Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Nov. 21, 2019 | Mar. 31, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Annual Report indicator | true | ||
Period End Date | Sep. 30, 2019 | ||
Transition Report indicator | false | ||
Commission file number | 001-34814 | ||
Registrant Name | Capitol Federal Financial, Inc. | ||
State of incorporation | MD | ||
IRS identification number | 27-2631712 | ||
Address of principal executive offices location | 700 South Kansas Avenue, | ||
City of principal executive offices location | Topeka, | ||
State of principal executive offices location | KS | ||
Zip code of principal executive offices location | 66603 | ||
Telephone number - Area code | 785 | ||
Telephone number | 235-1341 | ||
Title of security class | Common Stock,par value $0.01 per share | ||
Trading symbol | CFFN | ||
Name of exchange on which securities are registered | NASDAQ | ||
Well-known Seasoned Issuer indicator | Yes | ||
Voluntary Filer indicator | No | ||
Entity current reporting status indicator | Yes | ||
Interactive data current reporting status indicator | Yes | ||
Filer category | Large Accelerated Filer | ||
Smaller Reporting Company indicator | false | ||
Emerging Growth Company indicator | false | ||
Shell company indicator | false | ||
Entity Public Float | $ 1,820 | ||
Entity Common Stock, Shares Outstanding | 141,503,865 | ||
Documents Incorporated by Reference [Text Block] | Part III of Form 10-K - Portions of the proxy statement for the Annual Meeting of Stockholders for the year ended September 30, 2019 . | ||
Entity Central Index Key | 0001490906 | ||
Current Fiscal Year End Date | --09-30 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
ASSETS: | ||
Cash and cash equivalents (includes interest-earning deposits of $198,809 and $122,733) | $ 220,370 | $ 139,055 |
Securities: | ||
Available-for-sale (AFS), at estimated fair value (amortized cost of $1,191,455 and $718,564) | 1,204,863 | 714,614 |
Held-to-maturity (HTM), at amortized cost (estimated fair value of $0 and $601,071) | 0 | 612,318 |
Loans receivable, net (allowance for credit losses (ACL) of $9,226 and $8,463) | 7,416,747 | 7,514,485 |
Federal Home Loan Bank Topeka (FHLB) stock, at cost | 98,456 | 99,726 |
Premises and equipment, net | 96,784 | 96,005 |
Income taxes receivable, net | 2 | 2,177 |
Other assets | 302,796 | 271,167 |
TOTAL ASSETS | 9,340,018 | 9,449,547 |
LIABILITIES: | ||
Deposits | 5,581,867 | 5,603,354 |
FHLB borrowings | 2,139,989 | 2,174,981 |
Other borrowings | 100,000 | 110,052 |
Advance payments by borrowers for taxes and insurance | 65,686 | 65,264 |
Deferred income tax liabilities, net | 14,282 | 21,253 |
Accounts payable and accrued expenses | 101,868 | 83,021 |
Total liabilities | 8,003,692 | 8,057,925 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $.01 par value; 100,000,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock, $.01 par value; 1,400,000,000 shares authorized; 141,440,030 and 141,225,516 shares issued and outstanding as of September 30, 2019 and 2018, respectively | 1,414 | 1,412 |
Additional paid-in capital | 1,210,226 | 1,207,644 |
Unearned compensation, Employee Stock Ownership Plan (ESOP) | (34,692) | (36,343) |
Retained earnings | 174,277 | 214,569 |
Accumulated other comprehensive (loss) income (AOCI), net of tax | (14,899) | 4,340 |
Total stockholders' equity | 1,336,326 | 1,391,622 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 9,340,018 | $ 9,449,547 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Interest-earning deposits | $ 198,809 | $ 122,733 |
Available-for-sale securities, amortized cost | 1,191,455 | 718,564 |
Held-to-maturity securities, estimated fair value | 0 | 601,071 |
Loans receivable, allowance for credit losses | $ 9,226 | $ 8,463 |
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 | 141,440,030 | 141,225,516 |
Common stock, shares outstanding | 141,440,030 | 141,225,516 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
INTEREST AND DIVIDEND INCOME: | |||
Loans receivable | $ 284,229 | $ 260,198 | $ 253,393 |
Mortgage-backed securities (MBS) | 25,730 | 22,619 | 23,809 |
FHLB stock | 7,823 | 10,962 | 12,233 |
Investment securities | 6,366 | 4,670 | 4,362 |
Cash and cash equivalents | 5,806 | 23,443 | 19,389 |
Total interest and dividend income | 329,954 | 321,892 | 313,186 |
INTEREST EXPENSE: | |||
Deposits | 66,201 | 52,625 | 42,968 |
FHLB borrowings | 54,391 | 67,120 | 68,871 |
Other borrowings | 2,972 | 3,374 | 5,965 |
Total interest expense | 123,564 | 123,119 | 117,804 |
NET INTEREST INCOME | 206,390 | 198,773 | 195,382 |
PROVISION FOR CREDIT LOSSES | 750 | 0 | 0 |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 205,640 | 198,773 | 195,382 |
NON-INTEREST INCOME: | |||
Deposit service fees | 16,600 | $ 15,636 | $ 15,053 |
Deposit service fees, type of revenue | us-gaap:DepositAccountMember | us-gaap:DepositAccountMember | |
Income from bank-owned life insurance (BOLI) | 2,432 | $ 1,875 | $ 2,233 |
Other non-interest income | 6,786 | 4,524 | 4,910 |
Total non-interest income | 21,958 | 22,035 | 22,196 |
NON-INTEREST EXPENSE: | |||
Salaries and employee benefits | 53,145 | 46,563 | 43,437 |
Information technology and related expense | 17,615 | 13,999 | 11,282 |
Occupancy, net | 13,032 | 11,455 | 10,814 |
Regulatory and outside services | 5,813 | 5,709 | 5,821 |
Advertising and promotional | 5,244 | 5,034 | 4,673 |
Deposit and loan transaction costs | 2,478 | 5,621 | 5,284 |
Office supplies and related expense | 2,439 | 1,888 | 1,981 |
Federal insurance premium | 1,172 | 3,277 | 3,539 |
Other non-interest expense | 6,006 | 3,356 | 2,827 |
Total non-interest expense | 106,944 | 96,902 | 89,658 |
INCOME BEFORE INCOME TAX EXPENSE | 120,654 | 123,906 | 127,920 |
INCOME TAX EXPENSE | 26,411 | 24,979 | 43,783 |
NET INCOME | $ 94,243 | $ 98,927 | $ 84,137 |
Basic earnings per share (EPS) | $ 0.68 | $ 0.73 | $ 0.63 |
Diluted EPS | $ 0.68 | $ 0.73 | $ 0.63 |
Deposit Account [Member] | |||
NON-INTEREST INCOME: | |||
Deposit service fees | $ 12,740 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 94,243 | $ 98,927 | $ 84,137 |
Other comprehensive income (loss), net of tax: | |||
Unrealized gains (losses) on AFS securities arising during the period, net of taxes of $(3,468), $2,499, and $1,595 | 10,804 | (6,741) | (2,625) |
Unrealized gains on securities reclassified from HTM to AFS during the period, net of taxes of $(750), $0, and $0 | 2,336 | 0 | 0 |
Changes in unrealized gains (losses) on cash flow hedges, net of taxes of $10,394, $(2,785), and $226 | (32,379) | 7,496 | (372) |
Comprehensive income | $ 75,004 | $ 99,682 | $ 81,140 |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized gains (losses) on AFS securities arising during the period, deferred income taxes | $ 3,468 | $ (2,499) | $ (1,595) |
Unrealized gains on securities reclassified from HTM to AFS during the period, deferred income taxes | 750 | 0 | 0 |
Changes in unrealized gains (losses) on cash flow hedges, deferred income taxes | $ (10,394) | $ 2,785 | $ (226) |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Unearned Compensation ESOP [Member] | Retained Earnings [Member] | AOCI [Member] |
Balance at Sep. 30, 2016 | $ 1,392,964 | $ 1,375 | $ 1,156,855 | $ (39,647) | $ 268,466 | $ 5,915 |
Net income | 84,137 | 84,137 | ||||
Other comprehensive income (loss), net of tax | (2,997) | (2,997) | ||||
ESOP activity | 2,436 | 784 | 1,652 | |||
Restricted stock activity, net | 57 | 57 | ||||
Stock-based compensation | 506 | 506 | ||||
Stock options exercised | 9,173 | 7 | 9,166 | |||
Cash dividends to stockholders | (117,963) | (117,963) | ||||
Balance at Sep. 30, 2017 | 1,368,313 | 1,382 | 1,167,368 | (37,995) | 234,640 | 2,918 |
Net income | 98,927 | 98,927 | ||||
Other comprehensive income (loss), net of tax | 755 | 755 | ||||
Reclassification of certain tax effects related to adoption of Accounting Standards Update (ASU) 2018-02 | 0 | (667) | 667 | |||
Cumulative effect of ASU adoption | 0 | 19 | (19) | |||
Capital City Bancshares, Inc. (CCB) acquisition | 39,113 | 30 | 39,083 | |||
ESOP activity | 2,193 | 541 | 1,652 | |||
Stock-based compensation | 372 | 372 | ||||
Stock options exercised | 261 | 261 | ||||
Cash dividends to stockholders | (118,312) | (118,312) | ||||
Balance at Sep. 30, 2018 | 1,391,622 | 1,412 | 1,207,644 | (36,343) | 214,569 | 4,340 |
Net income | 94,243 | 94,243 | ||||
Other comprehensive income (loss), net of tax | (19,239) | (19,239) | ||||
Cumulative effect of ASU adoption | 394 | 394 | ||||
ESOP activity | 2,200 | 549 | 1,651 | |||
Restricted stock activity, net | (2) | 1 | (3) | |||
Stock-based compensation | 552 | 552 | ||||
Stock options exercised | 1,485 | 1 | 1,484 | |||
Cash dividends to stockholders | (134,929) | (134,929) | ||||
Balance at Sep. 30, 2019 | $ 1,336,326 | $ 1,414 | $ 1,210,226 | $ (34,692) | $ 174,277 | $ (14,899) |
Consolidated Statements Of St_2
Consolidated Statements Of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||
Cash dividends to stockholders | $ 0.085 | $ 0.335 | $ 0.085 | $ 0.475 | $ 0.085 | $ 0.335 | $ 0.085 | $ 0.375 | $ 0.98 | $ 0.88 | $ 0.88 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 94,243 | $ 98,927 | $ 84,137 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
FHLB stock dividends | (7,823) | (10,962) | (12,233) |
Provision for credit losses | 750 | 0 | 0 |
Originations of loans receivable held-for-sale (LHFS) | 0 | (777) | 0 |
Proceeds from sales of LHFS | 0 | 16,423 | 6,816 |
Amortization and accretion of premiums and discounts on securities | 1,242 | 3,150 | 4,479 |
Depreciation and amortization of premises and equipment | 9,143 | 8,458 | 7,796 |
Amortization of intangible assets | 2,316 | 234 | 0 |
Amortization of deferred amounts related to FHLB advances, net | 8 | 1,173 | 1,419 |
Common stock committed to be released for allocation - ESOP | 2,200 | 2,193 | 2,436 |
Stock-based compensation | 552 | 372 | 506 |
Provision for deferred income taxes | (361) | (4,540) | 922 |
Changes in: | |||
Unrestricted cash collateral (provided to)/received from derivative counterparties, net | (9,970) | 10,701 | (731) |
Other assets, net | 6,220 | 1,712 | 51 |
Income taxes payable/receivable, net | 2,173 | (2,262) | 590 |
Accounts payable and accrued expenses | (19,746) | (639) | (10,743) |
Net cash provided by operating activities | 80,947 | 124,163 | 85,445 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of AFS securities | (386,702) | (411,459) | (37,425) |
Proceeds from calls, maturities and principal reductions of AFS securities | 359,551 | 192,966 | 144,643 |
Proceeds from calls, maturities and principal reductions of HTM securities | 165,336 | 212,267 | 268,689 |
Proceeds from sale of AFS securities | 0 | 2,078 | 0 |
Proceeds from the redemption of FHLB stock | 197,054 | 291,506 | 386,900 |
Purchase of FHLB stock | (187,961) | (277,552) | (365,651) |
Net change in loans receivable | 95,358 | (37,537) | (246,882) |
Purchase of premises and equipment | (11,732) | (11,761) | (9,128) |
Proceeds from sale of other real estate owned (OREO) | 2,053 | 2,240 | 5,138 |
Cash acquired from acquisition | 0 | 15,685 | 0 |
Proceeds from the redemption of common equity securities related to the redemption of junior subordinated debentures | 302 | 0 | 0 |
Net cash provided by (used in) investing activities | 233,259 | (21,567) | 146,284 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Cash dividends paid | (134,929) | (118,312) | (117,963) |
Net change in deposits | (21,487) | (58,988) | 145,850 |
Proceeds from borrowings | 5,518,700 | 17,275,100 | 2,700,100 |
Repayments on borrowings | (5,563,752) | (17,414,200) | (2,900,100) |
Change in advance payments by borrowers for taxes and insurance | 422 | 939 | 1,106 |
Stock options exercised | 1,485 | 261 | 8,843 |
Excess tax benefits from stock options | 0 | 0 | 330 |
Net cash used in financing activities | (199,561) | (315,200) | (161,834) |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS | 114,645 | (212,604) | 69,895 |
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS: | |||
Beginning of year | 139,055 | 351,659 | 281,764 |
End of year | 253,700 | 139,055 | 351,659 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Income tax payments | 17,779 | 24,785 | 37,875 |
Interest payments | 123,508 | 119,699 | 117,308 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Loans transferred to LHFS | 0 | 15,814 | 6,714 |
Common stock issued | 0 | 39,113 | 0 |
Fair value of assets acquired, excluding acquired cash and intangibles | 0 | 418,062 | 0 |
Fair value of liabilities assumed | 0 | 412,675 | 0 |
Transfer of HTM securities, at amortized cost, to AFS securities | $ 444,732 | $ 0 | $ 0 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 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"), a federal savings bank, which has 44 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 Kansas City metropolitan area. The Bank emphasizes mortgage lending, primarily originating and purchasing one- to four-family loans, and providing personal retail financial services, along with offering commercial banking and lending products. The Bank is subject to competition from other financial institutions and other companies that provide financial services. Basis of Presentation - The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, the Bank. The Bank has two wholly owned subsidiaries, Capitol Funds, Inc. and Capital City Investments, Inc. Capitol Funds, Inc. has a wholly-owned subsidiary, Capitol Federal Mortgage Reinsurance Company. Capital City Investments, Inc. is a real estate and investment holding company. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in accordance 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. Actual results could differ from these estimates and assumptions. Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Cash, cash equivalents, restricted cash and restricted cash equivalents reported in the statement of cash flows include cash and cash equivalents of $220.4 million and $139.1 million at September 30, 2019 and 2018 and restricted cash and cash equivalents of $33.3 million at September 30, 2019, which was included in other assets on the consolidated balance sheet. There was no restricted cash and cash equivalents at September 30, 2018 . The restricted cash and cash equivalents relate to the collateral postings to/from the Bank's derivative counterparties associated with the Bank's interest rate swaps. See additional discussion regarding the interest rate swaps in Note 9. Deposits and Borrowed Funds. Regulations of the Board of Governors of the Federal Reserve System ("FRB") 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 Federal Reserve Bank of Kansas City ("FRB of Kansas City") as of September 30, 2019 and 2018 was $198.6 million and $120.8 million , respectively. The Bank is in compliance with the FRB requirements. For the years ended September 30, 2019 and 2018 , the average daily balance of required reserves at the FRB of Kansas City was $21.5 million and $11.0 million , respectively. Net Presentation of Cash Flows Related to Borrowings - At times, the Bank enters into certain FHLB advances with contractual maturities of 90 days or less. Cash flows related to these advances are reported on a net basis in the consolidated statements of cash flows. Securities - Securities include MBS and agency debentures issued primarily by United States Government-Sponsored Enterprises ("GSE"), including Federal National Mortgage Association, Federal Home Loan Mortgage Corporation and the Federal Home Loan Banks, United States Government agencies, including Government National Mortgage Association, and municipal bonds. Securities are classified as HTM, AFS, or trading based on management's intention for holding the securities 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 to determine the fair value of securities. See additional discussion of fair value of AFS securities in "Note 15. 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, 2019 and 2018 , neither the Company nor the Bank maintained a trading securities portfolio. Management monitors securities in the investment 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. 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. Interest on loans is credited to income as earned and accrued only if deemed collectible. Loan endorsements - Certain existing loan customers, including customers whose loans were purchased from a correspondent lender, have the opportunity, for a cash fee, to endorse their original loan terms to current loan terms being offered by the Bank. The fee received for each endorsement is deferred and amortized as an adjustment to interest income over the life of the loan. If the change in loan terms resulting from the endorsement is deemed to be more than minor, the loan is treated as a new loan and all existing unamortized deferred loan origination fees and costs are recognized at the time of endorsement. If the change in loan terms is deemed to be minor, the fee received for the endorsement is added to the net remaining unamortized deferred fee or deferred cost balance. Troubled debt restructurings ("TDRs") - For borrowers experiencing financial difficulties, the Bank may grant a concession to the borrower. Such concessions generally involve extensions of loan maturity dates, the granting of periods during which reduced payment amounts are required, and/or reductions in interest rates. The Bank does not forgive principal or interest, nor does it commit to lend additional funds to these borrowers, except for situations generally involving the capitalization of delinquent interest and/or escrow on one- to four-family loans and consumer loans, not to exceed the original loan amount. In the case of commercial loans, the Bank does not forgive principal or interest or commit to lend additional funds unless the borrower provides additional collateral or other enhancements to improve the credit quality. Delinquent loans - A loan is considered delinquent when payment has not been received within 30 days of its contractual due date. The number of days delinquent is determined by the number of scheduled payments that remain unpaid, assuming a period of 30 days between each scheduled payment. Nonaccrual loans - The accrual of income on loans is generally discontinued when interest or principal payments are 90 days in arrears. We also report certain TDR loans as nonaccrual loans that are required to be reported as such pursuant to regulatory reporting requirements. 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, except in the case of commercial loans in which all delinquent accrued interest is reversed. A nonaccrual one- to four-family or consumer 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 the required consecutive loan payments. A nonaccrual commercial loan is returned to accrual status once the loan has been current for a minimum of six months, all fees and interest are paid current, the loan has a sufficient debt service coverage ratio, and the loan is well secured and within policy. 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 original 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, in which case interest income is no longer recognized. Acquired Loans - Acquired loans are initially recorded at fair value based on a discounted cash flow valuation methodology that considers, among other things, interest rates, projected prepayments, projected default rates, loss given default and recovery rates, with no carryover of any existing ACL. Acquired loans with evidence of credit quality deterioration at acquisition are reviewed to determine if it is probable that the Company will not be able to collect all contractual amounts due, including both principal and interest. When both conditions exist, such loans are categorized and accounted for as purchased credit impaired ("PCI") loans. When these conditions do not exist, the loans are categorized as non-PCI loans. For PCI loans with cash flows that the Company has determined can be reasonably estimated, which is the majority of the PCI loans, interest income is recognized on a level-yield basis over the life of the loan based upon the excess of expected cash flows over the original investment in the loan. 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. It involves a high degree of complexity and requires management to make difficult and subjective judgments and assumptions about highly uncertain matters. Management's methodology for assessing the appropriateness of the ACL consists of a formula analysis model, along with analyzing and considering several other relevant internal and external factors. The use of different judgments and assumptions could cause reported results to differ significantly. Management maintains the ACL through provisions for credit losses that are either charged or credited to income. One- to four-family loans, including home equity loans, are individually evaluated for loss when the loan is generally 180 days delinquent and any losses are charged-off. 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 is 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. When a non-real estate secured consumer loan is 120 days delinquent, any identified losses are charged-off. For commercial loans, generally losses are charged-off prior to a loan becoming 120 days delinquent when it is determined, through the analysis of any available current financial information with regards to the borrower, that the borrower is not able to service the debt and there is little or no prospect for near term improvement, or, in the case of secured loans, it is determined, through the analysis of current information with regards to the Bank's collateral position, that the amounts due from the borrower are in excess of the calculated current fair value of the collateral after consideration of estimated costs to sell. Charge-offs for any loan type may also occur at any time if the Bank has knowledge of the existence of a probable loss. 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 the ability of borrowers to repay their loans, resulting in increased delinquencies, non-performing assets, loan losses, and future loan loss provisions. Although the 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 business operations, the ability to control operational or business expenses to satisfy their contractual debt payments, and the ability to utilize personal 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 commercial real estate loan, the pool of potential buyers is more limited than that for a residential property. Therefore, the Bank could hold the property for an extended period of time, or potentially be forced to sell at a discounted price, resulting in additional losses. Our commercial and industrial loans are primarily secured by accounts receivable, inventory and equipment, which may be difficult to appraise, may be illiquid and may fluctuate in value based on the success of the business. Each quarter end, 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; 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 loan-to-value ("LTV") ratio. The one- to four-family loan portfolio and related home equity loans are segregated into additional categories based on the following risk characteristics: loan source (originated, correspondent purchased, or bulk purchased), interest payments (fixed-rate and adjustable-rate), LTV ratios, borrower's credit scores, and geographic location. 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. The commercial loan portfolio is segregated into additional categories based on the type of loan (real estate loan, construction loan or commercial and industrial). Impaired loans are not included in the formula analysis as they are individually evaluated for loss. Historical loss factors are applied to each loan category in the formula analysis model. Each quarter end, management reviews historical losses over a look-back time period and utilizes the historical loss time periods believed to be the most appropriate considering the current economic conditions. The historical loss time period is then adjusted for a loss emergence time period, which represents the estimated time period from the date of a loss event to the date we recognize a charge-off/loss. Qualitative loss factors are utilized in the formula analysis model to reflect risks inherent in each loan category that are not captured by the historical loss factors. The qualitative loss factors for one- to four-family and consumer loan portfolios take into consideration such items as: unemployment rate trends, residential real estate value trends, credit score trends, and delinquent loan trends. The qualitative loss factors for the commercial loan portfolio take into consideration the composition of the portfolio along with industry and peer charge-off information and certain ACL ratios. As loans are classified or become delinquent, the qualitative loss factors increase for each respective loan category. The qualitative loss factors were derived by management based on a review of the historical performance of the respective loan portfolios and industry and peer information for those loan portfolios with no or limited historical loss experience, along with consideration of current economic conditions and the likely impact such conditions might have on the performance of the loan portfolio. For non-PCI loans, the Company estimates a hypothetical amount of ACL. The Company uses the acquired bank's past loss history adjusted for qualitative factors to establish the hypothetical amount of ACL. This amount is compared with the remaining net purchase discount for the non-PCI loans to test for credit quality deterioration and the possible need for an additional loan loss provision. To the extent the remaining net purchase discount of the pool is greater than the hypothetical ACL, no additional ACL is necessary. If the remaining net purchase discount of the pool is less than the hypothetical ACL, the difference results in an increase to the ACL recorded through a provision for credit losses. Management utilizes the formula analysis model, along with analyzing and considering several other relevant internal and external factors when evaluating the adequacy of the ACL. Such factors include the trend and composition of delinquent loans and non-performing loans, trends in foreclosed property transactions and charge-off activity, the current status and trends of local and national employment levels, trends and current conditions in the housing markets, loan growth and concentrations, industry and peer charge-off and ACL information, and certain ACL ratios such as ACL to loans receivable, net and annualized historical losses. 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 data elements 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 may be modified in response to changing conditions. Although management believes the ACL was at a level adequate to absorb inherent losses in the loan portfolio at September 30, 2019, the level of the ACL remains an estimate that is subject to significant judgment and short-term changes. Federal Home Loan Bank Stock - As a member of FHLB, 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 borrowings, with FHLB. FHLB stock is carried at cost and is considered a restricted asset because it cannot be pledged as collateral or bought or sold on the open market and it also has certain redemption restrictions. 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, while also considering the impact that legislative and regulatory developments may have on FHLB. Stock and cash 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. Leasehold improvements are amortized over the shorter of their estimated useful lives or the term of the respective leases. 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 Assets - Included in other assets on the consolidated balance sheet are the Company's intangible assets, recognized as a result of the acquisition of CCB, which consist of goodwill, deposit intangibles and other intangibles. Goodwill is assessed for impairment on an annual basis, or more frequently in certain circumstances. The test for impairment is performed by comparing the fair value of the reporting unit with its carrying amount. If the fair value is determined to be less than the carrying amount, an impairment is recorded. The Company's intangible assets primarily relate to core deposits. These intangible assets are amortized based upon the expected economic benefit over an estimated life of approximately 8 years and are tested for impairment whenever events or circumstances change. 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 tax 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 interest rate swaps and changes in the market value of restricted stock awards between the grant date and vesting date. Income tax related penalties and interest, if any, are included in income tax expense 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. To the extent that management considers it more likely than not that a deferred tax asset will not be recovered, a valuation allowance is recorded. All positive and negative evidence is reviewed in determining how much of a valuation allowance is recognized on a quarterly basis. 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. Interest and penalties related to unrecognized tax benefits are recognized in income tax expense in the consolidated statements of income. Accrued interest and penalties related to unrecognized tax benefits are included within the related tax liabilities line in the consolidated balance sheet. Employee Stock Ownership Plan - The funds borrowed by the ESOP from the Company to purchase the Company's common stock are being repaid from dividends paid on unallocated ESOP shares and, if necessary, contributions by the Bank. The ESOP 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 ESOP shares become outstanding for 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. 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 has entered into repurchase agreements, which are sales of securities under agreements to repurchase, with approved counterparties. These agreements are recorded as financing transactions, and thereby reported as liabilities on the consolidated balance sheet, with the related expense reported as interest expense on the consolidated statements of income, as the Bank maintains effective control over the transferred securities and the securities continue to be carried in the Bank's securities portfolio. The Bank has obtained borrowings from FHLB in the form of advances and a line of credit. Total FHLB borrowings are secured by certain qualifying loans pursuant to a blanket collateral agreement with FHLB and certain securities, as necessary. Additionally, the Bank is authorized to borrow from the Federal Reserve Bank's "discount window." The Company uses interest rate swaps as part of its interest rate risk management strategy to hedge the variable cash outflows associated with certain borrowings. Interest rate swaps are carried at fair value in the Company's consolidated financial statements. For interest rate swaps that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of such agreements are recorded in AOCI and are subsequently reclassified into interest expense in the period that interest on the borrowings affects earnings. The ineffective portion of the change in fair value of the interest rate swap is recognized directly in earnings. Effectiveness is assessed using regression analysis. At the inception of a hedge, the Company documents certain items, including the relationship between the hedging instrument and the hedged item, the risk management objective and the nature of the risk being hedged, a description of how effectiveness will be measured and an evaluation of hedged transaction effectiveness. 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. Low Income Housing Partnerships - As part of the Bank's community reinvestment initiatives, the Bank invests in affordable housing limited partnerships ("low income housing partnerships") that make equity investments in affordable housing properties. The Bank is a limited partner in each partnership in which it invests. A separate, unrelated third party is the general partner. The Bank receives affordable housing tax credits and other tax benefits for these investments. See "Note 7. Low Income Housing Partnerships" for additional information. 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. Trust Asset Management - Assets (other than cash deposits with the Bank) held in fiduciary or agency capacities for customers are not included in the accompanying consolidated balance sheets, since such items are not assets of the Company or its subsidiaries. Recent Accounting Pronouncements - In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers. The ASU, as amended, implements a common revenue standard that clarifies the principles for recognizing revenue included in Accounting Standards Codification ("ASC") Topic 606. The core principle of the amended guidance is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The majority of the Company's revenue is composed of interest income from loans and securities which are explicitly excluded from the amended ASU. The Company elected to implement the amended ASU using the modified retrospective application with a cumulative adjustment to opening retained earnings at October 1, 2018. Upon adoption of the amended ASU, the Company recorded a cumulative adjustment, which increased opening retained earnings by $394 thousand related to contracts that were not complete upon adoption. The amount was related to the change in the recognition of revenue related to certain insurance commissions. Additionally, effective October 1, 2018, interchange network charges are reported as a reduction in deposit service fees. Previously, these charges were reported as expense in deposit and loan transaction costs in the consolidated statements of income. The Company concluded the ASU did not significantly change the |
