Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Nov. 22, 2023 | Mar. 31, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Annual Report indicator | true | ||
Period End Date | Sep. 30, 2023 | ||
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 | ||
ICFR Auditor Attestation indicator | true | ||
Financial statement error correction indicator | false | ||
Shell company indicator | false | ||
Entity Public Float | $ 897.3 | ||
Entity Common Stock, Shares Outstanding | 135,243,275 | ||
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, 2023. | ||
Entity Central Index Key | 0001490906 | ||
Current Fiscal Year End Date | --09-30 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Sep. 30, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Kansas City, Missouri |
Auditor Firm ID | 34 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
ASSETS: | ||
Cash and cash equivalents (includes interest-earning deposits of $213,830 and $27,467) | $ 245,605 | $ 49,194 |
Available-for-sale ("AFS") securities, at estimated fair value (amortized cost of $1,385,992 and $1,768,490) | 1,384,482 | 1,563,307 |
Loans receivable, net (allowance for credit losses ("ACL") of $23,759 and $16,371) | 7,970,949 | 7,464,208 |
Federal Home Loan Bank Topeka ("FHLB") stock, at cost | 110,714 | 100,624 |
Premises and equipment, net | 91,531 | 94,820 |
Income taxes receivable, net | 8,531 | 1,266 |
Deferred Income Tax Assets, Net | 29,605 | 33,884 |
Other assets | 336,044 | 317,594 |
TOTAL ASSETS | 10,177,461 | 9,624,897 |
LIABILITIES: | ||
Deposits | 6,051,220 | 6,194,866 |
Borrowings | 2,879,125 | 2,132,154 |
Advances by borrowers | 62,993 | 80,067 |
Other liabilities | 140,069 | 121,311 |
Total liabilities | 9,133,407 | 8,528,398 |
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, 135,936,375 and 138,858,884 shares issued and outstanding as of September 30, 2023 and 2022, respectively | 1,359 | 1,388 |
Additional paid-in capital | 1,166,643 | 1,190,213 |
Unearned compensation, Employee Stock Ownership Plan ("ESOP") | (28,083) | (29,735) |
Retained earnings | (104,565) | 80,266 |
Accumulated other comprehensive income (loss) ("AOCI"), net of tax | 8,700 | (145,633) |
Total stockholders' equity | 1,044,054 | 1,096,499 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 10,177,461 | $ 9,624,897 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Interest-earning deposits | $ 213,830 | $ 27,467 |
Available-for-sale securities, Amortized Cost | 1,385,992 | 1,768,490 |
Loans receivable, allowance for credit losses | $ 23,759 | $ 16,371 |
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 | 135,936,375 | 138,858,884 |
Common stock, shares outstanding | 135,936,375 | 138,858,884 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
INTEREST AND DIVIDEND INCOME: | |||
Loans receivable | $ 280,087 | $ 228,531 | $ 229,897 |
Cash and cash equivalents | 43,796 | 18,304 | 144 |
Mortgage-backed securities ("MBS") | 18,520 | 19,406 | 21,399 |
FHLB stock | 13,821 | 10,031 | 3,916 |
Investment securities | 3,565 | 3,268 | 2,825 |
Total interest and dividend income | 359,789 | 279,540 | 258,181 |
INTEREST EXPENSE: | |||
Borrowings | 124,250 | 52,490 | 34,774 |
Deposits | 82,267 | 34,456 | 48,406 |
Total interest expense | 206,517 | 86,946 | 83,180 |
NET INTEREST INCOME | 153,272 | 192,594 | 175,001 |
PROVISION FOR CREDIT LOSSES | 6,838 | (4,630) | (8,510) |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 146,434 | 197,224 | 183,511 |
NON-INTEREST INCOME: | |||
Revenue from contracts with customers | 17,600 | 18,100 | 16,500 |
Gain on sale of Visa Class B shares | 0 | 0 | 7,386 |
Net loss from securities transactions | (192,622) | 0 | 0 |
Other non-interest income | 4,935 | 6,085 | 5,388 |
Total non-interest income | (171,455) | 22,830 | 28,086 |
NON-INTEREST EXPENSE: | |||
Salaries and employee benefits | 51,491 | 56,600 | 56,002 |
Information technology and related expense | 23,425 | 18,311 | 17,922 |
Occupancy, net | 14,236 | 14,370 | 14,045 |
Regulatory and outside services | 6,039 | 6,192 | 5,764 |
Federal insurance premium | 4,456 | 3,020 | 2,545 |
Advertising and promotional | 4,305 | 5,178 | 5,133 |
Deposit and loan transaction costs | 2,694 | 2,797 | 2,761 |
Office supplies and related expense | 2,499 | 1,951 | 1,715 |
Loss on interest rate swap termination | 0 | 0 | 4,752 |
Other non-interest expense | 4,789 | 4,432 | 4,930 |
Total non-interest expense | 113,934 | 112,851 | 115,569 |
(LOSS) INCOME BEFORE INCOME TAX (BENEFIT) EXPENSE | (138,955) | 107,203 | 96,028 |
INCOME TAX (BENEFIT) EXPENSE | (37,296) | 22,750 | 19,946 |
NET (LOSS) INCOME | $ (101,659) | $ 84,453 | $ 76,082 |
Basic (loss) earnings per share ("EPS") | $ (0.76) | $ 0.62 | $ 0.56 |
Diluted EPS | $ (0.76) | $ 0.62 | $ 0.56 |
Deposit service fees [Member] | |||
NON-INTEREST INCOME: | |||
Revenue from contracts with customers | $ 12,745 | $ 13,798 | $ 12,282 |
Insurance commissions [Member] | |||
NON-INTEREST INCOME: | |||
Revenue from contracts with customers | $ 3,487 | $ 2,947 | $ 3,030 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (101,659) | $ 84,453 | $ 76,082 |
Unrealized gains (losses) on AFS securities arising during the period, net of taxes of $(2,696), $51,565, and $6,116 | 8,355 | (159,770) | (19,077) |
Reclassification adjustment for net losses on AFS securities included in net income, net of taxes of $(47,000), $0, and $0 | 145,622 | 0 | 0 |
Unrealized gains (losses) on cash flow hedges arising during the period, net of taxes of $(1,923), $(8,177), and $(1,775) | 5,957 | 25,339 | 5,712 |
Reclassification adjustment for cash flow hedge amounts included in net income, net of taxes of $1,808, $(1,647), and $(4,378) | 5,601 | (5,103) | (13,565) |
Comprehensive income (loss) | $ 52,674 | $ (44,875) | $ 76,282 |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Changes in unrealized gains/losses on AFS securities, tax | $ 2,696 | $ (51,565) | $ (6,116) |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Tax | (47,000) | 0 | 0 |
Changes in unrealized gains/losses on cash flow hedges, tax | 1,923 | 8,177 | 1,775 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | $ (1,808) | $ 1,647 | $ 4,378 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative effect of adopting ASU [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Unearned Compensation ESOP [Member] | Retained Earnings [Member] | Retained Earnings [Member] Cumulative effect of adopting ASU [Member] | AOCI [Member] |
Balance at Sep. 30, 2020 | $ 1,284,859 | $ 1,389 | $ 1,189,853 | $ (33,040) | $ 143,162 | $ (16,505) | ||
Balance (Accounting Standards Update 2016-13 [Member]) at Sep. 30, 2020 | $ (2,288) | $ (2,288) | ||||||
Net (loss) income | 76,082 | 76,082 | ||||||
Other comprehensive income (loss), net of tax | 200 | 200 | ||||||
ESOP activity | 2,036 | 383 | 1,653 | |||||
Restricted stock activity, net | (16) | (16) | ||||||
Stock-based compensation | 496 | 496 | ||||||
Repurchase of common stock | (1,530) | (1) | (1,407) | (122) | ||||
Stock options exercised | 324 | 324 | ||||||
Cash dividends to stockholders | (117,890) | (117,890) | ||||||
Balance at Sep. 30, 2021 | 1,242,273 | 1,388 | 1,189,633 | (31,387) | 98,944 | (16,305) | ||
Net (loss) income | 84,453 | 84,453 | ||||||
Other comprehensive income (loss), net of tax | (129,328) | (129,328) | ||||||
ESOP activity | 1,740 | 88 | 1,652 | |||||
Restricted stock activity, net | (6) | (6) | ||||||
Stock-based compensation | 498 | 498 | ||||||
Cash dividends to stockholders | (103,131) | (103,131) | ||||||
Balance at Sep. 30, 2022 | 1,096,499 | 1,388 | 1,190,213 | (29,735) | 80,266 | (145,633) | ||
Net (loss) income | (101,659) | (101,659) | ||||||
Other comprehensive income (loss), net of tax | 154,333 | 154,333 | ||||||
ESOP activity | 1,179 | (473) | 1,652 | |||||
Stock-based compensation | 327 | 327 | ||||||
Repurchase of common stock | (23,453) | (29) | (23,424) | |||||
Cash dividends to stockholders | (83,172) | (83,172) | ||||||
Balance at Sep. 30, 2023 | $ 1,044,054 | $ 1,359 | $ 1,166,643 | $ (28,083) | $ (104,565) | $ 8,700 |
Consolidated Statements Of St_2
Consolidated Statements Of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends to stockholders | $ 0.62 | $ 0.76 | $ 0.87 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net (loss) income | $ (101,659) | $ 84,453 | $ 76,082 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
FHLB stock dividends | (13,821) | (10,031) | (3,916) |
Provision for credit losses | 6,838 | (4,630) | (8,510) |
Originations of loans receivable held-for-sale ("LHFS") | (1,217) | (1,088) | (1,780) |
Proceeds from sales of LHFS | 1,222 | 1,113 | 1,825 |
Amortization and accretion of premiums and discounts on securities | 3,016 | 4,967 | 6,206 |
Depreciation and amortization of premises and equipment | 9,039 | 9,365 | 9,372 |
Amortization of intangible assets | 1,069 | 1,372 | 1,578 |
Amortization of deferred amounts related to FHLB advances, net | 1,643 | 1,804 | 1,582 |
Common stock committed to be released for allocation - ESOP | 1,179 | 1,740 | 2,036 |
Stock-based compensation | 327 | 498 | 496 |
Provision for deferred income taxes | (45,520) | 2,047 | (1,668) |
Gain on sale of Visa Class B shares | 0 | 0 | (7,386) |
Net loss from securities transactions | 192,622 | 0 | 0 |
Changes in: | |||
Unrestricted cash collateral from derivative counterparties, net | 1,940 | 12,050 | 0 |
Other assets, net | 2,528 | 6,661 | 12,751 |
Income taxes payable/receivable, net | (7,303) | (2,197) | 105 |
Other liabilities | (4,372) | (10,823) | (14,306) |
Net cash provided by operating activities | 47,531 | 97,301 | 74,467 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of AFS securities | 0 | (88,026) | (1,079,351) |
Proceeds from calls, maturities and principal reductions of AFS securities | 186,860 | 323,025 | 594,294 |
Proceeds from the redemption of FHLB stock | 358,491 | 302,243 | 25,386 |
Purchase of FHLB stock | (354,760) | (319,415) | (1,029) |
Net change in loans receivable | (520,229) | (381,561) | 132,800 |
Proceeds from sale of participating interest in loans receivable | 5,563 | 0 | 0 |
Purchase of premises and equipment | (6,281) | (5,557) | (9,410) |
Proceeds from sale of other real estate owned ("OREO") | 533 | 692 | 194 |
Proceeds from the sale of Visa Class B shares | 0 | 0 | 7,386 |
Proceeds from sale of assets held-for-sale | 0 | 0 | 2,619 |
Proceeds from bank-owned life insurance ("BOLI") death benefit | 720 | 1,023 | 443 |
Net cash (used in) investing activities | (329,103) | (167,576) | (326,668) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Cash dividends paid | (83,172) | (103,131) | (117,890) |
Net change in deposits | (143,646) | (402,530) | 405,988 |
Proceeds from borrowings | 4,293,870 | 1,454,402 | 1,143,800 |
Repayments on borrowings | (3,548,542) | (906,902) | (1,346,800) |
Change in advances by borrowers | (17,074) | 7,338 | 7,008 |
Payment of FHLB prepayment penalties | 0 | 0 | (5,077) |
Repurchase of common stock | (23,453) | 0 | (4,568) |
Stock options exercised | 0 | 0 | 324 |
Net cash provided by financing activities | 477,983 | 49,177 | 82,785 |
NET INCREASE / (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 196,411 | (21,098) | (169,416) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | |||
Beginning of year | 49,194 | 70,292 | 239,708 |
End of year | 245,605 | 49,194 | 70,292 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Income tax payments | 5,424 | 13,559 | 13,057 |
Interest payments | $ 188,908 | $ 83,833 | $ 83,646 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2023 | |
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 46 traditional and five 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. 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 and Restricted Cash - Cash, cash equivalents, and restricted cash reported in the statement of cash flows which consisted entirely of cash and cash equivalents at September 30, 2023 and 2022, respectively. Restricted cash relates to the collateral postings to/from the Bank's derivative counterparties associated with the Bank's interest rate swaps. There was no restricted cash included in other assets 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 ("GSEs"), including Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC) and the Federal Home Loan Banks, United States Government agencies, including Government National Mortgage Association (GNMA), corporate bonds, and municipal bonds. Securities are classified as held-to-maturity ("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. Accrued interest receivable for all securities is reported in other assets Securities that management has the intention 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. At September 30, 2023 and 2022, the portfolio did not contain any securities classified as HTM. 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 non-credit 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 14. Fair Value of Financial Instruments." Securities that are purchased and held principally for resale in the near future are classified as trading securities and are reported at fair value, with unrealized gains and losses included in non-interest income in the consolidated statements of income. During the fiscal years ended September 30, 2023 and 2022, neither the Company nor the Bank maintained a trading securities portfolio. Allowance for Credit Losses on AFS Debt Securities - Management monitors AFS debt securities for impairment on an ongoing basis and performs a formal review quarterly. If an AFS debt security is in an unrealized loss position at the time of the quarterly review, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost. If either condition is met, the entire loss in fair value is recognized in current earnings. If neither condition is met, and the Company does not expect to recover the amortized cost basis, the Company determines whether the decline in fair value resulted from credit losses or other factors. In making this assessment, management considers the security structure, the cause(s) and severity of the loss, expectations of future performance including 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, and external credit ratings and recent downgrades in such ratings. Management's assessment involves a high degree of subjectivity and judgment that is based on information available at a point in time. If the assessment indicates that a credit loss exists, the present value of cash flows expected to be collected is compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss has occurred, and an ACL is recorded. The ACL is limited by the amount that the fair value is less than the amortized cost basis. Changes in the ACL on AFS debt securities are recorded as an increase or decrease in the provision for credit losses on the consolidated statements of income. Losses are charged against the ACL on securities when management believes the collectability of an AFS security is in doubt or when either of the conditions regarding intent or requirement to sell is met. Interest accrued on AFS debt securities but not received is also reversed against interest income. As of September 30, 2023 and 2022, the Company did not identify any credit losses related to the Company's AFS debt securities so there was no ACL on AFS debt securities as of those dates. Loans Receivable - Loans receivable that management has the intention and ability to hold for the foreseeable future are carried at amortized cost, excluding accrued interest. Amortized cost is the amount of unpaid principal, net of undisbursed loan funds, unamortized premiums and discounts, and deferred loan fees and costs. Net loan fees and costs, and premiums and discounts are amortized as yield adjustments to interest income using the level-yield method. Loans are presented on the consolidated balance sheet net of the related ACL. Interest on loans receivable is accrued based on the principal amount outstanding. Accrued interest receivable for loans is reported in other assets Loan endorsements - Certain existing one- to four- family loan customers, including customers whose loans were purchased from a correspondent lender, have the opportunity, for a fee, to endorse their original loan terms to current loan terms being offered by the Bank, without being required to complete the standard application and underwriting process. 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, 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 - 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 generally 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 troubled debt restructuring ("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 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. Allowance for Credit Losses on Loans Receivable - The ACL is a valuation amount that is deducted from the amortized cost basis of loans. It represents management's current expectations of total expected credit losses included in the Company's loan portfolio as of the balance sheet date and is determined using relevant information about past events, including historical credit loss experience on loans with similar risk characteristics, current conditions, and reasonable and supportable forecasts, along with the application of qualitative factors when necessary. The ACL is recorded upon origination or purchase of a loan and is updated at subsequent reporting dates. Changes in the ACL are recorded through increases or decreases to the provision for credit losses in the consolidated statements of income. The ACL is an estimate that requires significant judgment including projections of the macroeconomic environment as of a point in time. The macroeconomic environment continuously changes, which can cause fluctuations in estimated expected losses. The Bank's ACL is measured on a collective ("pool") basis, with loans aggregated into pools based on similar risk characteristics such as collateral type, historical loss experience, loan-to-value ("LTV") for one- to four-family loans, and payment sources for commercial loans. Loans that do not share similar risk characteristics are evaluated on an individual basis. Charge-offs against the related ACL amounts for any loan type may be recorded at any time if the Bank has knowledge of the existence of a probable loss. One- to four-family loans and consumer home equity loans are deemed to be collateral dependent and individually evaluated for loss when the loan is generally 180 days delinquent, and any identified losses are charged-off at that time. 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. 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. Commercial loans are individually evaluated for loss if management determines they exhibit unique risk characteristics. Specific allocations of ACL are established and/or 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 regarding the borrower, that the borrower is not able to service the debt and there is little or no prospect for near term improvement. In the case of secured loans, the loan is deemed to be collateral dependent when this occurs, and the specific allocation of ACL and/or charge-off amount is based on a comparison of the amounts due from the borrower and calculated current fair value of the collateral after consideration of estimated costs to sell. The primary credit risk characteristics inherent in the one- to four-family and consumer loan portfolios are a decline in economic conditions, such as 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, charge-offs, and provisions for credit losses. 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 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. For loans evaluated for credit losses on a pool basis, average historical loss rates are calculated for each pool using the Company's historical charge-offs, or peer data when the Company's own historical loss rates are not reflective of future loss expectations, and outstanding loan balances during a historical time period. The historical time periods can be different based on the individual pool and represent management's credit expectations for the pool of loans over the remaining contractual life. Generally, the historical time periods are at least one economic cycle. These historical loss rates are compared to historical data related to economic variables including national unemployment rate, changes in commercial real estate price index, changes in home values, and changes in the United States gross domestic product during the same time periods over which the historical loss rates were calculated, and a correlation is estimated using regression analysis. Each quarter, the Company's model pairs the results of the regression analysis with an economic forecast of these same macroeconomic variables, which is provided by a third party, in order to project future loss rates. The forecast is applied for a reasonable and supportable time period, as determined by management, before reverting back to long-term historical averages at the macroeconomic variable level using a straight-line method. The forecast-adjusted loss rate is applied to the loans over their remaining contractual lives, adjusted for expected prepayments and curtailments. The contractual term excludes expected extensions, renewals and modifications unless there is a reasonable expectation that a TDR will be executed. In the case of revolving lines of credit, since the rate of principal reduction is generally at the discretion of the borrower, remaining contractual lives are calculated by estimating future cash flows expected to be received from the borrower until the outstanding balance has been reduced to zero. Using all of these inputs, the model generates aggregated estimated cash flows for the time period that remains in each loan's contractual life. These cash flows are discounted back to the reporting date using each loan's effective yield, to arrive at a present value of future cash flows. Each loan pool's ACL is equal to the aggregate shortage, if any, of the present value of future cash flows compared to the amortized cost basis of the loan pool. Additionally, qualitative factors are considered for items not included in historical loss rates, macroeconomic forecasts, or other model inputs and/or other ACL processes, as deemed appropriate by management's current assessment of risks related to loan portfolio attributes and external factors. Such qualitative factor considerations include changes in the Bank's loan portfolio composition and credit concentrations, changes in the balances and/or trends in asset quality and/or loan credit performance, changes in lending underwriting standards, the effect of other external factors such as significant unique events or conditions, and actual and/or expected changes in economic conditions, real estate values, and/or other economic developments in which the Bank operates. Management assesses the potential impact of such items and adjusts the modeled ACL as deemed appropriate based upon the assessment. Reserve for Off-Balance Sheet Credit Exposures - The Company's off-balance sheet credit exposures are comprised of unfunded portions of existing loans, such as lines of credit and construction loans, and commitments to originate or purchase loans that are not unconditionally cancellable by the Company. Expected credit losses on these amounts are calculated using the same methodology that is applied in the ACL model and qualitative factors are also considered; however, the estimate of credit risk for off-balance sheet credit exposures also takes into consideration the likelihood that funding of the unfunded amount/commitment will occur. The reserve for these off-balance sheet credit exposures is recorded as a liability and is presented in other liabilities on the consolidated balance sheet. Changes to the reserve on off-balance sheet credit exposures are recorded through increases or decreases to the provision for credit losses on the consolidated statements of income. 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, Equipment, and Leases - 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. The Company leases real estate property for branches, ATMs, and certain equipment. The Company determines if an arrangement is a lease at inception and if the lease is an operating lease or a finance lease. Operating lease right-of-use assets represent the Company's right to use an underlying asset during the lease term and operating lease liabilities represent the Company's obligation to make lease payments arising from the lease. The right-of-use assets associated with operating leases are recorded in other assets in the Company's consolidated balance sheets. The lease liabilities associated with operating leases are included in other liabilities on the consolidated balance sheets. The period over which the right-of-use asset is amortized is generally the lesser of the expected remaining term or the remaining useful life of the leased asset. The lease liability is decreased as periodic lease payments are made. The Company performs impairment assessments for right-of-use assets when events or changes in circumstances indicate that their carrying values may not be recoverable. The calculated amounts of the right-of-use assets and lease liabilities are impacted by the length of the lease term and the discount rate used to calculate the present value of the minimum remaining lease payments. The Company's lease agreements often include one or more options to renew at the Company's discretion. If, at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company includes the extended term in the calculation of the right-of-use asset and lease liability. Generally, the Company cannot practically determine the interest rate implicit in the lease, so the Company's incremental borrowing rate is used as the discount rate for the lease. The Company uses FHLB advance interest rates, which have been deemed as the Company's incremental borrowing rate, at lease inception based upon the term of the lease. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Lease expense, variable lease expense and short-term lease expense are included in occupancy expense in the Company's consolidated statements of income. For facility-related leases, the Company elected, by lease class, to not separate lease and non-lease components. Lease expense is recognized on a straight-line basis over the lease term. Variable lease expense primarily represents payments such as common area maintenance, real estate taxes, and utilities and are recognized as expense in the period when those payments are incurred. Short-term lease expense relates to leases with an initial term of 12 months or less. The Company has elected to not record a right-of-use asset or lease liability for short-term leases. 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. Other Assets - Included in other assets on the consolidated balance sheet are the Company's intangible assets, 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 determined at the time of acquisition and are tested for impairment whenever events or circumstances change. Interest Rate Swaps - 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. 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. 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. Accounting Standards Codification ("ASC") Topic 740 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. 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. Revenue Recognition - Non-interest income within the scope of ASC Topic 606 is recognized by the Company when performance obligations, under the terms of the contract, are satisfied. This income is measured as the amount of consideration expected to be received in exchange for the providing of services. The majority of the Company's applicable non-interest income continues to be recognized at the time when services are provided to its customers. See "Note 16. Revenue Recognition" for additional information. Segment Information - As a community-oriented financial institution, substantially all of the Bank's operations involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of these community banking operations, which constitute the Company's only operating segment for financial reporting purposes. Earnings Per Share - 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 shares of restricted stock which have vested. 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. Recent Accounting Pronouncements - In March 2022, the Financial Accounting Standards Board (FASB) issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclos ures. This ASU eliminates the accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, this ASU requires that an entity disclose current-period gross write-offs by year of origination for financing receivables within the scope of ASC 326-20, Financial Instruments-Credit Losses-Measured at Amortized Cost . This ASU is effective for the Company on October 1, 2023. The Company intends to apply a modified retrospective approach when adopting the ASU. Upon adoption, a cumulative-effect adjustment will be recognized in retained earnings, net of tax. While the adoption of this ASU will result in enhanced disclosures, the adoption of this ASU will no |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Sep. 30, 2023 | |
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, 2023 2022 2021 (Dollars in thousands, except per share amounts) Net (loss) income $ (101,659) $ 84,453 $ 76,082 Loss (Income) allocated to participating securities 51 (45) (50) Net (loss) income available to common stockholders $ (101,608) $ 84,408 $ 76,032 Total basic average common shares outstanding 133,556,864 135,700,447 135,481,232 Effect of dilutive stock options — — 14,363 Total diluted average common shares outstanding 133,556,864 135,700,447 135,495,595 Net EPS: Basic $ (0.76) $ 0.62 $ 0.56 Diluted $ (0.76) $ 0.62 $ 0.56 Antidilutive stock options, excluded from the diluted average common shares outstanding calculation 369,421 516,603 206,284 |
Securities
Securities | 12 Months Ended |
Sep. 30, 2023 | |
Marketable Securities [Abstract] | |
Securities | SECURITIES The following tables reflect the amortized cost, estimated fair value, and gross unrealized gains and losses of AFS securities at the dates presented. The majority of the MBS and investment securities portfolios are composed of securities issued by GSEs. September 30, 2023 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) MBS $ 901,440 $ 113 $ 819 $ 900,734 GSE debentures 479,610 — 182 479,428 Corporate bonds 4,000 — 622 3,378 Municipal bonds 942 — — 942 $ 1,385,992 $ 113 $ 1,623 $ 1,384,482 September 30, 2022 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) MBS $ 1,243,270 $ 365 $ 155,011 $ 1,088,624 GSE debentures 519,977 — 50,150 469,827 Corporate bonds 4,000 — 305 3,695 Municipal bonds 1,243 — 82 1,161 $ 1,768,490 $ 365 $ 205,548 $ 1,563,307 The following tables summarize the estimated fair value and gross unrealized losses of those AFS 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, 2023 Less Than 12 Months Equal to or Greater Than 12 Months Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses (Dollars in thousands) MBS $ 6,179 $ 109 $ 34,555 $ 710 GSE debentures — — 24,818 182 Corporate bonds — — 3,378 622 $ 6,179 $ 109 $ 62,751 $ 1,514 September 30, 2022 Less Than 12 Months Equal to or Greater Than 12 Months Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses (Dollars in thousands) MBS $ 338,013 $ 22,563 $ 715,281 $ 132,448 GSE debentures — — 469,827 50,150 Corporate bonds 3,695 305 — — Municipal bonds 1,161 82 — — $ 342,869 $ 22,950 $ 1,185,108 $ 182,598 The unrealized losses at September 30, 2023 were 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. As of September 30, 2023, management intended to sell securities with an estimated fair value of $1.30 billion; therefore an unrealized loss of $192.6 million associated with those securities was recognized in the consolidated statement of income for the year ended September 30, 2023 as a net loss from securities transactions. Management did not record an ACL on the remaining securities in an unrealized loss position at September 30, 2023 because scheduled coupon payments have been made, management anticipates that the entire principal balance will be collected as scheduled, and neither does the Company intend 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. The amortized cost and estimated fair value of AFS debt securities as of September 30, 2023, 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 penalty. For this reason, MBS are not included in the maturity categories. Amortized Estimated Cost Fair Value (Dollars in thousands) One year or less $ 72,800 $ 72,618 One year through five years 406,810 406,810 Five years through ten years 4,942 4,320 484,552 483,748 MBS 901,440 900,734 $ 1,385,992 $ 1,384,482 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, 2023 2022 2021 (Dollars in thousands) Taxable $ 3,538 $ 3,234 $ 2,710 Non-taxable 27 34 115 $ 3,565 $ 3,268 $ 2,825 The following table summarizes the carrying value of securities pledged as collateral for the obligations indicated below as of the dates presented. September 30, 2023 2022 (Dollars in thousands) Federal Reserve Bank of Kansas City ("FRB of Kansas City") borrowings $ 519,195 $ 46,283 Public unit deposits 178,396 125,496 FHLB advances — 572,913 $ 697,591 $ 744,692 During fiscal year 2021, the Company sold its Visa Class B shares. The proceeds and realized gain related to the sale of the Visa Class B shares were each $7.4 million. All other dispositions of securities during fiscal years 2023, 2022, and 2021 were the result of principal repayments, calls, or maturities. In October 2023, the Bank sold $1.30 billion of AFS securities. The Bank received gross proceeds of $1.27 billion from the sale and realized gross losses of $14.9 million and gross gains of $1.6 million, which will be reported in the Company's consolidated statement of income for fiscal year 2024. |
Loans Receivable And Allowance
Loans Receivable And Allowance For Credit Losses | 12 Months Ended |
Sep. 30, 2023 | |
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | |
Loans Receivable And Allowance For Credit Losses | LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES Loans receivable, net at September 30, 2023 and 2022 is summarized as follows: 2023 2022 (Dollars in thousands) One- to four-family: Originated $ 3,978,837 $ 3,988,469 Correspondent purchased 2,405,911 2,201,886 Bulk purchased 137,193 147,939 Construction 69,974 66,164 Total 6,591,915 6,404,458 Commercial: Commercial real estate 995,788 745,301 Commercial and industrial 112,953 79,981 Construction 178,746 141,062 Total 1,287,487 966,344 Consumer: Home equity 95,723 92,203 Other 9,256 8,665 Total 104,979 100,868 Total loans receivable 7,984,381 7,471,670 Less: ACL 23,759 16,371 Deferred loan fees/discounts 31,335 29,736 Premiums/deferred costs (41,662) (38,645) $ 7,970,949 $ 7,464,208 As of September 30, 2023 and 2022, the Bank serviced loans for others aggregating $44.2 million and $49.8 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 $972 thousand and $1.1 million as of September 30, 2023 and 2022, respectively. Lending Practices and Underwriting Standards - Originating one- to four-family loans is the Bank's primary lending business. The Bank also purchases one- to four-family loans from correspondent lenders and 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. 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 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 commercial and industrial loans. As a result of these additional complexities, variables and risks, commercial and industrial loans require more thorough underwriting and servicing than other types of loans. Consumer loans - The Bank offers a variety of consumer loans, the majority of which are home equity loans and 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. See discussion regarding the credit risks for these loan segments in "Note 1. Summary of Significant Accounting Policies - Allowance for Credit Losses on Loans Receivable." These segments are further divided into classes for purposes of providing disaggregated credit quality information about 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 the originated class and commercial construction loans are included in the commercial real estate class. As part of the on-going monitoring of the credit quality of the Company's loan portfolio, management tracks certain credit quality indicators including trends related to loan classification and delinquency status. Loan Classification - 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 nonaccrual 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, as of the dates indicated, the amortized cost of loans by class of financing receivable, year of origination or most recent credit decision, and loan classification. All revolving lines of credit and revolving lines of credit converted to term loans are presented separately, regardless of origination year. Loans classified as doubtful or loss are individually evaluated for loss. At September 30, 2023 and September 30, 2022, there were no loans classified as doubtful, and all loans classified as loss were fully charged-off. September 30, 2023 Revolving Line of Current Fiscal Fiscal Fiscal Fiscal Revolving Credit Fiscal Year Year Year Year Prior Line of Converted Year 2022 2021 2020 2019 Years Credit to Term Total (Dollars in thousands) One- to four-family: Originated Pass $ 318,569 $ 597,298 $ 874,518 $ 568,081 $ 251,773 $ 1,398,616 $ — $ — $ 4,008,855 Special Mention — 1,883 1,468 767 1,863 8,067 — — 14,048 Substandard 292 155 221 564 939 7,954 — — 10,125 Correspondent purchased Pass 346,084 517,976 607,968 246,926 62,744 643,520 — — 2,425,218 Special Mention 308 674 1,674 420 357 1,133 — — 4,566 Substandard — — — 564 — 5,402 — — 5,966 Bulk purchased Pass — — — — — 134,464 — — 134,464 Special Mention — — — — — — — — — Substandard — — — — — 3,208 — — 3,208 665,253 1,117,986 1,485,849 817,322 317,676 2,202,364 — — 6,606,450 Commercial: Commercial real estate Pass 403,269 301,164 208,942 81,478 82,027 79,170 10,448 — 1,166,498 Special Mention 2,483 — — — — — — — 2,483 Substandard 67 — — 594 219 255 — — 1,135 Commercial and industrial Pass 30,206 23,166 11,740 3,228 2,693 748 27,104 — 98,885 Special Mention 13,191 — — — — — 699 — 13,890 Substandard — — — 73 — 82 — — 155 449,216 324,330 220,682 85,373 84,939 80,255 38,251 — 1,283,046 Consumer: Home equity Pass 5,501 5,624 1,955 1,069 746 2,224 72,119 6,205 95,443 Special Mention — 46 — — — 21 62 195 324 Substandard — — — — — 15 125 48 188 Other Pass 4,758 2,693 787 338 133 129 412 — 9,250 Special Mention — — — 4 — — — 1 5 Substandard 2 — — — — — — — 2 10,261 8,363 2,742 1,411 879 2,389 72,718 6,449 105,212 Total $ 1,124,730 $ 1,450,679 $ 1,709,273 $ 904,106 $ 403,494 $ 2,285,008 $ 110,969 $ 6,449 $ 7,994,708 September 30, 2022 Fiscal Fiscal Fiscal Fiscal Fiscal Revolving Year Year Year Year Year Prior Line of 2022 2021 2020 2019 2018 Years Credit Total (Dollars in thousands) One- to four-family: Originated Pass $ 563,460 $ 930,019 $ 624,274 $ 281,342 $ 212,037 $ 1,406,444 $ — $ 4,017,576 Special Mention 47 457 1,111 518 428 7,641 — 10,202 Substandard 158 — 278 1,106 256 8,968 — 10,766 Correspondent purchased Pass 494,854 651,363 273,626 69,752 104,150 627,390 — 2,221,135 Special Mention — — — 355 1,186 1,197 — 2,738 Substandard — — — 168 513 4,783 — 5,464 Bulk purchased Pass — — — — — 144,840 — 144,840 Special Mention — — — — — — — — Substandard — — — — — 3,637 — 3,637 1,058,519 1,581,839 899,289 353,241 318,570 2,204,900 — 6,416,358 Commercial: Commercial real estate Pass 366,794 221,001 111,689 86,456 41,322 46,383 7,436 881,081 Special Mention 565 — — — — — — 565 Substandard 436 — 594 221 239 30 — 1,520 Commercial and industrial Pass 38,442 17,453 5,708 4,212 919 630 11,413 78,777 Special Mention — — — — — — — — Substandard — — 78 — 73 10 1,052 1,213 406,237 238,454 118,069 90,889 42,553 47,053 19,901 963,156 Consumer: Home equity Pass 6,447 2,375 1,486 982 992 2,020 77,448 91,750 Special Mention — 66 — — — — 233 299 Substandard — — — 18 — 3 331 352 Other Pass 4,207 1,977 843 408 651 201 369 8,656 Special Mention — — 7 — — — — 7 Substandard 1 — — — — — — 1 10,655 4,418 2,336 1,408 1,643 2,224 78,381 101,065 Total $ 1,475,411 $ 1,824,711 $ 1,019,694 $ 445,538 $ 362,766 $ 2,254,177 $ 98,282 $ 7,480,579 Delinquency Status - The following tables set forth, as of the dates indicated, the amortized cost of current loans, loans 30 to 89 days delinquent, and loans 90 or more days delinquent or in foreclosure ("90+/FC"), by class of financing receivable and year of origination or most recent credit decision as of the dates indicated. All revolving lines of credit and revolving lines of credit converted to term loans are presented separately, regardless of origination year. September 30, 2023 Revolving Line of Current Fiscal Fiscal Fiscal Fiscal Revolving Credit Fiscal Year Year Year Year Prior Line of Converted Year 2022 2021 2020 2019 Years Credit to Term Total (Dollars in thousands) One- to four-family: Originated Current $ 318,211 $ 598,283 $ 875,563 $ 567,975 $ 253,546 $ 1,407,090 $ — $ — $ 4,020,668 30-89 358 898 644 1,437 820 5,960 — — 10,117 90+/FC 292 155 — — 209 1,587 — — 2,243 Correspondent purchased Current 346,084 518,650 608,573 247,346 62,652 643,739 — — 2,427,044 30-89 308 — 1,069 564 449 2,862 — — 5,252 90+/FC — — — — — 3,454 — — 3,454 Bulk purchased Current — — — — — 136,577 — — 136,577 30-89 — — — — — 153 — — 153 90+/FC — — — — — 942 — — 942 665,253 1,117,986 1,485,849 817,322 317,676 2,202,364 — — 6,606,450 Commercial: Commercial real estate Current 404,867 301,164 208,942 81,478 82,027 79,188 10,448 — 1,168,114 30-89 36 — — — — — — — 36 90+/FC 916 — — 594 219 237 — — 1,966 Commercial and industrial Current 43,397 23,166 11,740 3,228 2,690 748 27,684 — 112,653 30-89 — — — — 2 — 57 — 59 90+/FC — — — 73 1 82 62 — 218 449,216 324,330 220,682 85,373 84,939 80,255 38,251 — 1,283,046 Consumer: Home equity Current 5,428 5,631 1,955 990 746 2,195 71,986 6,312 95,243 30-89 73 39 — 79 — 50 239 125 605 90+/FC — — — — — 15 81 11 107 Other Current 4,737 2,613 765 338 132 129 412 — 9,126 30-89 17 80 22 4 1 — — 1 125 90+/FC 6 — — — — — — — 6 10,261 8,363 2,742 1,411 879 2,389 72,718 6,449 105,212 Total $ 1,124,730 $ 1,450,679 $ 1,709,273 $ 904,106 $ 403,494 $ 2,285,008 $ 110,969 $ 6,449 $ 7,994,708 September 30, 2022 Fiscal Fiscal Fiscal Fiscal Fiscal Revolving Year Year Year Year Year Prior Line of 2022 2021 2020 2019 2018 Years Credit Total (Dollars in thousands) One- to four-family: Originated Current $ 563,507 $ 930,476 $ 625,110 $ 282,598 $ 212,549 $ 1,417,268 $ — $ 4,031,508 30-89 — — 553 — 64 3,506 — 4,123 90+/FC 158 — — 368 108 2,279 — 2,913 Correspondent purchased Current 494,854 651,363 273,626 70,107 105,336 629,150 — 2,224,436 30-89 — — — — — 1,117 — 1,117 90+/FC — — — 168 513 3,103 — 3,784 Bulk purchased Current — — — — — 146,399 — 146,399 30-89 — — — — — 921 — 921 90+/FC — — — — — 1,157 — 1,157 1,058,519 1,581,839 899,289 353,241 318,570 2,204,900 — 6,416,358 Commercial: Commercial real estate Current 367,795 221,001 111,689 86,456 41,322 46,383 7,436 882,082 30-89 — — — — — — — — 90+/FC — — 594 221 239 30 — 1,084 Commercial and industrial Current 38,442 17,453 5,786 4,212 919 630 12,465 79,907 30-89 — — — — — — — — 90+/FC — — — — 73 10 — 83 406,237 238,454 118,069 90,889 42,553 47,053 19,901 963,156 Consumer: Home equity Current 6,447 2,441 1,429 1,000 980 1,999 77,633 91,929 30-89 — — 57 — 12 24 226 319 90+/FC — — — — — — 153 153 Other Current 4,205 1,964 844 404 651 201 368 8,637 30-89 2 13 6 4 — — 1 26 90+/FC 1 — — — — — — 1 10,655 4,418 2,336 1,408 1,643 2,224 78,381 101,065 Total $ 1,475,411 $ 1,824,711 $ 1,019,694 $ 445,538 $ 362,766 $ 2,254,177 $ 98,282 $ 7,480,579 Delinquent and Nonaccrual Loans - The following tables present the amortized cost, at the dates indicated, by class, of loans 30 to 89 days delinquent, loans 90 or more days delinquent or in foreclosure, total delinquent loans, current loans, and total loans. At September 30, 2023 and 2022, all loans 90 or more days delinquent were on nonaccrual status. The increase in loans 30 to 89 days delinquent during the current year was due mainly to delinquencies returning to more historical levels as government payment assistance programs expired. September 30, 2023 90 or More Days Total Total 30 to 89 Days Delinquent or Delinquent Current Amortized Delinquent in Foreclosure Loans Loans Cost (Dollars in thousands) One- to four-family: Originated $ 10,117 $ 2,243 $ 12,360 $ 4,020,668 $ 4,033,028 Correspondent purchased 5,252 3,454 8,706 2,427,044 2,435,750 Bulk purchased 153 942 1,095 136,577 137,672 Commercial: Commercial real estate 36 1,966 2,002 1,168,114 1,170,116 Commercial and industrial 59 218 277 112,653 112,930 Consumer: Home equity 605 107 712 95,243 95,955 Other 125 6 131 9,126 9,257 $ 16,347 $ 8,936 $ 25,283 $ 7,969,425 $ 7,994,708 September 30, 2022 90 or More Days Total Total 30 to 89 Days Delinquent or Delinquent Current Amortized Delinquent in Foreclosure Loans Loans Cost (Dollars in thousands) One- to four-family: Originated $ 4,123 $ 2,913 $ 7,036 $ 4,031,508 $ 4,038,544 Correspondent purchased 1,117 3,784 4,901 2,224,436 2,229,337 Bulk purchased 921 1,157 2,078 146,399 148,477 Commercial: Commercial real estate — 1,084 1,084 882,082 883,166 Commercial and industrial — 83 83 79,907 79,990 Consumer: Home equity 319 153 472 91,929 92,401 Other 26 1 27 8,637 8,664 $ 6,506 $ 9,175 $ 15,681 $ 7,464,898 $ 7,480,579 The amortized cost of mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process as of September 30, 2023 and 2022 was $2.5 million and $2.0 million, respectively, which is included in loans 90 or more days delinquent or in foreclosure in the tables 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 $219 thousand at September 30, 2023 and $328 thousand at September 30, 2022. The following table presents the amortized cost at September 30, 2023 and September 30, 2022, by class, of loans classified as nonaccrual. Additionally, the amortized cost of nonaccrual loans that had no related ACL is presented, all of which were individually evaluated for loss and any identified losses have been charged off. 2023 2022 Nonaccrual Loans Nonaccrual Loans with No ACL Nonaccrual Loans Nonaccrual Loans with No ACL (Dollars in thousands) One- to four-family: Originated $ 2,457 $ 471 $ 3,135 $ 1,018 Correspondent purchased 3,739 285 3,784 304 Bulk purchased 942 630 1,157 630 Commercial: Commercial real estate 1,984 446 1,084 449 Commercial and industrial 218 155 161 161 Consumer: Home equity 107 3 172 19 Other 6 — 1 — $ 9,453 $ 1,990 $ 9,494 $ 2,581 TDRs - The following tables present the amortized cost for the periods presented, prior to restructuring and immediately after restructuring in all loans restructured during the years presented. These tables do not reflect the amortized cost at the end of the periods indicated. Any increase in the amortized cost at the time of the restructuring was generally due to the capitalization of delinquent interest and/or escrow balances. For the Year Ended September 30, 2023 Number Pre- Post- of Restructured Restructured Contracts Outstanding Outstanding (Dollars in thousands) One- to four-family: Originated 1 $ 110 $ 110 Correspondent purchased 1 282 285 Bulk purchased 1 239 257 Commercial: Commercial real estate — — — Commercial and industrial — — — Consumer: Home equity 1 38 38 Other — — — 4 $ 669 $ 690 For the Year Ended September 30, 2022 Number Pre- Post- of Restructured Restructured Contracts Outstanding Outstanding (Dollars in thousands) One- to four-family: Originated 3 $ 156 $ 156 Correspondent purchased — — — Bulk purchased — — — Commercial: Commercial real estate — — — Commercial and industrial 2 124 124 Consumer: Home equity 1 19 19 Other — — — 6 $ 299 $ 299 For the Year Ended September 30, 2021 Number Pre- Post- of Restructured Restructured Contracts Outstanding Outstanding (Dollars in thousands) One- to four-family: Originated 7 $ 1,685 $ 1,576 Correspondent purchased — — — Bulk purchased — — — Commercial: Commercial real estate — — — Commercial and industrial — — — Consumer: Home equity — — — Other — — — 7 $ 1,685 $ 1,576 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, 2023 September 30, 2022 September 30, 2021 Number of Amortized Number of Amortized Number of Amortized Contracts Cost Contracts Cost Contracts Cost (Dollars in thousands) One- to four-family: Originated 1 $ 8 2 $ 697 — $ — Correspondent purchased — — — — — — Bulk purchased — — — — — — Commercial: Commercial real estate — — — — — — Commercial and industrial — — — — — — Consumer: Home equity — — 1 19 — — Other — — — — — — 1 $ 8 3 $ 716 — $ — Allowance for Credit Losses - The following table summarizes ACL activity, by loan portfolio segment, for the periods presented. The Bank adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments ("CECL") on October 1, 2020. For the Year Ended September 30, 2023 One- to Four-Family Correspondent Bulk Originated Purchased Purchased Total Commercial Consumer Total (Dollars in thousands) Beginning balance $ 2,066 $ 2,734 $ 206 $ 5,006 $ 11,120 $ 245 $ 16,371 Charge-offs — — — — (75) (40) (115) Recoveries 6 — — 6 1 2 9 Provision for credit losses 77 238 1 316 7,134 44 7,494 Ending balance $ 2,149 $ 2,972 $ 207 $ 5,328 $ 18,180 $ 251 $ 23,759 The increase in ACL during the current year was primarily a result of the outlook for worsening economic forecast conditions compared to the prior year, along with a reduction in the projected prepayment speeds used in the model for all loan categories. For the Year Ended September 30, 2022 One- to Four-Family Correspondent Bulk Originated Purchased Purchased Total Commercial Consumer Total (Dollars in thousands) Beginning balance $ 1,612 $ 2,062 $ 304 $ 3,978 $ 15,652 $ 193 $ 19,823 Charge-offs (9) — — (9) (40) (21) (70) Recoveries 138 — — 138 101 17 256 Provision for credit losses 325 672 (98) 899 (4,593) 56 (3,638) Ending balance $ 2,066 $ 2,734 $ 206 $ 5,006 $ 11,120 $ 245 $ 16,371 For the Year Ended September 30, 2021 One- to Four-Family Correspondent Bulk Originated Purchased Purchased Total Commercial Consumer Total (Dollars in thousands) Beginning balance $ 6,085 $ 2,691 $ 467 $ 9,243 $ 21,800 $ 484 $ 31,527 Adoption of CECL (4,452) (367) 436 (4,383) (193) (185) (4,761) Balance at October 1, 2020 1,633 2,324 903 4,860 21,607 299 26,766 Charge-offs (164) — (21) (185) (515) (15) (715) Recoveries 144 — — 144 50 43 237 Provision for credit losses (1) (262) (578) (841) (5,490) (134) (6,465) Ending balance $ 1,612 $ 2,062 $ 304 $ 3,978 $ 15,652 $ 193 $ 19,823 The key assumptions in the Company's ACL model at September 30, 2023 include the economic forecast, the forecast and reversion to mean time periods, and prepayment and curtailment assumptions. Management also considered certain qualitative factors when evaluating the adequacy of the ACL at September 30, 2023. The key assumptions utilized in estimating the Company's ACL at September 30, 2023 are discussed below. • Economic Forecast - Management considered several economic forecasts provided by a third party and selected a weighted economic forecast that was the most appropriate considering the facts and circumstances at September 30, 2023. The forecasted economic indices applied to the model at September 30, 2023 were the national unemployment rate, changes in commercial real estate price index, changes in home values, and changes in the U.S. gross domestic product. The economic index most impactful to all loan pools within the model at September 30, 2023 was the national unemployment rate. The forecasted national unemployment rate in the economic scenario selected by management at September 30, 2023 had the national unemployment rate gradually increasing to 4.1% by September 30, 2024 which was the end of our four quarter forecast time period. • Forecast and reversion to mean time periods - The forecasted time period and the reversion to mean time period were each four quarters for all of the economic indices at September 30, 2023. • Prepayment and curtailment assumptions - The assumptions used at September 30, 2023 were generally based on actual historical prepayment and curtailment speeds, adjusted by management as deemed necessary. The prepayment and curtailment assumptions vary for each respective loan pool in the model. • Qualitative factors - The qualitative factors applied by management at September 30, 2023 included the following: ◦ The economic uncertainties related to the unemployment rate, the labor force composition, and the labor participation rate that are not captured in the third-party economic forecast scenarios; and ◦ Other management considerations related to commercial loans to account for credit risks not fully reflected in the discounted cash flow model. Reserve for Off-Balance Sheet Credit Exposures - The following is a summary of the changes in reserve for off-balance sheet credit exposures during the periods indicated. At September 30, 2023 and 2022, the Bank's off-balance sheet credit exposures totaled $837.7 million and $992.6 million, respectively. For the Years Ended September 30, 2023 September 30, 2022 (Dollars in thousands) Beginning balance $ 4,751 $ 5,743 (Release)/provision for credit losses (656) (992) Ending balance $ 4,095 $ 4,751 |
