Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Sep. 30, 2020 | Nov. 17, 2020 | Mar. 31, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Sep. 30, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-34654 | ||
Entity Registrant Name | WASHINGTON FEDERAL INC | ||
Entity Incorporation, State or Country Code | WA | ||
Entity Tax Identification Number | 91-1661606 | ||
Entity Address, Address Line One | 425 Pike Street | ||
Entity Address, City or Town | Seattle | ||
Entity Address, State or Province | WA | ||
Entity Address, Postal Zip Code | 98101 | ||
City Area Code | 206 | ||
Local Phone Number | 624-7930 | ||
Title of 12(b) Security | Common Stock, $1.00 par value per share | ||
Trading Symbol | WAFD | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,945,306,499 | ||
Entity Common Stock, Shares Outstanding | 75,815,930 | ||
Documents Incorporated by Reference | List hereunder the following documents incorporated by reference and the Part of Form 10-K into which the document is incorporated: (1) Portions of the Registrant’s Annual Report to Shareholders for the fiscal year ended September 30, 2020, are incorporated into Part II, Items 5-8 and Part III, Item 12 of this Form 10-K. (2) Portions of the Registrant’s definitive proxy statement for its Annual Meeting of Shareholders to be held on January 26, 2021 are incorporated into Part III, Items 10-14 of this Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000936528 | ||
Current Fiscal Year End Date | --09-30 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 | |
ASSETS | |||
Cash and cash equivalents | $ 1,702,977 | $ 419,158 | |
Available-for-sale securities, at fair value | 2,249,492 | 1,485,742 | |
Held-to-maturity securities, at amortized cost | 705,838 | 1,443,480 | |
Loans receivable, net of allowance for loan losses of $166,955 and $131,534 | [1] | 12,792,317 | 11,930,575 |
Interest receivable | 53,799 | 48,857 | |
Premises and equipment, net | 252,805 | 274,015 | |
Real estate owned | 4,966 | 6,781 | |
FHLB & FRB stock | 141,990 | 123,990 | |
Bank owned life insurance | 227,749 | 222,076 | |
Intangible assets, including goodwill of $302,707 and $301,368 | 309,906 | 309,247 | |
Federal and state income tax assets, net | 5,708 | 0 | |
Other assets | 346,508 | 210,989 | |
Total assets | 18,794,055 | 16,474,910 | |
Customer accounts | |||
Transaction deposit accounts | 9,806,432 | 7,083,801 | |
Time deposit accounts | 3,973,192 | 4,906,963 | |
Customer accounts | 13,779,624 | 11,990,764 | |
FHLB advances | 2,700,000 | 2,250,000 | |
Advance payments by borrowers for taxes and insurance | 49,462 | 57,830 | |
Federal and state income tax liabilities, net | 0 | 5,104 | |
Accrued expenses and other liabilities | 250,836 | 138,217 | |
Total liabilities | 16,779,922 | 14,441,915 | |
Commitments and contingencies | |||
Shareholders’ equity | |||
Common stock, $1.00 par value, 300,000,000 shares authorized; 135,727,237 and 135,539,806 shares issued; 75,689,364 and 78,841,463 shares outstanding | 135,727 | 135,540 | |
Paid-in capital | 1,678,843 | 1,672,417 | |
Accumulated other comprehensive income (loss), net of taxes | 16,953 | 15,292 | |
Treasury stock, at cost; 60,037,873 and 56,698,343 shares | (1,238,296) | (1,126,163) | |
Retained earnings | 1,420,906 | 1,335,909 | |
Total stockholders’ equity | 2,014,133 | 2,032,995 | |
Total liabilities and shareholders’ equity | $ 18,794,055 | $ 16,474,910 | |
[1] | Effective October 1, 2019, the Company has applied FASB ASU 2016-13, Financial Instruments - Credit Losses ("ASC 326"), which requires the use of the current expected credit loss methodology ("CECL"). Prior to October 1, 2019, the calculation was based on incurred loss methodology. See Note E "Allowance for Loan Losses" for details. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Financial Position [Abstract] | |||
Allowance for loan losses | [1] | $ 166,955 | $ 131,534 |
Goodwill | $ 302,707 | $ 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) | 135,727,237 | 135,539,806 | |
Common stock, shares outstanding (in shares) | 75,689,364 | 78,841,463 | |
Treasury stock, shares (in shares) | 60,037,873 | 56,698,343 | |
[1] | Effective October 1, 2019, the Company has applied FASB ASU 2016-13, Financial Instruments - Credit Losses ("ASC 326"), which requires the use of the current expected credit loss methodology ("CECL"). Prior to October 1, 2019, the calculation was based on incurred loss methodology. See Note E "Allowance for Loan Losses" for details. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
INTEREST INCOME | |||
Loans receivable | $ 545,708 | $ 568,096 | $ 515,807 |
Mortgage-backed securities | 49,312 | 74,485 | 70,407 |
Investment securities and cash equivalents | 26,245 | 28,885 | 20,869 |
Total Income | 621,265 | 671,466 | 607,083 |
INTEREST EXPENSE | |||
Customer accounts | 100,312 | 122,216 | 72,492 |
FHLB advances | 51,445 | 68,190 | 62,452 |
Total interest expense | 151,757 | 190,406 | 134,944 |
Net interest income | 469,508 | 481,060 | 472,139 |
Provision (release) for credit losses | 21,750 | (1,650) | (5,450) |
Net interest income after provision (release) | 447,758 | 482,710 | 477,589 |
OTHER INCOME | |||
Gain (loss) on sale of investment securities | 15,028 | (9) | 0 |
Prepayment penalty on early extinguishment of debt | (13,809) | 0 | 0 |
FDIC loss share termination valuation adjustments | 0 | 0 | (8,550) |
Loan fee income | 7,293 | 3,941 | 3,804 |
Deposit fee income | 23,691 | 24,882 | 25,904 |
Other income | 54,757 | 33,504 | 22,920 |
Total other income | 86,960 | 62,318 | 44,078 |
OTHER EXPENSE | |||
Compensation and benefits | 147,596 | 133,588 | 123,554 |
Occupancy | 39,570 | 38,579 | 36,453 |
FDIC insurance premiums | 10,939 | 9,808 | 11,592 |
Product delivery | 17,010 | 15,934 | 16,372 |
Information technology | 52,902 | 38,955 | 34,643 |
Other expense | 47,541 | 46,199 | 41,708 |
Total other expense | 315,558 | 283,063 | 264,322 |
Gain (loss) on real estate owned, net | 26 | 810 | (102) |
Income before income taxes | 219,186 | 262,775 | 257,243 |
Income tax expense (benefit) | |||
Current | 55,092 | 50,933 | 44,557 |
Deferred | (9,344) | 1,586 | 8,836 |
Income tax expense (benefit) | 45,748 | 52,519 | 53,393 |
Net income | $ 173,438 | $ 210,256 | $ 203,850 |
PER SHARE DATA | |||
Basic earnings per share (in dollars per share) | $ 2.26 | $ 2.61 | $ 2.40 |
Diluted earnings per share (in dollars per share) | 2.26 | 2.61 | 2.40 |
Dividends paid on common stock per share (in dollars per share) | $ 0.87 | $ 0.79 | $ 0.67 |
Basic weighted average number of shares outstanding (in shares) | 76,721,969 | 80,471,316 | 85,008,040 |
Diluted weighted average number of shares outstanding (in shares) | 76,731,464 | 80,495,163 | 85,109,843 |
Revenue, product and service [Extensible List] | us-gaap:DepositAccountMember | us-gaap:DepositAccountMember | us-gaap:DepositAccountMember |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 173,438 | $ 210,256 | $ 203,850 |
Other comprehensive income (loss), net of tax: | |||
Net unrealized gain (loss) during the period on available-for-sale debt securities, net of tax of $(6,220), $(8,917) and $6,156 | 20,528 | 30,278 | (14,980) |
Reclassification adjustment of net (gain) loss included in net income during the period from sale of available-for-sale securities, net of tax of $3,456, $2 and $0 | (11,572) | (7) | 0 |
Other comprehensive income (loss) on available-for-sale securities, net of tax | 8,956 | 30,271 | (14,980) |
Net unrealized gain (loss) during the period on borrowing cash flow hedges, net of tax of $2,204, $6,854 and $(5,684) | (7,295) | (23,273) | 18,259 |
Other comprehensive income (loss) on borrowing cash flow hedges, net of tax | (7,295) | (23,273) | 18,259 |
Other comprehensive income (loss) | 1,661 | 6,998 | 3,279 |
Comprehensive income | $ 175,099 | $ 217,254 | $ 207,129 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Related tax benefit (expense) for net unrealized gain (loss) on available-for-sale debt securities | $ (6,220) | $ (8,917) | $ 6,156 |
Related tax benefit (expense) for reclassification adjustment of net (gain) loss included in net income from sale of available-for-sale securities | 3,456 | 2 | 0 |
Related tax benefit (expense) for net unrealized gain (loss) on borrowing cash flow hedges | $ 2,204 | $ 6,854 | $ (5,684) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Paid-in Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjustment | Treasury Stock |
Beginning balance at Sep. 30, 2017 | $ 2,005,688 | $ 0 | $ 134,958 | $ 1,660,885 | $ 1,042,890 | $ (1,772) | $ 5,015 | $ 1,772 | $ (838,060) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 203,850 | 203,850 | |||||||
Other comprehensive income (loss) | 1,507 | 1,507 | |||||||
Other comprehensive income (loss) | 3,279 | ||||||||
Dividends on common stock | (55,997) | (55,997) | |||||||
Proceeds from stock-based awards | 1,338 | 63 | 1,275 | ||||||
Stock-based compensation expense | 4,771 | 209 | 4,562 | ||||||
Repurchase of stock warrants | 0 | 113 | (113) | ||||||
Treasury stock purchased | (164,249) | (164,249) | |||||||
Ending balance 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 | 210,256 | 210,256 | |||||||
Other comprehensive income (loss) | 6,998 | 6,998 | |||||||
Dividends on common stock | (63,318) | (63,318) | |||||||
Proceeds from stock-based awards | 740 | 39 | 701 | ||||||
Stock-based compensation expense | 5,265 | 119 | 5,146 | ||||||
Repurchase of stock warrants | 0 | 39 | (39) | ||||||
Treasury stock purchased | (123,854) | (123,854) | |||||||
Ending balance at Sep. 30, 2019 | 2,032,995 | $ (21,945) | 135,540 | 1,672,417 | 1,335,909 | $ (21,945) | 15,292 | (1,126,163) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 173,438 | 173,438 | |||||||
Other comprehensive income (loss) | 1,661 | 1,661 | |||||||
Dividends on common stock | (66,496) | (66,496) | |||||||
Proceeds from stock-based awards | 144 | 8 | 136 | ||||||
Stock-based compensation expense | 6,469 | 179 | 6,290 | ||||||
Treasury stock purchased | (112,133) | (112,133) | |||||||
Ending balance at Sep. 30, 2020 | $ 2,014,133 | $ 135,727 | $ 1,678,843 | $ 1,420,906 | $ 16,953 | $ (1,238,296) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Accounting standards update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201802Member |
Cash dividends per share (in dollars per share) | $ 0.87 | $ 0.67 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 173,438,000 | $ 210,256,000 | $ 203,850,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization, accretion and other, net | 39,912,000 | 31,058,000 | 46,735,000 |
Cash received from (paid to) FDIC under loss share | 0 | 0 | 1,595,000 |
Stock-based compensation expense | 6,469,000 | 5,265,000 | 4,771,000 |
Provision (release) for credit losses | 21,750,000 | (1,650,000) | (5,450,000) |
Loss (gain) on sale of investment securities | (15,028,000) | 9,000 | 0 |
Prepayment penalty on early extinguishment of debt | 13,809,000 | 0 | 0 |
Gain on settlements of bank owned life insurance | 0 | 0 | (2,416,000) |
Impairment loss on premises and equipment | 6,431,000 | 0 | 0 |
Net realized (gain) loss on sales of premises, equipment and real estate owned | (31,990,000) | (12,484,000) | (1,450,000) |
Decrease (increase) in accrued interest receivable | (4,942,000) | (1,562,000) | (5,652,000) |
Decrease (increase) in federal and state income tax receivable | (5,708,000) | 1,804,000 | (1,804,000) |
Decrease (increase) in cash surrender value of bank owned life insurance | (5,673,000) | (5,822,000) | (5,992,000) |
Decrease (increase) in other assets | (146,893,000) | (17,416,000) | (6,876,000) |
Increase (decrease) in federal and state income tax liabilities | 890,000 | 3,043,000 | 0 |
Increase (decrease) in accrued expenses and other liabilities | 114,135,000 | 21,553,000 | (36,609,000) |
Net cash provided (used) by operating activities | 166,600,000 | 234,054,000 | 190,702,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Origination of loans and principal repayments, net | (902,481,000) | (452,334,000) | (459,183,000) |
Loans purchased | (15,456,000) | 0 | (143,605,000) |
FHLB & FRB stock purchase | (435,200,000) | (532,600,000) | (530,000,000) |
FHLB & FRB stock redeemed | 417,200,000 | 535,800,000 | 525,800,000 |
Available-for-sale securities purchased | (1,064,815,000) | (358,709,000) | (272,780,000) |
Principal payments and maturities of available-for-sale securities | 493,402,000 | 224,118,000 | 199,008,000 |
Proceeds from sales of available-for-sale investment securities | 204,351,000 | 491,000 | 0 |
Held-to-maturity securities purchased | 0 | 0 | (170,836,000) |
Principal payments and maturities of held-to-maturity securities | 356,532,000 | 178,147,000 | 187,812,000 |
Proceeds from sales of real estate owned | 5,022,000 | 8,659,000 | 15,192,000 |
Proceeds from settlements of bank owned life insurance | 0 | 0 | 3,484,000 |
Purchase of strategic investments | 0 | (5,000,000) | 0 |
Net cash received (paid) in business combinations | (2,810,000) | 0 | (2,211,000) |
Proceeds from sales of premises and equipment | 55,213,000 | 15,585,000 | 1,000 |
Premises and equipment purchased and REO improvements | (31,937,000) | (35,530,000) | (27,127,000) |
Net cash provided (used) by investing activities | (920,979,000) | (421,373,000) | (674,445,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net increase (decrease) in customer accounts | 1,788,860,000 | 603,846,000 | 552,445,000 |
Proceeds from borrowings | 10,880,000,000 | 13,315,000,000 | 13,250,000,000 |
Repayments of borrowings | (10,443,809,000) | (13,395,000,000) | (13,145,000,000) |
Proceeds from stock-based awards | 144,000 | 740,000 | 1,338,000 |
Dividends paid on common stock | (66,496,000) | (63,318,000) | (55,997,000) |
Treasury stock purchased | (112,133,000) | (123,854,000) | (164,249,000) |
Increase (decrease) in advance payments by borrowers for taxes and insurance | (8,368,000) | 413,000 | 786,000 |
Net cash provided (used) by financing activities | 2,038,198,000 | 337,827,000 | 439,323,000 |
Increase (decrease) in cash and cash equivalents | 1,283,819,000 | 150,508,000 | (44,420,000) |
Cash and cash equivalents at beginning of year | 419,158,000 | 268,650,000 | 313,070,000 |
Cash and cash equivalents at end of year | 1,702,977,000 | 419,158,000 | 268,650,000 |
Non-cash investing activities | |||
Real estate acquired through foreclosure | 1,765,000 | 1,839,000 | 4,032,000 |
Other personal property acquired through foreclosure | 359,000 | 205,000 | 3,109,000 |
Non-cash financing activities | |||
Stock issued upon exercise of warrants | 0 | 1,082,000 | 3,914,000 |
Cash paid during the year for | |||
Interest | 146,675,000 | 194,277,000 | 133,722,000 |
Income taxes | $ 35,640,000 | $ 33,545,000 | $ 44,260,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Company and nature of operations. Washington Federal Bank, National Association, a federally-insured national bank dba WaFd Bank (the “Bank” or “WaFd Bank”), was founded on April 24, 1917 in Ballard, Washington and is engaged primarily in providing lending, depository, insurance and other banking services to consumers, mid-sized to large businesses, and owners and developers of commercial real estate. Washington Federal, Inc., a Washington corporation (the “Company”), was formed as the Bank’s holding company in November, 1994. As used throughout this document, the terms “Washington Federal” or the “Company” refer to the Company and its consolidated subsidiaries, and the term “Bank” refers to the operating subsidiary, Washington Federal Bank, National Association. The Company is headquartered in Seattle, Washington. The Bank conducts its activities through a network of 234 bank branches located in Washington, Oregon, Idaho, Utah, Arizona, Nevada, New Mexico and Texas. Risks and Uncertainties. The worldwide spread of coronavirus (“COVID-19”) has created significant uncertainty in the global economy. There have been no comparable recent events that provide guidance as to the effect the spread of COVID-19 as a global pandemic may have, and, as a result, the ultimate impact of COVID-19 and the extent to which COVID-19 and the related government actions impact the Company’s business, results of operations and financial condition will depend on future developments, which are highly uncertain and difficult to predict. Basis of presentation and use of estimates. The Company’s accounting and financial reporting policies conform to accounting principles generally accepted in the United States of America (U.S. GAAP). Inter-company balances and transactions have been eliminated in consolidation. In preparing the consolidated financial statements, the Company makes estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and revenues and expenses during the reporting periods and related disclosures. The areas that require application of significant management judgments often result in the need to make estimates about the effect of matters that are inherently uncertain and may change in future periods. Actual results could differ materially from those estimates. Certain amounts in the financial statements from prior periods have been reclassified to conform to the current financial statement presentation. In certain instances, amounts in text are presented by rounding to the nearest thousand. The Company's fiscal year end is September 30. All references to 2020, 2019 and 2018 represent balances as of September 30, 2020, September 30, 2019, and September 30, 2018, or activity for the fiscal years then ended. Cash and cash equivalents. Cash and cash equivalents include cash on hand, amounts due from banks, overnight investments and repurchase agreements with an initial maturity of three months or less. Restricted cash balances - Based on the level of vault cash on hand, the Company was not required to maintain cash reserve balances with the Federal Reserve Bank as of September 30, 2020. As of September 30, 2020 and September 30, 2019, the Company pledged cash collateral related to derivative contracts of $97,600,000 and $31,850,000, respectively. Equity securities - The Company records equity securities within Other assets in its Consolidated Statements of Financial Condition. Investments in equity securities with readily determinable fair values (marketable) are measured at fair value, with changes in the fair value recognized as a component of Other income in the Consolidated Statements of Operations. Investments in equity investments that do not have readily determinable fair values (non-marketable) are accounted for at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer, also referred to as the measurement alternative. Any adjustments to the carrying value of these investments are recorded in Other income in the Consolidated Statements of Operations. Debt securities, including mortgage-backed securities. The Company accounts for debt securities in two categories: held-to-maturity and available-for-sale. Premiums and discounts on debt securities are deferred and recognized into income over the contractual life of the asset using the effective interest method. Held-to-maturity securities are accounted for at amortized cost, but the Company must have both the positive intent and the ability to hold those securities to maturity. There are very limited circumstances under which securities in the held-to-maturity category can be sold without jeopardizing the cost basis of accounting for the remainder of the securities in this category. Available-for-sale securities are accounted for at fair value. Gains and losses realized on the sale of these securities are accounted for based on the specific identification method. Unrealized gains and losses for available-for-sale securities are excluded from earnings and reported net of the related tax effect in the accumulated other comprehensive income component of shareholders' equity. Allowance for Credit Losses (Held-to-Maturity Debt Securities). For held-to-maturity (“HTM”) debt securities, the Company is required to utilize a CECL methodology to estimate expected credit losses. Substantially all of the Company’s HTM debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for these securities. As September 30, 2020, the Company determined that the expected credit loss on its corporate and municipal bonds was immaterial, and therefore, an allowance for credit losses was not recorded. See Note C "Investment Securities" and Note F "Fair Value Measurements" for more information about HTM debt securities. Allowance for Credit Losses (Available-for-Sale Debt Securities). The impairment model for available-for-sale (“AFS”) debt securities differs from the CECL methodology applied for HTM debt securities because AFS debt securities are measured at fair value rather than amortized cost. Although ASC 326 replaced the legacy other-than-temporary impairment (“OTTI”) model with a credit loss model, it retained the fundamental nature of the legacy OTTI model. For AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either criteria is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities where neither of the criteria are met, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the credit rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited to the amount that the fair value is less than the amortized cost basis. Any remaining discount that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Under the new guidance, an entity may no longer consider the length of time fair value has been less than amortized cost. Changes in the allowance for credit losses are recorded as a provision (or release) for credit losses. Losses are charged against the allowance when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. As of September 30, 2020, the Company determined that the unrealized loss positions in AFS securities were not the result of credit losses, and therefore, an allowance for credit losses was not recorded. See Note C "Investment Securities" and Note F "Fair Value Measurements" for more information about AFS debt securities. Loans receivable. Loans that are performing in accordance with their contractual terms are carried at the unpaid principal balance, net of premiums, discounts and net deferred loan fees. Net deferred loan fees include nonrefundable loan origination fees less direct loan origination costs. Net deferred loan fees, premiums and discounts are amortized into interest income using either the interest method or straight-line method over the terms of the loans, adjusted for actual prepayments. In addition to fees and costs for originating loans, various other fees and charges related to existing loans may occur, including prepayment charges, late charges and assumption fees. When a borrower fails to make a required payment on a loan, the Bank attempts to cure the deficiency by contacting the borrower. Contact is made after a payment is 30 days past its grace period. In most cases, deficiencies are cured promptly. If the delinquency is not cured within 90 days, the Bank may institute appropriate action to foreclose on the property. If foreclosed, the property is sold at a public sale and may be purchased by the Bank. Allowance for Credit Losses (Loans Receivable). Effective October 1, 2019, the Company has applied FASB ASU 2016-13, Financial Instruments - Credit Losses ("ASC 326"), so the allowance calculation is based on current expected credit loss methodology ("CECL"). Prior to October 1, 2019, the calculation was based on incurred loss methodology. See Note B "New Accounting Pronouncements" and Note E "Allowance for Losses on Loans" for details. The Company maintains an allowance for credit losses (“ACL”) for the expected credit losses of the loan portfolio as well as unfunded loan commitments. The amount of ACL is based on ongoing, quarterly assessments by management. The CECL methodology requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures) and replaces the incurred loss methodology’s threshold that delayed the recognition of a credit loss until it was probable a loss event was incurred. The ACL consists of the allowance for loan losses and the reserve for unfunded commitments. The estimate of expected credit losses under the CECL methodology is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses. We then consider whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the period that historical experience was based for each loan type. Finally, we consider forecasts about future economic conditions or changes in collateral values that are reasonable and supportable. Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its ACL. The Company has designated two loan portfolio segments, commercial loans and consumer loans. These loan portfolio segments are further disaggregated into classes, which represent loans of similar type, risk characteristics, and methods for monitoring and assessing credit risk. The commercial loan portfolio segment is disaggregated into five classes: multi-family, commercial real estate, commercial and industrial, construction, and land acquisition and development. The risk of loss for the commercial loan portfolio segment is generally most indicated by the credit risk rating assigned to each borrower. Commercial loan risk ratings are determined by experienced senior credit officers based on specific facts and circumstances and are subject to periodic review by an independent internal team of credit specialists. The consumer loan portfolio segment is disaggregated into five classes: single-family-residential mortgage, custom construction, consumer lot loans, home equity lines of credit, and other consumer. The risk of loss for the consumer loan portfolio segment is generally most indicated by delinquency status and general economic factors. Each commercial and consumer loan portfolio class may also be further segmented based on risk characteristics. For most of our loan portfolio classes, the historical loss experience is determined using a cohort methodology. This method pools loans into groups (“cohorts”) sharing similar risk characteristics and tracks each cohort’s net charge-offs over the lives of the loans to calculate a historical loss rate. The historical loss rates for each cohort are then averaged to calculate an overall historical loss rate which is applied to the current loan balance to arrive at the quantitative baseline portion of the allowance for credit losses for the respective loan portfolio class. For certain loan portfolio classes, the Company determined there was not sufficient historical loss information to calculate a meaningful historical loss rate using the cohort methodology. For any such loan portfolio class, the weighted-average remaining maturity (“WARM”) methodology is being utilized until sufficient historical loss data is obtained. The WARM method multiplies an average annual loss rate by the expected remaining life of the loan pool to arrive at the quantitative baseline portion of the allowance for credit losses for the respective loan portfolio class. The Company also considers qualitative adjustments to the historical loss rate for each loan portfolio class. The qualitative adjustments for each loan class consider the conditions over the period from which historical loss experience was based and are split into two components: 1) asset or class specific risk characteristics or current conditions at the reporting date related to portfolio credit quality, remaining payments, volume and nature, credit culture and management, business environment or other management factors and 2) reasonable and supportable forecast of future economic conditions and collateral values. The Company performs a quarterly asset quality review which includes a review of forecasted gross charge-offs and recoveries, nonperforming assets, criticized loans, risk rating migration, delinquencies, etc. The asset quality review is performed by management and the results are used to consider a qualitative overlay to the quantitative baseline. The second qualitative adjustment noted above, economic conditions and collateral values, encompasses a one-year reasonable and supportable forecast period. The overlay adjustment for the reasonable and supportable forecast assumes an immediate reversion after the one-year forecast period to historical loss rates for the remaining life of the respective loan pool. When management deems it to be appropriate, the Company establishes a specific reserve for individually evaluated loans that do not share similar risk characteristics with the loans included in each respective loan pool. These individually evaluated loans are removed from their respective pools and typically represent collateral dependent loans but may also include other non-performing loans or troubled debt restructurings (“TDRs”). In addition, the Company individually evaluates “reasonably expected” TDRs, which are identified by the Company as a loan expected to be classified as a TDR within the next six months. Management judgment is utilized to make this determination. Troubled debt restructured loans ("TDRs"). The Company will consider modifying the interest rates and terms of a loan if it determines that a modification is a better alternative to foreclosure. Most TDRs are accruing and performing loans where the borrower has proactively approached the Company about modifications due to temporary financial difficulties. Each request is individually evaluated for merit and likelihood of success. The concession for these loans is typically a payment reduction through a rate reduction of 100 to 200 bps for a specific term, usually six CARES Act loan modifications. The Company is actively working with its borrowers to provide loan payment deferrals as a result of the COVID-19 pandemic. Pursuant to the CARES Act, these loan modifications are not accounted for as TDRs. Payment deferral terms generally range from 90 to 180 days and some borrowers have been granted multiple deferrals. Non-accrual loans. Loans are placed on nonaccrual status when, in the judgment of management, the probability of collection of interest is deemed to be insufficient to warrant further accrual. When a loan is placed on nonaccrual status, previously accrued but unpaid interest is deducted from interest income. The Company does not accrue interest on loans 90 days or more past due. If payment is made on a loan so that the loan becomes less than 90 days past due, and the Company expects full collection of principal and interest, the loan is returned to full accrual status. Any interest ultimately collected is credited to income in the period of recovery. A loan is charged-off when the loss is estimable and it is confirmed that the borrower is not expected to be able to meet contractual obligations. If a consumer loan is on non-accrual status before becoming a TDR it will stay on non-accrual status following restructuring until it has been performing for at least six months, at which point it may be moved to accrual status. If a loan is on accrual status before it becomes a TDR, and management concludes that full repayment is probable based on internal evaluation, it will remain on accrual status following restructuring. If the restructured consumer loan does not perform, it is placed on non-accrual status when it is 90 days delinquent. For commercial loans, six consecutive payments on newly restructured loan terms are required prior to returning the loan to accrual status. In some instances, after the required six consecutive payments are made, management will conclude that collection of the entire principal and interest due is still in doubt. In those instances, the loan will remain on non-accrual status. Accrued interest receivable. Upon adoption of ASC 326, the Company made the following elections regarding accrued interest receivable ("AIR"): • Presenting accrued interest receivable balances separately from their underlying instruments within the consolidated statements of financial condition. • Excluding accrued interest receivable that is included in the amortized cost of financing receivables from related disclosure requirements. • Continuing our policy to write off accrued interest receivable by reversing interest income in cases where the Company does not reasonably expect to receive payment. • Not measuring an allowance for credit losses for accrued interest receivable due to the Company’s policy of writing off uncollectible accrued interest receivable balances in a timely manner. We believe accrued interest receivable recorded as of September 30, 2020 is collectible. Off-balance-sheet credit exposures. The only material off-balance-sheet credit exposures are loans in process and unused lines of credit. The reserve for unfunded commitments is recognized as a liability (other liabilities in the consolidated statements of financial condition), with adjustments to the reserve recognized through provision for credit losses in the consolidated statements of income. The reserve for unfunded commitments represents the expected lifetime credit losses on off-balance sheet obligations such as commitments to extend credit and standby letters of credit. However, a liability is not recognized for commitments that are unconditionally cancellable by the Company. The reserve for unfunded commitments is determined by estimating future draws, including the effects of risk mitigation actions, and applying the expected loss rates on those draws. Loss rates are estimated by utilizing the same loss rates calculated for the allowance for credit losses related to the respective loan portfolio class. See Note M "Commitments and Contingencies" for details. Client swap program hedges. Interest rate swap agreements are provided to certain clients who desire to convert their obligations from variable to fixed interest rates. Under these agreements, the Bank enters into a variable-rate loan agreement with a customer in addition to a swap agreement, and then enters into a corresponding swap agreement with a third party in order to offset its exposure on the customer swap agreement. As the interest rate swap agreements with the customers and third parties are not designated as accounting hedges under FASB ASC 815, the instruments are marked to market in earnings. The change in fair value of the offsetting swaps are included in interest income and interest expense and there is no impact on net income. There is fee income earned on the swaps that is included in loan fee income. Borrowings cash flow hedges. The Company has entered into interest rate swaps to convert a series of future short-term borrowings to fixed-rate payments. These interest rate swaps qualify as cash flow hedging instruments under ASC 815 so gains and losses are recorded in Other Comprehensive Income to the extent the hedge is effective. Gains and losses on the interest rate swaps are reclassified from OCI to earnings in the period the hedged transaction affects earnings and are included in the same income statement line item that the hedged transaction is recorded. Mortgage loan "last-of-layer" portfolio hedges. The Company has entered into interest rate swaps to hedge the portion of the respective closed portfolios of prepayable mortgage loans that are expected to remain at the end of the hedge term. These hedges qualify as last-of-layer hedges under ASC 815 and provide for matching of the recognition of the gains and losses on the interest rate swap and the related hedged item. Commercial loan fair value hedges. The Company has entered into interest rate swaps to hedge long term fixed rate commercial loans. These hedges qualify as fair value hedges under ASC 815 and provide for matching of the recognition of the gains and losses on the interest rate swap and the related hedged loan. Premises and equipment. Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the respective assets. Costs for improvements are capitalized. Charges for ordinary maintenance and repairs are expensed to operations as incurred. Real estate owned. Real estate properties acquired through foreclosure of loans or through acquisitions are recorded initially at fair value less selling costs and are subsequently recorded at lower of cost or fair value. Costs for improvements are capitalized. Any gains (losses) and maintenance costs are recorded in Gain (loss) on real estate owned, net. Intangible assets. Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired. Other intangibles, including core deposit intangibles, are acquired assets that lack physical substance but can be distinguished from goodwill. Goodwill is evaluated for impairment on an annual basis during the fourth quarter. Other intangible assets are amortized over their estimated lives and are subject to impairment testing when events or circumstances change. If circumstances indicate that the carrying value of the assets may not be recoverable, an impairment charge could be recorded. The Bank amortizes the core deposit intangibles over their estimated lives using an accelerated method. The table below provides detail regarding the Company's intangible assets. Goodwill Core Deposit and Other Intangibles Total (In thousands) Balance at September 30, 2018 $ 301,368 $ 9,918 $ 311,286 Additions — — — Amortization — (2,039) (2,039) Balance at September 30, 2019 301,368 7,879 309,247 Additions 1,339 1,471 2,810 Amortization — (2,151) (2,151) Balance at September 30, 2020 $ 302,707 $ 7,199 $ 309,906 The table below presents the estimated future amortization expense of core deposit and other intangibles for the next five years. Fiscal Year Expense (In thousands) 2021 $ 1,369 2022 949 2023 893 2024 859 2025 810 Income taxes. Income taxes are accounted for using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, a deferred tax asset or liability is determined based on the temporary differences between the financial statement and corresponding tax treatment of income, gains, losses, deductions or credits using enacted tax rates in effect for the year in which the differences are expected to reverse. The provision for income taxes includes current and deferred income tax expense based on net income adjusted for temporary and permanent differences such as depreciation, loan loss reserve, tax-exempt interest, and affordable housing tax credits. Reserves for uncertain tax positions, together with any related interest and penalties, if applicable, and amortization of affordable housing tax credit investments are recorded within income tax expense. Accounting for stock-based compensation. We recognize in the statement of operations the grant-date fair value of stock options and other equity-based forms of compensation issued to employees over the employees' requisite service period (generally the vesting period). The requisite service period may be subject to performance conditions. Stock options and restricted stock awards generally vest ratably over two Certain grants of restricted stock are subject to performance-based and market-based vesting as well as other approved vesting conditions and cliff vest based on those conditions. Compensation expense is recognized over the service period to the extent restricted stock awards are expected to vest. See Note O for additional information. Business segments. As the Company manages its business and operations on a consolidated basis, management has determined that there is one reportable business segment. Regulatory matters. On February 28, 2018, pursuant to a Stipulation and Consent to the Issuance of a Consent Order (the “Consent Order”), the Office of the Comptroller of the Currency issued a Consent Order relating to the Bank, the terms of which are intended to further enhance its Bank Secrecy Act ("BSA") program. The Consent Order requires the Bank to create a BSA-focused action plan, supplement existing customer due diligence policies and procedures, perform a BSA risk assessment, perform a transaction activity look-back, enhance training, and complete independent testing. The Bank has not been informed that this action includes the assessment of a civil money penalty. The Bank is working cooperatively with the OCC to implement the necessary changes to comply with the provisions of the Consent Order. On October 9, 2013, the CFPB entered a Consent Order against the Bank that required the Bank to pay a civil money penalty of $34,000, and to adopt an enhanced compliance program related to reporting Home Mortgage Disclosure Act ("HMDA") data. The Bank has adopted an enhanced HMDA program, which continues to be subject to review by the CFPB. On October 27, 2020 the CFPB entered a second Consent Order against the Bank for violations related to the Bank’s HMDA reporting obligations. The 2020 Consent Order required the Bank to pay a $200,000 civil money penalty and develop and implement a HMDA compliance management system. Subsequent events. The Company has evaluated subsequent events for adjustment to or disclosure in the Company’s consolidated financial statements through the date of this report, and the Company has not identified any recordable or disclosable events, not otherwise reported in these consolidated financial statements or the notes thereto. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848). The amendments in this ASU provide temporary, optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. The ASU primarily includes relief related to contract modifications and hedging relationships, as well as providing a one-time election for the sale or transfer of debt securities classified as held-to-maturity. This guidance is effective immediately and the amendments may be applied prospectively through December 31, 2022. The Company is currently in the process of evaluating the amendments and determining the impact to its consolidated financial statements. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments , that clarifies and improves areas of guidance related to the recently issued standards on credit losses (ASU 2016-13), hedging (ASU 2017-12), and recognition and measurement of financial instruments (ASU 2016-01). The amendments generally have the same effective dates as their related standards. If already adopted, the amendments of ASU 2016-01 and ASU 2016-13 are effective for fiscal years beginning after December 15, 2019 and the amendments of ASU 2017-12 are effective as of the beginning of the Company’s next annual reporting period; early adoption is permitted. Effective January 1, 2020, the Company adopted the amendments of ASU 2019-04 pertaining to ASU 2017-12 and ASU 2016-01, both of which had been previously adopted, and at that time elected to reclassify mortgage-backed securities with an amortized cost of $374,680,000 and fair value of $390,669,000 from held-to-maturity to available-for-sale. During the third fiscal quarter, the Company adopted the amendments of ASU 2019-04 that pertain to ASU 2016-13. See discussion below regarding the adoption of ASU 2016-13. In August 2018, the FASB issued 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 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. The Company early adopted this ASU beginning October 1, 2019 and removed or modified disclosures as permitted. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements. The ASU provides 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 adopted this ASU beginning October 1, 2019 and elected both transition options. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (ASC 326) . ASC 326, as amended, is intended 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. ASC 326 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 Company early adopted ASC 326 during its third fiscal quarter and based on the application of the modified retrospective method it became effective on October 1, 2019 for all financial assets measured at amortized cost (primarily loans receivable and held-to-maturity debt securities) and off-balance-sheet credit exposures. Results for reporting periods beginning after October 1, 2019 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a decrease to retained earnings of $21,945,000 as of October 1, 2019 for the cumulative effect of adopting ASC 326 as further detailed below. September 30, 2019 CECL Adoption Impact October 1, 2019 (In thousands) Allowance for credit losses: Commercial loans Multi-family $ 7,391 $ 3,013 $ 10,404 Commercial real estate 13,170 (146) 13,024 Commercial & industrial 31,450 785 32,235 Construction 32,304 (9,536) 22,768 Land - acquisition & development 9,155 1,749 10,904 Total commercial loans 93,470 (4,135) 89,335 Consumer loans Single-family residential 30,988 16,783 47,771 Construction - custom 1,369 1,511 2,880 Land - consumer lot loans 2,143 492 2,635 HELOC 1,103 945 2,048 Consumer 2,461 2,154 4,615 Total consumer loans 38,064 21,885 59,949 Total allowance for loan losses 131,534 17,750 149,284 Reserve for unfunded commitments 6,900 10,750 17,650 Total allowance for credit losses $ 138,434 $ 28,500 $ 166,934 Retained earnings Total pre-tax impact $ 28,500 Tax effect (6,555) Decrease to retained earnings $ 21,945 The Company's available-for-sale and held-to-maturity portfolios consist primarily of debt securities issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for these securities upon adoption of ASC 326. The impact going forward will depend on the composition, characteristics, and credit quality of the loan and securities portfolios as well as the economic conditions at future reporting periods. In February 2016, the FASB issued ASU 2016-02, Leases. The ASU, as amended, requires 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 and introduces new disclosure requirements for leasing arrangements. Accounting by lessors is largely unchanged. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted this ASU beginning October 1, 2019 utilizing the transition method allowed under ASU 2018-11 and did not restate comparative periods. The Company elected the package of practical expedients permitted under the transition guidance, which allowed us to carry forward our historical lease classifications and our assessment on whether a contract is or contains a lease. We also elected to keep leases with an initial term of 12 months or less off the balance sheet. The adoption of this ASU resulted in an increase in other assets and an increase in other liabilities of $29,013,000 and $29,013,000, respectively. The Company recognized no cumulative effect adjustment to the beginning balance of retained earnings upon adoption. |
