Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Sep. 30, 2013 | Nov. 18, 2013 | Mar. 31, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Entity Registrant Name | 'Capitol Federal Financial Inc | ' | ' |
Entity Central Index Key | '0001490906 | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 147,856,568 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'cffn | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1.77 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS: | ' | ' |
Cash and cash equivalents (includes interest-earning deposits of $99,735 and $127,544) | $113,886 | $141,705 |
SECURITIES: | ' | ' |
Available-for-sale ("AFS"), at estimated fair value (amortized cost of $1,058,283 and $1,367,925) | 1,069,967 | 1,406,844 |
Held-to-maturity ("HTM"), at amortized cost (estimated fair value of $1,741,846 and $1,969,899) | 1,718,023 | 1,887,947 |
Loans receivable, net (allowance for credit losses ("ACL") of $8,822 and $11,100) | 5,958,868 | 5,608,083 |
Bank-owned life insurance ("BOLI") | 59,495 | 58,012 |
Capital stock of Federal Home Loan Bank ("FHLB"), at cost | 128,530 | 132,971 |
Accrued interest receivable | 23,596 | 26,092 |
Premises and equipment, net | 70,112 | 57,766 |
Other real estate owned ("OREO") | 3,882 | 8,047 |
Other assets | 40,090 | 50,837 |
TOTAL ASSETS | 9,186,449 | 9,378,304 |
LIABILITIES: | ' | ' |
Deposits | 4,611,446 | 4,550,643 |
FHLB borrowings | 2,513,538 | 2,530,322 |
Repurchase agreements | 320,000 | 365,000 |
Advance payments by borrowers for taxes and insurance | 57,392 | 55,642 |
Income taxes payable | 108 | 918 |
Deferred income tax liabilities, net | 20,437 | 25,042 |
Accounts payable and accrued expenses | 31,402 | 44,279 |
Total liabilities | 7,554,323 | 7,571,846 |
Commitments And Contingencies (Note 12) | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value; 1,400,000,000 shares authorized, 147,840,268 and 155,379,739 shares issued and outstanding as of September 30, 2013 and 2012, respectively | 1,478 | 1,554 |
Additional paid-in capital | 1,235,781 | 1,292,122 |
Unearned compensation - ESOP | -44,603 | -47,575 |
Retained earnings | 432,203 | 536,150 |
Accumulated other comprehensive income ("AOCI"), net of tax | 7,267 | 24,207 |
Total stockholders' equity | 1,632,126 | 1,806,458 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $9,186,449 | $9,378,304 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Interest-earning deposits | $99,735 | $127,544 |
Available-for-sale Securities, Amortized Cost | 1,058,283 | 1,367,925 |
Held-to-maturity securities, estimated fair value | 1,741,846 | 1,969,899 |
Loans receivable, allowance for credit losses | $8,822 | $11,100 |
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 | 1,400,000,000 | 1,400,000,000 |
Common stock, shares issued | 147,840,268 | 155,379,739 |
Common stock, shares outstanding | 147,840,268 | 155,379,739 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
INTEREST AND DIVIDEND INCOME: | ' | ' | ' |
Loans receivable | $228,455 | $236,225 | $251,909 |
Mortgage-backed securities ("MBS") | 55,424 | 71,156 | 71,332 |
Investment securities | 10,012 | 15,944 | 19,077 |
Capital stock of FHLB | 4,515 | 4,446 | 3,791 |
Cash and cash equivalents | 148 | 280 | 756 |
Total interest and dividend income | 298,554 | 328,051 | 346,865 |
INTEREST EXPENSE: | ' | ' | ' |
FHLB borrowings | 70,816 | 82,044 | 90,298 |
Deposits | 36,816 | 46,170 | 63,568 |
Other borrowings | 12,762 | 14,956 | 24,265 |
Total interest expense | 120,394 | 143,170 | 178,131 |
NET INTEREST INCOME | 178,160 | 184,881 | 168,734 |
PROVISION FOR CREDIT LOSSES | -1,067 | 2,040 | 4,060 |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 179,227 | 182,841 | 164,674 |
NON-INTEREST INCOME: | ' | ' | ' |
Retail fees and charges | 15,342 | 15,915 | 15,509 |
Insurance commissions | 2,925 | 2,772 | 3,071 |
Loan fees | 1,727 | 2,113 | 2,449 |
Income from BOLI | 1,483 | 1,478 | 1,824 |
Other non-interest income | 1,812 | 1,955 | 2,142 |
Total non-interest income | 23,289 | 24,233 | 24,995 |
NON-INTEREST EXPENSE: | ' | ' | ' |
Salaries and employee benefits | 49,152 | 44,235 | 44,913 |
Occupancy | 9,871 | 8,751 | 8,841 |
Information technology and communications | 8,855 | 7,583 | 7,210 |
Regulatory and outside services | 5,874 | 5,291 | 5,224 |
Deposit and loan transaction costs | 5,547 | 5,381 | 5,157 |
Advertising and promotional | 5,027 | 3,931 | 3,723 |
Federal insurance premium | 4,462 | 4,444 | 5,222 |
Contribution to Capitol Federal Foundation ("Foundation") | ' | ' | 40,000 |
Other non-interest expense | 8,159 | 11,459 | 12,027 |
Total non-interest expense | 96,947 | 91,075 | 132,317 |
INCOME BEFORE INCOME TAX EXPENSE | 105,569 | 115,999 | 57,352 |
INCOME TAX EXPENSE | 36,229 | 41,486 | 18,949 |
NET INCOME | $69,340 | $74,513 | $38,403 |
Basic earnings per share | $0.48 | $0.47 | $0.24 |
Diluted earnings per share | $0.48 | $0.47 | $0.24 |
Dividends declared per share | $1 | $0.40 | $1.63 |
Basic weighted average common shares | 144,847,156 | 157,912,978 | 162,625,274 |
Diluted weighted average common shares | 144,848,009 | 157,916,400 | 162,632,665 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $69,340 | $74,513 | $38,403 |
Other comprehensive income, net of tax: | ' | ' | ' |
Changes in unrealized gains/losses on securities AFS, net of deferred income taxes of $10,295, $1,491, and $3,159 for the years ended September 30, 2013, 2012, and 2011, respectively | -16,940 | -2,500 | -5,155 |
Comprehensive income | $52,400 | $72,013 | $33,248 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' |
Changes in unrealized gains/losses on AFS securities, deferred income taxes | $10,295 | $1,491 | $3,159 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Unearned Compensation-ESOP [Member] | Retained Earnings [Member] | AOCI [Member] | Treasury Stock [Member] | Total |
In Thousands | |||||||
Balance at Sep. 30, 2010 | $915 | $457,540 | ($6,050) | $801,044 | $31,862 | ($323,361) | $961,950 |
Net income | ' | ' | ' | 38,403 | ' | ' | 38,403 |
Other comprehensive income, net of tax | ' | ' | ' | ' | -5,155 | ' | -5,155 |
ESOP activity, net | ' | 3,259 | 2,763 | ' | ' | ' | 6,022 |
Restricted stock activity, net | ' | -4 | ' | ' | ' | ' | -4 |
Stock-based compensation | ' | 262 | ' | ' | ' | ' | 262 |
Stock options exercised | ' | 42 | ' | ' | ' | ' | 42 |
Dividends on common stock to stockholders | ' | ' | ' | -150,110 | ' | ' | -150,110 |
Merger of Capitol Federal Savings Bank MHC | -522 | 1,997 | ' | -1,223 | ' | ' | 252 |
Retirement of treasury stock | -175 | -204,199 | ' | -118,987 | ' | 323,361 | ' |
Exchange of common stock | 276 | -323 | ' | ' | ' | ' | -47 |
Proceeds from stock offering, net of offering expenses | 1,181 | 1,133,993 | ' | ' | ' | ' | 1,135,174 |
Purchase of common stock by ESOP | ' | ' | -47,260 | ' | ' | ' | -47,260 |
Balance at Sep. 30, 2011 | 1,675 | 1,392,567 | -50,547 | 569,127 | 26,707 | ' | 1,939,529 |
Net income | ' | ' | ' | 74,513 | ' | ' | 74,513 |
Other comprehensive income, net of tax | ' | ' | ' | ' | -2,500 | ' | -2,500 |
ESOP activity, net | ' | 3,434 | 2,972 | ' | ' | ' | 6,406 |
Restricted stock activity, net | 5 | -5 | ' | ' | ' | ' | ' |
Stock-based compensation | ' | 1,196 | ' | ' | ' | ' | 1,196 |
Repurchase of common stock | -126 | -105,131 | ' | -43,722 | ' | ' | -148,979 |
Stock options exercised | ' | 61 | ' | ' | ' | ' | 61 |
Dividends on common stock to stockholders | ' | ' | ' | -63,768 | ' | ' | -63,768 |
Balance at Sep. 30, 2012 | 1,554 | 1,292,122 | -47,575 | 536,150 | 24,207 | ' | 1,806,458 |
Net income | ' | ' | ' | 69,340 | ' | ' | 69,340 |
Other comprehensive income, net of tax | ' | ' | ' | ' | -16,940 | ' | -16,940 |
ESOP activity, net | ' | 3,678 | 2,972 | ' | ' | ' | 6,650 |
Restricted stock activity, net | ' | 172 | ' | ' | ' | ' | 172 |
Stock-based compensation | ' | 2,633 | ' | ' | ' | ' | 2,633 |
Repurchase of common stock | -76 | -62,836 | ' | -26,463 | ' | ' | -89,375 |
Stock options exercised | ' | 12 | ' | ' | ' | ' | 12 |
Dividends on common stock to stockholders | ' | ' | ' | -146,824 | ' | ' | -146,824 |
Balance at Sep. 30, 2013 | $1,478 | $1,235,781 | ($44,603) | $432,203 | $7,267 | ' | $1,632,126 |
Consolidated_Statements_Of_Sto1
Consolidated Statements Of Stockholders' Equity (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Consolidated Statements Of Stockholders' Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends on common stock to stockholders per share | $0.08 | $0.08 | $0.08 | $0.78 | $0.08 | $0.08 | $0.08 | $0.18 | $1 | $0.40 | $1.63 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $69,340 | $74,513 | $38,403 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
FHLB stock dividends | -4,515 | -4,446 | -3,791 |
Provision for credit losses | -1,067 | 2,040 | 4,060 |
Originations of loans receivable held-for-sale ("LHFS") | -7,098 | -6,008 | -11,715 |
Proceeds from sales of LHFS | 7,156 | 6,524 | 13,483 |
Amortization and accretion of premiums and discounts on securities | 8,445 | 8,662 | 8,100 |
Depreciation and amortization of premises and equipment | 5,447 | 4,951 | 4,397 |
Amortization of deferred amounts related to FHLB advances, net | 8,216 | 8,797 | 7,091 |
Common stock committed to be released for allocation - ESOP | 6,650 | 6,406 | 6,022 |
Stock based compensation | 2,633 | 1,196 | 262 |
Provision for deferred income taxes | 5,696 | 6,089 | -9,647 |
Changes in: | ' | ' | ' |
Prepaid federal insurance premium, net | 11,802 | 3,927 | 4,718 |
Accrued interest receivable | 2,496 | 3,224 | 904 |
Other assets | -3,432 | 2,493 | 637 |
Income taxes payable/receivable | -644 | -1,398 | 3,004 |
Accounts payable and accrued expenses | -9,403 | -10,732 | -143 |
Net cash provided by operating activities | 101,722 | 106,238 | 65,785 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of AFS securities | -408,497 | -688,520 | -790,083 |
Purchase of HTM securities | -442,747 | -560,024 | -1,979,789 |
Proceeds from calls, maturities and principal reductions of AFS securities | 717,545 | 761,535 | 351,636 |
Proceeds from calls, maturities and principal reductions of HTM securities | 604,820 | 1,036,121 | 1,485,786 |
Proceeds from the redemption of capital stock of FHLB | 11,347 | 4,048 | 4,942 |
Purchases of capital stock of FHLB | -2,391 | -5,696 | -7,162 |
Net increase in loans receivable | -355,694 | -471,144 | -105 |
Purchases of premises and equipment | -18,769 | -12,617 | -12,751 |
Proceeds from sales of OREO | 10,677 | 13,145 | 14,205 |
Net cash provided by (used in) investing activities | 116,291 | 76,848 | -933,321 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Dividends paid | -146,824 | -63,768 | -150,110 |
Deposits, net of withdrawals | 60,803 | 55,470 | 126,553 |
Proceeds from borrowings | 1,003,115 | 957,768 | 644,162 |
Repayments on borrowings | -1,073,115 | -957,768 | -773,771 |
Deferred FHLB prepayment penalty | ' | -7,937 | ' |
Change in advance payments by borrowers for taxes and insurance | 1,750 | 504 | 102 |
Net proceeds from common stock offering (deferred offering costs) | ' | ' | 1,076,411 |
Repurchase of common stock | -91,573 | -146,781 | ' |
Stock options exercised | 12 | 36 | 35 |
Excess tax benefits from stock options | ' | 25 | 7 |
Net cash (used in) provided by financing activities | -245,832 | -162,451 | 923,389 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -27,819 | 20,635 | 55,853 |
CASH AND CASH EQUIVALENTS: | ' | ' | ' |
Beginning of Period | 141,705 | 121,070 | 65,217 |
End of Period | 113,886 | 141,705 | 121,070 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' | ' |
Income tax payments | 31,175 | 36,791 | 25,517 |
Interest payments | 112,950 | 135,444 | 172,332 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ' | ' | ' |
Note received from ESOP in exchange for common stock | ' | ' | 47,260 |
Customer deposit holds related to common stock offering | ' | ' | 17,690 |
Loans transferred to OREO | $6,705 | $11,296 | $15,048 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Summary Of Significant Accounting Policies | ' |
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Description of Business - Capitol Federal Financial, Inc. (the “Company”) provides a full range of retail banking services through its wholly-owned subsidiary, Capitol Federal Savings Bank (the “Bank”) which has 36 traditional and 10 in-store banking offices serving primarily the metropolitan areas of Topeka, Wichita, Lawrence, Manhattan, Emporia and Salina, Kansas and portions of the metropolitan area of greater Kansas City. The Bank emphasizes mortgage lending, primarily originating and purchasing one- to four-family mortgage loans, and providing personal retail financial services. The Bank is subject to competition from other financial institutions and other companies that provide financial services. | |
On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) was signed into law. The Dodd-Frank Act, among other things, required the Office of Thrift Supervision (the “OTS”) to be merged into the Office of the Comptroller of the Currency (the “OCC”). On July 21, 2011, the OCC assumed all functions and authority from the OTS relating to federally chartered savings banks, including the Bank, and the Board of Governors of the Federal Reserve System (“FRB”) assumed all functions and authority from the OTS relating to savings and loan holding companies, including the Company. The Bank is also regulated by the Federal Deposit Insurance Corporation (the “FDIC”). The Bank and Company are subject to periodic examinations by the above noted regulatory authorities. | |
The Bank has an expense sharing agreement with the Company that covers the reimbursement of certain expenses that are allocable to the Company. These expenses include compensation, rent for leased office space, and general overhead expenses. | |
The Company and its subsidiary have a tax allocation agreement. The Bank is the paying agent to the taxing authorities for the group for all periods presented. Each company is liable for taxes as if separate tax returns were filed and reimburses the Bank for its pro rata share of the tax liability. If any entity has a tax benefit, the Bank reimburses the entity for its tax benefit. | |
The Company’s ability to pay dividends is dependent, in part, upon its ability to obtain capital distributions from the Bank. The dividend policy of the Company is subject to the discretion of the Board of Directors and will depend upon a number of factors, including the Company’s financial condition and results of operations, regulatory capital requirements, regulatory limitations on the Bank’s ability to make capital distributions to the Company, and the amount of cash at the holding company level. Holders of common stock will be entitled to receive dividends as of and when declared by the Board of Directors of the Company out of funds legally available for that purpose. | |
Basis of Presentation - In December 2010, Capitol Federal Financial completed its conversion from a mutual holding company form of organization to a stock form of organization (“the corporate reorganization”). Capitol Federal Financial, which owned 100% of the Bank, was succeeded by the Company, a new Maryland corporation. As part of the corporate reorganization, Capitol Federal Savings Bank MHC’s (“MHC”) ownership interest in Capitol Federal Financial was sold in a public offering. The publicly held shares of Capitol Federal Financial were exchanged for new shares of common stock of the Company. In conjunction with the corporate reorganization, the Company contributed $40.0 million of cash to the Bank’s charitable foundation, Capitol Federal Foundation. Additionally, a “liquidation account” was established for the benefit of certain depositors of the Bank in an amount equal to MHC’s ownership interest in the retained earnings of Capitol Federal Financial as of June 30, 2010. As of September 30, 2013, the balance of the liquidation account was $287.0 million. Under applicable federal banking regulations, neither the Company nor the Bank is permitted to pay dividends on its capital stock to its stockholders if stockholders’ equity would be reduced below the amount of the liquidation account at that time. | |
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, the Bank. The Bank has a wholly owned subsidiary, Capitol Funds, Inc. Capitol Funds, Inc. has a wholly owned subsidiary, Capitol Federal Mortgage Reinsurance Company. All intercompany accounts and transactions have been eliminated in consolidation. | |
These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), and require 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 and the reported amounts of revenues and expenses during the reporting periods. The ACL is a significant estimate that involves a high degree of complexity and requires management to make difficult and subjective judgments and assumptions about highly uncertain matters. The use of different judgments and assumptions could cause reported results to differ significantly. In addition, bank regulators periodically review the Bank’s ACL. Bank regulators have the authority to require the Bank, as they can require all banks, to increase the ACL or recognize additional charge-offs based upon their judgments, which may differ from management’s judgments. Any increases in the ACL or recognition of additional charge-offs required by bank regulators could adversely affect the Company’s financial condition and results of operations. | |
Cash and Cash Equivalents - Cash and cash equivalents include cash on hand and amounts due from banks. FRB regulations require federally chartered savings banks to maintain cash reserves against their transaction accounts. Required reserves must be maintained in the form of vault cash, an account at a Federal Reserve Bank, or a pass-through account as defined by the FRB. The amount of interest-earning deposits held at the FRB as of September 30, 2013 and 2012 was $98.7 million and $122.4 million, respectively. The Bank is in compliance with the FRB requirements. For the years ended September 30, 2013 and 2012, the average daily balance of required reserves at the Federal Reserve Bank was $9.0 million and $9.2 million, respectively. | |
Securities - Securities include mortgage-backed and agency securities issued primarily by United States Government-Sponsored Enterprises (“GSE”), including Federal National Mortgage Association (“FNMA”), Federal Home Loan Mortgage Corporation (“FHLMC”) and FHLB, United States Government agencies, including Government National Mortgage Association (“GNMA”), and municipal bonds. Securities are classified as HTM, AFS, or trading based on management’s intention on the date of purchase. Generally, classifications are made in response to liquidity needs, asset/liability management strategies, and the market interest rate environment at the time of purchase. | |
Securities that management has the intent and ability to hold to maturity are classified as HTM and reported at amortized cost. Such securities are adjusted for the amortization of premiums and discounts which are recognized as adjustments to interest income over the life of the securities using the level-yield method. | |
Securities that management may sell if necessary for liquidity or asset management purposes are classified as AFS and reported at fair value, with unrealized gains and losses reported as a component of AOCI within stockholders’ equity, net of deferred income taxes. The amortization of premiums and discounts are recognized as adjustments to interest income over the life of the securities using the level-yield method. Gains or losses on the disposition of AFS securities are recognized using the specific identification method. The Company primarily uses prices obtained from third party pricing services and recent trades to determine the fair value of securities. See additional discussion of fair value of AFS securities in “Note 14 – Fair Value of Financial Instruments”. | |
Securities that are purchased and held principally for resale in the near future are classified as trading securities and are reported at fair value, with unrealized gains and losses included in non-interest income in the consolidated statements of income. During the fiscal years ended September 30, 2013 and 2012, neither the Company nor the Bank maintained a trading securities portfolio. | |
Management monitors the securities portfolio for impairment on an ongoing basis and performs a formal review quarterly. The process involves monitoring market events and other items that could impact issuers. The evaluation includes, but is not limited to, such factors as: the nature of the investment, the length of time the security has had a fair value less than the amortized cost basis, the cause(s) and severity of the loss, expectation of an anticipated recovery period, recent events specific to the issuer or industry including the issuer’s financial condition and current ability to make future payments in a timely manner, external credit ratings and recent downgrades in such ratings, management’s intent to sell and whether it is more likely than not management would be required to sell prior to recovery for debt securities. Management determines whether other-than-temporary losses should be recognized for impaired securities by assessing all known facts and circumstances surrounding the securities. If management intends to sell an impaired security or if it is more likely than not that management will be required to sell an impaired security before recovery of its amortized cost basis, an other-than-temporary impairment has occurred and the difference between amortized cost and fair value will be recognized as a loss in earnings and the security will be written down to fair value. Such losses would be included in non-interest income in the consolidated statements of income. | |
Loans Receivable - Loans receivable that management has the intent and ability to hold for the foreseeable future are carried at the amount of unpaid principal, net of ACL, undisbursed loan funds, unamortized premiums and discounts, and deferred loan origination fees and costs. Net loan origination fees and costs and premiums and discounts are amortized as yield adjustments to interest income using the level-yield method, adjusted for the estimated prepayment speeds of the related loans when applicable. Interest on loans is credited to income as earned and accrued only if deemed collectible. | |
Endorsed loans - Existing loan customers, whose loans have not been sold to third parties, who have not been delinquent on their contractual loan payments during the previous 12 months and who are not currently in bankruptcy, have the opportunity, for a cash fee, to endorse their original loan terms to current loan terms being offered. The fee assessed for endorsing the mortgage loan is deferred and amortized over the remaining life of the endorsed loan using the level-yield method and is reflected as an adjustment to interest income. Each endorsement is examined on a loan-by-loan basis and if the new loan terms represent more than a minor change to the loan, then the unamortized balance of the pre-endorsement deferred fees and/or costs associated with the mortgage loan are recognized in interest income at the time of the endorsement. If the endorsement of terms does not represent more than a minor change to the loan, then the unamortized balance of the pre-endorsement deferred fees and/or costs continue to be deferred. | |
Troubled debt restructurings (“TDRs”) - For borrowers experiencing financial difficulties, the Bank may grant a concession to the borrower. Generally, the Bank grants a short-term payment concession to borrowers who are experiencing a temporary cash flow problem. The most frequently used concession is to reduce the monthly payment amount for a period of 6 to 12 months, often by requiring payments of only interest and escrow during this period, resulting in an extension of the maturity date of the loan. For more severe situations requiring long-term solutions, the Bank also offers interest rate reductions to currently-offered rates and the capitalization of delinquent interest and/or escrow resulting in an extension of the maturity date of the loan. The Bank does not forgive principal or interest nor does it commit to lend additional funds, except for situations generally involving the capitalization of delinquent interest and/or escrow not to exceed the original loan balance, to these borrowers. | |
Endorsed loans are classified as TDRs when certain guidelines for soft credit scores and/or estimated loan-to-value (“LTV”) ratios are not met. These guidelines are intended to identify changes in the borrower’s credit condition since origination, signifying the borrower could be experiencing financial difficulties even though the borrower has not been delinquent on his contractual loan payment in the previous 12 months. | |
The TDRs discussed above will be reported as such until paid-off, unless the loan has been restructured to an interest rate equal to or greater than the rate the Bank was willing to accept at the time of the restructuring for a new loan with comparable risk, and has performed under the new terms of the restructuring agreement for at least 12 consecutive months. | |
During July 2012, the OCC provided guidance to the industry regarding loans that had been discharged under Chapter 7 bankruptcy proceedings where the borrower has not reaffirmed the debt owed to the lender (“Chapter 7 loans”). The OCC requires that these loans be reported as TDRs, regardless of their delinquency status (“Chapter 7 TDRs”). These loans will be reported as TDRs until the borrower has made 48 consecutive monthly loan payments after the Chapter 7 discharge date. | |
Delinquent loans - A loan is considered delinquent when payment has not been received within 30 days of its contractual due date. | |
Nonaccrual loans - The accrual of income on loans is discontinued when interest or principal payments are 90 days in arrears or, for TDR loans, the borrower has not made six consecutive monthly payments per the restructured loan terms or since the discharge date for Chapter 7 TDRs. Loans on which the accrual of income has been discontinued are designated as nonaccrual and outstanding interest previously credited beyond 90 days delinquent is reversed. A nonaccrual loan is returned to accrual status once the contractual payments have been made to bring the loan less than 90 days past due or, in the case of a TDR loan, the borrower has made six consecutive payments per the restructured loan terms or the borrower has made six consecutive payments since the discharge date for Chapter 7 TDRs. | |
Impaired loans - A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement. Interest income on impaired loans is recognized in the period collected unless the ultimate collection of principal is considered doubtful. The following types of loans are reported as impaired loans: all nonaccrual loans, loans classified as substandard, loans partially charged-off, Chapter 7 loans, and all TDRs except those that have been restructured to an interest rate equal to or greater than the rate the Bank was willing to accept at the time of the restructuring for a new loan with comparable risk, and has performed under the new terms of the restructuring agreement for at least 12 consecutive months. | |
The majority of the Bank’s impaired loans are related to one- to four-family properties. Impaired loans related to one- to four-family properties are individually evaluated for loss when the loan becomes 180 days delinquent or at any time management has knowledge of the existence of a potential loss to ensure that the carrying value of the loan is not in excess of the fair value of the collateral, less estimated selling costs. | |
Allowance for Credit Losses - The ACL represents management’s best estimate of the amount of inherent losses in the loan portfolio as of the balance sheet date. Management’s methodology for assessing the appropriateness of the ACL consists of an analysis (“formula analysis”) model, along with analyzing several other factors. Management maintains the ACL through provisions for credit losses that are either charged to or credited to income. | |
For one- to four-family secured loans, losses are charged-off when the loan is generally 180 days delinquent or in foreclosure. Losses are based on new collateral values obtained through appraisals, less estimated costs to sell. Anticipated private mortgage insurance proceeds are taken into consideration when calculating the loss amount. An updated appraisal is requested, at a minimum, every 12 months thereafter if the loan remains 180 days or more delinquent or in foreclosure. If the Bank holds the first and second mortgage, both loans are combined when evaluating whether there is a potential loss on the loan. Charge-offs for real estate-secured loans may also occur at any time if the Bank has knowledge of the existence of a potential loss. For all real estate loans that are not secured by one- to four-family property, losses are charged-off when the collection of such amounts is unlikely. When a non-real estate secured loan is 120 days delinquent, any identified losses are charged-off. | |
The Bank’s primary lending emphasis is the origination and purchase of one- to four-family first mortgage loans on residential properties and, to a lesser extent, home equity and second mortgage loans on one- to four-family residential properties, resulting in a loan concentration in residential mortgage loans. The Bank has a concentration of loans secured by residential property located in Kansas and Missouri. Based on the composition of the Bank’s loan portfolio, the primary risk characteristics inherent in the one- to four-family and consumer loan portfolios are a decline in economic conditions, elevated levels of unemployment or underemployment, and declines in residential real estate values. Any one or a combination of these events may adversely affect borrowers’ ability to repay their loans, resulting in increased delinquencies, non-performing assets, loan losses, and future loan loss provisions. Although the multi-family and commercial loan portfolio is subject to the same risk of declines in economic conditions, the primary risk characteristics inherent in this portfolio include the ability of the borrower to sustain sufficient cash flows from leases and to control expenses to satisfy their contractual debt payments, and/or the ability to utilize personal and/or business resources to pay their contractual debt payments if the cash flows are not sufficient. Additionally, if the Bank were to repossess the secured collateral of a multi-family or commercial loan, the pool of potential buyers is limited more than that for a residential property. Therefore, the Bank could hold the property for an extended period of time and/or potentially be forced to sell at a discounted price, resulting in additional losses. | |
Each quarter, a formula analysis is prepared which segregates the loan portfolio into categories based on certain risk characteristics. The categories include the following: one- to four-family loans; multi-family and commercial loans; consumer home equity loans; and other consumer loans. Home equity loans with the same underlying collateral as a one- to four-family loan are combined with the one- to four-family loan in the formula analysis model to calculate a combined LTV ratio. Loans individually evaluated for loss are excluded from the formula analysis model. The one- to four-family loan portfolio and related home equity loans are segregated into additional categories based on the following risk characteristics: originated and correspondent purchased, or bulk purchased; interest payments (fixed-rate and adjustable-rate/interest-only); LTV ratios; borrower’s credit scores; and certain geographic locations. The categories were derived by management based on reviewing the historical performance of the one- to four-family loan portfolio and taking into consideration current economic conditions, such as trends in residential real estate values in certain areas of the U.S. and unemployment rates. | |
Quantitative loss factors are applied to each loan category in the formula analysis model based on the historical loss experience for each respective loan category. Each quarter, management reviews the historical loss time periods and utilizes the historical loss time periods believed to be the most reflective of the current economic conditions and recent charge-off experience. | |
Qualitative loss factors are applied to each loan category in the formula analysis model. The qualitative loss factors that are applied in the formula analysis model for one- to four-family and consumer loan portfolios are: unemployment rate trends; collateral value trends; credit score trends; and delinquent loan trends. The qualitative loss factors that are applied in the formula analysis model for multi-family and commercial loan portfolio are: unemployment rate trends; credit score trends for the primary guarantor; delinquent loan trends; and a factor based on management’s judgment due to the higher risk nature of these loans, as compared to one- to four-family loans. As loans are classified or become delinquent, the qualitative loss factors increase for each respective loan category. Additionally, TDRs that have not been individually evaluated for loss are included in a category within the formula analysis model with an overall higher qualitative loss factor than corresponding performing loans, for the life of the loan. The qualitative factors were derived by management based on a review of the historical performance of the respective loan portfolios and consideration of current economic conditions and their likely impact to the loan portfolio. | |
Management utilizes the formula analysis, along with analyzing several other factors, when evaluating the adequacy of the ACL. Such factors include the trend and composition of delinquent loans, results of foreclosed property and short sale transactions, charge-off trends, the current status and trends of local and national economies (particularly levels of unemployment), trends and current conditions in the real estate and housing markets, and loan portfolio growth and concentrations. Since the Bank’s loan portfolio is primarily concentrated in one- to four-family real estate, management monitors residential real estate market value trends in the Bank’s local market areas and geographic sections of the U.S. by reference to various industry and market reports, economic releases and surveys, and management’s general and specific knowledge of the real estate markets in which the Bank lends, in order to determine what impact, if any, such trends may have on the level of ACL. Reviewing these factors assists management in evaluating the overall credit quality of the loan portfolio and the reasonableness of the ACL on an ongoing basis, and whether changes need to be made to the Bank’s ACL methodology. Management seeks to apply the ACL methodology in a consistent manner; however, the methodology can be modified in response to changing conditions. | |
Bank-Owned Life Insurance - BOLI is an insurance investment designed to help offset costs associated with the Bank’s compensation and benefit programs. In the event of the death of an insured individual, the Bank would receive a death benefit. If the insured individual is employed by the Bank at the time of death, a death benefit will be paid to the insured individual’s designated beneficiary equal to the insured individual’s base compensation at the time BOLI was approved by the Bank’s Board of Directors. If the individual is not employed by the Bank at the time of death, no death benefits will be paid to the insured individual’s designated beneficiary. | |
The cash surrender value of the policies is reported in BOLI in the consolidated balance sheets. Changes in the cash surrender value are recorded in income from BOLI in the consolidated statements of income. | |
Capital Stock of Federal Home Loan Bank - As a member of FHLB Topeka, the Bank is required to acquire and hold shares of FHLB stock. The Bank’s holding requirement varies based on the Bank’s activities, primarily the Bank’s outstanding advances, with FHLB. FHLB stock is carried at cost. Management conducts a quarterly evaluation to determine if any FHLB stock impairment exists. The quarterly impairment evaluation focuses primarily on the capital adequacy and liquidity of FHLB Topeka, while also considering the impact that legislative and regulatory developments may have on FHLB Topeka. Dividends received on FHLB stock are reflected as dividend income in the consolidated statements of income. | |
Premises and Equipment - Land is carried at cost. Buildings, leasehold improvements, and furniture, fixtures and equipment are carried at cost less accumulated depreciation and leasehold amortization. Buildings, furniture, fixtures and equipment are depreciated over their estimated useful lives using the straight-line method. Buildings have an estimated useful life of 39 years. Structural components of the buildings generally have an estimated life of 15 years. Furniture, fixtures and equipment have an estimated useful life of three to seven years. Leasehold improvements are amortized over the shorter of their estimated useful lives or the term of the respective leases, which is generally three to 15 years. The costs for major improvements and renovations are capitalized, while maintenance, repairs and minor improvements are charged to operating expenses as incurred. Gains and losses on dispositions are recorded as non-interest income or non-interest expense as incurred. | |
Other Real Estate Owned - OREO primarily represents foreclosed assets held for sale. OREO is reported at the lower of cost or estimated fair value less estimated selling costs (“realizable value.”) At acquisition, write downs to realizable value are charged to the ACL. After acquisition, any additional write downs are charged to operations in the period they are identified and are recorded in non-interest expense on the consolidated statements of income. Costs and expenses related to major additions and improvements are capitalized while maintenance and repairs which do not improve or extend the lives of the respective assets are expensed. Gains and losses on the sale of OREO are recognized upon disposition of the property and are recorded in non-interest expense in the consolidated statements of income. | |
Income Taxes - The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. Deferred income taxes expense (benefit) represents the change in deferred income tax assets and liabilities excluding the tax effects of the change in net unrealized gain (loss) on AFS securities and changes in the market value of restricted stock between the grant date and vesting date. Income tax related penalties and interest are included in income tax expenses in the consolidated statements of income. | |
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Certain tax benefits attributable to stock options and restricted stock are credited to additional paid-in capital. A valuation allowance is recorded to reduce deferred income tax assets when there is uncertainty regarding the ability to realize their benefit. | |
Certain accounting literature prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of an uncertain tax position taken, or expected to be taken, in a tax return. Accruals of interest and penalties related to unrecognized tax benefits are recognized in income tax expense. | |