Premises, Equipment and Leases
Premises, Equipment and Leases | 12 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment, Net [Abstract] | |
Premises And Equipment, Net | PREMISES, EQUIPMENT AND LEASES A summary of the net carrying value of premises and equipment at September 30, 2023 and 2022 was as follows: 2023 2022 (Dollars in thousands) Land $ 16,045 $ 16,222 Building and improvements 123,830 122,196 Furniture, fixtures and equipment 52,364 49,795 Total premises and equipment 192,239 188,213 Less accumulated depreciation 100,708 93,393 Premises and equipment, net $ 91,531 $ 94,820 The Company leases real estate for branches, ATMs, and certain equipment. These leases have remaining terms that range from three months to 44 years, some of which include exercising renewal options that the Company considers to be reasonably certain. A right-of-use asset of $11.3 million and $11.6 million was included in other assets other liabilities During fiscal year 2021, management decided to relocate one of the Bank's branches. As a result, the Company classified the branch location as held-for-sale and subsequently sold the property. The sale of this property resulted in a loss of $940 thousand, which was included in other non-interest expense on the consolidated statements of income. The following table presents lease expenses and supplemental cash flow information related to the Company's leases for the years indicated. For the Year Ended September 30, 2023 2022 2021 (Dollars in thousands) Operating lease expense $ 1,307 $ 1,397 $ 1,404 Variable lease expense 189 164 176 Short-term lease expense 41 2 2 Cash paid for amounts included in the measurement of lease liabilities 1,211 1,312 1,301 The following table presents future minimum payments, rounded to the nearest thousand, for operating leases with initial or remaining terms in excess of one year as of September 30, 2023 (dollars in thousands): Fiscal year 2024 $ 1,134 Fiscal year 2025 899 Fiscal year 2026 851 Fiscal year 2027 808 Fiscal year 2028 804 Thereafter 12,146 Total future minimum lease payments 16,642 Amounts representing interest (5,020) Present value of net future minimum lease payments $ 11,622 |
Low Income Housing Partnerships
Low Income Housing Partnerships | 12 Months Ended |
Sep. 30, 2023 | |
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 $121.8 million and $111.9 million at September 30, 2023 and 2022, respectively. The Bank's obligations related to unfunded commitments, which are included in other liabilities in the consolidated balance sheets, were $63.6 million and $57.9 million at September 30, 2023 and 2022, respectively. The majority of the commitments at September 30, 2023 are projected to be funded through the end of calendar year 2026. For fiscal years 2023, 2022, and 2021, 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 2023, 2022 and 2021 was $10.1 million, $9.3 million and $8.4 million, respectively, and the amount of affordable housing tax credits and other related tax benefits was $12.4 million, $11.6 million and $10.5 million, respectively, resulting in a net income tax benefit of $2.3 million, $2.3 million and $2.1 million, respectively. There were no impairment losses during fiscal years 2023, 2022, or 2021 resulting from the forfeiture or ineligibility of tax credits or other circumstances. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS Changes in the carrying amount of the Company's intangible assets associated with an acquisition in 2018, 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, 2020 $ 9,324 $ 5,539 Less: Amortization — (1,578) Balance at September 30, 2021 9,324 3,961 Less: Amortization — (1,372) Balance at September 30, 2022 9,324 2,589 Less: Amortization — (1,069) Balance at September 30, 2023 $ 9,324 $ 1,520 As of September 30, 2023, 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, 2023 is presented in the following table (dollars in thousands): 2024 $ 774 2025 523 2026 223 2027 — 2028 — |
Deposits and Borrowed Funds
Deposits and Borrowed Funds | 12 Months Ended |
Sep. 30, 2023 | |
Deposits and Borrowed Funds [Abstract] | |
Deposits and Borrowed Funds | DEPOSITS AND BORROWED FUNDS Deposits - Non-interest-bearing deposits totaled $558.3 million and $591.4 million as of September 30, 2023 and 2022, respectively. Certificates of deposit with a minimum denomination of $250 thousand were $521.0 million and $334.3 million as of September 30, 2023 and 2022, respectively. Deposits in excess of $250 thousand may not be fully insured by the Federal Deposit Insurance Corporation. Borrowings - Borrowings at September 30, 2023 consisted of $2.38 billion in FHLB advances, of which $2.02 billion were fixed-rate advances and $365.0 million were variable-rate advances, and $500.0 million of borrowings from the Federal Reserve's Bank Term Funding Program ("BTFP"). There were no borrowings against the variable-rate FHLB line of credit at September 30, 2023. FHLB borrowings at September 30, 2022 consisted of $2.06 billion in FHLB advances, of which $1.70 billion were fixed-rate advances and $365.0 million were variable-rate advances, and $75.0 million of borrowings against the variable-rate FHLB line of credit. Additionally, the Bank is authorized to borrow from the Federal Reserve Bank's "discount window" but there were no such borrowings at September 30, 2023 or 2022. FHLB advances and BTFP borrowings at September 30, 2023 and 2022 were comprised of the following: 2023 2022 (Dollars in thousands) FHLB advances $ 2,382,828 $ 2,062,500 BTFP borrowings 500,000 — Deferred prepayment penalty - FHLB advances (3,703) (5,346) $ 2,879,125 $ 2,057,154 Weighted average contractual interest rate on FHLB advances 3.41 % 2.42 % Weighted average effective interest rate on FHLB advances (1) 3.06 2.44 Weighted average contractual interest rate on BTFP borrowings 4.70 — (1) The effective interest rate includes the net impact of deferred amounts and interest rate swaps related to the adjustable-rate FHLB advances. 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 2023, the president of FHLB approved an increase, through October 2023, in the Bank's FHLB borrowing limit to 50% of Bank Call Report total assets. In October 2023, the president of the FHLB approved the increase to 50% through October 2024. At September 30, 2023, the ratio of the par value of the Bank's FHLB borrowings to the Bank's Call Report total assets was 23%. The amount that can be borrowed under the BTFP is based upon the par value of securities pledged as collateral, the term can be up to one year in length, and the borrowings can be prepaid without penalty. Advances can be requested under the BTFP until at least March 11, 2024. Subsequent to September 30, 2023, the Bank repaid the $500.0 million of BTFP borrowings. At both September 30, 2023 and 2022, the Bank had entered into interest rate swap agreements with a total notional amount of $365.0 million in order to hedge the variable cash flows associated with $365.0 million of adjustable-rate FHLB advances. At September 30, 2023 and 2022, the interest rate swap agreements had an average remaining term to maturity of 2.1 years and 3.1 years, respectively. The interest rate swaps were designated as cash flow hedges and involved 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, 2023 and September 30, 2022, the interest rate swaps were in a gain position with a total fair value of $13.0 million and $12.5 million, respectively, which was reported in other assets its derivative counterparties and posts collateral on a daily basis. The Bank held cash collateral of $14.0 million at September 30, 2023 and $12.1 million at September 30, 2022. During the current and prior year, the Bank utilized a leverage strategy (the "leverage strategy") to increase earnings. The leverage strategy involved borrowing up to $2.60 billion 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 is not profitable. The proceeds of the borrowings, net of the required FHLB stock holdings, were deposited at the FRB of Kansas City. During the year ended September 30, 2021, the Bank terminated interest rate swaps with a notional amount of $200.0 million which were tied to FHLB advances totaling $200.0 million. The interest rate swaps were designated as cash flow hedges and involved 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. Since it was management's intention to prepay the related FHLB advances, it was no longer probable that the original forecasted transactions subject to the cash flow hedges would occur. Therefore, the termination of the interest rate swaps resulted in the reclassification of unrealized losses, net of tax, totaling $3.6 million ($4.8 million pretax) from AOCI into earnings. During the year ended September 30, 2021, the Bank prepaid fixed-rate FHLB advances totaling $400.0 million with a weighted average contractual interest rate of 1.29% and a weighted average remaining term of 0.9 years, and replaced these advances with fixed-rate FHLB advances totaling $400.0 million with a weighted average contractual interest rate of 0.80% and a weighted average term of 5.0 years. The Bank paid penalties of $5.1 million to FHLB as a result of prepaying these FHLB advances. The weighted average effective interest rate of the new advances was 1.03%. The majority of the prepayment penalties are being recognized in interest expense over the life of the new FHLB advances. Scheduled Repayment of Borrowed Funds and Maturity of Certificates of Deposit - The following table presents the scheduled repayment of FHLB advances and BTFP borrowings, at par, and the maturity of certificates of deposit as of September 30, 2023. With the exception of amortizing advances, FHLB advances are payable at maturity Amortizing FHLB advances are presented based on scheduled repayment dates. At September 30, 2023, the Bank's FHLB advances had maturities ranging from November 2023 to June 2028. At September 30, 2023, the BTFP borrowings maturity date was May 6, 2024. Certificates of Deposit Borrowings Amount (Dollars in thousands) 2024 $ 1,019,672 $ 1,490,023 2025 679,672 681,402 2026 604,672 361,295 2027 427,172 138,297 2028 151,640 58,973 Thereafter — 202 $ 2,882,828 $ 2,730,192 |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income tax expense for the years ended September 30, 2023, 2022, and 2021 consisted of the following: 2023 2022 2021 (Dollars in thousands) Current: Federal $ 6,789 $ 17,105 $ 17,586 State 1,435 3,598 4,028 8,224 20,703 21,614 Deferred: Federal (39,209) 1,632 (1,405) State (6,311) 415 (263) (45,520) 2,047 (1,668) $ (37,296) $ 22,750 $ 19,946 The Company's effective tax rates were 26.8%, 21.2%, and 20.8% for the years ended September 30, 2023, 2022, and 2021, 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: 2023 2022 2021 Amount % Amount % Amount % (Dollars in thousands) Federal income tax expense computed at statutory Federal rate $ (29,180) 21.0 % $ 22,513 21.0 % $ 20,166 21.0 % Increases (decreases) in taxes resulting from: State taxes, net of Federal tax effect (5,412) 3.9 3,399 3.2 3,102 3.2 Low income housing tax credits, net (2,303) 1.6 (2,238) (2.1) (2,085) (2.1) ESOP related expenses, net (652) 0.5 (641) (0.6) (662) (0.7) Other 251 (0.2) (283) (0.3) (575) (0.6) $ (37,296) 26.8 % $ 22,750 21.2 % $ 19,946 20.8 % The components of the net deferred income tax assets (liabilities) as of September 30, 2023 and 2022 were as follows: 2023 2022 (Dollars in thousands) Deferred income tax assets: Net loss on securities transactions $ 47,006 $ — ACL 4,989 3,438 Lease liabilities 2,835 2,883 ESOP compensation 1,510 1,472 Salaries, deferred compensation and employee benefits 1,269 2,044 Reserve for off-balance sheet credit exposures 999 1,159 Unrealized loss on AFS securities 368 50,064 Net purchase discounts related to acquired loans 149 102 Low income housing partnerships 92 337 Other 912 891 Gross deferred income tax assets 60,129 62,390 Valuation allowance (30) (80) Gross deferred income tax asset, net of valuation allowance 60,099 62,310 Deferred income tax liabilities: FHLB stock dividends 17,547 14,590 Unrealized gain on interest rate swaps 3,176 3,061 Premises and equipment 3,164 3,614 ACL 2,936 3,145 Lease right-of-use assets 2,748 2,821 Deposit intangible 411 692 Other 512 503 Gross deferred income tax liabilities 30,494 28,426 Net deferred tax assets $ 29,605 $ 33,884 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, at times, the Bank's bad debt deduction on the Kansas privilege tax return has been in excess of actual net charge-offs, resulting in a state deferred tax liability, which is presented separately from the federal deferred tax asset related to ACL. 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 September 30, 2023 and 2022, the Company had a valuation allowance of $30 thousand and $80 thousand, respectively, related to the net operating losses generated by the Company's consolidated Kansas corporate income tax return as management believes there will not be sufficient taxable income to fully utilize these deferred tax assets. For this reason, a valuation allowance was recorded for the related amounts at September 30, 2023 and 2022. No additional valuation allowances were recorded for the Company's other deferred tax assets as management believes it is more likely than not that these amounts will be realized through the reversal of the Company's existing taxable temporary differences and projected future taxable income. 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 years ended September 30, 2023, 2022, and 2021 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 ending before 2020. |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 12 Months Ended |
Sep. 30, 2023 | |
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 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 th 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 each September 30 th , 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, 2023, 165,198 shares were released from collateral. On September 30, 2024, 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 $1.2 million for the year ended September 30, 2023, $1.7 million for the year ended September 30, 2022, and $2.3 million for the year ended September 30, 2021. Of these amounts, $472 thousand of income, $88 thousand of expense, and $383 thousand of expense 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, 2023, 2022, and 2021, respectively. The Company's stock market price averaged below $10 per share during the year ended September 30, 2023 which is why income rather than expense was recognized for market price differences. There was no compensation expense for dividends on unallocated ESOP shares in excess of the debt service payments for the years ended September 30, 2023 or 2022; for the year ended September 30, 2021, the amount of dividends on unallocated ESOP shares in excess of the debt service payments was $219 thousand. 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, 2023 and 2022: 2023 2022 (Dollars in thousands) Allocated ESOP shares 4,223,478 4,276,467 Unreleased ESOP shares 2,808,366 2,973,564 Total ESOP shares 7,031,844 7,250,031 Fair value of unreleased ESOP shares $ 13,396 $ 24,681 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Sep. 30, 2023 | |
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 an equity 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 61,565 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, 2023, the Company had 4,410,029 stock options still available for future grants under this plan. The Equity Incentive Plan will expire on January 24, 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 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, 2023, the Company had 349,374 stock options outstanding with a weighted average exercise price of $12.50 per option and a weighted average contractual life of 2.5 years, all of which were exercisable. 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. 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, 2023, the Company had 1,528,475 shares available for future grants of restricted stock under this plan. As noted above, this plan will expire on January 24, 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, 2023, the Company had 88,444 unvested shares of restricted stock with a weighted average grant date fair value of $9.52 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 period. Compensation expense attributable to restricted stock awards during the years ended September 30, 2023, 2022, and 2021 totaled $327 thousand, $492 thousand, and $480 thousand, respectively. The fair value of restricted stock that vested during the years ended September 30, 2023, 2022, and 2021 totaled $285 thousand, $408 thousand, and $441 thousand, respectively. As of September 30, 2023, there was $617 thousand of unrecognized compensation cost related to unvested restricted stock to be recognized over a weighted average period of 2.8 years. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES The following table summarizes the Bank's loan commitments as of September 30, 2023 and 2022: 2023 2022 (Dollars in thousands) Originate fixed-rate $ 44,767 $ 103,618 Originate adjustable-rate 29,343 73,749 Purchase/participate fixed-rate 1,246 74,490 Purchase/participate adjustable-rate 520 73,461 $ 75,876 $ 325,318 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 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, 2023 and 2022, there were no significant loan-related commitments that met the definition of derivatives or commitments to sell mortgage loans. As of September 30, 2023 and 2022, the Bank had approved but unadvanced lines of credit of $293.9 million and $282.4 million, respectively. In the normal course of business, the Company and the Bank 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, 2023, or future periods. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Sep. 30, 2023 | |
Banking Regulation, Tier 1 Leverage Capital [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. The Bank and the Company must maintain certain minimum capital ratios as set forth in the table below for capital adequacy purposes. The Bank is required to maintain a capital conservation buffer of 2.50% above certain minimum risk-based capital ratios for capital adequacy purposes in order to be considered well capitalized and to avoid certain restrictions on capital distributions and other payments including dividends, share repurchases, and certain compensation. Management believes, as of September 30, 2023, that the Bank and Company met all capital adequacy requirements to which they were subject, including the capital conservation buffer, and there were no conditions or events subsequent to September 30, 2023 that would change the Bank's or Company's category. At September 30, 2022, the Bank and Company met the requirements to elect the community bank leverage ratio ("CBLR"). 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. 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, 2023 Tier 1 leverage $ 903,969 8.5 % $ 423,358 4.0 % $ 529,197 5.0 % Common Equity Tier 1 ("CET1") capital 903,969 16.0 254,670 4.5 367,856 6.5 Tier 1 capital 903,969 16.0 339,559 6.0 452,746 8.0 Total capital 931,823 16.5 452,746 8.0 565,932 10.0 As of September 30, 2022 CBLR 1,090,222 9.0 1,090,015 9.0 N/A N/A Company As of September 30, 2023 Tier 1 leverage 1,024,880 9.7 423,312 4.0 N/A N/A CET1 capital 1,024,880 18.1 254,681 4.5 N/A N/A Tier 1 capital 1,024,880 18.1 339,574 6.0 N/A N/A Total capital 1,052,734 18.6 452,766 8.0 N/A N/A As of September 30, 2022 CBLR 1,230,851 10.2 1,089,869 9.0 N/A N/A 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, 2023, the balance of this liquidation account was $85.3 million. Under applicable federal banking regulations, neither the Company nor the Bank is permitted to pay dividends to its stockholders if stockholders' equity would be reduced below the amount of the liquidation account at that time. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Sep. 30, 2023 | |
