Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 02, 2015 | Mar. 31, 2015 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | WAFD | ||
Entity Registrant Name | WASHINGTON FEDERAL INC | ||
Entity Central Index Key | 936,528 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 93,038,843 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,046,569,111 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 284,049 | $ 781,843 |
Available-for-sale securities | 2,380,563 | 3,049,442 |
Held-to-maturity securities | 1,643,216 | 1,548,265 |
Loans receivable, net | 9,170,634 | 8,324,798 |
Interest receivable | 40,429 | 52,037 |
Premises and equipment, net | 276,247 | 257,543 |
Real estate owned | 61,098 | 83,962 |
FHLB & FRB stock | 107,198 | 158,839 |
Bank owned life insurance | 102,496 | 0 |
Intangible assets, including goodwill of $291,503 | 299,358 | 302,909 |
Federal and state income taxes, net | 14,513 | 16,515 |
Other assets | 188,523 | 179,888 |
Total assets | 14,568,324 | 14,756,041 |
Customer accounts | ||
Transaction deposit accounts | 5,820,878 | 5,490,687 |
Time deposit accounts | 4,810,825 | 5,226,241 |
Customer accounts | 10,631,703 | 10,716,928 |
FHLB advances | 1,830,000 | 1,930,000 |
Advance payments by borrowers for taxes and insurance | 50,224 | 29,004 |
Accrued expenses and other liabilities | 100,718 | 106,826 |
Total liabilities | 12,612,645 | 12,782,758 |
Stockholders’ equity | ||
Common stock, $1.00 par value, 300,000,000 shares authorized; 133,695,803 and 133,322,909 shares issued; 92,936,395 and 98,404,705 shares outstanding | 133,696 | 133,323 |
Paid-in capital | 1,643,712 | 1,638,211 |
Accumulated other comprehensive income, net of taxes | 353 | 20,708 |
Treasury stock, at cost; 40,759,408 and 34,918,204 shares | (651,836) | (525,108) |
Retained earnings | 829,754 | 706,149 |
Total stockholders’ equity | 1,955,679 | 1,973,283 |
Total liabilities and stockholders’ equity | $ 14,568,324 | $ 14,756,041 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Statement of Financial Position [Abstract] | ||
Goodwill | $ 291,503 | $ 291,503 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 133,695,803 | 133,322,909 |
Common stock, shares outstanding (in shares) | 92,936,395 | 98,404,705 |
Treasury stock, shares (in shares) | 40,759,408 | 34,918,204 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
INTEREST INCOME | |||
Loans | $ 437,002 | $ 430,850 | $ 454,915 |
Mortgage-backed securities | 71,392 | 80,260 | 48,520 |
Investment securities and cash equivalents | 22,159 | 22,587 | 12,856 |
Interest income | 530,553 | 533,697 | 516,291 |
INTEREST EXPENSE | |||
Customer accounts | 51,054 | 58,524 | 67,903 |
FHLB advances and other borrowings | 66,018 | 69,553 | 68,256 |
Interest expense | 117,072 | 128,077 | 136,159 |
Net interest income | 413,481 | 405,620 | 380,132 |
Provision (reversal) for loan losses | (11,162) | (15,401) | 1,350 |
Net interest income after provision for loan losses | 424,643 | 421,021 | 378,782 |
OTHER INCOME | |||
Gain on sale of investments | 9,641 | 0 | 0 |
Prepayment penalty on long-term debt | (10,554) | 0 | 0 |
Loan fee income | 8,788 | 7,706 | 8,585 |
Deposit fee income | 22,459 | 14,306 | 5,015 |
Other income | 10,089 | 8,647 | 8,333 |
Noninterest income | 40,423 | 30,659 | 21,933 |
OTHER EXPENSE | |||
Compensation and benefits | 119,939 | 109,730 | 90,815 |
Occupancy | 33,956 | 30,452 | 23,597 |
FDIC insurance premiums | 7,916 | 11,009 | 12,214 |
Product delivery | 22,325 | 14,973 | 4,414 |
Information technology | 15,976 | 14,303 | 10,999 |
Other expense | 24,739 | 23,542 | 22,201 |
Noninterest expense | 224,851 | 204,009 | 164,240 |
Gain (loss) on real estate acquired through foreclosure, net | 9,304 | (2,743) | (1,859) |
Income before income taxes | 249,519 | 244,928 | 234,616 |
Income taxes | |||
Current | 86,477 | 75,784 | 71,969 |
Deferred | 2,726 | 11,780 | 11,142 |
Income taxes | 89,203 | 87,564 | 83,111 |
NET INCOME | $ 160,316 | $ 157,364 | $ 151,505 |
PER SHARE DATA | |||
Basic earnings (in dollars per share) | $ 1.68 | $ 1.56 | $ 1.45 |
Diluted earnings (in dollars per share) | $ 1.67 | $ 1.55 | $ 1.45 |
Basic weighted average number of shares outstanding (in shares) | 95,644,639 | 101,154,030 | 104,684,812 |
Diluted weighted average number of shares outstanding, including dilutive stock options (in shares) | 96,053,959 | 101,590,351 | 104,837,470 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 160,316 | $ 157,364 | $ 151,505 |
Other comprehensive income (loss) net of tax: | |||
Net unrealized gains (losses) on available-for-sale securities | (27,536) | 22,924 | (10,953) |
Reclassification adjustment of net gains from sale of available-for-sale securities included in net income | 9,641 | 0 | 0 |
Related tax benefit (expense) | 6,577 | (8,425) | 4,025 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | (11,318) | 14,499 | (6,928) |
Net unrealized gain (loss) on long-term borrowing hedge | (14,287) | (268) | 0 |
Related tax benefit (expense) | 5,250 | 99 | 0 |
Derivatives qualifying as hedges, net of tax, portion attributable to parent | (9,037) | (169) | 0 |
Other comprehensive income (loss) | (20,355) | 14,330 | (6,928) |
Comprehensive income | $ 139,961 | $ 171,694 | $ 144,577 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Treasury Stock |
Balance, Beginning of period at Sep. 30, 2012 | $ 1,899,752 | $ 129,950 | $ 1,586,295 | $ 480,780 | $ 13,306 | $ (310,579) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 151,505 | 151,505 | ||||
Other comprehensive income adjustment | (6,928) | (6,928) | ||||
Dividends paid and accrued on common stock | (37,835) | (37,835) | ||||
Compensation expense related to common stock options | 473 | 473 | ||||
Proceeds from exercise of common stock options | 4,260 | 208 | 4,052 | |||
Proceeds from issuance of common stock | 33,493 | 1,997 | 31,496 | |||
Tax benefit related to exercise of stock options | 1 | 1 | ||||
Restricted stock | 3,152 | 418 | 2,734 | |||
Treasury stock | (110,238) | (110,238) | ||||
Balance, End of period at Sep. 30, 2013 | 1,937,635 | 132,573 | 1,625,051 | 594,450 | 6,378 | (420,817) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 157,364 | 157,364 | ||||
Other comprehensive income adjustment | 14,330 | 14,330 | ||||
Dividends paid and accrued on common stock | (45,665) | (45,665) | ||||
Compensation expense related to common stock options | 324 | 324 | ||||
Proceeds from exercise of common stock options | 10,142 | 501 | 9,641 | |||
Proceeds from issuance of common stock | 0 | 0 | 0 | |||
Tax benefit related to exercise of stock options | 0 | 0 | ||||
Restricted stock | 3,444 | 249 | 3,195 | |||
Treasury stock | (104,291) | (104,291) | ||||
Balance, End of period at Sep. 30, 2014 | 1,973,283 | 133,323 | 1,638,211 | 706,149 | 20,708 | (525,108) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 160,316 | 160,316 | ||||
Other comprehensive income adjustment | (20,355) | (20,355) | ||||
Dividends paid and accrued on common stock | (36,711) | (36,711) | ||||
Compensation expense related to common stock options | 231 | 231 | ||||
Proceeds from exercise of common stock options | 2,070 | 129 | 1,941 | |||
Restricted stock | 3,573 | 244 | 3,329 | |||
Treasury stock | (126,728) | (126,728) | ||||
Balance, End of period at Sep. 30, 2015 | $ 1,955,679 | $ 133,696 | $ 1,643,712 | $ 829,754 | $ 353 | $ (651,836) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 160,316 | $ 157,364 | $ 151,505 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization expense | 21,217 | 17,347 | 15,774 |
Cash received from FDIC under loss share | 720 | 2,502 | 13,421 |
Stock option compensation expense | 232 | 324 | 473 |
Provision (reversal) for loan losses | (11,162) | (15,401) | 1,350 |
(Gain) loss on investment securities and real estate held for sale, net | (28,528) | (2,510) | (8,011) |
Loss on extinguishment of debt | 10,554 | 0 | 0 |
Decrease (increase) in accrued interest receivable | 11,608 | (2,819) | (330) |
Decrease (increase) in FDIC loss share receivable | 1,795 | (1,795) | (1,482) |
Increase in cash surrender value of bank owned life insurance | (2,496) | 0 | 0 |
Decrease (increase) in income taxes receivable | 13,829 | 18,890 | (17,462) |
(Increase) decrease in other assets | (29,220) | (17,799) | 36,350 |
(Decrease) increase in accrued expenses and other liabilities | (5,994) | 17,612 | (10,166) |
Net cash provided by operating activities | 142,871 | 173,715 | 181,422 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Net (loan originations) principal collections | (554,350) | (261,401) | 343,771 |
Loans purchased | (279,936) | (218,544) | 0 |
FHLB & FRB stock purchase | (4,067) | 0 | (23,981) |
FHLB & FRB stock redeemed | 55,708 | 14,017 | 5,894 |
Available-for-sale securities purchased | (315,114) | (1,280,477) | (889,595) |
Principal payments and maturities of available-for-sale securities | 721,951 | 609,395 | 275,726 |
Available-for-sale securities sold | 246,826 | 0 | 43,198 |
Held-to-maturity securities purchased | (259,489) | 0 | (787,449) |
Principal payments and maturities of held-to-maturity securities | 159,947 | 103,617 | 331,022 |
Net cash received from acquisition | 0 | 1,776,660 | 202,308 |
Proceeds from sales of real estate held for sale and investment | 56,380 | 73,895 | 115,615 |
Proceeds from sales of covered REO | 18,515 | 15,654 | 20,843 |
Purchase of bank owned life insurance | (100,000) | ||
Premises and equipment purchased and REO improvements | (36,860) | (51,794) | (29,246) |
Net cash provided (used) by investing activities | (290,489) | 781,022 | (391,894) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net (decrease) in customer accounts | (85,073) | (226,914) | (223,515) |
Proceeds from long-term borrowings | 100,000 | 0 | 50,000 |
Repayments of long-term borrowings | (210,554) | 0 | (22,470) |
Proceeds from exercise of common stock options and related tax benefit | 2,070 | 10,252 | 4,261 |
Dividends paid on common stock | (51,111) | (42,065) | (37,835) |
Treasury stock purchased, net | (126,728) | (104,291) | (110,238) |
Increase (decrease) in advance payments by borrowers for taxes and insurance | 21,220 | (13,439) | 2,402 |
Net cash (used) by financing activities | (350,176) | (376,457) | (337,395) |
Increase (decrease) in cash and cash equivalents | (497,794) | 578,280 | (547,867) |
Cash and cash equivalents at beginning of period | 781,843 | 203,563 | 751,430 |
Cash and cash equivalents at end of period | 284,049 | 781,843 | 203,563 |
Non-cash investing activities | |||
Non-covered real estate acquired through foreclosure | 30,024 | 37,721 | 91,352 |
Covered real estate acquired through foreclosure | 1,892 | 8,748 | 11,196 |
Cash paid during the period for | |||
Interest | 116,226 | 128,733 | 140,409 |
Income taxes | 65,720 | 64,372 | 80,417 |
The following summarizes the non-cash activities related to acquisitions | |||
Fair value of assets and intangibles acquired, including goodwill | 0 | 80,242 | 607,193 |
Fair value of liabilities assumed | 0 | (1,856,902) | (776,009) |
Net fair value of acquired assets (liabilities) | $ 0 | $ (1,776,660) | $ (168,816) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Washington Federal, Inc. is a Washington corporation headquartered in Seattle, Washington. The Company is a bank holding company that conducts its operations through a national bank subsidiary, Washington Federal, National Association. The Bank is principally engaged in the business of attracting deposits from the general public and investing these funds, together with borrowings and other funds, in one-to-four family residential real estate loans, multi-family real estate loans and commercial loans. As used throughout this document, the terms "Washington Federal" or the "Company" refer to Washington Federal, Inc. and its consolidated subsidiaries and the term "Bank" refers to the operating subsidiary Washington Federal, National Association. Nature of Operations. The Company is a bank holding company that conducts its operations through a national bank subsidiary. The Bank is principally engaged in the business of attracting deposits from the general public and investing these funds, together with borrowings and other funds, in one-to-four family residential real estate loans, multi-family real estate loans and commercial loans. The Bank conducts its activities through a network of 247 offices located in Washington, Oregon, Idaho, Utah, Arizona, Nevada, New Mexico, and Texas. Basis of Presentation. The consolidated financial statements included in this report have been prepared by Washington Federal. All intercompany transactions and accounts have been eliminated in consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect amounts reported in the financial statements. Actual results could differ from these estimates. The Company's fiscal year end is September 30th. All references to 2015 , 2014 and 2013 represent balances as of September 30, 2015 , September 30, 2014 and September 30, 2013 , or activity for the fiscal years then ended. References to net income in this document refer to net income available to common shareholders. Certain reclassification adjustments were made in 2015 to present the financial statements in a manner that is more meaningful to the users. Loans receivable and covered loans were consolidated into one line item on the Statement of Financial Condition. Real estate held for sale, real estate held for investment and covered real estate held for sale were consolidated into one line item on the Statement of Financial Condition. FDIC indemnification assets and other assets were consolidated into one line item on the Statement of Financial Condition. Reclassification of Other Expenses into Product Delivery and Information Technology line items have been made to the financial statements for years prior to September 30, 2014 to conform to current year classifications. Acquisitions. Certain Branches of Bank of America, National Association . During the 2014 fiscal year, the Bank acquired 74 branches from Bank of America, National Association. This included: effective as of the close of business on October 31, 2013, 11 branches located in New Mexico; effective as of the close of business on December 6, 2013, 40 branches located in Washington, Oregon, and Idaho; and effective as of the close of business on May 2, 2014, 23 branches located in Arizona and Nevada. The combined acquisitions provided $1.9 billion in deposit accounts, $13 million of loans, and $25 million in branch properties. The Bank paid a 1.99% premium on the total deposits and received $1.8 billion in cash from the transactions. The acquisition method of accounting was used to account for the acquisitions. The purchased assets and assumed liabilities are recorded at their respective acquisition date estimated fair values. The Bank recorded $11 million in core deposit intangible and $31 million in goodwill related to these transactions. The operating results of the Company include the operating results produced by the first 11 branches beginning November 1, 2013, for the additional 40 branches beginning December 7, 2013, and for the most recent 23 branches from May 3, 2014 forward. South Valley Bancorp, Inc. Effective November 1, 2012, the Bank acquired South Valley Bancorp, Inc. and South Valley's wholly owned subsidiary, South Valley Bank & Trust ("SVBT"), was merged into the Bank. The acquisition provided $361 million of net loans, $108 million of net covered loans, $736 million of deposit accounts, including $533 million in transaction deposit accounts and 24 branch locations in Central and Southern Oregon. Total consideration paid at closing was $44 million , including $34 million of the Company's stock and $10 million of cash resulting from the collection of certain earn-out assets. The operating results of the Company include the operating results produced by the acquired assets and assumed liabilities for the period November 1, 2012 forward. Cash and cash equivalents. Cash and cash equivalents include cash on hand, amounts due from banks, overnight investments and repurchase agreements with an initial maturity of three months or less. Investments and mortgage-backed securities. The Company accounts for investments and mortgage-backed securities in two categories: held-to-maturity and available-for-sale. Premiums and discounts on investments are deferred and recognized into income over the life of the asset using the effective interest method. Held-to-maturity securities are accounted for at amortized cost, but the Company must have both the positive intent and the ability to hold those securities to maturity. There are very limited circumstances under which securities in the held-to-maturity category can be sold without jeopardizing the cost basis of accounting for the remainder of the securities in this category. Available-for-sale securities are accounted for at fair value. Gains and losses realized on the sale of these securities are accounted for based on the specific identification method. Unrealized gains and losses for available-for-sale securities are excluded from earnings and reported net of the related tax effect in the accumulated other comprehensive income component of stockholders' equity. Realized gains and losses on securities sold as well as other than temporary impairment charges, if any, are shown on the Consolidated Statements of Operations under the Other Income heading. Management evaluates debt and equity securities for other than temporary impairment on a quarterly basis based on the securities' current credit quality, market interest rates, term to maturity and management's intent and ability to hold the securities until the net book value is recovered. Loans receivable. Loans that are performing in accordance with their contractual terms are carried at their amortized cost and expected interest is accrued. The Bank also receives fees for originating loans in addition to various fees and charges related to existing loans, which may include prepayment charges, late charges and assumption fees. When a borrower fails to make a required payment on a loan, the Bank attempts to cure the deficiency by contacting the borrower. Contact is made after a payment is 30 days past its grace period. In most cases, deficiencies are cured promptly. If the delinquency is not cured within 90 days, the Bank may institute appropriate action to foreclose on the property. If foreclosed, the property is sold at a public sale and may be purchased by the Bank. Restructured loans. The Bank will consider modifying the interest rates and terms of a loan if it determines that a modification is a better alternative to foreclosure. Most troubled debt restructured ("TDR") loans are accruing and performing loans where the borrower has proactively approached the Bank about modifications due to temporary financial difficulties. Each request is individually evaluated for merit and likelihood of success. The concession for these loans is typically a payment reduction through a rate reduction of 100 to 200 bps for a specific term, usually six to twelve months. Interest-only payments may also be approved during the modification period. Principal forgiveness is generally not an available option for restructured loans. Before granting approval to modify a loan in a TDR, the borrower’s ability to repay is evaluated, including: current income levels and debt to income ratio, borrower’s credit score, payment history of the loan, and updated evaluation of the secondary repayment source. The Bank also modifies some loans that are not classified as TDRs as the modification is due to a restructuring where the effective interest rate on the debt is reduced to reflect a decrease in market interest rates. Non accrual loans. Loans are placed on nonaccrual status when, in the judgment of management, the probability of collection of interest is deemed to be insufficient to warrant further accrual. When a loan is placed on nonaccrual status, previously accrued but unpaid interest is deducted from interest income. The Bank does not accrue interest on loans 90 days or more past due. If payment is made on a loan so that the loan becomes less than 90 days past due, and the Bank expects full collection of principal and interest, the loan is returned to full accrual status. Any interest ultimately collected is credited to income in the period of recovery. A loan is charged-off when the loss is estimable and it is confirmed that the borrower is not expected be able to meet contractual obligations. If a consumer loan is on non-accrual status before becoming a TDR it will stay on non-accrual status following restructuring until it has been performing for at least six months , at which point it may be moved to accrual status. If a loan is on accrual status before it becomes a TDR, and management concludes that full repayment is probable based on internal evaluation, it will remain on accrual status following restructuring. If the restructured consumer loan does not perform, it is placed on non-accrual status when it is 90 days delinquent. For commercial loans, six consecutive payments on newly restructured loan terms are required prior to returning the loan to accrual status. In some instances after the required six consecutive payments are made management will conclude that collection of the entire principal and interest due is still in doubt. In those instances, the loan will remain on non-accrual. Impaired loans. Impaired loans consist of loans receivable that are not expected to have their principal and interest repaid in accordance with their contractual terms. This includes TDRs that are on non-accrual status. Collateral dependent impaired loans are measured using the fair value of the collateral less selling costs. Non-collateral dependent loans are measured at the present value of expected future cash flows. Deferred fees and discounts on loans. Loan discounts and loan fees are deferred and recognized over the life of the loans using the effective interest method. Allowance for Loan Losses. The Bank maintains an allowance for loan losses to absorb losses inherent in the loan portfolio. The allowance is based on ongoing, quarterly assessments of the probable and estimable losses inherent in the loan portfolio. The Bank's general methodology for assessing the appropriateness of the allowance is to apply a loss percentage factor to the different loan types. The loss percentage factor is made up of two parts - the historical loss factor (“HLF”) and the qualitative loss factor (“QLF”). The HLF takes into account historical charge-offs by loan type. The Bank uses an average of historical loss rates for each loan category multiplied by a loss emergence period. This is the likely period of time during which a residential or commercial loan borrower experiencing financial difficulties might deplete their cash prior to becoming delinquent on their loan, plus the period of time that it takes the bank to work out the loans. The QLF are based on management's continuing evaluation of the pertinent factors underlying the quality of the loan portfolio, including changes in the size and composition of the loan portfolio, actual loan loss experience, current economic conditions, collateral values, geographic concentrations, seasoning of the loan portfolio, specific industry conditions, and the duration of the current business cycle. These factors are considered by loan type. Specific allowances are established for loans which are individually evaluated, in cases where management has identified significant conditions or circumstances related to a loan that management believes indicate the probability that a loss has been incurred. The Bank has also established a reserve for unfunded commitments. The recovery of the carrying value of loans is susceptible to future market conditions beyond the Bank's control, which may result in losses or recoveries differing from those estimated. Acquired credit impaired loans. Acquired credit impaired loans are accounted for under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 310-30 when there is evidence of credit deterioration since origination and for which it is probable, at acquisition, that the Company would be unable to collect all contractually required payments. Interest income, through accretion of the difference between the carrying amount of the loans and the expected cash flows, are recognized on all acquired loans. Covered assets. Covered loans consist of single family loans acquired from Horizon Bank in 2010 and certain loans acquired from SVBT in fiscal 2013 that were originally recorded at their estimated fair value at the time acquired. Loans that were classified as non-performing loans by Horizon Bank and SVBT are no longer classified as non-performing because, at acquisition, the carrying value of these loans was adjusted to reflect fair value and are covered under the FDIC loss sharing agreements. Management believes that the book value reflects an amount that will ultimately be collected. Covered real estate held for sale represents the foreclosed properties that were originally Horizon Bank loans or certain SVBT loans. Covered real estate held for sale is carried at the estimated fair value of the repossessed real estate. The covered loans and covered real estate held for sale are collectively referred to as “covered assets." When FDIC loss share agreements expire, any remaining loans will be transferred to the non covered portfolio. FDIC indemnification asset. FDIC indemnification asset of $16,275,000 as of September 30, 2015 is the receivable recorded due to the guarantee provided by the FDIC on the covered assets. This asset declines due to collections from the FDIC on claims or the eventual expiration of the FDIC loss share agreements. The FDIC indemnification asset is included within other assets on the statement of financial condition. Client Derivatives. Interest rate swap agreements are provided to certain clients who desire to convert their obligations from variable to fixed interest rates. Under these agreements, the Bank enters into a variable-rate loan agreement with a customer in addition to a swap agreement, and then enters into a corresponding swap agreement with a third party in order to offset its exposure on the customer swap agreement. As the interest rate swap agreements with the customers and third parties are not designated as hedges under FASB ASC 815, Derivatives and Hedging, the instruments are marked to market in earnings. The change in fair value of the offsetting swaps are included in interest income and interest expense and there is no impact on net income. There is fee income earned on the swaps that is included in miscellaneous loan income. Long Term Borrowing Hedges. The Bank has entered into forward-starting interest rate swaps to convert a series of future short-term borrowings to fixed rate payments. These interest rate swaps qualify as cash flow hedging instruments under ASC 815 which provides for matching of the recognition of gains and losses of the interest rate swaps and the hedged items. Prior to the starting date, the change in the fair value of the interest rate swap is recorded in Other Comprehensive Income. Commercial Loan Hedge. The Bank has entered into an interest rate swap to hedge a long term fixed rate commercial loan. This interest rate swap qualifies as a fair value hedge under ASC 815 which provides for matching of the recognition of the gains and losses of the interest rate swap and the hedged item. Premises and equipment. Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the respective assets. Expenditures are capitalized for betterments and major renewals. Charges for ordinary maintenance and repairs are expensed to operations as incurred. Real estate owned. Properties acquired in settlement of loans are recorded at fair value less selling costs. Subsequent accounting is recorded at lower of cost or fair value. These gains (losses) are shown on the real estate acquired through foreclosure line item. Intangible assets. Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired. The core deposit intangibles are acquired assets that lack physical substance but can be distinguished from goodwill. Goodwill is evaluated for impairment on an annual basis. Other intangible assets are amortized over their estimated lives and are subject to impairment testing when events or circumstances change. If circumstances indicate that the carrying value of the assets may not be recoverable, an impairment charge could be recorded. No impairment of intangible assets has ever been identified. The Bank amortizes the core deposit intangibles over their estimated lives using an accelerated method. The balance of the Company's intangible assets was as follows: Goodwill Core Deposit Intangible Total (In thousands) Balance at September 30, 2013 $ 260,277 $ 4,041 $ 264,318 Additions 31,226 11,040 42,266 Amortization — (3,675 ) (3,675 ) Balance at September 30, 2014 291,503 11,406 302,909 Additions — — — Amortization — (3,551 ) (3,551 ) Balance at September 30, 2015 $ 291,503 $ 7,855 $ 299,358 The table below presents the estimated core deposit intangible asset amortization expense for the next five years: Year End Expense (In thousands) 2016 $ 2,314 2017 1,607 2018 1,208 2019 1,254 2020 1,254 Income taxes. Income taxes are accounted for using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, a deferred tax asset or liability is determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The provision for income taxes includes current and deferred income tax expense based on net income adjusted for temporary and permanent differences such as depreciation, interest on state and municipal securities, and affordable housing tax credits. Income tax related interest and penalties, if applicable, and amortization of affordable housing tax credit investments are recorded within income tax expense. Accounting for stock-based compensation. We recognize in the statement of operations the grant-date fair value of stock options and other equity-based forms of compensation issued to employees over the employees' requisite service period (generally the vesting period). The requisite service period may be subject to performance conditions. Stock options and restricted stock awards generally vest ratably over three to ten years and are recognized as expense over that same period of time. The exercise price of each option equals the market price of the Company's common stock on the date of the grant, and the maximum term is ten years. The fair value of each grant is estimated as of the grant date using the Black-Scholes option-pricing model or a Monte Carlo simulation pricing model. Expected volatility is based on the historical volatility of the price of the Company's common stock. The Company uses historical data to estimate option exercise and stock option forfeiture rates within the valuation model. The expected term of options granted is determined based on historical experience with similar options, giving consideration to the contractual terms and vesting schedules, and represents the period of time that options granted are expected to be outstanding. The expected dividend yield is based on dividend trends and the market value of the Company's common stock at the time of grant. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant corresponding to the estimated expected term of the options granted. Stock options that were not dilutive but were outstanding as of September 30, 2015 , 2014 and 2013 were 94,054 , 90,846 and 435,825 , respectively. See Note L for additional information. Restricted stock unit grants and certain restricted stock awards are subject to performance-based and market-based vesting as well as other approved vesting conditions and cliff vest based on those conditions. Compensation expense is recognized over the service period to the extent restricted stock units are expected to vest. Use of estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates reported in the financial statements include the allowance for loan losses, intangible assets, deferred taxes and contingent liabilities. Actual results could differ from these estimates. New accounting pronouncements. 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. The new guidance clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either: (a) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure; or (b) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. ASU 2014-04 is effective for annual and interim reporting periods within those annual periods, beginning after December 15, 2014. Adoption of the new guidance is not expected to have a significant impact on the Company's consolidated financial statements. In January 2014, the FASB issued ASU 2014-01, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects. This new guidance permits reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). Those not electing the proportional amortization method would account for the investment using the equity method or cost method. This new guidance is effective on a retrospective basis beginning after December 15, 2014 with early adoption permitted. The Company adopted this ASU prospectively as of December 31, 2013 as the retrospective adjustments were not material. This adoption did not have a material impact on the Company's consolidated financial statements. In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860) - Repurchase to Maturity Transactions, Repurchase Financings, and Disclosures. Under this new accounting guidance, repurchase-to-maturity transactions will be accounted for as secured borrowings rather than sales of an asset, and transfers of financial assets with contemporaneous repurchase financings will no longer be evaluated to determine whether they should be accounted for on a combined basis as forward contracts. The new guidance also prescribes additional disclosures particularly on the nature of collateral pledged in repurchase financings accounted for as secured borrowings. The new guidance is effective for the first interim or annual period beginning after December 31, 2014. This guidance did not have a material impact on the Company's consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. These amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. These amendments are effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In August 2015, the FASB issued ASU 2015-14, to defer the effective date of ASU 2014-09 , Revenue from Contracts with Customers (Topic 606). This new accounting guidance clarifies the principles for recognizing revenue from contracts with customers. The new accounting guidance, which does not apply to financial instruments, is effective on a retrospective basis beginning on January 1, 2018. The Company does not expect the new guidance to have a material impact on its consolidated financial statements. In August 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting Measurement -Period Adjustments. To simplify the accounting for adjustments made to provisional amounts recognized in a business combination, the amendments eliminate the requirement to retrospectively account for those adjustments. These amendments are effective for interim and annual periods beginning after December 15, 2015. The amendments should be applied prospectively. The Company does not expect this guidance to have a material impact on its consolidated financial statements. Business segments. As the Company manages its business and operations on a consolidated basis, management has determined that there is one reportable business segment. Subsequent events. The Company has evaluated subsequent events for adjustment to or disclosure in the Company’s consolidated financial statements through the date of this report, and the Company has not identified any recordable or disclosable events, not otherwise reported in these consolidated financial statements or the notes thereto, except for the following: The Company paid its 131st consecutive quarterly cash dividend totaling $12,035,000 on November 20, 2015 to common stockholders of record on November 6, 2015. |
Investment Securities
Investment Securities | 12 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES September 30, 2015 Amortized Cost Gross Unrealized Fair Value Yield Gains Losses (In thousands) Available-for-sale securities U.S. government and agency securities due 1 to 5 years $ 105,065 $ 1,923 $ (274 ) $ 106,714 1.74 % 5 to 10 years 119,071 35 (1,247 ) 117,859 1.54 % Over 10 years 262,832 — (4,941 ) 257,891 1.23 % Equity Securities Within 1 year 500 17 — 517 1.80 % 1 to 5 years 99,922 1,513 — 101,435 1.90 % 5 to 10 years — — — — — % Corporate bonds due Within 1 year 24,787 191 — 24,978 0.53 % 1 to 5 years 311,435 1,190 (58 ) 312,567 0.88 % 5 to 10 years 100,000 876 (3,524 ) 97,352 1.47 % Over 10 years 69,950 953 — 70,903 3.00 % Municipal bonds due 1 to 5 years 2,285 8 — 2,293 1.23 % 5 to 10 years 1,303 7 — 1,310 2.05 % Over 10 years 20,382 3,138 — 23,520 6.45 % Mortgage-backed securities Agency pass-through certificates 1,144,787 18,222 (2,491 ) 1,160,518 2.48 % Other commercial MBS 103,131 85 (510 ) 102,706 1.51 % 2,365,450 28,158 (13,045 ) 2,380,563 1.97 % Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 1,643,216 10,516 (16,312 ) 1,637,420 3.19 % 1,643,216 10,516 (16,312 ) 1,637,420 3.19 % $ 4,008,666 $ 38,674 $ (29,357 ) $ 4,017,983 2.46 % September 30, 2014 Amortized Cost Gross Unrealized Fair Value Yield Gains Losses (In thousands) Available-for-sale securities U.S. government and agency securities due 1 to 5 years $ 171,154 $ 2,585 $ (748 ) $ 172,991 1.26 % 5 to 10 years 203,317 300 (102 ) 203,515 1.45 % Over 10 years 354,828 1,028 (419 ) 355,437 1.25 % Equity Securities Within 1 year 1 to 5 years 100,500 887 — 101,387 1.90 % 5 to 10 years — — — — % Corporate bonds due Within 1 year 15,000 75 — 15,075 1.00 % 1 to 5 years 302,540 2,372 — 304,912 0.71 % 5 to 10 years 138,201 1,789 (970 ) 139,020 1.43 % Over 10 years 50,000 — — 50,000 3.00 % Municipal bonds due 1 to 5 years — — — — — % 5 to 10 years — — — — — % Over 10 years 20,402 3,279 — 23,681 6.45 % Mortgage-backed securities Agency pass-through certificates 1,561,639 24,893 (2,024 ) 1,584,508 2.57 % Other commercial MBS 98,851 65 — 98,916 1.49 % 3,016,432 37,273 (4,263 ) 3,049,442 1.99 % Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 1,548,265 4,855 (53,902 ) 1,499,218 3.13 % 1,548,265 4,855 (53,902 ) 1,499,218 3.13 % $ 4,564,697 $ 42,128 $ (58,165 ) $ 4,548,660 2.38 % There were $246,826,000 of available-for-sale securities that were sold in 2015 , resulting in a gain of $9,641,000 . Substantially all mortgage-backed securities have contractual due dates that exceed twenty-five years. The following table shows the gross unrealized losses and fair value of securities at September 30, 2015 and September 30, 2014 , by length of time that individual securities in each category have been in a continuous loss position. The Bank had $1,297,408,000 securities in a continuous loss position for 12 or more months at September 30, 2015 , and $1,642,718,000 securities in a continuous loss position for 12 or more months at September 30, 2014 , which consisted of corporate bonds, U.S. government and agency securities, and mortgage-backed securities. Management believes that the declines in fair value of these investments are not an other than temporary impairment as these losses are due to a change in interest rates rather than any credit deterioration. The impairment is also deemed to be temporary because: 1) the Bank does not intend to sell the security, and 2) it is not more likely than not that it will be required to sell the security before recovery of the entire amortized cost basis of the security. As of September 30, 2015 Less than 12 months 12 months or more Total Unrealized Gross Losses Fair Value Unrealized Gross Losses Fair Value Unrealized Gross Losses Fair Value (In thousands) Corporate Bonds $ (183 ) $ 72,862 $ (3,399 ) $ 46,601 $ (3,582 ) $ 119,463 U.S. agency securities (5,010 ) 336,243 (1,452 ) 57,344 (6,462 ) 393,587 Agency pass-through certificates (1,036 ) 169,541 (18,277 ) 1,193,463 (19,313 ) 1,363,004 $ (6,229 ) $ 578,646 $ (23,128 ) $ 1,297,408 $ (29,357 ) $ 1,876,054 As of September 30, 2014 Less than 12 months 12 months or more Total Unrealized Gross Losses Fair Value Unrealized Gross Losses Fair Value Unrealized Gross Losses Fair Value (In thousands) Corporate Bonds $ (125 ) $ 24,875 $ (845 ) $ 24,155 $ (970 ) $ 49,030 U.S. agency securities (472 ) 316,578 (797 ) 109,354 (1,269 ) 425,932 Agency pass-through certificates (215 ) 19,212 (55,711 ) 1,509,209 (55,926 ) 1,528,421 $ (812 ) $ 360,665 $ (57,353 ) $ 1,642,718 $ (58,165 ) $ 2,003,383 |
