Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2016 | Jan. 25, 2017 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
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 | 89,307,133 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 398,838 | $ 450,368 |
Available-for-sale securities, at fair value | 1,441,935 | 1,922,894 |
Held-to-maturity securities, at amortized cost | 1,752,010 | 1,417,599 |
Loans receivable, net of allowance for loan losses of $118,456 and $113,494 | 10,136,311 | 9,910,920 |
Interest receivable | 38,118 | 37,669 |
Premises and equipment, net | 275,749 | 281,951 |
Real estate owned | 22,637 | 29,027 |
FHLB and FRB stock | 117,190 | 117,205 |
Bank owned life insurance | 209,280 | 208,123 |
Intangible assets, including goodwill of $291,503 | 296,468 | 296,989 |
Federal and state income tax assets, net | 0 | 16,047 |
Other assets | 185,118 | 199,271 |
Assets | 14,873,654 | 14,888,063 |
Customer accounts | ||
Transaction deposit accounts | 6,194,337 | 6,005,592 |
Time deposit accounts | 4,453,238 | 4,595,260 |
Customer accounts | 10,647,575 | 10,600,852 |
FHLB advances | 2,080,000 | 2,080,000 |
Advance payments by borrowers for taxes and insurance | 23,596 | 42,898 |
Accrued expenses and other liabilities | 122,882 | 188,582 |
Liabilities | 12,874,053 | 12,912,332 |
Stockholders’ equity | ||
Common stock, $1.00 par value, 300,000,000 shares authorized; 134,657,007 and 134,307,818 shares issued; 89,272,268 and 89,680,847 shares outstanding | 134,657 | 134,308 |
Paid-in capital | 1,655,146 | 1,648,388 |
Accumulated other comprehensive (loss) income, net of taxes | (2,832) | (11,156) |
Treasury stock, at cost; 45,384,739 and 44,626,971 shares | (760,071) | (739,686) |
Retained earnings | 972,701 | 943,877 |
Stockholders' equity attributable to parent | 1,999,601 | 1,975,731 |
Liabilities and equity | $ 14,873,654 | $ 14,888,063 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $ 118,456 | $ 113,494 |
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) | 134,657,007 | 134,307,818 |
Common stock, shares outstanding (in shares) | 89,272,268 | 89,680,847 |
Treasury stock, shares (in shares) | 45,384,739 | 44,626,971 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
INTEREST INCOME | ||
Loans receivable | $ 114,835,000 | $ 112,863,000 |
Mortgage-backed securities | 12,789,000 | 16,987,000 |
Investment securities and cash equivalents | 5,140,000 | 5,274,000 |
Interest Income | 132,764,000 | 135,124,000 |
INTEREST EXPENSE | ||
Customer accounts | 13,017,000 | 12,717,000 |
FHLB advances | 16,595,000 | 15,538,000 |
Interest Expense | 29,612,000 | 28,255,000 |
Net interest income | 103,152,000 | 106,869,000 |
Provision (release) for loan losses | 0 | 0 |
Net interest income after provision (release) for loan losses | 103,152,000 | 106,869,000 |
OTHER INCOME | ||
Gain on sale of investment securities | 968,000 | 0 |
Loan fee income | 1,334,000 | 1,517,000 |
Deposit fee income | 5,185,000 | 5,917,000 |
Other income | 4,409,000 | 3,201,000 |
Other income, total | 11,896,000 | 10,635,000 |
OTHER EXPENSE | ||
Compensation and benefits | 26,994,000 | 29,699,000 |
Occupancy | 8,450,000 | 8,592,000 |
FDIC insurance premiums | 2,839,000 | 2,589,000 |
Product delivery | 3,361,000 | 5,523,000 |
Information technology | 6,451,000 | 8,710,000 |
Other expense | 6,246,000 | 9,396,000 |
Other expense, total | 54,341,000 | 64,509,000 |
Gain on real estate owned, net | 398,000 | 1,420,000 |
Income before income taxes | 61,105,000 | 54,415,000 |
Income tax expense | 19,859,000 | 19,317,000 |
NET INCOME | $ 41,246,000 | $ 35,098,000 |
PER SHARE DATA | ||
Basic earnings (in dollars per share) | $ 0.46 | $ 0.38 |
Diluted earnings (in dollars per share) | 0.46 | 0.38 |
Dividends paid on common stock (in dollars per share) | $ 0.14 | $ 0.13 |
Basic weighted average number of shares outstanding (in shares) | 89,310,958 | 92,986,358 |
Diluted weighted average number of shares outstanding, including dilutive stock options (in shares) | 89,731,024 | 93,577,837 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 41,246 | $ 35,098 |
Other comprehensive income (loss) net of tax: | ||
Net unrealized gain (loss) on available-for-sale investment securities | (17,079) | (10,360) |
Reclassification adjustment of net gain (loss) from sale of available-for-sale securities included in net income | 968 | 0 |
Related tax benefit (expense) | 5,921 | 3,807 |
Other comprehensive income (loss) for available for sale securities, net of tax | (10,190) | (6,553) |
Net unrealized gain (loss) on long-term borrowing hedge | 29,271 | 2,795 |
Related tax benefit (expense) | (10,757) | (1,027) |
Other comprehensive income (loss) on long term borrowing hedge, net of tax | 18,514 | 1,768 |
Other comprehensive income (loss) net of tax | 8,324 | (4,785) |
Comprehensive income | $ 49,570 | $ 30,313 |
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, 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) |
Balance, beginning of period at Sep. 30, 2016 | 1,975,731 | 134,308 | 1,648,388 | 943,877 | (11,156) | (739,686) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 41,246 | 41,246 | ||||
Other comprehensive income (loss) | 8,324 | 8,324 | ||||
Dividends on common stock | (12,422) | (12,422) | ||||
Proceeds from exercise of common stock options | 4,362 | 190 | 4,172 | |||
Restricted stock expense | 2,745 | 109 | 2,636 | |||
Exercise of stock warrants | 0 | 50 | (50) | |||
Treasury stock acquired | (20,385) | (20,385) | ||||
Balance, end of period at Dec. 31, 2016 | $ 1,999,601 | $ 134,657 | $ 1,655,146 | $ 972,701 | $ (2,832) | $ (760,071) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 41,246,000 | $ 35,098,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization, and accretion, net | 12,087,000 | 2,054,000 |
Cash received from (paid to) FDIC under loss share | 0 | 1,975,000 |
Stock based compensation | 2,745,000 | 1,180,000 |
Loss (gain) on sale of investment securities | (968,000) | 0 |
Decrease (increase) in accrued interest receivable | (449,000) | 2,170,000 |
Decrease (increase) in federal and state income tax receivable | 16,047,000 | 16,577,000 |
Decrease (increase) in cash surrender value of bank owned life insurance | (1,739,000) | (785,000) |
Gain on settlement of bank owned life insurance | (649,000) | 0 |
Net realized (gain) loss on sales of premises, equipment, and real estate owned | 657,000 | (2,310,000) |
Decrease (increase) in other assets | 14,153,000 | (3,754,000) |
Increase (decrease) in accrued expenses and other liabilities | (41,265,000) | 15,870,000 |
Net cash provided by (used in) operating activities | 41,865,000 | 68,075,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Origination of loans and principal repayments, net | (227,028,000) | (179,768,000) |
Loans purchased | 0 | (51,646,000) |
FHLB & FRB stock purchased | (9,000) | (6,809,000) |
FHLB & FRB stock redemption | 24,000 | 2,901,000 |
Available-for-sale securities purchased | 0 | (50,741,000) |
Principal payments and maturities of available-for-sale securities | 112,469,000 | 114,764,000 |
Proceeds on available-for-sale securities sold | 350,890,000 | 0 |
Held-to-maturity securities purchased | (415,729,000) | 0 |
Principal payments and maturities of held-to-maturity securities | 78,778,000 | 43,569,000 |
Proceeds from sales of real estate owned | 6,457,000 | 26,664,000 |
Proceeds from settlement of bank owned life insurance | 1,231,000 | 0 |
Purchase of bank owned life insurance | 0 | 0 |
Decrease (increase) in intangible assets | 0 | 0 |
Proceeds from sales of premises and equipment | 1,722,000 | 0 |
Premises and equipment purchased and REO improvements | (1,252,000) | (17,183,000) |
Net cash provided by (used in) investing activities | (92,447,000) | (118,249,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase (decrease) in customer accounts | 46,799,000 | 19,492,000 |
Proceeds from borrowings | 0 | 204,000,000 |
Repayments of borrowings | 0 | (106,000,000) |
Proceeds from exercise of common stock options | 4,362,000 | 5,042,000 |
Dividends paid on common stock | (12,422,000) | (12,036,000) |
Treasury stock purchased | (20,385,000) | (9,938,000) |
Increase (decrease) in advance payments by borrowers for taxes and insurance | (19,302,000) | (28,476,000) |
Net cash provided by (used in) financing activities | (948,000) | 72,084,000 |
Increase (decrease) in cash and cash equivalents | (51,530,000) | 21,910,000 |
Cash and cash equivalents at beginning of period | 450,368,000 | 284,049,000 |
Cash and cash equivalents at end of period | 398,838,000 | 305,959,000 |
Non-cash investing and financing activities | ||
Real estate acquired through foreclosure | 1,589,000 | 5,308,000 |
Stock issued upon exercise of warrants | 1,523,000 | 0 |
Cash paid during the period for | ||
Interest | 28,737,000 | 29,195,000 |
Income taxes | $ 0 | $ 8,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2016 | |
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 holding 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 information included in this Form 10-Q should be read in conjunction with the financial statements and related notes in the Company's 2016 Annual Report on Form 10-K (“ 2016 Annual Financial Statements”). 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 2016 Annual Financial Statements. There have not been any material changes in our significant accounting policies compared to those contained in our 2016 Annual Financial Statements for the year ended September 30, 2016 . 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 $1,448,878,000 and $1,278,829,000 at December 31, 2016 and September 30, 2016 , 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, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In August 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-15, Classification of Certain Cash Receipts and Cash Payments. The amendments in this ASU address eight specific cash flow issues with the objective of reducing diversity in practice. The specific issues identified include: debt prepayments or extinguishment costs; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. This ASU is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period; however, early adoption is permitted. The Company is currently evaluating the guidance to determine its adoption method and does not expect this guidance to have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses . The amendments in this ASU were issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to- maturity debt securities, trade and other receivables, net investments in leases and other commitments to extend credit held by a reporting entity at each reporting date. The amendments require that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The ASU eliminates the current framework of recognizing probable incurred losses and instead requires an entity to use its current estimate of all expected credit losses over the contractual life. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets. For purchased financial assets with a more-than-insignificant amount of credit deterioration since origination (“PCD assets”) that are measured at amortized cost, an allowance for expected credit losses is recorded as an adjustment to the cost basis of the asset. Subsequent changes in estimated cash flows would be recorded as an adjustment to the allowance and through the statement of income. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security's cost basis. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For most debt securities, the transition approach requires a cumulative-effect adjustment to the statement of financial position as of the beginning of the first reporting period the guidance is effective. For other-than-temporarily impaired debt securities and PCD assets, the guidance will be applied prospectively. The Company is currently evaluating the provisions of this ASU to determine the impact the new standard will have on the Company's consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation- Improvements to Employee Share-Based Payment Accounting , which involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the guidance, income tax benefits and deficiencies are to be recognized as income tax expense or benefit in the income statement and the tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity should also recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. Excess tax benefits should be classified along with other income tax cash flows as an operating activity. In regards to forfeitures, the entity may make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. This ASU is effective for fiscal years beginning after December 15, 2016 including interim periods within that reporting period; however, early adoption is permitted. The Company elected to early adopt the guidance in the quarter ended December 31, 2016 and determined the provisions of the ASU did not have a material impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases . The amendments require lessees to recognize a lease liability, which is a lessee's obligation to make lease payments arising from a lease, and a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. The guidance also simplifies the accounting for sale and leaseback transactions. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently evaluating the provisions of this ASU to determine the impact the new standard will have on the Company's consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , to require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments in this ASU also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This ASU is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which will 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 adopted the guidance in the quarter ended December 31, 2016 and determined the provisions of the ASU did not have a material impact on the Company's consolidated financial statements. In April 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 is 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 adopted the guidance in the quarter ended December 31, 2016 and determined the provisions of the ASU did not have a material impact on the Company's consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . 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. |
Dividends and Share Repurchases
Dividends and Share Repurchases | 3 Months Ended |
Dec. 31, 2016 | |
Dividends [Abstract] | |
