sale that are subject to pending agency contracts to securitize and sell loans. This election is expected to reduce volatility in earnings related to market fluctuations between the contract trade and settlement dates. At June 30, 2020 and September 30, 2019, respectively, there were $45,231 and $0 of loans held for sale, all of which were current, with unpaid principal balances of $43,236 and $0, subject to pending agency contracts for which the fair value option was elected. Included in the net gain on the sale of loans is $2,331 and $0 for the three months ending June 30, 2020 and 2019, respectively, and $2,331 and $0 for the nine months ending June 30, 2020 and 2019, respectively, related to the changes during the period in fair value of loans held for sale subject to pending agency contracts. Presented below is a discussion of the methods and significant assumptions used by the Company to estimate fair value. Investment Securities Available for Sale— Investment securities available for sale are recorded at fair value on a recurring basis. At June 30, 2020 and September 30, 2019, respectively, this includes $514,330 and $547,864 of investments in U.S. government obligations including highly liquid collateralized mortgage obligations issued by Fannie Mae, Freddie Mac and Ginnie Mae, measured using the market approach. The fair values of investment securities represent unadjusted price estimates obtained from third party independent nationally recognized pricing services using pricing models or quoted prices of securities with similar characteristics and are included in Level 2 of the hierarchy. Third party pricing is reviewed on a monthly basis for reasonableness based on the market knowledge and experience of company personnel that interact daily with the markets for these types of securities. Mortgage Loans Held for Sale— The fair value of mortgage loans held for sale is estimated on an aggregate basis using a market approach based on quoted secondary market pricing for loan portfolios with similar characteristics. Loans held for sale are carried at the lower of cost or fair value except, as described above, the Company elects the fair value measurement option for mortgage loans held for sale subject to pending agency contracts to securitize and sell loans. Loans held for sale are included in Level 2 of the hierarchy. At June 30, 2020 and September 30, 2019, there were $45,231 and $0, respectively, of loans held for sale measured at fair value and $5,908 and $3,666, respectively, of loans held for sale carried at cost. Interest income on mortgage loans held for sale is recorded in interest income on loans. Impaired Loans — Impaired loans represent certain loans held for investment that are subject to a fair value measurement under U.S. GAAP because they are individually evaluated for impairment and that impairment is measured using a fair value measurement, such as the fair value of the underlying collateral. Impairment is measured using a market approach based on the fair value of the collateral, less estimated costs to dispose, for loans the Company considers to be collateral-dependent due to a delinquency status or other adverse condition severe enough to indicate that the borrower can no longer be relied upon as the continued source of repayment. These conditions are described more fully in Note 4. Loans and Allowance for Loan Losses . To calculate impairment of collateral-dependent loans, the fair market values of the collateral, estimated using exterior appraisals in the majority of instances, are reduced by calculated estimated costs to dispose, derived from historical experience and recent market conditions. Any indicated impairment is recognized by a charge to the allowance for loan losses. Subsequent increases in collateral values or principal pay downs on loans with recognized impairment could result in an impaired loan being carried below its fair value. When no impairment loss is indicated, the carrying amount is considered to approximate the fair value of that loan to the Company because contractually that is the maximum recovery the Company can expect. The recorded investment of loans individually evaluated for impairment based on the fair value of the collateral are included in Level 3 of the hierarchy with assets measured at fair value on a non-recurring basis. The range and weighted average impact of estimated costs to dispose on fair values is determined at the time of impairment or when additional impairment is recognized and is included in quantitative information about significant unobservable inputs later in this note. Loans held for investment that have been restructured in TDRs, are performing according to the restructured terms of the loan agreement and not evaluated based on collateral are individually evaluated for impairment using the present value of future cash flows based on the loan’s effective interest rate, which is not a fair value measurement. At June 30, 2020 and September 30, 2019, respectively, this included $94,798 and $98,875 in recorded investment of TDRs with related allowances for loss of $12,890 and $13,399. Real Estate Owned— Real estate owned includes real estate acquired as a result of foreclosure or by deed in lieu of foreclosure and is carried at the lower of the cost basis or fair value, less estimated costs to dispose. The carrying amounts of real estate owned at June 30, 2020 and September 30, 2019 were $1,395 and $2,163, respectively. Fair value is estimated under the market approach using independent third party appraisals. As these properties are actively marketed, estimated fair values may be adjusted by management to reflect current economic and market conditions. At June 30, 2020 and September 30, 2019, these adjustments were not significant to reported fair values. At June 30, 2020 and September 30, 2019, respectively, $734 and $987 of real estate owned is included in Level 3 of the hierarchy with assets measured at fair value on a non-recurring basis where the cost basis equals or exceeds the estimate of fair values, less estimated costs to dispose of these properties. Real estate owned, included in other assets in the Consolidated Statements of Condition, includes estimated costs to dispose of $88 and $146 related to properties measured at fair value and $749 and $1,322 of properties carried at their original or adjusted cost basis at June 30, 2020 and September 30, 2019, respectively. Derivatives— Derivative instruments include interest rate locks on commitments to originate loans for the held for sale portfolio, forward commitments on contracts to deliver mortgage loans and interest rate swaps designated as cash flow hedges. Derivatives not designated as cash flow hedges are reported at fair value in other assets or other liabilities on the Consolidated Statement of Condition with changes in value recorded in current earnings. Derivatives qualifying as cash flow hedges are settled daily, bringing the fair value to $0. Refer to Note 14. Derivative Instruments for additional information on cash flow hedges. The fair value of interest rate lock commitments is adjusted by a closure rate based on the estimated percentage of commitments that will result in closed loans. The range and weighted average impact of the closure rate is included in quantitative information about significant unobservable inputs later in this note. A significant change in the closure rate may result in a significant change in the ending fair value measurement of these derivatives relative to their total fair value. Because the closure rate is a significantly unobservable assumption, interest rate lock commitments are included in Level 3 of the hierarchy. Forward commitments on contracts to deliver mortgage loans are included in Level 2 of the hierarchy. Assets and liabilities carried at fair value on a recurring basis in the Consolidated Statements of Condition at June 30, 2020 and September 30, 2019 are summarized below. There were no liabilities carried at fair value on a recurring basis at either date. Recurring Fair Value Measurements at Reporting Date Using June 30, 2020 Quoted Prices in Significant Other Significant (Level 1) (Level 2) (Level 3) Assets Investment securities available for sale: REMICs $ 507,940 $ — $ 507,940 $ — Fannie Mae certificates 6,390 — 6,390 — Mortgage loans held for sale 45,231 — 45,231 — Derivatives: Interest rate lock commitments 681 — — 681 Forward commitments for the sale of mortgage loans $ 13 $ — $ 13 $ — Total $ 560,255 $ — $ 559,574 $ 681 Recurring Fair Value Measurements at Reporting Date Using September 30, 2019 Quoted Prices in Significant Other Significant (Level 1) (Level 2) (Level 3) Assets Investment securities available for sale: REMICs $ 541,042 $ — $ 541,042 $ — Fannie Mae certificates 6,822 — 6,822 — Derivatives: Interest rate lock commitments 44 — — 44 Total $ 547,908 $ — $ 547,864 $ 44 The table below presents a reconciliation of the beginning and ending balances and the location within the Consolidated Statements of Income where gains (losses) due to changes in fair value are recognized on interest rate lock commitments which are measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Three Months Ended June 30, Nine Months Ended June 30, 2020 2019 2020 2019 Beginning balance $ 592 $ 141 $ 44 $ (2) Gain (loss) during the period due to changes in fair value: Included in other non-interest income 89 70 637 213 Ending balance $ 681 $ 211 $ 681 $ 211 Change in unrealized gains for the period included in earnings for assets held at end of the reporting date $ 681 $ 211 $ 681 $ 211 Summarized in the tables below are those assets measured at fair value on a nonrecurring basis. Nonrecurring Fair Value Measurements at Reporting Date Using June 30, Quoted Prices in Significant Other Significant (Level 1) (Level 2) (Level 3) Impaired loans, net of allowance $ 61,616 $ — $ — $ 61,616 Real estate owned (1) 734 — — 734 Total $ 62,350 $ — $ — $ 62,350 (1) Amounts represent fair value measurements of properties before deducting estimated costs to dispose. Nonrecurring Fair Value Measurements at Reporting Date Using September 30, Quoted Prices in Significant Other Significant (Level 1) (Level 2) (Level 3) Impaired loans, net of allowance $ 71,492 $ — $ — $ 71,492 Real estate owned (1) 987 — — 987 Total $ 72,479 $ — $ — $ 72,479 (1) Amounts represent fair value measurements of properties before deducting estimated costs to dispose. The following provides quantitative information about significant unobservable inputs categorized within Level 3 of the Fair Value Hierarchy. The interest rate lock commitments include both mortgage origination applications and preapprovals. Preapprovals have a much lower closure rate than origination applications as reflected in the weighted average closure rate. Fair Value June 30, 2020 Valuation Technique(s) Unobservable Input Range Weighted Average Impaired loans, net of allowance $61,616 Market comparables of collateral discounted to estimated net proceeds Discount appraised value to estimated net proceeds based on historical experience: • Residential Properties 0 - 34% 6.3% Interest rate lock commitments $681 Quoted Secondary Market pricing Closure rate 0 - 100% 67.1% Fair Value September 30, 2019 Valuation Technique(s) Unobservable Input Range Weighted Average Impaired loans, net of allowance $71,492 Market comparables of collateral discounted to estimated net proceeds Discount appraised value to estimated net proceeds based on historical experience: • Residential Properties 0 - 30% 6.1% Interest rate lock commitments $44 Quoted Secondary Market pricing Closure rate 0 - 100% 65.6% The following tables present the estimated fair value of the Company’s financial instruments and their carrying amounts as reported in the Consolidated Statements of Condition. June 30, 2020 Carrying Fair Level 1 Level 2 Level 3 Amount Value Assets: Cash and due from banks $ 32,777 $ 32,777 $ 32,777 $ — $ — Interest earning cash equivalents 296,502 296,502 296,502 — — Investment securities available for sale 514,330 514,330 — 514,330 — Mortgage loans held for sale 51,139 51,446 — 51,446 — Loans, net: Mortgage loans held for investment 13,372,718 13,552,780 — — 13,552,780 Other loans 2,720 2,736 — — 2,736 Federal Home Loan Bank stock 136,793 136,793 N/A — — Accrued interest receivable 37,680 37,680 — 37,680 — Cash collateral received from or held by counterparty 49,478 49,478 49,478 — — Derivatives: Interest rate lock commitments 681 681 — — 681 Forward commitments for the sale of mortgage loans 13 13 — 13 — Liabilities: Checking and passbook accounts $ 2,549,265 $ 2,549,265 $ — $ 2,549,265 $ — Certificates of deposit 6,680,846 6,818,399 — 6,818,399 — Borrowed funds 3,759,148 3,817,335 — 3,817,335 — Borrowers’ advances for insurance and taxes 91,104 91,104 — 91,104 — Principal, interest and escrow owed on loans serviced 43,193 43,193 — 43,193 — September 30, 2019 Carrying Fair Level 1 Level 2 Level 3 Amount Value Assets: Cash and due from banks $ 31,728 $ 31,728 $ 31,728 $ — $ — Interest earning cash equivalents 243,415 243,415 243,415 — — Investment securities available for sale 547,864 547,864 — 547,864 — Mortgage loans held for sale 3,666 3,706 — 3,706 — Loans, net: Mortgage loans held for investment 13,192,579 13,716,398 — — 13,716,398 Other loans 3,166 3,328 — — 3,328 Federal Home Loan Bank stock 101,858 101,858 N/A — — Accrued interest receivable 40,822 40,822 — 40,822 — Cash collateral received from or held by counterparty 44,261 44,261 44,261 — — Derivatives 44 44 — — 44 Liabilities: Checking and passbook accounts $ 2,346,847 $ 2,346,847 $ — $ 2,346,847 $ — Certificates of deposit 6,419,537 6,541,791 — 6,541,791 — Borrowed funds 3,902,981 3,903,032 — 3,903,032 — Borrowers’ advances for insurance and taxes 103,328 103,328 — 103,328 — Principal, interest and escrow owed on loans serviced 32,909 32,909 — 32,909 — Presented below is a discussion of the valuation techniques and inputs used by the Company to estimate fair value. Cash and Due from Banks, Interest Earning Cash Equivalents, Cash Collateral Received from or Held by Counterparty— The carrying amount is a reasonable estimate of fair value. Investment and Mortgage-Backed Securities — Estimated fair value for investment and mortgage-backed securities is based on quoted market prices, when available. If quoted prices are not available, management will use as part of their estimation process fair values which are obtained from third party independent nationally recognized pricing services using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. Mortgage Loans Held for Sale— Fair value of mortgage loans held for sale is based on quoted secondary market pricing for loan portfolios with similar characteristics. Loans— For mortgage loans held for investment and other loans, fair value is estimated by discounting contractual cash flows adjusted for prepayment estimates using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term. The use of current rates to discount cash flows reflects current market expectations with respect to credit exposure. See Item 3. Quantitative and Qualitative Disclosures About Market Risk for more information on the methodology used to estimate fair value. Impaired loans are measured at the lower of cost or fair value as described earlier in this footnote. Federal Home Loan Bank Stock— It is not practical to estimate the fair value of FHLB stock due to restrictions on its transferability. The fair value is estimated to be the carrying value, which is par. All transactions in capital stock of the FHLB Cincinnati are executed at par. Deposits— The fair value of demand deposit accounts is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using discounted cash flows and rates currently offered for deposits of similar remaining maturities. Borrowed Funds— Estimated fair value for borrowed funds is estimated using discounted cash flows and rates currently charged for borrowings of similar remaining maturities. Accrued Interest Receivable, Borrowers’ Advances for Insurance and Taxes, and Principal, Interest and Related Escrow Owed on Loans Serviced— The carrying amount is a reasonable estimate of fair value. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Jun. 30, 2020 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS The Company enters into interest rate swaps to add stability to interest expense and manage exposure to interest rate movements as part of an overall risk management strategy. For hedges of the Company's borrowing program, interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed payments. These derivatives are used to hedge the forecasted cash outflows associated with the Company's FHLB borrowings. At June 30, 2020 and September 30, 2019, the interest rate swaps used in the Company's asset/liability management strategy have weighted average terms of 3.3 years and 3.7 years and weighted average fixed-rate interest payments of 1.80% and 1.92%, respectively. Cash flow hedges are initially assessed for effectiveness using regression analysis. Changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in OCI and are subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. Quarterly, a qualitative analysis is performed to monitor the ongoing effectiveness of the hedging instrument. All derivative positions were initially and continue to be highly effective at June 30, 2020. The Company enters into forward commitments for the sale of mortgage loans principally to protect against the risk of adverse interest rate movements on net income. The Company recognizes the fair value of such contracts when the characteristics of those contracts meet the definition of a derivative. These derivatives are not designated in a hedging relationship; therefore, gains and losses are recognized immediately in the Consolidated Statement of Income. In addition, the Company is party to derivative instruments when it enters into interest rate lock commitments to originate a portion of its loans, which when funded, are classified as held for sale. Such commitments are not designated in a hedging relationship; therefore, gains and losses are recognized immediately in the Consolidated Statement of Income. The following tables provide the locations within the Consolidated Statements of Condition, notional values and fair values, at the reporting dates, for all derivative instruments. June 30, 2020 September 30, 2019 Notional Value Fair Value Notional Value Fair Value Derivatives designated as hedging instruments Cash flow hedges: Interest rate swaps Other Assets $ — $ — $ 825,000 $ — Other Liabilities 3,075,000 — 1,925,000 — Total cash flow hedges: Interest rate swaps $ 3,075,000 $ — $ 2,750,000 $ — Derivatives not designated as hedging instruments Interest rate lock commitments Other Assets $ 14,164 $ 681 $ 10,358 $ 44 Forward Commitments for the sale of mortgage loans Other Assets 43,236 13 — — Total derivatives not designated as hedging instruments $ 57,400 $ 694 $ 10,358 $ 44 The following tables present the net gains and losses recorded within the Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income relating to derivative instruments. Three Months Ended Nine Months Ended Location of Gain or (Loss) June 30, June 30, Recognized in Income 2020 2019 2020 2019 Cash flow hedges Amount of gain/(loss) recognized Other comprehensive income $ (20,324) $ (43,108) $ (114,522) $ (94,033) Amount of gain/(loss) reclassified from AOCI Interest expense: Borrowed funds (5,677) 3,530 (5,490) 10,526 Derivatives not designated as hedging instruments Interest rate lock commitments Other non-interest income $ 89 $ 70 $ 637 $ 213 Forward commitments for the sale of mortgage loans Net gain on the sale of loans 13 — 13 — The Company estimates that $46,282 of the amounts reported in AOCI will be reclassified as a debit to interest expense during the twelve months ending June 30, 2021. Derivatives contain an element of credit risk which arises from the possibility that the Company will incur a loss because a counterparty fails to meet its contractual obligations. The Company's exposure is limited to the replacement value of the contracts rather than the notional or principal amounts. Credit risk is minimized through counterparty margin payments, transaction limits and monitoring procedures. All of the Company's swap transactions are cleared through a registered clearing broker to a central clearing organization. The clearing organization establishes daily cash and upfront cash or securities margin requirements to cover potential exposure in the event of default. This process shifts the risk away from the counterparty, since the clearing organization acts as the middleman on each cleared transaction. For derivative transactions cleared through certain clearing parties, variation margin payments representing changes in fair value are recognized as settlements on a daily basis. The fair value of derivative instruments are presented on a gross basis, even when the derivative instruments are subject to master netting arrangements. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Jun. 30, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Adopted during the nine months ended June 30, 2020 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this Update provide optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The guidance only applies to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. We adopted the amendments as of the March 12, 2020 issuance date. There have not been any contracts modified as of June 30, 2020. As contracts are modified through December 2022, we will assess the impact based on this guidance. Management does not expect there will be a material impact to the Company's consolidated financial statements. Issued but not yet adopted as of June 30, 2020 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The amendments in this Update replace the existing incurred loss impairment methodology with a methodology that reflects the expected credit losses for the remaining life of the asset. This will require consideration of a broader range of information, including reasonable and supportable forecasts, in the measurement of expected credit losses. The amendments expand disclosures of credit quality indicators, requiring disaggregation by year of origination (vintage). Additionally, credit losses on available for sale debt securities will be recognized as an allowance rather than a write-down, with reversals permitted as credit loss estimates decline. An entity will apply the amendments in this Update through a modified-retrospective approach, resulting in a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Association will elect the option to phase-in, over a three- or five-year period, the initial impact of this standard's update on regulatory capital as permitted by the regulatory transition rules. For public business entities that are SEC filers, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company intends to adopt this guidance effective October 1, 2020 and will not delay due to the temporary relief provided by the CARES Act. In May 2019, the FASB issued ASU 2019-05, Financial Instruments - Credit Losses (Topic 326) Targeted Transition Relief, which addresses stakeholders' concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. The FASB has issued other ASUs that clarify certain items related to ASU 2016-13. Management has continued to utilize a cross-functional working group which has substantially completed the execution of a detailed implementation plan, including the selection and implementation of estimation methodologies and credit loss models for all significant portfolio segments, implemented an internal software solution to serve as its CECL platform, established a formal governance structure, and is refining the processes and controls governing the CECL estimate. The Company has completed several parallel credit model production runs and will continue to refine, challenge and review CECL models, processes, and controls throughout the remainder of implementation. Based on forecasted economic conditions and portfolio balances as of June 30, 2020, we expect the allowance for credit losses on loans and the liability for unfunded commitments to increase approximately 120% to 150% in total upon adoption of these Updates. A 24-month reasonable and supportable period using economic forecasts is used with immediate reversion to the historical mean loss rates to derive our loss estimates. The increase is primarily related to the change in methodology from loss emergence periods currently used to an estimate of lifetime credit losses required by the CECL standard. The estimated impact is still subject to further refinement based on continuing reviews of models, methodologies, assumptions and judgements. The actual effect on the allowance for credit losses at the adoption date will be dependent upon the nature of the characteristics of the portfolio as well as the macroeconomic conditions and forecasts at that date. The adoption of CECL is not expected to have a material effect on available-for-sale securities, which are primarily composed of agency-backed mortgage securities. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this Update add, remove and modify the disclosure requirements on fair value measurements in Topic 820. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted upon issuance of this Update. The Company intends to adopt the amendments effective October 1, 2020. The Update is not expected to have a material impact on the Company's consolidated financial statements, or disclosures. In August 2018, the FASB issued ASU 2018-15, Internal-Use Software (Subtopic 350-40) - Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. Current U.S. GAAP does not specifically address the accounting for implementation costs of a hosting arrangement that is a service contract. Accordingly, the amendments in this Update improve current U.S GAAP because they clarify that accounting and align the accounting for implementation costs for hosting arrangements, regardless of whether they convey a license to the hosted software. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period, for all entities. The Company intends to adopt the amendments effective October 1, 2020. Management is currently assessing the impact the Update will have on the Company's disclosures. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Updates 2016-01, 2016-13 and 2017-12. The Company early adopted the amendments related to Updates 2016-01 and 2017-12 effective July 1, 2019. The amendments related to Update 2016-13 clarify the scope of the credit losses standard and address issues related to accrued interest and recoveries. The amendments are not expected to have a material impact on the Company's consolidated financial statements or disclosures. The Company intends to adopt the credit loss standard amendments concurrently with Update 2016-13 on October 1, 2020. The Company has determined that all other recently issued accounting pronouncements will not have a material impact on the Company's consolidated financial statements or do not apply to its operations. |
Basis Of Presentation Basis Of
Basis Of Presentation Basis Of Presentation (Policies) | 9 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Business, Policy | TFS Financial Corporation, a federally chartered stock holding company, conducts its principal activities through its wholly owned subsidiaries. The principal line of business of the Company is retail consumer banking, including mortgage lending, deposit gathering, and, to a much lesser extent, other financial services. As of June 30, 2020, approximately 81% of the Company’s outstanding shares were owned by a federally chartered mutual holding company, Third Federal Savings and Loan Association of Cleveland, MHC. The thrift subsidiary of TFS Financial Corporation is Third Federal Savings and Loan Association of Cleveland. |
Basis of Accounting, Policy | The accounting and reporting policies followed by the Company conform in all material respects to U.S. GAAP and to general practices in the financial services industry. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for loan losses, the valuation of deferred tax assets, and the determination of pension obligations are particularly subject to change. The unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature which, in the opinion of management, are necessary to present fairly the consolidated financial condition of the Company at June 30, 2020, and its results of operations and cash flows for the periods presented. Such adjustments are the only adjustments reflected in the unaudited interim financial statements. In accordance with SEC Regulation S-X for interim financial information, these statements do not include certain information and footnote disclosures required for complete audited financial statements. The Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2019 contains audited consolidated financial statements and related notes, which should be read in conjunction with the accompanying interim consolidated financial statements. The results of operations for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2020 or for any other period. |
Loans and Leases Receivable, Nonaccrual Loan and Lease Status, Policy | When a loan is more than one month past due on its scheduled payments, the loan is considered 30 days or more past due.Loans are placed in non-accrual status when they are contractually 90 days or more past due. The number of days past due is determined by the number of scheduled payments that remain unpaid, assuming a period of 30 days between each scheduled payment. Loans with a partial charge-off are placed in non-accrual and will remain in non-accrual status until, at a minimum, the impairment is recovered. Loans restructured in TDRs that were in non-accrual status prior to the restructurings remain in non-accrual status for a minimum of six months after restructuring. Loans restructured in TDRs with a high debt-to-income ratio at the time of modification are placed in non-accrual status for a minimum of 12 months. Additionally, home equity loans and lines of credit where the customer has a severely delinquent first mortgage loan and loans in Chapter 7 bankruptcy status where all borrowers have filed, and not reaffirmed or been dismissed, are placed in non-accrual status. Interest on loans in accrual status, including certain loans individually reviewed for impairment, is recognized in interest income as it accrues, on a daily basis. Accrued interest on loans in non-accrual status is reversed by a charge to interest income and income is subsequently recognized only to the extent cash payments are received. Cash payments on loans in non-accrual status are applied to the oldest scheduled, unpaid payment first. Cash payments on loans with a partial charge-off are applied fully to principal, then to recovery of the charged off amount prior to interest income being recognized, except cash payments may be applied to interest capitalized in a restructuring when collection of remaining amounts due is considered probable. A non-accrual loan is generally returned to accrual status when contractual payments are less than 90 days past due. However, a loan may remain in non-accrual status when collectability is uncertain, such as a TDR that has not met minimum payment requirements, a loan with a partial charge-off, an equity loan or line of credit with a delinquent first mortgage greater than 90 days past due, or a loan in Chapter 7 bankruptcy status where all borrowers have filed, and have not reaffirmed or been dismissed. Interest on loans in non-accrual status is recognized on a cash basis.Cash payments on loans with a partial charge-off are applied fully to principal, then to recovery of the charged off amount prior to interest income being recognized, except cash payments may be applied to interest capitalized in a restructuring when collection of remaining amounts due is considered probable. Interest income on the remaining impaired loans is recognized on an accrual basis. Charge-offs on residential mortgage loans, home equity loans and lines of credit and construction loans are recognized when triggering events, such as foreclosure actions, short sales, or deeds accepted in lieu of repayment, result in less than full repayment of the recorded investment in the loans. Partial or full charge-offs are also recognized for the amount of impairment on loans considered collateral dependent that meet one or more of the conditions described below. • For residential mortgage loans, payments are greater than 180 days delinquent; • For home equity lines of credit, equity loans, and residential loans restructured in a TDR, payments are greater than 90 days delinquent; • For all classes of loans restructured in a TDR with a high debt-to-income ratio at time of modification; • For all classes of loans, a sheriff sale is scheduled within 60 days to sell the collateral securing the loan; • For all classes of loans, all borrowers have been discharged of their obligation through a Chapter 7 bankruptcy; • For all classes of loans, within 60 days of notification, all borrowers obligated on the loan have filed Chapter 7 bankruptcy and have not reaffirmed or been dismissed; • For all classes of loans, a borrower obligated on a loan has filed bankruptcy and the loan is greater than 30 days delinquent; and • For all classes of loans, it becomes evident that a loss is probable. Collateral dependent residential mortgage loans and construction loans are charged off to the extent the recorded investment in the loan, net of anticipated mortgage insurance claims, exceeds the fair value, less estimated costs to dispose of the underlying property. Management can determine if the loan is uncollectible for reasons such as foreclosures exceeding a reasonable time frame and recommend a full charge-off. Home equity loans or lines of credit are charged off to the extent the recorded investment in the loan plus the balance of any senior liens exceeds the fair value, less estimated costs to dispose of the underlying property, or management determines the collateral is not sufficient to satisfy the loan. A loan in any portfolio identified as collateral dependent will continue to be reported as impaired until it is no longer considered collateral dependent, is less than 30 days past due and does not have a prior charge-off. A loan in any portfolio that has a partial charge-off consequent to impairment evaluation will continue to be individually evaluated for impairment until, at a minimum, the impairment has been recovered. |
Loans and Allowance for Loan Losses, Impaired Loan, Policy | For all classes of loans, a loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal and interest according to the contractual terms of the loan agreement. Factors considered in determining that a loan is impaired may include the deteriorating financial condition of the borrower indicated by missed or delinquent payments, a pending legal action, such as bankruptcy or foreclosure, or the absence of adequate security for the loan. |
Loans and Allowance for Loan Losses, Troubled Debt Restructuring, Policy | The Company has elected to apply the temporary suspension of TDR requirements provided by the revised interagency statement for eligible loan modifications. For loan modifications that are not eligible for the suspension offered by the revised interagency statement, the Company considers the CARES Act to evaluate loan modifications within its scope, or existing TDR evaluation policies if the modification does not fall within the scope of the CARES Act.Real estate loans in COVID-19 forbearance plans and those that are subsequently placed in non-TDR short-term repayment plans are reported as current and accruing when they are current in accordance with their revised contractual terms and were less than 30 days past due as of the implementation date of the relief program, March 13, 2020, per the revised interagency statement, or not more than 30 days past due as of December 31, 2019 per the CARES Act. Otherwise, the delinquency and resulting accrual status of these loans are determined by the lowest number of days the loan was past due on either the two aforementioned measurement dates (March 13, 2020 or December 31, 2019) or, considering the loan's revised contractual terms, the current reporting date. Residential mortgage loans, home equity loans and lines of credit and construction loans restructured in TDRs that are not evaluated based on collateral are separately evaluated for impairment on a loan by loan basis at the time of restructuring and at each subsequent reporting date for as long as they are reported as TDRs. The impairment evaluation is based on the present value of expected future cash flows discounted at the effective interest rate of the original loan. Expected future cash flows include a discount factor representing a potential for default. Valuation allowances are recorded for the excess of the recorded investments over the result of the cash flow analysis. Loans discharged in Chapter 7 bankruptcy are reported as TDRs and also evaluated based on the present value of expected future cash flows unless evaluated based on collateral. We evaluate these loans using the expected future cash flows because we expect the borrower, not liquidation of the collateral, to be the source of repayment for the loan. Other loans are not considered for restructuring. A loan restructured in a TDR is classified as an impaired loan for a minimum of one year. After one year, that loan may be reclassified out of the balance of impaired loans if the loan was restructured to yield a market rate for loans of similar credit risk at the time of restructuring and the loan is not impaired based on the terms of the restructuring agreement.TDRs may be restructured more than once. Among other requirements, a subsequent restructuring may be available for a borrower upon the expiration of temporary restructuring terms if the borrower cannot return to regular loan payments. If the borrower is experiencing an income curtailment that temporarily has reduced their capacity to repay, such as loss of employment, reduction of work hours, non-paid leave or short-term disability, a temporary restructuring is considered. If the borrower lacks the capacity to repay the loan at the current terms due to a permanent condition, a permanent restructuring is considered. In evaluating the need for a subsequent restructuring, the borrower’s ability to repay is generally assessed utilizing a debt to income and cash flow analysis. |
