Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Nov. 20, 2017 | |
Entity Registrant Name | TFS FINANCIAL CORPORATION | |
Entity Central Index Key | 1,381,668 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Well-known Seasoned Issuer | Yes | |
Document Type | 10-K | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Trading Symbol | TFSL | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 281,071,072 | |
Entity Public Float | $ 909,096,200 |
Consolidated Statements Of Cond
Consolidated Statements Of Condition - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
ASSETS | ||
Cash and due from banks | $ 35,243 | $ 27,914 |
Other interest-earning cash equivalents | 232,975 | 203,325 |
Cash and cash equivalents | 268,218 | 231,239 |
Investment securities available for sale (amortized cost $541,964 and $517,228, respectively) | 537,479 | 517,866 |
Mortgage loans held for sale, at lower of cost or market (none measured at fair value) | 351 | 4,686 |
Loans held for investment, net: | ||
Mortgage loans | 12,434,339 | 11,748,099 |
Other loans | 3,050 | 3,116 |
Deferred loan expenses, net | 30,865 | 19,384 |
Allowance for loan losses | (48,948) | (61,795) |
Loans, net | 12,419,306 | 11,708,804 |
Mortgage loan servicing assets, net | 8,375 | 8,852 |
Federal Home Loan Bank stock, at cost | 89,990 | 69,853 |
Real estate owned, net | 5,521 | 6,803 |
Premises, equipment, and software, net | 60,875 | 61,003 |
Accrued interest receivable | 35,479 | 32,818 |
Bank owned life insurance contracts | 205,883 | 200,144 |
Other assets | 61,086 | 63,994 |
TOTAL ASSETS | 13,692,563 | 12,906,062 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Deposits | 8,151,625 | 8,331,368 |
Borrowed funds | 3,671,377 | 2,718,795 |
Borrowers' advances for insurance and taxes | 100,446 | 92,313 |
Principal, interest, and related escrow owed on loans serviced | 35,766 | 49,401 |
Accrued expenses and other liabilities | 43,390 | 53,727 |
Total liabilities | 12,002,604 | 11,245,604 |
Commitments and contingent liabilities | ||
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $0.01 par value, 700,000,000 shares authorized; 332,318,750 shares issued; 281,291,750 and 284,219,019 outstanding at September 30, 2017 and September 30, 2016, respectively | 3,323 | 3,323 |
Paid-in capital | 1,722,672 | 1,716,818 |
Treasury stock, at cost; 51,027,000 and 48,099,731 shares at September 30, 2017 and September 30, 2016, respectively | (735,530) | (681,569) |
Unallocated ESOP shares | (53,084) | (57,418) |
Retained earnings - substantially restricted | 760,070 | 698,930 |
Accumulated other comprehensive loss | (7,492) | (19,626) |
Total shareholders' equity | 1,689,959 | 1,660,458 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 13,692,563 | $ 12,906,062 |
Consolidated Statements Of Con3
Consolidated Statements Of Condition (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Available for sale, amortized cost | $ 541,964 | $ 517,228 |
Mortgage loans held for sale | $ 0 | $ 0 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 700,000,000 | 700,000,000 |
Common stock, shares issued | 332,318,750 | 332,318,750 |
Common stock, shares outstanding | 281,291,750 | 284,219,019 |
Treasury stock, shares | 51,027,000 | 48,099,731 |
Consolidated Statements Of Inco
Consolidated Statements Of Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
INTEREST AND DIVIDEND INCOME: | |||
Loans, including fees | $ 394,447 | $ 375,624 | $ 369,302 |
Investment securities available for sale | 9,041 | 9,390 | 9,571 |
Other interest and dividend earning assets | 5,507 | 3,427 | 4,604 |
Total interest and dividend income | 408,995 | 388,441 | 383,477 |
INTEREST EXPENSE: | |||
Deposits | 87,421 | 90,000 | 93,526 |
Borrowed funds | 42,678 | 28,026 | 19,824 |
Total interest expense | 130,099 | 118,026 | 113,350 |
Net interest income | 278,896 | 270,415 | 270,127 |
Provision (credit) for loan losses | (17,000) | (8,000) | (3,000) |
Net interest income after provision for loan losses | 295,896 | 278,415 | 273,127 |
NON-INTEREST INCOME | |||
Fees and service charges, net of amortization | 6,896 | 7,423 | 7,972 |
Net gain on the sale of loans | 2,183 | 6,161 | 4,519 |
Increase in and death benefits from bank owned life insurance contracts | 6,449 | 7,409 | 7,324 |
Other | 4,321 | 3,959 | 4,445 |
Total non-interest income | 19,849 | 24,952 | 24,260 |
NON-INTEREST EXPENSE | |||
Salaries and employee benefits | 95,682 | 96,281 | 95,638 |
Marketing services | 19,713 | 16,956 | 19,904 |
Office property, equipment and software | 24,531 | 23,862 | 22,048 |
Federal insurance premium and assessments | 10,055 | 10,377 | 11,135 |
State franchise tax | 5,235 | 5,459 | 5,914 |
Real estate owned expense, net | 3,185 | 5,772 | 9,705 |
Other expenses | 24,003 | 22,297 | 23,648 |
Total non-interest expense | 182,404 | 181,004 | 187,992 |
Income before income taxes | 133,341 | 122,363 | 109,395 |
Income tax expense | 44,464 | 41,810 | 36,804 |
Net income | $ 88,877 | $ 80,553 | $ 72,591 |
Earnings per share-basic and diluted | $ 0.32 | $ 0.28 | $ 0.25 |
Weighted average shares outstanding | |||
Basic | 277,213,258 | 281,566,648 | 289,935,861 |
Diluted | 279,268,768 | 283,785,713 | 292,210,417 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income | $ 88,877 | $ 80,553 | $ 72,591 |
Other comprehensive income (loss), net of tax: | |||
Net change in unrealized gain (loss) on securities available for sale | (3,331) | (1,510) | 3,018 |
Net change in cash flow hedges | 11,620 | (1,371) | 0 |
Change in pension obligation | (3,845) | 3,680 | 5,291 |
Total other comprehensive income (loss) | 12,134 | (6,561) | (2,273) |
Total comprehensive income | $ 101,011 | $ 73,992 | $ 70,318 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Paid-In Capital | Treasury Stock | Unallocated Common Stock Held By ESOP | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Balance at Sep. 30, 2014 | $ 1,839,457 | $ 3,323 | $ 1,702,441 | $ (379,109) | $ (66,084) | $ 589,678 | $ (10,792) |
Comprehensive Income | |||||||
Net income | 72,591 | 72,591 | |||||
Other comprehensive loss | (2,273) | (2,273) | |||||
ESOP shares allocated or committed to be released | 6,617 | 2,284 | 4,333 | ||||
Compensation costs for stock-based plans | 7,363 | 7,363 | |||||
Excess tax effect from stock-based compensation | (1,582) | (1,582) | |||||
Purchase of treasury stock | (172,366) | (172,366) | |||||
Treasury stock allocated to restricted stock plan | (4,111) | (6,041) | 2,918 | (988) | |||
Dividends paid to common shareholders | (19,490) | (19,490) | |||||
Balance at Sep. 30, 2015 | 1,729,370 | 3,323 | 1,707,629 | (548,557) | (61,751) | 641,791 | (13,065) |
Comprehensive Income | |||||||
Net income | 80,553 | 80,553 | |||||
Other comprehensive loss | (6,561) | (6,561) | |||||
ESOP shares allocated or committed to be released | 7,713 | 3,380 | 4,333 | ||||
Compensation costs for stock-based plans | 5,723 | 5,723 | |||||
Excess tax effect from stock-based compensation | (3,198) | (3,198) | |||||
Purchase of treasury stock | (128,427) | (128,427) | |||||
Treasury stock allocated to restricted stock plan | (7,697) | (3,112) | (4,585) | 0 | |||
Dividends paid to common shareholders | (23,414) | (23,414) | |||||
Balance at Sep. 30, 2016 | 1,660,458 | 3,323 | 1,716,818 | (681,569) | (57,418) | 698,930 | (19,626) |
Comprehensive Income | |||||||
Net income | 88,877 | 88,877 | |||||
Other comprehensive loss | 12,134 | 12,134 | |||||
ESOP shares allocated or committed to be released | 7,343 | 3,009 | 4,334 | ||||
Compensation costs for stock-based plans | 3,909 | 3,937 | (28) | ||||
Purchase of treasury stock | (52,549) | (52,549) | |||||
Treasury stock allocated to restricted stock plan | (2,504) | (1,092) | (1,412) | ||||
Dividends paid to common shareholders | (27,709) | (27,709) | |||||
Balance at Sep. 30, 2017 | $ 1,689,959 | $ 3,323 | $ 1,722,672 | $ (735,530) | $ (53,084) | $ 760,070 | $ (7,492) |
Consolidated Statements Of Sha7
Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Purchase of treasury stock (shares) | 3,148,610 | 7,210,500 | 11,275,950 |
Dividends paid to common shareholders, per common share | $ 0.545 | $ 0.425 | $ 0.31 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 88,877 | $ 80,553 | $ 72,591 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
ESOP and stock-based compensation expense | 11,252 | 13,436 | 13,980 |
Depreciation and amortization | 20,885 | 19,369 | 17,453 |
Deferred income taxes | 3,548 | 11,099 | 9,185 |
Provision (credit) for loan losses | (17,000) | (8,000) | (3,000) |
Net gain on the sale of loans | (2,183) | (6,161) | (4,519) |
Other net increase | 562 | 613 | 2,962 |
Principal repayments on and proceeds from sales of loans held for sale | 29,172 | 16,285 | 27,815 |
Loans originated for sale | (24,947) | (20,466) | (27,011) |
Increase in and death benefits for bank owned life insurance contracts | (6,320) | (4,854) | (6,491) |
Cash Collateral received from derivative counterparties | 7,525 | 0 | 0 |
Net increase in interest receivable and other assets | (1,383) | (13,087) | (2,173) |
Net (decrease) increase in accrued expenses and other liabilities | (1,295) | (4,128) | 1,014 |
Other | 0 | 255 | 296 |
Net cash provided by operating activities | 108,693 | 84,914 | 102,102 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Loans originated | (3,422,896) | (3,024,260) | (2,760,277) |
Principal repayments on loans | 2,494,866 | 2,310,358 | 2,052,276 |
Proceeds from principal repayments and maturities of: | |||
Securities available for sale | 153,315 | 154,520 | 153,945 |
Proceeds from sale of: | |||
Proceeds from sale of loans | 218,158 | 186,705 | 133,456 |
Real estate owned | 8,761 | 22,400 | 25,134 |
Purchases of: | |||
FHLB Stock | (20,137) | (383) | (29,059) |
Securities available for sale | (183,518) | (95,176) | (171,125) |
Premises and equipment | (4,150) | (9,125) | (5,522) |
Other | 792 | 584 | 784 |
Net cash used in investing activities | (754,809) | (454,377) | (600,388) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net (decrease) increase in deposits | (179,743) | 45,510 | (368,020) |
Net increase in borrowers' advances for insurance and taxes | 8,133 | 6,021 | 10,026 |
Net decrease in principal and interest owed on loans serviced | (13,635) | (92) | (5,177) |
Net increase in short-term borrowed funds | 1,160,682 | 696,227 | 444,830 |
Proceeds from long-term borrowed funds | 0 | 40,290 | 600,294 |
Repayment of long-term borrowed funds | (208,100) | (186,349) | (15,136) |
Purchase of treasury shares | (54,029) | (128,361) | (172,546) |
Excess tax benefit related to stock-based compensation | 0 | 3,198 | 1,582 |
Acquisition of treasury shares through net settlement for taxes | (2,504) | (7,697) | (4,111) |
Dividends paid to common shareholders | (27,709) | (23,414) | (19,490) |
Net cash provided (used in) by financing activities | 683,095 | 445,333 | 472,252 |
NET INCREASE (DECREASE) CASH AND CASH EQUIVALENTS | 36,979 | 75,870 | (26,034) |
Cash and cash equivalents—beginning of year | 231,239 | 155,369 | 181,403 |
Cash and cash equivalents—end of year | 268,218 | 231,239 | 155,369 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Cash paid for interest on deposits | 87,373 | 89,947 | 93,093 |
Cash paid for interest on borrowed funds | 36,216 | 26,421 | 18,994 |
Cash paid for income taxes | 38,208 | 31,815 | 22,533 |
SUPPLEMENTAL SCHEDULES OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Transfer of loans to real estate owned | 7,989 | 12,134 | 23,761 |
Transfer of loans from held for investment to held for sale | 218,720 | 183,178 | 127,066 |
Treasury Stock Issued For Stock Benefit Plans | $ 1,135 | $ 3,112 | $ 7,041 |
Description Of Business And Sum
Description Of Business And Summary Of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business —TFS Financial Corporation, a federally chartered stock holding company, conducts its principal activities through its wholly owned subsidiaries. The principal line of business of the Company is retail consumer banking, including mortgage lending, deposit gathering, and other insignificant financial services. Third Federal Savings and Loan Association of Cleveland, MHC, its federally chartered mutual holding company parent, owned 80.74% of the outstanding shares of common stock of the Company at September 30, 2017 . The Company’s primary operating subsidiaries include the Association and Third Capital, Inc. The Association is a federal savings association, which provides retail loan and savings products to its customers in Ohio and Florida, through its 38 full-service branches, eight loan production offices, customer service call center and internet site. The Association also provides savings products, purchase mortgages, first mortgage refinance loans, home equity lines of credit, and home equity loans in states outside of its branch footprint. Third Capital, Inc. was formed to hold non-thrift investments and subsidiaries, which include a limited liability company that acquires and manages commercial real estate. The accounting and reporting policies of TFS Financial Corporation and its subsidiaries conform to accounting principles generally accepted in the United States of America and to general practices within the thrift industry. No material subsequent events have occurred requiring recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements. The following is a description of the significant accounting and reporting policies, which the Company follows in preparing and presenting its consolidated financial statements. Principles of Consolidation —The consolidated financial statements of the Company include the accounts of TFS Financial Corporation and its wholly owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. Cash and Cash Equivalents —Cash and cash equivalents consist of working cash on hand, and demand and interest bearing deposits at other financial institutions with maturities of three months or less. For purposes of reporting cash flows, cash and cash equivalents also includes federal funds sold. The Company has acknowledged informal agreements with banks where it maintains deposits. Under these agreements, service fees charged to the Company are waived provided certain average compensating balances are maintained throughout each month. Investment Securities —Securities are all classified as available for sale. Securities held as available for sale are reported at fair value, with unrealized gains and losses, net of tax, reported as a component of AOCI. Management determines the appropriate classification of securities based on the intent and ability at the time of purchase. Gains and losses on the sale of investment and mortgage-backed securities available for sale are computed on a specific identification basis. Purchases and sales of securities are accounted for on a trade-date or settlement-date basis, depending on the settlement terms. A decline in the fair value of any available for sale security, below cost, that is deemed to be other than temporary, results in a reduction in the carrying amount to fair value. The impairment loss is bifurcated between that related to credit loss which is recognized in non-interest income and that related to all other factors which is recognized in other comprehensive income. To determine whether an impairment is other than temporary, the Company considers, among other things, the duration and extent to which the fair value of an investment is less than its cost, changes in value subsequent to year end, forecast performance of the issuer, and whether the Company has the intent to hold the investment until market price recovery, or, for debt securities, whether the Company has the intent to sell the security or more likely than not will be required to sell the debt security before its anticipated recovery. Premiums and discounts are amortized using the level-yield method. Mortgage Banking Activity —Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Mortgage loans included in pending agency contracts to sell and securitize loans are carried at fair value. Fair value is based on quoted secondary market pricing for loan portfolios with similar characteristics and includes consideration of deferred fees (costs). Net unrealized losses or net unrealized gains on loans carried at fair value, are recognized in a valuation allowance by charges to income. The Company retains servicing on loans that are sold and initially recognizes an asset for mortgage loan servicing rights based on the fair value of the servicing rights. Residential mortgage loans represent the single class of servicing rights and are measured at the lower of cost or fair value on a recurring basis. Mortgage loan servicing rights are reported net of accumulated amortization, which is recorded in proportion to, and over the period of, estimated net servicing revenues. The Company monitors prepayments and changes amortization of mortgage servicing rights accordingly. Fair values are estimated using discounted cash flows based on current interest rates and prepayment assumptions, and impairment is monitored each quarterly reporting period. The impairment analysis is based on predominant risk characteristics of the loans serviced, such as type, fixed and adjustable rate loans, original terms and interest rates. The amount of impairment recognized is the amount by which the mortgage loan servicing assets exceed their fair value. Servicing fee income net of amortization and other loan fees collected on loans serviced for others are included in Fees and service charges, net of amortization on the consolidated financial statements. Derivative Instruments —Derivative instruments are carried at fair value in the Company's financial statements. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income, net of tax, and reclassified into earnings in the same period during which the hedged transaction affects earnings. Ineffectiveness is measured as the amount by which the cumulative change in the fair value of the hedging instrument exceeds or is substantially less than the present value of the cumulative change in the hedged item's expected cash flows attributable to the risk being hedged and, when present, is recognized in current earnings during the period. At the inception of a hedge, the Company documents certain items, including the relationship between the hedging instrument and the hedged item, the risk management objective and the nature of the risk being hedged, a description of how effectiveness will be measured and an evaluation of hedge transaction effectiveness. Hedge accounting is discontinued prospectively when (1) a derivative is no longer highly effective in offsetting changes in the fair value or cash flow of a hedged item, (2) a derivative expires or is sold, (3) a derivative is de-designated as a hedge, because it is unlikely that a forecasted transaction will occur, or (4) it is determined that designation of a derivative as a hedge is no longer appropriate. When hedge accounting is discontinued, the Company would continue to carry the derivative on the statement of condition at its fair value; however, changes in its fair value would be recorded in earnings instead of through OCI. For derivative instruments not designated as hedging instruments, the Company recognizes gains and losses on the derivative instrument in current earnings during the period of change. Loans and Related Deferred Loan Expenses, net —Loans originated with the intent to hold into the foreseeable future are carried at unpaid principal balances adjusted for partial charge-offs, the allowance for loan losses and net deferred loan expenses. Interest on loans is accrued and credited to income as earned. Interest on loans is not recognized in income when collectability is uncertain. Loan fees and certain direct loan origination costs are deferred and recognized as an adjustment to interest income using the level-yield method over the contractual lives of related loans, if the loans are held for investment. If the loans are held for sale, net deferred fees (costs) are not amortized, but rather are recognized when the related loans are sold. Loans are classified as TDRs when the original contractual terms are restructured to provide a concession to a borrower experiencing financial difficulty under terms that would not otherwise be available and the restructuring is the result of an agreement between the Company and the borrower or is imposed by a court or law. Concessions granted in TDRs may include a reduction of the stated interest rate, a reduction or forbearance of principal, an extension of the maturity date, a significant delay in payments, the removal of one or more borrowers from the obligation, or any combination of these. Allowance for Loan Losses —The allowance for loan losses is assessed on a quarterly basis and provisions for (or recaptures of) loan losses are made in order to maintain the allowance at a level sufficient to absorb credit losses in the portfolio. Impairment evaluations are performed on loans segregated into homogeneous pools based on similarities in credit profile, product and property types. Through the evaluation, general allowances for loan losses are assessed based on historical loan loss experience for each homogeneous pool. General allowances are adjusted to address other factors that affect estimated probable losses including the size of the portion of the portfolio that is not subjected to individual review; current delinquency statistics; the status of loans in foreclosure, real estate in judgment and real estate owned; national, regional and local economic factors and trends; asset disposition loss statistics (both current and historical); and the relative level of individually allocated valuation allowances to the balances of loans individually reviewed. The allowance for loan losses is increased by charges to income and decreased by charge-offs (net of recoveries). Management believes the allowance is adequate. For further discussion on the allowance for loan losses, non-accrual, impairment, and TDRs, see Note 5. Loans and Allowance for Loan Losses . Real Estate Owned, net —Real estate owned, net represents real estate acquired through foreclosure or deed in lieu of foreclosure and is initially recorded at fair value less estimated costs to sell. Subsequent to acquisition, real estate owned is carried at the lower of cost or fair value less estimated selling costs. Management performs periodic valuations and a valuation allowance is established by a charge to income for any excess of the carrying value over the fair value less estimated costs to sell the property. Recoveries in fair value during the holding period are recognized until the valuation allowance is reduced to zero. Costs related to holding and maintaining the property are charged to expense. Premises, Equipment, and Software, net —Depreciation and amortization of premises, equipment and software is computed on a straight-line basis over the estimated useful lives of the related assets. Estimated lives are 31.5 years for office facilities and three to 10 years for equipment and software. Amortization of leasehold or building improvements is computed on a straight-line basis over the lesser of the economic useful life of the improvement or term of the lease, typically 10 years. Bank Owned Life Insurance Contracts —Life insurance is provided under both whole and split dollar life insurance agreements. Policy premiums were prepaid and the Company will recover the premiums paid from the proceeds of the policies. The Company recognizes death benefits and growth in the cash surrender value of the policies in other non-interest income. Goodwill —The excess of purchase price over the fair value of net assets of acquired companies is classified as goodwill and reported in Other Assets. Goodwill was $9,732 at September 30, 2017 and 2016 . Goodwill is reviewed for impairment on an annual basis as of September 30. No impairment was identified as of September 30, 2017 or 2016 . Taxes on Income —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 expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Additional information about policies related to income taxes is included in Note 12. Income Taxes . Deposits —Interest on deposits is accrued and charged to expense monthly and is paid or credited in accordance with the terms of the accounts. Treasury Stock— Acquisitions of treasury stock are recorded at cost using the cost method of accounting. Repurchases may be made through open market purchases, block trades and in negotiated private transactions, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Repurchased shares will be available for general corporate purposes. Accumulated Other Comprehensive Loss —Accumulated other comprehensive loss consists of changes in pension obligations and changes in unrealized gains (losses) on securities available for sale and cash flow hedges, each of which is net of the related income tax effects. Pension Benefits. The determination of our obligations and expense for pension benefits is dependent upon certain assumptions used in calculating such amounts. Key assumptions used in the actuarial valuations include the discount rate and expected long-term rate of return on plan assets. Actual results could differ from the assumptions and market driven rates may fluctuate. Significant differences in actual experience or significant changes in the assumptions could materially affect future pension obligations and expense. Share-Based Compensation —Compensation expense for awards of equity instruments is recognized on a straight-line basis over the requisite service period based on the grant date fair value estimated in accordance with the provisions of FASB ASC 718 “Compensation—Stock Compensation”. Share-based compensation expense is included in Salaries and employee benefits in the consolidated statements of income. The grant date fair value of stock options is estimated using the Black-Scholes option-pricing model using assumptions for the expected option term, expected stock price volatility, risk-free interest rate, and expected dividend yield. Due to limited historical data on exercise of share options, the simplified method is used to estimate expected option term. Marketing Costs —Marketing costs are expensed as incurred. Earnings per Share —Basic earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding. Outstanding shares include shares sold to subscribers, shares held by the Third Federal Foundation, shares of the Employee Stock Ownership Plan which have been allocated or committed to be released for allocation to participants, and shares held by Third Federal Savings, MHC. Unvested shares awarded in the Company's restricted stock plans are treated as participating securities as they contain nonforfeitable rights to dividends and are not included in the number of shares in the computation of EPS. The two-class method is an earnings allocation that determines EPS for each class of common stock and participating security. Diluted earnings per share is computed using the same method as basic earnings per share, but the weighted-average number of shares reflects the potential dilution, if any, of unexercised stock options and unvested shares of restricted stock units that could occur if stock options were exercised and restricted stock units were issued and converted into common stock. These potentially dilutive shares would then be included in the number of weighted-average number of shares outstanding for the period using the treasury stock method. At September 30, 2017 , 2016 and 2015 , potentially dilutive shares include stock options and restricted stock units issued through stock-based compensation plans. Use of Estimates —The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Stock Transactions
Stock Transactions | 12 Months Ended |
Sep. 30, 2017 | |
Stock Transactions, Parenthetical Disclosures [Abstract] | |
Stock Transactions | STOCK TRANSACTIONS TFS Financial Corporation completed its initial public stock offering on April 20, 2007 and sold 100,199,618 shares, or 30.16% of its post-offering outstanding common stock, to subscribers in the offering. Third Federal Savings, MHC, the Company’s mutual holding company parent, holds 227,119,132 shares of TFS Financial Corporation’s outstanding common stock. TFS Financial Corporation issued 5,000,000 shares of common stock, or 1.50% of its post-offering outstanding common stock, to Third Federal Foundation. In January 2017, the seventh repurchase program allowing the repurchase of up to 10,000,000 shares of TFS Financial Corporation's outstanding common stock, which was originally authorized by the Board of Directors in July 2015, was completed. The Board of Directors authorized an eighth repurchase program for the repurchase of 10,000,000 shares in October 2016 and repurchases under this program began in January, 2017. A total of 3,148,610 shares were repurchased during the year ended September 30, 2017 and 7,210,500 shares were repurchased during the year ended September 30, 2016. At September 30, 2017 , there were 7,750,890 shares remaining to be purchased under the eighth repurchase program. The Company previously repurchased 51,300,000 shares of the Company’s common stock as part of the previous seven Board of Directors-approved share repurchase programs. In total, the Company has repurchased 53,549,110 shares of the Company's common stock as of September 30, 2017 . |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Sep. 30, 2017 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Matters | REGULATORY MATTERS The Association is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the financial statements of the Association. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Association must meet specific capital guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Association to maintain minimum amounts and ratios (set forth in table below) of common equity Tier 1, Tier 1, and Total capital (as defined in the regulations) to risk-weighted assets (as defined) and Tier 1 capital (as defined) to net average assets (as defined). The risk-based capital guidelines include both a definition of capital and a framework for calculating risk-weighted assets by assigning balance sheet assets and off-balance sheet assets to broad risk categories. At September 30, 2017 , the Association exceeded all regulatory capital requirements and is considered “well capitalized” under regulatory guidelines. The Association operates under the capital requirements for the standardized approach of the Basel III capital framework for U.S. banking organizations (“Basel III Rules”), subject to transitional provisions extending through the end of calendar 2018. The requirement would limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a "capital conservation buffer" consisting of 2.5% in addition to the minimum capital requirements. At September 30, 2017 , the Association exceeded the fully phased-in regulatory requirement for the "capital conservation buffer". The following table summarizes the actual capital amounts and ratios of the Association as of September 30, 2017 and 2016 , compared to the minimum capital adequacy requirements and the requirements for classification as a well capitalized institution. Minimum Requirements Actual For Capital Adequacy Purposes To be “Well Capitalized” Under Prompt Corrective Action Provision Amount Ratio Amount Ratio Amount Ratio September 30, 2017 Total Capital to Risk-Weighted Assets $ 1,555,903 21.37 % $ 582,553 8.00 % $ 728,192 10.00 % Tier 1 (Leverage) Capital to Net Average Assets 1,506,952 11.16 % 540,193 4.00 % 675,242 5.00 % Tier 1 Capital to Risk-Weighted Assets 1,506,952 20.69 % 436,915 6.00 % 582,553 8.00 % Common Equity Tier 1 Capital to Risk-Weighted Assets 1,506,938 20.69 % 327,686 4.50 % 473,325 6.50 % September 30, 2016 Total Capital to Risk-Weighted Assets $ 1,551,502 22.24 % $ 558,006 8.00 % $ 697,508 10.00 % Tier 1 (Leverage) Capital to Net Average Assets 1,489,704 11.73 % 507,977 4.00 % 634,972 5.00 % Tier 1 Capital to Risk-Weighted Assets 1,489,704 21.36 % 418,505 6.00 % 558,006 8.00 % Common Equity Tier 1 Capital to Risk-Weighted Assets 1,489,690 21.36 % 313,879 4.50 % 453,380 6.50 % The Association paid dividends of $81,000 and $60,000 to the Company during the years ended September 30, 2017 and September 30, 2016 , respectively. Additionally, the Association paid a special dividend of $150,000 to the Company in the fiscal year ended September 30, 2016. The special dividend amount was equal to the voluntary contribution of capital that the Company made to the Association in October 2010. On July 19, 2017, as dictated under interim final rules issued by the FRS on August 12, 2011, a majority of Third Federal Savings, MHC's members eligible to vote, approved Third Federal Savings, MHC waiving its right to receive dividends on the Company's stock that Third Federal Savings, MHC owns, up to $0.68 per share during the four quarters ending June 30, 2018. Unless the FRS amends its interim rule, a member vote will be required for Third Federal Savings, MHC to waive its right to receive dividends beyond June 30, 2018. |
Investment Securities
Investment Securities | 12 Months Ended |
Sep. 30, 2017 | |
Investments [Abstract] | |
Investment Securities | INVESTMENT SECURITIES Investments available for sale are summarized as follows: September 30, 2017 Amortized Cost Gross Unrealized Fair Value Gains Losses REMICs $ 533,427 $ 52 $ (4,943 ) $ 528,536 Fannie Mae certificates 8,537 419 (13 ) 8,943 Total $ 541,964 $ 471 $ (4,956 ) $ 537,479 September 30, 2016 Amortized Cost Gross Unrealized Fair Value Gains Losses REMICs $ 508,044 $ 1,447 $ (1,494 ) $ 507,997 Fannie Mae certificates 9,184 685 — 9,869 Total $ 517,228 $ 2,132 $ (1,494 ) $ 517,866 Gross unrealized losses on available for sale securities and the estimated fair value of the related securities, aggregated by the length of time the securities have been in a continuous loss position, at September 30, 2017 and 2016 , were as follows: September 30, 2017 Less Than 12 Months 12 Months or More Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Available for sale— REMICs $ 246,113 $ 1,508 $ 260,837 $ 3,435 $ 506,950 $ 4,943 Fannie Mae certificates 4,601 13 — — 4,601 13 Total $ 250,714 $ 1,521 $ 260,837 $ 3,435 $ 511,551 $ 4,956 September 30, 2016 Less Than 12 Months 12 Months or More Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Available for sale—REMICs $ 210,735 $ 797 $ 73,361 $ 697 $ 284,096 $ 1,494 The unrealized losses on investment securities were attributable to interest rate increases. The contractual cash flows of mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. REMICs are issued by or backed by securities issued by these governmental agencies. It is expected that the securities would not be settled at a price substantially less than the amortized cost of the investment. The U.S. Treasury Department established financing agreements in 2008 to ensure Fannie Mae and Freddie Mac meet their obligations to holders of mortgage-backed securities that they have issued or guaranteed. Since the decline in value is attributable to changes in interest rates and not credit quality and because the Association has neither the intent to sell the securities nor is it more likely than not the Association will be required to sell the securities for the time periods necessary to recover the amortized cost, these investments are not considered other-than-temporarily impaired. |
Loans And Allowance For Loan Lo
Loans And Allowance For Loan Losses | 12 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Loans And Allowance For Loan Losses | LOANS AND ALLOWANCE FOR LOAN LOSSES Loans held for investment consist of the following: September 30, 2017 2016 Real estate loans: Residential Core $ 10,746,204 $ 10,069,652 Residential Home Today 108,964 121,938 Home equity loans and lines of credit 1,552,315 1,531,282 Construction 60,956 61,382 Real estate loans 12,468,439 11,784,254 Other consumer loans 3,050 3,116 Add (deduct): Deferred loan expenses, net 30,865 19,384 Loans-in-process (“LIP”) (34,100 ) (36,155 ) Allowance for loan losses (48,948 ) (61,795 ) Loans held for investment, net $ 12,419,306 $ 11,708,804 At September 30, 2017 and 2016 , respectively, $351 and $4,686 of long-term, fixed-rate loans were classified as mortgage loans held for sale. A large concentration of the Company’s lending is in Ohio and Florida. As of September 30, 2017 and 2016 , the percentage of total Residential Core, Home Today and Construction loans held in Ohio were 57% and 60% , respectively, and the percentages held in Florida was 16% as of both dates. As of September 30, 2017 and 2016 , home equity loans and lines of credit were concentrated in Ohio ( 39% as of both dates), Florida ( 22% and 24% ) and California ( 13% and 14% ). Home Today was an affordable housing program targeted to benefit low- and moderate-income home buyers and most loans under the program were originated prior to 2009. No new loans were originated under the Home Today program after September 30, 2016. Through this program the Association provided the majority of loans to borrowers who would not otherwise qualify for the Association’s loan products, generally because of low credit scores. Although the credit profiles of borrowers in the Home Today program might be described as sub-prime, Home Today loans generally contained the same features as loans offered to our Residential Core borrowers. Borrowers with a Home Today loan completed financial management education and counseling and were referred to the Association by a sponsoring organization with which the Association partnered as part of the program. Because the Association applied less stringent underwriting and credit standards to the majority of Home Today loans, loans originated under the program have greater credit risk than its traditional residential real estate mortgage loans in the Residential Core portfolio. As of September 30, 2017 and 2016 , the principal balance of Home Today loans originated prior to March 27, 2009 was $105,485 and $118,255 respectively. Since loans are no longer originated under the Home Today program, the Home Today portfolio will continue to decline in balance due to contractual amortization. To supplant the Home Today product and to continue to meet the credit needs of customers and the communities served, during 2016 the Association began to offer Fannie Mae eligible, HomeReady loans. These loans are originated in accordance with Fannie Mae's underwriting standards. While the Association retains the servicing to these loans, the loans, along with the credit risk associated therewith, are securitized/sold to Fannie Mae. The Association does not offer, and has not offered, loan products frequently considered to be designed to target sub-prime borrowers containing features such as higher fees or higher rates, negative amortization, a LTV ratio greater than 100%, or pay-option, adjustable-rate mortgages. The Association currently offers home equity lines of credit that include monthly principal and interest payments throughout the entire term. Home equity lines of credit prior to June 28, 2010 require interest only payments for 10 years, with an option to extend the interest only and draw period another 10 years, at which time they are included in the home equity loan balance. The recorded investment in interest only loans is comprised solely of equity lines of credit with balances of $483,127 and $892,973 for the years ending September 30, 2017 and 2016, respectively. An age analysis of the recorded investment in loan receivables that are past due at September 30, 2017 and 2016 is summarized in the following tables. When a loan is more than one month past due on its scheduled payments, the loan is considered 30 days or more past due. Balances are adjusted for deferred loan fees, expenses and any applicable loans-in-process. 