Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Nov. 16, 2017 | Mar. 31, 2017 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | WAFD | ||
Entity Registrant Name | WASHINGTON FEDERAL INC | ||
Entity Central Index Key | 936,528 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 86,887,168 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,930,108,288 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 313,070 | $ 450,368 |
Available-for-sale securities, at fair value | 1,266,209 | 1,922,894 |
Held-to-maturity securities, at amortized cost | 1,646,856 | 1,417,599 |
Loans receivable, net of allowance for loan losses of $123,073 and $113,494 | 10,882,622 | 9,910,920 |
Interest receivable | 41,643 | 37,669 |
Premises and equipment, net | 263,694 | 281,951 |
Real estate owned | 20,658 | 29,027 |
FHLB & FRB stock | 122,990 | 117,205 |
Bank owned life insurance | 211,330 | 208,123 |
Intangible assets, including goodwill of $293,153 and $291,503 | 298,682 | 296,989 |
Federal and state income tax assets, net | 0 | 16,047 |
Other assets | 185,826 | 199,271 |
Total assets | 15,253,580 | 14,888,063 |
Customer accounts | ||
Transaction deposit accounts | 6,361,158 | 6,005,592 |
Time deposit accounts | 4,473,850 | 4,595,260 |
Customer accounts | 10,835,008 | 10,600,852 |
FHLB advances | 2,225,000 | 2,080,000 |
Advance payments by borrowers for taxes and insurance | 56,631 | 42,898 |
Accrued expenses and other liabilities | 131,253 | 188,582 |
Total liabilities | 13,247,892 | 12,912,332 |
Stockholders’ equity | ||
Common stock, $1.00 par value, 300,000,000 shares authorized; 134,957,511 and 134,307,818 shares issued; 87,193,362 and 89,680,847 shares outstanding | 134,958 | 134,308 |
Paid-in capital | 1,660,885 | 1,648,388 |
Accumulated other comprehensive income (loss), net of taxes | 5,015 | (11,156) |
Treasury stock, at cost; 47,764,149 and 44,626,971 shares | (838,060) | (739,686) |
Retained earnings | 1,042,890 | 943,877 |
Total stockholders’ equity | 2,005,688 | 1,975,731 |
Total liabilities and stockholders’ equity | $ 15,253,580 | $ 14,888,063 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $ 123,073 | $ 113,494 |
Goodwill | $ 293,153 | $ 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) | 134,957,511 | 134,307,818 |
Common stock, shares outstanding (in shares) | 87,193,362 | 89,680,847 |
Treasury stock, shares (in shares) | 47,764,149 | 44,626,971 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
INTEREST INCOME | |||
Loans receivable | $ 470,523 | $ 454,085 | $ 437,002 |
Mortgage-backed securities | 60,612 | 62,949 | 71,392 |
Investment securities and cash equivalents | 17,783 | 19,759 | 22,159 |
Total Income | 548,918 | 536,793 | 530,553 |
INTEREST EXPENSE | |||
Customer accounts | 52,023 | 52,485 | 51,054 |
FHLB advances | 64,969 | 64,059 | 66,018 |
Interest expense | 116,992 | 116,544 | 117,072 |
Net interest income | 431,926 | 420,249 | 413,481 |
Provision (release) for loan losses | (2,100) | (6,250) | (11,162) |
Net interest income after provision (release) for loan losses | 434,026 | 426,499 | 424,643 |
OTHER INCOME | |||
Gain on sale of investment securities | 3,499 | 0 | 9,641 |
Prepayment penalty on long-term debt | 0 | 0 | (10,554) |
Loan fee income | 4,290 | 5,548 | 8,788 |
Deposit fee income | 22,643 | 21,738 | 22,459 |
Other income | 21,783 | 19,750 | 10,089 |
Noninterest income | 52,215 | 47,036 | 40,423 |
OTHER EXPENSE | |||
Compensation and benefits | 112,257 | 112,884 | 119,939 |
Occupancy | 35,260 | 33,568 | 33,956 |
FDIC insurance premiums | 11,410 | 11,824 | 7,916 |
Product delivery | 13,972 | 17,060 | 22,325 |
Information technology | 28,859 | 30,982 | 15,976 |
Other expense | 29,761 | 29,129 | 24,739 |
Noninterest expense | 231,519 | 235,447 | 224,851 |
Gain (loss) on real estate owned, net | 1,494 | 10,046 | 9,304 |
Income before income taxes | 256,216 | 248,134 | 249,519 |
Income tax expense (benefit) | |||
Current | 92,795 | 60,773 | 86,477 |
Deferred | (10,111) | 23,312 | 2,726 |
Income taxes | 82,684 | 84,085 | 89,203 |
NET INCOME | $ 173,532 | $ 164,049 | $ 160,316 |
PER SHARE DATA | |||
Basic earnings per share (in dollars per share) | $ 1.95 | $ 1.79 | $ 1.68 |
Diluted earnings per share (in dollars per share) | 1.94 | 1.78 | 1.67 |
Dividends paid on common stock per share (in dollars per share) | $ 0.84 | $ 0.55 | $ 0.54 |
Basic weighted average number of shares outstanding (in shares) | 88,905,457 | 91,399,038 | 95,644,639 |
Diluted weighted average number of shares outstanding (in shares) | 89,224,207 | 91,912,918 | 96,053,959 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 173,532 | $ 164,049 | $ 160,316 |
Other comprehensive income (loss) net of tax: | |||
Net unrealized gains (losses) on available-for-sale securities | (7,587) | (1,403) | (27,536) |
Reclassification adjustment of net gains from sale of available-for-sale securities included in net income | 3,499 | 0 | 9,641 |
Related tax benefit (expense) | 1,503 | 516 | 6,577 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | (2,585) | (887) | (11,318) |
Net unrealized gain (loss) on long-term borrowing hedges | 29,653 | (16,793) | (14,287) |
Related tax benefit (expense) | (10,897) | 6,171 | 5,250 |
Derivatives qualifying as hedges, net of tax, portion attributable to parent | 18,756 | (10,622) | (9,037) |
Other comprehensive income (loss) | 16,171 | (11,509) | (20,355) |
Comprehensive income | $ 189,703 | $ 152,540 | $ 139,961 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Balance, Beginning of period at Sep. 30, 2014 | $ 1,973,283 | $ 133,323 | $ 1,638,211 | $ 706,149 | $ 20,708 | $ (525,108) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 160,316 | 160,316 | ||||
Other comprehensive income (loss) | (20,355) | (20,355) | ||||
Dividends on common stock | (36,711) | (36,711) | ||||
Compensation expense related to common stock options | 231 | 231 | ||||
Proceeds from exercise of common stock options | 2,070 | 129 | 1,941 | |||
Restricted stock expense | 3,573 | 244 | 3,329 | |||
Treasury stock purchased | (126,728) | (126,728) | ||||
Balance, End of period at Sep. 30, 2015 | 1,955,679 | 133,696 | 1,643,712 | 829,754 | 353 | (651,836) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 164,049 | 164,049 | ||||
Other comprehensive income (loss) | (11,509) | (11,509) | ||||
Dividends on common stock | (49,926) | (49,926) | ||||
Compensation expense related to common stock options | 90 | 90 | ||||
Proceeds from exercise of common stock options | 9,283 | 433 | 8,850 | |||
Restricted stock expense | 3,659 | 179 | 3,480 | |||
Repurchase of stock warrants | (7,744) | (7,744) | ||||
Treasury stock purchased | (87,850) | (87,850) | ||||
Balance, End 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 | 173,532 | 173,532 | ||||
Other comprehensive income (loss) | 16,171 | 16,171 | ||||
Dividends on common stock | (74,519) | (74,519) | ||||
Proceeds from exercise of common stock options | 7,238 | 317 | 6,921 | |||
Restricted stock expense | 5,909 | 105 | 5,804 | |||
Repurchase of stock warrants | 0 | 228 | (228) | |||
Treasury stock purchased | (98,374) | (98,374) | ||||
Balance, End of period at Sep. 30, 2017 | $ 2,005,688 | $ 134,958 | $ 1,660,885 | $ 1,042,890 | $ 5,015 | $ (838,060) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 173,532 | $ 164,049 | $ 160,316 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization and accretion expense | 41,680 | 19,509 | 17,888 |