Employee Stock Ownership Plan - The funds borrowed by the ESOP from the Company to purchase the Company’s common stock are being repaid from the Bank’s contributions and dividends paid on unallocated ESOP shares. The shares pledged as collateral are reported as a reduction of stockholders’ equity at cost. As ESOP shares are committed to be released from collateral each quarter, the Company records compensation expense based on the average market price of the Company’s stock during the quarter. Additionally, the shares become outstanding for earnings per share (“EPS”) computations once they are committed to be released. | |
Stock-based Compensation - The Company has share-based plans under which stock options and restricted stock awards have been granted. Compensation expense is recognized over the service period of the share-based payment award. The Company utilizes a fair-value-based measurement method in accounting for the share-based payment transactions with employees, except for equity instruments held by the ESOP. The Company applies the modified prospective method in which compensation cost is recognized over the service period for all awards granted. | |
Borrowed Funds - The Bank enters into sales of securities under agreements to repurchase with approved counterparties (“repurchase agreements”). These agreements are recorded as financing transactions, and thereby reported as liabilities on the consolidated balance sheet, as the Bank maintains effective control over the transferred securities and the securities continue to be carried in the Bank’s securities portfolio. The securities are delivered to the party with whom each transaction is executed and they agree to resell to the Bank the same securities at the maturity of the agreement. The Bank retains the right to substitute similar or like securities throughout the terms of the agreements. The collateral is subject to valuation at current market levels and the Bank may ask for the return of excess collateral or be required to post additional collateral due to market value changes or as a result of principal payments received. | |
The Bank has obtained advances from FHLB and has access to a FHLB line of credit. Total FHLB borrowings are secured by certain qualifying mortgage loans pursuant to a blanket collateral agreement with FHLB and all of the capital stock of FHLB owned by the Bank. Per the FHLB lending guidelines, total FHLB borrowings cannot exceed 40% of total Bank assets, as reported on the Bank’s Call Report to the OCC, without pre-approval from the FHLB president. Additionally, the Bank is authorized to borrow from the Federal Reserve Bank’s “discount window.” | |
Comprehensive Income - Comprehensive income is comprised of net income and other comprehensive income. Other comprehensive income includes changes in unrealized gains and losses on securities AFS, net of tax. | |
Segment Information - As a community-oriented financial institution, substantially all of the Bank’s operations involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of these community banking operations, which constitute the Company’s only operating segment for financial reporting purposes. | |
Earnings Per Share - Basic EPS is computed by dividing income available to common stockholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock (such as stock options) were exercised or resulted in the issuance of common stock. These potentially dilutive shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. Shares issued and shares reacquired during any period are weighted for the portion of the period that they were outstanding. | |
In computing both basic and diluted EPS, the weighted average number of common shares outstanding includes the ESOP shares previously allocated to participants and shares committed to be released for allocation to participants and restricted stock shares which have vested or have been allocated to participants. ESOP shares that have not been committed to be released are excluded from the computation of basic and diluted EPS. Unvested restricted stock awards contain nonforfeitable rights to dividends and are treated as participating securities in the computation of EPS pursuant to the two-class method for fiscal years 2013 and 2012. | |
Recent Accounting Pronouncements - In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-05, Presentation of Comprehensive Income, which revised how entities present comprehensive income in their financial statements. The ASU requires entities to report components of comprehensive income in either a continuous statement of comprehensive income or two separate but consecutive statements. In a continuous statement of comprehensive income, an entity would be required to present the components of the income statement as presented today, along with the components of other comprehensive income. In the two-statement approach, an entity would be required to present a statement that is consistent with the income statement format used today, along with a second statement, which would immediately follow the income statement that would include the components of other comprehensive income. The ASU did not change the items that an entity must report in other comprehensive income. ASU 2011-05 was effective October 1, 2012 for the Company. The Company elected the two-statement approach upon adoption on October 1, 2012 and applied the ASU retrospectively for all periods presented in the consolidated financial statements. | |
In December 2011, the FASB issued ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The ASU requires new disclosures regarding the nature of an entity’s rights of setoff and related arrangements associated with its financial instruments and derivative instruments. The new disclosures are designed to make GAAP financial statements more comparable to those prepared under International Financial Reporting Standards. The new disclosures entail presenting information about both gross and net exposures. The new disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, which is October 1, 2013 for the Company, and interim periods therein; retrospective application is required. The adoption of this ASU is disclosure-related and therefore is not expected to have an impact on the Company’s consolidated financial condition or results of operations when adopted on October 1, 2013. | |
In January 2013, the FASB issued ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The ASU clarifies the scope of the offsetting disclosure requirements in ASU 2011-11, Disclosures about Offsetting Assets and Liabilities. These standards are effective for fiscal years beginning on or after January 1, 2013, which is October 1, 2013 for the Company. The standards are disclosure-related and therefore, their adoption is not expected to have an impact on the Company’s consolidated financial condition or results of operations when adopted on October 1, 2013. | |
In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which is intended to improve the transparency of changes in other comprehensive income and items reclassified out of AOCI. The standard requires entities to disaggregate the total change of each component of other comprehensive income and separately present reclassification adjustments and current period other comprehensive income. Additionally, the standard requires that significant items reclassified out of AOCI be presented by component either on the face of the statement where net income is presented or as a separate disclosure in the notes to the financial statements. ASU 2013-02 is effective for fiscal years beginning after December 15, 2012, which is October 1, 2013 for the Company, and should be applied prospectively. The adoption of this ASU is disclosure-related and therefore is not expected to have an impact on the Company’s consolidated financial condition or results of operations when adopted on October 1, 2013. | |
In February 2013, the FASB issued ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. The ASU provides recognition, measurement, and disclosure guidance for certain obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. ASU 2013-04 is effective for fiscal years beginning after December 15, 2013, which is October 1, 2014 for the Company, and should be applied retrospectively. The Company has not yet completed its evaluation of this standard. | |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Earnings Per Share | ' | |||||||||
2. EARNINGS PER SHARE | ||||||||||
Shares acquired by the ESOP are not considered in the basic average shares outstanding until the shares are committed for allocation or vested to an employee’s individual account. Unvested shares awarded pursuant to the Company’s restricted stock benefit 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. | ||||||||||
2013 | 2012 | 2011 | ||||||||
(Dollars in thousands, except per share amounts) | ||||||||||
Net income | $ | 69,340 | $ | 74,513 | $ | 38,403 | ||||
Income allocated to participating securities | -205 | -69 | -- | |||||||
Net income available to common stockholders | $ | 69,135 | $ | 74,444 | $ | 38,403 | ||||
Average common shares outstanding | 144,638,458 | 157,704,473 | 162,432,315 | |||||||
Average committed ESOP shares outstanding | 208,698 | 208,505 | 192,959 | |||||||
Total basic average common shares outstanding | 144,847,156 | 157,912,978 | 162,625,274 | |||||||
Effect of dilutive restricted stock | -- | -- | 2,747 | |||||||
Effect of dilutive stock options | 853 | 3,422 | 4,644 | |||||||
Total diluted average common shares outstanding | 144,848,009 | 157,916,400 | 162,632,665 | |||||||
Net EPS: | ||||||||||
Basic | $ | 0.48 | $ | 0.47 | $ | 0.24 | ||||
Diluted | $ | 0.48 | $ | 0.47 | $ | 0.24 | ||||
Antidilutive stock options and restricted stock, | ||||||||||
excluded from the diluted average common shares | ||||||||||
outstanding calculation | 2,430,629 | 1,308,925 | 898,415 | |||||||
Securities
Securities | 12 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Securities [Abstract] | ' | |||||||||||||||
Securities | ' | |||||||||||||||
3. SECURITIES | ||||||||||||||||
The following tables reflect the amortized cost, estimated fair value, and gross unrealized gains and losses of AFS and HTM securities at the dates presented. The majority of the MBS and investment securities portfolios are composed of securities issued by GSEs. | ||||||||||||||||
30-Sep-13 | ||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
AFS: | ||||||||||||||||
GSE debentures | $ | 709,118 | $ | 996 | $ | 7,886 | $ | 702,228 | ||||||||
MBS | 345,263 | 18,701 | -- | 363,964 | ||||||||||||
Trust preferred securities | 2,594 | -- | 171 | 2,423 | ||||||||||||
Municipal bonds | 1,308 | 44 | -- | 1,352 | ||||||||||||
1,058,283 | 19,741 | 8,057 | 1,069,967 | |||||||||||||
HTM: | ||||||||||||||||
MBS | 1,683,744 | 39,878 | 16,984 | 1,706,638 | ||||||||||||
Municipal bonds | 34,279 | 943 | 14 | 35,208 | ||||||||||||
1,718,023 | 40,821 | 16,998 | 1,741,846 | |||||||||||||
$ | 2,776,306 | $ | 60,562 | $ | 25,055 | $ | 2,811,813 | |||||||||
30-Sep-12 | ||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
AFS: | ||||||||||||||||
GSE debentures | $ | 857,409 | $ | 4,317 | $ | 2 | $ | 861,724 | ||||||||
MBS | 505,169 | 35,137 | -- | 540,306 | ||||||||||||
Trust preferred securities | 2,912 | -- | 614 | 2,298 | ||||||||||||
Municipal bonds | 2,435 | 81 | -- | 2,516 | ||||||||||||
1,367,925 | 39,535 | 616 | 1,406,844 | |||||||||||||
HTM: | ||||||||||||||||
MBS | 1,792,636 | 79,883 | -- | 1,872,519 | ||||||||||||
GSE debentures | 49,977 | 247 | -- | 50,224 | ||||||||||||
Municipal bonds | 45,334 | 1,822 | -- | 47,156 | ||||||||||||
1,887,947 | 81,952 | -- | 1,969,899 | |||||||||||||
$ | 3,255,872 | $ | 121,487 | $ | 616 | $ | 3,376,743 | |||||||||
The following tables summarize the estimated fair value and gross unrealized losses of those securities on which an unrealized loss at the dates presented was reported and the continuous unrealized loss position for less than 12 months and equal to or greater than 12 months as of the dates presented. | ||||||||||||||||
30-Sep-13 | ||||||||||||||||
Less Than | Equal to or Greater | |||||||||||||||
12 Months | Than 12 Months | |||||||||||||||
Estimated | Estimated | |||||||||||||||
Fair | Unrealized | Fair | Unrealized | |||||||||||||
Count | Value | Losses | Count | Value | Losses | |||||||||||
(Dollars in thousands) | ||||||||||||||||
AFS: | ||||||||||||||||
GSE debentures | 19 | $ | 426,482 | $ | 7,213 | 1 | $ | 24,327 | $ | 673 | ||||||
Trust preferred securities | -- | -- | -- | 1 | 2,423 | 171 | ||||||||||
19 | $ | 426,482 | $ | 7,213 | 2 | $ | 26,750 | $ | 844 | |||||||
HTM: | ||||||||||||||||
MBS | 40 | $ | 710,291 | $ | 16,984 | -- | $ | -- | $ | -- | ||||||
Municipal bonds | 3 | 1,299 | 14 | -- | -- | -- | ||||||||||
43 | $ | 711,590 | $ | 16,998 | -- | $ | -- | $ | -- | |||||||
30-Sep-12 | ||||||||||||||||
Less Than | Equal to or Greater | |||||||||||||||
12 Months | Than 12 Months | |||||||||||||||
Estimated | Estimated | |||||||||||||||
Fair | Unrealized | Fair | Unrealized | |||||||||||||
Count | Value | Losses | Count | Value | Losses | |||||||||||
(Dollars in thousands) | ||||||||||||||||
AFS: | ||||||||||||||||
GSE debentures | 2 | $ | 42,733 | $ | 2 | -- | $ | -- | $ | -- | ||||||
Trust preferred securities | -- | -- | -- | 1 | 2,298 | 614 | ||||||||||
2 | $ | 42,733 | $ | 2 | 1 | $ | 2,298 | $ | 614 | |||||||
On a quarterly basis, management conducts a formal review of securities for the presence of an other-than-temporary impairment. Management assesses whether an other-than-temporary impairment is present when the fair value of a security is less than its amortized cost basis at the balance sheet date. For such securities, other-than-temporary impairment is considered to have occurred if the Company intends to sell the security, if it is more likely than not the Company will be required to sell the security before recovery of its amortized cost basis, or if the present value of expected cash flows is not sufficient to recover the entire amortized cost. | ||||||||||||||||
The unrealized losses at September 30, 2013, excluding the trust preferred security discussed below, are primarily a result of an increase in market yields from the time the securities were purchased. In general, as market yields rise, the fair value of securities will decrease; as market yields fall, the fair value of securities will increase. Management generally views changes in fair value caused by changes in interest rates as temporary; therefore, these securities have not been classified as other-than-temporarily impaired. Additionally, the impairment is also considered temporary because scheduled coupon payments have been made, it is anticipated that the entire principal balance will be collected as scheduled, and management neither intends to sell the securities, nor is it more likely than not that the Company will be required to sell the securities before the recovery of the remaining amortized cost amount, which could be at maturity. As a result of the analysis, management does not believe any other-than-temporary impairments existed at September 30, 2013 or September 30, 2012. | ||||||||||||||||
The unrealized losses at September 30, 2012 were primarily a result of a decrease in the credit rating of a trust preferred security held by the Bank. Management reviews the underlying cash flows of this security on a quarterly basis. As of September 30, 2013 and September 30, 2012, the cash flow analysis indicated the present value of future expected cash flows are adequate to recover the entire amortized cost. Management neither intends to sell this security, nor is it more likely than not that the Company will be required to sell the security before the recovery of the remaining amortized cost amount, which could be at maturity. As a result of the analysis, management does not believe any other-than-temporary impairments existed related to the trust preferred security at September 30, 2013 or September 30, 2012. | ||||||||||||||||
Maturities of MBS depend on the repayment characteristics and experience of the underlying financial instruments. Actual maturities of MBS may differ from contractual maturities because borrowers have the right to prepay obligations, generally without penalties. Additionally, issuers of callable investment securities have the right to call and prepay obligations with or without prepayment penalties prior to the maturity dates of the securities. As of September 30, 2013, the amortized cost of the securities in our portfolio which are callable or have pre-refunding dates within one year totaled $544.8 million. The amortized cost and estimated fair value of securities by remaining contractual maturity, without consideration for call features or pre-refunding dates, as of September 30, 2013 are shown below. | ||||||||||||||||
AFS | HTM | |||||||||||||||
Estimated | Estimated | |||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||
Cost | Value | Cost | Value | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
One year or less | $ | 190 | $ | 190 | $ | 6,716 | $ | 6,806 | ||||||||
One year through five years | 637,085 | 633,101 | 60,598 | 63,804 | ||||||||||||
Five years through ten years | 183,130 | 187,613 | 399,618 | 400,295 | ||||||||||||
Ten years and thereafter | 237,878 | 249,063 | 1,251,091 | 1,270,941 | ||||||||||||
$ | 1,058,283 | $ | 1,069,967 | $ | 1,718,023 | $ | 1,741,846 | |||||||||
The following table presents the carrying value of MBS in our portfolio by issuer at the dates presented. | ||||||||||||||||
At September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
FNMA | $ | 1,250,948 | $ | 1,324,293 | ||||||||||||
FHLMC | 629,216 | 824,197 | ||||||||||||||
GNMA | 167,544 | 183,778 | ||||||||||||||
Private Issuer | -- | 674 | ||||||||||||||
$ | 2,047,708 | $ | 2,332,942 | |||||||||||||
The following table presents the taxable and non-taxable components of interest income on investment securities for the years presented. | ||||||||||||||||
For the Year Ended | ||||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Taxable | $ | 8,796 | $ | 14,309 | $ | 17,180 | ||||||||||
Non-taxable | 1,216 | 1,635 | 1,897 | |||||||||||||
$ | 10,012 | $ | 15,944 | $ | 19,077 | |||||||||||
The following table summarizes the amortized cost and estimated fair value of securities pledged as collateral as of the dates indicated. | ||||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Estimated | Estimated | |||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||
Cost | Value | Cost | Value | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Repurchase agreements | $ | 353,648 | $ | 364,593 | $ | 400,827 | $ | 427,864 | ||||||||
Public unit deposits | 272,016 | 274,917 | 219,913 | 232,514 | ||||||||||||
Federal Reserve Bank | 34,261 | 35,477 | 49,472 | 52,122 | ||||||||||||
$ | 659,925 | $ | 674,987 | $ | 670,212 | $ | 712,500 | |||||||||
All dispositions of securities during fiscal years 2013, 2012, and 2011 were the result of principal repayments, calls or maturities. | ||||||||||||||||
Loans_Receivable_And_Allowance
Loans Receivable And Allowance For Credit Losses | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Loans Receivable And Allowance For Credit Losses [Abstract] | ' | ||||||||||||||||||
Loans Receivable And Allowance For Credit Losses | ' | ||||||||||||||||||
4. LOANS RECEIVABLE and ALLOWANCE FOR CREDIT LOSSES | |||||||||||||||||||
Loans receivable, net at September 30, 2013 and 2012 is summarized as follows: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||
One- to four-family | $ | 5,743,047 | $ | 5,392,429 | |||||||||||||||
Multi-family and commercial | 50,358 | 48,623 | |||||||||||||||||
Construction | 77,743 | 52,254 | |||||||||||||||||
Total real estate loans | 5,871,148 | 5,493,306 | |||||||||||||||||
Consumer Loans: | |||||||||||||||||||
Home equity | 135,028 | 149,321 | |||||||||||||||||
Other | 5,623 | 6,529 | |||||||||||||||||
Total consumer loans | 140,651 | 155,850 | |||||||||||||||||
Total loans receivable | 6,011,799 | 5,649,156 | |||||||||||||||||
Less: | |||||||||||||||||||
Undisbursed loan funds | 42,807 | 22,874 | |||||||||||||||||
ACL | 8,822 | 11,100 | |||||||||||||||||
Discounts/unearned loan fees | 23,057 | 21,468 | |||||||||||||||||
Premiums/deferred costs | -21,755 | -14,369 | |||||||||||||||||
$ | 5,958,868 | $ | 5,608,083 | ||||||||||||||||
The Bank is subject to numerous lending-related regulations. The limit of aggregate loans to one borrower is the greater of 15% of the Bank’s unimpaired capital and surplus, and $500 thousand. As of September 30, 2013, the Bank was in compliance with this limitation. | |||||||||||||||||||
Aggregate loans to executive officers, directors and their associates did not exceed 5% of stockholders’ equity as of September 30, 2013 and 2012. Such loans were made under terms and conditions substantially the same as loans made to parties not affiliated with the Bank. | |||||||||||||||||||
The Bank recognized net gains of $228 thousand, $248 thousand, and $298 thousand for the years ended September 30, 2013, 2012, and 2011, respectively, as a result of selling LHFS. The net gains are included in other non-interest income in the consolidated statements of income. | |||||||||||||||||||
As of September 30, 2013 and 2012, the Bank serviced loans for others aggregating approximately $237.7 million and $349.7 million, respectively. Such loans are not included in the accompanying consolidated balance sheets. Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors and foreclosure processing. Loan servicing income includes servicing fees withheld from investors and certain charges collected from borrowers, such as late payment fees. The Bank held borrowers’ escrow balances on loans serviced for others of $4.1 million and $5.5 million as of September 30, 2013 and 2012, respectively. | |||||||||||||||||||
Lending Practices and Underwriting Standards - Originating and purchasing loans secured by one- to four-family residential properties is the Bank’s primary lending business, resulting in a loan concentration in residential first mortgage loans. The Bank purchases one- to four-family loans, on a loan-by-loan basis, from a select group of correspondent lenders in 23 states. Additionally, the Bank periodically purchases whole one- to four-family loans in bulk packages from nationwide and correspondent lenders. The Bank also makes consumer loans, construction loans secured by residential or commercial properties, and real estate loans secured by multi-family dwellings. As a result of our one- to four-family lending activities, the Bank has a concentration of loans secured by real property located in Kansas and Missouri. | |||||||||||||||||||
One- to four-family loans - One- to four-family loans are underwritten generally in accordance with FHLMC and FNMA underwriting guidelines. Full documentation to support the applicant’s credit, income, and sufficient funds to cover all applicable fees and reserves at closing are required on all loans. Properties securing one- to four-family loans are appraised by either staff appraisers or fee appraisers, both of which are independent of the loan origination function and approved by our Board of Directors. | |||||||||||||||||||
The underwriting standards for loans purchased from correspondent and nationwide lenders are generally similar to the Bank’s internal underwriting standards. The underwriting of correspondent loans is performed primarily by the Bank’s underwriters, but some are underwritten by a third party, independent of the correspondent lender, to ensure general consistency to the Bank’s underwriting standards. Before committing to a bulk loan purchase, the Bank’s Chief Lending Officer or Secondary Marketing Manager reviews specific criteria such as loan amount, credit scores, LTV ratios, geographic location, and debt ratios of each loan in the pool. If the specific criteria do not meet the Bank’s underwriting standards and compensating factors are not sufficient, then a loan will be removed from the population. Before the bulk loan purchase is funded, an internal Bank underwriter or a third party reviews at least 25% of the loan files to confirm loan terms, credit scores, debt service ratios, property appraisals, and other underwriting related documentation. For the tables within this Note, correspondent purchased loans are included with originated loans, and bulk purchased loans are reported as purchased loans. | |||||||||||||||||||
The Bank also originates construction-to-permanent loans secured by one- to four-family residential real estate. The majority of the one- to four-family construction loans are secured by property located within the Bank’s Kansas City market area. Construction loans are obtained by homeowners who will occupy the property when construction is complete. Construction loans to builders for speculative purposes are not permitted. The application process includes submission of complete plans, specifications, and costs of the project to be constructed. All construction loans are manually underwritten using the Bank’s internal underwriting standards. Construction draw requests and the supporting documentation are reviewed and approved by management. The Bank also performs regular documented inspections of the construction project to ensure the funds are being used for the intended purpose and the project is being completed according to the plans and specifications provided. | |||||||||||||||||||
Multi-family and commercial loans - The Bank’s multi-family, commercial real estate and commercial construction loans are originated by the Bank or are in participation with a lead bank. These loans are granted based on the income producing potential of the property and the financial strength of the borrower. At the time of origination, LTV ratios on multi-family, commercial real estate and commercial construction loans cannot exceed 80% of the appraised value of the property securing the loans. The net operating income, which is the income derived from the operation of the property less all operating expenses, must be sufficient to cover the payments related to the outstanding debt at the time of origination. The Bank generally requires personal guarantees of the borrowers covering a portion of the debt in addition to the security property as collateral for these loans. Appraisals on properties securing these loans are performed by independent state certified fee appraisers. | |||||||||||||||||||
Consumer loans - The Bank offers a variety of secured consumer loans, including home equity loans and lines of credit, home improvement loans, auto loans, and loans secured by savings deposits. The Bank also originates a very limited amount of unsecured loans. The Bank does not originate any consumer loans on an indirect basis, such as contracts purchased from retailers of goods or services which have extended credit to their customers. The majority of the consumer loan portfolio is comprised of home equity lines of credit for which the Bank also has the first mortgage or there is no first mortgage. | |||||||||||||||||||
The underwriting standards for consumer loans include a determination of the applicant’s payment history on other debts and an assessment of the applicant’s ability to meet existing obligations and payments on the proposed loan. Although creditworthiness of the applicant is a primary consideration, the underwriting process also includes a comparison of the value of the security in relation to the proposed loan amount. | |||||||||||||||||||
Credit Quality Indicators - Based on the Bank’s lending emphasis and underwriting standards, management has segmented the loan portfolio into three segments: (1) one- to four-family loans; (2) consumer loans; and (3) multi-family and commercial loans. The one- to four-family and consumer segments are further grouped into classes for purposes of providing disaggregated information about the credit quality of the loan portfolio. The classes are: one- to four-family loans – originated, one- to four-family loans – purchased, consumer loans – home equity, and consumer loans – other. | |||||||||||||||||||
The Bank’s primary credit quality indicators for the one- to four-family loan and consumer – home equity loan portfolios are delinquency status, asset classifications, LTV ratios and borrower credit scores. The Bank’s primary credit quality indicators for the multi-family and commercial loan and consumer – other loan portfolios are delinquency status and asset classifications. | |||||||||||||||||||
The following tables present the recorded investment, by class, of loans 30 to 89 days delinquent, loans 90 or more days delinquent or in foreclosure, total delinquent loans, total current loans, and total recorded investment at the dates presented. The recorded investment in loans is defined as the unpaid principal balance of a loan (net of unadvanced funds related to loans in process), less charge-offs and inclusive of unearned loan fees and deferred costs. At September 30, 2013 and September 30, 2012, all loans 90 or more days delinquent were on nonaccrual status. In addition to loans 90 or more days delinquent, the Bank also had $6.7 million and $10.0 million of originated loan TDRs classified as nonaccrual at September 30, 2013 and 2012, respectively, as well as $280 thousand and $2.4 million of purchased loan TDRs classified as nonaccrual at September 30, 2013 and 2012, respectively, as required by the OCC. Of the loans required by the OCC to be classified as nonaccrual, $5.9 million and $11.2 million were current at September 30, 2013 and 2012, respectively. At September 30, 2013 and 2012, the balance of loans on nonaccrual status was $26.4 million and $31.8 million, respectively. | |||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
90 or More Days | Total | Total | |||||||||||||||||
30 to 89 Days | Delinquent or | Delinquent | Current | Recorded | |||||||||||||||
Delinquent | in Foreclosure | Loans | Loans | Investment | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
One- to four-family loans - originated | $ | 18,889 | $ | 9,379 | $ | 28,268 | $ | 5,092,581 | $ | 5,120,849 | |||||||||
One- to four-family loans - purchased | 7,842 | 9,695 | 17,537 | 631,050 | 648,587 | ||||||||||||||
Multi-family and commercial loans | -- | -- | -- | 57,603 | 57,603 | ||||||||||||||
Consumer - home equity | 848 | 485 | 1,333 | 133,695 | 135,028 | ||||||||||||||
Consumer - other | 35 | 5 | 40 | 5,583 | 5,623 | ||||||||||||||
$ | 27,614 | $ | 19,564 | $ | 47,178 | $ | 5,920,512 | $ | 5,967,690 | ||||||||||
30-Sep-12 | |||||||||||||||||||
90 or More Days | Total | Total | |||||||||||||||||
30 to 89 Days | Delinquent or | Delinquent | Current | Recorded | |||||||||||||||
Delinquent | in Foreclosure | Loans | Loans | Investment | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
One- to four-family loans - originated | $ | 14,902 | $ | 8,602 | $ | 23,504 | $ | 4,590,194 | $ | 4,613,698 | |||||||||
One- to four-family loans - purchased | 7,788 | 10,530 | 18,318 | 771,755 | 790,073 | ||||||||||||||
Multi-family and commercial loans | -- | -- | -- | 59,562 | 59,562 | ||||||||||||||
Consumer - home equity | 521 | 369 | 890 | 148,431 | 149,321 | ||||||||||||||
Consumer - other | 106 | 27 | 133 | 6,396 | 6,529 | ||||||||||||||
$ | 23,317 | $ | 19,528 | $ | 42,845 | $ | 5,576,338 | $ | 5,619,183 | ||||||||||
In accordance with the Bank’s asset classification policy, management regularly reviews the problem loans in the Bank’s portfolio to determine whether any loans require classification. Loan classifications are defined as follows: | |||||||||||||||||||
· | Special mention - These loans are performing loans on which known information about the collateral pledged or the possible credit problems of the borrower(s) have caused management to have doubts as to the ability of the borrower(s) to comply with present loan repayment terms and which may result in the future inclusion of such loans in the non-performing loan categories. | ||||||||||||||||||
· | Substandard - A loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans include those characterized by the distinct possibility the Bank will sustain some loss if the deficiencies are not corrected. | ||||||||||||||||||
· | Doubtful - Loans classified as doubtful have all the weaknesses inherent as those classified as substandard, with the added characteristic that the weaknesses present make collection or liquidation in full on the basis of currently existing facts and conditions and values highly questionable and improbable. | ||||||||||||||||||
· | Loss - Loans classified as loss are considered uncollectible and of such little value that their continuance as assets on the books is not warranted. | ||||||||||||||||||
The following table sets forth the recorded investment in loans classified as special mention or substandard at the dates presented, by class. Special mention and substandard loans are included in the formula analysis model if the loan is not individually evaluated for loss. Loans classified as doubtful or loss are individually evaluated for loss. At the dates presented, there were no loans classified as doubtful, and all loans classified as loss were fully charged-off. The increase in substandard loans between September 30, 2012 and 2013 was due primarily to TDRs, including Chapter 7 TDRs. | |||||||||||||||||||
September 30, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Special Mention | Substandard | Special Mention | Substandard | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
One- to four-family - originated | $ | 29,359 | $ | 27,761 | $ | 36,055 | $ | 23,153 | |||||||||||
One- to four-family - purchased | 1,871 | 14,195 | 2,829 | 14,538 | |||||||||||||||
Multi-family and commercial | 1,976 | -- | 2,578 | -- | |||||||||||||||
Consumer - home equity | 87 | 819 | 413 | 815 | |||||||||||||||
Consumer - other | -- | 13 | -- | 39 | |||||||||||||||
$ | 33,293 | $ | 42,788 | $ | 41,875 | $ | 38,545 | ||||||||||||
The following table shows the weighted average credit score and weighted average LTV for originated and purchased one- to four-family loans and originated consumer home equity loans at the dates presented. Borrower credit scores are intended to provide an indication as to the likelihood that a borrower will repay their debts. Credit scores are updated at least semiannually, with the last update in September 2013, and obtained from a nationally recognized consumer rating agency. The LTV ratios provide an estimate of the extent to which the Bank may incur a loss on any given loan that may go into foreclosure. The LTV ratios were based on the current loan balance and either the lesser of the purchase price or original appraisal, or the most recent bank appraisal, if available. In most cases, the most recent appraisal was obtained at the time of origination. | |||||||||||||||||||
September 30, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Credit Score | LTV | Credit Score | LTV | ||||||||||||||||
One- to four-family - originated | 762 | 65 | % | 763 | 65 | % | |||||||||||||
One- to four-family - purchased | 747 | 67 | 749 | 67 | |||||||||||||||
Consumer - home equity | 746 | 19 | 747 | 19 | |||||||||||||||
760 | 64 | % | 761 | 64 | % | ||||||||||||||
TDRs – The following tables present the recorded investment prior to restructuring and immediately after restructuring for all loans restructured during the years ended September 30, 2013, 2012, and 2011. These tables do not reflect the recorded investment at the end of the periods indicated. The increase in the recorded investment at the time of the restructuring was generally due to the capitalization of delinquent interest and/or escrow balances. | |||||||||||||||||||
For the Year Ended September 30, 2013 | |||||||||||||||||||
Number | Pre- | Post- | |||||||||||||||||
of | Restructured | Restructured | |||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
One- to four-family loans - originated | 178 | $ | 30,707 | $ | 30,900 | ||||||||||||||
One- to four-family loans - purchased | 9 | 2,324 | 2,366 | ||||||||||||||||
Multi-family and commercial loans | 2 | 82 | 79 | ||||||||||||||||
Consumer - home equity | 14 | 297 | 305 | ||||||||||||||||
Consumer - other | -- | -- | -- | ||||||||||||||||
203 | $ | 33,410 | $ | 33,650 | |||||||||||||||
For the Year Ended September 30, 2012 | |||||||||||||||||||
Number | Pre- | Post- | |||||||||||||||||
of | Restructured | Restructured | |||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
One- to four-family loans - originated | 232 | $ | 33,683 | $ | 33,815 | ||||||||||||||
One- to four-family loans - purchased | 14 | 3,878 | 3,877 | ||||||||||||||||
Multi-family and commercial loans | -- | -- | -- | ||||||||||||||||
Consumer - home equity | 23 | 466 | 475 | ||||||||||||||||
Consumer - other | 1 | 12 | 12 | ||||||||||||||||
270 | $ | 38,039 | $ | 38,179 | |||||||||||||||
For the Year Ended September 30, 2011 | |||||||||||||||||||
Number | Pre- | Post- | |||||||||||||||||
of | Restructured | Restructured | |||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
One- to four-family loans - originated | 158 | $ | 27,250 | $ | 26,936 | ||||||||||||||
One- to four-family loans - purchased | 4 | 1,563 | 1,555 | ||||||||||||||||
Multi-family and commercial loans | -- | -- | -- | ||||||||||||||||
Consumer - home equity | 5 | 224 | 227 | ||||||||||||||||
Consumer - other | -- | -- | -- | ||||||||||||||||
167 | $ | 29,037 | $ | 28,718 | |||||||||||||||
The following table provides information on TDRs restructured within the last 12 months that became delinquent during the years presented. | |||||||||||||||||||
For the Years Ended | |||||||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-11 | |||||||||||||||||
Number | Number | Number | |||||||||||||||||
of | Recorded | of | Recorded | of | Recorded | ||||||||||||||
Contracts | Investment | Contracts | Investment | Contracts | Investment | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
One- to four-family loans - originated | 38 | $ | 3,341 | 14 | $ | 2,340 | 13 | $ | 1,353 | ||||||||||
One- to four-family loans - purchased | 6 | 1,270 | -- | -- | -- | -- | |||||||||||||
Multi-family and commercial loans | -- | -- | -- | -- | -- | -- | |||||||||||||
Consumer - home equity | 3 | 22 | -- | -- | -- | -- | |||||||||||||
Consumer - other | 1 | 10 | -- | -- | -- | -- | |||||||||||||
48 | $ | 4,643 | 14 | $ | 2,340 | 13 | $ | 1,353 | |||||||||||
Impaired loans - The following is a summary of information pertaining to impaired loans by class as of the dates presented. | |||||||||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||||||||
Unpaid | Unpaid | ||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | ||||||||||||||
Investment | Balance | ACL | Investment | Balance | ACL | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||
One- to four-family - originated | $ | 12,950 | $ | 13,543 | $ | -- | $ | 10,729 | $ | 10,765 | $ | -- | |||||||
One- to four-family - purchased | 13,882 | 16,645 | -- | 15,340 | 15,216 | -- | |||||||||||||
Multi-family and commercial | -- | -- | -- | -- | -- | -- | |||||||||||||
Consumer - home equity | 577 | 980 | -- | 882 | 881 | -- | |||||||||||||
Consumer - other | 2 | 7 | -- | 27 | 27 | -- | |||||||||||||
27,411 | 31,175 | -- | 26,978 | 26,889 | -- | ||||||||||||||
With an allowance recorded | |||||||||||||||||||
One- to four-family - originated | 35,520 | 35,619 | 209 | 41,125 | 41,293 | 268 | |||||||||||||
One- to four-family - purchased | 2,034 | 2,015 | 29 | 2,028 | 2,016 | 54 | |||||||||||||
