Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2015 | Feb. 03, 2016 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
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 | 91,563,241 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 305,959 | $ 284,049 |
Available-for-sale securities, at fair value | 2,304,788 | 2,380,563 |
Held-to-maturity securities, at amortized cost | 1,598,370 | 1,643,216 |
Loans receivable, net | 9,402,730 | 9,170,634 |
Interest receivable | 38,259 | 40,429 |
Premises and equipment, net | 288,796 | 276,247 |
Real estate owned | 42,098 | 61,098 |
FHLB and FRB stock | 111,107 | 107,198 |
Bank owned life insurance | 103,281 | 102,496 |
Intangible assets, including goodwill of $291,503 | 298,719 | 299,358 |
Federal and state income tax assets, net | 716 | 14,513 |
Other assets | 190,076 | 188,523 |
Assets | 14,684,899 | 14,568,324 |
Customer accounts | ||
Transaction deposit accounts | 5,924,084 | 5,820,878 |
Time deposit accounts | 4,727,035 | 4,810,825 |
Customer accounts | 10,651,119 | 10,631,703 |
FHLB advances | 1,928,000 | 1,830,000 |
Advance payments by borrowers for taxes and insurance | 21,747 | 50,224 |
Accrued expenses and other liabilities | 113,793 | 100,718 |
Liabilities | 12,714,659 | 12,612,645 |
Stockholders’ equity | ||
Common stock, $1.00 par value, 300,000,000 shares authorized; 134,100,924 and 133,695,803 shares issued; 92,918,434 and 92,936,395 shares outstanding | 134,101 | 133,696 |
Paid-in capital | 1,649,529 | 1,643,712 |
Accumulated other comprehensive income (loss), net of taxes | (4,432) | 353 |
Treasury stock, at cost; 41,182,490 and 40,759,408 shares | (661,774) | (651,836) |
Retained earnings | 852,816 | 829,754 |
Stockholders' Equity Attributable to Parent | 1,970,240 | 1,955,679 |
Liabilities and Equity | $ 14,684,899 | $ 14,568,324 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
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) | 134,100,924 | 133,695,803 |
Common stock, shares outstanding (in shares) | 92,918,434 | 92,936,595 |
Treasury stock, shares (in shares) | 41,182,490 | 40,759,708 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
INTEREST INCOME | ||
Loans | $ 112,863 | $ 108,293 |
Mortgage-backed securities | 16,987 | 19,175 |
Investment securities and cash equivalents | 5,274 | 5,273 |
Interest Income | 135,124 | 132,741 |
INTEREST EXPENSE | ||
Customer accounts | 12,717 | 13,445 |
FHLB advances and other borrowings | 15,538 | 17,113 |
Interest Expense | 28,255 | 30,558 |
Net interest income | 106,869 | 102,183 |
Provision for (reversal of) allowance for loan losses | 0 | (5,500) |
Net interest income after reversal of provision for loan losses | 106,869 | 107,683 |
OTHER INCOME | ||
Loan fee income | 1,517 | 2,065 |
Deposit fee income | 5,917 | 5,977 |
Other income (expense) | 3,201 | (2,662) |
Noninterest income | 10,635 | 5,380 |
OTHER EXPENSE | ||
Compensation and benefits | 29,699 | 29,160 |
Occupancy | 8,592 | 8,135 |
FDIC insurance premiums | 2,589 | 674 |
Product delivery | 5,523 | 5,627 |
Information technology | 8,710 | 4,030 |
Other expense | 9,396 | 5,974 |
Noninterest Expense | 64,509 | 53,600 |
Gain on real estate acquired through foreclosure, net | 1,420 | 315 |
Income before income taxes | 54,415 | 59,778 |
Income tax provision | 19,317 | 21,371 |
NET INCOME | $ 35,098 | $ 38,407 |
PER SHARE DATA | ||
Basic earnings (in dollars per share) | $ 0.38 | $ 0.39 |
Diluted earnings (in dollars per share) | 0.38 | 0.39 |
Dividends paid on common stock (in dollars per share) | $ 0.13 | $ 0.15 |
Basic weighted average number of shares outstanding (in shares) | 92,986,358 | 98,147,939 |
Diluted weighted average number of shares outstanding, including dilutive stock options (in shares) | 93,577,837 | 98,524,839 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 35,098 | $ 38,407 |
Other comprehensive income (loss) net of tax: | ||
Net unrealized gain (loss) on available-for-sale securities | (10,360) | 8,560 |
Related tax benefit (expense) | 3,807 | (3,146) |
Other comprehensive income (loss) for available for sale securities, net of tax | (6,553) | 5,414 |
Net unrealized gain (loss) on long-term borrowing hedge | 2,795 | (4,249) |
Related tax benefit (expense) | (1,027) | 1,562 |
Other comprehensive income (loss) on long term borrowing hedge, net of tax | 1,768 | (2,687) |
Other comprehensive income (loss) net of tax | (4,785) | 2,727 |
Comprehensive income | $ 30,313 | $ 41,134 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - 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, 2014 | $ 1,973,283 | $ 133,323 | $ 1,638,211 | $ 706,149 | $ 20,708 | $ (525,108) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 38,407 | 38,407 | ||||
Other comprehensive income (loss) | 2,727 | 2,727 | ||||
Dividends on common stock | (10,159) | (10,159) | ||||
Compensation expense related to common stock options | 300 | 300 | ||||
Proceeds from exercise of common stock options | 266 | 18 | 248 | |||
Restricted stock expense | 841 | 250 | 591 | |||
Treasury stock acquired | (24,326) | (24,326) | ||||
Balance, end of period at Dec. 31, 2014 | 1,981,339 | 133,591 | 1,639,350 | 734,397 | 23,435 | (549,434) |
Balance, beginning of period at Sep. 30, 2015 | 1,955,679 | 133,696 | 1,643,712 | 829,754 | 353 | (651,836) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 35,098 | 35,098 | ||||
Other comprehensive income (loss) | (4,785) | (4,785) | ||||
Dividends on common stock | (12,036) | (12,036) | ||||
Compensation expense related to common stock options | 300 | 300 | ||||
Proceeds from exercise of common stock options | 5,042 | 227 | 4,815 | |||
Restricted stock expense | 880 | 178 | 702 | |||
Treasury stock acquired | (9,938) | (9,938) | ||||
Balance, end of period at Dec. 31, 2015 | $ 1,970,240 | $ 134,101 | $ 1,649,529 | $ 852,816 | $ (4,432) | $ (661,774) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 35,098 | $ 38,407 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 2,934 | 5,299 |
Cash received from (paid to) FDIC under loss share | 1,975 | (431) |
Stock option compensation expense | 300 | 300 |
Provision for (reversal of) allowance for loan losses | 0 | (5,500) |
Gain on investment securities and real estate held for sale | (2,310) | (9,606) |
Decrease in accrued interest receivable | 2,170 | 11,280 |
Decrease in federal and state income tax receivable | 16,577 | 19,208 |
Increase in cash surrender value of bank owned life insurance | (785) | (216) |
Increase in other assets | (3,754) | (14,552) |
Increase (decrease) in accrued expenses and other liabilities | 15,870 | (25,890) |
Net cash provided by operating activities | 68,075 | 18,299 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Origination of loans and principal repayments, net | (179,768) | (36,993) |
Loans purchased | (51,646) | (46,831) |
FHLB & FRB stock purchased | (6,809) | 0 |
FHLB & FRB stock redemption | 2,901 | 3,969 |
Available-for-sale securities purchased | (50,741) | (41,225) |
Principal payments and maturities of available-for-sale securities | 114,764 | 202,760 |
Principal payments and maturities of held-to-maturity securities | 43,569 | 31,178 |
Proceeds from sales of real estate owned | 26,664 | 17,909 |
Purchase of bank owned life insurance | 0 | (100,000) |
Premises and equipment purchased and REO improvements | (17,183) | (2,019) |
Net cash provided by (used in) investing activities | (118,249) | 28,748 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase (decrease) in customer accounts | 19,492 | (137,999) |
Proceeds from borrowings | 204,000 | 0 |
Repayments of borrowings | (106,000) | (100,000) |
Proceeds from exercise of common stock options and related tax benefit | 5,042 | 266 |
Dividends paid on common stock | (12,036) | (14,359) |
Treasury stock purchased | (9,938) | (24,326) |
Decrease in advance payments by borrowers for taxes and insurance | (28,476) | (9,703) |
Net cash provided by (used in) financing activities | 72,084 | (286,121) |
Increase (decrease) in cash and cash equivalents | 21,910 | (239,074) |
Cash and cash equivalents at beginning of period | 284,049 | 781,843 |
Cash and cash equivalents at end of period | 305,959 | 542,769 |
Non-cash investing activities | ||
Real estate acquired through foreclosure | 5,308 | 8,852 |
Covered real estate acquired through foreclosure | 0 | 51 |
Cash paid during the period for | ||
Interest | 29,195 | 34,653 |
Income taxes | $ 8 | $ 23 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations - Washington Federal, Inc. is a Washington corporation headquartered in Seattle, Washington. The Company is a bank holding company that conducts its operations through a federally-insured 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 mortgage and construction loans, home equity loans, lines of credit, commercial and industrial loans, multi-family and other forms of real estate 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. Basis of Presentation - The consolidated unaudited interim 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. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation are reflected in the interim financial statements. The September 30, 2015 Consolidated Statement of Financial Condition was derived from audited financial statements. The information included in this Form 10-Q should be read in conjunction with the financial statements and related notes in the Company's 2015 Annual Report on Form 10-K (“ 2015 Form 10-K”). Interim results are not necessarily indicative of results for a full year. Summary of Significant Accounting Policies - The significant accounting policies used in preparation of the Company's consolidated financial statements are disclosed in its 2015 Form10-K. There have not been any material changes in our significant accounting policies compared to those contained in our 2015 Form 10-K disclosure for the year ended September 30, 2015 . Off-Balance-Sheet Credit Exposures – The only material off-balance-sheet credit exposures are loans in process and unused lines of credit, which had a combined balance of $923,891,000 and $816,014,000 at December 31, 2015 and September 30, 2015 , respectively. The Company estimates losses on off-balance-sheet credit exposures by allocating a loss percentage derived from historical loss factors for each asset class. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Dec. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In January 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-04, 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. The Company's adoption of this guidance did not have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, 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 and early adoption is permitted. ASU 2015-03 may be applied retrospectively in previously issued financial statements for one or more years with a cumulative-effect adjustment to retained earnings. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers . The guidance in this update supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the industry topics of the codification. For public companies, this update was to be effective for interim and annual periods beginning after December 15, 2016. However, in August 2015, the FASB issued ASU 2015-14, which delayed the effective date of ASU 2014-09 by one year and permits companies to voluntarily adopt the new standard as of the original effective date. The Company does not expect this guidance to have a material impact on its consolidated financial statements. On April 15, 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in Cloud Computing Arrangement . The ASU was issued to clarify a customer's accounting for fees paid in a cloud computing arrangement. The amendments provide guidance to customers in determining whether a cloud computing arrangement includes a software license that should be accounted for as internal-use software. If the arrangement does not contain a software license, it would be accounted for as a service contract. The guidance in this ASU are effective for interim and annual periods beginning after December 15, 2015 and can be adopted either (1) prospectively to all arrangements entered into or materially modified after the effective date or (2) retrospectively. The Company does not expect this guidance to have a material impact on its consolidated financial statements. On September 25, 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments . the amendments in ASU 2015-16 require that the acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined. The acquirer is required to also record, in the same period’s financial statements, the effect on earnings as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. In addition, an entity is required to present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The amendments in ASU 2015-16 are effective for years beginning after December 15, 2015. Early adoption is permitted for reporting periods for which financial statements have not been issued. The Company does not expect this guidance to have a material impact on its consolidated financial statements. |
Dividends and Share Repurchases
Dividends and Share Repurchases | 3 Months Ended |
Dec. 31, 2015 | |
Dividends [Abstract] | |
Dividends and Share Repurchases | Dividends and Share Repurchases On January 20, 2016, the Company announced its 132nd consecutive quarterly cash dividend on common stock of $0.14 per share. The current dividend will be paid on February 12, 2016, to common shareholders of record on February 1, 2016. Dividends per share were $ 0.13 and $ 0.15 for the quarters ended December 31, 2015 and 2014 , respectively. For the three months ended December 31, 2015 , the Company repurchased 423,082 shares at an average price of $23.49 . For the three months ended December 31, 2014, the Company repurchased 1,116,147 shares at an average price of $21.79 . There are 3,778,148 remaining shares that can be repurchased under the current Board approved program. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable The following table is a summary of loans receivable (including LIP, net of charge offs.) December 31, 2015 September 30, 2015 (In thousands) (In thousands) Non-Acquired loans Single-family residential $ 5,629,715 55.7 % $ 5,651,845 57.5 % Construction 660,238 6.5 200,509 2.0 Construction - custom 404,849 4.0 396,307 4.0 Land - acquisition & development 97,025 1.0 94,208 1.0 Land - consumer lot loans 102,376 1.0 103,989 1.1 Multi-family 997,696 9.9 1,125,722 11.5 Commercial real estate 839,157 8.3 986,270 10.0 Commercial & industrial 751,073 7.4 612,836 6.2 HELOC 127,919 1.3 127,646 1.3 Consumer 181,142 1.8 194,655 2.0 Total non-acquired loans 9,791,190 96.9 % 9,493,987 96.6 % Acquired loans 164,380 1.6 166,293 1.7 Credit impaired acquired loans 116,030 1.1 87,081 0.9 Covered loans 38,584 0.4 75,909 0.8 Total gross loans 10,110,184 100.0 % 9,823,270 100.0 % Less: Allowance for probable losses 107,901 106,829 Loans in process 535,850 476,796 Discount on acquired loans 25,040 30,095 Deferred net origination fees 38,663 38,916 Total loan contra accounts 707,454 652,636 Net Loans $ 9,402,730 $ 9,170,634 The following table sets forth information regarding non-accrual loans. December 31, 2015 September 30, 2015 (In thousands) Non-accrual loans: Single-family residential $ 43,856 77.3 % $ 59,074 87.1 % Construction — — 754 1.1 % Construction - custom 2,518 4.4 732 1.1 % Land - acquisition & development 509 0.9 — — % Land - consumer lot loans 939 1.7 1,273 1.9 % Multi-family 1,538 2.7 2,558 3.8 % Commercial real estate 6,681 11.8 2,176 3.2 % Commercial & industrial 115 0.2 — — % HELOC 473 0.8 563 0.8 % Consumer 119 0.2 680 1.0 % Total non-accrual loans $ 56,748 100 % $ 67,810 100 % The Company recognized interest income on nonaccrual loans of approximately $1,257,000 in the three months ended December 31, 2015 . Had these loans performed according to their original contract terms, the Company would have recognized interest income of approximately $687,000 for the three months ended December 31, 2015 . The recognized interest income includes more than three months of interest for some of the loans that were brought current. The following tables provide details regarding delinquent loans. December 31, 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 $ 5,644,009 $ 5,576,774 $ 17,285 $ 9,939 $ 40,010 $ 67,234 1.19 % Construction 325,485 324,619 560 306 — 866 0.27 Construction - Custom 221,327 218,773 28 9 2,518 2,554 1.15 Land - Acquisition & Development 85,830 84,805 387 — 638 1,025 1.19 Land - Consumer Lot Loans 102,887 100,224 828 897 938 2,663 2.59 Multi-Family 966,921 965,110 1,196 — 615 1,811 0.19 Commercial Real Estate 929,495 920,582 841 1,933 6,139 8,913 0.96 Commercial & Industrial 756,831 754,611 2,219 1 — 2,220 0.29 HELOC 125,479 124,883 19 19 558 595 0.47 Consumer 181,431 179,977 882 352 221 1,454 0.80 9,339,695 9,250,358 24,245 13,456 51,637 89,335 0.96 Acquired loans 140,995 140,137 193 16 649 858 0.61 Credit impaired acquired loans 55,060 52,806 854 — 1,400 2,254 4.09 Covered loans 38,584 37,062 501 295 726 1,522 3.94 Total Loans $ 9,574,334 $ 9,480,363 $ 25,793 $ 13,767 $ 54,412 $ 93,969 0.98 % Delinquency % 99.02% 0.27% 0.14% 0.57% 0.98% 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 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 increased from 0.88% as of September 30, 2015 to 0.98% as of December 31, 2015 . The following table provides information related to loans that were restructured in at TDR during the periods presented: Quarter Ended December 31, 2015 2014 Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment (In thousands) (In thousands) Troubled Debt Restructurings: Single-family residential 3 $ 729 $ 729 35 $ 9,600 $ 9,600 Construction — — — 2 718 718 Land - consumer lot loans — — — 2 532 532 Commercial real estate 5 965 965 — — — Consumer — — — 1 85 85 8 $ 1,694 $ 1,694 40 $ 10,935 $ 10,935 The following table provides information on payment defaults occurring during the periods presented where the loan had been modified in a TDR within 12 months of the payment default. Quarter Ended December 31, 2015 2014 Number of Recorded Number of Recorded Contracts Investment Contracts Investment (In thousands) (In thousands) TDRs That Subsequently Defaulted: Single-family residential 5 $ 668 8 $ 1,431 Land - consumer lot loans 1 148 3 389 6 $ 816 11 $ 1,820 Most loans restructured in troubled debt restructurings ("TDRs") are accruing and performing loans where the borrower has proactively approached the Company about modification due to temporary financial difficulties. As of December 31, 2015 , 96.6% of the Bank's $282,723,000 in TDRs were classified as performing. 