Cash received from (paid to) FDIC under loss share | 584 | 1,730 | 720 |
Stock compensation expense | 5,909 | 3,569 | 3,561 |
Provision (release) for loan losses | (2,100) | (6,250) | (11,162) |
Loss (gain) on sale of investment securities | (3,499) | 0 | (9,641) |
Loss on extinguishment of debt | 0 | 0 | 10,554 |
Decrease (increase) in accrued interest receivable | (3,974) | 2,760 | 11,608 |
Decrease (increase) in FDIC loss share receivable | 0 | 0 | 1,795 |
Decrease (increase) in federal and state income tax receivable | 16,047 | 5,153 | 13,829 |
Decrease (increase) in cash surrender value of bank owned life insurance | (6,498) | (5,627) | (2,496) |
Gain on bank owned life insurance | (6,805) | 0 | 0 |
Net realized (gain) loss on sales of premises and equipment and real estate owned | (1,673) | (20,039) | (18,887) |
Decrease (increase) in other assets | 7,974 | (14,204) | (29,220) |
Increase (decrease) in accrued expenses and other liabilities | (41,477) | 71,071 | (5,994) |
Net cash provided (used) by operating activities | 179,700 | 221,721 | 142,871 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Origination of loans and principal repayments, net | (896,450) | (619,046) | (551,168) |
Loans purchased | (72,856) | (105,420) | (279,936) |
FHLB & FRB stock purchase | (183,609) | (36,347) | (4,067) |
FHLB & FRB stock redeemed | 177,824 | 26,340 | 55,708 |
Available-for-sale securities purchased | (76,367) | (137,591) | (315,114) |
Principal payments and maturities of available-for-sale securities | 367,713 | 537,255 | 721,951 |
Proceeds from sales of available-for-sale investment securities | 362,829 | 50,741 | 246,826 |
Held-to-maturity securities purchased | (466,058) | 0 | (259,489) |
Principal payments and maturities of held-to-maturity securities | 229,716 | 218,958 | 159,947 |
Proceeds from sales of real estate owned | 16,248 | 61,132 | 74,895 |
Proceeds from settlements of bank owned life insurance | 10,096 | 0 | 0 |
Purchase of bank owned life insurance | 0 | (100,000) | (100,000) |
Net cash received (paid) in business combinations | (3,370) | 0 | 0 |
Proceeds from sales of premises and equipment | 5,209 | 14,685 | 6,397 |
Premises and equipment purchased and REO improvements | (15,461) | (41,771) | (46,439) |
Net cash provided (used) by investing activities | (544,536) | (131,064) | (290,489) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net increase (decrease) in customer accounts | 234,460 | (30,775) | (85,073) |
Proceeds from borrowings | 4,590,000 | 1,118,000 | 100,000 |
Repayments of borrowings | (4,445,000) | (868,000) | (210,554) |
Proceeds from exercise of common stock options and related tax benefit | 7,238 | 9,283 | 2,070 |
Dividends paid on common stock | (74,519) | (49,926) | (51,111) |
Repurchase of warrants | 0 | (7,744) | 0 |
Treasury stock purchased | (98,374) | (87,850) | (126,728) |
Increase (decrease) in advance payments by borrowers for taxes and insurance | 13,733 | (7,326) | 21,220 |
Net cash provided (used) by financing activities | 227,538 | 75,662 | (350,176) |
Increase (decrease) in cash and cash equivalents | (137,298) | 166,319 | (497,794) |
Cash and cash equivalents at beginning of year | 450,368 | 284,049 | 781,843 |
Cash and cash equivalents at end of year | 313,070 | 450,368 | 284,049 |
Non-cash investing activities | |||
Real estate acquired through foreclosure | 3,266 | 12,697 | 28,735 |
Non-cash financing activities | |||
Stock issued upon exercise of warrants | 7,632 | 0 | 0 |
Cash paid during the year for | |||
Interest | 111,333 | 114,506 | 116,226 |
Income taxes | $ 54,078 | $ 68,507 | $ 65,720 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Company and 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 national bank subsidiary, Washington Federal, National Association. The Bank is principally engaged in the business of attracting deposits from businesses and the general public and investing these funds, together with borrowings and other funds, in one-to-four family residential real estate loans, multi-family real estate loans and commercial loans. As used throughout this document, the terms "Washington Federal" or the "Company" refer to Washington Federal, Inc. and its consolidated subsidiaries and the term "Bank" refers to the operating subsidiary Washington Federal, National Association. The Bank conducts its activities through a network of 237 offices located in Washington, Oregon, Idaho, Utah, Arizona, Nevada, New Mexico and Texas. Basis of presentation and use of estimates. The Company’s accounting and financial reporting policies conform to accounting principles generally accepted in the United States of America (U.S. GAAP). Inter-company balances and transactions have been eliminated in consolidation. In preparing the consolidated financial statements, the Company makes estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and revenues and expenses during the reporting periods and related disclosures. The areas that require application of significant management judgments often result in the need to make estimates about the effect of matters that are inherently uncertain and may change in future periods. Actual results could differ materially from those estimates. Certain amounts in the financial statements from prior periods have been reclassified to conform to the current financial statement presentation. In certain instances, amounts in text are presented by rounding to the nearest thousand. The Company's fiscal year end is September 30. All references to 2017 , 2016 and 2015 represent balances as of September 30, 2017 , September 30, 2016 , and September 30, 2015 , or activity for the fiscal years then ended. Cash and cash equivalents. Cash and cash equivalents include cash on hand, amounts due from banks, overnight investments and repurchase agreements with an initial maturity of three months or less. Investments and mortgage-backed securities. The Company accounts for investments and mortgage-backed securities in two categories: held-to-maturity and available-for-sale. Premiums and discounts on investments are deferred and recognized into income over the contractual life of the asset using the effective interest method. Held-to-maturity securities are accounted for at amortized cost, but the Company must have both the positive intent and the ability to hold those securities to maturity. There are very limited circumstances under which securities in the held-to-maturity category can be sold without jeopardizing the cost basis of accounting for the remainder of the securities in this category. Available-for-sale securities are accounted for at fair value. Gains and losses realized on the sale of these securities are accounted for based on the specific identification method. Unrealized gains and losses for available-for-sale securities are excluded from earnings and reported net of the related tax effect in the accumulated other comprehensive income component of stockholders' equity. Realized gains and losses on securities sold as well as other than temporary impairment charges, if any, are shown on the Consolidated Statements of Operations under the Other Income heading. Management evaluates debt and equity securities