Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 31, 2021 | May 04, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-33390 | |
Entity Registrant Name | TFS FINANCIAL CORPORATION | |
Entity Incorporation, State or Country Code | X1 | |
Entity Tax Identification Number | 52-2054948 | |
Entity Address, Address Line One | 7007 Broadway Avenue | |
Entity Address, City or Town | Cleveland, | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44105 | |
City Area Code | 216 | |
Local Phone Number | 441-6000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | TFSL | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 280,616,473 | |
Entity Central Index Key | 0001381668 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Statements Of Cond
Consolidated Statements Of Condition (unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
ASSETS | ||
Cash and due from banks | $ 23,424 | $ 25,270 |
Other interest-earning cash equivalents | 641,976 | 472,763 |
Cash and cash equivalents | 665,400 | 498,033 |
Investment securities available for sale (amortized cost $417,365 and $447,384, respectively) | 421,021 | 453,438 |
Mortgage loans held for sale ($24,509 and $36,078 measured at fair value, respectively) | 63,441 | 36,871 |
Loans held for investment, net: | ||
Deferred loan expenses, net | 44,422 | 42,459 |
Allowance for credit losses on loans | (67,749) | (46,937) |
Loans, net | 12,681,628 | 13,103,062 |
Mortgage loan servicing rights, net | 8,974 | 7,860 |
Federal Home Loan Bank stock, at cost | 162,783 | 136,793 |
Real estate owned, net | 0 | 185 |
Premises, equipment, and software, net | 39,845 | 41,594 |
Interest Receivable | 33,055 | 36,634 |
Bank owned life insurance contracts | 294,022 | 222,919 |
Other assets | 94,615 | 104,832 |
TOTAL ASSETS | 14,464,784 | 14,642,221 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Deposits | 9,238,411 | 9,225,554 |
Borrowed funds | 3,293,717 | 3,521,745 |
Borrowers’ advances for insurance and taxes | 94,108 | 111,536 |
Principal, interest, and related escrow owed on loans serviced | 46,100 | 45,895 |
Accrued expenses and other liabilities | 88,977 | 65,638 |
Total liabilities | 12,761,313 | 12,970,368 |
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; 280,616,132 and 280,150,006 outstanding at March 31, 2021 and September 30, 2020, respectively | 3,323 | 3,323 |
Paid-in capital | 1,742,681 | 1,742,714 |
Treasury stock, at cost; 51,702,618 and 52,168,744 shares at March 31, 2021 and September 30, 2020, respectively | (766,407) | (767,649) |
Unallocated ESOP shares | (37,917) | (40,084) |
Retained earnings—substantially restricted | 849,394 | 865,514 |
Accumulated other comprehensive loss | (87,603) | (131,965) |
Total shareholders’ equity | 1,703,471 | 1,671,853 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 14,464,784 | 14,642,221 |
Mortgage loans | ||
Loans held for investment, net: | ||
Loans, gross | 12,702,473 | 13,104,959 |
Other Loans | ||
Loans held for investment, net: | ||
Loans, gross | $ 2,482 | $ 2,581 |
Consolidated Statements Of Co_2
Consolidated Statements Of Condition (unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Available for sale, amortized cost | $ 417,365 | $ 447,384 |
Loans Held-for-sale, Fair Value Disclosure | $ 24,509 | $ 36,078 |
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 | 280,616,132 | 280,150,006 |
Treasury stock, shares | 51,702,618 | 52,168,744 |
Consolidated Statements Of Inco
Consolidated Statements Of Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
INTEREST AND DIVIDEND INCOME: | ||||
Loans, including fees | $ 96,175 | $ 115,203 | $ 196,301 | $ 230,428 |
Investment securities available for sale | 966 | 2,911 | 1,953 | 5,775 |
Other interest and dividend earning assets | 814 | 1,412 | 1,630 | 3,375 |
Total interest and dividend income | 97,955 | 119,526 | 199,884 | 239,578 |
INTEREST EXPENSE: | ||||
Deposits | 24,545 | 37,483 | 52,241 | 75,799 |
Borrowed funds | 14,999 | 17,005 | 30,489 | 34,556 |
Total interest expense | 39,544 | 54,488 | 82,730 | 110,355 |
NET INTEREST INCOME | 58,411 | 65,038 | 117,154 | 129,223 |
PROVISION (RELEASE) FOR CREDIT LOSSES | (4,000) | 6,000 | (6,000) | 3,000 |
NET INTEREST INCOME AFTER PROVISION (RELEASE) FOR CREDIT LOSSES | 62,411 | 59,038 | 123,154 | 126,223 |
NON-INTEREST INCOME: | ||||
Net gain on the sale of loans | 8,911 | 3,138 | 25,354 | 6,063 |
Increase in and death benefits from bank owned life insurance contracts | 3,807 | 2,461 | 5,454 | 4,022 |
Other | 530 | 1,229 | 1,406 | 6,527 |
Total non-interest income | 15,708 | 8,947 | 37,169 | 20,877 |
NON-INTEREST EXPENSE: | ||||
Salaries and employee benefits | 26,672 | 27,216 | 55,010 | 53,101 |
Marketing services | 5,325 | 4,029 | 11,058 | 8,490 |
Office property, equipment and software | 6,395 | 6,534 | 12,830 | 12,980 |
Federal insurance premium and assessments | 2,323 | 2,768 | 4,713 | 5,387 |
State franchise tax | 1,159 | 1,191 | 2,310 | 2,323 |
Other expenses | 6,936 | 7,820 | 14,618 | 14,597 |
Total non-interest expense | 48,810 | 49,558 | 100,539 | 96,878 |
INCOME BEFORE INCOME TAXES | 29,309 | 18,427 | 59,784 | 50,222 |
INCOME TAX EXPENSE | 6,300 | 1,170 | 11,773 | 7,323 |
NET INCOME | $ 23,009 | $ 17,257 | $ 48,011 | $ 42,899 |
Earnings per share—basic and diluted | $ 0.08 | $ 0.06 | $ 0.17 | $ 0.15 |
Weighted average shares outstanding | ||||
Basic | 276,716,978 | 275,835,243 | 276,464,037 | 275,706,011 |
Diluted | 278,593,303 | 278,101,329 | 278,291,638 | 277,990,253 |
Banking | ||||
NON-INTEREST INCOME: | ||||
Fees and service charges, net of amortization | $ 2,460 | $ 2,119 | $ 4,955 | $ 4,265 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 23,009 | $ 17,257 | $ 48,011 | $ 42,899 |
Other comprehensive income (loss), net of tax: | ||||
Net change in unrealized gain (losses) on securities available for sale | (485) | 9,253 | (1,858) | 12,176 |
Net change in cash flow hedges | 33,989 | (89,769) | 45,288 | (74,564) |
Net change in defined benefit plan obligation | 466 | 452 | 932 | 904 |
Other comprehensive income (loss) | 33,970 | (80,064) | 44,362 | (61,484) |
Total comprehensive income | $ 56,979 | $ (62,807) | $ 92,373 | $ (18,585) |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Adoption of ASU 2016-03 | Common Stock | Paid-In Capital | Treasury Stock | Unallocated Common Stock Held By ESOP | Retained Earnings | Retained EarningsAdoption of ASU 2016-03 | [1] | Accumulated other comprehensive income (loss) |
Balance at Sep. 30, 2019 | $ 1,696,754 | $ 3,323 | $ 1,734,154 | $ (764,589) | $ (44,417) | $ 837,662 | $ (69,379) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 42,899 | 42,899 | ||||||||
Other comprehensive income (loss), net of tax | (61,484) | 0 | (61,484) | |||||||
ESOP shares allocated or committed to be released | 4,227 | 2,061 | 2,166 | |||||||
Compensation costs for equity incentive plans | 2,349 | 2,349 | 0 | |||||||
Purchase of treasury stock | (378) | (378) | ||||||||
Treasury stock allocated to equity incentive plan | (1,797) | 959 | (2,756) | 0 | ||||||
Dividends paid to common shareholders | (27,406) | (27,406) | ||||||||
Balance at Mar. 31, 2020 | 1,655,164 | 3,323 | 1,739,523 | (767,723) | (42,251) | 853,155 | (130,863) | |||
Balance at Dec. 31, 2019 | 1,728,949 | 3,323 | 1,736,322 | (766,492) | (43,334) | 849,929 | (50,799) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 17,257 | 17,257 | ||||||||
Other comprehensive income (loss), net of tax | (80,064) | 0 | (80,064) | |||||||
ESOP shares allocated or committed to be released | 2,133 | 1,050 | 1,083 | |||||||
Compensation costs for equity incentive plans | 1,160 | 1,160 | 0 | |||||||
Purchase of treasury stock | (19) | (19) | ||||||||
Treasury stock allocated to equity incentive plan | (221) | 991 | (1,212) | 0 | ||||||
Dividends paid to common shareholders | (14,031) | (14,031) | ||||||||
Balance at Mar. 31, 2020 | 1,655,164 | 3,323 | 1,739,523 | (767,723) | (42,251) | 853,155 | (130,863) | |||
Balance at Sep. 30, 2020 | 1,671,853 | 3,323 | 1,742,714 | (767,649) | (40,084) | 865,514 | (131,965) | |||
Balance (Accounting Standards Update 2016-13) at Sep. 30, 2020 | $ (35,763) | $ (35,763) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 48,011 | 48,011 | ||||||||
Other comprehensive income (loss), net of tax | 44,362 | 0 | 44,362 | |||||||
ESOP shares allocated or committed to be released | 3,903 | 1,736 | 2,167 | |||||||
Compensation costs for equity incentive plans | 3,113 | 3,113 | 0 | |||||||
Treasury stock allocated to equity incentive plan | (3,640) | (4,882) | 1,242 | 0 | ||||||
Dividends paid to common shareholders | (28,368) | (28,368) | ||||||||
Balance at Mar. 31, 2021 | 1,703,471 | 3,323 | 1,742,681 | (766,407) | (37,917) | 849,394 | (87,603) | |||
Balance at Dec. 31, 2020 | 1,657,832 | 3,323 | 1,739,178 | (764,774) | (39,000) | 840,678 | (121,573) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 23,009 | 23,009 | ||||||||
Other comprehensive income (loss), net of tax | 33,970 | 0 | 33,970 | |||||||
ESOP shares allocated or committed to be released | 2,101 | 1,018 | 1,083 | |||||||
Compensation costs for equity incentive plans | 1,547 | 1,547 | 0 | |||||||
Treasury stock allocated to equity incentive plan | (695) | 938 | (1,633) | 0 | ||||||
Dividends paid to common shareholders | (14,293) | (14,293) | ||||||||
Balance at Mar. 31, 2021 | $ 1,703,471 | $ 3,323 | $ 1,742,681 | $ (766,407) | $ (37,917) | $ 849,394 | $ (87,603) | |||
[1] | Related to ASU 2016-13 adopted October 1, 2020. |
Consolidated Statements Of Sh_2
Consolidated Statements Of Shareholders' Equity (unaudited) Consolidated Statements Of Shareholders' Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Purchase of treasury stock (in shares) | 0 | 1,000 | 0 | 20,500 |
Dividends paid to common shareholders (per common share) | $ 0.28 | $ 0.28 | $ 0.56 | $ 0.55 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 48,011 | $ 42,899 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
ESOP and stock-based compensation expense | 7,016 | 6,576 |
Depreciation and amortization | 20,307 | 14,488 |
Deferred income taxes | 386 | (182) |
Provision (release) for credit losses | (6,000) | 3,000 |
Net gain on the sale of loans | (25,354) | (6,063) |
Net gain on sale of commercial property | 0 | 4,257 |
Other net (gains) losses | 393 | (513) |
Proceeds from sales of loans held for sale | 31,784 | 27,392 |
Loans originated for sale | (35,932) | (25,577) |
Increase in bank owned life insurance contracts | (3,714) | (3,128) |
Net decrease (increase) in interest receivable and other assets | 4,690 | (7,748) |
Net increase in accrued expenses and other liabilities | 2,346 | 15,650 |
Net cash provided by operating activities | 43,933 | 62,537 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Loans originated | (2,666,100) | (1,969,056) |
Principal repayments on loans | 2,547,258 | 1,282,921 |
Proceeds from principal repayments and maturities of: | ||
Securities available for sale | 176,272 | 102,096 |
Proceeds from sale of: | ||
Loans | 510,191 | 300,042 |
Real estate owned | 206 | 1,165 |
Premises, Equipment and Other Assets | 71 | 23,512 |
Bank-owned life insurance | (70,000) | 0 |
Purchases of: | ||
Securities available for sale | (150,271) | (86,962) |
Premises and equipment | (1,024) | (1,484) |
Other | 2,533 | 494 |
Net cash provided by (used in) investing activities | 323,146 | (381,272) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposits | 12,857 | 321,427 |
Net decrease in borrowers’ advances for insurance and taxes | (17,428) | (10,103) |
Net increase (decrease) in principal and interest owed on loans serviced | 205 | (4,187) |
Net increase (decrease) in short-term borrowed funds | (225,235) | 163,176 |
Proceeds from long-term borrowed funds | 0 | 250,000 |
Repayment of long-term borrowed funds | (2,793) | (233,206) |
Cash collateral received from (provided to) derivative counterparties | 64,690 | (101,417) |
Purchase of treasury shares | 0 | (414) |
Acquisition of treasury shares through net settlement of stock benefit plans compensation | (3,640) | (1,797) |
Dividends paid to common shareholders | (28,368) | (27,406) |
Net cash (used in) provided by financing activities | (199,712) | 356,073 |
CASH AND CASH EQUIVALENTS—Beginning of period | 498,033 | 275,143 |
CASH AND CASH EQUIVALENTS—End of period | 665,400 | 312,481 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 9,056 | 1,649 |
SUPPLEMENTAL SCHEDULES OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Transfer of loans to real estate owned | 41 | 1,751 |
Transfer of loans from held for investment to held for sale | 513,446 | 295,790 |
Treasury stock issued for stock benefit plans | (4,987) | 960 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 167,367 | 37,338 |
Payments for (Proceeds from) Federal Home Loan Bank Stock | 25,990 | 34,000 |
Deposits | ||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 53,186 | 74,937 |
Borrowed funds | ||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for interest | $ 8,427 | $ 36,312 |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis Of Presentation | BASIS OF PRESENTATION TFS Financial Corporation, a federally chartered stock holding company, conducts its principal activities through its wholly owned subsidiaries. The principal line of business of the Company is retail consumer banking, including mortgage lending, deposit gathering, and, to a much lesser extent, other financial services. As of March 31, 2021, approximately 81% of the Company’s outstanding shares were owned by the federally chartered mutual holding company, Third Federal Savings and Loan Association of Cleveland, MHC. The thrift subsidiary of TFS Financial Corporation is Third Federal Savings and Loan Association of Cleveland. The accounting and reporting policies followed by the Company conform in all material respects to U.S. GAAP and to general practices in the financial services industry. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for credit losses, the valuation of deferred tax assets, and the determination of pension obligations are particularly subject to change. The unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature which, in the opinion of management, are necessary to present fairly the financial condition of the Company at March 31, 2021, and its results of operations and cash flows for the periods presented. Such adjustments are the only adjustments reflected in the unaudited interim financial statements. In accordance with SEC Regulation S-X for interim financial information, these statements do not include certain information and footnote disclosures required for complete audited financial statements. The Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2020 contains audited consolidated financial statements and related notes, which should be read in conjunction with the accompanying interim consolidated financial statements. The results of operations for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2021 or for any other period. The Company has determined that all recently issued accounting pronouncements that have not yet been adopted will not have a material impact on the Company's consolidated financial statements or do not apply to its operations. Effective October 1, 2020, the Company adopted ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended, which replaces the incurred loss methodology with an expected loss methodology referred to as the CECL methodology. Refer to NOTE 4. LOANS AND ALLOWANCE FOR CREDIT LOSSES for additional details. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHAREBasic earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period. Diluted earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. For purposes of computing basic earnings per share, outstanding shares include shares held by the public, shares held by the ESOP that have been allocated to participants or committed to be released for allocation to participants, and the 227,119,132 shares held by Third Federal Savings, MHC. For purposes of computing dilutive earnings per share, stock options and restricted and performance share units with a dilutive impact are added to the outstanding shares used in the basic earnings per share calculation. Unvested shares awarded pursuant to the Company's restricted stock plans are treated as participating securities in the computation of EPS pursuant to the two-class method as they contain nonforfeitable rights to dividends. The two-class method is an earnings allocation that determines EPS for each class of common stock and participating security. Performance share units, determined to be contingently issuable and not participating securities, are excluded from the calculation of basic EPS. At March 31, 2021 and 2020, respectively, the ESOP held 3,791,721 and 4,225,061 shares, respectively, that were neither allocated to participants nor committed to be released to participants. The following is a summary of the Company's earnings per share calculations. For the Three Months Ended March 31, 2021 2020 Income Shares Per share Income Shares Per share (Dollars in thousands, except per share data) Net income $ 23,009 $ 17,257 Less: income allocated to restricted stock units 401 382 Basic earnings per share: Income available to common shareholders $ 22,608 276,716,978 $ 0.08 $ 16,875 275,835,243 $ 0.06 Diluted earnings per share: Effect of dilutive potential common shares 1,876,325 2,266,086 Income available to common shareholders $ 22,608 278,593,303 $ 0.08 $ 16,875 278,101,329 $ 0.06 For the Six Months Ended March 31, 2021 2020 Income Shares Per share Income Shares Per share (Dollars in thousands, except per share data) Net income $ 48,011 $ 42,899 Less: income allocated to restricted stock units 813 798 Basic earnings per share: Income available to common shareholders $ 47,198 276,464,037 $ 0.17 $ 42,101 275,706,011 $ 0.15 Diluted earnings per share: Effect of dilutive potential common shares 1,827,601 2,284,242 Income available to common shareholders $ 47,198 278,291,638 $ 0.17 $ 42,101 277,990,253 $ 0.15 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. There were no restricted or performance stock units that are excluded because of anti-dilution for the periods presented. For the Three Months Ended March 31, For the Six Months Ended March 31, 2021 2020 2021 2020 Options to purchase shares — — 442,900 — |
Investment Securities
Investment Securities | 6 Months Ended |
Mar. 31, 2021 | |
Investments [Abstract] | |
Investment Securities | INVESTMENT SECURITIES Investments available for sale are summarized in the tables below. Accrued interest in the periods presented is $947 and $1,121 as of March 31, 2021 and September 30, 2020, respectively, and is reported in accrued interest receivable on the unaudited CONSOLIDATED STATEMENTS OF CONDITION . March 31, 2021 Amortized Gross Fair Gains Losses REMICs $ 411,664 $ 4,231 $ (794) $ 415,101 Fannie Mae certificates 5,701 220 (1) 5,920 Total $ 417,365 $ 4,451 $ (795) $ 421,021 September 30, 2020 Amortized Gross Fair Gains Losses REMICs $ 441,419 $ 6,043 $ (259) $ 447,203 Fannie Mae certificates 5,965 270 — 6,235 Total $ 447,384 $ 6,313 $ (259) $ 453,438 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 March 31, 2021 and September 30, 2020, were as follows: March 31, 2021 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 $ 119,910 $ 780 $ 1,211 $ 14 $ 121,121 $ 794 Fannie Mae certificates 150 1 — — 150 1 Total $ 120,060 $ 781 $ 1,211 $ 14 $ 121,271 $ 795 September 30, 2020 Less Than 12 Months 12 Months or More Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Available for sale— REMICs $ 105,566 $ 259 $ — $ — $ 105,566 $ 259 We believe the unrealized losses on investment securities were attributable to changes in market interest rates. The contractual terms of U.S. government and agency obligations do not permit the issuer to settle the security at a price less than the par value of the investment. The contractual cash flows of mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae. REMICs are issued by or backed by securities issued by these governmental agencies. It is expected that the securities would not be settled at a price substantially less than the amortized cost of the investment. The U.S. Treasury Department established financing agreements in 2008 to ensure Fannie Mae and Freddie Mac meet their obligations to holders of mortgage-backed securities that they have issued or guaranteed. Since the decline in value is attributable to changes in market 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, the Company expects to receive all contractual cash |
Loans And Allowance For Credit
Loans And Allowance For Credit Losses | 6 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Loans And Allowance For Loan Losses | LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans held for investment consist of the following: March 31, September 30, Real estate loans: Residential Core $ 10,468,976 $ 10,774,845 Residential Home Today 69,845 75,166 Home equity loans and lines of credit 2,141,168 2,232,236 Construction 57,013 47,985 Real estate loans 12,737,002 13,130,232 Other loans 2,482 2,581 Add (deduct): Deferred loan expenses, net 44,422 42,459 Loans in process (34,529) (25,273) Allowance for credit losses on loans (67,749) (46,937) Loans held for investment, net $ 12,681,628 $ 13,103,062 Loans are carried at amortized cost, which includes outstanding principal balance adjusted for any unamortized premiums or discounts, net of deferred fees and expenses. Accrued interest in the periods presented is $32,108 and $35,513 as of March 31, 2021 and September 30, 2020, respectively, and is reported in accrued interest receivable on the unaudited CONSOLIDATED STATEMENTS OF CONDITION. A large concentration of the Company’s lending is in Ohio and Florida. As of March 31, 2021 and September 30, 2020, the percentage of aggregate Residential Core, Home Today and Construction loans held in Ohio was 54% and 56%, respectively, and the percentage held in Florida was 18% and 17%, respectively. As of March 31, 2021 and September 30, 2020, home equity loans and lines of credit were concentrated in the states of Ohio (29% as of both dates), Florida (20% and 19%, respectively), and California (15% and 16%, respectively). 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. Regulatory agencies have encouraged financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations because of the effects of COVID-19, as set forth in the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (initially issued on March 22, 2020 and revised on April 7, 2020). FASB confirmed the foregoing regulatory agencies' view, that such short-term modifications (e.g., six months) made on a good-faith basis to borrowers who were current as of the implementation date of a relief program in response to COVID-19 are not TDRs. The regulatory agencies stated that performing loans granted payment deferrals due to COVID-19 in accordance with this interagency statement are not generally considered past due or non-accrual. The revised statement provides that eligible loan modifications related to COVID-19 may also be accounted for under section 4013 of the CARES Act or in accordance with ASC 310-40. The CARES Act offers temporary relief from TDRs on modifications made as a result of COVID-19 that were not more than 30 days past due as of December 31, 2019. The Company has elected to apply the temporary suspension of TDR requirements provided by the revised interagency statement for eligible loan modifications. For loan modifications that are not eligible for the suspension offered by the revised interagency statement, the Company considers the CARES Act to evaluate loan modifications within its scope, or existing TDR evaluation policies if the modification does not fall within the scope of these Acts. As of March 31, 2021, some of our borrowers have experienced unemployment or reduced income as a result of the COVID-19 global pandemic and have requested some type of loan payment forbearance. At March 31, 2021 and September 30, 2020, respectively, active forbearance plans offered to borrowers affected by COVID-19 totaled $64,205 and $165,642, of which $6,485 and $15,623 are classified as troubled debt restructurings due to either their classification as a TDR prior to the COVID-19 forbearance or not meeting the criteria to be exempt from TDR classification. Forbearance plans allow borrowers experiencing temporary financial hardship to defer a limited number of payments to a later point in time and are initially offered for a three-month period, which may be extended for borrowers that continue to be affected by COVID-19. The majority of active COVID-19 forbearance plans have been extended to at least 12 months with a weighted average term of 10.7 months. The following table summarizes, as of March 31, 2021 and September 30, 2020, for each portfolio by geographic location, active forbearance plans by amortized cost and as a percent of total loans. The majority of our Home Today forbearance portfolio is secured by properties located in Ohio and therefore was not segregated by geographic location. March 31, Forbearance plans as % of respective Portfolio September 30, Forbearance plans as % of respective Portfolio Real estate loans: Residential Core Ohio $ 18,863 $ 45,926 Florida 12,697 38,804 Other 21,224 56,107 Total 52,784 0.50 % 140,837 1.31 % Total Residential Home Today 2,731 3.93 % 5,391 7.21 % Home equity loans and lines of credit Ohio 861 2,352 Florida 2,503 6,298 California 2,672 4,974 Other 2,654 5,790 Total 8,690 0.40 % 19,414 0.86 % Total real estate loans in active forbearance plans $ 64,205 0.50 % $ 165,642 1.26 % The following table summarizes, as of March 31, 2021, the amortized cost of active forbearance plans according to the month during which the payment deferrals are currently scheduled to end. Forbearance plan term extensions are available, upon request. Month ending Total April 30, 2021 $ 30,794 May 31, 2021 9,366 June 30, 2021 12,909 July 31, 2021 4,153 August 31, 2021 3,863 September 30, 2021 3,002 October 31, 2021 118 Total active forbearance plans $ 64,205 A COVID-19 forbearance plan is generally resolved through payment in full at termination of the forbearance; through a non-TDR repayment plan, where a portion of the forbearance is paid in addition to the original contractual payment over 12 months or less; or through a non-TDR capitalization, where the total of forborne payments are added to the principal balance of the account, either with or without an extension of the maturity date. If additional concessions are required beyond resolving the forbearance, the account will be considered for further modification in a troubled debt restructuring. At March 31, 2021 and September 30, 2020, there were $1,855 and $1,609 of residential mortgages and $222 and $116 equity loans and lines of credit, respectively, in short-term repayment plans and $80,826 and $31,467 of residential mortgages and $6,831 and $0 equity loans and lines of credit, respectively, whose forbearance amounts were capitalized, subsequent to COVID-19 forbearance plans, that did not require TDR classification. The amortized cost of loan modifications eligible for TDR relief, including non-TDR forbearance plans, subsequent non-TDR repayment plans and non-TDR modifications, including capitalization, was $151,321 and $194,601 at March 31, 2021 and September 30, 2020, respectively. At March 31, 2021 and September 30, 2020, forbearance plans that have subsequently required further modification in a troubled debt restructuring total $4,512 and $1,306, respectively. Real estate loans in COVID-19 forbearance plans and those that are subsequently placed in non-TDR short-term repayment plans are reported as current and accruing when they are current in accordance with their revised contractual terms and were less than 30 days past due as of the implementation date of the relief program, March 13, 2020, per the revised interagency statement, or not more than 30 days past due as of December 31, 2019 per the CARES Act. Otherwise, the delinquency and resulting accrual status of these loans are determined by the lowest number of days the loan was past due on either the two aforementioned measurement dates (March 13, 2020 or December 31, 2019) or, considering the loan's revised contractual terms, the current reporting date. The uncertain and potentially tumultuous impact of COVID-19 on the economic and housing markets, as well as the risk profiles of accounts in COVID-19 forbearance plans granted by the Company, were considered in the determination of the allowance for credit losses as of March 31, 2021, as described later in this footnote. An aging analysis of the amortized cost in loan receivables that are past due at March 31, 2021 and September 30, 2020 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, regardless of the number of days in each month. Balances are adjusted for deferred loan fees and expenses and any applicable loans-in-process. 