Loans Receivable (including Cov
Loans Receivable (including Covered Loans) | 12 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Loans Receivable (including Covered Loans) | Loans Receivable (including Covered Loans) September 30, 2015 September 30, 2014 (In thousands) (In thousands) Non-Acquired loans Single-family residential $ 5,651,845 57.6 % $ 5,560,203 62.6 % Construction - speculative 200,509 2.0 140,060 1.6 Construction - custom 396,307 4.0 385,824 4.3 Land - acquisition & development 94,208 1.0 77,832 0.9 Land - consumer lot loans 103,989 1.1 108,623 1.2 Multi-family 1,125,722 11.6 917,286 10.3 Commercial real estate 986,270 10.0 591,336 6.7 Commercial & industrial 612,836 6.2 379,226 4.3 HELOC 127,646 1.3 116,042 1.3 Consumer 194,655 2.0 132,590 1.5 Total non-acquired loans 9,493,987 96.8 % 8,409,022 94.7 % Acquired loans 166,293 1.6 184,188 2.0 Credit impaired acquired loans 87,081 0.9 76,507 0.8 Covered loans 75,909 0.7 213,203 2.5 Total gross loans 9,823,270 100.0 % 8,882,920 100.0 % Less: Allowance for probable losses 106,829 114,591 Loans in process 476,796 346,172 Discount on acquired loans 30,095 59,874 Deferred net origination fees 38,916 37,485 Total loan contra accounts 652,636 558,122 Net Loans $ 9,170,634 $ 8,324,798 The Company originates fixed and adjustable interest rate loans, which at September 30, 2015 consisted of the following: Fixed-Rate Adjustable-Rate Term To Maturity Book Value Term To Rate Adjustment Book Value (In thousands) (In thousands) Within 1 year $ 343,801 Less than 1 year $ 1,778,466 1 to 3 years 160,832 1 to 3 years 799,633 3 to 5 years 97,837 3 to 5 years 733,061 5 to 10 years 155,708 5 to 10 years 92,796 10 to 20 years 938,938 10 to 20 years — Over 20 years 4,722,198 Over 20 years — $ 6,419,314 $ 3,403,956 Gross loans by geographic concentration were as follows: September 30, 2015 Single - Multi- Land - Land - Construction - custom Construction - speculative Commercial Commercial Consumer HELOC Total (In thousands) Washington $ 2,905,256 $ 388,151 $ 54,467 $ 62,916 $ 232,244 $ 84,462 $ 638,974 $ 350,485 $ 74,649 $ 89,011 $ 4,880,615 Oregon 734,368 328,103 8,493 18,212 37,781 34,952 223,625 130,743 3,327 14,539 1,534,143 Arizona 154,858 411 — — — — 5,594 42,437 117,982 — 321,282 Other 312,471 34,502 4,235 8,098 17,107 13,634 7,566 11,183 165 6,204 415,165 Utah 579,743 233,240 4,573 9,227 39,443 8,542 116,157 40,754 297 18,619 1,050,595 Idaho 492,297 55,562 2,187 3,566 33,292 6,856 37,109 33,869 24 7,544 672,306 New Mexico 193,387 72,729 12,348 2,714 20,744 15,666 132,974 10,880 935 12,697 475,074 Texas 189,355 15,446 11,979 261 8,882 36,396 21,755 19,114 33 — 303,221 Nevada 139,047 1,293 — 1,819 6,816 — 2,797 18,115 69 913 170,869 $ 5,700,782 $ 1,129,437 $ 98,282 $ 106,813 $ 396,309 $ 200,508 $ 1,186,551 $ 657,580 $ 197,481 $ 149,527 $ 9,823,270 Percentage by geographic area September 30, 2015 Single - Multi- Land - Land - Construction - custom Construction - speculative Commercial Commercial Consumer HELOC Total As % of total gross loans Washington 29.4 % 4.0 % 0.6 % 0.6 % 2.4 % 0.9 % 6.5 % 3.6 % 0.8 % 0.9 % 49.7 % Oregon 7.5 3.3 0.1 0.2 0.4 0.4 2.3 1.3 — 0.1 15.6 Arizona 1.6 — — — — — 0.1 0.4 1.2 — 3.3 Other 3.2 0.4 — 0.1 0.2 0.1 0.1 0.1 — 0.1 4.3 Utah 5.9 2.4 — 0.1 0.4 0.1 1.2 0.4 — 0.2 10.7 Idaho 5.0 0.6 — — 0.3 0.1 0.4 0.3 — 0.1 6.8 New Mexico 2.0 0.7 0.1 — 0.2 0.2 1.4 0.1 — 0.1 4.8 Texas 1.9 0.2 0.1 — 0.1 0.4 0.2 0.2 — — 3.1 Nevada 1.4 — — — 0.1 — — 0.2 — — 1.7 57.9 % 11.6 % 0.9 % 1.0 % 4.1 % 2.2 % 12.2 % 6.6 % 2.0 % 1.5 % 100.0 % Percentage by geographic area as a % of each loan type September 30, 2015 Single - Multi- Land - Land - Construction - custom Construction - speculative Commercial Commercial Consumer HELOC As % of total gross loans Washington 51.0 % 34.3 % 55.4 % 59.0 % 58.7 % 42.1 % 54.0 % 53.1 % 37.8 % 59.6 % Oregon 12.9 29.1 8.6 17.1 9.5 17.4 18.8 19.9 1.7 9.7 Arizona 2.7 — — — — — 0.5 6.5 59.7 — Other 5.5 3.1 4.3 7.6 4.3 6.8 0.6 1.7 0.1 4.1 Utah 10.2 20.7 4.7 8.6 10.0 4.3 9.8 6.2 0.2 12.5 Idaho 8.6 4.9 2.2 3.3 8.4 3.4 3.1 5.2 — 5.0 New Mexico 3.4 6.4 12.6 2.5 5.2 7.8 11.2 1.7 0.5 8.5 Texas 3.3 1.4 12.2 0.2 2.2 18.2 1.8 2.9 — — Nevada 2.4 0.1 — 1.7 1.7 — 0.2 2.8 — 0.6 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % The Company has granted loans to officers and directors of the Company and related interests. These loans are made on the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and do not involve more than the normal risk of collectability. The aggregate dollar amount of these loans including undisbursed commitments was $55,965,000 and $60,278,000 at September 30, 2015 and 2014 , respectively. During 2015 , new loans on related party loans totaled $8,750,000 and repayments on related party loans totaled $13,063,000 . The following table provides additional information on impaired loans, loan commitments and loans serviced for others: September 30, 2015 September 30, 2014 (In thousands) Recorded investment in impaired loans $ 341,579 $ 435,185 Troubled Debt Restructuring included in impaired loans 302,713 374,743 Impaired loans with allocated reserves 2,323 196 Reserves on impaired loans 275 60 Average balance of impaired loans 333,815 403,138 Interest income from impaired loans 14,855 21,674 Outstanding fixed-rate origination commitments 230,869 198,504 Loans serviced for others 72,083 86,745 The following table sets forth information regarding non-accrual loans held by the Company: September 30, 2015 September 30, 2014 (In thousands) (In thousands) Non-accrual loans: Single-family residential $ 59,074 87.1 % $ 74,067 84.8 % Construction - speculative 754 1.1 1,477 1.7 Construction - custom 732 1.1 — — Land - acquisition & development — — 811 0.9 Land - consumer lot loans 1,273 1.9 2,637 3.0 Multi-family 2,558 3.8 1,742 2.0 Commercial real estate 2,176 3.2 5,106 5.8 Commercial & industrial — 7 — HELOC 563 0.8 795 0.9 Consumer 680 1.0 789 0.9 Total non-accrual loans $ 67,810 100 % $ 87,431 100 % The following tables provide an analysis of the age of loans in past due status: September 30, 2015 Amount of Loans Days Delinquent Based on $ Amount of Loans % based on $ Type of Loan Net of LIP & Chg.-Offs Current 30 60 90 Total (In thousands) Non-acquired loans Single-Family Residential $ 5,655,928 $ 5,590,673 $ 17,305 $ 7,757 $ 40,193 $ 65,255 1.15 % Construction - Speculative 130,121 130,121 — — — — — Construction - Custom 205,692 204,168 791 270 463 1,524 0.74 Land - Acquisition & Development 75,661 74,737 406 — 518 924 1.22 Land - Consumer Lot Loans 104,494 102,045 689 399 1,361 2,449 2.34 Multi-Family 1,068,038 1,065,667 259 454 1,658 2,371 0.22 Commercial Real Estate 893,072 892,180 131 — 761 892 0.10 Commercial & Industrial 617,545 616,602 93 27 823 943 0.15 HELOC 127,648 127,196 174 27 251 452 0.35 Consumer 194,977 194,259 493 170 55 718 0.37 9,073,176 8,997,648 20,341 9,104 46,083 75,528 0.83 Acquired loans 57,682 56,559 356 — 767 1,123 1.95 Credit impaired acquired loans 139,726 138,940 243 4 539 786 0.56 Covered loans 75,890 70,729 272 90 4,799 5,161 6.80 Total Loans $ 9,346,474 $ 9,263,876 $ 21,212 $ 9,198 $ 52,188 $ 82,598 0.88 % Delinquency % 99.12% 0.23% 0.10% 0.56% 0.88% The percentage of total delinquent loans improved from 1.44% as of September 30, 2014 to 0.88% as of September 30, 2015 . Most loans restructured in troubled debt restructurings ("TDRs") are accruing and performing loans where the borrower has proactively approached the Bank about modifications due to temporary financial difficulties. Each request is individually evaluated for merit and likelihood of success. The concession for these loans is typically a payment reduction through a rate reduction of 100 to 200 bps for a specific term, usually six to twelve months . Interest-only payments may also be approved during the modification period. Principal forgiveness is not an available option for restructured loans. As of September 30, 2015 , the outstanding balance of TDR's was $302,713,000 as compared to $374,743,000 as of September 30, 2014 . Single-family residential loans comprised 86% of restructured loans which is the same as at the prior year end. The Bank reserves for restructured loans within its allowance for loan loss methodology by taking into account the following performance indicators: 1) time since modification, 2) current payment status and 3) geographic area. The following tables provides information related troubled debt restructured: September 30, 2015 September 30, 2014 Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Troubled Debt Restructurings: Contracts Investment Investment Contracts Investment Investment (In thousands) (In thousands) Single-Family Residential 62 $ 13,378 $ 13,378 241 $ 52,900 $ 52,900 Construction - Speculative 2 701 701 — — — Construction - Custom — — — — — — Land - Acquisition & Development — — — 3 631 631 Land - Consumer Lot Loans 9 1,546 1,546 13 2,315 2,315 Multi-Family 3 — — 2 1,196 1,196 Commercial Real Estate 1 3,175 3,175 3 2,177 2,177 Commercial & Industrial 1 — — — — — HELOC — 50 50 2 549 549 Consumer — 80 80 3 35 35 78 $ 18,930 $ 18,930 267 $ 59,803 $ 59,803 September 30, 2015 September 30, 2014 Number of Recorded Number of Recorded Troubled Debt Restructurings That Subsequently Defaulted: Contracts Investment Contracts Investment (In thousands) (In thousands) Single-Family Residential 18 $ 2,917 38 $ 7,427 Construction - Speculative — — — — Construction - Custom — — — — Land - Acquisition & Development — — — — Land - Consumer Lot Loans 2 301 8 969 Multi-Family — — — — Commercial Real Estate — — — — Commercial & Industrial — — — — HELOC — — — — Consumer — — — — 20 $ 3,218 46 $ 8,396 The excess of cash flows expected to be collected over the initial fair value of acquired impaired loans is referred to as the accretable yield and this amount is accreted into interest income over the estimated life of the acquired loans using the effective yield method. Other adjustments to the accretable yield include changes in the estimated remaining life of the acquired loans, changes in expected cash flows and changes in the indices for acquired loans with variable interest rates. The following table shows the changes in accretable yield for acquired impaired loans and acquired non-impaired loans including covered loans for the years ended September 30, 2015 and 2014 : September 30, 2015 September 30, 2014 Acquired Impaired Acquired Non-impaired Acquired Impaired Acquired Non-impaired Accretable Yield Carrying Amount of Loans Accretable Yield Carrying Amount of Loans Accretable Yield Carrying Amount of Loans Accretable Yield Carrying Amount of Loans (In thousands) (In thousands) Beginning balance $ 97,125 $ 135,826 $ 14,513 $ 275,862 $ 115,513 $ 207,809 $ 22,240 $ 403,229 Additions — — — — — — — — Net reclassification from nonaccretable 6,307 — 346 — 17,486 (2,069 ) — — Accretion (30,727 ) 30,727 (7,655 ) 7,655 (35,874 ) 35,874 (7,727 ) 7,727 Transfers to REO — (2,975 ) — (150 ) — (10,131 ) — (4,710 ) Payments received, net — (52,278 ) — (96,287 ) — (95,657 ) — (130,384 ) Ending Balance $ 72,705 $ 111,300 $ 7,204 $ 187,080 $ 97,125 $ 135,826 $ 14,513 $ 275,862 Additionally, there were $9.9 million in fair value of loans acquired during fiscal 2013 as part of the South Valley Bank acquisition for which it was probable at acquisition that all contractually required payments would not be collected. The timing and amount of future cash flows cannot be reasonably estimated; therefore, these loan are accounted for on a cash basis. At September 30, 2015 and September 30, 2014 , none of the acquired impaired or non-impaired loans were classified as non-performing assets. Therefore, interest income, through accretion of the difference between the carrying amount of the loans and the expected cash flows, was recognized on all acquired loans. The FDIC loss share coverage for the acquired commercial loans from the former Horizon Bank expired after March 31, 2015. These loans were transferred to non-covered loans receivable. The FDIC loss share coverage for the acquired commercial loans from the former Home Valley Bank expired as of September 30, 2015 with final reporting as of October 31, 2015. Recoveries to the extent that claims were made will continue to be shared for three years. The FDIC loss share coverage for single family residential loans will continue to another five years. The outstanding principal balance of covered loans was $75,909,000 and $ 213,203,000 as of September 30, 2015 and September 30, 2014 , respectively. The discount balance related to the covered loans was $2,738,000 and $34,483,000 as of September 30, 2015 and September 30, 2014 , respectively. The following table shows the year to date activity for the FDIC indemnification asset: September 30, September 30, 2014 (In thousands) Balance at beginning of period $ 36,860 $ 64,615 Additions (1,795 ) 1,795 Payments received (720 ) (2,502 ) Amortization (18,588 ) (27,850 ) Accretion 518 802 Balance at end of period $ 16,275 $ 36,860 |
Allowance for Losses on Loans
Allowance for Losses on Loans | 12 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Allowance for Losses on Loans | Allowance for Losses on Loans The following table summarizes the activity in the allowance for loan losses for the twelve months ended September 30, 2015 and 2014 : September 30, 2015 Beginning Allowance Charge-offs Recoveries Provision & Transfers Ending Allowance (In thousands) Single-family residential $ 62,763 $ (5,524 ) $ 13,403 $ (23,295 ) $ 47,347 Construction - speculative 6,742 (388 ) 120 206 6,680 Construction - custom 1,695 — — (705 ) 990 Land - acquisition & development 5,592 (38 ) 207 20 5,781 Land - consumer lot loans 3,077 (459 ) 221 107 2,946 Multi-family 4,248 — 220 836 5,304 Commercial real estate 7,548 (1,711 ) 735 2,388 8,960 Commercial & industrial 16,527 (3,354 ) 1,374 10,433 24,980 HELOC 928 (66 ) 2 38 902 Consumer 3,227 (3,060 ) 3,688 (916 ) 2,939 Covered loans 2,244 — — (2,244 ) — $ 114,591 $ (14,600 ) $ 19,970 $ (13,132 ) $ 106,829 September 30, 2014 Beginning Allowance Charge-offs Recoveries Provision & Transfers Ending Allowance (In thousands) Single-family residential $ 64,184 $ (8,529 ) $ 17,684 $ (10,576 ) $ 62,763 Construction - speculative 8,407 (949 ) 97 (813 ) 6,742 Construction - custom 882 — — 813 1,695 Land - acquisition & development 9,165 (541 ) 3,071 (6,103 ) 5,592 Land - consumer lot loans 3,552 (658 ) 22 161 3,077 Multi-family 3,816 — — 432 4,248 Commercial real estate 5,595 (105 ) 33 2,025 7,548 Commercial & industrial 16,614 (826 ) 5,043 (4,304 ) 16,527 HELOC 1,002 (48 ) — (26 ) 928 Consumer 3,524 (3,443 ) 3,513 (367 ) 3,227 Covered loans — — — 2,244 2,244 $ 116,741 $ (15,099 ) $ 29,463 $ (16,514 ) $ 114,591 The Company recorded a reversal of $11,162,000 of provision for loan losses during the fiscal year ended September 30, 2015 , while a $15,401,000 reversal of provision was recorded for the year ended September 30, 2014 . The credit quality of the portfolio has been improving significantly and economic conditions are more stable. Non-performing assets (“NPAs”) amounted to $ 128,577,000 , or 0.88% , of total assets at September 30, 2015 , compared to $147,311,000 , or 1.00% , of total assets one year ago. Acquired loans, including covered loans are not classified as non-performing loans because, at acquisition, the carrying value of these loans was adjusted to reflect fair value. For the year ended September 30, 2015 , $30,778,000 in acquired loans were subject to the general allowance as the discount related to these balances was not sufficient to absorb potential losses. There is no allowance for covered loans as of September 30, 2015 compared to an allowance of $2,244,000 as of September 30, 2014. The allowance for credit losses related to the covered loans as of September 30, 2014 resulted from decreased expectations of future cash flows due to increased credit losses for certain acquired loan pools. The allowance allocation was reversed during the current fiscal year due to improvements in the expected future cash flows of certain acquired loan pools. Non-accrual loans decreased from $ 87,431,000 at September 30, 2014 , to $67,810,000 at September 30, 2015 . The Company had net recoveries of $5,370,000 for the twelve months ended September 30, 2015 , compared with $ 14,365,000 of net recoveries for the same period one year ago. A loan is charged-off when the loss is estimable and it is confirmed that the borrower is not expected to be able to meet its contractual obligations. At September 30, 2015 , $106,554,000 of the allowance was calculated under the formulas contained in our general allowance methodology and the remaining $275,000 was made up of specific reserves on loans that were deemed to be impaired. For the year ending September 30, 2014 , $112,287,000 of the allowance was calculated under the formulas contained in our general allowance methodology, $60,000 was made up of specific reserves on loans that were deemed to be impaired and the remaining $2,244,000 was related to covered loans. The following tables show a summary of loans collectively and individually evaluated for impairment and the related allocation of general and specific reserves as of September 30, 2015 and 2014 : September 30, 2015 Loans Collectively Evaluated for Impairment Loans Individually Evaluated for Impairment General Reserve Allocation Gross Loans Subject to General Reserve (1) Ratio Specific Reserve Allocation Gross Loans Subject to Specific Reserve (1) Ratio (In thousands) (In thousands) Single-family residential $ 47,073 $ 5,595,752 0.8 % $ 275 $ 51,718 0.5 % Construction - speculative 6,680 124,679 5.4 — 5,441 — Construction - custom 990 205,692 0.5 — — — Land - acquisition & development 5,781 72,602 8.0 — 2,198 — Land - consumer lot loans 2,946 93,103 3.2 — 10,824 — Multi-family 5,304 1,062,194 0.5 — 5,348 — Commercial real estate 8,960 844,691 1.1 — 8,826 — Commercial & industrial 24,980 643,577 3.9 — — — HELOC 902 126,594 0.7 — 1,072 — Consumer 2,938 194,569 1.5 — 86 — $ 106,554 $ 8,963,453 1.2 % $ 275 $ 85,513 0.3 % ___________________ (1) Excludes acquired loans with discounts sufficient to absorb potential losses and covered loans September 30, 2014 Loans Collectively Evaluated for Impairment Loans Individually Evaluated for Impairment General Reserve Allocation Gross Loans Subject to General Reserve (1) Ratio Specific Reserve Allocation Gross Loans Subject to Specific Reserve (1) Ratio (In thousands) (In thousands) Single-family residential $ 62,067 $ 5,487,331 1.1 % $ — $ 72,869 — % Construction - speculative 6,682 130,901 5.5 60 9,159 0.7 Construction - custom 1,695 385,464 0.5 — 360 — Land - acquisition & development 5,592 73,999 7.6 — 3,833 — Land - consumer lot loans 3,077 95,684 3.2 — 12,939 — Multi-family 4,248 911,162 0.5 — 6,124 — Commercial real estate 7,548 563,534 1.4 — 27,802 — Commercial & industrial 17,223 421,816 4.6 — — — HELOC 928 114,393 0.9 — 1,650 — Consumer 3,227 132,590 2.4 — — — $ 112,287 $ 8,316,874 1.4 % $ 60 $ 134,736 — % ___________________ (1) Excludes acquired loans with discounts sufficient to absorb potential losses and covered loans The Company has an asset quality review function that analyzes the loan portfolio and reports the results of the review to the Board of Directors on a quarterly basis. The single-family residential, HELOC and consumer portfolios are evaluated based on their performance as a pool of loans, since no single loan is individually significant or judged by its risk rating, size or potential risk of loss. The construction, land, multi-family, commercial real estate and commercial and industrial loans are risk rated on a loan by loan basis to determine the relative risk inherent in specific borrowers or loans. Based on that risk rating, the loans are assigned a grade and classified as follows: • Pass – the credit does not meet one of the definitions defined below. • Special mention – A special mention credit is considered to be currently protected from loss but is potentially weak. No loss of principal or interest is foreseen; however, proper supervision and Management attention is required to deter further deterioration in the credit. Assets in this category constitute some undue and unwarranted credit risk but not to the point of justifying a risk rating of substandard. The credit risk may be relatively minor yet constitutes an unwarranted risk in light of the circumstances surrounding a specific asset. • Substandard – A substandard credit is an unacceptable credit. Additionally, repayment in the normal course is in jeopardy due to the existence of one or more well defined weaknesses. In these situations, loss of principal is likely if the weakness is not corrected. A substandard asset is inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. Assets so classified will have a well defined weakness or weaknesses that jeopardize the liquidation of the debt. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets risk rated substandard. • Doubtful – A credit classified doubtful has all the weaknesses inherent in one classified substandard with the added characteristic that the weakness makes collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The probability of loss is high, but because of certain important and reasonably specific pending factors that may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and refinancing plans. • Loss – Credits classified loss are considered uncollectible and of such little value that their continuance as a bankable asset is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this asset even though partial recovery may be affected in the future. Losses should be taken in the period in which they are identified as uncollectible. Partial charge-off versus full charge-off may be taken if the collateral offers some identifiable protection. The following tables provide information on loans based on credit quality indicators (defined above) as of September 30, 2015 and 2014 : September 30, 2015 Internally Assigned Grade Total Pass Special mention Substandard Doubtful Loss Gross Loans (In thousands) Non-acquired loans Single-family residential $ 5,558,700 $ — $ 93,145 $ — $ — $ 5,651,845 Construction - speculative 197,935 — 2,574 — — 200,509 Construction - custom 396,307 — — — — 396,307 Land - acquisition & development 89,656 — 4,552 — — 94,208 Land - consumer lot loans 103,569 — 420 — — 103,989 Multi-family 1,118,673 865 6,184 — — 1,125,722 Commercial real estate 971,510 4,360 10,400 — — 986,270 Commercial & industrial 575,034 1,496 36,306 — — 612,836 HELOC 127,398 — 248 — — 127,646 Consumer 194,451 — 204 — — 194,655 Total Non-acquired loans 9,333,233 6,721 154,033 — — 9,493,987 Acquired loans $ 149,891 — 16,402 — — 166,293 Credit impaired acquired loans 61,019 — 26,062 — — 87,081 Covered loans $ 61,776 $ — $ 14,133 $ — $ — 75,909 Total gross loans $ 9,605,919 $ 6,721 $ 210,630 $ — $ — $ 9,823,270 Total grade as a % of total gross loans 97.8 % 0.1 % 2.1 % — % — % September 30, 2014 Internally Assigned Grade Total Pass Special mention Substandard Doubtful Loss Gross Loans (In thousands) Non-acquired loans Single-family residential $ 5,426,895 $ 2,793 $ 130,515 $ — $ — $ 5,560,203 Construction - speculative 134,950 — 5,110 — — 140,060 Construction - custom 385,824 — — — — 385,824 Land - acquisition & development 71,692 — 6,140 — — 77,832 Land - consumer lot loans 108,013 — 610 — — 108,623 Multi-family 912,728 — 4,558 — — 917,286 Commercial real estate 557,914 1,971 31,451 — — 591,336 Commercial & industrial 359,221 14,740 5,265 — — 379,226 HELOC 115,794 — 248 — — 116,042 Consumer 132,349 — 241 — — 132,590 Total Non-acquired loans 8,205,380 19,504 184,138 — — 8,409,022 Acquired loans 156,954 16,213 10,963 58 — 184,188 Credit impaired acquired loans 61,332 2,143 13,032 — — 76,507 Covered loans $ 135,134 $ 815 $ 76,729 $ 525 — 213,203 Total gross loans $ 8,558,800 $ 38,675 $ 284,862 $ 583 $ — $ 8,882,920 Total grade as a % of total gross loans 96.4 % 0.4 % 3.2 % — % — % The following tables provide information on non-acquired loans based on payment activity as of September 30, 2015 and 2014 : September 30, 2015 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (In thousands) (In thousands) Single-family residential $ 5,592,771 99.0 % $ 59,074 1.0 % Construction - speculative 199,755 99.6 754 0.4 Construction - custom 395,575 99.8 732 0.2 Land - acquisition & development 94,208 100.0 — — Land - consumer lot loans 102,716 98.8 1,273 1.2 Multi-family 1,123,165 99.8 2,558 0.2 Commercial real estate 984,093 99.8 2,176 0.2 Commercial & industrial 612,836 100.0 — — HELOC 127,083 99.6 563 0.4 Consumer 193,975 99.7 680 0.3 $ 9,426,177 99.3 % $ 67,810 0.7 % September 30, 2014 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (In thousands) (In thousands) Single-family residential $ 5,486,136 98.7 % $ 74,067 1.3 % Construction - speculative 138,583 98.9 1,477 1.1 Construction - custom 385,824 100.0 — — Land - acquisition & development 77,021 99.0 811 1.0 Land - consumer lot loans 105,986 97.6 2,637 2.4 Multi-family 915,544 99.8 1,742 0.2 Commercial real estate 586,230 99.1 5,106 0.9 Commercial & industrial 379,219 100.0 7 — HELOC 115,247 99.3 795 0.7 Consumer 131,801 99.4 789 0.6 $ 8,321,591 99.0 % $ 87,431 1.0 % The following tables provide information on impaired loans based on loan types as of September 30, 2015 and 2014 : September 30, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (In thousands) With no related allowance recorded: Single-family residential $ 17,250 $ 19,644 $ — $ 14,069 Construction - speculative 453 2,151 — 471 Construction - custom 554 554 — 182 Land - acquisition & development 2,570 9,426 — 926 Land - consumer lot loans 727 814 — 544 Multi-family 3,770 7,054 — 1,545 Commercial real estate 9,427 15,620 — 8,130 Commercial & industrial 2,955 13,066 — 2,681 HELOC 683 1,532 — 536 Consumer 477 703 — 390 38,866 70,564 — 29,474 With an allowance recorded: Single-family residential 259,461 263,268 6,678 260,028 Construction - speculative 4,988 5,778 — 5,432 Construction - custom — — — — Land - acquisition & development 2,486 3,426 — 3,478 Land - consumer lot loans 11,289 11,554 — 11,324 Multi-family 3,823 3,823 — 3,732 Commercial real estate 19,124 21,078 — 18,886 Commercial & industrial — — — — HELOC 1,443 1,443 — 1,359 Consumer 99 289 — 102 302,713 310,659 6,678 (1) 304,341 Total: Single-family residential 276,711 282,912 6,678 274,097 Construction - speculative 5,441 7,929 — 5,903 Construction - custom 554 554 — 182 Land - acquisition & development 5,056 12,852 — 4,404 Land - consumer lot loans 12,016 12,368 — 11,868 Multi-family 7,593 10,877 — 5,277 Commercial real estate 28,551 36,698 — 27,016 Commercial & industrial 2,955 13,066 — 2,681 HELOC 2,126 2,975 — 1,895 Consumer 576 992 — 492 $ 341,579 $ 381,223 $ 6,678 (1) $ 333,815 ____________________ (1) Includes $275,000 of specific reserves and $6,403,000 included in the general reserves. September 30, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (In thousands) With no related allowance recorded: Single-family residential $ 24,044 $ 26,628 $ — $ 16,843 Construction - speculative 1,603 2,173 — 1,804 Construction - custom — — — — Land - acquisition & development 837 2,325 — 1,038 Land - consumer lot loans 974 1,072 — 713 Multi-family 1,111 1,111 — 327 Commercial real estate 13,234 20,085 — 11,720 Commercial & industrial 3,195 17,166 — 3,900 HELOC 1,019 1,730 — 612 Consumer 663 833 — 517 46,680 73,123 — 37,474 With an allowance recorded: Single-family residential 322,320 327,869 10,527 316,348 Construction - speculative 7,556 7,986 60 7,532 Construction - custom — — — — Land - acquisition & development 4,696 5,636 — 4,114 Land - consumer lot loans 13,002 13,385 — 12,858 Multi-family 5,243 5,463 — 4,957 Commercial real estate 34,159 35,028 — 18,572 Commercial & industrial — — — — HELOC 1,486 1,486 — 1,204 Consumer 43 214 — 79 388,505 397,067 10,587 (1) 365,664 Total: Single-family residential 346,364 354,497 10,527 333,191 Construction - speculative 9,159 10,159 60 9,336 Construction - custom — — — — Land - acquisition & development 5,533 7,961 — 5,152 Land - consumer lot loans 13,976 14,457 — 13,571 Multi-family 6,354 6,574 — 5,284 Commercial real estate 47,393 55,113 — 30,292 Commercial & industrial 3,195 17,166 — 3,900 HELOC 2,505 3,216 — 1,816 Consumer 706 1,047 — 596 $ 435,185 $ 470,190 $ 10,587 (1) $ 403,138 ____________________ (1) Includes $60,000 of specific reserves and $10,527,000 included in the general reserves. |
Interest Receivable
Interest Receivable | 12 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Interest Receivable | INTEREST RECEIVABLE September 30, 2015 2014 (In thousands) Loans receivable $ 30,930 $ 40,986 Mortgage-backed securities 6,695 7,427 Investment securities 2,804 3,624 $ 40,429 $ 52,037 Interest receivable decreased by $11,608,000 at September 30, 2015 as compared to September 30, 2014 largely as a result of the over-accrual of interest income of $8,872,000 that was corrected in the current year. Management believes this error and its correction had no material impact to any prior reporting period. The remaining difference is primarily due to lower yields on earning assets. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | PREMISES AND EQUIPMENT September 30, 2015 2014 Estimated Useful Life (In thousands) Land — $ 113,347 $ 113,353 Buildings 25 - 40 147,757 143,627 Leasehold improvements 7 - 15 10,193 8,547 Furniture, software and equipment 2 - 10 89,919 65,154 361,216 330,681 Less accumulated depreciation and amortization (84,969 ) (73,138 ) $ 276,247 $ 257,543 The Bank has non-cancelable operating leases for branch offices. Future minimum net rental commitments for all non-cancelable leases, including maintenance and associated costs, were as follows: $5,272,281,000 for 2016, $3,992,307,000 for 2017, $3,279,576,000 for 2018, $2,608,795,000 for 2019, $2,245,791,000 for 2020 and $8,941,391,000 thereafter. Rental expense, including amounts paid under month-to-month cancelable leases, amounted to $6,600,000 , $6,600,000 and $4,680,000 in 2015 , 2014 and 2013 , respectively. |
Customer Accounts
Customer Accounts | 12 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Customer Accounts | CUSTOMER ACCOUNTS September 30, 2015 2014 (In thousands) Checking accounts, .15% and under $ 2,555,766 $ 2,331,170 Passbook and statement accounts, .10% and under 700,794 622,546 Insured money market accounts, .01% to .15% 2,564,318 2,536,971 Certificate accounts Less than 2.00% 4,303,475 4,524,158 2.00% to 2.99% 501,409 602,683 3.00% to 3.99% 5,156 98,610 4.00% to 4.99% 150 146 5.00% to 5.99% 635 644 Total certificates 4,810,825 5,226,241 $ 10,631,703 $ 10,716,928 Certificate maturities are as follows: September 30, 2015 2014 (In thousands) Within 1 year $ 2,862,313 $ 3,147,172 1 to 2 years 1,068,792 999,090 2 to 3 years 321,118 659,867 Over 3 years 558,602 420,112 $ 4,810,825 $ 5,226,241 Customer accounts over $250,000 totaled $2,096,690,000 as of September 30, 2015 and $1,887,216,000 as of September 30, 2014 . Interest expense on customer accounts consisted of the following: Year ended September 30, 2015 2014 2013 (In thousands) Checking accounts $ 1,036 $ 1,259 $ 936 Passbook and statement accounts 660 607 566 Insured money market accounts 3,631 4,574 4,280 Certificate accounts 46,273 52,636 62,669 51,600 59,076 68,451 Less early withdrawal penalties (546 ) (552 ) (548 ) $ 51,054 $ 58,524 $ 67,903 Weighted average interest rate at end of year 0.48 % 0.51 % 0.69 % Weighted daily average interest rate during the year 0.48 % 0.57 % 0.75 % |
FHLB Advances and Other Borrowi
FHLB Advances and Other Borrowings | 12 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
FHLB Advances and Other Borrowings | FHLB ADVANCES AND OTHER BORROWINGS Maturity dates of FHLB advances were as follows: September 30, 2015 2014 (In thousands) FHLB advances Within 1 year $ 250,000 $ 100,000 1 to 3 years 750,000 700,000 4 to 5 years 430,000 730,000 More than 5 years 400,000 400,000 $ 1,830,000 $ 1,930,000 There were no advances included in the above table which are callable by the FHLB. Financial data pertaining to the weighted-average cost and the amount of FHLB advances were as follows: September 30, 2015 2014 2013 (In thousands) Weighted average interest rate at end of year 3.35 % 3.52 % 3.52 % Weighted daily average interest rate during the year 3.57 % 3.56 % 3.57 % Daily average of FHLB advances $ 1,848,904 $ 1,955,205 $ 1,905,479 Maximum amount of FHLB advances at any month end $ 1,930,000 $ 2,205,000 $ 1,930,000 Interest expense during the year (excludes interest rate swap expense) $ 64,331 $ 68,307 $ 68,075 On June 1, 2015, the FHLB of Seattle merged into the FHLB of Des Moines to create a larger, financially stronger, member-owned cooperative. The Bank has a credit line with the Federal Home Loan Bank of Des Moines ("FHLB") equal to 49.0% of total assets. The FHLB of Des Moines has assumed the Bank's advances with the FHLB of Seattle as of the merger date. The Bank has entered into borrowing agreements with the FHLB to borrow funds under a short-term floating rate cash management advance program and a fixed-rate term loan agreements. All borrowings are secured by stock of the FHLB, deposits with the FHLB, and a blanket pledge of qualifying loans receivable as provided in the agreements with the FHLB. As of September 30, 2015 , 2014 and 2013, respectively, there were no reverse repurchase agreements or other borrowings. The Bank has historically entered into sales of reverse repurchase agreements which are an additional source of liquidity. Fixed-coupon reverse repurchase agreements have been treated as financings, and the obligations to repurchase securities sold have been reflected as a liability in the consolidated statements of financial condition in prior years. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities Derivatives and Hedging Activities | 12 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | DERIVATIVES AND HEDGING ACTIVITIES The Bank periodically enters into certain interest rate swap agreements in order to provide commercial loan customers the ability to convert their obligations from variable to fixed interest rates. Under these agreements, the Bank enters into a variable-rate loan agreement with a customer in addition to a swap agreement, and then enters into a corresponding swap agreement with a third party in order to offset its exposure on the customer swap agreement. As the interest rate swap agreements with the customers and third parties are not designated as hedges under FASB ASC 815, Derivatives and Hedging, the instruments are marked to market in earnings. The Bank has also entered into forward-starting interest rate swaps to convert future short-term borrowings to fixed rate payments. The primary purpose of this hedge is to mitigate interest rate risk. More specifically, to mitigate the interest rate risk of rising LIBOR rates which are a benchmark for the short term borrowings. These interest rate swaps qualify as cash flow hedging instruments under FASB ASC 815 which provides for matching of the recognition of gains and losses of the interest rate swaps and the hedged items. The hedged item is the LIBOR portion of the series of future short-term fixed rate borrowings over the term of the interest rate swap. Prior to the starting date, the change in the fair value of the interest rate swap will be recorded in Other Comprehensive Income. The Bank has also entered into an interest rate swap to hedge a commercial loan. This interest rate swap qualifies as a fair value hedging instrument under FASB ASC 815 which provides for matching of the recognition of gains and losses of the interest rate swap and the hedged item. The hedged item is the commercial loan. The notional amount of open interest rate swap agreements at September 30, 2015 was $894,231,000 . This included $439,416,000 in interest rate swaps in the customer derivatives program. There was no net impact on income due to changes in fair value for the 12 months ended September 30, 2015 for these interest rate swaps as the changes in value for the asset swap and the liability swap offset each other. The fee income related to these swaps was $1,939,598 for 2015 and $920,705 for 2014 . This amount is included in miscellaneous loan fees. Additionally, the Bank had $400,000,000 in forward starting interest rate swaps to hedge future borrowing rates. Their impact on other comprehensive income as of September 30, 2015 was a loss of $9,205,790 . The Bank also had $54,815,000 in an interest rate swap related to a commercial loan hedge. The bank has pledged a security with $59,000,000 in par value as collateral with its counterparty to these derivative transactions. The following table presents the fair value and balance sheet classification of derivatives at September 30, 2015 and September 30, 2014 : Asset Derivatives Liability Derivatives September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 (In thousands) Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Client derivatives Other assets $ 11,879 Other assets $ 2,611 Other liabilities $ 11,879 Other liabilities $ 2,611 Commercial loan hedge Other assets — Other assets — Other liabilities 966 Other liabilities — Long term borrowing hedge Other assets — Other assets — Other liabilities 14,555 Other liabilities 268 $ 11,879 $ 2,611 $ 27,400 $ 2,879 Derivatives at fair value are priced using model pricing based on their relationship to other benchmark quoted prices as provided by an independent third party and under the provisions of FASB ASC 820, Fair Value Measurement, are considered a Level 2 input method. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Consolidated Statements of Financial Condition at September 30, 2015 and 2014 includes net deferred tax assets (liabilities) of $11,549,000 and $2,448,000 , respectively, that have been provided for the temporary differences between the tax basis and the financial statement carrying amounts of liabilities and assets. The major sources of these temporary differences and their deferred tax effects were as follows: September 30, 2015 2014 (In thousands) Deferred tax assets Loan loss reserves $ 43,749 $ 48,505 REO reserves 11,213 13,680 Asset purchase tax basis difference (net) 5,973 8,812 Delinquent accrued interest 3,069 4,767 FDIC loss share guarantee receivable 7,803 1,800 Other, net 3,891 4,749 Total deferred tax assets 75,698 82,313 Deferred tax liabilities Federal Home Loan Bank stock dividends 24,135 32,810 Valuation adjustment on available-for-sale securities 205 12,032 Loan origination costs 13,875 13,002 Depreciation 25,934 22,021 Total deferred tax liabilities 64,149 79,865 Net deferred tax asset 11,549 2,448 Current tax asset 2,964 14,067 Net tax asset $ 14,513 $ 16,515 A reconciliation of the statutory federal income tax rate to the effective income tax rate follows: Year ended September 30, 2015 2014 2013 Statutory income tax rate 35 % 35 % 35 % State income tax 2 2 2 Other differences (1 ) (1 ) (2 ) Effective income tax rate 36 % 36 % 35 % Income taxes (benefit) are summarized as follows: 2015 2014 2013 (In thousands) Federal: Current $ 79,841 $ 70,797 $ 66,756 Deferred 3,244 10,591 10,355 83,085 81,388 77,111 State: Current $ 6,636 $ 4,987 $ 5,213 Deferred (518 ) 1,189 787 6,118 6,176 6,000 Total Current 86,477 75,784 71,969 Deferred 2,726 11,780 11,142 $ 89,203 $ 87,564 $ 83,111 Based on current information the Company does not expect that changes in the amount of unrecognized tax benefits over the next twelve months will have a significant impact on the results of operations or the financial position of the Company. As of 2015 and 2014 , the Company's liability for uncertain tax positions was $100,000 and $100,000 , respectively. Included in the balance of unrecognized tax benefits at 2015 , are $100,000 of tax benefits that, if recognized, would affect the effective tax rate. The Company records interest and penalties related to uncertain tax positions in income tax expense. As of 2015 and 2014 , there were approximately $10,000 and $12,000 , respectively, of accrued interest and no accrued penalties. The Company's federal income tax returns are open for the tax years 2013 through 2015 . The Company has been examined by the Internal Revenue Service through the year ended September 30, 2012. State income tax returns are generally subject to examination for a period of three to five years after filing of the respective return. The state impact of any federal changes remains subject to examination by various states for a period of up to two years after formal notification to the states. The Company's unrecognized tax benefits are related to state tax returns open from 2012 through 2015 . |
