Document and Entity Information
Document and Entity Information | 6 Months Ended |
Mar. 31, 2015 | |
Document And Entity Information [Abstract] | |
Document Type | S1 |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2015 |
Trading Symbol | GWB |
Entity Registrant Name | Great Western Bancorp, Inc. |
Entity Central Index Key | 1,613,665 |
Entity Filer Category | Non-accelerated Filer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Assets | |||
Cash and due from banks | $ 358,440 | $ 256,639 | $ 282,157 |
Securities | 1,402,508 | 1,341,242 | 1,480,449 |
Investment in affiliates | 1,683 | 1,683 | 1,683 |
Total financing receivables, net | 7,020,039 | 6,739,949 | 6,306,809 |
Premises and equipment | 100,560 | 103,707 | 114,380 |
Accrued interest receivable | 37,933 | 42,609 | 41,065 |
Other repossessed property | 43,565 | 49,580 | 57,422 |
FDIC indemnification asset | 19,895 | 26,678 | 45,690 |
Goodwill | 697,807 | 697,807 | 697,807 |
Core deposits and other intangibles | 9,603 | 14,229 | 30,444 |
Net deferred tax assets | 43,701 | 44,703 | 32,626 |
Other assets | 45,911 | 52,603 | 43,726 |
Total assets | 9,781,645 | 9,371,429 | 9,134,258 |
Deposits: | |||
Noninterest-bearing | 1,374,589 | 1,303,015 | 1,199,427 |
Interest-bearing | 6,113,109 | 5,749,165 | 5,748,781 |
Total deposits | 7,487,698 | 7,052,180 | 6,948,208 |
Securities sold under agreements to repurchase | 163,343 | 161,687 | 217,562 |
FHLB advances and other borrowings | 475,019 | 575,094 | 390,607 |
Related party notes payable | 41,295 | 41,295 | 41,295 |
Subordinated debentures | 56,083 | 56,083 | 56,083 |
Fair value of derivatives | 48,814 | 13,092 | 1,526 |
Accrued interest payable | 4,469 | 5,273 | 6,790 |
Income tax payable | 0 | 4,915 | 12,390 |
Accrued expenses and other liabilities | 35,372 | 40,720 | 42,583 |
Total liabilities | 8,312,093 | 7,950,339 | 7,717,044 |
Stockholders' equity | |||
Common stock | 579 | 579 | 579 |
Additional paid-in capital | 1,260,844 | 1,260,124 | 1,260,124 |
Retained earnings | 206,018 | 166,544 | 163,592 |
Accumulated other comprehensive income (loss) | 2,111 | (6,157) | (7,081) |
Total stockholders' equity | 1,469,552 | 1,421,090 | 1,417,214 |
Total liabilities and stockholders' equity | $ 9,781,645 | $ 9,371,429 | $ 9,134,258 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Financial Position [Abstract] | |||
Allowance for loan losses | $ 52,426 | $ 47,518 | $ 55,864 |
Loans covered by FDIC loss share agreements | 187,649 | 234,036 | 347,408 |
Loans and written loan commitments at fair value under the fair value option | 1,060,598 | 985,411 | 841,862 |
Loan held for sale | 9,006 | 10,381 | 8,271 |
Property covered under FDIC loss share agreements | $ 8,575 | $ 10,628 | $ 24,412 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, shares issued | 57,886,114 | 57,886,114 | 57,886,114 |
Common stock, shares outstanding | 57,886,114 | 57,886,114 | 57,886,114 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Interest and Fee Income, Loans and Leases [Abstract] | |||||||
Loans | $ 82,394 | $ 77,933 | $ 166,738 | $ 159,336 | $ 324,610 | $ 319,710 | $ 305,020 |
Taxable securities | 5,379 | 6,623 | 11,066 | 13,592 | 26,363 | 28,552 | 32,581 |
Nontaxable securities | 13 | 14 | 26 | 28 | 80 | 127 | 180 |
Dividends on securities | 258 | 199 | 508 | 400 | 968 | 909 | 1,030 |
Federal funds sold and other | 160 | 117 | 444 | 301 | 455 | 336 | 331 |
Total interest and dividend income | 88,204 | 84,886 | 178,782 | 173,657 | 352,476 | 349,634 | 339,142 |
Interest expense | |||||||
Deposits | 5,984 | 6,431 | 11,999 | 13,310 | 25,764 | 33,117 | 44,416 |
Securities sold under agreements to repurchase | 150 | 143 | 296 | 289 | 600 | 644 | 1,014 |
FHLB advances and other borrowings | 893 | 803 | 1,839 | 1,840 | 3,452 | 3,103 | 3,098 |
Related party notes payable | 227 | 226 | 459 | 460 | 921 | 950 | 1,007 |
Subordinated debentures and other | 325 | 326 | 655 | 660 | 1,315 | 1,347 | 1,436 |
Total interest expense | 7,579 | 7,929 | 15,248 | 16,559 | 32,052 | 39,161 | 50,971 |
Net interest income | 80,625 | 76,957 | 163,534 | 157,098 | 320,424 | 310,473 | 288,171 |
Provision for loan losses | 9,679 | (2,690) | 12,998 | (3,565) | 684 | 11,574 | 30,145 |
Net interest income after provision for loan losses | 70,946 | 79,647 | 150,536 | 160,663 | 319,740 | 298,899 | 258,026 |
Noninterest income | |||||||
Service charges and other fees | 8,871 | 9,371 | 19,269 | 20,033 | 40,204 | 41,692 | 38,937 |
Net gain on sale of loans | 1,580 | 947 | 3,124 | 2,563 | 5,539 | 13,724 | 11,794 |
Casualty insurance commissions | 233 | 299 | 549 | 557 | 1,073 | 1,426 | 1,383 |
Investment center income | 654 | 588 | 1,227 | 1,179 | 2,417 | 3,137 | 1,847 |
Net gain on sale of securities | 0 | 6 | 51 | 6 | 90 | 917 | 7,305 |
Trust department income | 938 | 1,000 | 2,006 | 1,905 | 3,738 | 3,545 | 3,241 |
Net increase (decrease) in fair value of loans at fair value | 15,208 | 8,730 | 32,308 | (380) | 11,904 | (41,160) | 15,093 |
Net realized and unrealized gain (loss) on derivatives | (21,698) | (12,436) | (46,303) | (7,599) | (30,177) | 26,088 | (29,300) |
Gain on acquisition of business | 0 | 0 | 3,950 | ||||
Other | 1,150 | 1,635 | 2,605 | 2,702 | 4,993 | 10,463 | 13,696 |
Total noninterest income | 6,936 | 10,140 | 14,836 | 20,966 | 39,781 | 59,832 | 67,946 |
Noninterest expense | |||||||
Salaries and employee benefits | 24,673 | 23,029 | 48,761 | 47,050 | 95,105 | 100,660 | 97,689 |
Occupancy expenses, net | 3,984 | 4,486 | 8,008 | 8,719 | 17,526 | 18,532 | 17,366 |
Data processing | 4,708 | 4,723 | 9,536 | 9,751 | 19,548 | 18,980 | 15,270 |
Equipment expenses | 925 | 995 | 1,881 | 2,022 | 4,350 | 4,518 | 5,438 |
Advertising | 946 | 1,088 | 1,674 | 2,172 | 4,746 | 6,267 | 8,169 |
Communication expenses | 1,225 | 1,242 | 2,398 | 2,356 | 4,510 | 4,609 | 4,826 |
Professional fees | 3,603 | 3,105 | 7,175 | 6,003 | 12,233 | 12,547 | 13,049 |
Net (gain) from sale of repossessed property and other assets | (16) | (278) | (384) | (849) | (2,451) | (2,788) | (6,822) |
Amortization of core deposits and other intangibles | 2,313 | 4,691 | 4,626 | 9,379 | 16,215 | 19,290 | 19,646 |
Other | 6,077 | 6,246 | 11,854 | 11,023 | 28,440 | 25,975 | 34,188 |
Total noninterest expense | 48,438 | 49,327 | 95,529 | 97,626 | 200,222 | 208,590 | 208,819 |
Income before income taxes | 29,444 | 40,460 | 69,843 | 84,003 | 159,299 | 150,141 | 117,153 |
Provision for income taxes | 9,720 | 14,489 | 23,422 | 29,428 | 54,347 | 53,898 | 44,158 |
Net income | 19,724 | 25,971 | 46,421 | 54,575 | 104,952 | 96,243 | 72,995 |
Other comprehensive income (loss)-change in net unrealized gain (loss) on securities available-for-sale | 5,153 | 6,321 | 8,268 | (133) | 924 | (26,192) | 2,569 |
Comprehensive income | $ 24,877 | $ 32,292 | $ 54,689 | $ 54,442 | $ 105,876 | $ 70,051 | $ 75,564 |
Earnings per common share | |||||||
Weighted average common shares outstanding | 57,898,335 | 57,886,114 | 57,897,059 | 57,886,114 | 57,886,114 | 57,886,114 | 57,886,114 |
Basic earnings per share (in dollars per share) | $ 0.34 | $ 0.45 | $ 0.80 | $ 0.94 | $ 1.81 | $ 1.66 | $ 1.26 |
Diluted earnings per common share | |||||||
Weighted average shares outstanding (in shares) | 57,916,802 | 57,886,114 | 57,906,293 | 57,886,114 | |||
Diluted earnings per share (in dollars per share) | $ 0.34 | $ 0.45 | $ 0.80 | $ 0.94 | |||
Dividends per share | |||||||
Dividends issued | $ 6,947 | $ 34,000 | $ 6,947 | $ 34,000 | $ 102,000 | $ 41,400 | $ 41,800 |
Dividends per share (in dollars per share) | $ 0.12 | $ 0.59 | $ 0.12 | $ 0.59 | $ 1.76 | $ 0.72 | $ 0.72 |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Statement [Abstract] | |||||||
Deferred income tax (expense) benefit | $ (3,159) | $ (3,693) | $ (4,966) | $ 262 | $ (386) | $ 15,376 | $ (1,502) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Comprehensive Income | Common Stock Par Value | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Sep. 30, 2011 | $ 1,354,799 | $ 579 | $ 1,260,124 | $ 77,554 | $ 16,542 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 72,995 | $ 72,995 | 72,995 | |||
Other comprehensive income (loss), net of tax: | ||||||
Net change in net unrealized (loss) on securities available for sale | 2,569 | 2,569 | 2,569 | |||
Comprehensive income | 75,564 | 75,564 | ||||
Cash dividends paid on common stock | (41,800) | (41,800) | ||||
Ending balance at Sep. 30, 2012 | 1,388,563 | 579 | 1,260,124 | 108,749 | 19,111 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 96,243 | 96,243 | 96,243 | |||
Other comprehensive income (loss), net of tax: | ||||||
Net change in net unrealized (loss) on securities available for sale | (26,192) | (26,192) | (26,192) | |||
Comprehensive income | 70,051 | 70,051 | ||||
Cash dividends paid on common stock | (41,400) | (41,400) | ||||
Ending balance at Sep. 30, 2013 | 1,417,214 | 579 | 1,260,124 | 163,592 | (7,081) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 54,575 | 54,575 | 54,575 | |||
Other comprehensive income (loss), net of tax: | ||||||
Net change in net unrealized (loss) on securities available for sale | (133) | (133) | (133) | |||
Comprehensive income | 54,442 | 54,442 | ||||
Cash dividends paid on common stock | (34,000) | (34,000) | ||||
Ending balance at Mar. 31, 2014 | 1,437,656 | 579 | 1,260,124 | 184,167 | (7,214) | |
Beginning balance at Sep. 30, 2013 | 1,417,214 | 579 | 1,260,124 | 163,592 | (7,081) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 104,952 | 104,952 | 104,952 | |||
Other comprehensive income (loss), net of tax: | ||||||
Net change in net unrealized (loss) on securities available for sale | 924 | 924 | 924 | |||
Comprehensive income | 105,876 | 105,876 | ||||
Cash dividends paid on common stock | (102,000) | (102,000) | ||||
Ending balance at Sep. 30, 2014 | 1,421,090 | 579 | 1,260,124 | 166,544 | (6,157) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 46,421 | 46,421 | 46,421 | |||
Other comprehensive income (loss), net of tax: | ||||||
Net change in net unrealized (loss) on securities available for sale | 8,268 | 8,268 | 8,268 | |||
Comprehensive income | 54,689 | $ 54,689 | ||||
Stock-based compensation | 720 | 720 | ||||
Cash dividends paid on common stock | (6,947) | (6,947) | ||||
Ending balance at Mar. 31, 2015 | $ 1,469,552 | $ 579 | $ 1,260,844 | $ 206,018 | $ 2,111 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||||
Cash dividends paid on common stock (in USD per share) | $ 0.12 | $ 0.59 | $ 1.76 | $ 0.72 | $ 0.72 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Operating activities | |||||
Net income | $ 46,421 | $ 54,575 | $ 104,952 | $ 96,243 | $ 72,995 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 12,477 | 19,315 | 34,770 | 43,764 | 47,333 |
Net gain on sale of securities | (51) | (6) | (90) | (917) | (7,305) |
Net gain on sale of loans | (3,124) | (2,563) | (5,539) | (13,724) | (11,794) |
Net (gain) loss on sale of premises and equipment | (66) | 1,195 | 3,280 | 632 | 0 |
Net (gain) loss from sale of repossessed property and other assets | (384) | (849) | (2,451) | (2,788) | (6,822) |
Gain on acquisition of business | 0 | 0 | (3,950) | ||
Provision for loan losses | 12,998 | (3,565) | 684 | 11,574 | 30,145 |
Provision for repossessed assets | 4,324 | 2,125 | 9,688 | 4,028 | 13,820 |
Proceeds from FDIC indemnification claims | 1,637 | 2,365 | 8,914 | 5,284 | 57,090 |
Stock-based compensation | 720 | 0 | |||
Originations of residential real estate loans held-for-sale | (132,498) | (84,951) | (216,361) | (429,009) | (420,491) |
Proceeds from sales of residential real estate loans held-for-sale | 136,997 | 90,412 | 219,790 | 463,730 | 428,797 |
Net deferred income taxes | (4,066) | (1,489) | (12,463) | (6,088) | (14,719) |
Changes in: | |||||
Accrued interest receivable | 4,676 | 3,802 | (1,544) | (329) | (3,326) |
Other assets | 2,579 | 1,896 | (1,721) | (2,931) | 15,005 |
FDIC indemnification asset | 5,145 | 5,550 | 10,098 | 17,689 | 573 |
FDIC clawback liability | 385 | 534 | 1,153 | 1,202 | (1,284) |
Accrued interest payable and other liabilities | 24,272 | (10,553) | (441) | (35,519) | 21,653 |
Net cash provided by operating activities | 112,442 | 77,793 | 152,719 | 152,841 | 217,720 |
Investing activities | |||||
Purchase of securities available for sale | (238,828) | 0 | (222,711) | (520,929) | (874,857) |
Proceeds from sales and maturities of securities available for sale | 187,457 | 158,816 | 354,399 | 567,931 | 858,709 |
Proceeds from sale of mortgage servicing rights | 0 | 0 | 510 | ||
Net increase in loans | (301,377) | (207,963) | (465,217) | (308,696) | (753,714) |
Purchase of premises and equipment | (2,584) | (1,624) | (4,978) | (3,318) | (12,451) |
Proceeds from sale of premises and equipment | 1,438 | 515 | 2,736 | 5,163 | 2,567 |
Proceeds from sale of other assets | 8,989 | 9,752 | 34,107 | 45,877 | 118,834 |
Purchase of FHLB stock | (7,157) | (1,967) | (6,716) | ||
Redemption of FHLB stock | 4,112 | 6,502 | |||
Business acquisitions, net of cash acquired | 0 | 0 | (23,014) | ||
Net cash used in investing activities | (340,793) | (34,002) | (308,821) | (215,939) | (690,132) |
Financing activities | |||||
Net increase in deposits | 435,518 | 304,476 | 103,972 | 63,693 | 254,100 |
Net increase (decrease) in securities sold under agreements to repurchase | 1,656 | (12,769) | (55,875) | (18,009) | 20,923 |
Net decrease in FHLB advances and other borrowings | (100,075) | (160,507) | 184,487 | 84,986 | 132,078 |
Net decrease in note payable to NAB | 0 | 0 | (7,000) | ||
Dividends paid | (6,947) | (34,000) | (102,000) | (41,400) | (41,800) |
Net cash provided by financing activities | 330,152 | 97,200 | 130,584 | 89,270 | 358,301 |
Net increase (decrease) in cash and due from banks | 101,801 | 140,991 | (25,518) | 26,172 | (114,111) |
Cash and due from banks, beginning of period | 256,639 | 282,157 | 282,157 | 255,985 | 370,096 |
Cash and due from banks, end of period | 358,440 | 423,148 | 256,639 | 282,157 | 255,985 |
Supplemental disclosures of cash flows information | |||||
Cash payments for interest | 16,052 | 17,790 | 33,570 | 43,832 | 51,502 |
Cash payments for income taxes | 33,980 | 33,695 | 75,695 | 58,599 | 51,249 |
Supplemental schedules of noncash investing and financing activities | |||||
Loans transferred to repossessed assets and other assets | $ (6,914) | $ (30,829) | $ (33,502) | $ (28,980) | $ (62,158) |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | 1. Nature of Operations and Summary of Significant Accounting Policies Nature of Operations Great Western Bancorp, Inc. (the “Company”) is a bank holding company organized under the laws of Delaware. The primary business of the Company is ownership of its wholly owned subsidiary, Great Western Bank (the “Bank”). The Bank is a full-service regional bank focused on relationship-based business and agri-business banking in Arizona, Colorado, Iowa, Kansas, Missouri, Nebraska, and South Dakota. The Company and the Bank are subject to the regulation of certain federal and/or state agencies and undergo periodic examinations by those regulatory authorities. Substantially all of the Company’s income is generated from banking operations. The Company is a wholly owned indirect subsidiary of National Australia Bank Limited (“NAB”) at September 30, 2014. Segment Reporting The “Segment Reporting” topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) requires that public companies report certain information about operating segments. It also requires that public companies report certain information about their products and services, the geographic areas in which they operate, and their major customers. The Company is a holding company for a regional bank, which offers a wide array of products and services to its customers. Pursuant to its banking strategy, emphasis is placed on building relationships with its customers, as opposed to building specific lines of business. As a result, the Company is not organized and does not allocate resources around discernible lines of business or geographies and prefers to work as an integrated unit to customize solutions for its customers, with business line and geographic emphasis and product offerings changing over time as needs and demands change. Therefore, the Company only reports one segment, which is consistent with the Company’s preparation of financial information that is evaluated regularly by management in deciding how to allocate resources and assess performance. Principles of Consolidation The accompanying consolidated financial statements include the accounts and results of the Company and its subsidiaries after elimination of all significant intercompany accounts and transactions. Basis of Presentation and Use of Estimates The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Certain items in prior periods have been reclassified to conform to the current presentation. Subsequent Events In July 2014, NAB formed the Company, as a wholly owned direct subsidiary of National Americas Holdings LLC, an indirect wholly owned subsidiary of NAB. In October 2014, a series of formation transactions were undertaken whereby the Company acquired Great Western Bancorporation, Inc. (“GWBI”), the former holding company of the Bank, for its carrying value from National Americas Investment, Inc., a wholly owned direct subsidiary of National Americas Holdings LLC, and GWBI was merged with and into the Company, with the Company continuing as the surviving corporation and succeeding to all of the assets, liabilities and business of GWBI. Prior to the formation transactions, the Company held no assets other than a $100 equity contribution, and the Company had not engaged in any business or other activities other than in connection with its formation and as the registrant for an initial public offering of common stock. Because GWBI and the Company were under common control at the time of the formation transactions, the Company’s acquisition of GWBI was accounted for as a transaction among entities under common control. The accompanying consolidated financial statements give effect retrospectively to the combination of the Company, GWBI and the Bank for all periods presented. In addition, the Company’s certificate of incorporation was amended on October 17, 2014 to give effect to a 578,861.14-for-1 split of its common stock, resulting in 57,886,114 shares of common stock being issued and outstanding. The consolidated financial statements give effect retrospectively to the stock split. On October 20, 2014, the Company completed an initial public offering (“IPO”) of 18,400,000 shares of its 57,886,114 outstanding shares of common stock. All of the shares sold in the offering were shares beneficially owned by NAB. NAB continues to beneficially own 39,486,114 shares of our common stock. NAB received all of the net proceeds of $312.16 million from the sale of the shares of common stock sold in the offering. The 18,400,000 shares sold in the offering are listed on the New York Stock Exchange (“NYSE”) under the symbol GWB. On September 26, 2014, the Board of Directors adopted, and on October 10, 2014 our shareholder, approved the Great Western Bancorp, Inc. 2014 Omnibus Incentive Compensation Plan (the “2014 Plan”), the Great Western Bancorp, Inc. 2014 Non-Employee Director Plan (the “2014 Director Plan”), and the Great Western Bancorp, Inc. Executive Incentive Compensation Plan (the “Bonus Plan”). Upon completion of our IPO, the Company granted a total of 216,724 shares of our common stock underlying performance stock units and 65,834 shares of our common stock underlying restricted stock units to certain of our employees. Additionally, a total of 6,666 shares of our common stock underlying performance stock units and 12,221 shares of our common stock underlying restricted stock units were granted to our independent non-employee directors and a non-employee director of our bank. The Company evaluated subsequent events through the date its consolidated financial statements were issued. Other than those events described above, there were no other material events that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements. Business Combinations The Company accounts for business combinations under the acquisition method of accounting in accordance with ASC 805, “Business Combinations” (“ASC 805”). The Company recognizes the fair value of the assets acquired and liabilities assumed, immediately expenses transaction costs and accounts for restructuring plans separately from the business combination. There is no separate recognition of the acquired allowance for loan losses on the acquirer’s balance sheet as credit related factors are incorporated directly into the fair value of the loans recorded at the acquisition date. The excess of the cost of the acquisition over the fair value of the net tangible and intangible assets acquired is recorded as goodwill. Alternatively, a bargain purchase gain is recorded equal to the amount by which the fair value of assets purchased exceeds the fair value of liabilities assumed and consideration paid. Results of operations of the acquired business are included in the consolidated statements of comprehensive income from the effective date of acquisition. Cash and Due From Banks For purposes of the consolidated statements of cash flows, management has defined cash and cash equivalents to include cash on hand, amounts due from banks (including cash items in process of clearing), and amounts held at other financial institutions with an initial maturity of 90 days or less. Securities The Company classifies securities upon purchase in one of three categories: trading, held-to-maturity, or available-for-sale. Debt and equity securities held for resale are classified as trading. Debt securities for which the Company has the ability and positive intent to hold until maturity are classified as held-to-maturity. All other securities are classified as available-for-sale as they may be sold prior to maturity in response to changes in the Company’s interest rate risk profile, funding needs, demand for collateralized deposits by public entities or other reasons. Held-to-maturity securities are stated at amortized cost, which represents actual cost adjusted for premium amortization and discount accretion. Available-for-sale securities are stated at fair value, with unrealized gains and losses, net of related taxes, included in stockholder’s equity as a component of accumulated other comprehensive income (loss). Trading securities are stated at fair value. Realized and unrealized gains and losses from sales and fair value adjustments of trading securities are included in other noninterest income in the consolidated statements of comprehensive income. Purchases and sales of securities are recognized on a trade date basis. The cost of securities sold is based on the specific identification method. Declines in the fair value of investment securities available for sale (with certain exceptions for debt securities noted below) that are deemed to be other-than-temporary are recognized in earnings as a realized loss, and a new cost basis for the securities is established. In evaluating other-than-temporary impairment, management considers the length of time and extent to which the fair value has been less than amortized cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value in the near term. Declines in the fair value of debt securities below amortized cost are deemed to be other-than-temporary in circumstances where: (1) the Company has the intent to sell a security; (2) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis; or (3) the Company does not expect to recover the entire amortized cost basis of the security. If the Company intends to sell a security or if it is more likely than not that the Company will be required to sell the security before recovery, an other-than-temporary impairment loss is recognized in earnings equal to the difference between the security’s amortized cost basis and its fair value. If the Company does not intend to sell the security or it is not more likely than not that it will be required to sell the security before recovery, the other-than-temporary impairment write-down is separated into an amount representing credit loss, which is recognized in earnings, and an amount related to all other factors, which is recognized in other comprehensive income. Interest and dividends, including amortization of premiums and accretion of discounts, are recognized as interest or dividend income when earned. Realized gains and losses on sales (using the specific identification method) and declines in value judged to be other-than-temporary are included in noninterest income in the consolidated statements of comprehensive income (loss). Federal Home Loan Bank Stock Investments in the Federal Home Loan Bank (“FHLB”) stock are restricted as to redemption and are carried at cost. Investments in FHLB stock are reviewed regularly for possible other-than-temporary impairment, and the cost basis of this investment is reduced by any declines in value determined to be other-than-temporary. Loans The Company’s accounting method for loans differs depending on whether the loans were originated or purchased and, for purchased loans, whether the loans were acquired at a discount related to evidence of credit deterioration since date of origination. Originated Loans Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or pay-off, generally are reported at their outstanding principal balance, adjusted for charge-offs, the allowance for loan losses, and any unamortized deferred fees or costs. Other fees, not associated with originating a loan are recognized as fee income when earned. Interest income on loans is accrued daily on the outstanding balances. Accrual of interest is discontinued when management believes, after considering collection efforts and other factors, the borrower’s financial condition is such that collection of interest is doubtful. Generally, when loans are placed on nonaccrual status, interest receivable is reversed against interest income in the current period. Interest payments received thereafter are applied as a reduction to the remaining principal balance as long as concern exists as to the ultimate collection of the principal. Loans are removed from nonaccrual status when they become current as to both principal and interest and concern no longer exists as to the collectability of principal and interest. The Company has elected to measure certain long-term loans and written loan commitments at fair value to assist in managing interest rate risk for longer-term loans. Fair value loans are fixed-rate loans having original maturities of 5 years or greater (typically between 5 and 15 years) to our business and agribusiness banking customers to assist them in facilitating their risk management strategies. The fair value option was elected upon the origination or acquisition of these loans and written loan commitments. Interest income is recognized in the same manner on loans reported at fair value as on non-fair value loans, except in regard to origination fees and costs which are recognized immediately upon closing. The changes in fair value of long-term loans and written loan commitments at fair value are reported in noninterest income. For loans held for sale, loan fees charged or received on origination, net of certain direct loan origination costs, are recognized in income when the related loan is sold. For loans held for investment, loan fees, net of certain direct loan origination costs, are deferred, and the net amount is amortized as an adjustment of the related loan’s yield. The Company is generally amortizing these amounts over the contractual lives of the loans. Commitment fees are recognized as income when received. The Company grants commercial, agricultural, consumer, residential real estate, and other loans to customers primarily in Arizona, Colorado, Iowa, Kansas, Missouri, Nebraska, and South Dakota. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the borrower. Collateral held varies but includes accounts receivable, inventory, property and equipment, residential real estate, and income-producing commercial and agricultural properties. Government guarantees are also obtained for some loans, which reduces the Company’s risk of loss. Loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value. Loans held for sale include fixed rate single-family residential mortgage loans under contract to be sold in the secondary market. In most cases, loans in this category are sold within 45 days. These loans are sold with the mortgage servicing rights released. Under limited circumstances, buyers may have recourse to return a purchased loan to the Company. Recourse conditions may include early payment default, breach of representation or warranties, or documentation deficiencies. Fair value of loans held for sale is determined based on prevailing market prices for loans with similar characteristics, sale contract prices, or, for certain portfolios, discounted cash flow analyses. Declines in fair value below cost (and subsequent recoveries) are recognized in net gain on sale of loans. Deferred fees and costs related to these loans are not amortized but are recognized as part of the cost basis of the loan at the time it is sold. Gains or losses on sales are recognized upon delivery and included in net gain on sale of loans. Purchased Loans Loans acquired (non-impaired and impaired) in a business acquisition are recorded at their fair value at the acquisition date. Credit discounts are included in the determination of fair value; therefore, an allowance for loan losses is not recorded at the acquisition date. In determining the acquisition date fair value of purchased loans with evidence of credit deterioration (“purchased impaired loans”), and in subsequent accounting, the Company generally aggregates impaired purchased consumer and certain smaller balance impaired commercial loans into pools of loans with common risk characteristics, while accounting for larger-balance impaired commercial loans individually. Expected cash flows at the acquisition date in excess of the fair value of loans are recorded as interest income over the life of the loans using a level-yield method. Management estimates the cash flows expected to be collected at acquisition and at subsequent measurement dates using internal risk models, which incorporate the estimate of key assumptions, such as default rates, loss severity, and prepayment speeds. Subsequent to the acquisition date, decreases in cash flows over those expected at the acquisition date are recognized by recording an allowance for loan losses. Subsequent increases in cash flow over those expected at the acquisition date are recognized as reductions to allowance for loan losses to the extent impairment was previously recognized and thereafter as interest income prospectively. For purchased loans not deemed impaired at the acquisition date, the difference between the fair value of the loans and the expected cash flows of the loans at acquisition date is recognized in interest income on a level-yield method over the life of the loans. Credit discounts representing the principal losses expected over the life of the loan are a component of the initial fair value. Subsequent to the purchase date, the methods utilized to estimate the required allowance for loan losses for these loans is similar to originated loans; however, the Company records a provision for loan losses only when the required allowance exceeds any remaining credit discounts. Credit Risk Management The Company’s strategy for credit risk management includes well-defined, centralized credit policies, uniform underwriting criteria and ongoing risk monitoring and review processes for all credit exposures. The strategy also emphasizes diversification on a geographic, industry, and customer level; regular credit examinations; and management reviews of loans exhibiting deterioration of credit quality. The credit risk management strategy also includes a credit risk assessment process that performs assessments of compliance with commercial and consumer credit policies, risk ratings, and other critical credit information. Loan decisions are documented with respect to the borrower’s business, purpose of the loan, evaluation of the repayment source, and the associated risks, evaluation of collateral, covenants and monitoring requirements, and risk rating rationale. The Company categorizes its loan portfolio into six classes, which is the level at which it develops and documents a systematic methodology to determine the allowance for loan losses. The Company’s six loan portfolio classes are residential real estate, commercial real estate, commercial non real estate, agriculture, consumer and other lending. The residential real estate lending class includes loans made to consumer customers including residential mortgages, residential construction loans and home equity loans and lines. These loans are typically fixed rate loans secured by residential real estate. Home equity lines are revolving accounts giving the borrower the ability to draw and repay balances repeatedly, up to a maximum commitment, and are secured by residential real estate. Home equity lines typically have variable rate terms which are benchmarked to a prime rate. Historical loss history is the primary factor in determining the allowance for loan losses for the residential real estate lending class. Key risk characteristics relevant to residential real estate lending class loans primarily relate to the borrower’s capacity and willingness to repay and include unemployment rates and other economic factors, and customer payment history. These risk characteristics, among others, are reflected in the environmental factors considered in determining the allowance for loan losses. The commercial real estate lending class includes loans made to small and middle market businesses, including multifamily properties. Loans in this class are secured by commercial real estate. Historical loss history and updated loan-to-value information on collateral-dependent loans are the primary factors in determining the allowance for loan losses for the commercial real estate lending class. Key risk characteristics relevant to the commercial real estate lending class include the industry and geography of the borrower’s business, purpose of the loan, repayment source, borrower’s debt capacity and financial performance, loan covenants, and nature of pledged collateral. We consider these risk characteristics in assigning risk ratings and estimating environmental factors considered in determining the allowance for loan losses. The commercial non real estate lending class includes loans made to small and middle market businesses, and loans made to public sector customers. Loans in this class are secured by the operations and cash flows of the borrowers, and any guarantors. Historical loss history and updated loan-to-value information on collateral-dependent loans are the primary factors in determining the allowance for loan losses for the commercial non real estate lending class. Key risk characteristics relevant to the commercial non real estate lending class include the industry and geography of the borrower’s business, purpose of the loan, repayment source, borrower’s debt capacity and financial performance, loan covenants, and nature of pledged collateral. We consider these risk characteristics in assigning risk ratings and estimating environmental factors considered in determining the allowance for loan losses. The agriculture lending class includes loans made to small and mid-size agricultural individuals and businesses. Loans in this class are secured by agricultural real estate, production, and cash flows, and any guarantors. Historical loss history and updated loan-to-value information on collateral-dependent loans are the primary factors in determining the allowance for loan losses for the agriculture lending class. Key risk characteristics relevant to the agriculture lending class include the geography of the borrower’s operations, commodity prices and weather patterns, purpose of the loan, repayment source, borrower’s debt capacity and financial performance, loan covenants, and nature of pledged collateral. We consider these risk characteristics in assigning risk ratings and estimating environmental factors considered in determining the allowance for loan losses. The consumer lending class includes loans made to consumer customers including loans secured by automobiles and other installment loans, and the other lending class includes credit card loans and unsecured revolving credit lines. Historical loss history is the primary factor in determining the allowance for loan losses for the consumer and other lending classes. Key risk characteristics relevant to loans in the consumer and other lending classes primarily relate to the borrower’s capacity and willingness to repay and include unemployment rates and other economic factors, and customer payment history. These risk characteristics, among others, are reflected in the environmental factors considered in determining the allowance for loan losses. The Company classifies all non-consumer loans by credit quality ratings. These ratings are Pass, Watch, Substandard, Doubtful, and Loss. Loans with a Pass and Watch rating represent those loans not classified on the Company’s rating scale for problem credits, with loans with a Watch rating being monitored and updated at least quarterly by management. Substandard loans are those where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. Doubtful loans are those where a well-defined weakness has been identified and a loss of contractual cash flows is known. Substandard and doubtful loans are monitored and updated monthly. All loan risk ratings are updated and monitored on a continuous basis. The Company generally does not risk rate consumer loans unless a default event such as bankruptcy or extended nonperformance takes place. Alternatively, standard credit scoring systems are used to assess credit risks of consumer loans. Allowance for Loan Losses (“ALL”) and Unfunded Commitments The Company maintains an allowance for loan losses at a level management believes is appropriate to reserve for credit losses inherent in our loan portfolio. The allowance for loan losses is determined based on an ongoing evaluation, driven primarily by monitoring changes in loan risk grades, delinquencies, and other credit risk indicators, which is inherently subjective. The Company considers the uncertainty related to certain industry sectors and the extent of credit exposure to specific borrowers within the portfolio. In addition, consideration is given to concentration risks associated with the various loan portfolios and current economic conditions that might impact the portfolio. The Company also considers changes, if any, in underwriting activities, the loan portfolio composition (including product mix and geographic, industry, or customer-specific concentrations), trends in loan performance, the level of allowance coverage relative to similar banking institutions and macroeconomic factors, such as changes in unemployment rates, gross domestic product, and consumer bankruptcy filings. All of these estimates are susceptible to significant change. Changes to the allowance for loan losses are made by charges to the provision for loan losses, which is reflected in the consolidated statements of comprehensive income. Loans deemed to be uncollectible are charged off against the allowance for loan losses. Recoveries of amounts previously charged-off are credited to the allowance for loan losses. The allowance for loan losses consist of reserves for probable losses that have been identified related to specific borrowing relationships that are individually evaluated for impairment (“specific reserve”), as well as probable losses inherent in our loan portfolio that are not specifically identified (“collective reserve”). The specific reserve relates to impaired loans. A loan is impaired when, based on current information and events, it is probable the Company will be unable to collect all amounts due (interest as well as principal) according to the contractual terms of the loan agreement. Specific reserves are determined on a loan-by-loan basis based on management’s best estimate of the Company’s exposure, given the current payment status of the loan, the present value of expected payments, and the value of any underlying collateral. Impaired loans also include loans modified in troubled debt restructurings where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance, or other actions intended to maximize collection. Generally, the impairment related to troubled debt restructurings is measured based on the fair value of the collateral, less cost to sell, or the present value of expected payments relative to the unpaid principal balance. If the impaired loan is identified as collateral dependent, then the fair value of the collateral method of measuring the amount of the impairment is utilized. This method requires obtaining an independent appraisal of the collateral and applying a discount factor to the appraised value, if necessary, and including costs to sell. Management’s estimate for collective reserves reflects losses incurred in the loan portfolio as of the consolidated balance sheet reporting date. Incurred loss estimates primarily are based on historical loss experience and portfolio mix. Incurred loss estimates may be adjusted to reflect current economic conditions and current portfolio trends including credit quality, concentrations, aging of the portfolio, and/or significant policy and underwriting changes. While management uses the best information available to establish the allowance for loan losses, future adjustments may be necessary if economic conditions differ substantially from the assumptions used in performing the estimates. Unfunded residential mortgage loan commitments entered into in connection with mortgage loans to be held for sale are considered derivatives and recorded at fair value on the consolidated balance sheets with changes in fair value recorded in other interest income. All other unfunded loan commitments are generally related to providing credit facilities to customers and are not considered derivatives. For purchased loans, the fair value of the unfunded credit commitments is considered in determination of the fair value of the loans recorded at the date of acquisition. Reserves for credit exposure on all other unfunded credit commitments are recorded in other liabilities on the consolidated balance sheets. We maintain a reserve for unfunded commitments at a level we believe to be sufficient to absorb estimated probable losses related to unfunded credit facilities. FDIC Indemnification Asset and Clawback Liability In conjunction with a Federal Deposit Insurance Corporation (“FDIC”)-assisted transaction of TierOne Bank in 2010, the Company entered into two loss share agreements with the FDIC, one covering certain single family residential mortgage loans and one covering commercial loans and other assets, with claim periods ending June 2020 and June 2015, respectively. The agreements cover a portion of realized losses on loans, foreclosed real estate and certain other assets. The Company has recorded assets on the consolidated balance sheets (i.e., indemnification assets) representing estimated future amounts recoverable from the FDIC. Fair values of loans covered by the loss sharing agreements at the acquisition date were estimated based on projected cash flows available based on the expected probability of default, default timing and loss given default, the expected reimbursement rates (generally 80%) from the FDIC and other relevant terms of the loss sharing agreements. The initial fair value was established by discounting these expected cash flows with a market discount rate for instruments with like maturity and risk characteristics. The loss share assets are measured separately from the related loans and foreclosed real estate and recorded as an FDIC indemnification asset on the consolidated balance sheets because they are not contractually embedded in the loans and are not transferrable with the loans should the Company choose to dispose of them. Subsequent to the acquisition date, reimbursements received from the FDIC for actual incurred losses reduce the carrying amount of the loss share assets. Reductions to expected losses on covered assets, to the extent such reductions to expected losses are the result of an improvement to the actual or expected cash flows from the covered assets, also reduce the carrying amount of the loss share assets. The rate of accretion of the indemnification asset discount included in interest income slows to mirror the accelerated accretion of the loan discount. Additional expected losses on covered assets, to the extent such expected losses result in the recognition of an allowance for loan losses, increase the carrying amount of the loss share assets. A related increase in the value of the indemnification asset up to the amount covered by the FDIC is calculated based on the reimbursement rates from the FDIC and is included in other noninterest income. The corresponding loan accretion or amortization is recorded as a component of interest income on the consolidated statements of comprehensive income. Although these assets are contractual receivables from the FDIC, there are no contractual interest rates. As part of the loss sharing agreements, the Company also assumed a liability (“FDIC Clawback Liability”) to be paid within 45 days subsequent to the maturity or termination of the loss sharing agreements that is contingent upon actual losses incurred over the life of the agreements relative to expected losses considered in the consideration paid at acquisition date and the amount |
Restrictions on Cash and Due fr
Restrictions on Cash and Due from Banks | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Cash and Cash Equivalents [Abstract] | ||
Restrictions on Cash and Due from Banks | 3. Restrictions on Cash and Due from Banks The Company is required to maintain reserve balances in cash and on deposit with the Federal Reserve based on a percentage of deposits. The total requirement was approximately $40.2 million and $50.4 million at March 31, 2015 and September 30, 2014, respectively. | 2. Restrictions on Cash and Due from Banks The Company is required to maintain reserve balances in cash and on deposit with the Federal Reserve based on a percentage of deposits. The total requirement was approximately $50.36 million and $52.66 million at September 30, 2014 and 2013, respectively. |
Securities Available for Sale
Securities Available for Sale | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||
Securities Available for Sale | 4. Securities Available for Sale The amortized cost and approximate fair value of investments in securities, all of which are classified as available for sale according to management’s intent, are summarized as follows (in thousands): Amortized Gross Unrealized Gains Gross Unrealized Losses Fair Value As of March 31, 2015 U.S. Treasury securities $ 271,753 $ 3,724 $ — $ 275,477 U.S. Agency securities 74,345 456 — 74,801 Mortgage-backed securities: Government National Mortgage Association 945,299 4,266 (4,469 ) 945,096 Federal National Mortgage Association 48,495 — (129 ) 48,366 Small Business Assistance Program 51,086 — (527 ) 50,559 States and political subdivision securities 2,107 1 — 2,108 Corporate debt securities 4,996 66 — 5,062 Other 1,006 33 — 1,039 $ 1,399,087 $ 8,546 $ (5,125 ) $ 1,402,508 Amortized Gross Gross Unrealized Fair Value As of September 30, 2014 U.S. Treasury securities $ 222,868 $ 31 $ (174 ) $ 222,725 U.S. Agency securities — — — — Mortgage-backed securities: Government National Mortgage Association 1,113,363 4,639 (14,587 ) 1,103,415 Federal National Mortgage Association — — — — Small Business Assistance Program — — — — States and political subdivision securities 2,188 1 — 2,189 Corporate debt securities 11,732 141 — 11,873 Other 1,006 34 — 1,040 $ 1,351,157 $ 4,846 $ (14,761 ) $ 1,341,242 The amortized cost and approximate fair value of debt securities available for sale as of March 31, 2015 and September 30, 2014, by contractual maturity, are shown below. Maturities of mortgage-backed securities may differ from contractual maturities because the mortgages underlying the securities may be called or repaid without any penalties. March 31, 2015 September 30, 2014 (In Thousands) Amortized Fair Value Amortized Fair Value Due in one year or less $ 76,162 $ 76,620 $ 7,207 $ 7,218 Due after one year through five years 272,043 275,766 223,282 223,140 Due after five years through ten years 4,996 5,062 6,299 6,429 353,201 357,448 236,788 236,787 Mortgage-backed securities 1,044,880 1,044,021 1,113,363 1,103,415 Securities without contractual maturities 1,006 1,039 1,006 1,040 $ 1,399,087 $ 1,402,508 $ 1,351,157 $ 1,341,242 Proceeds from sales of securities available for sale were $0 and $4.5 million for the three months ended March 31, 2015 and 2014, respectively, and $55.1 million and $4.5 million for the six months ended March 31, 2015 and 2014, respectively. There were no gross gains or gross losses realized on sales for the three months ended March 31, 2015 and 2014, using the specific identification method. Gross gains of $0.6 million and $0 and gross losses of $0.5 million and $0 were realized on the sales for the six months ended March 31, 2015 and 2014, respectively, also using the specific identification method. Securities with a carrying value of approximately $1,174.9 million and $1,132.3 million at March 31, 2015 and September 30, 2014, respectively, were pledged as collateral on public deposits, securities sold under agreements to repurchase, and for other purposes as required or permitted by law. The counterparties do not have the right to sell or pledge the securities the Company has pledged as collateral. As detailed in the following tables, certain investments in debt securities, which are approximately 40% and 64% of the Company’s investment portfolio at March 31, 2015 and September 30, 2014, respectively, are reported in the consolidated financial statements at an amount less than their amortized cost. Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information, implicit or explicit government guarantees, and information obtained from regulatory filings, management believes the declines in fair value of these securities are temporary. As the Company does not intend to sell the securities and it is not more likely than not that the Company will be required to sell the securities before the recovery of their amortized cost basis, which may be maturity, the Company does not consider the securities to be other than temporarily impaired at March 31, 2015 or September 30, 2014. The Company did not recognize any other-than-temporary impairment for the three and six months ended March 31, 2015 and 2014. The following table presents the Company’s gross unrealized losses and approximate fair value in investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): Less than 12 months March 31, 2015 12 months or more Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ — $ — $ — $ — $ — $ — U.S. Agency securities — — — — $ — $ — Mortgage-backed securities 83,704 (656 ) 479,290 (4,469 ) 562,994 (5,125 ) Corporate debt securities — — — — — — Other — — — — — — $ 83,704 $ (656 ) $ 479,290 $ (4,469 ) $ 562,994 $ (5,125 ) Less than 12 months September 30, 2014 12 months or more Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 98,344 $ (174 ) $ — $ — $ 98,344 $ (174 ) U.S. Agency securities — — — — $ — $ — Mortgage-backed securities 24,625 (125 ) 730,171 (14,462 ) 754,796 (14,587 ) Corporate debt securities — — — — — — Other — — — — — — $ 122,969 $ (299 ) $ 730,171 $ (14,462 ) $ 853,140 $ (14,761 ) The Company’s investments in nonmarketable equity securities are all stock of the Federal Home Loan Bank (“FHLB”). The carrying value of Federal Home Loan Bank stock was $31.8 million and $35.9 million as of March 31, 2015 and September 30, 2014, respectively, and is reported in other assets on the consolidated balance sheets. No indicators of impairment related to FHLB stock were identified during the three and six months ended March 31, 2015 and 2014. The components of other comprehensive income from net unrealized gains (losses) on securities available for sale for the three and six months ended March 31, 2015 and 2014, respectively are as follows (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Beginning balance accumulated other comprehensive income (loss) $ (3,042 ) $ (13,535 ) $ (6,157 ) $ (7,081 ) Net unrealized holding gain (loss) arising during the period 8,312 10,020 13,285 (389 ) Reclassification adjustment for net gain realized in net income — (6 ) (51 ) (6 ) Net change in unrealized gain (loss) before income taxes 8,312 10,014 13,234 (395 ) Income tax (expense) benefit (3,159 ) (3,693 ) (4,966 ) 262 Net change in unrealized gain (loss) on securities after taxes 5,153 6,321 8,268 (133 ) Ending balance accumulated other comprehensive income (loss) $ 2,111 $ (7,214 ) $ 2,111 $ (7,214 ) | 3. Securities The amortized cost and approximate fair value of investments in securities, all of which are classified as available for sale according to management’s intent, are summarized as follows (in thousands): Amortized Gross Unrealized Gains Gross Unrealized Losses Fair Value As of September 30, 2014 U.S. Treasury securities $ 222,868 $ 31 $ (174 ) $ 222,725 Mortgage-backed securities: Government National Mortgage Association 1,113,363 4,639 (14,587 ) 1,103,415 Federal National Mortgage Association — — — — States and political subdivision securities 2,188 1 — 2,189 Corporate debt securities 11,732 141 — 11,873 Other 1,006 34 — 1,040 $ 1,351,157 $ 4,846 $ (14,761 ) $ 1,341,242 Amortized Gross Unrealized Gains Gross Unrealized Losses Fair Value As of September 30, 2013 U.S. Treasury securities $ — $ — $ — $ — Mortgage-backed securities: Government National Mortgage Association 1,470,822 9,634 (21,013 ) 1,459,443 Federal National Mortgage Association 1 — — 1 States and political subdivision securities 3,513 19 — 3,532 Corporate debt securities 11,889 133 (9 ) 12,013 Other 5,449 17 (6 ) 5,460 $ 1,491,674 $ 9,803 $ (21,028 ) $ 1,480,449 The amortized cost and approximate fair value of debt securities available for sale as of September 30, 2014 and 2013, by contractual maturity, are shown below. Maturities of mortgage-backed securities may differ from contractual maturities because the mortgages underlying the securities may be called or repaid without any penalties. September 30, 2014 September 30, 2013 (In Thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 7,207 $ 7,218 $ 1,497 $ 1,514 Due after one year through five years 223,282 223,140 6,988 7,123 Due after five years through ten years 6,299 6,429 6,917 6,908 Due after ten years — — — — 236,788 236,787 15,402 15,545 Mortgage-backed securities 1,113,363 1,103,415 1,470,823 1,459,444 Securities without contractual maturities 1,006 1,040 5,449 5,460 $ 1,351,157 $ 1,341,242 $ 1,491,674 $ 1,480,449 Proceeds from sales of securities available for sale were $47.31 million, $72.44 million and $542.8 million for the years ended September 30, 2014, 2013 and 2012, respectively. Gross gains of $0.95 million, $1.70 million and $7.67 million and gross losses of $0.86 million, $0.78 million and $0.36 million were realized on the sales for the years ended September 30, 2014, 2013 and 2012, respectively, using the specific identification method. Securities with a carrying value of approximately $1,132.31 million and $1,090.37 million at September 30, 2014 and 2013, respectively, were pledged as collateral on public deposits, securities sold under agreements to repurchase, and for other purposes as required or permitted by law. The counterparties do not have the right to sell or pledge the securities the Company has pledged as collateral. As detailed in the following tables, certain investments in debt securities, which are approximately 64% and 62% of the Company’s investment portfolio at September 30, 2014 and 2013, respectively, are reported in the consolidated financial statements at an amount less than their amortized cost. Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information, implicit or explicit government guarantees, and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary. As the Company does not intend to sell the securities and it is not more likely than not that the Company will be required to sell the securities before the recovery of their amortized cost basis, which may be maturity, the Company does not consider the securities to be other than temporarily impaired at September 30, 2014 or 2013. For the years ended September 30, 2014, 2013 and 2012, the Company did not recognize any other-than-temporary impairment. The following table presents the Company’s gross unrealized losses and approximate fair value in investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): Less than 12 months September 30, 2014 Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 98,344 $ (174 ) $ — $ — $ 98,344 $ (174 ) Mortgage-backed securities 24,625 (125 ) 730,171 (14,462 ) 754,796 (14,587 ) Corporate debt securities — — — — — — Other — — — — — — $ 122,969 $ (299 ) $ 730,171 $ (14,462 ) $ 853,140 $ (14,761 ) Less than 12 months September 30, 2013 Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Mortgage-backed securities $ 852,344 $ (19,469 ) $ 56,781 $ (1,544 ) $ 909,125 $ (21,013 ) Corporate debt securities 4,436 (9 ) — — 4,436 (9 ) Other — — 4,986 (6 ) 4,986 (6 ) $ 856,780 $ (19,478 ) $ 61,767 $ (1,550 ) $ 918,547 $ (21,028 ) The Company’s investments in nonmarketable equity securities are all stock of the Federal Home Loan Bank. The carrying value of Federal Home Loan Bank stock was $35.92 million and $28.77 million as of September 30, 2014 and 2013, respectively, and is reported in other assets on the consolidated balance sheets. No indicators of impairment related to FHLB stock were identified during fiscal year 2014, 2013 or 2012. The components of other comprehensive income from net unrealized gains (losses) on securities available for sale for the years ended September 30, 2014, 2013 and 2012 are as follows (in thousands): 2014 2013 2012 Beginning balance accumulated other comprehensive income $ (7,081 ) $ 19,111 $ 16,542 Net unrealized holding gain (loss) arising during the period 1,400 (40,651 ) 11,376 Reclassification adjustment for net gain realized in net income (90 ) (917 ) (7,305 ) Net change in unrealized gain (loss) before income taxes 1,310 (41,568 ) 4,071 Income tax benefit (expense) (386 ) 15,376 (1,502 ) Net change in unrealized gain (loss) on securities after taxes 924 (26,192 ) 2,569 Ending balance accumulated other comprehensive income (loss) $ (6,157 ) $ (7,081 ) $ 19,111 |