Investment Securities
Investment Securities | 12 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES The tables below provide detail regarding the amortized cost and fair value of available-for-sale and held-to-maturity investment securities. September 30, 2020 Amortized Gross Unrealized Fair Yield Gains Losses ($ in thousands) Available-for-sale securities U.S. government and agency securities due 5 to 10 years $ 18,448 $ 376 $ — $ 18,824 2.05 % Asset-backed securities 5 to 10 years 38,289 — (1,600) 36,689 0.83 Over 10 years 906,489 647 (6,908) 900,228 1.14 Corporate debt securities due Within 1 year 54,209 337 (51) 54,495 1.22 1 to 5 years 128,289 3,366 (428) 131,227 1.78 5 to 10 years 97,157 4,305 — 101,462 1.50 Municipal bonds due 1 to 5 years 1,461 36 — 1,497 — Over 10 years 36,044 774 — 36,818 5.40 Mortgage-backed securities Agency pass-through certificates 929,713 39,166 (627) 968,252 2.82 Commercial MBS — — — — — 2,210,099 49,007 (9,614) 2,249,492 1.97 Held-to-maturity securities Agency pass-through certificates 698,934 21,582 — 720,516 3.16 Commercial MBS 6,904 — (52) 6,852 1.02 705,838 21,582 (52) 727,368 3.14 $ 2,915,937 $ 70,589 $ (9,666) $ 2,976,860 2.25 % September 30, 2019 Amortized Gross Unrealized Fair Yield Gains Losses ($ in thousands) Available-for-sale securities U.S. government and agency securities due 5 to 10 years $ 21,049 $ 39 $ — $ 21,088 2.05 % Asset-backed securities 5 to 10 years 44,238 — (629) 43,609 2.61 Over 10 years 207,067 1 (987) 206,081 3.02 Corporate debt securities due Within 1 year 43,903 411 — 44,314 3.65 1 to 5 years 70,000 689 (50) 70,639 3.29 5 to 10 years 92,931 1,879 — 94,810 3.27 Municipal bonds due 1 to 5 years 1,430 14 — 1,444 1.94 Over 10 years 20,303 895 — 21,198 6.45 Mortgage-backed securities Agency pass-through certificates 957,150 26,533 (1,124) 982,559 3.29 1,458,071 30,461 (2,790) 1,485,742 3.27 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 1,428,480 19,945 (337) 1,448,088 3.15 Commercial MBS 15,000 7 — 15,007 2.89 1,443,480 19,952 (337) 1,463,095 3.15 $ 2,901,551 $ 50,413 $ (3,127) $ 2,948,837 3.21 % During fiscal year 2020, as permitted in conjunction with the adoption of ASU 2019-04, the Company reclassified $374,680,000 of prepayable debt securities from held-to-maturity to available-for-sale. The Company purchased $1,064,815,000 of available-for-sale investment securities and no held-to-maturity investment securities during 2020. Sales of available-for-sale securities totaled $204,351,000 and there were no sales of held-to-maturity investment securities in 2020. Substantially all mortgage-backed securities have contractual due dates that exceed 25 years. The Company elected to exclude AIR from the amortized cost basis of debt securities disclosed throughout this footnote. For AFS securities, AIR totaled $3,285,000 and $3,712,000 as of September 30, 2020 and September 30, 2019, respectively. For HTM debt securities, AIR totaled $1,811,000 and $3,716,000 as of September 30, 2020 and September 30, 2019, respectively. AIR is included in the “interest receivable” line item on the Company’s consolidated statements of financial condition. The following tables show the gross unrealized losses and fair value of securities as of September 30, 2020 and September 30, 2019, by length of time that individual securities in each category have been in a continuous loss position. There were 51 and 41 securities with an unrealized loss as of September 30, 2020 and September 30, 2019, respectively. 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 impaired. September 30, 2020 Less than 12 months 12 months or more Total Unrealized Fair Unrealized Fair Unrealized Fair (In thousands) Available-for-sale securities Corporate debt securities $ (74) $ 45,875 $ (405) $ 24,596 $ (479) $ 70,471 Asset-backed securities (5,481) 587,746 (3,027) 204,369 (8,508) 792,115 Mortgage-backed securities (278) 41,897 (349) 56,196 (627) 98,093 (5,833) 675,518 (3,781) 285,161 (9,614) 960,679 Held-to-maturity securities Mortgage-backed securities (52) 6,853 — — (52) 6,853 $ (5,885) $ 682,371 $ (3,781) $ 285,161 $ (9,666) $ 967,532 September 30, 2019 Less than 12 months 12 months or more Total Unrealized Fair Unrealized Fair Unrealized Fair (In thousands) Available-for-sale securities Corporate debt securities $ — $ — $ (50) $ 24,950 $ (50) $ 24,950 Asset-backed securities (656) 152,715 (960) 77,391 (1,616) 230,106 Mortgage-backed securities (148) 87,895 (976) 155,620 (1,124) 243,515 (804) 240,610 (1,986) 257,961 (2,790) 498,571 Held-to-maturity securities Mortgage-backed securities — — (337) 115,182 (337) 115,182 $ (804) $ 240,610 $ (2,323) $ 373,143 $ (3,127) $ 613,753 Substantially all of the Company’s held-to-maturity debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for these securities upon adoption of ASC 326 on October 1, 2019 or as of September 30, 2020. The Company does not believe that the available-for-sale debt securities that were in an unrealized loss position have any credit loss impairment upon adoption of ASC 326 on October 1, 2019 or as of September 30, 2020. The Company does not intend to sell the investment securities that were in an unrealized loss position and it is not more likely than not that the Company will be required to sell the investment securities before recovery of their amortized cost basis, which may be at maturity. Available-for-sale debt securities issued by U.S. government agencies or U.S. government-sponsored enterprises carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Corporate debt securities and municipal bonds are considered to have issuer(s) of high credit quality (rated AA or higher) and the decline in fair value is due to changes in interest rates and other market conditions. The issuer(s) continues to make timely principal and interest payments on the bonds. The fair value is expected to recover as the bond(s) approach maturity. |
Loans Receivable
Loans Receivable | 12 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Loans Receivable | LOANS RECEIVABLE For a detailed discussion of loans and credit quality, including accounting policies and the CECL methodology used to estimate the allowance for credit losses, see Note A "Summary of Significant Accounting Policies" and Note B "New Accounting Pronouncements" above. The Company's loans held for investment are divided into two portfolio segments, commercial loans and consumer loans, with each of those segments further split into loan classes for purposes of estimating the allowance for credit losses. The following table is a summary of loans receivable by loan portfolio segment and class. September 30, 2020 September 30, 2019 ($ in thousands) ($ in thousands) Gross loans by category Commercial loans Multi-family $ 1,538,762 10.6 % $ 1,422,674 10.7 % Commercial real estate 1,895,086 13.1 1,631,170 12.3 Commercial & industrial (1) 2,132,160 14.7 1,268,695 9.5 Construction 2,403,276 16.6 2,038,052 15.3 Land - acquisition & development 193,745 1.3 204,107 1.5 Total commercial loans 8,163,029 56.3 6,564,698 49.3 Consumer loans Single-family residential 5,304,689 36.7 5,835,194 43.8 Construction - custom 674,879 4.7 540,741 4.1 Land - consumer lot loans 102,263 0.7 99,694 0.7 HELOC 139,703 1.0 142,178 1.1 Consumer 83,159 0.6 129,883 1.0 Total consumer loans 6,304,693 43.7 6,747,690 50.7 Total gross loans 14,467,722 100 % 13,312,388 100 % Less: Allowance for loan losses 166,955 131,534 Loans in process 1,456,072 1,201,341 Net deferred fees, costs and discounts 52,378 48,938 Total loan contra accounts 1,675,405 1,381,813 Net loans $ 12,792,317 $ 11,930,575 (1) Includes $762,004,000 of SBA Payroll Protection Program loans as of September 30, 2020. The Company elected to exclude AIR from the amortized cost basis of loans for disclosure purposes and from the calculations of estimated credit losses. As of September 30, 2020 and September 30, 2019, AIR for loans totaled $48,704,000 and $41,429,000, respectively, and is included in the “accrued interest receivable” line item on the Company’s consolidated statements of financial condition. Loans in the amount of $5,361,504,000 and $5,874,704,000 at September 30, 2020 and September 30, 2019, respectively, were pledged to secure borrowings from the FHLB as part of our liquidity management strategy. The FHLB does not have the right to sell or re-pledge these loans. The following summary breaks down the Company's fixed rate and adjustable rate loans by time to maturity or to rate adjustment. September 30, 2020 Fixed-Rate Adjustable-Rate Term To Maturity Loans % of Loans Term To Rate Adjustment Loans % of Loans (In thousands) (In thousands) Within 1 year $ 128,254 1.0 % Less than 1 year $ 3,592,689 27.7 % 1 to 3 years 1,179,316 9.1 1 to 3 years 440,980 3.4 3 to 5 years 398,019 3.1 3 to 5 years 588,366 4.5 5 to 10 years 1,044,581 8.1 5 to 10 years 46,473 0.4 10 to 20 years 983,856 7.6 10 to 20 years 25,190 0.2 Over 20 years 4,517,836 34.9 Over 20 years 13,712 0.1 $ 8,251,862 63.8 % $ 4,707,410 36.3 % The Company has granted loans to officers and directors of the Company and related interests. These loans are made on the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and do not involve more than the normal risk of collectability. The aggregate dollar amount of these loans, including unfunded commitments to lend, was $112,812,000 and $76,288,000 at September 30, 2020 and 2019, respectively. As of September 30, 2020, all of these loans were performing in accordance with contractual terms. The following table sets forth the amortized cost basis of loans receivable for specific disclosures required by ASC 326. September 30, 2020 September 30, 2019 (In thousands, except ratio data) Non-accrual Non-accrual with no ACL 90 days or more past due and accruing Non-accrual Non-accrual with no ACL 90 days or more past due and accruing Commercial loans Multi-family $ — $ — $ — $ — $ — $ — Commercial real estate 3,771 — — 5,835 — — Commercial & industrial 329 — — 1,292 — — Construction 1,669 — — — — — Land - acquisition & development — — — 169 — — Total commercial loans 5,769 — — 7,296 — — Consumer loans Single-family residential 22,431 — 933 25,271 — 1,671 Construction - custom — — — — — — Land - consumer lot loans 243 — — 246 — 620 HELOC 553 — — 907 — — Consumer 60 — 17 11 — 19 Total consumer loans 23,287 — 950 26,435 — 2,310 Total loans $ 29,056 $ — $ 950 $ 33,731 $ — $ 2,310 % of total loans 0.22 % 0.28 % The following tables break down loan delinquencies by loan portfolio segment and class. September 30, 2020 Days Delinquent Based on $ Amount of Loans % based Loan type Loans Receivable (Amortized Cost) Current 30 60 90 Total ($ in thousands) Commercial loans Multi-Family $ 1,538,240 $ 1,538,240 $ — $ — $ — $ — — % Commercial Real Estate 1,884,688 1,884,210 — 195 283 478 0.03 Commercial & Industrial 2,115,513 2,114,650 — 583 280 863 0.04 Construction - Speculative 1,352,414 1,350,752 — — 1,662 1,662 0.12 Land - Acquisition & Development 153,571 153,571 — — — — — Total commercial loans 7,044,426 7,041,423 — 778 2,225 3,003 0.04 Consumer loans Single-Family Residential 5,293,962 5,267,608 3,922 3,108 19,324 26,354 0.50 Construction - Custom 295,953 295,953 — — — — — Land - Consumer Lot Loans 101,394 101,029 152 — 213 365 0.36 HELOC 140,222 139,491 275 76 380 731 0.52 Consumer 83,315 82,959 121 11 224 356 0.43 Total consumer loans 5,914,846 5,887,040 4,470 3,195 20,141 27,806 0.47 Total Loans $ 12,959,272 $ 12,928,463 $ 4,470 $ 3,973 $ 22,366 $ 30,809 0.24 % Delinquency % 99.76% 0.03% 0.03% 0.17% 0.24% September 30, 2019 Days Delinquent Based on $ Amount of Loans % based Loan type Loans Receivable (Net of Loans in Process) Current 30 60 90 Total ($ in thousands) Commercial loans Multi-Family $ 1,422,652 $ 1,422,652 $ — $ — $ — $ — — % Commercial Real Estate 1,631,171 1,625,509 1,614 285 3,763 5,662 0.35 Commercial & Industrial 1,268,695 1,267,828 — — 867 867 0.07 Construction - Speculative 1,164,889 1,164,889 — — — — — Land - Acquisition & Development 161,194 161,194 — — — — — Total commercial loans 5,648,601 5,642,072 1,614 285 4,630 6,529 0.12 Consumer loans Single-Family Residential 5,835,186 5,809,239 3,672 3,211 19,064 25,947 0.44 Construction - Custom 255,505 255,505 — — — — — Land - Consumer Lot Loans 99,694 98,916 112 619 47 778 0.78 HELOC 142,178 140,718 580 183 697 1,460 1.03 Consumer 129,883 129,227 295 117 244 656 0.51 Total consumer loans 6,462,446 6,433,605 4,659 4,130 20,052 28,841 0.45 Total Loans $ 12,111,047 $ 12,075,677 $ 6,273 $ 4,415 $ 24,682 $ 35,370 0.29 % Delinquency % 99.71% 0.05% 0.04% 0.20% 0.29% The Company participated in the Small Business Administration’s Paycheck Protection Program. This program came about through the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) passed by Congress to help small businesses keep their employees employed through the COVID-19 shelter in place orders. In 2020, the Company assisted over 6,500 businesses with more than $780,000,000 in PPP loan originations. The Company is actively working with its borrowers to modify consumer mortgage and commercial loans to provide payment deferrals as a result of the COVID-19 pandemic. The terms of the payment deferrals are generally 90 days for consumer mortgage loans and up to 180 days for commercial loans and borrowers may be eligible for multiple deferrals. Pursuant to the CARES Act, these loan modifications are not accounted for as TDRs. As of September 30, 2020, 612 mortgage loans totaling $171,000,000 and 69 commercial loans totaling $167,000,000 that had been modified remain in deferral. These loans are not considered past due until after the deferral period is over and scheduled payments have resumed. Most TDRs are accruing and performing loans where the borrower has proactively approached the Company about modifications due to temporary financial difficulties. Each request is individually evaluated for merit and likelihood of success. The concession for these loans is typically a payment reduction through a rate reduction of 100 to 200 bps for a specific term, usually six We evaluate the credit quality of our commercial loans based on regulatory risk ratings and also consider other factors. Based on this evaluation, 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 present by credit quality indicator, loan class, and year of origination, the amortized cost basis of loans receivable as of September 30, 2020. Term Loans Amortized Cost Basis by Origination Year (In thousands) 2020 2019 2018 2017 2016 Prior to 2016 Revolving Loans Revolving to Term Loans Total Loans Commercial loans Multi-family Pass $ 397,008 $ 151,175 $ 267,832 $ 243,349 $ 177,888 $ 255,177 $ 14,263 $ — $ 1,506,692 Special Mention 649 2,815 907 4,515 2,654 2,181 — — 13,721 Substandard — 7,543 3,974 3,791 2,298 221 — — 17,827 Total $ 397,657 $ 161,533 $ 272,713 $ 251,655 $ 182,840 $ 257,579 $ 14,263 $ — $ 1,538,240 Commercial real estate Pass $ 425,246 $ 243,780 $ 259,958 $ 265,841 $ 182,584 $ 301,156 $ 2,558 $ 107 $ 1,681,230 Special Mention 5,096 13,694 3,987 14,910 303 54,194 — — 92,184 Substandard 4,196 25,607 2,718 38,289 10,041 30,423 — — 111,274 Total $ 434,538 $ 283,081 $ 266,663 $ 319,040 $ 192,928 $ 385,773 $ 2,558 $ 107 $ 1,884,688 Commercial & industrial Pass $ 908,408 $ 64,015 $ 90,796 $ 79,421 $ 99,426 $ 75,672 $ 580,123 $ 848 $ 1,898,709 Special Mention 25,612 7,107 1,167 4,330 24,204 — 2,275 — 64,695 Substandard 30,894 9,696 10,780 901 23,907 4,561 71,223 147 152,109 Total $ 964,914 $ 80,818 $ 102,743 $ 84,652 $ 147,537 $ 80,233 $ 653,621 $ 995 $ 2,115,513 Construction Pass $ 344,346 $ 405,030 $ 239,125 $ 132,034 $ 290 $ — $ 66,961 $ — $ 1,187,786 Special Mention 2,275 — 43,486 15,417 — — — — 61,178 Substandard 7 33,457 5,847 21,915 42,224 — — — 103,450 Total $ 346,628 $ 438,487 $ 288,458 $ 169,366 $ 42,514 $ — $ 66,961 $ — $ 1,352,414 Land - acquisition & development Pass $ 47,223 $ 43,297 $ 18,139 $ 18,338 $ 3,774 $ 1,911 $ 5,316 $ — $ 137,998 Special Mention — — — — — 15,573 — — 15,573 Total $ 47,223 $ 43,297 $ 18,139 $ 18,338 $ 3,774 $ 17,484 $ 5,316 $ — $ 153,571 Total commercial loans Pass $ 2,122,231 $ 907,297 $ 875,850 $ 738,983 $ 463,962 $ 633,916 $ 669,221 $ 955 $ 6,412,415 Special Mention 33,632 23,616 49,547 39,172 27,161 71,948 2,275 — 247,351 Substandard 35,097 76,303 23,319 64,896 78,470 35,205 71,223 147 384,660 Total $ 2,190,960 $ 1,007,216 $ 948,716 $ 843,051 $ 569,593 $ 741,069 $ 742,719 $ 1,102 $ 7,044,426 Term Loans Amortized Cost Basis by Origination Year (In thousands) 2020 2019 2018 2017 2016 Prior to 2016 Revolving Loans Revolving to Term Loans Total Loans Consumer loans Single-family residential Current $ 828,030 $ 585,133 $ 597,198 $ 714,066 $ 523,000 $ 2,020,181 $ — $ — $ 5,267,608 30 days past due — — — 859 135 2,928 — — 3,922 60 days past due — — — — — 3,108 — — 3,108 90+ days past due — 680 — 440 640 17,564 — — 19,324 Total $ 828,030 $ 585,813 $ 597,198 $ 715,365 $ 523,775 $ 2,043,781 $ — $ — $ 5,293,962 Construction - custom Current $ 200,853 $ 91,940 $ 3,160 $ — $ — $ — $ — $ — $ 295,953 Total $ 200,853 $ 91,940 $ 3,160 $ — $ — $ — $ — $ — $ 295,953 Land - consumer lot loans Current $ 44,908 $ 18,139 $ 6,971 $ 7,693 $ 2,619 $ 20,699 $ — $ — $ 101,029 30 days past due — — 152 — — — — — 152 90+ days past due — — — 122 — 91 — — 213 Total $ 44,908 $ 18,139 $ 7,123 $ 7,815 $ 2,619 $ 20,790 $ — $ — $ 101,394 HELOC Current $ — $ — $ — $ — $ — $ 6,732 $ 131,353 $ 1,406 $ 139,491 30 days past due — — — — — 44 231 — 275 60 days past due — — — — — 37 39 — 76 90+ days past due — — — — — 30 350 — 380 Total $ — $ — $ — $ — $ — $ 6,843 $ 131,973 $ 1,406 $ 140,222 Consumer Current $ 1,334 $ 1,527 $ 58,384 $ 129 $ 338 $ 18,523 $ 2,724 $ — $ 82,959 30 days past due — — — 62 — 59 — — 121 60 days past due — — — — — 11 — — 11 90+ days past due — 54 — 159 — 6 5 — 224 Total $ 1,334 $ 1,581 $ 58,384 $ 350 $ 338 $ 18,599 $ 2,729 $ — $ 83,315 Total consumer loans Current $ 1,075,125 $ 696,739 $ 665,713 $ 721,888 $ 525,957 $ 2,066,135 $ 134,077 $ 1,406 $ 5,887,040 30 days past due — — 152 921 135 3,031 231 — 4,470 60 days past due — — — — — 3,156 39 — 3,195 90+ days past due — 734 — 721 640 17,691 355 — 20,141 Total $ 1,075,125 $ 697,473 $ 665,865 $ 723,530 $ 526,732 $ 2,090,013 $ 134,702 $ 1,406 $ 5,914,846 |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Allowance for Loan Losses | ALLOWANCE FOR LOAN LOSSES For a detailed discussion of loans and credit quality, including accounting policies and the CECL methodology used to estimate the allowance for credit losses, see Note A, "Summary of Significant Accounting Policies." As a result of the adoption of ASC 326 in fiscal 2020, with an effective date of October 1, 2019, there is a lack of comparability in both the allowance and provisions for credit losses for the periods presented. Results for reporting periods beginning after October 1, 2019 (as reflected in the table below) are presented using the CECL methodology, while comparative period information continues to be reported in accordance with the incurred loss methodology in effect for prior fiscal years. See Note B, "New Accounting Pronouncements," for details regarding the adoption of ASC 326. September 30, 2019 CECL Adoption Impact October 1, 2019 (Post ASC 326 Adoption) September 30, 2020 (In thousands) Allowance for credit losses: Commercial loans Multi-family $ 7,391 $ 3,013 $ 10,404 $ 13,853 Commercial real estate 13,170 (146) 13,024 22,516 Commercial & industrial 31,450 785 32,235 38,665 Construction 32,304 (9,536) 22,768 24,156 Land - acquisition & development 9,155 1,749 10,904 10,733 Total commercial loans 93,470 (4,135) 89,335 109,923 Consumer loans Single-family residential 30,988 16,783 47,771 45,186 Construction - custom 1,369 1,511 2,880 3,555 Land - consumer lot loans 2,143 492 2,635 2,729 HELOC 1,103 945 2,048 2,571 Consumer 2,461 2,154 4,615 2,991 Total consumer loans 38,064 21,885 59,949 57,032 Total allowance for loan losses $ 131,534 $ 17,750 149,284 166,955 Reserve for unfunded commitments $ 6,900 $ 10,750 17,650 25,000 Total allowance for credit losses $ 138,434 $ 28,500 $ 166,934 $ 191,955 The following tables summarize the activity in the allowance for loan losses by loan portfolio segment and class. Twelve Months Ended September 30, 2020 Beginning Impact of ASC 326 Adoption Charge-offs Recoveries Provision & Ending Allowance (After ASC 326 Adoption) (In thousands) Commercial loans Multi-family $ 7,391 $ 3,013 $ — $ 498 $ 2,951 $ 13,853 Commercial real estate 13,170 (146) (111) 2,447 7,156 22,516 Commercial & industrial 31,450 785 (4,196) 443 10,183 38,665 Construction - speculative 32,304 (9,536) — 188 1,200 24,156 Land - acquisition & development 9,155 1,749 (11) 2,070 (2,230) 10,733 Total commercial loans 93,470 (4,135) (4,318) 5,646 19,260 109,923 Consumer loans Single-family residential 30,988 16,783 (131) 1,394 (3,848) 45,186 Construction - custom 1,369 1,511 — — 675 3,555 Land - consumer lot loans 2,143 492 (237) 639 (308) 2,729 HELOC 1,103 945 — 95 428 2,571 Consumer 2,461 2,154 (1,069) 1,252 (1,807) 2,991 Total consumer loans 38,064 21,885 (1,437) 3,380 (4,860) 57,032 $ 131,534 $ 17,750 $ (5,755) $ 9,026 $ 14,400 $ 166,955 Twelve Months Ended September 30, 2019 Beginning Allowance Charge-offs Recoveries Provision & Ending Allowance (Before ASC 326 Adoption) (In thousands) Commercial loans Multi-family $ 8,329 $ — $ — $ (938) $ 7,391 Commercial real estate 11,852 (428) 1,102 644 13,170 Commercial & industrial 28,702 (5,782) 3,443 5,087 31,450 Construction - speculative 31,317 — 99 888 32,304 Land - acquisition & development 7,978 (107) 7,457 (6,173) 9,155 Total commercial loans 88,178 (6,317) 12,101 (492) 93,470 Consumer loans Single-family residential 33,033 (268) 1,020 (2,797) 30,988 Construction - custom 1,842 (1,973) — 1,500 1,369 Land - consumer lot loans 2,164 (804) 719 64 2,143 HELOC 781 (1,086) 46 1,362 1,103 Consumer 3,259 (1,028) 1,167 (937) 2,461 Total consumer loans 41,079 (5,159) 2,952 (808) 38,064 $ 129,257 $ (11,476) $ 15,053 $ (1,300) $ 131,534 Primarily due to the continued economic distress caused by the COVID-19 pandemic, the Company recorded a provision for credit losses of $21,750,000 for the year ended September 30, 2020, as compared to a release of $1,650,000 for the year ended September 30, 2019. The relatively significant credit loss provision for 2020 is due primarily to COVID-19 related factors including estimated impacts to the energy, hospitality, restaurant and senior living industries. The release recorded for 2019 was a result of strong net recoveries and the overall quality of the loan portfolio as a result of a strong economy. The Company had recoveries, net of charge-offs, of $3,271,000 for the year ended September 30, 2020, compared with $3,577,000 of net recoveries for the year ended September 30, 2019. A loan is charged-off when the loss is estimable and it is confirmed that the borrower is not expected to be able to meet its contractual obligations. No allowance was recorded as of September 30, 2020 for the $745,081,000 of SBA PPP loans, which are included in the commercial & industrial loan category, due to the government guarantee. Non-accrual loans decreased to $29,056,000 as of September 30, 2020, from $33,731,000 as of September 30, 2019. Non-performing assets totaled $37,695,000, or 0.20% of total assets, at September 30, 2020, compared to $43,826,000, or 0.27% of total assets, as of September 30, 2019. As of September 30, 2020, the allowance for loan losses of $166,955,000 is for loans that are evaluated on a pooled basis, which was comprised of $115,457,000 related to the quantitative component and $51,498,000 related to management's qualitative overlays. The following table shows loans collectively and individually evaluated for impairment and the related general and specific reserves. September 30, 2019 Loans Collectively Evaluated for Impairment Loans Individually Evaluated for Impairment General Reserve Recorded Investment of Loans Ratio Specific Reserve Recorded Investment of Loans Ratio (In thousands) (In thousands) Commercial loans Multi-family $ 7,387 $ 1,422,266 0.5 % $ 4 $ 385 1.0 % Commercial real estate 12,847 1,618,406 0.8 323 12,765 2.5 Commercial & industrial 31,358 1,266,913 2.5 92 1,805 5.1 Construction - speculative 32,304 1,164,889 2.8 — — — Land - acquisition & development 9,135 160,964 5.7 20 230 8.7 Total commercial loans 93,031 5,633,438 1.7 439 15,185 2.9 Consumer loans Single-family residential 30,988 5,822,200 0.5 — 17,978 — Construction - custom 1,369 255,505 0.5 — — — Land - consumer lot loans 2,143 95,574 2.2 — 375 — HELOC 1,103 140,378 0.8 — 837 — Consumer 2,461 129,527 1.9 — 50 — Total consumer loans 38,064 6,443,184 0.6 — 19,240 — $ 131,095 $ 12,076,622 1.1 % $ 439 $ 34,425 1.3 % 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 described in Note D "Loans Receivable." The following table provides the amortized cost of loans receivable based on risk rating categories (as previously defined). September 30, 2020 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total (In thousands) Loan type Commercial loans Multi-family $ 1,506,692 $ 13,721 $ 17,827 $ — $ — $ 1,538,240 Commercial real estate 1,681,230 92,184 111,274 — — 1,884,688 Commercial & industrial 1,898,709 64,695 152,109 — — 2,115,513 Construction - speculative 1,187,786 61,178 103,450 — — 1,352,414 Land - acquisition & development 137,998 15,573 — — — 153,571 Total commercial loans 6,412,415 247,351 384,660 — — 7,044,426 Consumer loans Single-family residential 5,270,666 192 23,104 — — 5,293,962 Construction - custom 295,953 — — — — 295,953 Land - consumer lot loans 101,151 — 243 — — 101,394 HELOC 139,646 — 576 — — 140,222 Consumer 83,304 — 11 — — 83,315 Total consumer loans 5,890,720 192 23,934 — — 5,914,846 Total loans $ 12,303,135 $ 247,543 $ 408,594 $ — $ — $ 12,959,272 Total grade as a % of total loans 94.9 % 1.9 % 3.2 % — % — % The following table provides the gross loans receivable based on risk rating categories (as previously defined). September 30, 2019 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total Gross Loans (In thousands) Loan type Commercial loans Multi-family $ 1,418,837 $ — $ 3,837 $ — $ — $ 1,422,674 Commercial real estate 1,602,634 2,754 25,782 — — 1,631,170 Commercial & industrial 1,229,891 18,125 20,679 — — 1,268,695 Construction - speculative 2,038,052 — — — — 2,038,052 Land - acquisition & development 200,283 — 3,824 — — 204,107 Total commercial loans 6,489,697 20,879 54,122 — — 6,564,698 Consumer loans Single-family residential 5,808,444 — 26,750 — — 5,835,194 Construction - custom 540,741 — — — — 540,741 Land - consumer lot loans 98,828 — 866 — — 99,694 HELOC 141,271 — 907 — — 142,178 Consumer 129,872 — 11 — — 129,883 Total consumer loans 6,719,156 — 28,534 — — 6,747,690 Total gross loans $ 13,208,853 $ 20,879 $ 82,656 $ — $ — $ 13,312,388 Total grade as a % of total gross loans 99.2 % 0.2 % 0.6 % — % — % The following table provides information on amortized cost of loans receivable based on borrower payment activity. September 30, 2020 Performing Loans Non-Performing Loans Amount % of Total Loans Amount % of Total Loans (In thousands) (In thousands) Commercial loans Multi-family $ 1,538,240 100.0 % $ — — % Commercial real estate 1,880,917 99.8 3,771 0.2 Commercial & industrial 2,115,184 100.0 329 — Construction - speculative 1,350,745 99.9 1,669 0.1 Land - acquisition & development 153,571 100.0 — — Total commercial loans 7,038,657 99.9 5,769 0.1 Consumer loans Single-family residential 5,271,531 99.6 22,431 0.4 Construction - custom 295,953 100.0 — — Land - consumer lot loans 101,151 99.8 243 0.2 HELOC 139,669 99.6 553 0.4 Consumer 83,255 99.9 60 0.1 Total consumer loans 5,891,559 99.6 23,287 0.4 Total $ 12,930,216 99.8 % $ 29,056 0.2 % The following table provides information on gross loans based on borrower payment activity. September 30, 2019 Performing Loans Non-Performing Loans Amount % of Total Amount % of Total (In thousands) (In thousands) Commercial loans Multi-family $ 1,422,674 100.0 % $ — — % Commercial real estate 1,625,335 99.6 5,835 0.4 Commercial & industrial 1,267,403 99.9 1,292 0.1 Construction - speculative 2,038,052 100.0 — — Land - acquisition & development 203,938 99.9 169 0.1 Total commercial loans 6,557,402 99.9 7,296 0.1 Consumer loans Single-family residential 5,809,923 99.6 25,271 0.4 Construction - custom 540,741 100.0 — — Land - consumer lot loans 99,448 99.8 246 0.2 HELOC 141,271 99.4 907 0.6 Consumer 129,872 100.0 11 — Total consumer loans 6,721,255 99.6 26,435 0.4 Total gross loans $ 13,278,657 99.7 % $ 33,731 0.3 % The following table provides information on impaired loan balances and the related allowances by loan types. September 30, 2019 Recorded Unpaid Related Average (In thousands) Impaired loans with no related allowance recorded: Multi-family $ — $ — $ — $ 286 Commercial real estate 7,467 11,881 — 8,890 Commercial & industrial 1,114 5,312 — 7,168 Construction — — — 1,172 Land - acquisition & development 78 143 — 290 Single-family residential 17,979 19,252 — 16,685 Construction - custom — — — 251 Land - consumer lot loans 344 848 — 287 HELOC 837 931 — 597 Consumer 50 119 — 23 27,869 38,486 — 35,649 Impaired loans with an allowance recorded: Multi-family 385 385 4 418 Commercial real estate 4,168 5,298 323 5,160 Commercial & industrial 426 691 92 2,535 Construction — — — — Land - acquisition & development 91 152 — 99 Single-family residential 112,042 114,609 2,208 125,976 Construction - custom — — — — Land - consumer lot loans 3,556 3,695 20 4,324 HELOC 949 963 — 961 Consumer 60 282 — 65 121,677 126,075 2,647 (1) 139,538 Total: Multi-family 385 385 4 704 Commercial real estate 11,635 17,179 323 14,050 Commercial & industrial 1,540 6,003 92 9,703 Construction — — — 1,172 Land - acquisition & development 169 295 — 389 Single-family residential 130,021 133,861 2,208 142,661 Construction - custom — — — 251 Land - consumer lot loans 3,900 4,543 20 4,611 HELOC 1,786 1,894 — 1,558 Consumer 110 401 — 88 $ 149,546 $ 164,561 $ 2,647 (1) $ 175,187 ____________________ (1) Includes $439,000 of specific reserves and $2,208,000 included in the general reserves. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 30, 2020 | |
