Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2018 | Jan. 24, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | WASHINGTON FEDERAL INC | |
Entity Central Index Key | 936,528 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 81,112,469 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 283,375 | $ 268,650 |
Available-for-sale securities, at fair value | 1,451,340 | |
Available-for-sale securities, at fair value | 1,314,957 | |
Held-to-maturity securities, at amortized cost | 1,586,815 | 1,625,420 |
Loans receivable, net of allowance for loan losses of $131,165 and $129,257 | 11,700,239 | 11,477,081 |
Interest receivable | 48,207 | 47,295 |
Premises and equipment, net | 276,683 | 267,995 |
Real estate owned | 8,171 | 11,298 |
FHLB and FRB stock | 135,590 | 127,190 |
Bank owned life insurance | 217,751 | 216,254 |
Intangible assets, including goodwill of $301,368 and $301,368 | 310,776 | 311,286 |
Federal and state income tax assets, net | 0 | 1,804 |
Other assets | 169,179 | 196,494 |
Assets | 16,188,126 | 15,865,724 |
Customer accounts | ||
Transaction deposit accounts | 6,744,346 | 6,582,343 |
Time deposit accounts | 4,817,346 | 4,804,803 |
Customer accounts | 11,561,692 | 11,387,146 |
FHLB advances | 2,540,000 | 2,330,000 |
Advance payments by borrowers for taxes and insurance | 21,165 | 57,417 |
Federal and state income tax assets, net | 7,388 | 0 |
Accrued expenses and other liabilities | 74,792 | 94,253 |
Liabilities | 14,205,037 | 13,868,816 |
Stockholders’ equity | ||
Common stock, $1.00 par value, 300,000,000 shares authorized; 135,496,280 and 135,343,417 shares issued; 81,123,582 and 82,710,911 shares outstanding | 135,496 | 135,343 |
Additional paid-in capital | 1,668,666 | 1,666,609 |
Accumulated other comprehensive income (loss), net of taxes | 2,891 | 8,294 |
Treasury stock, at cost; 54,372,698 and 52,632,506 shares | (1,051,239) | (1,002,309) |
Retained earnings | 1,227,275 | 1,188,971 |
Stockholders’ equity | 1,983,089 | 1,996,908 |
Liabilities and equity | $ 16,188,126 | $ 15,865,724 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $ 131,165 | $ 129,257 |
Goodwill | $ 301,368 | $ 301,368 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 135,496,280 | 135,343,417 |
Common stock, shares outstanding (in shares) | 81,123,582 | 82,710,911 |
Treasury stock, shares (in shares) | 54,372,698 | 52,632,506 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
INTEREST INCOME | ||
Loans receivable | $ 137,065,000 | $ 124,511,000 |
Mortgage-backed securities | 19,192,000 | 16,899,000 |
Investment securities and cash equivalents | 6,365,000 | 4,370,000 |
Interest income | 162,622,000 | 145,780,000 |
INTEREST EXPENSE | ||
Customer accounts | 26,579,000 | 14,638,000 |
FHLB advances | 16,891,000 | 15,407,000 |
Interest expense | 43,470,000 | 30,045,000 |
Net interest income | 119,152,000 | 115,735,000 |
Provision (release) for loan losses | (500,000) | 0 |
Net interest income after provision (release) for loan losses | 119,652,000 | 115,735,000 |
OTHER INCOME | ||
Gain (loss) on sale of investment securities | (9,000) | 0 |
FDIC loss share valuation adjustments | 0 | (8,550,000) |
Loan fee income | 970,000 | 1,035,000 |
Deposit fee income | 6,243,000 | 6,686,000 |
Other income | 11,805,000 | 7,624,000 |
Other income, total | 19,009,000 | 6,795,000 |
OTHER EXPENSE | ||
Compensation and benefits | 33,883,000 | 29,619,000 |
Occupancy | 9,268,000 | 8,671,000 |
FDIC insurance premiums | 2,862,000 | 2,820,000 |
Product delivery | 4,021,000 | 3,956,000 |
Information technology | 9,040,000 | 7,929,000 |
Other expense | 12,598,000 | 8,946,000 |
Other expense, total | 71,672,000 | 61,941,000 |
Gain (loss) on real estate owned, net | 320,000 | 46,000 |
Income before income taxes | 67,309,000 | 60,635,000 |
Income tax expense | 14,367,000 | 8,965,000 |
NET INCOME | $ 52,942,000 | $ 51,670,000 |
PER SHARE DATA | ||
Basic earnings per share (in dollars per share) | $ 0.65 | $ 0.59 |
Diluted earnings per share (in dollars per share) | 0.65 | 0.59 |
Dividends paid on common stock per share (in dollars per share) | $ 0.18 | $ 0.15 |
Basic weighted average number of shares outstanding (in shares) | 81,791,852 | 86,938,095 |
Diluted weighted average number of shares outstanding (in shares) | 81,831,478 | 87,082,499 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 52,942 | $ 51,670 |
Other comprehensive income (loss) net of tax: | ||
Net unrealized gain (loss) on available-for-sale investment securities | 3,515 | (1,964) |
Reclassification adjustment of net gain (loss) from sale of available-for-sale securities included in net income | (9) | 0 |
Related tax benefit (expense) | (799) | 722 |
Other comprehensive income (loss) on available-for-sale securities, net of tax | 2,707 | (1,242) |
Net unrealized gain (loss) on cash flow hedges of borrowings | (10,499) | 6,690 |
Related tax benefit (expense) | 2,389 | (2,459) |
Other comprehensive income (loss) on cash flow hedges of borrowings, net of tax | (8,110) | 4,231 |
Other comprehensive income (loss) net of tax | (5,403) | 2,989 |
Comprehensive income | $ 47,539 | $ 54,659 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Balance, beginning of period at Sep. 30, 2017 | $ 2,005,688 | $ 134,958 | $ 1,660,885 | $ 1,042,890 | $ 5,015 | $ (838,060) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 51,670 | 51,670 | ||||
Other comprehensive income (loss) | 2,989 | 2,989 | ||||
Dividends on common stock | (13,043) | (13,043) | ||||
Proceeds from stock-based awards | 286 | 14 | 272 | |||
Stock-based compensation expense | 1,012 | 194 | 818 | |||
Exercise of stock warrants | 0 | 109 | (109) | |||
Treasury stock acquired | (38,984) | (38,984) | ||||
Balance, end of period at Dec. 31, 2017 | 2,009,618 | 135,275 | 1,661,866 | 1,081,517 | 8,004 | (877,044) |
Balance, beginning of period at Sep. 30, 2018 | 1,996,908 | 135,343 | 1,666,609 | 1,188,971 | 8,294 | (1,002,309) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 52,942 | 52,942 | ||||
Other comprehensive income (loss) | (5,403) | (5,403) | ||||
Dividends on common stock | (14,638) | (14,638) | ||||
Proceeds from stock-based awards | 459 | 17 | 442 | |||
Stock-based compensation expense | 1,751 | 97 | 1,654 | |||
Exercise of stock warrants | 0 | 39 | (39) | |||
Treasury stock acquired | (48,930) | (48,930) | ||||
Balance, end of period at Dec. 31, 2018 | $ 1,983,089 | $ 135,496 | $ 1,668,666 | $ 1,227,275 | $ 2,891 | $ (1,051,239) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 52,942,000 | $ 51,670,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization, and accretion expense, net | 7,388,000 | 15,273,000 |
Stock-based compensation expense | 1,751,000 | 1,012,000 |
Provision (release) for loan losses | (500,000) | 0 |
Loss (gain) on sale of investment securities | 9,000 | 0 |
Decrease (increase) in accrued interest receivable | (912,000) | (503,000) |
Decrease (increase) in federal and state income tax receivable | 1,804,000 | 0 |
Decrease (increase) in cash surrender value of bank owned life insurance | (1,497,000) | (1,571,000) |
Gain on bank owned life insurance | 0 | (2,416,000) |
Net realized (gain) loss on sales of premises, equipment, and real estate owned | (7,054,000) | (241,000) |
Decrease (increase) in other assets | 16,816,000 | (7,715,000) |
Increase (decrease) in accrued expenses and other liabilities | (10,482,000) | 2,595,000 |
Net cash provided by (used in) operating activities | 60,265,000 | 58,104,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Origination of loans and principal repayments, net | (222,257,000) | (80,089,000) |
Loans purchased | 0 | (143,605,000) |
FHLB & FRB stock purchased | (164,200,000) | (123,600,000) |
FHLB & FRB stock redeemed | 155,800,000 | 116,000,000 |
Available-for-sale securities purchased | (172,076,000) | |
Available-for-sale securities purchased | (40,884,000) | |
Principal payments and maturities of available-for-sale securities | 38,118,000 | 58,261,000 |
Proceeds from sales of available-for-sale securities | 491,000 | 0 |
Proceeds from sales of available-for-sale securities | 0 | |
Held-to-maturity securities purchased | 0 | (170,836,000) |
Principal payments and maturities of held-to-maturity securities | 37,736,000 | 50,653,000 |
Proceeds from sales of real estate owned | 3,915,000 | 3,440,000 |
Proceeds from settlement of bank owned life insurance | 0 | 3,484,000 |
Proceeds from sales of premises and equipment | 10,233,000 | 1,000 |
Premises and equipment purchased and REO improvements | (18,562,000) | (6,485,000) |
Net cash provided by (used in) investing activities | (330,802,000) | (333,660,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase (decrease) in customer accounts | 174,623,000 | 166,647,000 |
Proceeds from borrowings | 4,105,000,000 | 3,090,000,000 |
Repayments of borrowings | (3,895,000,000) | (2,900,000,000) |
Proceeds from stock-based awards | 459,000 | 286,000 |
Dividends paid on common stock | (14,638,000) | (13,043,000) |
Treasury stock purchased | (48,930,000) | (38,984,000) |
Increase (decrease) in borrower advances related to taxes and insurance, net | (36,252,000) | (32,707,000) |
Net cash provided by (used in) financing activities | 285,262,000 | 272,199,000 |
Increase (decrease) in cash and cash equivalents | 14,725,000 | (3,357,000) |
Cash, cash equivalents and restricted cash at beginning of period | 268,650,000 | 313,070,000 |
Cash, cash equivalents and restricted cash at end of period | 283,375,000 | 309,713,000 |
Non-cash investing activities | ||
Real estate acquired through foreclosure | 116,000 | 773,000 |
Non-cash financing activities | ||
Stock issued upon exercise of warrants | 1,082,000 | 3,761,000 |
Cash paid during the period for | ||
Interest | 44,177,000 | 29,986,000 |
Income taxes | $ 0 | $ 5,225,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations - Washington Federal, Inc. (the "Company") is a Washington corporation headquartered in Seattle, Washington. The Company is a bank holding company that conducts its operations through its national bank subsidiary, Washington Federal, National Association (the "Bank"). The Bank is principally engaged in the business of attracting deposits from businesses and the general public and investing these funds, together with borrowings and other funds, in commercial and consumer loans. As used throughout this document, the terms "Washington Federal" or the "Company" refer to Washington Federal, Inc. and its consolidated subsidiaries and the term "Bank" refers to the operating subsidiary Washington Federal, National Association. Basis of Presentation - The Company has prepared the consolidated unaudited interim financial statements included in this report. All intercompany transactions and accounts have been eliminated in consolidation. The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires management to make estimates and assumptions that affect amounts reported in the financial statements. Actual results could differ from these estimates. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation are reflected in the interim financial statements. Certain amounts in the financial statements from prior periods have been reclassified to conform to the current financial statement presentation. The information included in this Form 10-Q should be read in conjunction with the financial statements and related notes in the Company's 2018 Annual Report on Form 10-K (“ 2018 Annual Financial Statements”). Interim results are not necessarily indicative of results for a full year. Summary of Significant Accounting Policies - The significant accounting policies used in preparation of the Company's consolidated financial statements are disclosed in its 2018 Annual Financial Statements. There have not been any material changes in the Company's significant accounting policies compared to those contained in its 2018 Annual Financial Statements for the year ended September 30, 2018 . Restricted Cash Balances - Based on the level of daily average deposits, the Company is currently not required to maintain cash reserve balances with the Federal Reserve Bank. As of December 31, 2018 and September 30, 2018 , the Company pledged cash collateral related to derivative contracts of $18,000,000 and $18,000,000 , respectively. Off-Balance-Sheet Credit Exposures - The only material off-balance-sheet credit exposures are loans in process and unused lines of credit, which had a combined balance of $2,116,196,000 and $2,180,162,000 at December 31, 2018 and September 30, 2018 , respectively. The Company estimates losses on off-balance-sheet credit exposures by allocating a loss percentage derived from historical loss factors for each asset class. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract . The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amendments also require the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement, including reasonably certain renewal periods. The amendments in the ASU are effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. The Company is assessing the impact that this guidance will have on its consolidated financial statements. In August 2018, the FASB issued ASU No.2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . This ASU adds, eliminates, and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The ASU is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. Entities are also allowed to elect early adoption of the eliminated or modified disclosure requirements and delay adoption of the added disclosure requirements until their effective date. As the ASU only revises disclosure requirements, this guidance will not have a material impact on the Company's consolidated financial statements. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842) - Targeted Improvements to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU No. 2016-02. Specifically, under the amendments in ASU 2018-11: (1) entities may elect not to recast the comparative periods presented when transitioning to the new leasing standard, and (2) lessors may elect to not separate non-lease components from leases when certain conditions are met. The amendments have the same effective date as ASU 2016-02 (October 1, 2019 for the Company). The Company expects to elect both transition options. ASU 2018-11 is not expected to have a material impact on the Company's consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The ASU expands and refines hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements, and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The effective date of the new standard for public companies is for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition with a cumulative effect adjustment recorded to opening retained earnings as of the initial adoption date. The Company early adopted this ASU beginning October 1, 2018. The adoption did not result in a cumulative effect adjustment to the opening balance of retained earnings and accumulated other comprehensive income. See Note G Derivatives and Hedging Activities for additional information. In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. The ASU shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. If an entity early adopts in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments should be applied on a modified retrospective basis, with a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Effective October 1, 2018, the Company early adopted this ASU and it did not have a material impact on its consolidated financial statements . In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The ASU clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. The amendments also define the term in substance nonfinancial asset. The amendments clarify that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. A contract that includes the transfer of ownership interests in one or more consolidated subsidiaries is within the scope of Subtopic 610-20 if substantially all of the fair value of the assets that are promised to the counterparty in a contract is concentrated in nonfinancial assets. The amendments clarify that an entity should identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a counterparty and derecognize each asset when a counterparty obtains control of it. The ASU is effective for public business entities for annual periods beginning after December 15, 2017, and interim periods therein. Entities may use either a full or modified retrospective approach to adopt the ASU. Effective October 1, 2018, the Company adopted this ASU and it did not have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash: a Consensus of the FASB Emerging Issues Task Force . This ASU requires a company’s cash flow statement to explain the changes during a reporting period of the totals for cash, cash equivalents, restricted cash, and restricted cash equivalents. Additionally, amounts for restricted cash and restricted cash equivalents are to be included with cash and cash equivalents if the cash flow statement includes a reconciliation of the total cash balances for a reporting period. This ASU is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2017, with early application permitted. Effective October 1, 2018, the Company adopted this ASU and applied the retrospective transition method to each period presented. The Company does not present restricted cash as a separate line item in the statement of financial position, therefore, there was no change to the presentation of cash on the statement of cash flows. The nature and amount of restricted cash is shown in Note A, Summary of Significant Accounting Policies . In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. The amendments in this ASU address eight specific cash flow issues with the objective of reducing diversity in practice. The specific issues identified include: debt prepayments or extinguishment costs; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies ("BOLI")); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period; however, early adoption is permitted. Effective October 1, 2018, the Company adopted this ASU and applied the retrospective transition method to each period presented. The Company previously classified proceeds from the settlement of BOLI policies in the manner required by the ASU so there was no change to the consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses . The amendments in this ASU were issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investments in leases and other commitments to extend credit held by a reporting entity at each reporting date. The amendments require that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The ASU eliminates the current framework of recognizing probable incurred losses and instead requires an entity to use its current estimate of all expected credit losses over the contractual life. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets. For purchased financial assets with a more-than-insignificant amount of credit deterioration since origination (“PCD assets”) that are measured at amortized cost, an allowance for expected credit losses is recorded as an adjustment to the cost basis of the asset. Subsequent changes in estimated cash flows would be recorded as an adjustment to the allowance and through the statement of income. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security's cost basis. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For most debt securities, the transition approach requires a cumulative-effect adjustment to the statement of financial position as of the beginning of the first reporting period the guidance is effective. For other-than-temporarily impaired debt securities and PCD assets, the guidance will be applied prospectively. While the Company is currently in the process of evaluating the impact of the amended guidance on its consolidated financial statements, it currently expects the ALLL to increase upon adoption given that the allowance will be required to cover the full remaining expected life of the portfolio upon adoption, rather than the incurred loss model under current U.S. GAAP. The extent of this increase is still being evaluated and will depend on economic conditions and the composition of the Company’s loan and lease portfolio at the time of adoption. In February 2016, the FASB issued ASU 2016-02, Leases . The amendments require lessees to recognize a lease liability, which is a lessee's obligation to make lease payments arising from a lease, and a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. The guidance also simplifies the accounting for sale and leaseback transactions. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently in the process of accumulating the lease data necessary to apply the amended guidance. The Company is continuing to evaluate the impact of the amended guidance on its consolidated financial statements, but the effects of recognizing most operating leases is not expected to be material. The Company expects to recognize right-of-use assets and lease liabilities for substantially all of its operating lease commitments based on the present value of unpaid lease payments as of the date of adoption. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . The amendments in this ASU require a number of changes including the following: (1) requires equity investments to be measured at fair value with changes in fair value recognized in net income; (2) allows equity investments without readily determinable fair values to be measured at cost less impairment, if any, plus or minus changes in observable prices (referred to as the "measurement alternative"); and (3) changes certain presentation and disclosure requirements for financial instruments, including using the exit price notion when measuring the fair value of financial instruments. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period. Effective October 1, 2018, the Company adopted this ASU and it did not have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (ASC 606) . As amended, the guidance in this update supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the industry topics of the codification. Effective October 1, 2018, the Company adopted this ASU and its related amendments using the modified retrospective method for all contracts that have not been completed (i.e. open contracts). As such, any comparative information has not been adjusted and continues to be reported under Topic 605. There was no cumulative effect adjustment as of October 1, 2018. The Company evaluated the guidance and concluded that substantially all of its revenue streams are outside of the scope of ASC 606. As such, the guidance did not have a material impact on its consolidated financial statements or result in a material change to its disclosures. See more information in Note H, Revenue from Contracts with Customers. |