Dividends and Share Repurchases | Dividends and Share Repurchases On November 18, 2016 , the Company paid a dividend on common stock of $0.14 per share. This dividend was the 135th consecutive quarterly cash dividend paid on common stock. Dividends per share were $ 0.14 and $ 0.13 for the quarters ended December 31, 2016 and 2015 , respectively. On January 18, 2017 , the Company declared a regular dividend on common stock of $0.15 per share, which represented its 136th consecutive quarterly cash dividend, as well as a special cash dividend on common stock of $0.25 per share. These dividends will be paid on February 10, 2017 to common shareholders of record on February 1, 2017 . For the three months ended December 31, 2016 , the Company repurchased 757,768 shares at an average price of $26.90 . Additionally, 49,989 shares of common stock were issued during the three months ended December 31, 2016 to investors that exercised warrants previously issued as part of the 2008 Troubled Asset Relief Program ("TARP"). As of December 31, 2016 , 689,498 such warrants remain outstanding. Net of warrant repurchase and exercise activity, there are 4,231,553 remaining shares authorized to be repurchased under the current Board approved share repurchase program. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable The following table is a summary of loans receivable. December 31, 2016 September 30, 2016 (In thousands) (In thousands) Gross loans by category Single-family residential $ 5,624,263 49.6 % $ 5,658,830 51.7 % Construction 1,265,747 11.2 1,110,411 10.1 Construction - custom 494,447 4.4 473,069 4.3 Land - acquisition & development 119,085 1.1 118,497 1.1 Land - consumer lot loans 101,104 0.9 104,567 1.0 Multi-family 1,217,594 10.7 1,124,290 10.3 Commercial real estate 1,207,573 10.7 1,093,639 10.0 Commercial & industrial 1,025,821 9.1 978,589 8.9 HELOC 148,452 1.3 149,716 1.4 Consumer 124,547 1.1 139,000 1.3 Total gross loans 11,328,633 100.0 % 10,950,608 100.0 % Less: Allowance for loan losses 118,456 113,494 Loans in process 1,027,168 879,484 Net deferred fees, costs and discounts 46,698 46,710 Total loan contra accounts 1,192,322 1,039,688 Net loans $ 10,136,311 $ 9,910,920 The following table sets forth information regarding non-accrual loans. December 31, 2016 September 30, 2016 (In thousands) Non-accrual loans: Single-family residential $ 38,568 63.5 % $ 33,148 78.2 % Construction — — — — Construction - custom — — — — Land - acquisition & development 603 1.0 58 0.1 Land - consumer lot loans 969 1.6 510 1.2 Multi-family 1,160 1.9 776 1.8 Commercial real estate 9,660 15.9 7,100 16.7 Commercial & industrial 9,230 15.2 583 1.4 HELOC 480 0.8 239 0.6 Consumer 45 0.1 — — Total non-accrual loans $ 60,715 100 % $ 42,414 100 % The Company recognized interest income on non-accrual loans of approximately $753,000 in the three months ended December 31, 2016 . Had these loans performed according to their original contract terms, the Company would have recognized interest income of approximately $547,000 for the three months ended December 31, 2016 . Interest income actually recognized during the three months ended December 31, 2016 is higher because of loans that were brought current or paid off. For acquired loans included in the non-accrual loan table above, interest income is still recognized on such loans through accretion of the difference between the carrying amount of the loans and the expected cash flows. The following tables provide details regarding delinquent loans. December 31, 2016 Loans Receivable Days Delinquent Based on $ Amount of Loans % based on $ Type of Loan Net of Loans In Process Current 30 60 90 Total (In thousands) Single-family residential $ 5,623,668 $ 5,563,465 $ 16,670 $ 6,808 $ 36,725 $ 60,203 1.07 % Construction 513,046 512,705 341 — — 341 0.07 Construction - custom 236,668 236,511 49 108 — 157 0.07 Land - acquisition & development 103,148 101,886 728 — 534 1,262 1.22 Land - consumer lot loans 101,045 99,969 235 43 798 1,076 1.06 Multi-family 1,217,594 1,215,726 853 616 399 1,868 0.15 Commercial real estate 1,175,475 1,167,710 1,771 267 5,727 7,765 0.66 Commercial & industrial 1,057,826 1,056,718 858 250 — 1,108 0.10 HELOC 148,448 147,074 893 — 481 1,374 0.93 Consumer 124,547 123,484 662 231 170 1,063 0.85 Total Loans $ 10,301,465 $ 10,225,248 $ 23,060 $ 8,323 $ 44,834 $ 76,217 0.74 % Delinquency % 99.26% 0.22% 0.08% 0.44% 0.74% September 30, 2016 Loans Receivable Days Delinquent Based on $ Amount of Loans % based on $ Type of Loan Net of Loans In Process Current 30 60 90 Total (In thousands) Single-family residential $ 5,658,122 $ 5,601,457 $ 20,916 $ 5,271 $ 30,478 $ 56,665 1.00 % Construction 498,450 498,450 — — — — — Construction - custom 229,957 229,419 538 — — 538 0.23 Land - acquisition & development 94,928 94,928 — — — — — Land - consumer lot loans 104,534 102,472 816 687 559 2,062 1.97 Multi-family 1,124,290 1,122,307 1,190 399 394 1,983 0.18 Commercial real estate 1,093,549 1,088,680 69 325 4,475 4,869 0.45 Commercial & industrial 978,582 978,540 — 42 — 42 — HELOC 149,713 148,513 763 164 273 1,200 0.80 Consumer 138,999 138,078 715 126 80 921 0.66 Total Loans $ 10,071,124 $ 10,002,844 $ 25,007 $ 7,014 $ 36,259 $ 68,280 0.68 % Delinquency % 99.32% 0.25% 0.07% 0.36% 0.68% The percentage of total delinquent loans increased from 0.68% as of September 30, 2016 to 0.74% as of December 31, 2016 and there are no loans greater than 90 days delinquent and still accruing interest as of either date. The following tables provide information related to loans that were restructured in a troubled debt restructuring ("TDR") during the periods presented: Three Months Ended December 31, 2016 2015 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 12 $ 2,134 $ 2,134 3 $ 729 $ 729 Land - consumer lot loans 1 204 204 — — — Commercial real estate — — — 5 965 965 HELOC 1 228 228 — — — 14 $ 2,566 $ 2,566 8 $ 1,694 $ 1,694 The following tables provide 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. Three Months Ended December 31, 2016 2015 Number of Recorded Number of Recorded Contracts Investment Contracts Investment (In thousands) (In thousands) TDRs That Subsequently Defaulted: Single-family residential 6 $ 1,993 5 $ 668 Land - consumer lot loans — — 1 148 Commercial real estate 2 267 — — 8 $ 2,260 6 $ 816 Most loans restructured in 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, 2016 , 94.2% of the Company's $249,950,000 in TDRs were classified as performing. Each request for modification is individually evaluated for merit and likelihood of success. The concession granted in a loan modification is typically a payment reduction through a rate reduction of between 100 to 200 basis points for a specific term, usually six to twenty four 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, 2016 , single-family residential loans comprised 87.2% 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 (including covered loans). Three Months Ended December 31, 2016 Twelve Months Ended September 30, 2016 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 $ 58,842 $ 91,761 $ 4,222 $ 131,132 $ 72,705 $ 111,300 $ 7,204 $ 187,080 Additions — — — — — — — — Net reclassification from non-accretable — — — — 4,867 — — — Accretion (3,233 ) 3,233 (198 ) 198 (18,730 ) 18,730 (2,982 ) 2,982 Transfers to REO — — — — — (175 ) — — Payments received, net — (16,852 ) — 5,211 — (38,094 ) — (58,930 ) Ending Balance $ 55,609 $ 78,142 $ 4,024 $ 136,541 $ 58,842 $ 91,761 $ 4,222 $ 131,132 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. The remaining outstanding balance of covered loans was $26,691,000 at December 31, 2016 compared to $28,974,000 as of September 30, 2016 . The FDIC loss share coverage for single family residential loans related to the Horizon Bank and Home Valley Bank acquisitions will continue for another four years . The following table shows activity for the FDIC indemnification asset: Three Months Ended December 31, 2016 Twelve Months Ended September 30, 2016 (In thousands) Balance at beginning of period $ 12,769 $ 16,275 Payments made (received) 242 (1,730 ) Amortization (387 ) (2,012 ) Accretion 50 236 Balance at end of period $ 12,674 $ 12,769 |
Allowance for Losses on Loans
Allowance for Losses on Loans | 3 Months Ended |
Dec. 31, 2016 | |
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, 2016 Beginning Allowance Charge-offs Recoveries Provision & Transfers Ending Allowance (In thousands) Single-family residential $ 37,796 $ (115 ) $ 151 $ 374 $ 38,206 Construction 19,838 — — 2,096 21,934 Construction - custom 1,080 — — 30 1,110 Land - acquisition & development 6,023 (20 ) 4,018 (3,356 ) 6,665 Land - consumer lot loans 2,535 (17 ) 70 (87 ) 2,501 Multi-family 6,925 — — 704 7,629 Commercial real estate 8,588 (11 ) 356 1,235 10,168 Commercial & industrial 28,008 (58 ) 725 (939 ) 27,736 HELOC 813 (37 ) 1 55 832 Consumer 1,888 (146 ) 379 (446 ) 1,675 $ 113,494 $ (404 ) $ 5,700 $ (334 ) $ 118,456 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 The Company recorded no provision for loan losses during the three months ended December 31, 2016 or December 31, 2015 . Reserving for new loan originations as the loan portfolio grows has been largely offset by recoveries of previously charged-off loans. Recoveries, net of charge-offs, totaled $5,296,000 for the three months ended December 31, 2016 , compared with $1,072,000 of net recoveries for the same quarter one year ago. Non-performing assets were $83,352,000 , or 0.56% , of total assets at December 31, 2016 , compared to $71,441,000 , or 0.48% , of total assets at September 30, 2016 . Non-accrual loans were $60,715,000 at December 31, 2016 , compared to $42,414,000 at September 30, 2016 . Delinquencies, as a percent of total loans, were 0.74% at December 31, 2016 , compared to 0.68% at September 30, 2016 . The reserve for unfunded commitments was $4,900,000 as of December 31, 2016 , which is an increase from $3,235,000 at September 30, 2016 . Management believes the allowance for loan losses plus the reserve for unfunded commitments, totaling $123,356,000 , or 1.09% of gross loans, is sufficient to absorb estimated inherent losses. The following tables show loans collectively and individually evaluated for impairment and the related allocation of general and specific reserves. December 31, 2016 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 $ 38,092 $ 5,585,461 0.7 % $ 114 $ 30,165 0.4 % Construction 21,934 513,046 4.3 — — — Construction - custom 1,110 236,668 0.5 — — — Land - acquisition & development 6,621 101,598 6.5 44 886 5.0 Land - consumer lot loans 2,501 90,947 2.7 — 1,384 — Multi-family 7,617 1,215,870 0.6 12 1,496 0.8 Commercial real estate 9,971 1,144,389 0.9 197 15,473 1.3 Commercial & industrial 27,736 1,021,372 2.7 — 1,517 — HELOC 832 138,094 0.6 — 805 — Consumer 1,675 124,255 1.3 — — — $ 118,089 $ 10,171,700 1.2 % $ 367 $ 51,726 0.7 % (1) Excludes acquired impaired loans and covered loans. September 30, 2016 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 $ 37,536 $ 5,585,912 0.7 % $ 260 $ 19,629 1.3 % Construction 19,838 498,450 4.0 — — — Construction - custom 1,080 229,298 0.5 — 330 — Land - acquisition & development 6,022 90,850 6.6 2 850 0.2 Land - consumer lot loans 2,535 92,828 2.7 — 558 — Multi-family 6,911 1,091,974 0.6 13 1,505 0.9 Commercial real estate 8,497 957,380 0.9 91 11,157 0.8 Commercial & industrial 28,008 966,930 2.9 — — — HELOC 813 133,203 0.6 — 239 — Consumer 1,888 137,315 1.4 — 3 — $ 113,128 $ 9,784,140 1.2 % $ 366 $ 34,271 1.1 % (1) Excludes acquired impaired loans and covered loans. As of December 31, 2016 , $118,089,000 of the allowance was calculated under the formulas contained in our general allowance methodology and the remaining $367,000 was specific reserves on loans deemed to be individually impaired. As of September 30, 2016 , $113,128,000 of the allowance was calculated under the formulas contained in our general allowance methodology and the remaining $366,000 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 collection or 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, 2016 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total Gross Loans (In thousands) Loan type Single-family residential $ 5,568,663 $ — $ 55,600 $ — $ — $ 5,624,263 Construction 1,256,396 5,876 3,475 — — 1,265,747 Construction - custom 494,447 — — — — 494,447 Land - acquisition & development 113,569 — 5,516 — — 119,085 Land - consumer lot loans 99,703 — 1,401 — — 101,104 Multi-family 1,211,055 3,658 2,881 — — 1,217,594 Commercial real estate 1,163,517 6,660 37,396 — — 1,207,573 Commercial & industrial 969,186 10,813 45,822 — — 1,025,821 HELOC 147,495 — 957 — — 148,452 Consumer 124,499 — 48 — — 124,547 Total gross loans $ 11,148,530 $ 27,007 $ 153,096 $ — $ — $ 11,328,633 Total grade as a % of total gross loans 98.4 % 0.2 % 1.4 % — % — % September 30, 2016 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total Gross Loans (In thousands) Loan type Single-family residential $ 5,607,521 $ — $ 51,309 $ — $ — $ 5,658,830 Construction 1,098,549 8,595 3,267 — — 1,110,411 Construction - custom 473,069 — — — — 473,069 Land - acquisition & development 111,225 — 7,272 — — 118,497 Land - consumer lot loans 103,528 — 1,039 — — 104,567 Multi-family 1,117,437 3,237 3,616 — — 1,124,290 Commercial real estate 1,033,880 13,446 46,313 — — 1,093,639 Commercial & industrial 930,776 7,207 40,606 — — 978,589 HELOC 149,195 — 521 — — 149,716 Consumer 138,917 — 83 — — 139,000 Total gross loans $ 10,764,097 $ 32,485 $ 154,026 $ — $ — $ 10,950,608 Total grade as a % of total gross loans 98.3 % 0.3 % 1.4 % — % — % The balance of loans internally graded as 'substandard' above includes $27,835,000 as of December 31, 2016 and $35,910,000 as of September 30, 2016 of acquired loans and covered loans. The following tables provide information on loans (excluding acquired and covered loans) based on borrower payment activity. December 31, 2016 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (In thousands) Single-family residential $ 5,549,864 99.3 % $ 38,568 0.7 % Construction 1,265,747 100.0 — — Construction - custom 494,447 100.0 — — Land - acquisition & development 116,567 99.5 603 0.5 Land - consumer lot loans 97,556 99.0 969 1.0 Multi-family 1,211,411 99.9 1,160 0.1 Commercial real estate 1,079,298 99.1 9,660 0.9 Commercial & industrial 971,931 99.1 9,230 0.9 HELOC 135,306 99.6 480 0.4 Consumer 123,140 100.0 45 — $ 11,045,267 99.5 % $ 60,715 0.5 % September 30, 2016 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (In thousands) Single-family residential $ 5,587,919 99.4 % $ 33,148 0.6 % Construction 1,110,411 100.0 — — Construction - custom 473,069 100.0 — — Land - acquisition & development 116,097 99.9 58 0.1 Land - consumer lot loans 101,343 99.5 510 0.5 Multi-family 1,118,025 99.9 776 0.1 Commercial real estate 949,064 99.3 7,100 0.7 Commercial & industrial 946,065 99.9 583 0.1 HELOC 134,546 99.8 239 0.2 Consumer 137,450 100.0 — — $ 10,673,989 99.6 % $ 42,414 0.4 % The following tables provide information on impaired loan balances and the related allowances by loan types. December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (In thousands) Impaired loans with no related allowance recorded: Single-family residential $ 15,488 $ 17,258 $ — $ 11,050 Land - acquisition & development 165 8,396 — 152 Land - consumer lot loans 713 765 — 525 Multi-family 1,160 5,096 — 968 Commercial real estate 11,407 19,829 — 11,180 Commercial & industrial 9,680 15,065 — 5,355 HELOC 767 1,028 — 471 Consumer 44 592 — 51 39,424 68,029 — 29,752 Impaired loans with an allowance recorded: Single-family residential 212,046 216,469 4,502 210,497 Land - acquisition & development 851 1,791 2 851 Land - consumer lot loans 9,056 10,114 41 9,002 Multi-family 1,496 1,496 12 1,501 Commercial real estate 18,246 21,497 197 17,751 Commercial & industrial 1,356 2,414 — 678 HELOC 1,200 1,218 — 1,088 Consumer 77 271 — 78 244,328 255,270 4,754 (1) 241,446 Total impaired loans: Single-family residential 227,534 233,727 4,502 221,547 Land - acquisition & development 1,016 10,187 2 1,003 Land - consumer lot loans 9,769 10,879 41 9,527 Multi-family 2,656 6,592 12 2,469 Commercial real estate 29,653 41,326 197 28,931 Commercial & industrial 11,036 17,479 — 6,033 HELOC 1,967 2,246 — 1,559 Consumer 121 863 — 129 $ 283,752 $ 323,299 $ 4,754 (1) $ 271,198 (1) Includes $367,000 of specific reserves and $4,387,000 included in the general reserves. September 30, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (In thousands) Impaired loans with no related allowance recorded: Single-family residential $ 9,627 $ 11,366 $ — $ 6,511 Land - acquisition & development 138 9,001 — 614 Land - consumer lot loans 499 609 — 317 Multi-family 394 3,972 — 638 Commercial real estate 11,741 21,301 — 6,260 Commercial & industrial 1,030 3,082 — 863 HELOC 209 315 — 165 Consumer 74 550 — 111 23,712 50,196 — 15,479 Impaired loans with an allowance recorded: Single-family residential 228,186 232,595 3,809 216,632 Land - acquisition & development 1,154 2,094 1 1,766 Land - consumer lot loans 9,630 10,678 1 9,548 Multi-family 1,505 1,505 13 1,522 Commercial real estate 19,434 22,848 91 19,311 HELOC 1,506 1,521 — 1,413 Consumer 116 306 — 100 261,531 271,547 3,915 (1) 250,292 Total impaired loans: Single-family residential 237,813 243,961 3,809 223,143 Land - acquisition & development 1,292 11,095 1 2,380 Land - consumer lot loans 10,129 11,287 1 9,865 Multi-family 1,899 5,477 13 2,160 Commercial real estate 31,175 44,149 91 25,571 Commercial & industrial 1,030 3,082 — 863 HELOC 1,715 1,836 — 1,578 Consumer 190 856 — 211 $ 285,243 $ 321,743 $ 3,915 (1) $ 265,771 (1) Includes $366,000 of specific reserves and $3,549,000 included in the general reserves. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC 820 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 820 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. The fair value of debt securities are priced using model pricing based on the securities' relationship to other benchmark quoted prices as provided by an independent third party, and under GAAP are considered a Level 2 input method. Securities that are traded on active exchanges, including the Company's equity securities, are measured using the closing price in an active market and 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, 2016 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Available-for-sale securities: Equity securities $ 522 $ — $ — $ 522 U.S. government and agency securities — 247,268 — 247,268 Municipal bonds — 26,459 — 26,459 Obligations of foreign governments — — — — Corporate debt securities — 208,025 — 208,025 Mortgage-backed securities Agency pass-through certificates — 906,847 — 906,847 Commercial MBS — 52,814 — 52,814 Total available-for-sale securities 522 1,441,413 — 1,441,935 Interest rate contracts — 2,560 — 2,560 Total financial assets $ 522 $ 1,443,973 $ — $ 1,444,495 Financial Liabilities Interest rate contracts $ — $ 2,560 $ — $ 2,560 Commercial loan hedges — 49 — 49 Long term borrowing hedges — 2,076 — 2,076 Total financial liabilities $ — $ 4,685 $ — $ 4,685 There were no transfers between, into and/or out of Levels 1, 2 or 3 during the three months ended December 31, 2016 . September 30, 2016 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Available-for-sale securities: Equity securities $ 101,824 $ — $ — $ 101,824 U.S. government and agency securities — 259,351 — 259,351 Municipal bonds — 27,670 — 27,670 Obligations of foreign governments — — — — Corporate debt securities — 461,138 — 461,138 Mortgage-backed securities Agency pass-through certificates — 993,041 — 993,041 Commercial MBS — 79,870 — 79,870 Total available-for-sale securities 101,824 1,821,070 — 1,922,894 Interest rate contracts — 20,895 — 20,895 Total financial assets $ 101,824 $ 1,841,965 $ — $ 1,943,789 Financial Liabilities Interest rate contracts $ — $ 20,895 $ — $ 20,895 Commercial loan hedges — 3,312 — 3,312 Long term borrowing hedges — 31,347 — 31,347 Total financial liabilities $ — $ 55,554 $ — $ 55,554 There were no transfers between, into and/or out of Levels 1, 2 or 3 during the fiscal year ended September 30, 2016 . Measured on a Nonrecurring Basis Impaired Loans & Real Estate Owned Real estate owned ("REO") 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 owned 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 owned as Level 3. Level 3 assets recorded at fair value on a nonrecurring basis at December 31, 2016 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 real estate owned where the fair value of the property 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, 2016 and December 31, 2015 , and the total gains (losses) resulting from those fair value adjustments for the three months ended December 31, 2016 and December 31, 2015 . The estimated fair value measurements are shown gross of estimated selling costs. December 31, 2016 Three Months Ended December 31, 2016 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) Impaired loans (1) $ — $ — $ 3,353 $ 3,353 $ (422 ) Real estate owned (2) — — 2,299 2,299 (241 ) Balance at end of period $ — $ — $ 5,652 $ 5,652 $ (663 ) (1) The gains (losses) represent remeasurements of collateral-dependent loans. (2) The gains (losses) represent aggregate writedowns and charge-offs on REO. December 31, 2015 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 REO. 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 loans is used for measurement of non collateral-dependent loans to test for impairment. Real estate owned - When a loan is reclassified from loan status to real estate owned 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 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 ASC 825 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, 2016 September 30, 2016 Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (In thousands) Financial assets Cash and cash equivalents 1 $ 398,838 $ 398,838 $ 450,368 $ 450,368 Available-for-sale securities Equity securities 1 522 522 101,824 101,824 U.S. government and agency securities 2 247,268 247,268 259,351 259,351 Municipal bonds 2 26,459 26,459 27,670 27,670 Corporate debt securities 2 208,025 208,025 461,138 461,138 Mortgage-backed securities Agency pass-through certificates 2 906,847 906,847 993,041 993,041 Commercial MBS 2 52,814 52,814 79,870 79,870 Total available-for-sale securities 1,441,935 1,441,935 1,922,894 1,922,894 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 2 1,752,010 1,723,092 1,417,599 1,441,556 Total held-to-maturity securities 1,752,010 1,723,092 1,417,599 1,441,556 Loans receivable 3 10,136,311 10,424,590 9,910,920 10,414,794 FDIC indemnification asset 3 12,674 12,174 12,769 12,095 FHLB and FRB stock 2 117,190 117,190 117,205 117,205 Other assets - interest rate contracts 2 2,560 2,560 20,895 20,895 Financial liabilities Customer accounts 2 10,647,575 10,066,485 10,600,852 10,184,321 FHLB advances 2 2,080,000 2,140,150 2,080,000 2,184,671 Other liabilities - interest rate contracts 2 2,560 2,560 20,895 20,895 Other liabilities - commercial loan hedges 2 49 49 3,312 3,312 Other liabilities - long term borrowing hedges 2 2,076 2,076 31,347 31,347 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 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, 2016 Amortized Cost Gross Unrealized Fair Value Yield Gains Losses (In thousands) Available-for-sale securities U.S. government and agency securities due Within 1 year $ 23,102 $ 428 $ (27 ) $ 23,503 3.55 % 1 to 5 years 35,788 354 (1,151 ) 34,991 2.15 5 to 10 years 42,301 — (955 ) 41,346 1.75 Over 10 years 149,673 — (2,245 ) 147,428 1.44 Equity securities due Within 1 year — — — — — 1 to 5 years 500 22 — 522 1.80 Corporate debt securities due Within 1 year 28,094 52 — 28,146 1.84 1 to 5 years 63,516 951 (50 ) 64,417 2.57 5 to 10 years 69,957 — (3,361 ) 66,596 2.06 Over 10 years 50,000 — (1,134 ) 48,866 3.00 Municipal bonds due 1 to 5 years 2,322 — (8 ) 2,314 1.23 5 to 10 years 1,343 — (18 ) 1,325 2.05 Over 10 years 20,358 2,462 — 22,820 6.45 Mortgage-backed securities Agency pass-through certificates 904,287 7,546 (4,986 ) 906,847 2.65 Commercial MBS 53,097 — (283 ) 52,814 1.95 1,444,338 11,815 (14,218 ) 1,441,935 2.49 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 1,752,010 3,859 (32,777 ) 1,723,092 3.18 $ 3,196,348 $ 15,674 $ (46,995 ) $ 3,165,027 2.84 % September 30, 2016 Amortized Cost Gross Unrealized Fair Value Yield Gains Losses (In thousands) Available-for-sale securities U.S. government and agency securities due Within 1 year $ 21,284 $ — $ (59 ) $ 21,225 0.81 % 1 to 5 years 12,477 1,027 (11 ) 13,493 7.94 5 to 10 years 48,134 — (1,589 ) 46,545 1.14 Over 10 years 182,051 27 (3,990 ) 178,088 1.33 Equity Securities Within 1 year — — — — — 1 to 5 years 100,422 1,402 — 101,824 1.90 Corporate bonds due Within 1 year 278,094 325 (53 ) 278,366 1.33 1 to 5 years 63,481 928 (113 ) 64,296 2.47 5 to 10 years 69,955 — (2,417 ) 67,538 1.96 Over 10 years 50,000 938 — 50,938 3.00 Municipal bonds due 1 to 5 years 2,315 2 — 2,317 1.23 5 to 10 years 1,335 38 — 1,373 2.05 Over 10 years 20,363 3,617 — 23,980 6.45 Mortgage-backed securities Agency pass-through certificates 978,955 17,118 (3,032 ) 993,041 2.58 Commercial MBS 80,318 — (448 ) 79,870 1.91 1,909,184 25,422 (11,712 ) 1,922,894 2.22 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 1,417,599 24,171 (214 ) 1,441,556 3.18 $ 3,326,783 $ 49,593 $ (11,926 ) $ 3,364,450 2.62 % For available-for-sale investment securities, there were sales totaling $350,890,000 during the three months ended December 31, 2016 and no sales during the three months ended December 31, 2015 . There were no purchases of available-for-sale investment securities during the three months ended December 31, 2016 and purchases of $50,741,000 during the three months ended December 31, 2015 . For held-to-maturity investment securities, there were purchases totaling $415,729,000 during the three months ended December 31, 2016 and no purchases during the three months ended December 31, 2015 . There were no sales of held-to-maturity investment securities during either period. 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, 2016 and September 30, 2016 , 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, 2016 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 debt securities $ (1,134 ) $ 48,866 $ (3,411 ) $ 76,546 $ (4,545 ) $ 125,412 Municipal bonds due (26 ) 3,639 — — (26 ) 3,639 U.S. government and agency securities (743 ) 24,470 (3,634 ) 212,717 (4,377 ) 237,187 Agency pass-through certificates (34,536 ) 1,761,731 (3,511 ) 431,533 (38,047 ) 2,193,264 $ (36,439 ) $ 1,838,706 $ (10,556 ) $ 720,796 $ (46,995 ) $ 2,559,502 September 30, 2016 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 debt securities $ — $ — $ (2,582 ) $ 100,467 $ (2,582 ) $ 100,467 U.S. government and agency securities (11 ) 3,167 (5,638 ) 220,613 (5,649 ) 223,780 Agency pass-through certificates (1,278 ) 301,030 (2,417 ) 232,407 (3,695 ) 533,437 $ (1,289 ) $ 304,197 $ (10,637 ) $ 553,487 $ (11,926 ) $ 857,684 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Dec. 31, 2016 | |
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 $ 878,860,000 and $840,935,000 notional in interest rate swaps to hedge this exposure as of December 31, 2016 and September 30, 2016 , respectively. The interest rate swaps are derivatives under FASB 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, 2016 and 2015 as the changes in value for the asset and liability side of the swaps offset each other. The Bank has also entered into interest rate swaps to convert certain existing and future short-term borrowings to fixed rate payments. The primary purpose of these hedges 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 ASC 815, which provides for offsetting 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 existing or future short-term fixed rate borrowings over the term of the interest rate swap. The change in the fair value of the interest rate swaps is recorded in other comprehensive income. The Bank had $700,000,000 and $700,000,000 notional in interest rate swaps to hedge existing and anticipated future borrowings as of December 31, 2016 and September 30, 2016 , respectively. The unrealized loss, gross of the related tax benefit, on these interest rate swaps as of December 31, 2016 was $2,076,000 and $31,347,000 as of September 30, 2016 . 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 ASC 815, which provides for offsetting of the recognition of gains and losses of the interest rate swap and the hedged item. The Bank hedges this loan using an interest rate swap with a notional amount of $52,936,000 and $54,155,000 as of December 31, 2016 and September 30, 2016 , respectively. The following table presents the fair value and balance sheet classification of derivatives at December 31, 2016 and September 30, 2016 : Asset Derivatives Liability Derivatives December 31, 2016 September 30, 2016 December 31, 2016 September 30, 2016 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 $ 2,560 Other assets $ 20,895 Other liabilities $ 2,560 Other liabilities $ 20,895 Commercial loan hedge Other assets — Other assets — Other liabilities 49 Other liabilities 3,312 Long term borrowing hedge Other assets — Other assets — Other liabilities 2,076 Other liabilities 31,347 $ 2,560 $ 20,895 $ 4,685 $ 55,554 |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 information included in this Form 10-Q should be read in conjunction with the financial statements and related notes in the Company's 2016 Annual Report on Form 10-K (“ 2016 Annual Financial Statements”). Interim results are not necessarily indicative of results for a full year. |
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 August 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-15, Classification of Certain Cash Receipts and Cash Payments. The amendments in this ASU address eight specific cash flow issues with the objective of reducing diversity in practice. The specific issues identified include: debt prepayments or extinguishment costs; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. This ASU is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period; however, early adoption is permitted. The Company is currently evaluating the guidance to determine its adoption method and does not expect this guidance to have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses . The amendments in this ASU were issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to- maturity debt securities, trade and other receivables, net investments in leases and other commitments to extend credit held by a reporting entity at each reporting date. The amendments require that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The ASU eliminates the current framework of recognizing probable incurred losses and instead requires an entity to use its current estimate of all expected credit losses over the contractual life. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets. For purchased financial assets with a more-than-insignificant amount of credit deterioration since origination (“PCD assets”) that are measured at amortized cost, an allowance for expected credit losses is recorded as an adjustment to the cost basis of the asset. Subsequent changes in estimated cash flows would be recorded as an adjustment to the allowance and through the statement of income. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security's cost basis. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For most debt securities, the transition approach requires a cumulative-effect adjustment to the statement of financial position as of the beginning of the first reporting period the guidance is effective. For other-than-temporarily impaired debt securities and PCD assets, the guidance will be applied prospectively. The Company is currently evaluating the provisions of this ASU to determine the impact the new standard will have on the Company's consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation- Improvements to Employee Share-Based Payment Accounting , which involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the guidance, income tax benefits and deficiencies are to be recognized as income tax expense or benefit in the income statement and the tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity should also recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. Excess tax benefits should be classified along with other income tax cash flows as an operating activity. In regards to forfeitures, the entity may make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. This ASU is effective for fiscal years beginning after December 15, 2016 including interim periods within that reporting period; however, early adoption is permitted. The Company elected to early adopt the guidance in the quarter ended December 31, 2016 and determined the provisions of the ASU did not have a material impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases . The amendments require lessees to recognize a lease liability, which is a lessee's obligation to make lease payments arising from a lease, and a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. The guidance also simplifies the accounting for sale and leaseback transactions. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently evaluating the provisions of this ASU to determine the impact the new standard will have on the Company's consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , to require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments in this ASU also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This ASU is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which will 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 adopted the guidance in the quarter ended December 31, 2016 and determined the provisions of the ASU did not have a material impact on the Company's consolidated financial statements. In April 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 is 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 adopted the guidance in the quarter ended December 31, 2016 and determined the provisions of the ASU did not have a material impact on the Company's consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . 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. |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | The following table is a summary of loans receivable. December 31, 2016 September 30, 2016 (In thousands) (In thousands) Gross loans by category Single-family residential $ 5,624,263 49.6 % $ 5,658,830 51.7 % Construction 1,265,747 11.2 1,110,411 10.1 Construction - custom 494,447 4.4 473,069 4.3 Land - acquisition & development 119,085 1.1 118,497 1.1 Land - consumer lot loans 101,104 0.9 104,567 1.0 Multi-family 1,217,594 10.7 1,124,290 10.3 Commercial real estate 1,207,573 10.7 1,093,639 10.0 Commercial & industrial 1,025,821 9.1 978,589 8.9 HELOC 148,452 1.3 149,716 1.4 Consumer 124,547 1.1 139,000 1.3 Total gross loans 11,328,633 100.0 % 10,950,608 100.0 % Less: Allowance for loan losses 118,456 113,494 Loans in process 1,027,168 879,484 Net deferred fees, costs and discounts 46,698 46,710 Total loan contra accounts 1,192,322 1,039,688 Net loans $ 10,136,311 $ 9,910,920 |
