Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Nov. 23, 2018 | Mar. 31, 2018 | |
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 Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Trading Symbol | TFSL | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 280,206,257 | ||
Entity Public Float | $ 767,872,081 |
Consolidated Statements Of Cond
Consolidated Statements Of Condition - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
ASSETS | ||
Cash and due from banks | $ 29,056 | $ 35,243 |
Other interest-earning cash equivalents | 240,719 | 232,975 |
Cash and cash equivalents | 269,775 | 268,218 |
Investment securities available for sale (amortized cost $549,211 and $541,964, respectively) | 531,965 | 537,479 |
Mortgage loans held for sale, at lower of cost or market (none measured at fair value) | 659 | 351 |
Loans held for investment, net: | ||
Mortgage loans | 12,872,125 | 12,434,339 |
Other loans | 3,021 | 3,050 |
Deferred loan expenses, net | 38,566 | 30,865 |
Allowance for loan losses | (42,418) | (48,948) |
Loans, net | 12,871,294 | 12,419,306 |
Mortgage loan servicing assets, net | 8,840 | 8,375 |
Federal Home Loan Bank stock, at cost | 93,544 | 89,990 |
Real estate owned, net | 2,794 | 5,521 |
Premises, equipment, and software, net | 63,399 | 60,875 |
Accrued interest receivable | 38,696 | 35,479 |
Bank owned life insurance contracts | 212,021 | 205,883 |
Other assets | 44,344 | 61,086 |
TOTAL ASSETS | 14,137,331 | 13,692,563 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Deposits | 8,491,583 | 8,151,625 |
Borrowed funds | 3,721,699 | 3,671,377 |
Borrowers' advances for insurance and taxes | 103,005 | 100,446 |
Principal, Interest, And Related Escrow Owed On Loans Serviced | 31,490 | 35,766 |
Accrued expenses and other liabilities | 31,150 | 43,390 |
Total liabilities | 12,378,927 | 12,002,604 |
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; 280,311,070 and 281,291,750 outstanding at September 30, 2018 and September 30, 2017, respectively | 3,323 | 3,323 |
Paid-in capital | 1,726,992 | 1,722,672 |
Treasury stock, at cost; 52,007,680 and 51,027,000 shares at September 30, 2018 and September 30, 2017, respectively | (754,272) | (735,530) |
Unallocated ESOP shares | (48,751) | (53,084) |
Retained earnings - substantially restricted | 807,890 | 760,070 |
Accumulated other comprehensive loss | 23,222 | (7,492) |
Total shareholders' equity | 1,758,404 | 1,689,959 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 14,137,331 | $ 13,692,563 |
Consolidated Statements Of Co_2
Consolidated Statements Of Condition (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Available for sale, amortized cost | $ 549,211 | $ 541,964 |
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 | 280,311,070 | 281,291,750 |
Treasury stock, shares | 52,007,680 | 51,027,000 |
Consolidated Statements Of Inco
Consolidated Statements Of Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
INTEREST AND DIVIDEND INCOME: | |||
Loans, including fees | $ 422,953 | $ 394,447 | $ 375,624 |
Investment securities available for sale | 11,134 | 9,041 | 9,390 |
Other interest and dividend earning assets | 8,958 | 5,507 | 3,427 |
Total interest and dividend income | 443,045 | 408,995 | 388,441 |
INTEREST EXPENSE: | |||
Deposits | 102,255 | 87,421 | 90,000 |
Borrowed funds | 59,849 | 42,678 | 28,026 |
Total interest expense | 162,104 | 130,099 | 118,026 |
Net interest income | 280,941 | 278,896 | 270,415 |
Provision (credit) for loan losses | (11,000) | (17,000) | (8,000) |
Net interest income after provision for loan losses | 291,941 | 295,896 | 278,415 |
NON-INTEREST INCOME | |||
Fees and service charges, net of amortization | 7,493 | 6,896 | 7,423 |
Net gain on the sale of loans | 3,383 | 2,183 | 6,161 |
Increase in and death benefits from bank owned life insurance contracts | 6,158 | 6,449 | 7,409 |
Other | 4,502 | 4,321 | 3,959 |
Total non-interest income | 21,536 | 19,849 | 24,952 |
NON-INTEREST EXPENSE | |||
Salaries and employee benefits | 101,316 | 94,622 | 95,562 |
Marketing services | 19,252 | 19,713 | 16,956 |
Office property, equipment and software | 26,897 | 24,531 | 23,862 |
Federal insurance premium and assessments | 11,189 | 10,055 | 10,377 |
State franchise tax | 4,775 | 5,235 | 5,459 |
Real estate owned expense, net | 2,365 | 3,185 | 5,772 |
Other expenses | 26,519 | 25,063 | 23,016 |
Total non-interest expense | 192,313 | 182,404 | 181,004 |
Income before income taxes | 121,164 | 133,341 | 122,363 |
Income tax expense | 35,757 | 44,464 | 41,810 |
Net income | $ 85,407 | $ 88,877 | $ 80,553 |
Earnings per share - Basic | $ 0.31 | $ 0.32 | $ 0.28 |
Earnings per share - Diluted | $ 0.30 | $ 0.32 | $ 0.28 |
Weighted average shares outstanding | |||
Basic | 275,590,053 | 277,213,258 | 281,566,648 |
Diluted | 277,298,425 | 279,268,768 | 283,785,713 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net income | $ 85,407 | $ 88,877 | $ 80,553 |
Other comprehensive income (loss), net of tax: | |||
Net change in unrealized loss on securities available for sale | (9,436) | (3,331) | (1,510) |
Net change in cash flow hedges | 37,340 | 11,620 | (1,371) |
Change in pension obligation | (2,852) | (3,845) | 3,680 |
Total other comprehensive income (loss) | 30,756 | 12,134 | (6,561) |
Total comprehensive income | $ 116,163 | $ 101,011 | $ 73,992 |
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, 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, net of tax | (6,561) | 0 | (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 | 0 | ||||
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, net of tax | 12,134 | 0 | 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) | 0 | |||
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) |
Comprehensive Income | |||||||
Net income | 85,407 | 85,407 | |||||
Other comprehensive loss, net of tax | 30,756 | 42 | 30,714 | ||||
ESOP shares allocated or committed to be released | 6,638 | 2,305 | 4,333 | ||||
Compensation costs for stock-based plans | 4,718 | 4,718 | 0 | ||||
Purchase of treasury stock | (19,673) | (19,673) | |||||
Treasury stock allocated to restricted stock plan | (1,772) | (2,703) | 931 | 0 | |||
Dividends paid to common shareholders | (37,629) | (37,629) | |||||
Balance at Sep. 30, 2018 | $ 1,758,404 | $ 3,323 | $ 1,726,992 | $ (754,272) | $ (48,751) | $ 807,890 | $ 23,222 |
Consolidated Statements Of Sh_2
Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Purchase of treasury stock (shares) | 1,283,911 | 3,148,610 | 7,210,500 |
Dividends paid to common shareholders, per common share | $ 0.76 | $ 0.545 | $ 0.425 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 85,407 | $ 88,877 | $ 80,553 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
ESOP and stock-based compensation expense | 11,356 | 11,252 | 13,436 |
Depreciation and amortization | 25,187 | 20,885 | 19,369 |
Deferred income taxes | 3,949 | 3,548 | 11,099 |
Provision (credit) for loan losses | (11,000) | (17,000) | (8,000) |
Net gain on the sale of loans | (3,383) | (2,183) | (6,161) |
Other net increase | 1,127 | 562 | 613 |
Principal repayments on and proceeds from sales of loans held for sale | 25,585 | 29,172 | 16,285 |
Loans originated for sale | (25,964) | (24,947) | (20,466) |
Increase in and death benefits for bank owned life insurance contracts | (6,138) | (6,320) | (4,854) |
Cash Collateral received from derivative counterparties | 54,876 | 7,525 | 0 |
Net increase in interest receivable and other assets | (6,812) | (1,383) | (13,087) |
Net decrease in accrued expenses and other liabilities | (7,199) | (1,295) | (4,128) |
Other | 0 | 0 | 255 |
Net cash provided by operating activities | 146,991 | 108,693 | 84,914 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Loans originated | (3,338,773) | (3,422,896) | (3,024,260) |
Principal repayments on loans | 2,508,822 | 2,494,866 | 2,310,358 |
Proceeds from principal repayments and maturities of: | |||
Securities available for sale | 139,846 | 153,315 | 154,520 |
Proceeds from sale of: | |||
Proceeds from sale of loans | 372,497 | 218,158 | 186,705 |
Real estate owned | 6,280 | 8,761 | 22,400 |
Purchases of: | |||
FHLB Stock | (3,554) | (20,137) | (383) |
Securities available for sale | (151,600) | (183,518) | (95,176) |
Premises and equipment | (8,373) | (4,150) | (9,125) |
Other | 0 | 792 | 584 |
Net cash used in investing activities | (474,855) | (754,809) | (454,377) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase (decrease) in deposits | 339,958 | (179,743) | 45,510 |
Net increase in borrowers' advances for insurance and taxes | 2,559 | 8,133 | 6,021 |
Net decrease in principal and interest owed on loans serviced | (4,276) | (13,635) | (92) |
Net increase in short-term borrowed funds | 317,043 | 1,160,682 | 696,227 |
Proceeds from long-term borrowed funds | 15,088 | 0 | 40,290 |
Repayment of long-term borrowed funds | (281,809) | (208,100) | (186,349) |
Purchase of treasury shares | (19,741) | (54,029) | (128,361) |
Excess tax benefit related to stock-based compensation | 0 | 0 | 3,198 |
Acquisition of treasury shares through net settlement for taxes | (1,772) | (2,504) | (7,697) |
Dividends paid to common shareholders | (37,629) | (27,709) | (23,414) |
Net cash provided (used in) by financing activities | 329,421 | 683,095 | 445,333 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 1,557 | 36,979 | 75,870 |
Cash and cash equivalents—beginning of year | 268,218 | 231,239 | 155,369 |
Cash and cash equivalents—end of year | 269,775 | 268,218 | 231,239 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Cash paid for interest on deposits | 100,505 | 87,373 | 89,947 |
Cash paid for interest on borrowed funds | 61,055 | 36,216 | 26,421 |
Cash paid for income taxes | 32,525 | 38,208 | 31,815 |
SUPPLEMENTAL SCHEDULES OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Transfer of loans to real estate owned | 4,238 | 7,989 | 12,134 |
Transfer of loans from held for investment to held for sale | 372,563 | 218,720 | 183,178 |
Transfer of Loans Held-for-sale to Portfolio Loans | 149 | 0 | 0 |
Treasury Stock Issued For Stock Benefit Plans | $ 2,740 | $ 1,135 | $ 3,112 |
Description Of Business And Sum
Description Of Business And Summary Of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2018 | |
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 81.02% of the outstanding shares of common stock of the Company at September 30, 2018 . 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, 2018 and 2017 . Goodwill is reviewed for impairment on an annual basis as of September 30. No impairment was identified as of September 30, 2018 or 2017 . 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 Income (Loss) —Accumulated other comprehensive income (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. The Company's policy is to release income tax effects from accumulated other comprehensive income only when then entire portfolio to which the underlying transactions relate to is liquidated, sold or extinguished. 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 shares outstanding for the period using the treasury stock method. At September 30, 2018 , 2017 and 2016 , 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, 2018 | |
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 October 2016, the Board of Directors authorized an eighth repurchase program for the repurchase of 10,000,000 shares and repurchases under this program began in January, 2017. A total of 1,283,911 shares were repurchased during the year ended September 30, 2018 and 3,148,610 shares were repurchased during the year ended September 30, 2017. At September 30, 2018 , there were 6,466,979 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 54,833,021 shares of the Company's common stock as of September 30, 2018 . |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018 , 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, 2018 , 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, 2018 and 2017 , 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, 2018 Total Capital to Risk-Weighted Assets $ 1,559,180 20.47 % $ 609,414 8.00 % $ 761,767 10.00 % Tier 1 (Leverage) Capital to Net Average Assets 1,516,758 10.87 % 557,963 4.00 % 697,453 5.00 % Tier 1 Capital to Risk-Weighted Assets 1,516,758 19.91 % 457,060 6.00 % 609,414 8.00 % Common Equity Tier 1 Capital to Risk-Weighted Assets 1,516,744 19.91 % 342,795 4.50 % 495,149 6.50 % 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 % The Association paid dividends of $85,000 and $81,000 to the Company during the years ended September 30, 2018 and September 30, 2017 , respectively. On July 11, 2018, 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 $1.00 per share during the four quarters ending June 30, 2019. 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, 2019. |
Investment Securities
Investment Securities | 12 Months Ended |
Sep. 30, 2018 | |
Investments [Abstract] | |
Investment Securities | INVESTMENT SECURITIES Investments available for sale are summarized as follows: September 30, 2018 Amortized Cost Gross Unrealized Fair Value Gains Losses REMICs $ 537,330 $ 7 $ (17,338 ) $ 519,999 Fannie Mae certificates 7,906 237 (145 ) 7,998 U.S. Government and agency obligations 3,975 — (7 ) 3,968 Total $ 549,211 $ 244 $ (17,490 ) $ 531,965 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 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, 2018 and 2017 , were as follows: September 30, 2018 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 $ 113,111 $ 1,799 $ 400,558 $ 15,539 $ 513,669 $ 17,338 Fannie Mae certificates — — 4,337 145 4,337 145 U.S. Government and agency obligations 3,968 7 — — 3,968 7 Total $ 117,079 $ 1,806 $ 404,895 $ 15,684 $ 521,974 $ 17,490 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 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 and Ginnie Mae. REMICs are issued by or backed by securities issued by these governmental agencies. It is expected that the securities would not be settled at a price substantially less than the amortized cost of the investment. The U.S. Treasury Department established financing agreements in 2008 to ensure Fannie Mae and Freddie Mac meet their obligations to holders of mortgage-backed securities that they have issued or guaranteed. Since the decline in value is attributable to changes in interest rates and not credit quality and because the Company has neither the intent to sell the securities nor is it more likely than not the Company 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. At September 30, 2018 , the amortized cost and fair value of U.S. government obligations, categorized as due in more than one year but less than five years, are $3,975 and $3,968 , respectively. At September 30, 2017 , the Company did not hold U.S. government obligations. |
Loans And Allowance For Loan Lo
Loans And Allowance For Loan Losses | 12 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Loans And Allowance For Loan Losses | LOANS AND ALLOWANCE FOR LOAN LOSSES Loans held for investment consist of the following: September 30, 2018 2017 Real estate loans: Residential Core $ 10,930,811 $ 10,746,204 Residential Home Today 94,933 108,964 Home equity loans and lines of credit 1,818,918 1,552,315 Construction 64,012 60,956 Real estate loans 12,908,674 12,468,439 Other consumer loans 3,021 3,050 Add (deduct): Deferred loan expenses, net 38,566 30,865 Loans-in-process (“LIP”) (36,549 ) (34,100 ) Allowance for loan losses (42,418 ) (48,948 ) Loans held for investment, net $ 12,871,294 $ 12,419,306 At September 30, 2018 and 2017 , respectively, $659 and $351 of loans were classified as mortgage loans held for sale. A large concentration of the Company’s lending is in Ohio and Florida. As of September 30, 2018 and 2017 , the percentage of aggregate Residential Core, Home Today and Construction loans held in Ohio were 56% and 57% , respectively, and the percentages held in Florida were 16% as of both dates. As of September 30, 2018 and 2017 , home equity loans and lines of credit were concentrated in the states of Ohio ( 36% and 39% ), Florida ( 20% and 22% ) and California ( 15% and 13% ). 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, 2018 and 2017 , the principal balance of Home Today loans originated prior to March 27, 2009 was $91,805 and $105,485 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 $117,204 and $483,127 for the years ending September 30, 2018 and 2017, respectively. An age analysis of the recorded investment in loan receivables that are past due at September 30, 2018 and 2017 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, 2018 Real estate loans: Residential Core $ 7,539 $ 2,335 $ 10,807 $ 20,681 $ 10,926,294 $ 10,946,975 Residential Home Today 2,787 1,765 3,814 8,366 86,383 94,749 Home equity loans and lines of credit 4,152 2,315 5,933 12,400 1,829,427 1,841,827 Construction — — — — 27,140 27,140 Total real estate loans 14,478 6,415 20,554 41,447 12,869,244 12,910,691 Other consumer loans — — — — 3,021 3,021 Total $ 14,478 $ 6,415 $ 20,554 $ 41,447 $ 12,872,265 $ 12,913,712 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 At September 30, 2018 and 2017 , real estate loans include $8,501 and $14,736 , 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 with a partial charge-off are placed in non-accrual and will remain in non-accrual status until, at a minimum, the impairment is recovered. Loans restructured in TDRs that were in non-accrual status prior to the restructurings remain in non-accrual status for a minimum of six months after restructuring. Loans restructured in TDRs with a high debt-to-income ratio at the time of modification are placed in non-accrual status for a minimum of 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, 2018 2017 Real estate loans: Residential Core $ 41,628 $ 43,797 Residential Home Today 14,641 18,109 Home equity loans and lines of credit 21,483 17,185 Total non-accrual loans $ 77,752 $ 79,091 At September 30, 2018 and 2017 , respectively, the recorded investment in non-accrual loans includes $57,197 and $54,858 which are performing according to the terms of their agreement, of which $29,439 and $34,142 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, except cash payments may be applied to interest capitalized in a restructuring when collection of remaining amounts due is considered probable. A non-accrual loan is generally returned to accrual status when contractual payments are less than 90 days past due. However, a loan may remain in non-accrual status when collectability is uncertain, such as a TDR that has not met minimum payment requirements, a loan with a partial charge-off, an equity loan or line of credit with a delinquent first mortgage greater than 90 days, 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, 2018 and 2017 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, 2018 2017 Individually Collectively Total Individually Collectively Total Real estate loans: Residential Core $ 91,360 $ 10,855,615 $ 10,946,975 $ 94,747 $ 10,666,296 $ 10,761,043 Residential Home Today 41,523 53,226 94,749 46,641 61,042 107,683 Home equity loans and lines of credit 47,911 1,793,916 1,841,827 39,172 1,530,879 1,570,051 Construction — 27,140 27,140 — 26,427 26,427 Total real estate loans 180,794 12,729,897 12,910,691 180,560 12,284,644 12,465,204 Other consumer loans — 3,021 3,021 — 3,050 3,050 Total $ 180,794 $ 12,732,918 $ 12,913,712 $ 180,560 $ 12,287,694 $ 12,468,254 An analysis of the allowance for loan losses at September 30, 2018 and 2017 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, 2018 2017 Individually Collectively Total Individually Collectively Total Real estate loans: Residential Core $ 6,934 $ 11,354 $ 18,288 $ 7,336 $ 6,850 $ 14,186 Residential Home Today 2,139 1,065 3,204 2,250 2,258 4,508 Home equity loans and lines of credit 3,014 17,907 20,921 1,475 28,774 30,249 Construction — 5 5 — 5 5 Total real estate loans $ 12,087 $ 30,331 $ 42,418 $ 11,061 $ 37,887 $ 48,948 At September 30, 2018 and 2017 , 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, 2018 and 2017 , respectively, allowances on individually reviewed loans evaluated for impairment based on the present value of cash flows, such as performing TDRs were $12,002 and $11,061 , and allowances on loans with further deteriorations in the fair value of collateral not yet identified as uncollectible were $85 and $0 . 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). The portfolio contains adjustable-rate mortgage loans whereby the interest rate is locked initially for mainly three or five years then resets annually, subject to various re-lock options available to the borrower. The adjustable-rate feature may impact a borrower's ability to afford the higher payments upon rate reset during periods of rising interest rates. The principal amount of loans in the portfolio that are adjustable-rate mortgage loans was $5,166,282 and $4,816,567 at September 30, 2018 and 2017 , respectively. As described earlier in this footnote, Home Today loans have greater credit risk than traditional residential real estate mortgage loans. At September 30, 2018 and 2017 , respectively, approximately 18% and 22% of Home Today loans include private mortgage insurance coverage. The majority of the coverage on these loans was provided by PMI Mortgage Insurance Co., which was seized by the Arizona Department of Insurance in 2011 and currently pays all claim payments at 72.5% . 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, 2018 and 2017 , respectively, was $39,367 and $61,470 , of which $36,075 and $56,511 was current. The amount of loans in the Association's total owned residential portfolio covered by mortgage insurance provided by Mortgage Guaranty Insurance Corporation as of September 30, 2018 and 2017 , respectively, was $20,912 and $28,946 of which $20,792 and $28,870 was current. As of September 30, 2018 , 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 were assessed as being non-investment grade. Home equity loans and lines of credit, which are comprised primarily of home equity lines of credit, represent a significant portion of the residential real estate portfolio. 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 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, 2018 and 2017 , are summarized as follows. Balances of recorded investments are adjusted for deferred loan fees and expenses. September 30, 2018 2017 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related IVA recorded: Residential Core $ 53,656 $ 69,516 $ — $ 47,507 $ 65,132 $ — Residential Home Today 16,006 35,532 — 18,780 41,064 — Home equity loans and lines of credit 22,423 28,504 — 18,793 25,991 — Total $ 92,085 $ 133,552 $ — $ 85,080 $ 132,187 $ — With an IVA recorded: Residential Core $ 37,704 $ 37,774 $ 6,934 $ 47,240 $ 47,747 $ 7,336 Residential Home Today 25,517 25,492 2,139 27,861 28,210 2,250 Home equity loans and lines of credit 25,488 25,519 3,014 20,379 20,389 1,475 Total $ 88,709 $ 88,785 $ 12,087 $ 95,480 $ 96,346 $ 11,061 Total impaired loans: Residential Core $ 91,360 $ 107,290 $ 6,934 $ 94,747 $ 112,879 $ 7,336 Residential Home Today 41,523 61,024 2,139 46,641 69,274 2,250 Home equity loans and lines of credit 47,911 54,023 3,014 39,172 46,380 1,475 Total $ 180,794 $ 222,337 $ 12,087 $ 180,560 $ 228,533 $ 11,061 At September 30, 2018 and 2017 , respectively, the recorded investment in impaired loans includes $165,391 and $162,020 of loans restructured in TDRs of which $10,468 and $11,884 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, 2018 2017 2016 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 $ 50,582 $ 2,968 $ 50,534 $ 1,411 $ 57,869 $ 1,288 Residential Home Today 17,393 1,150 19,444 337 21,573 352 Home equity loans and lines of credit 20,608 402 19,671 293 21,798 282 Total $ 88,583 $ 4,520 $ 89,649 $ 2,041 $ 101,240 $ 1,922 With an IVA recorded: Residential Core $ 42,472 $ 1,571 $ 50,611 $ 1,891 $ 55,696 $ 2,228 Residential Home Today 26,689 1,590 29,584 1,445 33,158 1,756 Home equity loans and lines of credit 22,934 586 17,862 849 13,206 255 Construction — — — — 213 — Total $ 92,095 $ 3,747 $ 98,057 $ 4,185 $ 102,273 $ 4,239 Total impaired loans: Residential Core $ 93,054 $ 4,539 $ 101,145 $ 3,302 $ 113,565 $ 3,516 Residential Home Today 44,082 2,740 49,028 1,782 54,731 2,108 Home equity loans and lines of credit 43,542 988 37,533 1,142 35,004 537 Construction — — — — 213 — Total $ 180,678 $ 8,267 $ 187,706 $ 6,226 $ 203,513 $ 6,161 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 $2,245 , $1,443 and $1,400 for the years ended September 30, 2018 , 2017 and 2016 , respectively. Cash payments on loans with a partial charge-off are applied fully to principal, then to recovery of the charged off amount prior to interest income being recognized, except cash payments may be applied to interest capitalized in a restructuring when collection of remaining amounts due is considered probable. Interest income on the remaining impaired loans is recognized on an accrual basis. Charge-offs on residential mortgage loans, home equity loans and lines of credit, and construction loans are recognized when triggering events, such as foreclosure actions, short sales, or deeds accepted in lieu of repayment, result in less than full repayment of the recorded investment in the loans. Partial or full charge-offs are also recognized for the amount of impairment on loans considered collateral dependent that meet 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; and • For all classes of loans, it becomes evident that a loss is probable. Collateral dependent residential mortgage loans and construction loans are charged off to the extent the recorded investment in 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 is a summary of any charge-off policy that was changed or first implemented during the current and previous four fiscal years, the effective date and the portfolios to which the policy applies. 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. 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 year s ended September 30, 2018 , 2017 and 2016 . The recorded investment in TDRs by type of concession as of September 30, 2018 and September 30, 2017 is shown in the tables below. September 30, 2018 Reduction Payment Forbearance Multiple Concessions Multiple Restructurings Bankruptcy Total Residential Core $ 9,019 $ 418 $ 10,203 $ 19,625 $ 23,116 $ 21,832 $ 84,213 Residential Home Today 4,051 47 4,671 9,474 18,483 3,683 40,409 Home equity loans and lines of credit 148 6,192 1,950 25,478 2,563 4,438 40,769 Total $ 13,218 $ 6,657 $ 16,824 $ 54,577 $ 44,162 $ 29,953 $ 165,391 September 30, 2017 Reduction Payment Forbearance Multiple Concessions Multiple 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 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. 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 year s ended September 30, 2018 , 2017 and 2016 (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, 2018 Reduction Payment Extensions Forbearance Multiple Concessions Multiple Bankruptcy Total Residential Core $ 494 $ 166 $ 1,736 $ 3,938 $ 5,863 $ 3,085 $ 15,282 Residential Home Today — 47 348 462 3,776 635 5,268 Home equity loans and lines of credit 64 1,468 23 13,630 1,240 370 16,795 Total $ 558 $ 1,681 $ 2,107 $ 18,030 $ 10,879 $ 4,090 $ 37,345 For the Year Ended September 30, 2017 Reduction Payment Extensions Forbearance Multiple Concessions Multiple Bankruptcy Total 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 in Interest Rates Payment Extensions Forbearance or Other Actions Multiple Concessions Multiple Bankruptcy Total 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 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, 2018 For the Year Ended September 30, 2017 For the Year Ended September 30, 2016 TDRs That Subsequently Defaulted Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Recorded Residential Core 16 $ 2,474 17 $ 1,462 32 $ 2,282 Residential Home Today 17 540 25 1,126 26 1,088 Home equity loans and lines of credit 8 331 16 667 28 886 Total 41 $ 3,345 58 $ 3,255 86 $ 4,256 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, 2018 Real Estate Loans: Residential Core $ 10,898,725 $ — $ 48,250 $ — $ 10,946,975 Residential Home Today 78,180 — 16,569 — 94,749 Home equity loans and lines of credit 1,813,502 4,216 24,109 — 1,841,827 Construction 27,140 — — — 27,140 Total real estate loans $ 12,817,547 $ 4,216 $ 88,928 $ — $ 12,910,691 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 At September 30, 2018 and 2017 , respectively, the recorded investment of impaired loans includes $95,916 and $94,104 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, 2018 and 2017 , respectively, there were $4,051 and $4,840 of loans classified Substandard and $4,216 and $3,837 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 become 90 days or more past due. At September 30, 2018 and 2017 , no consumer loans were graded as nonperforming. Activity in the allowance for loan losses is summarized as follows: For the Year Ended September 30, 2018 Beginning Balance Provisions Charge-offs Recoveries Ending Balance Real estate loans: Residential Core $ 14,186 $ 2,460 $ (959 ) $ 2,601 $ 18,288 Residential Home Today 4,508 (1,898 ) (1,363 ) 1,957 3,204 Home equity loans and lines of credit 30,249 (11,562 ) (5,832 ) 8,066 20,921 Construction 5 — — — 5 Total real estate loans $ 48,948 $ (11,000 ) $ (8,154 ) $ 12,624 $ 42,418 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 |