Dividends and Share Repurchases
Dividends and Share Repurchases | 3 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Dividends and Share Repurchases | Dividends and Share Repurchases On November 23, 2018 , the Company paid a regular dividend on common stock of $0.18 per share, which represented the 143 rd consecutive quarterly cash dividend. Dividends per share were $ 0.18 and $ 0.15 for the quarters ended December 31, 2018 and 2017 , respectively. On January 16, 2019 , the Company declared a regular dividend on common stock of $0.20 per share, which represents its 144 th consecutive quarterly cash dividend. This dividend will be paid on February 22, 2019 to common shareholders of record on February 8, 2019 . For the three months ended December 31, 2018 , the Company repurchased 1,740,192 shares at an average price of $28.12 . As of December 31, 2018 , there are 292,406 remaining shares authorized to be repurchased under the current Board approved share repurchase program. On January 16, 2019 the Board authorized an additional 10,000,000 shares for repurchase under the program. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable The following table is a summary of loans receivable. December 31, 2018 September 30, 2018 (In thousands) (In thousands) Gross loans by category Single-family residential $ 5,844,963 44.9 % $ 5,798,966 45.1 % Construction 1,841,674 14.1 1,890,668 14.7 Construction - custom 607,071 4.7 624,479 4.9 Land - acquisition & development 181,323 1.4 155,204 1.2 Land - consumer lot loans 100,563 0.8 102,036 0.8 Multi-family 1,405,172 10.8 1,385,125 10.8 Commercial real estate 1,526,887 11.7 1,452,168 11.3 Commercial & industrial 1,213,738 9.3 1,140,874 8.9 HELOC 136,856 1.1 130,852 1.0 Consumer 162,221 1.2 173,306 1.3 Total gross loans 13,020,468 100 % 12,853,678 100 % Less: Allowance for loan losses 131,165 129,257 Loans in process 1,138,308 1,195,506 Net deferred fees, costs and discounts 50,756 51,834 Total loan contra accounts 1,320,229 1,376,597 Net loans $ 11,700,239 $ 11,477,081 The following table sets forth information regarding non-accrual loans. December 31, 2018 September 30, 2018 (In thousands, except ratio data) Non-accrual loans: Single-family residential $ 24,748 48.1 % $ 27,643 49.6 % Construction 1,380 2.7 2,427 4.4 Land - acquisition & development 438 0.9 920 1.7 Land - consumer lot loans 785 1.5 787 1.4 Commercial real estate 9,478 18.4 8,971 16.1 Commercial & industrial 13,995 27.2 14,394 25.8 HELOC 599 1.2 523 0.9 Consumer 27 0.1 21 — Total non-accrual loans $ 51,450 100 % $ 55,686 100 % % of total net loans 0.44 % 0.49 % The Company recognized interest income on non-accrual loans of approximately $843,000 in the three months ended December 31, 2018 . Had these loans been on accrual status and performed according to their original contract terms, the Company would have recognized interest income of approximately $587,000 for the three months ended December 31, 2018 . Recognized interest income for the three months ended December 31, 2018 was higher than what otherwise would have been collected in the period due to the collection of past due amounts. Interest cash flows collected on non-accrual loans vary from period to period as those loans are brought current or are paid off. The following tables provide details regarding delinquent loans. December 31, 2018 Loans Receivable Days Delinquent Based on $ Amount of Loans % based on $ Type of Loan Net of Loans In Process Current 30 60 90 Total Delinquent (In thousands, except ratio data) Single-family residential $ 5,844,383 $ 5,817,233 $ 5,857 $ 5,019 $ 16,274 $ 27,150 0.46 % Construction 1,047,229 1,045,849 — — 1,380 1,380 0.13 Construction - custom 299,622 299,622 — — — — — Land - acquisition & development 145,635 145,443 — — 192 192 0.13 Land - consumer lot loans 100,440 99,957 — — 483 483 0.48 Multi-family 1,405,149 1,403,524 974 651 — 1,625 0.12 Commercial real estate 1,526,887 1,520,083 1,757 2,942 2,105 6,804 0.45 Commercial & industrial 1,213,738 1,203,436 283 234 9,785 10,302 0.85 HELOC 136,856 135,488 411 569 388 1,368 1.00 Consumer 162,221 161,946 121 125 29 275 0.17 Total Loans $ 11,882,160 $ 11,832,581 $ 9,403 $ 9,540 $ 30,636 $ 49,579 0.42 % Delinquency % 99.58% 0.08% 0.08% 0.26% 0.42% September 30, 2018 Loans Receivable Days Delinquent Based on $ Amount of Loans % based on $ Type of Loan Net of Loans In Process Current 30 60 90 Total Delinquent (In thousands, except ratio data) Single-family residential $ 5,798,353 $ 5,768,253 $ 7,983 $ 3,562 $ 18,555 $ 30,100 0.52 % Construction 1,062,855 1,060,428 — — 2,427 2,427 0.23 Construction - custom 289,192 289,192 — — — — — Land - acquisition & development 123,560 122,620 — 270 670 940 0.76 Land - consumer lot loans 101,908 101,294 144 117 353 614 0.60 Multi-family 1,385,103 1,385,103 — — — — — Commercial real estate 1,452,169 1,448,946 316 1,767 1,140 3,223 0.22 Commercial & industrial 1,140,874 1,130,836 — — 10,038 10,038 0.88 HELOC 130,852 129,510 567 469 306 1,342 1.03 Consumer 173,306 172,777 172 328 29 529 0.31 Total Loans $ 11,658,172 $ 11,608,959 $ 9,182 $ 6,513 $ 33,518 $ 49,213 0.42 % Delinquency % 99.58% 0.08% 0.06% 0.29% 0.42% The percentage of total delinquent loans was 0.42% as of December 31, 2018 and 0.42% as of September 30, 2018 . There are no loans greater than 90 days delinquent and still accruing interest as of either date. The following table provides information related to loans restructured in a troubled debt restructuring ("TDR") during the periods presented: Three Months Ended December 31, 2018 2017 Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment ($ in thousands) ($ in thousands) Troubled Debt Restructurings: Single-family residential 1 $ 283 $ 283 8 $ 2,012 $ 2,012 Commercial & Industrial — — — 3 7,256 7,256 1 $ 283 $ 283 11 $ 9,268 $ 9,268 The following table provides information on payment defaults occurring during the periods presented where the loan had been modified in a TDR within 12 months of the payment default. Three Months Ended December 31, 2018 2017 Number of Recorded Number of Recorded Contracts Investment Contracts Investment ($ in thousands) ($ in thousands) Trouble Debt Restructurings That Subsequently Defaulted: Single-family residential 1 $ 543 1 $ 44 1 $ 543 1 $ 44 Most loans restructured in TDRs are accruing and performing loans where the borrower has proactively approached the Company about modification due to temporary financial difficulties. As of December 31, 2018 , 96.0% of the Company's $149,693,000 in TDRs were classified as performing. Each request for modification is individually evaluated for merit and likelihood of success. The concession granted in a loan modification is typically a payment reduction through a rate reduction of between 100 to 200 basis points for a specific term, usually six to twenty four months. Interest-only payments may also be approved during the modification period. Principal forgiveness is not an available option for restructured loans. As of December 31, 2018 , single-family residential loans comprised 89.4% of TDRs. The Company reserves for restructured loans within its allowance for loan loss methodology by taking into account the following performance indicators: 1) time since modification, 2) current payment status and 3) geographic area. |
Allowance for Losses on Loans
Allowance for Losses on Loans | 3 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Allowance for Losses on Loans | Allowance for Losses on Loans The following tables summarize the activity in the allowance for loan losses. Three Months Ended December 31, 2018 Beginning Allowance Charge-offs Recoveries Provision & Transfers Ending Allowance (In thousands) Single-family residential $ 33,033 $ (25 ) $ 230 $ (1,754 ) $ 31,484 Construction 31,317 — — 146 31,463 Construction - custom 1,842 — — 84 1,926 Land - acquisition & development 7,978 — 1,782 (604 ) 9,156 Land - consumer lot loans 2,164 (72 ) 265 (213 ) 2,144 Multi-family 8,329 — — (445 ) 7,884 Commercial real estate 11,852 (339 ) 525 673 12,711 Commercial & industrial 28,702 (179 ) 33 1,723 30,279 HELOC 781 (886 ) 1 1,168 1,064 Consumer 3,259 (140 ) 213 (278 ) 3,054 $ 129,257 $ (1,641 ) $ 3,049 $ 500 $ 131,165 Three Months Ended December 31, 2017 Beginning Allowance Charge-offs Recoveries Provision & Transfers Ending Allowance (In thousands) Single-family residential $ 36,892 $ (461 ) $ 121 $ (624 ) $ 35,928 Construction 24,556 — — 658 25,214 Construction - custom 1,944 (50 ) — 158 2,052 Land - acquisition & development 6,829 — 3,372 (2,846 ) 7,355 Land - consumer lot loans 2,649 (47 ) — 304 2,906 Multi-family 7,862 — — 42 7,904 Commercial real estate 11,818 — — (193 ) 11,625 Commercial & industrial 28,524 (116 ) 55 805 29,268 HELOC 855 — — (47 ) 808 Consumer 1,144 (78 ) 286 2,743 4,095 $ 123,073 $ (752 ) $ 3,834 $ 1,000 $ 127,155 The Company recorded a release of loan loss allowance of $500,000 for the three months ended December 31, 2018 , compared with no provision for loan losses for the three months ended December 31, 2017 . Reserving for new loan originations as the loan portfolio grows has been largely offset by recoveries of previously charged-off loans. Recoveries, net of charge-offs, totaled $1,408,000 for the three months ended December 31, 2018 , compared to net recoveries of $3,082,000 during the three months ended December 31, 2017 . Non-performing assets were $62,730,000 , or 0.39% , of total assets at December 31, 2018 , compared to $70,093,000 , or 0.44% , of total assets at September 30, 2018 . Non-accrual loans were $51,450,000 at December 31, 2018 , compared to $55,686,000 at September 30, 2018 . Delinquencies, as a percent of total loans, were 0.42% at December 31, 2018 , compared to 0.42% at September 30, 2018 . The reserve for unfunded commitments was $6,250,000 as of December 31, 2018 , which is a decrease from $7,250,000 at September 30, 2018 . Management believes the allowance for loan losses plus the reserve for unfunded commitments, totaling $137,415,000 , or 1.06% of gross loans as of December 31, 2018 , is sufficient to absorb estimated losses inherent in the portfolio of loans and unfunded commitments. The following tables show loans collectively and individually evaluated for impairment and the related allocation of general and specific reserves. December 31, 2018 Loans Collectively Evaluated for Impairment Loans Individually Evaluated for Impairment Allowance Allocation Recorded Investment of Loans Ratio Allowance Allocation Recorded Investment of Loans Ratio (In thousands, except ratio data) (In thousands, except ratio data) Single-family residential $ 31,484 $ 5,833,667 0.5 % $ — $ 16,259 — % Construction 31,463 1,045,849 3.0 — 1,380 — Construction - custom 1,926 299,622 0.6 — — — Land - acquisition & development 9,147 145,197 6.3 9 438 2.1 Land - consumer lot loans 2,144 95,628 2.2 — 303 — Multi-family 7,880 1,404,714 0.6 4 435 0.9 Commercial real estate 12,569 1,512,064 0.8 142 14,823 1.0 Commercial & industrial 29,934 1,199,565 2.5 345 14,206 2.4 HELOC 1,064 135,369 0.8 — 519 — Consumer 3,054 161,958 1.9 — 162 — $ 130,665 $ 11,833,633 1.1 % $ 500 $ 48,525 1.0 % September 30, 2018 Loans Collectively Evaluated for Impairment Loans Individually Evaluated for Impairment Allowance Allocation Recorded Investment of Loans Ratio Allowance Allocation Recorded Investment of Loans Ratio (In thousands, except ratio data) (In thousands, except ratio data) Single-family residential $ 33,033 $ 5,782,870 0.6 % $ — $ 21,345 — % Construction 31,317 1,060,428 3.0 — 2,427 — Construction - custom 1,842 289,192 0.6 — — — Land - acquisition & development 7,969 122,639 6.5 9 920 1.0 Land - consumer lot loans 2,164 96,583 2.2 — 507 — Multi-family 8,325 1,384,655 0.6 4 448 1.0 Commercial real estate 11,702 1,432,791 0.8 150 19,378 0.8 Commercial & industrial 28,348 1,126,438 2.5 354 14,437 2.5 HELOC 781 128,715 0.6 — 1,162 — Consumer 3,259 173,181 1.9 — 56 — $ 128,740 $ 11,597,492 1.1 % $ 517 $ 60,680 0.9 % As of December 31, 2018 , $130,665,000 of the allowance was calculated under the Company's general allowance methodology and the remaining $500,000 was specific reserves on loans deemed to be individually impaired. As of September 30, 2018 , $128,740,000 of the allowance was calculated under the Company's general allowance methodology and the remaining $517,000 was specific reserves on loans deemed to be individually impaired. The Company has an asset quality review function that analyzes its loan portfolio and reports the results of the review to its Board of Directors on a quarterly basis. The single-family residential, HELOC and consumer portfolios are evaluated based on their performance as a pool of loans, since no single loan is individually significant or judged by its risk rating, size or potential risk of loss. The construction, land, multi-family, commercial real estate and commercial and industrial loans are risk rated on a loan by loan basis to determine the relative risk inherent in specific borrowers or loans. Based on that risk rating, the loans are assigned a grade and classified as follows: • Pass – the credit does not meet one of the definitions below. • Special mention – A special mention credit is considered to be currently protected from loss but is potentially weak. No loss of principal or interest is foreseen; however, proper supervision and management attention is required to deter further deterioration in the credit. Assets in this category constitute some undue and unwarranted credit risk but not to the point of justifying a risk rating of substandard. The credit risk may be relatively minor yet constitutes an unwarranted risk in light of the circumstances surrounding a specific asset. • Substandard – A substandard credit is an unacceptable credit. Additionally, repayment in the normal course is in jeopardy due to the existence of one or more well defined weaknesses. In these situations, loss of principal is likely if the weakness is not corrected. A substandard asset is inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. Assets so classified will have a well-defined weakness or weaknesses that jeopardize the collection or liquidation of the debt. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets risk rated substandard. • Doubtful – A credit classified doubtful has all the weaknesses inherent in one classified substandard with the added characteristic that the weakness makes collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The probability of loss is high, but because of certain important and reasonably specific pending factors that may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and refinancing plans. • Loss – Credits classified loss are considered uncollectible and of such little value that their continuance as a bankable asset is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this asset even though partial recovery may be affected in the future. Losses should be taken in the period in which they are identified as uncollectible. Partial charge-off versus full charge-off may be taken if the collateral offers some identifiable protection. The following tables provide information on loans based on risk rating categories as defined above. December 31, 2018 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total Gross Loans (In thousands, except ratio data) Loan type Single-family residential $ 5,815,029 $ — $ 29,934 $ — $ — $ 5,844,963 Construction 1,832,326 7,968 1,380 — — 1,841,674 Construction - custom 607,071 — — — — 607,071 Land - acquisition & development 179,602 — 1,721 — — 181,323 Land - consumer lot loans 99,778 — 785 — — 100,563 Multi-family 1,397,920 3,254 3,998 — — 1,405,172 Commercial real estate 1,484,559 19,810 22,518 — — 1,526,887 Commercial & industrial 1,169,981 9,790 33,967 — — 1,213,738 HELOC 136,256 — 600 — — 136,856 Consumer 162,191 — 30 — — 162,221 Total gross loans $ 12,884,713 $ 40,822 $ 94,933 $ — $ — $ 13,020,468 Total grade as a % of total gross loans 99.0 % 0.3 % 0.7 % — % — % September 30, 2018 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total Gross Loans (In thousands, except ratio data) Loan type Single-family residential $ 5,766,096 $ — $ 32,870 $ — $ — $ 5,798,966 Construction 1,886,304 1,937 2,427 — — 1,890,668 Construction - custom 624,479 — — — — 624,479 Land - acquisition & development 152,984 — 2,220 — — 155,204 Land - consumer lot loans 101,249 — 787 — — 102,036 Multi-family 1,378,803 1,633 4,689 — — 1,385,125 Commercial real estate 1,421,602 7,114 23,452 — — 1,452,168 Commercial & industrial 1,093,405 16,513 30,956 — — 1,140,874 HELOC 130,330 — 522 — — 130,852 Consumer 173,285 — 21 — — 173,306 Total gross loans $ 12,728,537 $ 27,197 $ 97,944 $ — $ — $ 12,853,678 Total grade as a % of total gross loans 99.0 % 0.2 % 0.8 % — % — % The following tables provide information on gross loans based on borrower payment activity. December 31, 2018 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (In thousands, except ratio data) Single-family residential $ 5,820,215 99.6 % $ 24,748 0.4 % Construction 1,840,294 99.9 1,380 0.1 Construction - custom 607,071 100.0 — — Land - acquisition & development 180,885 99.8 438 0.2 Land - consumer lot loans 99,778 99.2 785 0.8 Multi-family 1,405,172 100.0 — — Commercial real estate 1,517,409 99.4 9,478 0.6 Commercial & industrial 1,199,743 98.8 13,995 1.2 HELOC 136,257 99.6 599 0.4 Consumer 162,194 100.0 27 — $ 12,969,018 99.6 % $ 51,450 0.4 % September 30, 2018 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (In thousands, except ratio data) Single-family residential $ 5,771,323 99.5 % $ 27,643 0.5 % Construction 1,888,241 99.9 2,427 0.1 Construction - custom 624,479 100.0 — — Land - acquisition & development 154,284 99.4 920 0.6 Land - consumer lot loans 101,249 99.2 787 0.8 Multi-family 1,385,125 100.0 — — Commercial real estate 1,443,197 99.4 8,971 0.6 Commercial & industrial 1,126,480 98.7 14,394 1.3 HELOC 130,329 99.6 523 0.4 Consumer 173,285 100.0 21 — $ 12,797,992 99.6 % $ 55,686 0.4 % The following tables provide information on impaired loan balances and the related allowances by loan types. December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (Year-To-Date) (In thousands) Impaired loans with no related allowance recorded: Single-family residential $ 15,438 $ 16,633 $ — $ 17,155 Construction 1,630 1,750 — 2,164 Land - acquisition & development 335 335 — 575 Land - consumer lot loans 181 281 — 246 Commercial real estate 9,945 15,035 — 9,685 Commercial & industrial 9,868 10,055 — 10,003 HELOC 519 612 — 465 Consumer 25 230 — 23 37,941 44,931 — 40,316 Impaired loans with an allowance recorded: Single-family residential 133,808 136,876 2,498 136,802 Land - acquisition & development 103 156 — 105 Land - consumer lot loans 4,601 4,930 9 4,759 Multi-family 435 435 4 442 Commercial real estate 5,552 6,625 142 5,903 Commercial & industrial 4,159 7,502 345 4,225 HELOC 968 978 — 972 Consumer 67 67 — 69 149,693 157,569 2,998 (1) 153,277 Total impaired loans: Single-family residential 149,246 153,509 2,498 153,957 Construction 1,630 1,750 — 2,164 Land - acquisition & development 438 491 — 680 Land - consumer lot loans 4,782 5,211 9 5,005 Multi-family 435 435 4 442 Commercial real estate 15,497 21,660 142 15,588 Commercial & industrial 14,027 17,557 345 14,228 HELOC 1,487 1,590 — 1,437 Consumer 92 297 — 92 $ 187,634 $ 202,500 $ 2,998 (1) $ 193,593 (1) Includes $500,000 of specific reserves and $2,498,000 included in the general reserves. September 30, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (In thousands) Impaired loans with no related allowance recorded: Single-family residential $ 18,872 $ 20,050 $ — $ 20,097 Construction 2,698 2,818 — 1,349 Construction - custom — — — 74 Land - acquisition & development 814 814 — 572 Land - consumer lot loans 311 336 — 260 Multi-family — — — 70 Commercial real estate 9,425 14,035 — 11,158 Commercial & industrial 10,137 10,146 — 9,208 HELOC 410 1,170 — 450 Consumer 20 56 — 54 42,687 49,425 — 43,292 Impaired loans with an allowance recorded: Single-family residential 139,796 143,099 2,871 161,729 Land - acquisition & development 107 157 — 39 Land - consumer lot loans 4,916 5,290 9 6,449 Multi-family 448 448 4 471 Commercial real estate 6,254 7,733 150 10,445 Commercial & industrial 4,291 7,506 354 4,495 HELOC 976 984 — 1,395 Consumer 70 70 — 83 156,858 165,287 3,388 (1) 185,106 Total impaired loans: Single-family residential 158,668 163,149 2,871 181,826 Construction 2,698 2,818 — 1,349 Construction - custom — — — 74 Land - acquisition & development 921 971 — 611 Land - consumer lot loans 5,227 5,626 9 6,709 Multi-family 448 448 4 541 Commercial real estate 15,679 21,768 150 21,603 Commercial & industrial 14,428 17,652 354 13,703 HELOC 1,386 2,154 — 1,845 Consumer 90 126 — 137 $ 199,545 $ 214,712 $ 3,388 (1) $ 228,398 (1) Includes $517,000 of specific reserves and $2,871,000 included in the general reserves. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements FASB ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active exchange markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active and other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company has established and documented the process for determining the fair values of its assets and liabilities, where applicable. Fair value is based on quoted market prices, when available, for identical or similar assets or liabilities. In the absence of quoted market prices, fair value is determined using valuation models or third-party appraisals. The following is a description of the valuation methodologies used to measure and report the fair value of financial assets and liabilities on a recurring or nonrecurring basis. Measured on a Recurring Basis Available-for-Sale Securities and Derivative Contracts Securities available for sale are recorded at fair value on a recurring basis. The fair value of debt securities are priced using model pricing based on the securities' relationship to other benchmark quoted prices as provided by an independent third party, and under GAAP are considered a Level 2 input method. Securities that are traded on active exchanges, including the Company's equity securities, are measured using the closing price in an active market and are considered a Level 1 input method. The Company offers interest rate swaps to its variable rate borrowers who want to manage their interest rate risk. At the same time, the Company enters into the opposite trade with a counter party to offset its interest rate risk. The Company has also entered into commercial loan hedges as well as borrowings hedges using interest rate swaps. The fair value of these interest rate swaps are estimated by a third party pricing service using a discounted cash flow technique. These are considered a Level 2 input method. The following tables present the balance of assets and liabilities measured at fair value on a recurring basis. December 31, 2018 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Available-for-sale securities: U.S. government and agency securities $ — $ 200,704 $ — $ 200,704 Municipal bonds — 23,058 — 23,058 Corporate debt securities — 222,541 — 222,541 Mortgage-backed securities Agency pass-through certificates — 1,005,037 — 1,005,037 Commercial MBS — — — — Total available-for-sale securities — 1,451,340 — 1,451,340 Interest rate contracts — 3,341 — 3,341 Commercial loan hedges — 1,506 — 1,506 Borrowings hedges — 11,751 — 11,751 Total financial assets $ — $ 1,467,938 $ — $ 1,467,938 Financial Liabilities Interest rate contracts $ — $ 3,341 $ — $ 3,341 Total financial liabilities $ — $ 3,341 $ — $ 3,341 There were no transfers between, into and/or out of Levels 1, 2 or 3 during the three months ended December 31, 2018 . September 30, 2018 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Available-for-sale securities: Equity securities $ 488 $ — $ — $ 488 U.S. government and agency securities — 207,293 — 207,293 Municipal bonds — 22,978 — 22,978 Corporate debt securities — 184,695 — 184,695 Mortgage-backed securities Agency pass-through certificates — 896,041 — 896,041 Commercial MBS — 3,462 — 3,462 Total available-for-sale securities 488 1,314,469 — 1,314,957 Interest rate contracts — 12,731 — 12,731 Commercial loan hedges — 3,857 — 3,857 Borrowings hedges — 22,250 — 22,250 Total financial assets $ 488 $ 1,353,307 $ — $ 1,353,795 Financial Liabilities Interest rate contracts $ — $ 12,731 $ — $ 12,731 Total financial liabilities $ — $ 12,731 $ — $ 12,731 There were no transfers between, into and/or out of Levels 1, 2 or 3 during the fiscal year ended September 30, 2018 . Measured on a Nonrecurring Basis Impaired Loans & Real Estate Owned Real estate owned ("REO") consists principally of properties acquired through foreclosure. From time to time, and on a nonrecurring basis, adjustments using fair value measurements are recorded to reflect increases or decreases based on the discounted cash flows, the current appraisal or estimated value of the collateral, but only up to the fair value of the real estate owned as of the initial transfer date less selling costs. When management determines that the fair value of the collateral or the real estate owned requires additional adjustments, either as a result of an updated appraised value or when there is no observable market price, the Company classifies the impaired loan or real estate owned as Level 3. Level 3 assets recorded at fair value on a nonrecurring basis at December 31, 2018 included loans for which a specific reserve allowance was established or a partial charge-off was recorded based on the fair value of collateral, as well as real estate owned where the fair value of the property was less than the cost basis. The following tables present the aggregated balance of assets that were measured at fair value on a nonrecurring basis at December 31, 2018 and December 31, 2017 , and the total gains (losses) resulting from those fair value adjustments for the three months ended December 31, 2018 and December 31, 2017 . The estimated fair value measurements are shown gross of estimated selling costs. December 31, 2018 Three Months Ended December 31, 2018 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) (In thousands) Impaired loans (1) $ — $ — $ 1,970 $ 1,970 $ (726 ) Real estate owned (2) — — 520 520 (32 ) Balance at end of period $ — $ — $ 2,490 $ 2,490 $ (758 ) (1) The gains (losses) represent remeasurements of collateral-dependent loans. (2) The gains (losses) represent aggregate writedowns and charge-offs on REO. December 31, 2017 Three Months Ended December 31, 2017 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) (In thousands) Impaired loans (1) $ — $ — $ 688 $ 688 $ (507 ) Real estate owned (2) — — 2,055 2,055 (180 ) Balance at end of period $ — $ — $ 2,743 $ 2,743 $ (687 ) (1) The gains (losses) represent remeasurements of collateral-dependent loans. (2) The gains (losses) represent aggregate writedowns and charge-offs on REO. Impaired loans - The Company adjusts the carrying amount of impaired loans when there is evidence of probable loss and the expected fair value of the loan is less than its contractual amount. The amount of the impairment may be determined based on the estimated present value of future cash flows or the fair value of the underlying collateral. Impaired loans with a specific reserve allowance based on cash flow analysis or the value of the underlying collateral are classified as Level 3 assets. The evaluations for impairment are prepared by the Company's Problem Loan Review Committee, which is chaired by the Chief Credit Officer and includes the Loan Review manager and Special Credits manager, as well as senior credit officers, division managers and group executives, as applicable. These evaluations are performed in conjunction with the quarterly allowance for loan loss process. Applicable loans included in the previous quarter's review are reevaluated and if their values are materially different from the prior quarter evaluation, the underlying information (loan balance and collateral value) are compared. Material differences are evaluated for reasonableness and discussions are held between the relationship manager and their division manager to understand the difference and determine if any adjustment is necessary. The inputs are developed and substantiated on a quarterly basis, based on current borrower developments, market conditions and collateral values. The following methods are used to value impaired loans: • The fair value of the collateral, which may take the form of real estate or personal property, is based on internal estimates, field observations, assessments provided by third-party appraisers and other valuation models. The Company performs or reaffirms valuations of collateral-dependent impaired loans at least annually. Adjustments are made if management believes that more recent information is available and relevant with respect to the fair value of the collateral. • The present value of the expected future cash flows of the loans is used for measurement of non-collateral-dependent loans to test for impairment. Real estate owned - When a loan is reclassified from loan status to real estate owned due to the Company taking possession of the collateral, a special credits officer, along with the special credits manager, obtains a valuation, which may include appraisals or third-party price opinions, which is used to establish the fair value of the underlying collateral. The determined fair value, less selling costs, becomes the carrying value of the REO asset. The fair value of REO assets is re-evaluated quarterly and the REO asset is adjusted to reflect the fair value as necessary. After foreclosure, the valuations are updated periodically and current market conditions may require the assets to be written down further or up to the cost basis established on the date of transfer. The carrying balance of REO assets are also written down once a bona fide offer is contractually accepted, through execution of a purchase and sale agreement, where the accepted price is lower than the cost established on the transfer date. Fair Values of Financial Instruments FASB ASC 825 requires disclosure of fair value information about financial instruments, whether or not recognized on the statement of financial condition, for which it is practicable to estimate those values. Certain financial instruments and all non-financial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value estimates presented do not reflect the underlying fair value of the Company. Although management is not aware of any factors that would materially affect the estimated fair value amounts presented below, such amounts have not been comprehensively revalued for purposes of these financial statements since the dates shown, and therefore, estimates of fair value subsequent to those dates may differ significantly from the amounts presented below. December 31, 2018 September 30, 2018 Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value ($ in thousands) Financial assets Cash and cash equivalents 1 $ 283,375 $ 283,375 $ 268,650 $ 268,650 Available-for-sale securities Equity securities 1 — — 488 488 U.S. government and agency securities 2 200,704 200,704 207,293 207,293 Municipal bonds 2 23,058 23,058 22,978 22,978 Corporate debt securities 2 222,541 222,541 184,695 184,695 Mortgage-backed securities Agency pass-through certificates 2 1,005,037 1,005,037 896,041 896,041 Commercial MBS 2 — — 3,462 3,462 Total available-for-sale securities 1,451,340 1,451,340 1,314,957 1,314,957 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 2 1,571,815 1,522,571 1,610,420 1,533,742 Commercial MBS 2 15,000 14,925 15,000 15,028 Total held-to-maturity securities 1,586,815 1,537,496 1,625,420 1,548,770 Loans receivable 3 11,700,239 12,020,772 11,477,081 11,556,326 FHLB and FRB stock 2 135,590 135,590 127,190 127,190 Other assets - interest rate contracts 2 3,341 3,341 12,731 12,731 Other assets - commercial loan hedges 2 1,506 1,506 3,857 3,857 Other assets - borrowings hedges 2 11,751 11,751 22,250 22,250 Financial liabilities Time deposit accounts 2 4,817,346 4,822,783 4,804,803 4,779,040 FHLB advances 2 2,540,000 2,537,375 2,330,000 2,316,964 Other liabilities - interest rate contracts 2 3,341 3,341 12,731 12,731 The following methods and assumptions were used to estimate the fair value of financial instruments: Cash and cash equivalents – The carrying amount of these items is a reasonable estimate of their fair value. Available-for-sale securities and held-to-maturity securities – Securities at fair value are primarily priced using model pricing based on the securities' relationship to other benchmark quoted prices as provided by an independent third party, and are considered a Level 2 input method. Equity securities that are exchange traded are considered a Level 1 input method. Loans receivable – Fair values are estimated first by stratifying the portfolios of loans with similar financial characteristics. Loans are segregated by type such as multi-family real estate, residential mortgage, construction, commercial, consumer and land loans. Each loan category is further segmented into fixed- and adjustable-rate interest terms. For residential mortgages and multi-family loans, the bank determined that its best exit price was by securitization. MBS benchmark prices are used as a base price, with further loan level pricing adjustments made based on individual loan characteristics such as Fico score, LTV, Property Type and occupancy. For all other loan categories an estimate of fair value is then calculated based on discounted cash flows using as a discount rate the current rate offered and observed in the market on similar products, plus an adjustment for liquidity to reflect the non-homogeneous nature of the loans, as well as, a annual loss rate based on historical losses to arrive at an estimated exit price fair value. Fair value for impaired loans is also based on recent appraisals or estimated cash flows discounted using rates commensurate with risk associated with the estimated cash flows. Assumptions regarding credit risk, cash flows and discount rates are judgmentally determined using available market information and specific borrower information. FHLB and FRB stock – The fair value is based upon the par value of the stock that equates to its carrying value. Customer accounts – The fair value of demand deposits, savings accounts, and money market accounts is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated by discounting the estimated future cash flows using the rates currently offered for deposits with similar remaining maturities. FHLB advances – The fair value of FHLB advances and other borrowings is estimated by discounting the estimated future cash flows using rates currently available to the Company for debt with similar remaining maturities. Interest rate contracts – The Company offers interest rate swaps to its variable rate borrowers who want to manage their interest rate risk. At the same time, the Company enters into the opposite trade with a counterparty to offset its interest rate risk. The fair value of these interest rate swaps is estimated by a third party pricing service using a discounted cash flow technique. Commercial loan hedges – The fair value of the interest rate swaps is estimated by a third party pricing service using a discounted cash flow technique. Borrowings hedges – The fair value of the interest rate swaps is estimated by a third party pricing service using a discounted cash flow technique. The following tables provide a reconciliation of amortized cost to fair value of available-for-sale and held-to-maturity securities. December 31, 2018 Amortized Cost Gross Unrealized Fair Value Yield Gains Losses ($ in thousands) Available-for-sale securities U.S. government and agency securities due 5 to 10 years $ 59,408 $ — $ (1,386 ) $ 58,022 2.72 % Over 10 years 143,209 19 (546 ) 142,682 3.30 Corporate debt securities due 1 to 5 years 113,798 1,068 (1,605 ) 113,261 3.93 5 to 10 years 112,587 — (3,307 ) 109,280 3.35 Municipal bonds due 1 to 5 years 1,406 — (8 ) 1,398 2.05 Over 10 years 20,318 1,342 — 21,660 6.45 Mortgage-backed securities Agency pass-through certificates 1,008,622 4,888 (8,473 ) 1,005,037 3.36 1,459,348 7,317 (15,325 ) 1,451,340 3.42 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 1,571,815 870 (50,114 ) 1,522,571 3.16 Commercial MBS 15,000 — (75 ) 14,925 3.33 1,586,815 870 (50,189 ) 1,537,496 3.16 $ 3,046,163 $ 8,187 $ (65,514 ) $ 2,988,836 3.29 % September 30, 2018 Amortized Cost Gross Unrealized Fair Value Yield Gains Losses ($ in thousands) Available-for-sale securities U.S. government and agency securities due 5 to 10 years $ 60,872 $ — $ (1,473 ) $ 59,399 2.55 % Over 10 years 148,099 109 (314 ) 147,894 3.05 Equity securities 1 to 5 years 500 — (12 ) 488 1.80 Corporate bonds due 1 to 5 years 113,762 1,875 (13 ) 115,624 3.59 5 to 10 years 69,965 35 (929 ) 69,071 3.23 Municipal bonds due 1 to 5 years 1,398 — (24 ) 1,374 2.05 Over 10 years 20,323 1,281 — 21,604 6.45 Mortgage-backed securities Agency pass-through certificates 908,092 1,383 (13,434 ) 896,041 3.29 Commercial MBS 3,460 2 — 3,462 4.36 1,326,471 4,685 (16,199 ) 1,314,957 3.30 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 1,610,420 305 (76,983 ) 1,533,742 3.16 Other Commercial MBS 15,000 28 — 15,028 3.03 1,625,420 333 (76,983 ) 1,548,770 3.16 $ 2,951,891 $ 5,018 $ (93,182 ) $ 2,863,727 3.22 % For available-for-sale investment securities, there were sales totaling $491,000 during the three months ended December 31, 2018 and no sales during the three months ended December 31, 2017 . There were purchases of $172,076,000 of available-for-sale investment securities during the three months ended December 31, 2018 and purchases of $40,884 during the three months ended December 31, 2017 . For held-to-maturity investment securities, there were no purchases during the three months ended December 31, 2018 and purchases of $170,836,000 during the three months ended December 31, 2017 . There were no sales of held-to-maturity investment securities during either period. Substantially all of the agency mortgage-backed securities have contractual due dates that exceed 10 years . The following tables show the unrealized gross losses and fair value of securities as of December 31, 2018 and September 30, 2018 , by length of time that individual securities in each category have been in a continuous loss position. The decline in fair value since purchase is attributable to changes in interest rates. Because the Company does not intend to sell these securities and does not consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other than temporarily impaired. December 31, 2018 Less than 12 months 12 months or more Total Unrealized Gross Losses Fair Value Unrealized Gross Losses Fair Value Unrealized Gross Losses Fair Value (In thousands) Corporate debt securities $ (1,172 ) $ 61,415 $ (3,740 ) $ 96,261 $ (4,912 ) 157,676 Municipal bonds (8 ) 1,398 — — (8 ) 1,398 U.S. government and agency securities (286 ) 69,152 (1,646 ) 74,212 (1,932 ) 143,364 Mortgage-backed securities (14,860 ) 869,583 (43,802 ) 1,077,341 (58,662 ) 1,946,924 $ (16,326 ) $ 1,001,548 $ (49,188 ) $ 1,247,814 $ (65,514 ) $ 2,249,362 September 30, 2018 Less than 12 months 12 months or more Total Unrealized Gross Losses Fair Value Unrealized Gross Losses Fair Value Unrealized Gross Losses Fair Value (In thousands) Corporate debt securities $ (929 ) $ 49,072 $ (14 ) $ 24,988 $ (943 ) $ 74,060 Municipal bonds due (24 ) 1,374 — — (24 ) 1,374 U.S. government and agency securities (141 ) 37,565 (1,645 ) 76,499 (1,786 ) 114,064 Equity securities (12 ) 488 — — (12 ) 488 Mortgage-backed securities (28,748 ) 1,035,754 (61,669 ) 1,183,017 (90,417 ) 2,218,771 $ (29,854 ) $ 1,124,253 $ (63,328 ) $ 1,284,504 $ (93,182 ) $ 2,408,757 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities On October 1, 2018, the Company early adopted ASU 2017-12, Targeted Improvements to Accounting for Hedge Activities . This standard primarily impacts the accounting for derivatives designated as fair value and cash flow accounting hedges. The following tables present the fair value, notional amount and balance sheet classification of derivative assets and liabilities at December 31, 2018 and September 30, 2018 : December 31, 2018 Derivatives Assets Derivative Liabilities Balance Sheet Location Notional Fair Value Balance Sheet Location Notional Fair Value (In thousands) (In thousands) Client swap program Other assets $ 385,302 $ 3,341 Other liabilities $ 385,302 $ 3,341 Commercial loan fair value hedges Other assets 95,645 1,506 Other liabilities — — Borrowings cash flow hedges Other assets 700,000 11,751 Other liabilities — — $ 1,180,947 $ 16,598 $ 385,302 $ 3,341 September 30, 2018 Derivatives Assets Derivative Liabilities Interest rate contract purpose Balance Sheet Location Notional Fair Value Balance Sheet Location Notional Fair Value (In thousands) (In thousands) Client swap program Other assets $ 395,396 $ 12,731 Other liabilities $ 395,396 $ 12,731 Commercial loan fair value hedges Other assets 97,927 3,857 Other liabilities — — Borrowings cash flow hedges Other assets 700,000 22,250 Other liabilities — — $ 1,193,323 $ 38,838 $ 395,396 $ 12,731 The Company enters into interest rate swaps to hedge the interest rate risk of individual fixed rate commercial loans and these relationships qualify as fair value hedges under ASC 815, which provides for offsetting of the recognition of gains and losses of the respective interest rate swap and the hedged item. Gains and losses on the interest rate swaps designated in these hedge relationships, along with the offsetting gains and losses on the hedged items attributable to the hedged risk, are recognized in current earnings within the same income statement line item. Upon electing to apply ASC 815 fair value hedge accounting, the carrying value of the hedged item is adjusted to reflect the cumulative impact of changes in fair value attributable to the hedged risk. The hedge basis adjustment remains with the hedged item until the hedged item is de-recognized from the balance sheet. The following table presents the impact of fair value hedge accounting on the carrying value of the hedged items (fixed rate commercial loans) at December 31, 2018 : (In thousands) December 31, 2018 Balance sheet line item in which hedged item is recorded Carrying value of hedged items Cumulative fair value hedge adjustment included in carrying amount of hedged items Loans receivable $ 97,377 $ 1,506 $ 97,377 $ 1,506 The Company has entered into interest rate swaps to convert certain short-term borrowings to fixed rate payments. The primary purpose of these hedges is to mitigate the risk of changes in future cash flows resulting from increasing interest rates. For qualifying cash flow hedges under ASC 815, gains and losses on the interest rate swaps are recorded in accumulated other comprehensive income ("AOCI") and then reclassified into earnings in the same period the hedged cash flows affect earnings and within the same income statement line item as the hedged cash flows. As of December 31, 2018 , the maturities for hedges of adjustable rate borrowings ranged from two to eight years , with the weighted average being 3.4 years . The following table presents the impact of derivative instruments (cash flow hedges on borrowings) on AOCI for the periods presented: (In thousands) Three Months Ended December 31, Amount of gain/(loss) recognized in AOCI on derivatives in cash flow hedging relationships 2018 Interest rate contracts: Pay fixed/receive floating swaps on cash flow hedges of borrowings $ (10,499 ) Total pre-tax gain/(loss) recognized in AOCI $ (10,499 ) The following table presents the gains/(losses) on derivative instruments in fair value and cash flow accounting hedging relationships under ASC 815 for the period presented: Three Months Ended December 31, 2018 Interest income on loans receivable Interest expense on FHLB advances (In thousands) Interest income/expense, including the effects of fair value and cash flow hedges $ 137,065 $ 16,891 Gain/(loss) on fair value hedging relationships: Interest rate contracts Amounts related to interest settlements on derivatives $ 19 Recognized on derivatives (2,317 ) Recognized on hedged items 2,279 Net income/(expense) recognized on fair value hedges $ (19 ) Gain/(loss) on cash flow hedging relationships: Interest rate contracts Amounts related to interest settlements on derivatives $ (551 ) Amount of derivative gain/(loss) reclassified from AOCI into interest income/expense — Net income/(expense) recognized on cash flow hedges $ (551 ) The Company periodically enters into certain interest rate swap agreements in order to provide commercial loan customers the ability to convert from variable to fixed interest rate payments, while the Company retains a variable rate loan. Under these agreements, the Company enters into a variable rate loan agreement and a swap agreement with the client. The swap agreement effectively converts the client’s variable rate loan into a fixed rate. The Company enters into a corresponding swap agreement with a third party in order to offset its exposure on the variable and fixed components of the client's swap agreement. The interest rate swaps are derivatives under FASB ASC 815, Derivatives and Hedging , with changes in fair value recorded in earnings. There was no net impact to the statement of operations for the three months ended December 31, 2018 and 2017 as the changes in fair value of the receive fixed swap and pay fixed swap offset each other. The following table presents the impact of derivative instruments (client swap program) that are not designated in accounting hedges under ASC 815 for the periods presented: (In thousands) Three Months Ended December 31, Derivative instruments Classification of gain/(loss) recognized in income on derivative instrument 2018 Interest rate contracts: Pay fixed/receive floating swap Other noninterest income $ (9,390 ) Receive fixed/pay floating swap Other noninterest income 9,390 $ — |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers On October 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers ("ASC 606") . Since net interest income on financial assets and liabilities is excluded from this guidance, a significant majority of our revenues are not subject to the new guidance. Revenue streams that are within the scope of the new guidance are presented within noninterest income and are, in general, recognized as revenue at the same time the Company's obligation to the customer is satisfied. Most of the Company's customer contracts that are within the scope of the new guidance are cancelable by either party without penalty and are short-term in nature. These sources of revenue include depositor and other consumer and business banking fees, commission income, as well as debit and credit card interchange fees. For the three months ended December 31, 2018 , in scope revenue streams represented approximately 4.9% of our total revenues. As this standard is immaterial to our consolidated financial statements, the Company has omitted certain disclosures in ASC 606, including the disaggregation of revenue table. Sources of noninterest income within the scope of the new guidance include the following: Deposit related and other service charges (recognized in Deposit Fee Income) : The Company's deposit accounts are governed by standardized contracts customary in the industry. Revenues are earned at a point in time or over time (monthly) from account maintenance fees and charges for specific transactions such as wire transfers, stop payment orders, overdrafts, debit card replacements, check orders and cashier’s checks. The Company’s performance obligation related to each of these fees is generally satisfied, and the related revenue recognized, at the time the service is provided (point in time or monthly). The Company is principal in each of these contracts. Debit and Credit Card Interchange Fees (recognized in Deposit Fee Income) : The Company receives interchange fees from the debit card or credit card payment network based on transactions involving debit or credit cards issued by the Company, generally measured as a percentage of the underlying transaction. Interchange fees from debit and credit card transactions are recognized as the transaction processing services are provided by the network. The Company acts as an agent in the card payment network arrangement so the interchange fees are recorded net of any expenses paid to the principal (the card network in this case). Insurance Agency Commissions (recognized in Other Income) : WAFD Insurance Group, Inc. is a wholly-owned subsidiary of Washington Federal, N.A. that operates as an insurance agency, selling and marketing property and casualty insurance policies for a small number of high-quality insurance carriers. WAFD Insurance Group, Inc. earns revenue in the form of commissions paid by the insurance carriers for policies that have been sold. In addition to the origination commission, WAFD Insurance Group, Inc. may also receive contingent incentive fees based on the volume of business generated for the insurance carrier and based on policy renewal rates. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The Company has prepared the consolidated unaudited interim financial statements included in this report. All intercompany transactions and accounts have been eliminated in consolidation. The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires management to make estimates and assumptions that affect amounts reported in the financial statements. Actual results could differ from these estimates. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation are reflected in the interim financial statements. Certain amounts in the financial statements from prior periods have been reclassified to conform to the current financial statement presentation. The information included in this Form 10-Q should be read in conjunction with the financial statements and related notes in the Company's 2018 Annual Report on Form 10-K (“ 2018 Annual Financial Statements”). Interim results are not necessarily indicative of results for a full year. |
Off-Balance-Sheet Credit Exposures | The Company estimates losses on off-balance-sheet credit exposures by allocating a loss percentage derived from historical loss factors for each asset class. |
New Accounting Pronouncements | In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract . The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amendments also require the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement, including reasonably certain renewal periods. The amendments in the ASU are effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. The Company is assessing the impact that this guidance will have on its consolidated financial statements. In August 2018, the FASB issued ASU No.2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . This ASU adds, eliminates, and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The ASU is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. Entities are also allowed to elect early adoption of the eliminated or modified disclosure requirements and delay adoption of the added disclosure requirements until their effective date. As the ASU only revises disclosure requirements, this guidance will not have a material impact on the Company's consolidated financial statements. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842) - Targeted Improvements to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU No. 2016-02. Specifically, under the amendments in ASU 2018-11: (1) entities may elect not to recast the comparative periods presented when transitioning to the new leasing standard, and (2) lessors may elect to not separate non-lease components from leases when certain conditions are met. The amendments have the same effective date as ASU 2016-02 (October 1, 2019 for the Company). The Company expects to elect both transition options. ASU 2018-11 is not expected to have a material impact on the Company's consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The ASU expands and refines hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements, and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The effective date of the new standard for public companies is for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition with a cumulative effect adjustment recorded to opening retained earnings as of the initial adoption date. The Company early adopted this ASU beginning October 1, 2018. The adoption did not result in a cumulative effect adjustment to the opening balance of retained earnings and accumulated other comprehensive income. See Note G Derivatives and Hedging Activities for additional information. In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. The ASU shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. If an entity early adopts in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments should be applied on a modified retrospective basis, with a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Effective October 1, 2018, the Company early adopted this ASU and it did not have a material impact on its consolidated financial statements . In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The ASU clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. The amendments also define the term in substance nonfinancial asset. The amendments clarify that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. A contract that includes the transfer of ownership interests in one or more consolidated subsidiaries is within the scope of Subtopic 610-20 if substantially all of the fair value of the assets that are promised to the counterparty in a contract is concentrated in nonfinancial assets. The amendments clarify that an entity should identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a counterparty and derecognize each asset when a counterparty obtains control of it. The ASU is effective for public business entities for annual periods beginning after December 15, 2017, and interim periods therein. Entities may use either a full or modified retrospective approach to adopt the ASU. Effective October 1, 2018, the Company adopted this ASU and it did not have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash: a Consensus of the FASB Emerging Issues Task Force . This ASU requires a company’s cash flow statement to explain the changes during a reporting period of the totals for cash, cash equivalents, restricted cash, and restricted cash equivalents. Additionally, amounts for restricted cash and restricted cash equivalents are to be included with cash and cash equivalents if the cash flow statement includes a reconciliation of the total cash balances for a reporting period. This ASU is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2017, with early application permitted. Effective October 1, 2018, the Company adopted this ASU and applied the retrospective transition method to each period presented. The Company does not present restricted cash as a separate line item in the statement of financial position, therefore, there was no change to the presentation of cash on the statement of cash flows. The nature and amount of restricted cash is shown in Note A, Summary of Significant Accounting Policies . In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. The amendments in this ASU address eight specific cash flow issues with the objective of reducing diversity in practice. The specific issues identified include: debt prepayments or extinguishment costs; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies ("BOLI")); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period; however, early adoption is permitted. Effective October 1, 2018, the Company adopted this ASU and applied the retrospective transition method to each period presented. The Company previously classified proceeds from the settlement of BOLI policies in the manner required by the ASU so there was no change to the consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses . The amendments in this ASU were issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investments in leases and other commitments to extend credit held by a reporting entity at each reporting date. The amendments require that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The ASU eliminates the current framework of recognizing probable incurred losses and instead requires an entity to use its current estimate of all expected credit losses over the contractual life. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets. For purchased financial assets with a more-than-insignificant amount of credit deterioration since origination (“PCD assets”) that are measured at amortized cost, an allowance for expected credit losses is recorded as an adjustment to the cost basis of the asset. Subsequent changes in estimated cash flows would be recorded as an adjustment to the allowance and through the statement of income. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security's cost basis. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For most debt securities, the transition approach requires a cumulative-effect adjustment to the statement of financial position as of the beginning of the first reporting period the guidance is effective. For other-than-temporarily impaired debt securities and PCD assets, the guidance will be applied prospectively. While the Company is currently in the process of evaluating the impact of the amended guidance on its consolidated financial statements, it currently expects the ALLL to increase upon adoption given that the allowance will be required to cover the full remaining expected life of the portfolio upon adoption, rather than the incurred loss model under current U.S. GAAP. The extent of this increase is still being evaluated and will depend on economic conditions and the composition of the Company’s loan and lease portfolio at the time of adoption. In February 2016, the FASB issued ASU 2016-02, Leases . The amendments require lessees to recognize a lease liability, which is a lessee's obligation to make lease payments arising from a lease, and a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. The guidance also simplifies the accounting for sale and leaseback transactions. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently in the process of accumulating the lease data necessary to apply the amended guidance. The Company is continuing to evaluate the impact of the amended guidance on its consolidated financial statements, but the effects of recognizing most operating leases is not expected to be material. The Company expects to recognize right-of-use assets and lease liabilities for substantially all of its operating lease commitments based on the present value of unpaid lease payments as of the date of adoption. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . The amendments in this ASU require a number of changes including the following: (1) requires equity investments to be measured at fair value with changes in fair value recognized in net income; (2) allows equity investments without readily determinable fair values to be measured at cost less impairment, if any, plus or minus changes in observable prices (referred to as the "measurement alternative"); and (3) changes certain presentation and disclosure requirements for financial instruments, including using the exit price notion when measuring the fair value of financial instruments. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period. Effective October 1, 2018, the Company adopted this ASU and it did not have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (ASC 606) . As amended, the guidance in this update supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the industry topics of the codification. Effective October 1, 2018, the Company adopted this ASU and its related amendments using the modified retrospective method for all contracts that have not been completed (i.e. open contracts). As such, any comparative information has not been adjusted and continues to be reported under Topic 605. There was no cumulative effect adjustment as of October 1, 2018. The Company evaluated the guidance and concluded that substantially all of its revenue streams are outside of the scope of ASC 606. As such, the guidance did not have a material impact on its consolidated financial statements or result in a material change to its disclosures. See more information in Note H, Revenue from Contracts with Customers. |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | The following table is a summary of loans receivable. December 31, 2018 September 30, 2018 (In thousands) (In thousands) Gross loans by category Single-family residential $ 5,844,963 44.9 % $ 5,798,966 45.1 % Construction 1,841,674 14.1 1,890,668 14.7 Construction - custom 607,071 4.7 624,479 4.9 Land - acquisition & development 181,323 1.4 155,204 1.2 Land - consumer lot loans 100,563 0.8 102,036 0.8 Multi-family 1,405,172 10.8 1,385,125 10.8 Commercial real estate 1,526,887 11.7 1,452,168 11.3 Commercial & industrial 1,213,738 9.3 1,140,874 8.9 HELOC 136,856 1.1 130,852 1.0 Consumer 162,221 1.2 173,306 1.3 Total gross loans 13,020,468 100 % 12,853,678 100 % Less: Allowance for loan losses 131,165 129,257 Loans in process 1,138,308 1,195,506 Net deferred fees, costs and discounts 50,756 51,834 Total loan contra accounts 1,320,229 1,376,597 Net loans $ 11,700,239 $ 11,477,081 |
Summary of Information Regarding Non-Accrual Loans | The following table sets forth information regarding non-accrual loans. December 31, 2018 September 30, 2018 (In thousands, except ratio data) Non-accrual loans: Single-family residential $ 24,748 48.1 % $ 27,643 49.6 % Construction 1,380 2.7 2,427 4.4 Land - acquisition & development 438 0.9 920 1.7 Land - consumer lot loans 785 1.5 787 1.4 Commercial real estate 9,478 18.4 8,971 16.1 Commercial & industrial 13,995 27.2 14,394 25.8 HELOC 599 1.2 523 0.9 Consumer 27 0.1 21 — Total non-accrual loans $ 51,450 100 % $ 55,686 100 % % of total net loans 0.44 % 0.49 % |
Analysis of Age of Loans in Past Due Status | The following tables provide details regarding delinquent loans. December 31, 2018 Loans Receivable Days Delinquent Based on $ Amount of Loans % based on $ Type of Loan Net of Loans In Process Current 30 60 90 Total Delinquent (In thousands, except ratio data) Single-family residential $ 5,844,383 $ 5,817,233 $ 5,857 $ 5,019 $ 16,274 $ 27,150 0.46 % Construction 1,047,229 1,045,849 — — 1,380 1,380 0.13 Construction - custom 299,622 299,622 — — — — — Land - acquisition & development 145,635 145,443 — — 192 192 0.13 Land - consumer lot loans 100,440 99,957 — — 483 483 0.48 Multi-family 1,405,149 1,403,524 974 651 — 1,625 0.12 Commercial real estate 1,526,887 1,520,083 1,757 2,942 2,105 6,804 0.45 Commercial & industrial 1,213,738 1,203,436 283 234 9,785 10,302 0.85 HELOC 136,856 135,488 411 569 388 1,368 1.00 Consumer 162,221 161,946 121 125 29 275 0.17 Total Loans $ 11,882,160 $ 11,832,581 $ 9,403 $ 9,540 $ 30,636 $ 49,579 0.42 % Delinquency % 99.58% 0.08% 0.08% 0.26% 0.42% September 30, 2018 Loans Receivable Days Delinquent Based on $ Amount of Loans % based on $ Type of Loan Net of Loans In Process Current 30 60 90 Total Delinquent (In thousands, except ratio data) Single-family residential $ 5,798,353 $ 5,768,253 $ 7,983 $ 3,562 $ 18,555 $ 30,100 0.52 % Construction 1,062,855 1,060,428 — — 2,427 2,427 0.23 Construction - custom 289,192 289,192 — — — — — Land - acquisition & development 123,560 122,620 — 270 670 940 0.76 Land - consumer lot loans 101,908 101,294 144 117 353 614 0.60 Multi-family 1,385,103 1,385,103 — — — — — Commercial real estate 1,452,169 1,448,946 316 1,767 1,140 3,223 0.22 Commercial & industrial 1,140,874 1,130,836 — — 10,038 10,038 0.88 HELOC 130,852 129,510 567 469 306 1,342 1.03 Consumer 173,306 172,777 172 328 29 529 0.31 Total Loans $ 11,658,172 $ 11,608,959 $ 9,182 $ 6,513 $ 33,518 $ 49,213 0.42 % Delinquency % 99.58% 0.08% 0.06% 0.29% 0.42% |