Summary of Information Regarding Non-Accrual Loans | The following table sets forth information regarding non-accrual loans. December 31, 2016 September 30, 2016 (In thousands) Non-accrual loans: Single-family residential $ 38,568 63.5 % $ 33,148 78.2 % Construction — — — — Construction - custom — — — — Land - acquisition & development 603 1.0 58 0.1 Land - consumer lot loans 969 1.6 510 1.2 Multi-family 1,160 1.9 776 1.8 Commercial real estate 9,660 15.9 7,100 16.7 Commercial & industrial 9,230 15.2 583 1.4 HELOC 480 0.8 239 0.6 Consumer 45 0.1 — — Total non-accrual loans $ 60,715 100 % $ 42,414 100 % |
Analysis of Age of Loans in Past Due Status | The following tables provide details regarding delinquent loans. December 31, 2016 Loans Receivable Days Delinquent Based on $ Amount of Loans % based on $ Type of Loan Net of Loans In Process Current 30 60 90 Total (In thousands) Single-family residential $ 5,623,668 $ 5,563,465 $ 16,670 $ 6,808 $ 36,725 $ 60,203 1.07 % Construction 513,046 512,705 341 — — 341 0.07 Construction - custom 236,668 236,511 49 108 — 157 0.07 Land - acquisition & development 103,148 101,886 728 — 534 1,262 1.22 Land - consumer lot loans 101,045 99,969 235 43 798 1,076 1.06 Multi-family 1,217,594 1,215,726 853 616 399 1,868 0.15 Commercial real estate 1,175,475 1,167,710 1,771 267 5,727 7,765 0.66 Commercial & industrial 1,057,826 1,056,718 858 250 — 1,108 0.10 HELOC 148,448 147,074 893 — 481 1,374 0.93 Consumer 124,547 123,484 662 231 170 1,063 0.85 Total Loans $ 10,301,465 $ 10,225,248 $ 23,060 $ 8,323 $ 44,834 $ 76,217 0.74 % Delinquency % 99.26% 0.22% 0.08% 0.44% 0.74% September 30, 2016 Loans Receivable Days Delinquent Based on $ Amount of Loans % based on $ Type of Loan Net of Loans In Process Current 30 60 90 Total (In thousands) Single-family residential $ 5,658,122 $ 5,601,457 $ 20,916 $ 5,271 $ 30,478 $ 56,665 1.00 % Construction 498,450 498,450 — — — — — Construction - custom 229,957 229,419 538 — — 538 0.23 Land - acquisition & development 94,928 94,928 — — — — — Land - consumer lot loans 104,534 102,472 816 687 559 2,062 1.97 Multi-family 1,124,290 1,122,307 1,190 399 394 1,983 0.18 Commercial real estate 1,093,549 1,088,680 69 325 4,475 4,869 0.45 Commercial & industrial 978,582 978,540 — 42 — 42 — HELOC 149,713 148,513 763 164 273 1,200 0.80 Consumer 138,999 138,078 715 126 80 921 0.66 Total Loans $ 10,071,124 $ 10,002,844 $ 25,007 $ 7,014 $ 36,259 $ 68,280 0.68 % Delinquency % 99.32% 0.25% 0.07% 0.36% 0.68% |
Schedule of Impaired Loans, Loan Commitments and Loans Serviced | The following tables provide information related to loans that were restructured in a troubled debt restructuring ("TDR") during the periods presented: Three Months Ended December 31, 2016 2015 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 12 $ 2,134 $ 2,134 3 $ 729 $ 729 Land - consumer lot loans 1 204 204 — — — Commercial real estate — — — 5 965 965 HELOC 1 228 228 — — — 14 $ 2,566 $ 2,566 8 $ 1,694 $ 1,694 |
Schedule of Loan Modifications | The following tables provide 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. Three Months Ended December 31, 2016 2015 Number of Recorded Number of Recorded Contracts Investment Contracts Investment (In thousands) (In thousands) TDRs That Subsequently Defaulted: Single-family residential 6 $ 1,993 5 $ 668 Land - consumer lot loans — — 1 148 Commercial real estate 2 267 — — 8 $ 2,260 6 $ 816 |
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 (including covered loans). Three Months Ended December 31, 2016 Twelve Months Ended September 30, 2016 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 $ 58,842 $ 91,761 $ 4,222 $ 131,132 $ 72,705 $ 111,300 $ 7,204 $ 187,080 Additions — — — — — — — — Net reclassification from non-accretable — — — — 4,867 — — — Accretion (3,233 ) 3,233 (198 ) 198 (18,730 ) 18,730 (2,982 ) 2,982 Transfers to REO — — — — — (175 ) — — Payments received, net — (16,852 ) — 5,211 — (38,094 ) — (58,930 ) Ending Balance $ 55,609 $ 78,142 $ 4,024 $ 136,541 $ 58,842 $ 91,761 $ 4,222 $ 131,132 |
Schedule of Activity for FDIC Indemnification Asset | The following table shows activity for the FDIC indemnification asset: Three Months Ended December 31, 2016 Twelve Months Ended September 30, 2016 (In thousands) Balance at beginning of period $ 12,769 $ 16,275 Payments made (received) 242 (1,730 ) Amortization (387 ) (2,012 ) Accretion 50 236 Balance at end of period $ 12,674 $ 12,769 |
Allowance for Losses on Loans (
Allowance for Losses on Loans (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
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, 2016 Beginning Allowance Charge-offs Recoveries Provision & Transfers Ending Allowance (In thousands) Single-family residential $ 37,796 $ (115 ) $ 151 $ 374 $ 38,206 Construction 19,838 — — 2,096 21,934 Construction - custom 1,080 — — 30 1,110 Land - acquisition & development 6,023 (20 ) 4,018 (3,356 ) 6,665 Land - consumer lot loans 2,535 (17 ) 70 (87 ) 2,501 Multi-family 6,925 — — 704 7,629 Commercial real estate 8,588 (11 ) 356 1,235 10,168 Commercial & industrial 28,008 (58 ) 725 (939 ) 27,736 HELOC 813 (37 ) 1 55 832 Consumer 1,888 (146 ) 379 (446 ) 1,675 $ 113,494 $ (404 ) $ 5,700 $ (334 ) $ 118,456 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 |
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, 2016 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 $ 38,092 $ 5,585,461 0.7 % $ 114 $ 30,165 0.4 % Construction 21,934 513,046 4.3 — — — Construction - custom 1,110 236,668 0.5 — — — Land - acquisition & development 6,621 101,598 6.5 44 886 5.0 Land - consumer lot loans 2,501 90,947 2.7 — 1,384 — Multi-family 7,617 1,215,870 0.6 12 1,496 0.8 Commercial real estate 9,971 1,144,389 0.9 197 15,473 1.3 Commercial & industrial 27,736 1,021,372 2.7 — 1,517 — HELOC 832 138,094 0.6 — 805 — Consumer 1,675 124,255 1.3 — — — $ 118,089 $ 10,171,700 1.2 % $ 367 $ 51,726 0.7 % (1) Excludes acquired impaired loans and covered loans. September 30, 2016 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 $ 37,536 $ 5,585,912 0.7 % $ 260 $ 19,629 1.3 % Construction 19,838 498,450 4.0 — — — Construction - custom 1,080 229,298 0.5 — 330 — Land - acquisition & development 6,022 90,850 6.6 2 850 0.2 Land - consumer lot loans 2,535 92,828 2.7 — 558 — Multi-family 6,911 1,091,974 0.6 13 1,505 0.9 Commercial real estate 8,497 957,380 0.9 91 11,157 0.8 Commercial & industrial 28,008 966,930 2.9 — — — HELOC 813 133,203 0.6 — 239 — Consumer 1,888 137,315 1.4 — 3 — $ 113,128 $ 9,784,140 1.2 % $ 366 $ 34,271 1.1 % (1) Excludes acquired impaired loans 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, 2016 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total Gross Loans (In thousands) Loan type Single-family residential $ 5,568,663 $ — $ 55,600 $ — $ — $ 5,624,263 Construction 1,256,396 5,876 3,475 — — 1,265,747 Construction - custom 494,447 — — — — 494,447 Land - acquisition & development 113,569 — 5,516 — — 119,085 Land - consumer lot loans 99,703 — 1,401 — — 101,104 Multi-family 1,211,055 3,658 2,881 — — 1,217,594 Commercial real estate 1,163,517 6,660 37,396 — — 1,207,573 Commercial & industrial 969,186 10,813 45,822 — — 1,025,821 HELOC 147,495 — 957 — — 148,452 Consumer 124,499 — 48 — — 124,547 Total gross loans $ 11,148,530 $ 27,007 $ 153,096 $ — $ — $ 11,328,633 Total grade as a % of total gross loans 98.4 % 0.2 % 1.4 % — % — % September 30, 2016 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total Gross Loans (In thousands) Loan type Single-family residential $ 5,607,521 $ — $ 51,309 $ — $ — $ 5,658,830 Construction 1,098,549 8,595 3,267 — — 1,110,411 Construction - custom 473,069 — — — — 473,069 Land - acquisition & development 111,225 — 7,272 — — 118,497 Land - consumer lot loans 103,528 — 1,039 — — 104,567 Multi-family 1,117,437 3,237 3,616 — — 1,124,290 Commercial real estate 1,033,880 13,446 46,313 — — 1,093,639 Commercial & industrial 930,776 7,207 40,606 — — 978,589 HELOC 149,195 — 521 — — 149,716 Consumer 138,917 — 83 — — 139,000 Total gross loans $ 10,764,097 $ 32,485 $ 154,026 $ — $ — $ 10,950,608 Total grade as a % of total gross loans 98.3 % 0.3 % 1.4 % — % — % The balance of loans internally graded as 'substandard' above includes $27,835,000 as of December 31, 2016 and $35,910,000 as of September 30, 2016 of acquired loans and covered loans. The following tables provide information on loans (excluding acquired and covered loans) based on borrower payment activity. December 31, 2016 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (In thousands) Single-family residential $ 5,549,864 99.3 % $ 38,568 0.7 % Construction 1,265,747 100.0 — — Construction - custom 494,447 100.0 — — Land - acquisition & development 116,567 99.5 603 0.5 Land - consumer lot loans 97,556 99.0 969 1.0 Multi-family 1,211,411 99.9 1,160 0.1 Commercial real estate 1,079,298 99.1 9,660 0.9 Commercial & industrial 971,931 99.1 9,230 0.9 HELOC 135,306 99.6 480 0.4 Consumer 123,140 100.0 45 — $ 11,045,267 99.5 % $ 60,715 0.5 % September 30, 2016 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (In thousands) Single-family residential $ 5,587,919 99.4 % $ 33,148 0.6 % Construction 1,110,411 100.0 — — Construction - custom 473,069 100.0 — — Land - acquisition & development 116,097 99.9 58 0.1 Land - consumer lot loans 101,343 99.5 510 0.5 Multi-family 1,118,025 99.9 776 0.1 Commercial real estate 949,064 99.3 7,100 0.7 Commercial & industrial 946,065 99.9 583 0.1 HELOC 134,546 99.8 239 0.2 Consumer 137,450 100.0 — — $ 10,673,989 99.6 % $ 42,414 0.4 % |
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, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (In thousands) Impaired loans with no related allowance recorded: Single-family residential $ 15,488 $ 17,258 $ — $ 11,050 Land - acquisition & development 165 8,396 — 152 Land - consumer lot loans 713 765 — 525 Multi-family 1,160 5,096 — 968 Commercial real estate 11,407 19,829 — 11,180 Commercial & industrial 9,680 15,065 — 5,355 HELOC 767 1,028 — 471 Consumer 44 592 — 51 39,424 68,029 — 29,752 Impaired loans with an allowance recorded: Single-family residential 212,046 216,469 4,502 210,497 Land - acquisition & development 851 1,791 2 851 Land - consumer lot loans 9,056 10,114 41 9,002 Multi-family 1,496 1,496 12 1,501 Commercial real estate 18,246 21,497 197 17,751 Commercial & industrial 1,356 2,414 — 678 HELOC 1,200 1,218 — 1,088 Consumer 77 271 — 78 244,328 255,270 4,754 (1) 241,446 Total impaired loans: Single-family residential 227,534 233,727 4,502 221,547 Land - acquisition & development 1,016 10,187 2 1,003 Land - consumer lot loans 9,769 10,879 41 9,527 Multi-family 2,656 6,592 12 2,469 Commercial real estate 29,653 41,326 197 28,931 Commercial & industrial 11,036 17,479 — 6,033 HELOC 1,967 2,246 — 1,559 Consumer 121 863 — 129 $ 283,752 $ 323,299 $ 4,754 (1) $ 271,198 (1) Includes $367,000 of specific reserves and $4,387,000 included in the general reserves. September 30, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (In thousands) Impaired loans with no related allowance recorded: Single-family residential $ 9,627 $ 11,366 $ — $ 6,511 Land - acquisition & development 138 9,001 — 614 Land - consumer lot loans 499 609 — 317 Multi-family 394 3,972 — 638 Commercial real estate 11,741 21,301 — 6,260 Commercial & industrial 1,030 3,082 — 863 HELOC 209 315 — 165 Consumer 74 550 — 111 23,712 50,196 — 15,479 Impaired loans with an allowance recorded: Single-family residential 228,186 232,595 3,809 216,632 Land - acquisition & development 1,154 2,094 1 1,766 Land - consumer lot loans 9,630 10,678 1 9,548 Multi-family 1,505 1,505 13 1,522 Commercial real estate 19,434 22,848 91 19,311 HELOC 1,506 1,521 — 1,413 Consumer 116 306 — 100 261,531 271,547 3,915 (1) 250,292 Total impaired loans: Single-family residential 237,813 243,961 3,809 223,143 Land - acquisition & development 1,292 11,095 1 2,380 Land - consumer lot loans 10,129 11,287 1 9,865 Multi-family 1,899 5,477 13 2,160 Commercial real estate 31,175 44,149 91 25,571 Commercial & industrial 1,030 3,082 — 863 HELOC 1,715 1,836 — 1,578 Consumer 190 856 — 211 $ 285,243 $ 321,743 $ 3,915 (1) $ 265,771 (1) Includes $366,000 of specific reserves and $3,549,000 included in the general reserves |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
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, 2016 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Available-for-sale securities: Equity securities $ 522 $ — $ — $ 522 U.S. government and agency securities — 247,268 — 247,268 Municipal bonds — 26,459 — 26,459 Obligations of foreign governments — — — — Corporate debt securities — 208,025 — 208,025 Mortgage-backed securities Agency pass-through certificates — 906,847 — 906,847 Commercial MBS — 52,814 — 52,814 Total available-for-sale securities 522 1,441,413 — 1,441,935 Interest rate contracts — 2,560 — 2,560 Total financial assets $ 522 $ 1,443,973 $ — $ 1,444,495 Financial Liabilities Interest rate contracts $ — $ 2,560 $ — $ 2,560 Commercial loan hedges — 49 — 49 Long term borrowing hedges — 2,076 — 2,076 Total financial liabilities $ — $ 4,685 $ — $ 4,685 There were no transfers between, into and/or out of Levels 1, 2 or 3 during the three months ended December 31, 2016 . September 30, 2016 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Available-for-sale securities: Equity securities $ 101,824 $ — $ — $ 101,824 U.S. government and agency securities — 259,351 — 259,351 Municipal bonds — 27,670 — 27,670 Obligations of foreign governments — — — — Corporate debt securities — 461,138 — 461,138 Mortgage-backed securities Agency pass-through certificates — 993,041 — 993,041 Commercial MBS — 79,870 — 79,870 Total available-for-sale securities 101,824 1,821,070 — 1,922,894 Interest rate contracts — 20,895 — 20,895 Total financial assets $ 101,824 $ 1,841,965 $ — $ 1,943,789 Financial Liabilities Interest rate contracts $ — $ 20,895 $ — $ 20,895 Commercial loan hedges — 3,312 — 3,312 Long term borrowing hedges — 31,347 — 31,347 Total financial liabilities $ — $ 55,554 $ — $ 55,554 |
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, 2016 and December 31, 2015 , and the total gains (losses) resulting from those fair value adjustments for the three months ended December 31, 2016 and December 31, 2015 . The estimated fair value measurements are shown gross of estimated selling costs. December 31, 2016 Three Months Ended December 31, 2016 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) Impaired loans (1) $ — $ — $ 3,353 $ 3,353 $ (422 ) Real estate owned (2) — — 2,299 2,299 (241 ) Balance at end of period $ — $ — $ 5,652 $ 5,652 $ (663 ) (1) The gains (losses) represent remeasurements of collateral-dependent loans. (2) The gains (losses) represent aggregate writedowns and charge-offs on REO. December 31, 2015 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 REO. |