Mortgage Loan Servicing Rights
Mortgage Loan Servicing Rights | 12 Months Ended |
Sep. 30, 2018 | |
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 2018 , 2017 and 2016 , $400,136 , $249,426 and $200,298 , 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): 2018 2017 Primary prepayment speed assumptions (weighted average annual rate) 12.8 % 9.9 % Weighted average life (years) 23.9 22.2 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. September 30, 2018 Fair value of mortgage loan servicing rights $ 15,580 Prepayment speed assumptions (weighted average annual rate) 16.6 % Impact on fair value of 10% adverse change $ (548 ) Impact on fair value of 20% adverse change $ (1,049 ) Estimated prospective annual cost to service loans (weighted average) 0.12 % Impact on fair value of 10% adverse change $ (1,434 ) Impact on fair value of 20% adverse change $ (2,869 ) Discount rate 12.0 % Impact on fair value of 10% adverse change $ (562 ) Impact on fair value of 20% adverse change $ (1,081 ) 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-two 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, 2018 2017 2016 Balance—beginning of year $ 8,375 $ 8,852 $ 9,988 Additions from loan securitizations/sales 1,909 1,347 1,044 Amortization (1) (1,444 ) (1,824 ) (2,180 ) Net change in valuation allowance — — — Balance—end of year $ 8,840 $ 8,375 $ 8,852 Fair value of capitalized amounts $ 15,580 $ 16,102 $ 16,428 (1) Year ended September 30, 2018 amount includes $48 related to the repurchase of loans previously sold and serviced by the Association. 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 $4,288 in 2018 , $4,257 in 2017 and $4,696 in 2016 . The unpaid principal balance of mortgage loans serviced for others was approximately $1,927,886 , $1,849,653 and $1,959,467 at September 30, 2018 , 2017 and 2016 , respectively. The ratio of capitalized servicing rights to the unpaid principal balance of mortgage loans serviced for others was 0.46% , 0.45% , and 0.45% at September 30, 2018 , 2017 and 2016 , respectively. |
Premises, Equipment And Softwar
Premises, Equipment And Software, Net | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018 2017 Land $ 12,183 $ 12,183 Office buildings 78,470 76,003 Furniture, fixtures and equipment 35,495 33,313 Software 17,395 17,432 Leasehold improvements 15,370 15,224 158,913 154,155 Less: accumulated depreciation and amortization (95,514 ) (93,280 ) Total $ 63,399 $ 60,875 During the years ended September 30, 2018 , 2017 and 2016 , depreciation and amortization expense on premises, equipment, and software was $5,722 , $5,633 and $5,507 , 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, 2018 : Years Ending September 30, 2019 $ 6,444 2020 5,521 2021 4,451 2022 3,060 2023 2,045 Thereafter 5,546 During the years ended September 30, 2018 , 2017 and 2016 , rental expense was $7,069 , $6,929 and $6,711 , 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, 2018 : Years Ending September 30, 2019 $ 2,187 2020 2,123 2021 2,111 2022 2,178 2023 2,248 During the years ended September 30, 2018 , 2017 and 2016 , rental income was $2,148 , $1,857 and $1,556 respectively, and appears in other non-interest income in the accompanying statements. |
Accrued Interest Receivable
Accrued Interest Receivable | 12 Months Ended |
Sep. 30, 2018 | |
Accrued Interest Receivable [Abstract] | |
Accrued Interest Receivable | ACCRUED INTEREST RECEIVABLE Accrued interest receivable is summarized as follows: September 30, 2018 2017 Investment securities $ 1,352 $ 1,270 Loans 37,344 34,209 Total $ 38,696 $ 35,479 |
Deposits
Deposits | 12 Months Ended |
Sep. 30, 2018 | |
Deposits [Abstract] | |
Deposit Liabilities Disclosures | DEPOSITS Deposit account balances are summarized by interest rate as follows: Stated Interest Rate September 30, 2018 2017 Amount Percent Amount Percent Checking accounts 0.00–0.25% $ 913,525 10.8 % $ 987,001 12.1 % Savings accounts 0.00–1.75 1,256,054 14.8 1,473,415 18.1 Subtotal 2,169,579 25.6 2,460,416 30.2 Certificates of deposit 0.00–0.99 658,767 7.7 877,684 10.8 1.00–1.99 3,745,576 44.1 4,348,918 53.3 2.00–2.99 1,845,618 21.7 449,358 5.5 3.00–3.99 67,655 0.8 8,648 0.1 4.00 and above 665 0.1 4,628 0.1 6,318,281 74.4 5,689,236 69.8 Subtotal 8,487,860 100.0 8,149,652 100.0 Accrued interest 3,723 — 1,973 — Total deposits $ 8,491,583 100.0 % $ 8,151,625 100.0 % At September 30, 2018 and 2017 , the weighted average interest rate was 0.44% and 0.14% on savings accounts; 0.22% and 0.09% on checking accounts; 1.83% and 1.52% on certificates of deposit, respectively; and 1.45% and 1.10% on total deposits, respectively. The aggregate amount of certificates of deposit in denominations of $100 or more totaled approximately $3,155,664 and $2,685,662 at September 30, 2018 and 2017 , 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 $670,081 and $620,705 at September 30, 2018 and 2017, 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, 2018 Amount Percent 12 months or less $ 2,509,698 39.7 % 13 to 24 months 1,785,405 28.3 % 25 to 36 months 979,578 15.5 % 37 to 48 months 501,356 7.9 % 49 to 60 months 310,083 4.9 % Over 60 months 232,161 3.7 % Total $ 6,318,281 100.0 % Interest expense on deposits is summarized as follows: Year Ended September 30, 2018 2017 Certificates of deposit $ 97,383 $ 84,410 Checking accounts 1,406 918 Savings accounts 3,466 2,093 Total $ 102,255 $ 87,421 |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Sep. 30, 2018 | |
Advances from Federal Home Loan Banks [Abstract] | |
Borrowed Funds | BORROWED FUNDS Federal Home Loan Bank borrowings at September 30, 2018 are summarized in the table below. The amount and weighted average rates of certain FHLB Advances reflect the net impact of deferred penalties discussed below: Amount Weighted Average Rate Maturing in: 12 months or less $ 3,339,478 2.15 % 13 to 24 months 329,816 1.82 % 25 to 36 months 939 1.55 % 37 to 48 months — — % 49 to 60 months 18,285 2.62 % over 60 months 27,372 1.66 % Total FHLB Advances 3,715,890 2.12 % Accrued interest 5,809 Total $ 3,721,699 Through the use of interest rate swaps discussed in Note 17. Derivative Instruments , $1,725,000 of FHLB advances included in the table above as maturing in 12 months or less, have effective maturities, assuming no early terminations of the swap contracts, as shown below: Effective Maturity: Amount Swap Adjusted Weighted Average Rate 13 to 24 months $ 50,000 1.23 % 25 to 36 months 525,000 1.19 % 37 to 48 months 900,000 1.90 % 49 to 60 months 250,000 2.49 % Total FHLB Advances under swap contracts $ 1,725,000 1.75 % 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, 2018 2017 2016 Balance at end of year $ 2,925,000 $ 2,610,000 $ 1,451,000 Maximum outstanding at any month-end $ 2,925,000 $ 2,610,000 $ 1,451,000 Average balance during year $ 2,707,566 $ 1,976,281 $ 934,689 Average interest rate during the fiscal year 1.71 % 0.89 % 0.42 % Weighted average interest rate at end of year 2.13 % 1.22 % 0.47 % Interest expense $ 46,612 $ 17,826 $ 3,984 The Association’s maximum borrowing capacity at the FHLB, under the most restrictive measure, was an additional $128,969 at September 30, 2018 . 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 $4,776,961 at September 30, 2018 , 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 $95,539 . 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, 2018 , the Association was in compliance with all such covenants. The Association’s borrowing capacity at the FRB-Cleveland Discount Window was $55,606 at September 30, 2018 . |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Sep. 30, 2018 | |
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 2016 activity Balance at September 30, 2015 $ 1,926 $ — $ (14,991 ) $ (13,065 ) Other comprehensive income (loss) before reclassifications, net of tax expense of $(4,621) (1,510 ) (2,389 ) (4,682 ) (8,581 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax expense of $1,089 — 1,018 1,002 2,020 Other comprehensive income (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 loss before reclassifications, net of tax expense of $4,479 (3,331 ) 9,186 2,463 8,318 Amounts reclassified from accumulated other comprehensive loss, net of tax expense of $2,055 — 2,434 1,382 3,816 Other comprehensive loss (3,331 ) 11,620 3,845 12,134 Balance at September 30, 2017 $ (2,915 ) $ 10,249 $ (14,826 ) $ (7,492 ) Fiscal year 2018 activity Other comprehensive income (loss) before reclassifications, net of tax expense of $10,638 (9,436 ) 40,187 1,625 32,376 Amounts reclassified from accumulated other comprehensive income (loss), net of tax expense of $(472) — (2,847 ) 1,227 (1,620 ) Other comprehensive (loss) income (9,436 ) 37,340 2,852 30,756 Adoption of ASU 2018-02 (1,273 ) 4,325 (3,094 ) (42 ) Balance at September 30, 2018 $ (13,624 ) $ 51,914 $ (15,068 ) $ 23,222 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 2018 2017 2016 Cash flow hedges: Interest expense, effective portion $ (3,771 ) $ 3,745 $ 1,567 Interest expense Income tax 924 (1,311 ) (549 ) Income tax expense Net of income tax $ (2,847 ) $ 2,434 $ 1,018 Amortization of pension plan: Actuarial loss $ 1,679 $ 2,126 $ 1,542 (a) Income tax (452 ) (744 ) (540 ) Income tax expense Net of income tax 1,227 1,382 1,002 Adoption of ASU 2018-02 (42 ) — — (b) Total reclassifications for the period $ (1,662 ) $ 3,816 $ 2,020 (a) These items are included in the computation of net period pension cost. See Note 13. Employee Benefit Plans for additional disclosure. (b) This item is a reclassification between AOCI and Retained Earnings due to the adoption of ASU 2018-02. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018 2017 2016 Current tax expense: Federal $ 30,044 $ 39,794 $ 29,833 State 1,805 1,121 878 Deferred tax expense (benefit): Federal 3,836 3,634 11,045 State 72 (85 ) 54 Income tax provision $ 35,757 $ 44,464 $ 41,810 Reconciliation from tax at the statutory rate to the income tax provision is as follows: Year Ended September 30, 2018 2017 2016 Tax at statutory rate 24.5 % 35.0 % 35.0 % State tax, net 1.2 0.5 0.5 Non-taxable income from bank owned life insurance contracts (1.2 ) (1.7 ) (2.1 ) Remeasurement of deferred tax assets 5.4 — — Other, net (0.4 ) (0.5 ) 0.8 Income tax provision 29.5 % 33.3 % 34.2 % 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, 2018 2017 Deferred tax assets: Loan loss reserve $ 15,450 $ 26,690 Deferred compensation 5,598 12,280 Pension — 2,696 Property, equipment and software basis difference 759 2,180 Other 2,012 2,482 Total deferred tax assets 23,819 46,328 Deferred tax liabilities: FHLB stock basis difference 5,048 7,999 Mortgage servicing rights 1,263 1,583 Pension 16 — Goodwill 2,138 3,473 Deferred loan costs, net of fees 11,190 15,288 Other 2,288 1,994 Total deferred tax liabilities 21,943 30,337 Net deferred tax asset $ 1,876 $ 15,991 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, 2018 or 2017 . Retained earnings at September 30, 2018 and 2017 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, 2018 and 2017 , 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, 2018 , 2017 and 2016 . Total interest accrued was $0 at September 30, 2018 and 2017 . On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Act”). Among its numerous changes to the Internal Revenue Code, the Act reduced the federal corporate tax rate to 21% from 35% effective January 1, 2018. Under Section 15 of the Internal Revenue Code, the Company is required to apply a blended federal tax rate for the period that includes the enactment date. The blended rate for the annual period is based on the applicable tax rates before and after the change and the number of days in the year. The Company's blended statutory federal rate for the fiscal year ending September 30, 2018 is 24.53% . During the year ended September 30, 2018 , the Company recorded $ 6,610 of income tax expense to recognize the impact of changes in federal income tax rates and other provisions of the Act on the net deferred tax asset. The Company’s effective income tax rate was 29.5% , 33.3% and 34.2% for the years ending September 30, 2018 , 2017 and 2016 , respectively. The decrease in the effective rate for the year ended September 30, 2018 compared to the same periods during fiscal 2017 and 2016 is primarily due to the impact of the Act as discussed above. 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 2015. 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 for the years ended September 30, 2018 , 2017 and 2016 . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018 2017 Projected benefit obligation at beginning of year $ 82,218 $ 84,218 Interest cost 3,095 3,068 Actuarial loss and other (1,165 ) (955 ) Benefits paid (3,539 ) (4,113 ) Projected benefit obligation at end of year $ 80,609 $ 82,218 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, 2018 2017 Fair value of plan assets at beginning of the year $ 72,806 $ 65,951 Actual return on plan assets 5,035 6,968 Employer contributions 5,000 4,000 Benefits paid (3,539 ) (4,113 ) Fair value of plan assets at end of year $ 79,302 $ 72,806 Funded status of the plan—asset (liability) $ (1,307 ) $ (9,412 ) The components of net periodic cost recognized in the Consolidated Statements of Income are as follows: Year Ended September 30, 2018 2017 2016 Interest Cost 3,095 3,068 3,288 Expected return on plan assets (4,142 ) (4,134 ) (4,111 ) Amortization of net loss and other 1,679 2,126 1,542 Net periodic benefit (income) cost $ 632 $ 1,060 $ 719 There were no required minimum employer contributions during the fiscal year ended September 30, 2018 . The Company made a voluntary contribution of $5,000 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 Note 16. Fair Value . The following table presents the fair value of Plan assets. September 30, 2018 2017 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 $ 79,302 N/A Daily 7 Days $ 72,806 N/A Daily 7 Days There are no redemption restrictions on Plan assets at September 30, 2018. 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, 2018 2017 2016 Assumptions and dates used to determine benefit obligations: Discount rate 4.15 % 3.90 % 3.75 % Rate of compensation increase n/a n/a n/a Assumptions used to determine net periodic benefit cost: Discount rate 3.90 % 3.75 % 4.40 % Long-term rate of return on plan assets 6.25 % 7.00 % 7.50 % Rate of compensation increase (graded scale) n/a n/a n/a The expected long-term return on plan assets assumption was developed as a weighted average rate based on the target asset allocation of the plan and the Long-Term Capital Market Assumptions for the corresponding fiscal year end. 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: 2019 $ 5,630 2020 4,960 2021 5,160 2022 4,140 2023 4,520 Aggregate expected benefit payments during the five fiscal year period beginning October 1, 2024, and ending September 30, 2029 22,930 Minimum employer contributions expected to be paid during the fiscal year ending September 30, 2019 — 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, 2018 , 2017 , and 2016 , AOCI includes pretax net actuarial losses of $19,073 , $22,809 , and $28,725 , 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 $1,336 of net actuarial losses will be recognized as AOCI components of net periodic benefit cost during the fiscal year ended September 30, 2019 . 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, 2018 , 2017 and 2016 was $3,703 , $3,456 and $3,412 , 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 2018 , 2017 and 2016 fiscal years was $6,639 , $7,342 and $7,714 , 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, 2018 and 2017 was $57,986 and $61,759 , 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, 2018 , 6,405,748 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 4,875,071 at September 30, 2018 , and had a fair market value of $73,175 . 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, 2018 | |
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 Company adopted the provisions related to share-based compensation in FASB ASC 718 and FASB ASC 505, upon approval of the 2008 Equity Incentive Plan, and began to expense the fair value of all share-based compensation granted over the requisite service periods. At the annual meeting of shareholders held on February 22, 2018, shareholders of the Company approved the TFS Financial Corporation Amended and Restated 2008 Equity Incentive Plan. The Amended and Restated 2008 Equity Incentive Plan is substantially similar to the previous plan, except that the number of future shares eligible to be granted has been reduced to 8,450,000 shares and the term to grant shares has been extended to February 21, 2028. The 2008 Equity Incentive Plan and the Amended and Restated 2008 Equity Incentive Plan are collectively referred to as the "Equity Plan”. During the year ended September 30, 2018 , the Compensation Committee of the Company’s Board of Directors approved the issuance of an additional 1,067,100 stock options and 470,100 restricted stock units to certain directors, officers and employees of the Company. Included in the totals are 22,000 stock options and 22,000 restricted stock units awarded under the Amended and Restated 2008 Equity Incentive Plan. The remaining awards were made pursuant to the 2008 Equity Incentive Plan prior to the February 22, 2018 shareholder meeting. 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 $ 125 , $ 1,058 , and $ 3,198 for 2018 , 2017 and 2016 , 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, 2018 , 2017 and 2016 , the Company recorded $4,718 , $3,893 and $5,723 , respectively, of share-based compensation expense, comprised of stock option expense of $1,251 , $1,502 and $2,473 , respectively and restricted stock units expense of $3,468 , $2,391 and $3,250 , respectively. The tax benefit recognized in net income related to share-based compensation expense was $1,024 , $1,195 and $1,776 , respectively. The following is a summary of the status of the Company’s restricted stock units as of September 30, 2018 and changes therein during the year then ended: Number of Shares Awarded Weighted Average Grant Date Fair Value Outstanding at September 30, 2017 1,169,068 $ 13.18 Granted 470,100 $ 14.81 Exercised (288,033 ) $ 15.73 Forfeited (15,710 ) $ 14.78 Outstanding at September 30, 2018 1,335,425 $ 13.19 Vested and exercisable, at September 30, 2018 (1) 811,920 $ 11.91 Vested and expected to vest, at September 30, 2018 1,335,425 $ 13.19 (1) Represents shares that have vested but will not be issued until the recipients are no longer employed by the Company. The weighted average grant date fair value of restricted stock units granted during the years ended September 30, 2018 , 2017 and 2016 was $ 14.81 , $19.26 and $19.06 per share, respectively. The total fair value of restricted stock units vested during the years ended September 30, 2018 , 2017 and 2016 was $6,996 , $2,655 , and $2,519 , respectively. Expected future compensation expense relating to the non-vested restricted stock units at September 30, 2018 is $4,625 over a weighted average period of 2.03 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, 2018 : Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value Outstanding at September 30, 2017 4,516,432 $ 13.26 5.54 $ 15,057 Granted 1,067,100 $ 14.77 Exercised (501,275 ) $ 11.73 $ 2,058 Forfeited (94,295 ) $ 14.76 $ 28 Outstanding at September 30, 2018 4,987,962 $ 13.71 5.84 $ 9,417 Vested and exercisable, at September 30, 2018 3,573,142 $ 12.96 4.70 $ 9,120 Vested or expected to vest, at September 30, 2018 4,987,962 $ 13.71 5.84 $ 9,417 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. 2018 2017 Expected dividend yield 4.60 % 2.59 % Expected volatility 16.56 % 21.97 % Risk-free interest rate 2.33 % 1.86 % Expected option term (in years) 6.00 6.00 The expected dividend yield for 2018 was estimated on the then-current annualized dividend payout of $0.68 per share which was not expected to change. The expected dividend yield for 2017 was estimated based on the then-current annualized dividend payout of $0.50 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, 2018 , 2017 and 2016 was $1.22 , $3.22 , and $3.48 per share, respectively. Expected future compensation expense relating to the non-vested options outstanding as of September 30, 2018 is $1,452 over a weighted average period of 1.82 years. Upon exercise of vested options, management expects to draw on treasury stock as the source of the shares. At September 30, 2018 , no future awards are authorized under the 2008 Equity Incentive Plan, and the number of common shares authorized for award under the Amended and Restated 2008 Equity Incentive Plan was 8,450,000 , of which 8,406,000 shares remain available for future award. |
Commitments And Contingent Liab
Commitments And Contingent Liabilities | 12 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES In the normal course of business, the Company enters into commitments with off-balance-sheet risk to meet the financing needs of its customers. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments to originate loans generally have fixed expiration dates of 60 to 360 days or other termination clauses and may require payment of a fee. Unfunded commitments related to home equity lines of credit generally expire from five to 10 years following the date that the line of credit was established, subject to various conditions including compliance with payment 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, 2018 , the Company had commitments to originate loans as follows: Fixed-rate mortgage loans $ 143,208 Adjustable-rate mortgage loans 137,477 Equity loans and lines of credit including bridge loans 135,135 Total $ 415,820 At September 30, 2018 , the Company had unfunded commitments outstanding as follows: Equity lines of credit $ 1,772,947 Construction loans 36,549 Limited partner investments 11,541 Total $ 1,821,037 At September 30, 2018 , 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 $1,797,283 . 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, 2018 | |