Loans
Loans | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Receivables [Abstract] | ||
Loans | 5. Loans The composition of net loans as of March 31, 2015 and September 30, 2014, is as follows (in thousands): March 31, September 30, Residential real estate $ 905,114 $ 901,605 Commercial real estate 2,673,255 2,541,194 Commercial non real estate 1,657,856 1,571,640 Agriculture 1,748,366 1,681,209 Consumer 80,036 90,086 Other 35,433 34,243 7,100,060 6,819,977 Less: Allowance for loan losses (52,426 ) (47,518 ) Unamortized discount on acquired loans (21,774 ) (25,638 ) Unearned net deferred fees and costs and loans in process (5,821 ) (6,872 ) $ 7,020,039 $ 6,739,949 The loan breakouts above include loans covered by FDIC loss sharing agreements totaling $187.6 million and $234.0 million as of March 31, 2015 and September 30, 2014, respectively, residential real estate loans held for sale totaling $9.0 million and $10.4 million at March 31, 2015 and September 30, 2014, respectively, and $1,060.6 million and $985.4 million of loans and written loan commitments accounted for at fair value as of March 31, 2015 and September 30, 2014, respectively. Unamortized net deferred fees and costs totaled $6.5 million and $6.3 million as of March 31, 2015 and September 30, 2014, respectively. Loans in process represent loans that have been funded as of the balance sheet dates but not classified into a loan category and loan payments received as of the balance sheet dates that have not been applied to individual loan accounts. Loans in process totaled $(0.7) million and $0.6 million as of March 31, 2015 and September 30, 2014, respectively. Loans guaranteed by agencies of the U.S. government totaled $112.3 million and $106.5 million at March 31, 2015 and September 30, 2014, respectively. Principal balances of residential real estate loans sold totaled $69.6 million and $33.7 million for the three months ended March 31, 2015 and 2014, respectively and $133.9 million and $87.8 million for the six months ended March 31, 2015 and 2014, respectively. The following table presents the Company’s nonaccrual loans at March 31, 2015 and September 30, 2014 (in thousands), excluding loans covered under the FDIC loss-sharing agreements. Loans greater than 90 days past due and still accruing interest as of March 31, 2015 and September 30, 2014, were not significant. Nonaccrual loans March 31, September 30, Residential real estate $ 7,690 $ 6,671 Commercial real estate 10,836 20,767 Commercial non real estate 9,015 4,908 Agriculture 18,860 11,453 Consumer 111 146 Total $ 46,512 $ 43,945 The following table (in thousands) presents the Company’s past due loans at March 31, 2015 and September 30, 2014. This table is presented net of unamortized discount on acquired loans and excludes loans measured at fair value with changes in fair value reported in earnings of $1,060.6 million for March 31, 2015 and $985.4 million for September 30, 2014. As of March 31, 2015 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Financing Receivables Residential real estate $ 1,909 $ 562 $ 2,854 $ 5,325 $ 777,219 $ 782,544 Commercial real estate 165 2,316 4,816 7,297 2,284,882 2,292,179 Commercial non real estate 3,344 622 4,262 8,228 1,221,359 1,229,587 Agriculture 3,491 — 834 4,325 1,406,083 1,410,408 Consumer 218 28 35 281 79,603 79,884 Other — — — — 35,433 35,433 9,127 3,528 12,801 25,456 5,804,579 5,830,035 Loans covered by FDIC loss sharing agreements 4,744 214 2,768 7,726 179,923 187,649 Total $ 13,871 $ 3,742 $ 15,569 $ 33,182 $ 5,984,502 $ 6,017,684 As of September 30, 2014 30-59 Days 60-89 Days 90 Days or Total Current Total Residential real estate $ 675 $ 611 $ 2,581 $ 3,867 $ 760,887 $ 764,754 Commercial real estate 11,050 819 3,384 15,253 1,988,585 2,003,838 Commercial non real estate 1,761 6,228 744 8,733 1,303,925 1,312,658 Agriculture 16 368 4,205 4,589 1,364,960 1,369,549 Consumer 244 18 49 311 89,528 89,839 Other — — — — 34,243 34,243 13,746 8,044 10,963 32,753 5,542,128 5,574,881 Loans covered by FDIC loss sharing agreements 1,960 1,252 3,728 6,940 227,096 234,036 Total $ 15,706 $ 9,296 $ 14,691 $ 39,693 $ 5,769,224 $ 5,808,917 The composition of the loan portfolio by internally assigned grade is as follows as of March 31, 2015 and September 30, 2014. This table (in thousands) is presented net of unamortized discount on acquired loans and excludes loans measured at fair value with changes in fair value reported in earnings of $1,060.6 million for March 31, 2015 and $985.4 million for September 30, 2014: As of March 31, 2015 Residential Real Estate Commercial Real Estate Commercial Non Real Estate Agriculture Consumer Other Total Credit Risk Profile by Internally Assigned Grade Grade: Pass $ 765,058 $ 2,122,618 $ 1,093,867 $ 1,188,111 $ 79,244 $ 35,433 $ 5,284,331 Watchlist 5,248 105,838 96,724 176,266 372 — 384,448 Substandard 11,759 63,540 36,627 44,290 259 — 156,475 Doubtful 428 183 2,369 1,741 1 — 4,722 Loss 51 — — — 8 — 59 Ending balance 782,544 2,292,179 1,229,587 1,410,408 79,884 35,433 5,830,035 Loans covered by FDIC loss sharing agreements 113,578 63,268 8,925 1,832 46 — 187,649 Total $ 896,122 $ 2,355,447 $ 1,238,512 $ 1,412,240 $ 79,930 $ 35,433 $ 6,017,684 As of September 30, 2014 Residential Commercial Commercial Agriculture Consumer Other Total Credit Risk Profile by Internally Assigned Grade Grade: Pass $ 747,485 $ 1,867,866 $ 1,218,558 $ 1,202,145 $ 89,197 $ 34,243 $ 5,159,494 Watchlist 5,320 84,132 65,628 132,262 381 — 287,723 Substandard 11,290 51,692 27,499 35,107 242 — 125,830 Doubtful 659 148 798 35 19 — 1,659 Loss — — 175 — — — 175 Ending balance 764,754 2,003,838 1,312,658 1,369,549 89,839 34,243 5,574,881 Loans covered by FDIC loss sharing agreements 127,115 95,467 9,390 2,004 60 — 234,036 Total $ 891,869 $ 2,099,305 $ 1,322,048 $ 1,371,553 $ 89,899 $ 34,243 $ 5,808,917 Impaired Loans The following table presents the Company’s impaired loans (in thousands). This table excludes loans covered by FDIC loss sharing agreements: Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment As of March 31, 2015 Impaired loans: With an allowance recorded: Residential real estate $ 12,332 $ 12,452 $ 2,721 $ 12,220 Commercial real estate 73,729 75,381 1,753 67,942 Commercial non real estate 41,310 49,834 6,905 36,916 Agriculture 46,031 46,059 3,007 40,780 Consumer 268 325 52 274 $ 173,670 $ 184,051 $ 14,438 $ 158,132 Recorded Unpaid Related Average As of September 30, 2014 Impaired loans: With an allowance recorded: Residential real estate $ 12,107 $ 12,737 $ 2,529 $ 13,572 Commercial real estate 62,155 64,597 2,017 84,490 Commercial non real estate 32,522 37,882 3,927 31,827 Agriculture 35,528 37,958 1,155 30,546 Consumer 280 491 51 346 $ 142,592 $ 153,665 $ 9,679 $ 160,781 There are no impaired loans without a valuation allowance, other than those loans for which the Company has claim to collateral with value(s) in excess of the outstanding loan amount, after allowing for the cost of liquidating the collateral as of March 31, 2015 and September 30, 2014. Interest income recognized on impaired loans for the three months ended March 31, 2015 and 2014 totaled $1.8 million and $2.1 million, respectively and $4.8 million and $3.3 million for the six months ended March 31, 2015 and 2014, respectively. Valuation adjustments made to repossessed properties for the three months ended March 31, 2015 and 2014, totaled $2.2 million and $0.5 million, respectively, and $4.3 million and $1.0 million for the six months ended March 31, 2015 and 2014, respectively. The adjustments are included in other noninterest expense. Troubled Debt Restructured Loans Included in certain loan categories in the impaired loans are troubled debt restructurings (“TDRs”) that were classified as impaired. These TDRs do not include purchased impaired loans. When the Company grants concessions to borrowers such as reduced interest rates or extensions of loan periods that would not be considered other than because of borrowers’ financial difficulties, the modification is considered a TDR. Specific reserves included in the allowance for loan losses for TDRs were $2.7 million and $3.2 million at March 31, 2015 and September 30, 2014, respectively. Commitments to lend additional funds to borrowers whose loans were modified in a TDR were not significant as of March 31, 2015 or September 30, 2014. The following table presents the recorded value of the Company’s TDR balances as of March 31, 2015 and September 30, 2014 (in thousands): March 31, 2015 September 30, 2014 Accruing Nonaccrual Accruing Nonaccrual Residential real estate $ 618 $ 1,929 $ 1,112 $ 1,730 Commercial real estate 45,160 5,424 25,177 6,884 Commercial non real estate 10,165 1,445 6,753 1,785 Agriculture 2,159 6,377 3,780 9,994 Consumer 20 13 35 22 Total $ 58,122 $ 15,188 $ 36,857 $ 20,415 The following table presents a summary of all accruing loans restructured in TDRs during the three months ended March 31, 2015 and 2014, respectively: Three Months Ended March 31, 2015 2014 ($ in thousands) Number Recorded Investment Number Recorded Investment Pre- Modification Post- Modification Pre- Modification Post- Modification Residential real estate Rate modification 1 $ 15 $ 15 — $ — $ — Term extension — — — — — — Payment modification — — — — — — Bankruptcy — — — — — — Other 1 21 21 — — — Total residential real estate 2 36 36 — — — Commercial real estate Rate modification — — — — — — Term extension 1 90 — — — — Payment modification 4 3,660 3,660 — — — Bankruptcy 1 498 498 — — — Other — — — — — — Total commercial real estate 6 4,248 4,158 — — — Commercial non real estate Rate modification — — — — — — Term extension 3 2,879 2,879 1 35 35 Payment modification 1 50 50 2 67 67 Bankruptcy — — — — — — Other — — — 1 327 327 Total commercial non real estate 4 2,929 2,929 4 429 429 Agriculture Rate modification — — — — — — Term extension — — — — — — Payment modification — — — — — — Bankruptcy — — — — — — Other — — — — — — Total agriculture — — — — — — Consumer Rate modification — — — — — — Term extension — — — — — — Payment modification — — — 2 4 4 Bankruptcy 1 6 6 — — — Other — — — 1 18 18 Total consumer 1 6 6 3 22 22 Total accruing 13 $ 7,219 $ 7,129 7 $ 451 $ 451 Change in recorded investment due to principal paydown at time of modification — — — — — Change in recorded investment due to chargeoffs at time of modification 1 90 — — — — The following table presents a summary of all accruing loans restructured in TDRs during the six months ended March 31, 2015 and 2014: Six Months Ended March 31, 2015 2014 ($ in thousands) Number Recorded Investment Number Recorded Investment Pre- Post- Pre- Post- Residential real estate Rate modification 1 $ 15 $ 15 — $ — $ — Term extension — — — 2 74 74 Payment modification — — — 1 15 15 Bankruptcy — — — 1 130 130 Other 1 21 21 — — — Total residential real estate 2 36 36 4 219 219 Commercial real estate Rate modification — — — — — — Term extension 1 90 — — — — Payment modification 6 22,542 22,542 1 1,070 1,070 Bankruptcy 1 498 498 — — — Other — — — — — — Total commercial real estate 8 23,130 23,040 1 1,070 1,070 Commercial non real estate Rate modification 1 32 32 — — — Term extension 3 2,879 2,879 4 1,734 1,734 Payment modification 2 1,874 1,874 4 735 735 Bankruptcy — — — — — — Other — — — 1 327 327 Total commercial non real estate 6 4,785 4,785 9 2,796 2,796 Agriculture Rate modification — — — — — — Term extension — — — — — — Payment modification — — — — — — Bankruptcy — — — — — — Other — — — — — — Total agriculture — — — — — — Consumer Rate modification — — — — — — Term extension — — — — — — Payment modification — — — 2 4 4 Bankruptcy 1 6 6 — — — Other — — — 2 28 28 Total consumer 1 6 6 4 32 32 Total accruing 17 27,957 27,867 18 $ 4,117 $ 4,117 Change in recorded investment due to principal paydown at time of modification — — — — — Change in recorded investment due to chargeoffs at time of modification 1 90 — — — — The following table presents a summary of all non-accruing loans restructured in TDRs during the three months ended March 31, 2015 and 2014: Three Months Ended March 31, 2015 2014 ($ in thousands) Number Recorded Investment Number Recorded Investment Pre- Modification Post- Modification Pre- Modification Post- Modification Residential real estate Rate modification 2 $ 104 $ 104 4 $ 98 $ 98 Term extension 1 77 77 1 15 15 Payment modification — — — — — — Bankruptcy 1 43 43 — — — Other — — — — — — Total residential real estate 4 224 224 5 113 113 Commercial real estate Rate modification — — — 2 500 500 Term extension — — — 2 4,031 4,031 Payment modification — — — — — — Bankruptcy — — — — — — Other — — — 1 87 87 Total commercial real estate — — — 5 4,618 4,618 Commercial Non Real Estate Rate modification — — — — — — Term extension 4 217 217 — — — Payment modification — — — — — — Bankruptcy — — — 1 10 10 Other — — — — — — Total commercial non real estate 4 217 217 1 10 10 Agriculture Rate modification — — — — — — Term extension — — — 2 260 260 Payment modification — — — — — — Bankruptcy — — — — — — Other — — — — — — Total agriculture — — — 2 260 260 Consumer Rate modification — — — — — — Term extension 1 1 1 — — — Payment modification — — — — — — Bankruptcy — — — — — — Other — — — — — — Total consumer 1 1 1 — — — Total non-accruing 9 $ 442 $ 442 13 $ 5,001 $ 5,001 Change in recorded investment due to principal paydown at time of modification — — — — — — Change in recorded investment due to chargeoffs at time of modification — — — — — — The following table presents a summary of all non-accruing loans restructured in TDRs during the six months ended March 31, 2015 and 2014: Six Months Ended March 31, 2015 2014 ($ in thousands) Number Recorded Investment Number Recorded Investment Pre- Modification Post- Pre- Post- Residential real estate Rate modification 2 $ 104 $ 104 4 $ 98 $ 98 Term extension 1 77 77 2 18 18 Payment modification — — — — — — Bankruptcy 1 43 43 1 4 4 Other — — — 1 38 38 Total residential real estate 4 224 224 8 158 158 Commercial real estate Rate modification — — — 2 500 500 Term extension — — — 2 4,031 4,031 Payment modification — — — — — — Bankruptcy — — — — — — Other — — — 1 87 87 Total commercial real estate — — — 5 4,618 4,618 Commercial Non Real Estate Rate modification — — — — — — Term extension 4 217 217 8 125 125 Payment modification — — — — — — Bankruptcy — — — 1 10 10 Other — — — — — — Total commercial non real estate 4 217 217 9 135 135 Agriculture Rate modification — — — — — — Term extension — — — 2 260 260 Payment modification — — — — — — Bankruptcy — — — — — — Other — — — — — — Total agriculture — — — 2 260 260 Consumer Rate modification — — — — — — Term extension 1 1 1 1 11 11 Payment modification — — — — — — Bankruptcy — — — — — — Other — — — 1 1 1 Total consumer 1 1 1 2 12 12 Total non-accruing 9 442 442 26 $ 5,183 $ 5,183 Change in recorded investment due to principal paydown at time of modification — — — — — — Change in recorded investment due to chargeoffs at time of modification — — — — — — The tables below represent defaults on loans that were first modified during the respective past 12 months, that became 90 days or more delinquent or were charged-off during the three and six months ended March 31, 2015 and 2014, respectively. Three Months Ended March 31, ($ in thousands) 2015 2014 Number of Loans Recorded Investment Number of Loans Recorded Investment Residential real estate 4 $ 107 3 $ 375 Commercial real estate — — 3 1,814 Commercial non real estate — — 5 1,604 Agriculture — — 6 3,685 Consumer — — — — 4 $ 107 17 $ 7,478 Six Months Ended March 31, ($ in thousands) 2015 2014 Number of Loans Recorded Investment Number of Loans Recorded Investment Residential real estate 10 $ 629 3 $ 375 Commercial real estate — — 5 8,110 Commercial non real estate 1 95 5 1,604 Agriculture 1 15 7 7,361 Consumer — — — — 12 $ 739 20 $ 17,450 The majority of loans that were modified and subsequently became 90 days or more delinquent have remained on nonaccrual status since the time of modification. | 4. Loans The composition of net loans as of September 30, 2014 and 2013, is as follows (in thousands): 2014 2013 Residential real estate $ 901,605 $ 906,469 Commercial real estate 2,541,194 2,311,974 Commercial non real estate 1,571,640 1,481,756 Agriculture 1,681,209 1,587,248 Consumer 90,086 101,477 Other 34,243 24,711 6,819,977 6,413,635 Less: Allowance for loan losses (47,518 ) (55,864 ) Unamortized discount on acquired loans (25,638 ) (34,717 ) Unearned net deferred fees and costs and loans in process (6,872 ) (16,245 ) $ 6,739,949 $ 6,306,809 The loan breakouts above include loans covered by FDIC loss sharing agreements totaling $234.04 million and $347.41 million as of September 30, 2014 and 2013, respectively, residential real estate loans held for sale totaling $10.38 million and $8.27 million at September 30, 2014 and 2013, respectively, and $985.41 million and $841.86 million of loans and written loan commitments accounted for at fair value as of September 30, 2014 and 2013, respectively. Unamortized net deferred fees and costs totaled $6.27 million and $5.19 million as of September 30, 2014 and 2013, respectively. Loans in process represent loans that have been funded as of the balance sheet dates but not classified into a loan category and loan payments received as of the balance sheet dates that have not been applied to individual loan accounts. Loans in process totaled $0.60 million and $11.05 million as of September 30, 2014 and 2013, respectively. Loans guaranteed by agencies of the U.S. government totaled $106.46 million and $104.04 million at September 30, 2014 and 2013, respectively. Principal balances of residential real estate loans sold totaled $214.25 million and $450.01 million for the years end September 30, 2014 and 2013, respectively. The following table presents the Company’s nonaccrual loans at September 30, 2014 and 2013 (in thousands), excluding loans covered under the FDIC loss-sharing agreements. Loans greater than 90 days past due and still accruing interest as of September 30, 2014 and 2013, were not significant. Nonaccrual loans 2014 2013 Residential real estate $ 6,671 $ 8,746 Commercial real estate 20,767 57,652 Commercial non real estate 4,908 6,641 Agriculture 11,453 8,236 Consumer 146 226 Total $ 43,945 $ 81,501 The following table (in thousands) presents the Company’s past due loans at September 30, 2014 and 2013. This table is presented net of unamortized discount on acquired loans and excludes loans measured at fair value with changes in fair value reported in earnings of $985.41 million for 2014 and $841.86 million for 2013. As of September 30, 2014 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Financing Receivables Residential real estate $ 675 $ 611 $ 2,581 $ 3,867 $ 760,887 $ 764,754 Commercial real estate 11,050 819 3,384 15,253 1,988,585 2,003,838 Commercial non real estate 1,761 6,228 744 8,733 1,303,925 1,312,658 Agriculture 16 368 4,205 4,589 1,364,960 1,369,549 Consumer 244 18 49 311 89,528 89,839 Other — — — — 34,243 34,243 13,746 8,044 10,963 32,753 5,542,128 5,574,881 Loans covered by FDIC loss sharing agreements 1,960 1,252 3,728 6,940 227,096 234,036 Total $ 15,706 $ 9,296 $ 14,691 $ 39,693 $ 5,769,224 $ 5,808,917 As of September 30, 2013 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Financing Receivables Residential real estate $ 625 $ 955 $ 4,942 $ 6,522 $ 721,333 $ 727,855 Commercial real estate 431 158 9,639 10,228 1,797,884 1,808,112 Commercial non real estate 1,342 198 2,821 4,361 1,219,731 1,224,092 Agriculture 102 4,040 2,867 7,009 1,297,208 1,304,217 Consumer 340 65 44 449 100,214 100,663 Other — — — — 24,711 24,711 2,840 5,416 20,313 28,569 5,161,081 5,189,650 Loans covered by FDIC loss sharing agreements 1,307 3,861 6,632 11,800 335,608 347,408 Total $ 4,147 $ 9,277 $ 26,945 $ 40,369 $ 5,496,689 $ 5,537,058 The composition of the loan portfolio by internal risk rating is as follows as of September 30, 2014 and 2013. This table (in thousands) is presented net of unamortized discount on acquired loans and excludes loans measured at fair value with changes in fair value reported in earnings of $985.41 million for 2014 and $841.86 million for 2013: As of September 30, 2014 Residential Real Estate Commercial Real Estate Commercial Non Real Estate Agriculture Consumer Other Total Credit Risk Profile by Internally Assigned Grade Grade: Pass $ 747,485 $ 1,867,866 $ 1,218,558 $ 1,202,145 $ 89,197 $ 34,243 $ 5,159,494 Watchlist 5,320 84,132 65,628 132,262 381 — 287,723 Substandard 11,290 51,692 27,499 35,107 242 — 125,830 Doubtful 659 148 798 35 19 — 1,659 Loss — — 175 — — — 175 Ending balance 764,754 2,003,838 1,312,658 1,369,549 89,839 34,243 5,574,881 Loans covered by FDIC loss sharing agreements 127,115 95,467 9,390 2,004 60 — 234,036 Total $ 891,869 $ 2,099,305 $ 1,322,048 $ 1,371,553 $ 89,899 $ 34,243 $ 5,808,917 As of September 30, 2013 Residential Real Estate Commercial Real Estate Commercial Non Real Estate Agriculture Consumer Other Total Credit Risk Profile by Internally Assigned Grade Grade: Pass $ 707,859 $ 1,652,694 $ 1,144,131 $ 1,192,357 $ 100,087 $ 24,711 $ 4,821,839 Watchlist 5,779 72,924 52,576 87,596 164 — 219,039 Substandard 13,039 78,244 23,538 23,963 398 — 139,182 Doubtful 1,178 4,250 3,847 301 14 — 9,590 Loss — — — — — — — Ending balance 727,855 1,808,112 1,224,092 1,304,217 100,663 24,711 5,189,650 Loans covered by FDIC loss sharing agreements 167,835 150,745 28,163 525 140 — 347,408 Total $ 895,690 $ 1,958,857 $ 1,252,255 $ 1,304,742 $ 100,803 $ 24,711 $ 5,537,058 Impaired Loans The following table presents the Company’s impaired loans (in thousands). This table excludes loans covered by FDIC loss sharing agreements: Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment September 30, 2014 Impaired loans: With an allowance recorded: Residential real estate $ 12,107 $ 12,737 $ 2,529 $ 13,572 Commercial real estate 62,155 64,597 2,017 84,490 Commercial non real estate 32,522 37,882 3,927 31,827 Agriculture 35,528 37,958 1,155 30,546 Consumer 280 491 51 346 $ 142,592 $ 153,665 $ 9,679 $ 160,781 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment September 30, 2013 Impaired loans: With an allowance recorded: Residential real estate $ 15,037 $ 16,815 $ 3,217 $ 15,716 Commercial real estate 106,824 123,523 5,341 106,780 Commercial non real estate 31,132 32,557 5,607 34,817 Agriculture 25,563 29,632 3,022 15,522 Consumer 412 656 90 554 $ 178,968 $ 203,183 $ 17,277 $ 173,389 There were no impaired loans with no valuation allowance as of September 30, 2014 or 2013. Interest income recognized on impaired loans was $5.87 million and $7.87 million for the years ended September 30, 2014 and 2013, respectively. Valuation adjustments made to repossessed properties for the years ended September 30, 2014 and 2013, totaled $9.69 million and $4.03 million, respectively, and are included in other noninterest expense. Troubled Debt Restructured Loans Included in certain loan categories in the impaired loans are troubled debt restructurings (“TDRs”) that were classified as impaired. These TDRs do not include purchased impaired loans. When the Company grants concessions to borrowers such as reduced interest rates or extensions of loan periods that would not be considered other than because of borrowers’ financial difficulties, the modification is considered a TDR. Specific reserves included in the allowance for loan losses for TDRs were $3.18 million and $6.43 million at September 30, 2014 and 2013, respectively. Commitments to lend additional funds to borrowers whose loans were modified in a TDR were not significant as of September 30, 2014 or 2013. The following table presents the recorded value of the Company’s TDR balances as of September 30, 2014 and 2013 (in thousands): September 30, 2014 September 30, 2013 Accruing Nonaccrual Accruing Nonaccrual Residential real estate $ 1,112 $ 1,730 $ 662 $ 1,100 Commercial real estate 25,177 6,884 29,373 49,736 Commercial non real estate 6,753 1,785 4,769 5,007 Agriculture 3,780 9,994 4,326 7,268 Consumer 35 22 — 29 Total $ 36,857 $ 20,415 $ 39,130 $ 63,140 The following table presents a summary of all accruing loans restructured in TDRs during the years ended September 30, 2014 and 2013: Year ended September 30, 2014 Year ended September 30, 2013 ($ in thousands) Number Recorded Investment Number Recorded Investment Pre- Modification Post- Modification Pre- Modification Post- Modification Residential real estate Rate modification — $ — $ — — $ — $ — Term extension 6 206 206 7 663 663 Payment modification 6 474 474 — — — Bankruptcy 9 338 338 1 5 5 Other 2 49 49 — — — Total residential real estate 23 1,067 1,067 8 668 668 Commercial real estate Rate modification — — — 2 990 990 Term extension 3 109 109 7 4,158 4,158 Payment modification 2 2,911 2,911 3 13,497 13,497 Bankruptcy — — — — — — Other — — — — — — Total commercial real estate 5 3,020 3,020 12 18,645 18,645 Commercial non real estate Rate modification — — — 1 529 529 Term extension 7 2,183 2,183 10 14,851 14,851 Payment modification 10 3,593 3,593 9 2,759 2,759 Bankruptcy — — — — — — Other 5 945 945 — — — Total commercial non real estate 22 6,721 6,721 20 18,139 18,139 Agriculture Rate modification — — — — — — Term extension 5 2,755 2,755 6 2,008 2,008 Payment modification — — — 2 1,949 1,949 Bankruptcy — — — — — — Other — — — — — — Total agriculture 5 2,755 2,755 8 3,957 3,957 Consumer Rate modification — — — — — — Term extension — — — 1 3 3 Payment modification 4 21 21 — — — Bankruptcy — — — — — — Other 2 28 28 — — — Total consumer 6 49 49 1 3 3 Total accruing 61 $ 13,612 $ 13,612 49 $ 41,412 $ 41,412 Change in recorded investment due to principal paydown at time of modification — — — — — Change in recorded investment due to chargeoffs at time of modification — — — — — The following table presents a summary of all non-accruing loans restructured in TDRs during the years ended September 30, 2014 and 2013: Year ended September 30, 2014 Year ended September 30, 2013 ($ in thousands) Number Recorded Investment Number Recorded Investment Pre- Modification Post- Modification Pre- Modification Post- Modification Residential real estate Rate modification 5 $ 119 $ 119 — $ — $ — Term extension 13 351 351 15 638 638 Payment modification 6 219 219 — — — Bankruptcy 7 275 275 2 336 336 Other 11 425 425 2 147 147 Total residential real estate 42 1,389 1,389 19 1,121 1,121 Commercial real estate Rate modification 3 1,618 1,618 2 310 310 Term extension 2 4,031 4,031 7 2,448 2,448 Payment modification — — — 7 17,578 17,578 Bankruptcy — — — 3 3,162 3,162 Other 1 87 87 — — — Total commercial real estate 6 5,736 5,736 19 23,498 23,498 Commercial Non Real Estate Rate modification — — — 1 1,067 1,067 Term extension 10 438 438 8 1,127 1,127 Payment modification 1 36 36 3 2,051 1,416 Bankruptcy 1 10 10 — — — Other — — — — — — Total commercial non real estate 12 484 484 12 4,245 3,610 Agriculture Rate modification — — — — — — Term extension 3 831 831 3 768 768 Payment modification — — — 4 6,196 6,196 Bankruptcy — — — — — — Other 2 511 511 — — — Total agriculture 5 1,342 1,342 7 6,964 6,964 Consumer Rate modification — — — 2 11 11 Term extension 2 15 15 5 30 30 Payment modification 1 2 2 — — — Bankruptcy — — — — — — Other 2 9 9 — — — Total consumer 5 26 26 7 41 41 Total non-accruing 70 $ 8,977 $ 8,977 64 $ 35,869 $ 35,234 Change in recorded investment due to principal paydown at time of modification — — — — — — Change in recorded investment due to chargeoffs at time of modification — — — 1 $ 635 — For the years ended September 30, 2014 and 2013, the table below represents defaults on loans that were first modified during the respective fiscal year, that became 90 days or more delinquent or were charged-off during the respective fiscal year. ($ in thousands) Years Ended September 30, 2014 Years Ended September 30, 2013 Number of Loans Recorded Investment Number of Loans Recorded Investment Residential real estate 11 $ 419 5 $ 647 Commercial real estate — — 7 4,401 Commercial non real estate 8 313 1 1,067 Agriculture 2 935 6 5,739 Consumer 1 — — — 22 $ 1,667 19 $ 11,854 The majority of loans that were modified and subsequently became 90 days or more delinquent have remained on nonaccrual status since the time of modification. |
Allowance for Loan Losses
Allowance for Loan Losses | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Receivables [Abstract] | ||
Allowance for Loan Losses | 6. Allowance for Loan Losses The following tables presents the Company’s allowance for loan losses roll forward for the three and six month periods ended March 31, 2015 and 2014. Three Months Ended March 31, 2015 Residential Commercial Commercial Agriculture Consumer Other Total Beginning balance January 1, 2015 $ 7,567 $ 17,722 $ 14,625 $ 10,920 $ 201 $ 785 $ 51,820 Charge-offs (63 ) (1,570 ) (8,440 ) (27 ) (19 ) (403 ) (10,522 ) Recoveries 70 26 983 22 23 325 1,449 Provision 160 (389 ) 8,789 1,307 (17 ) 120 9,970 (Impairment) improvement of loans acquired with deteriorated credit quality (239 ) (53 ) — — 1 — (291 ) Ending balance March 31, 2015 $ 7,495 $ 15,736 $ 15,957 $ 12,222 $ 189 $ 827 $ 52,426 Three Months Ended March 31, 2014 Residential Commercial Commercial Agriculture Consumer Other Total Beginning balance January 1, 2014 $ 11,854 $ 22,292 $ 11,552 $ 9,256 $ 390 $ 725 $ 56,069 Charge-offs (207 ) (3,194 ) (838 ) (2,086 ) (96 ) (486 ) (6,907 ) Recoveries 21 433 (128 ) (2 ) 31 326 681 Provision (216 ) (2,536 ) 1,380 735 37 100 (500 ) (Impairment) improvement of loans acquired with deteriorated credit quality (1,175 ) 608 (1,691 ) — 68 — (2,190 ) Ending balance March 31, 2014 $ 10,277 $ 17,603 $ 10,275 $ 7,903 $ 430 $ 665 $ 47,153 Six Months Ended March 31, 2015 Residential Commercial Commercial Agriculture Consumer Other Total Beginning balance October 1, 2014 $ 8,342 $ 16,884 $ 10,550 $ 10,655 $ 264 $ 823 $ 47,518 Charge-offs (120 ) (1,652 ) (8,524 ) (27 ) (57 ) (831 ) (11,211 ) Recoveries 113 95 2,143 79 47 644 3,121 Provision (190 ) 346 11,788 1,515 (41 ) 191 13,609 (Impairment) improvement of loans acquired with deteriorated credit quality (650 ) 63 — — (24 ) — (611 ) Ending balance March 31, 2015 $ 7,495 $ 15,736 $ 15,957 $ 12,222 $ 189 $ 827 $ 52,426 Six Months Ended March 31, 2014 Residential Commercial Commercial Agriculture Consumer Other Total Beginning balance October 1, 2013 $ 11,779 $ 22,562 $ 11,222 $ 9,296 $ 312 $ 693 $ 55,864 Charge-offs (437 ) (3,194 ) (999 ) (2,086 ) (152 ) (956 ) (7,824 ) Recoveries 96 1,024 759 15 67 717 2,678 Provision 14 (3,397 ) 734 678 135 211 (1,625 ) (Impairment) improvement of loans acquired with deteriorated credit quality (1,175 ) 608 (1,441 ) — 68 — (1,940 ) Ending balance March 31, 2014 $ 10,277 $ 17,603 $ 10,275 $ 7,903 $ 430 $ 665 $ 47,153 The following tables provide details regarding the allowance for loan and lease losses and balance by type of allowance. These tables (in thousands) are presented net of unamortized discount on acquired loans and excludes loans measured at fair value with changes in fair value reported in earnings of $1,060.6 million, loans held for sale of $9.0 million, and guaranteed loans of $112.3 million for March 31, 2015 and loans measured at fair value with changes in fair value reported in earnings of $985.4 million, loans held for sale of $10.4 million, and guaranteed loans of $106.5 million for September 30, 2014. As of March 31, 2015 Residential Commercial Commercial Agriculture Consumer Other Total Allowance for loan losses Individually evaluated for impairment $ 2,721 $ 1,691 $ 6,894 $ 3,007 $ 52 $ — $ 14,365 Collectively evaluated for impairment 2,640 11,274 9,063 9,215 137 827 33,156 Loans acquired with deteriorated credit quality 2,134 709 — — — — 2,843 Loans acquired without deteriorated credit quality — 2,062 — — — — 2,062 Total allowance $ 7,495 $ 15,736 $ 15,957 $ 12,222 $ 189 $ 827 $ 52,426 Financing Receivables Individually evaluated for impairment $ 9,669 $ 62,020 $ 39,900 $ 36,407 $ 177 $ — $ 148,173 Collectively evaluated for impairment 677,091 2,138,649 1,134,073 1,350,998 76,625 35,433 5,412,869 Loans acquired with deteriorated credit quality 93,277 27,834 5,348 1,595 1,466 — 129,520 Loans acquired without deteriorated credit quality 105,259 74,794 8,026 16,102 1,662 — 205,843 Loans Outstanding $ 885,296 $ 2,303,297 $ 1,187,347 $ 1,405,102 $ 79,930 $ 35,433 $ 5,896,405 As of September 30, 2014 Residential Commercial Commercial Agriculture Consumer Other Total Allowance for loan losses Individually evaluated for impairment $ 2,528 $ 1,953 $ 3,909 $ 1,152 $ 51 $ — $ 9,593 Collectively evaluated for impairment 3,030 12,034 6,641 9,503 188 823 32,219 Loans acquired with deteriorated credit quality 2,784 645 — — 25 — 3,454 Loans acquired without deteriorated credit quality — 2,252 — — — — 2,252 Total allowance $ 8,342 $ 16,884 $ 10,550 $ 10,655 $ 264 $ 823 $ 47,518 Financing Receivables Individually evaluated for impairment $ 9,384 $ 38,457 $ 28,298 $ 25,655 $ 166 $ — $ 101,960 Collectively evaluated for impairment 649,970 1,874,474 1,224,035 1,319,343 85,065 34,243 5,187,130 Loans acquired with deteriorated credit quality 102,987 49,202 6,361 1,746 1,843 — 162,139 Loans acquired without deteriorated credit quality 117,630 95,323 7,409 17,655 2,825 — 240,842 Loans Outstanding $ 879,971 $ 2,057,456 $ 1,266,103 $ 1,364,399 $ 89,899 $ 34,243 $ 5,692,071 The reserve for unfunded loan commitments was $0.4 million at both March 31, 2015 and September 30, 2014. | 5. Allowance for Loan Losses The following table presents the Company’s allowance for loan losses roll forward and respective loan balances for 2014 and 2013. This table (in thousands) is presented net of unamortized discount on acquired loans and excludes loans measured at fair value with changes in fair value reported in earnings of $985.41 million, loans held for sale of $10.38 million, and guaranteed loans of $106.46 million for 2014 and loans measured at fair value with changes in fair value reported in earnings of $841.86 million, loans held for sale of $8.27 million, and guaranteed loans of $104.04 million for 2013. As of September 30, 2014 Residential Real Estate Commercial Real Estate Commercial Non Real Estate Agriculture Consumer Other Total Allowance for loan losses Beginning balance October 1, 2013 $ 11,779 $ 22,562 $ 11,222 $ 9,296 $ 312 $ 693 $ 55,864 Charge-offs (631 ) (3,199 ) (5,380 ) (2,429 ) (211 ) (1,893 ) (13,743 ) Recoveries 233 1,470 1,439 58 156 1,357 4,713 Provision (788 ) (4,114 ) 4,980 3,730 (18 ) 666 4,456 Impairment of loans acquired with deteriorated credit quality (2,251 ) 165 (1,711 ) — 25 — (3,772 ) Ending balance September 30, 2014 $ 8,342 $ 16,884 $ 10,550 $ 10,655 $ 264 $ 823 $ 47,518 Ending balance: individually evaluated for impairment $ 2,528 $ 1,953 $ 3,909 $ 1,152 $ 51 $ — $ 9,593 Ending balance: collectively evaluated for impairment $ 3,030 $ 12,034 $ 6,641 $ 9,503 $ 188 $ 823 $ 32,219 Ending balance: loans acquired with deteriorated credit quality $ 2,784 $ 645 $ — $ — $ 25 $ — $ 3,454 Ending balance: loans acquired without deteriorated credit quality $ — $ 2,252 $ — $ — $ — $ — $ 2,252 Financing receivables Ending balance $ 879,971 $ 2,057,456 $ 1,266,103 $ 1,364,399 $ 89,899 $ 34,243 $ 5,692,071 Ending balance: individually evaluated for impairment $ 9,384 $ 38,457 $ 28,298 $ 25,655 $ 166 $ — $ 101,960 Ending balance: collectively evaluated for impairment $ 649,970 $ 1,874,474 $ 1,224,035 $ 1,319,343 $ 85,065 $ 34,243 $ 5,187,130 Ending balance: loans acquired with deteriorated credit quality $ 102,987 $ 49,202 $ 6,361 $ 1,746 $ 1,843 $ — $ 162,139 Ending balance: loans acquired without deteriorated credit quality $ 117,630 $ 95,323 $ 7,409 $ 17,655 $ 2,825 $ — $ 240,842 As of September 30, 2013 Residential Real Estate Commercial Real Estate Commercial Non Real Estate Agricultural Consumer Other Total Allowance for loan losses Beginning balance October 1, 2012 $ 14,761 $ 30,234 $ 18,979 $ 6,906 $ 542 $ 456 $ 71,878 Charge-offs (1,766 ) (19,648 ) (3,636 ) (4,069 ) (244 ) (1,851 ) (31,214 ) Recoveries 279 689 1,206 22 396 1,034 3,626 Provision 1,043 10,925 (5,427 ) 6,437 (382 ) 1,054 13,650 Impairment of loans acquired with deteriorated credit quality (2,538 ) 362 100 — — — (2,076 ) Ending balance September 30, 2013 $ 11,779 $ 22,562 $ 11,222 $ 9,296 $ 312 $ 693 $ 55,864 Ending balance: individually evaluated for impairment $ 3,212 $ 5,095 $ 5,594 $ 3,016 $ 90 $ — $ 17,007 Ending balance: collectively evaluated for impairment $ 3,533 $ 16,986 $ 3,897 $ 6,280 $ 222 $ 693 $ 31,611 Ending balance: loans acquired with deteriorated credit quality $ 5,034 $ 481 $ 1,731 $ — $ — $ — $ 7,246 Ending balance: loans acquired without deteriorated credit quality $ — $ — $ — $ — $ — $ — $ — Financing receivables Ending balance $ 885,245 $ 1,926,828 $ 1,191,500 $ 1,295,661 $ 100,803 $ 24,711 $ 5,424,748 Ending balance: individually evaluated for impairment $ 8,917 $ 77,620 $ 27,527 $ 23,719 $ 292 $ — $ 138,075 Ending balance: collectively evaluated for impairment $ 589,104 $ 1,623,274 $ 1,136,611 $ 1,240,281 $ 91,178 $ 24,711 $ 4,705,159 Ending balance: loans acquired with deteriorated credit quality $ 129,905 $ 85,022 $ 8,179 $ — $ 3,202 $ — $ 226,308 Ending balance: loans acquired without deteriorated credit quality $ 157,319 $ 140,912 $ 19,183 $ 31,661 $ 6,131 $ — $ 355,206 The reserve for unfunded loan commitments was $0.4 million at both September 30, 2014 and 2013. |
Accounting for Certain Loans Ac
Accounting for Certain Loans Acquired with Deteriorated Credit Quality | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Text Block [Abstract] | ||
Accounting for Certain Loans Acquired with Deteriorated Credit Quality | 7. Accounting for Certain Loans Acquired with Deteriorated Credit Quality In June 2010, the Company acquired certain loans that had deteriorated credit quality. Loan accounting specific to these purchased impaired loans addresses differences between contractual cash flows expected to be collected from the initial investment in loans if those differences are attributable, at least in part, to credit quality. Several factors were considered when evaluating whether a loan was considered a purchased impaired loan, including the delinquency status of the loan, updated borrower credit status, geographic information, and updated loan-to-values (“LTV”). U.S. GAAP allows purchasers to aggregate purchased impaired loans acquired in the same fiscal quarter in one or more pools, provided that the loans have common risk characteristics. A pool is then accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Loan pools are periodically reassessed to determine expected cash flows. In determining the expected cash flows, the timing of cash flows and prepayment assumptions for smaller, homogenous loans are based on statistical models that take into account factors such as the loan interest rate, credit profile of the borrowers, the years in which the loans were originated, and whether the loans are fixed or variable rate loans. Prepayments may be assumed on large individual loans that consider similar prepayment factors listed above for smaller homogenous loans. The re-assessment of purchased impaired loans resulted in the following changes in the accretable yield during the three and six months ended March 31, 2015 and 2014 (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Balance at beginning of period $ 46,342 $ 58,411 $ 50,889 $ 67,660 Accretion (3,222 ) (4,944 ) (8,009 ) (9,374 ) Reclassification from nonaccretable difference 311 2,948 631 2,948 Disposals — — (80 ) (4,819 ) Balance at end of period 43,431 56,415 43,431 56,415 The reclassifications from nonaccretable difference noted in the table above represent instances where specific pools of loans are expected to perform better over the remaining lives of the loans than expected at the prior re-assessment date. The following table provides purchased impaired loans at March 31, 2015 and September 30, 2014 (in thousands): March 31, 2015 September 30, 2014 Outstanding Balance 1 Recorded Investment 2 Carrying Value 3 Outstanding 1 Recorded 2 Carrying 3 Residential real estate $ 110,499 $ 93,277 $ 91,143 $ 115,863 $ 102,987 $ 100,203 Commercial real estate 107,514 27,835 27,126 130,825 49,202 48,557 Commercial non real estate 14,710 5,348 5,348 16,697 6,361 6,361 Agriculture 1,623 1,595 1,595 1,747 1,746 1,746 Consumer 1,838 1,466 1,466 2,019 1,843 1,818 Total lending $ 236,184 $ 129,521 $ 126,678 $ 267,151 $ 162,139 $ 158,685 1 Represents the legal balance of loans acquired with deteriorated credit quality. 2 Represents the book balance of loans acquired with deteriorated credit quality. 3 Represents the book balance of loans acquired with deteriorated credit quality net of the related allowance for loan losses. Due to improved cash flows of the purchased impaired loans, the reductions to allowance recognized on previous impairments were $0.4 million and $3.6 million for the three months ended March 31, 2015 and 2014, respectively and $0.9 million and $3.6 million for the six months ended March 31, 2015 and 2014, respectively. | 6. Accounting for Certain Loans Acquired with Deteriorated Credit Quality In June 2010, the Company acquired certain loans that had deteriorated credit quality. Loan accounting specific to these purchased impaired loans addresses differences between contractual cash flows expected to be collected from the initial investment in loans if those differences are attributable, at least in part, to credit quality. Several factors were considered when evaluating whether a loan was considered a purchased impaired loan, including the delinquency status of the loan, updated borrower credit status, geographic information, and updated loan-to-values (“LTV”). U.S. GAAP allows purchasers to aggregate purchased impaired loans acquired in the same fiscal quarter in one or more pools, provided that the loans have common risk characteristics. A pool is then accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Loan pools are periodically reassessed to determine expected cash flows. In determining the expected cash flows, the timing of cash flows and prepayment assumptions for smaller, homogenous loans are based on statistical models that take into account factors such as the loan interest rate, credit profile of the borrowers, the years in which the loans were originated, and whether the loans are fixed or variable rate loans. Prepayments may be assumed on large individual loans that consider similar prepayment factors listed above for smaller homogenous loans. The re-assessment of purchased impaired loans resulted in the following changes in the accretable yield during 2014 and 2013 (in thousands): Balance at September 30, 2012 $ 93,859 Accretion (29,674 ) Reclassification from nonaccretable difference 6,815 Disposals (3,340 ) Balance at September 30, 2013 67,660 Accretion (18,204 ) Reclassification from nonaccretable difference 6,252 Disposals (4,819 ) Balance at September 30, 2014 $ 50,889 The reclassifications from nonaccretable difference noted in the table above represent instances where specific pools of loans are expected to perform better over the remaining lives of the loans than expected at the prior re-assessment date. The following table provides purchased impaired loans at September 30, 2014 and September 30, 2013 (in thousands): September 30, 2014 September 30, 2013 Outstanding Balance 1 Recorded Investment 2 Carrying Value 3 Outstanding Balance 1 Recorded Investment 2 Carrying Value 3 Residential real estate $ 115,863 $ 102,987 $ 100,203 $ 143,998 $ 129,905 $ 124,871 Commercial real estate 130,825 49,202 48,557 172,706 85,022 84,541 Commercial non real estate 16,697 6,361 6,361 19,539 8,179 6,448 Agriculture 1,747 1,746 1,746 — — — Consumer 2,019 1,843 1,818 3,721 3,202 3,202 Total lending $ 267,151 $ 162,139 $ 158,685 $ 339,964 $ 226,308 $ 219,062 1 Represents the legal balance of loans acquired with deteriorated credit quality. 2 Represents the book balance of loans acquired with deteriorated credit quality. 3 Represents the book balance of loans acquired with deteriorated credit quality net of the related allowance for loan losses. Due to improved cash flows of the purchased impaired loans, the reductions to allowance recognized on previous impairments were $4.48 million and $4.58 million for the years ended September 30, 2014 and 2013, respectively. |
FDIC Indemnification Asset
FDIC Indemnification Asset | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Text Block [Abstract] | ||