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 the fair value of its financial instruments on the price that would be received from the sale of an 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, 2023 and 2022. 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) • Corporate Bonds and 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 other liabilities if in a loss position, with any unrealized gains and losses, net of taxes, reported as AOCI in stockholders' equity. See "Note 8. 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. No adjustments were made to the estimated fair values obtained from the counterparty during the years ended September 30, 2023 and 2022. (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, 2023 or 2022. September 30, 2023 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 $ 900,734 $ — $ 900,734 $ — GSE debentures 479,428 — 479,428 — Corporate bonds 3,378 — 3,378 — Municipal bonds 942 — 942 — 1,384,482 — 1,384,482 — Interest rate swaps 13,018 — 13,018 — $ 1,397,500 $ — $ 1,397,500 $ — September 30, 2022 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 $ 1,088,624 $ — $ 1,088,624 $ — GSE debentures 469,827 — 469,827 — Corporate bonds 3,695 — 3,695 — Municipal bonds 1,161 — 1,161 — $ 1,563,307 $ — $ 1,563,307 $ — Interest rate swaps 12,547 — 12,547 — $ 1,575,854 $ — $ 1,575,854 $ — The following is a description of valuation methodologies used for significant financial instruments measured at fair value on a non-recurring basis. The significant unobservable inputs used in the determination of the fair value of assets classified as Level 3 have an inherent measurement uncertainty that, if changed, could result in higher or lower fair value measurements of these assets as of the reporting date. Loans Receivable – Collateral dependent assets are assets evaluated on an individual basis. Those collateral dependent assets that are evaluated on an individual basis are considered financial assets measured at fair value on a non-recurring basis. The fair value of collateral dependent loans/loans individually evaluated for loss on a non-recurring basis during fiscal years 2023 and 2022 that were still held in the portfolio as of September 30, 2023 and 2022 was $4.0 million and $4.7 million, respectively. Fair values of collateral dependent loans/loans individually evaluated for loss 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. The one- to four-family loans included in this amount 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 of one- to four-family loans, except for the estimated sales cost noted above, and the primary unobservable input for these loans was the appraisal. For commercial loans, if the most recent appraisal or book value of the collateral does not reflect current market conditions due to the passage of time and/or other factors, management will adjust the existing appraised or book value based on knowledge of local market conditions, recent transactions, and estimated selling costs, if applicable. Adjustments to appraised or book values are generally based on assumptions not observable in the marketplace. The primary significant unobservable inputs for commercial loans individually evaluated during the year ended September 30, 2023 were downward adjustments to the book value of the collateral for lack of marketability. During fiscal year 2023, the adjustments ranged from 5% to 100%, with a weighted average of 20%. During fiscal year 2022, the adjustments ranged from 8% to 100%, with a weighted average of 21%. The basis utilized in calculating the weighted averages for these adjustments was the original unadjusted value of each collateral item. OREO – OREO primarily represents real estate acquired as a result of foreclosure or by deed in lieu of foreclosure and is carried at the 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. There was no OREO measured on a non-recurring basis during fiscal year 2023 that was still held in the portfolio at September 30, 2023. The OREO held at September 30, 2023 was measured during fiscal year 2022. The fair value of OREO measured on a non-recurring basis during fiscal year 2022 that was still held in the portfolio as of September 30, 2022 was $328 thousand. The carrying value of the properties equaled the fair value of the properties at September 30, 2023 and 2022. Fair Value Disclosures – The Company 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: 2023 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Cash and cash equivalents $ 245,605 $ 245,605 $ 245,605 $ — $ — AFS securities 1,384,482 1,384,482 — 1,384,482 — Loans receivable 7,970,949 7,358,462 — — 7,358,462 FHLB stock 110,714 110,714 110,714 — — Interest rate swaps 13,018 13,018 — 13,018 — Liabilities: Deposits 6,051,220 6,004,975 3,321,028 2,683,947 — Borrowings 2,879,125 2,802,849 — 2,802,849 — 2022 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Cash and cash equivalents $ 49,194 $ 49,194 $ 49,194 $ — $ — AFS securities 1,563,307 1,563,307 — 1,563,307 — Loans receivable 7,464,208 6,889,211 — — 6,889,211 FHLB stock 100,624 100,624 100,624 — — Interest rate swaps 12,547 12,547 — 12,547 — Liabilities: Deposits 6,194,866 6,124,835 3,991,114 2,133,721 — Borrowings 2,132,154 1,910,779 75,000 1,835,779 — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Sep. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [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. The amounts reclassified from AOCI related to the Bank's cash flow hedges are reported as increases in interest expense within the consolidated statements of income for each year presented, except for $3.6 million in fiscal year 2021, which was reported in the loss on interest rate swap termination line item within the consolidated statements of income. See "Note 8. Deposits and Borrowed Funds" for additional information regarding reclassifications from AOCI related to the Bank's cash flow hedges. For the Year Ended September 30, 2023 Unrealized Unrealized Gains (Losses) Gains (Losses) on AFS on Cash Flow Total Securities Hedges AOCI (Dollars in thousands) Beginning balance $ (155,119) $ 9,486 $ (145,633) Other comprehensive income (loss), before reclassifications 8,355 5,957 14,312 Amount reclassified from AOCI, net of taxes of $1,808 — (5,601) (5,601) Reclassification adjustment for net losses on AFS securities included in net income, net of taxes of $(47,000) 145,622 — 145,622 Other comprehensive income (loss) 153,977 356 154,333 Ending balance $ (1,142) $ 9,842 $ 8,700 For the Year Ended September 30, 2022 Unrealized Unrealized Gains (Losses) Gains (Losses) on AFS on Cash Flow Total Securities Hedges AOCI (Dollars in thousands) Beginning balance $ 4,651 $ (20,956) $ (16,305) Other comprehensive income (loss), before reclassifications (159,770) 25,339 (134,431) Amount reclassified from AOCI, net of taxes of $(1,647) — 5,103 5,103 Other comprehensive income (loss) (159,770) 30,442 (129,328) Ending balance $ (155,119) $ 9,486 $ (145,633) For the Year Ended September 30, 2021 Unrealized Unrealized Gains (Losses) Gains (Losses) on AFS on Cash Flow Total Securities Hedges AOCI (Dollars in thousands) Beginning balance $ 23,728 $ (40,233) $ (16,505) Other comprehensive income (loss), before reclassifications (19,077) 5,712 (13,365) Amount reclassified from AOCI, net of taxes of $(4,378) — 13,565 13,565 Other comprehensive income (loss) (19,077) 19,277 200 Ending balance $ 4,651 $ (20,956) $ (16,305) |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION Details of the Company's primary types of non-interest income revenue streams by financial statement line item reported in the consolidated statements of income that are within the scope of ASC Topic 606 are below. During fiscal years 2023, 2022 and 2021, revenue from contracts with customers totaled $17.6 million, $18.1 million and $16.5 million, respectively. 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 is acting as an agent for its debit card customers when they are utilizing the card payment networks; therefore, interchange transaction fee income is reported net of interchange network charges. Interchange network charges totaled $4.0 million, $3.6 million and $3.6 million for fiscal years 2023, 2022 and 2021, respectively. Service Charges on Deposit Accounts - Service charges on deposit accounts consist of account maintenance fees and transaction-based fees such as those for 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). 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. Contingent insurance commissions are accrued based upon management's expectations. Other Non-Interest Income Trust Asset Management Income - |
Parent Company Financial Inform
Parent Company Financial Information (Parent Company Only) | 12 Months Ended |
Sep. 30, 2023 | |
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, 2023 and 2022 (Dollars in thousands, except per share amounts) 2023 2022 ASSETS: Cash and cash equivalents $ 83,400 $ 103,977 Investment in the Bank 923,143 955,871 Note receivable - ESOP 34,273 35,767 Receivable from the Bank 2,438 — Income taxes receivable, net 331 454 Other assets 540 583 TOTAL ASSETS $ 1,044,125 $ 1,096,652 LIABILITIES: Deferred income tax liabilities, net $ 60 $ 72 Payable to the Bank — 81 Other liabilities 11 — Total liabilities 71 153 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, 135,936,375 and 138,858,884 shares issued and outstanding as of September 30, 2023 and 2022, respectively 1,359 1,388 Additional paid-in capital 1,166,643 1,190,213 Unearned compensation - ESOP (28,083) (29,735) Retained earnings (104,565) 80,266 AOCI, net of tax 8,700 (145,633) Total stockholders' equity 1,044,054 1,096,499 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,044,125 $ 1,096,652 STATEMENTS OF INCOME YEARS ENDED SEPTEMBER 30, 2023, 2022, and 2021 (Dollars in thousands) 2023 2022 2021 INTEREST AND DIVIDEND INCOME: Dividend income from the Bank $ 86,217 $ 111,745 $ 132,063 Interest income from other investments 2,236 1,484 1,509 Total interest and dividend income 88,453 113,229 133,572 NON-INTEREST EXPENSE: Salaries and employee benefits 906 843 908 Regulatory and outside services 275 259 287 Other non-interest expense 694 614 608 Total non-interest expense 1,875 1,716 1,803 INCOME BEFORE INCOME TAX (BENEFIT) EXPENSE AND EQUITY IN UNDISTRIBUTED (EXCESS OF DISTRIBUTION OVER) EARNINGS OF SUBSIDIARY 86,578 111,513 131,769 INCOME TAX EXPENSE (BENEFIT) 71 (49) (62) INCOME BEFORE (EXCESS OF DISTRIBUTION OVER) / EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARY 86,507 111,562 131,831 (EXCESS OF DISTRIBUTION OVER)/ EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARY (188,166) (27,109) (55,749) NET (LOSS) INCOME $ (101,659) $ 84,453 $ 76,082 STATEMENTS OF CASH FLOWS YEARS ENDED SEPTEMBER 30, 2023, 2022, and 2021 (Dollars in thousands) 2023 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income $ (101,659) $ 84,453 $ 76,082 Adjustments to reconcile net income to net cash provided by operating activities: Equity in excess of distribution over earnings of subsidiary 188,166 27,109 55,749 Depreciation of equipment 45 46 45 Provision for deferred income taxes (12) (10) (9) Changes in: Receivable from/payable to the Bank (2,519) 18,239 (18,257) Income taxes receivable/payable 123 13 25 Other assets (2) (10) 21 Other liabilities 11 — (5) Net cash provided by operating activities 84,153 129,840 113,651 CASH FLOWS FROM INVESTING ACTIVITIES: Principal collected on note receivable from ESOP 1,494 1,446 1,401 Net cash provided by investing activities 1,494 1,446 1,401 CASH FLOWS FROM FINANCING ACTIVITIES: Net payment from subsidiary related to restricted stock awards 401 269 169 Cash dividends paid (83,172) (103,131) (117,890) Repurchase of common stock (23,453) — (4,568) Stock options exercised — — 324 Net cash used in financing activities (106,224) (102,862) (121,965) NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (20,577) 28,424 (6,913) CASH AND CASH EQUIVALENTS: Beginning of year 103,977 75,553 82,466 End of year $ 83,400 $ 103,977 $ 75,553 |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2023 | |
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 46 traditional and five 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. |
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 and Restricted Cash | Cash, cash equivalents, and restricted cash reported in the statement of cash flows which consisted entirely of cash and cash equivalents at September 30, 2023 and 2022, respectively. Restricted cash relates to the collateral postings to/from the Bank's derivative counterparties associated with the Bank's interest rate swaps. There was no restricted cash included in other assets |
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 ("GSEs"), including Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC) and the Federal Home Loan Banks, United States Government agencies, including Government National Mortgage Association (GNMA), corporate bonds, and municipal bonds. Securities are classified as held-to-maturity ("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. Accrued interest receivable for all securities is reported in other assets Securities that management has the intention 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. At September 30, 2023 and 2022, the portfolio did not contain any securities classified as HTM. 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 non-credit 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 14. Fair Value of Financial Instruments." Securities that are purchased and held principally for resale in the near future are classified as trading securities and are reported at fair value, with unrealized gains and losses included in non-interest income in the consolidated statements of income. During the fiscal years ended September 30, 2023 and 2022, neither the Company nor the Bank maintained a trading securities portfolio. |
Allowance for Credit Losses and Reserve for Off-Balance Sheet Credit Exposures | Management monitors AFS debt securities for impairment on an ongoing basis and performs a formal review quarterly. If an AFS debt security is in an unrealized loss position at the time of the quarterly review, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost. If either condition is met, the entire loss in fair value is recognized in current earnings. If neither condition is met, and the Company does not expect to recover the amortized cost basis, the Company determines whether the decline in fair value resulted from credit losses or other factors. In making this assessment, management considers the security structure, the cause(s) and severity of the loss, expectations of future performance including 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, and external credit ratings and recent downgrades in such ratings. Management's assessment involves a high degree of subjectivity and judgment that is based on information available at a point in time. If the assessment indicates that a credit loss exists, the present value of cash flows expected to be collected is compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss has occurred, and an ACL is recorded. The ACL is limited by the amount that the fair value is less than the amortized cost basis. Changes in the ACL on AFS debt securities are recorded as an increase or decrease in the provision for credit losses on the consolidated statements of income. Losses are charged against the ACL on securities when management believes the collectability of an AFS security is in doubt or when either of the conditions regarding intent or requirement to sell is met. Interest accrued on AFS debt securities but not received is also reversed against interest income. As of September 30, 2023 and 2022, the Company did not identify any credit losses related to the Company's AFS debt securities so there was no ACL on AFS debt securities as of those dates. The Bank's ACL is measured on a collective ("pool") basis, with loans aggregated into pools based on similar risk characteristics such as collateral type, historical loss experience, loan-to-value ("LTV") for one- to four-family loans, and payment sources for commercial loans. Loans that do not share similar risk characteristics are evaluated on an individual basis. Charge-offs against the related ACL amounts for any loan type may be recorded at any time if the Bank has knowledge of the existence of a probable loss. One- to four-family loans and consumer home equity loans are deemed to be collateral dependent and individually evaluated for loss when the loan is generally 180 days delinquent, and any identified losses are charged-off at that time. 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. 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. Commercial loans are individually evaluated for loss if management determines they exhibit unique risk characteristics. Specific allocations of ACL are established and/or 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 regarding the borrower, that the borrower is not able to service the debt and there is little or no prospect for near term improvement. In the case of secured loans, the loan is deemed to be collateral dependent when this occurs, and the specific allocation of ACL and/or charge-off amount is based on a comparison of the amounts due from the borrower and calculated current fair value of the collateral after consideration of estimated costs to sell. The primary credit risk characteristics inherent in the one- to four-family and consumer loan portfolios are a decline in economic conditions, such as 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, charge-offs, and provisions for credit losses. 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 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. For loans evaluated for credit losses on a pool basis, average historical loss rates are calculated for each pool using the Company's historical charge-offs, or peer data when the Company's own historical loss rates are not reflective of future loss expectations, and outstanding loan balances during a historical time period. The historical time periods can be different based on the individual pool and represent management's credit expectations for the pool of loans over the remaining contractual life. Generally, the historical time periods are at least one economic cycle. These historical loss rates are compared to historical data related to economic variables including national unemployment rate, changes in commercial real estate price index, changes in home values, and changes in the United States gross domestic product during the same time periods over which the historical loss rates were calculated, and a correlation is estimated using regression analysis. Each quarter, the Company's model pairs the results of the regression analysis with an economic forecast of these same macroeconomic variables, which is provided by a third party, in order to project future loss rates. The forecast is applied for a reasonable and supportable time period, as determined by management, before reverting back to long-term historical averages at the macroeconomic variable level using a straight-line method. The forecast-adjusted loss rate is applied to the loans over their remaining contractual lives, adjusted for expected prepayments and curtailments. The contractual term excludes expected extensions, renewals and modifications unless there is a reasonable expectation that a TDR will be executed. In the case of revolving lines of credit, since the rate of principal reduction is generally at the discretion of the borrower, remaining contractual lives are calculated by estimating future cash flows expected to be received from the borrower until the outstanding balance has been reduced to zero. Using all of these inputs, the model generates aggregated estimated cash flows for the time period that remains in each loan's contractual life. These cash flows are discounted back to the reporting date using each loan's effective yield, to arrive at a present value of future cash flows. Each loan pool's ACL is equal to the aggregate shortage, if any, of the present value of future cash flows compared to the amortized cost basis of the loan pool. Additionally, qualitative factors are considered for items not included in historical loss rates, macroeconomic forecasts, or other model inputs and/or other ACL processes, as deemed appropriate by management's current assessment of risks related to loan portfolio attributes and external factors. Such qualitative factor considerations include changes in the Bank's loan portfolio composition and credit concentrations, changes in the balances and/or trends in asset quality and/or loan credit performance, changes in lending underwriting standards, the effect of other external factors such as significant unique events or conditions, and actual and/or expected changes in economic conditions, real estate values, and/or other economic developments in which the Bank operates. Management assesses the potential impact of such items and adjusts the modeled ACL as deemed appropriate based upon the assessment. |
Loans Receivable | Loans receivable that management has the intention and ability to hold for the foreseeable future are carried at amortized cost, excluding accrued interest. Amortized cost is the amount of unpaid principal, net of undisbursed loan funds, unamortized premiums and discounts, and deferred loan fees and costs. Net loan fees and costs, and premiums and discounts are amortized as yield adjustments to interest income using the level-yield method. Loans are presented on the consolidated balance sheet net of the related ACL. Interest on loans receivable is accrued based on the principal amount outstanding. Accrued interest receivable for loans is reported in other assets Loan endorsements - Certain existing one- to four- family loan customers, including customers whose loans were purchased from a correspondent lender, have the opportunity, for a fee, to endorse their original loan terms to current loan terms being offered by the Bank, without being required to complete the standard application and underwriting process. 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, 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 - 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 generally 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 troubled debt restructuring ("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 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. |
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. |
Leases | The Company leases real estate property for branches, ATMs, and certain equipment. The Company determines if an arrangement is a lease at inception and if the lease is an operating lease or a finance lease. Operating lease right-of-use assets represent the Company's right to use an underlying asset during the lease term and operating lease liabilities represent the Company's obligation to make lease payments arising from the lease. The right-of-use assets associated with operating leases are recorded in other assets in the Company's consolidated balance sheets. The lease liabilities associated with operating leases are included in other liabilities on the consolidated balance sheets. The period over which the right-of-use asset is amortized is generally the lesser of the expected remaining term or the remaining useful life of the leased asset. The lease liability is decreased as periodic lease payments are made. The Company performs impairment assessments for right-of-use assets when events or changes in circumstances indicate that their carrying values may not be recoverable. The calculated amounts of the right-of-use assets and lease liabilities are impacted by the length of the lease term and the discount rate used to calculate the present value of the minimum remaining lease payments. The Company's lease agreements often include one or more options to renew at the Company's discretion. If, at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company includes the extended term in the calculation of the right-of-use asset and lease liability. Generally, the Company cannot practically determine the interest rate implicit in the lease, so the Company's incremental borrowing rate is used as the discount rate for the lease. The Company uses FHLB advance interest rates, which have been deemed as the Company's incremental borrowing rate, at lease inception based upon the term of the lease. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Lease expense, variable lease expense and short-term lease expense are included in occupancy expense in the Company's consolidated statements of income. For facility-related leases, the Company elected, by lease class, to not separate lease and non-lease components. Lease expense is recognized on a straight-line basis over the lease term. Variable lease expense primarily represents payments such as common area maintenance, real estate taxes, and utilities and are recognized as expense in the period when those payments are incurred. Short-term lease expense relates to leases with an initial term of 12 months or less. The Company has elected to not record a right-of-use asset or lease liability for short-term leases. |
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. |
Other Assets | Included in other assets on the consolidated balance sheet are the Company's intangible assets, 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. |
Interest Rate Swaps | 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. |
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. 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. Accounting Standards Codification ("ASC") Topic 740 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. |
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. |
Revenue Recognition | Non-interest income within the scope of ASC Topic 606 is recognized by the Company when performance obligations, under the terms of the contract, are satisfied. This income is measured as the amount of consideration expected to be received in exchange for the providing of services. The majority of the Company's applicable non-interest income continues to be recognized at the time when services are provided to its customers. See "Note 16. Revenue Recognition" for additional information. |
Segment Information | As a community-oriented financial institution, substantially all of the Bank's operations involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of these community banking operations, which constitute the Company's only operating segment for financial reporting purposes. |
Earnings Per Share | 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 shares of restricted stock which have vested. 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. |
Recent Accounting Pronouncements | In March 2022, the Financial Accounting Standards Board (FASB) issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclos ures. This ASU eliminates the accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, this ASU requires that an entity disclose current-period gross write-offs by year of origination for financing receivables within the scope of ASC 326-20, Financial Instruments-Credit Losses-Measured at Amortized Cost . This ASU is effective for the Company on October 1, 2023. The Company intends to apply a modified retrospective approach when adopting the ASU. Upon adoption, a cumulative-effect adjustment will be recognized in retained earnings, net of tax. While the adoption of this ASU will result in enhanced disclosures, the adoption of this ASU will not have a material impact on the Company's consolidated financial condition and results of operations. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