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, 2016 September 30, 2016 Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (In thousands) Financial assets Cash and cash equivalents 1 $ 398,838 $ 398,838 $ 450,368 $ 450,368 Available-for-sale securities Equity securities 1 522 522 101,824 101,824 U.S. government and agency securities 2 247,268 247,268 259,351 259,351 Municipal bonds 2 26,459 26,459 27,670 27,670 Corporate debt securities 2 208,025 208,025 461,138 461,138 Mortgage-backed securities Agency pass-through certificates 2 906,847 906,847 993,041 993,041 Commercial MBS 2 52,814 52,814 79,870 79,870 Total available-for-sale securities 1,441,935 1,441,935 1,922,894 1,922,894 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 2 1,752,010 1,723,092 1,417,599 1,441,556 Total held-to-maturity securities 1,752,010 1,723,092 1,417,599 1,441,556 Loans receivable 3 10,136,311 10,424,590 9,910,920 10,414,794 FDIC indemnification asset 3 12,674 12,174 12,769 12,095 FHLB and FRB stock 2 117,190 117,190 117,205 117,205 Other assets - interest rate contracts 2 2,560 2,560 20,895 20,895 Financial liabilities Customer accounts 2 10,647,575 10,066,485 10,600,852 10,184,321 FHLB advances 2 2,080,000 2,140,150 2,080,000 2,184,671 Other liabilities - interest rate contracts 2 2,560 2,560 20,895 20,895 Other liabilities - commercial loan hedges 2 49 49 3,312 3,312 Other liabilities - long term borrowing hedges 2 2,076 2,076 31,347 31,347 The following table presents the fair value and balance sheet classification of derivatives at December 31, 2016 and September 30, 2016 : Asset Derivatives Liability Derivatives December 31, 2016 September 30, 2016 December 31, 2016 September 30, 2016 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 $ 2,560 Other assets $ 20,895 Other liabilities $ 2,560 Other liabilities $ 20,895 Commercial loan hedge Other assets — Other assets — Other liabilities 49 Other liabilities 3,312 Long term borrowing hedge Other assets — Other assets — Other liabilities 2,076 Other liabilities 31,347 $ 2,560 $ 20,895 $ 4,685 $ 55,554 |
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, 2016 Amortized Cost Gross Unrealized Fair Value Yield Gains Losses (In thousands) Available-for-sale securities U.S. government and agency securities due Within 1 year $ 23,102 $ 428 $ (27 ) $ 23,503 3.55 % 1 to 5 years 35,788 354 (1,151 ) 34,991 2.15 5 to 10 years 42,301 — (955 ) 41,346 1.75 Over 10 years 149,673 — (2,245 ) 147,428 1.44 Equity securities due Within 1 year — — — — — 1 to 5 years 500 22 — 522 1.80 Corporate debt securities due Within 1 year 28,094 52 — 28,146 1.84 1 to 5 years 63,516 951 (50 ) 64,417 2.57 5 to 10 years 69,957 — (3,361 ) 66,596 2.06 Over 10 years 50,000 — (1,134 ) 48,866 3.00 Municipal bonds due 1 to 5 years 2,322 — (8 ) 2,314 1.23 5 to 10 years 1,343 — (18 ) 1,325 2.05 Over 10 years 20,358 2,462 — 22,820 6.45 Mortgage-backed securities Agency pass-through certificates 904,287 7,546 (4,986 ) 906,847 2.65 Commercial MBS 53,097 — (283 ) 52,814 1.95 1,444,338 11,815 (14,218 ) 1,441,935 2.49 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 1,752,010 3,859 (32,777 ) 1,723,092 3.18 $ 3,196,348 $ 15,674 $ (46,995 ) $ 3,165,027 2.84 % September 30, 2016 Amortized Cost Gross Unrealized Fair Value Yield Gains Losses (In thousands) Available-for-sale securities U.S. government and agency securities due Within 1 year $ 21,284 $ — $ (59 ) $ 21,225 0.81 % 1 to 5 years 12,477 1,027 (11 ) 13,493 7.94 5 to 10 years 48,134 — (1,589 ) 46,545 1.14 Over 10 years 182,051 27 (3,990 ) 178,088 1.33 Equity Securities Within 1 year — — — — — 1 to 5 years 100,422 1,402 — 101,824 1.90 Corporate bonds due Within 1 year 278,094 325 (53 ) 278,366 1.33 1 to 5 years 63,481 928 (113 ) 64,296 2.47 5 to 10 years 69,955 — (2,417 ) 67,538 1.96 Over 10 years 50,000 938 — 50,938 3.00 Municipal bonds due 1 to 5 years 2,315 2 — 2,317 1.23 5 to 10 years 1,335 38 — 1,373 2.05 Over 10 years 20,363 3,617 — 23,980 6.45 Mortgage-backed securities Agency pass-through certificates 978,955 17,118 (3,032 ) 993,041 2.58 Commercial MBS 80,318 — (448 ) 79,870 1.91 1,909,184 25,422 (11,712 ) 1,922,894 2.22 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 1,417,599 24,171 (214 ) 1,441,556 3.18 $ 3,326,783 $ 49,593 $ (11,926 ) $ 3,364,450 2.62 % |
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, 2016 and September 30, 2016 , 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, 2016 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 debt securities $ (1,134 ) $ 48,866 $ (3,411 ) $ 76,546 $ (4,545 ) $ 125,412 Municipal bonds due (26 ) 3,639 — — (26 ) 3,639 U.S. government and agency securities (743 ) 24,470 (3,634 ) 212,717 (4,377 ) 237,187 Agency pass-through certificates (34,536 ) 1,761,731 (3,511 ) 431,533 (38,047 ) 2,193,264 $ (36,439 ) $ 1,838,706 $ (10,556 ) $ 720,796 $ (46,995 ) $ 2,559,502 September 30, 2016 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 debt securities $ — $ — $ (2,582 ) $ 100,467 $ (2,582 ) $ 100,467 U.S. government and agency securities (11 ) 3,167 (5,638 ) 220,613 (5,649 ) 223,780 Agency pass-through certificates (1,278 ) 301,030 (2,417 ) 232,407 (3,695 ) 533,437 $ (1,289 ) $ 304,197 $ (10,637 ) $ 553,487 $ (11,926 ) $ 857,684 |
Derivatives and Hedging Activ19
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
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, 2016 September 30, 2016 Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (In thousands) Financial assets Cash and cash equivalents 1 $ 398,838 $ 398,838 $ 450,368 $ 450,368 Available-for-sale securities Equity securities 1 522 522 101,824 101,824 U.S. government and agency securities 2 247,268 247,268 259,351 259,351 Municipal bonds 2 26,459 26,459 27,670 27,670 Corporate debt securities 2 208,025 208,025 461,138 461,138 Mortgage-backed securities Agency pass-through certificates 2 906,847 906,847 993,041 993,041 Commercial MBS 2 52,814 52,814 79,870 79,870 Total available-for-sale securities 1,441,935 1,441,935 1,922,894 1,922,894 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 2 1,752,010 1,723,092 1,417,599 1,441,556 Total held-to-maturity securities 1,752,010 1,723,092 1,417,599 1,441,556 Loans receivable 3 10,136,311 10,424,590 9,910,920 10,414,794 FDIC indemnification asset 3 12,674 12,174 12,769 12,095 FHLB and FRB stock 2 117,190 117,190 117,205 117,205 Other assets - interest rate contracts 2 2,560 2,560 20,895 20,895 Financial liabilities Customer accounts 2 10,647,575 10,066,485 10,600,852 10,184,321 FHLB advances 2 2,080,000 2,140,150 2,080,000 2,184,671 Other liabilities - interest rate contracts 2 2,560 2,560 20,895 20,895 Other liabilities - commercial loan hedges 2 49 49 3,312 3,312 Other liabilities - long term borrowing hedges 2 2,076 2,076 31,347 31,347 The following table presents the fair value and balance sheet classification of derivatives at December 31, 2016 and September 30, 2016 : Asset Derivatives Liability Derivatives December 31, 2016 September 30, 2016 December 31, 2016 September 30, 2016 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 $ 2,560 Other assets $ 20,895 Other liabilities $ 2,560 Other liabilities $ 20,895 Commercial loan hedge Other assets — Other assets — Other liabilities 49 Other liabilities 3,312 Long term borrowing hedge Other assets — Other assets — Other liabilities 2,076 Other liabilities 31,347 $ 2,560 $ 20,895 $ 4,685 $ 55,554 |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in process | $ 1,027,168 | $ 879,484 |
Loans and Leases Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in process | $ 1,448,878 | $ 1,278,829 |
Dividends and Share Repurchas21
Dividends and Share Repurchases (Details) - $ / shares | Jan. 18, 2017 | Nov. 18, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Dividends Payable [Line Items] | ||||
Cash dividends per share (in dollars per share) | $ 0.14 | $ 0.14 | $ 0.13 | |
Stock repurchased (in shares) | 757,768 | |||
Average cost per share (in dollars per share) | $ 26.90 | |||
Warrants outstanding (in shares) | 689,498 | |||
Remaining shares authorized to be repurchased (in shares) | 4,231,553 | |||
Subsequent Event | ||||
Dividends Payable [Line Items] | ||||
Dividends declared (in dollars per share) | $ 0.15 | |||
Special dividends declared (in dollars per share) | $ 0.25 | |||
2008 Troubled Asset Relief Program | ||||
Dividends Payable [Line Items] | ||||
Stock issued during period (in shares) | 49,989 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Accounts, Notes, Loans, and Financing Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 11,328,633 | $ 10,950,608 | ||
Ratio of type of loan to total loans receivable | 100.00% | 100.00% | ||
Allowance for loan losses | $ 118,456 | $ 113,494 | $ 107,901 | $ 106,829 |
Loans in process | 1,027,168 | 879,484 | ||
Net deferred fees, costs and discounts | 46,698 | 46,710 | ||
Total loan contra accounts | 1,192,322 | 1,039,688 | ||
Net loans | 10,136,311 | 9,910,920 | ||
Single-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 5,624,263 | $ 5,658,830 | ||
Ratio of type of loan to total loans receivable | 49.60% | 51.70% | ||
Allowance for loan losses | $ 38,206 | $ 37,796 | 47,756 | 47,347 |
Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 1,265,747 | $ 1,110,411 | ||
Ratio of type of loan to total loans receivable | 11.20% | 10.10% | ||
Allowance for loan losses | $ 21,934 | $ 19,838 | 7,014 | 6,680 |
Construction - custom | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 494,447 | $ 473,069 | ||
Ratio of type of loan to total loans receivable | 4.40% | 4.30% | ||
Allowance for loan losses | $ 1,110 | $ 1,080 | 1,062 | 990 |
Land - acquisition & development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 119,085 | $ 118,497 | ||
Ratio of type of loan to total loans receivable | 1.10% | 1.10% | ||
Allowance for loan losses | $ 6,665 | $ 6,023 | 6,778 | 5,781 |
Land - consumer lot loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 101,104 | $ 104,567 | ||
Ratio of type of loan to total loans receivable | 0.90% | 1.00% | ||
Allowance for loan losses | $ 2,501 | $ 2,535 | 3,001 | 2,946 |
Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 1,217,594 | $ 1,124,290 | ||
Ratio of type of loan to total loans receivable | 10.70% | 10.30% | ||
Allowance for loan losses | $ 7,629 | $ 6,925 | 5,047 | 5,304 |
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 1,207,573 | $ 1,093,639 | ||
Ratio of type of loan to total loans receivable | 10.70% | 10.00% | ||
Allowance for loan losses | $ 10,168 | $ 8,588 | 10,344 | 8,960 |
Commercial & industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 1,025,821 | $ 978,589 | ||
Ratio of type of loan to total loans receivable | 9.10% | 8.90% | ||
Allowance for loan losses | $ 27,736 | $ 28,008 | 24,096 | 24,980 |
HELOC | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 148,452 | $ 149,716 | ||
Ratio of type of loan to total loans receivable | 1.30% | 1.40% | ||
Allowance for loan losses | $ 832 | $ 813 | 820 | 902 |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 124,547 | $ 139,000 | ||
Ratio of type of loan to total loans receivable | 1.10% | 1.30% | ||
Allowance for loan losses | $ 1,675 | $ 1,888 | $ 1,983 | $ 2,939 |
Loans Receivable - Loans on No
Loans Receivable - Loans on Non-accrual Status (Details) - Non-Acquired loans - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual of interest | $ 42,414 | |
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 | $ 38,568 | $ 33,148 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 63.50% | 78.20% |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual of interest | $ 0 | $ 0 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 0.00% | 0.00% |
Construction - custom | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual of interest | $ 0 | $ 0 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 0.00% | 0.00% |
Land - acquisition & development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual of interest | $ 603 | $ 58 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 1.00% | 0.10% |
Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual of interest | $ 969 | $ 510 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 1.60% | 1.20% |
Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual of interest | $ 1,160 | $ 776 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 1.90% | 1.80% |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual of interest | $ 9,660 | $ 7,100 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 15.90% | 16.70% |
Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual of interest | $ 9,230 | $ 583 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 15.20% | 1.40% |
HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual of interest | $ 480 | $ 239 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 0.80% | 0.60% |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual of interest | $ 45 | $ 0 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 0.10% | 0.00% |
Loans Receivable - Additional
Loans Receivable - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual interest income recognized | $ 753 | ||
Impaired, interest lost on nonaccrual loans | $ 547 | ||
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.74% | 0.68% | |
Percent of TDRs classified as performing | 94.20% | ||
Troubled debt restructuring, amount | $ 2,566 | $ 1,694 | |
Basis point reduction, minimum | 1.00% | ||
Basis point reduction, maximum | 2.00% | ||
Single family residential loans as percentage of restructured loans | 87.20% | ||
Loans receivable, gross | $ 11,328,633 | $ 10,950,608 | |
Single family residential coverage term (in years) | 4 years | ||
Covered loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 26,691 | $ 28,974 | |
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 | 24 months | ||
Performing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled debt restructuring, amount | $ 249,950 |
Loans Receivable - Loans Recei
Loans Receivable - Loans Receivable, Analysis of Age of Loans in Past Due Status (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of charge-offs and LIP | $ 10,301,465 | $ 10,071,124 |
Current | 10,225,248 | 10,002,844 |
Past due | $ 76,217 | $ 68,280 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.74% | 0.68% |
Ratio of total past due loans to total loans receivable, current | 99.26% | 99.32% |
Ratio of total past due loans to total loans receivable, past due | 0.74% | 0.68% |
Financing Receivables, 1 to 29 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 23,060 | $ 25,007 |
Ratio of total past due loans to total loans receivable, past due | 0.22% | 0.25% |
Financing Receivables, 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 8,323 | $ 7,014 |
Ratio of total past due loans to total loans receivable, past due | 0.08% | 0.07% |
Financing Receivables, 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 44,834 | $ 36,259 |
Ratio of total past due loans to total loans receivable, past due | 0.44% | 0.36% |
Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of charge-offs and LIP | $ 5,623,668 | $ 5,658,122 |
Current | 5,563,465 | 5,601,457 |
Past due | $ 60,203 | $ 56,665 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 1.07% | 1.00% |
Single-family residential | Financing Receivables, 1 to 29 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 16,670 | $ 20,916 |
Single-family residential | Financing Receivables, 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 6,808 | 5,271 |
Single-family residential | Financing Receivables, 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 36,725 | 30,478 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of charge-offs and LIP | 513,046 | 498,450 |
Current | 512,705 | 498,450 |
Past due | $ 341 | $ 0 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.07% | 0.00% |
Construction | Financing Receivables, 1 to 29 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 341 | $ 0 |
Construction | Financing Receivables, 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 0 | 0 |
Construction | Financing Receivables, 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 0 | 0 |
Construction - custom | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of charge-offs and LIP | 236,668 | 229,957 |
Current | 236,511 | 229,419 |
Past due | $ 157 | $ 538 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.07% | 0.23% |
Construction - custom | Financing Receivables, 1 to 29 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 49 | $ 538 |
Construction - custom | Financing Receivables, 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 108 | 0 |
Construction - custom | Financing Receivables, 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 0 | 0 |
Land - acquisition & development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of charge-offs and LIP | 103,148 | 94,928 |
Current | 101,886 | 94,928 |