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total September 30, 2017 Real estate loans: Residential Core $ 6,077 $ 2,593 $ 11,975 $ 20,645 $ 10,740,398 $ 10,761,043 Residential Home Today 4,067 1,496 6,851 12,414 95,269 107,683 Home equity loans and lines of credit 4,418 1,952 5,408 11,778 1,558,273 1,570,051 Construction — — — — 26,427 26,427 Total real estate loans 14,562 6,041 24,234 44,837 12,420,367 12,465,204 Other consumer loans — — — — 3,050 3,050 Total $ 14,562 $ 6,041 $ 24,234 $ 44,837 $ 12,423,417 $ 12,468,254 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total September 30, 2016 Real estate loans: Residential Core $ 6,653 $ 3,157 $ 15,593 $ 25,403 $ 10,054,211 $ 10,079,614 Residential Home Today 5,271 2,583 7,356 15,210 105,225 120,435 Home equity loans and lines of credit 4,605 1,811 4,932 11,348 1,531,242 1,542,590 Construction — — — — 24,844 24,844 Total real estate loans 16,529 7,551 27,881 51,961 11,715,522 11,767,483 Other consumer loans — — — — 3,116 3,116 Total $ 16,529 $ 7,551 $ 27,881 $ 51,961 $ 11,718,638 $ 11,770,599 At September 30, 2017 and 2016, real estate loans include $14,736 and $20,047 , respectively, of loans that were in the process of foreclosure. Loans are placed in non-accrual status when they are contractually 90 days or more past due. Loans restructured in TDRs that were in non-accrual status prior to the restructurings remain in non-accrual status for a minimum of six months after restructuring. Loans where the borrowers' sustained ability to repay is not fully supported at the time of modification are placed in non-accrual status for a minimum of twelve months. Additionally, home equity loans and lines of credit where the customer has a severely delinquent first mortgage loan and loans in Chapter 7 bankruptcy status where all borrowers have filed, and not reaffirmed or been dismissed, are placed in non-accrual status. The recorded investment of loan receivables in non-accrual status is summarized in the following table. Balances are adjusted for deferred loan fees and expenses. September 30, 2017 2016 Real estate loans: Residential Core $ 43,797 $ 51,304 Residential Home Today 18,109 19,451 Home equity loans and lines of credit 17,185 19,206 Total non-accrual loans $ 79,091 $ 89,961 At September 30, 2017 and September 30, 2016 , respectively, the recorded investment in non-accrual loans includes $54,858 and $62,081 which are performing according to the terms of their agreement, of which $34,142 and $40,546 are loans in Chapter 7 bankruptcy status, primarily where all borrowers have filed, and have not reaffirmed or been dismissed. Interest on loans in accrual status, including certain loans individually reviewed for impairment, is recognized in interest income as it accrues, on a daily basis. Accrued interest on loans in non-accrual status is reversed by a charge to interest income and income is subsequently recognized only to the extent cash payments are received. Cash payments on loans in non-accrual status are applied to the oldest scheduled, unpaid payment first. Cash payments on loans with a partial charge-off are applied fully to principal, then to recovery of the charged off amount prior to interest income being recognized. A non-accrual loan is generally returned to accrual status when contractual payments are less than 90 days past due. However, a loan may remain in non-accrual status when collectability is uncertain, such as a TDR that has not met minimum payment requirements, a loan with a partial charge-off, an equity loan or line of credit with a delinquent first mortgage greater than 90 days, or a loan in Chapter 7 bankruptcy status where all borrowers have filed, and have not reaffirmed or been dismissed. The number of days past due is determined by the number of scheduled payments that remain unpaid, assuming a period of 30 days between each scheduled payment. The recorded investment in loan receivables at September 30, 2017 and 2016 is summarized in the following table. The table provides details of the recorded balances according to the method of evaluation used for determining the allowance for loan losses, distinguishing between determinations made by evaluating individual loans and determinations made by evaluating groups of loans not individually evaluated. Balances of recorded investments are adjusted for deferred loan fees, expenses and any applicable loans-in-process. September 30, 2017 2016 Individually Collectively Total Individually Collectively Total Real estate loans: Residential Core $ 94,747 $ 10,666,296 $ 10,761,043 $ 107,541 $ 9,972,073 $ 10,079,614 Residential Home Today 46,641 61,042 107,683 51,415 69,020 120,435 Home equity loans and lines of credit 39,172 1,530,879 1,570,051 35,894 1,506,696 1,542,590 Construction — 26,427 26,427 — 24,844 24,844 Total real estate loans 180,560 12,284,644 12,465,204 194,850 11,572,633 11,767,483 Other consumer loans — 3,050 3,050 — 3,116 3,116 Total $ 180,560 $ 12,287,694 $ 12,468,254 $ 194,850 $ 11,575,749 $ 11,770,599 An analysis of the allowance for loan losses at September 30, 2017 and 2016 is summarized in the following table. The analysis provides details of the allowance for loan losses according to the method of evaluation, distinguishing between allowances for loan losses determined by evaluating individual loans and allowances for loan losses determined by evaluating groups of loans collectively. September 30, 2017 2016 Individually Collectively Total Individually Collectively Total Real estate loans: Residential Core $ 7,336 $ 6,850 $ 14,186 $ 8,927 $ 6,141 $ 15,068 Residential Home Today 2,250 2,258 4,508 2,979 4,437 7,416 Home equity loans and lines of credit 1,475 28,774 30,249 722 38,582 39,304 Construction — 5 5 — 7 7 Total real estate loans $ 11,061 $ 37,887 $ 48,948 $ 12,628 $ 49,167 $ 61,795 At September 30, 2017 and 2016 , individually evaluated loans that required an allowance were comprised only of loans evaluated for impairment based on the present value of cash flows, such as performing TDRs, and loans with a further deterioration in the fair value of collateral not yet identified as uncollectible. All other individually evaluated loans received a charge-off if applicable. Because many variables are considered in determining the appropriate level of general valuation allowances, directional changes in individual considerations do not always align with the directional change in the balance of a particular component of the general valuation allowance. At September 30, 2017 and 2016 , respectively, allowances on individually reviewed loans evaluated for impairment based on the present value of cash flows, such as performing TDRs were $11,061 and $12,432 ; and allowances on loans with further deteriorations in the fair value of collateral not yet identified as uncollectible were $0 and $196 . Residential Core mortgage loans represent the largest portion of the residential real estate portfolio. The Company believes overall credit risk is low based on the nature, composition, collateral, products, lien position and performance of the portfolio. The portfolio does not include loan types or structures that have recently experienced severe performance problems at other financial institutions (sub-prime, no documentation or pay-option adjustable-rate mortgages). As described earlier in this note, Home Today loans have greater credit risk than traditional residential real estate mortgage loans. At September 30, 2017 and 2016 , respectively, approximately 22% and 27% of Home Today loans include private mortgage insurance coverage. The majority of the coverage on these loans was provided by PMI Mortgage Insurance Co., which the Arizona Department of Insurance seized in 2011 and indicated that all claims payments would be reduced by 50% . Between March 2013 and June 2016, PMIC gradually increased the cash percentage of the partial claim payment from 55% to 71.5% of the claim with the remainder deferred. Appropriate adjustments have been made to the Association’s affected valuation allowances and charge-offs, and estimated loss severity factors were adjusted accordingly for loans evaluated collectively. The amount of loans in the Association's total owned residential portfolio covered by mortgage insurance provided by PMIC as of September 30, 2017 and 2016 , respectively, was $61,470 and $91,784 of which $56,511 and $84,007 was current. The amount of loans in our owned portfolio covered by mortgage insurance provided by Mortgage Guaranty Insurance Corporation as of September 30, 2017 and 2016 , respectively, was $28,946 and $40,578 of which $28,870 and $40,190 was current. As of September 30, 2017 , MGIC's long-term debt rating, as published by the major credit rating agencies, did not meet the requirements to qualify as "high credit quality"; however, MGIC continues to make claims payments in accordance with its contractual obligations and the Association has not increased its estimated loss severity factors related to MGIC's claim paying ability. No other loans were covered by mortgage insurers that were deferring claim payments or which we assessed as being non-investment grade. Home equity loans and lines of credit, which are comprised primarily of home equity lines of credit, represent a significant portion of the residential real estate portfolio. Post-origination deterioration in economic and housing market conditions may impact a borrower's ability to afford the higher payments required during the end of draw repayment period that follows the period of interest only payments on home equity lines of credit originated prior to 2012 or the ability to secure alternative financing. Beginning in February 2013, the terms on new home equity lines of credit included monthly principal and interest payments throughout the entire term to minimize the potential payment differential between the during draw and after draw periods. The Association originates construction loans to individuals for the construction of their personal single-family residence by a qualified builder (construction/permanent loans). The Association’s construction/permanent loans generally provide for disbursements to the builder or sub-contractors during the construction phase as work progresses. During the construction phase, the borrower only pays interest on the drawn balance. Upon completion of construction, the loan converts to a permanent amortizing loan without the expense of a second closing. The Association offers construction/permanent loans with fixed or adjustable rates, and a current maximum loan-to-completed-appraised value ratio of 85%. Other consumer loans are comprised of loans secured by certificate of deposit accounts, which are fully recoverable in the event of non-payment. For all classes of loans, a loan is considered impaired when, based on current information and events, it is probable that the Association will be unable to collect the scheduled payments of principal and interest according to the contractual terms of the loan agreement. Factors considered in determining that a loan is impaired may include the deteriorating financial condition of the borrower indicated by missed or delinquent payments, a pending legal action, such as bankruptcy or foreclosure, or the absence of adequate security for the loan. The recorded investment and the unpaid principal balance of impaired loans, including those reported as TDRs, as of September 30, 2017 and 2016 are summarized as follows. Balances of recorded investments are adjusted for deferred loan fees and expenses. September 30, 2017 2016 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related IVA recorded: Residential Core $ 47,507 $ 65,132 $ — $ 53,560 $ 72,693 $ — Residential Home Today 18,780 41,064 — 20,108 44,914 — Home equity loans and lines of credit 18,793 25,991 — 20,549 30,216 — Total $ 85,080 $ 132,187 $ — $ 94,217 $ 147,823 $ — With an IVA recorded: Residential Core $ 47,240 $ 47,747 $ 7,336 $ 53,981 $ 54,717 $ 8,927 Residential Home Today 27,861 28,210 2,250 31,307 31,725 2,979 Home equity loans and lines of credit 20,379 20,389 1,475 15,345 15,357 722 Total $ 95,480 $ 96,346 $ 11,061 $ 100,633 $ 101,799 $ 12,628 Total impaired loans: Residential Core $ 94,747 $ 112,879 $ 7,336 $ 107,541 $ 127,410 $ 8,927 Residential Home Today 46,641 69,274 2,250 51,415 76,639 2,979 Home equity loans and lines of credit 39,172 46,380 1,475 35,894 45,573 722 Total $ 180,560 $ 228,533 $ 11,061 $ 194,850 $ 249,622 $ 12,628 At September 30, 2017 and 2016 , respectively, the recorded investment in impaired loans includes $162,020 and $170,602 of loans restructured in TDRs of which $11,884 and $12,368 are 90 days or more past due. The average recorded investment in impaired loans and the amount of interest income recognized during period that the loans were impaired are summarized below. For the Years Ended September 30, 2017 2016 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related IVA recorded: Residential Core $ 50,534 $ 1,411 $ 57,869 $ 1,288 $ 67,509 $ 1,464 Residential Home Today 19,444 337 21,573 352 25,542 271 Home equity loans and lines of credit 19,671 293 21,798 282 24,832 299 Total $ 89,649 $ 2,041 $ 101,240 $ 1,922 $ 117,883 $ 2,034 With an IVA recorded: Residential Core $ 50,611 $ 1,891 $ 55,696 $ 2,228 $ 58,145 $ 2,570 Residential Home Today 29,584 1,445 33,158 1,756 37,070 1,877 Home equity loans and lines of credit 17,862 849 13,206 255 9,469 271 Construction — — 213 — 213 10 Total $ 98,057 $ 4,185 $ 102,273 $ 4,239 $ 104,897 $ 4,728 Total impaired loans: Residential Core $ 101,145 $ 3,302 $ 113,565 $ 3,516 $ 125,654 $ 4,034 Residential Home Today 49,028 1,782 54,731 2,108 62,612 2,148 Home equity loans and lines of credit 37,533 1,142 35,004 537 34,301 570 Construction — — 213 — 213 10 Total $ 187,706 $ 6,226 $ 203,513 $ 6,161 $ 222,780 $ 6,762 Interest on loans in non-accrual status is recognized on a cash-basis. The amount of interest income on impaired loans recognized using a cash-basis method is $1,443 , $1,400 and $1,347 for the years ended September 30, 2017 , 2016 and 2015 , respectively. Cash payments on loans with a partial charge-off are applied fully to principal, then to recovery of the charged off amount prior to interest income being recognized. Interest income on the remaining impaired loans is recognized on an accrual basis. Charge-offs on residential mortgage loans, home equity loans and lines of credit, and construction loans are recognized when triggering events, such as foreclosure actions, short sales, or deeds accepted in lieu of repayment, result in less than full repayment of the recorded investment in the loans. Partial or full charge-offs are also recognized for the amount of impairment on loans considered collateral dependent that meet the conditions described below. • For residential mortgage loans, payments are greater than 180 days delinquent; • For home equity lines of credit, equity loans, and residential loans restructured in a TDR, payments are greater than 90 days delinquent; • For all classes of loans, a sheriff sale is scheduled within 60 days to sell the collateral securing the loan; • For all classes of loans, all borrowers have been discharged of their obligation through a Chapter 7 bankruptcy; • For all classes of loans, within 60 days of notification, all borrowers obligated on the loan have filed Chapter 7 bankruptcy and have not reaffirmed or been dismissed; • For all classes of loans, a borrower obligated on a loan has filed bankruptcy and the loan is greater than 30 days delinquent; • For all classes of loans, it becomes evident that a loss is probable. Collateral dependent residential mortgage loans and construction loans are charged off to the extent the recorded investment in a loan, net of anticipated mortgage insurance claims, exceeds the fair value less costs to dispose of the underlying property. Management can determine the loan is uncollectible for reasons such as foreclosures exceeding a reasonable time frame and recommend a full charge-off. Home equity loans or lines of credit are charged off to the extent the recorded investment in the loan plus the balance of any senior liens exceeds the fair value less costs to dispose of the underlying property or management determines the collateral is not sufficient to satisfy the loan. A loan in any portfolio that is identified as collateral dependent will continue to be reported as impaired until it is no longer considered collateral dependent, is less than 30 days past due and does not have a prior charge-off. A loan in any portfolio that has a partial charge-off consequent to impairment evaluation will continue to be individually evaluated for impairment until, at a minimum, the impairment has been recovered. The following summarizes the effective dates of charge-off policies that changed or were first implemented during the current and previous four fiscal years and the portfolios to which those policies apply. Effective Date Policy Portfolio(s) Affected 6/30/2014 A loan is considered collateral dependent and any collateral shortfall is charged off when, within 60 days of notification, all borrowers obligated on a loan filed Chapter 7 bankruptcy and have not reaffirmed or been dismissed (1) All (1) Prior to 6/30/2014, collateral shortfalls on loans in Chapter 7 bankruptcy were charged off when all borrowers were discharged of the obligation or when the loan was 30 days or more past due. Adoption of this policy did not result in a material change to total charge-offs or the provision for loan losses in the fiscal year ending September 30, 2014. Loans restructured in TDRs that are not evaluated based on collateral are separately evaluated for impairment on a loan by loan basis at the time of restructuring and at each subsequent reporting date for as long as they are reported as TDRs. The impairment evaluation is based on the present value of expected future cash flows discounted at the effective interest rate of the original loan. Expected future cash flows include a discount factor representing a potential for default. Valuation allowances are recorded for the excess of the recorded investments over the result of the cash flow analysis. Loans discharged in Chapter 7 bankruptcy are reported as TDRs and also evaluated based on the present value of expected future cash flows unless evaluated based on collateral. We evaluate these loans using the expected future cash flows because we expect the borrower, not liquidation of the collateral, to be the source of repayment for the loan. Other consumer loans are not considered for restructuring. A loan restructured in a TDR is classified as an impaired loan for a minimum of one year. After one year, that loan may be reclassified out of the balance of impaired loans if the loan was restructured to yield a market rate for loans of similar credit risk at the time of restructuring and the loan is not impaired based on the terms of the restructuring agreement. No loans whose terms were restructured in TDRs were reclassified from impaired loans during the years ended September 30, 2017 , 2016 and 2015 . The recorded investment in TDRs by type of concession as of September 30, 2017 and September 30, 2016 is shown in the tables below. September 30, 2017 Reduction Payment Forbearance Multiple Concessions Multiple Restructurings Bankruptcy Total Residential Core $ 12,485 $ 521 $ 8,176 $ 21,278 $ 20,459 $ 23,670 $ 86,589 Residential Home Today 5,441 — 4,811 10,538 18,877 4,337 44,004 Home equity loans and lines of credit 106 6,033 373 14,661 1,471 8,783 31,427 Total $ 18,032 $ 6,554 $ 13,360 $ 46,477 $ 40,807 $ 36,790 $ 162,020 September 30, 2016 Reduction Payment Forbearance Multiple Concessions Multiple Bankruptcy Total Residential Core $ 13,456 $ 748 $ 8,595 $ 22,641 $ 21,517 $ 28,263 $ 95,220 Residential Home Today 6,338 — 5,198 11,330 20,497 5,241 48,604 Home equity loans and lines of credit 120 4,135 401 9,354 1,166 11,602 26,778 Total $ 19,914 $ 4,883 $ 14,194 $ 43,325 $ 43,180 $ 45,106 $ 170,602 TDRs may be restructured more than once. Among other requirements, a subsequent restructuring may be available for a borrower upon the expiration of temporary restructured terms if the borrower cannot return to regular loan payments. If the borrower is experiencing an income curtailment that temporarily has reduced his/her capacity to repay, such as loss of employment, reduction of hours, non-paid leave or short term disability, a temporary restructuring is considered. If the borrower lacks the capacity to repay the loan at the current terms due to a permanent condition, a permanent restructuring is considered. In evaluating the need for a subsequent restructuring, the borrower’s ability to repay is generally assessed utilizing a debt to income and cash flow analysis. As the economy has improved, the need for multiple restructurings has begun to abate. Loans discharged in Chapter 7 bankruptcy are classified as multiple restructurings if the loan's original terms had also been restructured by the Association. For all loans restructured during the years ended September 30, 2017 , 2016 and 2015 (set forth in the tables below), the pre-restructured outstanding recorded investment was not materially different from the post-restructured outstanding recorded investment. The following tables set forth the recorded investment in TDRs restructured during the years presented, according to the types of concessions granted. For the Year Ended September 30, 2017 Reduction Payment Extensions Forbearance Multiple Concessions Multiple Bankruptcy Total (Dollars in thousands) Residential Core $ 818 $ — $ 1,340 $ 1,654 $ 2,176 $ 2,621 $ 8,609 Residential Home Today 147 — 456 458 2,734 469 4,264 Home equity loans and lines of credit — 2,282 32 6,834 694 1,042 10,884 Total $ 965 $ 2,282 $ 1,828 $ 8,946 $ 5,604 $ 4,132 $ 23,757 For the Year Ended September 30, 2016 Reduction Payment Extensions Forbearance Multiple Concessions Multiple Bankruptcy Total (Dollars in thousands) Residential Core $ 1,342 $ — $ 1,154 $ 4,444 $ 2,902 $ 4,929 $ 14,771 Residential Home Today 169 — 489 542 3,487 469 5,156 Home equity loans and lines of credit 58 1,371 33 5,842 459 1,360 9,123 Total $ 1,569 $ 1,371 $ 1,676 $ 10,828 $ 6,848 $ 6,758 $ 29,050 For the Year Ended September 30, 2015 Reduction in Interest Rates Payment Extensions Forbearance or Other Actions Multiple Concessions Multiple Bankruptcy Total (Dollars in thousands) Residential Core $ 2,490 $ — $ 745 $ 4,464 $ 4,437 $ 6,720 $ 18,856 Residential Home Today 80 — 758 301 5,306 2,096 8,541 Home equity loans and lines of credit — 1,800 88 3,079 290 1,634 6,891 Total $ 2,570 $ 1,800 $ 1,591 $ 7,844 $ 10,033 $ 10,450 $ 34,288 Below summarizes the information on TDRs restructured within the previous 12 months of the period presented for which there was a subsequent payment default, at least 30 days past due on one scheduled payment, during the period presented. For the Year Ended September 30, 2017 For the Year Ended September 30, 2016 For the Year Ended September 30, 2015 TDRs That Subsequently Defaulted Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Recorded (Dollars in thousands) (Dollars in thousands) (Dollars in thousands) Residential Core 17 $ 1,462 32 $ 2,282 34 $ 3,296 Residential Home Today 25 1,126 26 1,088 26 1,179 Home equity loans and lines of credit 16 667 28 886 44 689 Total 58 $ 3,255 86 $ 4,256 104 $ 5,164 Residential loans are internally assigned a grade that complies with the guidelines outlined in the OCC’s Handbook for Rating Credit Risk. Pass loans are assets well protected by the current paying capacity of the borrower. Special Mention loans have a potential weakness, as evaluated based on delinquency status, that the Association feels deserve management’s attention and may result in further deterioration in their repayment prospects and/or the Association’s credit position. Substandard loans are inadequately protected by the current payment capacity of the borrower or the collateral pledged with a defined weakness that jeopardizes the liquidation of the debt. Also included in Substandard are performing home equity loans and lines of credit where the customer has a severely delinquent first mortgage to which the performing home equity loan or line of credit is subordinate and loans in Chapter 7 bankruptcy status where all borrowers have filed, and have not reaffirmed or been dismissed. Loss loans are considered uncollectible and are charged off when identified. The following tables provide information about the credit quality of residential loan receivables by an internally assigned grade. Balances are adjusted for deferred loan fees, expenses and any applicable LIP. Pass Special Mention Substandard Loss Total September 30, 2017 Real Estate Loans: Residential Core $ 10,709,739 $ — $ 51,304 $ — $ 10,761,043 Residential Home Today 88,247 — 19,436 — 107,683 Home equity loans and lines of credit 1,545,658 3,837 20,556 — 1,570,051 Construction 26,427 — — — 26,427 Total real estate loans $ 12,370,071 $ 3,837 $ 91,296 $ — $ 12,465,204 Pass Special Mention Substandard Loss Total September 30, 2016 Real Estate Loans: Residential Core $ 10,022,555 $ — $ 57,059 $ — $ 10,079,614 Residential Home Today 99,442 — 20,993 — 120,435 Home equity loans and lines of credit 1,516,551 4,122 21,917 — 1,542,590 Construction 24,844 — — — 24,844 Total real estate loans $ 11,663,392 $ 4,122 $ 99,969 $ — $ 11,767,483 At September 30, 2017 and 2016 , respectively, the recorded investment of impaired loans includes $94,104 and $101,227 of TDRs that are individually evaluated for impairment, but have adequately performed under the terms of the restructuring and are classified as Pass loans. At September 30, 2017 and 2016 , respectively, there were $4,840 and $6,346 of loans classified substandard and $3,837 and $4,122 of loans designated special mention that are not included in the recorded investment of impaired loans; rather, they are included in loans collectively evaluated for impairment. Other consumer loans are internally assigned a grade of nonperforming when they are considered 90 days or more past due. At September 30, 2017 and September 30, 2016 , no consumer loans were graded as nonperforming. During the years ended September 30, 2017 and 2016, respectively, $0 and $244 in recoveries were recorded representing payments received as a result of PMIC increasing the cash percentage of the partial claim payment plan as discussed earlier in this note. Activity in the allowance for loan losses is summarized as follows: For the Year Ended September 30, 2017 Beginning Balance Provisions Charge-offs Recoveries Ending Balance Real estate loans: Residential Core $ 15,068 $ (3,311 ) $ (3,029 ) $ 5,458 $ 14,186 Residential Home Today 7,416 (1,943 ) (2,276 ) 1,311 4,508 Home equity loans and lines of credit 39,304 (11,744 ) (6,173 ) 8,862 30,249 Construction 7 (2 ) — — 5 Total real estate loans $ 61,795 $ (17,000 ) $ (11,478 ) $ 15,631 $ 48,948 For the Year Ended September 30, 2016 Beginning Balance Provisions Charge-offs Recoveries Ending Balance Real estate loans: Residential Core $ 22,596 $ (6,942 ) $ (4,294 ) $ 3,708 $ 15,068 Residential Home Today 9,997 (1,253 ) (2,761 ) 1,433 7,416 Home equity loans and lines of credit 38,926 255 (7,846 ) 7,969 39,304 Construction 35 (60 ) — 32 7 Total real estate loans $ 71,554 $ (8,000 ) $ (14,901 ) $ 13,142 $ 61,795 For the Year Ended September 30, 2015 Beginning Balance Provisions Charge-offs Recoveries Ending Balance Real estate loans: Residential Core $ 31,080 $ (6,987 ) $ (6,866 ) $ 5,369 $ 22,596 Residential Home Today 16,424 (4,508 ) (3,452 ) 1,533 9,997 Home equity loans and lines of credit 33,831 8,661 (11,034 ) 7,468 38,926 Construction 27 (166 ) — 174 35 Total real estate loans $ 81,362 $ (3,000 ) $ (21,352 ) $ 14,544 $ 71,554 |
Mortgage Loan Servicing Rights
Mortgage Loan Servicing Rights | 12 Months Ended |
Sep. 30, 2017 | |
Disclosures Pertaining to Servicing Assets and Servicing Liabilities [Abstract] | |
Mortgage Loan Servicing Assets | MORTGAGE LOAN SERVICING RIGHTS The Company sells certain types of loans through whole loan sales and through securitizations. In each case, the Company retains a servicing interest in the loans or securitized loans. Certain assumptions and estimates are used to determine the fair value allocated to these retained interests at the date of transfer and at subsequent measurement dates. These assumptions and estimates include loan repayment rates and discount rates. Changes in interest rates can affect the average life of loans and mortgage-backed securities and the related servicing rights. A reduction in interest rates normally results in increased prepayments, as borrowers refinance their debt in order to reduce their borrowing costs. This creates reinvestment risk, which is the risk that the Company may not be able to reinvest the proceeds of loan and securities prepayments at rates that are comparable to the rates earned on the loans or securities prior to receipt of the repayment. During 2017 , 2016 and 2015 , $249,426 , $200,298 and $160,052 , respectively, of mortgage loans were securitized and/or sold including accrued interest thereon. In these transactions, the Company retained residual interests in the form of mortgage loan servicing rights. Primary economic assumptions used to measure the value of the Company’s retained interests at the date of sale resulting from the completed transactions were as follows (per annum): 2017 2016 Primary prepayment speed assumptions (weighted average annual rate) 9.9 % 11.3 % Weighted average life (years) 22.2 23.0 Amortized cost to service loans (weighted average) 0.12 % 0.12 % Weighted average discount rate 12 % 12 % Key economic assumptions and the sensitivity of the current fair value of mortgage loan servicing rights to immediate 10% and 20% adverse changes in those assumptions are as presented in the following table. The three key economic assumptions that impact the valuation of the mortgage loan servicing rights are: (1) the prepayment speed, or how long the mortgage servicing right will be outstanding; (2) the estimate of servicing costs that will be incurred in fulfilling the mortgage servicing right responsibilities; and (3) the discount factor applied to future net cash flows to convert them to present value. The Company established these factors based on independent analysis of our portfolio and reviews these assumptions periodically to ensure that they reasonably reflect current market conditions and our loan portfolio experience. Additionally, to confirm the appropriateness of the Company's mortgage loan servicing rights valuation, an independent third party is engaged at least annually, and more frequently if warranted by market volatility, to value our mortgage loan servicing rights portfolio. The results of the third party valuation are compared and reconciled to the Company's valuation, thereby validating the Company's approach and assumptions. September 30, 2017 Fair value of mortgage loan servicing rights $ 16,102 Prepayment speed assumptions (weighted average annual rate) 18.0 % Impact on fair value of 10% adverse change $ (568 ) Impact on fair value of 20% adverse change $ (1,085 ) Estimated prospective annual cost to service loans (weighted average) 0.12 % Impact on fair value of 10% adverse change $ (1,493 ) Impact on fair value of 20% adverse change $ (2,987 ) Discount rate 12.0 % Impact on fair value of 10% adverse change $ (570 ) Impact on fair value of 20% adverse change $ (1,096 ) These sensitivities are hypothetical and should be used with caution. As indicated in the table above, changes in fair value based on a 10% variation in assumptions generally cannot be extrapolated because the relationship in the change in assumption to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption on the fair value of the retained interest is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which could magnify or counteract the sensitivities. Servicing rights are evaluated periodically for impairment based on the fair value of those rights. Twenty-one risk tranches are used in evaluating servicing rights for impairment, segregated primarily by interest rate stratum within original term to maturity categories with additional strata for less uniform account types. Activity in mortgage servicing rights is summarized as follows: Year Ended September 30, 2017 2016 2015 Balance—beginning of year $ 8,852 $ 9,988 $ 11,669 Additions from loan securitizations/sales 1,347 1,044 907 Amortization (1,824 ) (2,180 ) (2,588 ) Net change in valuation allowance — — — Balance—end of year $ 8,375 $ 8,852 $ 9,988 Fair value of capitalized amounts $ 16,102 $ 16,428 $ 21,084 The Company receives annual servicing fees ranging from 0.02% to 0.98% of the outstanding loan balances. Servicing income, net of amortization of capitalized servicing rights, included in Non-interest income, amounted to $4,257 in 2017 , $4,696 in 2016 and $5,444 in 2015 . The unpaid principal balance of mortgage loans serviced for others was approximately $1,849,653 , $1,959,467 and $2,181,436 at September 30, 2017 , 2016 and 2015 , respectively. The ratio of capitalized servicing rights to the unpaid principal balance of mortgage loans serviced for others was 0.45% , 0.45% , and 0.46% at September 30, 2017 , 2016 and 2015 , respectively. |
Premises, Equipment And Softwar
Premises, Equipment And Software, Net | 12 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment, Net [Abstract] | |
Premises, Equipment And Software, Net | PREMISES, EQUIPMENT AND SOFTWARE, NET Premises, equipment and software at cost are summarized as follows: September 30, 2017 2016 Land $ 12,183 $ 12,183 Office buildings 76,003 73,235 Furniture, fixtures and equipment 33,313 32,513 Software 17,432 17,061 Leasehold improvements 15,224 13,820 154,155 148,812 Less: accumulated depreciation and amortization (93,280 ) (87,809 ) Total $ 60,875 $ 61,003 During the years ended September 30, 2017 , 2016 and 2015 , depreciation and amortization expense on premises, equipment, and software was $5,633 , $5,507 and $4,798 , respectively. The Company leases certain of its branches under renewable operating lease agreements. Future minimum payments under non-cancelable operating leases with initial or remaining terms of one year or more consisted of the following at September 30, 2017 : Years Ending September 30, 2018 $ 6,697 2019 6,138 2020 4,987 2021 3,989 2022 2,743 Thereafter 6,264 During the years ended September 30, 2017 , 2016 and 2015 , rental expense was $6,929 , $6,711 and $6,421 , respectively, and appears in office property, equipment, and software in the accompanying statements. The Company, as lessor, leases certain commercial office buildings. The Company anticipates receiving future minimum payments of the following as of September 30, 2017 : Years Ending September 30, 2018 $ 2,154 2019 1,991 2020 1,124 2021 1,072 2022 998 Thereafter 824 During each of the years ended September 30, 2017 , 2016 and 2015 , rental income was $1,857 , $1,556 and $1,414 respectively, and appears in other non-interest income in the accompanying statements. |
Accrued Interest Receivable
Accrued Interest Receivable | 12 Months Ended |
Sep. 30, 2017 | |
Accrued Interest Receivable [Abstract] | |
Accrued Interest Receivable | ACCRUED INTEREST RECEIVABLE Accrued interest receivable is summarized as follows: September 30, 2017 2016 Investment securities $ 1,270 $ 1,179 Loans 34,209 31,639 Total $ 35,479 $ 32,818 |
Deposits
Deposits | 12 Months Ended |
Sep. 30, 2017 | |
Deposits [Abstract] | |
Deposit Liabilities Disclosures | DEPOSITS Deposit account balances are summarized by interest rate as follows: Stated Interest Rate September 30, 2017 2016 Amount Percent Amount Percent Checking accounts 0.00–0.10% $ 987,001 12.1 % $ 995,372 12.0 % Savings accounts 0.00–0.15 1,473,415 18.1 1,514,428 18.2 Subtotal 2,460,416 30.2 2,509,800 30.2 Certificates of deposit 0.00–0.99 877,684 10.8 1,164,802 14.0 1.00–1.99 4,348,918 53.3 4,214,976 50.6 2.00–2.99 449,358 5.5 411,229 4.9 3.00–3.99 8,648 0.1 9,487 0.1 4.00 and above 4,628 0.1 19,148 0.2 5,689,236 69.8 5,819,642 69.8 Subtotal 8,149,652 100.0 8,329,442 100.0 Accrued interest 1,973 — 1,926 — Total deposits $ 8,151,625 100.0 % $ 8,331,368 100.0 % At September 30, 2017 and 2016 , the weighted average interest rate was 0.14% on savings accounts; 0.09% on checking accounts; 1.52% and 1.48% on certificates of deposit, respectively; and 1.10% and 1.07% on total deposits, respectively. The aggregate amount of certificates of deposit in denominations of $100 or more totaled approximately $2,685,662 and $2,668,391 at September 30, 2017 and 2016 , respectively. In accordance with the DFA, the maximum amount of deposit insurance is $250 per depositor. Brokered certificates of deposit, which are used as a cost effective funding alternative, totaled $620,705 and $539,775 at September 30, 2017 and 2016, respectively. The FDIC places restrictions on banks with regard to issuing brokered deposits based on the bank's capital classification. A well-capitalized institution may accept brokered deposits without FDIC restrictions. An adequately capitalized institution must obtain a waiver from the FDIC in order to accept brokered deposits, while an undercapitalized institution is prohibited by the FDIC from accepting brokered deposits. The scheduled maturity of certificates of deposit is as follows: September 30, 2017 Amount Percent 12 months or less $ 2,131,565 37.4 % 13 to 24 months 1,490,041 26.2 % 25 to 36 months 1,136,632 20.0 % 37 to 48 months 491,055 8.6 % 49 to 60 months 237,354 4.2 % Over 60 months 202,589 3.6 % Total $ 5,689,236 100.0 % Interest expense on deposits is summarized as follows: Year Ended September 30, 2017 2016 Certificates of deposit $ 84,410 $ 85,900 Checking accounts 918 1,289 Savings accounts 2,093 2,811 Total $ 87,421 $ 90,000 |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Sep. 30, 2017 | |
Advances from Federal Home Loan Banks [Abstract] | |
Borrowed Funds | BORROWED FUNDS Federal Home Loan Bank borrowings at September 30, 2017 are summarized in the table below. The amount and weighted average rates of certain FHLB Advances maturing in years 2018 through 2021 reflect the net impact of deferred penalties discussed below: Amount Weighted Average Rate Maturing in: 2018 $ 2,884,479 1.25 % 2019 414,478 1.79 % 2020 329,816 1.82 % 2021 1,290 1.54 % thereafter 37,548 1.56 % Total FHLB Advances 3,667,611 1.36 % Accrued interest 3,766 Total $ 3,671,377 Through the use of interest rate swaps discussed in Note 17. Derivative Instruments , $1,500,000 of FHLB advances included in the table above as maturing in 2018, have effective maturities, assuming no early terminations of the swap contracts, as shown below: Effective Maturity: Amount Swap Adjusted Weighted Average Rate 2020 $ 50,000 1.23 % 2021 525,000 1.19 % 2022 900,000 1.90 % 2023 25,000 1.67 % Total FHLB Advances under swap contracts $ 1,500,000 1.62 % During fiscal year 2016, $150,000 fixed-rate FHLB advances with remaining terms of approximately four years were prepaid and replaced with new four- and five-year interest rate swap arrangements. The deferred repayment penalties of $2,408 related to the $150,000 of restructuring are being recognized in interest expense over the remaining term of the swap contracts. The following table sets forth certain information relating to Federal Home Loan Bank short-term borrowings at or for the periods indicated. At or For the Fiscal Years Ended September 30, 2017 2016 2015 (dollars in thousands) Balance at end of year $ 2,610,000 $ 1,451,000 $ 755,000 Maximum outstanding at any month-end $ 2,610,000 $ 1,451,000 $ 1,535,000 Average balance during year $ 1,976,281 $ 934,689 $ 1,242,380 Average interest rate during the fiscal year 0.89 % 0.42 % 0.15 % Weighted average interest rate at end of year 1.22 % 0.47 % 0.18 % Interest expense $ 17,826 $ 3,984 $ 1,811 The Association implemented a strategy in fiscal year 2015 to increase net income, which involved borrowing, on an overnight basis, approximately $ 1,000,000 of additional funds from the FHLB at the beginning of a particular quarter and repaying it prior to the end of that quarter. The proceeds of the borrowings, net of the required investment in FHLB stock, were deposited at the Federal Reserve. The strategy was not utilized at September 30, 2017, 2016 or 2015, however, dependent upon market rates, remains an option in the future. The Association’s maximum borrowing capacity at the FHLB, under the most restrictive measure, was an additional $40,979 at September 30, 2017 . Pursuant to collateral agreements with FHLB of Cincinnati, advances are secured by a blanket lien on qualifying first mortgage loans. In addition to the existing available capacity, the Association’s capacity limit for additional borrowings from the FHLB of Cincinnati was $4,867,936 at September 30, 2017 , subject to satisfaction of the FHLB of Cincinnati common stock ownership requirement. To satisfy the common stock ownership requirement, the Association would have to increase its ownership of FHLB of Cincinnati common stock by an additional $97,359 . The terms of the advances include various restrictive covenants including limitations on the acquisition of additional debt in excess of specified levels. As of September 30, 2017 , the Association was in compliance with all such covenants. The Association’s borrowing capacity at the FRB-Cleveland Discount Window was $72,295 at September 30, 2017 . |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | OTHER COMPREHENSIVE INCOME (LOSS) The change in accumulated other comprehensive income (loss) by component is as follows: Unrealized Gains (Losses) on Securities Available for Sale Cash Flow Hedges Defined Benefit Plan Total Fiscal year 2015 activity Balance at September 30, 2014 $ (1,092 ) $ — $ (9,700 ) $ (10,792 ) Other comprehensive income (loss) before reclassifications, net of tax benefit of $1,490 3,018 — (5,785 ) (2,767 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax expense of $265 — — 494 494 Other comprehensive income (loss) 3,018 — (5,291 ) (2,273 ) Balance at September 30, 2015 $ 1,926 $ — $ (14,991 ) $ (13,065 ) Fiscal year 2016 activity Other comprehensive loss before reclassifications, net of tax benefit of $4,621 (1,510 ) (2,389 ) (4,682 ) (8,581 ) Amounts reclassified from accumulated other comprehensive loss, net of tax expense of $1,089 — 1,018 1,002 2,020 Other comprehensive loss (1,510 ) (1,371 ) (3,680 ) (6,561 ) Balance at September 30, 2016 $ 416 $ (1,371 ) $ (18,671 ) $ (19,626 ) Fiscal year 2017 activity Other comprehensive income (loss) before reclassifications, net of tax expense of $4,479 (3,331 ) 9,186 2,463 8,318 Amounts reclassified from accumulated other comprehensive income (loss), net of tax expense of $2,055 — 2,434 1,382 3,816 Other comprehensive (loss) income (3,331 ) 11,620 3,845 12,134 Balance at September 30, 2017 $ (2,915 ) $ 10,249 $ (14,826 ) $ (7,492 ) The following table presents the reclassification adjustment out of accumulated other comprehensive income (loss) included in net income and the corresponding line item on the consolidated statements of income for the periods indicated: Details about Accumulated Other Comprehensive Income Components For the Years Ended September 30, Line Item in the Statement of Income 2017 2016 2015 Cash flow hedges: Interest expense, effective portion $ 3,745 $ 1,567 $ — Interest expense Income tax (1,311 ) (549 ) — Income tax expense Net of income tax $ 2,434 $ 1,018 $ — Amortization of pension plan: Actuarial loss $ 2,126 $ 1,542 $ 759 (a) Income tax (744 ) (540 ) (265 ) Income tax expense Net of income tax 1,382 1,002 494 Total reclassifications for the period $ 3,816 $ 2,020 $ 494 (a) These items are included in the computation of net period pension cost. See Note 13. Employee Benefit Plans for additional disclosure. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2017 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Income Taxes | INCOME TAXES The components of the income tax provision are as follows: Year Ended September 30, 2017 2016 2015 Current tax expense: Federal $ 39,794 $ 29,833 $ 27,056 State 1,121 878 564 Deferred tax expense (benefit): Federal 3,634 11,045 9,605 State (85 ) 54 (421 ) Income tax provision $ 44,464 $ 41,810 $ 36,804 Reconciliation from tax at the statutory rate to the income tax provision is as follows: Year Ended September 30, 2017 2016 2015 Tax at statutory rate 35.0 % 35.0 % 35.0 % State tax, net 0.5 0.5 0.1 Non-taxable income from bank owned life insurance contracts (1.7 ) (2.1 ) (2.4 ) Other, net (0.5 ) 0.8 0.9 Income tax provision 33.3 % 34.2 % 33.6 % Temporary differences between the financial statement carrying amounts and tax basis of assets and liabilities that gave rise to significant portions of net deferred taxes relate to the following: September 30, 2017 2016 Deferred tax assets: Loan loss reserve $ 26,690 $ 30,240 Deferred compensation 12,280 11,796 Pension 2,696 5,790 Property, equipment and software basis difference 2,180 1,759 Other 2,482 3,234 Total deferred tax assets 46,328 52,819 Deferred tax liabilities: FHLB stock basis difference 7,999 7,826 Mortgage servicing rights 1,583 1,322 Goodwill 3,473 3,434 Deferred loan costs, net of fees 15,288 11,131 Other 1,994 3,033 Total deferred tax liabilities 30,337 26,746 Net deferred tax asset $ 15,991 $ 26,073 In the accompanying Consolidated Statements of Condition the net deferred tax asset is included in Other assets. A valuation allowance is established to reduce deferred tax assets if it is more likely than not that the related tax benefits will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. There was no valuation allowance required at September 30, 2017 or 2016 . Retained earnings at September 30, 2017 and 2016 included approximately $104,861 for which no provision for federal or state income tax has been made. This amount represents allocations of income during years prior to 1988 to bad debt deductions for tax purposes only. These qualifying and nonqualifying base year reserves and supplemental reserves will be recaptured into income in the event of certain distributions and redemptions. Such recapture would create income for tax purposes only, which would be subject to the then current corporate income tax rate. However, recapture would not occur upon the reorganization, merger, or acquisition of the Association, nor if the Association is merged or liquidated tax-free into a bank or undergoes a charter change. If the Association fails to qualify as a bank or merges into a nonbank entity, these reserves will be recaptured into income. The provisions of Accounting for Uncertainty in Income Taxes, codified within FASB ASC 740 “Income Taxes,” prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement for a tax position taken or expected to be taken in a tax return. FASB ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Tax positions must meet a more-likely-than-not recognition threshold in order for the related tax benefit to be recognized or continue to be recognized. As of September 30, 2017 , 2016 and 2015 , the Company had no unrecognized tax benefits. The Company does not anticipate the total amount of unrecognized tax benefits to significantly change within the next 12 months. The Company recognizes interest and penalties on income tax assessments or income tax refunds, where applicable, in the financial statements as a component of its provision for income taxes. The Company recognized no interest expense or penalties on income tax assessments during the years ended September 30, 2017 , 2016 and 2015 . Total interest accrued was $0 at September 30, 2017 and 2016 . The Company’s effective income tax rate was 33.3% , 34.2% and 33.6% for the years ending September 30, 2017 , 2016 and 2015 , respectively. The decrease in the effective rate for the year ended September 30, 2017 compared to the same periods during fiscal 2016 and 2015 is primarily due to how excess tax benefits on share-based payment awards are recognized pursuant to the adoption of ASU 2016-09. This change is described more fully in Note 21, Recent Accounting Pronouncements . The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and city jurisdictions. With few exceptions, the Company is no longer subject to income tax examinations in its major jurisdictions for tax years prior to 2014. The Company makes certain investments in limited partnerships which invest in affordable housing projects that qualify for the Low Income Housing Tax Credit. The Company acts as a limited partner in these investments and does not exert control over the operating or financial policies of the partnership. The Company accounts for its interests in LIHTCs using the proportional amortization method. The impact of the Company's investments in tax credit entities on the provision for income taxes was not material at September 30, 2017 , 2016 and 2015 . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Sep. 30, 2017 | |