Multi-family and commercial | 73 | 74 | 2 | -- | -- | -- | |||||||||||||
Consumer - home equity | 492 | 492 | 78 | 307 | 307 | 52 | |||||||||||||
Consumer - other | 11 | 11 | 1 | 12 | 12 | 1 | |||||||||||||
38,130 | 38,211 | 319 | 43,472 | 43,628 | 375 | ||||||||||||||
Total | |||||||||||||||||||
One- to four-family - originated | 48,470 | 49,162 | 209 | 51,854 | 52,058 | 268 | |||||||||||||
One- to four-family - purchased | 15,916 | 18,660 | 29 | 17,368 | 17,232 | 54 | |||||||||||||
Multi-family and commercial | 73 | 74 | 2 | -- | -- | -- | |||||||||||||
Consumer - home equity | 1,069 | 1,472 | 78 | 1,189 | 1,188 | 52 | |||||||||||||
Consumer - other | 13 | 18 | 1 | 39 | 39 | 1 | |||||||||||||
$ | 65,541 | $ | 69,386 | $ | 319 | $ | 70,450 | $ | 70,517 | $ | 375 | ||||||||
The following is a summary of information pertaining to impaired loans by class for the years ended September 30, 2013, 2012, and 2011. The decrease in the average recorded investment in loans with no related allowance recorded and the corresponding increase in the average recorded investment in loans with an allowance recorded between fiscal years 2012 and 2013 was due primarily to a change in our process of evaluating TDRs for impairment that occurred in the latter half of fiscal year 2012. Generally, only TDRs that are 180 days or more delinquent are individually evaluated for impairment, whereas prior to the change in our process during fiscal year 2012, all TDRs were individually evaluated for impairment. This change was primarily driven by the implementation of a new loan charge-off policy during the year ended September 30, 2012 in order to conform to regulatory reporting requirements. | |||||||||||||||||||
For the Years Ended | |||||||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-11 | |||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||
One- to four-family - originated | $ | 9,763 | $ | 321 | $ | 41,396 | $ | 176 | $ | 41,401 | $ | 1,467 | |||||||
One- to four-family - purchased | 14,730 | 186 | 12,296 | 126 | 7,381 | 58 | |||||||||||||
Multi-family and commercial | -- | -- | 223 | -- | 578 | 36 | |||||||||||||
Consumer - home equity | 567 | 39 | 543 | 6 | 672 | 14 | |||||||||||||
Consumer - other | 19 | -- | 11 | -- | 46 | -- | |||||||||||||
25,079 | 546 | 54,469 | 308 | 50,078 | 1,575 | ||||||||||||||
With an allowance recorded | |||||||||||||||||||
One- to four-family - originated | 40,590 | 1,651 | 10,886 | 1,330 | 2,419 | 102 | |||||||||||||
One- to four-family - purchased | 2,052 | 74 | 6,138 | 51 | 14,576 | 156 | |||||||||||||
Multi-family and commercial | 58 | 3 | -- | -- | -- | -- | |||||||||||||
Consumer - home equity | 534 | 23 | 226 | 4 | 80 | 3 | |||||||||||||
Consumer - other | 23 | 1 | 6 | -- | -- | -- | |||||||||||||
43,257 | 1,752 | 17,256 | 1,385 | 17,075 | 261 | ||||||||||||||
Total | |||||||||||||||||||
One- to four-family - originated | 50,353 | 1,972 | 52,282 | 1,506 | 43,820 | 1,569 | |||||||||||||
One- to four-family - purchased | 16,782 | 260 | 18,434 | 177 | 21,957 | 214 | |||||||||||||
Multi-family and commercial | 58 | 3 | 223 | -- | 578 | 36 | |||||||||||||
Consumer - home equity | 1,101 | 62 | 769 | 10 | 752 | 17 | |||||||||||||
Consumer - other | 42 | 1 | 17 | -- | 46 | -- | |||||||||||||
$ | 68,336 | $ | 2,298 | $ | 71,725 | $ | 1,693 | $ | 67,153 | $ | 1,836 | ||||||||
Allowance for Credit Losses - The following is a summary of the activity in the ACL by segment and the ending balance of the ACL based on the Company’s impairment methodology for and at the beginning and end of the periods presented. Net charge-offs during the year ended September 30, 2013 were $1.2 million, of which $381 thousand related to loans that were primarily discharged in a prior fiscal year under Chapter 7 bankruptcy, that must be, pursuant to regulatory guidance issued in 2012, evaluated for collateral loss, even if they are current. In January 2012, management implemented a new loan charge-off policy in accordance with regulatory requirements, which resulted in $3.5 million of specific valuation allowances (“SVAs”) being charged-off during fiscal year 2012. The OCC does not permit the use of SVAs, which the Bank was previously utilizing for potential loan losses, as permitted by the Bank’s previous regulator. | |||||||||||||||||||
For the Year Ended September 30, 2013 | |||||||||||||||||||
One- to Four- | One- to Four- | One- to Four- | Multi-family | ||||||||||||||||
Family - | Family - | Family - | and | ||||||||||||||||
Originated | Purchased | Total | Commercial | Consumer | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Beginning balance | $ | 6,074 | $ | 4,453 | $ | 10,527 | $ | 219 | $ | 354 | $ | 11,100 | |||||||
Charge-offs | -637 | -761 | -1,398 | -- | -259 | -1,657 | |||||||||||||
Recoveries | 14 | 398 | 412 | -- | 34 | 446 | |||||||||||||
Provision for credit losses | 320 | -1,604 | -1,284 | -34 | 251 | -1,067 | |||||||||||||
Ending balance | $ | 5,771 | $ | 2,486 | $ | 8,257 | $ | 185 | $ | 380 | $ | 8,822 | |||||||
For the Year Ended September 30, 2012 | |||||||||||||||||||
One- to Four- | One- to Four- | One- to Four- | Multi-family | ||||||||||||||||
Family - | Family - | Family - | and | ||||||||||||||||
Originated | Purchased | Total | Commercial | Consumer | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Beginning balance | $ | 4,915 | $ | 9,901 | $ | 14,816 | $ | 254 | $ | 395 | $ | 15,465 | |||||||
Charge-offs | -892 | -5,186 | -6,078 | -- | -357 | -6,435 | |||||||||||||
Recoveries | 16 | 8 | 24 | -- | 6 | 30 | |||||||||||||
Provision for credit losses | 2,035 | -270 | 1,765 | -35 | 310 | 2,040 | |||||||||||||
Ending balance | $ | 6,074 | $ | 4,453 | $ | 10,527 | $ | 219 | $ | 354 | $ | 11,100 | |||||||
For the Year Ended September 30, 2011 | |||||||||||||||||||
One- to Four- | One- to Four- | One- to Four- | Multi-family | ||||||||||||||||
Family - | Family - | Family - | and | ||||||||||||||||
Originated | Purchased | Total | Commercial | Consumer | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Beginning balance | $ | 3,813 | $ | 10,425 | $ | 14,238 | $ | 275 | $ | 379 | $ | 14,892 | |||||||
Charge-offs | -414 | -2,928 | -3,342 | -- | -145 | -3,487 | |||||||||||||
Recoveries | -- | -- | -- | -- | -- | -- | |||||||||||||
Provision for credit losses | 1,516 | 2,404 | 3,920 | -21 | 161 | 4,060 | |||||||||||||
Ending balance | $ | 4,915 | $ | 9,901 | $ | 14,816 | $ | 254 | $ | 395 | $ | 15,465 | |||||||
The following is a summary of the loan portfolio and related ACL balances, at the dates presented, by loan portfolio segment disaggregated by the Company’s impairment method. There was no ACL for loans individually evaluated for impairment at either date, as all potential losses were charged-off. | |||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
One- to Four- | One- to Four- | One- to Four- | Multi-family | ||||||||||||||||
Family - | Family - | Family - | and | ||||||||||||||||
Originated | Purchased | Total | Commercial | Consumer | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Recorded investment in loans | |||||||||||||||||||
collectively evaluated for impairment | $ | 5,107,899 | $ | 634,705 | $ | 5,742,604 | $ | 57,603 | $ | 140,072 | $ | 5,940,279 | |||||||
Recorded investment in loans | |||||||||||||||||||
individually evaluated for impairment | 12,950 | 13,882 | 26,832 | -- | 579 | 27,411 | |||||||||||||
$ | 5,120,849 | $ | 648,587 | $ | 5,769,436 | $ | 57,603 | $ | 140,651 | $ | 5,967,690 | ||||||||
ACL for loans collectively | |||||||||||||||||||
evaluated for impairment | $ | 5,771 | $ | 2,486 | $ | 8,257 | $ | 185 | $ | 380 | $ | 8,822 | |||||||
30-Sep-12 | |||||||||||||||||||
One- to Four- | One- to Four- | One- to Four- | Multi-family | ||||||||||||||||
Family - | Family - | Family - | and | ||||||||||||||||
Originated | Purchased | Total | Commercial | Consumer | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Recorded investment in loans | |||||||||||||||||||
collectively evaluated for impairment | $ | 4,602,969 | $ | 774,734 | $ | 5,377,703 | $ | 59,562 | $ | 154,940 | $ | 5,592,205 | |||||||
Recorded investment in loans | |||||||||||||||||||
individually evaluated for impairment | 10,729 | 15,339 | 26,068 | -- | 910 | 26,978 | |||||||||||||
$ | 4,613,698 | $ | 790,073 | $ | 5,403,771 | $ | 59,562 | $ | 155,850 | $ | 5,619,183 | ||||||||
ACL for loans collectively | |||||||||||||||||||
evaluated for impairment | $ | 6,074 | $ | 4,453 | $ | 10,527 | $ | 219 | $ | 354 | $ | 11,100 | |||||||
As previously noted, the Bank has a loan concentration in residential first mortgage loans. Declines in residential real estate values could adversely impact the property used as collateral for the Bank’s loans. Adverse changes in economic conditions and increasing unemployment rates may have a negative effect on the ability of the Bank’s borrowers to make timely loan payments, which would likely increase delinquencies and have an adverse impact on the Bank’s earnings. Further increases in delinquencies would decrease interest income on loans receivable and would likely adversely impact the Bank’s loan loss experience, resulting in an increase in the Bank’s ACL and provision for credit losses. Although management believes the ACL was at a level adequate to absorb inherent losses in the loan portfolio at September 30, 2013, the level of the ACL remains an estimate that is subject to significant judgment and short-term changes. | |||||||||||||||||||
Premises_And_Equipment_Net
Premises And Equipment, Net | 12 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Premises And Equipment, Net [Abstract] | ' | ||||||
Premises And Equipment, Net | ' | ||||||
5. PREMISES AND EQUIPMENT, Net | |||||||
A summary of the net carrying value of banking premises and equipment at September 30, 2013 and 2012 is as follows: | |||||||
2013 | 2012 | ||||||
(Dollars in thousands) | |||||||
Land | $ | 11,029 | $ | 9,337 | |||
Building and improvements | 73,199 | 63,684 | |||||
Furniture, fixtures and equipment | 43,268 | 41,304 | |||||
127,496 | 114,325 | ||||||
Less accumulated depreciation | 57,384 | 56,559 | |||||
$ | 70,112 | $ | 57,766 | ||||
Depreciation and amortization expense for the years ended September 30, 2013, 2012, and 2011 was $5.4 million, $5.0 million, and $4.4 million, respectively. | |||||||
The Bank has entered into non-cancelable operating lease agreements with respect to banking premises and equipment. It is expected that many agreements will be renewed at expiration in the normal course of business. Rental expense was $1.2 million for the year ended September 30, 2013, and $1.3 million for each of the years ended September 30, 2012 and 2011. | |||||||
As of September 30, 2013, future minimum rental commitments, rounded to the nearest thousand, required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year were as follows (dollars in thousands): | |||||||
2014 | $ | 978 | |||||
2015 | 798 | ||||||
2016 | 714 | ||||||
2017 | 683 | ||||||
2018 | 690 | ||||||
Thereafter | 4,407 | ||||||
$ | 8,270 | ||||||
Deposits
Deposits | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Deposits [Abstract] | ' | ||||||||||||||||||
Deposits | ' | ||||||||||||||||||
6. DEPOSITS | |||||||||||||||||||
Deposits at September 30, 2013 and 2012 are summarized as follows: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||
Average | % of | Average | % of | ||||||||||||||||
Amount | Rate | Total | Amount | Rate | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Checking | $ | 655,933 | 0.04 | % | 14.2 | % | $ | 606,504 | 0.04 | % | 13.3 | % | |||||||
Savings | 283,169 | 0.13 | 6.1 | 260,933 | 0.11 | 5.8 | |||||||||||||
Money market | 1,128,604 | 0.23 | 24.5 | 1,110,962 | 0.25 | 24.4 | |||||||||||||
2,067,706 | 0.16 | 44.8 | 1,978,399 | 0.17 | 43.5 | ||||||||||||||
Certificates of deposit: | |||||||||||||||||||
0.00 – 0.99% | 1,179,921 | 0.48 | 25.6 | 1,005,724 | 0.55 | 22.1 | |||||||||||||
1.00 – 1.99% | 852,258 | 1.40 | 18.5 | 800,745 | 1.44 | 17.6 | |||||||||||||
2.00 – 2.99% | 476,003 | 2.54 | 10.3 | 663,985 | 2.51 | 14.6 | |||||||||||||
3.00 – 3.99% | 35,014 | 3.09 | 0.8 | 95,765 | 3.21 | 2.1 | |||||||||||||
4.00 – 4.99% | 544 | 4.38 | -- | 6,025 | 4.50 | 0.1 | |||||||||||||
Total certificates of deposit | 2,543,740 | 1.21 | 55.2 | 2,572,244 | 1.44 | 56.5 | |||||||||||||
$ | 4,611,446 | 0.74 | % | 100.0 | % | $ | 4,550,643 | 0.89 | % | 100.0 | % | ||||||||
The following table presents scheduled maturities of our certificates of deposit, along with associated weighted average rates, as of September 30, 2013: | |||||||||||||||||||
Amount | Rate | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
2014 | $ | 1,206,095 | 0.90 | % | |||||||||||||||
2015 | 676,365 | 1.61 | |||||||||||||||||
2016 | 348,641 | 1.36 | |||||||||||||||||
2017 | 208,806 | 1.36 | |||||||||||||||||
2018 | 102,422 | 1.39 | |||||||||||||||||
Thereafter | 1,411 | 1.92 | |||||||||||||||||
$ | 2,543,740 | 1.21 | % | ||||||||||||||||
The following table presents interest expense on deposits for the years presented. | |||||||||||||||||||
Year Ended September 30, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Checking | $ | 244 | $ | 421 | $ | 441 | |||||||||||||
Savings | 284 | 408 | 1,225 | ||||||||||||||||
Money market | 2,446 | 3,457 | 5,307 | ||||||||||||||||
Certificates | 33,842 | 41,884 | 56,595 | ||||||||||||||||
$ | 36,816 | $ | 46,170 | $ | 63,568 | ||||||||||||||
The amount of noninterest-bearing deposits was $150.2 million and $132.5 million as of September 30, 2013 and 2012, respectively. Certificates of deposit with a minimum denomination of $100 thousand were $928.1 million and $865.4 million as of September 30, 2013 and 2012, respectively. Deposits in excess of $250 thousand may not be fully insured by the FDIC. The aggregate amount of deposits that were reclassified as loans receivable due to customer overdrafts was $138 thousand and $123 thousand as of September 30, 2013 and 2012, respectively. | |||||||||||||||||||
Borrowed_Funds
Borrowed Funds | 12 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Borrowed Funds [Abstract] | ' | |||||||||||||||
Borrowed Funds | ' | |||||||||||||||
7. BORROWED FUNDS | ||||||||||||||||
At September 30, 2013 and 2012, the Company’s borrowed funds consisted of FHLB advances and repurchase agreements. | ||||||||||||||||
FHLB Advances – FHLB advances at September 30, 2013 and 2012 were comprised of the following: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Fixed-rate FHLB advances | $ | 2,525,000 | $ | 2,550,000 | ||||||||||||
Deferred prepayment penalty | -11,575 | -19,952 | ||||||||||||||
Deferred gain on terminated interest rate swaps | 113 | 274 | ||||||||||||||
$ | 2,513,538 | $ | 2,530,322 | |||||||||||||
Weighted average contractual interest rate on FHLB advances | 2.33% | 2.62% | ||||||||||||||
Weighted average effective interest rate on FHLB advances(1) | 2.67% | 3.03% | ||||||||||||||
-1 | The effective rate includes the net impact of the amortization of deferred prepayment penalties related to the prepayment of certain FHLB advances and deferred gains related to the termination of interest rate swaps. | |||||||||||||||
During fiscal year 2012, the Bank prepaid a $200.0 million fixed-rate FHLB advance with a contractual interest rate of 3.88% and a remaining term-to-maturity of 15 months. The prepaid FHLB advance was replaced with a $200.0 million fixed-rate FHLB advance, with a contractual interest rate of 0.86% and a term of 46 months. The Bank paid a $7.9 million penalty to the FHLB as a result of prepaying the FHLB advance. The prepayment penalty was deferred and is being recognized in interest expense over the life of the new advance and thereby effectively increased the interest rate on the new advance 108 basis points, to 1.94%, at the time of the transaction. The present value of the cash flows under the terms of the new FHLB advance were not more than 10% different from the present value of the cash flows under the terms of the prepaid FHLB advance (including the prepayment penalty) and there were no embedded conversion options in the prepaid advance or in the new FHLB advance so the transaction was accounted for as a debt modification. The benefit of prepaying the advance was an immediate decrease in interest expense and a decrease in interest rate sensitivity as the maturity of the refinanced advance was extended at a lower rate. | ||||||||||||||||
At September 30, 2013, the Bank had access to, but no outstanding balance on, a line of credit with the FHLB set to expire on November 22, 2013, at which time the line of credit is expected to be renewed automatically by the FHLB for a one year period. At September 30, 2013, there were no outstanding borrowings on the FHLB line of credit. | ||||||||||||||||
FHLB borrowings are secured by certain qualifying mortgage loans pursuant to a blanket collateral agreement with the FHLB and all of the capital stock of FHLB owned by the Bank. Per the FHLB’s lending guidelines, total FHLB borrowings cannot exceed 40% of total Bank assets without the pre-approval of the FHLB president. At September 30, 2013, the ratio of the par value of the Bank’s FHLB borrowings to the Bank’s total assets, as reported to the OCC, was 27%. | ||||||||||||||||
Other Borrowings – At September 30, 2013 and 2012, the Company’s other borrowings consisted of repurchase agreements in the amounts of $320.0 million and $365.0 million, with weighted average contractual rates of 3.43% and 3.83%, respectively. The Bank has pledged MBS with an estimated fair value of $364.6 million at September 30, 2013 as collateral for the repurchase agreements. | ||||||||||||||||
Maturity of Borrowed Funds – The following table presents the maturity of FHLB advances, at par, and repurchase agreements, along with associated weighted average contractual and weighted average effective rates as of September 30, 2013: | ||||||||||||||||
FHLB | Repurchase | Total | ||||||||||||||
Advances | Agreements | Borrowings | Contractual | Effective | ||||||||||||
Amount | Amount | Amount | Rate | Rate(1) | ||||||||||||
(Dollars in thousands) | ||||||||||||||||
2014 | $ | 450,000 | $ | 100,000 | $ | 550,000 | 3.33 | % | 3.95 | % | ||||||
2015 | 600,000 | 20,000 | 620,000 | 1.73 | 1.96 | |||||||||||
2016 | 575,000 | -- | 575,000 | 2.29 | 2.91 | |||||||||||
2017 | 500,000 | -- | 500,000 | 2.69 | 2.72 | |||||||||||
2018 | 200,000 | 100,000 | 300,000 | 2.90 | 2.90 | |||||||||||
Thereafter | 200,000 | 100,000 | 300,000 | 1.81 | 1.81 | |||||||||||
$ | 2,525,000 | $ | 320,000 | $ | 2,845,000 | 2.45 | % | 2.75 | % | |||||||
-1 | The effective rate includes the net impact of the amortization of deferred prepayment penalties resulting from the prepayment of certain FHLB advances, and deferred gains related to terminated interest rate swaps. | |||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Income Taxes [Abstract] | ' | |||||||||||||||||
Income Taxes | ' | |||||||||||||||||
8. INCOME TAXES | ||||||||||||||||||
Income tax expense (benefit) for the years ended September 30, 2013, 2012, and 2011 consisted of the following: | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Current: | ||||||||||||||||||
Federal | $ | 27,570 | $ | 32,353 | $ | 25,889 | ||||||||||||
State | 2,963 | 3,044 | 2,707 | |||||||||||||||
30,533 | 35,397 | 28,596 | ||||||||||||||||
Deferred: | ||||||||||||||||||
Federal | 5,586 | 5,638 | -8,933 | |||||||||||||||
State | 110 | 451 | -714 | |||||||||||||||
5,696 | 6,089 | -9,647 | ||||||||||||||||
$ | 36,229 | $ | 41,486 | $ | 18,949 | |||||||||||||
The Company’s effective tax rates were 34.3%, 35.8%, and 33.0% for the years ended September 30, 2013, 2012, and 2011, respectively. The differences between such effective rates and the statutory Federal income tax rate computed on income before income tax expense result from the following: | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Amount | % | Amount | % | Amount | % | |||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Federal income tax expense | ||||||||||||||||||
computed at statutory Federal rate | $ | 36,949 | 35.0 | % | $ | 40,600 | 35.0 | % | $ | 20,073 | 35.0 | % | ||||||
Increases (Decreases) in taxes resulting from: | ||||||||||||||||||
State taxes, net of Federal tax effect | 3,073 | 2.9 | 3,495 | 3.0 | 1,993 | 3.4 | ||||||||||||
Low income housing tax credits | -2,675 | -2.5 | -2,081 | -1.8 | -1,397 | -2.4 | ||||||||||||
ESOP related expenses, net | -347 | -0.3 | 591 | 0.5 | -495 | -0.9 | ||||||||||||
Other | -771 | -0.8 | -1,119 | -0.9 | -1,225 | -2.1 | ||||||||||||
$ | 36,229 | 34.3 | % | $ | 41,486 | 35.8 | % | $ | 18,949 | 33.0 | % | |||||||
Deferred income taxes expense (benefit) represents the change in deferred income tax assets and liabilities excluding the tax effects of the change in net unrealized gain (loss) on AFS securities and changes in the market value of restricted stock between the grant date and vesting date. The sources of these differences and the tax effect of each as of September 30, 2013, 2012, and 2011 were as follows: | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Foundation contribution | $ | 3,216 | $ | 5,422 | $ | -12,824 | ||||||||||||
Fixed assets | 1,365 | 629 | 1,006 | |||||||||||||||
ACL | 982 | 1,617 | -197 | |||||||||||||||
FHLB stock dividends | 866 | 1,650 | 1,432 | |||||||||||||||
Mortgage servicing rights | -155 | -521 | -885 | |||||||||||||||
Other, net | -578 | -2,708 | 1,821 | |||||||||||||||
$ | 5,696 | $ | 6,089 | $ | -9,647 | |||||||||||||
The components of the net deferred income tax liabilities as of September 30, 2013 and 2012 were as follows: | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Deferred income tax assets: | ||||||||||||||||||
Foundation contribution | $ | 4,186 | $ | 7,402 | ||||||||||||||
ACL | 1,264 | 2,246 | ||||||||||||||||
Salaries and employee benefits | 2,071 | 1,612 | ||||||||||||||||
ESOP compensation | 1,004 | 949 | ||||||||||||||||
Other | 4,179 | 4,194 | ||||||||||||||||
Gross deferred income tax assets | 12,704 | 16,403 | ||||||||||||||||
Valuation allowance | -1,824 | -1,926 | ||||||||||||||||
Gross deferred income tax asset, net of valuation allowance | 10,880 | 14,477 | ||||||||||||||||
Deferred income tax liabilities: | ||||||||||||||||||
FHLB stock dividends | 21,344 | 20,478 | ||||||||||||||||
Fixed assets | 5,015 | 3,650 | ||||||||||||||||
Unrealized gain on AFS securities | 4,417 | 14,712 | ||||||||||||||||
Other | 541 | 679 | ||||||||||||||||
Gross deferred income tax liabilities | 31,317 | 39,519 | ||||||||||||||||
Net deferred tax liabilities | $ | 20,437 | $ | 25,042 | ||||||||||||||
The Company assesses the available positive and negative evidence surrounding the recoverability of its deferred tax assets and applies its judgment in estimating the amount of valuation allowance necessary under the circumstances. As of September 30, 2013 and 2012, the Company had a valuation allowance of $1.8 million and $1.9 million, respectively, related to the net operating losses generated by the Company’s consolidated Kansas corporate income tax return. The companies included in the consolidated Kansas corporate income tax return are the holding company and Capitol Funds, Inc., as the Bank files a Kansas privilege tax return. Based on the nature of the operations of the holding company and Capitol Funds, Inc., management believes there will not be sufficient taxable income to fully utilize the deferred tax assets noted above; therefore a valuation allowance has been recorded for the related amounts at September 30, 2013 and 2012. | ||||||||||||||||||
Accounting Standards Codification (“ASC”) 740 Income Taxes prescribes a process by which a tax position taken, or expected to be taken, on an income tax return is gauged based upon the technical merits of the position, along with whether the tax position meets a more-likely-than-not-recognition threshold, to determine the amount, if any, of unrecognized tax benefits to recognize in the financial statements. Estimated penalties and interest related to unrecognized tax benefits are included in income tax expense in the consolidated statements of income. For the years ended September 30, 2013, 2012, and 2011, the Company’s unrecognized tax benefits, estimated penalties and interest, and related activities were insignificant. The Company does not anticipate the total amount of unrecognized tax benefits to significantly change within the next 12 months. | ||||||||||||||||||
The Company files income tax returns in the U.S. federal jurisdiction and the state of Kansas, as well as other states where it has either established nexus under an economic nexus theory or has exceeded enumerated nexus thresholds based on the amount of interest income derived from sources within the state. In many cases, uncertain tax positions are related to tax years that remain subject to examination by the relevant taxing authorities. With few exceptions, the Company is no longer subject to U.S. federal and state examinations by tax authorities for fiscal years before 2010. | ||||||||||||||||||
In September 2013, the Internal Revenue Service enacted final guidance regarding the deduction and capitalization of expenditures related to tangible property (“tangible property regulations”). The tangible property regulations clarify and expand sections 162(a) and 263(a) of the Internal Revenue Code which relate to amounts paid to acquire produce, or improve tangible property. Additionally, the tangible property regulations provide final guidance under section 167 regarding accounting for and retirement of depreciable property and regulations under section 168 relating to the accounting for property under the Modified Accelerated Cost Recovery System. The tangible property regulations affect all taxpayers that acquire, produce, or improve tangible property, which includes the Company, and generally apply to taxable years beginning on or after January 1, 2014, which will impact the fiscal year ending September 30, 2015 for the Company. The Company has evaluated the tangible property regulations and has determined the regulations will not have a material impact on the Company’s financial condition or results of operations. | ||||||||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||
Sep. 30, 2013 | ||||||
Employee Benefit Plans [Abstract] | ' | |||||
Employee Benefit Plans | ' | |||||
9. EMPLOYEE BENEFIT PLANS | ||||||
The Company has a profit sharing plan (“PIT”) and an ESOP. The eligibility criteria for both plans is a minimum of one year of service, at least age 21, and at least 1,000 hours of employment in each plan year. | ||||||
Profit Sharing Plan – The PIT provides for two types of discretionary contributions. The first type is an optional Bank contribution and may be 0% or any percentage above that, as determined by the Board of Directors, of an eligible employee’s eligible compensation during the fiscal year. The second contribution may be 0% or any percentage above that, as determined by the Board of Directors, of an eligible employee’s eligible compensation during the fiscal year if the employee matches 50.0% (on an after-tax basis) of the Bank’s second contribution. The PIT qualifies as a thrift and profit sharing plan for purposes of Internal Revenue Codes 401(a), 402, 412, and 417. Total Bank contributions to the PIT amounted to $109 thousand for the year ended September 30, 2013, and $105 thousand for each of the years ended September 30, 2012 and 2011, respectively. | ||||||
ESOP – The ESOP trust acquired 3,024,574 shares (6,846,728 shares post-corporate reorganization) of common stock in the Company’s initial public offering and 4,726,000 shares of common stock in the Company’s corporate reorganization in December of 2010. Both acquisitions of common stock were made with proceeds from loans from the Company. The loans are secured by shares of the Company’s stock purchased in each offering. The Bank has agreed to make cash contributions to the ESOP trust on an annual basis sufficient to enable the ESOP trust to make the required annual loan payments to the Company on September 30 of each year. | ||||||
The loan for the shares acquired in the initial public offering bore interest at a fixed-rate of 5.80%, with the final principal and interest payment of $3.0 million paid on September 30, 2013. Payments of $3.0 million consisting of principal of $2.8 million, $2.7 million, and $2.5 million and interest of $164 thousand, $319 thousand, and $465 thousand were made on September 30, 2013, 2012, and 2011, respectively. | ||||||
The loan for the shares acquired in the corporate reorganization bears interest at a fixed-rate of 3.25% and has a 30 year term. The loan requires interest-only payments the first three years. The third and final interest-only payment of $1.5 million was paid on September 30, 2013. Beginning in fiscal year 2014, principal and interest payments of $2.7 million will be payable annually. The loan matures on September 30, 2040. | ||||||
As the annual loan payments are made on September 30, shares are released from collateral and allocated to qualified employees based on the proportion of their qualifying compensation to total qualifying compensation. On September 30, 2013, 551,990 shares were released from collateral. On September 30, 2014, 165,198 shares will be released from collateral. As ESOP shares are committed to be released from collateral, the Company records compensation expense. Dividends on unallocated ESOP shares are applied to the debt service payments of the loan secured by the unallocated shares. Dividends on unallocated ESOP shares in excess of the debt service payment are recorded as compensation expense and distributed to participants or participants’ ESOP accounts. During the years ended September 30, 2013, 2012, and 2011, the Bank paid $2.5 million, $2.6 million, and $1.4 million, respectively, of the ESOP debt payment because dividends on unallocated shares were insufficient to pay the scheduled debt payment, specifically on the loan for the shares acquired in the initial public offering. Compensation expense related to the ESOP was $9.7 million for the year ended September 30, 2013, $6.7 million for the year ended September 30, 2012, and $8.7 million for the year ended September 30, 2011. Of these amounts, $3.7 million, $3.4 million, and $3.3 million related to the difference between the market price of the Company’s stock when the shares were acquired by the ESOP trust and the average market price of the Company’s stock during the years ended September 30, 2013, 2012, and 2011, respectively. The amount included in compensation expense for dividends on unallocated ESOP shares in excess of the debt service payments was $3.0 million, $325 thousand, and $2.7 million for the years ended September 30, 2013, 2012, and 2011, respectively, which was related to the loan for the shares acquired in the corporate reorganization. | ||||||
Participants have the option to receive the dividends on allocated shares and unallocated shares in excess of debt service payments, in cash or leave the dividend in the ESOP. Dividends are reinvested in Company stock for those participants who choose to leave their dividends in the ESOP or who do not make an election. The purchase of Company stock for reinvestment of dividends is made in the open market on or about the date of the cash disbursement to the participants who opt to take dividends in cash. | ||||||
Shares may be withdrawn from the ESOP trust due to retirement, termination or death of the participant. Additionally, a participant may begin to diversify at least 25% of their ESOP shares at age 50. The following is a summary of shares held in the ESOP trust as of September 30, 2013 and 2012: | ||||||
2013 | 2012 | |||||
(Dollars in thousands) | ||||||
Allocated ESOP shares | 4,892,642 | 4,723,590 | ||||
Unreleased ESOP shares | 4,460,346 | 5,012,336 | ||||
Total ESOP shares | 9,352,988 | 9,735,926 | ||||
Fair value of unreleased ESOP shares | $ | 55,442 | $ | 59,948 | ||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||
10. STOCK-BASED COMPENSATION | |||||||||||||||
The Company has a Stock Option Plan, a Restricted Stock Plan, and an Equity Incentive Plan, all of which are considered share-based plans. | |||||||||||||||
Stock Option Plans – The Company currently has two plans outstanding which provide for the granting of stock option awards, the 2000 Stock Option Plan and the 2012 Equity Incentive Plan. The objective of both plans is to provide additional incentive to certain officers, directors and key employees by facilitating their purchase of a stock interest in the Company. The total number of shares originally eligible to be granted as stock options under the 2000 Stock Option Plan was 8,558,411. Prior to stockholder approval of the 2012 Equity Incentive Plan, the 2000 Stock Option Plan still had 2,867,859 shares available for future grants. The 2000 Stock Option Plan will expire in April 2015 and no additional grants may be made after expiration, but outstanding grants continue until they are individually vested, forfeited, or expire. The Company will not issue any additional stock option grants from the 2000 Stock Option Plan; instead, all future grants will be awarded from the 2012 Equity Incentive Plan, which had 5,907,500 shares originally eligible to be granted as stock options. The Company may issue incentive and nonqualified stock options under the 2012 Equity Incentive Plan. The Company may also award stock appreciation rights, although to date no stock appreciation rights have been awarded. The incentive stock options expire no later than 10 years and the nonqualified stock options expire no later than 15 years from the date of grant. The date on which the options are first exercisable is determined by the Stock Benefits Committee (“sub-committee”), a sub-committee of the Compensation Committee (“committee”) of the Board of Directors. The vesting period of the options under the 2012 Equity Incentive Plan generally has ranged from three to five years. The option price cannot be less than the market value at the date of the grant as defined by each plan. | |||||||||||||||
At September 30, 2013, the Company had 4,323,900 shares still available for future grants of stock options under the 2012 Equity Incentive Plan. This plan will expire in January 2027 and no additional grants may be made after expiration, but outstanding grants continue until they are individually vested, forfeited, or expire. The following provisions generally apply: 1) if a holder of such stock options terminates service for reasons other than death, disability or termination for cause, the holder forfeits all rights to the non-vested stock options and all outstanding vested options granted to the holder will remain exercisable for three months following the termination date, but not beyond the expiration date of the options; 2) if the participant’s service terminates as a result of death or disability, all outstanding stock options vest and all outstanding stock options will remain exercisable for one year following such event, but not beyond the expiration date of the options; 3) if the participant’s service is terminated for cause, all outstanding stock options expire immediately; and 4) if a change in control of the Company occurs, all outstanding unvested stock options vest in full. | |||||||||||||||
The Stock Option Plans are administered by the sub-committee, which selects the employees and non-employee directors to whom options are to be granted and the number of shares to be granted. The exercise price may be paid in cash, shares of the common stock, or a combination of both. The option price may not be less than 100% of the fair market value of the shares on the date of the grant. In the case of any employee who is granted an incentive stock option who owns more than 10% of the outstanding common stock at the time the option is granted, the option price may not be less than 110% of the fair market value of the shares on the date of the grant, and the option shall not be exercisable after the expiration of five years from the grant date. New shares are issued by the Company upon the exercise of stock options. | |||||||||||||||
The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model. The weighted average grant-date fair value of stock options granted during the fiscal years ended September 30, 2013, 2012, and 2011 was $1.45, $1.59, and $0.78 per share, respectively. Compensation expense attributable to stock option awards during the years ended September 30, 2013, 2012, and 2011 totaled $792 thousand ($714 thousand, net of tax), $369 thousand ($320 thousand, net of tax), and $131 thousand ($122 thousand, net of tax), respectively. The following weighted average assumptions were used for valuing stock option grants for the years ended: | |||||||||||||||
September 30, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Risk-free interest rate | 0.4 | % | 0.5 | % | 1.3 | % | |||||||||
Expected life (years) | 3 | 4 | 5 | ||||||||||||
Expected volatility | 23 | % | 24 | % | 25 | % | |||||||||
Dividend yield | 2.5 | % | 2.5 | % | 8.1 | % | |||||||||
Estimated forfeitures | 12.0 | % | 4.5 | % | 12.9 | % | |||||||||
The risk-free interest rate was determined using the weighted yield available on the option grant date for zero-coupon U.S. Treasury securities with terms nearest to the equivalent of the expected life of the option. The expected life for options granted was based upon historical experience. The expected volatility was determined using historical volatilities based on historical stock prices. The dividend yield was determined based upon historical quarterly dividends and the Company’s stock price on the option grant date. Estimated forfeitures were determined based upon voluntary termination behavior and actual option forfeitures. | |||||||||||||||
A summary of option activity for the years ended September 30, 2013, 2012, and 2011 follows: | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Weighted | Weighted | Weighted | |||||||||||||
Average | Average | Average | |||||||||||||
Number | Exercise | Number | Exercise | Number | Exercise | ||||||||||
of Options | Price | of Options | Price | of Options | Price | ||||||||||
Options outstanding | |||||||||||||||
at beginning of year | 2,471,825 | $ | 13.06 | 906,964 | $ | 15.09 | 919,639 | $ | 15.08 | ||||||
Granted | 64,000 | 12.00 | 1,594,000 | 11.89 | 2,030 | 10.86 | |||||||||
Forfeited | -81,412 | 12.05 | -16,966 | 16.70 | -10,180 | 16.59 | |||||||||
Expired | -29,420 | 13.31 | -3,390 | 11.33 | -- | -- | |||||||||
Exercised | -1,000 | 11.85 | -8,783 | 4.07 | -4,525 | 8.23 | |||||||||
Options outstanding | |||||||||||||||
at end of year | 2,423,993 | $ | 13.06 | 2,471,825 | $ | 13.06 | 906,964 | $ | 15.09 | ||||||
During the years ended September 30, 2013, 2012, and 2011, the total pretax intrinsic value of stock options exercised was $1 thousand, $68 thousand, and $19 thousand, respectively, and the tax benefits realized from the exercise of stock options was less than $1 thousand, $25 thousand, and $7 thousand, respectively. The fair value of stock options vested during the years ended September 30, 2013, 2012, and 2011 was $689 thousand, $141 thousand, and $150 thousand, respectively. | |||||||||||||||
The following summarizes information about the stock options outstanding and exercisable as of September 30, 2013: | |||||||||||||||
Options Outstanding | |||||||||||||||
Weighted | Weighted | ||||||||||||||
Average | Average | ||||||||||||||
Number | Remaining | Exercise | Aggregate | ||||||||||||
Exercise | of Options | Contractual | Price per | Intrinsic | |||||||||||