401(k) and Employee Stock Owner
401(k) and Employee Stock Ownership Plan | 12 Months Ended |
Sep. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
401(k) and Employee Stock Ownership Plan | 401(k) AND EMPLOYEE STOCK OWNERSHIP PLAN The Company maintains a 401(k) and Employee Stock Ownership Plan (the "Plan") for the benefit of its employees. Company contributions are made semi-annually as approved by the Board of Directors. Such amounts are not in excess of amounts permitted by the Employee Retirement Income Security Act of 1974. Plan participants may make voluntary after-tax contributions of their considered earnings as defined by the Plan. In addition, participants may make pre-tax contributions up to the statutory limits through the 401(k) provisions of the Plan. The annual addition from contributions to an individual participant's account in this Plan cannot exceed the lesser of 100% of base salary or $53,000 . Under provisions of the Plan, employees are eligible to participate on the date of hire and become fully vested in the Company's contributions following six years of service. Effective January 1, 2014, the Company added a guaranteed safe harbor matching contribution component to the plan equal to 100% of the first 4% of compensation that employee's contribute to their account. In addition to the new match being guaranteed, all safe harbor matching contributions are immediately vested. The new match is not subject to the 6 year vesting schedule of the current profit sharing contribution. This provides plan participants more investment flexibility. The Company anticipates that all eligible employees, regardless of personal plan participation, will continue to receive an annual discretionary profit sharing contribution from the Company, now capped at 7% of eligible compensation with this change. Company contributions to the Plan amounted to $8,700,000 , $7,314,000 and $5,870,000 for the years ended 2015 , 2014 , and 2013 , respectively. |
Stock Award Plans
Stock Award Plans | 12 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Award Plans | STOCK AWARD PLANS The Company has one equity-based compensation plan which was approved by stockholders and provides for a combination of stock options and stock grants. Stockholders authorized 5,000,000 shares of common stock to be reserved pursuant to the 2011 Incentive Plan. Under the Plan, 4,201,230 shares remain available for issuance. During 2015, 2014 and 2013, there were no stock options granted; however, stock grants were issued in each of those years. When applicable, stock options are granted with an exercise price equal to the market price of the Company's stock at the date of grant; those option awards generally vest based on 5 years of continuous service and have 10 -year contractual terms. The Company's policy is to issue new shares upon option exercises. The fair value of options granted is estimated on the date of grant using the Black-Scholes option-pricing model. This model requires input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options granted but are not considered by the model. Expected volatility is based on the historical volatility of the Company's stock. The risk-free interest rate is based on the U.S. Treasury yield curve that is in effect at the time of grant with a remaining term equal to the options' expected life. The expected term represents the period of time that options granted are expected to be outstanding. Stock Option Awards: There were no stock options granted during 2015, 2014, and 2013. A summary of stock option activity under the Plan as of 2015 and changes during the year are as follows: Options Shares Weighted Weighted Aggregate Outstanding at September 30, 2014 1,249,009 $ 21.11 4 $1,859 Granted — — Exercised (128,394 ) 16.12 Forfeited (93,241 ) 22.18 Outstanding at September 30, 2015 1,027,374 $ 21.64 3 $ 1,867 Exercisable at September 30, 2015 958,087 $ 21.99 2 $ 1,459 Miscellaneous information related to stock options is presented below: 2015 2014 2013 (In thousands, except fair value of options granted) Compensation cost for stock options $ 232 $ 324 $ 473 Weighted avg. grant date FV 2.96 2.95 3.24 Total intrinsic value of options exercised 831 1,136 781 Grant date FV of options exercised 368 1,962 791 Cash received from option exercises 2,069 10,142 4,261 Tax benefit realized for option exercises — 159 53 A summary of the Company's non-vested stock options is as follows: 2015 2014 2013 Non-vested Stock Options Options Outstanding Weighted Options Outstanding Weighted Options Outstanding Weighted Outstanding at beginning of period 145,795 $ 3.87 287,750 $ 3.44 614,272 $ 3.20 Granted — — — — — — Vested (61,018 ) 3.88 (119,520 ) 2.88 (283,407 ) 2.95 Forfeited (15,490 ) 3.90 (22,435 ) 3.63 (43,115 ) 3.25 Outstanding at end of period 69,287 $ 3.85 145,795 $ 3.87 287,750 $ 3.44 As of September 30, 2015 , unrecognized compensation cost for stock options net of forfeitures totaled $95,182 , which is expected to be recognized over a weighted average remaining period of 0.5 years. Restricted Stock Grant Awards: The Company also grants shares of restricted stock pursuant to its 2011 Incentive Plan. These shares of restricted stock vest over a period of one to seven years . The Company had a total of 521,302 shares of restricted stock outstanding as of September 30, 2015 , with a fair market value at the date of grant of $7.8 million . At the prior year end, the Company had a total of 515,845 restricted shares issued with a fair market value at the date of grant of $7.3 million . The following table summarizes information about nonvested restricted share activity for the years ended September 30: 2015 2014 2013 Non-vested Restricted Stock Outstanding Weighted Outstanding Weighted Outstanding Weighted Outstanding at beginning of period 515,845 $ 14.10 480,904 $ 11.52 371,096 $ 11.88 Granted 301,750 14.26 300,500 $ 15.43 270,750 11.67 Vested (223,043 ) 13.24 (202,014 ) 11.68 (134,792 ) 11.87 Forfeited (73,250 ) 10.72 (63,545 ) 8.50 (26,150 ) 16.45 Outstanding at end of period 521,302 $ 15.03 515,845 $ 14.10 480,904 $ 11.52 Compensation expense related to restricted stock was $3,271,564 , $3,085,081 and $2,815,049 for the years ended 2015 , 2014 and 2013 , respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | STOCKHOLDERS' EQUITY The Company and the Bank are subject to various regulatory capital requirements. 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 following table) of Common Equity Tier 1, Tier 1 and Total capital to risk weighted assets (as defined in the regulations) and Tier 1 capital to average assets (as defined in the regulations). Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary action by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. The Company and the Bank are also subject to certain restrictions on the amount of dividends that they may declare without prior regulatory approval. As of September 30, 2015 and 2014 , the Company and the Bank met all capital adequacy requirements to which they are subject, and the OCC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum Common Equity Tier 1, Tier 1 risk-based, Total risk-based and Tier 1 leverage ratios as set forth in the following table. The Bank's actual capital amounts and ratios as of these dates are also presented. There are no conditions or events since that management believes have changed the Bank's categorization. Actual Capital Adequacy Categorized as Well Capitalized Under Prompt Corrective Action Provisions Capital Ratio Capital Ratio Capital Ratio As of September 30, 2015 (In thousands) Common Equity Tier 1 risk-based capital ratio: The Company $ 1,658,985 18.81 % $637,788 4.50 % NA NA The Bank 1,652,569 18.73 637,810 4.50 $ 921,281 6.50 % Tier 1 risk-based capital ratio: The Company 1,658,985 18.81 529,051 6.00 NA NA The Bank 1,652,569 18.73 529,360 6.00 705,814 8.00 Total risk-based capital ratio: The Company 1,769,587 20.07 705,402 8.00 NA NA The Bank 1,763,171 19.98 705,814 8.00 882,267 10.00 Tier 1 leverage ratio: The Company 1,658,985 11.71 566,923 4.00 NA NA The Bank 1,652,569 11.66 566,942 4.00 708,678 5.00 As of September 30, 2014 Tier 1 risk-based capital ratio: The Company $ 1,648,199 22.71 % $290,335 4.00 % NA NA The Bank 1,658,704 22.85 290,386 4.00 $ 435,579 6.00 % Total risk-based capital ratio: The Company 1,739,658 23.97 580,671 8.00 NA NA The Bank 1,750,179 24.11 580,772 8.00 725,965 10.00 Tier 1 leverage ratio: The Company 1,648,199 11.39 578,804 4.00 NA NA The Bank 1,658,704 11.46 578,816 4.00 723,520 5.00 At periodic intervals, the Federal Reserve, the OCC and the FDIC routinely examine the Company's and the Bank's financial statements as part of their oversight. Based on their examinations, these regulators can direct that the Company's or Bank's financial statements be adjusted in accordance with their findings. The extent to which forthcoming regulatory examinations may result in adjustments to the financial statements cannot be determined; however, no adjustments were proposed as a result of the most recent examination which concluded in July, 2015 . The federal banking agencies released new regulatory capital rules which became effective on January 1, 2015. These new rules raised the minimum capital ratios and established new criteria for regulatory capital. Minimum capital ratios for four measures are now established for capital adequacy purposes as indicated in the table above. The Common Equity Tier 1 capital ratio is new; it recognizes common equity as the highest form of capital. The denominator for all except the leverage ratio is risk weighted assets. The new rules also set forth a "capital conversation buffer" of up to 2.5% . In the event that a bank's capital levels fall below the minimum ratios plus these buffers, restrictions can be placed on the bank by its regulators. These restrictions include reducing dividend payments, share-backs and staff bonus payments. The purpose of these buffers is to require banks to build up capital outside of periods of stress that can be drawn down during periods of stress. As a result, even during periods where losses are incurred, the minimum capital ratios can still be met. The new capital rules detail a phase-in period for the new minimum ratios and the capital buffers before the full minimum ratios take effect in 2019. The Company has calculated its capital ratios using the new rules since March 31, 2015. This did not have a material impact on its consolidated financial statements. There are also new standards for Adequate and Well Capitalized criteria that are used for "Prompt Corrective Action" purposes. To remain categorized as well capitalized, the Bank must maintain minimum Common Equity Tier 1 risk-based, Tier 1 risk-based, Total risk-based and Tier 1 leverage ratios as set forth in the above table. These rules are further described in the 10-K report under "Washington Federal, National Association (Bank) - Regulatory Capital Requirements". Both the Company and the Bank have more than enough capital to readily meet these new guidelines. The Company paid its 131st consecutive quarterly cash dividend on November 20, 2015 to common stockholders of record on November 6, 2015. The Company and the Bank are subject to restrictions on paying dividends that are further described in the 10-K report under "The Company - Restrictions on Company Dividends" and "Washington Federal, National Association (Bank) - Restrictions on Dividends". The Company has an ongoing stock repurchase program. 5,841,204 shares were repurchased during 2015 at a weighted average price of $21.70 . In 2014 , 4,830,400 shares were repurchased during the year at a weighted average price of $21.59 . As of September 30, 2015 , Management had authorization from the Board of Directors to repurchase up to 4,201,230 additional shares. In connection with the 2008 Troubled Asset Relief Program ("TARP") the Company issued 1,707,456 warrants to purchase common stock at an exercise price of $17.57 . As of September 30, 2015 , 1,700,856 warrants remained outstanding with an expiration date of November 14, 2018. The warrants have been included in the calculation of diluted shares outstanding using the treasury stock method. The following table sets forth information regarding earnings per share calculations: Year ended September 30, 2015 2014 2013 Weighted average shares outstanding 95,644,639 101,154,030 104,684,812 Weighted average dilutive warrants 340,016 352,171 100,211 Weighted average dilutive options 69,304 84,150 52,447 Weighted average diluted shares 96,053,959 101,590,351 104,837,470 Net income (In thousands) $ 160,316 $ 157,364 $ 151,505 Basic EPS $ 1.68 $ 1.56 $ 1.45 Diluted EPS 1.67 1.55 1.45 |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 12 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUES OF FINANCIAL INSTRUMENTS U.S. GAAP requires disclosure of fair value information about financial instruments, whether or not recognized on the statement of financial condition, for which it is practicable to estimate those values. Certain financial instruments and all non-financial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value estimates presented do not reflect the underlying fair value of the Company. Although Management is not aware of any factors that would materially affect the estimated fair value amounts presented, such amounts have not been comprehensively revalued for purposes of these financial statements since that date, and therefore, estimates of fair value subsequent to that date may differ significantly from the amounts presented below. 2015 2014 Level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (In thousands) Financial assets Cash and cash equivalents 1 $ 284,049 $ 284,049 $ 781,843 $ 781,843 Available-for-sale securities: Equity securities 1 101,952 101,952 101,387 101,387 Obligations of U.S. government 2 482,464 482,464 731,943 731,943 Obligations of states and political subdivisions 2 27,123 27,123 23,681 23,681 Corporate debt securities 2 505,800 505,800 509,007 509,007 Mortgage-backed securities Agency pass-through certificates 2 1,160,518 1,160,518 1,584,508 1,584,508 Other commercial MBS 2 102,706 102,706 98,916 98,916 Total available-for-sale securities 2,380,563 2,380,563 3,049,442 3,049,442 Held-to-maturity securities: Mortgage-backed securities Agency pass-through certificates 2 1,643,216 1,637,420 1,548,265 1,499,218 Total held-to-maturity securities 1,643,216 1,637,420 1,548,265 1,499,218 Loans receivable 3 9,170,634 9,667,750 8,324,798 8,844,532 FDIC indemnification asset 3 16,275 15,522 36,860 35,976 FHLB and FRB stock 2 107,198 107,198 158,839 158,839 Other assets - interest rate contracts 2 11,879 11,879 2,611 2,611 Financial liabilities Customer accounts 2 10,631,703 10,004,290 10,716,928 9,946,586 FHLB advances and other borrowings 2 1,830,000 1,938,384 1,930,000 2,054,437 Other liabilities - interest rate contracts 2 11,879 11,879 2,611 2,611 Other liabilities - commercial loan hedge 2 966 966 — — Other liabilities - long term borrowing hedge 2 14,555 14,555 268 268 For a description of the level in fair value hierarchy under the provisions of the Fair Value Measurements and Disclosures topic of the FASB Accounting Standards Codification please see note Q. The following methods and assumptions were used to estimate the fair value of financial instruments: Cash and cash equivalents – The carrying amount of these items is a reasonable estimate of their fair value. Available-for-sale securities and held-to-maturity securities – Securities at fair value are priced using model pricing based on the securities' relationship to other benchmark quoted prices as provided by an independent third party and under the provisions of the Fair Value Measurements and Disclosures topic of the FASB Accounting Standards Codification are considered a Level 2 input method except for equity securities where the quoted price for an identical instrument is used which are considered a Level 1 input method. Loans receivable – For certain homogeneous categories of loans, such as fixed- and variable-rate residential mortgages, fair value is estimated for securities backed by similar loans, adjusted for differences in loan characteristics, using the same methodology described above for AFS and HTM securities. The fair value of other loan types is estimated by discounting the future cash flows and estimated prepayments using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term. Some loan types were valued at carrying value because of their floating rate or expected maturity characteristics. Net deferred loan fees are not included in the fair value calculation but are included in the carrying amount. FDIC indemnification asset – The fair value of the indemnification asset is estimated by discounting the expected future cash flows using the current rates. FHLB and FRB stock – The fair value is based upon the redemption value of the stock which equates to its carrying value. Customer accounts – The fair value of demand deposits, savings accounts, and money market accounts is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated by discounting the estimated future cash flows using the rates currently offered for deposits with similar remaining maturities. FHLB advances and other borrowings – The fair value of FHLB advances and other borrowings is estimated by discounting the estimated future cash flows using rates currently available to the Company for debt with similar remaining maturities. Interest Rate Contracts – The bank offers interest rate swaps to its variable rate borrowers who want to manage their interest rate risk. At the same time, the bank enters into the opposite trade with a counterparty to offset its interest rate risk. The fair value of these interest rate swaps are estimated by a third party pricing service using a discounted cash flow technique. Long Term Borrowing Hedges – The fair value of the forward starting interest rate swaps are estimated by a third party pricing service using a discounted cash flow technique. Commercial Loan Hedges – The fair value of the interest rate swaps are estimated by a third party pricing service using a discounted cash flow technique. |
Financial Information - Washing
Financial Information - Washington Federal, INC. | 12 Months Ended |
Sep. 30, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Financial Information - Washington Federal, INC. | FINANCIAL INFORMATION – WASHINGTON FEDERAL, INC. The following Washington Federal, Inc. (parent company only) financial information should be read in conjunction with the other notes to the Consolidated Financial Statements. Condensed Statements of Financial Condition September 30, 2015 2014 (In thousands) Assets Cash $ 7,628 $ 3,895 Investment in subsidiary 1,949,262 1,983,788 Total assets $ 1,956,890 $ 1,987,683 Liabilities Dividend payable and other liabilities $ 1,211 $ 14,400 Total liabilities 1,211 14,400 Stockholders’ equity Total stockholders’ equity 1,955,679 1,973,283 Total liabilities and stockholders’ equity $ 1,956,890 $ 1,987,683 Condensed Statements of Operations Year ended September 30, 2015 2014 2013 (In thousands) Income Dividends from subsidiary $ 175,000 $ 70,000 $ 143,799 Total Income 175,000 70,000 143,799 Expense Miscellaneous 439 485 530 Total expense 439 485 530 Net income before equity in undistributed net income of subsidiary 174,561 69,515 143,269 Equity in undistributed net income of subsidiary (14,402 ) 87,675 8,045 Income before income taxes 160,159 157,190 151,314 Income tax benefit 157 174 191 Net income $ 160,316 $ 157,364 $ 151,505 Condensed Statements of Cash Flows Year ended September 30, 2015 2014 2013 (In thousands) Cash Flows From Operating Activities Net income $ 160,316 $ 157,364 $ 151,505 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries 32,375 (87,943 ) (4,893 ) Decrease (increase) in other assets — 1 1 Increase in other liabilities (13,189 ) 4,152 1,698 Net cash provided by operating activities 179,502 73,574 148,311 Cash Flows From Financing Activities Proceeds from exercise of common stock options and related tax benefit 2,070 10,252 4,261 Treasury stock purchased (126,728 ) (104,291 ) (110,238 ) Dividends paid on common stock (51,111 ) (42,065 ) (37,835 ) Net cash used in financing activities (175,769 ) (136,104 ) (143,812 ) Increase (decrease) in cash 3,733 (62,530 ) 4,499 Cash at beginning of year 3,895 66,425 61,926 Cash at end of year $ 7,628 $ 3,895 $ 66,425 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Sep. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) The following is a summary of the unaudited interim results of operations by quarter for the years ended September 30, 2015 and 2014 : Year Ended September 30, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share data) Interest income $ 133,284 $ 132,630 $ 129,300 $ 135,339 Interest expense 31,101 28,750 28,735 28,486 Net interest income 102,183 103,880 100,565 106,853 Provision (reversal) for loan losses (5,500 ) (3,949 ) (1,932 ) 219 Other operating income (REO expense) 5,695 12,314 14,999 16,719 Other operating expense 53,600 57,324 56,719 57,208 Income before income taxes 59,778 62,819 60,777 66,145 Income taxes 21,371 22,458 21,727 23,647 Net income $ 38,407 $ 40,361 $ 39,050 $ 42,498 Basic earnings per share $ 0.39 $ 0.42 $ 0.41 $ 0.46 Diluted earnings per share 0.39 0.42 0.41 0.45 Cash dividends paid per share 0.15 0.13 0.13 0.13 Return of average assets 1.05 % 1.11 % 1.08 % 1.17 % Year Ended September 30, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share data) Interest income $ 131,258 $ 132,351 $ 135,011 $ 135,077 Interest expense 32,946 31,715 31,732 31,684 Net interest income 98,312 100,636 103,279 103,393 Provision (reversal) for loan losses (4,600 ) (4,336 ) (3,000 ) (3,465 ) Other operating income (REO expense) 3,837 7,255 6,016 10,808 Other operating expense 44,120 52,059 53,293 54,537 Income before income taxes 62,629 60,168 59,002 63,129 Income taxes 22,393 21,511 21,092 22,568 Net income $ 40,236 $ 38,657 $ 37,910 $ 40,561 Basic earnings per share $ 0.39 $ 0.38 $ 0.38 $ 0.41 Diluted earnings per share 0.39 0.38 0.37 0.41 Cash dividends paid per share 0.10 0.10 0.10 0.11 Return of average assets 1.19 % 1.07 % 1.04 % 1.10 % |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements U.S. GAAP defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. U.S. GAAP also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active exchange markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active and other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. We have established and documented the Company's process for determining the fair values of our assets and liabilities, where applicable. Fair value is based on quoted market prices, when available, for identical or similar assets or liabilities. In the absence of quoted market prices, fair value is determined using valuation models or third-party appraisals. The following is a description of the valuation methodologies used to measure and report the fair value of financial assets and liabilities on a recurring or nonrecurring basis: Measured on a Recurring Basis Securities available for sale and interest rate contracts Securities at fair value are priced using model pricing based on the securities' relationship to other benchmark quoted prices as provided by an independent third party, and under the provisions of FASB ASC 820, Fair Value Measurement, are considered a Level 2 input method. The bank offers interest rate swaps to its variable rate borrowers who want to manage their interest rate risk. At the same time, the bank enters into the opposite trade with a counter party to offset its interest rate risk. The bank has also entered into long term borrowing hedges through forward starting interest rate swaps. The fair value of these interest rate swaps are estimated by a third party pricing service using a discounted cash flow technique. These are considered a Level 2 input method. The following table presents the balance of assets measured at fair value on a recurring basis at September 30, 2015 and September 30, 2014 : Fair Value at September 30, 2015 Level 1 Level 2 Level 3 Total (In thousands) Available-for-sale securities Equity securities $ 101,952 $ — $ — $ 101,952 Obligations of U.S. government — 482,464 — 482,464 Obligations of states and political subdivisions — 27,123 — 27,123 Obligations of foreign governments — — — — Corporate debt securities — 505,800 — 505,800 Agency pass through mortgage-backed securities — 1,160,518 — 1,160,518 Other commercial MBS — 102,706 — 102,706 Other debt securities — — — — Total Available-for-sale securities 101,952 2,278,611 — 2,380,563 Interest rate contracts — 11,879 — 11,879 Total Financial Assets $ 101,952 $ 2,290,490 $ — $ 2,392,442 Financial Liabilities Interest rate contracts $ — $ 11,879 $ — $ 11,879 Commercial loan hedge — 966 — 966 Long term borrowing hedge — 14,555 — 14,555 Total Financial Liabilities $ — $ 27,400 $ — $ 27,400 There were no transfers between, into and/or out of Levels 1, 2 or 3 during the year ended September 30, 2015 . Fair Value at September 30, 2014 Level 1 Level 2 Level 3 Total (In thousands) Available-for-sale securities Equity securities $ 101,387 $ — $ — $ 101,387 Obligations of U.S. government — 731,943 — 731,943 Obligations of states and political subdivisions — 23,681 — 23,681 Obligations of foreign governments — — — — Corporate debt securities — 509,007 — 509,007 Agency pass through mortgage-backed securities — 1,584,508 — 1,584,508 Other commercial MBS — 98,916 — 98,916 Other debt securities — — — — Total Available-for-sale securities 101,387 2,948,055 — 3,049,442 Interest rate contracts — 2,611 — 2,611 Total Financial Assets $ 101,387 $ 2,950,666 $ — $ 3,052,053 Financial Liabilities Interest rate contracts $ — $ 2,611 $ — $ 2,611 Commercial loan hedge — — — — Long term borrowing hedge — 268 — 268 Total Financial Liabilities $ — $ 2,879 $ — $ 2,879 There were no transfers between, into and/or out of Level 1, 2 or 3 during the year ended September 30, 2014. Measured on a Nonrecurring Basis Impaired Loans & Real Estate Owned Real estate owned consists principally of properties acquired through foreclosure. From time to time, and on a nonrecurring basis, fair value adjustments are recorded to reflect increases or decreases of principal balances based on the current appraisal or estimated value of the collateral, but only up to the fair value of the real estate owned as of the initial transfer date less selling costs. When management determines that the fair value of the collateral or the real estate held for sale requires additional adjustments, either as a result of a non-current appraisal value or when there is no observable market price, the Company classifies the impaired loan or real estate held for sale as Level 3. Level 3 assets recorded at fair value on a nonrecurring basis at September 30, 2015 included loans for which a specific reserve allowance was established or a partial charge-off was recorded based on the fair value of collateral, as well as covered REO and real estate held for sale for which fair value of the properties was less than the cost basis. The following table presents the aggregated balance of assets that were measured at estimated fair value on a nonrecurring basis for the year ended September 30, 2015 and September 30, 2014 , and the total losses (gains) resulting from those fair value adjustments for the quarter and year ended September 30, 2015 and September 30, 2014 . These estimated fair values are shown gross of estimated selling costs: As of September 30, 2015 Quarter Year Ended September 30, 2015 Level 1 Level 2 Level 3 Total Total (Gains) Losses (In thousands) Impaired loans (1) $ — $ — $ 6,735 $ 6,735 $ 40 $ 4,241 Covered REO (2) — — 2,203 2,203 (7 ) 161 Real estate held for sale (2) — — 79,245 79,245 661 (7,910 ) Balance at end of period $ — $ — $ 88,183 $ 88,183 $ 694 $ (3,508 ) ___________________ (1) The losses represent remeasurements of collateral-dependent loans. (2) The (gains) losses represent aggregate writedowns and charge-offs on real estate held for sale. As of September 30, 2014 Quarter Year Ended September 30, 2014 Level 1 Level 2 Level 3 Total Total (Gains) Losses (In thousands) Impaired loans (1) $ — $ — 10,156 $ 10,156 — (1,311 ) Covered REO (2) — — 10,520 10,520 113 616 Real estate held for sale (2) — — 51,624 51,624 1,878 18,660 Balance at end of period $ — $ — $ 72,300 $ 72,300 $ 1,991 $ 17,965 ___________________ (1) The (gains) losses represent remeasurements of collateral-dependent loans. (2) The losses represent aggregate writedowns and charge-offs on real estate held for sale. The following describes the process used to value Level 3 assets measured on a nonrecurring basis: Impaired loans - The Company adjusts the carrying amount of impaired loans when there is evidence of probable loss and the expected fair value of the loan is less than its contractual amount. The amount of the impairment may be determined based on the estimated present value of future cash flows or the fair value of the underlying collateral. Impaired loans with a specific reserve allowance based on cash flow analysis or the value of the underlying collateral are classified as Level 3 assets. The evaluations for impairment are prepared by the Problem Loan Review Committee, which is chaired by the Chief Credit Officer and includes the Loan Review manager and Special Credits manager, as well as senior credit officers, division managers and group executives, as applicable. These evaluations are performed in conjunction with the quarterly allowance for loan loss process. Applicable loans are evaluated for impairment on a quarterly basis. Loans included in the previous quarter's review are reevaluated and if their values are materially different from the prior quarter evaluation, the underlying information (loan balance and collateral value) are compared. Material differences are evaluated for reasonableness and discussions are held between the relationship manager and their division manager to understand the difference and determine if any adjustment is necessary. The inputs are developed and substantiated on a quarterly basis, based on current borrower developments, market conditions and collateral values. The following methods are used to value impaired loans: • The fair value of the collateral, which may take the form of real estate or personal property, is based on internal estimates, field observations, assessments provided by third-party appraisers and other valuation models. The Company performs or reaffirms valuations of collateral-dependent impaired loans at least annually. Adjustments are made if management believes that more recent information is available and relevant with respect to the fair value of the collateral. • The present value of the expected future cash flows of the collateral is used for measurement of non collateral-dependent loans to test for impairment. The Company calculates the amount and timing of the future cash flows, the effective interest rate to be used to discount the cash flows and the basis for determination of the cash flows, including consideration of current economic and environmental factors, as well as other information relating to current or previous conditions. Real estate owned ("REO") - When a loan is reclassified from loan status to real estate held for sale due to the Company taking possession of the collateral, a Special Credits officer, along with the Special Credits manager, obtains a valuation, which may include appraisals or third-party price options, which is used to establish the fair value of the underlying collateral. The determined fair value, less selling costs, becomes the carrying value of the REO asset. The fair value of REO assets is re-evaluated quarterly and the REO asset is adjusted to reflect the fair value as necessary. After foreclosure, the valuations are updated periodically and current market conditions may require the assets to be written down further or up to the cost basis established on the date of transfer. The carrying balance of REO assets are also written down or up once a bona fide offer is contractually accepted, through execution of a Purchase and Sale Agreement, where the accepted price is lower than the cost established on the transfer date. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Fiscal period | The Company's fiscal year end is September 30th. All references to 2015 , 2014 and 2013 represent balances as of September 30, 2015 , September 30, 2014 and September 30, 2013 , or activity for the fiscal years then ended. References to net income in this document refer to net income available to common shareholders. |
Cash and cash equivalents | Cash and cash equivalents. Cash and cash equivalents include cash on hand, amounts due from banks, overnight investments and repurchase agreements with an initial maturity of three months or less. |
Investments and mortgage-backed securities | Investments and mortgage-backed securities. The Company accounts for investments and mortgage-backed securities in two categories: held-to-maturity and available-for-sale. Premiums and discounts on investments are deferred and recognized into income over the life of the asset using the effective interest method. Held-to-maturity securities are accounted for at amortized cost, but the Company must have both the positive intent and the ability to hold those securities to maturity. There are very limited circumstances under which securities in the held-to-maturity category can be sold without jeopardizing the cost basis of accounting for the remainder of the securities in this category. Available-for-sale securities are accounted for at fair value. Gains and losses realized on the sale of these securities are accounted for based on the specific identification method. Unrealized gains and losses for available-for-sale securities are excluded from earnings and reported net of the related tax effect in the accumulated other comprehensive income component of stockholders' equity. Realized gains and losses on securities sold as well as other than temporary impairment charges, if any, are shown on the Consolidated Statements of Operations under the Other Income heading. Management evaluates debt and equity securities for other than temporary impairment on a quarterly basis based on the securities' current credit quality, market interest rates, term to maturity and management's intent and ability to hold the securities until the net book value is recovered. |