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 between 100 to 200 basis points 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 December 31, 2015 , single-family residential loans comprised 86.1% of TDRs. The Company 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 table shows the changes in accretable yield for acquired impaired loans and acquired non-impaired loans (including covered loans). Quarter Ended December 31, 2015 Fiscal Year Ended September 30, 2015 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 $ 72,705 $ 111,300 $ 7,204 $ 187,080 $ 97,125 $ 135,826 $ 14,513 $ 275,862 Additions — — — — — — — — Net reclassification from nonaccretable — — — — 6,307 — 346 — Accretion (5,526 ) 5,526 (857 ) 857 (30,727 ) 30,727 (7,655 ) 7,655 Transfers to REO — — — — — (2,975 ) — (150 ) Payments received, net — (7,680 ) — (3,790 ) — (52,278 ) — (96,287 ) Ending Balance $ 67,179 $ 109,146 $ 6,347 $ 184,147 $ 72,705 $ 111,300 $ 7,204 $ 187,080 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 interest 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 respective indices for acquired loans with variable interest rates. Additionally, as of December 31, 2015 the Company has $1,700,000 remaining in loans it 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 not be reasonably estimated; therefore, these loan are accounted for on a cash basis. At December 31, 2015 and September 30, 2015 , 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. Covered loans were $38,584,000 at December 31, 2015 compared to $75,909,000 as of September 30, 2015 , the decrease being attributable to FDIC loss share coverage on commercial loans from the former Home Valley Bank that expired after September 30, 2015 . The FDIC loss share coverage for single family residential loans will continue for another five years. The remaining portfolio of covered loans is expected to continue to decline over time, absent another FDIC assisted transaction. The following table shows activity for the FDIC indemnification asset: Three Months Ended December 31, 2015 Fiscal Year Ended September 30, 2015 (In thousands) Balance at beginning of period $ 16,275 $ 36,860 Additions — (1,795 ) Payments received (1,974 ) (720 ) Amortization (287 ) (18,588 ) Accretion 62 518 Balance at end of period $ 14,076 $ 16,275 |
Allowance for Losses on Loans
Allowance for Losses on Loans | 3 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Allowance for Losses on Loans | Allowance for Losses on Loans The following tables summarize the activity in the allowance for loan losses. Three Months Ended December 31, 2015 Beginning Allowance Charge-offs Recoveries Provision & Transfers Ending Allowance (In thousands) Single-family residential $ 47,347 $ (1,139 ) $ 2,466 $ (918 ) $ 47,756 Construction 6,680 — 155 179 7,014 Construction - custom 990 (60 ) — 132 1,062 Land - acquisition & development 5,781 — 35 962 6,778 Land - consumer lot loans 2,946 (408 ) — 463 3,001 Multi-family 5,304 — — (257 ) 5,047 Commercial real estate 8,960 (23 ) 123 1,284 10,344 Commercial & industrial 24,980 (248 ) 1 (637 ) 24,096 HELOC 902 (1 ) 21 (102 ) 820 Consumer 2,939 (242 ) 392 (1,106 ) 1,983 $ 106,829 $ (2,121 ) $ 3,193 $ — $ 107,901 Fiscal Year Ended 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 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 There was no provision for loan losses recorded for the three months ended December 31, 2015 , which compares to a reversal of provision of $5,500,000 for the three months ended December 31, 2014 . The lack of provision for the quarter ended December 31, 2015 was a result of continued improvement in credit quality of the loan portfolio offset by net growth in the loan portfolio. The related improvement in the credit quality of the loan portfolio relates to the factors below. The Company had recoveries, net of charge-offs, of $1,072,000 for the quarter ended December 31, 2015 , compared with $842,000 of net recoveries for the same quarter one year ago. Non-performing assets amounted to $98,846,000 , or 0.67% , of total assets at December 31, 2015 , compared to $164,317,000 , or 1.13% of total assets at December 31, 2014 . Non-accrual loans decreased from $98,353,000 at December 31, 2014 , to $56,748,000 at December 31, 2015 , a 42.3% decrease. The percentage of delinquent loans decreased from 1.47% at December 31, 2014 , to 0.98% at December 31, 2015 . The reserve for unfunded commitments was $3,085,000 as of December 31, 2015 , which is unchanged since September 30, 2015 . Management believes the allowance for loan losses plus the reserve for unfunded commitments, totaling $110,986,000 , or 1.10% of gross loans, is sufficient to absorb estimated losses inherent in the portfolio. Acquired loans, including covered loans, are not usually classified as non-performing because at acquisition, the carrying value of these loans is recorded at fair value. As of December 31, 2015 , $25,223,000 in acquired loans were subject to the general allowance as the discount related to these balances was no longer sufficient to absorb all of the expected losses. The following tables show loans collectively and individually evaluated for impairment and the related allocation of general and specific reserves. December 31, 2015 Loans Collectively Evaluated for Impairment Loans Individually Evaluated for Impairment Allowance Allocation Recorded Investment of Loans (1) Ratio Allowance Allocation Recorded Investment of Loans (1) Ratio (In thousands) (In thousands) Single-family residential $ 47,625 $ 5,614,580 0.8 % $ 130 $ 14,206 0.9 % Construction 7,014 121,689 5.8 — — — Construction - custom 1,062 218,749 0.5 — 2,578 — Land - acquisition & development 6,778 77,223 8.8 — 6,649 — Land - consumer lot loans 3,001 91,664 3.3 — 10,658 — Multi-family 5,048 1,085,243 0.5 — 3,500 — Commercial real estate 10,344 939,248 1.1 — 9,811 — Commercial & industrial 24,096 776,240 3.1 — 27 — HELOC 820 126,596 0.6 — 1,310 — Consumer 1,983 180,814 1.1 — 328 — $ 107,771 $ 9,232,046 1.2 % $ 130 $ 49,067 0.3 % (1) Excludes acquired loans with discounts sufficient to absorb potential losses and covered loans September 30, 2015 Loans Collectively Evaluated for Impairment Loans Individually Evaluated for Impairment Allowance Allocation Recorded Investment of Loans (1) Ratio Allowance Allocation Recorded Investment of Loans (1) Ratio (In thousands) (In thousands) Single-family residential $ 47,073 $ 5,595,752 0.8 % $ 275 $ 51,718 0.5 % Construction 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 As of December 31, 2015 , $107,771,000 of the allowance was calculated under the formulas contained in our general allowance methodology and the remaining $130,000 was specific reserves on loans deemed to be individually impaired. As of 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 specific reserves on loans deemed to be individually impaired. The Company has an asset quality review function that analyzes its loan portfolios 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 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 risk rating categories as defined above. December 31, 2015 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total Gross Loans (In thousands) Non-acquired loans Single-family residential $ 5,551,785 $ — $ 77,930 $ — $ — $ 5,629,715 Construction 655,964 4,274 — — — 660,238 Construction - custom 402,000 — 2,849 — — 404,849 Land - acquisition & development 87,772 5,627 3,626 — — 97,025 Land - consumer lot loans 100,125 — 2,251 — — 102,376 Multi-family 997,696 — — — — 997,696 Commercial real estate 813,974 8,111 17,073 — — 839,157 Commercial & industrial 713,240 3,058 34,775 — — 751,073 HELOC 127,198 — 721 — — 127,919 Consumer 180,892 — 250 — — 181,142 9,630,645 21,070 139,475 — — 9,791,190 Non-impaired acquired loans 152,761 — 11,619 — — 164,380 Credit-impaired acquired loans 79,555 199 36,276 — — 116,030 Covered loans 37,555 — 1,029 — — 38,584 Total gross loans $ 9,900,516 $ 21,269 $ 188,399 $ — $ — $ 10,110,184 Total grade as a % of total gross loans 97.9 % 0.2 % 1.9 % — % — % September 30, 2015 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total Gross Loans (In thousands) Non-acquired loans Single-family residential $ 5,558,700 $ — $ 93,145 $ — $ — $ 5,651,845 Construction 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 9,333,233 6,721 154,033 — — 9,493,987 Non-impaired 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 % — % — % The following tables provide information on loans (excluding acquired and covered loans) based on borrower payment activity. December 31, 2015 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (In thousands) Single-family residential $ 5,585,859 99.2 % $ 43,856 0.8 % Construction 660,238 100.0 — — Construction - custom 402,331 99.4 2,518 0.6 Land - acquisition & development 96,516 99.5 509 0.5 Land - consumer lot loans 101,437 99.1 939 0.9 Multi-family 996,158 99.8 1,538 0.2 Commercial real estate 832,476 99.2 6,681 0.8 Commercial & industrial 750,958 100.0 115 — HELOC 127,446 99.6 473 0.4 Consumer 181,023 99.9 119 0.1 $ 9,734,442 99.4 % $ 56,748 0.6 % September 30, 2015 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (In thousands) Single-family residential $ 5,592,771 99.0 % $ 59,074 1.0 % Construction 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 % The following tables provide information on impaired loan balances and the related allowances by loan types. December 31, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (In thousands) With no related allowance recorded: Single-family residential $ 14,791 $ 16,304 $ — $ 12,837 Construction — — — — Construction - custom 1,182 1,182 — 868 Land - acquisition & development 542 8,630 — 1,327 Land - consumer lot loans 510 527 — 427 Multi-family 761 4,754 — 1,117 Commercial real estate 7,331 8,671 — 4,686 Commercial & industrial 953 6,687 — 948 HELOC 262 631 — 245 Consumer 479 479 — 385 26,811 47,865 — 22,840 With an allowance recorded: Single-family residential 246,210 249,530 6,339 246,922 Construction — — — — Construction - custom — — — — Land - acquisition & development 2,101 3,303 — 2,294 Land - consumer lot loans 11,080 11,345 — 11,120 Multi-family 2,430 2,435 — 2,437 Commercial real estate 23,802 27,168 — 24,042 Commercial & industrial — — — — HELOC 1,393 1,393 — 1,393 Consumer 97 286 — 98 287,113 295,460 6,339 (1) 288,306 Total: Single-family residential 261,001 265,834 6,339 259,759 Construction — — — — Construction - custom 1,182 1,182 — 868 Land - acquisition & development 2,643 11,933 — 3,621 Land - consumer lot loans 11,590 11,872 — 11,547 Multi-family 3,191 7,189 — 3,554 Commercial real estate 31,133 35,839 — 28,728 Commercial & industrial 953 6,687 — 948 HELOC 1,655 2,024 — 1,638 Consumer 576 765 — 483 $ 313,924 $ 343,325 $ 6,339 (1) $ 311,146 (1) Includes $130,000 of specific reserves and $6,209,000 included in the general reserves. 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 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 4,988 5,778 — 5,432 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 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 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. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC 825 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. ASC 825 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 the Company's 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 Securities available for sale are recorded at fair value on a recurring basis. Most 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. Securities that are traded on active exchanges are considered a Level 1 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 a commercial loan hedge as well as long term borrowing hedges using 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 tables present the balance of assets and liabilities measured at fair value on a recurring basis. December 31, 2015 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Available-for-sale securities: Equity securities $ 101,558 — — $ 101,558 Obligations of U.S. government — 425,814 — 425,814 Obligations of states and political subdivisions — 27,232 — 27,232 Corporate debt securities — 505,406 — 505,406 Mortgage-backed securities — Agency pass-through certificates — 1,149,087 — 1,149,087 Other Commercial MBS — 95,691 — 95,691 Total available-for-sale securities 101,558 2,203,230 — 2,304,788 Interest rate contracts — 9,656 — 9,656 Total financial assets $ 101,558 $ 2,212,886 $ — $ 2,314,444 Financial Liabilities Interest rate contracts $ — $ 9,656 $ — $ 9,656 Commercial loan hedge — 565 — 565 Long term borrowing hedge — 11,759 — 11,759 Total financial liabilities $ — $ 21,980 $ — $ 21,980 There were no transfers between, into and/or out of Levels 1, 2 or 3 during the quarter ended December 31, 2015 . September 30, 2015 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets 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 Corporate debt securities — 505,800 — 505,800 Mortgage-backed securities — Agency pass-through certificates — 1,160,518 — 1,160,518 Other Commercial MBS — 102,706 — 102,706 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 fiscal year ended September 30, 2015 . 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, adjustments using fair value measurements are recorded to reflect increases or decreases 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 an updated appraised 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 December 31, 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 tables present the aggregated balance of assets that were measured at fair value on a nonrecurring basis at December 31, 2015 and December 31, 2014 , and the total losses (gains) resulting from those fair value adjustments for the three months ended December 31, 2015 and December 31, 2014 . The estimated fair value measurements are shown gross of estimated selling costs. Three Months Ended December 31, 2015 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) Impaired loans (1) $ — $ — $ 8,524 $ 8,524 $ (1,681 ) Real estate owned (2) — — 7,145 7,145 (1,755 ) Balance at end of period $ — $ — $ 15,669 $ 15,669 $ (3,436 ) (1) The gains (losses) represent remeasurements of collateral-dependent loans. (2) The gains (losses) represent aggregate writedowns and charge-offs on real estate held for sale. Three Months Ended December 31, 2014 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) Impaired loans (1) $ — $ — $ 146 $ 146 $ (64 ) Real estate owned (2) — — 37,942 37,942 8,237 Balance at end of period $ — $ — $ 38,088 $ 38,088 $ 8,173 (1) The gains (losses) represent remeasurements of collateral-dependent loans. (2) The gains (losses) represent aggregate writedowns and charge-offs on real estate held for sale. 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 that were 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. 