for other than temporary impairment on a quarterly basis based on the securities' current credit quality, market interest rates, term to maturity and management's intent and ability to hold the securities until the net book value is recovered. Loans receivable. Loans that are performing in accordance with their contractual terms are carried at the unpaid principal balance, net of premiums, discounts and net deferred loan fees. Net deferred loan fees include nonrefundable loan origination fees less direct loan origination costs. Net deferred loan fees, premiums and discounts are amortized into interest income using either the interest method or straight-line method over the terms of the loans, adjusted for actual prepayments. In addition to fees and costs for originating loans, various other fees and charges related to existing loans may occur, including prepayment charges, late charges and assumption fees. When a borrower fails to make a required payment on a loan, the Bank attempts to cure the deficiency by contacting the borrower. Contact is made after a payment is 30 days past its grace period. In most cases, deficiencies are cured promptly. If the delinquency is not cured within 90 days, the Bank may institute appropriate action to foreclose on the property. If foreclosed, the property is sold at a public sale and may be purchased by the Bank. Restructured loans. The Bank will consider modifying the interest rates and terms of a loan if it determines that a modification is a better alternative to foreclosure. Most troubled debt restructured ("TDR") loans are accruing and performing loans where the borrower has proactively approached the Bank about modifications due to temporary financial difficulties. Each request is individually evaluated for merit and likelihood of success. The concession for these loans is typically a payment reduction through a rate reduction of 100 to 200 bps for a specific term, usually six to 12 months. Interest-only payments may also be approved during the modification period. Principal forgiveness is generally not an available option for restructured loans. Before granting approval to modify a loan in a TDR, the borrower’s ability to repay is evaluated, including: current income levels and debt to income ratio, borrower’s credit score, payment history of the loan and updated evaluation of the secondary repayment source. The Bank also modifies some loans that are not classified as TDRs as the modification is due to a restructuring where the effective interest rate on the debt is reduced to reflect a decrease in market interest rates. Non-accrual loans. Loans are placed on nonaccrual status when, in the judgment of management, the probability of collection of interest is deemed to be insufficient to warrant further accrual. When a loan is placed on nonaccrual status, previously accrued but unpaid interest is deducted from interest income. The Bank does not accrue interest on loans 90 days or more past due. If payment is made on a loan so that the loan becomes less than 90 days past due, and the Bank expects full collection of principal and interest, the loan is returned to full accrual status. Any interest ultimately collected is credited to income in the period of recovery. A loan is charged-off when the loss is estimable and it is confirmed that the borrower is not expected be able to meet contractual obligations. If a consumer loan is on non-accrual status before becoming a TDR it will stay on non-accrual status following restructuring until it has been performing for at least six months, at which point it may be moved to accrual status. If a loan is on accrual status before it becomes a TDR, and management concludes that full repayment is probable based on internal evaluation, it will remain on accrual status following restructuring. If the restructured consumer loan does not perform, it is placed on non-accrual status when it is 90 days delinquent. For commercial loans, six consecutive payments on newly restructured loan terms are required prior to returning the loan to accrual status. In some instances, after the required six consecutive payments are made, management will conclude that collection of the entire principal and interest due is still in doubt. In those instances, the loan will remain on non-accrual. Impaired loans. Impaired loans consist of loans receivable that are not expected to have their principal and interest repaid in accordance with their contractual terms. Collateral-dependent impaired loans are measured using the fair value of the collateral less selling costs. Non-collateral dependent loans are measured at the present value of expected future cash flows. Allowance for loan losses. The Bank maintains an allowance for loan losses to absorb losses inherent in the loan portfolio. The allowance is based on ongoing, quarterly assessments of the probable and estimable losses inherent in the loan portfolio. The Bank's general methodology for assessing the appropriateness of the allowance is to apply a loss percentage factor to the different loan types. The loss percentage factor is made up of two parts - the historical loss factor (“HLF”) and the qualitative loss factor (“QLF”). The HLF takes into account historical charge-offs by loan type. The Bank uses an average of historical loss rates for each loan category multiplied by a loss emergence period. This is the likely period of time during which a residential or commercial loan borrower experiencing financial difficulties might deplete their cash prior to becoming delinquent on their loan, plus the period of time that it takes the Bank to work out the loans. The QLF are based on management's continuing evaluation of the pertinent factors underlying the quality of the loan portfolio, including changes in the size and composition of the loan portfolio, actual loan loss experience, current economic conditions, collateral values, geographic concentrations, seasoning of the loan portfolio, specific industry conditions and the duration of the current business cycle. These factors are considered by loan type. Specific allowances are established for loans which are individually evaluated, in cases where management has identified significant conditions or circumstances related to a loan that management believes indicate the probability that a loss has been incurred. The Bank has also established a reserve for unfunded commitments. The recovery of the carrying value of loans is susceptible to future market conditions beyond the Bank's control, which may result in losses or recoveries differing from those estimated. Covered assets. Covered loans consist of single-family loans acquired from Horizon Bank in 2010 and certain loans acquired from South Valley Bank and Trust ("SVBT") in fiscal 2013 that were originally recorded at their estimated fair value at the time acquired. Covered real estate held for sale represents the foreclosed properties that were originally Horizon Bank loans or certain SVBT loans. Covered real estate held for sale is carried at the estimated fair value of the repossessed real estate. The covered loans and covered real estate held for sale are collectively referred to as “covered assets." When FDIC loss share agreements expire, any remaining loans will be transferred to the non-covered