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 which 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 investment 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 various forms of fair value hedges and cash flow 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 and level in the fair value hierarchy for assets and liabilities that are measured at fair value on a recurring basis. September 30, 2020 Level 1 Level 2 Level 3 Total (In thousands) Available-for-sale securities U.S. government and agency securities $ — $ 18,824 $ — $ 18,824 Asset-backed securities — 936,917 936,917 Municipal bonds — 38,315 — 38,315 Corporate debt securities — 287,184 — 287,184 Mortgage-backed securities Agency pass-through certificates — 968,252 — 968,252 Total Available-for-sale securities — 2,249,492 — 2,249,492 Client swap program hedges — 48,201 — 48,201 Total Financial Assets $ — $ 2,297,693 $ — $ 2,297,693 Financial Liabilities Client swap program hedges $ — $ 48,201 $ — $ 48,201 Commercial loan fair value hedges — 8,492 — 8,492 Mortgage loan hedges — 16,061 — 16,061 Borrowings cash flow hedges — 17,375 — 17,375 Total Financial Liabilities $ — $ 90,129 $ — $ 90,129 There were no transfers between, into and/or out of Levels 1, 2 or 3 during the year ended September 30, 2020. September 30, 2019 Level 1 Level 2 Level 3 Total (In thousands) Available-for-sale securities U.S. government and agency securities $ — $ 21,088 $ — $ 21,088 Asset-backed securities — 249,690 — 249,690 Municipal bonds — 22,642 — 22,642 Corporate debt securities — 209,763 — 209,763 Mortgage-backed securities Agency pass-through certificates — 982,559 — 982,559 Total Available-for-sale securities — 1,485,742 — 1,485,742 Client swap program hedges — 20,381 — 20,381 Mortgage loan fair value hedge — 1,608 — 1,608 Total Financial Assets $ — $ 1,507,731 $ — $ 1,507,731 Financial Liabilities Client swap program hedges $ — $ 20,381 $ — $ 20,381 Commercial loan hedges — 4,288 — 4,288 Borrowing hedges — 7,877 — 7,877 Total Financial Liabilities $ — $ 32,546 $ — $ 32,546 There were no transfers between, into and/or out of Level 1, 2 or 3 during the year ended September 30, 2019. Measured on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as collateral dependent loans and real estate owned ("REO"). 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 or REO property. When management determines that the fair value of the collateral or the REO requires additional adjustments, either as a result of an updated appraised value or when there is no observable market price, the Company classifies the collateral dependent loan or real estate owned as Level 3. Level 3 assets recorded at fair value on a nonrecurring basis includes loans for which an 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 for the periods presented, and the total gains (losses) resulting from those fair value adjustments during the respective periods. The estimated fair value measurements are shown gross of estimated selling costs. September 30, 2020 Twelve Months Ended September 30, 2020 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) Loans receivable (1) $ — $ — $ 2,277 $ 2,277 $ (4,843) Real estate owned (2) — — 4,757 4,757 (233) Balance at end of period $ — $ — $ 7,034 $ 7,034 $ (5,076) (1) The gains (losses) represent re-measurements of collateral-dependent impaired loans. (2) The gains (losses) represent aggregate write-downs and charge-offs on real estate owned. September 30, 2019 Twelve Months Ended September 30, 2019 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) Impaired loans (1) $ — $ — $ 6,662 $ 6,662 $ (7,796) Real estate owned (2) — — 7,307 7,307 119 Balance at end of period $ — $ — $ 13,969 $ 13,969 $ (7,677) (1) The gains (losses) represent re-measurements of collateral-dependent impaired loans. (2) The gains (losses) represent aggregate write-downs and charge-offs on real estate owned. The following describes the process used to value Level 3 assets measured on a nonrecurring basis: At September 30, 2020, there was $718,000 in foreclosed residential real estate properties held as REO. The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $2,663,000. Fair Values of Financial Instruments U. S. GAAP 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. September 30, 2020 September 30, 2019 Level Carrying Estimated Carrying Estimated (In thousands) Financial assets Cash and cash equivalents 1 $ 1,702,977 $ 1,702,977 $ 419,158 $ 419,158 Available-for-sale securities: U.S. government and agency securities 2 18,824 18,824 21,088 21,088 Asset-backed securities 2 936,917 936,917 249,690 249,690 Municipal bonds 2 38,315 38,315 22,642 22,642 Corporate debt securities 2 287,184 287,184 209,763 209,763 Mortgage-backed securities Agency pass-through certificates 2 968,252 968,252 982,559 982,559 Total available-for-sale securities 2,249,492 2,249,492 1,485,742 1,485,742 Held-to-maturity securities: Mortgage-backed securities Agency pass-through certificates 2 698,934 720,516 1,428,480 1,448,088 Commercial MBS 6,904 6,852 15,000 15,007 Total held-to-maturity securities 705,838 727,368 1,443,480 1,463,095 Loans receivable 3 12,792,317 13,392,089 11,930,575 12,617,600 FHLB and FRB stock 2 141,990 141,990 123,990 123,990 Other assets - client swap program hedges 2 48,201 48,201 20,381 20,381 Other assets - mortgage loan fair value hedges 2 — — 1,608 1,608 Financial liabilities Time deposits 2 3,973,192 3,963,203 4,906,963 4,937,847 FHLB advances and other borrowings 2 2,700,000 2,722,509 2,250,000 2,282,887 Other liabilities - client swap program hedges 2 48,201 48,201 20,381 20,381 Other liabilities - commercial loan fair value hedges 2 8,492 8,492 4,288 4,288 Other liabilities - mortgage loan fair value hedges 2 16,061 16,061 — — Other liabilities - borrowings cash flow hedges 2 17,375 17,375 7,877 7,877 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 which 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 a discount 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, an 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 which equates to its carrying value. Time deposits – The fair value of fixed-maturity time deposits 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. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2020 and September 30, 2019. September 30, 2020 Derivative Assets Derivative Liabilities Balance Sheet Location Notional Fair Value Balance Sheet Location Notional Fair Value (In thousands) (In thousands) Client swap program hedges Other assets $ 656,074 $ 48,201 Other liabilities $ 656,074 $ 48,201 Commercial loan fair value hedges Other assets — — Other liabilities 93,316 8,492 Mortgage loan fair value hedges Other assets — — Other liabilities 500,000 16,061 Borrowings cash flow hedges Other assets — — Other liabilities 1,600,000 17,375 $ 656,074 $ 48,201 $ 2,849,390 $ 90,129 September 30, 2019 Derivative 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 hedges Other assets $ 425,607 $ 20,381 Other liabilities $ 425,607 $ 20,381 Commercial loan fair value hedges Other assets — — Other liabilities 95,645 4,288 Mortgage loan fair value hedges Other assets 200,000 1,608 Other liabilities — — Borrowings cash flow hedges Other assets — — Other liabilities 700,000 7,877 $ 625,607 $ 21,989 $ 1,221,252 $ 32,546 The Company enters into interest rate swaps to hedge interest rate risk. These arrangements include hedges of individual fixed rate commercial loans and also hedges of a specified portion of pools of prepayable fixed rate mortgage loans under the "last of layer" method. These relationships qualify as fair value hedges under FASB ASC 815, Derivatives and Hedging ("ASC 815"), which provides for offsetting of the recognition of gains and losses of the respective interest rate swap and the hedged items. Gains and losses on 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 items are adjusted to reflect the cumulative impact of changes in fair value attributable to the hedged risk. The hedge basis adjustment remains with each hedged item until the hedged item is de-recognized from the balance sheet. The following tables presents the impact of fair value hedge accounting on the carrying value of the hedged items at September 30, 2020 and September 30, 2019. (In thousands) September 30, 2020 Balance sheet line item in which hedged item is recorded Carrying value of hedged items Cumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items Loans receivable (1) (2) $ 2,562,765 $ 24,664 $ 2,562,765 $ 24,664 (1) Includes the amortized cost basis of the closed mortgage loan portfolios used to designate the hedging relationships in which the hedged items are the last layer expected to be remaining at the end of the hedging relationships. At September 30, 2020, the amortized cost basis of the closed loan portfolios used in the hedging relationships was $2,461,008,000, the cumulative basis adjustment associated with the hedging relationships was $16,049,000, and the amount of the designated hedged items was $500,000,000. (2) Includes the amortized cost basis of commercial loans designated in fair value hedging relationships. At September 30, 2020, the amortized cost basis of the hedged commercial loans was $101,757,000 and the cumulative basis adjustment associated with the hedging relationships was $8,615,000. (In thousands) September 30, 2019 Balance sheet line item in which hedged item is recorded Carrying value of hedged items Cumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items Loans receivable (1) (2) $ 1,612,208 $ (2,680) $ 1,612,208 $ 2,680 (1) Includes the amortized cost basis of the closed mortgage loan portfolios used to designate the hedging relationships in which the hedged items are the last layer expected to be remaining at the end of the hedging relationships. At September 30, 2019, the amortized cost basis of the closed loan portfolios used in the hedging relationships was $1,520,647,000, the cumulative basis adjustment associated with the hedging relationships was $1,608,000, and the amount of the designated hedged items was 200,000,000. (2) Includes the amortized cost basis of commercial loans designated in fair value hedging relationships. At September 30, 2019, the amortized cost basis of the hedged commercial loans was $91,561,000 and the cumulative basis adjustment associated with the hedging relationships was $4,288,000. 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 September 30, 2020, the maturities for hedges of adjustable rate borrowings ranged from less than one year to ten years, with the weighted average being 6.7 years. The following table presents the impact of derivative instruments (cash flow hedges on borrowings) on AOCI for the periods presented. (In thousands) Twelve Months Ended September 30, Amount of gain/(loss) recognized in AOCI on derivatives in cash flow hedging relationships 2020 2019 Interest rate contracts: Pay fixed/receive floating swaps on cash flow hedges of borrowings $ (9,499) $ (28,519) Total pre-tax gain/(loss) recognized in AOCI $ (9,499) $ (28,519) 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. Twelve Months Ended September 30, 2020 Twelve Months Ended September 30, 2019 Interest income on loans receivable Interest expense on FHLB advances Interest income on loans receivable Interest expense on FHLB advances (In thousands) (In thousands) Interest income/(expense), including the effects of fair value and cash flow hedges $ 545,708 $ (51,445) $ 568,096 $ (68,190) Gain/(loss) on fair value hedging relationships: Interest rate contracts Amounts related to interest settlements on derivatives $ (898) $ 128 Recognized on derivatives (21,873) (6,504) Recognized on hedged items 21,906 6,479 Net income/(expense) recognized on fair value hedges $ (865) $ 103 Gain/(loss) on cash flow hedging relationships: Interest rate contracts Amounts related to interest settlements on derivatives $ 6,075 $ (2,823) Amount of derivative gain/(loss) reclassified from AOCI into interest income/expense — — Net income/(expense) recognized on cash flow hedges $ 6,075 $ (2,823) 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 ASC 815, with changes in fair value recorded in earnings. There was no net impact to the statement of operations for the years ended September 30, 2020 and 2019 as the changes in fair value of the receive fixed swap and pay fixed swap offset each other. As of September 30, 2020, $34,283,000 of the outstanding notional balance is associated with a related party loan. 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) Twelve Months Ended September 30, Derivative instruments Classification of gain/(loss) recognized in income on derivative instrument 2020 2019 Interest rate contracts: Pay fixed/receive floating swap Other noninterest income $ (27,820) $ (33,112) Receive fixed/pay floating swap Other noninterest income 27,820 33,112 $ — $ — |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Sep. 30, 2020 | |
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 fiscal years ended 2020 and 2019, in scope revenue streams represented approximately 5.1% and 5.0% of our total revenues, respectively. 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 cashiers' 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 and credit card payment networks 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 payment networks in this case). |
Interest Receivable
Interest Receivable | 12 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Interest Receivable | INTEREST RECEIVABLE The following table provides a summary of interest receivable by interest-earning asset type. September 30, 2020 September 30, 2019 (In thousands) Loans receivable $ 48,704 $ 41,429 Mortgage-backed securities 3,071 6,107 Investment securities 2,024 1,321 $ 53,799 $ 48,857 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | PREMISES AND EQUIPMENT The following table provides a summary of premises and equipment by asset type. September 30, 2020 September 30, 2019 Estimated (In thousands) Land — $ 98,852 $ 117,431 Buildings 10 - 40 175,390 165,088 Leasehold improvements 5 - 15 15,123 22,765 Furniture, software and equipment 2 - 10 123,264 138,553 412,629 443,837 Less accumulated depreciation and amortization (159,824) (169,822) $ 252,805 $ 274,015 |
Customer Accounts
Customer Accounts | 12 Months Ended |
Sep. 30, 2020 | |
Banking and Thrift, Interest [Abstract] | |
Customer Accounts | CUSTOMER ACCOUNTS The following tables provide the composition of the Company's customer accounts, including time deposits. September 30, 2020 September 30, 2019 Deposit Account Balance As a % of Total Deposits Weighted Deposit Account Balance As a % of Total Deposits Weighted ($ in thousands) Non-interest checking $ 2,164,071 15.7 % — % $ 1,621,343 13.5 % — % Interest checking 3,029,576 22.0 0.23 1,984,576 16.6 0.61 Savings 872,087 6.3 0.11 753,574 6.3 0.13 Money market 3,740,698 27.1 0.30 2,724,308 22.7 0.82 Time deposits 3,973,192 28.8 1.17 4,906,963 40.9 1.91 Total $ 13,779,624 100 % 0.48 % $ 11,990,764 100 % 1.08 % Time deposits by rate band are as follows: September 30, 2020 September 30, 2019 (In thousands) Less than 1.00% $ 920,220 $ 21,281 1.00% to 1.99% 2,967,345 3,588,689 2.00% to 2.99% 85,533 1,294,889 3.00% to 3.99% 94 2,104 $ 3,973,192 $ 4,906,963 Time deposits by maturity band are as follows: September 30, 2020 September 30, 2019 (In thousands) Within 1 year $ 3,127,416 $ 3,489,839 1 to 2 years 532,264 925,170 2 to 3 years 111,204 294,990 Over 3 years 202,308 196,964 $ 3,973,192 $ 4,906,963 Customer accounts over $250,000 totaled $5,491,395,000 as of September 30, 2020, compared to $3,609,961,000 as of September 30, 2019. Interest expense on customer accounts consisted of the following: Year ended September 30, 2020 2019 2018 (In thousands) Checking accounts $ 8,447 $ 12,499 $ 6,072 Savings accounts 959 980 920 Money market accounts 18,951 21,967 7,788 Time deposit accounts 72,494 87,665 58,468 100,851 123,111 73,248 Less early withdrawal penalties (539) (895) (756) $ 100,312 $ 122,216 $ 72,492 Weighted average interest rate at end of year 0.48 % 1.08 % 0.87 % Daily weighted average interest rate during the year 0.94 % 1.05 % 0.65 % |
FHLB Advances and Other Borrowi
FHLB Advances and Other Borrowings | 12 Months Ended |
Sep. 30, 2020 | |
Federal Home Loan Banks [Abstract] | |
FHLB Advances and Other Borrowings | FHLB ADVANCES AND OTHER BORROWINGS The table below shows the contractual maturity dates of outstanding FHLB advances. September 30, 2020 September 30, 2019 (In thousands) FHLB advances Within 1 year $ 1,830,000 $ 950,000 1 to 3 years 520,000 750,000 3 to 5 years 350,000 400,000 More than 5 years — 150,000 $ 2,700,000 $ 2,250,000 As of September 30, 2020, there is $100,000,000 of FHLB advances that are callable as of August 7, 2020 and quarterly thereafter. Financial information pertaining to the weighted-average cost and the amount of FHLB advances were as follows. 2020 2019 2018 ($ in thousands) Weighted average interest rate, including cash flow hedges, at end of year 1.79 % 2.49 % 2.66 % Weighted daily average interest rate, including cash flow hedges, during the year 2.03 % 2.69 % 2.62 % Daily average of FHLB advances during the year $ 2,532,596 $ 2,533,890 $ 2,384,795 Maximum amount of FHLB advances at any month end $ 3,050,000 $ 2,665,000 $ 2,620,000 Interest expense during the year (including swap interest income and expense) $ 51,445 $ 68,190 $ 62,452 The Bank has a credit line with the FHLB equal to 45% of total assets, subject to collateral requirements. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Lease Commitments - The Company’s lease commitments consist primarily of real estate property for branches and office space under various non-cancellable operating leases that expire between 2021 and 2070. The majority of the leases contain renewal options and provisions for increases in rental rates based on a predetermined schedule or an agreed upon index. If, at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right-of-use asset and lease liability. Operating lease liabilities and right-of-use assets are recognized on the lease commencement date based on the present value of the future minimum lease payments over the lease term. The future lease payments are discounted at a rate that represents the Company's collateralized borrowing rate for financing instruments of a similar term and are included in Accrued expenses and other liabilities. The related right-of-use asset is included in Other assets The table below presents the Company’s operating lease right-of-use asset and the related lease liability. (In thousands) September 30, 2020 Operating lease asset $ 31,610 Operating lease liability $ 33,302 As of September 30, 2020, the Company’s operating leases have a weighted average remaining lease term of 8.8 years and a weighted average discount rate of 1.9%. Cash paid for amounts included in the measurement of the above operating lease liability was $6,494,000 for the twelve months ended September 30, 2020. Right-of-use assets obtained in exchange for new operating lease liabilities during the same period were $8,341,000. The following table presents the components of net lease costs, a component of Occupancy expense. The Company elected not to separate lease and non-lease components and instead account for them as a single lease component. Variable lease costs include subsequent increases in index-based rents and variable payments such as common area maintenance. (In thousands) Twelve Months Ended September 30, 2020 Operating lease cost $ 6,557 Variable lease cost 1,353 Sublease income (338) Net lease cost $ 7,572 The following table shows future minimum payments for operating leases as of September 30, 2020 for the respective periods. (In thousands) Year ending September 30, 2021 $ 6,617 2022 5,917 2023 5,348 2024 4,547 2025 3,603 Thereafter 10,389 Total minimum payments 36,421 Amounts representing interest (3,119) Present value of minimum lease payments $ 33,302 Future minimum lease payments for the Company’s operating leases as of September 30, 2019, prior to the adoption of the new lease guidance, were as follows. (In thousands) Year ending September 30, 2020 $ 5,838 2021 5,246 2022 4,698 2023 4,302 2024 3,596 Thereafter 10,531 Total minimum payments $ 34,211 Rental expense, including amounts paid under month-to-month cancelable leases, amounted to $6,455,000 and $6,477,000 in 2019, and 2018, respectively. Financial Instruments with Off-Balance Sheet Risk - The only material off-balance-sheet credit exposures are loans in process and unused lines of credit, which had a combined balance of $2,738,095,000 and $2,379,089,000 at September 30, 2020 and September 30, 2019, respectively. The reserve for unfunded commitments was $25,000,000 as of September 30, 2020, which is an increase from $6,900,000 at September 30, 2019. See Note A "Summary of Significant Accounting Policies" for details regarding the reserve methodology. Legal Proceedings - The Company and its subsidiaries are from time to time defendants in and are threatened with various legal proceedings arising from regular business activities. Management, after consulting with legal counsel, is of the opinion that the ultimate liability, if any, resulting from these pending or threatened actions and proceedings will not have a material effect on the financial statements of the Company. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Effective January 1, 2018, the corporate income tax rate was reduced to 21%. Because the Company has a fiscal year end of September 30, the reduced corporate tax rate resulted in the application of a blended federal statutory tax rate of 24.53% for its fiscal year 2018 and then 21% thereafter. Under generally accepted accounting principles, the Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates applicable to taxable income in the years in which those temporary differences are expected to reverse. The table below provides a summary of the Company's tax assets and liabilities, including deferred tax assets and deferred tax liabilities by major source. Deferred tax balances represent temporary differences between the financial statement and corresponding tax treatment of income, gains, losses, deductions or credits. September 30, 2020 September 30, 2019 (In thousands) Deferred tax assets Allowance for credit losses $ 44,150 $ 31,494 REO reserves 265 255 Non-accrual loan interest 892 891 Federal and state tax credits — 537 Deferred compensation 3,506 3,022 Stock based compensation 2,218 1,876 Lease liability 7,660 — Other 2,269 2,081 Total deferred tax assets 60,960 40,156 Deferred tax liabilities FHLB stock dividends 14,637 14,478 Valuation adjustment on available-for-sale securities and cash flow hedges 5,064 4,503 Loan origination fees and costs 7,116 8,385 Premises and equipment 21,399 25,399 Lease right-of-use assets 7,270 — Other 5,767 2,851 Total deferred tax liabilities 61,253 55,616 Net deferred tax asset (liability) (293) (15,460) Current tax asset (liability) 6,001 10,356 Net tax asset (liability) $ 5,708 $ (5,104) The table below presents a reconciliation of the statutory federal income tax rate to the Company's effective income tax rate. Year ended September 30, 2020 2019 2018 Statutory income tax rate 21 % 21 % 25 % State income tax 2 2 2 Impact of change in Federal income tax rate — — (2) Other differences (2) (3) (4) Effective income tax rate 21 % 20 % 21 % The following table summarizes the Company's income tax expense (benefit) for the respective periods. Year ended September 30, 2020 2019 2018 (In thousands) Federal: Current $ 49,782 $ 46,376 $ 40,314 Deferred (7,858) 1,916 8,952 41,924 48,292 49,266 State: Current $ 5,310 $ 4,557 $ 4,243 Deferred (1,486) (330) (116) 3,824 4,227 4,127 Total Current 55,092 50,933 44,557 Deferred (9,344) 1,586 8,836 $ 45,748 $ 52,519 $ 53,393 Based on current information, the Company does not expect that changes in the amount of unrecognized tax benefits over the next 12 months will have a significant impact on its results of operations or financial position. The Company does not have a liability for uncertain tax positions as of September 30, 2020 or September 30, 2019. three |
401(k) Plan
401(k) Plan | 12 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
401(k) Plan | 401(k) PLAN The Company maintains a 401(k) Plan (the "Plan") for the benefit of its employees. Company contributions are made annually as approved by the Board of Directors. Such amounts are not in excess of amounts permitted by the Employee Retirement Income Security Act of 1974. Plan participants may make voluntary after-tax contributions of their considered earnings as defined by the Plan. In addition, participants may make pre-tax contributions up to the statutory limits through the 401(k) provisions of the Plan. The annual addition from contributions to an individual participant's account in this Plan cannot exceed the lesser of 100% of base salary or $56,000. New employees become eligible to participate in the Plan and make employee contributions on the first day of the calendar month following the completion of 30 days days of employment. Such eligible employees do not become eligible for profit sharing or matching contributions until the first day of the quarter (January 1, April 1, July 1 or October 1) following completion of 1 year of service. A “year of service” is defined as a 12-month period in which the eligible employee works at least 1,000 hours of service and the first eligibility service period started on the first day of employment. The Plan provides for a guaranteed safe harbor matching contribution equal to 100% of the first 4% of compensation that employees contribute to their account and this amount is immediately vested. The safe harbor match is not subject to the six Company contributions to the Plan amounted to $8,333,000, $6,920,000 and $5,910,000 for the years ended 2020, 2019 and 2018, respectively. |
Stock Award Plans
Stock Award Plans | 12 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Award Plans | STOCK AWARD PLANS The Company's stock based compensation plan provides for grants of stock options and restricted stock. On January 22, 2020, the shareholders approved the 2020 Incentive Plan. Upon approval of the 2020 Incentive Plan, the 2011 Incentive Plan terminated with respect to future awards, and the remaining shares that were not awarded under the 2011 Incentive Plan as of that date were canceled. A total of 3,200,000 shares are available for grant under the 2020 Incentive Plan and 2,546,414 shares remain available for issuance as of September 30, 2020. When applicable, stock options are granted with an exercise price equal to the market price of the Company's stock at the date of grant; those option awards generally vest based on three Stock Option Awards: There were 1,043,349 stock options granted under the incentive plans during 2020, compared to 356,343 stock options granted in 2019 and no stock options granted in 2018 under the previous plan. A summary of stock option activity and changes during the year are as follows. Options Number of Options Weighted Weighted Aggregate Outstanding at September 30, 2018 51,060 $ 15.25 2 $ 855 Granted 356,343 28.16 Exercised (22,975) 12.99 Forfeited (64,141) 27.96 Outstanding at September 30, 2019 320,287 27.21 8 3,136 Granted 1,043,349 29.53 Exercised (8,085) 17.88 Forfeited (125,827) 30.25 Outstanding at September 30, 2020 1,229,724 $ 28.93 9 $ — Exercisable at September 30, 2020 19,535 $ 16.88 0.5 $ 78 The table below presents other information regarding stock options. Year ended September 30, 2020 2019 2018 (In thousands, except grant date fair value per stock option) Compensation cost for stock options $ 1,344 $ 521 $ — Weighted average grant date fair value per stock option 4.37 5.21 3.15 Total intrinsic value of options exercised 102 414 908 Grant date fair value of options exercised 33 51 285 Cash received from option exercises 144 298 1,338 The following is a summary of activity related to unvested stock options. Year ended September 30, 2020 2019 2018 Unvested Stock Options Options Outstanding Weighted Options Outstanding Weighted Options Outstanding Weighted Outstanding at beginning of period 293,167 $ 5.33 — $ — — $ — Granted 1,043,349 4.17 356,343 5.33 — — Vested — — — — — — Forfeited (125,827) 4.83 (63,176) 5.33 — — Outstanding at end of period 1,210,689 $ 4.38 293,167 $ 5.33 — $ — As of September 30, 2020, there was $3,437,000 of unrecognized compensation cost related to stock options. Restricted Stock Awards: The Company grants shares of restricted stock pursuant to the incentive plans. The restricted stock grants are subject to a service condition and vest over a period of one Certain grants of restricted stock to executive officers are also subject to additional market and performance conditions based upon meeting certain total shareholder return targets pre-established by the Board. The Company had a total of 409,469 shares of restricted stock outstanding as of September 30, 2020, with a total grant date fair value of $9,958,286. The following table summarizes information about unvested restricted stock activity. Year ended September 30, 2020 2019 2018 Non-vested Restricted Stock Outstanding Weighted Outstanding Weighted Outstanding Weighted Outstanding at beginning of period 435,838 $ 23.73 460,999 $ 22.52 466,681 $ 18.56 Granted 197,706 26.24 249,272 21.41 205,100 26.11 Vested (205,715) 25.56 (159,103) 26.09 (198,620) 16.65 Forfeited (18,360) 17.20 (115,330) 10.61 (12,162) 27.00 Outstanding at end of period 409,469 $ 24.32 435,838 $ 23.73 460,999 $ 22.52 Compensation expense related to restricted stock awards was $4,453,000, $4,188,000, and $4,259,000 for the years ended 2020, 2019 and 2018, respectively. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Shareholders' Equity | SHAREHOLDERS' EQUITY The Company and the Bank are subject to various regulatory capital requirements. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the following table) of Common Equity Tier 1, Tier 1 and Total capital to risk weighted assets (as defined in the regulations) and Tier 1 capital to average assets (as defined in the regulations). Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary action by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. The Company and the Bank are also subject to certain restrictions on the amount of dividends that they may declare without prior regulatory approval. As of September 30, 2020, and 2019, the Company and the Bank met all capital adequacy requirements to which they are subject, and the OCC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum Common Equity Tier 1, Tier 1 risk-based, Total risk-based and Tier 1 leverage ratios as set forth in the following table. The Bank's actual capital amounts and ratios as of these dates are also presented. There are no conditions or events since that management believes have changed the Bank's categorization. Actual Capital Adequacy Categorized as Well Capitalized Under Prompt Corrective Action Provisions Capital Ratio Ratio Ratio September 30, 2020 ($ in thousands) Common Equity Tier 1 risk-based capital ratio: The Company $ 1,687,676 12.93 % 4.50 % NA The Bank 1,625,478 12.46 4.50 6.50 % Tier 1 risk-based capital ratio: The Company 1,687,676 12.93 6.00 NA The Bank 1,625,478 12.46 6.00 8.00 Total risk-based capital ratio: The Company 1,851,136 14.19 8.00 NA The Bank 1,788,904 13.71 8.00 10.00 Tier 1 leverage ratio: The Company 1,687,676 9.28 4.00 NA The Bank 1,625,478 8.94 4.00 5.00 September 30, 2019 Common Equity Tier 1 risk-based capital ratio: The Company $ 1,710,147 14.30 % 4.50 % NA The Bank 1,666,426 13.93 4.50 6.50 % Tier 1 risk-based capital ratio: The Company 1,710,147 14.30 6.00 NA The Bank 1,666,426 13.93 6.00 8.00 Total risk-based capital ratio: The Company 1,848,581 15.45 8.00 NA The Bank 1,804,860 15.09 8.00 10.00 Tier 1 leverage ratio: The Company 1,710,147 10.51 4.00 NA The Bank 1,666,426 10.24 4.00 5.00 At periodic intervals, the Federal Reserve, the OCC and the FDIC routinely examine the Company's and the Bank's financial statements as part of their oversight. Based on their examinations, these regulators can direct that the Company's or Bank's financial statements be adjusted in accordance with their findings. The Company and the Bank are subject to regulatory restrictions on paying dividends. The Company has an ongoing share repurchase program and 3,339,530 shares were repurchased during 2020 at a weighted average price of $33.58. In 2019, 4,065,837 shares were repurchased at a weighted average price of $30.46. As of September 30, 2020, management had authorization from the Board of Directors to repurchase up to 4,627,231 additional shares. The following table sets forth information regarding earnings per share calculations. Year ended September 30, 2020 2019 2018 Weighted average shares outstanding 76,721,969 80,471,316 85,008,040 Weighted average dilutive warrants — 4,448 63,079 Weighted average dilutive options 9,495 19,399 38,724 Weighted average diluted shares 76,731,464 80,495,163 85,109,843 Net income (In thousands) $ 173,438 $ 210,256 $ 203,850 Basic EPS $ 2.26 $ 2.61 $ 2.40 Diluted EPS 2.26 2.61 2.40 |
Financial Information - Washing
Financial Information - Washington Federal, Inc. | 12 Months Ended |
Sep. 30, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Financial Information - Washington Federal, Inc. | FINANCIAL INFORMATION – WASHINGTON FEDERAL, INC. The following Washington Federal, Inc. (parent company only) financial information should be read in conjunction with the other notes to the Consolidated Financial Statements. Condensed Statements of Financial Condition September 30, 2020 September 30, 2019 (In thousands) Assets Cash $ 57,198 $ 38,721 Other assets 5,000 5,000 Investment in subsidiary 1,951,935 1,989,274 Total assets $ 2,014,133 $ 2,032,995 Liabilities Other liabilities $ — $ — Total liabilities — — Shareholders’ equity Total shareholders’ equity 2,014,133 2,032,995 Total liabilities and shareholders’ equity $ 2,014,133 $ 2,032,995 Condensed Statements of Operations Twelve Months Ended September 30, 2020 2019 2018 (In thousands) Income Dividends from subsidiary $ 190,900 $ 208,389 $ 198,294 Total Income 190,900 208,389 198,294 Expense Miscellaneous expense 529 448 439 Total expense 529 448 439 Net income (loss) before equity in undistributed net income (loss) of subsidiary 190,371 207,941 197,855 Equity in undistributed net income (loss) of subsidiaries (17,055) 2,213 5,880 Income before income taxes 173,316 210,154 203,735 Income tax benefit (expense) 122 102 115 Net income $ 173,438 $ 210,256 $ 203,850 Condensed Statements of Cash Flows Twelve Months Ended September 30, 2020 2019 2018 (In thousands) Cash Flows From Operating Activities Net income $ 173,438 $ 210,256 $ 203,850 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income (loss) of subsidiaries 17,055 (2,213) (5,880) Stock based compensation expense 6,469 5,265 4,771 Increase (decrease) in other liabilities — (3,489) 3,424 Net cash provided by (used in) operating activities 196,962 209,819 206,165 Cash Flows From Investing Activities Purchase of strategic investments — (5,000) — Net cash provided by (used in) investing activities — (5,000) — Cash Flows From Financing Activities Proceeds from exercise of common stock options and related tax benefit 144 740 1,338 Treasury stock purchased (112,133) (123,854) (164,249) Dividends paid on common stock (66,496) (63,318) (55,997) Net cash provided by (used in) financing activities (178,485) (186,432) (218,908) Increase (decrease) in cash 18,477 18,387 (12,743) Cash at beginning of year 38,721 20,334 33,077 Cash at end of year $ 57,198 $ 38,721 $ 20,334 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Sep. 30, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) The following is a summary of the unaudited interim results of operations by quarter for the years presented. Twelve Months Ended September 30, 2020 First Second Third Fourth (In thousands, except per share data) Interest income $ 164,824 $ 159,618 $ 149,709 $ 147,114 Interest expense 45,139 42,006 32,331 32,281 Net interest income 119,685 117,612 117,378 114,833 Provision (release) for credit losses (3,750) 8,200 10,800 6,500 Other operating income (including REO gain (loss), net) 45,490 16,272 13,055 12,169 Other operating expense 82,636 79,433 75,323 78,166 Income before income taxes 86,289 46,251 44,310 42,336 Income tax expense 18,423 9,874 9,458 7,993 Net income $ 67,866 $ 36,377 $ 34,852 $ 34,343 Basic earnings per share $ 0.84 $ 0.49 $ 0.46 $ 0.45 Diluted earnings per share 0.84 0.49 0.46 0.45 Cash dividends paid per share 0.21 0.22 0.22 0.22 Twelve Months Ended September 30, 2019 First Second Third Fourth (In thousands, except per share data) Interest income $ 162,622 $ 167,582 $ 171,826 $ 169,436 Interest expense 43,470 47,512 50,160 49,264 Net interest income 119,152 120,070 121,666 120,172 Provision (release) for credit losses (500) 750 — (1,900) Other operating income (including REO gain (loss), net) 19,329 13,618 14,395 15,786 Other operating expense 71,672 67,967 70,898 72,526 Income before income taxes 67,309 64,971 65,163 65,332 Income tax expense 14,367 13,873 11,309 12,970 Net income $ 52,942 $ 51,098 $ 53,854 $ 52,362 Basic earnings per share $ 0.65 $ 0.63 $ 0.67 $ 0.66 Diluted earnings per share 0.65 0.63 0.67 0.66 Cash dividends paid per share 0.18 0.20 0.20 0.21 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Fiscal period | The Company's fiscal year end is September 30. All references to 2020, 2019 and 2018 represent balances as of September 30, 2020, September 30, 2019, and September 30, 2018, or activity for the fiscal years then ended. |
Cash and cash equivalents | Cash and cash equivalents. Cash and cash equivalents include cash on hand, amounts due from banks, overnight investments and repurchase agreements with an initial maturity of three months or less. |
Equity securities | Equity securities - The Company records equity securities within Other assets in its Consolidated Statements of Financial Condition. Investments in equity securities with readily determinable fair values (marketable) are measured at fair value, with changes in the fair value recognized as a component of Other income in the Consolidated Statements of Operations. Investments in equity investments that do not have readily determinable fair values (non-marketable) are accounted for at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer, also referred to as the measurement alternative. Any adjustments to the carrying value of these investments are recorded in Other income in the Consolidated Statements of Operations. |
Debt securities, including mortgage-backed securities | Debt securities, including mortgage-backed securities. The Company accounts for debt securities in two categories: held-to-maturity and available-for-sale. Premiums and discounts on debt securities are deferred and recognized into income over the contractual life of the asset using the effective interest method. Held-to-maturity securities are accounted for at amortized cost, but the Company must have both the positive intent and the ability to hold those securities to maturity. There are very limited circumstances under which securities in the held-to-maturity category can be sold without jeopardizing the cost basis of accounting for the remainder of the securities in this category. |
Allowance for Credit Losses (Held-to-Maturity and Available-for-Sale Debt Securities) | Allowance for Credit Losses (Held-to-Maturity Debt Securities). For held-to-maturity (“HTM”) debt securities, the Company is required to utilize a CECL methodology to estimate expected credit losses. Substantially all of the Company’s HTM debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for these securities. As September 30, 2020, the Company determined that the expected credit loss on its corporate and municipal bonds was immaterial, and therefore, an allowance for credit losses was not recorded. See Note C "Investment Securities" and Note F "Fair Value Measurements" for more information about HTM debt securities. |
Loans receivable, troubled debt restructured loans ("TDRs"), and non-accrual loan | Loans receivable. Loans that are performing in accordance with their contractual terms are carried at the unpaid principal balance, net of premiums, discounts and net deferred loan fees. Net deferred loan fees include nonrefundable loan origination fees less direct loan origination costs. Net deferred loan fees, premiums and discounts are amortized into interest income using either the interest method or straight-line method over the terms of the loans, adjusted for actual prepayments. In addition to fees and costs for originating loans, various other fees and charges related to existing loans may occur, including prepayment charges, late charges and assumption fees. When a borrower fails to make a required payment on a loan, the Bank attempts to cure the deficiency by contacting the borrower. Contact is made after a payment is 30 days past its grace period. In most cases, deficiencies are cured promptly. If the delinquency is not cured within 90 days, the Bank may institute appropriate action to foreclose on the property. If foreclosed, the property is sold at a public sale and may be purchased by the Bank. Troubled debt restructured loans ("TDRs"). The Company will consider modifying the interest rates and terms of a loan if it determines that a modification is a better alternative to foreclosure. Most TDRs are accruing and performing loans where the borrower has proactively approached the Company about modifications due to temporary financial difficulties. Each request is individually evaluated for merit and likelihood of success. The concession for these loans is typically a payment reduction through a rate reduction of 100 to 200 bps for a specific term, usually six Non-accrual loans. Loans are placed on nonaccrual status when, in the judgment of management, the probability of collection of interest is deemed to be insufficient to warrant further accrual. When a loan is placed on nonaccrual status, previously accrued but unpaid interest is deducted from interest income. The Company does not accrue interest on loans 90 days or more past due. If payment is made on a loan so that the loan becomes less than 90 days past due, and the Company expects full collection of principal and interest, the loan is returned to full accrual status. Any interest ultimately collected is credited to income in the period of recovery. A loan is charged-off when the loss is estimable and it is confirmed that the borrower is not expected to be able to meet contractual obligations. |