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 below, such amounts have not been comprehensively revalued for purposes of these financial statements since the dates shown, and therefore, estimates of fair value subsequent to those dates may differ significantly from the amounts presented below. December 31, 2015 September 30, 2015 Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (In thousands) Financial assets Cash and cash equivalents 1 $ 305,959 $ 305,959 $ 284,049 $ 284,049 Available-for-sale securities Equity securities 1 101,558 101,558 101,952 101,952 Obligations of U.S. government 2 425,814 425,814 482,464 482,464 Obligations of states and political subdivisions 2 27,232 27,232 27,123 27,123 Corporate debt securities 2 505,406 505,406 505,800 505,800 Mortgage-backed securities Agency pass-through certificates 2 1,149,087 1,149,087 1,160,518 1,160,518 Other commercial MBS 2 95,691 95,691 102,706 102,706 Total available-for-sale securities 2,304,788 2,304,788 2,380,563 2,380,563 Held-to-maturity securities 2 Mortgage-backed securities Agency pass-through certificates 2 1,598,370 1,571,288 1,643,216 1,637,420 Total held-to-maturity securities 1,598,370 1,571,288 1,643,216 1,637,420 Loans receivable 3 9,402,730 9,901,403 9,170,634 9,667,750 FDIC indemnification asset 3 14,076 13,271 16,275 15,522 FHLB and FRB stock 2 111,107 111,107 107,198 107,198 Other assets - interest rate contracts 2 9,656 9,656 11,879 11,879 Financial liabilities Customer accounts 2 10,651,119 9,920,280 10,631,703 10,004,290 FHLB advances 2 1,928,000 2,012,603 1,830,000 1,938,384 Other liabilities - interest rate contracts 2 9,656 9,656 11,879 11,879 Other liabilities - commercial loan hedge 2 565 565 966 966 Other liabilities - long term borrowing hedge 2 11,759 11,759 14,555 14,555 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 primarily priced using model pricing based on the securities' relationship to other benchmark quoted prices as provided by an independent third party, and are considered a Level 2 input method. Equity securities which are exchange traded are considered a Level 1 input method. Loans receivable and covered loans – 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 par 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 – 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. Commercial Loan Hedge – The fair value of the interest rate swap is 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. The following tables provide a reconciliation of amortized cost to fair value of available-for-sale and held-to-maturity securities. December 31, 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 $ 99,907 $ 1,600 $ (593 ) $ 100,914 1.89 % 5 to 10 years 76,604 — (1,852 ) 74,752 1.35 Over 10 years 254,886 100 (4,838 ) 250,148 1.34 Equity Securities Within 1 year 500 11 — 511 1.80 1 to 5 years 99,922 1,124 — 101,046 1.90 5 to 10 years — — — — — Corporate bonds due Within 1 year 24,872 103 — 24,975 0.57 1 to 5 years 341,470 839 (108 ) 342,201 1.20 5 to 10 years 89,952 558 (3,030 ) 87,480 1.80 Over 10 years 50,000 750 — 50,750 3.00 Municipal bonds due 1 to 5 years 2,292 3 — 2,295 1.23 5 to 10 years 1,311 18 — 1,329 2.05 Over 10 years 20,377 3,230 — 23,607 6.45 Mortgage-backed securities Agency pass-through certificates 1,141,558 11,636 (4,105 ) 1,149,089 2.56 Other Commercial MBS 96,383 18 (710 ) 95,691 1.58 2,300,034 19,990 (15,236 ) 2,304,788 2.07 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 1,598,370 5,638 (32,719 ) 1,571,289 3.19 $ 3,898,404 $ 25,628 $ (47,955 ) $ 3,876,077 2.53 % 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 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 $ 4,008,666 $ 38,674 $ (29,357 ) $ 4,017,983 2.46 % There were no available-for-sale securities sold during the quarter ended December 31, 2015 or the quarter ended December 31, 2014 . Substantially all of the agency mortgage-backed securities have contractual due dates that exceed 10 years . The following tables show the unrealized gross losses and fair value of securities as of December 31, 2015 and September 30, 2015 , by length of time that individual securities in each category have been in a continuous loss position. The decline in fair value is attributable to changes in interest rates. Because the Company does not intend to sell these securities and does not consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other than temporarily impaired. December 31, 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 due $ (108 ) $ 32,986 $ (3,030 ) $ 46,970 $ (3,138 ) $ 79,956 U.S. government and agency securities due (5,062 ) 243,329 (2,221 ) 109,611 (7,283 ) 352,940 Agency pass-through certificates (3,181 ) 636,155 (34,354 ) 1,266,121 (37,535 ) 1,902,276 $ (8,351 ) $ 912,470 $ (39,605 ) $ 1,422,702 $ (47,956 ) $ 2,335,172 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 due $ (183 ) $ 72,862 $ (3,399 ) $ 46,601 $ (3,582 ) $ 119,463 U.S. government and agency securities due (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 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Dec. 31, 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 from variable to fixed interest rate payments, while the Bank retains a variable rate loan. Under these agreements, the Bank enters into a variable rate loan agreement and a swap agreement with the client. The swap agreement effectively converts the client’s variable rate loan into a fixed rate. The Bank enters into a corresponding swap agreement with a third party in order to offset its exposure on the variable and fixed components of the client's swap agreement. The Bank had $ 474,900,000 and $439,416,000 notional in interest rate swaps to hedge this exposure as of December 31, 2015 and September 30, 2015 , respectively. The interest rate swaps are derivatives under ASC 815, Derivatives and Hedging, with changes in fair value recorded in earnings. There was no net impact to the statement of operations for the three months ended December 31, 2015 as the changes in value for the asset and liability side of the swaps offset each other. 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 the risk of rising interest rates, specifically LIBOR rates, which are a benchmark for the short term borrowings. The hedging program qualifies as a cash flow hedge 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 is recorded in other comprehensive income. The Bank had $400,000,000 notional in forward starting interest rate swaps to hedge future borrowing rates as of December 31, 2015 and September 30, 2015 . The impact on accumulated other comprehensive income as of December 31, 2015 was an after-tax gain of $1,768,000 . The Bank has also entered into an interest rate swap to hedge the interest rate risk of an individual fixed rate commercial loan and this relationship qualifies as a fair value hedge 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 Bank had $54,155,000 and $54,815,000 notional in interest rate swap to hedge this loan as of December 31, 2015 and September 30, 2015 , respectively The following table presents the fair value and balance sheet classification of derivatives at December 31, 2015 and September 30, 2015 : Asset Derivatives Liability Derivatives December 31, 2015 September 30, 2015 December 31, 2015 September 30, 2015 Balance Sheet Balance Sheet Balance Sheet Balance Sheet Location Fair Value Location Fair Value Location Fair Value Location Fair Value (In thousands) Interest rate contracts Other assets $ 9,656 Other assets $ 11,879 Other liabilities $ 9,656 Other liabilities $ 11,879 Commercial loan hedge Other assets — Other assets — Other liabilities 565 Other liabilities 966 Long term borrowing hedge Other assets — Other assets — Other liabilities 11,759 Other liabilities 14,555 $ 9,656 $ 11,879 $ 21,980 $ 27,400 |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Off-Balance-Sheet Credit Exposures | The Company estimates losses on off-balance-sheet credit exposures by allocating a loss percentage derived from historical loss factors for each asset class. |
New Accounting Pronouncements | In January 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-04, 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. The Company's adoption of this guidance did not have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, 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 and early adoption is permitted. ASU 2015-03 may be applied retrospectively in previously issued financial statements for one or more years with a cumulative-effect adjustment to retained earnings. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers . The guidance in this update supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the industry topics of the codification. For public companies, this update was to be effective for interim and annual periods beginning after December 15, 2016. However, in August 2015, the FASB issued ASU 2015-14, which delayed the effective date of ASU 2014-09 by one year and permits companies to voluntarily adopt the new standard as of the original effective date. The Company does not expect this guidance to have a material impact on its consolidated financial statements. On April 15, 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in Cloud Computing Arrangement . The ASU was issued to clarify a customer's accounting for fees paid in a cloud computing arrangement. The amendments provide guidance to customers in determining whether a cloud computing arrangement includes a software license that should be accounted for as internal-use software. If the arrangement does not contain a software license, it would be accounted for as a service contract. The guidance in this ASU are effective for interim and annual periods beginning after December 15, 2015 and can be adopted either (1) prospectively to all arrangements entered into or materially modified after the effective date or (2) retrospectively. The Company does not expect this guidance to have a material impact on its consolidated financial statements. On September 25, 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments . the amendments in ASU 2015-16 require that the acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined. The acquirer is required to also record, in the same period’s financial statements, the effect on earnings as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. In addition, an entity is required to present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The amendments in ASU 2015-16 are effective for years beginning after December 15, 2015. Early adoption is permitted for reporting periods for which financial statements have not been issued. The Company does not expect this guidance to have a material impact on its consolidated financial statements. |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | The following table is a summary of loans receivable (including LIP, net of charge offs.) December 31, 2015 September 30, 2015 (In thousands) (In thousands) Non-Acquired loans Single-family residential $ 5,629,715 55.7 % $ 5,651,845 57.5 % Construction 660,238 6.5 200,509 2.0 Construction - custom 404,849 4.0 396,307 4.0 Land - acquisition & development 97,025 1.0 94,208 1.0 Land - consumer lot loans 102,376 1.0 103,989 1.1 Multi-family 997,696 9.9 1,125,722 11.5 Commercial real estate 839,157 8.3 986,270 10.0 Commercial & industrial 751,073 7.4 612,836 6.2 HELOC 127,919 1.3 127,646 1.3 Consumer 181,142 1.8 194,655 2.0 Total non-acquired loans 9,791,190 96.9 % 9,493,987 96.6 % Acquired loans 164,380 1.6 166,293 1.7 Credit impaired acquired loans 116,030 1.1 87,081 0.9 Covered loans 38,584 0.4 75,909 0.8 Total gross loans 10,110,184 100.0 % 9,823,270 100.0 % Less: Allowance for probable losses 107,901 106,829 Loans in process 535,850 476,796 Discount on acquired loans 25,040 30,095 Deferred net origination fees 38,663 38,916 Total loan contra accounts 707,454 652,636 Net Loans $ 9,402,730 $ 9,170,634 |
Summary of Information Regarding Non-Accrual Loans | The following table sets forth information regarding non-accrual loans. December 31, 2015 September 30, 2015 (In thousands) Non-accrual loans: Single-family residential $ 43,856 77.3 % $ 59,074 87.1 % Construction — — 754 1.1 % Construction - custom 2,518 4.4 732 1.1 % Land - acquisition & development 509 0.9 — — % Land - consumer lot loans 939 1.7 1,273 1.9 % Multi-family 1,538 2.7 2,558 3.8 % Commercial real estate 6,681 11.8 2,176 3.2 % Commercial & industrial 115 0.2 — — % HELOC 473 0.8 563 0.8 % Consumer 119 0.2 680 1.0 % Total non-accrual loans $ 56,748 100 % $ 67,810 100 % |
Analysis of Age of Loans in Past Due Status | The following tables provide details regarding delinquent loans. December 31, 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 $ 5,644,009 $ 5,576,774 $ 17,285 $ 9,939 $ 40,010 $ 67,234 1.19 % Construction 325,485 324,619 560 306 — 866 0.27 Construction - Custom 221,327 218,773 28 9 2,518 2,554 1.15 Land - Acquisition & Development 85,830 84,805 387 — 638 1,025 1.19 Land - Consumer Lot Loans 102,887 100,224 828 897 938 2,663 2.59 Multi-Family 966,921 965,110 1,196 — 615 1,811 0.19 Commercial Real Estate 929,495 920,582 841 1,933 6,139 8,913 0.96 Commercial & Industrial 756,831 754,611 2,219 1 — 2,220 0.29 HELOC 125,479 124,883 19 19 558 595 0.47 Consumer 181,431 179,977 882 352 221 1,454 0.80 9,339,695 9,250,358 24,245 13,456 51,637 89,335 0.96 Acquired loans 140,995 140,137 193 16 649 858 0.61 Credit impaired acquired loans 55,060 52,806 854 — 1,400 2,254 4.09 Covered loans 38,584 37,062 501 295 726 1,522 3.94 Total Loans $ 9,574,334 $ 9,480,363 $ 25,793 $ 13,767 $ 54,412 $ 93,969 0.98 % Delinquency % 99.02% 0.27% 0.14% 0.57% 0.98% 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 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 Impaired Loans, Loan Commitments and Loans Serviced | The following table provides information related to loans that were restructured in at TDR during the periods presented: Quarter Ended December 31, 2015 2014 Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment (In thousands) (In thousands) Troubled Debt Restructurings: Single-family residential 3 $ 729 $ 729 35 $ 9,600 $ 9,600 Construction — — — 2 718 718 Land - consumer lot loans — — — 2 532 532 Commercial real estate 5 965 965 — — — Consumer — — — 1 85 85 8 $ 1,694 $ 1,694 40 $ 10,935 $ 10,935 |
Schedule of Loan Modifications | The following table provides information on payment defaults occurring during the periods presented where the loan had been modified in a TDR within 12 months of the payment default. Quarter Ended December 31, 2015 2014 Number of Recorded Number of Recorded Contracts Investment Contracts Investment (In thousands) (In thousands) TDRs That Subsequently Defaulted: Single-family residential 5 $ 668 8 $ 1,431 Land - consumer lot loans 1 148 3 389 6 $ 816 11 $ 1,820 |
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). Quarter Ended December 31, 2015 Fiscal Year Ended September 30, 2015 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 $ 72,705 $ 111,300 $ 7,204 $ 187,080 $ 97,125 $ 135,826 $ 14,513 $ 275,862 Additions — — — — — — — — Net reclassification from nonaccretable — — — — 6,307 — 346 — Accretion (5,526 ) 5,526 (857 ) 857 (30,727 ) 30,727 (7,655 ) 7,655 Transfers to REO — — — — — (2,975 ) — (150 ) Payments received, net — (7,680 ) — (3,790 ) — (52,278 ) — (96,287 ) Ending Balance $ 67,179 $ 109,146 $ 6,347 $ 184,147 $ 72,705 $ 111,300 $ 7,204 $ 187,080 |
Schedule of Activity for FDIC Indemnification Asset | The following table shows activity for the FDIC indemnification asset: Three Months Ended December 31, 2015 Fiscal Year Ended September 30, 2015 (In thousands) Balance at beginning of period $ 16,275 $ 36,860 Additions — (1,795 ) Payments received (1,974 ) (720 ) Amortization (287 ) (18,588 ) Accretion 62 518 Balance at end of period $ 14,076 $ 16,275 |
Allowance for Losses on Loans (
Allowance for Losses on Loans (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Summary of Activity in Allowance for Loan Losses | The following tables summarize the activity in the allowance for loan losses. Three Months Ended December 31, 2015 Beginning Allowance Charge-offs Recoveries Provision & Transfers Ending Allowance (In thousands) Single-family residential $ 47,347 $ (1,139 ) $ 2,466 $ (918 ) $ 47,756 Construction 6,680 — 155 179 7,014 Construction - custom 990 (60 ) — 132 1,062 Land - acquisition & development 5,781 — 35 962 6,778 Land - consumer lot loans 2,946 (408 ) — 463 3,001 Multi-family 5,304 — — (257 ) 5,047 Commercial real estate 8,960 (23 ) 123 1,284 10,344 Commercial & industrial 24,980 (248 ) 1 (637 ) 24,096 HELOC 902 (1 ) 21 (102 ) 820 Consumer 2,939 (242 ) 392 (1,106 ) 1,983 $ 106,829 $ (2,121 ) $ 3,193 $ — $ 107,901 Fiscal Year Ended 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 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 |
Summary of Loans Collectively and Individually Evaluated for Impairment and Related Allocation of Reserves | The following tables show loans collectively and individually evaluated for impairment and the related allocation of general and specific reserves. December 31, 2015 Loans Collectively Evaluated for Impairment Loans Individually Evaluated for Impairment Allowance Allocation Recorded Investment of Loans (1) Ratio Allowance Allocation Recorded Investment of Loans (1) Ratio (In thousands) (In thousands) Single-family residential $ 47,625 $ 5,614,580 0.8 % $ 130 $ 14,206 0.9 % Construction 7,014 121,689 5.8 — — — Construction - custom 1,062 218,749 0.5 — 2,578 — Land - acquisition & development 6,778 77,223 8.8 — 6,649 — Land - consumer lot loans 3,001 91,664 3.3 — 10,658 — Multi-family 5,048 1,085,243 0.5 — 3,500 — Commercial real estate 10,344 939,248 1.1 — 9,811 — Commercial & industrial 24,096 776,240 3.1 — 27 — HELOC 820 126,596 0.6 — 1,310 — Consumer 1,983 180,814 1.1 — 328 — $ 107,771 $ 9,232,046 1.2 % $ 130 $ 49,067 0.3 % (1) Excludes acquired loans with discounts sufficient to absorb potential losses and covered loans September 30, 2015 Loans Collectively Evaluated for Impairment Loans Individually Evaluated for Impairment Allowance Allocation Recorded Investment of Loans (1) Ratio Allowance Allocation Recorded Investment of Loans (1) Ratio (In thousands) (In thousands) Single-family residential $ 47,073 $ 5,595,752 0.8 % $ 275 $ 51,718 0.5 % Construction 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 |