Loans receivable | Loans receivable. Loans that are performing in accordance with their contractual terms are carried at their amortized cost and expected interest is accrued. The Bank also receives fees for originating loans in addition to various fees and charges related to existing loans, which may include prepayment charges, late charges and assumption fees. When a borrower fails to make a required payment on a loan, the Bank attempts to cure the deficiency by contacting the borrower. Contact is made after a payment is 30 days past its grace period. In most cases, deficiencies are cured promptly. If the delinquency is not cured within 90 days, the Bank may institute appropriate action to foreclose on the property. If foreclosed, the property is sold at a public sale and may be purchased by the Bank. Restructured loans. The Bank will consider modifying the interest rates and terms of a loan if it determines that a modification is a better alternative to foreclosure. Most troubled debt restructured ("TDR") loans are accruing and performing loans where the borrower has proactively approached the Bank about modifications due to temporary financial difficulties. Each request is individually evaluated for merit and likelihood of success. The concession for these loans is typically a payment reduction through a rate reduction of 100 to 200 bps for a specific term, usually six to twelve months. Interest-only payments may also be approved during the modification period. Principal forgiveness is generally not an available option for restructured loans. Before granting approval to modify a loan in a TDR, the borrower’s ability to repay is evaluated, including: current income levels and debt to income ratio, borrower’s credit score, payment history of the loan, and updated evaluation of the secondary repayment source. The Bank also modifies some loans that are not classified as TDRs as the modification is due to a restructuring where the effective interest rate on the debt is reduced to reflect a decrease in market interest rates. Non accrual loans. Loans are placed on nonaccrual status when, in the judgment of management, the probability of collection of interest is deemed to be insufficient to warrant further accrual. When a loan is placed on nonaccrual status, previously accrued but unpaid interest is deducted from interest income. The Bank does not accrue interest on loans 90 days or more past due. If payment is made on a loan so that the loan becomes less than 90 days past due, and the Bank expects full collection of principal and interest, the loan is returned to full accrual status. Any interest ultimately collected is credited to income in the period of recovery. A loan is charged-off when the loss is estimable and it is confirmed that the borrower is not expected be able to meet contractual obligations. If a consumer loan is on non-accrual status before becoming a TDR it will stay on non-accrual status following restructuring until it has been performing for at least six months , at which point it may be moved to accrual status. If a loan is on accrual status before it becomes a TDR, and management concludes that full repayment is probable based on internal evaluation, it will remain on accrual status following restructuring. If the restructured consumer loan does not perform, it is placed on non-accrual status when it is 90 days delinquent. For commercial loans, six consecutive payments on newly restructured loan terms are required prior to returning the loan to accrual status. In some instances after the required six consecutive payments are made management will conclude that collection of the entire principal and interest due is still in doubt. In those instances, the loan will remain on non-accrual. Impaired loans. Impaired loans consist of loans receivable that are not expected to have their principal and interest repaid in accordance with their contractual terms. This includes TDRs that are on non-accrual status. Collateral dependent impaired loans are measured using the fair value of the collateral less selling costs. Non-collateral dependent loans are measured at the present value of expected future cash flows. Deferred fees and discounts on loans. Loan discounts and loan fees are deferred and recognized over the life of the loans using the effective interest method. Allowance for Loan Losses. The Bank maintains an allowance for loan losses to absorb losses inherent in the loan portfolio. The allowance is based on ongoing, quarterly assessments of the probable and estimable losses inherent in the loan portfolio. The Bank's general methodology for assessing the appropriateness of the allowance is to apply a loss percentage factor to the different loan types. The loss percentage factor is made up of two parts - the historical loss factor (“HLF”) and the qualitative loss factor (“QLF”). The HLF takes into account historical charge-offs by loan type. The Bank uses an average of historical loss rates for each loan category multiplied by a loss emergence period. This is the likely period of time during which a residential or commercial loan borrower experiencing financial difficulties might deplete their cash prior to becoming delinquent on their loan, plus the period of time that it takes the bank to work out the loans. The QLF are based on management's continuing evaluation of the pertinent factors underlying the quality of the loan portfolio, including changes in the size and composition of the loan portfolio, actual loan loss experience, current economic conditions, collateral values, geographic concentrations, seasoning of the loan portfolio, specific industry conditions, and the duration of the current business cycle. These factors are considered by loan type. Specific allowances are established for loans which are individually evaluated, in cases where management has identified significant conditions or circumstances related to a loan that management believes indicate the probability that a loss has been incurred. The Bank has also established a reserve for unfunded commitments. The recovery of the carrying value of loans is susceptible to future market conditions beyond the Bank's control, which may result in losses or recoveries differing from those estimated. Acquired credit impaired loans. Acquired credit impaired loans are accounted for under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 310-30 when there is evidence of credit deterioration since origination and for which it is probable, at acquisition, that the Company would be unable to collect all contractually required payments. Interest income, through accretion of the difference between the carrying amount of the loans and the expected cash flows, are recognized on all acquired loans. Covered assets. Covered loans consist of single family loans acquired from Horizon Bank in 2010 and certain loans acquired from SVBT in fiscal 2013 that were originally recorded at their estimated fair value at the time acquired. Loans that were classified as non-performing loans by Horizon Bank and SVBT are no longer classified as non-performing because, at acquisition, the carrying value of these loans was adjusted to reflect fair value and are covered under the FDIC loss sharing agreements. Management believes that the book value reflects an amount that will ultimately be collected. Covered real estate held for sale represents the foreclosed properties that were originally Horizon Bank loans or certain SVBT loans. Covered real estate held for sale is carried at the estimated fair value of the repossessed real estate. The covered loans and covered real estate held for sale are collectively referred to as “covered assets." When FDIC loss share agreements expire, any remaining loans will be transferred to the non covered portfolio. FDIC indemnification asset. FDIC indemnification asset of $16,275,000 as of September 30, 2015 is the receivable recorded due to the guarantee provided by the FDIC on the covered assets. This asset declines due to collections from the FDIC on claims or the eventual expiration of the FDIC loss share agreements. The FDIC indemnification asset is included within other assets on the statement of financial condition. |
Client derivatives, long term borrowing hedges, and commercial loan hedge | Client Derivatives. Interest rate swap agreements are provided to certain clients who desire to convert their obligations from variable to fixed interest rates. Under these agreements, the Bank enters into a variable-rate loan agreement with a customer in addition to a swap agreement, and then enters into a corresponding swap agreement with a third party in order to offset its exposure on the customer swap agreement. As the interest rate swap agreements with the customers and third parties are not designated as hedges under FASB ASC 815, Derivatives and Hedging, the instruments are marked to market in earnings. The change in fair value of the offsetting swaps are included in interest income and interest expense and there is no impact on net income. There is fee income earned on the swaps that is included in miscellaneous loan income. Long Term Borrowing Hedges. The Bank has entered into forward-starting interest rate swaps to convert a series of future short-term borrowings to fixed rate payments. These interest rate swaps qualify as cash flow hedging instruments under ASC 815 which provides for matching of the recognition of gains and losses of the interest rate swaps and the hedged items. Prior to the starting date, the change in the fair value of the interest rate swap is recorded in Other Comprehensive Income. Commercial Loan Hedge. The Bank has entered into an interest rate swap to hedge a long term fixed rate commercial loan. This interest rate swap qualifies as a fair value hedge under ASC 815 which provides for matching of the recognition of the gains and losses of the interest rate swap and the hedged item. |
Premises and equipment | Premises and equipment. Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the respective assets. Expenditures are capitalized for betterments and major renewals. Charges for ordinary maintenance and repairs are expensed to operations as incurred. |
Real estate owned | Real estate owned. Properties acquired in settlement of loans are recorded at fair value less selling costs. Subsequent accounting is recorded at lower of cost or fair value. These gains (losses) are shown on the real estate acquired through foreclosure line item. |
Intangible assets | Intangible assets. Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired. The core deposit intangibles are acquired assets that lack physical substance but can be distinguished from goodwill. Goodwill is evaluated for impairment on an annual basis. Other intangible assets are amortized over their estimated lives and are subject to impairment testing when events or circumstances change. If circumstances indicate that the carrying value of the assets may not be recoverable, an impairment charge could be recorded. No impairment of intangible assets has ever been identified. The Bank amortizes the core deposit intangibles over their estimated lives using an accelerated method. |
Income taxes | Income taxes. Income taxes are accounted for using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, a deferred tax asset or liability is determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The provision for income taxes includes current and deferred income tax expense based on net income adjusted for temporary and permanent differences such as depreciation, interest on state and municipal securities, and affordable housing tax credits. Income tax related interest and penalties, if applicable, and amortization of affordable housing tax credit investments are recorded within income tax expense. |
Accounting for stock-based compensation | Accounting for stock-based compensation. We recognize in the statement of operations the grant-date fair value of stock options and other equity-based forms of compensation issued to employees over the employees' requisite service period (generally the vesting period). The requisite service period may be subject to performance conditions. Stock options and restricted stock awards generally vest ratably over three to ten years and are recognized as expense over that same period of time. The exercise price of each option equals the market price of the Company's common stock on the date of the grant, and the maximum term is ten years. The fair value of each grant is estimated as of the grant date using the Black-Scholes option-pricing model or a Monte Carlo simulation pricing model. Expected volatility is based on the historical volatility of the price of the Company's common stock. The Company uses historical data to estimate option exercise and stock option forfeiture rates within the valuation model. The expected term of options granted is determined based on historical experience with similar options, giving consideration to the contractual terms and vesting schedules, and represents the period of time that options granted are expected to be outstanding. The expected dividend yield is based on dividend trends and the market value of the Company's common stock at the time of grant. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant corresponding to the estimated expected term of the options granted. Stock options that were not dilutive but were outstanding as of September 30, 2015 , 2014 and 2013 were 94,054 , 90,846 and 435,825 , respectively. See Note L for additional information. Restricted stock unit grants and certain restricted stock awards are subject to performance-based and market-based vesting as well as other approved vesting conditions and cliff vest based on those conditions. Compensation expense is recognized over the service period to the extent restricted stock units are expected to vest. |
Use of estimates | Use of estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates reported in the financial statements include the allowance for loan losses, intangible assets, deferred taxes and contingent liabilities. Actual results could differ from these estimates. |
New accounting pronouncements | New accounting pronouncements. 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. The new guidance clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either: (a) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure; or (b) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. ASU 2014-04 is effective for annual and interim reporting periods within those annual periods, beginning after December 15, 2014. Adoption of the new guidance is not expected to have a significant impact on the Company's consolidated financial statements. In January 2014, the FASB issued ASU 2014-01, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects. This new guidance permits reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). Those not electing the proportional amortization method would account for the investment using the equity method or cost method. This new guidance is effective on a retrospective basis beginning after December 15, 2014 with early adoption permitted. The Company adopted this ASU prospectively as of December 31, 2013 as the retrospective adjustments were not material. This adoption did not have a material impact on the Company's consolidated financial statements. In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860) - Repurchase to Maturity Transactions, Repurchase Financings, and Disclosures. Under this new accounting guidance, repurchase-to-maturity transactions will be accounted for as secured borrowings rather than sales of an asset, and transfers of financial assets with contemporaneous repurchase financings will no longer be evaluated to determine whether they should be accounted for on a combined basis as forward contracts. The new guidance also prescribes additional disclosures particularly on the nature of collateral pledged in repurchase financings accounted for as secured borrowings. The new guidance is effective for the first interim or annual period beginning after December 31, 2014. This guidance did not have a material impact on the Company's consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. These amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. These amendments are effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In August 2015, the FASB issued ASU 2015-14, to defer the effective date of ASU 2014-09 , Revenue from Contracts with Customers (Topic 606). This new accounting guidance clarifies the principles for recognizing revenue from contracts with customers. The new accounting guidance, which does not apply to financial instruments, is effective on a retrospective basis beginning on January 1, 2018. The Company does not expect the new guidance to have a material impact on its consolidated financial statements. In August 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting Measurement -Period Adjustments. To simplify the accounting for adjustments made to provisional amounts recognized in a business combination, the amendments eliminate the requirement to retrospectively account for those adjustments. These amendments are effective for interim and annual periods beginning after December 15, 2015. The amendments should be applied prospectively. The Company does not expect this guidance to have a material impact on its consolidated financial statements. |
Business segments | Business segments. As the Company manages its business and operations on a consolidated basis, management has determined that there is one reportable business segment. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Schedule of goodwill and intangible assets | The balance of the Company's intangible assets was as follows: Goodwill Core Deposit Intangible Total (In thousands) Balance at September 30, 2013 $ 260,277 $ 4,041 $ 264,318 Additions 31,226 11,040 42,266 Amortization — (3,675 ) (3,675 ) Balance at September 30, 2014 291,503 11,406 302,909 Additions — — — Amortization — (3,551 ) (3,551 ) Balance at September 30, 2015 $ 291,503 $ 7,855 $ 299,358 |
Schedule of future amortization expense | The table below presents the estimated core deposit intangible asset amortization expense for the next five years: Year End Expense (In thousands) 2016 $ 2,314 2017 1,607 2018 1,208 2019 1,254 2020 1,254 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments by contractual maturity date | September 30, 2015 Amortized Cost Gross Unrealized Fair Value Yield Gains Losses (In thousands) Available-for-sale securities U.S. government and agency securities due 1 to 5 years $ 105,065 $ 1,923 $ (274 ) $ 106,714 1.74 % 5 to 10 years 119,071 35 (1,247 ) 117,859 1.54 % Over 10 years 262,832 — (4,941 ) 257,891 1.23 % Equity Securities Within 1 year 500 17 — 517 1.80 % 1 to 5 years 99,922 1,513 — 101,435 1.90 % 5 to 10 years — — — — — % Corporate bonds due Within 1 year 24,787 191 — 24,978 0.53 % 1 to 5 years 311,435 1,190 (58 ) 312,567 0.88 % 5 to 10 years 100,000 876 (3,524 ) 97,352 1.47 % Over 10 years 69,950 953 — 70,903 3.00 % Municipal bonds due 1 to 5 years 2,285 8 — 2,293 1.23 % 5 to 10 years 1,303 7 — 1,310 2.05 % Over 10 years 20,382 3,138 — 23,520 6.45 % Mortgage-backed securities Agency pass-through certificates 1,144,787 18,222 (2,491 ) 1,160,518 2.48 % Other commercial MBS 103,131 85 (510 ) 102,706 1.51 % 2,365,450 28,158 (13,045 ) 2,380,563 1.97 % Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 1,643,216 10,516 (16,312 ) 1,637,420 3.19 % 1,643,216 10,516 (16,312 ) 1,637,420 3.19 % $ 4,008,666 $ 38,674 $ (29,357 ) $ 4,017,983 2.46 % September 30, 2014 Amortized Cost Gross Unrealized Fair Value Yield Gains Losses (In thousands) Available-for-sale securities U.S. government and agency securities due 1 to 5 years $ 171,154 $ 2,585 $ (748 ) $ 172,991 1.26 % 5 to 10 years 203,317 300 (102 ) 203,515 1.45 % Over 10 years 354,828 1,028 (419 ) 355,437 1.25 % Equity Securities Within 1 year 1 to 5 years 100,500 887 — 101,387 1.90 % 5 to 10 years — — — — % Corporate bonds due Within 1 year 15,000 75 — 15,075 1.00 % 1 to 5 years 302,540 2,372 — 304,912 0.71 % 5 to 10 years 138,201 1,789 (970 ) 139,020 1.43 % Over 10 years 50,000 — — 50,000 3.00 % Municipal bonds due 1 to 5 years — — — — — % 5 to 10 years — — — — — % Over 10 years 20,402 3,279 — 23,681 6.45 % Mortgage-backed securities Agency pass-through certificates 1,561,639 24,893 (2,024 ) 1,584,508 2.57 % Other commercial MBS 98,851 65 — 98,916 1.49 % 3,016,432 37,273 (4,263 ) 3,049,442 1.99 % Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 1,548,265 4,855 (53,902 ) 1,499,218 3.13 % 1,548,265 4,855 (53,902 ) 1,499,218 3.13 % $ 4,564,697 $ 42,128 $ (58,165 ) $ 4,548,660 2.38 % |
Schedule of unrealized losses and fair value of securities | The following table shows the gross unrealized losses and fair value of securities at September 30, 2015 and September 30, 2014 , by length of time that individual securities in each category have been in a continuous loss position. The Bank had $1,297,408,000 securities in a continuous loss position for 12 or more months at September 30, 2015 , and $1,642,718,000 securities in a continuous loss position for 12 or more months at September 30, 2014 , which consisted of corporate bonds, U.S. government and agency securities, and mortgage-backed securities. Management believes that the declines in fair value of these investments are not an other than temporary impairment as these losses are due to a change in interest rates rather than any credit deterioration. The impairment is also deemed to be temporary because: 1) the Bank does not intend to sell the security, and 2) it is not more likely than not that it will be required to sell the security before recovery of the entire amortized cost basis of the security. As of September 30, 2015 Less than 12 months 12 months or more Total Unrealized Gross Losses Fair Value Unrealized Gross Losses Fair Value Unrealized Gross Losses Fair Value (In thousands) Corporate Bonds $ (183 ) $ 72,862 $ (3,399 ) $ 46,601 $ (3,582 ) $ 119,463 U.S. agency securities (5,010 ) 336,243 (1,452 ) 57,344 (6,462 ) 393,587 Agency pass-through certificates (1,036 ) 169,541 (18,277 ) 1,193,463 (19,313 ) 1,363,004 $ (6,229 ) $ 578,646 $ (23,128 ) $ 1,297,408 $ (29,357 ) $ 1,876,054 As of September 30, 2014 Less than 12 months 12 months or more Total Unrealized Gross Losses Fair Value Unrealized Gross Losses Fair Value Unrealized Gross Losses Fair Value (In thousands) Corporate Bonds $ (125 ) $ 24,875 $ (845 ) $ 24,155 $ (970 ) $ 49,030 U.S. agency securities (472 ) 316,578 (797 ) 109,354 (1,269 ) 425,932 Agency pass-through certificates (215 ) 19,212 (55,711 ) 1,509,209 (55,926 ) 1,528,421 $ (812 ) $ 360,665 $ (57,353 ) $ 1,642,718 $ (58,165 ) $ 2,003,383 |
Loans Receivable (including C28
Loans Receivable (including Covered Loans) (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Schedule of loans receivable (excluding covered loans) | September 30, 2015 September 30, 2014 (In thousands) (In thousands) Non-Acquired loans Single-family residential $ 5,651,845 57.6 % $ 5,560,203 62.6 % Construction - speculative 200,509 2.0 140,060 1.6 Construction - custom 396,307 4.0 385,824 4.3 Land - acquisition & development 94,208 1.0 77,832 0.9 Land - consumer lot loans 103,989 1.1 108,623 1.2 Multi-family 1,125,722 11.6 917,286 10.3 Commercial real estate 986,270 10.0 591,336 6.7 Commercial & industrial 612,836 6.2 379,226 4.3 HELOC 127,646 1.3 116,042 1.3 Consumer 194,655 2.0 132,590 1.5 Total non-acquired loans 9,493,987 96.8 % 8,409,022 94.7 % Acquired loans 166,293 1.6 184,188 2.0 Credit impaired acquired loans 87,081 0.9 76,507 0.8 Covered loans 75,909 0.7 213,203 2.5 Total gross loans 9,823,270 100.0 % 8,882,920 100.0 % Less: Allowance for probable losses 106,829 114,591 Loans in process 476,796 346,172 Discount on acquired loans 30,095 59,874 Deferred net origination fees 38,916 37,485 Total loan contra accounts 652,636 558,122 Net Loans $ 9,170,634 $ 8,324,798 |
Schedule of fixed and adjustable rate loans | The Company originates fixed and adjustable interest rate loans, which at September 30, 2015 consisted of the following: Fixed-Rate Adjustable-Rate Term To Maturity Book Value Term To Rate Adjustment Book Value (In thousands) (In thousands) Within 1 year $ 343,801 Less than 1 year $ 1,778,466 1 to 3 years 160,832 1 to 3 years 799,633 3 to 5 years 97,837 3 to 5 years 733,061 5 to 10 years 155,708 5 to 10 years 92,796 10 to 20 years 938,938 10 to 20 years — Over 20 years 4,722,198 Over 20 years — $ 6,419,314 $ 3,403,956 |
Schedule of loans receivable by geographic area | Gross loans by geographic concentration were as follows: September 30, 2015 Single - Multi- Land - Land - Construction - custom Construction - speculative Commercial Commercial Consumer HELOC Total (In thousands) Washington $ 2,905,256 $ 388,151 $ 54,467 $ 62,916 $ 232,244 $ 84,462 $ 638,974 $ 350,485 $ 74,649 $ 89,011 $ 4,880,615 Oregon 734,368 328,103 8,493 18,212 37,781 34,952 223,625 130,743 3,327 14,539 1,534,143 Arizona 154,858 411 — — — — 5,594 42,437 117,982 — 321,282 Other 312,471 34,502 4,235 8,098 17,107 13,634 7,566 11,183 165 6,204 415,165 Utah 579,743 233,240 4,573 9,227 39,443 8,542 116,157 40,754 297 18,619 1,050,595 Idaho 492,297 55,562 2,187 3,566 33,292 6,856 37,109 33,869 24 7,544 672,306 New Mexico 193,387 72,729 12,348 2,714 20,744 15,666 132,974 10,880 935 12,697 475,074 Texas 189,355 15,446 11,979 261 8,882 36,396 21,755 19,114 33 — 303,221 Nevada 139,047 1,293 — 1,819 6,816 — 2,797 18,115 69 913 170,869 $ 5,700,782 $ 1,129,437 $ 98,282 $ 106,813 $ 396,309 $ 200,508 $ 1,186,551 $ 657,580 $ 197,481 $ 149,527 $ 9,823,270 Percentage by geographic area September 30, 2015 Single - Multi- Land - Land - Construction - custom Construction - speculative Commercial Commercial Consumer HELOC Total As % of total gross loans Washington 29.4 % 4.0 % 0.6 % 0.6 % 2.4 % 0.9 % 6.5 % 3.6 % 0.8 % 0.9 % 49.7 % Oregon 7.5 3.3 0.1 0.2 0.4 0.4 2.3 1.3 — 0.1 15.6 Arizona 1.6 — — — — — 0.1 0.4 1.2 — 3.3 Other 3.2 0.4 — 0.1 0.2 0.1 0.1 0.1 — 0.1 4.3 Utah 5.9 2.4 — 0.1 0.4 0.1 1.2 0.4 — 0.2 10.7 Idaho 5.0 0.6 — — 0.3 0.1 0.4 0.3 — 0.1 6.8 New Mexico 2.0 0.7 0.1 — 0.2 0.2 1.4 0.1 — 0.1 4.8 Texas 1.9 0.2 0.1 — 0.1 0.4 0.2 0.2 — — 3.1 Nevada 1.4 — — — 0.1 — — 0.2 — — 1.7 57.9 % 11.6 % 0.9 % 1.0 % 4.1 % 2.2 % 12.2 % 6.6 % 2.0 % 1.5 % 100.0 % Percentage by geographic area as a % of each loan type September 30, 2015 Single - Multi- Land - Land - Construction - custom Construction - speculative Commercial Commercial Consumer HELOC As % of total gross loans Washington 51.0 % 34.3 % 55.4 % 59.0 % 58.7 % 42.1 % 54.0 % 53.1 % 37.8 % 59.6 % Oregon 12.9 29.1 8.6 17.1 9.5 17.4 18.8 19.9 1.7 9.7 Arizona 2.7 — — — — — 0.5 6.5 59.7 — Other 5.5 3.1 4.3 7.6 4.3 6.8 0.6 1.7 0.1 4.1 Utah 10.2 20.7 4.7 8.6 10.0 4.3 9.8 6.2 0.2 12.5 Idaho 8.6 4.9 2.2 3.3 8.4 3.4 3.1 5.2 — 5.0 New Mexico 3.4 6.4 12.6 2.5 5.2 7.8 11.2 1.7 0.5 8.5 Texas 3.3 1.4 12.2 0.2 2.2 18.2 1.8 2.9 — — Nevada 2.4 0.1 — 1.7 1.7 — 0.2 2.8 — 0.6 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % |
Schedule of impaired loans, loan commitments and loans serviced | The following table provides additional information on impaired loans, loan commitments and loans serviced for others: September 30, 2015 September 30, 2014 (In thousands) Recorded investment in impaired loans $ 341,579 $ 435,185 Troubled Debt Restructuring included in impaired loans 302,713 374,743 Impaired loans with allocated reserves 2,323 196 Reserves on impaired loans 275 60 Average balance of impaired loans 333,815 403,138 Interest income from impaired loans 14,855 21,674 Outstanding fixed-rate origination commitments 230,869 198,504 Loans serviced for others 72,083 86,745 |
Non accrual loans held by the company | The following table sets forth information regarding non-accrual loans held by the Company: September 30, 2015 September 30, 2014 (In thousands) (In thousands) Non-accrual loans: Single-family residential $ 59,074 87.1 % $ 74,067 84.8 % Construction - speculative 754 1.1 1,477 1.7 Construction - custom 732 1.1 — — Land - acquisition & development — — 811 0.9 Land - consumer lot loans 1,273 1.9 2,637 3.0 Multi-family 2,558 3.8 1,742 2.0 Commercial real estate 2,176 3.2 5,106 5.8 Commercial & industrial — 7 — HELOC 563 0.8 795 0.9 Consumer 680 1.0 789 0.9 Total non-accrual loans $ 67,810 100 % $ 87,431 100 % |
Aging of past due loans | The following tables provide an analysis of the age of loans in past due status: September 30, 2015 Amount of Loans Days Delinquent Based on $ Amount of Loans % based on $ Type of Loan Net of LIP & Chg.-Offs Current 30 60 90 Total (In thousands) Non-acquired loans Single-Family Residential $ 5,655,928 $ 5,590,673 $ 17,305 $ 7,757 $ 40,193 $ 65,255 1.15 % Construction - Speculative 130,121 130,121 — — — — — Construction - Custom 205,692 204,168 791 270 463 1,524 0.74 Land - Acquisition & Development 75,661 74,737 406 — 518 924 1.22 Land - Consumer Lot Loans 104,494 102,045 689 399 1,361 2,449 2.34 Multi-Family 1,068,038 1,065,667 259 454 1,658 2,371 0.22 Commercial Real Estate 893,072 892,180 131 — 761 892 0.10 Commercial & Industrial 617,545 616,602 93 27 823 943 0.15 HELOC 127,648 127,196 174 27 251 452 0.35 Consumer 194,977 194,259 493 170 55 718 0.37 9,073,176 8,997,648 20,341 9,104 46,083 75,528 0.83 Acquired loans 57,682 56,559 356 — 767 1,123 1.95 Credit impaired acquired loans 139,726 138,940 243 4 539 786 0.56 Covered loans 75,890 70,729 272 90 4,799 5,161 6.80 Total Loans $ 9,346,474 $ 9,263,876 $ 21,212 $ 9,198 $ 52,188 $ 82,598 0.88 % Delinquency % 99.12% 0.23% 0.10% 0.56% 0.88% |
Schedule of loan modifications | The following tables provides information related troubled debt restructured: September 30, 2015 September 30, 2014 Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Troubled Debt Restructurings: Contracts Investment Investment Contracts Investment Investment (In thousands) (In thousands) Single-Family Residential 62 $ 13,378 $ 13,378 241 $ 52,900 $ 52,900 Construction - Speculative 2 701 701 — — — Construction - Custom — — — — — — Land - Acquisition & Development — — — 3 631 631 Land - Consumer Lot Loans 9 1,546 1,546 13 2,315 2,315 Multi-Family 3 — — 2 1,196 1,196 Commercial Real Estate 1 3,175 3,175 3 2,177 2,177 Commercial & Industrial 1 — — — — — HELOC — 50 50 2 549 549 Consumer — 80 80 3 35 35 78 $ 18,930 $ 18,930 267 $ 59,803 $ 59,803 September 30, 2015 September 30, 2014 Number of Recorded Number of Recorded Troubled Debt Restructurings That Subsequently Defaulted: Contracts Investment Contracts Investment (In thousands) (In thousands) Single-Family Residential 18 $ 2,917 38 $ 7,427 Construction - Speculative — — — — Construction - Custom — — — — Land - Acquisition & Development — — — — Land - Consumer Lot Loans 2 301 8 969 Multi-Family — — — — Commercial Real Estate — — — — Commercial & Industrial — — — — HELOC — — — — Consumer — — — — 20 $ 3,218 46 $ 8,396 |
Schedule of changes in the accretable yield for credit impaired acquired loans | The following table shows the changes in accretable yield for acquired impaired loans and acquired non-impaired loans including covered loans for the years ended September 30, 2015 and 2014 : September 30, 2015 September 30, 2014 Acquired Impaired Acquired Non-impaired Acquired Impaired Acquired Non-impaired Accretable Yield Carrying Amount of Loans Accretable Yield Carrying Amount of Loans Accretable Yield Carrying Amount of Loans Accretable Yield Carrying Amount of Loans (In thousands) (In thousands) Beginning balance $ 97,125 $ 135,826 $ 14,513 $ 275,862 $ 115,513 $ 207,809 $ 22,240 $ 403,229 Additions — — — — — — — — Net reclassification from nonaccretable 6,307 — 346 — 17,486 (2,069 ) — — Accretion (30,727 ) 30,727 (7,655 ) 7,655 (35,874 ) 35,874 (7,727 ) 7,727 Transfers to REO — (2,975 ) — (150 ) — (10,131 ) — (4,710 ) Payments received, net — (52,278 ) — (96,287 ) — (95,657 ) — (130,384 ) Ending Balance $ 72,705 $ 111,300 $ 7,204 $ 187,080 $ 97,125 $ 135,826 $ 14,513 $ 275,862 |
Schedule of activity for FDIC indemnification asset | The following table shows the year to date activity for the FDIC indemnification asset: September 30, September 30, 2014 (In thousands) Balance at beginning of period $ 36,860 $ 64,615 Additions (1,795 ) 1,795 Payments received (720 ) (2,502 ) Amortization (18,588 ) (27,850 ) Accretion 518 802 Balance at end of period $ 16,275 $ 36,860 |
Allowance for Losses on Loans (
Allowance for Losses on Loans (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Summary of activity in allowance for loan losses | The following table summarizes the activity in the allowance for loan losses for the twelve months ended September 30, 2015 and 2014 : September 30, 2015 Beginning Allowance Charge-offs Recoveries Provision & Transfers Ending Allowance (In thousands) Single-family residential $ 62,763 $ (5,524 ) $ 13,403 $ (23,295 ) $ 47,347 Construction - speculative 6,742 (388 ) 120 206 6,680 Construction - custom 1,695 — — (705 ) 990 Land - acquisition & development 5,592 (38 ) 207 20 5,781 Land - consumer lot loans 3,077 (459 ) 221 107 2,946 Multi-family 4,248 — 220 836 5,304 Commercial real estate 7,548 (1,711 ) 735 2,388 8,960 Commercial & industrial 16,527 (3,354 ) 1,374 10,433 24,980 HELOC 928 (66 ) 2 38 902 Consumer 3,227 (3,060 ) 3,688 (916 ) 2,939 Covered loans 2,244 — — (2,244 ) — $ 114,591 $ (14,600 ) $ 19,970 $ (13,132 ) $ 106,829 September 30, 2014 Beginning Allowance Charge-offs Recoveries Provision & Transfers Ending Allowance (In thousands) Single-family residential $ 64,184 $ (8,529 ) $ 17,684 $ (10,576 ) $ 62,763 Construction - speculative 8,407 (949 ) 97 (813 ) 6,742 Construction - custom 882 — — 813 1,695 Land - acquisition & development 9,165 (541 ) 3,071 (6,103 ) 5,592 Land - consumer lot loans 3,552 (658 ) 22 161 3,077 Multi-family 3,816 — — 432 4,248 Commercial real estate 5,595 (105 ) 33 2,025 7,548 Commercial & industrial 16,614 (826 ) 5,043 (4,304 ) 16,527 HELOC 1,002 (48 ) — (26 ) 928 Consumer 3,524 (3,443 ) 3,513 (367 ) 3,227 Covered loans — — — 2,244 2,244 $ 116,741 $ (15,099 ) $ 29,463 $ (16,514 ) $ 114,591 |
Summary of loans collectively and individually evaluated for impairment and related allocation of reserves | The following tables show a summary of loans collectively and individually evaluated for impairment and the related allocation of general and specific reserves as of September 30, 2015 and 2014 : September 30, 2015 Loans Collectively Evaluated for Impairment Loans Individually Evaluated for Impairment General Reserve Allocation Gross Loans Subject to General Reserve (1) Ratio Specific Reserve Allocation Gross Loans Subject to Specific Reserve (1) Ratio (In thousands) (In thousands) Single-family residential $ 47,073 $ 5,595,752 0.8 % $ 275 $ 51,718 0.5 % Construction - speculative 6,680 124,679 5.4 — 5,441 — Construction - custom 990 205,692 0.5 — — — Land - acquisition & development 5,781 72,602 8.0 — 2,198 — Land - consumer lot loans 2,946 93,103 3.2 — 10,824 — Multi-family 5,304 1,062,194 0.5 — 5,348 — Commercial real estate 8,960 844,691 1.1 — 8,826 — Commercial & industrial 24,980 643,577 3.9 — — — HELOC 902 126,594 0.7 — 1,072 — Consumer 2,938 194,569 1.5 — 86 — $ 106,554 $ 8,963,453 1.2 % $ 275 $ 85,513 0.3 % ___________________ (1) Excludes acquired loans with discounts sufficient to absorb potential losses and covered loans September 30, 2014 Loans Collectively Evaluated for Impairment Loans Individually Evaluated for Impairment General Reserve Allocation Gross Loans Subject to General Reserve (1) Ratio Specific Reserve Allocation Gross Loans Subject to Specific Reserve (1) Ratio (In thousands) (In thousands) Single-family residential $ 62,067 $ 5,487,331 1.1 % $ — $ 72,869 — % Construction - speculative 6,682 130,901 5.5 60 9,159 0.7 Construction - custom 1,695 385,464 0.5 — 360 — Land - acquisition & development 5,592 73,999 7.6 — 3,833 — Land - consumer lot loans 3,077 95,684 3.2 — 12,939 — Multi-family 4,248 911,162 0.5 — 6,124 — Commercial real estate 7,548 563,534 1.4 — 27,802 — Commercial & industrial 17,223 421,816 4.6 — — — HELOC 928 114,393 0.9 — 1,650 — Consumer 3,227 132,590 2.4 — — — $ 112,287 $ 8,316,874 1.4 % $ 60 $ 134,736 — % ___________________ (1) Excludes acquired loans with discounts sufficient to absorb potential losses and covered loans |
Summary of loans based on credit quality indicators | The following tables provide information on loans based on credit quality indicators (defined above) as of September 30, 2015 and 2014 : September 30, 2015 Internally Assigned Grade Total Pass Special mention Substandard Doubtful Loss Gross Loans (In thousands) Non-acquired loans Single-family residential $ 5,558,700 $ — $ 93,145 $ — $ — $ 5,651,845 Construction - speculative 197,935 — 2,574 — — 200,509 Construction - custom 396,307 — — — — 396,307 Land - acquisition & development 89,656 — 4,552 — — 94,208 Land - consumer lot loans 103,569 — 420 — — 103,989 Multi-family 1,118,673 865 6,184 — — 1,125,722 Commercial real estate 971,510 4,360 10,400 — — 986,270 Commercial & industrial 575,034 1,496 36,306 — — 612,836 HELOC 127,398 — 248 — — 127,646 Consumer 194,451 — 204 — — 194,655 Total Non-acquired loans 9,333,233 6,721 154,033 — — 9,493,987 Acquired loans $ 149,891 — 16,402 — — 166,293 Credit impaired acquired loans 61,019 — 26,062 — — 87,081 Covered loans $ 61,776 $ — $ 14,133 $ — $ — 75,909 Total gross loans $ 9,605,919 $ 6,721 $ 210,630 $ — $ — $ 9,823,270 Total grade as a % of total gross loans 97.8 % 0.1 % 2.1 % — % — % September 30, 2014 Internally Assigned Grade Total Pass Special mention Substandard Doubtful Loss Gross Loans (In thousands) Non-acquired loans Single-family residential $ 5,426,895 $ 2,793 $ 130,515 $ — $ — $ 5,560,203 Construction - speculative 134,950 — 5,110 — — 140,060 Construction - custom 385,824 — — — — 385,824 Land - acquisition & development 71,692 — 6,140 — — 77,832 Land - consumer lot loans 108,013 — 610 — — 108,623 Multi-family 912,728 — 4,558 — — 917,286 Commercial real estate 557,914 1,971 31,451 — — 591,336 Commercial & industrial 359,221 14,740 5,265 — — 379,226 HELOC 115,794 — 248 — — 116,042 Consumer 132,349 — 241 — — 132,590 Total Non-acquired loans 8,205,380 19,504 184,138 — — 8,409,022 Acquired loans 156,954 16,213 10,963 58 — 184,188 Credit impaired acquired loans 61,332 2,143 13,032 — — 76,507 Covered loans $ 135,134 $ 815 $ 76,729 $ 525 — 213,203 Total gross loans $ 8,558,800 $ 38,675 $ 284,862 $ 583 $ — $ 8,882,920 Total grade as a % of total gross loans 96.4 % 0.4 % 3.2 % — % — % |
Schedule of Credit Risk Profile by Payment Activity | The following tables provide information on non-acquired loans based on payment activity as of September 30, 2015 and 2014 : September 30, 2015 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (In thousands) (In thousands) Single-family residential $ 5,592,771 99.0 % $ 59,074 1.0 % Construction - speculative 199,755 99.6 754 0.4 Construction - custom 395,575 99.8 732 0.2 Land - acquisition & development 94,208 100.0 — — Land - consumer lot loans 102,716 98.8 1,273 1.2 Multi-family 1,123,165 99.8 2,558 0.2 Commercial real estate 984,093 99.8 2,176 0.2 Commercial & industrial 612,836 100.0 — — HELOC 127,083 99.6 563 0.4 Consumer 193,975 99.7 680 0.3 $ 9,426,177 99.3 % $ 67,810 0.7 % September 30, 2014 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (In thousands) (In thousands) Single-family residential $ 5,486,136 98.7 % $ 74,067 1.3 % Construction - speculative 138,583 98.9 1,477 1.1 Construction - custom 385,824 100.0 — — Land - acquisition & development 77,021 99.0 811 1.0 Land - consumer lot loans 105,986 97.6 2,637 2.4 Multi-family 915,544 99.8 1,742 0.2 Commercial real estate 586,230 99.1 5,106 0.9 Commercial & industrial 379,219 100.0 7 — HELOC 115,247 99.3 795 0.7 Consumer 131,801 99.4 789 0.6 $ 8,321,591 99.0 % $ 87,431 1.0 % |