Price | Outstanding | Life (in years) | Share | Value | |||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||
$ | 10.86 | - | 12.65 | 1,584,630 | 9.7 | $ | 11.89 | $ | 851 | ||||||
13.58 | - | 17.59 | 791,858 | 5.7 | 15.04 | -- | |||||||||
19.19 | 47,505 | 5.1 | 19.19 | -- | |||||||||||
2,423,993 | 8.3 | $ | 13.06 | $ | 851 | ||||||||||
Options Exercisable | |||||||||||||||
Weighted | Weighted | ||||||||||||||
Average | Average | ||||||||||||||
Number | Remaining | Exercise | Aggregate | ||||||||||||
Exercise | of Options | Contractual | Price per | Intrinsic | |||||||||||
Price | Exercisable | Life (in years) | Share | Value | |||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||
$ | 10.86 | - | 12.65 | 393,618 | 9.2 | $ | 11.89 | $ | 212 | ||||||
13.58 | - | 17.59 | 769,226 | 5.6 | 15.06 | -- | |||||||||
19.19 | 47,505 | 5.1 | 19.19 | -- | |||||||||||
1,210,349 | 6.7 | $ | 14.19 | $ | 212 | ||||||||||
The aggregate intrinsic value in the preceding table represents the total pre-tax intrinsic value, based on the Company’s closing stock price of $12.43 as of September 30, 2013, which would have been received by the option holders had all option holders exercised their options as of that date. The total number of in-the-money options exercisable as of September 30, 2013 was 393,618. | |||||||||||||||
As of September 30, 2013, the total future compensation cost related to non-vested stock options not yet recognized in the consolidated statements of income was $1.5 million, net of estimated forfeitures, and the weighted average period over which these awards are expected to be recognized was 2.6 years. | |||||||||||||||
Restricted Stock Plans – The Company currently has two plans outstanding which provide for the granting of restricted stock awards, the 2000 Recognition and Retention Plan and the 2012 Equity Incentive Plan. The objective of both plans is to enable the Company to retain personnel of experience and ability in key positions of responsibility. Employees and directors are eligible to receive benefits under these plans at the sole discretion of the sub-committee. The total number of shares originally eligible to be granted as restricted stock under the 2000 Recognition and Retention Plan was 3,423,364. Prior to stockholder approval of the 2012 Equity Incentive Plan, the 2000 Recognition and Retention Plan still had 358,767 shares available for future restricted stock grants. The 2000 Recognition and Retention Plan will expire in April 2015 and no additional grants may be made after expiration, but outstanding grants continue until they are individually vested or forfeited. The Company will not award any additional grants from the 2000 Recognition and Retention Plan; instead, all future grants of restricted stock will be awarded from the 2012 Equity Incentive Plan, which had 2,363,000 shares originally eligible to be granted as restricted stock. At September 30, 2013, the Company had 1,843,350 shares available for future grants of restricted stock under the 2012 Equity Incentive Plan. This plan will expire in January 2027 and no additional grants may be made after expiration, but outstanding grants continue until they are individually vested or forfeited. The vesting period of the restricted stock awards under the 2012 Equity Incentive Plan generally has ranged from three to five years. | |||||||||||||||
Compensation expense in the amount of the fair market value of the common stock at the date of the grant, as defined by the plans, to the employee is recognized over the period during which the shares vest. Compensation expense attributable to restricted stock awards during the years ended September 30, 2013, 2012, and 2011 totaled $1.8 million ($1.2 million, net of tax), $827 thousand ($531 thousand, net of tax), and $131 thousand ($88 thousand, net of tax), respectively. The following provisions generally apply: 1) a recipient of such restricted stock will be entitled to all voting and other stockholder rights (including the right to receive dividends on vested and non-vested shares), except that the shares, while restricted, may not be sold, pledged or otherwise disposed of and are required to be held in escrow by the Company; 2) if a holder of such restricted stock terminates service for reasons other than death or disability, the holder forfeits all rights to the non-vested shares under restriction; and 3) if a participant’s service terminates as a result of death or disability, or if a change in control of the Company occurs, all restrictions expire and recipients fully vest in all non-vested shares. | |||||||||||||||
A summary of restricted stock activity for the years ended September 30, 2013, 2012, and 2011 follows: | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Weighted | Weighted | Weighted | |||||||||||||
Average | Average | Average | |||||||||||||
Number | Grant Date | Number | Grant Date | Number | Grant Date | ||||||||||
of Shares | Fair Value | of Shares | Fair Value | of Shares | Fair Value | ||||||||||
Unvested restricted stock | |||||||||||||||
at beginning of year | 510,861 | $ | 11.93 | 13,582 | $ | 14.90 | 23,762 | $ | 15.07 | ||||||
Granted | 20,000 | 11.99 | 515,325 | 11.89 | -- | -- | |||||||||
Vested | -129,023 | 11.99 | -18,046 | 13.17 | -10,180 | 15.30 | |||||||||
Forfeited | -15,675 | 11.88 | -- | -- | -- | -- | |||||||||
Unvested restricted stock | |||||||||||||||
at end of year | 386,163 | $ | 11.91 | 510,861 | $ | 11.93 | 13,582 | $ | 14.90 | ||||||
The estimated forfeiture rate for restricted stock granted during the years ended September 30, 2013, 2012, and 2011 was 12.19%, 0.88%, and 0%, respectively, based upon voluntary termination behavior and actual forfeitures. The fair value of restricted stock that vested during the years ended September 30, 2013, 2012, and 2011 totaled $1.5 million, $212 thousand, and $120 thousand, respectively. As of September 30, 2013 there was $3.6 million ($3.5 million, net of estimated forfeitures) of unrecognized compensation cost related to non-vested restricted stock to be recognized over a weighted average period of 2.6 years. | |||||||||||||||
Performance_Based_Compensation
Performance Based Compensation | 12 Months Ended |
Sep. 30, 2013 | |
Performance Based Compensation [Abstract] | ' |
Performance Based Compensation | ' |
11. PERFORMANCE BASED COMPENSATION | |
The Company and the Bank have a short-term performance plan for all officers and a deferred incentive bonus plan for senior and executive officers. The short-term performance plan has a component tied to Company performance and a component tied to individual participant performance. Individual performance criteria are established by executive management for eligible non-executive employees of the Bank; individual performance of executive officers is reviewed by the committee. Company performance criteria are approved by the committee. Short-term performance plan awards are granted based upon a performance review by the committee. The committee may exercise its discretion and reduce or not grant awards. The deferred incentive bonus plan is intended to operate in conjunction with the short-term performance plan. A participant in the deferred incentive bonus plan can elect to defer into an account between $2 thousand and up to 50% (executive officers can defer up to 50%, while senior officers can elect to defer up to 35%) of the short-term performance plan award up to but not exceeding $100 thousand. The amount deferred receives an employer match of up to 50% that is accrued over a three year mandatory deferral period. The amount deferred, plus up to a 50% match, is deemed to have been invested in Company stock on the last business day of the calendar year preceding the receipt of the short-term performance plan award, in the form of phantom stock. The number of shares deemed purchased in phantom stock receives dividend equivalents as if the stock were owned by the officer. At the end of the mandatory deferral period, the deferred incentive bonus plan award is paid out in cash and is comprised of the initial amount deferred, the match amount, dividend equivalents on the phantom shares over the deferral period and the increase in the market value of the Company’s stock over the deferral period, if any, on the phantom shares. There is no provision for the reduction of the deferred incentive bonus plan award if the market value of the Company’s stock at the time is lower than the market value at the time of the deemed investment. | |
The total amount of short-term performance plan awards provided for during the fiscal years ended September 30, 2013, 2012, and 2011 amounted to $1.5 million, $2.0 million and $1.8 million, respectively, of which $300 thousand, $386 thousand, and $345 thousand, respectively, was deferred under the deferred incentive bonus plan. The deferrals, any earnings on those deferrals and increases in the market value of the phantom shares, if any, will be paid in 2015, 2016, and 2017. During fiscal years 2013, 2012, and 2011, the amount expensed in conjunction with the deferred amounts was $309 thousand, $162 thousand, and $153 thousand, respectively. | |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |||||
Sep. 30, 2013 | ||||||
Commitments And Contingencies [Abstract] | ' | |||||
Commitments And Contingencies | ' | |||||
12. COMMITMENTS AND CONTINGENCIES | ||||||
The Bank had commitments outstanding to originate, purchase, or participate in loans as of September 30, 2013 and 2012 as follows: | ||||||
2013 | 2012 | |||||
(Dollars in thousands) | ||||||
Originate fixed-rate | $ | 77,085 | $ | 102,449 | ||
Originate adjustable-rate | 17,997 | 18,272 | ||||
Purchase/participate fixed-rate | 95,247 | 81,107 | ||||
Purchase/participate adjustable-rate | 40,528 | 31,315 | ||||
$ | 230,857 | $ | 233,143 | |||
As of September 30, 2013 and 2012, the Bank had approved but unadvanced home equity lines of credit of $262.7 million and $261.8 million, respectively. As of September 30, 2013 and 2012, the Bank had unadvanced commitments on commercial loans of $15 thousand and $239 thousand, respectively. | ||||||
Commitments to originate mortgage and non-mortgage loans are commitments to lend to a customer as long as there are no underwriting concerns. Commitments to purchase/participate in loans primarily represent commitments to purchase loans from correspondent lenders on a loan-by-loan basis. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a rate lock fee. Some of the commitments are expected to expire without being fully drawn upon; therefore the amount of total commitments disclosed above does not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. As of September 30, 2013 and 2012, there were no significant loan-related commitments that met the definition of derivatives or commitments to sell mortgage loans. | ||||||
In the normal course of business, the Company and its subsidiary are named defendants in various lawsuits and counterclaims. In the opinion of management, after consultation with legal counsel, none of the currently pending suits are expected to have a materially adverse effect on the Company’s consolidated financial statements for the year ended September 30, 2013 or future periods. | ||||||
Regulatory_Capital_Requirement
Regulatory Capital Requirements | 12 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | |||||||||||||||||
Regulatory Capital Requirements | ' | |||||||||||||||||
13. REGULATORY CAPITAL REQUIREMENTS | ||||||||||||||||||
The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and, possibly additional discretionary, actions by regulators that, if undertaken, could have a material adverse effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weightings, and other factors. | ||||||||||||||||||
As of September 30, 2013 and 2012, the most recent regulatory guidelines categorized the Bank as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” the Bank must maintain minimum capital ratios as set forth in the table below. Management believes, as of September 30, 2013, that the Bank meets all capital adequacy requirements to which it is subject and there were no conditions or events subsequent to September 30, 2013 that would change the Bank’s category. There are currently no regulatory capital requirements at the Company. | ||||||||||||||||||
To Be Well | ||||||||||||||||||
Capitalized | ||||||||||||||||||
Under Prompt | ||||||||||||||||||
For Capital | Corrective Action | |||||||||||||||||
Actual | Adequacy Purposes | Provisions | ||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||
(Dollars in thousands) | ||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||
Tier 1 leverage ratio | $ | 1,363,103 | 14.8 | % | $ | 368,028 | 4.0 | % | $ | 460,034 | 5.0 | % | ||||||
Tier 1 risk-based capital | 1,363,103 | 35.6 | 153,015 | 4.0 | 229,523 | 6.0 | ||||||||||||
Total risk-based capital | 1,371,925 | 35.9 | 306,030 | 8.0 | 382,538 | 10.0 | ||||||||||||
As of September 30, 2012 | ||||||||||||||||||
Tier 1 leverage ratio | $ | 1,355,105 | 14.6 | % | $ | 371,747 | 4.0 | % | $ | 464,684 | 5.0 | % | ||||||
Tier 1 risk-based capital | 1,355,105 | 36.4 | 148,744 | 4.0 | 223,116 | 6.0 | ||||||||||||
Total risk-based capital | 1,366,205 | 36.7 | 297,489 | 8.0 | 371,861 | 10.0 | ||||||||||||
Generally, savings institutions, such as the Bank, may make capital distributions during any calendar year equal to earnings of the previous two calendar years and current year-to-date earnings. It is generally required that the Bank remain well capitalized before and after the proposed distribution. So long as the Bank continues to remain “well capitalized” after each capital distribution and operates in a safe and sound manner, it is management’s belief that the regulators will continue to allow the Bank to distribute its net income to the Company, although no assurance can be given in this regard. | ||||||||||||||||||
In July 2013, the FRB, OCC, and FDIC adopted rules that will, on January 1, 2015, implement the Basel III risk-weighted framework and changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act in place of the existing risk-based capital rules and Basel framework that currently apply to the Bank. The new regulatory capital requirements also will apply to the Company on a consolidated basis. Basel III is intended to improve both the quality and quantity of banking organizations’ capital, as well as to strengthen various aspects of the international capital standards for calculating regulatory capital. Although we continue to evaluate the anticipated impact the new capital rules will have on us, we currently anticipate the Bank will remain well-capitalized in accordance with the regulatory standards. | ||||||||||||||||||
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Fair Value Of Financial Instruments [Abstract] | ' | |||||||||||
Fair Value Of Financial Instruments | ' | |||||||||||
14. FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||
Fair Value Measurements – The Company uses fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures in accordance with ASC 820 and ASC 825. The Company did not have any liabilities that were measured at fair value at September 30, 2013 or 2012. The Company’s AFS securities are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets or liabilities on a non-recurring basis, such as OREO and loans individually evaluated for impairment. These non-recurring fair value adjustments involve the application of lower-of-cost-or-fair value accounting or write-downs of individual assets. | ||||||||||||
The Company groups its assets at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: | ||||||||||||
· | Level 1 — Valuation is based upon quoted prices for identical instruments traded in active markets. | |||||||||||
· | Level 2 — Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | |||||||||||
· | Level 3 — Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models, and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. | |||||||||||
The Company bases its fair values on the price that would be received from the sale of an asset in an orderly transaction between market participants at the measurement date. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. | ||||||||||||
The following is a description of valuation methodologies used for assets measured at fair value on a recurring basis. | ||||||||||||
AFS Securities - The Company’s AFS securities portfolio is carried at estimated fair value, with any unrealized gains and losses, net of taxes, reported as AOCI in stockholders’ equity. The majority of the securities within the AFS portfolio are issued by U.S. GSEs. The Company primarily uses prices obtained from third party pricing services and recent trades to determine the fair value of securities. The Company’s major security types based on the nature and risks of the securities are: | ||||||||||||
· | GSE Debentures – Estimated fair values are based on a discounted cash flow method. Cash flows are determined by taking any embedded options into consideration and are discounted using current market yields for similar securities. On a quarterly basis, management corroborates a sample of the prices obtained from the pricing service by comparing them to another independent source. (Level 2) | |||||||||||
· | MBS – Estimated fair values are based on a discounted cash flow method. Cash flows are determined based on prepayment projections of the underlying mortgages and are discounted using current market yields for benchmark securities. On a quarterly basis, management corroborates a sample of the prices obtained from the pricing service by comparing them to another independent source. (Level 2) | |||||||||||
· | Municipal Bonds – Estimated fair values are based on a discounted cash flow method. Cash flows are determined by taking any embedded options into consideration and are discounted using current market yields for securities with similar credit profiles. On a quarterly basis, management corroborates a sample of the prices obtained from the pricing service by comparing them to another independent source. (Level 2) | |||||||||||
· | Trust Preferred Securities – Estimated fair values are based on a discounted cash flow method. Cash flows are determined by taking prepayment and underlying credit considerations into account. The discount rates are derived from secondary trades and bid/offer prices. (Level 3) | |||||||||||
The following tables provide the level of valuation assumption used to determine the carrying value of the Company’s assets measured at fair value on a recurring basis, which consists of AFS securities, at the dates presented. | ||||||||||||
30-Sep-13 | ||||||||||||
Quoted Prices | Significant | Significant | ||||||||||
in Active Markets | Other Observable | Unobservable | ||||||||||
Carrying | for Identical Assets | Inputs | Inputs | |||||||||
Value | (Level 1) | (Level 2) | (Level 3)(1) | |||||||||
(Dollars in thousands) | ||||||||||||
AFS Securities: | ||||||||||||
GSE debentures | $ | 702,228 | $ | -- | $ | 702,228 | $ | -- | ||||
MBS | 363,964 | -- | 363,964 | -- | ||||||||
Municipal bonds | 1,352 | -- | 1,352 | -- | ||||||||
Trust preferred securities | 2,423 | -- | -- | 2,423 | ||||||||
$ | 1,069,967 | $ | -- | $ | 1,067,544 | $ | 2,423 | |||||
30-Sep-12 | ||||||||||||
Quoted Prices | Significant | Significant | ||||||||||
in Active Markets | Other Observable | Unobservable | ||||||||||
Carrying | for Identical Assets | Inputs | Inputs | |||||||||
Value | (Level 1) | (Level 2) | (Level 3)(2) | |||||||||
(Dollars in thousands) | ||||||||||||
AFS Securities: | ||||||||||||
GSE debentures | $ | 861,724 | $ | -- | $ | 861,724 | $ | -- | ||||
MBS | 540,306 | -- | 540,306 | -- | ||||||||
Municipal bonds | 2,516 | -- | 2,516 | -- | ||||||||
Trust preferred securities | 2,298 | -- | -- | 2,298 | ||||||||
$ | 1,406,844 | $ | -- | $ | 1,404,546 | $ | 2,298 | |||||
-1 | The Company’s Level 3 AFS securities had no activity from September 30, 2012 to September 30, 2013, except for principal repayments of $424 thousand and reductions in net unrealized losses recognized in other comprehensive income. Reductions in net unrealized losses included in other comprehensive income for the year ended September 30, 2013 were $276 thousand. | |||||||||||
-2 | The Company’s Level 3 AFS securities had no activity from September 30, 2011 to September 30, 2012, except for principal repayments of $996 thousand and reductions in net unrealized losses recognized in other comprehensive income. Reductions in net unrealized losses included in other comprehensive income for the year ended September 30, 2012 were $78 thousand. | |||||||||||
The following is a description of valuation methodologies used for significant assets measured at fair value on a non-recurring basis. | ||||||||||||
Loans Receivable – The balance of loans individually evaluated for impairment at September 30, 2013 and 2012 was $27.3 million and $26.9 million, respectively. Substantially all of these loans were secured by residential real estate and were individually evaluated to ensure that the carrying value of the loan was not in excess of the fair value of the collateral, less estimated selling costs. When no impairment is indicated, the carrying amount is considered to approximate fair value. Fair values were estimated through current appraisals or listing prices. Fair values may be adjusted by management to reflect current economic and market conditions and, as such, are classified as Level 3. Based on this evaluation, the Bank charged-off any loss amounts at September 30, 2013 and 2012; therefore there was no ACL related to these loans. | ||||||||||||
OREO – OREO primarily represents real estate acquired as a result of foreclosure or by deed in lieu of foreclosure and is carried at lower-of-cost or fair value. Fair value is estimated through current appraisals or listing prices, less estimated selling costs. As these properties are actively marketed, estimated fair values may be adjusted by management to reflect current economic and market conditions and, as such, are classified as Level 3. The fair value of OREO at September 30, 2013 and 2012 was $3.9 million and $8.0 million, respectively. | ||||||||||||
The following tables provide the level of valuation assumptions used to determine the carrying value of the Company’s assets measured at fair value on a non-recurring basis at the dates presented. | ||||||||||||
30-Sep-13 | ||||||||||||
Quoted Prices | Significant | Significant | ||||||||||
in Active Markets | Other Observable | Unobservable | ||||||||||
Carrying | for Identical Assets | Inputs | Inputs | |||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||
(Dollars in thousands) | ||||||||||||
Loans individually evaluated for impairment | $ | 27,327 | $ | -- | $ | -- | $ | 27,327 | ||||
OREO | 3,882 | -- | -- | 3,882 | ||||||||
$ | 31,209 | $ | -- | $ | -- | $ | 31,209 | |||||
30-Sep-12 | ||||||||||||
Quoted Prices | Significant | Significant | ||||||||||
in Active Markets | Other Observable | Unobservable | ||||||||||
Carrying | for Identical Assets | Inputs | Inputs | |||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||
(Dollars in thousands) | ||||||||||||
Loans individually evaluated for impairment | $ | 26,890 | $ | -- | $ | -- | $ | 26,890 | ||||
OREO | 8,047 | -- | -- | 8,047 | ||||||||
$ | 34,937 | $ | -- | $ | -- | $ | 34,937 | |||||
Fair Value Disclosures – The Company determined estimated fair value amounts using available market information and from a variety of valuation methodologies. However, considerable judgment is required to interpret market data to develop the estimates of fair value. Accordingly, the estimates presented are not necessarily indicative of the amount the Company could realize in a current market exchange. The use of different market assumptions and estimation methodologies may have a material impact on the estimated fair value amounts. The fair value estimates presented herein were based on pertinent information available to management as of the dates presented. | ||||||||||||
The carrying amounts and estimated fair values of the Company’s financial instruments at the dates presented were as follows: | ||||||||||||
2013 | 2012 | |||||||||||
Estimated | Estimated | |||||||||||
Carrying | Fair | Carrying | Fair | |||||||||
Amount | Value | Amount | Value | |||||||||
(Dollars in thousands) | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | $ | 113,886 | $ | 113,886 | $ | 141,705 | $ | 141,705 | ||||
HTM securities | 1,718,023 | 1,741,846 | 1,887,947 | 1,969,899 | ||||||||
Loans receivable | 5,958,868 | 6,132,239 | 5,608,083 | 5,978,872 | ||||||||
BOLI | 59,495 | 59,495 | 58,012 | 58,012 | ||||||||
Capital stock of FHLB | 128,530 | 128,530 | 132,971 | 132,971 | ||||||||
Liabilities: | ||||||||||||
Deposits | 4,611,446 | 4,646,263 | 4,550,643 | 4,607,732 | ||||||||
FHLB borrowings | 2,513,538 | 2,599,749 | 2,530,322 | 2,701,142 | ||||||||
Other borrowings | 320,000 | 333,749 | 365,000 | 388,761 | ||||||||
The following methods and assumptions were used to estimate the fair value of the financial instruments: | ||||||||||||
Cash and Cash Equivalents – The carrying amounts of cash and cash equivalents are considered to approximate their fair value due to the nature of the financial asset. (Level 1) | ||||||||||||
HTM Securities – Estimated fair values of securities are based on one of three methods: 1) quoted market prices where available, 2) quoted market prices for similar instruments if quoted market prices are not available, 3) unobservable data that represents the Bank’s assumptions about items that market participants would consider in determining fair value where no market data is available. HTM securities are carried at amortized cost. (Level 2) | ||||||||||||
Loans Receivable – The fair value of one- to four-family mortgages and home equity loans are generally estimated using the present value of expected future cash flows, assuming future prepayments and using discount factors determined by prices obtained from securitization markets, less a discount for the cost of servicing and lack of liquidity. The estimated fair value of the Bank’s multi-family and consumer loans are based on the expected future cash flows assuming future prepayments and discount factors based on current offering rates. (Level 3) | ||||||||||||
BOLI – The carrying value of BOLI is considered to approximate its fair value due to the nature of the financial asset. (Level 1) | ||||||||||||
Capital Stock of FHLB – The carrying value and estimated fair value of FHLB stock equals cost, which is based on redemption at par value. (Level 1) | ||||||||||||
Deposits – The estimated fair value of demand deposits, savings and money market accounts is the amount payable on demand at the reporting date. The estimated fair value of these deposits at September 30, 2013 and 2012 was $2.07 billion and $1.98 billion, respectively. (Level 1) The fair value of certificates of deposit is estimated by discounting future cash flows using current LIBOR rates. The estimated fair value of certificates of deposit at September 30, 2013 and 2012 was $2.58 billion and $2.63 billion, respectively. (Level 2) | ||||||||||||
FHLB borrowings and Repurchase Agreements – The fair value of fixed-maturity borrowed funds is estimated by discounting estimated future cash flows using currently offered rates. (Level 2) | ||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
15. SUBSEQUENT EVENTS | |
In preparing these financial statements, management has evaluated events occurring subsequent to September 30, 2013, for potential recognition and disclosure. There have been no material events or transactions which would require adjustments to the consolidated financial statements at September 30, 2013. | |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Selected Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Selected Quarterly Financial Data | ' | |||||||||||||||
16. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
The following table presents summarized quarterly data for each of the years indicated for the Company. | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | Total | ||||||||||||
(Dollars and counts in thousands, except per share amounts) | ||||||||||||||||
2013 | ||||||||||||||||
Total interest and dividend income | $ | 77,676 | $ | 74,980 | $ | 73,675 | $ | 72,223 | $ | 298,554 | ||||||
Net interest and dividend income | 45,630 | 44,320 | 44,404 | 43,806 | 178,160 | |||||||||||
Provision for credit losses | 233 | -- | -800 | -500 | -1,067 | |||||||||||
Net income | 17,563 | 17,715 | 17,995 | 16,067 | 69,340 | |||||||||||
Basic EPS | 0.12 | 0.12 | 0.13 | 0.11 | 0.48 | |||||||||||
Diluted EPS | 0.12 | 0.12 | 0.13 | 0.11 | 0.48 | |||||||||||
Dividends declared per share | 0.775 | 0.075 | 0.075 | 0.075 | 1.00 | |||||||||||
Average number of basic shares outstanding | 147,883 | 145,382 | 143,263 | 142,856 | 144,847 | |||||||||||
Average number of diluted shares outstanding | 147,883 | 145,382 | 143,263 | 142,858 | 144,848 | |||||||||||
2012 | ||||||||||||||||
Total interest and dividend income | $ | 84,827 | $ | 83,274 | $ | 80,645 | $ | 79,305 | $ | 328,051 | ||||||
Net interest and dividend income | 45,374 | 47,466 | 46,188 | 45,853 | 184,881 | |||||||||||
Provision for credit losses | 540 | 1,500 | -- | -- | 2,040 | |||||||||||
Net income | 18,789 | 19,315 | 18,673 | 17,736 | 74,513 | |||||||||||
Basic EPS | 0.12 | 0.12 | 0.12 | 0.11 | 0.47 | |||||||||||
Diluted EPS | 0.12 | 0.12 | 0.12 | 0.11 | 0.47 | |||||||||||
Dividends declared per share | 0.175 | 0.075 | 0.075 | 0.075 | 0.40 | |||||||||||
Average number of basic shares outstanding | 161,923 | 161,722 | 156,962 | 151,077 | 157,913 | |||||||||||
Average number of diluted shares outstanding | 161,931 | 161,728 | 156,966 | 151,079 | 157,916 | |||||||||||
Parent_Company_Financial_Infor
Parent Company Financial Information (Parent Company Only) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Parent Company Financial Information (Parent Company Only) [Abstract] | ' | ||||||||
Parent Company Financial Information (Parent Company Only) | ' | ||||||||
17. PARENT COMPANY FINANCIAL INFORMATION (PARENT COMPANY ONLY) | |||||||||
The Company serves as the holding company for the Bank (see “Note 1 – Summary of Significant Accounting Policies”). The Company’s (parent company only) balance sheets at the dates presented, and the related statements of income and cash flows for each of the years presented are as follows: | |||||||||
BALANCE SHEETS | |||||||||
September 30, 2013 and 2012 | |||||||||
(Dollars in thousands, except share amounts) | |||||||||
2013 | 2012 | ||||||||
ASSETS | |||||||||
Cash and cash equivalents | $ | 207,012 | $ | 308,648 | |||||
Investment in the Bank | 1,370,426 | 1,379,357 | |||||||
AFS securities, at fair value (amortized cost of $0 and $60,074) | -- | 60,120 | |||||||
Note receivable - ESOP | 47,260 | 50,087 | |||||||
Other assets | 282 | 84 | |||||||
Accrued interest | -- | 263 | |||||||
Income tax receivable | 3,031 | 3,092 | |||||||
Deferred income tax assets | 4,186 | 7,103 | |||||||
TOTAL ASSETS | $ | 1,632,197 | $ | 1,808,754 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
LIABILITIES: | |||||||||
Accounts payable and accrued expenses | $ | 71 | $ | 2,296 | |||||
STOCKHOLDERS’ EQUITY: | |||||||||
Preferred stock, $.01 par value; 100,000,000 shares authorized, | |||||||||
no shares issued or outstanding | -- | -- | |||||||
Common stock, $.01 par value; 1,400,000,000 shares authorized, | |||||||||
147,840,268 and 155,379,739 shares issued and outstanding | |||||||||
as of September 30, 2013 and 2012, respectively | 1,478 | 1,554 | |||||||
Additional paid-in capital | 1,235,781 | 1,292,122 | |||||||
Unearned compensation - ESOP | -44,603 | -47,575 | |||||||
Retained earnings | 432,203 | 536,150 | |||||||
AOCI, net of tax | 7,267 | 24,207 | |||||||
Total stockholders’ equity | 1,632,126 | 1,806,458 | |||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,632,197 | $ | 1,808,754 | |||||
STATEMENTS OF INCOME | |||||||||
YEARS ENDED SEPTEMBER 30, 2013, 2012 and 2011 | |||||||||
(Dollars in thousands) | |||||||||
2013 | 2012 | 2011 | |||||||
INTEREST AND DIVIDEND INCOME: | |||||||||
Dividend income from the Bank | $ | 70,512 | $ | 88,871 | $ | 45,643 | |||
Interest income from other investments | 2,328 | 2,835 | 3,221 | ||||||
Interest income from securities | 62 | 1,062 | 1,093 | ||||||
Total interest and dividend income | 72,902 | 92,768 | 49,957 | ||||||
INTEREST EXPENSE | -- | -- | 855 | ||||||
NET INTEREST AND DIVIDEND INCOME | 72,902 | 92,768 | 49,102 | ||||||
NON-INTEREST INCOME | -- | -- | 26 | ||||||
NON-INTEREST EXPENSE: | |||||||||
Contribution to Foundation | -- | -- | 40,000 | ||||||
Salaries and employee benefits | 857 | 838 | 856 | ||||||
Regulatory and outside services | 473 | 276 | 337 | ||||||
Other non-interest expense | 648 | 694 | 650 | ||||||
Total non-interest expense | 1,978 | 1,808 | 41,843 | ||||||
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) AND EQUITY | |||||||||
IN (EXCESS OF DISTRIBUTION OVER) UNDISTRIBUTED | |||||||||
EARNINGS OF SUBSIDIARY | 70,924 | 90,960 | 7,285 | ||||||
INCOME TAX EXPENSE (BENEFIT) | 144 | 731 | -13,425 | ||||||
INCOME BEFORE EQUITY IN (EXCESS OF DISTRIBUTION OVER) | |||||||||
UNDISTRIBUTED EARNINGS OF SUBSIDIARY | 70,780 | 90,229 | 20,710 | ||||||
EQUITY IN (EXCESS OF DISTRIBUTION OVER) | |||||||||
UNDISTRIBUTED EARNINGS OF SUBSIDIARY | -1,440 | -15,716 | 17,693 | ||||||
NET INCOME | $ | 69,340 | $ | 74,513 | $ | 38,403 | |||
STATEMENTS OF CASH FLOWS | |||||||||
YEARS ENDED SEPTEMBER 30, 2013, 2012 and 2011 | |||||||||
(Dollars in thousands) | |||||||||
2013 | 2012 | 2011 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
Net income | $ | 69,340 | $ | 74,513 | $ | 38,403 | |||
Adjustments to reconcile net income to net cash provided by | |||||||||
operating activities: | |||||||||
Equity in excess of distribution over (undistributed) | |||||||||
earnings of subsidiary | 1,440 | 15,716 | -17,693 | ||||||
Amortization/accretion of premiums/discounts | 74 | 2,196 | 3,529 | ||||||
Other, net | 263 | 1,549 | -1,812 | ||||||
Provision for deferred income taxes | 3,216 | 5,422 | -10,409 | ||||||
Changes in: | |||||||||
Other assets | -198 | -9 | 1,547 | ||||||
Income taxes receivable/payable | -220 | -2,160 | -2,927 | ||||||
Accounts payable and accrued expenses | -27 | 33 | -355 | ||||||
Net cash flows provided by operating activities | 73,888 | 97,260 | 10,283 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
Offering proceeds downstreamed to Bank | -- | -- | -567,422 | ||||||
Purchase of AFS investment securities | -- | -- | -405,800 | ||||||
Proceeds from maturities of AFS securities | 60,000 | 300,000 | 40,000 | ||||||
Proceeds from maturities of Bank certificates | -- | -- | 55,000 | ||||||
Principal collected on notes receivable from ESOP | 2,827 | 2,672 | 2,525 | ||||||
Net cash flows provided by (used in) investing activities | 62,827 | 302,672 | -875,697 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Net proceeds from stock offering (deferred offering costs) | -- | -- | 1,094,101 | ||||||
Net payment from subsidiary related to restricted stock awards | 34 | 6,128 | -- | ||||||
Dividends paid | -146,824 | -63,768 | -150,110 | ||||||
Repayment of other borrowings | -- | -- | -53,609 | ||||||
Repurchase of common stock | -91,573 | -146,781 | -- | ||||||
Stock options exercised | 12 | 36 | 35 | ||||||
Net cash flows (used in) provided by financing activities | -238,351 | -204,385 | 890,417 | ||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -101,636 | 195,547 | 25,003 | ||||||
CASH AND CASH EQUIVALENTS: | |||||||||
Beginning of year | 308,648 | 113,101 | 88,098 | ||||||
End of year | $ | 207,012 | $ | 308,648 | $ | 113,101 | |||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||
Interest payments | $ | -- | $ | -- | $ | 1,274 | |||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND | |||||||||
FINANCING ACTIVITIES: | |||||||||
Note to ESOP in exchange for common stock | $ | -- | $ | -- | $ | 47,260 | |||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Description of Business | ' |
Description of Business - Capitol Federal Financial, Inc. (the “Company”) provides a full range of retail banking services through its wholly-owned subsidiary, Capitol Federal Savings Bank (the “Bank”) which has 36 traditional and 10 in-store banking offices serving primarily the metropolitan areas of Topeka, Wichita, Lawrence, Manhattan, Emporia and Salina, Kansas and portions of the metropolitan area of greater Kansas City. The Bank emphasizes mortgage lending, primarily originating and purchasing one- to four-family mortgage loans, and providing personal retail financial services. The Bank is subject to competition from other financial institutions and other companies that provide financial services. | |
On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) was signed into law. The Dodd-Frank Act, among other things, required the Office of Thrift Supervision (the “OTS”) to be merged into the Office of the Comptroller of the Currency (the “OCC”). On July 21, 2011, the OCC assumed all functions and authority from the OTS relating to federally chartered savings banks, including the Bank, and the Board of Governors of the Federal Reserve System (“FRB”) assumed all functions and authority from the OTS relating to savings and loan holding companies, including the Company. The Bank is also regulated by the Federal Deposit Insurance Corporation (the “FDIC”). The Bank and Company are subject to periodic examinations by the above noted regulatory authorities. | |
The Bank has an expense sharing agreement with the Company that covers the reimbursement of certain expenses that are allocable to the Company. These expenses include compensation, rent for leased office space, and general overhead expenses. | |
The Company and its subsidiary have a tax allocation agreement. The Bank is the paying agent to the taxing authorities for the group for all periods presented. Each company is liable for taxes as if separate tax returns were filed and reimburses the Bank for its pro rata share of the tax liability. If any entity has a tax benefit, the Bank reimburses the entity for its tax benefit. | |
The Company’s ability to pay dividends is dependent, in part, upon its ability to obtain capital distributions from the Bank. The dividend policy of the Company is subject to the discretion of the Board of Directors and will depend upon a number of factors, including the Company’s financial condition and results of operations, regulatory capital requirements, regulatory limitations on the Bank’s ability to make capital distributions to the Company, and the amount of cash at the holding company level. Holders of common stock will be entitled to receive dividends as of and when declared by the Board of Directors of the Company out of funds legally available for that purpose. | |
Basis of Presentation | ' |