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, 2023 2022 2021 (Dollars in thousands, except per share amounts) Net (loss) income $ (101,659) $ 84,453 $ 76,082 Loss (Income) allocated to participating securities 51 (45) (50) Net (loss) income available to common stockholders $ (101,608) $ 84,408 $ 76,032 Total basic average common shares outstanding 133,556,864 135,700,447 135,481,232 Effect of dilutive stock options — — 14,363 Total diluted average common shares outstanding 133,556,864 135,700,447 135,495,595 Net EPS: Basic $ (0.76) $ 0.62 $ 0.56 Diluted $ (0.76) $ 0.62 $ 0.56 Antidilutive stock options, excluded from the diluted average common shares outstanding calculation 369,421 516,603 206,284 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
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 securities at the dates presented. The majority of the MBS and investment securities portfolios are composed of securities issued by GSEs. September 30, 2023 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) MBS $ 901,440 $ 113 $ 819 $ 900,734 GSE debentures 479,610 — 182 479,428 Corporate bonds 4,000 — 622 3,378 Municipal bonds 942 — — 942 $ 1,385,992 $ 113 $ 1,623 $ 1,384,482 September 30, 2022 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) MBS $ 1,243,270 $ 365 $ 155,011 $ 1,088,624 GSE debentures 519,977 — 50,150 469,827 Corporate bonds 4,000 — 305 3,695 Municipal bonds 1,243 — 82 1,161 $ 1,768,490 $ 365 $ 205,548 $ 1,563,307 |
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 AFS 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, 2023 Less Than 12 Months Equal to or Greater Than 12 Months Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses (Dollars in thousands) MBS $ 6,179 $ 109 $ 34,555 $ 710 GSE debentures — — 24,818 182 Corporate bonds — — 3,378 622 $ 6,179 $ 109 $ 62,751 $ 1,514 September 30, 2022 Less Than 12 Months Equal to or Greater Than 12 Months Estimated Unrealized Estimated Unrealized Fair Value Losses Fair Value Losses (Dollars in thousands) MBS $ 338,013 $ 22,563 $ 715,281 $ 132,448 GSE debentures — — 469,827 50,150 Corporate bonds 3,695 305 — — Municipal bonds 1,161 82 — — $ 342,869 $ 22,950 $ 1,185,108 $ 182,598 |
Schedule Of Contractual Maturities | The amortized cost and estimated fair value of AFS debt securities as of September 30, 2023, 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 penalty. For this reason, MBS are not included in the maturity categories. Amortized Estimated Cost Fair Value (Dollars in thousands) One year or less $ 72,800 $ 72,618 One year through five years 406,810 406,810 Five years through ten years 4,942 4,320 484,552 483,748 MBS 901,440 900,734 $ 1,385,992 $ 1,384,482 |
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, 2023 2022 2021 (Dollars in thousands) Taxable $ 3,538 $ 3,234 $ 2,710 Non-taxable 27 34 115 $ 3,565 $ 3,268 $ 2,825 |
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, 2023 2022 (Dollars in thousands) Federal Reserve Bank of Kansas City ("FRB of Kansas City") borrowings $ 519,195 $ 46,283 Public unit deposits 178,396 125,496 FHLB advances — 572,913 $ 697,591 $ 744,692 |
Loans Receivable And Allowanc_2
Loans Receivable And Allowance For Credit Losses (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | |
Summary of Loans Receivable | Loans receivable, net at September 30, 2023 and 2022 is summarized as follows: 2023 2022 (Dollars in thousands) One- to four-family: Originated $ 3,978,837 $ 3,988,469 Correspondent purchased 2,405,911 2,201,886 Bulk purchased 137,193 147,939 Construction 69,974 66,164 Total 6,591,915 6,404,458 Commercial: Commercial real estate 995,788 745,301 Commercial and industrial 112,953 79,981 Construction 178,746 141,062 Total 1,287,487 966,344 Consumer: Home equity 95,723 92,203 Other 9,256 8,665 Total 104,979 100,868 Total loans receivable 7,984,381 7,471,670 Less: ACL 23,759 16,371 Deferred loan fees/discounts 31,335 29,736 Premiums/deferred costs (41,662) (38,645) $ 7,970,949 $ 7,464,208 |
Credit Quality Indicators | The following table sets forth, as of the dates indicated, the amortized cost of loans by class of financing receivable, year of origination or most recent credit decision, and loan classification. All revolving lines of credit and revolving lines of credit converted to term loans are presented separately, regardless of origination year. Loans classified as doubtful or loss are individually evaluated for loss. At September 30, 2023 and September 30, 2022, there were no loans classified as doubtful, and all loans classified as loss were fully charged-off. September 30, 2023 Revolving Line of Current Fiscal Fiscal Fiscal Fiscal Revolving Credit Fiscal Year Year Year Year Prior Line of Converted Year 2022 2021 2020 2019 Years Credit to Term Total (Dollars in thousands) One- to four-family: Originated Pass $ 318,569 $ 597,298 $ 874,518 $ 568,081 $ 251,773 $ 1,398,616 $ — $ — $ 4,008,855 Special Mention — 1,883 1,468 767 1,863 8,067 — — 14,048 Substandard 292 155 221 564 939 7,954 — — 10,125 Correspondent purchased Pass 346,084 517,976 607,968 246,926 62,744 643,520 — — 2,425,218 Special Mention 308 674 1,674 420 357 1,133 — — 4,566 Substandard — — — 564 — 5,402 — — 5,966 Bulk purchased Pass — — — — — 134,464 — — 134,464 Special Mention — — — — — — — — — Substandard — — — — — 3,208 — — 3,208 665,253 1,117,986 1,485,849 817,322 317,676 2,202,364 — — 6,606,450 Commercial: Commercial real estate Pass 403,269 301,164 208,942 81,478 82,027 79,170 10,448 — 1,166,498 Special Mention 2,483 — — — — — — — 2,483 Substandard 67 — — 594 219 255 — — 1,135 Commercial and industrial Pass 30,206 23,166 11,740 3,228 2,693 748 27,104 — 98,885 Special Mention 13,191 — — — — — 699 — 13,890 Substandard — — — 73 — 82 — — 155 449,216 324,330 220,682 85,373 84,939 80,255 38,251 — 1,283,046 Consumer: Home equity Pass 5,501 5,624 1,955 1,069 746 2,224 72,119 6,205 95,443 Special Mention — 46 — — — 21 62 195 324 Substandard — — — — — 15 125 48 188 Other Pass 4,758 2,693 787 338 133 129 412 — 9,250 Special Mention — — — 4 — — — 1 5 Substandard 2 — — — — — — — 2 10,261 8,363 2,742 1,411 879 2,389 72,718 6,449 105,212 Total $ 1,124,730 $ 1,450,679 $ 1,709,273 $ 904,106 $ 403,494 $ 2,285,008 $ 110,969 $ 6,449 $ 7,994,708 September 30, 2022 Fiscal Fiscal Fiscal Fiscal Fiscal Revolving Year Year Year Year Year Prior Line of 2022 2021 2020 2019 2018 Years Credit Total (Dollars in thousands) One- to four-family: Originated Pass $ 563,460 $ 930,019 $ 624,274 $ 281,342 $ 212,037 $ 1,406,444 $ — $ 4,017,576 Special Mention 47 457 1,111 518 428 7,641 — 10,202 Substandard 158 — 278 1,106 256 8,968 — 10,766 Correspondent purchased Pass 494,854 651,363 273,626 69,752 104,150 627,390 — 2,221,135 Special Mention — — — 355 1,186 1,197 — 2,738 Substandard — — — 168 513 4,783 — 5,464 Bulk purchased Pass — — — — — 144,840 — 144,840 Special Mention — — — — — — — — Substandard — — — — — 3,637 — 3,637 1,058,519 1,581,839 899,289 353,241 318,570 2,204,900 — 6,416,358 Commercial: Commercial real estate Pass 366,794 221,001 111,689 86,456 41,322 46,383 7,436 881,081 Special Mention 565 — — — — — — 565 Substandard 436 — 594 221 239 30 — 1,520 Commercial and industrial Pass 38,442 17,453 5,708 4,212 919 630 11,413 78,777 Special Mention — — — — — — — — Substandard — — 78 — 73 10 1,052 1,213 406,237 238,454 118,069 90,889 42,553 47,053 19,901 963,156 Consumer: Home equity Pass 6,447 2,375 1,486 982 992 2,020 77,448 91,750 Special Mention — 66 — — — — 233 299 Substandard — — — 18 — 3 331 352 Other Pass 4,207 1,977 843 408 651 201 369 8,656 Special Mention — — 7 — — — — 7 Substandard 1 — — — — — — 1 10,655 4,418 2,336 1,408 1,643 2,224 78,381 101,065 Total $ 1,475,411 $ 1,824,711 $ 1,019,694 $ 445,538 $ 362,766 $ 2,254,177 $ 98,282 $ 7,480,579 Delinquency Status - The following tables set forth, as of the dates indicated, the amortized cost of current loans, loans 30 to 89 days delinquent, and loans 90 or more days delinquent or in foreclosure ("90+/FC"), by class of financing receivable and year of origination or most recent credit decision as of the dates indicated. All revolving lines of credit and revolving lines of credit converted to term loans are presented separately, regardless of origination year. September 30, 2023 Revolving Line of Current Fiscal Fiscal Fiscal Fiscal Revolving Credit Fiscal Year Year Year Year Prior Line of Converted Year 2022 2021 2020 2019 Years Credit to Term Total (Dollars in thousands) One- to four-family: Originated Current $ 318,211 $ 598,283 $ 875,563 $ 567,975 $ 253,546 $ 1,407,090 $ — $ — $ 4,020,668 30-89 358 898 644 1,437 820 5,960 — — 10,117 90+/FC 292 155 — — 209 1,587 — — 2,243 Correspondent purchased Current 346,084 518,650 608,573 247,346 62,652 643,739 — — 2,427,044 30-89 308 — 1,069 564 449 2,862 — — 5,252 90+/FC — — — — — 3,454 — — 3,454 Bulk purchased Current — — — — — 136,577 — — 136,577 30-89 — — — — — 153 — — 153 90+/FC — — — — — 942 — — 942 665,253 1,117,986 1,485,849 817,322 317,676 2,202,364 — — 6,606,450 Commercial: Commercial real estate Current 404,867 301,164 208,942 81,478 82,027 79,188 10,448 — 1,168,114 30-89 36 — — — — — — — 36 90+/FC 916 — — 594 219 237 — — 1,966 Commercial and industrial Current 43,397 23,166 11,740 3,228 2,690 748 27,684 — 112,653 30-89 — — — — 2 — 57 — 59 90+/FC — — — 73 1 82 62 — 218 449,216 324,330 220,682 85,373 84,939 80,255 38,251 — 1,283,046 Consumer: Home equity Current 5,428 5,631 1,955 990 746 2,195 71,986 6,312 95,243 30-89 73 39 — 79 — 50 239 125 605 90+/FC — — — — — 15 81 11 107 Other Current 4,737 2,613 765 338 132 129 412 — 9,126 30-89 17 80 22 4 1 — — 1 125 90+/FC 6 — — — — — — — 6 10,261 8,363 2,742 1,411 879 2,389 72,718 6,449 105,212 Total $ 1,124,730 $ 1,450,679 $ 1,709,273 $ 904,106 $ 403,494 $ 2,285,008 $ 110,969 $ 6,449 $ 7,994,708 September 30, 2022 Fiscal Fiscal Fiscal Fiscal Fiscal Revolving Year Year Year Year Year Prior Line of 2022 2021 2020 2019 2018 Years Credit Total (Dollars in thousands) One- to four-family: Originated Current $ 563,507 $ 930,476 $ 625,110 $ 282,598 $ 212,549 $ 1,417,268 $ — $ 4,031,508 30-89 — — 553 — 64 3,506 — 4,123 90+/FC 158 — — 368 108 2,279 — 2,913 Correspondent purchased Current 494,854 651,363 273,626 70,107 105,336 629,150 — 2,224,436 30-89 — — — — — 1,117 — 1,117 90+/FC — — — 168 513 3,103 — 3,784 Bulk purchased Current — — — — — 146,399 — 146,399 30-89 — — — — — 921 — 921 90+/FC — — — — — 1,157 — 1,157 1,058,519 1,581,839 899,289 353,241 318,570 2,204,900 — 6,416,358 Commercial: Commercial real estate Current 367,795 221,001 111,689 86,456 41,322 46,383 7,436 882,082 30-89 — — — — — — — — 90+/FC — — 594 221 239 30 — 1,084 Commercial and industrial Current 38,442 17,453 5,786 4,212 919 630 12,465 79,907 30-89 — — — — — — — — 90+/FC — — — — 73 10 — 83 406,237 238,454 118,069 90,889 42,553 47,053 19,901 963,156 Consumer: Home equity Current 6,447 2,441 1,429 1,000 980 1,999 77,633 91,929 30-89 — — 57 — 12 24 226 319 90+/FC — — — — — — 153 153 Other Current 4,205 1,964 844 404 651 201 368 8,637 30-89 2 13 6 4 — — 1 26 90+/FC 1 — — — — — — 1 10,655 4,418 2,336 1,408 1,643 2,224 78,381 101,065 Total $ 1,475,411 $ 1,824,711 $ 1,019,694 $ 445,538 $ 362,766 $ 2,254,177 $ 98,282 $ 7,480,579 |
Delinquent Loans | The following tables present the amortized cost, at the dates indicated, by class, of loans 30 to 89 days delinquent, loans 90 or more days delinquent or in foreclosure, total delinquent loans, current loans, and total loans. At September 30, 2023 and 2022, all loans 90 or more days delinquent were on nonaccrual status. The increase in loans 30 to 89 days delinquent during the current year was due mainly to delinquencies returning to more historical levels as government payment assistance programs expired. September 30, 2023 90 or More Days Total Total 30 to 89 Days Delinquent or Delinquent Current Amortized Delinquent in Foreclosure Loans Loans Cost (Dollars in thousands) One- to four-family: Originated $ 10,117 $ 2,243 $ 12,360 $ 4,020,668 $ 4,033,028 Correspondent purchased 5,252 3,454 8,706 2,427,044 2,435,750 Bulk purchased 153 942 1,095 136,577 137,672 Commercial: Commercial real estate 36 1,966 2,002 1,168,114 1,170,116 Commercial and industrial 59 218 277 112,653 112,930 Consumer: Home equity 605 107 712 95,243 95,955 Other 125 6 131 9,126 9,257 $ 16,347 $ 8,936 $ 25,283 $ 7,969,425 $ 7,994,708 September 30, 2022 90 or More Days Total Total 30 to 89 Days Delinquent or Delinquent Current Amortized Delinquent in Foreclosure Loans Loans Cost (Dollars in thousands) One- to four-family: Originated $ 4,123 $ 2,913 $ 7,036 $ 4,031,508 $ 4,038,544 Correspondent purchased 1,117 3,784 4,901 2,224,436 2,229,337 Bulk purchased 921 1,157 2,078 146,399 148,477 Commercial: Commercial real estate — 1,084 1,084 882,082 883,166 Commercial and industrial — 83 83 79,907 79,990 Consumer: Home equity 319 153 472 91,929 92,401 Other 26 1 27 8,637 8,664 $ 6,506 $ 9,175 $ 15,681 $ 7,464,898 $ 7,480,579 |
Nonaccrual Loans | The following table presents the amortized cost at September 30, 2023 and September 30, 2022, by class, of loans classified as nonaccrual. Additionally, the amortized cost of nonaccrual loans that had no related ACL is presented, all of which were individually evaluated for loss and any identified losses have been charged off. 2023 2022 Nonaccrual Loans Nonaccrual Loans with No ACL Nonaccrual Loans Nonaccrual Loans with No ACL (Dollars in thousands) One- to four-family: Originated $ 2,457 $ 471 $ 3,135 $ 1,018 Correspondent purchased 3,739 285 3,784 304 Bulk purchased 942 630 1,157 630 Commercial: Commercial real estate 1,984 446 1,084 449 Commercial and industrial 218 155 161 161 Consumer: Home equity 107 3 172 19 Other 6 — 1 — $ 9,453 $ 1,990 $ 9,494 $ 2,581 |
Troubled Debt Restructurings on Financing Receivables | TDRs - The following tables present the amortized cost for the periods presented, prior to restructuring and immediately after restructuring in all loans restructured during the years presented. These tables do not reflect the amortized cost at the end of the periods indicated. Any increase in the amortized cost at the time of the restructuring was generally due to the capitalization of delinquent interest and/or escrow balances. For the Year Ended September 30, 2023 Number Pre- Post- of Restructured Restructured Contracts Outstanding Outstanding (Dollars in thousands) One- to four-family: Originated 1 $ 110 $ 110 Correspondent purchased 1 282 285 Bulk purchased 1 239 257 Commercial: Commercial real estate — — — Commercial and industrial — — — Consumer: Home equity 1 38 38 Other — — — 4 $ 669 $ 690 For the Year Ended September 30, 2022 Number Pre- Post- of Restructured Restructured Contracts Outstanding Outstanding (Dollars in thousands) One- to four-family: Originated 3 $ 156 $ 156 Correspondent purchased — — — Bulk purchased — — — Commercial: Commercial real estate — — — Commercial and industrial 2 124 124 Consumer: Home equity 1 19 19 Other — — — 6 $ 299 $ 299 For the Year Ended September 30, 2021 Number Pre- Post- of Restructured Restructured Contracts Outstanding Outstanding (Dollars in thousands) One- to four-family: Originated 7 $ 1,685 $ 1,576 Correspondent purchased — — — Bulk purchased — — — Commercial: Commercial real estate — — — Commercial and industrial — — — Consumer: Home equity — — — Other — — — 7 $ 1,685 $ 1,576 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, 2023 September 30, 2022 September 30, 2021 Number of Amortized Number of Amortized Number of Amortized Contracts Cost Contracts Cost Contracts Cost (Dollars in thousands) One- to four-family: Originated 1 $ 8 2 $ 697 — $ — Correspondent purchased — — — — — — Bulk purchased — — — — — — Commercial: Commercial real estate — — — — — — Commercial and industrial — — — — — — Consumer: Home equity — — 1 19 — — Other — — — — — — 1 $ 8 3 $ 716 — $ — |
Allowance for Credit Losses | The following table summarizes ACL activity, by loan portfolio segment, for the periods presented. The Bank adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments ("CECL") on October 1, 2020. For the Year Ended September 30, 2023 One- to Four-Family Correspondent Bulk Originated Purchased Purchased Total Commercial Consumer Total (Dollars in thousands) Beginning balance $ 2,066 $ 2,734 $ 206 $ 5,006 $ 11,120 $ 245 $ 16,371 Charge-offs — — — — (75) (40) (115) Recoveries 6 — — 6 1 2 9 Provision for credit losses 77 238 1 316 7,134 44 7,494 Ending balance $ 2,149 $ 2,972 $ 207 $ 5,328 $ 18,180 $ 251 $ 23,759 The increase in ACL during the current year was primarily a result of the outlook for worsening economic forecast conditions compared to the prior year, along with a reduction in the projected prepayment speeds used in the model for all loan categories. For the Year Ended September 30, 2022 One- to Four-Family Correspondent Bulk Originated Purchased Purchased Total Commercial Consumer Total (Dollars in thousands) Beginning balance $ 1,612 $ 2,062 $ 304 $ 3,978 $ 15,652 $ 193 $ 19,823 Charge-offs (9) — — (9) (40) (21) (70) Recoveries 138 — — 138 101 17 256 Provision for credit losses 325 672 (98) 899 (4,593) 56 (3,638) Ending balance $ 2,066 $ 2,734 $ 206 $ 5,006 $ 11,120 $ 245 $ 16,371 For the Year Ended September 30, 2021 One- to Four-Family Correspondent Bulk Originated Purchased Purchased Total Commercial Consumer Total (Dollars in thousands) Beginning balance $ 6,085 $ 2,691 $ 467 $ 9,243 $ 21,800 $ 484 $ 31,527 Adoption of CECL (4,452) (367) 436 (4,383) (193) (185) (4,761) Balance at October 1, 2020 1,633 2,324 903 4,860 21,607 299 26,766 Charge-offs (164) — (21) (185) (515) (15) (715) Recoveries 144 — — 144 50 43 237 Provision for credit losses (1) (262) (578) (841) (5,490) (134) (6,465) Ending balance $ 1,612 $ 2,062 $ 304 $ 3,978 $ 15,652 $ 193 $ 19,823 For the Years Ended September 30, 2023 September 30, 2022 (Dollars in thousands) Beginning balance $ 4,751 $ 5,743 (Release)/provision for credit losses (656) (992) Ending balance $ 4,095 $ 4,751 |
Premises, Equipment and Leases
Premises, Equipment and Leases (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
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, 2023 and 2022 was as follows: 2023 2022 (Dollars in thousands) Land $ 16,045 $ 16,222 Building and improvements 123,830 122,196 Furniture, fixtures and equipment 52,364 49,795 Total premises and equipment 192,239 188,213 Less accumulated depreciation 100,708 93,393 Premises and equipment, net $ 91,531 $ 94,820 |
Schedule of Lease Expenses and Cash Flow Information | The following table presents lease expenses and supplemental cash flow information related to the Company's leases for the years indicated. For the Year Ended September 30, 2023 2022 2021 (Dollars in thousands) Operating lease expense $ 1,307 $ 1,397 $ 1,404 Variable lease expense 189 164 176 Short-term lease expense 41 2 2 Cash paid for amounts included in the measurement of lease liabilities 1,211 1,312 1,301 |
Schedule of Future Minimum Payments for Operating Leases | The following table presents future minimum payments, rounded to the nearest thousand, for operating leases with initial or remaining terms in excess of one year as of September 30, 2023 (dollars in thousands): Fiscal year 2024 $ 1,134 Fiscal year 2025 899 Fiscal year 2026 851 Fiscal year 2027 808 Fiscal year 2028 804 Thereafter 12,146 Total future minimum lease payments 16,642 Amounts representing interest (5,020) Present value of net future minimum lease payments $ 11,622 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | Changes in the carrying amount of the Company's intangible assets associated with an acquisition in 2018, 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, 2020 $ 9,324 $ 5,539 Less: Amortization — (1,578) Balance at September 30, 2021 9,324 3,961 Less: Amortization — (1,372) Balance at September 30, 2022 9,324 2,589 Less: Amortization — (1,069) Balance at September 30, 2023 $ 9,324 $ 1,520 |
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, 2023 is presented in the following table (dollars in thousands): 2024 $ 774 2025 523 2026 223 2027 — 2028 — |
Deposits and Borrowed Funds (Ta
Deposits and Borrowed Funds (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Deposits and Borrowed Funds [Abstract] | |
FHLB Advances and BTFP Borrowings | FHLB advances and BTFP borrowings at September 30, 2023 and 2022 were comprised of the following: 2023 2022 (Dollars in thousands) FHLB advances $ 2,382,828 $ 2,062,500 BTFP borrowings 500,000 — Deferred prepayment penalty - FHLB advances (3,703) (5,346) $ 2,879,125 $ 2,057,154 Weighted average contractual interest rate on FHLB advances 3.41 % 2.42 % Weighted average effective interest rate on FHLB advances (1) 3.06 2.44 Weighted average contractual interest rate on BTFP borrowings 4.70 — (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 | The following table presents the scheduled repayment of FHLB advances and BTFP borrowings, at par, and the maturity of certificates of deposit as of September 30, 2023. With the exception of amortizing advances, FHLB advances are payable at maturity Amortizing FHLB advances are presented based on scheduled repayment dates. At September 30, 2023, the Bank's FHLB advances had maturities ranging from November 2023 to June 2028. At September 30, 2023, the BTFP borrowings maturity date was May 6, 2024. Certificates of Deposit Borrowings Amount (Dollars in thousands) 2024 $ 1,019,672 $ 1,490,023 2025 679,672 681,402 2026 604,672 361,295 2027 427,172 138,297 2028 151,640 58,973 Thereafter — 202 $ 2,882,828 $ 2,730,192 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Income Tax Expense | Income tax expense for the years ended September 30, 2023, 2022, and 2021 consisted of the following: 2023 2022 2021 (Dollars in thousands) Current: Federal $ 6,789 $ 17,105 $ 17,586 State 1,435 3,598 4,028 8,224 20,703 21,614 Deferred: Federal (39,209) 1,632 (1,405) State (6,311) 415 (263) (45,520) 2,047 (1,668) $ (37,296) $ 22,750 $ 19,946 |
Differences Between Effective Rates And Statutory Federal Income Tax Rate Computed On Income Before Income Tax Expense | The Company's effective tax rates were 26.8%, 21.2%, and 20.8% for the years ended September 30, 2023, 2022, and 2021, 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: 2023 2022 2021 Amount % Amount % Amount % (Dollars in thousands) Federal income tax expense computed at statutory Federal rate $ (29,180) 21.0 % $ 22,513 21.0 % $ 20,166 21.0 % Increases (decreases) in taxes resulting from: State taxes, net of Federal tax effect (5,412) 3.9 3,399 3.2 3,102 3.2 Low income housing tax credits, net (2,303) 1.6 (2,238) (2.1) (2,085) (2.1) ESOP related expenses, net (652) 0.5 (641) (0.6) (662) (0.7) Other 251 (0.2) (283) (0.3) (575) (0.6) $ (37,296) 26.8 % $ 22,750 21.2 % $ 19,946 20.8 % |
Components Of Net Deferred Income Tax Liabilities | The components of the net deferred income tax assets (liabilities) as of September 30, 2023 and 2022 were as follows: 2023 2022 (Dollars in thousands) Deferred income tax assets: Net loss on securities transactions $ 47,006 $ — ACL 4,989 3,438 Lease liabilities 2,835 2,883 ESOP compensation 1,510 1,472 Salaries, deferred compensation and employee benefits 1,269 2,044 Reserve for off-balance sheet credit exposures 999 1,159 Unrealized loss on AFS securities 368 50,064 Net purchase discounts related to acquired loans 149 102 Low income housing partnerships 92 337 Other 912 891 Gross deferred income tax assets 60,129 62,390 Valuation allowance (30) (80) Gross deferred income tax asset, net of valuation allowance 60,099 62,310 Deferred income tax liabilities: FHLB stock dividends 17,547 14,590 Unrealized gain on interest rate swaps 3,176 3,061 Premises and equipment 3,164 3,614 ACL 2,936 3,145 Lease right-of-use assets 2,748 2,821 Deposit intangible 411 692 Other 512 503 Gross deferred income tax liabilities 30,494 28,426 Net deferred tax assets $ 29,605 $ 33,884 |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
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, 2023 and 2022: 2023 2022 (Dollars in thousands) Allocated ESOP shares 4,223,478 4,276,467 Unreleased ESOP shares 2,808,366 2,973,564 Total ESOP shares 7,031,844 7,250,031 Fair value of unreleased ESOP shares $ 13,396 $ 24,681 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
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, 2023 and 2022: 2023 2022 (Dollars in thousands) Originate fixed-rate $ 44,767 $ 103,618 Originate adjustable-rate 29,343 73,749 Purchase/participate fixed-rate 1,246 74,490 Purchase/participate adjustable-rate 520 73,461 $ 75,876 $ 325,318 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Banking Regulation, Tier 1 Leverage Capital [Abstract] | |
Summary Of Regulatory Capital Amounts and Ratios | The Bank and the Company must maintain certain minimum capital ratios as set forth in the table below for capital adequacy purposes. The Bank is required to maintain a capital conservation buffer of 2.50% above certain minimum risk-based capital ratios for capital adequacy purposes in order to be considered well capitalized and to avoid certain restrictions on capital distributions and other payments including dividends, share repurchases, and certain compensation. Management believes, as of September 30, 2023, that the Bank and Company met all capital adequacy requirements to which they were subject, including the capital conservation buffer, and there were no conditions or events subsequent to September 30, 2023 that would change the Bank's or Company's category. At September 30, 2022, the Bank and Company met the requirements to elect the community bank leverage ratio ("CBLR"). 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. 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, 2023 Tier 1 leverage $ 903,969 8.5 % $ 423,358 4.0 % $ 529,197 5.0 % Common Equity Tier 1 ("CET1") capital 903,969 16.0 254,670 4.5 367,856 6.5 Tier 1 capital 903,969 16.0 339,559 6.0 452,746 8.0 Total capital 931,823 16.5 452,746 8.0 565,932 10.0 As of September 30, 2022 CBLR 1,090,222 9.0 1,090,015 9.0 N/A N/A Company As of September 30, 2023 Tier 1 leverage 1,024,880 9.7 423,312 4.0 N/A N/A CET1 capital 1,024,880 18.1 254,681 4.5 N/A N/A Tier 1 capital 1,024,880 18.1 339,574 6.0 N/A N/A Total capital 1,052,734 18.6 452,766 8.0 N/A N/A As of September 30, 2022 CBLR 1,230,851 10.2 1,089,869 9.0 N/A N/A |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