Acquisition
Acquisition | 12 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisition | ACQUISITION On August 31, 2018, the Company completed the acquisition of CCB and its wholly-owned subsidiary Capital City Bank headquartered in Topeka, Kansas. Capital City Bank owned and leased banking locations in Topeka, Lawrence, and Overland Park, Kansas. The acquisition was not considered material to the Company's financial statements; therefore, pro-forma financial data and related disclosures are not included. The Company acquired loans and deposits with fair values of $299.7 million and $352.5 million , respectively, at the date of acquisition. Included in the loans acquired from CCB at August 31, 2018 were PCI loans with contractually required cash flows totaling $2.6 million . Of that amount, the Company expected to collect $1.9 million , which was also the fair value at the date of acquisition. Under the terms of the acquisition agreement, the Company issued 3.0 million shares of common stock for all outstanding shares of CCB capital stock, for a total merger consideration of $39.1 million , based on the Company's closing stock price of $13.21 on August 31, 2018 . See "Note 8. Intangible Assets" for additional information regarding the acquisition of CCB. During fiscal years 2019 and 2018, the Company incurred $30 thousand and $872 thousand |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Shares acquired by the ESOP are not included in 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. For the Year Ended September 30, 2019 2018 2017 (Dollars in thousands, except per share amounts) Net income $ 94,243 $ 98,927 $ 84,137 Income allocated to participating securities (55 ) (40 ) (44 ) Net income available to common stockholders $ 94,188 $ 98,887 $ 84,093 Average common shares outstanding 137,614,465 134,635,886 134,019,962 Average committed ESOP shares outstanding 62,458 62,458 62,458 Total basic average common shares outstanding 137,676,923 134,698,344 134,082,420 Effect of dilutive stock options 58,478 60,647 161,442 Total diluted average common shares outstanding 137,735,401 134,758,991 134,243,862 Net EPS: Basic $ 0.68 $ 0.73 $ 0.63 Diluted $ 0.68 $ 0.73 $ 0.63 Antidilutive stock options, excluded from the diluted average common shares outstanding calculation 470,938 541,418 200,800 |
Securities
Securities | 12 Months Ended |
Sep. 30, 2019 | |
Marketable Securities [Abstract] | |
Securities | 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. Upon the adoption of ASU 2017-12 and certain components of ASU 2019-04 on September 30, 2019, the Company reclassified $444.7 million of HTM securities, at amortized cost, to AFS securities. September 30, 2019 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) AFS: MBS $ 923,256 $ 15,571 $ 2,340 $ 936,487 GSE debentures 249,828 304 178 249,954 Municipal bonds 18,371 52 1 18,422 $ 1,191,455 $ 15,927 $ 2,519 $ 1,204,863 September 30, 2018 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) AFS: MBS $ 445,883 $ 3,270 $ 4,063 $ 445,090 GSE debentures 268,525 30 3,157 265,398 Municipal bonds 4,156 — 30 4,126 $ 718,564 $ 3,300 $ 7,250 $ 714,614 HTM: MBS $ 591,900 $ 4,514 $ 15,589 $ 580,825 Municipal bonds 20,418 — 172 20,246 $ 612,318 $ 4,514 $ 15,761 $ 601,071 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. September 30, 2019 Less Than 12 Months Equal to or Greater Than 12 Months Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses (Dollars in thousands) AFS: MBS $ 111,368 $ 126 $ 199,442 $ 2,214 GSE debentures — — 74,812 178 Municipal bonds 1,755 1 — — $ 113,123 $ 127 $ 274,254 $ 2,392 September 30, 2018 Less Than 12 Months Equal to or Greater Than 12 Months Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses (Dollars in thousands) AFS: MBS $ 324,563 $ 3,797 $ 8,129 $ 266 GSE debentures 101,735 1,231 148,049 1,926 Municipal bonds 4,126 30 — — $ 430,424 $ 5,058 $ 156,178 $ 2,192 HTM: MBS $ 58,233 $ 904 $ 362,806 $ 14,685 Municipal bonds 18,345 171 685 1 $ 76,578 $ 1,075 $ 363,491 $ 14,686 The unrealized losses at September 30, 2019 and 2018 were 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. 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 has concluded that no other-than-temporary impairments existed at September 30, 2019 or 2018 . See "Note 1. Summary of Significant Accounting Policies - Securities" for additional information regarding our impairment review and classification process for securities. The amortized cost and estimated fair value of debt securities as of September 30, 2019 , by contractual maturity, are shown below. Actual principal repayments may differ from contractual maturities due to prepayment or early call privileges by the issuer. In the case of MBS, borrowers on the underlying loans generally have the right to prepay their loans without prepayment penalty. For this reason, MBS are not included in the maturity categories. Amortized Estimated Cost Fair Value (Dollars in thousands) One year or less $ 57,744 $ 57,633 One year through five years 210,455 210,743 268,199 268,376 MBS 923,256 936,487 $ 1,191,455 $ 1,204,863 The following table presents the taxable and non-taxable components of interest income on investment securities for the periods presented. For the Year Ended September 30, 2019 2018 2017 (Dollars in thousands) Taxable $ 6,020 $ 4,275 $ 3,847 Non-taxable 346 395 515 $ 6,366 $ 4,670 $ 4,362 The following table summarizes the carrying value of securities pledged as collateral for the obligations indicated below as of the dates presented. September 30, 2019 2018 (Dollars in thousands) Public unit deposits $ 381,143 $ 515,553 Repurchase agreements 108,271 108,360 FRB of Kansas City 6,636 9,529 $ 496,050 $ 633,442 During fiscal year 2018, the Company sold trust preferred securities and received proceeds of $2.1 million . The Company recognized a gain of $9 thousand on the sale. All other dispositions of securities during fiscal years 2019 , 2018 , and 2017 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, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans Receivable And Allowance For Credit Losses | LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES Loans receivable, net at September 30, 2019 and 2018 is summarized as follows: 2019 2018 (Dollars in thousands) One- to four-family: Originated $ 3,873,851 $ 3,965,692 Correspondent purchased 2,349,877 2,505,987 Bulk purchased 252,347 293,607 Construction 36,758 33,149 Total 6,512,833 6,798,435 Commercial: Commercial real estate 583,617 426,243 Commercial and industrial 61,094 62,869 Construction 123,159 80,498 Total 767,870 569,610 Consumer: Home equity 120,587 129,588 Other 11,183 10,012 Total 131,770 139,600 Total loans receivable 7,412,473 7,507,645 Less: ACL 9,226 8,463 Discounts/unearned loan fees 31,058 33,933 Premiums/deferred costs (44,558 ) (49,236 ) $ 7,416,747 $ 7,514,485 Included in the loan portfolio at September 30, 2019 were $199.6 million of non-PCI loans and $2.1 million of PCI loans associated with the acquisition of CCB during fiscal year 2018. At September 30, 2019 , the Company had $3.6 million of net purchase discounts related to non-PCI loans and $474 thousand related to PCI loans. As of September 30, 2019 and 2018 , the Bank serviced loans for others aggregating $117.3 million and $134.2 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 $2.2 million and $2.4 million as of September 30, 2019 and 2018 , respectively. Lending Practices and Underwriting Standards - Originating and purchasing one- to four-family loans is the Bank's primary lending business. The Bank also originates consumer loans primarily secured by one- to four-family residential properties and originates and participates in commercial loans. The Bank has a loan concentration in one- to four-family loans and a geographic concentration of these loans in Kansas and Missouri. One- to four-family loans - Full documentation to support an applicant's credit and income, and sufficient funds to cover all applicable fees and reserves at closing, are required on all loans. Generally, loans are underwritten according to the "ability to repay" and "qualified mortgage" standards, as issued by the Consumer Financial Protection Bureau. 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. The underwriting standards for loans purchased from correspondent lenders are generally similar to the Bank's internal underwriting standards. The underwriting of loans purchased from correspondent lenders on a loan-by-loan basis is performed by the Bank's underwriters. The Bank also originates owner-occupied construction-to-permanent loans secured by one- to four-family residential real estate. Construction draw requests and the supporting documentation are reviewed and approved by designated personnel. 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. Commercial loans - The Bank's commercial real estate and commercial construction loans are originated by the Bank or are in participation with a lead bank. When underwriting a commercial real estate or commercial construction loan, several factors are considered, such as the income producing potential of the property, cash equity provided by the borrower, the financial strength of the borrower, managerial expertise of the borrower or tenant, feasibility studies, lending experience with the borrower and the marketability of the property. For commercial real estate and commercial construction participation loans, the Bank performs the same underwriting procedures as if the loan was being originated by the Bank. At the time of origination, LTV ratios on commercial real estate loans generally do not exceed 85% of the appraised value of the property securing the loans and the minimum debt service coverage ratio is generally 1.15 . For commercial construction loans, LTV ratios generally do not exceed 80% of the projected appraised value of the property securing the loans and the minimum debt service coverage ratio is generally 1.15 , but it applies to the projected cash flows, and the borrower must have successful experience with the construction and operation of properties similar to the subject property. Appraisals on properties securing these loans are performed by independent state certified fee appraisers. The Bank's commercial and industrial loans are generally made in the Bank's market areas and are underwritten on the basis of the borrower's ability to service the debt from income. Working capital loans are primarily collateralized by short-term assets whereas term loans are primarily collateralized by long-term assets. In general, commercial and industrial loans involve more credit risk than commercial real estate loans due to the type of collateral securing these loans, as well as the expectation that commercial and industrial loans generally will be serviced principally from the operations of the business, and those operations may not be successful. As a result of these additional complexities, variables and risks, these loans require more thorough underwriting and servicing than other types of loans. Consumer loans - The Bank offers a variety of secured consumer loans, including home equity loans and lines of credit, home improvement loans, vehicle loans, and loans secured by deposits. The Bank also originates a very limited amount of unsecured loans. 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 the home equity line of credit is in the first lien position. The underwriting standards for consumer loans include a determination of an applicant's payment history on other debts and an assessment of an applicant's ability to meet existing obligations and payments on the proposed loan. Although creditworthiness of an 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; (2) consumer; and (3) commercial. These segments are further divided into classes for purposes of providing disaggregated information about the credit quality of the loan portfolio. The classes are: one- to four-family - originated, one- to four-family - correspondent purchased, one- to four-family - bulk purchased, consumer - home equity, consumer - other, commercial - commercial real estate, and commercial - commercial and industrial. One- to four-family construction loans are included in either the originated class or correspondent purchased class, and commercial construction loans are included in the commercial real estate class. The Bank's primary credit quality indicators for the one- to four-family 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 commercial and consumer - other loan portfolios are delinquency status and asset classifications. The following tables present the recorded investment, by class, in loans 30 to 89 days delinquent, loans 90 or more days delinquent or in foreclosure, total delinquent loans, 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, less charge-offs and inclusive of unearned loan fees and deferred costs. At September 30, 2019 and 2018 , all loans 90 or more days delinquent were on nonaccrual status. September 30, 2019 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: Originated $ 7,187 $ 3,261 $ 10,448 $ 3,885,335 $ 3,895,783 Correspondent purchased 2,762 1,023 3,785 2,377,629 2,381,414 Bulk purchased 3,624 1,484 5,108 248,376 253,484 Commercial: Commercial real estate 762 — 762 702,377 703,139 Commercial and industrial 70 173 243 60,340 60,583 Consumer: Home equity 446 302 748 119,688 120,436 Other 78 21 99 11,035 11,134 $ 14,929 $ 6,264 $ 21,193 $ 7,404,780 $ 7,425,973 September 30, 2018 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: Originated $ 10,613 $ 5,025 $ 15,638 $ 3,968,362 $ 3,984,000 Correspondent purchased 3,846 458 4,304 2,536,913 2,541,217 Bulk purchased 3,521 3,063 6,584 288,386 294,970 Commercial: Commercial real estate 76 — 76 501,932 502,008 Commercial and industrial 250 — 250 61,255 61,505 Consumer: Home equity 472 521 993 128,351 129,344 Other 61 10 71 9,833 9,904 $ 18,839 $ 9,077 $ 27,916 $ 7,495,032 $ 7,522,948 The recorded investment in mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process as of September 30, 2019 and 2018 was $1.5 million and $2.9 million , respectively, which is included in loans 90 or more days delinquent or in foreclosure in the table above. The carrying value of residential OREO held as a result of obtaining physical possession upon completion of a foreclosure or through completion of a deed in lieu of foreclosure was $745 thousand at September 30, 2019 and $1.3 million at September 30, 2018 . The following table presents the recorded investment, by class, in loans classified as nonaccrual at the dates presented. September 30, 2019 2018 (Dollars in thousands) One- to four-family: Originated $ 4,436 $ 6,503 Correspondent purchased 1,023 863 Bulk purchased 1,551 3,063 Commercial: Commercial real estate — — Commercial and industrial 173 — Consumer: Home equity 337 530 Other 21 10 $ 7,541 $ 10,969 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 in 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, by class, at the dates presented. Special mention and substandard loans are included in the ACL formula analysis model if the loans are 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 special mention loans at September 30, 2019 compared to September 30, 2018 was due primarily to one commercial real estate participation loan that relates to a recently opened large hotel and convention center. Due to the identified credit weaknesses, management made the decision to classify the loan as special mention during the June 30, 2019 quarter. Management continues to closely monitor the hotel and convention center and surrounding activities. September 30, 2019 2018 Special Mention Substandard Special Mention Substandard (Dollars in thousands) One- to four-family: Originated $ 12,941 $ 15,628 $ 8,660 $ 22,409 Correspondent purchased 2,349 2,785 997 3,126 Bulk purchased 102 5,294 — 7,195 Commercial: Commercial real estate 52,891 2,472 1,251 1,368 Commercial and industrial 1,215 3,057 1,126 — Consumer: Home equity 280 696 298 894 Other 2 24 — 10 $ 69,780 $ 29,956 $ 12,332 $ 35,002 The following table shows the weighted average credit score and weighted average LTV for one- to four-family loans and 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 2019 , 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 consumer - home equity LTV does not take into account the first lien position, if applicable. 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, 2019 2018 Credit Score LTV Credit Score LTV One- to four-family - originated 768 62 % 767 63 % One- to four-family - correspondent 765 65 764 67 One- to four-family - bulk purchased 762 61 758 62 Consumer - home equity 754 19 750 22 766 62 765 63 TDRs - The following tables present the recorded investment prior to restructuring and immediately after restructuring in all loans restructured during the periods presented. These tables do not reflect the recorded investment at the end of the periods indicated. Any increase in the recorded investment at the time of the restructuring was generally due to the capitalization of delinquent interest and/or escrow balances. During the fourth quarter of fiscal year 2017, management refined its methodology for assessing whether a loan modification qualifies as a TDR which, though not material, resulted in fewer loans being classified as TDRs in the current fiscal year and prior fiscal year. For the Year Ended September 30, 2019 Number Pre- Post- of Restructured Restructured Contracts Outstanding Outstanding (Dollars in thousands) One- to four-family: Originated 3 $ 385 $ 386 Correspondent purchased — — — Bulk purchased 2 377 377 Commercial: Commercial real estate — — — Commercial and industrial — — — Consumer: Home equity — — — Other — — — 5 $ 762 $ 763 For the Year Ended September 30, 2018 Number Pre- Post- of Restructured Restructured Contracts Outstanding Outstanding (Dollars in thousands) One- to four-family: Originated 5 $ 264 $ 281 Correspondent purchased 2 406 406 Bulk purchased — — — Commercial: Commercial real estate — — — Commercial and industrial — — — Consumer: Home equity — — — Other — — — 7 $ 670 $ 687 For the Year Ended September 30, 2017 Number Pre- Post- of Restructured Restructured Contracts Outstanding Outstanding (Dollars in thousands) One- to four-family: Originated 112 $ 11,940 $ 12,402 Correspondent purchased 12 2,443 2,459 Bulk purchased 3 1,031 1,048 Commercial: Commercial real estate — — — Commercial and industrial — — — Consumer: Home equity 17 368 380 Other — — — 144 $ 15,782 $ 16,289 The following table provides information on TDRs that became delinquent during the periods presented within 12 months after being restructured. For the Years Ended September 30, 2019 September 30, 2018 September 30, 2017 Number of Recorded Number of Recorded Number of Recorded Contracts Investment Contracts Investment Contracts Investment (Dollars in thousands) One- to four-family: Originated 1 $ 45 22 $ 1,416 46 $ 4,561 Correspondent purchased — — 1 124 2 148 Bulk purchased — — 3 1,040 2 698 Commercial: Commercial real estate — — — — — — Commercial and industrial — — — — — — Consumer: Home equity — — 4 133 16 440 Other — — — — — — 1 $ 45 30 $ 2,713 66 $ 5,847 Impaired loans - The following information pertains to impaired loans, by class, as of the dates presented. All impaired loans were individually evaluated for loss and all losses were charged-off, resulting in no related ACL for these loans. September 30, 2019 September 30, 2018 Unpaid Unpaid Recorded Principal Recorded Principal Investment Balance Investment Balance (Dollars in thousands) One- to four-family: Originated $ 14,683 $ 15,241 $ 18,857 $ 19,388 Correspondent purchased 1,763 1,868 2,668 2,768 Bulk purchased 4,943 5,661 6,011 6,976 Commercial: Commercial real estate — — — — Commercial and industrial 60 184 — — Consumer: Home equity 345 462 504 720 Other — 29 — 25 $ 21,794 $ 23,445 $ 28,040 $ 29,877 The following information pertains to impaired loans, by class, for the periods presented. During the fourth quarter of fiscal year 2017, management refined its methodology for classifying loans as impaired. The change resulting from this refinement was immaterial. For the Years Ended September 30, 2019 September 30, 2018 September 30, 2017 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 $ 16,030 $ 671 $ 23,847 $ 990 $ 24,122 $ 917 Correspondent purchased 2,071 82 3,204 112 3,346 118 Bulk purchased 5,257 180 6,438 191 9,852 194 Commercial: Commercial real estate — — — — — — Commercial and industrial 5 — — — — — Consumer: Home equity 417 28 588 39 988 86 Other — — — — 7 — 23,780 961 34,077 1,332 38,315 1,315 With an allowance recorded One- to four-family: Originated — — — — 11,469 434 Correspondent purchased — — — — 2,018 65 Bulk purchased — — — — 1,160 20 Commercial: Commercial real estate — — — — — — Commercial and industrial — — — — — — Consumer: Home equity — — — — 457 36 Other — — — — 10 1 — — — — 15,114 556 Total One- to four-family: Originated 16,030 671 23,847 990 35,591 1,351 Correspondent purchased 2,071 82 3,204 112 5,364 183 Bulk purchased 5,257 180 6,438 191 11,012 214 Commercial: Commercial real estate — — — — — — Commercial and industrial 5 — — — — — Consumer: Home equity 417 28 588 39 1,445 122 Other — — — — 17 1 $ 23,780 $ 961 $ 34,077 $ 1,332 $ 53,429 $ 1,871 Allowance for Credit Losses - The following is a summary of ACL activity, by loan portfolio segment, for the periods presented, and the ending balance of ACL based on the Company's impairment methodology. For the Year Ended September 30, 2019 One- to Four-Family Correspondent Bulk Originated Purchased Purchased Total Commercial Consumer Total (Dollars in thousands) Beginning balance $ 2,953 $ 1,861 $ 925 $ 5,739 $ 2,556 $ 168 $ 8,463 Charge-offs (75 ) — (26 ) (101 ) (124 ) (37 ) (262 ) Recoveries 22 — 106 128 49 98 275 Provision for credit losses (900 ) (658 ) (318 ) (1,876 ) 2,690 (64 ) 750 Ending balance $ 2,000 $ 1,203 $ 687 $ 3,890 $ 5,171 $ 165 $ 9,226 For the Year Ended September 30, 2018 One- to Four-Family Correspondent Bulk Originated Purchased Purchased Total Commercial Consumer Total (Dollars in thousands) Beginning balance $ 3,173 $ 1,922 $ 1,000 $ 6,095 $ 2,112 $ 191 $ 8,398 Charge-offs (136 ) (128 ) — (264 ) — (38 ) (302 ) Recoveries 144 — 196 340 — 27 367 Provision for credit losses (228 ) 67 (271 ) (432 ) 444 (12 ) — Ending balance $ 2,953 $ 1,861 $ 925 $ 5,739 $ 2,556 $ 168 $ 8,463 For the Year Ended September 30, 2017 One- to Four-Family Correspondent Bulk Originated Purchased Purchased Total Commercial Consumer Total (Dollars in thousands) Beginning balance $ 3,928 $ 2,102 $ 1,065 $ 7,095 $ 1,208 $ 237 $ 8,540 Charge-offs (72 ) — (216 ) (288 ) — (60 ) (348 ) Recoveries 4 — 165 169 — 37 206 Provision for credit losses (687 ) (180 ) (14 ) (881 ) 904 (23 ) — Ending balance $ 3,173 $ 1,922 $ 1,000 $ 6,095 $ 2,112 $ 191 $ 8,398 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 losses were charged-off. September 30, 2019 One- to Four-Family Correspondent Bulk Originated Purchased Purchased Total Commercial Consumer Total (Dollars in thousands) Recorded investment in loans collectively evaluated for impairment $ 3,881,100 $ 2,379,651 $ 248,541 $ 6,509,292 $ 763,662 $ 131,225 $ 7,404,179 Recorded investment in loans individually evaluated for impairment 14,683 1,763 4,943 21,389 60 345 21,794 $ 3,895,783 $ 2,381,414 $ 253,484 $ 6,530,681 $ 763,722 $ 131,570 $ 7,425,973 ACL for loans collectively evaluated for impairment $ 2,000 $ 1,203 $ 687 $ 3,890 $ 5,171 $ 165 $ 9,226 September 30, 2018 One- to Four-Family Correspondent Bulk Originated Purchased Purchased Total Commercial Consumer Total (Dollars in thousands) Recorded investment in loans collectively evaluated for impairment $ 3,965,143 $ 2,538,549 $ 288,959 $ 6,792,651 $ 563,513 $ 138,744 $ 7,494,908 Recorded investment in loans individually evaluated for impairment 18,857 2,668 6,011 27,536 — 504 28,040 $ 3,984,000 $ 2,541,217 $ 294,970 $ 6,820,187 $ 563,513 $ 139,248 $ 7,522,948 ACL for loans collectively evaluated for impairment $ 2,953 $ 1,861 $ 925 $ 5,739 $ 2,556 $ 168 $ 8,463 |
Premises And Equipment
Premises And Equipment | 12 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment, Net [Abstract] | |
Premises And Equipment, Net | PREMISES AND EQUIPMENT A summary of the net carrying value of premises and equipment at September 30, 2019 and 2018 was as follows: 2019 2018 (Dollars in thousands) Land $ 14,313 $ 13,536 Building and improvements 110,262 107,580 Furniture, fixtures and equipment 52,270 48,852 176,845 169,968 Less accumulated depreciation 80,061 73,963 $ 96,784 $ 96,005 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 $1.5 million , $1.2 million , and $1.1 million for the years ended September 30, 2019 , 2018 , and 2017 , respectively. As of September 30, 2019 , 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: 2020 $ 1,298 2021 1,187 2022 1,069 2023 930 2024 637 Thereafter 1,115 $ 6,236 |
Low Income Housing Partnerships
Low Income Housing Partnerships | 12 Months Ended |
Sep. 30, 2019 | |
Investments in Affordable Housing Projects [Abstract] | |
Low Income Housing Partnerships | LOW INCOME HOUSING PARTNERSHIPS The Bank's investment in low income housing partnerships, which is included in other assets in the consolidated balance sheets, was $82.6 million and $74.5 million at September 30, 2019 and 2018 , respectively. The Bank's obligations related to unfunded commitments, which are included in accounts payable and accrued expenses in the consolidated balance sheets, were $40.0 million and $34.0 million at September 30, 2019 and 2018 , respectively. The majority of the commitments at September 30, 2019 are projected to be funded through the end of calendar year 2021 . For fiscal year 2019 , the net income tax benefit associated with these investments, which consists of proportional amortization expense and affordable housing tax credits and other related tax benefits, was reported in income tax expense in the consolidated statements of income. The amount of proportional amortization expense recognized during fiscal years 2019 , 2018 and 2017 was $6.8 million , $7.0 million and $4.4 million , respectively, and the amount of affordable housing tax credits and other related tax benefits was $8.6 million , $7.5 million and $6.9 million , respectively, resulting in a net income tax benefit of $1.8 million , $500 thousand and $2.5 million , respectively. The increase in proportional amortization expense in fiscal years 2019 and 2018 compared to fiscal year 2017 was due primarily to a change in the tax rate resulting from The Tax Cuts and Jobs Act (the "Tax Act"), as well as to changes in the life cycle stage of the investments. There were no impairment losses during fiscal years 2019 , 2018 , or 2017 resulting from the forfeiture or ineligibility of tax credits or other circumstances. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS With the acquisition of CCB, the Company recognized goodwill of $8.0 million , which is calculated as the consideration exchanged in excess of the fair value of assets, net of the fair value of liabilities assumed. Certain purchase accounting adjustments were applied during the measurement period in the current fiscal year, resulting in a $1.3 million increase in goodwill associated with the acquisition of CCB. The Company also recognized $10.1 million of other intangible assets in conjunction with the acquisition which is largely composed of core deposit intangibles. These other intangible assets are being amortized over their estimated lives, which management determined to be 8 years at the time of acquisition. Changes in the carrying amount of the Company's intangible assets, which are included in other assets on the consolidated balance sheet, are presented in the following table. Core Deposit and Goodwill Other Intangibles (Dollars in thousands) Balance at September 30, 2017 $ — $ — Acquisition of CCB 7,989 10,052 Less: Amortization — (234 ) Balance at September 30, 2018 7,989 9,819 Purchase accounting adjustments 1,335 — Less: Amortization — (2,316 ) Balance at September 30, 2019 $ 9,324 $ 7,503 As of September 30, 2019 , there was no impairment recorded on goodwill or other intangible assets. The estimated amortization expense for the next five years related to the core deposit and other intangible assets as of September 30, 2019 is presented in the following table (dollars in thousands): 2020 $ 1,964 2021 1,659 2022 1,358 2023 1,056 2024 761 |