Basis of Presentation - In December 2010, Capitol Federal Financial completed its conversion from a mutual holding company form of organization to a stock form of organization (“the corporate reorganization”). Capitol Federal Financial, which owned 100% of the Bank, was succeeded by the Company, a new Maryland corporation. As part of the corporate reorganization, Capitol Federal Savings Bank MHC’s (“MHC”) ownership interest in Capitol Federal Financial was sold in a public offering. The publicly held shares of Capitol Federal Financial were exchanged for new shares of common stock of the Company. In conjunction with the corporate reorganization, the Company contributed $40.0 million of cash to the Bank’s charitable foundation, Capitol Federal Foundation. Additionally, a “liquidation account” was established for the benefit of certain depositors of the Bank in an amount equal to MHC’s ownership interest in the retained earnings of Capitol Federal Financial as of June 30, 2010. As of September 30, 2013, the balance of the liquidation account was $287.0 million. Under applicable federal banking regulations, neither the Company nor the Bank is permitted to pay dividends on its capital stock to its stockholders if stockholders’ equity would be reduced below the amount of the liquidation account at that time. | |
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, the Bank. The Bank has a wholly owned subsidiary, Capitol Funds, Inc. Capitol Funds, Inc. has a wholly owned subsidiary, Capitol Federal Mortgage Reinsurance Company. All intercompany accounts and transactions have been eliminated in consolidation. | |
These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), and require 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 and the reported amounts of revenues and expenses during the reporting periods. The ACL is a significant estimate that involves a high degree of complexity and requires management to make difficult and subjective judgments and assumptions about highly uncertain matters. The use of different judgments and assumptions could cause reported results to differ significantly. In addition, bank regulators periodically review the Bank’s ACL. Bank regulators have the authority to require the Bank, as they can require all banks, to increase the ACL or recognize additional charge-offs based upon their judgments, which may differ from management’s judgments. Any increases in the ACL or recognition of additional charge-offs required by bank regulators could adversely affect the Company’s financial condition and results of operations. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents - Cash and cash equivalents include cash on hand and amounts due from banks. FRB regulations require federally chartered savings banks to maintain cash reserves against their transaction accounts. Required reserves must be maintained in the form of vault cash, an account at a Federal Reserve Bank, or a pass-through account as defined by the FRB. The amount of interest-earning deposits held at the FRB as of September 30, 2013 and 2012 was $98.7 million and $122.4 million, respectively. The Bank is in compliance with the FRB requirements. For the years ended September 30, 2013 and 2012, the average daily balance of required reserves at the Federal Reserve Bank was $9.0 million and $9.2 million, respectively. | |
Securities | ' |
Securities - Securities include mortgage-backed and agency securities issued primarily by United States Government-Sponsored Enterprises (“GSE”), including Federal National Mortgage Association (“FNMA”), Federal Home Loan Mortgage Corporation (“FHLMC”) and FHLB, United States Government agencies, including Government National Mortgage Association (“GNMA”), and municipal bonds. Securities are classified as HTM, AFS, or trading based on management’s intention on the date of purchase. Generally, classifications are made in response to liquidity needs, asset/liability management strategies, and the market interest rate environment at the time of purchase. | |
Securities that management has the intent and ability to hold to maturity are classified as HTM and reported at amortized cost. Such securities are adjusted for the amortization of premiums and discounts which are recognized as adjustments to interest income over the life of the securities using the level-yield method. | |
Securities that management may sell if necessary for liquidity or asset management purposes are classified as AFS and reported at fair value, with unrealized gains and losses reported as a component of AOCI within stockholders’ equity, net of deferred income taxes. The amortization of premiums and discounts are recognized as adjustments to interest income over the life of the securities using the level-yield method. Gains or losses on the disposition of AFS securities are recognized using the specific identification method. The Company primarily uses prices obtained from third party pricing services and recent trades to determine the fair value of securities. See additional discussion of fair value of AFS securities in “Note 14 – Fair Value of Financial Instruments”. | |
Securities that are purchased and held principally for resale in the near future are classified as trading securities and are reported at fair value, with unrealized gains and losses included in non-interest income in the consolidated statements of income. During the fiscal years ended September 30, 2013 and 2012, neither the Company nor the Bank maintained a trading securities portfolio. | |
Management monitors the securities portfolio for impairment on an ongoing basis and performs a formal review quarterly. The process involves monitoring market events and other items that could impact issuers. The evaluation includes, but is not limited to, such factors as: the nature of the investment, the length of time the security has had a fair value less than the amortized cost basis, the cause(s) and severity of the loss, expectation of an anticipated recovery period, recent events specific to the issuer or industry including the issuer’s financial condition and current ability to make future payments in a timely manner, external credit ratings and recent downgrades in such ratings, management’s intent to sell and whether it is more likely than not management would be required to sell prior to recovery for debt securities. Management determines whether other-than-temporary losses should be recognized for impaired securities by assessing all known facts and circumstances surrounding the securities. If management intends to sell an impaired security or if it is more likely than not that management will be required to sell an impaired security before recovery of its amortized cost basis, an other-than-temporary impairment has occurred and the difference between amortized cost and fair value will be recognized as a loss in earnings and the security will be written down to fair value. Such losses would be included in non-interest income in the consolidated statements of income. | |
Loans Receivable | ' |
Loans Receivable - Loans receivable that management has the intent and ability to hold for the foreseeable future are carried at the amount of unpaid principal, net of ACL, undisbursed loan funds, unamortized premiums and discounts, and deferred loan origination fees and costs. Net loan origination fees and costs and premiums and discounts are amortized as yield adjustments to interest income using the level-yield method, adjusted for the estimated prepayment speeds of the related loans when applicable. Interest on loans is credited to income as earned and accrued only if deemed collectible. | |
Endorsed loans - Existing loan customers, whose loans have not been sold to third parties, who have not been delinquent on their contractual loan payments during the previous 12 months and who are not currently in bankruptcy, have the opportunity, for a cash fee, to endorse their original loan terms to current loan terms being offered. The fee assessed for endorsing the mortgage loan is deferred and amortized over the remaining life of the endorsed loan using the level-yield method and is reflected as an adjustment to interest income. Each endorsement is examined on a loan-by-loan basis and if the new loan terms represent more than a minor change to the loan, then the unamortized balance of the pre-endorsement deferred fees and/or costs associated with the mortgage loan are recognized in interest income at the time of the endorsement. If the endorsement of terms does not represent more than a minor change to the loan, then the unamortized balance of the pre-endorsement deferred fees and/or costs continue to be deferred. | |
Troubled debt restructurings (“TDRs”) - For borrowers experiencing financial difficulties, the Bank may grant a concession to the borrower. Generally, the Bank grants a short-term payment concession to borrowers who are experiencing a temporary cash flow problem. The most frequently used concession is to reduce the monthly payment amount for a period of 6 to 12 months, often by requiring payments of only interest and escrow during this period, resulting in an extension of the maturity date of the loan. For more severe situations requiring long-term solutions, the Bank also offers interest rate reductions to currently-offered rates and the capitalization of delinquent interest and/or escrow resulting in an extension of the maturity date of the loan. The Bank does not forgive principal or interest nor does it commit to lend additional funds, except for situations generally involving the capitalization of delinquent interest and/or escrow not to exceed the original loan balance, to these borrowers. | |
Endorsed loans are classified as TDRs when certain guidelines for soft credit scores and/or estimated loan-to-value (“LTV”) ratios are not met. These guidelines are intended to identify changes in the borrower’s credit condition since origination, signifying the borrower could be experiencing financial difficulties even though the borrower has not been delinquent on his contractual loan payment in the previous 12 months. | |
The TDRs discussed above will be reported as such until paid-off, unless the loan has been restructured to an interest rate equal to or greater than the rate the Bank was willing to accept at the time of the restructuring for a new loan with comparable risk, and has performed under the new terms of the restructuring agreement for at least 12 consecutive months. | |
During July 2012, the OCC provided guidance to the industry regarding loans that had been discharged under Chapter 7 bankruptcy proceedings where the borrower has not reaffirmed the debt owed to the lender (“Chapter 7 loans”). The OCC requires that these loans be reported as TDRs, regardless of their delinquency status (“Chapter 7 TDRs”). These loans will be reported as TDRs until the borrower has made 48 consecutive monthly loan payments after the Chapter 7 discharge date. | |
Delinquent loans - A loan is considered delinquent when payment has not been received within 30 days of its contractual due date. | |
Nonaccrual loans - The accrual of income on loans is discontinued when interest or principal payments are 90 days in arrears or, for TDR loans, the borrower has not made six consecutive monthly payments per the restructured loan terms or since the discharge date for Chapter 7 TDRs. Loans on which the accrual of income has been discontinued are designated as nonaccrual and outstanding interest previously credited beyond 90 days delinquent is reversed. A nonaccrual loan is returned to accrual status once the contractual payments have been made to bring the loan less than 90 days past due or, in the case of a TDR loan, the borrower has made six consecutive payments per the restructured loan terms or the borrower has made six consecutive payments since the discharge date for Chapter 7 TDRs. | |
Impaired loans - A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement. Interest income on impaired loans is recognized in the period collected unless the ultimate collection of principal is considered doubtful. The following types of loans are reported as impaired loans: all nonaccrual loans, loans classified as substandard, loans partially charged-off, Chapter 7 loans, and all TDRs except those that have been restructured to an interest rate equal to or greater than the rate the Bank was willing to accept at the time of the restructuring for a new loan with comparable risk, and has performed under the new terms of the restructuring agreement for at least 12 consecutive months. | |
The majority of the Bank’s impaired loans are related to one- to four-family properties. Impaired loans related to one- to four-family properties are individually evaluated for loss when the loan becomes 180 days delinquent or at any time management has knowledge of the existence of a potential loss to ensure that the carrying value of the loan is not in excess of the fair value of the collateral, less estimated selling costs. | |
Allowance For Credit Losses | ' |
Allowance for Credit Losses - The ACL represents management’s best estimate of the amount of inherent losses in the loan portfolio as of the balance sheet date. Management’s methodology for assessing the appropriateness of the ACL consists of an analysis (“formula analysis”) model, along with analyzing several other factors. Management maintains the ACL through provisions for credit losses that are either charged to or credited to income. | |
For one- to four-family secured loans, losses are charged-off when the loan is generally 180 days delinquent or in foreclosure. Losses are based on new collateral values obtained through appraisals, less estimated costs to sell. Anticipated private mortgage insurance proceeds are taken into consideration when calculating the loss amount. An updated appraisal is requested, at a minimum, every 12 months thereafter if the loan remains 180 days or more delinquent or in foreclosure. If the Bank holds the first and second mortgage, both loans are combined when evaluating whether there is a potential loss on the loan. Charge-offs for real estate-secured loans may also occur at any time if the Bank has knowledge of the existence of a potential loss. For all real estate loans that are not secured by one- to four-family property, losses are charged-off when the collection of such amounts is unlikely. When a non-real estate secured loan is 120 days delinquent, any identified losses are charged-off. | |
The Bank’s primary lending emphasis is the origination and purchase of one- to four-family first mortgage loans on residential properties and, to a lesser extent, home equity and second mortgage loans on one- to four-family residential properties, resulting in a loan concentration in residential mortgage loans. The Bank has a concentration of loans secured by residential property located in Kansas and Missouri. Based on the composition of the Bank’s loan portfolio, the primary risk characteristics inherent in the one- to four-family and consumer loan portfolios are a decline in economic conditions, elevated levels of unemployment or underemployment, and declines in residential real estate values. Any one or a combination of these events may adversely affect borrowers’ ability to repay their loans, resulting in increased delinquencies, non-performing assets, loan losses, and future loan loss provisions. Although the multi-family and commercial loan portfolio is subject to the same risk of declines in economic conditions, the primary risk characteristics inherent in this portfolio include the ability of the borrower to sustain sufficient cash flows from leases and to control expenses to satisfy their contractual debt payments, and/or the ability to utilize personal and/or business resources to pay their contractual debt payments if the cash flows are not sufficient. Additionally, if the Bank were to repossess the secured collateral of a multi-family or commercial loan, the pool of potential buyers is limited more than that for a residential property. Therefore, the Bank could hold the property for an extended period of time and/or potentially be forced to sell at a discounted price, resulting in additional losses. | |
Each quarter, a formula analysis is prepared which segregates the loan portfolio into categories based on certain risk characteristics. The categories include the following: one- to four-family loans; multi-family and commercial loans; consumer home equity loans; and other consumer loans. Home equity loans with the same underlying collateral as a one- to four-family loan are combined with the one- to four-family loan in the formula analysis model to calculate a combined LTV ratio. Loans individually evaluated for loss are excluded from the formula analysis model. The one- to four-family loan portfolio and related home equity loans are segregated into additional categories based on the following risk characteristics: originated and correspondent purchased, or bulk purchased; interest payments (fixed-rate and adjustable-rate/interest-only); LTV ratios; borrower’s credit scores; and certain geographic locations. The categories were derived by management based on reviewing the historical performance of the one- to four-family loan portfolio and taking into consideration current economic conditions, such as trends in residential real estate values in certain areas of the U.S. and unemployment rates. | |
Quantitative loss factors are applied to each loan category in the formula analysis model based on the historical loss experience for each respective loan category. Each quarter, management reviews the historical loss time periods and utilizes the historical loss time periods believed to be the most reflective of the current economic conditions and recent charge-off experience. | |
Qualitative loss factors are applied to each loan category in the formula analysis model. The qualitative loss factors that are applied in the formula analysis model for one- to four-family and consumer loan portfolios are: unemployment rate trends; collateral value trends; credit score trends; and delinquent loan trends. The qualitative loss factors that are applied in the formula analysis model for multi-family and commercial loan portfolio are: unemployment rate trends; credit score trends for the primary guarantor; delinquent loan trends; and a factor based on management’s judgment due to the higher risk nature of these loans, as compared to one- to four-family loans. As loans are classified or become delinquent, the qualitative loss factors increase for each respective loan category. Additionally, TDRs that have not been individually evaluated for loss are included in a category within the formula analysis model with an overall higher qualitative loss factor than corresponding performing loans, for the life of the loan. The qualitative factors were derived by management based on a review of the historical performance of the respective loan portfolios and consideration of current economic conditions and their likely impact to the loan portfolio. | |
Management utilizes the formula analysis, along with analyzing several other factors, when evaluating the adequacy of the ACL. Such factors include the trend and composition of delinquent loans, results of foreclosed property and short sale transactions, charge-off trends, the current status and trends of local and national economies (particularly levels of unemployment), trends and current conditions in the real estate and housing markets, and loan portfolio growth and concentrations. Since the Bank’s loan portfolio is primarily concentrated in one- to four-family real estate, management monitors residential real estate market value trends in the Bank’s local market areas and geographic sections of the U.S. by reference to various industry and market reports, economic releases and surveys, and management’s general and specific knowledge of the real estate markets in which the Bank lends, in order to determine what impact, if any, such trends may have on the level of ACL. Reviewing these factors assists management in evaluating the overall credit quality of the loan portfolio and the reasonableness of the ACL on an ongoing basis, and whether changes need to be made to the Bank’s ACL methodology. Management seeks to apply the ACL methodology in a consistent manner; however, the methodology can be modified in response to changing conditions. | |
Bank-Owned Life Insurance | ' |
Bank-Owned Life Insurance - BOLI is an insurance investment designed to help offset costs associated with the Bank’s compensation and benefit programs. In the event of the death of an insured individual, the Bank would receive a death benefit. If the insured individual is employed by the Bank at the time of death, a death benefit will be paid to the insured individual’s designated beneficiary equal to the insured individual’s base compensation at the time BOLI was approved by the Bank’s Board of Directors. If the individual is not employed by the Bank at the time of death, no death benefits will be paid to the insured individual’s designated beneficiary. | |
The cash surrender value of the policies is reported in BOLI in the consolidated balance sheets. Changes in the cash surrender value are recorded in income from BOLI in the consolidated statements of income. | |
Capital Stock of Federal Home Loan Bank | ' |
Capital Stock of Federal Home Loan Bank - As a member of FHLB Topeka, the Bank is required to acquire and hold shares of FHLB stock. The Bank’s holding requirement varies based on the Bank’s activities, primarily the Bank’s outstanding advances, with FHLB. FHLB stock is carried at cost. Management conducts a quarterly evaluation to determine if any FHLB stock impairment exists. The quarterly impairment evaluation focuses primarily on the capital adequacy and liquidity of FHLB Topeka, while also considering the impact that legislative and regulatory developments may have on FHLB Topeka. Dividends received on FHLB stock are reflected as dividend income in the consolidated statements of income. | |
Premises and Equipment | ' |
Premises and Equipment - Land is carried at cost. Buildings, leasehold improvements, and furniture, fixtures and equipment are carried at cost less accumulated depreciation and leasehold amortization. Buildings, furniture, fixtures and equipment are depreciated over their estimated useful lives using the straight-line method. Buildings have an estimated useful life of 39 years. Structural components of the buildings generally have an estimated life of 15 years. Furniture, fixtures and equipment have an estimated useful life of three to seven years. Leasehold improvements are amortized over the shorter of their estimated useful lives or the term of the respective leases, which is generally three to 15 years. The costs for major improvements and renovations are capitalized, while maintenance, repairs and minor improvements are charged to operating expenses as incurred. Gains and losses on dispositions are recorded as non-interest income or non-interest expense as incurred. | |
Other Real Estate Owned | ' |
Other Real Estate Owned - OREO primarily represents foreclosed assets held for sale. OREO is reported at the lower of cost or estimated fair value less estimated selling costs (“realizable value.”) At acquisition, write downs to realizable value are charged to the ACL. After acquisition, any additional write downs are charged to operations in the period they are identified and are recorded in non-interest expense on the consolidated statements of income. Costs and expenses related to major additions and improvements are capitalized while maintenance and repairs which do not improve or extend the lives of the respective assets are expensed. Gains and losses on the sale of OREO are recognized upon disposition of the property and are recorded in non-interest expense in the consolidated statements of income. | |
Income Taxes | ' |
Income Taxes - The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. Deferred income taxes expense (benefit) represents the change in deferred income tax assets and liabilities excluding the tax effects of the change in net unrealized gain (loss) on AFS securities and changes in the market value of restricted stock between the grant date and vesting date. Income tax related penalties and interest are included in income tax expenses in the consolidated statements of income. | |
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Certain tax benefits attributable to stock options and restricted stock are credited to additional paid-in capital. A valuation allowance is recorded to reduce deferred income tax assets when there is uncertainty regarding the ability to realize their benefit. | |
Certain accounting literature prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of an uncertain tax position taken, or expected to be taken, in a tax return. Accruals of interest and penalties related to unrecognized tax benefits are recognized in income tax expense. | |
Employee Stock Ownership Plan | ' |
Employee Stock Ownership Plan - The funds borrowed by the ESOP from the Company to purchase the Company’s common stock are being repaid from the Bank’s contributions and dividends paid on unallocated ESOP shares. The shares pledged as collateral are reported as a reduction of stockholders’ equity at cost. As ESOP shares are committed to be released from collateral each quarter, the Company records compensation expense based on the average market price of the Company’s stock during the quarter. Additionally, the shares become outstanding for earnings per share (“EPS”) computations once they are committed to be released. | |
Stock-based Compensation | ' |
Stock-based Compensation - The Company has share-based plans under which stock options and restricted stock awards have been granted. Compensation expense is recognized over the service period of the share-based payment award. The Company utilizes a fair-value-based measurement method in accounting for the share-based payment transactions with employees, except for equity instruments held by the ESOP. The Company applies the modified prospective method in which compensation cost is recognized over the service period for all awards granted. | |
Borrowed Funds | ' |
Borrowed Funds - The Bank enters into sales of securities under agreements to repurchase with approved counterparties (“repurchase agreements”). These agreements are recorded as financing transactions, and thereby reported as liabilities on the consolidated balance sheet, as the Bank maintains effective control over the transferred securities and the securities continue to be carried in the Bank’s securities portfolio. The securities are delivered to the party with whom each transaction is executed and they agree to resell to the Bank the same securities at the maturity of the agreement. The Bank retains the right to substitute similar or like securities throughout the terms of the agreements. The collateral is subject to valuation at current market levels and the Bank may ask for the return of excess collateral or be required to post additional collateral due to market value changes or as a result of principal payments received. | |
The Bank has obtained advances from FHLB and has access to a FHLB line of credit. Total FHLB borrowings are secured by certain qualifying mortgage loans pursuant to a blanket collateral agreement with FHLB and all of the capital stock of FHLB owned by the Bank. Per the FHLB lending guidelines, total FHLB borrowings cannot exceed 40% of total Bank assets, as reported on the Bank’s Call Report to the OCC, without pre-approval from the FHLB president. Additionally, the Bank is authorized to borrow from the Federal Reserve Bank’s “discount window.” | |
Comprehensive Income | ' |
Comprehensive Income - Comprehensive income is comprised of net income and other comprehensive income. Other comprehensive income includes changes in unrealized gains and losses on securities AFS, net of tax. | |
Segment Information | ' |
Segment Information - As a community-oriented financial institution, substantially all of the Bank’s operations involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of these community banking operations, which constitute the Company’s only operating segment for financial reporting purposes. | |
Earnings Per Share | ' |
Earnings Per Share - Basic EPS is computed by dividing income available to common stockholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock (such as stock options) were exercised or resulted in the issuance of common stock. These potentially dilutive shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. Shares issued and shares reacquired during any period are weighted for the portion of the period that they were outstanding. | |
In computing both basic and diluted EPS, the weighted average number of common shares outstanding includes the ESOP shares previously allocated to participants and shares committed to be released for allocation to participants and restricted stock shares which have vested or have been allocated to participants. ESOP shares that have not been committed to be released are excluded from the computation of basic and diluted EPS. Unvested restricted stock awards contain nonforfeitable rights to dividends and are treated as participating securities in the computation of EPS pursuant to the two-class method for fiscal years 2013 and 2012. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements - In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-05, Presentation of Comprehensive Income, which revised how entities present comprehensive income in their financial statements. The ASU requires entities to report components of comprehensive income in either a continuous statement of comprehensive income or two separate but consecutive statements. In a continuous statement of comprehensive income, an entity would be required to present the components of the income statement as presented today, along with the components of other comprehensive income. In the two-statement approach, an entity would be required to present a statement that is consistent with the income statement format used today, along with a second statement, which would immediately follow the income statement that would include the components of other comprehensive income. The ASU did not change the items that an entity must report in other comprehensive income. ASU 2011-05 was effective October 1, 2012 for the Company. The Company elected the two-statement approach upon adoption on October 1, 2012 and applied the ASU retrospectively for all periods presented in the consolidated financial statements. | |
In December 2011, the FASB issued ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The ASU requires new disclosures regarding the nature of an entity’s rights of setoff and related arrangements associated with its financial instruments and derivative instruments. The new disclosures are designed to make GAAP financial statements more comparable to those prepared under International Financial Reporting Standards. The new disclosures entail presenting information about both gross and net exposures. The new disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, which is October 1, 2013 for the Company, and interim periods therein; retrospective application is required. The adoption of this ASU is disclosure-related and therefore is not expected to have an impact on the Company’s consolidated financial condition or results of operations when adopted on October 1, 2013. | |
In January 2013, the FASB issued ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The ASU clarifies the scope of the offsetting disclosure requirements in ASU 2011-11, Disclosures about Offsetting Assets and Liabilities. These standards are effective for fiscal years beginning on or after January 1, 2013, which is October 1, 2013 for the Company. The standards are disclosure-related and therefore, their adoption is not expected to have an impact on the Company’s consolidated financial condition or results of operations when adopted on October 1, 2013. | |
In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which is intended to improve the transparency of changes in other comprehensive income and items reclassified out of AOCI. The standard requires entities to disaggregate the total change of each component of other comprehensive income and separately present reclassification adjustments and current period other comprehensive income. Additionally, the standard requires that significant items reclassified out of AOCI be presented by component either on the face of the statement where net income is presented or as a separate disclosure in the notes to the financial statements. ASU 2013-02 is effective for fiscal years beginning after December 15, 2012, which is October 1, 2013 for the Company, and should be applied prospectively. The adoption of this ASU is disclosure-related and therefore is not expected to have an impact on the Company’s consolidated financial condition or results of operations when adopted on October 1, 2013. | |
In February 2013, the FASB issued ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. The ASU provides recognition, measurement, and disclosure guidance for certain obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. ASU 2013-04 is effective for fiscal years beginning after December 15, 2013, which is October 1, 2014 for the Company, and should be applied retrospectively. The Company has not yet completed its evaluation of this standard. | |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Schedule Of Earnings Per Share, Basic And Diluted | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
(Dollars in thousands, except per share amounts) | ||||||||||
Net income | $ | 69,340 | $ | 74,513 | $ | 38,403 | ||||
Income allocated to participating securities | -205 | -69 | -- | |||||||
Net income available to common stockholders | $ | 69,135 | $ | 74,444 | $ | 38,403 | ||||
Average common shares outstanding | 144,638,458 | 157,704,473 | 162,432,315 | |||||||
Average committed ESOP shares outstanding | 208,698 | 208,505 | 192,959 | |||||||
Total basic average common shares outstanding | 144,847,156 | 157,912,978 | 162,625,274 | |||||||
Effect of dilutive restricted stock | -- | -- | 2,747 | |||||||
Effect of dilutive stock options | 853 | 3,422 | 4,644 | |||||||
Total diluted average common shares outstanding | 144,848,009 | 157,916,400 | 162,632,665 | |||||||
Net EPS: | ||||||||||
Basic | $ | 0.48 | $ | 0.47 | $ | 0.24 | ||||
Diluted | $ | 0.48 | $ | 0.47 | $ | 0.24 | ||||
Antidilutive stock options and restricted stock, | ||||||||||
excluded from the diluted average common shares | ||||||||||
outstanding calculation | 2,430,629 | 1,308,925 | 898,415 | |||||||
Securities_Tables
Securities (Tables) | 12 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Securities [Abstract] | ' | |||||||||||||||
Amortized Cost, Estimated Fair Value, And Gross Unrealized Gains And Losses Of AFS And HTM Securities | ' | |||||||||||||||
30-Sep-13 | ||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
AFS: | ||||||||||||||||
GSE debentures | $ | 709,118 | $ | 996 | $ | 7,886 | $ | 702,228 | ||||||||
MBS | 345,263 | 18,701 | -- | 363,964 | ||||||||||||
Trust preferred securities | 2,594 | -- | 171 | 2,423 | ||||||||||||
Municipal bonds | 1,308 | 44 | -- | 1,352 | ||||||||||||
1,058,283 | 19,741 | 8,057 | 1,069,967 | |||||||||||||
HTM: | ||||||||||||||||
MBS | 1,683,744 | 39,878 | 16,984 | 1,706,638 | ||||||||||||
Municipal bonds | 34,279 | 943 | 14 | 35,208 | ||||||||||||
1,718,023 | 40,821 | 16,998 | 1,741,846 | |||||||||||||
$ | 2,776,306 | $ | 60,562 | $ | 25,055 | $ | 2,811,813 | |||||||||
30-Sep-12 | ||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
AFS: | ||||||||||||||||
GSE debentures | $ | 857,409 | $ | 4,317 | $ | 2 | $ | 861,724 | ||||||||
MBS | 505,169 | 35,137 | -- | 540,306 | ||||||||||||
Trust preferred securities | 2,912 | -- | 614 | 2,298 | ||||||||||||
Municipal bonds | 2,435 | 81 | -- | 2,516 | ||||||||||||
1,367,925 | 39,535 | 616 | 1,406,844 | |||||||||||||
HTM: | ||||||||||||||||
MBS | 1,792,636 | 79,883 | -- | 1,872,519 | ||||||||||||
GSE debentures | 49,977 | 247 | -- | 50,224 | ||||||||||||
Municipal bonds | 45,334 | 1,822 | -- | 47,156 | ||||||||||||
1,887,947 | 81,952 | -- | 1,969,899 | |||||||||||||
$ | 3,255,872 | $ | 121,487 | $ | 616 | $ | 3,376,743 | |||||||||
Schedule Of Estimated Fair Value And Gross Unrealized Losses Of Securities In Continuous Unrealized Loss Position | ' | |||||||||||||||
30-Sep-13 | ||||||||||||||||
Less Than | Equal to or Greater | |||||||||||||||
12 Months | Than 12 Months | |||||||||||||||
Estimated | Estimated | |||||||||||||||
Fair | Unrealized | Fair | Unrealized | |||||||||||||
Count | Value | Losses | Count | Value | Losses | |||||||||||
(Dollars in thousands) | ||||||||||||||||
AFS: | ||||||||||||||||
GSE debentures | 19 | $ | 426,482 | $ | 7,213 | 1 | $ | 24,327 | $ | 673 | ||||||
Trust preferred securities | -- | -- | -- | 1 | 2,423 | 171 | ||||||||||
19 | $ | 426,482 | $ | 7,213 | 2 | $ | 26,750 | $ | 844 | |||||||
HTM: | ||||||||||||||||
MBS | 40 | $ | 710,291 | $ | 16,984 | -- | $ | -- | $ | -- | ||||||
Municipal bonds | 3 | 1,299 | 14 | -- | -- | -- | ||||||||||
43 | $ | 711,590 | $ | 16,998 | -- | $ | -- | $ | -- | |||||||
30-Sep-12 | ||||||||||||||||
Less Than | Equal to or Greater | |||||||||||||||
12 Months | Than 12 Months | |||||||||||||||
Estimated | Estimated | |||||||||||||||
Fair | Unrealized | Fair | Unrealized | |||||||||||||
Count | Value | Losses | Count | Value | Losses | |||||||||||
(Dollars in thousands) | ||||||||||||||||
AFS: | ||||||||||||||||
GSE debentures | 2 | $ | 42,733 | $ | 2 | -- | $ | -- | $ | -- | ||||||
Trust preferred securities | -- | -- | -- | 1 | 2,298 | 614 | ||||||||||
2 | $ | 42,733 | $ | 2 | 1 | $ | 2,298 | $ | 614 | |||||||
Schedule Of Contractual Maturities | ' | |||||||||||||||
AFS | HTM | |||||||||||||||
Estimated | Estimated | |||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||
Cost | Value | Cost | Value | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
One year or less | $ | 190 | $ | 190 | $ | 6,716 | $ | 6,806 | ||||||||
One year through five years | 637,085 | 633,101 | 60,598 | 63,804 | ||||||||||||
Five years through ten years | 183,130 | 187,613 | 399,618 | 400,295 | ||||||||||||
Ten years and thereafter | 237,878 | 249,063 | 1,251,091 | 1,270,941 | ||||||||||||
$ | 1,058,283 | $ | 1,069,967 | $ | 1,718,023 | $ | 1,741,846 | |||||||||
Carrying Value Of Mortgage Backed Securities In Portfolio | ' | |||||||||||||||
At September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
FNMA | $ | 1,250,948 | $ | 1,324,293 | ||||||||||||
FHLMC | 629,216 | 824,197 | ||||||||||||||
GNMA | 167,544 | 183,778 | ||||||||||||||
Private Issuer | -- | 674 | ||||||||||||||
$ | 2,047,708 | $ | 2,332,942 | |||||||||||||
Schedule Of Taxable And Non-taxable Components Of Interest Income | ' | |||||||||||||||
For the Year Ended | ||||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Taxable | $ | 8,796 | $ | 14,309 | $ | 17,180 | ||||||||||
Non-taxable | 1,216 | 1,635 | 1,897 | |||||||||||||
$ | 10,012 | $ | 15,944 | $ | 19,077 | |||||||||||
Schedule Of Amortized Cost And Estimated Fair Value Of Securities Pledged As Collateral Table Text Block | ' | |||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Estimated | Estimated | |||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||
Cost | Value | Cost | Value | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Repurchase agreements | $ | 353,648 | $ | 364,593 | $ | 400,827 | $ | 427,864 | ||||||||
Public unit deposits | 272,016 | 274,917 | 219,913 | 232,514 | ||||||||||||
Federal Reserve Bank | 34,261 | 35,477 | 49,472 | 52,122 | ||||||||||||
$ | 659,925 | $ | 674,987 | $ | 670,212 | $ | 712,500 | |||||||||
Loans_Receivable_And_Allowance1
Loans Receivable And Allowance For Credit Losses (Tables) | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Loans Receivable And Allowance For Credit Losses [Abstract] | ' | ||||||||||||||||||
Summary Of Loans Receivable | ' | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||