30-59 60-89 90 Days or Total Past Current Total March 31, 2021 Real estate loans: Residential Core $ 2,950 $ 1,970 $ 11,425 $ 16,345 $ 10,471,027 $ 10,487,372 Residential Home Today 957 834 1,914 3,705 65,751 69,456 Home equity loans and lines of credit 1,278 612 5,105 6,995 2,160,995 2,167,990 Construction — — — — 22,077 22,077 Total real estate loans 5,185 3,416 18,444 27,045 12,719,850 12,746,895 Other loans — — — — 2,482 2,482 Total $ 5,185 $ 3,416 $ 18,444 $ 27,045 $ 12,722,332 $ 12,749,377 30-59 60-89 90 Days or Total Past Current Total September 30, 2020 Real estate loans: Residential Core $ 4,543 $ 2,344 $ 9,958 $ 16,845 $ 10,774,323 $ 10,791,168 Residential Home Today 1,406 651 2,480 4,537 70,277 74,814 Home equity loans and lines of credit 1,521 1,064 4,260 6,845 2,252,155 2,259,000 Construction — — — — 22,436 22,436 Total real estate loans 7,470 4,059 16,698 28,227 13,119,191 13,147,418 Other loans — — — — 2,581 2,581 Total $ 7,470 $ 4,059 $ 16,698 $ 28,227 $ 13,121,772 $ 13,149,999 At March 31, 2021, reported delinquencies above include $255, $135 and $588 of active COVID-19 forbearance plans and subsequent short-term repayment plans in 30-59 days past due, 60-89 days past due, and 90 days or more past due, respectively. At September 30, 2020, reported delinquencies above include $1,125, $353 and $1,361 of active COVID-19 forbearance plans and subsequent short-term repayment plans in 30-59 days past due, 60-89 days past due, and 90 days or more past due, respectively. The remaining balance of active COVID-19 forbearance and subsequent short-term repayment plans are reported as current. As forbearance plans expire, those borrowers that do not enter subsequent workout plans or repay the deferred amounts in full are reported as 90 days or more past due. At March 31, 2021 and September 30, 2020, real estate loans include $4,576 and $6,479, respectively, of loans that were in the process of foreclosure. Pursuant to the CARES Act and extensions by the Federal Housing Administration, most foreclosure proceedings are deferred until June 30, 2021 or later. Loans are placed in non-accrual status when they are contractually 90 days or more past due. The number of days past due is determined by the number of scheduled payments that remain unpaid, assuming a period of 30 days between each scheduled payment. Loans with a partial charge-off are placed in non-accrual and will remain in non-accrual status until, at a minimum, the loss is recovered. Loans restructured in TDRs that were in non-accrual status prior to the restructurings and loans with forbearance plans that were subsequently restructured are reported in non-accrual status for a minimum of six months after restructuring. Loans restructured in TDRs with a high debt-to-income ratio at the time of modification are placed in non-accrual status for a minimum of 12 months. Additionally, home equity loans and lines of credit where the customer has a severely delinquent first mortgage loan and loans in Chapter 7 bankruptcy status where all borrowers have filed, and not reaffirmed or been dismissed, are placed in non-accrual status. The amortized cost of loan receivables in non-accrual status is summarized in the following table. Non-accrual with no allowance for credit losses (ACL) describes non-accrual loans which have no quantitative or individual valuation allowance, primarily because they have already been collaterally reviewed and any required charge-offs have been taken, but may be included in consideration of qualitative allowance factors. Balances are adjusted for deferred loan fees and expenses. There are no loans 90 or more days past due and still accruing at March 31, 2021 or September 30, 2020. March 31, 2021 September 30, 2020 Non-accrual with No ACL Total Total Real estate loans: Residential Core $ 28,735 $ 31,066 $ 31,823 Residential Home Today 8,810 9,292 10,372 Home equity loans and lines of credit 10,508 12,234 11,174 Total non-accrual loans $ 48,053 $ 52,592 $ 53,369 At March 31, 2021 and September 30, 2020, respectively, the amortized cost in non-accrual loans includes $34,148 and $36,835 which are performing according to the terms of their agreement, of which $18,843 and $20,334 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 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 no later than 90 days past due and income is subsequently recognized only to the extent cash payments are received. The Company has elected not to measure an allowance for credit losses on accrued interest receivable amounts since amounts are written off timely. Cash payments on loans in non-accrual status are applied to the oldest scheduled, unpaid payment first. The amount of interest income recognized on non-accrual loans was $225 and $445, and $297 and $584 for the three and six months ended March 31, 2021 and March 31, 2020, respectively. At March 31, 2021 and September 30, 2020, the balance of accrued interest receivable includes $1,644 and $2,540 of unpaid interest on active COVID-19 forbearance plans, 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. A non-accrual loan is generally returned to accrual status when contractual payments are less than 90 days past due. However, a loan may remain in non-accrual status when collectability is uncertain, such as a TDR that has not met minimum payment requirements, a loan with a partial charge-off, an equity loan or line of credit with a delinquent first mortgage greater than 90 days past due, or a loan in Chapter 7 bankruptcy status where all borrowers have filed, and have not reaffirmed or been dismissed. Residential Core mortgage loans represent the largest portion of the residential real estate portfolio. While the Company believes overall credit risk is low based on the nature, composition, collateral, products, lien position and performance of the portfolio, it could be affected by the duration and depth of the impact from COVID-19. The portfolio does not include loan types or structures that have experienced severe performance problems at other financial institutions (sub-prime, no documentation or pay-option adjustable-rate mortgages). The portfolio contains "Smart Rate" adjustable-rate mortgage loans whereby the interest rate is locked initially for mainly three or five years then resets annually, subject to various re-lock options available to the borrower. Although the borrower is qualified for its loan at a higher rate than the initial one, the adjustable-rate feature may impact a borrower's ability to afford the higher payments upon rate reset during periods of rising interest rates while this repayment risk may be reduced in a declining or low rate environment. With limited historical loss experience compared to other types of loans in the portfolio, judgment is required by management in assessing the allowance required on adjustable-rate mortgage loans. The principal amount of adjustable-rate mortgage loans included in the Residential Core portfolio was $5,014,178 and $5,122,266 at March 31, 2021 and September 30, 2020, respectively. Home Today loans have greater credit risk than traditional residential real estate mortgage loans. At both March 31, 2021 and September 30, 2020, approximately 12% 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 77.5%. Appropriate adjustments have been made to the Company’s affected valuation allowances and charge-offs, and estimated loss severity factors were adjusted accordingly for loans evaluated collectively. The amount of loans in the Company's owned residential portfolio covered by mortgage insurance provided by PMIC as of March 31, 2021 and September 30, 2020, respectively, was $17,681 and $20,649, of which $16,488 and $19,681 was current. The amount of loans in the Company's owned residential portfolio covered by mortgage insurance provided by Mortgage Guaranty Insurance Corporation as of March 31, 2021 and September 30, 2020, respectively, was $9,729 and $12,381, of which $9,392 and $12,381 was current. As of March 31, 2021, MGIC's long-term debt rating, as published by the major credit rating agencies, did not meet the requirements to qualify as "high credit quality"; however, MGIC continues to make claim payments in accordance with its contractual obligations and the Company has not increased its estimated loss severity factors related to MGIC's claim paying ability. No other loans were covered by mortgage insurers that were deferring claim payments or which were assessed as being non-investment grade. Loans held for sale include loans originated within the parameters of programs established by Fannie Mae, for sale to Fannie Mae, and loans originated for the held for investment portfolio that are later identified for sale. During the three and six months ended March 31, 2021 and March 31, 2020, reclassifications to the held for sale portfolio included loans that were sold during the period, including those in contracts pending settlement at the end of the period, and loans originated for the held for investment portfolio that were later identified for sale. At March 31, 2021 and September 30, 2020, respectively, mortgage loans held for sale totaled $63,441 and $36,871. During the three and six months ended March 31, 2021, the principal balance of loans sold was $223,971 and $517,468, respectively, including $24,509 in contracts pending settlement. During the three and six months ended March 31, 2020, the principal balance of loans sold was $114,730 and $224,202, respectively, with no contracts pending settlement. 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 and include monthly principal and interest payments throughout the entire term. Once the draw period on lines of credit has expired, the accounts are included in the home equity loan balance. The full credit exposure on home equity lines of credit is secured by the value of the collateral real estate at the time of origination. The impact of COVID-19 on employment, the general economy and, potentially, housing prices may adversely affect credit performance within the home equity loans and lines of credit portfolio. The Company originates construction loans to individuals for the construction of their personal single-family residence by a qualified builder (construction/permanent loans). The Company’s construction/permanent loans generally provide for disbursements to the builder or sub-contractors during the construction phase as work progresses. During the construction phase, the borrower only pays interest on the drawn balance. Upon completion of construction, the loan converts to a permanent amortizing loan without the expense of a second closing. The Company offers construction/permanent loans with fixed or adjustable-rates, and a current maximum loan-to-completed-appraised value ratio of 80%. The Company also has one loan outstanding to a non-profit organization for a multi-use building project. Other loans are comprised of loans secured by certificate of deposit accounts, which are fully recoverable in the event of non-payment, and forgivable down payment assistance loans, which are unsecured loans used as down payment assistance to borrowers qualified through partner housing agencies. The Company records a liability for the loans which are forgiven in equal increments over a pre-determined term, subject to residency requirements. For all classes of loans, a loan is considered collateral-dependent when, based on current information and events, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the collateral or foreclosure is probable. Factors considered in determining that a loan is collateral-dependent 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. 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 amortized cost in the loans. Partial or full charge-offs are also recognized for the amount of credit losses on loans considered collateral-dependent when the borrower is experiencing financial difficulty as described by meeting the conditions 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 in a TDR forbearance plan, original payments are greater than 150 days past due; • For all classes of loans restructured in a TDR with a high debt-to-income ratio at time of modification; • For all classes of loans, a sheriff sale is scheduled within 60 days to sell the collateral securing the loan; • For all classes of loans, all borrowers have been discharged of their obligation through a Chapter 7 bankruptcy; • For all classes of loans, within 60 days of notification, all borrowers obligated on the loan have filed Chapter 7 bankruptcy and have not reaffirmed or been dismissed; • For all classes of loans, a borrower obligated on a loan has filed bankruptcy and the loan is greater than 30 days delinquent; • For all classes of loans, a forbearance plan has been extended greater than 12 months; 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 amortized cost in the loan, net of anticipated mortgage insurance claims, exceeds the fair value, less estimated costs to dispose of the underlying property. Management can determine if the loan is uncollectible for reasons such as foreclosures exceeding a reasonable time frame and recommend a full charge-off. Home equity loans or lines of credit are charged off to the extent the amortized cost in the loan plus the balance of any senior liens exceeds the fair value, less estimated costs to dispose of the underlying property, or management determines the collateral is not sufficient to satisfy the loan. A loan in any portfolio identified as collateral-dependent will continue to be reported as such 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 will continue to be individually evaluated for credit loss until, at a minimum, the loss has been recovered. Residential mortgage loans, home equity loans and lines of credit and construction loans restructured in TDRs that are not evaluated based on collateral are separately evaluated for credit losses 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 credit loss 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 amortized costs over the result of the cash flow analysis. Loans discharged in Chapter 7 bankruptcy are reported as TDRs and also evaluated based on the present value of expected future cash flows unless evaluated based on collateral. We evaluate these loans using the expected future cash flows because we expect the borrower, not liquidation of the collateral, to be the source of repayment for the loan. Other loans are not considered for restructuring. At March 31, 2021, individually evaluated loans that required an allowance were comprised only of loans evaluated for credit losses based on the present value of cash flows, such as performing TDRs, and, prior to October 1, 2020, loans with an indication of further deterioration in the fair value of the property not yet supported by a full review and collateral evaluation. All other individually evaluated loans received a charge-off, if applicable. At March 31, 2021 and September 30, 2020, respectively, allowances on individually reviewed loans evaluated for credit losses (IVAs) included those based on the present value of cash flows, such as performing TDRs, were 12,731 and $12,830, and quantitative allowances on loans with further deterioration in the fair value of the property not yet supported by a full review were $0 and $20. Initial concessions granted for loans restructured as TDRs may include reduction of interest rate, extension of amortization period, forbearance or other actions. Some TDRs have experienced a combination of concessions. TDRs also may occur as a result of bankruptcy proceedings. Loans discharged in Chapter 7 bankruptcy are classified as multiple restructurings if the loan's original terms had also been restructured by the Company. The amortized cost in TDRs by category as of March 31, 2021 and September 30, 2020 is shown in the tables below. March 31, 2021 Initial Restructuring Multiple Bankruptcy Total Residential Core $ 31,908 $ 22,401 $ 14,951 $ 69,260 Residential Home Today 13,577 14,917 2,946 31,440 Home equity loans and lines of credit 28,582 3,404 2,051 34,037 Total $ 74,067 $ 40,722 $ 19,948 $ 134,737 September 30, 2020 Initial Restructuring Multiple Bankruptcy Total Residential Core $ 32,095 $ 22,689 $ 16,021 $ 70,805 Residential Home Today 15,023 15,315 3,113 33,451 Home equity loans and lines of credit 31,679 2,954 2,411 37,044 Total $ 78,797 $ 40,958 $ 21,545 $ 141,300 TDRs may be restructured more than once. Among other requirements, a subsequent restructuring may be available for a borrower upon the expiration of temporary restructuring terms if the borrower is unable to resume contractually scheduled loan payments. If the borrower is experiencing an income curtailment that temporarily has reduced their capacity to repay, such as loss of employment, reduction of work hours, non-paid leave or short-term disability, a temporary restructuring is considered. If the borrower lacks the capacity to repay the loan at the current terms due to a permanent condition, a permanent restructuring is considered. In evaluating the need for a subsequent restructuring, the borrower’s ability to repay is generally assessed utilizing a debt to income and cash flow analysis. For all TDRs restructured during the three and six months ended March 31, 2021 and March 31, 2020 (set forth in the tables below), the pre-restructured outstanding amortized cost was not materially different from the post-restructured outstanding amortized cost. New TDRs increased during recent periods presented due to forbearance plan extensions that do not qualify for TDR suspension and subsequent modifications on loans with forbearance plans, but were outpaced by paydowns, payoffs and refinances as total TDRs continued to decrease. The following tables set forth the amortized cost in TDRs restructured during the periods presented. For the Three Months Ended March 31, 2021 Initial Restructuring Multiple Bankruptcy Total Residential Core $ 3,051 $ 970 $ 534 $ 4,555 Residential Home Today 162 613 17 792 Home equity loans and lines of credit 218 513 37 768 Total $ 3,431 $ 2,096 $ 588 $ 6,115 For the Three Months Ended March 31, 2020 Initial Restructuring Multiple Bankruptcy Total Residential Core $ 1,714 $ 354 $ 452 $ 2,520 Residential Home Today 322 581 273 1,176 Home equity loans and lines of credit 447 72 35 554 Total $ 2,483 $ 1,007 $ 760 $ 4,250 For the Six Months Ended March 31, 2021 Initial Restructuring Multiple Bankruptcy Total Residential Core $ 5,159 $ 1,487 $ 911 $ 7,557 Residential Home Today 191 1,076 110 1,377 Home equity loans and lines of credit 362 776 87 1,225 Total $ 5,712 $ 3,339 $ 1,108 $ 10,159 For the Six Months Ended March 31, 2020 Initial Restructuring Multiple Bankruptcy Total Residential Core $ 2,513 $ 2,024 $ 779 $ 5,316 Residential Home Today 587 1,330 311 2,228 Home equity loans and lines of credit 697 446 274 1,417 Total $ 3,797 $ 3,800 $ 1,364 $ 8,961 The tables below summarize information about TDRs restructured within 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 periods presented. For the Three Months Ended March 31, 2021 2020 TDRs That Subsequently Defaulted Number of Amortized Cost Number of Amortized Cost Residential Core 3 $ 421 18 $ 2,265 Residential Home Today 7 241 12 557 Home equity loans and lines of credit 1 22 7 640 Total 11 $ 684 37 $ 3,462 For the Six Months Ended March 31, 2021 2020 TDRs That Subsequently Defaulted Number of Amortized Cost Number of Amortized Cost Residential Core 3 $ 421 18 $ 2,265 Residential Home Today 7 241 13 612 Home equity loans and lines of credit 3 92 8 664 Total 13 $ 754 39 $ 3,541 The following tables provide information about the credit quality of residential loan receivables by an internally assigned grade. Revolving loans reported at amortized cost include equity lines of credit currently in their draw period. Revolving loans converted to term are equity lines of credit that are in repayment. Equity loans and bridge loans are segregated by origination year. Loans, or the portions of loans, classified as loss are fully charged off in the period in which they are determined to be uncollectible; therefore they are not included in the following table. No Home Today loans are classified Special Mention. No construction loans are classified Substandard. Balances are adjusted for deferred loan fees and expenses and any applicable loans-in-process. Revolving Loans Revolving Loans By fiscal year of origination Amortized Converted 2021 2020 2019 2018 2017 Prior Cost Basis To Term Total March 31, 2021 Real estate loans: Residential Core Pass $ 1,525,707 $ 2,050,984 $ 942,551 $ 1,050,298 $ 1,218,071 $ 3,652,542 $ — $ — $ 10,440,153 Special Mention — — 111 920 334 1,260 — — 2,625 Substandard — 1,845 1,618 2,351 1,971 36,809 — — 44,594 Total Residential Core 1,525,707 2,052,829 944,280 1,053,569 1,220,376 3,690,611 — — 10,487,372 Residential Home Today (1) Pass — — — — — 58,369 — — 58,369 Substandard — — — — — 11,087 — — 11,087 Total Residential Home Today — — — — — 69,456 — — 69,456 Home equity loans and lines of credit Pass 24,154 18,354 17,111 15,892 13,999 $ 8,636 1,892,825 160,900 2,151,871 Special Mention — 64 14 — — 11 844 480 1,413 Substandard — — 110 29 140 33 2,995 11,399 14,706 Total Home equity loans and lines of credit 24,154 18,418 17,235 15,921 14,139 8,680 1,896,664 172,779 2,167,990 Construction Pass 6,947 14,135 — — — — — — 21,082 Special Mention 995 — — — — — — — 995 Total Construction 7,942 14,135 — — — — — — 22,077 Total real estate loans Pass 1,556,808 2,083,473 959,662 1,066,190 1,232,070 3,719,547 1,892,825 160,900 12,671,475 Special Mention 995 64 125 920 334 1,271 844 480 5,033 Substandard — $ 1,845 $ 1,728 $ 2,380 $ 2,111 $ 47,929 $ 2,995 $ 11,399 $ 70,387 Total real estate loans $ 1,557,803 $ 2,085,382 $ 961,515 $ 1,069 |
Deposits
Deposits | 6 Months Ended |
Mar. 31, 2021 | |
Deposits [Abstract] | |
Deposits | DEPOSITS Deposit account balances are summarized as follows: March 31, September 30, Checking accounts $ 1,112,459 $ 996,682 Savings accounts, excluding money market accounts 1,195,755 1,106,243 Money market accounts 563,659 520,422 Certificates of deposit 6,364,416 6,599,139 9,236,289 9,222,486 Accrued interest 2,122 3,068 Total deposits $ 9,238,411 $ 9,225,554 Brokered certificates of deposit (exclusive of acquisition costs and subsequent amortization), which are used as a cost effective funding alternative, totaled $572,430 at March 31, 2021 and $553,860 at September 30, 2020. The FDIC places restrictions on banks with regard to issuing brokered deposits based on the bank's capital classification. As a well-capitalized institution at March 31, 2021 and September 30, 2020, the Association may accept brokered deposits without FDIC restrictions. |
Borrowed Funds
Borrowed Funds | 6 Months Ended |
Mar. 31, 2021 | |
Advances from Federal Home Loan Banks [Abstract] | |