FDIC Indemnification Asset | 8. FDIC Indemnification Asset Under the terms of the purchase and assumption agreement with the FDIC with regard to the TierOne Bank acquisition, the Company is reimbursed for a portion of the losses incurred on covered assets. As covered assets are resolved, whether it be through repayment, short sale of the underlying collateral, the foreclosure on or sale of collateral, or the sale or charge-off of loans or OREO, any differences between the carrying value of the covered assets versus the payments received during the resolution process, that are reimbursable by the FDIC, are recognized as reductions in the FDIC indemnification asset. Any gains or losses realized from the resolution of covered assets reduce or increase, respectively, the amount recoverable from the FDIC. The following table represents a summary of the activity related to the FDIC indemnification asset for the three and six months ended March 31, 2015 and 2014 (in thousands): Three Months Ended March 31, Six Months Ended March 31, 2015 2014 2015 2014 Balance at beginning of period $ 22,162 $ 41,756 $ 26,678 $ 45,690 Amortization (2,060 ) (4,662 ) (4,593 ) (7,947 ) Changes in expected reimbursements from FDIC for changes in expected credit losses 2 (382 ) (190 ) (408 ) Changes in reimbursable expenses (207 ) 1,437 (363 ) 2,805 Payments to/(from) the FDIC (2 ) (374 ) (1,637 ) (2,365 ) Balance at end of period $ 19,895 $ 37,775 $ 19,895 $ 37,775 The loss claims filed are subject to review, approval, and annual audits by the FDIC or its assigned agents for compliance with the terms in the loss sharing agreements. | 7. FDIC Indemnification Asset Under the terms of the purchase and assumption agreement with the FDIC with regard to the TierOne Bank acquisition, the Company is reimbursed for a portion of the losses incurred on covered assets. As covered assets are resolved, whether it be through repayment, short sale of the underlying collateral, the foreclosure on or sale of collateral, or the sale or charge-off of loans or OREO, any differences between the carrying value of the covered assets versus the payments received during the resolution process, that are reimbursable by the FDIC, are recognized as reductions in the FDIC indemnification asset. Any gains or losses realized from the resolution of covered assets reduce or increase, respectively, the amount recoverable from the FDIC. The following table represents a summary of the activity related to the FDIC indemnification asset for the years ended September 2014 and 2013 (in thousands): 2014 2013 Balance at beginning of year $ 45,690 $ 68,662 Amortization (14,604 ) (14,758 ) Changes in expected reimbursements from FDIC for changes in expected credit losses 2,148 522 Changes in reimbursable expenses 2,358 (3,453 ) Payments to/(from) the FDIC (8,914 ) (5,283 ) Balance at end of year $ 26,678 $ 45,690 The loss claims filed are subject to review, approval, and annual audits by the FDIC or its assigned agents for compliance with the terms in the loss sharing agreements. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Sep. 30, 2014 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | 8. Premises and Equipment The major classes of premises and equipment and the total amount of accumulated depreciation as of September 30, 2014 and 2013, are as follows (in thousands): 2014 2013 Land $ 22,539 $ 23,238 Buildings and building improvements 85,370 88,171 Furniture and equipment 32,117 42,721 Construction in progress 144 55 140,170 154,185 Accumulated depreciation (36,463 ) (39,805 ) $ 103,707 $ 114,380 Depreciation expense was $9.64 million, $10.70 million and $9.58 million for the years ended September 30, 2014, 2013 and 2012, respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Financial Instruments | 9. Derivative Financial Instruments In the normal course of business, the Company uses interest rate swaps to manage its interest rate risk and market risk in accommodating the needs of its customers. Also, the Company enters into interest rate lock commitments on mortgage loans to be held for sale, with corresponding forward sales contracts related to these interest rate lock commitments. Derivative instruments are recognized as either assets or liabilities in the accompanying consolidated financial statements and are measured at fair value. The following table summarizes the notional amounts and estimated fair values of the Company’s derivative instruments at March 31, 2015 and September 30, 2014 (in thousands). March 31, 2015 Notional Balance Sheet Positive Fair Negative Fair Derivatives not designated as hedging instruments: Interest rate swaps $ 1,045,934 Liabilities $ 71 $ (48,858 ) Mortgage loan commitments 37,394 Assets 27 — Mortgage loan forward sale contracts 44,485 Liabilities — (27 ) September 30, 2014 Notional Amount Balance Sheet Location Positive Fair Value Negative Fair Value Derivatives not designated as hedging instruments: Interest rate swaps $ 986,440 Liabilities $ 6,213 $ (19,286 ) Mortgage loan commitments 22,563 Assets 19 — Mortgage loan forward sale contracts 28,459 Liabilities — (19 ) As with any financial instrument, derivative financial instruments have inherent risk including adverse changes in interest rates. The Company’s exposure to derivative credit risk is defined as the possibility of sustaining a loss due to the failure of the counterparty to perform in accordance with the terms of the contract. Credit risks associated with interest rate swaps is similar to those relating to traditional on-balance sheet financial instruments. The Company manages interest rate swap credit risk with the same standards and procedures applied to its commercial lending activities. Amounts due from NAB to reclaim cash collateral under the interest rate swap master netting arrangements have not been offset against the derivative balances. These receivables are classified on the consolidated balance sheets as cash and were $0 as of March 31, 2015 and September 30, 2014, respectively. The effect of derivatives on the consolidated statements of comprehensive income for the three and six months ended March 31, 2015 and 2014 (in thousands) was as follows: Amount of Gain (Loss) Recognized in Income Three Months Ended Six Months Ended Location of Gain (Loss) Recognized in Income March 31, March 31, March 31, March 31, Derivatives not designated as hedging instruments: Interest rate swaps Noninterest income $ (21,698 ) $ (12,436 ) $ (46,303 ) $ (7,599 ) Mortgage loan commitments Noninterest income 13 31 27 34 Mortgage loan forward sale contracts Noninterest income (13 ) (31 ) (27 ) (34 ) Netting of Derivatives The Company has various financial assets and financial liabilities that are subject to enforceable master netting agreements or similar agreements. The Company has entered into an ISDA master netting arrangement with NAB. Under the terms of the master netting arrangements, all transactions between the Company and the counterparty constitute a single business relationship such that in the event of default, the non-defaulting party is entitled to set off claims and apply property held by that party in respect of any transaction against obligations owed. Any payments, deliveries, or other transfers may be applied against each other and netted. The table below shows total gross derivative assets and liabilities which are adjusted on an aggregate basis, where applicable to take into consideration the effects of legally enforceable master netting agreements for the net reported amount in the consolidated balance sheets. These amounts are offset on the consolidated balance sheets. The following tables (in thousands) present the Company’s gross derivative financial assets and liabilities at March 31, 2015 and September 30, 2014, and the related impact of enforceable master netting arrangements and cash collateral, where applicable: Gross Amount Amount Offset Net Amount Presented in Consolidated Balance Sheets Held/Pledged Financial Instruments 1 Net Amount March 31, 2015 Derivative financial assets: Derivatives subject to master netting arrangement or similar arrangement $ 71 $ (71 ) $ — $ — $ — Derivative financial liabilities: Derivatives subject to master netting arrangement or similar arrangement (48,858 ) 71 (48,787 ) 48,787 — Total derivative financial liabilities $ (48,787 ) $ — $ (48,787 ) $ 48,787 $ — 1 The actual amount of collateral exceeds the fair value exposure, at the individual counterparty level, as of the date presented. Gross Amount Amount Net Amount Presented in Consolidated Held/Pledged Financial Instruments Net Amount September 30, 2014 Derivative financial assets: Derivatives subject to master netting arrangement or similar arrangement $ 6,213 $ (6,213 ) $ — $ — $ — Derivative financial liabilities: Derivatives subject to master netting arrangement or similar arrangement (19,286 ) 6,213 (13,073 ) 13,073 — Total derivative financial liabilities $ (13,073 ) $ — $ (13,073 ) $ 13,073 $ — | 9. Derivative Financial Instruments In the normal course of business, the Company uses interest rate swaps to manage its interest rate risk and market risk in accommodating the needs of its customers. Also, the Company enters into interest rate lock commitments on mortgage loans to be held for sale, with corresponding forward sales contracts related to these interest rate lock commitments. Derivative instruments are recognized as either assets or liabilities in the accompanying consolidated financial statements and are measured at fair value. The following table summarizes the notional amounts and estimated fair values of the Company’s derivative instruments at September 30, 2014 and 2013 (in thousands). 2014 Notional Amount Balance Sheet Location Positive Fair Value Negative Fair Value Derivatives not designated as hedging instruments: Interest rate swaps $ 986,440 Liabilities $ 6,213 $ (19,286 ) Mortgage loan commitments 22,563 Assets 19 — Mortgage loan forward sale contracts 28,459 Liabilities — (19 ) 2013 Notional Amount Balance Sheet Location Positive Fair Value Negative Fair Value Derivatives not designated as hedging instruments: Interest rate swaps $ 864,040 Liabilities $ 12,404 $ (13,555 ) Mortgage loan commitments 16,040 Assets 375 — Mortgage loan forward sale contracts 21,881 Liabilities — (375 ) As with any financial instrument, derivative financial instruments have inherent risk including adverse changes in interest rates. The Company’s exposure to derivative credit risk is defined as the possibility of sustaining a loss due to the failure of the counterparty to perform in accordance with the terms of the contract. Credit risk associated with interest rate swaps is similar to those relating to traditional on-balance sheet financial instruments. The Company manages interest rate swap credit risk with the same standards and procedures applied to its commercial lending activities. Amounts due from NAB to reclaim cash collateral under the interest rate swap master netting arrangements have not been offset against the derivative balances. These receivables are classified on the consolidated balance sheets as cash and were $0 as of September 30, 2014 and 2013, respectively. The effect of derivatives on the consolidated statements of comprehensive income for the years ended September 30, 2014, 2013 and 2012 (in thousands) was as follows: Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized 2014 2013 2012 Derivatives not designated as hedging instruments: Interest rate swaps Noninterest income $ (11,922 ) $ 40,305 $ (19,369 ) Mortgage loan commitments Noninterest income 19 375 (1,661 ) Mortgage loan forward sale contracts Noninterest income (19 ) (375 ) 1,661 Netting of Derivatives The Company has various financial assets and financial liabilities that are subject to enforceable master netting agreements or similar agreements. The Company has entered into an ISDA master netting arrangement with NAB. Under the terms of the master netting arrangements, all transactions between the Company and the counterparty constitute a single business relationship such that in the event of default, the non-defaulting party is entitled to set off claims and apply property held by that party in respect of any transaction against obligations owed. Any payments, deliveries, or other transfers may be applied against each other and netted. The table below shows total gross derivative assets and liabilities which are adjusted on an aggregate basis, where applicable to take into consideration the effects of legally enforceable master netting agreements for the net reported amount in the consolidated balance sheets. These amounts are offset on the consolidated balance sheets. The following tables (in thousands) present the Company’s gross derivative financial assets and liabilities at September 30, 2014 and 2013, and the related impact of enforceable master netting arrangements and cash collateral, where applicable: Gross Amount Amount Offset Net Amount Presented in Consolidated Balance Sheets Held/Pledged Financial Instruments 1 Net Amount September 30, 2014 Derivative financial assets: Derivatives subject to master netting arrangement or similar arrangement $ 6,213 $ (6,213 ) $ — $ — $ — Derivative financial liabilities: Derivatives subject to master netting arrangement or similar arrangement (19,286 ) 6,213 (13,073 ) 13,073 — Total derivative financial liabilities $ (13,073 ) $ — $ (13,073 ) $ 13,073 $ — 1 The actual amount of collateral exceeds the fair value exposure, at the individual counterparty level, as of the date presented. Gross Amount Amount Offset Net Amount Presented in Consolidated Balance Sheets Held/Pledged Financial Instruments Net Amount September 30, 2013 Derivative financial assets: Derivatives subject to master netting arrangement or similar arrangement $ 12,404 $ (12,404 ) $ — $ — $ — Derivative financial liabilities: Derivatives subject to master netting arrangement or similar arrangement (13,555 ) 12,404 (1,151 ) — (1,151 ) Total derivative financial liabilities $ (1,151 ) $ — $ (1,151 ) $ — $ (1,151 ) |
The Fair Value Option
The Fair Value Option | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Fair Value Disclosures [Abstract] | ||
The Fair Value Option | 10. The Fair Value Option The Company has elected to measure certain long-term loans and written loan commitments at fair value to assist in managing the interest rate risk for longer-term loans. This fair value option was elected upon the origination of these loans. Interest income is recognized in the same manner as interest on non-fair value loans. See Note 17 for additional disclosures regarding the fair value of the fair value option loans and written loan commitments. Long-term loans and written loan commitments for which the fair value option has been elected had a net favorable difference between the aggregate fair value and the aggregate unpaid loan principal balance and written loan commitment amount of approximately $43.3 million and $7.1 million at March 31, 2015 and September 30, 2014, respectively. The total unpaid principal balance of these long-term loans was approximately $1,017.3 million and $978.3 million at March 31, 2015 and September 30, 2014, respectively. The fair value of these loans and written loan commitments is included in total loans in the consolidated balance sheets and are grouped with commercial non real estate, commercial real estate, and agricultural loans in Note 5. The fair value of these written loan commitments was not material at March 31, 2015 and September 30, 2014, respectively. None of the noted loans were greater than 90 days past due or in nonaccrual status as of March 31, 2015 or September 30, 2014. Changes in fair value for items for which the fair value option has been elected and the line items in which these changes are reported are as follows for the three and six months ended March 31, 2015 and 2014 (in thousands): For the Three Months Ended For the Six Months Ended March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014 Noninterest Total Changes in Fair Value Noninterest Total Changes in Fair Value Noninterest Total Changes Noninterest Total Changes in Fair Value Long-term loans and written loan commitments $ 15,208 $ 15,208 $ 8,730 $ 8,730 $ 32,308 $ 32,308 $ (380 ) $ (380 ) For long-term loans and written loan commitments, $(1.2) million and $0.7 million for the three months ended March 31, 2015 and 2014, respectively, and $0.5 million and $0.7 million for the six months ended March 31, 2015 and 2014, respectively of the total change in fair value is attributable to changes in specific credit risk. The gains or losses attributable to changes in instrument-specific credit risk were determined based on an assessment of existing market conditions and credit quality of the underlying loan for the specific portfolio of loans. | 10. The Fair Value Option The Company has elected to measure certain long-term loans and written loan commitments at fair value to assist in managing the interest rate risk for longer-term loans. This fair value option was elected upon the origination of these loans. Interest income is recognized in the same manner as interest on non-fair value loans. See Note 22 for additional disclosures regarding the fair value of the fair value option loans and written loan commitments. Long-term loans and written loan commitments for which the fair value option has been elected had a net favorable difference between the aggregate fair value and the aggregate unpaid loan principal balance and written loan commitment amount of approximately $7.07 million and a net unfavorable amount of approximately $4.83 million at September 30, 2014 and 2013, respectively. The total unpaid principal balance of these long-term loans was approximately $978.34 million and $846.69 million at September 30, 2014 and 2013, respectively. The fair value of these loans and written loan commitments is included in total loans in the consolidated balance sheets and are grouped with commercial non real estate, commercial real estate, and agricultural loans in Note 4. The fair value of these written loan commitments was not material at September 30, 2014 and 2013, respectively. None of the noted loans were greater than 90 days past due or in nonaccrual status as of September 30, 2014 or 2013. Changes in fair value for items for which the fair value option has been elected and the line items in which these changes are reported are as follows for the years ended September 30, 2014, 2013 and 2012 (in thousands): 2014 2013 2012 Noninterest Total Changes Noninterest Total Changes Noninterest Total Changes Long-term loans and written loan commitments $ 11,904 $ 11,904 $ (41,160 ) $ (41,160 ) $ 15,093 $ 15,093 For long-term loans and written loan commitments at September 30, 2014, 2013 and 2012, approximately $(0.02) million, $(0.85) million and $(4.27) million, respectively, of the total change in fair value is attributable to changes in specific credit risk. The gains or losses attributable to changes in instrument-specific credit risk were determined based on an assessment of existing market conditions and credit quality of the underlying loan for the specific portfolio of loans. |
Goodwill
Goodwill | 12 Months Ended |
Sep. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 11. Goodwill Changes in the carrying amount of goodwill for the years ended September 30, 2014 and 2013, are as follows (in thousands): 2014 2013 Balance, beginning of year $ 697,807 $ 697,807 Arising from prior period purchases — — Arising from business acquisitions — — Balance, end of year $ 697,807 $ 697,807 Annually, the Company performs an impairment analysis to determine whether an adjustment to the carrying value of goodwill is required. The analysis is performed by comparing the fair value of the Bank to the carrying amount of its net assets. Fair value is based on the best information available, such as present value or multiple of earnings techniques. For the years ended September 30, 2014, 2013 and 2012, the Company did not recognize any impairment related to goodwill. |
Core Deposits and Other Intangi
Core Deposits and Other Intangibles | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Core Deposits and Other Intangibles | 11. Core Deposits and Other Intangibles A summary of intangible assets subject to amortization is as follows (in thousands): Core Deposit Intangible Brand Intangible Customer Relationships Intangible Total As of March 31, 2015 Gross carrying amount $ 92,679 $ 8,464 $ 16,089 $ 117,232 Accumulated amortization (90,819 ) (3,854 ) (12,956 ) (107,629 ) Net intangible assets $ 1,860 $ 4,610 $ 3,133 $ 9,603 As of September 30, 2014 Gross carrying amount $ 92,679 $ 8,464 $ 16,089 $ 117,232 Accumulated amortization (87,423 ) (3,572 ) (12,008 ) (103,003 ) Net intangible assets $ 5,256 $ 4,892 $ 4,081 $ 14,229 Amortization expense of intangible assets was $2.3 million and $4.7 million for the three months ended March 31, 2015 and 2014, respectively and $4.6 million and $9.4 million for the six months ended March 31, 2015 and 2014, respectively. The estimated amortization expense of intangible assets assumes no activities, such as acquisitions, which would result in additional amortizable intangible assets. Estimated amortization expense of intangible assets in subsequent fiscal years is as follows (in thousands): Remaining in 2015 $ 2,484 2016 2,822 2017 1,097 2018 564 2019 564 2020 and thereafter 2,072 $ 9,603 | 12. Core Deposits and Other Intangibles A summary of intangible assets subject to amortization is as follows (in thousands): Core Deposit Intangible Brand Intangible Customer Relationships Intangible Other Total As of September 30, 2014 Gross carrying amount $ 92,679 $ 8,464 $ 16,089 $ — $ 117,232 Accumulated amortization (87,423 ) (3,572 ) (12,008 ) — (103,003 ) $ 5,256 $ 4,892 $ 4,081 $ — $ 14,229 As of September 30, 2013 Gross carrying amount $ 92,679 $ 8,464 $ 16,089 $ — $ 117,232 Accumulated amortization (73,668 ) (3,008 ) (10,112 ) — (86,788 ) $ 19,011 $ 5,456 $ 5,977 $ — $ 30,444 Amortization expense of intangible assets was $16.22 million, $19.29 million and $19.65 million for the years ended September 30, 2014, 2013 and 2012, respectively. The estimated amortization expense of intangible assets assumes no activities, such as acquisitions, which would result in additional amortizable intangible assets. Estimated amortization expense of intangible assets in subsequent fiscal years is as follows (in thousands): 2015 $ 7,110 2016 2,822 2017 1,097 2018 564 2019 564 2020 and thereafter 2,072 $ 14,229 |
Deposits
Deposits | 12 Months Ended |
Sep. 30, 2014 | |
Banking and Thrift [Abstract] | |
Deposits | 13. Deposits The composition of deposits as of September 30, 2014 and 2013, is as follows (in thousands): 2014 2013 Noninterest-bearing demand $ 1,303,015 $ 1,199,427 NOW accounts, money market and savings 4,005,471 3,601,796 Time certificates, $100,000 or more 733,376 850,817 Other time certificates 1,010,318 1,296,168 $ 7,052,180 $ 6,948,208 At September 30, 2014, the scheduled maturities of time certificates in subsequent fiscal years are as follows (in thousands): 2015 $ 1,137,736 2016 316,194 2017 132,565 2018 78,430 2019 36,359 2020 and thereafter 42,410 $ 1,743,694 |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Banking and Thrift [Abstract] | ||
Securities Sold Under Agreements to Repurchase | 12. Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase generally mature within one to four days from the transaction date. Securities underlying the agreements had an amortized cost of approximately $176.7 million and $190.6 million and fair value of approximately $177.2 million and $188.6 million at March 31, 2015 and September 30, 2014, respectively. The Company holds the securities under third-party safekeeping agreements. | 14. Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase generally mature within one to four days from the transaction date. Securities underlying the agreements had an amortized cost of approximately $190.59 million and $226.16 million and fair value of approximately $188.61 million and $224.16 million at September 30, 2014 and 2013, respectively. The Company holds the securities under third-party safekeeping agreements. |
FHLB Advances, Related Party No
FHLB Advances, Related Party Notes Payable and Other Borrowings | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Federal Home Loan Banks [Abstract] | ||
FHLB Advances, Related Party Notes Payable and Other Borrowings | 13. FHLB Advances, Related Party Notes Payable and Other Borrowings FHLB advances, related party notes payable, and other borrowings consist of the following at March 31, 2015 and September 30, 2014 (in thousands): March 31, September 30, Subordinated capital note to NAB New York (a branch of NAB), due June 2018 (callable June 2015), interest paid quarterly based on LIBOR plus 205 basis points, unsecured $ 35,795 $ 35,795 $10,000 revolving line of credit to NAB due on demand, interest paid monthly based on LIBOR plus 125 basis points, unsecured 5,500 5,500 Total related party notes payable 41,295 41,295 Notes payable to Federal Home Loan Bank (FHLB), interest rates from 0.21% to 3.66% and maturity dates from April 2015 to July 2023, collateralized by real estate loans and FHLB stock, with various call dates at the option of the FHLB 475,000 575,000 Other 19 94 Total FHLB advances and other borrowings 475,019 575,094 $ 516,314 $ 616,389 As of March 31, 2015, based on its Federal Home Loan Bank stock holdings, the combined aggregate additional borrowing capacity of the Company with the Federal Home Loan Bank was $796.3 million. Principal balances of loans pledged to the Federal Home Loan Bank to collateralize notes payable totaled $2,157.1 million and $2,145.5 million at March 31, 2015 and September 30, 2014, respectively. As of March 31, 2015, FHLB advances, related party notes payable and other borrowings are due or callable (whichever is earlier) in subsequent fiscal years as follows (in thousands): Remaining in 2015 $ 70,519 2016 90,000 2017 25,000 2018 60,795 2019 75,000 2020 and thereafter 195,000 $ 516,314 | 15. FHLB Advances, Related Party Notes Payable and Other Borrowings FHLB advances, related party notes payable, and other borrowings consist of the following at September 30, 2014 and 2013 (in thousands): 2014 2013 Subordinated capital note to NAB New York (a branch of NAB), due June 2018 (callable June 2015), interest paid quarterly based on LIBOR plus 205 basis points, unsecured $ 35,795 $ 35,795 $10,000 revolving line of credit to NAB due on demand, interest paid monthly based on LIBOR plus 125 basis points, unsecured 5,500 5,500 Total related party notes payable 41,295 41,295 Notes payable to Federal Home Loan Bank (FHLB), interest rates from 0.21% to 3.66% and maturity dates from April 2015 to July 2023, collateralized by real estate loans and FHLB stock, with various call dates at the option of the FHLB 575,000 390,500 Other 94 107 Total FHLB advances and other borrowings 575,094 390,607 $ 616,389 $ 431,902 As of September 30, 2014, based on its Federal Home Loan Bank stock holdings, the combined aggregate additional borrowing capacity of the Company with the Federal Home Loan Bank was $659.76 million. Principal balances of loans pledged to the Federal Home Loan Bank to collateralize notes payable totaled $2,145.55 million and $1,984.67 million at September 30, 2014 and 2013, respectively. As of September 30, 2014, FHLB advances, related party notes payable and other borrowings are due or callable (whichever is earlier) in subsequent fiscal years as follows (in thousands): 2015 $ 70,594 2016 90,000 2017 25,000 2018 60,795 2019 100,000 2020 and thereafter 270,000 $ 616,389 |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Sep. 30, 2014 | |
Brokers and Dealers [Abstract] | |
Subordinated Debentures | 16. Subordinated Debentures The Company has caused three trusts to be created that have issued Company Obligated Mandatorily Redeemable Preferred Securities (Preferred Securities). These trusts are described herein. The sole assets of the trusts are junior subordinated deferrable interest debentures (the Debentures) issued by the Company (or assumed as part of the Sunstate Bank acquisition) with interest, maturity, and distribution provisions similar in term to the respective Preferred Securities. Additionally, to the extent interest payments are deferred on the Debentures, payment on the Preferred Securities will be deferred for the same period. The trusts’ ability to pay amounts due on the Preferred Securities is solely dependent upon the Company making payment on the related Debentures. The Company’s obligation under the Debentures and relevant trust agreements constitute a full, irrevocable, and unconditional guarantee on a subordinated basis by it of the obligations of the trusts under the Preferred Securities. For regulatory purposes the Debentures qualify as elements of capital. As of September 30, 2014, $56 million of Debentures were eligible for treatment as Tier 1 capital. The Company caused to be issued 22,400 shares, $1,000 par value, of Company Obligated Mandatorily Redeemable Preferred Securities (Preferred Securities) of Great Western Statutory Trust IV on December 17, 2003, through a private placement. The distribution rate is set quarterly at three-month LIBOR plus 285 basis points. Interest Payment Dates are March 17, June 17, September 17 and December 17 of each year, beginning March 17, 2004 and are payable in arrears. The Company may, at one or more times, defer interest payments on the related Debentures for up to 20 consecutive quarters following suspension of dividends on all capital stock. At the end of any deferral period, all accumulated and unpaid distributions must be paid. The Debentures will be redeemed 30 years from the issuance date; however, subject to the Company receiving prior approval of the Federal Reserve, if required, the Company has the right to redeem the Debentures in whole, but not in part, at the Special Redemption Date, at a premium as defined by the Indenture if a “Special Event” occurs prior to December 17, 2008. A “Special Event” means any Capital Treatment Event, an Investment Company Event, or a Tax Event. On or after December 17, 2008, subject to the Company receiving prior approval of the Federal Reserve, if required, the Company has the right to redeem the Debentures at the Redemption Price, in whole or in part, on an Interest Payment Date. The Redemption Price is $1,000 per Preferred Security plus any accrued and unpaid distributions to the date of redemption. Holders of the Preferred Securities have no voting rights. The Preferred Securities are unsecured and rank junior in priority of payment to all of the Company’s senior indebtedness and senior to the Company’s common and preferred stock. Proceeds from the issue were used for general corporate purposes. The Company caused to be issued 30,000 shares, $1,000 par value, of Company Obligated Mandatorily Redeemable Preferred Securities (Preferred Securities) of GWB Capital Trust VI on March 10, 2006, through a private placement. The distribution rate is set quarterly at three-month LIBOR plus 148 basis points. Interest Payment dates are December 15, March 15, June 15, and September 15 of each year, beginning June 15, 2006, and are payable in arrears. The Company may, at one or more times, defer interest payments on the related Debentures for up to 20 consecutive quarters following suspension of dividends on all capital stock. At the end of any deferral period, all accumulated and unpaid interest must be paid. The Debentures will be redeemed March 15, 2036; however, subject to the Company receiving prior approval of the Federal Reserve, if required, the Company has the right to redeem the Debentures in whole, but not in part, at any Interest Payment Date, at a premium as defined by the Indenture if a “Special Event” occurs prior to March 15, 2007. A “Special Event” means any Capital Treatment Event, an Investment Company Event, or a Tax Event. On or after March 15, 2011, subject to the Company receiving approval of the Federal Reserve, if required, the Company has the right to redeem the Debentures at the Redemption Price, whole or in part, on an Interest Payment Date. The Redemption Price is $1,000 per Preferred Security plus any accrued and unpaid interest to the date of redemption. Holders of the Preferred Securities have no voting rights. The Preferred Securities are unsecured and rank junior in priority of payment to all of the Company’s senior indebtedness and senior to the Company’s common and preferred stock. Proceeds from the issue were used for general corporate purposes including redemption of the 9.75% Preferred Securities of GWB Capital Trust II. The Company acquired the Sunstate Bancshares Trust II in the acquisition of Sunstate Bank. Sunstate Bancshares caused to be issued 2,000 shares, $1,000 par value, of Company Obligated Mandatorily Redeemable Preferred Securities (Preferred Securities) of Sunstate Bancshares Trust II on June 1, 2005, through a private placement. The distribution rate is set quarterly at three-month LIBOR plus 185 basis points. Interest Payment dates are March 15, June 15, September 15, and December 15 of each year, beginning September 15, 2005, and are payable in arrears. The Company may, at one or more times, defer interest payments on the related Debentures for up to 20 consecutive quarters following suspension of dividends on all capital stock. At the end of any deferral period, all accumulated and unpaid interest must be paid. The Debentures will be redeemed June 15, 2035; however, subject to the Company receiving prior approval of the Federal Reserve, if required, the Company has the right to redeem the Debentures in whole or in part, at any time, within 90 days following the occurrence of a Special Event, at a premium as defined by the Indenture if a “Special Event” occurs prior to June 15, 2010. A “Special Event” means any Capital Treatment Event, an Investment Company Event, or a Tax Event. On or after June 15, 2010, subject to the Company receiving prior approval of the Federal Reserve, if required, the Company has the right to redeem the Debentures at the Redemption Price, in whole or in part, on an Interest Payment Date. The Redemption Price is $1,000 per Preferred Security plus any accrued and unpaid interest to the date of redemption. Holders of the Preferred Securities have no voting rights. The Preferred Securities are unsecured and rank junior in priority of payment to all of the Company’s senior indebtedness and senior to the Company’s common and preferred stock. Relating to the trusts, the Company held as assets $1.68 million in common shares at September 30, 2014 and 2013. |
Income Taxes
Income Taxes | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||
Income Taxes | 14. Income Taxes The provision for income taxes charged to operations consists of the following for the three and six months ended March 31, 2015 and 2014 (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Currently paid or payable Federal $ 10,337 $ 10,994 $ 24,011 $ 26,960 State 1,484 1,288 3,477 3,957 11,821 12,282 27,488 30,917 Deferred tax (benefit) expense (2,101 ) 2,207 (4,066 ) (1,489 ) Income tax expense $ 9,720 $ 14,489 $ 23,422 $ 29,428 The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income due to the following for the three and six months ended March 31, 2015 and 2014 (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Computed “expected” tax expense (35%) $ 10,305 $ 14,161 $ 24,445 $ 29,401 Increase (decrease) in income taxes resulting from: Tax exempt interest income (1,651 ) (1,174 ) (3,216 ) (2,276 ) State income taxes, net of federal benefit 965 837 2,260 2,572 Other 101 665 (67 ) (269 ) Actual tax expense $ 9,720 $ 14,489 $ 23,422 $ 29,428 Net deferred tax assets (liabilities) consist of the following components at March 31, 2015 and September 30, 2014 (in thousands): March 31, 2015 September 30, 2014 Deferred tax assets: Allowance for loan losses $ 21,421 $ 19,683 Compensation 606 329 Net operating loss carryforward 94 119 Securities available for sale (1,310 ) 3,758 Other real estate owned 15,462 13,721 Core deposit intangible and other fair value adjustments 11,227 10,573 Excess tax basis of loans acquired over carrying value 8,438 9,595 Other 4,976 6,272 Total deferred tax assets 60,914 64,050 Deferred tax liabilities: Goodwill and other intangibles (3,707 ) (9,099 ) Premises and equipment (11,037 ) (4,390 ) Excess carrying value of FDIC indemnification asset and clawback liability (1,557 ) (4,280 ) Other (912 ) (1,578 ) Total deferred tax liabilities (17,213 ) (19,347 ) Net deferred tax assets $ 43,701 $ 44,703 At March 31, 2015, the Company had income tax receivable of $0.2 million from the Internal Revenue Service and at September 30, 2014, had income tax payable of $4.9 million to National Americas Investment, Inc. (included in income tax payable). Management has determined a valuation reserve is not required for the deferred tax assets because it is more likely than not these assets could be realized through carry back to taxable income in prior years, future reversals of existing taxable temporary differences, and future taxable income. Uncertain tax positions were not significant at March 31, 2015 or September 30, 2014. The Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2009. In July 2014, the IRS issued the final report on their examination of federal income tax returns for the periods ended September 30, 2010 and 2011. The results of the examination did not have a material effect on our financial condition or results of operations. | 17. Income Taxes The provision for income taxes charged to operations consists of the following for the years ended September 30, 2014 and 2013 (in thousands): 2014 2013 2012 Currently paid or payable Federal $ 58,172 $ 51,828 $ 51,677 State 8,638 8,158 7,200 66,810 59,986 58,877 Deferred tax (benefit) expense (12,463 ) (6,088 ) (14,719 ) Income tax expense $ 54,347 $ 53,898 $ 44,158 The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income due to the following for the years ended September 30, 2014 and 2013 (in thousands): 2014 2013 2012 Computed “expected” tax expense (35%) $ 55,754 $ 52,550 $ 41,004 Increase (decrease) in income taxes resulting from: Tax exempt interest income (4,926 ) (3,856 ) (2,348 ) State income taxes, net of federal benefit 5,615 5,303 4,680 Other (2,096 ) (99 ) 822 Actual tax expense $ 54,347 $ 53,898 $ 44,158 Net deferred tax assets (liabilities) consist of the following components at September 30, 2014 and 2013 (in thousands): 2014 2013 Deferred tax assets: Allowance for loan losses $ 19,683 $ 22,686 Compensation 329 320 Net operating loss carryforward 119 170 Securities available for sale 3,758 4,144 Other real estate owned 13,721 7,072 Core deposit intangible and other fair value adjustments 10,573 6,617 Excess tax basis of loans acquired over carrying value 9,595 10,879 Other 6,272 5,668 64,050 57,556 Deferred tax liabilities: Goodwill and other intangibles (9,099 ) (5,143 ) Securities available for sale — — Premises and equipment (4,390 ) (6,132 ) Excess carrying value of FDIC indemnification asset and clawback liability (4,280 ) (11,943 ) Other (1,578 ) (1,712 ) (19,347 ) (24,930 ) Net deferred tax assets (liabilities) $ 44,703 $ 32,626 At September 30, 2014 and 2013, the Company had an income tax payable to National Americas Investment, Inc. for $4.91 million and $12.39 million (included in income tax payable). Management has determined a valuation reserve is not required for the deferred tax assets because it is more likely than not these assets could be realized through carry back to taxable income in prior years, future reversals of existing taxable temporary differences, and future taxable income. Uncertain tax positions were not significant at September 30, 2014 or 2013. The Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2009. In July 2014, the IRS issued the final report on their examination of federal income tax returns for the periods ended September 30, 2010 and 2011. The results of the examination did not have a material effect on our financial condition or results of operations. |
Profit-Sharing Plan
Profit-Sharing Plan | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Postemployment Benefits [Abstract] | ||
Profit-Sharing Plan | 15. Profit-Sharing Plan The Company participates in a multiple employer 401(k) profit sharing plan (the Plan). All employees are eligible to participate, beginning with the first day of the month coincident with or immediately following the completion of one year of service and having reached the age of 21. In addition to employee contributions, the Company may contribute discretionary amounts for eligible participants. Contribution rates for participating employees must be equal. The Company contributed $0.5 million and $0 to the Plan for the three months ended March 31, 2015 and 2014, respectively and $1.8 million and $1.2 million for the six months ended March 31, 2015 and 2014, respectively. | 18. Profit-Sharing Plan The Company participates in a multiple employer 401(k) profit sharing plan (the Plan). All employees are eligible to participate, beginning with the first day of the month coincident with or immediately following the completion of one year of service and having reached the age of 21. In addition to employee contributions, the Company may contribute discretionary amounts for eligible participants. Contribution rates for participating employers must be equal. The Company contributed $3.60 million, $4.48 million and $4.13 million to the Plan for the years ended September 30, 2014, 2013 and 2012, respectively. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Sep. 30, 2014 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | 19. Regulatory Matters The Company and the Bank are subject to certain restrictions on the amount of dividends that may be declared without prior regulatory approval and 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 direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table following) of total and Tier 1 capital to risk-weighted assets, and of Tier 1 capital to average assets (all defined in the regulations). The Company met all capital adequacy and net worth requirements to which they are subject as of September 30, 2014 and 2013. The most recent notifications from the regulatory agencies categorize the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since those notifications that management believes have changed the categories. As an approved mortgage seller, the Bank is required to maintain a minimum level of capital specified by the United States Department of Housing and Urban Development. At September 30, 2014 and 2013, the Bank met these requirements. Capital amounts and ratios are presented in the following table (in thousands): Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of September 30, 2014 Total risk based capital (to risk-weighted assets): Consolidated $ 851,867 12.87 % $ 529,521 8.00 % N/A N/A Bank 861,392 13.02 % 529,273 8.00 % $ 661,591 10.00 % Tier 1 risk based capital (to risk-weighted assets): Consolidated 782,872 11.83 % 264,707 4.00 % N/A N/A Bank 813,874 12.30 % 264,674 4.00 % 397,012 6.00 % Tier 1 leverage capital (to average assets): Consolidated 782,872 9.10 % 344,120 4.00 % N/A N/A Bank 813,874 9.46 % 344,133 4.00 % 430,166 5.00 % As of September 30, 2013 Total risk based capital (to risk-weighted assets): Consolidated $ 846,689 13.80 % $ 490,865 8.00 % N/A N/A Bank 848,534 13.83 % 490,793 8.00 % $ 613,492 10.00 % Tier 1 risk based capital (to risk-weighted assets): Consolidated 762,189 12.42 % 245,433 4.00 % N/A N/A Bank 792,670 12.92 % 245,397 4.00 % 368,095 6.00 % Tier 1 leverage capital (to average assets): Consolidated 762,189 9.20 % 331,374 4.00 % N/A N/A Bank 792,670 9.45 % 335,348 4.00 % 419,185 5.00 % |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 20. Commitments and Contingencies Financial Instruments with Off-Balance-Sheet Risk The Company is party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. They involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit is represented by the contractual amount of those instruments. A summary of the Company’s commitments as of September 30, 2014 and 2013, is as follows (in thousands): 2014 2013 Commitments to extend credit $ 1,939,544 $ 1,713,869 Letters of credit 54,381 51,893 Commitments to extend credit are agreements to lend to a customer provided there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The credit and collateral policy for commitments and letters of credit is comparable to that for granting loans. Asset Sales The Bank has provided guarantees in connection with the sale of loans and has assumed a similar obligation in its acquisitions. The guarantees are generally in the form of asset buy back or make whole provisions that are triggered upon a credit event and remain in effect until the loans are collected. The maximum potential future payment related to these guarantees is not readily determinable because the Company’s obligation under these agreements depends on the occurrence of future events. There were $1.73 million and $0.16 million loans repurchased for the year ended September 30, 2014 and 2013, respectively. Incurred losses related to these repurchased loans and guaranteed loans as of September 30, 2014 and 2013, are not significant. Financial Instruments with Concentration of Credit Risk by Geographic Location A substantial portion of the Company’s customers’ ability to honor their contracts is dependent on the economy in eastern and northern Nebraska, northern Missouri, northeastern Kansas, Iowa, southeastern Arizona, central Colorado, and South Dakota. Although the Company’s loan portfolio is diversified, there is a relationship in these regions between the agricultural economy and the economic performance of loans made to nonagricultural customers. The concentration of credit in the regional agricultural economy is taken into consideration by management in determining the allowance for loan losses. Lease Commitments The Company leases several branch locations under terms of operating lease agreements expiring through December 31, 2021. The Company has the option to renew these leases for periods that range from 1 to 5 years. Total rent expense for these leases for the years ended September 30, 2014, 2013 and 2012, was $5.21 million, $5.62 million and $5.32 million, respectively. Approximate future minimum rental payments for operating leases in excess of one year in subsequent fiscal years are as follows (in thousands): 2015 $ 3,463 2016 2,884 2017 2,394 2018 1,848 2019 974 2020 and thereafter 1,261 $ 12,824 Contingencies In the normal course of business, the Company is involved in various legal proceedings. In the opinion of management, any liability resulting from such proceedings would not have a material adverse effect on the Company’s consolidated financial statements. The Company was a defendant in a case that challenged the Company’s ordering of transactions posted to customer checking accounts. The Company entered into and satisfied the settlement during 2012. The settlement was not material to the Company’s consolidated financial statements. |
Transactions With Related Parti
Transactions With Related Parties | 12 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | |
Transactions With Related Parties | 21. Transactions With Related Parties The Company has had, and may be expected to have in the future, banking transactions in the ordinary course of business with directors, executive officers, their immediate families, and affiliated companies in which they have 10% or more beneficial ownership (commonly referred to as related parties). Total loans committed to related parties were not significant at September 30, 2014 and 2013. In conjunction with the purchase of the Company on June 3, 2008, the subordinated capital notes with Capital Investors, LLC were redeemed and a new subordinated capital note was issued to NAB New York (a branch of NAB) in the amount of $35.80 million. The subordinated capital note bears interest at a floating rate of LIBOR plus 205 basis points and is due June 3, 2018, with interest payable quarterly. The interest rate at September 30, 2014, was 2.2836%, and resets quarterly on each September 3, December 3, March 3, and June 3. The Company has the right, subject to regulatory approval, to prepay the subordinated capital note without penalty. The Company’s obligations under its Preferred Securities guarantee and the junior subordinated debentures are unsecured and rank junior to the Company’s obligations under its subordinated capital note. In addition, the Company obtained a $10.00 million revolving line of credit with NAB, which is due on demand. The line of credit has an interest rate of LIBOR plus 125 basis points, with interest payable quarterly. The interest rate was 1.4067% at September 30, 2014, and will reset on December 5. There were outstanding advances of $5.50 million on this line of credit at September 30, 2014 and 2013. NAB acts as the counterparty for all of the Company’s interest rate swaps. These swaps are discussed in Note 9. NAB acts as a dealer on certain security purchases. Securities purchased from NAB totaled $0 and $56.12 million for the years ended September 30, 2014 and 2013, respectively. No commissions were paid to NAB in connection with these purchases. Interest paid to related parties for notes payable as discussed above and in Note 15 was $0.91 million, $0.91 million and $1.00 million for the years ended September 30, 2014, 2013 and 2012, respectively. NAB provides the Company’s employees with restricted shares of NAB stock subsequent to meeting short- and long-term incentive goals. A payable is recorded between the Company and NAB based on the value and vesting schedule of issued shares. The liability included in accrued expenses on the consolidated balance sheets was $0.82 million and $2.36 million at September 30, 2014 and 2013, respectively. The expense related to the restricted shares was $2.06 million, $1.94 million and $2.14 million for the years ended September 30, 2014, 2013 and 2012, respectively, and is included within salaries and employee benefits on the consolidated statements of comprehensive income. Prior to the IPO, our Chief Financial Officer and Chief Risk Officer were employees of NAB and its subsidiary, Bank of New Zealand, respectively. In connection with the IPO, the Company entered into employment agreements with our Chief Financial Officer and Chief Risk Officer, whose employment with NAB or Bank of New Zealand, as applicable, terminated. Additionally, the Company’s Chief Credit Officer is a NAB employee and the Head of Credit-Agribusiness is a Bank of New Zealand employee, both of whom were temporarily seconded to work with the Company beginning in November 2010 and December 2010, respectively, and continuing through December 31, 2014. The Company has generally been responsible for paying the salary and benefits of these individuals while they were or continue to be NAB or Bank of New Zealand employees, however certain of these expenses are reimbursable by NAB. Expenses reimbursed by the Company to NAB in connection with these employees totaled $0.44 million, $0.58 million and $0.88 million for the years ended September 30, 2014, 2013 and 2012, respectively. During fiscal year 2014, NAB apportioned to its U.S. operations, including the Company, certain costs associated with NAB’s compliance with rules implemented pursuant to authority granted under the Dodd-Frank Act. These costs were apportioned based on the aggregate amount of assets of each of NAB’s U.S. operations relative to the total assets of all of NAB’s U.S. operations. During fiscal year 2014, the Company paid NAB approximately $0.21 million related to these apportioned costs. In connection with the IPO, other than certain audit-related expenses paid by the Company, NAB has paid or will reimburse all fees and expenses the Company incurred in connection with the IPO. These expenses totaled $1.94 million for the year ended September 30, 2014. In connection with the IPO, the Company and NAB entered into an agreement providing a framework for our ongoing relationship with NAB referred to as the Transitional Services Agreement whereby NAB will continue to provide us with certain services for a transition period until such time as NAB ceases to control us for purposes of the U.S. Bank Holding Company Act of 1956, as amended, or the BHC Act. The Company’s Chief Executive Officer’s son owns a 22.5% interest in Sioux Falls Financial Services, LLC, which leases to the Company certain property in South Dakota used as an operations center. The lease agreement for this property commenced on April 1, 2011 and contains customary and standard terms for similar lease arrangements. The term of the lease runs through March 31, 2020, at which point the Company has the option to renew the lease for an additional five year term. Payments under this lease totaled approximately $0.18 million, $0.19 million and $0.17 million for the years ended September 30, 2014, 2013 and 2012, respectively. The Company’s corporate insurance policies are negotiated and paid by NAB and reimbursed by the Company on an annual basis. The fees we will pay for these services under the Transitional Services Agreement will be based on prevailing market rates. During the IPO, the underwriters reserved for sale at the initial public offering price up to 5% of the shares offered by this prospectus for sale to some of our directors, officers, employees, friends, family, customers and related persons through a reserved share program. A total of 130,880 shares were purchased in the reserved share program. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Interest Rate Risk | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Fair Value Disclosures [Abstract] | ||