Summary of impaired loans based on type | The following tables provide information on impaired loans based on loan types as of September 30, 2015 and 2014 : September 30, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (In thousands) With no related allowance recorded: Single-family residential $ 17,250 $ 19,644 $ — $ 14,069 Construction - speculative 453 2,151 — 471 Construction - custom 554 554 — 182 Land - acquisition & development 2,570 9,426 — 926 Land - consumer lot loans 727 814 — 544 Multi-family 3,770 7,054 — 1,545 Commercial real estate 9,427 15,620 — 8,130 Commercial & industrial 2,955 13,066 — 2,681 HELOC 683 1,532 — 536 Consumer 477 703 — 390 38,866 70,564 — 29,474 With an allowance recorded: Single-family residential 259,461 263,268 6,678 260,028 Construction - speculative 4,988 5,778 — 5,432 Construction - custom — — — — Land - acquisition & development 2,486 3,426 — 3,478 Land - consumer lot loans 11,289 11,554 — 11,324 Multi-family 3,823 3,823 — 3,732 Commercial real estate 19,124 21,078 — 18,886 Commercial & industrial — — — — HELOC 1,443 1,443 — 1,359 Consumer 99 289 — 102 302,713 310,659 6,678 (1) 304,341 Total: Single-family residential 276,711 282,912 6,678 274,097 Construction - speculative 5,441 7,929 — 5,903 Construction - custom 554 554 — 182 Land - acquisition & development 5,056 12,852 — 4,404 Land - consumer lot loans 12,016 12,368 — 11,868 Multi-family 7,593 10,877 — 5,277 Commercial real estate 28,551 36,698 — 27,016 Commercial & industrial 2,955 13,066 — 2,681 HELOC 2,126 2,975 — 1,895 Consumer 576 992 — 492 $ 341,579 $ 381,223 $ 6,678 (1) $ 333,815 ____________________ (1) Includes $275,000 of specific reserves and $6,403,000 included in the general reserves. September 30, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (In thousands) With no related allowance recorded: Single-family residential $ 24,044 $ 26,628 $ — $ 16,843 Construction - speculative 1,603 2,173 — 1,804 Construction - custom — — — — Land - acquisition & development 837 2,325 — 1,038 Land - consumer lot loans 974 1,072 — 713 Multi-family 1,111 1,111 — 327 Commercial real estate 13,234 20,085 — 11,720 Commercial & industrial 3,195 17,166 — 3,900 HELOC 1,019 1,730 — 612 Consumer 663 833 — 517 46,680 73,123 — 37,474 With an allowance recorded: Single-family residential 322,320 327,869 10,527 316,348 Construction - speculative 7,556 7,986 60 7,532 Construction - custom — — — — Land - acquisition & development 4,696 5,636 — 4,114 Land - consumer lot loans 13,002 13,385 — 12,858 Multi-family 5,243 5,463 — 4,957 Commercial real estate 34,159 35,028 — 18,572 Commercial & industrial — — — — HELOC 1,486 1,486 — 1,204 Consumer 43 214 — 79 388,505 397,067 10,587 (1) 365,664 Total: Single-family residential 346,364 354,497 10,527 333,191 Construction - speculative 9,159 10,159 60 9,336 Construction - custom — — — — Land - acquisition & development 5,533 7,961 — 5,152 Land - consumer lot loans 13,976 14,457 — 13,571 Multi-family 6,354 6,574 — 5,284 Commercial real estate 47,393 55,113 — 30,292 Commercial & industrial 3,195 17,166 — 3,900 HELOC 2,505 3,216 — 1,816 Consumer 706 1,047 — 596 $ 435,185 $ 470,190 $ 10,587 (1) $ 403,138 ____________________ (1) Includes $60,000 of specific reserves and $10,527,000 included in the general reserves. |
Interest Receivable (Tables)
Interest Receivable (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Schedule of interest receivable | September 30, 2015 2014 (In thousands) Loans receivable $ 30,930 $ 40,986 Mortgage-backed securities 6,695 7,427 Investment securities 2,804 3,624 $ 40,429 $ 52,037 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | September 30, 2015 2014 Estimated Useful Life (In thousands) Land — $ 113,347 $ 113,353 Buildings 25 - 40 147,757 143,627 Leasehold improvements 7 - 15 10,193 8,547 Furniture, software and equipment 2 - 10 89,919 65,154 361,216 330,681 Less accumulated depreciation and amortization (84,969 ) (73,138 ) $ 276,247 $ 257,543 |
Customer Accounts (Tables)
Customer Accounts (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of deposits | September 30, 2015 2014 (In thousands) Checking accounts, .15% and under $ 2,555,766 $ 2,331,170 Passbook and statement accounts, .10% and under 700,794 622,546 Insured money market accounts, .01% to .15% 2,564,318 2,536,971 Certificate accounts Less than 2.00% 4,303,475 4,524,158 2.00% to 2.99% 501,409 602,683 3.00% to 3.99% 5,156 98,610 4.00% to 4.99% 150 146 5.00% to 5.99% 635 644 Total certificates 4,810,825 5,226,241 $ 10,631,703 $ 10,716,928 Certificate maturities are as follows: September 30, 2015 2014 (In thousands) Within 1 year $ 2,862,313 $ 3,147,172 1 to 2 years 1,068,792 999,090 2 to 3 years 321,118 659,867 Over 3 years 558,602 420,112 $ 4,810,825 $ 5,226,241 |
Schedule of interest expense on customer deposits | Interest expense on customer accounts consisted of the following: Year ended September 30, 2015 2014 2013 (In thousands) Checking accounts $ 1,036 $ 1,259 $ 936 Passbook and statement accounts 660 607 566 Insured money market accounts 3,631 4,574 4,280 Certificate accounts 46,273 52,636 62,669 51,600 59,076 68,451 Less early withdrawal penalties (546 ) (552 ) (548 ) $ 51,054 $ 58,524 $ 67,903 Weighted average interest rate at end of year 0.48 % 0.51 % 0.69 % Weighted daily average interest rate during the year 0.48 % 0.57 % 0.75 % |
FHLB Advances and Other Borro33
FHLB Advances and Other Borrowings (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Advances | Maturity dates of FHLB advances were as follows: September 30, 2015 2014 (In thousands) FHLB advances Within 1 year $ 250,000 $ 100,000 1 to 3 years 750,000 700,000 4 to 5 years 430,000 730,000 More than 5 years 400,000 400,000 $ 1,830,000 $ 1,930,000 |
Weighted average cost and amount of advances | Financial data pertaining to the weighted-average cost and the amount of FHLB advances were as follows: September 30, 2015 2014 2013 (In thousands) Weighted average interest rate at end of year 3.35 % 3.52 % 3.52 % Weighted daily average interest rate during the year 3.57 % 3.56 % 3.57 % Daily average of FHLB advances $ 1,848,904 $ 1,955,205 $ 1,905,479 Maximum amount of FHLB advances at any month end $ 1,930,000 $ 2,205,000 $ 1,930,000 Interest expense during the year (excludes interest rate swap expense) $ 64,331 $ 68,307 $ 68,075 |
Derivative and Hedging Activiti
Derivative and Hedging Activities (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair value of financial instruments by balance sheet grouping | The following table presents the fair value and balance sheet classification of derivatives at September 30, 2015 and September 30, 2014 : Asset Derivatives Liability Derivatives September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 (In thousands) Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Client derivatives Other assets $ 11,879 Other assets $ 2,611 Other liabilities $ 11,879 Other liabilities $ 2,611 Commercial loan hedge Other assets — Other assets — Other liabilities 966 Other liabilities — Long term borrowing hedge Other assets — Other assets — Other liabilities 14,555 Other liabilities 268 $ 11,879 $ 2,611 $ 27,400 $ 2,879 2015 2014 Level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (In thousands) Financial assets Cash and cash equivalents 1 $ 284,049 $ 284,049 $ 781,843 $ 781,843 Available-for-sale securities: Equity securities 1 101,952 101,952 101,387 101,387 Obligations of U.S. government 2 482,464 482,464 731,943 731,943 Obligations of states and political subdivisions 2 27,123 27,123 23,681 23,681 Corporate debt securities 2 505,800 505,800 509,007 509,007 Mortgage-backed securities Agency pass-through certificates 2 1,160,518 1,160,518 1,584,508 1,584,508 Other commercial MBS 2 102,706 102,706 98,916 98,916 Total available-for-sale securities 2,380,563 2,380,563 3,049,442 3,049,442 Held-to-maturity securities: Mortgage-backed securities Agency pass-through certificates 2 1,643,216 1,637,420 1,548,265 1,499,218 Total held-to-maturity securities 1,643,216 1,637,420 1,548,265 1,499,218 Loans receivable 3 9,170,634 9,667,750 8,324,798 8,844,532 FDIC indemnification asset 3 16,275 15,522 36,860 35,976 FHLB and FRB stock 2 107,198 107,198 158,839 158,839 Other assets - interest rate contracts 2 11,879 11,879 2,611 2,611 Financial liabilities Customer accounts 2 10,631,703 10,004,290 10,716,928 9,946,586 FHLB advances and other borrowings 2 1,830,000 1,938,384 1,930,000 2,054,437 Other liabilities - interest rate contracts 2 11,879 11,879 2,611 2,611 Other liabilities - commercial loan hedge 2 966 966 — — Other liabilities - long term borrowing hedge 2 14,555 14,555 268 268 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Summary of major sources of temporary differences and deferred tax effects | The major sources of these temporary differences and their deferred tax effects were as follows: September 30, 2015 2014 (In thousands) Deferred tax assets Loan loss reserves $ 43,749 $ 48,505 REO reserves 11,213 13,680 Asset purchase tax basis difference (net) 5,973 8,812 Delinquent accrued interest 3,069 4,767 FDIC loss share guarantee receivable 7,803 1,800 Other, net 3,891 4,749 Total deferred tax assets 75,698 82,313 Deferred tax liabilities Federal Home Loan Bank stock dividends 24,135 32,810 Valuation adjustment on available-for-sale securities 205 12,032 Loan origination costs 13,875 13,002 Depreciation 25,934 22,021 Total deferred tax liabilities 64,149 79,865 Net deferred tax asset 11,549 2,448 Current tax asset 2,964 14,067 Net tax asset $ 14,513 $ 16,515 |
Schedule of effective income tax rate reconciliation | A reconciliation of the statutory federal income tax rate to the effective income tax rate follows: Year ended September 30, 2015 2014 2013 Statutory income tax rate 35 % 35 % 35 % State income tax 2 2 2 Other differences (1 ) (1 ) (2 ) Effective income tax rate 36 % 36 % 35 % |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income taxes (benefit) are summarized as follows: 2015 2014 2013 (In thousands) Federal: Current $ 79,841 $ 70,797 $ 66,756 Deferred 3,244 10,591 10,355 83,085 81,388 77,111 State: Current $ 6,636 $ 4,987 $ 5,213 Deferred (518 ) 1,189 787 6,118 6,176 6,000 Total Current 86,477 75,784 71,969 Deferred 2,726 11,780 11,142 $ 89,203 $ 87,564 $ 83,111 |
Stock Award Plans (Tables)
Stock Award Plans (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of option activity | A summary of stock option activity under the Plan as of 2015 and changes during the year are as follows: Options Shares Weighted Weighted Aggregate Outstanding at September 30, 2014 1,249,009 $ 21.11 4 $1,859 Granted — — Exercised (128,394 ) 16.12 Forfeited (93,241 ) 22.18 Outstanding at September 30, 2015 1,027,374 $ 21.64 3 $ 1,867 Exercisable at September 30, 2015 958,087 $ 21.99 2 $ 1,459 |
Schedule of miscellaneous information related to stock options | Miscellaneous information related to stock options is presented below: 2015 2014 2013 (In thousands, except fair value of options granted) Compensation cost for stock options $ 232 $ 324 $ 473 Weighted avg. grant date FV 2.96 2.95 3.24 Total intrinsic value of options exercised 831 1,136 781 Grant date FV of options exercised 368 1,962 791 Cash received from option exercises 2,069 10,142 4,261 Tax benefit realized for option exercises — 159 53 |
Summary of nonvested activity | A summary of the Company's non-vested stock options is as follows: 2015 2014 2013 Non-vested Stock Options Options Outstanding Weighted Options Outstanding Weighted Options Outstanding Weighted Outstanding at beginning of period 145,795 $ 3.87 287,750 $ 3.44 614,272 $ 3.20 Granted — — — — — — Vested (61,018 ) 3.88 (119,520 ) 2.88 (283,407 ) 2.95 Forfeited (15,490 ) 3.90 (22,435 ) 3.63 (43,115 ) 3.25 Outstanding at end of period 69,287 $ 3.85 145,795 $ 3.87 287,750 $ 3.44 |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of nonvested activity | The following table summarizes information about nonvested restricted share activity for the years ended September 30: 2015 2014 2013 Non-vested Restricted Stock Outstanding Weighted Outstanding Weighted Outstanding Weighted Outstanding at beginning of period 515,845 $ 14.10 480,904 $ 11.52 371,096 $ 11.88 Granted 301,750 14.26 300,500 $ 15.43 270,750 11.67 Vested (223,043 ) 13.24 (202,014 ) 11.68 (134,792 ) 11.87 Forfeited (73,250 ) 10.72 (63,545 ) 8.50 (26,150 ) 16.45 Outstanding at end of period 521,302 $ 15.03 515,845 $ 14.10 480,904 $ 11.52 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Schedule of compliance with regulatory capital requirements | Actual Capital Adequacy Categorized as Well Capitalized Under Prompt Corrective Action Provisions Capital Ratio Capital Ratio Capital Ratio As of September 30, 2015 (In thousands) Common Equity Tier 1 risk-based capital ratio: The Company $ 1,658,985 18.81 % $637,788 4.50 % NA NA The Bank 1,652,569 18.73 637,810 4.50 $ 921,281 6.50 % Tier 1 risk-based capital ratio: The Company 1,658,985 18.81 529,051 6.00 NA NA The Bank 1,652,569 18.73 529,360 6.00 705,814 8.00 Total risk-based capital ratio: The Company 1,769,587 20.07 705,402 8.00 NA NA The Bank 1,763,171 19.98 705,814 8.00 882,267 10.00 Tier 1 leverage ratio: The Company 1,658,985 11.71 566,923 4.00 NA NA The Bank 1,652,569 11.66 566,942 4.00 708,678 5.00 As of September 30, 2014 Tier 1 risk-based capital ratio: The Company $ 1,648,199 22.71 % $290,335 4.00 % NA NA The Bank 1,658,704 22.85 290,386 4.00 $ 435,579 6.00 % Total risk-based capital ratio: The Company 1,739,658 23.97 580,671 8.00 NA NA The Bank 1,750,179 24.11 580,772 8.00 725,965 10.00 Tier 1 leverage ratio: The Company 1,648,199 11.39 578,804 4.00 NA NA The Bank 1,658,704 11.46 578,816 4.00 723,520 5.00 |
Schedule of weighted average number of shares | The following table sets forth information regarding earnings per share calculations: Year ended September 30, 2015 2014 2013 Weighted average shares outstanding 95,644,639 101,154,030 104,684,812 Weighted average dilutive warrants 340,016 352,171 100,211 Weighted average dilutive options 69,304 84,150 52,447 Weighted average diluted shares 96,053,959 101,590,351 104,837,470 Net income (In thousands) $ 160,316 $ 157,364 $ 151,505 Basic EPS $ 1.68 $ 1.56 $ 1.45 Diluted EPS 1.67 1.55 1.45 |
Fair Values of Financial Inst38
Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair value of financial instruments by balance sheet grouping | The following table presents the fair value and balance sheet classification of derivatives at September 30, 2015 and September 30, 2014 : Asset Derivatives Liability Derivatives September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 (In thousands) Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Client derivatives Other assets $ 11,879 Other assets $ 2,611 Other liabilities $ 11,879 Other liabilities $ 2,611 Commercial loan hedge Other assets — Other assets — Other liabilities 966 Other liabilities — Long term borrowing hedge Other assets — Other assets — Other liabilities 14,555 Other liabilities 268 $ 11,879 $ 2,611 $ 27,400 $ 2,879 2015 2014 Level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (In thousands) Financial assets Cash and cash equivalents 1 $ 284,049 $ 284,049 $ 781,843 $ 781,843 Available-for-sale securities: Equity securities 1 101,952 101,952 101,387 101,387 Obligations of U.S. government 2 482,464 482,464 731,943 731,943 Obligations of states and political subdivisions 2 27,123 27,123 23,681 23,681 Corporate debt securities 2 505,800 505,800 509,007 509,007 Mortgage-backed securities Agency pass-through certificates 2 1,160,518 1,160,518 1,584,508 1,584,508 Other commercial MBS 2 102,706 102,706 98,916 98,916 Total available-for-sale securities 2,380,563 2,380,563 3,049,442 3,049,442 Held-to-maturity securities: Mortgage-backed securities Agency pass-through certificates 2 1,643,216 1,637,420 1,548,265 1,499,218 Total held-to-maturity securities 1,643,216 1,637,420 1,548,265 1,499,218 Loans receivable 3 9,170,634 9,667,750 8,324,798 8,844,532 FDIC indemnification asset 3 16,275 15,522 36,860 35,976 FHLB and FRB stock 2 107,198 107,198 158,839 158,839 Other assets - interest rate contracts 2 11,879 11,879 2,611 2,611 Financial liabilities Customer accounts 2 10,631,703 10,004,290 10,716,928 9,946,586 FHLB advances and other borrowings 2 1,830,000 1,938,384 1,930,000 2,054,437 Other liabilities - interest rate contracts 2 11,879 11,879 2,611 2,611 Other liabilities - commercial loan hedge 2 966 966 — — Other liabilities - long term borrowing hedge 2 14,555 14,555 268 268 |
Financial Information - Washi39
Financial Information - Washington Federal, INC. (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of condensed financial information | The following Washington Federal, Inc. (parent company only) financial information should be read in conjunction with the other notes to the Consolidated Financial Statements. Condensed Statements of Financial Condition September 30, 2015 2014 (In thousands) Assets Cash $ 7,628 $ 3,895 Investment in subsidiary 1,949,262 1,983,788 Total assets $ 1,956,890 $ 1,987,683 Liabilities Dividend payable and other liabilities $ 1,211 $ 14,400 Total liabilities 1,211 14,400 Stockholders’ equity Total stockholders’ equity 1,955,679 1,973,283 Total liabilities and stockholders’ equity $ 1,956,890 $ 1,987,683 Condensed Statements of Operations Year ended September 30, 2015 2014 2013 (In thousands) Income Dividends from subsidiary $ 175,000 $ 70,000 $ 143,799 Total Income 175,000 70,000 143,799 Expense Miscellaneous 439 485 530 Total expense 439 485 530 Net income before equity in undistributed net income of subsidiary 174,561 69,515 143,269 Equity in undistributed net income of subsidiary (14,402 ) 87,675 8,045 Income before income taxes 160,159 157,190 151,314 Income tax benefit 157 174 191 Net income $ 160,316 $ 157,364 $ 151,505 Condensed Statements of Cash Flows Year ended September 30, 2015 2014 2013 (In thousands) Cash Flows From Operating Activities Net income $ 160,316 $ 157,364 $ 151,505 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries 32,375 (87,943 ) (4,893 ) Decrease (increase) in other assets — 1 1 Increase in other liabilities (13,189 ) 4,152 1,698 Net cash provided by operating activities 179,502 73,574 148,311 Cash Flows From Financing Activities Proceeds from exercise of common stock options and related tax benefit 2,070 10,252 4,261 Treasury stock purchased (126,728 ) (104,291 ) (110,238 ) Dividends paid on common stock (51,111 ) (42,065 ) (37,835 ) Net cash used in financing activities (175,769 ) (136,104 ) (143,812 ) Increase (decrease) in cash 3,733 (62,530 ) 4,499 Cash at beginning of year 3,895 66,425 61,926 Cash at end of year $ 7,628 $ 3,895 $ 66,425 |
Selected Quarterly Financial 40
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of unaudited interim results | The following is a summary of the unaudited interim results of operations by quarter for the years ended September 30, 2015 and 2014 : Year Ended September 30, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share data) Interest income $ 133,284 $ 132,630 $ 129,300 $ 135,339 Interest expense 31,101 28,750 28,735 28,486 Net interest income 102,183 103,880 100,565 106,853 Provision (reversal) for loan losses (5,500 ) (3,949 ) (1,932 ) 219 Other operating income (REO expense) 5,695 12,314 14,999 16,719 Other operating expense 53,600 57,324 56,719 57,208 Income before income taxes 59,778 62,819 60,777 66,145 Income taxes 21,371 22,458 21,727 23,647 Net income $ 38,407 $ 40,361 $ 39,050 $ 42,498 Basic earnings per share $ 0.39 $ 0.42 $ 0.41 $ 0.46 Diluted earnings per share 0.39 0.42 0.41 0.45 Cash dividends paid per share 0.15 0.13 0.13 0.13 Return of average assets 1.05 % 1.11 % 1.08 % 1.17 % Year Ended September 30, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share data) Interest income $ 131,258 $ 132,351 $ 135,011 $ 135,077 Interest expense 32,946 31,715 31,732 31,684 Net interest income 98,312 100,636 103,279 103,393 Provision (reversal) for loan losses (4,600 ) (4,336 ) (3,000 ) (3,465 ) Other operating income (REO expense) 3,837 7,255 6,016 10,808 Other operating expense 44,120 52,059 53,293 54,537 Income before income taxes 62,629 60,168 59,002 63,129 Income taxes 22,393 21,511 21,092 22,568 Net income $ 40,236 $ 38,657 $ 37,910 $ 40,561 Basic earnings per share $ 0.39 $ 0.38 $ 0.38 $ 0.41 Diluted earnings per share 0.39 0.38 0.37 0.41 Cash dividends paid per share 0.10 0.10 0.10 0.11 Return of average assets 1.19 % 1.07 % 1.04 % 1.10 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair value of assets measured on recurring basis | The following table presents the balance of assets measured at fair value on a recurring basis at September 30, 2015 and September 30, 2014 : Fair Value at September 30, 2015 Level 1 Level 2 Level 3 Total (In thousands) Available-for-sale securities Equity securities $ 101,952 $ — $ — $ 101,952 Obligations of U.S. government — 482,464 — 482,464 Obligations of states and political subdivisions — 27,123 — 27,123 Obligations of foreign governments — — — — Corporate debt securities — 505,800 — 505,800 Agency pass through mortgage-backed securities — 1,160,518 — 1,160,518 Other commercial MBS — 102,706 — 102,706 Other debt securities — — — — Total Available-for-sale securities 101,952 2,278,611 — 2,380,563 Interest rate contracts — 11,879 — 11,879 Total Financial Assets $ 101,952 $ 2,290,490 $ — $ 2,392,442 Financial Liabilities Interest rate contracts $ — $ 11,879 $ — $ 11,879 Commercial loan hedge — 966 — 966 Long term borrowing hedge — 14,555 — 14,555 Total Financial Liabilities $ — $ 27,400 $ — $ 27,400 There were no transfers between, into and/or out of Levels 1, 2 or 3 during the year ended September 30, 2015 . Fair Value at September 30, 2014 Level 1 Level 2 Level 3 Total (In thousands) Available-for-sale securities Equity securities $ 101,387 $ — $ — $ 101,387 Obligations of U.S. government — 731,943 — 731,943 Obligations of states and political subdivisions — 23,681 — 23,681 Obligations of foreign governments — — — — Corporate debt securities — 509,007 — 509,007 Agency pass through mortgage-backed securities — 1,584,508 — 1,584,508 Other commercial MBS — 98,916 — 98,916 Other debt securities — — — — Total Available-for-sale securities 101,387 2,948,055 — 3,049,442 Interest rate contracts — 2,611 — 2,611 Total Financial Assets $ 101,387 $ 2,950,666 $ — $ 3,052,053 Financial Liabilities Interest rate contracts $ — $ 2,611 $ — $ 2,611 Commercial loan hedge — — — — Long term borrowing hedge — 268 — 268 Total Financial Liabilities $ — $ 2,879 $ — $ 2,879 There were no transfers between, into and/or out of Level 1, 2 or 3 during the year ended September 30, 2014. |
Aggregated balance of assets measured at estimated fair value on a nonrecurring basis and total losses resulting from those fair value adjustments | The following table presents the aggregated balance of assets that were measured at estimated fair value on a nonrecurring basis for the year ended September 30, 2015 and September 30, 2014 , and the total losses (gains) resulting from those fair value adjustments for the quarter and year ended September 30, 2015 and September 30, 2014 . These estimated fair values are shown gross of estimated selling costs: As of September 30, 2015 Quarter Year Ended September 30, 2015 Level 1 Level 2 Level 3 Total Total (Gains) Losses (In thousands) Impaired loans (1) $ — $ — $ 6,735 $ 6,735 $ 40 $ 4,241 Covered REO (2) — — 2,203 2,203 (7 ) 161 Real estate held for sale (2) — — 79,245 79,245 661 (7,910 ) Balance at end of period $ — $ — $ 88,183 $ 88,183 $ 694 $ (3,508 ) ___________________ (1) The losses represent remeasurements of collateral-dependent loans. (2) The (gains) losses represent aggregate writedowns and charge-offs on real estate held for sale. As of September 30, 2014 Quarter Year Ended September 30, 2014 Level 1 Level 2 Level 3 Total Total (Gains) Losses (In thousands) Impaired loans (1) $ — $ — 10,156 $ 10,156 — (1,311 ) Covered REO (2) — — 10,520 10,520 113 616 Real estate held for sale (2) — — 51,624 51,624 1,878 18,660 Balance at end of period $ — $ — $ 72,300 $ 72,300 $ 1,991 $ 17,965 ___________________ (1) The (gains) losses represent remeasurements of collateral-dependent loans. (2) The losses represent aggregate writedowns and charge-offs on real estate held for sale. |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Other Narrative (Details) | Nov. 20, 2015USD ($) | Sep. 30, 2015USD ($)paymentofficesegmentpartshares | Sep. 30, 2014USD ($)shares | Sep. 30, 2013USD ($)shares |
Summary of Significant Accounting Policies [Line Items] | ||||
Number of offices (in offices) | office | 247 | |||
Days past grace period to initiate contact to cure deficiency | 30 days | |||
Minimum days past due to begin foreclosure proceedings | 90 days | |||
Approximate rate reduction concession, minimum | 1.00% | |||
Approximate rate reduction concession, maximum | 2.00% | |||
Minimum days past due to stop accrual of interest | 90 days | |||
Loans returned to full accrual status | 90 days | |||
Minimum performance period before move to accrual status | 6 months | |||
Number of payments required | payment | 6 | |||
Number of parts in loss percentage factor | part | 2 | |||
Options outstanding that are not dilutive | shares | 94,054 | 90,846 | 435,825 | |
Number of reportable business segments | segment | 1 | |||
FDIC loss share receivable | $ 16,275,000 | $ 36,860,000 | $ 64,615,000 | |
Payments of dividends | 51,111,000 | $ 42,065,000 | $ 37,835,000 | |
Subsequent Event | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Payments of dividends | $ 12,035,000 | |||
Interest rate swap agreements | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Impact to the statement of operations | $ 0 | |||
Minimum | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Term for payment and rate reduction | 6 months | |||
Maximum | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Term for payment and rate reduction | 12 months |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Business Combinations (Details) $ in Thousands | Nov. 01, 2012USD ($)branch | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($)branch | May. 03, 2014branch | May. 02, 2014branch | Dec. 07, 2013branch | Dec. 06, 2013branch | Nov. 01, 2013branch | Oct. 31, 2013branch | Sep. 30, 2013USD ($) |
Business Acquisition [Line Items] | ||||||||||
Intangible assets, goodwill | $ 291,503 | $ 291,503 | $ 260,277 | |||||||
Bank of America, National Association | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of branches acquired (in branches) | branch | 74 | |||||||||
Deposit accounts | $ 1,900,000 | |||||||||
Net loans | 13,000 | |||||||||
Branch properties | $ 25,000 | |||||||||
Premium on deposits | 1.99% | |||||||||
Cash and equivalents | $ 1,800,000 | |||||||||
Intangibles | 11,000 | |||||||||
Intangible assets, goodwill | $ 31,000 | |||||||||
Bank of America, National Association | New Mexico | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of branches acquired (in branches) | branch | 11 | 11 | ||||||||
Bank of America, National Association | Washington, Oregon, and Idaho | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of branches acquired (in branches) | branch | 40 | 40 | ||||||||
Bank of America, National Association | Arizona and Nevada | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of branches acquired (in branches) | branch | 23 | 23 | ||||||||
South Valley Bancorp, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Deposit accounts | $ 736,000 | |||||||||
Net loans | 361,000 | |||||||||
Net covered loans | 108,000 | |||||||||
Transaction deposit accounts | 533,000 | |||||||||
Consideration transferred | 44,000 | |||||||||
Consideration paid in stock | 34,000 | |||||||||
Cash resulting from the collection of certain earn-out assets | $ 10,000 | |||||||||
South Valley Bancorp, Inc. | Central and Southern Oregon | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of branches acquired (in branches) | branch | 24 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Goodwill and Intangible Assets [Roll Forward] | ||
Goodwill, beginning of period | $ 291,503 | $ 260,277 |
Goodwill, additions | 0 | 31,226 |
Goodwill, end of period | 291,503 | 291,503 |
Intangible assets. amortization | (3,551) | (3,675) |
Goodwill and intangible assets, beginning of period | 302,909 | 264,318 |
Goodwill and intangible assets, additions | 0 | 42,266 |
Goodwill and intangible assets, end of period | 299,358 | 302,909 |
Core Deposit [Member] | ||
Goodwill and Intangible Assets [Roll Forward] | ||
Intangible assets, beginning of period | 11,406 | 4,041 |
Intangible assets, additions | 0 | 11,040 |
Intangible assets. amortization | (3,551) | (3,675) |
Intangible assets, end of period | 7,855 | $ 11,406 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2,016 | 2,314 | |
2,017 | 1,607 | |
2,018 | 1,208 | |
2,019 | 1,254 | |
2,020 | $ 1,254 |
Investment Securities - Investm
Investment Securities - Investments by Contractual Maturity Date (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Amortized Cost, Available-for-sale securities | ||
Amortized Cost | $ 2,365,450 | $ 3,016,432 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains | 28,158 | 37,273 |
Gross unrealized loss | (13,045) | (4,263) |
Fair Value, Available-for-sale securities | ||
Available-for-sale securities | $ 2,380,563 | $ 3,049,442 |
Yield, Available-for-sale securities | ||
Yield | 1.97% | 1.99% |
Amortized Cost, Held-to-maturity securities | ||
Amortized Cost | $ 1,643,216 | $ 1,548,265 |
Gross Unrealized Gains / Losses, Held-to-maturity securities | ||
Gross unrealized gains | 10,516 | 4,855 |
Gross unrealized losses | (16,312) | (53,902) |
Fair Value, Held-to-maturity securities | ||
Fair Value | $ 1,637,420 | $ 1,499,218 |
Yield, Held-to-maturity securities | ||
Without a single maturity date | 3.19% | |
Yield | 3.13% | |
Investments | $ 4,008,666 | $ 4,564,697 |
Gross unrealized gains on investments | 38,674 | 42,128 |
Gross unrealized losses on investments | (29,357) | (58,165) |
Fair value of investments | $ 4,017,983 | $ 4,548,660 |
Yield on investments | 2.46% | 2.38% |
Proceeds from available-for-sale securities | $ 246,826 | |
Gain (loss) on sale of securities | $ 9,641 | |
Term of contractual due dates of substantially all mortgage-backed securities | 25 years | |
Fair value of AFS securities, continuous unrealized loss position, 12 months or longer | $ 1,297,408 | $ 1,642,718 |
Obligations of U.S. government | ||
Amortized Cost, Available-for-sale securities | ||
1 to 5 years | 105,065 | 171,154 |
5 to 10 years | 119,071 | 203,317 |
Over 10 years | 262,832 | 354,828 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, 1 to 5 years | 1,923 | 2,585 |
Gross unrealized gains, 5 to 10 years | 35 | 300 |
Gross unrealized gains, over 10 years | 0 | 1,028 |
Gross unrealized losses, 1 to 5 years | (274) | (748) |
Gross unrealized losses, 5 to 10 years | (1,247) | (102) |
Gross unrealized losses, over 10 years | (4,941) | (419) |
Fair Value, Available-for-sale securities | ||
1 to 5 years | 106,714 | 172,991 |
5 to 10 years | 117,859 | 203,515 |
Over 10 years | $ 257,891 | $ 355,437 |
Yield, Available-for-sale securities | ||
1 to 5 years | 1.74% | 1.26% |
5 to 10 years | 1.54% | 1.45% |
Over 10 years | 1.23% | 1.25% |
Equity Securities | ||
Amortized Cost, Available-for-sale securities | ||
Within 1 year | $ 500 | |
1 to 5 years | 99,922 | $ 100,500 |
5 to 10 years | 0 | 0 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, within 1 year | 17 | |
Gross unrealized gains, 1 to 5 years | 1,513 | 887 |
Gross unrealized gains, 5 to 10 years | 0 | |
Gross unrealized losses, within 1 year | 0 | |
Gross unrealized losses, 1 to 5 years | 0 | 0 |
Gross unrealized losses, 5 to 10 years | 0 | 0 |
Fair Value, Available-for-sale securities | ||
Within 1 year | 517 | |
1 to 5 years | 101,435 | 101,387 |
5 to 10 years | $ 0 | $ 0 |
Yield, Available-for-sale securities | ||
Within 1 year | 1.80% | |
1 to 5 years | 1.90% | 1.90% |
5 to 10 years | 0.00% | 0.00% |
Corporate debt securities | ||
Amortized Cost, Available-for-sale securities | ||
Within 1 year | $ 24,787 | $ 15,000 |
1 to 5 years | 311,435 | 302,540 |
5 to 10 years | 100,000 | 138,201 |
Over 10 years | 69,950 | 50,000 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, within 1 year | 191 | 75 |
Gross unrealized gains, 1 to 5 years | 1,190 | 2,372 |
Gross unrealized gains, 5 to 10 years | 876 | 1,789 |
Gross unrealized gains, over 10 years | 953 | 0 |
Gross unrealized losses, within 1 year | 0 | 0 |
Gross unrealized losses, 1 to 5 years | (58) | 0 |
Gross unrealized losses, 5 to 10 years | (3,524) | (970) |
Gross unrealized losses, over 10 years | 0 | 0 |
Fair Value, Available-for-sale securities | ||
Within 1 year | 24,978 | 15,075 |
1 to 5 years | 312,567 | 304,912 |
5 to 10 years | 97,352 | 139,020 |
Over 10 years | $ 70,903 | $ 50,000 |
Yield, Available-for-sale securities | ||
Within 1 year | 0.53% | 1.00% |
1 to 5 years | 0.88% | 0.71% |
5 to 10 years | 1.47% | 1.43% |
Over 10 years | 3.00% | 3.00% |
Yield, Held-to-maturity securities | ||
Fair value of AFS securities, continuous unrealized loss position, 12 months or longer | $ 46,601 | $ 24,155 |
Municipal Bonds | ||
Amortized Cost, Available-for-sale securities | ||
1 to 5 years | 2,285 | 0 |
5 to 10 years | 1,303 | 0 |
Over 10 years | 20,382 | 20,402 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, 1 to 5 years | 8 | 0 |
Gross unrealized gains, 5 to 10 years | 7 | 0 |
Gross unrealized gains, over 10 years | 3,138 | 3,279 |
Gross unrealized losses, 1 to 5 years | 0 | 0 |
Gross unrealized losses, 5 to 10 years | 0 | 0 |
Gross unrealized losses, over 10 years | 0 | 0 |
Fair Value, Available-for-sale securities | ||
1 to 5 years | 2,293 | 0 |
5 to 10 years | 1,310 | 0 |
Over 10 years | $ 23,520 | $ 23,681 |
Yield, Available-for-sale securities | ||
1 to 5 years | 1.23% | 0.00% |
5 to 10 years | 2.05% | 0.00% |
Over 10 years | 6.45% | 6.45% |
Agency pass through mortgage-backed securities | ||
Amortized Cost, Available-for-sale securities | ||
Without single maturity date | $ 1,144,787 | $ 1,561,639 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, without single maturity date | 18,222 | 24,893 |
Gross unrealized losses, without single maturity date | (2,491) | (2,024) |
Fair Value, Available-for-sale securities | ||
Without single maturity date | $ 1,160,518 | $ 1,584,508 |
Yield, Available-for-sale securities | ||
Without single maturity date | 2.48% | 2.57% |
Amortized Cost, Held-to-maturity securities | ||
Without single maturity date | $ 1,643,216 | $ 1,548,265 |
Gross Unrealized Gains / Losses, Held-to-maturity securities | ||
Gross unrealized gains, without single maturity date | 10,516 | 4,855 |
Gross unrealized losses, without single maturity date | (16,312) | (53,902) |
Fair Value, Held-to-maturity securities | ||
Without single maturity date | $ 1,637,420 | $ 1,499,218 |
Yield, Held-to-maturity securities | ||
Without a single maturity date | 3.19% | 3.13% |
Fair value of AFS securities, continuous unrealized loss position, 12 months or longer | $ 1,193,463 | $ 1,509,209 |
Commercial Mortgage Backed Securities [Member] | ||
Amortized Cost, Available-for-sale securities | ||
Without single maturity date | 103,131 | 98,851 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, without single maturity date | 85 | 65 |
Gross unrealized losses, without single maturity date | (510) | 0 |
Fair Value, Available-for-sale securities | ||
Without single maturity date | $ 102,706 | $ 98,916 |
Yield, Available-for-sale securities | ||
Without single maturity date | 1.51% | 1.49% |
Investment Securities - Securit
Investment Securities - Securities in Continuous Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized gross losses of AFS securities, continuous unrealized loss position, less than 12 months | $ (6,229) | $ (812) |
Fair value of AFS securities, continuous unrealized loss position, less than 12 months | 578,646 | 360,665 |
Unrealized gross losses of AFS securities, continuous unrealized loss position, 12 months or longer | (23,128) | (57,353) |
Fair value of AFS securities, continuous unrealized loss position, 12 months or longer | 1,297,408 | 1,642,718 |
Unrealized gross losses of AFS securities, continuous unrealized loss position | (29,357) | (58,165) |
Fair value of AFS securities, continuous unrealized loss position | 1,876,054 | 2,003,383 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized gross losses of AFS securities, continuous unrealized loss position, less than 12 months | (183) | (125) |
Fair value of AFS securities, continuous unrealized loss position, less than 12 months | 72,862 | 24,875 |
Unrealized gross losses of AFS securities, continuous unrealized loss position, 12 months or longer | (3,399) | (845) |
Fair value of AFS securities, continuous unrealized loss position, 12 months or longer | 46,601 | 24,155 |
Unrealized gross losses of AFS securities, continuous unrealized loss position | (3,582) | (970) |
Fair value of AFS securities, continuous unrealized loss position | 119,463 | 49,030 |
U.S. agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized gross losses of AFS securities, continuous unrealized loss position, less than 12 months | (5,010) | (472) |
Fair value of AFS securities, continuous unrealized loss position, less than 12 months | 336,243 | 316,578 |
Unrealized gross losses of AFS securities, continuous unrealized loss position, 12 months or longer | (1,452) | (797) |
Fair value of AFS securities, continuous unrealized loss position, 12 months or longer | 57,344 | 109,354 |
Unrealized gross losses of AFS securities, continuous unrealized loss position | (6,462) | (1,269) |
Fair value of AFS securities, continuous unrealized loss position | 393,587 | 425,932 |
Agency pass through mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized gross losses of AFS securities, continuous unrealized loss position, less than 12 months | (1,036) | (215) |
Fair value of AFS securities, continuous unrealized loss position, less than 12 months | 169,541 | 19,212 |
Unrealized gross losses of AFS securities, continuous unrealized loss position, 12 months or longer | (18,277) | (55,711) |
Fair value of AFS securities, continuous unrealized loss position, 12 months or longer | 1,193,463 | 1,509,209 |
Unrealized gross losses of AFS securities, continuous unrealized loss position | (19,313) | (55,926) |
Fair value of AFS securities, continuous unrealized loss position | $ 1,363,004 | $ 1,528,421 |
Loans Receivable (including C47
Loans Receivable (including Covered Loans) - Schedule of Loans Receivable (including Covered Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 9,823,270 | $ 8,882,920 | |
Ratio of type of loan to total loans receivable | 100.00% | 100.00% | |
Allowance for probable losses | $ 106,829 | $ 114,591 | $ 116,741 |
Loans in process | 476,796 | 346,172 | |
Discount on acquired loans | 30,095 | 59,874 | |
Deferred net origination fees | 38,916 | 37,485 | |
Total loan contra accounts | 652,636 | 558,122 | |
Net Loans | 9,170,634 | 8,324,798 | |
Single-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 5,700,782 | ||
Allowance for probable losses | 47,347 | 62,763 | 64,184 |
Construction - speculative | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 200,508 | ||
Allowance for probable losses | 6,680 | 6,742 | 8,407 |
Construction - custom | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 396,309 | ||
Allowance for probable losses | 990 | 1,695 | 882 |
Land - acquisition & development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 98,282 | ||
Allowance for probable losses | 5,781 | 5,592 | 9,165 |
Land - consumer lot loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 106,813 | ||
Allowance for probable losses | 2,946 | 3,077 | 3,552 |
Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 1,129,437 | ||
Allowance for probable losses | 5,304 | 4,248 | 3,816 |
Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 1,186,551 | ||
Allowance for probable losses | 8,960 | 7,548 | 5,595 |
Commercial & industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 657,580 | ||
Allowance for probable losses | 24,980 | 16,527 | 16,614 |
HELOC | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 149,527 | ||
Allowance for probable losses | 902 | 928 | 1,002 |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | 197,481 | ||
Allowance for probable losses | 2,939 | 3,227 | $ 3,524 |
Non-acquired loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 9,493,987 | $ 8,409,022 | |
Ratio of type of loan to total loans receivable | 96.80% | 94.70% | |