One- to four-family | $ | 5,743,047 | $ | 5,392,429 | |||||||||||||||
Multi-family and commercial | 50,358 | 48,623 | |||||||||||||||||
Construction | 77,743 | 52,254 | |||||||||||||||||
Total real estate loans | 5,871,148 | 5,493,306 | |||||||||||||||||
Consumer Loans: | |||||||||||||||||||
Home equity | 135,028 | 149,321 | |||||||||||||||||
Other | 5,623 | 6,529 | |||||||||||||||||
Total consumer loans | 140,651 | 155,850 | |||||||||||||||||
Total loans receivable | 6,011,799 | 5,649,156 | |||||||||||||||||
Less: | |||||||||||||||||||
Undisbursed loan funds | 42,807 | 22,874 | |||||||||||||||||
ACL | 8,822 | 11,100 | |||||||||||||||||
Discounts/unearned loan fees | 23,057 | 21,468 | |||||||||||||||||
Premiums/deferred costs | -21,755 | -14,369 | |||||||||||||||||
$ | 5,958,868 | $ | 5,608,083 | ||||||||||||||||
Recorded Investment Of Loans, Past Due | ' | ||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
90 or More Days | Total | Total | |||||||||||||||||
30 to 89 Days | Delinquent or | Delinquent | Current | Recorded | |||||||||||||||
Delinquent | in Foreclosure | Loans | Loans | Investment | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
One- to four-family loans - originated | $ | 18,889 | $ | 9,379 | $ | 28,268 | $ | 5,092,581 | $ | 5,120,849 | |||||||||
One- to four-family loans - purchased | 7,842 | 9,695 | 17,537 | 631,050 | 648,587 | ||||||||||||||
Multi-family and commercial loans | -- | -- | -- | 57,603 | 57,603 | ||||||||||||||
Consumer - home equity | 848 | 485 | 1,333 | 133,695 | 135,028 | ||||||||||||||
Consumer - other | 35 | 5 | 40 | 5,583 | 5,623 | ||||||||||||||
$ | 27,614 | $ | 19,564 | $ | 47,178 | $ | 5,920,512 | $ | 5,967,690 | ||||||||||
30-Sep-12 | |||||||||||||||||||
90 or More Days | Total | Total | |||||||||||||||||
30 to 89 Days | Delinquent or | Delinquent | Current | Recorded | |||||||||||||||
Delinquent | in Foreclosure | Loans | Loans | Investment | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
One- to four-family loans - originated | $ | 14,902 | $ | 8,602 | $ | 23,504 | $ | 4,590,194 | $ | 4,613,698 | |||||||||
One- to four-family loans - purchased | 7,788 | 10,530 | 18,318 | 771,755 | 790,073 | ||||||||||||||
Multi-family and commercial loans | -- | -- | -- | 59,562 | 59,562 | ||||||||||||||
Consumer - home equity | 521 | 369 | 890 | 148,431 | 149,321 | ||||||||||||||
Consumer - other | 106 | 27 | 133 | 6,396 | 6,529 | ||||||||||||||
$ | 23,317 | $ | 19,528 | $ | 42,845 | $ | 5,576,338 | $ | 5,619,183 | ||||||||||
Recorded Investment In Classified Loans | ' | ||||||||||||||||||
September 30, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Special Mention | Substandard | Special Mention | Substandard | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
One- to four-family - originated | $ | 29,359 | $ | 27,761 | $ | 36,055 | $ | 23,153 | |||||||||||
One- to four-family - purchased | 1,871 | 14,195 | 2,829 | 14,538 | |||||||||||||||
Multi-family and commercial | 1,976 | -- | 2,578 | -- | |||||||||||||||
Consumer - home equity | 87 | 819 | 413 | 815 | |||||||||||||||
Consumer - other | -- | 13 | -- | 39 | |||||||||||||||
$ | 33,293 | $ | 42,788 | $ | 41,875 | $ | 38,545 | ||||||||||||
Weighted Average Loan to Value and Credit Score Information | ' | ||||||||||||||||||
September 30, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Credit Score | LTV | Credit Score | LTV | ||||||||||||||||
One- to four-family - originated | 762 | 65 | % | 763 | 65 | % | |||||||||||||
One- to four-family - purchased | 747 | 67 | 749 | 67 | |||||||||||||||
Consumer - home equity | 746 | 19 | 747 | 19 | |||||||||||||||
760 | 64 | % | 761 | 64 | % | ||||||||||||||
Troubled Debt Restructurings On Financing Receivables | ' | ||||||||||||||||||
For the Year Ended September 30, 2013 | |||||||||||||||||||
Number | Pre- | Post- | |||||||||||||||||
of | Restructured | Restructured | |||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
One- to four-family loans - originated | 178 | $ | 30,707 | $ | 30,900 | ||||||||||||||
One- to four-family loans - purchased | 9 | 2,324 | 2,366 | ||||||||||||||||
Multi-family and commercial loans | 2 | 82 | 79 | ||||||||||||||||
Consumer - home equity | 14 | 297 | 305 | ||||||||||||||||
Consumer - other | -- | -- | -- | ||||||||||||||||
203 | $ | 33,410 | $ | 33,650 | |||||||||||||||
For the Year Ended September 30, 2012 | |||||||||||||||||||
Number | Pre- | Post- | |||||||||||||||||
of | Restructured | Restructured | |||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
One- to four-family loans - originated | 232 | $ | 33,683 | $ | 33,815 | ||||||||||||||
One- to four-family loans - purchased | 14 | 3,878 | 3,877 | ||||||||||||||||
Multi-family and commercial loans | -- | -- | -- | ||||||||||||||||
Consumer - home equity | 23 | 466 | 475 | ||||||||||||||||
Consumer - other | 1 | 12 | 12 | ||||||||||||||||
270 | $ | 38,039 | $ | 38,179 | |||||||||||||||
For the Year Ended September 30, 2011 | |||||||||||||||||||
Number | Pre- | Post- | |||||||||||||||||
of | Restructured | Restructured | |||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
One- to four-family loans - originated | 158 | $ | 27,250 | $ | 26,936 | ||||||||||||||
One- to four-family loans - purchased | 4 | 1,563 | 1,555 | ||||||||||||||||
Multi-family and commercial loans | -- | -- | -- | ||||||||||||||||
Consumer - home equity | 5 | 224 | 227 | ||||||||||||||||
Consumer - other | -- | -- | -- | ||||||||||||||||
167 | $ | 29,037 | $ | 28,718 | |||||||||||||||
The following table provides information on TDRs restructured within the last 12 months that became delinquent during the years presented. | |||||||||||||||||||
For the Years Ended | |||||||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-11 | |||||||||||||||||
Number | Number | Number | |||||||||||||||||
of | Recorded | of | Recorded | of | Recorded | ||||||||||||||
Contracts | Investment | Contracts | Investment | Contracts | Investment | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
One- to four-family loans - originated | 38 | $ | 3,341 | 14 | $ | 2,340 | 13 | $ | 1,353 | ||||||||||
One- to four-family loans - purchased | 6 | 1,270 | -- | -- | -- | -- | |||||||||||||
Multi-family and commercial loans | -- | -- | -- | -- | -- | -- | |||||||||||||
Consumer - home equity | 3 | 22 | -- | -- | -- | -- | |||||||||||||
Consumer - other | 1 | 10 | -- | -- | -- | -- | |||||||||||||
48 | $ | 4,643 | 14 | $ | 2,340 | 13 | $ | 1,353 | |||||||||||
Impaired Loans By Class | ' | ||||||||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||||||||
Unpaid | Unpaid | ||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | ||||||||||||||
Investment | Balance | ACL | Investment | Balance | ACL | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||
One- to four-family - originated | $ | 12,950 | $ | 13,543 | $ | -- | $ | 10,729 | $ | 10,765 | $ | -- | |||||||
One- to four-family - purchased | 13,882 | 16,645 | -- | 15,340 | 15,216 | -- | |||||||||||||
Multi-family and commercial | -- | -- | -- | -- | -- | -- | |||||||||||||
Consumer - home equity | 577 | 980 | -- | 882 | 881 | -- | |||||||||||||
Consumer - other | 2 | 7 | -- | 27 | 27 | -- | |||||||||||||
27,411 | 31,175 | -- | 26,978 | 26,889 | -- | ||||||||||||||
With an allowance recorded | |||||||||||||||||||
One- to four-family - originated | 35,520 | 35,619 | 209 | 41,125 | 41,293 | 268 | |||||||||||||
One- to four-family - purchased | 2,034 | 2,015 | 29 | 2,028 | 2,016 | 54 | |||||||||||||
Multi-family and commercial | 73 | 74 | 2 | -- | -- | -- | |||||||||||||
Consumer - home equity | 492 | 492 | 78 | 307 | 307 | 52 | |||||||||||||
Consumer - other | 11 | 11 | 1 | 12 | 12 | 1 | |||||||||||||
38,130 | 38,211 | 319 | 43,472 | 43,628 | 375 | ||||||||||||||
Total | |||||||||||||||||||
One- to four-family - originated | 48,470 | 49,162 | 209 | 51,854 | 52,058 | 268 | |||||||||||||
One- to four-family - purchased | 15,916 | 18,660 | 29 | 17,368 | 17,232 | 54 | |||||||||||||
Multi-family and commercial | 73 | 74 | 2 | -- | -- | -- | |||||||||||||
Consumer - home equity | 1,069 | 1,472 | 78 | 1,189 | 1,188 | 52 | |||||||||||||
Consumer - other | 13 | 18 | 1 | 39 | 39 | 1 | |||||||||||||
$ | 65,541 | $ | 69,386 | $ | 319 | $ | 70,450 | $ | 70,517 | $ | 375 | ||||||||
The following is a summary of information pertaining to impaired loans by class for the years ended September 30, 2013, 2012, and 2011. The decrease in the average recorded investment in loans with no related allowance recorded and the corresponding increase in the average recorded investment in loans with an allowance recorded between fiscal years 2012 and 2013 was due primarily to a change in our process of evaluating TDRs for impairment that occurred in the latter half of fiscal year 2012. Generally, only TDRs that are 180 days or more delinquent are individually evaluated for impairment, whereas prior to the change in our process during fiscal year 2012, all TDRs were individually evaluated for impairment. This change was primarily driven by the implementation of a new loan charge-off policy during the year ended September 30, 2012 in order to conform to regulatory reporting requirements. | |||||||||||||||||||
For the Years Ended | |||||||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-11 | |||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||
One- to four-family - originated | $ | 9,763 | $ | 321 | $ | 41,396 | $ | 176 | $ | 41,401 | $ | 1,467 | |||||||
One- to four-family - purchased | 14,730 | 186 | 12,296 | 126 | 7,381 | 58 | |||||||||||||
Multi-family and commercial | -- | -- | 223 | -- | 578 | 36 | |||||||||||||
Consumer - home equity | 567 | 39 | 543 | 6 | 672 | 14 | |||||||||||||
Consumer - other | 19 | -- | 11 | -- | 46 | -- | |||||||||||||
25,079 | 546 | 54,469 | 308 | 50,078 | 1,575 | ||||||||||||||
With an allowance recorded | |||||||||||||||||||
One- to four-family - originated | 40,590 | 1,651 | 10,886 | 1,330 | 2,419 | 102 | |||||||||||||
One- to four-family - purchased | 2,052 | 74 | 6,138 | 51 | 14,576 | 156 | |||||||||||||
Multi-family and commercial | 58 | 3 | -- | -- | -- | -- | |||||||||||||
Consumer - home equity | 534 | 23 | 226 | 4 | 80 | 3 | |||||||||||||
Consumer - other | 23 | 1 | 6 | -- | -- | -- | |||||||||||||
43,257 | 1,752 | 17,256 | 1,385 | 17,075 | 261 | ||||||||||||||
Total | |||||||||||||||||||
One- to four-family - originated | 50,353 | 1,972 | 52,282 | 1,506 | 43,820 | 1,569 | |||||||||||||
One- to four-family - purchased | 16,782 | 260 | 18,434 | 177 | 21,957 | 214 | |||||||||||||
Multi-family and commercial | 58 | 3 | 223 | -- | 578 | 36 | |||||||||||||
Consumer - home equity | 1,101 | 62 | 769 | 10 | 752 | 17 | |||||||||||||
Consumer - other | 42 | 1 | 17 | -- | 46 | -- | |||||||||||||
$ | 68,336 | $ | 2,298 | $ | 71,725 | $ | 1,693 | $ | 67,153 | $ | 1,836 | ||||||||
Allowance For Credit Losses | ' | ||||||||||||||||||
For the Year Ended September 30, 2013 | |||||||||||||||||||
One- to Four- | One- to Four- | One- to Four- | Multi-family | ||||||||||||||||
Family - | Family - | Family - | and | ||||||||||||||||
Originated | Purchased | Total | Commercial | Consumer | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Beginning balance | $ | 6,074 | $ | 4,453 | $ | 10,527 | $ | 219 | $ | 354 | $ | 11,100 | |||||||
Charge-offs | -637 | -761 | -1,398 | -- | -259 | -1,657 | |||||||||||||
Recoveries | 14 | 398 | 412 | -- | 34 | 446 | |||||||||||||
Provision for credit losses | 320 | -1,604 | -1,284 | -34 | 251 | -1,067 | |||||||||||||
Ending balance | $ | 5,771 | $ | 2,486 | $ | 8,257 | $ | 185 | $ | 380 | $ | 8,822 | |||||||
For the Year Ended September 30, 2012 | |||||||||||||||||||
One- to Four- | One- to Four- | One- to Four- | Multi-family | ||||||||||||||||
Family - | Family - | Family - | and | ||||||||||||||||
Originated | Purchased | Total | Commercial | Consumer | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Beginning balance | $ | 4,915 | $ | 9,901 | $ | 14,816 | $ | 254 | $ | 395 | $ | 15,465 | |||||||
Charge-offs | -892 | -5,186 | -6,078 | -- | -357 | -6,435 | |||||||||||||
Recoveries | 16 | 8 | 24 | -- | 6 | 30 | |||||||||||||
Provision for credit losses | 2,035 | -270 | 1,765 | -35 | 310 | 2,040 | |||||||||||||
Ending balance | $ | 6,074 | $ | 4,453 | $ | 10,527 | $ | 219 | $ | 354 | $ | 11,100 | |||||||
For the Year Ended September 30, 2011 | |||||||||||||||||||
One- to Four- | One- to Four- | One- to Four- | Multi-family | ||||||||||||||||
Family - | Family - | Family - | and | ||||||||||||||||
Originated | Purchased | Total | Commercial | Consumer | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Beginning balance | $ | 3,813 | $ | 10,425 | $ | 14,238 | $ | 275 | $ | 379 | $ | 14,892 | |||||||
Charge-offs | -414 | -2,928 | -3,342 | -- | -145 | -3,487 | |||||||||||||
Recoveries | -- | -- | -- | -- | -- | -- | |||||||||||||
Provision for credit losses | 1,516 | 2,404 | 3,920 | -21 | 161 | 4,060 | |||||||||||||
Ending balance | $ | 4,915 | $ | 9,901 | $ | 14,816 | $ | 254 | $ | 395 | $ | 15,465 | |||||||
Summary Of Loan Portfolio Segment Disaggregated By The Company's Impairment Method | ' | ||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
One- to Four- | One- to Four- | One- to Four- | Multi-family | ||||||||||||||||
Family - | Family - | Family - | and | ||||||||||||||||
Originated | Purchased | Total | Commercial | Consumer | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Recorded investment in loans | |||||||||||||||||||
collectively evaluated for impairment | $ | 5,107,899 | $ | 634,705 | $ | 5,742,604 | $ | 57,603 | $ | 140,072 | $ | 5,940,279 | |||||||
Recorded investment in loans | |||||||||||||||||||
individually evaluated for impairment | 12,950 | 13,882 | 26,832 | -- | 579 | 27,411 | |||||||||||||
$ | 5,120,849 | $ | 648,587 | $ | 5,769,436 | $ | 57,603 | $ | 140,651 | $ | 5,967,690 | ||||||||
ACL for loans collectively | |||||||||||||||||||
evaluated for impairment | $ | 5,771 | $ | 2,486 | $ | 8,257 | $ | 185 | $ | 380 | $ | 8,822 | |||||||
30-Sep-12 | |||||||||||||||||||
One- to Four- | One- to Four- | One- to Four- | Multi-family | ||||||||||||||||
Family - | Family - | Family - | and | ||||||||||||||||
Originated | Purchased | Total | Commercial | Consumer | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Recorded investment in loans | |||||||||||||||||||
collectively evaluated for impairment | $ | 4,602,969 | $ | 774,734 | $ | 5,377,703 | $ | 59,562 | $ | 154,940 | $ | 5,592,205 | |||||||
Recorded investment in loans | |||||||||||||||||||
individually evaluated for impairment | 10,729 | 15,339 | 26,068 | -- | 910 | 26,978 | |||||||||||||
$ | 4,613,698 | $ | 790,073 | $ | 5,403,771 | $ | 59,562 | $ | 155,850 | $ | 5,619,183 | ||||||||
ACL for loans collectively | |||||||||||||||||||
evaluated for impairment | $ | 6,074 | $ | 4,453 | $ | 10,527 | $ | 219 | $ | 354 | $ | 11,100 | |||||||
Premises_And_Equipment_Net_Tab
Premises And Equipment, Net (Tables) | 12 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Premises And Equipment, Net [Abstract] | ' | ||||||
Summary Of The Carrying Value Of Banking Premises And Equipment | ' | ||||||
2013 | 2012 | ||||||
(Dollars in thousands) | |||||||
Land | $ | 11,029 | $ | 9,337 | |||
Building and improvements | 73,199 | 63,684 | |||||
Furniture, fixtures and equipment | 43,268 | 41,304 | |||||
127,496 | 114,325 | ||||||
Less accumulated depreciation | 57,384 | 56,559 | |||||
$ | 70,112 | $ | 57,766 | ||||
Schedule Of Future Minimum Rental Commitments | ' | ||||||
2014 | $ | 978 | |||||
2015 | 798 | ||||||
2016 | 714 | ||||||
2017 | 683 | ||||||
2018 | 690 | ||||||
Thereafter | 4,407 | ||||||
$ | 8,270 | ||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Deposits [Abstract] | ' | ||||||||||||||||||
Summary Of Deposits | ' | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||
Average | % of | Average | % of | ||||||||||||||||
Amount | Rate | Total | Amount | Rate | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Checking | $ | 655,933 | 0.04 | % | 14.2 | % | $ | 606,504 | 0.04 | % | 13.3 | % | |||||||
Savings | 283,169 | 0.13 | 6.1 | 260,933 | 0.11 | 5.8 | |||||||||||||
Money market | 1,128,604 | 0.23 | 24.5 | 1,110,962 | 0.25 | 24.4 | |||||||||||||
2,067,706 | 0.16 | 44.8 | 1,978,399 | 0.17 | 43.5 | ||||||||||||||
Certificates of deposit: | |||||||||||||||||||
0.00 – 0.99% | 1,179,921 | 0.48 | 25.6 | 1,005,724 | 0.55 | 22.1 | |||||||||||||
1.00 – 1.99% | 852,258 | 1.40 | 18.5 | 800,745 | 1.44 | 17.6 | |||||||||||||
2.00 – 2.99% | 476,003 | 2.54 | 10.3 | 663,985 | 2.51 | 14.6 | |||||||||||||
3.00 – 3.99% | 35,014 | 3.09 | 0.8 | 95,765 | 3.21 | 2.1 | |||||||||||||
4.00 – 4.99% | 544 | 4.38 | -- | 6,025 | 4.50 | 0.1 | |||||||||||||
Total certificates of deposit | 2,543,740 | 1.21 | 55.2 | 2,572,244 | 1.44 | 56.5 | |||||||||||||
$ | 4,611,446 | 0.74 | % | 100.0 | % | $ | 4,550,643 | 0.89 | % | 100.0 | % | ||||||||
Summary Of Certificates Of Deposit Maturity | ' | ||||||||||||||||||
Amount | Rate | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
2014 | $ | 1,206,095 | 0.90 | % | |||||||||||||||
2015 | 676,365 | 1.61 | |||||||||||||||||
2016 | 348,641 | 1.36 | |||||||||||||||||
2017 | 208,806 | 1.36 | |||||||||||||||||
2018 | 102,422 | 1.39 | |||||||||||||||||
Thereafter | 1,411 | 1.92 | |||||||||||||||||
$ | 2,543,740 | 1.21 | % | ||||||||||||||||
Summary Of Interest Expense On Deposits | ' | ||||||||||||||||||
Year Ended September 30, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Checking | $ | 244 | $ | 421 | $ | 441 | |||||||||||||
Savings | 284 | 408 | 1,225 | ||||||||||||||||
Money market | 2,446 | 3,457 | 5,307 | ||||||||||||||||
Certificates | 33,842 | 41,884 | 56,595 | ||||||||||||||||
$ | 36,816 | $ | 46,170 | $ | 63,568 | ||||||||||||||
Borrowed_Funds_Tables
Borrowed Funds (Tables) | 12 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Borrowed Funds [Abstract] | ' | |||||||||||||||
FHLB Advances | ' | |||||||||||||||
2013 | 2012 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Fixed-rate FHLB advances | $ | 2,525,000 | $ | 2,550,000 | ||||||||||||
Deferred prepayment penalty | -11,575 | -19,952 | ||||||||||||||
Deferred gain on terminated interest rate swaps | 113 | 274 | ||||||||||||||
$ | 2,513,538 | $ | 2,530,322 | |||||||||||||
Weighted average contractual interest rate on FHLB advances | 2.33% | 2.62% | ||||||||||||||
Weighted average effective interest rate on FHLB advances(1) | 2.67% | 3.03% | ||||||||||||||
-1 | The effective rate includes the net impact of the amortization of deferred prepayment penalties related to the prepayment of certain FHLB advances and deferred gains related to the termination of interest rate swaps. | |||||||||||||||
Maturity Of Borrowed Funds | ' | |||||||||||||||
FHLB | Repurchase | Total | ||||||||||||||
Advances | Agreements | Borrowings | Contractual | Effective | ||||||||||||
Amount | Amount | Amount | Rate | Rate(1) | ||||||||||||
(Dollars in thousands) | ||||||||||||||||
2014 | $ | 450,000 | $ | 100,000 | $ | 550,000 | 3.33 | % | 3.95 | % | ||||||
2015 | 600,000 | 20,000 | 620,000 | 1.73 | 1.96 | |||||||||||
2016 | 575,000 | -- | 575,000 | 2.29 | 2.91 | |||||||||||
2017 | 500,000 | -- | 500,000 | 2.69 | 2.72 | |||||||||||
2018 | 200,000 | 100,000 | 300,000 | 2.90 | 2.90 | |||||||||||
Thereafter | 200,000 | 100,000 | 300,000 | 1.81 | 1.81 | |||||||||||
$ | 2,525,000 | $ | 320,000 | $ | 2,845,000 | 2.45 | % | 2.75 | % | |||||||
-1 | The effective rate includes the net impact of the amortization of deferred prepayment penalties resulting from the prepayment of certain FHLB advances, and deferred gains related to terminated interest rate swaps. | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Income Taxes [Abstract] | ' | |||||||||||||||||
Schedule Of Income Tax Expense | ' | |||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Current: | ||||||||||||||||||
Federal | $ | 27,570 | $ | 32,353 | $ | 25,889 | ||||||||||||
State | 2,963 | 3,044 | 2,707 | |||||||||||||||
30,533 | 35,397 | 28,596 | ||||||||||||||||
Deferred: | ||||||||||||||||||
Federal | 5,586 | 5,638 | -8,933 | |||||||||||||||
State | 110 | 451 | -714 | |||||||||||||||
5,696 | 6,089 | -9,647 | ||||||||||||||||
$ | 36,229 | $ | 41,486 | $ | 18,949 | |||||||||||||
Differences Between Effective Rates And Statutory Federal Income Tax Rate Computed On Income Before Income Tax Expense | ' | |||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Amount | % | Amount | % | Amount | % | |||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Federal income tax expense | ||||||||||||||||||
computed at statutory Federal rate | $ | 36,949 | 35.0 | % | $ | 40,600 | 35.0 | % | $ | 20,073 | 35.0 | % | ||||||
Increases (Decreases) in taxes resulting from: | ||||||||||||||||||
State taxes, net of Federal tax effect | 3,073 | 2.9 | 3,495 | 3.0 | 1,993 | 3.4 | ||||||||||||
Low income housing tax credits | -2,675 | -2.5 | -2,081 | -1.8 | -1,397 | -2.4 | ||||||||||||
ESOP related expenses, net | -347 | -0.3 | 591 | 0.5 | -495 | -0.9 | ||||||||||||
Other | -771 | -0.8 | -1,119 | -0.9 | -1,225 | -2.1 | ||||||||||||
$ | 36,229 | 34.3 | % | $ | 41,486 | 35.8 | % | $ | 18,949 | 33.0 | % | |||||||
Deferred Income Tax Expense (Benefit) Results From Temporary Differences In Recognition Of Revenue And Expenses For Tax | ' | |||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Foundation contribution | $ | 3,216 | $ | 5,422 | $ | -12,824 | ||||||||||||
Fixed assets | 1,365 | 629 | 1,006 | |||||||||||||||
ACL | 982 | 1,617 | -197 | |||||||||||||||
FHLB stock dividends | 866 | 1,650 | 1,432 | |||||||||||||||
Mortgage servicing rights | -155 | -521 | -885 | |||||||||||||||
Other, net | -578 | -2,708 | 1,821 | |||||||||||||||
$ | 5,696 | $ | 6,089 | $ | -9,647 | |||||||||||||
Components Of Net Deferred Income Tax Liabilities | ' | |||||||||||||||||
2013 | 2012 | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Deferred income tax assets: | ||||||||||||||||||
Foundation contribution | $ | 4,186 | $ | 7,402 | ||||||||||||||
ACL | 1,264 | 2,246 | ||||||||||||||||
Salaries and employee benefits | 2,071 | 1,612 | ||||||||||||||||
ESOP compensation | 1,004 | 949 | ||||||||||||||||
Other | 4,179 | 4,194 | ||||||||||||||||
Gross deferred income tax assets | 12,704 | 16,403 | ||||||||||||||||
Valuation allowance | -1,824 | -1,926 | ||||||||||||||||
Gross deferred income tax asset, net of valuation allowance | 10,880 | 14,477 | ||||||||||||||||
Deferred income tax liabilities: | ||||||||||||||||||
FHLB stock dividends | 21,344 | 20,478 | ||||||||||||||||
Fixed assets | 5,015 | 3,650 | ||||||||||||||||
Unrealized gain on AFS securities | 4,417 | 14,712 | ||||||||||||||||
Other | 541 | 679 | ||||||||||||||||
Gross deferred income tax liabilities | 31,317 | 39,519 | ||||||||||||||||
Net deferred tax liabilities | $ | 20,437 | $ | 25,042 | ||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||
Sep. 30, 2013 | ||||||
Employee Benefit Plans [Abstract] | ' | |||||
Summary Of Shares Held In The ESOP Trust | ' | |||||
2013 | 2012 | |||||
(Dollars in thousands) | ||||||
Allocated ESOP shares | 4,892,642 | 4,723,590 | ||||
Unreleased ESOP shares | 4,460,346 | 5,012,336 | ||||
Total ESOP shares | 9,352,988 | 9,735,926 | ||||
Fair value of unreleased ESOP shares | $ | 55,442 | $ | 59,948 | ||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||||||||
Schedule Of Stock-Based Compensation Weighted Average Assumptions Used To Value Stock Option Grants | ' | ||||||||||||||
September 30, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Risk-free interest rate | 0.4 | % | 0.5 | % | 1.3 | % | |||||||||
Expected life (years) | 3 | 4 | 5 | ||||||||||||
Expected volatility | 23 | % | 24 | % | 25 | % | |||||||||
Dividend yield | 2.5 | % | 2.5 | % | 8.1 | % | |||||||||
Estimated forfeitures | 12.0 | % | 4.5 | % | 12.9 | % | |||||||||
Summary Of Option Activity | ' | ||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Weighted | Weighted | Weighted | |||||||||||||
Average | Average | Average | |||||||||||||
Number | Exercise | Number | Exercise | Number | Exercise | ||||||||||
of Options | Price | of Options | Price | of Options | Price | ||||||||||
Options outstanding | |||||||||||||||
at beginning of year | 2,471,825 | $ | 13.06 | 906,964 | $ | 15.09 | 919,639 | $ | 15.08 | ||||||
Granted | 64,000 | 12.00 | 1,594,000 | 11.89 | 2,030 | 10.86 | |||||||||
Forfeited | -81,412 | 12.05 | -16,966 | 16.70 | -10,180 | 16.59 | |||||||||
Expired | -29,420 | 13.31 | -3,390 | 11.33 | -- | -- | |||||||||
Exercised | -1,000 | 11.85 | -8,783 | 4.07 | -4,525 | 8.23 | |||||||||
Options outstanding | |||||||||||||||
at end of year | 2,423,993 | $ | 13.06 | 2,471,825 | $ | 13.06 | 906,964 | $ | 15.09 | ||||||
Summary Of Stock Options Outstanding And Exercisable | ' | ||||||||||||||
Options Outstanding | |||||||||||||||
Weighted | Weighted | ||||||||||||||
Average | Average | ||||||||||||||
Number | Remaining | Exercise | Aggregate | ||||||||||||
Exercise | of Options | Contractual | Price per | Intrinsic | |||||||||||
Price | Outstanding | Life (in years) | Share | Value | |||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||
$ | 10.86 | - | 12.65 | 1,584,630 | 9.7 | $ | 11.89 | $ | 851 | ||||||
13.58 | - | 17.59 | 791,858 | 5.7 | 15.04 | -- | |||||||||
19.19 | 47,505 | 5.1 | 19.19 | -- | |||||||||||
2,423,993 | 8.3 | $ | 13.06 | $ | 851 | ||||||||||
Options Exercisable | |||||||||||||||
Weighted | Weighted | ||||||||||||||
Average | Average | ||||||||||||||
Number | Remaining | Exercise | Aggregate | ||||||||||||
Exercise | of Options | Contractual | Price per | Intrinsic | |||||||||||
Price | Exercisable | Life (in years) | Share | Value | |||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||
$ | 10.86 | - | 12.65 | 393,618 | 9.2 | $ | 11.89 | $ | 212 | ||||||
13.58 | - | 17.59 | 769,226 | 5.6 | 15.06 | -- | |||||||||
19.19 | 47,505 | 5.1 | 19.19 | -- | |||||||||||
1,210,349 | 6.7 | $ | 14.19 | $ | 212 | ||||||||||
Summary Of Restricted Stock Activity | ' | ||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Weighted | Weighted | Weighted | |||||||||||||
Average | Average | Average | |||||||||||||
Number | Grant Date | Number | Grant Date | Number | Grant Date | ||||||||||
of Shares | Fair Value | of Shares | Fair Value | of Shares | Fair Value | ||||||||||
Unvested restricted stock | |||||||||||||||
at beginning of year | 510,861 | $ | 11.93 | 13,582 | $ | 14.90 | 23,762 | $ | 15.07 | ||||||
Granted | 20,000 | 11.99 | 515,325 | 11.89 | -- | -- | |||||||||
Vested | -129,023 | 11.99 | -18,046 | 13.17 | -10,180 | 15.30 | |||||||||
Forfeited | -15,675 | 11.88 | -- | -- | -- | -- | |||||||||
Unvested restricted stock | |||||||||||||||
at end of year | 386,163 | $ | 11.91 | 510,861 | $ | 11.93 | 13,582 | $ | 14.90 | ||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | |||||
Sep. 30, 2013 | ||||||
Commitments And Contingencies [Abstract] | ' | |||||
Commitments Outstanding To Originate, Purchase, Or Participate In Loans | ' | |||||
2013 | 2012 | |||||
(Dollars in thousands) | ||||||
Originate fixed-rate | $ | 77,085 | $ | 102,449 | ||
Originate adjustable-rate | 17,997 | 18,272 | ||||
Purchase/participate fixed-rate | 95,247 | 81,107 | ||||
Purchase/participate adjustable-rate | 40,528 | 31,315 | ||||
$ | 230,857 | $ | 233,143 | |||
Regulatory_Capital_Requirement1
Regulatory Capital Requirements (Tables) | 12 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | |||||||||||||||||
Summary Of Capital And Total Risk-Based Capital Ratios | ' | |||||||||||||||||
To Be Well | ||||||||||||||||||
Capitalized | ||||||||||||||||||
Under Prompt | ||||||||||||||||||
For Capital | Corrective Action | |||||||||||||||||
Actual | Adequacy Purposes | Provisions | ||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||
(Dollars in thousands) | ||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||
Tier 1 leverage ratio | $ | 1,363,103 | 14.8 | % | $ | 368,028 | 4.0 | % | $ | 460,034 | 5.0 | % | ||||||
Tier 1 risk-based capital | 1,363,103 | 35.6 | 153,015 | 4.0 | 229,523 | 6.0 | ||||||||||||
Total risk-based capital | 1,371,925 | 35.9 | 306,030 | 8.0 | 382,538 | 10.0 | ||||||||||||
As of September 30, 2012 | ||||||||||||||||||
Tier 1 leverage ratio | $ | 1,355,105 | 14.6 | % | $ | 371,747 | 4.0 | % | $ | 464,684 | 5.0 | % | ||||||
Tier 1 risk-based capital | 1,355,105 | 36.4 | 148,744 | 4.0 | 223,116 | 6.0 | ||||||||||||
Total risk-based capital | 1,366,205 | 36.7 | 297,489 | 8.0 | 371,861 | 10.0 | ||||||||||||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Fair Value Of Financial Instruments [Abstract] | ' | |||||||||||
Schedule Of Fair Value Assets Measured On A Recurring Basis | ' | |||||||||||
30-Sep-13 | ||||||||||||
Quoted Prices | Significant | Significant | ||||||||||
in Active Markets | Other Observable | Unobservable | ||||||||||
Carrying | for Identical Assets | Inputs | Inputs | |||||||||
Value | (Level 1) | (Level 2) | (Level 3)(1) | |||||||||
(Dollars in thousands) | ||||||||||||
AFS Securities: | ||||||||||||
GSE debentures | $ | 702,228 | $ | -- | $ | 702,228 | $ | -- | ||||
MBS | 363,964 | -- | 363,964 | -- | ||||||||
Municipal bonds | 1,352 | -- | 1,352 | -- | ||||||||
Trust preferred securities | 2,423 | -- | -- | 2,423 | ||||||||
$ | 1,069,967 | $ | -- | $ | 1,067,544 | $ | 2,423 | |||||
30-Sep-12 | ||||||||||||
Quoted Prices | Significant | Significant | ||||||||||
in Active Markets | Other Observable | Unobservable | ||||||||||
Carrying | for Identical Assets | Inputs | Inputs | |||||||||
Value | (Level 1) | (Level 2) | (Level 3)(2) | |||||||||
(Dollars in thousands) | ||||||||||||
AFS Securities: | ||||||||||||
GSE debentures | $ | 861,724 | $ | -- | $ | 861,724 | $ | -- | ||||
MBS | 540,306 | -- | 540,306 | -- | ||||||||
Municipal bonds | 2,516 | -- | 2,516 | -- | ||||||||
Trust preferred securities | 2,298 | -- | -- | 2,298 | ||||||||
$ | 1,406,844 | $ | -- | $ | 1,404,546 | $ | 2,298 | |||||
-1 | The Company’s Level 3 AFS securities had no activity from September 30, 2012 to September 30, 2013, except for principal repayments of $424 thousand and reductions in net unrealized losses recognized in other comprehensive income. Reductions in net unrealized losses included in other comprehensive income for the year ended September 30, 2013 were $276 thousand. | |||||||||||
-2 | The Company’s Level 3 AFS securities had no activity from September 30, 2011 to September 30, 2012, except for principal repayments of $996 thousand and reductions in net unrealized losses recognized in other comprehensive income. Reductions in net unrealized losses included in other comprehensive income for the year ended September 30, 2012 were $78 thousand. | |||||||||||
Schedule Of Fair Value Assets Measured On A Nonrecurring Basis | ' | |||||||||||
30-Sep-13 | ||||||||||||
Quoted Prices | Significant | Significant | ||||||||||
in Active Markets | Other Observable | Unobservable | ||||||||||
Carrying | for Identical Assets | Inputs | Inputs | |||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||
(Dollars in thousands) | ||||||||||||
Loans individually evaluated for impairment | $ | 27,327 | $ | -- | $ | -- | $ | 27,327 | ||||
OREO | 3,882 | -- | -- | 3,882 | ||||||||
$ | 31,209 | $ | -- | $ | -- | $ | 31,209 | |||||
30-Sep-12 | ||||||||||||
Quoted Prices | Significant | Significant | ||||||||||
in Active Markets | Other Observable | Unobservable | ||||||||||
Carrying | for Identical Assets | Inputs | Inputs | |||||||||
Value | (Level 1) | (Level 2) | (Level 3) | |||||||||
(Dollars in thousands) | ||||||||||||
Loans individually evaluated for impairment | $ | 26,890 | $ | -- | $ | -- | $ | 26,890 | ||||
OREO | 8,047 | -- | -- | 8,047 | ||||||||
$ | 34,937 | $ | -- | $ | -- | $ | 34,937 | |||||
Schedule Of Carrying Amounts And Estimated Fair Values Of Financial Instruments | ' | |||||||||||
2013 | 2012 | |||||||||||
Estimated | Estimated | |||||||||||
Carrying | Fair | Carrying | Fair | |||||||||
Amount | Value | Amount | Value | |||||||||
(Dollars in thousands) | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | $ | 113,886 | $ | 113,886 | $ | 141,705 | $ | 141,705 | ||||
HTM securities | 1,718,023 | 1,741,846 | 1,887,947 | 1,969,899 | ||||||||
Loans receivable | 5,958,868 | 6,132,239 | 5,608,083 | 5,978,872 | ||||||||
BOLI | 59,495 | 59,495 | 58,012 | 58,012 | ||||||||
Capital stock of FHLB | 128,530 | 128,530 | 132,971 | 132,971 | ||||||||
Liabilities: | ||||||||||||
Deposits | 4,611,446 | 4,646,263 | 4,550,643 | 4,607,732 | ||||||||
FHLB borrowings | 2,513,538 | 2,599,749 | 2,530,322 | 2,701,142 | ||||||||
Other borrowings | 320,000 | 333,749 | 365,000 | 388,761 | ||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Selected Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Summary Of Quarterly Data | ' | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | Total | ||||||||||||
(Dollars and counts in thousands, except per share amounts) | ||||||||||||||||
2013 | ||||||||||||||||
Total interest and dividend income | $ | 77,676 | $ | 74,980 | $ | 73,675 | $ | 72,223 | $ | 298,554 | ||||||
Net interest and dividend income | 45,630 | 44,320 | 44,404 | 43,806 | 178,160 | |||||||||||
Provision for credit losses | 233 | -- | -800 | -500 | -1,067 | |||||||||||
Net income | 17,563 | 17,715 | 17,995 | 16,067 | 69,340 | |||||||||||
Basic EPS | 0.12 | 0.12 | 0.13 | 0.11 | 0.48 | |||||||||||
Diluted EPS | 0.12 | 0.12 | 0.13 | 0.11 | 0.48 | |||||||||||
Dividends declared per share | 0.775 | 0.075 | 0.075 | 0.075 | 1.00 | |||||||||||
Average number of basic shares outstanding | 147,883 | 145,382 | 143,263 | 142,856 | 144,847 | |||||||||||
Average number of diluted shares outstanding | 147,883 | 145,382 | 143,263 | 142,858 | 144,848 | |||||||||||
2012 | ||||||||||||||||
Total interest and dividend income | $ | 84,827 | $ | 83,274 | $ | 80,645 | $ | 79,305 | $ | 328,051 | ||||||
Net interest and dividend income | 45,374 | 47,466 | 46,188 | 45,853 | 184,881 | |||||||||||
Provision for credit losses | 540 | 1,500 | -- | -- | 2,040 | |||||||||||
Net income | 18,789 | 19,315 | 18,673 | 17,736 | 74,513 | |||||||||||
Basic EPS | 0.12 | 0.12 | 0.12 | 0.11 | 0.47 | |||||||||||
Diluted EPS | 0.12 | 0.12 | 0.12 | 0.11 | 0.47 | |||||||||||
Dividends declared per share | 0.175 | 0.075 | 0.075 | 0.075 | 0.40 | |||||||||||
Average number of basic shares outstanding | 161,923 | 161,722 | 156,962 | 151,077 | 157,913 | |||||||||||
Average number of diluted shares outstanding | 161,931 | 161,728 | 156,966 | 151,079 | 157,916 | |||||||||||
Parent_Company_Financial_Infor1
Parent Company Financial Information (Parent Company Only) (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Parent Company Financial Information (Parent Company Only) [Abstract] | ' | ||||||||
Schedule Of Balance Sheets | ' | ||||||||
BALANCE SHEETS | |||||||||
September 30, 2013 and 2012 | |||||||||
(Dollars in thousands, except share amounts) | |||||||||
2013 | 2012 | ||||||||
ASSETS | |||||||||
Cash and cash equivalents | $ | 207,012 | $ | 308,648 | |||||
Investment in the Bank | 1,370,426 | 1,379,357 | |||||||
AFS securities, at fair value (amortized cost of $0 and $60,074) | -- | 60,120 | |||||||
Note receivable - ESOP | 47,260 | 50,087 | |||||||
Other assets | 282 | 84 | |||||||
Accrued interest | -- | 263 | |||||||
Income tax receivable | 3,031 | 3,092 | |||||||
Deferred income tax assets | 4,186 | 7,103 | |||||||
TOTAL ASSETS | $ | 1,632,197 | $ | 1,808,754 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
LIABILITIES: | |||||||||
Accounts payable and accrued expenses | $ | 71 | $ | 2,296 | |||||
STOCKHOLDERS’ EQUITY: | |||||||||
Preferred stock, $.01 par value; 100,000,000 shares authorized, | |||||||||
no shares issued or outstanding | -- | -- | |||||||
Common stock, $.01 par value; 1,400,000,000 shares authorized, | |||||||||
147,840,268 and 155,379,739 shares issued and outstanding | |||||||||
as of September 30, 2013 and 2012, respectively | 1,478 | 1,554 | |||||||
Additional paid-in capital | 1,235,781 | 1,292,122 | |||||||
Unearned compensation - ESOP | -44,603 | -47,575 | |||||||
Retained earnings | 432,203 | 536,150 | |||||||
AOCI, net of tax | 7,267 | 24,207 | |||||||
Total stockholders’ equity | 1,632,126 | 1,806,458 | |||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,632,197 | $ | 1,808,754 | |||||
Schedule Of Statements Of Income | ' | ||||||||
STATEMENTS OF INCOME | |||||||||
YEARS ENDED SEPTEMBER 30, 2013, 2012 and 2011 | |||||||||
(Dollars in thousands) | |||||||||
2013 | 2012 | 2011 | |||||||
INTEREST AND DIVIDEND INCOME: | |||||||||
Dividend income from the Bank | $ | 70,512 | $ | 88,871 | $ | 45,643 | |||
Interest income from other investments | 2,328 | 2,835 | 3,221 | ||||||
Interest income from securities | 62 | 1,062 | 1,093 | ||||||
Total interest and dividend income | 72,902 | 92,768 | 49,957 | ||||||
INTEREST EXPENSE | -- | -- | 855 | ||||||
NET INTEREST AND DIVIDEND INCOME | 72,902 | 92,768 | 49,102 | ||||||
NON-INTEREST INCOME | -- | -- | 26 | ||||||
NON-INTEREST EXPENSE: | |||||||||
Contribution to Foundation | -- | -- | 40,000 | ||||||
Salaries and employee benefits | 857 | 838 | 856 | ||||||
Regulatory and outside services | 473 | 276 | 337 | ||||||
Other non-interest expense | 648 | 694 | 650 | ||||||
Total non-interest expense | 1,978 | 1,808 | 41,843 | ||||||
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) AND EQUITY | |||||||||
IN (EXCESS OF DISTRIBUTION OVER) UNDISTRIBUTED | |||||||||
EARNINGS OF SUBSIDIARY | 70,924 | 90,960 | 7,285 | ||||||
INCOME TAX EXPENSE (BENEFIT) | 144 | 731 | -13,425 | ||||||
INCOME BEFORE EQUITY IN (EXCESS OF DISTRIBUTION OVER) | |||||||||
UNDISTRIBUTED EARNINGS OF SUBSIDIARY | 70,780 | 90,229 | 20,710 | ||||||
EQUITY IN (EXCESS OF DISTRIBUTION OVER) | |||||||||
UNDISTRIBUTED EARNINGS OF SUBSIDIARY | -1,440 | -15,716 | 17,693 | ||||||
NET INCOME | $ | 69,340 | $ | 74,513 | $ | 38,403 | |||
Schedule Of Statements Of Cash Flows | ' | ||||||||
STATEMENTS OF CASH FLOWS | |||||||||
YEARS ENDED SEPTEMBER 30, 2013, 2012 and 2011 | |||||||||
(Dollars in thousands) | |||||||||
2013 | 2012 | 2011 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
Net income | $ | 69,340 | $ | 74,513 | $ | 38,403 | |||
Adjustments to reconcile net income to net cash provided by | |||||||||
operating activities: | |||||||||
Equity in excess of distribution over (undistributed) | |||||||||
earnings of subsidiary | 1,440 | 15,716 | -17,693 | ||||||
Amortization/accretion of premiums/discounts | 74 | 2,196 | 3,529 | ||||||
Other, net | 263 | 1,549 | -1,812 | ||||||
Provision for deferred income taxes | 3,216 | 5,422 | -10,409 | ||||||
Changes in: | |||||||||
Other assets | -198 | -9 | 1,547 | ||||||
Income taxes receivable/payable | -220 | -2,160 | -2,927 | ||||||
Accounts payable and accrued expenses | -27 | 33 | -355 | ||||||
Net cash flows provided by operating activities | 73,888 | 97,260 | 10,283 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
Offering proceeds downstreamed to Bank | -- | -- | -567,422 | ||||||
Purchase of AFS investment securities | -- | -- | -405,800 | ||||||
Proceeds from maturities of AFS securities | 60,000 | 300,000 | 40,000 | ||||||
Proceeds from maturities of Bank certificates | -- | -- | 55,000 | ||||||
Principal collected on notes receivable from ESOP | 2,827 | 2,672 | 2,525 | ||||||
Net cash flows provided by (used in) investing activities | 62,827 | 302,672 | -875,697 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Net proceeds from stock offering (deferred offering costs) | -- | -- | 1,094,101 | ||||||
Net payment from subsidiary related to restricted stock awards | 34 | 6,128 | -- | ||||||
Dividends paid | -146,824 | -63,768 | -150,110 | ||||||
Repayment of other borrowings | -- | -- | -53,609 | ||||||
Repurchase of common stock | -91,573 | -146,781 | -- | ||||||