Borrowed Funds | BORROWED FUNDS Federal Home Loan Bank borrowings at March 31, 2021 are summarized in the table below. Amount Weighted Maturing in: 12 months or less $ 2,750,154 0.22 % 13 to 24 months 955 1.00 % 25 to 36 months 250,000 1.70 % 37 to 48 months 275,000 1.69 % 49 to 60 months — — % Over 60 months 16,169 1.67 % Total FHLB Advances 3,292,278 0.46 % Accrued interest 1,439 Total $ 3,293,717 For the six month periods ending March 31, 2021 and March 31, 2020 net interest expense related to Federal Home Loan Bank short-term borrowings was $25,836 and $28,430, respectively. Through the use of interest rate swaps discussed in Note 13. DERIVATIVE INSTRUMENTS , $2,750,000 of FHLB advances included in the table above as maturing in 12 months or less, have effective maturities, assuming no early terminations of the swap contracts, as shown below: Amount Swap Adjusted Weighted Effective maturity: 12 months or less $ 675,000 1.58 % 13 to 24 months 650,000 1.92 % 25 to 36 months 100,000 1.04 % 37 to 48 months 450,000 1.54 % 49 to 60 months 500,000 2.01 % Over 60 months 375,000 2.25 % Total FHLB Advances under swap contracts $ 2,750,000 1.80 % During fiscal year 2020, $115,000 of FHLB advances and $100,000 of swap contracts related to those advances, with original maturity dates in fiscal 2023, were terminated, resulting in the immediate recognition of $8,905 of interest expense and prepayment related fees. The weighted average interest rate, including the impact of the swap contracts, on those advances repaid was 2.92%. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | OTHER COMPREHENSIVE INCOME (LOSS) The change in accumulated other comprehensive income (loss) by component is as follows: For the Three Months Ended For the Three Months Ended March 31, 2021 March 31, 2020 Unrealized Gains (Losses) on Securities Available for Sale Cash Flow Hedges Defined Benefit Plan Total Unrealized Gains (Losses) on Securities Available for Sale Cash Flow Hedges Defined Benefit Plan Total Balance at beginning of period $ 3,321 $ (103,007) $ (21,887) $ (121,573) $ 758 $ (29,710) $ (21,847) $ (50,799) Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $7,413 and $(21,567) (485) 25,281 — 24,796 9,253 (90,388) — (81,135) Amounts reclassified, net of tax expense (benefit) of $2,454 and $285 — 8,708 466 9,174 — 619 452 1,071 Other comprehensive income (loss) (485) 33,989 466 33,970 9,253 (89,769) 452 (80,064) Balance at end of period $ 2,836 $ (69,018) $ (21,421) $ (87,603) $ 10,011 $ (119,479) $ (21,395) $ (130,863) For the Six Months Ended For the Six Months Ended March 31, 2021 March 31, 2020 Unrealized Gains (Losses) on Securities Available for Sale Cash Flow Hedges Defined Benefit Plan Total Unrealized Gains (Losses) on Securities Available for Sale Cash Flow Hedges Defined Benefit Plan Total Balance at beginning of period $ 4,694 $ (114,306) $ (22,353) $ (131,965) $ (2,165) $ (44,915) $ (22,299) $ (69,379) Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $7,939 and $(16,545) (1,858) 27,726 — 25,868 12,176 (74,416) — (62,240) Amounts reclassified, net of tax expense (benefit) of $4,947 and $201 — 17,562 932 18,494 — (148) 904 756 Other comprehensive income (loss) (1,858) 45,288 932 44,362 12,176 (74,564) 904 (61,484) Balance at end of period $ 2,836 $ (69,018) $ (21,421) $ (87,603) $ 10,011 $ (119,479) $ (21,395) $ (130,863) 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: Amounts Reclassified from Accumulated Amounts Reclassified from Accumulated Details about Accumulated Other Comprehensive Income Components For the Three Months Ended March 31, For the Six Months Ended March 31, Line Item in the Consolidated Statements of Income 2021 2020 2021 2020 Cash flow hedges: Interest (income) expense $ 11,023 $ 784 $ 22,231 $ (187) Interest expense Net income tax effect (2,315) (165) (4,669) 39 Income tax expense Net of income tax expense (benefit) 8,708 619 17,562 (148) Amortization of defined benefit plan: Actuarial loss 605 572 1,210 1,144 (a) Net income tax effect (139) (120) (278) (240) Income tax expense Net of income tax expense (benefit) 466 452 932 904 Total reclassifications for the period $ 9,174 $ 1,071 $ 18,494 $ 756 (a) This item is included in the computation of net periodic pension cost. See Note 9. DEFINED BENEFIT PLAN for additional disclosure. |
Income Taxes
Income Taxes | 6 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and in various state and city jurisdictions. The Company is no longer subject to income tax examinations in its major jurisdictions for tax years prior to 2017. The Company recognizes interest and penalties on income tax assessments or income tax refunds, where applicable, in the financial statements as a component of its provision for income taxes. The Company’s combined federal and state effective income tax rate was 19.7% and 14.6% for the six months ended March 31, 2021 and March 31, 2020, respectively. The increase in the effective tax rate is primarily due to the impact of a CARES Act provision, which permitted a carry back of net tax operating losses to years taxed at higher rates, and resulted in a tax benefit of $2.8 million during the six months ended March 31, 2020. This is slightly offset by an increase in permanent tax benefits from BOLI contracts, as $70,000 of additional premiums were placed during the six months ended March 31, 2021. Additionally, there was an increase in excess tax benefits associated with equity compensation during the six months ended March 31, 2021 compared to the six months ended March 31, 2020. The Company makes certain investments in limited partnerships which invest in affordable housing projects that qualify for the Low Income Housing Tax Credit (LIHTC). The Company acts as a limited partner in these investments and does not exert control over the operating or financial policies of the partnership. The Company accounts for its interests in LIHTCs using the proportional amortization method. The impact of the Company's investments in tax credit entities on the provision for income taxes was not material during the six months ended March 31, 2021 and March 31, 2020. |
Defined Benefit Plan
Defined Benefit Plan | 6 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plan | DEFINED BENEFIT PLANThe 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. In the three and six months ended March 31, 2021, a settlement adjustment was recognized as a result of lump sum payments from the Plan exceeding the interest costs for the period. The components of net periodic cost recognized in other non-interest expense in the UNAUDITED CONSOLIDATED STATEMENTS OF INCOME are as follows: Three Months Ended Six Months Ended March 31, March 31, 2021 2020 2021 2020 Interest cost $ 609 $ 700 $ 1,218 $ 1,399 Expected return on plan assets (1,175) (1,163) (2,351) (2,326) Amortization of net loss 605 572 1,210 1,144 Recognized net loss due to settlement 407 — 407 — Net periodic cost $ 446 $ 109 $ 484 $ 217 |
Equity Incentive Plan
Equity Incentive Plan | 6 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plan | EQUITY INCENTIVE PLAN In December 2020, 433,850 restricted stock units were granted to certain directors, officers and managers of the Company and 59,900 performance share units were granted to certain officers of the Company. During the six months ended March 31, 2021, there were 8,064 performance shares earned and added to those granted in December 2018, according to the targeted performance formula. The awards were made pursuant to the Amended and Restated 2008 Equity Incentive Plan, which was approved at the annual meeting of shareholders held on February 22, 2018. The following table presents share-based compensation expense recognized during the periods presented. Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Stock option expense $ — $ 134 $ 68 $ 322 Restricted stock units expense 1,104 799 2,334 1,659 Performance share units expense 443 $ 227 711 368 Total stock-based compensation expense $ 1,547 $ 1,160 $ 3,113 $ 2,349 At March 31, 2021, 3,017,600 shares were subject to options, with a weighted average exercise price of $14.24 per share and a weighted average grant date fair value of $2.57 per share. At March 31, 2021, 521,466 restricted stock units and 184,264 performance share units with a weighted average grant date fair value of $17.68 and $17.45 per unit, respectively, are unvested. Expected future compensation expense relating to the 1,287,214 restricted stock units and 184,264 performance share units outstanding as of March 31, 2021 is $6,870 over a weighted average period of 2.4 years and $1,174 over a weighted average period of 2.0 years, respectively. Each unit is equivalent to one share of common stock. |
Commitments And Contingent Liab
Commitments And Contingent Liabilities | 6 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES In the normal course of business, the Company enters into commitments with off-balance sheet risk to meet the financing needs of its customers. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments to originate loans generally have fixed expiration dates of 60 to 360 days or other termination clauses and may require payment of a fee. Unfunded commitments related to home equity lines of credit generally expire from five to 10 years following the date that the line of credit was established, subject to various conditions, including compliance with payment obligations, adequacy of collateral securing the line and maintenance of a satisfactory credit profile by the borrower. Since some of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Off-balance sheet commitments to extend credit involve elements of credit risk and interest rate risk in excess of the amount recognized in assets on 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. The allowance related to off-balance sheet commitments is recorded in other liabilities in the CONSOLIDATED STATEMENTS OF CONDITION. Refer to Note 4. LOANS AND ALLOWANCES FOR CREDIT LOSSES for discussion on credit loss methodology . 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 March 31, 2021, the Company had commitments to originate loans and related allowances as follows: Commitment Allowance Fixed-rate mortgage loans $ 377,323 $ 1,514 Adjustable-rate mortgage loans 173,605 718 Equity loans and lines of credit 225,796 2,286 Total $ 776,724 $ 4,518 At March 31, 2021, the Company had unfunded commitments outstanding and related allowances as follows: Commitment Allowance Equity lines of credit $ 2,897,742 $ 17,013 Construction loans 34,529 422 Total $ 2,932,271 $ 17,435 At March 31, 2021, the unfunded commitment on home equity lines of credit, including commitments for accounts suspended as a result of material default or a decline in equity, was $2,911,838. At March 31, 2021 and September 30, 2020, the Company had $27,016 and $36,078, respectively, in commitments to securitize and sell mortgage loans. At March 31, 2021 and September 30, 2020, the Company had $20,000 and $0, respectively, in commitments to issue brokered certificates of deposit. 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 | 6 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | FAIR VALUE Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date under current market conditions. A fair value framework is established whereby assets and liabilities measured at fair value are grouped into three levels of a fair value hierarchy, based on the transparency of inputs and the reliability of assumptions used to estimate fair value. The 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 March 31, 2021 and September 30, 2020, respectively, there were $24,509 and $36,078 of loans held for sale, all of which were current, with unpaid principal balances of $23,987 and $34,179, subject to pending agency contracts for which the fair value option was elected. Included in the net gain on the sale of loans is $797 for both the three and six months ending March 31, 2021 and $0 for both the three and six months ending March 31, 2020, respectively, related to the changes during the period in fair value of loans held for sale subject to pending agency contracts. Presented below is a discussion of the methods and significant assumptions used by the Company to estimate fair value. Investment Securities Available for Sale— Investment securities available for sale are recorded at fair value on a recurring basis. At March 31, 2021 and September 30, 2020, respectively, this includes $421,021 and $453,438 of investments in U.S. government obligations including highly liquid collateralized mortgage obligations issued by Fannie Mae, Freddie Mac and Ginnie Mae, measured using the market approach. The fair values of investment securities represent unadjusted price estimates obtained from third party independent nationally recognized pricing services using pricing models or quoted prices of securities with similar characteristics and are included in Level 2 of the hierarchy. Third party pricing is reviewed on a monthly basis for reasonableness based on the market knowledge and experience of company personnel that interact daily with the markets for these types of securities. Mortgage Loans Held for Sale— The fair value of mortgage loans held for sale is estimated on an aggregate basis using a market approach based on quoted secondary market pricing for loan portfolios with similar characteristics. Loans held for sale are carried at the lower of cost or fair value except, as described above, the Company elects the fair value measurement option for mortgage loans held for sale subject to pending agency contracts to securitize and sell loans. Loans held for sale are included in Level 2 of the hierarchy. At March 31, 2021 and September 30, 2020, there were $24,509 and $36,078, respectively, of loans held for sale measured at fair value and $38,932 and $793, respectively, of loans held for sale carried at cost. Interest income on mortgage loans held for sale is recorded in interest income on loans. Collateral-dependent Loans — Collateral-dependent loans represent certain loans held for investment that are subject to a fair value measurement under U.S. GAAP because they are individually evaluated using a fair value measurement, such as the fair value of the underlying collateral. Credit loss is measured using a market approach based on the fair value of the collateral, less estimated costs to dispose, for loans the Company considers to be collateral-dependent due to a delinquency status or other adverse condition severe enough to indicate that the borrower can no longer be relied upon as the continued source of repayment. These conditions are described more fully in Note 4. LOANS AND ALLOWANCES FOR CREDIT LOSSES . To calculate the credit loss of collateral-dependent loans, the fair market values of the collateral, estimated using exterior appraisals in the majority of instances, are reduced by calculated estimated costs to dispose, derived from historical experience and recent market conditions. Any indicated credit loss is recognized by a charge to the allowance for credit losses. Subsequent increases in collateral values or principal pay downs on loans with recognized credit loss could result in a collateral-dependent loan being carried below its fair value. When no credit 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 amortized cost of loans individually evaluated for credit loss based on the fair value of the collateral are included in Level 3 of the hierarchy with assets measured at fair value on a non-recurring basis. The range and weighted average impact of estimated costs to dispose on fair values is determined at the time of credit loss or when additional credit loss is recognized and is included in quantitative information about significant unobservable inputs later in this note. Loans held for investment that have been restructured in TDRs, are performing according to the restructured terms of the loan agreement and not evaluated based on collateral are individually evaluated for credit loss using the present value of future cash flows based on the loan’s effective interest rate, which is not a fair value measurement. At March 31, 2021 and September 30, 2020, respectively, this included $89,077 and $94,495 in amortized cost of TDRs with related allowances for loss of $12,731 and $12,830. Real Estate Owned— Real estate owned includes real estate acquired as a result of foreclosure or by deed in lieu of foreclosure and is carried at the lower of the cost basis or fair value, less estimated costs to dispose. The carrying amounts of real estate owned at March 31, 2021 and September 30, 2020 were $0 and $185, respectively. Fair value is estimated under the market approach using independent third party appraisals. As these properties are actively marketed, estimated fair values may be adjusted by management to reflect current economic and market conditions. At March 31, 2021 and September 30, 2020, these adjustments were not significant to reported fair values. At March 31, 2021 and September 30, 2020, respectively, $0 and $213 of real estate owned is included in Level 3 of the hierarchy with assets measured at fair value on a non-recurring basis where the cost basis equals or exceeds the estimate of fair values, less estimated costs to dispose of these properties. Real estate owned, included in Other assets in the CONSOLIDATED STATEMENTS OF CONDITION , includes estimated costs to dispose of $0 and $28 related to properties measured at fair value and no properties carried at their original or adjusted cost basis at March 31, 2021 and September 30, 2020. 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 STATEMENTS OF CONDITION with changes in value recorded in current earnings. Derivatives qualifying as cash flow hedges are settled daily, bringing the fair value to $0. Refer to Note 13. DERIVATIVE INSTRUMENTS for additional information on cash flow hedges. The fair value of interest rate lock commitments is adjusted by a closure rate based on the estimated percentage of commitments that will result in closed loans. The range and weighted average impact of the closure rate is included in quantitative information about significant unobservable inputs later in this note. A significant change in the closure rate may result in a significant change in the ending fair value measurement of these derivatives relative to their total fair value. Because the closure rate is a significantly unobservable assumption, interest rate lock commitments are included in Level 3 of the hierarchy. Forward commitments on contracts to deliver mortgage loans are included in Level 2 of the hierarchy. Assets and liabilities carried at fair value on a recurring basis in the CONSOLIDATED STATEMENTS OF CONDITION at March 31, 2021 and September 30, 2020 are summarized below. There were no liabilities carried at fair value on a recurring basis at March 31, 2021. Recurring Fair Value Measurements at Reporting Date Using March 31, 2021 Quoted Prices in Significant Other Significant (Level 1) (Level 2) (Level 3) Assets Investment securities available for sale: REMICs $ 415,101 $ — $ 415,101 $ — Fannie Mae certificates 5,920 — 5,920 — Mortgage loans held for sale 24,509 — 24,509 — Derivatives: Interest rate lock commitments 821 — — 821 Forward commitments for the sale of mortgage loans 47 — 47 — Total $ 446,398 $ — $ 445,577 $ 821 Recurring Fair Value Measurements at Reporting Date Using September 30, 2020 Quoted Prices in Significant Other Significant (Level 1) (Level 2) (Level 3) Assets Investment securities available for sale: REMIC's $ 447,203 $ — $ 447,203 $ — Fannie Mae certificates 6,235 — 6,235 — Mortgage loans held for sale 36,078 — 36,078 — Derivatives: Interest rate lock commitments 1,194 — — 1,194 Total $ 490,710 $ — $ 489,516 $ 1,194 Liabilities Derivatives: Forward commitments for the sale of mortgage loans $ 134 $ — $ 134 $ — Total $ 134 $ — $ 134 $ — The table below presents a reconciliation of the beginning and ending balances and the location within the CONSOLIDATED STATEMENTS OF INCOME where gains (losses) due to changes in fair value are recognized on interest rate lock commitments which are measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Beginning balance $ 1,231 $ 54 $ 1,194 $ 44 (Loss)/Gain during the period due to changes in fair value: Included in other non-interest income (410) 538 (373) 548 Ending balance $ 821 $ 592 $ 821 $ 592 Change in unrealized gains for the period included in earnings for assets held at end of the reporting date $ 821 $ 592 $ 821 $ 592 Summarized in the tables below are those assets measured at fair value on a nonrecurring basis. Nonrecurring Fair Value Measurements at Reporting Date Using March 31, Quoted Prices in Significant Other Significant (Level 1) (Level 2) (Level 3) Collateral-dependent loans, net of allowance $ 66,045 $ — $ — $ 66,045 Nonrecurring Fair Value Measurements at Reporting Date Using September 30, Quoted Prices in Significant Other Significant (Level 1) (Level 2) (Level 3) Collateral-dependent loans, net of allowance $ 60,702 $ — $ — $ 60,702 Real estate owned (1) 213 — — 213 Total $ 60,915 $ — $ — $ 60,915 (1) Amounts represent fair value measurements of properties before deducting estimated costs to dispose. The following provides quantitative information about significant unobservable inputs categorized within Level 3 of the Fair Value Hierarchy. The interest rate lock commitments include both mortgage origination applications and preapprovals. Preapprovals have a much lower closure rate than origination applications as reflected in the weighted average closure rate. Fair Value March 31, 2021 Valuation Technique(s) Unobservable Input Range Weighted Average Collateral-dependent loans, net of allowance $66,045 Market comparables of collateral discounted to estimated net proceeds Discount appraised value to estimated net proceeds based on historical experience: • Residential Properties 0 - 34% 5.2% Interest rate lock commitments $821 Quoted Secondary Market pricing Closure rate 0 - 100% 69.2% Fair Value September 30, 2020 Valuation Technique(s) Unobservable Input Range Weighted Average Collateral-dependent loans, net of allowance $60,702 Market comparables of collateral discounted to estimated net proceeds Discount appraised value to estimated net proceeds based on historical experience: • Residential Properties 0 - 34% 6.0% Interest rate lock commitments $1,194 Quoted Secondary Market pricing Closure rate 0 - 100% 69.7% The following tables present the estimated fair value of the Company’s financial instruments and their carrying amounts as reported in the CONSOLIDATED STATEMENTS OF CONDITION . March 31, 2021 Carrying Fair Level 1 Level 2 Level 3 Amount Value Assets: Cash and due from banks $ 23,424 $ 23,424 $ 23,424 $ — $ — Interest earning cash equivalents 641,976 641,976 641,976 — — Investment securities available for sale 421,021 421,021 — 421,021 — Mortgage loans held for sale 63,441 63,659 — 63,659 — Loans, net: Mortgage loans held for investment 12,679,146 12,947,267 — — 12,947,267 Other loans 2,482 2,482 — — 2,482 Federal Home Loan Bank stock 162,783 162,783 N/A — — Accrued interest receivable 33,055 33,055 — 33,055 — Cash collateral received from or held by counterparty 36,085 36,085 36,085 — — Derivatives 868 868 — 47 821 Liabilities: Checking and passbook accounts $ 2,871,873 $ 2,871,873 $ — $ 2,871,873 $ — Certificates of deposit 6,366,538 6,481,572 — 6,481,572 — Borrowed funds 3,293,717 3,313,503 — 3,313,503 — Borrowers’ advances for insurance and taxes 94,108 94,108 — 94,108 — Principal, interest and escrow owed on loans serviced 46,100 46,100 — 46,100 — September 30, 2020 Carrying Fair Level 1 Level 2 Level 3 Amount Value Assets: Cash and due from banks $ 25,270 $ 25,270 $ 25,270 $ — $ — Interest earning cash equivalents 472,763 472,763 472,763 — — Investment securities available for sale 453,438 453,438 — 453,438 — Mortgage loans held for sale 36,871 36,926 — 36,926 — Loans, net: Mortgage loans held for investment 13,100,481 13,299,261 — — 13,299,261 Other loans 2,581 2,594 — — 2,594 Federal Home Loan Bank stock 136,793 136,793 N/A — — Accrued interest receivable 36,634 36,634 — 36,634 — Cash collateral received from or held by counterparty 41,824 41,824 41,824 — — Derivatives 1,194 1,194 — — 1,194 Liabilities: Checking and passbook accounts $ 2,623,347 $ 2,623,347 $ — $ 2,623,347 $ — Certificates of deposit 6,602,207 6,739,561 — 6,739,561 — Borrowed funds 3,521,745 3,550,120 — 3,550,120 — Borrowers’ advances for insurance and taxes 111,536 111,536 — 111,536 — Principal, interest and escrow owed on loans serviced 45,895 45,895 — 45,895 — Derivatives 134 134 — 134 — 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 Securities Available for Sale — 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. Collateral-dependent loans are measured at the lower of cost or fair value as described earlier in this footnote. Federal Home Loan Bank Stock— It is not practical to estimate the fair value of FHLB stock due to restrictions on its transferability. The fair value is estimated to be the carrying value, which is par. All transactions in capital stock of the FHLB Cincinnati are executed at par. Deposits— The fair value of demand deposit accounts is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using discounted cash flows and rates currently offered for deposits of similar remaining maturities. Borrowed Funds— Estimated fair value for borrowed funds is estimated using discounted cash flows and rates currently charged for borrowings of similar remaining maturities. Accrued Interest Receivable, Borrowers’ Advances for Insurance and Taxes, and Principal, Interest and Related Escrow Owed on Loans Serviced— The carrying amount is a reasonable estimate of fair value. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and September 30, 2020, the interest rate swaps used in the Company's asset/liability management strategy have weighted average terms of 2.7 years and 3.0 years and weighted average fixed-rate interest payments of 1.80% and 1.76%, respectively. Cash flow hedges are initially assessed for effectiveness using regression analysis. Changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in OCI and are subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. Quarterly, a qualitative analysis is performed to monitor the ongoing effectiveness of the hedging instrument. All derivative positions were initially and continue to be highly effective at March 31, 2021. The Company enters into forward commitments for the sale of mortgage loans principally to protect against the risk of adverse interest rate movements on net income. The Company recognizes the fair value of such contracts when the characteristics of those contracts meet the definition of a derivative. These derivatives are not designated in a hedging relationship; therefore, gains and losses are recognized immediately in the CONSOLIDATED STATEMENTS OF INCOME . In addition, the Company is party to derivative instruments when it enters into interest rate lock commitments to originate a portion of its loans, which when funded, are classified as held for sale. Such commitments are not designated in a hedging relationship; therefore, gains and losses are recognized immediately in the CONSOLIDATED STATEMENTS 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. March 31, 2021 September 30, 2020 Notional Value Fair Value Notional Value Fair Value Derivatives designated as hedging instruments Cash flow hedges: Interest rate swaps Other Assets $ 250,000 $ — $ — $ — Other Liabilities 2,500,000 — 2,975,000 — Total cash flow hedges: Interest rate swaps $ 2,750,000 $ — $ 2,975,000 $ — Derivatives not designated as hedging instruments Interest rate lock commitments Other Assets $ 31,551 $ 821 $ 21,755 $ 1,194 Forward Commitments for the sale of mortgage loans Other Assets 26,494 47 — — Other Liabilities — — 34,179 (134) Total derivatives not designated as hedging instruments $ 58,045 $ 868 $ 55,934 $ 1,060 The following tables present the net gains and losses recorded within the CONSOLIDATED STATEMENTS OF INCOME and the CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME relating to derivative instruments. Three Months Ended Six Months Ended Location of Gain or (Loss) March 31, March 31, Recognized in Income 2021 2020 2021 2020 Cash flow hedges Amount of gain/(loss) recognized Other comprehensive income $ 32,834 $ (114,416) $ 36,205 $ (94,198) Amount of gain/(loss) reclassified from AOCI Interest expense: Borrowed funds (11,023) (784) (22,231) 187 Derivatives not designated as hedging instruments Interest rate lock commitments Other non-interest income $ (410) $ 538 $ (373) $ 548 Forward commitments for the sale of mortgage loans Net gain/(loss) on the sale of loans 47 — (162) — The Company estimates that $41,424 of the amounts reported in AOCI will be reclassified as a debit to interest expense during the twelve months ending March 31, 2022. |