Fair Value, Transfer, Policy | Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date under current market conditions. A fair value framework is established whereby assets and liabilities measured at fair value are grouped into three levels of a fair value hierarchy, based on the transparency of inputs and the reliability of assumptions used to estimate fair value. The Company’s policy is to recognize transfers between levels of the hierarchy as of the end of the reporting period in which the transfer occurs. The three levels of inputs are defined as follows: Level 1 – quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 – quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets with few transactions, or model-based valuation techniques using assumptions that are observable in the market. Level 3 – a company’s own assumptions about how market participants would price an asset or liability. |
Recent Accounting Pronouncements, Policy | RECENT ACCOUNTING PRONOUNCEMENTS Adopted during the nine months ended June 30, 2020 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this Update provide optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The guidance only applies to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. We adopted the amendments as of the March 12, 2020 issuance date. There have not been any contracts modified as of June 30, 2020. As contracts are modified through December 2022, we will assess the impact based on this guidance. Management does not expect there will be a material impact to the Company's consolidated financial statements. Issued but not yet adopted as of June 30, 2020 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The amendments in this Update replace the existing incurred loss impairment methodology with a methodology that reflects the expected credit losses for the remaining life of the asset. This will require consideration of a broader range of information, including reasonable and supportable forecasts, in the measurement of expected credit losses. The amendments expand disclosures of credit quality indicators, requiring disaggregation by year of origination (vintage). Additionally, credit losses on available for sale debt securities will be recognized as an allowance rather than a write-down, with reversals permitted as credit loss estimates decline. An entity will apply the amendments in this Update through a modified-retrospective approach, resulting in a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Association will elect the option to phase-in, over a three- or five-year period, the initial impact of this standard's update on regulatory capital as permitted by the regulatory transition rules. For public business entities that are SEC filers, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company intends to adopt this guidance effective October 1, 2020 and will not delay due to the temporary relief provided by the CARES Act. In May 2019, the FASB issued ASU 2019-05, Financial Instruments - Credit Losses (Topic 326) Targeted Transition Relief, which addresses stakeholders' concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. The FASB has issued other ASUs that clarify certain items related to ASU 2016-13. Management has continued to utilize a cross-functional working group which has substantially completed the execution of a detailed implementation plan, including the selection and implementation of estimation methodologies and credit loss models for all significant portfolio segments, implemented an internal software solution to serve as its CECL platform, established a formal governance structure, and is refining the processes and controls governing the CECL estimate. The Company has completed several parallel credit model production runs and will continue to refine, challenge and review CECL models, processes, and controls throughout the remainder of implementation. Based on forecasted economic conditions and portfolio balances as of June 30, 2020, we expect the allowance for credit losses on loans and the liability for unfunded commitments to increase approximately 120% to 150% in total upon adoption of these Updates. A 24-month reasonable and supportable period using economic forecasts is used with immediate reversion to the historical mean loss rates to derive our loss estimates. The increase is primarily related to the change in methodology from loss emergence periods currently used to an estimate of lifetime credit losses required by the CECL standard. The estimated impact is still subject to further refinement based on continuing reviews of models, methodologies, assumptions and judgements. The actual effect on the allowance for credit losses at the adoption date will be dependent upon the nature of the characteristics of the portfolio as well as the macroeconomic conditions and forecasts at that date. The adoption of CECL is not expected to have a material effect on available-for-sale securities, which are primarily composed of agency-backed mortgage securities. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this Update add, remove and modify the disclosure requirements on fair value measurements in Topic 820. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted upon issuance of this Update. The Company intends to adopt the amendments effective October 1, 2020. The Update is not expected to have a material impact on the Company's consolidated financial statements, or disclosures. In August 2018, the FASB issued ASU 2018-15, Internal-Use Software (Subtopic 350-40) - Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. Current U.S. GAAP does not specifically address the accounting for implementation costs of a hosting arrangement that is a service contract. Accordingly, the amendments in this Update improve current U.S GAAP because they clarify that accounting and align the accounting for implementation costs for hosting arrangements, regardless of whether they convey a license to the hosted software. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period, for all entities. The Company intends to adopt the amendments effective October 1, 2020. Management is currently assessing the impact the Update will have on the Company's disclosures. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Updates 2016-01, 2016-13 and 2017-12. The Company early adopted the amendments related to Updates 2016-01 and 2017-12 effective July 1, 2019. The amendments related to Update 2016-13 clarify the scope of the credit losses standard and address issues related to accrued interest and recoveries. The amendments are not expected to have a material impact on the Company's consolidated financial statements or disclosures. The Company intends to adopt the credit loss standard amendments concurrently with Update 2016-13 on October 1, 2020. The Company has determined that all other recently issued accounting pronouncements will not have a material impact on the Company's consolidated financial statements or do not apply to its operations. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Summary Of Earnings Per Share | The following is a summary of the Company's earnings per share calculations. For the Three Months Ended June 30, 2020 2019 Income Shares Per share Income Shares Per share (Dollars in thousands, except per share data) Net income $ 26,840 $ 18,257 Less: income allocated to restricted stock units 422 362 Basic earnings per share: Income available to common shareholders $ 26,418 275,956,011 $ 0.10 $ 17,895 275,384,635 $ 0.06 Diluted earnings per share: Effect of dilutive potential common shares 1,565,870 2,013,851 Income available to common shareholders $ 26,418 277,521,881 $ 0.10 $ 17,895 277,398,486 $ 0.06 For the Nine Months Ended June 30, 2020 2019 Income Shares Per share Income Shares Per share (Dollars in thousands, except per share data) Net income $ 69,739 $ 58,720 Less: income allocated to restricted stock units 1,220 1,124 Basic earnings per share: Income available to common shareholders $ 68,519 275,789,040 $ 0.25 $ 57,596 275,373,426 $ 0.21 Diluted earnings per share: Effect of dilutive potential common shares 2,053,613 1,896,129 Income available to common shareholders $ 68,519 277,842,653 $ 0.25 $ 57,596 277,269,555 $ 0.21 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following is a summary of outstanding stock options and restricted stock units and performance share units that are excluded from the computation of diluted earnings per share because their inclusion would be anti-dilutive. For the Three Months Ended June 30, For the Nine Months Ended June 30, 2020 2019 2020 2019 Options to purchase shares 2,441,700 710,100 573,500 710,100 Restricted and performance stock units 55,553 — 48,265 — |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Investments [Abstract] | |
Investments Securities Available For Sale | Investments available for sale are summarized as follows: June 30, 2020 Amortized Gross Fair Gains Losses REMICs $ 500,633 $ 7,531 $ (224) $ 507,940 Fannie Mae certificates 6,101 289 — 6,390 Total $ 506,734 $ 7,820 $ (224) $ 514,330 September 30, 2019 Amortized Gross Fair Gains Losses REMICs $ 544,042 $ 1,384 $ (4,384) $ 541,042 Fannie Mae certificates 6,563 259 — 6,822 Total $ 550,605 $ 1,643 $ (4,384) $ 547,864 |
Schedule Of Securities Continuous Unrealized Loss Position | Gross unrealized losses on available for sale securities and the estimated fair value of the related securities, aggregated by the length of time the securities have been in a continuous loss position, at June 30, 2020 and September 30, 2019, were as follows: June 30, 2020 Less Than 12 Months 12 Months or More Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Available for sale— REMICs $ 89,568 $ 212 $ 1,385 $ 12 $ 90,953 $ 224 September 30, 2019 Less Than 12 Months 12 Months or More Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Available for sale— REMICs $ 95,751 $ 488 $ 292,643 $ 3,896 $ 388,394 $ 4,384 |
Loans And Allowance For Loan _2
Loans And Allowance For Loan Losses (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Loans held for investment consist of the following: June 30, September 30, Real estate loans: Residential Core $ 10,985,732 $ 10,903,024 Residential Home Today 77,724 84,942 Home equity loans and lines of credit 2,284,152 2,174,961 Construction 54,345 52,332 Real estate loans 13,401,953 13,215,259 Other loans 2,720 3,166 Add (deduct): Deferred loan expenses, net 44,776 41,976 Loans in process (28,447) (25,743) Allowance for loan losses (45,564) (38,913) Loans held for investment, net $ 13,375,438 $ 13,195,745 Total Forbearance plans as % of Portfolio June 30, 2020 Real estate loans: Residential Core $ 195,744 1.78% Residential Home Today 6,827 8.82% Home equity loans and lines of credit 27,766 1.20% Total real estate loans $ 230,337 1.72% The following table summarizes, as of June 30, 2020, the recorded investment of active forbearance plans according to the month during which the payment deferrals are currently scheduled to end, subject to available forbearance plan term extensions. Month ending Total 7/31/2020 $ 5,217 8/31/2020 39,503 9/30/2020 87,717 10/31/2020 97,759 11/30/2020 141 Total active forbearance plans $ 230,337 |
Schedule Of Recorded Investment Of Loan Receivables That Are Past Due | An aging analysis of the recorded investment in loan receivables that are past due at June 30, 2020 and September 30, 2019 is summarized in the following tables. When a loan is more than one month past due on its scheduled payments, the loan is considered 30 days or more past due. Balances are adjusted for deferred loan fees, expenses and any applicable loans-in-process. 30-59 60-89 90 Days or Total Past Current Total June 30, 2020 Real estate loans: Residential Core $ 5,482 $ 2,523 $ 9,840 $ 17,845 $ 10,985,836 $ 11,003,681 Residential Home Today 1,488 858 2,495 4,841 72,534 77,375 Home equity loans and lines of credit 2,175 1,116 5,490 8,781 2,302,947 2,311,728 Construction — — — — 25,498 25,498 Total real estate loans 9,145 4,497 17,825 31,467 13,386,815 13,418,282 Other loans — — — — 2,720 2,720 Total $ 9,145 $ 4,497 $ 17,825 $ 31,467 $ 13,389,535 $ 13,421,002 30-59 60-89 90 Days or Total Past Current Total September 30, 2019 Real estate loans: Residential Core $ 6,824 $ 4,030 $ 7,674 $ 18,528 $ 10,900,173 $ 10,918,701 Residential Home Today 2,629 1,685 2,623 6,937 77,677 84,614 Home equity loans and lines of credit 3,029 1,158 5,797 9,984 2,191,998 2,201,982 Construction — — — — 26,195 26,195 Total real estate loans 12,482 6,873 16,094 35,449 13,196,043 13,231,492 Other loans — — — — 3,166 3,166 Total $ 12,482 $ 6,873 $ 16,094 $ 35,449 $ 13,199,209 $ 13,234,658 |
Schedule Of Recorded Investment Of Loan Receivables In Non-Accrual Status | The recorded investment of loan receivables in non-accrual status is summarized in the following table. Balances are adjusted for deferred loan fees and expenses. June 30, September 30, Real estate loans: Residential Core $ 30,306 $ 37,052 Residential Home Today 10,615 12,442 Home equity loans and lines of credit 13,018 21,771 Total non-accrual loans $ 53,939 $ 71,265 |
Schedule Of Impaired Loans | The recorded investment and the unpaid principal balance of impaired loans, including those reported as TDRs, as of June 30, 2020 and September 30, 2019, are summarized as follows. Balances of recorded investments are adjusted for deferred loan fees and expenses. June 30, 2020 September 30, 2019 Recorded Unpaid Related Recorded Unpaid Related With no related IVA recorded: Residential Core $ 41,444 $ 56,606 $ — $ 44,122 $ 59,538 $ — Residential Home Today 12,167 34,999 — 12,764 31,958 — Home equity loans and lines of credit 14,916 19,865 — 18,528 23,935 — Total $ 68,527 $ 111,470 $ — $ 75,414 $ 115,431 $ — With an IVA recorded: Residential Core $ 37,130 $ 37,198 $ 6,784 $ 42,947 $ 43,042 $ 7,080 Residential Home Today 22,889 22,861 2,286 24,195 24,178 2,422 Home equity loans and lines of credit 27,868 27,858 3,820 27,917 27,924 4,003 Total $ 87,887 $ 87,917 $ 12,890 $ 95,059 $ 95,144 $ 13,505 Total impaired loans: Residential Core $ 78,574 $ 93,804 $ 6,784 $ 87,069 $ 102,580 $ 7,080 Residential Home Today 35,056 57,860 2,286 36,959 56,136 2,422 Home equity loans and lines of credit 42,784 47,723 3,820 46,445 51,859 4,003 Total $ 156,414 $ 199,387 $ 12,890 $ 170,473 $ 210,575 $ 13,505 The average recorded investment in impaired loans and the amount of interest income recognized during the period that the loans were impaired are summarized below. For the Three Months Ended June 30, 2020 2019 Average Interest Average Interest With no related IVA recorded: Residential Core $ 41,270 $ 322 $ 49,397 $ 430 Residential Home Today 12,083 51 14,487 50 Home equity loans and lines of credit 15,317 75 21,060 118 Total $ 68,670 $ 448 $ 84,944 $ 598 With an IVA recorded: Residential Core $ 38,158 $ 290 $ 41,861 $ 306 Residential Home Today 23,278 270 24,378 295 Home equity loans and lines of credit 28,123 165 27,583 168 Total $ 89,559 $ 725 $ 93,822 $ 769 Total impaired loans: Residential Core $ 79,428 $ 612 $ 91,258 $ 736 Residential Home Today 35,361 321 38,865 345 Home equity loans and lines of credit 43,440 240 48,643 286 Total $ 158,229 $ 1,173 $ 178,766 $ 1,367 For the Nine Months Ended June 30, 2020 2019 Average Interest Average Interest With no related IVA recorded: Residential Core $ 42,783 $ 1,062 $ 52,196 $ 1,231 Residential Home Today 12,466 151 14,962 174 Home equity loans and lines of credit 16,722 256 21,395 342 Total $ 71,971 $ 1,469 $ 88,553 $ 1,747 With an IVA recorded: Residential Core $ 40,039 $ 891 $ 38,058 $ 1,008 Residential Home Today 23,542 828 24,907 888 Home equity loans and lines of credit 27,893 502 26,632 499 Total $ 91,474 $ 2,221 $ 89,597 $ 2,395 Total impaired loans: Residential Core $ 82,822 $ 1,953 $ 90,254 $ 2,239 Residential Home Today 36,008 979 39,869 1,062 Home equity loans and lines of credit 44,615 758 48,027 841 Total $ 163,445 $ 3,690 $ 178,150 $ 4,142 |
Schedule Of Troubled Debt Restructured Loans | The recorded investment in TDRs by category as of June 30, 2020 and September 30, 2019 is shown in the tables below. June 30, 2020 Initial Restructuring Multiple Bankruptcy Total Residential Core $ 31,662 $ 23,562 $ 16,418 $ 71,642 Residential Home Today 15,504 15,499 3,219 34,222 Home equity loans and lines of credit 31,570 3,052 2,692 37,314 Total $ 78,736 $ 42,113 $ 22,329 $ 143,178 September 30, 2019 Initial Restructuring Multiple Bankruptcy Total Residential Core $ 35,829 $ 24,951 $ 19,494 $ 80,274 Residential Home Today 16,233 16,868 3,234 36,335 Home equity loans and lines of credit 34,459 3,115 3,225 40,799 Total $ 86,521 $ 44,934 $ 25,953 $ 157,408 The following tables set forth the recorded investment in TDRs restructured during the periods presented. For the Three Months Ended June 30, 2020 Initial Restructuring Multiple Bankruptcy Total Residential Core $ 807 $ 946 $ 655 $ 2,408 Residential Home Today 456 302 225 983 Home equity loans and lines of credit 479 138 39 656 Total $ 1,742 $ 1,386 $ 919 $ 4,047 For the Three Months Ended June 30, 2019 Initial Restructuring Multiple Bankruptcy Total Residential Core $ 1,822 $ 2,334 $ 174 $ 4,330 Residential Home Today 109 878 113 1,100 Home equity loans and lines of credit 974 299 81 1,354 Total $ 2,905 $ 3,511 $ 368 $ 6,784 For the Nine Months Ended June 30, 2020 Initial Restructuring Multiple Bankruptcy Total Residential Core $ 3,055 $ 2,953 $ 1,421 $ 7,429 Residential Home Today 1,008 1,541 530 3,079 Home equity loans and lines of credit 1,161 569 367 2,097 Total $ 5,224 $ 5,063 $ 2,318 $ 12,605 For the Nine Months Ended June 30, 2019 Initial Restructuring Multiple Bankruptcy Total Residential Core $ 5,521 $ 4,893 $ 1,678 $ 12,092 Residential Home Today 427 2,105 384 2,916 Home equity loans and lines of credit 6,194 933 352 7,479 Total $ 12,142 $ 7,931 $ 2,414 $ 22,487 For the Three Months Ended June 30, 2020 2019 TDRs That Subsequently Defaulted Number of Recorded Number of Recorded Residential Core 14 $ 1,753 11 $ 1,841 Residential Home Today 10 625 16 604 Home equity loans and lines of credit 4 326 10 861 Total 28 $ 2,704 37 $ 3,306 For the Nine Months Ended June 30, 2020 2019 TDRs That Subsequently Defaulted Number of Recorded Number of Recorded Residential Core 14 $ 1,753 15 $ 2,355 Residential Home Today 10 625 20 767 Home equity loans and lines of credit 6 444 11 890 Total 30 $ 2,822 46 $ 4,012 |
Schedule Of Credit Quality Of Residential Loan Receivables By An Internally Assigned Grade | The following tables provide information about the credit quality of residential loan receivables by an internally assigned grade. Balances are adjusted for deferred loan fees, expenses and any applicable loans-in-process. Pass Special Substandard Loss Total June 30, 2020 Real estate loans: Residential Core $ 10,962,732 $ 3,812 $ 37,137 $ — $ 11,003,681 Residential Home Today 64,840 — 12,535 — 77,375 Home equity loans and lines of credit 2,292,508 3,761 15,459 — 2,311,728 Construction 25,498 — — — 25,498 Total real estate loans $ 13,345,578 $ 7,573 $ 65,131 $ — $ 13,418,282 Pass Special Substandard Loss Total September 30, 2019 Real estate loans: Residential Core $ 10,869,597 $ 4,348 $ 44,756 $ — $ 10,918,701 Residential Home Today 70,631 — 13,983 — 84,614 Home equity loans and lines of credit 2,175,341 2,588 24,053 — 2,201,982 Construction 26,195 — — — 26,195 Total real estate loans $ 13,141,764 $ 6,936 $ 82,792 $ — $ 13,231,492 |