Defined Benefit Plan [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Defined Benefit Plan — The Third Federal Savings Retirement Plan (the “Plan”) is a defined benefit pension plan. Effective December 31, 2002, the Plan was amended to limit participation to employees who met the Plan’s eligibility requirements on that date. Effective December 31, 2011, the Plan was amended to freeze future benefit accruals for participants in the Plan. After December 31, 2002, employees not participating in the Plan, upon meeting the applicable eligibility requirements, and those eligible participants who no longer receive service credits under the Plan, participate in a separate tier of the Company’s defined contribution 401(k) Savings Plan. Benefits under the Plan are based on years of service and the employee’s average annual compensation (as defined in the Plan) through December 31, 2011. The funding policy of the Plan is consistent with the funding requirements of U.S. federal and other governmental laws and regulations. The following table sets forth the change in projected benefit obligation for the defined benefit plan: September 30, 2017 2016 Projected benefit obligation at beginning of year $ 84,218 $ 76,735 Interest cost 3,068 3,288 Actuarial loss and other (955 ) 7,464 Benefits paid (4,113 ) (3,269 ) Projected benefit obligation at end of year $ 82,218 $ 84,218 The following table reconciles the beginning and ending balances of the fair value of Plan assets and presents the funded status of the Plan recognized in the Consolidated Statements of Condition at the September 30 measurement dates: September 30, 2017 2016 Fair value of plan assets at beginning of the year $ 65,951 $ 60,849 Actual return on plan assets 6,968 4,371 Employer contributions 4,000 4,000 Benefits paid (4,113 ) (3,269 ) Fair value of plan assets at end of year $ 72,806 $ 65,951 Funded status of the plan—asset (liability) $ (9,412 ) $ (18,267 ) The components of net periodic cost recognized in the Consolidated Statements of Income are as follows: Year Ended September 30, 2017 2016 2015 Interest Cost 3,068 3,288 3,130 Expected return on plan assets (4,134 ) (4,111 ) (4,414 ) Amortization of net loss and other 2,126 1,542 759 Net periodic benefit (income) cost $ 1,060 $ 719 $ (525 ) There were no required minimum employer contributions during the fiscal year ended September 30, 2017 . The Company made a voluntary contribution of $4,000 during the current fiscal year. Plan assets consist of investments in pooled separate accounts that invest in mutual funds, equity securities, debt securities, or real estate investments. Pooled separate accounts are valued at net asset value per share at the reporting date. The fair values of the underlying investments used to determine net asset value of the pooled separate accounts are primarily publicly quoted prices or quoted prices for similar assets in active or non-active markets. In accordance with Subtopic 820-10, certain investments measured at fair value using the net asset value per share practical expedient are not classified in the fair value hierarchy described in Note16. Fair Value . The following table presents the fair value of Plan assets. September 30, 2017 2016 Fair Value (in thousands) Unfunded Commitments Redemption Frequency (if currently eligible) Redemption Notice Period Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Pooled Separate Accounts $ 72,806 N/A Daily 7 Days $ 65,951 N/A Daily 7 Days There are no redemption restrictions on Plan assets at September 30, 2017. Redemptions may be deferred for a longer period if conditions do not permit an orderly transfer or for certain investments of an illiquid nature. The following additional information is provided with respect to the Plan: September 30, 2017 2016 2015 Assumptions and dates used to determine benefit obligations: Discount rate 3.90 % 3.75 % 4.40 % Rate of compensation increase n/a n/a n/a Assumptions used to determine net periodic benefit cost: Discount rate 3.75 % 4.40 % 4.40 % Long-term rate of return on plan assets 7.00 % 7.50 % 7.50 % Rate of compensation increase (graded scale) n/a n/a n/a The expected long-term return on assets assumption has been derived based upon the average rates of earnings expected on the funds invested to provide for Plan benefits. Management evaluates the historical performance of the various asset categories, as well as current expectations in determining the adequacy of the assumed rates of return in meeting Plan obligations. If warranted, the assumption is modified. The following table provides estimates of expected future benefit payments during each of the next five fiscal years, as well as in the aggregate for years six through ten. Additionally, the table includes the minimum employer contributions expected during the next fiscal year. Expected Benefit Payments During the Fiscal Years Ending September 30: 2018 $ 5,700 2019 4,020 2020 4,370 2021 4,910 2022 3,990 Aggregate expected benefit payments during the five fiscal year period beginning October 1, 2023, and ending September 30, 2027 22,970 Minimum employer contributions expected to be paid during the fiscal year ending September 30, 2018 — Effective September 30, 2006, the Company adopted the provisions of FASB ASC 715 “Compensation – Retirement Benefits” which requires an employer to recognize the funded status of its Plan in the statement of financial condition by a charge to AOCI. For the fiscal years ended September 30, 2017 , 2016 , and 2015 , AOCI includes pretax net actuarial losses of $22,809 , $28,725 , and $23,063 , respectively, which have not been recognized as components of net periodic benefit costs as of the measurement date (there was no transition obligation at any date). The Company expects that $1,679 of net actuarial losses will be recognized as AOCI components of net periodic benefit cost during the fiscal year ended September 30, 2018 . 401(k) Savings Plan — The Company maintains a 401(k) savings plan that is comprised of three tiers. The first tier allows eligible employees to contribute up to 75% of their compensation to the plan, subject to limitations established by the Internal Revenue Service, with the Company matching 100% of up to 4% on funds contributed. The second tier permits the Company to make a profit-sharing contribution at its discretion. The first and second tiers cover substantially all employees who have reached age 21 and have worked 1,000 hours in one year of service. The third tier permits the Company to make discretionary contributions allocable to eligible employees including those eligible employees who are participants, but no longer receiving service credits, under the Company’s defined benefit pension plan. Voluntary contributions made by employees are vested at all times whereas Company contributions and Company matching contributions are subject to various vesting periods which range from immediately vested to fully vesting upon five years of service. The total of the Company’s matching and discretionary contributions related to the 401(k) savings plan for the years ended September 30, 2017 , 2016 and 2015 was $3,456 , $3,412 and $3,204 , respectively. Employee (Associate) Stock Ownership Plan — The Company established an ESOP for its employees effective January 1, 2006. The ESOP is a tax-qualified plan designed to invest primarily in the Company’s common stock and provides employees with an opportunity to receive a funded retirement benefit, based primarily on the value of the Company’s common stock. The ESOP covers all eligible employees of the Company and its wholly-owned subsidiaries. Employees are eligible to participate in the ESOP after attainment of age 18 , completion of 1,000 hours of service, and employment on the last day of the plan’s calendar year. Company contributions to the plan are at the discretion of the Board of Directors. The ESOP is accounted for in accordance with the provisions for stock compensation in FASB ASC 718 . Compensation expense for the ESOP is based on the market price of the Company’s stock and is recognized as shares are committed to be released to participants. The total compensation expense related to this plan in the 2017 , 2016 and 2015 fiscal years was $7,342 , $7,714 and $6,617 , respectively. The ESOP was authorized to purchase, and did purchase, 11,605,824 shares of the Company’s common stock at a price of $10 per share with a 2006 plan year cash contribution and the proceeds of a loan from the Company to the ESOP. The outstanding loan principal balance as of September 30, 2017 and 2016 was $61,759 and $65,462 , respectively. Shares of the Company’s common stock pledged as collateral for the loan are released from the pledge for allocation to participants as loan payments are made. At September 30, 2017 , 5,972,408 shares have been allocated to participants and 325,005 shares were committed to be released. Shares that are committed to be released will be allocated to participants at the end of the plan year (December 31). ESOP shares that are unallocated or not yet committed to be released totaled 5,308,411 at September 30, 2017 , and had a fair market value of $85,625 . Participants have the option to receive dividends on allocated shares in cash or leave the dividend in the ESOP. Dividends are reinvested in Company stock for those participants who choose to leave their dividends in the ESOP or who do not make an election. The purchase of Company stock for reinvestment of dividends is made in the open market on or about the date of the cash disbursement to the participants who opt to take dividends in cash. Dividends on unallocated shares held in the Employer Stock fund were paid to the trustee to be used to make payments on the outstanding loan obligation. |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Plan | EQUITY INCENTIVE PLAN At a special meeting of shareholders held on May 29, 2008, shareholders of the Company approved the TFS Financial Corporation 2008 Equity Incentive Plan (the "Equity Plan”). The Company adopted the provisions related to share-based compensation in FASB ASC 718 and FASB ASC 505, upon approval of the Equity Plan, and began to expense the fair value of all share-based compensation granted over the requisite service periods. During the year ended September 30, 2017 , the Compensation Committee of the Company’s Board of Directors approved the issuance of an additional 300,400 stock options and 72,900 restricted stock units to certain directors, officers and employees of the Company. The awards were made pursuant to the Equity Plan. Amendments to FASB ASC 718 requires the Company to report the benefits of realized tax deductions in excess of the deferred tax benefits previously recognized for compensation expense as an operating cash flow. Prior to the year ended September 30, 2017, excess tax benefits were reported as a financing cash flow. The Company recorded an excess tax benefit of $ 1,058 , $ 3,198 , and $ 1,582 for 2017 , 2016 and 2015 , respectively. The stock options have a contractual term of 10 years and vest over a one to seven year service period. The Company recognizes compensation expense for the fair values of these awards, which have installment vesting, on a straight-line basis over the requisite service period of the awards. Restricted stock units vest over a one to ten year service period. The product of the number of units granted and the grant date market price of the Company’s common stock determines the fair value of restricted stock units under the Equity Plan. The Company recognizes compensation expense for the fair value of restricted stock units on a straight-line basis over the requisite service period. During the years ended September 30, 2017 , 2016 and 2015 , the Company recorded $3,893 , $5,723 and $7,363 , respectively, of share-based compensation expense, comprised of stock option expense of $1,502 , $2,473 and $3,391 , respectively and restricted stock units expense of $2,391 , $3,250 and $3,972 , respectively. The tax benefit recognized in net income related to share-based compensation expense was $1,195 , $1,776 and $2,505 , respectively. The following is a summary of the status of the Company’s restricted stock units as of September 30, 2017 and changes therein during the year then ended: Number of Shares Awarded Weighted Average Grant Date Fair Value Outstanding at September 30, 2016 1,184,357 $ 13.00 Granted 72,900 $ 19.26 Exercised (82,489 ) $ 15.66 Forfeited (5,700 ) $ 17.01 Outstanding at September 30, 2017 1,169,068 $ 13.18 Vested and exercisable, at September 30, 2017 611,883 $ 12.23 Vested and expected to vest, at September 30, 2017 1,169,068 $ 13.18 The weighted average grant date fair value of restricted stock units granted during the years ended September 30, 2017 , 2016 and 2015 was $ 19.26 , $19.06 and $14.98 per share, respectively. The total fair value of restricted stock units vested during the years ended September 30, 2017 , 2016 and 2015 was $2,655 , $2,519 , and $5,042 , respectively. Expected future compensation expense relating to the non-vested restricted stock units at September 30, 2017 is $1,364 over a weighted average period of 1.77 years. The following is a summary of the Company’s stock option activity and related information for the Equity Plan for the year ended September 30, 2017 : Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value Outstanding at September 30, 2016 4,961,757 $ 12.62 5.76 $ 26,216 Granted 300,400 $ 19.28 Exercised (738,925 ) $ 11.41 $ 5,027 Forfeited (6,800 ) $ 15.45 $ 13 Outstanding at September 30, 2017 4,516,432 $ 13.26 5.54 $ 15,057 Vested and exercisable, at September 30, 2017 3,113,511 $ 11.74 4.48 $ 14,064 Vested or expected to vest, at September 30, 2017 4,516,432 $ 13.26 5.54 $ 15,057 The fair value of the option grants was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions. 2017 2016 Expected dividend yield 2.59 % 2.10 % Expected volatility 21.97 % 22.03 % Risk-free interest rate 1.86 % 1.86 % Expected option term (in years) 6.00 6.00 The expected dividend yield for 2017 was estimated on the then current annualized dividend payout of $0.50 per share which was not expected to change. The expected dividend yield for 2016 was estimated based on the then current annualized dividend payout of $0.40 per share which was not expected to change. Volatility of the company’s stock was used in the estimation of fair value. Management estimated the expected life of the options using the simplified method allowed under SEC Staff Accounting Bulletin 110, which expresses the views of the SEC regarding the use of a “simplified” method, as discussed in Staff Accounting Bulletin No. 107. The five and seven year Treasury yield in effect at the time of the grant provides the risk-free rate of return for periods within the expected term of the options. The weighted average grant date fair value of options granted during the years ended September 30, 2017 , 2016 and 2015 was $3.22 , $3.48 , and $3.08 per share, respectively. Expected future compensation expense relating to the non-vested options outstanding as of September 30, 2017 is $1,587 over a weighted average period of 2.09 years. Upon exercise of vested options, management expects to draw on treasury stock as the source of the shares. At September 30, 2017 , the number of common shares authorized for award under the Equity Plan was 23,000,000 , of which 11,011,124 shares remain available for future award. |
Commitments And Contingent Liab
Commitments And Contingent Liabilities | 12 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES In the normal course of business, the Company enters into commitments with off-balance-sheet risk to meet the financing needs of its customers. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments to originate loans generally have fixed expiration dates of 60 to 360 days or other termination clauses and may require payment of a fee. Unfunded commitments related to home equity lines of credit generally expire from 5 to 10 years following the date that the line of credit was established, subject to various conditions including compliance with payment obligation, adequacy of collateral securing the line and maintenance of a satisfactory credit profile by the borrower. Since some of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Off-balance sheet commitments to extend credit involve elements of credit risk and interest rate risk in excess of the amount recognized in the consolidated statements of condition. The Company’s exposure to credit loss in the event of nonperformance by the other party to the commitment is represented by the contractual amount of the commitment. The Company generally uses the same credit policies in making commitments as it does for on-balance-sheet instruments. Interest rate risk on commitments to extend credit results from the possibility that interest rates may have moved unfavorably from the position of the Company since the time the commitment was made. At September 30, 2017 , the Company had commitments to originate loans as follows: Fixed-rate mortgage loans $ 211,351 Adjustable-rate mortgage loans 214,065 Equity loans and lines of credit including bridge loans 123,492 Total $ 548,908 At September 30, 2017 , the Company had unfunded commitments outstanding as follows: Equity lines of credit $ 1,425,440 Construction loans 34,100 Limited partner investments 11,541 Total $ 1,471,081 At September 30, 2017 , the unfunded commitment on home equity lines of credit, including commitments for accounts suspended as a result of material default or a decline in equity, is $1,501,591 . The above commitments are expected to be funded through normal operations. The Company and its subsidiaries are subject to various legal actions arising in the normal course of business. In the opinion of management, the resolution of these legal actions is not expected to have a material adverse effect on the Company’s consolidated financial condition, results of operation, or statements of cash flows. |
Fair Value
Fair Value | 12 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | FAIR VALUE Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date under current market conditions and a fair value framework is established whereby assets and liabilities measured at fair value are grouped into three levels of a fair value hierarchy, based on the transparency of inputs and the reliability of assumptions used to estimate fair value. The Company’s policy is to recognize transfers between levels of the hierarchy as of the end of the reporting period in which the transfer occurs. The three levels of inputs are defined as follows: Level 1 – quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 – quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets with few transactions, or model-based valuation techniques using assumptions that are observable in the market. Level 3 – a company’s own assumptions about how market participants would price an asset or liability. As permitted under the fair value guidance in U.S. GAAP, the Company elects to measure at fair value, mortgage loans classified as held for sale that are subject to pending agency contracts to securitize and sell loans. This election is expected to reduce volatility in earnings related to market fluctuations between the contract trade and settlement dates. At September 30, 2017 and 2016 , respectively, there were no loans held for sale, subject to pending agency contracts for which the fair value option was elected. For the years ended September 30, 2017 , 2016 and 2015 , net gain (loss) on the sale of loans includes $0 , $0 and $(111) , respectively, related to changes during the period in the fair value of loans held for sale subject to pending agency contracts. Presented below is a discussion of the methods and significant assumptions used by the Company to estimate fair value. Investment Securities Available for Sale — Investment securities available for sale are recorded at fair value on a recurring basis. At September 30, 2017 and 2016 , respectively, this includes $537,479 and $517,866 of investments in highly liquid collateralized mortgage obligations issued by Fannie Mae, Freddie Mac, and Ginnie Mae. Values at both dates are measured using the market approach. The fair values of collateralized mortgage obligations represent unadjusted price estimates obtained from third party independent nationally recognized pricing services using pricing models or quoted prices of securities with similar characteristics and are included in Level 2 of the hierarchy. Third party pricing is reviewed on a monthly basis for reasonableness based on the market knowledge and experience of company personnel that interact daily with the markets for these types of securities. Mortgage Loans Held for Sale — The fair value of mortgage loans held for sale is estimated on an aggregate basis using a market approach based on quoted secondary market pricing for loan portfolios with similar characteristics. Loans held for sale are carried at the lower of cost or fair value except, as described above, the Company elects the fair value measurement option for mortgage loans held for sale subject to pending agency contracts to securitize and sell loans. Loans held for sale are included in Level 2 of the hierarchy. At September 30, 2017 and 2016 , respectively, there were $351 and $4,686 of loans held for sale carried at cost. Impaired Loans — Impaired loans represent certain loans held for investment that are subject to a fair value measurement under U.S. GAAP because they are individually evaluated for impairment and that impairment is measured using a fair value measurement, such as the fair value of the underlying collateral. Impairment is measured using a market approach based on the fair value of the collateral less estimated costs to dispose for loans the Company considers to be collateral-dependent due to a delinquency status or other adverse condition severe enough to indicate that the borrower can no longer be relied upon as the continued source of repayment. These conditions are described more fully in Note 5. Loans and Allowance for Loan Losses . To calculate impairment of collateral-dependent loans, the fair market values of the collateral, estimated using exterior appraisals in the majority of instances, are reduced by calculated costs to dispose, derived from historical experience and recent market conditions. Any indicated impairment is recognized by a charge to the allowance for loan losses. Subsequent increases in collateral values or principal pay downs on loans with recognized impairment could result in an impaired loan being carried below its fair value. When no impairment loss is indicated, the carrying amount is considered to approximate the fair value of that loan to the Company because contractually that is the maximum recovery the Company can expect. The recorded investment of loans individually evaluated for impairment based on the fair value of the collateral are included in Level 3 of the hierarchy with assets measured at fair value on a non-recurring basis. The range and weighted average impact of costs to dispose on fair values is determined at the time of impairment or when additional impairment is recognized and is included in quantitative information about significant unobservable inputs later in this note. Loans held for investment that have been restructured in TDRs and are performing according to the restructured terms of the loan agreement are individually evaluated for impairment using the present value of future cash flows based on the loan’s effective interest rate, which is not a fair value measurement. At September 30, 2017 and 2016 , respectively, this included $95,480 and $102,079 in recorded investment of TDRs with related allowances for loss of $11,061 and $12,432 . Real Estate Owned — Real estate owned includes real estate acquired as a result of foreclosure or by deed in lieu of foreclosure and is carried at the lower of the cost basis or fair value less estimated costs to dispose. Fair value is estimated under the market approach using independent third party appraisals. As these properties are actively marketed, estimated fair values may be adjusted by management to reflect current economic and market conditions. At September 30, 2017 and 2016 , these adjustments were not significant to reported fair values. At September 30, 2017 and 2016 , respectively, $3,479 and $4,192 of real estate owned is included in Level 3 of the hierarchy with assets measured at fair value on a non-recurring basis where the cost basis equals or exceeds the estimate of fair values less costs to dispose of these properties. Real estate owned, as reported in the Consolidated Statements of Condition, includes estimated costs to dispose of $401 and $521 related to properties measured at fair value and $2,443 and $3,132 of properties carried at their original or adjusted cost basis at September 30, 2017 and 2016 , respectively. Derivatives — Derivative instruments include interest rate locks on commitments to originate loans for the held for sale portfolio, forward commitments on contracts to deliver mortgage loans, and interest rate swaps designated as cash flow hedges. Derivatives not designated as cash flow hedges are reported at fair value in other assets or other liabilities on the Consolidated Statement of Condition with changes in value recorded in current earnings. Derivatives qualifying as cash flow hedges, when highly effective, are reported at fair value in other assets or other liabilities on the Consolidated Statement of Condition with changes in value recorded in OCI. Should the hedge no longer be considered effective, the ineffective portion of the change in fair value is recorded directly in earnings in the period in which the change occurs. See Note 17. Derivative Instruments for additional details. Fair value of forward commitments is estimated using a market approach based on quoted secondary market pricing for loan portfolios with characteristics similar to loans underlying the derivative contracts. The fair value of interest rate swaps is estimated using a discounted cash flow method that incorporates current market interest rates and other market parameters. The fair value of of interest rate lock commitments is adjusted by a closure rate based on the estimated percentage of commitments that will result in closed loans. The range and weighted average impact of the closure rate is included in quantitative information about significant unobservable inputs later in this note. A significant change in the closure rate may result in a significant change in the ending fair value measurement of these derivatives relative to their total fair value. Because the closure rate is a significantly unobservable assumption, interest rate lock commitments are included in Level 3 of the hierarchy. Forward commitments on contracts to deliver mortgage loans and interest rate swaps are included in Level 2 of the hierarchy. Assets and liabilities carried at fair value on a recurring basis in the Consolidated Statements of Condition at September 30, 2017 and 2016 are summarized below. Recurring Fair Value Measurements at Reporting Date Using September 30, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Investment securities available for sale: REMIC’s $ 528,536 $ — $ 528,536 $ — Fannie Mae certificates 8,943 — 8,943 — Derivatives: Interest rate lock commitments 58 — — 58 Interest rate swaps 17,001 — 17,001 — Total $ 554,538 $ — $ 554,480 $ 58 Liabilities Derivatives: Interest rate swaps 1,233 — 1,233 — Total $ 1,233 $ — $ 1,233 $ — Recurring Fair Value Measurements at Reporting Date Using September 30, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Investment securities available for sale: REMIC’s 507,997 — 507,997 — Fannie Mae certificates 9,869 — 9,869 — Derivatives: Interest rate lock commitments 99 — — 99 Interest rate swaps 772 — 772 — Total $ 518,737 $ — $ 518,638 $ 99 Liabilities Derivatives: Interest rate swaps 2,880 — 2,880 — Total $ 2,880 $ — $ 2,880 $ — The table below presents a reconciliation of the beginning and ending balances and the location within the Consolidated Statements of Income where gains (losses) due to changes in fair value are recognized on interest rate lock commitments which are measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Interest Rate Lock Commitments Year Ended September 30, 2017 2016 2015 Beginning balance $ 99 $ 79 $ 59 Gain (loss) during the period due to changes in fair value: Included in other non-interest income (41 ) 20 20 Ending balance $ 58 $ 99 $ 79 Change in unrealized gains for the period included in earnings for assets held at end of the reporting date $ 58 $ 99 $ 79 Summarized in the tables below are those assets measured at fair value on a nonrecurring basis. Nonrecurring Fair Value Measurements at Reporting Date Using September 30, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans, net of allowance $ 85,080 $ — $ — $ 85,080 Real estate owned (1) 3,479 — — 3,479 Total $ 88,559 $ — $ — $ 88,559 ______________________ (1) Amounts represent fair value measurements of properties before deducting estimated costs to dispose. Nonrecurring Fair Value Measurements at Reporting Date Using September 30, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans, net of allowance $ 92,576 $ — $ — $ 92,576 Real estate owned (1) 4,192 — — 4,192 Total $ 96,768 $ — $ — $ 96,768 ______________________ (1) Amounts represent fair value measurements of properties before deducting estimated costs to dispose. The following provides quantitative information about significant unobservable inputs categorized within Level 3 of the Fair Value Hierarchy. Fair Value Weighted 9/30/2017 Valuation Technique(s) Unobservable Input Range Average Impaired loans, net of allowance $85,080 Market comparables of collateral discounted to estimated net proceeds Discount appraised value to estimated net proceeds based on historical experience: • Residential Properties 0 - 28% 7.6% Interest rate lock commitments $58 Quoted Secondary Market pricing Closure rate 0 - 100% 93.0% Fair Value Weighted 9/30/2016 Valuation Technique(s) Unobservable Input Range Average Impaired loans, net of allowance $92,576 Market comparables of collateral discounted to estimated net proceeds Discount appraised value to estimated net proceeds based on historical experience: • Residential Properties 0 - 26% 8.2% Interest rate lock commitments $99 Quoted Secondary Market pricing Closure rate 0 - 100% 93.0% The following table presents the carrying amount and estimated fair value of the Company’s financial instruments. September 30, 2017 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 Assets: Cash and due from banks $ 35,243 $ 35,243 $ 35,243 $ — $ — Interest earning cash equivalents 232,975 232,975 232,975 — — Investment securities available for sale 537,479 537,479 — 537,479 — Mortgage loans held for sale 351 355 — 355 — Loans-net: Mortgage loans held for investment 12,416,256 12,758,951 — — 12,758,951 Other loans 3,050 3,143 — — 3,143 Federal Home Loan Bank stock 89,990 89,990 N/A — — Accrued interest receivable 35,479 35,479 — 35,479 — Cash collateral held by counterparty 2,955 2,955 2,955 — — Derivatives 17,059 17,059 — 17,001 58 Liabilities: Checking and passbook accounts $ 2,460,416 $ 2,460,416 $ — $ 2,460,416 $ — Certificates of deposit 5,691,209 5,550,162 — 5,550,162 — Borrowed funds 3,671,377 3,677,256 — 3,677,256 — Borrowers’ advances for taxes and insurance 100,446 100,446 — 100,446 — Principal, interest and escrow owed on loans serviced 35,766 35,766 — 35,766 — Derivatives 1,233 1,233 — 1,233 — September 30, 2016 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 Assets: Cash and due from banks $ 27,914 $ 27,914 $ 27,914 $ — $ — Interest earning cash equivalents 203,325 203,325 203,325 — — Investment securities available for sale 517,866 517,866 — 517,866 — Mortgage loans held for sale 4,686 4,839 — 4,839 — Loans-net: Mortgage loans held for investment 11,705,688 12,177,536 — — 12,177,536 Other loans 3,116 3,277 — — 3,277 Federal Home Loan Bank stock 69,853 69,853 N/A — — Accrued interest receivable 32,818 32,818 — 32,818 — Cash collateral held by counterparty 10,480 10,480 10,480 — — Derivatives 871 871 — 772 99 Liabilities: Checking and passbook accounts $ 2,509,800 $ 2,509,800 $ — $ 2,509,800 $ — Certificates of deposit 5,821,568 5,832,958 — 5,832,958 — Borrowed funds 2,718,795 2,740,565 — 2,740,565 — Borrowers’ advances for taxes and insurance 92,313 92,313 — 92,313 — Principal, interest and escrow owed on loans serviced 49,401 49,401 — 49,401 — Derivatives 2,880 2,880 — 2,880 — Presented below is a discussion of the valuation techniques and inputs used by the Company to estimate fair value. Cash and Due from Banks, Interest Earning Cash Equivalents, Cash Collateral Received from or Held by Counterparty — The carrying amount is a reasonable estimate of fair value. Investment and Mortgage-Backed Securities — Estimated fair value for investment and mortgage-backed securities is based on quoted market prices, when available. If quoted prices are not available, management will use as part of their estimation process fair values which are obtained from third party independent nationally recognized pricing services using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. Mortgage Loans Held for Sale — Fair value of mortgage loans held for sale is based on quoted secondary market pricing for loan portfolios with similar characteristics. Loans — For mortgage loans held for investment and other loans, fair value is estimated by discounting contractual cash flows adjusted for prepayment estimates using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term. The use of current rates to discount cash flows reflects current market expectations with respect to credit exposure. Impaired loans are measured at the lower of cost or fair value as described earlier in this footnote. Federal Home Loan Bank Stock — It is not practical to estimate the fair value of FHLB stock due to restrictions on its transferability. The fair value is estimated to be the carrying value, which is par. All transactions in capital stock of the FHLB Cincinnati are executed at par. Deposits — The fair value of demand deposit accounts is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using discounted cash flows and rates currently offered for deposits of similar remaining maturities. Borrowed Funds — Estimated fair value for borrowed funds is estimated using discounted cash flows and rates currently charged for borrowings of similar remaining maturities. Accrued Interest Receivable, Borrowers’ Advances for Insurance and Taxes, and Principal, Interest and Related Escrow Owed on Loans Serviced — The carrying amount is a reasonable estimate of fair value. Derivatives — Fair value is estimated based on the valuation techniques and inputs described earlier in this footnote. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Sep. 30, 2017 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS The Company enters into interest rate swaps to add stability to interest expense and manage exposure to interest rate movements as part of an overall risk management strategy. For hedges of the Company's borrowing program, interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed payments. These derivatives are used to hedge the forecasted cash outflows associated with the Company's FHLB borrowings. Cash flow hedges are assessed for effectiveness using regression analysis. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in OCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Ineffectiveness is generally measured as the amount by which the cumulative change in the fair value of the hedging instrument exceeds or is substantially less than the present value of the cumulative change in the hedged item's expected cash flows attributable to the risk being hedged. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings for the period in which it occurs. The following table presents additional information about the interest rate swaps used in the Company's asset liability management strategy. Cash Flow Hedges September 30, 2017 September 30, 2016 Notional value $ 1,500,000 $ 600,000 Fair value 15,768 (2,108 ) Weighted-average rate receive 1.32 % 0.79 % Weighted-average rate pay 1.62 % 1.21 % Average maturity (in years) 4.1 4.5 Amounts reported in AOCI related to derivatives are reclassified to interest expense during the same period in which the hedged transaction affects earnings. During the next twelve months, the Company estimates that $665 of the amounts reported in AOCI will be reclassified to interest expense. The Company enters into forward commitments for the sale of mortgage loans principally to protect against the risk of adverse interest rate movements on net income. The Company recognizes the fair value of such contracts when the characteristics of those contracts meet the definition of a derivative. These derivatives are not designated in a hedging relationship; therefore, gains and losses are recognized immediately in the statement of income. There were no forward commitments for the sale of mortgage loans at September 30, 2017 or September 30, 2016 . In addition, the Company is party to derivative instruments when it enters into commitments to originate a portion of its loans, which when funded, are classified as held for sale. Such commitments are not designated in a hedging relationship; therefore, gains and losses are recognized immediately in the statement of income. The following tables provide the locations within the Consolidated Statements of Condition and the fair values for derivative instruments. Asset Derivatives At September 30, 2017 At September 30, 2016 Location Fair Value Location Fair Value Derivatives designated as hedging instruments Cash flow hedges: Interest rate swaps Other Assets $ 17,001 Other Assets $ 772 Derivatives not designated as hedging instruments Interest rate lock commitments Other Assets $ 58 Other Assets $ 99 Liability Derivatives At September 30, 2017 At September 30, 2016 Location Fair Value Location Fair Value Derivatives designated as hedging instruments Cash flow hedges: Interest rate swaps Other Liabilities $ 1,233 Other Liabilities $ 2,880 The following tables present the net gains and losses recorded within the Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income relating to derivative instruments. Location of Gain or (Loss) Recognized in Income Amount of Gain or (Loss) Recognized in Income on Derivative Year Ended September 30, 2017 2016 2015 Cash flow hedges Amount of loss recognized, effective portion Other comprehensive income $ 14,131 $ (3,676 ) $ — Amount of loss reclassified from AOCI Interest expense (3,745 ) (1,567 ) — Amount of ineffectiveness recognized Other non-interest income — — — Derivatives not designated as hedging instruments Interest rate lock commitments Other non-interest income $ (41 ) $ 20 $ 20 Forward commitments for the sale of mortgage loans Net gain on the sale of loans — — 14 Total $ (41 ) $ 20 $ 34 Derivatives contain an element of credit risk which arises from the possibility that the Company will incur a loss because a counterparty fails to meet its contractual obligations. The Company's exposure is limited to the replacement value of the contracts rather than the notional or principal amounts. Credit risk is minimized through counterparty collateral, transaction limits and monitoring procedures. Swap transactions that are handled by a registered clearing broker are cleared through the broker to a registered clearing organization. The clearing organization establishes daily cash and upfront cash or securities margin requirements to cover potential exposure in the event of default. This process shifts the risk away from the counterparty, since the clearing organization acts as the middleman on each cleared transaction. The fair values of derivative instruments are presented on a gross basis, even when the derivative instruments are subject to master netting arrangements. Cash collateral payables or receivables associated with the derivative instruments are not added to or netted against the fair value amounts. The Company’s interest rate swaps are cleared through a registered clearing broker. At September 30, 2017 and September 30, 2016 , respectively, the Company posted collateral of $2,955 and $10,480 related to the initial and daily margin requirements of interest rate swaps. |