Basis Of Presentation Basis Of
Basis Of Presentation Basis Of Presentation (Policies) | 6 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Business, Policy | TFS Financial Corporation, a federally chartered stock holding company, conducts its principal activities through its wholly owned subsidiaries. The principal line of business of the Company is retail consumer banking, including mortgage lending, deposit gathering, and, to a much lesser extent, other financial services. As of March 31, 2021, approximately 81% of the Company’s outstanding shares were owned by the federally chartered mutual holding company, Third Federal Savings and Loan Association of Cleveland, MHC. The thrift subsidiary of TFS Financial Corporation is Third Federal Savings and Loan Association of Cleveland. |
Basis of Accounting, Policy | The accounting and reporting policies followed by the Company conform in all material respects to U.S. GAAP and to general practices in the financial services industry. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for credit losses, the valuation of deferred tax assets, and the determination of pension obligations are particularly subject to change. The unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature which, in the opinion of management, are necessary to present fairly the financial condition of the Company at March 31, 2021, and its results of operations and cash flows for the periods presented. Such adjustments are the only adjustments reflected in the unaudited interim financial statements. In accordance with SEC Regulation S-X for interim financial information, these statements do not include certain information and footnote disclosures required for complete audited financial statements. The Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2020 contains audited consolidated financial statements and related notes, which should be read in conjunction with the accompanying interim consolidated financial statements. The results of operations for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2021 or for any other period. The Company has determined that all recently issued accounting pronouncements that have not yet been adopted will not have a material impact on the Company's consolidated financial statements or do not apply to its operations. Effective October 1, 2020, the Company adopted ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended, which replaces the incurred loss methodology with an expected loss methodology referred to as the CECL methodology. Refer to NOTE 4. LOANS AND ALLOWANCE FOR CREDIT LOSSES for additional details. |
Loans and Allowance for Credit Losses, Nonaccrual Loan Status, Policy | When a loan is more than one month past due on its scheduled payments, the loan is considered 30 days or more past due, regardless of the number of days in each month.Loans are placed in non-accrual status when they are contractually 90 days or more past due. The number of days past due is determined by the number of scheduled payments that remain unpaid, assuming a period of 30 days between each scheduled payment. Loans with a partial charge-off are placed in non-accrual and will remain in non-accrual status until, at a minimum, the loss is recovered. Loans restructured in TDRs that were in non-accrual status prior to the restructurings and loans with forbearance plans that were subsequently restructured are reported in non-accrual status for a minimum of six months after restructuring. Loans restructured in TDRs with a high debt-to-income ratio at the time of modification are placed in non-accrual status for a minimum of 12 months. Additionally, home equity loans and lines of credit where the customer has a severely delinquent first mortgage loan and loans in Chapter 7 bankruptcy status where all borrowers have filed, and not reaffirmed or been dismissed, are placed in non-accrual status. Interest on loans in accrual status 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 no later than 90 days past due and income is subsequently recognized only to the extent cash payments are received. The Company has elected not to measure an allowance for credit losses on accrued interest receivable amounts since amounts are written off timely. Cash payments on loans in non-accrual status are applied to the oldest scheduled, unpaid payment first. Cash payments on loans with a partial charge-off are applied fully to principal, then to recovery of the charged off amount prior to interest income being recognized, except cash payments may be applied to interest capitalized in a restructuring when collection of remaining amounts due is considered probable. A non-accrual loan is generally returned to accrual status when contractual payments are less than 90 days past due. However, a loan may remain in non-accrual status when collectability is uncertain, such as a TDR that has not met minimum payment requirements, a loan with a partial charge-off, an equity loan or line of credit with a delinquent first mortgage greater than 90 days past due, or a loan in Chapter 7 bankruptcy status where all borrowers have filed, and have not reaffirmed or been dismissed. 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 amortized cost in the loans. Partial or full charge-offs are also recognized for the amount of credit losses on loans considered collateral-dependent when the borrower is experiencing financial difficulty as described by meeting the conditions 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 in a TDR forbearance plan, original payments are greater than 150 days past due; • For all classes of loans restructured in a TDR with a high debt-to-income ratio at time of modification; • For all classes of loans, a sheriff sale is scheduled within 60 days to sell the collateral securing the loan; • For all classes of loans, all borrowers have been discharged of their obligation through a Chapter 7 bankruptcy; • For all classes of loans, within 60 days of notification, all borrowers obligated on the loan have filed Chapter 7 bankruptcy and have not reaffirmed or been dismissed; • For all classes of loans, a borrower obligated on a loan has filed bankruptcy and the loan is greater than 30 days delinquent; • For all classes of loans, a forbearance plan has been extended greater than 12 months; 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 amortized cost in the loan, net of anticipated mortgage insurance claims, exceeds the fair value, less estimated costs to dispose of the underlying property. Management can determine if the loan is uncollectible for reasons such as foreclosures exceeding a reasonable time frame and recommend a full charge-off. Home equity loans or lines of credit are charged off to the extent the amortized cost in the loan plus the balance of any senior liens exceeds the fair value, less estimated costs to dispose of the underlying property, or management determines the collateral is not sufficient to satisfy the loan. A loan in any portfolio identified as collateral-dependent will continue to be reported as such 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 will continue to be individually evaluated for credit loss until, at a minimum, the loss has been recovered. Residential mortgage loans, home equity loans and lines of credit and construction loans restructured in TDRs that are not evaluated based on collateral are separately evaluated for credit losses 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 credit loss 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 amortized costs over the result of the cash flow analysis. Loans discharged in Chapter 7 bankruptcy are reported as TDRs and also evaluated based on the present value of expected future cash flows unless evaluated based on collateral. We evaluate these loans using the expected future cash flows because we expect the borrower, not liquidation of the collateral, to be the source of repayment for the loan. Other loans are not considered for restructuring. |
Loans and Allowance for Credit Losses, Impaired Loan, Policy | For all classes of loans, a loan is considered collateral-dependent when, based on current information and events, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the collateral or foreclosure is probable. Factors considered in determining that a loan is collateral-dependent may include the deteriorating financial condition of the borrower indicated by missed or delinquent payments, a pending legal action, such as bankruptcy or foreclosure, or the absence of adequate security for the loan. |
Loans and Allowance for Credit Losses, Troubled Debt Restructuring, Policy | The Company has elected to apply the temporary suspension of TDR requirements provided by the revised interagency statement for eligible loan modifications. For loan modifications that are not eligible for the suspension offered by the revised interagency statement, the Company considers the CARES Act to evaluate loan modifications within its scope, or existing TDR evaluation policies if the modification does not fall within the scope of these Acts.Real estate loans in COVID-19 forbearance plans and those that are subsequently placed in non-TDR short-term repayment plans are reported as current and accruing when they are current in accordance with their revised contractual terms and were less than 30 days past due as of the implementation date of the relief program, March 13, 2020, per the revised interagency statement, or not more than 30 days past due as of December 31, 2019 per the CARES Act. Otherwise, the delinquency and resulting accrual status of these loans are determined by the lowest number of days the loan was past due on either the two aforementioned measurement dates (March 13, 2020 or December 31, 2019) or, considering the loan's revised contractual terms, the current reporting date. TDRs may be restructured more than once. Among other requirements, a subsequent restructuring may be available for a borrower upon the expiration of temporary restructuring terms if the borrower is unable to resume contractually scheduled loan payments. If the borrower is experiencing an income curtailment that temporarily has reduced their capacity to repay, such as loss of employment, reduction of work hours, non-paid leave or short-term disability, a temporary restructuring is considered. If the borrower lacks the capacity to repay the loan at the current terms due to a permanent condition, a permanent restructuring is considered. In evaluating the need for a subsequent restructuring, the borrower’s ability to repay is generally assessed utilizing a debt to income and cash flow analysis. |
Loans and Allowance for Credit Losses, Policy or Methodology Change | The Company adopted the CECL allowance methodology as of October 1, 2020 using the modified retrospective approach, replacing the previous incurred loss methodology. The allowance for credit losses now represents the estimate of lifetime loss in our loan portfolio and unfunded loan commitments. An allowance is established using relevant available information, relating to past events, current conditions and supportable forecasts. The Company utilizes loan level regression models with forecasted economic data to derive the probability of default and loss given default factors. These factors are used to calculate the loan level credit loss over a 24-month period with an immediate reversion to historical mean loss rates for the remaining life of the loans. |
Fair Value, Transfer, Policy | Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date under current market conditions. A fair value framework is established whereby assets and liabilities measured at fair value are grouped into three levels of a fair value hierarchy, based on the transparency of inputs and the reliability of assumptions used to estimate fair value. The 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. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary Of Earnings Per Share | The following is a summary of the Company's earnings per share calculations. For the Three Months Ended March 31, 2021 2020 Income Shares Per share Income Shares Per share (Dollars in thousands, except per share data) Net income $ 23,009 $ 17,257 Less: income allocated to restricted stock units 401 382 Basic earnings per share: Income available to common shareholders $ 22,608 276,716,978 $ 0.08 $ 16,875 275,835,243 $ 0.06 Diluted earnings per share: Effect of dilutive potential common shares 1,876,325 2,266,086 Income available to common shareholders $ 22,608 278,593,303 $ 0.08 $ 16,875 278,101,329 $ 0.06 For the Six Months Ended March 31, 2021 2020 Income Shares Per share Income Shares Per share (Dollars in thousands, except per share data) Net income $ 48,011 $ 42,899 Less: income allocated to restricted stock units 813 798 Basic earnings per share: Income available to common shareholders $ 47,198 276,464,037 $ 0.17 $ 42,101 275,706,011 $ 0.15 Diluted earnings per share: Effect of dilutive potential common shares 1,827,601 2,284,242 Income available to common shareholders $ 47,198 278,291,638 $ 0.17 $ 42,101 277,990,253 $ 0.15 |
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. There were no restricted or performance stock units that are excluded because of anti-dilution for the periods presented. For the Three Months Ended March 31, For the Six Months Ended March 31, 2021 2020 2021 2020 Options to purchase shares — — 442,900 — |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Investments [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | Investments available for sale are summarized in the tables below. Accrued interest in the periods presented is $947 and $1,121 as of March 31, 2021 and September 30, 2020, respectively, and is reported in accrued interest receivable on the unaudited CONSOLIDATED STATEMENTS OF CONDITION . March 31, 2021 Amortized Gross Fair Gains Losses REMICs $ 411,664 $ 4,231 $ (794) $ 415,101 Fannie Mae certificates 5,701 220 (1) 5,920 Total $ 417,365 $ 4,451 $ (795) $ 421,021 September 30, 2020 Amortized Gross Fair Gains Losses REMICs $ 441,419 $ 6,043 $ (259) $ 447,203 Fannie Mae certificates 5,965 270 — 6,235 Total $ 447,384 $ 6,313 $ (259) $ 453,438 |
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 March 31, 2021 and September 30, 2020, were as follows: March 31, 2021 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 $ 119,910 $ 780 $ 1,211 $ 14 $ 121,121 $ 794 Fannie Mae certificates 150 1 — — 150 1 Total $ 120,060 $ 781 $ 1,211 $ 14 $ 121,271 $ 795 September 30, 2020 Less Than 12 Months 12 Months or More Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Available for sale— REMICs $ 105,566 $ 259 $ — $ — $ 105,566 $ 259 |
Loans And Allowance For Credi_2
Loans And Allowance For Credit Losses (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Loans held for investment consist of the following: March 31, September 30, Real estate loans: Residential Core $ 10,468,976 $ 10,774,845 Residential Home Today 69,845 75,166 Home equity loans and lines of credit 2,141,168 2,232,236 Construction 57,013 47,985 Real estate loans 12,737,002 13,130,232 Other loans 2,482 2,581 Add (deduct): Deferred loan expenses, net 44,422 42,459 Loans in process (34,529) (25,273) Allowance for credit losses on loans (67,749) (46,937) Loans held for investment, net $ 12,681,628 $ 13,103,062 The following table summarizes, as of March 31, 2021 and September 30, 2020, for each portfolio by geographic location, active forbearance plans by amortized cost and as a percent of total loans. The majority of our Home Today forbearance portfolio is secured by properties located in Ohio and therefore was not segregated by geographic location. March 31, Forbearance plans as % of respective Portfolio September 30, Forbearance plans as % of respective Portfolio Real estate loans: Residential Core Ohio $ 18,863 $ 45,926 Florida 12,697 38,804 Other 21,224 56,107 Total 52,784 0.50 % 140,837 1.31 % Total Residential Home Today 2,731 3.93 % 5,391 7.21 % Home equity loans and lines of credit Ohio 861 2,352 Florida 2,503 6,298 California 2,672 4,974 Other 2,654 5,790 Total 8,690 0.40 % 19,414 0.86 % Total real estate loans in active forbearance plans $ 64,205 0.50 % $ 165,642 1.26 % The following table summarizes, as of March 31, 2021, the amortized cost of active forbearance plans according to the month during which the payment deferrals are currently scheduled to end. Forbearance plan term extensions are available, upon request. Month ending Total April 30, 2021 $ 30,794 May 31, 2021 9,366 June 30, 2021 12,909 July 31, 2021 4,153 August 31, 2021 3,863 September 30, 2021 3,002 October 31, 2021 118 Total active forbearance plans $ 64,205 |
Schedule Of Recorded Investment Of Loan Receivables That Are Past Due | An aging analysis of the amortized cost in loan receivables that are past due at March 31, 2021 and September 30, 2020 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, regardless of the number of days in each month. Balances are adjusted for deferred loan fees and expenses and any applicable loans-in-process. 30-59 60-89 90 Days or Total Past Current Total March 31, 2021 Real estate loans: Residential Core $ 2,950 $ 1,970 $ 11,425 $ 16,345 $ 10,471,027 $ 10,487,372 Residential Home Today 957 834 1,914 3,705 65,751 69,456 Home equity loans and lines of credit 1,278 612 5,105 6,995 2,160,995 2,167,990 Construction — — — — 22,077 22,077 Total real estate loans 5,185 3,416 18,444 27,045 12,719,850 12,746,895 Other loans — — — — 2,482 2,482 Total $ 5,185 $ 3,416 $ 18,444 $ 27,045 $ 12,722,332 $ 12,749,377 30-59 60-89 90 Days or Total Past Current Total September 30, 2020 Real estate loans: Residential Core $ 4,543 $ 2,344 $ 9,958 $ 16,845 $ 10,774,323 $ 10,791,168 Residential Home Today 1,406 651 2,480 4,537 70,277 74,814 Home equity loans and lines of credit 1,521 1,064 4,260 6,845 2,252,155 2,259,000 Construction — — — — 22,436 22,436 Total real estate loans 7,470 4,059 16,698 28,227 13,119,191 13,147,418 Other loans — — — — 2,581 2,581 Total $ 7,470 $ 4,059 $ 16,698 $ 28,227 $ 13,121,772 $ 13,149,999 |
Schedule Of Recorded Investment Of Loan Receivables In Non-Accrual Status | The amortized cost of loan receivables in non-accrual status is summarized in the following table. Non-accrual with no allowance for credit losses (ACL) describes non-accrual loans which have no quantitative or individual valuation allowance, primarily because they have already been collaterally reviewed and any required charge-offs have been taken, but may be included in consideration of qualitative allowance factors. Balances are adjusted for deferred loan fees and expenses. There are no loans 90 or more days past due and still accruing at March 31, 2021 or September 30, 2020. March 31, 2021 September 30, 2020 Non-accrual with No ACL Total Total Real estate loans: Residential Core $ 28,735 $ 31,066 $ 31,823 Residential Home Today 8,810 9,292 10,372 Home equity loans and lines of credit 10,508 12,234 11,174 Total non-accrual loans $ 48,053 $ 52,592 $ 53,369 |
Schedule Of Troubled Debt Restructured Loans | The amortized cost in TDRs by category as of March 31, 2021 and September 30, 2020 is shown in the tables below. March 31, 2021 Initial Restructuring Multiple Bankruptcy Total Residential Core $ 31,908 $ 22,401 $ 14,951 $ 69,260 Residential Home Today 13,577 14,917 2,946 31,440 Home equity loans and lines of credit 28,582 3,404 2,051 34,037 Total $ 74,067 $ 40,722 $ 19,948 $ 134,737 September 30, 2020 Initial Restructuring Multiple Bankruptcy Total Residential Core $ 32,095 $ 22,689 $ 16,021 $ 70,805 Residential Home Today 15,023 15,315 3,113 33,451 Home equity loans and lines of credit 31,679 2,954 2,411 37,044 Total $ 78,797 $ 40,958 $ 21,545 $ 141,300 For the Three Months Ended March 31, 2021 Initial Restructuring Multiple Bankruptcy Total Residential Core $ 3,051 $ 970 $ 534 $ 4,555 Residential Home Today 162 613 17 792 Home equity loans and lines of credit 218 513 37 768 Total $ 3,431 $ 2,096 $ 588 $ 6,115 For the Three Months Ended March 31, 2020 Initial Restructuring Multiple Bankruptcy Total Residential Core $ 1,714 $ 354 $ 452 $ 2,520 Residential Home Today 322 581 273 1,176 Home equity loans and lines of credit 447 72 35 554 Total $ 2,483 $ 1,007 $ 760 $ 4,250 For the Six Months Ended March 31, 2021 Initial Restructuring Multiple Bankruptcy Total Residential Core $ 5,159 $ 1,487 $ 911 $ 7,557 Residential Home Today 191 1,076 110 1,377 Home equity loans and lines of credit 362 776 87 1,225 Total $ 5,712 $ 3,339 $ 1,108 $ 10,159 For the Six Months Ended March 31, 2020 Initial Restructuring Multiple Bankruptcy Total Residential Core $ 2,513 $ 2,024 $ 779 $ 5,316 Residential Home Today 587 1,330 311 2,228 Home equity loans and lines of credit 697 446 274 1,417 Total $ 3,797 $ 3,800 $ 1,364 $ 8,961 The tables below summarize information about TDRs restructured within 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 periods presented. For the Three Months Ended March 31, 2021 2020 TDRs That Subsequently Defaulted Number of Amortized Cost Number of Amortized Cost Residential Core 3 $ 421 18 $ 2,265 Residential Home Today 7 241 12 557 Home equity loans and lines of credit 1 22 7 640 Total 11 $ 684 37 $ 3,462 For the Six Months Ended March 31, 2021 2020 TDRs That Subsequently Defaulted Number of Amortized Cost Number of Amortized Cost Residential Core 3 $ 421 18 $ 2,265 Residential Home Today 7 241 13 612 Home equity loans and lines of credit 3 92 8 664 Total 13 $ 754 39 $ 3,541 |
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. Revolving loans reported at amortized cost include equity lines of credit currently in their draw period. Revolving loans converted to term are equity lines of credit that are in repayment. Equity loans and bridge loans are segregated by origination year. Loans, or the portions of loans, classified as loss are fully charged off in the period in which they are determined to be uncollectible; therefore they are not included in the following table. No Home Today loans are classified Special Mention. No construction loans are classified Substandard. Balances are adjusted for deferred loan fees and expenses and any applicable loans-in-process. Revolving Loans Revolving Loans By fiscal year of origination Amortized Converted 2021 2020 2019 2018 2017 Prior Cost Basis To Term Total March 31, 2021 Real estate loans: Residential Core Pass $ 1,525,707 $ 2,050,984 $ 942,551 $ 1,050,298 $ 1,218,071 $ 3,652,542 $ — $ — $ 10,440,153 Special Mention — — 111 920 334 1,260 — — 2,625 Substandard — 1,845 1,618 2,351 1,971 36,809 — — 44,594 Total Residential Core 1,525,707 2,052,829 944,280 1,053,569 1,220,376 3,690,611 — — 10,487,372 Residential Home Today (1) Pass — — — — — 58,369 — — 58,369 Substandard — — — — — 11,087 — — 11,087 Total Residential Home Today — — — — — 69,456 — — 69,456 Home equity loans and lines of credit Pass 24,154 18,354 17,111 15,892 13,999 $ 8,636 1,892,825 160,900 2,151,871 Special Mention — 64 14 — — 11 844 480 1,413 Substandard — — 110 29 140 33 2,995 11,399 14,706 Total Home equity loans and lines of credit 24,154 18,418 17,235 15,921 14,139 8,680 1,896,664 172,779 2,167,990 Construction Pass 6,947 14,135 — — — — — — 21,082 Special Mention 995 — — — — — — — 995 Total Construction 7,942 14,135 — — — — — — 22,077 Total real estate loans Pass 1,556,808 2,083,473 959,662 1,066,190 1,232,070 3,719,547 1,892,825 160,900 12,671,475 Special Mention 995 64 125 920 334 1,271 844 480 5,033 Substandard — $ 1,845 $ 1,728 $ 2,380 $ 2,111 $ 47,929 $ 2,995 $ 11,399 $ 70,387 Total real estate loans $ 1,557,803 $ 2,085,382 $ 961,515 $ 1,069,490 $ 1,234,515 $ 3,768,747 $ 1,896,664 $ 172,779 $ 12,746,895 (1) No new originations of Home Today loans since fiscal 2016. The following tables provides the credit risk rating by portfolio as of the date presented. Pass Special Substandard Loss Total September 30, 2020 Real estate loans: Residential Core $ 10,748,284 $ 3,535 $ 39,349 $ — $ 10,791,168 Residential Home Today 62,462 — 12,352 — 74,814 Home equity loans and lines of credit 2,241,434 3,057 14,509 — 2,259,000 Construction 22,436 — — — 22,436 Total real estate loans $ 13,074,616 $ 6,592 $ 66,210 $ — $ 13,147,418 |
Schedule Of The Allowance For Loan Losses | Activity in the allowance for credit losses by portfolio segment is summarized as follows. See Note 11. LOAN COMMITMENTS AND CONTINGENT LIABILITIES for further details on the allowance for unfunded commitments. For the Three Months Ended March 31, 2021 Beginning Provisions Charge-offs Recoveries Ending Real estate loans: Residential Core $ 46,351 $ 88 $ (408) $ 515 $ 46,546 Residential Home Today (568) (489) (199) 551 (705) Home equity loans and lines of credit 23,752 (3,417) (764) 1,665 21,236 Construction 755 (83) — — 672 Total real estate loans $ 70,290 $ (3,901) $ (1,371) $ 2,731 $ 67,749 Total Unfunded Loan Commitments (1) $ 22,052 $ (99) $ — $ — $ 21,953 Total Allowance for Credit Losses $ 92,342 $ (4,000) $ (1,371) $ 2,731 $ 89,702 (1) Total allowance for unfunded loan commitments is recorded in other liabilities on the CONSOLIDATED STATEMENTS OF CONDITION (unaudited) and primarily relates to undrawn home equity lines of credit. For the Three Months Ended March 31, 2020 Beginning Provisions Charge-offs Recoveries Ending Real estate loans: Residential Core $ 18,312 $ (837) $ (472) $ 364 $ 17,367 Residential Home Today 4,232 407 (229) 660 5,070 Home equity loans and lines of credit 14,744 6,429 (612) 1,384 21,945 Construction 4 1 — — 5 Total real estate loans $ 37,292 $ 6,000 $ (1,313) $ 2,408 $ 44,387 For the Six Months Ended March 31, 2021 Beginning Adoption Provisions Charge-offs Recoveries Ending Real estate loans: Residential Core $ 22,381 $ 23,927 $ (268) $ (469) $ 975 $ 46,546 Residential Home Today 5,654 (5,217) (1,808) (308) 974 (705) Home equity loans and lines of credit 18,898 5,258 (4,366) (1,448) 2,894 21,236 Construction 4 127 541 — — 672 Total real estate loans $ 46,937 $ 24,095 $ (5,901) $ (2,225) $ 4,843 $ 67,749 Total Unfunded Loan Commitments (1) $ — $ 22,052 $ (99) $ — $ — $ 21,953 Total Allowance for Credit Losses $ 46,937 $ 46,147 $ (6,000) $ (2,225) $ 4,843 $ 89,702 (1) Total allowance for unfunded loan commitments is recorded in other liabilities on the CONSOLIDATED STATEMENTS OF CONDITION (unaudited) and primarily relates to undrawn home equity lines of credit. For the Six Months Ended March 31, 2020 Beginning Provisions Charge-offs Recoveries Ending Real estate loans: Residential Core $ 19,753 $ (2,603) $ (957) $ 1,174 $ 17,367 Residential Home Today 4,209 262 (588) 1,187 5,070 Home equity loans and lines of credit 14,946 5,341 (1,357) 3,015 21,945 Construction 5 — — — 5 Total real estate loans $ 38,913 $ 3,000 $ (2,902) $ 5,376 $ 44,387 The recorded investment in total real estate loans and an analysis of the allowance for loan losses at September 30, 2020 is summarized in the following table, under previously applicable GAAP. The table provides details of the recorded balances and the allowance for loan losses 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 collectively. Balances of recorded investments are adjusted for deferred loan fees and expenses and any applicable loans-in-process. Other loans are all collectively reviewed and do not require an allowance. September 30, 2020 Recorded Investment Allowance for Loan Loss Individually Collectively Total Individually Collectively Total Real estate loans: Residential Core $ 79,200 $ 10,711,968 $ 10,791,168 $ 6,963 $ 15,418 $ 22,381 Residential Home Today 34,261 40,553 74,814 2,085 3,569 5,654 Home equity loans and lines of credit 41,756 2,217,244 2,259,000 3,802 15,096 18,898 Construction — 22,436 22,436 — 4 4 Total real estate loans $ 155,217 $ 12,992,201 $ 13,147,418 $ 12,850 $ 34,087 $ 46,937 |