portfolio. Covered loans are included within loans receivable on the statement of financial condition. Covered real estate owned are included within real estate owned on the statement of financial condition. FDIC indemnification asset. The FDIC indemnification asset is the receivable recorded due to the guarantee provided by the FDIC on the covered assets. This asset declines due to collections from the FDIC on claims or the eventual expiration of the FDIC loss share agreements. The FDIC indemnification asset is included within other assets on the statement of financial condition. Client derivatives. Interest rate swap agreements are provided to certain clients who desire to convert their obligations from variable to fixed interest rates. Under these agreements, the Bank enters into a variable-rate loan agreement with a customer in addition to a swap agreement, and then enters into a corresponding swap agreement with a third party in order to offset its exposure on the customer swap agreement. As the interest rate swap agreements with the customers and third parties are not designated as hedges under FASB ASC 815, Derivatives and Hedging, the instruments are marked to market in earnings. The change in fair value of the offsetting swaps are included in interest income and interest expense and there is no impact on net income. There is fee income earned on the swaps that is included in loan fee income. Long term borrowing hedges. The Company has entered into interest rate swaps to convert a series of future short-term borrowings to fixed-rate payments. These interest rate swaps qualify as cash flow hedging instruments under ASC 815 so gains and losses are recorded in Other Comprehensive Income to the extent the hedge is effective. Gains and losses on the interest rate swaps are reclassified from OCI to earnings in the period the hedged transaction affects earnings and are included in the same income statement line item that the hedged transaction is recorded. Commercial loan hedges. The Company has entered into interest rate swaps to hedge long term fixed rate commercial loans. These hedges qualify as fair value hedges under ASC 815 and provide for matching of the recognition of the gains and losses on the interest rate swap and the related hedged loan. Premises and equipment. Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the respective assets. Expenditures are capitalized for betterments and major renewals. Charges for ordinary maintenance and repairs are expensed to operations as incurred. Real estate owned. Real estate properties acquired through foreclosure of loans or through acquisitions are recorded initially at fair value less selling costs and are subsequently recorded at lower of cost or fair value. Any gains (losses) and maintenance costs are shown on the real estate acquired through foreclosure line item. Intangible assets. Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired. Other intangibles, including core deposit intangibles, are acquired assets that lack physical substance but can be distinguished from goodwill. Goodwill is evaluated for impairment on an annual basis during the fourth quarter. Other intangible assets are amortized over their estimated lives and are subject to impairment testing when events or circumstances change. If circumstances indicate that the carrying value of the assets may not be recoverable, an impairment charge could be recorded. The Bank amortizes the core deposit intangibles over their estimated lives using an accelerated method. During the 4th quarter of 2017, an immaterial correction of $1.5 million was recorded to amortization expense for intangible assets stemming from acquisitions of insurance agency businesses in prior years. The table below provides detail regarding the Company's intangible assets. Goodwill Core Deposit and Other Intangibles Total (In thousands) Balance at September 30, 2015 $ 291,503 $ 7,855 $ 299,358 Amortization — (2,369 ) (2,369 ) Balance at September 30, 2016 291,503 5,486 296,989 Additions 1,650 1,720 3,370 Amortization — (1,677 ) (1,677 ) Balance at September 30, 2017 $ 293,153 $ 5,529 $ 298,682 The table below presents the estimated future amortization expense of core deposit and other intangibles for the next five years. Fiscal Year Expense (In thousands) 2018 $ 1,376 2019 1,324 2020 1,295 2021 457 2022 138 Income taxes. Income taxes are accounted for using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, a deferred tax asset or liability is determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The provision for income taxes includes current and deferred income tax expense based on net income adjusted for temporary and permanent differences such as depreciation, interest on state and municipal securities, and affordable housing tax credits. Income tax related interest and penalties, if applicable, and amortization of affordable housing tax credit investments are recorded within income tax expense. Accounting for stock-based compensation. We recognize in the statement of operations the grant-date fair value of stock options and other equity-based forms of compensation issued to employees over the employees' requisite service period (generally the vesting period). The requisite service period may be subject to performance conditions. Stock options and restricted stock awards generally vest ratably over three to ten years and are recognized as expense over that same period of time. The exercise price of each option equals the market price of the Company's common stock on the date of the grant, and the maximum term is ten years. No stock options were granted in 2017 , 2016 or 2015 . Certain grants of restricted stock are subject to performance-based and market-based vesting as well as other approved vesting conditions and cliff vest based on those conditions. Compensation expense is recognized over the service period to the extent restricted stock awards are expected to vest. See Note N for additional information. Business segments. As the Company manages its business and operations on a consolidated basis, management has determined that there is one reportable business segment. Subsequent events. The Company has evaluated subsequent events for adjustment to or disclosure in the Company’s consolidated financial statements through the date of this report, and the Company has not identified any recordable or disclosable events, not otherwise reported in these consolidated financial statements or the notes thereto, except for the following. On September 27, 2017, the Company issued a joint press release with Anchor Bancorp ("Anchor") announcing that they have entered into Amendment No. 1 ("Amendment No. 1") to the Agreement and Plan of Merger (the "Merger Agreement") dated as of April 11, 2017. Amendment No. 1 extends from December 31, 2017, to June 30, 2018, the date after which either party can elect to terminate the Merger Agreement if the merger transaction (the "Merger") contemplated by the Merger Agreement has not yet been completed. Amendment No. 1 also provides for up to three additional six month extensions beyond June 30, 2018, and addresses certain Anchor personnel and other matters in light of the extension. Except as explicitly provided in Amendment No. 1, the Merger Agreement remains in full force and effect as originally executed on April 11, 2017. On October 25, 2017 , the Company issued a press release announcing a quarterly cash dividend of 15 cents per share to be paid on November 20, 2017 , to common stockholders of record as of November 6, 2017 . This is Washington Federal’s 139th consecutive quarterly cash dividend. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS In August 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The ASU expands and refines hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements, and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The effective date of the new standard for public companies is for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition with a cumulative effect adjustment recorded to opening retained earnings as of the initial adoption date. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. The ASU shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. If an entity early adopts in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments should be applied on a modified retrospective basis, with a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements . In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The ASU clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. The amendments also define the term in substance nonfinancial asset. The amendments clarify that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. A contract that includes the transfer of ownership interests in one or more consolidated subsidiaries is within the scope of Subtopic 610-20 if substantially all of the fair value of the assets that are promised to the counterparty in a contract is concentrated in nonfinancial assets. The amendments clarify that an entity should identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a counterparty and derecognize each asset when a counterparty obtains control of it. The ASU is effective for public business entities for annual periods beginning after December 15, 2017, and interim periods therein. Entities may use either a full or modified approach to adopt the ASU. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which eliminates Step 2 from the goodwill impairment test. The ASU also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The ASU is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption being permitted for annual or interim goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations Clarifying the Definition of a Business (Topic 805) , for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017, with early adoption permitted for transactions that occurred before the issuance date or effective date of the standard if the transactions were not reported in financial statements that have been issued or made available for issuance. The ASU must be applied prospectively and upon adoption the standard will impact how we assess acquisitions (or disposals) of assets or businesses. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash: a Consensus of the FASB Emerging Issues Task Force . This ASU requires a company’s cash flow statement to explain the changes during a reporting period of the totals for cash, cash equivalents, restricted cash, and restricted cash equivalents. Additionally, amounts for restricted cash and restricted cash equivalents are to be included with cash and cash equivalents if the cash flow statement includes a reconciliation of the total cash balances for a reporting period. This ASU is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2017, with early application permitted. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In August 2016, the FASB issued 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. While the Company is currently in the process of evaluating the impact of the amended guidance on its consolidated financial statements, it currently expects the ALLL to increase upon adoption given that the allowance will be required to cover the full remaining expected life of the portfolio upon adoption, rather than the incurred loss model under current U.S. GAAP. The extent of this increase is still being evaluated and will depend on economic conditions and the composition of the Company’s loan and lease portfolio at the time of adoption. 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 in the process of accumulating the lease data necessary to apply the amended guidance. The Company is continuing to evaluate the impact of the amended guidance on its consolidated financial statements, but the effects of recognizing most operating leases is not expected to be material. The Company expects to recognize right-of-use assets and lease liabilities for substantially all of its operating lease commitments based on the present value of unpaid lease payments as of the date of adoption. 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 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. |
Investment Securities
Investment Securities | 12 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES The tables below provide detail regarding the amortized cost and fair value of available-for-sale and held-to-maturity investment securities. September 30, 2017 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 $ 9,300 $ 146 $ — $ 9,446 10.38 % 1 to 5 years 5,688 2 — 5,690 1.51 5 to 10 years 69,108 — (1,238 ) 67,870 1.93 Over 10 years 127,936 353 (218 ) 128,071 1.92 Equity Securities 1 to 5 years 500 22 — 522 1.80 Corporate debt securities due 1 to 5 years 63,622 2,083 — 65,705 2.96 5 to 10 years 119,960 210 (577 ) 119,593 2.62 Municipal bonds due Within 1 year 2,344 10 — 2,354 1.23 1 to 5 years 1,367 55 — 1,422 2.05 Over 10 years 20,343 2,505 — 22,848 6.45 Mortgage-backed securities Agency pass-through certificates 828,069 8,402 (2,174 ) 834,297 2.96 Commercial MBS 8,350 41 — 8,391 3.31 1,256,587 13,829 (4,207 ) 1,266,209 2.86 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 1,646,856 7,143 (18,086 ) 1,635,913 3.14 1,646,856 7,143 (18,086 ) 1,635,913 3.14 $ 2,903,443 $ 20,972 $ (22,293 ) $ 2,902,122 3.02 % 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 1 to 5 years 100,422 1,402 — 101,824 1.90 Corporate debt securities 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 1,417,599 24,171 (214 ) 1,441,556 3.18 $ 3,326,783 $ 49,593 $ (11,926 ) $ 3,364,450 2.62 % The Company purchased $76,367,000 available-for-sale investment securities and $466,058,000 of held-to-maturity investment securities during 2017 . The Company sold $362,829,000 of available-for-sale securities and there were no sales of held-to-maturity investment securities in 2017 . Substantially all mortgage-backed securities have contractual due dates that exceed 25 years. The following table shows the gross unrealized losses and fair value of securities at September 30, 2017 , and September 30, 2016 , by length of time that individual securities in each category have been in a continuous loss position. Management believes that the declines in fair value of these investments are not an other than temporary impairment as these losses are due to a change in interest rates rather than any credit deterioration. The impairment is also deemed to be temporary because: 1) the Bank does not intend to sell the security, and 2) it is not more likely than not that it will be required to sell the security before recovery of the entire amortized cost basis of the security. September 30, 2017 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 $ — $ — $ (577 ) $ 49,423 $ (577 ) $ 49,423 U.S. agency securities (759 ) 24,400 (697 ) 96,195 (1,456 ) 120,595 Agency pass-through certificates (17,683 ) 1,163,358 (2,577 ) 249,304 (20,260 ) 1,412,662 $ (18,442 ) $ 1,187,758 $ (3,851 ) $ 394,922 $ (22,293 ) $ 1,582,680 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. 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 |