Parent Company Only Financial S
Parent Company Only Financial Statements | 12 Months Ended |
Sep. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Company Only Financial Statements | PARENT COMPANY ONLY FINANCIAL STATEMENTS The following condensed financial statements for TFS Financial Corporation (parent company only) reflect the investments in, and transactions with, its wholly-owned subsidiaries. Intercompany activity is eliminated in the consolidated financial statements. September 30, 2017 2016 Statements of Condition Assets: Cash and due from banks $ 5,123 $ 5,102 Other loans: Demand loan due from Third Federal Savings and Loan 89,299 88,443 ESOP loan receivable 61,759 65,462 Investments in: Third Federal Savings and Loan 1,503,831 1,475,175 Non-thrift subsidiaries 80,420 79,386 Prepaid federal and state taxes 154 374 Deferred income taxes 2,630 2,704 Accrued receivables and other assets 9,247 6,727 Total assets $ 1,752,463 $ 1,723,373 Liabilities and shareholders’ equity: Line of credit due non-thrift subsidiary $ 59,815 $ 58,890 Accrued expenses and other liabilities 2,689 4,025 Total liabilities 62,504 62,915 Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding — — Common stock, $0.01 par value, 700,000,000 shares authorized; 332,318,750 shares issued; 281,291,750 and 284,219,019 outstanding at September 30, 2017 and September 30, 2016, respectively 3,323 3,323 Paid-in capital 1,722,672 1,716,818 Treasury stock, at cost; 51,027,000 and 48,099,731 shares at September 30, 2017 and September 30, 2016, respectively (735,530 ) (681,569 ) Unallocated ESOP shares (53,084 ) (57,418 ) Retained earnings—substantially restricted 760,070 698,930 Accumulated other comprehensive loss (7,492 ) (19,626 ) Total shareholders’ equity 1,689,959 1,660,458 Total liabilities and shareholders’ equity $ 1,752,463 $ 1,723,373 Years Ended September 30, 2017 2016 2015 Statements of Comprehensive Income Interest income: Demand loan due from Third Federal Savings and Loan $ 914 $ 433 $ 139 ESOP loan 2,308 2,281 2,276 Other interest income 21 4 — Total interest income 3,243 2,718 2,415 Interest expense: Borrowed funds from non-thrift subsidiaries 612 377 253 Total interest expense 612 377 253 Net interest income 2,631 2,341 2,162 Non-interest income: Intercompany service charges 68 90 218 Dividend from Third Federal Savings and Loan 81,000 60,000 66,000 Total other income 81,068 60,090 66,218 Non-interest expenses: Salaries and employee benefits 5,134 5,543 6,216 Professional services 982 922 997 Office property and equipment 3 13 13 Other operating expenses 193 253 255 Total non-interest expenses 6,312 6,731 7,481 Income before income taxes 77,387 55,700 60,899 Income tax benefit (3,747 ) (2,915 ) (2,583 ) Income before undistributed earnings of subsidiaries 81,134 58,615 63,482 Equity in undistributed earnings of subsidiaries (dividend in excess of earnings): Third Federal Savings and Loan 6,709 21,231 8,777 Non-thrift subsidiaries 1,034 707 332 Net income 88,877 80,553 72,591 Change in net unrealized (loss) gain on securities available for sale (3,331 ) (1,510 ) 3,018 Change in cash flow hedges 11,620 (1,371 ) — Change in pension obligation 3,845 (3,680 ) (5,291 ) Total other comprehensive loss 12,134 (6,561 ) (2,273 ) Total comprehensive income $ 101,011 $ 73,992 $ 70,318 Years Ended September 30, 2017 2016 2015 Statements of Cash Flows Cash flows from operating activities: Net income $ 88,877 $ 80,553 $ 72,591 Adjustments to reconcile net income to net cash provided by operating activities: (Equity in undistributed earnings of subsidiaries) dividend in excess of earnings: Third Federal Savings and Loan (6,709 ) (21,231 ) (8,777 ) Non-thrift subsidiaries (1,034 ) (707 ) (332 ) Deferred income taxes 74 542 (261 ) ESOP and Stock-based compensation expense 1,439 2,435 3,205 Net (increase) decrease in interest receivable and other assets (2,300 ) (346 ) 2,166 Net increase (decrease) in accrued expenses and other liabilities 144 359 107 Net cash provided by operating activities 80,491 61,605 68,699 Cash flows from investing activities: (Increase) decrease in balances lent to Third Federal Savings and Loan (856 ) (54,792 ) 122,257 Repayment of capital contribution from Third Federal Savings and Loan — 150,000 — Net cash (used in) provided by investing activities (856 ) 95,208 122,257 Cash flows from financing activities: Principal reduction of ESOP loan 3,703 3,648 3,534 Purchase of treasury shares (54,029 ) (128,361 ) (172,546 ) Dividends paid to common shareholders (27,709 ) (23,414 ) (19,490 ) Excess tax benefit related to stock-based compensation — 1,485 484 Acquisition of treasury shares through net settlement for taxes (2,504 ) (7,697 ) (4,111 ) Net increase in borrowings from non-thrift subsidiaries 925 529 1,173 Net cash used in financing activities (79,614 ) (153,810 ) (190,956 ) Net increase in cash and cash equivalents 21 3,003 — Cash and cash equivalents—beginning of year 5,102 2,099 2,099 Cash and cash equivalents—end of year $ 5,123 $ 5,102 $ 2,099 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Basic earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period. Diluted earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. For purposes of computing earnings per share amounts, outstanding shares include shares held by the public, shares held by the ESOP that have been allocated to participants or committed to be released for allocation to participants, the 227,119,132 shares held by Third Federal Savings, MHC, and, for purposes of computing dilutive earnings per share, stock options and restricted stock units with a dilutive impact. Unvested shares awarded pursuant to the Company's restricted stock plans are treated as participating securities in the computation of EPS pursuant to the two-class method as they contain nonforfeitable rights to dividends. The two-class method is an earnings allocation that determines EPS for each class of common stock and participating security. At September 30, 2017 and 2016 , respectively, the ESOP held 5,308,411 and 5,741,751 shares that were neither allocated to participants nor committed to be released to participants. The following is a summary of the Company’s earnings per share calculations. For the Year Ended September 30, 2017 Income Shares Per share amount (Dollars in thousands, except per share data) Net income $ 88,877 Less: income allocated to restricted stock units 901 Basic earnings per share: Income available to common shareholders 87,976 277,213,258 $ 0.32 Diluted earnings per share: Effect of dilutive potential common shares 2,055,510 Income available to common shareholders $ 87,976 279,268,768 $ 0.32 For the Year Ended September 30, 2016 Income Shares Per share amount (Dollars in thousands, except per share data) Net income $ 80,553 Less: income allocated to restricted stock units 761 Basic earnings per share: Income available to common shareholders 79,792 281,566,648 $ 0.28 Diluted earnings per share: Effect of dilutive potential common shares 2,219,065 Income available to common shareholders $ 79,792 283,785,713 $ 0.28 For the Year Ended September 30, 2015 Income Shares Per share amount (Dollars in thousands, except per share data) Net income $ 72,591 Less: income allocated to restricted stock units 626 Basic earnings per share: Income available to common shareholders 71,965 289,935,861 $ 0.25 Diluted earnings per share: Effect of dilutive potential common shares 2,274,556 Income available to common shareholders $ 71,965 292,210,417 $ 0.25 The following is a summary of outstanding stock options that are excluded from the computation of diluted earnings per share because their inclusion would be anti-dilutive. No restricted stock units were anti-dilutive for the years ended September 30, 2017, 2016, and 2015. For the Year Ended September 30, 2017 2016 2015 Options to purchase shares 779,740 393,500 1,382,900 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS The Company has made loans and extensions of credit, in the ordinary course of business, to certain Directors. These loans were under normal credit terms, including interest rate and collateralization, and do not represent more than the normal risk of collection. The aggregate amount of loans to such related parties at September 30, 2017 and 2016 was $173 and $181 , respectively. None of these loans were past due, considered impaired or on nonaccrual at September 30, 2017 . |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Sep. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Pending as of September 30, 2017 In August 2017, The FASB issued ASU 2017-12 Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. This Update is intended to more closely align financial reporting of hedging relationships with risk management activities. This amendment expands hedge accounting for both nonfinancial and financial risk components, modifies the presentation of certain hedging relationships in the financial statements and eases hedge effectiveness testing requirements. The amendments are effective for fiscal years beginning after December 15, 2018. Early adoption is permissible in any interim period after the issuance of this update and is being considered by the Company. The update is not expected to have a significant impact on the Company's consolidated financial condition or results of operations. In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation (Topic 718), Scope of Modification Accounting. This Update clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value (or calculated intrinsic value, if those amounts are being used to measure the award under ASC 718), the vesting conditions, or the classification of the award (as equity or liability) change as a result of the change in terms or conditions. The guidance is effective prospectively for annual periods beginning on or after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted. The Company intends to adopt the guidance on the effective date and does not expect the adoption to have a material impact on its consolidated financial condition or results of operations. In March 2017, the FASB issued ASU 2017-07 Compensation - Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This Update was issued to improve the presentation of net periodic pension or benefit costs for employers that offer their employees defined benefit pension plans, postretirement benefit plans, or other types of benefits accounted for under Topic 715. The amendments prescribe where the amount of net benefit cost should be presented in an employer’s income statement and require entities to disclose by line item the amount of net benefit cost that is included in the income statement or capitalized in assets. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted. Retrospective application is required for the change in income statement presentation, while the change in capitalized benefit cost is to be applied prospectively. The Company plans to early adopt this guidance for the annual and interim reporting periods beginning October 1, 2017. The only impact is a change to how certain items will be presented in the Company’s Consolidated Statements of Condition and Statements of Income and the accompanying Notes. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The amendments in this Update address eight specific cash flow issues with the objective of reducing the existing diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and Other Topics. Current guidance is either unclear or does not include specific guidance on these issues. Additionally, in November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash, which requires restricted cash or restricted cash equivalents be included in beginning-of-period and end-of-period cash totals and changes in this classification be explained separately. The amendments in both these Updates are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years and should be applied using a retrospective transition method. Early adoption is permitted, provided that all of the amendments are adopted in the same period. The Company is reviewing the requirements with an implementation team and currently does not expect to early adopt. Adoption of this accounting guidance may affect the presentation in the Company's Consolidated Statements of Cash Flows. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The amendments in this Update replace the existing incurred loss impairment methodology with a methodology that reflects expected credit losses for the remaining life of the asset. This will require consideration of a broader range of information, including reasonably supportable forecasts, in the measurement of expected credit losses. The amendments expand disclosures of credit quality indicators, requiring disaggregation by year of origination (vintage). Additionally, credit losses on available for sale debt securities will be recognized as an allowance rather than a write-down, with reversals permitted as credit loss estimates decline. An entity will apply the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). For public business entities that are SEC filers, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. Management has formed a working group comprised of teams from across the association including accounting, risk management, and finance. This group has begun assessing the required changes to our credit loss estimation methodologies and systems, as well as additional data and resources that may be required to comply with this standard. The Company is currently evaluating the impact that this accounting guidance may have on its consolidated financial condition or results of operations. The actual effect on our allowance for loan losses at the adoption date will be dependent upon the nature of the characteristics of the portfolio as well as the macroeconomic conditions and forecasts at that date. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This guidance changes the accounting treatment of leases by requiring lessees to recognize operating leases on the balance sheet as lease assets (a right-to-use asset) and lease liabilities (a liability to make lease payments), measured on a discounted basis and will require both quantitative and qualitative disclosure regarding key information about the leasing arrangements. An accounting policy election to not recognize operating leases with terms of 12 months or less as assets and liabilities is permitted. This guidance will be effective for the fiscal year beginning after December 15, 2018, with early adoption permitted. A modified retrospective approach is required that includes a number of optional practical expedients to address leases that commenced before the effective date. A n implementation team has been created to identify all leases involved, which, if any, practical expedients to utilize, and all data gathering required to comply. All leases have been identified. The Company expects to recognize a right-to-use asset and a lease liability for its operating lease commitments on the Consolidated Statements of Condition and is assessing the impact this new standard will have on its consolidated financial condition and results of operations. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. This ASU changes the accounting for certain equity investments, financial liabilities under the fair value option and presentation and disclosure requirements for financial instruments. Equity investments not accounted for under the equity method of accounting will be measured at fair value with changes recognized in net income. If there are no readily determinable fair values, the guidance allows entities to measure investments at cost less impairment, whereby impairment is based on a qualitative assessment. The guidance eliminates the requirement to disclose the methods and significant assumptions used to estimate fair value of financial instruments measured at amortized cost. If an entity has elected the fair value option to measure liabilities, the new accounting guidance requires the portion of the change in fair value of a liability resulting from credit risk to be presented in OCI. This accounting and disclosure guidance is effective for the fiscal year beginning after December 15, 2017, including interim periods within that fiscal year on a prospective basis, with a cumulative-effect adjustment to the balance sheet at the beginning of the fiscal year adopted. Early adoption is not permitted. The Company is currently evaluating the impact that this accounting guidance may have on its consolidated financial condition or results of operations. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), that revises the criteria for determining when to recognize revenue from contracts with customers and expands disclosure requirements. This ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 to annual reporting periods and interim period within those annual periods beginning after December 15, 2017. Early adoption is permitted but only for interim and annual reporting periods beginning after December 15, 2016. During 2016 and 2017, the FASB also issued five separate ASUs which amend the original guidance regarding principal versus agent considerations, identify performance obligations and licensing, address the presentation of sales tax, noncash consideration, contract modifications at transition, and assessing collectability, gains and losses from derecognition of nonfinancial assets and other minor technical corrections and improvements. The requirements within 2014-09 and its subsequent amendments should be applied retrospectively or modified retrospectively with a cumulative-effect adjustment. The Company's preliminary analysis suggests that the adoption of this accounting guidance is not expected to have a material effect on its consolidated financial condition or results of operations. Adopted in fiscal year ended September 30, 2017 In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects of the accounting for share-based payment transactions, including accounting for income taxes, forfeitures, and classification in the statement of cash flows. Additionally, the ASU expanded the threshold on statutory tax withholding requirements used to qualify for equity classification. This accounting guidance is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Early adoption is permitted. The Company early adopted the revised guidance on October 1, 2016. The impact of this adoption on the Company's consolidated financial statements is described below. • On a prospective basis, all excess tax benefits and deficiencies related to share-based payments are recognized as income tax expense or benefit. For the fiscal year ended September 30, 2017, $ 1,058 was recognized as income tax benefit rather than additional paid-in capital as a result of this adoption. Excess tax benefits and tax deficiencies are considered discrete items in the reporting period they occur and are not included in the estimate of the Company's annual effective tax rate in interim periods. • On a prospective basis, excess tax benefits and deficiencies related to share-based payments are classified as operating activities on the Statements of Cash Flows. No change was applied to prior periods. • The Company elects to account for forfeitures as they occur, rather than estimate expected forfeitures. This election was applied using a modified retrospective transition method. The cumulative-effect adjustment to equity recognized as of October 1, 2016 was not material. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810), Amendments to the Consolidation Analysis. This accounting guidance changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The new guidance amends the current accounting guidance to address limited partnerships and similar legal entities, certain investment funds, fees paid to a decision maker or service provider, and the impact of fee arrangements and related parties on the primary beneficiary determination. In addition, the FASB issued ASU 2016-17, Consolidation (Topic 810), Interests Held through Related Parties that are under Common Control in October 2016, amending the consolidation guidance on how a reporting entity that is the single decision maker of a Variable Interest Entity (VIE) should treat indirect interests in the entity held through related parties that are under common control. Both accounting guidances are effective for annual periods beginning after December 15, 2015. A reporting entity may apply the ASU by using a modified retrospective approach (by recording a cumulative-effect adjustment to equity as of the beginning of the year of adoption) or a full retrospective approach (by restating all periods presented). The adoption of this accounting guidance did not have a material effect on the Company's consolidated financial condition or results and operations. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815), Effects of Derivative Contract Novations on Existing Hedge Accounting Relationships. This amendment clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedging accounting criteria continue to be met. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. An entity has an option to apply the amendments in this Update on either a prospective or a modified retrospective basis. The Company elected to early adopt this accounting guidance using a prospective method and will consider opportunities provided by these amendments in future transactions. The adoption of this accounting guidance does not currently affect the Company's consolidated financial condition and results of operations. In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820), Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share. This guidance eliminates the requirement to categorize investments measured at net value per share (or its equivalent) using the practical expedient in the fair value hierarchy table and eliminates certain disclosures required for these investments. Entities will continue to provide information helpful to understanding the nature and risks of these investments and whether the investments, if sold, are probable of being sold at amounts different from net asset value. The amendments in this Update are effective for public companies retrospectively for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. This guidance was applied to the Company's disclosures on pension assets presented in Note 13. Employee Benefit Plans. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This Update simplifies how an entity is required to test goodwill impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. An entity will still perform its annual or interim goodwill impairment test by comparing the fair value of the reporting unit with its carrying amount. Under this guidance, an entity would recognize an impairment charge for the amount by which the carry amount exceeds the fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The entity still has the option to perform the qualitative assessment to determine if the quantitative impairment test is necessary. An entity should apply the amendments in this Update on a prospective basis, with disclosure of the nature and reason for a change in accounting principle upon transition. The amendments in this Update are effective for annual and interim goodwill impairment testing in fiscal years beginning after December 15, 2019, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company adopted and considered this guidance for the fiscal year-end goodwill impairment test. The adoption of this disclosure guidance did not materially affect the Company's consolidated financial condition or results of operations. The Company has determined that all other recently issued accounting pronouncements will not have a material impact on the Company's consolidated financial statements or do not apply to its operations. |
Selected Quarterly Data (Unaudi
Selected Quarterly Data (Unaudited) | 12 Months Ended |
Sep. 30, 2017 | |
Selected Quarterly Financial Information [Abstract] | |
Selected Quarterly Data (Unaudited) | SELECTED QUARTERLY DATA (UNAUDITED) The following tables are a summary of certain quarterly financial data for the fiscal years ended September 30, 2017 and 2016 . Fiscal 2017 Quarter Ended December 31 March 31 June 30 September 30 (In thousands, except per share data) Interest income $ 98,214 $ 101,083 $ 103,721 $ 105,977 Interest expense 29,984 30,797 33,449 35,869 Net interest income 68,230 70,286 70,272 70,108 Provision (credit) for loan losses — (6,000 ) (4,000 ) (7,000 ) Net interest income after provision for loan losses 68,230 76,286 74,272 77,108 Non-interest income 5,368 4,552 4,804 5,125 Non-interest expense 45,262 45,294 44,669 47,179 Income before income tax 28,336 35,544 34,407 35,054 Income tax expense 8,726 12,083 11,619 12,036 Net income $ 19,610 $ 23,461 $ 22,788 $ 23,018 Earnings per share—basic and diluted $ 0.07 $ 0.08 $ 0.08 $ 0.08 Fiscal 2016 Quarter Ended December 31 March 31 June 30 September 30 (In thousands, except per share data) Interest income $ 96,431 $ 97,145 $ 96,993 $ 97,872 Interest expense 28,790 29,386 29,604 30,246 Net interest income 67,641 67,759 67,389 67,626 Provision (credit) for loan losses (1,000 ) (1,000 ) (3,000 ) (3,000 ) Net interest income after provision for loan losses 68,641 68,759 70,389 70,626 Non-interest income 6,117 6,703 6,108 6,024 Non-interest expense 47,633 46,341 44,976 42,054 Income before income tax 27,125 29,121 31,521 34,596 Income tax expense 9,274 9,845 10,901 11,790 Net income $ 17,851 $ 19,276 $ 20,620 $ 22,806 Earnings per share—basic and diluted $ 0.06 $ 0.07 $ 0.07 $ 0.08 Per share amounts for the full fiscal year, as reported in the Consolidated Statements of Income may differ from the totals of the four fiscal quarters as presented above, due to rounding. |
Description Of Business And S31
Description Of Business And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Business | Business —TFS Financial Corporation, a federally chartered stock holding company, conducts its principal activities through its wholly owned subsidiaries. The principal line of business of the Company is retail consumer banking, including mortgage lending, deposit gathering, and other insignificant financial services. Third Federal Savings and Loan Association of Cleveland, MHC, its federally chartered mutual holding company parent, owned 80.74% of the outstanding shares of common stock of the Company at September 30, 2017 . The Company’s primary operating subsidiaries include the Association and Third Capital, Inc. The Association is a federal savings association, which provides retail loan and savings products to its customers in Ohio and Florida, through its 38 full-service branches, eight loan production offices, customer service call center and internet site. The Association also provides savings products, purchase mortgages, first mortgage refinance loans, home equity lines of credit, and home equity loans in states outside of its branch footprint. Third Capital, Inc. was formed to hold non-thrift investments and subsidiaries, which include a limited liability company that acquires and manages commercial real estate. The accounting and reporting policies of TFS Financial Corporation and its subsidiaries conform to accounting principles generally accepted in the United States of America and to general practices within the thrift industry. No material subsequent events have occurred requiring recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements. The following is a description of the significant accounting and reporting policies, which the Company follows in preparing and presenting its consolidated financial statements. |
Principles of Consolidation | Principles of Consolidation —The consolidated financial statements of the Company include the accounts of TFS Financial Corporation and its wholly owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents —Cash and cash equivalents consist of working cash on hand, and demand and interest bearing deposits at other financial institutions with maturities of three months or less. For purposes of reporting cash flows, cash and cash equivalents also includes federal funds sold. The Company has acknowledged informal agreements with banks where it maintains deposits. Under these agreements, service fees charged to the Company are waived provided certain average compensating balances are maintained throughout each month. |
Investment Securities | Investment Securities —Securities are all classified as available for sale. Securities held as available for sale are reported at fair value, with unrealized gains and losses, net of tax, reported as a component of AOCI. Management determines the appropriate classification of securities based on the intent and ability at the time of purchase. Gains and losses on the sale of investment and mortgage-backed securities available for sale are computed on a specific identification basis. Purchases and sales of securities are accounted for on a trade-date or settlement-date basis, depending on the settlement terms. A decline in the fair value of any available for sale security, below cost, that is deemed to be other than temporary, results in a reduction in the carrying amount to fair value. The impairment loss is bifurcated between that related to credit loss which is recognized in non-interest income and that related to all other factors which is recognized in other comprehensive income. To determine whether an impairment is other than temporary, the Company considers, among other things, the duration and extent to which the fair value of an investment is less than its cost, changes in value subsequent to year end, forecast performance of the issuer, and whether the Company has the intent to hold the investment until market price recovery, or, for debt securities, whether the Company has the intent to sell the security or more likely than not will be required to sell the debt security before its anticipated recovery. Premiums and discounts are amortized using the level-yield method. |
Mortgage Banking Activity | Mortgage Banking Activity —Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Mortgage loans included in pending agency contracts to sell and securitize loans are carried at fair value. Fair value is based on quoted secondary market pricing for loan portfolios with similar characteristics and includes consideration of deferred fees (costs). Net unrealized losses or net unrealized gains on loans carried at fair value, are recognized in a valuation allowance by charges to income. The Company retains servicing on loans that are sold and initially recognizes an asset for mortgage loan servicing rights based on the fair value of the servicing rights. Residential mortgage loans represent the single class of servicing rights and are measured at the lower of cost or fair value on a recurring basis. Mortgage loan servicing rights are reported net of accumulated amortization, which is recorded in proportion to, and over the period of, estimated net servicing revenues. The Company monitors prepayments and changes amortization of mortgage servicing rights accordingly. Fair values are estimated using discounted cash flows based on current interest rates and prepayment assumptions, and impairment is monitored each quarterly reporting period. The impairment analysis is based on predominant risk characteristics of the loans serviced, such as type, fixed and adjustable rate loans, original terms and interest rates. The amount of impairment recognized is the amount by which the mortgage loan servicing assets exceed their fair value. Servicing fee income net of amortization and other loan fees collected on loans serviced for others are included in Fees and service charges, net of amortization on the consolidated financial statements. |
Derivative Instruments | Derivative Instruments —Derivative instruments are carried at fair value in the Company's financial statements. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income, net of tax, and reclassified into earnings in the same period during which the hedged transaction affects earnings. Ineffectiveness is measured as the amount by which the cumulative change in the fair value of the hedging instrument exceeds or is substantially less than the present value of the cumulative change in the hedged item's expected cash flows attributable to the risk being hedged and, when present, is recognized in current earnings during the period. At the inception of a hedge, the Company documents certain items, including the relationship between the hedging instrument and the hedged item, the risk management objective and the nature of the risk being hedged, a description of how effectiveness will be measured and an evaluation of hedge transaction effectiveness. Hedge accounting is discontinued prospectively when (1) a derivative is no longer highly effective in offsetting changes in the fair value or cash flow of a hedged item, (2) a derivative expires or is sold, (3) a derivative is de-designated as a hedge, because it is unlikely that a forecasted transaction will occur, or (4) it is determined that designation of a derivative as a hedge is no longer appropriate. When hedge accounting is discontinued, the Company would continue to carry the derivative on the statement of condition at its fair value; however, changes in its fair value would be recorded in earnings instead of through OCI. For derivative instruments not designated as hedging instruments, the Company recognizes gains and losses on the derivative instrument in current earnings during the period of change. |
Loans and Related Fees | Loans and Related Deferred Loan Expenses, net —Loans originated with the intent to hold into the foreseeable future are carried at unpaid principal balances adjusted for partial charge-offs, the allowance for loan losses and net deferred loan expenses. Interest on loans is accrued and credited to income as earned. Interest on loans is not recognized in income when collectability is uncertain. Loan fees and certain direct loan origination costs are deferred and recognized as an adjustment to interest income using the level-yield method over the contractual lives of related loans, if the loans are held for investment. If the loans are held for sale, net deferred fees (costs) are not amortized, but rather are recognized when the related loans are sold. |
Troubled Debt Restructuring | Loans are classified as TDRs when the original contractual terms are restructured to provide a concession to a borrower experiencing financial difficulty under terms that would not otherwise be available and the restructuring is the result of an agreement between the Company and the borrower or is imposed by a court or law. Concessions granted in TDRs may include a reduction of the stated interest rate, a reduction or forbearance of principal, an extension of the maturity date, a significant delay in payments, the removal of one or more borrowers from the obligation, or any combination of these. Loans restructured in TDRs that are not evaluated based on collateral are separately evaluated for impairment on a loan by loan basis at the time of restructuring and at each subsequent reporting date for as long as they are reported as TDRs. The impairment evaluation is based on the present value of expected future cash flows discounted at the effective interest rate of the original loan. Expected future cash flows include a discount factor representing a potential for default. Valuation allowances are recorded for the excess of the recorded investments over the result of the cash flow analysis. Loans discharged in Chapter 7 bankruptcy are reported as TDRs and also evaluated based on the present value of expected future cash flows unless evaluated based on collateral. We evaluate these loans using the expected future cash flows because we expect the borrower, not liquidation of the collateral, to be the source of repayment for the loan. Other consumer loans are not considered for restructuring. A loan restructured in a TDR is classified as an impaired loan for a minimum of one year. After one year, that loan may be reclassified out of the balance of impaired loans if the loan was restructured to yield a market rate for loans of similar credit risk at the time of restructuring and the loan is not impaired based on the terms of the restructuring agreement. TDRs may be restructured more than once. Among other requirements, a subsequent restructuring may be available for a borrower upon the expiration of temporary restructured terms if the borrower cannot return to regular loan payments. If the borrower is experiencing an income curtailment that temporarily has reduced his/her capacity to repay, such as loss of employment, reduction of hours, non-paid leave or short term disability, a temporary restructuring is considered. If the borrower lacks the capacity to repay the loan at the current terms due to a permanent condition, a permanent restructuring is considered. In evaluating the need for a subsequent restructuring, the borrower’s ability to repay is generally assessed utilizing a debt to income and cash flow analysis. As the economy has improved, the need for multiple restructurings has begun to abate. Loans discharged in Chapter 7 bankruptcy are classified as multiple restructurings if the loan's original terms had also been restructured by the Association. |