Schedule of Impaired Loans, Loan Commitments and Loans Serviced | The following table provides information related to loans restructured in a troubled debt restructuring ("TDR") during the periods presented: Three Months Ended December 31, 2018 2017 Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment ($ in thousands) ($ in thousands) Troubled Debt Restructurings: Single-family residential 1 $ 283 $ 283 8 $ 2,012 $ 2,012 Commercial & Industrial — — — 3 7,256 7,256 1 $ 283 $ 283 11 $ 9,268 $ 9,268 |
Schedule of Loan Modifications | The following table provides information on payment defaults occurring during the periods presented where the loan had been modified in a TDR within 12 months of the payment default. Three Months Ended December 31, 2018 2017 Number of Recorded Number of Recorded Contracts Investment Contracts Investment ($ in thousands) ($ in thousands) Trouble Debt Restructurings That Subsequently Defaulted: Single-family residential 1 $ 543 1 $ 44 1 $ 543 1 $ 44 |
Allowance for Losses on Loans (
Allowance for Losses on Loans (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Summary of Activity in Allowance for Loan Losses | The following tables summarize the activity in the allowance for loan losses. Three Months Ended December 31, 2018 Beginning Allowance Charge-offs Recoveries Provision & Transfers Ending Allowance (In thousands) Single-family residential $ 33,033 $ (25 ) $ 230 $ (1,754 ) $ 31,484 Construction 31,317 — — 146 31,463 Construction - custom 1,842 — — 84 1,926 Land - acquisition & development 7,978 — 1,782 (604 ) 9,156 Land - consumer lot loans 2,164 (72 ) 265 (213 ) 2,144 Multi-family 8,329 — — (445 ) 7,884 Commercial real estate 11,852 (339 ) 525 673 12,711 Commercial & industrial 28,702 (179 ) 33 1,723 30,279 HELOC 781 (886 ) 1 1,168 1,064 Consumer 3,259 (140 ) 213 (278 ) 3,054 $ 129,257 $ (1,641 ) $ 3,049 $ 500 $ 131,165 Three Months Ended December 31, 2017 Beginning Allowance Charge-offs Recoveries Provision & Transfers Ending Allowance (In thousands) Single-family residential $ 36,892 $ (461 ) $ 121 $ (624 ) $ 35,928 Construction 24,556 — — 658 25,214 Construction - custom 1,944 (50 ) — 158 2,052 Land - acquisition & development 6,829 — 3,372 (2,846 ) 7,355 Land - consumer lot loans 2,649 (47 ) — 304 2,906 Multi-family 7,862 — — 42 7,904 Commercial real estate 11,818 — — (193 ) 11,625 Commercial & industrial 28,524 (116 ) 55 805 29,268 HELOC 855 — — (47 ) 808 Consumer 1,144 (78 ) 286 2,743 4,095 $ 123,073 $ (752 ) $ 3,834 $ 1,000 $ 127,155 |
Summary of Loans Collectively and Individually Evaluated for Impairment and Related Allocation of Reserves | The following tables show loans collectively and individually evaluated for impairment and the related allocation of general and specific reserves. December 31, 2018 Loans Collectively Evaluated for Impairment Loans Individually Evaluated for Impairment Allowance Allocation Recorded Investment of Loans Ratio Allowance Allocation Recorded Investment of Loans Ratio (In thousands, except ratio data) (In thousands, except ratio data) Single-family residential $ 31,484 $ 5,833,667 0.5 % $ — $ 16,259 — % Construction 31,463 1,045,849 3.0 — 1,380 — Construction - custom 1,926 299,622 0.6 — — — Land - acquisition & development 9,147 145,197 6.3 9 438 2.1 Land - consumer lot loans 2,144 95,628 2.2 — 303 — Multi-family 7,880 1,404,714 0.6 4 435 0.9 Commercial real estate 12,569 1,512,064 0.8 142 14,823 1.0 Commercial & industrial 29,934 1,199,565 2.5 345 14,206 2.4 HELOC 1,064 135,369 0.8 — 519 — Consumer 3,054 161,958 1.9 — 162 — $ 130,665 $ 11,833,633 1.1 % $ 500 $ 48,525 1.0 % September 30, 2018 Loans Collectively Evaluated for Impairment Loans Individually Evaluated for Impairment Allowance Allocation Recorded Investment of Loans Ratio Allowance Allocation Recorded Investment of Loans Ratio (In thousands, except ratio data) (In thousands, except ratio data) Single-family residential $ 33,033 $ 5,782,870 0.6 % $ — $ 21,345 — % Construction 31,317 1,060,428 3.0 — 2,427 — Construction - custom 1,842 289,192 0.6 — — — Land - acquisition & development 7,969 122,639 6.5 9 920 1.0 Land - consumer lot loans 2,164 96,583 2.2 — 507 — Multi-family 8,325 1,384,655 0.6 4 448 1.0 Commercial real estate 11,702 1,432,791 0.8 150 19,378 0.8 Commercial & industrial 28,348 1,126,438 2.5 354 14,437 2.5 HELOC 781 128,715 0.6 — 1,162 — Consumer 3,259 173,181 1.9 — 56 — $ 128,740 $ 11,597,492 1.1 % $ 517 $ 60,680 0.9 % |
Summary of Loans Based on Credit Quality Indicators | The following tables provide information on loans based on risk rating categories as defined above. December 31, 2018 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total Gross Loans (In thousands, except ratio data) Loan type Single-family residential $ 5,815,029 $ — $ 29,934 $ — $ — $ 5,844,963 Construction 1,832,326 7,968 1,380 — — 1,841,674 Construction - custom 607,071 — — — — 607,071 Land - acquisition & development 179,602 — 1,721 — — 181,323 Land - consumer lot loans 99,778 — 785 — — 100,563 Multi-family 1,397,920 3,254 3,998 — — 1,405,172 Commercial real estate 1,484,559 19,810 22,518 — — 1,526,887 Commercial & industrial 1,169,981 9,790 33,967 — — 1,213,738 HELOC 136,256 — 600 — — 136,856 Consumer 162,191 — 30 — — 162,221 Total gross loans $ 12,884,713 $ 40,822 $ 94,933 $ — $ — $ 13,020,468 Total grade as a % of total gross loans 99.0 % 0.3 % 0.7 % — % — % September 30, 2018 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total Gross Loans (In thousands, except ratio data) Loan type Single-family residential $ 5,766,096 $ — $ 32,870 $ — $ — $ 5,798,966 Construction 1,886,304 1,937 2,427 — — 1,890,668 Construction - custom 624,479 — — — — 624,479 Land - acquisition & development 152,984 — 2,220 — — 155,204 Land - consumer lot loans 101,249 — 787 — — 102,036 Multi-family 1,378,803 1,633 4,689 — — 1,385,125 Commercial real estate 1,421,602 7,114 23,452 — — 1,452,168 Commercial & industrial 1,093,405 16,513 30,956 — — 1,140,874 HELOC 130,330 — 522 — — 130,852 Consumer 173,285 — 21 — — 173,306 Total gross loans $ 12,728,537 $ 27,197 $ 97,944 $ — $ — $ 12,853,678 Total grade as a % of total gross loans 99.0 % 0.2 % 0.8 % — % — % The following tables provide information on gross loans based on borrower payment activity. December 31, 2018 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (In thousands, except ratio data) Single-family residential $ 5,820,215 99.6 % $ 24,748 0.4 % Construction 1,840,294 99.9 1,380 0.1 Construction - custom 607,071 100.0 — — Land - acquisition & development 180,885 99.8 438 0.2 Land - consumer lot loans 99,778 99.2 785 0.8 Multi-family 1,405,172 100.0 — — Commercial real estate 1,517,409 99.4 9,478 0.6 Commercial & industrial 1,199,743 98.8 13,995 1.2 HELOC 136,257 99.6 599 0.4 Consumer 162,194 100.0 27 — $ 12,969,018 99.6 % $ 51,450 0.4 % September 30, 2018 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (In thousands, except ratio data) Single-family residential $ 5,771,323 99.5 % $ 27,643 0.5 % Construction 1,888,241 99.9 2,427 0.1 Construction - custom 624,479 100.0 — — Land - acquisition & development 154,284 99.4 920 0.6 Land - consumer lot loans 101,249 99.2 787 0.8 Multi-family 1,385,125 100.0 — — Commercial real estate 1,443,197 99.4 8,971 0.6 Commercial & industrial 1,126,480 98.7 14,394 1.3 HELOC 130,329 99.6 523 0.4 Consumer 173,285 100.0 21 — $ 12,797,992 99.6 % $ 55,686 0.4 % |
Summary of Impaired Loans Based on Type | The following tables provide information on impaired loan balances and the related allowances by loan types. December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (Year-To-Date) (In thousands) Impaired loans with no related allowance recorded: Single-family residential $ 15,438 $ 16,633 $ — $ 17,155 Construction 1,630 1,750 — 2,164 Land - acquisition & development 335 335 — 575 Land - consumer lot loans 181 281 — 246 Commercial real estate 9,945 15,035 — 9,685 Commercial & industrial 9,868 10,055 — 10,003 HELOC 519 612 — 465 Consumer 25 230 — 23 37,941 44,931 — 40,316 Impaired loans with an allowance recorded: Single-family residential 133,808 136,876 2,498 136,802 Land - acquisition & development 103 156 — 105 Land - consumer lot loans 4,601 4,930 9 4,759 Multi-family 435 435 4 442 Commercial real estate 5,552 6,625 142 5,903 Commercial & industrial 4,159 7,502 345 4,225 HELOC 968 978 — 972 Consumer 67 67 — 69 149,693 157,569 2,998 (1) 153,277 Total impaired loans: Single-family residential 149,246 153,509 2,498 153,957 Construction 1,630 1,750 — 2,164 Land - acquisition & development 438 491 — 680 Land - consumer lot loans 4,782 5,211 9 5,005 Multi-family 435 435 4 442 Commercial real estate 15,497 21,660 142 15,588 Commercial & industrial 14,027 17,557 345 14,228 HELOC 1,487 1,590 — 1,437 Consumer 92 297 — 92 $ 187,634 $ 202,500 $ 2,998 (1) $ 193,593 (1) Includes $500,000 of specific reserves and $2,498,000 included in the general reserves. September 30, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (In thousands) Impaired loans with no related allowance recorded: Single-family residential $ 18,872 $ 20,050 $ — $ 20,097 Construction 2,698 2,818 — 1,349 Construction - custom — — — 74 Land - acquisition & development 814 814 — 572 Land - consumer lot loans 311 336 — 260 Multi-family — — — 70 Commercial real estate 9,425 14,035 — 11,158 Commercial & industrial 10,137 10,146 — 9,208 HELOC 410 1,170 — 450 Consumer 20 56 — 54 42,687 49,425 — 43,292 Impaired loans with an allowance recorded: Single-family residential 139,796 143,099 2,871 161,729 Land - acquisition & development 107 157 — 39 Land - consumer lot loans 4,916 5,290 9 6,449 Multi-family 448 448 4 471 Commercial real estate 6,254 7,733 150 10,445 Commercial & industrial 4,291 7,506 354 4,495 HELOC 976 984 — 1,395 Consumer 70 70 — 83 156,858 165,287 3,388 (1) 185,106 Total impaired loans: Single-family residential 158,668 163,149 2,871 181,826 Construction 2,698 2,818 — 1,349 Construction - custom — — — 74 Land - acquisition & development 921 971 — 611 Land - consumer lot loans 5,227 5,626 9 6,709 Multi-family 448 448 4 541 Commercial real estate 15,679 21,768 150 21,603 Commercial & industrial 14,428 17,652 354 13,703 HELOC 1,386 2,154 — 1,845 Consumer 90 126 — 137 $ 199,545 $ 214,712 $ 3,388 (1) $ 228,398 (1) Includes $517,000 of specific reserves and $2,871,000 included in the general reserves. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets Measured on Recurring Basis | The following tables present the balance of assets and liabilities measured at fair value on a recurring basis. December 31, 2018 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Available-for-sale securities: U.S. government and agency securities $ — $ 200,704 $ — $ 200,704 Municipal bonds — 23,058 — 23,058 Corporate debt securities — 222,541 — 222,541 Mortgage-backed securities Agency pass-through certificates — 1,005,037 — 1,005,037 Commercial MBS — — — — Total available-for-sale securities — 1,451,340 — 1,451,340 Interest rate contracts — 3,341 — 3,341 Commercial loan hedges — 1,506 — 1,506 Borrowings hedges — 11,751 — 11,751 Total financial assets $ — $ 1,467,938 $ — $ 1,467,938 Financial Liabilities Interest rate contracts $ — $ 3,341 $ — $ 3,341 Total financial liabilities $ — $ 3,341 $ — $ 3,341 There were no transfers between, into and/or out of Levels 1, 2 or 3 during the three months ended December 31, 2018 . September 30, 2018 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Available-for-sale securities: Equity securities $ 488 $ — $ — $ 488 U.S. government and agency securities — 207,293 — 207,293 Municipal bonds — 22,978 — 22,978 Corporate debt securities — 184,695 — 184,695 Mortgage-backed securities Agency pass-through certificates — 896,041 — 896,041 Commercial MBS — 3,462 — 3,462 Total available-for-sale securities 488 1,314,469 — 1,314,957 Interest rate contracts — 12,731 — 12,731 Commercial loan hedges — 3,857 — 3,857 Borrowings hedges — 22,250 — 22,250 Total financial assets $ 488 $ 1,353,307 $ — $ 1,353,795 Financial Liabilities Interest rate contracts $ — $ 12,731 $ — $ 12,731 Total financial liabilities $ — $ 12,731 $ — $ 12,731 |
Aggregated Balance of Assets Measured at Estimated Fair Value on a Nonrecurring Basis and Total Losses Resulting from Those Fair Value Adjustments | The following tables present the aggregated balance of assets that were measured at fair value on a nonrecurring basis at December 31, 2018 and December 31, 2017 , and the total gains (losses) resulting from those fair value adjustments for the three months ended December 31, 2018 and December 31, 2017 . The estimated fair value measurements are shown gross of estimated selling costs. December 31, 2018 Three Months Ended December 31, 2018 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) (In thousands) Impaired loans (1) $ — $ — $ 1,970 $ 1,970 $ (726 ) Real estate owned (2) — — 520 520 (32 ) Balance at end of period $ — $ — $ 2,490 $ 2,490 $ (758 ) (1) The gains (losses) represent remeasurements of collateral-dependent loans. (2) The gains (losses) represent aggregate writedowns and charge-offs on REO. December 31, 2017 Three Months Ended December 31, 2017 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) (In thousands) Impaired loans (1) $ — $ — $ 688 $ 688 $ (507 ) Real estate owned (2) — — 2,055 2,055 (180 ) Balance at end of period $ — $ — $ 2,743 $ 2,743 $ (687 ) (1) The gains (losses) represent remeasurements of collateral-dependent loans. (2) The gains (losses) represent aggregate writedowns and charge-offs on REO. |
Fair Value of Financial Instruments by Balance Sheet Grouping | Although management is not aware of any factors that would materially affect the estimated fair value amounts presented below, such amounts have not been comprehensively revalued for purposes of these financial statements since the dates shown, and therefore, estimates of fair value subsequent to those dates may differ significantly from the amounts presented below. December 31, 2018 September 30, 2018 Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value ($ in thousands) Financial assets Cash and cash equivalents 1 $ 283,375 $ 283,375 $ 268,650 $ 268,650 Available-for-sale securities Equity securities 1 — — 488 488 U.S. government and agency securities 2 200,704 200,704 207,293 207,293 Municipal bonds 2 23,058 23,058 22,978 22,978 Corporate debt securities 2 222,541 222,541 184,695 184,695 Mortgage-backed securities Agency pass-through certificates 2 1,005,037 1,005,037 896,041 896,041 Commercial MBS 2 — — 3,462 3,462 Total available-for-sale securities 1,451,340 1,451,340 1,314,957 1,314,957 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 2 1,571,815 1,522,571 1,610,420 1,533,742 Commercial MBS 2 15,000 14,925 15,000 15,028 Total held-to-maturity securities 1,586,815 1,537,496 1,625,420 1,548,770 Loans receivable 3 11,700,239 12,020,772 11,477,081 11,556,326 FHLB and FRB stock 2 135,590 135,590 127,190 127,190 Other assets - interest rate contracts 2 3,341 3,341 12,731 12,731 Other assets - commercial loan hedges 2 1,506 1,506 3,857 3,857 Other assets - borrowings hedges 2 11,751 11,751 22,250 22,250 Financial liabilities Time deposit accounts 2 4,817,346 4,822,783 4,804,803 4,779,040 FHLB advances 2 2,540,000 2,537,375 2,330,000 2,316,964 Other liabilities - interest rate contracts 2 3,341 3,341 12,731 12,731 |
Reconciliation of Amortized Cost to Fair Value of Available-for-Sale and Held-to-Maturity Securities | The following tables provide a reconciliation of amortized cost to fair value of available-for-sale and held-to-maturity securities. December 31, 2018 Amortized Cost Gross Unrealized Fair Value Yield Gains Losses ($ in thousands) Available-for-sale securities U.S. government and agency securities due 5 to 10 years $ 59,408 $ — $ (1,386 ) $ 58,022 2.72 % Over 10 years 143,209 19 (546 ) 142,682 3.30 Corporate debt securities due 1 to 5 years 113,798 1,068 (1,605 ) 113,261 3.93 5 to 10 years 112,587 — (3,307 ) 109,280 3.35 Municipal bonds due 1 to 5 years 1,406 — (8 ) 1,398 2.05 Over 10 years 20,318 1,342 — 21,660 6.45 Mortgage-backed securities Agency pass-through certificates 1,008,622 4,888 (8,473 ) 1,005,037 3.36 1,459,348 7,317 (15,325 ) 1,451,340 3.42 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 1,571,815 870 (50,114 ) 1,522,571 3.16 Commercial MBS 15,000 — (75 ) 14,925 3.33 1,586,815 870 (50,189 ) 1,537,496 3.16 $ 3,046,163 $ 8,187 $ (65,514 ) $ 2,988,836 3.29 % September 30, 2018 Amortized Cost Gross Unrealized Fair Value Yield Gains Losses ($ in thousands) Available-for-sale securities U.S. government and agency securities due 5 to 10 years $ 60,872 $ — $ (1,473 ) $ 59,399 2.55 % Over 10 years 148,099 109 (314 ) 147,894 3.05 Equity securities 1 to 5 years 500 — (12 ) 488 1.80 Corporate bonds due 1 to 5 years 113,762 1,875 (13 ) 115,624 3.59 5 to 10 years 69,965 35 (929 ) 69,071 3.23 Municipal bonds due 1 to 5 years 1,398 — (24 ) 1,374 2.05 Over 10 years 20,323 1,281 — 21,604 6.45 Mortgage-backed securities Agency pass-through certificates 908,092 1,383 (13,434 ) 896,041 3.29 Commercial MBS 3,460 2 — 3,462 4.36 1,326,471 4,685 (16,199 ) 1,314,957 3.30 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 1,610,420 305 (76,983 ) 1,533,742 3.16 Other Commercial MBS 15,000 28 — 15,028 3.03 1,625,420 333 (76,983 ) 1,548,770 3.16 $ 2,951,891 $ 5,018 $ (93,182 ) $ 2,863,727 3.22 % |
Schedule of Unrealized Losses and Fair Value of Securities | The following tables show the unrealized gross losses and fair value of securities as of December 31, 2018 and September 30, 2018 , by length of time that individual securities in each category have been in a continuous loss position. The decline in fair value since purchase is attributable to changes in interest rates. Because the Company does not intend to sell these securities and does not consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other than temporarily impaired. December 31, 2018 Less than 12 months 12 months or more Total Unrealized Gross Losses Fair Value Unrealized Gross Losses Fair Value Unrealized Gross Losses Fair Value (In thousands) Corporate debt securities $ (1,172 ) $ 61,415 $ (3,740 ) $ 96,261 $ (4,912 ) 157,676 Municipal bonds (8 ) 1,398 — — (8 ) 1,398 U.S. government and agency securities (286 ) 69,152 (1,646 ) 74,212 (1,932 ) 143,364 Mortgage-backed securities (14,860 ) 869,583 (43,802 ) 1,077,341 (58,662 ) 1,946,924 $ (16,326 ) $ 1,001,548 $ (49,188 ) $ 1,247,814 $ (65,514 ) $ 2,249,362 September 30, 2018 Less than 12 months 12 months or more Total Unrealized Gross Losses Fair Value Unrealized Gross Losses Fair Value Unrealized Gross Losses Fair Value (In thousands) Corporate debt securities $ (929 ) $ 49,072 $ (14 ) $ 24,988 $ (943 ) $ 74,060 Municipal bonds due (24 ) 1,374 — — (24 ) 1,374 U.S. government and agency securities (141 ) 37,565 (1,645 ) 76,499 (1,786 ) 114,064 Equity securities (12 ) 488 — — (12 ) 488 Mortgage-backed securities (28,748 ) 1,035,754 (61,669 ) 1,183,017 (90,417 ) 2,218,771 $ (29,854 ) $ 1,124,253 $ (63,328 ) $ 1,284,504 $ (93,182 ) $ 2,408,757 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value, Notional Amount and Balance Sheet Classification | The following tables present the fair value, notional amount and balance sheet classification of derivative assets and liabilities at December 31, 2018 and September 30, 2018 : December 31, 2018 Derivatives Assets Derivative Liabilities Balance Sheet Location Notional Fair Value Balance Sheet Location Notional Fair Value (In thousands) (In thousands) Client swap program Other assets $ 385,302 $ 3,341 Other liabilities $ 385,302 $ 3,341 Commercial loan fair value hedges Other assets 95,645 1,506 Other liabilities — — Borrowings cash flow hedges Other assets 700,000 11,751 Other liabilities — — $ 1,180,947 $ 16,598 $ 385,302 $ 3,341 September 30, 2018 Derivatives Assets Derivative Liabilities Interest rate contract purpose Balance Sheet Location Notional Fair Value Balance Sheet Location Notional Fair Value (In thousands) (In thousands) Client swap program Other assets $ 395,396 $ 12,731 Other liabilities $ 395,396 $ 12,731 Commercial loan fair value hedges Other assets 97,927 3,857 Other liabilities — — Borrowings cash flow hedges Other assets 700,000 22,250 Other liabilities — — $ 1,193,323 $ 38,838 $ 395,396 $ 12,731 |
Schedule of Fair Value Hedge Accounting on Carrying Value of Hedged Items | The following table presents the impact of fair value hedge accounting on the carrying value of the hedged items (fixed rate commercial loans) at December 31, 2018 : (In thousands) December 31, 2018 Balance sheet line item in which hedged item is recorded Carrying value of hedged items Cumulative fair value hedge adjustment included in carrying amount of hedged items Loans receivable $ 97,377 $ 1,506 $ 97,377 $ 1,506 |