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, 2023 or 2022. September 30, 2023 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 $ 900,734 $ — $ 900,734 $ — GSE debentures 479,428 — 479,428 — Corporate bonds 3,378 — 3,378 — Municipal bonds 942 — 942 — 1,384,482 — 1,384,482 — Interest rate swaps 13,018 — 13,018 — $ 1,397,500 $ — $ 1,397,500 $ — September 30, 2022 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 $ 1,088,624 $ — $ 1,088,624 $ — GSE debentures 469,827 — 469,827 — Corporate bonds 3,695 — 3,695 — Municipal bonds 1,161 — 1,161 — $ 1,563,307 $ — $ 1,563,307 $ — Interest rate swaps 12,547 — 12,547 — $ 1,575,854 $ — $ 1,575,854 $ — |
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: 2023 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Cash and cash equivalents $ 245,605 $ 245,605 $ 245,605 $ — $ — AFS securities 1,384,482 1,384,482 — 1,384,482 — Loans receivable 7,970,949 7,358,462 — — 7,358,462 FHLB stock 110,714 110,714 110,714 — — Interest rate swaps 13,018 13,018 — 13,018 — Liabilities: Deposits 6,051,220 6,004,975 3,321,028 2,683,947 — Borrowings 2,879,125 2,802,849 — 2,802,849 — 2022 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Cash and cash equivalents $ 49,194 $ 49,194 $ 49,194 $ — $ — AFS securities 1,563,307 1,563,307 — 1,563,307 — Loans receivable 7,464,208 6,889,211 — — 6,889,211 FHLB stock 100,624 100,624 100,624 — — Interest rate swaps 12,547 12,547 — 12,547 — Liabilities: Deposits 6,194,866 6,124,835 3,991,114 2,133,721 — Borrowings 2,132,154 1,910,779 75,000 1,835,779 — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [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. The amounts reclassified from AOCI related to the Bank's cash flow hedges are reported as increases in interest expense within the consolidated statements of income for each year presented, except for $3.6 million in fiscal year 2021, which was reported in the loss on interest rate swap termination line item within the consolidated statements of income. See "Note 8. Deposits and Borrowed Funds" for additional information regarding reclassifications from AOCI related to the Bank's cash flow hedges. For the Year Ended September 30, 2023 Unrealized Unrealized Gains (Losses) Gains (Losses) on AFS on Cash Flow Total Securities Hedges AOCI (Dollars in thousands) Beginning balance $ (155,119) $ 9,486 $ (145,633) Other comprehensive income (loss), before reclassifications 8,355 5,957 14,312 Amount reclassified from AOCI, net of taxes of $1,808 — (5,601) (5,601) Reclassification adjustment for net losses on AFS securities included in net income, net of taxes of $(47,000) 145,622 — 145,622 Other comprehensive income (loss) 153,977 356 154,333 Ending balance $ (1,142) $ 9,842 $ 8,700 For the Year Ended September 30, 2022 Unrealized Unrealized Gains (Losses) Gains (Losses) on AFS on Cash Flow Total Securities Hedges AOCI (Dollars in thousands) Beginning balance $ 4,651 $ (20,956) $ (16,305) Other comprehensive income (loss), before reclassifications (159,770) 25,339 (134,431) Amount reclassified from AOCI, net of taxes of $(1,647) — 5,103 5,103 Other comprehensive income (loss) (159,770) 30,442 (129,328) Ending balance $ (155,119) $ 9,486 $ (145,633) For the Year Ended September 30, 2021 Unrealized Unrealized Gains (Losses) Gains (Losses) on AFS on Cash Flow Total Securities Hedges AOCI (Dollars in thousands) Beginning balance $ 23,728 $ (40,233) $ (16,505) Other comprehensive income (loss), before reclassifications (19,077) 5,712 (13,365) Amount reclassified from AOCI, net of taxes of $(4,378) — 13,565 13,565 Other comprehensive income (loss) (19,077) 19,277 200 Ending balance $ 4,651 $ (20,956) $ (16,305) |
Parent Company Financial Info_2
Parent Company Financial Information (Parent Company Only) (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
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, 2023 and 2022 (Dollars in thousands, except per share amounts) 2023 2022 ASSETS: Cash and cash equivalents $ 83,400 $ 103,977 Investment in the Bank 923,143 955,871 Note receivable - ESOP 34,273 35,767 Receivable from the Bank 2,438 — Income taxes receivable, net 331 454 Other assets 540 583 TOTAL ASSETS $ 1,044,125 $ 1,096,652 LIABILITIES: Deferred income tax liabilities, net $ 60 $ 72 Payable to the Bank — 81 Other liabilities 11 — Total liabilities 71 153 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, 135,936,375 and 138,858,884 shares issued and outstanding as of September 30, 2023 and 2022, respectively 1,359 1,388 Additional paid-in capital 1,166,643 1,190,213 Unearned compensation - ESOP (28,083) (29,735) Retained earnings (104,565) 80,266 AOCI, net of tax 8,700 (145,633) Total stockholders' equity 1,044,054 1,096,499 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,044,125 $ 1,096,652 |
Schedule Of Statements Of Income | STATEMENTS OF INCOME YEARS ENDED SEPTEMBER 30, 2023, 2022, and 2021 (Dollars in thousands) 2023 2022 2021 INTEREST AND DIVIDEND INCOME: Dividend income from the Bank $ 86,217 $ 111,745 $ 132,063 Interest income from other investments 2,236 1,484 1,509 Total interest and dividend income 88,453 113,229 133,572 NON-INTEREST EXPENSE: Salaries and employee benefits 906 843 908 Regulatory and outside services 275 259 287 Other non-interest expense 694 614 608 Total non-interest expense 1,875 1,716 1,803 INCOME BEFORE INCOME TAX (BENEFIT) EXPENSE AND EQUITY IN UNDISTRIBUTED (EXCESS OF DISTRIBUTION OVER) EARNINGS OF SUBSIDIARY 86,578 111,513 131,769 INCOME TAX EXPENSE (BENEFIT) 71 (49) (62) INCOME BEFORE (EXCESS OF DISTRIBUTION OVER) / EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARY 86,507 111,562 131,831 (EXCESS OF DISTRIBUTION OVER)/ EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARY (188,166) (27,109) (55,749) NET (LOSS) INCOME $ (101,659) $ 84,453 $ 76,082 |
Schedule Of Statements Of Cash Flows | STATEMENTS OF CASH FLOWS YEARS ENDED SEPTEMBER 30, 2023, 2022, and 2021 (Dollars in thousands) 2023 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income $ (101,659) $ 84,453 $ 76,082 Adjustments to reconcile net income to net cash provided by operating activities: Equity in excess of distribution over earnings of subsidiary 188,166 27,109 55,749 Depreciation of equipment 45 46 45 Provision for deferred income taxes (12) (10) (9) Changes in: Receivable from/payable to the Bank (2,519) 18,239 (18,257) Income taxes receivable/payable 123 13 25 Other assets (2) (10) 21 Other liabilities 11 — (5) Net cash provided by operating activities 84,153 129,840 113,651 CASH FLOWS FROM INVESTING ACTIVITIES: Principal collected on note receivable from ESOP 1,494 1,446 1,401 Net cash provided by investing activities 1,494 1,446 1,401 CASH FLOWS FROM FINANCING ACTIVITIES: Net payment from subsidiary related to restricted stock awards 401 269 169 Cash dividends paid (83,172) (103,131) (117,890) Repurchase of common stock (23,453) — (4,568) Stock options exercised — — 324 Net cash used in financing activities (106,224) (102,862) (121,965) NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (20,577) 28,424 (6,913) CASH AND CASH EQUIVALENTS: Beginning of year 103,977 75,553 82,466 End of year $ 83,400 $ 103,977 $ 75,553 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) |
Summary Of Significant Accounting Policies [Line Items] | ||
Restricted cash | $ 0 | $ 0 |
Restricted cash, balance sheet location | Other assets | |
Accrued interest, AFS debt securities | $ 3,100 | 4,200 |
Accrued interest, AFS debt securities - balance sheet location | Other assets | |
ACL on AFS debt securities | $ 0 | 0 |
Accrued interest, loans receivable | $ 25,000 | $ 19,400 |
Accrued interest, loans receivable - balance sheet location | Other assets | |
Traditional Banking Offices [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Number of Stores | 46 | |
In-Store Banking Offices [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Number of Stores | 5 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |||
Net (loss) income | $ (101,659) | $ 84,453 | $ 76,082 |
Income allocated to participating securities | 51 | (45) | (50) |
Net income available to common stockholders, basic | (101,608) | 84,408 | 76,032 |
Net Income available to common stockholders, diluted | $ (101,608) | $ 84,408 | $ 76,032 |
Total basic average common shares outstanding | 133,556,864 | 135,700,447 | 135,481,232 |
Effect of dilutive stock options | 0 | 0 | 14,363 |
Total diluted average common shares outstanding | 133,556,864 | 135,700,447 | 135,495,595 |
Net EPS | |||
Basic | $ (0.76) | $ 0.62 | $ 0.56 |
Diluted | $ (0.76) | $ 0.62 | $ 0.56 |
Antidilutive stock options, excluded from the diluted average common shares outstanding calculation | 369,421 | 516,603 | 206,284 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Marketable Securities [Line Items] | ||||
Gain on sale of Visa Class B shares | $ 0 | $ 0 | $ 7,386 | |
Proceeds from the sale of Visa Class B shares | 0 | 0 | 7,386 | |
Net loss from securities transactions | 192,622 | 0 | $ 0 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | (1,384,482) | $ (1,563,307) | ||
Subsequent Event [Member] | ||||
Marketable Securities [Line Items] | ||||
Proceeds from sale of AFS securities | $ 1,270,000 | |||
Gross loss from securities transaction | 14,900 | |||
Gross gain from securities transaction | 1,600 | |||
Debt Securities, Available-for-Sale, FV of Securities Sold | ||||
Marketable Securities [Line Items] | ||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | $ (1,300,000) | |||
Debt Securities, Available-for-Sale, FV of Securities Sold | Subsequent Event [Member] | ||||
Marketable Securities [Line Items] | ||||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | $ (1,300,000) |
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, 2023 | Sep. 30, 2022 |
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | $ 1,385,992 | $ 1,768,490 |
Available-for-sale Securities, Gross Unrealized Gains | 113 | 365 |
Available-for-sale Securities, Gross Unrealized Losses | 1,623 | 205,548 |
Available-for-sale Securities, Estimated Fair Value | 1,384,482 | 1,563,307 |
MBS [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 901,440 | 1,243,270 |
Available-for-sale Securities, Gross Unrealized Gains | 113 | 365 |
Available-for-sale Securities, Gross Unrealized Losses | 819 | 155,011 |
Available-for-sale Securities, Estimated Fair Value | 900,734 | 1,088,624 |
GSE Debentures [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 479,610 | 519,977 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 182 | 50,150 |
Available-for-sale Securities, Estimated Fair Value | 479,428 | 469,827 |
Corporate Bonds [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 4,000 | 4,000 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 622 | 305 |
Available-for-sale Securities, Estimated Fair Value | 3,378 | 3,695 |
Municipal Bonds [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 942 | 1,243 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 82 |
Available-for-sale Securities, Estimated Fair Value | $ 942 | $ 1,161 |
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, 2023 | Sep. 30, 2022 |
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Estimated Fair Value | $ 6,179 | $ 342,869 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | 109 | 22,950 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Estimated Fair Value | 62,751 | 1,185,108 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Unrealized Losses | 1,514 | 182,598 |
MBS [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Estimated Fair Value | 6,179 | 338,013 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | 109 | 22,563 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Estimated Fair Value | 34,555 | 715,281 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Unrealized Losses | 710 | 132,448 |
GSE Debentures [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Estimated Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Estimated Fair Value | 24,818 | 469,827 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Unrealized Losses | 182 | 50,150 |
Corporate Bonds [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Estimated Fair Value | 0 | 3,695 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | 0 | 305 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Estimated Fair Value | 3,378 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Unrealized Losses | $ 622 | 0 |
Municipal Bonds [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Estimated Fair Value | 1,161 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | 82 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Estimated Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Equal to or Greater Than 12 Months, Unrealized Losses | $ 0 |
Securities (Schedule Of Contrac
Securities (Schedule Of Contractual Maturities) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Marketable Securities [Abstract] | ||
Available-for-sale Securities, One year or less, Amortized Cost | $ 72,800 | |
Available-for-sale Securities, One year through five years, Amortized Cost | 406,810 | |
Available-for-sale Securities, Five years through ten years, Amortized Cost | 4,942 | |
Available-for-sale Securities, Included in maturity categories, Amortized Cost | 484,552 | |
MBS, Amortized Cost | 901,440 | |
Available-for-sale Securities, Amortized Cost | 1,385,992 | $ 1,768,490 |
Available-for-sale Securities, One year or less, Estimated Fair Value | 72,618 | |
Available-for-sale Securities, One year through five years, Estimated Fair Value | 406,810 | |
Available-for-sale Securities, Five years through ten years, Estimated Fair Value | 4,320 | |
Available-for-sale Securities, Included in maturity categories, Estimated Fair Value | 483,748 | |
MBS, Estimated Fair Value | 900,734 | |
Available-for-sale Securities, Estimated Fair Value | $ 1,384,482 | $ 1,563,307 |
Securities (Schedule Of Taxable
Securities (Schedule Of Taxable And Non-taxable Components Of Interest Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Marketable Securities [Abstract] | |||
Taxable | $ 3,538 | $ 3,234 | $ 2,710 |
Non-taxable | 27 | 34 | 115 |
Interest income on investment securities | $ 3,565 | $ 3,268 | $ 2,825 |
Securities (Schedule Of Carryin
Securities (Schedule Of Carrying Value Of Securities Pledged As Collateral) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Marketable Securities [Line Items] | ||
AFS securities | $ 1,384,482 | $ 1,563,307 |
Asset Pledged as Collateral [Member] | ||
Marketable Securities [Line Items] | ||
AFS securities | 697,591 | 744,692 |
Asset Pledged as Collateral [Member] | FRB of Kansas City borrowings [Member] | ||
Marketable Securities [Line Items] | ||
AFS securities | 519,195 | 46,283 |
Asset Pledged as Collateral [Member] | Public Unit Deposits [Member] | ||
Marketable Securities [Line Items] | ||
AFS securities | 178,396 | 125,496 |
Asset Pledged as Collateral [Member] | FHLB advances [Member] | ||
Marketable Securities [Line Items] | ||
AFS securities | $ 0 | $ 572,913 |
Loans Receivable And Allowanc_3
Loans Receivable And Allowance For Credit Losses (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2022 |
Loans Receivable [Line Items] | |||
Serviced loans for others, aggregate amount | $ 44,200 | $ 49,800 | |
Escrow balances on loans serviced for others | $ 972 | 1,100 | |
Loan-to-value ratio securing commercial real estate loans, maximum | 85% | ||
Debt service coverage ratio for commercial real estate loans, minimum | 1.15 | ||
Loan-to-value ratio securing commercial construction loans, maximum | 80% | ||
Loans receivable | $ 7,970,949 | 7,464,208 | |
Amortized cost of loans in process of foreclosure | 2,500 | 2,000 | |
Carrying value of residential OREO | 219 | 328 | |
Off-balance sheet credit exposures | 837,700 | 992,600 | |
Forecast [Member] | |||
Loans Receivable [Line Items] | |||
Unemployment Rate | 4.10% | ||
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, 2023 | Sep. 30, 2022 | Sep. 30, 2021 |
Loans Receivable [Line Items] | |||
Loans receivable, gross | $ 7,984,381 | $ 7,471,670 | |
ACL | 23,759 | 16,371 | $ 19,823 |
Deferred loan fees/discounts | 31,335 | 29,736 | |
Premiums/deferred costs | (41,662) | (38,645) | |
Loans receivable, net | 7,970,949 | 7,464,208 | |
One- to Four-Family Segment [Member] | |||
Loans Receivable [Line Items] | |||
Loans receivable, gross | 6,591,915 | 6,404,458 | |
ACL | 5,328 | 5,006 | 3,978 |
One- to Four-Family Segment [Member] | Originated [Member] | |||
Loans Receivable [Line Items] | |||
Loans receivable, gross | 3,978,837 | 3,988,469 | |
ACL | 2,149 | 2,066 | 1,612 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | |||
Loans Receivable [Line Items] | |||
Loans receivable, gross | 2,405,911 | 2,201,886 | |
ACL | 2,972 | 2,734 | 2,062 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | |||
Loans Receivable [Line Items] | |||
Loans receivable, gross | 137,193 | 147,939 | |
ACL | 207 | 206 | 304 |
One- to Four-Family Segment [Member] | Construction [Member] | |||
Loans Receivable [Line Items] | |||
Loans receivable, gross | 69,974 | 66,164 | |
Commercial Segment [Member] | |||
Loans Receivable [Line Items] | |||
Loans receivable, gross | 1,287,487 | 966,344 | |
ACL | 18,180 | 11,120 | 15,652 |
Commercial Segment [Member] | Construction [Member] | |||
Loans Receivable [Line Items] | |||
Loans receivable, gross | 178,746 | 141,062 | |
Commercial Segment [Member] | Commercial Real Estate [Member] | |||
Loans Receivable [Line Items] | |||
Loans receivable, gross | 995,788 | 745,301 | |
Commercial Segment [Member] | Commercial and Industrial [Member] | |||
Loans Receivable [Line Items] | |||
Loans receivable, gross | 112,953 | 79,981 | |
Consumer Segment [Member] | |||
Loans Receivable [Line Items] | |||
Loans receivable, gross | 104,979 | 100,868 | |
ACL | 251 | 245 | $ 193 |
Consumer Segment [Member] | Home Equity [Member] | |||
Loans Receivable [Line Items] | |||
Loans receivable, gross | 95,723 | 92,203 | |
Consumer Segment [Member] | Other [Member] | |||
Loans Receivable [Line Items] | |||
Loans receivable, gross | $ 9,256 | $ 8,665 |
Loans Receivable And Allowanc_5
Loans Receivable And Allowance For Credit Losses (Classified Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | $ 1,124,730 | $ 1,475,411 |
Year Two | 1,450,679 | 1,824,711 |
Year Three | 1,709,273 | 1,019,694 |
Year Four | 904,106 | 445,538 |
Year Five | 403,494 | 362,766 |
Prior Years | 2,285,008 | 2,254,177 |
Revolving Line of Credit | 110,969 | 98,282 |
Revolving Line of Credit Converted to Term Loan | 6,449 | |
Total Amortized Cost | 7,994,708 | 7,480,579 |
One- to Four-Family Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 665,253 | 1,058,519 |
Year Two | 1,117,986 | 1,581,839 |
Year Three | 1,485,849 | 899,289 |
Year Four | 817,322 | 353,241 |
Year Five | 317,676 | 318,570 |
Prior Years | 2,202,364 | 2,204,900 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 6,606,450 | 6,416,358 |
One- to Four-Family Segment [Member] | Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Amortized Cost | 4,033,028 | 4,038,544 |
One- to Four-Family Segment [Member] | Originated [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 318,569 | 563,460 |
Year Two | 597,298 | 930,019 |
Year Three | 874,518 | 624,274 |
Year Four | 568,081 | 281,342 |
Year Five | 251,773 | 212,037 |
Prior Years | 1,398,616 | 1,406,444 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 4,008,855 | 4,017,576 |
One- to Four-Family Segment [Member] | Originated [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 47 |
Year Two | 1,883 | 457 |
Year Three | 1,468 | 1,111 |
Year Four | 767 | 518 |
Year Five | 1,863 | 428 |
Prior Years | 8,067 | 7,641 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 14,048 | 10,202 |
One- to Four-Family Segment [Member] | Originated [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 292 | 158 |
Year Two | 155 | 0 |
Year Three | 221 | 278 |
Year Four | 564 | 1,106 |
Year Five | 939 | 256 |
Prior Years | 7,954 | 8,968 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 10,125 | 10,766 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Amortized Cost | 2,435,750 | 2,229,337 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 346,084 | 494,854 |
Year Two | 517,976 | 651,363 |
Year Three | 607,968 | 273,626 |
Year Four | 246,926 | 69,752 |
Year Five | 62,744 | 104,150 |
Prior Years | 643,520 | 627,390 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 2,425,218 | 2,221,135 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 308 | 0 |
Year Two | 674 | 0 |
Year Three | 1,674 | 0 |
Year Four | 420 | 355 |
Year Five | 357 | 1,186 |
Prior Years | 1,133 | 1,197 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 4,566 | 2,738 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 564 | 168 |
Year Five | 0 | 513 |
Prior Years | 5,402 | 4,783 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 5,966 | 5,464 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Amortized Cost | 137,672 | 148,477 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior Years | 134,464 | 144,840 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 134,464 | 144,840 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior Years | 0 | 0 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 0 | 0 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior Years | 3,208 | 3,637 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 3,208 | 3,637 |
Commercial Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 449,216 | 406,237 |
Year Two | 324,330 | 238,454 |
Year Three | 220,682 | 118,069 |
Year Four | 85,373 | 90,889 |
Year Five | 84,939 | 42,553 |
Prior Years | 80,255 | 47,053 |
Revolving Line of Credit | 38,251 | 19,901 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 1,283,046 | 963,156 |
Commercial Segment [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Amortized Cost | 1,170,116 | 883,166 |
Commercial Segment [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 403,269 | 366,794 |
Year Two | 301,164 | 221,001 |
Year Three | 208,942 | 111,689 |
Year Four | 81,478 | 86,456 |
Year Five | 82,027 | 41,322 |
Prior Years | 79,170 | 46,383 |
Revolving Line of Credit | 10,448 | 7,436 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 1,166,498 | 881,081 |
Commercial Segment [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 2,483 | 565 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior Years | 0 | 0 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 2,483 | 565 |
Commercial Segment [Member] | Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 67 | 436 |
Year Two | 0 | 0 |
Year Three | 0 | 594 |
Year Four | 594 | 221 |
Year Five | 219 | 239 |
Prior Years | 255 | 30 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 1,135 | 1,520 |
Commercial Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Amortized Cost | 112,930 | 79,990 |
Commercial Segment [Member] | Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 30,206 | 38,442 |
Year Two | 23,166 | 17,453 |
Year Three | 11,740 | 5,708 |
Year Four | 3,228 | 4,212 |
Year Five | 2,693 | 919 |
Prior Years | 748 | 630 |
Revolving Line of Credit | 27,104 | 11,413 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 98,885 | 78,777 |
Commercial Segment [Member] | Commercial and Industrial [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 13,191 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior Years | 0 | 0 |
Revolving Line of Credit | 699 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 13,890 | 0 |
Commercial Segment [Member] | Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 78 |
Year Four | 73 | 0 |
Year Five | 0 | 73 |
Prior Years | 82 | 10 |
Revolving Line of Credit | 0 | 1,052 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 155 | 1,213 |
Consumer Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 10,261 | 10,655 |
Year Two | 8,363 | 4,418 |
Year Three | 2,742 | 2,336 |
Year Four | 1,411 | 1,408 |
Year Five | 879 | 1,643 |
Prior Years | 2,389 | 2,224 |
Revolving Line of Credit | 72,718 | 78,381 |
Revolving Line of Credit Converted to Term Loan | 6,449 | |
Total Amortized Cost | 105,212 | 101,065 |
Consumer Segment [Member] | Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Amortized Cost | 95,955 | 92,401 |
Consumer Segment [Member] | Home Equity [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 5,501 | 6,447 |
Year Two | 5,624 | 2,375 |
Year Three | 1,955 | 1,486 |
Year Four | 1,069 | 982 |
Year Five | 746 | 992 |
Prior Years | 2,224 | 2,020 |
Revolving Line of Credit | 72,119 | 77,448 |
Revolving Line of Credit Converted to Term Loan | 6,205 | |
Total Amortized Cost | 95,443 | 91,750 |
Consumer Segment [Member] | Home Equity [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 46 | 66 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior Years | 21 | 0 |