Allowance for Loan Losses | Allowance for Loan Losses —The allowance for loan losses is assessed on a quarterly basis and provisions for (or recaptures of) loan losses are made in order to maintain the allowance at a level sufficient to absorb credit losses in the portfolio. Impairment evaluations are performed on loans segregated into homogeneous pools based on similarities in credit profile, product and property types. Through the evaluation, general allowances for loan losses are assessed based on historical loan loss experience for each homogeneous pool. General allowances are adjusted to address other factors that affect estimated probable losses including the size of the portion of the portfolio that is not subjected to individual review; current delinquency statistics; the status of loans in foreclosure, real estate in judgment and real estate owned; national, regional and local economic factors and trends; asset disposition loss statistics (both current and historical); and the relative level of individually allocated valuation allowances to the balances of loans individually reviewed. The allowance for loan losses is increased by charges to income and decreased by charge-offs (net of recoveries). Management believes the allowance is adequate. For further discussion on the allowance for loan losses, non-accrual, impairment, and TDRs, see Note 5. Loans and Allowance for Loan Losses . Loans are placed in non-accrual status when they are contractually 90 days or more past due. Loans restructured in TDRs that were in non-accrual status prior to the restructurings remain in non-accrual status for a minimum of six months after restructuring. Loans where the borrowers' sustained ability to repay is not fully supported at the time of modification are placed in non-accrual status for a minimum of twelve months. Additionally, home equity loans and lines of credit where the customer has a severely delinquent first mortgage loan and loans in Chapter 7 bankruptcy status where all borrowers have filed, and not reaffirmed or been dismissed, are placed in non-accrual status. Charge-offs on residential mortgage loans, home equity loans and lines of credit, and construction loans are recognized when triggering events, such as foreclosure actions, short sales, or deeds accepted in lieu of repayment, result in less than full repayment of the recorded investment in the loans. Partial or full charge-offs are also recognized for the amount of impairment on loans considered collateral dependent that meet the conditions described below. • For residential mortgage loans, payments are greater than 180 days delinquent; • For home equity lines of credit, equity loans, and residential loans restructured in a TDR, payments are greater than 90 days delinquent; • For all classes of loans, a sheriff sale is scheduled within 60 days to sell the collateral securing the loan; • For all classes of loans, all borrowers have been discharged of their obligation through a Chapter 7 bankruptcy; • For all classes of loans, within 60 days of notification, all borrowers obligated on the loan have filed Chapter 7 bankruptcy and have not reaffirmed or been dismissed; • For all classes of loans, a borrower obligated on a loan has filed bankruptcy and the loan is greater than 30 days delinquent; • For all classes of loans, it becomes evident that a loss is probable. Collateral dependent residential mortgage loans and construction loans are charged off to the extent the recorded investment in a loan, net of anticipated mortgage insurance claims, exceeds the fair value less costs to dispose of the underlying property. Management can determine the loan is uncollectible for reasons such as foreclosures exceeding a reasonable time frame and recommend a full charge-off. Home equity loans or lines of credit are charged off to the extent the recorded investment in the loan plus the balance of any senior liens exceeds the fair value less costs to dispose of the underlying property or management determines the collateral is not sufficient to satisfy the loan. A loan in any portfolio that is identified as collateral dependent will continue to be reported as impaired until it is no longer considered collateral dependent, is less than 30 days past due and does not have a prior charge-off. A loan in any portfolio that has a partial charge-off consequent to impairment evaluation will continue to be individually evaluated for impairment until, at a minimum, the impairment has been recovered. The following summarizes the effective dates of charge-off policies that changed or were first implemented during the current and previous four fiscal years and the portfolios to which those policies apply. Effective Date Policy Portfolio(s) Affected 6/30/2014 A loan is considered collateral dependent and any collateral shortfall is charged off when, within 60 days of notification, all borrowers obligated on a loan filed Chapter 7 bankruptcy and have not reaffirmed or been dismissed (1) All (1) Prior to 6/30/2014, collateral shortfalls on loans in Chapter 7 bankruptcy were charged off when all borrowers were discharged of the obligation or when the loan was 30 days or more past due. Adoption of this policy did not result in a material change to total charge-offs or the provision for loan losses in the fiscal year ending September 30, 2014. Interest on loans in accrual status, including certain loans individually reviewed for impairment, is recognized in interest income as it accrues, on a daily basis. Accrued interest on loans in non-accrual status is reversed by a charge to interest income and income is subsequently recognized only to the extent cash payments are received. Cash payments on loans in non-accrual status are applied to the oldest scheduled, unpaid payment first. Cash payments on loans with a partial charge-off are applied fully to principal, then to recovery of the charged off amount prior to interest income being recognized. A non-accrual loan is generally returned to accrual status when contractual payments are less than 90 days past due. However, a loan may remain in non-accrual status when collectability is uncertain, such as a TDR that has not met minimum payment requirements, a loan with a partial charge-off, an equity loan or line of credit with a delinquent first mortgage greater than 90 days, or a loan in Chapter 7 bankruptcy status where all borrowers have filed, and have not reaffirmed or been dismissed. The number of days past due is determined by the number of scheduled payments that remain unpaid, assuming a period of 30 days between each scheduled payment. When a loan is more than one month past due on its scheduled payments, the loan is considered 30 days or more past due. |
Real Estate Owned | Real Estate Owned, net —Real estate owned, net represents real estate acquired through foreclosure or deed in lieu of foreclosure and is initially recorded at fair value less estimated costs to sell. Subsequent to acquisition, real estate owned is carried at the lower of cost or fair value less estimated selling costs. Management performs periodic valuations and a valuation allowance is established by a charge to income for any excess of the carrying value over the fair value less estimated costs to sell the property. Recoveries in fair value during the holding period are recognized until the valuation allowance is reduced to zero. Costs related to holding and maintaining the property are charged to expense. |
Premises, Equipment, and Software | Premises, Equipment, and Software, net —Depreciation and amortization of premises, equipment and software is computed on a straight-line basis over the estimated useful lives of the related assets. Estimated lives are 31.5 years for office facilities and three to 10 years for equipment and software. Amortization of leasehold or building improvements is computed on a straight-line basis over the lesser of the economic useful life of the improvement or term of the lease, typically 10 years. |
Bank Owned Life Insurance | Bank Owned Life Insurance Contracts —Life insurance is provided under both whole and split dollar life insurance agreements. Policy premiums were prepaid and the Company will recover the premiums paid from the proceeds of the policies. The Company recognizes death benefits and growth in the cash surrender value of the policies in other non-interest income. |
Goodwill | Goodwill —The excess of purchase price over the fair value of net assets of acquired companies is classified as goodwill and reported in Other Assets. Goodwill was $9,732 at September 30, 2017 and 2016 . Goodwill is reviewed for impairment on an annual basis as of September 30. No impairment was identified as of September 30, 2017 or 2016 . |
Taxes on Income | Taxes on Income —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 expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Additional information about policies related to income taxes is included in Note 12. Income Taxes . |
Deposits | Deposits —Interest on deposits is accrued and charged to expense monthly and is paid or credited in accordance with the terms of the accounts. |
Treasury Stock | Treasury Stock— Acquisitions of treasury stock are recorded at cost using the cost method of accounting. Repurchases may be made through open market purchases, block trades and in negotiated private transactions, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Repurchased shares will be available for general corporate purposes. |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss —Accumulated other comprehensive loss consists of changes in pension obligations and changes in unrealized gains (losses) on securities available for sale and cash flow hedges, each of which is net of the related income tax effects. |
Share-Based Compensation | Pension Benefits. The determination of our obligations and expense for pension benefits is dependent upon certain assumptions used in calculating such amounts. Key assumptions used in the actuarial valuations include the discount rate and expected long-term rate of return on plan assets. Actual results could differ from the assumptions and market driven rates may fluctuate. Significant differences in actual experience or significant changes in the assumptions could materially affect future pension obligations and expense. Share-Based Compensation —Compensation expense for awards of equity instruments is recognized on a straight-line basis over the requisite service period based on the grant date fair value estimated in accordance with the provisions of FASB ASC 718 “Compensation—Stock Compensation”. Share-based compensation expense is included in Salaries and employee benefits in the consolidated statements of income. The grant date fair value of stock options is estimated using the Black-Scholes option-pricing model using assumptions for the expected option term, expected stock price volatility, risk-free interest rate, and expected dividend yield. Due to limited historical data on exercise of share options, the simplified method is used to estimate expected option term. |
Marketing Costs | Marketing Costs —Marketing costs are expensed as incurred |
Earnings per Share | Earnings per Share —Basic earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding. Outstanding shares include shares sold to subscribers, shares held by the Third Federal Foundation, shares of the Employee Stock Ownership Plan which have been allocated or committed to be released for allocation to participants, and shares held by Third Federal Savings, MHC. Unvested shares awarded in the Company's restricted stock plans are treated as participating securities as they contain nonforfeitable rights to dividends and are not included in the number of shares in the computation of EPS. The two-class method is an earnings allocation that determines EPS for each class of common stock and participating security. Diluted earnings per share is computed using the same method as basic earnings per share, but the weighted-average number of shares reflects the potential dilution, if any, of unexercised stock options and unvested shares of restricted stock units that could occur if stock options were exercised and restricted stock units were issued and converted into common stock. These potentially dilutive shares would then be included in the number of weighted-average number of shares outstanding for the period using the treasury stock method. At September 30, 2017 , 2016 and 2015 , potentially dilutive shares include stock options and restricted stock units issued through stock-based compensation plans |
Use of Estimates | Use of Estimates —The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Fair Value Transfer | Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date under current market conditions and a fair value framework is established whereby assets and liabilities measured at fair value are grouped into three levels of a fair value hierarchy, based on the transparency of inputs and the reliability of assumptions used to estimate fair value. The Company’s policy is to recognize transfers between levels of the hierarchy as of the end of the reporting period in which the transfer occurs. The three levels of inputs are defined as follows: Level 1 – quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 – quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets with few transactions, or model-based valuation techniques using assumptions that are observable in the market. Level 3 – a company’s own assumptions about how market participants would price an asset or liability. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Regulatory Capital Requirements [Abstract] | |
Summary Of Actual Capital Amounts And Ratios Compared To Minimum Requirements | The following table summarizes the actual capital amounts and ratios of the Association as of September 30, 2017 and 2016 , compared to the minimum capital adequacy requirements and the requirements for classification as a well capitalized institution. Minimum Requirements Actual For Capital Adequacy Purposes To be “Well Capitalized” Under Prompt Corrective Action Provision Amount Ratio Amount Ratio Amount Ratio September 30, 2017 Total Capital to Risk-Weighted Assets $ 1,555,903 21.37 % $ 582,553 8.00 % $ 728,192 10.00 % Tier 1 (Leverage) Capital to Net Average Assets 1,506,952 11.16 % 540,193 4.00 % 675,242 5.00 % Tier 1 Capital to Risk-Weighted Assets 1,506,952 20.69 % 436,915 6.00 % 582,553 8.00 % Common Equity Tier 1 Capital to Risk-Weighted Assets 1,506,938 20.69 % 327,686 4.50 % 473,325 6.50 % September 30, 2016 Total Capital to Risk-Weighted Assets $ 1,551,502 22.24 % $ 558,006 8.00 % $ 697,508 10.00 % Tier 1 (Leverage) Capital to Net Average Assets 1,489,704 11.73 % 507,977 4.00 % 634,972 5.00 % Tier 1 Capital to Risk-Weighted Assets 1,489,704 21.36 % 418,505 6.00 % 558,006 8.00 % Common Equity Tier 1 Capital to Risk-Weighted Assets 1,489,690 21.36 % 313,879 4.50 % 453,380 6.50 % |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Investments [Abstract] | |
Investment Securities Available For Sale | Investments available for sale are summarized as follows: September 30, 2017 Amortized Cost Gross Unrealized Fair Value Gains Losses REMICs $ 533,427 $ 52 $ (4,943 ) $ 528,536 Fannie Mae certificates 8,537 419 (13 ) 8,943 Total $ 541,964 $ 471 $ (4,956 ) $ 537,479 September 30, 2016 Amortized Cost Gross Unrealized Fair Value Gains Losses REMICs $ 508,044 $ 1,447 $ (1,494 ) $ 507,997 Fannie Mae certificates 9,184 685 — 9,869 Total $ 517,228 $ 2,132 $ (1,494 ) $ 517,866 |
Schedule Of Securities Continuous Unrealized Loss Position | Gross unrealized losses on available for sale securities and the estimated fair value of the related securities, aggregated by the length of time the securities have been in a continuous loss position, at September 30, 2017 and 2016 , were as follows: September 30, 2017 Less Than 12 Months 12 Months or More Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Available for sale— REMICs $ 246,113 $ 1,508 $ 260,837 $ 3,435 $ 506,950 $ 4,943 Fannie Mae certificates 4,601 13 — — 4,601 13 Total $ 250,714 $ 1,521 $ 260,837 $ 3,435 $ 511,551 $ 4,956 September 30, 2016 Less Than 12 Months 12 Months or More Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Available for sale—REMICs $ 210,735 $ 797 $ 73,361 $ 697 $ 284,096 $ 1,494 |
Loans And Allowance For Loan 34
Loans And Allowance For Loan Losses (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Schedule of Loans Held For Investment | Loans held for investment consist of the following: September 30, 2017 2016 Real estate loans: Residential Core $ 10,746,204 $ 10,069,652 Residential Home Today 108,964 121,938 Home equity loans and lines of credit 1,552,315 1,531,282 Construction 60,956 61,382 Real estate loans 12,468,439 11,784,254 Other consumer loans 3,050 3,116 Add (deduct): Deferred loan expenses, net 30,865 19,384 Loans-in-process (“LIP”) (34,100 ) (36,155 ) Allowance for loan losses (48,948 ) (61,795 ) Loans held for investment, net $ 12,419,306 $ 11,708,804 |
Schedule Of Recorded Investment In Loan Receivables That Are Past Due | An age analysis of the recorded investment in loan receivables that are past due at September 30, 2017 and 2016 is summarized in the following tables. When a loan is more than one month past due on its scheduled payments, the loan is considered 30 days or more past due. Balances are adjusted for deferred loan fees, expenses and any applicable loans-in-process. 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total September 30, 2017 Real estate loans: Residential Core $ 6,077 $ 2,593 $ 11,975 $ 20,645 $ 10,740,398 $ 10,761,043 Residential Home Today 4,067 1,496 6,851 12,414 95,269 107,683 Home equity loans and lines of credit 4,418 1,952 5,408 11,778 1,558,273 1,570,051 Construction — — — — 26,427 26,427 Total real estate loans 14,562 6,041 24,234 44,837 12,420,367 12,465,204 Other consumer loans — — — — 3,050 3,050 Total $ 14,562 $ 6,041 $ 24,234 $ 44,837 $ 12,423,417 $ 12,468,254 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total September 30, 2016 Real estate loans: Residential Core $ 6,653 $ 3,157 $ 15,593 $ 25,403 $ 10,054,211 $ 10,079,614 Residential Home Today 5,271 2,583 7,356 15,210 105,225 120,435 Home equity loans and lines of credit 4,605 1,811 4,932 11,348 1,531,242 1,542,590 Construction — — — — 24,844 24,844 Total real estate loans 16,529 7,551 27,881 51,961 11,715,522 11,767,483 Other consumer loans — — — — 3,116 3,116 Total $ 16,529 $ 7,551 $ 27,881 $ 51,961 $ 11,718,638 $ 11,770,599 |
Schedule Of Recorded Investment Of Loan Receivables In Non-Accrual Status | The recorded investment of loan receivables in non-accrual status is summarized in the following table. Balances are adjusted for deferred loan fees and expenses. September 30, 2017 2016 Real estate loans: Residential Core $ 43,797 $ 51,304 Residential Home Today 18,109 19,451 Home equity loans and lines of credit 17,185 19,206 Total non-accrual loans $ 79,091 $ 89,961 |
Allowance for Credit Losses on Financing Receivables | An analysis of the allowance for loan losses at September 30, 2017 and 2016 is summarized in the following table. The analysis provides details of the allowance for loan losses according to the method of evaluation, distinguishing between allowances for loan losses determined by evaluating individual loans and allowances for loan losses determined by evaluating groups of loans collectively. September 30, 2017 2016 Individually Collectively Total Individually Collectively Total Real estate loans: Residential Core $ 7,336 $ 6,850 $ 14,186 $ 8,927 $ 6,141 $ 15,068 Residential Home Today 2,250 2,258 4,508 2,979 4,437 7,416 Home equity loans and lines of credit 1,475 28,774 30,249 722 38,582 39,304 Construction — 5 5 — 7 7 Total real estate loans $ 11,061 $ 37,887 $ 48,948 $ 12,628 $ 49,167 $ 61,795 The recorded investment in loan receivables at September 30, 2017 and 2016 is summarized in the following table. The table provides details of the recorded balances according to the method of evaluation used for determining the allowance for loan losses, distinguishing between determinations made by evaluating individual loans and determinations made by evaluating groups of loans not individually evaluated. Balances of recorded investments are adjusted for deferred loan fees, expenses and any applicable loans-in-process. September 30, 2017 2016 Individually Collectively Total Individually Collectively Total Real estate loans: Residential Core $ 94,747 $ 10,666,296 $ 10,761,043 $ 107,541 $ 9,972,073 $ 10,079,614 Residential Home Today 46,641 61,042 107,683 51,415 69,020 120,435 Home equity loans and lines of credit 39,172 1,530,879 1,570,051 35,894 1,506,696 1,542,590 Construction — 26,427 26,427 — 24,844 24,844 Total real estate loans 180,560 12,284,644 12,465,204 194,850 11,572,633 11,767,483 Other consumer loans — 3,050 3,050 — 3,116 3,116 Total $ 180,560 $ 12,287,694 $ 12,468,254 $ 194,850 $ 11,575,749 $ 11,770,599 Activity in the allowance for loan losses is summarized as follows: For the Year Ended September 30, 2017 Beginning Balance Provisions Charge-offs Recoveries Ending Balance Real estate loans: Residential Core $ 15,068 $ (3,311 ) $ (3,029 ) $ 5,458 $ 14,186 Residential Home Today 7,416 (1,943 ) (2,276 ) 1,311 4,508 Home equity loans and lines of credit 39,304 (11,744 ) (6,173 ) 8,862 30,249 Construction 7 (2 ) — — 5 Total real estate loans $ 61,795 $ (17,000 ) $ (11,478 ) $ 15,631 $ 48,948 For the Year Ended September 30, 2016 Beginning Balance Provisions Charge-offs Recoveries Ending Balance Real estate loans: Residential Core $ 22,596 $ (6,942 ) $ (4,294 ) $ 3,708 $ 15,068 Residential Home Today 9,997 (1,253 ) (2,761 ) 1,433 7,416 Home equity loans and lines of credit 38,926 255 (7,846 ) 7,969 39,304 Construction 35 (60 ) — 32 7 Total real estate loans $ 71,554 $ (8,000 ) $ (14,901 ) $ 13,142 $ 61,795 For the Year Ended September 30, 2015 Beginning Balance Provisions Charge-offs Recoveries Ending Balance Real estate loans: Residential Core $ 31,080 $ (6,987 ) $ (6,866 ) $ 5,369 $ 22,596 Residential Home Today 16,424 (4,508 ) (3,452 ) 1,533 9,997 Home equity loans and lines of credit 33,831 8,661 (11,034 ) 7,468 38,926 Construction 27 (166 ) — 174 35 Total real estate loans $ 81,362 $ (3,000 ) $ (21,352 ) $ 14,544 $ 71,554 |
Schedule Of Recorded Investment And The Unpaid Principal Balance Of Impaired Loans | The recorded investment and the unpaid principal balance of impaired loans, including those reported as TDRs, as of September 30, 2017 and 2016 are summarized as follows. Balances of recorded investments are adjusted for deferred loan fees and expenses. September 30, 2017 2016 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related IVA recorded: Residential Core $ 47,507 $ 65,132 $ — $ 53,560 $ 72,693 $ — Residential Home Today 18,780 41,064 — 20,108 44,914 — Home equity loans and lines of credit 18,793 25,991 — 20,549 30,216 — Total $ 85,080 $ 132,187 $ — $ 94,217 $ 147,823 $ — With an IVA recorded: Residential Core $ 47,240 $ 47,747 $ 7,336 $ 53,981 $ 54,717 $ 8,927 Residential Home Today 27,861 28,210 2,250 31,307 31,725 2,979 Home equity loans and lines of credit 20,379 20,389 1,475 15,345 15,357 722 Total $ 95,480 $ 96,346 $ 11,061 $ 100,633 $ 101,799 $ 12,628 Total impaired loans: Residential Core $ 94,747 $ 112,879 $ 7,336 $ 107,541 $ 127,410 $ 8,927 Residential Home Today 46,641 69,274 2,250 51,415 76,639 2,979 Home equity loans and lines of credit 39,172 46,380 1,475 35,894 45,573 722 Total $ 180,560 $ 228,533 $ 11,061 $ 194,850 $ 249,622 $ 12,628 The average recorded investment in impaired loans and the amount of interest income recognized during period that the loans were impaired are summarized below. For the Years Ended September 30, 2017 2016 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related IVA recorded: Residential Core $ 50,534 $ 1,411 $ 57,869 $ 1,288 $ 67,509 $ 1,464 Residential Home Today 19,444 337 21,573 352 25,542 271 Home equity loans and lines of credit 19,671 293 21,798 282 24,832 299 Total $ 89,649 $ 2,041 $ 101,240 $ 1,922 $ 117,883 $ 2,034 With an IVA recorded: Residential Core $ 50,611 $ 1,891 $ 55,696 $ 2,228 $ 58,145 $ 2,570 Residential Home Today 29,584 1,445 33,158 1,756 37,070 1,877 Home equity loans and lines of credit 17,862 849 13,206 255 9,469 271 Construction — — 213 — 213 10 Total $ 98,057 $ 4,185 $ 102,273 $ 4,239 $ 104,897 $ 4,728 Total impaired loans: Residential Core $ 101,145 $ 3,302 $ 113,565 $ 3,516 $ 125,654 $ 4,034 Residential Home Today 49,028 1,782 54,731 2,108 62,612 2,148 Home equity loans and lines of credit 37,533 1,142 35,004 537 34,301 570 Construction — — 213 — 213 10 Total $ 187,706 $ 6,226 $ 203,513 $ 6,161 $ 222,780 $ 6,762 |
Schedule Of Recorded Investment In Troubled Debt Restructured Loans Modified | The recorded investment in TDRs by type of concession as of September 30, 2017 and September 30, 2016 is shown in the tables below. September 30, 2017 Reduction Payment Forbearance Multiple Concessions Multiple Restructurings Bankruptcy Total Residential Core $ 12,485 $ 521 $ 8,176 $ 21,278 $ 20,459 $ 23,670 $ 86,589 Residential Home Today 5,441 — 4,811 10,538 18,877 4,337 44,004 Home equity loans and lines of credit 106 6,033 373 14,661 1,471 8,783 31,427 Total $ 18,032 $ 6,554 $ 13,360 $ 46,477 $ 40,807 $ 36,790 $ 162,020 September 30, 2016 Reduction Payment Forbearance Multiple Concessions Multiple Bankruptcy Total Residential Core $ 13,456 $ 748 $ 8,595 $ 22,641 $ 21,517 $ 28,263 $ 95,220 Residential Home Today 6,338 — 5,198 11,330 20,497 5,241 48,604 Home equity loans and lines of credit 120 4,135 401 9,354 1,166 11,602 26,778 Total $ 19,914 $ 4,883 $ 14,194 $ 43,325 $ 43,180 $ 45,106 $ 170,602 Below summarizes the information on TDRs restructured within the previous 12 months of the period presented for which there was a subsequent payment default, at least 30 days past due on one scheduled payment, during the period presented. For the Year Ended September 30, 2017 For the Year Ended September 30, 2016 For the Year Ended September 30, 2015 TDRs That Subsequently Defaulted Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Recorded (Dollars in thousands) (Dollars in thousands) (Dollars in thousands) Residential Core 17 $ 1,462 32 $ 2,282 34 $ 3,296 Residential Home Today 25 1,126 26 1,088 26 1,179 Home equity loans and lines of credit 16 667 28 886 44 689 Total 58 $ 3,255 86 $ 4,256 104 $ 5,164 The following tables set forth the recorded investment in TDRs restructured during the years presented, according to the types of concessions granted. For the Year Ended September 30, 2017 Reduction Payment Extensions Forbearance Multiple Concessions Multiple Bankruptcy Total (Dollars in thousands) Residential Core $ 818 $ — $ 1,340 $ 1,654 $ 2,176 $ 2,621 $ 8,609 Residential Home Today 147 — 456 458 2,734 469 4,264 Home equity loans and lines of credit — 2,282 32 6,834 694 1,042 10,884 Total $ 965 $ 2,282 $ 1,828 $ 8,946 $ 5,604 $ 4,132 $ 23,757 For the Year Ended September 30, 2016 Reduction Payment Extensions Forbearance Multiple Concessions Multiple Bankruptcy Total (Dollars in thousands) Residential Core $ 1,342 $ — $ 1,154 $ 4,444 $ 2,902 $ 4,929 $ 14,771 Residential Home Today 169 — 489 542 3,487 469 5,156 Home equity loans and lines of credit 58 1,371 33 5,842 459 1,360 9,123 Total $ 1,569 $ 1,371 $ 1,676 $ 10,828 $ 6,848 $ 6,758 $ 29,050 For the Year Ended September 30, 2015 Reduction in Interest Rates Payment Extensions Forbearance or Other Actions Multiple Concessions Multiple Bankruptcy Total (Dollars in thousands) Residential Core $ 2,490 $ — $ 745 $ 4,464 $ 4,437 $ 6,720 $ 18,856 Residential Home Today 80 — 758 301 5,306 2,096 8,541 Home equity loans and lines of credit — 1,800 88 3,079 290 1,634 6,891 Total $ 2,570 $ 1,800 $ 1,591 $ 7,844 $ 10,033 $ 10,450 $ 34,288 |
Schedule Of Credit Quality Of Residential Loan Receivables By An Internally Assigned Grade | The following tables provide information about the credit quality of residential loan receivables by an internally assigned grade. Balances are adjusted for deferred loan fees, expenses and any applicable LIP. Pass Special Mention Substandard Loss Total September 30, 2017 Real Estate Loans: Residential Core $ 10,709,739 $ — $ 51,304 $ — $ 10,761,043 Residential Home Today 88,247 — 19,436 — 107,683 Home equity loans and lines of credit 1,545,658 3,837 20,556 — 1,570,051 Construction 26,427 — — — 26,427 Total real estate loans $ 12,370,071 $ 3,837 $ 91,296 $ — $ 12,465,204 Pass Special Mention Substandard Loss Total September 30, 2016 Real Estate Loans: Residential Core $ 10,022,555 $ — $ 57,059 $ — $ 10,079,614 Residential Home Today 99,442 — 20,993 — 120,435 Home equity loans and lines of credit 1,516,551 4,122 21,917 — 1,542,590 Construction 24,844 — — — 24,844 Total real estate loans $ 11,663,392 $ 4,122 $ 99,969 $ — $ 11,767,483 |
Mortgage Loan Servicing Rights
Mortgage Loan Servicing Rights (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Disclosures Pertaining to Servicing Assets and Servicing Liabilities [Abstract] | |
Primary Economic Assumptions Used To Measure The Company's Retained Interest | rimary economic assumptions used to measure the value of the Company’s retained interests at the date of sale resulting from the completed transactions were as follows (per annum): 2017 2016 Primary prepayment speed assumptions (weighted average annual rate) 9.9 % 11.3 % Weighted average life (years) 22.2 23.0 Amortized cost to service loans (weighted average) 0.12 % 0.12 % Weighted average discount rate 12 % 12 % K |
Key Economic Assumptions And Sensitivity | Key economic assumptions and the sensitivity of the current fair value of mortgage loan servicing rights to immediate 10% and 20% adverse changes in those assumptions are as presented in the following table. The three key economic assumptions that impact the valuation of the mortgage loan servicing rights are: (1) the prepayment speed, or how long the mortgage servicing right will be outstanding; (2) the estimate of servicing costs that will be incurred in fulfilling the mortgage servicing right responsibilities; and (3) the discount factor applied to future net cash flows to convert them to present value. The Company established these factors based on independent analysis of our portfolio and reviews these assumptions periodically to ensure that they reasonably reflect current market conditions and our loan portfolio experience. Additionally, to confirm the appropriateness of the Company's mortgage loan servicing rights valuation, an independent third party is engaged at least annually, and more frequently if warranted by market volatility, to value our mortgage loan servicing rights portfolio. The results of the third party valuation are compared and reconciled to the Company's valuation, thereby validating the Company's approach and assumptions. September 30, 2017 Fair value of mortgage loan servicing rights $ 16,102 Prepayment speed assumptions (weighted average annual rate) 18.0 % Impact on fair value of 10% adverse change $ (568 ) Impact on fair value of 20% adverse change $ (1,085 ) Estimated prospective annual cost to service loans (weighted average) 0.12 % Impact on fair value of 10% adverse change $ (1,493 ) Impact on fair value of 20% adverse change $ (2,987 ) Discount rate 12.0 % Impact on fair value of 10% adverse change $ (570 ) Impact on fair value of 20% adverse change $ (1,096 ) |
Activity In Mortgage Servicing Assets | Activity in mortgage servicing rights is summarized as follows: Year Ended September 30, 2017 2016 2015 Balance—beginning of year $ 8,852 $ 9,988 $ 11,669 Additions from loan securitizations/sales 1,347 1,044 907 Amortization (1,824 ) (2,180 ) (2,588 ) Net change in valuation allowance — — — Balance—end of year $ 8,375 $ 8,852 $ 9,988 Fair value of capitalized amounts $ 16,102 $ 16,428 $ 21,084 |
Premises, Equipment And Softw36
Premises, Equipment And Software, Net (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule Of Premises, Equipment And Software At Cost | Premises, equipment and software at cost are summarized as follows: September 30, 2017 2016 Land $ 12,183 $ 12,183 Office buildings 76,003 73,235 Furniture, fixtures and equipment 33,313 32,513 Software 17,432 17,061 Leasehold improvements 15,224 13,820 154,155 148,812 Less: accumulated depreciation and amortization (93,280 ) (87,809 ) Total $ 60,875 $ 61,003 |
Schedule Of Future Minimum Payments Under Non-Cancelable Operating Leases | The Company leases certain of its branches under renewable operating lease agreements. Future minimum payments under non-cancelable operating leases with initial or remaining terms of one year or more consisted of the following at September 30, 2017 : Years Ending September 30, 2018 $ 6,697 2019 6,138 2020 4,987 2021 3,989 2022 2,743 Thereafter 6,264 |
Schedule Of Future Minimum Payments Receivables | The Company, as lessor, leases certain commercial office buildings. The Company anticipates receiving future minimum payments of the following as of September 30, 2017 : Years Ending September 30, 2018 $ 2,154 2019 1,991 2020 1,124 2021 1,072 2022 998 Thereafter 824 |
Accrued Interest Receivable (Ta
Accrued Interest Receivable (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Accrued Interest Receivable [Abstract] | |
Accrued Interest Receivable | Accrued interest receivable is summarized as follows: September 30, 2017 2016 Investment securities $ 1,270 $ 1,179 Loans 34,209 31,639 Total $ 35,479 $ 32,818 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Deposits [Abstract] | |
Summary Of Deposit Account Balances | Deposit account balances are summarized by interest rate as follows: Stated Interest Rate September 30, 2017 2016 Amount Percent Amount Percent Checking accounts 0.00–0.10% $ 987,001 12.1 % $ 995,372 12.0 % Savings accounts 0.00–0.15 1,473,415 18.1 1,514,428 18.2 Subtotal 2,460,416 30.2 2,509,800 30.2 Certificates of deposit 0.00–0.99 877,684 10.8 1,164,802 14.0 1.00–1.99 4,348,918 53.3 4,214,976 50.6 2.00–2.99 449,358 5.5 411,229 4.9 3.00–3.99 8,648 0.1 9,487 0.1 4.00 and above 4,628 0.1 19,148 0.2 5,689,236 69.8 5,819,642 69.8 Subtotal 8,149,652 100.0 8,329,442 100.0 Accrued interest 1,973 — 1,926 — Total deposits $ 8,151,625 100.0 % $ 8,331,368 100.0 % |
Scheduled Maturity Of Certificates Of Deposit | The scheduled maturity of certificates of deposit is as follows: September 30, 2017 Amount Percent 12 months or less $ 2,131,565 37.4 % 13 to 24 months 1,490,041 26.2 % 25 to 36 months 1,136,632 20.0 % 37 to 48 months 491,055 8.6 % 49 to 60 months 237,354 4.2 % Over 60 months 202,589 3.6 % Total $ 5,689,236 100.0 % |
Scheduled Of Interest Expense On Deposits | Interest expense on deposits is summarized as follows: Year Ended September 30, 2017 2016 Certificates of deposit $ 84,410 $ 85,900 Checking accounts 918 1,289 Savings accounts 2,093 2,811 Total $ 87,421 $ 90,000 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Advances from Federal Home Loan Banks [Abstract] | |
Schedule of Federal Home Loan Bank (FHLB) Borrowings | Federal Home Loan Bank borrowings at September 30, 2017 are summarized in the table below. The amount and weighted average rates of certain FHLB Advances maturing in years 2018 through 2021 reflect the net impact of deferred penalties discussed below: Amount Weighted Average Rate Maturing in: 2018 $ 2,884,479 1.25 % 2019 414,478 1.79 % 2020 329,816 1.82 % 2021 1,290 1.54 % thereafter 37,548 1.56 % Total FHLB Advances 3,667,611 1.36 % Accrued interest 3,766 Total $ 3,671,377 |
Schedule of Federal Home Loan Bank (FHLB) Short-term Debt | Through the use of interest rate swaps discussed in Note 17. Derivative Instruments , $1,500,000 of FHLB advances included in the table above as maturing in 2018, have effective maturities, assuming no early terminations of the swap contracts, as shown below: Effective Maturity: Amount Swap Adjusted Weighted Average Rate 2020 $ 50,000 1.23 % 2021 525,000 1.19 % 2022 900,000 1.90 % 2023 25,000 1.67 % Total FHLB Advances under swap contracts $ 1,500,000 1.62 % The following table sets forth certain information relating to Federal Home Loan Bank short-term borrowings at or for the periods indicated. At or For the Fiscal Years Ended September 30, 2017 2016 2015 (dollars in thousands) Balance at end of year $ 2,610,000 $ 1,451,000 $ 755,000 Maximum outstanding at any month-end $ 2,610,000 $ 1,451,000 $ 1,535,000 Average balance during year $ 1,976,281 $ 934,689 $ 1,242,380 Average interest rate during the fiscal year 0.89 % 0.42 % 0.15 % Weighted average interest rate at end of year 1.22 % 0.47 % 0.18 % Interest expense $ 17,826 $ 3,984 $ 1,811 |
Other Comprehensive Income (L40
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The change in accumulated other comprehensive income (loss) by component is as follows: Unrealized Gains (Losses) on Securities Available for Sale Cash Flow Hedges Defined Benefit Plan Total Fiscal year 2015 activity Balance at September 30, 2014 $ (1,092 ) $ — $ (9,700 ) $ (10,792 ) Other comprehensive income (loss) before reclassifications, net of tax benefit of $1,490 3,018 — (5,785 ) (2,767 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax expense of $265 — — 494 494 Other comprehensive income (loss) 3,018 — (5,291 ) (2,273 ) Balance at September 30, 2015 $ 1,926 $ — $ (14,991 ) $ (13,065 ) Fiscal year 2016 activity Other comprehensive loss before reclassifications, net of tax benefit of $4,621 (1,510 ) (2,389 ) (4,682 ) (8,581 ) Amounts reclassified from accumulated other comprehensive loss, net of tax expense of $1,089 — 1,018 1,002 2,020 Other comprehensive loss (1,510 ) (1,371 ) (3,680 ) (6,561 ) Balance at September 30, 2016 $ 416 $ (1,371 ) $ (18,671 ) $ (19,626 ) Fiscal year 2017 activity Other comprehensive income (loss) before reclassifications, net of tax expense of $4,479 (3,331 ) 9,186 2,463 8,318 Amounts reclassified from accumulated other comprehensive income (loss), net of tax expense of $2,055 — 2,434 1,382 3,816 Other comprehensive (loss) income (3,331 ) 11,620 3,845 12,134 Balance at September 30, 2017 $ (2,915 ) $ 10,249 $ (14,826 ) $ (7,492 ) |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents the reclassification adjustment out of accumulated other comprehensive income (loss) included in net income and the corresponding line item on the consolidated statements of income for the periods indicated: Details about Accumulated Other Comprehensive Income Components For the Years Ended September 30, Line Item in the Statement of Income 2017 2016 2015 Cash flow hedges: Interest expense, effective portion $ 3,745 $ 1,567 $ — Interest expense Income tax (1,311 ) (549 ) — Income tax expense Net of income tax $ 2,434 $ 1,018 $ — Amortization of pension plan: Actuarial loss $ 2,126 $ 1,542 $ 759 (a) Income tax (744 ) (540 ) (265 ) Income tax expense Net of income tax 1,382 1,002 494 Total reclassifications for the period $ 3,816 $ 2,020 $ 494 (a) These items are included in the computation of net period pension cost. See Note 13. Employee Benefit Plans for additional disclosure. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Schedule Of Components Of The Income Tax Provision | The components of the income tax provision are as follows: Year Ended September 30, 2017 2016 2015 Current tax expense: Federal $ 39,794 $ 29,833 $ 27,056 State 1,121 878 564 Deferred tax expense (benefit): Federal 3,634 11,045 9,605 State (85 ) 54 (421 ) Income tax provision $ 44,464 $ 41,810 $ 36,804 |
Schedule Of Reconciliation From Tax At The Statutory Rate To The Income Tax Provision | Reconciliation from tax at the statutory rate to the income tax provision is as follows: Year Ended September 30, 2017 2016 2015 Tax at statutory rate 35.0 % 35.0 % 35.0 % State tax, net 0.5 0.5 0.1 Non-taxable income from bank owned life insurance contracts (1.7 ) (2.1 ) (2.4 ) Other, net (0.5 ) 0.8 0.9 Income tax provision 33.3 % 34.2 % 33.6 % |
Schedule Of Deferred Tax Recognition Of Revenue And Expenses | Temporary differences between the financial statement carrying amounts and tax basis of assets and liabilities that gave rise to significant portions of net deferred taxes relate to the following: September 30, 2017 2016 Deferred tax assets: Loan loss reserve $ 26,690 $ 30,240 Deferred compensation 12,280 11,796 Pension 2,696 5,790 Property, equipment and software basis difference 2,180 1,759 Other 2,482 3,234 Total deferred tax assets 46,328 52,819 Deferred tax liabilities: FHLB stock basis difference 7,999 7,826 Mortgage servicing rights 1,583 1,322 Goodwill 3,473 3,434 Deferred loan costs, net of fees 15,288 11,131 Other 1,994 3,033 Total deferred tax liabilities 30,337 26,746 Net deferred tax asset $ 15,991 $ 26,073 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Defined Benefit Plan [Abstract] | |
Change In Projected Benefit Obligation For The Defined Benefit Plan | The following table sets forth the change in projected benefit obligation for the defined benefit plan: September 30, 2017 2016 Projected benefit obligation at beginning of year $ 84,218 $ 76,735 Interest cost 3,068 3,288 Actuarial loss and other (955 ) 7,464 Benefits paid (4,113 ) (3,269 ) Projected benefit obligation at end of year $ 82,218 $ 84,218 |
Reconciliation Of The Beginning And Ending Balances Of The Fair Value Of Plan Assets And Funded Status Of The Plan | The following table reconciles the beginning and ending balances of the fair value of Plan assets and presents the funded status of the Plan recognized in the Consolidated Statements of Condition at the September 30 measurement dates: September 30, 2017 2016 Fair value of plan assets at beginning of the year $ 65,951 $ 60,849 Actual return on plan assets 6,968 4,371 Employer contributions 4,000 4,000 Benefits paid (4,113 ) (3,269 ) Fair value of plan assets at end of year $ 72,806 $ 65,951 Funded status of the plan—asset (liability) $ (9,412 ) $ (18,267 ) |
Components Of Net Periodic Benefit Cost Recognized In The Statement Of Income | The components of net periodic cost recognized in the Consolidated Statements of Income are as follows: Year Ended September 30, 2017 2016 2015 Interest Cost 3,068 3,288 3,130 Expected return on plan assets (4,134 ) (4,111 ) (4,414 ) Amortization of net loss and other 2,126 1,542 759 Net periodic benefit (income) cost $ 1,060 $ 719 $ (525 ) |
Fair Value Of Plan Assets By Asset Category At The Measurement Date | The following table presents the fair value of Plan assets. September 30, 2017 2016 Fair Value (in thousands) Unfunded Commitments Redemption Frequency (if currently eligible) Redemption Notice Period Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Pooled Separate Accounts $ 72,806 N/A Daily 7 Days $ 65,951 N/A Daily 7 Days |
Schedule Of Additional Information Is Provided With Respect To The Plan | The following additional information is provided with respect to the Plan: September 30, 2017 2016 2015 Assumptions and dates used to determine benefit obligations: Discount rate 3.90 % 3.75 % 4.40 % Rate of compensation increase n/a n/a n/a Assumptions used to determine net periodic benefit cost: Discount rate 3.75 % 4.40 % 4.40 % Long-term rate of return on plan assets 7.00 % 7.50 % 7.50 % Rate of compensation increase (graded scale) n/a n/a n/a |
Estimates Of Expected Future Benefit Payments | The following table provides estimates of expected future benefit payments during each of the next five fiscal years, as well as in the aggregate for years six through ten. Additionally, the table includes the minimum employer contributions expected during the next fiscal year. Expected Benefit Payments During the Fiscal Years Ending September 30: 2018 $ 5,700 2019 4,020 2020 4,370 2021 4,910 2022 3,990 Aggregate expected benefit payments during the five fiscal year period beginning October 1, 2023, and ending September 30, 2027 22,970 Minimum employer contributions expected to be paid during the fiscal year ending September 30, 2018 — |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary Of The Status Of The Company's Restricted Stock Units And Changes | The following is a summary of the status of the Company’s restricted stock units as of September 30, 2017 and changes therein during the year then ended: Number of Shares Awarded Weighted Average Grant Date Fair Value Outstanding at September 30, 2016 1,184,357 $ 13.00 Granted 72,900 $ 19.26 Exercised (82,489 ) $ 15.66 Forfeited (5,700 ) $ 17.01 Outstanding at September 30, 2017 1,169,068 $ 13.18 Vested and exercisable, at September 30, 2017 611,883 $ 12.23 Vested and expected to vest, at September 30, 2017 1,169,068 $ 13.18 |