Deposits and Borrowed Funds
Deposits and Borrowed Funds | 12 Months Ended |
Sep. 30, 2019 | |
Deposits and Borrowed Funds [Abstract] | |
Deposits and Borrowed Funds | DEPOSITS AND BORROWED FUNDS Deposits - Non-interest-bearing deposits totaled $357.3 million and $336.5 million as of September 30, 2019 and 2018 , respectively. Certificates of deposit with a minimum denomination of $250 thousand were $610.0 million and $668.8 million as of September 30, 2019 and 2018 , respectively. Deposits in excess of $250 thousand may not be fully insured by the Federal Deposit Insurance Corporation. FHLB Borrowings - FHLB borrowings at September 30, 2019 consisted of $2.04 billion in FHLB advances, of which $1.40 billion were fixed-rate advances and $640.0 million were variable-rate advances, and $100.0 million against the variable-rate FHLB line of credit. FHLB borrowings at September 30, 2018 consisted of $2.07 billion in FHLB advances, of which $1.60 billion were fixed-rate advances and $475.0 million were variable-rate advances. and $100.0 million against the variable-rate FHLB line of credit. The line of credit is set to expire on November 13, 2020 , at which time it is expected to be renewed by FHLB for a one-year period. FHLB advances at September 30, 2019 and 2018 were comprised of the following: 2019 2018 (Dollars in thousands) FHLB advances $ 2,040,000 $ 2,075,000 Deferred prepayment penalty (11 ) (19 ) $ 2,039,989 $ 2,074,981 Weighted average contractual interest rate on FHLB advances 2.23 % 2.07 % Weighted average effective interest rate on FHLB advances (1) 2.37 2.12 (1) The effective interest rate includes the net impact of deferred amounts and interest rate swaps related to the adjustable-rate FHLB advances. During fiscal years 2019 , 2018 and 2017 , the Bank utilized a leverage strategy (the "leverage strategy") to increase earnings. The leverage strategy involves borrowing up to $2.10 billion either on the Bank's FHLB line of credit or by entering into short-term FHLB advances, depending on the rates offered by FHLB, with all of the balance being paid down at each quarter end, or earlier if the strategy it is not profitable. The proceeds of the borrowings, net of the required FHLB stock holdings, are deposited at the FRB of Kansas City. Management can discontinue the use of the leverage strategy at any point in time. At September 30, 2019 and 2018 , the Bank had entered into interest rate swap agreements with a total notional amount of $640.0 million and $475.0 million , respectively, in order to hedge the variable cash flows associated with $640.0 million and $475.0 million , respectively, of adjustable-rate FHLB advances. At September 30, 2019 and 2018 , the interest rate swap agreements had an average remaining term to maturity of 4.5 years and 5.8 years , respectively. The interest rate swaps were designated as cash flow hedges and involve the receipt of variable amounts from a counterparty in exchange for the Bank making fixed-rate payments over the life of the interest rate swap agreements. At September 30, 2019 , the interest rate swaps were in a loss position with a total fair value of $33.1 million , which was reported in accounts payable and accrued expenses on the consolidated balance sheet. At September 30, 2018 , the interest rate swaps were in a gain position with a total fair value of $9.7 million , which was reported in other assets on the consolidated balance sheet. During fiscal years 2019 and 2018 , $438 thousand and $515 thousand , respectively, were reclassified from AOCI as an increase to interest expense and no hedge ineffectiveness was recognized in the consolidated statements of income during either period. At September 30, 2019 , the Company estimates that $5.4 million will be reclassified as an increase to interest expense during the next 12 months. The Bank has minimum collateral posting thresholds with its derivative counterparty and posts collateral on a daily basis. The Bank posted cash collateral of $33.3 million at September 30, 2019 and held cash collateral of $10.0 million at September 30, 2018 . FHLB borrowings are secured by certain qualifying loans pursuant to a blanket collateral agreement with FHLB and certain securities, when necessary. Per FHLB's lending guidelines, total FHLB borrowings cannot exceed 40% of a borrowing institution's regulatory total assets without the pre-approval of FHLB senior management. In July 2019, the president of FHLB approved an increase, through July 2020, in the Bank's borrowing limit to 55% of Bank Call Report total assets. At September 30, 2019 , the ratio of the par value of the Bank's FHLB borrowings to the Bank's Call Report total assets was 23% . At times, the Bank's FHLB borrowings to the Bank's Call Report total assets may be in excess of 40% due to the leverage strategy. Repurchase Agreements - At September 30, 2019 and 2018 , the Company had repurchase agreements outstanding in the amount of $100.0 million , with a weighted average contractual rate of 2.53% . The repurchase agreements are included in other borrowings on the consolidated balance sheet. All of the Company's repurchase agreements at September 30, 2019 and 2018 were fixed-rate. See Note 4 for information regarding the amount of securities pledged as collateral in conjunction with repurchase agreements. Securities are delivered to the party with whom each transaction is executed and the party agrees to resell the same securities to the Bank at the maturity of the agreement. The Bank retains the right to substitute similar or like securities throughout the terms of the agreements. The repurchase agreements and collateral are 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 changes in the market values of these items. The Bank may also be required to post additional collateral as a result of principal payments received on the securities pledged. Maturity of Borrowed Funds and Certificates of Deposit - The following table presents the scheduled maturity of FHLB advances, at par, repurchase agreements, and certificates of deposit as of September 30, 2019 : FHLB Repurchase Certificates Advances Agreements of Deposit Amount Amount Amount (Dollars in thousands) 2020 $ 990,000 $ 100,000 $ 1,505,837 2021 550,000 — 625,990 2022 200,000 — 498,352 2023 200,000 — 303,817 2024 100,000 — 53,022 Thereafter — — 607 $ 2,040,000 $ 100,000 $ 2,987,625 Junior Subordinated Debentures and Trust-Preferred Securities - In conjunction with the CCB acquisition, the Company assumed $10.1 million |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income tax expense for the years ended September 30, 2019 , 2018 , and 2017 consisted of the following: 2019 2018 2017 (Dollars in thousands) Current: Federal $ 22,030 $ 26,007 $ 38,127 State 4,742 3,512 4,734 26,772 29,519 42,861 Deferred: Federal (456 ) (5,956 ) 712 State 95 1,416 210 (361 ) (4,540 ) 922 $ 26,411 $ 24,979 $ 43,783 The Tax Act made significant changes to the U.S. corporate income tax laws, such as a permanent reduction in the federal corporate income tax rate from 35% to 21% effective January 1, 2018, bonus depreciation that will allow full expensing of qualified property, and other changes to and/or limitations on certain corporate income tax deductions. As required by Section 15 of the Internal Revenue Code, the Company had a blended statutory federal income tax rate of 24.5% for the year ended September 30, 2018, which is based on the applicable income tax rates prior to and subsequent to January 1, 2018 and the number of days in the fiscal year. In accordance with GAAP, the Company revalued its deferred tax assets and liabilities as of December 22, 2017 to account for the future impact of a lower federal income tax rate. The revaluation of the Company's deferred tax assets and liabilities resulted in a $7.5 million reduction in income tax expense during the December 31, 2017 quarter and a corresponding reduction in the Company's net deferred tax liability. The Company's effective tax rates were 21.9% , 20.2% , and 34.2% for the years ended September 30, 2019 , 2018 , and 2017 , respectively. The differences between such effective rates and the statutory Federal income tax rate computed on income before income tax expense resulted from the following: 2019 2018 2017 Amount % Amount % Amount % (Dollars in thousands) Federal income tax expense computed at statutory Federal rate $ 25,337 21.0 % $ 30,392 24.5 % $ 44,772 35.0 % Increases (decreases) in taxes resulting from: State taxes, net of Federal tax effect 4,024 3.3 3,986 3.2 3,452 2.7 Deferred tax liability remeasurement, net — — (7,498 ) (6.0 ) — — Low income housing tax credits, net (1,745 ) (1.4 ) (500 ) (0.4 ) (2,468 ) (2.0 ) ESOP related expenses, net (757 ) (0.6 ) (790 ) (0.6 ) (1,052 ) (0.8 ) Other (448 ) (0.4 ) (611 ) (0.5 ) (921 ) (0.7 ) $ 26,411 21.9 % $ 24,979 20.2 % $ 43,783 34.2 % Deferred income tax expense 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 interest rate swaps and changes in the market value of restricted stock awards between the grant date and vesting date. The sources of these differences and the tax effect of each as of September 30, 2019 , 2018 , and 2017 were as follows: 2019 2018 2017 (Dollars in thousands) Net purchase discounts related to acquired loans $ 465 $ — $ — FHLB stock dividends 459 (7,692 ) 4 Salaries, deferred compensation and employee benefits 107 897 437 Low income housing partnerships 82 604 285 Premises and equipment (2,007 ) (122 ) 14 Deposit intangible (589 ) — — ACL (36 ) 1,827 185 Other, net 1,158 (54 ) (3 ) $ (361 ) $ (4,540 ) $ 922 The components of the net deferred income tax liabilities as of September 30, 2019 and 2018 were as follows: 2019 2018 (Dollars in thousands) Deferred income tax assets: Unrealized loss on interest rate swaps $ 8,041 $ — Salaries, deferred compensation and employee benefits 1,579 1,686 ESOP compensation 1,288 1,206 Net purchase discounts related to acquired loans 991 1,456 Low income housing partnerships 792 874 Unrealized loss on AFS securities — 960 Other 2,918 3,154 Gross deferred income tax assets 15,609 9,336 Valuation allowance (1,823 ) (1,822 ) Gross deferred income tax asset, net of valuation allowance 13,786 7,514 Deferred income tax liabilities: FHLB stock dividends 16,009 15,550 Premises and equipment 3,546 5,983 Unrealized gain on AFS securities 3,258 — Deposit intangible 1,978 2,567 ACL 1,080 1,116 Unrealized gain on interest rate swaps — 2,353 Other 2,197 1,198 Gross deferred income tax liabilities 28,068 28,767 Net deferred tax liabilities $ 14,282 $ 21,253 The State of Kansas allows for a bad debt deduction on savings and loan institutions' privilege tax returns of up to 5% of Kansas taxable income. Due to the low level of net loan charge-offs experienced by the Bank historically, the Bank's bad debt deduction on the Kansas privilege tax return has been in excess of actual net charge-offs for several years resulting in a state deferred tax liability. At September 30, 2019 and 2018, the state deferred tax liability associated with ACL was in excess of the federal deferred tax asset. 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. At both September 30, 2019 and 2018 , the Company had a valuation allowance of $1.8 million 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, Capitol Funds, Inc. and Capital City Investments, Inc., as the Bank files a Kansas privilege tax return. Based on the nature of the operations of the holding company, Capitol Funds, Inc. and Capital City Investments, 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, 2019 and 2018 . ASC 740 Income Taxes prescribes a process by which a tax position taken, or expected to be taken, on an income tax return is determined 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 year ended September 30, 2019 , 2018 , and 2017 the Company had no unrecognized tax benefits. 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 a given state. With few exceptions, the Company is no longer subject to U.S. federal and state examinations by tax authorities for fiscal years before 2016 . |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 12 Months Ended |
Sep. 30, 2019 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | |
Employee Benefit Plans | EMPLOYEE STOCK OWNERSHIP PLAN 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, 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 matured on September 30, 2013 . The loan for the shares acquired in the corporate reorganization matures on September 30, 2040 . As 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, 2019 , 165,198 shares were released from collateral. On September 30, 2020 , 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. Compensation expense related to the ESOP was $3.1 million for the year ended September 30, 2019 , $2.9 million for the year ended September 30, 2018 , and $3.3 million for the year ended September 30, 2017 . Of these amounts, $549 thousand , $541 thousand , and $784 thousand 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, 2019 , 2018 , and 2017 , respectively. The amount included in compensation expense for dividends on unallocated ESOP shares in excess of the debt service payments was $906 thousand , $688 thousand , and $833 thousand for the years ended September 30, 2019 , 2018 , and 2017 , respectively. Shares may be withdrawn from the ESOP trust due to diversification (a participant may begin to diversify at least 25% of their ESOP shares at age 50 ), retirement, termination, or death of the participant. The following is a summary of shares held in the ESOP trust as of September 30, 2019 and 2018 : 2019 2018 (Dollars in thousands) Allocated ESOP shares 4,207,520 4,339,002 Unreleased ESOP shares 3,469,158 3,634,356 Total ESOP shares 7,676,678 7,973,358 Fair value of unreleased ESOP shares $ 47,805 $ 46,302 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | 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. The Stock Option Plan and Restricted Stock Plan expired in April 2015. No additional grants can be made from these two plans; however, awards granted under these two plans remain outstanding until they are individually vested, forfeited or expire. The objectives of the Equity Incentive Plan are to provide additional compensation to certain officers, directors and key employees by facilitating their acquisition of stock interest in the Company and enable the Company to retain personnel of experience and ability in key positions of responsibility. Stock Option Plans – There are currently 445,930 stock options outstanding as a result of grants awarded from the Stock Option Plan. The Equity Incentive Plan had 5,907,500 stock options originally eligible to be granted and, as of September 30, 2019 , the Company had 4,199,316 stock options still available for future grants under this plan. This plan will expire in January 2027 and no additional grants may be made after expiration, but awards granted under this plan remain outstanding until they are individually vested, forfeited, or expire. The Company may issue incentive and nonqualified stock options under the Equity Incentive Plan. The Company may also award stock appreciation rights, although no stock appreciation rights have been awarded to date. The incentive stock options expire no later than 10 years from the date of grant, and the nonqualified stock options expire no later than 15 years from the date of grant. The vesting period of the stock options under the Equity Incentive Plan generally has ranged from 3 years to 5 years . The stock option exercise price cannot be less than the market value at the date of the grant as defined by each plan. The fair value of stock option grants is estimated on the date of the grant using the Black-Scholes option pricing model. At September 30, 2019 , the Company had 1,013,295 stock options outstanding with a weighted average exercise price of $13.21 per option and a weighted average contractual life of 3.5 years , and 999,295 options exercisable with a weighted average exercise price of $13.22 per option and a weighted average contractual life of 3.5 years . The exercise price may be paid in cash, shares of common stock, or a combination of both. New shares are issued by the Company upon the exercise of stock options. Compensation expense attributable to stock option awards during the years ended September 30, 2019 , 2018 , and 2017 totaled $49 thousand , $71 thousand , and $118 thousand , respectively. The fair value of stock options vested during the years ended September 30, 2019 , 2018 , and 2017 was $64 thousand , $77 thousand , and $174 thousand , respectively. As of September 30, 2019 , the total future compensation cost related to non-vested stock options not yet recognized in the consolidated statements of income was $12 thousand , and the weighted average period over which these awards are expected to be recognized was 0.7 years . Restricted Stock Plans – The Equity Incentive Plan had 2,363,000 shares originally eligible to be granted as restricted stock and, as of September 30, 2019 , the Company had 1,648,050 shares available for future grants of restricted stock under this plan. This plan will expire in January 2027 and no additional grants may be made after expiration, but awards granted under this plan remain outstanding until they are individually vested or forfeited. The vesting period of the restricted stock awards under the Equity Incentive Plan has generally ranged from 3 years to 5 years . At September 30, 2019 , the Company had 121,800 unvested restricted stock shares with a weighted average grant date fair value of $13.72 per share. Compensation expense is calculated based on the fair market value of the common stock at the date of the grant, as defined by the plan, and is recognized over the vesting time period. Compensation expense attributable to restricted stock awards during the years ended September 30, 2019 , 2018 , and 2017 totaled $501 thousand , $301 thousand , and $388 thousand , respectively. The fair value of restricted stock that vested during the years ended September 30, 2019 , 2018 , and 2017 totaled $294 thousand , $294 thousand , and $563 thousand , respectively. As of September 30, 2019 , there was $1.3 million of unrecognized compensation cost related to unvested restricted stock to be recognized over a weighted average period of 3.2 years . |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES The following table summarizes the Bank's loan commitments as of September 30, 2019 and 2018 : 2019 2018 (Dollars in thousands) Originate fixed-rate $ 55,249 $ 46,645 Originate adjustable-rate 32,206 25,228 Purchase/participate fixed-rate 94,400 122,418 Purchase/participate adjustable-rate 49,141 10,085 $ 230,996 $ 204,376 Commitments to originate loans are commitments to lend to a customer. Commitments to purchase/participate in loans represent commitments to purchase loans from correspondent lenders on a loan-by-loan basis or participate in commercial loans with a lead bank. The Bank evaluates each borrower's creditworthiness on a case-by-case basis. Commitments generally have expiration dates or other termination clauses and one- to four-family loan commitments 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 in the table above does not necessarily represent future cash requirements. As of September 30, 2019 and 2018 , there were no significant loan-related commitments that met the definition of derivatives or commitments to sell mortgage loans. As of September 30, 2019 and 2018 , the Bank had approved but unadvanced lines of credit of $265.2 million and $246.1 million , respectively. The Company also has standby letters of credit, which are conditional commitments to guarantee the performance of a customer to a third party. Most guarantees have one-year terms. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. At September 30, 2019 and 2018 , the Company had $1.2 million in outstanding standby letters of credit, and no amounts had been recorded as liabilities for the Company's potential obligations under these agreements at either date. 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, 2019 , or future periods. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Sep. 30, 2019 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Requirements | REGULATORY CAPITAL REQUIREMENTS The Bank and the Company are 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 regulatory capital adequacy guidelines, the Company and Bank must meet specific capital guidelines that involve quantitative measures of the Company's and Bank's assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Additionally, the Bank must meet specific capital guidelines to be considered well capitalized per the regulatory framework for prompt corrective action. The Company's and Bank's capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weightings, and other factors. Generally, savings institutions, such as the Bank, may make capital distributions during any calendar year equal to the 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. The Company's ability to pay dividends is dependent, in part, upon its ability to obtain capital distributions from the Bank. 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 conjunction with the Company's corporate reorganization in December 2010, a "liquidation account" was established for the benefit of certain depositors of the Bank in an amount equal to Capitol Federal Savings Bank MHC's ownership interest in the retained earnings of Capitol Federal Financial as of June 30, 2010. As of September 30, 2019 , the balance of this liquidation account was $127.6 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 Bank and the Company must maintain certain minimum capital ratios as set forth in the table below for capital adequacy purposes. Effective January 1, 2016, the Company and Bank were required to maintain a capital conservation buffer above certain minimum risk-based capital ratios for capital adequacy purposes in order to avoid certain restrictions on capital distributions and other payments including dividends, share repurchases, and certain compensation. The required capital conservation buffer was phased in over a four-year period by increasing the required buffer amount by 0.625% each year to a total of 2.50%. The capital conservation buffer was fully phased in on January 1, 2019. The capital conservation buffer was 2.500% at September 30, 2019 and 1.875% at September 30, 2018 . At September 30, 2019 and 2018 , the Bank and Company exceeded the capital conservation buffer requirement. Management believes, as of September 30, 2019 , that the Bank and Company meet all capital adequacy requirements to which they are subject and there were no conditions or events subsequent to September 30, 2019 that would change the Bank's or Company's category. In September 2019, the regulatory agencies, including the Office of the Comptroller of the Currency and FRB, adopted a final rule, effective January 1, 2020, creating a community bank leverage ratio ("CBLR") for institutions with total consolidated assets of less than $10 billion and that meet other qualifying criteria. Qualifying institutions that elect to use the CBLR framework and that maintain a leverage ratio of greater than 9% will be considered to have satisfied the generally applicable risk-based and leverage capital requirements in the regulatory agencies' capital rules and to have met the well-capitalized ratio requirements. Management is still reviewing the CBLR framework, but expects the Bank and Company will elect to use the CBLR framework. To Be Well Capitalized Under Prompt For Capital Corrective Action Actual Adequacy Purposes Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Bank As of September 30, 2019 Tier 1 leverage $ 1,169,037 12.1 % $ 387,427 4.0 % $ 484,284 5.0 % Common Equity Tier 1 ("CET1") capital 1,169,037 24.1 218,042 4.5 314,949 6.5 Tier 1 capital 1,169,037 24.1 290,722 6.0 387,630 8.0 Total capital 1,178,263 24.3 387,630 8.0 484,537 10.0 As of September 30, 2018 Tier 1 leverage 1,202,125 13.0 370,559 4.0 463,199 5.0 CET1 capital 1,202,125 25.1 215,764 4.5 311,659 6.5 Tier 1 capital 1,202,125 25.1 287,685 6.0 383,580 8.0 Total capital 1,210,589 25.2 383,580 8.0 479,475 10.0 Company As of September 30, 2019 Tier 1 leverage 1,336,377 13.8 387,346 4.0 N/A N/A CET1 capital 1,336,377 27.6 218,070 4.5 N/A N/A Tier 1 capital 1,336,377 27.6 290,759 6.0 N/A N/A Total capital 1,345,603 27.8 387,679 8.0 N/A N/A As of September 30, 2018 Tier 1 leverage 1,381,791 14.9 370,475 4.0 N/A N/A CET1 capital 1,381,791 28.6 215,793 4.5 N/A N/A Tier 1 capital 1,381,791 28.8 287,724 6.0 N/A N/A Total capital 1,390,255 29.0 383,632 8.0 N/A N/A |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value Measurements – The Company uses fair value measurements to record fair value adjustments to certain financial instruments and to determine fair value disclosures in accordance with ASC 820 and ASC 825. The Company's AFS securities and interest rate swaps 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 financial instruments 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 financial instruments. The Company groups its financial instruments at fair value in three levels based on the markets in which the financial instruments 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 financial instrument. 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 financial instrument. The Company bases its fair values on the price that would be received from the sale of a financial instrument in an orderly transaction between market participants at the measurement date under current market conditions. 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 financial instruments measured at fair value on a recurring basis. AFS Securities - The Company's AFS securities portfolio is carried at estimated fair value. The majority of the securities within the AFS portfolio were issued by GSEs. The Company primarily uses prices obtained from third-party pricing services to determine the fair value of its securities. On a quarterly basis, management corroborates a sample of prices obtained from the third-party pricing service for Level 2 securities by comparing them to an independent source. If the price provided by the independent source varies by more than a predetermined percentage from the price received from the third-party pricing service, then the variance is researched by management. The Company did not have to adjust prices obtained from the third-party pricing service when determining the fair value of its securities during the years ended September 30, 2019 and 2018 . 