Fair Value of Financial Instruments and Interest Rate Risk | 17. Fair Value of Financial Instruments and Interest Rate Risk The Company measures, monitors and discloses certain of its assets and liabilities on a fair value basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance describes three levels of inputs that may be used to measure fair value are as follows: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities Level 1 inputs are considered to be the most transparent and reliable and Level 3 inputs are considered to be the least transparent and reliable. The Company assumes the use of the principal market to conduct a transaction of each particular asset or liability being measured and then considers the assumptions that market participants would use when pricing the asset or liability. Whenever possible, the Company first looks for quoted prices for identical assets or liabilities in active markets (Level 1 inputs) to value each asset or liability. However, when inputs from identical assets or liabilities on active markets are not available, the Company utilizes market observable data for similar assets and liabilities. The Company maximizes the use of observable inputs and limits the use of unobservable inputs to occasions when observable inputs are not available. The need to use unobservable inputs generally results from the lack of market liquidity of the actual financial instrument or of the underlying collateral. Although in some instances, third party price indications may be available, limited trading activity can challenge the observability of these quotations. Assets and Liabilities Measured at Fair Value on a Recurring Basis Following is a description of the valuation methodologies and inputs used for assets and liabilities measured at fair value on a recurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy. Securities Available for Sale Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include U.S. Treasury securities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows and classified as Level 2 securities. Level 2 securities include U.S. government agency, agency mortgage-backed, states and political subdivisions, corporate debt, and other securities. Where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Interest Rate Swaps and Loans Interest rate swaps are valued using the system used to value all of NAB’s traded securities and derivatives using LIBOR rates. The fair value of loans accounted for under the fair value option represents the net carrying value of the loan, plus the equal and opposite amount of the value of the swap needed to hedge the interest rate risk and an adjustment for credit risk based on our assessment of existing market conditions for the specific portfolio of loans. This is used due to the strict prepayment penalties put in the loan terms to cover the cost of exiting the hedge of the loans in the case of early prepayment or termination. The adjustment for credit risk on loans accounted for under the fair value option is not significant to the overall fair value of the loans. The fair values estimated by NAB use interest rates that are observable or that can be corroborated by observable market data and, therefore, are classified within Level 2 of the valuation hierarchy. The Company is required to post cash collateral to NAB for interest rate derivative contracts that are in a liability position, thus a credit risk adjustment on interest rate swaps is not warranted. The following table presents the fair value measurements of assets and liabilities recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2015 and September 30, 2014 (in thousands): Fair Value Level 1 Level 2 Level 3 As of March 31, 2015 U.S. Treasury securities $ 275,477 $ 275,477 $ — $ — U.S. Agency securities 74,801 — 74,801 — Mortgage-backed securities 1,044,021 — 1,044,021 — States and political subdivision securities 2,108 — 150 1,958 Corporate debt securities 5,062 — 5,062 — Other 1,039 — 1,039 — Securities available for sale $ 1,402,508 $ 275,477 $ 1,125,073 $ 1,958 Derivatives-assets $ 27 $ — $ 27 $ — Derivatives-liabilities 48,814 — 48,814 — Fair value loans and written loan commitments 1,060,598 — 1,060,598 — Fair Value Level 1 Level 2 Level 3 As of September 30, 2014 U.S. Treasury securities $ 222,725 $ 222,725 $ — $ — U.S. Agency securities — — — — Mortgage-backed securities 1,103,415 — 1,103,415 — States and political subdivision securities 2,189 — 160 2,029 Corporate debt securities 11,873 — 11,873 — Other 1,040 — 1,040 — Securities available for sale $ 1,341,242 $ 222,725 $ 1,116,488 $ 2,029 Derivatives-assets $ 19 $ — $ 19 $ — Derivatives-liabilities 13,092 — 13,092 — Fair value loans and written loan commitments 985,411 — 985,411 — The following table presents the changes in Level 3 financial instruments for the three months ended March 31, 2015 and 2014 (in thousands): Other Securities Balance as of December 31, 2014 $ 1,958 Principal paydown — Balance as of March 31, 2015 $ 1,958 Balance as of December 31, 2013 $ 2,243 Principal paydown — Balance as of March 31, 2014 $ 2,243 The following table presents the changes in Level 3 financial instruments for the six months ended March 31, 2015 and 2014 (in thousands): Other Securities Balance as of September 30, 2014 $ 2,029 Principal paydown (71 ) Balance as of March 31, 2015 $ 1,958 Balance as of September 30, 2013 $ 2,243 Principal paydown — Balance as of March 31, 2014 $ 2,243 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Following is a description of the valuation methodologies used for assets and liabilities measured at fair value on a nonrecurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy. Impaired Loans (Collateral Dependent) Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms are measured for impairment. Allowable methods for estimating fair value include using the fair value of the collateral for collateral dependent loans or, where a loan is determined not to be collateral dependent, using the discounted cash flow method. If the impaired loan is identified as collateral dependent, then the fair value method of measuring the amount of the impairment is utilized. This method requires obtaining a current independent appraisal of the collateral and applying a discount factor, if necessary, to the appraised value and including costs to sell. Because many of these inputs are not observable, the measurements are classified as Level 3. Other Real Estate Owned (OREO) Other real estate owned consists of loan collateral that has been repossessed through foreclosure. This collateral is comprised of commercial and residential real estate. OREO is recorded initially at fair value of the collateral less estimated selling costs. Subsequent to foreclosure, valuations are updated periodically, and the assets may be marked down further to fair value less selling costs, reflecting a valuation allowance. Fair value measurements may be based upon appraisals, third-party price opinions, or internally developed pricing methods. These measurements are classified as Level 3. Mortgage Loans Held for Sale Fair value of mortgage loans held for sale is based on either quoted prices for the same or similar loans, or values obtained from third parties, or are estimated for portfolios of loans with similar financial characteristics and are therefore considered a Level 2 valuation. The following tables present the fair value measurement of assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2015 and September 30, 2014 (in thousands): Fair Value Level 1 Level 2 Level 3 As of March 31, 2015 Other real estate owned $ 25,162 $ — $ — $ 25,162 Impaired loans 161,904 — — 161,904 Loans held for sale, at lower of cost or fair value 9,006 — 9,006 — As of September 30, 2014 Other real estate owned $ 36,879 $ — $ — $ 36,879 Impaired loans 111,265 — — 111,265 Loans held for sale, at lower of cost or fair value 10,381 — 10,381 — The valuation techniques and significant unobservable inputs used to measure Level 3 fair value measurements at March 31, 2015 were as follows (in thousands): Financial Instrument Fair Value of Valuation Technique(s) Unobservable Input Range Weighted Average Other real estate owned $ 25,162 Appraisal value Property specific adjustment N/A N/A Impaired loans $ 161,904 Appraisal value Property specific adjustment N/A N/A Fair Value of Financial Instruments For financial instruments that have quoted market prices, those quotes are used to determine fair value. Financial instruments that have no defined maturity, have a remaining maturity of 180 days or less, or reprice frequently to a market rate are assumed to have a fair value that approximates carrying value, after taking into consideration any applicable credit risk. If no market quotes are available, financial instruments are valued by discounting the expected cash flows using an estimated current market interest rate for the financial instrument. The short maturity of the Company’s assets and liabilities results in having a significant number of financial instruments whose fair value equals or closely approximates carrying value. Such financial instruments are reported in the following consolidated balance sheet categories: cash and due from banks, securities sold under agreements to repurchase, and accrued interest. Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include premises and equipment, deferred income taxes, goodwill, and core deposit and other intangibles. In addition, the tax ramifications related to the realization of unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. Off-balance sheet instruments (commitments to extend credit and standby letters of credit) are generally short-term and at variable rates. Therefore, both the carrying amount and the estimated fair value associated with these instruments are immaterial. Fair values for balance sheet instruments as of March 31, 2015 and September 30, 2014, are as follows (in thousands): March 31, 2015 September 30, 2014 Level in Fair Hierarchy Carrying Fair Value Carrying Fair Value Assets Cash and due from banks Level 1 $ 358,440 $ 358,440 $ 256,639 $ 256,639 Loans, net excluding fair valued loans and loans held for sale Level 3 5,950,437 5,935,242 5,744,157 5,734,274 Accrued interest receivable Level 2 37,933 37,933 42,609 42,609 Federal Home Loan Bank stock Level 2 31,810 31,810 35,922 35,922 Liabilities Deposits Level 3 $ 7,487,698 $ 7,499,432 $ 7,052,180 $ 7,057,591 FHLB advances, related party notes payable, and other borrowings Level 2 516,314 510,339 616,389 604,615 Securities sold under repurchase agreements Level 2 163,343 163,343 161,687 161,687 Accrued interest payable Level 2 4,469 4,469 5,273 5,273 Subordinated debentures Level 2 56,083 56,084 56,083 56,084 The following methods and assumptions were used in estimating the fair value of financial instruments that were not previously disclosed: Cash and cash due from banks: Loans, net excluding fair valued loans and loans held for sale: Accrued interest receivable: Federal Home Loan Bank stock: Deposits: FHLB advances, related party notes payable, and other borrowings: Securities sold under repurchase agreements: Accrued interest payable: Subordinated Debentures: | 22. Fair Value of Financial Instruments and Interest Rate Risk The Company measures, monitors and discloses certain of its assets and liabilities on a fair value basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance describes three levels of inputs that may be used to measure fair value are as follows: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities Level 1 inputs are considered to be the most transparent and reliable and Level 3 inputs are considered to be the least transparent and reliable. The Company assumes the use of the principal market to conduct a transaction of each particular asset or liability being measured and then considers the assumptions that market participants would use when pricing the asset or liability. Whenever possible, the Company first looks for quoted prices for identical assets or liabilities in active markets (Level 1 inputs) to value each asset or liability. However, when inputs from identical assets or liabilities on active markets are not available, the Company utilizes market observable data for similar assets and liabilities. The Company maximizes the use of observable inputs and limits the use of unobservable inputs to occasions when observable inputs are not available. The need to use unobservable inputs generally results from the lack of market liquidity of the actual financial instrument or of the underlying collateral. Although in some instances, third party price indications may be available, limited trading activity can challenge the observability of these quotations. Assets and Liabilities Measured at Fair Value on a Recurring Basis Following is a description of the valuation methodologies and inputs used for assets and liabilities measured at fair value on a recurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy. Securities Available for Sale Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include U.S. Treasury securities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows and classified as Level 2 securities. Level 2 securities include U.S. government agency, agency mortgage-backed, states and political subdivisions, corporate debt, and other securities. Where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Interest Rate Swaps and Loans Interest rate swaps are valued using the system used to value all of NAB’s traded securities and derivatives using LIBOR rates. The fair value of loans accounted for under the fair value option represents the net carrying value of the loan, plus the equal and opposite amount of the value of the swap needed to hedge the interest rate risk and an adjustment for credit risk based on our assessment of existing market conditions for the specific portfolio of loans. This is used due to the strict prepayment penalties put in the loan terms to cover the cost of exiting the hedge of the loans in the case of early prepayment or termination. The adjustment for credit risk on loans accounted for under the fair value option is not significant to the overall fair value of the loans. The fair values estimated by NAB use interest rates that are observable or that can be corroborated by observable market data and, therefore, are classified within Level 2 of the valuation hierarchy. The Company is required to post cash collateral to NAB for interest rate derivative contracts that are in a liability position, thus a credit risk adjustment on interest rate swaps is not warranted. The following table presents the fair value measurements of assets and liabilities recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30 (in thousands): Fair Value Level 1 Level 2 Level 3 As of September 30, 2014 U.S. Treasury securities $ 222,725 $ 222,725 $ — $ — Mortgage-backed securities 1,103,415 — 1,103,415 — States and political subdivision securities 2,189 — 160 2,029 Corporate debt securities 11,873 — 11,873 — Other 1,040 — 1,040 — Securities available for sale $ 1,341,242 $ 222,725 $ 1,116,488 $ 2,029 Derivatives-assets $ 19 $ — $ 19 $ — Derivatives-liabilities 13,092 — 13,092 — Fair value loans and written loan commitments 985,411 — 985,411 — Fair Value Level 1 Level 2 Level 3 As of September 30, 2013 U.S. Treasury securities $ — $ — $ — $ — Mortgage-backed securities 1,459,444 — 1,459,444 — States and political subdivision securities 3,532 — 1,289 2,243 Corporate debt securities 12,013 — 12,013 — Other 5,460 — 5,460 — Securities available for sale $ 1,480,449 $ — $ 1,478,206 $ 2,243 Derivatives-assets $ 375 $ — $ 375 $ — Derivatives-liabilities 1,526 — 1,526 — Fair value loans and written loan commitments 841,862 — 841,862 — The following table presents the changes in Level 3 financial instruments for the years ended September 30, 2014 and 2013 (in thousands): Other Securities Balance at September 30, 2012 $ 3,852 Principal paydown (1,609 ) Balance at September 30, 2013 $ 2,243 Principal paydown (214 ) Balance at September 30, 2014 $ 2,029 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Following is a description of the valuation methodologies used for assets and liabilities measured at fair value on a nonrecurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy. Impaired Loans (Collateral Dependent) Loans for which it is probable that the Company will not collect all principal and interest due according to contractual terms are measured for impairment. Allowable methods for estimating fair value include using the fair value of the collateral for collateral dependent loans or, where a loan is determined not to be collateral dependent, using the discounted cash flow method. If the impaired loan is identified as collateral dependent, then the fair value method of measuring the amount of the impairment is utilized. This method requires obtaining a current independent appraisal of the collateral and applying a discount factor, if necessary, to the appraised value and including costs to sell. Because many of these inputs are not observable, the measurements are classified as Level 3. Other Real Estate Owned (OREO) Other real estate owned consists of loan collateral that has been repossessed through foreclosure. This collateral is comprised of commercial and residential real estate. OREO is recorded initially at fair value of the collateral less estimated selling costs. Subsequent to foreclosure, valuations are updated periodically, and the assets may be marked down further to fair value less selling costs, reflecting a valuation allowance. Fair value measurements may be based upon appraisals, third-party price opinions, or internally developed pricing methods. These measurements are classified as Level 3. Mortgage Loans Held for Sale Fair value of mortgage loans held for sale is based on either quoted prices for the same or similar loans, or values obtained from third parties, or are estimated for portfolios of loans with similar financial characteristics and are therefore considered a Level 2 valuation. The following tables present the fair value measurement of assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2014 and 2013 (in thousands): Fair Value Level 1 Level 2 Level 3 As of September 30, 2014 Other real estate owned $ 36,879 $ — $ — $ 36,879 Impaired loans 111,265 — — 111,265 Loans held for sale, at lower of cost or fair value 10,381 — 10,381 — As of September 30, 2013 Other real estate owned $ 40,723 $ — $ — $ 40,723 Impaired loans 154,512 — — 154,512 Loans held for sale, at lower of cost or fair value 8,271 — 8,271 — The valuation techniques and significant unobservable inputs used to measure Level 3 fair value measurements at September 30, 2014 were as follows: Financial Instrument Fair Value of Assets / (Liabilities) at September 30, 2014 Valuation Technique(s) Unobservable Input Range Weighted Average Other real estate owned $ 36,879 Appraisal value Property specific adjustment N/A N/A Impaired loans $ 111,265 Appraisal value Property specific adjustment N/A N/A Fair Value of Financial Instruments For financial instruments that have quoted market prices, those quotes are used to determine fair value. Financial instruments that have no defined maturity, have a remaining maturity of 180 days or less, or reprice frequently to a market rate are assumed to have a fair value that approximates carrying value, after taking into consideration any applicable credit risk. If no market quotes are available, financial instruments are valued by discounting the expected cash flows using an estimated current market interest rate for the financial instrument. The short maturity of the Company’s assets and liabilities results in having a significant number of financial instruments whose fair value equals or closely approximates carrying value. Such financial instruments are reported in the following consolidated balance sheet categories: cash and due from banks, securities sold under agreements to repurchase, and accrued interest. Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include premises and equipment, deferred income taxes, goodwill, and core deposit and other intangibles. In addition, the tax ramifications related to the realization of unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. Off-balance sheet instruments (commitments to extend credit and standby letters of credit) are generally short-term and at variable rates. Therefore, both the carrying amount and the estimated fair value associated with these instruments are immaterial. Fair values for balance sheet instruments as of September 30, 2014 and 2013, are as follows (in thousands): 2014 2013 Level in Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Assets Cash and due from banks Level 1 $ 256,639 $ 256,639 $ 282,157 $ 282,157 Loans, net excluding fair valued loans and loans held for sale Level 3 5,744,157 5,734,274 5,456,676 5,420,963 Accrued interest receivable Level 2 42,609 42,609 41,065 41,065 Federal Home Loan Bank stock Level 2 35,922 35,922 28,765 28,765 Liabilities Deposits Level 3 $ 7,052,180 $ 7,057,591 $ 6,948,208 $ 6,959,936 FHLB advances, related party notes payable, and other borrowings Level 2 616,389 604,615 431,902 421,593 Securities sold under repurchase agreements Level 2 161,687 161,687 217,562 217,562 Accrued interest payable Level 2 5,273 5,273 6,790 6,790 Subordinated debentures Level 2 56,083 56,084 56,083 56,084 The following methods and assumptions were used in estimating the fair value of financial instruments that were not previously disclosed: Cash and cash due from banks: Loans, net excluding fair valued loans and loans held for sale: Accrued interest receivable: Federal Home Loan Bank stock: Deposits: FHLB advances, related party notes payable, and other borrowings: Securities sold under repurchase agreements: Accrued interest payable: Subordinated Debentures: |
Earnings per Share
Earnings per Share | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||
Earnings per Share | 18. Earnings per Share Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period, excluding outstanding non-vested restricted stock awards. Diluted earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding determined for the basic earnings per share calculation plus the dilutive effect of stock compensation using the treasury stock method. The following information was used in the computation of basic earnings per share (EPS) for the three and six months ended March 31, 2015 and 2014 (in thousands except share data). Three Months Ended March 31, Six Months Ended March 31, 2015 2014 2015 2014 Net income $ 19,724 $ 25,971 $ 46,421 $ 54,575 Weighted average common shares outstanding 57,898,335 57,886,114 57,897,059 57,886,114 Dilutive effect of stock based compensation 18,467 — 9,234 — Weighted average common shares outstanding for diluted earnings per share calculation 57,916,802 57,886,114 57,906,293 57,886,114 Basic earnings per share $ 0.34 $ 0.45 $ 0.80 $ 0.94 Diluted earnings per share $ 0.34 $ 0.45 $ 0.80 $ 0.94 The Company had 216,448 and 0 shares of unvested performance stock as of March 31, 2015 and 2014, respectively, that were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met. The Company had 1,665 and 0 shares of anti-dilutive stock awards outstanding as of March 31, 2015 and 2014, respectively. | 23. Earnings per Share Basic earnings per share computations for the years ended September 30, 2014 and 2013 were determined by dividing net income by the weighted-average number of common shares outstanding during the years then ended. The Company had no potentially dilutive securities outstanding during the periods presented. The following information was used in the computation of basic earnings per share (EPS) for the years ended September 30, 2014 and 2013 (in thousands except share data). 2014 2013 2012 Basic earnings per share computation: Net income $ 104,952 $ 96,243 $ 72,995 Weighted average common shares outstanding 57,886,114 57,886,114 57,886,114 Basic EPS $ 1.81 $ 1.66 $ 1.26 |
Parent Company Only Financial S
Parent Company Only Financial Statements | 12 Months Ended |
Sep. 30, 2014 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Company Only Financial Statements | 24. Parent Company Only Financial Statements Parent company only financial information for Great Western Bancorp, Inc. is summarized as follows: Condensed Balance Sheets (In thousands) September 30, 2014 2013 Assets Cash and due from banks $ 5,753 $ 6,710 Investment in subsidiaries 1,508,175 1,503,778 Investment in affiliates 1,683 1,683 Accrued interest receivable 2 2 Net deferred tax assets 416 413 Other assets 7,469 14,521 Total assets $ 1,523,498 $ 1,527,107 Liabilities and stockholder’s equity Related party notes payable $ 41,295 $ 41,295 Subordinated debentures 56,083 56,083 Accrued interest payable 115 113 Income taxes payable 4,915 12,390 Accrued expenses and other liabilities — 12 Total liabilities 102,408 109,893 Stockholder’s equity Common stock 579 579 Additional paid-in capital 1,260,124 1,260,124 Retained earnings 166,544 163,592 Accumulated other comprehensive income (loss) (6,157 ) (7,081 ) Total stockholder’s equity 1,421,090 1,417,214 Total liabilities and stockholder’s equity $ 1,523,498 $ 1,527,107 Condensed Statements of Comprehensive Income (In thousands) Years Ended September 30, 2014 2013 2012 Income Dividends from subsidiary bank $ 105,000 $ 49,900 $ 45,800 Dividends on securities 257 112 264 Other 40 40 66 Total income 105,297 50,052 46,130 Expenses Interest on related party notes payable 921 950 1,007 Interest on subordinated debentures 1,315 1,347 1,436 Salaries and employee benefits 661 906 1,655 Professional fees 1,080 135 120 Other 1,834 2,388 1,770 Total expense 5,811 5,726 5,988 Income before income tax and equity in undistributed net income of subsidiaries 99,486 44,326 40,142 Benefit for income taxes 1,993 1,955 2,057 Income before equity in undistributed net income of subsidiaries 101,479 46,281 42,199 Equity in undistributed net income of subsidiaries 3,473 49,962 30,796 Net income $ 104,952 $ 96,243 $ 72,995 Condensed Statements of Cash Flows (In thousands) Year Ended September 30, 2014 2013 2012 Operating Activities Net income $ 104,952 $ 96,243 $ 72,995 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization — — 1 Deferred income taxes (7,478 ) 750 (1,817 ) Changes in: Other assets 7,052 (875 ) 9,213 Accrued interest and other liabilities (10 ) (558 ) 369 Equity in undistributed net income of subsidiaries (3,473 ) (49,962 ) (30,796 ) Net cash provided by operating activities 101,043 45,598 49,965 Financing Activities Net change in note payable to NAB — — (7,000 ) Dividends paid (102,000 ) (41,400 ) (41,800 ) Net cash used in financing activities (102,000 ) (41,400 ) (48,800 ) Change in cash and due from banks (957 ) 4,198 1,165 Cash and due from banks, beginning of year 6,710 2,512 1,347 Cash and due from banks, end of year $ 5,753 $ 6,710 $ 2,512 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (unaudited) | 12 Months Ended |
Sep. 30, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (unaudited) | 25. Selected Quarterly Financial Data (unaudited) The following is a summary of quarterly results (in thousands except per share data): Fiscal Year 2014 Fourth Quarter Third Quarter Second Quarter First Quarter Interest and dividend income $ 90,941 $ 87,878 $ 84,886 $ 88,771 Interest expense 7,715 7,778 7,929 8,630 Net interest income 83,226 80,100 76,957 80,141 Provision for loan losses 2,749 1,500 (2,690 ) (875 ) Noninterest income 8,501 10,314 10,140 10,826 Noninterest expense 48,318 54,278 49,327 48,299 Net income $ 27,875 $ 22,502 $ 25,971 $ 28,604 Earnings per share $ 0.48 $ 0.39 $ 0.45 $ 0.49 Fiscal Year 2013 Fourth Quarter Third Quarter Second Quarter First Quarter Interest and dividend income $ 87,092 $ 88,156 $ 85,581 $ 88,805 Interest expense 8,812 9,206 9,942 11,201 Net interest income 78,280 78,950 75,639 77,604 Provision for loan losses (2,460 ) 3,500 534 10,000 Noninterest income 12,802 12,934 15,933 18,163 Noninterest expense 53,003 50,277 53,780 51,530 Net income $ 26,323 $ 24,318 $ 23,918 $ 21,684 Earnings per share $ 0.46 $ 0.42 $ 0.41 $ 0.37 |
Changes in the Presentation of
Changes in the Presentation of Results for Loans at Fair Value and Related Derivatives | 12 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | |
Changes in the Presentation of Results for Loans at Fair Value and Related Derivatives | 26. Changes in the Presentation of Results for Loans at Fair Value and Related Derivatives In the normal course of business, the Company manages interest rate risk by entering into fixed-to-floating interest rate swaps related to all fixed-rate loans with original terms longer than five years. The Company has elected to account for these loans using the Fair Value Option. During the first quarter of fiscal year 2015, the Company identified an immaterial error in its reporting of one aspect of the derivatives related to these loans and also elected to change the presentation of the reported changes in fair value of these loans and related derivatives, each as discussed below. The Company’s previous consolidated financial statements have been corrected or reclassified, as appropriate, to be consistent with the accompanying consolidated financial statements. During the first quarter of fiscal year 2015, the Company identified that the current realized gain (loss) on the derivatives related to fair value loans has been improperly recorded as loan interest income instead of being presented in the same line item as the unrealized gain (loss) on the derivatives. As such, the realized gain (loss) on the derivatives related to fair value loans has been moved from loan interest income to “Net realized and unrealized gain (loss) on derivatives” within noninterest income. The Company has determined these corrections to be immaterial to the prior period financial statements and there was no effect on net income, equity or cash flows. The following table reflects the impact of the matter described above on previously filed financial statements: Previously Reported Currently Reported Interest Income Noninterest Income Twelve months ended September 30, 2014 Realized gain (loss) on derivatives $ (18,255 ) $ (18,255 ) Twelve months ended September 30, 2013 Realized gain (loss) on derivatives $ (14,217 ) $ (14,217 ) Twelve months ended September 30, 2012 Realized gain (loss) on derivatives $ (9,931 ) $ (9,931 ) Additionally, the Company previously reported the changes in fair value of these loans related to both interest rates and credit quality in interest income and the Company presented the changes in fair value of the derivatives in noninterest expense. Changes in fair value related to interest rates on the loans and changes in fair value of the derivatives were completely offset in any reporting period. To improve the clarity and comparability of its financial statements, the Company has elected to change its presentation of the changes in fair value related to these loans and derivatives by presenting these changes in two separate line items in noninterest income. As such, changes in fair value related to these loans, both related to interest rates and credit quality, is presented in “Net increase (decrease) in fair value of loans at fair value” within noninterest income, and changes in fair value related to these derivatives is presented in “Net realized and unrealized gain (loss) on derivatives” within noninterest income. The following table reflects the impact of the matter described above on previously filed financial statements: Previously Reported Currently Reported Interest Noninterest Noninterest Income Twelve months ended September 30, 2014 Unrealized gain (loss) on derivatives $ — $ 11,922 $ — $ 11,922 Loan fair value change related to interest rates (11,922 ) — (11,922 ) — Loan fair value change related to credit quality 18 — 18 — $ (11,904 ) $ 11,922 $ (11,904 ) $ 11,922 Twelve months ended September 30, 2013 Unrealized gain (loss) on derivatives $ — $ (40,305 ) $ — $ (40,305 ) Loan fair value change related to interest rates 40,305 — 40,305 — Loan fair value change related to credit quality 855 — 855 — $ 41,160 $ (40,305 ) $ 41,160 $ (40,305 ) Twelve months ended September 30, 2012 Unrealized gain (loss) on derivatives $ — $ 19,369 $ — $ 19,369 Loan fair value change related to interest rates (19,369 ) — (19,369 ) — Loan fair value change related to credit quality 4,276 — 4,276 — $ (15,093 ) $ 19,369 $ (15,093 ) $ 19,369 These reclassifications have been reflected in the consolidated statements of comprehensive income and in Notes 9 and 10 of the consolidated financial statements. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | GREAT WESTERN BANCORP, INC. Notes to Consolidated Financial Statements (Unaudited) 1. Basis of Presentation Great Western Bancorp, Inc. (the “Company”) is a bank holding company organized under the laws of Delaware. The primary business of the Company is ownership of its wholly owned subsidiary, Great Western Bank (the “Bank”). The Bank is a full-service regional bank focused on relationship-based business and agribusiness banking in Arizona, Colorado, Iowa, Kansas, Missouri, Nebraska, and South Dakota. The Company and the Bank are subject to the regulation of certain federal and/or state agencies and undergo periodic examinations by those regulatory authorities. Substantially all of the Company’s income is generated from banking operations. The Company was a majority owned indirect subsidiary of National Australia Bank Limited (“NAB”) at March 31, 2015. The accompanying unaudited consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and reflect all adjustments that are, in the opinion of management, necessary for the fair presentation of the financial position and results of operations for the periods presented. All such adjustments are of a normal recurring nature other than the reclassifications outlined below. The unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ending September 30, 2014, which includes a description of significant accounting policies. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the year or any other period. The accompanying unaudited consolidated financial statements include the accounts and results of operations of the Company and its subsidiaries after elimination of all significant intercompany accounts and transactions. The preparation of unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. The Company has evaluated all events or transactions that occurred through the date the Company issued these financial statements. During this period, the Company did not have any material recognizable or non-recognizable subsequent events other than outlined below. On May 6, 2015, NAB sold 23.0 million shares of the Company’s common stock, representing 39.7% of the Company’s common stock, in the second stage of its planned divestment. After completion of the offering, NAB beneficially owns 28.5% of the Company’s outstanding common stock. On April 28, 2015, the board of directors of the Company declared a dividend of $0.12 per common share payable on May 29, 2015 to owners of record as of close of business on May 15, 2015. Changes in the Presentation of Results for Loans at Fair Value and Related Derivatives In the normal course of business, the Company manages interest rate risk by entering into fixed-to-floating interest rate swaps related to all fixed-rate loans with original terms longer than five years. The Company has elected to account for these loans using the Fair Value Option. During the first quarter of fiscal year 2015, the Company identified an immaterial error in its reporting of one aspect of the derivatives related to these loans and also elected to change the presentation of the reported changes in fair value of these loans and related derivatives, each as discussed below. The Company’s previous consolidated financial statements have been corrected or reclassified, as appropriate, to be consistent with the accompanying unaudited consolidated financial statements. During the first quarter of fiscal year 2015, the Company identified that the current realized gain (loss) on the derivatives related to fair value loans has been improperly recorded as loan interest income instead of being presented in the same line item as the unrealized gain (loss) on the derivatives. As such, the realized gain (loss) on the derivatives related to fair value loans has been moved from loan interest income to “Net realized and unrealized gain (loss) on derivatives” within noninterest income. The Company has determined these corrections to be immaterial to the prior period financial statements and there was no effect on net income, equity or cash flows. The following table reflects the impact of the matter described above on previously filed financial statements: Previously Reported Currently Reported Interest Income Noninterest Income Six months ended March 31, 2014 Realized gain on derivatives $ (8,678 ) $ (8,678 ) Six months ended March 31, 2013 Realized gain (loss) on derivatives $ (6,668 ) $ (6,668 ) Twelve months ended September 30, 2014 Realized gain (loss) on derivatives $ (18,255 ) $ (18,255 ) Twelve months ended September 30, 2013 Realized gain (loss) on derivatives $ (14,217 ) $ (14,217 ) Twelve months ended September 30, 2012 Realized gain (loss) on derivatives $ (9,931 ) $ (9,931 ) Additionally, the Company previously reported the changes in fair value of these loans related to both interest rates and credit quality in interest income and the Company presented the changes in fair value of the derivatives in noninterest expense. Changes in fair value related to interest rates on the loans and changes in fair value of the derivatives were completely offset in any reporting period. To improve the clarity and comparability of its financial statements, the Company has elected to change its presentation of the changes in fair value related to these loans and derivatives by presenting these changes in two separate line items in noninterest income. As such, changes in fair value related to these loans, both related to interest rates and credit quality, is presented in “Net increase (decrease) in fair value of loans at fair value” within noninterest income, and changes in fair value related to these derivatives is presented in “Net realized and unrealized gain (loss) on derivatives” within noninterest income. The following table reflects the impact of the matter described above on previously filed financial statements: Previously Reported Currently Reported Interest Noninterest Noninterest Income Six months ended March 31, 2014 Unrealized gain (loss) on derivatives $ — $ (1,078 ) $ — $ (1,078 ) Loan fair value change related to interest rates 1,078 — 1,078 — Loan fair value change related to credit quality (698 ) — (698 ) — $ 380 $ (1,078 ) $ 380 $ (1,078 ) Six months ended March 31, 2013 Unrealized gain (loss) on derivatives $ — $ (14,124 ) $ — $ (14,124 ) Loan fair value change related to interest rates 14,124 — 14,124 — Loan fair value change related to credit quality (396 ) — (396 ) — $ 13,728 $ (14,124 ) $ 13,728 $ (14,124 ) Twelve months ended September 30, 2014 Unrealized gain (loss) on derivatives $ — $ 11,922 $ — $ 11,922 Loan fair value change related to interest rates (11,922 ) — (11,922 ) — Loan fair value change related to credit quality 18 — 18 — $ (11,904 ) $ 11,922 $ (11,904 ) $ 11,922 Twelve months ended September 30, 2013 Unrealized gain (loss) on derivatives $ — $ (40,305 ) $ — $ (40,305 ) Loan fair value change related to interest rates 40,305 — 40,305 — Loan fair value change related to credit quality 855 — 855 — $ 41,160 $ (40,305 ) $ 41,160 $ (40,305 ) Twelve months ended September 30, 2012 Unrealized gain (loss) on derivatives $ — $ 19,369 $ — $ 19,369 Loan fair value change related to interest rates (19,369 ) — (19,369 ) — Loan fair value change related to credit quality 4,276 — 4,276 — $ (15,093 ) $ 19,369 $ (15,093 ) $ 19,369 |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | 2. New Accounting Pronouncements There have been no new applicable accounting pronouncements issued during the six months ended March 31, 2015. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 16. Stock-Based Compensation On September 26, 2014, the Board of Directors adopted, and on October 10, 2014 NAB, our controlling shareholder, approved the Great Western Bancorp, Inc. 2014 Omnibus Incentive Compensation Plan (the “2014 Plan”), the Great Western Bancorp, Inc. 2014 Non-Employee Director Plan (the “2014 Director Plan”), and the Great Western Bancorp, Inc. Executive Incentive Compensation Plan (the “Bonus Plan”), collectively (“the Plans”), which provide for the issuance of restricted share units and performance based share units to certain officers, employees and directors of the Company. The Plans were primarily established to enhance the Company’s ability to attract, retain and motivate employees. The Company’s Board of Directors, the Compensation Committee of the Board of Directors (“Compensation Committee”), or executive management upon delegation of the Compensation Committee has exclusive authority to select the employees and others, including directors, to receive the awards and to establish the terms and conditions of each award made pursuant to the Company’s stock-based compensation plans. Stock units issued under the Company’s restricted and performance based stock plans may not be sold or otherwise transferred until the vesting period (typically 3 years) has been met and/or performance objectives have been obtained. During the vesting periods, participants do not have voting rights and dividends are accumulated until the time upon which the award vests. Upon specified events, as defined in the Plans, stock unit awards that have not vested and/or performance hurdles that have not been met will be forfeited. Based on the substantive terms of each award, restricted and performance-based awards are classified as equity awards and accounted for under the Treasury method. The fair value of equity-classified awards is based on the market price of the stock on the measurement date and is amortized as compensation expense on a straight-line basis over the vesting or performance period. Stock based compensation is recognized based on the number of awards that are ultimately expected to vest. Forfeitures are estimated based on historical turnover experience of qualified employees. For performance-based stock awards, an estimate is made of the number of shares expected to vest as a result of actual performance against the performance targets to determine the amount of compensation expense to be recognized. The estimate is reevaluated quarterly and total compensation expense is adjusted for any change in the current period. Stock-based compensation expense is included in salaries and employee benefits expense in the consolidated statements of comprehensive income. For the three months ended March 31, 2015 and 2014, stock compensation expense was $0.2 million and $0, respectively. For the six months ended March 31, 2015 and 2014, stock compensation expense was $0.7 million and $0.0 million, respectively. Related income tax benefits recognized for the three months ended March 31, 2015 and 2014 were $0.1 million and $0, respectively and $0.3 million and $0.0 million for the six months ended March 31, 2015 and 2014, respectively. The following is a summary of the Plans’ restricted share and performance-based stock award activity as of March 31, 2015: Common Shares Weighted-Average Restricted Shares Restricted shares, October 1, 2014 — $ — Granted 79,728 18.05 Vested and issued — — Forfeited (556 ) 18.00 Canceled — — Restricted shares, March 31, 2015 79,172 $ 18.05 Vested, but not issuable at March 31, 2015 12,221 $ 18.00 Performance Shares Performance shares, October 1, 2014 — $ — Granted 221,184 18.00 Vested and issued — — Forfeited (4,736 ) 18.00 Canceled — — Performance shares, March 31, 2015 216,448 $ 18.00 The number of performance shares granted is reflected in the above table at the 100% target performance level. The actual performance-based award payouts will vary based on the achievement of the pre-established targets and can range from 0% to 150% of the target amount. The outstanding number of performance shares reflected in the table represents the number of shares expected to be awarded based on estimated achievement of the goals as of year end. However, at March 31, 2015, the maximum number of performance-based shares that could be issued if performance is attained at 150% of target based on the grants made to date was approximately 324,672 shares. As of March 31, 2015, there was $2.5 million of unrecognized compensation cost related to nonvested restricted stock awards expected to be recognized over a period of 2.50 years. |
Nature of Operations and Summ38
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Great Western Bancorp, Inc. (the “Company”) is a bank holding company organized under the laws of Delaware. The primary business of the Company is ownership of its wholly owned subsidiary, Great Western Bank (the “Bank”). The Bank is a full-service regional bank focused on relationship-based business and agri-business banking in Arizona, Colorado, Iowa, Kansas, Missouri, Nebraska, and South Dakota. The Company and the Bank are subject to the regulation of certain federal and/or state agencies and undergo periodic examinations by those regulatory authorities. Substantially all of the Company’s income is generated from banking operations. The Company is a wholly owned indirect subsidiary of National Australia Bank Limited (“NAB”) at September 30, 2014. |
Segment Reporting | Segment Reporting The “Segment Reporting” topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) requires that public companies report certain information about operating segments. It also requires that public companies report certain information about their products and services, the geographic areas in which they operate, and their major customers. The Company is a holding company for a regional bank, which offers a wide array of products and services to its customers. Pursuant to its banking strategy, emphasis is placed on building relationships with its customers, as opposed to building specific lines of business. As a result, the Company is not organized and does not allocate resources around discernible lines of business or geographies and prefers to work as an integrated unit to customize solutions for its customers, with business line and geographic emphasis and product offerings changing over time as needs and demands change. Therefore, the Company only reports one segment, which is consistent with the Company’s preparation of financial information that is evaluated regularly by management in deciding how to allocate resources and assess performance. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts and results of the Company and its subsidiaries after elimination of all significant intercompany accounts and transactions. |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Certain items in prior periods have been reclassified to conform to the current presentation. |
Subsequent Events | Subsequent Events In July 2014, NAB formed the Company, as a wholly owned direct subsidiary of National Americas Holdings LLC, an indirect wholly owned subsidiary of NAB. In October 2014, a series of formation transactions were undertaken whereby the Company acquired Great Western Bancorporation, Inc. (“GWBI”), the former holding company of the Bank, for its carrying value from National Americas Investment, Inc., a wholly owned direct subsidiary of National Americas Holdings LLC, and GWBI was merged with and into the Company, with the Company continuing as the surviving corporation and succeeding to all of the assets, liabilities and business of GWBI. Prior to the formation transactions, the Company held no assets other than a $100 equity contribution, and the Company had not engaged in any business or other activities other than in connection with its formation and as the registrant for an initial public offering of common stock. Because GWBI and the Company were under common control at the time of the formation transactions, the Company’s acquisition of GWBI was accounted for as a transaction among entities under common control. The accompanying consolidated financial statements give effect retrospectively to the combination of the Company, GWBI and the Bank for all periods presented. In addition, the Company’s certificate of incorporation was amended on October 17, 2014 to give effect to a 578,861.14-for-1 split of its common stock, resulting in 57,886,114 shares of common stock being issued and outstanding. The consolidated financial statements give effect retrospectively to the stock split. On October 20, 2014, the Company completed an initial public offering (“IPO”) of 18,400,000 shares of its 57,886,114 outstanding shares of common stock. All of the shares sold in the offering were shares beneficially owned by NAB. NAB continues to beneficially own 39,486,114 shares of our common stock. NAB received all of the net proceeds of $312.16 million from the sale of the shares of common stock sold in the offering. The 18,400,000 shares sold in the offering are listed on the New York Stock Exchange (“NYSE”) under the symbol GWB. On September 26, 2014, the Board of Directors adopted, and on October 10, 2014 our shareholder, approved the Great Western Bancorp, Inc. 2014 Omnibus Incentive Compensation Plan (the “2014 Plan”), the Great Western Bancorp, Inc. 2014 Non-Employee Director Plan (the “2014 Director Plan”), and the Great Western Bancorp, Inc. Executive Incentive Compensation Plan (the “Bonus Plan”). Upon completion of our IPO, the Company granted a total of 216,724 shares of our common stock underlying performance stock units and 65,834 shares of our common stock underlying restricted stock units to certain of our employees. Additionally, a total of 6,666 shares of our common stock underlying performance stock units and 12,221 shares of our common stock underlying restricted stock units were granted to our independent non-employee directors and a non-employee director of our bank. The Company evaluated subsequent events through the date its consolidated financial statements were issued. Other than those events described above, there were no other material events that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements. |
Business Combinations | Business Combinations The Company accounts for business combinations under the acquisition method of accounting in accordance with ASC 805, “Business Combinations” (“ASC 805”). The Company recognizes the fair value of the assets acquired and liabilities assumed, immediately expenses transaction costs and accounts for restructuring plans separately from the business combination. There is no separate recognition of the acquired allowance for loan losses on the acquirer’s balance sheet as credit related factors are incorporated directly into the fair value of the loans recorded at the acquisition date. The excess of the cost of the acquisition over the fair value of the net tangible and intangible assets acquired is recorded as goodwill. Alternatively, a bargain purchase gain is recorded equal to the amount by which the fair value of assets purchased exceeds the fair value of liabilities assumed and consideration paid. Results of operations of the acquired business are included in the consolidated statements of comprehensive income from the effective date of acquisition. |
Cash and Due From Banks | Cash and Due From Banks For purposes of the consolidated statements of cash flows, management has defined cash and cash equivalents to include cash on hand, amounts due from banks (including cash items in process of clearing), and amounts held at other financial institutions with an initial maturity of 90 days or less. |
Securities | Securities The Company classifies securities upon purchase in one of three categories: trading, held-to-maturity, or available-for-sale. Debt and equity securities held for resale are classified as trading. Debt securities for which the Company has the ability and positive intent to hold until maturity are classified as held-to-maturity. All other securities are classified as available-for-sale as they may be sold prior to maturity in response to changes in the Company’s interest rate risk profile, funding needs, demand for collateralized deposits by public entities or other reasons. Held-to-maturity securities are stated at amortized cost, which represents actual cost adjusted for premium amortization and discount accretion. Available-for-sale securities are stated at fair value, with unrealized gains and losses, net of related taxes, included in stockholder’s equity as a component of accumulated other comprehensive income (loss). Trading securities are stated at fair value. Realized and unrealized gains and losses from sales and fair value adjustments of trading securities are included in other noninterest income in the consolidated statements of comprehensive income. Purchases and sales of securities are recognized on a trade date basis. The cost of securities sold is based on the specific identification method. Declines in the fair value of investment securities available for sale (with certain exceptions for debt securities noted below) that are deemed to be other-than-temporary are recognized in earnings as a realized loss, and a new cost basis for the securities is established. In evaluating other-than-temporary impairment, management considers the length of time and extent to which the fair value has been less than amortized cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value in the near term. Declines in the fair value of debt securities below amortized cost are deemed to be other-than-temporary in circumstances where: (1) the Company has the intent to sell a security; (2) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis; or (3) the Company does not expect to recover the entire amortized cost basis of the security. If the Company intends to sell a security or if it is more likely than not that the Company will be required to sell the security before recovery, an other-than-temporary impairment loss is recognized in earnings equal to the difference between the security’s amortized cost basis and its fair value. If the Company does not intend to sell the security or it is not more likely than not that it will be required to sell the security before recovery, the other-than-temporary impairment write-down is separated into an amount representing credit loss, which is recognized in earnings, and an amount related to all other factors, which is recognized in other comprehensive income. Interest and dividends, including amortization of premiums and accretion of discounts, are recognized as interest or dividend income when earned. Realized gains and losses on sales (using the specific identification method) and declines in value judged to be other-than-temporary are included in noninterest income in the consolidated statements of comprehensive income (loss). |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock Investments in the Federal Home Loan Bank (“FHLB”) stock are restricted as to redemption and are carried at cost. Investments in FHLB stock are reviewed regularly for possible other-than-temporary impairment, and the cost basis of this investment is reduced by any declines in value determined to be other-than-temporary. |
Loans | Loans The Company’s accounting method for loans differs depending on whether the loans were originated or purchased and, for purchased loans, whether the loans were acquired at a discount related to evidence of credit deterioration since date of origination. Originated Loans Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or pay-off, generally are reported at their outstanding principal balance, adjusted for charge-offs, the allowance for loan losses, and any unamortized deferred fees or costs. Other fees, not associated with originating a loan are recognized as fee income when earned. Interest income on loans is accrued daily on the outstanding balances. Accrual of interest is discontinued when management believes, after considering collection efforts and other factors, the borrower’s financial condition is such that collection of interest is doubtful. Generally, when loans are placed on nonaccrual status, interest receivable is reversed against interest income in the current period. Interest payments received thereafter are applied as a reduction to the remaining principal balance as long as concern exists as to the ultimate collection of the principal. Loans are removed from nonaccrual status when they become current as to both principal and interest and concern no longer exists as to the collectability of principal and interest. The Company has elected to measure certain long-term loans and written loan commitments at fair value to assist in managing interest rate risk for longer-term loans. Fair value loans are fixed-rate loans having original maturities of 5 years or greater (typically between 5 and 15 years) to our business and agribusiness banking customers to assist them in facilitating their risk management strategies. The fair value option was elected upon the origination or acquisition of these loans and written loan commitments. Interest income is recognized in the same manner on loans reported at fair value as on non-fair value loans, except in regard to origination fees and costs which are recognized immediately upon closing. The changes in fair value of long-term loans and written loan commitments at fair value are reported in noninterest income. For loans held for sale, loan fees charged or received on origination, net of certain direct loan origination costs, are recognized in income when the related loan is sold. For loans held for investment, loan fees, net of certain direct loan origination costs, are deferred, and the net amount is amortized as an adjustment of the related loan’s yield. The Company is generally amortizing these amounts over the contractual lives of the loans. Commitment fees are recognized as income when received. The Company grants commercial, agricultural, consumer, residential real estate, and other loans to customers primarily in Arizona, Colorado, Iowa, Kansas, Missouri, Nebraska, and South Dakota. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the borrower. Collateral held varies but includes accounts receivable, inventory, property and equipment, residential real estate, and income-producing commercial and agricultural properties. Government guarantees are also obtained for some loans, which reduces the Company’s risk of loss. Loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value. Loans held for sale include fixed rate single-family residential mortgage loans under contract to be sold in the secondary market. In most cases, loans in this category are sold within 45 days. These loans are sold with the mortgage servicing rights released. Under limited circumstances, buyers may have recourse to return a purchased loan to the Company. Recourse conditions may include early payment default, breach of representation or warranties, or documentation deficiencies. Fair value of loans held for sale is determined based on prevailing market prices for loans with similar characteristics, sale contract prices, or, for certain portfolios, discounted cash flow analyses. Declines in fair value below cost (and subsequent recoveries) are recognized in net gain on sale of loans. Deferred fees and costs related to these loans are not amortized but are recognized as part of the cost basis of the loan at the time it is sold. Gains or losses on sales are recognized upon delivery and included in net gain on sale of loans. Purchased Loans Loans acquired (non-impaired and impaired) in a business acquisition are recorded at their fair value at the acquisition date. Credit discounts are included in the determination of fair value; therefore, an allowance for loan losses is not recorded at the acquisition date. In determining the acquisition date fair value of purchased loans with evidence of credit deterioration (“purchased impaired loans”), and in subsequent accounting, the Company generally aggregates impaired purchased consumer and certain smaller balance impaired commercial loans into pools of loans with common risk characteristics, while accounting for larger-balance impaired commercial loans individually. Expected cash flows at the acquisition date in excess of the fair value of loans are recorded as interest income over the life of the loans using a level-yield method. Management estimates the cash flows expected to be collected at acquisition and at subsequent measurement dates using internal risk models, which incorporate the estimate of key assumptions, such as default rates, loss severity, and prepayment speeds. Subsequent to the acquisition date, decreases in cash flows over those expected at the acquisition date are recognized by recording an allowance for loan losses. Subsequent increases in cash flow over those expected at the acquisition date are recognized as reductions to allowance for loan losses to the extent impairment was previously recognized and thereafter as interest income prospectively. For purchased loans not deemed impaired at the acquisition date, the difference between the fair value of the loans and the expected cash flows of the loans at acquisition date is recognized in interest income on a level-yield method over the life of the loans. Credit discounts representing the principal losses expected over the life of the loan are a component of the initial fair value. Subsequent to the purchase date, the methods utilized to estimate the required allowance for loan losses for these loans is similar to originated loans; however, the Company records a provision for loan losses only when the required allowance exceeds any remaining credit discounts. |