Schedule Of The Allowance For Loan Losses | The recorded investment in loan receivables at June 30, 2020 and September 30, 2019 is summarized in the following table. The table provides details of the recorded balances according to the method of evaluation used for determining the allowance for loan losses, distinguishing between determinations made by evaluating individual loans and determinations made by evaluating groups of loans not individually evaluated. Balances of recorded investments are adjusted for deferred loan fees, expenses and any applicable loans-in-process. June 30, 2020 September 30, 2019 Individually Collectively Total Individually Collectively Total Real estate loans: Residential Core $ 78,574 $ 10,925,107 $ 11,003,681 $ 87,069 $ 10,831,632 $ 10,918,701 Residential Home Today 35,056 42,319 77,375 36,959 47,655 84,614 Home equity loans and lines of credit 42,784 2,268,944 2,311,728 46,445 2,155,537 2,201,982 Construction — 25,498 25,498 — 26,195 26,195 Total real estate loans 156,414 13,261,868 13,418,282 170,473 13,061,019 13,231,492 Other loans — 2,720 2,720 — 3,166 3,166 Total $ 156,414 $ 13,264,588 $ 13,421,002 $ 170,473 $ 13,064,185 $ 13,234,658 An analysis of the allowance for loan losses at June 30, 2020 and September 30, 2019 is summarized in the following table. The analysis provides details of the allowance for loan losses according to the method of evaluation, distinguishing between allowances for loan losses determined by evaluating individual loans and allowances for loan losses determined by evaluating groups of loans collectively. June 30, 2020 September 30, 2019 Individually Collectively Total Individually Collectively Total Real estate loans: Residential Core $ 6,784 $ 12,841 $ 19,625 $ 7,080 $ 12,673 $ 19,753 Residential Home Today 2,286 3,232 5,518 2,422 1,787 4,209 Home equity loans and lines of credit 3,820 16,596 20,416 4,003 10,943 14,946 Construction — 5 5 — 5 5 Total real estate loans $ 12,890 $ 32,674 $ 45,564 $ 13,505 $ 25,408 $ 38,913 Activity in the allowance for loan losses is summarized as follows: For the Three Months Ended June 30, 2020 Beginning Provisions Charge-offs Recoveries Ending Real estate loans: Residential Core $ 17,367 $ 2,125 $ (440) $ 573 $ 19,625 Residential Home Today 5,070 (12) (220) 680 5,518 Home equity loans and lines of credit 21,945 (2,113) (591) 1,175 20,416 Construction 5 — — — 5 Total real estate loans $ 44,387 $ — $ (1,251) $ 2,428 $ 45,564 For the Three Months Ended June 30, 2019 Beginning Provisions Charge-offs Recoveries Ending Real estate loans: Residential Core $ 19,587 $ (865) $ (500) $ 498 $ 18,720 Residential Home Today 3,275 (25) (257) 385 3,378 Home equity loans and lines of credit 17,420 (1,110) (760) 1,661 17,211 Construction 4 — — — 4 Total real estate loans $ 40,286 $ (2,000) $ (1,517) $ 2,544 $ 39,313 For the Nine Months Ended June 30, 2020 Beginning Provisions Charge-offs Recoveries Ending Real estate loans: Residential Core $ 19,753 $ (478) $ (1,397) $ 1,747 $ 19,625 Residential Home Today 4,209 250 (808) 1,867 5,518 Home equity loans and lines of credit 14,946 3,228 (1,948) 4,190 20,416 Construction 5 — — — 5 Total real estate loans $ 38,913 $ 3,000 $ (4,153) $ 7,804 $ 45,564 For the Nine Months Ended June 30, 2019 Beginning Provisions Charge-offs Recoveries Ending Real estate loans: Residential Core $ 18,288 $ (1) $ (1,042) $ 1,475 $ 18,720 Residential Home Today 3,204 (720) (583) 1,477 3,378 Home equity loans and lines of credit 20,921 (7,278) (2,078) 5,646 17,211 Construction 5 (1) — — 4 Total real estate loans $ 42,418 $ (8,000) $ (3,703) $ 8,598 $ 39,313 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Summary Of Operating Leases | The following table summarizes information relating to the Company's operating leases as of June 30, 2020: Right-of-use assets (a) $ 16,631 Lease liabilities (b) $ 16,988 Weighted Average Remaining Lease Term 6.19 years Weighted Average Discount Rate 1.92 % (a) Included in other assets in the Consolidated Statements of Condition |
Maturity Analysis Of Lease Liabilities | The following table summarizes the maturities of lease liabilities as of June 30, 2020: Maturing in: Amount 12 months or less $ 4,697 13 to 24 months 3,692 25 to 36 months 2,925 37 to 48 months 2,048 49 to 60 months 1,348 over 60 months 3,443 Total minimum lease payments 18,153 Less imputed interest 1,165 Total lease liabilities $ 16,988 |
Summary Of Future Minimum Rental Payments | The following table summarizes the future minimum payments as of September 30, 2019, prior to the date of adoption and as defined by previous lease accounting guidance, ASC 840, with non-cancellable operating lease terms expiring after September 30, 2019: Maturing in: Amount 12 months or less $ 4,881 13 to 24 months 4,145 25 to 36 months 3,171 37 to 48 months 2,366 49 to 60 months 1,613 over 60 months 4,209 Total minimum lease payments $ 20,385 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Deposits [Abstract] | |
Summary Of Deposit Account Balances | Deposit account balances are summarized as follows: June 30, September 30, Checking accounts $ 983,308 $ 862,647 Savings accounts, excluding money market accounts 1,074,988 1,042,357 Money market accounts 490,969 441,843 Certificates of deposit 6,677,078 6,415,824 9,226,343 8,762,671 Accrued interest 3,768 3,713 Total deposits $ 9,230,111 $ 8,766,384 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Advances from Federal Home Loan Banks [Abstract] | |
Schedule of Federal Home Loan Bank (FHLB) Borrowings | The amount and weighted average rates of certain FHLB Advances maturing in 12 months or less reflect the net impact of deferred penalties discussed below: Amount Weighted Maturing in: 12 months or less $ 3,196,113 0.34 % 13 to 24 months 249 1.49 % 25 to 36 months 16,515 2.80 % 37 to 48 months 250,000 1.70 % 49 to 60 months 275,000 1.69 % Over 60 months 19,303 1.66 % Total FHLB Advances 3,757,180 0.55 % Accrued interest 1,968 Total $ 3,759,148 |
Schedule of Federal Home Loan Bank (FHLB) Short-term Debt | Through the use of interest rate swaps discussed in Note 14. Derivative Instruments , $3,075,000 of FHLB advances included in the table above as maturing in 12 months or less, have effective maturities, assuming no early terminations of the swap contracts, as shown below: Amount Swap Adjusted Weighted Effective maturity: 12 months or less $ 400,000 1.21 % 13 to 24 months 825,000 1.79 % 25 to 36 months 400,000 2.12 % 37 to 48 months 250,000 1.72 % 49 to 60 months 400,000 1.34 % Over 60 months 800,000 2.20 % Total FHLB Advances under swap contracts $ 3,075,000 1.80 % |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The change in accumulated other comprehensive income (loss) by component is as follows: For the Three Months Ended For the Three Months Ended June 30, 2020 June 30, 2019 Unrealized Gains (Losses) on Securities Available for Sale Cash flow hedges Defined Benefit Plan Total Unrealized Gains (Losses) on Securities Available for Sale Cash flow hedges Defined Benefit Plan Total Balance at beginning of period $ 10,011 $ (119,479) $ (21,395) $ (130,863) $ (5,146) $ 6,156 $ (14,540) $ (13,530) Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $(5,334) and $(7,956) (4,010) (16,056) — (20,066) 4,133 (34,055) — (29,922) Amounts reclassified, net of tax expense (benefit) of $1,313 and $(671) — 4,485 451 4,936 — (2,789) 264 (2,525) Other comprehensive income (loss) (4,010) (11,571) 451 (15,130) 4,133 (36,844) 264 (32,447) Balance at end of period $ 6,001 $ (131,050) $ (20,944) $ (145,993) $ (1,013) $ (30,688) $ (14,276) $ (45,977) For the Nine Months Ended For the Nine Months Ended June 30, 2020 June 30, 2019 Unrealized Gains (Losses) on Securities Available for Sale Cash flow hedges Defined Benefit Plan Total Unrealized Gains (Losses) on Securities Available for Sale Cash flow hedges Defined Benefit Plan Total Balance at beginning of period $ (2,165) $ (44,915) $ (22,299) $ (69,379) $ (13,624) $ 51,914 $ (15,068) $ 23,222 Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $(21,879) and $(16,396) 8,166 (90,472) — (82,306) 12,611 (74,286) — (61,675) Amounts reclassified, net of tax expense (benefit) of $1,514 and $(2,000) — 4,337 1,355 5,692 — (8,316) 792 (7,524) Other comprehensive income (loss) 8,166 (86,135) 1,355 (76,614) 12,611 (82,602) 792 (69,199) Balance at end of period $ 6,001 $ (131,050) $ (20,944) $ (145,993) $ (1,013) $ (30,688) $ (14,276) $ (45,977) |
Reclassification Out Of Accumulated Other Comprehensive Income (Loss) Included In Net Income | The following table presents the reclassification adjustment out of accumulated other comprehensive income included in net income and the corresponding line item on the consolidated statements of income for the periods indicated: Amounts Reclassified from Accumulated Amounts Reclassified from Accumulated Details about Accumulated Other Comprehensive Income Components For the Three Months Ended June 30, For the Nine Months Ended June 30, Line Item in the Consolidated Statement of Income 2020 2019 2020 2019 Cash flow hedges: Interest (income) expense $ 5,677 $ (3,530) $ 5,490 $ (10,526) Interest expense Net income tax effect (1,192) 741 (1,153) 2,210 Income tax expense Net of income tax expense (benefit) 4,485 (2,789) 4,337 (8,316) Amortization of defined benefit plan: Actuarial loss 572 334 1,716 1,002 (a) Net income tax effect (121) (70) (361) (210) Income tax expense Net of income tax expense (benefit) 451 264 1,355 792 Total reclassifications for the period $ 4,936 $ (2,525) $ 5,692 $ (7,524) (a) This item is included in the computation of net periodic pension cost. See Note 10. Defined Benefit Plan for additional disclosure. |
Defined Benefit Plan (Tables)
Defined Benefit Plan (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Components Of Net Periodic Benefit Cost Recognized | The components of net periodic cost recognized in other non-interest expense in the unaudited Consolidated Statements of Income are as follows: Three Months Ended Nine Months Ended June 30, June 30, 2020 2019 2020 2019 Interest cost $ 699 $ 808 $ 2,098 $ 2,422 Expected return on plan assets (1,163) (1,146) (3,489) (3,438) Amortization of net loss 572 334 1,716 1,002 Net periodic cost (benefit) $ 108 $ (4) $ 325 $ (14) |
Equity Incentive Plan Equity In
Equity Incentive Plan Equity Incentive Plan (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | The following table presents share-based compensation expense recognized during the periods presented. Three Months Ended June 30, Nine Months Ended June 30, 2020 2019 2020 2019 Stock option expense $ 119 $ 198 $ 441 $ 635 Restricted stock units expense 832 918 2,491 2,708 Performance share units expense 227 $ — 595 — Total stock-based compensation expense $ 1,178 $ 1,116 $ 3,527 $ 3,343 |
Commitments And Contingent Li_2
Commitments And Contingent Liabilities (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Commitments To Originate And Unfunded Commitments | At June 30, 2020, the Company had commitments to originate loans as follows: Fixed-rate mortgage loans $ 472,276 Adjustable-rate mortgage loans 326,523 Equity loans and lines of credit 86,591 Total $ 885,390 At June 30, 2020, the Company had unfunded commitments outstanding as follows: Equity lines of credit $ 2,507,084 Construction loans 28,447 Total $ 2,535,531 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Of Assets And Liabilities Measured On Recurring Basis | Assets and liabilities carried at fair value on a recurring basis in the Consolidated Statements of Condition at June 30, 2020 and September 30, 2019 are summarized below. There were no liabilities carried at fair value on a recurring basis at either date. Recurring Fair Value Measurements at Reporting Date Using June 30, 2020 Quoted Prices in Significant Other Significant (Level 1) (Level 2) (Level 3) Assets Investment securities available for sale: REMICs $ 507,940 $ — $ 507,940 $ — Fannie Mae certificates 6,390 — 6,390 — Mortgage loans held for sale 45,231 — 45,231 — Derivatives: Interest rate lock commitments 681 — — 681 Forward commitments for the sale of mortgage loans $ 13 $ — $ 13 $ — Total $ 560,255 $ — $ 559,574 $ 681 Recurring Fair Value Measurements at Reporting Date Using September 30, 2019 Quoted Prices in Significant Other Significant (Level 1) (Level 2) (Level 3) Assets Investment securities available for sale: REMICs $ 541,042 $ — $ 541,042 $ — Fannie Mae certificates 6,822 — 6,822 — Derivatives: Interest rate lock commitments 44 — — 44 Total $ 547,908 $ — $ 547,864 $ 44 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The table below presents a reconciliation of the beginning and ending balances and the location within the Consolidated Statements of Income where gains (losses) due to changes in fair value are recognized on interest rate lock commitments which are measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Three Months Ended June 30, Nine Months Ended June 30, 2020 2019 2020 2019 Beginning balance $ 592 $ 141 $ 44 $ (2) Gain (loss) during the period due to changes in fair value: Included in other non-interest income 89 70 637 213 Ending balance $ 681 $ 211 $ 681 $ 211 Change in unrealized gains for the period included in earnings for assets held at end of the reporting date $ 681 $ 211 $ 681 $ 211 |
Assets Measured At Fair Value On A Nonrecurring Basis | Summarized in the tables below are those assets measured at fair value on a nonrecurring basis. Nonrecurring Fair Value Measurements at Reporting Date Using June 30, Quoted Prices in Significant Other Significant (Level 1) (Level 2) (Level 3) Impaired loans, net of allowance $ 61,616 $ — $ — $ 61,616 Real estate owned (1) 734 — — 734 Total $ 62,350 $ — $ — $ 62,350 (1) Amounts represent fair value measurements of properties before deducting estimated costs to dispose. Nonrecurring Fair Value Measurements at Reporting Date Using September 30, Quoted Prices in Significant Other Significant (Level 1) (Level 2) (Level 3) Impaired loans, net of allowance $ 71,492 $ — $ — $ 71,492 Real estate owned (1) 987 — — 987 Total $ 72,479 $ — $ — $ 72,479 (1) Amounts represent fair value measurements of properties before deducting estimated costs to dispose. |
Fair Value Inputs, Assets, Quantitative Information | The following provides quantitative information about significant unobservable inputs categorized within Level 3 of the Fair Value Hierarchy. The interest rate lock commitments include both mortgage origination applications and preapprovals. Preapprovals have a much lower closure rate than origination applications as reflected in the weighted average closure rate. Fair Value June 30, 2020 Valuation Technique(s) Unobservable Input Range Weighted Average Impaired loans, net of allowance $61,616 Market comparables of collateral discounted to estimated net proceeds Discount appraised value to estimated net proceeds based on historical experience: • Residential Properties 0 - 34% 6.3% Interest rate lock commitments $681 Quoted Secondary Market pricing Closure rate 0 - 100% 67.1% Fair Value September 30, 2019 Valuation Technique(s) Unobservable Input Range Weighted Average Impaired loans, net of allowance $71,492 Market comparables of collateral discounted to estimated net proceeds Discount appraised value to estimated net proceeds based on historical experience: • Residential Properties 0 - 30% 6.1% Interest rate lock commitments $44 Quoted Secondary Market pricing Closure rate 0 - 100% 65.6% |
Estimated Fair Value Of Financial Instruments | The following tables present the estimated fair value of the Company’s financial instruments and their carrying amounts as reported in the Consolidated Statements of Condition. June 30, 2020 Carrying Fair Level 1 Level 2 Level 3 Amount Value Assets: Cash and due from banks $ 32,777 $ 32,777 $ 32,777 $ — $ — Interest earning cash equivalents 296,502 296,502 296,502 — — Investment securities available for sale 514,330 514,330 — 514,330 — Mortgage loans held for sale 51,139 51,446 — 51,446 — Loans, net: Mortgage loans held for investment 13,372,718 13,552,780 — — 13,552,780 Other loans 2,720 2,736 — — 2,736 Federal Home Loan Bank stock 136,793 136,793 N/A — — Accrued interest receivable 37,680 37,680 — 37,680 — Cash collateral received from or held by counterparty 49,478 49,478 49,478 — — Derivatives: Interest rate lock commitments 681 681 — — 681 Forward commitments for the sale of mortgage loans 13 13 — 13 — Liabilities: Checking and passbook accounts $ 2,549,265 $ 2,549,265 $ — $ 2,549,265 $ — Certificates of deposit 6,680,846 6,818,399 — 6,818,399 — Borrowed funds 3,759,148 3,817,335 — 3,817,335 — Borrowers’ advances for insurance and taxes 91,104 91,104 — 91,104 — Principal, interest and escrow owed on loans serviced 43,193 43,193 — 43,193 — September 30, 2019 Carrying Fair Level 1 Level 2 Level 3 Amount Value Assets: Cash and due from banks $ 31,728 $ 31,728 $ 31,728 $ — $ — Interest earning cash equivalents 243,415 243,415 243,415 — — Investment securities available for sale 547,864 547,864 — 547,864 — Mortgage loans held for sale 3,666 3,706 — 3,706 — Loans, net: Mortgage loans held for investment 13,192,579 13,716,398 — — 13,716,398 Other loans 3,166 3,328 — — 3,328 Federal Home Loan Bank stock 101,858 101,858 N/A — — Accrued interest receivable 40,822 40,822 — 40,822 — Cash collateral received from or held by counterparty 44,261 44,261 44,261 — — Derivatives 44 44 — — 44 Liabilities: Checking and passbook accounts $ 2,346,847 $ 2,346,847 $ — $ 2,346,847 $ — Certificates of deposit 6,419,537 6,541,791 — 6,541,791 — Borrowed funds 3,902,981 3,903,032 — 3,903,032 — Borrowers’ advances for insurance and taxes 103,328 103,328 — 103,328 — Principal, interest and escrow owed on loans serviced 32,909 32,909 — 32,909 — |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Summary of Derivative Instruments [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables provide the locations within the Consolidated Statements of Condition, notional values and fair values, at the reporting dates, for all derivative instruments. June 30, 2020 September 30, 2019 Notional Value Fair Value Notional Value Fair Value Derivatives designated as hedging instruments Cash flow hedges: Interest rate swaps Other Assets $ — $ — $ 825,000 $ — Other Liabilities 3,075,000 — 1,925,000 — Total cash flow hedges: Interest rate swaps $ 3,075,000 $ — $ 2,750,000 $ — Derivatives not designated as hedging instruments Interest rate lock commitments Other Assets $ 14,164 $ 681 $ 10,358 $ 44 Forward Commitments for the sale of mortgage loans Other Assets 43,236 13 — — Total derivatives not designated as hedging instruments $ 57,400 $ 694 $ 10,358 $ 44 |
Schedule of Effect of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables present the net gains and losses recorded within the Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income relating to derivative instruments. Three Months Ended Nine Months Ended Location of Gain or (Loss) June 30, June 30, Recognized in Income 2020 2019 2020 2019 Cash flow hedges Amount of gain/(loss) recognized Other comprehensive income $ (20,324) $ (43,108) $ (114,522) $ (94,033) Amount of gain/(loss) reclassified from AOCI Interest expense: Borrowed funds (5,677) 3,530 (5,490) 10,526 Derivatives not designated as hedging instruments Interest rate lock commitments Other non-interest income $ 89 $ 70 $ 637 $ 213 Forward commitments for the sale of mortgage loans Net gain on the sale of loans 13 — 13 — |
Basis Of Presentation (Details)
Basis Of Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2019 | |
Property, Plant and Equipment, Net | $ 42,697 | $ 61,577 | ||
Net gain on sale of commercial property | $ 4,257 | $ 0 | ||