Past due | $ 1,262 | $ 0 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 1.22% | 0.00% |
Land - acquisition & development | Financing Receivables, 1 to 29 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 728 | $ 0 |
Land - acquisition & development | Financing Receivables, 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 0 | 0 |
Land - acquisition & development | Financing Receivables, 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 534 | 0 |
Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of charge-offs and LIP | 101,045 | 104,534 |
Current | 99,969 | 102,472 |
Past due | $ 1,076 | $ 2,062 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 1.06% | 1.97% |
Land - consumer lot loans | Financing Receivables, 1 to 29 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 235 | $ 816 |
Land - consumer lot loans | Financing Receivables, 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 43 | 687 |
Land - consumer lot loans | Financing Receivables, 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 798 | 559 |
Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of charge-offs and LIP | 1,217,594 | 1,124,290 |
Current | 1,215,726 | 1,122,307 |
Past due | $ 1,868 | $ 1,983 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.15% | 0.18% |
Multi-family | Financing Receivables, 1 to 29 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 853 | $ 1,190 |
Multi-family | Financing Receivables, 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 616 | 399 |
Multi-family | Financing Receivables, 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 399 | 394 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of charge-offs and LIP | 1,175,475 | 1,093,549 |
Current | 1,167,710 | 1,088,680 |
Past due | $ 7,765 | $ 4,869 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.66% | 0.45% |
Commercial real estate | Financing Receivables, 1 to 29 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 1,771 | $ 69 |
Commercial real estate | Financing Receivables, 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 267 | 325 |
Commercial real estate | Financing Receivables, 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 5,727 | 4,475 |
Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of charge-offs and LIP | 1,057,826 | 978,582 |
Current | 1,056,718 | 978,540 |
Past due | $ 1,108 | $ 42 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.10% | 0.00% |
Commercial & industrial | Financing Receivables, 1 to 29 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 858 | $ 0 |
Commercial & industrial | Financing Receivables, 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 250 | 42 |
Commercial & industrial | Financing Receivables, 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 0 | 0 |
HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of charge-offs and LIP | 148,448 | 149,713 |
Current | 147,074 | 148,513 |
Past due | $ 1,374 | $ 1,200 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.93% | 0.80% |
HELOC | Financing Receivables, 1 to 29 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 893 | $ 763 |
HELOC | Financing Receivables, 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 0 | 164 |
HELOC | Financing Receivables, 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 481 | 273 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of charge-offs and LIP | 124,547 | 138,999 |
Current | 123,484 | 138,078 |
Past due | $ 1,063 | $ 921 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.85% | 0.66% |
Consumer | Financing Receivables, 1 to 29 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 662 | $ 715 |
Consumer | Financing Receivables, 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 231 | 126 |
Consumer | Financing Receivables, 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 170 | $ 80 |
Loans Receivable - Troubled De
Loans Receivable - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016USD ($)contract | Dec. 31, 2015USD ($)contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 14 | 8 |
Pre-modification outstanding recorded investment | $ 2,566 | $ 1,694 |
Post-modification outstanding recorded investment | $ 2,566 | $ 1,694 |
Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 12 | 3 |
Pre-modification outstanding recorded investment | $ 2,134 | $ 729 |
Post-modification outstanding recorded investment | $ 2,134 | $ 729 |
Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 1 | 0 |
Pre-modification outstanding recorded investment | $ 204 | $ 0 |
Post-modification outstanding recorded investment | $ 204 | $ 0 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 0 | 5 |
Pre-modification outstanding recorded investment | $ 0 | $ 965 |
Post-modification outstanding recorded investment | $ 0 | $ 965 |
HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 1 | 0 |
Pre-modification outstanding recorded investment | $ 228 | $ 0 |
Post-modification outstanding recorded investment | $ 228 | $ 0 |
Loans Receivable - Loan Modifi
Loans Receivable - Loan Modifications (Details) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016USD ($)contract | Dec. 31, 2015USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of contracts (in contracts) | contract | 8 | 6 |
Recorded investment | $ | $ 2,260 | $ 816 |
Single-family residential | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts (in contracts) | contract | 6 | 5 |
Recorded investment | $ | $ 1,993 | $ 668 |
Land - consumer lot loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts (in contracts) | contract | 0 | 1 |
Recorded investment | $ | $ 0 | $ 148 |
Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts (in contracts) | contract | 2 | 0 |
Recorded investment | $ | $ 267 | $ 0 |
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, 2016 | Sep. 30, 2016 | |
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 | $ 58,842 | $ 72,705 |
Balance at beginning of period, carrying amount of loans | 91,761 | 111,300 |
Additions, accretable yield | 0 | 0 |
Additions, carrying amount of loans | 0 | 0 |
Reclassification from nonaccretable balance, net, accretable yield | 0 | 4,867 |
Reclassification from nonaccretable balance, net, carrying value of loans | 0 | 0 |
Accretion, accretable yield | (3,233) | (18,730) |
Accretion | 3,233 | 18,730 |
Transfers to REO, accretable yield | 0 | 0 |
Transfers to REO, carrying amount of loans | 0 | (175) |
Payments received, net, accretable yield | 0 | 0 |
Payments received, net, carrying amount of loans | (16,852) | (38,094) |
Balance at end of period, accretable yield | 55,609 | 58,842 |
Balance at end of period, carrying amount of loans | 78,142 | 91,761 |
Acquired Non Impaired 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 | 4,222 | 7,204 |
Balance at beginning of period, carrying amount of loans | 131,132 | 187,080 |
Additions, accretable yield | 0 | 0 |
Additions, carrying amount of loans | 0 | 0 |
Reclassification from nonaccretable balance, net, accretable yield | 0 | 0 |
Reclassification from nonaccretable balance, net, carrying value of loans | 0 | 0 |
Accretion, accretable yield | (198) | (2,982) |
Accretion | 198 | 2,982 |
Transfers to REO, accretable yield | 0 | 0 |
Transfers to REO, carrying amount of loans | 0 | 0 |
Payments received, net, accretable yield | 0 | 0 |
Payments received, net, carrying amount of loans | 5,211 | (58,930) |
Balance at end of period, accretable yield | 4,024 | 4,222 |
Balance at end of period, carrying amount of loans | $ 136,541 | $ 131,132 |
Loans Receivable - FDIC Indemn
Loans Receivable - FDIC Indemnification Asset (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Sep. 30, 2016 | |
FDIC Indemnification Asset [Roll Forward] | ||
Balance at beginning of period | $ 12,769 | $ 16,275 |
Payments made (received) | 242 | (1,730) |
Amortization | (387) | (2,012) |
Accretion | 50 | 236 |
Balance at end of period | $ 12,674 | $ 12,769 |
Allowance for Losses on Loans
Allowance for Losses on Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | $ 113,494 | $ 106,829 |
Charge-offs | (404) | (2,121) |
Recoveries | 5,700 | 3,193 |
Provision & Transfers | (334) | 0 |
Ending Allowance | 118,456 | 107,901 |
Single-family residential | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 37,796 | 47,347 |
Charge-offs | (115) | (1,139) |
Recoveries | 151 | 2,466 |
Provision & Transfers | 374 | (918) |
Ending Allowance | 38,206 | 47,756 |
Construction | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 19,838 | 6,680 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 155 |
Provision & Transfers | 2,096 | 179 |
Ending Allowance | 21,934 | 7,014 |
Construction - custom | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 1,080 | 990 |
Charge-offs | 0 | (60) |
Recoveries | 0 | 0 |
Provision & Transfers | 30 | 132 |
Ending Allowance | 1,110 | 1,062 |
Land - acquisition & development | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 6,023 | 5,781 |
Charge-offs | (20) | 0 |
Recoveries | 4,018 | 35 |
Provision & Transfers | (3,356) | 962 |
Ending Allowance | 6,665 | 6,778 |
Land - consumer lot loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 2,535 | 2,946 |
Charge-offs | (17) | (408) |
Recoveries | 70 | 0 |
Provision & Transfers | (87) | 463 |
Ending Allowance | 2,501 | 3,001 |
Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 6,925 | 5,304 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision & Transfers | 704 | (257) |
Ending Allowance | 7,629 | 5,047 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 8,588 | 8,960 |
Charge-offs | (11) | (23) |
Recoveries | 356 | 123 |
Provision & Transfers | 1,235 | 1,284 |
Ending Allowance | 10,168 | 10,344 |
Commercial & industrial | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 28,008 | 24,980 |
Charge-offs | (58) | (248) |
Recoveries | 725 | 1 |
Provision & Transfers | (939) | (637) |
Ending Allowance | 27,736 | 24,096 |
HELOC | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 813 | 902 |
Charge-offs | (37) | (1) |
Recoveries | 1 | 21 |
Provision & Transfers | 55 | (102) |
Ending Allowance | 832 | 820 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 1,888 | 2,939 |
Charge-offs | (146) | (242) |
Recoveries | 379 | 392 |
Provision & Transfers | (446) | (1,106) |
Ending Allowance | $ 1,675 | $ 1,983 |
Allowance for Losses on Loans31
Allowance for Losses on Loans - Additional Information (Details) - USD ($) | 3 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Reversal of loan losses | $ 0 | $ 0 | ||
Charge-offs, net of (recoveries) | (5,296,000) | (1,072,000) | ||
Loans receivable, gross | $ 11,328,633,000 | $ 10,950,608,000 | ||
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.74% | 0.68% | ||
Allowance for loan losses | $ 118,456,000 | $ 107,901,000 | $ 113,494,000 | $ 106,829,000 |
Allowance for credit losses and reserve for unfunded commitments | $ 123,356,000 | |||
Allowance for credit losses and reserve for unfunded commitments, percent of gross loans | 1.09% | |||
Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 10,171,700,000 | 9,784,140,000 | ||
Allowance for loan losses | 118,089,000 | 113,128,000 | ||
Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 51,726,000 | 34,271,000 | ||
Allowance for loan losses | 367,000 | 366,000 | ||
Unfunded Loan Commitment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 4,900,000 | 3,235,000 | ||
Non-Performing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 83,352,000 | $ 71,441,000 | ||
Ratio of non-performing assets to total assets | 0.56% | 0.48% | ||
Nonaccrual of interest | $ 60,715,000 | $ 42,414,000 | ||
Substandard | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 153,096,000 | 154,026,000 | ||
Substandard | Acquired and Covered Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 27,835,000 | $ 35,910,000 |
Allowance for Losses on Loans32
Allowance for Losses on Loans - Loans Evaluated for Impairment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 118,456 | $ 113,494 | $ 107,901 | $ 106,829 |
Loans receivable, gross | 11,328,633 | 10,950,608 | ||
Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 118,089 | 113,128 | ||
Loans receivable, gross | $ 10,171,700 | $ 9,784,140 | ||
Ratio | 1.20% | 1.20% | ||
Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 367 | $ 366 | ||
Loans receivable, gross | $ 51,726 | $ 34,271 | ||
Ratio | 0.70% | 1.10% | ||
Single-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 38,206 | $ 37,796 | 47,756 | 47,347 |
Loans receivable, gross | 5,624,263 | 5,658,830 | ||
Single-family residential | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 38,092 | 37,536 | ||
Loans receivable, gross | $ 5,585,461 | $ 5,585,912 | ||
Ratio | 0.70% | 0.70% | ||
Single-family residential | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 114 | $ 260 | ||
Loans receivable, gross | $ 30,165 | $ 19,629 | ||
Ratio | 0.40% | 1.30% | ||
Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 21,934 | $ 19,838 | 7,014 | 6,680 |
Loans receivable, gross | 1,265,747 | 1,110,411 | ||
Construction | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 21,934 | 19,838 | ||
Loans receivable, gross | $ 513,046 | $ 498,450 | ||
Ratio | 4.30% | 4.00% | ||
Construction | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 0 | $ 0 | ||
Loans receivable, gross | $ 0 | $ 0 | ||
Ratio | 0.00% | 0.00% | ||
Construction - custom | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 1,110 | $ 1,080 | 1,062 | 990 |
Loans receivable, gross | 494,447 | 473,069 | ||
Construction - custom | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 1,110 | 1,080 | ||
Loans receivable, gross | $ 236,668 | $ 229,298 | ||
Ratio | 0.50% | 0.50% | ||
Construction - custom | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 0 | $ 0 | ||
Loans receivable, gross | $ 0 | $ 330 | ||
Ratio | 0.00% | 0.00% | ||
Land - acquisition & development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 6,665 | $ 6,023 | 6,778 | 5,781 |
Loans receivable, gross | 119,085 | 118,497 | ||
Land - acquisition & development | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 6,621 | 6,022 | ||
Loans receivable, gross | $ 101,598 | $ 90,850 | ||
Ratio | 6.50% | 6.60% | ||
Land - acquisition & development | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 44 | $ 2 | ||
Loans receivable, gross | $ 886 | $ 850 | ||
Ratio | 5.00% | 0.20% | ||
Land - consumer lot loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 2,501 | $ 2,535 | 3,001 | 2,946 |
Loans receivable, gross | 101,104 | 104,567 | ||
Land - consumer lot loans | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 2,501 | 2,535 | ||
Loans receivable, gross | $ 90,947 | $ 92,828 | ||
Ratio | 2.70% | 2.70% | ||
Land - consumer lot loans | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 0 | $ 0 | ||
Loans receivable, gross | $ 1,384 | $ 558 | ||
Ratio | 0.00% | 0.00% | ||
Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 7,629 | $ 6,925 | 5,047 | 5,304 |
Loans receivable, gross | 1,217,594 | 1,124,290 | ||
Multi-family | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 7,617 | 6,911 | ||
Loans receivable, gross | $ 1,215,870 | $ 1,091,974 | ||
Ratio | 0.60% | 0.60% | ||
Multi-family | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 12 | $ 13 | ||
Loans receivable, gross | $ 1,496 | $ 1,505 | ||
Ratio | 0.80% | 0.90% | ||
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 10,168 | $ 8,588 | 10,344 | 8,960 |
Loans receivable, gross | 1,207,573 | 1,093,639 | ||
Commercial real estate | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 9,971 | 8,497 | ||
Loans receivable, gross | $ 1,144,389 | $ 957,380 | ||
Ratio | 0.90% | 0.90% | ||
Commercial real estate | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 197 | $ 91 | ||
Loans receivable, gross | $ 15,473 | $ 11,157 | ||
Ratio | 1.30% | 0.80% | ||
Commercial & industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 27,736 | $ 28,008 | 24,096 | 24,980 |
Loans receivable, gross | 1,025,821 | 978,589 | ||
Commercial & industrial | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 27,736 | 28,008 | ||
Loans receivable, gross | $ 1,021,372 | $ 966,930 | ||
Ratio | 2.70% | 2.90% | ||
Commercial & industrial | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 0 | $ 0 | ||
Loans receivable, gross | $ 1,517 | $ 0 | ||
Ratio | 0.00% | 0.00% | ||
HELOC | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 832 | $ 813 | 820 | 902 |