Summary Of The Company's Stock Option Activity And Related Information For The Equity Plan | The following is a summary of the Company’s stock option activity and related information for the Equity Plan for the year ended September 30, 2017 : Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value Outstanding at September 30, 2016 4,961,757 $ 12.62 5.76 $ 26,216 Granted 300,400 $ 19.28 Exercised (738,925 ) $ 11.41 $ 5,027 Forfeited (6,800 ) $ 15.45 $ 13 Outstanding at September 30, 2017 4,516,432 $ 13.26 5.54 $ 15,057 Vested and exercisable, at September 30, 2017 3,113,511 $ 11.74 4.48 $ 14,064 Vested or expected to vest, at September 30, 2017 4,516,432 $ 13.26 5.54 $ 15,057 |
Fair Value Of The Option Grants Was Estimated On The Date Of Grant Using The Black-Scholes Option-Pricing Model | The fair value of the option grants was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions. 2017 2016 Expected dividend yield 2.59 % 2.10 % Expected volatility 21.97 % 22.03 % Risk-free interest rate 1.86 % 1.86 % Expected option term (in years) 6.00 6.00 |
Commitments And Contingent Li44
Commitments And Contingent Liabilities (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Commitments To Originate And Unfunded Commitments | At September 30, 2017 , the Company had commitments to originate loans as follows: Fixed-rate mortgage loans $ 211,351 Adjustable-rate mortgage loans 214,065 Equity loans and lines of credit including bridge loans 123,492 Total $ 548,908 At September 30, 2017 , the Company had unfunded commitments outstanding as follows: Equity lines of credit $ 1,425,440 Construction loans 34,100 Limited partner investments 11,541 Total $ 1,471,081 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Of Assets And Liabilities Measured On Recurring Basis | Assets and liabilities carried at fair value on a recurring basis in the Consolidated Statements of Condition at September 30, 2017 and 2016 are summarized below. Recurring Fair Value Measurements at Reporting Date Using September 30, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Investment securities available for sale: REMIC’s $ 528,536 $ — $ 528,536 $ — Fannie Mae certificates 8,943 — 8,943 — Derivatives: Interest rate lock commitments 58 — — 58 Interest rate swaps 17,001 — 17,001 — Total $ 554,538 $ — $ 554,480 $ 58 Liabilities Derivatives: Interest rate swaps 1,233 — 1,233 — Total $ 1,233 $ — $ 1,233 $ — Recurring Fair Value Measurements at Reporting Date Using September 30, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Investment securities available for sale: REMIC’s 507,997 — 507,997 — Fannie Mae certificates 9,869 — 9,869 — Derivatives: Interest rate lock commitments 99 — — 99 Interest rate swaps 772 — 772 — Total $ 518,737 $ — $ 518,638 $ 99 Liabilities Derivatives: Interest rate swaps 2,880 — 2,880 — Total $ 2,880 $ — $ 2,880 $ — |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The table below presents a reconciliation of the beginning and ending balances and the location within the Consolidated Statements of Income where gains (losses) due to changes in fair value are recognized on interest rate lock commitments which are measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Interest Rate Lock Commitments Year Ended September 30, 2017 2016 2015 Beginning balance $ 99 $ 79 $ 59 Gain (loss) during the period due to changes in fair value: Included in other non-interest income (41 ) 20 20 Ending balance $ 58 $ 99 $ 79 Change in unrealized gains for the period included in earnings for assets held at end of the reporting date $ 58 $ 99 $ 79 |
Assets Measured At Fair Value On A Nonrecurring Basis | Summarized in the tables below are those assets measured at fair value on a nonrecurring basis. Nonrecurring Fair Value Measurements at Reporting Date Using September 30, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans, net of allowance $ 85,080 $ — $ — $ 85,080 Real estate owned (1) 3,479 — — 3,479 Total $ 88,559 $ — $ — $ 88,559 ______________________ (1) Amounts represent fair value measurements of properties before deducting estimated costs to dispose. Nonrecurring Fair Value Measurements at Reporting Date Using September 30, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans, net of allowance $ 92,576 $ — $ — $ 92,576 Real estate owned (1) 4,192 — — 4,192 Total $ 96,768 $ — $ — $ 96,768 ______________________ (1) Amounts represent fair value measurements of properties before deducting estimated costs to dispose. |
Fair Value Inputs, Assets, Quantitative Information | The following provides quantitative information about significant unobservable inputs categorized within Level 3 of the Fair Value Hierarchy. Fair Value Weighted 9/30/2017 Valuation Technique(s) Unobservable Input Range Average Impaired loans, net of allowance $85,080 Market comparables of collateral discounted to estimated net proceeds Discount appraised value to estimated net proceeds based on historical experience: • Residential Properties 0 - 28% 7.6% Interest rate lock commitments $58 Quoted Secondary Market pricing Closure rate 0 - 100% 93.0% Fair Value Weighted 9/30/2016 Valuation Technique(s) Unobservable Input Range Average Impaired loans, net of allowance $92,576 Market comparables of collateral discounted to estimated net proceeds Discount appraised value to estimated net proceeds based on historical experience: • Residential Properties 0 - 26% 8.2% Interest rate lock commitments $99 Quoted Secondary Market pricing Closure rate 0 - 100% 93.0% |
Estimated Fair Value Of Financial Instruments | The following table presents the carrying amount and estimated fair value of the Company’s financial instruments. September 30, 2017 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 Assets: Cash and due from banks $ 35,243 $ 35,243 $ 35,243 $ — $ — Interest earning cash equivalents 232,975 232,975 232,975 — — Investment securities available for sale 537,479 537,479 — 537,479 — Mortgage loans held for sale 351 355 — 355 — Loans-net: Mortgage loans held for investment 12,416,256 12,758,951 — — 12,758,951 Other loans 3,050 3,143 — — 3,143 Federal Home Loan Bank stock 89,990 89,990 N/A — — Accrued interest receivable 35,479 35,479 — 35,479 — Cash collateral held by counterparty 2,955 2,955 2,955 — — Derivatives 17,059 17,059 — 17,001 58 Liabilities: Checking and passbook accounts $ 2,460,416 $ 2,460,416 $ — $ 2,460,416 $ — Certificates of deposit 5,691,209 5,550,162 — 5,550,162 — Borrowed funds 3,671,377 3,677,256 — 3,677,256 — Borrowers’ advances for taxes and insurance 100,446 100,446 — 100,446 — Principal, interest and escrow owed on loans serviced 35,766 35,766 — 35,766 — Derivatives 1,233 1,233 — 1,233 — September 30, 2016 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 Assets: Cash and due from banks $ 27,914 $ 27,914 $ 27,914 $ — $ — Interest earning cash equivalents 203,325 203,325 203,325 — — Investment securities available for sale 517,866 517,866 — 517,866 — Mortgage loans held for sale 4,686 4,839 — 4,839 — Loans-net: Mortgage loans held for investment 11,705,688 12,177,536 — — 12,177,536 Other loans 3,116 3,277 — — 3,277 Federal Home Loan Bank stock 69,853 69,853 N/A — — Accrued interest receivable 32,818 32,818 — 32,818 — Cash collateral held by counterparty 10,480 10,480 10,480 — — Derivatives 871 871 — 772 99 Liabilities: Checking and passbook accounts $ 2,509,800 $ 2,509,800 $ — $ 2,509,800 $ — Certificates of deposit 5,821,568 5,832,958 — 5,832,958 — Borrowed funds 2,718,795 2,740,565 — 2,740,565 — Borrowers’ advances for taxes and insurance 92,313 92,313 — 92,313 — Principal, interest and escrow owed on loans serviced 49,401 49,401 — 49,401 — Derivatives 2,880 2,880 — 2,880 — |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Summary of Derivative Instruments [Abstract] | |
Schedule of Interest Rate Derivatives | The following table presents additional information about the interest rate swaps used in the Company's asset liability management strategy. Cash Flow Hedges September 30, 2017 September 30, 2016 Notional value $ 1,500,000 $ 600,000 Fair value 15,768 (2,108 ) Weighted-average rate receive 1.32 % 0.79 % Weighted-average rate pay 1.62 % 1.21 % Average maturity (in years) 4.1 4.5 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables provide the locations within the Consolidated Statements of Condition and the fair values for derivative instruments. Asset Derivatives At September 30, 2017 At September 30, 2016 Location Fair Value Location Fair Value Derivatives designated as hedging instruments Cash flow hedges: Interest rate swaps Other Assets $ 17,001 Other Assets $ 772 Derivatives not designated as hedging instruments Interest rate lock commitments Other Assets $ 58 Other Assets $ 99 Liability Derivatives At September 30, 2017 At September 30, 2016 Location Fair Value Location Fair Value Derivatives designated as hedging instruments Cash flow hedges: Interest rate swaps Other Liabilities $ 1,233 Other Liabilities $ 2,880 |
Schedule of Effect of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables present the net gains and losses recorded within the Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income relating to derivative instruments. Location of Gain or (Loss) Recognized in Income Amount of Gain or (Loss) Recognized in Income on Derivative Year Ended September 30, 2017 2016 2015 Cash flow hedges Amount of loss recognized, effective portion Other comprehensive income $ 14,131 $ (3,676 ) $ — Amount of loss reclassified from AOCI Interest expense (3,745 ) (1,567 ) — Amount of ineffectiveness recognized Other non-interest income — — — Derivatives not designated as hedging instruments Interest rate lock commitments Other non-interest income $ (41 ) $ 20 $ 20 Forward commitments for the sale of mortgage loans Net gain on the sale of loans — — 14 Total $ (41 ) $ 20 $ 34 |
Parent Company Only Financial47
Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule Of Statements Of Condition | September 30, 2017 2016 Statements of Condition Assets: Cash and due from banks $ 5,123 $ 5,102 Other loans: Demand loan due from Third Federal Savings and Loan 89,299 88,443 ESOP loan receivable 61,759 65,462 Investments in: Third Federal Savings and Loan 1,503,831 1,475,175 Non-thrift subsidiaries 80,420 79,386 Prepaid federal and state taxes 154 374 Deferred income taxes 2,630 2,704 Accrued receivables and other assets 9,247 6,727 Total assets $ 1,752,463 $ 1,723,373 Liabilities and shareholders’ equity: Line of credit due non-thrift subsidiary $ 59,815 $ 58,890 Accrued expenses and other liabilities 2,689 4,025 Total liabilities 62,504 62,915 Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding — — Common stock, $0.01 par value, 700,000,000 shares authorized; 332,318,750 shares issued; 281,291,750 and 284,219,019 outstanding at September 30, 2017 and September 30, 2016, respectively 3,323 3,323 Paid-in capital 1,722,672 1,716,818 Treasury stock, at cost; 51,027,000 and 48,099,731 shares at September 30, 2017 and September 30, 2016, respectively (735,530 ) (681,569 ) Unallocated ESOP shares (53,084 ) (57,418 ) Retained earnings—substantially restricted 760,070 698,930 Accumulated other comprehensive loss (7,492 ) (19,626 ) Total shareholders’ equity 1,689,959 1,660,458 Total liabilities and shareholders’ equity $ 1,752,463 $ 1,723,373 |
Schedule Of Statements Of Comprehensive Income | Years Ended September 30, 2017 2016 2015 Statements of Comprehensive Income Interest income: Demand loan due from Third Federal Savings and Loan $ 914 $ 433 $ 139 ESOP loan 2,308 2,281 2,276 Other interest income 21 4 — Total interest income 3,243 2,718 2,415 Interest expense: Borrowed funds from non-thrift subsidiaries 612 377 253 Total interest expense 612 377 253 Net interest income 2,631 2,341 2,162 Non-interest income: Intercompany service charges 68 90 218 Dividend from Third Federal Savings and Loan 81,000 60,000 66,000 Total other income 81,068 60,090 66,218 Non-interest expenses: Salaries and employee benefits 5,134 5,543 6,216 Professional services 982 922 997 Office property and equipment 3 13 13 Other operating expenses 193 253 255 Total non-interest expenses 6,312 6,731 7,481 Income before income taxes 77,387 55,700 60,899 Income tax benefit (3,747 ) (2,915 ) (2,583 ) Income before undistributed earnings of subsidiaries 81,134 58,615 63,482 Equity in undistributed earnings of subsidiaries (dividend in excess of earnings): Third Federal Savings and Loan 6,709 21,231 8,777 Non-thrift subsidiaries 1,034 707 332 Net income 88,877 80,553 72,591 Change in net unrealized (loss) gain on securities available for sale (3,331 ) (1,510 ) 3,018 Change in cash flow hedges 11,620 (1,371 ) — Change in pension obligation 3,845 (3,680 ) (5,291 ) Total other comprehensive loss 12,134 (6,561 ) (2,273 ) Total comprehensive income $ 101,011 $ 73,992 $ 70,318 |
Schedule Of Statements Of Cash Flows | Years Ended September 30, 2017 2016 2015 Statements of Cash Flows Cash flows from operating activities: Net income $ 88,877 $ 80,553 $ 72,591 Adjustments to reconcile net income to net cash provided by operating activities: (Equity in undistributed earnings of subsidiaries) dividend in excess of earnings: Third Federal Savings and Loan (6,709 ) (21,231 ) (8,777 ) Non-thrift subsidiaries (1,034 ) (707 ) (332 ) Deferred income taxes 74 542 (261 ) ESOP and Stock-based compensation expense 1,439 2,435 3,205 Net (increase) decrease in interest receivable and other assets (2,300 ) (346 ) 2,166 Net increase (decrease) in accrued expenses and other liabilities 144 359 107 Net cash provided by operating activities 80,491 61,605 68,699 Cash flows from investing activities: (Increase) decrease in balances lent to Third Federal Savings and Loan (856 ) (54,792 ) 122,257 Repayment of capital contribution from Third Federal Savings and Loan — 150,000 — Net cash (used in) provided by investing activities (856 ) 95,208 122,257 Cash flows from financing activities: Principal reduction of ESOP loan 3,703 3,648 3,534 Purchase of treasury shares (54,029 ) (128,361 ) (172,546 ) Dividends paid to common shareholders (27,709 ) (23,414 ) (19,490 ) Excess tax benefit related to stock-based compensation — 1,485 484 Acquisition of treasury shares through net settlement for taxes (2,504 ) (7,697 ) (4,111 ) Net increase in borrowings from non-thrift subsidiaries 925 529 1,173 Net cash used in financing activities (79,614 ) (153,810 ) (190,956 ) Net increase in cash and cash equivalents 21 3,003 — Cash and cash equivalents—beginning of year 5,102 2,099 2,099 Cash and cash equivalents—end of year $ 5,123 $ 5,102 $ 2,099 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Summary Of Earnings Per Share | The following is a summary of the Company’s earnings per share calculations. For the Year Ended September 30, 2017 Income Shares Per share amount (Dollars in thousands, except per share data) Net income $ 88,877 Less: income allocated to restricted stock units 901 Basic earnings per share: Income available to common shareholders 87,976 277,213,258 $ 0.32 Diluted earnings per share: Effect of dilutive potential common shares 2,055,510 Income available to common shareholders $ 87,976 279,268,768 $ 0.32 For the Year Ended September 30, 2016 Income Shares Per share amount (Dollars in thousands, except per share data) Net income $ 80,553 Less: income allocated to restricted stock units 761 Basic earnings per share: Income available to common shareholders 79,792 281,566,648 $ 0.28 Diluted earnings per share: Effect of dilutive potential common shares 2,219,065 Income available to common shareholders $ 79,792 283,785,713 $ 0.28 For the Year Ended September 30, 2015 Income Shares Per share amount (Dollars in thousands, except per share data) Net income $ 72,591 Less: income allocated to restricted stock units 626 Basic earnings per share: Income available to common shareholders 71,965 289,935,861 $ 0.25 Diluted earnings per share: Effect of dilutive potential common shares 2,274,556 Income available to common shareholders $ 71,965 292,210,417 $ 0.25 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following is a summary of outstanding stock options that are excluded from the computation of diluted earnings per share because their inclusion would be anti-dilutive. No restricted stock units were anti-dilutive for the years ended September 30, 2017, 2016, and 2015. For the Year Ended September 30, 2017 2016 2015 Options to purchase shares 779,740 393,500 1,382,900 |
Selected Quarterly Data (Unau49
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Selected Quarterly Financial Information [Abstract] | |
Summary Of Certain Quarterly Financial Data | The following tables are a summary of certain quarterly financial data for the fiscal years ended September 30, 2017 and 2016 . Fiscal 2017 Quarter Ended December 31 March 31 June 30 September 30 (In thousands, except per share data) Interest income $ 98,214 $ 101,083 $ 103,721 $ 105,977 Interest expense 29,984 30,797 33,449 35,869 Net interest income 68,230 70,286 70,272 70,108 Provision (credit) for loan losses — (6,000 ) (4,000 ) (7,000 ) Net interest income after provision for loan losses 68,230 76,286 74,272 77,108 Non-interest income 5,368 4,552 4,804 5,125 Non-interest expense 45,262 45,294 44,669 47,179 Income before income tax 28,336 35,544 34,407 35,054 Income tax expense 8,726 12,083 11,619 12,036 Net income $ 19,610 $ 23,461 $ 22,788 $ 23,018 Earnings per share—basic and diluted $ 0.07 $ 0.08 $ 0.08 $ 0.08 Fiscal 2016 Quarter Ended December 31 March 31 June 30 September 30 (In thousands, except per share data) Interest income $ 96,431 $ 97,145 $ 96,993 $ 97,872 Interest expense 28,790 29,386 29,604 30,246 Net interest income 67,641 67,759 67,389 67,626 Provision (credit) for loan losses (1,000 ) (1,000 ) (3,000 ) (3,000 ) Net interest income after provision for loan losses 68,641 68,759 70,389 70,626 Non-interest income 6,117 6,703 6,108 6,024 Non-interest expense 47,633 46,341 44,976 42,054 Income before income tax 27,125 29,121 31,521 34,596 Income tax expense 9,274 9,845 10,901 11,790 Net income $ 17,851 $ 19,276 $ 20,620 $ 22,806 Earnings per share—basic and diluted $ 0.06 $ 0.07 $ 0.07 $ 0.08 |
Description Of Business And S50
Description Of Business And Summary Of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017USD ($)branchesoffices | Sep. 30, 2016USD ($) | |
Goodwill | $ 9,732 | $ 9,732 |
Goodwill, impairment | $ 0 | $ 0 |
Office buildings | ||
Useful life | 31 years 6 months | |
Equipment and Software | Minimum | ||
Useful life | 3 years | |
Equipment and Software | Maximum | ||
Useful life | 10 years | |
Leasehold or Building Improvements | ||
Useful life | 10 years | |
Third Federal Savings And Loan | ||
Full-service branches | branches | 38 | |
Loan production offices | offices | 8 | |
Common Stock | Third Federal Savings MHC | ||
Outstanding shares of common stock of the Company owned by TFS MHC, percentage | 80.74% |
Stock Transactions (Details)
Stock Transactions (Details) - shares | Apr. 20, 2007 | Sep. 30, 2017 | Sep. 30, 2016 | Oct. 27, 2016 |
Class of Stock [Line Items] | ||||
Shares issued to Subscribers | 100,199,618 | |||
Shares Issued to Subscribers, percentage | 30.16% | |||
Shares Issued to MHC | 227,119,132 | |||
Shares Issued to Third Federal Foundation | 5,000,000 | |||
Shares Issued to Third Federal Foundation, Percentage | 1.50% | |||
Shares repurchased | 3,148,610 | 7,210,500 | ||
Eighth Repurchase Program | ||||
Class of Stock [Line Items] | ||||
Number of shares authorized to be repurchased | 10,000,000 | |||
Number of shares remaining to repurchase | 7,750,890 | |||
Shares Repurchased Programs One Through Seven | ||||
Class of Stock [Line Items] | ||||
Number of shares repurchased under previous repurchase plans | 51,300,000 | |||
Shares Repurchased To Date [Member] | ||||
Class of Stock [Line Items] | ||||
Number of shares repurchased under previous repurchase plans | 53,549,110,000 |
Regulatory Matters Regulatory M
Regulatory Matters Regulatory Matters (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Jul. 19, 2017 | |
Related Party Transaction [Line Items] | |||
Dividends waived by Third Federal Saving MHC, maximum | $ 0.68 | ||
Third Federal Savings And Loan | |||
Related Party Transaction [Line Items] | |||
Dividends paid to the Company by the Association | $ 81,000 | $ 60,000 | |
Special dividend payable to the Company after non-objection of regulator, amount | $ 150,000 |
Regulatory Matters (Summary Of
Regulatory Matters (Summary Of Actual Capital Amounts And Ratios Compared To Minimum Requirements) (Details) - Third Federal Savings And Loan - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Actual [Abstract] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 1,555,903 | $ 1,551,502 |
Core Capital to Adjusted Tangible Assets, Actual Amount | 1,506,952 | 1,489,704 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 1,506,952 | 1,489,704 |
Common Equity Tier 1 Capital to Risk-Weighted Assets | $ 1,506,938 | $ 1,489,690 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 21.37% | 22.24% |
Core Capital to Adjusted Tangible Assets, Actual Ratio | 11.16% | 11.73% |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 20.69% | 21.36% |
Common Equity Tier 1 Capital to Risk-Weighted Assets Ratio | 20.69% | 21.36% |
For Capital Adequacy Purposes [Abstract] | ||
Total Capital to Risk-Weighted Assets Required For Capital Adequacy Purposes, Minimum Amount | $ 582,553 | $ 558,006 |
Core Capital to Adjusted Tangible Assets Required For Capital Adequacy Purposes, Minimum Amount | 540,193 | 507,977 |
Tier One Risk Based Capital Required for Capital Adequacy | 436,915 | 418,505 |
Common Equity Tier 1 Capital to Risk-Weighted assets for Capital Adequacy, Minimum Amount | $ 327,686 | $ 313,879 |
Total Capital to Risk-Weighted Assets Required For Capital Adequacy Purposes, Minimum Ratio | 8.00% | 8.00% |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Risk Based Capital Required for Capital Adequacy to Risk-Weighted Assets | 6.00% | 6.00% |
Common Equity Tier 1 Capital to Risk-Weighted Assets for Capital Adequacy Purposes, Minimum Ratio | 4.50% | 4.50% |
To Be Well Capitalized Under Prompt Corrective Action Provision [Abstract] | ||
Total Capital to Risk-Weighted Assets Required To be Well Capitalized Under Prompt Corrective Action Provision, Minimum Amount | $ 728,192 | $ 697,508 |
Core Capital to Adjusted Tangible Assets Required To be Well Capitalized Under Prompt Corrective Action Provision, Minimum Amount | 675,242 | 634,972 |
Tier 1 Capital to Risk-Weighted Assets, Required To be Well Capitalized Under Prompt Corrective Action Provision, Minimum Amount | 582,553 | 558,006 |
Common Equity Tier 1 Capital to Risk-Weighted Assets Required to be Well Capitalized Under Prompt Corrective Action Provision, Minimum Amount | $ 473,325 | $ 453,380 |
Total Capital to Risk-Weighted Assets Required To be Well Capitalized Under Prompt Corrective Action Provision, Minimum Ratio | 10.00% | 10.00% |
Core Capital to Adjusted Tangible Assets Required To be Well Capitalized Under Prompt Corrective Action Provision, Minimum Ratio | 5.00% | 5.00% |
Tier 1 Capital to Risk-Weighted Assets Required To be Well Capitalized Under Prompt Corrective Action Provision, Minimum Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk-Weighted Assets to be Well Capitalized Under Prompt Corrective Action Provision, Minimum Ratio | 6.50% | 6.50% |
Investment Securities (Investme
Investment Securities (Investments Securities Available For Sale) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities available for sale, Amortized Cost | $ 541,964 | $ 517,228 |
Available-for-sale securities, gross unrealized gains | 471 | 2,132 |
Available-for-sale securities, gross unrealized losses | 4,956 | 1,494 |
Available-for-sale Securities | 537,479 | 517,866 |
REMICs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities available for sale, Amortized Cost | 533,427 | 508,044 |
Available-for-sale securities, gross unrealized gains | 52 | 1,447 |
Available-for-sale securities, gross unrealized losses | 4,943 | 1,494 |
Available-for-sale Securities | 528,536 | 507,997 |
Fannie Mae certificates | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities available for sale, Amortized Cost | 8,537 | 9,184 |
Available-for-sale securities, gross unrealized gains | 419 | 685 |
Available-for-sale securities, gross unrealized losses | 13 | 0 |
Available-for-sale Securities | $ 8,943 | $ 9,869 |
Investment Securities (Gross Un
Investment Securities (Gross Unrealized Losses On Securities And The Estimated Fair Value Of The Related Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Less Than 12 Months, Estimated Fair Value | $ 250,714 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,521 | |
Available-for-sale, 12 Months or More, Estimated Fair Value | 260,837 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3,435 | |
Available-for-sale, Total, Estimated Fair Value | 511,551 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 4,956 | |
REMICs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Less Than 12 Months, Estimated Fair Value | 246,113 | $ 210,735 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,508 | 797 |
Available-for-sale, 12 Months or More, Estimated Fair Value | 260,837 | 73,361 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3,435 | 697 |
Available-for-sale, Total, Estimated Fair Value | 506,950 | 284,096 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 4,943 | $ 1,494 |
Fannie Mae certificates | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Less Than 12 Months, Estimated Fair Value | 4,601 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 13 | |
Available-for-sale, 12 Months or More, Estimated Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale, Total, Estimated Fair Value | 4,601 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 13 |
Loans And Allowance For Loan 56
Loans And Allowance For Loan Losses (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2016 | Mar. 31, 2013 | Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($)loans | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2012 | |
Financing Receivable, Recorded Investment [Line Items] | |||||||
Mortgage Loans in Process of Foreclosure, Amount | $ 14,736 | $ 14,736 | $ 20,047 | ||||
Mortgage loans held for sale | 351 | 351 | 4,686 | ||||
Real estate loans | 12,468,439 | 12,468,439 | 11,784,254 | ||||
Loans, recorded investment | 12,468,254 | 12,468,254 | 11,770,599 | ||||
Nonaccrual Loans | 79,091 | 79,091 | 89,961 | ||||
Allowance for loan losses, Individually Evaluated | 11,061 | $ 11,061 | 12,628 | ||||
Loans covered by mortgage insurers that were deferring claim payments or which we assessed as being non-investment grade, number | loans | 0 | ||||||
Residential mortgage loans, collateral evaluated for charge-off, number of days past due | 180 days | ||||||
Home equity lines of credit ,equity loans and residential loans modified in a troubled debt restructuring chargeoffs days past due | 90 days | ||||||
All classes of loans, collateral evaluated for charge-off, sheriff sale scheduled number of days to sell | 60 days | ||||||
All classes of loans, all borrowers filed Chapter 7 Bankruptcy, collateral evaluated for charge-off, days since notification | 60 days | ||||||
All classes of loans, borrower filed bankruptcy, collateral evaluated for charge-off, days past due | 30 days | ||||||
Interest income on impaired loans using a cash-basis method | $ 1,443 | 1,400 | $ 1,347 | ||||
Performing troubled debt restructure loans evaluated for impairment | 180,560 | 180,560 | 194,850 | ||||
Loans collectively evaluated for impairment | 12,287,694 | 12,287,694 | 11,575,749 | ||||
Consumer and other | 3,050 | 3,050 | $ 3,116 | ||||
Threshold period for uncollectible, delinquent and in foreclosure, number of days | 1500 days | ||||||
PMIC | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Real estate loans | 61,470 | 61,470 | $ 91,784 | ||||
PMI claims payments, percentage of claim paid | 71.50% | 55.00% | 50.00% | ||||
Recoveries | 0 | 244 | |||||
MGIC | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Real estate loans | $ 28,946 | $ 28,946 | $ 40,578 | ||||
Residential Real Estate Mortgage Loans | Ohio | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Residential real estate loans held, percentage | 57.00% | 57.00% | 60.00% | ||||
Residential Real Estate Mortgage Loans | Florida | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Residential real estate loans held, percentage | 16.00% | 16.00% | 17.00% | ||||
Home Equity Loans And Lines Of Credit | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Real estate loans | $ 1,552,315 | $ 1,552,315 | $ 1,531,282 | ||||
Loans, recorded investment | 1,570,051 | 1,570,051 | 1,542,590 | ||||
Nonaccrual Loans | 17,185 | 17,185 | 19,206 | ||||
Allowance for loan losses, Individually Evaluated | 1,475 | 1,475 | 722 | ||||
Performing troubled debt restructure loans evaluated for impairment | 39,172 | 39,172 | 35,894 | ||||
Loans collectively evaluated for impairment | $ 1,530,879 | 1,530,879 | 1,506,696 | ||||
Recoveries | $ 8,862 | $ 7,969 | 7,468 | ||||
Home Equity Loans And Lines Of Credit | Ohio | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Residential real estate loans held, percentage | 39.00% | 39.00% | |||||
Home Equity Loans And Lines Of Credit | Florida | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Residential real estate loans held, percentage | 22.00% | 22.00% | 24.00% | ||||
Home Equity Loans And Lines Of Credit | California | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Residential real estate loans held, percentage | 13.00% | 13.00% | 14.00% | ||||
Total Real Estate Loans | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Loans, recorded investment | $ 12,465,204 | $ 12,465,204 | $ 11,767,483 | ||||
Loans collectively evaluated for impairment | 12,284,644 | 12,284,644 | 11,572,633 | ||||
Recoveries | 15,631 | 13,142 | 14,544 | ||||
Residential Home Today | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Real estate loans | 108,964 | 108,964 | 121,938 | ||||
Loans, recorded investment | 107,683 | 107,683 | 120,435 | ||||
Nonaccrual Loans | 18,109 | 18,109 | 19,451 | ||||
Allowance for loan losses, Individually Evaluated | $ 2,250 | $ 2,250 | $ 2,979 | ||||
Real Estate Loans covered by private mortgage insurance, percentage | 22.00% | 22.00% | 27.00% | ||||
Performing troubled debt restructure loans evaluated for impairment | $ 46,641 | $ 46,641 | $ 51,415 | ||||
Loans collectively evaluated for impairment | 61,042 | 61,042 | 69,020 | ||||
Recoveries | 1,311 | 1,433 | $ 1,533 | ||||
Residential Home Today Originated Prior To March 27, 2009 | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Real estate loans | 105,485 | $ 105,485 | 118,255 | ||||
Equity Lines Of Credit | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Maximum Number Of Years Interest Only | 10 years | ||||||
Maximum Term Years After Interest Loan Converted To Fully Amortizing | 10 years | ||||||
Unlikely to be Collected Financing Receivable | Home Equity Loans And Lines Of Credit | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Loans, recorded investment | 0 | $ 0 | 0 | ||||
Unlikely to be Collected Financing Receivable | Total Real Estate Loans | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Loans, recorded investment | 0 | 0 | 0 | ||||
Unlikely to be Collected Financing Receivable | Residential Home Today | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Loans, recorded investment | 0 | 0 | 0 | ||||
Pass | Home Equity Loans And Lines Of Credit | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Loans, recorded investment | 1,545,658 | 1,545,658 | 1,516,551 | ||||
Pass | Total Real Estate Loans | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Loans, recorded investment | 12,370,071 | 12,370,071 | 11,663,392 | ||||
Pass | Residential Home Today | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Loans, recorded investment | 88,247 | 88,247 | 99,442 | ||||
Special Mention | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Loans collectively evaluated for impairment | 3,837 | 3,837 | 4,122 | ||||
Special Mention | Home Equity Loans And Lines Of Credit | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Loans, recorded investment | 3,837 | 3,837 | 4,122 | ||||
Special Mention | Total Real Estate Loans | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Loans, recorded investment | 3,837 | 3,837 | 4,122 | ||||
Special Mention | Residential Home Today | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Loans, recorded investment | 0 | 0 | 0 | ||||
Substandard | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Loans collectively evaluated for impairment | 4,840 | 4,840 | 6,346 | ||||
Substandard | Home Equity Loans And Lines Of Credit | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Loans, recorded investment | 20,556 | 20,556 | 21,917 | ||||
Substandard | Total Real Estate Loans | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Loans, recorded investment | 91,296 | 91,296 | 99,969 | ||||
Substandard | Residential Home Today | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Loans, recorded investment | 19,436 | 19,436 | 20,993 | ||||
Further Deterioration In Fair Value Of Collateral [Member] | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Allowance for loan losses, Individually Evaluated | 0 | 0 | 196 | ||||
Performing | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Nonaccrual Loans | 54,858 | 54,858 | 62,081 | ||||
Performing | PMIC | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Real estate loans | 56,511 | 56,511 | 84,007 | ||||
Performing | MGIC | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Real estate loans | 28,870 | 28,870 | 40,190 | ||||
Performing Chapter 7 Bankruptcy | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Nonaccrual Loans | 34,142 | 34,142 | 40,546 | ||||
Nonperforming | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Consumer and other | 0 | 0 | 0 | ||||
Troubled Debt Restructuring | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Performing troubled debt restructure loans evaluated for impairment | 162,020 | 162,020 | 170,602 | ||||
Troubled Debt Restructuring | Performing | Pass | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Performing troubled debt restructure loans evaluated for impairment | 94,104 | 94,104 | 101,227 | ||||
Troubled Debt Restructuring | Performing | Present Value Of Cash Flows | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Allowance for loan losses, Individually Evaluated | 11,061 | 11,061 | 12,432 | ||||
Troubled Debt Restructuring | Nonperforming | Total Real Estate Loans | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Performing troubled debt restructure loans evaluated for impairment | 11,884 | 11,884 | 12,368 | ||||
Interest Only | Equity Lines Of Credit | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Loans, recorded investment | $ 483,127 | $ 483,127 | $ 892,973 |
Loans And Allowance For Loan 57
Loans And Allowance For Loan Losses (Loans Held For Investment) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Loan Portfolio [Line Items] | ||
Real estate loans | $ 12,468,439 | $ 11,784,254 |
Consumer and other | 3,050 | 3,116 |
Deferred loan fees-net | 30,865 | 19,384 |
Loans-in-process ("LIP") | (34,100) | (36,155) |
Allowance for loan losses | (48,948) | (61,795) |
Loans, net | 12,419,306 | 11,708,804 |
Residential Core | ||
Loan Portfolio [Line Items] | ||
Real estate loans | 10,746,204 | 10,069,652 |
Residential Home Today | ||
Loan Portfolio [Line Items] | ||
Real estate loans | 108,964 | 121,938 |
Home Equity Loans And Lines Of Credit | ||
Loan Portfolio [Line Items] | ||
Real estate loans | 1,552,315 | 1,531,282 |
Construction | ||
Loan Portfolio [Line Items] | ||
Real estate loans | $ 60,956 | $ 61,382 |
Loans And Allowance For Loan 58
Loans And Allowance For Loan Losses (Schedule Of Recorded Investment In Loan Receivables That Are Past Due) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 44,837 | $ 51,961 |
Current | 12,423,417 | 11,718,638 |
Recorded investment, Total | 12,468,254 | 11,770,599 |
Residential Core | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 20,645 | 25,403 |
Current | 10,740,398 | 10,054,211 |
Recorded investment, Total | 10,761,043 | 10,079,614 |
Residential Home Today | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 12,414 | 15,210 |
Current | 95,269 | 105,225 |
Recorded investment, Total | 107,683 | 120,435 |
Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 11,778 | 11,348 |
Current | 1,558,273 | 1,531,242 |
Recorded investment, Total | 1,570,051 | 1,542,590 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 26,427 | 24,844 |
Recorded investment, Total | 26,427 | 24,844 |
Total Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 44,837 | 51,961 |
Current | 12,420,367 | 11,715,522 |
Recorded investment, Total | 12,465,204 | 11,767,483 |
Other Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 3,050 | 3,116 |
Recorded investment, Total | 3,050 | 3,116 |
Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 14,562 | 16,529 |
Financing Receivables, 30 to 59 Days Past Due | Residential Core | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,077 | 6,653 |
Financing Receivables, 30 to 59 Days Past Due | Residential Home Today | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,067 | 5,271 |
Financing Receivables, 30 to 59 Days Past Due | Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,418 | 4,605 |
Financing Receivables, 30 to 59 Days Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due | Total Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 14,562 | 16,529 |
Financing Receivables, 30 to 59 Days Past Due | Other Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 24,234 | 27,881 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Residential Core | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 11,975 | 15,593 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Residential Home Today | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,851 | 7,356 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,408 | 4,932 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Total Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 24,234 | 27,881 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Other Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,041 | 7,551 |
Financing Receivables, 60 to 89 Days Past Due | Residential Core | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,593 | 3,157 |
Financing Receivables, 60 to 89 Days Past Due | Residential Home Today | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,496 | 2,583 |
Financing Receivables, 60 to 89 Days Past Due | Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,952 | 1,811 |
Financing Receivables, 60 to 89 Days Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due | Total Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,041 | 7,551 |
Financing Receivables, 60 to 89 Days Past Due | Other Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 0 | $ 0 |
Loans And Allowance For Loan 59
Loans And Allowance For Loan Losses (Schedule Of Recorded Investment Of Loan Receivables In Non-Accrual Status) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment, Non-accrual [Line Items] | ||
Total non-accrual loans | $ 79,091 | $ 89,961 |
Residential Core | ||
Financing Receivable, Recorded Investment, Non-accrual [Line Items] | ||
Total non-accrual loans | 43,797 | 51,304 |
Residential Home Today | ||
Financing Receivable, Recorded Investment, Non-accrual [Line Items] | ||
Total non-accrual loans | 18,109 | 19,451 |
Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Recorded Investment, Non-accrual [Line Items] | ||
Total non-accrual loans | $ 17,185 | $ 19,206 |
Loans And Allowance For Loan 60
Loans And Allowance For Loan Losses (Schedule Of Recorded Investment In Loan Receivables According to the Method of Evaluation) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment, Individually | $ 180,560 | $ 194,850 |
Recorded investment, Collectively | 12,287,694 | 11,575,749 |
Recorded investment, Total | 12,468,254 | 11,770,599 |
Residential Core | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment, Individually | 94,747 | 107,541 |
Recorded investment, Collectively | 10,666,296 | 9,972,073 |
Recorded investment, Total | 10,761,043 | 10,079,614 |
Residential Home Today | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment, Individually | 46,641 | 51,415 |
Recorded investment, Collectively | 61,042 | 69,020 |
Recorded investment, Total | 107,683 | 120,435 |
Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment, Individually | 39,172 | 35,894 |
Recorded investment, Collectively | 1,530,879 | 1,506,696 |
Recorded investment, Total | 1,570,051 | 1,542,590 |
Construction | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment, Individually | 0 | 0 |
Recorded investment, Collectively | 26,427 | 24,844 |
Recorded investment, Total | 26,427 | 24,844 |
Total Real Estate Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment, Individually | 180,560 | 194,850 |
Recorded investment, Collectively | 12,284,644 | 11,572,633 |
Recorded investment, Total | 12,465,204 | 11,767,483 |
Other Consumer Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment, Individually | 0 | 0 |
Recorded investment, Collectively | 3,050 | 3,116 |
Recorded investment, Total | $ 3,050 | $ 3,116 |
Loans And Allowance For Loan 61