Non-acquired loans | Single-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 5,651,845 | $ 5,560,203 | |
Ratio of type of loan to total loans receivable | 57.60% | 62.60% | |
Non-acquired loans | Construction - speculative | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 200,509 | $ 140,060 | |
Ratio of type of loan to total loans receivable | 2.00% | 1.60% | |
Non-acquired loans | Construction - custom | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 396,307 | $ 385,824 | |
Ratio of type of loan to total loans receivable | 4.00% | 4.30% | |
Non-acquired loans | Land - acquisition & development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 94,208 | $ 77,832 | |
Ratio of type of loan to total loans receivable | 1.00% | 0.90% | |
Non-acquired loans | Land - consumer lot loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 103,989 | $ 108,623 | |
Ratio of type of loan to total loans receivable | 1.10% | 1.20% | |
Non-acquired loans | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 1,125,722 | $ 917,286 | |
Ratio of type of loan to total loans receivable | 11.60% | 10.30% | |
Non-acquired loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 986,270 | $ 591,336 | |
Ratio of type of loan to total loans receivable | 10.00% | 6.70% | |
Non-acquired loans | Commercial & industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 612,836 | $ 379,226 | |
Ratio of type of loan to total loans receivable | 6.20% | 4.30% | |
Non-acquired loans | HELOC | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 127,646 | $ 116,042 | |
Ratio of type of loan to total loans receivable | 1.30% | 1.30% | |
Non-acquired loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 194,655 | $ 132,590 | |
Ratio of type of loan to total loans receivable | 2.00% | 1.50% | |
Acquired loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 166,293 | $ 184,188 | |
Ratio of type of loan to total loans receivable | 1.60% | 2.00% | |
Credit-impaired acquired loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 87,081 | $ 76,507 | |
Ratio of type of loan to total loans receivable | 0.90% | 0.80% | |
Covered Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 75,909 | $ 213,203 | |
Ratio of type of loan to total loans receivable | 0.70% | 2.50% |
Loans Receivable (including C48
Loans Receivable (including Covered Loans) - Interest Rate Terms (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans at fixed-rate | $ 6,419,314 |
Loans at adjustable-rate | 3,403,956 |
Within 1 year | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans at fixed-rate | 343,801 |
Loans at adjustable-rate | 1,778,466 |
1 to 3 years | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans at fixed-rate | 160,832 |
Loans at adjustable-rate | 799,633 |
3 to 5 years | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans at fixed-rate | 97,837 |
Loans at adjustable-rate | 733,061 |
5 to 10 years | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans at fixed-rate | 155,708 |
Loans at adjustable-rate | 92,796 |
10 to 20 years | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans at fixed-rate | 938,938 |
Loans at adjustable-rate | 0 |
Over 20 years | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans at fixed-rate | 4,722,198 |
Loans at adjustable-rate | $ 0 |
Loans Receivable (including C49
Loans Receivable (including Covered Loans) - Loans Receivable by Geographic Location (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 9,823,270 | $ 8,882,920 |
Ratio of loans by geographic location to total loans | 100.00% | |
Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 4,880,615 | |
Ratio of loans by geographic location to total loans | 49.70% | |
Oregon | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 1,534,143 | |
Ratio of loans by geographic location to total loans | 15.60% | |
Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 321,282 | |
Ratio of loans by geographic location to total loans | 3.30% | |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 415,165 | |
Ratio of loans by geographic location to total loans | 4.30% | |
Utah | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 1,050,595 | |
Ratio of loans by geographic location to total loans | 10.70% | |
Idaho | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 672,306 | |
Ratio of loans by geographic location to total loans | 6.80% | |
New Mexico | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 475,074 | |
Ratio of loans by geographic location to total loans | 4.80% | |
Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 303,221 | |
Ratio of loans by geographic location to total loans | 3.10% | |
Nevada | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 170,869 | |
Ratio of loans by geographic location to total loans | 1.70% | |
Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 5,700,782 | |
Ratio of loans by geographic location to total loans | 57.90% | |
Percentage of loans by geographic area as a percentage of loan type | 100.00% | |
Single-family residential | Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 2,905,256 | |
Ratio of loans by geographic location to total loans | 29.40% | |
Percentage of loans by geographic area as a percentage of loan type | 51.00% | |
Single-family residential | Oregon | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 734,368 | |
Ratio of loans by geographic location to total loans | 7.50% | |
Percentage of loans by geographic area as a percentage of loan type | 12.90% | |
Single-family residential | Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 154,858 | |
Ratio of loans by geographic location to total loans | 1.60% | |
Percentage of loans by geographic area as a percentage of loan type | 2.70% | |
Single-family residential | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 312,471 | |
Ratio of loans by geographic location to total loans | 3.20% | |
Percentage of loans by geographic area as a percentage of loan type | 5.50% | |
Single-family residential | Utah | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 579,743 | |
Ratio of loans by geographic location to total loans | 5.90% | |
Percentage of loans by geographic area as a percentage of loan type | 10.20% | |
Single-family residential | Idaho | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 492,297 | |
Ratio of loans by geographic location to total loans | 5.00% | |
Percentage of loans by geographic area as a percentage of loan type | 8.60% | |
Single-family residential | New Mexico | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 193,387 | |
Ratio of loans by geographic location to total loans | 2.00% | |
Percentage of loans by geographic area as a percentage of loan type | 3.40% | |
Single-family residential | Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 189,355 | |
Ratio of loans by geographic location to total loans | 1.90% | |
Percentage of loans by geographic area as a percentage of loan type | 3.30% | |
Single-family residential | Nevada | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 139,047 | |
Ratio of loans by geographic location to total loans | 1.40% | |
Percentage of loans by geographic area as a percentage of loan type | 2.40% | |
Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 1,129,437 | |
Ratio of loans by geographic location to total loans | 11.60% | |
Percentage of loans by geographic area as a percentage of loan type | 100.00% | |
Multi-family | Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 388,151 | |
Ratio of loans by geographic location to total loans | 4.00% | |
Percentage of loans by geographic area as a percentage of loan type | 34.30% | |
Multi-family | Oregon | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 328,103 | |
Ratio of loans by geographic location to total loans | 3.30% | |
Percentage of loans by geographic area as a percentage of loan type | 29.10% | |
Multi-family | Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 411 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.00% | |
Multi-family | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 34,502 | |
Ratio of loans by geographic location to total loans | 0.40% | |
Percentage of loans by geographic area as a percentage of loan type | 3.10% | |
Multi-family | Utah | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 233,240 | |
Ratio of loans by geographic location to total loans | 2.40% | |
Percentage of loans by geographic area as a percentage of loan type | 20.70% | |
Multi-family | Idaho | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 55,562 | |
Ratio of loans by geographic location to total loans | 0.60% | |
Percentage of loans by geographic area as a percentage of loan type | 4.90% | |
Multi-family | New Mexico | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 72,729 | |
Ratio of loans by geographic location to total loans | 0.70% | |
Percentage of loans by geographic area as a percentage of loan type | 6.40% | |
Multi-family | Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 15,446 | |
Ratio of loans by geographic location to total loans | 0.20% | |
Percentage of loans by geographic area as a percentage of loan type | 1.40% | |
Multi-family | Nevada | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 1,293 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.10% | |
Land - acquisition & development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 98,282 | |
Ratio of loans by geographic location to total loans | 0.90% | |
Percentage of loans by geographic area as a percentage of loan type | 100.00% | |
Land - acquisition & development | Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 54,467 | |
Ratio of loans by geographic location to total loans | 0.60% | |
Percentage of loans by geographic area as a percentage of loan type | 55.40% | |
Land - acquisition & development | Oregon | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 8,493 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 8.60% | |
Land - acquisition & development | Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 0 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.00% | |
Land - acquisition & development | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 4,235 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 4.30% | |
Land - acquisition & development | Utah | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 4,573 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 4.70% | |
Land - acquisition & development | Idaho | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 2,187 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 2.20% | |
Land - acquisition & development | New Mexico | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 12,348 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 12.60% | |
Land - acquisition & development | Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 11,979 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 12.20% | |
Land - acquisition & development | Nevada | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 0 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.00% | |
Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 106,813 | |
Ratio of loans by geographic location to total loans | 1.00% | |
Percentage of loans by geographic area as a percentage of loan type | 100.00% | |
Land - consumer lot loans | Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 62,916 | |
Ratio of loans by geographic location to total loans | 0.60% | |
Percentage of loans by geographic area as a percentage of loan type | 59.00% | |
Land - consumer lot loans | Oregon | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 18,212 | |
Ratio of loans by geographic location to total loans | 0.20% | |
Percentage of loans by geographic area as a percentage of loan type | 17.10% | |
Land - consumer lot loans | Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 0 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.00% | |
Land - consumer lot loans | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 8,098 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 7.60% | |
Land - consumer lot loans | Utah | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 9,227 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 8.60% | |
Land - consumer lot loans | Idaho | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 3,566 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 3.30% | |
Land - consumer lot loans | New Mexico | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 2,714 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 2.50% | |
Land - consumer lot loans | Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 261 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.20% | |
Land - consumer lot loans | Nevada | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 1,819 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 1.70% | |
Construction - custom | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 396,309 | |
Ratio of loans by geographic location to total loans | 4.10% | |
Percentage of loans by geographic area as a percentage of loan type | 100.00% | |
Construction - custom | Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 232,244 | |
Ratio of loans by geographic location to total loans | 2.40% | |
Percentage of loans by geographic area as a percentage of loan type | 58.70% | |
Construction - custom | Oregon | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 37,781 | |
Ratio of loans by geographic location to total loans | 0.40% | |
Percentage of loans by geographic area as a percentage of loan type | 9.50% | |
Construction - custom | Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 0 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.00% | |
Construction - custom | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 17,107 | |
Ratio of loans by geographic location to total loans | 0.20% | |
Percentage of loans by geographic area as a percentage of loan type | 4.30% | |
Construction - custom | Utah | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 39,443 | |
Ratio of loans by geographic location to total loans | 0.40% | |
Percentage of loans by geographic area as a percentage of loan type | 10.00% | |
Construction - custom | Idaho | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 33,292 | |
Ratio of loans by geographic location to total loans | 0.30% | |
Percentage of loans by geographic area as a percentage of loan type | 8.40% | |
Construction - custom | New Mexico | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 20,744 | |
Ratio of loans by geographic location to total loans | 0.20% | |
Percentage of loans by geographic area as a percentage of loan type | 5.20% | |
Construction - custom | Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 8,882 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 2.20% | |
Construction - custom | Nevada | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 6,816 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 1.70% | |
Construction - speculative | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 200,508 | |
Ratio of loans by geographic location to total loans | 2.20% | |
Percentage of loans by geographic area as a percentage of loan type | 100.00% | |
Construction - speculative | Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 84,462 | |
Ratio of loans by geographic location to total loans | 0.90% | |
Percentage of loans by geographic area as a percentage of loan type | 42.10% | |
Construction - speculative | Oregon | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 34,952 | |
Ratio of loans by geographic location to total loans | 0.40% | |
Percentage of loans by geographic area as a percentage of loan type | 17.40% | |
Construction - speculative | Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 0 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.00% | |
Construction - speculative | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 13,634 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 6.80% | |
Construction - speculative | Utah | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 8,542 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 4.30% | |
Construction - speculative | Idaho | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 6,856 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 3.40% | |
Construction - speculative | New Mexico | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 15,666 | |
Ratio of loans by geographic location to total loans | 0.20% | |
Percentage of loans by geographic area as a percentage of loan type | 7.80% | |
Construction - speculative | Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 36,396 | |
Ratio of loans by geographic location to total loans | 0.40% | |
Percentage of loans by geographic area as a percentage of loan type | 18.20% | |
Construction - speculative | Nevada | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 0 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.00% | |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 1,186,551 | |
Ratio of loans by geographic location to total loans | 12.20% | |
Percentage of loans by geographic area as a percentage of loan type | 100.00% | |
Commercial real estate | Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 638,974 | |
Ratio of loans by geographic location to total loans | 6.50% | |
Percentage of loans by geographic area as a percentage of loan type | 54.00% | |
Commercial real estate | Oregon | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 223,625 | |
Ratio of loans by geographic location to total loans | 2.30% | |
Percentage of loans by geographic area as a percentage of loan type | 18.80% | |
Commercial real estate | Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 5,594 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 0.50% | |
Commercial real estate | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 7,566 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 0.60% | |
Commercial real estate | Utah | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 116,157 | |
Ratio of loans by geographic location to total loans | 1.20% | |
Percentage of loans by geographic area as a percentage of loan type | 9.80% | |
Commercial real estate | Idaho | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 37,109 | |
Ratio of loans by geographic location to total loans | 0.40% | |
Percentage of loans by geographic area as a percentage of loan type | 3.10% | |
Commercial real estate | New Mexico | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 132,974 | |
Ratio of loans by geographic location to total loans | 1.40% | |
Percentage of loans by geographic area as a percentage of loan type | 11.20% | |
Commercial real estate | Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 21,755 | |
Ratio of loans by geographic location to total loans | 0.20% | |
Percentage of loans by geographic area as a percentage of loan type | 1.80% | |
Commercial real estate | Nevada | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 2,797 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.20% | |
Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 657,580 | |
Ratio of loans by geographic location to total loans | 6.60% | |
Percentage of loans by geographic area as a percentage of loan type | 100.00% | |
Commercial & industrial | Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 350,485 | |
Ratio of loans by geographic location to total loans | 3.60% | |
Percentage of loans by geographic area as a percentage of loan type | 53.10% | |
Commercial & industrial | Oregon | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 130,743 | |
Ratio of loans by geographic location to total loans | 1.30% | |
Percentage of loans by geographic area as a percentage of loan type | 19.90% | |
Commercial & industrial | Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 42,437 | |
Ratio of loans by geographic location to total loans | 0.40% | |
Percentage of loans by geographic area as a percentage of loan type | 6.50% | |
Commercial & industrial | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 11,183 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 1.70% | |
Commercial & industrial | Utah | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 40,754 | |
Ratio of loans by geographic location to total loans | 0.40% | |
Percentage of loans by geographic area as a percentage of loan type | 6.20% | |
Commercial & industrial | Idaho | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 33,869 | |
Ratio of loans by geographic location to total loans | 0.30% | |
Percentage of loans by geographic area as a percentage of loan type | 5.20% | |
Commercial & industrial | New Mexico | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 10,880 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 1.70% | |
Commercial & industrial | Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 19,114 | |
Ratio of loans by geographic location to total loans | 0.20% | |
Percentage of loans by geographic area as a percentage of loan type | 2.90% | |
Commercial & industrial | Nevada | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 18,115 | |
Ratio of loans by geographic location to total loans | 0.20% | |
Percentage of loans by geographic area as a percentage of loan type | 2.80% | |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 197,481 | |
Ratio of loans by geographic location to total loans | 2.00% | |
Percentage of loans by geographic area as a percentage of loan type | 100.00% | |
Consumer | Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 74,649 | |
Ratio of loans by geographic location to total loans | 0.80% | |
Percentage of loans by geographic area as a percentage of loan type | 37.80% | |
Consumer | Oregon | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 3,327 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 1.70% | |
Consumer | Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 117,982 | |
Ratio of loans by geographic location to total loans | 1.20% | |
Percentage of loans by geographic area as a percentage of loan type | 59.70% | |
Consumer | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 165 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.10% | |
Consumer | Utah | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 297 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.20% | |
Consumer | Idaho | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 24 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.00% | |
Consumer | New Mexico | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 935 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.50% | |
Consumer | Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 33 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.00% | |
Consumer | Nevada | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 69 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.00% | |
HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 149,527 | |
Ratio of loans by geographic location to total loans | 1.50% | |
Percentage of loans by geographic area as a percentage of loan type | 100.00% | |
HELOC | Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 89,011 | |
Ratio of loans by geographic location to total loans | 0.90% | |
Percentage of loans by geographic area as a percentage of loan type | 59.60% | |
HELOC | Oregon | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 14,539 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 9.70% | |
HELOC | Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 0 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.00% | |
HELOC | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 6,204 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 4.10% | |
HELOC | Utah | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 18,619 | |
Ratio of loans by geographic location to total loans | 0.20% | |
Percentage of loans by geographic area as a percentage of loan type | 12.50% | |
HELOC | Idaho | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 7,544 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 5.00% | |
HELOC | New Mexico | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 12,697 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 8.50% | |
HELOC | Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 0 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.00% | |
HELOC | Nevada | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 913 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.60% |
Loans Receivable (including C50
Loans Receivable (including Covered Loans) - Loans Impaired, Loan Commitments and Loans Serviced (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Receivables [Abstract] | ||
Loans and leases receivable, related parties | $ 55,965 | $ 60,278 |
Loans and leases receivable, related parties, additions | 8,750 | |
Loans and leases receivable, related parties, collections | 13,063 | |
Recorded investment in impaired loans | 341,579 | 435,185 |
Troubled Debt Restructuring included in impaired loans | 302,713 | 374,743 |
Impaired loans with allocated reserves | 2,323 | 196 |
Reserves on impaired loans | 275 | 60 |
Average balance of impaired loans | 333,815 | 403,138 |
Interest income from impaired loans | 14,855 | 21,674 |
Outstanding fixed-rate origination commitments | 230,869 | 198,504 |
Loans serviced for others | $ 72,083 | $ 86,745 |
Loans Receivable (including C51
Loans Receivable (including Covered Loans) - Loans on Non-accrual Status (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 67,810 | $ 87,431 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 100.00% | 100.00% |
Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 59,074 | $ 74,067 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 87.10% | 84.80% |
Construction - speculative | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 754 | $ 1,477 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 1.10% | 1.70% |
Construction - custom | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 732 | $ 0 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 1.10% | 0.00% |
Land - acquisition & development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 0 | $ 811 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 0.00% | 0.90% |
Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 1,273 | $ 2,637 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 1.90% | 3.00% |
Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 2,558 | $ 1,742 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 3.80% | 2.00% |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 2,176 | $ 5,106 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 3.20% | 5.80% |
Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 7 | |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 0.00% | 0.00% |
HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 563 | $ 795 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 0.80% | 0.90% |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 680 | $ 789 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 1.00% | 0.90% |
Loans Receivable (including C52
Loans Receivable (including Covered Loans) - Loans Receivable, Analysis of Age of Loans in Past Due Status (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of LIPs & charge-offs | $ 9,346,474 | |
Financing receivable, recorded investment, current | 9,263,876 | |
Financing receivable, recorded investment, past due | $ 82,598 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.88% | 1.44% |
Ratio of past due to total loans, net of charge-offs and LIPs, current | 99.12% | |
Ratio of past due to total loans, net of charge-offs and LIPs, past due | 0.88% | |
Financing Receivables, 1 to 29 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | $ 21,212 | |
Ratio of past due to total loans, net of charge-offs and LIPs, past due | 0.23% | |
Financing Receivables, 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | $ 9,198 | |
Ratio of past due to total loans, net of charge-offs and LIPs, past due | 0.10% | |
Financing Receivables, 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | $ 52,188 | |
Ratio of past due to total loans, net of charge-offs and LIPs, past due | 0.56% | |
Non-acquired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of LIPs & charge-offs | $ 9,073,176 | |
Financing receivable, recorded investment, current | 8,997,648 | |
Financing receivable, recorded investment, past due | $ 75,528 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.83% | |
Non-acquired loans | Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of LIPs & charge-offs | $ 5,655,928 | |
Financing receivable, recorded investment, current | 5,590,673 | |
Financing receivable, recorded investment, past due | $ 65,255 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 1.15% | |
Non-acquired loans | Construction - speculative | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of LIPs & charge-offs | $ 130,121 | |
Financing receivable, recorded investment, current | 130,121 | |
Financing receivable, recorded investment, past due | $ 0 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.00% | |
Non-acquired loans | Construction - custom | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of LIPs & charge-offs | $ 205,692 | |
Financing receivable, recorded investment, current | 204,168 | |
Financing receivable, recorded investment, past due | $ 1,524 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.74% | |
Non-acquired loans | Land - acquisition & development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of LIPs & charge-offs | $ 75,661 | |
Financing receivable, recorded investment, current | 74,737 | |
Financing receivable, recorded investment, past due | $ 924 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 1.22% | |
Non-acquired loans | Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of LIPs & charge-offs | $ 104,494 | |
Financing receivable, recorded investment, current | 102,045 | |
Financing receivable, recorded investment, past due | $ 2,449 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 2.34% | |
Non-acquired loans | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of LIPs & charge-offs | $ 1,068,038 | |
Financing receivable, recorded investment, current | 1,065,667 | |
Financing receivable, recorded investment, past due | $ 2,371 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.22% | |
Non-acquired loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of LIPs & charge-offs | $ 893,072 | |
Financing receivable, recorded investment, current | 892,180 | |
Financing receivable, recorded investment, past due | $ 892 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.10% | |
Non-acquired loans | Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of LIPs & charge-offs | $ 617,545 | |
Financing receivable, recorded investment, current | 616,602 | |
Financing receivable, recorded investment, past due | $ 943 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.15% | |
Non-acquired loans | HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of LIPs & charge-offs | $ 127,648 | |
Financing receivable, recorded investment, current | 127,196 | |
Financing receivable, recorded investment, past due | $ 452 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.35% | |
Non-acquired loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of LIPs & charge-offs | $ 194,977 | |
Financing receivable, recorded investment, current | 194,259 | |
Financing receivable, recorded investment, past due | $ 718 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.37% | |
Non-acquired loans | Financing Receivables, 1 to 29 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | $ 20,341 | |
Non-acquired loans | Financing Receivables, 1 to 29 Days Past Due | Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 17,305 | |
Non-acquired loans | Financing Receivables, 1 to 29 Days Past Due | Construction - speculative | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Non-acquired loans | Financing Receivables, 1 to 29 Days Past Due | Construction - custom | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 791 | |
Non-acquired loans | Financing Receivables, 1 to 29 Days Past Due | Land - acquisition & development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 406 | |
Non-acquired loans | Financing Receivables, 1 to 29 Days Past Due | Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 689 | |
Non-acquired loans | Financing Receivables, 1 to 29 Days Past Due | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 259 | |
Non-acquired loans | Financing Receivables, 1 to 29 Days Past Due | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 131 | |
Non-acquired loans | Financing Receivables, 1 to 29 Days Past Due | Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 93 | |
Non-acquired loans | Financing Receivables, 1 to 29 Days Past Due | HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 174 | |
Non-acquired loans | Financing Receivables, 1 to 29 Days Past Due | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 493 | |
Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 9,104 | |
Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due | Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 7,757 | |
Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due | Construction - speculative | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due | Construction - custom | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 270 | |
Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due | Land - acquisition & development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due | Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 399 | |
Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 454 | |
Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due | Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 27 | |
Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due | HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 27 | |
Non-acquired loans | Financing Receivables, 30 to 59 Days Past Due | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 170 | |
Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 46,083 | |
Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due | Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 40,193 | |
Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due | Construction - speculative | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due | Construction - custom | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 463 | |
Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due | Land - acquisition & development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 518 | |
Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due | Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 1,361 | |
Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 1,658 | |
Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 761 | |
Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due | Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 823 | |
Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due | HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 251 | |
Non-acquired loans | Financing Receivables, 60 to 89 Days Past Due | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 55 | |
Acquired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of LIPs & charge-offs | 57,682 | |
Financing receivable, recorded investment, current | 56,559 | |
Financing receivable, recorded investment, past due | $ 1,123 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 1.95% | |
Acquired loans | Financing Receivables, 1 to 29 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | $ 356 | |
Acquired loans | Financing Receivables, 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired loans | Financing Receivables, 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 767 | |
Credit-impaired acquired loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of LIPs & charge-offs | 139,726 | |
Financing receivable, recorded investment, current | 138,940 | |
Financing receivable, recorded investment, past due | $ 786 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.56% | |
Credit-impaired acquired loans | Financing Receivables, 1 to 29 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | $ 243 | |
Credit-impaired acquired loans | Financing Receivables, 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 4 | |
Credit-impaired acquired loans | Financing Receivables, 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 539 | |
Covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of LIPs & charge-offs | 75,890 | |
Financing receivable, recorded investment, current | 70,729 | |
Financing receivable, recorded investment, past due | $ 5,161 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 6.80% | |
Covered Loans | Financing Receivables, 1 to 29 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | $ 272 | |
Covered Loans | Financing Receivables, 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | 90 | |
Covered Loans | Financing Receivables, 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, recorded investment, past due | $ 4,799 |
Loans Receivable (including C53
Loans Receivable (including Covered Loans) - Troubled Debt Restructurings and Loan Modifications (Details) $ in Thousands | 12 Months Ended | |
Sep. 30, 2015USD ($)contract | Sep. 30, 2014USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Approximate rate reduction concession, minimum | 1.00% | |
Approximate rate reduction concession, maximum | 2.00% | |
Troubled Debt Restructuring included in impaired loans | $ 302,713 | $ 374,743 |
Single family residential loans as percentage of restructured loans | 86.00% | |
Number of contracts | contract | 78 | 267 |
Pre-modification, outstanding recorded investment | $ 18,930 | $ 59,803 |
Post-modification, outstanding recorded investment | $ 18,930 | $ 59,803 |
Subsequent default, number of contracts | contract | 20 | 46 |
Subsequent default, recorded investment | $ 3,218 | $ 8,396 |
Single-family residential | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 62 | 241 |
Pre-modification, outstanding recorded investment | $ 13,378 | $ 52,900 |
Post-modification, outstanding recorded investment | $ 13,378 | $ 52,900 |
Subsequent default, number of contracts | contract | 18 | 38 |
Subsequent default, recorded investment | $ 2,917 | $ 7,427 |
Construction - speculative | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 2 | 0 |
Pre-modification, outstanding recorded investment | $ 701 | $ 0 |
Post-modification, outstanding recorded investment | $ 701 | $ 0 |
Subsequent default, number of contracts | contract | 0 | 0 |
Subsequent default, recorded investment | $ 0 | $ 0 |
Construction - custom | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 0 | 0 |
Pre-modification, outstanding recorded investment | $ 0 | $ 0 |
Post-modification, outstanding recorded investment | $ 0 | $ 0 |
Subsequent default, number of contracts | contract | 0 | 0 |
Subsequent default, recorded investment | $ 0 | $ 0 |
Land - acquisition & development | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 0 | 3 |
Pre-modification, outstanding recorded investment | $ 0 | $ 631 |
Post-modification, outstanding recorded investment | $ 0 | $ 631 |
Subsequent default, number of contracts | contract | 0 | 0 |
Subsequent default, recorded investment | $ 0 | $ 0 |
Land - consumer lot loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 9 | 13 |