Schedule Of Impaired Loans | The recorded investment, unpaid principal balance, related allowance, average recorded investment over the fiscal year and income recognized over the fiscal year for impaired loans, including those reported as TDRs, as of September 30, 2020, are summarized as follows. Balances of recorded investments are adjusted for deferred loan fees and expenses. September 30, 2020 Recorded Unpaid Related Average Interest Income With no related IVA recorded: Residential Core $ 41,164 $ 53,957 $ — $ 42,643 $ 1,405 Residential Home Today 11,963 30,603 — 12,364 204 Home equity loans and lines of credit 13,989 18,617 — 16,259 321 Total $ 67,116 $ 103,177 $ — $ 71,266 $ 1,930 With an IVA recorded: Residential Core $ 38,036 $ 38,103 $ 6,963 $ 40,492 $ 1,172 Residential Home Today 22,298 22,272 2,085 23,247 1,086 Home equity loans and lines of credit 27,767 27,809 3,802 27,842 663 Total $ 88,101 $ 88,184 $ 12,850 $ 91,581 $ 2,921 Total impaired loans: Residential Core $ 79,200 $ 92,060 $ 6,963 $ 83,135 $ 2,577 Residential Home Today 34,261 52,875 2,085 35,611 1,290 Home equity loans and lines of credit 41,756 46,426 3,802 44,101 984 Total $ 155,217 $ 191,361 $ 12,850 $ 162,847 $ 4,851 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Deposits [Abstract] | |
Summary Of Deposit Account Balances | Deposit account balances are summarized as follows: March 31, September 30, Checking accounts $ 1,112,459 $ 996,682 Savings accounts, excluding money market accounts 1,195,755 1,106,243 Money market accounts 563,659 520,422 Certificates of deposit 6,364,416 6,599,139 9,236,289 9,222,486 Accrued interest 2,122 3,068 Total deposits $ 9,238,411 $ 9,225,554 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Advances from Federal Home Loan Banks [Abstract] | |
Schedule of Federal Home Loan Bank (FHLB) Borrowings | Amount Weighted Maturing in: 12 months or less $ 2,750,154 0.22 % 13 to 24 months 955 1.00 % 25 to 36 months 250,000 1.70 % 37 to 48 months 275,000 1.69 % 49 to 60 months — — % Over 60 months 16,169 1.67 % Total FHLB Advances 3,292,278 0.46 % Accrued interest 1,439 Total $ 3,293,717 |
Schedule of Federal Home Loan Bank (FHLB) Short-term Debt | Through the use of interest rate swaps discussed in Note 13. DERIVATIVE INSTRUMENTS , $2,750,000 of FHLB advances included in the table above as maturing in 12 months or less, have effective maturities, assuming no early terminations of the swap contracts, as shown below: Amount Swap Adjusted Weighted Effective maturity: 12 months or less $ 675,000 1.58 % 13 to 24 months 650,000 1.92 % 25 to 36 months 100,000 1.04 % 37 to 48 months 450,000 1.54 % 49 to 60 months 500,000 2.01 % Over 60 months 375,000 2.25 % Total FHLB Advances under swap contracts $ 2,750,000 1.80 % |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The change in accumulated other comprehensive income (loss) by component is as follows: For the Three Months Ended For the Three Months Ended March 31, 2021 March 31, 2020 Unrealized Gains (Losses) on Securities Available for Sale Cash Flow Hedges Defined Benefit Plan Total Unrealized Gains (Losses) on Securities Available for Sale Cash Flow Hedges Defined Benefit Plan Total Balance at beginning of period $ 3,321 $ (103,007) $ (21,887) $ (121,573) $ 758 $ (29,710) $ (21,847) $ (50,799) Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $7,413 and $(21,567) (485) 25,281 — 24,796 9,253 (90,388) — (81,135) Amounts reclassified, net of tax expense (benefit) of $2,454 and $285 — 8,708 466 9,174 — 619 452 1,071 Other comprehensive income (loss) (485) 33,989 466 33,970 9,253 (89,769) 452 (80,064) Balance at end of period $ 2,836 $ (69,018) $ (21,421) $ (87,603) $ 10,011 $ (119,479) $ (21,395) $ (130,863) For the Six Months Ended For the Six Months Ended March 31, 2021 March 31, 2020 Unrealized Gains (Losses) on Securities Available for Sale Cash Flow Hedges Defined Benefit Plan Total Unrealized Gains (Losses) on Securities Available for Sale Cash Flow Hedges Defined Benefit Plan Total Balance at beginning of period $ 4,694 $ (114,306) $ (22,353) $ (131,965) $ (2,165) $ (44,915) $ (22,299) $ (69,379) Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $7,939 and $(16,545) (1,858) 27,726 — 25,868 12,176 (74,416) — (62,240) Amounts reclassified, net of tax expense (benefit) of $4,947 and $201 — 17,562 932 18,494 — (148) 904 756 Other comprehensive income (loss) (1,858) 45,288 932 44,362 12,176 (74,564) 904 (61,484) Balance at end of period $ 2,836 $ (69,018) $ (21,421) $ (87,603) $ 10,011 $ (119,479) $ (21,395) $ (130,863) |
Reclassification Out Of Accumulated Other Comprehensive Income (Loss) Included In Net Income | The following table presents the reclassification adjustment out of accumulated other comprehensive income (loss) included in net income and the corresponding line item on the CONSOLIDATED STATEMENTS OF INCOME for the periods indicated: Amounts Reclassified from Accumulated Amounts Reclassified from Accumulated Details about Accumulated Other Comprehensive Income Components For the Three Months Ended March 31, For the Six Months Ended March 31, Line Item in the Consolidated Statements of Income 2021 2020 2021 2020 Cash flow hedges: Interest (income) expense $ 11,023 $ 784 $ 22,231 $ (187) Interest expense Net income tax effect (2,315) (165) (4,669) 39 Income tax expense Net of income tax expense (benefit) 8,708 619 17,562 (148) Amortization of defined benefit plan: Actuarial loss 605 572 1,210 1,144 (a) Net income tax effect (139) (120) (278) (240) Income tax expense Net of income tax expense (benefit) 466 452 932 904 Total reclassifications for the period $ 9,174 $ 1,071 $ 18,494 $ 756 (a) This item is included in the computation of net periodic pension cost. See Note 9. DEFINED BENEFIT PLAN for additional disclosure. |
Defined Benefit Plan (Tables)
Defined Benefit Plan (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Components Of Net Periodic Benefit Cost Recognized | The components of net periodic cost recognized in other non-interest expense in the UNAUDITED CONSOLIDATED STATEMENTS OF INCOME are as follows: Three Months Ended Six Months Ended March 31, March 31, 2021 2020 2021 2020 Interest cost $ 609 $ 700 $ 1,218 $ 1,399 Expected return on plan assets (1,175) (1,163) (2,351) (2,326) Amortization of net loss 605 572 1,210 1,144 Recognized net loss due to settlement 407 — 407 — Net periodic cost $ 446 $ 109 $ 484 $ 217 |
Equity Incentive Plan Equity In
Equity Incentive Plan Equity Incentive Plan (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | The following table presents share-based compensation expense recognized during the periods presented. Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Stock option expense $ — $ 134 $ 68 $ 322 Restricted stock units expense 1,104 799 2,334 1,659 Performance share units expense 443 $ 227 711 368 Total stock-based compensation expense $ 1,547 $ 1,160 $ 3,113 $ 2,349 |
Commitments And Contingent Li_2
Commitments And Contingent Liabilities (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Commitments To Originate And Unfunded Commitments | At March 31, 2021, the Company had commitments to originate loans and related allowances as follows: Commitment Allowance Fixed-rate mortgage loans $ 377,323 $ 1,514 Adjustable-rate mortgage loans 173,605 718 Equity loans and lines of credit 225,796 2,286 Total $ 776,724 $ 4,518 At March 31, 2021, the Company had unfunded commitments outstanding and related allowances as follows: Commitment Allowance Equity lines of credit $ 2,897,742 $ 17,013 Construction loans 34,529 422 Total $ 2,932,271 $ 17,435 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and September 30, 2020 are summarized below. There were no liabilities carried at fair value on a recurring basis at March 31, 2021. Recurring Fair Value Measurements at Reporting Date Using March 31, 2021 Quoted Prices in Significant Other Significant (Level 1) (Level 2) (Level 3) Assets Investment securities available for sale: REMICs $ 415,101 $ — $ 415,101 $ — Fannie Mae certificates 5,920 — 5,920 — Mortgage loans held for sale 24,509 — 24,509 — Derivatives: Interest rate lock commitments 821 — — 821 Forward commitments for the sale of mortgage loans 47 — 47 — Total $ 446,398 $ — $ 445,577 $ 821 Recurring Fair Value Measurements at Reporting Date Using September 30, 2020 Quoted Prices in Significant Other Significant (Level 1) (Level 2) (Level 3) Assets Investment securities available for sale: REMIC's $ 447,203 $ — $ 447,203 $ — Fannie Mae certificates 6,235 — 6,235 — Mortgage loans held for sale 36,078 — 36,078 — Derivatives: Interest rate lock commitments 1,194 — — 1,194 Total $ 490,710 $ — $ 489,516 $ 1,194 Liabilities Derivatives: Forward commitments for the sale of mortgage loans $ 134 $ — $ 134 $ — Total $ 134 $ — $ 134 $ — |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The table below presents a reconciliation of the beginning and ending balances and the location within the CONSOLIDATED STATEMENTS OF INCOME where gains (losses) due to changes in fair value are recognized on interest rate lock commitments which are measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Beginning balance $ 1,231 $ 54 $ 1,194 $ 44 (Loss)/Gain during the period due to changes in fair value: Included in other non-interest income (410) 538 (373) 548 Ending balance $ 821 $ 592 $ 821 $ 592 Change in unrealized gains for the period included in earnings for assets held at end of the reporting date $ 821 $ 592 $ 821 $ 592 |
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 March 31, Quoted Prices in Significant Other Significant (Level 1) (Level 2) (Level 3) Collateral-dependent loans, net of allowance $ 66,045 $ — $ — $ 66,045 Nonrecurring Fair Value Measurements at Reporting Date Using September 30, Quoted Prices in Significant Other Significant (Level 1) (Level 2) (Level 3) Collateral-dependent loans, net of allowance $ 60,702 $ — $ — $ 60,702 Real estate owned (1) 213 — — 213 Total $ 60,915 $ — $ — $ 60,915 (1) Amounts represent fair value measurements of properties before deducting estimated costs to dispose. |
Fair Value Inputs, Assets, Quantitative Information | The following provides quantitative information about significant unobservable inputs categorized within Level 3 of the Fair Value Hierarchy. The interest rate lock commitments include both mortgage origination applications and preapprovals. Preapprovals have a much lower closure rate than origination applications as reflected in the weighted average closure rate. Fair Value March 31, 2021 Valuation Technique(s) Unobservable Input Range Weighted Average Collateral-dependent loans, net of allowance $66,045 Market comparables of collateral discounted to estimated net proceeds Discount appraised value to estimated net proceeds based on historical experience: • Residential Properties 0 - 34% 5.2% Interest rate lock commitments $821 Quoted Secondary Market pricing Closure rate 0 - 100% 69.2% Fair Value September 30, 2020 Valuation Technique(s) Unobservable Input Range Weighted Average Collateral-dependent loans, net of allowance $60,702 Market comparables of collateral discounted to estimated net proceeds Discount appraised value to estimated net proceeds based on historical experience: • Residential Properties 0 - 34% 6.0% Interest rate lock commitments $1,194 Quoted Secondary Market pricing Closure rate 0 - 100% 69.7% |
Estimated Fair Value Of Financial Instruments | The following tables present the estimated fair value of the Company’s financial instruments and their carrying amounts as reported in the CONSOLIDATED STATEMENTS OF CONDITION . March 31, 2021 Carrying Fair Level 1 Level 2 Level 3 Amount Value Assets: Cash and due from banks $ 23,424 $ 23,424 $ 23,424 $ — $ — Interest earning cash equivalents 641,976 641,976 641,976 — — Investment securities available for sale 421,021 421,021 — 421,021 — Mortgage loans held for sale 63,441 63,659 — 63,659 — Loans, net: Mortgage loans held for investment 12,679,146 12,947,267 — — 12,947,267 Other loans 2,482 2,482 — — 2,482 Federal Home Loan Bank stock 162,783 162,783 N/A — — Accrued interest receivable 33,055 33,055 — 33,055 — Cash collateral received from or held by counterparty 36,085 36,085 36,085 — — Derivatives 868 868 — 47 821 Liabilities: Checking and passbook accounts $ 2,871,873 $ 2,871,873 $ — $ 2,871,873 $ — Certificates of deposit 6,366,538 6,481,572 — 6,481,572 — Borrowed funds 3,293,717 3,313,503 — 3,313,503 — Borrowers’ advances for insurance and taxes 94,108 94,108 — 94,108 — Principal, interest and escrow owed on loans serviced 46,100 46,100 — 46,100 — September 30, 2020 Carrying Fair Level 1 Level 2 Level 3 Amount Value Assets: Cash and due from banks $ 25,270 $ 25,270 $ 25,270 $ — $ — Interest earning cash equivalents 472,763 472,763 472,763 — — Investment securities available for sale 453,438 453,438 — 453,438 — Mortgage loans held for sale 36,871 36,926 — 36,926 — Loans, net: Mortgage loans held for investment 13,100,481 13,299,261 — — 13,299,261 Other loans 2,581 2,594 — — 2,594 Federal Home Loan Bank stock 136,793 136,793 N/A — — Accrued interest receivable 36,634 36,634 — 36,634 — Cash collateral received from or held by counterparty 41,824 41,824 41,824 — — Derivatives 1,194 1,194 — — 1,194 Liabilities: Checking and passbook accounts $ 2,623,347 $ 2,623,347 $ — $ 2,623,347 $ — Certificates of deposit 6,602,207 6,739,561 — 6,739,561 — Borrowed funds 3,521,745 3,550,120 — 3,550,120 — Borrowers’ advances for insurance and taxes 111,536 111,536 — 111,536 — Principal, interest and escrow owed on loans serviced 45,895 45,895 — 45,895 — Derivatives 134 134 — 134 — |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
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. March 31, 2021 September 30, 2020 Notional Value Fair Value Notional Value Fair Value Derivatives designated as hedging instruments Cash flow hedges: Interest rate swaps Other Assets $ 250,000 $ — $ — $ — Other Liabilities 2,500,000 — 2,975,000 — Total cash flow hedges: Interest rate swaps $ 2,750,000 $ — $ 2,975,000 $ — Derivatives not designated as hedging instruments Interest rate lock commitments Other Assets $ 31,551 $ 821 $ 21,755 $ 1,194 Forward Commitments for the sale of mortgage loans Other Assets 26,494 47 — — Other Liabilities — — 34,179 (134) Total derivatives not designated as hedging instruments $ 58,045 $ 868 $ 55,934 $ 1,060 |
Schedule of Effect of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables present the net gains and losses recorded within the CONSOLIDATED STATEMENTS OF INCOME and the CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME relating to derivative instruments. Three Months Ended Six Months Ended Location of Gain or (Loss) March 31, March 31, Recognized in Income 2021 2020 2021 2020 Cash flow hedges Amount of gain/(loss) recognized Other comprehensive income $ 32,834 $ (114,416) $ 36,205 $ (94,198) Amount of gain/(loss) reclassified from AOCI Interest expense: Borrowed funds (11,023) (784) (22,231) 187 Derivatives not designated as hedging instruments Interest rate lock commitments Other non-interest income $ (410) $ 538 $ (373) $ 548 Forward commitments for the sale of mortgage loans Net gain/(loss) on the sale of loans 47 — (162) — |
Basis Of Presentation (Details)
Basis Of Presentation (Details) | Mar. 31, 2021 |
Third Federal Savings, MHC | Common Stock | |
Percentage of the Company's outstanding shares held by Third Federal Savings, MHC | 81.00% |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | Mar. 31, 2021 | Mar. 31, 2020 |
Earnings Per Share [Abstract] | ||
Shares Held By Parent Holding Company | 227,119,132 | |
Employee Stock Ownership Plan (ESOP), neither allocated nor committed to be released to participants (in shares) | 3,791,721 | 4,225,061 |
Earnings Per Share (Summary Of
Earnings Per Share (Summary Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 23,009 | $ 17,257 | $ 48,011 | $ 42,899 |
Dilutive Securities, Effect on Basic Earnings Per Share | 401 | 382 | 813 | 798 |
Net Income (Loss) Available to Common Stockholders, Diluted, Total | $ 22,608 | $ 16,875 | $ 47,198 | $ 42,101 |
Income available to common shareholders, Shares | 276,716,978 | 275,835,243 | 276,464,037 | 275,706,011 |
Income available to common shareholders, per share amount, basic | $ 0.08 | $ 0.06 | $ 0.17 | $ 0.15 |
Effect of dilutive potential common shares | 1,876,325 | 2,266,086 | 1,827,601 | 2,284,242 |
Income available to common shareholders, Shares | 278,593,303 | 278,101,329 | 278,291,638 | 277,990,253 |
Income available to common shareholders, per share amount, diluted | $ 0.08 | $ 0.06 | $ 0.17 | $ 0.15 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
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) | 0 | 0 | 442,900 | 0 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Schedule of Available For Sale Securities [Line Items] | |||
Interest Receivable | $ 33,055 | $ 36,634 | |
Financing Receivable, Allowance for Credit Loss | 89,702 | $ 92,342 | 46,937 |
Securities Investment | |||
Schedule of Available For Sale Securities [Line Items] | |||
Interest Receivable | 947 | $ 1,121 | |
Securities | |||
Schedule of Available For Sale Securities [Line Items] | |||
Financing Receivable, Allowance for Credit Loss | $ 0 |
Investment Securities (Investme
Investment Securities (Investments Securities Available For Sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Schedule of Available For Sale Securities [Line Items] | ||
Investments securities available for sale, Amortized Cost | $ 417,365 | $ 447,384 |
Available-for-sale securities, gross unrealized gain | 4,451 | 6,313 |
Available-for-sale securities, gross unrealized losses | (795) | (259) |
Available-for-sale Securities | 421,021 | 453,438 |
REMIC's | ||
Schedule of Available For Sale Securities [Line Items] | ||
Investments securities available for sale, Amortized Cost | 411,664 | 441,419 |
Available-for-sale securities, gross unrealized gain | 4,231 | 6,043 |
Available-for-sale securities, gross unrealized losses | (794) | (259) |
Available-for-sale Securities | 415,101 | 447,203 |
Fannie Mae Certificates | ||
Schedule of Available For Sale Securities [Line Items] | ||
Investments securities available for sale, Amortized Cost | 5,701 | 5,965 |
Available-for-sale securities, gross unrealized gain | 220 | 270 |
Available-for-sale securities, gross unrealized losses | (1) | 0 |
Available-for-sale Securities | $ 5,920 | $ 6,235 |
Investment Securities (Invest_2
Investment Securities (Investment Securities Held at a Continuous Loss) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2020 | |
Schedule of Available For Sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Estimated Fair Value | $ 120,060 | |
Available-for-sale securities, Less Than Twelve Months, Unrealized Loss | 781 | |
Available-for-sale securities, Twelve Months or Longer, Estimated Fair Value | 1,211 | |
Available-for-sale securities, Twelve Months or Longer, Unrealized Loss | 14 | |
Available-for-sale securities, Total Estimated Fair Value | 121,271 | |
Available-for-sale securities, Total Unrealized Losses | 795 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Writeoff | ||
REMIC's | ||
Schedule of Available For Sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Estimated Fair Value | 119,910 | $ 105,566 |
Available-for-sale securities, Less Than Twelve Months, Unrealized Loss | 780 | 259 |
Available-for-sale securities, Twelve Months or Longer, Estimated Fair Value | 1,211 | 0 |
Available-for-sale securities, Twelve Months or Longer, Unrealized Loss | 14 | 0 |
Available-for-sale securities, Total Estimated Fair Value | 121,121 | 105,566 |
Available-for-sale securities, Total Unrealized Losses | 794 | $ 259 |
Fannie Mae Certificates | ||
Schedule of Available For Sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Estimated Fair Value | 150 | |
Available-for-sale securities, Less Than Twelve Months, Unrealized Loss | 1 | |
Available-for-sale securities, Twelve Months or Longer, Estimated Fair Value | 0 | |
Available-for-sale securities, Twelve Months or Longer, Unrealized Loss | 0 | |
Available-for-sale securities, Total Estimated Fair Value | 150 | |
Available-for-sale securities, Total Unrealized Losses | $ 1 |
Loans And Allowance For Credi_3
Loans And Allowance For Credit Losses (Loans Held For Investment) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Loan Portfolio [Line Items] | ||
Deferred loan expenses, net | $ 44,422 | $ 42,459 |
Loans in process (LIP) | (34,529) | (25,273) |
Allowance for credit losses on loans | (67,749) | (46,937) |
Loans, net | 12,681,628 | 13,103,062 |
Other Loans | ||
Loan Portfolio [Line Items] | ||
Loans, gross | 2,482 | 2,581 |
Real Estate Loans | ||
Loan Portfolio [Line Items] | ||
Loans, gross | 12,737,002 | 13,130,232 |
Real Estate Loans | Residential Core | ||
Loan Portfolio [Line Items] | ||
Loans, gross | 10,468,976 | 10,774,845 |
Real Estate Loans | Residential Home Today | ||
Loan Portfolio [Line Items] | ||
Loans, gross | 69,845 | 75,166 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | ||
Loan Portfolio [Line Items] | ||
Loans, gross | 2,141,168 | 2,232,236 |
Real Estate Loans | Construction | ||
Loan Portfolio [Line Items] | ||
Loans, gross | $ 57,013 | $ 47,985 |
Loans And Allowance For Credi_4
Loans And Allowance For Credit Losses (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021USD ($)loans | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($)loans | Mar. 31, 2020USD ($) | Sep. 30, 2020USD ($) | |
Loan Portfolio [Line Items] | |||||
Interest Receivable | $ 33,055 | $ 33,055 | $ 36,634 | ||
Loans in process of foreclosure | 4,576 | 4,576 | 6,479 | ||
Loans classified as mortgage loans held for sale | 63,441 | $ 63,441 | 36,871 | ||
Residential loans, partial or full charge-off, number of days past due | 180 days | ||||
Home equity lines of credit equity loans and residential loans modified in a troubled debt restructuring charge-offs, days past due | 90 days | ||||
All classes of loans partial or full charge-off, sheriff sale scheduled within number of days | 60 days | ||||
All classes of loans, all borrowers filed Chapter 7 Bankruptcy, recognized partial or full charge-off, days since notification | 60 days | ||||
All classes of loans borrower filed bankruptcy, recognized partial or full charge-off, days past due | 30 days | ||||
For all classes of loans, a forbearance plan has been extended greater than | 12 months | ||||
Impaired Financing Receivable, Recorded Investment | 155,217 | ||||
Mortgage loans held for sale | 63,659 | $ 63,659 | 36,926 | ||
Home equity lines of credit that coverted from revolving loans to term loans. | $ 3,055 | $ 5,795 | |||
Number of loans to non-profit organization for multi-use building | loans | 1 | 1 | |||
Number of months the majority active COVID -19 forbearance plans have been extended | 12 months | ||||
Weighted average term of active COVID-19 forbearance plans in months | 10 months 21 days | ||||
Recognized partial or full charge off for a loan in a TDR forbearance plan, number of days the original payment is past due, | 150 days | ||||
Loans | |||||
Loan Portfolio [Line Items] | |||||
Interest Receivable | $ 32,108 | $ 32,108 | 35,513 | ||
Subject To Pending Agency Contracts | |||||
Loan Portfolio [Line Items] | |||||
Mortgage loans held for sale | 24,509 | 24,509 | 36,078 | ||
Real estate loans | 23,987 | 23,987 | 34,179 | ||
Loan Sales In Quarter | |||||
Loan Portfolio [Line Items] | |||||
Principal balance of loans sold | 223,971 | 517,468 | |||
No Pending Contracts | |||||
Loan Portfolio [Line Items] | |||||
Principal balance of loans sold | $ 114,730 | $ 224,202 | |||
Loan Sales In Contracts Pending Settlement | |||||
Loan Portfolio [Line Items] | |||||
Principal balance of loans sold | 24,509 | ||||
Troubled Debt Restructuring | Active Forbearance Plans | |||||
Loan Portfolio [Line Items] | |||||
Real estate loans | $ 6,485 | $ 6,485 | 15,623 | ||
Construction | LTV 85 Percent Prior To March 26, 2020 | Maximum | |||||
Loan Portfolio [Line Items] | |||||
Loan To Completed Appraised Value, Percentage | 80.00% | 80.00% | |||
Home Equity Loans And Lines Of Credit | |||||
Loan Portfolio [Line Items] | |||||
Impaired Financing Receivable, Recorded Investment | $ 41,756 | ||||
Home Equity Loans And Lines Of Credit | Florida | |||||
Loan Portfolio [Line Items] | |||||
Residential real estate loans held, percent | 20.00% | 20.00% | 19.00% | ||
Home Equity Loans And Lines Of Credit | Ohio | |||||
Loan Portfolio [Line Items] | |||||
Residential real estate loans held, percent | 29.00% | 29.00% | 29.00% | ||
Home Equity Loans And Lines Of Credit | California | |||||
Loan Portfolio [Line Items] | |||||
Residential real estate loans held, percent | 15.00% | 15.00% | 16.00% | ||
Residential Core | |||||
Loan Portfolio [Line Items] | |||||
Impaired Financing Receivable, Recorded Investment | $ 79,200 | ||||
Residential Core | Adjustable Rate Residential Mortgage | |||||
Loan Portfolio [Line Items] | |||||
Real estate loans | $ 5,014,178 | $ 5,014,178 | $ 5,122,266 | ||
Home Today loans Originated After September 2016 | |||||
Loan Portfolio [Line Items] | |||||
Real estate loans | $ 0 | $ 0 | |||
Residential Core, Home Today and Construction | Florida | |||||
Loan Portfolio [Line Items] | |||||
Residential real estate loans held, percent | 18.00% | 18.00% | 17.00% | ||
Residential Core, Home Today and Construction | Ohio | |||||
Loan Portfolio [Line Items] | |||||
Residential real estate loans held, percent | 54.00% | 54.00% | 56.00% | ||
Residential Home Today | |||||
Loan Portfolio [Line Items] | |||||
Impaired Financing Receivable, Recorded Investment | $ 34,261 | ||||
Percentage of loans covered by private mortgage insurance | 12.00% | 12.00% | 12.00% |