Summary of Loans Based on Credit Quality Indicators | The following tables provide information on loans based on risk rating categories as defined above. December 31, 2015 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total Gross Loans (In thousands) Non-acquired loans Single-family residential $ 5,551,785 $ — $ 77,930 $ — $ — $ 5,629,715 Construction 655,964 4,274 — — — 660,238 Construction - custom 402,000 — 2,849 — — 404,849 Land - acquisition & development 87,772 5,627 3,626 — — 97,025 Land - consumer lot loans 100,125 — 2,251 — — 102,376 Multi-family 997,696 — — — — 997,696 Commercial real estate 813,974 8,111 17,073 — — 839,157 Commercial & industrial 713,240 3,058 34,775 — — 751,073 HELOC 127,198 — 721 — — 127,919 Consumer 180,892 — 250 — — 181,142 9,630,645 21,070 139,475 — — 9,791,190 Non-impaired acquired loans 152,761 — 11,619 — — 164,380 Credit-impaired acquired loans 79,555 199 36,276 — — 116,030 Covered loans 37,555 — 1,029 — — 38,584 Total gross loans $ 9,900,516 $ 21,269 $ 188,399 $ — $ — $ 10,110,184 Total grade as a % of total gross loans 97.9 % 0.2 % 1.9 % — % — % September 30, 2015 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total Gross Loans (In thousands) Non-acquired loans Single-family residential $ 5,558,700 $ — $ 93,145 $ — $ — $ 5,651,845 Construction 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 9,333,233 6,721 154,033 — — 9,493,987 Non-impaired 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 % — % — % The following tables provide information on loans (excluding acquired and covered loans) based on borrower payment activity. December 31, 2015 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (In thousands) Single-family residential $ 5,585,859 99.2 % $ 43,856 0.8 % Construction 660,238 100.0 — — Construction - custom 402,331 99.4 2,518 0.6 Land - acquisition & development 96,516 99.5 509 0.5 Land - consumer lot loans 101,437 99.1 939 0.9 Multi-family 996,158 99.8 1,538 0.2 Commercial real estate 832,476 99.2 6,681 0.8 Commercial & industrial 750,958 100.0 115 — HELOC 127,446 99.6 473 0.4 Consumer 181,023 99.9 119 0.1 $ 9,734,442 99.4 % $ 56,748 0.6 % September 30, 2015 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (In thousands) Single-family residential $ 5,592,771 99.0 % $ 59,074 1.0 % Construction 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 % |
Summary of Impaired Loans Based on Type | The following tables provide information on impaired loan balances and the related allowances by loan types. December 31, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (In thousands) With no related allowance recorded: Single-family residential $ 14,791 $ 16,304 $ — $ 12,837 Construction — — — — Construction - custom 1,182 1,182 — 868 Land - acquisition & development 542 8,630 — 1,327 Land - consumer lot loans 510 527 — 427 Multi-family 761 4,754 — 1,117 Commercial real estate 7,331 8,671 — 4,686 Commercial & industrial 953 6,687 — 948 HELOC 262 631 — 245 Consumer 479 479 — 385 26,811 47,865 — 22,840 With an allowance recorded: Single-family residential 246,210 249,530 6,339 246,922 Construction — — — — Construction - custom — — — — Land - acquisition & development 2,101 3,303 — 2,294 Land - consumer lot loans 11,080 11,345 — 11,120 Multi-family 2,430 2,435 — 2,437 Commercial real estate 23,802 27,168 — 24,042 Commercial & industrial — — — — HELOC 1,393 1,393 — 1,393 Consumer 97 286 — 98 287,113 295,460 6,339 (1) 288,306 Total: Single-family residential 261,001 265,834 6,339 259,759 Construction — — — — Construction - custom 1,182 1,182 — 868 Land - acquisition & development 2,643 11,933 — 3,621 Land - consumer lot loans 11,590 11,872 — 11,547 Multi-family 3,191 7,189 — 3,554 Commercial real estate 31,133 35,839 — 28,728 Commercial & industrial 953 6,687 — 948 HELOC 1,655 2,024 — 1,638 Consumer 576 765 — 483 $ 313,924 $ 343,325 $ 6,339 (1) $ 311,146 (1) Includes $130,000 of specific reserves and $6,209,000 included in the general reserves. 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 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 4,988 5,778 — 5,432 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 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 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 reser |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets Measured on Recurring Basis | The following tables present the balance of assets and liabilities measured at fair value on a recurring basis. December 31, 2015 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Available-for-sale securities: Equity securities $ 101,558 — — $ 101,558 Obligations of U.S. government — 425,814 — 425,814 Obligations of states and political subdivisions — 27,232 — 27,232 Corporate debt securities — 505,406 — 505,406 Mortgage-backed securities — Agency pass-through certificates — 1,149,087 — 1,149,087 Other Commercial MBS — 95,691 — 95,691 Total available-for-sale securities 101,558 2,203,230 — 2,304,788 Interest rate contracts — 9,656 — 9,656 Total financial assets $ 101,558 $ 2,212,886 $ — $ 2,314,444 Financial Liabilities Interest rate contracts $ — $ 9,656 $ — $ 9,656 Commercial loan hedge — 565 — 565 Long term borrowing hedge — 11,759 — 11,759 Total financial liabilities $ — $ 21,980 $ — $ 21,980 There were no transfers between, into and/or out of Levels 1, 2 or 3 during the quarter ended December 31, 2015 . September 30, 2015 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets 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 Corporate debt securities — 505,800 — 505,800 Mortgage-backed securities — Agency pass-through certificates — 1,160,518 — 1,160,518 Other Commercial MBS — 102,706 — 102,706 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 |
Aggregated Balance of Assets Measured at Estimated Fair Value on a Nonrecurring Basis and Total Losses Resulting from Those Fair Value Adjustments | The following tables present the aggregated balance of assets that were measured at fair value on a nonrecurring basis at December 31, 2015 and December 31, 2014 , and the total losses (gains) resulting from those fair value adjustments for the three months ended December 31, 2015 and December 31, 2014 . The estimated fair value measurements are shown gross of estimated selling costs. Three Months Ended December 31, 2015 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) Impaired loans (1) $ — $ — $ 8,524 $ 8,524 $ (1,681 ) Real estate owned (2) — — 7,145 7,145 (1,755 ) Balance at end of period $ — $ — $ 15,669 $ 15,669 $ (3,436 ) (1) The gains (losses) represent remeasurements of collateral-dependent loans. (2) The gains (losses) represent aggregate writedowns and charge-offs on real estate held for sale. Three Months Ended December 31, 2014 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) Impaired loans (1) $ — $ — $ 146 $ 146 $ (64 ) Real estate owned (2) — — 37,942 37,942 8,237 Balance at end of period $ — $ — $ 38,088 $ 38,088 $ 8,173 (1) The gains (losses) represent remeasurements of collateral-dependent loans. (2) The gains (losses) represent aggregate writedowns and charge-offs on real estate held for sale. |
Fair Value of Financial Instruments by Balance Sheet Grouping | Although management is not aware of any factors that would materially affect the estimated fair value amounts presented below, such amounts have not been comprehensively revalued for purposes of these financial statements since the dates shown, and therefore, estimates of fair value subsequent to those dates may differ significantly from the amounts presented below. December 31, 2015 September 30, 2015 Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (In thousands) Financial assets Cash and cash equivalents 1 $ 305,959 $ 305,959 $ 284,049 $ 284,049 Available-for-sale securities Equity securities 1 101,558 101,558 101,952 101,952 Obligations of U.S. government 2 425,814 425,814 482,464 482,464 Obligations of states and political subdivisions 2 27,232 27,232 27,123 27,123 Corporate debt securities 2 505,406 505,406 505,800 505,800 Mortgage-backed securities Agency pass-through certificates 2 1,149,087 1,149,087 1,160,518 1,160,518 Other commercial MBS 2 95,691 95,691 102,706 102,706 Total available-for-sale securities 2,304,788 2,304,788 2,380,563 2,380,563 Held-to-maturity securities 2 Mortgage-backed securities Agency pass-through certificates 2 1,598,370 1,571,288 1,643,216 1,637,420 Total held-to-maturity securities 1,598,370 1,571,288 1,643,216 1,637,420 Loans receivable 3 9,402,730 9,901,403 9,170,634 9,667,750 FDIC indemnification asset 3 14,076 13,271 16,275 15,522 FHLB and FRB stock 2 111,107 111,107 107,198 107,198 Other assets - interest rate contracts 2 9,656 9,656 11,879 11,879 Financial liabilities Customer accounts 2 10,651,119 9,920,280 10,631,703 10,004,290 FHLB advances 2 1,928,000 2,012,603 1,830,000 1,938,384 Other liabilities - interest rate contracts 2 9,656 9,656 11,879 11,879 Other liabilities - commercial loan hedge 2 565 565 966 966 Other liabilities - long term borrowing hedge 2 11,759 11,759 14,555 14,555 The following table presents the fair value and balance sheet classification of derivatives at December 31, 2015 and September 30, 2015 : Asset Derivatives Liability Derivatives December 31, 2015 September 30, 2015 December 31, 2015 September 30, 2015 Balance Sheet Balance Sheet Balance Sheet Balance Sheet Location Fair Value Location Fair Value Location Fair Value Location Fair Value (In thousands) Interest rate contracts Other assets $ 9,656 Other assets $ 11,879 Other liabilities $ 9,656 Other liabilities $ 11,879 Commercial loan hedge Other assets — Other assets — Other liabilities 565 Other liabilities 966 Long term borrowing hedge Other assets — Other assets — Other liabilities 11,759 Other liabilities 14,555 $ 9,656 $ 11,879 $ 21,980 $ 27,400 |
Reconciliation of Amortized Cost to Fair Value of Available-for-Sale and Held-to-Maturity Securities | The following tables provide a reconciliation of amortized cost to fair value of available-for-sale and held-to-maturity securities. December 31, 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 $ 99,907 $ 1,600 $ (593 ) $ 100,914 1.89 % 5 to 10 years 76,604 — (1,852 ) 74,752 1.35 Over 10 years 254,886 100 (4,838 ) 250,148 1.34 Equity Securities Within 1 year 500 11 — 511 1.80 1 to 5 years 99,922 1,124 — 101,046 1.90 5 to 10 years — — — — — Corporate bonds due Within 1 year 24,872 103 — 24,975 0.57 1 to 5 years 341,470 839 (108 ) 342,201 1.20 5 to 10 years 89,952 558 (3,030 ) 87,480 1.80 Over 10 years 50,000 750 — 50,750 3.00 Municipal bonds due 1 to 5 years 2,292 3 — 2,295 1.23 5 to 10 years 1,311 18 — 1,329 2.05 Over 10 years 20,377 3,230 — 23,607 6.45 Mortgage-backed securities Agency pass-through certificates 1,141,558 11,636 (4,105 ) 1,149,089 2.56 Other Commercial MBS 96,383 18 (710 ) 95,691 1.58 2,300,034 19,990 (15,236 ) 2,304,788 2.07 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 1,598,370 5,638 (32,719 ) 1,571,289 3.19 $ 3,898,404 $ 25,628 $ (47,955 ) $ 3,876,077 2.53 % 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 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 $ 4,008,666 $ 38,674 $ (29,357 ) $ 4,017,983 2.46 % |
Schedule of Unrealized Losses and Fair Value of Securities | The following tables show the unrealized gross losses and fair value of securities as of December 31, 2015 and September 30, 2015 , by length of time that individual securities in each category have been in a continuous loss position. The decline in fair value is attributable to changes in interest rates. Because the Company does not intend to sell these securities and does not consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other than temporarily impaired. December 31, 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 due $ (108 ) $ 32,986 $ (3,030 ) $ 46,970 $ (3,138 ) $ 79,956 U.S. government and agency securities due (5,062 ) 243,329 (2,221 ) 109,611 (7,283 ) 352,940 Agency pass-through certificates (3,181 ) 636,155 (34,354 ) 1,266,121 (37,535 ) 1,902,276 $ (8,351 ) $ 912,470 $ (39,605 ) $ 1,422,702 $ (47,956 ) $ 2,335,172 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 due $ (183 ) $ 72,862 $ (3,399 ) $ 46,601 $ (3,582 ) $ 119,463 U.S. government and agency securities due (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 |
Derivatives and Hedging Activ19
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value and Balance Sheet Classification | Although management is not aware of any factors that would materially affect the estimated fair value amounts presented below, such amounts have not been comprehensively revalued for purposes of these financial statements since the dates shown, and therefore, estimates of fair value subsequent to those dates may differ significantly from the amounts presented below. December 31, 2015 September 30, 2015 Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (In thousands) Financial assets Cash and cash equivalents 1 $ 305,959 $ 305,959 $ 284,049 $ 284,049 Available-for-sale securities Equity securities 1 101,558 101,558 101,952 101,952 Obligations of U.S. government 2 425,814 425,814 482,464 482,464 Obligations of states and political subdivisions 2 27,232 27,232 27,123 27,123 Corporate debt securities 2 505,406 505,406 505,800 505,800 Mortgage-backed securities Agency pass-through certificates 2 1,149,087 1,149,087 1,160,518 1,160,518 Other commercial MBS 2 95,691 95,691 102,706 102,706 Total available-for-sale securities 2,304,788 2,304,788 2,380,563 2,380,563 Held-to-maturity securities 2 Mortgage-backed securities Agency pass-through certificates 2 1,598,370 1,571,288 1,643,216 1,637,420 Total held-to-maturity securities 1,598,370 1,571,288 1,643,216 1,637,420 Loans receivable 3 9,402,730 9,901,403 9,170,634 9,667,750 FDIC indemnification asset 3 14,076 13,271 16,275 15,522 FHLB and FRB stock 2 111,107 111,107 107,198 107,198 Other assets - interest rate contracts 2 9,656 9,656 11,879 11,879 Financial liabilities Customer accounts 2 10,651,119 9,920,280 10,631,703 10,004,290 FHLB advances 2 1,928,000 2,012,603 1,830,000 1,938,384 Other liabilities - interest rate contracts 2 9,656 9,656 11,879 11,879 Other liabilities - commercial loan hedge 2 565 565 966 966 Other liabilities - long term borrowing hedge 2 11,759 11,759 14,555 14,555 The following table presents the fair value and balance sheet classification of derivatives at December 31, 2015 and September 30, 2015 : Asset Derivatives Liability Derivatives December 31, 2015 September 30, 2015 December 31, 2015 September 30, 2015 Balance Sheet Balance Sheet Balance Sheet Balance Sheet Location Fair Value Location Fair Value Location Fair Value Location Fair Value (In thousands) Interest rate contracts Other assets $ 9,656 Other assets $ 11,879 Other liabilities $ 9,656 Other liabilities $ 11,879 Commercial loan hedge Other assets — Other assets — Other liabilities 565 Other liabilities 966 Long term borrowing hedge Other assets — Other assets — Other liabilities 11,759 Other liabilities 14,555 $ 9,656 $ 11,879 $ 21,980 $ 27,400 |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in process | $ 535,850 | $ 476,796 |
Loans and Leases Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in process | $ 923,891 | $ 816,014 |
Dividends and Share Repurchas21
Dividends and Share Repurchases (Details) - $ / shares | Jan. 20, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Dividends Payable [Line Items] | |||
Cash dividends per share (in dollars per share) | $ 0.13 | $ 0.15 | |
Stock repurchased (in shares) | 423,082 | 1,116,147 | |
Average cost per share (in dollars per share) | $ 23.49 | $ 21.79 | |
Remaining shares authorized to be repurchased (in shares) | 3,778,148 | ||
Subsequent Event | |||
Dividends Payable [Line Items] | |||
Dividends declared (in dollars per share) | $ 0.14 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Accounts, Notes, Loans, and Financing Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 10,110,184 | $ 9,823,270 | |
Ratio of type of loan to total loans receivable | 100.00% | 100.00% | |
Allowance for probable losses | $ 107,901 | $ 106,829 | $ 114,591 |
Loans in process | 535,850 | 476,796 | |
Discount on acquired loans | 25,040 | 30,095 | |
Deferred net origination fees | 38,663 | 38,916 | |
Charges against loans receivable | 707,454 | 652,636 | |
Loans receivable, net | 9,402,730 | 9,170,634 | |
Single-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | 47,756 | 47,347 | 62,763 |
Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | 7,014 | 6,680 | 6,742 |
Construction - custom | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | 1,062 | 990 | 1,695 |
Land - acquisition & development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | 6,778 | 5,781 | 5,592 |
Land - consumer lot loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | 3,001 | 2,946 | 3,077 |
Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | 5,047 | 5,304 | 4,248 |
Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | 10,344 | 8,960 | 7,548 |
Commercial & industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | 24,096 | 24,980 | 16,527 |
HELOC | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | 820 | 902 | 928 |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | 1,983 | 2,939 | $ 3,227 |
Non-Acquired loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 9,791,190 | $ 9,493,987 | |
Ratio of type of loan to total loans receivable | 96.90% | 96.60% | |
Non-Acquired loans | Single-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 5,629,715 | $ 5,651,845 | |
Ratio of type of loan to total loans receivable | 55.70% | 57.50% | |
Non-Acquired loans | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 660,238 | $ 200,509 | |
Ratio of type of loan to total loans receivable | 6.50% | 2.00% | |