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. (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. (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. (Level 2) Interest Rate Swaps - The Company's interest rate swaps are designated as cash flow hedges and are reported at fair value in other assets on the consolidated balance sheet if in a gain position, and in accounts payable and accrued expenses if in a loss position, with any unrealized gains and losses, net of taxes, reported as AOCI in stockholders' equity. See "Note 9. Deposits and Borrowed Funds" for additional information. The estimated fair values of the interest rates swaps are obtained from the counterparty and are determined by a discounted cash flow analysis using observable market-based inputs. On a quarterly basis, management corroborates the estimated fair values by internally calculating the estimated fair value using a discounted cash flow analysis with independent observable market-based inputs from a third party. The Company did not make any adjustments to the estimated fair values during the years ended September 30, 2019 and 2018 . (Level 2) The following tables provide the level of valuation assumption used to determine the carrying value of the Company's financial instruments measured at fair value on a recurring basis at the dates presented. The Company did not have any Level 3 financial instruments measured at fair value on a recurring basis at September 30, 2019 or 2018 . The Company did not have any liabilities that were measured at fair value at September 30, 2018 . September 30, 2019 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) Assets: AFS Securities: MBS $ 936,487 $ — $ 936,487 $ — GSE debentures 249,954 — 249,954 — Municipal bonds 18,422 — 18,422 — $ 1,204,863 $ — $ 1,204,863 $ — Liabilities: Interest rate swaps $ 33,090 $ — $ 33,090 $ — September 30, 2018 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) Assets: AFS Securities: MBS $ 445,090 $ — $ 445,090 $ — GSE debentures 265,398 — 265,398 — Municipal bonds 4,126 — 4,126 — 714,614 — 714,614 — Interest rate swaps 9,685 — 9,685 — $ 724,299 $ — $ 724,299 $ — The following is a description of valuation methodologies used for significant financial instruments measured at fair value on a non-recurring basis. Loans Receivable – The amount of loans individually evaluated for impairment on a non-recurring basis during fiscal years 2019 and 2018 that were still held in the portfolio as of September 30, 2019 and 2018 was $6.8 million and $6.7 million , respectively. The majority of these loans were secured by residential real estate and were individually evaluated to determine if the carrying value of the loan was in excess of the fair value of the collateral, less estimated selling costs of 10% . Fair values were estimated through current appraisals. Management does not adjust or apply a discount to the appraised value, except for the estimated sales cost noted above. The primary significant unobservable input for loans individually evaluated for impairment was the appraisal. Fair values of loans individually evaluated for impairment cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the loan and, as such, are classified as Level 3. Based on this evaluation, the Bank charged-off all loss amounts as of September 30, 2019 and 2018 ; therefore, the fair value was equal to the carrying value and 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. The fair value for OREO is estimated through current appraisals or listing prices, less estimated selling costs of 10% . Management does not adjust or apply a discount to the appraised value or listing price, except for the estimated sales costs noted above. The primary significant unobservable input for OREO was the appraisal or listing price. Fair values of foreclosed property cannot be determined with precision and may not be realized in an actual sale of the property and, as such, are classified as Level 3. The fair value of OREO measured on a non-recurring basis during fiscal years 2019 and 2018 that was still held in the portfolio as of September 30, 2019 and 2018 was $678 thousand and $1.9 million , respectively. The carrying value of the properties equaled the fair value of the properties at September 30, 2019 and 2018 . Fair Value Disclosures – The Company determined estimated fair value amounts using available market information and a variety of valuation methodologies as of the dates presented. Considerable judgment is required to interpret market data to develop the estimates of fair value. The estimates presented are not necessarily indicative of amounts the Company would realize from a current market exchange at subsequent dates. The carrying amounts and estimated fair values of the Company's financial instruments by fair value hierarchy, at the dates presented, were as follows: 2019 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Cash and cash equivalents $ 220,370 $ 220,370 $ 220,370 $ — $ — AFS securities 1,204,863 1,204,863 — 1,204,863 — Loans receivable 7,416,747 7,654,586 — — 7,654,586 FHLB stock 98,456 98,456 98,456 — — Liabilities: Deposits 5,581,867 5,614,895 2,594,242 3,020,653 — FHLB borrowings 2,139,989 2,153,041 100,001 2,053,040 — Other borrowings 100,000 100,312 — 100,312 — Interest rate swaps 33,090 33,090 — 33,090 — 2018 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Cash and cash equivalents $ 139,055 $ 139,055 $ 139,055 $ — $ — AFS securities 714,614 714,614 — 714,614 — HTM securities 612,318 601,071 — 601,071 — Loans receivable 7,514,485 7,418,026 — — 7,418,026 FHLB stock 99,726 99,726 99,726 — — Interest rate swaps 9,685 9,685 — 9,685 — Liabilities: Deposits 5,603,354 5,569,591 2,666,297 2,903,294 — FHLB borrowings 2,174,981 2,145,477 100,000 2,045,477 — Other borrowings 110,052 109,465 10,503 98,962 — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | ACCUMULATED OTHER COMPREHENSIVE INCOME The following tables present the changes in the components of AOCI, net of tax, for the years presented. For the Year Ended September 30, 2019 Unrealized Unrealized Gains (Losses) Gains (Losses) on AFS on Cash Flow Total Securities Hedges AOCI (Dollars in thousands) Beginning balance $ (2,990 ) $ 7,330 $ 4,340 Transfer of HTM securities to AFS securities 2,336 — 2,336 Other comprehensive income (loss), before reclassifications 10,804 (32,817 ) (22,013 ) Amount reclassified from AOCI — 438 438 Other comprehensive income (loss) 13,140 (32,379 ) (19,239 ) Ending balance $ 10,150 $ (25,049 ) $ (14,899 ) For the Year Ended September 30, 2018 Unrealized Unrealized Gains (Losses) Gains (Losses) on AFS on Cash Flow Total Securities Hedges AOCI (Dollars in thousands) Beginning balance $ 3,290 $ (372 ) $ 2,918 Other comprehensive income (loss), before reclassifications (6,741 ) 6,981 240 Amount reclassified from AOCI — 515 515 Other comprehensive income (loss) (6,741 ) 7,496 755 Reclassification of certain income tax effects related to adoption of ASU 2018-02 461 206 667 Ending balance $ (2,990 ) $ 7,330 $ 4,340 For the Year Ended September 30, 2017 Unrealized Unrealized Gains (Losses) Gains (Losses) on AFS on Cash Flow Total Securities Hedges AOCI (Dollars in thousands) Beginning balance $ 5,915 $ — $ 5,915 Other comprehensive income (loss), before reclassifications (2,625 ) (506 ) (3,131 ) Amount reclassified from AOCI — 134 134 Other comprehensive income (loss) (2,625 ) (372 ) (2,997 ) Ending balance $ 3,290 $ (372 ) $ 2,918 |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION On October 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers , and all subsequent ASUs that modified the principles for recognizing revenue. The Company's primary sources of revenue consist of net interest income on financial assets and liabilities, which are not within the scope of the amended ASU. In addition, certain non-interest income revenue streams, such as loan servicing fees, derivatives, and BOLI, are not in-scope of the amended ASU. Based on an assessment of non-interest income revenue streams and a review of the related contracts with customers, the Company concluded the amended ASU did not significantly change the Company's revenue recognition methods. The Company elected to implement the amended ASU using the modified retrospective application with a cumulative adjustment, which increased opening retained earnings at October 1, 2018 by $394 thousand related to contracts that were not complete upon adoption. The amount was related to the change in the recognition of revenue related to certain insurance commissions. Details of the Company's primary types of non-interest income revenue streams by financial statement line reported in the consolidated statements of income that are within the scope of the amended ASU and ASC Topic 606 are below. During the current fiscal year, revenue from contracts with customers totaled $16.6 million . Deposit Service Fees Interchange Transaction Fees - Interchange transaction fee income primarily consists of interchange fees earned on a transactional basis through card payment networks. The performance obligation for these types of transactions is satisfied as services are rendered for each transaction and revenue is recognized daily concurrently with the transaction processing services provided to the cardholder. In order to participate in the card payment networks, the Company must pay various transaction related costs established by the networks ("interchange network charges"), including membership fees and a per unit charge for each transaction. The Company determined it is acting as an agent for its debit card customers when they are utilizing the card payment networks; therefore, upon adoption of the amended ASU, interchange transaction fee income is reported net of interchange network charges. Previously, interchange network charges were reported in deposit and loan expense. Interchange network charges totaled $3.4 million and $3.0 million for fiscal years 2019 and 2018 , respectively. Service Charges on Deposit Accounts - Service charges on deposit accounts consist of account maintenance and transaction-based fees such as overdrafts, insufficient funds, wire transfers and the use of out-of-network ATMs. The Company's performance obligation is satisfied over a period of time, generally a month, for account maintenance and at the time of service for transaction-based fees. Revenue is recognized after the performance obligation is satisfied. Payments are typically collected from the customer's deposit account at the time the transaction is processed and/or at the end of the customer's statement cycle (typically monthly). Other Non-Interest Income Trust Asset Management Income - The Company provides trust asset management services to customers. The Company primarily earns fees for these services over time as the monthly services are provided and the Company assesses revenue at each month end. Fees are charged based on a tiered scale of the market value of the individual trust asset accounts at the end of the month. Insurance Commissions - Commissions are received on insurance product sales. The Company acts in the capacity of an agent between the Company's customer and the insurance carrier. The Company's performance obligation is satisfied when the terms of the policy have been agreed upon and the insurance policy becomes effective. Additionally, the Company earns performance-based incentives ("contingent insurance commissions") based on certain criteria established by the insurance carriers. Upon adoption of the amended ASU, contingent insurance commissions are accrued based upon management's expectations. Previously, contingent insurance commissions were recognized when the funds were received. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Sep. 30, 2019 | |
Selected Quarterly Financial Information [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | 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) 2019 Total interest and dividend income $ 82,421 $ 82,037 $ 82,211 $ 83,285 $ 329,954 Net interest and dividend income 52,301 52,597 51,681 49,811 206,390 Provision for credit losses — — 450 300 750 Net income 24,383 24,554 22,897 22,409 94,243 Basic EPS 0.18 0.18 0.17 0.16 0.68 Diluted EPS 0.18 0.18 0.17 0.16 0.68 Dividends declared per share 0.475 0.085 0.335 0.085 0.98 Average number of basic shares outstanding 137,551 137,635 137,720 137,801 137,677 Average number of diluted shares outstanding 137,592 137,691 137,788 137,867 137,735 2018 Total interest and dividend income $ 80,644 $ 81,774 $ 82,161 $ 77,313 $ 321,892 Net interest and dividend income 49,374 49,889 49,433 50,077 198,773 Provision for credit losses — — — — — Net income 31,836 23,330 22,372 21,389 98,927 Basic EPS 0.24 0.17 0.17 0.16 0.73 Diluted EPS 0.24 0.17 0.17 0.16 0.73 Dividends declared per share 0.375 0.085 0.335 0.085 0.88 Average number of basic shares outstanding 134,373 134,428 134,484 135,500 134,698 Average number of diluted shares outstanding 134,467 134,475 134,530 135,556 134,759 |
Parent Company Financial Inform
Parent Company Financial Information (Parent Company Only) | 12 Months Ended |
Sep. 30, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Financial Information (Parent Company Only) | 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, 2019 and 2018 (Dollars in thousands, except per share amounts) 2019 2018 ASSETS: Cash and cash equivalents $ 126,320 $ 137,684 Investment in the Bank 1,168,986 1,221,706 Note receivable - ESOP 39,971 41,285 Other assets 711 690 Income taxes receivable, net 429 486 TOTAL ASSETS $ 1,336,417 $ 1,401,851 LIABILITIES: Junior subordinated debentures $ — $ 10,052 Accounts payable and accrued expenses 91 177 Total liabilities 91 10,229 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, 141,440,030 and 141,225,516 shares issued and outstanding as of September 30, 2019 and 2018, respectively 1,414 1,412 Additional paid-in capital 1,210,226 1,207,644 Unearned compensation - ESOP (34,692 ) (36,343 ) Retained earnings 174,277 214,569 AOCI, net of tax (14,899 ) 4,340 Total stockholders' equity 1,336,326 1,391,622 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,336,417 $ 1,401,851 STATEMENTS OF INCOME YEARS ENDED SEPTEMBER 30, 2019, 2018, and 2017 (Dollars in thousands) 2019 2018 2017 INTEREST AND DIVIDEND INCOME: Dividend income from the Bank $ 129,409 $ 134,540 $ 120,215 Interest income from other investments 2,428 1,951 1,715 Total interest and dividend income 131,837 136,491 121,930 INTEREST EXPENSE 403 62 — NET INTEREST INCOME 131,434 136,429 121,930 NON-INTEREST INCOME 14 — — NON-INTEREST EXPENSE: Salaries and employee benefits 829 1,031 896 Regulatory and outside services 286 1,129 247 Other non-interest expense 652 581 561 Total non-interest expense 1,767 2,741 1,704 INCOME BEFORE INCOME TAX EXPENSE AND EQUITY IN EXCESS OF DISTRIBUTION OVER EARNINGS OF SUBSIDIARY 129,681 133,688 120,226 INCOME TAX EXPENSE (BENEFIT) 57 (179 ) 4 INCOME BEFORE EQUITY IN EXCESS OF DISTRIBUTION OVER EARNINGS OF SUBSIDIARY 129,624 133,867 120,222 EQUITY IN EXCESS OF DISTRIBUTION OVER EARNINGS OF SUBSIDIARY (35,381 ) (34,940 ) (36,085 ) NET INCOME $ 94,243 $ 98,927 $ 84,137 STATEMENTS OF CASH FLOWS YEARS ENDED SEPTEMBER 30, 2019, 2018, and 2017 (Dollars in thousands) 2019 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 94,243 $ 98,927 $ 84,137 Adjustments to reconcile net income to net cash provided by operating activities: Equity in excess of distribution over earnings of subsidiary 35,381 34,940 36,085 Depreciation of equipment 37 30 29 Loss on disposal of premises and equipment 8 — — Provision for deferred income taxes — (35 ) (2 ) Changes in: Other assets 54 (53 ) (5 ) Income taxes receivable/payable 57 (145 ) (40 ) Accounts payable and accrued expenses (86 ) (257 ) (22 ) Net cash provided by operating activities 129,694 133,407 120,182 CASH FLOWS FROM INVESTING ACTIVITIES: Principal collected on note receivable from ESOP 1,314 1,272 1,233 Cash acquired from acquisition — 18 — Purchase of equipment (423 ) — — Proceeds from the redemption of common equity securities related to the redemption of junior subordinated debentures 302 — — Net cash provided by investing activities 1,193 1,290 1,233 CASH FLOWS FROM FINANCING ACTIVITIES: Net payment from subsidiary related to restricted stock awards 1,245 253 293 Cash dividends paid (134,929 ) (118,312 ) (117,963 ) Repayment of other borrowings (10,052 ) — — Stock options exercised 1,485 261 8,843 Net cash used in financing activities (142,251 ) (117,798 ) (108,827 ) NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (11,364 ) 16,899 12,588 CASH AND CASH EQUIVALENTS: Beginning of year 137,684 120,785 108,197 End of year $ 126,320 $ 137,684 $ 120,785 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Common stock issued for acquisition $ — $ 39,113 $ — Capital contribution to subsidiary in conjunction with acquisition of CCB $ — $ 48,798 $ — |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
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"), a federal savings bank, which has 44 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 Kansas City metropolitan area. The Bank emphasizes mortgage lending, primarily originating and purchasing one- to four-family loans, and providing personal retail financial services, along with offering commercial banking and lending products. The Bank is subject to competition from other financial institutions and other companies that provide financial services. |
Basis of Presentation | The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, the Bank. The Bank has two wholly owned subsidiaries, Capitol Funds, Inc. and Capital City Investments, Inc. Capitol Funds, Inc. has a wholly-owned subsidiary, Capitol Federal Mortgage Reinsurance Company. Capital City Investments, Inc. is a real estate and investment holding company. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in accordance 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. Actual results could differ from these estimates and assumptions. |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | Cash, cash equivalents, restricted cash and restricted cash equivalents reported in the statement of cash flows include cash and cash equivalents of $220.4 million and $139.1 million at September 30, 2019 and 2018 and restricted cash and cash equivalents of $33.3 million at September 30, 2019, which was included in other assets on the consolidated balance sheet. There was no restricted cash and cash equivalents at September 30, 2018 . The restricted cash and cash equivalents relate to the collateral postings to/from the Bank's derivative counterparties associated with the Bank's interest rate swaps. See additional discussion regarding the interest rate swaps in Note 9. Deposits and Borrowed Funds. Regulations of the Board of Governors of the Federal Reserve System ("FRB") 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 Federal Reserve Bank of Kansas City ("FRB of Kansas City") as of September 30, 2019 and 2018 was $198.6 million and $120.8 million , respectively. The Bank is in compliance with the FRB requirements. For the years ended September 30, 2019 and 2018 , the average daily balance of required reserves at the FRB of Kansas City was $21.5 million and $11.0 million , respectively. |
Net Presentation of Cash Flows Related to Borrowings | At times, the Bank enters into certain FHLB advances with contractual maturities of 90 days or less. Cash flows related to these advances are reported on a net basis in the consolidated statements of cash flows. |
Securities | Securities include MBS and agency debentures issued primarily by United States Government-Sponsored Enterprises ("GSE"), including Federal National Mortgage Association, Federal Home Loan Mortgage Corporation and the Federal Home Loan Banks, United States Government agencies, including Government National Mortgage Association, and municipal bonds. Securities are classified as HTM, AFS, or trading based on management's intention for holding the securities 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 to determine the fair value of securities. See additional discussion of fair value of AFS securities in "Note 15. 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, 2019 and 2018 , neither the Company nor the Bank maintained a trading securities portfolio. Management monitors securities in the investment 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. |
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. Interest on loans is credited to income as earned and accrued only if deemed collectible. Loan endorsements - Certain existing loan customers, including customers whose loans were purchased from a correspondent lender, have the opportunity, for a cash fee, to endorse their original loan terms to current loan terms being offered by the Bank. The fee received for each endorsement is deferred and amortized as an adjustment to interest income over the life of the loan. If the change in loan terms resulting from the endorsement is deemed to be more than minor, the loan is treated as a new loan and all existing unamortized deferred loan origination fees and costs are recognized at the time of endorsement. If the change in loan terms is deemed to be minor, the fee received for the endorsement is added to the net remaining unamortized deferred fee or deferred cost balance. Troubled debt restructurings ("TDRs") - For borrowers experiencing financial difficulties, the Bank may grant a concession to the borrower. Such concessions generally involve extensions of loan maturity dates, the granting of periods during which reduced payment amounts are required, and/or reductions in interest rates. The Bank does not forgive principal or interest, nor does it commit to lend additional funds to these borrowers, except for situations generally involving the capitalization of delinquent interest and/or escrow on one- to four-family loans and consumer loans, not to exceed the original loan amount. In the case of commercial loans, the Bank does not forgive principal or interest or commit to lend additional funds unless the borrower provides additional collateral or other enhancements to improve the credit quality. Delinquent loans - A loan is considered delinquent when payment has not been received within 30 days of its contractual due date. The number of days delinquent is determined by the number of scheduled payments that remain unpaid, assuming a period of 30 days between each scheduled payment. Nonaccrual loans - The accrual of income on loans is generally discontinued when interest or principal payments are 90 days in arrears. We also report certain TDR loans as nonaccrual loans that are required to be reported as such pursuant to regulatory reporting requirements. 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, except in the case of commercial loans in which all delinquent accrued interest is reversed. A nonaccrual one- to four-family or consumer 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 the required consecutive loan payments. A nonaccrual commercial loan is returned to accrual status once the loan has been current for a minimum of six months, all fees and interest are paid current, the loan has a sufficient debt service coverage ratio, and the loan is well secured and within policy. 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 original 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, in which case interest income is no longer recognized. Acquired Loans - Acquired loans are initially recorded at fair value based on a discounted cash flow valuation methodology that considers, among other things, interest rates, projected prepayments, projected default rates, loss given default and recovery rates, with no carryover of any existing ACL. Acquired loans with evidence of credit quality deterioration at acquisition are reviewed to determine if it is probable that the Company will not be able to collect all contractual amounts due, including both principal and interest. When both conditions exist, such loans are categorized and accounted for as purchased credit impaired ("PCI") loans. When these conditions do not exist, the loans are categorized as non-PCI loans. For PCI loans with cash flows that the Company has determined can be reasonably estimated, which is the majority of the PCI loans, interest income is recognized on a level-yield basis over the life of the loan based upon the excess of expected cash flows over the original investment in the loan. |
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. It involves a high degree of complexity and requires management to make difficult and subjective judgments and assumptions about highly uncertain matters. Management's methodology for assessing the appropriateness of the ACL consists of a formula analysis model, along with analyzing and considering several other relevant internal and external factors. The use of different judgments and assumptions could cause reported results to differ significantly. Management maintains the ACL through provisions for credit losses that are either charged or credited to income. One- to four-family loans, including home equity loans, are individually evaluated for loss when the loan is generally 180 days delinquent and any losses are charged-off. 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 is 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. When a non-real estate secured consumer loan is 120 days delinquent, any identified losses are charged-off. For commercial loans, generally losses are charged-off prior to a loan becoming 120 days delinquent when it is determined, through the analysis of any available current financial information with regards to the borrower, that the borrower is not able to service the debt and there is little or no prospect for near term improvement, or, in the case of secured loans, it is determined, through the analysis of current information with regards to the Bank's collateral position, that the amounts due from the borrower are in excess of the calculated current fair value of the collateral after consideration of estimated costs to sell. Charge-offs for any loan type may also occur at any time if the Bank has knowledge of the existence of a probable loss. 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 the ability of borrowers to repay their loans, resulting in increased delinquencies, non-performing assets, loan losses, and future loan loss provisions. Although the 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 business operations, the ability to control operational or business expenses to satisfy their contractual debt payments, and the ability to utilize personal 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 commercial real estate loan, the pool of potential buyers is more limited than that for a residential property. Therefore, the Bank could hold the property for an extended period of time, or potentially be forced to sell at a discounted price, resulting in additional losses. Our commercial and industrial loans are primarily secured by accounts receivable, inventory and equipment, which may be difficult to appraise, may be illiquid and may fluctuate in value based on the success of the business. Each quarter end, 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; 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 loan-to-value ("LTV") ratio. The one- to four-family loan portfolio and related home equity loans are segregated into additional categories based on the following risk characteristics: loan source (originated, correspondent purchased, or bulk purchased), interest payments (fixed-rate and adjustable-rate), LTV ratios, borrower's credit scores, and geographic location. 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. The commercial loan portfolio is segregated into additional categories based on the type of loan (real estate loan, construction loan or commercial and industrial). Impaired loans are not included in the formula analysis as they are individually evaluated for loss. Historical loss factors are applied to each loan category in the formula analysis model. Each quarter end, management reviews historical losses over a look-back time period and utilizes the historical loss time periods believed to be the most appropriate considering the current economic conditions. The historical loss time period is then adjusted for a loss emergence time period, which represents the estimated time period from the date of a loss event to the date we recognize a charge-off/loss. Qualitative loss factors are utilized in the formula analysis model to reflect risks inherent in each loan category that are not captured by the historical loss factors. The qualitative loss factors for one- to four-family and consumer loan portfolios take into consideration such items as: unemployment rate trends, residential real estate value trends, credit score trends, and delinquent loan trends. The qualitative loss factors for the commercial loan portfolio take into consideration the composition of the portfolio along with industry and peer charge-off information and certain ACL ratios. As loans are classified or become delinquent, the qualitative loss factors increase for each respective loan category. The qualitative loss factors were derived by management based on a review of the historical performance of the respective loan portfolios and industry and peer information for those loan portfolios with no or limited historical loss experience, along with consideration of current economic conditions and the likely impact such conditions might have on the performance of the loan portfolio. For non-PCI loans, the Company estimates a hypothetical amount of ACL. The Company uses the acquired bank's past loss history adjusted for qualitative factors to establish the hypothetical amount of ACL. This amount is compared with the remaining net purchase discount for the non-PCI loans to test for credit quality deterioration and the possible need for an additional loan loss provision. To the extent the remaining net purchase discount of the pool is greater than the hypothetical ACL, no additional ACL is necessary. If the remaining net purchase discount of the pool is less than the hypothetical ACL, the difference results in an increase to the ACL recorded through a provision for credit losses. Management utilizes the formula analysis model, along with analyzing and considering several other relevant internal and external factors when evaluating the adequacy of the ACL. Such factors include the trend and composition of delinquent loans and non-performing loans, trends in foreclosed property transactions and charge-off activity, the current status and trends of local and national employment levels, trends and current conditions in the housing markets, loan growth and concentrations, industry and peer charge-off and ACL information, and certain ACL ratios such as ACL to loans receivable, net and annualized historical losses. 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 data elements 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 may be modified in response to changing conditions. Although management believes the ACL was at a level adequate to absorb inherent losses in the loan portfolio at September 30, 2019, the level of the ACL remains an estimate that is subject to significant judgment and short-term changes. |
Federal Home Loan Bank Stock | As a member of FHLB, 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 borrowings, with FHLB. FHLB stock is carried at cost and is considered a restricted asset because it cannot be pledged as collateral or bought or sold on the open market and it also has certain redemption restrictions. 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, while also considering the impact that legislative and regulatory developments may have on FHLB. Stock and cash 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. Leasehold improvements are amortized over the shorter of their estimated useful lives or the term of the respective leases. 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 Assets | Included in other assets on the consolidated balance sheet are the Company's intangible assets, recognized as a result of the acquisition of CCB, which consist of goodwill, deposit intangibles and other intangibles. Goodwill is assessed for impairment on an annual basis, or more frequently in certain circumstances. The test for impairment is performed by comparing the fair value of the reporting unit with its carrying amount. If the fair value is determined to be less than the carrying amount, an impairment is recorded. The Company's intangible assets primarily relate to core deposits. These intangible assets are amortized based upon the expected economic benefit over an estimated life of approximately 8 years |