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, 2018 and 2017 , respectively, there were no loans held for sale, subject to pending agency contracts for which the fair value option was elected. 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, 2018 and 2017 , respectively, this includes $531,965 and $537,479 of investments in U.S. government and agency obligations including U.S. Treasury notes and 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, 2018 and 2017 , respectively, there were $659 and $351 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, 2018 and 2017 , respectively, this included $98,459 and $95,480 in recorded investment of TDRs with related allowances for loss of $12,002 and $11,061 . 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, 2018 and 2017 , these adjustments were not significant to reported fair values. At September 30, 2018 and 2017 , respectively, $1,238 and $3,479 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 $132 and $401 related to properties measured at fair value and $1,688 and $2,443 of properties carried at their original or adjusted cost basis at September 30, 2018 and 2017 , 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, 2018 and 2017 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 $ 519,999 $ — $ 519,999 $ — Fannie Mae certificates 7,998 — 7,998 — U.S. government and agency obligations $ 3,968 $ — $ 3,968 $ — Total $ 531,965 $ — $ 531,965 $ — Liabilities Derivatives: Interest rate lock commitments 2 — — 2 Total $ 2 $ — $ — $ 2 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 $ — 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, 2018 2017 2016 Beginning balance $ 58 $ 99 $ 79 Gain (loss) during the period due to changes in fair value: Included in other non-interest income (60 ) (41 ) 20 Ending balance $ (2 ) $ 58 $ 99 Change in unrealized gains for the period included in earnings for assets held at end of the reporting date $ (2 ) $ 58 $ 99 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 $ 82,250 $ — $ — $ 82,250 Real estate owned (1) 1,238 — — 1,238 Total $ 83,488 $ — $ — $ 83,488 ______________________ (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 $ 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. The following provides quantitative information about significant unobservable inputs categorized within Level 3 of the Fair Value Hierarchy. The interest rate lock commitments at September 30, 2018 include both mortgage origination applications and preapprovals. Preapprovals have a much lower closure rate than origination applications as reflected in the weighted average closure rate for the period ending September 30, 2018 . Fair Value Weighted 9/30/2018 Valuation Technique(s) Unobservable Input Range Average Impaired loans, net of allowance $82,250 Market comparables of collateral discounted to estimated net proceeds Discount appraised value to estimated net proceeds based on historical experience: • Residential Properties 0 - 28% 6.4% Interest rate lock commitments $(2) Quoted Secondary Market pricing Closure rate 0 - 100% 50.0% 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% The following table presents the carrying amount and estimated fair value of the Company’s financial instruments. September 30, 2018 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 Assets: Cash and due from banks $ 29,056 $ 29,056 $ 29,056 $ — $ — Interest earning cash equivalents 240,719 240,719 240,719 — — Investment securities available for sale 531,965 531,965 — 531,965 — Mortgage loans held for sale 659 661 — 661 — Loans-net: Mortgage loans held for investment 12,868,273 12,908,729 — — 12,908,729 Other loans 3,021 3,045 — — 3,045 Federal Home Loan Bank stock 93,544 93,544 N/A — — Accrued interest receivable 38,696 38,696 — 38,696 — Cash collateral held by counterparty 13,794 13,794 13,794 — — Liabilities: Checking and passbook accounts $ 2,169,579 $ 2,169,579 $ — $ 2,169,579 $ — Certificates of deposit 6,322,004 6,006,951 — 6,006,951 — Borrowed funds 3,721,699 3,724,020 — 3,724,020 — Borrowers’ advances for taxes and insurance 103,005 103,005 — 103,005 — Principal, interest and escrow owed on loans serviced 31,490 31,490 — 31,490 — Derivatives 2 2 — — 2 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 — 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, 2018 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS The Company enters into interest rate swaps to add stability to interest expense and manage exposure to interest rate movements as part of an overall risk management strategy. For hedges of the Company's borrowing program, interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed payments. These derivatives are used to hedge the forecasted cash outflows associated with the Company's FHLB borrowings. At September 30, 2018 and September 30, 2017 , the interest rate swaps used in the Company's asset/liability management strategy have weighted average terms of 3.3 years and 4.1 years and weighted average fixed-rate interest payments of 1.75% and 1.62% , respectively. 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 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, 2018 or September 30, 2017 . 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, notional values and fair values, at the reporting dates, for all derivative instruments. September 30, 2018 September 30, 2017 Notional Value Fair Value Notional Value Fair Value Derivatives designated as hedging instruments Cash flow hedges: Interest rate swaps (1) Other Assets $ 1,725,000 $ — $ 1,175,000 $ 17,001 Other Liabilities $ — $ — $ 325,000 $ 1,233 Total cash flow hedges: Interest rate swaps $ 1,725,000 $ — $ 1,500,000 $ 15,768 Derivatives not designated as hedging instruments Interest rate lock commitments Other Assets $ — $ — $ 2,952 $ 58 Other Liabilities $ 4,248 $ 2 $ — $ — Total interest rate lock commitments $ 4,248 $ (2 ) $ 2,952 $ 58 (1) At September 30, 2018 , variation margin pledged to or received from a Central Counterparty Clearing House to cover the prior day's fair value of open positions is considered settlement of the derivative position for accounting purposes. At September 30, 2017 , variation margin was not recognized as settlement. 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, 2018 2017 2016 Cash flow hedges Amount of gain (loss) recognized, effective portion Other comprehensive income $ 53,717 $ 14,131 $ (3,676 ) Amount of gain (loss) reclassified from AOCI Interest expense 3,771 (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 $ (60 ) $ (41 ) $ 20 Total $ (60 ) $ (41 ) $ 20 The Company estimates that $16,991 of the amounts reported in AOCI will be reclassified as a credit to interest expense during the twelve months ending September 30, 2019. 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. All of the Company's swap transactions are cleared through a registered clearing broker to a central clearing organization. For derivative transactions cleared through certain clearing parties, variation margin payments are recognized as settlements. At September 30, 2018 , the Company's initial margin was $13,794 and variation payments are recognized as settlements, resetting the fair value of interest rate swaps to zero. At September 30, 2017 , the Company posted collateral of $2,955 related to the initial and daily margin requirements of interest rate swaps. The fair value of derivative instruments are presented on a gross basis, even when the derivative instruments are subject to master netting arrangements. |
Parent Company Only Financial S
Parent Company Only Financial Statements | 12 Months Ended |
Sep. 30, 2018 | |
Condensed Financial Information 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, 2018 2017 Statements of Condition Assets: Cash and due from banks $ 1,215 $ 5,123 Investment securities - available for sale 3,968 — Other loans: Demand loan due from Third Federal Savings and Loan 120,237 89,299 ESOP loan receivable 57,986 61,759 Investments in: Third Federal Savings and Loan 1,545,491 1,503,831 Non-thrift subsidiaries 82,301 80,420 Prepaid federal and state taxes 213 154 Deferred income taxes 864 2,630 Accrued receivables and other assets 10,123 9,247 Total assets $ 1,822,398 $ 1,752,463 Liabilities and shareholders’ equity: Line of credit due non-thrift subsidiary $ 61,066 $ 59,815 Accrued expenses and other liabilities 2,928 2,689 Total liabilities 63,994 62,504 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; 280,311,070 and 281,291,750 outstanding at September 30, 2018 and September 30, 2017, respectively 3,323 3,323 Paid-in capital 1,726,992 1,722,672 Treasury stock, at cost; 52,007,680 and 51,027,000 shares at September 30, 2018 and September 30, 2017, respectively (754,272 ) (735,530 ) Unallocated ESOP shares (48,751 ) (53,084 ) Retained earnings—substantially restricted 807,890 760,070 Accumulated other comprehensive income (loss) 23,222 (7,492 ) Total shareholders’ equity 1,758,404 1,689,959 Total liabilities and shareholders’ equity $ 1,822,398 $ 1,752,463 Years Ended September 30, 2018 2017 2016 Statements of Comprehensive Income Interest income: Demand loan due from Third Federal Savings and Loan $ 2,147 $ 914 $ 433 ESOP loan 2,536 2,308 2,281 Other interest income 51 21 4 Investment securities - available for sale 27 — — Total interest income 4,761 3,243 2,718 Interest expense: Borrowed funds from non-thrift subsidiaries 1,179 612 377 Total interest expense 1,179 612 377 Net interest income 3,582 2,631 2,341 Non-interest income: Intercompany service charges 42 68 90 Dividend from Third Federal Savings and Loan 85,000 81,000 60,000 Total other income 85,042 81,068 60,090 Non-interest expenses: Salaries and employee benefits 5,666 5,134 5,543 Professional services 1,381 982 922 Office property and equipment — 3 13 Other operating expenses 248 193 253 Total non-interest expenses 7,295 6,312 6,731 Income before income taxes 81,329 77,387 55,700 Income tax benefit (1,071 ) (3,747 ) (2,915 ) Income before undistributed earnings of subsidiaries 82,400 81,134 58,615 Equity in undistributed earnings of subsidiaries (dividend in excess of earnings): Third Federal Savings and Loan 1,126 6,709 21,231 Non-thrift subsidiaries 1,881 1,034 707 Net income 85,407 88,877 80,553 Change in net unrealized (loss) gain on securities available for sale (9,436 ) (3,331 ) (1,510 ) Change in cash flow hedges 37,340 11,620 (1,371 ) Change in pension obligation 2,852 3,845 (3,680 ) Total other comprehensive loss 30,756 12,134 (6,561 ) Total comprehensive income $ 116,163 $ 101,011 $ 73,992 Years Ended September 30, 2018 2017 2016 Statements of Cash Flows Cash flows from operating activities: Net income $ 85,407 $ 88,877 $ 80,553 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 (1,126 ) (6,709 ) (21,231 ) Non-thrift subsidiaries (1,881 ) (1,034 ) (707 ) Deferred income taxes 1,766 74 542 ESOP and Stock-based compensation expense 1,585 1,439 2,435 Net (increase) decrease in interest receivable and other assets (910 ) (2,300 ) (346 ) Net increase (decrease) in accrued expenses and other liabilities 307 144 359 Net cash provided by operating activities 85,148 80,491 61,605 Cash flows from investing activities: Purchase of securities available for sale (4,000 ) — — (Increase) decrease in balances lent to Third Federal Savings and Loan (30,938 ) (856 ) (54,792 ) Repayment of capital contribution from Third Federal Savings and Loan — — 150,000 Net cash (used in) provided by investing activities (34,938 ) (856 ) 95,208 Cash flows from financing activities: Principal reduction of ESOP loan 3,773 3,703 3,648 Purchase of treasury shares (19,741 ) (54,029 ) (128,361 ) Dividends paid to common shareholders (37,629 ) (27,709 ) (23,414 ) Excess tax benefit related to stock-based compensation — — 1,485 Acquisition of treasury shares through net settlement for taxes (1,772 ) (2,504 ) (7,697 ) Net increase in borrowings from non-thrift subsidiaries 1,251 925 529 Net cash used in financing activities (54,118 ) (79,614 ) (153,810 ) Net increase (decrease) in cash and cash equivalents (3,908 ) 21 3,003 Cash and cash equivalents—beginning of year 5,123 5,102 2,099 Cash and cash equivalents—end of year $ 1,215 $ 5,123 $ 5,102 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018 and 2017 , respectively, the ESOP held 4,875,071 and 5,308,411 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, 2018 Income Shares Per share amount (Dollars in thousands, except per share data) Net income $ 85,407 Less: income allocated to restricted stock units 1,211 Basic earnings per share: Income available to common shareholders 84,196 275,590,053 $ 0.31 Diluted earnings per share: Effect of dilutive potential common shares 1,708,372 Income available to common shareholders $ 84,196 277,298,425 $ 0.30 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 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. For the Year Ended September 30, 2018 2017 2016 Options to purchase shares 1,885,600 779,740 393,500 Restricted stock units 17,000 — — |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018 and 2017 was $0 and $173 , respectively. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Sep. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Adopted in fiscal year ended September 30, 2018 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 adopted this guidance October 1, 2017. The impact in the Consolidated Statements of Income for fiscal years 2018, 2017 and 2016, respectively, is $632 , $1,060 and $719 of previously classified Salaries and Employee Benefits now being classified as Other Non-interest Expenses. In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This guidance permits an entity to elect to reclassify the tax effects that were stranded in other comprehensive income, resulting from the Tax Cuts and Jobs Act, to retained earnings. This guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. This guidance may be early adopted in any interim or annual period for which financial statements have not yet been issued and applied either in the period of adoption or retrospectively to each period in which the effect of the change in the corporate tax rate in the Act is recognized. The Company elected to early adopt this guidance and reclassify $42 thousand from accumulated other comprehensive income to retained earnings for the year ended September 30, 2018 . The adoption did not have a material impact on the Company's consolidated financial condition or results of operations. Notwithstanding the election made pursuant to this ASU, the Company's policy is to release income tax effects from accumulated other comprehensive income only when the entire portfolio to which the underlying transactions relate is liquidated, sold or extinguished. Issued but not yet adopted as of September 30, 2018 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. The amendments in the ASU clarify that an entity entering into a contract with a customer to transfer goods, services or nonfinancial assets should recognize revenue in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods, services or nonfinancial assets. This guidance does not apply to customer contracts 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 periods 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 six separate ASUs which amend the original guidance regarding principal versus agent considerations, identifying performance obligations and licensing, addressing the presentation of sales tax, noncash considerations, contract modifications at transition, and assessing collectability, gains and losses from derecognition of nonfinancial assets and other minor technical corrections and improvements. The Company will adopt the amendments October 1, 2018 through the modified-retrospective transition method. A significant amount of the Company's revenues are derived from net interest income, which is excluded from the scope of the amended guidance. The Company's analysis suggests that the adoption of this guidance and related changes to the Company's policies are not expected to have a material impact on the consolidated financial condition or results of operations. The additional disclosures required by this Update will be provided effective with the adoption of these ASUs. 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. The guidance also requires financial assets and financial liabilities to be presented separately in the footnotes, grouped by measurement category (fair value, amortized cost) and form of financial assets. 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. ASU 2018-03 was issued in February 2018 as technical guidance to ASU 2016-01 to aid in clarification and presentation requirements. Both of these accounting and disclosure guidance are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years 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 will adopt this guidance on October 1, 2018 through the modified-retrospective transition method. The Company does not expect to recognize a cumulative adjustment to equity upon implementation of the standard. The Company expects the guidance to solely impact the Company's disclosures, and does not expect adoption will have a material impact on its consolidated financial condition and results of operations. 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 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. ASU 2016-02 required entities to adopt the new lease standard using a modified retrospective approach. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements, which provides entities with an additional (and optional) transition method to adopt the new lease standard. Under this new method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company intends to adopt this guidance on October 1, 2019 utilizing the transition method described in ASU 2018-11. In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842) Land Easement Practical Expedient, which allows entities to elect an optional transition practical expedient to not evaluate under Topic 842 land easements that exist or expired before the entity's adoption of Topic 842. An implementation team has been created to identify all leases involved, determine which, if any, practical expedients to utilize, and gather data 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 any additional impact this new standard may have on its consolidated financial condition and results of operations. The Company also anticipates additional disclosures to be provided at adoption. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The amendments in this Update replace the existing incurred loss impairment methodology with a methodology that reflects the expected credit losses for the remaining life of the asset. This will require consideration of a broader range of information, including 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 modified-retrospective approach, resulting in a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. For public business entities that are SEC filers, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company intends to adopt this guidance on October 1, 2020. 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 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 will retrospectively adopt the guidance on October 1, 2018. Adoption of this accounting guidance is not expected to affect the presentation in the Company's Consolidated Statements of Cash Flows. In May 2017, the FASB issued ASU 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 will adopt the guidance on October 1, 2018. The Update is not expected to have a material impact on the Company's consolidated financial condition or results of operations. 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. The Company will early adopt the amendments effective October 1, 2018. The Update is not expected to have a material impact on the Company's consolidated financial condition or results of operations. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this Update add, remove and modify the disclosure requirements on fair value measurements in Topic 820. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted upon issuance of this Update. The Company intends to adopt the amendments effective October 1, 2020. The Update is not expected to have a material impact on the Company's consolidated financial condition, results of operations, or disclosures. In August 2018, the FASB issued ASU 2018-15, Internal-Use Software (Subtopic 350-40) - Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. Current GAAP does not specifically address the accounting for implementation costs of a hosting arrangement that is a service contract. Accordingly, the amendments in this Update improve current GAAP because they clarify that accounting and align the accounting for implementation costs for hosting arrangements, regardless of whether they convey a license to the hosted software. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period, for all entities. The Company intends to adopt the amendments effective October 1, 2020. Management is currently assessing the impact the Update will have on the Company's disclosures. In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815), Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index SWAP (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this Update permit use of the Overnight Index Swap Rate (OIS) rate based on Secured Overnight Financing Rate (SOFR) as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the UST, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate, and the SIFMA Municipal Swap Rate. For entities that have not already adopted Update 2017-12, the amendments in this Update are required to be adopted concurrently with the amendments in Update 2017-12. For public business entities that adopt the amendments in Update 2017-12 prior to the issuance of ASU 2018-16, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company intends to adopt ASU 2017-12 on October 1, 2018, prior to the issuance of ASU 2018-16, and therefore, intends to adopt the provisions of ASU 2018-16 on October 1, 2019. Management is currently assessing the impact of the Update. 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, 2018 | |
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, 2018 and 2017 . Fiscal 2018 Quarter Ended December 31 March 31 June 30 September 30 (In thousands, except per share data) Interest income $ 107,229 $ 110,180 $ 111,118 $ 114,518 Interest expense 37,241 38,482 40,845 45,536 Net interest income 69,988 71,698 70,273 68,982 Provision (credit) for loan losses (3,000 ) (4,000 ) (2,000 ) (2,000 ) Net interest income after provision for loan losses 72,988 75,698 72,273 70,982 Non-interest income 4,844 4,616 7,191 4,885 Non-interest expense 45,776 49,688 51,429 45,420 Income before income tax 32,056 30,626 28,035 30,447 Income tax expense 12,443 7,312 7,160 8,842 Net income $ 19,613 $ 23,314 $ 20,875 $ 21,605 Earnings per share—basic and diluted $ 0.07 $ 0.08 $ 0.07 $ 0.08 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 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 S_2
Description Of Business And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Sep. 30, 2018 | |
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 81.02% of the outstanding shares of common stock of the Company at September 30, 2018 . 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 Deferred Loan Expenses, net | 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. 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 . When a loan is more than one month past due on its scheduled payments, the loan is considered 30 days or more past due. Cash payments on loans with a partial charge-off are applied fully to principal, then to recovery of the charged off amount prior to interest income being recognized, except cash payments may be applied to interest capitalized in a restructuring when collection of remaining amounts due is considered probable. Interest income on the remaining impaired loans is recognized on an accrual basis. Charge-offs on residential mortgage loans, home equity loans and lines of credit, and construction loans are recognized when triggering events, such as foreclosure actions, short sales, or deeds accepted in lieu of repayment, result in less than full repayment of the recorded investment in the loans. Partial or full charge-offs are also recognized for the amount of impairment on loans considered collateral dependent that meet 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; and • For all classes of loans, it becomes evident that a loss is probable. Collateral dependent residential mortgage loans and construction loans are charged off to the extent the recorded investment in 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 is a summary of any charge-off policy that was changed or first implemented during the current and previous four fiscal years, the effective date and the portfolios to which the policy applies. 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. Loans are placed in non-accrual status when they are contractually 90 days or more past due. Loans with a partial charge-off are placed in non-accrual and will remain in non-accrual status until, at a minimum, the impairment is recovered. Loans restructured in TDRs that were in non-accrual status prior to the restructurings remain in non-accrual status for a minimum of six months after restructuring. Loans restructured in TDRs with a high debt-to-income ratio at the time of modification are placed in non-accrual status for a minimum of 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. Interest on loans in accrual status, including certain loans individually reviewed for impairment, is recognized in interest income as it accrues, on a daily basis. Accrued interest on loans in non-accrual status is reversed by a charge to interest income and income is subsequently recognized only to the extent cash payments are received. Cash payments on loans in non-accrual status are applied to the oldest scheduled, unpaid payment first. Cash payments on loans with a partial charge-off are applied fully to principal, then to recovery of the charged off amount prior to interest income being recognized, except cash payments may be applied to interest capitalized in a restructuring when collection of remaining amounts due is considered probable. A non-accrual loan is generally returned to accrual status when contractual payments are less than 90 days past due. However, a loan may remain in non-accrual status when collectability is uncertain, such as a TDR that has not met minimum payment requirements, a loan with a partial charge-off, an equity loan or line of credit with a delinquent first mortgage greater than 90 days, 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. |