Non-Acquired loans | Construction - custom | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 404,849 | $ 396,307 | |
Ratio of type of loan to total loans receivable | 4.00% | 4.00% | |
Non-Acquired loans | Land - acquisition & development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 97,025 | $ 94,208 | |
Ratio of type of loan to total loans receivable | 1.00% | 1.00% | |
Non-Acquired loans | Land - consumer lot loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 102,376 | $ 103,989 | |
Ratio of type of loan to total loans receivable | 1.00% | 1.10% | |
Non-Acquired loans | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 997,696 | $ 1,125,722 | |
Ratio of type of loan to total loans receivable | 9.90% | 11.50% | |
Non-Acquired loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 839,157 | $ 986,270 | |
Ratio of type of loan to total loans receivable | 8.30% | 10.00% | |
Non-Acquired loans | Commercial & industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 751,073 | $ 612,836 | |
Ratio of type of loan to total loans receivable | 7.40% | 6.20% | |
Non-Acquired loans | HELOC | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 127,919 | $ 127,646 | |
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 | $ 181,142 | $ 194,655 | |
Ratio of type of loan to total loans receivable | 1.80% | 2.00% | |
Acquired loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 164,380 | $ 166,293 | |
Ratio of type of loan to total loans receivable | 1.60% | 1.70% | |
Credit impaired acquired loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 116,030 | $ 87,081 | |
Ratio of type of loan to total loans receivable | 1.10% | 0.90% | |
Covered loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 38,584 | $ 75,909 | |
Ratio of type of loan to total loans receivable | 0.40% | 0.80% |
Loans Receivable - Loans on No
Loans Receivable - Loans on Non-accrual Status (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual of interest | $ 56,748 | $ 67,810 |
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 of interest | $ 43,856 | $ 59,074 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 77.30% | 87.10% |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual of interest | $ 0 | $ 754 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 0.00% | 1.10% |
Construction - custom | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual of interest | $ 2,518 | $ 732 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 4.40% | 1.10% |
Land - acquisition & development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual of interest | $ 509 | $ 0 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 0.90% | 0.00% |
Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual of interest | $ 939 | $ 1,273 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 1.70% | 1.90% |
Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual of interest | $ 1,538 | $ 2,558 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 2.70% | 3.80% |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual of interest | $ 6,681 | $ 2,176 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 11.80% | 3.20% |
Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual of interest | $ 115 | $ 0 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 0.20% | 0.00% |
HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual of interest | $ 473 | $ 563 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 0.80% | 0.80% |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual of interest | $ 119 | $ 680 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 0.20% | 1.00% |
Loans Receivable - Additional
Loans Receivable - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans by portfolio segment | $ 1,257 | ||
Impaired, interest lost on nonaccrual loans | $ 687 | ||
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.98% | 1.47% | 0.88% |
Percent of TDRs classified as performing | 96.60% | ||
Troubled debt restructuring, amount | $ 1,694 | $ 10,935 | |
Basis point reduction, minimum | 1.00% | ||
Basis point reduction, maximum | 2.00% | ||
Loans receivable, gross | $ 10,110,184 | $ 9,823,270 | |
Single family residential loans as percentage of restructured loans | 86.10% | ||
South Valley Bancorp, Inc. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Fair value of loans acquired | $ 1,700 | ||
Covered loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ratio of past due loans to total loans, net of charge-offs and LIPs | 3.94% | 6.80% | |
Loans receivable, gross | $ 38,584 | $ 75,909 | |
Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term for payment and rate reduction | 6 months | ||
Maximum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term for payment and rate reduction | 12 months | ||
Performing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled debt restructuring, amount | $ 282,723 |
Loans Receivable - Loans Recei
Loans Receivable - Loans Receivable, Analysis of Age of Loans in Past Due Status (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount of loans, net of charge-offs and LIP | $ 9,574,334 | $ 9,346,474 | |
Current | 9,480,363 | 9,263,876 | |
Past due | $ 93,969 | $ 82,598 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.98% | 0.88% | 1.47% |
Ratio of total past due loans to total loans receivable, current | 99.02% | 99.12% | |
Ratio of total past due loans to total loans receivable, past due | 0.98% | 0.88% | |
Financing Receivables, 1 to 29 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | $ 25,793 | $ 21,212 | |
Ratio of total past due loans to total loans receivable, past due | 0.27% | 0.23% | |
Financing Receivables, 30 to 59 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | $ 13,767 | $ 9,198 | |
Ratio of total past due loans to total loans receivable, past due | 0.14% | 0.10% | |
Financing Receivables, 60 to 89 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | $ 54,412 | $ 52,188 | |
Ratio of total past due loans to total loans receivable, past due | 0.57% | 0.56% | |
Non-Acquired loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount of loans, net of charge-offs and LIP | $ 9,339,695 | $ 9,073,176 | |
Current | 9,250,358 | 8,997,648 | |
Past due | $ 89,335 | $ 75,528 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.96% | 0.83% | |
Non-Acquired loans | Single-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount of loans, net of charge-offs and LIP | $ 5,644,009 | $ 5,655,928 | |
Current | 5,576,774 | 5,590,673 | |
Past due | $ 67,234 | $ 65,255 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 1.19% | 1.15% | |
Non-Acquired loans | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount of loans, net of charge-offs and LIP | $ 325,485 | $ 130,121 | |
Current | 324,619 | 130,121 | |
Past due | $ 866 | $ 0 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.27% | 0.00% | |
Non-Acquired loans | Construction - custom | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount of loans, net of charge-offs and LIP | $ 221,327 | $ 205,692 | |
Current | 218,773 | 204,168 | |
Past due | $ 2,554 | $ 1,524 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 1.15% | 0.74% | |
Non-Acquired loans | Land - acquisition & development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount of loans, net of charge-offs and LIP | $ 85,830 | $ 75,661 | |
Current | 84,805 | 74,737 | |
Past due | $ 1,025 | $ 924 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 1.19% | 1.22% | |
Non-Acquired loans | Land - consumer lot loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount of loans, net of charge-offs and LIP | $ 102,887 | $ 104,494 | |
Current | 100,224 | 102,045 | |
Past due | $ 2,663 | $ 2,449 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 2.59% | 2.34% | |
Non-Acquired loans | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount of loans, net of charge-offs and LIP | $ 966,921 | $ 1,068,038 | |
Current | 965,110 | 1,065,667 | |
Past due | $ 1,811 | $ 2,371 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.19% | 0.22% | |
Non-Acquired loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount of loans, net of charge-offs and LIP | $ 929,495 | $ 893,072 | |
Current | 920,582 | 892,180 | |
Past due | $ 8,913 | $ 892 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.96% | 0.10% | |
Non-Acquired loans | Commercial & industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount of loans, net of charge-offs and LIP | $ 756,831 | $ 617,545 | |
Current | 754,611 | 616,602 | |
Past due | $ 2,220 | $ 943 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.29% | 0.15% | |
Non-Acquired loans | HELOC | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount of loans, net of charge-offs and LIP | $ 125,479 | $ 127,648 | |
Current | 124,883 | 127,196 | |
Past due | $ 595 | $ 452 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.47% | 0.35% | |
Non-Acquired loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount of loans, net of charge-offs and LIP | $ 181,431 | $ 194,977 | |
Current | 179,977 | 194,259 | |
Past due | $ 1,454 | $ 718 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.80% | 0.37% | |
Non-Acquired loans | Financing Receivables, 1 to 29 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | $ 24,245 | $ 20,341 | |
Non-Acquired loans | Financing Receivables, 1 to 29 Days Past Due | Single-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 17,285 | 17,305 | |
Non-Acquired loans | Financing Receivables, 1 to 29 Days Past Due | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 560 | 0 | |
Non-Acquired loans | Financing Receivables, 1 to 29 Days Past Due | Construction - custom | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 28 | 791 | |
Non-Acquired loans | Financing Receivables, 1 to 29 Days Past Due | Land - acquisition & development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 387 | 406 | |
Non-Acquired loans | Financing Receivables, 1 to 29 Days Past Due | Land - consumer lot loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 828 | 689 | |
Non-Acquired loans | Financing Receivables, 1 to 29 Days Past Due | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 1,196 | 259 | |
Non-Acquired loans | Financing Receivables, 1 to 29 Days Past Due | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 841 | 131 | |
Non-Acquired loans | Financing Receivables, 1 to 29 Days Past Due | Commercial & industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 2,219 | 93 | |
Non-Acquired loans | Financing Receivables, 1 to 29 Days Past Due | HELOC | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 19 | 174 | |
Non-Acquired loans | Financing Receivables, 1 to 29 Days Past Due | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 882 | 493 | |
Non-Acquired loans | Financing Receivables, 30 to 59 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 13,456 | 9,104 | |
Non-Acquired loans | Financing Receivables, 30 to 59 Days Past Due | Single-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 9,939 | 7,757 | |
Non-Acquired loans | Financing Receivables, 30 to 59 Days Past Due | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 306 | 0 | |
Non-Acquired loans | Financing Receivables, 30 to 59 Days Past Due | Construction - custom | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 9 | 270 | |
Non-Acquired loans | Financing Receivables, 30 to 59 Days Past Due | Land - acquisition & development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
Non-Acquired loans | Financing Receivables, 30 to 59 Days Past Due | Land - consumer lot loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 897 | 399 | |
Non-Acquired loans | Financing Receivables, 30 to 59 Days Past Due | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 454 | |
Non-Acquired loans | Financing Receivables, 30 to 59 Days Past Due | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 1,933 | 0 | |
Non-Acquired loans | Financing Receivables, 30 to 59 Days Past Due | Commercial & industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 1 | 27 | |
Non-Acquired loans | Financing Receivables, 30 to 59 Days Past Due | HELOC | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 19 | 27 | |
Non-Acquired loans | Financing Receivables, 30 to 59 Days Past Due | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 352 | 170 | |
Non-Acquired loans | Financing Receivables, 60 to 89 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 51,637 | 46,083 | |
Non-Acquired loans | Financing Receivables, 60 to 89 Days Past Due | Single-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 40,010 | 40,193 | |
Non-Acquired loans | Financing Receivables, 60 to 89 Days Past Due | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 0 | |
Non-Acquired loans | Financing Receivables, 60 to 89 Days Past Due | Construction - custom | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 2,518 | 463 | |
Non-Acquired loans | Financing Receivables, 60 to 89 Days Past Due | Land - acquisition & development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 638 | 518 | |
Non-Acquired loans | Financing Receivables, 60 to 89 Days Past Due | Land - consumer lot loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 938 | 1,361 | |
Non-Acquired loans | Financing Receivables, 60 to 89 Days Past Due | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 615 | 1,658 | |
Non-Acquired loans | Financing Receivables, 60 to 89 Days Past Due | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 6,139 | 761 | |
Non-Acquired loans | Financing Receivables, 60 to 89 Days Past Due | Commercial & industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 823 | |
Non-Acquired loans | Financing Receivables, 60 to 89 Days Past Due | HELOC | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 558 | 251 | |
Non-Acquired loans | Financing Receivables, 60 to 89 Days Past Due | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 221 | 55 | |
Acquired loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount of loans, net of charge-offs and LIP | 140,995 | 57,682 | |
Current | 140,137 | 56,559 | |
Past due | $ 858 | $ 1,123 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.61% | 1.95% | |
Acquired loans | Financing Receivables, 1 to 29 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | $ 193 | $ 356 | |
Acquired loans | Financing Receivables, 30 to 59 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 16 | 0 | |
Acquired loans | Financing Receivables, 60 to 89 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 649 | 767 | |
Credit impaired acquired loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount of loans, net of charge-offs and LIP | 55,060 | 139,726 | |
Current | 52,806 | 138,940 | |
Past due | $ 2,254 | $ 786 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 4.09% | 0.56% | |
Credit impaired acquired loans | Financing Receivables, 1 to 29 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | $ 854 | $ 243 | |
Credit impaired acquired loans | Financing Receivables, 30 to 59 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 0 | 4 | |
Credit impaired acquired loans | Financing Receivables, 60 to 89 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 1,400 | 539 | |
Covered loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount of loans, net of charge-offs and LIP | 38,584 | 75,890 | |
Current | 37,062 | 70,729 | |
Past due | $ 1,522 | $ 5,161 | |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 3.94% | 6.80% | |
Covered loans | Financing Receivables, 1 to 29 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | $ 501 | $ 272 | |
Covered loans | Financing Receivables, 30 to 59 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | 295 | 90 | |
Covered loans | Financing Receivables, 60 to 89 Days Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past due | $ 726 | $ 4,799 |
Loans Receivable - Troubled De
Loans Receivable - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015USD ($)contract | Dec. 31, 2014USD ($)contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 8 | 40 |
Pre-Modification Outstanding Recorded Investment | $ 1,694 | $ 10,935 |
Troubled debt restructuring, amount | $ 1,694 | $ 10,935 |
Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 3 | 35 |
Pre-Modification Outstanding Recorded Investment | $ 729 | $ 9,600 |
Troubled debt restructuring, amount | $ 729 | $ 9,600 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 0 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 718 |
Troubled debt restructuring, amount | $ 0 | $ 718 |
Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 0 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 532 |
Troubled debt restructuring, amount | $ 0 | $ 532 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 5 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 965 | $ 0 |
Troubled debt restructuring, amount | $ 965 | $ 0 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 85 |
Troubled debt restructuring, amount | $ 0 | $ 85 |
Loans Receivable - Loan Modifi
Loans Receivable - Loan Modifications (Details) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015USD ($)contract | Dec. 31, 2014USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of contracts (in contracts) | contract | 6 | 11 |
Recorded investment | $ | $ 816 | $ 1,820 |
Single-family residential | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts (in contracts) | contract | 5 | 8 |
Recorded investment | $ | $ 668 | $ 1,431 |
Land - consumer lot loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts (in contracts) | contract | 1 | 3 |