Loans Receivable
Loans Receivable | 12 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Loans Receivable | LOANS RECEIVABLE The following table is a summary of loans receivable. September 30, 2017 September 30, 2016 (In thousands) (In thousands) Gross loans by category Single-family residential $ 5,711,004 46.8 % $ 5,658,830 51.7 % Construction 1,597,996 13.1 1,110,411 10.1 Construction - custom 602,631 4.9 473,069 4.3 Land - acquisition & development 124,308 1.0 118,497 1.1 Land - consumer lot loans 104,405 0.9 104,567 1.0 Multi-family 1,303,148 10.7 1,124,290 10.3 Commercial real estate 1,434,610 11.8 1,093,639 10.0 Commercial & industrial 1,093,360 9.0 978,589 8.9 HELOC 144,850 1.2 149,716 1.4 Consumer 85,075 0.7 139,000 1.3 Total gross loans 12,201,387 100 % 10,950,608 100 % Less: Allowance for probable losses 123,073 113,494 Loans in process 1,149,934 879,484 Net deferred fees, costs and discounts 45,758 46,710 Total loan contra accounts 1,318,765 1,039,688 Net loans $ 10,882,622 $ 9,910,920 The following summary breaks down the Company's fixed rate and adjustable rate loans by time to maturity or to rate adjustment. September 30, 2017 Fixed-Rate Adjustable-Rate Term To Maturity Gross Loans % of Gross Loans Term To Rate Adjustment Gross Loans % of Gross Loans (In thousands) (In thousands) Within 1 year $ 71,810 0.6 % Less than 1 year $ 3,157,055 25.9 % 1 to 3 years 216,724 1.8 1 to 3 years 498,844 4.1 3 to 5 years 308,967 2.5 3 to 5 years 624,254 5.1 5 to 10 years 847,518 6.9 5 to 10 years 512,774 4.2 10 to 20 years 1,047,541 8.6 10 to 20 years — — Over 20 years 4,915,900 40.3 Over 20 years — — $ 7,408,460 60.7 % $ 4,792,927 39.3 % The following tables provide information regarding loans receivable by loan category and geography. September 30, 2017 Single - Multi- Land - Land - Construction - custom Construction Commercial Commercial Consumer HELOC Total (In thousands) Washington $ 3,013,957 $ 315,356 $ 55,794 $ 65,449 $ 357,080 $ 613,362 $ 528,762 $ 555,651 $ 2,186 $ 87,290 $ 5,594,887 Oregon 659,602 378,588 33,109 13,535 59,861 269,037 254,513 217,813 2,252 13,577 1,901,887 Arizona 581,137 340,609 4,801 11,446 77,315 102,546 218,200 50,506 296 13,781 1,400,637 Other 57,891 3,423 — 69 — 4,360 95,304 106,226 78,614 53 345,940 Utah 514,922 40,014 90 4,321 55,064 272,723 28,586 38,328 22 7,823 961,893 Idaho 306,853 41,243 14,593 4,586 23,721 45,603 65,342 29,529 123 7,293 538,886 New Mexico 202,703 115,289 10,272 2,108 17,406 62,635 173,774 14,186 768 13,332 612,473 Texas 185,835 43,493 5,649 106 3,534 205,595 61,439 59,484 775 — 565,910 Nevada 188,104 25,133 — 2,785 8,650 22,135 8,690 21,637 39 1,701 278,874 $ 5,711,004 $ 1,303,148 $ 124,308 $ 104,405 $ 602,631 $ 1,597,996 $ 1,434,610 $ 1,093,360 $ 85,075 $ 144,850 $ 12,201,387 Percentage by geographic area September 30, 2017 Single - Multi- Land - Land - Construction - custom Construction Commercial Commercial Consumer HELOC Total As % of total gross loans Washington 24.6 % 2.6 % 0.4 % 0.5 % 2.9 % 5.1 % 4.4 % 4.6 % — % 0.7 % 45.8 % Oregon 5.4 3.1 0.3 0.1 0.5 2.2 2.1 1.8 — 0.1 15.6 Arizona 4.8 2.8 — 0.1 0.6 0.8 1.8 0.4 — 0.1 11.4 Other 0.5 — — — — — 0.8 0.9 0.7 — 2.9 Utah 4.2 0.3 — 0.1 0.5 2.2 0.2 0.3 — 0.1 7.9 Idaho 2.5 0.4 0.1 0.1 0.2 0.4 0.5 0.2 — 0.1 4.5 New Mexico 1.7 0.9 0.1 — 0.1 0.5 1.4 0.1 — 0.1 4.9 Texas 1.5 0.4 — — — 1.7 0.5 0.5 — — 4.6 Nevada 1.5 0.2 0.1 — 0.1 0.2 0.1 0.2 — — 2.4 46.7 % 10.7 % 1.0 % 0.9 % 4.9 % 13.1 % 11.8 % 9.0 % 0.7 % 1.2 % 100 % Percentage by geographic area as a % of each loan type September 30, 2017 Single - Multi- Land - Land - Construction - custom Construction Commercial Commercial Consumer HELOC As % of total gross loans Washington 52.8 % 24.2 % 44.9 % 62.6 % 59.4 % 38.3 % 36.9 % 50.9 % 2.8 % 60.3 % Oregon 11.5 29.1 26.6 13.0 9.9 16.8 17.7 19.9 2.6 9.4 Arizona 10.2 26.1 3.9 11.0 12.8 6.4 15.2 4.6 0.3 9.5 Other 1.0 0.3 — 0.1 — 0.3 6.6 9.7 92.4 — Utah 9.0 3.1 0.1 4.1 9.1 17.1 2.0 3.5 — 5.4 Idaho 5.4 3.2 11.7 4.4 3.9 2.9 4.6 2.7 0.1 5.0 New Mexico 3.5 8.8 8.3 2.0 2.9 3.9 12.1 1.3 0.9 9.2 Texas 3.3 3.3 4.5 0.1 0.6 12.9 4.3 5.4 0.9 — Nevada 3.3 1.9 — 2.7 1.4 1.4 0.6 2.0 — 1.2 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % The Company has granted loans to officers and directors of the Company and related interests. These loans are made on the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and do not involve more than the normal risk of collectability. The aggregate dollar amount of these loans, including unfunded commitments to lend, was $84,166,000 and $57,153,000 at September 30, 2017 and 2016 , respectively. As of September 30, 2017 , all of these loans were performing in accordance with contractual terms. The following table provides additional information on impaired loans, loan commitments and loans serviced for others. September 30, 2017 September 30, 2016 (In thousands) Recorded investment in impaired loans $ 251,274 $ 285,243 TDRs included in impaired loans 207,377 261,531 Allocated reserves on impaired loans 1,363 1,980 Specific reserves on impaired loans 126 366 Average balance of impaired loans for year ended 274,530 301,685 Interest income from impaired loans for year ended 11,736 12,843 Outstanding fixed-rate origination commitments 425,130 331,947 Gross loans serviced for others 77,119 80,896 The following table sets forth information regarding non-accrual loans. September 30, 2017 September 30, 2016 (In thousands) (In thousands) Non-accrual loans: Single-family residential $ 27,930 56.3 % $ 33,148 78.2 % Construction - custom 91 0.2 — — Land - acquisition & development 296 0.6 58 0.1 Land - consumer lot loans 605 1.2 510 1.2 Multi-family 139 0.3 776 1.8 Commercial real estate 11,815 23.8 7,100 16.7 Commercial & industrial 8,082 16.3 583 1.4 HELOC 531 1.1 239 0.6 Consumer 91 0.2 — — Total non-accrual loans $ 49,580 100 % $ 42,414 100 % Non-accrual loans as % of total loans 0.46 % 0.43 % The following table breaks down delinquent loans by loan category and delinquency bucket. September 30, 2017 Amount of Loans Days Delinquent Based on $ Amount of Loans % based on $ Loan type Net of Loans in Process Current 30 60 90 Total (In thousands) Single-family residential $ 5,709,690 $ 5,671,933 $ 10,925 $ 4,810 $ 22,022 $ 37,757 0.66 % Construction 793,959 793,959 — — — — — Construction - custom 277,599 277,508 — — 91 91 0.03 Land - acquisition & development 104,856 104,526 — — 330 330 0.31 Land - consumer lot loans 104,335 103,389 112 680 154 946 0.91 Multi-family 1,303,119 1,302,720 5 255 139 399 0.03 Commercial real estate 1,434,610 1,432,052 507 — 2,051 2,558 0.18 Commercial & industrial 1,093,360 1,092,735 — 51 574 625 0.06 HELOC 144,850 143,974 221 342 313 876 0.60 Consumer 85,075 84,644 245 107 79 431 0.51 Total Loans $ 11,051,453 $ 11,007,440 $ 12,015 $ 6,245 $ 25,753 $ 44,013 0.40 % Delinquency % 99.60% 0.11% 0.06% 0.23% 0.40% The percentage of total delinquent loans was 0.40% as of September 30, 2017 , as compared to 0.68% as of September 30, 2016 . Most loans restructured in troubled debt restructurings ("TDRs") are accruing and performing loans where the borrower has proactively approached the Company about modifications due to temporary financial difficulties. Each request is individually evaluated for merit and likelihood of success. The concession for these loans is typically a payment reduction through a rate reduction of 100 to 200 bps for a specific term, usually six to 12 months. Interest-only payments may also be approved during the modification period. Principal forgiveness is not an available option for restructured loans. As of September 30, 2017 , the outstanding balance of TDR's was $207,377,000 as compared to $261,531,000 as of September 30, 2016 . As of September 30, 2017 , 97.5% of the restructured loans were performing. Single-family residential loans comprised 87.7% of TDR loans as of September 30, 2017 . 