Credit Risk Management | Credit Risk Management The Company’s strategy for credit risk management includes well-defined, centralized credit policies, uniform underwriting criteria and ongoing risk monitoring and review processes for all credit exposures. The strategy also emphasizes diversification on a geographic, industry, and customer level; regular credit examinations; and management reviews of loans exhibiting deterioration of credit quality. The credit risk management strategy also includes a credit risk assessment process that performs assessments of compliance with commercial and consumer credit policies, risk ratings, and other critical credit information. Loan decisions are documented with respect to the borrower’s business, purpose of the loan, evaluation of the repayment source, and the associated risks, evaluation of collateral, covenants and monitoring requirements, and risk rating rationale. The Company categorizes its loan portfolio into six classes, which is the level at which it develops and documents a systematic methodology to determine the allowance for loan losses. The Company’s six loan portfolio classes are residential real estate, commercial real estate, commercial non real estate, agriculture, consumer and other lending. The residential real estate lending class includes loans made to consumer customers including residential mortgages, residential construction loans and home equity loans and lines. These loans are typically fixed rate loans secured by residential real estate. Home equity lines are revolving accounts giving the borrower the ability to draw and repay balances repeatedly, up to a maximum commitment, and are secured by residential real estate. Home equity lines typically have variable rate terms which are benchmarked to a prime rate. Historical loss history is the primary factor in determining the allowance for loan losses for the residential real estate lending class. Key risk characteristics relevant to residential real estate lending class loans primarily relate to the borrower’s capacity and willingness to repay and include unemployment rates and other economic factors, and customer payment history. These risk characteristics, among others, are reflected in the environmental factors considered in determining the allowance for loan losses. The commercial real estate lending class includes loans made to small and middle market businesses, including multifamily properties. Loans in this class are secured by commercial real estate. Historical loss history and updated loan-to-value information on collateral-dependent loans are the primary factors in determining the allowance for loan losses for the commercial real estate lending class. Key risk characteristics relevant to the commercial real estate lending class include the industry and geography of the borrower’s business, purpose of the loan, repayment source, borrower’s debt capacity and financial performance, loan covenants, and nature of pledged collateral. We consider these risk characteristics in assigning risk ratings and estimating environmental factors considered in determining the allowance for loan losses. The commercial non real estate lending class includes loans made to small and middle market businesses, and loans made to public sector customers. Loans in this class are secured by the operations and cash flows of the borrowers, and any guarantors. Historical loss history and updated loan-to-value information on collateral-dependent loans are the primary factors in determining the allowance for loan losses for the commercial non real estate lending class. Key risk characteristics relevant to the commercial non real estate lending class include the industry and geography of the borrower’s business, purpose of the loan, repayment source, borrower’s debt capacity and financial performance, loan covenants, and nature of pledged collateral. We consider these risk characteristics in assigning risk ratings and estimating environmental factors considered in determining the allowance for loan losses. The agriculture lending class includes loans made to small and mid-size agricultural individuals and businesses. Loans in this class are secured by agricultural real estate, production, and cash flows, and any guarantors. Historical loss history and updated loan-to-value information on collateral-dependent loans are the primary factors in determining the allowance for loan losses for the agriculture lending class. Key risk characteristics relevant to the agriculture lending class include the geography of the borrower’s operations, commodity prices and weather patterns, purpose of the loan, repayment source, borrower’s debt capacity and financial performance, loan covenants, and nature of pledged collateral. We consider these risk characteristics in assigning risk ratings and estimating environmental factors considered in determining the allowance for loan losses. The consumer lending class includes loans made to consumer customers including loans secured by automobiles and other installment loans, and the other lending class includes credit card loans and unsecured revolving credit lines. Historical loss history is the primary factor in determining the allowance for loan losses for the consumer and other lending classes. Key risk characteristics relevant to loans in the consumer and other lending classes primarily relate to the borrower’s capacity and willingness to repay and include unemployment rates and other economic factors, and customer payment history. These risk characteristics, among others, are reflected in the environmental factors considered in determining the allowance for loan losses. The Company classifies all non-consumer loans by credit quality ratings. These ratings are Pass, Watch, Substandard, Doubtful, and Loss. Loans with a Pass and Watch rating represent those loans not classified on the Company’s rating scale for problem credits, with loans with a Watch rating being monitored and updated at least quarterly by management. Substandard loans are those where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. Doubtful loans are those where a well-defined weakness has been identified and a loss of contractual cash flows is known. Substandard and doubtful loans are monitored and updated monthly. All loan risk ratings are updated and monitored on a continuous basis. The Company generally does not risk rate consumer loans unless a default event such as bankruptcy or extended nonperformance takes place. Alternatively, standard credit scoring systems are used to assess credit risks of consumer loans. |
Allowance for Loan Losses ("ALL") and Unfunded Commitments | Allowance for Loan Losses (“ALL”) and Unfunded Commitments The Company maintains an allowance for loan losses at a level management believes is appropriate to reserve for credit losses inherent in our loan portfolio. The allowance for loan losses is determined based on an ongoing evaluation, driven primarily by monitoring changes in loan risk grades, delinquencies, and other credit risk indicators, which is inherently subjective. The Company considers the uncertainty related to certain industry sectors and the extent of credit exposure to specific borrowers within the portfolio. In addition, consideration is given to concentration risks associated with the various loan portfolios and current economic conditions that might impact the portfolio. The Company also considers changes, if any, in underwriting activities, the loan portfolio composition (including product mix and geographic, industry, or customer-specific concentrations), trends in loan performance, the level of allowance coverage relative to similar banking institutions and macroeconomic factors, such as changes in unemployment rates, gross domestic product, and consumer bankruptcy filings. All of these estimates are susceptible to significant change. Changes to the allowance for loan losses are made by charges to the provision for loan losses, which is reflected in the consolidated statements of comprehensive income. Loans deemed to be uncollectible are charged off against the allowance for loan losses. Recoveries of amounts previously charged-off are credited to the allowance for loan losses. The allowance for loan losses consist of reserves for probable losses that have been identified related to specific borrowing relationships that are individually evaluated for impairment (“specific reserve”), as well as probable losses inherent in our loan portfolio that are not specifically identified (“collective reserve”). The specific reserve relates to impaired loans. A loan is impaired when, based on current information and events, it is probable the Company will be unable to collect all amounts due (interest as well as principal) according to the contractual terms of the loan agreement. Specific reserves are determined on a loan-by-loan basis based on management’s best estimate of the Company’s exposure, given the current payment status of the loan, the present value of expected payments, and the value of any underlying collateral. Impaired loans also include loans modified in troubled debt restructurings where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance, or other actions intended to maximize collection. Generally, the impairment related to troubled debt restructurings is measured based on the fair value of the collateral, less cost to sell, or the present value of expected payments relative to the unpaid principal balance. If the impaired loan is identified as collateral dependent, then the fair value of the collateral method of measuring the amount of the impairment is utilized. This method requires obtaining an independent appraisal of the collateral and applying a discount factor to the appraised value, if necessary, and including costs to sell. Management’s estimate for collective reserves reflects losses incurred in the loan portfolio as of the consolidated balance sheet reporting date. Incurred loss estimates primarily are based on historical loss experience and portfolio mix. Incurred loss estimates may be adjusted to reflect current economic conditions and current portfolio trends including credit quality, concentrations, aging of the portfolio, and/or significant policy and underwriting changes. While management uses the best information available to establish the allowance for loan losses, future adjustments may be necessary if economic conditions differ substantially from the assumptions used in performing the estimates. Unfunded residential mortgage loan commitments entered into in connection with mortgage loans to be held for sale are considered derivatives and recorded at fair value on the consolidated balance sheets with changes in fair value recorded in other interest income. All other unfunded loan commitments are generally related to providing credit facilities to customers and are not considered derivatives. For purchased loans, the fair value of the unfunded credit commitments is considered in determination of the fair value of the loans recorded at the date of acquisition. Reserves for credit exposure on all other unfunded credit commitments are recorded in other liabilities on the consolidated balance sheets. We maintain a reserve for unfunded commitments at a level we believe to be sufficient to absorb estimated probable losses related to unfunded credit facilities. |
FDIC Indemnification Asset and Clawback Liability | FDIC Indemnification Asset and Clawback Liability In conjunction with a Federal Deposit Insurance Corporation (“FDIC”)-assisted transaction of TierOne Bank in 2010, the Company entered into two loss share agreements with the FDIC, one covering certain single family residential mortgage loans and one covering commercial loans and other assets, with claim periods ending June 2020 and June 2015, respectively. The agreements cover a portion of realized losses on loans, foreclosed real estate and certain other assets. The Company has recorded assets on the consolidated balance sheets (i.e., indemnification assets) representing estimated future amounts recoverable from the FDIC. Fair values of loans covered by the loss sharing agreements at the acquisition date were estimated based on projected cash flows available based on the expected probability of default, default timing and loss given default, the expected reimbursement rates (generally 80%) from the FDIC and other relevant terms of the loss sharing agreements. The initial fair value was established by discounting these expected cash flows with a market discount rate for instruments with like maturity and risk characteristics. The loss share assets are measured separately from the related loans and foreclosed real estate and recorded as an FDIC indemnification asset on the consolidated balance sheets because they are not contractually embedded in the loans and are not transferrable with the loans should the Company choose to dispose of them. Subsequent to the acquisition date, reimbursements received from the FDIC for actual incurred losses reduce the carrying amount of the loss share assets. Reductions to expected losses on covered assets, to the extent such reductions to expected losses are the result of an improvement to the actual or expected cash flows from the covered assets, also reduce the carrying amount of the loss share assets. The rate of accretion of the indemnification asset discount included in interest income slows to mirror the accelerated accretion of the loan discount. Additional expected losses on covered assets, to the extent such expected losses result in the recognition of an allowance for loan losses, increase the carrying amount of the loss share assets. A related increase in the value of the indemnification asset up to the amount covered by the FDIC is calculated based on the reimbursement rates from the FDIC and is included in other noninterest income. The corresponding loan accretion or amortization is recorded as a component of interest income on the consolidated statements of comprehensive income. Although these assets are contractual receivables from the FDIC, there are no contractual interest rates. As part of the loss sharing agreements, the Company also assumed a liability (“FDIC Clawback Liability”) to be paid within 45 days subsequent to the maturity or termination of the loss sharing agreements that is contingent upon actual losses incurred over the life of the agreements relative to expected losses considered in the consideration paid at acquisition date and the amount of losses reimbursed to the Company under the loss sharing agreements. The liability was recorded at fair value as of the acquisition date. The fair value was based on a discounted cash flow calculation that considered the formula defined in the loss sharing agreements and projected losses. The difference between the fair value at acquisition date and the projected losses is amortized through other noninterest expense. As projected losses and reimbursements are updated, as described above, the FDIC Clawback Liability is adjusted and a gain or loss is recorded in other noninterest expense. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed principally by the straight-line method over the estimated useful lives of the assets. Costs incurred for maintenance and repairs are expensed as incurred. The range of estimated useful lives for buildings and building improvements are 10 to 40 years and 3 to 10 years for furniture and equipment. |
Long-lived Asset Impairment | Long-lived Asset Impairment The Company evaluates the recoverability of the carrying value of long-lived assets whenever events or circumstances indicate the carrying amount may not be recoverable. If a long-lived asset is tested for recoverability and the undiscounted estimated future cash flows expected to result from the use and eventual disposition of the asset is less than the carrying amount of the asset, the asset’s carrying value is adjusted to fair value and an impairment loss is recognized as the amount by which the carrying amount of the long-lived asset exceeds its fair value. No long-lived asset impairments were recognized during the years ended September 30, 2014, 2013 or 2012. |
Bank Owned Life Insurance ("BOLI") | Bank Owned Life Insurance (“BOLI”) BOLI represents life insurance policies on the lives of certain Company officers or former officers for which the Company is the beneficiary. The carrying amount of bank owned life insurance consists of the initial premium paid plus increases in cash value less the carrying amount associated with any death benefits received, and is recorded in other assets. Death benefits paid in excess of the applicable carrying amount are recognized as income, which is exempt from income taxes. |
Other Repossessed Property | Other Repossessed Property Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management, and the assets are carried at the lower of carrying amount or fair value less cost to sell. Income and expenses from operations of repossessed property are included in other noninterest expense. |
Goodwill | Goodwill Goodwill represents the cost in excess of the fair value of net assets acquired (including identifiable intangibles) in transactions accounted for as business acquisitions. Goodwill is evaluated annually for impairment. The Company performs its impairment evaluation as of June 30 of each fiscal year. If the implied fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated and goodwill is written down to its implied fair value. Subsequent increases in goodwill are not recognized in the consolidated financial statements. No goodwill impairment was recognized during the years ended September 30, 2014, 2013 or 2012. |
Core Deposits and Other Intangibles | Core Deposits and Other Intangibles Intangible assets consist of core deposits, brand intangible, customer relationships, and other intangibles. Core deposits represent the identifiable intangible value assigned to core deposit bases arising from purchase acquisitions. Brand intangible represents the value associated with the Bank charter. Customer relationships intangible represents the identifiable intangible value assigned to customer relationships arising from a purchase acquisition. Other intangibles represent contractual franchise arrangements under which the franchiser grants the franchisee the right to perform certain functions within a designated geographical area. The methods and lives used to amortize intangible assets are as follows: Intangible Method Years Core deposit Straight-line or effective yield 4.75 – 6.2 Brand intangible Straight-line 15 Customer relationships Straight-line 8.5 Other intangibles Straight-line 5 Intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. No intangible asset impairments were recognized during the years ended September 30, 2014, 2013 or 2012. |
Derivatives | Derivatives The Company maintains an overall interest rate risk management strategy that permits the use of derivative instruments to modify exposure to interest rate risk. The Company enters into interest rate swap contracts to offset the interest rate risk associated with borrowers who lock in long-term fixed rates (greater than or equal to 5 years to maturity) through a fixed rate loan. These contracts do not qualify for hedge accounting. Generally, under these swaps, the Company agrees with NAB to exchange the difference between fixed-rate and floating-rate interest amounts based upon notional principal amounts. These interest rate derivative instruments are recognized as assets and liabilities on the consolidated balance sheets and measured at fair value, with changes in fair value reported in net realized and unrealized gain (loss) on derivatives. Since each fixed rate loan is paired with an offsetting derivative contract, the impact to net income is minimized. The Company enters into forward interest rate lock commitments on mortgage loans to be held for sale, which are commitments to originate loans whereby the interest rate on the loan is determined prior to funding. The Company also has corresponding forward sales contracts related to these interest rate lock commitments. Both the mortgage loan commitments and the related sales contracts are considered derivatives and are recorded at fair value with changes in fair value recorded in other interest income. |
Income Taxes | Income Taxes The Company files a consolidated income tax return with National Americas Investment, Inc. (a wholly owned indirect subsidiary of NAB). Income taxes are allocated pursuant to a tax-sharing arrangement, whereby the Company will pay federal and state income taxes as if it were filing on a stand-alone basis. Income tax expense includes two components: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over income. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax basis of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. Liabilities related to uncertain tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. The Company recognizes interest and/or penalties related to income tax matters in other interest and noninterest expense. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company-put presumptively beyond reach of the Company and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. Securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at amounts at which the securities were financed, plus accrued interest. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue as it is earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. Certain specific policies related to service charges and other fees include the following: Deposit Service Charges Service charges on deposit accounts are primarily fees related to customer overdraft events and not sufficient funds fees, net of any refunded fees, and are recognized as transactions occur and services are provided. Service charges on deposit accounts also relate to monthly fees based on minimum balances, and are earned as transactions occur and services are provided. Interchange Fees Interchange fees include interchange income from consumer debit card transactions processed through card association networks. Interchange income is a fee paid by a merchant bank to the card-issuing bank through the interchange network. Interchange fees are set by the card association networks and are based on cardholder purchase volumes. |
Comprehensive Income | Comprehensive Income Comprehensive income consists of net income and other comprehensive income, net of applicable income taxes. Other comprehensive income (loss) consists entirely of unrealized appreciation (depreciation) on available-for-sale securities. |
New Accounting Pronouncements | New Accounting Pronouncements In December 2011, the FASB issued Accounting Standards Update (“ASU”) 2011-11, Disclosures about Offsetting Assets and Liabilities Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities In January 2014, the FASB issued ASU 2014-04, Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 “ Revenue from Contracts with Customers (Topic 606) |
Nature of Operations and Summ39
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | |
Schedule of Intangible Assets Estimated Lives and Methods Used to Amortize | The methods and lives used to amortize intangible assets are as follows: Intangible Method Years Core deposit Straight-line or effective yield 4.75 – 6.2 Brand intangible Straight-line 15 Customer relationships Straight-line 8.5 Other intangibles Straight-line 5 |
Securities Available for Sale (
Securities Available for Sale (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost and Fair Value | The amortized cost and approximate fair value of investments in securities, all of which are classified as available for sale according to management’s intent, are summarized as follows (in thousands): Amortized Gross Unrealized Gains Gross Unrealized Losses Fair Value As of March 31, 2015 U.S. Treasury securities $ 271,753 $ 3,724 $ — $ 275,477 U.S. Agency securities 74,345 456 — 74,801 Mortgage-backed securities: Government National Mortgage Association 945,299 4,266 (4,469 ) 945,096 Federal National Mortgage Association 48,495 — (129 ) 48,366 Small Business Assistance Program 51,086 — (527 ) 50,559 States and political subdivision securities 2,107 1 — 2,108 Corporate debt securities 4,996 66 — 5,062 Other 1,006 33 — 1,039 $ 1,399,087 $ 8,546 $ (5,125 ) $ 1,402,508 Amortized Gross Gross Unrealized Fair Value As of September 30, 2014 U.S. Treasury securities $ 222,868 $ 31 $ (174 ) $ 222,725 U.S. Agency securities — — — — Mortgage-backed securities: Government National Mortgage Association 1,113,363 4,639 (14,587 ) 1,103,415 Federal National Mortgage Association — — — — Small Business Assistance Program — — — — States and political subdivision securities 2,188 1 — 2,189 Corporate debt securities 11,732 141 — 11,873 Other 1,006 34 — 1,040 $ 1,351,157 $ 4,846 $ (14,761 ) $ 1,341,242 | The amortized cost and approximate fair value of investments in securities, all of which are classified as available for sale according to management’s intent, are summarized as follows (in thousands): Amortized Gross Unrealized Gains Gross Unrealized Losses Fair Value As of September 30, 2014 U.S. Treasury securities $ 222,868 $ 31 $ (174 ) $ 222,725 Mortgage-backed securities: Government National Mortgage Association 1,113,363 4,639 (14,587 ) 1,103,415 Federal National Mortgage Association — — — — States and political subdivision securities 2,188 1 — 2,189 Corporate debt securities 11,732 141 — 11,873 Other 1,006 34 — 1,040 $ 1,351,157 $ 4,846 $ (14,761 ) $ 1,341,242 Amortized Gross Unrealized Gains Gross Unrealized Losses Fair Value As of September 30, 2013 U.S. Treasury securities $ — $ — $ — $ — Mortgage-backed securities: Government National Mortgage Association 1,470,822 9,634 (21,013 ) 1,459,443 Federal National Mortgage Association 1 — — 1 States and political subdivision securities 3,513 19 — 3,532 Corporate debt securities 11,889 133 (9 ) 12,013 Other 5,449 17 (6 ) 5,460 $ 1,491,674 $ 9,803 $ (21,028 ) $ 1,480,449 |
Marketable Securities | Maturities of mortgage-backed securities may differ from contractual maturities because the mortgages underlying the securities may be called or repaid without any penalties. March 31, 2015 September 30, 2014 (In Thousands) Amortized Fair Value Amortized Fair Value Due in one year or less $ 76,162 $ 76,620 $ 7,207 $ 7,218 Due after one year through five years 272,043 275,766 223,282 223,140 Due after five years through ten years 4,996 5,062 6,299 6,429 353,201 357,448 236,788 236,787 Mortgage-backed securities 1,044,880 1,044,021 1,113,363 1,103,415 Securities without contractual maturities 1,006 1,039 1,006 1,040 $ 1,399,087 $ 1,402,508 $ 1,351,157 $ 1,341,242 | The amortized cost and approximate fair value of debt securities available for sale as of September 30, 2014 and 2013, by contractual maturity, are shown below. Maturities of mortgage-backed securities may differ from contractual maturities because the mortgages underlying the securities may be called or repaid without any penalties. September 30, 2014 September 30, 2013 (In Thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 7,207 $ 7,218 $ 1,497 $ 1,514 Due after one year through five years 223,282 223,140 6,988 7,123 Due after five years through ten years 6,299 6,429 6,917 6,908 Due after ten years — — — — 236,788 236,787 15,402 15,545 Mortgage-backed securities 1,113,363 1,103,415 1,470,823 1,459,444 Securities without contractual maturities 1,006 1,040 5,449 5,460 $ 1,351,157 $ 1,341,242 $ 1,491,674 $ 1,480,449 |
Schedule of Unrealized Loss on Investments | The following table presents the Company’s gross unrealized losses and approximate fair value in investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): Less than 12 months March 31, 2015 12 months or more Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ — $ — $ — $ — $ — $ — U.S. Agency securities — — — — $ — $ — Mortgage-backed securities 83,704 (656 ) 479,290 (4,469 ) 562,994 (5,125 ) Corporate debt securities — — — — — — Other — — — — — — $ 83,704 $ (656 ) $ 479,290 $ (4,469 ) $ 562,994 $ (5,125 ) Less than 12 months September 30, 2014 12 months or more Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 98,344 $ (174 ) $ — $ — $ 98,344 $ (174 ) U.S. Agency securities — — — — $ — $ — Mortgage-backed securities 24,625 (125 ) 730,171 (14,462 ) 754,796 (14,587 ) Corporate debt securities — — — — — — Other — — — — — — $ 122,969 $ (299 ) $ 730,171 $ (14,462 ) $ 853,140 $ (14,761 ) | The following table presents the Company’s gross unrealized losses and approximate fair value in investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): Less than 12 months September 30, 2014 Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 98,344 $ (174 ) $ — $ — $ 98,344 $ (174 ) Mortgage-backed securities 24,625 (125 ) 730,171 (14,462 ) 754,796 (14,587 ) Corporate debt securities — — — — — — Other — — — — — — $ 122,969 $ (299 ) $ 730,171 $ (14,462 ) $ 853,140 $ (14,761 ) Less than 12 months September 30, 2013 Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Mortgage-backed securities $ 852,344 $ (19,469 ) $ 56,781 $ (1,544 ) $ 909,125 $ (21,013 ) Corporate debt securities 4,436 (9 ) — — 4,436 (9 ) Other — — 4,986 (6 ) 4,986 (6 ) $ 856,780 $ (19,478 ) $ 61,767 $ (1,550 ) $ 918,547 $ (21,028 ) |
Unrealized Gain (Loss) on Investments | The components of other comprehensive income from net unrealized gains (losses) on securities available for sale for the three and six months ended March 31, 2015 and 2014, respectively are as follows (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Beginning balance accumulated other comprehensive income (loss) $ (3,042 ) $ (13,535 ) $ (6,157 ) $ (7,081 ) Net unrealized holding gain (loss) arising during the period 8,312 10,020 13,285 (389 ) Reclassification adjustment for net gain realized in net income — (6 ) (51 ) (6 ) Net change in unrealized gain (loss) before income taxes 8,312 10,014 13,234 (395 ) Income tax (expense) benefit (3,159 ) (3,693 ) (4,966 ) 262 Net change in unrealized gain (loss) on securities after taxes 5,153 6,321 8,268 (133 ) Ending balance accumulated other comprehensive income (loss) $ 2,111 $ (7,214 ) $ 2,111 $ (7,214 ) | The components of other comprehensive income from net unrealized gains (losses) on securities available for sale for the years ended September 30, 2014, 2013 and 2012 are as follows (in thousands): 2014 2013 2012 Beginning balance accumulated other comprehensive income $ (7,081 ) $ 19,111 $ 16,542 Net unrealized holding gain (loss) arising during the period 1,400 (40,651 ) 11,376 Reclassification adjustment for net gain realized in net income (90 ) (917 ) (7,305 ) Net change in unrealized gain (loss) before income taxes 1,310 (41,568 ) 4,071 Income tax benefit (expense) (386 ) 15,376 (1,502 ) Net change in unrealized gain (loss) on securities after taxes 924 (26,192 ) 2,569 Ending balance accumulated other comprehensive income (loss) $ (6,157 ) $ (7,081 ) $ 19,111 |
Loans (Tables)
Loans (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Receivables [Abstract] | ||
Schedule of Loans Receivable | The composition of net loans as of March 31, 2015 and September 30, 2014, is as follows (in thousands): March 31, September 30, Residential real estate $ 905,114 $ 901,605 Commercial real estate 2,673,255 2,541,194 Commercial non real estate 1,657,856 1,571,640 Agriculture 1,748,366 1,681,209 Consumer 80,036 90,086 Other 35,433 34,243 7,100,060 6,819,977 Less: Allowance for loan losses (52,426 ) (47,518 ) Unamortized discount on acquired loans (21,774 ) (25,638 ) Unearned net deferred fees and costs and loans in process (5,821 ) (6,872 ) $ 7,020,039 $ 6,739,949 | The composition of net loans as of September 30, 2014 and 2013, is as follows (in thousands): 2014 2013 Residential real estate $ 901,605 $ 906,469 Commercial real estate 2,541,194 2,311,974 Commercial non real estate 1,571,640 1,481,756 Agriculture 1,681,209 1,587,248 Consumer 90,086 101,477 Other 34,243 24,711 6,819,977 6,413,635 Less: Allowance for loan losses (47,518 ) (55,864 ) Unamortized discount on acquired loans (25,638 ) (34,717 ) Unearned net deferred fees and costs and loans in process (6,872 ) (16,245 ) $ 6,739,949 $ 6,306,809 |
Schedule of Company's Nonaccrual Loans | Loans greater than 90 days past due and still accruing interest as of March 31, 2015 and September 30, 2014, were not significant. Nonaccrual loans March 31, September 30, Residential real estate $ 7,690 $ 6,671 Commercial real estate 10,836 20,767 Commercial non real estate 9,015 4,908 Agriculture 18,860 11,453 Consumer 111 146 Total $ 46,512 $ 43,945 | The following table presents the Company’s nonaccrual loans at September 30, 2014 and 2013 (in thousands), excluding loans covered under the FDIC loss-sharing agreements. Loans greater than 90 days past due and still accruing interest as of September 30, 2014 and 2013, were not significant. Nonaccrual loans 2014 2013 Residential real estate $ 6,671 $ 8,746 Commercial real estate 20,767 57,652 Commercial non real estate 4,908 6,641 Agriculture 11,453 8,236 Consumer 146 226 Total $ 43,945 $ 81,501 |
Past Due Financing Receivables | This table is presented net of unamortized discount on acquired loans and excludes loans measured at fair value with changes in fair value reported in earnings of $1,060.6 million for March 31, 2015 and $985.4 million for September 30, 2014. As of March 31, 2015 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Financing Receivables Residential real estate $ 1,909 $ 562 $ 2,854 $ 5,325 $ 777,219 $ 782,544 Commercial real estate 165 2,316 4,816 7,297 2,284,882 2,292,179 Commercial non real estate 3,344 622 4,262 8,228 1,221,359 1,229,587 Agriculture 3,491 — 834 4,325 1,406,083 1,410,408 Consumer 218 28 35 281 79,603 79,884 Other — — — — 35,433 35,433 9,127 3,528 12,801 25,456 5,804,579 5,830,035 Loans covered by FDIC loss sharing agreements 4,744 214 2,768 7,726 179,923 187,649 Total $ 13,871 $ 3,742 $ 15,569 $ 33,182 $ 5,984,502 $ 6,017,684 As of September 30, 2014 30-59 Days 60-89 Days 90 Days or Total Current Total Residential real estate $ 675 $ 611 $ 2,581 $ 3,867 $ 760,887 $ 764,754 Commercial real estate 11,050 819 3,384 15,253 1,988,585 2,003,838 Commercial non real estate 1,761 6,228 744 8,733 1,303,925 1,312,658 Agriculture 16 368 4,205 4,589 1,364,960 1,369,549 Consumer 244 18 49 311 89,528 89,839 Other — — — — 34,243 34,243 13,746 8,044 10,963 32,753 5,542,128 5,574,881 Loans covered by FDIC loss sharing agreements 1,960 1,252 3,728 6,940 227,096 234,036 Total $ 15,706 $ 9,296 $ 14,691 $ 39,693 $ 5,769,224 $ 5,808,917 | The following table (in thousands) presents the Company’s past due loans at September 30, 2014 and 2013. This table is presented net of unamortized discount on acquired loans and excludes loans measured at fair value with changes in fair value reported in earnings of $985.41 million for 2014 and $841.86 million for 2013. As of September 30, 2014 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Financing Receivables Residential real estate $ 675 $ 611 $ 2,581 $ 3,867 $ 760,887 $ 764,754 Commercial real estate 11,050 819 3,384 15,253 1,988,585 2,003,838 Commercial non real estate 1,761 6,228 744 8,733 1,303,925 1,312,658 Agriculture 16 368 4,205 4,589 1,364,960 1,369,549 Consumer 244 18 49 311 89,528 89,839 Other — — — — 34,243 34,243 13,746 8,044 10,963 32,753 5,542,128 5,574,881 Loans covered by FDIC loss sharing agreements 1,960 1,252 3,728 6,940 227,096 234,036 Total $ 15,706 $ 9,296 $ 14,691 $ 39,693 $ 5,769,224 $ 5,808,917 As of September 30, 2013 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Financing Receivables Residential real estate $ 625 $ 955 $ 4,942 $ 6,522 $ 721,333 $ 727,855 Commercial real estate 431 158 9,639 10,228 1,797,884 1,808,112 Commercial non real estate 1,342 198 2,821 4,361 1,219,731 1,224,092 Agriculture 102 4,040 2,867 7,009 1,297,208 1,304,217 Consumer 340 65 44 449 100,214 100,663 Other — — — — 24,711 24,711 2,840 5,416 20,313 28,569 5,161,081 5,189,650 Loans covered by FDIC loss sharing agreements 1,307 3,861 6,632 11,800 335,608 347,408 Total $ 4,147 $ 9,277 $ 26,945 $ 40,369 $ 5,496,689 $ 5,537,058 |
Composition of Loan Portfolio by Internal Risk Rating | This table (in thousands) is presented net of unamortized discount on acquired loans and excludes loans measured at fair value with changes in fair value reported in earnings of $1,060.6 million for March 31, 2015 and $985.4 million for September 30, 2014: As of March 31, 2015 Residential Real Estate Commercial Real Estate Commercial Non Real Estate Agriculture Consumer Other Total Credit Risk Profile by Internally Assigned Grade Grade: Pass $ 765,058 $ 2,122,618 $ 1,093,867 $ 1,188,111 $ 79,244 $ 35,433 $ 5,284,331 Watchlist 5,248 105,838 96,724 176,266 372 — 384,448 Substandard 11,759 63,540 36,627 44,290 259 — 156,475 Doubtful 428 183 2,369 1,741 1 — 4,722 Loss 51 — — — 8 — 59 Ending balance 782,544 2,292,179 1,229,587 1,410,408 79,884 35,433 5,830,035 Loans covered by FDIC loss sharing agreements 113,578 63,268 8,925 1,832 46 — 187,649 Total $ 896,122 $ 2,355,447 $ 1,238,512 $ 1,412,240 $ 79,930 $ 35,433 $ 6,017,684 As of September 30, 2014 Residential Commercial Commercial Agriculture Consumer Other Total Credit Risk Profile by Internally Assigned Grade Grade: Pass $ 747,485 $ 1,867,866 $ 1,218,558 $ 1,202,145 $ 89,197 $ 34,243 $ 5,159,494 Watchlist 5,320 84,132 65,628 132,262 381 — 287,723 Substandard 11,290 51,692 27,499 35,107 242 — 125,830 Doubtful 659 148 798 35 19 — 1,659 Loss — — 175 — — — 175 Ending balance 764,754 2,003,838 1,312,658 1,369,549 89,839 34,243 5,574,881 Loans covered by FDIC loss sharing agreements 127,115 95,467 9,390 2,004 60 — 234,036 Total $ 891,869 $ 2,099,305 $ 1,322,048 $ 1,371,553 $ 89,899 $ 34,243 $ 5,808,917 | The composition of the loan portfolio by internal risk rating is as follows as of September 30, 2014 and 2013. This table (in thousands) is presented net of unamortized discount on acquired loans and excludes loans measured at fair value with changes in fair value reported in earnings of $985.41 million for 2014 and $841.86 million for 2013: As of September 30, 2014 Residential Real Estate Commercial Real Estate Commercial Non Real Estate Agriculture Consumer Other Total Credit Risk Profile by Internally Assigned Grade Grade: Pass $ 747,485 $ 1,867,866 $ 1,218,558 $ 1,202,145 $ 89,197 $ 34,243 $ 5,159,494 Watchlist 5,320 84,132 65,628 132,262 381 — 287,723 Substandard 11,290 51,692 27,499 35,107 242 — 125,830 Doubtful 659 148 798 35 19 — 1,659 Loss — — 175 — — — 175 Ending balance 764,754 2,003,838 1,312,658 1,369,549 89,839 34,243 5,574,881 Loans covered by FDIC loss sharing agreements 127,115 95,467 9,390 2,004 60 — 234,036 Total $ 891,869 $ 2,099,305 $ 1,322,048 $ 1,371,553 $ 89,899 $ 34,243 $ 5,808,917 As of September 30, 2013 Residential Real Estate Commercial Real Estate Commercial Non Real Estate Agriculture Consumer Other Total Credit Risk Profile by Internally Assigned Grade Grade: Pass $ 707,859 $ 1,652,694 $ 1,144,131 $ 1,192,357 $ 100,087 $ 24,711 $ 4,821,839 Watchlist 5,779 72,924 52,576 87,596 164 — 219,039 Substandard 13,039 78,244 23,538 23,963 398 — 139,182 Doubtful 1,178 4,250 3,847 301 14 — 9,590 Loss — — — — — — — Ending balance 727,855 1,808,112 1,224,092 1,304,217 100,663 24,711 5,189,650 Loans covered by FDIC loss sharing agreements 167,835 150,745 28,163 525 140 — 347,408 Total $ 895,690 $ 1,958,857 $ 1,252,255 $ 1,304,742 $ 100,803 $ 24,711 $ 5,537,058 |
Impaired Financing Receivables | The following table presents the Company’s impaired loans (in thousands). This table excludes loans covered by FDIC loss sharing agreements: Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment As of March 31, 2015 Impaired loans: With an allowance recorded: Residential real estate $ 12,332 $ 12,452 $ 2,721 $ 12,220 Commercial real estate 73,729 75,381 1,753 67,942 Commercial non real estate 41,310 49,834 6,905 36,916 Agriculture 46,031 46,059 3,007 40,780 Consumer 268 325 52 274 $ 173,670 $ 184,051 $ 14,438 $ 158,132 Recorded Unpaid Related Average As of September 30, 2014 Impaired loans: With an allowance recorded: Residential real estate $ 12,107 $ 12,737 $ 2,529 $ 13,572 Commercial real estate 62,155 64,597 2,017 84,490 Commercial non real estate 32,522 37,882 3,927 31,827 Agriculture 35,528 37,958 1,155 30,546 Consumer 280 491 51 346 $ 142,592 $ 153,665 $ 9,679 $ 160,781 The following table provides purchased impaired loans at March 31, 2015 and September 30, 2014 (in thousands): March 31, 2015 September 30, 2014 Outstanding Balance 1 Recorded Investment 2 Carrying Value 3 Outstanding 1 Recorded 2 Carrying 3 Residential real estate $ 110,499 $ 93,277 $ 91,143 $ 115,863 $ 102,987 $ 100,203 Commercial real estate 107,514 27,835 27,126 130,825 49,202 48,557 Commercial non real estate 14,710 5,348 5,348 16,697 6,361 6,361 Agriculture 1,623 1,595 1,595 1,747 1,746 1,746 Consumer 1,838 1,466 1,466 2,019 1,843 1,818 Total lending $ 236,184 $ 129,521 $ 126,678 $ 267,151 $ 162,139 $ 158,685 1 Represents the legal balance of loans acquired with deteriorated credit quality. 2 Represents the book balance of loans acquired with deteriorated credit quality. 3 Represents the book balance of loans acquired with deteriorated credit quality net of the related allowance for loan losses. | Impaired Loans The following table presents the Company’s impaired loans (in thousands). This table excludes loans covered by FDIC loss sharing agreements: Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment September 30, 2014 Impaired loans: With an allowance recorded: Residential real estate $ 12,107 $ 12,737 $ 2,529 $ 13,572 Commercial real estate 62,155 64,597 2,017 84,490 Commercial non real estate 32,522 37,882 3,927 31,827 Agriculture 35,528 37,958 1,155 30,546 Consumer 280 491 51 346 $ 142,592 $ 153,665 $ 9,679 $ 160,781 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment September 30, 2013 Impaired loans: With an allowance recorded: Residential real estate $ 15,037 $ 16,815 $ 3,217 $ 15,716 Commercial real estate 106,824 123,523 5,341 106,780 Commercial non real estate 31,132 32,557 5,607 34,817 Agriculture 25,563 29,632 3,022 15,522 Consumer 412 656 90 554 $ 178,968 $ 203,183 $ 17,277 $ 173,389 The following table provides purchased impaired loans at September 30, 2014 and September 30, 2013 (in thousands): September 30, 2014 September 30, 2013 Outstanding Balance 1 Recorded Investment 2 Carrying Value 3 Outstanding Balance 1 Recorded Investment 2 Carrying Value 3 Residential real estate $ 115,863 $ 102,987 $ 100,203 $ 143,998 $ 129,905 $ 124,871 Commercial real estate 130,825 49,202 48,557 172,706 85,022 84,541 Commercial non real estate 16,697 6,361 6,361 19,539 8,179 6,448 Agriculture 1,747 1,746 1,746 — — — Consumer 2,019 1,843 1,818 3,721 3,202 3,202 Total lending $ 267,151 $ 162,139 $ 158,685 $ 339,964 $ 226,308 $ 219,062 1 Represents the legal balance of loans acquired with deteriorated credit quality. 2 Represents the book balance of loans acquired with deteriorated credit quality. 3 Represents the book balance of loans acquired with deteriorated credit quality net of the related allowance for loan losses. |
Troubled Debt Restructurings on Financing Receivables | The following table presents the recorded value of the Company’s TDR balances as of March 31, 2015 and September 30, 2014 (in thousands): March 31, 2015 September 30, 2014 Accruing Nonaccrual Accruing Nonaccrual Residential real estate $ 618 $ 1,929 $ 1,112 $ 1,730 Commercial real estate 45,160 5,424 25,177 6,884 Commercial non real estate 10,165 1,445 6,753 1,785 Agriculture 2,159 6,377 3,780 9,994 Consumer 20 13 35 22 Total $ 58,122 $ 15,188 $ 36,857 $ 20,415 The following table presents a summary of all accruing loans restructured in TDRs during the three months ended March 31, 2015 and 2014, respectively: Three Months Ended March 31, 2015 2014 ($ in thousands) Number Recorded Investment Number Recorded Investment Pre- Modification Post- Modification Pre- Modification Post- Modification Residential real estate Rate modification 1 $ 15 $ 15 — $ — $ — Term extension — — — — — — Payment modification — — — — — — Bankruptcy — — — — — — Other 1 21 21 — — — Total residential real estate 2 36 36 — — — Commercial real estate Rate modification — — — — — — Term extension 1 90 — — — — Payment modification 4 3,660 3,660 — — — Bankruptcy 1 498 498 — — — Other — — — — — — Total commercial real estate 6 4,248 4,158 — — — Commercial non real estate Rate modification — — — — — — Term extension 3 2,879 2,879 1 35 35 Payment modification 1 50 50 2 67 67 Bankruptcy — — — — — — Other — — — 1 327 327 Total commercial non real estate 4 2,929 2,929 4 429 429 Agriculture Rate modification — — — — — — Term extension — — — — — — Payment modification — — — — — — Bankruptcy — — — — — — Other — — — — — — Total agriculture — — — — — — Consumer Rate modification — — — — — — Term extension — — — — — — Payment modification — — — 2 4 4 Bankruptcy 1 6 6 — — — Other — — — 1 18 18 Total consumer 1 6 6 3 22 22 Total accruing 13 $ 7,219 $ 7,129 7 $ 451 $ 451 Change in recorded investment due to principal paydown at time of modification — — — — — Change in recorded investment due to chargeoffs at time of modification 1 90 — — — — The following table presents a summary of all accruing loans restructured in TDRs during the six months ended March 31, 2015 and 2014: Six Months Ended March 31, 2015 2014 ($ in thousands) Number Recorded Investment Number Recorded Investment Pre- Post- Pre- Post- Residential real estate Rate modification 1 $ 15 $ 15 — $ — $ — Term extension — — — 2 74 74 Payment modification — — — 1 15 15 Bankruptcy — — — 1 130 130 Other 1 21 21 — — — Total residential real estate 2 36 36 4 219 219 Commercial real estate Rate modification — — — — — — Term extension 1 90 — — — — Payment modification 6 22,542 22,542 1 1,070 1,070 Bankruptcy 1 498 498 — — — Other — — — — — — Total commercial real estate 8 23,130 23,040 1 1,070 1,070 Commercial non real estate Rate modification 1 32 32 — — — Term extension 3 2,879 2,879 4 1,734 1,734 Payment modification 2 1,874 1,874 4 735 735 Bankruptcy — — — — — — Other — — — 1 327 327 Total commercial non real estate 6 4,785 4,785 9 2,796 2,796 Agriculture Rate modification — — — — — — Term extension — — — — — — Payment modification — — — — — — Bankruptcy — — — — — — Other — — — — — — Total agriculture — — — — — — Consumer Rate modification — — — — — — Term extension — — — — — — Payment modification — — — 2 4 4 Bankruptcy 1 6 6 — — — Other — — — 2 28 28 Total consumer 1 6 6 4 32 32 Total accruing 17 27,957 27,867 18 $ 4,117 $ 4,117 Change in recorded investment due to principal paydown at time of modification — — — — — Change in recorded investment due to chargeoffs at time of modification 1 90 — — — — The following table presents a summary of all non-accruing loans restructured in TDRs during the three months ended March 31, 2015 and 2014: Three Months Ended March 31, 2015 2014 ($ in thousands) Number Recorded Investment Number Recorded Investment Pre- Modification Post- Modification Pre- Modification Post- Modification Residential real estate Rate modification 2 $ 104 $ 104 4 $ 98 $ 98 Term extension 1 77 77 1 15 15 Payment modification — — — — — — Bankruptcy 1 43 43 — — — Other — — — — — — Total residential real estate 4 224 224 5 113 113 Commercial real estate Rate modification — — — 2 500 500 Term extension — — — 2 4,031 4,031 Payment modification — — — — — — Bankruptcy — — — — — — Other — — — 1 87 87 Total commercial real estate — — — 5 4,618 4,618 Commercial Non Real Estate Rate modification — — — — — — Term extension 4 217 217 — — — Payment modification — — — — — — Bankruptcy — — — 1 10 10 Other — — — — — — Total commercial non real estate 4 217 217 1 10 10 Agriculture Rate modification — — — — — — Term extension — — — 2 260 260 Payment modification — — — — — — Bankruptcy — — — — — — Other — — — — — — Total agriculture — — — 2 260 260 Consumer Rate modification — — — — — — Term extension 1 1 1 — — — Payment modification — — — — — — Bankruptcy — — — — — — Other — — — — — — Total consumer 1 1 1 — — — Total non-accruing 9 $ 442 $ 442 13 $ 5,001 $ 5,001 Change in recorded investment due to principal paydown at time of modification — — — — — — Change in recorded investment due to chargeoffs at time of modification — — — — — — The following table presents a summary of all non-accruing loans restructured in TDRs during the six months ended March 31, 2015 and 2014: Six Months Ended March 31, 2015 2014 ($ in thousands) Number Recorded Investment Number Recorded Investment Pre- Modification Post- Pre- Post- Residential real estate Rate modification 2 $ 104 $ 104 4 $ 98 $ 98 Term extension 1 77 77 2 18 18 Payment modification — — — — — — Bankruptcy 1 43 43 1 4 4 Other — — — 1 38 38 Total residential real estate 4 224 224 8 158 158 Commercial real estate Rate modification — — — 2 500 500 Term extension — — — 2 4,031 4,031 Payment modification — — — — — — Bankruptcy — — — — — — Other — — — 1 87 87 Total commercial real estate — — — 5 4,618 4,618 Commercial Non Real Estate Rate modification — — — — — — Term extension 4 217 217 8 125 125 Payment modification — — — — — — Bankruptcy — — — 1 10 10 Other — — — — — — Total commercial non real estate 4 217 217 9 135 135 Agriculture Rate modification — — — — — — Term extension — — — 2 260 260 Payment modification — — — — — — Bankruptcy — — — — — — Other — — — — — — Total agriculture — — — 2 260 260 Consumer Rate modification — — — — — — Term extension 1 1 1 1 11 11 Payment modification — — — — — — Bankruptcy — — — — — — Other — — — 1 1 1 Total consumer 1 1 1 2 12 12 Total non-accruing 9 442 442 26 $ 5,183 $ 5,183 Change in recorded investment due to principal paydown at time of modification — — — — — — Change in recorded investment due to chargeoffs at time of modification — — — — — — The tables below represent defaults on loans that were first modified during the respective past 12 months, that became 90 days or more delinquent or were charged-off during the three and six months ended March 31, 2015 and 2014, respectively. Three Months Ended March 31, ($ in thousands) 2015 2014 Number of Loans Recorded Investment Number of Loans Recorded Investment Residential real estate 4 $ 107 3 $ 375 Commercial real estate — — 3 1,814 Commercial non real estate — — 5 1,604 Agriculture — — 6 3,685 Consumer — — — — 4 $ 107 17 $ 7,478 Six Months Ended March 31, ($ in thousands) 2015 2014 Number of Loans Recorded Investment Number of Loans Recorded Investment Residential real estate 10 $ 629 3 $ 375 Commercial real estate — — 5 8,110 Commercial non real estate 1 95 5 1,604 Agriculture 1 15 7 7,361 Consumer — — — — 12 $ 739 20 $ 17,450 | The following table presents the recorded value of the Company’s TDR balances as of September 30, 2014 and 2013 (in thousands): September 30, 2014 September 30, 2013 Accruing Nonaccrual Accruing Nonaccrual Residential real estate $ 1,112 $ 1,730 $ 662 $ 1,100 Commercial real estate 25,177 6,884 29,373 49,736 Commercial non real estate 6,753 1,785 4,769 5,007 Agriculture 3,780 9,994 4,326 7,268 Consumer 35 22 — 29 Total $ 36,857 $ 20,415 $ 39,130 $ 63,140 The following table presents a summary of all accruing loans restructured in TDRs during the years ended September 30, 2014 and 2013: Year ended September 30, 2014 Year ended September 30, 2013 ($ in thousands) Number Recorded Investment Number Recorded Investment Pre- Modification Post- Modification Pre- Modification Post- Modification Residential real estate Rate modification — $ — $ — — $ — $ — Term extension 6 206 206 7 663 663 Payment modification 6 474 474 — — — Bankruptcy 9 338 338 1 5 5 Other 2 49 49 — — — Total residential real estate 23 1,067 1,067 8 668 668 Commercial real estate Rate modification — — — 2 990 990 Term extension 3 109 109 7 4,158 4,158 Payment modification 2 2,911 2,911 3 13,497 13,497 Bankruptcy — — — — — — Other — — — — — — Total commercial real estate 5 3,020 3,020 12 18,645 18,645 Commercial non real estate Rate modification — — — 1 529 529 Term extension 7 2,183 2,183 10 14,851 14,851 Payment modification 10 3,593 3,593 9 2,759 2,759 Bankruptcy — — — — — — Other 5 945 945 — — — Total commercial non real estate 22 6,721 6,721 20 18,139 18,139 Agriculture Rate modification — — — — — — Term extension 5 2,755 2,755 6 2,008 2,008 Payment modification — — — 2 1,949 1,949 Bankruptcy — — — — — — Other — — — — — — Total agriculture 5 2,755 2,755 8 3,957 3,957 Consumer Rate modification — — — — — — Term extension — — — 1 3 3 Payment modification 4 21 21 — — — Bankruptcy — — — — — — Other 2 28 28 — — — Total consumer 6 49 49 1 3 3 Total accruing 61 $ 13,612 $ 13,612 49 $ 41,412 $ 41,412 Change in recorded investment due to principal paydown at time of modification — — — — — Change in recorded investment due to chargeoffs at time of modification — — — — — The following table presents a summary of all non-accruing loans restructured in TDRs during the years ended September 30, 2014 and 2013: Year ended September 30, 2014 Year ended September 30, 2013 ($ in thousands) Number Recorded Investment Number Recorded Investment Pre- Modification Post- Modification Pre- Modification Post- Modification Residential real estate Rate modification 5 $ 119 $ 119 — $ — $ — Term extension 13 351 351 15 638 638 Payment modification 6 219 219 — — — Bankruptcy 7 275 275 2 336 336 Other 11 425 425 2 147 147 Total residential real estate 42 1,389 1,389 19 1,121 1,121 Commercial real estate Rate modification 3 1,618 1,618 2 310 310 Term extension 2 4,031 4,031 7 2,448 2,448 Payment modification — — — 7 17,578 17,578 Bankruptcy — — — 3 3,162 3,162 Other 1 87 87 — — — Total commercial real estate 6 5,736 5,736 19 23,498 23,498 Commercial Non Real Estate Rate modification — — — 1 1,067 1,067 Term extension 10 438 438 8 1,127 1,127 Payment modification 1 36 36 3 2,051 1,416 Bankruptcy 1 10 10 — — — Other — — — — — — Total commercial non real estate 12 484 484 12 4,245 3,610 Agriculture Rate modification — — — — — — Term extension 3 831 831 3 768 768 Payment modification — — — 4 6,196 6,196 Bankruptcy — — — — — — Other 2 511 511 — — — Total agriculture 5 1,342 1,342 7 6,964 6,964 Consumer Rate modification — — — 2 11 11 Term extension 2 15 15 5 30 30 Payment modification 1 2 2 — — — Bankruptcy — — — — — — Other 2 9 9 — — — Total consumer 5 26 26 7 41 41 Total non-accruing 70 $ 8,977 $ 8,977 64 $ 35,869 $ 35,234 Change in recorded investment due to principal paydown at time of modification — — — — — — Change in recorded investment due to chargeoffs at time of modification — — — 1 $ 635 — For the years ended September 30, 2014 and 2013, the table below represents defaults on loans that were first modified during the respective fiscal year, that became 90 days or more delinquent or were charged-off during the respective fiscal year. ($ in thousands) Years Ended September 30, 2014 Years Ended September 30, 2013 Number of Loans Recorded Investment Number of Loans Recorded Investment Residential real estate 11 $ 419 5 $ 647 Commercial real estate — — 7 4,401 Commercial non real estate 8 313 1 1,067 Agriculture 2 935 6 5,739 Consumer 1 — — — 22 $ 1,667 19 $ 11,854 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Receivables [Abstract] | ||