Allowance for Credit Losses (Loans Receivable) | Allowance for Credit Losses (Loans Receivable). Effective October 1, 2019, the Company has applied FASB ASU 2016-13, Financial Instruments - Credit Losses ("ASC 326"), so the allowance calculation is based on current expected credit loss methodology ("CECL"). Prior to October 1, 2019, the calculation was based on incurred loss methodology. See Note B "New Accounting Pronouncements" and Note E "Allowance for Losses on Loans" for details. The Company maintains an allowance for credit losses (“ACL”) for the expected credit losses of the loan portfolio as well as unfunded loan commitments. The amount of ACL is based on ongoing, quarterly assessments by management. The CECL methodology requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures) and replaces the incurred loss methodology’s threshold that delayed the recognition of a credit loss until it was probable a loss event was incurred. The ACL consists of the allowance for loan losses and the reserve for unfunded commitments. The estimate of expected credit losses under the CECL methodology is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses. We then consider whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the period that historical experience was based for each loan type. Finally, we consider forecasts about future economic conditions or changes in collateral values that are reasonable and supportable. Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its ACL. The Company has designated two loan portfolio segments, commercial loans and consumer loans. These loan portfolio segments are further disaggregated into classes, which represent loans of similar type, risk characteristics, and methods for monitoring and assessing credit risk. The commercial loan portfolio segment is disaggregated into five classes: multi-family, commercial real estate, commercial and industrial, construction, and land acquisition and development. The risk of loss for the commercial loan portfolio segment is generally most indicated by the credit risk rating assigned to each borrower. Commercial loan risk ratings are determined by experienced senior credit officers based on specific facts and circumstances and are subject to periodic review by an independent internal team of credit specialists. The consumer loan portfolio segment is disaggregated into five classes: single-family-residential mortgage, custom construction, consumer lot loans, home equity lines of credit, and other consumer. The risk of loss for the consumer loan portfolio segment is generally most indicated by delinquency status and general economic factors. Each commercial and consumer loan portfolio class may also be further segmented based on risk characteristics. For most of our loan portfolio classes, the historical loss experience is determined using a cohort methodology. This method pools loans into groups (“cohorts”) sharing similar risk characteristics and tracks each cohort’s net charge-offs over the lives of the loans to calculate a historical loss rate. The historical loss rates for each cohort are then averaged to calculate an overall historical loss rate which is applied to the current loan balance to arrive at the quantitative baseline portion of the allowance for credit losses for the respective loan portfolio class. For certain loan portfolio classes, the Company determined there was not sufficient historical loss information to calculate a meaningful historical loss rate using the cohort methodology. For any such loan portfolio class, the weighted-average remaining maturity (“WARM”) methodology is being utilized until sufficient historical loss data is obtained. The WARM method multiplies an average annual loss rate by the expected remaining life of the loan pool to arrive at the quantitative baseline portion of the allowance for credit losses for the respective loan portfolio class. The Company also considers qualitative adjustments to the historical loss rate for each loan portfolio class. The qualitative adjustments for each loan class consider the conditions over the period from which historical loss experience was based and are split into two components: 1) asset or class specific risk characteristics or current conditions at the reporting date related to portfolio credit quality, remaining payments, volume and nature, credit culture and management, business environment or other management factors and 2) reasonable and supportable forecast of future economic conditions and collateral values. The Company performs a quarterly asset quality review which includes a review of forecasted gross charge-offs and recoveries, nonperforming assets, criticized loans, risk rating migration, delinquencies, etc. The asset quality review is performed by management and the results are used to consider a qualitative overlay to the quantitative baseline. The second qualitative adjustment noted above, economic conditions and collateral values, encompasses a one-year reasonable and supportable forecast period. The overlay adjustment for the reasonable and supportable forecast assumes an immediate reversion after the one-year forecast period to historical loss rates for the remaining life of the respective loan pool. When management deems it to be appropriate, the Company establishes a specific reserve for individually evaluated loans that do not share similar risk characteristics with the loans included in each respective loan pool. These individually evaluated loans are removed from their respective pools and typically represent collateral dependent loans but may also include other non-performing loans or troubled debt restructurings (“TDRs”). In addition, the Company individually evaluates “reasonably expected” TDRs, which are identified by the Company as a loan expected to be classified as a TDR within the next six months. Management judgment is utilized to make this determination. |
Accrued interest receivable | Accrued interest receivable. Upon adoption of ASC 326, the Company made the following elections regarding accrued interest receivable ("AIR"): • Presenting accrued interest receivable balances separately from their underlying instruments within the consolidated statements of financial condition. • Excluding accrued interest receivable that is included in the amortized cost of financing receivables from related disclosure requirements. • Continuing our policy to write off accrued interest receivable by reversing interest income in cases where the Company does not reasonably expect to receive payment. |
Off-balance-sheet credit exposures | Off-balance-sheet credit exposures. The only material off-balance-sheet credit exposures are loans in process and unused lines of credit. The reserve for unfunded commitments is recognized as a liability (other liabilities in the consolidated statements of financial condition), with adjustments to the reserve recognized through provision for credit losses in the consolidated statements of income. The reserve for unfunded commitments represents the expected lifetime credit losses on off-balance sheet obligations such as commitments to extend credit and standby letters of credit. However, a liability is not recognized for commitments that are unconditionally cancellable by the Company. The reserve for unfunded commitments is determined by estimating future draws, including the effects of risk mitigation actions, and applying the expected loss rates on those draws. Loss rates are estimated by utilizing the same loss rates calculated for the allowance for credit losses related to the respective loan portfolio class. |
Client swap program hedges, borrowing cash flow hedges, mortgage loan "last-of-layer" portfolio hedges, and commercial loan fair value hedges | Client swap program hedges. Interest rate swap agreements are provided to certain clients who desire to convert their obligations from variable to fixed interest rates. Under these agreements, the Bank enters into a variable-rate loan agreement with a customer in addition to a swap agreement, and then enters into a corresponding swap agreement with a third party in order to offset its exposure on the customer swap agreement. As the interest rate swap agreements with the customers and third parties are not designated as accounting hedges under FASB ASC 815, the instruments are marked to market in earnings. The change in fair value of the offsetting swaps are included in interest income and interest expense and there is no impact on net income. There is fee income earned on the swaps that is included in loan fee income. Borrowings cash flow hedges. The Company has entered into interest rate swaps to convert a series of future short-term borrowings to fixed-rate payments. These interest rate swaps qualify as cash flow hedging instruments under ASC 815 so gains and losses are recorded in Other Comprehensive Income to the extent the hedge is effective. Gains and losses on the interest rate swaps are reclassified from OCI to earnings in the period the hedged transaction affects earnings and are included in the same income statement line item that the hedged transaction is recorded. Mortgage loan "last-of-layer" portfolio hedges. The Company has entered into interest rate swaps to hedge the portion of the respective closed portfolios of prepayable mortgage loans that are expected to remain at the end of the hedge term. These hedges qualify as last-of-layer hedges under ASC 815 and provide for matching of the recognition of the gains and losses on the interest rate swap and the related hedged item. |
Premises and equipment | Premises and equipment. Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the respective assets. Costs for improvements are capitalized. Charges for ordinary maintenance and repairs are expensed to operations as incurred. |
Real estate owned | Real estate owned. Real estate properties acquired through foreclosure of loans or through acquisitions are recorded initially at fair value less selling costs and are subsequently recorded at lower of cost or fair value. Costs for improvements are capitalized. Any gains (losses) and maintenance costs are recorded in Gain (loss) on real estate owned, net. |
Intangible assets | Intangible assets. Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired. Other intangibles, including core deposit intangibles, are acquired assets that lack physical substance but can be distinguished from goodwill. Goodwill is evaluated for impairment on an annual basis during the fourth quarter. Other intangible assets are amortized over their estimated lives and are subject to impairment testing when events or circumstances change. If circumstances indicate that the carrying value of the assets may not be recoverable, an impairment charge could be recorded. The Bank amortizes the core deposit intangibles over their estimated lives using an accelerated method. |
Income taxes | Income taxes. Income taxes are accounted for using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, a deferred tax asset or liability is determined based on the temporary differences between the financial statement and corresponding tax treatment of income, gains, losses, deductions or credits using enacted tax rates in effect for the year in which the differences are expected to reverse. The provision for income taxes includes current and deferred income tax expense based on net income adjusted for temporary and permanent differences such as depreciation, loan loss reserve, tax-exempt interest, and affordable housing tax credits. Reserves for uncertain tax positions, together with any related interest and penalties, if applicable, and amortization of affordable housing tax credit investments are recorded within income tax expense. |
Accounting for stock-based compensation | Accounting for stock-based compensation. We recognize in the statement of operations the grant-date fair value of stock options and other equity-based forms of compensation issued to employees over the employees' requisite service period (generally the vesting period). The requisite service period may be subject to performance conditions. Stock options and restricted stock awards generally vest ratably over two |
Business segments | Business segments. As the Company manages its business and operations on a consolidated basis, management has determined that there is one reportable business segment. |
New accounting pronouncements | In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848). The amendments in this ASU provide temporary, optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. The ASU primarily includes relief related to contract modifications and hedging relationships, as well as providing a one-time election for the sale or transfer of debt securities classified as held-to-maturity. This guidance is effective immediately and the amendments may be applied prospectively through December 31, 2022. The Company is currently in the process of evaluating the amendments and determining the impact to its consolidated financial statements. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments , that clarifies and improves areas of guidance related to the recently issued standards on credit losses (ASU 2016-13), hedging (ASU 2017-12), and recognition and measurement of financial instruments (ASU 2016-01). The amendments generally have the same effective dates as their related standards. If already adopted, the amendments of ASU 2016-01 and ASU 2016-13 are effective for fiscal years beginning after December 15, 2019 and the amendments of ASU 2017-12 are effective as of the beginning of the Company’s next annual reporting period; early adoption is permitted. Effective January 1, 2020, the Company adopted the amendments of ASU 2019-04 pertaining to ASU 2017-12 and ASU 2016-01, both of which had been previously adopted, and at that time elected to reclassify mortgage-backed securities with an amortized cost of $374,680,000 and fair value of $390,669,000 from held-to-maturity to available-for-sale. During the third fiscal quarter, the Company adopted the amendments of ASU 2019-04 that pertain to ASU 2016-13. See discussion below regarding the adoption of ASU 2016-13. In August 2018, the FASB issued 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 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. The Company early adopted this ASU beginning October 1, 2019 and removed or modified disclosures as permitted. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements. The ASU provides 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 adopted this ASU beginning October 1, 2019 and elected both transition options. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (ASC 326) . ASC 326, as amended, is intended 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. ASC 326 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 Company early adopted ASC 326 during its third fiscal quarter and based on the application of the modified retrospective method it became effective on October 1, 2019 for all financial assets measured at amortized cost (primarily loans receivable and held-to-maturity debt securities) and off-balance-sheet credit exposures. Results for reporting periods beginning after October 1, 2019 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a decrease to retained earnings of $21,945,000 as of October 1, 2019 for the cumulative effect of adopting ASC 326 as further detailed below. September 30, 2019 CECL Adoption Impact October 1, 2019 (In thousands) Allowance for credit losses: Commercial loans Multi-family $ 7,391 $ 3,013 $ 10,404 Commercial real estate 13,170 (146) 13,024 Commercial & industrial 31,450 785 32,235 Construction 32,304 (9,536) 22,768 Land - acquisition & development 9,155 1,749 10,904 Total commercial loans 93,470 (4,135) 89,335 Consumer loans Single-family residential 30,988 16,783 47,771 Construction - custom 1,369 1,511 2,880 Land - consumer lot loans 2,143 492 2,635 HELOC 1,103 945 2,048 Consumer 2,461 2,154 4,615 Total consumer loans 38,064 21,885 59,949 Total allowance for loan losses 131,534 17,750 149,284 Reserve for unfunded commitments 6,900 10,750 17,650 Total allowance for credit losses $ 138,434 $ 28,500 $ 166,934 Retained earnings Total pre-tax impact $ 28,500 Tax effect (6,555) Decrease to retained earnings $ 21,945 The Company's available-for-sale and held-to-maturity portfolios consist primarily of debt securities issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for these securities upon adoption of ASC 326. The impact going forward will depend on the composition, characteristics, and credit quality of the loan and securities portfolios as well as the economic conditions at future reporting periods. In February 2016, the FASB issued ASU 2016-02, Leases. The ASU, as amended, requires 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 and introduces new disclosure requirements for leasing arrangements. Accounting by lessors is largely unchanged. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted this ASU beginning October 1, 2019 utilizing the transition method allowed under ASU 2018-11 and did not restate comparative periods. The Company elected the package of practical expedients permitted under the transition guidance, which allowed us to carry forward our historical lease classifications and our assessment on whether a contract is or contains a lease. We also elected to keep leases with an initial term of 12 months or less off the balance sheet. The adoption of this ASU resulted in an increase in other assets and an increase in other liabilities of $29,013,000 and $29,013,000, respectively. The Company recognized no cumulative effect adjustment to the beginning balance of retained earnings upon adoption. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule of goodwill and intangible assets | The table below provides detail regarding the Company's intangible assets. Goodwill Core Deposit and Other Intangibles Total (In thousands) Balance at September 30, 2018 $ 301,368 $ 9,918 $ 311,286 Additions — — — Amortization — (2,039) (2,039) Balance at September 30, 2019 301,368 7,879 309,247 Additions 1,339 1,471 2,810 Amortization — (2,151) (2,151) Balance at September 30, 2020 $ 302,707 $ 7,199 $ 309,906 |
Schedule of future amortization expense | The table below presents the estimated future amortization expense of core deposit and other intangibles for the next five years. Fiscal Year Expense (In thousands) 2021 $ 1,369 2022 949 2023 893 2024 859 2025 810 |
New Accounting Pronouncements (
New Accounting Pronouncements (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
ASU and change in accounting principle | The Company recorded a decrease to retained earnings of $21,945,000 as of October 1, 2019 for the cumulative effect of adopting ASC 326 as further detailed below. September 30, 2019 CECL Adoption Impact October 1, 2019 (In thousands) Allowance for credit losses: Commercial loans Multi-family $ 7,391 $ 3,013 $ 10,404 Commercial real estate 13,170 (146) 13,024 Commercial & industrial 31,450 785 32,235 Construction 32,304 (9,536) 22,768 Land - acquisition & development 9,155 1,749 10,904 Total commercial loans 93,470 (4,135) 89,335 Consumer loans Single-family residential 30,988 16,783 47,771 Construction - custom 1,369 1,511 2,880 Land - consumer lot loans 2,143 492 2,635 HELOC 1,103 945 2,048 Consumer 2,461 2,154 4,615 Total consumer loans 38,064 21,885 59,949 Total allowance for loan losses 131,534 17,750 149,284 Reserve for unfunded commitments 6,900 10,750 17,650 Total allowance for credit losses $ 138,434 $ 28,500 $ 166,934 Retained earnings Total pre-tax impact $ 28,500 Tax effect (6,555) Decrease to retained earnings $ 21,945 September 30, 2019 CECL Adoption Impact October 1, 2019 (Post ASC 326 Adoption) September 30, 2020 (In thousands) Allowance for credit losses: Commercial loans Multi-family $ 7,391 $ 3,013 $ 10,404 $ 13,853 Commercial real estate 13,170 (146) 13,024 22,516 Commercial & industrial 31,450 785 32,235 38,665 Construction 32,304 (9,536) 22,768 24,156 Land - acquisition & development 9,155 1,749 10,904 10,733 Total commercial loans 93,470 (4,135) 89,335 109,923 Consumer loans Single-family residential 30,988 16,783 47,771 45,186 Construction - custom 1,369 1,511 2,880 3,555 Land - consumer lot loans 2,143 492 2,635 2,729 HELOC 1,103 945 2,048 2,571 Consumer 2,461 2,154 4,615 2,991 Total consumer loans 38,064 21,885 59,949 57,032 Total allowance for loan losses $ 131,534 $ 17,750 149,284 166,955 Reserve for unfunded commitments $ 6,900 $ 10,750 17,650 25,000 Total allowance for credit losses $ 138,434 $ 28,500 $ 166,934 $ 191,955 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments by contractual maturity date | The tables below provide detail regarding the amortized cost and fair value of available-for-sale and held-to-maturity investment securities. September 30, 2020 Amortized Gross Unrealized Fair Yield Gains Losses ($ in thousands) Available-for-sale securities U.S. government and agency securities due 5 to 10 years $ 18,448 $ 376 $ — $ 18,824 2.05 % Asset-backed securities 5 to 10 years 38,289 — (1,600) 36,689 0.83 Over 10 years 906,489 647 (6,908) 900,228 1.14 Corporate debt securities due Within 1 year 54,209 337 (51) 54,495 1.22 1 to 5 years 128,289 3,366 (428) 131,227 1.78 5 to 10 years 97,157 4,305 — 101,462 1.50 Municipal bonds due 1 to 5 years 1,461 36 — 1,497 — Over 10 years 36,044 774 — 36,818 5.40 Mortgage-backed securities Agency pass-through certificates 929,713 39,166 (627) 968,252 2.82 Commercial MBS — — — — — 2,210,099 49,007 (9,614) 2,249,492 1.97 Held-to-maturity securities Agency pass-through certificates 698,934 21,582 — 720,516 3.16 Commercial MBS 6,904 — (52) 6,852 1.02 705,838 21,582 (52) 727,368 3.14 $ 2,915,937 $ 70,589 $ (9,666) $ 2,976,860 2.25 % September 30, 2019 Amortized Gross Unrealized Fair Yield Gains Losses ($ in thousands) Available-for-sale securities U.S. government and agency securities due 5 to 10 years $ 21,049 $ 39 $ — $ 21,088 2.05 % Asset-backed securities 5 to 10 years 44,238 — (629) 43,609 2.61 Over 10 years 207,067 1 (987) 206,081 3.02 Corporate debt securities due Within 1 year 43,903 411 — 44,314 3.65 1 to 5 years 70,000 689 (50) 70,639 3.29 5 to 10 years 92,931 1,879 — 94,810 3.27 Municipal bonds due 1 to 5 years 1,430 14 — 1,444 1.94 Over 10 years 20,303 895 — 21,198 6.45 Mortgage-backed securities Agency pass-through certificates 957,150 26,533 (1,124) 982,559 3.29 1,458,071 30,461 (2,790) 1,485,742 3.27 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 1,428,480 19,945 (337) 1,448,088 3.15 Commercial MBS 15,000 7 — 15,007 2.89 1,443,480 19,952 (337) 1,463,095 3.15 $ 2,901,551 $ 50,413 $ (3,127) $ 2,948,837 3.21 % |
Schedule of unrealized losses and fair value of securities | The following tables show the gross unrealized losses and fair value of securities as of September 30, 2020 and September 30, 2019, by length of time that individual securities in each category have been in a continuous loss position. There were 51 and 41 securities with an unrealized loss as of September 30, 2020 and September 30, 2019, respectively. 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 impaired. September 30, 2020 Less than 12 months 12 months or more Total Unrealized Fair Unrealized Fair Unrealized Fair (In thousands) Available-for-sale securities Corporate debt securities $ (74) $ 45,875 $ (405) $ 24,596 $ (479) $ 70,471 Asset-backed securities (5,481) 587,746 (3,027) 204,369 (8,508) 792,115 Mortgage-backed securities (278) 41,897 (349) 56,196 (627) 98,093 (5,833) 675,518 (3,781) 285,161 (9,614) 960,679 Held-to-maturity securities Mortgage-backed securities (52) 6,853 — — (52) 6,853 $ (5,885) $ 682,371 $ (3,781) $ 285,161 $ (9,666) $ 967,532 September 30, 2019 Less than 12 months 12 months or more Total Unrealized Fair Unrealized Fair Unrealized Fair (In thousands) Available-for-sale securities Corporate debt securities $ — $ — $ (50) $ 24,950 $ (50) $ 24,950 Asset-backed securities (656) 152,715 (960) 77,391 (1,616) 230,106 Mortgage-backed securities (148) 87,895 (976) 155,620 (1,124) 243,515 (804) 240,610 (1,986) 257,961 (2,790) 498,571 Held-to-maturity securities Mortgage-backed securities — — (337) 115,182 (337) 115,182 $ (804) $ 240,610 $ (2,323) $ 373,143 $ (3,127) $ 613,753 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Schedule of loans receivable | The following table is a summary of loans receivable by loan portfolio segment and class. September 30, 2020 September 30, 2019 ($ in thousands) ($ in thousands) Gross loans by category Commercial loans Multi-family $ 1,538,762 10.6 % $ 1,422,674 10.7 % Commercial real estate 1,895,086 13.1 1,631,170 12.3 Commercial & industrial (1) 2,132,160 14.7 1,268,695 9.5 Construction 2,403,276 16.6 2,038,052 15.3 Land - acquisition & development 193,745 1.3 204,107 1.5 Total commercial loans 8,163,029 56.3 6,564,698 49.3 Consumer loans Single-family residential 5,304,689 36.7 5,835,194 43.8 Construction - custom 674,879 4.7 540,741 4.1 Land - consumer lot loans 102,263 0.7 99,694 0.7 HELOC 139,703 1.0 142,178 1.1 Consumer 83,159 0.6 129,883 1.0 Total consumer loans 6,304,693 43.7 6,747,690 50.7 Total gross loans 14,467,722 100 % 13,312,388 100 % Less: Allowance for loan losses 166,955 131,534 Loans in process 1,456,072 1,201,341 Net deferred fees, costs and discounts 52,378 48,938 Total loan contra accounts 1,675,405 1,381,813 Net loans $ 12,792,317 $ 11,930,575 (1) Includes $762,004,000 of SBA Payroll Protection Program loans as of September 30, 2020. |
Schedule of fixed and adjustable rate loans | The following summary breaks down the Company's fixed rate and adjustable rate loans by time to maturity or to rate adjustment. September 30, 2020 Fixed-Rate Adjustable-Rate Term To Maturity Loans % of Loans Term To Rate Adjustment Loans % of Loans (In thousands) (In thousands) Within 1 year $ 128,254 1.0 % Less than 1 year $ 3,592,689 27.7 % 1 to 3 years 1,179,316 9.1 1 to 3 years 440,980 3.4 3 to 5 years 398,019 3.1 3 to 5 years 588,366 4.5 5 to 10 years 1,044,581 8.1 5 to 10 years 46,473 0.4 10 to 20 years 983,856 7.6 10 to 20 years 25,190 0.2 Over 20 years 4,517,836 34.9 Over 20 years 13,712 0.1 $ 8,251,862 63.8 % $ 4,707,410 36.3 % |
Non accrual loans held by the company | The following table sets forth the amortized cost basis of loans receivable for specific disclosures required by ASC 326. September 30, 2020 September 30, 2019 (In thousands, except ratio data) Non-accrual Non-accrual with no ACL 90 days or more past due and accruing Non-accrual Non-accrual with no ACL 90 days or more past due and accruing Commercial loans Multi-family $ — $ — $ — $ — $ — $ — Commercial real estate 3,771 — — 5,835 — — Commercial & industrial 329 — — 1,292 — — Construction 1,669 — — — — — Land - acquisition & development — — — 169 — — Total commercial loans 5,769 — — 7,296 — — Consumer loans Single-family residential 22,431 — 933 25,271 — 1,671 Construction - custom — — — — — — Land - consumer lot loans 243 — — 246 — 620 HELOC 553 — — 907 — — Consumer 60 — 17 11 — 19 Total consumer loans 23,287 — 950 26,435 — 2,310 Total loans $ 29,056 $ — $ 950 $ 33,731 $ — $ 2,310 % of total loans 0.22 % 0.28 % |
Analysis of age of loans in past due status | The following tables break down loan delinquencies by loan portfolio segment and class. September 30, 2020 Days Delinquent Based on $ Amount of Loans % based Loan type Loans Receivable (Amortized Cost) Current 30 60 90 Total ($ in thousands) Commercial loans Multi-Family $ 1,538,240 $ 1,538,240 $ — $ — $ — $ — — % Commercial Real Estate 1,884,688 1,884,210 — 195 283 478 0.03 Commercial & Industrial 2,115,513 2,114,650 — 583 280 863 0.04 Construction - Speculative 1,352,414 1,350,752 — — 1,662 1,662 0.12 Land - Acquisition & Development 153,571 153,571 — — — — — Total commercial loans 7,044,426 7,041,423 — 778 2,225 3,003 0.04 Consumer loans Single-Family Residential 5,293,962 5,267,608 3,922 3,108 19,324 26,354 0.50 Construction - Custom 295,953 295,953 — — — — — Land - Consumer Lot Loans 101,394 101,029 152 — 213 365 0.36 HELOC 140,222 139,491 275 76 380 731 0.52 Consumer 83,315 82,959 121 11 224 356 0.43 Total consumer loans 5,914,846 5,887,040 4,470 3,195 20,141 27,806 0.47 Total Loans $ 12,959,272 $ 12,928,463 $ 4,470 $ 3,973 $ 22,366 $ 30,809 0.24 % Delinquency % 99.76% 0.03% 0.03% 0.17% 0.24% September 30, 2019 Days Delinquent Based on $ Amount of Loans % based Loan type Loans Receivable (Net of Loans in Process) Current 30 60 90 Total ($ in thousands) Commercial loans Multi-Family $ 1,422,652 $ 1,422,652 $ — $ — $ — $ — — % Commercial Real Estate 1,631,171 1,625,509 1,614 285 3,763 5,662 0.35 Commercial & Industrial 1,268,695 1,267,828 — — 867 867 0.07 Construction - Speculative 1,164,889 1,164,889 — — — — — Land - Acquisition & Development 161,194 161,194 — — — — — Total commercial loans 5,648,601 5,642,072 1,614 285 4,630 6,529 0.12 Consumer loans Single-Family Residential 5,835,186 5,809,239 3,672 3,211 19,064 25,947 0.44 Construction - Custom 255,505 255,505 — — — — — Land - Consumer Lot Loans 99,694 98,916 112 619 47 778 0.78 HELOC 142,178 140,718 580 183 697 1,460 1.03 Consumer 129,883 129,227 295 117 244 656 0.51 Total consumer loans 6,462,446 6,433,605 4,659 4,130 20,052 28,841 0.45 Total Loans $ 12,111,047 $ 12,075,677 $ 6,273 $ 4,415 $ 24,682 $ 35,370 0.29 % Delinquency % 99.71% 0.05% 0.04% 0.20% 0.29% |
Summary of loans based on credit quality indicators | The following tables present by credit quality indicator, loan class, and year of origination, the amortized cost basis of loans receivable as of September 30, 2020. Term Loans Amortized Cost Basis by Origination Year (In thousands) 2020 2019 2018 2017 2016 Prior to 2016 Revolving Loans Revolving to Term Loans Total Loans Commercial loans Multi-family Pass $ 397,008 $ 151,175 $ 267,832 $ 243,349 $ 177,888 $ 255,177 $ 14,263 $ — $ 1,506,692 Special Mention 649 2,815 907 4,515 2,654 2,181 — — 13,721 Substandard — 7,543 3,974 3,791 2,298 221 — — 17,827 Total $ 397,657 $ 161,533 $ 272,713 $ 251,655 $ 182,840 $ 257,579 $ 14,263 $ — $ 1,538,240 Commercial real estate Pass $ 425,246 $ 243,780 $ 259,958 $ 265,841 $ 182,584 $ 301,156 $ 2,558 $ 107 $ 1,681,230 Special Mention 5,096 13,694 3,987 14,910 303 54,194 — — 92,184 Substandard 4,196 25,607 2,718 38,289 10,041 30,423 — — 111,274 Total $ 434,538 $ 283,081 $ 266,663 $ 319,040 $ 192,928 $ 385,773 $ 2,558 $ 107 $ 1,884,688 Commercial & industrial Pass $ 908,408 $ 64,015 $ 90,796 $ 79,421 $ 99,426 $ 75,672 $ 580,123 $ 848 $ 1,898,709 Special Mention 25,612 7,107 1,167 4,330 24,204 — 2,275 — 64,695 Substandard 30,894 9,696 10,780 901 23,907 4,561 71,223 147 152,109 Total $ 964,914 $ 80,818 $ 102,743 $ 84,652 $ 147,537 $ 80,233 $ 653,621 $ 995 $ 2,115,513 Construction Pass $ 344,346 $ 405,030 $ 239,125 $ 132,034 $ 290 $ — $ 66,961 $ — $ 1,187,786 Special Mention 2,275 — 43,486 15,417 — — — — 61,178 Substandard 7 33,457 5,847 21,915 42,224 — — — 103,450 Total $ 346,628 $ 438,487 $ 288,458 $ 169,366 $ 42,514 $ — $ 66,961 $ — $ 1,352,414 Land - acquisition & development Pass $ 47,223 $ 43,297 $ 18,139 $ 18,338 $ 3,774 $ 1,911 $ 5,316 $ — $ 137,998 Special Mention — — — — — 15,573 — — 15,573 Total $ 47,223 $ 43,297 $ 18,139 $ 18,338 $ 3,774 $ 17,484 $ 5,316 $ — $ 153,571 Total commercial loans Pass $ 2,122,231 $ 907,297 $ 875,850 $ 738,983 $ 463,962 $ 633,916 $ 669,221 $ 955 $ 6,412,415 Special Mention 33,632 23,616 49,547 39,172 27,161 71,948 2,275 — 247,351 Substandard 35,097 76,303 23,319 64,896 78,470 35,205 71,223 147 384,660 Total $ 2,190,960 $ 1,007,216 $ 948,716 $ 843,051 $ 569,593 $ 741,069 $ 742,719 $ 1,102 $ 7,044,426 Term Loans Amortized Cost Basis by Origination Year (In thousands) 2020 2019 2018 2017 2016 Prior to 2016 Revolving Loans Revolving to Term Loans Total Loans Consumer loans Single-family residential Current $ 828,030 $ 585,133 $ 597,198 $ 714,066 $ 523,000 $ 2,020,181 $ — $ — $ 5,267,608 30 days past due — — — 859 135 2,928 — — 3,922 60 days past due — — — — — 3,108 — — 3,108 90+ days past due — 680 — 440 640 17,564 — — 19,324 Total $ 828,030 $ 585,813 $ 597,198 $ 715,365 $ 523,775 $ 2,043,781 $ — $ — $ 5,293,962 Construction - custom Current $ 200,853 $ 91,940 $ 3,160 $ — $ — $ — $ — $ — $ 295,953 Total $ 200,853 $ 91,940 $ 3,160 $ — $ — $ — $ — $ — $ 295,953 Land - consumer lot loans Current $ 44,908 $ 18,139 $ 6,971 $ 7,693 $ 2,619 $ 20,699 $ — $ — $ 101,029 30 days past due — — 152 — — — — — 152 90+ days past due — — — 122 — 91 — — 213 Total $ 44,908 $ 18,139 $ 7,123 $ 7,815 $ 2,619 $ 20,790 $ — $ — $ 101,394 HELOC Current $ — $ — $ — $ — $ — $ 6,732 $ 131,353 $ 1,406 $ 139,491 30 days past due — — — — — 44 231 — 275 60 days past due — — — — — 37 39 — 76 90+ days past due — — — — — 30 350 — 380 Total $ — $ — $ — $ — $ — $ 6,843 $ 131,973 $ 1,406 $ 140,222 Consumer Current $ 1,334 $ 1,527 $ 58,384 $ 129 $ 338 $ 18,523 $ 2,724 $ — $ 82,959 30 days past due — — — 62 — 59 — — 121 60 days past due — — — — — 11 — — 11 90+ days past due — 54 — 159 — 6 5 — 224 Total $ 1,334 $ 1,581 $ 58,384 $ 350 $ 338 $ 18,599 $ 2,729 $ — $ 83,315 Total consumer loans Current $ 1,075,125 $ 696,739 $ 665,713 $ 721,888 $ 525,957 $ 2,066,135 $ 134,077 $ 1,406 $ 5,887,040 30 days past due — — 152 921 135 3,031 231 — 4,470 60 days past due — — — — — 3,156 39 — 3,195 90+ days past due — 734 — 721 640 17,691 355 — 20,141 Total $ 1,075,125 $ 697,473 $ 665,865 $ 723,530 $ 526,732 $ 2,090,013 $ 134,702 $ 1,406 $ 5,914,846 The following table provides the amortized cost of loans receivable based on risk rating categories (as previously defined). September 30, 2020 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total (In thousands) Loan type Commercial loans Multi-family $ 1,506,692 $ 13,721 $ 17,827 $ — $ — $ 1,538,240 Commercial real estate 1,681,230 92,184 111,274 — — 1,884,688 Commercial & industrial 1,898,709 64,695 152,109 — — 2,115,513 Construction - speculative 1,187,786 61,178 103,450 — — 1,352,414 Land - acquisition & development 137,998 15,573 — — — 153,571 Total commercial loans 6,412,415 247,351 384,660 — — 7,044,426 Consumer loans Single-family residential 5,270,666 192 23,104 — — 5,293,962 Construction - custom 295,953 — — — — 295,953 Land - consumer lot loans 101,151 — 243 — — 101,394 HELOC 139,646 — 576 — — 140,222 Consumer 83,304 — 11 — — 83,315 Total consumer loans 5,890,720 192 23,934 — — 5,914,846 Total loans $ 12,303,135 $ 247,543 $ 408,594 $ — $ — $ 12,959,272 Total grade as a % of total loans 94.9 % 1.9 % 3.2 % — % — % The following table provides the gross loans receivable based on risk rating categories (as previously defined). September 30, 2019 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total Gross Loans (In thousands) Loan type Commercial loans Multi-family $ 1,418,837 $ — $ 3,837 $ — $ — $ 1,422,674 Commercial real estate 1,602,634 2,754 25,782 — — 1,631,170 Commercial & industrial 1,229,891 18,125 20,679 — — 1,268,695 Construction - speculative 2,038,052 — — — — 2,038,052 Land - acquisition & development 200,283 — 3,824 — — 204,107 Total commercial loans 6,489,697 20,879 54,122 — — 6,564,698 Consumer loans Single-family residential 5,808,444 — 26,750 — — 5,835,194 Construction - custom 540,741 — — — — 540,741 Land - consumer lot loans 98,828 — 866 — — 99,694 HELOC 141,271 — 907 — — 142,178 Consumer 129,872 — 11 — — 129,883 Total consumer loans 6,719,156 — 28,534 — — 6,747,690 Total gross loans $ 13,208,853 $ 20,879 $ 82,656 $ — $ — $ 13,312,388 Total grade as a % of total gross loans 99.2 % 0.2 % 0.6 % — % — % |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
ASU and change in accounting principle | The Company recorded a decrease to retained earnings of $21,945,000 as of October 1, 2019 for the cumulative effect of adopting ASC 326 as further detailed below. September 30, 2019 CECL Adoption Impact October 1, 2019 (In thousands) Allowance for credit losses: Commercial loans Multi-family $ 7,391 $ 3,013 $ 10,404 Commercial real estate 13,170 (146) 13,024 Commercial & industrial 31,450 785 32,235 Construction 32,304 (9,536) 22,768 Land - acquisition & development 9,155 1,749 10,904 Total commercial loans 93,470 (4,135) 89,335 Consumer loans Single-family residential 30,988 16,783 47,771 Construction - custom 1,369 1,511 2,880 Land - consumer lot loans 2,143 492 2,635 HELOC 1,103 945 2,048 Consumer 2,461 2,154 4,615 Total consumer loans 38,064 21,885 59,949 Total allowance for loan losses 131,534 17,750 149,284 Reserve for unfunded commitments 6,900 10,750 17,650 Total allowance for credit losses $ 138,434 $ 28,500 $ 166,934 Retained earnings Total pre-tax impact $ 28,500 Tax effect (6,555) Decrease to retained earnings $ 21,945 September 30, 2019 CECL Adoption Impact October 1, 2019 (Post ASC 326 Adoption) September 30, 2020 (In thousands) Allowance for credit losses: Commercial loans Multi-family $ 7,391 $ 3,013 $ 10,404 $ 13,853 Commercial real estate 13,170 (146) 13,024 22,516 Commercial & industrial 31,450 785 32,235 38,665 Construction 32,304 (9,536) 22,768 24,156 Land - acquisition & development 9,155 1,749 10,904 10,733 Total commercial loans 93,470 (4,135) 89,335 109,923 Consumer loans Single-family residential 30,988 16,783 47,771 45,186 Construction - custom 1,369 1,511 2,880 3,555 Land - consumer lot loans 2,143 492 2,635 2,729 HELOC 1,103 945 2,048 2,571 Consumer 2,461 2,154 4,615 2,991 Total consumer loans 38,064 21,885 59,949 57,032 Total allowance for loan losses $ 131,534 $ 17,750 149,284 166,955 Reserve for unfunded commitments $ 6,900 $ 10,750 17,650 25,000 Total allowance for credit losses $ 138,434 $ 28,500 $ 166,934 $ 191,955 |
Summary of activity in allowance for loan losses | The following tables summarize the activity in the allowance for loan losses by loan portfolio segment and class. Twelve Months Ended September 30, 2020 Beginning Impact of ASC 326 Adoption Charge-offs Recoveries Provision & Ending Allowance (After ASC 326 Adoption) (In thousands) Commercial loans Multi-family $ 7,391 $ 3,013 $ — $ 498 $ 2,951 $ 13,853 Commercial real estate 13,170 (146) (111) 2,447 7,156 22,516 Commercial & industrial 31,450 785 (4,196) 443 10,183 38,665 Construction - speculative 32,304 (9,536) — 188 1,200 24,156 Land - acquisition & development 9,155 1,749 (11) 2,070 (2,230) 10,733 Total commercial loans 93,470 (4,135) (4,318) 5,646 19,260 109,923 Consumer loans Single-family residential 30,988 16,783 (131) 1,394 (3,848) 45,186 Construction - custom 1,369 1,511 — — 675 3,555 Land - consumer lot loans 2,143 492 (237) 639 (308) 2,729 HELOC 1,103 945 — 95 428 2,571 Consumer 2,461 2,154 (1,069) 1,252 (1,807) 2,991 Total consumer loans 38,064 21,885 (1,437) 3,380 (4,860) 57,032 $ 131,534 $ 17,750 $ (5,755) $ 9,026 $ 14,400 $ 166,955 Twelve Months Ended September 30, 2019 Beginning Allowance Charge-offs Recoveries Provision & Ending Allowance (Before ASC 326 Adoption) (In thousands) Commercial loans Multi-family $ 8,329 $ — $ — $ (938) $ 7,391 Commercial real estate 11,852 (428) 1,102 644 13,170 Commercial & industrial 28,702 (5,782) 3,443 5,087 31,450 Construction - speculative 31,317 — 99 888 32,304 Land - acquisition & development 7,978 (107) 7,457 (6,173) 9,155 Total commercial loans 88,178 (6,317) 12,101 (492) 93,470 Consumer loans Single-family residential 33,033 (268) 1,020 (2,797) 30,988 Construction - custom 1,842 (1,973) — 1,500 1,369 Land - consumer lot loans 2,164 (804) 719 64 2,143 HELOC 781 (1,086) 46 1,362 1,103 Consumer 3,259 (1,028) 1,167 (937) 2,461 Total consumer loans 41,079 (5,159) 2,952 (808) 38,064 $ 129,257 $ (11,476) $ 15,053 $ (1,300) $ 131,534 |
Summary of loans collectively and individually evaluated for impairment and related allocation of reserves | The following table shows loans collectively and individually evaluated for impairment and the related general and specific reserves. September 30, 2019 Loans Collectively Evaluated for Impairment Loans Individually Evaluated for Impairment General Reserve Recorded Investment of Loans Ratio Specific Reserve Recorded Investment of Loans Ratio (In thousands) (In thousands) Commercial loans Multi-family $ 7,387 $ 1,422,266 0.5 % $ 4 $ 385 1.0 % Commercial real estate 12,847 1,618,406 0.8 323 12,765 2.5 Commercial & industrial 31,358 1,266,913 2.5 92 1,805 5.1 Construction - speculative 32,304 1,164,889 2.8 — — — Land - acquisition & development 9,135 160,964 5.7 20 230 8.7 Total commercial loans 93,031 5,633,438 1.7 439 15,185 2.9 Consumer loans Single-family residential 30,988 5,822,200 0.5 — 17,978 — Construction - custom 1,369 255,505 0.5 — — — Land - consumer lot loans 2,143 95,574 2.2 — 375 — HELOC 1,103 140,378 0.8 — 837 — Consumer 2,461 129,527 1.9 — 50 — Total consumer loans 38,064 6,443,184 0.6 — 19,240 — $ 131,095 $ 12,076,622 1.1 % $ 439 $ 34,425 1.3 % |