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, 2018 and 2017 . Goodwill is reviewed for impairment on an annual basis as of September 30. No impairment was identified as of September 30, 2018 or 2017 . |
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 Income (Loss) —Accumulated other comprehensive income (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. The Company's policy is to release income tax effects from accumulated other comprehensive income only when then entire portfolio to which the underlying transactions relate to is liquidated, sold or extinguished. |
Pension Benefits | 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 | 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 shares outstanding for the period using the treasury stock method. At September 30, 2018 , 2017 and 2016 , 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, 2018 | |
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, 2018 and 2017 , 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, 2018 Total Capital to Risk-Weighted Assets $ 1,559,180 20.47 % $ 609,414 8.00 % $ 761,767 10.00 % Tier 1 (Leverage) Capital to Net Average Assets 1,516,758 10.87 % 557,963 4.00 % 697,453 5.00 % Tier 1 Capital to Risk-Weighted Assets 1,516,758 19.91 % 457,060 6.00 % 609,414 8.00 % Common Equity Tier 1 Capital to Risk-Weighted Assets 1,516,744 19.91 % 342,795 4.50 % 495,149 6.50 % 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 % |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Investments [Abstract] | |
Investment Securities Available For Sale | Investments available for sale are summarized as follows: September 30, 2018 Amortized Cost Gross Unrealized Fair Value Gains Losses REMICs $ 537,330 $ 7 $ (17,338 ) $ 519,999 Fannie Mae certificates 7,906 237 (145 ) 7,998 U.S. Government and agency obligations 3,975 — (7 ) 3,968 Total $ 549,211 $ 244 $ (17,490 ) $ 531,965 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 |
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, 2018 and 2017 , were as follows: September 30, 2018 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 $ 113,111 $ 1,799 $ 400,558 $ 15,539 $ 513,669 $ 17,338 Fannie Mae certificates — — 4,337 145 4,337 145 U.S. Government and agency obligations 3,968 7 — — 3,968 7 Total $ 117,079 $ 1,806 $ 404,895 $ 15,684 $ 521,974 $ 17,490 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 |
Loans And Allowance For Loan _2
Loans And Allowance For Loan Losses (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Schedule of Loans Held For Investment | Loans held for investment consist of the following: September 30, 2018 2017 Real estate loans: Residential Core $ 10,930,811 $ 10,746,204 Residential Home Today 94,933 108,964 Home equity loans and lines of credit 1,818,918 1,552,315 Construction 64,012 60,956 Real estate loans 12,908,674 12,468,439 Other consumer loans 3,021 3,050 Add (deduct): Deferred loan expenses, net 38,566 30,865 Loans-in-process (“LIP”) (36,549 ) (34,100 ) Allowance for loan losses (42,418 ) (48,948 ) Loans held for investment, net $ 12,871,294 $ 12,419,306 |
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, 2018 and 2017 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, 2018 Real estate loans: Residential Core $ 7,539 $ 2,335 $ 10,807 $ 20,681 $ 10,926,294 $ 10,946,975 Residential Home Today 2,787 1,765 3,814 8,366 86,383 94,749 Home equity loans and lines of credit 4,152 2,315 5,933 12,400 1,829,427 1,841,827 Construction — — — — 27,140 27,140 Total real estate loans 14,478 6,415 20,554 41,447 12,869,244 12,910,691 Other consumer loans — — — — 3,021 3,021 Total $ 14,478 $ 6,415 $ 20,554 $ 41,447 $ 12,872,265 $ 12,913,712 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 |
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, 2018 2017 Real estate loans: Residential Core $ 41,628 $ 43,797 Residential Home Today 14,641 18,109 Home equity loans and lines of credit 21,483 17,185 Total non-accrual loans $ 77,752 $ 79,091 |
Allowance for Credit Losses on Financing Receivables | The recorded investment in loan receivables at September 30, 2018 and 2017 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, 2018 2017 Individually Collectively Total Individually Collectively Total Real estate loans: Residential Core $ 91,360 $ 10,855,615 $ 10,946,975 $ 94,747 $ 10,666,296 $ 10,761,043 Residential Home Today 41,523 53,226 94,749 46,641 61,042 107,683 Home equity loans and lines of credit 47,911 1,793,916 1,841,827 39,172 1,530,879 1,570,051 Construction — 27,140 27,140 — 26,427 26,427 Total real estate loans 180,794 12,729,897 12,910,691 180,560 12,284,644 12,465,204 Other consumer loans — 3,021 3,021 — 3,050 3,050 Total $ 180,794 $ 12,732,918 $ 12,913,712 $ 180,560 $ 12,287,694 $ 12,468,254 Activity in the allowance for loan losses is summarized as follows: For the Year Ended September 30, 2018 Beginning Balance Provisions Charge-offs Recoveries Ending Balance Real estate loans: Residential Core $ 14,186 $ 2,460 $ (959 ) $ 2,601 $ 18,288 Residential Home Today 4,508 (1,898 ) (1,363 ) 1,957 3,204 Home equity loans and lines of credit 30,249 (11,562 ) (5,832 ) 8,066 20,921 Construction 5 — — — 5 Total real estate loans $ 48,948 $ (11,000 ) $ (8,154 ) $ 12,624 $ 42,418 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 An analysis of the allowance for loan losses at September 30, 2018 and 2017 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, 2018 2017 Individually Collectively Total Individually Collectively Total Real estate loans: Residential Core $ 6,934 $ 11,354 $ 18,288 $ 7,336 $ 6,850 $ 14,186 Residential Home Today 2,139 1,065 3,204 2,250 2,258 4,508 Home equity loans and lines of credit 3,014 17,907 20,921 1,475 28,774 30,249 Construction — 5 5 — 5 5 Total real estate loans $ 12,087 $ 30,331 $ 42,418 $ 11,061 $ 37,887 $ 48,948 |
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, 2018 and 2017 , are summarized as follows. Balances of recorded investments are adjusted for deferred loan fees and expenses. September 30, 2018 2017 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related IVA recorded: Residential Core $ 53,656 $ 69,516 $ — $ 47,507 $ 65,132 $ — Residential Home Today 16,006 35,532 — 18,780 41,064 — Home equity loans and lines of credit 22,423 28,504 — 18,793 25,991 — Total $ 92,085 $ 133,552 $ — $ 85,080 $ 132,187 $ — With an IVA recorded: Residential Core $ 37,704 $ 37,774 $ 6,934 $ 47,240 $ 47,747 $ 7,336 Residential Home Today 25,517 25,492 2,139 27,861 28,210 2,250 Home equity loans and lines of credit 25,488 25,519 3,014 20,379 20,389 1,475 Total $ 88,709 $ 88,785 $ 12,087 $ 95,480 $ 96,346 $ 11,061 Total impaired loans: Residential Core $ 91,360 $ 107,290 $ 6,934 $ 94,747 $ 112,879 $ 7,336 Residential Home Today 41,523 61,024 2,139 46,641 69,274 2,250 Home equity loans and lines of credit 47,911 54,023 3,014 39,172 46,380 1,475 Total $ 180,794 $ 222,337 $ 12,087 $ 180,560 $ 228,533 $ 11,061 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, 2018 2017 2016 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 $ 50,582 $ 2,968 $ 50,534 $ 1,411 $ 57,869 $ 1,288 Residential Home Today 17,393 1,150 19,444 337 21,573 352 Home equity loans and lines of credit 20,608 402 19,671 293 21,798 282 Total $ 88,583 $ 4,520 $ 89,649 $ 2,041 $ 101,240 $ 1,922 With an IVA recorded: Residential Core $ 42,472 $ 1,571 $ 50,611 $ 1,891 $ 55,696 $ 2,228 Residential Home Today 26,689 1,590 29,584 1,445 33,158 1,756 Home equity loans and lines of credit 22,934 586 17,862 849 13,206 255 Construction — — — — 213 — Total $ 92,095 $ 3,747 $ 98,057 $ 4,185 $ 102,273 $ 4,239 Total impaired loans: Residential Core $ 93,054 $ 4,539 $ 101,145 $ 3,302 $ 113,565 $ 3,516 Residential Home Today 44,082 2,740 49,028 1,782 54,731 2,108 Home equity loans and lines of credit 43,542 988 37,533 1,142 35,004 537 Construction — — — — 213 — Total $ 180,678 $ 8,267 $ 187,706 $ 6,226 $ 203,513 $ 6,161 |
Schedule Of Recorded Investment In Troubled Debt Restructured Loans Modified | 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, 2018 For the Year Ended September 30, 2017 For the Year Ended September 30, 2016 TDRs That Subsequently Defaulted Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Recorded Residential Core 16 $ 2,474 17 $ 1,462 32 $ 2,282 Residential Home Today 17 540 25 1,126 26 1,088 Home equity loans and lines of credit 8 331 16 667 28 886 Total 41 $ 3,345 58 $ 3,255 86 $ 4,256 The recorded investment in TDRs by type of concession as of September 30, 2018 and September 30, 2017 is shown in the tables below. September 30, 2018 Reduction Payment Forbearance Multiple Concessions Multiple Restructurings Bankruptcy Total Residential Core $ 9,019 $ 418 $ 10,203 $ 19,625 $ 23,116 $ 21,832 $ 84,213 Residential Home Today 4,051 47 4,671 9,474 18,483 3,683 40,409 Home equity loans and lines of credit 148 6,192 1,950 25,478 2,563 4,438 40,769 Total $ 13,218 $ 6,657 $ 16,824 $ 54,577 $ 44,162 $ 29,953 $ 165,391 September 30, 2017 Reduction Payment Forbearance Multiple Concessions Multiple 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 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, 2018 Reduction Payment Extensions Forbearance Multiple Concessions Multiple Bankruptcy Total Residential Core $ 494 $ 166 $ 1,736 $ 3,938 $ 5,863 $ 3,085 $ 15,282 Residential Home Today — 47 348 462 3,776 635 5,268 Home equity loans and lines of credit 64 1,468 23 13,630 1,240 370 16,795 Total $ 558 $ 1,681 $ 2,107 $ 18,030 $ 10,879 $ 4,090 $ 37,345 For the Year Ended September 30, 2017 Reduction Payment Extensions Forbearance Multiple Concessions Multiple Bankruptcy Total 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 in Interest Rates Payment Extensions Forbearance or Other Actions Multiple Concessions Multiple Bankruptcy Total 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 |
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, 2018 Real Estate Loans: Residential Core $ 10,898,725 $ — $ 48,250 $ — $ 10,946,975 Residential Home Today 78,180 — 16,569 — 94,749 Home equity loans and lines of credit 1,813,502 4,216 24,109 — 1,841,827 Construction 27,140 — — — 27,140 Total real estate loans $ 12,817,547 $ 4,216 $ 88,928 $ — $ 12,910,691 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 |
Mortgage Loan Servicing Rights
Mortgage Loan Servicing Rights (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Disclosures Pertaining to Servicing Assets and Servicing Liabilities [Abstract] | |
Primary Economic Assumptions Used To Measure The Company's Retained Interest | 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): 2018 2017 Primary prepayment speed assumptions (weighted average annual rate) 12.8 % 9.9 % Weighted average life (years) 23.9 22.2 Amortized cost to service loans (weighted average) 0.12 % 0.12 % Weighted average discount rate 12 % 12 % |
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. September 30, 2018 Fair value of mortgage loan servicing rights $ 15,580 Prepayment speed assumptions (weighted average annual rate) 16.6 % Impact on fair value of 10% adverse change $ (548 ) Impact on fair value of 20% adverse change $ (1,049 ) Estimated prospective annual cost to service loans (weighted average) 0.12 % Impact on fair value of 10% adverse change $ (1,434 ) Impact on fair value of 20% adverse change $ (2,869 ) Discount rate 12.0 % Impact on fair value of 10% adverse change $ (562 ) Impact on fair value of 20% adverse change $ (1,081 ) |
Activity In Mortgage Servicing Assets | Activity in mortgage servicing rights is summarized as follows: Year Ended September 30, 2018 2017 2016 Balance—beginning of year $ 8,375 $ 8,852 $ 9,988 Additions from loan securitizations/sales 1,909 1,347 1,044 Amortization (1) (1,444 ) (1,824 ) (2,180 ) Net change in valuation allowance — — — Balance—end of year $ 8,840 $ 8,375 $ 8,852 Fair value of capitalized amounts $ 15,580 $ 16,102 $ 16,428 |
Premises, Equipment And Softw_2
Premises, Equipment And Software, Net (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018 2017 Land $ 12,183 $ 12,183 Office buildings 78,470 76,003 Furniture, fixtures and equipment 35,495 33,313 Software 17,395 17,432 Leasehold improvements 15,370 15,224 158,913 154,155 Less: accumulated depreciation and amortization (95,514 ) (93,280 ) Total $ 63,399 $ 60,875 |
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, 2018 : Years Ending September 30, 2019 $ 6,444 2020 5,521 2021 4,451 2022 3,060 2023 2,045 Thereafter 5,546 |
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, 2018 : Years Ending September 30, 2019 $ 2,187 2020 2,123 2021 2,111 2022 2,178 2023 2,248 |
Accrued Interest Receivable (Ta
Accrued Interest Receivable (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Accrued Interest Receivable [Abstract] | |
Accrued Interest Receivable | Accrued interest receivable is summarized as follows: September 30, 2018 2017 Investment securities $ 1,352 $ 1,270 Loans 37,344 34,209 Total $ 38,696 $ 35,479 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Deposits [Abstract] | |
Summary Of Deposit Account Balances | Deposit account balances are summarized by interest rate as follows: Stated Interest Rate September 30, 2018 2017 Amount Percent Amount Percent Checking accounts 0.00–0.25% $ 913,525 10.8 % $ 987,001 12.1 % Savings accounts 0.00–1.75 1,256,054 14.8 1,473,415 18.1 Subtotal 2,169,579 25.6 2,460,416 30.2 Certificates of deposit 0.00–0.99 658,767 7.7 877,684 10.8 1.00–1.99 3,745,576 44.1 4,348,918 53.3 2.00–2.99 1,845,618 21.7 449,358 5.5 3.00–3.99 67,655 0.8 8,648 0.1 4.00 and above 665 0.1 4,628 0.1 6,318,281 74.4 5,689,236 69.8 Subtotal 8,487,860 100.0 8,149,652 100.0 Accrued interest 3,723 — 1,973 — Total deposits $ 8,491,583 100.0 % $ 8,151,625 100.0 % |
Scheduled Maturity Of Certificates Of Deposit | The scheduled maturity of certificates of deposit is as follows: September 30, 2018 Amount Percent 12 months or less $ 2,509,698 39.7 % 13 to 24 months 1,785,405 28.3 % 25 to 36 months 979,578 15.5 % 37 to 48 months 501,356 7.9 % 49 to 60 months 310,083 4.9 % Over 60 months 232,161 3.7 % Total $ 6,318,281 100.0 % |
Scheduled Of Interest Expense On Deposits | Interest expense on deposits is summarized as follows: Year Ended September 30, 2018 2017 Certificates of deposit $ 97,383 $ 84,410 Checking accounts 1,406 918 Savings accounts 3,466 2,093 Total $ 102,255 $ 87,421 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Advances from Federal Home Loan Banks [Abstract] | |
Schedule of Federal Home Loan Bank (FHLB) Borrowings | Federal Home Loan Bank borrowings at September 30, 2018 are summarized in the table below. The amount and weighted average rates of certain FHLB Advances reflect the net impact of deferred penalties discussed below: Amount Weighted Average Rate Maturing in: 12 months or less $ 3,339,478 2.15 % 13 to 24 months 329,816 1.82 % 25 to 36 months 939 1.55 % 37 to 48 months — — % 49 to 60 months 18,285 2.62 % over 60 months 27,372 1.66 % Total FHLB Advances 3,715,890 2.12 % Accrued interest 5,809 Total $ 3,721,699 |
Schedule of Federal Home Loan Bank (FHLB) Short-term Debt | Through the use of interest rate swaps discussed in Note 17. Derivative Instruments , $1,725,000 of FHLB advances included in the table above as maturing in 12 months or less, have effective maturities, assuming no early terminations of the swap contracts, as shown below: Effective Maturity: Amount Swap Adjusted Weighted Average Rate 13 to 24 months $ 50,000 1.23 % 25 to 36 months 525,000 1.19 % 37 to 48 months 900,000 1.90 % 49 to 60 months 250,000 2.49 % Total FHLB Advances under swap contracts $ 1,725,000 1.75 % 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, 2018 2017 2016 Balance at end of year $ 2,925,000 $ 2,610,000 $ 1,451,000 Maximum outstanding at any month-end $ 2,925,000 $ 2,610,000 $ 1,451,000 Average balance during year $ 2,707,566 $ 1,976,281 $ 934,689 Average interest rate during the fiscal year 1.71 % 0.89 % 0.42 % Weighted average interest rate at end of year 2.13 % 1.22 % 0.47 % Interest expense $ 46,612 $ 17,826 $ 3,984 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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 2016 activity Balance at September 30, 2015 $ 1,926 $ — $ (14,991 ) $ (13,065 ) Other comprehensive income (loss) before reclassifications, net of tax expense of $(4,621) (1,510 ) (2,389 ) (4,682 ) (8,581 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax expense of $1,089 — 1,018 1,002 2,020 Other comprehensive income (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 loss before reclassifications, net of tax expense of $4,479 (3,331 ) 9,186 2,463 8,318 Amounts reclassified from accumulated other comprehensive loss, net of tax expense of $2,055 — 2,434 1,382 3,816 Other comprehensive loss (3,331 ) 11,620 3,845 12,134 Balance at September 30, 2017 $ (2,915 ) $ 10,249 $ (14,826 ) $ (7,492 ) Fiscal year 2018 activity Other comprehensive income (loss) before reclassifications, net of tax expense of $10,638 (9,436 ) 40,187 1,625 32,376 Amounts reclassified from accumulated other comprehensive income (loss), net of tax expense of $(472) — (2,847 ) 1,227 (1,620 ) Other comprehensive (loss) income (9,436 ) 37,340 2,852 30,756 Adoption of ASU 2018-02 (1,273 ) 4,325 (3,094 ) (42 ) Balance at September 30, 2018 $ (13,624 ) $ 51,914 $ (15,068 ) $ 23,222 |
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 2018 2017 2016 Cash flow hedges: Interest expense, effective portion $ (3,771 ) $ 3,745 $ 1,567 Interest expense Income tax 924 (1,311 ) (549 ) Income tax expense Net of income tax $ (2,847 ) $ 2,434 $ 1,018 Amortization of pension plan: Actuarial loss $ 1,679 $ 2,126 $ 1,542 (a) Income tax (452 ) (744 ) (540 ) Income tax expense Net of income tax 1,227 1,382 1,002 Adoption of ASU 2018-02 (42 ) — — (b) Total reclassifications for the period $ (1,662 ) $ 3,816 $ 2,020 (a) These items are included in the computation of net period pension cost. See Note 13. Employee Benefit Plans for additional disclosure. (b) This item is a reclassification between AOCI and Retained Earnings due to the adoption of ASU 2018-02. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018 2017 2016 Current tax expense: Federal $ 30,044 $ 39,794 $ 29,833 State 1,805 1,121 878 Deferred tax expense (benefit): Federal 3,836 3,634 11,045 State 72 (85 ) 54 Income tax provision $ 35,757 $ 44,464 $ 41,810 |
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, 2018 2017 2016 Tax at statutory rate 24.5 % 35.0 % 35.0 % State tax, net 1.2 0.5 0.5 Non-taxable income from bank owned life insurance contracts (1.2 ) (1.7 ) (2.1 ) Remeasurement of deferred tax assets 5.4 — — Other, net (0.4 ) (0.5 ) 0.8 Income tax provision 29.5 % 33.3 % 34.2 % |
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, 2018 2017 Deferred tax assets: Loan loss reserve $ 15,450 $ 26,690 Deferred compensation 5,598 12,280 Pension — 2,696 Property, equipment and software basis difference 759 2,180 Other 2,012 2,482 Total deferred tax assets 23,819 46,328 Deferred tax liabilities: FHLB stock basis difference 5,048 7,999 Mortgage servicing rights 1,263 1,583 Pension 16 — Goodwill 2,138 3,473 Deferred loan costs, net of fees 11,190 15,288 Other 2,288 1,994 Total deferred tax liabilities 21,943 30,337 Net deferred tax asset $ 1,876 $ 15,991 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018 2017 Projected benefit obligation at beginning of year $ 82,218 $ 84,218 Interest cost 3,095 3,068 Actuarial loss and other (1,165 ) (955 ) Benefits paid (3,539 ) (4,113 ) Projected benefit obligation at end of year $ 80,609 $ 82,218 |
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, 2018 2017 Fair value of plan assets at beginning of the year $ 72,806 $ 65,951 Actual return on plan assets 5,035 6,968 Employer contributions 5,000 4,000 Benefits paid (3,539 ) (4,113 ) Fair value of plan assets at end of year $ 79,302 $ 72,806 Funded status of the plan—asset (liability) $ (1,307 ) $ (9,412 ) |
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, 2018 2017 2016 Interest Cost 3,095 3,068 3,288 Expected return on plan assets (4,142 ) (4,134 ) (4,111 ) Amortization of net loss and other 1,679 2,126 1,542 Net periodic benefit (income) cost $ 632 $ 1,060 $ 719 |
Fair Value Of Plan Assets By Asset Category At The Measurement Date | The following table presents the fair value of Plan assets. September 30, 2018 2017 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 $ 79,302 N/A Daily 7 Days $ 72,806 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, 2018 2017 2016 Assumptions and dates used to determine benefit obligations: Discount rate 4.15 % 3.90 % 3.75 % Rate of compensation increase n/a n/a n/a Assumptions used to determine net periodic benefit cost: Discount rate 3.90 % 3.75 % 4.40 % Long-term rate of return on plan assets 6.25 % 7.00 % 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: 2019 $ 5,630 2020 4,960 2021 5,160 2022 4,140 2023 4,520 Aggregate expected benefit payments during the five fiscal year period beginning October 1, 2024, and ending September 30, 2029 22,930 Minimum employer contributions expected to be paid during the fiscal year ending September 30, 2019 — |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018 and changes therein during the year then ended: Number of Shares Awarded Weighted Average Grant Date Fair Value Outstanding at September 30, 2017 1,169,068 $ 13.18 Granted 470,100 $ 14.81 Exercised (288,033 ) $ 15.73 Forfeited (15,710 ) $ 14.78 Outstanding at September 30, 2018 1,335,425 $ 13.19 Vested and exercisable, at September 30, 2018 (1) 811,920 $ 11.91 Vested and expected to vest, at September 30, 2018 1,335,425 $ 13.19 |
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, 2018 : Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value Outstanding at September 30, 2017 4,516,432 $ 13.26 5.54 $ 15,057 Granted 1,067,100 $ 14.77 Exercised (501,275 ) $ 11.73 $ 2,058 Forfeited (94,295 ) $ 14.76 $ 28 Outstanding at September 30, 2018 4,987,962 $ 13.71 5.84 $ 9,417 Vested and exercisable, at September 30, 2018 3,573,142 $ 12.96 4.70 $ 9,120 Vested or expected to vest, at September 30, 2018 4,987,962 $ 13.71 5.84 $ 9,417 |
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. 2018 2017 Expected dividend yield 4.60 % 2.59 % Expected volatility 16.56 % 21.97 % Risk-free interest rate 2.33 % 1.86 % Expected option term (in years) 6.00 6.00 |
Commitments And Contingent Li_2
Commitments And Contingent Liabilities (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Commitments To Originate And Unfunded Commitments | At September 30, 2018 , the Company had commitments to originate loans as follows: Fixed-rate mortgage loans $ 143,208 Adjustable-rate mortgage loans 137,477 Equity loans and lines of credit including bridge loans 135,135 Total $ 415,820 At September 30, 2018 , the Company had unfunded commitments outstanding as follows: Equity lines of credit $ 1,772,947 Construction loans 36,549 Limited partner investments 11,541 Total $ 1,821,037 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018 and 2017 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 $ 519,999 $ — $ 519,999 $ — Fannie Mae certificates 7,998 — 7,998 — U.S. government and agency obligations $ 3,968 $ — $ 3,968 $ — Total $ 531,965 $ — $ 531,965 $ — Liabilities Derivatives: Interest rate lock commitments 2 — — 2 Total $ 2 $ — $ — $ 2 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 $ — |
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, 2018 2017 2016 Beginning balance $ 58 $ 99 $ 79 Gain (loss) during the period due to changes in fair value: Included in other non-interest income (60 ) (41 ) 20 Ending balance $ (2 ) $ 58 $ 99 Change in unrealized gains for the period included in earnings for assets held at end of the reporting date $ (2 ) $ 58 $ 99 |
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 $ 82,250 $ — $ — $ 82,250 Real estate owned (1) 1,238 — — 1,238 Total $ 83,488 $ — $ — $ 83,488 ______________________ (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 $ 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. |
Fair Value Inputs, Assets, Quantitative Information | The following provides quantitative information about significant unobservable inputs categorized within Level 3 of the Fair Value Hierarchy. The interest rate lock commitments at September 30, 2018 include both mortgage origination applications and preapprovals. Preapprovals have a much lower closure rate than origination applications as reflected in the weighted average closure rate for the period ending September 30, 2018 . Fair Value Weighted 9/30/2018 Valuation Technique(s) Unobservable Input Range Average Impaired loans, net of allowance $82,250 Market comparables of collateral discounted to estimated net proceeds Discount appraised value to estimated net proceeds based on historical experience: • Residential Properties 0 - 28% 6.4% Interest rate lock commitments $(2) Quoted Secondary Market pricing Closure rate 0 - 100% 50.0% 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% |