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 tax 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 interest rate swaps and changes in the market value of restricted stock awards between the grant date and vesting date. Income tax related penalties and interest, if any, are included in income tax expense 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. To the extent that management considers it more likely than not that a deferred tax asset will not be recovered, a valuation allowance is recorded. All positive and negative evidence is reviewed in determining how much of a valuation allowance is recognized on a quarterly basis. 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. Interest and penalties related to unrecognized tax benefits are recognized in income tax expense in the consolidated statements of income. Accrued interest and penalties related to unrecognized tax benefits are included within the related tax liabilities line in the consolidated balance sheet. |
Employee Stock Ownership Plan | The funds borrowed by the ESOP from the Company to purchase the Company's common stock are being repaid from dividends paid on unallocated ESOP shares and, if necessary, contributions by the Bank. The ESOP 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 ESOP shares become outstanding for 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. 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 has entered into repurchase agreements, which are sales of securities under agreements to repurchase, with approved counterparties. These agreements are recorded as financing transactions, and thereby reported as liabilities on the consolidated balance sheet, with the related expense reported as interest expense on the consolidated statements of income, as the Bank maintains effective control over the transferred securities and the securities continue to be carried in the Bank's securities portfolio. The Bank has obtained borrowings from FHLB in the form of advances and a line of credit. Total FHLB borrowings are secured by certain qualifying loans pursuant to a blanket collateral agreement with FHLB and certain securities, as necessary. Additionally, the Bank is authorized to borrow from the Federal Reserve Bank's "discount window." The Company uses interest rate swaps as part of its interest rate risk management strategy to hedge the variable cash outflows associated with certain borrowings. Interest rate swaps are carried at fair value in the Company's consolidated financial statements. For interest rate swaps that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of such agreements are recorded in AOCI and are subsequently reclassified into interest expense in the period that interest on the borrowings affects earnings. The ineffective portion of the change in fair value of the interest rate swap is recognized directly in earnings. Effectiveness is assessed using regression analysis. At the inception of a hedge, the Company documents certain items, including the relationship between the hedging instrument and the hedged item, the risk management objective and the nature of the risk being hedged, a description of how effectiveness will be measured and an evaluation of hedged transaction effectiveness. |
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. |
Low Income Housing Partnerships | As part of the Bank's community reinvestment initiatives, the Bank invests in affordable housing limited partnerships ("low income housing partnerships") that make equity investments in affordable housing properties. The Bank is a limited partner in each partnership in which it invests. A separate, unrelated third party is the general partner. The Bank receives affordable housing tax credits and other tax benefits for these investments. See "Note 7. Low Income Housing Partnerships" for additional information. |
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. |
Trust Asset Management | Assets (other than cash deposits with the Bank) held in fiduciary or agency capacities for customers are not included in the accompanying consolidated balance sheets, since such items are not assets of the Company or its subsidiaries. |
Recent Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers. The ASU, as amended, implements a common revenue standard that clarifies the principles for recognizing revenue included in Accounting Standards Codification ("ASC") Topic 606. The core principle of the amended guidance is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The majority of the Company's revenue is composed of interest income from loans and securities which are explicitly excluded from the amended ASU. The Company elected to implement the amended ASU using the modified retrospective application with a cumulative adjustment to opening retained earnings at October 1, 2018. Upon adoption of the amended ASU, the Company recorded a cumulative adjustment, which increased opening retained earnings by $394 thousand related to contracts that were not complete upon adoption. The amount was related to the change in the recognition of revenue related to certain insurance commissions. Additionally, effective October 1, 2018, interchange network charges are reported as a reduction in deposit service fees. Previously, these charges were reported as expense in deposit and loan transaction costs in the consolidated statements of income. The Company concluded the ASU did not significantly change the Company's revenue recognition methods. This ASU did not have a material impact on the Company's consolidated financial condition or results of operations at the time of adoption. The new disclosure requirements of the ASU are included in Note 17. Revenue Recognition. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities . The ASU supersedes certain accounting guidance related to equity securities with readily determinable fair values and the related impairment assessment. An entity's equity investments that are accounted for under the equity method of accounting or result in consolidation of an investee are not included within the scope of this ASU. The ASU requires public business entities to utilize the exit price notion when determining fair value for financial instruments measured at amortized cost on the balance sheet. The ASU also requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or in the notes to the financial statements. ASU 2016-01 became effective for the Company on October 1, 2018. The adoption of this ASU did not have a material impact on the Company's consolidated financial condition or results of operations. The new disclosure requirements of the ASU are included in Note 15. Fair Value of Financial Instruments. In February 2016, the FASB issued ASU 2016-02, Leases . The ASU, as amended, revises lease accounting guidance by requiring that lessees recognize the assets and liabilities arising from leases on the balance sheet. Additionally, the ASU requires entities to disclose both quantitative and qualitative information regarding their leasing activities. The accounting applied by a lessor is largely unchanged from that applied under the previous guidance. In July 2018, the FASB issued ASU 2018-11, Leases , which provides entities with relief from the costs of implementation by allowing the option to not restate comparative periods as part of the transition. The ASU, as amended, will be effective for the Company on October 1, 2019. Upon adoption, the Company intends to elect the modified retrospective approach and the optional transition method under which the Company can use the effective date as the date of initial application of the amendments. The cumulative-effect adjustment at the time of adoption is not anticipated to be material. The optional practical expedients the Company intends to elect include: (1) not reassessing whether any expired or existing contracts are or contain leases, (2) not reassessing the classification of any expired or existing contracts, (3) not reassessing initial direct costs for existing leases, and (4) using hindsight for leases existing at adoption date. For leases with an initial term of 12 months or less, the Company intends to elect the short-term lease option, which entails not recognizing right-of-use assets and lease liabilities for these leases. Additionally, the Company intends to elect, for facility-related leases, the practical expedient that allows an entity to elect, by lease class, the ability to not separate lease and non-lease components. The Company developed a lease inventory and an internal lease data collection, organization, and computing platform for compliance with this ASU and implemented processes to ensure adequate internal controls were in place to assess contracts and enable proper accounting and reporting upon adoption and going forward. Upon adoption, the Company will recognize a right-of-use asset and a lease liability of approximately $15 million , related to the Company's non-cancellable operating lease commitments based on the present value of the expected remaining lease payments as of October 1, 2019. These ASUs are not expected to have a material impact on the Company's results of operations and cash flows at the time of adoption. The disclosures required by the ASU will be provided beginning with the Company's Form 10-Q for the first quarter of fiscal year 2020. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments . The ASU, as amended, replaces the incurred loss impairment methodology in current GAAP, which requires credit losses to be recognized when it is probable that a loss has been incurred, with a new impairment methodology. The new impairment methodology requires an entity to measure, at each reporting date, the expected credit losses of financial assets not measured at fair value, such as loans, HTM debt securities, and loan commitments, over their contractual lives. Under the new impairment methodology, expected credit losses will be measured at each reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Additionally, the ASU amends the current credit loss measurements for AFS debt securities. Credit losses related to AFS debt securities will be recorded through the ACL rather than as a direct write-down as per current GAAP. The ASU also requires enhanced disclosures related to credit quality and significant estimates and judgments used by management when estimating credit losses. The ASU will become effective for the Company on October 1, 2020. The Company continues to work with a software provider on the application and implementation of the new accounting guidance. The integration of the Company's data with the software provider is substantially complete. Management anticipates model development, with the assistance of the software provider, will begin in late calendar year 2019 and will take several months to complete. While we are currently unable to reasonably estimate the impact of adopting this ASU, we expect the impact of adoption will be influenced by the composition of our loan and securities portfolios as well as the economic conditions and forecasts at the time of adoption. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash (a consensus of the FASB Emerging Issues Task Force) . The ASU addresses diversity in the classification and presentation of changes in restricted cash and cash equivalents on the statement of cash flows. The ASU requires that amounts described as restricted cash and cash equivalents be included with cash and cash equivalents when reconciling the beginning and ending amounts presented on the statement of cash flows, requires disclosures on the nature of restrictions on cash and cash equivalents, and the amount and financial statement line presentation of restricted cash and cash equivalents. The Company adopted this ASU on October 1, 2018 and it did not have a material impact on the Company's consolidated financial condition or results of operations at the time of adoption. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities . The ASU amends the hedge accounting recognition and presentation requirements in current GAAP. The purpose of the ASU was to improve transparency of hedging relationships in the financial statements and to reduce the complexity of applying hedge accounting for preparers. The Company elected to early-adopt this ASU, along with the components of ASU 2019-04 that are applicable to ASU 2017-12, on September 30, 2019. See below for more information regarding ASU 2019-04. As part of the adoption, the Company reclassified $444.7 million of HTM securities, at amortized cost, which were eligible to be hedged under the last-of-layer method, to AFS securities. The adoption of this ASU did not have a material impact on the Company's consolidated financial condition or results of operations at the time of adoption. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement: Disclosure Framework - Changes to the Disclosures Requirements for Fair Value Measurement . This ASU eliminates, modifies and adds certain disclosure requirements for fair value measurements. The ASU adds disclosure requirements for the changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The effective date of this ASU for the Company is October 1, 2020, with early adoption permitted. Entities are allowed to elect early adoption of the eliminated or modified disclosure requirements and delay adoption of the new disclosure requirements until their effective date. Since this ASU only requires disclosure changes, it will not have a significant impact on the Company's consolidated financial condition and results of operations. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include internal-use software license). The effective date of this ASU for the Company is October 1, 2020, with early adoption permitted. The Company is currently evaluating the effect of the ASU on the Company's consolidated financial condition, results of operations and disclosures. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. This ASU makes clarifications and corrections to the application of the guidance contained in each of the amended topics. According to the provisions of the ASU, entities that have not adopted ASU 2017-12 prior to the issuance of ASU 2019-04 shall adopt the provisions of both ASUs at the same time. The effective date of the non-hedging amendments contained in ASU 2019-04 for the Company is October 1, 2020. The Company is currently evaluating the effect of the non-hedging amendments contained in this ASU on the Company's consolidated financial condition, results of operations and disclosures. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share, Basic And Diluted | Shares acquired by the ESOP are not included in 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. For the Year Ended September 30, 2019 2018 2017 (Dollars in thousands, except per share amounts) Net income $ 94,243 $ 98,927 $ 84,137 Income allocated to participating securities (55 ) (40 ) (44 ) Net income available to common stockholders $ 94,188 $ 98,887 $ 84,093 Average common shares outstanding 137,614,465 134,635,886 134,019,962 Average committed ESOP shares outstanding 62,458 62,458 62,458 Total basic average common shares outstanding 137,676,923 134,698,344 134,082,420 Effect of dilutive stock options 58,478 60,647 161,442 Total diluted average common shares outstanding 137,735,401 134,758,991 134,243,862 Net EPS: Basic $ 0.68 $ 0.73 $ 0.63 Diluted $ 0.68 $ 0.73 $ 0.63 Antidilutive stock options, excluded from the diluted average common shares outstanding calculation 470,938 541,418 200,800 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Marketable Securities [Abstract] | |
Amortized Cost, Estimated Fair Value, and Gross Unrealized Gains and Losses Of AFS 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. Upon the adoption of ASU 2017-12 and certain components of ASU 2019-04 on September 30, 2019, the Company reclassified $444.7 million of HTM securities, at amortized cost, to AFS securities. September 30, 2019 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) AFS: MBS $ 923,256 $ 15,571 $ 2,340 $ 936,487 GSE debentures 249,828 304 178 249,954 Municipal bonds 18,371 52 1 18,422 $ 1,191,455 $ 15,927 $ 2,519 $ 1,204,863 September 30, 2018 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) AFS: MBS $ 445,883 $ 3,270 $ 4,063 $ 445,090 GSE debentures 268,525 30 3,157 265,398 Municipal bonds 4,156 — 30 4,126 $ 718,564 $ 3,300 $ 7,250 $ 714,614 HTM: MBS $ 591,900 $ 4,514 $ 15,589 $ 580,825 Municipal bonds 20,418 — 172 20,246 $ 612,318 $ 4,514 $ 15,761 $ 601,071 |
Amortized Cost, Estimated Fair Value, and Gross Unrealized Gains and Losses Of HTM 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. Upon the adoption of ASU 2017-12 and certain components of ASU 2019-04 on September 30, 2019, the Company reclassified $444.7 million of HTM securities, at amortized cost, to AFS securities. September 30, 2019 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) AFS: MBS $ 923,256 $ 15,571 $ 2,340 $ 936,487 GSE debentures 249,828 304 178 249,954 Municipal bonds 18,371 52 1 18,422 $ 1,191,455 $ 15,927 $ 2,519 $ 1,204,863 September 30, 2018 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) AFS: MBS $ 445,883 $ 3,270 $ 4,063 $ 445,090 GSE debentures 268,525 30 3,157 265,398 Municipal bonds 4,156 — 30 4,126 $ 718,564 $ 3,300 $ 7,250 $ 714,614 HTM: MBS $ 591,900 $ 4,514 $ 15,589 $ 580,825 Municipal bonds 20,418 — 172 20,246 $ 612,318 $ 4,514 $ 15,761 $ 601,071 |
Schedule Of Estimated Fair Value And Gross Unrealized Losses Of Securities In Continuous Unrealized Loss Position | 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. September 30, 2019 Less Than 12 Months Equal to or Greater Than 12 Months Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses (Dollars in thousands) AFS: MBS $ 111,368 $ 126 $ 199,442 $ 2,214 GSE debentures — — 74,812 178 Municipal bonds 1,755 1 — — $ 113,123 $ 127 $ 274,254 $ 2,392 September 30, 2018 Less Than 12 Months Equal to or Greater Than 12 Months Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses (Dollars in thousands) AFS: MBS $ 324,563 $ 3,797 $ 8,129 $ 266 GSE debentures 101,735 1,231 148,049 1,926 Municipal bonds 4,126 30 — — $ 430,424 $ 5,058 $ 156,178 $ 2,192 HTM: MBS $ 58,233 $ 904 $ 362,806 $ 14,685 Municipal bonds 18,345 171 685 1 $ 76,578 $ 1,075 $ 363,491 $ 14,686 |
Schedule Of Contractual Maturities | The amortized cost and estimated fair value of debt securities as of September 30, 2019 , by contractual maturity, are shown below. Actual principal repayments may differ from contractual maturities due to prepayment or early call privileges by the issuer. In the case of MBS, borrowers on the underlying loans generally have the right to prepay their loans without prepayment penalty. For this reason, MBS are not included in the maturity categories. Amortized Estimated Cost Fair Value (Dollars in thousands) One year or less $ 57,744 $ 57,633 One year through five years 210,455 210,743 268,199 268,376 MBS 923,256 936,487 $ 1,191,455 $ 1,204,863 |
Schedule Of Taxable And Non-taxable Components Of Interest Income | The following table presents the taxable and non-taxable components of interest income on investment securities for the periods presented. For the Year Ended September 30, 2019 2018 2017 (Dollars in thousands) Taxable $ 6,020 $ 4,275 $ 3,847 Non-taxable 346 395 515 $ 6,366 $ 4,670 $ 4,362 |
Schedule Of Carrying Value Of Securities Pledged As Collateral | The following table summarizes the carrying value of securities pledged as collateral for the obligations indicated below as of the dates presented. September 30, 2019 2018 (Dollars in thousands) Public unit deposits $ 381,143 $ 515,553 Repurchase agreements 108,271 108,360 FRB of Kansas City 6,636 9,529 $ 496,050 $ 633,442 |
Loans Receivable And Allowanc_2
Loans Receivable And Allowance For Credit Losses (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Summary of Loans Receivable | Loans receivable, net at September 30, 2019 and 2018 is summarized as follows: 2019 2018 (Dollars in thousands) One- to four-family: Originated $ 3,873,851 $ 3,965,692 Correspondent purchased 2,349,877 2,505,987 Bulk purchased 252,347 293,607 Construction 36,758 33,149 Total 6,512,833 6,798,435 Commercial: Commercial real estate 583,617 426,243 Commercial and industrial 61,094 62,869 Construction 123,159 80,498 Total 767,870 569,610 Consumer: Home equity 120,587 129,588 Other 11,183 10,012 Total 131,770 139,600 Total loans receivable 7,412,473 7,507,645 Less: ACL 9,226 8,463 Discounts/unearned loan fees 31,058 33,933 Premiums/deferred costs (44,558 ) (49,236 ) $ 7,416,747 $ 7,514,485 |
Recorded Investment in Loans, Past Due | The following tables present the recorded investment, by class, in loans 30 to 89 days delinquent, loans 90 or more days delinquent or in foreclosure, total delinquent loans, 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, less charge-offs and inclusive of unearned loan fees and deferred costs. At September 30, 2019 and 2018 , all loans 90 or more days delinquent were on nonaccrual status. September 30, 2019 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: Originated $ 7,187 $ 3,261 $ 10,448 $ 3,885,335 $ 3,895,783 Correspondent purchased 2,762 1,023 3,785 2,377,629 2,381,414 Bulk purchased 3,624 1,484 5,108 248,376 253,484 Commercial: Commercial real estate 762 — 762 702,377 703,139 Commercial and industrial 70 173 243 60,340 60,583 Consumer: Home equity 446 302 748 119,688 120,436 Other 78 21 99 11,035 11,134 $ 14,929 $ 6,264 $ 21,193 $ 7,404,780 $ 7,425,973 September 30, 2018 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: Originated $ 10,613 $ 5,025 $ 15,638 $ 3,968,362 $ 3,984,000 Correspondent purchased 3,846 458 4,304 2,536,913 2,541,217 Bulk purchased 3,521 3,063 6,584 288,386 294,970 Commercial: Commercial real estate 76 — 76 501,932 502,008 Commercial and industrial 250 — 250 61,255 61,505 Consumer: Home equity 472 521 993 128,351 129,344 Other 61 10 71 9,833 9,904 $ 18,839 $ 9,077 $ 27,916 $ 7,495,032 $ 7,522,948 |
Recorded Investment in Loans, Nonaccrual | The following table presents the recorded investment, by class, in loans classified as nonaccrual at the dates presented. September 30, 2019 2018 (Dollars in thousands) One- to four-family: Originated $ 4,436 $ 6,503 Correspondent purchased 1,023 863 Bulk purchased 1,551 3,063 Commercial: Commercial real estate — — Commercial and industrial 173 — Consumer: Home equity 337 530 Other 21 10 $ 7,541 $ 10,969 |
Recorded Investment in Classified Loans | The following table sets forth the recorded investment in loans classified as special mention or substandard, by class, at the dates presented. Special mention and substandard loans are included in the ACL formula analysis model if the loans are 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 special mention loans at September 30, 2019 compared to September 30, 2018 was due primarily to one commercial real estate participation loan that relates to a recently opened large hotel and convention center. Due to the identified credit weaknesses, management made the decision to classify the loan as special mention during the June 30, 2019 quarter. Management continues to closely monitor the hotel and convention center and surrounding activities. September 30, 2019 2018 Special Mention Substandard Special Mention Substandard (Dollars in thousands) One- to four-family: Originated $ 12,941 $ 15,628 $ 8,660 $ 22,409 Correspondent purchased 2,349 2,785 997 3,126 Bulk purchased 102 5,294 — 7,195 Commercial: Commercial real estate 52,891 2,472 1,251 1,368 Commercial and industrial 1,215 3,057 1,126 — Consumer: Home equity 280 696 298 894 Other 2 24 — 10 $ 69,780 $ 29,956 $ 12,332 $ 35,002 |
Weighted Average Loan-to-Value and Credit Score Information | The following table shows the weighted average credit score and weighted average LTV for one- to four-family loans and 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 2019 , 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 consumer - home equity LTV does not take into account the first lien position, if applicable. 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, 2019 2018 Credit Score LTV Credit Score LTV One- to four-family - originated 768 62 % 767 63 % One- to four-family - correspondent 765 65 764 67 One- to four-family - bulk purchased 762 61 758 62 Consumer - home equity 754 19 750 22 766 62 765 63 |
Troubled Debt Restructurings on Financing Receivables | TDRs - The following tables present the recorded investment prior to restructuring and immediately after restructuring in all loans restructured during the periods presented. These tables do not reflect the recorded investment at the end of the periods indicated. Any increase in the recorded investment at the time of the restructuring was generally due to the capitalization of delinquent interest and/or escrow balances. During the fourth quarter of fiscal year 2017, management refined its methodology for assessing whether a loan modification qualifies as a TDR which, though not material, resulted in fewer loans being classified as TDRs in the current fiscal year and prior fiscal year. For the Year Ended September 30, 2019 Number Pre- Post- of Restructured Restructured Contracts Outstanding Outstanding (Dollars in thousands) One- to four-family: Originated 3 $ 385 $ 386 Correspondent purchased — — — Bulk purchased 2 377 377 Commercial: Commercial real estate — — — Commercial and industrial — — — Consumer: Home equity — — — Other — — — 5 $ 762 $ 763 For the Year Ended September 30, 2018 Number Pre- Post- of Restructured Restructured Contracts Outstanding Outstanding (Dollars in thousands) One- to four-family: Originated 5 $ 264 $ 281 Correspondent purchased 2 406 406 Bulk purchased — — — Commercial: Commercial real estate — — — Commercial and industrial — — — Consumer: Home equity — — — Other — — — 7 $ 670 $ 687 For the Year Ended September 30, 2017 Number Pre- Post- of Restructured Restructured Contracts Outstanding Outstanding (Dollars in thousands) One- to four-family: Originated 112 $ 11,940 $ 12,402 Correspondent purchased 12 2,443 2,459 Bulk purchased 3 1,031 1,048 Commercial: Commercial real estate — — — Commercial and industrial — — — Consumer: Home equity 17 368 380 Other — — — 144 $ 15,782 $ 16,289 The following table provides information on TDRs that became delinquent during the periods presented within 12 months after being restructured. For the Years Ended September 30, 2019 September 30, 2018 September 30, 2017 Number of Recorded Number of Recorded Number of Recorded Contracts Investment Contracts Investment Contracts Investment (Dollars in thousands) One- to four-family: Originated 1 $ 45 22 $ 1,416 46 $ 4,561 Correspondent purchased — — 1 124 2 148 Bulk purchased — — 3 1,040 2 698 Commercial: Commercial real estate — — — — — — Commercial and industrial — — — — — — Consumer: Home equity — — 4 133 16 440 Other — — — — — — 1 $ 45 30 $ 2,713 66 $ 5,847 |
Impaired Loans by Class | Impaired loans - The following information pertains to impaired loans, by class, as of the dates presented. All impaired loans were individually evaluated for loss and all losses were charged-off, resulting in no related ACL for these loans. September 30, 2019 September 30, 2018 Unpaid Unpaid Recorded Principal Recorded Principal Investment Balance Investment Balance (Dollars in thousands) One- to four-family: Originated $ 14,683 $ 15,241 $ 18,857 $ 19,388 Correspondent purchased 1,763 1,868 2,668 2,768 Bulk purchased 4,943 5,661 6,011 6,976 Commercial: Commercial real estate — — — — Commercial and industrial 60 184 — — Consumer: Home equity 345 462 504 720 Other — 29 — 25 $ 21,794 $ 23,445 $ 28,040 $ 29,877 The following information pertains to impaired loans, by class, for the periods presented. During the fourth quarter of fiscal year 2017, management refined its methodology for classifying loans as impaired. The change resulting from this refinement was immaterial. For the Years Ended September 30, 2019 September 30, 2018 September 30, 2017 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 $ 16,030 $ 671 $ 23,847 $ 990 $ 24,122 $ 917 Correspondent purchased 2,071 82 3,204 112 3,346 118 Bulk purchased 5,257 180 6,438 191 9,852 194 Commercial: Commercial real estate — — — — — — Commercial and industrial 5 — — — — — Consumer: Home equity 417 28 588 39 988 86 Other — — — — 7 — 23,780 961 34,077 1,332 38,315 1,315 With an allowance recorded One- to four-family: Originated — — — — 11,469 434 Correspondent purchased — — — — 2,018 65 Bulk purchased — — — — 1,160 20 Commercial: Commercial real estate — — — — — — Commercial and industrial — — — — — — Consumer: Home equity — — — — 457 36 Other — — — — 10 1 — — — — 15,114 556 Total One- to four-family: Originated 16,030 671 23,847 990 35,591 1,351 Correspondent purchased 2,071 82 3,204 112 5,364 183 Bulk purchased 5,257 180 6,438 191 11,012 214 Commercial: Commercial real estate — — — — — — Commercial and industrial 5 — — — — — Consumer: Home equity 417 28 588 39 1,445 122 Other — — — — 17 1 $ 23,780 $ 961 $ 34,077 $ 1,332 $ 53,429 $ 1,871 |