Stock options exercised | 12 | 36 | 35 | ||||||
Net cash flows (used in) provided by financing activities | -238,351 | -204,385 | 890,417 | ||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -101,636 | 195,547 | 25,003 | ||||||
CASH AND CASH EQUIVALENTS: | |||||||||
Beginning of year | 308,648 | 113,101 | 88,098 | ||||||
End of year | $ | 207,012 | $ | 308,648 | $ | 113,101 | |||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||
Interest payments | $ | -- | $ | -- | $ | 1,274 | |||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND | |||||||||
FINANCING ACTIVITIES: | |||||||||
Note to ESOP in exchange for common stock | $ | -- | $ | -- | $ | 47,260 | |||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Contribution to Capitol Federal Foundation | ' | ' | $40,000,000 |
Liquidation account balance | 287,000,000 | ' | ' |
Interest-bearing deposits held at the Federal Reserve Bank | 98,700,000 | 122,400,000 | ' |
Average daily balance of required reserves at the Federal Reserve Bank | $9,000,000 | $9,200,000 | ' |
FHLB borrowings threshold percentage of regulatory assets | 40.00% | ' | ' |
Capitol Federal Savings Bank [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Percentage of the Bank's stock owned by the Company | ' | ' | 100.00% |
Traditional Banking Offices [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of Stores | 36 | ' | ' |
In-Store Banking Offices [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of Stores | 10 | ' | ' |
Building [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful life, years | '39 years | ' | ' |
Structural Building Components [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful life, years | '15 years | ' | ' |
Maximum [Member] | Furniture, Fixtures And Equipment [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful life, years | '7 years | ' | ' |
Maximum [Member] | Leasehold Improvements [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful life, years | '15 years | ' | ' |
Minimum [Member] | Furniture, Fixtures And Equipment [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful life, years | '3 years | ' | ' |
Minimum [Member] | Leasehold Improvements [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful life, years | '3 years | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $16,067 | $17,995 | $17,715 | $17,563 | $17,736 | $18,673 | $19,315 | $18,789 | $69,340 | $74,513 | $38,403 |
Income allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -205 | -69 | ' |
Net income available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $69,135 | $74,444 | $38,403 |
Total basic average common shares outstanding | 142,856,000 | 143,263,000 | 145,382,000 | 147,883,000 | 151,077,000 | 156,962,000 | 161,722,000 | 161,923,000 | 144,847,156 | 157,912,978 | 162,625,274 |
Total diluted average common shares outstanding | 142,858,000 | 143,263,000 | 145,382,000 | 147,883,000 | 151,079,000 | 156,966,000 | 161,728,000 | 161,931,000 | 144,848,009 | 157,916,400 | 162,632,665 |
Net earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.11 | $0.13 | $0.12 | $0.12 | $0.11 | $0.12 | $0.12 | $0.12 | $0.48 | $0.47 | $0.24 |
Diluted | $0.11 | $0.13 | $0.12 | $0.12 | $0.11 | $0.12 | $0.12 | $0.12 | $0.48 | $0.47 | $0.24 |
Antidilutive stock options and restricted stock, excluded from the diluted average common shares outstanding calculation | ' | ' | ' | ' | ' | ' | ' | ' | 2,430,629 | 1,308,925 | 898,415 |
Average Common Shares Outstanding [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total basic average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 144,638,458 | 157,704,473 | 162,432,315 |
Average Committed ESOP Shares Outstanding [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total basic average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 208,698 | 208,505 | 192,959 |
Effect Of Dilutive Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total diluted average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,747 |
Effect Of Dilutive Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total diluted average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 853 | 3,422 | 4,644 |
Securities_Narrative_Details
Securities (Narrative) (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Securities [Abstract] | ' |
Securities callable within one year amortized cost | $544.80 |
Securities_Amortized_Cost_Esti
Securities (Amortized Cost, Estimated Fair Value, and Gross Unrealized Gains and Losses of AFS and HTM Securities) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | ||
In Thousands, unless otherwise specified | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Amortized Cost | $1,058,283 | $1,367,925 | ||
Available-for-sale Securities, Gross Unrealized Gains | 19,741 | 39,535 | ||
Available-for-sale Securities, Gross Unrealized Losses | 8,057 | 616 | ||
Available-for-sale Securities, Estimated Fair Value | 1,069,967 | 1,406,844 | ||
Held-to-maturity Securities, Amortized Cost | 1,718,023 | 1,887,947 | ||
Held-to-maturity Securities, Unrealized Holding Gain | 40,821 | 81,952 | ||
Held-to-maturity Securities, Unrealized Holding Loss | 16,998 | ' | ||
Held-to-maturity securities, Estimated Fair Value | 1,741,846 | 1,969,899 | ||
Marketable Securities Amortized Cost | 2,776,306 | 3,255,872 | ||
Marketable Securities Unrealized Gain | 60,562 | 121,487 | ||
Marketable Securities Unrealized Loss | 25,055 | 616 | ||
Marketable Securities, Estimated Fair Value | 2,811,813 | 3,376,743 | ||
GSE Debentures [Member] | ' | ' | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Amortized Cost | 709,118 | 857,409 | ||
Available-for-sale Securities, Gross Unrealized Gains | 996 | 4,317 | ||
Available-for-sale Securities, Gross Unrealized Losses | 7,886 | 2 | ||
Available-for-sale Securities, Estimated Fair Value | 702,228 | 861,724 | ||
Held-to-maturity Securities, Amortized Cost | ' | 49,977 | ||
Held-to-maturity Securities, Unrealized Holding Gain | ' | 247 | ||
Held-to-maturity securities, Estimated Fair Value | ' | 50,224 | ||
MBS [Member] | ' | ' | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Amortized Cost | 345,263 | 505,169 | ||
Available-for-sale Securities, Gross Unrealized Gains | 18,701 | 35,137 | ||
Available-for-sale Securities, Estimated Fair Value | 363,964 | 540,306 | ||
Held-to-maturity Securities, Amortized Cost | 1,683,744 | 1,792,636 | ||
Held-to-maturity Securities, Unrealized Holding Gain | 39,878 | 79,883 | ||
Held-to-maturity Securities, Unrealized Holding Loss | 16,984 | ' | ||
Held-to-maturity securities, Estimated Fair Value | 1,706,638 | 1,872,519 | ||
Trust Preferred Securities [Member] | ' | ' | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Amortized Cost | 2,594 | 2,912 | ||
Available-for-sale Securities, Gross Unrealized Losses | 171 | 614 | ||
Available-for-sale Securities, Estimated Fair Value | 2,423 | [1] | 2,298 | [2] |
Municipal Bonds [Member] | ' | ' | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Amortized Cost | 1,308 | 2,435 | ||
Available-for-sale Securities, Gross Unrealized Gains | 44 | 81 | ||
Available-for-sale Securities, Estimated Fair Value | 1,352 | 2,516 | ||
Held-to-maturity Securities, Amortized Cost | 34,279 | 45,334 | ||
Held-to-maturity Securities, Unrealized Holding Gain | 943 | 1,822 | ||
Held-to-maturity Securities, Unrealized Holding Loss | 14 | ' | ||
Held-to-maturity securities, Estimated Fair Value | $35,208 | $47,156 | ||
[1] | The Companybs Level 3 AFS securities had no activity from September 30, 2012 to September 30, 2013, except for principal repayments of $424 thousand and reductions in net unrealized losses recognized in other comprehensive income. Reductions in net unrealized losses included in other comprehensive income for the year ended September 30, 2013 were $276 thousand. | |||
[2] | The Companybs Level 3 AFS securities had no activity from September 30, 2011 to September 30, 2012, except for principal repayments of $996 thousand and reductions in net unrealized losses recognized in other comprehensive income. Reductions in net unrealized losses included in other comprehensive income for the year ended September 30, 2012 were $78 thousand. |
Securities_Schedule_Of_Estimat
Securities (Schedule Of Estimated Fair Value And Gross Unrealized Losses Of Securities In Continuous Unrealized Loss Position) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | security | security |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Count | 19 | 2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Estimated Fair Value | $426,482 | $42,733 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | 7,213 | 2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Count | 2 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Estimated Fair Value | 26,750 | 2,298 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Unrealized Losses | 844 | 614 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Estimated Fair Value | 711,590 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | 16,998 | ' |
Less Than 12 Months [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Count | 43 | ' |
GSE Debentures [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Count | 19 | 2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Estimated Fair Value | 426,482 | 42,733 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | 7,213 | 2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Count | 1 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Estimated Fair Value | 24,327 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Unrealized Losses | 673 | ' |
MBS [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Estimated Fair Value | 710,291 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | 16,984 | ' |
MBS [Member] | Less Than 12 Months [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Count | 40 | ' |
Municipal Bonds [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Estimated Fair Value | 1,299 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | 14 | ' |
Municipal Bonds [Member] | Less Than 12 Months [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Count | 3 | ' |
Trust Preferred Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Count | 1 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Estimated Fair Value | 2,423 | 2,298 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Unrealized Losses | $171 | $614 |
Securities_Schedule_Of_Contrac
Securities (Schedule Of Contractual Maturities) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Securities [Abstract] | ' | ' |
Available-for-sale Securities, One year or less, Amortized Cost | $190 | ' |
Available-for-sale Securities, One year through five years, Amortized Cost | 637,085 | ' |
Available-for-sale Securities, Five years through ten years, Amortized Cost | 183,130 | ' |
Available-for-sale Securities, Ten years and thereafter, Amortized Cost | 237,878 | ' |
Available-for-sale Securities, Amortized Cost | 1,058,283 | 1,367,925 |
Available-for-sale Securities, One year or less, Estimated Fair Value | 190 | ' |
Available-for-sale Securities, One year through five years, Estimated Fair Value | 633,101 | ' |
Available-for-sale Securities, Five years through ten years, Estimated Fair Value | 187,613 | ' |
Available-for-sale Securities, Ten years and thereafter, Estimated Fair Value | 249,063 | ' |
Available-for-sale Securities, Total | 1,069,967 | 1,406,844 |
Held-to-maturity Securities, One year or less, Amortized Cost | 6,716 | ' |
Held-to-maturity Securities, One year through five years, Amortized Cost | 60,598 | ' |
Held-to-maturity Securities, Five years through ten years, Amortized Cost | 399,618 | ' |
Held-to-maturity Securities, Ten years and thereafter, Amortized Cost | 1,251,091 | ' |
Held-to-maturity Securities, Amortized Cost | 1,718,023 | 1,887,947 |
Held-to-maturity Securities, One year or less, Estimated Fair Value | 6,806 | ' |
Held-to-maturity Securities, One year through five years, Estimated Fair Value | 63,804 | ' |
Held-to-maturity Securities, Five years through ten years, Estimated Fair Value | 400,295 | ' |
Held-to-maturity Securities, Ten years and thereafter, Estimated Fair Value | 1,270,941 | ' |
Held-to-maturity Securities, Total | $1,741,846 | $1,969,899 |
Securities_Carrying_Value_of_M
Securities (Carrying Value of Mortgage Backed Securities in Portfolio) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Mortgage-backed securities | $2,047,708 | $2,332,942 |
FNMA [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Mortgage-backed securities | 1,250,948 | 1,324,293 |
FHLMC [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Mortgage-backed securities | 629,216 | 824,197 |
GNMA [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Mortgage-backed securities | 167,544 | 183,778 |
Private Issuer [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Mortgage-backed securities | ' | $674 |
Securities_Schedule_Of_Taxable
Securities (Schedule Of Taxable And Non-taxable Components Of Interest Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Securities [Abstract] | ' | ' | ' |
Taxable | $8,796 | $14,309 | $17,180 |
Non-taxable | 1,216 | 1,635 | 1,897 |
Interest income on investment securities | $10,012 | $15,944 | $19,077 |
Securities_Schedule_Of_Amortiz
Securities (Schedule Of Amortized Cost And Estimated Fair Value Of Securities Pledged As Collateral) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Amortized Cost [Member] | ' | ' |
Schedule of Amortized Cost and Estimated Fair Value of Securities Pledged as Collateral [Line Items] | ' | ' |
Securities pledged as collateral | $659,925 | $670,212 |
Estimated Fair Value [Member] | ' | ' |
Schedule of Amortized Cost and Estimated Fair Value of Securities Pledged as Collateral [Line Items] | ' | ' |
Securities pledged as collateral | 674,987 | 712,500 |
Repurchase Agreements [Member] | Amortized Cost [Member] | ' | ' |
Schedule of Amortized Cost and Estimated Fair Value of Securities Pledged as Collateral [Line Items] | ' | ' |
Securities pledged as collateral | 353,648 | 400,827 |
Repurchase Agreements [Member] | Estimated Fair Value [Member] | ' | ' |
Schedule of Amortized Cost and Estimated Fair Value of Securities Pledged as Collateral [Line Items] | ' | ' |
Securities pledged as collateral | 364,593 | 427,864 |
Public Unit Deposits [Member] | Amortized Cost [Member] | ' | ' |
Schedule of Amortized Cost and Estimated Fair Value of Securities Pledged as Collateral [Line Items] | ' | ' |
Securities pledged as collateral | 272,016 | 219,913 |
Public Unit Deposits [Member] | Estimated Fair Value [Member] | ' | ' |
Schedule of Amortized Cost and Estimated Fair Value of Securities Pledged as Collateral [Line Items] | ' | ' |
Securities pledged as collateral | 274,917 | 232,514 |
Federal Reserve Bank [Member] | Amortized Cost [Member] | ' | ' |
Schedule of Amortized Cost and Estimated Fair Value of Securities Pledged as Collateral [Line Items] | ' | ' |
Securities pledged as collateral | 34,261 | 49,472 |
Federal Reserve Bank [Member] | Estimated Fair Value [Member] | ' | ' |
Schedule of Amortized Cost and Estimated Fair Value of Securities Pledged as Collateral [Line Items] | ' | ' |
Securities pledged as collateral | $35,477 | $52,122 |
Loans_Receivable_And_Allowance2
Loans Receivable And Allowance For Credit Losses (Narrative) (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
state | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Maximum disbursement of real estate loans to one borrower as percentage of unimpaired capital | 15.00% | ' | ' |
Lower range for maximum disbursement of real estate loans to one borrower | $500,000 | ' | ' |
Maximum loan disbursement to Executive Officers as percentage of Stockholders Equity | 5.00% | 5.00% | ' |
Net gain on sale of LHFS | 228,000 | 248,000 | 298,000 |
Serviced loans for others, aggregate amount | 237,700,000 | 349,700,000 | ' |
Escrow balances on loans serviced for others | 4,100,000 | 5,500,000 | ' |
Correspondent lenders, number of states | 23 | ' | ' |
Percentage of potential loan purchases reviewed for compliance with internal underwriting standards, minimum | 25.00% | ' | ' |
Loan-to-value ratio for securing multi-family and commercial real estate loans, maximum | 80.00% | ' | ' |
Loans on nonaccrual status | 26,400,000 | 31,800,000 | ' |
Loans receivable | 5,958,868,000 | 5,608,083,000 | ' |
Net charge-offs | 1,200,000 | ' | ' |
Regulatory net charge-offs | 381,000 | ' | ' |
ACL | 8,822,000 | 11,100,000 | ' |
ACL for loans individually evaluated for impairment | 0 | 0 | ' |
SVAs Charged Off In Prior Period Due To Loan Charge Off Policy Change [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
ACL | ' | 3,500,000 | ' |
Regulatory Nonaccrual TDRs Originated [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans on nonaccrual status | 6,700,000 | 10,000,000 | ' |
Regulatory Nonaccrual TDRs Purchased [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans on nonaccrual status | 280,000 | 2,400,000 | ' |
Regulatory Nonaccrual TDRs, Performing [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans on nonaccrual status | 5,900,000 | 11,200,000 | ' |
Doubtful [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans receivable | $0 | $0 | ' |
Loans_Receivable_And_Allowance3
Loans Receivable And Allowance For Credit Losses (Summary Of Loans Receivable) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Real Estate Loans: | ' | ' |
One- to four-family | $5,743,047 | $5,392,429 |
Multi-family and commercial | 50,358 | 48,623 |
Construction | 77,743 | 52,254 |
Total real estate loans | 5,871,148 | 5,493,306 |
Consumer Loans: | ' | ' |
Home equity | 135,028 | 149,321 |
Other | 5,623 | 6,529 |
Total consumer loans | 140,651 | 155,850 |
Total loans receivable | 6,011,799 | 5,649,156 |
Less: | ' | ' |
Undisbursed loan funds | 42,807 | 22,874 |
ACL | 8,822 | 11,100 |
Discounts/unearned loan fees | 23,057 | 21,468 |
Premiums/deferred costs | -21,755 | -14,369 |
Loans and leases receivable, net | $5,958,868 | $5,608,083 |
Loans_Receivable_And_Allowance4
Loans Receivable And Allowance For Credit Losses (Recorded Investment Of Loans, Past Due) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing receivable, 30 to 89 Days Delinquent | $27,614 | $23,317 |
Financing receivable, 90 or More Days Delinquent or in Foreclosure | 19,564 | 19,528 |
Financing receivable, Total Delinquent Loans | 47,178 | 42,845 |
Financing receivable, Current Loans | 5,920,512 | 5,576,338 |
Financing receivable, Total Recorded Investment | 5,967,690 | 5,619,183 |
One-To Four-Family Loans - Originated [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing receivable, 30 to 89 Days Delinquent | 18,889 | 14,902 |
Financing receivable, 90 or More Days Delinquent or in Foreclosure | 9,379 | 8,602 |
Financing receivable, Total Delinquent Loans | 28,268 | 23,504 |
Financing receivable, Current Loans | 5,092,581 | 4,590,194 |
Financing receivable, Total Recorded Investment | 5,120,849 | 4,613,698 |
One-To Four-Family Loans - Purchased [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing receivable, 30 to 89 Days Delinquent | 7,842 | 7,788 |
Financing receivable, 90 or More Days Delinquent or in Foreclosure | 9,695 | 10,530 |
Financing receivable, Total Delinquent Loans | 17,537 | 18,318 |
Financing receivable, Current Loans | 631,050 | 771,755 |
Financing receivable, Total Recorded Investment | 648,587 | 790,073 |
Multi-Family And Commercial Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing receivable, Current Loans | 57,603 | 59,562 |
Financing receivable, Total Recorded Investment | 57,603 | 59,562 |
Consumer - Home Equity [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing receivable, 30 to 89 Days Delinquent | 848 | 521 |
Financing receivable, 90 or More Days Delinquent or in Foreclosure | 485 | 369 |
Financing receivable, Total Delinquent Loans | 1,333 | 890 |
Financing receivable, Current Loans | 133,695 | 148,431 |
Financing receivable, Total Recorded Investment | 135,028 | 149,321 |
Consumer - Other [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Financing receivable, 30 to 89 Days Delinquent | 35 | 106 |
Financing receivable, 90 or More Days Delinquent or in Foreclosure | 5 | 27 |
Financing receivable, Total Delinquent Loans | 40 | 133 |
Financing receivable, Current Loans | 5,583 | 6,396 |
Financing receivable, Total Recorded Investment | $5,623 | $6,529 |
Loans_Receivable_And_Allowance5
Loans Receivable And Allowance For Credit Losses (Recorded Investment In Classified Loans) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, Total Recorded Investment | $5,967,690 | $5,619,183 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, Total Recorded Investment | 33,293 | 41,875 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, Total Recorded Investment | 42,788 | 38,545 |
One-To Four-Family Loans - Originated [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, Total Recorded Investment | 5,120,849 | 4,613,698 |
One-To Four-Family Loans - Originated [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, Total Recorded Investment | 29,359 | 36,055 |
One-To Four-Family Loans - Originated [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, Total Recorded Investment | 27,761 | 23,153 |
One-To Four-Family Loans - Purchased [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, Total Recorded Investment | 648,587 | 790,073 |
One-To Four-Family Loans - Purchased [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, Total Recorded Investment | 1,871 | 2,829 |
One-To Four-Family Loans - Purchased [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, Total Recorded Investment | 14,195 | 14,538 |
Multi-Family And Commercial Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, Total Recorded Investment | 57,603 | 59,562 |
Multi-Family And Commercial Loans [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, Total Recorded Investment | 1,976 | 2,578 |
Consumer - Home Equity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, Total Recorded Investment | 135,028 | 149,321 |
Consumer - Home Equity [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, Total Recorded Investment | 87 | 413 |
Consumer - Home Equity [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, Total Recorded Investment | 819 | 815 |
Consumer - Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, Total Recorded Investment | 5,623 | 6,529 |
Consumer - Other [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, Total Recorded Investment | $13 | $39 |
Loans_Receivable_And_Allowance6
Loans Receivable And Allowance For Credit Losses (LTV And Credit Score Information For Originated And Purchased One-To Four-Family Loans And Originated Consumer Home Equity Loans) (Details) | Sep. 30, 2013 | Sep. 30, 2012 |
item | item | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Weighted average credit score | 760 | 761 |
Weighted average LTV | 64.00% | 64.00% |
One-To Four-Family Loans - Originated [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Weighted average credit score | 762 | 763 |
Weighted average LTV | 65.00% | 65.00% |
One-To Four-Family Loans - Purchased [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Weighted average credit score | 747 | 749 |
Weighted average LTV | 67.00% | 67.00% |
Consumer - Home Equity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Weighted average credit score | 746 | 747 |
Weighted average LTV | 19.00% | 19.00% |
Loans_Receivable_And_Allowance7
Loans Receivable And Allowance For Credit Losses (Troubled Debt Restructurings On Financing Receivables) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
contract | contract | contract | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 203 | 270 | 167 |
Pre-Restructured Outstanding | $33,410 | $38,039 | $29,037 |
Post-Restructured Outstanding | 33,650 | 38,179 | 28,718 |
One-To Four-Family Loans - Originated [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 178 | 232 | 158 |
Pre-Restructured Outstanding | 30,707 | 33,683 | 27,250 |
Post-Restructured Outstanding | 30,900 | 33,815 | 26,936 |
One-To Four-Family Loans - Purchased [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 9 | 14 | 4 |
Pre-Restructured Outstanding | 2,324 | 3,878 | 1,563 |
Post-Restructured Outstanding | 2,366 | 3,877 | 1,555 |
Multi-Family And Commercial Loans [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 2 | ' | ' |
Pre-Restructured Outstanding | 82 | ' | ' |
Post-Restructured Outstanding | 79 | ' | ' |
Consumer - Home Equity [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 14 | 23 | 5 |
Pre-Restructured Outstanding | 297 | 466 | 224 |
Post-Restructured Outstanding | 305 | 475 | 227 |
Consumer - Other [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | ' | 1 | ' |
Pre-Restructured Outstanding | ' | 12 | ' |
Post-Restructured Outstanding | ' | $12 | ' |
Loans_Receivable_And_Allowance8
Loans Receivable And Allowance For Credit Losses (Troubled Debt Restructurings On Financing Receivables That Subsequently Defaulted) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
contract | contract | contract | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 48 | 14 | 13 |
Recorded Investment | $4,643 | $2,340 | $1,353 |
One-To Four-Family Loans - Originated [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 38 | 14 | 13 |
Recorded Investment | 3,341 | 2,340 | 1,353 |
One-To Four-Family Loans - Purchased [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 6 | ' | ' |
Recorded Investment | 1,270 | ' | ' |
Consumer - Home Equity [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 3 | ' | ' |
Recorded Investment | 22 | ' | ' |
Consumer - Other [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 1 | ' | ' |
Recorded Investment | $10 | ' | ' |
Loans_Receivable_And_Allowance9
Loans Receivable And Allowance For Credit Losses (Impaired Loans By Class, Instant Related Disclosures) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, No Related Allowance | $27,411 | $26,978 |
Recorded Investment, Allowance Recorded | 38,130 | 43,472 |
Recorded Investment | 65,541 | 70,450 |
Unpaid Principal Balance, No Related Allowance | 31,175 | 26,889 |
Unpaid Principal Balance, Allowance Recorded | 38,211 | 43,628 |
Unpaid Principal Balance | 69,386 | 70,517 |
Related ACL | 319 | 375 |
One-To Four-Family Loans - Originated [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, No Related Allowance | 12,950 | 10,729 |
Recorded Investment, Allowance Recorded | 35,520 | 41,125 |
Recorded Investment | 48,470 | 51,854 |
Unpaid Principal Balance, No Related Allowance | 13,543 | 10,765 |
Unpaid Principal Balance, Allowance Recorded | 35,619 | 41,293 |
Unpaid Principal Balance | 49,162 | 52,058 |
Related ACL | 209 | 268 |
One-To Four-Family Loans - Purchased [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, No Related Allowance | 13,882 | 15,340 |
Recorded Investment, Allowance Recorded | 2,034 | 2,028 |
Recorded Investment | 15,916 | 17,368 |
Unpaid Principal Balance, No Related Allowance | 16,645 | 15,216 |
Unpaid Principal Balance, Allowance Recorded | 2,015 | 2,016 |
Unpaid Principal Balance | 18,660 | 17,232 |
Related ACL | 29 | 54 |
Multi-Family And Commercial Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, Allowance Recorded | 73 | ' |
Recorded Investment | 73 | ' |
Unpaid Principal Balance, Allowance Recorded | 74 | ' |
Unpaid Principal Balance | 74 | ' |
Related ACL | 2 | ' |
Consumer - Home Equity [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, No Related Allowance | 577 | 882 |
Recorded Investment, Allowance Recorded | 492 | 307 |
Recorded Investment | 1,069 | 1,189 |
Unpaid Principal Balance, No Related Allowance | 980 | 881 |
Unpaid Principal Balance, Allowance Recorded | 492 | 307 |
Unpaid Principal Balance | 1,472 | 1,188 |
Related ACL | 78 | 52 |
Consumer - Other [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, No Related Allowance | 2 | 27 |
Recorded Investment, Allowance Recorded | 11 | 12 |
Recorded Investment | 13 | 39 |
Unpaid Principal Balance, No Related Allowance | 7 | 27 |
Unpaid Principal Balance, Allowance Recorded | 11 | 12 |
Unpaid Principal Balance | 18 | 39 |
Related ACL | $1 | $1 |
Recovered_Sheet1
Loans Receivable And Allowance For Credit Losses (Impaired Loans By Class, Duration Related Disclosures) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment, No Related Allowance | $25,079 | $54,469 | $50,078 |
Average Recorded Investment, Allowance Recorded | 43,257 | 17,256 | 17,075 |
Average Recorded Investment | 68,336 | 71,725 | 67,153 |
Interest Income Recognized, No Related Allowance | 546 | 308 | 1,575 |
Interest Income Recognized, Allowance Recorded | 1,752 | 1,385 | 261 |
Interest Income Recognized | 2,298 | 1,693 | 1,836 |
One-To Four-Family Loans - Originated [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment, No Related Allowance | 9,763 | 41,396 | 41,401 |
Average Recorded Investment, Allowance Recorded | 40,590 | 10,886 | 2,419 |
Average Recorded Investment | 50,353 | 52,282 | 43,820 |
Interest Income Recognized, No Related Allowance | 321 | 176 | 1,467 |
Interest Income Recognized, Allowance Recorded | 1,651 | 1,330 | 102 |
Interest Income Recognized | 1,972 | 1,506 | 1,569 |
One-To Four-Family Loans - Purchased [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment, No Related Allowance | 14,730 | 12,296 | 7,381 |
Average Recorded Investment, Allowance Recorded | 2,052 | 6,138 | 14,576 |
Average Recorded Investment | 16,782 | 18,434 | 21,957 |
Interest Income Recognized, No Related Allowance | 186 | 126 | 58 |
Interest Income Recognized, Allowance Recorded | 74 | 51 | 156 |
Interest Income Recognized | 260 | 177 | 214 |
Multi-Family And Commercial Loans [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment, No Related Allowance | ' | 223 | 578 |
Average Recorded Investment, Allowance Recorded | 58 | ' | ' |
Average Recorded Investment | 58 | 223 | 578 |
Interest Income Recognized, No Related Allowance | ' | ' | 36 |
Interest Income Recognized, Allowance Recorded | 3 | ' | ' |
Interest Income Recognized | 3 | ' | 36 |
Consumer - Home Equity [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment, No Related Allowance | 567 | 543 | 672 |
Average Recorded Investment, Allowance Recorded | 534 | 226 | 80 |
Average Recorded Investment | 1,101 | 769 | 752 |
Interest Income Recognized, No Related Allowance | 39 | 6 | 14 |
Interest Income Recognized, Allowance Recorded | 23 | 4 | 3 |
Interest Income Recognized | 62 | 10 | 17 |
Consumer - Other [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment, No Related Allowance | 19 | 11 | 46 |
Average Recorded Investment, Allowance Recorded | 23 | 6 | ' |
Average Recorded Investment | 42 | 17 | 46 |
Interest Income Recognized, Allowance Recorded | 1 | ' | ' |
Interest Income Recognized | $1 | ' | ' |
Recovered_Sheet2
Loans Receivable And Allowance For Credit Losses (Allowance For Credit Losses) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning Balance | $11,100 | $15,465 | $14,892 |
Charge-offs | -1,657 | -6,435 | -3,487 |
Recoveries | 446 | 30 | ' |
Provision for credit losses | -1,067 | 2,040 | 4,060 |
Ending Balance | 8,822 | 11,100 | 15,465 |
One-To Four-Family Loans - Originated [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning Balance | 6,074 | 4,915 | 3,813 |
Charge-offs | -637 | -892 | -414 |
Recoveries | 14 | 16 | ' |
Provision for credit losses | 320 | 2,035 | 1,516 |
Ending Balance | 5,771 | 6,074 | 4,915 |
One-To Four-Family Loans - Purchased [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning Balance | 4,453 | 9,901 | 10,425 |
Charge-offs | -761 | -5,186 | -2,928 |
Recoveries | 398 | 8 | ' |
Provision for credit losses | -1,604 | -270 | 2,404 |
Ending Balance | 2,486 | 4,453 | 9,901 |
One-To Four-Family Loans [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning Balance | 10,527 | 14,816 | 14,238 |
Charge-offs | -1,398 | -6,078 | -3,342 |
Recoveries | 412 | 24 | ' |
Provision for credit losses | -1,284 | 1,765 | 3,920 |
Ending Balance | 8,257 | 10,527 | 14,816 |
Multi-Family And Commercial [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning Balance | 219 | 254 | 275 |
Provision for credit losses | -34 | -35 | -21 |
Ending Balance | 185 | 219 | 254 |
Consumer [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning Balance | 354 | 395 | 379 |
Charge-offs | -259 | -357 | -145 |
Recoveries | 34 | 6 | ' |
Provision for credit losses | 251 | 310 | 161 |
Ending Balance | $380 | $354 | $395 |
Recovered_Sheet3
Loans Receivable And Allowance For Credit Losses (Summary Of Loan Portfolio Segment Disaggregated By The Company's Impairment Method) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans collectively evaluated for impairment | $5,940,279 | $5,592,205 |
Recorded investment in loans individually evaluated for impairment | 27,411 | 26,978 |
Financing receivable, Total Recorded Investment | 5,967,690 | 5,619,183 |
ACL for loans collectively evaluated for impairment | 8,822 | 11,100 |
One-To Four-Family Loans - Originated [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans collectively evaluated for impairment | 5,107,899 | 4,602,969 |
Recorded investment in loans individually evaluated for impairment | 12,950 | 10,729 |
Financing receivable, Total Recorded Investment | 5,120,849 | 4,613,698 |
ACL for loans collectively evaluated for impairment | 5,771 | 6,074 |
One-To Four-Family Loans - Purchased [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans collectively evaluated for impairment | 634,705 | 774,734 |
Recorded investment in loans individually evaluated for impairment | 13,882 | 15,339 |
Financing receivable, Total Recorded Investment | 648,587 | 790,073 |
ACL for loans collectively evaluated for impairment | 2,486 | 4,453 |
One-To Four-Family Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans collectively evaluated for impairment | 5,742,604 | 5,377,703 |
Recorded investment in loans individually evaluated for impairment | 26,832 | 26,068 |
Financing receivable, Total Recorded Investment | 5,769,436 | 5,403,771 |
ACL for loans collectively evaluated for impairment | 8,257 | 10,527 |
Multi-Family And Commercial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans collectively evaluated for impairment | 57,603 | 59,562 |
Financing receivable, Total Recorded Investment | 57,603 | 59,562 |
ACL for loans collectively evaluated for impairment | 185 | 219 |
Consumer [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans collectively evaluated for impairment | 140,072 | 154,940 |
Recorded investment in loans individually evaluated for impairment | 579 | 910 |
Financing receivable, Total Recorded Investment | 140,651 | 155,850 |
ACL for loans collectively evaluated for impairment | $380 | $354 |
Premises_And_Equipment_Net_Nar
Premises And Equipment, Net (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Premises And Equipment, Net [Abstract] | ' | ' | ' |
Depreciation and amortization expense | $5.40 | $5 | $4.40 |
Rental expense | $1.20 | $1.30 | $1.30 |
Premises_And_Equipment_Net_Sum
Premises And Equipment, Net (Summary Of The Carrying Value Of Banking Premises And Equipment) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Premises And Equipment, Net [Abstract] | ' | ' |
Land | $11,029 | $9,337 |
Building and improvements | 73,199 | 63,684 |
Furniture, fixtures and equipment | 43,268 | 41,304 |
Premises and equipment, gross | 127,496 | 114,325 |
Less accumulated depreciation | 57,384 | 56,559 |
Premises and equipment, net | $70,112 | $57,766 |
Premises_And_Equipment_Net_Sch
Premises And Equipment, Net (Schedule Of Future Minimum Rental Commitments) (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Premises And Equipment, Net [Abstract] | ' |
2014 | $978 |
2015 | 798 |
2016 | 714 |
2017 | 683 |
2018 | 690 |
Thereafter | 4,407 |
Future minimum rental commitments, total | $8,270 |
Deposits_Narrative_Details
Deposits (Narrative) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Deposits [Abstract] | ' | ' |
Noninterest-bearing deposits | $150,200,000 | $132,500,000 |
Time deposits, $100,000 or more | 928,100,000 | 865,400,000 |
Deposits reclassified as loans receivable | $138,000 | $123,000 |
Deposits_Summary_Of_Deposits_D
Deposits (Summary Of Deposits) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Deposits [Line Items] | ' | ' |
Checking, Amount | $655,933 | $606,504 |
Savings, Amount | 283,169 | 260,933 |
Money market, Amount | 1,128,604 | 1,110,962 |
Certificates of deposit, Amount | 2,543,740 | 2,572,244 |
Total non-certificates, Amount | 2,067,706 | 1,978,399 |
Deposits, Total | 4,611,446 | 4,550,643 |
Checking, Weighted Average Rate | 0.04% | 0.04% |
Savings, Weighted Average Rate | 0.13% | 0.11% |
Money market, Weighted Average Rate | 0.23% | 0.25% |
Total non-certificates, Weighted Average Rate | 0.16% | 0.17% |
Certificates of deposit, Weighted Average Rate | 1.21% | 1.44% |
Deposits, Weighted Average Rate | 0.74% | 0.89% |
Checking, % of Total | 14.20% | 13.30% |
Savings, % of Total | 6.10% | 5.80% |
Money market, % of Total | 24.50% | 24.40% |
Total non-certificates, % of Total | 44.80% | 43.50% |
Certificates of deposit, % of Total | 55.20% | 56.50% |
Deposits, % of Total | 100.00% | 100.00% |
Certificates Of Deposit: 0.00 - 0.99% [Member] | ' | ' |
Deposits [Line Items] | ' | ' |
Certificates of deposit, Amount | 1,179,921 | 1,005,724 |
Certificates of deposit, Weighted Average Rate | 0.48% | 0.55% |
Certificates of deposit, % of Total | 25.60% | 22.10% |
Certificates Of Deposit: 1.00 - 1.99% [Member] | ' | ' |
Deposits [Line Items] | ' | ' |
Certificates of deposit, Amount | 852,258 | 800,745 |
Certificates of deposit, Weighted Average Rate | 1.40% | 1.44% |
Certificates of deposit, % of Total | 18.50% | 17.60% |
Certificates Of Deposit: 2.00 - 2.99% [Member] | ' | ' |
Deposits [Line Items] | ' | ' |
Certificates of deposit, Amount | 476,003 | 663,985 |
Certificates of deposit, Weighted Average Rate | 2.54% | 2.51% |
Certificates of deposit, % of Total | 10.30% | 14.60% |
Certificates Of Deposit: 3.00 - 3.99% [Member] | ' | ' |
Deposits [Line Items] | ' | ' |
Certificates of deposit, Amount | 35,014 | 95,765 |
Certificates of deposit, Weighted Average Rate | 3.09% | 3.21% |
Certificates of deposit, % of Total | 0.80% | 2.10% |
Certificates Of Deposit: 4.00 - 4.99% [Member] | ' | ' |
Deposits [Line Items] | ' | ' |
Certificates of deposit, Amount | $544 | $6,025 |
Certificates of deposit, Weighted Average Rate | 4.38% | 4.50% |
Certificates of deposit, % of Total | ' | 0.10% |
Deposits_Summary_Of_Certificat
Deposits (Summary Of Certificate Of Deposit Maturity) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ' | ' |
2014, Amount | $1,206,095 | ' |
2015, Amount | 676,365 | ' |
2016, Amount | 348,641 | ' |
2017, Amount | 208,806 | ' |
2018, Amount | 102,422 | ' |
Thereafter, Amount | 1,411 | ' |
Certificates of deposit, Amount | $2,543,740 | $2,572,244 |
2014, Weighted Average Rate | 0.90% | ' |
2015, Weighted Average Rate | 1.61% | ' |
2016, Weighted Average Rate | 1.36% | ' |
2017, Weighted Average Rate | 1.36% | ' |
2018, Weighted Average Rate | 1.39% | ' |
Thereafter, Weighted Average Rate | 1.92% | ' |
Certificates of deposit, Weighted Average Rate | 1.21% | 1.44% |
Deposits_Summary_Of_Interest_E
Deposits (Summary Of Interest Expense On Deposits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Deposits [Abstract] | ' | ' | ' |
Checking | $244 | $421 | $441 |
Savings | 284 | 408 | 1,225 |
Money market | 2,446 | 3,457 | 5,307 |
Certificates | 33,842 | 41,884 | 56,595 |
Deposits, total | $36,816 | $46,170 | $63,568 |
Borrowed_Funds_Narrative_Detai
Borrowed Funds (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | |
Prepayment Of FHLB Advances [Member] | New Borrowings [Member] | |||