Loans And Allowance For Credi_5
Loans And Allowance For Credit Losses (Loan Forbearance for Portfolio By Geographic Location) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 | |
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | $ 12,749,377 | $ 13,149,999 | |
Interest Receivable | 33,055 | 36,634 | |
Active Forbearance Plans | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | 64,205 | ||
Active Forbearance Plans | Modifications Eligble For TDR Relief | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | 151,321 | 194,601 | |
Active Forbearance Plans | Require Additional Modifications | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | $ 4,512 | $ 1,306 | |
Home Equity Loans And Lines Of Credit | Ohio | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Residential real estate loans held, percent | 29.00% | 29.00% | |
Home Equity Loans And Lines Of Credit | Florida | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Residential real estate loans held, percent | 20.00% | 19.00% | |
Home Equity Loans And Lines Of Credit | California | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Residential real estate loans held, percent | 15.00% | 16.00% | |
Real Estate Loans | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | $ 12,746,895 | $ 13,147,418 | |
Real Estate Loans | Active Forbearance Plans | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | $ 64,205 | $ 165,642 | |
Residential real estate loans held, percent | 0.50% | 1.26% | |
Real Estate Loans | Residential Non Home Today | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | $ 10,487,372 | $ 10,791,168 | |
Real Estate Loans | Residential Non Home Today | Active Forbearance Plans | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | $ 52,784 | $ 140,837 | |
Residential real estate loans held, percent | 0.50% | 1.31% | |
Real Estate Loans | Residential Non Home Today | Active Forbearance Plans | Ohio | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | $ 18,863 | $ 45,926 | |
Real Estate Loans | Residential Non Home Today | Active Forbearance Plans | Florida | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | 12,697 | 38,804 | |
Real Estate Loans | Residential Non Home Today | Active Forbearance Plans | Other | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | 21,224 | 56,107 | |
Real Estate Loans | Residential Home Today | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | 69,456 | [1] | 74,814 |
Real Estate Loans | Residential Home Today | Active Forbearance Plans | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | $ 2,731 | $ 5,391 | |
Residential real estate loans held, percent | 3.93% | 7.21% | |
Real Estate Loans | Home Equity Loans And Lines Of Credit | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | $ 2,167,990 | $ 2,259,000 | |
Real Estate Loans | Home Equity Loans And Lines Of Credit | Active Forbearance Plans | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | $ 8,690 | $ 19,414 | |
Residential real estate loans held, percent | 0.40% | 0.86% | |
Real Estate Loans | Home Equity Loans And Lines Of Credit | Active Forbearance Plans | Ohio | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | $ 861 | $ 2,352 | |
Real Estate Loans | Home Equity Loans And Lines Of Credit | Active Forbearance Plans | Florida | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | 2,503 | 6,298 | |
Real Estate Loans | Home Equity Loans And Lines Of Credit | Active Forbearance Plans | California | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | 2,672 | 4,974 | |
Real Estate Loans | Home Equity Loans And Lines Of Credit | Active Forbearance Plans | Other | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | 2,654 | 5,790 | |
Real Estate Loans | Home Equity Loans And Lines Of Credit | Short-Term Repayment Plans | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | 222 | 116 | |
Real Estate Loans | Home Equity Loans And Lines Of Credit | Modification Non-TDR | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | 6,831 | 0 | |
Real Estate Loans | Residential Mortgage | Short-Term Repayment Plans | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | 1,855 | 1,609 | |
Real Estate Loans | Residential Mortgage | Modification Non-TDR | |||
Financing Receivable, Loan Forbearance [Line Items] | |||
Total | $ 80,826 | $ 31,467 | |
[1] | No new originations of Home Today loans since fiscal 2016. |
Loans And Allowance For Credi_6
Loans And Allowance For Credit Losses (Schedule Of Forbearance Plans According To Payment Deferrals) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Financing Receivable, Loan Forbearance [Line Items] | ||
Total | $ 12,749,377 | $ 13,149,999 |
Active Forbearance Plans | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Total | 64,205 | |
Active Forbearance Plans | Payment Deferrals Ending April 30, 2021 | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Total | 30,794 | |
Active Forbearance Plans | Payment Deferrals Ending May 31, 2021 | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Total | 9,366 | |
Active Forbearance Plans | Payment Deferrals Ending June 30, 2021 | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Total | 12,909 | |
Active Forbearance Plans | Payment Deferrals Ending July 31, 2021 | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Total | 4,153 | |
Active Forbearance Plans | Payment Deferrals Ending August 31, 2021 | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Total | 3,863 | |
Active Forbearance Plans | Payment Deferral Ending September 30, 2021 | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Total | 3,002 | |
Active Forbearance Plans | Payment Deferral Ending October 31, 2021 | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Total | 118 | |
Real Estate Loans | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Total | 12,746,895 | 13,147,418 |
Real Estate Loans | Active Forbearance Plans | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Total | 64,205 | 165,642 |
Residential Non Home Today | Real Estate Loans | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Total | 10,487,372 | 10,791,168 |
Residential Non Home Today | Real Estate Loans | Active Forbearance Plans | ||
Financing Receivable, Loan Forbearance [Line Items] | ||
Total | $ 52,784 | $ 140,837 |
Loans And Allowance For Credi_7
Loans And Allowance For Credit Losses (Schedule Of Recorded Investment In Loan Receivables That Are Past Due) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 | |
Financing Receivable, Past Due [Line Items] | |||
Total | $ 12,749,377 | $ 13,149,999 | |
30 to 59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 5,185 | 7,470 | |
60 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 3,416 | 4,059 | |
Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 18,444 | 16,698 | |
Financial Asset Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 27,045 | 28,227 | |
Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 12,722,332 | 13,121,772 | |
Other Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 2,482 | 2,581 | |
Other Loans | 30 to 59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 0 | |
Other Loans | 60 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 0 | |
Other Loans | Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 0 | |
Other Loans | Financial Asset Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 0 | |
Other Loans | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 2,482 | 2,581 | |
Real Estate Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 12,746,895 | 13,147,418 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 | |
Real Estate Loans | 30 to 59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 5,185 | 7,470 | |
Real Estate Loans | 30 to 59 Days Past Due | COVID-19 Forbearance/Short-Term Repayment | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 255 | 1,125 | |
Real Estate Loans | 60 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 3,416 | 4,059 | |
Real Estate Loans | 60 to 89 Days Past Due | COVID-19 Forbearance/Short-Term Repayment | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 135 | 353 | |
Real Estate Loans | Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 18,444 | 16,698 | |
Real Estate Loans | Equal to Greater than 90 Days Past Due | COVID-19 Forbearance/Short-Term Repayment | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 588 | 1,361 | |
Real Estate Loans | Financial Asset Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 27,045 | 28,227 | |
Real Estate Loans | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 12,719,850 | 13,119,191 | |
Real Estate Loans | Residential Core | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 10,487,372 | 10,791,168 | |
Real Estate Loans | Residential Core | 30 to 59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 2,950 | 4,543 | |
Real Estate Loans | Residential Core | 60 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,970 | 2,344 | |
Real Estate Loans | Residential Core | Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 11,425 | 9,958 | |
Real Estate Loans | Residential Core | Financial Asset Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 16,345 | 16,845 | |
Real Estate Loans | Residential Core | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 10,471,027 | 10,774,323 | |
Real Estate Loans | Residential Home Today | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 69,456 | [1] | 74,814 |
Real Estate Loans | Residential Home Today | 30 to 59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 957 | 1,406 | |
Real Estate Loans | Residential Home Today | 60 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 834 | 651 | |
Real Estate Loans | Residential Home Today | Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,914 | 2,480 | |
Real Estate Loans | Residential Home Today | Financial Asset Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 3,705 | 4,537 | |
Real Estate Loans | Residential Home Today | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 65,751 | 70,277 | |
Real Estate Loans | Home Equity Loans And Lines Of Credit | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 2,167,990 | 2,259,000 | |
Real Estate Loans | Home Equity Loans And Lines Of Credit | 30 to 59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 1,278 | 1,521 | |
Real Estate Loans | Home Equity Loans And Lines Of Credit | 60 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 612 | 1,064 | |
Real Estate Loans | Home Equity Loans And Lines Of Credit | Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 5,105 | 4,260 | |
Real Estate Loans | Home Equity Loans And Lines Of Credit | Financial Asset Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 6,995 | 6,845 | |
Real Estate Loans | Home Equity Loans And Lines Of Credit | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 2,160,995 | 2,252,155 | |
Real Estate Loans | Construction | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 22,077 | 22,436 | |
Real Estate Loans | Construction | 30 to 59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 0 | |
Real Estate Loans | Construction | 60 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 0 | |
Real Estate Loans | Construction | Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 0 | |
Real Estate Loans | Construction | Financial Asset Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Total | 0 | 0 | |
Real Estate Loans | Construction | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Total | $ 22,077 | $ 22,436 | |
[1] | No new originations of Home Today loans since fiscal 2016. |
Loans And Allowance For Credi_8
Loans And Allowance For Credit Losses (Schedule Of Recorded Investment Of Loan Receivables In Non-Accrual Status) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | |||||
Interest Receivable | $ 33,055 | $ 33,055 | $ 36,634 | ||
Interest income on impaired loans, cash basis method | 225 | $ 297 | 445 | $ 584 | |
Active Forbearance Plans Unpaid Interest | |||||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | |||||
Interest Receivable | 1,644 | 1,644 | 2,540 | ||
Performing | |||||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | |||||
Total non-accrual loans | 34,148 | 34,148 | 36,835 | ||
Performing Chapter 7 Bankruptcy | |||||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | |||||
Total non-accrual loans | 18,843 | 18,843 | 20,334 | ||
Real Estate Loans | |||||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | |||||
Financing Receivable, Nonaccrual, No Allowance | 48,053 | 48,053 | |||
Total non-accrual loans | 52,592 | 52,592 | 53,369 | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 | 0 | ||
Real Estate Loans | Residential Core | |||||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | |||||
Financing Receivable, Nonaccrual, No Allowance | 28,735 | 28,735 | |||
Total non-accrual loans | 31,066 | 31,066 | 31,823 | ||
Real Estate Loans | Residential Home Today | |||||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | |||||
Financing Receivable, Nonaccrual, No Allowance | 8,810 | 8,810 | |||
Total non-accrual loans | 9,292 | 9,292 | 10,372 | ||
Real Estate Loans | Home Equity Loans And Lines Of Credit | |||||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | |||||
Financing Receivable, Nonaccrual, No Allowance | 10,508 | 10,508 | |||
Total non-accrual loans | $ 12,234 | $ 12,234 | $ 11,174 |
Loans And Allowance For Credi_9
Loans And Allowance For Credit Losses (Loans with Private Mortgage Insurance Narrative) (Details) $ in Thousands | 6 Months Ended | |
Mar. 31, 2021USD ($)loans | Sep. 30, 2020USD ($) | |
Loan Portfolio [Line Items] | ||
Number of loans covered by mortgage insurers that were deferring claim payments or which were assessed as being non-investment grade | loans | 0 | |
Total | $ 12,749,377 | $ 13,149,999 |
Current | ||
Loan Portfolio [Line Items] | ||
Total | $ 12,722,332 | 13,121,772 |
PMIC Provided Mortgage Insurance Coverage | ||
Loan Portfolio [Line Items] | ||
PMI Claims Payments, Percentage Of Claim Paid | 77.50% | |
Real estate loans | $ 17,681 | 20,649 |
PMIC Provided Mortgage Insurance Coverage | Current | ||
Loan Portfolio [Line Items] | ||
Total | 16,488 | 19,681 |
MGIC Provided Mortgage Insurance Coverage | ||
Loan Portfolio [Line Items] | ||
Real estate loans | 9,729 | 12,381 |
MGIC Provided Mortgage Insurance Coverage | Current | ||
Loan Portfolio [Line Items] | ||
Total | $ 9,392 | $ 12,381 |
Residential Home Today | ||
Loan Portfolio [Line Items] | ||
Percentage of loans covered by private mortgage insurance | 12.00% | 12.00% |
Loans And Allowance For Cred_10
Loans And Allowance For Credit Losses (Schedule Of Recorded Investment In Troubled Debt Restructured Loans By Type Of Concession) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | $ 134,737 | $ 141,300 |
Initial Restructuring | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 74,067 | 78,797 |
Multiple Restructurings | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 40,722 | 40,958 |
Bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 19,948 | 21,545 |
Residential Core | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 69,260 | 70,805 |
Residential Core | Initial Restructuring | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 31,908 | 32,095 |
Residential Core | Multiple Restructurings | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 22,401 | 22,689 |
Residential Core | Bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 14,951 | 16,021 |
Residential Home Today | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 31,440 | 33,451 |
Residential Home Today | Initial Restructuring | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 13,577 | 15,023 |
Residential Home Today | Multiple Restructurings | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 14,917 | 15,315 |
Residential Home Today | Bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 2,946 | 3,113 |
Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 34,037 | 37,044 |
Home Equity Loans And Lines Of Credit | Initial Restructuring | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 28,582 | 31,679 |
Home Equity Loans And Lines Of Credit | Multiple Restructurings | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 3,404 | 2,954 |
Home Equity Loans And Lines Of Credit | Bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | $ 2,051 | $ 2,411 |
Loans And Allowance For Cred_11
Loans And Allowance For Credit Losses (Summary Of Troubled Debt Restructured Loans Restructured During the Period By Type Of Concession) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | $ 6,115 | $ 4,250 | $ 10,159 | $ 8,961 |
Initial Restructuring | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 3,431 | 2,483 | 5,712 | 3,797 |
Multiple Restructurings | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 2,096 | 1,007 | 3,339 | 3,800 |
Bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 588 | 760 | 1,108 | 1,364 |
Residential Core | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 4,555 | 2,520 | 7,557 | 5,316 |
Residential Core | Initial Restructuring | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 3,051 | 1,714 | 5,159 | 2,513 |
Residential Core | Multiple Restructurings | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 970 | 354 | 1,487 | 2,024 |
Residential Core | Bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 534 | 452 | 911 | 779 |
Residential Home Today | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 792 | 1,176 | 1,377 | 2,228 |
Residential Home Today | Initial Restructuring | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 162 | 322 | 191 | 587 |
Residential Home Today | Multiple Restructurings | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 613 | 581 | 1,076 | 1,330 |
Residential Home Today | Bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 17 | 273 | 110 | 311 |
Home Equity Loans And Lines Of Credit | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 768 | 554 | 1,225 | 1,417 |
Home Equity Loans And Lines Of Credit | Initial Restructuring | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 218 | 447 | 362 | 697 |
Home Equity Loans And Lines Of Credit | Multiple Restructurings | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 513 | 72 | 776 | 446 |
Home Equity Loans And Lines Of Credit | Bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | $ 37 | $ 35 | $ 87 | $ 274 |
Loans And Allowance For Cred_12
Loans And Allowance For Credit Losses (Schedule Of Troubled Debt Restructured Loans Restructured Within The Last 12 Months Which Defaulted) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021USD ($)contracts | Mar. 31, 2020USD ($)contracts | Mar. 31, 2021USD ($)contracts | Mar. 31, 2020USD ($)contracts | |
Financing Receivable, Loan Forbearance [Line Items] | ||||
Number of contracts | contracts | (11) | (37) | (13) | (39) |
Amortized Cost | $ 684 | $ 3,462 | $ 754 | $ 3,541 |
Interest income on impaired loans, cash basis method | $ 225 | $ 297 | $ 445 | $ 584 |
Residential Core | ||||
Financing Receivable, Loan Forbearance [Line Items] | ||||
Number of contracts | contracts | (3) | (18) | (3) | (18) |
Amortized Cost | $ 421 | $ 2,265 | $ 421 | $ 2,265 |
Residential Home Today | ||||
Financing Receivable, Loan Forbearance [Line Items] | ||||
Number of contracts | contracts | (7) | (12) | (7) | (13) |
Amortized Cost | $ 241 | $ 557 | $ 241 | $ 612 |
Home Equity Loans And Lines Of Credit | ||||
Financing Receivable, Loan Forbearance [Line Items] | ||||
Number of contracts | contracts | (1) | (7) | (3) | (8) |
Amortized Cost | $ 22 | $ 640 | $ 92 | $ 664 |
Loans And Allowance For Cred_13
Loans And Allowance For Credit Losses (Schedule Of Credit Quality Of Residential Loan Receivables By An Internally Assigned Grade) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 12,749,377 | $ 13,149,999 | ||
Real Estate Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated fiscal year 2021 | 1,557,803 | |||
Originated fiscal year 2020 | 2,085,382 | |||
Originated fiscal year 2019 | 961,515 | |||
Originated fiscal year 2018 | 1,069,490 | |||
Originated fiscal year 2017 | 1,234,515 | |||
Originated prior to fiscal year 2017 | 3,768,747 | |||
Revolving loans, amortized cost basis | 1,896,664 | |||
Revolving loans converted to term | 172,779 | |||
Total | 12,746,895 | 13,147,418 | ||
Real Estate Loans | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated fiscal year 2021 | 1,556,808 | |||
Originated fiscal year 2020 | 2,083,473 | |||
Originated fiscal year 2019 | 959,662 | |||
Originated fiscal year 2018 | 1,066,190 | |||
Originated fiscal year 2017 | 1,232,070 | |||
Originated prior to fiscal year 2017 | 3,719,547 | |||
Revolving loans, amortized cost basis | 1,892,825 | |||
Revolving loans converted to term | 160,900 | |||
Total | 12,671,475 | 13,074,616 | ||
Real Estate Loans | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated fiscal year 2021 | 995 | |||
Originated fiscal year 2020 | 64 | |||
Originated fiscal year 2019 | 125 | |||
Originated fiscal year 2018 | 920 | |||
Originated fiscal year 2017 | 334 | |||
Originated prior to fiscal year 2017 | 1,271 | |||
Revolving loans, amortized cost basis | 844 | |||
Revolving loans converted to term | 480 | |||
Total | 5,033 | 6,592 | ||
Real Estate Loans | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated fiscal year 2021 | 0 | |||
Originated fiscal year 2020 | 1,845 | |||
Originated fiscal year 2019 | 1,728 | |||
Originated fiscal year 2018 | 2,380 | |||
Originated fiscal year 2017 | 2,111 | |||
Originated prior to fiscal year 2017 | 47,929 | |||
Revolving loans, amortized cost basis | 2,995 | |||
Revolving loans converted to term | 11,399 | |||
Total | 70,387 | 66,210 | ||
Real Estate Loans | Loss | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | |||
Real Estate Loans | Residential Core | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated fiscal year 2021 | 1,525,707 | |||
Originated fiscal year 2020 | 2,052,829 | |||
Originated fiscal year 2019 | 944,280 | |||
Originated fiscal year 2018 | 1,053,569 | |||
Originated fiscal year 2017 | 1,220,376 | |||
Originated prior to fiscal year 2017 | 3,690,611 | |||
Revolving loans, amortized cost basis | 0 | |||
Revolving loans converted to term | 0 | |||
Total | 10,487,372 | 10,791,168 | ||
Real Estate Loans | Residential Core | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated fiscal year 2021 | 1,525,707 | |||
Originated fiscal year 2020 | 2,050,984 | |||
Originated fiscal year 2019 | 942,551 | |||
Originated fiscal year 2018 | 1,050,298 | |||
Originated fiscal year 2017 | 1,218,071 | |||
Originated prior to fiscal year 2017 | 3,652,542 | |||
Revolving loans, amortized cost basis | 0 | |||
Revolving loans converted to term | 0 | |||
Total | 10,440,153 | 10,748,284 | ||
Real Estate Loans | Residential Core | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated fiscal year 2021 | 0 | |||
Originated fiscal year 2020 | 0 | |||
Originated fiscal year 2019 | 111 | |||
Originated fiscal year 2018 | 920 | |||
Originated fiscal year 2017 | 334 | |||
Originated prior to fiscal year 2017 | 1,260 | |||
Revolving loans, amortized cost basis | 0 | |||
Revolving loans converted to term | 0 | |||
Total | 2,625 | |||
Real Estate Loans | Residential Core | Special Mention | Performing At Time Of Purchase | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 2,625 | 3,535 | ||
Real Estate Loans | Residential Core | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated fiscal year 2021 | 0 | |||
Originated fiscal year 2020 | 1,845 | |||
Originated fiscal year 2019 | 1,618 | |||
Originated fiscal year 2018 | 2,351 | |||
Originated fiscal year 2017 | 1,971 | |||
Originated prior to fiscal year 2017 | 36,809 | |||
Revolving loans, amortized cost basis | 0 | |||
Revolving loans converted to term | 0 | |||
Total | 44,594 | 39,349 | ||
Real Estate Loans | Residential Core | Loss | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | |||
Real Estate Loans | Residential Home Today | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated fiscal year 2021 | [1] | 0 | ||
Originated fiscal year 2020 | [1] | 0 | ||
Originated fiscal year 2019 | [1] | 0 | ||
Originated fiscal year 2018 | [1] | 0 | ||
Originated fiscal year 2017 | [1] | 0 | ||
Originated prior to fiscal year 2017 | [1] | 69,456 | ||
Revolving loans, amortized cost basis | [1] | 0 | ||
Revolving loans converted to term | [1] | 0 | ||
Total | 69,456 | [1] | 74,814 | |
Real Estate Loans | Residential Home Today | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated fiscal year 2021 | [1] | 0 | ||
Originated fiscal year 2020 | [1] | 0 | ||
Originated fiscal year 2019 | [1] | 0 | ||
Originated fiscal year 2018 | [1] | 0 | ||
Originated fiscal year 2017 | [1] | 0 | ||
Originated prior to fiscal year 2017 | [1] | 58,369 | ||
Revolving loans, amortized cost basis | [1] | 0 | ||
Revolving loans converted to term | [1] | 0 | ||
Total | 58,369 | [1] | 62,462 | |
Real Estate Loans | Residential Home Today | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated fiscal year 2021 | 0 | |||
Total | 0 | |||
Real Estate Loans | Residential Home Today | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated fiscal year 2021 | [1] | 0 | ||
Originated fiscal year 2020 | [1] | 0 | ||
Originated fiscal year 2019 | [1] | 0 | ||
Originated fiscal year 2018 | [1] | 0 | ||
Originated fiscal year 2017 | [1] | 0 | ||
Originated prior to fiscal year 2017 | [1] | 11,087 | ||
Revolving loans, amortized cost basis | [1] | 0 | ||
Revolving loans converted to term | [1] | 0 | ||
Total | 11,087 | [1] | 12,352 | |
Real Estate Loans | Residential Home Today | Loss | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | |||
Real Estate Loans | Home Equity Loans And Lines Of Credit | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated fiscal year 2021 | 24,154 | |||
Originated fiscal year 2020 | 18,418 | |||
Originated fiscal year 2019 | 17,235 | |||
Originated fiscal year 2018 | 15,921 | |||
Originated fiscal year 2017 | 14,139 | |||
Originated prior to fiscal year 2017 | 8,680 | |||
Revolving loans, amortized cost basis | 1,896,664 | |||
Revolving loans converted to term | 172,779 | |||
Total | 2,167,990 | 2,259,000 | ||
Real Estate Loans | Home Equity Loans And Lines Of Credit | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated fiscal year 2021 | 24,154 | |||
Originated fiscal year 2020 | 18,354 | |||
Originated fiscal year 2019 | 17,111 | |||
Originated fiscal year 2018 | 15,892 | |||
Originated fiscal year 2017 | 13,999 | |||
Originated prior to fiscal year 2017 | 8,636 | |||
Revolving loans, amortized cost basis | 1,892,825 | |||
Revolving loans converted to term | 160,900 | |||
Total | 2,151,871 | 2,241,434 | ||
Real Estate Loans | Home Equity Loans And Lines Of Credit | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated fiscal year 2021 | 0 | |||
Originated fiscal year 2020 | 64 | |||
Originated fiscal year 2019 | 14 | |||
Originated fiscal year 2018 | 0 | |||