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, 2018 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 Assets: Cash and due from banks $ 29,056 $ 29,056 $ 29,056 $ — $ — Interest earning cash equivalents 240,719 240,719 240,719 — — Investment securities available for sale 531,965 531,965 — 531,965 — Mortgage loans held for sale 659 661 — 661 — Loans-net: Mortgage loans held for investment 12,868,273 12,908,729 — — 12,908,729 Other loans 3,021 3,045 — — 3,045 Federal Home Loan Bank stock 93,544 93,544 N/A — — Accrued interest receivable 38,696 38,696 — 38,696 — Cash collateral held by counterparty 13,794 13,794 13,794 — — Liabilities: Checking and passbook accounts $ 2,169,579 $ 2,169,579 $ — $ 2,169,579 $ — Certificates of deposit 6,322,004 6,006,951 — 6,006,951 — Borrowed funds 3,721,699 3,724,020 — 3,724,020 — Borrowers’ advances for taxes and insurance 103,005 103,005 — 103,005 — Principal, interest and escrow owed on loans serviced 31,490 31,490 — 31,490 — Derivatives 2 2 — — 2 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 — |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Summary of Derivative Instruments [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables provide the locations within the Consolidated Statements of Condition, notional values and fair values, at the reporting dates, for all derivative instruments. September 30, 2018 September 30, 2017 Notional Value Fair Value Notional Value Fair Value Derivatives designated as hedging instruments Cash flow hedges: Interest rate swaps (1) Other Assets $ 1,725,000 $ — $ 1,175,000 $ 17,001 Other Liabilities $ — $ — $ 325,000 $ 1,233 Total cash flow hedges: Interest rate swaps $ 1,725,000 $ — $ 1,500,000 $ 15,768 Derivatives not designated as hedging instruments Interest rate lock commitments Other Assets $ — $ — $ 2,952 $ 58 Other Liabilities $ 4,248 $ 2 $ — $ — Total interest rate lock commitments $ 4,248 $ (2 ) $ 2,952 $ 58 (1) At September 30, 2018 , variation margin pledged to or received from a Central Counterparty Clearing House to cover the prior day's fair value of open positions is considered settlement of the derivative position for accounting purposes. At September 30, 2017 , variation margin was not recognized as settlement. |
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, 2018 2017 2016 Cash flow hedges Amount of gain (loss) recognized, effective portion Other comprehensive income $ 53,717 $ 14,131 $ (3,676 ) Amount of gain (loss) reclassified from AOCI Interest expense 3,771 (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 $ (60 ) $ (41 ) $ 20 Total $ (60 ) $ (41 ) $ 20 |
Parent Company Only Financial_2
Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule Of Statements Of Condition | September 30, 2018 2017 Statements of Condition Assets: Cash and due from banks $ 1,215 $ 5,123 Investment securities - available for sale 3,968 — Other loans: Demand loan due from Third Federal Savings and Loan 120,237 89,299 ESOP loan receivable 57,986 61,759 Investments in: Third Federal Savings and Loan 1,545,491 1,503,831 Non-thrift subsidiaries 82,301 80,420 Prepaid federal and state taxes 213 154 Deferred income taxes 864 2,630 Accrued receivables and other assets 10,123 9,247 Total assets $ 1,822,398 $ 1,752,463 Liabilities and shareholders’ equity: Line of credit due non-thrift subsidiary $ 61,066 $ 59,815 Accrued expenses and other liabilities 2,928 2,689 Total liabilities 63,994 62,504 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; 280,311,070 and 281,291,750 outstanding at September 30, 2018 and September 30, 2017, respectively 3,323 3,323 Paid-in capital 1,726,992 1,722,672 Treasury stock, at cost; 52,007,680 and 51,027,000 shares at September 30, 2018 and September 30, 2017, respectively (754,272 ) (735,530 ) Unallocated ESOP shares (48,751 ) (53,084 ) Retained earnings—substantially restricted 807,890 760,070 Accumulated other comprehensive income (loss) 23,222 (7,492 ) Total shareholders’ equity 1,758,404 1,689,959 Total liabilities and shareholders’ equity $ 1,822,398 $ 1,752,463 |
Schedule Of Statements Of Comprehensive Income | Years Ended September 30, 2018 2017 2016 Statements of Comprehensive Income Interest income: Demand loan due from Third Federal Savings and Loan $ 2,147 $ 914 $ 433 ESOP loan 2,536 2,308 2,281 Other interest income 51 21 4 Investment securities - available for sale 27 — — Total interest income 4,761 3,243 2,718 Interest expense: Borrowed funds from non-thrift subsidiaries 1,179 612 377 Total interest expense 1,179 612 377 Net interest income 3,582 2,631 2,341 Non-interest income: Intercompany service charges 42 68 90 Dividend from Third Federal Savings and Loan 85,000 81,000 60,000 Total other income 85,042 81,068 60,090 Non-interest expenses: Salaries and employee benefits 5,666 5,134 5,543 Professional services 1,381 982 922 Office property and equipment — 3 13 Other operating expenses 248 193 253 Total non-interest expenses 7,295 6,312 6,731 Income before income taxes 81,329 77,387 55,700 Income tax benefit (1,071 ) (3,747 ) (2,915 ) Income before undistributed earnings of subsidiaries 82,400 81,134 58,615 Equity in undistributed earnings of subsidiaries (dividend in excess of earnings): Third Federal Savings and Loan 1,126 6,709 21,231 Non-thrift subsidiaries 1,881 1,034 707 Net income 85,407 88,877 80,553 Change in net unrealized (loss) gain on securities available for sale (9,436 ) (3,331 ) (1,510 ) Change in cash flow hedges 37,340 11,620 (1,371 ) Change in pension obligation 2,852 3,845 (3,680 ) Total other comprehensive loss 30,756 12,134 (6,561 ) Total comprehensive income $ 116,163 $ 101,011 $ 73,992 |
Schedule Of Statements Of Cash Flows | Years Ended September 30, 2018 2017 2016 Statements of Cash Flows Cash flows from operating activities: Net income $ 85,407 $ 88,877 $ 80,553 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 (1,126 ) (6,709 ) (21,231 ) Non-thrift subsidiaries (1,881 ) (1,034 ) (707 ) Deferred income taxes 1,766 74 542 ESOP and Stock-based compensation expense 1,585 1,439 2,435 Net (increase) decrease in interest receivable and other assets (910 ) (2,300 ) (346 ) Net increase (decrease) in accrued expenses and other liabilities 307 144 359 Net cash provided by operating activities 85,148 80,491 61,605 Cash flows from investing activities: Purchase of securities available for sale (4,000 ) — — (Increase) decrease in balances lent to Third Federal Savings and Loan (30,938 ) (856 ) (54,792 ) Repayment of capital contribution from Third Federal Savings and Loan — — 150,000 Net cash (used in) provided by investing activities (34,938 ) (856 ) 95,208 Cash flows from financing activities: Principal reduction of ESOP loan 3,773 3,703 3,648 Purchase of treasury shares (19,741 ) (54,029 ) (128,361 ) Dividends paid to common shareholders (37,629 ) (27,709 ) (23,414 ) Excess tax benefit related to stock-based compensation — — 1,485 Acquisition of treasury shares through net settlement for taxes (1,772 ) (2,504 ) (7,697 ) Net increase in borrowings from non-thrift subsidiaries 1,251 925 529 Net cash used in financing activities (54,118 ) (79,614 ) (153,810 ) Net increase (decrease) in cash and cash equivalents (3,908 ) 21 3,003 Cash and cash equivalents—beginning of year 5,123 5,102 2,099 Cash and cash equivalents—end of year $ 1,215 $ 5,123 $ 5,102 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018 Income Shares Per share amount (Dollars in thousands, except per share data) Net income $ 85,407 Less: income allocated to restricted stock units 1,211 Basic earnings per share: Income available to common shareholders 84,196 275,590,053 $ 0.31 Diluted earnings per share: Effect of dilutive potential common shares 1,708,372 Income available to common shareholders $ 84,196 277,298,425 $ 0.30 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 |
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. For the Year Ended September 30, 2018 2017 2016 Options to purchase shares 1,885,600 779,740 393,500 Restricted stock units 17,000 — — |
Selected Quarterly Data (Unau_2
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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, 2018 and 2017 . Fiscal 2018 Quarter Ended December 31 March 31 June 30 September 30 (In thousands, except per share data) Interest income $ 107,229 $ 110,180 $ 111,118 $ 114,518 Interest expense 37,241 38,482 40,845 45,536 Net interest income 69,988 71,698 70,273 68,982 Provision (credit) for loan losses (3,000 ) (4,000 ) (2,000 ) (2,000 ) Net interest income after provision for loan losses 72,988 75,698 72,273 70,982 Non-interest income 4,844 4,616 7,191 4,885 Non-interest expense 45,776 49,688 51,429 45,420 Income before income tax 32,056 30,626 28,035 30,447 Income tax expense 12,443 7,312 7,160 8,842 Net income $ 19,613 $ 23,314 $ 20,875 $ 21,605 Earnings per share—basic and diluted $ 0.07 $ 0.08 $ 0.07 $ 0.08 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 |
Description Of Business And S_3
Description Of Business And Summary Of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | |
Sep. 30, 2018USD ($)branchesoffices | Sep. 30, 2017USD ($) | |
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 | 81.02% |
Stock Transactions (Details)
Stock Transactions (Details) - shares | Apr. 20, 2007 | Sep. 30, 2018 | Sep. 30, 2017 | 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 | 1,283,911 | 3,148,610 | ||
Eighth Repurchase Program | ||||
Class of Stock [Line Items] | ||||
Number of shares authorized to be repurchased | 10,000,000 | |||
Number of shares remaining to repurchase | 6,466,979 | |||
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 | 54,833,021 |
Regulatory Matters Regulatory M
Regulatory Matters Regulatory Matters (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Jul. 11, 2018 | |
Related Party Transaction [Line Items] | |||
Dividends waived by Third Federal Saving MHC, maximum | $ 1 | ||
Third Federal Savings And Loan | |||
Related Party Transaction [Line Items] | |||
Dividends paid to the Company by the Association | $ 85,000 | $ 81,000 |
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, 2018 | Sep. 30, 2017 |
Actual [Abstract] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 1,559,180 | $ 1,555,903 |
Core Capital to Adjusted Tangible Assets, Actual Amount | 1,516,758 | 1,506,952 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 1,516,758 | 1,506,952 |
Common Equity Tier 1 Capital to Risk-Weighted Assets | $ 1,516,744 | $ 1,506,938 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 20.47% | 21.37% |
Core Capital to Adjusted Tangible Assets, Actual Ratio | 10.87% | 11.16% |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 19.91% | 20.69% |
Common Equity Tier 1 Capital to Risk-Weighted Assets Ratio | 19.91% | 20.69% |
For Capital Adequacy Purposes [Abstract] | ||
Total Capital to Risk-Weighted Assets Required For Capital Adequacy Purposes, Minimum Amount | $ 609,414 | $ 582,553 |
Core Capital to Adjusted Tangible Assets Required For Capital Adequacy Purposes, Minimum Amount | 557,963 | 540,193 |
Tier One Risk Based Capital Required for Capital Adequacy | 457,060 | 436,915 |
Common Equity Tier 1 Capital to Risk-Weighted assets for Capital Adequacy, Minimum Amount | $ 342,795 | $ 327,686 |
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 | $ 761,767 | $ 728,192 |
Core Capital to Adjusted Tangible Assets Required To be Well Capitalized Under Prompt Corrective Action Provision, Minimum Amount | 697,453 | 675,242 |
Tier 1 Capital to Risk-Weighted Assets, Required To be Well Capitalized Under Prompt Corrective Action Provision, Minimum Amount | 609,414 | 582,553 |
Common Equity Tier 1 Capital to Risk-Weighted Assets Required to be Well Capitalized Under Prompt Corrective Action Provision, Minimum Amount | $ 495,149 | $ 473,325 |
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, 2018 | Sep. 30, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Investment securities available for sale, Amortized Cost | $ 549,211 | $ 541,964 |
Available-for-sale securities, gross unrealized gains | 244 | 471 |
Available-for-sale securities, gross unrealized losses | 17,490 | 4,956 |
Available-for-sale Securities | 531,965 | 537,479 |
US Treasury Notes Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value | 3,968 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost | 3,975 | |
Investment securities available for sale, Amortized Cost | 3,975 | |
Available-for-sale securities, gross unrealized gains | 0 | |
Available-for-sale securities, gross unrealized losses | 7 | |
Available-for-sale Securities | 3,968 | |
REMICs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investment securities available for sale, Amortized Cost | 537,330 | 533,427 |
Available-for-sale securities, gross unrealized gains | 7 | 52 |
Available-for-sale securities, gross unrealized losses | 17,338 | 4,943 |
Available-for-sale Securities | 519,999 | 528,536 |
Fannie Mae certificates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investment securities available for sale, Amortized Cost | 7,906 | 8,537 |
Available-for-sale securities, gross unrealized gains | 237 | 419 |
Available-for-sale securities, gross unrealized losses | 145 | 13 |
Available-for-sale Securities | $ 7,998 | $ 8,943 |
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, 2018 | Sep. 30, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Less Than 12 Months, Estimated Fair Value | $ 117,079 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,806 | |
Available-for-sale, 12 Months or More, Estimated Fair Value | 404,895 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 15,684 | |
Available-for-sale, Total, Estimated Fair Value | 521,974 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 17,490 | |
REMICs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Less Than 12 Months, Estimated Fair Value | 113,111 | $ 246,113 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,799 | 1,508 |
Available-for-sale, 12 Months or More, Estimated Fair Value | 400,558 | 260,837 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 15,539 | 3,435 |
Available-for-sale, Total, Estimated Fair Value | 513,669 | 506,950 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 17,338 | 4,943 |
Fannie Mae certificates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Less Than 12 Months, Estimated Fair Value | 0 | 4,601 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 13 |
Available-for-sale, 12 Months or More, Estimated Fair Value | 4,337 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 145 | 0 |
Available-for-sale, Total, Estimated Fair Value | 4,337 | 4,601 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 145 | $ 13 |
US Treasury Notes Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Less Than 12 Months, Estimated Fair Value | 3,968 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 7 | |
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 | 3,968 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 7 |
Loans And Allowance For Loan _3
Loans And Allowance For Loan Losses (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018USD ($)loans | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Financing Receivable, Recorded Investment [Line Items] | |||
Mortgage loans held for sale | $ 659 | $ 351 | |
Loans, recorded investment | 12,913,712 | 12,468,254 | |
Mortgage Loans in Process of Foreclosure, Amount | 8,501 | 14,736 | |
Nonaccrual Loans | 77,752 | 79,091 | |
Allowance for loan losses, Individually Evaluated | 12,087 | 11,061 | |
Real estate loans | $ 12,908,674 | 12,468,439 | |
Loans Covered By Mortgage Insurers That Were Deferring Claim Payments Or Which Were 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 | $ 2,245 | 1,443 | $ 1,400 |
Performing troubled debt restructure loans evaluated for impairment | 180,794 | 180,560 | |
Loans collectively evaluated for impairment | 12,732,918 | 12,287,694 | |
Consumer and other | 3,021 | 3,050 | |
PMIC | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Real estate loans | $ 39,367 | 61,470 | |
PMI claims payments, percentage of claim paid | 72.50% | ||
MGIC | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Real estate loans | $ 20,912 | $ 28,946 | |
Residential Real Estate Mortgage Loans | Ohio | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Residential real estate loans held, percentage | 56.00% | 57.00% | |
Residential Real Estate Mortgage Loans | Florida | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Residential real estate loans held, percentage | 16.00% | 16.00% | |
Home Equity Loans And Lines Of Credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, recorded investment | $ 1,841,827 | $ 1,570,051 | |
Nonaccrual Loans | 21,483 | 17,185 | |
Allowance for loan losses, Individually Evaluated | 3,014 | 1,475 | |
Real estate loans | 1,818,918 | 1,552,315 | |
Performing troubled debt restructure loans evaluated for impairment | 47,911 | 39,172 | |
Loans collectively evaluated for impairment | 1,793,916 | 1,530,879 | |
Recoveries | $ 8,066 | $ 8,862 | 7,969 |
Home Equity Loans And Lines Of Credit | Ohio | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Residential real estate loans held, percentage | 36.00% | 39.00% | |
Home Equity Loans And Lines Of Credit | Florida | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Residential real estate loans held, percentage | 20.00% | 22.00% | |
Home Equity Loans And Lines Of Credit | California | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Residential real estate loans held, percentage | 15.00% | 13.00% | |
Total Real Estate Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, recorded investment | $ 12,910,691 | $ 12,465,204 | |
Loans collectively evaluated for impairment | 12,729,897 | 12,284,644 | |
Recoveries | 12,624 | 15,631 | 13,142 |
Residential Home Today | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, recorded investment | 94,749 | 107,683 | |
Nonaccrual Loans | 14,641 | 18,109 | |
Allowance for loan losses, Individually Evaluated | $ 2,139 | $ 2,250 | |
Real Estate Loans covered by private mortgage insurance, percentage | 18.00% | 22.00% | |
Real estate loans | $ 94,933 | $ 108,964 | |
Performing troubled debt restructure loans evaluated for impairment | 41,523 | 46,641 | |
Loans collectively evaluated for impairment | 53,226 | 61,042 | |
Recoveries | 1,957 | 1,311 | $ 1,433 |
Residential Home Today Originated Prior To March 27, 2009 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Real estate loans | $ 91,805 | 105,485 | |
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 | ||
Adjustable Rate Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Real estate loans | $ 5,166,282 | 4,816,567 | |
Unlikely to be Collected Financing Receivable | Home Equity Loans And Lines Of Credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, recorded investment | 0 | 0 | |
Unlikely to be Collected Financing Receivable | Total Real Estate Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, recorded investment | 0 | 0 | |
Unlikely to be Collected Financing Receivable | Residential Home Today | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, recorded investment | 0 | 0 | |
Pass | Home Equity Loans And Lines Of Credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, recorded investment | 1,813,502 | 1,545,658 | |
Pass | Total Real Estate Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, recorded investment | 12,817,547 | 12,370,071 | |
Pass | Residential Home Today | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, recorded investment | 78,180 | 88,247 | |
Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans collectively evaluated for impairment | 4,216 | 3,837 | |
Special Mention | Home Equity Loans And Lines Of Credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, recorded investment | 4,216 | 3,837 | |
Special Mention | Total Real Estate Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, recorded investment | 4,216 | 3,837 | |
Special Mention | Residential Home Today | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, recorded investment | 0 | 0 | |
Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans collectively evaluated for impairment | 4,051 | 4,840 | |
Substandard | Home Equity Loans And Lines Of Credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, recorded investment | 24,109 | 20,556 | |
Substandard | Total Real Estate Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, recorded investment | 88,928 | 91,296 | |
Substandard | Residential Home Today | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, recorded investment | 16,569 | 19,436 | |
Further Deterioration In Fair Value Of Collateral [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Allowance for loan losses, Individually Evaluated | 85 | 0 | |
Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual Loans | 57,197 | 54,858 | |
Performing | PMIC | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Real estate loans | 36,075 | 56,511 | |
Performing | MGIC | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Real estate loans | 20,792 | 28,870 | |
Performing Chapter 7 Bankruptcy | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual Loans | 29,439 | 34,142 | |
Nonperforming | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Consumer and other | 0 | 0 | |
Troubled Debt Restructuring | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Performing troubled debt restructure loans evaluated for impairment | 165,391 | 162,020 | |
Troubled Debt Restructuring | Performing | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Performing troubled debt restructure loans evaluated for impairment | 95,916 | 94,104 | |
Troubled Debt Restructuring | Performing | Present Value Of Cash Flows | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Allowance for loan losses, Individually Evaluated | 12,002 | 11,061 | |
Troubled Debt Restructuring | Nonperforming | Total Real Estate Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Performing troubled debt restructure loans evaluated for impairment | 10,468 | 11,884 | |
Interest Only | Equity Lines Of Credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, recorded investment | $ 117,204 | $ 483,127 |
Loans And Allowance For Loan _4
Loans And Allowance For Loan Losses (Loans Held For Investment) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Loan Portfolio [Line Items] | ||
Real estate loans | $ 12,908,674 | $ 12,468,439 |
Consumer and other | 3,021 | 3,050 |
Deferred loan fees-net | 38,566 | 30,865 |
Loans-in-process ("LIP") | (36,549) | (34,100) |
Allowance for loan losses | (42,418) | (48,948) |
Loans, net | 12,871,294 | 12,419,306 |
Residential Core | ||
Loan Portfolio [Line Items] | ||
Real estate loans | 10,930,811 | 10,746,204 |
Residential Home Today | ||
Loan Portfolio [Line Items] | ||
Real estate loans | 94,933 | 108,964 |
Home Equity Loans And Lines Of Credit | ||
Loan Portfolio [Line Items] | ||
Real estate loans | 1,818,918 | 1,552,315 |
Construction | ||
Loan Portfolio [Line Items] | ||
Real estate loans | $ 64,012 | $ 60,956 |
Loans And Allowance For Loan _5
Loans And Allowance For Loan Losses (Schedule Of Recorded Investment In Loan Receivables That Are Past Due) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 41,447 | $ 44,837 |
Current | 12,872,265 | 12,423,417 |
Recorded investment, Total | 12,913,712 | 12,468,254 |
Residential Core | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 20,681 | 20,645 |
Current | 10,926,294 | 10,740,398 |
Recorded investment, Total | 10,946,975 | 10,761,043 |
Residential Home Today | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,366 | 12,414 |
Current | 86,383 | 95,269 |
Recorded investment, Total | 94,749 | 107,683 |
Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 12,400 | 11,778 |
Current | 1,829,427 | 1,558,273 |
Recorded investment, Total | 1,841,827 | 1,570,051 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 27,140 | 26,427 |
Recorded investment, Total | 27,140 | 26,427 |
Total Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 41,447 | 44,837 |
Current | 12,869,244 | 12,420,367 |
Recorded investment, Total | 12,910,691 | 12,465,204 |
Other Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 3,021 | 3,050 |
Recorded investment, Total | 3,021 | 3,050 |
Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 14,478 | 14,562 |
Financing Receivables, 30 to 59 Days Past Due | Residential Core | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,539 | 6,077 |
Financing Receivables, 30 to 59 Days Past Due | Residential Home Today | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,787 | 4,067 |
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 | 4,152 | 4,418 |
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 | 14,478 | 14,562 |
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 | 20,554 | 24,234 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Residential Core | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,807 | 11,975 |
Financing Receivables, Equal to Greater than 90 Days Past Due | Residential Home Today | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,814 | 6,851 |
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 | 5,933 | 5,408 |
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 | 20,554 | 24,234 |
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 | 6,415 | 6,041 |
Financing Receivables, 60 to 89 Days Past Due | Residential Core | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,335 | 2,593 |
Financing Receivables, 60 to 89 Days Past Due | Residential Home Today | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,765 | 1,496 |
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 | 2,315 | 1,952 |
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 | 6,415 | 6,041 |
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 _6
Loans And Allowance For Loan Losses (Schedule Of Recorded Investment Of Loan Receivables In Non-Accrual Status) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Financing Receivable, Recorded Investment, Non-accrual [Line Items] | ||