Recorded investment | $ | $ 148 | $ 389 |
Loans Receivable - Schedule 28
Loans Receivable - Schedule of Changes in the Accretable Yield for Acquired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Accretion | $ 62 | $ 518 | |
Credit impaired acquired loans | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period, accretable yield | 72,705 | $ 97,125 | 97,125 |
Balance at beginning of period, carrying amount of loans | 111,300 | 135,826 | 135,826 |
Additions, accretable yield | 0 | 0 | |
Additions, carrying amount of loans | 0 | 0 | |
Reclassification from nonaccretable balance, net, accretable yield | 0 | 6,307 | |
Reclassification from nonaccretable balance, net, carrying value of loans | 0 | 0 | |
Accretion, accretable yield | (5,526) | (30,727) | |
Accretion | 5,526 | 30,727 | |
Transfers to REO, accretable yield | 0 | 0 | |
Transfers to REO, carrying amount of loans | 0 | (2,975) | |
Payments received, net, accretable yield | 0 | 0 | |
Payments received, net, carrying amount of loans | (7,680) | (52,278) | |
Balance at end of period, accretable yield | 67,179 | 72,705 | 72,705 |
Balance at end of period, carrying amount of loans | 109,146 | 111,300 | 111,300 |
Acquired Non-Impaired Loans [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period, accretable yield | 7,204 | 14,513 | 14,513 |
Balance at beginning of period, carrying amount of loans | 187,080 | 275,862 | 275,862 |
Additions, accretable yield | 0 | 0 | |
Additions, carrying amount of loans | 0 | 0 | |
Reclassification from nonaccretable balance, net, accretable yield | 0 | 346 | |
Reclassification from nonaccretable balance, net, carrying value of loans | 0 | 0 | |
Accretion, accretable yield | (857) | (7,655) | |
Accretion | 857 | 7,655 | |
Transfers to REO, accretable yield | 0 | 0 | |
Transfers to REO, carrying amount of loans | 0 | (150) | |
Payments received, net, accretable yield | 0 | 0 | |
Payments received, net, carrying amount of loans | (3,790) | (96,287) | |
Balance at end of period, accretable yield | 6,347 | 7,204 | 7,204 |
Balance at end of period, carrying amount of loans | $ 184,147 | $ 187,080 | $ 187,080 |
Loans Receivable - FDIC Indemn
Loans Receivable - FDIC Indemnification Asset (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Sep. 30, 2015 | |
FDIC Indemnification Asset [Roll Forward] | ||
Balance at beginning of period | $ 16,275 | $ 36,860 |
Additions | 0 | (1,795) |
Payments received | (1,974) | (720) |
Amortization | (287) | (18,588) |
Accretion | 62 | 518 |
Balance at end of period | $ 14,076 | $ 16,275 |
Allowance for Losses on Loans
Allowance for Losses on Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Sep. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | $ 106,829 | $ 114,591 |
Charge-offs | (2,121) | (14,600) |
Recoveries | 3,193 | 19,970 |
Provision & Transfers | 0 | (13,132) |
Ending Allowance | 107,901 | 106,829 |
Single-family residential | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 47,347 | 62,763 |
Charge-offs | (1,139) | (5,524) |
Recoveries | 2,466 | 13,403 |
Provision & Transfers | (918) | (23,295) |
Ending Allowance | 47,756 | 47,347 |
Construction | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 6,680 | 6,742 |
Charge-offs | 0 | (388) |
Recoveries | 155 | 120 |
Provision & Transfers | 179 | 206 |
Ending Allowance | 7,014 | 6,680 |
Construction - custom | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 990 | 1,695 |
Charge-offs | (60) | 0 |
Recoveries | 0 | 0 |
Provision & Transfers | 132 | (705) |
Ending Allowance | 1,062 | 990 |
Land - acquisition & development | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 5,781 | 5,592 |
Charge-offs | 0 | (38) |
Recoveries | 35 | 207 |
Provision & Transfers | 962 | 20 |
Ending Allowance | 6,778 | 5,781 |
Land - consumer lot loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 2,946 | 3,077 |
Charge-offs | (408) | (459) |
Recoveries | 0 | 221 |
Provision & Transfers | 463 | 107 |
Ending Allowance | 3,001 | 2,946 |
Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 5,304 | 4,248 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 220 |
Provision & Transfers | (257) | 836 |
Ending Allowance | 5,047 | 5,304 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 8,960 | 7,548 |
Charge-offs | (23) | (1,711) |
Recoveries | 123 | 735 |
Provision & Transfers | 1,284 | 2,388 |
Ending Allowance | 10,344 | 8,960 |
Commercial & industrial | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 24,980 | 16,527 |
Charge-offs | (248) | (3,354) |
Recoveries | 1 | 1,374 |
Provision & Transfers | (637) | 10,433 |
Ending Allowance | 24,096 | 24,980 |
HELOC | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 902 | 928 |
Charge-offs | (1) | (66) |
Recoveries | 21 | 2 |
Provision & Transfers | (102) | 38 |
Ending Allowance | 820 | 902 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 2,939 | 3,227 |
Charge-offs | (242) | (3,060) |
Recoveries | 392 | 3,688 |
Provision & Transfers | (1,106) | (916) |
Ending Allowance | 1,983 | 2,939 |
Covered loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | $ 0 | 2,244 |
Charge-offs | 0 | |
Recoveries | 0 | |
Provision & Transfers | (2,244) | |
Ending Allowance | $ 0 |
Allowance for Losses on Loans31
Allowance for Losses on Loans - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Reversal of loan losses | $ 0 | $ 5,500 | ||
Charge-offs, net of (recoveries) | (1,072) | $ (842) | ||
Loans receivable, gross | 10,110,184 | $ 9,823,270 | ||
Nonaccrual of interest | $ 56,748 | $ 67,810 | ||
Nonaccrual of interest, percent increase (decrease) | (42.30%) | |||
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.98% | 1.47% | 0.88% | |
Allowance for probable losses | $ 107,901 | $ 106,829 | $ 114,591 | |
Allowance for credit losses and reserve for unfunded commitments | $ 110,986 | |||
Allowance for credit losses and reserve for unfunded commitments, percent of gross loans | 1.10% | |||
Acquired loans subject to general allowance | $ 25,223 | |||
Unfunded Loan Commitment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for probable losses | 3,085 | 3,085 | ||
Single-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual of interest | 43,856 | 59,074 | ||
Allowance for probable losses | 47,756 | 47,347 | $ 62,763 | |
Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 9,232,046 | 8,963,453 | ||
Allowance for probable losses | 107,771 | 106,554 | ||
Loans Collectively Evaluated for Impairment | Single-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 5,614,580 | 5,595,752 | ||
Allowance for probable losses | 47,625 | 47,073 | ||
Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 49,067 | 85,513 | ||
Allowance for probable losses | 130 | 275 | ||
Loans Individually Evaluated for Impairment | Single-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 14,206 | 51,718 | ||
Allowance for probable losses | 130 | 275 | ||
Non-Performing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 98,846 | $ 164,317 | ||
Ratio of non-performing assets to total assets | 0.67% | 1.13% | ||
Nonaccrual of interest | $ 56,748 | $ 98,353 | 67,810 | |
Non-Performing Loans | Single-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual of interest | $ 43,856 | $ 59,074 |
Allowance for Losses on Loans32
Allowance for Losses on Loans - Loans Evaluated for Impairment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | $ 107,901 | $ 106,829 | $ 114,591 |
Loans receivable, gross | 10,110,184 | 9,823,270 | |
Single-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | 47,756 | 47,347 | 62,763 |
Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | 7,014 | 6,680 | 6,742 |
Construction - custom | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | 1,062 | 990 | 1,695 |
Land - acquisition & development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | 6,778 | 5,781 | 5,592 |
Land - consumer lot loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | 3,001 | 2,946 | 3,077 |
Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | 5,047 | 5,304 | 4,248 |
Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | 10,344 | 8,960 | 7,548 |
Commercial & industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | 24,096 | 24,980 | 16,527 |
HELOC | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | 820 | 902 | 928 |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | 1,983 | 2,939 | $ 3,227 |
Loans Collectively Evaluated for Impairment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | 107,771 | 106,554 | |
Loans receivable, gross | $ 9,232,046 | $ 8,963,453 | |
Ratio | 1.20% | 1.20% | |
Loans Collectively Evaluated for Impairment | Single-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | $ 47,625 | $ 47,073 | |
Loans receivable, gross | $ 5,614,580 | $ 5,595,752 | |
Ratio | 0.80% | 0.80% | |
Loans Collectively Evaluated for Impairment | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | $ 7,014 | $ 6,680 | |
Loans receivable, gross | $ 121,689 | $ 124,679 | |
Ratio | 5.80% | 5.40% | |
Loans Collectively Evaluated for Impairment | Construction - custom | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | $ 1,062 | $ 990 | |
Loans receivable, gross | $ 218,749 | $ 205,692 | |
Ratio | 0.50% | 0.50% | |
Loans Collectively Evaluated for Impairment | Land - acquisition & development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | $ 6,778 | $ 5,781 | |
Loans receivable, gross | $ 77,223 | $ 72,602 | |
Ratio | 8.80% | 8.00% | |
Loans Collectively Evaluated for Impairment | Land - consumer lot loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | $ 3,001 | $ 2,946 | |
Loans receivable, gross | $ 91,664 | $ 93,103 | |
Ratio | 3.30% | 3.20% | |
Loans Collectively Evaluated for Impairment | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | $ 5,048 | $ 5,304 | |
Loans receivable, gross | $ 1,085,243 | $ 1,062,194 | |
Ratio | 0.50% | 0.50% | |
Loans Collectively Evaluated for Impairment | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | $ 10,344 | $ 8,960 | |
Loans receivable, gross | $ 939,248 | $ 844,691 | |
Ratio | 1.10% | 1.10% | |
Loans Collectively Evaluated for Impairment | Commercial & industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | $ 24,096 | $ 24,980 | |
Loans receivable, gross | $ 776,240 | $ 643,577 | |
Ratio | 3.10% | 3.90% | |
Loans Collectively Evaluated for Impairment | HELOC | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | $ 820 | $ 902 | |
Loans receivable, gross | $ 126,596 | $ 126,594 | |
Ratio | 0.60% | 0.70% | |
Loans Collectively Evaluated for Impairment | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | $ 1,983 | $ 2,938 | |
Loans receivable, gross | $ 180,814 | $ 194,569 | |
Ratio | 1.10% | 1.50% | |
Loans Individually Evaluated for Impairment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | $ 130 | $ 275 | |
Loans receivable, gross | $ 49,067 | $ 85,513 | |
Ratio | 0.30% | 0.30% | |
Loans Individually Evaluated for Impairment | Single-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | $ 130 | $ 275 | |
Loans receivable, gross | $ 14,206 | $ 51,718 | |
Ratio | 0.90% | 0.50% | |
Loans Individually Evaluated for Impairment | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | $ 0 | $ 0 | |
Loans receivable, gross | $ 0 | $ 5,441 | |
Ratio | 0.00% | 0.00% | |
Loans Individually Evaluated for Impairment | Construction - custom | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | $ 0 | $ 0 | |
Loans receivable, gross | $ 2,578 | $ 0 | |
Ratio | 0.00% | 0.00% | |
Loans Individually Evaluated for Impairment | Land - acquisition & development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | $ 0 | $ 0 | |
Loans receivable, gross | $ 6,649 | $ 2,198 | |
Ratio | 0.00% | 0.00% | |
Loans Individually Evaluated for Impairment | Land - consumer lot loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | $ 0 | $ 0 | |
Loans receivable, gross | $ 10,658 | $ 10,824 | |
Ratio | 0.00% | 0.00% | |
Loans Individually Evaluated for Impairment | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | $ 0 | $ 0 | |
Loans receivable, gross | $ 3,500 | $ 5,348 | |
Ratio | 0.00% | 0.00% | |
Loans Individually Evaluated for Impairment | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | $ 0 | $ 0 | |
Loans receivable, gross | $ 9,811 | $ 8,826 | |
Ratio | 0.00% | 0.00% | |
Loans Individually Evaluated for Impairment | Commercial & industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | $ 0 | $ 0 | |
Loans receivable, gross | $ 27 | $ 0 | |
Ratio | 0.00% | 0.00% | |
Loans Individually Evaluated for Impairment | HELOC | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | $ 0 | $ 0 | |
Loans receivable, gross | $ 1,310 | $ 1,072 | |
Ratio | 0.00% | 0.00% | |
Loans Individually Evaluated for Impairment | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for probable losses | $ 0 | $ 0 | |
Loans receivable, gross | $ 328 | $ 86 | |
Ratio | 0.00% | 0.00% |
Allowance for Losses on Loans33
Allowance for Losses on Loans - Internally Assigned Grade (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 10,110,184 | $ 9,823,270 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 9,900,516 | $ 9,605,919 |
Total grade as a % of total net loans | 97.90% | 97.80% |
Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 21,269 | $ 6,721 |
Total grade as a % of total net loans | 0.20% | 0.10% |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 188,399 | $ 210,630 |
Total grade as a % of total net loans | 1.90% | 2.10% |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 0 | $ 0 |
Total grade as a % of total net loans | 0.00% | 0.00% |
Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 0 | $ 0 |
Total grade as a % of total net loans | 0.00% | 0.00% |
Non-Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 9,791,190 | $ 9,493,987 |
Non-Acquired loans | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 9,630,645 | 9,333,233 |
Non-Acquired loans | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 21,070 | 6,721 |
Non-Acquired loans | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 139,475 | 154,033 |
Non-Acquired loans | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Single-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 5,629,715 | 5,651,845 |
Non-Acquired loans | Single-family residential | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 5,551,785 | 5,558,700 |
Non-Acquired loans | Single-family residential | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Single-family residential | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 77,930 | 93,145 |
Non-Acquired loans | Single-family residential | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Single-family residential | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 660,238 | 200,509 |
Non-Acquired loans | Construction | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 655,964 | 197,935 |
Non-Acquired loans | Construction | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 4,274 | 0 |
Non-Acquired loans | Construction | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 2,574 |
Non-Acquired loans | Construction | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Construction | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Construction - custom | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 404,849 | 396,307 |
Non-Acquired loans | Construction - custom | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 402,000 | 396,307 |
Non-Acquired loans | Construction - custom | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Construction - custom | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 2,849 | 0 |
Non-Acquired loans | Construction - custom | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Construction - custom | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Land - acquisition & development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 97,025 | 94,208 |
Non-Acquired loans | Land - acquisition & development | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 87,772 | 89,656 |
Non-Acquired loans | Land - acquisition & development | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 5,627 | 0 |
Non-Acquired loans | Land - acquisition & development | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 3,626 | 4,552 |
Non-Acquired loans | Land - acquisition & development | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Land - acquisition & development | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Land - consumer lot loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 102,376 | 103,989 |
Non-Acquired loans | Land - consumer lot loans | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 100,125 | 103,569 |
Non-Acquired loans | Land - consumer lot loans | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Land - consumer lot loans | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 2,251 | 420 |
Non-Acquired loans | Land - consumer lot loans | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Land - consumer lot loans | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 997,696 | 1,125,722 |
Non-Acquired loans | Multi-family | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 997,696 | 1,118,673 |
Non-Acquired loans | Multi-family | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 865 |
Non-Acquired loans | Multi-family | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 6,184 |
Non-Acquired loans | Multi-family | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Multi-family | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 839,157 | 986,270 |