Originated fiscal year 2017 | 0 | |||
Originated prior to fiscal year 2017 | 11 | |||
Revolving loans, amortized cost basis | 844 | |||
Revolving loans converted to term | 480 | |||
Total | 1,413 | 3,057 | ||
Real Estate Loans | Home Equity Loans And Lines Of Credit | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated fiscal year 2021 | 0 | |||
Originated fiscal year 2020 | 0 | |||
Originated fiscal year 2019 | 110 | |||
Originated fiscal year 2018 | 29 | |||
Originated fiscal year 2017 | 140 | |||
Originated prior to fiscal year 2017 | 33 | |||
Revolving loans, amortized cost basis | 2,995 | |||
Revolving loans converted to term | 11,399 | |||
Total | 14,706 | 14,509 | ||
Real Estate Loans | Home Equity Loans And Lines Of Credit | Loss | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | |||
Real Estate Loans | Construction | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated fiscal year 2021 | 7,942 | |||
Originated fiscal year 2020 | 14,135 | |||
Originated fiscal year 2019 | 0 | |||
Originated fiscal year 2018 | 0 | |||
Originated fiscal year 2017 | 0 | |||
Originated prior to fiscal year 2017 | 0 | |||
Revolving loans, amortized cost basis | 0 | |||
Revolving loans converted to term | 0 | |||
Total | 22,077 | 22,436 | ||
Real Estate Loans | Construction | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated fiscal year 2021 | 6,947 | |||
Originated fiscal year 2020 | 14,135 | |||
Originated fiscal year 2019 | 0 | |||
Originated fiscal year 2018 | 0 | |||
Originated fiscal year 2017 | 0 | |||
Originated prior to fiscal year 2017 | 0 | |||
Revolving loans, amortized cost basis | 0 | |||
Revolving loans converted to term | 0 | |||
Total | 21,082 | 22,436 | ||
Real Estate Loans | Construction | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated fiscal year 2021 | 995 | |||
Originated fiscal year 2020 | 0 | |||
Originated fiscal year 2019 | 0 | |||
Originated fiscal year 2018 | 0 | |||
Originated fiscal year 2017 | 0 | |||
Originated prior to fiscal year 2017 | 0 | |||
Revolving loans, amortized cost basis | 0 | |||
Revolving loans converted to term | 0 | |||
Total | 995 | 0 | ||
Real Estate Loans | Construction | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 0 | 0 | ||
Real Estate Loans | Construction | Loss | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 0 | |||
[1] | No new originations of Home Today loans since fiscal 2016. |
Loans And Allowance For Cred_14
Loans And Allowance For Credit Losses (Loans Evaluated For Impairment Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Impaired Financing Receivable, Recorded Investment | $ 155,217 | |||
Total | $ 12,749,377 | 13,149,999 | ||
Troubled Debt Restructuring | Performing | Pass | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Impaired Financing Receivable, Recorded Investment | 87,364 | 92,439 | ||
Other Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Real estate loans | 2,482 | 2,581 | ||
Total | 2,482 | 2,581 | ||
Other Loans | Nonperforming | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Real estate loans | 0 | 0 | ||
Residential Non Home Today | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Impaired Financing Receivable, Recorded Investment | 79,200 | |||
Residential Home Today | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Impaired Financing Receivable, Recorded Investment | 34,261 | |||
Real Estate Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans collectively evaluated for impairment | 12,992,201 | |||
Real estate loans | 12,737,002 | 13,130,232 | ||
Originated fiscal year 2021 | 1,557,803 | |||
Total | 12,746,895 | 13,147,418 | ||
Real Estate Loans | Pass | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Originated fiscal year 2021 | 1,556,808 | |||
Total | 12,671,475 | 13,074,616 | ||
Real Estate Loans | Substandard | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Originated fiscal year 2021 | 0 | |||
Total | 70,387 | 66,210 | ||
Real Estate Loans | Special Mention | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Originated fiscal year 2021 | 995 | |||
Total | 5,033 | 6,592 | ||
Real Estate Loans | Residential Non Home Today | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans collectively evaluated for impairment | 10,711,968 | |||
Real estate loans | 10,468,976 | 10,774,845 | ||
Originated fiscal year 2021 | 1,525,707 | |||
Total | 10,487,372 | 10,791,168 | ||
Real Estate Loans | Residential Non Home Today | Pass | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Originated fiscal year 2021 | 1,525,707 | |||
Total | 10,440,153 | 10,748,284 | ||
Real Estate Loans | Residential Non Home Today | Substandard | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Originated fiscal year 2021 | 0 | |||
Total | 44,594 | 39,349 | ||
Real Estate Loans | Residential Non Home Today | Special Mention | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Originated fiscal year 2021 | 0 | |||
Total | 2,625 | |||
Real Estate Loans | Residential Home Today | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans collectively evaluated for impairment | 40,553 | |||
Real estate loans | 69,845 | 75,166 | ||
Originated fiscal year 2021 | [1] | 0 | ||
Total | 69,456 | [1] | 74,814 | |
Real Estate Loans | Residential Home Today | Pass | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Originated fiscal year 2021 | [1] | 0 | ||
Total | 58,369 | [1] | 62,462 | |
Real Estate Loans | Residential Home Today | Substandard | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Originated fiscal year 2021 | [1] | 0 | ||
Total | 11,087 | [1] | 12,352 | |
Real Estate Loans | Residential Home Today | Special Mention | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Originated fiscal year 2021 | 0 | |||
Total | 0 | |||
Real Estate Loans | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans collectively evaluated for impairment | 22,436 | |||
Real estate loans | 57,013 | 47,985 | ||
Originated fiscal year 2021 | 7,942 | |||
Total | 22,077 | 22,436 | ||
Real Estate Loans | Construction | Pass | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Originated fiscal year 2021 | 6,947 | |||
Total | 21,082 | 22,436 | ||
Real Estate Loans | Construction | Substandard | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total | 0 | 0 | ||
Real Estate Loans | Construction | Special Mention | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Originated fiscal year 2021 | 995 | |||
Total | $ 995 | $ 0 | ||
[1] | No new originations of Home Today loans since fiscal 2016. |
Loans And Allowance For Cred_15
Loans And Allowance For Credit Losses (Schedule Of Activity In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | $ 92,342 | $ 46,937 | ||||
Provisions | (4,000) | (6,000) | ||||
Charge-offs | (1,371) | (2,225) | ||||
Recoveries | 2,731 | 4,843 | ||||
Ending Balance | 89,702 | 89,702 | ||||
Adoption of ASU 2016-03 | Accounting Standards Update 2016-13 | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | 46,147 | |||||
Unfunded Loan Commitment | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | 22,052 | [1] | 0 | |||
Provisions | (99) | [1] | (99) | |||
Charge-offs | 0 | [1] | 0 | |||
Recoveries | 0 | [1] | 0 | |||
Ending Balance | [1] | 21,953 | 21,953 | |||
Unfunded Loan Commitment | Adoption of ASU 2016-03 | Accounting Standards Update 2016-13 | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | [1] | 22,052 | ||||
Real Estate Loans | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | 70,290 | $ 37,292 | 46,937 | $ 38,913 | ||
Provisions | (3,901) | 6,000 | (5,901) | 3,000 | ||
Charge-offs | (1,371) | (1,313) | (2,225) | (2,902) | ||
Recoveries | 2,731 | 2,408 | 4,843 | 5,376 | ||
Ending Balance | 67,749 | 44,387 | 67,749 | 44,387 | ||
Real Estate Loans | Adoption of ASU 2016-03 | Accounting Standards Update 2016-13 | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | 24,095 | |||||
Real Estate Loans | Residential Core | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | 46,351 | 18,312 | 22,381 | 19,753 | ||
Provisions | 88 | (837) | (268) | (2,603) | ||
Charge-offs | (408) | (472) | (469) | (957) | ||
Recoveries | 515 | 364 | 975 | 1,174 | ||
Ending Balance | 46,546 | 17,367 | 46,546 | 17,367 | ||
Real Estate Loans | Residential Core | Adoption of ASU 2016-03 | Accounting Standards Update 2016-13 | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | 23,927 | |||||
Real Estate Loans | Residential Home Today | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | (568) | 4,232 | 5,654 | 4,209 | ||
Provisions | (489) | 407 | (1,808) | 262 | ||
Charge-offs | (199) | (229) | (308) | (588) | ||
Recoveries | 551 | 660 | 974 | 1,187 | ||
Ending Balance | (705) | 5,070 | (705) | 5,070 | ||
Real Estate Loans | Residential Home Today | Adoption of ASU 2016-03 | Accounting Standards Update 2016-13 | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | (5,217) | |||||
Real Estate Loans | Home Equity Loans And Lines Of Credit | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | 23,752 | 14,744 | 18,898 | 14,946 | ||
Provisions | (3,417) | 6,429 | (4,366) | 5,341 | ||
Charge-offs | (764) | (612) | (1,448) | (1,357) | ||
Recoveries | 1,665 | 1,384 | 2,894 | 3,015 | ||
Ending Balance | 21,236 | 21,945 | 21,236 | 21,945 | ||
Real Estate Loans | Home Equity Loans And Lines Of Credit | Adoption of ASU 2016-03 | Accounting Standards Update 2016-13 | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | 5,258 | |||||
Real Estate Loans | Construction | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | 755 | 4 | 4 | 5 | ||
Provisions | (83) | 1 | 541 | 0 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Ending Balance | $ 672 | $ 5 | 672 | $ 5 | ||
Real Estate Loans | Construction | Adoption of ASU 2016-03 | Accounting Standards Update 2016-13 | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning Balance | $ 127 | |||||
[1] | Total allowance for unfunded loan commitments is recorded in other liabilities on the CONSOLIDATED STATEMENTS OF CONDITION (unaudited) and primarily relates to undrawn home equity lines of credit. |
Loans And Allowance For Cred_16
Loans And Allowance For Credit Losses (Schedule Of Allowance For Loan Losses According To The Method Of Evaluation) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for loan losses, Individually Evaluated | $ 12,850 | ||||||
Allowance for credit losses | $ 89,702 | $ 92,342 | 46,937 | ||||
Total | 12,749,377 | 13,149,999 | |||||
Further Deterioration In Fair Value Of Collateral | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for loan losses, Individually Evaluated | 0 | 20 | |||||
Troubled Debt Restructuring | Present Value of Cash Flows | Performing | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for loan losses, Individually Evaluated | 12,731 | 12,830 | |||||
Residential Core | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for loan losses, Individually Evaluated | 6,963 | ||||||
Residential Home Today | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for loan losses, Individually Evaluated | 2,085 | ||||||
Home Equity Loans And Lines Of Credit | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for loan losses, Individually Evaluated | 3,802 | ||||||
Real Estate Loans | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for loan losses, Individually Evaluated | 12,850 | ||||||
Allowance for loan losses, Collectively Evaluated | 34,087 | ||||||
Allowance for credit losses | 67,749 | 70,290 | 46,937 | $ 44,387 | $ 37,292 | $ 38,913 | |
Recorded Investment, Individually Evaluated | 155,217 | ||||||
Recorded Investment, Collectively Evaluated | 12,992,201 | ||||||
Total | 12,746,895 | 13,147,418 | |||||
Real Estate Loans | Residential Core | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for loan losses, Individually Evaluated | 6,963 | ||||||
Allowance for loan losses, Collectively Evaluated | 15,418 | ||||||
Allowance for credit losses | 46,546 | 46,351 | 22,381 | 17,367 | 18,312 | 19,753 | |
Recorded Investment, Individually Evaluated | 79,200 | ||||||
Recorded Investment, Collectively Evaluated | 10,711,968 | ||||||
Total | 10,487,372 | 10,791,168 | |||||
Real Estate Loans | Residential Home Today | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for loan losses, Individually Evaluated | 2,085 | ||||||
Allowance for loan losses, Collectively Evaluated | 3,569 | ||||||
Allowance for credit losses | (705) | (568) | 5,654 | 5,070 | 4,232 | 4,209 | |
Recorded Investment, Individually Evaluated | 34,261 | ||||||
Recorded Investment, Collectively Evaluated | 40,553 | ||||||
Total | 69,456 | [1] | 74,814 | ||||
Real Estate Loans | Home Equity Loans And Lines Of Credit | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for loan losses, Individually Evaluated | 3,802 | ||||||
Allowance for loan losses, Collectively Evaluated | 15,096 | ||||||
Allowance for credit losses | 21,236 | 23,752 | 18,898 | 21,945 | 14,744 | 14,946 | |
Recorded Investment, Individually Evaluated | 41,756 | ||||||
Recorded Investment, Collectively Evaluated | 2,217,244 | ||||||
Total | 2,167,990 | 2,259,000 | |||||
Real Estate Loans | Construction | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for loan losses, Individually Evaluated | 0 | ||||||
Allowance for loan losses, Collectively Evaluated | 4 | ||||||
Allowance for credit losses | 672 | $ 755 | 4 | $ 5 | $ 4 | $ 5 | |
Recorded Investment, Individually Evaluated | 0 | ||||||
Recorded Investment, Collectively Evaluated | 22,436 | ||||||
Total | $ 22,077 | $ 22,436 | |||||
[1] | No new originations of Home Today loans since fiscal 2016. |
Loans And Allowance For Cred_17
Loans And Allowance For Credit Losses (Schedule Of Average Recorded Investment In Impaired Loans And The Amount Of Interest Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
Financing Receivable, Impaired [Line Items] | |||||
Interest income on impaired loans, cash basis method | $ 225 | $ 297 | $ 445 | $ 584 | |
Impaired Loans, with No Related IVA, Recorded Investment | $ 67,116 | ||||
Impaired Loans, with No Related IVA, Unpaid Principal Balance | 103,177 | ||||
Impaired Loans, with an IVA, Recorded Investment | 88,101 | ||||
Impaired Loans, with an IVA, Unpaid Principal Balance | 88,184 | ||||
Allowance for loan losses, Individually Evaluated | 12,850 | ||||
Impaired Financing Receivable, Recorded Investment | 155,217 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 191,361 | ||||
Impaired Loans, with No Related IVA, Average Recorded Investment | 71,266 | ||||
Impaired Loans, with No Related IVA, Interest Income Recognized | 1,930 | ||||
Impaired Loans, with an IVA, Average Recorded Investment | 91,581 | ||||
Impaired Loans, with an IVA, Interest Income Recognized | 2,921 | ||||
Impaired Financing Receivable, Average Recorded Investment | 162,847 | ||||
Impaired Loans, Interest Income Recognized | 4,851 | ||||
Residential Core | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans, with No Related IVA, Recorded Investment | 41,164 | ||||
Impaired Loans, with No Related IVA, Unpaid Principal Balance | 53,957 | ||||
Impaired Loans, with an IVA, Recorded Investment | 38,036 | ||||
Impaired Loans, with an IVA, Unpaid Principal Balance | 38,103 | ||||
Allowance for loan losses, Individually Evaluated | 6,963 | ||||
Impaired Financing Receivable, Recorded Investment | 79,200 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 92,060 | ||||
Impaired Loans, with No Related IVA, Average Recorded Investment | 42,643 | ||||
Impaired Loans, with No Related IVA, Interest Income Recognized | 1,405 | ||||
Impaired Loans, with an IVA, Average Recorded Investment | 40,492 | ||||
Impaired Loans, with an IVA, Interest Income Recognized | 1,172 | ||||
Impaired Financing Receivable, Average Recorded Investment | 83,135 | ||||
Impaired Loans, Interest Income Recognized | 2,577 | ||||
Residential Home Today | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans, with No Related IVA, Recorded Investment | 11,963 | ||||
Impaired Loans, with No Related IVA, Unpaid Principal Balance | 30,603 | ||||
Impaired Loans, with an IVA, Recorded Investment | 22,298 | ||||
Impaired Loans, with an IVA, Unpaid Principal Balance | 22,272 | ||||
Allowance for loan losses, Individually Evaluated | 2,085 | ||||
Impaired Financing Receivable, Recorded Investment | 34,261 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 52,875 | ||||
Impaired Loans, with No Related IVA, Average Recorded Investment | 12,364 | ||||
Impaired Loans, with No Related IVA, Interest Income Recognized | 204 | ||||
Impaired Loans, with an IVA, Average Recorded Investment | 23,247 | ||||
Impaired Loans, with an IVA, Interest Income Recognized | 1,086 | ||||
Impaired Financing Receivable, Average Recorded Investment | 35,611 | ||||
Impaired Loans, Interest Income Recognized | 1,290 | ||||
Home Equity Loans And Lines Of Credit | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans, with No Related IVA, Recorded Investment | 13,989 | ||||
Impaired Loans, with No Related IVA, Unpaid Principal Balance | 18,617 | ||||
Impaired Loans, with an IVA, Recorded Investment | 27,767 | ||||
Impaired Loans, with an IVA, Unpaid Principal Balance | 27,809 | ||||
Allowance for loan losses, Individually Evaluated | 3,802 | ||||
Impaired Financing Receivable, Recorded Investment | 41,756 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 46,426 | ||||
Impaired Loans, with No Related IVA, Average Recorded Investment | 16,259 | ||||
Impaired Loans, with No Related IVA, Interest Income Recognized | 321 | ||||
Impaired Loans, with an IVA, Average Recorded Investment | 27,842 | ||||
Impaired Loans, with an IVA, Interest Income Recognized | 663 | ||||
Impaired Financing Receivable, Average Recorded Investment | 44,101 | ||||
Impaired Loans, Interest Income Recognized | $ 984 |
Deposits (Summary Of Deposit Ac
Deposits (Summary Of Deposit Account Balances) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Time Deposits [Line Items] | ||
Checking accounts | $ 1,112,459 | $ 996,682 |
Certificates of deposit | 6,364,416 | 6,599,139 |
Subtotal deposits | 9,236,289 | 9,222,486 |
Accrued interest | 2,122 | 3,068 |
Total deposits | 9,238,411 | 9,225,554 |
Savings Accounts Range excluding MMA | ||
Time Deposits [Line Items] | ||
Savings accounts | 1,195,755 | 1,106,243 |
Money Market Funds | ||
Time Deposits [Line Items] | ||
Savings accounts | $ 563,659 | $ 520,422 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Deposits [Abstract] | ||
Brokered certificates of deposit | $ 572,430 | $ 553,860 |
Borrowed Funds (Schedule of Fed
Borrowed Funds (Schedule of Federal Home Loan Bank Advances (FHLB) Borrowings) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Advances from Federal Home Loan Banks [Abstract] | ||
Maturing in 12 months or less | $ 2,750,154 | |
Maturing in 13 to 24 months | 955 | |
Maturing in 25 to 36 months | 250,000 | |
Maturing in 37 to 48 months | 275,000 | |
Maturing in 49 to 60 months | 0 | |
Over 60 months | 16,169 | |
Total FHLB Advances | 3,292,278 | |
Accrued interest | 1,439 | |
Total | $ 3,293,717 | $ 3,521,745 |
Weighted Average Rate: 12 months or less | 0.22% | |
Weighted Average Rate: 13 to 24 months | 1.00% | |
Weighted Average Rate: 25 to 36 months | 1.70% | |
Weighted Average Rate: 37 to 48 months | 1.69% | |
Weighted Average Rate: 49 to 60 months | 0.00% | |
Weighted Average Rate: Over 60 months | 1.67% | |
Weighted Average Rate Total FHLB Advances | 0.46% |
Borrowed Funds (Schedule of F_2
Borrowed Funds (Schedule of Federal Home Loan Bank Advances used in Swap Contracts) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 2,750,154 |
FHLB advances under SWAP contracts, average interest rate | 0.22% |
Interest Rate Swap | |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 2,750,000 |
FHLB advances under SWAP contracts, average interest rate | 1.80% |
Interest Rate Swap | Effective Maturity 12 months or less | |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 675,000 |
FHLB advances under SWAP contracts, average interest rate | 1.58% |
Interest Rate Swap | Effective Maturity 13 to 24 months | |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 650,000 |
FHLB advances under SWAP contracts, average interest rate | 1.92% |
Interest Rate Swap | Effective Maturity 25 to 36 months | |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 100,000 |
FHLB advances under SWAP contracts, average interest rate | 1.04% |
Interest Rate Swap | Effective Maturity 37 to 48 months | |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 450,000 |
FHLB advances under SWAP contracts, average interest rate | 1.54% |
Interest Rate Swap | Effective Maturity 49 to 60 months | |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 500,000 |
FHLB advances under SWAP contracts, average interest rate | 2.01% |
Interest Rate Swap | Effective Maturity Over 60 months | |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 375,000 |
FHLB advances under SWAP contracts, average interest rate | 2.25% |
Borrowed Funds (Narrative) (Fed
Borrowed Funds (Narrative) (Federal Home Loan Bank Advances) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
Contract Termination | |||
FHLB Short-term Debt [Line Items] | |||
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 2.92% | ||
Interest Rate Swap | Interest Expense and Prepayment Fees | |||
FHLB Short-term Debt [Line Items] | |||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 8,905 | ||
Interest Rate Swap | Contract Termination | |||
FHLB Short-term Debt [Line Items] | |||
Notional Value | 100,000 | ||
Federal Home Loan Bank Advances | |||
FHLB Short-term Debt [Line Items] | |||
Extinguishment of Debt, Amount | $ 115,000 | ||
Federal Home Loan Bank Advances | |||
FHLB Short-term Debt [Line Items] | |||
Net interest expense related to Federal Home Loan Bank short-term borrowings | $ 25,836 | $ 28,430 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss) by Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | $ 1,657,832 | $ 1,728,949 | $ 1,671,853 | $ 1,696,754 |
Other comprehensive income (loss) | 33,970 | (80,064) | 44,362 | (61,484) |
Balance | 1,703,471 | 1,655,164 | 1,703,471 | 1,655,164 |
Unrealized gain (losses) on securities available for sale | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | 3,321 | 758 | 4,694 | (2,165) |
Other comprehensive loss before reclassifications, net of tax | (485) | 9,253 | (1,858) | 12,176 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | (485) | 9,253 | (1,858) | 12,176 |
Balance | 2,836 | 10,011 | 2,836 | 10,011 |
Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | (103,007) | (29,710) | (114,306) | (44,915) |
Other comprehensive loss before reclassifications, net of tax | 25,281 | (90,388) | 27,726 | (74,416) |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 8,708 | 619 | 17,562 | (148) |
Other comprehensive income (loss) | 33,989 | (89,769) | 45,288 | (74,564) |
Balance | (69,018) | (119,479) | (69,018) | (119,479) |
Defined Benefit Plan | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | (21,887) | (21,847) | (22,353) | (22,299) |
Other comprehensive loss before reclassifications, net of tax | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 466 | 452 | 932 | 904 |
Other comprehensive income (loss) | 466 | 452 | 932 | 904 |
Balance | (21,421) | (21,395) | (21,421) | (21,395) |
Total | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | (121,573) | (50,799) | (131,965) | (69,379) |
Other comprehensive loss before reclassifications, net of tax | 24,796 | (81,135) | 25,868 | (62,240) |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 9,174 | 1,071 | 18,494 | 756 |
Other comprehensive income (loss) | 33,970 | (80,064) | 44,362 | (61,484) |
Balance | $ (87,603) | $ (130,863) | $ (87,603) | $ (130,863) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | ||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income tax expense (benefit) | $ 6,300 | $ 1,170 | $ 11,773 | $ 7,323 | |
Reclassification out of Accumulated Other Comprehensive Income | |||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (9,174) | (1,071) | (18,494) | (756) | |
Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges | |||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income tax expense (benefit) | (2,315) | (165) | (4,669) | 39 | |
Net of income tax expense (benefit) | 8,708 | 619 | 17,562 | (148) | |
Reclassification out of Accumulated Other Comprehensive Income | Actuarial Loss | |||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Nonoperating Income (Expense) | [1] | (605) | (572) | (1,210) | (1,144) |
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Plan | |||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income tax expense (benefit) | (139) | (120) | (278) | (240) | |
Net of income tax expense (benefit) | 466 | 452 | 932 | 904 | |
Interest Rate Contract | Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges | |||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Interest (income) expense, effective portion | $ 11,023 | $ 784 | $ 22,231 | $ (187) | |
[1] | This item is included in the computation of net periodic pension cost. See Note 9. DEFINED BENEFIT PLAN for additional disclosure. |
Other Comprehensive Income (L_5
Other Comprehensive Income (Loss) (Adjustments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from AOCI, Current Period, Tax | $ 2,454 | $ 285 | $ 4,947 | $ 201 |
Total | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss) before Reclassifications, Tax | $ 7,413 | $ (21,567) | $ 7,939 | $ (16,545) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |||
Combined federal and state effective income tax rate | 19.70% | 14.60% | |
Bank owned life insurance contracts | $ 294,022 | $ 222,919 |
Defined Benefit Plan (Component
Defined Benefit Plan (Components Of Net Periodic Benefit Cost Recognized) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Retirement Benefits [Abstract] | ||||
Interest cost | $ 609 | $ 700 | $ 1,218 | $ 1,399 |
Expected return on plan assets | (1,175) | (1,163) | (2,351) | (2,326) |
Amortization of net loss | 605 | 572 | 1,210 | 1,144 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 407 | 0 | 407 | 0 |
Net periodic cost | $ 446 | $ 109 | $ 484 | $ 217 |
Defined Benefit Plan (Narrative
Defined Benefit Plan (Narrative) (Details) $ in Thousands | 6 Months Ended |
Mar. 31, 2021USD ($) | |
Retirement Benefits [Abstract] | |
Required minimum contribution | $ 0 |
Minimum employer contributions expected during the remainder of the fiscal year. | $ 0 |
Equity Incentive Plan (Narrativ
Equity Incentive Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares subject to options (in shares) | 3,017,600 | ||
Weighted average exercise price per share | $ 14.24 | ||
Weighted average grant date fair value (in dollars per share) | $ 2.57 | ||
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares approved restricted stock and performance stock units | 433,850 | ||
Expected future expense related to non-vested options outstanding, weighted average years | 2 years 4 months 24 days | ||