Allowance for Credit Losses | Allowance for Credit Losses - The following is a summary of ACL activity, by loan portfolio segment, for the periods presented, and the ending balance of ACL based on the Company's impairment methodology. For the Year Ended September 30, 2019 One- to Four-Family Correspondent Bulk Originated Purchased Purchased Total Commercial Consumer Total (Dollars in thousands) Beginning balance $ 2,953 $ 1,861 $ 925 $ 5,739 $ 2,556 $ 168 $ 8,463 Charge-offs (75 ) — (26 ) (101 ) (124 ) (37 ) (262 ) Recoveries 22 — 106 128 49 98 275 Provision for credit losses (900 ) (658 ) (318 ) (1,876 ) 2,690 (64 ) 750 Ending balance $ 2,000 $ 1,203 $ 687 $ 3,890 $ 5,171 $ 165 $ 9,226 For the Year Ended September 30, 2018 One- to Four-Family Correspondent Bulk Originated Purchased Purchased Total Commercial Consumer Total (Dollars in thousands) Beginning balance $ 3,173 $ 1,922 $ 1,000 $ 6,095 $ 2,112 $ 191 $ 8,398 Charge-offs (136 ) (128 ) — (264 ) — (38 ) (302 ) Recoveries 144 — 196 340 — 27 367 Provision for credit losses (228 ) 67 (271 ) (432 ) 444 (12 ) — Ending balance $ 2,953 $ 1,861 $ 925 $ 5,739 $ 2,556 $ 168 $ 8,463 For the Year Ended September 30, 2017 One- to Four-Family Correspondent Bulk Originated Purchased Purchased Total Commercial Consumer Total (Dollars in thousands) Beginning balance $ 3,928 $ 2,102 $ 1,065 $ 7,095 $ 1,208 $ 237 $ 8,540 Charge-offs (72 ) — (216 ) (288 ) — (60 ) (348 ) Recoveries 4 — 165 169 — 37 206 Provision for credit losses (687 ) (180 ) (14 ) (881 ) 904 (23 ) — Ending balance $ 3,173 $ 1,922 $ 1,000 $ 6,095 $ 2,112 $ 191 $ 8,398 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 losses were charged-off. September 30, 2019 One- to Four-Family Correspondent Bulk Originated Purchased Purchased Total Commercial Consumer Total (Dollars in thousands) Recorded investment in loans collectively evaluated for impairment $ 3,881,100 $ 2,379,651 $ 248,541 $ 6,509,292 $ 763,662 $ 131,225 $ 7,404,179 Recorded investment in loans individually evaluated for impairment 14,683 1,763 4,943 21,389 60 345 21,794 $ 3,895,783 $ 2,381,414 $ 253,484 $ 6,530,681 $ 763,722 $ 131,570 $ 7,425,973 ACL for loans collectively evaluated for impairment $ 2,000 $ 1,203 $ 687 $ 3,890 $ 5,171 $ 165 $ 9,226 September 30, 2018 One- to Four-Family Correspondent Bulk Originated Purchased Purchased Total Commercial Consumer Total (Dollars in thousands) Recorded investment in loans collectively evaluated for impairment $ 3,965,143 $ 2,538,549 $ 288,959 $ 6,792,651 $ 563,513 $ 138,744 $ 7,494,908 Recorded investment in loans individually evaluated for impairment 18,857 2,668 6,011 27,536 — 504 28,040 $ 3,984,000 $ 2,541,217 $ 294,970 $ 6,820,187 $ 563,513 $ 139,248 $ 7,522,948 ACL for loans collectively evaluated for impairment $ 2,953 $ 1,861 $ 925 $ 5,739 $ 2,556 $ 168 $ 8,463 |
Premises And Equipment (Tables)
Premises And Equipment (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment, Net [Abstract] | |
Summary Of The Carrying Value Of Banking Premises And Equipment | A summary of the net carrying value of premises and equipment at September 30, 2019 and 2018 was as follows: 2019 2018 (Dollars in thousands) Land $ 14,313 $ 13,536 Building and improvements 110,262 107,580 Furniture, fixtures and equipment 52,270 48,852 176,845 169,968 Less accumulated depreciation 80,061 73,963 $ 96,784 $ 96,005 |
Schedule Of Future Minimum Rental Commitments | As of September 30, 2019 , 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: 2020 $ 1,298 2021 1,187 2022 1,069 2023 930 2024 637 Thereafter 1,115 $ 6,236 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | Changes in the carrying amount of the Company's intangible assets, which are included in other assets on the consolidated balance sheet, are presented in the following table. Core Deposit and Goodwill Other Intangibles (Dollars in thousands) Balance at September 30, 2017 $ — $ — Acquisition of CCB 7,989 10,052 Less: Amortization — (234 ) Balance at September 30, 2018 7,989 9,819 Purchase accounting adjustments 1,335 — Less: Amortization — (2,316 ) Balance at September 30, 2019 $ 9,324 $ 7,503 |
Schedule of Core Deposit and Other Intangible Assets, Future Amortization Expense | The estimated amortization expense for the next five years related to the core deposit and other intangible assets as of September 30, 2019 is presented in the following table (dollars in thousands): 2020 $ 1,964 2021 1,659 2022 1,358 2023 1,056 2024 761 |
Deposits and Borrowed Funds (Ta
Deposits and Borrowed Funds (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Deposits and Borrowed Funds [Abstract] | |
FHLB Advances | FHLB advances at September 30, 2019 and 2018 were comprised of the following: 2019 2018 (Dollars in thousands) FHLB advances $ 2,040,000 $ 2,075,000 Deferred prepayment penalty (11 ) (19 ) $ 2,039,989 $ 2,074,981 Weighted average contractual interest rate on FHLB advances 2.23 % 2.07 % Weighted average effective interest rate on FHLB advances (1) 2.37 2.12 (1) The effective interest rate includes the net impact of deferred amounts and interest rate swaps related to the adjustable-rate FHLB advances. |
Maturity of Borrowed Funds and Certificates of Deposit | Maturity of Borrowed Funds and Certificates of Deposit - The following table presents the scheduled maturity of FHLB advances, at par, repurchase agreements, and certificates of deposit as of September 30, 2019 : FHLB Repurchase Certificates Advances Agreements of Deposit Amount Amount Amount (Dollars in thousands) 2020 $ 990,000 $ 100,000 $ 1,505,837 2021 550,000 — 625,990 2022 200,000 — 498,352 2023 200,000 — 303,817 2024 100,000 — 53,022 Thereafter — — 607 $ 2,040,000 $ 100,000 $ 2,987,625 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Income Tax Expense | Income tax expense for the years ended September 30, 2019 , 2018 , and 2017 consisted of the following: 2019 2018 2017 (Dollars in thousands) Current: Federal $ 22,030 $ 26,007 $ 38,127 State 4,742 3,512 4,734 26,772 29,519 42,861 Deferred: Federal (456 ) (5,956 ) 712 State 95 1,416 210 (361 ) (4,540 ) 922 $ 26,411 $ 24,979 $ 43,783 |
Differences Between Effective Rates And Statutory Federal Income Tax Rate Computed On Income Before Income Tax Expense | The Company's effective tax rates were 21.9% , 20.2% , and 34.2% for the years ended September 30, 2019 , 2018 , and 2017 , respectively. The differences between such effective rates and the statutory Federal income tax rate computed on income before income tax expense resulted from the following: 2019 2018 2017 Amount % Amount % Amount % (Dollars in thousands) Federal income tax expense computed at statutory Federal rate $ 25,337 21.0 % $ 30,392 24.5 % $ 44,772 35.0 % Increases (decreases) in taxes resulting from: State taxes, net of Federal tax effect 4,024 3.3 3,986 3.2 3,452 2.7 Deferred tax liability remeasurement, net — — (7,498 ) (6.0 ) — — Low income housing tax credits, net (1,745 ) (1.4 ) (500 ) (0.4 ) (2,468 ) (2.0 ) ESOP related expenses, net (757 ) (0.6 ) (790 ) (0.6 ) (1,052 ) (0.8 ) Other (448 ) (0.4 ) (611 ) (0.5 ) (921 ) (0.7 ) $ 26,411 21.9 % $ 24,979 20.2 % $ 43,783 34.2 % |
Deferred Income Tax Expense (Benefit) Results From Temporary Differences In Recognition Of Revenue And Expenses For Tax | Deferred income tax expense 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 interest rate swaps and changes in the market value of restricted stock awards between the grant date and vesting date. The sources of these differences and the tax effect of each as of September 30, 2019 , 2018 , and 2017 were as follows: 2019 2018 2017 (Dollars in thousands) Net purchase discounts related to acquired loans $ 465 $ — $ — FHLB stock dividends 459 (7,692 ) 4 Salaries, deferred compensation and employee benefits 107 897 437 Low income housing partnerships 82 604 285 Premises and equipment (2,007 ) (122 ) 14 Deposit intangible (589 ) — — ACL (36 ) 1,827 185 Other, net 1,158 (54 ) (3 ) $ (361 ) $ (4,540 ) $ 922 |
Components Of Net Deferred Income Tax Liabilities | The components of the net deferred income tax liabilities as of September 30, 2019 and 2018 were as follows: 2019 2018 (Dollars in thousands) Deferred income tax assets: Unrealized loss on interest rate swaps $ 8,041 $ — Salaries, deferred compensation and employee benefits 1,579 1,686 ESOP compensation 1,288 1,206 Net purchase discounts related to acquired loans 991 1,456 Low income housing partnerships 792 874 Unrealized loss on AFS securities — 960 Other 2,918 3,154 Gross deferred income tax assets 15,609 9,336 Valuation allowance (1,823 ) (1,822 ) Gross deferred income tax asset, net of valuation allowance 13,786 7,514 Deferred income tax liabilities: FHLB stock dividends 16,009 15,550 Premises and equipment 3,546 5,983 Unrealized gain on AFS securities 3,258 — Deposit intangible 1,978 2,567 ACL 1,080 1,116 Unrealized gain on interest rate swaps — 2,353 Other 2,197 1,198 Gross deferred income tax liabilities 28,068 28,767 Net deferred tax liabilities $ 14,282 $ 21,253 |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | |
Summary Of Shares Held In The ESOP Trust | Shares may be withdrawn from the ESOP trust due to diversification (a participant may begin to diversify at least 25% of their ESOP shares at age 50 ), retirement, termination, or death of the participant. The following is a summary of shares held in the ESOP trust as of September 30, 2019 and 2018 : 2019 2018 (Dollars in thousands) Allocated ESOP shares 4,207,520 4,339,002 Unreleased ESOP shares 3,469,158 3,634,356 Total ESOP shares 7,676,678 7,973,358 Fair value of unreleased ESOP shares $ 47,805 $ 46,302 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Outstanding To Originate, Purchase, Or Participate In Loans | The following table summarizes the Bank's loan commitments as of September 30, 2019 and 2018 : 2019 2018 (Dollars in thousands) Originate fixed-rate $ 55,249 $ 46,645 Originate adjustable-rate 32,206 25,228 Purchase/participate fixed-rate 94,400 122,418 Purchase/participate adjustable-rate 49,141 10,085 $ 230,996 $ 204,376 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Banking and Thrift [Abstract] | |
Summary Of Capital And Total Risk-Based Capital Ratios | The Bank and the Company must maintain certain minimum capital ratios as set forth in the table below for capital adequacy purposes. Effective January 1, 2016, the Company and Bank were required to maintain a capital conservation buffer above certain minimum risk-based capital ratios for capital adequacy purposes in order to avoid certain restrictions on capital distributions and other payments including dividends, share repurchases, and certain compensation. The required capital conservation buffer was phased in over a four-year period by increasing the required buffer amount by 0.625% each year to a total of 2.50%. The capital conservation buffer was fully phased in on January 1, 2019. The capital conservation buffer was 2.500% at September 30, 2019 and 1.875% at September 30, 2018 . At September 30, 2019 and 2018 , the Bank and Company exceeded the capital conservation buffer requirement. Management believes, as of September 30, 2019 , that the Bank and Company meet all capital adequacy requirements to which they are subject and there were no conditions or events subsequent to September 30, 2019 that would change the Bank's or Company's category. In September 2019, the regulatory agencies, including the Office of the Comptroller of the Currency and FRB, adopted a final rule, effective January 1, 2020, creating a community bank leverage ratio ("CBLR") for institutions with total consolidated assets of less than $10 billion and that meet other qualifying criteria. Qualifying institutions that elect to use the CBLR framework and that maintain a leverage ratio of greater than 9% will be considered to have satisfied the generally applicable risk-based and leverage capital requirements in the regulatory agencies' capital rules and to have met the well-capitalized ratio requirements. Management is still reviewing the CBLR framework, but expects the Bank and Company will elect to use the CBLR framework. To Be Well Capitalized Under Prompt For Capital Corrective Action Actual Adequacy Purposes Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Bank As of September 30, 2019 Tier 1 leverage $ 1,169,037 12.1 % $ 387,427 4.0 % $ 484,284 5.0 % Common Equity Tier 1 ("CET1") capital 1,169,037 24.1 218,042 4.5 314,949 6.5 Tier 1 capital 1,169,037 24.1 290,722 6.0 387,630 8.0 Total capital 1,178,263 24.3 387,630 8.0 484,537 10.0 As of September 30, 2018 Tier 1 leverage 1,202,125 13.0 370,559 4.0 463,199 5.0 CET1 capital 1,202,125 25.1 215,764 4.5 311,659 6.5 Tier 1 capital 1,202,125 25.1 287,685 6.0 383,580 8.0 Total capital 1,210,589 25.2 383,580 8.0 479,475 10.0 Company As of September 30, 2019 Tier 1 leverage 1,336,377 13.8 387,346 4.0 N/A N/A CET1 capital 1,336,377 27.6 218,070 4.5 N/A N/A Tier 1 capital 1,336,377 27.6 290,759 6.0 N/A N/A Total capital 1,345,603 27.8 387,679 8.0 N/A N/A As of September 30, 2018 Tier 1 leverage 1,381,791 14.9 370,475 4.0 N/A N/A CET1 capital 1,381,791 28.6 215,793 4.5 N/A N/A Tier 1 capital 1,381,791 28.8 287,724 6.0 N/A N/A Total capital 1,390,255 29.0 383,632 8.0 N/A N/A |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Value Assets Measured On A Recurring Basis | The following tables provide the level of valuation assumption used to determine the carrying value of the Company's financial instruments measured at fair value on a recurring basis at the dates presented. The Company did not have any Level 3 financial instruments measured at fair value on a recurring basis at September 30, 2019 or 2018 . The Company did not have any liabilities that were measured at fair value at September 30, 2018 . September 30, 2019 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) Assets: AFS Securities: MBS $ 936,487 $ — $ 936,487 $ — GSE debentures 249,954 — 249,954 — Municipal bonds 18,422 — 18,422 — $ 1,204,863 $ — $ 1,204,863 $ — Liabilities: Interest rate swaps $ 33,090 $ — $ 33,090 $ — September 30, 2018 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) Assets: AFS Securities: MBS $ 445,090 $ — $ 445,090 $ — GSE debentures 265,398 — 265,398 — Municipal bonds 4,126 — 4,126 — 714,614 — 714,614 — Interest rate swaps 9,685 — 9,685 — $ 724,299 $ — $ 724,299 $ — |
Schedule Of Carrying Amounts And Estimated Fair Values Of Financial Instruments | The carrying amounts and estimated fair values of the Company's financial instruments by fair value hierarchy, at the dates presented, were as follows: 2019 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Cash and cash equivalents $ 220,370 $ 220,370 $ 220,370 $ — $ — AFS securities 1,204,863 1,204,863 — 1,204,863 — Loans receivable 7,416,747 7,654,586 — — 7,654,586 FHLB stock 98,456 98,456 98,456 — — Liabilities: Deposits 5,581,867 5,614,895 2,594,242 3,020,653 — FHLB borrowings 2,139,989 2,153,041 100,001 2,053,040 — Other borrowings 100,000 100,312 — 100,312 — Interest rate swaps 33,090 33,090 — 33,090 — 2018 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Cash and cash equivalents $ 139,055 $ 139,055 $ 139,055 $ — $ — AFS securities 714,614 714,614 — 714,614 — HTM securities 612,318 601,071 — 601,071 — Loans receivable 7,514,485 7,418,026 — — 7,418,026 FHLB stock 99,726 99,726 99,726 — — Interest rate swaps 9,685 9,685 — 9,685 — Liabilities: Deposits 5,603,354 5,569,591 2,666,297 2,903,294 — FHLB borrowings 2,174,981 2,145,477 100,000 2,045,477 — Other borrowings 110,052 109,465 10,503 98,962 — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables present the changes in the components of AOCI, net of tax, for the years presented. For the Year Ended September 30, 2019 Unrealized Unrealized Gains (Losses) Gains (Losses) on AFS on Cash Flow Total Securities Hedges AOCI (Dollars in thousands) Beginning balance $ (2,990 ) $ 7,330 $ 4,340 Transfer of HTM securities to AFS securities 2,336 — 2,336 Other comprehensive income (loss), before reclassifications 10,804 (32,817 ) (22,013 ) Amount reclassified from AOCI — 438 438 Other comprehensive income (loss) 13,140 (32,379 ) (19,239 ) Ending balance $ 10,150 $ (25,049 ) $ (14,899 ) For the Year Ended September 30, 2018 Unrealized Unrealized Gains (Losses) Gains (Losses) on AFS on Cash Flow Total Securities Hedges AOCI (Dollars in thousands) Beginning balance $ 3,290 $ (372 ) $ 2,918 Other comprehensive income (loss), before reclassifications (6,741 ) 6,981 240 Amount reclassified from AOCI — 515 515 Other comprehensive income (loss) (6,741 ) 7,496 755 Reclassification of certain income tax effects related to adoption of ASU 2018-02 461 206 667 Ending balance $ (2,990 ) $ 7,330 $ 4,340 For the Year Ended September 30, 2017 Unrealized Unrealized Gains (Losses) Gains (Losses) on AFS on Cash Flow Total Securities Hedges AOCI (Dollars in thousands) Beginning balance $ 5,915 $ — $ 5,915 Other comprehensive income (loss), before reclassifications (2,625 ) (506 ) (3,131 ) Amount reclassified from AOCI — 134 134 Other comprehensive income (loss) (2,625 ) (372 ) (2,997 ) Ending balance $ 3,290 $ (372 ) $ 2,918 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Selected Quarterly Financial Information [Abstract] | |
Summary Of Quarterly Data | 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) 2019 Total interest and dividend income $ 82,421 $ 82,037 $ 82,211 $ 83,285 $ 329,954 Net interest and dividend income 52,301 52,597 51,681 49,811 206,390 Provision for credit losses — — 450 300 750 Net income 24,383 24,554 22,897 22,409 94,243 Basic EPS 0.18 0.18 0.17 0.16 0.68 Diluted EPS 0.18 0.18 0.17 0.16 0.68 Dividends declared per share 0.475 0.085 0.335 0.085 0.98 Average number of basic shares outstanding 137,551 137,635 137,720 137,801 137,677 Average number of diluted shares outstanding 137,592 137,691 137,788 137,867 137,735 2018 Total interest and dividend income $ 80,644 $ 81,774 $ 82,161 $ 77,313 $ 321,892 Net interest and dividend income 49,374 49,889 49,433 50,077 198,773 Provision for credit losses — — — — — Net income 31,836 23,330 22,372 21,389 98,927 Basic EPS 0.24 0.17 0.17 0.16 0.73 Diluted EPS 0.24 0.17 0.17 0.16 0.73 Dividends declared per share 0.375 0.085 0.335 0.085 0.88 Average number of basic shares outstanding 134,373 134,428 134,484 135,500 134,698 Average number of diluted shares outstanding 134,467 134,475 134,530 135,556 134,759 |
Parent Company Financial Info_2
Parent Company Financial Information (Parent Company Only) (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule Of Balance Sheets | 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, 2019 and 2018 (Dollars in thousands, except per share amounts) 2019 2018 ASSETS: Cash and cash equivalents $ 126,320 $ 137,684 Investment in the Bank 1,168,986 1,221,706 Note receivable - ESOP 39,971 41,285 Other assets 711 690 Income taxes receivable, net 429 486 TOTAL ASSETS $ 1,336,417 $ 1,401,851 LIABILITIES: Junior subordinated debentures $ — $ 10,052 Accounts payable and accrued expenses 91 177 Total liabilities 91 10,229 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, 141,440,030 and 141,225,516 shares issued and outstanding as of September 30, 2019 and 2018, respectively 1,414 1,412 Additional paid-in capital 1,210,226 1,207,644 Unearned compensation - ESOP (34,692 ) (36,343 ) Retained earnings 174,277 214,569 AOCI, net of tax (14,899 ) 4,340 Total stockholders' equity 1,336,326 1,391,622 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,336,417 $ 1,401,851 |
Schedule Of Statements Of Income | STATEMENTS OF INCOME YEARS ENDED SEPTEMBER 30, 2019, 2018, and 2017 (Dollars in thousands) 2019 2018 2017 INTEREST AND DIVIDEND INCOME: Dividend income from the Bank $ 129,409 $ 134,540 $ 120,215 Interest income from other investments 2,428 1,951 1,715 Total interest and dividend income 131,837 136,491 121,930 INTEREST EXPENSE 403 62 — NET INTEREST INCOME 131,434 136,429 121,930 NON-INTEREST INCOME 14 — — NON-INTEREST EXPENSE: Salaries and employee benefits 829 1,031 896 Regulatory and outside services 286 1,129 247 Other non-interest expense 652 581 561 Total non-interest expense 1,767 2,741 1,704 INCOME BEFORE INCOME TAX EXPENSE AND EQUITY IN EXCESS OF DISTRIBUTION OVER EARNINGS OF SUBSIDIARY 129,681 133,688 120,226 INCOME TAX EXPENSE (BENEFIT) 57 (179 ) 4 INCOME BEFORE EQUITY IN EXCESS OF DISTRIBUTION OVER EARNINGS OF SUBSIDIARY 129,624 133,867 120,222 EQUITY IN EXCESS OF DISTRIBUTION OVER EARNINGS OF SUBSIDIARY (35,381 ) (34,940 ) (36,085 ) NET INCOME $ 94,243 $ 98,927 $ 84,137 |
Schedule Of Statements Of Cash Flows | STATEMENTS OF CASH FLOWS YEARS ENDED SEPTEMBER 30, 2019, 2018, and 2017 (Dollars in thousands) 2019 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 94,243 $ 98,927 $ 84,137 Adjustments to reconcile net income to net cash provided by operating activities: Equity in excess of distribution over earnings of subsidiary 35,381 34,940 36,085 Depreciation of equipment 37 30 29 Loss on disposal of premises and equipment 8 — — Provision for deferred income taxes — (35 ) (2 ) Changes in: Other assets 54 (53 ) (5 ) Income taxes receivable/payable 57 (145 ) (40 ) Accounts payable and accrued expenses (86 ) (257 ) (22 ) Net cash provided by operating activities 129,694 133,407 120,182 CASH FLOWS FROM INVESTING ACTIVITIES: Principal collected on note receivable from ESOP 1,314 1,272 1,233 Cash acquired from acquisition — 18 — Purchase of equipment (423 ) — — Proceeds from the redemption of common equity securities related to the redemption of junior subordinated debentures 302 — — Net cash provided by investing activities 1,193 1,290 1,233 CASH FLOWS FROM FINANCING ACTIVITIES: Net payment from subsidiary related to restricted stock awards 1,245 253 293 Cash dividends paid (134,929 ) (118,312 ) (117,963 ) Repayment of other borrowings (10,052 ) — — Stock options exercised 1,485 261 8,843 Net cash used in financing activities (142,251 ) (117,798 ) (108,827 ) NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (11,364 ) 16,899 12,588 CASH AND CASH EQUIVALENTS: Beginning of year 137,684 120,785 108,197 End of year $ 126,320 $ 137,684 $ 120,785 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Common stock issued for acquisition $ — $ 39,113 $ — Capital contribution to subsidiary in conjunction with acquisition of CCB $ — $ 48,798 $ — |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Oct. 01, 2019USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and cash equivalents | $ 220,370 | $ 139,055 | ||
Restricted cash and cash equivalents | $ 33,300 | 0 | ||
Restricted cash and cash equivalents, balance sheet location | us-gaap:OtherAssets | |||
Interest-bearing deposits held at the Federal Reserve Bank | $ 198,600 | 120,800 | ||
Average daily balance of required reserves at the Federal Reserve Bank | 21,500 | 11,000 | ||
Cumulative effect of adopting ASU 2014-09 | 394 | 0 | ||
Transfer of HTM securities, at amortized cost, to AFS securities | $ 444,732 | $ 0 | $ 0 | |
Forecast [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Operating Lease, Right-of-Use Asset | $ 15,000 | |||
Operating Lease, Liability | $ 15,000 | |||
Capital City Bancshares, Inc. [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Other intangible assets, estimated life | 8 years | |||
Traditional Banking Offices [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of Stores | 44 | |||
In-Store Banking Offices [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of Stores | 10 |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) - Capital City Bancshares, Inc. [Member] - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | Aug. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Business Acquisition [Line Items] | |||
Fair value of loans acquired | $ 299,700 | ||
Fair value of deposits acquired | 352,500 | ||
PCI loans, contractually required payments receivable at acquisition | 2,600 | ||
PCI loans, cash flows expected to be collected at acquisition | $ 1,900 | ||
Number of common stock shares issued | 3 | ||
Total merger consideration | $ 39,100 | ||
Closing stock price | $ 13.21 | ||
Regulatory and Outside Services [Member] | |||
Business Acquisition [Line Items] | |||
Merger-related expenses incurred | $ 30 | $ 872 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share | |||||||||||
Net income | $ 22,409 | $ 22,897 | $ 24,554 | $ 24,383 | $ 21,389 | $ 22,372 | $ 23,330 | $ 31,836 | $ 94,243 | $ 98,927 | $ 84,137 |
Income allocated to participating securities | (55) | (40) | (44) | ||||||||
Net income available to common stockholders | $ 94,188 | $ 98,887 | $ 84,093 | ||||||||
Total basic average common shares outstanding | 137,801,000 | 137,720,000 | 137,635,000 | 137,551,000 | 135,500,000 | 134,484,000 | 134,428,000 | 134,373,000 | 137,676,923 | 134,698,344 | 134,082,420 |
Effect of dilutive stock options | 58,478 | 60,647 | 161,442 | ||||||||
Total diluted average common shares outstanding | 137,867,000 | 137,788,000 | 137,691,000 | 137,592,000 | 135,556,000 | 134,530,000 | 134,475,000 | 134,467,000 | 137,735,401 | 134,758,991 | 134,243,862 |
Net EPS: | |||||||||||
Basic | $ 0.16 | $ 0.17 | $ 0.18 | $ 0.18 | $ 0.16 | $ 0.17 | $ 0.17 | $ 0.24 | $ 0.68 | $ 0.73 | $ 0.63 |
Diluted | $ 0.16 | $ 0.17 | $ 0.18 | $ 0.18 | $ 0.16 | $ 0.17 | $ 0.17 | $ 0.24 | $ 0.68 | $ 0.73 | $ 0.63 |
Antidilutive stock options, excluded from the diluted average common shares outstanding calculation | 470,938 | 541,418 | 200,800 | ||||||||
Average Common Shares Outstanding [Member] | |||||||||||
Earnings Per Share | |||||||||||
Total basic average common shares outstanding | 137,614,465 | 134,635,886 | 134,019,962 | ||||||||
Average Committed ESOP Shares Outstanding [Member] | |||||||||||
Earnings Per Share | |||||||||||
Total basic average common shares outstanding | 62,458 | 62,458 | 62,458 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Marketable Securities [Abstract] | |||
Other than temporary impairments, amount | $ 0 | $ 0 | |
Transfer of HTM securities, at amortized cost, to AFS securities | 444,732 | 0 | $ 0 |
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds received from sale of AFS securities | $ 0 | 2,078 | $ 0 |
Trust Preferred Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds received from sale of AFS securities | 2,100 | ||
Gain on sale of AFS securities | $ 9 |
Securities (Amortized Cost, Est
Securities (Amortized Cost, Estimated Fair Value, and Gross Unrealized Gains and Losses of AFS and HTM Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | $ 0 | $ 612,318 |
Held-to-maturity Securities, Gross Unrealized Gains | 4,514 | |
Held-to-maturity Securities, Gross Unrealized Losses | 15,761 | |
Held-to-maturity securities, Estimated Fair Value | 0 | 601,071 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 1,191,455 | 718,564 |
Available-for-sale Securities, Gross Unrealized Gains | 15,927 | 3,300 |
Available-for-sale Securities, Gross Unrealized Losses | 2,519 | 7,250 |
Available-for-sale Securities, Estimated Fair Value | 1,204,863 | 714,614 |
MBS [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 591,900 | |
Held-to-maturity Securities, Gross Unrealized Gains | 4,514 | |
Held-to-maturity Securities, Gross Unrealized Losses | 15,589 | |
Held-to-maturity securities, Estimated Fair Value | 580,825 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 923,256 | 445,883 |
Available-for-sale Securities, Gross Unrealized Gains | 15,571 | 3,270 |
Available-for-sale Securities, Gross Unrealized Losses | 2,340 | 4,063 |
Available-for-sale Securities, Estimated Fair Value | 936,487 | 445,090 |
GSE Debentures [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 249,828 | 268,525 |
Available-for-sale Securities, Gross Unrealized Gains | 304 | 30 |
Available-for-sale Securities, Gross Unrealized Losses | 178 | 3,157 |
Available-for-sale Securities, Estimated Fair Value | 249,954 | 265,398 |
Municipal Bonds [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 20,418 | |
Held-to-maturity Securities, Gross Unrealized Gains | 0 | |
Held-to-maturity Securities, Gross Unrealized Losses | 172 | |
Held-to-maturity securities, Estimated Fair Value | 20,246 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 18,371 | 4,156 |
Available-for-sale Securities, Gross Unrealized Gains | 52 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 1 | 30 |
Available-for-sale Securities, Estimated Fair Value | $ 18,422 | $ 4,126 |
Securities (Schedule Of Estimat
Securities (Schedule Of Estimated Fair Value And Gross Unrealized Losses Of Securities In Continuous Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Estimated Fair Value | $ 113,123 | $ 430,424 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | 127 | 5,058 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Estimated Fair Value | 274,254 | 156,178 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Unrealized Losses | 2,392 | 2,192 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Estimated Fair Value | 76,578 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | 1,075 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Estimated Fair Value | 363,491 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Unrealized Losses | 14,686 | |
MBS [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Estimated Fair Value | 111,368 | 324,563 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | 126 | 3,797 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Estimated Fair Value | 199,442 | 8,129 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Unrealized Losses | 2,214 | 266 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Estimated Fair Value | 58,233 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | 904 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Estimated Fair Value | 362,806 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Unrealized Losses | 14,685 | |
GSE Debentures [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Estimated Fair Value | 0 | 101,735 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | 0 | 1,231 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Estimated Fair Value | 74,812 | 148,049 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Unrealized Losses | 178 | 1,926 |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Estimated Fair Value | 1,755 | 4,126 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | 1 | 30 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Estimated Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Unrealized Losses | $ 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Estimated Fair Value | 18,345 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | 171 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Estimated Fair Value | 685 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Unrealized Losses | $ 1 |
Securities (Schedule Of Contrac
Securities (Schedule Of Contractual Maturities) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Investment Holdings [Line Items] | ||
Available-for-sale Securities, Amortized Cost | $ 1,191,455 | $ 718,564 |
Available-for-sale Securities, Estimated Fair Value | 1,204,863 | 714,614 |
Debt Securities [Member] | ||
Investment Holdings [Line Items] | ||
Available-for-sale Securities, One year or less, Amortized Cost | 57,744 | |
Available-for-sale Securities, One year through five years, Amortized Cost | 210,455 | |
Available-for-sale Securities, Amortized Cost | 268,199 | |
Available-for-sale Securities, One year or less, Estimated Fair Value | 57,633 | |
Available-for-sale Securities, One year through five years, Estimated Fair Value | 210,743 | |
Available-for-sale Securities, Estimated Fair Value | 268,376 | |
MBS [Member] | ||
Investment Holdings [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 923,256 | 445,883 |
Available-for-sale Securities, Estimated Fair Value | $ 936,487 | $ 445,090 |
Securities (Schedule Of Taxable