Prepayment of fixed-rate FHLB advances | ' | ' | $200,000,000 | ' |
New fixed-rate FHLB advances | ' | ' | ' | 200,000,000 |
Weighted average interest rate of FHLB advances | ' | ' | 3.88% | 0.86% |
Weighted average remaining term to maturity in months | ' | ' | '15 months | '46 months |
FHLB advance prepayment penalty | 11,575,000 | 19,952,000 | 7,900,000 | ' |
Basis point impact of FHLB prepayment penalty | ' | ' | '108 | ' |
Effective rate of borrowings | ' | ' | ' | 1.94% |
Percentage change in present value of cash flows due to debt restructuring, maximum | ' | 10.00% | ' | ' |
Expiration date for FHLB line of credit | 22-Nov-13 | ' | ' | ' |
Borrowings FHLB line of credit | 0 | ' | ' | ' |
FHLB percentage of regulatory assets | 27.00% | ' | ' | ' |
FHLB borrowings threshold percentage of regulatory assets | 40.00% | ' | ' | ' |
Repurchase agreements | 320,000,000 | 365,000,000 | ' | ' |
Weighted average rate of repurchase agreements | 3.43% | 3.83% | ' | ' |
MBS pledged as collateral, estimated fair value | $364,600,000 | ' | ' | ' |
Borrowed_Funds_FHLB_Advances_D
Borrowed Funds (FHLB Advances) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | ||
In Thousands, unless otherwise specified | ||||
Borrowed Funds [Abstract] | ' | ' | ||
Fixed-rate FHLB advances | $2,525,000 | $2,550,000 | ||
FHLB borrowings | 2,513,538 | 2,530,322 | ||
Deferred prepayment penalty | -11,575 | -19,952 | ||
Deferred gain on terminated interest rate swaps | 113 | 274 | ||
Advances from Federal Home Loan Banks | $2,525,000 | $2,550,000 | ||
Weighted average contractual interest rate on FHLB advances | 2.33% | 2.62% | ||
Weighted average effective interest rate on FHLB advances | 2.67% | [1] | 3.03% | [1] |
[1] | The effective rate includes the net impact of the amortization of deferred prepayment penalties related to the prepayment of certain FHLB advances and deferred gains related to the termination of interest rate swaps. |
Borrowed_Funds_Maturity_Of_Bor
Borrowed Funds (Maturity Of Borrowed Funds) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | |
In Thousands, unless otherwise specified | |||
FHLB Advances Amount | $2,525,000 | $2,550,000 | |
Repurchase Agreements Amount | 320,000 | ' | |
Total Borrowings Amount | 2,845,000 | ' | |
Weighted Average Contractual Rate | 2.45% | ' | |
Weighted Average Effective Rate | 2.75% | [1] | ' |
2014 [Member] | ' | ' | |
FHLB Advances Amount | 450,000 | ' | |
Repurchase Agreements Amount | 100,000 | ' | |
Total Borrowings Amount | 550,000 | ' | |
Weighted Average Contractual Rate | 3.33% | ' | |
Weighted Average Effective Rate | 3.95% | [1] | ' |
2015 [Member] | ' | ' | |
FHLB Advances Amount | 600,000 | ' | |
Repurchase Agreements Amount | 20,000 | ' | |
Total Borrowings Amount | 620,000 | ' | |
Weighted Average Contractual Rate | 1.73% | ' | |
Weighted Average Effective Rate | 1.96% | [1] | ' |
2016 [Member] | ' | ' | |
FHLB Advances Amount | 575,000 | ' | |
Total Borrowings Amount | 575,000 | ' | |
Weighted Average Contractual Rate | 2.29% | ' | |
Weighted Average Effective Rate | 2.91% | [1] | ' |
2017 [Member] | ' | ' | |
FHLB Advances Amount | 500,000 | ' | |
Total Borrowings Amount | 500,000 | ' | |
Weighted Average Contractual Rate | 2.69% | ' | |
Weighted Average Effective Rate | 2.72% | [1] | ' |
2018 [Member] | ' | ' | |
FHLB Advances Amount | 200,000 | ' | |
Repurchase Agreements Amount | 100,000 | ' | |
Total Borrowings Amount | 300,000 | ' | |
Weighted Average Contractual Rate | 2.90% | ' | |
Weighted Average Effective Rate | 2.90% | [1] | ' |
Thereafter [Member] | ' | ' | |
FHLB Advances Amount | 200,000 | ' | |
Repurchase Agreements Amount | 100,000 | ' | |
Total Borrowings Amount | $300,000 | ' | |
Weighted Average Contractual Rate | 1.81% | ' | |
Weighted Average Effective Rate | 1.81% | [1] | ' |
[1] | The effective rate includes the net impact of the amortization of deferred prepayment penalties related to the prepayment of certain FHLB advances and deferred gains related to the termination of interest rate swaps. |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Income tax expense effective rates | 34.30% | 35.80% | 33.00% |
Valuation allowance | $1,824 | $1,926 | ' |
Income_Taxes_Schedule_Of_Incom
Income Taxes (Schedule Of Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Current, Federal | $27,570 | $32,353 | $25,889 |
Current, State | 2,963 | 3,044 | 2,707 |
Current income tax expense | 30,533 | 35,397 | 28,596 |
Deferred, Federal | 5,586 | 5,638 | -8,933 |
Deferred, State | 110 | 451 | -714 |
Deferred income tax expense | 5,696 | 6,089 | -9,647 |
Income tax expense | $36,229 | $41,486 | $18,949 |
Income_Taxes_Differences_Betwe
Income Taxes (Differences Between Effective Rates And Statutory Federal Income Tax Rate Computed On Income Before Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Federal income tax expense computed at statutory Federal rate, Amount | $36,949 | $40,600 | $20,073 |
Federal income tax expense computed at statutory Federal rate, Percentage | 35.00% | 35.00% | 35.00% |
Increases (Decreases) In Taxes Resulting From: | ' | ' | ' |
State taxes, net of Federal tax effect, Amount | 3,073 | 3,495 | 1,993 |
State taxes, net of Federal tax effect, Percentage | 2.90% | 3.00% | 3.40% |
Low income housing tax credits, Amount | -2,675 | -2,081 | -1,397 |
Low income housing tax credits, Percentage | -2.50% | -1.80% | -2.40% |
ESOP related expenses, net, Amount | -347 | 591 | -495 |
ESOP related expenses, net, Percentage | -0.30% | 0.50% | -0.90% |
Other, Amount | -771 | -1,119 | -1,225 |
Other, Percentage | -0.80% | -0.90% | -2.10% |
Income tax expense | $36,229 | $41,486 | $18,949 |
Income tax expense, Percentage | 34.30% | 35.80% | 33.00% |
Income_Taxes_Deferred_Income_T
Income Taxes (Deferred Income Tax Expense Results From Temporary Differences In Recognition Of Revenue And Expenses For Tax) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Foundation contribution | $3,216 | $5,422 | ($12,824) |
Fixed assets | 1,365 | 629 | 1,006 |
ACL | 982 | 1,617 | -197 |
FHLB stock dividends | 866 | 1,650 | 1,432 |
Mortgage servicing rights | -155 | -521 | -885 |
Other, net | -578 | -2,708 | 1,821 |
Deferred income tax expense | $5,696 | $6,089 | ($9,647) |
Income_Taxes_Components_Of_Net
Income Taxes (Components Of Net Deferred Income Tax (Liabilities) Assets) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets: | ' | ' |
Foundation contribution | $4,186 | $7,402 |
ACL | 1,264 | 2,246 |
Salaries and employee benefits | 2,071 | 1,612 |
ESOP compensation | 1,004 | 949 |
Other | 4,179 | 4,194 |
Gross deferred income tax assets | 12,704 | 16,403 |
Valuation allowance | -1,824 | -1,926 |
Gross deferred income tax asset, net of valuation allowance | 10,880 | 14,477 |
Deferred income tax liabilities: | ' | ' |
FHLB stock dividends | 21,344 | 20,478 |
Fixed assets | 5,015 | 3,650 |
Unrealized gain on AFS securities | 4,417 | 14,712 |
Other | 541 | 679 |
Gross deferred income tax liabilities | 31,317 | 39,519 |
Net deferred tax liabilities | ($20,437) | ($25,042) |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
item | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' |
Types of discretionary contributions provided under profit sharing plan | 2 | ' | ' |
Number of shares acquired by ESOP post corporate reorganization | 6,846,728 | ' | ' |
Shares Held In Employee Stock Ownership Plan, Allocated | 551,990 | ' | ' |
Portion of compensation expense related to the ESOP attributable to changes in Company stock price | $3,700,000 | $3,400,000 | $3,300,000 |
Compensation expense related to the ESOP including dividends | 9,700,000 | 6,700,000 | 8,700,000 |
Common stock committed to be released for allocation - ESOP | 6,650,000 | 6,406,000 | 6,022,000 |
Dividends on unallocated ESOP shares in excess of debt service payments | 3,000,000 | 325,000 | 2,700,000 |
ESOP employer cash payments used for debt service | 2,500,000 | 2,600,000 | 1,400,000 |
Forecast [Member] | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' |
Shares Held In Employee Stock Ownership Plan, Committed-to-be-Released | 165,198 | ' | ' |
Profit Sharing Plan [Member] | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' |
Percentage of employee matching contribution under profit sharing plan | 50.00% | ' | ' |
Total Bank contributions | 109,000 | 105,000 | 105,000 |
Minimum [Member] | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' |
Period of service required for plan eligibility | '1 year | ' | ' |
Employee age required for plan eligibility, years | 21 | ' | ' |
Number of hours required for plan eligibility | 1,000 | ' | ' |
Percentage of ESOP shares participant may diversify once age requirement is met | 25.00% | ' | ' |
Required age of participant in order to diversify ESOP shares, years | 50 | ' | ' |
Minimum [Member] | Discretionary Contribution Type I [Member] | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' |
Percentage of contribution under profit sharing plan | 0.00% | ' | ' |
Minimum [Member] | Discretionary Contribution Type II [Member] | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' |
Percentage of contribution under profit sharing plan | 0.00% | ' | ' |
IPO [Member] | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' |
Number shares acquired by ESOP trust | 3,024,574 | ' | ' |
Fixed interest rate on ESOP loan | 5.80% | ' | ' |
Principal and interest amount due annually on ESOP loan | 3,000,000 | 3,000,000 | 3,000,000 |
ESOP principal payment amount | 2,800,000 | 2,700,000 | 2,500,000 |
ESOP interest payment amount | 164,000 | 319,000 | 465,000 |
Corporate Reorganization [Member] | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' |
Number shares acquired by ESOP trust | 4,726,000 | ' | ' |
Fixed interest rate on ESOP loan | 3.25% | ' | ' |
Term of ESOP loan, years | '30 | ' | ' |
Number of interest-only payments initially required for ESOP loan | 3 | ' | ' |
ESOP interest payment amount | 1,500,000 | ' | ' |
ESOP loan maturity date | 30-Sep-40 | ' | ' |
Corporate Reorganization [Member] | Forecast [Member] | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' |
Principal and interest amount due annually on ESOP loan | $2,700,000 | ' | ' |
Employee_Benefit_Plans_Summary
Employee Benefit Plans (Summary Of Shares Held In The ESOP Trust) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Employee Benefit Plans [Abstract] | ' | ' |
Allocated ESOP shares | 4,892,642 | 4,723,590 |
Unreleased ESOP shares | 4,460,346 | 5,012,336 |
Total ESOP shares | 9,352,988 | 9,735,926 |
Fair value of unreleased ESOP shares | $55,442 | $59,948 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Stock Option Plans [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Option price percentage of fair market value of shares on the date of grant, minimum | 100.00% | ' | ' |
Weighted average grant-date fair value of stock options granted | $1.45 | $1.59 | $0.78 |
Compensation expense | $792,000 | $369,000 | $131,000 |
Compensation expense, net of tax | 714,000 | 320,000 | 122,000 |
Total pretax intrinsic value of stock options exercised | 1,000 | 68,000 | 19,000 |
Tax benefit from stock options exercised | 1,000 | 25,000 | 7,000 |
Fair value of stock options vested during the period | 689,000 | 141,000 | 150,000 |
Stock market price per share | $12.43 | ' | ' |
Number of in-the-money options exercisable | 393,618 | ' | ' |
Unrecognized total future compensation cost | 1,500,000 | ' | ' |
Unrecognized total future compensation cost weighted average recognition period | '2 years 7 months 6 days | ' | ' |
Stock Option Plans [Member] | 2000 Stock Option Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares of common stock reserved for future issuance | 8,558,411 | ' | ' |
Number of shares available for future grants | 2,867,859 | ' | ' |
Stock Option Plans [Member] | 2012 Equity Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares of common stock reserved for future issuance | 5,907,500 | ' | ' |
Number of shares available for future grants | 4,323,900 | ' | ' |
Exercisable period of vested options after termination for reasons other than death, disability, or for cause | '3 months | ' | ' |
Stock Option Plans [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period of options | '3 years | ' | ' |
Stock Option Plans [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period of options | '5 years | ' | ' |
Stock Option Plans [Member] | Maximum [Member] | 2012 Equity Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Exercisable period of vested options after termination as result of death or disability | '1 year | ' | ' |
Restricted Stock Plans [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense | 1,800,000 | 827,000 | 131,000 |
Compensation expense, net of tax | 1,200,000 | 531,000 | 88,000 |
Unrecognized total future compensation cost | 3,600,000 | ' | ' |
Unrecognized total future compensation cost, net of forfeitures | 3,500,000 | ' | ' |
Fair value of restricted stock vested during the period | $1,500,000 | $212,000 | $120,000 |
Unrecognized total future compensation cost weighted average recognition period | '2 years 7 months 6 days | ' | ' |
Estimated forfeiture rate for restricted stock granted | 12.19% | 0.88% | 0.00% |
Restricted Stock Plans [Member] | 2012 Equity Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares of common stock reserved for future issuance | 2,363,000 | ' | ' |
Number of shares available for future grants | 1,843,350 | ' | ' |
Restricted Stock Plans [Member] | 2000 Recognition And Retention Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares of common stock reserved for future issuance | 3,423,364 | ' | ' |
Number of shares available for future grants | 358,767 | ' | ' |
Restricted Stock Plans [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period of restricted stock | '3 years | ' | ' |
Restricted Stock Plans [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period of restricted stock | '5 years | ' | ' |
Greater Than 10% Outstanding Common Stock Ownership [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Option price percentage of fair market value of shares on the date of grant, minimum | 110.00% | ' | ' |
Outstanding common stock ownership percentage limitation | 10.00% | ' | ' |
Greater Than 10% Outstanding Common Stock Ownership [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Contractual term of stock options | '5 years | ' | ' |
Incentive Stock Options [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Contractual term of stock options | '10 years | ' | ' |
Nonqualified Stock Options [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Contractual term of stock options | '15 years | ' | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule Of Share Based Compensation Weighted Average Assumptions Used To Value Stock Option Grants) (Details) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Stock-Based Compensation [Abstract] | ' | ' | ' |
Risk-free interest rate | 0.40% | 0.50% | 1.30% |
Expected life (years) | '3 years | '4 years | '5 years |
Expected volatility | 23.00% | 24.00% | 25.00% |
Dividend yield | 2.50% | 2.50% | 8.10% |
Estimated forfeitures | 12.00% | 4.50% | 12.90% |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Option Activity) (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Stock-Based Compensation [Abstract] | ' | ' | ' |
Options outstanding at beginning of year, Number of Options | 2,471,825 | 906,964 | 919,639 |
Granted, Number of Options | 64,000 | 1,594,000 | 2,030 |
Forfeited, Number of Options | -81,412 | -16,966 | -10,180 |
Expired, Number of Options | -29,420 | -3,390 | ' |
Exercised, Number of Options | -1,000 | -8,783 | -4,525 |
Options outstanding at end of year, Number of Options | 2,423,993 | 2,471,825 | 906,964 |
Options outstanding at beginning of year, Weighted Average Exercise Price | $13.06 | $15.09 | $15.08 |
Granted, Weighted Average Exercise Price | $12 | $11.89 | $10.86 |
Forfeited, Weighted Average Exercise Price | $12.05 | $16.70 | $16.59 |
Expired, Weighted Average Exercise Price | $13.31 | $11.33 | ' |
Exercised, Weighted Average Exercise Price | $11.85 | $4.07 | $8.23 |
Options outstanding at end of year, Weighted Average Exercise Price | $13.06 | $13.06 | $15.09 |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary Of Stock Options Outstanding And Exercisable) (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Number of Options Outstanding | 2,423,993 | 2,471,825 | 906,964 | 919,639 |
Weighted Average Remaining Contractual Life (in years), Outstanding | '8 years 3 months 18 days | ' | ' | ' |
Weighted Average Exercise Price per Share, Outstanding | $13.06 | $13.06 | $15.09 | $15.08 |
Aggregate Intrinsic Value, Outstanding | $851 | ' | ' | ' |
Number of Options Exercisable | 1,210,349 | ' | ' | ' |
Weighted Average Remaining Contractual Life (in years), Exercisable | '6 years 8 months 12 days | ' | ' | ' |
Weighted Average Exercise Price per Share, Exercisable | $14.19 | ' | ' | ' |
Aggregate Intrinsic Value, Exercisable | 212 | ' | ' | ' |
Exercise Price - $10.86 - $12.65 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Exercise Price Range, Lower Range Limit | $10.86 | ' | ' | ' |
Exercise Price Range, Upper Range Limit | $12.65 | ' | ' | ' |
Number of Options Outstanding | 1,584,630 | ' | ' | ' |
Weighted Average Remaining Contractual Life (in years), Outstanding | '9 years 8 months 12 days | ' | ' | ' |
Weighted Average Exercise Price per Share, Outstanding | $11.89 | ' | ' | ' |
Aggregate Intrinsic Value, Outstanding | 851 | ' | ' | ' |
Number of Options Exercisable | 393,618 | ' | ' | ' |
Weighted Average Remaining Contractual Life (in years), Exercisable | '9 years 2 months 12 days | ' | ' | ' |
Weighted Average Exercise Price per Share, Exercisable | $11.89 | ' | ' | ' |
Aggregate Intrinsic Value, Exercisable | $212 | ' | ' | ' |
Exercise Price - $13.58 - $17.59 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Exercise Price Range, Lower Range Limit | $13.58 | ' | ' | ' |
Exercise Price Range, Upper Range Limit | $17.59 | ' | ' | ' |
Number of Options Outstanding | 791,858 | ' | ' | ' |
Weighted Average Remaining Contractual Life (in years), Outstanding | '5 years 8 months 12 days | ' | ' | ' |
Weighted Average Exercise Price per Share, Outstanding | $15.04 | ' | ' | ' |
Number of Options Exercisable | 769,226 | ' | ' | ' |
Weighted Average Remaining Contractual Life (in years), Exercisable | '5 years 7 months 6 days | ' | ' | ' |
Weighted Average Exercise Price per Share, Exercisable | $15.06 | ' | ' | ' |
Exercise Price $19.19 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Exercise Price Range, Upper Range Limit | $19.19 | ' | ' | ' |
Number of Options Outstanding | 47,505 | ' | ' | ' |
Weighted Average Remaining Contractual Life (in years), Outstanding | '5 years 1 month 6 days | ' | ' | ' |
Weighted Average Exercise Price per Share, Outstanding | $19.19 | ' | ' | ' |
Number of Options Exercisable | 47,505 | ' | ' | ' |
Weighted Average Remaining Contractual Life (in years), Exercisable | '5 years 1 month 6 days | ' | ' | ' |
Weighted Average Exercise Price per Share, Exercisable | $19.19 | ' | ' | ' |
StockBased_Compensation_Summar2
Stock-Based Compensation (Summary Of Restricted Stock Activity) (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Stock-Based Compensation [Abstract] | ' | ' | ' |
Unvested restricted stock at beginning of year, Number of Shares | 510,861 | 13,582 | 23,762 |
Granted, Number of Shares | 20,000 | 515,325 | ' |
Vested, Number of Shares | -129,023 | -18,046 | -10,180 |
Forfeited, Number of Shares | -15,675 | ' | ' |
Unvested restricted stock at end of year, Number of Shares | 386,163 | 510,861 | 13,582 |
Unvested restricted stock at beginning of year, Weighted Average Grant Date Fair Value | $11.93 | $14.90 | $15.07 |
Granted, Weighted Average Grant Date Fair Value | $11.99 | $11.89 | ' |
Vested, Weighted Average Grant Date Fair Value | $11.99 | $13.17 | $15.30 |
Forfeited, Weighted Average Grant Date Fair Value | $11.88 | ' | ' |
Unvested restricted stock at end of year, Weighted Average Grant Date Fair Value | $11.91 | $11.93 | $14.90 |
Performance_Based_Compensation1
Performance Based Compensation (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' |
Performance-based compensation, amount deferred | $300,000 | $386,000 | $345,000 |
Deferred compensation arrangement with individual mandatory deferral, period | '3 years | ' | ' |
Performance Based Compensation Amount | 1,500,000 | 2,000,000 | 1,800,000 |
Deferred Compensation Arrangement with Individual, Compensation Expense | 309,000 | 162,000 | 153,000 |
Maximum [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' |
Performance-based compensation, amount deferred | 100,000 | ' | ' |
Deferred Compensation Arrangement with Individual Recorded Liability Percentage | 50.00% | ' | ' |
Deferred Compensation Arrangement With Individual Employer Contribution Percentage | 50.00% | ' | ' |
Minimum [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' |
Performance-based compensation, amount deferred | $2,000 | ' | ' |
Executive Officers [Member] | Maximum [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' |
Deferred Compensation Arrangement with Individual Recorded Liability Percentage | 50.00% | ' | ' |
Senior Officers [Member] | Maximum [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' |
Deferred Compensation Arrangement with Individual Recorded Liability Percentage | 35.00% | ' | ' |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Commitments And Contingencies [Abstract] | ' | ' |
Unadvanced home equity lines of credit | $262,700,000 | $261,800,000 |
Unadvanced commitments on commercial loans | $15,000 | $239,000 |
Commitments_And_Contingencies_2
Commitments And Contingencies (Commitments Outstanding To Originate, Purchase, Or Participate In Loans) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Commitments And Contingencies [Abstract] | ' | ' |
Originate fixed-rate | $77,085 | $102,449 |
Originate adjustable-rate | 17,997 | 18,272 |
Purchase/participate fixed-rate | 95,247 | 81,107 |
Purchase/participate adjustable-rate | 40,528 | 31,315 |
Commitments outstanding to originate, purchase, or participate in loans | $230,857 | $233,143 |
Regulatory_Capital_Requirement2
Regulatory Capital Requirements (Summary Of Capital And Total Risk-Based Capital Ratios) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Regulatory Capital Requirements [Abstract] | ' | ' |
Tier 1 leverage ratio, Actual Amount | $1,363,103 | $1,355,105 |
Tier 1 leverage ratio, Actual Ratio | 14.80% | 14.60% |
Tier 1 leverage ratio, For Capital Adequacy Purposes, Amount | 368,028 | 371,747 |
Tier 1 leverage ratio, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 leverage ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 460,034 | 464,684 |
Tier 1 leverage ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Tier 1 risk-based capital, Actual Amount | 1,363,103 | 1,355,105 |
Tier 1 risk-based capital, Actual Ratio | 35.60% | 36.40% |
Tier 1 risk-based capital, For Capital Adequacy Purposes, Amount | 153,015 | 148,744 |
Tier 1 risk-based capital, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 risk-based capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 229,523 | 223,116 |
Tier 1 risk-based capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.00% | 6.00% |
Total risk-based capital, Actual Amount | 1,371,925 | 1,366,205 |
Total risk-based capital, Actual Ratio | 35.90% | 36.70% |
Total risk-based capital, For Capital Adequacy Purposes, Amount | 306,030 | 297,489 |
Total risk-based capital, For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total risk-based capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $382,538 | $371,861 |
Total risk-based capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Narrative) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans individually evaluated for impairment | $27,327,000 | $26,890,000 |
ACL maintained for individually evaluated impaired loans | 0 | 0 |
OREO | 3,882,000 | 8,047,000 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value of deposits | 2,070,000,000 | 1,980,000,000 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Estimated fair value of deposits | $2,580,000,000 | $2,630,000,000 |
Fair_Value_Of_Financial_Instru3
Fair Value Of Financial Instruments (Schedule Of Fair Value Assets Measured On A Recurring Basis) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Available-for-sale ("AFS") at Carrying Value | $1,069,967 | $1,406,844 | ' | ||
Proceeds from principal repayments | 717,545 | 761,535 | 351,636 | ||
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Available-for-sale ("AFS") at Carrying Value | 1,067,544 | 1,404,546 | ' | ||
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Available-for-sale ("AFS") at Carrying Value | 2,423 | 2,298 | ' | ||
Proceeds from principal repayments | 424 | 996 | ' | ||
Reductions in net unrealized losses included in OCI | 276 | 78 | ' | ||
GSE Debentures [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Available-for-sale ("AFS") at Carrying Value | 702,228 | 861,724 | ' | ||
GSE Debentures [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Available-for-sale ("AFS") at Carrying Value | 702,228 | 861,724 | ' | ||
MBS [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Available-for-sale ("AFS") at Carrying Value | 363,964 | 540,306 | ' | ||
MBS [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Available-for-sale ("AFS") at Carrying Value | 363,964 | 540,306 | ' | ||
Municipal Bonds [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Available-for-sale ("AFS") at Carrying Value | 1,352 | 2,516 | ' | ||
Municipal Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Available-for-sale ("AFS") at Carrying Value | 1,352 | 2,516 | ' | ||
Trust Preferred Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Available-for-sale ("AFS") at Carrying Value | 2,423 | [1] | 2,298 | [2] | ' |
Trust Preferred Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Available-for-sale ("AFS") at Carrying Value | $2,423 | [1] | $2,298 | [2] | ' |
[1] | The Companybs Level 3 AFS securities had no activity from September 30, 2012 to September 30, 2013, except for principal repayments of $424 thousand and reductions in net unrealized losses recognized in other comprehensive income. Reductions in net unrealized losses included in other comprehensive income for the year ended September 30, 2013 were $276 thousand. | ||||
[2] | The Companybs Level 3 AFS securities had no activity from September 30, 2011 to September 30, 2012, except for principal repayments of $996 thousand and reductions in net unrealized losses recognized in other comprehensive income. Reductions in net unrealized losses included in other comprehensive income for the year ended September 30, 2012 were $78 thousand. |
Fair_Value_Of_Financial_Instru4
Fair Value Of Financial Instruments (Schedule Of Fair Value Assets Measured On A Nonrecurring Basis) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans individually evaluated for impairment | $27,327 | $26,890 |
OREO | 3,882 | 8,047 |
Total assets measured at fair value on a nonrecurring basis, carrying value | 31,209 | 34,937 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans individually evaluated for impairment | 27,327 | 26,890 |
OREO | 3,882 | 8,047 |
Total assets measured at fair value on a nonrecurring basis, carrying value | $31,209 | $34,937 |
Fair_Value_Of_Financial_Instru5
Fair Value Of Financial Instruments (Schedule Of Carrying Amounts And Estimated Fair Values Of Financial Instruments) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
HTM securities | $1,741,846 | $1,969,899 |
Carrying Amount [Member] | ' | ' |
Assets: | ' | ' |
Cash and cash equivalents | 113,886 | 141,705 |
HTM securities | 1,718,023 | 1,887,947 |
Loans receivable | 5,958,868 | 5,608,083 |
BOLI | 59,495 | 58,012 |
Capital stock of FHLB | 128,530 | 132,971 |
Liabilities: | ' | ' |
Deposits | 4,611,446 | 4,550,643 |
FHLB borrowings | 2,513,538 | 2,530,322 |
Other borrowings | 320,000 | 365,000 |
Estimated Fair Value [Member] | ' | ' |
Assets: | ' | ' |
Cash and cash equivalents | 113,886 | 141,705 |
HTM securities | 1,741,846 | 1,969,899 |
Loans receivable | 6,132,239 | 5,978,872 |
BOLI | 59,495 | 58,012 |
Capital stock of FHLB | 128,530 | 132,971 |
Liabilities: | ' | ' |
Deposits | 4,646,263 | 4,607,732 |
FHLB borrowings | 2,599,749 | 2,701,142 |
Other borrowings | $333,749 | $388,761 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Summary Of Quarterly Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Selected Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total interest and dividend income | $72,223 | $73,675 | $74,980 | $77,676 | $79,305 | $80,645 | $83,274 | $84,827 | $298,554 | $328,051 | $346,865 |
Net interest and dividend income | 43,806 | 44,404 | 44,320 | 45,630 | 45,853 | 46,188 | 47,466 | 45,374 | 178,160 | 184,881 | 168,734 |
Provision for credit losses | -500 | -800 | ' | 233 | ' | ' | 1,500 | 540 | -1,067 | 2,040 | 4,060 |
Net income | $16,067 | $17,995 | $17,715 | $17,563 | $17,736 | $18,673 | $19,315 | $18,789 | $69,340 | $74,513 | $38,403 |
Basic EPS | $0.11 | $0.13 | $0.12 | $0.12 | $0.11 | $0.12 | $0.12 | $0.12 | $0.48 | $0.47 | $0.24 |
Diluted EPS | $0.11 | $0.13 | $0.12 | $0.12 | $0.11 | $0.12 | $0.12 | $0.12 | $0.48 | $0.47 | $0.24 |
Dividends declared per share | $0.08 | $0.08 | $0.08 | $0.78 | $0.08 | $0.08 | $0.08 | $0.18 | $1 | $0.40 | $1.63 |
Average number of basic shares outstanding | 142,856,000 | 143,263,000 | 145,382,000 | 147,883,000 | 151,077,000 | 156,962,000 | 161,722,000 | 161,923,000 | 144,847,156 | 157,912,978 | 162,625,274 |
Average number of diluted shares outstanding | 142,858,000 | 143,263,000 | 145,382,000 | 147,883,000 | 151,079,000 | 156,966,000 | 161,728,000 | 161,931,000 | 144,848,009 | 157,916,400 | 162,632,665 |
Parent_Company_Financial_Infor2
Parent Company Financial Information (Parent Company Only) (Schedule Of Balance Sheets) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 |
In Thousands, except Share data, unless otherwise specified | ||||
ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | $113,886 | $141,705 | $121,070 | $65,217 |
Available-for-sale (bAFSb) | 1,069,967 | 1,406,844 | ' | ' |
Other assets | 40,090 | 50,837 | ' | ' |
Accrued interest | 23,596 | 26,092 | ' | ' |
Deferred income tax assets | -20,437 | -25,042 | ' | ' |
TOTAL ASSETS | 9,186,449 | 9,378,304 | ' | ' |
LIABILITIES: | ' | ' | ' | ' |
Accounts payable and accrued expenses | 31,402 | 44,279 | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Preferred stock, $.01 par value; 100,000,000 shares authorized, no shares issued or outstanding | 0 | 0 | ' | ' |
Common stock, $0.01 par value; 1,400,000,000 shares authorized, 147,840,268 and 155,379,739 shares issued and outstanding as of September 30, 2013 and 2012, respectively | 1,478 | 1,554 | ' | ' |
Additional paid-in capital | 1,235,781 | 1,292,122 | ' | ' |
Unearned compensation - ESOP | -44,603 | -47,575 | ' | ' |
Retained earnings | 432,203 | 536,150 | ' | ' |
AOCI, net of tax | 7,267 | 24,207 | ' | ' |
Total stockholders' equity | 1,632,126 | 1,806,458 | 1,939,529 | 961,950 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 9,186,449 | 9,378,304 | ' | ' |
Available-for-sale securities, amortized cost | 1,058,283 | 1,367,925 | ' | ' |
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 | 1,400,000,000 | 1,400,000,000 | ' | ' |
Common stock, shares issued | 147,840,268 | 155,379,739 | ' | ' |
Common stock, shares outstanding | 147,840,268 | 155,379,739 | ' | ' |
Capitol Federal Financial [Member] | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 207,012 | 308,648 | 113,101 | 88,098 |
Investment in the Bank | 1,370,426 | 1,379,357 | ' | ' |
Available-for-sale (bAFSb) | ' | 60,120 | ' | ' |
Note receivable - ESOP | 47,260 | 50,087 | ' | ' |
Other assets | 282 | 84 | ' | ' |
Accrued interest | ' | 263 | ' | ' |
Income tax receivable | 3,031 | 3,092 | ' | ' |
Deferred income tax assets | 4,186 | 7,103 | ' | ' |
TOTAL ASSETS | 1,632,197 | 1,808,754 | ' | ' |
LIABILITIES: | ' | ' | ' | ' |
Accounts payable and accrued expenses | 71 | 2,296 | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Common stock, $0.01 par value; 1,400,000,000 shares authorized, 147,840,268 and 155,379,739 shares issued and outstanding as of September 30, 2013 and 2012, respectively | 1,478 | 1,554 | ' | ' |
Additional paid-in capital | 1,235,781 | 1,292,122 | ' | ' |
Unearned compensation - ESOP | -44,603 | -47,575 | ' | ' |
Retained earnings | 432,203 | 536,150 | ' | ' |
AOCI, net of tax | 7,267 | 24,207 | ' | ' |
Total stockholders' equity | 1,632,126 | 1,806,458 | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,632,197 | 1,808,754 | ' | ' |
Available-for-sale securities, amortized cost | $0 | $60,074 | ' | ' |
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 | 1,400,000,000 | 1,400,000,000 | ' | ' |
Common stock, shares issued | 147,840,268 | 155,379,739 | ' | ' |
Common stock, shares outstanding | 147,840,268 | 155,379,739 | ' | ' |
Parent_Company_Financial_Infor3
Parent Company Financial Information (Parent Company Only) (Schedule Of Statements Of Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Interest income from securities | ' | ' | ' | ' | ' | ' | ' | ' | $10,012 | $15,944 | $19,077 |
Total interest and dividend income | 72,223 | 73,675 | 74,980 | 77,676 | 79,305 | 80,645 | 83,274 | 84,827 | 298,554 | 328,051 | 346,865 |
INTEREST EXPENSE | ' | ' | ' | ' | ' | ' | ' | ' | 120,394 | 143,170 | 178,131 |
NET INTEREST AND DIVIDEND INCOME | 43,806 | 44,404 | 44,320 | 45,630 | 45,853 | 46,188 | 47,466 | 45,374 | 178,160 | 184,881 | 168,734 |
NON-INTEREST INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 1,812 | 1,955 | 2,142 |
Salaries and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | 49,152 | 44,235 | 44,913 |
Other non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 8,159 | 11,459 | 12,027 |
Total non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 96,947 | 91,075 | 132,317 |
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) AND EQUITY IN (EXCESS OF DISTRIBUTION OVER) UNDISTRIBUTED EARNINGS OF SUBSIDIARY | ' | ' | ' | ' | ' | ' | ' | ' | 105,569 | 115,999 | 57,352 |
INCOME TAX EXPENSE (BENEFIT) | ' | ' | ' | ' | ' | ' | ' | ' | 36,229 | 41,486 | 18,949 |
NET INCOME | 16,067 | 17,995 | 17,715 | 17,563 | 17,736 | 18,673 | 19,315 | 18,789 | 69,340 | 74,513 | 38,403 |
Capitol Federal Financial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend income from the Bank | ' | ' | ' | ' | ' | ' | ' | ' | 70,512 | 88,871 | 45,643 |
Interest income from other investments | ' | ' | ' | ' | ' | ' | ' | ' | 2,328 | 2,835 | 3,221 |
Interest income from securities | ' | ' | ' | ' | ' | ' | ' | ' | 62 | 1,062 | 1,093 |
Total interest and dividend income | ' | ' | ' | ' | ' | ' | ' | ' | 72,902 | 92,768 | 49,957 |
INTEREST EXPENSE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 855 |
NET INTEREST AND DIVIDEND INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 72,902 | 92,768 | 49,102 |
NON-INTEREST INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26 |
Contribution to Foundation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 |
Salaries and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | 857 | 838 | 856 |
Regulatory and outside services | ' | ' | ' | ' | ' | ' | ' | ' | 473 | 276 | 337 |
Other non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 648 | 694 | 650 |
Total non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,978 | 1,808 | 41,843 |
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) AND EQUITY IN (EXCESS OF DISTRIBUTION OVER) UNDISTRIBUTED EARNINGS OF SUBSIDIARY | ' | ' | ' | ' | ' | ' | ' | ' | 70,924 | 90,960 | 7,285 |
INCOME TAX EXPENSE (BENEFIT) | ' | ' | ' | ' | ' | ' | ' | ' | 144 | 731 | -13,425 |
INCOME BEFORE EQUITY IN (EXCESS OF DISTRIBUTION OVER) UNDISTRIBUTED EARNINGS OF SUBSIDIARY | ' | ' | ' | ' | ' | ' | ' | ' | 70,780 | 90,229 | 20,710 |
EQUITY IN (EXCESS OF DISTRIBUTION OVER) UNDISTRIBUTED EARNINGS OF SUBSIDIARY | ' | ' | ' | ' | ' | ' | ' | ' | -1,440 | -15,716 | 17,693 |
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | $69,340 | $74,513 | $38,403 |
Parent_Company_Financial_Infor4
Parent Company Financial Information (Parent Company Only) (Schedule Of Statements Of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $69,340 | $74,513 | $38,403 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Amortization and accretion of premiums and discounts on securities | 8,445 | 8,662 | 8,100 |
Provision for deferred income taxes | 5,696 | 6,089 | -9,647 |
Changes in: | ' | ' | ' |
Other assets | -3,432 | 2,493 | 637 |
Income taxes receivable/payable | -644 | -1,398 | 3,004 |
Accounts payable and accrued expenses | -9,403 | -10,732 | -143 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of AFS securities | -408,497 | -688,520 | -790,083 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Net proceeds from common stock offering (deferred offering costs) | ' | ' | 1,076,411 |
Dividends paid | -146,824 | -63,768 | -150,110 |
Repayments on borrowings | -1,073,115 | -957,768 | -773,771 |
Repurchase of common stock | -91,573 | -146,781 | ' |
Stock options exercised | 12 | 36 | 35 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -27,819 | 20,635 | 55,853 |
CASH AND CASH EQUIVALENTS: | ' | ' | ' |
Beginning of Period | 141,705 | 121,070 | 65,217 |
End of Period | 113,886 | 141,705 | 121,070 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' | ' |
Interest payments | 112,950 | 135,444 | 172,332 |
Capitol Federal Financial [Member] | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | 69,340 | 74,513 | 38,403 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Equity in excess of distribution over (undistributed) earnings of subsidiary | 1,440 | 15,716 | -17,693 |
Amortization and accretion of premiums and discounts on securities | 74 | 2,196 | 3,529 |
Other, net | 263 | 1,549 | -1,812 |
Provision for deferred income taxes | 3,216 | 5,422 | -10,409 |
Changes in: | ' | ' | ' |
Other assets | -198 | -9 | 1,547 |
Income taxes receivable/payable | -220 | -2,160 | -2,927 |
Accounts payable and accrued expenses | -27 | 33 | -355 |
Net cash flows provided by operating activities | 73,888 | 97,260 | 10,283 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Offering proceeds downstreamed to Bank | ' | ' | -567,422 |
Purchase of AFS securities | ' | ' | -405,800 |
Proceeds from maturities of AFS securities | 60,000 | 300,000 | 40,000 |
Proceeds From Maturities Of Bank Certificates Of Deposit | ' | ' | 55,000 |
Principal collected on notes receivable from ESOP | 2,827 | 2,672 | 2,525 |
Net cash flows provided by (used in) investing activities | 62,827 | 302,672 | -875,697 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Net proceeds from common stock offering (deferred offering costs) | ' | ' | 1,094,101 |
Net payment from subsidiary related to restricted stock awards | 34 | 6,128 | ' |
Dividends paid | -146,824 | -63,768 | -150,110 |
Repayments on borrowings | ' | ' | -53,609 |
Repurchase of common stock | -91,573 | -146,781 | ' |
Stock options exercised | 12 | 36 | 35 |
Net cash flows (used in) provided by financing activities | -238,351 | -204,385 | 890,417 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -101,636 | 195,547 | 25,003 |
CASH AND CASH EQUIVALENTS: | ' | ' | ' |
Beginning of Period | 308,648 | 113,101 | 88,098 |
End of Period | 207,012 | 308,648 | 113,101 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' | ' |
Interest payments | ' | ' | 1,274 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ' | ' | ' |
Note to ESOP in exchange for common stock | ' | ' | $47,260 |