Summary of loans based on credit quality indicators | The following tables present by credit quality indicator, loan class, and year of origination, the amortized cost basis of loans receivable as of September 30, 2020. Term Loans Amortized Cost Basis by Origination Year (In thousands) 2020 2019 2018 2017 2016 Prior to 2016 Revolving Loans Revolving to Term Loans Total Loans Commercial loans Multi-family Pass $ 397,008 $ 151,175 $ 267,832 $ 243,349 $ 177,888 $ 255,177 $ 14,263 $ — $ 1,506,692 Special Mention 649 2,815 907 4,515 2,654 2,181 — — 13,721 Substandard — 7,543 3,974 3,791 2,298 221 — — 17,827 Total $ 397,657 $ 161,533 $ 272,713 $ 251,655 $ 182,840 $ 257,579 $ 14,263 $ — $ 1,538,240 Commercial real estate Pass $ 425,246 $ 243,780 $ 259,958 $ 265,841 $ 182,584 $ 301,156 $ 2,558 $ 107 $ 1,681,230 Special Mention 5,096 13,694 3,987 14,910 303 54,194 — — 92,184 Substandard 4,196 25,607 2,718 38,289 10,041 30,423 — — 111,274 Total $ 434,538 $ 283,081 $ 266,663 $ 319,040 $ 192,928 $ 385,773 $ 2,558 $ 107 $ 1,884,688 Commercial & industrial Pass $ 908,408 $ 64,015 $ 90,796 $ 79,421 $ 99,426 $ 75,672 $ 580,123 $ 848 $ 1,898,709 Special Mention 25,612 7,107 1,167 4,330 24,204 — 2,275 — 64,695 Substandard 30,894 9,696 10,780 901 23,907 4,561 71,223 147 152,109 Total $ 964,914 $ 80,818 $ 102,743 $ 84,652 $ 147,537 $ 80,233 $ 653,621 $ 995 $ 2,115,513 Construction Pass $ 344,346 $ 405,030 $ 239,125 $ 132,034 $ 290 $ — $ 66,961 $ — $ 1,187,786 Special Mention 2,275 — 43,486 15,417 — — — — 61,178 Substandard 7 33,457 5,847 21,915 42,224 — — — 103,450 Total $ 346,628 $ 438,487 $ 288,458 $ 169,366 $ 42,514 $ — $ 66,961 $ — $ 1,352,414 Land - acquisition & development Pass $ 47,223 $ 43,297 $ 18,139 $ 18,338 $ 3,774 $ 1,911 $ 5,316 $ — $ 137,998 Special Mention — — — — — 15,573 — — 15,573 Total $ 47,223 $ 43,297 $ 18,139 $ 18,338 $ 3,774 $ 17,484 $ 5,316 $ — $ 153,571 Total commercial loans Pass $ 2,122,231 $ 907,297 $ 875,850 $ 738,983 $ 463,962 $ 633,916 $ 669,221 $ 955 $ 6,412,415 Special Mention 33,632 23,616 49,547 39,172 27,161 71,948 2,275 — 247,351 Substandard 35,097 76,303 23,319 64,896 78,470 35,205 71,223 147 384,660 Total $ 2,190,960 $ 1,007,216 $ 948,716 $ 843,051 $ 569,593 $ 741,069 $ 742,719 $ 1,102 $ 7,044,426 Term Loans Amortized Cost Basis by Origination Year (In thousands) 2020 2019 2018 2017 2016 Prior to 2016 Revolving Loans Revolving to Term Loans Total Loans Consumer loans Single-family residential Current $ 828,030 $ 585,133 $ 597,198 $ 714,066 $ 523,000 $ 2,020,181 $ — $ — $ 5,267,608 30 days past due — — — 859 135 2,928 — — 3,922 60 days past due — — — — — 3,108 — — 3,108 90+ days past due — 680 — 440 640 17,564 — — 19,324 Total $ 828,030 $ 585,813 $ 597,198 $ 715,365 $ 523,775 $ 2,043,781 $ — $ — $ 5,293,962 Construction - custom Current $ 200,853 $ 91,940 $ 3,160 $ — $ — $ — $ — $ — $ 295,953 Total $ 200,853 $ 91,940 $ 3,160 $ — $ — $ — $ — $ — $ 295,953 Land - consumer lot loans Current $ 44,908 $ 18,139 $ 6,971 $ 7,693 $ 2,619 $ 20,699 $ — $ — $ 101,029 30 days past due — — 152 — — — — — 152 90+ days past due — — — 122 — 91 — — 213 Total $ 44,908 $ 18,139 $ 7,123 $ 7,815 $ 2,619 $ 20,790 $ — $ — $ 101,394 HELOC Current $ — $ — $ — $ — $ — $ 6,732 $ 131,353 $ 1,406 $ 139,491 30 days past due — — — — — 44 231 — 275 60 days past due — — — — — 37 39 — 76 90+ days past due — — — — — 30 350 — 380 Total $ — $ — $ — $ — $ — $ 6,843 $ 131,973 $ 1,406 $ 140,222 Consumer Current $ 1,334 $ 1,527 $ 58,384 $ 129 $ 338 $ 18,523 $ 2,724 $ — $ 82,959 30 days past due — — — 62 — 59 — — 121 60 days past due — — — — — 11 — — 11 90+ days past due — 54 — 159 — 6 5 — 224 Total $ 1,334 $ 1,581 $ 58,384 $ 350 $ 338 $ 18,599 $ 2,729 $ — $ 83,315 Total consumer loans Current $ 1,075,125 $ 696,739 $ 665,713 $ 721,888 $ 525,957 $ 2,066,135 $ 134,077 $ 1,406 $ 5,887,040 30 days past due — — 152 921 135 3,031 231 — 4,470 60 days past due — — — — — 3,156 39 — 3,195 90+ days past due — 734 — 721 640 17,691 355 — 20,141 Total $ 1,075,125 $ 697,473 $ 665,865 $ 723,530 $ 526,732 $ 2,090,013 $ 134,702 $ 1,406 $ 5,914,846 The following table provides the amortized cost of loans receivable based on risk rating categories (as previously defined). September 30, 2020 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total (In thousands) Loan type Commercial loans Multi-family $ 1,506,692 $ 13,721 $ 17,827 $ — $ — $ 1,538,240 Commercial real estate 1,681,230 92,184 111,274 — — 1,884,688 Commercial & industrial 1,898,709 64,695 152,109 — — 2,115,513 Construction - speculative 1,187,786 61,178 103,450 — — 1,352,414 Land - acquisition & development 137,998 15,573 — — — 153,571 Total commercial loans 6,412,415 247,351 384,660 — — 7,044,426 Consumer loans Single-family residential 5,270,666 192 23,104 — — 5,293,962 Construction - custom 295,953 — — — — 295,953 Land - consumer lot loans 101,151 — 243 — — 101,394 HELOC 139,646 — 576 — — 140,222 Consumer 83,304 — 11 — — 83,315 Total consumer loans 5,890,720 192 23,934 — — 5,914,846 Total loans $ 12,303,135 $ 247,543 $ 408,594 $ — $ — $ 12,959,272 Total grade as a % of total loans 94.9 % 1.9 % 3.2 % — % — % The following table provides the gross loans receivable based on risk rating categories (as previously defined). September 30, 2019 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total Gross Loans (In thousands) Loan type Commercial loans Multi-family $ 1,418,837 $ — $ 3,837 $ — $ — $ 1,422,674 Commercial real estate 1,602,634 2,754 25,782 — — 1,631,170 Commercial & industrial 1,229,891 18,125 20,679 — — 1,268,695 Construction - speculative 2,038,052 — — — — 2,038,052 Land - acquisition & development 200,283 — 3,824 — — 204,107 Total commercial loans 6,489,697 20,879 54,122 — — 6,564,698 Consumer loans Single-family residential 5,808,444 — 26,750 — — 5,835,194 Construction - custom 540,741 — — — — 540,741 Land - consumer lot loans 98,828 — 866 — — 99,694 HELOC 141,271 — 907 — — 142,178 Consumer 129,872 — 11 — — 129,883 Total consumer loans 6,719,156 — 28,534 — — 6,747,690 Total gross loans $ 13,208,853 $ 20,879 $ 82,656 $ — $ — $ 13,312,388 Total grade as a % of total gross loans 99.2 % 0.2 % 0.6 % — % — % |
Schedule of gross loans by payment activity | The following table provides information on amortized cost of loans receivable based on borrower payment activity. September 30, 2020 Performing Loans Non-Performing Loans Amount % of Total Loans Amount % of Total Loans (In thousands) (In thousands) Commercial loans Multi-family $ 1,538,240 100.0 % $ — — % Commercial real estate 1,880,917 99.8 3,771 0.2 Commercial & industrial 2,115,184 100.0 329 — Construction - speculative 1,350,745 99.9 1,669 0.1 Land - acquisition & development 153,571 100.0 — — Total commercial loans 7,038,657 99.9 5,769 0.1 Consumer loans Single-family residential 5,271,531 99.6 22,431 0.4 Construction - custom 295,953 100.0 — — Land - consumer lot loans 101,151 99.8 243 0.2 HELOC 139,669 99.6 553 0.4 Consumer 83,255 99.9 60 0.1 Total consumer loans 5,891,559 99.6 23,287 0.4 Total $ 12,930,216 99.8 % $ 29,056 0.2 % The following table provides information on gross loans based on borrower payment activity. September 30, 2019 Performing Loans Non-Performing Loans Amount % of Total Amount % of Total (In thousands) (In thousands) Commercial loans Multi-family $ 1,422,674 100.0 % $ — — % Commercial real estate 1,625,335 99.6 5,835 0.4 Commercial & industrial 1,267,403 99.9 1,292 0.1 Construction - speculative 2,038,052 100.0 — — Land - acquisition & development 203,938 99.9 169 0.1 Total commercial loans 6,557,402 99.9 7,296 0.1 Consumer loans Single-family residential 5,809,923 99.6 25,271 0.4 Construction - custom 540,741 100.0 — — Land - consumer lot loans 99,448 99.8 246 0.2 HELOC 141,271 99.4 907 0.6 Consumer 129,872 100.0 11 — Total consumer loans 6,721,255 99.6 26,435 0.4 Total gross loans $ 13,278,657 99.7 % $ 33,731 0.3 % |
Summary of impaired loans by category | The following table provides information on impaired loan balances and the related allowances by loan types. September 30, 2019 Recorded Unpaid Related Average (In thousands) Impaired loans with no related allowance recorded: Multi-family $ — $ — $ — $ 286 Commercial real estate 7,467 11,881 — 8,890 Commercial & industrial 1,114 5,312 — 7,168 Construction — — — 1,172 Land - acquisition & development 78 143 — 290 Single-family residential 17,979 19,252 — 16,685 Construction - custom — — — 251 Land - consumer lot loans 344 848 — 287 HELOC 837 931 — 597 Consumer 50 119 — 23 27,869 38,486 — 35,649 Impaired loans with an allowance recorded: Multi-family 385 385 4 418 Commercial real estate 4,168 5,298 323 5,160 Commercial & industrial 426 691 92 2,535 Construction — — — — Land - acquisition & development 91 152 — 99 Single-family residential 112,042 114,609 2,208 125,976 Construction - custom — — — — Land - consumer lot loans 3,556 3,695 20 4,324 HELOC 949 963 — 961 Consumer 60 282 — 65 121,677 126,075 2,647 (1) 139,538 Total: Multi-family 385 385 4 704 Commercial real estate 11,635 17,179 323 14,050 Commercial & industrial 1,540 6,003 92 9,703 Construction — — — 1,172 Land - acquisition & development 169 295 — 389 Single-family residential 130,021 133,861 2,208 142,661 Construction - custom — — — 251 Land - consumer lot loans 3,900 4,543 20 4,611 HELOC 1,786 1,894 — 1,558 Consumer 110 401 — 88 $ 149,546 $ 164,561 $ 2,647 (1) $ 175,187 ____________________ (1) Includes $439,000 of specific reserves and $2,208,000 included in the general reserves. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair value of assets measured on recurring basis | The following tables present the balance and level in the fair value hierarchy for assets and liabilities that are measured at fair value on a recurring basis. September 30, 2020 Level 1 Level 2 Level 3 Total (In thousands) Available-for-sale securities U.S. government and agency securities $ — $ 18,824 $ — $ 18,824 Asset-backed securities — 936,917 936,917 Municipal bonds — 38,315 — 38,315 Corporate debt securities — 287,184 — 287,184 Mortgage-backed securities Agency pass-through certificates — 968,252 — 968,252 Total Available-for-sale securities — 2,249,492 — 2,249,492 Client swap program hedges — 48,201 — 48,201 Total Financial Assets $ — $ 2,297,693 $ — $ 2,297,693 Financial Liabilities Client swap program hedges $ — $ 48,201 $ — $ 48,201 Commercial loan fair value hedges — 8,492 — 8,492 Mortgage loan hedges — 16,061 — 16,061 Borrowings cash flow hedges — 17,375 — 17,375 Total Financial Liabilities $ — $ 90,129 $ — $ 90,129 There were no transfers between, into and/or out of Levels 1, 2 or 3 during the year ended September 30, 2020. September 30, 2019 Level 1 Level 2 Level 3 Total (In thousands) Available-for-sale securities U.S. government and agency securities $ — $ 21,088 $ — $ 21,088 Asset-backed securities — 249,690 — 249,690 Municipal bonds — 22,642 — 22,642 Corporate debt securities — 209,763 — 209,763 Mortgage-backed securities Agency pass-through certificates — 982,559 — 982,559 Total Available-for-sale securities — 1,485,742 — 1,485,742 Client swap program hedges — 20,381 — 20,381 Mortgage loan fair value hedge — 1,608 — 1,608 Total Financial Assets $ — $ 1,507,731 $ — $ 1,507,731 Financial Liabilities Client swap program hedges $ — $ 20,381 $ — $ 20,381 Commercial loan hedges — 4,288 — 4,288 Borrowing hedges — 7,877 — 7,877 Total Financial Liabilities $ — $ 32,546 $ — $ 32,546 There were no transfers between, into and/or out of Level 1, 2 or 3 during the year ended September 30, 2019. |
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 for the periods presented, and the total gains (losses) resulting from those fair value adjustments during the respective periods. The estimated fair value measurements are shown gross of estimated selling costs. September 30, 2020 Twelve Months Ended September 30, 2020 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) Loans receivable (1) $ — $ — $ 2,277 $ 2,277 $ (4,843) Real estate owned (2) — — 4,757 4,757 (233) Balance at end of period $ — $ — $ 7,034 $ 7,034 $ (5,076) (1) The gains (losses) represent re-measurements of collateral-dependent impaired loans. (2) The gains (losses) represent aggregate write-downs and charge-offs on real estate owned. September 30, 2019 Twelve Months Ended September 30, 2019 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) Impaired loans (1) $ — $ — $ 6,662 $ 6,662 $ (7,796) Real estate owned (2) — — 7,307 7,307 119 Balance at end of period $ — $ — $ 13,969 $ 13,969 $ (7,677) (1) The gains (losses) represent re-measurements of collateral-dependent impaired loans. (2) The gains (losses) represent aggregate write-downs and charge-offs on real estate owned. |
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. September 30, 2020 September 30, 2019 Level Carrying Estimated Carrying Estimated (In thousands) Financial assets Cash and cash equivalents 1 $ 1,702,977 $ 1,702,977 $ 419,158 $ 419,158 Available-for-sale securities: U.S. government and agency securities 2 18,824 18,824 21,088 21,088 Asset-backed securities 2 936,917 936,917 249,690 249,690 Municipal bonds 2 38,315 38,315 22,642 22,642 Corporate debt securities 2 287,184 287,184 209,763 209,763 Mortgage-backed securities Agency pass-through certificates 2 968,252 968,252 982,559 982,559 Total available-for-sale securities 2,249,492 2,249,492 1,485,742 1,485,742 Held-to-maturity securities: Mortgage-backed securities Agency pass-through certificates 2 698,934 720,516 1,428,480 1,448,088 Commercial MBS 6,904 6,852 15,000 15,007 Total held-to-maturity securities 705,838 727,368 1,443,480 1,463,095 Loans receivable 3 12,792,317 13,392,089 11,930,575 12,617,600 FHLB and FRB stock 2 141,990 141,990 123,990 123,990 Other assets - client swap program hedges 2 48,201 48,201 20,381 20,381 Other assets - mortgage loan fair value hedges 2 — — 1,608 1,608 Financial liabilities Time deposits 2 3,973,192 3,963,203 4,906,963 4,937,847 FHLB advances and other borrowings 2 2,700,000 2,722,509 2,250,000 2,282,887 Other liabilities - client swap program hedges 2 48,201 48,201 20,381 20,381 Other liabilities - commercial loan fair value hedges 2 8,492 8,492 4,288 4,288 Other liabilities - mortgage loan fair value hedges 2 16,061 16,061 — — Other liabilities - borrowings cash flow hedges 2 17,375 17,375 7,877 7,877 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2020 and September 30, 2019. September 30, 2020 Derivative Assets Derivative Liabilities Balance Sheet Location Notional Fair Value Balance Sheet Location Notional Fair Value (In thousands) (In thousands) Client swap program hedges Other assets $ 656,074 $ 48,201 Other liabilities $ 656,074 $ 48,201 Commercial loan fair value hedges Other assets — — Other liabilities 93,316 8,492 Mortgage loan fair value hedges Other assets — — Other liabilities 500,000 16,061 Borrowings cash flow hedges Other assets — — Other liabilities 1,600,000 17,375 $ 656,074 $ 48,201 $ 2,849,390 $ 90,129 September 30, 2019 Derivative 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 hedges Other assets $ 425,607 $ 20,381 Other liabilities $ 425,607 $ 20,381 Commercial loan fair value hedges Other assets — — Other liabilities 95,645 4,288 Mortgage loan fair value hedges Other assets 200,000 1,608 Other liabilities — — Borrowings cash flow hedges Other assets — — Other liabilities 700,000 7,877 $ 625,607 $ 21,989 $ 1,221,252 $ 32,546 |
Schedule of Fair Value Hedge Accounting on Carrying Value of Hedged Items | The following tables presents the impact of fair value hedge accounting on the carrying value of the hedged items at September 30, 2020 and September 30, 2019. (In thousands) September 30, 2020 Balance sheet line item in which hedged item is recorded Carrying value of hedged items Cumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items Loans receivable (1) (2) $ 2,562,765 $ 24,664 $ 2,562,765 $ 24,664 (1) Includes the amortized cost basis of the closed mortgage loan portfolios used to designate the hedging relationships in which the hedged items are the last layer expected to be remaining at the end of the hedging relationships. At September 30, 2020, the amortized cost basis of the closed loan portfolios used in the hedging relationships was $2,461,008,000, the cumulative basis adjustment associated with the hedging relationships was $16,049,000, and the amount of the designated hedged items was $500,000,000. (2) Includes the amortized cost basis of commercial loans designated in fair value hedging relationships. At September 30, 2020, the amortized cost basis of the hedged commercial loans was $101,757,000 and the cumulative basis adjustment associated with the hedging relationships was $8,615,000. (In thousands) September 30, 2019 Balance sheet line item in which hedged item is recorded Carrying value of hedged items Cumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items Loans receivable (1) (2) $ 1,612,208 $ (2,680) $ 1,612,208 $ 2,680 (1) Includes the amortized cost basis of the closed mortgage loan portfolios used to designate the hedging relationships in which the hedged items are the last layer expected to be remaining at the end of the hedging relationships. At September 30, 2019, the amortized cost basis of the closed loan portfolios used in the hedging relationships was $1,520,647,000, the cumulative basis adjustment associated with the hedging relationships was $1,608,000, and the amount of the designated hedged items was 200,000,000. (2) Includes the amortized cost basis of commercial loans designated in fair value hedging relationships. At September 30, 2019, the amortized cost basis of the hedged commercial loans was $91,561,000 and the cumulative basis adjustment associated with the hedging relationships was $4,288,000. |
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) Twelve Months Ended September 30, Amount of gain/(loss) recognized in AOCI on derivatives in cash flow hedging relationships 2020 2019 Interest rate contracts: Pay fixed/receive floating swaps on cash flow hedges of borrowings $ (9,499) $ (28,519) Total pre-tax gain/(loss) recognized in AOCI $ (9,499) $ (28,519) 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) Twelve Months Ended September 30, Derivative instruments Classification of gain/(loss) recognized in income on derivative instrument 2020 2019 Interest rate contracts: Pay fixed/receive floating swap Other noninterest income $ (27,820) $ (33,112) Receive fixed/pay floating swap Other noninterest income 27,820 33,112 $ — $ — |
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. Twelve Months Ended September 30, 2020 Twelve Months Ended September 30, 2019 Interest income on loans receivable Interest expense on FHLB advances Interest income on loans receivable Interest expense on FHLB advances (In thousands) (In thousands) Interest income/(expense), including the effects of fair value and cash flow hedges $ 545,708 $ (51,445) $ 568,096 $ (68,190) Gain/(loss) on fair value hedging relationships: Interest rate contracts Amounts related to interest settlements on derivatives $ (898) $ 128 Recognized on derivatives (21,873) (6,504) Recognized on hedged items 21,906 6,479 Net income/(expense) recognized on fair value hedges $ (865) $ 103 Gain/(loss) on cash flow hedging relationships: Interest rate contracts Amounts related to interest settlements on derivatives $ 6,075 $ (2,823) Amount of derivative gain/(loss) reclassified from AOCI into interest income/expense — — Net income/(expense) recognized on cash flow hedges $ 6,075 $ (2,823) |
Interest Receivable (Tables)
Interest Receivable (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Schedule of interest receivable | The following table provides a summary of interest receivable by interest-earning asset type. September 30, 2020 September 30, 2019 (In thousands) Loans receivable $ 48,704 $ 41,429 Mortgage-backed securities 3,071 6,107 Investment securities 2,024 1,321 $ 53,799 $ 48,857 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Summary of premises and equipment | The following table provides a summary of premises and equipment by asset type. September 30, 2020 September 30, 2019 Estimated (In thousands) Land — $ 98,852 $ 117,431 Buildings 10 - 40 175,390 165,088 Leasehold improvements 5 - 15 15,123 22,765 Furniture, software and equipment 2 - 10 123,264 138,553 412,629 443,837 Less accumulated depreciation and amortization (159,824) (169,822) $ 252,805 $ 274,015 |
Customer Accounts (Tables)
Customer Accounts (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of deposit liabilities | The following tables provide the composition of the Company's customer accounts, including time deposits. September 30, 2020 September 30, 2019 Deposit Account Balance As a % of Total Deposits Weighted Deposit Account Balance As a % of Total Deposits Weighted ($ in thousands) Non-interest checking $ 2,164,071 15.7 % — % $ 1,621,343 13.5 % — % Interest checking 3,029,576 22.0 0.23 1,984,576 16.6 0.61 Savings 872,087 6.3 0.11 753,574 6.3 0.13 Money market 3,740,698 27.1 0.30 2,724,308 22.7 0.82 Time deposits 3,973,192 28.8 1.17 4,906,963 40.9 1.91 Total $ 13,779,624 100 % 0.48 % $ 11,990,764 100 % 1.08 % |
Schedule of time deposits | Time deposits by rate band are as follows: September 30, 2020 September 30, 2019 (In thousands) Less than 1.00% $ 920,220 $ 21,281 1.00% to 1.99% 2,967,345 3,588,689 2.00% to 2.99% 85,533 1,294,889 3.00% to 3.99% 94 2,104 $ 3,973,192 $ 4,906,963 Time deposits by maturity band are as follows: September 30, 2020 September 30, 2019 (In thousands) Within 1 year $ 3,127,416 $ 3,489,839 1 to 2 years 532,264 925,170 2 to 3 years 111,204 294,990 Over 3 years 202,308 196,964 $ 3,973,192 $ 4,906,963 |
Schedule of interest expense on customer deposits | Interest expense on customer accounts consisted of the following: Year ended September 30, 2020 2019 2018 (In thousands) Checking accounts $ 8,447 $ 12,499 $ 6,072 Savings accounts 959 980 920 Money market accounts 18,951 21,967 7,788 Time deposit accounts 72,494 87,665 58,468 100,851 123,111 73,248 Less early withdrawal penalties (539) (895) (756) $ 100,312 $ 122,216 $ 72,492 Weighted average interest rate at end of year 0.48 % 1.08 % 0.87 % Daily weighted average interest rate during the year 0.94 % 1.05 % 0.65 % |
FHLB Advances and Other Borro_2
FHLB Advances and Other Borrowings (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Federal Home Loan Banks [Abstract] | |
Maturity dates of outstanding FHLB advances | The table below shows the contractual maturity dates of outstanding FHLB advances. September 30, 2020 September 30, 2019 (In thousands) FHLB advances Within 1 year $ 1,830,000 $ 950,000 1 to 3 years 520,000 750,000 3 to 5 years 350,000 400,000 More than 5 years — 150,000 $ 2,700,000 $ 2,250,000 |
Weighted average cost and amount of advances | Financial information pertaining to the weighted-average cost and the amount of FHLB advances were as follows. 2020 2019 2018 ($ in thousands) Weighted average interest rate, including cash flow hedges, at end of year 1.79 % 2.49 % 2.66 % Weighted daily average interest rate, including cash flow hedges, during the year 2.03 % 2.69 % 2.62 % Daily average of FHLB advances during the year $ 2,532,596 $ 2,533,890 $ 2,384,795 Maximum amount of FHLB advances at any month end $ 3,050,000 $ 2,665,000 $ 2,620,000 Interest expense during the year (including swap interest income and expense) $ 51,445 $ 68,190 $ 62,452 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Supplemental Balance Sheet Information | The table below presents the Company’s operating lease right-of-use asset and the related lease liability. (In thousands) September 30, 2020 Operating lease asset $ 31,610 Operating lease liability $ 33,302 |
Components of Lease Expense | The following table presents the components of net lease costs, a component of Occupancy expense. The Company elected not to separate lease and non-lease components and instead account for them as a single lease component. Variable lease costs include subsequent increases in index-based rents and variable payments such as common area maintenance. (In thousands) Twelve Months Ended September 30, 2020 Operating lease cost $ 6,557 Variable lease cost 1,353 Sublease income (338) Net lease cost $ 7,572 |
Maturities of Operating Lease Liabilities | The following table shows future minimum payments for operating leases as of September 30, 2020 for the respective periods. (In thousands) Year ending September 30, 2021 $ 6,617 2022 5,917 2023 5,348 2024 4,547 2025 3,603 Thereafter 10,389 Total minimum payments 36,421 Amounts representing interest (3,119) Present value of minimum lease payments $ 33,302 |
Future Minimum Lease Payments Prior to Adoption | Future minimum lease payments for the Company’s operating leases as of September 30, 2019, prior to the adoption of the new lease guidance, were as follows. (In thousands) Year ending September 30, 2020 $ 5,838 2021 5,246 2022 4,698 2023 4,302 2024 3,596 Thereafter 10,531 Total minimum payments $ 34,211 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary of major sources of temporary differences and deferred tax effects | The table below provides a summary of the Company's tax assets and liabilities, including deferred tax assets and deferred tax liabilities by major source. Deferred tax balances represent temporary differences between the financial statement and corresponding tax treatment of income, gains, losses, deductions or credits. September 30, 2020 September 30, 2019 (In thousands) Deferred tax assets Allowance for credit losses $ 44,150 $ 31,494 REO reserves 265 255 Non-accrual loan interest 892 891 Federal and state tax credits — 537 Deferred compensation 3,506 3,022 Stock based compensation 2,218 1,876 Lease liability 7,660 — Other 2,269 2,081 Total deferred tax assets 60,960 40,156 Deferred tax liabilities FHLB stock dividends 14,637 14,478 Valuation adjustment on available-for-sale securities and cash flow hedges 5,064 4,503 Loan origination fees and costs 7,116 8,385 Premises and equipment 21,399 25,399 Lease right-of-use assets 7,270 — Other 5,767 2,851 Total deferred tax liabilities 61,253 55,616 Net deferred tax asset (liability) (293) (15,460) Current tax asset (liability) 6,001 10,356 Net tax asset (liability) $ 5,708 $ (5,104) |
Schedule of effective income tax rate reconciliation | The table below presents a reconciliation of the statutory federal income tax rate to the Company's effective income tax rate. Year ended September 30, 2020 2019 2018 Statutory income tax rate 21 % 21 % 25 % State income tax 2 2 2 Impact of change in Federal income tax rate — — (2) Other differences (2) (3) (4) Effective income tax rate 21 % 20 % 21 % |
Schedule of components of income tax expense (benefit) | The following table summarizes the Company's income tax expense (benefit) for the respective periods. Year ended September 30, 2020 2019 2018 (In thousands) Federal: Current $ 49,782 $ 46,376 $ 40,314 Deferred (7,858) 1,916 8,952 41,924 48,292 49,266 State: Current $ 5,310 $ 4,557 $ 4,243 Deferred (1,486) (330) (116) 3,824 4,227 4,127 Total Current 55,092 50,933 44,557 Deferred (9,344) 1,586 8,836 $ 45,748 $ 52,519 $ 53,393 |
Stock Award Plans (Tables)
Stock Award Plans (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of option activity | A summary of stock option activity and changes during the year are as follows. Options Number of Options Weighted Weighted Aggregate Outstanding at September 30, 2018 51,060 $ 15.25 2 $ 855 Granted 356,343 28.16 Exercised (22,975) 12.99 Forfeited (64,141) 27.96 Outstanding at September 30, 2019 320,287 27.21 8 3,136 Granted 1,043,349 29.53 Exercised (8,085) 17.88 Forfeited (125,827) 30.25 Outstanding at September 30, 2020 1,229,724 $ 28.93 9 $ — Exercisable at September 30, 2020 19,535 $ 16.88 0.5 $ 78 |
Schedule of miscellaneous information related to stock options | The table below presents other information regarding stock options. Year ended September 30, 2020 2019 2018 (In thousands, except grant date fair value per stock option) Compensation cost for stock options $ 1,344 $ 521 $ — Weighted average grant date fair value per stock option 4.37 5.21 3.15 Total intrinsic value of options exercised 102 414 908 Grant date fair value of options exercised 33 51 285 Cash received from option exercises 144 298 1,338 |
Summary of nonvested activity | The following is a summary of activity related to unvested stock options. Year ended September 30, 2020 2019 2018 Unvested Stock Options Options Outstanding Weighted Options Outstanding Weighted Options Outstanding Weighted Outstanding at beginning of period 293,167 $ 5.33 — $ — — $ — Granted 1,043,349 4.17 356,343 5.33 — — Vested — — — — — — Forfeited (125,827) 4.83 (63,176) 5.33 — — Outstanding at end of period 1,210,689 $ 4.38 293,167 $ 5.33 — $ — The following table summarizes information about unvested restricted stock activity. Year ended September 30, 2020 2019 2018 Non-vested Restricted Stock Outstanding Weighted Outstanding Weighted Outstanding Weighted Outstanding at beginning of period 435,838 $ 23.73 460,999 $ 22.52 466,681 $ 18.56 Granted 197,706 26.24 249,272 21.41 205,100 26.11 Vested (205,715) 25.56 (159,103) 26.09 (198,620) 16.65 Forfeited (18,360) 17.20 (115,330) 10.61 (12,162) 27.00 Outstanding at end of period 409,469 $ 24.32 435,838 $ 23.73 460,999 $ 22.52 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Schedule of compliance with regulatory capital requirements | To be categorized as well capitalized, the Bank must maintain minimum Common Equity Tier 1, Tier 1 risk-based, Total risk-based and Tier 1 leverage ratios as set forth in the following table. The Bank's actual capital amounts and ratios as of these dates are also presented. There are no conditions or events since that management believes have changed the Bank's categorization. Actual Capital Adequacy Categorized as Well Capitalized Under Prompt Corrective Action Provisions Capital Ratio Ratio Ratio September 30, 2020 ($ in thousands) Common Equity Tier 1 risk-based capital ratio: The Company $ 1,687,676 12.93 % 4.50 % NA The Bank 1,625,478 12.46 4.50 6.50 % Tier 1 risk-based capital ratio: The Company 1,687,676 12.93 6.00 NA The Bank 1,625,478 12.46 6.00 8.00 Total risk-based capital ratio: The Company 1,851,136 14.19 8.00 NA The Bank 1,788,904 13.71 8.00 10.00 Tier 1 leverage ratio: The Company 1,687,676 9.28 4.00 NA The Bank 1,625,478 8.94 4.00 5.00 September 30, 2019 Common Equity Tier 1 risk-based capital ratio: The Company $ 1,710,147 14.30 % 4.50 % NA The Bank 1,666,426 13.93 4.50 6.50 % Tier 1 risk-based capital ratio: The Company 1,710,147 14.30 6.00 NA The Bank 1,666,426 13.93 6.00 8.00 Total risk-based capital ratio: The Company 1,848,581 15.45 8.00 NA The Bank 1,804,860 15.09 8.00 10.00 Tier 1 leverage ratio: The Company 1,710,147 10.51 4.00 NA The Bank 1,666,426 10.24 4.00 5.00 |
Schedule of earnings per share calculation | The following table sets forth information regarding earnings per share calculations. Year ended September 30, 2020 2019 2018 Weighted average shares outstanding 76,721,969 80,471,316 85,008,040 Weighted average dilutive warrants — 4,448 63,079 Weighted average dilutive options 9,495 19,399 38,724 Weighted average diluted shares 76,731,464 80,495,163 85,109,843 Net income (In thousands) $ 173,438 $ 210,256 $ 203,850 Basic EPS $ 2.26 $ 2.61 $ 2.40 Diluted EPS 2.26 2.61 2.40 |
Financial Information - Washi_2
Financial Information - Washington Federal, Inc. (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of condensed financial information of parent company | The following Washington Federal, Inc. (parent company only) financial information should be read in conjunction with the other notes to the Consolidated Financial Statements. Condensed Statements of Financial Condition September 30, 2020 September 30, 2019 (In thousands) Assets Cash $ 57,198 $ 38,721 Other assets 5,000 5,000 Investment in subsidiary 1,951,935 1,989,274 Total assets $ 2,014,133 $ 2,032,995 Liabilities Other liabilities $ — $ — Total liabilities — — Shareholders’ equity Total shareholders’ equity 2,014,133 2,032,995 Total liabilities and shareholders’ equity $ 2,014,133 $ 2,032,995 Condensed Statements of Operations Twelve Months Ended September 30, 2020 2019 2018 (In thousands) Income Dividends from subsidiary $ 190,900 $ 208,389 $ 198,294 Total Income 190,900 208,389 198,294 Expense Miscellaneous expense 529 448 439 Total expense 529 448 439 Net income (loss) before equity in undistributed net income (loss) of subsidiary 190,371 207,941 197,855 Equity in undistributed net income (loss) of subsidiaries (17,055) 2,213 5,880 Income before income taxes 173,316 210,154 203,735 Income tax benefit (expense) 122 102 115 Net income $ 173,438 $ 210,256 $ 203,850 Condensed Statements of Cash Flows Twelve Months Ended September 30, 2020 2019 2018 (In thousands) Cash Flows From Operating Activities Net income $ 173,438 $ 210,256 $ 203,850 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income (loss) of subsidiaries 17,055 (2,213) (5,880) Stock based compensation expense 6,469 5,265 4,771 Increase (decrease) in other liabilities — (3,489) 3,424 Net cash provided by (used in) operating activities 196,962 209,819 206,165 Cash Flows From Investing Activities Purchase of strategic investments — (5,000) — Net cash provided by (used in) investing activities — (5,000) — Cash Flows From Financing Activities Proceeds from exercise of common stock options and related tax benefit 144 740 1,338 Treasury stock purchased (112,133) (123,854) (164,249) Dividends paid on common stock (66,496) (63,318) (55,997) Net cash provided by (used in) financing activities (178,485) (186,432) (218,908) Increase (decrease) in cash 18,477 18,387 (12,743) Cash at beginning of year 38,721 20,334 33,077 Cash at end of year $ 57,198 $ 38,721 $ 20,334 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of unaudited interim results of operations by quarter | The following is a summary of the unaudited interim results of operations by quarter for the years presented. Twelve Months Ended September 30, 2020 First Second Third Fourth (In thousands, except per share data) Interest income $ 164,824 $ 159,618 $ 149,709 $ 147,114 Interest expense 45,139 42,006 32,331 32,281 Net interest income 119,685 117,612 117,378 114,833 Provision (release) for credit losses (3,750) 8,200 10,800 6,500 Other operating income (including REO gain (loss), net) 45,490 16,272 13,055 12,169 Other operating expense 82,636 79,433 75,323 78,166 Income before income taxes 86,289 46,251 44,310 42,336 Income tax expense 18,423 9,874 9,458 7,993 Net income $ 67,866 $ 36,377 $ 34,852 $ 34,343 Basic earnings per share $ 0.84 $ 0.49 $ 0.46 $ 0.45 Diluted earnings per share 0.84 0.49 0.46 0.45 Cash dividends paid per share 0.21 0.22 0.22 0.22 Twelve Months Ended September 30, 2019 First Second Third Fourth (In thousands, except per share data) Interest income $ 162,622 $ 167,582 $ 171,826 $ 169,436 Interest expense 43,470 47,512 50,160 49,264 Net interest income 119,152 120,070 121,666 120,172 Provision (release) for credit losses (500) 750 — (1,900) Other operating income (including REO gain (loss), net) 19,329 13,618 14,395 15,786 Other operating expense 71,672 67,967 70,898 72,526 Income before income taxes 67,309 64,971 65,163 65,332 Income tax expense 14,367 13,873 11,309 12,970 Net income $ 52,942 $ 51,098 $ 53,854 $ 52,362 Basic earnings per share $ 0.65 $ 0.63 $ 0.67 $ 0.66 Diluted earnings per share 0.65 0.63 0.67 0.66 Cash dividends paid per share 0.18 0.20 0.20 0.21 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2020USD ($)branchpaymentsegment | Oct. 27, 2020USD ($) | Sep. 30, 2019USD ($) | Oct. 09, 2013USD ($) | |
Summary of Significant Accounting Policies [Line Items] | ||||
Number of offices | branch | 234 | |||
Cash collateral | $ 97,600 | $ 31,850 | ||
Days past grace period to initiate contact to cure deficiency | 30 days | |||
Minimum days past due to begin foreclosure proceedings | 90 days | |||
Approximate rate reduction concession, minimum | 1.00% | |||
Approximate rate reduction concession, maximum | 2.00% | |||
Minimum days past due to stop accrual of interest | 90 days | |||
Loans returned to full accrual status | 90 days | |||
Number of payments required | payment | 6 | |||
Options exercisable, weighted average remaining contractual term (in years) | 6 months | |||
Number of reportable business segments | segment | 1 | |||
Civil money penalty from consent order issued | $ 34 | |||
Subsequent Event | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Civil money penalty from consent order issued | $ 200 | |||
Minimum | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Term for payment and rate reduction | 6 months | |||
Award vesting period (in years) | 3 years | |||
Maximum | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Term for payment and rate reduction | 12 months | |||
Award vesting period (in years) | 5 years | |||
Options exercisable, weighted average remaining contractual term (in years) | 10 years | |||
Stock Options and Restricted Stock | Minimum | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Award vesting period (in years) | 2 years | |||
Stock Options and Restricted Stock | Maximum | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Award vesting period (in years) | 5 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Goodwill | ||
Goodwill, beginning of period | $ 301,368 | $ 301,368 |
Additions | 1,339 | 0 |
Goodwill, end of period | 302,707 | 301,368 |
Core Deposit and Other Intangibles | ||
Intangible assets, beginning of period | 7,879 | 9,918 |
Additions | 1,471 | 0 |
Amortization | (2,151) | (2,039) |
Intangible assets, end of period | 7,199 | 7,879 |
Total | ||
Goodwill and intangible assets, beginning of period | 309,247 | 311,286 |
Additions | 2,810 | 0 |
Amortization | (2,151) | (2,039) |
Goodwill and intangible assets, end of period | $ 309,906 | $ 309,247 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Estimated Future Amortization Expense (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 1,369 |
2022 | 949 |
2023 | 893 |
2024 | 859 |
2025 | $ 810 |
New Accounting Pronouncements -
New Accounting Pronouncements - Narrative (Details) - USD ($) | Sep. 30, 2020 | Jan. 01, 2020 | Oct. 01, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Held-to-maturity securities, at amortized cost | $ 705,838,000 | $ 1,443,480,000 | ||||
Available-for-sale, at amortized cost | 2,210,099,000 | 1,458,071,000 | ||||
Mortgage-backed securities available-for-sale, fair value | $ 390,669,000 | |||||
Decrease in other assets | 346,508,000 | 210,989,000 | ||||
Decrease to retained earnings | 2,014,133,000 | 2,032,995,000 | $ 1,996,908,000 | $ 2,005,688,000 | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Decrease to retained earnings | (21,945,000) | 0 | ||||
Retained Earnings | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Decrease to retained earnings | $ 1,420,906,000 | 1,335,909,000 | $ 1,188,971,000 | 1,042,890,000 | ||
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Decrease to retained earnings | $ (21,945,000) | $ (21,945,000) | $ (1,772,000) | |||
Accounting Standards Update 2019-04 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Mortgage-backed securities held-to-maturity, fair value | (390,669,000) | |||||
Accounting Standards Update 2016-02 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Decrease in other assets | 29,013,000 | |||||
Other liabilities | 29,013,000 | |||||
Accounting Standards Update 2016-02 | Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Decrease to retained earnings | $ 0 | |||||
Mortgage-backed securities | Accounting Standards Update 2019-04 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Held-to-maturity securities, at amortized cost | (374,680,000) | |||||
Available-for-sale, at amortized cost | $ 374,680,000 |
New Accounting Pronouncements_2
New Accounting Pronouncements - ASU and Change in Accounting Principle (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Oct. 01, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | $ 166,955 | [1] | $ 131,534 | [1] | $ 129,257 | ||
Reserve for unfunded commitments | 25,000 | 6,900 | |||||
Total allowance for credit losses | 191,955 | 138,434 | |||||
Decrease to retained earnings | 2,014,133 | 2,032,995 | 1,996,908 | $ 2,005,688 | |||
Retained Earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Decrease to retained earnings | 1,420,906 | 1,335,909 | 1,188,971 | 1,042,890 | |||
Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 17,750 | ||||||
Reserve for unfunded commitments | 10,750 | ||||||
Total allowance for credit losses | 28,500 | ||||||
Decrease to retained earnings | (21,945) | 0 | |||||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings, Pre-Tax | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Decrease to retained earnings | (28,500) | ||||||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings, Tax | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Decrease to retained earnings | 6,555 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Decrease to retained earnings | $ (21,945) | (21,945) | $ (1,772) | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 149,284 | ||||||
Reserve for unfunded commitments | 17,650 | ||||||
Total allowance for credit losses | 166,934 | ||||||
Commercial loans | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 109,923 | 93,470 | 88,178 | ||||
Commercial loans | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | (4,135) | ||||||
Commercial loans | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 89,335 | ||||||
Commercial loans | Multi-family | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 13,853 | 7,391 | 8,329 | ||||
Commercial loans | Multi-family | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 3,013 | ||||||
Commercial loans | Multi-family | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 10,404 | ||||||
Commercial loans | Commercial real estate | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 22,516 | 13,170 | 11,852 | ||||
Commercial loans | Commercial real estate | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | (146) | ||||||
Commercial loans | Commercial real estate | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 13,024 | ||||||
Commercial loans | Commercial & industrial | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 38,665 | 31,450 | 28,702 | ||||
Commercial loans | Commercial & industrial | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 785 | ||||||
Commercial loans | Commercial & industrial | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 32,235 | ||||||
Commercial loans | Construction | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 24,156 | 32,304 | 31,317 | ||||
Commercial loans | Construction | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | (9,536) | ||||||
Commercial loans | Construction | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 22,768 | ||||||
Commercial loans | Land - acquisition & development | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 10,733 | 9,155 | 7,978 | ||||
Commercial loans | Land - acquisition & development | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 1,749 | ||||||
Commercial loans | Land - acquisition & development | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 10,904 | ||||||
Consumer loans | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 57,032 | 38,064 | 41,079 | ||||
Consumer loans | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 21,885 | ||||||
Consumer loans | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 59,949 | ||||||
Consumer loans | Construction | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 3,555 | 1,369 | 1,842 | ||||
Consumer loans | Construction | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 1,511 | ||||||
Consumer loans | Construction | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 2,880 | ||||||