Third Federal Savings, MHC | Common Stock | ||||
Percentage of the Company's outstanding shares held by Third Federal Savings, MHC | 81.00% | |||
Subsidiaries [Member] | Office Building | ||||
Property, Plant and Equipment, Net | $ 19,324 | |||
Net gain on sale of commercial property | $ 4,257 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | Jun. 30, 2020 | Jun. 30, 2019 |
Earnings Per Share [Abstract] | ||
Shares held by Third Federal Savings, MHC (in shares) | 227,119,132 | |
Employee Stock Ownership Plan (ESOP), neither allocated nor committed to be released to participants (in shares) | 4,116,726 | 4,550,066 |
Earnings Per Share (Summary Of
Earnings Per Share (Summary Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 26,840 | $ 18,257 | $ 69,739 | $ 58,720 |
Dilutive Securities, Effect on Basic Earnings Per Share | 422 | 362 | 1,220 | 1,124 |
Net Income (Loss) Available to Common Stockholders, Diluted, Total | $ 26,418 | $ 17,895 | $ 68,519 | $ 57,596 |
Income available to common shareholders, Shares | 275,956,011 | 275,384,635 | 275,789,040 | 275,373,426 |
Income available to common shareholders, per share amount, basic | $ 0.10 | $ 0.06 | $ 0.25 | $ 0.21 |
Effect of dilutive potential common shares | 1,565,870 | 2,013,851 | 2,053,613 | 1,896,129 |
Income available to common shareholders, Shares | 277,521,881 | 277,398,486 | 277,842,653 | 277,269,555 |
Income available to common shareholders, per share amount, diluted | $ 0.10 | $ 0.06 | $ 0.25 | $ 0.21 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Options to purchase shares | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Options to purchase shares and restricted stock units (antidilutive) (in shares) | 2,441,700 | 710,100 | 573,500 | 710,100 |
Restricted And Performance Stock Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Options to purchase shares and restricted stock units (antidilutive) (in shares) | 55,553 | 0 | 48,265 | 0 |
Investment Securities (Investme
Investment Securities (Investments Securities Available For Sale) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Schedule of Available For Sale Securities [Line Items] | ||
Investments securities available for sale, Amortized Cost | $ 506,734 | $ 550,605 |
Available-for-sale securities, gross unrealized gain | 7,820 | 1,643 |
Available-for-sale securities, gross unrealized losses | (224) | (4,384) |
Available-for-sale Securities | 514,330 | 547,864 |
REMIC's | ||
Schedule of Available For Sale Securities [Line Items] | ||
Investments securities available for sale, Amortized Cost | 500,633 | 544,042 |
Available-for-sale securities, gross unrealized gain | 7,531 | 1,384 |
Available-for-sale securities, gross unrealized losses | (224) | (4,384) |
Available-for-sale Securities | 507,940 | 541,042 |
Fannie Mae Certificates | ||
Schedule of Available For Sale Securities [Line Items] | ||
Investments securities available for sale, Amortized Cost | 6,101 | 6,563 |
Available-for-sale securities, gross unrealized gain | 289 | 259 |
Available-for-sale securities, gross unrealized losses | 0 | 0 |
Available-for-sale Securities | $ 6,390 | $ 6,822 |
Investment Securities (Invest_2
Investment Securities (Investment Securities Held at a Continuous Loss) (Details) - REMIC's - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Schedule of Available For Sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Estimated Fair Value | $ 89,568 | $ 95,751 |
Available-for-sale securities, Less Than Twelve Months, Unrealized Loss | 212 | 488 |
Available-for-sale securities, Twelve Months or Longer, Estimated Fair Value | 1,385 | 292,643 |
Available-for-sale securities, Twelve Months or Longer, Unrealized Loss | 12 | 3,896 |
Available-for-sale securities, Total Estimated Fair Value | 90,953 | 388,394 |
Available-for-sale securities, Total Unrealized Losses | $ 224 | $ 4,384 |
Loans And Allowance For Loan _3
Loans And Allowance For Loan Losses (Narrative) (Details) $ in Thousands | 9 Months Ended | ||
Jun. 30, 2020USD ($)loans | Jun. 30, 2019loans | Sep. 30, 2019USD ($) | |
Loan Portfolio [Line Items] | |||
Loans classified as mortgage loans held for sale | $ 51,139 | $ 3,666 | |
Loans in process of foreclosure | 6,367 | 7,543 | |
Allowance for loan losses, Individually Evaluated | $ 12,890 | 13,505 | |
Residential loans, collateral evaluated for charge-off, number of days past due | 180 days | ||
Home equity lines of credit equity loans and residential loans modified in a troubled debt restructuring charge-offs, days past due | 90 days | ||
All classes of loans collateral evaluated for charge-off, sheriff sale scheduled number of days to sell | 60 days | ||
All classes of loans, all borrowers filed Chapter 7 Bankruptcy, collateral evaluated for charge-off, days since notification | 60 days | ||
All classes of loans borrower filed bankruptcy, collateral evaluated for charge-off, days past due | 30 days | ||
Troubled debt restructuring reclassed from impaired | loans | 0 | 0 | |
Impaired Financing Receivable, Recorded Investment | $ 156,414 | 170,473 | |
Real estate loans | 13,421,002 | 13,234,658 | |
Mortgage loans | |||
Loan Portfolio [Line Items] | |||
Real estate loans | 13,373,506 | 13,189,516 | |
Home Equity Loans And Lines Of Credit | |||
Loan Portfolio [Line Items] | |||
Allowance for loan losses, Individually Evaluated | 3,820 | 4,003 | |
Impaired Financing Receivable, Recorded Investment | 42,784 | 46,445 | |
Residential Core | |||
Loan Portfolio [Line Items] | |||
Allowance for loan losses, Individually Evaluated | 6,784 | 7,080 | |
Impaired Financing Receivable, Recorded Investment | 78,574 | 87,069 | |
Residential Core | Adjustable Rate Residential Mortgage [Member] | |||
Loan Portfolio [Line Items] | |||
Real estate loans | 5,236,097 | 5,063,010 | |
Other Loans | |||
Loan Portfolio [Line Items] | |||
Real estate loans | 2,720 | 3,166 | |
Real estate loans | 2,720 | 3,166 | |
Real Estate Loans | |||
Loan Portfolio [Line Items] | |||
Real estate loans | 13,401,953 | 13,215,259 | |
Allowance for loan losses, Individually Evaluated | 12,890 | 13,505 | |
Real estate loans | 13,418,282 | 13,231,492 | |
Real Estate Loans | Construction | |||
Loan Portfolio [Line Items] | |||
Real estate loans | 54,345 | 52,332 | |
Allowance for loan losses, Individually Evaluated | 0 | 0 | |
Real estate loans | 25,498 | 26,195 | |
Real Estate Loans | Home Equity Loans And Lines Of Credit | |||
Loan Portfolio [Line Items] | |||
Real estate loans | 2,284,152 | 2,174,961 | |
Allowance for loan losses, Individually Evaluated | 3,820 | 4,003 | |
Real estate loans | 2,311,728 | 2,201,982 | |
Real Estate Loans | Residential Core | |||
Loan Portfolio [Line Items] | |||
Real estate loans | 10,985,732 | 10,903,024 | |
Allowance for loan losses, Individually Evaluated | 6,784 | 7,080 | |
Real estate loans | 11,003,681 | 10,918,701 | |
Nonperforming | Other Loans | |||
Loan Portfolio [Line Items] | |||
Real estate loans | $ 0 | $ 0 | |
Ohio | Residential Core, Home Today and Construction | |||
Loan Portfolio [Line Items] | |||
Residential real estate loans held, percent | 56.00% | 57.00% | |
Ohio | Home Equity Loans And Lines Of Credit | |||
Loan Portfolio [Line Items] | |||
Residential real estate loans held, percent | 29.00% | 31.00% | |
Florida | Residential Core, Home Today and Construction | |||
Loan Portfolio [Line Items] | |||
Residential real estate loans held, percent | 16.00% | 16.00% | |
Florida | Home Equity Loans And Lines Of Credit | |||
Loan Portfolio [Line Items] | |||
Residential real estate loans held, percent | 19.00% | 19.00% | |
California | Home Equity Loans And Lines Of Credit | |||
Loan Portfolio [Line Items] | |||
Residential real estate loans held, percent | 16.00% | 16.00% | |
Interest Only | Home Equity Line of Credit | |||
Loan Portfolio [Line Items] | |||
Real estate loans | $ 486 | $ 8,231 | |
Troubled Debt Restructuring | Mortgage loans | |||
Loan Portfolio [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 143,178 | 157,408 | |
Troubled Debt Restructuring | Nonperforming | Mortgage loans | |||
Loan Portfolio [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | $ 8,287 | $ 8,435 | |
LTV 70 Percent Beginning March 26, 2020 | Construction | Maximum | |||
Loan Portfolio [Line Items] | |||
Loan To Completed Appraised Value, Percentage | 70.00% | ||
LTV 85 Percent Prior To March 26, 2020 | Construction | Maximum | |||
Loan Portfolio [Line Items] | |||
Loan To Completed Appraised Value, Percentage | 85.00% |
Loans And Allowance For Loan _4
Loans And Allowance For Loan Losses (Loans Held For Investment) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Loan Portfolio [Line Items] | ||
Deferred loan expenses, net | $ 44,776 | $ 41,976 |
Loans in process (LIP) | (28,447) | (25,743) |
Allowance for loan losses | (45,564) | (38,913) |
Loans, net | 13,375,438 | 13,195,745 |
Other Loans | ||
Loan Portfolio [Line Items] | ||
Loans, gross | 2,720 | 3,166 |
Real Estate Loans | ||
Loan Portfolio [Line Items] | ||
Loans, gross | 13,401,953 | 13,215,259 |
Real Estate Loans | Residential Core | ||
Loan Portfolio [Line Items] | ||
Loans, gross | 10,985,732 | 10,903,024 |
Real Estate Loans | Residential Home Today | ||
Loan Portfolio [Line Items] | ||
Loans, gross | 77,724 | 84,942 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | ||
Loan Portfolio [Line Items] | ||
Loans, gross | 2,284,152 | 2,174,961 |
Real Estate Loans | Construction | ||
Loan Portfolio [Line Items] | ||
Loans, gross | $ 54,345 | $ 52,332 |
Loans And Allowance For Loan _5
Loans And Allowance For Loan Losses (Loan Forbearance By Portfolio) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Financing Receivable, Loan Forbearance [Line Items] | ||
Real estate loans | $ 13,421,002 | $ 13,234,658 |
Accrued interest receivable | 37,680 | 40,822 |
Active Forbearance Plans | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Real estate loans | 230,337 | |
Accrued interest receivable | 1,990 | |
Active Forbearance Plans | Troubled Debt Restructuring | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Real estate loans | 16,601 | |
Real Estate Loans | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Real estate loans | 13,418,282 | 13,231,492 |
Real Estate Loans | Residential Non Home Today [Member] | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Real estate loans | 11,003,681 | 10,918,701 |
Real Estate Loans | Residential Home Today | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Real estate loans | 77,375 | 84,614 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Real estate loans | 2,311,728 | $ 2,201,982 |
Real Estate Loans | Active Forbearance Plans | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Real estate loans | $ 230,337 | |
Residential real estate loans held, percent | 1.72% | |
Real Estate Loans | Active Forbearance Plans | Residential Non Home Today [Member] | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Real estate loans | $ 195,744 | |
Residential real estate loans held, percent | 1.78% | |
Real Estate Loans | Active Forbearance Plans | Residential Home Today | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Real estate loans | $ 6,827 | |
Residential real estate loans held, percent | 8.82% | |
Real Estate Loans | Active Forbearance Plans | Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Real estate loans | $ 27,766 | |
Residential real estate loans held, percent | 1.20% | |
Real Estate Loans | Short-Term Forbearance | Residential Non Home Today [Member] | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Real estate loans | $ 1,575 | |
Real Estate Loans | Short-Term Forbearance | Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Real estate loans | 179 | |
Real Estate Loans | Modification | Residential Non Home Today [Member] | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Real estate loans | $ 2,619 |
Loans And Allowance For Loan _6
Loans And Allowance For Loan Losses (Schedule Of Forbearance Plans According To Payment Deferrals) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Financing Receivable, Loan Forbearance [Line Items] | ||
Real estate loans | $ 13,421,002 | $ 13,234,658 |
Active Forbearance Plans | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Real estate loans | 230,337 | |
Active Forbearance Plans | Payment Deferrals Ending 7/31/2020 | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Real estate loans | 5,217 | |
Active Forbearance Plans | Payment Deferrals Ending 8/31/2020 | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Real estate loans | 39,503 | |
Active Forbearance Plans | Payment Deferrals Ending 9/30/2020 | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Real estate loans | 87,717 | |
Active Forbearance Plans | Payment Deferrals Ending 10/31/2020 | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Real estate loans | 97,759 | |
Active Forbearance Plans | Payment Deferrals Ending 11/30/2020 | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Real estate loans | $ 141 |
Loans And Allowance For Loan _7
Loans And Allowance For Loan Losses (Schedule Of Recorded Investment In Loan Receivables That Are Past Due) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Total past due | $ 31,467 | $ 35,449 |
Current | 13,389,535 | 13,199,209 |
Total | 13,421,002 | 13,234,658 |
30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 9,145 | 12,482 |
60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 4,497 | 6,873 |
Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 17,825 | 16,094 |
Other Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Current | 2,720 | 3,166 |
Total | 2,720 | 3,166 |
Other Loans | 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Other Loans | 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Other Loans | Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Real Estate Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 31,467 | 35,449 |
Current | 13,386,815 | 13,196,043 |
Total | 13,418,282 | 13,231,492 |
Real Estate Loans | 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 9,145 | 12,482 |
Real Estate Loans | 30 to 59 Days Past Due | COVID-19 Forbearance | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 1,025 | |
Real Estate Loans | 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 4,497 | 6,873 |
Real Estate Loans | 60 to 89 Days Past Due | COVID-19 Forbearance | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 467 | |
Real Estate Loans | Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 17,825 | 16,094 |
Real Estate Loans | Equal to Greater than 90 Days Past Due | COVID-19 Forbearance | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 779 | |
Real Estate Loans | Residential Core | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 17,845 | 18,528 |
Current | 10,985,836 | 10,900,173 |
Total | 11,003,681 | 10,918,701 |
Real Estate Loans | Residential Core | 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 5,482 | 6,824 |
Real Estate Loans | Residential Core | 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 2,523 | 4,030 |
Real Estate Loans | Residential Core | Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 9,840 | 7,674 |
Real Estate Loans | Residential Home Today | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 4,841 | 6,937 |
Current | 72,534 | 77,677 |
Total | 77,375 | 84,614 |
Real Estate Loans | Residential Home Today | 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 1,488 | 2,629 |
Real Estate Loans | Residential Home Today | 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 858 | 1,685 |
Real Estate Loans | Residential Home Today | Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 2,495 | 2,623 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 8,781 | 9,984 |
Current | 2,302,947 | 2,191,998 |
Total | 2,311,728 | 2,201,982 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 2,175 | 3,029 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 1,116 | 1,158 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 5,490 | 5,797 |
Real Estate Loans | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Current | 25,498 | 26,195 |
Total | 25,498 | 26,195 |
Real Estate Loans | Construction | 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Real Estate Loans | Construction | 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Real Estate Loans | Construction | Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | $ 0 | $ 0 |
Loans And Allowance For Loan _8
Loans And Allowance For Loan Losses (Schedule Of Recorded Investment Of Loan Receivables In Non-Accrual Status) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Performing | ||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | ||
Total non-accrual loans | $ 36,338 | $ 55,171 |
Performing Chapter 7 Bankruptcy | ||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | ||
Total non-accrual loans | 21,533 | 25,895 |
Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | ||
Total non-accrual loans | 53,939 | 71,265 |
Real Estate Loans | Residential Core | ||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | ||
Total non-accrual loans | 30,306 | 37,052 |
Real Estate Loans | Residential Home Today | ||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | ||
Total non-accrual loans | 10,615 | 12,442 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | ||
Total non-accrual loans | $ 13,018 | $ 21,771 |
Loans And Allowance For Loan _9
Loans And Allowance For Loan Losses (Schedule Of Recorded Investment In Loan Receivables According To The Method Of Evaluation) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Recorded Investment, Individually Evaluated | $ 156,414 | $ 170,473 |
Recorded Investment, Collectively Evaluated | 13,264,588 | 13,064,185 |
Total | 13,421,002 | 13,234,658 |
Other Loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Recorded Investment, Individually Evaluated | 0 | 0 |
Recorded Investment, Collectively Evaluated | 2,720 | 3,166 |
Total | 2,720 | 3,166 |
Real Estate Loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Recorded Investment, Individually Evaluated | 156,414 | 170,473 |
Recorded Investment, Collectively Evaluated | 13,261,868 | 13,061,019 |
Total | 13,418,282 | 13,231,492 |
Real Estate Loans | Residential Core | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Recorded Investment, Individually Evaluated | 78,574 | 87,069 |
Recorded Investment, Collectively Evaluated | 10,925,107 | 10,831,632 |
Total | 11,003,681 | 10,918,701 |
Real Estate Loans | Residential Home Today | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Recorded Investment, Individually Evaluated | 35,056 | 36,959 |
Recorded Investment, Collectively Evaluated | 42,319 | 47,655 |
Total | 77,375 | 84,614 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Recorded Investment, Individually Evaluated | 42,784 | 46,445 |
Recorded Investment, Collectively Evaluated | 2,268,944 | 2,155,537 |
Total | 2,311,728 | 2,201,982 |
Real Estate Loans | Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Recorded Investment, Individually Evaluated | 0 | 0 |
Recorded Investment, Collectively Evaluated | 25,498 | 26,195 |
Total | $ 25,498 | $ 26,195 |
Loans And Allowance For Loan_10
Loans And Allowance For Loan Losses (Schedule Of Allowance For Loan Losses According To The Method Of Evaluation) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for loan losses, Individually Evaluated | $ 12,890 | $ 13,505 | ||||
Present Value of Cash Flows | Performing | Troubled Debt Restructuring | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for loan losses, Individually Evaluated | 12,890 | 13,399 | ||||