Total non-accrual loans | $ 77,752 | $ 79,091 |
Residential Core | ||
Financing Receivable, Recorded Investment, Non-accrual [Line Items] | ||
Total non-accrual loans | 41,628 | 43,797 |
Residential Home Today | ||
Financing Receivable, Recorded Investment, Non-accrual [Line Items] | ||
Total non-accrual loans | 14,641 | 18,109 |
Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Recorded Investment, Non-accrual [Line Items] | ||
Total non-accrual loans | $ 21,483 | $ 17,185 |
Loans And Allowance For Loan _7
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, 2018 | Sep. 30, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment, Individually | $ 180,794 | $ 180,560 |
Recorded investment, Collectively | 12,732,918 | 12,287,694 |
Recorded investment, Total | 12,913,712 | 12,468,254 |
Residential Core | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment, Individually | 91,360 | 94,747 |
Recorded investment, Collectively | 10,855,615 | 10,666,296 |
Recorded investment, Total | 10,946,975 | 10,761,043 |
Residential Home Today | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment, Individually | 41,523 | 46,641 |
Recorded investment, Collectively | 53,226 | 61,042 |
Recorded investment, Total | 94,749 | 107,683 |
Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment, Individually | 47,911 | 39,172 |
Recorded investment, Collectively | 1,793,916 | 1,530,879 |
Recorded investment, Total | 1,841,827 | 1,570,051 |
Construction | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment, Individually | 0 | 0 |
Recorded investment, Collectively | 27,140 | 26,427 |
Recorded investment, Total | 27,140 | 26,427 |
Total Real Estate Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment, Individually | 180,794 | 180,560 |
Recorded investment, Collectively | 12,729,897 | 12,284,644 |
Recorded investment, Total | 12,910,691 | 12,465,204 |
Other Consumer Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded investment, Individually | 0 | 0 |
Recorded investment, Collectively | 3,021 | 3,050 |
Recorded investment, Total | $ 3,021 | $ 3,050 |
Loans And Allowance For Loan _8
Loans And Allowance For Loan Losses (Schedule Of Allowance For Loan Losses According To The Method Of Evaluation) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, Individually Evaluated | $ 12,087 | $ 11,061 | ||
Allowance for loan losses, Collectively Evaluated | 30,331 | 37,887 | ||
Allowance for Credit Losses, Total | 42,418 | |||
Residential Core | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, Individually Evaluated | 6,934 | 7,336 | ||
Allowance for loan losses, Collectively Evaluated | 11,354 | 6,850 | ||
Allowance for Credit Losses, Total | 18,288 | 14,186 | $ 15,068 | $ 22,596 |
Residential Home Today | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, Individually Evaluated | 2,139 | 2,250 | ||
Allowance for loan losses, Collectively Evaluated | 1,065 | 2,258 | ||
Allowance for Credit Losses, Total | 3,204 | 4,508 | 7,416 | 9,997 |
Home Equity Loans And Lines Of Credit | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, Individually Evaluated | 3,014 | 1,475 | ||
Allowance for loan losses, Collectively Evaluated | 17,907 | 28,774 | ||
Allowance for Credit Losses, Total | 20,921 | 30,249 | 39,304 | 38,926 |
Construction | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses, Individually Evaluated | 0 | 0 | ||
Allowance for loan losses, Collectively Evaluated | 5 | 5 | ||
Allowance for Credit Losses, Total | 5 | 5 | 7 | 35 |
Total Real Estate Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Credit Losses, Total | $ 42,418 | $ 48,948 | $ 61,795 | $ 71,554 |
Loans And Allowance For Loan _9
Loans And Allowance For Loan Losses (Schedule Of Recorded Investment And The Unpaid Principal Balance Of Impaired Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Financing Receivable, Impaired [Line Items] | ||
With no related IVA recorded, Recorded Investment | $ 92,085 | $ 85,080 |
With no related IVA recorded, Unpaid Principal Balance | 133,552 | 132,187 |
With an IVA recorded, Recorded Investment | 88,709 | 95,480 |
With an IVA recorded, Unpaid Principal Balance | 88,785 | 96,346 |
Allowance for loan losses, Individually Evaluated | 12,087 | 11,061 |
Impaired loans, Recorded Investment | 180,794 | 180,560 |
Impaired loans, Unpaid Principal Balance | 222,337 | 228,533 |
Residential Core | ||
Financing Receivable, Impaired [Line Items] | ||
With no related IVA recorded, Recorded Investment | 53,656 | 47,507 |
With no related IVA recorded, Unpaid Principal Balance | 69,516 | 65,132 |
With an IVA recorded, Recorded Investment | 37,704 | 47,240 |
With an IVA recorded, Unpaid Principal Balance | 37,774 | 47,747 |
Allowance for loan losses, Individually Evaluated | 6,934 | 7,336 |
Impaired loans, Recorded Investment | 91,360 | 94,747 |
Impaired loans, Unpaid Principal Balance | 107,290 | 112,879 |
Residential Home Today | ||
Financing Receivable, Impaired [Line Items] | ||
With no related IVA recorded, Recorded Investment | 16,006 | 18,780 |
With no related IVA recorded, Unpaid Principal Balance | 35,532 | 41,064 |
With an IVA recorded, Recorded Investment | 25,517 | 27,861 |
With an IVA recorded, Unpaid Principal Balance | 25,492 | 28,210 |
Allowance for loan losses, Individually Evaluated | 2,139 | 2,250 |
Impaired loans, Recorded Investment | 41,523 | 46,641 |
Impaired loans, Unpaid Principal Balance | 61,024 | 69,274 |
Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Impaired [Line Items] | ||
With no related IVA recorded, Recorded Investment | 22,423 | 18,793 |
With no related IVA recorded, Unpaid Principal Balance | 28,504 | 25,991 |
With an IVA recorded, Recorded Investment | 25,488 | 20,379 |
With an IVA recorded, Unpaid Principal Balance | 25,519 | 20,389 |
Allowance for loan losses, Individually Evaluated | 3,014 | 1,475 |
Impaired loans, Recorded Investment | 47,911 | 39,172 |
Impaired loans, Unpaid Principal Balance | 54,023 | 46,380 |
Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Allowance for loan losses, Individually Evaluated | $ 0 | $ 0 |
Loans And Allowance For Loan_10
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, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Financing Receivable, Impaired [Line Items] | |||
With no related IVA recorded, Average Recorded Investment | $ 88,583 | $ 89,649 | $ 101,240 |
With an IVA recorded, Average Recorded Investment | 92,095 | 98,057 | 102,273 |
With no related IVA recorded, Interest Income | 4,520 | 2,041 | 1,922 |
With an IVA recorded, Interest Income | 3,747 | 4,185 | 4,239 |
Average Recorded Investment, Total | 180,678 | 187,706 | 203,513 |
Interest Income Recognized, Total | 8,267 | 6,226 | 6,161 |
Residential Core | |||
Financing Receivable, Impaired [Line Items] | |||
With no related IVA recorded, Average Recorded Investment | 50,582 | 50,534 | 57,869 |
With an IVA recorded, Average Recorded Investment | 42,472 | 50,611 | 55,696 |
With no related IVA recorded, Interest Income | 2,968 | 1,411 | 1,288 |
With an IVA recorded, Interest Income | 1,571 | 1,891 | 2,228 |
Average Recorded Investment, Total | 93,054 | 101,145 | 113,565 |
Interest Income Recognized, Total | 4,539 | 3,302 | 3,516 |
Residential Home Today | |||
Financing Receivable, Impaired [Line Items] | |||
With no related IVA recorded, Average Recorded Investment | 17,393 | 19,444 | 21,573 |
With an IVA recorded, Average Recorded Investment | 26,689 | 29,584 | 33,158 |
With no related IVA recorded, Interest Income | 1,150 | 337 | 352 |
With an IVA recorded, Interest Income | 1,590 | 1,445 | 1,756 |
Average Recorded Investment, Total | 44,082 | 49,028 | 54,731 |
Interest Income Recognized, Total | 2,740 | 1,782 | 2,108 |
Home Equity Loans And Lines Of Credit | |||
Financing Receivable, Impaired [Line Items] | |||
With no related IVA recorded, Average Recorded Investment | 20,608 | 19,671 | 21,798 |
With an IVA recorded, Average Recorded Investment | 22,934 | 17,862 | 13,206 |
With no related IVA recorded, Interest Income | 402 | 293 | 282 |
With an IVA recorded, Interest Income | 586 | 849 | 255 |
Average Recorded Investment, Total | 43,542 | 37,533 | 35,004 |
Interest Income Recognized, Total | 988 | 1,142 | 537 |
Construction | |||
Financing Receivable, Impaired [Line Items] | |||
With an IVA recorded, Average Recorded Investment | 0 | 0 | 213 |
With an IVA recorded, Interest Income | 0 | 0 | 0 |
Average Recorded Investment, Total | 0 | 0 | 213 |
Interest Income Recognized, Total | $ 0 | $ 0 | $ 0 |
Loans And Allowance For Loan_11
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, 2018 | Sep. 30, 2017 |
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | $ 165,391 | $ 162,020 |
Reduction in Interest Rates | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 13,218 | 18,032 |
Payment Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 6,657 | 6,554 |
Forbearance Or Other Actions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 16,824 | 13,360 |
Multiple Concessions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 54,577 | 46,477 |
Multiple Restructurings | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 44,162 | 40,807 |
Bankruptcy | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 29,953 | 36,790 |
Residential Core | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 84,213 | 86,589 |
Residential Core | Reduction in Interest Rates | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 9,019 | 12,485 |
Residential Core | Payment Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 418 | 521 |
Residential Core | Forbearance Or Other Actions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 10,203 | 8,176 |
Residential Core | Multiple Concessions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 19,625 | 21,278 |
Residential Core | Multiple Restructurings | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 23,116 | 20,459 |
Residential Core | Bankruptcy | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 21,832 | 23,670 |
Residential Home Today | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 40,409 | 44,004 |
Residential Home Today | Reduction in Interest Rates | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 4,051 | 5,441 |
Residential Home Today | Payment Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 47 | 0 |
Residential Home Today | Forbearance Or Other Actions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 4,671 | 4,811 |
Residential Home Today | Multiple Concessions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 9,474 | 10,538 |
Residential Home Today | Multiple Restructurings | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 18,483 | 18,877 |
Residential Home Today | Bankruptcy | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 3,683 | 4,337 |
Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 40,769 | 31,427 |
Home Equity Loans And Lines Of Credit | Reduction in Interest Rates | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 148 | 106 |
Home Equity Loans And Lines Of Credit | Payment Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 6,192 | 6,033 |
Home Equity Loans And Lines Of Credit | Forbearance Or Other Actions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 1,950 | 373 |
Home Equity Loans And Lines Of Credit | Multiple Concessions | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 25,478 | 14,661 |
Home Equity Loans And Lines Of Credit | Multiple Restructurings | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | 2,563 | 1,471 |
Home Equity Loans And Lines Of Credit | Bankruptcy | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment in TDRs | $ 4,438 | $ 8,783 |
Loans And Allowance For Loan_12
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, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | $ 37,345 | $ 23,757 | $ 29,050 |
Reduction in Interest Rates | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 558 | 965 | 1,569 |
Payment Extensions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 1,681 | 2,282 | 1,371 |
Forbearance Or Other Actions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 2,107 | 1,828 | 1,676 |
Multiple Concessions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 18,030 | 8,946 | 10,828 |
Multiple Restructurings | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 10,879 | 5,604 | 6,848 |
Bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 4,090 | 4,132 | 6,758 |
Residential Core | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 15,282 | 8,609 | 14,771 |
Residential Core | Reduction in Interest Rates | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 494 | 818 | 1,342 |
Residential Core | Payment Extensions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 166 | 0 | 0 |
Residential Core | Forbearance Or Other Actions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 1,736 | 1,340 | 1,154 |
Residential Core | Multiple Concessions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 3,938 | 1,654 | 4,444 |
Residential Core | Multiple Restructurings | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 5,863 | 2,176 | 2,902 |
Residential Core | Bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 3,085 | 2,621 | 4,929 |
Residential Home Today | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 5,268 | 4,264 | 5,156 |
Residential Home Today | Reduction in Interest Rates | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 0 | 147 | 169 |
Residential Home Today | Payment Extensions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 47 | 0 | 0 |
Residential Home Today | Forbearance Or Other Actions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 348 | 456 | 489 |
Residential Home Today | Multiple Concessions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 462 | 458 | 542 |
Residential Home Today | Multiple Restructurings | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 3,776 | 2,734 | 3,487 |
Residential Home Today | Bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 635 | 469 | 469 |
Home Equity Loans And Lines Of Credit | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 16,795 | 10,884 | 9,123 |
Home Equity Loans And Lines Of Credit | Reduction in Interest Rates | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 64 | 0 | 58 |
Home Equity Loans And Lines Of Credit | Payment Extensions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 1,468 | 2,282 | 1,371 |
Home Equity Loans And Lines Of Credit | Forbearance Or Other Actions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 23 | 32 | 33 |
Home Equity Loans And Lines Of Credit | Multiple Concessions | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 13,630 | 6,834 | 5,842 |
Home Equity Loans And Lines Of Credit | Multiple Restructurings | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | 1,240 | 694 | 459 |
Home Equity Loans And Lines Of Credit | Bankruptcy | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured loans | $ 370 | $ 1,042 | $ 1,360 |
Loans And Allowance For Loan_13
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, 2018USD ($)contracts | Sep. 30, 2017USD ($)contracts | Sep. 30, 2016USD ($)contracts | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contracts | 41 | 58 | 86 |
Recorded Investment | $ | $ 3,345 | $ 3,255 | $ 4,256 |
Residential Core | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contracts | 16 | 17 | 32 |
Recorded Investment | $ | $ 2,474 | $ 1,462 | $ 2,282 |
Residential Home Today | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contracts | 17 | 25 | 26 |
Recorded Investment | $ | $ 540 | $ 1,126 | $ 1,088 |
Home Equity Loans And Lines Of Credit | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contracts | 8 | 16 | 28 |
Recorded Investment | $ | $ 331 | $ 667 | $ 886 |
Loans And Allowance For Loan_14
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, 2018 | Sep. 30, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | $ 12,913,712 | $ 12,468,254 |
Residential Core | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 10,946,975 | 10,761,043 |
Residential Home Today | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 94,749 | 107,683 |
Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 1,841,827 | 1,570,051 |
Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 27,140 | 26,427 |
Total Real Estate Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 12,910,691 | 12,465,204 |
Pass | Residential Core | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 10,898,725 | 10,709,739 |
Pass | Residential Home Today | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 78,180 | 88,247 |
Pass | Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 1,813,502 | 1,545,658 |
Pass | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 27,140 | 26,427 |
Pass | Total Real Estate Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 12,817,547 | 12,370,071 |
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 | 4,216 | 3,837 |
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 | 4,216 | 3,837 |
Substandard | Residential Core | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 48,250 | 51,304 |
Substandard | Residential Home Today | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 16,569 | 19,436 |
Substandard | Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Total | 24,109 | 20,556 |
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 | 88,928 | 91,296 |
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_15
Loans And Allowance For Loan Losses (Schedule Of Activity In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Allowance for Credit Losses | $ 42,418 | ||
Residential Core | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Allowance for Credit Losses | 14,186 | $ 15,068 | $ 22,596 |
Provisions | 2,460 | (3,311) | (6,942) |
Charge-offs | (959) | (3,029) | (4,294) |
Recoveries | 2,601 | 5,458 | 3,708 |
Allowance for Credit Losses | 18,288 | 14,186 | 15,068 |
Residential Home Today | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Allowance for Credit Losses | 4,508 | 7,416 | 9,997 |
Provisions | (1,898) | (1,943) | (1,253) |
Charge-offs | (1,363) | (2,276) | (2,761) |
Recoveries | 1,957 | 1,311 | 1,433 |
Allowance for Credit Losses | 3,204 | 4,508 | 7,416 |
Home Equity Loans And Lines Of Credit | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Allowance for Credit Losses | 30,249 | 39,304 | 38,926 |
Provisions | (11,562) | (11,744) | 255 |
Charge-offs | (5,832) | (6,173) | (7,846) |
Recoveries | 8,066 | 8,862 | 7,969 |
Allowance for Credit Losses | 20,921 | 30,249 | 39,304 |
Construction | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Allowance for Credit Losses | 5 | 7 | 35 |
Provisions | 0 | (2) | (60) |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 32 |
Allowance for Credit Losses | 5 | 5 | 7 |
Total Real Estate Loans | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Allowance for Credit Losses | 48,948 | 61,795 | 71,554 |
Provisions | (11,000) | (17,000) | (8,000) |
Charge-offs | (8,154) | (11,478) | (14,901) |
Recoveries | 12,624 | 15,631 | 13,142 |
Allowance for Credit Losses | $ 42,418 | $ 48,948 | $ 61,795 |
Mortgage Loan Servicing Right_2
Mortgage Loan Servicing Rights (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018USD ($)tranches | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
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 | $ 400,136 | $ 249,426 | $ 200,298 |
Amount related to the repurchase of loans previously sold and serviced by the Association. | $ 48 | ||
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 | 22 | ||
Unpaid principal balance of mortgage loans serviced for others | $ 1,927,886 | $ 1,849,653 | $ 1,959,467 |
Ratio of capaitalized servicing assets to unpaid principal balance of loans serviced for others | 0.46% | 0.45% | 0.45% |
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 rights | $ 4,288 | $ 4,257 | $ 4,696 |
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 Right_3
Mortgage Loan Servicing Rights (Primary Economic Assumptions Used To Measure The Company's Retained Interest Rate) (Details) - Residential Mortgage | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
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) | 12.80% | 9.90% |
Weighted average life (years) | 23 years 10 months 18 days | 22 years 2 months 16 days |
Amortized cost to service loans (weighted average) | 0.12% | 0.12% |
Weighted average discount rate | 12.00% | 12.00% |
Mortgage Loan Servicing Right_4
Mortgage Loan Servicing Rights (Key Economic Assumptions And Sensitivity) (Details) - Residential Mortgage - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Sensitivity Analysis, Impact of Adverse Change in Assumption [Line Items] | |||
Fair value of mortgage loan servicing rights | $ 15,580 | $ 16,102 | $ 16,428 |
Prepayment speed assumptions (weighted average annual rate) | 16.60% | ||
Prepayment speed assumptions, Impact on fair value of 10% adverse change | $ (548) | ||
Prepayment speed assumptions, Impact on fair value of 20% adverse change | $ (1,049) | ||
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 | $ (1,434) | ||
Estimated prospective annual cost to service loans, Impact on fair value of 20% adverse change | $ (2,869) | ||
Discount rate | 12.00% | ||
Discount rate, Impact on fair value of 10% adverse change | $ (562) | ||
Discount rate, Impact on fair value of 20% adverse change | $ (1,081) |
Mortgage Loan Servicing Right_5
Mortgage Loan Servicing Rights (Activity In Mortgage Servicing Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Mortgage Servicing Assets [Roll Forward] | |||
Balance-beginning of year | $ 8,375 | ||
Balance-end of year | 8,840 | $ 8,375 | |
Residential Mortgage | |||
Mortgage Servicing Assets [Roll Forward] | |||
Balance-beginning of year | 8,375 | 8,852 | $ 9,988 |
Additions from loan securitizations/sales | 1,909 | 1,347 | 1,044 |
Amortization | (1,444) | (1,824) | (2,180) |
Net change in valuation allowance | 0 | 0 | 0 |
Balance-end of year | 8,840 | 8,375 | 8,852 |
Servicing Asset at Amortized Cost, Fair Value | $ 15,580 | $ 16,102 | $ 16,428 |
Premises, Equipment And Softw_3
Premises, Equipment And Software, Net Premises, Equipment And Software, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense on premises, equipment, and software | $ 5,722 | $ 5,633 | $ 5,507 |
Branch rental expense | 7,069 | 6,929 | 6,711 |
Non-interest income | |||
Property, Plant and Equipment [Line Items] | |||
Rental income included in other non-interest income | $ 2,148 | $ 1,857 | $ 1,556 |
Premises, Equipment And Softw_4
Premises, Equipment And Software, Net Premises, Equipment And Software, Net (Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 158,913 | $ 154,155 |
Less accumulated depreciation and amortization | (95,514) | (93,280) |
Total | 63,399 | 60,875 |
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 | 78,470 | 76,003 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 35,495 | 33,313 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 17,395 | 17,432 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 15,370 | $ 15,224 |
Premises, Equipment And Softw_5
Premises, Equipment And Software, Net (Schedule Of Future Minimum Payments Under Non-Cancelable Operating Leases) (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Property, Plant and Equipment, Net [Abstract] | |
2,018 | $ 6,444 |
2,019 | 5,521 |
2,020 | 4,451 |
2,021 | 3,060 |
2,022 | 2,045 |
Thereafter | $ 5,546 |
Premises, Equipment And Softw_6
Premises, Equipment And Software, Net (Schedule Of Future Minimum Payments Receivables) (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Property, Plant and Equipment, Net [Abstract] | |
2,018 | $ 2,187 |
2,019 | 2,123 |
2,020 | 2,111 |
2,021 | 2,178 |
2,022 | $ 2,248 |
Accrued Interest Receivable (Ac
Accrued Interest Receivable (Accrued Interest Receivable) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Accrued Interest Receivable [Line Items] | ||
Accrued interest receivable | $ 38,696 | $ 35,479 |
Investment Securities | ||
Accrued Interest Receivable [Line Items] | ||
Accrued interest receivable | 1,352 | 1,270 |
Loans | ||
Accrued Interest Receivable [Line Items] | ||
Accrued interest receivable | $ 37,344 | $ 34,209 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Deposits [Abstract] | ||
Weighted average interest rate, savings accounts | 0.44% | 0.14% |
Weighted average interest rate, checking accounts | 0.22% | 0.09% |
Weighted average interest rate, certificates of deposit | 1.83% | 1.52% |
Weighted average interest rate, total deposits | 1.45% | 1.10% |
Time Deposits, $100,000 or More | $ 3,155,664 | $ 2,685,662 |
Brokered certificates of deposit | $ 670,081 | $ 620,705 |
Deposits (Summary Of Deposit Ac
Deposits (Summary Of Deposit Account Balances) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Time Deposits [Line Items] | ||
Subtotal checking and savings accounts | $ 2,169,579 | $ 2,460,416 |
Percentage of checking and savings accounts to deposits | 25.60% | 30.20% |
Certificates of deposit | $ 6,318,281 | $ 5,689,236 |
Percentage of certificates of deposit to deposits | 74.40% | 69.80% |
Subtotal, Deposits | $ 8,487,860 | $ 8,149,652 |
Subtotal, percent | 100.00% | 100.00% |
Accrued interest | $ 3,723 | $ 1,973 |
Accrued interest to deposits, percent | 0.00% | 0.00% |
Total deposits | $ 8,491,583 | $ 8,151,625 |
Total deposits, percent | 100.00% | 100.00% |
0.00–0.25% | ||
Time Deposits [Line Items] | ||
Checking accounts | $ 913,525 | $ 987,001 |
Percentage of checking accounts to deposits | 10.80% | 12.10% |
0.00–1.75 | ||
Time Deposits [Line Items] | ||
Savings accounts | $ 1,256,054 | $ 1,473,415 |
Percentage of savings accounts to deposits | 14.80% | 18.10% |
0.00–0.99 | ||
Time Deposits [Line Items] | ||
Certificates of deposit | $ 658,767 | $ 877,684 |
Percentage of certificates of deposit to deposits | 7.70% | 10.80% |
1.00–1.99 | ||
Time Deposits [Line Items] | ||
Certificates of deposit | $ 3,745,576 | $ 4,348,918 |