Allowance for credit losses on financing receivables | The following tables presents the Company’s allowance for loan losses roll forward for the three and six month periods ended March 31, 2015 and 2014. Three Months Ended March 31, 2015 Residential Commercial Commercial Agriculture Consumer Other Total Beginning balance January 1, 2015 $ 7,567 $ 17,722 $ 14,625 $ 10,920 $ 201 $ 785 $ 51,820 Charge-offs (63 ) (1,570 ) (8,440 ) (27 ) (19 ) (403 ) (10,522 ) Recoveries 70 26 983 22 23 325 1,449 Provision 160 (389 ) 8,789 1,307 (17 ) 120 9,970 (Impairment) improvement of loans acquired with deteriorated credit quality (239 ) (53 ) — — 1 — (291 ) Ending balance March 31, 2015 $ 7,495 $ 15,736 $ 15,957 $ 12,222 $ 189 $ 827 $ 52,426 Three Months Ended March 31, 2014 Residential Commercial Commercial Agriculture Consumer Other Total Beginning balance January 1, 2014 $ 11,854 $ 22,292 $ 11,552 $ 9,256 $ 390 $ 725 $ 56,069 Charge-offs (207 ) (3,194 ) (838 ) (2,086 ) (96 ) (486 ) (6,907 ) Recoveries 21 433 (128 ) (2 ) 31 326 681 Provision (216 ) (2,536 ) 1,380 735 37 100 (500 ) (Impairment) improvement of loans acquired with deteriorated credit quality (1,175 ) 608 (1,691 ) — 68 — (2,190 ) Ending balance March 31, 2014 $ 10,277 $ 17,603 $ 10,275 $ 7,903 $ 430 $ 665 $ 47,153 Six Months Ended March 31, 2015 Residential Commercial Commercial Agriculture Consumer Other Total Beginning balance October 1, 2014 $ 8,342 $ 16,884 $ 10,550 $ 10,655 $ 264 $ 823 $ 47,518 Charge-offs (120 ) (1,652 ) (8,524 ) (27 ) (57 ) (831 ) (11,211 ) Recoveries 113 95 2,143 79 47 644 3,121 Provision (190 ) 346 11,788 1,515 (41 ) 191 13,609 (Impairment) improvement of loans acquired with deteriorated credit quality (650 ) 63 — — (24 ) — (611 ) Ending balance March 31, 2015 $ 7,495 $ 15,736 $ 15,957 $ 12,222 $ 189 $ 827 $ 52,426 Six Months Ended March 31, 2014 Residential Commercial Commercial Agriculture Consumer Other Total Beginning balance October 1, 2013 $ 11,779 $ 22,562 $ 11,222 $ 9,296 $ 312 $ 693 $ 55,864 Charge-offs (437 ) (3,194 ) (999 ) (2,086 ) (152 ) (956 ) (7,824 ) Recoveries 96 1,024 759 15 67 717 2,678 Provision 14 (3,397 ) 734 678 135 211 (1,625 ) (Impairment) improvement of loans acquired with deteriorated credit quality (1,175 ) 608 (1,441 ) — 68 — (1,940 ) Ending balance March 31, 2014 $ 10,277 $ 17,603 $ 10,275 $ 7,903 $ 430 $ 665 $ 47,153 The following tables provide details regarding the allowance for loan and lease losses and balance by type of allowance. These tables (in thousands) are presented net of unamortized discount on acquired loans and excludes loans measured at fair value with changes in fair value reported in earnings of $1,060.6 million, loans held for sale of $9.0 million, and guaranteed loans of $112.3 million for March 31, 2015 and loans measured at fair value with changes in fair value reported in earnings of $985.4 million, loans held for sale of $10.4 million, and guaranteed loans of $106.5 million for September 30, 2014. As of March 31, 2015 Residential Commercial Commercial Agriculture Consumer Other Total Allowance for loan losses Individually evaluated for impairment $ 2,721 $ 1,691 $ 6,894 $ 3,007 $ 52 $ — $ 14,365 Collectively evaluated for impairment 2,640 11,274 9,063 9,215 137 827 33,156 Loans acquired with deteriorated credit quality 2,134 709 — — — — 2,843 Loans acquired without deteriorated credit quality — 2,062 — — — — 2,062 Total allowance $ 7,495 $ 15,736 $ 15,957 $ 12,222 $ 189 $ 827 $ 52,426 Financing Receivables Individually evaluated for impairment $ 9,669 $ 62,020 $ 39,900 $ 36,407 $ 177 $ — $ 148,173 Collectively evaluated for impairment 677,091 2,138,649 1,134,073 1,350,998 76,625 35,433 5,412,869 Loans acquired with deteriorated credit quality 93,277 27,834 5,348 1,595 1,466 — 129,520 Loans acquired without deteriorated credit quality 105,259 74,794 8,026 16,102 1,662 — 205,843 Loans Outstanding $ 885,296 $ 2,303,297 $ 1,187,347 $ 1,405,102 $ 79,930 $ 35,433 $ 5,896,405 As of September 30, 2014 Residential Commercial Commercial Agriculture Consumer Other Total Allowance for loan losses Individually evaluated for impairment $ 2,528 $ 1,953 $ 3,909 $ 1,152 $ 51 $ — $ 9,593 Collectively evaluated for impairment 3,030 12,034 6,641 9,503 188 823 32,219 Loans acquired with deteriorated credit quality 2,784 645 — — 25 — 3,454 Loans acquired without deteriorated credit quality — 2,252 — — — — 2,252 Total allowance $ 8,342 $ 16,884 $ 10,550 $ 10,655 $ 264 $ 823 $ 47,518 Financing Receivables Individually evaluated for impairment $ 9,384 $ 38,457 $ 28,298 $ 25,655 $ 166 $ — $ 101,960 Collectively evaluated for impairment 649,970 1,874,474 1,224,035 1,319,343 85,065 34,243 5,187,130 Loans acquired with deteriorated credit quality 102,987 49,202 6,361 1,746 1,843 — 162,139 Loans acquired without deteriorated credit quality 117,630 95,323 7,409 17,655 2,825 — 240,842 Loans Outstanding $ 879,971 $ 2,057,456 $ 1,266,103 $ 1,364,399 $ 89,899 $ 34,243 $ 5,692,071 | The following table presents the Company’s allowance for loan losses roll forward and respective loan balances for 2014 and 2013. This table (in thousands) is presented net of unamortized discount on acquired loans and excludes loans measured at fair value with changes in fair value reported in earnings of $985.41 million, loans held for sale of $10.38 million, and guaranteed loans of $106.46 million for 2014 and loans measured at fair value with changes in fair value reported in earnings of $841.86 million, loans held for sale of $8.27 million, and guaranteed loans of $104.04 million for 2013. As of September 30, 2014 Residential Real Estate Commercial Real Estate Commercial Non Real Estate Agriculture Consumer Other Total Allowance for loan losses Beginning balance October 1, 2013 $ 11,779 $ 22,562 $ 11,222 $ 9,296 $ 312 $ 693 $ 55,864 Charge-offs (631 ) (3,199 ) (5,380 ) (2,429 ) (211 ) (1,893 ) (13,743 ) Recoveries 233 1,470 1,439 58 156 1,357 4,713 Provision (788 ) (4,114 ) 4,980 3,730 (18 ) 666 4,456 Impairment of loans acquired with deteriorated credit quality (2,251 ) 165 (1,711 ) — 25 — (3,772 ) Ending balance September 30, 2014 $ 8,342 $ 16,884 $ 10,550 $ 10,655 $ 264 $ 823 $ 47,518 Ending balance: individually evaluated for impairment $ 2,528 $ 1,953 $ 3,909 $ 1,152 $ 51 $ — $ 9,593 Ending balance: collectively evaluated for impairment $ 3,030 $ 12,034 $ 6,641 $ 9,503 $ 188 $ 823 $ 32,219 Ending balance: loans acquired with deteriorated credit quality $ 2,784 $ 645 $ — $ — $ 25 $ — $ 3,454 Ending balance: loans acquired without deteriorated credit quality $ — $ 2,252 $ — $ — $ — $ — $ 2,252 Financing receivables Ending balance $ 879,971 $ 2,057,456 $ 1,266,103 $ 1,364,399 $ 89,899 $ 34,243 $ 5,692,071 Ending balance: individually evaluated for impairment $ 9,384 $ 38,457 $ 28,298 $ 25,655 $ 166 $ — $ 101,960 Ending balance: collectively evaluated for impairment $ 649,970 $ 1,874,474 $ 1,224,035 $ 1,319,343 $ 85,065 $ 34,243 $ 5,187,130 Ending balance: loans acquired with deteriorated credit quality $ 102,987 $ 49,202 $ 6,361 $ 1,746 $ 1,843 $ — $ 162,139 Ending balance: loans acquired without deteriorated credit quality $ 117,630 $ 95,323 $ 7,409 $ 17,655 $ 2,825 $ — $ 240,842 As of September 30, 2013 Residential Real Estate Commercial Real Estate Commercial Non Real Estate Agricultural Consumer Other Total Allowance for loan losses Beginning balance October 1, 2012 $ 14,761 $ 30,234 $ 18,979 $ 6,906 $ 542 $ 456 $ 71,878 Charge-offs (1,766 ) (19,648 ) (3,636 ) (4,069 ) (244 ) (1,851 ) (31,214 ) Recoveries 279 689 1,206 22 396 1,034 3,626 Provision 1,043 10,925 (5,427 ) 6,437 (382 ) 1,054 13,650 Impairment of loans acquired with deteriorated credit quality (2,538 ) 362 100 — — — (2,076 ) Ending balance September 30, 2013 $ 11,779 $ 22,562 $ 11,222 $ 9,296 $ 312 $ 693 $ 55,864 Ending balance: individually evaluated for impairment $ 3,212 $ 5,095 $ 5,594 $ 3,016 $ 90 $ — $ 17,007 Ending balance: collectively evaluated for impairment $ 3,533 $ 16,986 $ 3,897 $ 6,280 $ 222 $ 693 $ 31,611 Ending balance: loans acquired with deteriorated credit quality $ 5,034 $ 481 $ 1,731 $ — $ — $ — $ 7,246 Ending balance: loans acquired without deteriorated credit quality $ — $ — $ — $ — $ — $ — $ — Financing receivables Ending balance $ 885,245 $ 1,926,828 $ 1,191,500 $ 1,295,661 $ 100,803 $ 24,711 $ 5,424,748 Ending balance: individually evaluated for impairment $ 8,917 $ 77,620 $ 27,527 $ 23,719 $ 292 $ — $ 138,075 Ending balance: collectively evaluated for impairment $ 589,104 $ 1,623,274 $ 1,136,611 $ 1,240,281 $ 91,178 $ 24,711 $ 4,705,159 Ending balance: loans acquired with deteriorated credit quality $ 129,905 $ 85,022 $ 8,179 $ — $ 3,202 $ — $ 226,308 Ending balance: loans acquired without deteriorated credit quality $ 157,319 $ 140,912 $ 19,183 $ 31,661 $ 6,131 $ — $ 355,206 |
Accounting for Certain Loans 43
Accounting for Certain Loans Acquired with Deteriorated Credit Quality (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Text Block [Abstract] | ||
Troubled Debt Restructurings on Financing Receivables | The re-assessment of purchased impaired loans resulted in the following changes in the accretable yield during the three and six months ended March 31, 2015 and 2014 (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Balance at beginning of period $ 46,342 $ 58,411 $ 50,889 $ 67,660 Accretion (3,222 ) (4,944 ) (8,009 ) (9,374 ) Reclassification from nonaccretable difference 311 2,948 631 2,948 Disposals — — (80 ) (4,819 ) Balance at end of period 43,431 56,415 43,431 56,415 | The re-assessment of purchased impaired loans resulted in the following changes in the accretable yield during 2014 and 2013 (in thousands): Balance at September 30, 2012 $ 93,859 Accretion (29,674 ) Reclassification from nonaccretable difference 6,815 Disposals (3,340 ) Balance at September 30, 2013 67,660 Accretion (18,204 ) Reclassification from nonaccretable difference 6,252 Disposals (4,819 ) Balance at September 30, 2014 $ 50,889 |
FDIC Indemnification Asset (Tab
FDIC Indemnification Asset (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Text Block [Abstract] | ||
FDIC indemnification asset roll forward | The following table represents a summary of the activity related to the FDIC indemnification asset for the three and six months ended March 31, 2015 and 2014 (in thousands): Three Months Ended March 31, Six Months Ended March 31, 2015 2014 2015 2014 Balance at beginning of period $ 22,162 $ 41,756 $ 26,678 $ 45,690 Amortization (2,060 ) (4,662 ) (4,593 ) (7,947 ) Changes in expected reimbursements from FDIC for changes in expected credit losses 2 (382 ) (190 ) (408 ) Changes in reimbursable expenses (207 ) 1,437 (363 ) 2,805 Payments to/(from) the FDIC (2 ) (374 ) (1,637 ) (2,365 ) Balance at end of period $ 19,895 $ 37,775 $ 19,895 $ 37,775 | The following table represents a summary of the activity related to the FDIC indemnification asset for the years ended September 2014 and 2013 (in thousands): 2014 2013 Balance at beginning of year $ 45,690 $ 68,662 Amortization (14,604 ) (14,758 ) Changes in expected reimbursements from FDIC for changes in expected credit losses 2,148 522 Changes in reimbursable expenses 2,358 (3,453 ) Payments to/(from) the FDIC (8,914 ) (5,283 ) Balance at end of year $ 26,678 $ 45,690 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2014 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | The major classes of premises and equipment and the total amount of accumulated depreciation as of September 30, 2014 and 2013, are as follows (in thousands): 2014 2013 Land $ 22,539 $ 23,238 Buildings and building improvements 85,370 88,171 Furniture and equipment 32,117 42,721 Construction in progress 144 55 140,170 154,185 Accumulated depreciation (36,463 ) (39,805 ) $ 103,707 $ 114,380 |
Derivative Financial Instrume46
Derivative Financial Instruments (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Schedule of Derivative Positions, Notional Amounts | The following table summarizes the notional amounts and estimated fair values of the Company’s derivative instruments at March 31, 2015 and September 30, 2014 (in thousands). March 31, 2015 Notional Balance Sheet Positive Fair Negative Fair Derivatives not designated as hedging instruments: Interest rate swaps $ 1,045,934 Liabilities $ 71 $ (48,858 ) Mortgage loan commitments 37,394 Assets 27 — Mortgage loan forward sale contracts 44,485 Liabilities — (27 ) September 30, 2014 Notional Amount Balance Sheet Location Positive Fair Value Negative Fair Value Derivatives not designated as hedging instruments: Interest rate swaps $ 986,440 Liabilities $ 6,213 $ (19,286 ) Mortgage loan commitments 22,563 Assets 19 — Mortgage loan forward sale contracts 28,459 Liabilities — (19 ) | The following table summarizes the notional amounts and estimated fair values of the Company’s derivative instruments at September 30, 2014 and 2013 (in thousands). 2014 Notional Amount Balance Sheet Location Positive Fair Value Negative Fair Value Derivatives not designated as hedging instruments: Interest rate swaps $ 986,440 Liabilities $ 6,213 $ (19,286 ) Mortgage loan commitments 22,563 Assets 19 — Mortgage loan forward sale contracts 28,459 Liabilities — (19 ) 2013 Notional Amount Balance Sheet Location Positive Fair Value Negative Fair Value Derivatives not designated as hedging instruments: Interest rate swaps $ 864,040 Liabilities $ 12,404 $ (13,555 ) Mortgage loan commitments 16,040 Assets 375 — Mortgage loan forward sale contracts 21,881 Liabilities — (375 ) |
Schedule of derivative instruments, effect on other comprehensive income | The effect of derivatives on the consolidated statements of comprehensive income for the three and six months ended March 31, 2015 and 2014 (in thousands) was as follows: Amount of Gain (Loss) Recognized in Income Three Months Ended Six Months Ended Location of Gain (Loss) Recognized in Income March 31, March 31, March 31, March 31, Derivatives not designated as hedging instruments: Interest rate swaps Noninterest income $ (21,698 ) $ (12,436 ) $ (46,303 ) $ (7,599 ) Mortgage loan commitments Noninterest income 13 31 27 34 Mortgage loan forward sale contracts Noninterest income (13 ) (31 ) (27 ) (34 ) | The effect of derivatives on the consolidated statements of comprehensive income for the years ended September 30, 2014, 2013 and 2012 (in thousands) was as follows: Location of Gain (Loss) Recognized in Income Amount of Gain (Loss) Recognized 2014 2013 2012 Derivatives not designated as hedging instruments: Interest rate swaps Noninterest income $ (11,922 ) $ 40,305 $ (19,369 ) Mortgage loan commitments Noninterest income 19 375 (1,661 ) Mortgage loan forward sale contracts Noninterest income (19 ) (375 ) 1,661 |
Summary of Offsetting Assets | The following tables (in thousands) present the Company’s gross derivative financial assets and liabilities at March 31, 2015 and September 30, 2014, and the related impact of enforceable master netting arrangements and cash collateral, where applicable: Gross Amount Amount Offset Net Amount Presented in Consolidated Balance Sheets Held/Pledged Financial Instruments 1 Net Amount March 31, 2015 Derivative financial assets: Derivatives subject to master netting arrangement or similar arrangement $ 71 $ (71 ) $ — $ — $ — Derivative financial liabilities: Derivatives subject to master netting arrangement or similar arrangement (48,858 ) 71 (48,787 ) 48,787 — Total derivative financial liabilities $ (48,787 ) $ — $ (48,787 ) $ 48,787 $ — 1 The actual amount of collateral exceeds the fair value exposure, at the individual counterparty level, as of the date presented. Gross Amount Amount Net Amount Presented in Consolidated Held/Pledged Financial Instruments Net Amount September 30, 2014 Derivative financial assets: Derivatives subject to master netting arrangement or similar arrangement $ 6,213 $ (6,213 ) $ — $ — $ — Derivative financial liabilities: Derivatives subject to master netting arrangement or similar arrangement (19,286 ) 6,213 (13,073 ) 13,073 — Total derivative financial liabilities $ (13,073 ) $ — $ (13,073 ) $ 13,073 $ — | The following tables (in thousands) present the Company’s gross derivative financial assets and liabilities at September 30, 2014 and 2013, and the related impact of enforceable master netting arrangements and cash collateral, where applicable: Gross Amount Amount Offset Net Amount Presented in Consolidated Balance Sheets Held/Pledged Financial Instruments 1 Net Amount September 30, 2014 Derivative financial assets: Derivatives subject to master netting arrangement or similar arrangement $ 6,213 $ (6,213 ) $ — $ — $ — Derivative financial liabilities: Derivatives subject to master netting arrangement or similar arrangement (19,286 ) 6,213 (13,073 ) 13,073 — Total derivative financial liabilities $ (13,073 ) $ — $ (13,073 ) $ 13,073 $ — 1 The actual amount of collateral exceeds the fair value exposure, at the individual counterparty level, as of the date presented. Gross Amount Amount Offset Net Amount Presented in Consolidated Balance Sheets Held/Pledged Financial Instruments Net Amount September 30, 2013 Derivative financial assets: Derivatives subject to master netting arrangement or similar arrangement $ 12,404 $ (12,404 ) $ — $ — $ — Derivative financial liabilities: Derivatives subject to master netting arrangement or similar arrangement (13,555 ) 12,404 (1,151 ) — (1,151 ) Total derivative financial liabilities $ (1,151 ) $ — $ (1,151 ) $ — $ (1,151 ) |
Summary of Offsetting Liabilities | The following tables (in thousands) present the Company’s gross derivative financial assets and liabilities at March 31, 2015 and September 30, 2014, and the related impact of enforceable master netting arrangements and cash collateral, where applicable: Gross Amount Amount Offset Net Amount Presented in Consolidated Balance Sheets Held/Pledged Financial Instruments 1 Net Amount March 31, 2015 Derivative financial assets: Derivatives subject to master netting arrangement or similar arrangement $ 71 $ (71 ) $ — $ — $ — Derivative financial liabilities: Derivatives subject to master netting arrangement or similar arrangement (48,858 ) 71 (48,787 ) 48,787 — Total derivative financial liabilities $ (48,787 ) $ — $ (48,787 ) $ 48,787 $ — 1 The actual amount of collateral exceeds the fair value exposure, at the individual counterparty level, as of the date presented. Gross Amount Amount Net Amount Presented in Consolidated Held/Pledged Financial Instruments Net Amount September 30, 2014 Derivative financial assets: Derivatives subject to master netting arrangement or similar arrangement $ 6,213 $ (6,213 ) $ — $ — $ — Derivative financial liabilities: Derivatives subject to master netting arrangement or similar arrangement (19,286 ) 6,213 (13,073 ) 13,073 — Total derivative financial liabilities $ (13,073 ) $ — $ (13,073 ) $ 13,073 $ — | The following tables (in thousands) present the Company’s gross derivative financial assets and liabilities at September 30, 2014 and 2013, and the related impact of enforceable master netting arrangements and cash collateral, where applicable: Gross Amount Amount Offset Net Amount Presented in Consolidated Balance Sheets Held/Pledged Financial Instruments 1 Net Amount September 30, 2014 Derivative financial assets: Derivatives subject to master netting arrangement or similar arrangement $ 6,213 $ (6,213 ) $ — $ — $ — Derivative financial liabilities: Derivatives subject to master netting arrangement or similar arrangement (19,286 ) 6,213 (13,073 ) 13,073 — Total derivative financial liabilities $ (13,073 ) $ — $ (13,073 ) $ 13,073 $ — 1 The actual amount of collateral exceeds the fair value exposure, at the individual counterparty level, as of the date presented. Gross Amount Amount Offset Net Amount Presented in Consolidated Balance Sheets Held/Pledged Financial Instruments Net Amount September 30, 2013 Derivative financial assets: Derivatives subject to master netting arrangement or similar arrangement $ 12,404 $ (12,404 ) $ — $ — $ — Derivative financial liabilities: Derivatives subject to master netting arrangement or similar arrangement (13,555 ) 12,404 (1,151 ) — (1,151 ) Total derivative financial liabilities $ (1,151 ) $ — $ (1,151 ) $ — $ (1,151 ) |
The Fair Value Option (Tables)
The Fair Value Option (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Fair Value Disclosures [Abstract] | ||
Summary of Fair Value Option | Changes in fair value for items for which the fair value option has been elected and the line items in which these changes are reported are as follows for the three and six months ended March 31, 2015 and 2014 (in thousands): For the Three Months Ended For the Six Months Ended March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014 Noninterest Total Changes in Fair Value Noninterest Total Changes in Fair Value Noninterest Total Changes Noninterest Total Changes in Fair Value Long-term loans and written loan commitments $ 15,208 $ 15,208 $ 8,730 $ 8,730 $ 32,308 $ 32,308 $ (380 ) $ (380 ) | Changes in fair value for items for which the fair value option has been elected and the line items in which these changes are reported are as follows for the years ended September 30, 2014, 2013 and 2012 (in thousands): 2014 2013 2012 Noninterest Total Changes Noninterest Total Changes Noninterest Total Changes Long-term loans and written loan commitments $ 11,904 $ 11,904 $ (41,160 ) $ (41,160 ) $ 15,093 $ 15,093 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Sep. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the years ended September 30, 2014 and 2013, are as follows (in thousands): 2014 2013 Balance, beginning of year $ 697,807 $ 697,807 Arising from prior period purchases — — Arising from business acquisitions — — Balance, end of year $ 697,807 $ 697,807 |
Core Deposits and Other Intan49
Core Deposits and Other Intangibles (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Schedule of Finite-lived Intangible Assets | A summary of intangible assets subject to amortization is as follows (in thousands): Core Deposit Intangible Brand Intangible Customer Relationships Intangible Total As of March 31, 2015 Gross carrying amount $ 92,679 $ 8,464 $ 16,089 $ 117,232 Accumulated amortization (90,819 ) (3,854 ) (12,956 ) (107,629 ) Net intangible assets $ 1,860 $ 4,610 $ 3,133 $ 9,603 As of September 30, 2014 Gross carrying amount $ 92,679 $ 8,464 $ 16,089 $ 117,232 Accumulated amortization (87,423 ) (3,572 ) (12,008 ) (103,003 ) Net intangible assets $ 5,256 $ 4,892 $ 4,081 $ 14,229 | A summary of intangible assets subject to amortization is as follows (in thousands): Core Deposit Intangible Brand Intangible Customer Relationships Intangible Other Total As of September 30, 2014 Gross carrying amount $ 92,679 $ 8,464 $ 16,089 $ — $ 117,232 Accumulated amortization (87,423 ) (3,572 ) (12,008 ) — (103,003 ) $ 5,256 $ 4,892 $ 4,081 $ — $ 14,229 As of September 30, 2013 Gross carrying amount $ 92,679 $ 8,464 $ 16,089 $ — $ 117,232 Accumulated amortization (73,668 ) (3,008 ) (10,112 ) — (86,788 ) $ 19,011 $ 5,456 $ 5,977 $ — $ 30,444 |
Schedule of Finite-lived Intangible Assets, Future Amortization Expense | Estimated amortization expense of intangible assets in subsequent fiscal years is as follows (in thousands): Remaining in 2015 $ 2,484 2016 2,822 2017 1,097 2018 564 2019 564 2020 and thereafter 2,072 $ 9,603 | Estimated amortization expense of intangible assets in subsequent fiscal years is as follows (in thousands): 2015 $ 7,110 2016 2,822 2017 1,097 2018 564 2019 564 2020 and thereafter 2,072 $ 14,229 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Sep. 30, 2014 | |
Banking and Thrift [Abstract] | |
Composition of Deposits | The composition of deposits as of September 30, 2014 and 2013, is as follows (in thousands): 2014 2013 Noninterest-bearing demand $ 1,303,015 $ 1,199,427 NOW accounts, money market and savings 4,005,471 3,601,796 Time certificates, $100,000 or more 733,376 850,817 Other time certificates 1,010,318 1,296,168 $ 7,052,180 $ 6,948,208 |
Scheduled Maturities of Time Certificates | At September 30, 2014, the scheduled maturities of time certificates in subsequent fiscal years are as follows (in thousands): 2015 $ 1,137,736 2016 316,194 2017 132,565 2018 78,430 2019 36,359 2020 and thereafter 42,410 $ 1,743,694 |
FHLB Advances, Related Party 51
FHLB Advances, Related Party Notes Payable and Other Borrowings (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Federal Home Loan Banks [Abstract] | ||
Schedule of FHLB Advances and Other Borrowings | FHLB advances, related party notes payable, and other borrowings consist of the following at March 31, 2015 and September 30, 2014 (in thousands): March 31, September 30, Subordinated capital note to NAB New York (a branch of NAB), due June 2018 (callable June 2015), interest paid quarterly based on LIBOR plus 205 basis points, unsecured $ 35,795 $ 35,795 $10,000 revolving line of credit to NAB due on demand, interest paid monthly based on LIBOR plus 125 basis points, unsecured 5,500 5,500 Total related party notes payable 41,295 41,295 Notes payable to Federal Home Loan Bank (FHLB), interest rates from 0.21% to 3.66% and maturity dates from April 2015 to July 2023, collateralized by real estate loans and FHLB stock, with various call dates at the option of the FHLB 475,000 575,000 Other 19 94 Total FHLB advances and other borrowings 475,019 575,094 $ 516,314 $ 616,389 | FHLB advances, related party notes payable, and other borrowings consist of the following at September 30, 2014 and 2013 (in thousands): 2014 2013 Subordinated capital note to NAB New York (a branch of NAB), due June 2018 (callable June 2015), interest paid quarterly based on LIBOR plus 205 basis points, unsecured $ 35,795 $ 35,795 $10,000 revolving line of credit to NAB due on demand, interest paid monthly based on LIBOR plus 125 basis points, unsecured 5,500 5,500 Total related party notes payable 41,295 41,295 Notes payable to Federal Home Loan Bank (FHLB), interest rates from 0.21% to 3.66% and maturity dates from April 2015 to July 2023, collateralized by real estate loans and FHLB stock, with various call dates at the option of the FHLB 575,000 390,500 Other 94 107 Total FHLB advances and other borrowings 575,094 390,607 $ 616,389 $ 431,902 |
Schedule of FHLB Advances and Other Borrowings by Maturity Date | As of March 31, 2015, FHLB advances, related party notes payable and other borrowings are due or callable (whichever is earlier) in subsequent fiscal years as follows (in thousands): Remaining in 2015 $ 70,519 2016 90,000 2017 25,000 2018 60,795 2019 75,000 2020 and thereafter 195,000 $ 516,314 | As of September 30, 2014, FHLB advances, related party notes payable and other borrowings are due or callable (whichever is earlier) in subsequent fiscal years as follows (in thousands): 2015 $ 70,594 2016 90,000 2017 25,000 2018 60,795 2019 100,000 2020 and thereafter 270,000 $ 616,389 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||
Schedule of Income Tax Expense (Benefit) Components | The provision for income taxes charged to operations consists of the following for the three and six months ended March 31, 2015 and 2014 (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Currently paid or payable Federal $ 10,337 $ 10,994 $ 24,011 $ 26,960 State 1,484 1,288 3,477 3,957 11,821 12,282 27,488 30,917 Deferred tax (benefit) expense (2,101 ) 2,207 (4,066 ) (1,489 ) Income tax expense $ 9,720 $ 14,489 $ 23,422 $ 29,428 | The provision for income taxes charged to operations consists of the following for the years ended September 30, 2014 and 2013 (in thousands): 2014 2013 2012 Currently paid or payable Federal $ 58,172 $ 51,828 $ 51,677 State 8,638 8,158 7,200 66,810 59,986 58,877 Deferred tax (benefit) expense (12,463 ) (6,088 ) (14,719 ) Income tax expense $ 54,347 $ 53,898 $ 44,158 |
Schedule of Effective Income Tax Rate Reconciliation | The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income due to the following for the three and six months ended March 31, 2015 and 2014 (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Computed “expected” tax expense (35%) $ 10,305 $ 14,161 $ 24,445 $ 29,401 Increase (decrease) in income taxes resulting from: Tax exempt interest income (1,651 ) (1,174 ) (3,216 ) (2,276 ) State income taxes, net of federal benefit 965 837 2,260 2,572 Other 101 665 (67 ) (269 ) Actual tax expense $ 9,720 $ 14,489 $ 23,422 $ 29,428 | The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income due to the following for the years ended September 30, 2014 and 2013 (in thousands): 2014 2013 2012 Computed “expected” tax expense (35%) $ 55,754 $ 52,550 $ 41,004 Increase (decrease) in income taxes resulting from: Tax exempt interest income (4,926 ) (3,856 ) (2,348 ) State income taxes, net of federal benefit 5,615 5,303 4,680 Other (2,096 ) (99 ) 822 Actual tax expense $ 54,347 $ 53,898 $ 44,158 |
Schedule of Deferred Tax Assets and Liabilities | Net deferred tax assets (liabilities) consist of the following components at March 31, 2015 and September 30, 2014 (in thousands): March 31, 2015 September 30, 2014 Deferred tax assets: Allowance for loan losses $ 21,421 $ 19,683 Compensation 606 329 Net operating loss carryforward 94 119 Securities available for sale (1,310 ) 3,758 Other real estate owned 15,462 13,721 Core deposit intangible and other fair value adjustments 11,227 10,573 Excess tax basis of loans acquired over carrying value 8,438 9,595 Other 4,976 6,272 Total deferred tax assets 60,914 64,050 Deferred tax liabilities: Goodwill and other intangibles (3,707 ) (9,099 ) Premises and equipment (11,037 ) (4,390 ) Excess carrying value of FDIC indemnification asset and clawback liability (1,557 ) (4,280 ) Other (912 ) (1,578 ) Total deferred tax liabilities (17,213 ) (19,347 ) Net deferred tax assets $ 43,701 $ 44,703 | Net deferred tax assets (liabilities) consist of the following components at September 30, 2014 and 2013 (in thousands): 2014 2013 Deferred tax assets: Allowance for loan losses $ 19,683 $ 22,686 Compensation 329 320 Net operating loss carryforward 119 170 Securities available for sale 3,758 4,144 Other real estate owned 13,721 7,072 Core deposit intangible and other fair value adjustments 10,573 6,617 Excess tax basis of loans acquired over carrying value 9,595 10,879 Other 6,272 5,668 64,050 57,556 Deferred tax liabilities: Goodwill and other intangibles (9,099 ) (5,143 ) Securities available for sale — — Premises and equipment (4,390 ) (6,132 ) Excess carrying value of FDIC indemnification asset and clawback liability (4,280 ) (11,943 ) Other (1,578 ) (1,712 ) (19,347 ) (24,930 ) Net deferred tax assets (liabilities) $ 44,703 $ 32,626 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Sep. 30, 2014 | |
Banking and Thrift [Abstract] | |
Capital Amounts and Ratios | Capital amounts and ratios are presented in the following table (in thousands): Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of September 30, 2014 Total risk based capital (to risk-weighted assets): Consolidated $ 851,867 12.87 % $ 529,521 8.00 % N/A N/A Bank 861,392 13.02 % 529,273 8.00 % $ 661,591 10.00 % Tier 1 risk based capital (to risk-weighted assets): Consolidated 782,872 11.83 % 264,707 4.00 % N/A N/A Bank 813,874 12.30 % 264,674 4.00 % 397,012 6.00 % Tier 1 leverage capital (to average assets): Consolidated 782,872 9.10 % 344,120 4.00 % N/A N/A Bank 813,874 9.46 % 344,133 4.00 % 430,166 5.00 % As of September 30, 2013 Total risk based capital (to risk-weighted assets): Consolidated $ 846,689 13.80 % $ 490,865 8.00 % N/A N/A Bank 848,534 13.83 % 490,793 8.00 % $ 613,492 10.00 % Tier 1 risk based capital (to risk-weighted assets): Consolidated 762,189 12.42 % 245,433 4.00 % N/A N/A Bank 792,670 12.92 % 245,397 4.00 % 368,095 6.00 % Tier 1 leverage capital (to average assets): Consolidated 762,189 9.20 % 331,374 4.00 % N/A N/A Bank 792,670 9.45 % 335,348 4.00 % 419,185 5.00 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of commitments | A summary of the Company’s commitments as of September 30, 2014 and 2013, is as follows (in thousands): 2014 2013 Commitments to extend credit $ 1,939,544 $ 1,713,869 Letters of credit 54,381 51,893 |
Future Minimum Rental Payments for Operating Leases | Approximate future minimum rental payments for operating leases in excess of one year in subsequent fiscal years are as follows (in thousands): 2015 $ 3,463 2016 2,884 2017 2,394 2018 1,848 2019 974 2020 and thereafter 1,261 $ 12,824 |
Fair Value of Financial Instr55
Fair Value of Financial Instruments and Interest Rate Risk (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Fair Value Disclosures [Abstract] | ||
Schedule of Fair Value Measurements, Assets and Liabilities | The following table presents the fair value measurements of assets and liabilities recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2015 and September 30, 2014 (in thousands): Fair Value Level 1 Level 2 Level 3 As of March 31, 2015 U.S. Treasury securities $ 275,477 $ 275,477 $ — $ — U.S. Agency securities 74,801 — 74,801 — Mortgage-backed securities 1,044,021 — 1,044,021 — States and political subdivision securities 2,108 — 150 1,958 Corporate debt securities 5,062 — 5,062 — Other 1,039 — 1,039 — Securities available for sale $ 1,402,508 $ 275,477 $ 1,125,073 $ 1,958 Derivatives-assets $ 27 $ — $ 27 $ — Derivatives-liabilities 48,814 — 48,814 — Fair value loans and written loan commitments 1,060,598 — 1,060,598 — Fair Value Level 1 Level 2 Level 3 As of September 30, 2014 U.S. Treasury securities $ 222,725 $ 222,725 $ — $ — U.S. Agency securities — — — — Mortgage-backed securities 1,103,415 — 1,103,415 — States and political subdivision securities 2,189 — 160 2,029 Corporate debt securities 11,873 — 11,873 — Other 1,040 — 1,040 — Securities available for sale $ 1,341,242 $ 222,725 $ 1,116,488 $ 2,029 Derivatives-assets $ 19 $ — $ 19 $ — Derivatives-liabilities 13,092 — 13,092 — Fair value loans and written loan commitments 985,411 — 985,411 — | The following table presents the fair value measurements of assets and liabilities recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30 (in thousands): Fair Value Level 1 Level 2 Level 3 As of September 30, 2014 U.S. Treasury securities $ 222,725 $ 222,725 $ — $ — Mortgage-backed securities 1,103,415 — 1,103,415 — States and political subdivision securities 2,189 — 160 2,029 Corporate debt securities 11,873 — 11,873 — Other 1,040 — 1,040 — Securities available for sale $ 1,341,242 $ 222,725 $ 1,116,488 $ 2,029 Derivatives-assets $ 19 $ — $ 19 $ — Derivatives-liabilities 13,092 — 13,092 — Fair value loans and written loan commitments 985,411 — 985,411 — Fair Value Level 1 Level 2 Level 3 As of September 30, 2013 U.S. Treasury securities $ — $ — $ — $ — Mortgage-backed securities 1,459,444 — 1,459,444 — States and political subdivision securities 3,532 — 1,289 2,243 Corporate debt securities 12,013 — 12,013 — Other 5,460 — 5,460 — Securities available for sale $ 1,480,449 $ — $ 1,478,206 $ 2,243 Derivatives-assets $ 375 $ — $ 375 $ — Derivatives-liabilities 1,526 — 1,526 — Fair value loans and written loan commitments 841,862 — 841,862 — |
Schedule of Available-for-Sale Securities Reconciliation | The following table presents the changes in Level 3 financial instruments for the three months ended March 31, 2015 and 2014 (in thousands): Other Securities Balance as of December 31, 2014 $ 1,958 Principal paydown — Balance as of March 31, 2015 $ 1,958 Balance as of December 31, 2013 $ 2,243 Principal paydown — Balance as of March 31, 2014 $ 2,243 The following table presents the changes in Level 3 financial instruments for the six months ended March 31, 2015 and 2014 (in thousands): Other Securities Balance as of September 30, 2014 $ 2,029 Principal paydown (71 ) Balance as of March 31, 2015 $ 1,958 Balance as of September 30, 2013 $ 2,243 Principal paydown — Balance as of March 31, 2014 $ 2,243 | The following table presents the changes in Level 3 financial instruments for the years ended September 30, 2014 and 2013 (in thousands): Other Securities Balance at September 30, 2012 $ 3,852 Principal paydown (1,609 ) Balance at September 30, 2013 $ 2,243 Principal paydown (214 ) Balance at September 30, 2014 $ 2,029 |
Mortgage Loans Held-for-Sale, Fair Value Measurement | The following tables present the fair value measurement of assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2015 and September 30, 2014 (in thousands): Fair Value Level 1 Level 2 Level 3 As of March 31, 2015 Other real estate owned $ 25,162 $ — $ — $ 25,162 Impaired loans 161,904 — — 161,904 Loans held for sale, at lower of cost or fair value 9,006 — 9,006 — As of September 30, 2014 Other real estate owned $ 36,879 $ — $ — $ 36,879 Impaired loans 111,265 — — 111,265 Loans held for sale, at lower of cost or fair value 10,381 — 10,381 — | The following tables present the fair value measurement of assets and liabilities measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2014 and 2013 (in thousands): Fair Value Level 1 Level 2 Level 3 As of September 30, 2014 Other real estate owned $ 36,879 $ — $ — $ 36,879 Impaired loans 111,265 — — 111,265 Loans held for sale, at lower of cost or fair value 10,381 — 10,381 — As of September 30, 2013 Other real estate owned $ 40,723 $ — $ — $ 40,723 Impaired loans 154,512 — — 154,512 Loans held for sale, at lower of cost or fair value 8,271 — 8,271 — |
Mortgage Loans Held-for-Sale, Recurring and Nonrecurring Fair Value Measurements | The valuation techniques and significant unobservable inputs used to measure Level 3 fair value measurements at March 31, 2015 were as follows (in thousands): Financial Instrument Fair Value of Valuation Technique(s) Unobservable Input Range Weighted Average Other real estate owned $ 25,162 Appraisal value Property specific adjustment N/A N/A Impaired loans $ 161,904 Appraisal value Property specific adjustment N/A N/A | The valuation techniques and significant unobservable inputs used to measure Level 3 fair value measurements at September 30, 2014 were as follows: Financial Instrument Fair Value of Assets / (Liabilities) at September 30, 2014 Valuation Technique(s) Unobservable Input Range Weighted Average Other real estate owned $ 36,879 Appraisal value Property specific adjustment N/A N/A Impaired loans $ 111,265 Appraisal value Property specific adjustment N/A N/A |
Fair Value, by Balance Sheet Grouping | Fair values for balance sheet instruments as of March 31, 2015 and September 30, 2014, are as follows (in thousands): March 31, 2015 September 30, 2014 Level in Fair Hierarchy Carrying Fair Value Carrying Fair Value Assets Cash and due from banks Level 1 $ 358,440 $ 358,440 $ 256,639 $ 256,639 Loans, net excluding fair valued loans and loans held for sale Level 3 5,950,437 5,935,242 5,744,157 5,734,274 Accrued interest receivable Level 2 37,933 37,933 42,609 42,609 Federal Home Loan Bank stock Level 2 31,810 31,810 35,922 35,922 Liabilities Deposits Level 3 $ 7,487,698 $ 7,499,432 $ 7,052,180 $ 7,057,591 FHLB advances, related party notes payable, and other borrowings Level 2 516,314 510,339 616,389 604,615 Securities sold under repurchase agreements Level 2 163,343 163,343 161,687 161,687 Accrued interest payable Level 2 4,469 4,469 5,273 5,273 Subordinated debentures Level 2 56,083 56,084 56,083 56,084 | Fair values for balance sheet instruments as of September 30, 2014 and 2013, are as follows (in thousands): 2014 2013 Level in Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Assets Cash and due from banks Level 1 $ 256,639 $ 256,639 $ 282,157 $ 282,157 Loans, net excluding fair valued loans and loans held for sale Level 3 5,744,157 5,734,274 5,456,676 5,420,963 Accrued interest receivable Level 2 42,609 42,609 41,065 41,065 Federal Home Loan Bank stock Level 2 35,922 35,922 28,765 28,765 Liabilities Deposits Level 3 $ 7,052,180 $ 7,057,591 $ 6,948,208 $ 6,959,936 FHLB advances, related party notes payable, and other borrowings Level 2 616,389 604,615 431,902 421,593 Securities sold under repurchase agreements Level 2 161,687 161,687 217,562 217,562 Accrued interest payable Level 2 5,273 5,273 6,790 6,790 Subordinated debentures Level 2 56,083 56,084 56,083 56,084 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||
Schedule of Basic and Diluted Earnings per Share | The following information was used in the computation of basic earnings per share (EPS) for the three and six months ended March 31, 2015 and 2014 (in thousands except share data). Three Months Ended March 31, Six Months Ended March 31, 2015 2014 2015 2014 Net income $ 19,724 $ 25,971 $ 46,421 $ 54,575 Weighted average common shares outstanding 57,898,335 57,886,114 57,897,059 57,886,114 Dilutive effect of stock based compensation 18,467 — 9,234 — Weighted average common shares outstanding for diluted earnings per share calculation 57,916,802 57,886,114 57,906,293 57,886,114 Basic earnings per share $ 0.34 $ 0.45 $ 0.80 $ 0.94 Diluted earnings per share $ 0.34 $ 0.45 $ 0.80 $ 0.94 | The following information was used in the computation of basic earnings per share (EPS) for the years ended September 30, 2014 and 2013 (in thousands except share data). 2014 2013 2012 Basic earnings per share computation: Net income $ 104,952 $ 96,243 $ 72,995 Weighted average common shares outstanding 57,886,114 57,886,114 57,886,114 Basic EPS $ 1.81 $ 1.66 $ 1.26 |
Parent Company Only Financial57
Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Sep. 30, 2014 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets (In thousands) September 30, 2014 2013 Assets Cash and due from banks $ 5,753 $ 6,710 Investment in subsidiaries 1,508,175 1,503,778 Investment in affiliates 1,683 1,683 Accrued interest receivable 2 2 Net deferred tax assets 416 413 Other assets 7,469 14,521 Total assets $ 1,523,498 $ 1,527,107 Liabilities and stockholder’s equity Related party notes payable $ 41,295 $ 41,295 Subordinated debentures 56,083 56,083 Accrued interest payable 115 113 Income taxes payable 4,915 12,390 Accrued expenses and other liabilities — 12 Total liabilities 102,408 109,893 Stockholder’s equity Common stock 579 579 Additional paid-in capital 1,260,124 1,260,124 Retained earnings 166,544 163,592 Accumulated other comprehensive income (loss) (6,157 ) (7,081 ) Total stockholder’s equity 1,421,090 1,417,214 Total liabilities and stockholder’s equity $ 1,523,498 $ 1,527,107 |
Condensed Statements of Comprehensive Income | Condensed Statements of Comprehensive Income (In thousands) Years Ended September 30, 2014 2013 2012 Income Dividends from subsidiary bank $ 105,000 $ 49,900 $ 45,800 Dividends on securities 257 112 264 Other 40 40 66 Total income 105,297 50,052 46,130 Expenses Interest on related party notes payable 921 950 1,007 Interest on subordinated debentures 1,315 1,347 1,436 Salaries and employee benefits 661 906 1,655 Professional fees 1,080 135 120 Other 1,834 2,388 1,770 Total expense 5,811 5,726 5,988 Income before income tax and equity in undistributed net income of subsidiaries 99,486 44,326 40,142 Benefit for income taxes 1,993 1,955 2,057 Income before equity in undistributed net income of subsidiaries 101,479 46,281 42,199 Equity in undistributed net income of subsidiaries 3,473 49,962 30,796 Net income $ 104,952 $ 96,243 $ 72,995 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows (In thousands) Year Ended September 30, 2014 2013 2012 Operating Activities Net income $ 104,952 $ 96,243 $ 72,995 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization — — 1 Deferred income taxes (7,478 ) 750 (1,817 ) Changes in: Other assets 7,052 (875 ) 9,213 Accrued interest and other liabilities (10 ) (558 ) 369 Equity in undistributed net income of subsidiaries (3,473 ) (49,962 ) (30,796 ) Net cash provided by operating activities 101,043 45,598 49,965 Financing Activities Net change in note payable to NAB — — (7,000 ) Dividends paid (102,000 ) (41,400 ) (41,800 ) Net cash used in financing activities (102,000 ) (41,400 ) (48,800 ) Change in cash and due from banks (957 ) 4,198 1,165 Cash and due from banks, beginning of year 6,710 2,512 1,347 Cash and due from banks, end of year $ 5,753 $ 6,710 $ 2,512 |
Selected Quarterly Financial 58
Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results | The following is a summary of quarterly results (in thousands except per share data): Fiscal Year 2014 Fourth Quarter Third Quarter Second Quarter First Quarter Interest and dividend income $ 90,941 $ 87,878 $ 84,886 $ 88,771 Interest expense 7,715 7,778 7,929 8,630 Net interest income 83,226 80,100 76,957 80,141 Provision for loan losses 2,749 1,500 (2,690 ) (875 ) Noninterest income 8,501 10,314 10,140 10,826 Noninterest expense 48,318 54,278 49,327 48,299 Net income $ 27,875 $ 22,502 $ 25,971 $ 28,604 Earnings per share $ 0.48 $ 0.39 $ 0.45 $ 0.49 Fiscal Year 2013 Fourth Quarter Third Quarter Second Quarter First Quarter Interest and dividend income $ 87,092 $ 88,156 $ 85,581 $ 88,805 Interest expense 8,812 9,206 9,942 11,201 Net interest income 78,280 78,950 75,639 77,604 Provision for loan losses (2,460 ) 3,500 534 10,000 Noninterest income 12,802 12,934 15,933 18,163 Noninterest expense 53,003 50,277 53,780 51,530 Net income $ 26,323 $ 24,318 $ 23,918 $ 21,684 Earnings per share $ 0.46 $ 0.42 $ 0.41 $ 0.37 |
Changes in the Presentation o59
Changes in the Presentation of Results for Loans at Fair Value and Related Derivatives (Tables) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ||
Schedule of Error Corrections and Prior Period Adjustments | The following table reflects the impact of the matter described above on previously filed financial statements: Previously Reported Currently Reported Interest Income Noninterest Income Six months ended March 31, 2014 Realized gain on derivatives $ (8,678 ) $ (8,678 ) Six months ended March 31, 2013 Realized gain (loss) on derivatives $ (6,668 ) $ (6,668 ) Twelve months ended September 30, 2014 Realized gain (loss) on derivatives $ (18,255 ) $ (18,255 ) Twelve months ended September 30, 2013 Realized gain (loss) on derivatives $ (14,217 ) $ (14,217 ) Twelve months ended September 30, 2012 Realized gain (loss) on derivatives $ (9,931 ) $ (9,931 ) The following table reflects the impact of the matter described above on previously filed financial statements: Previously Reported Currently Reported Interest Noninterest Noninterest Income Six months ended March 31, 2014 Unrealized gain (loss) on derivatives $ — $ (1,078 ) $ — $ (1,078 ) Loan fair value change related to interest rates 1,078 — 1,078 — Loan fair value change related to credit quality (698 ) — (698 ) — $ 380 $ (1,078 ) $ 380 $ (1,078 ) Six months ended March 31, 2013 Unrealized gain (loss) on derivatives $ — $ (14,124 ) $ — $ (14,124 ) Loan fair value change related to interest rates 14,124 — 14,124 — Loan fair value change related to credit quality (396 ) — (396 ) — $ 13,728 $ (14,124 ) $ 13,728 $ (14,124 ) Twelve months ended September 30, 2014 Unrealized gain (loss) on derivatives $ — $ 11,922 $ — $ 11,922 Loan fair value change related to interest rates (11,922 ) — (11,922 ) — Loan fair value change related to credit quality 18 — 18 — $ (11,904 ) $ 11,922 $ (11,904 ) $ 11,922 Twelve months ended September 30, 2013 Unrealized gain (loss) on derivatives $ — $ (40,305 ) $ — $ (40,305 ) Loan fair value change related to interest rates 40,305 — 40,305 — Loan fair value change related to credit quality 855 — 855 — $ 41,160 $ (40,305 ) $ 41,160 $ (40,305 ) Twelve months ended September 30, 2012 Unrealized gain (loss) on derivatives $ — $ 19,369 $ — $ 19,369 Loan fair value change related to interest rates (19,369 ) — (19,369 ) — Loan fair value change related to credit quality 4,276 — 4,276 — $ (15,093 ) $ 19,369 $ (15,093 ) $ 19,369 | The following table reflects the impact of the matter described above on previously filed financial statements: Previously Reported Currently Reported Interest Income Noninterest Income Twelve months ended September 30, 2014 Realized gain (loss) on derivatives $ (18,255 ) $ (18,255 ) Twelve months ended September 30, 2013 Realized gain (loss) on derivatives $ (14,217 ) $ (14,217 ) Twelve months ended September 30, 2012 Realized gain (loss) on derivatives $ (9,931 ) $ (9,931 ) The following table reflects the impact of the matter described above on previously filed financial statements: Previously Reported Currently Reported Interest Noninterest Noninterest Income Twelve months ended September 30, 2014 Unrealized gain (loss) on derivatives $ — $ 11,922 $ — $ 11,922 Loan fair value change related to interest rates (11,922 ) — (11,922 ) — Loan fair value change related to credit quality 18 — 18 — $ (11,904 ) $ 11,922 $ (11,904 ) $ 11,922 Twelve months ended September 30, 2013 Unrealized gain (loss) on derivatives $ — $ (40,305 ) $ — $ (40,305 ) Loan fair value change related to interest rates 40,305 — 40,305 — Loan fair value change related to credit quality 855 — 855 — $ 41,160 $ (40,305 ) $ 41,160 $ (40,305 ) Twelve months ended September 30, 2012 Unrealized gain (loss) on derivatives $ — $ 19,369 $ — $ 19,369 Loan fair value change related to interest rates (19,369 ) — (19,369 ) — Loan fair value change related to credit quality 4,276 — 4,276 — $ (15,093 ) $ 19,369 $ (15,093 ) $ 19,369 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-Based Compensation, Restricted Stock Units Award Activity | The following is a summary of the Plans’ restricted share and performance-based stock award activity as of March 31, 2015: Common Shares Weighted-Average Restricted Shares Restricted shares, October 1, 2014 — $ — Granted 79,728 18.05 Vested and issued — — Forfeited (556 ) 18.00 Canceled — — Restricted shares, March 31, 2015 79,172 $ 18.05 Vested, but not issuable at March 31, 2015 12,221 $ 18.00 Performance Shares Performance shares, October 1, 2014 — $ — Granted 221,184 18.00 Vested and issued — — Forfeited (4,736 ) 18.00 Canceled — — Performance shares, March 31, 2015 216,448 $ 18.00 |
Nature of Operation and Summary
Nature of Operation and Summary of Significant Accounting Policies - (Narrative) (Detail) | Oct. 20, 2014USD ($)shares | Oct. 17, 2014shares | Oct. 10, 2014shares | Jul. 09, 2014USD ($) | Sep. 30, 2014USD ($)Segmentshares | Sep. 30, 2013USD ($)shares | Sep. 30, 2012USD ($) | Mar. 31, 2015shares |
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Number of reportable segment | Segment | 1 | |||||||
Equity contribution, prior to the formation transactions | $ | $ 100 | |||||||
Common stock conversion ratio | 578,861.14 | |||||||
Common stock, shares outstanding | 57,886,114 | 57,886,114 | 57,886,114 | 57,886,114 | ||||
Common stock, shares issued | 57,886,114 | 57,886,114 | 57,886,114 | 57,886,114 | ||||
Common stock stock split, description | 578,861.14-for-1 | |||||||
Long-lived assets impairments | $ | $ 0 | $ 0 | $ 0 | |||||
Goodwill impairment | $ | 0 | 0 | 0 | |||||
Intangible asset impairment | $ | $ 0 | $ 0 | $ 0 | |||||
Minimum | ||||||||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Maturity period of fixed rate loans | 5 years | |||||||
Maximum | ||||||||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Maturity period of fixed rate loans | 15 years | |||||||
Building and Building Improvements | Minimum | ||||||||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Premises and equipment, estimated useful life | 10 years | |||||||
Building and Building Improvements | Maximum | ||||||||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Premises and equipment, estimated useful life | 40 years | |||||||
Furniture and Fixtures | Minimum | ||||||||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Premises and equipment, estimated useful life | 3 years | |||||||
Furniture and Fixtures | Maximum | ||||||||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Premises and equipment, estimated useful life | 10 years | |||||||
Employee [Member] | Performance shares | ||||||||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Shares granted | 216,724 | |||||||
Employee [Member] | Restricted shares | ||||||||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Shares granted | 65,834 | |||||||
Non Employee Director | Performance shares | ||||||||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Shares granted | 6,666 | |||||||
Non Employee Director | Restricted shares | ||||||||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Shares granted | 12,221 | |||||||
Initial Public Offering | National Australia Bank Limited | ||||||||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Common stock, shares outstanding | 39,486,114 | |||||||
Share issued | 18,400,000 | |||||||
Proceeds from sale of stock | $ | $ 312,160,000 |
Summary of Methods and Lives us
Summary of Methods and Lives used to Amortize Intangible Assets (Detail) | 12 Months Ended |
Sep. 30, 2014 | |
Core Deposit Intangible | |
Finite-Lived Intangible Assets [Line Items] | |
Finite lived intangible assets, amortization method | Straight-line or effective yield |
Core Deposit Intangible | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite lived intangible assets, estimated lives | 4 years 9 months |
Core Deposit Intangible | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite lived intangible assets, estimated lives | 6 years 2 months 12 days |
Brand Intangible | |
Finite-Lived Intangible Assets [Line Items] | |
Finite lived intangible assets, amortization method | Straight-line |
Finite lived intangible assets, estimated lives | 15 years |
Customer Relationships | |
Finite-Lived Intangible Assets [Line Items] | |
Finite lived intangible assets, amortization method | Straight-line |
Finite lived intangible assets, estimated lives | 8 years 6 months |
Other Intangible Assets | |
Finite-Lived Intangible Assets [Line Items] | |
Finite lived intangible assets, amortization method | Straight-line |
Finite lived intangible assets, estimated lives | 5 years |
Restrictions on Cash and Due 63
Restrictions on Cash and Due from Banks (Detail) - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Cash and Cash Equivalents [Abstract] | |||
Reserve balances | $ 40,200 | $ 50,400 | $ 52,660 |
Securities Available for Sale -
Securities Available for Sale - Amortized Cost and Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | |||
Amortized | $ 1,399,087 | $ 1,351,157 | $ 1,491,674 |
Gross Unrealized Gains | 8,546 | 4,846 | 9,803 |
Gross Unrealized Losses | (5,125) | (14,761) | (21,028) |
Fair Value | 1,402,508 | 1,341,242 | 1,480,449 |
U.S. Treasury securities | |||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | |||
Amortized | 271,753 | 222,868 | 0 |
Gross Unrealized Gains | 3,724 | 31 | 0 |
Gross Unrealized Losses | 0 | (174) | 0 |
Fair Value | 275,477 | 222,725 | 0 |
U.S. Agency securities | |||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | |||
Amortized | 74,345 | 0 | |
Gross Unrealized Gains | 456 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | 74,801 | 0 | |
States and political subdivision securities | |||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | |||
Amortized | 2,107 | 2,188 | 3,513 |
Gross Unrealized Gains | 1 | 1 | 19 |
Gross Unrealized Losses | 0 | 0 | 0 |
Fair Value | 2,108 | 2,189 | 3,532 |
Corporate debt securities | |||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | |||