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 provides information related to loans that were modified in a TDR during the periods presented. Twelve Months Ended September 30, 2017 Twelve Months Ended September 30, 2016 Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Troubled Debt Restructurings: Contracts Investment Investment Contracts Investment Investment (In thousands) (In thousands) Single-family residential 38 $ 7,115 $ 7,115 120 $ 23,541 $ 23,541 Land - consumer lot loans 2 211 211 10 970 970 Commercial real estate — — — 7 2,523 2,523 HELOC 4 552 552 1 126 126 Consumer — — — 1 24 24 44 $ 7,878 $ 7,878 139 $ 27,184 $ 27,184 The following table provides information on payment defaults occurring during the periods presented where the loan had been modified in a TDR within 12 months of the payment default. Twelve Months Ended September 30, 2017 Twelve Months Ended September 30, 2016 Number of Recorded Number of Recorded TDRs That Subsequently Defaulted: Contracts Investment Contracts Investment (In thousands) (In thousands) Single-family residential 24 $ 4,214 17 $ 4,875 Construction — — 1 279 Land - consumer lot loans — — 5 606 Commercial real estate 2 267 2 326 26 $ 4,481 25 $ 6,086 The FDIC loss share coverage for the acquired commercial loans from the former Horizon Bank expired after March 31, 2015. These loans were transferred to loans receivable. The FDIC loss share coverage for the acquired commercial loans from the former Home Valley Bank expired after of September 30, 2015 with final reporting as of October 31, 2015. Recoveries, to the extent that claims were made, will continue to be shared through March 31, 2018 for the former Horizon Bank and September 30, 2018 for the former Home Valley Bank. The FDIC loss share coverage for single-family residential loans will continue for another three years. The outstanding principal balance of covered loans was $20,572,000 as of September 30, 2017 , as compared to $28,974,000 as of September 30, 2016 . The following table shows the year to date activity for the FDIC indemnification asset. Twelve Months Ended September 30, 2017 Twelve Months Ended September 30, 2016 (In thousands) Balance at beginning of year $ 12,769 $ 16,275 Payments received (584 ) (1,730 ) Amortization (3,450 ) (2,012 ) Accretion 232 236 Balance at end of year $ 8,967 $ 12,769 |
Allowance for Losses on Loans
Allowance for Losses on Loans | 12 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Allowance for Losses on Loans | ALLOWANCE FOR LOSSES ON LOANS The following tables summarize the activity in the allowance for loan losses. Twelve Months Ended September 30, 2017 Beginning Allowance Charge-offs Recoveries Provision & Transfers Ending Allowance (In thousands) Single-family residential $ 37,796 $ (1,229 ) $ 653 $ (328 ) $ 36,892 Construction 19,838 — — 4,718 24,556 Construction - custom 1,080 (16 ) — 880 1,944 Land - acquisition & development 6,023 (280 ) 11,038 (9,952 ) 6,829 Land - consumer lot loans 2,535 (17 ) 481 (350 ) 2,649 Multi-family 6,925 — — 937 7,862 Commercial real estate 8,588 (11 ) 1,684 1,557 11,818 Commercial & industrial 28,008 (173 ) 1,833 (1,144 ) 28,524 HELOC 813 (90 ) 21 111 855 Consumer 1,888 (884 ) 1,297 (1,157 ) 1,144 $ 113,494 $ (2,700 ) $ 17,007 $ (4,728 ) $ 123,073 Twelve Months Ended September 30, 2016 Beginning Allowance Charge-offs Recoveries Provision & Transfers Ending Allowance (In thousands) Single-family residential $ 47,347 $ (3,106 ) $ 3,251 $ (9,696 ) $ 37,796 Construction 6,680 — 745 12,413 19,838 Construction - custom 990 (60 ) 60 90 1,080 Land - acquisition & development 5,781 (42 ) 8,220 (7,936 ) 6,023 Land - consumer lot loans 2,946 (732 ) 5 316 2,535 Multi-family 5,304 — — 1,621 6,925 Commercial real estate 8,960 (103 ) 1,812 (2,081 ) 8,588 Commercial & industrial 24,980 (941 ) 2,933 1,036 28,008 HELOC 902 (54 ) 21 (56 ) 813 Consumer 2,939 (962 ) 2,018 (2,107 ) 1,888 $ 106,829 $ (6,000 ) $ 19,065 $ (6,400 ) $ 113,494 The Company recorded a release of allowance for loan losses of $2,100,000 during the year ended September 30, 2017 , as compared to a release of $6,400,000 for the year ended September 30, 2016 . The credit quality of the portfolio has continued to improve and economic conditions remain relatively stable. The Company had recoveries, net of charge-offs, of $14,307,000 for the year ended September 30, 2017 , compared with net recoveries of $13,065,000 for the year ended September 30, 2016 . A loan is charged-off when the loss is estimable and it is confirmed that the borrower is not expected to be able to meet its contractual obligations. Non-accrual loans increased to $49,580,000 as of September 30, 2017 , from $42,414,000 as of September 30, 2016 . Non-performing assets (“NPAs”) totaled $70,238,000 , or 0.46% of total assets, at September 30, 2017 , compared to $71,441,000 , or 0.48% of total assets, as of September 30, 2016 . At September 30, 2017 , $122,947,000 of the allowance was calculated under the formulas contained in our general allowance methodology and the remaining $126,000 represents specific reserves on loans that were deemed to be impaired. The following tables show a summary of loans collectively and individually evaluated for impairment and the related allocation of general and specific reserves. September 30, 2017 Loans Collectively Evaluated for Impairment Loans Individually Evaluated for Impairment General Reserve Allocation Recorded Investment of Loans Ratio Specific Reserve Allocation Recorded Investment of Loans Ratio (In thousands) (In thousands) Single-family residential $ 36,893 $ 5,713,576 0.7 % $ — $ 5,552 — % Construction 24,556 793,958 3.1 — — — Construction - custom 1,944 277,495 0.7 — 105 — Land - acquisition & development 6,828 104,767 6.5 1 89 1.0 Land - consumer lot loans 2,649 96,337 2.8 — 171 — Multi-family 7,857 1,302,625 0.6 5 493 1.0 Commercial real estate 11,697 1,391,668 0.8 120 21,765 0.6 Commercial & industrial 28,524 1,093,210 2.6 — 81 — HELOC 855 141,689 0.6 — 215 — Consumer 1,144 84,887 1.4 — 82 — $ 122,947 $ 11,000,212 1.1 % $ 126 $ 28,553 0.4 % September 30, 2016 Loans Collectively Evaluated for Impairment Loans Individually Evaluated for Impairment General Reserve Allocation