Percentage of certificates of deposit to deposits | 44.10% | 53.30% |
2.00–2.99 | ||
Time Deposits [Line Items] | ||
Certificates of deposit | $ 1,845,618 | $ 449,358 |
Percentage of certificates of deposit to deposits | 21.70% | 5.50% |
3.00–3.99 | ||
Time Deposits [Line Items] | ||
Certificates of deposit | $ 67,655 | $ 8,648 |
Percentage of certificates of deposit to deposits | 0.80% | 0.10% |
4.00 and above | ||
Time Deposits [Line Items] | ||
Certificates of deposit | $ 665 | $ 4,628 |
Percentage of certificates of deposit to deposits | 0.10% | 0.10% |
Minimum | 0.00–0.25% | ||
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 | 0.00–0.25% | ||
Time Deposits [Line Items] | ||
Stated interest rate on deposits | 0.30% | |
Maximum | 0.00–1.75 | ||
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, 2018 | Sep. 30, 2017 | |
Deposits [Abstract] | ||
12 months or less | $ 2,509,698 | |
13 to 24 months | 1,785,405 | |
25 to 36 months | 979,578 | |
37 to 48 months | 501,356 | |
49 to 60 months | 310,083 | |
Over 60 months | 232,161 | |
Total | $ 6,318,281 | $ 5,689,236 |
12 months or less, percent | 39.70% | |
13 to 24 months, percent | 28.30% | |
25 to 36 months, percent | 15.50% | |
37 to 48 months, percent | 7.90% | |
49 to 60 months, percent | 4.90% | |
Over 60 months, percent | 3.70% | |
Total, percent | 100.00% |
Deposits (Scheduled Of Interest
Deposits (Scheduled Of Interest Expense On Deposits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Deposits [Abstract] | ||
Certificates of deposit | $ 97,383 | $ 84,410 |
Checking accounts | 1,406 | 918 |
Savings accounts | 3,466 | 2,093 |
Total | $ 102,255 | $ 87,421 |
Borrowed Funds (Schedule of Fed
Borrowed Funds (Schedule of Federal Home Loan Bank Advances (FHLB) Borrowings) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Advances from Federal Home Loan Banks [Abstract] | ||
12 months or less | $ 3,339,478 | |
13 to 24 months | 329,816 | |
25 to 36 months | 939 | |
37 to 48 months | 0 | |
49 to 60 months | 18,285 | |
over 60 months | 27,372 | |
Total FHLB Advances | 3,715,890 | |
Accrued interest | 5,809 | |
Total | $ 3,721,699 | $ 3,671,377 |
Weighted Average Rate 12 months or less | 2.15% | |
Weighted Average Rate 13 to 24 months | 1.82% | |
Weighted Average Rate 25 to 36 months | 1.55% | |
Weighted Average Rate 37 to 48 months | 0.00% | |
Weighted Average Rate 49 to 60 months | 2.62% | |
Weighted Average Rate Over 60 months | 1.66% | |
Weighted Average Rate Total FHLB Advances | 2.12% |
Borrowed Funds Borrowed Funds (
Borrowed Funds Borrowed Funds (Schedule of Federal Home Loan Bank Advances used in Swap Contracts (Details) $ in Thousands | Sep. 30, 2018USD ($) |
FHLB Short-term Debt [Line Items] | |
FHLB advances under SWAP contracts, Total | $ 3,339,478 |
FHLB advances under SWAP contracts, Average Interest Rate | 2.15% |
Interest Rate Swap | |
FHLB Short-term Debt [Line Items] | |
FHLB advances under SWAP contracts, Total | $ 1,725,000 |
FHLB advances under SWAP contracts, Average Interest Rate | 1.75% |
Interest Rate Swap | Effective Maturity 13 to 24 months | |
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 25 to 36 months | |
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 37 to 48 months | |
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 49 to 60 months | |
FHLB Short-term Debt [Line Items] | |
FHLB advances under SWAP contracts, Total | $ 250,000 |
FHLB advances under SWAP contracts, Average Interest Rate | 2.49% |
Borrowed Funds Borrowed Funds_2
Borrowed Funds Borrowed Funds (Federal Home Loan Bank Short-Term Advances) (Details) - Federal Home Loan Bank - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
FHLB Short-term Debt [Line Items] | |||
Balance at end of year | $ 2,925,000 | $ 2,610,000 | $ 1,451,000 |
Maximum amount outstanding at any month-end | 2,925,000 | 2,610,000 | 1,451,000 |
Average balance during year | $ 2,707,566 | $ 1,976,281 | $ 934,689 |
Average interest rate during the fiscal year | 1.71% | 0.89% | 0.42% |
Weighted average interest rate at end of year | 2.13% | 1.22% | 0.47% |
Interest expense | $ 46,612 | $ 17,826 | $ 3,984 |
Borrowed Funds (Narrative) (Fed
Borrowed Funds (Narrative) (Federal Home Loan Bank Advances) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2018 | |
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 | $ 128,969 | |
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 | 4,776,961 | |
Additional common stock ownership requirement to maximize FHLB borrowings | 95,539 | |
FRB-Cleveland | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Reserve Discount Window, borrowing capacity | $ 55,606 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss) by Component) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | $ 1,758,404 | $ 1,689,959 | $ 1,660,458 | $ 1,729,370 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1,662) | 3,816 | 2,020 | ||
Total other comprehensive income (loss) | 30,756 | 12,134 | (6,561) | ||
Accumulated Net Unrealized Investment Gain (Loss) | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | (13,624) | (2,915) | 416 | 1,926 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (9,436) | (3,331) | (1,510) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | ||
Total other comprehensive income (loss) | (9,436) | (3,331) | (1,510) | ||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings,Tax Effect | (1,273) | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | 51,914 | 10,249 | (1,371) | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 40,187 | 9,186 | (2,389) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2,847) | 2,434 | 1,018 | ||
Total other comprehensive income (loss) | 37,340 | 11,620 | (1,371) | ||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings,Tax Effect | 4,325 | ||||
Accumulated Defined Benefit Plans Adjustment | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | (15,068) | (14,826) | (18,671) | (14,991) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1,625 | 2,463 | (4,682) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,227 | 1,382 | 1,002 | ||
Total other comprehensive income (loss) | 2,852 | 3,845 | (3,680) | ||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings,Tax Effect | (3,094) | ||||
AOCI Attributable to Parent | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | 23,222 | (7,492) | (19,626) | $ (13,065) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 32,376 | 8,318 | (8,581) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1,620) | 3,816 | 2,020 | ||
Total other comprehensive income (loss) | 30,756 | 12,134 | (6,561) | ||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings,Tax Effect | $ 42 | $ (42) | $ 0 | $ 0 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Additional) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Reclassification out of Accumulated Other Comprehensive Income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification from AOCI, Current Period, Tax | $ (472) | $ 2,055 | $ 1,089 |
AOCI Attributable to Parent | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss) before Reclassifications, Tax | $ (10,638) | $ (4,479) | $ 4,621 |
Other Comprehensive Income (L_5
Other Comprehensive Income (Loss) (Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Income tax expense (benefit) | $ 8,842 | $ 7,160 | $ 7,312 | $ 12,443 | $ 12,036 | $ 11,619 | $ 12,083 | $ 8,726 | $ 35,757 | $ 44,464 | $ 41,810 | |
Net of income tax | (84,196) | (87,976) | (79,792) | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1,662) | 3,816 | 2,020 | |||||||||
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 | (2,847) | 2,434 | 1,018 | |||||||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings,Tax Effect | 4,325 | |||||||||||
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 | 1,679 | 2,126 | 1,542 | |||||||||
Defined Benefit Plan | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Reclassification from AOCI, Current Period, Tax | (452) | (744) | (540) | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,227 | 1,382 | 1,002 | |||||||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings,Tax Effect | (3,094) | |||||||||||
AOCI Attributable to Parent | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1,620) | 3,816 | 2,020 | |||||||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings,Tax Effect | $ 42 | (42) | 0 | 0 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Reclassification from AOCI, Current Period, Tax | 472 | (2,055) | (1,089) | |||||||||
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 | (3,771) | 3,745 | 1,567 | |||||||||
Income tax expense (benefit) | 924 | (1,311) | (549) | |||||||||
Net of income tax | $ (2,847) | $ 2,434 | $ 1,018 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||
Required deferred tax valuation allowance | $ 0 | $ 0 | $ 0 | ||
Allocated retained earnings bad debt deductions | 104,861 | 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 | $ 0 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 21.00% | 24.50% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, Percent | 24.53% | ||||
Income tax expense to recognize the impact of changes in federal income tax rates and other provisions of the Act on the net deferred tax asset | $ 6,610 | ||||
Effective Income Tax Rate | 29.50% | 33.30% | 34.20% |
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, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||||||||
Current tax expense, Federal | $ 30,044 | $ 39,794 | $ 29,833 | ||||||||
Current tax expense, State | 1,805 | 1,121 | 878 | ||||||||
Deferred tax expense, Federal | 3,836 | 3,634 | 11,045 | ||||||||
Deferred tax expense, State | 72 | (85) | 54 | ||||||||
Income tax provision | $ 8,842 | $ 7,160 | $ 7,312 | $ 12,443 | $ 12,036 | $ 11,619 | $ 12,083 | $ 8,726 | $ 35,757 | $ 44,464 | $ 41,810 |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation From Tax At The Statutory Rate To The Income Tax Provision) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||
Tax at statutory rate | 35.00% | 21.00% | 24.50% | 35.00% | 35.00% |
State tax, net | 1.20% | 0.50% | 0.50% | ||
Non-taxable income from bank owned life insurance contracts | (1.20%) | (1.70%) | (2.10%) | ||
Remeasurement of deferred tax assets | 5.40% | 0.00% | 0.00% | ||
Other, net | (0.40%) | (0.50%) | 0.80% | ||
Income tax provision | 29.50% | 33.30% | 34.20% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Recognition Of Revenue And Expenses) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Loan loss reserve | $ 15,450 | $ 26,690 |
Deferred compensation | 5,598 | 12,280 |
Pension | 0 | 2,696 |
Property, equipment and software basis difference | 759 | 2,180 |
Other | 2,012 | 2,482 |
Total deferred tax assets | 23,819 | 46,328 |
FHLB stock basis difference | 5,048 | 7,999 |
Mortgage servicing rights | 1,263 | 1,583 |
Pension | 16 | 0 |
Goodwill | 2,138 | 3,473 |
Deferred loan costs, net of fees | 11,190 | 15,288 |
Other | 2,288 | 1,994 |
Total deferred tax liabilities | 21,943 | 30,337 |
Net deferred tax asset | $ 1,876 | $ 15,991 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018USD ($)yearsh$ / sharesshares | Sep. 30, 2017USD ($)shares | Sep. 30, 2016USD ($) | |
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 | 5,000 | $ 4,000 | |
Net actuarial losses, which have not been recognized as components of net periodic benefit costs | 19,073 | 22,809 | $ 28,725 |
Net actuarial losses that will be recognized in AOCI as components of net periodic benefit cost in fiscal year | $ 1,336 | ||
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 | $ 6,639 | 7,342 | 7,714 |
Purchase of the Company's common stock by ESOP from proceeds of a loan from the Company (in shares) | shares | 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 | $ 57,986 | $ 61,759 | |
ESOP shares allocated to participants (in shares) | shares | 6,405,748 | ||
ESOP shares committed to be released (in shares) | shares | 325,005 | ||
ESOP shares unallocated or not yet committed to be released (in shares) | shares | 4,875,071 | 5,308,410.56 | |
ESOP shares that are unallocated or not yet committed to be released, fair market value | $ 73,175 | ||
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 | $ 3,703 | $ 3,456 | $ 3,412 |
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, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | $ 82,218 | $ 84,218 | |
Interest cost | 3,095 | 3,068 | $ 3,288 |
Actuarial loss and other | (1,165) | (955) | |
Benefits paid | (3,539) | (4,113) | |
Projected benefit obligation at end of year | $ 80,609 | $ 82,218 | $ 84,218 |
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 | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of the year | $ 72,806 | $ 65,951 |
Actual return on plan assets | 5,035 | 6,968 |
Employer contributions | 5,000 | 4,000 |
Benefits paid | (3,539) | (4,113) |
Fair value of plan assets at end of year | 79,302 | 72,806 |
Funded status of the plan-asset/(liability) | $ (1,307) | $ (9,412) |
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, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Defined Benefit Plan [Abstract] | |||
Interest cost | $ 3,095 | $ 3,068 | $ 3,288 |
Expected return on plan assets | (4,142) | (4,134) | (4,111) |
Amortization of net loss and other | $ 1,679 | $ 2,126 | $ 1,542 |
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, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 79,302 | $ 72,806 | $ 65,951 |
Pooled Separate Accounts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 79,302 | $ 72,806 | |
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, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Defined Benefit Plan [Abstract] | |||
Discount rate | 4.15% | 3.90% | 3.75% |
Discount rate | 3.90% | 3.75% | 4.40% |
Long-term rate of return on plan assets | 6.25% | 7.00% | 7.50% |
Employee Benefit Plans (Estimat
Employee Benefit Plans (Estimates Of Expected Future Benefit Payments) (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Defined Benefit Plan [Abstract] | |
2,018 | $ 5,630 |
2,019 | 4,960 |
2,020 | 5,160 |
2,021 | 4,140 |
2,022 | 4,520 |
Aggregate expected benefit payments during the five fiscal year period beginning October 1, 2024, and ending September 30, 2029 | 22,930 |
Minimum employer contributions expected to be paid during the fiscal year ending September 30, 2019 | $ 0 |
Equity Incentive Plan (Narrativ
Equity Incentive Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of stock options (in shares) | 1,067,100 | ||
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ 125 | $ 1,058 | |
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ 0 | 0 | $ 3,198 |
Stock options contractual term, years | 10 years | ||
Share-based compensation expense | $ 4,718 | 3,893 | 5,723 |
Tax benefit recognized related to share-based compensation expense | $ 1,024 | $ 1,195 | $ 1,776 |
Weighted average grant date fair value of restricted stock units granted, per share | $ 14.81 | $ 19.26 | $ 19.06 |
Annualized dividend payout, per share | 0.68 | 0.50 | |
Weighted average grant date fair value of options granted (in usd per share) | $ 1.22 | $ 3.22 | $ 3.48 |
Expected future compensation expense relating to the non-vested options outstanding | $ 1,452 | ||
Common shares authorized for award under the Equity Plan (in shares) | 8,450,000 | ||
Common shares remain available for future award (in shares) | 8,406,000 | ||
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of restricted stock units | 470,100 | ||
Share-based compensation expense | $ 3,468 | $ 2,391 | $ 3,250 |
Weighted average grant date fair value of restricted stock units granted, per share | $ 14.81 | ||
Total fair value of restricted stock units vested | $ 6,996 | 2,655 | 2,519 |
Expected future compensation expense relating to non-vested restricted stock units | $ 4,625 | ||
Non-vested awards weighted average period (in years) | 2 years 11 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 | $ 1,251 | $ 1,502 | $ 2,473 |
Non-vested awards weighted average period (in years) | 1 year 9 months 26 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 | ||
Awards under the Amended and Restated 2008 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of stock options (in shares) | 22,000 | ||
Awards under the Amended and Restated 2008 Equity Incentive Plan [Member] | Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of restricted stock units | 22,000 |
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, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Summary of Status of Restricted Stock Unit [Roll Forward] | |||
Weighted Average Grant Date Fair Value, Granted (in usd per share) | $ 14.81 | $ 19.26 | $ 19.06 |
Restricted Stock Units | |||
Summary of Status of Restricted Stock Unit [Roll Forward] | |||
Number of Shares Awarded, Outstanding, Beginning | 1,169,068 | ||
Weighted Average Grant Date Fair Value, Outstanding (in usd per share) | $ 13.18 | ||
Number of Shares Awarded, Granted | 470,100 | ||
Weighted Average Grant Date Fair Value, Granted (in usd per share) | $ 14.81 | ||
Number of Shares Awarded, Exercised | (288,033) | ||
Weighted Average Grant Date Fair Value, Exercised (in usd per share) | $ 15.73 | ||
Number of Shares Awarded, Forfeited | (15,710) | ||
Weighted Average Grant Date Fair Value, Forfeited (in usd per share) | $ 14.78 | ||
Number of Shares Awarded, Outstanding, Ending | 1,335,425 | 1,169,068 | |
Weighted Average Grant Date Fair Value, Outstanding (in usd per share) | $ 13.19 | $ 13.18 | |
Number of Shares Awarded, Vested and exercisable, at September 30, 2018 | 811,920 | ||
Weighted Average Grant Date Fair Value, Vested and exercisable, at September 30, 2018 (in usd per share) | $ 11.91 | ||
Number of Shares Awarded, Vested and expected to vest, at September 30, 2018 | 1,335,425 | ||
Weighted Average Grant Date Fair Value, Vested and expected to vest, at September 30, 2018 (in usd per share) | $ 13.19 |
Equity Incentive Plan (Summar_2
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, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of Stock Options, Outstanding (in shares) | 4,516,432 | |
Weighted Average Exercise Price, Outstanding (in usd per share) | $ 13.26 | |
Weighted Average Remaining Contractual Life, Outstanding (in years) | 5 years 10 months 3 days | 5 years 6 months 15 days |
Aggregate Intrinsic Value, Outstanding | $ 15,057 | |
Number of Stock Options, Granted (in shares) | 1,067,100 | |
Weighted Average Exercise Price, Granted (in usd per share) | $ 14.77 | |
Number of Stock Options, Exercised (in shares) | (501,275) | |
Weighted Average Exercise Price, Exercised (in usd per share) | $ 11.73 | |
Stock options exercised, intrinsic value | $ 2,058 | |
Number of Stock Options, Forfeited (in shares) | (94,295) | |
Weighted Average Exercise Price, Forfeited (in usd per share) | $ 14.76 | |
Aggregate Intrinsic Value, Forfeited | $ 28 | |
Number of Stock Options, Outstanding (in shares) | 4,987,962 | 4,516,432 |
Weighted Average Exercise Price, Outstanding (in usd per share) | $ 13.71 | $ 13.26 |
Weighted Average Remaining Contractual Life, Outstanding (in years) | 5 years 10 months 3 days | 5 years 6 months 15 days |
Aggregate Intrinsic Value, Outstanding | $ 9,417 | $ 15,057 |
Number of Stock Options, Vested and exercisable at September 30, 2018 (in shares) | 3,573,142 | |
Weighted Average Exercise Price, Vested and exercisable at September 30, 2018 (in usd per share) | $ 12.96 | |
Weighted Average Remaining Contractual Life, Vested and exercisable at September 30, 2018 (in years) | 4 years 8 months 12 days | |
Aggregate Intrinsic Value, Vested and exercisable at September 30, 2018 | $ 9,120 | |
Number of Stock Options, Vested or expected to vest at September 30, 2018 (in shares) | 4,987,962 | |
Weighted Average Exercise Price, Vested or expected to vest at September 30, 2018 (in usd per share) | $ 13.71 | |
Weighted Average Remaining Contractual Life, Vested or expected to vest at September 30, 2018 (in years) | 5 years 10 months 3 days | |
Aggregate Intrinsic Value, Vested or expected to vest at September 30, 2018 | $ 9,417 |
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, 2018 | Sep. 30, 2017 | |
Expected dividend yield | 4.60% | 2.59% |
Expected volatility | 16.56% | 21.97% |
Risk-free interest rate | 2.33% | 1.86% |
Expected option term (in years) | 6 years | 6 years |
Commitments And Contingent Li_3
Commitments And Contingent Liabilities (Narrative) (Details) $ in Thousands | 12 Months Ended |
Sep. 30, 2018USD ($) | |
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) | $ 1,797,283 |
Commitment And Contingent Liabi
Commitment And Contingent Liabilities (Schedule of Off-Balance Sheet Risks (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Commitments To Originate | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | $ 415,820 |
Commitments To Originate Fixed-Rate Mortgage Loans | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 143,208 |
Commitments To Originate Adjustable-Rate Mortgage Loans | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 137,477 |
Commitments To Originate Equity Loans And Lines Of Credit Including Bridge Loans | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 135,135 |
Unfunded Commitments | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 1,821,037 |
Unfunded Commitments Equity Lines Of Credit | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 1,772,947 |
Unfunded Commitments Construction Loans | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 36,549 |
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 | Sep. 30, 2018 | Sep. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale, fair value | $ 661 | $ 355 |
Available-for-sale Securities | 531,965 | 537,479 |
Performing troubled debt restructurings individually evaluated for impairment | 180,794 | 180,560 |
Allowance on loans evaluated for impairment based on the present value of cash flows | 12,087 | 11,061 |
Real estate owned | 2,794 | 5,521 |
Cost to dispose related to real estate owned properties measured at fair value | 132 | 401 |
Performing | Troubled Debt Restructuring | Present Value Of Cash Flows | ||
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 | 12,002 | 11,061 |
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 | 1,688 | 2,443 |
Portion at Other than Fair Value | Performing | Troubled Debt Restructuring | Present Value Of Cash Flows | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Performing troubled debt restructurings individually evaluated for impairment | 98,459 | 95,480 |
Allowance on loans evaluated for impairment based on the present value of cash flows | 12,002 | 11,061 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale, fair value | 661 | 355 |
Available-for-sale Securities | 531,965 | 537,479 |
Fair Value, Inputs, Level 2 | Market Approach Valuation Technique | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale, fair value | 659 | |
Fair Value, Inputs, Level 2 | Portion at Other than Fair Value | Carried At Cost | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale, fair value | 351 | |
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, 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 | 1,238 | 3,479 |
Loans Held-For-Sale Subject To Pending Agency Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale, fair value | 0 | 0 |
U. S. treasury and government obligations | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Market Approach Valuation Technique | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 531,965 | $ 537,479 |
Fair Value (Fair Value Of Asset
Fair Value (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Assets | ||
Available-for-sale Securities | $ 531,965 | $ 537,479 |
Derivative Asset | 17,059 | |
Liabilities | ||
Derivative liability | 2 | 1,233 |
REMIC's | ||
Assets | ||
Available-for-sale Securities | 519,999 | 528,536 |
Fannie Mae Certificates | ||
Assets | ||
Available-for-sale Securities | 7,998 | 8,943 |
US Treasury Notes Securities | ||
Assets | ||
Available-for-sale Securities | 3,968 | |
Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Assets | ||
Available-for-sale Securities | 0 | 0 |
Derivative Asset | 0 | |
Liabilities | ||
Derivative liability | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Available-for-sale Securities | 531,965 | 537,479 |
Derivative Asset | 17,001 | |
Liabilities | ||
Derivative liability | 0 | 1,233 |
Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Available-for-sale Securities | 0 | 0 |
Derivative Asset | 58 | |
Liabilities | ||
Derivative liability | 2 | 0 |
Fair Value, Measurements, Recurring | ||
Assets | ||
Total | 531,965 | 554,538 |
Liabilities | ||
Total | 2 | 1,233 |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | ||
Liabilities | ||
Derivative liability | 2 | |
Fair Value, Measurements, Recurring | Interest Rate Swap | ||
Liabilities | ||
Derivative liability | 1,233 | |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | ||
Assets | ||
Derivative Asset | 58 | |
Fair Value, Measurements, Recurring | Interest Rate Swap | ||
Assets | ||
Derivative Asset | 17,001 | |
Fair Value, Measurements, Recurring | REMIC's | ||
Assets | ||
Available-for-sale Securities | 519,999 | 528,536 |
Fair Value, Measurements, Recurring | Fannie Mae Certificates | ||
Assets | ||
Available-for-sale Securities | 7,998 | 8,943 |
Fair Value, Measurements, Recurring | US Treasury Notes Securities | ||
Assets | ||
Available-for-sale Securities | 3,968 | |
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 Lock Commitments | ||
Liabilities | ||
Derivative liability | 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 | |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Interest Rate Swap | ||
Assets | ||
Derivative Asset | 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 | Quoted Prices In Active Markets For Identical Assets (Level 1) | US Treasury Notes Securities | ||
Assets | ||
Available-for-sale Securities | 0 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Total | 531,965 | 554,480 |