Pre-modification, outstanding recorded investment | $ 1,546 | $ 2,315 |
Post-modification, outstanding recorded investment | $ 1,546 | $ 2,315 |
Subsequent default, number of contracts | contract | 2 | 8 |
Subsequent default, recorded investment | $ 301 | $ 969 |
Multi-family | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 3 | 2 |
Pre-modification, outstanding recorded investment | $ 0 | $ 1,196 |
Post-modification, outstanding recorded investment | $ 0 | $ 1,196 |
Subsequent default, number of contracts | contract | 0 | 0 |
Subsequent default, recorded investment | $ 0 | $ 0 |
Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 1 | 3 |
Pre-modification, outstanding recorded investment | $ 3,175 | $ 2,177 |
Post-modification, outstanding recorded investment | $ 3,175 | $ 2,177 |
Subsequent default, number of contracts | contract | 0 | 0 |
Subsequent default, recorded investment | $ 0 | $ 0 |
Commercial & industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 1 | 0 |
Pre-modification, outstanding recorded investment | $ 0 | $ 0 |
Post-modification, outstanding recorded investment | $ 0 | $ 0 |
Subsequent default, number of contracts | contract | 0 | 0 |
Subsequent default, recorded investment | $ 0 | $ 0 |
HELOC | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 0 | 2 |
Pre-modification, outstanding recorded investment | $ 50 | $ 549 |
Post-modification, outstanding recorded investment | $ 50 | $ 549 |
Subsequent default, number of contracts | contract | 0 | 0 |
Subsequent default, recorded investment | $ 0 | $ 0 |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 0 | 3 |
Pre-modification, outstanding recorded investment | $ 80 | $ 35 |
Post-modification, outstanding recorded investment | $ 80 | $ 35 |
Subsequent default, number of contracts | contract | 0 | 0 |
Subsequent default, recorded investment | $ 0 | $ 0 |
Minimum | ||
Financing Receivable, Modifications [Line Items] | ||
Term for payment and rate reduction | 6 months | |
Maximum | ||
Financing Receivable, Modifications [Line Items] | ||
Term for payment and rate reduction | 12 months |
Loans Receivable (including C54
Loans Receivable (including Covered Loans) - Changes in Accretable Yield for Acquired Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Accretion | $ 518 | $ 802 |
Credit-impaired acquired loans | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Accretable yield, balance at beginning of period | 97,125 | 115,513 |
Carrying amount, balance at beginning of period | 135,826 | 207,809 |
Accretable yield, additions | 0 | 0 |
Carrying Amount, additions | 0 | 0 |
Accretable yield, reclassifications from nonaccretable balance, net | 6,307 | 17,486 |
Carrying amount, reclassifications from nonaccretable balance, net | 0 | (2,069) |
Accretable yield, accretion | (30,727) | (35,874) |
Accretion | 30,727 | 35,874 |
Accretable yield, transfers to real estate owned | 0 | 0 |
Carrying amount, transfers to real estate owned | (2,975) | (10,131) |
Accretable yield, payments received, net | 0 | 0 |
Carrying amount, payments received, net | (52,278) | (95,657) |
Accretable yield, balance at end of period | 72,705 | 97,125 |
Carrying amount, balance at end of period | 111,300 | 135,826 |
Acquired non-impaired loans | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Accretable yield, balance at beginning of period | 14,513 | 22,240 |
Carrying amount, balance at beginning of period | 275,862 | 403,229 |
Accretable yield, additions | 0 | 0 |
Carrying Amount, additions | 0 | 0 |
Accretable yield, reclassifications from nonaccretable balance, net | 346 | 0 |
Carrying amount, reclassifications from nonaccretable balance, net | 0 | 0 |
Accretable yield, accretion | (7,655) | (7,727) |
Accretion | 7,655 | 7,727 |
Accretable yield, transfers to real estate owned | 0 | 0 |
Carrying amount, transfers to real estate owned | (150) | (4,710) |
Accretable yield, payments received, net | 0 | 0 |
Carrying amount, payments received, net | (96,287) | (130,384) |
Accretable yield, balance at end of period | 7,204 | 14,513 |
Carrying amount, balance at end of period | $ 187,080 | $ 275,862 |
Loans Receivable (including C55
Loans Receivable (including Covered Loans) - Schedule of Covered Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 9,823,270 | $ 8,882,920 | |
Discount balance related to acquired loans | (2,738) | (34,483) | |
FDIC Indemnification Asset Movement Analysis | |||
Balance at beginning of period | 36,860 | 64,615 | |
Additions | (1,795) | 1,795 | |
FDIC Indemnification Asset, Payments Made (Received) | (720) | (2,502) | |
Amortization | (18,588) | (27,850) | |
Accretion | 518 | 802 | |
Balance at end of period | 16,275 | 36,860 | |
South Valley Bancorp, Inc. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired receivables, estimated uncollectible | $ 9,900 | ||
Covered Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 75,909 | $ 213,203 |
Allowance for Losses on Loans -
Allowance for Losses on Loans - Allowance for Losses on Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | $ 114,591 | $ 116,741 |
Charge-offs | (14,600) | (15,099) |
Recoveries | 19,970 | 29,463 |
Provision & Transfers | (13,132) | (16,514) |
Ending Allowance | 106,829 | 114,591 |
Single-family residential | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 62,763 | 64,184 |
Charge-offs | (5,524) | (8,529) |
Recoveries | 13,403 | 17,684 |
Provision & Transfers | (23,295) | (10,576) |
Ending Allowance | 47,347 | 62,763 |
Construction - speculative | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 6,742 | 8,407 |
Charge-offs | (388) | (949) |
Recoveries | 120 | 97 |
Provision & Transfers | 206 | (813) |
Ending Allowance | 6,680 | 6,742 |
Construction - custom | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 1,695 | 882 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision & Transfers | (705) | 813 |
Ending Allowance | 990 | 1,695 |
Land - acquisition & development | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 5,592 | 9,165 |
Charge-offs | (38) | (541) |
Recoveries | 207 | 3,071 |
Provision & Transfers | 20 | (6,103) |
Ending Allowance | 5,781 | 5,592 |
Land - consumer lot loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 3,077 | 3,552 |
Charge-offs | (459) | (658) |
Recoveries | 221 | 22 |
Provision & Transfers | 107 | 161 |
Ending Allowance | 2,946 | 3,077 |
Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 4,248 | 3,816 |
Charge-offs | 0 | 0 |
Recoveries | 220 | 0 |
Provision & Transfers | 836 | 432 |
Ending Allowance | 5,304 | 4,248 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 7,548 | 5,595 |
Charge-offs | (1,711) | (105) |
Recoveries | 735 | 33 |
Provision & Transfers | 2,388 | 2,025 |
Ending Allowance | 8,960 | 7,548 |
Commercial & industrial | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 16,527 | 16,614 |
Charge-offs | (3,354) | (826) |
Recoveries | 1,374 | 5,043 |
Provision & Transfers | 10,433 | (4,304) |
Ending Allowance | 24,980 | 16,527 |
HELOC | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 928 | 1,002 |
Charge-offs | (66) | (48) |
Recoveries | 2 | 0 |
Provision & Transfers | 38 | (26) |
Ending Allowance | 902 | 928 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 3,227 | 3,524 |
Charge-offs | (3,060) | (3,443) |
Recoveries | 3,688 | 3,513 |
Provision & Transfers | (916) | (367) |
Ending Allowance | 2,939 | 3,227 |
Covered Loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 2,244 | 0 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision & Transfers | (2,244) | 2,244 |
Ending Allowance | $ 0 | $ 2,244 |
Allowance for Losses on Loans57
Allowance for Losses on Loans - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||||
Provision (reversal) for loan losses | $ 219,000 | $ (1,932,000) | $ (3,949,000) | $ (5,500,000) | $ (3,465,000) | $ (3,000,000) | $ (4,336,000) | $ (4,600,000) | $ (11,162,000) | $ (15,401,000) | $ 1,350,000 | ||||
Loans receivable, gross | 9,823,270,000 | 8,882,920,000 | 9,823,270,000 | 8,882,920,000 | |||||||||||
Covered loans, allowance for losses | 0 | 2,244,000 | 0 | 2,244,000 | |||||||||||
Nonaccrual loans by portfolio segment | 67,810,000 | 87,431,000 | 67,810,000 | 87,431,000 | |||||||||||
Allowance for credit losses, charge-offs, net of recoveries | (5,370,000) | (14,365,000) | |||||||||||||
Allowance for probable losses | 106,829,000 | 114,591,000 | 106,829,000 | 114,591,000 | $ 116,741,000 | ||||||||||
Loans Collectively Evaluated for Impairment | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||||
Loans receivable, gross | 8,963,453,000 | [1] | 8,316,874,000 | [2] | 8,963,453,000 | [1] | 8,316,874,000 | [2] | |||||||
Allowance for probable losses | 106,554,000 | 112,287,000 | 106,554,000 | 112,287,000 | |||||||||||
Loans Individually Evaluated for Impairment | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||||
Loans receivable, gross | 85,513,000 | [1] | 134,736,000 | [2] | 85,513,000 | [1] | 134,736,000 | [2] | |||||||
Allowance for probable losses | 275,000 | 60,000 | 275,000 | 60,000 | |||||||||||
Covered Loans | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||||
Allowance for probable losses | 2,244,000 | 2,244,000 | |||||||||||||
Non-Performing Loans | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||||
Loans receivable, gross | $ 128,577,000 | $ 147,311,000 | $ 128,577,000 | $ 147,311,000 | |||||||||||
Ratio of non-performing assets to total assets | 0.88% | 1.00% | 0.88% | 1.00% | |||||||||||
Acquired loans subject to general allowance | $ 30,778,000 | $ 30,778,000 | |||||||||||||
Nonaccrual loans by portfolio segment | $ 67,810,000 | $ 87,431,000 | $ 67,810,000 | $ 87,431,000 | |||||||||||
[1] | Excludes acquired loans with discounts sufficient to absorb potential losses and covered loans | ||||||||||||||
[2] | Excludes acquired loans with discounts sufficient to absorb potential losses and covered loans |
Allowance for Losses on Loans58
Allowance for Losses on Loans - Loans Collectively and Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | $ 106,829 | $ 114,591 | $ 116,741 | ||
Gross loans subject to general/specific reserve | 9,823,270 | 8,882,920 | |||
Single-family residential | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | 47,347 | 62,763 | 64,184 | ||
Gross loans subject to general/specific reserve | 5,700,782 | ||||
Construction - speculative | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | 6,680 | 6,742 | 8,407 | ||
Gross loans subject to general/specific reserve | 200,508 | ||||
Construction - custom | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | 990 | 1,695 | 882 | ||
Gross loans subject to general/specific reserve | 396,309 | ||||
Land - acquisition & development | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | 5,781 | 5,592 | 9,165 | ||
Gross loans subject to general/specific reserve | 98,282 | ||||
Land - consumer lot loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | 2,946 | 3,077 | 3,552 | ||
Gross loans subject to general/specific reserve | 106,813 | ||||
Multi-family | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | 5,304 | 4,248 | 3,816 | ||
Gross loans subject to general/specific reserve | 1,129,437 | ||||
Commercial real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | 8,960 | 7,548 | 5,595 | ||
Gross loans subject to general/specific reserve | 1,186,551 | ||||
Commercial & industrial | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | 24,980 | 16,527 | 16,614 | ||
Gross loans subject to general/specific reserve | 657,580 | ||||
HELOC | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | 902 | 928 | 1,002 | ||
Gross loans subject to general/specific reserve | 149,527 | ||||
Consumer | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | 2,939 | 3,227 | $ 3,524 | ||
Gross loans subject to general/specific reserve | 197,481 | ||||
Loans Collectively Evaluated for Impairment | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | 106,554 | 112,287 | |||
Gross loans subject to general/specific reserve | $ 8,963,453 | [1] | $ 8,316,874 | [2] | |
Ratio | 1.20% | 1.40% | |||
Loans Collectively Evaluated for Impairment | Single-family residential | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | $ 47,073 | $ 62,067 | |||
Gross loans subject to general/specific reserve | $ 5,595,752 | [1] | $ 5,487,331 | [2] | |
Ratio | 0.80% | 1.10% | |||
Loans Collectively Evaluated for Impairment | Construction - speculative | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | $ 6,680 | $ 6,682 | |||
Gross loans subject to general/specific reserve | $ 124,679 | [1] | $ 130,901 | [2] | |
Ratio | 5.40% | 5.50% | |||
Loans Collectively Evaluated for Impairment | Construction - custom | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | $ 990 | $ 1,695 | |||
Gross loans subject to general/specific reserve | $ 205,692 | [1] | $ 385,464 | [2] | |
Ratio | 0.50% | 0.50% | |||
Loans Collectively Evaluated for Impairment | Land - acquisition & development | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | $ 5,781 | $ 5,592 | |||
Gross loans subject to general/specific reserve | $ 72,602 | [1] | $ 73,999 | [2] | |
Ratio | 8.00% | 7.60% | |||
Loans Collectively Evaluated for Impairment | Land - consumer lot loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | $ 2,946 | $ 3,077 | |||
Gross loans subject to general/specific reserve | $ 93,103 | [1] | $ 95,684 | [2] | |
Ratio | 3.20% | 3.20% | |||
Loans Collectively Evaluated for Impairment | Multi-family | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | $ 5,304 | $ 4,248 | |||
Gross loans subject to general/specific reserve | $ 1,062,194 | [1] | $ 911,162 | [2] | |
Ratio | 0.50% | 0.50% | |||
Loans Collectively Evaluated for Impairment | Commercial real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | $ 8,960 | $ 7,548 | |||
Gross loans subject to general/specific reserve | $ 844,691 | [1] | $ 563,534 | [2] | |
Ratio | 1.10% | 1.40% | |||
Loans Collectively Evaluated for Impairment | Commercial & industrial | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | $ 24,980 | $ 17,223 | |||
Gross loans subject to general/specific reserve | $ 643,577 | [1] | $ 421,816 | [2] | |
Ratio | 3.90% | 4.60% | |||
Loans Collectively Evaluated for Impairment | HELOC | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | $ 902 | $ 928 | |||
Gross loans subject to general/specific reserve | $ 126,594 | [1] | $ 114,393 | [2] | |
Ratio | 0.70% | 0.90% | |||
Loans Collectively Evaluated for Impairment | Consumer | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | $ 2,938 | $ 3,227 | |||
Gross loans subject to general/specific reserve | $ 194,569 | [1] | $ 132,590 | [2] | |
Ratio | 1.50% | 2.40% | |||
Loans Individually Evaluated for Impairment | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | $ 275 | $ 60 | |||
Gross loans subject to general/specific reserve | $ 85,513 | [1] | $ 134,736 | [2] | |
Ratio | 0.30% | 0.00% | |||
Loans Individually Evaluated for Impairment | Single-family residential | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | $ 275 | $ 0 | |||
Gross loans subject to general/specific reserve | $ 51,718 | [1] | $ 72,869 | [2] | |
Ratio | 0.50% | 0.00% | |||
Loans Individually Evaluated for Impairment | Construction - speculative | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | $ 0 | $ 60 | |||
Gross loans subject to general/specific reserve | $ 5,441 | [1] | $ 9,159 | [2] | |
Ratio | 0.00% | 0.70% | |||
Loans Individually Evaluated for Impairment | Construction - custom | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | $ 0 | $ 0 | |||
Gross loans subject to general/specific reserve | $ 0 | [1] | $ 360 | [2] | |
Ratio | 0.00% | 0.00% | |||
Loans Individually Evaluated for Impairment | Land - acquisition & development | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | $ 0 | $ 0 | |||
Gross loans subject to general/specific reserve | $ 2,198 | [1] | $ 3,833 | [2] | |
Ratio | 0.00% | 0.00% | |||
Loans Individually Evaluated for Impairment | Land - consumer lot loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | $ 0 | $ 0 | |||
Gross loans subject to general/specific reserve | $ 10,824 | [1] | $ 12,939 | [2] | |
Ratio | 0.00% | 0.00% | |||
Loans Individually Evaluated for Impairment | Multi-family | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | $ 0 | $ 0 | |||
Gross loans subject to general/specific reserve | $ 5,348 | [1] | $ 6,124 | [2] | |
Ratio | 0.00% | 0.00% | |||
Loans Individually Evaluated for Impairment | Commercial real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | $ 0 | $ 0 | |||
Gross loans subject to general/specific reserve | $ 8,826 | [1] | $ 27,802 | [2] | |
Ratio | 0.00% | 0.00% | |||
Loans Individually Evaluated for Impairment | Commercial & industrial | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | $ 0 | $ 0 | |||
Gross loans subject to general/specific reserve | $ 0 | [1] | $ 0 | [2] | |
Ratio | 0.00% | 0.00% | |||
Loans Individually Evaluated for Impairment | HELOC | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | $ 0 | $ 0 | |||
Gross loans subject to general/specific reserve | $ 1,072 | [1] | $ 1,650 | [2] | |
Ratio | 0.00% | 0.00% | |||
Loans Individually Evaluated for Impairment | Consumer | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
General/specific reserve allocation | $ 0 | $ 0 | |||
Gross loans subject to general/specific reserve | $ 86 | [1] | $ 0 | [2] | |
Ratio | 0.00% | 0.00% | |||
[1] | Excludes acquired loans with discounts sufficient to absorb potential losses and covered loans | ||||
[2] | Excludes acquired loans with discounts sufficient to absorb potential losses and covered loans |
Allowance for Losses on Loans59
Allowance for Losses on Loans - Internally Assigned Grade (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 9,823,270 | $ 8,882,920 |
Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 9,493,987 | 8,409,022 |
Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 166,293 | 184,188 |
Credit-impaired acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 87,081 | 76,507 |
Covered Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 75,909 | 213,203 |
Single-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 5,700,782 | |
Single-family residential | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 5,651,845 | 5,560,203 |
Construction - speculative | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 200,508 | |
Construction - speculative | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 200,509 | 140,060 |
Construction - custom | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 396,309 | |
Construction - custom | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 396,307 | 385,824 |
Land - acquisition & development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 98,282 | |
Land - acquisition & development | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 94,208 | 77,832 |
Land - consumer lot loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 106,813 | |
Land - consumer lot loans | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 103,989 | 108,623 |
Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,129,437 | |
Multi-family | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,125,722 | 917,286 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,186,551 | |
Commercial real estate | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 986,270 | 591,336 |
Commercial & industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 657,580 | |
Commercial & industrial | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 612,836 | 379,226 |
HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 149,527 | |
HELOC | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 127,646 | 116,042 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 197,481 | |
Consumer | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 194,655 | 132,590 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 9,605,919 | $ 8,558,800 |
Grade as percentage of total gross assets | 97.80% | 96.40% |
Pass | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 9,333,233 | $ 8,205,380 |
Pass | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 149,891 | 156,954 |
Pass | Credit-impaired acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 61,019 | 61,332 |
Pass | Covered Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 61,776 | 135,134 |
Pass | Single-family residential | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 5,558,700 | 5,426,895 |
Pass | Construction - speculative | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 197,935 | 134,950 |
Pass | Construction - custom | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 396,307 | 385,824 |
Pass | Land - acquisition & development | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 89,656 | 71,692 |
Pass | Land - consumer lot loans | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 103,569 | 108,013 |
Pass | Multi-family | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,118,673 | 912,728 |
Pass | Commercial real estate | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 971,510 | 557,914 |
Pass | Commercial & industrial | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 575,034 | 359,221 |
Pass | HELOC | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 127,398 | 115,794 |
Pass | Consumer | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 194,451 | 132,349 |
Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 6,721 | $ 38,675 |
Grade as percentage of total gross assets | 0.10% | 0.40% |
Special mention | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 6,721 | $ 19,504 |
Special mention | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 16,213 |
Special mention | Credit-impaired acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 2,143 |
Special mention | Covered Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 815 |
Special mention | Single-family residential | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 2,793 |
Special mention | Construction - speculative | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Special mention | Construction - custom | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Special mention | Land - acquisition & development | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Special mention | Land - consumer lot loans | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Special mention | Multi-family | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 865 | 0 |
Special mention | Commercial real estate | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 4,360 | 1,971 |
Special mention | Commercial & industrial | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,496 | 14,740 |
Special mention | HELOC | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Special mention | Consumer | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 210,630 | $ 284,862 |
Grade as percentage of total gross assets | 2.10% | 3.20% |
Substandard | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 154,033 | $ 184,138 |
Substandard | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 16,402 | 10,963 |
Substandard | Credit-impaired acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 26,062 | 13,032 |
Substandard | Covered Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 14,133 | 76,729 |
Substandard | Single-family residential | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 93,145 | 130,515 |
Substandard | Construction - speculative | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 2,574 | 5,110 |
Substandard | Construction - custom | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Substandard | Land - acquisition & development | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 4,552 | 6,140 |
Substandard | Land - consumer lot loans | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 420 | 610 |
Substandard | Multi-family | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 6,184 | 4,558 |
Substandard | Commercial real estate | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 10,400 | 31,451 |
Substandard | Commercial & industrial | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 36,306 | 5,265 |
Substandard | HELOC | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 248 | 248 |
Substandard | Consumer | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 204 | 241 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 0 | $ 583 |
Grade as percentage of total gross assets | 0.00% | 0.00% |
Doubtful | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 0 | $ 0 |
Doubtful | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 58 |
Doubtful | Credit-impaired acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Doubtful | Covered Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 525 |
Doubtful | Single-family residential | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Doubtful | Construction - speculative | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Doubtful | Construction - custom | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Doubtful | Land - acquisition & development | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Doubtful | Land - consumer lot loans | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Doubtful | Multi-family | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Doubtful | Commercial real estate | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Doubtful | Commercial & industrial | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Doubtful | HELOC | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Doubtful | Consumer | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 0 | $ 0 |
Grade as percentage of total gross assets | 0.00% | 0.00% |
Loss | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 0 | $ 0 |
Loss | Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Loss | Credit-impaired acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Loss | Covered Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Loss | Single-family residential | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Loss | Construction - speculative | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Loss | Construction - custom | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Loss | Land - acquisition & development | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Loss | Land - consumer lot loans | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Loss | Multi-family | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Loss | Commercial real estate | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Loss | Commercial & industrial | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Loss | HELOC | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Loss | Consumer | Non-acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 0 | $ 0 |
Allowance for Losses on Loans60
Allowance for Losses on Loans - Credit Risk Profile Based on Payment Activity (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 9,823,270 | $ 8,882,920 |
Nonaccrual loans by portfolio segment | 67,810 | 87,431 |
Single-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 5,700,782 | |
Nonaccrual loans by portfolio segment | 59,074 | 74,067 |
Construction - speculative | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 200,508 | |
Nonaccrual loans by portfolio segment | 754 | 1,477 |
Construction - custom | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 396,309 | |
Nonaccrual loans by portfolio segment | 732 | 0 |
Land - acquisition & development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 98,282 | |
Nonaccrual loans by portfolio segment | 0 | 811 |
Land - consumer lot loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 106,813 | |
Nonaccrual loans by portfolio segment | 1,273 | 2,637 |
Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,129,437 | |
Nonaccrual loans by portfolio segment | 2,558 | 1,742 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,186,551 | |
Nonaccrual loans by portfolio segment | 2,176 | 5,106 |
Commercial & industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 657,580 | |
Nonaccrual loans by portfolio segment | 7 | |
HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 149,527 | |
Nonaccrual loans by portfolio segment | 563 | 795 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 197,481 | |
Nonaccrual loans by portfolio segment | 680 | 789 |
Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 9,426,177 | $ 8,321,591 |
Grade as percentage of total gross assets | 99.30% | 99.00% |
Performing Loans | Single-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 5,592,771 | $ 5,486,136 |
Grade as percentage of total gross assets | 99.00% | 98.70% |
Performing Loans | Construction - speculative | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 199,755 | $ 138,583 |
Grade as percentage of total gross assets | 99.60% | 98.90% |
Performing Loans | Construction - custom | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 395,575 | $ 385,824 |
Grade as percentage of total gross assets | 99.80% | 100.00% |
Performing Loans | Land - acquisition & development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 94,208 | $ 77,021 |
Grade as percentage of total gross assets | 100.00% | 99.00% |
Performing Loans | Land - consumer lot loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 102,716 | $ 105,986 |
Grade as percentage of total gross assets | 98.80% | 97.60% |
Performing Loans | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,123,165 | $ 915,544 |
Grade as percentage of total gross assets | 99.80% | 99.80% |
Performing Loans | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 984,093 | $ 586,230 |
Grade as percentage of total gross assets | 99.80% | 99.10% |
Performing Loans | Commercial & industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 612,836 | $ 379,219 |
Grade as percentage of total gross assets | 100.00% | 100.00% |
Performing Loans | HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 127,083 | $ 115,247 |
Grade as percentage of total gross assets | 99.60% | 99.30% |
Performing Loans | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 193,975 | $ 131,801 |
Grade as percentage of total gross assets | 99.70% | 99.40% |
Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 128,577 | $ 147,311 |
Nonaccrual loans by portfolio segment | $ 67,810 | $ 87,431 |
Percentage of total gross loans | 0.70% | 1.00% |
Non-Performing Loans | Single-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 59,074 | $ 74,067 |
Percentage of total gross loans | 1.00% | 1.30% |
Non-Performing Loans | Construction - speculative | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 754 | $ 1,477 |
Percentage of total gross loans | 0.40% | 1.10% |
Non-Performing Loans | Construction - custom | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 732 | $ 0 |
Percentage of total gross loans | 0.20% | 0.00% |
Non-Performing Loans | Land - acquisition & development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 0 | $ 811 |
Percentage of total gross loans | 0.00% | 1.00% |
Non-Performing Loans | Land - consumer lot loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 1,273 | $ 2,637 |
Percentage of total gross loans | 1.20% | 2.40% |
Non-Performing Loans | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 2,558 | $ 1,742 |
Percentage of total gross loans | 0.20% | 0.20% |
Non-Performing Loans | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 2,176 | $ 5,106 |
Percentage of total gross loans | 0.20% | 0.90% |
Non-Performing Loans | Commercial & industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 0 | $ 7 |
Percentage of total gross loans | 0.00% | 0.00% |
Non-Performing Loans | HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 563 | $ 795 |
Percentage of total gross loans | 0.40% | 0.70% |
Non-Performing Loans | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 680 | $ 789 |
Percentage of total gross loans | 0.30% | 0.60% |
Allowance for Losses on Loans61
Allowance for Losses on Loans - Impaired Loans Based on Loan Types (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | |||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | $ 341,579 | $ 435,185 | ||
Unpaid principal balance | 381,223 | 470,190 | ||
Related allowance | 6,678 | [1] | 10,587 | [2] |
Average recorded investment | 333,815 | 403,138 | ||
Amount of related allowance included in specific reserves | 275 | 60 | ||
Amount of related allowance included in general reserves | 6,403 | 10,527 | ||
Single-family residential | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 276,711 | 346,364 | ||
Unpaid principal balance | 282,912 | 354,497 | ||
Related allowance | 6,678 | 10,527 | ||
Average recorded investment | 274,097 | 333,191 | ||
Construction - speculative | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 5,441 | 9,159 | ||
Unpaid principal balance | 7,929 | 10,159 | ||
Related allowance | 0 | 60 | ||
Average recorded investment | 5,903 | 9,336 | ||
Construction - custom | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 554 | 0 | ||
Unpaid principal balance | 554 | 0 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 182 | 0 | ||
Land - acquisition & development | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 5,056 | 5,533 | ||
Unpaid principal balance | 12,852 | 7,961 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 4,404 | 5,152 | ||
Land - consumer lot loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 12,016 | 13,976 | ||
Unpaid principal balance | 12,368 | 14,457 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 11,868 | 13,571 | ||
Multi-family | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 7,593 | 6,354 | ||
Unpaid principal balance | 10,877 | 6,574 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 5,277 | 5,284 | ||
Commercial real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 28,551 | 47,393 | ||
Unpaid principal balance | 36,698 | 55,113 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 27,016 | 30,292 | ||
Commercial & industrial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 2,955 | 3,195 | ||
Unpaid principal balance | 13,066 | 17,166 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 2,681 | 3,900 | ||
HELOC | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 2,126 | 2,505 | ||
Unpaid principal balance | 2,975 | 3,216 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 1,895 | 1,816 | ||
Consumer | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 576 | 706 | ||
Unpaid principal balance | 992 | 1,047 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 492 | 596 | ||
No Allowance Recorded | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 38,866 | 46,680 | ||
Unpaid principal balance | 70,564 | 73,123 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 29,474 | 37,474 | ||
No Allowance Recorded | Single-family residential | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 17,250 | 24,044 | ||
Unpaid principal balance | 19,644 | 26,628 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 14,069 | 16,843 | ||
No Allowance Recorded | Construction - speculative | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 453 | 1,603 | ||
Unpaid principal balance | 2,151 | 2,173 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 471 | 1,804 | ||
No Allowance Recorded | Construction - custom | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 554 | 0 | ||
Unpaid principal balance | 554 | 0 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 182 | 0 | ||
No Allowance Recorded | Land - acquisition & development | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 2,570 | 837 | ||
Unpaid principal balance | 9,426 | 2,325 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 926 | 1,038 | ||
No Allowance Recorded | Land - consumer lot loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 727 | 974 | ||
Unpaid principal balance | 814 | 1,072 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 544 | 713 | ||
No Allowance Recorded | Multi-family | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 3,770 | 1,111 | ||
Unpaid principal balance | 7,054 | 1,111 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 1,545 | 327 | ||
No Allowance Recorded | Commercial real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 9,427 | 13,234 | ||
Unpaid principal balance | 15,620 | 20,085 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 8,130 | 11,720 | ||
No Allowance Recorded | Commercial & industrial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 2,955 | 3,195 | ||
Unpaid principal balance | 13,066 | 17,166 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 2,681 | 3,900 | ||
No Allowance Recorded | HELOC | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 683 | 1,019 | ||
Unpaid principal balance | 1,532 | 1,730 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 536 | 612 | ||
No Allowance Recorded | Consumer | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 477 | 663 | ||
Unpaid principal balance | 703 | 833 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 390 | 517 | ||
Allowance Recorded | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 302,713 | 388,505 | ||
Unpaid principal balance | 310,659 | 397,067 | ||
Related allowance | 6,678 | [1] | 10,587 | [2] |
Average recorded investment | 304,341 | 365,664 | ||
Allowance Recorded | Single-family residential | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 259,461 | 322,320 | ||
Unpaid principal balance | 263,268 | 327,869 | ||
Related allowance | 6,678 | 10,527 | ||
Average recorded investment | 260,028 | 316,348 | ||
Allowance Recorded | Construction - speculative | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 4,988 | 7,556 | ||
Unpaid principal balance | 5,778 | 7,986 | ||
Related allowance | 0 | 60 | ||
Average recorded investment | 5,432 | 7,532 | ||
Allowance Recorded | Construction - custom | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 0 | 0 | ||
Unpaid principal balance | 0 | 0 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 0 | 0 | ||
Allowance Recorded | Land - acquisition & development | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 2,486 | 4,696 | ||
Unpaid principal balance | 3,426 | 5,636 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 3,478 | 4,114 | ||
Allowance Recorded | Land - consumer lot loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 11,289 | 13,002 | ||
Unpaid principal balance | 11,554 | 13,385 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 11,324 | 12,858 | ||
Allowance Recorded | Multi-family | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 3,823 | 5,243 | ||
Unpaid principal balance | 3,823 | 5,463 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 3,732 | 4,957 | ||
Allowance Recorded | Commercial real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 19,124 | 34,159 | ||
Unpaid principal balance | 21,078 | 35,028 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 18,886 | 18,572 | ||
Allowance Recorded | Commercial & industrial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 0 | 0 | ||
Unpaid principal balance | 0 | 0 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 0 | 0 | ||
Allowance Recorded | HELOC | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 1,443 | 1,486 | ||
Unpaid principal balance | 1,443 | 1,486 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | 1,359 | 1,204 | ||