Restricted stock and performance stock units, non-vested | 521,466 | ||
Restricted stock and performance stock units, non-vested, weighted average grant date fair value (in dollars per share) | $ 17.68 | ||
Restricted stock units and performance stock units outstanding | 1,287,214 | ||
Expected future compensation expense related to restricted stock and performance stock units outstanding | $ 6,870 | ||
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares approved restricted stock and performance stock units | 59,900 | ||
Expected future expense related to non-vested options outstanding, weighted average years | 2 years | ||
Restricted stock and performance stock units, non-vested | 184,264 | ||
Restricted stock and performance stock units, non-vested, weighted average grant date fair value (in dollars per share) | $ 17.45 | ||
Restricted stock units and performance stock units outstanding | 184,264 | ||
Expected future compensation expense related to restricted stock and performance stock units outstanding | $ 1,174 |
Equity Incentive Plan Equity _2
Equity Incentive Plan Equity Incentive Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based Compensation Expense | $ 1,547 | $ 1,160 | $ 3,113 | $ 2,349 |
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based Compensation Expense | 0 | 134 | 68 | 322 |
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based Compensation Expense | 1,104 | 799 | 2,334 | 1,659 |
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based Compensation Expense | $ 443 | $ 227 | $ 711 | $ 368 |
Commitments And Contingent Li_3
Commitments And Contingent Liabilities (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2020 | |
Unfunded And Commitments To Originate [Line Items] | ||
Commitment to securitize and sell mortgage loans | $ 63,659 | $ 36,926 |
Commitments to issue brokered certificates of deposit | 20,000 | |
Unfunded Commitments, Equity Lines of Credit Including Suspended Accounts | ||
Unfunded And Commitments To Originate [Line Items] | ||
Unfunded commitments on home equity lines of credit (including commitments for suspended accounts) | 2,911,838 | |
Subject To Pending Agency Contracts | ||
Unfunded And Commitments To Originate [Line Items] | ||
Commitment to securitize and sell mortgage loans | 24,509 | 36,078 |
Loans Held-For-Sale Subject To Pending Agency Contract, Including TBA | ||
Unfunded And Commitments To Originate [Line Items] | ||
Commitment to securitize and sell mortgage loans | $ 27,016 | $ 36,078 |
Minimum | ||
Unfunded And Commitments To Originate [Line Items] | ||
Fixed expiration of commitments to extend credit (in days) | 60 days | |
Home equity line of credit unfunded commitments expiration, years | 5 years | |
Maximum | ||
Unfunded And Commitments To Originate [Line Items] | ||
Fixed expiration of commitments to extend credit (in days) | 360 days | |
Home equity line of credit unfunded commitments expiration, years | 10 years |
Commitments And Contingent Li_4
Commitments And Contingent Liabilities (Schedule of Off Balance Sheet Risks) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage loans held for sale | $ 63,659 | $ 36,926 |
Commitments to issue brokered certificates of deposit | 20,000 | |
Commitments To Originate | ||
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total Commitments | 776,724 | |
Total Allowance | 4,518 | |
Commitments To Originate Fixed-Rate Mortgage Loans | ||
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total Commitments | 377,323 | |
Total Allowance | 1,514 | |
Commitments To Originate Adjustable-Rate Mortgage Loans | ||
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total Commitments | 173,605 | |
Total Allowance | 718 | |
Commitments To Originate Equity Loans and Lines of Credit Including Bridge Loans | ||
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total Commitments | 225,796 | |
Total Allowance | 2,286 | |
Unfunded Commitments | ||
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total Commitments | 2,932,271 | |
Total Allowance | 17,435 | |
Unfunded Commitments Equity Lines of Credit | ||
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total Commitments | 2,897,742 | |
Total Allowance | 17,013 | |
Unfunded Commitments Construction Loans | ||
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total Commitments | 34,529 | |
Total Allowance | 422 | |
Subject To Pending Agency Contracts | ||
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Mortgage loans held for sale | $ 24,509 | $ 36,078 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for sale | $ 63,659 | $ 63,659 | $ 36,926 | ||
Available-for-sale Securities | 421,021 | 421,021 | 453,438 | ||
Allowance on performing troubled debt restructurings individually evaluated for impairment based on the present value of cash flows | 12,850 | ||||
Cost to dispose related to properties measured at fair value included in Consolidated Statements of Condition | 0 | 0 | 28 | ||
Net gain on the sale of loans | 8,911 | $ 3,138 | 25,354 | $ 6,063 | |
Real Estate Acquired Through Foreclosure | 0 | 0 | 185 | ||
Subject To Pending Agency Contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for sale | 24,509 | 24,509 | 36,078 | ||
Real estate loans | 23,987 | 23,987 | 34,179 | ||
Net gain on the sale of loans | 797 | 0 | 797 | 0 | |
Present Value of Cash Flows | Troubled Debt Restructuring | Performing | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Allowance on performing troubled debt restructurings individually evaluated for impairment based on the present value of cash flows | 12,731 | 12,731 | 12,830 | ||
Present Value of Cash Flows | Troubled Debt Restructuring | Performing | Portion at Other than Fair Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Performing troubled debt restructurings individually evaluated for impairment | 89,077 | 89,077 | 94,495 | ||
Allowance on performing troubled debt restructurings individually evaluated for impairment based on the present value of cash flows | $ 12,731 | $ 12,731 | 12,830 | ||
Original Or Adjusted Cost Basis | Portion at Other than Fair Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Real Estate Acquired Through Foreclosure | 0 | 0 | 0 | ||
Fair Value, Inputs, Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for sale | 63,659 | 63,659 | 36,926 | ||
Available-for-sale Securities | 421,021 | 421,021 | 453,438 | ||
Fair Value, Inputs, Level 2 | Subject To Pending Agency Contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for sale | 24,509 | 24,509 | 36,078 | ||
Fair Value, Inputs, Level 2 | Carried At Cost | Portion at Other than Fair Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for sale | 38,932 | 38,932 | 793 | ||
Fair Value, Inputs, Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for sale | 0 | 0 | 0 | ||
Available-for-sale Securities | 0 | 0 | 0 | ||
Fair Value, Inputs, Level 3 | Subject To Pending Agency Contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for sale | 0 | 0 | 0 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Market Approach Valuation Technique | U.S. Government Obligations | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale Securities | 421,021 | 421,021 | 453,438 | ||
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 Acquired Through Foreclosure | $ 0 | $ 0 | $ 213 |
Fair Value (Fair Value Of Asset
Fair Value (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Assets: | ||
Available-for-sale Securities | $ 421,021 | $ 453,438 |
Mortgage loans held for sale | 63,659 | 36,926 |
Derivative | 868 | 1,194 |
Forward Commitments For Sale Of Mortgage Loans | ||
Liabilities: | ||
Derivative Liability | 134 | |
REMIC's | ||
Assets: | ||
Available-for-sale Securities | 415,101 | 447,203 |
Fannie Mae Certificates | ||
Assets: | ||
Available-for-sale Securities | 5,920 | 6,235 |
Subject To Pending Agency Contracts | ||
Assets: | ||
Mortgage loans held for sale | 24,509 | 36,078 |
Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Derivative | 0 | 0 |
Quoted Prices In Active Markets For Identical Assets (Level 1) | Forward Commitments For Sale Of Mortgage Loans | ||
Liabilities: | ||
Derivative Liability | 0 | |
Quoted Prices In Active Markets For Identical Assets (Level 1) | Subject To Pending Agency Contracts | ||
Assets: | ||
Mortgage loans held for sale | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Available-for-sale Securities | 421,021 | 453,438 |
Mortgage loans held for sale | 63,659 | 36,926 |
Derivative | 47 | 0 |
Significant Other Observable Inputs (Level 2) | Forward Commitments For Sale Of Mortgage Loans | ||
Liabilities: | ||
Derivative Liability | 134 | |
Significant Other Observable Inputs (Level 2) | Subject To Pending Agency Contracts | ||
Assets: | ||
Mortgage loans held for sale | 24,509 | 36,078 |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Derivative | 821 | 1,194 |
Significant Unobservable Inputs (Level 3) | Forward Commitments For Sale Of Mortgage Loans | ||
Liabilities: | ||
Derivative Liability | 0 | |
Significant Unobservable Inputs (Level 3) | Subject To Pending Agency Contracts | ||
Assets: | ||
Mortgage loans held for sale | 0 | 0 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Total | 446,398 | 490,710 |
Liabilities: | ||
Financial Liabilities Fair Value Disclosure | 134 | |
Fair Value, Measurements, Recurring | Forward Commitments For Sale Of Mortgage Loans | ||
Liabilities: | ||
Derivative Liability | 134 | |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | ||
Assets: | ||
Derivative | 821 | 1,194 |
Fair Value, Measurements, Recurring | Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative | 47 | |
Fair Value, Measurements, Recurring | REMIC's | ||
Assets: | ||
Available-for-sale Securities | 415,101 | 447,203 |
Fair Value, Measurements, Recurring | Fannie Mae Certificates | ||
Assets: | ||
Available-for-sale Securities | 5,920 | 6,235 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Assets: | ||
Total | 0 | 0 |
Liabilities: | ||
Financial Liabilities Fair Value Disclosure | 0 | |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Forward Commitments For Sale Of Mortgage Loans | ||
Liabilities: | ||
Derivative Liability | 0 | |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Interest Rate Lock Commitments | ||
Assets: | ||
Derivative | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative | 0 | |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | REMIC's | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Fannie Mae Certificates | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Total | 445,577 | 489,516 |
Liabilities: | ||
Financial Liabilities Fair Value Disclosure | 134 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Forward Commitments For Sale Of Mortgage Loans | ||
Liabilities: | ||
Derivative Liability | 134 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest Rate Lock Commitments | ||
Assets: | ||
Derivative | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative | 47 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | REMIC's | ||
Assets: | ||
Available-for-sale Securities | 415,101 | 447,203 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Fannie Mae Certificates | ||
Assets: | ||
Available-for-sale Securities | 5,920 | 6,235 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Total | 821 | 1,194 |
Liabilities: | ||
Financial Liabilities Fair Value Disclosure | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Forward Commitments For Sale Of Mortgage Loans | ||
Liabilities: | ||
Derivative Liability | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Interest Rate Lock Commitments | ||
Assets: | ||
Derivative | 821 | 1,194 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | REMIC's | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Fannie Mae Certificates | ||
Assets: | ||
Available-for-sale Securities | $ 0 | $ 0 |
Fair Value (Fair Value Assets A
Fair Value (Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation) (Details) - Fair Value, Inputs, Level 3 - Interest Rate Lock Commitments - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 1,231 | $ 54 | $ 1,194 | $ 44 |
(Loss)/Gain during the period due to changes in fair value: | ||||
Ending balance | 821 | 592 | 821 | 592 |
Change in unrealized gains for the period included in earnings for assets held at the end of the reporting date | 821 | 592 | 821 | 592 |
Other Income | ||||
(Loss)/Gain during the period due to changes in fair value: | ||||
Included in other non-interest income | $ (410) | $ 538 | $ (373) | $ 548 |
Fair Value (Assets Measured At
Fair Value (Assets Measured At Fair Value On A Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 60,915 | |
Fair Value, Measurements, Nonrecurring | Collateral Dependent Loans, Net Of Allowance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 66,045 | 60,702 |
Fair Value, Measurements, Nonrecurring | Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 213 | |
Fair Value, Measurements, Nonrecurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | |
Fair Value, Measurements, Nonrecurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Collateral Dependent Loans, Net Of Allowance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Collateral Dependent Loans, Net Of Allowance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 60,915 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 213 | |
Measurement Input, Discounted Appraised Value | Collateral Value | Significant Unobservable Inputs (Level 3) | Collateral Dependent Loans, Net Of Allowance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 66,045 | $ 60,702 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information About Significant Unobservable Inputs Categorized Within Level 3 Of The Fair Value Hierarchy) (Details) - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Collateral Value | Measurement Input, Discounted Appraised Value | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, collateral dependent loans, net of allowance | 0.00% | 0.00% |
Collateral Value | Measurement Input, Discounted Appraised Value | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, collateral dependent loans, net of allowance | 34.00% | 34.00% |
Collateral Value | Measurement Input, Discounted Appraised Value | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, collateral dependent loans, net of allowance | 5.20% | 6.00% |
Collateral Value | Measurement Input, Discounted Appraised Value | Collateral Dependent Loans, Net Of Allowance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 66,045 | $ 60,702 |
Secondary Market Pricing | Measurement Input, Closure Rate | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 821 | $ 1,194 |
Secondary Market Pricing | Measurement Input, Closure Rate | Interest Rate Lock Commitments | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, interest rate lock commitments | 0 | 0 |
Secondary Market Pricing | Measurement Input, Closure Rate | Interest Rate Lock Commitments | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, interest rate lock commitments | 1 | 1 |
Secondary Market Pricing | Measurement Input, Closure Rate | Interest Rate Lock Commitments | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, interest rate lock commitments | 0.692 | 0.697 |
Fair Value (Estimated Fair Valu
Fair Value (Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Assets: | ||
Available-for-sale Securities | $ 421,021 | $ 453,438 |
Mortgage loans held for sale | 63,659 | 36,926 |
Federal Home Loan Bank stock | 162,783 | 136,793 |
Cash collateral received from or held by counterparty | 36,085 | 41,824 |
Derivative | 868 | 1,194 |
Liabilities: | ||
Borrowed funds | 3,313,503 | 3,550,120 |
Checking and Passbook Accounts | ||
Liabilities: | ||
Deposits | 2,871,873 | 2,623,347 |
Certificates of Deposit | ||
Liabilities: | ||
Deposits | 6,481,572 | 6,739,561 |
Borrowers' Advances for insurance and Taxes | ||
Liabilities: | ||
Other Liabilities | 94,108 | 111,536 |
Principal, Interest, And Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other Liabilities | 46,100 | 45,895 |
Forward Commitments For Sale Of Mortgage Loans | ||
Liabilities: | ||
Derivative Liability | 134 | |
Forward Commitments For Sale Of Mortgage Loans | Fair Value, Measurements, Recurring | ||
Liabilities: | ||
Derivative Liability | 134 | |
Cash and Due From Banks | ||
Assets: | ||
Cash and Cash Equivalents | 23,424 | 25,270 |
Interest Earning Cash Equivalents | ||
Assets: | ||
Cash and Cash Equivalents | 641,976 | 472,763 |
Total real estate loans | ||
Assets: | ||
Loans, net | 12,947,267 | 13,299,261 |
Other Loans | ||
Assets: | ||
Loans, net | 2,482 | 2,594 |
Accrued Interest Receivable | ||
Assets: | ||
Accrued interest receivable | 33,055 | 36,634 |
Interest Rate Lock Commitments | Fair Value, Measurements, Recurring | ||
Assets: | ||
Derivative | 821 | 1,194 |
Forward Commitments For Sale Of Mortgage Loans | Fair Value, Measurements, Recurring | ||
Assets: | ||
Derivative | 47 | |
Fair Value, Inputs, Level 1 | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Cash collateral received from or held by counterparty | 36,085 | 41,824 |
Derivative | 0 | 0 |
Liabilities: | ||
Borrowed funds | 0 | 0 |
Fair Value, Inputs, Level 1 | Checking and Passbook Accounts | ||
Liabilities: | ||
Deposits | 0 | 0 |
Fair Value, Inputs, Level 1 | Certificates of Deposit | ||
Liabilities: | ||
Deposits | 0 | 0 |
Fair Value, Inputs, Level 1 | Borrowers' Advances for insurance and Taxes | ||
Liabilities: | ||
Other Liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 | Principal, Interest, And Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other Liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 | Forward Commitments For Sale Of Mortgage Loans | ||
Liabilities: | ||
Derivative Liability | 0 | |
Fair Value, Inputs, Level 1 | Forward Commitments For Sale Of Mortgage Loans | Fair Value, Measurements, Recurring | ||
Liabilities: | ||
Derivative Liability | 0 | |
Fair Value, Inputs, Level 1 | Cash and Due From Banks | ||
Assets: | ||
Cash and Cash Equivalents | 23,424 | 25,270 |
Fair Value, Inputs, Level 1 | Interest Earning Cash Equivalents | ||
Assets: | ||
Cash and Cash Equivalents | 641,976 | 472,763 |
Fair Value, Inputs, Level 1 | Total real estate loans | ||
Assets: | ||
Loans, net | 0 | 0 |
Fair Value, Inputs, Level 1 | Other Loans | ||
Assets: | ||
Loans, net | 0 | 0 |
Fair Value, Inputs, Level 1 | Accrued Interest Receivable | ||
Assets: | ||
Accrued interest receivable | 0 | 0 |
Fair Value, Inputs, Level 1 | Interest Rate Lock Commitments | Fair Value, Measurements, Recurring | ||
Assets: | ||
Derivative | 0 | 0 |
Fair Value, Inputs, Level 1 | Forward Commitments For Sale Of Mortgage Loans | Fair Value, Measurements, Recurring | ||
Assets: | ||
Derivative | 0 | |
Fair Value, Inputs, Level 2 | ||
Assets: | ||
Available-for-sale Securities | 421,021 | 453,438 |
Mortgage loans held for sale | 63,659 | 36,926 |
Federal Home Loan Bank stock | 0 | 0 |
Cash collateral received from or held by counterparty | 0 | 0 |
Derivative | 47 | 0 |
Liabilities: | ||
Borrowed funds | 3,313,503 | 3,550,120 |
Fair Value, Inputs, Level 2 | Checking and Passbook Accounts | ||
Liabilities: | ||
Deposits | 2,871,873 | 2,623,347 |
Fair Value, Inputs, Level 2 | Certificates of Deposit | ||
Liabilities: | ||
Deposits | 6,481,572 | 6,739,561 |
Fair Value, Inputs, Level 2 | Borrowers' Advances for insurance and Taxes | ||
Liabilities: | ||
Other Liabilities | 94,108 | 111,536 |
Fair Value, Inputs, Level 2 | Principal, Interest, And Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other Liabilities | 46,100 | 45,895 |
Fair Value, Inputs, Level 2 | Forward Commitments For Sale Of Mortgage Loans | ||
Liabilities: | ||
Derivative Liability | 134 | |
Fair Value, Inputs, Level 2 | Forward Commitments For Sale Of Mortgage Loans | Fair Value, Measurements, Recurring | ||
Liabilities: | ||
Derivative Liability | 134 | |
Fair Value, Inputs, Level 2 | Cash and Due From Banks | ||
Assets: | ||
Cash and Cash Equivalents | 0 | 0 |
Fair Value, Inputs, Level 2 | Interest Earning Cash Equivalents | ||
Assets: | ||
Cash and Cash Equivalents | 0 | 0 |
Fair Value, Inputs, Level 2 | Total real estate loans | ||
Assets: | ||
Loans, net | 0 | 0 |
Fair Value, Inputs, Level 2 | Other Loans | ||
Assets: | ||
Loans, net | 0 | 0 |
Fair Value, Inputs, Level 2 | Accrued Interest Receivable | ||
Assets: | ||
Accrued interest receivable | 33,055 | 36,634 |
Fair Value, Inputs, Level 2 | Interest Rate Lock Commitments | Fair Value, Measurements, Recurring | ||
Assets: | ||
Derivative | 0 | 0 |
Fair Value, Inputs, Level 2 | Forward Commitments For Sale Of Mortgage Loans | Fair Value, Measurements, Recurring | ||
Assets: | ||
Derivative | 47 | |
Fair Value, Inputs, Level 3 | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Cash collateral received from or held by counterparty | 0 | 0 |
Derivative | 821 | 1,194 |
Liabilities: | ||
Borrowed funds | 0 | 0 |
Fair Value, Inputs, Level 3 | Checking and Passbook Accounts | ||
Liabilities: | ||
Deposits | 0 | 0 |
Fair Value, Inputs, Level 3 | Certificates of Deposit | ||
Liabilities: | ||
Deposits | 0 | 0 |
Fair Value, Inputs, Level 3 | Borrowers' Advances for insurance and Taxes | ||
Liabilities: | ||
Other Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 | Principal, Interest, And Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 | Forward Commitments For Sale Of Mortgage Loans | ||
Liabilities: | ||
Derivative Liability | 0 | |
Fair Value, Inputs, Level 3 | Forward Commitments For Sale Of Mortgage Loans | Fair Value, Measurements, Recurring | ||
Liabilities: | ||
Derivative Liability | 0 | |
Fair Value, Inputs, Level 3 | Cash and Due From Banks | ||
Assets: | ||
Cash and Cash Equivalents | 0 | 0 |
Fair Value, Inputs, Level 3 | Interest Earning Cash Equivalents | ||
Assets: | ||
Cash and Cash Equivalents | 0 | 0 |
Fair Value, Inputs, Level 3 | Total real estate loans | ||
Assets: | ||
Loans, net | 12,947,267 | 13,299,261 |
Fair Value, Inputs, Level 3 | Other Loans | ||
Assets: | ||
Loans, net | 2,482 | 2,594 |
Fair Value, Inputs, Level 3 | Accrued Interest Receivable | ||
Assets: | ||
Accrued interest receivable | 0 | 0 |
Fair Value, Inputs, Level 3 | Interest Rate Lock Commitments | Fair Value, Measurements, Recurring | ||
Assets: | ||
Derivative | 821 | 1,194 |
Fair Value, Inputs, Level 3 | Forward Commitments For Sale Of Mortgage Loans | Fair Value, Measurements, Recurring | ||
Assets: | ||
Derivative | 0 | |
Carrying Amount | ||
Assets: | ||
Available-for-sale Securities | 421,021 | 453,438 |
Mortgage loans held for sale | 63,441 | 36,871 |
Federal Home Loan Bank stock | 162,783 | 136,793 |
Cash collateral received from or held by counterparty | 36,085 | 41,824 |
Derivative | 868 | 1,194 |
Liabilities: | ||
Borrowed funds | 3,293,717 | 3,521,745 |
Carrying Amount | Checking and Passbook Accounts | ||
Liabilities: | ||
Deposits | 2,871,873 | 2,623,347 |
Carrying Amount | Certificates of Deposit | ||
Liabilities: | ||
Deposits | 6,366,538 | 6,602,207 |
Carrying Amount | Borrowers' Advances for insurance and Taxes | ||
Liabilities: | ||
Other Liabilities | 94,108 | 111,536 |
Carrying Amount | Principal, Interest, And Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other Liabilities | 46,100 | 45,895 |
Carrying Amount | Forward Commitments For Sale Of Mortgage Loans | ||
Liabilities: | ||
Derivative Liability | 134 | |
Carrying Amount | Cash and Due From Banks | ||
Assets: | ||
Cash and Cash Equivalents | 23,424 | 25,270 |
Carrying Amount | Interest Earning Cash Equivalents | ||
Assets: | ||
Cash and Cash Equivalents | 641,976 | 472,763 |
Carrying Amount | Total real estate loans | ||
Assets: | ||
Loans, net | 12,679,146 | 13,100,481 |
Carrying Amount | Other Loans | ||
Assets: | ||
Loans, net | 2,482 | 2,581 |
Carrying Amount | Accrued Interest Receivable | ||
Assets: | ||
Accrued interest receivable | $ 33,055 | $ 36,634 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2021 | Sep. 30, 2020 | |
Derivative [Line Items] | |||
Estimated amount to be reclassed in the next 12 months as an increase to expense | $ 41,424 | ||
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | |||
Derivative [Line Items] | |||
Fair Value | $ 868 | $ 1,060 | |
Cash Flow Hedge | Designated as Hedging Instrument | Interest Rate Swap | |||
Derivative [Line Items] | |||
Derivative, weighted average terms | 3 years | 2 years 8 months 12 days | |
Derivative, weighted average fixed-rate interest payments | 1.80% | 1.76% | |
Fair Value | $ 0 | $ 0 |
Derivative Instruments (Schedul
Derivative Instruments (Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative | $ 868 | $ 1,194 |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 58,045 | 55,934 |
Fair Value | 868 | 1,060 |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 31,551 | 21,755 |
Fair Value | 821 | 1,194 |
Not Designated as Hedging Instrument | Forward Commitments For Sale Of Mortgage Loans | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 26,494 | 0 |
Derivative | (47) | 0 |
Not Designated as Hedging Instrument | Forward Commitments For Sale Of Mortgage Loans | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 0 | 34,179 |
Derivative liability | 0 | (134) |
Cash Flow Hedge | Designated as Hedging Instrument | Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 2,750,000 | 2,975,000 |
Fair Value | 0 | 0 |
Cash Flow Hedge | Designated as Hedging Instrument | Interest Rate Swap | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 250,000 | 0 |
Fair Value | 0 | 0 |
Cash Flow Hedge | Designated as Hedging Instrument | Interest Rate Swap | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 2,500,000 | 2,975,000 |
Fair Value | $ 0 | $ 0 |
Derivative Instruments (Sched_2
Derivative Instruments (Schedule Of Effect Of Derivative Instruments, Gain (Loss) In Statement Of Financial Performance) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Designated as Hedging Instrument | Cash Flow Hedge | Interest Expense | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of gain/(loss) reclassified from AOCI | $ (11,023) | $ (784) | $ (22,231) | $ 187 |
Designated as Hedging Instrument | Cash Flow Hedge | Other Comprehensive Income (Loss) | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain (Loss) Recognized, Effective Portion | 32,834 | (114,416) | 36,205 | (94,198) |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | Other Income | ||||
Derivatives, Fair Value [Line Items] | ||||
Total | (410) | 538 | (373) | 548 |
Not Designated as Hedging Instrument | Forward Commitments For Sale Of Mortgage Loans | Net Gain (Loss) On Sale Of Mortgage Loans [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Total | $ 47 | $ 0 | $ (162) | $ 0 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Retained Earnings (Accumulated Deficit) | $ 849,394 | $ 865,514 |
Loans and Leases Receivable, Allowance | $ 67,749 | $ 46,937 |