Liabilities | ||
Total | 0 | 1,233 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest Rate Lock Commitments | ||
Liabilities | ||
Derivative liability | 0 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest Rate Swap | ||
Liabilities | ||
Derivative liability | 1,233 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest Rate Lock Commitments | ||
Assets | ||
Derivative Asset | 0 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest Rate Swap | ||
Assets | ||
Derivative Asset | 17,001 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | REMIC's | ||
Assets | ||
Available-for-sale Securities | 519,999 | 528,536 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Fannie Mae Certificates | ||
Assets | ||
Available-for-sale Securities | 7,998 | 8,943 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | US Treasury Notes Securities | ||
Assets | ||
Available-for-sale Securities | 3,968 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Total | 0 | 58 |
Liabilities | ||
Total | 2 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Interest Rate Lock Commitments | ||
Liabilities | ||
Derivative liability | 2 | |
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 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Interest Rate Swap | ||
Assets | ||
Derivative Asset | 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, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | US Treasury Notes Securities | ||
Assets | ||
Available-for-sale Securities | $ 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, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | $ 58 | $ 99 | $ 79 |
Gain (loss) during the period due to changes in fair value: | |||
Ending balance | (2) | 58 | 99 |
Change in unrealized gains for the period included in earnings for assets held at end of the reporting date | (2) | 58 | 99 |
Other Income | |||
Gain (loss) during the period due to changes in fair value: | |||
Included in other non-interest income | $ (60) | $ (41) | $ 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, 2018 | Sep. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate owned | $ 1,238 | $ 3,479 |
Total | 83,488 | 88,559 |
Impaired Loans, Net of Allowance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, net of allowance | 82,250 | 85,080 |
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 | 1,238 | 3,479 |
Total | 83,488 | 88,559 |
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 | $ 82,250 | $ 85,080 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information About Significant Unobservable Inputs Categorized Within Level 3 Of The Fair Value Hierarchy) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, fair value | $ (2) | $ (1,233) |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability, fair value | (2) | 0 |
Fair Value, Inputs, Level 3 | Discounted Market Comparable Of Collateral | Impaired Loans, Net of Allowance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, fair value | $ 82,250 | $ 85,080 |
Fair Value, Inputs, Level 3 | Discounted Market Comparable Of Collateral | Impaired Loans, Net of Allowance | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount appraised value to estimated net proceeds based on historical experience | 0.00% | 0.00% |
Fair Value, Inputs, Level 3 | Discounted Market Comparable Of Collateral | Impaired Loans, Net of Allowance | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount appraised value to estimated net proceeds based on historical experience | 28.00% | 28.00% |
Fair Value, Inputs, Level 3 | Discounted Market Comparable Of Collateral | Impaired Loans, Net of Allowance | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount appraised value to estimated net proceeds based on historical experience | 6.40% | 7.60% |
Fair Value, Inputs, Level 3 | Secondary Market Pricing | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset, fair value | $ 58 | |
Liability, fair value | $ (2) | |
Fair Value, Inputs, Level 3 | Secondary Market Pricing | Interest Rate Lock Commitments | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Closure rate | 0.00% | 0.00% |
Fair Value, Inputs, Level 3 | Secondary Market Pricing | Interest Rate Lock Commitments | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Closure rate | 100.00% | 100.00% |
Fair Value, Inputs, Level 3 | Secondary Market Pricing | Interest Rate Lock Commitments | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Closure rate | 50.00% | 93.00% |
Fair Value (Estimated Fair Valu
Fair Value (Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Assets | ||
Available-for-sale Securities | $ 531,965 | $ 537,479 |
Mortgage loans held for sale | 661 | 355 |
Loans, net: | ||
Federal Home Loan Bank stock | 93,544 | 89,990 |
Cash collateral held by counterparty | 13,794 | 2,955 |
Derivatives | 17,059 | |
Liabilities: | ||
Borrowed funds | 3,724,020 | 3,677,256 |
Derivative liability | 2 | 1,233 |
Checking and passbook accounts | ||
Liabilities: | ||
Deposit accounts | 2,169,579 | 2,460,416 |
Certificates of Deposit | ||
Liabilities: | ||
Deposit accounts | 6,006,951 | 5,550,162 |
Borrowers' Advances for Taxes and Insurance | ||
Liabilities: | ||
Other liabilities | 103,005 | 100,446 |
Principal, Interest, And Related Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other liabilities | 31,490 | 35,766 |
Cash and due from banks | ||
Assets | ||
Cash and Cash Equivalents | 29,056 | 35,243 |
Interest Earning Cash Equivalents | ||
Assets | ||
Cash and Cash Equivalents | 240,719 | 232,975 |
Mortgage Receivable | ||
Loans, net: | ||
Loans, net | 12,908,729 | 12,758,951 |
Other Loans | ||
Loans, net: | ||
Loans, net | 3,045 | 3,143 |
Accrued Interest Receivable | ||
Loans, net: | ||
Accrued interest receivable | 38,696 | 35,479 |
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 | 13,794 | 2,955 |
Derivatives | 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 | 29,056 | 35,243 |
Fair Value, Inputs, Level 1 | Interest Earning Cash Equivalents | ||
Assets | ||
Cash and Cash Equivalents | 240,719 | 232,975 |
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 | 531,965 | 537,479 |
Mortgage loans held for sale | 661 | 355 |
Loans, net: | ||
Federal Home Loan Bank stock | 0 | 0 |
Cash collateral held by counterparty | 0 | 0 |
Derivatives | 17,001 | |
Liabilities: | ||
Borrowed funds | 3,724,020 | 3,677,256 |
Derivative liability | 0 | 1,233 |
Fair Value, Inputs, Level 2 | Checking and passbook accounts | ||
Liabilities: | ||
Deposit accounts | 2,169,579 | 2,460,416 |
Fair Value, Inputs, Level 2 | Certificates of Deposit | ||
Liabilities: | ||
Deposit accounts | 6,006,951 | 5,550,162 |
Fair Value, Inputs, Level 2 | Borrowers' Advances for Taxes and Insurance | ||
Liabilities: | ||
Other liabilities | 103,005 | 100,446 |
Fair Value, Inputs, Level 2 | Principal, Interest, And Related Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other liabilities | 31,490 | 35,766 |
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 | 38,696 | 35,479 |
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 | |
Liabilities: | ||
Borrowed funds | 0 | 0 |
Derivative liability | 2 | 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 | 12,908,729 | 12,758,951 |
Fair Value, Inputs, Level 3 | Other Loans | ||
Loans, net: | ||
Loans, net | 3,045 | 3,143 |
Fair Value, Inputs, Level 3 | Accrued Interest Receivable | ||
Loans, net: | ||
Accrued interest receivable | 0 | 0 |
Carrying Amount | ||
Assets | ||
Available-for-sale Securities | 531,965 | 537,479 |
Mortgage loans held for sale | 659 | 351 |
Loans, net: | ||
Federal Home Loan Bank stock | 93,544 | 89,990 |
Cash collateral held by counterparty | 13,794 | 2,955 |
Derivatives | 17,059 | |
Liabilities: | ||
Borrowed funds | 3,721,699 | 3,671,377 |
Derivative liability | 2 | 1,233 |
Carrying Amount | Checking and passbook accounts | ||
Liabilities: | ||
Deposit accounts | 2,169,579 | 2,460,416 |
Carrying Amount | Certificates of Deposit | ||
Liabilities: | ||
Deposit accounts | 6,322,004 | 5,691,209 |
Carrying Amount | Borrowers' Advances for Taxes and Insurance | ||
Liabilities: | ||
Other liabilities | 103,005 | 100,446 |
Carrying Amount | Principal, Interest, And Related Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other liabilities | 31,490 | 35,766 |
Carrying Amount | Cash and due from banks | ||
Assets | ||
Cash and Cash Equivalents | 29,056 | 35,243 |
Carrying Amount | Interest Earning Cash Equivalents | ||
Assets | ||
Cash and Cash Equivalents | 240,719 | 232,975 |
Carrying Amount | Mortgage Receivable | ||
Loans, net: | ||
Loans, net | 12,868,273 | 12,416,256 |
Carrying Amount | Other Loans | ||
Loans, net: | ||
Loans, net | 3,021 | 3,050 |
Carrying Amount | Accrued Interest Receivable | ||
Loans, net: | ||
Accrued interest receivable | $ 38,696 | $ 35,479 |
Derivative Investments (Narrati
Derivative Investments (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Sep. 30, 2018USD ($)contracts | Sep. 30, 2017USD ($) | |
Derivative [Line Items] | ||
Estimated amount to be reclassed in the next 12 months as an increase to expense | $ (16,991) | |
Balance of collateral posted by the Company for derivative liabilities | $ 2,955 | |
Forward Commitments For Sale Of Mortgage Loans | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, Number of Instruments Held | contracts | 0 | |
Cash Flow Hedging | Interest Rate Swap | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, Average Remaining Maturity | 3 years 3 months 26 days | |
Derivative, Weighted Average Fixed Rate Paid On Swap | 1.75% |
Derivative Instruments (Schedul
Derivative Instruments (Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivatives, at Fair Value, Net | $ (2) | $ 58 |
Derivative, Notional Amount | 4,248 | 2,952 |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivatives, at Fair Value, Net | 0 | 58 |
Derivative, Notional Amount | 0 | 2,952 |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivatives, at Fair Value, Net | 2 | 0 |
Derivative, Notional Amount | 4,248 | 0 |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivatives, at Fair Value, Net | 0 | 15,768 |
Derivative, Notional Amount | 1,725,000 | 1,500,000 |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivatives, at Fair Value, Net | 0 | 17,001 |
Derivative, Notional Amount | 1,725,000 | 1,175,000 |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivatives, at Fair Value, Net | 0 | 1,233 |
Derivative, Notional Amount | $ 0 | $ 325,000 |
Derivative Instruments (Sched_2
Derivative Instruments (Schedule Of Effect Of Derivative Instruments, Gain (Loss) In Statement Of Financial Performance) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Designated as Hedging Instrument | Cash Flow Hedging | Interest Expense | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 3,771 | $ (3,745) | $ (1,567) |
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 | 53,717 | 14,131 | (3,676) |
Not Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Total | (60) | (41) | 20 |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | Other Income | |||
Derivatives, Fair Value [Line Items] | |||
Total | $ (60) | $ (41) | $ 20 |
Parent Company Only Financial_3
Parent Company Only Financial Statements (Schedule Of Statements Of Condition) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 |
Assets | ||||
Cash and due from banks | $ 29,056 | $ 35,243 | ||
Available-for-sale Securities | 531,965 | 537,479 | ||
Investments in | ||||
Other assets | 44,344 | 61,086 | ||
TOTAL ASSETS | 14,137,331 | 13,692,563 | ||
Liabilities and shareholders' equity | ||||
Accrued expenses and other liabilities | 31,150 | 43,390 | ||
Total liabilities | 12,378,927 | 12,002,604 | ||
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; 280,311,070 and 281,291,750 outstanding at September 30, 2018 and September 30, 2017, respectively | 3,323 | 3,323 | ||
Paid-in capital | 1,726,992 | 1,722,672 | ||
Treasury stock, at cost; 52,007,680 and 51,027,000 shares at September 30, 2018 and September 30, 2017, respectively | (754,272) | (735,530) | ||
Unallocated ESOP shares | (48,751) | (53,084) | ||
Retained earnings - substantially restricted | 807,890 | 760,070 | ||
Accumulated other comprehensive loss | 23,222 | (7,492) | ||
Total shareholders' equity | 1,758,404 | 1,689,959 | $ 1,660,458 | $ 1,729,370 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 14,137,331 | 13,692,563 | ||
TFS Financial Corporation | ||||
Assets | ||||
Cash and due from banks | 1,215 | 5,123 | ||
Available-for-sale Securities | 3,968 | 0 | ||
Other Loans | ||||
Demand loan due from Third Federal Savings and Loan | 120,237 | 89,299 | ||
ESOP loan receivable | 57,986 | 61,759 | ||
Investments in | ||||
Third Federal Savings and Loan | 1,545,491 | 1,503,831 | ||
Non-thrift subsidiaries | 82,301 | 80,420 | ||
Prepaid federal and state taxes | 213 | 154 | ||
Deferred income taxes | 864 | 2,630 | ||
Other assets | 10,123 | 9,247 | ||
TOTAL ASSETS | 1,822,398 | 1,752,463 | ||
Liabilities and shareholders' equity | ||||
Line of credit due non-thrift subsidiary | 61,066 | 59,815 | ||
Accrued expenses and other liabilities | 2,928 | 2,689 | ||
Total liabilities | 63,994 | 62,504 | ||
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding | 0 | 0 | ||
Common stock, $0.01 par value, 700,000,000 shares authorized; 332,318,750 shares issued; 280,311,070 and 281,291,750 outstanding at September 30, 2018 and September 30, 2017, respectively | 3,323 | 3,323 | ||
Paid-in capital | 1,726,992 | 1,722,672 | ||
Treasury stock, at cost; 52,007,680 and 51,027,000 shares at September 30, 2018 and September 30, 2017, respectively | (754,272) | (735,530) | ||
Unallocated ESOP shares | (48,751) | (53,084) | ||
Retained earnings - substantially restricted | 807,890 | 760,070 | ||
Accumulated other comprehensive loss | 23,222 | (7,492) | ||
Total shareholders' equity | 1,758,404 | 1,689,959 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,822,398 | $ 1,752,463 |
Parent Company Only Financial_4
Parent Company Only Financial Statements Parent Company Only Financial Statements (Additional) (Details) - $ / shares | Sep. 30, 2018 | Sep. 30, 2017 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 700,000,000 | 700,000,000 |
Common stock, shares issued | 332,318,750 | 332,318,750 |
Common stock, shares outstanding | 280,311,070 | 281,291,750 |
Treasury stock, shares | 52,007,680 | 51,027,000 |
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 | 280,311,070 | 281,291,750 |
Treasury stock, shares | 52,007,680 | 51,027,000 |
Parent Company Only Financial_5
Parent Company Only Financial Statements (Schedule Of Statements Of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Interest income | |||||||||||
Interest and Dividend Income, Securities, Operating, Available-for-sale | $ 11,134 | $ 9,041 | $ 9,390 | ||||||||
Interest expense | |||||||||||
Borrowed funds from non-thrift subsidiaries | 59,849 | 42,678 | 28,026 | ||||||||
Interest expense | $ 45,536 | $ 40,845 | $ 38,482 | $ 37,241 | $ 35,869 | $ 33,449 | $ 30,797 | $ 29,984 | 162,104 | 130,099 | 118,026 |
Net interest income | 68,982 | 70,273 | 71,698 | 69,988 | 70,108 | 70,272 | 70,286 | 68,230 | 280,941 | 278,896 | 270,415 |
Non-interest Expense | |||||||||||
Salaries and employee benefits | 101,316 | 94,622 | 95,562 | ||||||||
Other operating expenses | 26,519 | 25,063 | 23,016 | ||||||||
Total non-interest expense | 45,420 | 51,429 | 49,688 | 45,776 | 47,179 | 44,669 | 45,294 | 45,262 | 192,313 | 182,404 | 181,004 |
Income before income taxes | 30,447 | 28,035 | 30,626 | 32,056 | 35,054 | 34,407 | 35,544 | 28,336 | 121,164 | 133,341 | 122,363 |
Income tax expense (benefit) | 8,842 | 7,160 | 7,312 | 12,443 | 12,036 | 11,619 | 12,083 | 8,726 | 35,757 | 44,464 | 41,810 |
Equity in undistributed earnings of subsidiaries (dividend in excess of earnings) | |||||||||||
Net income | $ 21,605 | $ 20,875 | $ 23,314 | $ 19,613 | $ 23,018 | $ 22,788 | $ 23,461 | $ 19,610 | 85,407 | 88,877 | 80,553 |
Change in net unrealized (loss) gain on securities available for sale | (9,436) | (3,331) | (1,510) | ||||||||
Net change in cash flow hedges | 37,340 | 11,620 | (1,371) | ||||||||
Total other comprehensive loss | 30,756 | 12,134 | (6,561) | ||||||||
Total comprehensive income | 116,163 | 101,011 | 73,992 | ||||||||
TFS Financial Corporation | |||||||||||
Interest income | |||||||||||
Demand loan due from Third Federal Savings and Loan | 2,147 | 914 | 433 | ||||||||
ESOP loan | 2,536 | 2,308 | 2,281 | ||||||||
Interest Income, Other | 51 | 21 | 4 | ||||||||
Interest and Dividend Income, Securities, Operating, Available-for-sale | 27 | 0 | 0 | ||||||||
Total interest income | 4,761 | 3,243 | 2,718 | ||||||||
Interest expense | |||||||||||
Borrowed funds from non-thrift subsidiaries | 1,179 | 612 | 377 | ||||||||
Interest expense | 1,179 | 612 | 377 | ||||||||
Net interest income | 3,582 | 2,631 | 2,341 | ||||||||
Non-interest income | |||||||||||
Intercompany service charges | 42 | 68 | 90 | ||||||||
Dividend from Third Federal Savings and Loan | 85,000 | 81,000 | 60,000 | ||||||||
Total other income | 85,042 | 81,068 | 60,090 | ||||||||
Non-interest Expense | |||||||||||
Salaries and employee benefits | 5,666 | 5,134 | 5,543 | ||||||||
Professional services | 1,381 | 982 | 922 | ||||||||
Office property and equipment | 0 | 3 | 13 | ||||||||
Other operating expenses | 248 | 193 | 253 | ||||||||
Total non-interest expense | 7,295 | 6,312 | 6,731 | ||||||||
Income before income taxes | 81,329 | 77,387 | 55,700 | ||||||||
Income tax expense (benefit) | (1,071) | (3,747) | (2,915) | ||||||||
Income (loss) before undistributed earnings of subsidiaries | 82,400 | 81,134 | 58,615 | ||||||||
Equity in undistributed earnings of subsidiaries (dividend in excess of earnings) | |||||||||||
Third Federal Savings and Loan | 1,126 | 6,709 | 21,231 | ||||||||
Non-thrift subsidiaries | 1,881 | 1,034 | 707 | ||||||||
Net income | 85,407 | 88,877 | 80,553 | ||||||||
Change in net unrealized (loss) gain on securities available for sale | (9,436) | (3,331) | (1,510) | ||||||||
Net change in cash flow hedges | 37,340 | 11,620 | (1,371) | ||||||||
Change in pension obligation | 2,852 | 3,845 | (3,680) | ||||||||
Total other comprehensive loss | 30,756 | 12,134 | (6,561) | ||||||||
Total comprehensive income | $ 116,163 | $ 101,011 | $ 73,992 |
Parent Company Only Financial_6
Parent Company Only Financial Statements (Schedule Of Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities | |||||||||||
Net income | $ 21,605 | $ 20,875 | $ 23,314 | $ 19,613 | $ 23,018 | $ 22,788 | $ 23,461 | $ 19,610 | $ 85,407 | $ 88,877 | $ 80,553 |
(Equity in undistributed earnings of subsidiaries) dividend in excess of earnings | |||||||||||
Deferred income taxes | 3,949 | 3,548 | 11,099 | ||||||||
ESOP and stock-based compensation expense | 11,356 | 11,252 | 13,436 | ||||||||
Net decrease (increase) in interest receivable and other assets | (6,812) | (1,383) | (13,087) | ||||||||
Net cash provided by operating activities | 146,991 | 108,693 | 84,914 | ||||||||
Cash flows from investing activities | |||||||||||
Payments to Acquire Available-for-sale Securities | (151,600) | (183,518) | (95,176) | ||||||||
Net cash used in investing activities | (474,855) | (754,809) | (454,377) | ||||||||
Cash flows from financing activities | |||||||||||
Purchase of treasury shares | (19,741) | (54,029) | (128,361) | ||||||||
Dividends paid to common shareholders | (37,629) | (27,709) | (23,414) | ||||||||
Excess tax benefit related to stock-based compensation | 0 | 0 | 3,198 | ||||||||
Acquisition of treasury shares through net settlement for taxes | (1,772) | (2,504) | (7,697) | ||||||||
Net cash provided (used in) by financing activities | 329,421 | 683,095 | 445,333 | ||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 1,557 | 36,979 | 75,870 | ||||||||
Cash and cash equivalents—beginning of year | 268,218 | 231,239 | 268,218 | 231,239 | 155,369 | ||||||
Cash and cash equivalents—end of year | 269,775 | 268,218 | 269,775 | 268,218 | 231,239 | ||||||
TFS Financial Corporation | |||||||||||
Cash flows from operating activities | |||||||||||
Net income | 85,407 | 88,877 | 80,553 | ||||||||
(Equity in undistributed earnings of subsidiaries) dividend in excess of earnings | |||||||||||
Third Federal Savings and Loan | (1,126) | (6,709) | (21,231) | ||||||||
Non-thrift subsidiaries | (1,881) | (1,034) | (707) | ||||||||
Deferred income taxes | 1,766 | 74 | 542 | ||||||||
ESOP and stock-based compensation expense | 1,585 | 1,439 | 2,435 | ||||||||
Net decrease (increase) in interest receivable and other assets | (910) | (2,300) | (346) | ||||||||
Net increase (decrease) in accrued expenses and other liabilities | 307 | 144 | 359 | ||||||||
Net cash provided by operating activities | 85,148 | 80,491 | 61,605 | ||||||||
Cash flows from investing activities | |||||||||||
Payments to Acquire Available-for-sale Securities | (4,000) | 0 | 0 | ||||||||
(Increase) decrease in balances lent to Third Federal Savings and Loan | (30,938) | (856) | (54,792) | ||||||||
Repayment of capital contribution from Third Federal Savings and Loan | 0 | 0 | 150,000 | ||||||||
Net cash used in investing activities | (34,938) | (856) | 95,208 | ||||||||
Cash flows from financing activities | |||||||||||
Principal reduction of ESOP loan | 3,773 | 3,703 | 3,648 | ||||||||
Purchase of treasury shares | (19,741) | (54,029) | (128,361) | ||||||||
Dividends paid to common shareholders | (37,629) | (27,709) | (23,414) | ||||||||
Excess tax benefit related to stock-based compensation | 0 | 0 | 1,485 | ||||||||
Acquisition of treasury shares through net settlement for taxes | (1,772) | (2,504) | (7,697) | ||||||||
Net increase in borrowings from non-thrift subsidiaries | 1,251 | 925 | 529 | ||||||||
Net cash provided (used in) by financing activities | (54,118) | (79,614) | (153,810) | ||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | (3,908) | 21 | 3,003 | ||||||||
Cash and cash equivalents—beginning of year | $ 5,123 | $ 5,102 | 5,123 | 5,102 | 2,099 | ||||||
Cash and cash equivalents—end of year | $ 1,215 | $ 5,123 | $ 1,215 | $ 5,123 | $ 5,102 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | Sep. 30, 2018 | Sep. 30, 2017 |
Earnings Per Share [Abstract] | ||
Shares held by Third Federal Savings, MHC (in shares) | 227,119,132 | |
Employee Stock Ownership Plan (ESOP), neither allocated nor committed to be released to participants (in shares) | 4,875,071 | 5,308,410.56 |
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, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 21,605 | $ 20,875 | $ 23,314 | $ 19,613 | $ 23,018 | $ 22,788 | $ 23,461 | $ 19,610 | $ 85,407 | $ 88,877 | $ 80,553 |
Less: income allocated to restricted stock units | 1,211 | 901 | 761 | ||||||||
Income available to common shareholders | $ 84,196 | $ 87,976 | $ 79,792 | ||||||||
Income available to common shareholders, Shares | 275,590,053 | 277,213,258 | 281,566,648 | ||||||||
Income available to common shareholders, Per share amount | $ 0.31 | $ 0.32 | $ 0.28 | ||||||||
Effect of dilutive potential common shares | 1,708,372 | 2,055,510 | 2,219,065 | ||||||||
Income available to common shareholders | $ 84,196 | $ 87,976 | $ 79,792 | ||||||||
Income available to common shareholders, Shares | 277,298,425 | 279,268,768 | 283,785,713 | ||||||||
Income available to common shareholders, Per share amount | $ 0.30 | $ 0.32 | $ 0.28 |
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, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
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) | 1,885,600 | 779,740 | 393,500 |
Restricted Stock Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options to purchase shares and restricted stock units (antidilutive) (in shares) | 17,000 | 0 | 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 30, 2017 |
Director | ||
Related Party Transaction [Line Items] | ||
Loans to related parties | $ 0 | $ 173 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accounting Standards Update 2017-07 | Salaries And Employee Benefits | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Income statement location of net periodic benefit cost | $ 632 | $ 1,060 | $ 719 | |
Accumulated Other Comprehensive Income (Loss) | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Adoption of ASU 2018-02 | $ 42 | $ (42) | $ 0 | $ 0 |
Selected Quarterly Data (Unau_3
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, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Interest income | $ 114,518 | $ 111,118 | $ 110,180 | $ 107,229 | $ 105,977 | $ 103,721 | $ 101,083 | $ 98,214 | $ 443,045 | $ 408,995 | $ 388,441 |
Interest expense | 45,536 | 40,845 | 38,482 | 37,241 | 35,869 | 33,449 | 30,797 | 29,984 | 162,104 | 130,099 | 118,026 |
Net interest income | 68,982 | 70,273 | 71,698 | 69,988 | 70,108 | 70,272 | 70,286 | 68,230 | 280,941 | 278,896 | 270,415 |
Provision for loan losses | (2,000) | (2,000) | (4,000) | (3,000) | (7,000) | (4,000) | (6,000) | 0 | (11,000) | (17,000) | (8,000) |
Net interest income after provision for loan losses | 70,982 | 72,273 | 75,698 | 72,988 | 77,108 | 74,272 | 76,286 | 68,230 | 291,941 | 295,896 | 278,415 |
Non-interest income | 4,885 | 7,191 | 4,616 | 4,844 | 5,125 | 4,804 | 4,552 | 5,368 | 21,536 | 19,849 | 24,952 |
Non-interest expense | 45,420 | 51,429 | 49,688 | 45,776 | 47,179 | 44,669 | 45,294 | 45,262 | 192,313 | 182,404 | 181,004 |
Income before income taxes | 30,447 | 28,035 | 30,626 | 32,056 | 35,054 | 34,407 | 35,544 | 28,336 | 121,164 | 133,341 | 122,363 |
Income tax expense | 8,842 | 7,160 | 7,312 | 12,443 | 12,036 | 11,619 | 12,083 | 8,726 | 35,757 | 44,464 | 41,810 |
Net income | $ 21,605 | $ 20,875 | $ 23,314 | $ 19,613 | $ 23,018 | $ 22,788 | $ 23,461 | $ 19,610 | $ 85,407 | $ 88,877 | $ 80,553 |
Earnings per share-basic and diluted | $ 0.08 | $ 0.07 | $ 0.08 | $ 0.07 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.07 |