Consumer loans | Single-family residential | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 45,186 | 30,988 | 33,033 | ||||
Consumer loans | Single-family residential | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 16,783 | ||||||
Consumer loans | Single-family residential | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 47,771 | ||||||
Consumer loans | Land - consumer lot loans | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 2,729 | 2,143 | 2,164 | ||||
Consumer loans | Land - consumer lot loans | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 492 | ||||||
Consumer loans | Land - consumer lot loans | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 2,635 | ||||||
Consumer loans | HELOC | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 2,571 | 1,103 | 781 | ||||
Consumer loans | HELOC | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 945 | ||||||
Consumer loans | HELOC | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | 2,048 | ||||||
Consumer loans | Consumer | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | $ 2,991 | 2,461 | $ 3,259 | ||||
Consumer loans | Consumer | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | $ 2,154 | ||||||
Consumer loans | Consumer | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan losses | $ 4,615 | ||||||
[1] | Effective October 1, 2019, the Company has applied FASB ASU 2016-13, Financial Instruments - Credit Losses ("ASC 326"), which requires the use of the current expected credit loss methodology ("CECL"). Prior to October 1, 2019, the calculation was based on incurred loss methodology. See Note E "Allowance for Loan Losses" for details. |
Investment Securities - Investm
Investment Securities - Investments by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Amortized Cost, Available-for-sale securities | ||
Amortized cost | $ 2,210,099 | $ 1,458,071 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains | 49,007 | 30,461 |
Gross unrealized loss | (9,614) | (2,790) |
Fair Value, Available-for-sale securities | ||
Fair value | $ 2,249,492 | $ 1,485,742 |
Yield, Available-for-sale securities | ||
Yield | 1.97% | 3.27% |
Amortized Cost, Held-to-maturity securities | ||
Amortized cost | $ 705,838 | $ 1,443,480 |
Gross Unrealized Gains / Losses, Held-to-maturity securities | ||
Gross unrealized gains | 21,582 | 19,952 |
Gross unrealized losses | (52) | (337) |
Fair Value, Held-to-maturity securities | ||
Fair value | $ 727,368 | 1,463,095 |
Yield, Held-to-maturity securities | ||
Yield | 3.14% | |
Investments | $ 2,915,937 | 2,901,551 |
Gross unrealized gains on investments | 70,589 | 50,413 |
Gross unrealized losses on investments | (9,666) | (3,127) |
Total Financial Assets | $ 2,976,860 | $ 2,948,837 |
Yield on investments | 2.25% | 3.21% |
U.S. government and agency securities | ||
Amortized Cost, Available-for-sale securities | ||
5 to 10 years | $ 18,448 | $ 21,049 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, 5 to 10 years | 376 | 39 |
Gross unrealized losses, 5 to 10 years | 0 | 0 |
Fair Value, Available-for-sale securities | ||
5 to 10 years | $ 18,824 | $ 21,088 |
Yield, Available-for-sale securities | ||
5 to 10 years | 2.05% | 2.05% |
Asset-backed securities | ||
Amortized Cost, Available-for-sale securities | ||
5 to 10 years | $ 38,289 | $ 44,238 |
Over 10 years | 906,489 | 207,067 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, 5 to 10 years | 0 | 0 |
Gross unrealized gains, over 10 years | 647 | 1 |
Gross unrealized losses, 5 to 10 years | (1,600) | (629) |
Gross unrealized losses, over 10 years | (6,908) | (987) |
Fair Value, Available-for-sale securities | ||
5 to 10 years | 36,689 | 43,609 |
Over 10 years | $ 900,228 | $ 206,081 |
Yield, Available-for-sale securities | ||
5 to 10 years | 0.83% | 2.61% |
Over 10 years | 1.14% | 3.02% |
Corporate debt securities | ||
Amortized Cost, Available-for-sale securities | ||
Within 1 year | $ 54,209 | $ 43,903 |
1 to 5 years | 128,289 | 70,000 |
5 to 10 years | 97,157 | 92,931 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, within 1 year | 337 | 411 |
Gross unrealized gains, 1 to 5 years | 3,366 | 689 |
Gross unrealized gains, 5 to 10 years | 4,305 | 1,879 |
Gross unrealized losses, within 1 year | (51) | 0 |
Gross unrealized losses, 1 to 5 years | (428) | (50) |
Gross unrealized losses, 5 to 10 years | 0 | 0 |
Fair Value, Available-for-sale securities | ||
Within 1 year | 54,495 | 44,314 |
1 to 5 years | 131,227 | 70,639 |
5 to 10 years | $ 101,462 | $ 94,810 |
Yield, Available-for-sale securities | ||
Within 1 year | 1.22% | 3.65% |
1 to 5 years | 1.78% | 3.29% |
5 to 10 years | 1.50% | 3.27% |
Municipal bonds | ||
Amortized Cost, Available-for-sale securities | ||
1 to 5 years | $ 1,461 | $ 1,430 |
Over 10 years | 36,044 | 20,303 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, 1 to 5 years | 36 | 14 |
Gross unrealized gains, over 10 years | 774 | 895 |
Gross unrealized losses, 1 to 5 years | 0 | 0 |
Gross unrealized losses, over 10 years | 0 | 0 |
Fair Value, Available-for-sale securities | ||
1 to 5 years | 1,497 | 1,444 |
Over 10 years | $ 36,818 | $ 21,198 |
Yield, Available-for-sale securities | ||
1 to 5 years | 0.00% | 1.94% |
Over 10 years | 5.40% | 6.45% |
Agency pass-through certificates | ||
Amortized Cost, Available-for-sale securities | ||
Without single maturity date | $ 929,713 | $ 957,150 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, without single maturity date | 39,166 | 26,533 |
Gross unrealized losses, without single maturity date | (627) | (1,124) |
Fair Value, Available-for-sale securities | ||
Without single maturity date | $ 968,252 | $ 982,559 |
Yield, Available-for-sale securities | ||
Without single maturity date | 2.82% | 3.29% |
Amortized Cost, Held-to-maturity securities | ||
Without single maturity date | $ 698,934 | $ 1,428,480 |
Gross Unrealized Gains / Losses, Held-to-maturity securities | ||
Gross unrealized gains, without single maturity date | 21,582 | 19,945 |
Gross unrealized losses, without single maturity date | 0 | (337) |
Fair Value, Held-to-maturity securities | ||
Without single maturity date | $ 720,516 | $ 1,448,088 |
Yield, Held-to-maturity securities | ||
Without single maturity date | 3.16% | 3.15% |
Commercial MBS | ||
Amortized Cost, Available-for-sale securities | ||
Without single maturity date | $ 0 | |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, without single maturity date | 0 | |
Gross unrealized losses, without single maturity date | 0 | |
Fair Value, Available-for-sale securities | ||
Without single maturity date | $ 0 | |
Yield, Available-for-sale securities | ||
Without single maturity date | 0.00% | |
Amortized Cost, Held-to-maturity securities | ||
Without single maturity date | $ 6,904 | $ 15,000 |
Gross Unrealized Gains / Losses, Held-to-maturity securities | ||
Gross unrealized gains, without single maturity date | 0 | 7 |
Gross unrealized losses, without single maturity date | (52) | 0 |
Fair Value, Held-to-maturity securities | ||
Without single maturity date | $ 6,852 | $ 15,007 |
Yield, Held-to-maturity securities | ||
Without single maturity date | 1.02% | 2.89% |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 01, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Held-to-maturity securities, at amortized cost | $ 705,838,000 | $ 1,443,480,000 | ||
Available-for-sale, at amortized cost | 2,210,099,000 | 1,458,071,000 | ||
Available-for-sale securities purchased | 1,064,815,000 | 358,709,000 | $ 272,780,000 | |
Payments to acquire held-to-maturity securities | 0 | 0 | 170,836,000 | |
Proceeds from sales of available-for-sale investment securities | 204,351,000 | 491,000 | $ 0 | |
Proceeds from sale of held-to-maturity securities | $ 0 | |||
Term of contractual due dates (in years) | 25 years | |||
Accrued interest for available-for-sale securities | $ 3,285,000 | 3,712,000 | ||
Accrued interest for held-to-maturity securities | $ 1,811,000 | $ 3,716,000 | ||
Mortgage-backed securities | Accounting Standards Update 2019-04 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Held-to-maturity securities, at amortized cost | $ (374,680,000) | |||
Available-for-sale, at amortized cost | $ 374,680,000 |
Investment Securities - (Unreal
Investment Securities - (Unrealized Losses and Fair Value of Securities) (Details) $ in Thousands | Sep. 30, 2020USD ($)security | Sep. 30, 2019USD ($)security |
Debt Securities, Available-for-sale [Line Items] | ||
Number of debt securities with unrealized loss | security | 51 | 41 |
Available-for-sale securities | ||
Less than 12 months, unrealized gross losses | $ (5,833) | $ (804) |
12 months or more, unrealized gross losses | (3,781) | (1,986) |
Total, unrealized gross losses | (9,614) | (2,790) |
Less than 12 months, fair value | 675,518 | 240,610 |
12 months or more, fair value | 285,161 | 257,961 |
Total, fair value | 960,679 | 498,571 |
Held-to-maturity securities | ||
Less than 12 months, unrealized gross losses | (52) | 0 |
12 months or more, unrealized gross losses | 0 | (337) |
Total unrealized gross losses | (52) | (337) |
Less than 12 months, fair value | 6,853 | 0 |
12 months or more, fair value | 0 | 115,182 |
Total, fair value | 6,853 | 115,182 |
Less than 12 months, unrealized gross losses | (5,885) | (804) |
12 months or more, unrealized gross losses | (3,781) | (2,323) |
Total unrealized gross losses | (9,666) | (3,127) |
Less than 12 months, fair value | 682,371 | 240,610 |
12 months or more, fair value | 285,161 | 373,143 |
Total fair value | 967,532 | 613,753 |
Corporate debt securities | ||
Available-for-sale securities | ||
Less than 12 months, unrealized gross losses | (74) | 0 |
12 months or more, unrealized gross losses | (405) | (50) |
Total, unrealized gross losses | (479) | (50) |
Less than 12 months, fair value | 45,875 | 0 |
12 months or more, fair value | 24,596 | 24,950 |
Total, fair value | 70,471 | 24,950 |
Asset-backed securities | ||
Available-for-sale securities | ||
Less than 12 months, unrealized gross losses | (5,481) | (656) |
12 months or more, unrealized gross losses | (3,027) | (960) |
Total, unrealized gross losses | (8,508) | (1,616) |
Less than 12 months, fair value | 587,746 | 152,715 |
12 months or more, fair value | 204,369 | 77,391 |
Total, fair value | 792,115 | 230,106 |
Mortgage-backed securities | ||
Available-for-sale securities | ||
Less than 12 months, unrealized gross losses | (278) | (148) |
12 months or more, unrealized gross losses | (349) | (976) |
Total, unrealized gross losses | (627) | (1,124) |
Less than 12 months, fair value | 41,897 | 87,895 |
12 months or more, fair value | 56,196 | 155,620 |
Total, fair value | $ 98,093 | $ 243,515 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Loans Receivable (Details) - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 14,467,722,000 | $ 13,312,388,000 | ||||
Ratio of loan type to all loans | 100.00% | 100.00% | ||||
Allowance for loan losses | $ 166,955,000 | [1] | $ 131,534,000 | [1] | $ 129,257,000 | |
Loans in process | 1,456,072,000 | 1,201,341,000 | ||||
Net deferred fees, costs and discounts | 52,378,000 | 48,938,000 | ||||
Total loan contra accounts | 1,675,405,000 | 1,381,813,000 | ||||
Net loans | [1] | 12,792,317,000 | 11,930,575,000 | |||
Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 8,163,029,000 | $ 6,564,698,000 | ||||
Ratio of loan type to all loans | 56.30% | 49.30% | ||||
Allowance for loan losses | $ 109,923,000 | $ 93,470,000 | 88,178,000 | |||
Commercial loans | Multi-family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 1,538,762,000 | $ 1,422,674,000 | ||||
Ratio of loan type to all loans | 10.60% | 10.70% | ||||
Allowance for loan losses | $ 13,853,000 | $ 7,391,000 | 8,329,000 | |||
Commercial loans | Commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 1,895,086,000 | $ 1,631,170,000 | ||||
Ratio of loan type to all loans | 13.10% | 12.30% | ||||
Allowance for loan losses | $ 22,516,000 | $ 13,170,000 | 11,852,000 | |||
Commercial loans | Commercial & industrial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 2,132,160,000 | $ 1,268,695,000 | ||||
Ratio of loan type to all loans | 14.70% | 9.50% | ||||
Allowance for loan losses | $ 38,665,000 | $ 31,450,000 | 28,702,000 | |||
Commercial loans | Commercial & industrial | SBA Payroll Protection Program, CARES Act | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | 762,004,000 | |||||
Allowance for loan losses | 0 | |||||
Net loans | 745,081,000 | |||||
Commercial loans | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 2,403,276,000 | $ 2,038,052,000 | ||||
Ratio of loan type to all loans | 16.60% | 15.30% | ||||
Allowance for loan losses | $ 24,156,000 | $ 32,304,000 | 31,317,000 | |||
Commercial loans | Land - acquisition & development | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 193,745,000 | $ 204,107,000 | ||||
Ratio of loan type to all loans | 1.30% | 1.50% | ||||
Allowance for loan losses | $ 10,733,000 | $ 9,155,000 | 7,978,000 | |||
Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 6,304,693,000 | $ 6,747,690,000 | ||||
Ratio of loan type to all loans | 43.70% | 50.70% | ||||
Allowance for loan losses | $ 57,032,000 | $ 38,064,000 | 41,079,000 | |||
Consumer loans | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 674,879,000 | $ 540,741,000 | ||||
Ratio of loan type to all loans | 4.70% | 4.10% | ||||
Allowance for loan losses | $ 3,555,000 | $ 1,369,000 | 1,842,000 | |||
Consumer loans | Single-family residential | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 5,304,689,000 | $ 5,835,194,000 | ||||
Ratio of loan type to all loans | 36.70% | 43.80% | ||||
Allowance for loan losses | $ 45,186,000 | $ 30,988,000 | 33,033,000 | |||
Consumer loans | Land - consumer lot loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 102,263,000 | $ 99,694,000 | ||||
Ratio of loan type to all loans | 0.70% | 0.70% | ||||
Allowance for loan losses | $ 2,729,000 | $ 2,143,000 | 2,164,000 | |||
Consumer loans | HELOC | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 139,703,000 | $ 142,178,000 | ||||
Ratio of loan type to all loans | 1.00% | 1.10% | ||||
Allowance for loan losses | $ 2,571,000 | $ 1,103,000 | 781,000 | |||
Consumer loans | Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans | $ 83,159,000 | $ 129,883,000 | ||||
Ratio of loan type to all loans | 0.60% | 1.00% | ||||
Allowance for loan losses | $ 2,991,000 | $ 2,461,000 | $ 3,259,000 | |||
[1] | Effective October 1, 2019, the Company has applied FASB ASU 2016-13, Financial Instruments - Credit Losses ("ASC 326"), which requires the use of the current expected credit loss methodology ("CECL"). Prior to October 1, 2019, the calculation was based on incurred loss methodology. See Note E "Allowance for Loan Losses" for details. |
Loans Receivable - Narrative (D
Loans Receivable - Narrative (Details) $ in Thousands | Sep. 30, 2020USD ($)loanbranch | Sep. 30, 2020USD ($)branch | Sep. 30, 2019USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable for loans | $ 48,704 | $ 48,704 | $ 41,429 |
Loans pledged to secure borrowings from the Federal Home Loan Bank | $ 5,361,504 | $ 5,361,504 | 5,874,704 |
Number of businesses assisted, CARES Act | branch | 6,500 | 6,500 | |
Approximate rate reduction concession, minimum | 1.00% | ||
Approximate rate reduction concession, maximum | 2.00% | ||
TDRs that subsequently defaulted, recorded investment | $ 91,408 | $ 91,408 | 121,677 |
Percent of restructured loans performing | 97.40% | 97.40% | |
Single family residential loans as percentage of restructured loans | 93.60% | 93.60% | |
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 | 12 months | ||
SBA Payroll Protection Program, CARES Act | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount of PPP loans authorized, CARES Act | $ 780,000 | ||
Financing Receivable from Related Party Including Unfunded Loan Commitment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans granted to officers, directors, and related interests | 112,812 | $ 76,288 | |
Consumer loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of contracts | loan | 612 | ||
Total loans modified | $ 171,000 | 171,000 | |
Commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of contracts | loan | 69 | ||
Total loans modified | $ 167,000 | $ 167,000 |
Loans Receivable - Interest Rat
Loans Receivable - Interest Rate Terms (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Gross loans, fixed-rate | $ 8,251,862 |
% of gross loans, fixed-rate | 63.80% |
Gross loans, adjustable rate | $ 4,707,410 |
% of gross loans, adjustable rate | 36.30% |
Within 1 year | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Gross loans, fixed-rate | $ 128,254 |
% of gross loans, fixed-rate | 1.00% |
Gross loans, adjustable rate | $ 3,592,689 |
% of gross loans, adjustable rate | 27.70% |
1 to 3 years | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Gross loans, fixed-rate | $ 1,179,316 |
% of gross loans, fixed-rate | 9.10% |
Gross loans, adjustable rate | $ 440,980 |
% of gross loans, adjustable rate | 3.40% |
3 to 5 years | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Gross loans, fixed-rate | $ 398,019 |
% of gross loans, fixed-rate | 3.10% |
Gross loans, adjustable rate | $ 588,366 |
% of gross loans, adjustable rate | 4.50% |
5 to 10 years | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Gross loans, fixed-rate | $ 1,044,581 |
% of gross loans, fixed-rate | 8.10% |
Gross loans, adjustable rate | $ 46,473 |
% of gross loans, adjustable rate | 0.40% |
10 to 20 years | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Gross loans, fixed-rate | $ 983,856 |
% of gross loans, fixed-rate | 7.60% |
Gross loans, adjustable rate | $ 25,190 |
% of gross loans, adjustable rate | 0.20% |
Over 20 years | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Gross loans, fixed-rate | $ 4,517,836 |
% of gross loans, fixed-rate | 34.90% |
Gross loans, adjustable rate | $ 13,712 |
% of gross loans, adjustable rate | 0.10% |
Loans Receivable - Loans on Non
Loans Receivable - Loans on Non-accrual Status (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual percent of total loans | 0.22% | 0.28% |
Financial Asset Originated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 29,056 | $ 33,731 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 950 | 2,310 |
Financial Asset Originated | Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 5,769 | 7,296 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 0 | 0 |
Financial Asset Originated | Commercial loans | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 0 | 0 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 0 | 0 |
Financial Asset Originated | Commercial loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 3,771 | 5,835 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 0 | 0 |
Financial Asset Originated | Commercial loans | Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 329 | 1,292 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 0 | 0 |
Financial Asset Originated | Commercial loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 1,669 | 0 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 0 | 0 |
Financial Asset Originated | Commercial loans | Land - acquisition & development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 0 | 169 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 0 | 0 |
Financial Asset Originated | Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 23,287 | 26,435 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 950 | 2,310 |
Financial Asset Originated | Consumer loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 0 | 0 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 0 | 0 |
Financial Asset Originated | Consumer loans | Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 22,431 | 25,271 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 933 | 1,671 |
Financial Asset Originated | Consumer loans | Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 243 | 246 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 0 | 620 |
Financial Asset Originated | Consumer loans | HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 553 | 907 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 0 | 0 |
Financial Asset Originated | Consumer loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 60 | 11 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | $ 17 | $ 19 |
Loans Receivable - Loans Receiv
Loans Receivable - Loans Receivable, Analysis of Age of Loans in Past Due Status (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | $ 12,959,272 | $ 12,111,047 |
Current | 12,928,463 | 12,075,677 |
Total delinquent | $ 30,809 | $ 35,370 |
Delinquency %, current | 99.76% | 99.71% |
% based on $, past due | 0.24% | 0.29% |
30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | $ 4,470 | $ 6,273 |
% based on $, past due | 0.03% | 0.05% |
60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | $ 3,973 | $ 4,415 |
% based on $, past due | 0.03% | 0.04% |
90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | $ 22,366 | $ 24,682 |
% based on $, past due | 0.17% | 0.20% |
Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | $ 7,044,426 | $ 5,648,601 |
Current | 7,041,423 | 5,642,072 |
Total delinquent | $ 3,003 | $ 6,529 |
% based on $, past due | 0.04% | 0.12% |
Commercial loans | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | $ 0 | $ 1,614 |
Commercial loans | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 778 | 285 |
Commercial loans | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 2,225 | 4,630 |
Commercial loans | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | 1,538,240 | 1,422,652 |
Current | 1,538,240 | 1,422,652 |
Total delinquent | $ 0 | $ 0 |
% based on $, past due | 0.00% | 0.00% |
Commercial loans | Multi-family | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | $ 0 | $ 0 |
Commercial loans | Multi-family | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 0 | 0 |
Commercial loans | Multi-family | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 0 | 0 |
Commercial loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | 1,884,688 | 1,631,171 |
Current | 1,884,210 | 1,625,509 |
Total delinquent | $ 478 | $ 5,662 |
% based on $, past due | 0.03% | 0.35% |
Commercial loans | Commercial real estate | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | $ 0 | $ 1,614 |
Commercial loans | Commercial real estate | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 195 | 285 |
Commercial loans | Commercial real estate | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 283 | 3,763 |
Commercial loans | Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | 2,115,513 | 1,268,695 |
Current | 2,114,650 | 1,267,828 |
Total delinquent | $ 863 | $ 867 |
% based on $, past due | 0.04% | 0.07% |
Commercial loans | Commercial & industrial | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | $ 0 | $ 0 |
Commercial loans | Commercial & industrial | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 583 | 0 |
Commercial loans | Commercial & industrial | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 280 | 867 |
Commercial loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | 1,352,414 | 1,164,889 |
Current | 1,350,752 | 1,164,889 |
Total delinquent | $ 1,662 | $ 0 |
% based on $, past due | 0.12% | 0.00% |
Commercial loans | Construction | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | $ 0 | $ 0 |
Commercial loans | Construction | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 0 | 0 |
Commercial loans | Construction | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 1,662 | 0 |
Commercial loans | Land - acquisition & development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | 153,571 | 161,194 |
Current | 153,571 | 161,194 |
Total delinquent | $ 0 | $ 0 |
% based on $, past due | 0.00% | 0.00% |
Commercial loans | Land - acquisition & development | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | $ 0 | $ 0 |
Commercial loans | Land - acquisition & development | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 0 | 0 |
Commercial loans | Land - acquisition & development | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 0 | 0 |
Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | 5,914,846 | 6,462,446 |
Current | 5,887,040 | 6,433,605 |
Total delinquent | $ 27,806 | $ 28,841 |
% based on $, past due | 0.47% | 0.45% |
Consumer loans | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | $ 4,470 | $ 4,659 |
Consumer loans | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 3,195 | 4,130 |
Consumer loans | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 20,141 | 20,052 |
Consumer loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | 295,953 | 255,505 |
Current | 295,953 | 255,505 |
Total delinquent | $ 0 | $ 0 |
% based on $, past due | 0.00% | 0.00% |
Consumer loans | Construction | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | $ 0 | $ 0 |
Consumer loans | Construction | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 0 | 0 |
Consumer loans | Construction | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 0 | 0 |
Consumer loans | Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | 5,293,962 | 5,835,186 |
Current | 5,267,608 | 5,809,239 |
Total delinquent | $ 26,354 | $ 25,947 |
% based on $, past due | 0.50% | 0.44% |
Consumer loans | Single-family residential | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | $ 3,922 | $ 3,672 |
Consumer loans | Single-family residential | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 3,108 | 3,211 |
Consumer loans | Single-family residential | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 19,324 | 19,064 |
Consumer loans | Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | 101,394 | 99,694 |
Current | 101,029 | 98,916 |
Total delinquent | $ 365 | $ 778 |
% based on $, past due | 0.36% | 0.78% |
Consumer loans | Land - consumer lot loans | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | $ 152 | $ 112 |
Consumer loans | Land - consumer lot loans | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 0 | 619 |
Consumer loans | Land - consumer lot loans | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 213 | 47 |
Consumer loans | HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | 140,222 | 142,178 |
Current | 139,491 | 140,718 |
Total delinquent | $ 731 | $ 1,460 |
% based on $, past due | 0.52% | 1.03% |
Consumer loans | HELOC | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | $ 275 | $ 580 |
Consumer loans | HELOC | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 76 | 183 |
Consumer loans | HELOC | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 380 | 697 |
Consumer loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | 83,315 | 129,883 |
Current | 82,959 | 129,227 |
Total delinquent | $ 356 | $ 656 |
% based on $, past due | 0.43% | 0.51% |
Consumer loans | Consumer | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | $ 121 | $ 295 |
Consumer loans | Consumer | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | 11 | 117 |
Consumer loans | Consumer | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total delinquent | $ 224 | $ 244 |
Loans Receivable - Loans Based
Loans Receivable - Loans Based on Credit Quality Indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | $ 12,959,272 | $ 13,312,388 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 12,303,135 | 13,208,853 |
Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 247,543 | 20,879 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 408,594 | 82,656 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Commercial loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2,190,960 | |
2019 | 1,007,216 | |
2018 | 948,716 | |
2017 | 843,051 | |
2016 | 569,593 | |
Prior to 2016 | 741,069 | |
Revolving Loans | 742,719 | |
Revolving to Term Loans | 1,102 | |
Total Loans | 7,044,426 | 6,564,698 |
Commercial loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2,122,231 | |
2019 | 907,297 | |
2018 | 875,850 | |
2017 | 738,983 | |
2016 | 463,962 | |
Prior to 2016 | 633,916 | |
Revolving Loans | 669,221 | |
Revolving to Term Loans | 955 | |
Total Loans | 6,412,415 | 6,489,697 |
Commercial loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 33,632 | |
2019 | 23,616 | |
2018 | 49,547 | |
2017 | 39,172 | |
2016 | 27,161 | |
Prior to 2016 | 71,948 | |
Revolving Loans | 2,275 | |
Revolving to Term Loans | 0 | |
Total Loans | 247,351 | 20,879 |
Commercial loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 35,097 | |
2019 | 76,303 | |
2018 | 23,319 | |
2017 | 64,896 | |
2016 | 78,470 | |
Prior to 2016 | 35,205 | |
Revolving Loans | 71,223 | |
Revolving to Term Loans | 147 | |
Total Loans | 384,660 | 54,122 |
Commercial loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Commercial loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Commercial loans | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 397,657 | |
2019 | 161,533 | |
2018 | 272,713 | |
2017 | 251,655 | |
2016 | 182,840 | |
Prior to 2016 | 257,579 | |
Revolving Loans | 14,263 | |
Revolving to Term Loans | 0 | |
Total Loans | 1,538,240 | 1,422,674 |
Commercial loans | Multi-family | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 397,008 | |
2019 | 151,175 | |
2018 | 267,832 | |
2017 | 243,349 | |
2016 | 177,888 | |
Prior to 2016 | 255,177 | |
Revolving Loans | 14,263 | |
Revolving to Term Loans | 0 | |
Total Loans | 1,506,692 | 1,418,837 |
Commercial loans | Multi-family | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 649 | |
2019 | 2,815 | |
2018 | 907 | |
2017 | 4,515 | |
2016 | 2,654 | |
Prior to 2016 | 2,181 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 13,721 | 0 |
Commercial loans | Multi-family | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 7,543 | |
2018 | 3,974 | |
2017 | 3,791 | |
2016 | 2,298 | |
Prior to 2016 | 221 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 17,827 | 3,837 |
Commercial loans | Multi-family | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Commercial loans | Multi-family | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Commercial loans | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 434,538 | |
2019 | 283,081 | |
2018 | 266,663 | |
2017 | 319,040 | |
2016 | 192,928 | |
Prior to 2016 | 385,773 | |
Revolving Loans | 2,558 | |
Revolving to Term Loans | 107 | |
Total Loans | 1,884,688 | 1,631,170 |
Commercial loans | Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 425,246 | |
2019 | 243,780 | |
2018 | 259,958 | |
2017 | 265,841 | |
2016 | 182,584 | |
Prior to 2016 | 301,156 | |
Revolving Loans | 2,558 | |
Revolving to Term Loans | 107 | |
Total Loans | 1,681,230 | 1,602,634 |
Commercial loans | Commercial real estate | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 5,096 | |
2019 | 13,694 | |
2018 | 3,987 | |
2017 | 14,910 | |
2016 | 303 | |
Prior to 2016 | 54,194 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 92,184 | 2,754 |
Commercial loans | Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 4,196 | |
2019 | 25,607 | |
2018 | 2,718 | |
2017 | 38,289 | |
2016 | 10,041 | |
Prior to 2016 | 30,423 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 111,274 | 25,782 |
Commercial loans | Commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Commercial loans | Commercial real estate | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Commercial loans | Commercial & industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 964,914 | |
2019 | 80,818 | |
2018 | 102,743 | |
2017 | 84,652 | |
2016 | 147,537 | |
Prior to 2016 | 80,233 | |
Revolving Loans | 653,621 | |
Revolving to Term Loans | 995 | |
Total Loans | 2,115,513 | 1,268,695 |
Commercial loans | Commercial & industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 908,408 | |
2019 | 64,015 | |
2018 | 90,796 | |
2017 | 79,421 | |
2016 | 99,426 | |
Prior to 2016 | 75,672 | |
Revolving Loans | 580,123 | |
Revolving to Term Loans | 848 | |
Total Loans | 1,898,709 | 1,229,891 |
Commercial loans | Commercial & industrial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 25,612 | |
2019 | 7,107 | |
2018 | 1,167 | |
2017 | 4,330 | |
2016 | 24,204 | |
Prior to 2016 | 0 | |
Revolving Loans | 2,275 | |
Revolving to Term Loans | 0 | |
Total Loans | 64,695 | 18,125 |
Commercial loans | Commercial & industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 30,894 | |
2019 | 9,696 | |
2018 | 10,780 | |
2017 | 901 | |
2016 | 23,907 | |
Prior to 2016 | 4,561 | |
Revolving Loans | 71,223 | |
Revolving to Term Loans | 147 | |
Total Loans | 152,109 | 20,679 |
Commercial loans | Commercial & industrial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Commercial loans | Commercial & industrial | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Commercial loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 346,628 | |
2019 | 438,487 | |
2018 | 288,458 | |
2017 | 169,366 | |
2016 | 42,514 | |
Prior to 2016 | 0 | |
Revolving Loans | 66,961 | |
Revolving to Term Loans | 0 | |
Total Loans | 1,352,414 | 2,038,052 |
Commercial loans | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 344,346 | |
2019 | 405,030 | |
2018 | 239,125 | |
2017 | 132,034 | |
2016 | 290 | |
Prior to 2016 | 0 | |
Revolving Loans | 66,961 | |
Revolving to Term Loans | 0 | |
Total Loans | 1,187,786 | 2,038,052 |
Commercial loans | Construction | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2,275 | |
2019 | 0 | |
2018 | 43,486 | |
2017 | 15,417 | |
2016 | 0 | |
Prior to 2016 | 0 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 61,178 | 0 |
Commercial loans | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 7 | |
2019 | 33,457 | |
2018 | 5,847 | |
2017 | 21,915 | |
2016 | 42,224 | |
Prior to 2016 | 0 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 103,450 | 0 |
Commercial loans | Construction | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Commercial loans | Construction | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Commercial loans | Land - acquisition & development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 47,223 | |
2019 | 43,297 | |
2018 | 18,139 | |
2017 | 18,338 | |
2016 | 3,774 | |
Prior to 2016 | 17,484 | |
Revolving Loans | 5,316 | |
Revolving to Term Loans | 0 | |
Total Loans | 153,571 | 204,107 |
Commercial loans | Land - acquisition & development | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 47,223 | |
2019 | 43,297 | |
2018 | 18,139 | |
2017 | 18,338 | |
2016 | 3,774 | |
Prior to 2016 | 1,911 | |
Revolving Loans | 5,316 | |
Revolving to Term Loans | 0 | |
Total Loans | 137,998 | 200,283 |
Commercial loans | Land - acquisition & development | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 15,573 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 15,573 | 0 |
Commercial loans | Land - acquisition & development | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 3,824 |
Commercial loans | Land - acquisition & development | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Commercial loans | Land - acquisition & development | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,075,125 | |
2019 | 697,473 | |
2018 | 665,865 | |
2017 | 723,530 | |
2016 | 526,732 | |
Prior to 2016 | 2,090,013 | |
Revolving Loans | 134,702 | |
Revolving to Term Loans | 1,406 | |
Total Loans | 5,914,846 | 6,747,690 |
Consumer loans | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,075,125 | |
2019 | 696,739 | |
2018 | 665,713 | |
2017 | 721,888 | |
2016 | 525,957 | |
Prior to 2016 | 2,066,135 | |
Revolving Loans | 134,077 | |
Revolving to Term Loans | 1,406 | |
Total Loans | 5,887,040 | |
Consumer loans | 30 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 152 | |
2017 | 921 | |
2016 | 135 | |
Prior to 2016 | 3,031 | |
Revolving Loans | 231 | |
Revolving to Term Loans | 0 | |
Total Loans | 4,470 | |
Consumer loans | 60 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 3,156 | |
Revolving Loans | 39 | |
Revolving to Term Loans | 0 | |
Total Loans | 3,195 | |
Consumer loans | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 734 | |
2018 | 0 | |
2017 | 721 | |
2016 | 640 | |
Prior to 2016 | 17,691 | |
Revolving Loans | 355 | |
Revolving to Term Loans | 0 | |
Total Loans | 20,141 | |
Consumer loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 5,890,720 | 6,719,156 |
Consumer loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 192 | 0 |
Consumer loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 23,934 | 28,534 |
Consumer loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 200,853 | |
2019 | 91,940 | |
2018 | 3,160 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 0 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 295,953 | 540,741 |
Consumer loans | Construction | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 200,853 | |
2019 | 91,940 | |
2018 | 3,160 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 0 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 295,953 | |
Consumer loans | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 295,953 | 540,741 |
Consumer loans | Construction | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Construction | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Construction | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Single-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 828,030 | |
2019 | 585,813 | |
2018 | 597,198 | |
2017 | 715,365 | |
2016 | 523,775 | |
Prior to 2016 | 2,043,781 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 5,293,962 | 5,835,194 |
Consumer loans | Single-family residential | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 828,030 | |
2019 | 585,133 | |
2018 | 597,198 | |
2017 | 714,066 | |
2016 | 523,000 | |
Prior to 2016 | 2,020,181 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 5,267,608 | |
Consumer loans | Single-family residential | 30 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 859 | |
2016 | 135 | |
Prior to 2016 | 2,928 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 3,922 | |
Consumer loans | Single-family residential | 60 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 3,108 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 3,108 | |
Consumer loans | Single-family residential | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 680 | |
2018 | 0 | |
2017 | 440 | |
2016 | 640 | |
Prior to 2016 | 17,564 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 19,324 | |
Consumer loans | Single-family residential | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 5,270,666 | 5,808,444 |
Consumer loans | Single-family residential | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 192 | 0 |
Consumer loans | Single-family residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 23,104 | 26,750 |
Consumer loans | Single-family residential | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Single-family residential | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Land - consumer lot loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 44,908 | |
2019 | 18,139 | |
2018 | 7,123 | |
2017 | 7,815 | |
2016 | 2,619 | |
Prior to 2016 | 20,790 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 101,394 | 99,694 |
Consumer loans | Land - consumer lot loans | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 44,908 | |
2019 | 18,139 | |
2018 | 6,971 | |
2017 | 7,693 | |
2016 | 2,619 | |
Prior to 2016 | 20,699 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 101,029 | |
Consumer loans | Land - consumer lot loans | 30 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 152 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 0 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 152 | |
Consumer loans | Land - consumer lot loans | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 122 | |
2016 | 0 | |
Prior to 2016 | 91 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 213 | |
Consumer loans | Land - consumer lot loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 101,151 | 98,828 |
Consumer loans | Land - consumer lot loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Land - consumer lot loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 243 | 866 |
Consumer loans | Land - consumer lot loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Land - consumer lot loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | HELOC | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 6,843 | |
Revolving Loans | 131,973 | |
Revolving to Term Loans | 1,406 | |
Total Loans | 140,222 | 142,178 |
Consumer loans | HELOC | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 6,732 | |
Revolving Loans | 131,353 | |
Revolving to Term Loans | 1,406 | |
Total Loans | 139,491 | |
Consumer loans | HELOC | 30 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 44 | |
Revolving Loans | 231 | |
Revolving to Term Loans | 0 | |
Total Loans | 275 | |