Further Deterioration In Fair Value Of Collateral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for loan losses, Individually Evaluated | 0 | 106 | ||||
Residential Core | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for loan losses, Individually Evaluated | 6,784 | 7,080 | ||||
Residential Home Today | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for loan losses, Individually Evaluated | 2,286 | 2,422 | ||||
Home Equity Loans And Lines Of Credit | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for loan losses, Individually Evaluated | 3,820 | 4,003 | ||||
Real Estate Loans | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for loan losses, Individually Evaluated | 12,890 | 13,505 | ||||
Allowance for loan losses, Collectively Evaluated | 32,674 | 25,408 | ||||
Allowance for credit losses | 45,564 | $ 44,387 | 38,913 | $ 39,313 | $ 40,286 | $ 42,418 |
Real Estate Loans | Residential Core | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for loan losses, Individually Evaluated | 6,784 | 7,080 | ||||
Allowance for loan losses, Collectively Evaluated | 12,841 | 12,673 | ||||
Allowance for credit losses | 19,625 | 17,367 | 19,753 | 18,720 | 19,587 | 18,288 |
Real Estate Loans | Residential Home Today | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for loan losses, Individually Evaluated | 2,286 | 2,422 | ||||
Allowance for loan losses, Collectively Evaluated | 3,232 | 1,787 | ||||
Allowance for credit losses | 5,518 | 5,070 | 4,209 | 3,378 | 3,275 | 3,204 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for loan losses, Individually Evaluated | 3,820 | 4,003 | ||||
Allowance for loan losses, Collectively Evaluated | 16,596 | 10,943 | ||||
Allowance for credit losses | 20,416 | 21,945 | 14,946 | 17,211 | 17,420 | 20,921 |
Real Estate Loans | Construction | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for loan losses, Individually Evaluated | 0 | 0 | ||||
Allowance for loan losses, Collectively Evaluated | 5 | 5 | ||||
Allowance for credit losses | $ 5 | $ 5 | $ 5 | $ 4 | $ 4 | $ 5 |
Loans And Allowance For Loan_11
Loans And Allowance For Loan Losses (Loans with Private Mortgage Insurance Narrative) (Details) $ in Thousands | 9 Months Ended | |
Jun. 30, 2020USD ($)loans | Sep. 30, 2019USD ($) | |
Loan Portfolio [Line Items] | ||
Loans covered by mortgage insurance, current | $ 13,389,535 | $ 13,199,209 |
Number of loans covered by mortgage insurers that were deferring claim payments or which were assessed as being non-investment grade | loans | 0 | |
PMIC Provided Mortgage Insurance Coverage | ||
Loan Portfolio [Line Items] | ||
PMI Claims Payments, Percentage Of Claim Paid | 76.50% | |
Real estate loans | $ 21,957 | 26,191 |
Loans covered by mortgage insurance, current | 20,991 | 24,198 |
MGIC Provided Mortgage Insurance Coverage | ||
Loan Portfolio [Line Items] | ||
Real estate loans | 13,798 | 17,345 |
Loans covered by mortgage insurance, current | $ 13,630 | $ 17,232 |
Residential Home Today | ||
Loan Portfolio [Line Items] | ||
Percentage of loans covered by private mortgage insurance | 13.00% | 14.00% |
Loans And Allowance For Loan_12
Loans And Allowance For Loan Losses (Schedule of Recorded Investment In Loan Receivables Past Due - Forbearance) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Total past due | $ 31,467 | $ 35,449 |
Current | 13,389,535 | 13,199,209 |
Real estate loans | 13,421,002 | 13,234,658 |
30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 9,145 | 12,482 |
60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 4,497 | 6,873 |
Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 17,825 | 16,094 |
Active Forbearance Plans | ||
Financing Receivable, Past Due [Line Items] | ||
Real estate loans | 230,337 | |
Real Estate Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 31,467 | 35,449 |
Current | 13,386,815 | 13,196,043 |
Real estate loans | 13,418,282 | 13,231,492 |
Real Estate Loans | 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 9,145 | 12,482 |
Real Estate Loans | 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 4,497 | 6,873 |
Real Estate Loans | Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 17,825 | 16,094 |
Real Estate Loans | COVID-19 Forbearance | 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 1,025 | |
Real Estate Loans | COVID-19 Forbearance | 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 467 | |
Real Estate Loans | COVID-19 Forbearance | Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 779 | |
Real Estate Loans | Active Forbearance Plans | ||
Financing Receivable, Past Due [Line Items] | ||
Real estate loans | $ 230,337 | |
Residential real estate loans held, percent | 1.72% | |
Real Estate Loans | Residential Non Home Today [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | $ 17,845 | 18,528 |
Current | 10,985,836 | 10,900,173 |
Real estate loans | 11,003,681 | 10,918,701 |
Real Estate Loans | Residential Non Home Today [Member] | 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 5,482 | 6,824 |
Real Estate Loans | Residential Non Home Today [Member] | 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 2,523 | 4,030 |
Real Estate Loans | Residential Non Home Today [Member] | Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 9,840 | 7,674 |
Real Estate Loans | Residential Non Home Today [Member] | Active Forbearance Plans | ||
Financing Receivable, Past Due [Line Items] | ||
Real estate loans | $ 195,744 | |
Residential real estate loans held, percent | 1.78% | |
Real Estate Loans | Residential Home Today | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | $ 4,841 | 6,937 |
Current | 72,534 | 77,677 |
Real estate loans | 77,375 | 84,614 |
Real Estate Loans | Residential Home Today | 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 1,488 | 2,629 |
Real Estate Loans | Residential Home Today | 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 858 | 1,685 |
Real Estate Loans | Residential Home Today | Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 2,495 | 2,623 |
Real Estate Loans | Residential Home Today | Active Forbearance Plans | ||
Financing Receivable, Past Due [Line Items] | ||
Real estate loans | $ 6,827 | |
Residential real estate loans held, percent | 8.82% | |
Real Estate Loans | Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | $ 8,781 | 9,984 |
Current | 2,302,947 | 2,191,998 |
Real estate loans | 2,311,728 | 2,201,982 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 2,175 | 3,029 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 1,116 | 1,158 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 5,490 | $ 5,797 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | Active Forbearance Plans | ||
Financing Receivable, Past Due [Line Items] | ||
Real estate loans | $ 27,766 | |
Residential real estate loans held, percent | 1.20% |
Loans And Allowance For Loan_13
Loans And Allowance For Loan Losses (Schedule Of Recorded Investment And The Unpaid Principal Balance Of Impaired Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans, with No Related IVA, Recorded Investment | $ 68,527 | $ 75,414 |
Impaired Loans, with No Related IVA, Unpaid Principal Balance | 111,470 | 115,431 |
Impaired Loans, with an IVA, Recorded Investment | 87,887 | 95,059 |
Impaired Loans, with an IVA, Unpaid Principal Balance | 87,917 | 95,144 |
Impaired Loans, Recorded Investment | 156,414 | 170,473 |
Impaired Loans, Unpaid Principal Balance | 199,387 | 210,575 |
Allowance for loan losses, Individually Evaluated | 12,890 | 13,505 |
Residential Core | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans, with No Related IVA, Recorded Investment | 41,444 | 44,122 |
Impaired Loans, with No Related IVA, Unpaid Principal Balance | 56,606 | 59,538 |
Impaired Loans, with an IVA, Recorded Investment | 37,130 | 42,947 |
Impaired Loans, with an IVA, Unpaid Principal Balance | 37,198 | 43,042 |
Impaired Loans, Recorded Investment | 78,574 | 87,069 |
Impaired Loans, Unpaid Principal Balance | 93,804 | 102,580 |
Allowance for loan losses, Individually Evaluated | 6,784 | 7,080 |
Residential Home Today | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans, with No Related IVA, Recorded Investment | 12,167 | 12,764 |
Impaired Loans, with No Related IVA, Unpaid Principal Balance | 34,999 | 31,958 |
Impaired Loans, with an IVA, Recorded Investment | 22,889 | 24,195 |
Impaired Loans, with an IVA, Unpaid Principal Balance | 22,861 | 24,178 |
Impaired Loans, Recorded Investment | 35,056 | 36,959 |
Impaired Loans, Unpaid Principal Balance | 57,860 | 56,136 |
Allowance for loan losses, Individually Evaluated | 2,286 | 2,422 |
Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans, with No Related IVA, Recorded Investment | 14,916 | 18,528 |
Impaired Loans, with No Related IVA, Unpaid Principal Balance | 19,865 | 23,935 |
Impaired Loans, with an IVA, Recorded Investment | 27,868 | 27,917 |
Impaired Loans, with an IVA, Unpaid Principal Balance | 27,858 | 27,924 |
Impaired Loans, Recorded Investment | 42,784 | 46,445 |
Impaired Loans, Unpaid Principal Balance | 47,723 | 51,859 |
Allowance for loan losses, Individually Evaluated | $ 3,820 | $ 4,003 |
Loans And Allowance For Loan_14
Loans And Allowance For Loan Losses (Schedule Of Average Recorded Investment In Impaired Loans And The Amount Of Interest Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans, with No Related IVA, Average Recorded Investment | $ 68,670 | $ 84,944 | $ 71,971 | $ 88,553 |
Impaired Loans, with No Related IVA, Interest Income Recognized | 448 | 598 | 1,469 | 1,747 |
Impaired Loans, with an IVA, Average Recorded Investment | 89,559 | 93,822 | 91,474 | 89,597 |
Impaired Loans, with an IVA, Interest Income Recognized | 725 | 769 | 2,221 | 2,395 |
Impaired Loans, Average Recorded Investment | 158,229 | 178,766 | 163,445 | 178,150 |
Impaired Loans, Interest Income Recognized | 1,173 | 1,367 | 3,690 | 4,142 |
Interest income on impaired loans, cash basis method | 220 | 343 | 793 | 1,082 |
Residential Core | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans, with No Related IVA, Average Recorded Investment | 41,270 | 49,397 | 42,783 | 52,196 |
Impaired Loans, with No Related IVA, Interest Income Recognized | 322 | 430 | 1,062 | 1,231 |
Impaired Loans, with an IVA, Average Recorded Investment | 38,158 | 41,861 | 40,039 | 38,058 |
Impaired Loans, with an IVA, Interest Income Recognized | 290 | 306 | 891 | 1,008 |
Impaired Loans, Average Recorded Investment | 79,428 | 91,258 | 82,822 | 90,254 |
Impaired Loans, Interest Income Recognized | 612 | 736 | 1,953 | 2,239 |
Residential Home Today | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans, with No Related IVA, Average Recorded Investment | 12,083 | 14,487 | 12,466 | 14,962 |
Impaired Loans, with No Related IVA, Interest Income Recognized | 51 | 50 | 151 | 174 |
Impaired Loans, with an IVA, Average Recorded Investment | 23,278 | 24,378 | 23,542 | 24,907 |
Impaired Loans, with an IVA, Interest Income Recognized | 270 | 295 | 828 | 888 |
Impaired Loans, Average Recorded Investment | 35,361 | 38,865 | 36,008 | 39,869 |
Impaired Loans, Interest Income Recognized | 321 | 345 | 979 | 1,062 |
Home Equity Loans And Lines Of Credit | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans, with No Related IVA, Average Recorded Investment | 15,317 | 21,060 | 16,722 | 21,395 |
Impaired Loans, with No Related IVA, Interest Income Recognized | 75 | 118 | 256 | 342 |
Impaired Loans, with an IVA, Average Recorded Investment | 28,123 | 27,583 | 27,893 | 26,632 |
Impaired Loans, with an IVA, Interest Income Recognized | 165 | 168 | 502 | 499 |
Impaired Loans, Average Recorded Investment | 43,440 | 48,643 | 44,615 | 48,027 |
Impaired Loans, Interest Income Recognized | $ 240 | $ 286 | $ 758 | $ 841 |
Loans And Allowance For Loan_15
Loans And Allowance For Loan Losses (Schedule Of Recorded Investment In Troubled Debt Restructured Loans By Type Of Concession) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | $ 143,178 | $ 157,408 |
Initial Restructuring | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 78,736 | 86,521 |
Multiple Restructurings | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 42,113 | 44,934 |
Bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 22,329 | 25,953 |
Residential Core | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 71,642 | 80,274 |
Residential Core | Initial Restructuring | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 31,662 | 35,829 |
Residential Core | Multiple Restructurings | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 23,562 | 24,951 |
Residential Core | Bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 16,418 | 19,494 |
Residential Home Today | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 34,222 | 36,335 |
Residential Home Today | Initial Restructuring | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 15,504 | 16,233 |
Residential Home Today | Multiple Restructurings | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 15,499 | 16,868 |
Residential Home Today | Bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 3,219 | 3,234 |
Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 37,314 | 40,799 |
Home Equity Loans And Lines Of Credit | Initial Restructuring | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 31,570 | 34,459 |
Home Equity Loans And Lines Of Credit | Multiple Restructurings | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 3,052 | 3,115 |
Home Equity Loans And Lines Of Credit | Bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | $ 2,692 | $ 3,225 |
Loans And Allowance For Loan_16
Loans And Allowance For Loan Losses (Summary Of Troubled Debt Restructured Loans Restructured During the Period By Type Of Concession) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2019 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Troubled debt restructured loans restructured in the period | $ 4,047 | $ 6,784 | $ 12,605 | $ 22,487 | |
Initial Restructuring | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Troubled debt restructured loans restructured in the period | 1,742 | 2,905 | 5,224 | 12,142 | |
Multiple Restructurings | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Troubled debt restructured loans restructured in the period | 1,386 | 3,511 | 5,063 | 7,931 | |
Bankruptcy | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Troubled debt restructured loans restructured in the period | 919 | 368 | 2,318 | 2,414 | |
Residential Core | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Troubled debt restructured loans restructured in the period | 2,408 | 4,330 | 7,429 | 12,092 | |
Residential Core | Initial Restructuring | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Troubled debt restructured loans restructured in the period | 807 | 1,822 | 3,055 | 5,521 | |
Residential Core | Multiple Restructurings | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Troubled debt restructured loans restructured in the period | 946 | 2,334 | 2,953 | 4,893 | |
Residential Core | Bankruptcy | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Troubled debt restructured loans restructured in the period | 655 | 174 | 1,421 | 1,678 | |
Residential Home Today | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Troubled debt restructured loans restructured in the period | 983 | 1,100 | 3,079 | 2,916 | |
Residential Home Today | Initial Restructuring | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Troubled debt restructured loans restructured in the period | 456 | 109 | 1,008 | 427 | |
Residential Home Today | Multiple Restructurings | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Troubled debt restructured loans restructured in the period | 302 | 878 | 1,541 | 2,105 | |
Residential Home Today | Bankruptcy | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Troubled debt restructured loans restructured in the period | 225 | 113 | 530 | 384 | |
Home Equity Loans And Lines Of Credit | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Troubled debt restructured loans restructured in the period | $ 656 | 1,354 | $ 2,097 | 7,479 | |
Home Equity Loans And Lines Of Credit | Ohio | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Residential real estate loans held, percent | 29.00% | 29.00% | 31.00% | ||
Home Equity Loans And Lines Of Credit | Initial Restructuring | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Troubled debt restructured loans restructured in the period | $ 479 | 974 | $ 1,161 | 6,194 | |
Home Equity Loans And Lines Of Credit | Multiple Restructurings | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Troubled debt restructured loans restructured in the period | 138 | 299 | 569 | 933 | |
Home Equity Loans And Lines Of Credit | Bankruptcy | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Troubled debt restructured loans restructured in the period | $ 39 | $ 81 | $ 367 | $ 352 | |
Residential Core, Home Today and Construction | Ohio | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Residential real estate loans held, percent | 56.00% | 56.00% | 57.00% |
Loans And Allowance For Loan_17
Loans And Allowance For Loan Losses (Schedule Of Troubled Debt Restructured Loans Restructured Within The Last 12 Months Which Defaulted) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020USD ($)contracts | Jun. 30, 2019USD ($)contracts | Jun. 30, 2020USD ($)contracts | Jun. 30, 2019USD ($)contracts | |
Financing Receivable, Loan Forbearance [Line Items] | ||||
Number of contracts | contracts | 28 | 37 | 30 | 46 |
Recorded investment | $ | $ 2,704 | $ 3,306 | $ 2,822 | $ 4,012 |
Residential Core | ||||
Financing Receivable, Loan Forbearance [Line Items] | ||||
Number of contracts | contracts | 14 | 11 | 14 | 15 |
Recorded investment | $ | $ 1,753 | $ 1,841 | $ 1,753 | $ 2,355 |
Residential Home Today | ||||
Financing Receivable, Loan Forbearance [Line Items] | ||||
Number of contracts | contracts | 10 | 16 | 10 | 20 |
Recorded investment | $ | $ 625 | $ 604 | $ 625 | $ 767 |
Home Equity Loans And Lines Of Credit | ||||
Financing Receivable, Loan Forbearance [Line Items] | ||||
Number of contracts | contracts | 4 | 10 | 6 | 11 |
Recorded investment | $ | $ 326 | $ 861 | $ 444 | $ 890 |
Loans And Allowance For Loan_18
Loans And Allowance For Loan Losses (Schedule Of Credit Quality Of Residential Loan Receivables By An Internally Assigned Grade) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | $ 13,421,002 | $ 13,234,658 |
Real Estate Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 13,418,282 | 13,231,492 |
Real Estate Loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 13,345,578 | 13,141,764 |
Real Estate Loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 7,573 | 6,936 |
Real Estate Loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 65,131 | 82,792 |
Real Estate Loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 0 | 0 |
Real Estate Loans | Residential Core | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 11,003,681 | 10,918,701 |
Real Estate Loans | Residential Core | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 10,962,732 | 10,869,597 |
Real Estate Loans | Residential Core | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 3,812 | 4,348 |
Real Estate Loans | Residential Core | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 37,137 | 44,756 |
Real Estate Loans | Residential Core | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 0 | 0 |
Real Estate Loans | Residential Home Today | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 77,375 | 84,614 |