Securities (Schedule Of Taxable And Non-taxable Components Of Interest Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Marketable Securities [Abstract] | |||
Taxable | $ 6,020 | $ 4,275 | $ 3,847 |
Non-taxable | 346 | 395 | 515 |
Interest income on investment securities | $ 6,366 | $ 4,670 | $ 4,362 |
Securities (Schedule Of Carryin
Securities (Schedule Of Carrying Value Of Securities Pledged As Collateral) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Marketable Securities [Abstract] | ||
Public unit deposits | $ 381,143 | $ 515,553 |
Repurchase agreements | 108,271 | 108,360 |
FRB of Kansas City | 6,636 | 9,529 |
Total securities pledged as collateral | $ 496,050 | $ 633,442 |
Loans Receivable And Allowanc_3
Loans Receivable And Allowance For Credit Losses (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Loans Receivable [Line Items] | ||
Loans receivable, gross | $ 7,412,473 | $ 7,507,645 |
PCI Loans | 2,100 | |
Outstanding discounts | 31,058 | 33,933 |
Serviced loans for others, aggregate amount | 117,300 | 134,200 |
Escrow balances on loans serviced for others | $ 2,200 | 2,400 |
Loan-to-value ratio securing commercial real estate loans, maximum | 85.00% | |
Debt service coverage ratio for commercial real estate loans, minimum | 1.15 | |
Loan-to-value ratio securing commercial construction loans, maximum | 80.00% | |
Recorded investment of loans in process of foreclosure | $ 1,500 | 2,900 |
Carrying value of residential OREO | 745 | 1,300 |
Loans receivable | 7,416,747 | 7,514,485 |
ACL maintained for impaired loans | 0 | 0 |
ACL maintained for loans individually evaluated for impairment | 0 | 0 |
PCI Loans [Member] | ||
Loans Receivable [Line Items] | ||
Outstanding discounts | 474 | |
Non-PCI Loans [Member] | ||
Loans Receivable [Line Items] | ||
Loans receivable, gross | 199,600 | |
Outstanding discounts | 3,600 | |
Doubtful [Member] | ||
Loans Receivable [Line Items] | ||
Loans receivable | $ 0 | $ 0 |
Loans Receivable And Allowanc_4
Loans Receivable And Allowance For Credit Losses (Summary Of Loans Receivable) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Loans Receivable [Line Items] | ||
Loans receivable, gross | $ 7,412,473 | $ 7,507,645 |
ACL | 9,226 | 8,463 |
Discounts/unearned loan fees | 31,058 | 33,933 |
Premiums/deferred costs | (44,558) | (49,236) |
Loans receivable, net | 7,416,747 | 7,514,485 |
One- to Four-Family Segment [Member] | ||
Loans Receivable [Line Items] | ||
Loans receivable, gross | 6,512,833 | 6,798,435 |
One- to Four-Family Segment [Member] | Originated [Member] | ||
Loans Receivable [Line Items] | ||
Loans receivable, gross | 3,873,851 | 3,965,692 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | ||
Loans Receivable [Line Items] | ||
Loans receivable, gross | 2,349,877 | 2,505,987 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | ||
Loans Receivable [Line Items] | ||
Loans receivable, gross | 252,347 | 293,607 |
One- to Four-Family Segment [Member] | Construction [Member] | ||
Loans Receivable [Line Items] | ||
Loans receivable, gross | 36,758 | 33,149 |
Commercial Segment [Member] | ||
Loans Receivable [Line Items] | ||
Loans receivable, gross | 767,870 | 569,610 |
Commercial Segment [Member] | Construction [Member] | ||
Loans Receivable [Line Items] | ||
Loans receivable, gross | 123,159 | 80,498 |
Commercial Segment [Member] | Commercial Real Estate [Member] | ||
Loans Receivable [Line Items] | ||
Loans receivable, gross | 583,617 | 426,243 |
Commercial Segment [Member] | Commercial and Industrial [Member] | ||
Loans Receivable [Line Items] | ||
Loans receivable, gross | 61,094 | 62,869 |
Consumer Segment [Member] | ||
Loans Receivable [Line Items] | ||
Loans receivable, gross | 131,770 | 139,600 |
Consumer Segment [Member] | Home Equity [Member] | ||
Loans Receivable [Line Items] | ||
Loans receivable, gross | 120,587 | 129,588 |
Consumer Segment [Member] | Other [Member] | ||
Loans Receivable [Line Items] | ||
Loans receivable, gross | $ 11,183 | $ 10,012 |
Loans Receivable And Allowanc_5
Loans Receivable And Allowance For Credit Losses (Recorded Investment in Loans, Past Due) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | $ 21,193 | $ 27,916 |
Financing receivable, current loans | 7,404,780 | 7,495,032 |
Financing receivable, total recorded investment | 7,425,973 | 7,522,948 |
Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | 14,929 | 18,839 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | 6,264 | 9,077 |
One- to Four-Family Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total recorded investment | 6,530,681 | 6,820,187 |
One- to Four-Family Segment [Member] | Originated [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | 10,448 | 15,638 |
Financing receivable, current loans | 3,885,335 | 3,968,362 |
Financing receivable, total recorded investment | 3,895,783 | 3,984,000 |
One- to Four-Family Segment [Member] | Originated [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | 7,187 | 10,613 |
One- to Four-Family Segment [Member] | Originated [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | 3,261 | 5,025 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | 3,785 | 4,304 |
Financing receivable, current loans | 2,377,629 | 2,536,913 |
Financing receivable, total recorded investment | 2,381,414 | 2,541,217 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | 2,762 | 3,846 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | 1,023 | 458 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | 5,108 | 6,584 |
Financing receivable, current loans | 248,376 | 288,386 |
Financing receivable, total recorded investment | 253,484 | 294,970 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | 3,624 | 3,521 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | 1,484 | 3,063 |
Commercial Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total recorded investment | 763,722 | 563,513 |
Commercial Segment [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | 762 | 76 |
Financing receivable, current loans | 702,377 | 501,932 |
Financing receivable, total recorded investment | 703,139 | 502,008 |
Commercial Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | 762 | 76 |
Commercial Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | 0 | 0 |
Commercial Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | 243 | 250 |
Financing receivable, current loans | 60,340 | 61,255 |
Financing receivable, total recorded investment | 60,583 | 61,505 |
Commercial Segment [Member] | Commercial and Industrial [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | 70 | 250 |
Commercial Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | 173 | 0 |
Consumer Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total recorded investment | 131,570 | 139,248 |
Consumer Segment [Member] | Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | 748 | 993 |
Financing receivable, current loans | 119,688 | 128,351 |
Financing receivable, total recorded investment | 120,436 | 129,344 |
Consumer Segment [Member] | Home Equity [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | 446 | 472 |
Consumer Segment [Member] | Home Equity [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | 302 | 521 |
Consumer Segment [Member] | Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | 99 | 71 |
Financing receivable, current loans | 11,035 | 9,833 |
Financing receivable, total recorded investment | 11,134 | 9,904 |
Consumer Segment [Member] | Other [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | 78 | 61 |
Consumer Segment [Member] | Other [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, total delinquent loans | $ 21 | $ 10 |
Loans Receivable And Allowanc_6
Loans Receivable And Allowance For Credit Losses (Recorded Investment in Loans, Nonaccrual) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, nonaccrual loans | $ 7,541 | $ 10,969 |
One- to Four-Family Segment [Member] | Originated [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, nonaccrual loans | 4,436 | 6,503 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, nonaccrual loans | 1,023 | 863 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, nonaccrual loans | 1,551 | 3,063 |
Commercial Segment [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, nonaccrual loans | 0 | 0 |
Commercial Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, nonaccrual loans | 173 | 0 |
Consumer Segment [Member] | Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, nonaccrual loans | 337 | 530 |
Consumer Segment [Member] | Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, nonaccrual loans | $ 21 | $ 10 |
Loans Receivable And Allowanc_7
Loans Receivable And Allowance For Credit Losses (Recorded Investment In Classified Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | $ 7,425,973 | $ 7,522,948 |
Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 69,780 | 12,332 |
Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 29,956 | 35,002 |
One- to Four-Family Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 6,530,681 | 6,820,187 |
One- to Four-Family Segment [Member] | Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 3,895,783 | 3,984,000 |
One- to Four-Family Segment [Member] | Originated [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 12,941 | 8,660 |
One- to Four-Family Segment [Member] | Originated [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 15,628 | 22,409 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 2,381,414 | 2,541,217 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 2,349 | 997 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 2,785 | 3,126 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 253,484 | 294,970 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 102 | 0 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 5,294 | 7,195 |
Commercial Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 763,722 | 563,513 |
Commercial Segment [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 703,139 | 502,008 |
Commercial Segment [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 52,891 | 1,251 |
Commercial Segment [Member] | Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 2,472 | 1,368 |
Commercial Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 60,583 | 61,505 |
Commercial Segment [Member] | Commercial and Industrial [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 1,215 | 1,126 |
Commercial Segment [Member] | Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 3,057 | 0 |
Consumer Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 131,570 | 139,248 |
Consumer Segment [Member] | Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 120,436 | 129,344 |
Consumer Segment [Member] | Home Equity [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 280 | 298 |
Consumer Segment [Member] | Home Equity [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 696 | 894 |
Consumer Segment [Member] | Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 11,134 | 9,904 |
Consumer Segment [Member] | Other [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | 2 | 0 |
Consumer Segment [Member] | Other [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing receivable, total recorded investment | $ 24 | $ 10 |
Loans Receivable And Allowanc_8
Loans Receivable And Allowance For Credit Losses (LTV And Credit Score Information For Originated, Correspondent Purchased, And Bulk Purchased One-To Four-Family Loans And Originated Consumer Home Equity Loans) (Details) - credit_score | Sep. 30, 2019 | Sep. 30, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Weighted average credit score | 766 | 765 |
Weighted average LTV | 62.00% | 63.00% |
One- to Four-Family Segment [Member] | Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Weighted average credit score | 768 | 767 |
Weighted average LTV | 62.00% | 63.00% |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Weighted average credit score | 765 | 764 |
Weighted average LTV | 65.00% | 67.00% |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Weighted average credit score | 762 | 758 |
Weighted average LTV | 61.00% | 62.00% |
Consumer Segment [Member] | Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Weighted average credit score | 754 | 750 |
Weighted average LTV | 19.00% | 22.00% |
Loans Receivable And Allowanc_9
Loans Receivable And Allowance For Credit Losses (Troubled Debt Restructurings On Financing Receivables) (Details) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019USD ($)contract | Sep. 30, 2018USD ($)contract | Sep. 30, 2017USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 5 | 7 | 144 |
Pre-Restructured Outstanding | $ 762 | $ 670 | $ 15,782 |
Post-Restructured Outstanding | $ 763 | $ 687 | $ 16,289 |
One- to Four-Family Segment [Member] | Originated [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 3 | 5 | 112 |
Pre-Restructured Outstanding | $ 385 | $ 264 | $ 11,940 |
Post-Restructured Outstanding | $ 386 | $ 281 | $ 12,402 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 2 | 12 |
Pre-Restructured Outstanding | $ 0 | $ 406 | $ 2,443 |
Post-Restructured Outstanding | $ 0 | $ 406 | $ 2,459 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 2 | 0 | 3 |
Pre-Restructured Outstanding | $ 377 | $ 0 | $ 1,031 |
Post-Restructured Outstanding | $ 377 | $ 0 | $ 1,048 |
Commercial Segment [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 0 | 0 |
Pre-Restructured Outstanding | $ 0 | $ 0 | $ 0 |
Post-Restructured Outstanding | $ 0 | $ 0 | $ 0 |
Commercial Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 0 | 0 |
Pre-Restructured Outstanding | $ 0 | $ 0 | $ 0 |
Post-Restructured Outstanding | $ 0 | $ 0 | $ 0 |
Consumer Segment [Member] | Home Equity [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 0 | 17 |
Pre-Restructured Outstanding | $ 0 | $ 0 | $ 368 |
Post-Restructured Outstanding | $ 0 | $ 0 | $ 380 |
Consumer Segment [Member] | Other [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 0 | 0 |
Pre-Restructured Outstanding | $ 0 | $ 0 | $ 0 |
Post-Restructured Outstanding | $ 0 | $ 0 | $ 0 |
Loans Receivable And Allowan_10
Loans Receivable And Allowance For Credit Losses (Troubled Debt Restructurings On Financing Receivables That Subsequently Defaulted) (Details) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019USD ($)contract | Sep. 30, 2018USD ($)contract | Sep. 30, 2017USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 1 | 30 | 66 |
Recorded Investment | $ | $ 45 | $ 2,713 | $ 5,847 |
One- to Four-Family Segment [Member] | Originated [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 1 | 22 | 46 |
Recorded Investment | $ | $ 45 | $ 1,416 | $ 4,561 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 1 | 2 |
Recorded Investment | $ | $ 0 | $ 124 | $ 148 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 3 | 2 |
Recorded Investment | $ | $ 0 | $ 1,040 | $ 698 |
Commercial Segment [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 |
Commercial Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 |
Consumer Segment [Member] | Home Equity [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 4 | 16 |
Recorded Investment | $ | $ 0 | $ 133 | $ 440 |
Consumer Segment [Member] | Other [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 |
Loans Receivable And Allowan_11
Loans Receivable And Allowance For Credit Losses (Impaired Loans By Class, Instant Related Disclosures) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | $ 21,794 | $ 28,040 |
Unpaid Principal Balance | 23,445 | 29,877 |
One- to Four-Family Segment [Member] | Originated [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 14,683 | 18,857 |
Unpaid Principal Balance | 15,241 | 19,388 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,763 | 2,668 |
Unpaid Principal Balance | 1,868 | 2,768 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 4,943 | 6,011 |
Unpaid Principal Balance | 5,661 | 6,976 |
Commercial Segment [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Commercial Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 60 | 0 |
Unpaid Principal Balance | 184 | 0 |
Consumer Segment [Member] | Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 345 | 504 |
Unpaid Principal Balance | 462 | 720 |
Consumer Segment [Member] | Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | $ 29 | $ 25 |
Loans Receivable And Allowan_12
Loans Receivable And Allowance For Credit Losses (Impaired Loans By Class, Duration Related Disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment, No Related Allowance | $ 23,780 | $ 34,077 | $ 38,315 |
Average Recorded Investment, Allowance Recorded | 0 | 0 | 15,114 |
Average Recorded Investment | 23,780 | 34,077 | 53,429 |
Interest Income Recognized, No Related Allowance | 961 | 1,332 | 1,315 |
Interest Income Recognized, Allowance Recorded | 0 | 0 | 556 |
Interest Income Recognized | 961 | 1,332 | 1,871 |
One- to Four-Family Segment [Member] | Originated [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment, No Related Allowance | 16,030 | 23,847 | 24,122 |
Average Recorded Investment, Allowance Recorded | 0 | 0 | 11,469 |
Average Recorded Investment | 16,030 | 23,847 | 35,591 |
Interest Income Recognized, No Related Allowance | 671 | 990 | 917 |
Interest Income Recognized, Allowance Recorded | 0 | 0 | 434 |
Interest Income Recognized | 671 | 990 | 1,351 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment, No Related Allowance | 2,071 | 3,204 | 3,346 |
Average Recorded Investment, Allowance Recorded | 0 | 0 | 2,018 |
Average Recorded Investment | 2,071 | 3,204 | 5,364 |
Interest Income Recognized, No Related Allowance | 82 | 112 | 118 |
Interest Income Recognized, Allowance Recorded | 0 | 0 | 65 |
Interest Income Recognized | 82 | 112 | 183 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment, No Related Allowance | 5,257 | 6,438 | 9,852 |
Average Recorded Investment, Allowance Recorded | 0 | 0 | 1,160 |
Average Recorded Investment | 5,257 | 6,438 | 11,012 |
Interest Income Recognized, No Related Allowance | 180 | 191 | 194 |
Interest Income Recognized, Allowance Recorded | 0 | 0 | 20 |
Interest Income Recognized | 180 | 191 | 214 |
Commercial Segment [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment, No Related Allowance | 0 | 0 | 0 |
Average Recorded Investment, Allowance Recorded | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Interest Income Recognized, No Related Allowance | 0 | 0 | 0 |
Interest Income Recognized, Allowance Recorded | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 |
Commercial Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment, No Related Allowance | 5 | 0 | 0 |
Average Recorded Investment, Allowance Recorded | 0 | 0 | 0 |
Average Recorded Investment | 5 | 0 | 0 |
Interest Income Recognized, No Related Allowance | 0 | 0 | 0 |
Interest Income Recognized, Allowance Recorded | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 |
Consumer Segment [Member] | Home Equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment, No Related Allowance | 417 | 588 | 988 |
Average Recorded Investment, Allowance Recorded | 0 | 0 | 457 |
Average Recorded Investment | 417 | 588 | 1,445 |
Interest Income Recognized, No Related Allowance | 28 | 39 | 86 |
Interest Income Recognized, Allowance Recorded | 0 | 0 | 36 |
Interest Income Recognized | 28 | 39 | 122 |
Consumer Segment [Member] | Other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment, No Related Allowance | 0 | 0 | 7 |
Average Recorded Investment, Allowance Recorded | 0 | 0 | 10 |
Average Recorded Investment | 0 | 0 | 17 |
Interest Income Recognized, No Related Allowance | 0 | 0 | 0 |
Interest Income Recognized, Allowance Recorded | 0 | 0 | 1 |
Interest Income Recognized | $ 0 | $ 0 | $ 1 |
Loans Receivable And Allowan_13
Loans Receivable And Allowance For Credit Losses (Allowance For Credit Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | $ 8,463 | $ 8,398 | $ 8,540 |
Charge-offs | (262) | (302) | (348) |
Recoveries | 275 | 367 | 206 |
Provision for credit losses | 750 | 0 | 0 |
Ending Balance | 9,226 | 8,463 | 8,398 |
One- to Four-Family Segment [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | 5,739 | 6,095 | 7,095 |
Charge-offs | (101) | (264) | (288) |
Recoveries | 128 | 340 | 169 |
Provision for credit losses | (1,876) | (432) | (881) |
Ending Balance | 3,890 | 5,739 | 6,095 |
One- to Four-Family Segment [Member] | Originated [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | 2,953 | 3,173 | 3,928 |
Charge-offs | (75) | (136) | (72) |
Recoveries | 22 | 144 | 4 |
Provision for credit losses | (900) | (228) | (687) |
Ending Balance | 2,000 | 2,953 | 3,173 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | 1,861 | 1,922 | 2,102 |
Charge-offs | 0 | (128) | 0 |
Recoveries | 0 | 0 | 0 |
Provision for credit losses | (658) | 67 | (180) |
Ending Balance | 1,203 | 1,861 | 1,922 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | 925 | 1,000 | 1,065 |
Charge-offs | (26) | 0 | (216) |
Recoveries | 106 | 196 | 165 |
Provision for credit losses | (318) | (271) | (14) |
Ending Balance | 687 | 925 | 1,000 |
Commercial Segment [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | 2,556 | 2,112 | 1,208 |
Charge-offs | (124) | 0 | 0 |
Recoveries | 49 | 0 | 0 |
Provision for credit losses | 2,690 | 444 | 904 |
Ending Balance | 5,171 | 2,556 | 2,112 |
Consumer Segment [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | 168 | 191 | 237 |
Charge-offs | (37) | (38) | (60) |
Recoveries | 98 | 27 | 37 |
Provision for credit losses | (64) | (12) | (23) |
Ending Balance | $ 165 | $ 168 | $ 191 |
Loans Receivable And Allowan_14
Loans Receivable And Allowance For Credit Losses (Summary Of Loan Portfolio Segment Disaggregated By The Company's Impairment Method) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Recorded investment in loans collectively evaluated for impairment | $ 7,404,179 | $ 7,494,908 |
Recorded investment in loans individually evaluated for impairment | 21,794 | 28,040 |
Financing receivable, total recorded investment | 7,425,973 | 7,522,948 |
ACL for loans collectively evaluated for impairment | 9,226 | 8,463 |
One- to Four-Family Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment in loans collectively evaluated for impairment | 6,509,292 | 6,792,651 |
Recorded investment in loans individually evaluated for impairment | 21,389 | 27,536 |
Financing receivable, total recorded investment | 6,530,681 | 6,820,187 |
ACL for loans collectively evaluated for impairment | 3,890 | 5,739 |
One- to Four-Family Segment [Member] | Originated [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment in loans collectively evaluated for impairment | 3,881,100 | 3,965,143 |
Recorded investment in loans individually evaluated for impairment | 14,683 | 18,857 |
Financing receivable, total recorded investment | 3,895,783 | 3,984,000 |
ACL for loans collectively evaluated for impairment | 2,000 | 2,953 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment in loans collectively evaluated for impairment | 2,379,651 | 2,538,549 |
Recorded investment in loans individually evaluated for impairment | 1,763 | 2,668 |
Financing receivable, total recorded investment | 2,381,414 | 2,541,217 |
ACL for loans collectively evaluated for impairment | 1,203 | 1,861 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment in loans collectively evaluated for impairment | 248,541 | 288,959 |
Recorded investment in loans individually evaluated for impairment | 4,943 | 6,011 |
Financing receivable, total recorded investment | 253,484 | 294,970 |
ACL for loans collectively evaluated for impairment | 687 | 925 |
Commercial Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment in loans collectively evaluated for impairment | 763,662 | 563,513 |
Recorded investment in loans individually evaluated for impairment | 60 | 0 |
Financing receivable, total recorded investment | 763,722 | 563,513 |
ACL for loans collectively evaluated for impairment | 5,171 | 2,556 |
Consumer Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment in loans collectively evaluated for impairment | 131,225 | 138,744 |
Recorded investment in loans individually evaluated for impairment | 345 | 504 |
Financing receivable, total recorded investment | 131,570 | 139,248 |
ACL for loans collectively evaluated for impairment | $ 165 | $ 168 |
Premises And Equipment (Narrati
Premises And Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Property, Plant and Equipment, Net [Abstract] | |||
Rental expense | $ 1.5 | $ 1.2 | $ 1.1 |
Premises And Equipment (Summary
Premises And Equipment (Summary Of The Carrying Value Of Banking Premises And Equipment) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 176,845 | $ 169,968 |
Accumulated depreciation, property, plant and equipment | 80,061 | 73,963 |
Property, plant and equipment, net | 96,784 | 96,005 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 14,313 | 13,536 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 110,262 | 107,580 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 52,270 | $ 48,852 |
Premises And Equipment (Schedul
Premises And Equipment (Schedule Of Future Minimum Rental Commitments) (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Property, Plant and Equipment, Net [Abstract] | |
2020 | $ 1,298 |
2021 | 1,187 |
2022 | 1,069 |
2023 | 930 |
2024 | 637 |
Thereafter | 1,115 |
Future minimum rental commitments, total | $ 6,236 |
Low Income Housing Partnershi_2
Low Income Housing Partnerships (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Investments in Affordable Housing Projects [Abstract] | |||
Investment In affordable housing limited partnerships | $ 82,600 | $ 74,500 | |
Obligations related to investments in affordable housing limited partnerships | $ 40,000 | 34,000 | |
Affordable housing tax credits commitment, year to be paid | 2021 | ||
Proportional amortization expense, amount | $ 6,800 | 7,000 | $ 4,400 |
Affordable housing tax credits, amount | 8,600 | 7,500 | 6,900 |
Net income tax benefit, low income housing partnerships | 1,800 | 500 | 2,500 |
Impairment losses from the forfeiture or ineligibility of tax credits or other circumstances, amount | $ 0 | $ 0 | $ 0 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2019 | |
Business Acquisition [Line Items] | ||
Goodwill, impairment recorded | $ 0 | |
Capital City Bancshares, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill recognized upon acquisition of CCB | $ 7,989 | |
Other intangible assets recognized upon acquisition of CCB | $ 10,052 | |
Other intangible assets, estimated life | 8 years |
Intangible Assets (Schedule of
Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Schedule of Goodwill and Intangible Assets [Line Items] | |||
Core Deposit and Other Intangibles, Amortization | $ (2,316) | $ (234) | $ 0 |
Capital City Bancshares, Inc. [Member] | |||
Schedule of Goodwill and Intangible Assets [Line Items] | |||
Goodwill Balance | 7,989 | 0 | |
Goodwill, Acquired During Period | 7,989 | ||
Goodwill, Purchase Accounting Adjustments | 1,335 | ||
Goodwill, Amortization | 0 | 0 | |
Goodwill Balance | 9,324 | 7,989 | 0 |
Core Deposit and Other Intangibles Balance | 9,819 | 0 | |
Core Deposit and Other Intangibles, Acquired During Period | 10,052 | ||
Core Deposit and Other Intangibles, Purchase Accounting Adjustments | 0 | ||
Core Deposit and Other Intangibles, Amortization | (2,316) | (234) | |
Core Deposit and Other Intangibles Balance | $ 7,503 | $ 9,819 | $ 0 |
Intangible Assets Intangible As
Intangible Assets Intangible Assets (Schedule of Core Deposit and Other Intangible Assets, Future Amortization Expense) (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 1,964 |
2021 | 1,659 |
2022 | 1,358 |
2023 | 1,056 |
2024 | $ 761 |
Deposits and Borrowed Funds (Na
Deposits and Borrowed Funds (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Noninterest-bearing deposits | $ 357,300 | $ 336,500 |
Time Deposits, $250,000 or more | 610,000 | 668,800 |
FHLB borrowings, outstanding balance | 2,139,989 | 2,174,981 |
FHLB Advances, Fixed Rate | 1,400,000 | 1,600,000 |
FHLB Advances, Variable Rate | 640,000 | 475,000 |
FHLB line of credit, outstanding balance | $ 100,000 | 100,000 |
Expiration date for FHLB line of credit | Nov. 13, 2020 | |
Interest rate swaps, notional amount | $ 640,000 | |
Interest rate swaps, notional amount | $ 475,000 | |
Interest rate swaps, remaining term to maturity | 4 years 6 months | 5 years 9 months 18 days |
Interest rate swaps, fair value | $ (33,100) | $ 9,700 |
Interest rate swaps, amount reclassified from AOCI | 438 | 515 |
Interest rate swaps, future amount to be reclassified from AOCI | 5,400 | |
Interest rate swaps, amount of hedge ineffectiveness recognized | 0 | 0 |
Interest rate swaps, collateral posted | $ 33,300 | |
Interest rate swaps, collateral held | (10,000) | |
FHLB borrowings threshold percentage of regulatory assets | 40.00% | |
FHLB borrowings threshold percentage of regulatory assets, temporary increase | 55.00% | |
FHLB percentage of regulatory assets | 23.00% | |
Repurchase Agreements | $ 100,000 | 110,052 |
Repurchase agreements | $ 0 | $ 100,000 |
Weighted average rate of repurchase agreements | 2.53% | 2.53% |
Repurchase Agreements, Description of Potential Risks | See Note 4 for information regarding the amount of securities pledged as collateral in conjunction with repurchase agreements. Securities are delivered to the party with whom each transaction is executed and the party agrees to resell the same securities to the Bank at the maturity of the agreement. The Bank retains the right to substitute similar or like securities throughout the terms of the agreements. The repurchase agreements and collateral are 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 changes in the market values of these items. The Bank may also be required to post additional collateral as a result of principal payments received on the securities pledged. | |
Leverage Strategy [Member] | ||
FHLB line of credit available for leverage strategy, maximum | $ 2,100,000 | |
FHLB Advances [Member] | ||
FHLB borrowings, outstanding balance | $ 2,039,989 | $ 2,074,981 |
Subordinated Debentures Subject to Mandatory Redemption [Member] | ||
Junior subordinated debentures | $ 10,100 |
Deposits and Borrowed Funds (FH
Deposits and Borrowed Funds (FHLB Advances) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 | |
Debt [Line Items] | |||
FHLB advances | $ 2,040,000 | $ 2,075,000 | |
Deferred prepayment penalty | (11) | (19) | |
FHLB advances, outstanding balance | $ 2,139,989 | $ 2,174,981 | |
Weighted Average [Member] | |||
Debt [Line Items] | |||
Weighted average contractual interest rate on FHLB advances | 2.23% | 2.07% | |