Consumer loans | HELOC | 60 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 37 | |
Revolving Loans | 39 | |
Revolving to Term Loans | 0 | |
Total Loans | 76 | |
Consumer loans | HELOC | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 30 | |
Revolving Loans | 350 | |
Revolving to Term Loans | 0 | |
Total Loans | 380 | |
Consumer loans | HELOC | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 139,646 | 141,271 |
Consumer loans | HELOC | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | HELOC | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 576 | 907 |
Consumer loans | HELOC | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | HELOC | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,334 | |
2019 | 1,581 | |
2018 | 58,384 | |
2017 | 350 | |
2016 | 338 | |
Prior to 2016 | 18,599 | |
Revolving Loans | 2,729 | |
Revolving to Term Loans | 0 | |
Total Loans | 83,315 | 129,883 |
Consumer loans | Consumer | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,334 | |
2019 | 1,527 | |
2018 | 58,384 | |
2017 | 129 | |
2016 | 338 | |
Prior to 2016 | 18,523 | |
Revolving Loans | 2,724 | |
Revolving to Term Loans | 0 | |
Total Loans | 82,959 | |
Consumer loans | Consumer | 30 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 62 | |
2016 | 0 | |
Prior to 2016 | 59 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 121 | |
Consumer loans | Consumer | 60 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 11 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 11 | |
Consumer loans | Consumer | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 54 | |
2018 | 0 | |
2017 | 159 | |
2016 | 0 | |
Prior to 2016 | 6 | |
Revolving Loans | 5 | |
Revolving to Term Loans | 0 | |
Total Loans | 224 | |
Consumer loans | Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 83,304 | 129,872 |
Consumer loans | Consumer | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 11 | 11 |
Consumer loans | Consumer | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Consumer | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | $ 0 | $ 0 |
Allowance for Loan Losses - ASU
Allowance for Loan Losses - ASU and Change in Accounting Principle (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Oct. 01, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | $ 166,955 | [1] | $ 131,534 | [1] | $ 129,257 | |
Reserve for unfunded commitments | 25,000 | 6,900 | ||||
Total allowance for credit losses | 191,955 | 138,434 | ||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 17,750 | |||||
Reserve for unfunded commitments | 10,750 | |||||
Total allowance for credit losses | 28,500 | |||||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | $ 149,284 | |||||
Reserve for unfunded commitments | 17,650 | |||||
Total allowance for credit losses | 166,934 | |||||
Commercial loans | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 109,923 | 93,470 | 88,178 | |||
Commercial loans | Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | (4,135) | |||||
Commercial loans | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 89,335 | |||||
Commercial loans | Multi-family | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 13,853 | 7,391 | 8,329 | |||
Commercial loans | Multi-family | Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 3,013 | |||||
Commercial loans | Multi-family | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 10,404 | |||||
Commercial loans | Commercial real estate | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 22,516 | 13,170 | 11,852 | |||
Commercial loans | Commercial real estate | Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | (146) | |||||
Commercial loans | Commercial real estate | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 13,024 | |||||
Commercial loans | Commercial & industrial | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 38,665 | 31,450 | 28,702 | |||
Commercial loans | Commercial & industrial | Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 785 | |||||
Commercial loans | Commercial & industrial | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 32,235 | |||||
Commercial loans | Construction | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 24,156 | 32,304 | 31,317 | |||
Commercial loans | Construction | Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | (9,536) | |||||
Commercial loans | Construction | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 22,768 | |||||
Commercial loans | Land - acquisition & development | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 10,733 | 9,155 | 7,978 | |||
Commercial loans | Land - acquisition & development | Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 1,749 | |||||
Commercial loans | Land - acquisition & development | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 10,904 | |||||
Consumer loans | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 57,032 | 38,064 | 41,079 | |||
Consumer loans | Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 21,885 | |||||
Consumer loans | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 59,949 | |||||
Consumer loans | Construction | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 3,555 | 1,369 | 1,842 | |||
Consumer loans | Construction | Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 1,511 | |||||
Consumer loans | Construction | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 2,880 | |||||
Consumer loans | Single-family residential | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 45,186 | 30,988 | 33,033 | |||
Consumer loans | Single-family residential | Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 16,783 | |||||
Consumer loans | Single-family residential | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 47,771 | |||||
Consumer loans | Land - consumer lot loans | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 2,729 | 2,143 | 2,164 | |||
Consumer loans | Land - consumer lot loans | Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 492 | |||||
Consumer loans | Land - consumer lot loans | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 2,635 | |||||
Consumer loans | HELOC | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 2,571 | 1,103 | 781 | |||
Consumer loans | HELOC | Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 945 | |||||
Consumer loans | HELOC | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | 2,048 | |||||
Consumer loans | Consumer | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | $ 2,991 | 2,461 | $ 3,259 | |||
Consumer loans | Consumer | Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | $ 2,154 | |||||
Consumer loans | Consumer | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan losses | $ 4,615 | |||||
[1] | Effective October 1, 2019, the Company has applied FASB ASU 2016-13, Financial Instruments - Credit Losses ("ASC 326"), which requires the use of the current expected credit loss methodology ("CECL"). Prior to October 1, 2019, the calculation was based on incurred loss methodology. See Note E "Allowance for Loan Losses" for details. |
Allowance for Loan Losses - All
Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance | $ 131,534 | [1] | $ 129,257 | |
Charge-offs | (5,755) | (11,476) | ||
Recoveries | 9,026 | 15,053 | ||
Provision & Transfers | 14,400 | (1,300) | ||
Ending Allowance | [1] | 166,955 | 131,534 | |
Commercial loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance | 93,470 | 88,178 | ||
Charge-offs | (4,318) | (6,317) | ||
Recoveries | 5,646 | 12,101 | ||
Provision & Transfers | 19,260 | (492) | ||
Ending Allowance | 109,923 | 93,470 | ||
Commercial loans | Multi-family | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance | 7,391 | 8,329 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 498 | 0 | ||
Provision & Transfers | 2,951 | (938) | ||
Ending Allowance | 13,853 | 7,391 | ||
Commercial loans | Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance | 13,170 | 11,852 | ||
Charge-offs | (111) | (428) | ||
Recoveries | 2,447 | 1,102 | ||
Provision & Transfers | 7,156 | 644 | ||
Ending Allowance | 22,516 | 13,170 | ||
Commercial loans | Commercial & industrial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance | 31,450 | 28,702 | ||
Charge-offs | (4,196) | (5,782) | ||
Recoveries | 443 | 3,443 | ||
Provision & Transfers | 10,183 | 5,087 | ||
Ending Allowance | 38,665 | 31,450 | ||
Commercial loans | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance | 32,304 | 31,317 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 188 | 99 | ||
Provision & Transfers | 1,200 | 888 | ||
Ending Allowance | 24,156 | 32,304 | ||
Commercial loans | Land - acquisition & development | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance | 9,155 | 7,978 | ||
Charge-offs | (11) | (107) | ||
Recoveries | 2,070 | 7,457 | ||
Provision & Transfers | (2,230) | (6,173) | ||
Ending Allowance | 10,733 | 9,155 | ||
Consumer loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance | 38,064 | 41,079 | ||
Charge-offs | (1,437) | (5,159) | ||
Recoveries | 3,380 | 2,952 | ||
Provision & Transfers | (4,860) | (808) | ||
Ending Allowance | 57,032 | 38,064 | ||
Consumer loans | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance | 1,369 | 1,842 | ||
Charge-offs | 0 | (1,973) | ||
Recoveries | 0 | 0 | ||
Provision & Transfers | 675 | 1,500 | ||
Ending Allowance | 3,555 | 1,369 | ||
Consumer loans | Single-family residential | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance | 30,988 | 33,033 | ||
Charge-offs | (131) | (268) | ||
Recoveries | 1,394 | 1,020 | ||
Provision & Transfers | (3,848) | (2,797) | ||
Ending Allowance | 45,186 | 30,988 | ||
Consumer loans | Land - consumer lot loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance | 2,143 | 2,164 | ||
Charge-offs | (237) | (804) | ||
Recoveries | 639 | 719 | ||
Provision & Transfers | (308) | 64 | ||
Ending Allowance | 2,729 | 2,143 | ||
Consumer loans | HELOC | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance | 1,103 | 781 | ||
Charge-offs | 0 | (1,086) | ||
Recoveries | 95 | 46 | ||
Provision & Transfers | 428 | 1,362 | ||
Ending Allowance | 2,571 | 1,103 | ||
Consumer loans | Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance | 2,461 | 3,259 | ||
Charge-offs | (1,069) | (1,028) | ||
Recoveries | 1,252 | 1,167 | ||
Provision & Transfers | (1,807) | (937) | ||
Ending Allowance | $ 2,991 | $ 2,461 | ||
[1] | Effective October 1, 2019, the Company has applied FASB ASU 2016-13, Financial Instruments - Credit Losses ("ASC 326"), which requires the use of the current expected credit loss methodology ("CECL"). Prior to October 1, 2019, the calculation was based on incurred loss methodology. See Note E "Allowance for Loan Losses" for details. |
Allowance for Loan Losses - Nar
Allowance for Loan Losses - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||||||
Provision (release) for credit losses | $ 6,500,000 | $ 10,800,000 | $ 8,200,000 | $ (3,750,000) | $ (1,900,000) | $ 0 | $ 750,000 | $ (500,000) | $ 21,750,000 | $ (1,650,000) | $ (5,450,000) | |||||
Net (charge-offs) recoveries | 3,271,000 | 3,577,000 | ||||||||||||||
Allowance for loan losses | 166,955,000 | [1] | 131,534,000 | [1] | 166,955,000 | [1] | 131,534,000 | [1] | 129,257,000 | |||||||
SBA PPP loans | [1] | 12,792,317,000 | 11,930,575,000 | 12,792,317,000 | 11,930,575,000 | |||||||||||
Financing receivable, gross | 12,959,272,000 | 13,312,388,000 | 12,959,272,000 | 13,312,388,000 | ||||||||||||
Loans Subject to Quantitative Evaluation | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||||||
Allowance for loan losses | 115,457,000 | 115,457,000 | ||||||||||||||
Loans Subject to Management Qualitative Evaluation | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||||||
Allowance for loan losses | 51,498,000 | 51,498,000 | ||||||||||||||
Non-Performing Loans | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||||||
Financing receivable, gross | $ 37,695,000 | $ 43,826,000 | $ 37,695,000 | $ 43,826,000 | ||||||||||||
Ratio of non-performing assets to total assets | 0.20% | 0.27% | 0.20% | 0.27% | ||||||||||||
Financial Asset Originated | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||||||
Non-accrual loans | $ 29,056,000 | $ 33,731,000 | $ 29,056,000 | $ 33,731,000 | ||||||||||||
Commercial loans | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||||||
Allowance for loan losses | 109,923,000 | 93,470,000 | 109,923,000 | 93,470,000 | 88,178,000 | |||||||||||
Financing receivable, gross | 7,044,426,000 | 6,564,698,000 | 7,044,426,000 | 6,564,698,000 | ||||||||||||
Commercial loans | Financial Asset Originated | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||||||
Non-accrual loans | 5,769,000 | 7,296,000 | 5,769,000 | 7,296,000 | ||||||||||||
Commercial loans | Commercial & industrial | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||||||
Allowance for loan losses | 38,665,000 | 31,450,000 | 38,665,000 | 31,450,000 | $ 28,702,000 | |||||||||||
Financing receivable, gross | 2,115,513,000 | 1,268,695,000 | 2,115,513,000 | 1,268,695,000 | ||||||||||||
Commercial loans | Commercial & industrial | Financial Asset Originated | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||||||
Non-accrual loans | 329,000 | $ 1,292,000 | 329,000 | $ 1,292,000 | ||||||||||||
Commercial loans | Commercial & industrial | SBA Payroll Protection Program, CARES Act | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||||||
Allowance for loan losses | 0 | 0 | ||||||||||||||
SBA PPP loans | $ 745,081,000 | $ 745,081,000 | ||||||||||||||
[1] | Effective October 1, 2019, the Company has applied FASB ASU 2016-13, Financial Instruments - Credit Losses ("ASC 326"), which requires the use of the current expected credit loss methodology ("CECL"). Prior to October 1, 2019, the calculation was based on incurred loss methodology. See Note E "Allowance for Loan Losses" for details. |
Allowance for Loan Losses - Loa
Allowance for Loan Losses - Loans Collectively and Individually Evaluated for Impairment (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 131,095 |
Allowance allocation, loans individually evaluated for impairment | 439 |
Recorded investment of loans, loans collectively evaluated for impairment | 12,076,622 |
Recorded investment of loans, loans individually evaluated for impairment | $ 34,425 |
Ratio, loans collectively evaluated for impairment | 1.10% |
Ratio, loans individually evaluated for impairment | 1.30% |
Commercial loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 93,031 |
Allowance allocation, loans individually evaluated for impairment | 439 |
Recorded investment of loans, loans collectively evaluated for impairment | 5,633,438 |
Recorded investment of loans, loans individually evaluated for impairment | $ 15,185 |
Ratio, loans collectively evaluated for impairment | 1.70% |
Ratio, loans individually evaluated for impairment | 2.90% |
Commercial loans | Multi-family | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 7,387 |
Allowance allocation, loans individually evaluated for impairment | 4 |
Recorded investment of loans, loans collectively evaluated for impairment | 1,422,266 |
Recorded investment of loans, loans individually evaluated for impairment | $ 385 |
Ratio, loans collectively evaluated for impairment | 0.50% |
Ratio, loans individually evaluated for impairment | 1.00% |
Commercial loans | Commercial real estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 12,847 |
Allowance allocation, loans individually evaluated for impairment | 323 |
Recorded investment of loans, loans collectively evaluated for impairment | 1,618,406 |
Recorded investment of loans, loans individually evaluated for impairment | $ 12,765 |
Ratio, loans collectively evaluated for impairment | 0.80% |
Ratio, loans individually evaluated for impairment | 2.50% |
Commercial loans | Commercial & industrial | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 31,358 |
Allowance allocation, loans individually evaluated for impairment | 92 |
Recorded investment of loans, loans collectively evaluated for impairment | 1,266,913 |
Recorded investment of loans, loans individually evaluated for impairment | $ 1,805 |
Ratio, loans collectively evaluated for impairment | 2.50% |
Ratio, loans individually evaluated for impairment | 5.10% |
Commercial loans | Construction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 32,304 |
Allowance allocation, loans individually evaluated for impairment | 0 |
Recorded investment of loans, loans collectively evaluated for impairment | 1,164,889 |
Recorded investment of loans, loans individually evaluated for impairment | $ 0 |
Ratio, loans collectively evaluated for impairment | 2.80% |
Ratio, loans individually evaluated for impairment | 0.00% |
Commercial loans | Land - acquisition & development | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 9,135 |
Allowance allocation, loans individually evaluated for impairment | 20 |
Recorded investment of loans, loans collectively evaluated for impairment | 160,964 |
Recorded investment of loans, loans individually evaluated for impairment | $ 230 |
Ratio, loans collectively evaluated for impairment | 5.70% |
Ratio, loans individually evaluated for impairment | 8.70% |
Consumer loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 38,064 |
Allowance allocation, loans individually evaluated for impairment | 0 |
Recorded investment of loans, loans collectively evaluated for impairment | 6,443,184 |
Recorded investment of loans, loans individually evaluated for impairment | $ 19,240 |
Ratio, loans collectively evaluated for impairment | 0.60% |
Ratio, loans individually evaluated for impairment | 0.00% |
Consumer loans | Construction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 1,369 |
Allowance allocation, loans individually evaluated for impairment | 0 |
Recorded investment of loans, loans collectively evaluated for impairment | 255,505 |
Recorded investment of loans, loans individually evaluated for impairment | $ 0 |
Ratio, loans collectively evaluated for impairment | 0.50% |
Ratio, loans individually evaluated for impairment | 0.00% |
Consumer loans | Single-family residential | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 30,988 |
Allowance allocation, loans individually evaluated for impairment | 0 |
Recorded investment of loans, loans collectively evaluated for impairment | 5,822,200 |
Recorded investment of loans, loans individually evaluated for impairment | $ 17,978 |
Ratio, loans collectively evaluated for impairment | 0.50% |
Ratio, loans individually evaluated for impairment | 0.00% |
Consumer loans | Land - consumer lot loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 2,143 |
Allowance allocation, loans individually evaluated for impairment | 0 |
Recorded investment of loans, loans collectively evaluated for impairment | 95,574 |
Recorded investment of loans, loans individually evaluated for impairment | $ 375 |
Ratio, loans collectively evaluated for impairment | 2.20% |
Ratio, loans individually evaluated for impairment | 0.00% |
Consumer loans | HELOC | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 1,103 |
Allowance allocation, loans individually evaluated for impairment | 0 |
Recorded investment of loans, loans collectively evaluated for impairment | 140,378 |
Recorded investment of loans, loans individually evaluated for impairment | $ 837 |
Ratio, loans collectively evaluated for impairment | 0.80% |
Ratio, loans individually evaluated for impairment | 0.00% |
Consumer loans | Consumer | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 2,461 |
Allowance allocation, loans individually evaluated for impairment | 0 |
Recorded investment of loans, loans collectively evaluated for impairment | 129,527 |
Recorded investment of loans, loans individually evaluated for impairment | $ 50 |
Ratio, loans collectively evaluated for impairment | 1.90% |
Ratio, loans individually evaluated for impairment | 0.00% |
Allowance for Loan Losses - Int
Allowance for Loan Losses - Internally Assigned Grade (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | $ 12,959,272 | $ 13,312,388 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | $ 12,303,135 | $ 13,208,853 |
Pass | Accounts Receivable | Credit Concentration Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total grade as a % of total gross loans | 94.90% | 99.20% |
Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | $ 247,543 | $ 20,879 |
Special mention | Accounts Receivable | Credit Concentration Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total grade as a % of total gross loans | 1.90% | 0.20% |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | $ 408,594 | $ 82,656 |
Substandard | Accounts Receivable | Credit Concentration Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total grade as a % of total gross loans | 3.20% | 0.60% |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | $ 0 | $ 0 |
Doubtful | Accounts Receivable | Credit Concentration Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total grade as a % of total gross loans | 0.00% | 0.00% |
Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | $ 0 | $ 0 |
Loss | Accounts Receivable | Credit Concentration Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total grade as a % of total gross loans | 0.00% | 0.00% |
Commercial loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | $ 7,044,426 | $ 6,564,698 |
Commercial loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 6,412,415 | 6,489,697 |
Commercial loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 247,351 | 20,879 |
Commercial loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 384,660 | 54,122 |
Commercial loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Commercial loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Commercial loans | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 1,538,240 | 1,422,674 |
Commercial loans | Multi-family | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 1,506,692 | 1,418,837 |
Commercial loans | Multi-family | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 13,721 | 0 |
Commercial loans | Multi-family | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 17,827 | 3,837 |
Commercial loans | Multi-family | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Commercial loans | Multi-family | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Commercial loans | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 1,884,688 | 1,631,170 |
Commercial loans | Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 1,681,230 | 1,602,634 |
Commercial loans | Commercial real estate | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 92,184 | 2,754 |
Commercial loans | Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 111,274 | 25,782 |
Commercial loans | Commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Commercial loans | Commercial real estate | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Commercial loans | Commercial & industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 2,115,513 | 1,268,695 |
Commercial loans | Commercial & industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 1,898,709 | 1,229,891 |
Commercial loans | Commercial & industrial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 64,695 | 18,125 |
Commercial loans | Commercial & industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 152,109 | 20,679 |
Commercial loans | Commercial & industrial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Commercial loans | Commercial & industrial | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Commercial loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 1,352,414 | 2,038,052 |
Commercial loans | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 1,187,786 | 2,038,052 |
Commercial loans | Construction | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 61,178 | 0 |
Commercial loans | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 103,450 | 0 |
Commercial loans | Construction | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Commercial loans | Construction | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Commercial loans | Land - acquisition & development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 153,571 | 204,107 |
Commercial loans | Land - acquisition & development | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 137,998 | 200,283 |
Commercial loans | Land - acquisition & development | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 15,573 | 0 |
Commercial loans | Land - acquisition & development | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 3,824 |
Commercial loans | Land - acquisition & development | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Commercial loans | Land - acquisition & development | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 5,914,846 | 6,747,690 |
Consumer loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 5,890,720 | 6,719,156 |
Consumer loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 192 | 0 |
Consumer loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 23,934 | 28,534 |
Consumer loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Consumer loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Consumer loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 295,953 | 540,741 |
Consumer loans | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 295,953 | 540,741 |
Consumer loans | Construction | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Consumer loans | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Consumer loans | Construction | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Consumer loans | Construction | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Consumer loans | Single-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 5,293,962 | 5,835,194 |
Consumer loans | Single-family residential | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 5,270,666 | 5,808,444 |
Consumer loans | Single-family residential | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 192 | 0 |
Consumer loans | Single-family residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 23,104 | 26,750 |
Consumer loans | Single-family residential | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Consumer loans | Single-family residential | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Consumer loans | Land - consumer lot loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 101,394 | 99,694 |
Consumer loans | Land - consumer lot loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 101,151 | 98,828 |
Consumer loans | Land - consumer lot loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Consumer loans | Land - consumer lot loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 243 | 866 |
Consumer loans | Land - consumer lot loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Consumer loans | Land - consumer lot loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Consumer loans | HELOC | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 140,222 | 142,178 |
Consumer loans | HELOC | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 139,646 | 141,271 |
Consumer loans | HELOC | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Consumer loans | HELOC | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 576 | 907 |
Consumer loans | HELOC | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Consumer loans | HELOC | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 83,315 | 129,883 |
Consumer loans | Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 83,304 | 129,872 |
Consumer loans | Consumer | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Consumer loans | Consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 11 | 11 |
Consumer loans | Consumer | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | 0 | 0 |
Consumer loans | Consumer | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, gross | $ 0 | $ 0 |
Allowance for Loan Losses - Cre
Allowance for Loan Losses - Credit Risk Profile Based on Payment Activity (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 12,959,272 | $ 13,312,388 |
Commercial loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 7,044,426 | 6,564,698 |
Commercial loans | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 1,538,240 | 1,422,674 |
Commercial loans | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 1,884,688 | 1,631,170 |
Commercial loans | Commercial & industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 2,115,513 | 1,268,695 |
Commercial loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 1,352,414 | 2,038,052 |
Commercial loans | Land - acquisition & development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 153,571 | 204,107 |
Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 5,914,846 | 6,747,690 |
Consumer loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 295,953 | 540,741 |
Consumer loans | Single-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 5,293,962 | 5,835,194 |
Consumer loans | Land - consumer lot loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 101,394 | 99,694 |
Consumer loans | HELOC | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 140,222 | 142,178 |
Consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 83,315 | 129,883 |
Performing Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 12,930,216 | $ 13,278,657 |
% of Total Loans | 99.80% | 99.70% |
Performing Loans | Commercial loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 7,038,657 | $ 6,557,402 |
% of Total Loans | 99.90% | 99.90% |
Performing Loans | Commercial loans | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 1,538,240 | $ 1,422,674 |
% of Total Loans | 100.00% | 100.00% |
Performing Loans | Commercial loans | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 1,880,917 | $ 1,625,335 |
% of Total Loans | 99.80% | 99.60% |
Performing Loans | Commercial loans | Commercial & industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 2,115,184 | $ 1,267,403 |
% of Total Loans | 100.00% | 99.90% |
Performing Loans | Commercial loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 1,350,745 | $ 2,038,052 |
% of Total Loans | 99.90% | 100.00% |
Performing Loans | Commercial loans | Land - acquisition & development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 153,571 | $ 203,938 |
% of Total Loans | 100.00% | 99.90% |
Performing Loans | Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 5,891,559 | $ 6,721,255 |
% of Total Loans | 99.60% | 99.60% |
Performing Loans | Consumer loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 295,953 | $ 540,741 |
% of Total Loans | 100.00% | 100.00% |
Performing Loans | Consumer loans | Single-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 5,271,531 | $ 5,809,923 |
% of Total Loans | 99.60% | 99.60% |
Performing Loans | Consumer loans | Land - consumer lot loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 101,151 | $ 99,448 |
% of Total Loans | 99.80% | 99.80% |
Performing Loans | Consumer loans | HELOC | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 139,669 | $ 141,271 |
% of Total Loans | 99.60% | 99.40% |
Performing Loans | Consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 83,255 | $ 129,872 |
% of Total Loans | 99.90% | 100.00% |
Non-Performing Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 29,056 | $ 33,731 |
% of Total Loans | 0.20% | 0.30% |
Non-Performing Loans | Commercial loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 5,769 | $ 7,296 |
% of Total Loans | 0.10% | 0.10% |
Non-Performing Loans | Commercial loans | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 0 | $ 0 |
% of Total Loans | 0.00% | 0.00% |
Non-Performing Loans | Commercial loans | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 3,771 | $ 5,835 |
% of Total Loans | 0.20% | 0.40% |
Non-Performing Loans | Commercial loans | Commercial & industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 329 | $ 1,292 |
% of Total Loans | 0.00% | 0.10% |
Non-Performing Loans | Commercial loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 1,669 | $ 0 |
% of Total Loans | 0.10% | 0.00% |
Non-Performing Loans | Commercial loans | Land - acquisition & development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 0 | $ 169 |
% of Total Loans | 0.00% | 0.10% |
Non-Performing Loans | Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 23,287 | $ 26,435 |
% of Total Loans | 0.40% | 0.40% |
Non-Performing Loans | Consumer loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 0 | $ 0 |
% of Total Loans | 0.00% | 0.00% |
Non-Performing Loans | Consumer loans | Single-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 22,431 | $ 25,271 |
% of Total Loans | 0.40% | 0.40% |
Non-Performing Loans | Consumer loans | Land - consumer lot loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 243 | $ 246 |
% of Total Loans | 0.20% | 0.20% |
Non-Performing Loans | Consumer loans | HELOC | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 553 | $ 907 |
% of Total Loans | 0.40% | 0.60% |
Non-Performing Loans | Consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 60 | $ 11 |
% of Total Loans | 0.10% | 0.00% |
Allowance for Loan Losses - Imp
Allowance for Loan Losses - Impaired Loans Based on Loan Types (Details) $ in Thousands | 12 Months Ended |
Sep. 30, 2019USD ($) | |
Recorded Investment | |
Impaired loans with no related allowance recorded | $ 27,869 |
Impaired loans with an related allowance recorded | 121,677 |
Total impaired loans | 149,546 |
Unpaid Principal Balance | |
Impaired loans with no related allowance recorded | 38,486 |
Impaired loans with an related allowance recorded | 126,075 |
Total impaired loans | 164,561 |
Impaired loans, related allowance | 2,647 |
Average Recorded Investment (Year-To-Date) | |
Impaired loans with no related allowance recorded | 35,649 |
Impaired loans with an related allowance recorded | 139,538 |
Total impaired loans | 175,187 |
Single-family residential | |
Unpaid Principal Balance | |
Impaired loans, related allowance | 2,208 |
Non single-family residential | |
Unpaid Principal Balance | |
Impaired loans, related allowance | 439 |
Commercial loans | Multi-family | |
Recorded Investment | |
Impaired loans with no related allowance recorded | 0 |
Impaired loans with an related allowance recorded | 385 |
Total impaired loans | 385 |
Unpaid Principal Balance | |
Impaired loans with no related allowance recorded | 0 |
Impaired loans with an related allowance recorded | 385 |
Total impaired loans | 385 |
Impaired loans, related allowance | 4 |
Average Recorded Investment (Year-To-Date) | |
Impaired loans with no related allowance recorded | 286 |
Impaired loans with an related allowance recorded | 418 |
Total impaired loans | 704 |
Commercial loans | Commercial real estate | |
Recorded Investment | |
Impaired loans with no related allowance recorded | 7,467 |
Impaired loans with an related allowance recorded | 4,168 |
Total impaired loans | 11,635 |
Unpaid Principal Balance | |
Impaired loans with no related allowance recorded | 11,881 |
Impaired loans with an related allowance recorded | 5,298 |
Total impaired loans | 17,179 |
Impaired loans, related allowance | 323 |
Average Recorded Investment (Year-To-Date) | |
Impaired loans with no related allowance recorded | 8,890 |
Impaired loans with an related allowance recorded | 5,160 |
Total impaired loans | 14,050 |
Commercial loans | Commercial & industrial | |
Recorded Investment | |
Impaired loans with no related allowance recorded | 1,114 |
Impaired loans with an related allowance recorded | 426 |
Total impaired loans | 1,540 |
Unpaid Principal Balance | |
Impaired loans with no related allowance recorded | 5,312 |
Impaired loans with an related allowance recorded | 691 |
Total impaired loans | 6,003 |
Impaired loans, related allowance | 92 |
Average Recorded Investment (Year-To-Date) | |
Impaired loans with no related allowance recorded | 7,168 |
Impaired loans with an related allowance recorded | 2,535 |
Total impaired loans | 9,703 |
Commercial loans | Construction | |
Recorded Investment | |
Impaired loans with no related allowance recorded | 0 |
Impaired loans with an related allowance recorded | 0 |
Total impaired loans | 0 |
Unpaid Principal Balance | |
Impaired loans with no related allowance recorded | 0 |
Impaired loans with an related allowance recorded | 0 |
Total impaired loans | 0 |
Impaired loans, related allowance | 0 |
Average Recorded Investment (Year-To-Date) | |
Impaired loans with no related allowance recorded | 1,172 |
Impaired loans with an related allowance recorded | 0 |
Total impaired loans | 1,172 |
Commercial loans | Land - acquisition & development | |
Recorded Investment | |
Impaired loans with no related allowance recorded | 78 |
Impaired loans with an related allowance recorded | 91 |
Total impaired loans | 169 |
Unpaid Principal Balance | |
Impaired loans with no related allowance recorded | 143 |
Impaired loans with an related allowance recorded | 152 |
Total impaired loans | 295 |
Impaired loans, related allowance | 0 |
Average Recorded Investment (Year-To-Date) | |
Impaired loans with no related allowance recorded | 290 |
Impaired loans with an related allowance recorded | 99 |
Total impaired loans | 389 |
Consumer loans | Construction | |
Recorded Investment | |
Impaired loans with no related allowance recorded | 0 |
Impaired loans with an related allowance recorded | 0 |
Total impaired loans | 0 |
Unpaid Principal Balance | |
Impaired loans with no related allowance recorded | 0 |
Impaired loans with an related allowance recorded | 0 |
Total impaired loans | 0 |
Impaired loans, related allowance | 0 |
Average Recorded Investment (Year-To-Date) | |
Impaired loans with no related allowance recorded | 251 |
Impaired loans with an related allowance recorded | 0 |
Total impaired loans | 251 |
Consumer loans | Single-family residential | |
Recorded Investment | |
Impaired loans with no related allowance recorded | 17,979 |
Impaired loans with an related allowance recorded | 112,042 |
Total impaired loans | 130,021 |
Unpaid Principal Balance | |
Impaired loans with no related allowance recorded | 19,252 |
Impaired loans with an related allowance recorded | 114,609 |
Total impaired loans | 133,861 |
Impaired loans, related allowance | 2,208 |
Average Recorded Investment (Year-To-Date) | |
Impaired loans with no related allowance recorded | 16,685 |
Impaired loans with an related allowance recorded | 125,976 |
Total impaired loans | 142,661 |
Consumer loans | Land - consumer lot loans | |
Recorded Investment | |
Impaired loans with no related allowance recorded | 344 |
Impaired loans with an related allowance recorded | 3,556 |
Total impaired loans | 3,900 |
Unpaid Principal Balance | |
Impaired loans with no related allowance recorded | 848 |
Impaired loans with an related allowance recorded | 3,695 |
Total impaired loans | 4,543 |
Impaired loans, related allowance | 20 |
Average Recorded Investment (Year-To-Date) | |
Impaired loans with no related allowance recorded | 287 |
Impaired loans with an related allowance recorded | 4,324 |
Total impaired loans | 4,611 |
Consumer loans | HELOC | |
Recorded Investment | |
Impaired loans with no related allowance recorded | 837 |
Impaired loans with an related allowance recorded | 949 |
Total impaired loans | 1,786 |
Unpaid Principal Balance | |
Impaired loans with no related allowance recorded | 931 |
Impaired loans with an related allowance recorded | 963 |
Total impaired loans | 1,894 |
Impaired loans, related allowance | 0 |
Average Recorded Investment (Year-To-Date) | |
Impaired loans with no related allowance recorded | 597 |
Impaired loans with an related allowance recorded | 961 |
Total impaired loans | 1,558 |
Consumer loans | Consumer | |
Recorded Investment | |
Impaired loans with no related allowance recorded | 50 |
Impaired loans with an related allowance recorded | 60 |
Total impaired loans | 110 |
Unpaid Principal Balance | |
Impaired loans with no related allowance recorded | 119 |
Impaired loans with an related allowance recorded | 282 |
Total impaired loans | 401 |
Impaired loans, related allowance | 0 |
Average Recorded Investment (Year-To-Date) | |
Impaired loans with no related allowance recorded | 23 |
Impaired loans with an related allowance recorded | 65 |
Total impaired loans | $ 88 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 2,249,492 | $ 1,485,742 |
Total Financial Assets | 2,976,860 | 2,948,837 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,249,492 | 1,485,742 |
Total Financial Assets | 2,297,693 | 1,507,731 |
Total Financial Liabilities | 90,129 | 32,546 |
Recurring | Client swap program hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 48,201 | 20,381 |
Derivative liabilities | 48,201 | 20,381 |
Recurring | Commercial loan fair value hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 8,492 | 4,288 |