Loans And Allowance For Loan Losses (Schedule Of Allowance For Loan Losses According To The Method Of Evaluation) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Individually Evaluated | $ 11,061 | $ 12,628 | |||
Allowance for loan losses, Collectively Evaluated | 37,887 | 49,167 | |||
Allowance for Credit Losses, Total | 48,948 | 61,795 | |||
Residential Core | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Individually Evaluated | 7,336 | 8,927 | |||
Allowance for loan losses, Collectively Evaluated | 6,850 | 6,141 | |||
Allowance for Credit Losses, Total | 14,186 | 15,068 | $ 22,596 | $ 31,080 | |
Residential Home Today | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Individually Evaluated | 2,250 | 2,979 | |||
Allowance for loan losses, Collectively Evaluated | 2,258 | 4,437 | |||
Allowance for Credit Losses, Total | 4,508 | 7,416 | 9,997 | 16,424 | |
Home Equity Loans And Lines Of Credit | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Individually Evaluated | 1,475 | 722 | |||
Allowance for loan losses, Collectively Evaluated | 28,774 | 38,582 | |||
Allowance for Credit Losses, Total | 30,249 | 39,304 | 38,926 | 33,831 | |
Construction | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Individually Evaluated | 0 | 0 | |||
Allowance for loan losses, Collectively Evaluated | 5 | 7 | |||
Allowance for Credit Losses, Total | 5 | 7 | 35 | 27 | |
Total Real Estate Loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Credit Losses, Total | $ 48,948 | $ 61,795 | $ 61,795 | $ 71,554 | $ 81,362 |
Loans And Allowance For Loan 62
Loans And Allowance For Loan Losses (Schedule Of Recorded Investment And The Unpaid Principal Balance Of Impaired Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Financing Receivable, Impaired [Line Items] | ||
With no related IVA recorded, Recorded Investment | $ 85,080 | $ 94,217 |
With no related IVA recorded, Unpaid Principal Balance | 132,187 | 147,823 |
With an IVA recorded, Recorded Investment | 95,480 | 100,633 |
With an IVA recorded, Unpaid Principal Balance | 96,346 | 101,799 |
Allowance for loan losses, Individually Evaluated | 11,061 | 12,628 |
Impaired loans, Recorded Investment | 180,560 | 194,850 |
Impaired loans, Unpaid Principal Balance | 228,533 | 249,622 |
Residential Core | ||
Financing Receivable, Impaired [Line Items] | ||
With no related IVA recorded, Recorded Investment | 47,507 | 53,560 |
With no related IVA recorded, Unpaid Principal Balance | 65,132 | 72,693 |
With an IVA recorded, Recorded Investment | 47,240 | 53,981 |
With an IVA recorded, Unpaid Principal Balance | 47,747 | 54,717 |
Allowance for loan losses, Individually Evaluated | 7,336 | 8,927 |
Impaired loans, Recorded Investment | 94,747 | 107,541 |
Impaired loans, Unpaid Principal Balance | 112,879 | 127,410 |
Residential Home Today | ||
Financing Receivable, Impaired [Line Items] | ||
With no related IVA recorded, Recorded Investment | 18,780 | 20,108 |
With no related IVA recorded, Unpaid Principal Balance | 41,064 | 44,914 |
With an IVA recorded, Recorded Investment | 27,861 | 31,307 |
With an IVA recorded, Unpaid Principal Balance | 28,210 | 31,725 |
Allowance for loan losses, Individually Evaluated | 2,250 | 2,979 |
Impaired loans, Recorded Investment | 46,641 | 51,415 |
Impaired loans, Unpaid Principal Balance | 69,274 | 76,639 |
Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Impaired [Line Items] | ||
With no related IVA recorded, Recorded Investment | 18,793 | 20,549 |
With no related IVA recorded, Unpaid Principal Balance | 25,991 | 30,216 |
With an IVA recorded, Recorded Investment | 20,379 | 15,345 |
With an IVA recorded, Unpaid Principal Balance | 20,389 | 15,357 |
Allowance for loan losses, Individually Evaluated | 1,475 | 722 |
Impaired loans, Recorded Investment | 39,172 | 35,894 |
Impaired loans, Unpaid Principal Balance | 46,380 | 45,573 |
Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Allowance for loan losses, Individually Evaluated | $ 0 | $ 0 |
Loans And Allowance For Loan 63
Loans And Allowance For Loan Losses (Schedule Of Average Recorded Investment In Impaired Loans And The Amount Of Interest Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
With no related IVA recorded, Average Recorded Investment | $ 89,649 | $ 101,240 | $ 117,883 |
With an IVA recorded, Average Recorded Investment | 98,057 | 102,273 | 104,897 |
With no related IVA recorded, Interest Income | 2,041 | 1,922 | 2,034 |
With an IVA recorded, Interest Income | 4,185 | 4,239 | 4,728 |
Average Recorded Investment, Total | 187,706 | 203,513 | 222,780 |
Interest Income Recognized, Total | 6,226 | 6,161 | 6,762 |
Residential Core | |||
Financing Receivable, Impaired [Line Items] | |||
With no related IVA recorded, Average Recorded Investment | 50,534 | 57,869 | 67,509 |
With an IVA recorded, Average Recorded Investment | 50,611 | 55,696 | 58,145 |
With no related IVA recorded, Interest Income | 1,411 | 1,288 | 1,464 |
With an IVA recorded, Interest Income | 1,891 | 2,228 | 2,570 |
Average Recorded Investment, Total | 101,145 | 113,565 | 125,654 |
Interest Income Recognized, Total | 3,302 | 3,516 | 4,034 |
Residential Home Today | |||
Financing Receivable, Impaired [Line Items] | |||
With no related IVA recorded, Average Recorded Investment | 19,444 | 21,573 | 25,542 |
With an IVA recorded, Average Recorded Investment | 29,584 | 33,158 | 37,070 |
With no related IVA recorded, Interest Income | 337 | 352 | 271 |
With an IVA recorded, Interest Income | 1,445 | 1,756 | 1,877 |
Average Recorded Investment, Total | 49,028 | 54,731 | 62,612 |
Interest Income Recognized, Total | 1,782 | 2,108 | 2,148 |
Home Equity Loans And Lines Of Credit | |||
Financing Receivable, Impaired [Line Items] | |||
With no related IVA recorded, Average Recorded Investment | 19,671 | 21,798 | 24,832 |
With an IVA recorded, Average Recorded Investment | 17,862 | 13,206 | 9,469 |
With no related IVA recorded, Interest Income | 293 | 282 | 299 |
With an IVA recorded, Interest Income | 849 | 255 | 271 |
Average Recorded Investment, Total | 37,533 | 35,004 | 34,301 |
Interest Income Recognized, Total | 1,142 | 537 | 570 |
Construction | |||
Financing Receivable, Impaired [Line Items] | |||
With an IVA recorded, Average Recorded Investment | 0 | 213 | 213 |
With an IVA recorded, Interest Income | 0 | 0 | 10 |
Average Recorded Investment, Total | 0 | 213 | 213 |
Interest Income Recognized, Total | $ 0 | $ 0 | $ 10 |
Loans And Allowance For Loan 64
Loans And Allowance For Loan Losses (Schedule of Recorded Investment in Troubled Debt Restructured Loans by Type of Concession) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | $ 162,020 | $ 170,602 |
Reduction in Interest Rates | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 18,032 | 19,914 |
Payment Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 6,554 | 4,883 |
Forbearance Or Other Actions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 13,360 | 14,194 |
Multiple Concessions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 46,477 | 43,325 |
Multiple Restructurings | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 40,807 | 43,180 |
Bankruptcy | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 36,790 | 45,106 |
Residential Core | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 86,589 | 95,220 |
Residential Core | Reduction in Interest Rates | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 12,485 | 13,456 |
Residential Core | Payment Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 521 | 748 |
Residential Core | Forbearance Or Other Actions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 8,176 | 8,595 |
Residential Core | Multiple Concessions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 21,278 | 22,641 |
Residential Core | Multiple Restructurings | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 20,459 | 21,517 |
Residential Core | Bankruptcy | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 23,670 | 28,263 |
Residential Home Today | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 44,004 | 48,604 |
Residential Home Today | Reduction in Interest Rates | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 5,441 | 6,338 |
Residential Home Today | Payment Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 0 | 0 |
Residential Home Today | Forbearance Or Other Actions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 4,811 | 5,198 |
Residential Home Today | Multiple Concessions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 10,538 | 11,330 |
Residential Home Today | Multiple Restructurings | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 18,877 | 20,497 |
Residential Home Today | Bankruptcy | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 4,337 | 5,241 |
Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 31,427 | 26,778 |
Home Equity Loans And Lines Of Credit | Reduction in Interest Rates | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 106 | 120 |
Home Equity Loans And Lines Of Credit | Payment Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 6,033 | 4,135 |
Home Equity Loans And Lines Of Credit | Forbearance Or Other Actions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 373 | 401 |
Home Equity Loans And Lines Of Credit | Multiple Concessions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 14,661 | 9,354 |
Home Equity Loans And Lines Of Credit | Multiple Restructurings | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 1,471 | 1,166 |
Home Equity Loans And Lines Of Credit | Bankruptcy | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | $ 8,783 | $ 11,602 |
Loans And Allowance For Loan 65
Loans And Allowance For Loan Losses (Schedule Of Troubled Debt Restructured Loans Modified During the Period by Type of Concession) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | $ 23,757 | $ 29,050 | $ 34,288 |
Reduction in Interest Rates | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 965 | 1,569 | 2,570 |
Payment Extensions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 2,282 | 1,371 | 1,800 |
Forbearance Or Other Actions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 1,828 | 1,676 | 1,591 |
Multiple Concessions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 8,946 | 10,828 | 7,844 |
Multiple Restructurings | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 5,604 | 6,848 | 10,033 |
Bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 4,132 | 6,758 | 10,450 |
Residential Core | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 8,609 | 14,771 | 18,856 |
Residential Core | Reduction in Interest Rates | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 818 | 1,342 | 2,490 |
Residential Core | Payment Extensions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 0 | 0 | 0 |
Residential Core | Forbearance Or Other Actions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 1,340 | 1,154 | 745 |
Residential Core | Multiple Concessions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 1,654 | 4,444 | 4,464 |
Residential Core | Multiple Restructurings | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 2,176 | 2,902 | 4,437 |
Residential Core | Bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 2,621 | 4,929 | 6,720 |
Residential Home Today | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 4,264 | 5,156 | 8,541 |
Residential Home Today | Reduction in Interest Rates | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 147 | 169 | 80 |
Residential Home Today | Payment Extensions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 0 | 0 | 0 |
Residential Home Today | Forbearance Or Other Actions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 456 | 489 | 758 |
Residential Home Today | Multiple Concessions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 458 | 542 | 301 |
Residential Home Today | Multiple Restructurings | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 2,734 | 3,487 | 5,306 |
Residential Home Today | Bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 469 | 469 | 2,096 |
Home Equity Loans And Lines Of Credit | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 10,884 | 9,123 | 6,891 |
Home Equity Loans And Lines Of Credit | Reduction in Interest Rates | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 0 | 58 | 0 |
Home Equity Loans And Lines Of Credit | Payment Extensions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 2,282 | 1,371 | 1,800 |
Home Equity Loans And Lines Of Credit | Forbearance Or Other Actions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 32 | 33 | 88 |
Home Equity Loans And Lines Of Credit | Multiple Concessions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 6,834 | 5,842 | 3,079 |
Home Equity Loans And Lines Of Credit | Multiple Restructurings | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 694 | 459 | 290 |
Home Equity Loans And Lines Of Credit | Bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | $ 1,042 | $ 1,360 | $ 1,634 |
Loans And Allowance For Loan 66
Loans And Allowance For Loan Losses (Schedule Of Troubled Debt Restructured Loans Modified Within The Last 12 Months that Defaulted) (Details) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017USD ($)contracts | Sep. 30, 2016USD ($)contracts | Sep. 30, 2015USD ($)contracts | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contracts | 58 | 86 | 104 |
Recorded Investment | $ | $ 3,255 | $ 4,256 | $ 5,164 |
Residential Core | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contracts | 17 | 32 | 34 |
Recorded Investment | $ | $ 1,462 | $ 2,282 | $ 3,296 |
Residential Home Today | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contracts | 25 | 26 | 26 |
Recorded Investment | $ | $ 1,126 | $ 1,088 | $ 1,179 |
Home Equity Loans And Lines Of Credit | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contracts | 16 | 28 | 44 |
Recorded Investment | $ | $ 667 | $ 886 | $ 689 |
Loans And Allowance For Loan 67
Loans And Allowance For Loan Losses (Schedule Of Credit Quality Of Residential Loan Receivables By An Internally Assigned Grade) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | $ 12,468,254 | $ 11,770,599 |
Residential Core | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 10,761,043 | 10,079,614 |
Residential Home Today | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 107,683 | 120,435 |
Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 1,570,051 | 1,542,590 |
Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 26,427 | 24,844 |
Total Real Estate Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 12,465,204 | 11,767,483 |
Pass | Residential Core | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 10,709,739 | 10,022,555 |
Pass | Residential Home Today | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 88,247 | 99,442 |
Pass | Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 1,545,658 | 1,516,551 |
Pass | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 26,427 | 24,844 |
Pass | Total Real Estate Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 12,370,071 | 11,663,392 |
Special Mention | Residential Core | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 0 | 0 |
Special Mention | Residential Home Today | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 0 | 0 |
Special Mention | Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 3,837 | 4,122 |
Special Mention | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 0 | 0 |
Special Mention | Total Real Estate Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 3,837 | 4,122 |
Substandard | Residential Core | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 51,304 | 57,059 |
Substandard | Residential Home Today | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 19,436 | 20,993 |
Substandard | Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 20,556 | 21,917 |
Substandard | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 0 | 0 |
Substandard | Total Real Estate Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 91,296 | 99,969 |
Loss | Residential Core | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 0 | 0 |
Loss | Residential Home Today | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 0 | 0 |
Loss | Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 0 | 0 |
Loss | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 0 | 0 |
Loss | Total Real Estate Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | $ 0 | $ 0 |
Loans And Allowance For Loan 68
Loans And Allowance For Loan Losses (Schedule Of Activity In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for Credit Losses | $ 61,795 | |||
Allowance for Credit Losses | $ 48,948 | 48,948 | $ 61,795 | |
Residential Core | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for Credit Losses | 15,068 | 22,596 | $ 31,080 | |
Provisions | (3,311) | (6,942) | (6,987) | |
Charge-offs | (3,029) | (4,294) | (6,866) | |
Recoveries | 5,458 | 3,708 | 5,369 | |
Allowance for Credit Losses | 14,186 | 14,186 | 15,068 | 22,596 |
Residential Home Today | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for Credit Losses | 7,416 | 9,997 | 16,424 | |
Provisions | (1,943) | (1,253) | (4,508) | |
Charge-offs | (2,276) | (2,761) | (3,452) | |
Recoveries | 1,311 | 1,433 | 1,533 | |
Allowance for Credit Losses | 4,508 | 4,508 | 7,416 | 9,997 |
Home Equity Loans And Lines Of Credit | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for Credit Losses | 39,304 | 38,926 | 33,831 | |
Provisions | (11,744) | 255 | 8,661 | |
Charge-offs | (6,173) | (7,846) | (11,034) | |
Recoveries | 8,862 | 7,969 | 7,468 | |
Allowance for Credit Losses | 30,249 | 30,249 | 39,304 | 38,926 |
Construction | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for Credit Losses | 7 | 35 | 27 | |
Provisions | (2) | (60) | (166) | |
Charge-offs | 0 | 0 | 0 | |
Recoveries | 0 | 32 | 174 | |
Allowance for Credit Losses | 5 | 5 | 7 | 35 |
Total Real Estate Loans | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for Credit Losses | 61,795 | 71,554 | 81,362 | |
Provisions | (17,000) | (8,000) | (3,000) | |
Charge-offs | (11,478) | (14,901) | (21,352) | |
Recoveries | 15,631 | 13,142 | 14,544 | |
Allowance for Credit Losses | $ 48,948 | $ 48,948 | $ 61,795 | $ 71,554 |
Mortgage Loan Servicing Right69
Mortgage Loan Servicing Rights (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017USD ($)tranches | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | |||
Balance of mortgage loans securitized and/or sold | $ 249,426 | $ 200,298 | $ 160,052 |
Residential Mortgage | |||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | |||
Number of risk tranches used in evaluating mortgage servicing rights for impairment | tranches | 21 | ||
Unpaid principal balance of mortgage loans serviced for others | $ 1,849,653 | $ 1,959,467 | $ 2,181,436 |
Ratio of capaitalized servicing assets to unpaid principal balance of loans serviced for others | 0.45% | 0.45% | 0.46% |
Residential Mortgage | Other Non-Interest Income | |||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | |||
Servicing income, net of amortization of capitalized servicing assets | $ 4,257 | $ 4,696 | $ 5,444 |
Minimum | |||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | |||
Annual servicing fee on outstanding loan balance, percentage | 0.02% | ||
Maximum | |||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | |||
Annual servicing fee on outstanding loan balance, percentage | 0.98% |
Mortgage Loan Servicing Right70
Mortgage Loan Servicing Rights (Primary Economic Assumptions Used To Measure The Company's Retained Interest Rate) (Details) - Residential Mortgage | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items] | ||
Primary prepayment speed assumptions (weighted average annual rate) | 9.90% | 11.30% |
Weighted average life (years) | 22 years 2 months 16 days | 23 years 4 days |
Amortized cost to service loans (weighted average) | 0.12% | 0.12% |
Weighted average discount rate | 12.00% | 12.00% |
Mortgage Loan Servicing Right71
Mortgage Loan Servicing Rights (Key Economic Assumptions And Sensitivity) (Details) - Residential Mortgage - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Sensitivity Analysis, Impact of Adverse Change in Assumption [Line Items] | |||
Fair value of mortgage loan servicing rights | $ 16,102 | $ 16,428 | $ 21,084 |
Prepayment speed assumptions (weighted average annual rate) | 18.00% | ||
Prepayment speed assumptions, Impact on fair value of 10% adverse change | $ (568) | ||
Prepayment speed assumptions, Impact on fair value of 20% adverse change | $ (1,085) | ||
Estimated prospective annual cost to service loans (weighted average) | 0.12% | ||
Estimated prospective annual cost to service loans, Impact on fair value of 10% adverse change | $ (1,493) | ||
Estimated prospective annual cost to service loans, Impact on fair value of 20% adverse change | $ (2,987) | ||
Discount rate | 12.00% | ||
Discount rate, Impact on fair value of 10% adverse change | $ (570) | ||
Discount rate, Impact on fair value of 20% adverse change | $ (1,096) |
Mortgage Loan Servicing Right72
Mortgage Loan Servicing Rights (Activity In Mortgage Servicing Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Mortgage Servicing Assets [Roll Forward] | |||
Balance-beginning of year | $ 8,852 | ||
Balance-end of year | 8,375 | $ 8,852 | |
Residential Mortgage | |||
Mortgage Servicing Assets [Roll Forward] | |||
Balance-beginning of year | 8,852 | 9,988 | $ 11,669 |
Additions from loan securitizations/sales | 1,347 | 1,044 | 907 |
Amortization | (1,824) | (2,180) | (2,588) |
Net change in valuation allowance | 0 | 0 | 0 |
Balance-end of year | 8,375 | 8,852 | 9,988 |
Servicing Asset at Amortized Cost, Fair Value | $ 16,102 | $ 16,428 | $ 21,084 |
Premises, Equipment And Softw73
Premises, Equipment And Software, Net Premises, Equipment And Software, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense on premises, equipment, and software | $ 5,633 | $ 5,507 | $ 4,798 |
Branch rental expense | 6,929 | 6,711 | 6,421 |
Non-interest income | |||
Property, Plant and Equipment [Line Items] | |||
Rental income included in other non-interest income | $ 1,857 | $ 1,556 | $ 1,414 |
Premises, Equipment And Softw74
Premises, Equipment And Software, Net Premises, Equipment And Software, Net (Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 154,155 | $ 148,812 |
Less accumulated depreciation and amortization | (93,280) | (87,809) |
Total | 60,875 | 61,003 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 12,183 | 12,183 |
Office buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 76,003 | 73,235 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 33,313 | 32,513 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 17,432 | 17,061 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 15,224 | $ 13,820 |
Premises, Equipment And Softw75
Premises, Equipment And Software, Net (Schedule Of Future Minimum Payments Under Non-Cancelable Operating Leases) (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Property, Plant and Equipment, Net [Abstract] | |
2,018 | $ 6,697 |
2,019 | 6,138 |
2,020 | 4,987 |
2,021 | 3,989 |
2,022 | 2,743 |
Thereafter | $ 6,264 |
Premises, Equipment And Softw76
Premises, Equipment And Software, Net (Schedule Of Future Minimum Payments Receivables) (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Property, Plant and Equipment, Net [Abstract] | |
2,018 | $ 2,154 |
2,019 | 1,991 |
2,020 | 1,124 |
2,021 | 1,072 |
2,022 | 998 |
Thereafter | $ 824 |
Accrued Interest Receivable (Ac
Accrued Interest Receivable (Accrued Interest Receivable) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Accrued Interest Receivable [Line Items] | ||
Accrued interest receivable | $ 35,479 | $ 32,818 |
Investment Securities | ||
Accrued Interest Receivable [Line Items] | ||
Accrued interest receivable | 1,270 | 1,179 |
Loans | ||
Accrued Interest Receivable [Line Items] | ||
Accrued interest receivable | $ 34,209 | $ 31,639 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Deposits [Abstract] | ||
Weighted average interest rate, savings accounts | 0.14% | |
Weighted average interest rate, checking accounts | 0.09% | |
Weighted average interest rate, certificates of deposit | 1.52% | 1.48% |
Weighted average interest rate, total deposits | 1.10% | 1.07% |
Time Deposits, $100,000 or More | $ 2,685,662 | $ 2,668,391 |
Brokered certificates of deposit | $ 620,705 | $ 539,775 |
Deposits (Summary Of Deposit Ac
Deposits (Summary Of Deposit Account Balances) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Time Deposits [Line Items] | ||
Subtotal checking and savings accounts | $ 2,460,416 | $ 2,509,800 |
Percentage of checking and savings accounts to deposits | 30.20% | 30.20% |
Certificates of deposit | $ 5,689,236 | $ 5,819,642 |
Percentage of certificates of deposit to deposits | 69.80% | 69.80% |
Subtotal, Deposits | $ 8,149,652 | $ 8,329,442 |
Subtotal, percent | 100.00% | 100.00% |
Accrued interest | $ 1,973 | $ 1,926 |
Accrued interest to deposits, percent | 0.00% | 0.00% |
Total deposits | $ 8,151,625 | $ 8,331,368 |
Total deposits, percent | 100.00% | 100.00% |
0.00–0.10% | ||
Time Deposits [Line Items] | ||
Checking accounts | $ 987,001 | $ 995,372 |
Percentage of checking accounts to deposits | 12.10% | 12.00% |
0.00–0.15 | ||
Time Deposits [Line Items] | ||
Savings accounts | $ 1,473,415 | $ 1,514,428 |
Percentage of savings accounts to deposits | 18.10% | 18.20% |
0.00–0.99 | ||
Time Deposits [Line Items] | ||
Certificates of deposit | $ 877,684 | $ 1,164,802 |
Percentage of certificates of deposit to deposits | 10.80% | 14.00% |
1.00–1.99 | ||
Time Deposits [Line Items] | ||
Certificates of deposit | $ 4,348,918 | $ 4,214,976 |
Percentage of certificates of deposit to deposits | 53.30% | 50.60% |
2.00–2.99 | ||
Time Deposits [Line Items] | ||
Certificates of deposit | $ 449,358 | $ 411,229 |
Percentage of certificates of deposit to deposits | 5.50% | 4.90% |
3.00–3.99 | ||
Time Deposits [Line Items] | ||
Certificates of deposit | $ 8,648 | $ 9,487 |
Percentage of certificates of deposit to deposits | 0.10% | 0.10% |
4.00 and above | ||
Time Deposits [Line Items] | ||
Certificates of deposit | $ 4,628 | $ 19,148 |
Percentage of certificates of deposit to deposits | 0.10% | 0.20% |
Minimum | 0.00–0.10% | ||
Time Deposits [Line Items] | ||
Stated interest rate on deposits | 0.00% | |
Minimum | 0.00–0.99 | ||
Time Deposits [Line Items] | ||
Stated interest rate on deposits | 0.00% | |
Minimum | 1.00–1.99 | ||
Time Deposits [Line Items] | ||
Stated interest rate on deposits | 1.00% | |
Minimum | 2.00–2.99 | ||
Time Deposits [Line Items] | ||
Stated interest rate on deposits | 2.00% | |
Minimum | 3.00–3.99 | ||
Time Deposits [Line Items] | ||
Stated interest rate on deposits | 3.00% | |
Minimum | 4.00 and above | ||
Time Deposits [Line Items] | ||
Stated interest rate on deposits | 4.00% | |
Maximum | 0.00–0.10% | ||
Time Deposits [Line Items] | ||
Stated interest rate on deposits | 0.30% | |
Maximum | 0.00–0.15 | ||
Time Deposits [Line Items] | ||
Stated interest rate on deposits | 0.55% | |
Maximum | 0.00–0.99 | ||
Time Deposits [Line Items] | ||
Stated interest rate on deposits | 0.99% | |
Maximum | 1.00–1.99 | ||
Time Deposits [Line Items] | ||
Stated interest rate on deposits | 1.99% | |
Maximum | 2.00–2.99 | ||
Time Deposits [Line Items] | ||
Stated interest rate on deposits | 2.99% | |
Maximum | 3.00–3.99 | ||
Time Deposits [Line Items] | ||
Stated interest rate on deposits | 3.99% | |
Maximum | 4.00 and above | ||
Time Deposits [Line Items] | ||
Stated interest rate on deposits |
Deposits (Scheduled Maturity Of
Deposits (Scheduled Maturity Of Certificates Of Deposit ) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Deposits [Abstract] | ||
12 months or less | $ 2,131,565 | |
13 to 24 months | 1,490,041 | |
25 to 36 months | 1,136,632 | |
37 to 48 months | 491,055 | |
49 to 60 months | 237,354 | |
Over 60 months | 202,589 | |
Total | $ 5,689,236 | $ 5,819,642 |
12 months or less, percent | 37.40% | |
13 to 24 months, percent | 26.20% | |
25 to 36 months, percent | 20.00% | |
37 to 48 months, percent | 8.60% | |
49 to 60 months, percent | 4.20% | |
Over 60 months, percent | 3.60% | |
Total, percent | 100.00% |
Deposits (Scheduled Of Interest
Deposits (Scheduled Of Interest Expense On Deposits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Deposits [Abstract] | ||
Certificates of deposit | $ 84,410 | $ 85,900 |
Checking accounts | 918 | 1,289 |
Savings accounts | 2,093 | 2,811 |
Total | $ 87,421 | $ 90,000 |
Borrowed Funds (Schedule of Fed
Borrowed Funds (Schedule of Federal Home Loan Bank Advances (FHLB) Borrowings) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Advances from Federal Home Loan Banks [Abstract] | ||
Maturing in 2018 | $ 2,884,479 | |
Maturing in 2019 | 414,478 | |
Maturing in 2020 | 329,816 | |
Maturing in 2021 | 1,290 | |
thereafter | 37,548 | |
Total FHLB Advances | 3,667,611 | |
Accrued interest | 3,766 | |
Total | $ 3,671,377 | $ 2,718,795 |
Weighted Average Rate 2018 | 1.25% | |
Weighted Average Rate 2019 | 1.79% | |
Weighted Average Rate 2020 | 1.82% | |
Weighted Average Rate 2021 | 1.54% | |
Weighted Average rate thereafter | 1.56% | |
Weighted Average Rate Total FHLB Advances | 1.36% |
Borrowed Funds Borrowed Funds (
Borrowed Funds Borrowed Funds (Schedule of Federal Home Loan Bank Advances used in Swap Contracts (Details) $ in Thousands | Sep. 30, 2017USD ($) |
FHLB Short-term Debt [Line Items] | |
FHLB advances under SWAP contracts, Total | $ 2,884,479 |
FHLB advances under SWAP contracts, Average Interest Rate | 1.25% |
Interest Rate Swap | |
FHLB Short-term Debt [Line Items] | |
FHLB advances under SWAP contracts, Total | $ 1,500,000 |
FHLB advances under SWAP contracts, Average Interest Rate | 1.62% |
Interest Rate Swap | Effective Maturity 2020 | |
FHLB Short-term Debt [Line Items] | |
FHLB advances under SWAP contracts, Total | $ 50,000 |
FHLB advances under SWAP contracts, Average Interest Rate | 1.23% |
Interest Rate Swap | Effective Maturity 2021 | |
FHLB Short-term Debt [Line Items] | |
FHLB advances under SWAP contracts, Total | $ 525,000 |
FHLB advances under SWAP contracts, Average Interest Rate | 1.19% |
Interest Rate Swap | Effective Maturity 2022 | |
FHLB Short-term Debt [Line Items] | |
FHLB advances under SWAP contracts, Total | $ 900,000 |
FHLB advances under SWAP contracts, Average Interest Rate | 1.90% |
Interest Rate Swap | Effective Maturity 2023 | |
FHLB Short-term Debt [Line Items] | |
FHLB advances under SWAP contracts, Total | $ 25,000 |
FHLB advances under SWAP contracts, Average Interest Rate | 1.67% |
Borrowed Funds Borrowed Funds84
Borrowed Funds Borrowed Funds (Federal Home Loan Bank Short-Term Advances) (Details) - Federal Home Loan Bank - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
FHLB Short-term Debt [Line Items] | |||
Balance at end of year | $ 2,610,000 | $ 1,451,000 | $ 755,000 |
Maximum amount outstanding at any month-end | 2,610,000 | 1,451,000 | 1,535,000 |
Average balance during year | $ 1,976,281 | $ 934,689 | $ 1,242,380 |
Average interest rate during the fiscal year | 0.89% | 0.42% | 0.15% |
Weighted average interest rate at end of year | 1.22% | 0.47% | 0.18% |
Interest expense | $ 17,826 | $ 3,984 | $ 1,811 |
Borrowed Funds (Narrative) (Fed
Borrowed Funds (Narrative) (Federal Home Loan Bank Advances) (Details) $ in Thousands | 12 Months Ended |
Sep. 30, 2017USD ($) | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Fixed-rate FHLB advances repaid during the fiscal year 2016 | $ 150,000 |
Penalties paid on repayment of FHLB advances during the fiscal year 2016 | 2,408 |
FHLB, additional stock-based borrowing capacity under most restrictive measure | 40,979 |
Federal Home Loan Bank of Cincinnati | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
FHLB, capacity limit for collateral-based additional borrowings | 4,867,936 |
Additional common stock ownership requirement to maximize FHLB borrowings | 97,359 |
FRB-Cleveland | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Federal Reserve Discount Window, borrowing capacity | 72,295 |
Federal Home Loan Bank Advances | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Additional funds from the FHLB at the beginning of a particular quarter and repaid prior to the end of that quarter during fiscal year 2015 | $ 1,000,000 |
Other Comprehensive Income (L86
Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss) by Component) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | $ 1,689,959 | $ 1,660,458 | $ 1,729,370 | $ 1,839,457 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3,816 | 2,020 | 494 | |
Total other comprehensive income (loss) | 12,134 | (6,561) | (2,273) | |
Accumulated Net Unrealized Investment Gain (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (2,915) | 416 | 1,926 | (1,092) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (3,331) | (1,510) | 3,018 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | |
Total other comprehensive income (loss) | (3,331) | (1,510) | 3,018 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 10,249 | (1,371) | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 9,186 | (2,389) | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2,434 | 1,018 | 0 | |
Total other comprehensive income (loss) | 11,620 | (1,371) | 0 | |
Accumulated Defined Benefit Plans Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (14,826) | (18,671) | (14,991) | (9,700) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 2,463 | (4,682) | (5,785) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,382 | 1,002 | 494 | |
Total other comprehensive income (loss) | 3,845 | (3,680) | (5,291) | |
AOCI Attributable to Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (7,492) | (19,626) | (13,065) | $ (10,792) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 8,318 | (8,581) | (2,767) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3,816 | 2,020 | 494 | |
Total other comprehensive income (loss) | $ 12,134 | $ (6,561) | $ (2,273) |
Other Comprehensive Income (L87
Other Comprehensive Income (Loss) (Additional) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Reclassification out of Accumulated Other Comprehensive Income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification from AOCI, Current Period, Tax | $ 265 | $ 1,089 | $ 2,055 |
AOCI Attributable to Parent | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss) before Reclassifications, Tax | $ 1,490 | $ 4,621 | $ (4,479) |
Other Comprehensive Income (L88
Other Comprehensive Income (Loss) (Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Income tax expense (benefit) | $ 12,036 | $ 11,619 | $ 12,083 | $ 8,726 | $ 11,790 | $ 10,901 | $ 9,845 | $ 9,274 | $ 44,464 | $ 41,810 | $ 36,804 |
Net of income tax | (87,976) | (79,792) | (71,965) | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3,816 | 2,020 | 494 | ||||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2,434 | 1,018 | 0 | ||||||||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 2,126 | 1,542 | 759 | ||||||||
Defined Benefit Plan | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Reclassification from AOCI, Current Period, Tax | (744) | (540) | (265) | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,382 | 1,002 | 494 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Reclassification from AOCI, Current Period, Tax | (265) | (1,089) | (2,055) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Interest expense, effective portion | 3,745 | 1,567 | 0 | ||||||||
Income tax expense (benefit) | (1,311) | (549) | 0 | ||||||||
Net of income tax | $ 2,434 | $ 1,018 | $ 0 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Deferred tax assets, valuation allowance | $ 0 | $ 0 | |
Allocated retained earnings bad debt deductions | 104,861 | 104,861 | |
Unrecognized tax benefits | 0 | 0 | $ 0 |
Interest and penalties on income tax assessments or income tax refunds | 0 | 0 | $ 0 |
Interest accrued | $ 0 | $ 0 | |
Effective Income Tax Rate | 33.30% | 34.20% | 33.60% |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components Of The Income Tax Provision) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||||||||
Current tax expense, Federal | $ 39,794 | $ 29,833 | $ 27,056 | ||||||||
Current tax expense, State | 1,121 | 878 | 564 | ||||||||
Deferred tax expense, Federal | 3,634 | 11,045 | 9,605 | ||||||||
Deferred tax expense, State | (85) | 54 | (421) | ||||||||
Income tax provision | $ 12,036 | $ 11,619 | $ 12,083 | $ 8,726 | $ 11,790 | $ 10,901 | $ 9,845 | $ 9,274 | $ 44,464 | $ 41,810 | $ 36,804 |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation From Tax At The Statutory Rate To The Income Tax Provision) (Details) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Tax at statutory rate | 35.00% | 35.00% | 35.00% |
State tax, net | 0.50% | 0.50% | 0.10% |
Non-taxable income from bank owned life insurance contracts | (1.70%) | (2.10%) | (2.40%) |
Other, net | (0.50%) | 0.80% | 0.90% |
Income tax provision | 33.30% | 34.20% | 33.60% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Recognition Of Revenue And Expenses) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Loan loss reserve | $ 26,690 | $ 30,240 |
Deferred compensation | 12,280 | 11,796 |
Pension | 2,696 | 5,790 |
Property, equipment and software basis difference | 2,180 | 1,759 |
Other | 2,482 | 3,234 |
Total deferred tax assets | 46,328 | 52,819 |
FHLB stock basis difference | 7,999 | 7,826 |
Mortgage servicing rights | 1,583 | 1,322 |
Goodwill | 3,473 | 3,434 |
Deferred loan costs, net of fees | 15,288 | 11,131 |
Other | 1,994 | 3,033 |
Total deferred tax liabilities | 30,337 | 26,746 |
Net deferred tax asset | $ 15,991 | $ 26,073 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2017USD ($)shares | Sep. 30, 2017USD ($)yearsh$ / sharesshares | Sep. 30, 2016USD ($)shares | Sep. 30, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Required minimum contribution made to the defined benefit plan during the fiscal year | $ 0 | |||
Voluntary contributions made to the defined benefit plan | $ 4,000 | 4,000 | $ 4,000 | |
Net actuarial losses, which have not been recognized as components of net periodic benefit costs | 22,809 | 22,809 | 28,725 | $ 23,063 |
Net actuarial losses that will be recognized in AOCI as components of net periodic benefit cost in fiscal year | $ 1,679 | $ 1,679 | ||
Age of employees to participate in ESOP, minimum (in years) | years | 18 | |||
Number of hours worked by employees to participate in ESOP, minimum (in hours) | h | 1,000 | |||
Total compensation expense related to ESOP | $ 7,342 | 7,714 | 6,617 | |
Purchase of the Company's common stock by ESOP from proceeds of a loan from the Company (in shares) | shares | 11,605,824 | 11,605,824 | ||
Purchase of the Company's common stock by ESOP, (in usd per share) | $ / shares | $ 10 | |||
ESOP loan from the Company, outstanding principal balance | $ 61,759 | $ 61,759 | $ 65,462 | |
ESOP shares allocated to participants (in shares) | shares | 5,972,408 | 5,972,408 | ||
ESOP shares committed to be released (in shares) | shares | 325,005 | 325,005 | ||
ESOP shares unallocated or not yet committed to be released (in shares) | shares | 5,308,411 | 5,308,411 | 5,741,751 | |
ESOP shares that are unallocated or not yet committed to be released, fair market value | $ 85,625 | $ 85,625 | ||
First and Second Tier 401(k) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Age of employees to be covered by the 401(k) plan, minimum | 21 years | |||
Number of hours worked by employees (in one year of service) to be covered by the first and second tiers of the 401(k) plan, minimum | h | 1,000 | |||
401(k) First Tier | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Allowable percentage of compensation, of eligible employees, to be contributed to the 401(k) plan | 75.00% | |||
401(k), Company match percentage of up to 4% of employee contributed funds | 100.00% | |||
401(k) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
401(k), Company matched contributions, minimum vesting period | immediately | |||
401(k), Company matched contributions, maximum vesting period | 5 years | |||
Total of the Company's matching and discretionary contributions related to the 401(k) plan | $ 3,456 | $ 3,412 | $ 3,204 | |
Maximum | 401(k) First Tier | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
401(k), Percentage of funds contributed by employees to be matched 100% by the Company, maximum | 4.00% |
Employee Benefit Plans (Change
Employee Benefit Plans (Change In Projected Benefit Obligation For The Defined Benefit Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | $ 84,218 | $ 76,735 | |
Interest cost | 3,068 | 3,288 | $ 3,130 |
Actuarial loss and other | (955) | 7,464 | |
Benefits paid | (4,113) | (3,269) | |
Projected benefit obligation at end of year | $ 82,218 | $ 84,218 | $ 76,735 |
Employee Benefit Plans (Reconci
Employee Benefit Plans (Reconciliation Of The Beginning And Ending Balances Of The Fair Value Of Plan Assets And Funded Status Of The Plan) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of the year | $ 65,951 | $ 60,849 | |
Actual return on plan assets | 6,968 | 4,371 | |
Employer contributions | $ 4,000 | 4,000 | 4,000 |
Benefits paid | (4,113) | (3,269) | |
Fair value of plan assets at end of year | 72,806 | 72,806 | 65,951 |
Funded status of the plan-asset/(liability) | $ (9,412) | $ (9,412) | $ (18,267) |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components Of Net Periodic Benefit Cost Recognized In The Statement Of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Defined Benefit Plan [Abstract] | |||
Interest cost | $ 3,068 | $ 3,288 | $ 3,130 |
Expected return on plan assets | (4,134) | (4,111) | (4,414) |
Amortization of net loss and other | 2,126 | 1,542 | 759 |
Net periodic benefit (income) cost | $ 1,060 | $ 719 | $ (525) |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Value Of Plan Assets At The Measurement Date) (Details) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 72,806 | $ 65,951 | $ 60,849 |
Pooled Separate Accounts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 72,806 | $ 65,951 | |
Redemption Notice Period | 7 days | 7 days | |
Redemption restrictions on Plan assets | 0 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule Of Additional Information Is Provided With Respect To The Plan) (Details) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Defined Benefit Plan [Abstract] | |||
Discount rate | 3.90% | 3.75% | 4.40% |