Weighted average effective interest rate on FHLB advances | [1] | 2.37% | 2.12% |
FHLB Advances [Member] | |||
Debt [Line Items] | |||
FHLB advances, outstanding balance | $ 2,039,989 | $ 2,074,981 | |
[1] | The effective interest rate includes the net impact of deferred amounts and interest rate swaps related to the adjustable-rate FHLB advances. |
Deposits and Borrowed Funds (Ma
Deposits and Borrowed Funds (Maturity Of Borrowed Funds and Certificates of Deposit) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Deposits and Borrowed Funds [Abstract] | ||
FHLB Advances Due in 2020 | $ 990,000 | |
FHLB Advances Due in 2021 | 550,000 | |
FHLB Advances Due in 2022 | 200,000 | |
FHLB Advances Due in 2023 | 200,000 | |
FHLB Advances Due in 2024 | 100,000 | |
FHLB Advances Due Thereafter | 0 | |
FHLB Advances Amount | 2,040,000 | $ 2,075,000 |
Repurchase Agreements Due in 2020 | 100,000 | |
Repurchase Agreements Due in 2021 | 0 | $ 100,000 |
Repurchase Agreements Due in 2022 | 0 | |
Repurchase Agreements Due in 2023 | 0 | |
Repurchase Agreements Due in 2024 | 0 | |
Repurchase Agreements Due Thereafter | 0 | |
Repurchase Agreements Amount | 100,000 | |
Certificates of Deposit Due in 2020 | 1,505,837 | |
Certificates of Deposit Due in 2021 | 625,990 | |
Certificates of Deposit Due in 2022 | 498,352 | |
Certificates of Deposit Due in 2023 | 303,817 | |
Certificates of Deposit Due in 2024 | 53,022 | |
Certificates of Deposit Due Thereafter | 607 | |
Certificates of Deposit Amount | $ 2,987,625 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||||||
Federal corporate income tax rate | 35.00% | 21.00% | 21.00% | 24.50% | 24.50% | 35.00% | |
Revaluation of net deferred tax liability | $ (7,500,000) | ||||||
Effective income tax rate | 21.90% | 20.20% | 34.20% | ||||
Valuation allowance | $ 1,822,000 | $ 1,823,000 | $ 1,822,000 | $ 1,822,000 | |||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 | $ 0 | |||
Open tax year | 2016 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
Current, Federal | $ 22,030 | $ 26,007 | $ 38,127 |
Current, State | 4,742 | 3,512 | 4,734 |
Current income tax expense | 26,772 | 29,519 | 42,861 |
Deferred, Federal | (456) | (5,956) | 712 |
Deferred, State | 95 | 1,416 | 210 |
Deferred income tax expense | (361) | (4,540) | 922 |
Income tax expense | $ 26,411 | $ 24,979 | $ 43,783 |
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 ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||||||
Federal income tax expense computed at statutory Federal rate, Amount | $ 25,337 | $ 30,392 | $ 44,772 | ||||
Federal income tax expense computed at statutory Federal rate, Percentage | 35.00% | 21.00% | 21.00% | 24.50% | 24.50% | 35.00% | |
Increases (Decreases) In Taxes Resulting From: | |||||||
State taxes, net of Federal tax effect, Amount | $ 4,024 | 3,986 | $ 3,452 | ||||
State taxes, net of Federal tax effect, Percentage | 3.30% | 3.20% | 2.70% | ||||
Deferred tax liability remeasurement, net, Amount | $ 0 | (7,498) | $ 0 | ||||
Deferred tax liability remeasurement, net, Percentage | 0 | (0.060) | 0 | ||||
Low income housing tax credits, net, Amount | $ (1,745) | (500) | $ (2,468) | ||||
Low income housing tax credits, net, Percentage | (1.40%) | (0.40%) | (2.00%) | ||||
ESOP related expenses, net, Amount | $ (757) | (790) | $ (1,052) | ||||
ESOP related expenses, net, Percentage | (0.60%) | (0.60%) | (0.80%) | ||||
Other, Amount | $ (448) | (611) | $ (921) | ||||
Other, Percentage | (0.40%) | (0.50%) | (0.70%) | ||||
Income tax expense | $ 26,411 | $ 24,979 | $ 43,783 | ||||
Income tax expense, Percentage | 21.90% | 20.20% | 34.20% |
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 ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
Net purchase discount related to acquired loans | $ 465 | $ 0 | $ 0 |
FHLB stock dividends | 459 | (7,692) | 4 |
Salaries, deferred compensation and employee benefits | 107 | 897 | 437 |
Low income housing partnerships | 82 | 604 | 285 |
Premises and equipment | (2,007) | (122) | 14 |
Deposit intangible | (589) | 0 | 0 |
ACL | (36) | 1,827 | 185 |
Other, net | 1,158 | (54) | (3) |
Deferred income tax expense | $ (361) | $ (4,540) | $ 922 |
Income Taxes (Components Of Net
Income Taxes (Components Of Net Deferred Income Tax (Liabilities) Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Deferred income tax assets: | ||
Unrealized loss on interest rate swaps | $ 8,041 | $ 0 |
Salaries, deferred compensation and employee benefits | 1,579 | 1,686 |
ESOP compensation | 1,288 | 1,206 |
Net purchase discounts related to acquired loans | 991 | 1,456 |
Low income housing partnerships | 792 | 874 |
Unrealized loss on AFS securities | 0 | 960 |
Other | 2,918 | 3,154 |
Gross deferred income tax assets | 15,609 | 9,336 |
Valuation allowance | (1,823) | (1,822) |
Gross deferred income tax asset, net of valuation allowance | 13,786 | 7,514 |
Deferred income tax liabilities: | ||
FHLB stock dividends | 16,009 | 15,550 |
Premises and equipment | 3,546 | 5,983 |
Unrealized gain on AFS securities | 3,258 | 0 |
Deposit intangible | 1,978 | 2,567 |
ACL | 1,080 | 1,116 |
Unrealized gain on interest rate swaps | 0 | 2,353 |
Other | 2,197 | 1,198 |
Gross deferred income tax liabilities | 28,068 | 28,767 |
Net deferred tax liabilities | $ 14,282 | $ 21,253 |
Employee Stock Ownership Plan_2
Employee Stock Ownership Plan (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2020 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Shares Held In Employee Stock Ownership Plan, Allocated | 165,198 | |||
Compensation expense related to the ESOP including dividends | $ 3,100 | $ 2,900 | $ 3,300 | |
Portion of compensation expense related to the ESOP attributable to changes in Company stock price | 549 | 541 | 784 | |
Dividends on unallocated ESOP shares in excess of debt service payments | $ 906 | $ 688 | $ 833 | |
Forecast [Member] | ||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Shares Held In Employee Stock Ownership Plan, Committed-to-be-Released | 165,198 | |||
Minimum [Member] | ||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
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 | |||
IPO [Member] | ||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Number of shares acquired by ESOP trust | 3,024,574 | |||
Number of shares acquired by ESOP post corporate reorganization | 6,846,728 | |||
ESOP loan maturity date | Sep. 30, 2013 | |||
Corporate Reorganization [Member] | ||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Number of shares acquired by ESOP trust | 4,726,000 | |||
ESOP loan maturity date | Sep. 30, 2040 |
Employee Stock Ownership Plan_3
Employee Stock Ownership Plan (Summary Of Shares Held In The ESOP Trust) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | ||
Allocated ESOP shares | 4,207,520 | 4,339,002 |
Unreleased ESOP shares | 3,469,158 | 3,634,356 |
Total ESOP shares | 7,676,678 | 7,973,358 |
Fair value of unreleased ESOP shares | $ 47,805 | $ 46,302 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding at end of year, number of options | 1,013,295 | ||
Options outstanding at end of year, weighted average exercise price | $ 13.21 | ||
Options outstanding at end of year, weighted average remaining contractual life (in years) | 3 years 6 months | ||
Options exercisable at end of year, number of options | 999,295 | ||
Options exercisable at end of year, weighted average exercise price | $ 13.22 | ||
Options exercisable at end of year, weighted average remaining contractual life (in years) | 3 years 6 months | ||
Unvested restricted stock at end of year, number of shares | 121,800 | ||
Unvested restricted stock at end of year, weighted average grant date fair value | $ 13.72 | ||
Stock Option Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 49 | $ 71 | $ 118 |
Fair value of stock options vested during the period | 64 | 77 | 174 |
Unrecognized total future compensation cost, net of forfeitures | $ 12 | ||
Unrecognized total future compensation cost weighted average recognition period | 8 months 12 days | ||
Stock Option Plans [Member] | 2000 Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding at end of year, number of options | 445,930 | ||
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 | ||
Plan expiration date | Jan. 24, 2027 | ||
Number of shares available for future grants | 4,199,316 | ||
Stock Option Plans [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Stock Option Plans [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
Restricted Stock Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 501 | 301 | 388 |
Unrecognized total future compensation cost | 1,300 | ||
Fair value of restricted stock vested during the period | $ 294 | $ 294 | $ 563 |
Unrecognized total future compensation cost weighted average recognition period | 3 years 2 months 12 days | ||
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 | ||
Plan expiration date | Jan. 24, 2027 | ||
Number of shares available for future grants | 1,648,050 | ||
Restricted Stock Plans [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Restricted Stock Plans [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 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 |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Unadvanced lines of credit | $ 265.2 | $ 246.1 |
Standby letters of credit outstanding | $ 1.2 | $ 1.2 |
Commitments And Contingencies_3
Commitments And Contingencies (Commitments Outstanding To Originate, Purchase, Or Participate In Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Originate fixed-rate | $ 55,249 | $ 46,645 |
Originate adjustable-rate | 32,206 | 25,228 |
Purchase/participate fixed-rate | 94,400 | 122,418 |
Purchase/participate adjustable-rate | 49,141 | 10,085 |
Commitments outstanding to originate, purchase, or participate in loans | $ 230,996 | $ 204,376 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements Regulatory Capital Requirements (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Banking and Thrift [Abstract] | ||
Liquidation account balance | $ 127.6 | |
Capital Conservation Buffer, Annual Increase | 0.625% | |
Required Capital Conservation Buffer | 2.50% | 1.875% |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements (Summary Of Capital And Total Risk-Based Capital Ratios) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Capitol Federal Financial Inc [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage, Actual Amount | $ 1,336,377 | $ 1,381,791 |
Tier 1 leverage, Actual Ratio | 13.80% | 14.90% |
Tier 1 leverage, For Capital Adequacy Purposes, Amount | $ 387,346 | $ 370,475 |
Tier 1 leverage, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
CET1 capital, Actual Amount | $ 1,336,377 | $ 1,381,791 |
CET1 capital, Actual Ratio | 27.60% | 28.60% |
CET1 capital, For Capital Adequacy Purposes, Amount | $ 218,070 | $ 215,793 |
CET1 capital, For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Tier 1 capital, Actual Amount | $ 1,336,377 | $ 1,381,791 |
Tier 1 capital, Actual Ratio | 27.60% | 28.80% |
Tier 1 capital, For Capital Adequacy Purposes, Amount | $ 290,759 | $ 287,724 |
Tier 1 capital, For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Total capital, Actual Amount | $ 1,345,603 | $ 1,390,255 |
Total capital, Actual Ratio | 27.80% | 29.00% |
Total capital, For Capital Adequacy Purposes, Amount | $ 387,679 | $ 383,632 |
Total capital, For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Capitol Federal Savings Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage, Actual Amount | $ 1,169,037 | $ 1,202,125 |
Tier 1 leverage, Actual Ratio | 12.10% | 13.00% |
Tier 1 leverage, For Capital Adequacy Purposes, Amount | $ 387,427 | $ 370,559 |
Tier 1 leverage, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 leverage, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 484,284 | $ 463,199 |
Tier 1 leverage, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
CET1 capital, Actual Amount | $ 1,169,037 | $ 1,202,125 |
CET1 capital, Actual Ratio | 24.10% | 25.10% |
CET1 capital, For Capital Adequacy Purposes, Amount | $ 218,042 | $ 215,764 |
CET1 capital, For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
CET1 capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 314,949 | $ 311,659 |
CET1 capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Tier 1 capital, Actual Amount | $ 1,169,037 | $ 1,202,125 |
Tier 1 capital, Actual Ratio | 24.10% | 25.10% |
Tier 1 capital, For Capital Adequacy Purposes, Amount | $ 290,722 | $ 287,685 |
Tier 1 capital, For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Tier 1 capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 387,630 | $ 383,580 |
Tier 1 capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Total capital, Actual Amount | $ 1,178,263 | $ 1,210,589 |
Total capital, Actual Ratio | 24.30% | 25.20% |
Total capital, For Capital Adequacy Purposes, Amount | $ 387,630 | $ 383,580 |
Total capital, For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 484,537 | $ 479,475 |
Total capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Narrative) (Details) $ in Thousands | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
ACL maintained for loans individually evaluated for impairment | $ 0 | $ 0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans individually evaluated for impairment | 6,800 | 6,700 |
OREO | $ 678 | 1,900 |
Significant Unobservable Inputs (Level 3) [Member] | Estimated Selling Costs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable, measurement input | 0.10 | |
OREO, measurement input | 0.10 | |
Fair Value, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans individually evaluated for impairment | $ 6,800 | 6,700 |
OREO | $ 678 | $ 1,900 |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments (Schedule Of Fair Value Assets Measured On A Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | $ 1,204,863 | $ 714,614 |
MBS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 936,487 | 445,090 |
GSE Debentures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 249,954 | 265,398 |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 18,422 | 4,126 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 1,204,863 | 714,614 |
Interest rate swaps | 9,685 | |
Assets | 724,299 | |
Interest rate swaps | 33,090 | |
Fair Value, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 0 | 0 |
Interest rate swaps | 0 | |
Assets | 0 | |
Interest rate swaps | 0 | |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 1,204,863 | 714,614 |
Interest rate swaps | 9,685 | |
Assets | 724,299 | |
Interest rate swaps | 33,090 | |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 0 | 0 |
Interest rate swaps | 0 | |
Assets | 0 | |
Interest rate swaps | 0 | |
Fair Value, Recurring [Member] | MBS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 936,487 | 445,090 |
Fair Value, Recurring [Member] | MBS [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 0 | 0 |
Fair Value, Recurring [Member] | MBS [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 936,487 | 445,090 |
Fair Value, Recurring [Member] | MBS [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 0 | 0 |
Fair Value, Recurring [Member] | GSE Debentures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 249,954 | 265,398 |
Fair Value, Recurring [Member] | GSE Debentures [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 0 | 0 |
Fair Value, Recurring [Member] | GSE Debentures [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 249,954 | 265,398 |
Fair Value, Recurring [Member] | GSE Debentures [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 0 | 0 |
Fair Value, Recurring [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 18,422 | 4,126 |
Fair Value, Recurring [Member] | Municipal Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 0 | 0 |
Fair Value, Recurring [Member] | Municipal Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 18,422 | 4,126 |
Fair Value, Recurring [Member] | Municipal Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | $ 0 | $ 0 |
Fair Value Of Financial Instr_5
Fair Value Of Financial Instruments (Schedule Of Carrying Amounts And Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Assets: | ||
AFS securities | $ 1,204,863 | $ 714,614 |
HTM securities | 0 | 601,071 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Loans receivable | 6,800 | 6,700 |
Carrying Amount [Member] | ||
Assets: | ||
Cash and cash equivalents | 220,370 | 139,055 |
AFS securities | 1,204,863 | 714,614 |
HTM securities | 612,318 | |
Loans receivable | 7,416,747 | 7,514,485 |
FHLB stock | 98,456 | 99,726 |
Interest rate swaps | 9,685 | |
Liabilities: | ||
Deposits | 5,581,867 | 5,603,354 |
FHLB borrowings | 2,139,989 | 2,174,981 |
Other borrowings | 100,000 | 110,052 |
Interest rate swaps | 33,090 | |
Estimated Fair Value [Member] | ||
Assets: | ||
Cash and cash equivalents | 220,370 | 139,055 |
AFS securities | 1,204,863 | 714,614 |
HTM securities | 601,071 | |
Loans receivable | 7,654,586 | 7,418,026 |
FHLB stock | 98,456 | 99,726 |
Interest rate swaps | 9,685 | |
Liabilities: | ||
Deposits | 5,614,895 | 5,569,591 |
FHLB borrowings | 2,153,041 | 2,145,477 |
Other borrowings | 100,312 | 109,465 |
Interest rate swaps | 33,090 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets: | ||
Cash and cash equivalents | 220,370 | 139,055 |
AFS securities | 0 | 0 |
HTM securities | 0 | |
Loans receivable | 0 | 0 |
FHLB stock | 98,456 | 99,726 |
Interest rate swaps | 0 | |
Liabilities: | ||
Deposits | 2,594,242 | 2,666,297 |
FHLB borrowings | 100,001 | 100,000 |
Other borrowings | 0 | 10,503 |
Interest rate swaps | 0 | |
Estimated Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
AFS securities | 1,204,863 | 714,614 |
HTM securities | 601,071 | |
Loans receivable | 0 | 0 |
FHLB stock | 0 | 0 |
Interest rate swaps | 9,685 | |
Liabilities: | ||
Deposits | 3,020,653 | 2,903,294 |
FHLB borrowings | 2,053,040 | 2,045,477 |
Other borrowings | 100,312 | 98,962 |
Interest rate swaps | 33,090 | |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
AFS securities | 0 | 0 |
HTM securities | 0 | |
Loans receivable | 7,654,586 | 7,418,026 |
FHLB stock | 0 | 0 |
Interest rate swaps | 0 | |
Liabilities: | ||
Deposits | 0 | 0 |
FHLB borrowings | 0 | 0 |
Other borrowings | 0 | $ 0 |
Interest rate swaps | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 4,340 | ||
Transfer of HTM securities to AFS securities | 2,336 | $ 0 | $ 0 |
Other comprehensive income (loss) | (19,239) | 755 | (2,997) |
Reclassification of certain income tax effects related to adoption of ASU 2018-02 | 0 | ||
Ending Balance | (14,899) | 4,340 | |
Unrealized Gains (Losses) on AFS Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (2,990) | 3,290 | 5,915 |
Transfer of HTM securities to AFS securities | 2,336 | ||
Other comprehensive income (loss), before reclassifications | 10,804 | (6,741) | (2,625) |
Amount reclassified from AOCI | 0 | 0 | 0 |
Other comprehensive income (loss) | 13,140 | (6,741) | (2,625) |
Reclassification of certain income tax effects related to adoption of ASU 2018-02 | 461 | ||
Ending Balance | 10,150 | (2,990) | 3,290 |
Unrealized Gains (Losses) on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 7,330 | (372) | 0 |
Transfer of HTM securities to AFS securities | 0 | ||
Other comprehensive income (loss), before reclassifications | (32,817) | 6,981 | (506) |
Amount reclassified from AOCI | 438 | 515 | 134 |
Other comprehensive income (loss) | (32,379) | 7,496 | (372) |
Reclassification of certain income tax effects related to adoption of ASU 2018-02 | 206 | ||
Ending Balance | (25,049) | 7,330 | (372) |
AOCI [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 4,340 | 2,918 | 5,915 |
Transfer of HTM securities to AFS securities | 2,336 | ||
Other comprehensive income (loss), before reclassifications | (22,013) | 240 | (3,131) |
Amount reclassified from AOCI | 438 | 515 | 134 |
Other comprehensive income (loss) | (19,239) | 755 | (2,997) |
Reclassification of certain income tax effects related to adoption of ASU 2018-02 | 667 | ||
Ending Balance | $ (14,899) | $ 4,340 | $ 2,918 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue from Contract with Customer [Abstract] | |||
Cumulative effect of adopting ASU 2014-09 | $ 394 | $ 0 | |
Revenue from contracts with customers | 16,600 | 15,636 | $ 15,053 |
Interchange network charges | $ 3,400 | $ 3,000 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) (Summary Of Quarterly Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Total interest and dividend income | $ 83,285 | $ 82,211 | $ 82,037 | $ 82,421 | $ 77,313 | $ 82,161 | $ 81,774 | $ 80,644 | $ 329,954 | $ 321,892 | $ 313,186 |
Net interest and dividend income | 49,811 | 51,681 | 52,597 | 52,301 | 50,077 | 49,433 | 49,889 | 49,374 | 206,390 | 198,773 | 195,382 |
Provision for credit losses | 300 | 450 | 0 | 0 | 0 | 0 | 0 | 0 | 750 | 0 | 0 |
Net income | $ 22,409 | $ 22,897 | $ 24,554 | $ 24,383 | $ 21,389 | $ 22,372 | $ 23,330 | $ 31,836 | $ 94,243 | $ 98,927 | $ 84,137 |
Basic EPS | $ 0.16 | $ 0.17 | $ 0.18 | $ 0.18 | $ 0.16 | $ 0.17 | $ 0.17 | $ 0.24 | $ 0.68 | $ 0.73 | $ 0.63 |
Diluted EPS | 0.16 | 0.17 | 0.18 | 0.18 | 0.16 | 0.17 | 0.17 | 0.24 | 0.68 | 0.73 | 0.63 |
Dividends declared per share | $ 0.085 | $ 0.335 | $ 0.085 | $ 0.475 | $ 0.085 | $ 0.335 | $ 0.085 | $ 0.375 | $ 0.98 | $ 0.88 | $ 0.88 |
Average number of basic shares outstanding | 137,801,000 | 137,720,000 | 137,635,000 | 137,551,000 | 135,500,000 | 134,484,000 | 134,428,000 | 134,373,000 | 137,676,923 | 134,698,344 | 134,082,420 |
Average number of diluted shares outstanding | 137,867,000 | 137,788,000 | 137,691,000 | 137,592,000 | 135,556,000 | 134,530,000 | 134,475,000 | 134,467,000 | 137,735,401 | 134,758,991 | 134,243,862 |
Parent Company Financial Info_3
Parent Company Financial Information (Parent Company Only) (Schedule Of Balance Sheets) (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 |
ASSETS: | ||||
Cash and cash equivalents | $ 220,370 | $ 139,055 | ||
Other assets | 302,796 | 271,167 | ||
Income taxes receivable, net | 2 | 2,177 | ||
TOTAL ASSETS | 9,340,018 | 9,449,547 | ||
LIABILITIES: | ||||
Accounts payable and accrued expenses | 101,868 | 83,021 | ||
Total liabilities | 8,003,692 | 8,057,925 | ||
STOCKHOLDERS' EQUITY: | ||||
Preferred stock, $.01 par value; 100,000,000 shares authorized, no shares issued or outstanding | 0 | 0 | ||
Common stock, $.01 par value; 1,400,000,000 shares authorized; 141,440,030 and 141,225,516 shares issued and outstanding as of September 30, 2019 and 2018, respectively | 1,414 | 1,412 | ||
Additional paid-in capital | 1,210,226 | 1,207,644 | ||
Unearned compensation - ESOP | (34,692) | (36,343) | ||
Retained earnings | 174,277 | 214,569 | ||
AOCI, net of tax | (14,899) | 4,340 | ||
Total stockholders' equity | 1,336,326 | 1,391,622 | $ 1,368,313 | $ 1,392,964 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 9,340,018 | $ 9,449,547 | ||
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 | 141,440,030 | 141,225,516 | ||
Common stock, shares outstanding | 141,440,030 | 141,225,516 | ||
Capitol Federal Financial Inc [Member] | ||||
ASSETS: | ||||
Cash and cash equivalents | $ 126,320 | $ 137,684 | $ 120,785 | $ 108,197 |
Investment in the Bank | 1,168,986 | 1,221,706 | ||
Note receivable - ESOP | 39,971 | 41,285 | ||
Other assets | 711 | 690 | ||
Income taxes receivable, net | 429 | 486 | ||
TOTAL ASSETS | 1,336,417 | 1,401,851 | ||
LIABILITIES: | ||||
Junior subordinated debentures | 0 | 10,052 | ||
Accounts payable and accrued expenses | 91 | 177 | ||
Total liabilities | 91 | 10,229 | ||
STOCKHOLDERS' EQUITY: | ||||
Preferred stock, $.01 par value; 100,000,000 shares authorized, no shares issued or outstanding | 0 | 0 | ||
Common stock, $.01 par value; 1,400,000,000 shares authorized; 141,440,030 and 141,225,516 shares issued and outstanding as of September 30, 2019 and 2018, respectively | 1,414 | 1,412 | ||
Additional paid-in capital | 1,210,226 | 1,207,644 | ||
Unearned compensation - ESOP | (34,692) | (36,343) | ||
Retained earnings | 174,277 | 214,569 | ||
AOCI, net of tax | (14,899) | 4,340 | ||
Total stockholders' equity | 1,336,326 | 1,391,622 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,336,417 | $ 1,401,851 | ||
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 | 141,440,030 | 141,225,516 | ||
Common stock, shares outstanding | 141,440,030 | 141,225,516 |
Parent Company Financial Info_4
Parent Company Financial Information (Parent Company Only) (Schedule Of Statements Of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
INTEREST AND DIVIDEND INCOME: | |||||||||||
Total interest and dividend income | $ 83,285 | $ 82,211 | $ 82,037 | $ 82,421 | $ 77,313 | $ 82,161 | $ 81,774 | $ 80,644 | $ 329,954 | $ 321,892 | $ 313,186 |
INTEREST EXPENSE | 123,564 | 123,119 | 117,804 | ||||||||
NET INTEREST INCOME | 49,811 | 51,681 | 52,597 | 52,301 | 50,077 | 49,433 | 49,889 | 49,374 | 206,390 | 198,773 | 195,382 |
NON-INTEREST INCOME | 21,958 | 22,035 | 22,196 | ||||||||
NON-INTEREST EXPENSE: | |||||||||||
Salaries and employee benefits | 53,145 | 46,563 | 43,437 | ||||||||
Regulatory and outside services | 5,813 | 5,709 | 5,821 | ||||||||
Other non-interest expense | 6,006 | 3,356 | 2,827 | ||||||||
Total non-interest expense | 106,944 | 96,902 | 89,658 | ||||||||
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY IN EXCESS OF DISTRIBUTION OVER EARNINGS OF SUBSIDIARY | 120,654 | 123,906 | 127,920 | ||||||||
INCOME TAX EXPENSE (BENEFIT) | 26,411 | 24,979 | 43,783 | ||||||||
NET INCOME | $ 22,409 | $ 22,897 | $ 24,554 | $ 24,383 | $ 21,389 | $ 22,372 | $ 23,330 | $ 31,836 | 94,243 | 98,927 | 84,137 |
Capitol Federal Financial Inc [Member] | |||||||||||
INTEREST AND DIVIDEND INCOME: | |||||||||||
Dividend income from the Bank | 129,409 | 134,540 | 120,215 | ||||||||
Interest income from other investments | 2,428 | 1,951 | 1,715 | ||||||||
Total interest and dividend income | 131,837 | 136,491 | 121,930 | ||||||||
INTEREST EXPENSE | 403 | 62 | 0 | ||||||||
NET INTEREST INCOME | 131,434 | 136,429 | 121,930 | ||||||||
NON-INTEREST INCOME | 14 | 0 | 0 | ||||||||
NON-INTEREST EXPENSE: | |||||||||||
Salaries and employee benefits | 829 | 1,031 | 896 | ||||||||
Regulatory and outside services | 286 | 1,129 | 247 | ||||||||
Other non-interest expense | 652 | 581 | 561 | ||||||||
Total non-interest expense | 1,767 | 2,741 | 1,704 | ||||||||
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY IN EXCESS OF DISTRIBUTION OVER EARNINGS OF SUBSIDIARY | 129,681 | 133,688 | 120,226 | ||||||||
INCOME TAX EXPENSE (BENEFIT) | 57 | (179) | 4 | ||||||||
INCOME BEFORE EQUITY IN EXCESS OF DISTRIBUTION OVER EARNINGS OF SUBSIDIARY | 129,624 | 133,867 | 120,222 | ||||||||
EQUITY IN EXCESS OF DISTRIBUTION OVER EARNINGS OF SUBSIDIARY | (35,381) | (34,940) | (36,085) | ||||||||
NET INCOME | $ 94,243 | $ 98,927 | $ 84,137 |
Parent Company Financial Info_5
Parent Company Financial Information (Parent Company Only) (Schedule Of Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ 22,409 | $ 22,897 | $ 24,554 | $ 24,383 | $ 21,389 | $ 22,372 | $ 23,330 | $ 31,836 | $ 94,243 | $ 98,927 | $ 84,137 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation of equipment | 9,143 | 8,458 | 7,796 | ||||||||
Provision for deferred income taxes | (361) | (4,540) | 922 | ||||||||
Changes in: | |||||||||||
Other assets | 6,220 | 1,712 | 51 | ||||||||
Accounts payable and accrued expenses | (19,746) | (639) | (10,743) | ||||||||
Net cash provided by operating activities | 80,947 | 124,163 | 85,445 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Cash acquired from acquisition | 0 | 15,685 | 0 | ||||||||
Purchase of equipment | (11,732) | (11,761) | (9,128) | ||||||||
Proceeds from the redemption of common equity securities related to the redemption of junior subordinated debentures | 302 | 0 | 0 | ||||||||
Net cash provided by (used in) investing activities | 233,259 | (21,567) | 146,284 | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Cash dividends paid | (134,929) | (118,312) | (117,963) | ||||||||
Stock options exercised | 1,485 | 261 | 8,843 | ||||||||
Net cash used in financing activities | (199,561) | (315,200) | (161,834) | ||||||||
CASH AND CASH EQUIVALENTS: | |||||||||||
Beginning of year | 139,055 | 139,055 | |||||||||
End of year | 220,370 | 139,055 | 220,370 | 139,055 | |||||||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||||||||||
Common stock issued for acquisition | 0 | 39,113 | 0 | ||||||||
Capitol Federal Financial Inc [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | 94,243 | 98,927 | 84,137 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in excess of distribution over earnings of subsidiary | 35,381 | 34,940 | 36,085 | ||||||||
Depreciation of equipment | 37 | 30 | 29 | ||||||||
Loss on disposal of premises and equipment | 8 | 0 | 0 | ||||||||
Provision for deferred income taxes | 0 | (35) | (2) | ||||||||
Changes in: | |||||||||||
Other assets | 54 | (53) | (5) | ||||||||
Income taxes receivable/payable | 57 | (145) | (40) | ||||||||
Accounts payable and accrued expenses | (86) | (257) | (22) | ||||||||
Net cash provided by operating activities | 129,694 | 133,407 | 120,182 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Principal collected on note receivable from ESOP | 1,314 | 1,272 | 1,233 | ||||||||
Cash acquired from acquisition | 0 | 18 | 0 | ||||||||
Purchase of equipment | (423) | 0 | 0 | ||||||||
Proceeds from the redemption of common equity securities related to the redemption of junior subordinated debentures | 302 | 0 | 0 | ||||||||
Net cash provided by (used in) investing activities | 1,193 | 1,290 | 1,233 | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Net payment from subsidiary related to restricted stock awards | 1,245 | 253 | 293 | ||||||||
Cash dividends paid | (134,929) | (118,312) | (117,963) | ||||||||
Repayment of other borrowings | (10,052) | 0 | 0 | ||||||||
Stock options exercised | 1,485 | 261 | 8,843 | ||||||||
Net cash used in financing activities | (142,251) | (117,798) | (108,827) | ||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (11,364) | 16,899 | 12,588 | ||||||||
CASH AND CASH EQUIVALENTS: | |||||||||||
Beginning of year | $ 137,684 | $ 120,785 | 137,684 | 120,785 | 108,197 | ||||||
End of year | $ 126,320 | $ 137,684 | 126,320 | 137,684 | 120,785 | ||||||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||||||||||
Common stock issued for acquisition | 0 | 39,113 | 0 | ||||||||
Capital contribution to subsidiary in conjunction with acquisition of CCB | $ 0 | $ 48,798 | $ 0 |