Amortized | 4,996 | 11,732 | 11,889 |
Gross Unrealized Gains | 66 | 141 | 133 |
Gross Unrealized Losses | 0 | 0 | (9) |
Fair Value | 5,062 | 11,873 | 12,013 |
Other | |||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | |||
Amortized | 1,006 | 1,006 | 5,449 |
Gross Unrealized Gains | 33 | 34 | 17 |
Gross Unrealized Losses | 0 | 0 | (6) |
Fair Value | 1,039 | 1,040 | 5,460 |
Government National Mortgage Association | Mortgage backed-securities, Issued by US Government | |||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | |||
Amortized | 945,299 | 1,113,363 | 1,470,822 |
Gross Unrealized Gains | 4,266 | 4,639 | 9,634 |
Gross Unrealized Losses | (4,469) | (14,587) | (21,013) |
Fair Value | 945,096 | 1,103,415 | 1,459,443 |
Federal National Mortgage Association | Mortgage backed-securities, Issued by US Government | |||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | |||
Amortized | 48,495 | 0 | 1 |
Gross Unrealized Gains | 0 | 0 | 0 |
Gross Unrealized Losses | (129) | 0 | 0 |
Fair Value | 48,366 | 0 | $ 1 |
Small Business Assistance Program | Mortgage backed-securities, Issued by US Government | |||
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | |||
Amortized | 51,086 | 0 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | (527) | 0 | |
Fair Value | $ 50,559 | $ 0 |
Securities Available for Sale65
Securities Available for Sale - Schedule of Available For Sale Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Amortized Cost | |||
Due in one year or less | $ 76,162 | $ 7,207 | $ 1,497 |
Due after one year through five years | 272,043 | 223,282 | 6,988 |
Due after five years through ten years | 4,996 | 6,299 | 6,917 |
Due after ten years | 0 | 0 | |
Amortized Cost | 353,201 | 236,788 | 15,402 |
Securities without contractual maturities, Amortized Cost | 1,006 | 1,006 | 5,449 |
Amortized Cost | 1,399,087 | 1,351,157 | 1,491,674 |
Fair Value | |||
Due in one year or less | 76,620 | 7,218 | 1,514 |
Due after one year through five years | 275,766 | 223,140 | 7,123 |
Due after five years through ten years | 5,062 | 6,429 | 6,908 |
Due after ten years | 0 | 0 | |
Fair Value | 357,448 | 236,787 | 15,545 |
Securities without contractual maturities, Fair Value | 1,039 | 1,040 | 5,460 |
Fair Value | 1,402,508 | 1,341,242 | 1,480,449 |
Mortgage-backed securities | |||
Amortized Cost | |||
Amortized Cost | 1,044,880 | 1,113,363 | 1,470,823 |
Fair Value | |||
Fair Value | $ 1,044,021 | $ 1,103,415 | $ 1,459,444 |
Securities Available for Sale66
Securities Available for Sale - (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Investments, Debt and Equity Securities [Abstract] | |||||||
Proceeds from sale of available-for-sale securities | $ 0 | $ 4,500 | $ 55,100 | $ 4,500 | $ 47,310 | $ 72,440 | $ 542,800 |
Available-for-sale securities, gross realized gains | 0 | 0 | 600 | 0 | 950 | 1,700 | 7,670 |
Available-for-sale securities, gross realized losses | 0 | $ 0 | 500 | $ 0 | 860 | 780 | $ 360 |
Securities pledged as collateral | $ 1,174,900 | $ 1,174,900 | $ 1,132,300 | $ 1,090,370 | |||
Percentage of investment portfolio in continuous loss position | 40.00% | 40.00% | 64.00% | 62.00% | |||
Federal home loan bank stock | $ 31,800 | $ 31,800 | $ 35,920 | $ 28,770 |
Securities Available for Sale67
Securities Available for Sale - Schedule of Gross Unrealized Losses (Detail) - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than 12 months, Fair Value | $ 83,704 | $ 122,969 | $ 856,780 |
12 months or more, Fair Value | 479,290 | 730,171 | 61,767 |
Fair Value | 562,994 | 853,140 | 918,547 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than 12 months, Unrealized | (656) | (299) | (19,478) |
12 months or more, Unrealized | (4,469) | (14,462) | (1,550) |
Unrealized | (5,125) | (14,761) | (21,028) |
U.S. Treasury securities | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than 12 months, Fair Value | 0 | 98,344 | |
12 months or more, Fair Value | 0 | 0 | |
Fair Value | 0 | 98,344 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than 12 months, Unrealized | 0 | (174) | |
12 months or more, Unrealized | 0 | 0 | |
Unrealized | 0 | (174) | |
U.S. Agency securities | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than 12 months, Fair Value | 0 | 0 | |
12 months or more, Fair Value | 0 | 0 | |
Fair Value | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than 12 months, Unrealized | 0 | 0 | |
12 months or more, Unrealized | 0 | 0 | |
Unrealized | 0 | 0 | |
Mortgage-backed securities | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than 12 months, Fair Value | 83,704 | 24,625 | 852,344 |
12 months or more, Fair Value | 479,290 | 730,171 | 56,781 |
Fair Value | 562,994 | 754,796 | 909,125 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than 12 months, Unrealized | (656) | (125) | (19,469) |
12 months or more, Unrealized | (4,469) | (14,462) | (1,544) |
Unrealized | (5,125) | (14,587) | (21,013) |
Corporate debt securities | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than 12 months, Fair Value | 0 | 0 | 4,436 |
12 months or more, Fair Value | 0 | 0 | 0 |
Fair Value | 0 | 0 | 4,436 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than 12 months, Unrealized | 0 | 0 | (9) |
12 months or more, Unrealized | 0 | 0 | 0 |
Unrealized | 0 | 0 | (9) |
Other | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than 12 months, Fair Value | 0 | 0 | 0 |
12 months or more, Fair Value | 0 | 0 | 4,986 |
Fair Value | 0 | 0 | 4,986 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than 12 months, Unrealized | 0 | 0 | 0 |
12 months or more, Unrealized | 0 | 0 | (6) |
Unrealized | $ 0 | $ 0 | $ (6) |
Securities Available for Sale68
Securities Available for Sale - Unrealized Gain (Loss) On Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | |||||||
Beginning balance accumulated other comprehensive income (loss) | $ (3,042) | $ (13,535) | $ (6,157) | $ (7,081) | $ (7,081) | $ 19,111 | $ 16,542 |
Net unrealized holding gain (loss) arising during the period | 8,312 | 10,020 | 13,285 | (389) | 1,400 | (40,651) | 11,376 |
Reclassification adjustment for net gain realized in net income | 0 | (6) | (51) | (6) | (90) | (917) | (7,305) |
Net change in unrealized gain (loss) before income taxes | 1,310 | (41,568) | 4,071 | ||||
Net change in unrealized gain (loss) before income taxes | 8,312 | 10,014 | 13,234 | (395) | |||
Income tax (expense) benefit | (3,159) | (3,693) | (4,966) | 262 | (386) | 15,376 | (1,502) |
Net change in unrealized gain (loss) on securities after taxes | 5,153 | 6,321 | 8,268 | (133) | 924 | (26,192) | 2,569 |
Ending balance accumulated other comprehensive income (loss) | $ 2,111 | $ (7,214) | $ 2,111 | $ (7,214) | $ (6,157) | $ (7,081) | $ 19,111 |
Loans - Schedule of Financing R
Loans - Schedule of Financing Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total financing receivables, gross | $ 7,100,060 | $ 6,819,977 | $ 6,413,635 | ||||
Allowance for loan losses | (52,426) | $ (51,820) | (47,518) | $ (47,153) | $ (56,069) | (55,864) | $ (71,878) |
Unamortized discount on acquired loans | (21,774) | (25,638) | (34,717) | ||||
Unearned net deferred fees and costs and loans in process | (5,821) | (6,872) | (16,245) | ||||
Total financing receivables, net | 7,020,039 | 6,739,949 | 6,306,809 | ||||
Residential real estate | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total financing receivables, gross | 905,114 | 901,605 | 906,469 | ||||
Allowance for loan losses | (7,495) | (7,567) | (8,342) | (10,277) | (11,854) | (11,779) | (14,761) |
Commercial Real Estate | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total financing receivables, gross | 2,673,255 | 2,541,194 | 2,311,974 | ||||
Allowance for loan losses | (15,736) | (17,722) | (16,884) | (17,603) | (22,292) | (22,562) | (30,234) |
Commercial non real estate | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total financing receivables, gross | 1,657,856 | 1,571,640 | 1,481,756 | ||||
Allowance for loan losses | (15,957) | (14,625) | (10,550) | (10,275) | (11,552) | (11,222) | (18,979) |
Agriculture | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total financing receivables, gross | 1,748,366 | 1,681,209 | 1,587,248 | ||||
Allowance for loan losses | (12,222) | (10,920) | (10,655) | (7,903) | (9,256) | (9,296) | (6,906) |
Consumer | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total financing receivables, gross | 80,036 | 90,086 | 101,477 | ||||
Allowance for loan losses | (189) | (201) | (264) | (430) | (390) | (312) | (542) |
Other | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total financing receivables, gross | 35,433 | 34,243 | 24,711 | ||||
Allowance for loan losses | $ (827) | $ (785) | $ (823) | $ (665) | $ (725) | $ (693) | $ (456) |
Loans - Narrative (Detail)
Loans - Narrative (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans covered by FDIC loss share agreements | $ 187,649 | $ 187,649 | $ 234,036 | $ 347,408 | ||
Loan held for sale | 9,006 | 9,006 | 10,381 | 8,271 | ||
Loans and written loan commitments at fair value under the fair value option | 1,060,598 | 1,060,598 | 985,411 | 841,862 | ||
Unamortized discount on acquired loans | 6,500 | 6,500 | 6,268 | 5,190 | ||
Loans in process | (700) | (700) | 600 | 11,050 | ||
Loans guaranteed by U.S. Government Agencies | 5,896,405 | 5,896,405 | 5,692,071 | 5,424,748 | ||
Principal balances of residential real estate loans sold | 69,600 | $ 33,700 | 133,900 | $ 87,800 | 214,250 | 450,010 |
Interest income recognized on impaired loans | 1,800 | 2,100 | 4,800 | 3,300 | 5,870 | 7,870 |
Valuation adjustments made to repossessed properties | 2,200 | $ 500 | 4,300 | $ 1,000 | 9,690 | 4,030 |
Specific reserves included in the allowance for loan losses for TDRs | 2,700 | 2,700 | 3,180 | 6,430 | ||
Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and written loan commitments at fair value under the fair value option | 1,060,598 | 1,060,598 | 985,411 | 841,860 | ||
Loans Guaranteed by US Government Authorities | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans guaranteed by U.S. Government Agencies | $ 112,300 | $ 112,300 | $ 106,500 | $ 104,040 |
Loans - Past Due Loans (Detail)
Loans - Past Due Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual loans, excluding loans covered under FDIC loss-sharing arrangements | $ 46,512 | $ 43,945 | $ 81,501 |
Financing receivables, net of unamortized discount on acquired loans | 5,830,035 | 5,574,881 | 5,189,650 |
Loans covered by FDIC loss sharing agreements | 187,649 | 234,036 | 347,408 |
Total | 6,017,684 | 5,808,917 | 5,537,058 |
Residential real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual loans, excluding loans covered under FDIC loss-sharing arrangements | 7,690 | 6,671 | 8,746 |
Financing receivables, net of unamortized discount on acquired loans | 782,544 | 764,754 | 727,855 |
Loans covered by FDIC loss sharing agreements | 113,578 | 127,115 | 167,835 |
Total | 896,122 | 891,869 | 895,690 |
Commercial Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual loans, excluding loans covered under FDIC loss-sharing arrangements | 10,836 | 20,767 | 57,652 |
Financing receivables, net of unamortized discount on acquired loans | 2,292,179 | 2,003,838 | 1,808,112 |
Loans covered by FDIC loss sharing agreements | 63,268 | 95,467 | 150,745 |
Total | 2,355,447 | 2,099,305 | 1,958,857 |
Commercial non real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual loans, excluding loans covered under FDIC loss-sharing arrangements | 9,015 | 4,908 | 6,641 |
Financing receivables, net of unamortized discount on acquired loans | 1,229,587 | 1,312,658 | 1,224,092 |
Loans covered by FDIC loss sharing agreements | 8,925 | 9,390 | 28,163 |
Total | 1,238,512 | 1,322,048 | 1,252,255 |
Agriculture | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual loans, excluding loans covered under FDIC loss-sharing arrangements | 18,860 | 11,453 | 8,236 |
Financing receivables, net of unamortized discount on acquired loans | 1,410,408 | 1,369,549 | 1,304,217 |
Loans covered by FDIC loss sharing agreements | 1,832 | 2,004 | 525 |
Total | 1,412,240 | 1,371,553 | 1,304,742 |
Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual loans, excluding loans covered under FDIC loss-sharing arrangements | 111 | 146 | 226 |
Financing receivables, net of unamortized discount on acquired loans | 79,884 | 89,839 | 100,663 |
Loans covered by FDIC loss sharing agreements | 46 | 60 | 140 |
Total | 79,930 | 89,899 | 100,803 |
Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 35,433 | 34,243 | 24,711 |
Loans covered by FDIC loss sharing agreements | 0 | 0 | 0 |
Total | 35,433 | 34,243 | 24,711 |
Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 25,456 | 32,753 | 28,569 |
Loans covered by FDIC loss sharing agreements | 7,726 | 6,940 | 11,800 |
Total | 33,182 | 39,693 | 40,369 |
Past Due | Residential real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 5,325 | 3,867 | 6,522 |
Past Due | Commercial Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 7,297 | 15,253 | 10,228 |
Past Due | Commercial non real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 8,228 | 8,733 | 4,361 |
Past Due | Agriculture | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 4,325 | 4,589 | 7,009 |
Past Due | Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 281 | 311 | 449 |
Past Due | Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 0 | 0 | 0 |
Past Due | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 9,127 | 13,746 | 2,840 |
Loans covered by FDIC loss sharing agreements | 4,744 | 1,960 | 1,307 |
Total | 13,871 | 15,706 | 4,147 |
Past Due | 30-59 Days Past Due | Residential real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 1,909 | 675 | 625 |
Past Due | 30-59 Days Past Due | Commercial Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 165 | 11,050 | 431 |
Past Due | 30-59 Days Past Due | Commercial non real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 3,344 | 1,761 | 1,342 |
Past Due | 30-59 Days Past Due | Agriculture | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 3,491 | 16 | 102 |
Past Due | 30-59 Days Past Due | Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 218 | 244 | 340 |
Past Due | 30-59 Days Past Due | Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 0 | 0 | 0 |
Past Due | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 3,528 | 8,044 | 5,416 |
Loans covered by FDIC loss sharing agreements | 214 | 1,252 | 3,861 |
Total | 3,742 | 9,296 | 9,277 |
Past Due | 60-89 Days Past Due | Residential real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 562 | 611 | 955 |
Past Due | 60-89 Days Past Due | Commercial Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 2,316 | 819 | 158 |
Past Due | 60-89 Days Past Due | Commercial non real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 622 | 6,228 | 198 |
Past Due | 60-89 Days Past Due | Agriculture | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 0 | 368 | 4,040 |
Past Due | 60-89 Days Past Due | Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 28 | 18 | 65 |
Past Due | 60-89 Days Past Due | Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 0 | 0 | 0 |
Past Due | Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 12,801 | 10,963 | 20,313 |
Loans covered by FDIC loss sharing agreements | 2,768 | 3,728 | 6,632 |
Total | 15,569 | 14,691 | 26,945 |
Past Due | Greater Than 90 Days | Residential real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 2,854 | 2,581 | 4,942 |
Past Due | Greater Than 90 Days | Commercial Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 4,816 | 3,384 | 9,639 |
Past Due | Greater Than 90 Days | Commercial non real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 4,262 | 744 | 2,821 |
Past Due | Greater Than 90 Days | Agriculture | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 834 | 4,205 | 2,867 |
Past Due | Greater Than 90 Days | Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 35 | 49 | 44 |
Past Due | Greater Than 90 Days | Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 0 | 0 | 0 |
Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 5,804,579 | 5,542,128 | 5,161,081 |
Loans covered by FDIC loss sharing agreements | 179,923 | 227,096 | 335,608 |
Total | 5,984,502 | 5,769,224 | 5,496,689 |
Current | Residential real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 777,219 | 760,887 | 721,333 |
Current | Commercial Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 2,284,882 | 1,988,585 | 1,797,884 |
Current | Commercial non real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 1,221,359 | 1,303,925 | 1,219,731 |
Current | Agriculture | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 1,406,083 | 1,364,960 | 1,297,208 |
Current | Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | 79,603 | 89,528 | 100,214 |
Current | Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing receivables, net of unamortized discount on acquired loans | $ 35,433 | $ 34,243 | $ 24,711 |
Loans - Composition of the Loan
Loans - Composition of the Loan Portfolio by Internal Risk Rating (Detail) - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | $ 5,830,035 | $ 5,574,881 | $ 5,189,650 |
Loans covered by FDIC loss sharing agreements | 187,649 | 234,036 | 347,408 |
Total | 6,017,684 | 5,808,917 | 5,537,058 |
Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 5,284,331 | 5,159,494 | 4,821,839 |
Watchlist | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 384,448 | 287,723 | 219,039 |
Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 156,475 | 125,830 | 139,182 |
Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 4,722 | 1,659 | 9,590 |
Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 59 | 175 | 0 |
Residential real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 782,544 | 764,754 | 727,855 |
Loans covered by FDIC loss sharing agreements | 113,578 | 127,115 | 167,835 |
Total | 896,122 | 891,869 | 895,690 |
Residential real estate | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 765,058 | 747,485 | 707,859 |
Residential real estate | Watchlist | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 5,248 | 5,320 | 5,779 |
Residential real estate | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 11,759 | 11,290 | 13,039 |
Residential real estate | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 428 | 659 | 1,178 |
Residential real estate | Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 51 | 0 | 0 |
Commercial Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 2,292,179 | 2,003,838 | 1,808,112 |
Loans covered by FDIC loss sharing agreements | 63,268 | 95,467 | 150,745 |
Total | 2,355,447 | 2,099,305 | 1,958,857 |
Commercial Real Estate | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 2,122,618 | 1,867,866 | 1,652,694 |
Commercial Real Estate | Watchlist | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 105,838 | 84,132 | 72,924 |
Commercial Real Estate | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 63,540 | 51,692 | 78,244 |
Commercial Real Estate | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 183 | 148 | 4,250 |
Commercial Real Estate | Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 0 | 0 | 0 |
Commercial non real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 1,229,587 | 1,312,658 | 1,224,092 |
Loans covered by FDIC loss sharing agreements | 8,925 | 9,390 | 28,163 |
Total | 1,238,512 | 1,322,048 | 1,252,255 |
Commercial non real estate | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 1,093,867 | 1,218,558 | 1,144,131 |
Commercial non real estate | Watchlist | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 96,724 | 65,628 | 52,576 |
Commercial non real estate | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 36,627 | 27,499 | 23,538 |
Commercial non real estate | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 2,369 | 798 | 3,847 |
Commercial non real estate | Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 0 | 175 | 0 |
Agriculture | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 1,410,408 | 1,369,549 | 1,304,217 |
Loans covered by FDIC loss sharing agreements | 1,832 | 2,004 | 525 |
Total | 1,412,240 | 1,371,553 | 1,304,742 |
Agriculture | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 1,188,111 | 1,202,145 | 1,192,357 |
Agriculture | Watchlist | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 176,266 | 132,262 | 87,596 |
Agriculture | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 44,290 | 35,107 | 23,963 |
Agriculture | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 1,741 | 35 | 301 |
Agriculture | Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 0 | 0 | 0 |
Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 79,884 | 89,839 | 100,663 |
Loans covered by FDIC loss sharing agreements | 46 | 60 | 140 |
Total | 79,930 | 89,899 | 100,803 |
Consumer | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 79,244 | 89,197 | 100,087 |
Consumer | Watchlist | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 372 | 381 | 164 |
Consumer | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 259 | 242 | 398 |
Consumer | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 1 | 19 | 14 |
Consumer | Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 8 | 0 | 0 |
Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 35,433 | 34,243 | 24,711 |
Loans covered by FDIC loss sharing agreements | 0 | 0 | 0 |
Total | 35,433 | 34,243 | 24,711 |
Other | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 35,433 | 34,243 | 24,711 |
Other | Watchlist | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 0 | 0 | 0 |
Other | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 0 | 0 | 0 |
Other | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | 0 | 0 | 0 |
Other | Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total financing receivables | $ 0 | $ 0 | $ 0 |
Loans - Impaired Financing Rece
Loans - Impaired Financing Receivables (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | $ 173,670 | $ 142,592 | $ 178,968 |
Unpaid Principal Balance | 184,051 | 153,665 | 203,183 |
Related Allowance | 14,438 | 9,679 | 17,277 |
Average Recorded Investment | 158,132 | 160,781 | 173,389 |
Residential real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 12,332 | 12,107 | 15,037 |
Unpaid Principal Balance | 12,452 | 12,737 | 16,815 |
Related Allowance | 2,721 | 2,529 | 3,217 |
Average Recorded Investment | 12,220 | 13,572 | 15,716 |
Commercial Real Estate | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 73,729 | 62,155 | 106,824 |
Unpaid Principal Balance | 75,381 | 64,597 | 123,523 |
Related Allowance | 1,753 | 2,017 | 5,341 |
Average Recorded Investment | 67,942 | 84,490 | 106,780 |
Commercial non real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 41,310 | 32,522 | 31,132 |
Unpaid Principal Balance | 49,834 | 37,882 | 32,557 |
Related Allowance | 6,905 | 3,927 | 5,607 |
Average Recorded Investment | 36,916 | 31,827 | 34,817 |
Agriculture | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 46,031 | 35,528 | 25,563 |
Unpaid Principal Balance | 46,059 | 37,958 | 29,632 |
Related Allowance | 3,007 | 1,155 | 3,022 |
Average Recorded Investment | 40,780 | 30,546 | 15,522 |
Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 268 | 280 | 412 |
Unpaid Principal Balance | 325 | 491 | 656 |
Related Allowance | 52 | 51 | 90 |
Average Recorded Investment | $ 274 | $ 346 | $ 554 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructurings on Accruing and Nonaccrual Financing Receivables (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2015USD ($)Contract | Mar. 31, 2014USD ($)Contract | Mar. 31, 2015USD ($)Contract | Mar. 31, 2014USD ($)Contract | Sep. 30, 2014USD ($)Contract | Sep. 30, 2013USD ($)Contract | |
Accruing | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Recorded value of TDR balance | $ 58,122 | $ 58,122 | $ 36,857 | $ 39,130 | ||
Change in recorded investment due to principal paydown at time of modification, number of contracts | Contract | 0 | 0 | 0 | 0 | 0 | 0 |
Change in recorded investment due to chargeoffs at time of modification, number of contracts | Contract | 1 | 0 | 1 | 0 | 0 | 0 |
Change in recorded investment due to principal paydown at time of modification, pre-modification | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Change in recorded investment due to principal paydown at time of modification, post-modification | 0 | 0 | 0 | 0 | 0 | 0 |
Change in recorded investment due to chargeoffs at time of modification, pre-modification | 90 | 0 | 90 | 0 | 0 | 0 |
Change in recorded investment due to chargeoffs at time of modification, post-modification | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Financing receivable, modifications, number of contracts | Contract | 13 | 7 | 17 | 18 | 61 | 49 |
Financing receivable, modifications, pre-modification recorded investment | $ 7,219 | $ 451 | $ 27,957 | $ 4,117 | $ 13,612 | $ 41,412 |
Financing receivable, modifications, post-modification recorded investment | 7,129 | $ 451 | 27,867 | $ 4,117 | 13,612 | 41,412 |
Accruing | Residential real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Recorded value of TDR balance | $ 618 | $ 618 | $ 1,112 | $ 662 | ||
Financing receivable, modifications, number of contracts | Contract | 2 | 0 | 2 | 4 | 23 | 8 |
Financing receivable, modifications, pre-modification recorded investment | $ 36 | $ 0 | $ 36 | $ 219 | $ 1,067 | $ 668 |
Financing receivable, modifications, post-modification recorded investment | 36 | $ 0 | 36 | $ 219 | 1,067 | 668 |
Accruing | Commercial Real Estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Recorded value of TDR balance | $ 45,160 | $ 45,160 | $ 25,177 | $ 29,373 | ||
Financing receivable, modifications, number of contracts | Contract | 6 | 0 | 8 | 1 | 5 | 12 |
Financing receivable, modifications, pre-modification recorded investment | $ 4,248 | $ 0 | $ 23,130 | $ 1,070 | $ 3,020 | $ 18,645 |
Financing receivable, modifications, post-modification recorded investment | 4,158 | $ 0 | 23,040 | $ 1,070 | 3,020 | 18,645 |
Accruing | Commercial non real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Recorded value of TDR balance | $ 10,165 | $ 10,165 | $ 6,753 | $ 4,769 | ||
Financing receivable, modifications, number of contracts | Contract | 4 | 4 | 6 | 9 | 22 | 20 |
Financing receivable, modifications, pre-modification recorded investment | $ 2,929 | $ 429 | $ 4,785 | $ 2,796 | $ 6,721 | $ 18,139 |
Financing receivable, modifications, post-modification recorded investment | 2,929 | $ 429 | 4,785 | $ 2,796 | 6,721 | 18,139 |
Accruing | Agriculture | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Recorded value of TDR balance | $ 2,159 | $ 2,159 | $ 3,780 | $ 4,326 | ||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 5 | 8 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 2,755 | $ 3,957 |
Financing receivable, modifications, post-modification recorded investment | 0 | $ 0 | 0 | $ 0 | 2,755 | 3,957 |
Accruing | Consumer | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Recorded value of TDR balance | $ 20 | $ 20 | $ 35 | $ 0 | ||
Financing receivable, modifications, number of contracts | Contract | 1 | 3 | 1 | 4 | 6 | 1 |
Financing receivable, modifications, pre-modification recorded investment | $ 6 | $ 22 | $ 6 | $ 32 | $ 49 | $ 3 |
Financing receivable, modifications, post-modification recorded investment | $ 6 | $ 22 | $ 6 | $ 32 | $ 49 | $ 3 |
Accruing | Rate modification | Residential real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 1 | 0 | 1 | 0 | 0 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 15 | $ 0 | $ 15 | $ 0 | $ 0 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 15 | $ 0 | $ 15 | $ 0 | $ 0 | $ 0 |
Accruing | Rate modification | Commercial Real Estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 0 | 2 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 990 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 990 |
Accruing | Rate modification | Commercial non real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 1 | 0 | 0 | 1 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 32 | $ 0 | $ 0 | $ 529 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 32 | $ 0 | $ 0 | $ 529 |
Accruing | Rate modification | Agriculture | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 0 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Accruing | Rate modification | Consumer | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 0 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Accruing | Term extension | Residential real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 2 | 6 | 7 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 74 | $ 206 | $ 663 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 74 | $ 206 | $ 663 |
Accruing | Term extension | Commercial Real Estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 1 | 0 | 1 | 0 | 3 | 7 |
Financing receivable, modifications, pre-modification recorded investment | $ 90 | $ 0 | $ 90 | $ 0 | $ 109 | $ 4,158 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 109 | $ 4,158 |
Accruing | Term extension | Commercial non real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 3 | 1 | 3 | 4 | 7 | 10 |
Financing receivable, modifications, pre-modification recorded investment | $ 2,879 | $ 35 | $ 2,879 | $ 1,734 | $ 2,183 | $ 14,851 |
Financing receivable, modifications, post-modification recorded investment | $ 2,879 | $ 35 | $ 2,879 | $ 1,734 | $ 2,183 | $ 14,851 |
Accruing | Term extension | Agriculture | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 5 | 6 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 2,755 | $ 2,008 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 2,755 | $ 2,008 |
Accruing | Term extension | Consumer | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 0 | 1 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 3 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 3 |
Accruing | Payment modification | Residential real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 1 | 6 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 15 | $ 474 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 15 | $ 474 | $ 0 |
Accruing | Payment modification | Commercial Real Estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 4 | 0 | 6 | 1 | 2 | 3 |
Financing receivable, modifications, pre-modification recorded investment | $ 3,660 | $ 0 | $ 22,542 | $ 1,070 | $ 2,911 | $ 13,497 |
Financing receivable, modifications, post-modification recorded investment | $ 3,660 | $ 0 | $ 22,542 | $ 1,070 | $ 2,911 | $ 13,497 |
Accruing | Payment modification | Commercial non real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 1 | 2 | 2 | 4 | 10 | 9 |
Financing receivable, modifications, pre-modification recorded investment | $ 50 | $ 67 | $ 1,874 | $ 735 | $ 3,593 | $ 2,759 |
Financing receivable, modifications, post-modification recorded investment | $ 50 | $ 67 | $ 1,874 | $ 735 | $ 3,593 | $ 2,759 |
Accruing | Payment modification | Agriculture | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 0 | 2 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,949 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,949 |
Accruing | Payment modification | Consumer | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 2 | 0 | 2 | 4 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 4 | $ 0 | $ 4 | $ 21 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 4 | $ 0 | $ 4 | $ 21 | $ 0 |
Accruing | Bankruptcy | Residential real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 1 | 9 | 1 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 130 | $ 338 | $ 5 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 130 | $ 338 | $ 5 |
Accruing | Bankruptcy | Commercial Real Estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 1 | 0 | 1 | 0 | 0 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 498 | $ 0 | $ 498 | $ 0 | $ 0 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 498 | $ 0 | $ 498 | $ 0 | $ 0 | $ 0 |
Accruing | Bankruptcy | Commercial non real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 0 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Accruing | Bankruptcy | Agriculture | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 0 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Accruing | Bankruptcy | Consumer | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 1 | 0 | 1 | 0 | 0 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 6 | $ 0 | $ 6 | $ 0 | $ 0 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 6 | $ 0 | $ 6 | $ 0 | $ 0 | $ 0 |
Accruing | Other | Residential real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 1 | 0 | 1 | 0 | 2 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 21 | $ 0 | $ 21 | $ 0 | $ 49 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 21 | $ 0 | $ 21 | $ 0 | $ 49 | $ 0 |
Accruing | Other | Commercial Real Estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 0 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Accruing | Other | Commercial non real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 1 | 0 | 1 | 5 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 327 | $ 0 | $ 327 | $ 945 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 327 | $ 0 | $ 327 | $ 945 | $ 0 |
Accruing | Other | Agriculture | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 0 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Accruing | Other | Consumer | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 1 | 0 | 2 | 2 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 18 | $ 0 | $ 28 | $ 28 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | 0 | $ 18 | 0 | $ 28 | 28 | 0 |
Nonaccrual | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Recorded value of TDR balance | $ 15,188 | $ 15,188 | $ 20,415 | $ 63,140 | ||
Change in recorded investment due to principal paydown at time of modification, number of contracts | Contract | 0 | 0 | 0 | 0 | 0 | 0 |
Change in recorded investment due to chargeoffs at time of modification, number of contracts | Contract | 0 | 0 | 0 | 0 | 0 | 1 |
Change in recorded investment due to principal paydown at time of modification, pre-modification | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Change in recorded investment due to principal paydown at time of modification, post-modification | 0 | 0 | 0 | 0 | 0 | 635 |
Change in recorded investment due to chargeoffs at time of modification, pre-modification | 0 | 0 | 0 | 0 | 0 | 0 |
Change in recorded investment due to chargeoffs at time of modification, post-modification | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Financing receivable, modifications, number of contracts | Contract | 9 | 13 | 9 | 26 | 70 | 64 |
Financing receivable, modifications, pre-modification recorded investment | $ 442 | $ 5,001 | $ 442 | $ 5,183 | $ 8,977 | $ 35,869 |
Financing receivable, modifications, post-modification recorded investment | 442 | $ 5,001 | 442 | $ 5,183 | 8,977 | 35,234 |
Nonaccrual | Residential real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Recorded value of TDR balance | $ 1,929 | $ 1,929 | $ 1,730 | $ 1,100 | ||
Financing receivable, modifications, number of contracts | Contract | 4 | 5 | 4 | 8 | 42 | 19 |
Financing receivable, modifications, pre-modification recorded investment | $ 224 | $ 113 | $ 224 | $ 158 | $ 1,389 | $ 1,121 |
Financing receivable, modifications, post-modification recorded investment | 224 | $ 113 | 224 | $ 158 | 1,389 | 1,121 |
Nonaccrual | Commercial Real Estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Recorded value of TDR balance | $ 5,424 | $ 5,424 | $ 6,884 | $ 49,736 | ||
Financing receivable, modifications, number of contracts | Contract | 0 | 5 | 0 | 5 | 6 | 19 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 4,618 | $ 0 | $ 4,618 | $ 5,736 | $ 23,498 |
Financing receivable, modifications, post-modification recorded investment | 0 | $ 4,618 | 0 | $ 4,618 | 5,736 | 23,498 |
Nonaccrual | Commercial non real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Recorded value of TDR balance | $ 1,445 | $ 1,445 | $ 1,785 | $ 5,007 | ||
Financing receivable, modifications, number of contracts | Contract | 4 | 1 | 4 | 9 | 12 | 12 |
Financing receivable, modifications, pre-modification recorded investment | $ 217 | $ 10 | $ 217 | $ 135 | $ 484 | $ 4,245 |
Financing receivable, modifications, post-modification recorded investment | 217 | $ 10 | 217 | $ 135 | 484 | 3,610 |
Nonaccrual | Agriculture | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Recorded value of TDR balance | $ 6,377 | $ 6,377 | $ 9,994 | $ 7,268 | ||
Financing receivable, modifications, number of contracts | Contract | 0 | 2 | 0 | 2 | 5 | 7 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 260 | $ 0 | $ 260 | $ 1,342 | $ 6,964 |
Financing receivable, modifications, post-modification recorded investment | 0 | $ 260 | 0 | $ 260 | 1,342 | 6,964 |
Nonaccrual | Consumer | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Recorded value of TDR balance | $ 13 | $ 13 | $ 22 | $ 29 | ||
Financing receivable, modifications, number of contracts | Contract | 1 | 0 | 1 | 2 | 5 | 7 |
Financing receivable, modifications, pre-modification recorded investment | $ 1 | $ 0 | $ 1 | $ 12 | $ 26 | $ 41 |
Financing receivable, modifications, post-modification recorded investment | $ 1 | $ 0 | $ 1 | $ 12 | $ 26 | $ 41 |
Nonaccrual | Rate modification | Residential real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 2 | 4 | 2 | 4 | 5 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 104 | $ 98 | $ 104 | $ 98 | $ 119 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 104 | $ 98 | $ 104 | $ 98 | $ 119 | $ 0 |
Nonaccrual | Rate modification | Commercial Real Estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 2 | 0 | 2 | 3 | 2 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 500 | $ 0 | $ 500 | $ 1,618 | $ 310 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 500 | $ 0 | $ 500 | $ 1,618 | $ 310 |
Nonaccrual | Rate modification | Commercial non real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 0 | 1 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,067 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,067 |
Nonaccrual | Rate modification | Agriculture | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 0 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Nonaccrual | Rate modification | Consumer | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 0 | 2 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 11 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 11 |
Nonaccrual | Term extension | Residential real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 1 | 1 | 1 | 2 | 13 | 15 |
Financing receivable, modifications, pre-modification recorded investment | $ 77 | $ 15 | $ 77 | $ 18 | $ 351 | $ 638 |
Financing receivable, modifications, post-modification recorded investment | $ 77 | $ 15 | $ 77 | $ 18 | $ 351 | $ 638 |
Nonaccrual | Term extension | Commercial Real Estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 2 | 0 | 2 | 2 | 7 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 4,031 | $ 0 | $ 4,031 | $ 4,031 | $ 2,448 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 4,031 | $ 0 | $ 4,031 | $ 4,031 | $ 2,448 |
Nonaccrual | Term extension | Commercial non real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 4 | 0 | 4 | 8 | 10 | 8 |
Financing receivable, modifications, pre-modification recorded investment | $ 217 | $ 0 | $ 217 | $ 125 | $ 438 | $ 1,127 |
Financing receivable, modifications, post-modification recorded investment | $ 217 | $ 0 | $ 217 | $ 125 | $ 438 | $ 1,127 |
Nonaccrual | Term extension | Agriculture | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 2 | 0 | 2 | 3 | 3 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 260 | $ 0 | $ 260 | $ 831 | $ 768 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 260 | $ 0 | $ 260 | $ 831 | $ 768 |
Nonaccrual | Term extension | Consumer | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 1 | 0 | 1 | 1 | 2 | 5 |
Financing receivable, modifications, pre-modification recorded investment | $ 1 | $ 0 | $ 1 | $ 11 | $ 15 | $ 30 |
Financing receivable, modifications, post-modification recorded investment | $ 1 | $ 0 | $ 1 | $ 11 | $ 15 | $ 30 |
Nonaccrual | Payment modification | Residential real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 6 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 219 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 219 | $ 0 |
Nonaccrual | Payment modification | Commercial Real Estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 0 | 7 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 17,578 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 17,578 |
Nonaccrual | Payment modification | Commercial non real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 1 | 3 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 36 | $ 2,051 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 36 | $ 1,416 |
Nonaccrual | Payment modification | Agriculture | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 0 | 4 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 6,196 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 6,196 |
Nonaccrual | Payment modification | Consumer | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 1 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 2 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 2 | $ 0 |
Nonaccrual | Bankruptcy | Residential real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 1 | 0 | 1 | 1 | 7 | 2 |
Financing receivable, modifications, pre-modification recorded investment | $ 43 | $ 0 | $ 43 | $ 4 | $ 275 | $ 336 |
Financing receivable, modifications, post-modification recorded investment | $ 43 | $ 0 | $ 43 | $ 4 | $ 275 | $ 336 |
Nonaccrual | Bankruptcy | Commercial Real Estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 0 | 3 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 3,162 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 3,162 |
Nonaccrual | Bankruptcy | Commercial non real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 1 | 0 | 1 | 1 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 10 | $ 0 | $ 10 | $ 10 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 10 | $ 0 | $ 10 | $ 10 | $ 0 |
Nonaccrual | Bankruptcy | Agriculture | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 0 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Nonaccrual | Bankruptcy | Consumer | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 0 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Nonaccrual | Other | Residential real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 1 | 11 | 2 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 38 | $ 425 | $ 147 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 38 | $ 425 | $ 147 |
Nonaccrual | Other | Commercial Real Estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 1 | 0 | 1 | 1 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 87 | $ 0 | $ 87 | $ 87 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 87 | $ 0 | $ 87 | $ 87 | $ 0 |
Nonaccrual | Other | Commercial non real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 0 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Nonaccrual | Other | Agriculture | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 0 | 2 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 511 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 511 | $ 0 |
Nonaccrual | Other | Consumer | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Financing receivable, modifications, number of contracts | Contract | 0 | 0 | 0 | 1 | 2 | 0 |
Financing receivable, modifications, pre-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 1 | $ 9 | $ 0 |
Financing receivable, modifications, post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 1 | $ 9 | $ 0 |
Loans - Subsequent Defaults on
Loans - Subsequent Defaults on Modified Loans (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2015USD ($)Contract | Mar. 31, 2014USD ($)Contract | Mar. 31, 2015USD ($)Contract | Mar. 31, 2014USD ($)Contract | Sep. 30, 2014USD ($)Contract | Sep. 30, 2013USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||||
Number of Loans | Contract | 4 | 17 | 12 | 20 | 22 | 19 |
Recorded Investment | $ 107 | $ 7,478 | $ 739 | $ 17,450 | $ 1,667 | $ 11,854 |
Residential real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of Loans | Contract | 4 | 3 | 10 | 3 | 11 | 5 |
Recorded Investment | $ 107 | $ 375 | $ 629 | $ 375 | $ 419 | $ 647 |
Commercial Real Estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of Loans | Contract | 0 | 3 | 0 | 5 | 0 | 7 |
Recorded Investment | $ 0 | $ 1,814 | $ 0 | $ 8,110 | $ 0 | $ 4,401 |
Commercial non real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of Loans | Contract | 0 | 5 | 1 | 5 | 8 | 1 |
Recorded Investment | $ 0 | $ 1,604 | $ 95 | $ 1,604 | $ 313 | $ 1,067 |
Agriculture | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of Loans | Contract | 0 | 6 | 1 | 7 | 2 | 6 |
Recorded Investment | $ 0 | $ 3,685 | $ 15 | $ 7,361 | $ 935 | $ 5,739 |
Consumer | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of Loans | Contract | 0 | 0 | 0 | 0 | 1 | 0 |
Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Allowance for Loan Losses (Narr
Allowance for Loan Losses (Narrative) (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and written loan commitments at fair value under the fair value option | $ 1,060,598 | $ 985,411 | $ 841,862 |
Loan held for sale | 9,006 | 10,381 | 8,271 |
Guaranteed loans | 112,300 | 106,460 | 104,040 |
Unfunded loan commitment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for loan losses | $ 400 | $ 400 | $ 400 |
Allowance for Loan Losses - Sum
Allowance for Loan Losses - Summary of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Allowance for loan losses, beginning balance | $ 51,820 | $ 56,069 | $ 47,518 | $ 55,864 | $ 55,864 | $ 71,878 |
Charge-offs | (10,522) | (6,907) | (11,211) | (7,824) | (13,743) | (31,214) |
Recoveries | 1,449 | 681 | 3,121 | 2,678 | 4,713 | 3,626 |
Provision | 9,970 | (500) | 13,609 | (1,625) | 4,456 | 13,650 |
Allowance for loan losses, ending balance | 52,426 | 47,153 | 52,426 | 47,153 | 47,518 | 55,864 |
Residential real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Allowance for loan losses, beginning balance | 7,567 | 11,854 | 8,342 | 11,779 | 11,779 | 14,761 |
Charge-offs | (63) | (207) | (120) | (437) | (631) | (1,766) |
Recoveries | 70 | 21 | 113 | 96 | 233 | 279 |
Provision | 160 | (216) | (190) | 14 | (788) | 1,043 |
Allowance for loan losses, ending balance | 7,495 | 10,277 | 7,495 | 10,277 | 8,342 | 11,779 |
Commercial Real Estate | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Allowance for loan losses, beginning balance | 17,722 | 22,292 | 16,884 | 22,562 | 22,562 | 30,234 |
Charge-offs | (1,570) | (3,194) | (1,652) | (3,194) | (3,199) | (19,648) |
Recoveries | 26 | 433 | 95 | 1,024 | 1,470 | 689 |
Provision | (389) | (2,536) | 346 | (3,397) | (4,114) | 10,925 |
Allowance for loan losses, ending balance | 15,736 | 17,603 | 15,736 | 17,603 | 16,884 | 22,562 |
Commercial non real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Allowance for loan losses, beginning balance | 14,625 | 11,552 | 10,550 | 11,222 | 11,222 | 18,979 |
Charge-offs | (8,440) | (838) | (8,524) | (999) | (5,380) | (3,636) |
Recoveries | 983 | (128) | 2,143 | 759 | 1,439 | 1,206 |
Provision | 8,789 | 1,380 | 11,788 | 734 | 4,980 | (5,427) |
Allowance for loan losses, ending balance | 15,957 | 10,275 | 15,957 | 10,275 | 10,550 | 11,222 |
Agriculture | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Allowance for loan losses, beginning balance | 10,920 | 9,256 | 10,655 | 9,296 | 9,296 | 6,906 |
Charge-offs | (27) | (2,086) | (27) | (2,086) | (2,429) | (4,069) |
Recoveries | 22 | (2) | 79 | 15 | 58 | 22 |
Provision | 1,307 | 735 | 1,515 | 678 | 3,730 | 6,437 |
Allowance for loan losses, ending balance | 12,222 | 7,903 | 12,222 | 7,903 | 10,655 | 9,296 |
Consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Allowance for loan losses, beginning balance | 201 | 390 | 264 | 312 | 312 | 542 |
Charge-offs | (19) | (96) | (57) | (152) | (211) | (244) |
Recoveries | 23 | 31 | 47 | 67 | 156 | 396 |
Provision | (17) | 37 | (41) | 135 | (18) | (382) |
Allowance for loan losses, ending balance | 189 | 430 | 189 | 430 | 264 | 312 |
Other | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Allowance for loan losses, beginning balance | 785 | 725 | 823 | 693 | 693 | 456 |
Charge-offs | (403) | (486) | (831) | (956) | (1,893) | (1,851) |
Recoveries | 325 | 326 | 644 | 717 | 1,357 | 1,034 |
Provision | 120 | 100 | 191 | 211 | 666 | 1,054 |
Allowance for loan losses, ending balance | 827 | 665 | 827 | 665 | 823 | 693 |
Receivables acquired with deteriorated credit quality | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Allowance for loan losses, beginning balance | 3,454 | 7,246 | 7,246 | |||
(Impairment) improvement of loans acquired with deteriorated credit quality | (291) | (2,190) | (611) | (1,940) | (3,772) | (2,076) |
Allowance for loan losses, ending balance | 2,843 | 2,843 | 3,454 | 7,246 | ||
Receivables acquired with deteriorated credit quality | Residential real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Allowance for loan losses, beginning balance | 2,784 | 5,034 | 5,034 | |||
(Impairment) improvement of loans acquired with deteriorated credit quality | (239) | (1,175) | (650) | (1,175) | (2,251) | (2,538) |
Allowance for loan losses, ending balance | 2,134 | 2,134 | 2,784 | 5,034 | ||
Receivables acquired with deteriorated credit quality | Commercial Real Estate | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Allowance for loan losses, beginning balance | 645 | 481 | 481 | |||
(Impairment) improvement of loans acquired with deteriorated credit quality | (53) | 608 | 63 | 608 | 165 | 362 |
Allowance for loan losses, ending balance | 709 | 709 | 645 | 481 | ||
Receivables acquired with deteriorated credit quality | Commercial non real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Allowance for loan losses, beginning balance | 0 | 1,731 | 1,731 | |||
(Impairment) improvement of loans acquired with deteriorated credit quality | 0 | (1,691) | 0 | (1,441) | (1,711) | 100 |
Allowance for loan losses, ending balance | 0 | 0 | 0 | 1,731 | ||
Receivables acquired with deteriorated credit quality | Agriculture | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Allowance for loan losses, beginning balance | 0 | 0 | 0 | |||
(Impairment) improvement of loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 | 0 |
Allowance for loan losses, ending balance | 0 | 0 | 0 | 0 | ||
Receivables acquired with deteriorated credit quality | Consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Allowance for loan losses, beginning balance | 25 | 0 | 0 | |||
(Impairment) improvement of loans acquired with deteriorated credit quality | 1 | 68 | (24) | 68 | 25 | 0 |
Allowance for loan losses, ending balance | 0 | 0 | 25 | 0 | ||
Receivables acquired with deteriorated credit quality | Other | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Allowance for loan losses, beginning balance | 0 | 0 | 0 | |||
(Impairment) improvement of loans acquired with deteriorated credit quality | 0 | $ 0 | 0 | $ 0 | 0 | 0 |
Allowance for loan losses, ending balance | $ 0 | $ 0 | $ 0 | $ 0 |
Allowance for Loan Losses - S78
Allowance for Loan Losses - Summary of Allowance for Loan Losses by Type (Detail) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment | $ 14,365 | $ 9,593 | $ 17,007 | ||||
Collectively evaluated for impairment | 33,156 | 32,219 | 31,611 | ||||
Total allowance | 52,426 | $ 51,820 | 47,518 | $ 47,153 | $ 56,069 | 55,864 | $ 71,878 |
Financing Receivable, Net [Abstract] | |||||||
Individually evaluated for impairment | 148,173 | 101,960 | 138,075 | ||||
Collectively evaluated for impairment | 5,412,869 | 5,187,130 | 4,705,159 | ||||
Financing receivable | 5,896,405 | 5,692,071 | 5,424,748 | ||||
Residential real estate | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment | 2,721 | 2,528 | 3,212 | ||||
Collectively evaluated for impairment | 2,640 | 3,030 | 3,533 | ||||
Total allowance | 7,495 | 7,567 | 8,342 | 10,277 | 11,854 | 11,779 | 14,761 |
Financing Receivable, Net [Abstract] | |||||||
Individually evaluated for impairment | 9,669 | 9,384 | 8,917 | ||||
Collectively evaluated for impairment | 677,091 | 649,970 | 589,104 | ||||
Financing receivable | 885,296 | 879,971 | 885,245 | ||||
Commercial Real Estate | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment | 1,691 | 1,953 | 5,095 | ||||
Collectively evaluated for impairment | 11,274 | 12,034 | 16,986 | ||||
Total allowance | 15,736 | 17,722 | 16,884 | 17,603 | 22,292 | 22,562 | 30,234 |
Financing Receivable, Net [Abstract] | |||||||
Individually evaluated for impairment | 62,020 | 38,457 | 77,620 | ||||
Collectively evaluated for impairment | 2,138,649 | 1,874,474 | 1,623,274 | ||||
Financing receivable | 2,303,297 | 2,057,456 | 1,926,828 | ||||
Commercial non real estate | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment | 6,894 | 3,909 | 5,594 | ||||
Collectively evaluated for impairment | 9,063 | 6,641 | 3,897 | ||||
Total allowance | 15,957 | 14,625 | 10,550 | 10,275 | 11,552 | 11,222 | 18,979 |
Financing Receivable, Net [Abstract] | |||||||
Individually evaluated for impairment | 39,900 | 28,298 | 27,527 | ||||
Collectively evaluated for impairment | 1,134,073 | 1,224,035 | 1,136,611 | ||||
Financing receivable | 1,187,347 | 1,266,103 | 1,191,500 | ||||
Agriculture | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment | 3,007 | 1,152 | 3,016 | ||||
Collectively evaluated for impairment | 9,215 | 9,503 | 6,280 | ||||
Total allowance | 12,222 | 10,920 | 10,655 | 7,903 | 9,256 | 9,296 | 6,906 |
Financing Receivable, Net [Abstract] | |||||||
Individually evaluated for impairment | 36,407 | 25,655 | 23,719 | ||||
Collectively evaluated for impairment | 1,350,998 | 1,319,343 | 1,240,281 | ||||
Financing receivable | 1,405,102 | 1,364,399 | 1,295,661 | ||||
Consumer | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment | 52 | 51 | 90 | ||||
Collectively evaluated for impairment | 137 | 188 | 222 | ||||
Total allowance | 189 | 201 | 264 | 430 | 390 | 312 | 542 |
Financing Receivable, Net [Abstract] | |||||||
Individually evaluated for impairment | 177 | 166 | 292 | ||||
Collectively evaluated for impairment | 76,625 | 85,065 | 91,178 | ||||
Financing receivable | 79,930 | 89,899 | 100,803 | ||||
Other | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment | 0 | 0 | 0 | ||||
Collectively evaluated for impairment | 827 | 823 | 693 | ||||
Total allowance | 827 | $ 785 | 823 | $ 665 | $ 725 | 693 | $ 456 |
Financing Receivable, Net [Abstract] | |||||||
Individually evaluated for impairment | 0 | 0 | 0 | ||||
Collectively evaluated for impairment | 35,433 | 34,243 | 24,711 | ||||
Financing receivable | 35,433 | 34,243 | 24,711 | ||||
Receivables acquired with deteriorated credit quality | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Total allowance | 2,843 | 3,454 | 7,246 | ||||
Financing Receivable, Net [Abstract] | |||||||