Discount rate | 3.75% | 4.40% | 4.40% |
Long-term rate of return on plan assets | 7.00% | 7.50% | 7.50% |
Employee Benefit Plans (Estimat
Employee Benefit Plans (Estimates Of Expected Future Benefit Payments) (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Defined Benefit Plan [Abstract] | |
2,018 | $ 5,700 |
2,019 | 4,020 |
2,020 | 4,370 |
2,021 | 4,910 |
2,022 | 3,990 |
Aggregate expected benefit payments during the five fiscal year period beginning October 1, 2023, and ending September 30, 2027 | 22,970 |
Minimum employer contributions expected to be paid during the fiscal year ending September 30, 2018 | $ 0 |
Equity Incentive Plan (Narrativ
Equity Incentive Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Issuance of stock options (in shares) | 300,400 | |||
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ 1,058 | |||
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ 0 | $ 3,198 | $ 1,582 | |
Stock options contractual term, years | 10 years | |||
Share-based compensation expense | $ 3,893 | 5,723 | 7,363 | |
Tax benefit recognized related to share-based compensation expense | $ 1,195 | $ 1,776 | $ 2,505 | |
Weighted average grant date fair value of restricted stock units granted, per share | $ 19.26 | $ 19.06 | $ 14.98 | |
Annualized dividend payout, per share | 0.50 | 0.40 | ||
Weighted average grant date fair value of options granted (in usd per share) | $ 3.22 | $ 3.48 | $ 3.08 | |
Expected future compensation expense relating to the non-vested options outstanding | $ 1,587 | $ 1,587 | ||
Common shares authorized for award under the Equity Plan (in shares) | 23,000,000 | 23,000,000 | ||
Common shares remain available for future award (in shares) | 11,011,124 | 11,011,124 | ||
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Issuance of restricted stock units | 72,900 | |||
Share-based compensation expense | $ 2,391 | $ 3,250 | $ 3,972 | |
Weighted average grant date fair value of restricted stock units granted, per share | $ 19.26 | |||
Total fair value of restricted stock units vested | $ 2,655 | 2,519 | 5,042 | |
Expected future compensation expense relating to non-vested restricted stock units | $ 1,364 | $ 1,364 | ||
Non-vested awards weighted average period (in years) | 1 year 9 months 7 days | |||
Restricted Stock Units | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting service period | 1 year | |||
Restricted Stock Units | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting service period | 10 years | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 1,502 | $ 2,473 | $ 3,391 | |
Non-vested awards weighted average period (in years) | 2 years 1 month 2 days | |||
Stock Options | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting service period | 1 year | |||
Stock Options | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting service period | 7 years |
Equity Incentive Plan (Summary
Equity Incentive Plan (Summary Of The Status Of The Company's Restricted Stock Units And Changes) (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Summary of Status of Restricted Stock Unit [Roll Forward] | |||
Weighted Average Grant Date Fair Value, Granted (in usd per share) | $ 19.26 | $ 19.06 | $ 14.98 |
Restricted Stock Units | |||
Summary of Status of Restricted Stock Unit [Roll Forward] | |||
Number of Shares Awarded, Outstanding, Beginning | 1,184,357 | ||
Weighted Average Grant Date Fair Value, Outstanding at September 30, 2016 (in usd per share) | $ 13 | ||
Number of Shares Awarded, Granted | 72,900 | ||
Weighted Average Grant Date Fair Value, Granted (in usd per share) | $ 19.26 | ||
Number of Shares Awarded, Exercised | (82,489) | ||
Weighted Average Grant Date Fair Value, Exercised (in usd per share) | $ 15.66 | ||
Number of Shares Awarded, Forfeited | (5,700) | ||
Weighted Average Grant Date Fair Value, Forfeited (in usd per share) | $ 17.01 | ||
Number of Shares Awarded, Outstanding, Ending | 1,169,068 | 1,184,357 | |
Weighted Average Grant Date Fair Value, Outstanding (in usd per share) | $ 13.18 | $ 13 | |
Number of Shares Awarded, Vested and exercisable, at September 30, 2017 | 611,883 | ||
Weighted Average Grant Date Fair Value, Vested and exercisable, at September 30, 2017 (in usd per share) | $ 12.23 | ||
Number of Shares Awarded, Vested and expected to vest, at September 30, 2017 | 1,169,068 | ||
Weighted Average Grant Date Fair Value, Vested and expected to vest, at September 30, 2017 (in usd per share) | $ 13.18 |
Equity Incentive Plan (Summa102
Equity Incentive Plan (Summary Of The Company's Stock Option Activity And Related Information For The Equity Plan) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of Stock Options, Outstanding at September 30, 2016 (in shares) | 4,961,757 | |
Weighted Average Exercise Price, Outstanding at September 30, 2016 (in usd per share) | $ 12.62 | |
Weighted Average Remaining Contractual Life, Outstanding at September 30, 2016 (in years) | 5 years 6 months 15 days | 5 years 9 months 3 days |
Aggregate Intrinsic Value, Outstanding at September 30, 2016 | $ 26,216 | |
Number of Stock Options, Granted (in shares) | 300,400 | |
Weighted Average Exercise Price, Granted (in usd per share) | $ 19.28 | |
Number of Stock Options, Exercised (in shares) | (738,925) | |
Weighted Average Exercise Price, Exercised (in usd per share) | $ 11.41 | |
Stock options exercised, intrinsic value | $ 5,027 | |
Number of Stock Options, Forfeited (in shares) | (6,800) | |
Weighted Average Exercise Price, Forfeited (in usd per share) | $ 15.45 | |
Aggregate Intrinsic Value, Forfeited | $ 13 | |
Number of Stock Options, Outstanding at September 30, 2017 (in shares) | 4,516,432 | 4,961,757 |
Weighted Average Exercise Price, Outstanding (in usd per share) | $ 13.26 | $ 12.62 |
Weighted Average Remaining Contractual Life, Outstanding (in years) | 5 years 6 months 15 days | 5 years 9 months 3 days |
Aggregate Intrinsic Value, Outstanding | $ 15,057 | $ 26,216 |
Number of Stock Options, Vested and exercisable at September 30, 2017 (in shares) | 3,113,511 | |
Weighted Average Exercise Price, Vested and exercisable at September 30, 2017 (in usd per share) | $ 11.74 | |
Weighted Average Remaining Contractual Life, Vested and exercisable at September 30, 2017 (in years) | 4 years 5 months 23 days | |
Aggregate Intrinsic Value, Vested and exercisable at September 30, 2017 | $ 14,064 | |
Number of Stock Options, Vested or expected to vest at September 30, 2017 (in shares) | 4,516,432 | |
Weighted Average Exercise Price, Vested or expected to vest at September 30, 2017 (in usd per share) | $ 13.26 | |
Weighted Average Remaining Contractual Life, Vested or expected to vest at September 30, 2017 (in years) | 5 years 6 months 15 days | |
Aggregate Intrinsic Value, Vested or expected to vest at September 30, 2017 | $ 15,057 |
Equity Incentive Plan (Fair Val
Equity Incentive Plan (Fair Value Of The Option Grants Was Estimated On The Date Of Grant Using The Black-Scholes Option-Pricing Model) (Details) - Stock Options | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Expected dividend yield | 2.59% | 2.10% |
Expected volatility | 21.97% | 22.03% |
Risk-free interest rate | 1.86% | 1.86% |
Expected option term (in years) | 6 years | 6 years |
Commitments And Contingent L104
Commitments And Contingent Liabilities (Narrative) (Details) $ in Thousands | 12 Months Ended |
Sep. 30, 2017USD ($) | |
Minimum | |
Unfunded And Commitments To Originate [Line Items] | |
Fixed expiration days of commitments to extend credit (in days) | 60 days |
Home equity line of credit unfunded commitments expiration, years | 5 years |
Maximum | |
Unfunded And Commitments To Originate [Line Items] | |
Fixed expiration days of commitments to extend credit (in days) | 360 days |
Home equity line of credit unfunded commitments expiration, years | 10 years |
Unfunded Commitments Equity Lines Of Credit Including Suspended Accounts | |
Unfunded And Commitments To Originate [Line Items] | |
Unfunded commitments on home equity lines of credit (including commitments for suspended accounts) | $ 1,501,591 |
Commitment And Contingent Liabi
Commitment And Contingent Liabilities (Schedule of Off-Balance Sheet Risks (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Commitments To Originate | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | $ 548,908 |
Commitments To Originate Fixed-Rate Mortgage Loans | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 211,351 |
Commitments To Originate Adjustable-Rate Mortgage Loans | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 214,065 |
Commitments To Originate Equity Loans And Lines Of Credit Including Bridge Loans | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 123,492 |
Unfunded Commitments | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 1,471,081 |
Unfunded Commitments Equity Lines Of Credit | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 1,425,440 |
Unfunded Commitments Construction Loans | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 34,100 |
Unfunded Commitments Private Equity Investments | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | $ 11,541 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held for sale, fair value | $ 355 | $ 4,839 | |
Available-for-sale Securities | 537,479 | 517,866 | |
Performing troubled debt restructurings individually evaluated for impairment | 180,560 | 194,850 | |
Allowance on loans evaluated for impairment based on the present value of cash flows | 11,061 | 12,628 | |
Real estate owned | 5,521 | 6,803 | |
Cost to dispose related to real estate owned properties measured at fair value | 401 | 521 | |
Troubled Debt Restructuring | Present Value Of Cash Flows | Performing | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Allowance on loans evaluated for impairment based on the present value of cash flows | 11,061 | 12,432 | |
Portion at Other than Fair Value | Carried At Cost | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held for sale, fair value | 351 | 4,686 | |
Portion at Other than Fair Value | Original Or Adjusted Cost Basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Real estate owned | 2,443 | 3,132 | |
Portion at Other than Fair Value | Troubled Debt Restructuring | Present Value Of Cash Flows | Performing | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Performing troubled debt restructurings individually evaluated for impairment | 95,480 | 102,079 | |
Allowance on loans evaluated for impairment based on the present value of cash flows | 11,061 | 12,432 | |
Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held for sale, fair value | 355 | 4,839 | |
Available-for-sale Securities | 537,479 | 517,866 | |
Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held for sale, fair value | 0 | 0 | |
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | US Treasury and Government | Market Approach Valuation Technique | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 537,479 | 517,866 | |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | Market Approach Valuation Technique | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Real estate owned | 3,479 | 4,192 | |
Loans Held-For-Sale Subject To Pending Agency Contracts | Market Approach Valuation Technique | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held for sale, fair value | 0 | 0 | |
Loans Held-For-Sale | Market Approach Valuation Technique | Net gain (loss) on the sale of loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Change in fair value of loans held for sale subject to pending agency contracts | $ 0 | $ 0 | $ (111) |
Fair Value (Fair Value Of Asset
Fair Value (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Assets | ||
Available-for-sale Securities | $ 537,479 | $ 517,866 |
Derivative Asset | 17,059 | 871 |
Liabilities | ||
Derivative liability | 1,233 | 2,880 |
REMIC's | ||
Assets | ||
Available-for-sale Securities | 528,536 | 507,997 |
Fannie Mae Certificates | ||
Assets | ||
Available-for-sale Securities | 8,943 | 9,869 |
Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Assets | ||
Available-for-sale Securities | 0 | 0 |
Derivative Asset | 0 | 0 |
Liabilities | ||
Derivative liability | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Available-for-sale Securities | 537,479 | 517,866 |
Derivative Asset | 17,001 | 772 |
Liabilities | ||
Derivative liability | 1,233 | 2,880 |
Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Available-for-sale Securities | 0 | 0 |
Derivative Asset | 58 | 99 |
Liabilities | ||
Derivative liability | 0 | 0 |
Fair Value, Measurements, Recurring | ||
Assets | ||
Total | 554,538 | 518,737 |
Liabilities | ||
Total | 1,233 | 2,880 |
Fair Value, Measurements, Recurring | Interest Rate Swap | ||
Liabilities | ||
Derivative liability | 1,233 | 2,880 |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | ||
Assets | ||
Derivative Asset | 58 | 99 |
Fair Value, Measurements, Recurring | Interest Rate Swap | ||
Assets | ||
Derivative Asset | 17,001 | 772 |
Fair Value, Measurements, Recurring | REMIC's | ||
Assets | ||
Available-for-sale Securities | 528,536 | 507,997 |
Fair Value, Measurements, Recurring | Fannie Mae Certificates | ||
Assets | ||
Available-for-sale Securities | 8,943 | 9,869 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Assets | ||
Total | 0 | 0 |
Liabilities | ||
Total | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Interest Rate Swap | ||
Liabilities | ||
Derivative liability | 0 | |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Interest Rate Lock Commitments | ||
Assets | ||
Derivative Asset | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Interest Rate Swap | ||
Assets | ||
Derivative Asset | 0 | 0 |
Liabilities | ||
Derivative liability | 0 | |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | REMIC's | ||
Assets | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Fannie Mae Certificates | ||
Assets | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Total | 554,480 | 518,638 |
Liabilities | ||
Total | 1,233 | 2,880 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest Rate Swap | ||
Liabilities | ||
Derivative liability | 1,233 | 2,880 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest Rate Lock Commitments | ||
Assets | ||
Derivative Asset | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest Rate Swap | ||
Assets | ||
Derivative Asset | 17,001 | 772 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | REMIC's | ||
Assets | ||
Available-for-sale Securities | 528,536 | 507,997 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Fannie Mae Certificates | ||
Assets | ||
Available-for-sale Securities | 8,943 | 9,869 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Total | 58 | 99 |
Liabilities | ||
Total | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Interest Rate Swap | ||
Liabilities | ||
Derivative liability | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Interest Rate Lock Commitments | ||
Assets | ||
Derivative Asset | 58 | 99 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Interest Rate Swap | ||
Assets | ||
Derivative Asset | 0 | 0 |
Liabilities | ||
Derivative liability | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | REMIC's | ||
Assets | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Fannie Mae Certificates | ||
Assets | ||
Available-for-sale Securities | $ 0 | $ 0 |
Fair Value (Reconciliation Of F
Fair Value (Reconciliation Of Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input) (Details) - Fair Value, Inputs, Level 3 - Interest Rate Lock Commitments - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | $ 99 | $ 79 | $ 59 |
Gain (loss) during the period due to changes in fair value: | |||
Ending balance | 58 | 99 | 79 |
Change in unrealized gains for the period included in earnings for assets held at end of the reporting date | 58 | 99 | 79 |
Other Income | |||
Gain (loss) during the period due to changes in fair value: | |||
Included in other non-interest income | $ (41) | $ 20 | $ 20 |
Fair Value (Assets Measured At
Fair Value (Assets Measured At Fair Value On A Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate owned | $ 3,479 | $ 4,192 |
Total | 88,559 | 96,768 |
Impaired Loans, Net of Allowance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, net of allowance | 85,080 | 92,576 |
Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate owned | 0 | 0 |
Total | 0 | 0 |
Quoted Prices In Active Markets For Identical Assets (Level 1) | Impaired Loans, Net of Allowance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, net of allowance | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate owned | 0 | 0 |
Total | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Impaired Loans, Net of Allowance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, net of allowance | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate owned | 3,479 | 4,192 |
Total | 88,559 | 96,768 |
Significant Unobservable Inputs (Level 3) | Impaired Loans, Net of Allowance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, net of allowance | $ 85,080 | $ 92,576 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information About Significant Unobservable Inputs Categorized Within Level 3 Of The Fair Value Hierarchy) (Details) - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Discounted Market Comparable Of Collateral | Impaired Loans, Net of Allowance | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, fair value | $ 85,080 | $ 92,576 |
Discounted Market Comparable Of Collateral | Impaired Loans, Net of Allowance | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount appraised value to estimated net proceeds based on historical experience | 0.00% | 0.00% |
Discounted Market Comparable Of Collateral | Impaired Loans, Net of Allowance | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount appraised value to estimated net proceeds based on historical experience | 28.00% | 26.00% |
Discounted Market Comparable Of Collateral | Impaired Loans, Net of Allowance | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount appraised value to estimated net proceeds based on historical experience | 7.60% | 8.20% |
Secondary Market Pricing | Interest Rate Lock Commitments | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, fair value | $ 58 | $ 99 |
Secondary Market Pricing | Interest Rate Lock Commitments | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Closure rate | 0.00% | 0.00% |
Secondary Market Pricing | Interest Rate Lock Commitments | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Closure rate | 100.00% | 100.00% |
Secondary Market Pricing | Interest Rate Lock Commitments | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Closure rate | 93.00% | 93.00% |
Fair Value (Estimated Fair Valu
Fair Value (Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Assets | ||
Available-for-sale Securities | $ 537,479 | $ 517,866 |
Mortgage loans held for sale | 355 | 4,839 |
Loans, net: | ||
Federal Home Loan Bank stock | 89,990 | 69,853 |
Cash collateral held by counterparty | 2,955 | 10,480 |
Derivatives | 17,059 | 871 |
Liabilities: | ||
Borrowed funds | 3,677,256 | 2,740,565 |
Derivative liability | 1,233 | 2,880 |
Checking and passbook accounts | ||
Liabilities: | ||
Deposit accounts | 2,460,416 | 2,509,800 |
Certificates of Deposit | ||
Liabilities: | ||
Deposit accounts | 5,550,162 | 5,832,958 |
Borrowers' Advances for Taxes and Insurance | ||
Liabilities: | ||
Other liabilities | 100,446 | 92,313 |
Principal, Interest, And Related Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other liabilities | 35,766 | 49,401 |
Cash and due from banks | ||
Assets | ||
Cash and Cash Equivalents | 35,243 | 27,914 |
Interest Earning Cash Equivalents | ||
Assets | ||
Cash and Cash Equivalents | 232,975 | 203,325 |
Mortgage Receivable | ||
Loans, net: | ||
Loans, net | 12,758,951 | 12,177,536 |
Other Loans | ||
Loans, net: | ||
Loans, net | 3,143 | 3,277 |
Accrued Interest Receivable | ||
Loans, net: | ||
Accrued interest receivable | 35,479 | 32,818 |
Fair Value, Inputs, Level 1 | ||
Assets | ||
Available-for-sale Securities | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Loans, net: | ||
Cash collateral held by counterparty | 2,955 | 10,480 |
Derivatives | 0 | 0 |
Liabilities: | ||
Borrowed funds | 0 | 0 |
Derivative liability | 0 | 0 |
Fair Value, Inputs, Level 1 | Checking and passbook accounts | ||
Liabilities: | ||
Deposit accounts | 0 | 0 |
Fair Value, Inputs, Level 1 | Certificates of Deposit | ||
Liabilities: | ||
Deposit accounts | 0 | 0 |
Fair Value, Inputs, Level 1 | Borrowers' Advances for Taxes and Insurance | ||
Liabilities: | ||
Other liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 | Principal, Interest, And Related Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 | Cash and due from banks | ||
Assets | ||
Cash and Cash Equivalents | 35,243 | 27,914 |
Fair Value, Inputs, Level 1 | Interest Earning Cash Equivalents | ||
Assets | ||
Cash and Cash Equivalents | 232,975 | 203,325 |
Fair Value, Inputs, Level 1 | Mortgage Receivable | ||
Loans, net: | ||
Loans, net | 0 | 0 |
Fair Value, Inputs, Level 1 | Other Loans | ||
Loans, net: | ||
Loans, net | 0 | 0 |
Fair Value, Inputs, Level 1 | Accrued Interest Receivable | ||
Loans, net: | ||
Accrued interest receivable | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Assets | ||
Available-for-sale Securities | 537,479 | 517,866 |
Mortgage loans held for sale | 355 | 4,839 |
Loans, net: | ||
Federal Home Loan Bank stock | 0 | 0 |
Cash collateral held by counterparty | 0 | 0 |
Derivatives | 17,001 | 772 |
Liabilities: | ||
Borrowed funds | 3,677,256 | 2,740,565 |
Derivative liability | 1,233 | 2,880 |
Fair Value, Inputs, Level 2 | Checking and passbook accounts | ||
Liabilities: | ||
Deposit accounts | 2,460,416 | 2,509,800 |
Fair Value, Inputs, Level 2 | Certificates of Deposit | ||
Liabilities: | ||
Deposit accounts | 5,550,162 | 5,832,958 |
Fair Value, Inputs, Level 2 | Borrowers' Advances for Taxes and Insurance | ||
Liabilities: | ||
Other liabilities | 100,446 | 92,313 |
Fair Value, Inputs, Level 2 | Principal, Interest, And Related Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other liabilities | 35,766 | 49,401 |
Fair Value, Inputs, Level 2 | Cash and due from banks | ||
Assets | ||
Cash and Cash Equivalents | 0 | 0 |
Fair Value, Inputs, Level 2 | Interest Earning Cash Equivalents | ||
Assets | ||
Cash and Cash Equivalents | 0 | 0 |
Fair Value, Inputs, Level 2 | Mortgage Receivable | ||
Loans, net: | ||
Loans, net | 0 | 0 |
Fair Value, Inputs, Level 2 | Other Loans | ||
Loans, net: | ||
Loans, net | 0 | 0 |
Fair Value, Inputs, Level 2 | Accrued Interest Receivable | ||
Loans, net: | ||
Accrued interest receivable | 35,479 | 32,818 |
Fair Value, Inputs, Level 3 | ||
Assets | ||
Available-for-sale Securities | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Loans, net: | ||
Federal Home Loan Bank stock | 0 | 0 |
Cash collateral held by counterparty | 0 | 0 |
Derivatives | 58 | 99 |
Liabilities: | ||
Borrowed funds | 0 | 0 |
Derivative liability | 0 | 0 |
Fair Value, Inputs, Level 3 | Checking and passbook accounts | ||
Liabilities: | ||
Deposit accounts | 0 | 0 |
Fair Value, Inputs, Level 3 | Certificates of Deposit | ||
Liabilities: | ||
Deposit accounts | 0 | 0 |
Fair Value, Inputs, Level 3 | Borrowers' Advances for Taxes and Insurance | ||
Liabilities: | ||
Other liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 | Principal, Interest, And Related Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 | Cash and due from banks | ||
Assets | ||
Cash and Cash Equivalents | 0 | 0 |
Fair Value, Inputs, Level 3 | Interest Earning Cash Equivalents | ||
Assets | ||
Cash and Cash Equivalents | 0 | 0 |
Fair Value, Inputs, Level 3 | Mortgage Receivable | ||
Loans, net: | ||
Loans, net | 12,758,951 | 12,177,536 |
Fair Value, Inputs, Level 3 | Other Loans | ||
Loans, net: | ||
Loans, net | 3,143 | 3,277 |
Fair Value, Inputs, Level 3 | Accrued Interest Receivable | ||
Loans, net: | ||
Accrued interest receivable | 0 | 0 |
Carrying Amount | ||
Assets | ||
Available-for-sale Securities | 537,479 | 517,866 |
Mortgage loans held for sale | 351 | 4,686 |
Loans, net: | ||
Federal Home Loan Bank stock | 89,990 | 69,853 |
Cash collateral held by counterparty | 2,955 | 10,480 |
Derivatives | 17,059 | 871 |
Liabilities: | ||
Borrowed funds | 3,671,377 | 2,718,795 |
Derivative liability | 1,233 | 2,880 |
Carrying Amount | Checking and passbook accounts | ||
Liabilities: | ||
Deposit accounts | 2,460,416 | 2,509,800 |
Carrying Amount | Certificates of Deposit | ||
Liabilities: | ||
Deposit accounts | 5,691,209 | 5,821,568 |
Carrying Amount | Borrowers' Advances for Taxes and Insurance | ||
Liabilities: | ||
Other liabilities | 100,446 | 92,313 |
Carrying Amount | Principal, Interest, And Related Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other liabilities | 35,766 | 49,401 |
Carrying Amount | Cash and due from banks | ||
Assets | ||
Cash and Cash Equivalents | 35,243 | 27,914 |
Carrying Amount | Interest Earning Cash Equivalents | ||
Assets | ||
Cash and Cash Equivalents | 232,975 | 203,325 |
Carrying Amount | Mortgage Receivable | ||
Loans, net: | ||
Loans, net | 12,416,256 | 11,705,688 |
Carrying Amount | Other Loans | ||
Loans, net: | ||
Loans, net | 3,050 | 3,116 |
Carrying Amount | Accrued Interest Receivable | ||
Loans, net: | ||
Accrued interest receivable | $ 35,479 | $ 32,818 |
Derivative Investments (Narrati
Derivative Investments (Narrative) (Details) $ in Thousands | Sep. 30, 2017USD ($)contracts | Sep. 30, 2016USD ($)contracts |
Derivative [Line Items] | ||
Estimated amount to be reclassed in the next 12 months as an increase to expense | $ (665) | |
Balance of collateral posted by the Company for derivative liabilities | $ 2,955 | $ 10,480 |
Forward Commitments For Sale Of Mortgage Loans | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, Number of Instruments Held | contracts | 0 | 0 |
Derivative Instruments (Schedul
Derivative Instruments (Schedule of Interest Rate Derivatives) (Details) - Designated as Hedging Instrument - Cash Flow Hedging - Interest Rate Swap - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Derivative [Line Items] | ||
Notional Value | $ 1,500,000 | $ 600,000 |
Fair Value | $ 15,768 | $ (2,108) |
Weighted Average Variable Rate, Receive | 1.32% | 0.79% |
Weighted Average Fixed Rate, Pay | 1.62% | 1.21% |
Average Maturity (in years) | 4 years 1 month 24 days | 4 years 6 months 15 days |
Derivative Instruments (Sche114
Derivative Instruments (Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 17,059 | $ 871 |
Derivative Liability | 1,233 | 2,880 |
Designated as Hedging Instrument | Interest Rate Swap | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 17,001 | 772 |
Designated as Hedging Instrument | Interest Rate Swap | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 1,233 | 2,880 |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 58 | $ 99 |
Derivative Instruments (Sche115
Derivative Instruments (Schedule Of Effect Of Derivative Instruments, Gain (Loss) In Statement Of Financial Performance) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Designated as Hedging Instrument | Cash Flow Hedging | Interest Expense | |||
Derivatives, Fair Value [Line Items] | |||
Amount of loss reclassified from AOCI | $ (3,745) | $ (1,567) | $ 0 |
Designated as Hedging Instrument | Cash Flow Hedging | Other Non-Interest Income | |||
Derivatives, Fair Value [Line Items] | |||
Amount of ineffectiveness recognized | 0 | 0 | 0 |
Designated as Hedging Instrument | Cash Flow Hedging | Other Comprehensive Income (Loss) | |||
Derivatives, Fair Value [Line Items] | |||
Amount of loss recognized, effective portion | 14,131 | (3,676) | 0 |
Not Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Total | (41) | 20 | 34 |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | Other Income | |||
Derivatives, Fair Value [Line Items] | |||
Total | (41) | 20 | 20 |
Not Designated as Hedging Instrument | Forward Commitments For The Sale Of Mortgage Loans | Net gain (loss) on the sale of loans | |||
Derivatives, Fair Value [Line Items] | |||
Total | $ 0 | $ 0 | $ 14 |
Parent Company Only Financia116
Parent Company Only Financial Statements (Schedule Of Statements Of Condition) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 |
Assets | ||||
Cash and due from banks | $ 35,243 | $ 27,914 | ||
Investments in | ||||
Deferred income taxes | 15,991 | 26,073 | ||
Other assets | 61,086 | 63,994 | ||
TOTAL ASSETS | 13,692,563 | 12,906,062 | ||
Liabilities and shareholders' equity | ||||
Accrued expenses and other liabilities | 43,390 | 53,727 | ||
Total liabilities | 12,002,604 | 11,245,604 | ||
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding | 0 | 0 | ||
Common stock, $0.01 par value, 700,000,000 shares authorized; 332,318,750 shares issued; 281,291,750 and 284,219,019 outstanding at September 30, 2017 and September 30, 2016, respectively | 3,323 | 3,323 | ||
Paid-in capital | 1,722,672 | 1,716,818 | ||
Treasury stock, at cost; 51,027,000 and 48,099,731 shares at September 30, 2017 and September 30, 2016, respectively | (735,530) | (681,569) | ||
Unallocated ESOP shares | (53,084) | (57,418) | ||
Retained earnings - substantially restricted | 760,070 | 698,930 | ||
Accumulated other comprehensive loss | (7,492) | (19,626) | ||
Total shareholders' equity | 1,689,959 | 1,660,458 | $ 1,729,370 | $ 1,839,457 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 13,692,563 | 12,906,062 | ||
TFS Financial Corporation | ||||
Assets | ||||
Cash and due from banks | 5,123 | 5,102 | ||
Other Loans | ||||
Demand loan due from Third Federal Savings and Loan | 89,299 | 88,443 | ||
ESOP loan receivable | 61,759 | 65,462 | ||
Investments in | ||||
Third Federal Savings and Loan | 1,503,831 | 1,475,175 | ||
Non-thrift subsidiaries | 80,420 | 79,386 | ||
Prepaid federal and state taxes | 154 | 374 | ||
Deferred income taxes | 2,630 | 2,704 | ||
Other assets | 9,247 | 6,727 | ||
TOTAL ASSETS | 1,752,463 | 1,723,373 | ||
Liabilities and shareholders' equity | ||||
Line of credit due non-thrift subsidiary | 59,815 | 58,890 | ||
Accrued expenses and other liabilities | 2,689 | 4,025 | ||
Total liabilities | 62,504 | 62,915 | ||
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding | 0 | 0 | ||
Common stock, $0.01 par value, 700,000,000 shares authorized; 332,318,750 shares issued; 281,291,750 and 284,219,019 outstanding at September 30, 2017 and September 30, 2016, respectively | 3,323 | 3,323 | ||
Paid-in capital | 1,722,672 | 1,716,818 | ||
Treasury stock, at cost; 51,027,000 and 48,099,731 shares at September 30, 2017 and September 30, 2016, respectively | (735,530) | (681,569) | ||
Unallocated ESOP shares | (53,084) | (57,418) | ||
Retained earnings - substantially restricted | 760,070 | 698,930 | ||
Accumulated other comprehensive loss | (7,492) | (19,626) | ||
Total shareholders' equity | 1,689,959 | 1,660,458 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,752,463 | $ 1,723,373 |
Parent Company Only Financia117
Parent Company Only Financial Statements Parent Company Only Financial Statements (Additional) (Details) - $ / shares | Sep. 30, 2017 | Sep. 30, 2016 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 700,000,000 | 700,000,000 |
Common stock, shares issued | 332,318,750 | 332,318,750 |
Common stock, shares outstanding | 281,291,750 | 284,219,019 |
Treasury stock, shares | 51,027,000 | 48,099,731 |
TFS Financial Corporation | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 700,000,000 | 700,000,000 |
Common stock, shares issued | 332,318,750 | 332,318,750 |
Common stock, shares outstanding | 281,291,750 | 284,219,019 |
Treasury stock, shares | 51,027,000 | 48,099,731 |
Parent Company Only Financia118
Parent Company Only Financial Statements (Schedule Of Statements Of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest expense | |||||||||||
Borrowed funds from non-thrift subsidiaries | $ 42,678 | $ 28,026 | $ 19,824 | ||||||||
Interest expense | $ 35,869 | $ 33,449 | $ 30,797 | $ 29,984 | $ 30,246 | $ 29,604 | $ 29,386 | $ 28,790 | 130,099 | 118,026 | 113,350 |
Net interest income | 70,108 | 70,272 | 70,286 | 68,230 | 67,626 | 67,389 | 67,759 | 67,641 | 278,896 | 270,415 | 270,127 |
Non-interest Expense | |||||||||||
Salaries and employee benefits | 95,682 | 96,281 | 95,638 | ||||||||
Other operating expenses | 24,003 | 22,297 | 23,648 | ||||||||
Total non-interest expense | 47,179 | 44,669 | 45,294 | 45,262 | 42,054 | 44,976 | 46,341 | 47,633 | 182,404 | 181,004 | 187,992 |
Income before income taxes | 35,054 | 34,407 | 35,544 | 28,336 | 34,596 | 31,521 | 29,121 | 27,125 | 133,341 | 122,363 | 109,395 |
Income tax expense (benefit) | 12,036 | 11,619 | 12,083 | 8,726 | 11,790 | 10,901 | 9,845 | 9,274 | 44,464 | 41,810 | 36,804 |
Equity in undistributed earnings of subsidiaries (dividend in excess of earnings) | |||||||||||
Net income | $ 23,018 | $ 22,788 | $ 23,461 | $ 19,610 | $ 22,806 | $ 20,620 | $ 19,276 | $ 17,851 | 88,877 | 80,553 | 72,591 |
Net change in cash flow hedges | 11,620 | (1,371) | 0 | ||||||||
Total other comprehensive loss | 12,134 | (6,561) | (2,273) | ||||||||
Total comprehensive income | 101,011 | 73,992 | 70,318 | ||||||||
TFS Financial Corporation | |||||||||||
Interest income | |||||||||||
Demand loan due from Third Federal Savings and Loan | 914 | 433 | 139 | ||||||||
ESOP loan | 2,308 | 2,281 | 2,276 | ||||||||
Interest Income, Other | 21 | 4 | 0 | ||||||||
Total interest income | 3,243 | 2,718 | 2,415 | ||||||||
Interest expense | |||||||||||
Borrowed funds from non-thrift subsidiaries | 612 | 377 | 253 | ||||||||
Interest expense | 612 | 377 | 253 | ||||||||
Net interest income | 2,631 | 2,341 | 2,162 | ||||||||
Non-interest income | |||||||||||
Intercompany service charges | 68 | 90 | 218 | ||||||||
Dividend from Third Federal Savings and Loan | 81,000 | 60,000 | 66,000 | ||||||||
Total other income | 81,068 | 60,090 | 66,218 | ||||||||
Non-interest Expense | |||||||||||
Salaries and employee benefits | 5,134 | 5,543 | 6,216 | ||||||||
Professional services | 982 | 922 | 997 | ||||||||
Office property and equipment | 3 | 13 | 13 | ||||||||
Other operating expenses | 193 | 253 | 255 | ||||||||
Total non-interest expense | 6,312 | 6,731 | 7,481 | ||||||||
Income before income taxes | 77,387 | 55,700 | 60,899 | ||||||||
Income tax expense (benefit) | (3,747) | (2,915) | (2,583) | ||||||||
Income (loss) before undistributed earnings of subsidiaries | 81,134 | 58,615 | 63,482 | ||||||||
Equity in undistributed earnings of subsidiaries (dividend in excess of earnings) | |||||||||||
Third Federal Savings and Loan | 6,709 | 21,231 | 8,777 | ||||||||
Non-thrift subsidiaries | 1,034 | 707 | 332 | ||||||||
Net income | 88,877 | 80,553 | 72,591 | ||||||||
Change in net unrealized (loss) gain on securities available for sale | (3,331) | (1,510) | 3,018 | ||||||||
Net change in cash flow hedges | 11,620 | (1,371) | 0 | ||||||||
Change in pension obligation | 3,845 | (3,680) | (5,291) | ||||||||
Total other comprehensive loss | 12,134 | (6,561) | (2,273) | ||||||||
Total comprehensive income | $ 101,011 | $ 73,992 | $ 70,318 |
Parent Company Only Financia119
Parent Company Only Financial Statements (Schedule Of Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities | |||||||||||
Net income | $ 23,018 | $ 22,788 | $ 23,461 | $ 19,610 | $ 22,806 | $ 20,620 | $ 19,276 | $ 17,851 | $ 88,877 | $ 80,553 | $ 72,591 |
(Equity in undistributed earnings of subsidiaries) dividend in excess of earnings | |||||||||||
Deferred income taxes | 3,548 | 11,099 | 9,185 | ||||||||
ESOP and stock-based compensation expense | 11,252 | 13,436 | 13,980 | ||||||||
Net decrease (increase) in interest receivable and other assets | (1,383) | (13,087) | (2,173) | ||||||||
Net cash provided by operating activities | 108,693 | 84,914 | 102,102 | ||||||||
Cash flows from investing activities | |||||||||||
Net cash used in investing activities | (754,809) | (454,377) | (600,388) | ||||||||
Cash flows from financing activities | |||||||||||
Purchase of treasury shares | (54,029) | (128,361) | (172,546) | ||||||||
Dividends paid to common shareholders | (27,709) | (23,414) | (19,490) | ||||||||
Excess tax benefit related to stock-based compensation | 0 | 3,198 | 1,582 | ||||||||
Acquisition of treasury shares through net settlement for taxes | (2,504) | (7,697) | (4,111) | ||||||||
Net cash provided (used in) by financing activities | 683,095 | 445,333 | 472,252 | ||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 36,979 | 75,870 | (26,034) | ||||||||
Cash and cash equivalents—beginning of year | 231,239 | 155,369 | 231,239 | 155,369 | 181,403 | ||||||
Cash and cash equivalents—end of year | 268,218 | 231,239 | 268,218 | 231,239 | 155,369 | ||||||
TFS Financial Corporation | |||||||||||
Cash flows from operating activities | |||||||||||
Net income | 88,877 | 80,553 | 72,591 | ||||||||
(Equity in undistributed earnings of subsidiaries) dividend in excess of earnings | |||||||||||
Third Federal Savings and Loan | (6,709) | (21,231) | (8,777) | ||||||||
Non-thrift subsidiaries | (1,034) | (707) | (332) | ||||||||
Deferred income taxes | 74 | 542 | (261) | ||||||||
ESOP and stock-based compensation expense | 1,439 | 2,435 | 3,205 | ||||||||
Net decrease (increase) in interest receivable and other assets | (2,300) | (346) | 2,166 | ||||||||
Net increase (decrease) in accrued expenses and other liabilities | 144 | 359 | 107 | ||||||||
Net cash provided by operating activities | 80,491 | 61,605 | 68,699 | ||||||||
Cash flows from investing activities | |||||||||||
(Increase) decrease in balances lent to Third Federal Savings and Loan | (856) | (54,792) | 122,257 | ||||||||
Repayment of capital contribution from Third Federal Savings and Loan | 0 | 150,000 | 0 | ||||||||
Net cash used in investing activities | (856) | 95,208 | 122,257 | ||||||||
Cash flows from financing activities | |||||||||||
Principal reduction of ESOP loan | 3,703 | 3,648 | 3,534 | ||||||||
Purchase of treasury shares | (54,029) | (128,361) | (172,546) | ||||||||
Dividends paid to common shareholders | (27,709) | (23,414) | (19,490) | ||||||||
Excess tax benefit related to stock-based compensation | 0 | 1,485 | 484 | ||||||||
Acquisition of treasury shares through net settlement for taxes | (2,504) | (7,697) | (4,111) | ||||||||
Net increase in borrowings from non-thrift subsidiaries | 925 | 529 | 1,173 | ||||||||
Net cash provided (used in) by financing activities | (79,614) | (153,810) | (190,956) | ||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 21 | 3,003 | 0 | ||||||||
Cash and cash equivalents—beginning of year | $ 5,102 | $ 2,099 | 5,102 | 2,099 | 2,099 | ||||||
Cash and cash equivalents—end of year | $ 5,123 | $ 5,102 | $ 5,123 | $ 5,102 | $ 2,099 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |||
Shares held by Third Federal Savings, MHC (in shares) | 227,119,132 | ||
Employee Stock Ownership Plan (ESOP), neither allocated nor committed to be released to participants (in shares) | 5,308,411 | 5,741,751 | |
Restricted Stock Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 |
Earnings Per Share (Summary Of
Earnings Per Share (Summary Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 23,018 | $ 22,788 | $ 23,461 | $ 19,610 | $ 22,806 | $ 20,620 | $ 19,276 | $ 17,851 | $ 88,877 | $ 80,553 | $ 72,591 |
Less: income allocated to restricted stock units | 901 | 761 | 626 | ||||||||
Income available to common shareholders | $ 87,976 | $ 79,792 | $ 71,965 | ||||||||
Income available to common shareholders, Shares | 277,213,258 | 281,566,648 | 289,935,861 | ||||||||
Income available to common shareholders, Per share amount | $ 0.32 | $ 0.28 | $ 0.25 | ||||||||
Effect of dilutive potential common shares | 2,055,510 | 2,219,065 | 2,274,556 | ||||||||
Income available to common shareholders | $ 87,976 | $ 79,792 | $ 71,965 | ||||||||
Income available to common shareholders, Shares | 279,268,768 | 283,785,713 | 292,210,417 | ||||||||
Income available to common shareholders, Per share amount | $ 0.32 | $ 0.28 | $ 0.25 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share)(Details) - shares | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Options to purchase shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options to purchase shares and restricted stock units (antidilutive) (in shares) | 779,740 | 393,500 | 1,382,900 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Non-Performing, Non-Accrual, Impaired Financing Receivable | ||
Related Party Transaction [Line Items] | ||
Loans to related parties | $ 0 | |
Director | ||
Related Party Transaction [Line Items] | ||
Loans to related parties | $ 173 | $ 181 |
Selected Quarterly Data (Una124
Selected Quarterly Data (Unaudited) (Summary Of Certain Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Interest income | $ 105,977 | $ 103,721 | $ 101,083 | $ 98,214 | $ 97,872 | $ 96,993 | $ 97,145 | $ 96,431 | $ 408,995 | $ 388,441 | $ 383,477 |
Interest expense | 35,869 | 33,449 | 30,797 | 29,984 | 30,246 | 29,604 | 29,386 | 28,790 | 130,099 | 118,026 | 113,350 |
Net interest income | 70,108 | 70,272 | 70,286 | 68,230 | 67,626 | 67,389 | 67,759 | 67,641 | 278,896 | 270,415 | 270,127 |
Provision for loan losses | (7,000) | (4,000) | (6,000) | 0 | (3,000) | (3,000) | (1,000) | (1,000) | (17,000) | (8,000) | (3,000) |
Net interest income after provision for loan losses | 77,108 | 74,272 | 76,286 | 68,230 | 70,626 | 70,389 | 68,759 | 68,641 | 295,896 | 278,415 | 273,127 |
Non-interest income | 5,125 | 4,804 | 4,552 | 5,368 | 6,024 | 6,108 | 6,703 | 6,117 | 19,849 | 24,952 | 24,260 |
Non-interest expense | 47,179 | 44,669 | 45,294 | 45,262 | 42,054 | 44,976 | 46,341 | 47,633 | 182,404 | 181,004 | 187,992 |
Income before income taxes | 35,054 | 34,407 | 35,544 | 28,336 | 34,596 | 31,521 | 29,121 | 27,125 | 133,341 | 122,363 | 109,395 |
Income tax expense | 12,036 | 11,619 | 12,083 | 8,726 | 11,790 | 10,901 | 9,845 | 9,274 | 44,464 | 41,810 | 36,804 |
Net income | $ 23,018 | $ 22,788 | $ 23,461 | $ 19,610 | $ 22,806 | $ 20,620 | $ 19,276 | $ 17,851 | $ 88,877 | $ 80,553 | $ 72,591 |
Earnings per share-basic and diluted | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.07 | $ 0.08 | $ 0.07 | $ 0.07 | $ 0.06 | $ 0.32 | $ 0.28 | $ 0.25 |