Recurring | Mortgage loan fair value hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1,608 | |
Derivative liabilities | 16,061 | |
Recurring | Borrowings cash flow hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 17,375 | 7,877 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Total Financial Assets | 0 | 0 |
Total Financial Liabilities | 0 | 0 |
Recurring | Level 1 | Client swap program hedges | ||
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 fair value hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | Mortgage loan fair value hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Recurring | Level 1 | Borrowings cash flow hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,249,492 | 1,485,742 |
Total Financial Assets | 2,297,693 | 1,507,731 |
Total Financial Liabilities | 90,129 | 32,546 |
Recurring | Level 2 | Client swap program hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 48,201 | 20,381 |
Derivative liabilities | 48,201 | 20,381 |
Recurring | Level 2 | Commercial loan fair value hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 8,492 | 4,288 |
Recurring | Level 2 | Mortgage loan fair value hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1,608 | |
Derivative liabilities | 16,061 | |
Recurring | Level 2 | Borrowings cash flow hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 17,375 | 7,877 |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Total Financial Assets | 0 | 0 |
Total Financial Liabilities | 0 | 0 |
Recurring | Level 3 | Client swap program hedges | ||
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 fair value hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 3 | Mortgage loan fair value hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Recurring | Level 3 | Borrowings cash flow hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
U.S. government and agency securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 18,824 | 21,088 |
U.S. government and agency securities | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
U.S. government and agency securities | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 18,824 | 21,088 |
U.S. government and agency securities | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Asset-backed securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 936,917 | 249,690 |
Asset-backed securities | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Asset-backed securities | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 936,917 | 249,690 |
Asset-backed securities | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | |
Municipal bonds | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 38,315 | 22,642 |
Municipal bonds | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Municipal bonds | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 38,315 | 22,642 |
Municipal bonds | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Corporate debt securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 287,184 | 209,763 |
Corporate debt securities | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Corporate debt securities | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 287,184 | 209,763 |
Corporate debt securities | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Agency pass-through certificates | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 968,252 | 982,559 |
Agency pass-through certificates | Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Agency pass-through certificates | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 968,252 | 982,559 |
Agency pass-through certificates | Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 0 | $ 0 |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value Measured on Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value disclosure | $ 7,034 | $ 13,969 |
Loans receivable/Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value disclosure | 2,277 | 6,662 |
Real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value disclosure | 4,757 | 7,307 |
Changes Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total gains (losses) | (5,076) | (7,677) |
Changes Measurement | Loans receivable/Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total gains (losses) | (4,843) | (7,796) |
Changes Measurement | Real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total gains (losses) | (233) | 119 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value disclosure | 0 | 0 |
Level 1 | Loans receivable/Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value disclosure | 0 | 0 |
Level 1 | Real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value disclosure | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value disclosure | 0 | 0 |
Level 2 | Loans receivable/Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value disclosure | 0 | 0 |
Level 2 | Real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value disclosure | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value disclosure | 7,034 | 13,969 |
Level 3 | Loans receivable/Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value disclosure | 2,277 | 6,662 |
Level 3 | Real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value disclosure | $ 4,757 | $ 7,307 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - Consumer loans - Single-family residential $ in Thousands | Sep. 30, 2020USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Foreclosed residential real estate properties held as REO | $ 718 |
Real estate acquired through foreclosure | $ 2,663 |
Fair Value Measurements - Fai_3
Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 2,249,492 | $ 1,485,742 |
Held-to-maturity securities | 727,368 | 1,463,095 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,249,492 | 1,485,742 |
Held-to-maturity securities | 705,838 | 1,443,480 |
Carrying Amount | Commercial MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities | 6,904 | 15,000 |
Carrying Amount | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 1,702,977 | 419,158 |
Carrying Amount | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
FHLB and FRB stock | 141,990 | 123,990 |
Time deposits | 3,973,192 | 4,906,963 |
FHLB advances and other borrowings | 2,700,000 | 2,250,000 |
Carrying Amount | Level 2 | Client swap program hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 48,201 | 20,381 |
Other liabilities | 48,201 | 20,381 |
Carrying Amount | Level 2 | Commercial loan fair value hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other liabilities | 8,492 | 4,288 |
Carrying Amount | Level 2 | Mortgage loan fair value hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 1,608 |
Other liabilities | 16,061 | 0 |
Carrying Amount | Level 2 | Borrowings cash flow hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other liabilities | 17,375 | 7,877 |
Carrying Amount | 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 | 18,824 | 21,088 |
Carrying Amount | Level 2 | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 936,917 | 249,690 |
Carrying Amount | Level 2 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 38,315 | 22,642 |
Carrying Amount | Level 2 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 287,184 | 209,763 |
Carrying Amount | Level 2 | Agency pass-through certificates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 968,252 | 982,559 |
Held-to-maturity securities | 698,934 | 1,428,480 |
Carrying Amount | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable | 12,792,317 | 11,930,575 |
Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,249,492 | 1,485,742 |
Held-to-maturity securities | 727,368 | 1,463,095 |
Estimated Fair Value | Commercial MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities | 6,852 | 15,007 |
Estimated Fair Value | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 1,702,977 | 419,158 |
Estimated Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
FHLB and FRB stock | 141,990 | 123,990 |
Time deposits | 3,963,203 | 4,937,847 |
FHLB advances and other borrowings | 2,722,509 | 2,282,887 |
Estimated Fair Value | Level 2 | Client swap program hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 48,201 | 20,381 |
Other liabilities | 48,201 | 20,381 |
Estimated Fair Value | Level 2 | Commercial loan fair value hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other liabilities | 8,492 | 4,288 |
Estimated Fair Value | Level 2 | Mortgage loan fair value hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 1,608 |
Other liabilities | 16,061 | 0 |
Estimated Fair Value | Level 2 | Borrowings cash flow hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other liabilities | 17,375 | 7,877 |
Estimated Fair Value | 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 | 18,824 | 21,088 |
Estimated Fair Value | Level 2 | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 936,917 | 249,690 |
Estimated Fair Value | Level 2 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 38,315 | 22,642 |
Estimated Fair Value | Level 2 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 287,184 | 209,763 |
Estimated Fair Value | Level 2 | Agency pass-through certificates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 968,252 | 982,559 |
Held-to-maturity securities | 720,516 | 1,448,088 |
Estimated Fair Value | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable | $ 13,392,089 | $ 12,617,600 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Summary of Fair Value, Notional Amount and Balance Sheet Classification (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional | $ 656,074 | $ 625,607 |
Derivative assets, fair value | 48,201 | 21,989 |
Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional | 2,849,390 | 1,221,252 |
Derivative liabilities, fair value | 90,129 | 32,546 |
Client swap program hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional | 656,074 | 425,607 |
Derivative assets, fair value | 48,201 | 20,381 |
Client swap program hedges | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional | 656,074 | 425,607 |
Derivative liabilities, fair value | 48,201 | 20,381 |
Commercial loan fair value hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional | 0 | 0 |
Derivative assets, fair value | 0 | 0 |
Commercial loan fair value hedges | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional | 93,316 | 95,645 |
Derivative liabilities, fair value | 8,492 | 4,288 |
Mortgage loan fair value hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional | 0 | 200,000 |
Derivative assets, fair value | 0 | 1,608 |
Mortgage loan fair value hedges | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional | 500,000 | 0 |
Derivative liabilities, fair value | 16,061 | 0 |
Borrowings cash flow hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional | 0 | 0 |
Derivative assets, fair value | 0 | 0 |
Borrowings cash flow hedges | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional | 1,600,000 | 700,000 |
Derivative liabilities, fair value | $ 17,375 | $ 7,877 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Impact of Fair Value Hedge Accounting on the Carrying Value of the Hedged Items (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Derivatives, Fair Value [Line Items] | ||
Carrying value of hedged items | $ 2,562,765 | $ 1,612,208 |
Cumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items | 24,664 | 2,680 |
Loans receivable | ||
Derivatives, Fair Value [Line Items] | ||
Carrying value of hedged items | 2,562,765 | 1,612,208 |
Cumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items | 24,664 | (2,680) |
Mortgage loan fair value hedges | ||
Derivatives, Fair Value [Line Items] | ||
Cumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items | 16,049 | 1,608 |
Amortized cost basis of the hedged loans | 500,000 | 200,000 |
Mortgage loan fair value hedges | Loans receivable | ||
Derivatives, Fair Value [Line Items] | ||
Carrying value of hedged items | 2,461,008 | 1,520,647 |
Commercial loan fair value hedges | ||
Derivatives, Fair Value [Line Items] | ||
Cumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items | 8,615 | (4,288) |
Commercial loan fair value hedges | Loans receivable | ||
Derivatives, Fair Value [Line Items] | ||
Carrying value of hedged items | $ 101,757 | $ 91,561 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Narrative (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative [Line Items] | ||
Gain (loss) recognized on cash flow hedges | $ 0 | $ 0 |
Related Party Loan | ||
Derivative [Line Items] | ||
Outstanding notional balance | $ 34,283,000 | |
Minimum | ||
Derivative [Line Items] | ||
Derivative maturities | 1 year | |
Maximum | ||
Derivative [Line Items] | ||
Derivative maturities | 10 years | |
Weighted average | ||
Derivative [Line Items] | ||
Derivative maturities | 6 years 8 months 12 days |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Impact of Derivative Instruments on AOCI (Details) - Cash flow hedging - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative [Line Items] | ||
Amount of gain/(loss) recognized in AOCI on derivatives in cash flow hedging relationships | $ (9,499) | $ (28,519) |
Pay fixed/receive floating swap | ||
Derivative [Line Items] | ||
Amount of gain/(loss) recognized in AOCI on derivatives in cash flow hedging relationships | $ (9,499) | $ (28,519) |
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 ($) | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest income/(expense), including the effects of fair value and cash flow hedges | $ 545,708,000 | $ 568,096,000 | $ 515,807,000 |
Interest income/(expense), including the effects of fair value and cash flow hedges | (51,445,000) | (68,190,000) | $ (62,452,000) |
Gain/(loss) on cash flow hedging relationships: | |||
Net income/(expense) recognized on cash flow hedges | 0 | 0 | |
Client swap program hedges | Interest income on loans receivable | Fair value hedging | |||
Gain/(loss) on fair value hedging relationships: | |||
Amounts related to interest settlements on derivatives | (898,000) | 128,000 | |
Recognized on derivatives | (21,873,000) | (6,504,000) | |
Recognized on hedged items | 21,906,000 | 6,479,000 | |
Net income/(expense) recognized on fair value hedges | (865,000) | 103,000 | |
Client swap program hedges | Interest expense on FHLB advances | Cash flow hedging | |||
Gain/(loss) on cash flow hedging relationships: | |||
Amounts related to interest settlements on derivatives | 6,075,000 | (2,823,000) | |
Amount of derivative gain/(loss) reclassified from AOCI into interest income/expense | 0 | 0 | |
Net income/(expense) recognized on cash flow hedges | $ 6,075,000 | $ (2,823,000) |
Derivatives and Hedging Activ_8
Derivatives and Hedging Activities - Impact of Client Swap Program that are Not Designated in Accounting Hedges (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Client swap program hedges | ||
Derivative [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 0 | $ 0 |
Other noninterest income | Pay fixed/receive floating swap | ||
Derivative [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | (27,820) | (33,112) |
Other noninterest income | Receive fixed/pay floating swap | ||
Derivative [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 27,820 | $ 33,112 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Details) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue streams percentage, contract with customer | 5.10% | 5.00% |
Interest Receivable (Details)
Interest Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest receivable | $ 53,799 | $ 48,857 |
Loans receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest receivable | 48,704 | 41,429 |
Mortgage-backed securities | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest receivable | 3,071 | 6,107 |
Investment securities | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest receivable | $ 2,024 | $ 1,321 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 412,629 | $ 443,837 |
Less accumulated depreciation and amortization | (159,824) | (169,822) |
Premises and equipment, net | 252,805 | 274,015 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 98,852 | 117,431 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 175,390 | 165,088 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 15,123 | 22,765 |
Furniture, software and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 123,264 | $ 138,553 |
Minimum | Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 10 years | |
Minimum | Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Minimum | Furniture, software and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 2 years | |
Maximum | Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 40 years | |
Maximum | Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 15 years | |
Maximum | Furniture, software and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 10 years |
Customer Accounts - Schedule of
Customer Accounts - Schedule of Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 |
Deposit Account Balance | |||
Non-interest checking | $ 2,164,071 | $ 1,621,343 | |
Interest checking | 3,029,576 | 1,984,576 | |
Savings | 872,087 | 753,574 | |
Money market | 3,740,698 | 2,724,308 | |
Time deposits | 3,973,192 | 4,906,963 | |
Customer accounts | $ 13,779,624 | $ 11,990,764 | |
As a % of Total Deposits | |||
Non-interest checking | 15.70% | 13.50% | |
Interest checking | 22.00% | 16.60% | |
Savings | 6.30% | 6.30% | |
Money market | 27.10% | 22.70% | |
Time deposits | 28.80% | 40.90% | |
Total | 100.00% | 100.00% | |
Weighted Average Rate | |||
Interest checking | 0.23% | 0.61% | |
Savings | 0.11% | 0.13% | |
Money market | 0.30% | 0.82% | |
Time deposits | 1.17% | 1.91% | |
Total | 0.48% | 1.08% | 0.87% |
Customer Accounts - Time Deposi
Customer Accounts - Time Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Time deposits by rate band are as follows: | ||
Less than 1.00% | $ 920,220 | $ 21,281 |
1.00% to 1.99% | 2,967,345 | 3,588,689 |
2.00% to 2.99% | 85,533 | 1,294,889 |
3.00% to 3.99% | 94 | 2,104 |
Time deposits by maturity band are as follows: | ||
Within 1 year | 3,127,416 | 3,489,839 |
1 to 2 years | 532,264 | 925,170 |
2 to 3 years | 111,204 | 294,990 |
Over 3 years | 202,308 | 196,964 |
Time Deposits, Total | $ 3,973,192 | $ 4,906,963 |
Customer Accounts - Narrative (
Customer Accounts - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Banking and Thrift, Interest [Abstract] | ||
Customer accounts over $250,000 | $ 5,491,395 | $ 3,609,961 |
Customer Accounts - Interest Ex
Customer Accounts - Interest Expense on Customer Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Banking and Thrift, Interest [Abstract] | |||
Checking accounts | $ 8,447 | $ 12,499 | $ 6,072 |
Savings accounts | 959 | 980 | 920 |
Money market accounts | 18,951 | 21,967 | 7,788 |
Time deposit accounts | 72,494 | 87,665 | 58,468 |
Interest expense on customer accounts, gross | 100,851 | 123,111 | 73,248 |
Less early withdrawal penalties | (539) | (895) | (756) |
Interest expense on customer accounts, net | $ 100,312 | $ 122,216 | $ 72,492 |
Weighted average interest rate at end of year | 0.48% | 1.08% | 0.87% |
Daily weighted average interest rate during the year | 0.94% | 1.05% | 0.65% |
FHLB Advances and Other Borro_3
FHLB Advances and Other Borrowings - Maturity Dates of Outstanding FHLB Advances (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
FHLB advances | ||
Within 1 year | $ 1,830,000 | $ 950,000 |
1 to 3 years | 520,000 | 750,000 |
3 to 5 years | 350,000 | 400,000 |
More than 5 years | 0 | 150,000 |
FHLB advances | $ 2,700,000 | $ 2,250,000 |
FHLB Advances and Other Borro_4
FHLB Advances and Other Borrowings - Weighted Average Cost and Amount of Advances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Federal Home Loan Banks [Abstract] | |||
Weighted average interest rate, including cash flow hedges, at end of year | 1.79% | 2.49% | 2.66% |
Weighted daily average interest rate, including cash flow hedges, during the year | 2.03% | 2.69% | 2.62% |
Daily average of FHLB advances during the year | $ 2,532,596 | $ 2,533,890 | $ 2,384,795 |
Maximum amount of FHLB advances at any month end | 3,050,000 | 2,665,000 | 2,620,000 |
Interest expense during the year (including swap interest income and expense) | $ 51,445 | $ 68,190 | $ 62,452 |
FHLB Advances and Other Borro_5
FHLB Advances and Other Borrowings - Narrative (Details) | 12 Months Ended |
Sep. 30, 2020USD ($) | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
FHLB advances callable as of August 7, 2020 and quarterly thereafter | $ 100,000,000 |
Federal Home Loan Bank of Des Moines | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Federal home loan bank, percent of assets | 45.00% |
Commitment and Contingencies -
Commitment and Contingencies - Operating Lease by Balance Sheet Grouping (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Operating lease asset | $ 31,610 |
Operating lease liability | $ 33,302 |
Commitment and Contingencies _2
Commitment and Contingencies - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Commitment and Contingencies [Line Items] | |||
Operating lease liability, statement of financial position [Extensible List] | us-gaap:AccountsPayableAndOtherAccruedLiabilities | ||
Operating lease right-of-use asset, statement of financial position [Extensible List] | us-gaap:OtherAssets | ||
Weighted average remaining lease term | 8 years 9 months 18 days | ||
Weighted average discount rate | 1.90% | ||
Operating lease payments | $ 6,494 | ||
Right-of-use assets obtained in exchange for lease liabilities | 8,341 | ||
Rental expense | $ 6,455 | $ 6,477 | |
Loans in process | 1,456,072 | 1,201,341 | |
Reserve for unfunded commitments | 25,000 | 6,900 | |
Loans receivable | |||
Commitment and Contingencies [Line Items] | |||
Loans in process | $ 2,738,095 | $ 2,379,089 |
Commitment and Contingencies _3
Commitment and Contingencies - Net Lease Costs (Details) $ in Thousands | 12 Months Ended |
Sep. 30, 2020USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating lease cost | $ 6,557 |
Variable lease cost | 1,353 |
Sublease income | (338) |
Net lease cost | $ 7,572 |
Commitment and Contingencies _4
Commitment and Contingencies - Operating Lease Maturity (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 | $ 6,617 |
2022 | 5,917 |
2023 | 5,348 |
2024 | 4,547 |
2025 | 3,603 |
Thereafter | 10,389 |
Total minimum payments | 36,421 |
Amounts representing interest | (3,119) |
Present value of minimum lease payments | $ 33,302 |
Commitment and Contingencies _5
Commitment and Contingencies - Future Minimum Lease Payments Prior to Adoption (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 5,838 |
2021 | 5,246 |
2022 | 4,698 |
2023 | 4,302 |
2024 | 3,596 |
Thereafter | 10,531 |
Total minimum payments | $ 34,211 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 12 Months Ended | 24 Months Ended | 33 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2020 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |||||
Statutory income tax rate | 21.00% | 21.00% | 24.53% | 21.00% | 21.00% |
Returns open to examination, minimum (years) | 3 years | ||||
Returns open to examination, maximum (years) | 5 years | ||||
Returns open to examination, state impact of federal changes, maximum (years) | 2 years |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Asset (Liability) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
Deferred tax assets | ||
Allowance for credit losses | $ 44,150 | $ 31,494 |
REO reserves | 265 | 255 |
Non-accrual loan interest | 892 | 891 |
Federal and state tax credits | 0 | 537 |
Deferred compensation | 3,506 | 3,022 |
Stock based compensation | 2,218 | 1,876 |
Lease liability | 7,660 | 0 |
Other | 2,269 | 2,081 |
Total deferred tax assets | 60,960 | 40,156 |
Deferred tax liabilities | ||
FHLB stock dividends | 14,637 | 14,478 |
Valuation adjustment on available-for-sale securities and cash flow hedges | 5,064 | 4,503 |
Loan origination fees and costs | 7,116 | 8,385 |
Premises and equipment | 21,399 | 25,399 |
Lease right-of-use assets | 7,270 | 0 |
Other | 5,767 | 2,851 |
Total deferred tax liabilities | 61,253 | 55,616 |
Net deferred tax asset (liability) | (293) | (15,460) |
Current tax asset (liability) | 6,001 | 10,356 |
Net tax asset (liability) | $ 5,708 | $ (5,104) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Income Tax Rate (Details) | 12 Months Ended | 24 Months Ended | 33 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2020 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |||||
Statutory income tax rate | 21.00% | 21.00% | 24.53% | 21.00% | 21.00% |
State income tax | 2.00% | 2.00% | 2.00% | ||
Impact of change in Federal income tax rate | 0.00% | 0.00% | (2.00%) | ||
Other differences | (2.00%) | (3.00%) | (4.00%) | ||
Effective income tax rate | 21.00% | 20.00% | 21.00% |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Federal: | |||||||||||
Current | $ 49,782 | $ 46,376 | $ 40,314 | ||||||||
Deferred | (7,858) | 1,916 | 8,952 | ||||||||
Federal | 41,924 | 48,292 | 49,266 | ||||||||
State: | |||||||||||
Current | 5,310 | 4,557 | 4,243 | ||||||||
Deferred | (1,486) | (330) | (116) | ||||||||
State | 3,824 | 4,227 | 4,127 | ||||||||
Total | |||||||||||
Current | 55,092 | 50,933 | 44,557 | ||||||||
Deferred | (9,344) | 1,586 | 8,836 | ||||||||
Income tax expense (benefit) | $ 7,993 | $ 9,458 | $ 9,874 | $ 18,423 | $ 12,970 | $ 11,309 | $ 13,873 | $ 14,367 | $ 45,748 | $ 52,519 | $ 53,393 |
401(k) Plan (Details)
401(k) Plan (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |||
Employee contribution, percentage of annual salary | 100.00% | ||
Employee contribution, maximum allowable contribution | $ 56,000 | ||
Service period for participation eligibility | 30 days | ||
Service period for eligibility of profit sharing or matching contributions | 1 year | ||
Employer matching contribution percent | 100.00% | ||
Percent of employees' gross pay | 4.00% | ||
Profit sharing contribution, vesting schedule (in years) | 6 years | ||
Profit sharing contribution, percent | 7.00% | ||
Company contributions to plan | $ 8,333,000 | $ 6,920,000 | $ 5,910,000 |
Stock Award Plans - Narrative (
Stock Award Plans - Narrative (Details) - USD ($) | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Contractual term of award (in years) | 10 years | |||
Options granted (in shares) | 1,043,349 | 356,343 | 0 | |
Compensation cost for stock options | $ 1,344,000 | $ 521,000 | $ 0 | |
Stock Option Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options granted (in shares) | 1,043,349 | |||
Unrecognized compensation cost for stock options, net of forfeitures | $ 3,437,000 | |||
Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity instruments other than options, nonvested (in shares) | 409,469 | 435,838 | 460,999 | 466,681 |
Fair market value at date of grant at restricted stock | $ 9,958,286 | |||
Compensation cost for stock options | $ 4,453,000 | $ 4,188,000 | $ 4,259,000 | |
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period (in years) | 3 years | |||
Minimum | Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period (in years) | 1 year | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period (in years) | 5 years | |||
Maximum | Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period (in years) | 7 years | |||
2020 Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant (in shares) | 3,200,000 | |||
Shares available for issuance (in shares) | 2,546,414 |
Stock Award Plans - Option Acti
Stock Award Plans - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Number of Options | |||
Outstanding, beginning balance (in shares) | 320,287 | 51,060 | |
Granted (in shares) | 1,043,349 | 356,343 | 0 |
Exercised (in shares) | (8,085) | (22,975) | |
Forfeited (in shares) | (125,827) | (64,141) | |
Outstanding, ending balance (in shares) | 1,229,724 | 320,287 | 51,060 |
Exercisable (in shares) | 19,535 | ||
Weighted Average Exercise Price | |||
Outstanding, beginning balance (in dollars per share) | $ 27.21 | $ 15.25 | |
Granted (in dollars per share) | 29.53 | 28.16 | |
Exercised (in dollars per share) | 17.88 | 12.99 | |
Forfeited (in dollars per share) | 30.25 | 27.96 | |
Outstanding, ending balance (in dollars per share) | 28.93 | $ 27.21 | $ 15.25 |
Exercisable (in dollars per share) | $ 16.88 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Options outstanding, weighted average remaining contractual term (in years) | 9 years | 8 years | 2 years |
Options exercisable, weighted average remaining contractual term (in years) | 6 months | ||
Options outstanding, aggregate intrinsic value | $ 0 | $ 3,136 | $ 855 |
Options exercisable, aggregate intrinsic value | $ 78 | ||
Stock Option Awards | |||
Number of Options | |||
Granted (in shares) | 1,043,349 |
Stock Award Plans - Other Stock
Stock Award Plans - Other Stock Option Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Compensation cost for stock options | $ 1,344 | $ 521 | $ 0 |
Weighted average grant date fair value per stock option (in dollars per share) | $ 4.37 | $ 5.21 | $ 3.15 |
Total intrinsic value of options exercised | $ 102 | $ 414 | $ 908 |
Grant date fair value of options exercised | 33 | 51 | 285 |
Cash received from option exercises | $ 144 | $ 298 | $ 1,338 |
Stock Award Plans - Nonvested S
Stock Award Plans - Nonvested Stock Options (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Options Outstanding | |||
Outstanding at beginning of period (in shares) | 293,167 | 0 | 0 |
Granted (in shares) | 1,043,349 | 356,343 | 0 |
Vested (in shares) | 0 | 0 | 0 |
Forfeited (in shares) | (125,827) | (63,176) | 0 |
Outstanding at end of period (in shares) | 1,210,689 | 293,167 | 0 |
Weighted Average Grant Date Fair Value | |||
Outstanding at beginning of period (in dollars per share) | $ 5.33 | $ 0 | $ 0 |
Granted (in dollars per share) | 4.17 | 5.33 | 0 |
Vested (in dollars per share) | 0 | 0 | 0 |
Forfeited (in dollars per share) | 4.83 | 5.33 | 0 |
Outstanding at end of period (in dollars per share) | $ 4.38 | $ 5.33 | $ 0 |
Stock Award Plans - Nonvested R
Stock Award Plans - Nonvested Restricted Stock (Details) - Restricted Stock Awards - $ / shares | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Outstanding | |||
Outstanding at beginning of period (in shares) | 435,838 | 460,999 | 466,681 |
Granted (in shares) | 197,706 | 249,272 | 205,100 |
Vested (in shares) | (205,715) | (159,103) | (198,620) |
Forfeited (in shares) | (18,360) | (115,330) | (12,162) |
Outstanding at end of period (in shares) | 409,469 | 435,838 | 460,999 |
Weighted Average Fair Value | |||
Outstanding at beginning of period (in dollars per share) | $ 23.73 | $ 22.52 | $ 18.56 |
Granted (in dollars per share) | 26.24 | 21.41 | 26.11 |
Vested (in dollars per share) | 25.56 | 26.09 | 16.65 |
Forfeited (in dollars per share) | 17.20 | 10.61 | 27 |
Outstanding at end of period (in dollars per share) | $ 24.32 | $ 23.73 | $ 22.52 |
Shareholders' Equity - Regulato
Shareholders' Equity - Regulatory Capital Requirements (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
The Company | ||
Common Equity Tier 1 risk-based capital ratio: | ||
Actual capital | $ 1,687,676 | $ 1,710,147 |
Actual ratio | 12.93% | 14.30% |
Capital adequacy guidelines ratio | 4.50% | 4.50% |
Tier 1 risk-based capital ratio: | ||
Actual capital | $ 1,687,676 | $ 1,710,147 |
Actual ratio | 0.1293 | 0.1430 |
Capital adequacy guidelines ratio | 0.0600 | 0.0600 |
Total risk-based capital ratio: | ||
Actual capital | $ 1,851,136 | $ 1,848,581 |
Actual ratio | 0.1419 | 0.1545 |
Capital adequacy guidelines ratio | 0.0800 | 0.0800 |
Tier 1 leverage ratio: | ||
Actual capital | $ 1,687,676 | $ 1,710,147 |
Actual ratio | 0.0928 | 0.1051 |
Capital adequacy guidelines ratio | 0.0400 | 0.0400 |
The Bank | ||
Common Equity Tier 1 risk-based capital ratio: | ||
Actual capital | $ 1,625,478 | $ 1,666,426 |
Actual ratio | 12.46% | 13.93% |
Capital adequacy guidelines ratio | 4.50% | 4.50% |
Categorized as well capitalized under prompt corrective action provisions ratio | 6.50% | 6.50% |
Tier 1 risk-based capital ratio: | ||
Actual capital | $ 1,625,478 | $ 1,666,426 |
Actual ratio | 0.1246 | 0.1393 |
Capital adequacy guidelines ratio | 0.0600 | 0.0600 |
Categorized as well capitalized under prompt corrective action provisions ratio | 0.0800 | 0.0800 |
Total risk-based capital ratio: | ||
Actual capital | $ 1,788,904 | $ 1,804,860 |
Actual ratio | 0.1371 | 0.1509 |
Capital adequacy guidelines ratio | 0.0800 | 0.0800 |
Categorized as well capitalized under prompt corrective action provisions ratio | 0.1000 | 0.1000 |
Tier 1 leverage ratio: | ||
Actual capital | $ 1,625,478 | $ 1,666,426 |
Actual ratio | 0.0894 | 0.1024 |
Capital adequacy guidelines ratio | 0.0400 | 0.0400 |
Categorized as well capitalized under prompt corrective action provisions ratio | 0.0500 | 0.0500 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - $ / shares | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Class of Stock [Line Items] | ||
Stock repurchased (in shares) | 3,339,530 | 4,065,837 |
Additional shares authorized to be repurchased (in shares) | 4,627,231 | |
Weighted average | ||
Class of Stock [Line Items] | ||
Weighted average cost of repurchased stock (in dollars per share) | $ 33.58 | $ 30.46 |
Shareholders' Equity - Earnings
Shareholders' Equity - Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Weighted average shares outstanding (in shares) | 76,721,969 | 80,471,316 | 85,008,040 | ||||||||
Weighted average diluted shares (in shares) | 76,731,464 | 80,495,163 | 85,109,843 | ||||||||
Net income | $ 34,343 | $ 34,852 | $ 36,377 | $ 67,866 | $ 52,362 | $ 53,854 | $ 51,098 | $ 52,942 | $ 173,438 | $ 210,256 | $ 203,850 |
Basic EPS (in dollars per share) | $ 0.45 | $ 0.46 | $ 0.49 | $ 0.84 | $ 0.66 | $ 0.67 | $ 0.63 | $ 0.65 | $ 2.26 | $ 2.61 | $ 2.40 |
Diluted EPS (in dollars per share) | $ 0.45 | $ 0.46 | $ 0.49 | $ 0.84 | $ 0.66 | $ 0.67 | $ 0.63 | $ 0.65 | $ 2.26 | $ 2.61 | $ 2.40 |
Warrant | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Weighted average dilutive warrants and options (in shares) | 0 | 4,448 | 63,079 | ||||||||
Equity Option | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Weighted average dilutive warrants and options (in shares) | 9,495 | 19,399 | 38,724 |
Financial Information - Washi_3
Financial Information - Washington Federal, Inc. - Statements of Financial Condition (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Assets | ||||
Other assets | $ 346,508 | $ 210,989 | ||
Total assets | 18,794,055 | 16,474,910 | ||
Liabilities | ||||
Total liabilities | 16,779,922 | 14,441,915 | ||
Shareholders’ equity | ||||
Total shareholders’ equity | 2,014,133 | 2,032,995 | $ 1,996,908 | $ 2,005,688 |
Total liabilities and shareholders’ equity | 18,794,055 | 16,474,910 | ||
Parent Company | ||||
Assets | ||||
Cash | 57,198 | 38,721 | ||
Other assets | 5,000 | 5,000 | ||
Investment in subsidiary | 1,951,935 | 1,989,274 | ||
Total assets | 2,014,133 | 2,032,995 | ||
Liabilities | ||||
Other liabilities | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Shareholders’ equity | ||||
Total shareholders’ equity | 2,014,133 | 2,032,995 | ||
Total liabilities and shareholders’ equity | $ 2,014,133 | $ 2,032,995 |
Financial Information - Washi_4
Financial Information - Washington Federal, Inc. - Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income | |||||||||||
Total Income | $ 147,114 | $ 149,709 | $ 159,618 | $ 164,824 | $ 169,436 | $ 171,826 | $ 167,582 | $ 162,622 | $ 621,265 | $ 671,466 | $ 607,083 |
Expense | |||||||||||
Income before income taxes | 42,336 | 44,310 | 46,251 | 86,289 | 65,332 | 65,163 | 64,971 | 67,309 | 219,186 | 262,775 | 257,243 |
Income tax benefit (expense) | (7,993) | (9,458) | (9,874) | (18,423) | (12,970) | (11,309) | (13,873) | (14,367) | (45,748) | (52,519) | (53,393) |
Net income | $ 34,343 | $ 34,852 | $ 36,377 | $ 67,866 | $ 52,362 | $ 53,854 | $ 51,098 | $ 52,942 | 173,438 | 210,256 | 203,850 |
Parent Company | |||||||||||
Income | |||||||||||
Dividends from subsidiary | 190,900 | 208,389 | 198,294 | ||||||||
Total Income | 190,900 | 208,389 | 198,294 | ||||||||
Expense | |||||||||||
Miscellaneous expense | 529 | 448 | 439 | ||||||||
Total expense | 529 | 448 | 439 | ||||||||
Net income (loss) before equity in undistributed net income (loss) of subsidiary | 190,371 | 207,941 | 197,855 | ||||||||
Equity in undistributed net income (loss) of subsidiaries | (17,055) | 2,213 | 5,880 | ||||||||
Income before income taxes | 173,316 | 210,154 | 203,735 | ||||||||
Income tax benefit (expense) | 122 | 102 | 115 | ||||||||
Net income | $ 173,438 | $ 210,256 | $ 203,850 |
Financial Information - Washi_5
Financial Information - Washington Federal, Inc. - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Cash Flows From Operating Activities | |||||||||||
Net income | $ 34,343 | $ 34,852 | $ 36,377 | $ 67,866 | $ 52,362 | $ 53,854 | $ 51,098 | $ 52,942 | $ 173,438 | $ 210,256 | $ 203,850 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Stock-based compensation expense | 6,469 | 5,265 | 4,771 | ||||||||
Net cash provided (used) by operating activities | 166,600 | 234,054 | 190,702 | ||||||||
Cash Flows From Investing Activities | |||||||||||
Purchase of strategic investments | 0 | (5,000) | 0 | ||||||||
Net cash provided (used) by investing activities | (920,979) | (421,373) | (674,445) | ||||||||
Cash Flows From Financing Activities | |||||||||||
Proceeds from exercise of common stock options and related tax benefit | 144 | 298 | 1,338 | ||||||||
Treasury stock purchased | (112,133) | (123,854) | (164,249) | ||||||||
Dividends paid on common stock | (66,496) | (63,318) | (55,997) | ||||||||
Net cash provided (used) by financing activities | 2,038,198 | 337,827 | 439,323 | ||||||||
Cash at beginning of year | 419,158 | 419,158 | |||||||||
Cash at end of year | 1,702,977 | 419,158 | 1,702,977 | 419,158 | |||||||
Parent Company | |||||||||||
Cash Flows From Operating Activities | |||||||||||
Net income | 173,438 | 210,256 | 203,850 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed net income (loss) of subsidiaries | 17,055 | (2,213) | (5,880) | ||||||||
Stock-based compensation expense | 6,469 | 5,265 | 4,771 | ||||||||
Increase (decrease) in other liabilities | 0 | (3,489) | 3,424 | ||||||||
Net cash provided (used) by operating activities | 196,962 | 209,819 | 206,165 | ||||||||
Cash Flows From Investing Activities | |||||||||||
Purchase of strategic investments | 0 | (5,000) | 0 | ||||||||
Net cash provided (used) by investing activities | 0 | (5,000) | 0 | ||||||||
Cash Flows From Financing Activities | |||||||||||
Proceeds from exercise of common stock options and related tax benefit | 144 | 740 | 1,338 | ||||||||
Treasury stock purchased | (112,133) | (123,854) | (164,249) | ||||||||
Dividends paid on common stock | (66,496) | (63,318) | (55,997) | ||||||||
Net cash provided (used) by financing activities | (178,485) | (186,432) | (218,908) | ||||||||
Increase (decrease) in cash and cash equivalents | 18,477 | 18,387 | (12,743) | ||||||||
Cash at beginning of year | $ 38,721 | $ 20,334 | 38,721 | 20,334 | 33,077 | ||||||
Cash at end of year | $ 57,198 | $ 38,721 | $ 57,198 | $ 38,721 | $ 20,334 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 147,114 | $ 149,709 | $ 159,618 | $ 164,824 | $ 169,436 | $ 171,826 | $ 167,582 | $ 162,622 | $ 621,265 | $ 671,466 | $ 607,083 |
Interest expense | 32,281 | 32,331 | 42,006 | 45,139 | 49,264 | 50,160 | 47,512 | 43,470 | 151,757 | 190,406 | 134,944 |
Net interest income | 114,833 | 117,378 | 117,612 | 119,685 | 120,172 | 121,666 | 120,070 | 119,152 | 469,508 | 481,060 | 472,139 |
Provision (release) for credit losses | 6,500 | 10,800 | 8,200 | (3,750) | (1,900) | 0 | 750 | (500) | 21,750 | (1,650) | (5,450) |
Other operating income (including REO gain (loss), net) | 12,169 | 13,055 | 16,272 | 45,490 | 15,786 | 14,395 | 13,618 | 19,329 | |||
Other operating expense | 78,166 | 75,323 | 79,433 | 82,636 | 72,526 | 70,898 | 67,967 | 71,672 | 315,558 | 283,063 | 264,322 |
Income before income taxes | 42,336 | 44,310 | 46,251 | 86,289 | 65,332 | 65,163 | 64,971 | 67,309 | 219,186 | 262,775 | 257,243 |
Income tax expense | 7,993 | 9,458 | 9,874 | 18,423 | 12,970 | 11,309 | 13,873 | 14,367 | 45,748 | 52,519 | 53,393 |
Net income | $ 34,343 | $ 34,852 | $ 36,377 | $ 67,866 | $ 52,362 | $ 53,854 | $ 51,098 | $ 52,942 | $ 173,438 | $ 210,256 | $ 203,850 |
Basic earnings per share (in dollars per share) | $ 0.45 | $ 0.46 | $ 0.49 | $ 0.84 | $ 0.66 | $ 0.67 | $ 0.63 | $ 0.65 | $ 2.26 | $ 2.61 | $ 2.40 |
Diluted earnings per share (in dollars per share) | 0.45 | 0.46 | 0.49 | 0.84 | 0.66 | 0.67 | 0.63 | 0.65 | 2.26 | 2.61 | 2.40 |
Cash dividends per share (in dollars per share) | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.21 | $ 0.21 | $ 0.20 | $ 0.20 | $ 0.18 | $ 0.87 | $ 0.79 | $ 0.67 |