Schedule of Impact of Derivative Instruments | The following table presents the impact of derivative instruments (cash flow hedges on borrowings) on AOCI for the periods presented: (In thousands) Three Months Ended December 31, Amount of gain/(loss) recognized in AOCI on derivatives in cash flow hedging relationships 2018 Interest rate contracts: Pay fixed/receive floating swaps on cash flow hedges of borrowings $ (10,499 ) Total pre-tax gain/(loss) recognized in AOCI $ (10,499 ) The following table presents the impact of derivative instruments (client swap program) that are not designated in accounting hedges under ASC 815 for the periods presented: (In thousands) Three Months Ended December 31, Derivative instruments Classification of gain/(loss) recognized in income on derivative instrument 2018 Interest rate contracts: Pay fixed/receive floating swap Other noninterest income $ (9,390 ) Receive fixed/pay floating swap Other noninterest income 9,390 $ — |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table presents the gains/(losses) on derivative instruments in fair value and cash flow accounting hedging relationships under ASC 815 for the period presented: Three Months Ended December 31, 2018 Interest income on loans receivable Interest expense on FHLB advances (In thousands) Interest income/expense, including the effects of fair value and cash flow hedges $ 137,065 $ 16,891 Gain/(loss) on fair value hedging relationships: Interest rate contracts Amounts related to interest settlements on derivatives $ 19 Recognized on derivatives (2,317 ) Recognized on hedged items 2,279 Net income/(expense) recognized on fair value hedges $ (19 ) Gain/(loss) on cash flow hedging relationships: Interest rate contracts Amounts related to interest settlements on derivatives $ (551 ) Amount of derivative gain/(loss) reclassified from AOCI into interest income/expense — Net income/(expense) recognized on cash flow hedges $ (551 ) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Cash collateral | $ 18,000 | $ 18,000 |
Loans in process | 1,138,308 | 1,195,506 |
Loans and Leases Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in process | $ 2,116,196 | $ 2,180,162 |
Dividends and Share Repurchas_2
Dividends and Share Repurchases (Details) - $ / shares | Jan. 16, 2019 | Nov. 23, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Dividends Payable [Line Items] | ||||
Cash dividends per share (in dollars per share) | $ 0.18 | $ 0.18 | $ 0.15 | |
Stock repurchased (in shares) | 1,740,192 | |||
Average cost per share (in dollars per share) | $ 28.12 | |||
Remaining shares authorized to be repurchased (in shares) | 292,406 | |||
Subsequent Event | ||||
Dividends Payable [Line Items] | ||||
Dividends declared (in dollars per share) | $ 0.2 | |||
Stock authorized to be repurchased (in shares) | 10,000,000 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Accounts, Notes, Loans, and Financing Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 13,020,468 | $ 12,853,678 | ||
Ratio of type of loan to total loans receivable | 100.00% | 100.00% | ||
Allowance for loan losses | $ 131,165 | $ 129,257 | $ 127,155 | $ 123,073 |
Loans in process | 1,138,308 | 1,195,506 | ||
Net deferred fees, costs and discounts | 50,756 | 51,834 | ||
Total loan contra accounts | 1,320,229 | 1,376,597 | ||
Net loans | 11,700,239 | 11,477,081 | ||
Single-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 5,844,963 | $ 5,798,966 | ||
Ratio of type of loan to total loans receivable | 44.90% | 45.10% | ||
Allowance for loan losses | $ 31,484 | $ 33,033 | 35,928 | 36,892 |
Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 1,841,674 | $ 1,890,668 | ||
Ratio of type of loan to total loans receivable | 14.10% | 14.70% | ||
Allowance for loan losses | $ 31,463 | $ 31,317 | 25,214 | 24,556 |
Construction - custom | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 607,071 | $ 624,479 | ||
Ratio of type of loan to total loans receivable | 4.70% | 4.90% | ||
Allowance for loan losses | $ 1,926 | $ 1,842 | 2,052 | 1,944 |
Land - acquisition & development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 181,323 | $ 155,204 | ||
Ratio of type of loan to total loans receivable | 1.40% | 1.20% | ||
Allowance for loan losses | $ 9,156 | $ 7,978 | 7,355 | 6,829 |
Land - consumer lot loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 100,563 | $ 102,036 | ||
Ratio of type of loan to total loans receivable | 0.80% | 0.80% | ||
Allowance for loan losses | $ 2,144 | $ 2,164 | 2,906 | 2,649 |
Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 1,405,172 | $ 1,385,125 | ||
Ratio of type of loan to total loans receivable | 10.80% | 10.80% | ||
Allowance for loan losses | $ 7,884 | $ 8,329 | 7,904 | 7,862 |
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 1,526,887 | $ 1,452,168 | ||
Ratio of type of loan to total loans receivable | 11.70% | 11.30% | ||
Allowance for loan losses | $ 12,711 | $ 11,852 | 11,625 | 11,818 |
Commercial & industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 1,213,738 | $ 1,140,874 | ||
Ratio of type of loan to total loans receivable | 9.30% | 8.90% | ||
Allowance for loan losses | $ 30,279 | $ 28,702 | 29,268 | 28,524 |
HELOC | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 136,856 | $ 130,852 | ||
Ratio of type of loan to total loans receivable | 1.10% | 1.00% | ||
Allowance for loan losses | $ 1,064 | $ 781 | 808 | 855 |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 162,221 | $ 173,306 | ||
Ratio of type of loan to total loans receivable | 1.20% | 1.30% | ||
Allowance for loan losses | $ 3,054 | $ 3,259 | $ 4,095 | $ 1,144 |
Loans Receivable - Loans on No
Loans Receivable - Loans on Non-accrual Status (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual percent of total loans | 0.44% | 0.49% |
Non-accrual loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 51,450 | $ 55,686 |
Ratio of non-accrual loan by portfolio segment to total loans on non-accrual status | 100.00% | 100.00% |
Non-accrual loans | Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 24,748 | $ 27,643 |
Ratio of non-accrual loan by portfolio segment to total loans on non-accrual status | 48.10% | 49.60% |
Non-accrual loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 1,380 | $ 2,427 |
Ratio of non-accrual loan by portfolio segment to total loans on non-accrual status | 2.70% | 4.40% |
Non-accrual loans | Land - acquisition & development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 438 | $ 920 |
Ratio of non-accrual loan by portfolio segment to total loans on non-accrual status | 0.90% | 1.70% |
Non-accrual loans | Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 785 | $ 787 |
Ratio of non-accrual loan by portfolio segment to total loans on non-accrual status | 1.50% | 1.40% |
Non-accrual loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 9,478 | $ 8,971 |
Ratio of non-accrual loan by portfolio segment to total loans on non-accrual status | 18.40% | 16.10% |
Non-accrual loans | Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 13,995 | $ 14,394 |
Ratio of non-accrual loan by portfolio segment to total loans on non-accrual status | 27.20% | 25.80% |
Non-accrual loans | HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 599 | $ 523 |
Ratio of non-accrual loan by portfolio segment to total loans on non-accrual status | 1.20% | 0.90% |
Non-accrual loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 27 | $ 21 |
Ratio of non-accrual loan by portfolio segment to total loans on non-accrual status | 0.10% | 0.00% |
Loans Receivable - Additional
Loans Receivable - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual interest income recognized | $ 843 | ||
Impaired, interest lost on nonaccrual loans | $ 587 | ||
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.42% | 0.42% | |
Percent of TDRs classified as performing | 96.00% | ||
Troubled debt restructuring, amount | $ 283 | $ 9,268 | |
Basis point reduction, minimum | 1.00% | ||
Basis point reduction, maximum | 2.00% | ||
Single family residential loans as percentage of restructured loans | 89.40% | ||
Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term for payment and rate reduction | 6 months | ||
Maximum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term for payment and rate reduction | 24 months | ||
Performing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled debt restructuring, amount | $ 149,693 |
Loans Receivable - Loans Recei
Loans Receivable - Loans Receivable, Analysis of Age of Loans in Past Due Status (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Net of Loans In Process | $ 11,882,160 | $ 11,658,172 |
Current | 11,832,581 | 11,608,959 |
Total Delinquent | $ 49,579 | $ 49,213 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.42% | 0.42% |
Ratio of total past due loans to total loans receivable, current | 99.58% | 99.58% |
Ratio of total past due loans to total loans receivable, past due | 0.42% | 0.42% |
30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | $ 9,403 | $ 9,182 |
Ratio of total past due loans to total loans receivable, past due | 0.08% | 0.08% |
60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | $ 9,540 | $ 6,513 |
Ratio of total past due loans to total loans receivable, past due | 0.08% | 0.06% |
90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | $ 30,636 | $ 33,518 |
Ratio of total past due loans to total loans receivable, past due | 0.26% | 0.29% |
Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Net of Loans In Process | $ 5,844,383 | $ 5,798,353 |
Current | 5,817,233 | 5,768,253 |
Total Delinquent | $ 27,150 | $ 30,100 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.46% | 0.52% |
Single-family residential | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | $ 5,857 | $ 7,983 |
Single-family residential | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | 5,019 | 3,562 |
Single-family residential | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | 16,274 | 18,555 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Net of Loans In Process | 1,047,229 | 1,062,855 |
Current | 1,045,849 | 1,060,428 |
Total Delinquent | $ 1,380 | $ 2,427 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.13% | 0.23% |
Construction | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | $ 0 | $ 0 |
Construction | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | 0 | 0 |
Construction | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | 1,380 | 2,427 |
Construction - custom | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Net of Loans In Process | 299,622 | 289,192 |
Current | 299,622 | 289,192 |
Total Delinquent | $ 0 | $ 0 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.00% | 0.00% |
Construction - custom | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | $ 0 | $ 0 |
Construction - custom | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | 0 | 0 |
Construction - custom | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | 0 | 0 |
Land - acquisition & development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Net of Loans In Process | 145,635 | 123,560 |
Current | 145,443 | 122,620 |
Total Delinquent | $ 192 | $ 940 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.13% | 0.76% |
Land - acquisition & development | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | $ 0 | $ 0 |
Land - acquisition & development | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | 0 | 270 |
Land - acquisition & development | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | 192 | 670 |
Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Net of Loans In Process | 100,440 | 101,908 |
Current | 99,957 | 101,294 |
Total Delinquent | $ 483 | $ 614 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.48% | 0.60% |
Land - consumer lot loans | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | $ 0 | $ 144 |
Land - consumer lot loans | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | 0 | 117 |
Land - consumer lot loans | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | 483 | 353 |
Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Net of Loans In Process | 1,405,149 | 1,385,103 |
Current | 1,403,524 | 1,385,103 |
Total Delinquent | $ 1,625 | $ 0 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.12% | 0.00% |
Multi-family | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | $ 974 | $ 0 |
Multi-family | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | 651 | 0 |
Multi-family | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | 0 | 0 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Net of Loans In Process | 1,526,887 | 1,452,169 |
Current | 1,520,083 | 1,448,946 |
Total Delinquent | $ 6,804 | $ 3,223 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.45% | 0.22% |
Commercial real estate | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | $ 1,757 | $ 316 |
Commercial real estate | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | 2,942 | 1,767 |
Commercial real estate | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | 2,105 | 1,140 |
Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Net of Loans In Process | 1,213,738 | 1,140,874 |
Current | 1,203,436 | 1,130,836 |
Total Delinquent | $ 10,302 | $ 10,038 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.85% | 0.88% |
Commercial & industrial | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | $ 283 | $ 0 |
Commercial & industrial | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | 234 | 0 |
Commercial & industrial | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | 9,785 | 10,038 |
HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Net of Loans In Process | 136,856 | 130,852 |
Current | 135,488 | 129,510 |
Total Delinquent | $ 1,368 | $ 1,342 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 1.00% | 1.03% |
HELOC | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | $ 411 | $ 567 |
HELOC | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | 569 | 469 |
HELOC | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | 388 | 306 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Net of Loans In Process | 162,221 | 173,306 |
Current | 161,946 | 172,777 |
Total Delinquent | $ 275 | $ 529 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.17% | 0.31% |
Consumer | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | $ 121 | $ 172 |
Consumer | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | 125 | 328 |
Consumer | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Delinquent | $ 29 | $ 29 |
Loans Receivable - Troubled De
Loans Receivable - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018USD ($)contract | Dec. 31, 2017USD ($)contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 1 | 11 |
Pre-Modification Outstanding Recorded Investment | $ 283 | $ 9,268 |
Post-Modification Outstanding Recorded Investment | $ 283 | $ 9,268 |
Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 1 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 283 | $ 2,012 |
Post-Modification Outstanding Recorded Investment | $ 283 | $ 2,012 |
Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 0 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 7,256 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 7,256 |
Loans Receivable - Loan Modifi
Loans Receivable - Loan Modifications (Details) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018USD ($)contract | Dec. 31, 2017USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 1 | 1 |
Recorded Investment | $ | $ 543 | $ 44 |
Single-family residential | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 1 | 1 |
Recorded Investment | $ | $ 543 | $ 44 |
Allowance for Losses on Loans
Allowance for Losses on Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | $ 129,257 | $ 123,073 |
Charge-offs | (1,641) | (752) |
Recoveries | 3,049 | 3,834 |
Provision & Transfers | 500 | 1,000 |
Ending Allowance | 131,165 | 127,155 |
Single-family residential | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 33,033 | 36,892 |
Charge-offs | (25) | (461) |
Recoveries | 230 | 121 |
Provision & Transfers | (1,754) | (624) |
Ending Allowance | 31,484 | 35,928 |
Construction | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 31,317 | 24,556 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision & Transfers | 146 | 658 |
Ending Allowance | 31,463 | 25,214 |
Construction - custom | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 1,842 | 1,944 |
Charge-offs | 0 | (50) |
Recoveries | 0 | 0 |
Provision & Transfers | 84 | 158 |
Ending Allowance | 1,926 | 2,052 |
Land - acquisition & development | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 7,978 | 6,829 |
Charge-offs | 0 | 0 |
Recoveries | 1,782 | 3,372 |
Provision & Transfers | (604) | (2,846) |
Ending Allowance | 9,156 | 7,355 |
Land - consumer lot loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 2,164 | 2,649 |
Charge-offs | (72) | (47) |
Recoveries | 265 | 0 |
Provision & Transfers | (213) | 304 |
Ending Allowance | 2,144 | 2,906 |
Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 8,329 | 7,862 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision & Transfers | (445) | 42 |
Ending Allowance | 7,884 | 7,904 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 11,852 | 11,818 |
Charge-offs | (339) | 0 |
Recoveries | 525 | 0 |
Provision & Transfers | 673 | (193) |
Ending Allowance | 12,711 | 11,625 |
Commercial & industrial | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 28,702 | 28,524 |
Charge-offs | (179) | (116) |
Recoveries | 33 | 55 |
Provision & Transfers | 1,723 | 805 |
Ending Allowance | 30,279 | 29,268 |
HELOC | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 781 | 855 |
Charge-offs | (886) | 0 |
Recoveries | 1 | 0 |
Provision & Transfers | 1,168 | (47) |
Ending Allowance | 1,064 | 808 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 3,259 | 1,144 |
Charge-offs | (140) | (78) |
Recoveries | 213 | 286 |
Provision & Transfers | (278) | 2,743 |
Ending Allowance | $ 3,054 | $ 4,095 |
Allowance for Losses on Loans_2
Allowance for Losses on Loans - Additional Information (Details) - USD ($) | 3 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision (release) for loan losses | $ (500,000) | $ 0 | ||
Charge-offs, net of (recoveries) | 1,408,000 | 3,082,000 | ||
Loans receivable, gross | $ 13,020,468,000 | $ 12,853,678,000 | ||
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.42% | 0.42% | ||
Allowance for loan losses | $ 131,165,000 | $ 127,155,000 | $ 129,257,000 | $ 123,073,000 |
Allowance for credit losses and reserve for unfunded commitments | $ 137,415,000 | |||
Allowance for credit losses and reserve for unfunded commitments, percent of gross loans | 1.06% | |||
Non-accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Non-accrual loans | $ 51,450,000 | 55,686,000 | ||
Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 11,833,633,000 | 11,597,492,000 | ||
Allowance for loan losses | 130,665,000 | 128,740,000 | ||
Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 48,525,000 | 60,680,000 | ||
Allowance for loan losses | 500,000 | 517,000 | ||
Unfunded Loan Commitment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 6,250,000 | 7,250,000 | ||
Non-Performing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 62,730,000 | $ 70,093,000 | ||
Ratio of non-performing assets to total assets | 0.39% | 0.44% | ||
Non-accrual loans | $ 51,450,000 | $ 55,686,000 |
Allowance for Losses on Loans_3
Allowance for Losses on Loans - Loans Evaluated for Impairment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | $ 131,165 | $ 129,257 | $ 127,155 | $ 123,073 |
Recorded Investment of Loans | 13,020,468 | 12,853,678 | ||
Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | 130,665 | 128,740 | ||
Recorded Investment of Loans | $ 11,833,633 | $ 11,597,492 | ||
Ratio | 1.10% | 1.10% | ||
Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | $ 500 | $ 517 | ||
Recorded Investment of Loans | $ 48,525 | $ 60,680 | ||
Ratio | 1.00% | 0.90% | ||
Single-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | $ 31,484 | $ 33,033 | 35,928 | 36,892 |
Recorded Investment of Loans | 5,844,963 | 5,798,966 | ||
Single-family residential | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | 31,484 | 33,033 | ||
Recorded Investment of Loans | $ 5,833,667 | $ 5,782,870 | ||
Ratio | 0.50% | 0.60% | ||
Single-family residential | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | $ 0 | $ 0 | ||
Recorded Investment of Loans | $ 16,259 | $ 21,345 | ||
Ratio | 0.00% | 0.00% | ||
Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | $ 31,463 | $ 31,317 | 25,214 | 24,556 |
Recorded Investment of Loans | 1,841,674 | 1,890,668 | ||
Construction | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | 31,463 | 31,317 | ||
Recorded Investment of Loans | $ 1,045,849 | $ 1,060,428 | ||
Ratio | 3.00% | 3.00% | ||
Construction | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | $ 0 | $ 0 | ||
Recorded Investment of Loans | $ 1,380 | $ 2,427 | ||
Ratio | 0.00% | 0.00% | ||
Construction - custom | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | $ 1,926 | $ 1,842 | 2,052 | 1,944 |
Recorded Investment of Loans | 607,071 | 624,479 | ||
Construction - custom | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | 1,926 | 1,842 | ||
Recorded Investment of Loans | $ 299,622 | $ 289,192 | ||
Ratio | 0.60% | 0.60% | ||
Construction - custom | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | $ 0 | $ 0 | ||
Recorded Investment of Loans | $ 0 | $ 0 | ||
Ratio | 0.00% | 0.00% | ||
Land - acquisition & development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | $ 9,156 | $ 7,978 | 7,355 | 6,829 |
Recorded Investment of Loans | 181,323 | 155,204 | ||
Land - acquisition & development | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | 9,147 | 7,969 | ||
Recorded Investment of Loans | $ 145,197 | $ 122,639 | ||
Ratio | 6.30% | 6.50% | ||
Land - acquisition & development | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | $ 9 | $ 9 | ||
Recorded Investment of Loans | $ 438 | $ 920 | ||
Ratio | 2.10% | 1.00% | ||
Land - consumer lot loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | $ 2,144 | $ 2,164 | 2,906 | 2,649 |
Recorded Investment of Loans | 100,563 | 102,036 | ||
Land - consumer lot loans | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | 2,144 | 2,164 | ||
Recorded Investment of Loans | $ 95,628 | $ 96,583 | ||
Ratio | 2.20% | 2.20% | ||
Land - consumer lot loans | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | $ 0 | $ 0 | ||
Recorded Investment of Loans | $ 303 | $ 507 | ||
Ratio | 0.00% | 0.00% | ||
Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | $ 7,884 | $ 8,329 | 7,904 | 7,862 |
Recorded Investment of Loans | 1,405,172 | 1,385,125 | ||
Multi-family | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | 7,880 | 8,325 | ||
Recorded Investment of Loans | $ 1,404,714 | $ 1,384,655 | ||
Ratio | 0.60% | 0.60% | ||
Multi-family | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | $ 4 | $ 4 | ||
Recorded Investment of Loans | $ 435 | $ 448 | ||
Ratio | 0.90% | 1.00% | ||
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | $ 12,711 | $ 11,852 | 11,625 | 11,818 |
Recorded Investment of Loans | 1,526,887 | 1,452,168 | ||
Commercial real estate | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | 12,569 | 11,702 | ||
Recorded Investment of Loans | $ 1,512,064 | $ 1,432,791 | ||
Ratio | 0.80% | 0.80% | ||
Commercial real estate | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | $ 142 | $ 150 | ||
Recorded Investment of Loans | $ 14,823 | $ 19,378 | ||
Ratio | 1.00% | 0.80% | ||
Commercial & industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | $ 30,279 | $ 28,702 | 29,268 | 28,524 |
Recorded Investment of Loans | 1,213,738 | 1,140,874 | ||
Commercial & industrial | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | 29,934 | 28,348 | ||
Recorded Investment of Loans | $ 1,199,565 | $ 1,126,438 | ||
Ratio | 2.50% | 2.50% | ||
Commercial & industrial | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | $ 345 | $ 354 | ||
Recorded Investment of Loans | $ 14,206 | $ 14,437 | ||
Ratio | 2.40% | 2.50% | ||
HELOC | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | $ 1,064 | $ 781 | 808 | 855 |
Recorded Investment of Loans | 136,856 | 130,852 | ||
HELOC | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | 1,064 | 781 | ||
Recorded Investment of Loans | $ 135,369 | $ 128,715 | ||
Ratio | 0.80% | 0.60% | ||
HELOC | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | $ 0 | $ 0 | ||
Recorded Investment of Loans | $ 519 | $ 1,162 | ||
Ratio | 0.00% | 0.00% | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | $ 3,054 | $ 3,259 | $ 4,095 | $ 1,144 |
Recorded Investment of Loans | 162,221 | 173,306 | ||
Consumer | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | 3,054 | 3,259 | ||
Recorded Investment of Loans | $ 161,958 | $ 173,181 | ||
Ratio | 1.90% | 1.90% | ||
Consumer | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance Allocation | $ 0 | $ 0 | ||
Recorded Investment of Loans | $ 162 | $ 56 | ||
Ratio | 0.00% | 0.00% |
Allowance for Losses on Loans_4
Allowance for Losses on Loans - Internally Assigned Grade (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 13,020,468 | $ 12,853,678 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 12,884,713 | $ 12,728,537 |
Total grade as a % of total gross loans | 99.00% | 99.00% |
Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 40,822 | $ 27,197 |
Total grade as a % of total gross loans | 0.30% | 0.20% |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 94,933 | $ 97,944 |
Total grade as a % of total gross loans | 0.70% | 0.80% |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 0 | $ 0 |
Total grade as a % of total gross loans | 0.00% | 0.00% |
Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 0 | $ 0 |
Total grade as a % of total gross loans | 0.00% | 0.00% |
Single-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 5,844,963 | $ 5,798,966 |
Single-family residential | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 5,815,029 | 5,766,096 |
Single-family residential | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Single-family residential | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 29,934 | 32,870 |
Single-family residential | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Single-family residential | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,841,674 | 1,890,668 |
Construction | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,832,326 | 1,886,304 |
Construction | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 7,968 | 1,937 |
Construction | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,380 | 2,427 |
Construction | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction - custom | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 607,071 | 624,479 |
Construction - custom | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 607,071 | 624,479 |
Construction - custom | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction - custom | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction - custom | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction - custom | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Land - acquisition & development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 181,323 | 155,204 |
Land - acquisition & development | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 179,602 | 152,984 |
Land - acquisition & development | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Land - acquisition & development | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,721 | 2,220 |
Land - acquisition & development | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Land - acquisition & development | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Land - consumer lot loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 100,563 | 102,036 |
Land - consumer lot loans | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 99,778 | 101,249 |
Land - consumer lot loans | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Land - consumer lot loans | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 785 | 787 |
Land - consumer lot loans | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Land - consumer lot loans | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,405,172 | 1,385,125 |
Multi-family | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,397,920 | 1,378,803 |
Multi-family | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 3,254 | 1,633 |
Multi-family | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 3,998 | 4,689 |
Multi-family | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Multi-family | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,526,887 | 1,452,168 |
Commercial real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,484,559 | 1,421,602 |
Commercial real estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 19,810 | 7,114 |
Commercial real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 22,518 | 23,452 |
Commercial real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Commercial real estate | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Commercial & industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,213,738 | 1,140,874 |
Commercial & industrial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,169,981 | 1,093,405 |
Commercial & industrial | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 9,790 | 16,513 |
Commercial & industrial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 33,967 | 30,956 |
Commercial & industrial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Commercial & industrial | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 136,856 | 130,852 |
HELOC | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 136,256 | 130,330 |
HELOC | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
HELOC | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 600 | 522 |
HELOC | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
HELOC | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 162,221 | 173,306 |
Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 162,191 | 173,285 |
Consumer | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 30 | 21 |
Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Consumer | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 0 | $ 0 |
Allowance for Losses on Loans_5
Allowance for Losses on Loans - Credit Risk Profile Based on Payment Activity (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 13,020,468 | $ 12,853,678 |
Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 12,969,018 | $ 12,797,992 |
Performing Loans, % of Total Gross Loans | 99.60% | 99.60% |
Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 62,730 | $ 70,093 |
Non-Performing Loans, Amount | $ 51,450 | $ 55,686 |
Non-Performing Loans, % of Total Gross Loans | 0.40% | 0.40% |
Single-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 5,844,963 | $ 5,798,966 |
Single-family residential | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 5,820,215 | $ 5,771,323 |
Performing Loans, % of Total Gross Loans | 99.60% | 99.50% |
Single-family residential | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non-Performing Loans, Amount | $ 24,748 | $ 27,643 |
Non-Performing Loans, % of Total Gross Loans | 0.40% | 0.50% |
Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 1,841,674 | $ 1,890,668 |
Construction | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 1,840,294 | $ 1,888,241 |
Performing Loans, % of Total Gross Loans | 99.90% | 99.90% |
Construction | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non-Performing Loans, Amount | $ 1,380 | $ 2,427 |
Non-Performing Loans, % of Total Gross Loans | 0.10% | 0.10% |
Construction - custom | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 607,071 | $ 624,479 |
Construction - custom | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 607,071 | $ 624,479 |
Performing Loans, % of Total Gross Loans | 100.00% | 100.00% |
Construction - custom | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non-Performing Loans, Amount | $ 0 | $ 0 |
Non-Performing Loans, % of Total Gross Loans | 0.00% | 0.00% |
Land - acquisition & development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 181,323 | $ 155,204 |
Land - acquisition & development | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 180,885 | $ 154,284 |
Performing Loans, % of Total Gross Loans | 99.80% | 99.40% |
Land - acquisition & development | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non-Performing Loans, Amount | $ 438 | $ 920 |
Non-Performing Loans, % of Total Gross Loans | 0.20% | 0.60% |
Land - consumer lot loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 100,563 | $ 102,036 |
Land - consumer lot loans | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 99,778 | $ 101,249 |
Performing Loans, % of Total Gross Loans | 99.20% | 99.20% |
Land - consumer lot loans | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non-Performing Loans, Amount | $ 785 | $ 787 |
Non-Performing Loans, % of Total Gross Loans | 0.80% | 0.80% |
Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 1,405,172 | $ 1,385,125 |
Multi-family | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 1,405,172 | $ 1,385,125 |
Performing Loans, % of Total Gross Loans | 100.00% | 100.00% |
Multi-family | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non-Performing Loans, Amount | $ 0 | $ 0 |
Non-Performing Loans, % of Total Gross Loans | 0.00% | 0.00% |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 1,526,887 | $ 1,452,168 |
Commercial real estate | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 1,517,409 | $ 1,443,197 |
Performing Loans, % of Total Gross Loans | 99.40% | 99.40% |
Commercial real estate | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non-Performing Loans, Amount | $ 9,478 | $ 8,971 |
Non-Performing Loans, % of Total Gross Loans | 0.60% | 0.60% |
Commercial & industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 1,213,738 | $ 1,140,874 |
Commercial & industrial | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 1,199,743 | $ 1,126,480 |
Performing Loans, % of Total Gross Loans | 98.80% | 98.70% |
Commercial & industrial | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non-Performing Loans, Amount | $ 13,995 | $ 14,394 |
Non-Performing Loans, % of Total Gross Loans | 1.20% | 1.30% |
HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 136,856 | $ 130,852 |
HELOC | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 136,257 | $ 130,329 |
Performing Loans, % of Total Gross Loans | 99.60% | 99.60% |
HELOC | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non-Performing Loans, Amount | $ 599 | $ 523 |
Non-Performing Loans, % of Total Gross Loans | 0.40% | 0.40% |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 162,221 | $ 173,306 |
Consumer | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing Loans, Amount | $ 162,194 | $ 173,285 |
Performing Loans, % of Total Gross Loans | 100.00% | 100.00% |
Consumer | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non-Performing Loans, Amount | $ 27 | $ 21 |
Non-Performing Loans, % of Total Gross Loans | 0.00% | 0.00% |
Allowance for Losses on Loans_6
Allowance for Losses on Loans - Impaired Loans Based on Loan Types (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Sep. 30, 2018 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | $ 187,634 | $ 199,545 |
Unpaid Principal Balance | 202,500 | 214,712 |
Related Allowance | 2,998 | 3,388 |
Average Recorded Investment (Year-To-Date) | 193,593 | 228,398 |
Amount of related allowance included in specific reserves | 500 | 517 |
Amount of related allowance included in general reserves | 2,498 | 2,871 |
Impaired loans with no related allowance recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 37,941 | 42,687 |
Unpaid Principal Balance | 44,931 | 49,425 |
Related Allowance | 0 | 0 |
Average Recorded Investment (Year-To-Date) | 40,316 | 43,292 |
Impaired loans with an allowance recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 149,693 | 156,858 |
Unpaid Principal Balance | 157,569 | 165,287 |
Related Allowance | 2,998 | 3,388 |
Average Recorded Investment (Year-To-Date) | 153,277 | 185,106 |
Single-family residential | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 149,246 | 158,668 |
Unpaid Principal Balance | 153,509 | 163,149 |
Related Allowance | 2,498 | 2,871 |
Average Recorded Investment (Year-To-Date) | 153,957 | 181,826 |
Single-family residential | Impaired loans with no related allowance recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 15,438 | 18,872 |
Unpaid Principal Balance | 16,633 | 20,050 |
Related Allowance | 0 | 0 |
Average Recorded Investment (Year-To-Date) | 17,155 | 20,097 |
Single-family residential | Impaired loans with an allowance recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 133,808 | 139,796 |
Unpaid Principal Balance | 136,876 | 143,099 |
Related Allowance | 2,498 | 2,871 |
Average Recorded Investment (Year-To-Date) | 136,802 | 161,729 |
Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,630 | 2,698 |
Unpaid Principal Balance | 1,750 | 2,818 |
Related Allowance | 0 | 0 |
Average Recorded Investment (Year-To-Date) | 2,164 | 1,349 |
Construction | Impaired loans with no related allowance recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,630 | 2,698 |
Unpaid Principal Balance | 1,750 | 2,818 |
Related Allowance | 0 | 0 |
Average Recorded Investment (Year-To-Date) | 2,164 | 1,349 |
Construction - custom | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | |
Unpaid Principal Balance | 0 | |
Related Allowance | 0 | |
Average Recorded Investment (Year-To-Date) | 74 | |
Construction - custom | Impaired loans with no related allowance recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | |
Unpaid Principal Balance | 0 | |
Related Allowance | 0 | |
Average Recorded Investment (Year-To-Date) | 74 | |
Land - acquisition & development | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 438 | 921 |
Unpaid Principal Balance | 491 | 971 |
Related Allowance | 0 | 0 |
Average Recorded Investment (Year-To-Date) | 680 | 611 |
Land - acquisition & development | Impaired loans with no related allowance recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 335 | 814 |
Unpaid Principal Balance | 335 | 814 |
Related Allowance | 0 | 0 |
Average Recorded Investment (Year-To-Date) | 575 | 572 |
Land - acquisition & development | Impaired loans with an allowance recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 103 | 107 |
Unpaid Principal Balance | 156 | 157 |
Related Allowance | 0 | 0 |
Average Recorded Investment (Year-To-Date) | 105 | 39 |
Land - consumer lot loans | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 4,782 | 5,227 |
Unpaid Principal Balance | 5,211 | 5,626 |
Related Allowance | 9 | 9 |
Average Recorded Investment (Year-To-Date) | 5,005 | 6,709 |
Land - consumer lot loans | Impaired loans with no related allowance recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 181 | 311 |
Unpaid Principal Balance | 281 | 336 |
Related Allowance | 0 | 0 |
Average Recorded Investment (Year-To-Date) | 246 | 260 |
Land - consumer lot loans | Impaired loans with an allowance recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 4,601 | 4,916 |
Unpaid Principal Balance | 4,930 | 5,290 |
Related Allowance | 9 | 9 |
Average Recorded Investment (Year-To-Date) | 4,759 | 6,449 |
Multi-family | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 435 | 448 |
Unpaid Principal Balance | 435 | 448 |
Related Allowance | 4 | 4 |
Average Recorded Investment (Year-To-Date) | 442 | 541 |
Multi-family | Impaired loans with no related allowance recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | |
Unpaid Principal Balance | 0 | |
Related Allowance | 0 | |
Average Recorded Investment (Year-To-Date) | 70 | |
Multi-family | Impaired loans with an allowance recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 435 | 448 |
Unpaid Principal Balance | 435 | 448 |
Related Allowance | 4 | 4 |
Average Recorded Investment (Year-To-Date) | 442 | 471 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 15,497 | 15,679 |
Unpaid Principal Balance | 21,660 | 21,768 |
Related Allowance | 142 | 150 |
Average Recorded Investment (Year-To-Date) | 15,588 | 21,603 |
Commercial real estate | Impaired loans with no related allowance recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 9,945 | 9,425 |
Unpaid Principal Balance | 15,035 | 14,035 |
Related Allowance | 0 | 0 |
Average Recorded Investment (Year-To-Date) | 9,685 | 11,158 |
Commercial real estate | Impaired loans with an allowance recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 5,552 | 6,254 |
Unpaid Principal Balance | 6,625 | 7,733 |
Related Allowance | 142 | 150 |
Average Recorded Investment (Year-To-Date) | 5,903 | 10,445 |
Commercial & industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 14,027 | 14,428 |
Unpaid Principal Balance | 17,557 | 17,652 |
Related Allowance | 345 | 354 |
Average Recorded Investment (Year-To-Date) | 14,228 | 13,703 |
Commercial & industrial | Impaired loans with no related allowance recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 9,868 | 10,137 |
Unpaid Principal Balance | 10,055 | 10,146 |
Related Allowance | 0 | 0 |
Average Recorded Investment (Year-To-Date) | 10,003 | 9,208 |
Commercial & industrial | Impaired loans with an allowance recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 4,159 | 4,291 |
Unpaid Principal Balance | 7,502 | 7,506 |
Related Allowance | 345 | 354 |
Average Recorded Investment (Year-To-Date) | 4,225 | 4,495 |
HELOC | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,487 | 1,386 |
Unpaid Principal Balance | 1,590 | 2,154 |
Related Allowance | 0 | 0 |
Average Recorded Investment (Year-To-Date) | 1,437 | 1,845 |
HELOC | Impaired loans with no related allowance recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 519 | 410 |
Unpaid Principal Balance | 612 | 1,170 |
Related Allowance | 0 | 0 |
Average Recorded Investment (Year-To-Date) | 465 | 450 |
HELOC | Impaired loans with an allowance recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 968 | 976 |
Unpaid Principal Balance | 978 | 984 |
Related Allowance | 0 | 0 |
Average Recorded Investment (Year-To-Date) | 972 | 1,395 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 92 | 90 |
Unpaid Principal Balance | 297 | 126 |
Related Allowance | 0 | 0 |
Average Recorded Investment (Year-To-Date) | 92 | 137 |
Consumer | Impaired loans with no related allowance recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 25 | 20 |
Unpaid Principal Balance | 230 | 56 |
Related Allowance | 0 | 0 |
Average Recorded Investment (Year-To-Date) | 23 | 54 |
Consumer | Impaired loans with an allowance recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 67 | 70 |
Unpaid Principal Balance | 67 | 70 |
Related Allowance | 0 | 0 |
Average Recorded Investment (Year-To-Date) | $ 69 | $ 83 |
Fair Value Measurements - Recu
Fair Value Measurements - Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | $ 1,451,340 | ||
Available-for-sale securities | $ 1,314,957 | ||
Total financial assets | 2,988,836 | 2,863,727 | |
Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 1,451,340 | ||
Available-for-sale securities | 1,314,957 | ||
Total financial assets | 1,467,938 | 1,353,795 | |
Total financial liabilities | 3,341 | 12,731 | |
Recurring | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 3,341 | 12,731 | |
Derivative liabilities | 3,341 | 12,731 | |
Recurring | Commercial loan hedges | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 1,506 | 3,857 | |
Recurring | Borrowings cash flow hedges | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 11,751 | 22,250 | |
Recurring | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 488 | ||
Recurring | U.S. government and agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 200,704 | 207,293 | |
Recurring | Municipal bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 23,058 | 22,978 | |
Recurring | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 222,541 | 184,695 | |
Recurring | Agency pass-through certificates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 1,005,037 | 896,041 | |
Recurring | Commercial MBS | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 3,462 | |
Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | ||
Available-for-sale securities | 488 | ||
Total financial assets | 0 | 488 | |
Total financial liabilities | 0 | 0 | |
Recurring | Level 1 | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Recurring | Level 1 | Commercial loan hedges | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Recurring | Level 1 | Borrowings cash flow hedges | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Recurring | Level 1 | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 488 | ||
Recurring | Level 1 | U.S. government and agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Recurring | Level 1 | Municipal bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Recurring | Level 1 | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Recurring | Level 1 | Agency pass-through certificates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Recurring | Level 1 | Commercial MBS | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 1,451,340 | ||
Available-for-sale securities | 1,314,469 | ||
Total financial assets | 1,467,938 | 1,353,307 | |
Total financial liabilities | 3,341 | 12,731 | |
Recurring | Level 2 | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 3,341 | 12,731 | |
Derivative liabilities | 3,341 | 12,731 | |
Recurring | Level 2 | Commercial loan hedges | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 1,506 | 3,857 | |
Recurring | Level 2 | Borrowings cash flow hedges | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 11,751 | 22,250 | |
Recurring | Level 2 | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | ||
Recurring | Level 2 | U.S. government and agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 200,704 | 207,293 | |
Recurring | Level 2 | Municipal bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 23,058 | 22,978 | |
Recurring | Level 2 | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 222,541 | 184,695 | |
Recurring | Level 2 | Agency pass-through certificates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 1,005,037 | 896,041 | |
Recurring | Level 2 | Commercial MBS | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 3,462 | |
Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | ||
Available-for-sale securities | 0 | ||
Total financial assets | 0 | 0 | |
Total financial liabilities | 0 | 0 | |
Recurring | Level 3 | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Recurring | Level 3 | Commercial loan hedges | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Recurring | Level 3 | Borrowings cash flow hedges | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Recurring | Level 3 | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | ||
Recurring | Level 3 | U.S. government and agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Recurring | Level 3 | Municipal bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Recurring | Level 3 | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Recurring | Level 3 | Agency pass-through certificates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | 0 | |
Recurring | Level 3 | Commercial MBS | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 0 | $ 0 | |
Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value disclosure | 2,490 | $ 2,743 | |
Nonrecurring | Changes measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss related to impaired loans and real estate held for sale, measured on nonrecurring basis | (758) | (687) | |
Nonrecurring | Impaired loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value disclosure | 1,970 | 688 | |
Nonrecurring | Impaired loans | Changes measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss related to impaired loans and real estate held for sale, measured on nonrecurring basis | (726) | (507) | |
Nonrecurring | Real estate owned | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value disclosure | 520 | 2,055 | |
Nonrecurring | Real estate owned | Changes measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss related to impaired loans and real estate held for sale, measured on nonrecurring basis | (32) | (180) | |
Nonrecurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value disclosure | 0 | 0 | |
Nonrecurring | Level 1 | Impaired loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value disclosure | 0 | 0 | |
Nonrecurring | Level 1 | Real estate owned | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value disclosure | 0 | 0 | |
Nonrecurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value disclosure | 0 | 0 | |
Nonrecurring | Level 2 | Impaired loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value disclosure | 0 | 0 | |
Nonrecurring | Level 2 | Real estate owned | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value disclosure | 0 | 0 | |
Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value disclosure | 2,490 | 2,743 | |
Nonrecurring | Level 3 | Impaired loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value disclosure | 1,970 | 688 | |
Nonrecurring | Level 3 | Real estate owned | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value disclosure | $ 520 | $ 2,055 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | $ 1,314,957 | |
Held-to-maturity securities | $ 1,537,496 | 1,548,770 |
FHLB and FRB stock | 135,590 | 127,190 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 1,451,340 | 1,314,957 |
Held-to-maturity securities | 1,586,815 | 1,625,420 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 1,451,340 | 1,314,957 |
Held-to-maturity securities | 1,537,496 | 1,548,770 |
Level 1 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 283,375 | 268,650 |
Level 1 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 283,375 | 268,650 |
Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
FHLB and FRB stock | 135,590 | 127,190 |
Time deposit accounts | 4,817,346 | 4,804,803 |
FHLB advances | 2,540,000 | 2,330,000 |
Level 2 | Carrying Amount | Interest rate contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 3,341 | 12,731 |
Other liabilities | 3,341 | 12,731 |
Level 2 | Carrying Amount | Commercial loan hedges | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 1,506 | 3,857 |
Level 2 | Carrying Amount | Borrowings cash flow hedges | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 11,751 | 22,250 |
Level 2 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
FHLB and FRB stock | 135,590 | 127,190 |
Time deposit accounts | 4,822,783 | 4,779,040 |
FHLB advances | 2,537,375 | 2,316,964 |
Level 2 | Estimated Fair Value | Interest rate contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 3,341 | 12,731 |
Other liabilities | 3,341 | 12,731 |
Level 2 | Estimated Fair Value | Commercial loan hedges | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 1,506 | 3,857 |
Level 2 | Estimated Fair Value | Borrowings cash flow hedges | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 11,751 | 22,250 |
Level 3 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable | 11,700,239 | 11,477,081 |
Level 3 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable | 12,020,772 | 11,556,326 |
Equity securities | Level 1 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 488 | |
Equity securities | Level 1 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 488 | |
U.S. government and agency securities | Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 200,704 | 207,293 |
U.S. government and agency securities | Level 2 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 200,704 | 207,293 |
Municipal bonds | Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 23,058 | 22,978 |
Municipal bonds | Level 2 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 23,058 | 22,978 |
Corporate debt securities | Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 222,541 | 184,695 |
Corporate debt securities | Level 2 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 222,541 | 184,695 |
Agency pass-through certificates | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 1,522,571 | 1,533,742 |
Agency pass-through certificates | Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 1,005,037 | 896,041 |
Held-to-maturity securities | 1,571,815 | 1,610,420 |
Agency pass-through certificates | Level 2 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 1,005,037 | 896,041 |
Held-to-maturity securities | 1,522,571 | 1,533,742 |
Commercial MBS | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 14,925 | 15,028 |
Commercial MBS | Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 0 | 3,462 |
Held-to-maturity securities | 15,000 | 15,000 |
Commercial MBS | Level 2 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 0 | 3,462 |
Held-to-maturity securities | $ 14,925 | $ 15,028 |
Fair Value Measurements - Inve
Fair Value Measurements - Investments by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Amortized Cost, Available-for-sale securities | ||
Amortized Cost | $ 1,459,348 | |
Amortized Cost | $ 1,326,471 | |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains | 7,317 | |
Gross unrealized gains | 4,685 | |
Gross unrealized loss | (15,325) | |
Gross unrealized loss | (16,199) | |
Fair Value, Available-for-sale securities | ||
Available-for-sale securities, at fair value | $ 1,451,340 | |
Available-for-sale securities, at fair value | $ 1,314,957 | |
Yield, Available-for-sale securities | ||
Yield | 3.42% | |
Yield | 3.30% | |
Amortized Cost, Held-to-maturity securities | ||
Held-to-maturity securities, at amortized cost | $ 1,586,815 | $ 1,625,420 |
Gross Unrealized Gains / Losses, Held-to-maturity securities | ||
Held-to-maturity securities, Gross unrealized gains | 870 | 333 |
Held-to-maturity securities ,Gross unrealized losses | (50,189) | (76,983) |
Fair Value, Held-to-maturity securities | ||
Held-to-maturity securities, Fair Value | $ 1,537,496 | $ 1,548,770 |
Yield, Held-to-maturity securities | ||
Held-to-maturity securities, Yield | 3.16% | 3.16% |
Investments | $ 3,046,163 | $ 2,951,891 |
Gross unrealized gains on investments | 8,187 | 5,018 |
Gross unrealized losses on investments | (65,514) | (93,182) |
Total financial assets | $ 2,988,836 | $ 2,863,727 |
Yield on investments | 3.29% | 3.22% |
U.S. government and agency securities | ||
Amortized Cost, Available-for-sale securities | ||
5 to 10 years | $ 59,408 | $ 60,872 |
Over 10 years | 143,209 | 148,099 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, 5 to 10 years | 0 | 0 |
Gross unrealized gains, Over 10 years | 19 | 109 |
Gross unrealized losses, 5 to 10 years | (1,386) | (1,473) |
Gross unrealized losses, Over 10 years | (546) | (314) |
Fair Value, Available-for-sale securities | ||
5 to 10 years | 58,022 | 59,399 |
Over 10 years | $ 142,682 | $ 147,894 |
Yield, Available-for-sale securities | ||
5 to 10 years | 2.72% | 2.55% |
Over 10 years | 3.30% | 3.05% |
Equity securities | ||
Amortized Cost, Available-for-sale securities | ||
1 to 5 years | $ 500 | |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, 1 to 5 years | 0 | |
Gross unrealized losses, 1 to 5 years | (12) | |
Fair Value, Available-for-sale securities | ||
1 to 5 years | $ 488 | |
Yield, Available-for-sale securities | ||
1 to 5 years | 1.80% | |
Corporate debt securities | ||
Amortized Cost, Available-for-sale securities | ||
1 to 5 years | $ 113,798 | $ 113,762 |
5 to 10 years | 112,587 | 69,965 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, 1 to 5 years | 1,068 | 1,875 |
Gross unrealized gains, 5 to 10 years | 0 | 35 |
Gross unrealized losses, 1 to 5 years | (1,605) | (13) |
Gross unrealized losses, 5 to 10 years | (3,307) | (929) |
Fair Value, Available-for-sale securities | ||
1 to 5 years | 113,261 | 115,624 |
5 to 10 years | $ 109,280 | $ 69,071 |
Yield, Available-for-sale securities | ||
1 to 5 years | 3.93% | 3.59% |
5 to 10 years | 3.35% | 3.23% |
Municipal bonds | ||
Amortized Cost, Available-for-sale securities | ||
1 to 5 years | $ 1,406 | $ 1,398 |
Over 10 years | 20,318 | 20,323 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, 1 to 5 years | 0 | 0 |
Gross unrealized gains, Over 10 years | 1,342 | 1,281 |
Gross unrealized losses, 1 to 5 years | (8) | (24) |
Gross unrealized losses, Over 10 years | 0 | 0 |
Fair Value, Available-for-sale securities | ||
1 to 5 years | 1,398 | 1,374 |
Over 10 years | $ 21,660 | $ 21,604 |
Yield, Available-for-sale securities | ||
1 to 5 years | 2.05% | 2.05% |
Over 10 years | 6.45% | 6.45% |
Agency pass-through certificates | ||
Amortized Cost, Available-for-sale securities | ||
Without single maturity date | $ 1,008,622 | $ 908,092 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, Without single maturity date | 4,888 | 1,383 |
Gross unrealized losses, Without single maturity date | (8,473) | (13,434) |
Fair Value, Available-for-sale securities | ||
Without single maturity date | $ 1,005,037 | $ 896,041 |
Yield, Available-for-sale securities | ||
Without single maturity date | 3.36% | 3.29% |
Amortized Cost, Held-to-maturity securities | ||
Held-to-maturity securities, at amortized cost | $ 1,571,815 | $ 1,610,420 |
Gross Unrealized Gains / Losses, Held-to-maturity securities | ||
Held-to-maturity securities, Gross unrealized gains | 870 | 305 |
Held-to-maturity securities ,Gross unrealized losses | (50,114) | (76,983) |
Fair Value, Held-to-maturity securities | ||
Held-to-maturity securities, Fair Value | $ 1,522,571 | $ 1,533,742 |
Yield, Held-to-maturity securities | ||
Held-to-maturity securities, Yield | 3.16% | 3.16% |
Commercial MBS | ||
Amortized Cost, Available-for-sale securities | ||
Without single maturity date | $ 3,460 | |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, Without single maturity date | 2 | |
Gross unrealized losses, Without single maturity date | 0 | |
Fair Value, Available-for-sale securities | ||
Without single maturity date | $ 3,462 | |
Yield, Available-for-sale securities | ||
Without single maturity date | 4.36% | |
Amortized Cost, Held-to-maturity securities | ||
Held-to-maturity securities, at amortized cost | $ 15,000 | $ 15,000 |
Gross Unrealized Gains / Losses, Held-to-maturity securities | ||
Held-to-maturity securities, Gross unrealized gains | 0 | 28 |
Held-to-maturity securities ,Gross unrealized losses | (75) | 0 |
Fair Value, Held-to-maturity securities | ||
Held-to-maturity securities, Fair Value | $ 14,925 | $ 15,028 |
Yield, Held-to-maturity securities | ||
Held-to-maturity securities, Yield | 3.33% | 3.03% |
Fair Value Measurements - Addi
Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | ||
Proceeds from sales of available-for-sale securities | $ 491,000 | $ 0 |
Available-for-sale securities purchased | 172,076,000 | |
Available-for-sale securities purchased | 40,884,000 | |
Held-to-maturity securities purchased | 0 | 170,836,000 |
Proceeds from sale of held-to-maturity securities | $ 0 | $ 0 |
Term of contractual due dates of substantially all mortgage-backed securities (in years) | 10 years |
Fair Value Measurements - Secu
Fair Value Measurements - Securities in Unrealized Loss Positions (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Unrealized Gross Losses | $ (16,326) | $ (29,854) |
Less than 12 months, Fair Value | 1,001,548 | 1,124,253 |
12 months or more, Unrealized Gross Losses | (49,188) | (63,328) |
12 months or more, Fair Value | 1,247,814 | 1,284,504 |
Total Unrealized Gross Losses | (65,514) | |
Total Unrealized Gross Losses | (93,182) | |
Total, Fair Value | 2,249,362 | |
Total, Fair Value | 2,408,757 | |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Unrealized Gross Losses | (1,172) | (929) |
Less than 12 months, Fair Value | 61,415 | 49,072 |
12 months or more, Unrealized Gross Losses | (3,740) | (14) |
12 months or more, Fair Value | 96,261 | 24,988 |
Total Unrealized Gross Losses | (4,912) | (943) |
Total, Fair Value | 157,676 | |
Total, Fair Value | 74,060 | |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Unrealized Gross Losses | (8) | (24) |
Less than 12 months, Fair Value | 1,398 | 1,374 |
12 months or more, Unrealized Gross Losses | 0 | 0 |
12 months or more, Fair Value | 0 | 0 |
Total Unrealized Gross Losses | (8) | (24) |
Total, Fair Value | 1,398 | |
Total, Fair Value | 1,374 | |
U.S. government and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Unrealized Gross Losses | (286) | (141) |
Less than 12 months, Fair Value | 69,152 | 37,565 |
12 months or more, Unrealized Gross Losses | (1,646) | (1,645) |
12 months or more, Fair Value | 74,212 | 76,499 |
Total Unrealized Gross Losses | (1,932) | (1,786) |
Total, Fair Value | 143,364 | 114,064 |
Equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Unrealized Gross Losses | (12) | |
Less than 12 months, Fair Value | 488 | |
12 months or more, Unrealized Gross Losses | 0 | |
12 months or more, Fair Value | 0 | |
Total Unrealized Gross Losses | (12) | |
Total, Fair Value | 488 | |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Unrealized Gross Losses | (14,860) | (28,748) |
Less than 12 months, Fair Value | 869,583 | 1,035,754 |
12 months or more, Unrealized Gross Losses | (43,802) | (61,669) |
12 months or more, Fair Value | 1,077,341 | 1,183,017 |
Total Unrealized Gross Losses | (58,662) | (90,417) |
Total, Fair Value | $ 1,946,924 | $ 2,218,771 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Summary of Fair Value, Notional Amount and Balance Sheet Classification (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 1,180,947 | $ 1,193,323 |
Derivative Assets, Fair Value | 16,598 | 38,838 |
Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 385,302 | 395,396 |
Derivative Liabilities, Fair Value | 3,341 | 12,731 |
Client swap program | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 385,302 | 395,396 |
Derivative Assets, Fair Value | 3,341 | 12,731 |
Client swap program | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 385,302 | 395,396 |
Derivative Liabilities, Fair Value | 3,341 | 12,731 |
Commercial loan fair value hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 95,645 | 97,927 |
Derivative Assets, Fair Value | 1,506 | 3,857 |
Commercial loan fair value hedges | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 0 | 0 |
Derivative Liabilities, Fair Value | 0 | 0 |
Borrowings cash flow hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 700,000 | 700,000 |
Derivative Assets, Fair Value | 11,751 | 22,250 |
Borrowings cash flow hedges | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 0 | 0 |
Derivative Liabilities, Fair Value | $ 0 | $ 0 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Impact of Fair Value Hedge Accounting on the Carrying Value of the Hedged Items (Details) - Commercial loan fair value hedges $ in Thousands | Dec. 31, 2018USD ($) |
Derivatives, Fair Value [Line Items] | |
Carrying value of hedged items | $ 97,377 |
Cumulative fair value hedge adjustment included in carrying amount of hedged items | 1,506 |
Loans receivable | |
Derivatives, Fair Value [Line Items] | |
Carrying value of hedged items | 97,377 |
Cumulative fair value hedge adjustment included in carrying amount of hedged items | $ 1,506 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Additional Information (Details) | 3 Months Ended |
Dec. 31, 2018 | |
Minimum | |
Derivative [Line Items] | |
Derivative, maturities | 2 years |
Maximum | |
Derivative [Line Items] | |
Derivative, maturities | 8 years |
Weighted average | |
Derivative [Line Items] | |
Derivative, maturities | 3 years 4 months 18 days |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Impact of Derivative Instruments on AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Net unrealized gain (loss) on cash flow hedges of borrowings | $ (10,499) | $ 6,690 |
Pay fixed/receive floating swap | ||
Derivative [Line Items] | ||
Net unrealized gain (loss) on cash flow hedges of borrowings | $ (10,499) |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities - Gains/(Losses) on Derivative Instruments in Fair Value and Cash Flow Accounting Hedging Relationships (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest income/expense, including the effects of fair value and cash flow hedges | $ 137,065 | $ 124,511 |
Interest income/expense, including the effects of fair value and cash flow hedges | 16,891 | $ 15,407 |
Interest rate contracts | Interest income on loans receivable | Fair value hedging | ||
Gain/(loss) on fair value hedging relationships: | ||
Amounts related to interest settlements on derivatives | 19 | |
Recognized on derivatives | (2,317) | |
Recognized on hedged items | 2,279 | |
Net income/(expense) recognized on fair value hedges | (19) | |
Interest rate contracts | Interest expense on FHLB advances | Cash flow hedging | ||
Gain/(loss) on cash flow hedging relationships: | ||
Amounts related to interest settlements on derivatives | (551) | |
Amount of derivative gain/(loss) reclassified from AOCI into interest income/expense | 0 | |
Net income/(expense) recognized on cash flow hedges | $ (551) |
Derivatives and Hedging Activ_8
Derivatives and Hedging Activities - Impact of Client Swap Program that are Not Designated in Accounting Hedges (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2018USD ($) | |
Client swap program | |
Derivative [Line Items] | |
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 0 |
Other noninterest income | Pay fixed/receive floating swap | |
Derivative [Line Items] | |
Derivative instruments not designated as hedging instruments, gain (loss), net | (9,390) |
Other noninterest income | Receive fixed/pay floating swap | |
Derivative [Line Items] | |
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 9,390 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers - Additional Information (Details) | 3 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue streams percentage, contract with customer | 4.90% |