Revolving Line of Credit | 62 | 233 |
Revolving Line of Credit Converted to Term Loan | 195 | |
Total Amortized Cost | 324 | 299 |
Consumer Segment [Member] | Home Equity [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 18 |
Year Five | 0 | 0 |
Prior Years | 15 | 3 |
Revolving Line of Credit | 125 | 331 |
Revolving Line of Credit Converted to Term Loan | 48 | |
Total Amortized Cost | 188 | 352 |
Consumer Segment [Member] | Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Amortized Cost | 9,257 | 8,664 |
Consumer Segment [Member] | Other [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 4,758 | 4,207 |
Year Two | 2,693 | 1,977 |
Year Three | 787 | 843 |
Year Four | 338 | 408 |
Year Five | 133 | 651 |
Prior Years | 129 | 201 |
Revolving Line of Credit | 412 | 369 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 9,250 | 8,656 |
Consumer Segment [Member] | Other [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 7 |
Year Four | 4 | 0 |
Year Five | 0 | 0 |
Prior Years | 0 | 0 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 1 | |
Total Amortized Cost | 5 | 7 |
Consumer Segment [Member] | Other [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 2 | 1 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior Years | 0 | 0 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | $ 2 | $ 1 |
Loans Receivable And Allowanc_6
Loans Receivable And Allowance For Credit Losses (Delinquent Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | $ 1,124,730 | $ 1,475,411 |
Year Two | 1,450,679 | 1,824,711 |
Year Three | 1,709,273 | 1,019,694 |
Year Four | 904,106 | 445,538 |
Year Five | 403,494 | 362,766 |
Prior Years | 2,285,008 | 2,254,177 |
Revolving Line of Credit | 110,969 | 98,282 |
Revolving Line of Credit Converted to Term Loan | 6,449 | |
Total Amortized Cost | 7,994,708 | 7,480,579 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Amortized Cost | 7,969,425 | 7,464,898 |
Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Amortized Cost | 16,347 | 6,506 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Amortized Cost | 8,936 | 9,175 |
One- to Four-Family Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 665,253 | 1,058,519 |
Year Two | 1,117,986 | 1,581,839 |
Year Three | 1,485,849 | 899,289 |
Year Four | 817,322 | 353,241 |
Year Five | 317,676 | 318,570 |
Prior Years | 2,202,364 | 2,204,900 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 6,606,450 | 6,416,358 |
One- to Four-Family Segment [Member] | Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Amortized Cost | 4,033,028 | 4,038,544 |
One- to Four-Family Segment [Member] | Originated [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 318,211 | 563,507 |
Year Two | 598,283 | 930,476 |
Year Three | 875,563 | 625,110 |
Year Four | 567,975 | 282,598 |
Year Five | 253,546 | 212,549 |
Prior Years | 1,407,090 | 1,417,268 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 4,020,668 | 4,031,508 |
One- to Four-Family Segment [Member] | Originated [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 358 | 0 |
Year Two | 898 | 0 |
Year Three | 644 | 553 |
Year Four | 1,437 | 0 |
Year Five | 820 | 64 |
Prior Years | 5,960 | 3,506 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 10,117 | 4,123 |
One- to Four-Family Segment [Member] | Originated [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 292 | 158 |
Year Two | 155 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 368 |
Year Five | 209 | 108 |
Prior Years | 1,587 | 2,279 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 2,243 | 2,913 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Amortized Cost | 2,435,750 | 2,229,337 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 346,084 | 494,854 |
Year Two | 518,650 | 651,363 |
Year Three | 608,573 | 273,626 |
Year Four | 247,346 | 70,107 |
Year Five | 62,652 | 105,336 |
Prior Years | 643,739 | 629,150 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 2,427,044 | 2,224,436 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 308 | 0 |
Year Two | 0 | 0 |
Year Three | 1,069 | 0 |
Year Four | 564 | 0 |
Year Five | 449 | 0 |
Prior Years | 2,862 | 1,117 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 5,252 | 1,117 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 168 |
Year Five | 0 | 513 |
Prior Years | 3,454 | 3,103 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 3,454 | 3,784 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Amortized Cost | 137,672 | 148,477 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior Years | 136,577 | 146,399 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 136,577 | 146,399 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior Years | 153 | 921 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 153 | 921 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior Years | 942 | 1,157 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 942 | 1,157 |
Commercial Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 449,216 | 406,237 |
Year Two | 324,330 | 238,454 |
Year Three | 220,682 | 118,069 |
Year Four | 85,373 | 90,889 |
Year Five | 84,939 | 42,553 |
Prior Years | 80,255 | 47,053 |
Revolving Line of Credit | 38,251 | 19,901 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 1,283,046 | 963,156 |
Commercial Segment [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Amortized Cost | 1,170,116 | 883,166 |
Commercial Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 404,867 | 367,795 |
Year Two | 301,164 | 221,001 |
Year Three | 208,942 | 111,689 |
Year Four | 81,478 | 86,456 |
Year Five | 82,027 | 41,322 |
Prior Years | 79,188 | 46,383 |
Revolving Line of Credit | 10,448 | 7,436 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 1,168,114 | 882,082 |
Commercial Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 36 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior Years | 0 | 0 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 36 | 0 |
Commercial Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 916 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 594 |
Year Four | 594 | 221 |
Year Five | 219 | 239 |
Prior Years | 237 | 30 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 1,966 | 1,084 |
Commercial Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Amortized Cost | 112,930 | 79,990 |
Commercial Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 43,397 | 38,442 |
Year Two | 23,166 | 17,453 |
Year Three | 11,740 | 5,786 |
Year Four | 3,228 | 4,212 |
Year Five | 2,690 | 919 |
Prior Years | 748 | 630 |
Revolving Line of Credit | 27,684 | 12,465 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 112,653 | 79,907 |
Commercial Segment [Member] | Commercial and Industrial [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 2 | 0 |
Prior Years | 0 | 0 |
Revolving Line of Credit | 57 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 59 | 0 |
Commercial Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 73 | 0 |
Year Five | 1 | 73 |
Prior Years | 82 | 10 |
Revolving Line of Credit | 62 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 218 | 83 |
Consumer Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 10,261 | 10,655 |
Year Two | 8,363 | 4,418 |
Year Three | 2,742 | 2,336 |
Year Four | 1,411 | 1,408 |
Year Five | 879 | 1,643 |
Prior Years | 2,389 | 2,224 |
Revolving Line of Credit | 72,718 | 78,381 |
Revolving Line of Credit Converted to Term Loan | 6,449 | |
Total Amortized Cost | 105,212 | 101,065 |
Consumer Segment [Member] | Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Amortized Cost | 95,955 | 92,401 |
Consumer Segment [Member] | Home Equity [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 5,428 | 6,447 |
Year Two | 5,631 | 2,441 |
Year Three | 1,955 | 1,429 |
Year Four | 990 | 1,000 |
Year Five | 746 | 980 |
Prior Years | 2,195 | 1,999 |
Revolving Line of Credit | 71,986 | 77,633 |
Revolving Line of Credit Converted to Term Loan | 6,312 | |
Total Amortized Cost | 95,243 | 91,929 |
Consumer Segment [Member] | Home Equity [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 73 | 0 |
Year Two | 39 | 0 |
Year Three | 0 | 57 |
Year Four | 79 | 0 |
Year Five | 0 | 12 |
Prior Years | 50 | 24 |
Revolving Line of Credit | 239 | 226 |
Revolving Line of Credit Converted to Term Loan | 125 | |
Total Amortized Cost | 605 | 319 |
Consumer Segment [Member] | Home Equity [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior Years | 15 | 0 |
Revolving Line of Credit | 81 | 153 |
Revolving Line of Credit Converted to Term Loan | 11 | |
Total Amortized Cost | 107 | 153 |
Consumer Segment [Member] | Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Amortized Cost | 9,257 | 8,664 |
Consumer Segment [Member] | Other [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 4,737 | 4,205 |
Year Two | 2,613 | 1,964 |
Year Three | 765 | 844 |
Year Four | 338 | 404 |
Year Five | 132 | 651 |
Prior Years | 129 | 201 |
Revolving Line of Credit | 412 | 368 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | 9,126 | 8,637 |
Consumer Segment [Member] | Other [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 17 | 2 |
Year Two | 80 | 13 |
Year Three | 22 | 6 |
Year Four | 4 | 4 |
Year Five | 1 | 0 |
Prior Years | 0 | 0 |
Revolving Line of Credit | 0 | 1 |
Revolving Line of Credit Converted to Term Loan | 1 | |
Total Amortized Cost | 125 | 26 |
Consumer Segment [Member] | Other [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 6 | 1 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior Years | 0 | 0 |
Revolving Line of Credit | 0 | 0 |
Revolving Line of Credit Converted to Term Loan | 0 | |
Total Amortized Cost | $ 6 | $ 1 |
Loans Receivable And Allowanc_7
Loans Receivable And Allowance For Credit Losses (Loans, Past Due Aging Analysis) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | $ 7,994,708 | $ 7,480,579 |
Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 25,283 | 15,681 |
Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 16,347 | 6,506 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 8,936 | 9,175 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 7,969,425 | 7,464,898 |
One- to Four-Family Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 6,606,450 | 6,416,358 |
One- to Four-Family Segment [Member] | Originated [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 4,033,028 | 4,038,544 |
One- to Four-Family Segment [Member] | Originated [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 12,360 | 7,036 |
One- to Four-Family Segment [Member] | Originated [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 10,117 | 4,123 |
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] | ||
Total Amortized Cost | 2,243 | 2,913 |
One- to Four-Family Segment [Member] | Originated [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 4,020,668 | 4,031,508 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 2,435,750 | 2,229,337 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 8,706 | 4,901 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 5,252 | 1,117 |
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] | ||
Total Amortized Cost | 3,454 | 3,784 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 2,427,044 | 2,224,436 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 137,672 | 148,477 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 1,095 | 2,078 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 153 | 921 |
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] | ||
Total Amortized Cost | 942 | 1,157 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 136,577 | 146,399 |
Commercial Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 1,283,046 | 963,156 |
Commercial Segment [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 1,170,116 | 883,166 |
Commercial Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 2,002 | 1,084 |
Commercial Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 36 | 0 |
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] | ||
Total Amortized Cost | 1,966 | 1,084 |
Commercial Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 1,168,114 | 882,082 |
Commercial Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 112,930 | 79,990 |
Commercial Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 277 | 83 |
Commercial Segment [Member] | Commercial and Industrial [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 59 | 0 |
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] | ||
Total Amortized Cost | 218 | 83 |
Commercial Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 112,653 | 79,907 |
Consumer Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 105,212 | 101,065 |
Consumer Segment [Member] | Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 95,955 | 92,401 |
Consumer Segment [Member] | Home Equity [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 712 | 472 |
Consumer Segment [Member] | Home Equity [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 605 | 319 |
Consumer Segment [Member] | Home Equity [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 107 | 153 |
Consumer Segment [Member] | Home Equity [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 95,243 | 91,929 |
Consumer Segment [Member] | Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 9,257 | 8,664 |
Consumer Segment [Member] | Other [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 131 | 27 |
Consumer Segment [Member] | Other [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 125 | 26 |
Consumer Segment [Member] | Other [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | 6 | 1 |
Consumer Segment [Member] | Other [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Amortized Cost | $ 9,126 | $ 8,637 |
Loans Receivable And Allowanc_8
Loans Receivable And Allowance For Credit Losses (Loans, Nonaccrual) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | $ 9,453 | $ 9,494 |
Nonaccrual loans with no ACL | 1,990 | 2,581 |
One- to Four-Family Segment [Member] | Originated [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 2,457 | 3,135 |
Nonaccrual loans with no ACL | 471 | 1,018 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 3,739 | 3,784 |
Nonaccrual loans with no ACL | 285 | 304 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 942 | 1,157 |
Nonaccrual loans with no ACL | 630 | 630 |
Commercial Segment [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 1,984 | 1,084 |
Nonaccrual loans with no ACL | 446 | 449 |
Commercial Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 218 | 161 |
Nonaccrual loans with no ACL | 155 | 161 |
Consumer Segment [Member] | Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 107 | 172 |
Nonaccrual loans with no ACL | 3 | 19 |
Consumer Segment [Member] | Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual loans | 6 | 1 |
Nonaccrual loans with no ACL | $ 0 | $ 0 |
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, 2023 USD ($) contract | Sep. 30, 2022 USD ($) contract | Sep. 30, 2021 USD ($) contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 4 | 6 | 7 |
Pre-Restructured Outstanding | $ 669 | $ 299 | $ 1,685 |
Post-Restructured Outstanding | $ 690 | $ 299 | $ 1,576 |
One- to Four-Family Segment [Member] | Originated [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 1 | 3 | 7 |
Pre-Restructured Outstanding | $ 110 | $ 156 | $ 1,685 |
Post-Restructured Outstanding | $ 110 | $ 156 | $ 1,576 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 1 | 0 | 0 |
Pre-Restructured Outstanding | $ 282 | $ 0 | $ 0 |
Post-Restructured Outstanding | $ 285 | $ 0 | $ 0 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 1 | 0 | 0 |
Pre-Restructured Outstanding | $ 239 | $ 0 | $ 0 |
Post-Restructured Outstanding | $ 257 | $ 0 | $ 0 |
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 | 2 | 0 |
Pre-Restructured Outstanding | $ 0 | $ 124 | $ 0 |
Post-Restructured Outstanding | $ 0 | $ 124 | $ 0 |
Consumer Segment [Member] | Home Equity [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 1 | 1 | 0 |
Pre-Restructured Outstanding | $ 38 | $ 19 | $ 0 |
Post-Restructured Outstanding | $ 38 | $ 19 | $ 0 |
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, 2023 USD ($) contract | Sep. 30, 2022 USD ($) contract | Sep. 30, 2021 USD ($) contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 1 | 3 | 0 |
Amortized Cost | $ | $ 8 | $ 716 | $ 0 |
One- to Four-Family Segment [Member] | Originated [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 1 | 2 | 0 |
Amortized Cost | $ | $ 8 | $ 697 | $ 0 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 0 | 0 |
Amortized Cost | $ | $ 0 | $ 0 | $ 0 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 0 | 0 |
Amortized Cost | $ | $ 0 | $ 0 | $ 0 |
Commercial Segment [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 0 | 0 |
Amortized Cost | $ | $ 0 | $ 0 | $ 0 |
Commercial Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 0 | 0 |
Amortized Cost | $ | $ 0 | $ 0 | $ 0 |
Consumer Segment [Member] | Home Equity [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 1 | 0 |
Amortized Cost | $ | $ 0 | $ 19 | $ 0 |
Consumer Segment [Member] | Other [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 0 | 0 |
Amortized Cost | $ | $ 0 | $ 0 | $ 0 |
Loans Receivable And Allowan_11
Loans Receivable And Allowance For Credit Losses (Allowance For Credit Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | $ 16,371 | $ 19,823 | |
Beginning Balance | $ 31,527 | ||
Charge-offs | 115 | 70 | 715 |
Recoveries | 9 | 256 | 237 |
Provision for credit losses | 7,494 | (3,638) | (6,465) |
Ending Balance | 23,759 | 16,371 | 19,823 |
Adoption of CECL [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | (4,761) | ||
Balance at October 1, 2020 [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | 26,766 | ||
One- to Four-Family Segment [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | 5,006 | 3,978 | |
Beginning Balance | 9,243 | ||
Charge-offs | 0 | 9 | 185 |
Recoveries | 6 | 138 | 144 |
Provision for credit losses | 316 | 899 | (841) |
Ending Balance | 5,328 | 5,006 | 3,978 |
One- to Four-Family Segment [Member] | Adoption of CECL [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | (4,383) | ||
One- to Four-Family Segment [Member] | Balance at October 1, 2020 [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | 4,860 | ||
One- to Four-Family Segment [Member] | Originated [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | 2,066 | 1,612 | |
Beginning Balance | 6,085 | ||
Charge-offs | 0 | 9 | 164 |
Recoveries | 6 | 138 | 144 |
Provision for credit losses | 77 | 325 | (1) |
Ending Balance | 2,149 | 2,066 | 1,612 |
One- to Four-Family Segment [Member] | Originated [Member] | Adoption of CECL [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | (4,452) | ||
One- to Four-Family Segment [Member] | Originated [Member] | Balance at October 1, 2020 [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | 1,633 | ||
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | 2,734 | 2,062 | |
Beginning Balance | 2,691 | ||
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Provision for credit losses | 238 | 672 | (262) |
Ending Balance | 2,972 | 2,734 | 2,062 |
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | Adoption of CECL [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | (367) | ||
One- to Four-Family Segment [Member] | Correspondent Purchased [Member] | Balance at October 1, 2020 [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | 2,324 | ||
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | 206 | 304 | |
Beginning Balance | 467 | ||
Charge-offs | 0 | 0 | 21 |
Recoveries | 0 | 0 | 0 |
Provision for credit losses | 1 | (98) | (578) |
Ending Balance | 207 | 206 | 304 |
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | Adoption of CECL [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | 436 | ||
One- to Four-Family Segment [Member] | Bulk Purchased [Member] | Balance at October 1, 2020 [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | 903 | ||
Commercial Segment [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | 11,120 | 15,652 | |
Beginning Balance | 21,800 | ||
Charge-offs | 75 | 40 | 515 |
Recoveries | 1 | 101 | 50 |
Provision for credit losses | 7,134 | (4,593) | (5,490) |
Ending Balance | 18,180 | 11,120 | 15,652 |
Commercial Segment [Member] | Adoption of CECL [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | (193) | ||
Commercial Segment [Member] | Balance at October 1, 2020 [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | 21,607 | ||
Consumer Segment [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | 245 | 193 | |
Beginning Balance | 484 | ||
Charge-offs | 40 | 21 | 15 |
Recoveries | 2 | 17 | 43 |
Provision for credit losses | 44 | 56 | (134) |
Ending Balance | $ 251 | $ 245 | 193 |
Consumer Segment [Member] | Adoption of CECL [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | (185) | ||
Consumer Segment [Member] | Balance at October 1, 2020 [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning Balance | $ 299 |
Loans Receivable And Allowan_12
Loans Receivable And Allowance For Credit Losses (Reserve for Off-Balance Sheet Credit Exposures) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract] | ||
Beginning Balance | $ 4,751 | $ 5,743 |
Provision for credit losses | (656) | (992) |
Ending Balance | $ 4,095 | $ 4,751 |
Premises, Equipment and Lease_2
Premises, Equipment and Leases (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | |
Lessee, Lease, Description [Line Items] | |||
Right-of-use asset, amount | $ 11,300 | $ 11,600 | |
Right-of-use asset, balance sheet location | Other assets | Other assets | |
Lease liability, amount | $ 11,622 | $ 11,800 | |
Lease liability, balance sheet location | Other liabilities | Other liabilities | |
Operating leases, weighted average remaining lease term | 24 years | ||
Operating leases, weighted average discount rate | 2.59% | ||
Description of property disposal | During fiscal year 2021, management decided to relocate one of the Bank's branches. As a result, the Company classified the branch location as held-for-sale and subsequently sold the property. | ||
Loss on disposal of property | $ (940) | ||
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating leases, remaining term | 3 months | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating leases, remaining term | 44 years |
Premises, Equipment and Lease_3
Premises, Equipment and Leases (Summary Of The Carrying Value Of Banking Premises And Equipment) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | $ 192,239 | $ 188,213 |
Less accumulated depreciation | 100,708 | 93,393 |
Premises and equipment, net | 91,531 | 94,820 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | 16,045 | 16,222 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | 123,830 | 122,196 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | $ 52,364 | $ 49,795 |
Premises, Equipment and Lease_4
Premises, Equipment and Leases (Schedule of Lease Expenses and Cash Flow Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | |||
Operating lease expense | $ 1,307 | $ 1,397 | $ 1,404 |
Variable lease expense | 189 | 164 | 176 |
Short-term lease expense | 41 | 2 | 2 |
Cash paid for amounts included in the measurement of lease liabilities | $ 1,211 | $ 1,312 | $ 1,301 |
Premises, Equipment and Lease_5
Premises, Equipment and Leases (Schedule of Future Minimum Payments for Operating Leases) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Leases [Abstract] | ||
Fiscal year 2024 | $ 1,134 | |
Fiscal year 2025 | 899 | |
Fiscal year 2026 | 851 | |
Fiscal year 2027 | 808 | |
Fiscal year 2028 | 804 | |
Thereafter | 12,146 | |
Total future minimum lease payments | 16,642 | |
Amounts representing interest | (5,020) | |
Present value of net future minimum lease payments | $ 11,622 | $ 11,800 |
Low Income Housing Partnershi_2
Low Income Housing Partnerships (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Investments in Affordable Housing Projects [Abstract] | |||
Investment In affordable housing limited partnerships | $ 121.8 | $ 111.9 | |
Obligations related to investments in affordable housing limited partnerships | $ 63.6 | 57.9 | |
Affordable housing tax credits commitment, year to be paid | 2026 | ||
Proportional amortization expense, amount | $ 10.1 | 9.3 | $ 8.4 |
Affordable housing tax credits, amount | 12.4 | 11.6 | 10.5 |
Net income tax benefit, low income housing partnerships | 2.3 | 2.3 | 2.1 |
Impairment losses from the forfeiture or ineligibility of tax credits or other circumstances, amount | $ 0 | $ 0 | $ 0 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, impairment recorded | $ 0 |
Intangible Assets (Schedule of
Intangible Assets (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule of Goodwill and Intangible Assets [Line Items] | |||
Core Deposit and Other Intangibles, Amortization | $ (1,069) | $ (1,372) | $ (1,578) |
Capital City Bancshares, Inc. [Member] | |||
Schedule of Goodwill and Intangible Assets [Line Items] | |||
Goodwill Balance | 9,324 | 9,324 | 9,324 |
Goodwill, Amortization | 0 | 0 | 0 |
Goodwill Balance | 9,324 | 9,324 | 9,324 |
Core Deposit and Other Intangibles Balance | 2,589 | 3,961 | 5,539 |
Core Deposit and Other Intangibles, Amortization | (1,069) | (1,372) | (1,578) |
Core Deposit and Other Intangibles Balance | $ 1,520 | $ 2,589 | $ 3,961 |
Intangible Assets Intangible As
Intangible Assets Intangible Assets (Schedule of Core Deposit and Other Intangible Assets, Future Amortization Expense) (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 774 |