Non-Acquired loans | Commercial real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 813,974 | 971,510 |
Non-Acquired loans | Commercial real estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 8,111 | 4,360 |
Non-Acquired loans | Commercial real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 17,073 | 10,400 |
Non-Acquired loans | Commercial real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Commercial real estate | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Commercial & industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 751,073 | 612,836 |
Non-Acquired loans | Commercial & industrial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 713,240 | 575,034 |
Non-Acquired loans | Commercial & industrial | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 3,058 | 1,496 |
Non-Acquired loans | Commercial & industrial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 34,775 | 36,306 |
Non-Acquired loans | Commercial & industrial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Commercial & industrial | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 127,919 | 127,646 |
Non-Acquired loans | HELOC | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 127,198 | 127,398 |
Non-Acquired loans | HELOC | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | HELOC | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 721 | 248 |
Non-Acquired loans | HELOC | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | HELOC | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 181,142 | 194,655 |
Non-Acquired loans | Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 180,892 | 194,451 |
Non-Acquired loans | Consumer | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 250 | 204 |
Non-Acquired loans | Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Non-Acquired loans | Consumer | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 164,380 | 166,293 |
Acquired loans | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 152,761 | 149,891 |
Acquired loans | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Acquired loans | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 11,619 | 16,402 |
Acquired loans | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Acquired loans | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Credit impaired acquired loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 116,030 | 87,081 |
Credit impaired acquired loans | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 79,555 | 61,019 |
Credit impaired acquired loans | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 199 | 0 |
Credit impaired acquired loans | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 36,276 | 26,062 |
Credit impaired acquired loans | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Credit impaired acquired loans | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Covered loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 38,584 | 75,909 |
Covered loans | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 37,555 | 61,776 |
Covered loans | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Covered loans | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,029 | 14,133 |
Covered loans | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Covered loans | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 0 | $ 0 |
Allowance for Losses on Loans34
Allowance for Losses on Loans - Credit Risk Profile Based on Payment Activity (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable, gross | $ 10,110,184 | $ 9,823,270 | |
Nonaccrual loans by portfolio segment | 56,748 | 67,810 | |
Performing Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable, gross | $ 9,734,442 | $ 9,426,177 | |
Total grade as a % of total net loans | 99.40% | 99.30% | |
Non-Performing Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable, gross | $ 98,846 | $ 164,317 | |
Nonaccrual loans by portfolio segment | $ 56,748 | $ 67,810 | $ 98,353 |
Grade as a percentage of total gross loans | 0.60% | 0.70% | |
Single-family residential | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual loans by portfolio segment | $ 43,856 | $ 59,074 | |
Single-family residential | Performing Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable, gross | $ 5,585,859 | $ 5,592,771 | |
Total grade as a % of total net loans | 99.20% | 99.00% | |
Single-family residential | Non-Performing Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual loans by portfolio segment | $ 43,856 | $ 59,074 | |
Grade as a percentage of total gross loans | 0.80% | 1.00% | |
Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual loans by portfolio segment | $ 0 | $ 754 | |
Construction | Performing Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable, gross | $ 660,238 | $ 199,755 | |
Total grade as a % of total net loans | 100.00% | 99.60% | |
Construction | Non-Performing Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual loans by portfolio segment | $ 0 | $ 754 | |
Grade as a percentage of total gross loans | 0.00% | 0.40% | |
Construction - custom | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual loans by portfolio segment | $ 2,518 | $ 732 | |
Construction - custom | Performing Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable, gross | $ 402,331 | $ 395,575 | |
Total grade as a % of total net loans | 99.40% | 99.80% | |
Construction - custom | Non-Performing Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual loans by portfolio segment | $ 2,518 | $ 732 | |
Grade as a percentage of total gross loans | 0.60% | 0.20% | |
Land - acquisition & development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual loans by portfolio segment | $ 509 | $ 0 | |
Land - acquisition & development | Performing Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable, gross | $ 96,516 | $ 94,208 | |
Total grade as a % of total net loans | 99.50% | 100.00% | |
Land - acquisition & development | Non-Performing Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual loans by portfolio segment | $ 509 | $ 0 | |
Grade as a percentage of total gross loans | 0.50% | 0.00% | |
Land - consumer lot loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual loans by portfolio segment | $ 939 | $ 1,273 | |
Land - consumer lot loans | Performing Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable, gross | $ 101,437 | $ 102,716 | |
Total grade as a % of total net loans | 99.10% | 98.80% | |
Land - consumer lot loans | Non-Performing Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual loans by portfolio segment | $ 939 | $ 1,273 | |
Grade as a percentage of total gross loans | 0.90% | 1.20% | |
Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual loans by portfolio segment | $ 1,538 | $ 2,558 | |
Multi-family | Performing Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable, gross | $ 996,158 | $ 1,123,165 | |
Total grade as a % of total net loans | 99.80% | 99.80% | |
Multi-family | Non-Performing Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual loans by portfolio segment | $ 1,538 | $ 2,558 | |
Grade as a percentage of total gross loans | 0.20% | 0.20% | |
Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual loans by portfolio segment | $ 6,681 | $ 2,176 | |
Commercial real estate | Performing Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable, gross | $ 832,476 | $ 984,093 | |
Total grade as a % of total net loans | 99.20% | 99.80% | |
Commercial real estate | Non-Performing Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual loans by portfolio segment | $ 6,681 | $ 2,176 | |
Grade as a percentage of total gross loans | 0.80% | 0.20% | |
Commercial & industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual loans by portfolio segment | $ 115 | $ 0 | |
Commercial & industrial | Performing Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable, gross | $ 750,958 | $ 612,836 | |
Total grade as a % of total net loans | 100.00% | 100.00% | |
Commercial & industrial | Non-Performing Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual loans by portfolio segment | $ 115 | $ 0 | |
Grade as a percentage of total gross loans | 0.00% | 0.00% | |
HELOC | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual loans by portfolio segment | $ 473 | $ 563 | |
HELOC | Performing Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable, gross | $ 127,446 | $ 127,083 | |
Total grade as a % of total net loans | 99.60% | 99.60% | |
HELOC | Non-Performing Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual loans by portfolio segment | $ 473 | $ 563 | |
Grade as a percentage of total gross loans | 0.40% | 0.40% | |
Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual loans by portfolio segment | $ 119 | $ 680 | |
Consumer | Performing Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable, gross | $ 181,023 | $ 193,975 | |
Total grade as a % of total net loans | 99.90% | 99.70% | |
Consumer | Non-Performing Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Nonaccrual loans by portfolio segment | $ 119 | $ 680 | |
Grade as a percentage of total gross loans | 0.10% | 0.30% |
Allowance for Losses on Loans35
Allowance for Losses on Loans - Impaired Loans Based on Loan Types (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Sep. 30, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | $ 313,924 | $ 341,579 |
Unpaid Principal Balance | 343,325 | 381,223 |
Related Allowance | 6,339 | 6,678 |
Average Recorded Investment | 311,146 | 333,815 |
Amount of related allowance included in specific reserves | 130 | 275 |
Amount of related allowance included in general reserves | 6,209 | 6,403 |
Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 26,811 | 38,866 |
Unpaid Principal Balance | 47,865 | 70,564 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 22,840 | 29,474 |
Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 287,113 | 302,713 |
Unpaid Principal Balance | 295,460 | 310,659 |
Related Allowance | 6,339 | 6,678 |
Average Recorded Investment | 288,306 | 304,341 |
Single-family residential | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 261,001 | 276,711 |
Unpaid Principal Balance | 265,834 | 282,912 |
Related Allowance | 6,339 | 6,678 |
Average Recorded Investment | 259,759 | 274,097 |
Single-family residential | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 14,791 | 17,250 |
Unpaid Principal Balance | 16,304 | 19,644 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 12,837 | 14,069 |
Single-family residential | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 246,210 | 259,461 |
Unpaid Principal Balance | 249,530 | 263,268 |
Related Allowance | 6,339 | 6,678 |
Average Recorded Investment | 246,922 | 260,028 |
Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 5,441 |
Unpaid Principal Balance | 0 | 7,929 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 5,903 |
Construction | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 453 |
Unpaid Principal Balance | 0 | 2,151 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 471 |
Construction | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 4,988 |
Unpaid Principal Balance | 0 | 5,778 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 5,432 |
Construction - custom | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,182 | 554 |
Unpaid Principal Balance | 1,182 | 554 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 868 | 182 |
Construction - custom | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,182 | 554 |
Unpaid Principal Balance | 1,182 | 554 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 868 | 182 |
Construction - custom | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | |
Unpaid Principal Balance | 0 | |
Related Allowance | 0 | |
Average Recorded Investment | 0 | |
Land - acquisition & development | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 2,643 | 5,056 |
Unpaid Principal Balance | 11,933 | 12,852 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 3,621 | 4,404 |
Land - acquisition & development | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 542 | 2,570 |
Unpaid Principal Balance | 8,630 | 9,426 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 1,327 | 926 |
Land - acquisition & development | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 2,101 | 2,486 |
Unpaid Principal Balance | 3,303 | 3,426 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 2,294 | 3,478 |
Land - consumer lot loans | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 11,590 | 12,016 |
Unpaid Principal Balance | 11,872 | 12,368 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 11,547 | 11,868 |
Land - consumer lot loans | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 510 | 727 |
Unpaid Principal Balance | 527 | 814 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 427 | 544 |
Land - consumer lot loans | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 11,080 | 11,289 |
Unpaid Principal Balance | 11,345 | 11,554 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 11,120 | 11,324 |
Multi-family | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 3,191 | 7,593 |
Unpaid Principal Balance | 7,189 | 10,877 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 3,554 | 5,277 |
Multi-family | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 761 | 3,770 |
Unpaid Principal Balance | 4,754 | 7,054 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 1,117 | 1,545 |
Multi-family | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 2,430 | 3,823 |
Unpaid Principal Balance | 2,435 | 3,823 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 2,437 | 3,732 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 31,133 | 28,551 |
Unpaid Principal Balance | 35,839 | 36,698 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 28,728 | 27,016 |
Commercial real estate | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 7,331 | 9,427 |
Unpaid Principal Balance | 8,671 | 15,620 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 4,686 | 8,130 |
Commercial real estate | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 23,802 | 19,124 |
Unpaid Principal Balance | 27,168 | 21,078 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 24,042 | 18,886 |
Commercial & industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 953 | 2,955 |
Unpaid Principal Balance | 6,687 | 13,066 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 948 | 2,681 |
Commercial & industrial | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 953 | 2,955 |
Unpaid Principal Balance | 6,687 | 13,066 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 948 | 2,681 |
Commercial & industrial | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | |
Unpaid Principal Balance | 0 | |
Related Allowance | 0 | |
Average Recorded Investment | 0 | |
HELOC | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,655 | 2,126 |
Unpaid Principal Balance | 2,024 | 2,975 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 1,638 | 1,895 |
HELOC | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 262 | 683 |
Unpaid Principal Balance | 631 | 1,532 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 245 | 536 |
HELOC | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,393 | 1,443 |
Unpaid Principal Balance | 1,393 | 1,443 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 1,393 | 1,359 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 576 | 576 |
Unpaid Principal Balance | 765 | 992 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 483 | 492 |
Consumer | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 479 | 477 |
Unpaid Principal Balance | 479 | 703 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 385 | 390 |
Consumer | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 97 | 99 |
Unpaid Principal Balance | 286 | 289 |
Related Allowance | 0 | 0 |
Average Recorded Investment | $ 98 | $ 102 |
Fair Value Measurements - Recu
Fair Value Measurements - Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | $ 2,304,788 | $ 2,380,563 | |
Total financial assets | 3,876,077 | 4,017,983 | |
Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 2,304,788 | 2,380,563 | |
Interest rate contracts | 9,656 | 11,879 | |
Total financial assets | 2,314,444 | 2,392,442 | |
Total financial liabilities | 21,980 | 27,400 | |
Recurring | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 9,656 | 11,879 | |
Recurring | Commercial loan hedge | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 565 | 966 | |
Recurring | Long term borrowing hedge | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 11,759 | 14,555 | |
Recurring | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 101,558 | 101,952 | |
Recurring | Obligations of U.S. government | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 425,814 | 482,464 | |
Recurring | Obligations of states and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 27,232 | 27,123 | |
Recurring | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 505,406 | 505,800 | |
Recurring | Agency pass-through certificates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 1,149,087 | 1,160,518 | |
Recurring | Other Commercial MBS | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 95,691 | 102,706 | |
Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 101,558 | 101,952 | |
Interest rate contracts | 0 | 0 | |
Total financial assets | 101,558 | 101,952 | |
Total financial liabilities | 0 | 0 | |