Real Estate Loans | Residential Home Today | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 64,840 | 70,631 |
Real Estate Loans | Residential Home Today | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 0 | 0 |
Real Estate Loans | Residential Home Today | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 12,535 | 13,983 |
Real Estate Loans | Residential Home Today | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 0 | 0 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 2,311,728 | 2,201,982 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 2,292,508 | 2,175,341 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 3,761 | 2,588 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 15,459 | 24,053 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 0 | 0 |
Real Estate Loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 25,498 | 26,195 |
Real Estate Loans | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 25,498 | 26,195 |
Real Estate Loans | Construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 0 | 0 |
Real Estate Loans | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 0 | 0 |
Real Estate Loans | Construction | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | $ 0 | $ 0 |
Loans And Allowance For Loan_19
Loans And Allowance For Loan Losses (Loans Evaluated For Impairment Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | $ 156,414 | $ 170,473 |
Loans collectively evaluated for impairment | 13,264,588 | 13,064,185 |
Real estate loans | 13,421,002 | 13,234,658 |
Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans collectively evaluated for impairment | 3,172 | 2,614 |
Special Mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans collectively evaluated for impairment | 7,573 | 6,936 |
Troubled Debt Restructuring | Performing | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 94,455 | 90,295 |
Purchased special mention loans | Performing At Time Of Purchase | Special Mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Real estate loans | 3,812 | |
Other Loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans collectively evaluated for impairment | 2,720 | 3,166 |
Real estate loans | 2,720 | 3,166 |
Real estate loans | 2,720 | 3,166 |
Other Loans | Nonperforming | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Real estate loans | $ 0 | $ 0 |
Loans And Allowance For Loan_20
Loans And Allowance For Loan Losses (Schedule Of Activity In The Allowance For Loan Losses) (Details) - Real Estate Loans - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | $ 44,387 | $ 40,286 | $ 38,913 | $ 42,418 |
Provisions | 0 | (2,000) | 3,000 | (8,000) |
Charge-offs | (1,251) | (1,517) | (4,153) | (3,703) |
Recoveries | 2,428 | 2,544 | 7,804 | 8,598 |
Ending Balance | 45,564 | 39,313 | 45,564 | 39,313 |
Residential Core | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 17,367 | 19,587 | 19,753 | 18,288 |
Provisions | 2,125 | (865) | (478) | (1) |
Charge-offs | (440) | (500) | (1,397) | (1,042) |
Recoveries | 573 | 498 | 1,747 | 1,475 |
Ending Balance | 19,625 | 18,720 | 19,625 | 18,720 |
Residential Home Today | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 5,070 | 3,275 | 4,209 | 3,204 |
Provisions | (12) | (25) | 250 | (720) |
Charge-offs | (220) | (257) | (808) | (583) |
Recoveries | 680 | 385 | 1,867 | 1,477 |
Ending Balance | 5,518 | 3,378 | 5,518 | 3,378 |
Home Equity Loans And Lines Of Credit | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 21,945 | 17,420 | 14,946 | 20,921 |
Provisions | (2,113) | (1,110) | 3,228 | (7,278) |
Charge-offs | (591) | (760) | (1,948) | (2,078) |
Recoveries | 1,175 | 1,661 | 4,190 | 5,646 |
Ending Balance | 20,416 | 17,211 | 20,416 | 17,211 |
Construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 5 | 4 | 5 | 5 |
Provisions | 0 | 0 | 0 | (1) |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending Balance | $ 5 | $ 4 | $ 5 | $ 4 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Operating Lease Cost | $ 1,272 | $ 3,841 |
Variable Lease Cost | 298 | 950 |
Operating Lease Payments | $ 1,268 | $ 3,800 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Remaining term of operating lease contracts | 1 year | 1 year |
Renewal term of contract on operating leases | 5 years | 5 years |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Remaining term of operating lease contracts | 17 years | 17 years |
Renewal term of contract on operating leases | 10 years | 10 years |
Leases (Schedule Of Lease Cost)
Leases (Schedule Of Lease Cost) (Details) $ in Thousands | Jun. 30, 2020USD ($) | |
Leases [Abstract] | ||
Right-Of-Use Asset | $ 16,631 | [1] |
Lease Liability | $ 16,988 | [2] |
Weighted Average Remaining Lease Term | 6 years 2 months 8 days | |
Weighted Average Discount Rate, Percent | 1.92% | |
[1] | Included in other assets in the Consolidated Statements of Condition | |
[2] | Included in accrued expenses and other liabilities in the Consolidated Statements of Condition |
Leases (Schedule of Lease Liabi
Leases (Schedule of Lease Liability Maturities) (Details) $ in Thousands | Jun. 30, 2020USD ($) | |
Leases [Abstract] | ||
Maturing In 12 months or less | $ 4,697 | |
Maturing in 13 to 24 months | 3,692 | |
Maturing in 25 to 36 months | 2,925 | |
Maturing in 37 to 48 months | 2,048 | |
Maturing in 49 to 60 months | 1,348 | |
Maturing in over 60 months | 3,443 | |
Lease Liability Payments Due | 18,153 | |
Lease Liability Undiscounted Excess Amount | 1,165 | |
Lease Liability | $ 16,988 | [1] |
[1] | Included in accrued expenses and other liabilities in the Consolidated Statements of Condition |
Leases (Schedule Of Future Mini
Leases (Schedule Of Future Minimum Lease Payments) (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
Maturing In 12 months or less | $ 4,881 |
Maturing in 13 to 24 months | 4,145 |
Maturing in 25 to 36 months | 3,171 |
Maturing in 37 to 48 months | 2,366 |
Maturing in 49 to 60 months | 1,613 |
Maturing in over 60 months | 4,209 |
Future Minimum Payments Due | $ 20,385 |
Deposits (Summary Of Deposit Ac
Deposits (Summary Of Deposit Account Balances) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Time Deposits [Line Items] | ||
Checking accounts | $ 983,308 | $ 862,647 |
Certificates of deposit | 6,677,078 | 6,415,824 |
Subtotal deposits | 9,226,343 | 8,762,671 |
Accrued interest | 3,768 | 3,713 |
Total deposits | 9,230,111 | 8,766,384 |
Savings Accounts Range excluding MMA | ||
Time Deposits [Line Items] | ||
Savings accounts | 1,074,988 | 1,042,357 |
Money Market Funds | ||
Time Deposits [Line Items] | ||
Savings accounts | $ 490,969 | $ 441,843 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Deposits [Abstract] | ||
Brokered certificates of deposit | $ 553,860 | $ 507,800 |
Borrowed Funds (Schedule of Fed
Borrowed Funds (Schedule of Federal Home Loan Bank Advances (FHLB) Borrowings) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Advances from Federal Home Loan Banks [Abstract] | ||
Maturing in 12 months or less | $ 3,196,113 | |
Maturing in 13 to 24 months | 249 | |
Maturing in 25 to 36 months | 16,515 | |
Maturing in 37 to 48 months | 250,000 | |
Maturing in 49 to 60 months | 275,000 | |
Over 60 months | 19,303 | |
Total FHLB Advances | 3,757,180 | |
Accrued interest | 1,968 | |
Total | $ 3,759,148 | $ 3,902,981 |
Weighted Average Rate: 12 months or less | 0.34% | |
Weighted Average Rate: 13 to 24 months | 1.49% | |
Weighted Average Rate: 25 to 36 months | 2.80% | |
Weighted Average Rate: 37 to 48 months | 1.70% | |
Weighted Average Rate: 49 to 60 months | 1.69% | |
Weighted Average Rate: Over 60 months | 1.66% | |
Weighted Average Rate Total FHLB Advances | 0.55% |
Borrowed Funds (Schedule of F_2
Borrowed Funds (Schedule of Federal Home Loan Bank Advances used in Swap Contracts) (Details) $ in Thousands | Jun. 30, 2020USD ($) |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 3,196,113 |
FHLB advances under SWAP contracts, average interest rate | 0.34% |
Interest Rate Swap | |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 3,075,000 |
FHLB advances under SWAP contracts, average interest rate | 1.80% |
Interest Rate Swap | Effective Maturity 12 months or less | |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 400,000 |
FHLB advances under SWAP contracts, average interest rate | 1.21% |
Interest Rate Swap | Effective Maturity 13 to 24 months | |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 825,000 |
FHLB advances under SWAP contracts, average interest rate | 1.79% |
Interest Rate Swap | Effective Maturity 25 to 36 months | |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 400,000 |
FHLB advances under SWAP contracts, average interest rate | 2.12% |
Interest Rate Swap | Effective Maturity 37 to 48 months | |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 250,000 |
FHLB advances under SWAP contracts, average interest rate | 1.72% |
Interest Rate Swap | Effective Maturity 49 to 60 months | |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 400,000 |
FHLB advances under SWAP contracts, average interest rate | 1.34% |
Interest Rate Swap | Effective Maturity Over 60 months | |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 800,000 |
FHLB advances under SWAP contracts, average interest rate | 2.20% |
Borrowed Funds (Narrative) (Fed
Borrowed Funds (Narrative) (Federal Home Loan Bank Advances) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2016 | Jun. 30, 2020 | Jun. 30, 2019 | |
FHLB Short-term Debt [Line Items] | |||
Fixed-rate FHLB advances repaid during fiscal year 2016 | $ 150,000 | ||
Unamortized deferred repayment penalties | $ 177 | ||
Federal Home Loan Bank Advances | |||
FHLB Short-term Debt [Line Items] | |||
Net Interest Expense, Short-term Borrowings | $ 39,500 | $ 44,589 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss) by Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | $ 1,655,164 | $ 1,735,985 | $ 1,696,754 | $ 1,758,404 |
Other comprehensive income (loss) | (15,130) | (32,447) | (76,614) | (69,199) |
Balance | 1,655,476 | 1,710,482 | 1,655,476 | 1,710,482 |
Unrealized gain (losses) on securities available for sale | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | 10,011 | (5,146) | (2,165) | (13,624) |
Other comprehensive loss before reclassifications, net of tax | (4,010) | 4,133 | 8,166 | 12,611 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | (4,010) | 4,133 | 8,166 | 12,611 |
Balance | 6,001 | (1,013) | 6,001 | (1,013) |
Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | (119,479) | 6,156 | (44,915) | 51,914 |
Other comprehensive loss before reclassifications, net of tax | (16,056) | (34,055) | (90,472) | (74,286) |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 4,485 | (2,789) | 4,337 | (8,316) |
Other comprehensive income (loss) | (11,571) | (36,844) | (86,135) | (82,602) |
Balance | (131,050) | (30,688) | (131,050) | (30,688) |
Defined Benefit Plan | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | (21,395) | (14,540) | (22,299) | (15,068) |
Other comprehensive loss before reclassifications, net of tax | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 451 | 264 | 1,355 | 792 |
Other comprehensive income (loss) | 451 | 264 | 1,355 | 792 |
Balance | (20,944) | (14,276) | (20,944) | (14,276) |
Total | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | (130,863) | (13,530) | (69,379) | 23,222 |
Other comprehensive loss before reclassifications, net of tax | (20,066) | (29,922) | (82,306) | (61,675) |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 4,936 | (2,525) | 5,692 | (7,524) |
Other comprehensive income (loss) | (15,130) | (32,447) | (76,614) | (69,199) |
Balance | $ (145,993) | $ (45,977) | $ (145,993) | $ (45,977) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income tax expense (benefit) | $ 6,528 | $ 4,476 | $ 13,851 | $ 16,461 | |
Reclassification out of Accumulated Other Comprehensive Income | |||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (4,936) | 2,525 | (5,692) | 7,524 | |
Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges | |||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income tax expense (benefit) | (1,192) | 741 | (1,153) | 2,210 | |
Net of income tax expense (benefit) | 4,485 | (2,789) | 4,337 | (8,316) | |
Reclassification out of Accumulated Other Comprehensive Income | Actuarial Loss | |||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Nonoperating Income (Expense) | [1] | (572) | (334) | (1,716) | (1,002) |
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Plan | |||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income tax expense (benefit) | (121) | (70) | (361) | (210) | |
Net of income tax expense (benefit) | 451 | 264 | 1,355 | 792 | |
Interest Rate Contract [Member] | Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges | |||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Interest (income) expense, effective portion | $ 5,677 | $ (3,530) | $ 5,490 | $ (10,526) | |
[1] | This item is included in the computation of net periodic pension cost. See Note 10. Defined Benefit Plan for additional disclosure. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 9 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||
Combined federal and state effective income tax rate | 16.60% | 21.90% |
Defined Benefit Plan (Component
Defined Benefit Plan (Components Of Net Periodic Benefit Cost Recognized) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Retirement Benefits [Abstract] | ||||
Interest cost | $ 699 | $ 808 | $ 2,098 | $ 2,422 |
Expected return on plan assets | (1,163) | (1,146) | (3,489) | (3,438) |
Amortization of net loss | 572 | 334 | 1,716 | 1,002 |
Net periodic cost (benefit) | $ 108 | $ (4) | $ 325 | $ (14) |
Defined Benefit Plan (Narrative
Defined Benefit Plan (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($) | |
Retirement Benefits [Abstract] | ||
Required minimum contribution | $ 0 | |
Minimum employer contributions expected during the remainder of the fiscal year. | $ 0 | $ 0 |
Defined Benefit Plan, Voluntary Contribution Amount | $ 5 |
Equity Incentive Plan (Narrativ
Equity Incentive Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares subject to options (in shares) | 3,689,900 | 3,689,900 | |
Weighted average exercise price per share | $ 13.78 | $ 13.78 | |
Weighted average grant date fair value (in dollars per share) | $ 2.59 | ||
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares approved restricted stock and performance stock units | 73,700 | ||
Expected future expense related to non-vested options outstanding, weighted average years | 1 year 6 months | ||
Restricted stock and performance stock units, non-vested | 527,364 | 527,364 | |
Restricted stock and performance stock units, non-vested, weighted average grant date fair value (in dollars per share) | $ 15.62 | $ 15.62 | |
Restricted stock units and performance stock units outstanding | 1,293,112 | 1,293,112 | |
Expected future compensation expense related to restricted stock and performance stock units outstanding | $ 2,307 | $ 2,307 | |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares approved restricted stock and performance stock units | 51,800 | ||
Expected future expense related to non-vested options outstanding, weighted average years | 1 year 7 months 6 days | ||
Restricted stock and performance stock units, non-vested | 116,300 | 116,300 | |
Restricted stock and performance stock units, non-vested, weighted average grant date fair value (in dollars per share) | $ 17.42 | $ 17.42 | |
Restricted stock units and performance stock units outstanding | 116,300 | 116,300 | |
Expected future compensation expense related to restricted stock and performance stock units outstanding | $ 1,018 | $ 1,018 | |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested options outstanding | 528,100 | 528,100 | |
Expected future expense related to non-vested options outstanding | $ 157 | $ 157 | |
Expected future expense related to non-vested options outstanding, weighted average years | 4 months 24 days |
Equity Incentive Plan Equity _2
Equity Incentive Plan Equity Incentive Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based Compensation Expense | $ 1,178 | $ 1,116 | $ 3,527 | $ 3,343 |
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based Compensation Expense | 119 | 198 | 441 | 635 |
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based Compensation Expense | 832 | 918 | 2,491 | 2,708 |
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based Compensation Expense | $ 227 | $ 0 | $ 595 | $ 0 |
Commitments And Contingent Li_3
Commitments And Contingent Liabilities (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2020 | Sep. 30, 2019 | |
Unfunded And Commitments To Originate [Line Items] | ||
Commitment to securitize and sell mortgage loans | $ 51,446 | $ 3,706 |
Unfunded Commitments, Equity Lines of Credit Including Suspended Accounts | ||
Unfunded And Commitments To Originate [Line Items] | ||
Unfunded commitments on home equity lines of credit (including commitments for suspended accounts) | 2,521,450 | |
Subject To Pending Agency Contracts | ||
Unfunded And Commitments To Originate [Line Items] | ||
Commitment to securitize and sell mortgage loans | $ 45,231 | $ 0 |
Minimum | ||
Unfunded And Commitments To Originate [Line Items] | ||
Fixed expiration of commitments to extend credit (in days) | 60 days | |
Home equity line of credit unfunded commitments expiration, years | 5 years | |
Maximum | ||
Unfunded And Commitments To Originate [Line Items] | ||
Fixed expiration of commitments to extend credit (in days) | 360 days | |
Home equity line of credit unfunded commitments expiration, years | 10 years |
Commitments And Contingent Li_4
Commitments And Contingent Liabilities (Schedule of Off Balance Sheet Risks) (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Commitments To Originate | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | $ 885,390 |
Commitments To Originate Fixed-Rate Mortgage Loans | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 472,276 |
Commitments To Originate Adjustable-Rate Mortgage Loans | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 326,523 |
Commitments To Originate Equity Loans and Lines of Credit Including Bridge Loans | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 86,591 |
Unfunded Commitments | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 2,535,531 |
Unfunded Commitments Equity Lines of Credit | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 2,507,084 |
Unfunded Commitments Construction Loans | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | $ 28,447 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for sale | $ 51,446 | $ 51,446 | $ 3,706 | ||
Available-for-sale Securities | 514,330 | 514,330 | 547,864 | ||
Performing troubled debt restructurings individually evaluated for impairment | 156,414 | 156,414 | 170,473 | ||
Allowance on performing troubled debt restructurings individually evaluated for impairment based on the present value of cash flows | 12,890 | 12,890 | 13,505 | ||
Real estate owned, net | 1,395 | 1,395 | 2,163 | ||
Cost to dispose related to properties measured at fair value included in Consolidated Statements of Condition | 88 | 88 | 146 | ||
Net gain on the sale of loans | 10,844 | $ 543 | 16,907 | $ 1,105 | |
Present Value of Cash Flows | Troubled Debt Restructuring | Performing | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Allowance on performing troubled debt restructurings individually evaluated for impairment based on the present value of cash flows | 12,890 | 12,890 | 13,399 | ||