Allowance Recorded | Consumer | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded investment | 99 | 43 | ||
Unpaid principal balance | 289 | 214 | ||
Related allowance | 0 | 0 | ||
Average recorded investment | $ 102 | $ 79 | ||
[1] | Includes $275,000 of specific reserves and $6,403,000 included in the general reserves. | |||
[2] | Includes $60,000 of specific reserves and $10,527,000 included in the general reserves. |
Interest Receivable (Details)
Interest Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest receivable | $ (40,429) | $ (52,037) | |
Decrease in accrued interest receivable, net | 11,608 | (2,819) | $ (330) |
Correction for Over-accrual of Interest Income | Restatement Adjustment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest receivable | 8,872 | ||
Loans receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest receivable | (30,930) | (40,986) | |
Mortgage-backed securities | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest receivable | (6,695) | (7,427) | |
Investment securities | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest receivable | $ (2,804) | $ (3,624) |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | $ 361,216 | $ 330,681 | |
Less accumulated depreciation and amortization | (84,969) | (73,138) | |
Premises and equipment, net | 276,247 | 257,543 | |
Future minimum payments due, current | 5,272,281 | ||
Future minimum payments due, two years | 3,992,307 | ||
Future minimum payments due, three years | 3,279,576 | ||
Future minimum payments due, four years | 2,608,795 | ||
Future minimum payments due, five years | 2,245,791 | ||
Future minimum payments due, thereafter | 8,941,391 | ||
Rental expense | 6,600 | 6,600 | $ 4,680 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 113,347 | 113,353 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 147,757 | 143,627 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 10,193 | 8,547 | |
Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | $ 89,919 | $ 65,154 | |
Minimum | Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 25 years | 25 years | |
Minimum | Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 7 years | 7 years | |
Minimum | Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 2 years | 2 years | |
Maximum | Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 40 years | 40 years | |
Maximum | Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 15 years | 15 years | |
Maximum | Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 10 years | 10 years |
Customer Accounts - Schedule o
Customer Accounts - Schedule of Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Deposit Liabilities [Line Items] | ||
Checking accounts, .15% and under | $ 2,555,766 | $ 2,331,170 |
Passbook and statement accounts, .10% and under | 700,794 | 622,546 |
Insured money market accounts, .01% to .15% | 2,564,318 | 2,536,971 |
Certificate accounts | ||
Less than 2.00% | 4,303,475 | 4,524,158 |
2.00% to 2.99% | 501,409 | 602,683 |
3.00% to 3.99% | 5,156 | 98,610 |
4.00% to 4.99% | 150 | 146 |
5.00% to 5.99% | 635 | 644 |
Total certificates | 4,810,825 | 5,226,241 |
Customer accounts | 10,631,703 | 10,716,928 |
Within 1 year | 2,862,313 | 3,147,172 |
1 to 2 years | 1,068,792 | 999,090 |
2 to 3 years | 321,118 | 659,867 |
Over 3 years | 558,602 | 420,112 |
Customer accounts greater than $250,000 | $ 2,096,690 | $ 1,887,216 |
Minimum | ||
Deposit Liabilities [Line Items] | ||
Money market rate | 0.01% | 0.01% |
Maximum | ||
Deposit Liabilities [Line Items] | ||
Checking rate | 0.15% | 0.15% |
Passbook and statement rate | 0.10% | 0.10% |
Money market rate | 0.15% | 0.15% |
Customer Accounts - Interest E
Customer Accounts - Interest Expense on Customer Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Banking and Thrift [Abstract] | |||
Checking accounts | $ 1,036 | $ 1,259 | $ 936 |
Passbook and statement accounts | 660 | 607 | 566 |
Insured money market accounts | 3,631 | 4,574 | 4,280 |
Certificate accounts | 46,273 | 52,636 | 62,669 |
Interest expense on customer accounts, gross | 51,600 | 59,076 | 68,451 |
Less early withdrawal penalties | (546) | (552) | (548) |
Interest expense on customer accounts | $ 51,054 | $ 58,524 | $ 67,903 |
Weighted average interest rate at end of year | 0.48% | 0.51% | 0.69% |
Weighted daily average interest rate during the year | 0.48% | 0.57% | 0.75% |
FHLB Advances and Other Borro66
FHLB Advances and Other Borrowings - FHLB Advances (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Banking and Thrift [Abstract] | ||
Within 1 year | $ 250,000 | $ 100,000 |
1 to 3 years | 750,000 | 700,000 |
4 to 5 years | 430,000 | 730,000 |
More than 5 years | 400,000 | 400,000 |
FHLB advances | $ 1,830,000 | $ 1,930,000 |
FHLB Advances and Other Borro67
FHLB Advances and Other Borrowings - Weighted Average Cost and Amount of Advances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Federal Home Loan Banks [Abstract] | |||
Weighted average interest rate at end of year | 3.35% | 3.52% | 3.52% |
Weighted daily average interest rate during the year | 3.57% | 3.56% | 3.57% |
Daily average of FHLB advances | $ 1,848,904 | $ 1,955,205 | $ 1,905,479 |
Maximum amount of FHLB advances at any month end | 1,930,000 | 2,205,000 | 1,930,000 |
Interest expense during the year (excludes interest rate swap expense) | $ 64,331 | $ 68,307 | $ 68,075 |
FHLB Advances and Other Borro68
FHLB Advances and Other Borrowings - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Repurchase agreements with customers | $ 0 | $ 0 | $ 0 |
Other borrowings | $ 0 | $ 0 | $ 0 |
Federal Home Loan Bank of Des Moines | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Federal home loan bank, percent of assets | 49.00% |
Derivatives and Hedging Activ69
Derivatives and Hedging Activities (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative [Line Items] | ||
Collateral, obligation to return securities | $ 59,000,000 | |
Asset derivatives, fair value | 11,879,000 | $ 2,611,000 |
Liability derivatives, fair value | 27,400,000 | 2,879,000 |
Interest rate swap agreements | ||
Derivative [Line Items] | ||
Notional amount | 894,231,000 | |
Customer derivatives program | 439,416,000 | |
Impact to the statement of operations | 0 | |
Fee income | 1,939,598 | 920,705 |
Loss recognized in other comprehensive income | 9,205,790 | |
Interest rate swap agreements | Forward contracts | ||
Derivative [Line Items] | ||
Notional amount | 400,000,000 | |
Client derivatives | Other assets | ||
Derivative [Line Items] | ||
Asset derivatives, fair value | 11,879,000 | 2,611,000 |
Client derivatives | Other liabilities | ||
Derivative [Line Items] | ||
Liability derivatives, fair value | 11,879,000 | 2,611,000 |
Commercial loan hedge | ||
Derivative [Line Items] | ||
Notional amount | 54,815,000 | |
Commercial loan hedge | Other liabilities | ||
Derivative [Line Items] | ||
Liability derivatives, fair value | 966,000 | 0 |
Long term borrowing hedge | Other assets | ||
Derivative [Line Items] | ||
Asset derivatives, fair value | 0 | 0 |
Long term borrowing hedge | Other liabilities | ||
Derivative [Line Items] | ||
Liability derivatives, fair value | $ 14,555,000 | $ 268,000 |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Asset (Liability) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Deferred tax assets | ||
Loan loss reserves | $ 43,749 | $ 48,505 |
REO reserves | 11,213 | 13,680 |
Asset purchase tax basis difference (net) | 5,973 | 8,812 |
Delinquent accrued interest | 3,069 | 4,767 |
FDIC loss share guarantee receivable | 7,803 | 1,800 |
Other, net | 3,891 | 4,749 |
Total deferred tax assets | 75,698 | 82,313 |
Deferred tax liabilities | ||
Federal Home Loan Bank stock dividends | 24,135 | 32,810 |
Valuation adjustment on available-for-sale securities | 205 | 12,032 |
Loan origination costs | 13,875 | 13,002 |
Depreciation | 25,934 | 22,021 |
Total deferred tax liabilities | 64,149 | 79,865 |
Net deferred tax asset | 11,549 | 2,448 |
Current tax asset | 2,964 | 14,067 |
Net tax asset | $ 14,513 | $ 16,515 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Income Tax Rate (Details) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory income tax rate | 35.00% | 35.00% | 35.00% |
State income tax | 2.00% | 2.00% | 2.00% |
Other differences | (1.00%) | (1.00%) | (2.00%) |
Effective income tax rate | 36.00% | 36.00% | 35.00% |
Income Taxes - Components of In
Income Taxes - Components of Income Taxes (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Federal: | |||||||||||
Current | $ 79,841 | $ 70,797 | $ 66,756 | ||||||||
Deferred | 3,244 | 10,591 | 10,355 | ||||||||
Federal | 83,085 | 81,388 | 77,111 | ||||||||
State: | |||||||||||
Current | 6,636 | 4,987 | 5,213 | ||||||||
Deferred | (518) | 1,189 | 787 | ||||||||
State | 6,118 | 6,176 | 6,000 | ||||||||
Total | |||||||||||
Current | 86,477 | 75,784 | 71,969 | ||||||||
Deferred | 2,726 | 11,780 | 11,142 | ||||||||
Income taxes | $ 23,647 | $ 21,727 | $ 22,458 | $ 21,371 | $ 22,568 | $ 21,092 | $ 21,511 | $ 22,393 | $ 89,203 | $ 87,564 | $ 83,111 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||
Net deferred tax asset (liability) | $ 11,549 | $ 2,448 |
Liability for uncertain tax positions | 100 | 100 |
Unrecognized tax benefits that would impact effective tax rate | 100 | |
Interest on income taxes accrued | $ 10 | $ 12 |
Returns open to examination, minimum (years) | 3 years | |
Returns open to examination, maximum (years) | 5 years | |
Returns open to examination, state impact of federal changes, maximum (years) | 2 years |
401(k) and Employee Stock Own74
401(k) and Employee Stock Ownership Plan (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Employee contribution, percentage of annual salary | 100.00% | ||
Employee contribution, maximum allowable contribution | $ 53,000 | ||
Term for employees to become fully vested | 6 years | ||
Employer matching contribution percent | 100.00% | ||
Percent of employees' gross pay | 4.00% | ||
Profit sharing contribution, percent | 7.00% | ||
Company contributions to plan | $ 8,700,000 | $ 7,314,000 | $ 5,870,000 |
Stock Award Plans - Additional
Stock Award Plans - Additional Information (Details) | 12 Months Ended | |||
Sep. 30, 2015USD ($)planshares | Sep. 30, 2014USD ($)shares | Sep. 30, 2013USD ($)shares | Sep. 30, 2012shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of compensation plans | plan | 1 | |||
Shares authorized to be reserved | shares | 5,000,000 | |||
Shares available for issuance | shares | 4,201,230 | |||
Award vesting period (in years) | 5 years | |||
Contractual term of award (in years) | 10 years | |||
Unrecognized compensation cost for stock options, net of forfeitures | $ 95,182 | |||
Weighted average remaining period (years) | 6 months | |||
Compensation cost for stock options | $ 232,000 | $ 324,000 | $ 473,000 | |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity instruments other than options, nonvested, number | shares | 521,302 | 515,845 | 480,904 | 371,096 |
Fair market value at date of grant at restricted stock | $ 7,800,000 | $ 7,300,000 | ||
Compensation cost for stock options | $ 3,271,564 | $ 3,085,081 | $ 2,815,049 | |
Minimum | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period (in years) | 1 year | |||
Maximum | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period (in years) | 7 years |
Stock Award Plans - Option Acti
Stock Award Plans - Option Activity (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at September 30, 2014 | 1,249,009 | |
Granted | 0 | |
Exercised | (128,394) | |
Forfeited | (93,241) | |
Outstanding at September 30, 2015 | 1,027,374 | 1,249,009 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Options outstanding, weighted average exercise price at beginning of period (USD per share) | $ 21.11 | |
Options granted, weighted average exercise price (USD per share) | 0 | |
Options exercised, weighted average exercise price (USD per share) | 16.12 | |
Options forfeited, weighted average exercise price (USD per share) | 22.18 | |
Options outstanding, weighted average exercise price at end of period (USD per share) | $ 21.64 | $ 21.11 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Options exercisable | 958,087 | |
Options exercisable, weighted average exercise price (USD per share) | $ 21.99 | |
Options outstanding, weighted average remaining contractual term (in years) | 3 years | 4 years |
Options exercisable, weighted average remaining contractual term (in years) | 2 years | |
Options outstanding, aggregate intrinsic value | $ 1,867 | $ 1,859 |
Options exercisable, aggregate intrinsic value | $ 1,459 |
Stock Award Plans - Other Stock
Stock Award Plans - Other Stock Option Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Compensation cost for stock options | $ 232 | $ 324 | $ 473 |
Weighted avg. grant date FV (USD per share) | $ 2.96 | $ 2.95 | $ 3.24 |
Total intrinsic value of options exercised | $ 831 | $ 1,136 | $ 781 |
Grant date FV of options exercised | 368 | 1,962 | 791 |
Cash received from option exercises | 2,069 | 10,142 | 4,261 |
Tax benefit realized for option exercises | $ 0 | $ 159 | $ 53 |
Stock Award Plans - Nonvested S
Stock Award Plans - Nonvested Stock Options (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Weighted Average Grant Date Fair Value | |||
Granted (USD per share) | $ 2.96 | $ 2.95 | $ 3.24 |
Non-Vested Options | |||
Options Outstanding | |||
Outstanding at beginning of period | 145,795 | 287,750 | 614,272 |
Granted | 0 | 0 | 0 |
Vested | (61,018) | (119,520) | (283,407) |
Forfeited | (15,490) | (22,435) | (43,115) |
Outstanding at end of period | 69,287 | 145,795 | 287,750 |
Weighted Average Grant Date Fair Value | |||
Outstanding at beginning of period (USD per share) | $ 3.87 | $ 3.44 | $ 3.20 |
Granted (USD per share) | 0 | 0 | 0 |
Vested (USD per share) | 3.88 | 2.88 | 2.95 |
Forfeited (USD per share) | 3.90 | 3.63 | 3.25 |
Outstanding at end of period (USD per share) | $ 3.85 | $ 3.87 | $ 3.44 |
Stock Award Plans - Nonvested R
Stock Award Plans - Nonvested Restricted Stock (Details) - Restricted Stock - $ / shares | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Outstanding at beginning of period | 515,845 | 480,904 | 371,096 | |
Granted | 301,750 | 300,500 | 270,750 | |
Vested | (223,043) | (202,014) | (134,792) | |
Forfeited | (73,250) | (63,545) | (26,150) | |
Outstanding at end of period | 521,302 | 515,845 | 480,904 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Outstanding, weighted average grant date fair value, beginning of period (USD per share) | $ 15.03 | $ 14.10 | $ 11.52 | $ 11.88 |
Granted, weighted average grant date fair value (USD per share) | 14.26 | 15.43 | 11.67 | |
Vested, weighted average grant date fair value (USD per share) | 13.24 | 11.68 | 11.87 | |
Forfeited, weighted average grant date fair value (USD per share) | 10.72 | 8.50 | 16.45 | |
Outstanding, weighted average grant date fair value, end of period (USD per share) | $ 15.03 | $ 14.10 | $ 11.52 | $ 11.88 |
Stockholders' Equity - Regulato
Stockholders' Equity - Regulatory Capital Requirements (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
The Company | ||
Common Equity Tier 1 risk-based capital ratio: | ||
Tier one common equity capital | $ 1,658,985 | |
Tier one common equity capital to risk weighted assets | 18.81% | |
Tier one common equity capital required for capital adequacy | $ 637,788 | |
Tier one common equity capital required for capital adequacy to risk weighted assets | 4.50% | |
Tier 1 risk-based capital ratio: | ||
Tier one risk based capital | $ 1,658,985 | $ 1,648,199 |
Tier one risk based capital to risk weighted assets | 18.81% | 22.71% |
Tier one risk based capital required for capital adequacy | $ 529,051 | $ 290,335 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 6.00% | 4.00% |
Total risk-based capital ratio: | ||
Capital | $ 1,769,587 | $ 1,739,658 |
Capital to risk weighted assets | 20.07% | 23.97% |
Capital required for capital adequacy | $ 705,402 | $ 580,671 |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Tier 1 leverage ratio: | ||
Tier one leverage capital | $ 1,658,985 | $ 1,648,199 |
Tier one leverage capital to average assets | 11.71% | 11.39% |
Tier one leverage capital required for capital adequacy | $ 566,923 | $ 578,804 |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
The Bank | ||
Common Equity Tier 1 risk-based capital ratio: | ||
Tier one common equity capital | $ 1,652,569 | |
Tier one common equity capital to risk weighted assets | 18.73% | |
Tier one common equity capital required for capital adequacy | $ 637,810 | |
Tier one common equity capital required for capital adequacy to risk weighted assets | 4.50% | |
Tier one common equity capital required to be well capitalized | $ 921,281 | |
Tier one common equity capital required to be well capitalized to risk weighted assets | 6.50% | |
Tier 1 risk-based capital ratio: | ||
Tier one risk based capital | $ 1,652,569 | $ 1,658,704 |
Tier one risk based capital to risk weighted assets | 18.73% | 22.85% |
Tier one risk based capital required for capital adequacy | $ 529,360 | $ 290,386 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 6.00% | 4.00% |
Tier one risk based capital required to be well capitalized | $ 705,814 | $ 435,579 |
Tier one risk based capital required to be well capitalized to risk weighted assets | 8.00% | 6.00% |
Total risk-based capital ratio: | ||
Capital | $ 1,763,171 | $ 1,750,179 |
Capital to risk weighted assets | 19.98% | 24.11% |
Capital required for capital adequacy | $ 705,814 | $ 580,772 |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Capital required to be well capitalized | $ 882,267 | $ 725,965 |
Capital required to be well capitalized to risk weighted assets | 10.00% | 10.00% |
Tier 1 leverage ratio: | ||
Tier one leverage capital | $ 1,652,569 | $ 1,658,704 |
Tier one leverage capital to average assets | 11.66% | 11.46% |
Tier one leverage capital required for capital adequacy | $ 566,942 | $ 578,816 |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
Tier one leverage capital required to be well capitalized | $ 708,678 | $ 723,520 |
Tier one leverage capital required to be well capitalized to average assets | 5.00% | 5.00% |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - $ / shares | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Class of Stock [Line Items] | ||
Tier one capital required for capital adequacy to risk weighted assets, conservation buffer | 2.50% | |
Stock repurchased | 5,841,204 | 4,830,400 |
Additional shares authorized to be repurchased | 4,201,230 | |
Warrants issued (in shares) | 1,707,456 | |
Warrant exercise price (in dollars per share) | $ 17.57 | |
Warrants outstanding | 1,700,856,000 | |
Weighted Average | ||
Class of Stock [Line Items] | ||
Weighted average cost of repurchased stock (in dollars per share) | $ 21.70 | $ 21.59 |
Stockholders' Equity - Earnings
Stockholders' Equity - Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Basic weighted average number of shares outstanding (in shares) | 95,644,639 | 101,154,030 | 104,684,812 | ||||||||
Diluted weighted average number of shares outstanding, including dilutive stock options (in shares) | 96,053,959 | 101,590,351 | 104,837,470 | ||||||||
Net income | $ 42,498 | $ 39,050 | $ 40,361 | $ 38,407 | $ 40,561 | $ 37,910 | $ 38,657 | $ 40,236 | $ 160,316 | $ 157,364 | $ 151,505 |
Basic earnings per share (in dollars per share) | $ 0.46 | $ 0.41 | $ 0.42 | $ 0.39 | $ 0.41 | $ 0.38 | $ 0.38 | $ 0.39 | $ 1.68 | $ 1.56 | $ 1.45 |
Diluted earnings per share (in dollars per share) | $ 0.45 | $ 0.41 | $ 0.42 | $ 0.39 | $ 0.41 | $ 0.37 | $ 0.38 | $ 0.39 | $ 1.67 | $ 1.55 | $ 1.45 |
Warrant | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Weighted average call options and warrants (in shares) | 340,016 | 352,171 | 100,211 | ||||||||
Equity Option | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Weighted average call options and warrants (in shares) | 69,304 | 84,150 | 52,447 |
Fair Values of Financial Inst83
Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | $ 2,380,563 | $ 3,049,442 |
Held-to-maturity securities | 1,637,420 | 1,499,218 |
Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 2,380,563 | 3,049,442 |
Held-to-maturity securities | 1,643,216 | 1,548,265 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 284,049 | 781,843 |
Level 1 | Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 284,049 | 781,843 |
Level 1 | Equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 101,952 | 101,387 |
Level 1 | Equity securities | Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 101,952 | 101,387 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
FHLB and FRB stock | 107,198 | 158,839 |
Customer accounts | 10,004,290 | 9,946,586 |
FHLB advances and other borrowings | 1,938,384 | 2,054,437 |
Level 2 | Interest rate contract | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 11,879 | 2,611 |
Other liabilities | 11,879 | 2,611 |
Level 2 | Commercial loan hedge | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 966 | 0 |
Level 2 | Long term borrowing hedge | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 14,555 | 268 |
Level 2 | Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
FHLB and FRB stock | 107,198 | 158,839 |
Customer accounts | 10,631,703 | 10,716,928 |
FHLB advances and other borrowings | 1,830,000 | 1,930,000 |
Level 2 | Carrying amount | Interest rate contract | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 11,879 | 2,611 |
Other liabilities | 11,879 | 2,611 |
Level 2 | Carrying amount | Commercial loan hedge | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 966 | 0 |
Level 2 | Carrying amount | Long term borrowing hedge | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 14,555 | 268 |
Level 2 | U.S. agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 482,464 | 731,943 |
Level 2 | U.S. agency securities | Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 482,464 | 731,943 |
Level 2 | Obligations of states and political subdivisions | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 27,123 | 23,681 |
Level 2 | Obligations of states and political subdivisions | Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 27,123 | 23,681 |
Level 2 | Corporate debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 505,800 | 509,007 |
Level 2 | Corporate debt securities | Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 505,800 | 509,007 |
Level 2 | Agency pass through mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 1,160,518 | 1,584,508 |
Held-to-maturity securities | 1,637,420 | 1,499,218 |
Level 2 | Agency pass through mortgage-backed securities | Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 1,160,518 | 1,584,508 |
Held-to-maturity securities | 1,643,216 | 1,548,265 |
Level 2 | Other commercial mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 102,706 | 98,916 |
Level 2 | Other commercial mortgage-backed securities | Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 102,706 | 98,916 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable | 9,667,750 | 8,844,532 |
FDIC indemnification asset | 15,522 | 35,976 |
Level 3 | Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable | 9,170,634 | 8,324,798 |
FDIC indemnification asset | $ 16,275 | $ 36,860 |
Financial Information - Washi84
Financial Information - Washington Federal, INC. - Statement of Financial Condition (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Assets | ||||
Total assets | $ 14,568,324 | $ 14,756,041 | ||
Liabilities | ||||
Total liabilities | 12,612,645 | 12,782,758 | ||
Stockholders’ equity | ||||
Total stockholders’ equity | 1,955,679 | 1,973,283 | $ 1,937,635 | $ 1,899,752 |
Total liabilities and stockholders’ equity | 14,568,324 | 14,756,041 | ||
Parent Company | ||||
Assets | ||||
Cash | 7,628 | 3,895 | ||
Investment in subsidiary | 1,949,262 | 1,983,788 | ||
Total assets | 1,956,890 | 1,987,683 | ||
Liabilities | ||||
Dividend payable and other liabilities | 1,211 | 14,400 | ||
Total liabilities | 1,211 | 14,400 | ||
Stockholders’ equity | ||||
Total stockholders’ equity | 1,955,679 | 1,973,283 | ||
Total liabilities and stockholders’ equity | $ 1,956,890 | $ 1,987,683 |
Financial Information - Washi85
Financial Information - Washington Federal, INC. - Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income | |||||||||||
Total Income | $ 135,339 | $ 129,300 | $ 132,630 | $ 133,284 | $ 135,077 | $ 135,011 | $ 132,351 | $ 131,258 | $ 530,553 | $ 533,697 | $ 516,291 |
Expense | |||||||||||
Income before income taxes | 66,145 | 60,777 | 62,819 | 59,778 | 63,129 | 59,002 | 60,168 | 62,629 | 249,519 | 244,928 | 234,616 |
Income tax benefit | (23,647) | (21,727) | (22,458) | (21,371) | (22,568) | (21,092) | (21,511) | (22,393) | (89,203) | (87,564) | (83,111) |
NET INCOME | $ 42,498 | $ 39,050 | $ 40,361 | $ 38,407 | $ 40,561 | $ 37,910 | $ 38,657 | $ 40,236 | 160,316 | 157,364 | 151,505 |
Parent Company | |||||||||||
Income | |||||||||||
Dividends from subsidiary | 175,000 | 70,000 | 143,799 | ||||||||
Total Income | 175,000 | 70,000 | 143,799 | ||||||||
Expense | |||||||||||
Miscellaneous | 439 | 485 | 530 | ||||||||
Total expense | 439 | 485 | 530 | ||||||||
Net income before equity in undistributed net income of subsidiary | 174,561 | 69,515 | 143,269 | ||||||||
Equity in undistributed net income of subsidiary | (14,402) | 87,675 | 8,045 | ||||||||
Income before income taxes | 160,159 | 157,190 | 151,314 | ||||||||
Income tax benefit | 157 | 174 | 191 | ||||||||
NET INCOME | $ 160,316 | $ 157,364 | $ 151,505 |
Financial Information - Washi86
Financial Information - Washington Federal, INC. - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Cash Flows From Operating Activities | |||||||||||
Net income | $ 42,498 | $ 39,050 | $ 40,361 | $ 38,407 | $ 40,561 | $ 37,910 | $ 38,657 | $ 40,236 | $ 160,316 | $ 157,364 | $ 151,505 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Decrease (increase) in other assets | (29,220) | (17,799) | 36,350 | ||||||||
Net cash provided by operating activities | 142,871 | 173,715 | 181,422 | ||||||||
Cash Flows From Financing Activities | |||||||||||
Proceeds from exercise of common stock options and related tax benefit | 2,070 | 10,252 | 4,261 | ||||||||
Treasury stock purchased | (126,728) | (104,291) | (110,238) | ||||||||
Dividends paid on common stock | (51,111) | (42,065) | (37,835) | ||||||||
Net cash (used) by financing activities | (350,176) | (376,457) | (337,395) | ||||||||
Increase (decrease) in cash and cash equivalents | (497,794) | 578,280 | (547,867) | ||||||||
Cash and cash equivalents at beginning of period | 781,843 | 203,563 | 781,843 | 203,563 | 751,430 | ||||||
Cash and cash equivalents at end of period | 284,049 | 781,843 | 284,049 | 781,843 | 203,563 | ||||||
Parent Company | |||||||||||
Cash Flows From Operating Activities | |||||||||||
Net income | 160,316 | 157,364 | 151,505 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed net income of subsidiaries | 32,375 | (87,943) | (4,893) | ||||||||
Decrease (increase) in other assets | 0 | 1 | 1 | ||||||||
Increase in other liabilities | (13,189) | 4,152 | 1,698 | ||||||||
Net cash provided by operating activities | 179,502 | 73,574 | 148,311 | ||||||||
Cash Flows From Financing Activities | |||||||||||
Proceeds from exercise of common stock options and related tax benefit | 2,070 | 10,252 | 4,261 | ||||||||
Treasury stock purchased | (126,728) | (104,291) | (110,238) | ||||||||
Dividends paid on common stock | (51,111) | (42,065) | (37,835) | ||||||||
Net cash (used) by financing activities | (175,769) | (136,104) | (143,812) | ||||||||
Increase (decrease) in cash and cash equivalents | 3,733 | (62,530) | 4,499 | ||||||||
Cash and cash equivalents at beginning of period | $ 3,895 | $ 66,425 | 3,895 | 66,425 | 61,926 | ||||||
Cash and cash equivalents at end of period | $ 7,628 | $ 3,895 | $ 7,628 | $ 3,895 | $ 66,425 |
Selected Quarterly Financial 87
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total Income | $ 135,339 | $ 129,300 | $ 132,630 | $ 133,284 | $ 135,077 | $ 135,011 | $ 132,351 | $ 131,258 | $ 530,553 | $ 533,697 | $ 516,291 |
Interest expense | 28,486 | 28,735 | 28,750 | 31,101 | 31,684 | 31,732 | 31,715 | 32,946 | 117,072 | 128,077 | 136,159 |
Net interest income | 106,853 | 100,565 | 103,880 | 102,183 | 103,393 | 103,279 | 100,636 | 98,312 | 413,481 | 405,620 | 380,132 |
Provision (reversal) for loan losses | 219 | (1,932) | (3,949) | (5,500) | (3,465) | (3,000) | (4,336) | (4,600) | (11,162) | (15,401) | 1,350 |
Other operating income (REO expense) | 16,719 | 14,999 | 12,314 | 5,695 | 10,808 | 6,016 | 7,255 | 3,837 | |||
Other operating expense | 57,208 | 56,719 | 57,324 | 53,600 | 54,537 | 53,293 | 52,059 | 44,120 | 224,851 | 204,009 | 164,240 |
Income before income taxes | 66,145 | 60,777 | 62,819 | 59,778 | 63,129 | 59,002 | 60,168 | 62,629 | 249,519 | 244,928 | 234,616 |
Income taxes | 23,647 | 21,727 | 22,458 | 21,371 | 22,568 | 21,092 | 21,511 | 22,393 | 89,203 | 87,564 | 83,111 |
NET INCOME | $ 42,498 | $ 39,050 | $ 40,361 | $ 38,407 | $ 40,561 | $ 37,910 | $ 38,657 | $ 40,236 | $ 160,316 | $ 157,364 | $ 151,505 |
Basic earnings per share (in dollars per share) | $ 0.46 | $ 0.41 | $ 0.42 | $ 0.39 | $ 0.41 | $ 0.38 | $ 0.38 | $ 0.39 | $ 1.68 | $ 1.56 | $ 1.45 |
Diluted earnings per share (in dollars per share) | 0.45 | 0.41 | 0.42 | 0.39 | 0.41 | 0.37 | 0.38 | 0.39 | $ 1.67 | $ 1.55 | $ 1.45 |
Cash dividends per share (in dollars per share) | $ 0.13 | $ 0.13 | $ 0.13 | $ 0.15 | $ 0.11 | $ 0.10 | $ 0.10 | $ 0.10 | |||
Return of average assets | 1.17% | 1.08% | 1.11% | 1.05% | 1.10% | 1.04% | 1.07% | 1.19% |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measured on Recurring Basis (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 2,380,563,000 | $ 3,049,442,000 |
Bank owned life insurance | 102,496,000 | 0 |
Total Financial Assets | 4,017,983,000 | 4,548,660,000 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,380,563,000 | 3,049,442,000 |
Interest rate contracts | 11,879,000 | 2,611,000 |
Total Financial Assets | 2,392,442,000 | 3,052,053,000 |
Total Financial Liabilities | 27,400,000 | 2,879,000 |
Level 1 to level 2 transfers | 0 | 0 |
Level 2 to level 1 transfers | 0 | 0 |
Level 1 to level 3 transfers | 0 | 0 |
Level 3 to level 1 transfers | 0 | 0 |
Level 2 to level 3 transfers | 0 | 0 |
Level 3 to level 2 transfers | 0 | 0 |
Fair Value, Measurements, Recurring | Interest rate contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 11,879,000 | 2,611,000 |
Fair Value, Measurements, Recurring | Commercial loan hedge | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 966,000 | 0 |
Fair Value, Measurements, Recurring | Long term borrowing hedge | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 14,555,000 | 268,000 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 101,952,000 | 101,387,000 |
Total Financial Assets | 101,952,000 | 101,387,000 |
Total Financial Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Interest rate contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Commercial loan hedge | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Long term borrowing hedge | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,278,611,000 | 2,948,055,000 |
Interest rate contracts | 11,879,000 | 2,611,000 |
Total Financial Assets | 2,290,490,000 | 2,950,666,000 |
Total Financial Liabilities | 27,400,000 | 2,879,000 |
Fair Value, Measurements, Recurring | Level 2 | Interest rate contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 11,879,000 | 2,611,000 |
Fair Value, Measurements, Recurring | Level 2 | Commercial loan hedge | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 966,000 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Long term borrowing hedge | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 14,555,000 | 268,000 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Total Financial Assets | 0 | 0 |
Total Financial Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Interest rate contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0 | |
Equity securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 101,952,000 | 101,387,000 |
Equity securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 101,952,000 | 101,387,000 |
Equity securities | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 101,952,000 | 101,387,000 |
Equity securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Equity securities | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Obligations of U.S. government | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 482,464,000 | 731,943,000 |
Obligations of U.S. government | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Obligations of U.S. government | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 482,464,000 | 731,943,000 |
Obligations of U.S. government | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Obligations of states and political subdivisions | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 27,123,000 | 23,681,000 |
Obligations of states and political subdivisions | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 27,123,000 | 23,681,000 |
Obligations of states and political subdivisions | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Obligations of states and political subdivisions | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 27,123,000 | 23,681,000 |
Obligations of states and political subdivisions | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Obligations of foreign governments | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Obligations of foreign governments | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Obligations of foreign governments | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Obligations of foreign governments | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Corporate debt securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 505,800,000 | 509,007,000 |
Corporate debt securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 505,800,000 | 509,007,000 |
Corporate debt securities | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Corporate debt securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 505,800,000 | 509,007,000 |
Corporate debt securities | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Agency pass through mortgage-backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,160,518,000 | 1,584,508,000 |
Agency pass through mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,160,518,000 | 1,584,508,000 |
Agency pass through mortgage-backed securities | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Agency pass through mortgage-backed securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,160,518,000 | 1,584,508,000 |
Agency pass through mortgage-backed securities | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Other commercial mortgage-backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 102,706,000 | 98,916,000 |
Other commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 102,706,000 | 98,916,000 |
Other commercial mortgage-backed securities | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Other commercial mortgage-backed securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 102,706,000 | 98,916,000 |
Other commercial mortgage-backed securities | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Other debt securites | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Other debt securites | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Other debt securites | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Other debt securites | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 0 | $ 0 |
Fair Value Measurements - Fai89
Fair Value Measurements - Fair Value Measured on Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets measured on nonrecurring basis | $ 88,183 | $ 72,300 | $ 88,183 | $ 72,300 | ||||
Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets measured on nonrecurring basis | 0 | 0 | 0 | 0 | ||||
Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets measured on nonrecurring basis | 0 | 0 | 0 | 0 | ||||
Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets measured on nonrecurring basis | 88,183 | 72,300 | 88,183 | 72,300 | ||||
Impaired loans | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets measured on nonrecurring basis | 6,735 | [1] | 10,156 | [2] | 6,735 | [1] | 10,156 | [2] |
Impaired loans | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets measured on nonrecurring basis | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [2] |
Impaired loans | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets measured on nonrecurring basis | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [2] |
Impaired loans | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets measured on nonrecurring basis | 6,735 | [1] | 10,156 | [2] | 6,735 | [1] | 10,156 | [2] |
Covered REO | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets measured on nonrecurring basis | 2,203 | [3] | 10,520 | [4] | 2,203 | [3] | 10,520 | [4] |
Covered REO | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets measured on nonrecurring basis | 0 | [3] | 0 | [4] | 0 | [3] | 0 | [4] |
Covered REO | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets measured on nonrecurring basis | 0 | [3] | 0 | [4] | 0 | [3] | 0 | [4] |
Covered REO | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets measured on nonrecurring basis | 2,203 | [3] | 10,520 | [4] | 2,203 | [3] | 10,520 | [4] |
Real estate held for sale | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets measured on nonrecurring basis | 79,245 | [3] | 51,624 | [4] | 79,245 | [3] | 51,624 | [4] |
Real estate held for sale | Level 1 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets measured on nonrecurring basis | 0 | [3] | 0 | [4] | 0 | [3] | 0 | [4] |
Real estate held for sale | Level 2 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets measured on nonrecurring basis | 0 | [3] | 0 | [4] | 0 | [3] | 0 | [4] |
Real estate held for sale | Level 3 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Assets measured on nonrecurring basis | 79,245 | [3] | 51,624 | [4] | 79,245 | [3] | 51,624 | [4] |
Changes Measurement | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Losses related to impaired loans and real estate held for sale | 694 | 1,991 | (3,508) | 17,965 | ||||
Changes Measurement | Impaired loans | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Losses related to impaired loans and real estate held for sale | 40 | [1] | 0 | [2] | 4,241 | [1] | (1,311) | [2] |
Changes Measurement | Covered REO | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Losses related to impaired loans and real estate held for sale | (7) | [3] | 113 | [4] | 161 | [3] | 616 | [4] |
Changes Measurement | Real estate held for sale | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Losses related to impaired loans and real estate held for sale | $ 661 | [3] | $ 1,878 | [4] | $ (7,910) | [3] | $ 18,660 | [4] |
[1] | The losses represent remeasurements of collateral-dependent loans. | |||||||
[2] | The (gains) losses represent remeasurements of collateral-dependent loans. | |||||||
[3] | The (gains) losses represent aggregate writedowns and charge-offs on real estate held for sale. | |||||||
[4] | The losses represent aggregate writedowns and charge-offs on real estate held for sale. |