Recurring | Level 1 | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 0 | 0 | |
Recurring | Level 1 | Commercial loan hedge | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 0 | 0 | |
Recurring | Level 1 | Long term borrowing hedge | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 0 | 0 | |
Recurring | Level 1 | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 101,558 | 101,952 | |
Recurring | Level 1 | Obligations of U.S. government | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Level 1 | Obligations of states and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Level 1 | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Level 1 | Agency pass-through certificates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Level 1 | Other Commercial MBS | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 2,203,230 | 2,278,611 | |
Interest rate contracts | 9,656 | 11,879 | |
Total financial assets | 2,212,886 | 2,290,490 | |
Total financial liabilities | 21,980 | 27,400 | |
Recurring | Level 2 | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 9,656 | 11,879 | |
Recurring | Level 2 | Commercial loan hedge | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 565 | 966 | |
Recurring | Level 2 | Long term borrowing hedge | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 11,759 | 14,555 | |
Recurring | Level 2 | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Level 2 | Obligations of U.S. government | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 425,814 | 482,464 | |
Recurring | Level 2 | Obligations of states and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 27,232 | 27,123 | |
Recurring | Level 2 | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 505,406 | 505,800 | |
Recurring | Level 2 | Agency pass-through certificates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 1,149,087 | 1,160,518 | |
Recurring | Level 2 | Other Commercial MBS | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 95,691 | 102,706 | |
Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Interest rate contracts | 0 | 0 | |
Total financial assets | 0 | 0 | |
Total financial liabilities | 0 | 0 | |
Recurring | Level 3 | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 0 | 0 | |
Recurring | Level 3 | Commercial loan hedge | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 0 | 0 | |
Recurring | Level 3 | Long term borrowing hedge | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 0 | 0 | |
Recurring | Level 3 | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Level 3 | Obligations of U.S. government | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Level 3 | Obligations of states and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Level 3 | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Level 3 | Agency pass-through certificates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Level 3 | Other Commercial MBS | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | $ 0 | |
Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 15,669 | $ 38,088 | |
Nonrecurring | Changes Measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss related to impaired loans and real estate held for sale, measured on nonrecurring basis | (3,436) | 8,173 | |
Nonrecurring | Impaired loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 8,524 | 146 | |
Nonrecurring | Impaired loans | Changes Measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss related to impaired loans and real estate held for sale, measured on nonrecurring basis | (1,681) | (64) | |
Nonrecurring | Real Estate Owned | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 7,145 | 37,942 | |
Nonrecurring | Real Estate Owned | Changes Measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss related to impaired loans and real estate held for sale, measured on nonrecurring basis | (1,755) | 8,237 | |
Nonrecurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 0 | 0 | |
Nonrecurring | Level 1 | Impaired loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 0 | 0 | |
Nonrecurring | Level 1 | Real Estate Owned | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 0 | 0 | |
Nonrecurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 0 | 0 | |
Nonrecurring | Level 2 | Impaired loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 0 | 0 | |
Nonrecurring | Level 2 | Real Estate Owned | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 0 | 0 | |
Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 15,669 | 38,088 | |
Nonrecurring | Level 3 | Impaired loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 8,524 | 146 | |
Nonrecurring | Level 3 | Real Estate Owned | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | $ 7,145 | $ 37,942 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | $ 2,304,788 | $ 2,380,563 |
FHLB and FRB stock | 111,107 | 107,198 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 2,304,788 | 2,380,563 |
Held-to-maturity securities | 1,598,370 | 1,643,216 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 2,304,788 | 2,380,563 |
Held-to-maturity securities | 1,571,288 | 1,637,420 |
Level 1 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 305,959 | 284,049 |
Level 1 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 305,959 | 284,049 |
Level 1 | Equity securities | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 101,558 | 101,952 |
Level 1 | Equity securities | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 101,558 | 101,952 |
Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
FHLB and FRB stock | 111,107 | 107,198 |
Other assets - interest rate contracts | 9,656 | 11,879 |
Customer accounts | 10,651,119 | 10,631,703 |
FHLB advances | 1,928,000 | 1,830,000 |
Level 2 | Carrying Amount | Interest rate contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 9,656 | 11,879 |
Level 2 | Carrying Amount | Commercial loan hedge | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 565 | 966 |
Level 2 | Carrying Amount | Long term borrowing hedge | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 11,759 | 14,555 |
Level 2 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
FHLB and FRB stock | 111,107 | 107,198 |
Other assets - interest rate contracts | 9,656 | 11,879 |
Customer accounts | 9,920,280 | 10,004,290 |
FHLB advances | 2,012,603 | 1,938,384 |
Level 2 | Estimated Fair Value | Interest rate contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 9,656 | 11,879 |
Level 2 | Estimated Fair Value | Commercial loan hedge | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 565 | 966 |
Level 2 | Estimated Fair Value | Long term borrowing hedge | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 11,759 | 14,555 |
Level 2 | Agency pass-through certificates | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 1,598,370 | 1,643,216 |
Level 2 | Agency pass-through certificates | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 1,571,288 | 1,637,420 |
Level 2 | Obligations of U.S. government | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 425,814 | 482,464 |
Level 2 | Obligations of U.S. government | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 425,814 | 482,464 |
Level 2 | Obligations of states and political subdivisions | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 27,232 | 27,123 |
Level 2 | Obligations of states and political subdivisions | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 27,232 | 27,123 |
Level 2 | Corporate debt securities | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 505,406 | 505,800 |
Level 2 | Corporate debt securities | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 505,406 | 505,800 |
Level 2 | Agency pass-through certificates | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 1,149,087 | 1,160,518 |
Level 2 | Agency pass-through certificates | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 1,149,087 | 1,160,518 |
Level 2 | Other Commercial MBS | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 95,691 | 102,706 |
Level 2 | Other Commercial MBS | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 95,691 | 102,706 |
Level 3 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable | 9,402,730 | 9,170,634 |
FDIC indemnification asset | 14,076 | 16,275 |
Level 3 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable | 9,901,403 | 9,667,750 |
FDIC indemnification asset | $ 13,271 | $ 15,522 |
Fair Value Measurements - Inve
Fair Value Measurements - Investments by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Amortized Cost, Available-for-sale securities | ||
Amortized Cost | $ 2,300,034 | $ 2,365,450 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains | 19,990 | 28,158 |
Gross unrealized loss | (15,236) | (13,045) |
Fair Value, Available-for-sale securities | ||
Available-for-sale securities, at fair value | $ 2,304,788 | $ 2,380,563 |
Yield, Available-for-sale securities | ||
Yield | 2.07% | 1.97% |
Yield, Held-to-maturity securities | ||
Investments | $ 3,898,404 | $ 4,008,666 |
Gross unrealized gains on investments | 25,628 | 38,674 |
Gross unrealized losses on investments | (47,955) | (29,357) |
Total financial assets | $ 3,876,077 | $ 4,017,983 |
Yield on investments | 2.53% | 2.46% |
Obligations of U.S. government | ||
Amortized Cost, Available-for-sale securities | ||
1 to 5 years | $ 99,907 | $ 105,065 |
5 to 10 years | 76,604 | 119,071 |
Over 10 years | 254,886 | 262,832 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, 1 to 5 years | 1,600 | 1,923 |
Gross unrealized gains, 5 to 10 years | 0 | 35 |
Gross unrealized gains, Over 10 years | 100 | 0 |
Gross unrealized losses, 1 to 5 years | (593) | (274) |
Gross unrealized losses, 5 to 10 years | (1,852) | (1,247) |
Gross unrealized losses, Over 10 years | (4,838) | (4,941) |
Fair Value, Available-for-sale securities | ||
1 to 5 years | 100,914 | 106,714 |
5 to 10 years | 74,752 | 117,859 |
Over 10 years | $ 250,148 | $ 257,891 |
Yield, Available-for-sale securities | ||
1 to 5 years | 1.89% | 1.74% |
5 to 10 years | 1.35% | 1.54% |
Over 10 years | 1.34% | 1.23% |
Equity securities | ||
Amortized Cost, Available-for-sale securities | ||
Within 1 year | $ 500 | $ 500 |
1 to 5 years | 99,922 | 99,922 |
5 to 10 years | 0 | |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, Within 1 year | 11 | 17 |
Gross unrealized gains, 1 to 5 years | 1,124 | 1,513 |
Gross unrealized gains, 5 to 10 years | 0 | |
Gross unrealized losses, Within 1 year | 0 | 0 |
Gross unrealized losses, 1 to 5 years | 0 | 0 |
Gross unrealized losses, 5 to 10 years | 0 | |
Fair Value, Available-for-sale securities | ||
Within 1 year | 511 | 517 |
1 to 5 years | 101,046 | $ 101,435 |
5 to 10 years | $ 0 | |
Yield, Available-for-sale securities | ||
Within 1 year | 1.80% | 1.80% |
1 to 5 years | 1.90% | 1.90% |
5 to 10 years | 0.00% | |
Corporate debt securities | ||
Amortized Cost, Available-for-sale securities | ||
Within 1 year | $ 24,872 | $ 24,787 |
1 to 5 years | 341,470 | 311,435 |
5 to 10 years | 89,952 | 100,000 |
Over 10 years | 50,000 | 69,950 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, Within 1 year | 103 | 191 |
Gross unrealized gains, 1 to 5 years | 839 | 1,190 |
Gross unrealized gains, 5 to 10 years | 558 | 876 |
Gross unrealized gains, Over 10 years | 750 | 953 |
Gross unrealized losses, Within 1 year | 0 | 0 |
Gross unrealized losses, 1 to 5 years | (108) | (58) |
Gross unrealized losses, 5 to 10 years | (3,030) | (3,524) |
Gross unrealized losses, Over 10 years | 0 | 0 |
Fair Value, Available-for-sale securities | ||
Within 1 year | 24,975 | 24,978 |
1 to 5 years | 342,201 | 312,567 |
5 to 10 years | 87,480 | 97,352 |
Over 10 years | $ 50,750 | $ 70,903 |
Yield, Available-for-sale securities | ||
Within 1 year | 0.57% | 0.53% |
1 to 5 years | 1.20% | 0.88% |
5 to 10 years | 1.80% | 1.47% |
Over 10 years | 3.00% | 3.00% |
Municipal bonds due | ||
Amortized Cost, Available-for-sale securities | ||
1 to 5 years | $ 2,292 | $ 2,285 |
5 to 10 years | 1,311 | 1,303 |
Over 10 years | 20,377 | 20,382 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, 1 to 5 years | 3 | 8 |
Gross unrealized gains, 5 to 10 years | 18 | 7 |
Gross unrealized gains, Over 10 years | 3,230 | 3,138 |
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 | 2,295 | 2,293 |
5 to 10 years | 1,329 | 1,310 |
Over 10 years | $ 23,607 | $ 23,520 |
Yield, Available-for-sale securities | ||
1 to 5 years | 1.23% | 1.23% |
5 to 10 years | 2.05% | 2.05% |
Over 10 years | 6.45% | 6.45% |
Agency pass-through certificates | ||
Amortized Cost, Available-for-sale securities | ||
Without single maturity date | $ 1,141,558 | $ 1,144,787 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, Without single maturity date | 11,636 | 18,222 |
Gross unrealized losses, Without single maturity date | (4,105) | (2,491) |
Fair Value, Available-for-sale securities | ||
Without single maturity date | $ 1,149,089 | $ 1,160,518 |
Yield, Available-for-sale securities | ||
Without single maturity date | 2.56% | 2.48% |
Amortized Cost, Held-to-maturity securities | ||
Without single maturity date | $ 1,598,370 | $ 1,643,216 |
Gross Unrealized Gains / Losses, Held-to-maturity securities | ||
Gross unrealized gains, Without single maturity date | 5,638 | 10,516 |
Gross unrealized losses, Without single maturity date | (32,719) | (16,312) |
Fair Value, Held-to-maturity securities | ||
Without single maturity date | $ 1,571,289 | $ 1,637,420 |
Yield, Held-to-maturity securities | ||
Without a single maturity date | 3.19% | 3.19% |
Other Commercial MBS | ||
Amortized Cost, Available-for-sale securities | ||
Without single maturity date | $ 96,383 | $ 103,131 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, Without single maturity date | 18 | 85 |
Gross unrealized losses, Without single maturity date | (710) | (510) |
Fair Value, Available-for-sale securities | ||
Without single maturity date | $ 95,691 | $ 102,706 |
Yield, Available-for-sale securities | ||
Without single maturity date | 1.58% | 1.51% |
Fair Value Measurements - Addi
Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Proceeds on available-for-sale securities sold | $ 0 | $ 0 |
Term of contractual due dates of substantially all mortgage-backed securities | 10 years |
Fair Value Measurements - Secu
Fair Value Measurements - Securities in Unrealized Loss Positions (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, unrealized gross losses | $ (8,351) | $ (6,229) |
Less than 12 months, fair value | 912,470 | 578,646 |
12 months or more, unrealized gross losses | (39,605) | (23,128) |
12 months or more, fair value | 1,422,702 | 1,297,408 |
Total unrealized gross losses | (47,956) | (29,357) |
Total, fair value | 2,335,172 | 1,876,054 |
Corporate bonds due | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, unrealized gross losses | (108) | (183) |
Less than 12 months, fair value | 32,986 | 72,862 |
12 months or more, unrealized gross losses | (3,030) | (3,399) |
12 months or more, fair value | 46,970 | 46,601 |
Total unrealized gross losses | (3,138) | (3,582) |
Total, fair value | 79,956 | 119,463 |
U.S. government and agency securities due | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, unrealized gross losses | (5,062) | (5,010) |
Less than 12 months, fair value | 243,329 | 336,243 |
12 months or more, unrealized gross losses | (2,221) | (1,452) |
12 months or more, fair value | 109,611 | 57,344 |
Total unrealized gross losses | (7,283) | (6,462) |
Total, fair value | 352,940 | 393,587 |
Agency pass-through certificates | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, unrealized gross losses | (3,181) | (1,036) |
Less than 12 months, fair value | 636,155 | 169,541 |
12 months or more, unrealized gross losses | (34,354) | (18,277) |
12 months or more, fair value | 1,266,121 | 1,193,463 |
Total unrealized gross losses | (37,535) | (19,313) |
Total, fair value | $ 1,902,276 | $ 1,363,004 |
Derivatives and Hedging Activ41
Derivatives and Hedging Activities (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | |
Derivative [Line Items] | |||
Gain (loss) on derivative instruments | $ 0 | ||
Other comprehensive income (loss) on long term borrowing hedge, net of tax | 1,768,000 | $ (2,687,000) | |
Derivative asset, fair value, gross asset | 9,656,000 | $ 11,879,000 | |
Derivative liability, fair value, gross liability | 21,980,000 | 27,400,000 | |
Interest rate swap agreements | |||
Derivative [Line Items] | |||
Customer derivatives program | 474,900,000 | 439,416,000 | |
Notional amount | 54,155,000 | 54,815,000 | |
Interest rate contracts | Other assets | |||
Derivative [Line Items] | |||
Derivative asset, fair value, gross asset | 9,656,000 | 11,879,000 | |
Interest rate contracts | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liability, fair value, gross liability | 9,656,000 | 11,879,000 | |
Commercial loan hedge | Other assets | |||
Derivative [Line Items] | |||
Derivative asset, fair value, gross asset | 0 | 0 | |
Commercial loan hedge | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liability, fair value, gross liability | 565,000 | 966,000 | |
Long term borrowing hedge | Other assets | |||
Derivative [Line Items] | |||
Derivative asset, fair value, gross asset | 0 | 0 | |
Long term borrowing hedge | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liability, fair value, gross liability | 11,759,000 | 14,555,000 | |
Forward Contracts | Interest rate swap agreements | |||
Derivative [Line Items] | |||
Notional amount | $ 400,000,000 | $ 400,000,000 |