Loans receivable, gross | 148,452 | 149,716 | ||
HELOC | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 832 | 813 | ||
Loans receivable, gross | $ 138,094 | $ 133,203 | ||
Ratio | 0.60% | 0.60% | ||
HELOC | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 0 | $ 0 | ||
Loans receivable, gross | $ 805 | $ 239 | ||
Ratio | 0.00% | 0.00% | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 1,675 | $ 1,888 | $ 1,983 | $ 2,939 |
Loans receivable, gross | 124,547 | 139,000 | ||
Consumer | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 1,675 | 1,888 | ||
Loans receivable, gross | $ 124,255 | $ 137,315 | ||
Ratio | 1.30% | 1.40% | ||
Consumer | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 0 | $ 0 | ||
Loans receivable, gross | $ 0 | $ 3 | ||
Ratio | 0.00% | 0.00% |
Allowance for Losses on Loans33
Allowance for Losses on Loans - Internally Assigned Grade (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 11,328,633 | $ 10,950,608 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 11,148,530 | $ 10,764,097 |
Total grade as a % of total net loans | 98.40% | 98.30% |
Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 27,007 | $ 32,485 |
Total grade as a % of total net loans | 0.20% | 0.30% |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 153,096 | $ 154,026 |
Total grade as a % of total net loans | 1.40% | 1.40% |
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% |
Single-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 5,624,263 | $ 5,658,830 |
Single-family residential | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 5,568,663 | 5,607,521 |
Single-family residential | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Single-family residential | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 55,600 | 51,309 |
Single-family residential | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Single-family residential | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,265,747 | 1,110,411 |
Construction | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,256,396 | 1,098,549 |
Construction | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 5,876 | 8,595 |
Construction | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 3,475 | 3,267 |
Construction | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction - custom | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 494,447 | 473,069 |
Construction - custom | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 494,447 | 473,069 |
Construction - custom | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction - custom | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction - custom | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction - custom | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Land - acquisition & development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 119,085 | 118,497 |
Land - acquisition & development | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 113,569 | 111,225 |
Land - acquisition & development | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Land - acquisition & development | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 5,516 | 7,272 |
Land - acquisition & development | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Land - acquisition & development | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Land - consumer lot loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 101,104 | 104,567 |
Land - consumer lot loans | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 99,703 | 103,528 |
Land - consumer lot loans | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Land - consumer lot loans | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,401 | 1,039 |
Land - consumer lot loans | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Land - consumer lot loans | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,217,594 | 1,124,290 |
Multi-family | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,211,055 | 1,117,437 |
Multi-family | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 3,658 | 3,237 |
Multi-family | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 2,881 | 3,616 |
Multi-family | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Multi-family | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,207,573 | 1,093,639 |
Commercial real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,163,517 | 1,033,880 |
Commercial real estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 6,660 | 13,446 |
Commercial real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 37,396 | 46,313 |
Commercial real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Commercial real estate | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Commercial & industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,025,821 | 978,589 |
Commercial & industrial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 969,186 | 930,776 |
Commercial & industrial | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 10,813 | 7,207 |
Commercial & industrial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 45,822 | 40,606 |
Commercial & industrial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Commercial & industrial | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 148,452 | 149,716 |
HELOC | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 147,495 | 149,195 |
HELOC | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
HELOC | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 957 | 521 |
HELOC | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
HELOC | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 124,547 | 139,000 |
Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 124,499 | 138,917 |
Consumer | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 48 | 83 |
Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Consumer | 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, 2016 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 11,328,633 | $ 10,950,608 |
Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 11,045,267 | $ 10,673,989 |
Total grade as a % of total net loans | 99.50% | 99.60% |
Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 83,352 | $ 71,441 |
Nonaccrual loans by portfolio segment | $ 60,715 | $ 42,414 |
Grade as a percentage of total gross loans | 0.50% | 0.40% |
Single-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 5,624,263 | $ 5,658,830 |
Single-family residential | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 5,549,864 | $ 5,587,919 |
Total grade as a % of total net loans | 99.30% | 99.40% |
Single-family residential | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 38,568 | $ 33,148 |
Grade as a percentage of total gross loans | 0.70% | 0.60% |
Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,265,747 | $ 1,110,411 |
Construction | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,265,747 | $ 1,110,411 |
Total grade as a % of total net loans | 100.00% | 100.00% |
Construction | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 0 | $ 0 |
Grade as a percentage of total gross loans | 0.00% | 0.00% |
Construction - custom | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 494,447 | $ 473,069 |
Construction - custom | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 494,447 | $ 473,069 |
Total grade as a % of total net loans | 100.00% | 100.00% |
Construction - custom | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 0 | $ 0 |
Grade as a percentage of total gross loans | 0.00% | 0.00% |
Land - acquisition & development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 119,085 | $ 118,497 |
Land - acquisition & development | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 116,567 | $ 116,097 |
Total grade as a % of total net loans | 99.50% | 99.90% |
Land - acquisition & development | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 603 | $ 58 |
Grade as a percentage of total gross loans | 0.50% | 0.10% |
Land - consumer lot loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 101,104 | $ 104,567 |
Land - consumer lot loans | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 97,556 | $ 101,343 |
Total grade as a % of total net loans | 99.00% | 99.50% |
Land - consumer lot loans | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 969 | $ 510 |
Grade as a percentage of total gross loans | 1.00% | 0.50% |
Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,217,594 | $ 1,124,290 |
Multi-family | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,211,411 | $ 1,118,025 |
Total grade as a % of total net loans | 99.90% | 99.90% |
Multi-family | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 1,160 | $ 776 |
Grade as a percentage of total gross loans | 0.10% | 0.10% |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,207,573 | $ 1,093,639 |
Commercial real estate | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,079,298 | $ 949,064 |
Total grade as a % of total net loans | 99.10% | 99.30% |
Commercial real estate | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 9,660 | $ 7,100 |
Grade as a percentage of total gross loans | 0.90% | 0.70% |
Commercial & industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,025,821 | $ 978,589 |
Commercial & industrial | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 971,931 | $ 946,065 |
Total grade as a % of total net loans | 99.10% | 99.90% |
Commercial & industrial | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 9,230 | $ 583 |
Grade as a percentage of total gross loans | 0.90% | 0.10% |
HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 148,452 | $ 149,716 |
HELOC | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 135,306 | $ 134,546 |
Total grade as a % of total net loans | 99.60% | 99.80% |
HELOC | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 480 | $ 239 |
Grade as a percentage of total gross loans | 0.40% | 0.20% |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 124,547 | $ 139,000 |
Consumer | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 123,140 | $ 137,450 |
Total grade as a % of total net loans | 100.00% | 100.00% |
Consumer | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 45 | $ 0 |
Grade as a percentage of total gross loans | 0.00% | 0.00% |
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, 2016 | Sep. 30, 2016 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | $ 283,752 | $ 285,243 |
Unpaid Principal Balance | 323,299 | 321,743 |
Related Allowance | 4,754 | 3,915 |
Average Recorded Investment | 271,198 | 265,771 |
Amount of related allowance included in specific reserves | 367 | 366 |
Amount of related allowance included in general reserves | 4,387 | 3,549 |
Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 39,424 | 23,712 |
Unpaid Principal Balance | 68,029 | 50,196 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 29,752 | 15,479 |
Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 244,328 | 261,531 |
Unpaid Principal Balance | 255,270 | 271,547 |
Related Allowance | 4,754 | 3,915 |
Average Recorded Investment | 241,446 | 250,292 |
Single-family residential | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 227,534 | 237,813 |
Unpaid Principal Balance | 233,727 | 243,961 |
Related Allowance | 4,502 | 3,809 |
Average Recorded Investment | 221,547 | 223,143 |
Single-family residential | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 15,488 | 9,627 |
Unpaid Principal Balance | 17,258 | 11,366 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 11,050 | 6,511 |
Single-family residential | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 212,046 | 228,186 |
Unpaid Principal Balance | 216,469 | 232,595 |
Related Allowance | 4,502 | 3,809 |
Average Recorded Investment | 210,497 | 216,632 |
Land - acquisition & development | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,016 | 1,292 |
Unpaid Principal Balance | 10,187 | 11,095 |
Related Allowance | 2 | 1 |
Average Recorded Investment | 1,003 | 2,380 |
Land - acquisition & development | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 165 | 138 |
Unpaid Principal Balance | 8,396 | 9,001 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 152 | 614 |
Land - acquisition & development | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 851 | 1,154 |
Unpaid Principal Balance | 1,791 | 2,094 |
Related Allowance | 2 | 1 |
Average Recorded Investment | 851 | 1,766 |
Land - consumer lot loans | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 9,769 | 10,129 |
Unpaid Principal Balance | 10,879 | 11,287 |
Related Allowance | 41 | 1 |
Average Recorded Investment | 9,527 | 9,865 |
Land - consumer lot loans | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 713 | 499 |
Unpaid Principal Balance | 765 | 609 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 525 | 317 |
Land - consumer lot loans | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 9,056 | 9,630 |
Unpaid Principal Balance | 10,114 | 10,678 |
Related Allowance | 41 | 1 |
Average Recorded Investment | 9,002 | 9,548 |
Multi-family | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 2,656 | 1,899 |
Unpaid Principal Balance | 6,592 | 5,477 |
Related Allowance | 12 | 13 |
Average Recorded Investment | 2,469 | 2,160 |
Multi-family | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,160 | 394 |
Unpaid Principal Balance | 5,096 | 3,972 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 968 | 638 |
Multi-family | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,496 | 1,505 |
Unpaid Principal Balance | 1,496 | 1,505 |
Related Allowance | 12 | 13 |
Average Recorded Investment | 1,501 | 1,522 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 29,653 | 31,175 |
Unpaid Principal Balance | 41,326 | 44,149 |
Related Allowance | 197 | 91 |
Average Recorded Investment | 28,931 | 25,571 |
Commercial real estate | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 11,407 | 11,741 |
Unpaid Principal Balance | 19,829 | 21,301 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 11,180 | 6,260 |
Commercial real estate | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 18,246 | 19,434 |
Unpaid Principal Balance | 21,497 | 22,848 |
Related Allowance | 197 | 91 |
Average Recorded Investment | 17,751 | 19,311 |
Commercial & industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 11,036 | 1,030 |
Unpaid Principal Balance | 17,479 | 3,082 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 6,033 | 863 |
Commercial & industrial | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 9,680 | 1,030 |
Unpaid Principal Balance | 15,065 | 3,082 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 5,355 | 863 |
Commercial & industrial | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,356 | |
Unpaid Principal Balance | 2,414 | |
Related Allowance | 0 | |
Average Recorded Investment | 678 | |
HELOC | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,967 | 1,715 |
Unpaid Principal Balance | 2,246 | 1,836 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 1,559 | 1,578 |
HELOC | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 767 | 209 |
Unpaid Principal Balance | 1,028 | 315 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 471 | 165 |
HELOC | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,200 | 1,506 |
Unpaid Principal Balance | 1,218 | 1,521 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 1,088 | 1,413 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 121 | 190 |
Unpaid Principal Balance | 863 | 856 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 129 | 211 |
Consumer | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 44 | 74 |
Unpaid Principal Balance | 592 | 550 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 51 | 111 |
Consumer | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 77 | 116 |
Unpaid Principal Balance | 271 | 306 |
Related Allowance | 0 | 0 |
Average Recorded Investment | $ 78 | $ 100 |
Fair Value Measurements - Recu
Fair Value Measurements - Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | $ 1,441,935 | $ 1,922,894 | |
Total financial assets | 3,165,027 | 3,364,450 | |
Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 1,441,935 | 1,922,894 | |
Interest rate contracts | 2,560 | 20,895 | |
Total financial assets | 1,444,495 | 1,943,789 | |
Total financial liabilities | 4,685 | 55,554 | |