2025 | 523 |
2026 | 223 |
2027 | 0 |
2028 | $ 0 |
Deposits and Borrowed Funds (Na
Deposits and Borrowed Funds (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2023 | |
Noninterest-bearing deposits | $ 558,300 | $ 591,400 | ||
Time Deposits, $250,000 or more | 521,000 | 334,300 | ||
FHLB Advances, Fixed Rate | 2,020,000 | 1,700,000 | ||
FHLB Advances, Variable Rate | 365,000 | 365,000 | ||
FHLB line of credit, outstanding balance | $ 0 | 75,000 | ||
FHLB borrowings threshold percentage of regulatory assets | 40% | |||
FHLB borrowings threshold percentage of regulatory assets, temporary increase | 50% | |||
FHLB percentage of regulatory assets | 23% | |||
BTFP borrowings | $ 2,882,828 | |||
Interest rate swaps, notional amount | $ 365,000 | $ 365,000 | ||
Interest rate swaps, remaining term to maturity | 2 years 1 month 6 days | 3 years 1 month 6 days | ||
Interest rate swaps, fair value | $ 13,000 | $ 12,500 | ||
Derivative Asset, balance sheet location | Other assets | Other assets | ||
Interest rate swaps, amount reclassified from AOCI | $ (5,601) | $ 5,103 | $ 13,565 | |
Interest rate swaps, future amount to be reclassified from AOCI | (7,900) | |||
Interest rate swaps, collateral held | (14,000) | (12,100) | ||
Loss on interest rate swap termination, net of tax | 3,600 | |||
Loss on interest rate swap termination | 0 | 0 | 4,752 | |
FHLB advances [Member] | ||||
FHLB Advances, Amount | 2,380,000 | 2,057,154 | ||
Terminated Interest Rate Swaps [Member] | ||||
FHLB Advances, Variable Rate | 200,000 | |||
Interest rate swaps, notional amount | 200,000 | |||
Replacement FHLB Advances [Member] | ||||
FHLB Advances, Amount | $ 400,000 | |||
FHLB Advances, Interest Rate | 0.80% | |||
FHLB Advances, Term | 5 years | |||
FHLB Advances, Effective Interest Rate | 1.03% | |||
Prepaid FHLB Advances [Member] | ||||
FHLB Advances, Amount | $ 400,000 | |||
FHLB Advances, Interest Rate | 1.29% | |||
FHLB Advances, Term | 10 months 24 days | |||
FHLB Advances, Prepayment Penalties | $ 5,100 | |||
Leverage Strategy [Member] | ||||
FHLB borrowing amount for leverage strategy, maximum | 2,600,000 | |||
Federal Reserve Bank Advances [Member] | ||||
BTFP borrowings | $ 500,000 | $ 0 | ||
Federal Reserve Bank Advances [Member] | Subsequent Event [Member] | ||||
BTFP borrowings | $ 500,000 |
Deposits and Borrowed Funds (FH
Deposits and Borrowed Funds (FHLB Advances) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 | |
Debt [Line Items] | |||
FHLB advances | $ 2,382,828 | $ 2,062,500 | |
BTFP borrowings | 2,882,828 | ||
Deferred prepayment penalty | (3,703) | (5,346) | |
Borrowings | $ 2,879,125 | $ 2,132,154 | |
Weighted Average [Member] | |||
Debt [Line Items] | |||
Weighted average contractual interest rate on FHLB advances | 3.41% | 2.42% | |
Weighted average effective interest rate on FHLB advances | [1] | 3.06% | 2.44% |
Contractual Rate BTFP Borrowings | 4.70% | ||
Federal Home Loan Bank Advances [Member] | |||
Debt [Line Items] | |||
Borrowings | $ 2,380,000 | $ 2,057,154 | |
[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) $ in Thousands | Sep. 30, 2023 USD ($) |
Deposits and Borrowed Funds [Abstract] | |
2024 | $ 1,019,672 |
2025 | 679,672 |
2026 | 604,672 |
2027 | 427,172 |
2028 | 151,640 |
Thereafter | 0 |
Borrowings Amount | 2,882,828 |
Certificates of Deposit Due in 2024 | 1,490,023 |
Certificates of Deposit Due in 2025 | 681,402 |
Certificates of Deposit Due in 2026 | 361,295 |
Certificates of Deposit Due in 2027 | 138,297 |
Certificates of Deposit Due in 2028 | 58,973 |
Certificates of Deposit Due Thereafter | 202 |
Certificates of Deposit Amount | $ 2,730,192 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate | 26.80% | 21.20% | 20.80% |
Valuation allowance | $ 30,000 | $ 80,000 | |
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Open tax year | 2020 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
Current, Federal | $ 6,789 | $ 17,105 | $ 17,586 |
Current, State | 1,435 | 3,598 | 4,028 |
Current income tax expense | 8,224 | 20,703 | 21,614 |
Deferred, Federal | (39,209) | 1,632 | (1,405) |
Deferred, State | (6,311) | 415 | (263) |
Deferred income tax expense | (45,520) | 2,047 | (1,668) |
Income tax expense | $ (37,296) | $ 22,750 | $ 19,946 |
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 | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax expense computed at statutory Federal rate, Amount | $ (29,180) | $ 22,513 | $ 20,166 |
Federal income tax expense computed at statutory Federal rate, Percentage | 21% | 21% | 21% |
Increases (Decreases) In Taxes Resulting From: | |||
State taxes, net of Federal tax effect, Amount | $ (5,412) | $ 3,399 | $ 3,102 |
State taxes, net of Federal tax effect, Percentage | 3.90% | 3.20% | 3.20% |
Low income housing tax credits, net, Amount | $ (2,303) | $ (2,238) | $ (2,085) |
Low income housing tax credits, net, Percentage | 1.60% | (2.10%) | (2.10%) |
ESOP related expenses, net, Amount | $ (652) | $ (641) | $ (662) |
ESOP related expenses, net, Percentage | 0.50% | (0.60%) | (0.70%) |
Other, Amount | $ 251 | $ (283) | $ (575) |
Other, Percentage | (0.20%) | (0.30%) | (0.60%) |
Income tax expense | $ (37,296) | $ 22,750 | $ 19,946 |
Income tax expense, Percentage | 26.80% | 21.20% | 20.80% |
Income Taxes (Components Of Net
Income Taxes (Components Of Net Deferred Income Tax (Liabilities) Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Deferred income tax assets: | ||
Net loss on securities transactions | $ 47,006 | $ 0 |
ACL | 4,989 | 3,438 |
Lease liabilities | 2,835 | 2,883 |
ESOP compensation | 1,510 | 1,472 |
Salaries, deferred compensation and employee benefits | 1,269 | 2,044 |
Reserve for off-balance sheet credit exposures | 999 | 1,159 |
Unrealized loss on AFS securities | 368 | 50,064 |
Net purchase discounts related to acquired loans | 149 | 102 |
Low income housing partnerships | 92 | 337 |
Other | 912 | 891 |
Gross deferred income tax assets | 60,129 | 62,390 |
Valuation allowance | (30) | (80) |
Gross deferred income tax asset, net of valuation allowance | 60,099 | 62,310 |
Deferred income tax liabilities: | ||
FHLB stock dividends | 17,547 | 14,590 |
Unrealized gain on interest rate swaps | 3,176 | 3,061 |
Premises and equipment | 3,164 | 3,614 |
ACL | 2,936 | 3,145 |
Lease right-of-use assets | 2,748 | 2,821 |
Deposit intangible | 411 | 692 |
Other | 512 | 503 |
Gross deferred income tax liabilities | 30,494 | 28,426 |
Net deferred tax assets | $ 29,605 | $ 33,884 |
Employee Stock Ownership Plan_2
Employee Stock Ownership Plan (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2024 | |
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 | $ 1,200 | $ 1,700 | $ 2,300 | |
Portion of compensation expense related to the ESOP attributable to changes in Company stock price | (472) | 88 | 383 | |
Dividends on unallocated ESOP shares in excess of debt service payments | $ 0 | $ 0 | $ 219 | |
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% | |||
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, 2023 | Sep. 30, 2022 |
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | ||
Allocated ESOP shares | 4,223,478 | 4,276,467 |
Unreleased ESOP shares | 2,808,366 | 2,973,564 |
Total ESOP shares | 7,031,844 | 7,250,031 |
Fair value of unreleased ESOP shares | $ 13,396 | $ 24,681 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding at end of year, number of options | 349,374 | ||
Options outstanding at end of year, weighted average exercise price | $ 12.50 | ||
Options outstanding at end of year, weighted average remaining contractual life (in years) | 2 years 6 months | ||
Options exercisable at end of year, number of options | 349,374 | ||
Options exercisable at end of year, weighted average exercise price | $ 12.50 | ||
Options exercisable at end of year, weighted average remaining contractual life (in years) | 2 years 6 months | ||
Unvested restricted stock at end of year, number of shares | 88,444 | ||
Unvested restricted stock at end of year, weighted average grant date fair value | $ 9.52 | ||
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 | 61,565 | ||
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 | 4,410,029 | ||
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 | $ 327 | $ 492 | $ 480 |
Unrecognized total future compensation cost | 617 | ||
Fair value of restricted stock vested during the period | $ 285 | $ 408 | $ 441 |
Unrecognized total future compensation cost weighted average recognition period | 2 years 9 months 18 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 | 1,528,475 | ||
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, 2023 | Sep. 30, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Unadvanced lines of credit | $ 293.9 | $ 282.4 |
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, 2023 | Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Originate fixed-rate | $ 44,767 | $ 103,618 |
Originate adjustable-rate | 29,343 | 73,749 |
Purchase/participate fixed-rate | 1,246 | 74,490 |
Purchase/participate adjustable-rate | 520 | 73,461 |
Commitments outstanding to originate, purchase, or participate in loans | $ 75,876 | $ 325,318 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements Regulatory Capital Requirements (Narrative) (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Banking Regulation, Tier 1 Leverage Capital [Abstract] | |
Liquidation account balance | $ 85.3 |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements (Summary Of Capital And Total Risk-Based Capital Ratios) (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) |
Capitol Federal Savings Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage, Actual Amount | $ 903,969 | $ 1,090,222 |
Tier 1 leverage, Actual Ratio | 0.085 | 0.090 |
Tier 1 leverage, For Capital Adequacy Purposes, Amount | $ 423,358 | $ 1,090,015 |
Tier 1 leverage, For Capital Adequacy Purposes, Ratio | 0.040 | 0.090 |
Tier 1 leverage, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 529,197 | |
Tier 1 leverage, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.050 | |
CET1 capital, Actual Amount | $ 903,969 | |
CET1 capital, Actual Ratio | 0.160 | |
CET1 capital, For Capital Adequacy Purposes, Amount | $ 254,670 | |
Common Equity Tier 1 Capital, For Capital Adequacy Purposes, Ratio | 4.50% | |
CET1 capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 367,856 | |
Common Equity Tier 1 Capital Ratio Required To Be Well Capitalized | 6.50% | |
Tier 1 capital, Actual Amount | $ 903,969 | |
Tier 1 capital, Actual Ratio | 0.160 | |
Tier 1 capital, For Capital Adequacy Purposes, Amount | $ 339,559 | |
Tier 1 capital, For Capital Adequacy Purposes, Ratio | 0.060 | |
Tier 1 capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 452,746 | |
Tier 1 capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.080 | |
Total capital, Actual Amount | $ 931,823 | |
Total capital, Actual Ratio | 0.165 | |
Total capital, For Capital Adequacy Purposes, Amount | $ 452,746 | |
Total capital, For Capital Adequacy Purposes, Ratio | 0.080 | |
Total capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 565,932 | |
Total capital, To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.100 | |
Capitol Federal Financial Inc [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage, Actual Amount | $ 1,024,880 | $ 1,230,851 |
Tier 1 leverage, Actual Ratio | 0.097 | 0.102 |
Tier 1 leverage, For Capital Adequacy Purposes, Amount | $ 423,312 | $ 1,089,869 |
Tier 1 leverage, For Capital Adequacy Purposes, Ratio | 0.040 | 0.090 |
CET1 capital, Actual Amount | $ 1,024,880 | |
CET1 capital, Actual Ratio | 0.181 | |
CET1 capital, For Capital Adequacy Purposes, Amount | $ 254,681 | |
Common Equity Tier 1 Capital, For Capital Adequacy Purposes, Ratio | 4.50% | |
Tier 1 capital, Actual Amount | $ 1,024,880 | |
Tier 1 capital, Actual Ratio | 0.181 | |
Tier 1 capital, For Capital Adequacy Purposes, Amount | $ 339,574 | |
Tier 1 capital, For Capital Adequacy Purposes, Ratio | 0.060 | |
Total capital, Actual Amount | $ 1,052,734 | |
Total capital, Actual Ratio | 0.186 | |
Total capital, For Capital Adequacy Purposes, Amount | $ 452,766 | |
Total capital, For Capital Adequacy Purposes, Ratio | 0.080 |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Narrative) (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans individually evaluated for loss | $ 4,000 | $ 4,700 |
OREO | $ 0 | 328 |
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, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 1,397,500 | 1,575,854 |
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
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 loss | 4,000 | 4,700 |
OREO | $ 0 | $ 328 |
Fair Value, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Lack of Marketability [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable, measurement input | 0.05 | 0.08 |
Fair Value, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Lack of Marketability [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable, measurement input | 1 | 1 |
Fair Value, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Lack of Marketability [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable, measurement input | 0.20 | 0.21 |
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, 2023 | Sep. 30, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | $ 1,384,482 | $ 1,563,307 |
MBS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 900,734 | 1,088,624 |
GSE Debentures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 479,428 | 469,827 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 3,378 | 3,695 |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 942 | 1,161 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 1,384,482 | 1,563,307 |
Interest rate swaps | 13,018 | 12,547 |
Assets | 1,397,500 | 1,575,854 |
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 | 0 |
Assets | 0 | 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 | 1,384,482 | 1,563,307 |
Interest rate swaps | 13,018 | 12,547 |
Assets | 1,397,500 | 1,575,854 |
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 | 0 |
Assets | 0 | 0 |
Fair Value, Recurring [Member] | MBS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 900,734 | 1,088,624 |
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 | 900,734 | 1,088,624 |
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 | 479,428 | 469,827 |
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 | 479,428 | 469,827 |
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] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 3,378 | 3,695 |
Fair Value, Recurring [Member] | Corporate 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] | Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 3,378 | 3,695 |
Fair Value, Recurring [Member] | Corporate 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, Recurring [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
AFS securities | 942 | 1,161 |
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 | 942 | 1,161 |
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, 2023 | Sep. 30, 2022 |
Assets: | ||
AFS securities | $ 1,384,482 | $ 1,563,307 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Loans receivable | 4,000 | 4,700 |
Carrying Amount [Member] | ||
Assets: | ||
Cash and cash equivalents | 245,605 | 49,194 |
AFS securities | 1,384,482 | 1,563,307 |
Loans receivable | 7,970,949 | 7,464,208 |
FHLB stock | 110,714 | 100,624 |
Interest rate swaps | 13,018 | 12,547 |
Liabilities: | ||
Deposits | 6,051,220 | 6,194,866 |
Borrowings | 2,879,125 | 2,132,154 |
Estimated Fair Value [Member] | ||
Assets: | ||
Cash and cash equivalents | 245,605 | 49,194 |
AFS securities | 1,384,482 | 1,563,307 |
Loans receivable | 7,358,462 | 6,889,211 |
FHLB stock | 110,714 | 100,624 |
Interest rate swaps | 13,018 | 12,547 |
Liabilities: | ||
Deposits | 6,004,975 | 6,124,835 |
Borrowings | 2,802,849 | 1,910,779 |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets: | ||
Cash and cash equivalents | 245,605 | 49,194 |
AFS securities | 0 | 0 |
Loans receivable | 0 | 0 |
FHLB stock | 110,714 | 100,624 |
Interest rate swaps | 0 | 0 |
Liabilities: | ||
Deposits | 3,321,028 | 3,991,114 |
Borrowings | 0 | 75,000 |
Estimated Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
AFS securities | 1,384,482 | 1,563,307 |
Loans receivable | 0 | 0 |
FHLB stock | 0 | 0 |
Interest rate swaps | 13,018 | 12,547 |
Liabilities: | ||
Deposits | 2,683,947 | 2,133,721 |
Borrowings | 2,802,849 | 1,835,779 |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
AFS securities | 0 | 0 |
Loans receivable | 7,358,462 | 6,889,211 |
FHLB stock | 0 | 0 |
Interest rate swaps | 0 | 0 |
Liabilities: | ||
Deposits | 0 | 0 |
Borrowings | $ 0 | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Narrative) (Details) $ in Millions | 12 Months Ended |
Sep. 30, 2021 USD ($) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Loss on interest rate swap termination, net of tax | $ 3.6 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (145,633) | ||
Other comprehensive income (loss), before reclassifications - AFS Securities | 8,355 | $ (159,770) | $ (19,077) |
Other comprehensive income (loss), before reclassifications - Cash Flow Hedges | 5,957 | 25,339 | 5,712 |
Amount reclassified from AOCI - Cash Flow Hedges | (5,601) | 5,103 | 13,565 |
Amount reclassified from AOCI, deferred income taxes | 1,808 | (1,647) | (4,378) |
Amount reclassified from AOCI - AFS Securities | (145,622) | 0 | 0 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Tax | (47,000) | 0 | 0 |
Other comprehensive income (loss) - AFS Securities | 153,977 | (159,770) | (19,077) |
Other comprehensive income (loss) - Cash Flow Hedges | 356 | 30,442 | 19,277 |
Other comprehensive income (loss) | 154,333 | (129,328) | 200 |
Ending Balance | 8,700 | (145,633) | |
Unrealized Gains (Losses) on AFS Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (155,119) | 4,651 | 23,728 |
Ending Balance | (1,142) | (155,119) | 4,651 |
Unrealized Gains (Losses) on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 9,486 | (20,956) | (40,233) |
Ending Balance | 9,842 | 9,486 | (20,956) |
AOCI [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (145,633) | (16,305) | (16,505) |
Other comprehensive income (loss), before reclassifications | 14,312 | (134,431) | (13,365) |
Amount reclassified from AOCI | 5,103 | 13,565 | |
Amount reclassified from AOCI - Cash Flow Hedges | 5,601 | ||
Amount reclassified from AOCI - AFS Securities | (145,622) | ||
Other comprehensive income (loss) | 154,333 | (129,328) | 200 |
Ending Balance | $ 8,700 | $ (145,633) | $ (16,305) |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Revenue from contracts with customers | $ 17,600 | $ 18,100 | $ 16,500 |
Interchange network charges | $ 4,000 | $ 3,600 | $ 3,600 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 |
ASSETS: | ||||
Cash and cash equivalents | $ 245,605 | $ 49,194 | ||
Income taxes receivable, net | 8,531 | 1,266 | ||
Other assets | 336,044 | 317,594 | ||
TOTAL ASSETS | 10,177,461 | 9,624,897 | ||
LIABILITIES: | ||||
Other liabilities | 140,069 | 121,311 | ||
Total liabilities | 9,133,407 | 8,528,398 | ||
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, 135,936,375 and 138,858,884 shares issued and outstanding as of September 30, 2023 and 2022, respectively | 1,359 | 1,388 | ||
Additional paid-in capital | 1,166,643 | 1,190,213 | ||
Unearned compensation - ESOP | (28,083) | (29,735) | ||
Retained earnings | (104,565) | 80,266 | ||
AOCI, net of tax | 8,700 | (145,633) | ||
Total stockholders' equity | 1,044,054 | 1,096,499 | $ 1,242,273 | $ 1,284,859 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 10,177,461 | $ 9,624,897 | ||
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 | 135,936,375 | 138,858,884 | ||
Common stock, shares outstanding | 135,936,375 | 138,858,884 | ||
Capitol Federal Financial Inc [Member] | ||||
ASSETS: | ||||
Cash and cash equivalents | $ 83,400 | $ 103,977 | ||
Investment in the Bank | 923,143 | 955,871 | ||
Note receivable - ESOP | 34,273 | 35,767 | ||
Receivable from the Bank | 2,438 | 0 | ||
Income taxes receivable, net | 331 | 454 | ||
Other assets | 540 | 583 | ||
TOTAL ASSETS | 1,044,125 | 1,096,652 | ||
LIABILITIES: | ||||
Deferred income tax liabilities, net | 60 | 72 | ||
Payable to the Bank | 0 | 81 | ||
Other liabilities | 11 | 0 | ||
Total liabilities | 71 | 153 | ||
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, 135,936,375 and 138,858,884 shares issued and outstanding as of September 30, 2023 and 2022, respectively | 1,359 | 1,388 | ||
Additional paid-in capital | 1,166,643 | 1,190,213 | ||
Unearned compensation - ESOP | (28,083) | (29,735) | ||
Retained earnings | (104,565) | 80,266 | ||
AOCI, net of tax | 8,700 | (145,633) | ||
Total stockholders' equity | 1,044,054 | 1,096,499 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,044,125 | $ 1,096,652 | ||
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 | 135,936,375 | 138,858,884 | ||
Common stock, shares outstanding | 135,936,375 | 138,858,884 |
Parent Company Financial Info_4
Parent Company Financial Information (Parent Company Only) (Schedule Of Statements Of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
INTEREST AND DIVIDEND INCOME: | |||
Total interest and dividend income | $ 359,789 | $ 279,540 | $ 258,181 |
NON-INTEREST EXPENSE: | |||
Salaries and employee benefits | 51,491 | 56,600 | 56,002 |
Regulatory and outside services | 6,039 | 6,192 | 5,764 |
Other non-interest expense | 4,789 | 4,432 | 4,930 |
Total non-interest expense | 113,934 | 112,851 | 115,569 |
INCOME BEFORE INCOME TAX (BENEFIT) EXPENSE AND EQUITY IN UNDISTRIBUTED (EXCESS OF DISTRIBUTION OVER) EARNINGS OF SUBSIDIARY | (138,955) | 107,203 | 96,028 |
INCOME TAX EXPENSE (BENEFIT) | (37,296) | 22,750 | 19,946 |
NET (LOSS) INCOME | (101,659) | 84,453 | 76,082 |
Capitol Federal Financial Inc [Member] | |||
INTEREST AND DIVIDEND INCOME: | |||
Dividend income from the Bank | 86,217 | 111,745 | 132,063 |
Interest income from other investments | 2,236 | 1,484 | 1,509 |
Total interest and dividend income | 88,453 | 113,229 | 133,572 |
NON-INTEREST EXPENSE: | |||
Salaries and employee benefits | 906 | 843 | 908 |
Regulatory and outside services | 275 | 259 | 287 |
Other non-interest expense | 694 | 614 | 608 |
Total non-interest expense | 1,875 | 1,716 | 1,803 |
INCOME BEFORE INCOME TAX (BENEFIT) EXPENSE AND EQUITY IN UNDISTRIBUTED (EXCESS OF DISTRIBUTION OVER) EARNINGS OF SUBSIDIARY | 86,578 | 111,513 | 131,769 |
INCOME TAX EXPENSE (BENEFIT) | 71 | (49) | (62) |
INCOME BEFORE (EXCESS OF DISTRIBUTION OVER) / EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARY | 86,507 | 111,562 | 131,831 |
(EXCESS OF DISTRIBUTION OVER)/ EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARY | (188,166) | (27,109) | (55,749) |
NET (LOSS) INCOME | $ (101,659) | $ 84,453 | $ 76,082 |
Parent Company Financial Info_5
Parent Company Financial Information (Parent Company Only) (Schedule Of Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net (loss) income | $ (101,659) | $ 84,453 | $ 76,082 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation of equipment | 9,039 | 9,365 | 9,372 |
Provision for deferred income taxes | (45,520) | 2,047 | (1,668) |
Changes in: | |||
Other assets | 2,528 | 6,661 | 12,751 |
Other liabilities | (4,372) | (10,823) | (14,306) |
Net cash provided by operating activities | 47,531 | 97,301 | 74,467 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash provided by investing activities | (329,103) | (167,576) | (326,668) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Cash dividends paid | (83,172) | (103,131) | (117,890) |
Repurchase of common stock | (23,453) | 0 | (4,568) |
Stock options exercised | 0 | 0 | 324 |
Net cash used in financing activities | 477,983 | 49,177 | 82,785 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 196,411 | (21,098) | (169,416) |
CASH AND CASH EQUIVALENTS: | |||
Beginning of year | 49,194 | 70,292 | 239,708 |
End of year | 245,605 | 49,194 | 70,292 |
Capitol Federal Financial Inc [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net (loss) income | (101,659) | 84,453 | 76,082 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in excess of distribution over earnings of subsidiary | 188,166 | 27,109 | 55,749 |
Depreciation of equipment | 45 | 46 | 45 |
Provision for deferred income taxes | (12) | (10) | (9) |
Changes in: | |||
Receivable from/payable to the Bank | (2,519) | 18,239 | (18,257) |
Income taxes receivable/payable | 123 | 13 | 25 |
Other assets | (2) | (10) | 21 |
Other liabilities | 11 | 0 | (5) |
Net cash provided by operating activities | 84,153 | 129,840 | 113,651 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Principal collected on note receivable from ESOP | 1,494 | 1,446 | 1,401 |
Net cash provided by investing activities | 1,494 | 1,446 | 1,401 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net payment from subsidiary related to restricted stock awards | 401 | 269 | 169 |
Cash dividends paid | (83,172) | (103,131) | (117,890) |
Repurchase of common stock | (23,453) | 0 | (4,568) |
Stock options exercised | 0 | 0 | 324 |
Net cash used in financing activities | (106,224) | (102,862) | (121,965) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (20,577) | 28,424 | (6,913) |
CASH AND CASH EQUIVALENTS: | |||
Beginning of year | 103,977 | 75,553 | 82,466 |
End of year | $ 83,400 | $ 103,977 | $ 75,553 |