Subject To Pending Agency Contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for sale | 45,231 | 45,231 | 0 | ||
Net gain on the sale of loans | 2,331 | $ 0 | 2,331 | $ 0 | |
Real estate loans | 43,236 | 43,236 | 0 | ||
Portion at Other than Fair Value | Present Value of Cash Flows | Troubled Debt Restructuring | Performing | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Performing troubled debt restructurings individually evaluated for impairment | 94,798 | 94,798 | 98,875 | ||
Allowance on performing troubled debt restructurings individually evaluated for impairment based on the present value of cash flows | 12,890 | 12,890 | 13,399 | ||
Portion at Other than Fair Value | Original Or Adjusted Cost Basis | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Real estate owned, net | 749 | 749 | 1,322 | ||
Fair Value, Inputs, Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for sale | 51,446 | 51,446 | 3,706 | ||
Available-for-sale Securities | 514,330 | 514,330 | 547,864 | ||
Fair Value, Inputs, Level 2 | Subject To Pending Agency Contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for sale | 45,231 | 45,231 | |||
Fair Value, Inputs, Level 2 | Portion at Other than Fair Value | Carried At Cost | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for sale | 5,908 | 5,908 | 3,666 | ||
Fair Value, Inputs, Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for sale | 0 | 0 | 0 | ||
Available-for-sale Securities | 0 | 0 | 0 | ||
Fair Value, Inputs, Level 3 | Subject To Pending Agency Contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for sale | 0 | 0 | |||
Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Liabilities carried at fair value | 0 | 0 | 0 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | U.S. Government Obligations | Market Approach Valuation Technique | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale Securities | 514,330 | 514,330 | 547,864 | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | Market Approach Valuation Technique | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Real estate owned, net | $ 734 | $ 734 | $ 987 |
Fair Value (Fair Value Of Asset
Fair Value (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Assets: | ||
Available-for-sale Securities | $ 514,330 | $ 547,864 |
Derivative | 44 | |
Liabilities: | ||
Mortgage loans held for sale | 51,446 | 3,706 |
REMIC's | ||
Assets: | ||
Available-for-sale Securities | 507,940 | 541,042 |
Fannie Mae Certificates | ||
Assets: | ||
Available-for-sale Securities | 6,390 | 6,822 |
Subject To Pending Agency Contracts | ||
Liabilities: | ||
Mortgage loans held for sale | 45,231 | 0 |
Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Derivative | 0 | |
Liabilities: | ||
Mortgage loans held for sale | 0 | 0 |
Quoted Prices In Active Markets For Identical Assets (Level 1) | Subject To Pending Agency Contracts | ||
Liabilities: | ||
Mortgage loans held for sale | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Available-for-sale Securities | 514,330 | 547,864 |
Derivative | 0 | |
Liabilities: | ||
Mortgage loans held for sale | 51,446 | 3,706 |
Significant Other Observable Inputs (Level 2) | Subject To Pending Agency Contracts | ||
Liabilities: | ||
Mortgage loans held for sale | 45,231 | |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Derivative | 44 | |
Liabilities: | ||
Mortgage loans held for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Subject To Pending Agency Contracts | ||
Liabilities: | ||
Mortgage loans held for sale | 0 | |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Total | 560,255 | 547,908 |
Liabilities: | ||
Total | 0 | 0 |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | ||
Assets: | ||
Derivative | 681 | 44 |
Fair Value, Measurements, Recurring | Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative | 13 | |
Fair Value, Measurements, Recurring | REMIC's | ||
Assets: | ||
Available-for-sale Securities | 507,940 | 541,042 |
Fair Value, Measurements, Recurring | Fannie Mae Certificates | ||
Assets: | ||
Available-for-sale Securities | 6,390 | 6,822 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Assets: | ||
Total | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Interest Rate Lock Commitments | ||
Assets: | ||
Derivative | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative | 0 | |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | REMIC's | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Fannie Mae Certificates | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Total | 559,574 | 547,864 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest Rate Lock Commitments | ||
Assets: | ||
Derivative | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative | 13 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | REMIC's | ||
Assets: | ||
Available-for-sale Securities | 507,940 | 541,042 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Fannie Mae Certificates | ||
Assets: | ||
Available-for-sale Securities | 6,390 | 6,822 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Total | 681 | 44 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Interest Rate Lock Commitments | ||
Assets: | ||
Derivative | 681 | 44 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | REMIC's | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Fannie Mae Certificates | ||
Assets: | ||
Available-for-sale Securities | $ 0 | $ 0 |
Fair Value (Fair Value Assets A
Fair Value (Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation) (Details) - Fair Value, Inputs, Level 3 - Interest Rate Lock Commitments - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 592 | $ 141 | $ 44 | $ (2) |
Gain (loss) during the period due to changes in fair value: | ||||
Ending balance | 681 | 211 | 681 | 211 |
Change in unrealized gains for the period included in earnings for assets held at the end of the reporting date | 681 | 211 | 681 | 211 |
Other Income | ||||
Gain (loss) during the period due to changes in fair value: | ||||
Included in other non-interest income | $ 89 | $ 70 | $ 637 | $ 213 |
Fair Value (Assets Measured At
Fair Value (Assets Measured At Fair Value On A Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 | |
Fair Value, Measurements, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | $ 62,350 | $ 72,479 | |
Fair Value, Measurements, Nonrecurring | Impaired Loans, Net of Allowance | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 61,616 | 71,492 | |
Fair Value, Measurements, Nonrecurring | Real Estate Owned | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | [1] | 734 | 987 |
Fair Value, Measurements, Nonrecurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Impaired Loans, Net of Allowance | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Real Estate Owned | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | [1] | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Impaired Loans, Net of Allowance | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Real Estate Owned | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | [1] | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 62,350 | 72,479 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Real Estate Owned | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | [1] | 734 | 987 |
Measurement Input, Discounted Appraised Value | Collateral Value | Significant Unobservable Inputs (Level 3) | Impaired Loans, Net of Allowance | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | $ 61,616 | $ 71,492 | |
[1] | Amounts represent fair value measurements of properties before deducting estimated costs to dispose. |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information About Significant Unobservable Inputs Categorized Within Level 3 Of The Fair Value Hierarchy) (Details) - Fair Value, Inputs, Level 3 $ in Thousands | Jun. 30, 2020USD ($) | Sep. 30, 2019USD ($) |
Collateral Value | Measurement Input, Discounted Appraised Value | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, impaired loans, net of allowance | 0 | 0 |
Collateral Value | Measurement Input, Discounted Appraised Value | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, impaired loans, net of allowance | 0.34 | 0.30 |
Collateral Value | Measurement Input, Discounted Appraised Value | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, impaired loans, net of allowance | 0.063 | 0.061 |
Collateral Value | Measurement Input, Discounted Appraised Value | Impaired Loans, Net of Allowance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 61,616 | $ 71,492 |
Secondary Market Pricing | Measurement Input, Closure Rate | Interest Rate Lock Commitments | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, interest rate lock commitments | 0 | 0 |
Secondary Market Pricing | Measurement Input, Closure Rate | Interest Rate Lock Commitments | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, interest rate lock commitments | 1 | 1 |
Secondary Market Pricing | Measurement Input, Closure Rate | Interest Rate Lock Commitments | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, interest rate lock commitments | 0.671 | 0.656 |
Secondary Market Pricing | Measurement Input, Closure Rate | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 681 | $ 44 |
Fair Value (Estimated Fair Valu
Fair Value (Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Assets: | ||
Available-for-sale Securities | $ 514,330 | $ 547,864 |
Mortgage loans held for sale | 51,446 | 3,706 |
Federal Home Loan Bank stock | 136,793 | 101,858 |
Cash collateral received from or held by counterparty | 49,478 | 44,261 |
Derivative | 44 | |
Liabilities: | ||
Borrowed funds | 3,817,335 | 3,903,032 |
Checking and Passbook Accounts | ||
Liabilities: | ||
Deposits | 2,549,265 | 2,346,847 |
Certificates of Deposit | ||
Liabilities: | ||
Deposits | 6,818,399 | 6,541,791 |
Borrowers' Advances for insurance and Taxes | ||
Liabilities: | ||
Other Liabilities | 91,104 | 103,328 |
Principal, Interest, And Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other Liabilities | 43,193 | 32,909 |
Cash and Due From Banks | ||
Assets: | ||
Cash and Cash Equivalents | 32,777 | 31,728 |
Interest Earning Cash Equivalents | ||
Assets: | ||
Cash and Cash Equivalents | 296,502 | 243,415 |
Total real estate loans | ||
Assets: | ||
Loans, net | 13,552,780 | 13,716,398 |
Other Loans | ||
Assets: | ||
Loans, net | 2,736 | 3,328 |
Accrued Interest Receivable | ||
Assets: | ||
Accrued interest receivable | 37,680 | 40,822 |
Interest Rate Lock Commitments | Fair Value, Measurements, Recurring | ||
Assets: | ||
Derivative | 681 | 44 |
Forward Commitments For Sale Of Mortgage Loans | Fair Value, Measurements, Recurring | ||
Assets: | ||
Derivative | 13 | |
Fair Value, Inputs, Level 1 | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Cash collateral received from or held by counterparty | 49,478 | 44,261 |
Derivative | 0 | |
Liabilities: | ||
Borrowed funds | 0 | 0 |
Fair Value, Inputs, Level 1 | Checking and Passbook Accounts | ||
Liabilities: | ||
Deposits | 0 | 0 |
Fair Value, Inputs, Level 1 | Certificates of Deposit | ||
Liabilities: | ||
Deposits | 0 | 0 |
Fair Value, Inputs, Level 1 | Borrowers' Advances for insurance and Taxes | ||
Liabilities: | ||
Other Liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 | Principal, Interest, And Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other Liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 | Cash and Due From Banks | ||
Assets: | ||
Cash and Cash Equivalents | 32,777 | 31,728 |
Fair Value, Inputs, Level 1 | Interest Earning Cash Equivalents | ||
Assets: | ||
Cash and Cash Equivalents | 296,502 | 243,415 |
Fair Value, Inputs, Level 1 | Total real estate loans | ||
Assets: | ||
Loans, net | 0 | 0 |
Fair Value, Inputs, Level 1 | Other Loans | ||
Assets: | ||
Loans, net | 0 | 0 |
Fair Value, Inputs, Level 1 | Accrued Interest Receivable | ||
Assets: | ||
Accrued interest receivable | 0 | 0 |
Fair Value, Inputs, Level 1 | Interest Rate Lock Commitments | Fair Value, Measurements, Recurring | ||
Assets: | ||
Derivative | 0 | 0 |
Fair Value, Inputs, Level 1 | Forward Commitments For Sale Of Mortgage Loans | Fair Value, Measurements, Recurring | ||
Assets: | ||
Derivative | 0 | |
Fair Value, Inputs, Level 2 | ||
Assets: | ||
Available-for-sale Securities | 514,330 | 547,864 |
Mortgage loans held for sale | 51,446 | 3,706 |
Federal Home Loan Bank stock | 0 | 0 |
Cash collateral received from or held by counterparty | 0 | 0 |
Derivative | 0 | |
Liabilities: | ||
Borrowed funds | 3,817,335 | 3,903,032 |
Fair Value, Inputs, Level 2 | Checking and Passbook Accounts | ||
Liabilities: | ||
Deposits | 2,549,265 | 2,346,847 |
Fair Value, Inputs, Level 2 | Certificates of Deposit | ||
Liabilities: | ||
Deposits | 6,818,399 | 6,541,791 |
Fair Value, Inputs, Level 2 | Borrowers' Advances for insurance and Taxes | ||
Liabilities: | ||
Other Liabilities | 91,104 | 103,328 |
Fair Value, Inputs, Level 2 | Principal, Interest, And Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other Liabilities | 43,193 | 32,909 |
Fair Value, Inputs, Level 2 | Cash and Due From Banks | ||
Assets: | ||
Cash and Cash Equivalents | 0 | 0 |
Fair Value, Inputs, Level 2 | Interest Earning Cash Equivalents | ||
Assets: | ||
Cash and Cash Equivalents | 0 | 0 |
Fair Value, Inputs, Level 2 | Total real estate loans | ||
Assets: | ||
Loans, net | 0 | 0 |
Fair Value, Inputs, Level 2 | Other Loans | ||
Assets: | ||
Loans, net | 0 | 0 |
Fair Value, Inputs, Level 2 | Accrued Interest Receivable | ||
Assets: | ||
Accrued interest receivable | 37,680 | 40,822 |
Fair Value, Inputs, Level 2 | Interest Rate Lock Commitments | Fair Value, Measurements, Recurring | ||
Assets: | ||
Derivative | 0 | 0 |
Fair Value, Inputs, Level 2 | Forward Commitments For Sale Of Mortgage Loans | Fair Value, Measurements, Recurring | ||
Assets: | ||
Derivative | 13 | |
Fair Value, Inputs, Level 3 | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Cash collateral received from or held by counterparty | 0 | 0 |
Derivative | 44 | |
Liabilities: | ||
Borrowed funds | 0 | 0 |
Fair Value, Inputs, Level 3 | Checking and Passbook Accounts | ||
Liabilities: | ||
Deposits | 0 | 0 |
Fair Value, Inputs, Level 3 | Certificates of Deposit | ||
Liabilities: | ||
Deposits | 0 | 0 |
Fair Value, Inputs, Level 3 | Borrowers' Advances for insurance and Taxes | ||
Liabilities: | ||
Other Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 | Principal, Interest, And Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 | Cash and Due From Banks | ||
Assets: | ||
Cash and Cash Equivalents | 0 | 0 |
Fair Value, Inputs, Level 3 | Interest Earning Cash Equivalents | ||
Assets: | ||
Cash and Cash Equivalents | 0 | 0 |
Fair Value, Inputs, Level 3 | Total real estate loans | ||
Assets: | ||
Loans, net | 13,552,780 | 13,716,398 |
Fair Value, Inputs, Level 3 | Other Loans | ||
Assets: | ||
Loans, net | 2,736 | 3,328 |
Fair Value, Inputs, Level 3 | Accrued Interest Receivable | ||
Assets: | ||
Accrued interest receivable | 0 | 0 |
Fair Value, Inputs, Level 3 | Interest Rate Lock Commitments | Fair Value, Measurements, Recurring | ||
Assets: | ||
Derivative | 681 | 44 |
Fair Value, Inputs, Level 3 | Forward Commitments For Sale Of Mortgage Loans | Fair Value, Measurements, Recurring | ||
Assets: | ||
Derivative | 0 | |
Carrying Amount | ||
Assets: | ||
Available-for-sale Securities | 514,330 | 547,864 |
Mortgage loans held for sale | 51,139 | 3,666 |
Federal Home Loan Bank stock | 136,793 | 101,858 |
Cash collateral received from or held by counterparty | 49,478 | 44,261 |
Derivative | 44 | |
Liabilities: | ||
Borrowed funds | 3,759,148 | 3,902,981 |
Carrying Amount | Checking and Passbook Accounts | ||
Liabilities: | ||
Deposits | 2,549,265 | 2,346,847 |
Carrying Amount | Certificates of Deposit | ||
Liabilities: | ||
Deposits | 6,680,846 | 6,419,537 |
Carrying Amount | Borrowers' Advances for insurance and Taxes | ||
Liabilities: | ||
Other Liabilities | 91,104 | 103,328 |
Carrying Amount | Principal, Interest, And Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other Liabilities | 43,193 | 32,909 |
Carrying Amount | Cash and Due From Banks | ||
Assets: | ||
Cash and Cash Equivalents | 32,777 | 31,728 |
Carrying Amount | Interest Earning Cash Equivalents | ||
Assets: | ||
Cash and Cash Equivalents | 296,502 | 243,415 |
Carrying Amount | Total real estate loans | ||
Assets: | ||
Loans, net | 13,372,718 | 13,192,579 |
Carrying Amount | Other Loans | ||
Assets: | ||
Loans, net | 2,720 | 3,166 |
Carrying Amount | Accrued Interest Receivable | ||
Assets: | ||
Accrued interest receivable | $ 37,680 | $ 40,822 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jun. 30, 2020USD ($) | Sep. 30, 2019USD ($)contracts | |
Derivative [Line Items] | ||
Estimated amount to be reclassed in the next 12 months as an increase to expense | $ 46,282 | |
Not Designated as Hedging Instrument | Forward Commitments For Sale Of Mortgage Loans | ||
Derivative [Line Items] | ||
Derivative, number of instruments held | contracts | 0 | |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | ||
Derivative [Line Items] | ||
Fair Value | $ 694 | $ 44 |
Cash Flow Hedge | Designated as Hedging Instrument | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative, weighted average terms | 3 years 3 months 18 days | 3 years 8 months 12 days |
Derivative, weighted average fixed-rate interest payments | 1.80% | 1.92% |
Fair Value | $ 0 | $ 0 |
Derivative Instruments (Schedul
Derivative Instruments (Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 57,400 | $ 10,358 |
Fair Value | 694 | 44 |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 14,164 | 10,358 |
Fair Value | 681 | 44 |
Cash Flow Hedge | Designated as Hedging Instrument | Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 3,075,000 | 2,750,000 |
Fair Value | 0 | 0 |
Cash Flow Hedge | Designated as Hedging Instrument | Interest Rate Swap | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 0 | 825,000 |
Fair Value | 0 | 0 |
Cash Flow Hedge | Designated as Hedging Instrument | Interest Rate Swap | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 3,075,000 | 1,925,000 |
Fair Value | $ 0 | $ 0 |
Derivative Instruments (Sched_2
Derivative Instruments (Schedule Of Effect Of Derivative Instruments, Gain (Loss) In Statement Of Financial Performance) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Designated as Hedging Instrument | Cash Flow Hedge | Interest Expense | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of gain/(loss) reclassified from AOCI | $ (5,677) | $ 3,530 | $ (5,490) | $ 10,526 |
Designated as Hedging Instrument | Cash Flow Hedge | Other Comprehensive Income (Loss) | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain (Loss) Recognized, Effective Portion | (20,324) | (43,108) | (114,522) | (94,033) |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | Other Income | ||||
Derivatives, Fair Value [Line Items] | ||||
Total | $ 89 | $ 70 | $ 637 | $ 213 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Narrative) (Details) - Accounting Standards Update 2016-13 | Jun. 30, 2020 |
Minimum | |
Retained Earnings Adjustments [Line Items] | |
Change In Allowance For Credit Losses And Reserve For Unfunded Commitments, Percentage | 120.00% |
Maximum | |
Retained Earnings Adjustments [Line Items] | |
Change In Allowance For Credit Losses And Reserve For Unfunded Commitments, Percentage | 150.00% |