Recurring | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 2,560 | 20,895 | |
Recurring | Commercial loan hedge | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 49 | 3,312 | |
Recurring | Long term borrowing hedge | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 2,076 | 31,347 | |
Recurring | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 522 | 101,824 | |
Recurring | U.S. government and agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 247,268 | 259,351 | |
Recurring | Municipal bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 26,459 | 27,670 | |
Recurring | Obligations of foreign governments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 208,025 | 461,138 | |
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 | 906,847 | 993,041 | |
Recurring | Commercial MBS | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 52,814 | 79,870 | |
Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 522 | 101,824 | |
Interest rate contracts | 0 | 0 | |
Total financial assets | 522 | 101,824 | |
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 | 522 | 101,824 | |
Recurring | Level 1 | U.S. government and agency 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 | Municipal bonds | |||
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 foreign governments | |||
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 | 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 | 1,441,413 | 1,821,070 | |
Interest rate contracts | 2,560 | 20,895 | |
Total financial assets | 1,443,973 | 1,841,965 | |
Total financial liabilities | 4,685 | 55,554 | |
Recurring | Level 2 | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 2,560 | 20,895 | |
Recurring | Level 2 | Commercial loan hedge | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 49 | 3,312 | |
Recurring | Level 2 | Long term borrowing hedge | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 2,076 | 31,347 | |
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 | U.S. government and agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 247,268 | 259,351 | |
Recurring | Level 2 | Municipal bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 26,459 | 27,670 | |
Recurring | Level 2 | Obligations of foreign governments | |||
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 | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 208,025 | 461,138 | |
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 | 906,847 | 993,041 | |
Recurring | Level 2 | Commercial MBS | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 52,814 | 79,870 | |
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 | U.S. government and agency 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 | Municipal bonds | |||
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 foreign governments | |||
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 | 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 | 5,652 | $ 15,669 | |
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 | (663) | (3,436) | |
Nonrecurring | Impaired loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 3,353 | 8,524 | |
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 | (422) | (1,681) | |
Nonrecurring | Real Estate Owned | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 2,299 | 7,145 | |
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 | (241) | (1,755) | |
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 | 5,652 | 15,669 | |
Nonrecurring | Level 3 | Impaired loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 3,353 | 8,524 | |
Nonrecurring | Level 3 | Real Estate Owned | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | $ 2,299 | $ 7,145 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | $ 1,441,935 | $ 1,922,894 |
FHLB and FRB stock | 117,190 | 117,205 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 1,441,935 | 1,922,894 |
Held-to-maturity securities | 1,752,010 | 1,417,599 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 1,441,935 | 1,922,894 |
Held-to-maturity securities | 1,723,092 | 1,441,556 |
Level 1 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 398,838 | 450,368 |
Level 1 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 398,838 | 450,368 |
Level 1 | Equity securities | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 522 | 101,824 |
Level 1 | Equity securities | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 522 | 101,824 |
Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
FHLB and FRB stock | 117,190 | 117,205 |
Other assets - interest rate contracts | 2,560 | 20,895 |
Customer accounts | 10,647,575 | 10,600,852 |
FHLB advances | 2,080,000 | 2,080,000 |
Level 2 | Carrying Amount | Interest rate contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 2,560 | 20,895 |
Level 2 | Carrying Amount | Commercial loan hedge | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 49 | 3,312 |
Level 2 | Carrying Amount | Long term borrowing hedge | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 2,076 | 31,347 |
Level 2 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
FHLB and FRB stock | 117,190 | 117,205 |
Other assets - interest rate contracts | 2,560 | 20,895 |
Customer accounts | 10,066,485 | 10,184,321 |
FHLB advances | 2,140,150 | 2,184,671 |
Level 2 | Estimated Fair Value | Interest rate contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 2,560 | 20,895 |
Level 2 | Estimated Fair Value | Commercial loan hedge | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 49 | 3,312 |
Level 2 | Estimated Fair Value | Long term borrowing hedge | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 2,076 | 31,347 |
Level 2 | Agency pass-through certificates | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 1,752,010 | 1,417,599 |
Level 2 | Agency pass-through certificates | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 1,723,092 | 1,441,556 |
Level 2 | U.S. government and agency securities | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 247,268 | 259,351 |
Level 2 | U.S. government and agency securities | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 247,268 | 259,351 |
Level 2 | Municipal bonds | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 26,459 | 27,670 |
Level 2 | Municipal bonds | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 26,459 | 27,670 |
Level 2 | Corporate debt securities | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 208,025 | 461,138 |
Level 2 | Corporate debt securities | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 208,025 | 461,138 |
Level 2 | Agency pass-through certificates | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 906,847 | 993,041 |
Level 2 | Agency pass-through certificates | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 906,847 | 993,041 |
Level 2 | Commercial MBS | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 52,814 | 79,870 |
Level 2 | Commercial MBS | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 52,814 | 79,870 |
Level 3 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable | 10,136,311 | 9,910,920 |
FDIC indemnification asset | 12,674 | 12,769 |
Level 3 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable | 10,424,590 | 10,414,794 |
FDIC indemnification asset | $ 12,174 | $ 12,095 |
Fair Value Measurements - Inve
Fair Value Measurements - Investments by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 |
Amortized Cost, Available-for-sale securities | ||
Amortized Cost | $ 1,444,338 | $ 1,909,184 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains | 11,815 | 25,422 |
Gross unrealized loss | (14,218) | (11,712) |
Fair Value, Available-for-sale securities | ||
Available-for-sale securities, at fair value | $ 1,441,935 | $ 1,922,894 |
Yield, Available-for-sale securities | ||
Yield | 2.49% | 2.22% |
Yield, Held-to-maturity securities | ||
Investments | $ 3,196,348 | $ 3,326,783 |
Gross unrealized gains on investments | 15,674 | 49,593 |
Gross unrealized losses on investments | (46,995) | (11,926) |
Total financial assets | $ 3,165,027 | $ 3,364,450 |
Yield on investments | 2.84% | 2.62% |
U.S. government and agency securities | ||
Amortized Cost, Available-for-sale securities | ||
Within 1 year | $ 23,102 | $ 21,284 |
1 to 5 years | 35,788 | 12,477 |
5 to 10 years | 42,301 | 48,134 |
Over 10 years | 149,673 | 182,051 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, Within 1 year | 428 | 0 |
Gross unrealized gains, 1 to 5 years | 354 | 1,027 |
Gross unrealized gains, 5 to 10 years | 0 | 0 |
Gross unrealized gains, Over 10 years | 0 | 27 |
Gross unrealized losses, Within 1 year | (27) | (59) |
Gross unrealized losses, 1 to 5 years | (1,151) | (11) |
Gross unrealized losses, 5 to 10 years | (955) | (1,589) |
Gross unrealized losses, Over 10 years | (2,245) | (3,990) |
Fair Value, Available-for-sale securities | ||
Within 1 year | 23,503 | 21,225 |
1 to 5 years | 34,991 | 13,493 |
5 to 10 years | 41,346 | 46,545 |
Over 10 years | $ 147,428 | $ 178,088 |
Yield, Available-for-sale securities | ||
Within 1 year | 3.55% | 0.81% |
1 to 5 years | 2.15% | 7.94% |
5 to 10 years | 1.75% | 1.14% |
Over 10 years | 1.44% | 1.33% |
Equity securities | ||
Amortized Cost, Available-for-sale securities | ||
Within 1 year | $ 0 | $ 0 |
1 to 5 years | 500 | 100,422 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, Within 1 year | 0 | 0 |
Gross unrealized gains, 1 to 5 years | 22 | 1,402 |
Gross unrealized losses, Within 1 year | 0 | 0 |
Gross unrealized losses, 1 to 5 years | 0 | 0 |
Fair Value, Available-for-sale securities | ||
Within 1 year | 0 | 0 |
1 to 5 years | $ 522 | $ 101,824 |
Yield, Available-for-sale securities | ||
Within 1 year | 0.00% | 0.00% |
1 to 5 years | 1.80% | 1.90% |
Corporate debt securities | ||
Amortized Cost, Available-for-sale securities | ||
Within 1 year | $ 28,094 | $ 278,094 |
1 to 5 years | 63,516 | 63,481 |
5 to 10 years | 69,957 | 69,955 |
Over 10 years | 50,000 | 50,000 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, Within 1 year | 52 | 325 |
Gross unrealized gains, 1 to 5 years | 951 | 928 |
Gross unrealized gains, 5 to 10 years | 0 | 0 |
Gross unrealized gains, Over 10 years | 0 | 938 |
Gross unrealized losses, Within 1 year | 0 | (53) |
Gross unrealized losses, 1 to 5 years | (50) | (113) |
Gross unrealized losses, 5 to 10 years | (3,361) | (2,417) |
Gross unrealized losses, Over 10 years | (1,134) | 0 |
Fair Value, Available-for-sale securities | ||
Within 1 year | 28,146 | 278,366 |
1 to 5 years | 64,417 | 64,296 |
5 to 10 years | 66,596 | 67,538 |
Over 10 years | $ 48,866 | $ 50,938 |
Yield, Available-for-sale securities | ||
Within 1 year | 1.84% | 1.33% |
1 to 5 years | 2.57% | 2.47% |
5 to 10 years | 2.06% | 1.96% |
Over 10 years | 3.00% | 3.00% |
Municipal bonds due | ||
Amortized Cost, Available-for-sale securities | ||
1 to 5 years | $ 2,322 | $ 2,315 |
5 to 10 years | 1,343 | 1,335 |
Over 10 years | 20,358 | 20,363 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, 1 to 5 years | 0 | 2 |
Gross unrealized gains, 5 to 10 years | 0 | 38 |
Gross unrealized gains, Over 10 years | 2,462 | 3,617 |
Gross unrealized losses, 1 to 5 years | (8) | 0 |
Gross unrealized losses, 5 to 10 years | (18) | 0 |
Gross unrealized losses, Over 10 years | 0 | 0 |
Fair Value, Available-for-sale securities | ||
1 to 5 years | 2,314 | 2,317 |
5 to 10 years | 1,325 | 1,373 |
Over 10 years | $ 22,820 | $ 23,980 |
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 | $ 904,287 | $ 978,955 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, Without single maturity date | 7,546 | 17,118 |
Gross unrealized losses, Without single maturity date | (4,986) | (3,032) |
Fair Value, Available-for-sale securities | ||
Without single maturity date | $ 906,847 | $ 993,041 |
Yield, Available-for-sale securities | ||
Without single maturity date | 2.65% | 2.58% |
Amortized Cost, Held-to-maturity securities | ||
Without single maturity date | $ 1,752,010 | $ 1,417,599 |
Gross Unrealized Gains / Losses, Held-to-maturity securities | ||
Gross unrealized gains, Without single maturity date | 3,859 | 24,171 |
Gross unrealized losses, Without single maturity date | (32,777) | (214) |
Fair Value, Held-to-maturity securities | ||
Without single maturity date | $ 1,723,092 | $ 1,441,556 |
Yield, Held-to-maturity securities | ||
Without a single maturity date | 3.18% | 3.18% |
Commercial MBS | ||
Amortized Cost, Available-for-sale securities | ||
Without single maturity date | $ 53,097 | $ 80,318 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, Without single maturity date | 0 | 0 |
Gross unrealized losses, Without single maturity date | (283) | (448) |
Fair Value, Available-for-sale securities | ||
Without single maturity date | $ 52,814 | $ 79,870 |
Yield, Available-for-sale securities | ||
Without single maturity date | 1.95% | 1.91% |
Fair Value Measurements - Addi
Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | ||
Proceeds on available-for-sale securities sold | $ 350,890,000 | $ 0 |
Proceeds from sale of available-for-sale securities, net | 0 | |
Available-for-sale securities purchased | 0 | (50,741,000) |
Held-to-maturity securities purchased | (415,729,000) | 0 |
Proceeds from sale of held-to-maturity securities | $ 0 | $ 0 |
Term of contractual due dates of substantially all mortgage-backed securities (in years) | 10 years |
Fair Value Measurements - Secu
Fair Value Measurements - Securities in Unrealized Loss Positions (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, unrealized gross losses | $ (36,439) | $ (1,289) |
Less than 12 months, fair value | 1,838,706 | 304,197 |
12 months or more, unrealized gross losses | (10,556) | (10,637) |
12 months or more, fair value | 720,796 | 553,487 |
Total unrealized gross losses | (46,995) | (11,926) |
Total, fair value | 2,559,502 | 857,684 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, unrealized gross losses | (1,134) | 0 |
Less than 12 months, fair value | 48,866 | 0 |
12 months or more, unrealized gross losses | (3,411) | (2,582) |
12 months or more, fair value | 76,546 | 100,467 |
Total unrealized gross losses | (4,545) | (2,582) |
Total, fair value | 125,412 | 100,467 |
Municipal bonds due | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, unrealized gross losses | (26) | |
Less than 12 months, fair value | 3,639 | |
12 months or more, unrealized gross losses | 0 | |
12 months or more, fair value | 0 | |
Total unrealized gross losses | (26) | |
Total, fair value | 3,639 | |
U.S. government and agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, unrealized gross losses | (743) | (11) |
Less than 12 months, fair value | 24,470 | 3,167 |
12 months or more, unrealized gross losses | (3,634) | (5,638) |
12 months or more, fair value | 212,717 | 220,613 |
Total unrealized gross losses | (4,377) | (5,649) |
Total, fair value | 237,187 | 223,780 |
Agency pass-through certificates | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, unrealized gross losses | (34,536) | (1,278) |
Less than 12 months, fair value | 1,761,731 | 301,030 |
12 months or more, unrealized gross losses | (3,511) | (2,417) |
12 months or more, fair value | 431,533 | 232,407 |
Total unrealized gross losses | (38,047) | (3,695) |
Total, fair value | $ 2,193,264 | $ 533,437 |
Derivatives and Hedging Activ41
Derivatives and Hedging Activities (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2016 | Sep. 30, 2016 | |
Derivative [Line Items] | ||
Gain (loss) on derivative instruments | $ 0 | |
Derivative asset, fair value, gross asset | 2,560,000 | $ 20,895,000 |
Derivative liability, fair value, gross liability | 4,685,000 | 55,554,000 |
Interest rate swap agreements | ||
Derivative [Line Items] | ||
Customer derivatives program | 878,860,000 | 840,935,000 |
Notional amount | 700,000,000 | 700,000,000 |
Commercial loan interest rate swap | ||
Derivative [Line Items] | ||
Notional amount | 52,936,000 | 54,155,000 |
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 | 2,076,000 | 31,347,000 |
Interest rate contracts | Other assets | ||
Derivative [Line Items] | ||
Derivative asset, fair value, gross asset | 2,560,000 | 20,895,000 |
Interest rate contracts | Other liabilities | ||
Derivative [Line Items] | ||
Derivative liability, fair value, gross liability | 2,560,000 | 20,895,000 |
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 | $ 49,000 | $ 3,312,000 |