Financing receivable | 129,520 | 162,139 | 226,308 | ||||
Receivables acquired with deteriorated credit quality | Residential real estate | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Total allowance | 2,134 | 2,784 | 5,034 | ||||
Financing Receivable, Net [Abstract] | |||||||
Financing receivable | 93,277 | 102,987 | 129,905 | ||||
Receivables acquired with deteriorated credit quality | Commercial Real Estate | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Total allowance | 709 | 645 | 481 | ||||
Financing Receivable, Net [Abstract] | |||||||
Financing receivable | 27,834 | 49,202 | 85,022 | ||||
Receivables acquired with deteriorated credit quality | Commercial non real estate | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Total allowance | 0 | 0 | 1,731 | ||||
Financing Receivable, Net [Abstract] | |||||||
Financing receivable | 5,348 | 6,361 | 8,179 | ||||
Receivables acquired with deteriorated credit quality | Agriculture | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Total allowance | 0 | 0 | 0 | ||||
Financing Receivable, Net [Abstract] | |||||||
Financing receivable | 1,595 | 1,746 | 0 | ||||
Receivables acquired with deteriorated credit quality | Consumer | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Total allowance | 0 | 25 | 0 | ||||
Financing Receivable, Net [Abstract] | |||||||
Financing receivable | 1,466 | 1,843 | 3,202 | ||||
Receivables acquired with deteriorated credit quality | Other | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Total allowance | 0 | 0 | 0 | ||||
Financing Receivable, Net [Abstract] | |||||||
Financing receivable | 0 | 0 | 0 | ||||
Receivables acquired without deteriorated credit quality | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Total allowance | 2,062 | 2,252 | 0 | ||||
Financing Receivable, Net [Abstract] | |||||||
Financing receivable | 205,843 | 240,842 | 355,206 | ||||
Receivables acquired without deteriorated credit quality | Residential real estate | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Total allowance | 0 | 0 | 0 | ||||
Financing Receivable, Net [Abstract] | |||||||
Financing receivable | 105,259 | 117,630 | 157,319 | ||||
Receivables acquired without deteriorated credit quality | Commercial Real Estate | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Total allowance | 2,062 | 2,252 | 0 | ||||
Financing Receivable, Net [Abstract] | |||||||
Financing receivable | 74,794 | 95,323 | 140,912 | ||||
Receivables acquired without deteriorated credit quality | Commercial non real estate | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Total allowance | 0 | 0 | 0 | ||||
Financing Receivable, Net [Abstract] | |||||||
Financing receivable | 8,026 | 7,409 | 19,183 | ||||
Receivables acquired without deteriorated credit quality | Agriculture | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Total allowance | 0 | 0 | 0 | ||||
Financing Receivable, Net [Abstract] | |||||||
Financing receivable | 16,102 | 17,655 | 31,661 | ||||
Receivables acquired without deteriorated credit quality | Consumer | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Total allowance | 0 | 0 | 0 | ||||
Financing Receivable, Net [Abstract] | |||||||
Financing receivable | 1,662 | 2,825 | 6,131 | ||||
Receivables acquired without deteriorated credit quality | Other | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Total allowance | 0 | 0 | 0 | ||||
Financing Receivable, Net [Abstract] | |||||||
Financing receivable | $ 0 | $ 0 | $ 0 |
Accounting for Certain Loans 79
Accounting for Certain Loans Acquired with Deteriorated Credit Quality - Schedule of Troubled Debt Restructurings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||||
Balance at beginning of period | $ 46,342 | $ 58,411 | $ 50,889 | $ 67,660 | $ 67,660 | $ 93,859 |
Accretion | (3,222) | (4,944) | (8,009) | (9,374) | (18,204) | (29,674) |
Reclassification from nonaccretable difference | 311 | 2,948 | 631 | 2,948 | 6,252 | 6,815 |
Disposals | 0 | 0 | (80) | (4,819) | (4,819) | (3,340) |
Balance at end of period | $ 43,431 | $ 56,415 | $ 43,431 | $ 56,415 | $ 50,889 | $ 67,660 |
Accounting for Certain Loans 80
Accounting for Certain Loans Acquired with Deteriorated Credit Quality - Schedule of Impaired Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding Balance | [1] | $ 236,184 | $ 267,151 | $ 339,964 |
Recorded Investment | [2] | 129,521 | 162,139 | 226,308 |
Carrying Value | [3] | 126,678 | 158,685 | 219,062 |
Residential real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding Balance | [1] | 110,499 | 115,863 | 143,998 |
Recorded Investment | [2] | 93,277 | 102,987 | 129,905 |
Carrying Value | [3] | 91,143 | 100,203 | 124,871 |
Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding Balance | [1] | 107,514 | 130,825 | 172,706 |
Recorded Investment | [2] | 27,835 | 49,202 | 85,022 |
Carrying Value | [3] | 27,126 | 48,557 | 84,541 |
Commercial non real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding Balance | [1] | 14,710 | 16,697 | 19,539 |
Recorded Investment | [2] | 5,348 | 6,361 | 8,179 |
Carrying Value | [3] | 5,348 | 6,361 | 6,448 |
Agriculture | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding Balance | [1] | 1,623 | 1,747 | 0 |
Recorded Investment | [2] | 1,595 | 1,746 | 0 |
Carrying Value | [3] | 1,595 | 1,746 | 0 |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding Balance | [1] | 1,838 | 2,019 | 3,721 |
Recorded Investment | [2] | 1,466 | 1,843 | 3,202 |
Carrying Value | [3] | $ 1,466 | $ 1,818 | $ 3,202 |
[1] | Represents the legal balance of loans acquired with deteriorated credit quality. | |||
[2] | Represents the book balance of loans acquired with deteriorated credit quality. | |||
[3] | Represents the book balance of loans acquired with deteriorated credit quality net of the related allowance for loan losses. |
Accounting for Certain Loans 81
Accounting for Certain Loans Acquired with Deteriorated Credit Quality - Narrative (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |
Receivables [Abstract] | ||||||
Allowance recognized on previous impairments | $ 400 | $ 3,600 | $ 900 | $ 3,600 | $ 4,480 | $ 4,580 |
FDIC Indemnification Asset - Sc
FDIC Indemnification Asset - Schedule of Other Current Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |
FDIC Indemnification Asset [Roll Forward] | ||||||
Balance at beginning of year | $ 22,162 | $ 41,756 | $ 26,678 | $ 45,690 | $ 45,690 | $ 68,662 |
Amortization | (2,060) | (4,662) | (4,593) | (7,947) | (14,604) | (14,758) |
Changes in expected reimbursements from FDIC for changes in expected credit losses | 2 | (382) | (190) | (408) | 2,148 | 522 |
Changes in reimbursable expenses | (207) | 1,437 | (363) | 2,805 | 2,358 | (3,453) |
Payments to/(from) the FDIC | (2) | (374) | (1,637) | (2,365) | (8,914) | (5,283) |
Balance at end of year | $ 19,895 | $ 37,775 | $ 19,895 | $ 37,775 | $ 26,678 | $ 45,690 |
Summary of Premises and Equipme
Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Property, Plant and Equipment [Abstract] | |||
Land | $ 22,539 | $ 23,238 | |
Buildings and building improvements | 85,370 | 88,171 | |
Furniture and equipment | 32,117 | 42,721 | |
Construction in progress | 144 | 55 | |
Premises and equipment, gross | 140,170 | 154,185 | |
Accumulated depreciation | (36,463) | (39,805) | |
Premises and equipment, net | $ 100,560 | $ 103,707 | $ 114,380 |
Premises and Equipment (Detail)
Premises and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 9,640 | $ 10,700 | $ 9,580 |
Derivative Financial Instrume85
Derivative Financial Instruments - Notional Amounts and Estimated Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative [Line Items] | |||
Negative Fair Value | $ (48,787) | $ (13,073) | $ (1,151) |
Assets | Not Designated as Hedging Instruments | Mortgage loan commitments | |||
Derivative [Line Items] | |||
Notional Amount | 37,394 | 22,563 | 16,040 |
Positive Fair Value | 27 | 19 | 375 |
Negative Fair Value | 0 | 0 | 0 |
Liabilities | Not Designated as Hedging Instruments | Interest rate swaps | |||
Derivative [Line Items] | |||
Notional Amount | 1,045,934 | 986,440 | 864,040 |
Positive Fair Value | 71 | 6,213 | 12,404 |
Negative Fair Value | (48,858) | (19,286) | (13,555) |
Liabilities | Not Designated as Hedging Instruments | Mortgage loan forward sale contracts | |||
Derivative [Line Items] | |||
Notional Amount | 44,485 | 28,459 | 21,881 |
Positive Fair Value | 0 | 0 | 0 |
Negative Fair Value | $ (27) | $ (19) | $ (375) |
Derivative Financial Instrume86
Derivative Financial Instruments (Narrative) (Detail) - USD ($) | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Derivative, collateral, right to reclaim cash | $ 0 | $ 0 | $ 0 |
Derivative Financial Instrume87
Derivative Financial Instruments - Effect on the Consolidated Statement of Comprehensive Income (Detail) - Noninterest income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Interest rate swaps | |||||||
Derivative [Line Items] | |||||||
Amount of Gain (Loss) Recognized in Income | $ (21,698) | $ (12,436) | $ (46,303) | $ (7,599) | $ (11,922) | $ 40,305 | $ (19,369) |
Mortgage loan commitments | |||||||
Derivative [Line Items] | |||||||
Amount of Gain (Loss) Recognized in Income | 13 | 31 | 27 | 34 | 19 | 375 | (1,661) |
Mortgage loan forward sale contracts | |||||||
Derivative [Line Items] | |||||||
Amount of Gain (Loss) Recognized in Income | $ (13) | $ (31) | $ (27) | $ (34) | $ (19) | $ (375) | $ 1,661 |
Derivative Financial Instrume88
Derivative Financial Instruments - Offsetting Liabilities and Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Offsetting Assets [Line Items] | |||||
Derivative financial liabilities, gross amount | $ (48,787) | $ (13,073) | $ (1,151) | ||
Derivative financial liabilities, amount offset | 0 | 0 | 0 | ||
Derivative financial liabilities, net amount presented in consolidated balance sheets | (48,787) | (13,073) | (1,151) | ||
Held/pledged financial instruments | 48,787 | [1] | 13,073 | [1] | 0 |
Derivative financial liabilities, net amount | 0 | 0 | (1,151) | ||
Derivatives subject to master netting arrangement or similar arrangement | |||||
Offsetting Assets [Line Items] | |||||
Derivative financial liabilities, gross amount | (48,858) | (19,286) | (13,555) | ||
Derivative financial liabilities, amount offset | 71 | 6,213 | 12,404 | ||
Derivative financial liabilities, net amount presented in consolidated balance sheets | (48,787) | (13,073) | (1,151) | ||
Held/pledged financial instruments | 48,787 | [1] | 13,073 | [1] | 0 |
Derivative financial liabilities, net amount | 0 | 0 | (1,151) | ||
Derivatives subject to master netting arrangement or similar arrangement | |||||
Offsetting Assets [Line Items] | |||||
Derivative financial assets, gross amount | 71 | 6,213 | 12,404 | ||
Derivative financial assets, amount offset | (71) | (6,213) | (12,404) | ||
Derivative financial assets, net amount presented in consolidated balance sheets | 0 | 0 | 0 | ||
Held/pledged financial instruments | 0 | [1] | 0 | [1] | 0 |
Derivative financial assets, net amount | $ 0 | $ 0 | $ 0 | ||
[1] | The actual amount of collateral exceeds the fair value exposure, at the individual counterparty level, as of the date presented. |
The Fair Value Option - (Narrat
The Fair Value Option - (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due | $ 0 | ||||||
Eligible item for the fair value option | $ 43,300 | 7,100 | $ 4,830 | ||||
Long-term loans and written loan commitments | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Eligible item for the fair value option | $ (1,200) | $ 700 | 500 | $ 700 | (20) | (850) | $ (4,270) |
Fair value, option, aggregate differences, long-term debt instruments | $ 1,017,300 | $ 1,017,300 | $ 978,300 | $ 846,690 |
The Fair Value Option - Schedul
The Fair Value Option - Schedule of Fair Value Option (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Net increase (decrease) in fair value of loans at fair value | $ 15,208 | $ 8,730 | $ 32,308 | $ (380) | $ 11,904 | $ (41,160) | $ 15,093 |
Long-term loans and written loan commitments | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Net increase (decrease) in fair value of loans at fair value | 15,208 | 8,730 | 32,308 | (380) | 11,904 | (41,160) | 15,093 |
Noninterest income | Long-term loans and written loan commitments | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Net increase (decrease) in fair value of loans at fair value | $ 15,208 | $ 8,730 | $ 32,308 | $ (380) | $ 11,904 | $ (41,160) | $ 15,093 |
Goodwill - Changes in Carrying
Goodwill - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Goodwill [Roll Forward] | ||
Balance, beginning of year | $ 697,807 | $ 697,807 |
Arising from prior period purchases | 0 | 0 |
Arising from business acquisitions | 0 | 0 |
Balance, end of year | $ 697,807 | $ 697,807 |
Core Deposits and Other Intan92
Core Deposits and Other Intangibles - Intangible Assets Amortization Expense (Detail) - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 117,232 | $ 117,232 | $ 117,232 |
Accumulated amortization | (107,629) | (103,003) | (86,788) |
Core deposits and other intangibles | 9,603 | 14,229 | 30,444 |
Core Deposit Intangible | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 92,679 | 92,679 | 92,679 |
Accumulated amortization | (90,819) | (87,423) | (73,668) |
Core deposits and other intangibles | 1,860 | 5,256 | 19,011 |
Brand Intangible | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 8,464 | 8,464 | 8,464 |
Accumulated amortization | (3,854) | (3,572) | (3,008) |
Core deposits and other intangibles | 4,610 | 4,892 | 5,456 |
Customer Relationships Intangible | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 16,089 | 16,089 | 16,089 |
Accumulated amortization | (12,956) | (12,008) | (10,112) |
Core deposits and other intangibles | $ 3,133 | $ 4,081 | $ 5,977 |
Core Deposits and Other Intan93
Core Deposits and Other Intangibles (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||
Amortization expense of intangible assets | $ 2,300 | $ 4,700 | $ 4,600 | $ 9,400 | $ 16,220 | $ 19,290 | $ 19,650 |
Core Deposits and Other Intan94
Core Deposits and Other Intangibles - Schedule of Future Amortization Expense (Detail) - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
2,015 | $ 7,110 | ||
Remaining in 2015 | $ 2,484 | ||
2,016 | 2,822 | 2,822 | |
2,017 | 1,097 | 1,097 | |
2,018 | 564 | 564 | |
2,019 | 564 | 564 | |
2020 and thereafter | 2,072 | 2,072 | |
Core deposits and other intangibles | $ 9,603 | $ 14,229 | $ 30,444 |
Deposits - Composition of Depos
Deposits - Composition of Deposits (Detail) - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Deposits [Abstract] | |||
Noninterest-bearing demand | $ 1,303,015 | $ 1,199,427 | |
NOW accounts, money market and savings | 4,005,471 | 3,601,796 | |
Time certificates, $100,000 or more | 733,376 | 850,817 | |
Other time certificates | 1,010,318 | 1,296,168 | |
Total deposits | $ 7,487,698 | $ 7,052,180 | $ 6,948,208 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Time Certificates (Detail) $ in Thousands | Sep. 30, 2014USD ($) |
Time Deposits, Fiscal Year Maturity [Abstract] | |
2,015 | $ 1,137,736 |
2,016 | 316,194 |
2,017 | 132,565 |
2,018 | 78,430 |
2,019 | 36,359 |
2020 and thereafter | 42,410 |
Time Deposits | $ 1,743,694 |
Securities Sold Under Agreeme97
Securities Sold Under Agreements to Repurchase (Narrative) (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Offsetting Assets [Line Items] | |||
Securities sold under agreements to repurchase | $ 176,700 | $ 190,590 | $ 226,160 |
Securities sold under agreements to repurchase, fair value of collateral | $ 177,200 | $ 188,610 | $ 224,160 |
Minimum | |||
Offsetting Assets [Line Items] | |||
Securities sold under agreements to repurchase, maturity period | 1 day | 1 day | |
Maximum | |||
Offsetting Assets [Line Items] | |||
Securities sold under agreements to repurchase, maturity period | 4 days | 4 days |
FHLB Advances, Related Party 98
FHLB Advances, Related Party Notes Payable and Other Borrowings - Schedule of Advances, Related Party Notes (Detail) - USD ($) | Jun. 03, 2008 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Debt Instrument [Line Items] | ||||
Related party notes payable | $ 41,295,000 | $ 41,295,000 | $ 41,295,000 | |
Notes payable | 475,000,000 | 575,000,000 | 390,500,000 | |
Other | 19,000 | 94,000 | 107,000 | |
Total FHLB advances and other borrowings | 475,019,000 | 575,094,000 | 390,607,000 | |
Financing receivable | 516,314,000 | 616,389,000 | 431,902,000 | |
Subordinated Capital Note to NAB New York due June 2018 | ||||
Debt Instrument [Line Items] | ||||
Related party notes payable | $ 35,795,000 | $ 35,795,000 | $ 35,795,000 | $ 35,795,000 |
Subordinated Capital Note to NAB New York due June 2018 | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.05% | |||
Subordinated Capital Note to NAB New York due June 2018 | Subordinated debt | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.05% | 2.05% | 2.05% | |
Revolving line of credit to NAB | ||||
Debt Instrument [Line Items] | ||||
Related party notes payable | $ 5,500,000 | $ 5,500,000 | $ 5,500,000 | |
Line of credit facility, maximum borrowing capacity | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | |
Revolving line of credit to NAB | Line of Credit | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.25% | 1.25% | 1.25% | |
Notes Payable to FHLB collateralized by real estate loans, due 2023 | Subordinated debt | Minimum | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate, percentage | 0.21% | 0.21% | 0.21% | |
Notes Payable to FHLB collateralized by real estate loans, due 2023 | Subordinated debt | Maximum | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate, percentage | 3.66% | 3.66% | 3.66% |
FHLB Advances, Related Party 99
FHLB Advances, Related Party Notes Payable and Other Borrowings (Narrative) (Detail) - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Federal Home Loan Banks [Abstract] | |||
Current borrowing capacity | $ 796,300 | $ 659,760 | |
Loans pledged to the Federal Home Loan Bank | $ 2,157,100 | $ 2,145,500 | $ 1,984,670 |
FHLB Advances, Related Party100
FHLB Advances, Related Party Notes Payable and Other Borrowings - Schedule of Due or Callable Notes (Detail) - FHLB Advances and Related Party Notes Payable - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 |
Debt Instrument [Line Items] | ||
2,015 | $ 70,594 | |
Remaining in 2015 | $ 70,519 | |
2,016 | 90,000 | 90,000 |
2,017 | 25,000 | 25,000 |
2,018 | 60,795 | 60,795 |
2,019 | 75,000 | 100,000 |
2020 and thereafter | 195,000 | 270,000 |
Total | $ 516,314 | $ 616,389 |
Subordinated Debentures (Narrat
Subordinated Debentures (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 10, 2006 | Jun. 01, 2005 | Dec. 17, 2003 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Debt Instrument [Line Items] | ||||||
Subordinated debentures | $ 56,083 | $ 56,083 | $ 56,083 | |||
Private Placement | ||||||
Debt Instrument [Line Items] | ||||||
Maximum consecutive periods on deferred payment of interest | 20 consecutive quarters | 20 consecutive quarters | 20 consecutive quarters | |||
Debt instrument term | 90 days | 30 years | ||||
Debt instrument redemption end date | Mar. 15, 2036 | |||||
Debt instrument redemption end date | Jun. 15, 2035 | |||||
Common shares held as assets in trust | $ 1,680 | $ 1,680 | ||||
Private Placement | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Basis points distribution | 1.48% | 1.85% | 2.85% | |||
Private Placement | Trust Preferred Securities Subject to Mandatory Redemption | ||||||
Debt Instrument [Line Items] | ||||||
Trust preferred securities to be issued | 30,000 | 22,400 | ||||
Trust preferred securities, par value | $ 1,000 | $ 1,000 | $ 1,000 | |||
Trust preferred securities redemption price per security | $ 1,000 | $ 1,000 | $ 1,000 | |||
Preferred Securities redemption, percentage | 9.75% | |||||
Trust preferred securities to be issued, acquisition | 2,000 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | |||||||
Federal | $ 10,337 | $ 10,994 | $ 24,011 | $ 26,960 | $ 58,172 | $ 51,828 | $ 51,677 |
State | 1,484 | 1,288 | 3,477 | 3,957 | 8,638 | 8,158 | 7,200 |
Current income tax expense (benefit) | 11,821 | 12,282 | 27,488 | 30,917 | 66,810 | 59,986 | 58,877 |
Deferred Income Tax Expense (Benefit) | (2,101) | 2,207 | (4,066) | (1,489) | (12,463) | (6,088) | (14,719) |
Income tax expense | $ 9,720 | $ 14,489 | $ 23,422 | $ 29,428 | $ 54,347 | $ 53,898 | $ 44,158 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | |||||||
Tax at statutory rate (35%) | $ 10,305 | $ 14,161 | $ 24,445 | $ 29,401 | $ 55,754 | $ 52,550 | $ 41,004 |
Income tax percentage | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% |
Tax exempt interest income | $ (1,651) | $ (1,174) | $ (3,216) | $ (2,276) | $ (4,926) | $ (3,856) | $ (2,348) |
State income taxes, net of federal benefit | 965 | 837 | 2,260 | 2,572 | 5,615 | 5,303 | 4,680 |
Other | 101 | 665 | (67) | (269) | (2,096) | (99) | 822 |
Income tax expense | $ 9,720 | $ 14,489 | $ 23,422 | $ 29,428 | $ 54,347 | $ 53,898 | $ 44,158 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Deferred tax assets: | |||
Allowance for loan losses | $ 21,421 | $ 19,683 | $ 22,686 |
Compensation | 606 | 329 | 320 |
Net operating loss carryforward | 94 | 119 | 170 |
Securities available for sale | (1,310) | 3,758 | 4,144 |
Other real estate owned | 15,462 | 13,721 | 7,072 |
Core deposit intangible and other fair value adjustments | 11,227 | 10,573 | 6,617 |
Excess tax basis of loans acquired over carrying value | 8,438 | 9,595 | 10,879 |
Other | 4,976 | 6,272 | 5,668 |
Total deferred tax assets | 60,914 | 64,050 | 57,556 |
Deferred tax liabilities: | |||
Goodwill and other intangibles | (3,707) | (9,099) | (5,143) |
Securities available for sale | 0 | 0 | |
Premises and equipment | (11,037) | (4,390) | (6,132) |
Excess carrying value of FDIC indemnification asset and clawback liability | (1,557) | (4,280) | (11,943) |
Other | (912) | (1,578) | (1,712) |
Total deferred tax liabilities | (17,213) | (19,347) | (24,930) |
Net deferred tax assets | $ 43,701 | $ 44,703 | $ 32,626 |
Income Taxes - (Narrative) (Det
Income Taxes - (Narrative) (Detail) - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Contingency [Line Items] | |||
Income tax payable | $ 0 | $ 4,915 | $ 12,390 |
Internal Revenue Service (IRS) | |||
Income Tax Contingency [Line Items] | |||
Income taxes receivable | $ 200 | ||
National Americas Investment, Inc | |||
Income Tax Contingency [Line Items] | |||
Income tax payable | $ 4,910 | $ 12,390 |
Profit-Sharing Plan (Narrative)
Profit-Sharing Plan (Narrative) (Detail) - Multiple employer 401(k) profit sharing plan - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Defined Contribution Plan Disclosure [Line Items] | |||||||
Defined contribution plan, requisite service period | 1 year | 1 year | |||||
Defined contribution plan, minimum age requirement | 21 years | 21 years | |||||
Contributions by the Company | $ 500,000 | $ 0 | $ 1,800,000 | $ 1,200,000 | $ 3,600,000 | $ 4,480,000 | $ 4,130,000 |
Capital Amounts and Ratios (Det
Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Sep. 30, 2014 | Sep. 30, 2013 |
Consolidated Entities | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Actual Amount, Total | $ 851,867 | $ 846,689 |
Actual Ratio, Total | 12.87% | 13.80% |
For Capital Adequacy Purposes, Amount, Total | $ 529,521 | $ 490,865 |
For Capital Adequacy Purposes, Ratio, Total | 8.00% | 8.00% |
Actual Amount, Tier One Risk Based Capital | $ 782,872 | $ 762,189 |
Actual Ratio, Tier One Risk Based Capital | 11.83% | 12.42% |
For Capital Adequacy Purposes, Amount, Tier One Risk Based Capital | $ 264,707 | $ 245,433 |
For Capital Adequacy Purposes, Ratio, Tier One Risk Based Capital | 4.00% | 4.00% |
Actual Amount, Tier One Leverage Capital | $ 782,872 | $ 762,189 |
Actual Ratio, Tier One Leverage Capital | 9.10% | 9.20% |
For Capital Adequacy Purposes, Amount, Tier One Leverage Capital | $ 344,120 | $ 331,374 |
For Capital Adequacy Purposes, Ratio, Tier One Leverage Capital | 4.00% | 4.00% |
National Australia Bank Limited | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Actual Amount, Total | $ 861,392 | $ 848,534 |
Actual Ratio, Total | 13.02% | 13.83% |
For Capital Adequacy Purposes, Amount, Total | $ 529,273 | $ 490,793 |
For Capital Adequacy Purposes, Ratio, Total | 8.00% | 8.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount, Total | $ 661,591 | $ 613,492 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio, Total | 10.00% | 10.00% |
Actual Amount, Tier One Risk Based Capital | $ 813,874 | $ 792,670 |
Actual Ratio, Tier One Risk Based Capital | 12.30% | 12.92% |
For Capital Adequacy Purposes, Amount, Tier One Risk Based Capital | $ 264,674 | $ 245,397 |
For Capital Adequacy Purposes, Ratio, Tier One Risk Based Capital | 4.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount, Tier One Risk Based Capital | $ 397,012 | $ 368,095 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio, Tier One Risk Based Capital | 6.00% | 6.00% |
Actual Amount, Tier One Leverage Capital | $ 813,874 | $ 792,670 |
Actual Ratio, Tier One Leverage Capital | 9.46% | 9.45% |
For Capital Adequacy Purposes, Amount, Tier One Leverage Capital | $ 344,133 | $ 335,348 |
For Capital Adequacy Purposes, Ratio, Tier One Leverage Capital | 4.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount, Tier One Leverage Capital | $ 430,166 | $ 419,185 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio, Tier One Leverage Capital | 5.00% | 5.00% |
Summary of commitments (Detail)
Summary of commitments (Detail) - USD ($) $ in Thousands | Sep. 30, 2014 | Sep. 30, 2013 |
Commitments to Extend Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments | $ 1,939,544 | $ 1,713,869 |
Standby Letters of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments | $ 54,381 | $ 51,893 |
Commitments and Contingencie109
Commitments and Contingencies (Narrative) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Loss Contingencies [Line Items] | |||
Loans repurchased | $ 1,730 | $ 160 | |
Operating lease rent expense | $ 5,210 | $ 5,620 | $ 5,320 |
Minimum | |||
Loss Contingencies [Line Items] | |||
Operating lease agreements, renewal term | 1 year | ||
Maximum | |||
Loss Contingencies [Line Items] | |||
Operating lease agreements, renewal term | 5 years |
Future Minimum Rental Payments
Future Minimum Rental Payments for Operating Leases (Detail) $ in Thousands | Sep. 30, 2014USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,015 | $ 3,463 |
2,016 | 2,884 |
2,017 | 2,394 |
2,018 | 1,848 |
2,019 | 974 |
2020 and thereafter | 1,261 |
Operating Leases, Future Minimum Payments Due, Total | $ 12,824 |
Transactions With Related Pa111
Transactions With Related Parties (Narrative) (Detail) - USD ($) | Jun. 03, 2008 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Related Party Transaction [Line Items] | ||||||
Related party notes payable | $ 41,295,000 | $ 41,295,000 | $ 41,295,000 | |||
Interest paid | 16,052,000 | $ 17,790,000 | 33,570,000 | 43,832,000 | $ 51,502,000 | |
Restricted shares expense | 2,060,000 | 1,940,000 | 2,140,000 | |||
Reimbursable expense by related party | 440,000 | 580,000 | 880,000 | |||
Payments for related parties, apportioned costs | 210,000 | |||||
Initial public offering related expenses | $ 1,940,000 | |||||
Related party transaction, description | The Company's Chief Executive Officer's son owns a 22.5% interest in Sioux Falls Financial Services, LLC, which leases to the Company certain property in South Dakota used as an operations center. The lease agreement for this property commenced on April 1, 2011 and contains customary and standard terms for similar lease arrangements. The term of the lease runs through March 31, 2020, at which point the Company has the option to renew the lease for an additional five year term. | |||||
Ownership percentage by related parties by lessor | 22.50% | |||||
Payments for lease total | $ 180,000 | 190,000 | 170,000 | |||
Repurchase of shares during the period | 130,880 | |||||
Subordinated Capital Note to NAB New York due June 2018 | ||||||
Related Party Transaction [Line Items] | ||||||
Related party notes payable | $ 35,795,000 | $ 35,795,000 | $ 35,795,000 | 35,795,000 | ||
Debt Instrument, interest rate | 2.2836% | |||||
Accrued expenses | ||||||
Related Party Transaction [Line Items] | ||||||
Liability related to restricted stock compensation | $ 820,000 | 2,360,000 | ||||
Notes Payable To Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Interest paid | 910,000 | 910,000 | $ 1,000,000 | |||
National Australia Bank Limited | ||||||
Related Party Transaction [Line Items] | ||||||
Securities purchased | 0 | 56,120,000 | ||||
Commissions to related party | $ 0 | |||||
National Australia Bank Limited | Revolving Credit Facility | ||||||
Related Party Transaction [Line Items] | ||||||
Debt Instrument, interest rate | 1.4067% | |||||
Line of credit facility, maximum borrowing capacity | $ 10,000,000 | |||||
Line of credit outstanding | $ 5,500,000 | $ 5,500,000 | ||||
London Interbank Offered Rate (LIBOR) | Subordinated Capital Note to NAB New York due June 2018 | ||||||
Related Party Transaction [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.05% | |||||
London Interbank Offered Rate (LIBOR) | National Australia Bank Limited | Revolving Credit Facility | ||||||
Related Party Transaction [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% |
Fair Value of Financial Inst112
Fair Value of Financial Instruments and Interest Rate Risk - Schedule of Fair Value Measurements of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | $ 1,402,508 | $ 1,341,242 | $ 1,480,449 |
Derivatives-liabilities | 48,814 | 13,092 | 1,526 |
Fair value loans and written loan commitments | 1,060,598 | 985,411 | 841,862 |
Fair value, measurements, recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 1,402,508 | 1,341,242 | 1,480,449 |
Derivative-assets | 27 | 19 | 375 |
Derivatives-liabilities | 48,814 | 13,092 | 1,526 |
Fair value loans and written loan commitments | 1,060,598 | 985,411 | 841,862 |
Fair value, measurements, recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 275,477 | 222,725 | 0 |
Derivative-assets | 0 | 0 | 0 |
Derivatives-liabilities | 0 | 0 | 0 |
Fair value loans and written loan commitments | 0 | 0 | 0 |
Fair value, measurements, recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 1,125,073 | 1,116,488 | 1,478,206 |
Derivative-assets | 27 | 19 | 375 |
Derivatives-liabilities | 48,814 | 13,092 | 1,526 |
Fair value loans and written loan commitments | 1,060,598 | 985,411 | 841,862 |
Fair value, measurements, recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 1,958 | 2,029 | 2,243 |
Derivative-assets | 0 | 0 | 0 |
Derivatives-liabilities | 0 | 0 | 0 |
Fair value loans and written loan commitments | 0 | 0 | 0 |
U.S. Treasury securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 275,477 | 222,725 | 0 |
U.S. Treasury securities | Fair value, measurements, recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 275,477 | 222,725 | 0 |
U.S. Treasury securities | Fair value, measurements, recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 275,477 | 222,725 | 0 |
U.S. Treasury securities | Fair value, measurements, recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
U.S. Treasury securities | Fair value, measurements, recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 1,044,021 | 1,103,415 | 1,459,444 |
Mortgage-backed securities | Fair value, measurements, recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 1,044,021 | 1,103,415 | 1,459,444 |
Mortgage-backed securities | Fair value, measurements, recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Mortgage-backed securities | Fair value, measurements, recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 1,044,021 | 1,103,415 | 1,459,444 |
Mortgage-backed securities | Fair value, measurements, recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
States and political subdivision securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 2,108 | 2,189 | 3,532 |
States and political subdivision securities | Fair value, measurements, recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 2,108 | 2,189 | 3,532 |
States and political subdivision securities | Fair value, measurements, recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
States and political subdivision securities | Fair value, measurements, recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 150 | 160 | 1,289 |
States and political subdivision securities | Fair value, measurements, recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 1,958 | 2,029 | 2,243 |
Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 5,062 | 11,873 | 12,013 |
Corporate debt securities | Fair value, measurements, recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 5,062 | 11,873 | 12,013 |
Corporate debt securities | Fair value, measurements, recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Corporate debt securities | Fair value, measurements, recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 5,062 | 11,873 | 12,013 |
Corporate debt securities | Fair value, measurements, recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Other | Fair value, measurements, recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 1,039 | 1,040 | 5,460 |
Other | Fair value, measurements, recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Other | Fair value, measurements, recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 1,039 | 1,040 | 5,460 |
Other | Fair value, measurements, recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | $ 0 |
U.S. Agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 74,801 | 0 | |
U.S. Agency securities | Fair value, measurements, recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 74,801 | 0 | |
U.S. Agency securities | Fair value, measurements, recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | |
U.S. Agency securities | Fair value, measurements, recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 74,801 | 0 | |
U.S. Agency securities | Fair value, measurements, recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | $ 0 | $ 0 |
Fair Value of Financial Inst113
Fair Value of Financial Instruments and Interest Rate Risk - Schedule of Other Available-for-Sale (Detail) - Available-for-sale securities - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning Balance | $ 1,958 | $ 2,243 | $ 2,029 | $ 2,243 | $ 2,243 | $ 3,852 |
Principal paydown | 0 | 0 | (71) | 0 | (214) | (1,609) |
Ending Balance | $ 1,958 | $ 2,243 | $ 1,958 | $ 2,243 | $ 2,029 | $ 2,243 |
Fair Value of Financial Inst114
Fair Value of Financial Instruments and Interest Rate Risk - Mortgage Loans Held for Sale (Detail) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Other real estate owned | $ 25,162 | $ 36,879 | $ 40,723 |
Impaired loans | 161,904 | 111,265 | 154,512 |
Loans held for sale, at lower of cost or fair value | 9,006 | 10,381 | 8,271 |
Level 1 | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Other real estate owned | 0 | 0 | 0 |
Impaired loans | 0 | 0 | 0 |
Loans held for sale, at lower of cost or fair value | 0 | 0 | 0 |
Level 2 | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Other real estate owned | 0 | 0 | 0 |
Impaired loans | 0 | 0 | 0 |
Loans held for sale, at lower of cost or fair value | 9,006 | 10,381 | 8,271 |
Level 3 | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Other real estate owned | 25,162 | 36,879 | 40,723 |
Impaired loans | 161,904 | 111,265 | 154,512 |
Loans held for sale, at lower of cost or fair value | $ 0 | $ 0 | $ 0 |
Fair Value of Financial Inst115
Fair Value of Financial Instruments and Interest Rate Risk - Level 3 Schedule (Detail) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Other real estate owned | $ 25,162 | $ 36,879 | $ 40,723 |
Impaired loans | 161,904 | 111,265 | 154,512 |
Level 3 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Other real estate owned | 25,162 | 36,879 | 40,723 |
Impaired loans | $ 161,904 | $ 111,265 | $ 154,512 |
Fair Value of Financial Inst116
Fair Value of Financial Instruments and Interest Rate Risk (Narrative) (Detail) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Fair Value Disclosures [Abstract] | ||
Derivative, remaining maturity | 180 days | 180 days |
Fair Value of Financial Inst117
Fair Value of Financial Instruments and Interest Rate Risk - Schedule of Balance Sheet Grouping Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Level 1 | Carrying Amount | |||
Assets | |||
Cash and due from banks | $ 358,440 | $ 256,639 | $ 282,157 |
Level 1 | Fair Value | |||
Assets | |||
Cash and due from banks | 358,440 | 256,639 | 282,157 |
Level 2 | Carrying Amount | |||
Assets | |||
Accrued interest receivable | 37,933 | 42,609 | 41,065 |
Federal Home Loan Bank stock | 31,810 | 35,922 | 28,765 |
Liabilities | |||
FHLB advances, related party notes payable, and other borrowings | 516,314 | 616,389 | 431,902 |
Securities sold under repurchase agreements | 163,343 | 161,687 | 217,562 |
Accrued interest payable | 4,469 | 5,273 | 6,790 |
Subordinated debentures | 56,083 | 56,083 | 56,083 |
Level 2 | Fair Value | |||
Assets | |||
Accrued interest receivable | 37,933 | 42,609 | 41,065 |
Federal Home Loan Bank stock | 31,810 | 35,922 | 28,765 |
Liabilities | |||
FHLB advances, related party notes payable, and other borrowings | 510,339 | 604,615 | 421,593 |
Securities sold under repurchase agreements | 163,343 | 161,687 | 217,562 |
Accrued interest payable | 4,469 | 5,273 | 6,790 |
Subordinated debentures | 56,084 | 56,084 | 56,084 |
Level 3 | Carrying Amount | |||
Assets | |||
Loans, net excluding fair valued loans and loans held for sale | 5,950,437 | 5,744,157 | 5,456,676 |
Liabilities | |||
Deposits | 7,487,698 | 7,052,180 | 6,948,208 |
Level 3 | Fair Value | |||
Assets | |||
Loans, net excluding fair valued loans and loans held for sale | 5,935,242 | 5,734,274 | 5,420,963 |
Liabilities | |||
Deposits | $ 7,499,432 | $ 7,057,591 | $ 6,959,936 |
Earnings per Share - Schedule o
Earnings per Share - Schedule of EPS, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Net income | $ 19,724 | $ 27,875 | $ 22,502 | $ 25,971 | $ 28,604 | $ 26,323 | $ 24,318 | $ 23,918 | $ 21,684 | $ 46,421 | $ 54,575 | $ 104,952 | $ 96,243 | $ 72,995 |
Weighted average common shares outstanding | 57,898,335 | 57,886,114 | 57,897,059 | 57,886,114 | 57,886,114 | 57,886,114 | 57,886,114 | |||||||
Dilutive effect of stock based compensation (in shares) | 18,467 | 0 | 9,234 | 0 | ||||||||||
Weighted average common shares outstanding for diluted earnings per share calculation | 57,916,802 | 57,886,114 | 57,906,293 | 57,886,114 | ||||||||||
Basic earnings per share (in dollars per share) | $ 0.34 | $ 0.45 | $ 0.80 | $ 0.94 | $ 1.81 | $ 1.66 | $ 1.26 | |||||||
Diluted earnings per share (in dollars per share) | $ 0.34 | $ 0.45 | $ 0.80 | $ 0.94 | ||||||||||
Performance shares | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Securities excluded from computation of earnings per share | 216,448 | 0 | ||||||||||||
Stock awards | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Securities excluded from computation of earnings per share | 1,665 | 0 |
Parent Company Only Financia119
Parent Company Only Financial Statements - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Assets | ||||||||
Cash and due from banks | $ 358,440 | $ 256,639 | $ 282,157 | |||||
Investment in affiliates | 1,683 | 1,683 | 1,683 | |||||
Accrued interest receivable | 37,933 | 42,609 | 41,065 | |||||
Net deferred tax assets | 43,701 | 44,703 | 32,626 | |||||
Other assets | 45,911 | 52,603 | 43,726 | |||||
Total assets | 9,781,645 | 9,371,429 | 9,134,258 | |||||
Liabilities and stockholder's equity | ||||||||
Related party notes payable | 41,295 | 41,295 | 41,295 | |||||
Subordinated debentures | 56,083 | 56,083 | 56,083 | |||||
Accrued interest payable | 4,469 | 5,273 | 6,790 | |||||
Income taxes payable | 0 | 4,915 | 12,390 | |||||
Accrued expenses and other liabilities | 35,372 | 40,720 | 42,583 | |||||
Total liabilities | 8,312,093 | 7,950,339 | 7,717,044 | |||||
Stockholder's equity | ||||||||
Common stock | 579 | 579 | 579 | |||||
Additional paid-in capital | 1,260,844 | 1,260,124 | 1,260,124 | |||||
Retained earnings | 206,018 | 166,544 | 163,592 | |||||
Accumulated other comprehensive income (loss) | 2,111 | $ (3,042) | (6,157) | $ (7,214) | $ (13,535) | (7,081) | $ 19,111 | $ 16,542 |
Total stockholder's equity | 1,469,552 | 1,421,090 | $ 1,437,656 | 1,417,214 | $ 1,388,563 | $ 1,354,799 | ||
Total liabilities and stockholder's equity | $ 9,781,645 | 9,371,429 | 9,134,258 | |||||
National Australia Bank Limited | ||||||||
Assets | ||||||||
Cash and due from banks | 5,753 | 6,710 | ||||||
Investment in subsidiaries | 1,508,175 | 1,503,778 | ||||||
Investment in affiliates | 1,683 | 1,683 | ||||||
Accrued interest receivable | 2 | 2 | ||||||
Net deferred tax assets | 416 | 413 | ||||||
Other assets | 7,469 | 14,521 | ||||||
Total assets | 1,523,498 | 1,527,107 | ||||||
Liabilities and stockholder's equity | ||||||||
Related party notes payable | 41,295 | 41,295 | ||||||
Subordinated debentures | 56,083 | 56,083 | ||||||
Accrued interest payable | 115 | 113 | ||||||
Income taxes payable | 4,915 | 12,390 | ||||||
Accrued expenses and other liabilities | 0 | 12 | ||||||
Total liabilities | 102,408 | 109,893 | ||||||
Stockholder's equity | ||||||||
Common stock | 579 | 579 | ||||||
Additional paid-in capital | 1,260,124 | 1,260,124 | ||||||
Retained earnings | 166,544 | 163,592 | ||||||
Accumulated other comprehensive income (loss) | (6,157) | (7,081) | ||||||
Total stockholder's equity | 1,421,090 | 1,417,214 | ||||||
Total liabilities and stockholder's equity | $ 1,523,498 | $ 1,527,107 |
Parent Company Only Financia120
Parent Company Only Financial Statements - Condensed Statements of Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Dividends on securities | $ 258 | $ 199 | $ 508 | $ 400 | $ 968 | $ 909 | $ 1,030 | |||||||
Total interest and dividend income | 88,204 | $ 90,941 | $ 87,878 | 84,886 | $ 88,771 | $ 87,092 | $ 88,156 | $ 85,581 | $ 88,805 | 178,782 | 173,657 | 352,476 | 349,634 | 339,142 |
Interest on related party notes payable | 227 | 226 | 459 | 460 | 921 | 950 | 1,007 | |||||||
Interest on subordinated debentures | 325 | 326 | 655 | 660 | 1,315 | 1,347 | 1,436 | |||||||
Salaries and employee benefits | 24,673 | 23,029 | 48,761 | 47,050 | 95,105 | 100,660 | 97,689 | |||||||
Professional fees | 3,603 | 3,105 | 7,175 | 6,003 | 12,233 | 12,547 | 13,049 | |||||||
Benefit for income taxes | (9,720) | (14,489) | (23,422) | (29,428) | (54,347) | (53,898) | (44,158) | |||||||
Net income | $ 19,724 | $ 27,875 | $ 22,502 | $ 25,971 | $ 28,604 | $ 26,323 | $ 24,318 | $ 23,918 | $ 21,684 | $ 46,421 | $ 54,575 | 104,952 | 96,243 | 72,995 |
National Australia Bank Limited | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Dividends from subsidiary bank | 105,000 | 49,900 | 45,800 | |||||||||||
Dividends on securities | 257 | 112 | 264 | |||||||||||
Other | 40 | 40 | 66 | |||||||||||
Total interest and dividend income | 105,297 | 50,052 | 46,130 | |||||||||||
Interest on related party notes payable | 921 | 950 | 1,007 | |||||||||||
Interest on subordinated debentures | 1,315 | 1,347 | 1,436 | |||||||||||
Salaries and employee benefits | 661 | 906 | 1,655 | |||||||||||
Professional fees | 1,080 | 135 | 120 | |||||||||||
Other | 1,834 | 2,388 | 1,770 | |||||||||||
Total expense | 5,811 | 5,726 | 5,988 | |||||||||||
Income before income tax and equity in undistributed net income of subsidiaries | 99,486 | 44,326 | 40,142 | |||||||||||
Benefit for income taxes | 1,993 | 1,955 | 2,057 | |||||||||||
Income before equity in undistributed net income of subsidiaries | 101,479 | 46,281 | 42,199 | |||||||||||
Equity in undistributed net income of subsidiaries | 3,473 | 49,962 | 30,796 | |||||||||||
Net income | $ 104,952 | $ 96,243 | $ 72,995 |
Parent Company Only Financia121
Parent Company Only Financial Statements - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Operating activities | ||||||||||||||
Net income | $ 19,724 | $ 27,875 | $ 22,502 | $ 25,971 | $ 28,604 | $ 26,323 | $ 24,318 | $ 23,918 | $ 21,684 | $ 46,421 | $ 54,575 | $ 104,952 | $ 96,243 | $ 72,995 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 12,477 | 19,315 | 34,770 | 43,764 | 47,333 | |||||||||
Deferred income taxes | (4,066) | (1,489) | (12,463) | (6,088) | (14,719) | |||||||||
Changes in: | ||||||||||||||
Other assets | 2,579 | 1,896 | (1,721) | (2,931) | 15,005 | |||||||||
Accrued interest and other liabilities | 24,272 | (10,553) | (441) | (35,519) | 21,653 | |||||||||
Net cash provided by operating activities | 112,442 | 77,793 | 152,719 | 152,841 | 217,720 | |||||||||
Financing activities | ||||||||||||||
Dividends paid | (6,947) | (34,000) | (102,000) | (41,400) | (41,800) | |||||||||
Net cash provided by financing activities | 330,152 | 97,200 | 130,584 | 89,270 | 358,301 | |||||||||
Net increase (decrease) in cash and due from banks | 101,801 | 140,991 | (25,518) | 26,172 | (114,111) | |||||||||
Cash and due from banks, beginning of period | $ 423,148 | 282,157 | 255,985 | 256,639 | 282,157 | 282,157 | 255,985 | 370,096 | ||||||
Cash and due from banks, end of period | $ 358,440 | 256,639 | $ 423,148 | 282,157 | 358,440 | 423,148 | 256,639 | 282,157 | 255,985 | |||||
National Australia Bank Limited | ||||||||||||||
Operating activities | ||||||||||||||
Net income | 104,952 | 96,243 | 72,995 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 0 | 0 | 1 | |||||||||||
Deferred income taxes | (7,478) | 750 | (1,817) | |||||||||||
Changes in: | ||||||||||||||
Other assets | 7,052 | (875) | 9,213 | |||||||||||
Accrued interest and other liabilities | (10) | (558) | 369 | |||||||||||
Equity in undistributed net income of subsidiaries | (3,473) | (49,962) | (30,796) | |||||||||||
Net cash provided by operating activities | 101,043 | 45,598 | 49,965 | |||||||||||
Financing activities | ||||||||||||||
Net change in note payable to NAB | 0 | 0 | (7,000) | |||||||||||
Dividends paid | (102,000) | (41,400) | (41,800) | |||||||||||
Net cash provided by financing activities | (102,000) | (41,400) | (48,800) | |||||||||||
Net increase (decrease) in cash and due from banks | (957) | 4,198 | 1,165 | |||||||||||
Cash and due from banks, beginning of period | $ 6,710 | $ 2,512 | $ 5,753 | $ 6,710 | 6,710 | 2,512 | 1,347 | |||||||
Cash and due from banks, end of period | $ 5,753 | $ 6,710 | $ 5,753 | $ 6,710 | $ 2,512 |
Selected Quarterly Financial122
Selected Quarterly Financial Data (unaudited) - Summary of Quarterly Results (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Total interest and dividend income | $ 88,204 | $ 90,941 | $ 87,878 | $ 84,886 | $ 88,771 | $ 87,092 | $ 88,156 | $ 85,581 | $ 88,805 | $ 178,782 | $ 173,657 | $ 352,476 | $ 349,634 | $ 339,142 |
Interest expense | 7,579 | 7,715 | 7,778 | 7,929 | 8,630 | 8,812 | 9,206 | 9,942 | 11,201 | 15,248 | 16,559 | 32,052 | 39,161 | 50,971 |
Net interest income | 80,625 | 83,226 | 80,100 | 76,957 | 80,141 | 78,280 | 78,950 | 75,639 | 77,604 | 163,534 | 157,098 | 320,424 | 310,473 | 288,171 |
Provision for loan losses | 9,679 | 2,749 | 1,500 | (2,690) | (875) | (2,460) | 3,500 | 534 | 10,000 | 12,998 | (3,565) | 684 | 11,574 | 30,145 |
Noninterest income | 6,936 | 8,501 | 10,314 | 10,140 | 10,826 | 12,802 | 12,934 | 15,933 | 18,163 | 14,836 | 20,966 | 39,781 | 59,832 | 67,946 |
Noninterest expense | 48,438 | 48,318 | 54,278 | 49,327 | 48,299 | 53,003 | 50,277 | 53,780 | 51,530 | 95,529 | 97,626 | 200,222 | 208,590 | 208,819 |
Net income | $ 19,724 | $ 27,875 | $ 22,502 | $ 25,971 | $ 28,604 | $ 26,323 | $ 24,318 | $ 23,918 | $ 21,684 | $ 46,421 | $ 54,575 | $ 104,952 | $ 96,243 | $ 72,995 |
Earnings per share | $ 0.48 | $ 0.39 | $ 0.45 | $ 0.49 | $ 0.46 | $ 0.42 | $ 0.41 | $ 0.37 |
Changes in the Presentation 123
Changes in the Presentation of Results for Loans at Fair Value and Related Derivatives - Schedule of Error Correction on Realized Gain (Loss) on Derivatives (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Noninterest income | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Realized gain (loss) on derivatives | $ (8,678) | $ (6,668) | $ (18,255) | $ (14,217) | $ (9,931) |
Immaterial error correction | Interest income | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Realized gain (loss) on derivatives | $ (8,678) | $ (6,668) | $ (18,255) | $ (14,217) | $ (9,931) |
Changes in the Presentation 124
Changes in the Presentation of Results for Loans at Fair Value and Related Derivatives - Schedule of Fair Value of Loans, Correction (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Change in fair value of loans | $ 15,208 | $ 8,730 | $ 32,308 | $ (380) | $ 11,904 | $ (41,160) | $ 15,093 | |
Noninterest expense | Previously Reported | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Unrealized gain (loss) on derivatives | (40,305) | 19,369 | ||||||
Net increase (decrease) in fair value of loans at fair value | Adjustment | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Loan fair value change related to interest rates | 1,078 | $ 14,124 | (11,922) | 40,305 | (19,369) | |||
Loan fair value change related to credit quality | (698) | (396) | 18 | 855 | 4,276 | |||
Reclassification adjustment | 380 | 13,728 | (11,904) | 41,160 | (15,093) | |||
Derivatives, net realized and unrealized gain (loss) | Adjustment | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Reclassification adjustment | (1,078) | (14,124) | 11,922 | (40,305) | 19,369 | |||
Change in presentation of changes in fair value of fair value loans | Interest income | Previously Reported | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Loan fair value change related to interest rates | 1,078 | 14,124 | (11,922) | 40,305 | (19,369) | |||
Loan fair value change related to credit quality | (698) | (396) | 18 | 855 | 4,276 | |||
Change in fair value of loans | 380 | 13,728 | (11,904) | 41,160 | (15,093) | |||
Change in presentation of gain (loss) for derivatives related to fair value loans | Noninterest expense | Previously Reported | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Unrealized gain (loss) on derivatives | $ (1,078) | $ (14,124) | $ 11,922 | $ (40,305) | $ 19,369 |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Fair Value of Loans, Correction (Detail) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | May. 06, 2015 | Apr. 28, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Dividends declared per share (in dollars per share) | $ 0.12 | $ 0.59 | $ 0.12 | $ 0.59 | $ 1.76 | $ 0.72 | $ 0.72 | |||
Change in fair value of loans | $ 15,208 | $ 8,730 | $ 32,308 | $ (380) | $ 11,904 | $ (41,160) | $ 15,093 | |||
Subsequent event | ||||||||||
Dividends declared per share (in dollars per share) | $ 0.12 | |||||||||
Derivatives, net realized and unrealized gain (loss) | Adjustment | ||||||||||
Reclassification adjustment | (1,078) | $ (14,124) | 11,922 | (40,305) | 19,369 | |||||
Net increase (decrease) in fair value of loans at fair value | Adjustment | ||||||||||
Loan fair value change related to interest rates | 1,078 | 14,124 | (11,922) | 40,305 | (19,369) | |||||
Loan fair value change related to credit quality | (698) | (396) | 18 | 855 | 4,276 | |||||
Reclassification adjustment | 380 | 13,728 | (11,904) | 41,160 | (15,093) | |||||
Noninterest expense | Previously Reported | ||||||||||
Unrealized gain (loss) on derivatives | (40,305) | 19,369 | ||||||||
Change in presentation of gain (loss) for derivatives related to fair value loans | Noninterest expense | Previously Reported | ||||||||||
Unrealized gain (loss) on derivatives | (1,078) | (14,124) | 11,922 | (40,305) | 19,369 | |||||
Change in presentation of changes in fair value of fair value loans | Interest income | Previously Reported | ||||||||||
Loan fair value change related to interest rates | 1,078 | 14,124 | (11,922) | 40,305 | (19,369) | |||||
Loan fair value change related to credit quality | (698) | (396) | 18 | 855 | 4,276 | |||||
Change in fair value of loans | $ 380 | $ 13,728 | $ (11,904) | $ 41,160 | $ (15,093) | |||||
National Australia Bank Limited | Subsequent event | ||||||||||
Number of shares sold by company | 23 | |||||||||
Shares sold by parent, percentage of company stock | 39.70% | |||||||||
Ownership percentage by parent | 28.50% |
Basis of Presentation - Sche126
Basis of Presentation - Schedule of Error Correction on Realized Gain (Loss) on Derivatives (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Noninterest income | |||||
Realized gain (loss) on derivatives | $ (8,678) | $ (6,668) | $ (18,255) | $ (14,217) | $ (9,931) |
Immaterial error correction | Interest income | |||||
Realized gain (loss) on derivatives | $ (8,678) | $ (6,668) | $ (18,255) | $ (14,217) | $ (9,931) |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment award, award vesting period | 3 years | |||
Share-based compensation expense | $ 200,000 | $ 0 | $ 700,000 | $ 0 |
Tax benefit from compensation expense | 100,000 | $ 0 | $ 300,000 | $ 0 |
Target performance level | 100.00% | |||
Share-based compensation, compensation cost not yet recognized | $ 2,500,000 | $ 2,500,000 | ||
Share-based compensation, compensation cost not yet recognized, recognition period | 2 years 6 months | |||
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pre-established target levels | 0.00% | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Target performance level | 150.00% | |||
Pre-established target levels | 150.00% | |||
Performance shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares to be issued (approximately) | 324,672 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Restricted Stock (Detail) - Mar. 31, 2015 - $ / shares | Total |
Restricted shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Shares, beginning of year (shares) | 0 |
Granted (shares) | 79,728 |
Vested and issued (shares) | 0 |
Forfeited (shares) | (556) |
Canceled (shares) | 0 |
Shares, ending of year (shares) | 79,172 |
Vested, but not issuable (shares) | 12,221 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Shares, beginning of year (in USD per share) | $ 0 |
Granted (in USD per share) | 18.05 |
Vested and issued (in USD per share) | 0 |
Forfeited (in USD per share) | 18 |
Canceled (in USD per share) | 0 |
Share, ending of year (in USD per share) | 18.05 |
Vested, but not issuable (in USD per share) | $ 18 |
Performance shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Shares, beginning of year (shares) | 0 |
Granted (shares) | 221,184 |
Vested and issued (shares) | 0 |
Forfeited (shares) | (4,736) |
Canceled (shares) | 0 |
Shares, ending of year (shares) | 216,448 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Shares, beginning of year (in USD per share) | $ 0 |
Granted (in USD per share) | 18 |
Vested and issued (in USD per share) | 0 |
Forfeited (in USD per share) | 18 |
Canceled (in USD per share) | 0 |
Share, ending of year (in USD per share) | $ 18 |