Recorded Investment of Loans Ratio Specific Reserve Allocation Recorded Investment of Loans 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 % The Company has an asset quality review function that analyzes the loan portfolio and reports the results of the review to the Board of Directors on a quarterly basis. The single-family residential, HELOC and consumer portfolios are evaluated based on their performance as a pool of loans, since no single loan is individually significant or judged by its risk rating, size or potential risk of loss. The construction, land, multi-family, commercial real estate and commercial and industrial loans are risk rated on a loan by loan basis to determine the relative risk inherent in specific borrowers or loans. Based on that risk rating, the loans are assigned a grade and classified as follows: • Pass – the credit does not meet one of the definitions defined below. • Special mention – A special mention credit is considered to be currently protected from loss but is potentially weak. No loss of principal or interest is foreseen; however, proper supervision and management attention is required to deter further deterioration in the credit. Assets in this category constitute some undue and unwarranted credit risk but not to the point of justifying a risk rating of substandard. The credit risk may be relatively minor yet constitutes an unwarranted risk in light of the circumstances surrounding a specific asset. • Substandard – A substandard credit is an unacceptable credit. Additionally, repayment in the normal course is in jeopardy due to the existence of one or more well-defined weaknesses. In these situations, loss of principal is likely if the weakness is not corrected. A substandard asset is inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. Assets so classified will have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets risk rated substandard. • Doubtful – A credit classified doubtful has all the weaknesses inherent in one classified substandard with the added characteristic that the weakness makes collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The probability of loss is high, but because of certain important and reasonably specific pending factors that may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral and refinancing plans. • Loss – Credits classified loss are considered uncollectible and of such little value that their continuance as a bankable asset is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this asset even though partial recovery may be affected in the future. Losses should be taken in the period in which they are identified as uncollectible. Partial charge-off versus full charge-off may be taken if the collateral offers some identifiable protection. The following tables provide information on loans based on credit quality indicators (defined above). September 30, 2017 Internally Assigned Grade Total Pass Special mention Substandard Doubtful Loss Gross Loans (In thousands) Loan type Single-family residential $ 5,671,229 $ — $ 39,775 $ — $ — $ 5,711,004 Construction 1,594,926 — 3,070 — — 1,597,996 Construction - custom 602,540 — 91 — — 602,631 Land - acquisition & development 123,028 207 1,073 — — 124,308 Land - consumer lot loans 103,787 — 618 — — 104,405 Multi-family 1,295,261 5,795 2,092 — — 1,303,148 Commercial real estate 1,391,996 5,944 36,670 — — 1,434,610 Commercial & industrial 1,054,972 14,814 23,574 — — 1,093,360 HELOC 144,229 — 621 — — 144,850 Consumer 84,984 — 91 — — 85,075 Total gross loans $ 12,066,952 $ 26,760 $ 107,675 $ — $ — $ 12,201,387 Total grade as a % of total gross loans 98.9 % 0.2 % 0.9 % — % — % September 30, 2016 Internally Assigned Grade Total Pass Special mention Substandard Doubtful Loss 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 $20,224,000 as of September 30, 2017 , and $35,910,000 as of September 30, 2016 of acquired loans and covered loans. The following tables provide information on loans based on payment activity. September 30, 2017 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (In thousands) (In thousands) Single-family residential $ 5,683,074 99.5 % $ 27,930 0.5 % Construction 1,597,996 100.0 — — Construction - custom 602,540 99.9 91 0.1 Land - acquisition & development 124,012 99.8 296 0.2 Land - consumer lot loans 103,800 99.4 605 0.6 Multi-family 1,303,009 99.9 139 0.1 Commercial real estate 1,422,795 99.2 11,815 0.8 Commercial & industrial 1,085,278 99.3 8,082 0.7 HELOC 144,319 99.6 531 0.4 Consumer 84,984 99.9 91 0.1 $ 12,151,807 99.6 % $ 49,580 0.4 % September 30, 2016 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (In thousands) (In thousands) Single-family residential $ 5,625,682 99.4 % $ 33,148 0.6 % Construction 1,110,411 100.0 — — Construction - custom 473,069 100.0 — — Land - acquisition & development 118,439 99.9 58 0.1 Land - consumer lot loans 104,057 99.5 510 0.5 Multi-family 1,123,583 99.9 776 0.1 Commercial real estate 1,086,470 99.3 7,100 0.7 Commercial & industrial 978,006 99.9 583 0.1 HELOC 149,477 99.8 239 0.2 Consumer 139,000 100.0 — — $ 10,908,194 99.6 % $ 42,414 0.4 % The following tables provide information on impaired loans by loan category. September 30, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (In thousands) Impaired loans with no related allowance recorded: Single-family residential $ 21,325 $ 23,880 $ — $ 19,371 Construction — — — — Construction - custom 148 165 — 231 Land - acquisition & development 330 8,208 — 176 Land - consumer lot loans 208 330 — 431 Multi-family 139 3,231 — 748 Commercial real estate 12,890 22,487 — 11,466 Commercial & industrial 8,279 14,321 — 7,425 HELOC 490 1,212 — 487 Consumer 88 1,433 — 57 43,897 75,267 — 40,392 Impaired loans with an allowance recorded: Single-family residential 181,941 186,167 4,030 204,723 Construction — — — — Construction - custom — — — — Land - acquisition & development 90 90 1 576 Land - consumer lot loans 7,949 8,526 — 8,976 Multi-family 493 493 5 1,024 Commercial real estate 15,079 16,707 120 16,991 Commercial & industrial — — — 297 HELOC 1,728 1,806 — 1,451 Consumer 97 284 — 100 207,377 214,073 4,156 (1) 234,138 Total: Single-family residential 203,266 210,047 4,030 224,094 Construction — — — — Construction - custom 148 165 — 231 Land - acquisition & development 420 8,298 1 752 Land - consumer lot loans 8,157 8,856 — 9,407 Multi-family 632 3,724 5 1,772 Commercial real estate 27,969 39,194 120 28,457 Commercial & industrial 8,279 14,321 — 7,722 HELOC 2,218 3,018 — 1,938 Consumer 185 1,717 — 157 $ 251,274 $ 289,340 $ 4,156 (1) $ 274,530 ____________________ (1) Includes $126,000 of specific reserves and $4,030,000 included in the general reserves. September 30, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (2) (In thousands) Impaired loans with no related allowance recorded: Single-family residential $ 9,627 $ 11,366 $ — $ 12,618 Construction — — — 91 Construction - custom — — — 603 Land - acquisition & development 138 9,001 — 720 Land - consumer lot loans 499 609 — 587 Multi-family 394 3,972 — 1,279 Commercial real estate 11,741 21,301 — 7,994 Commercial & industrial 1,030 3,082 — 1,205 HELOC 209 315 — 392 Consumer 74 550 — 236 23,712 50,196 — 25,725 Impaired loans with an allowance recorded: Single-family residential 228,186 232,595 3,809 238,187 Construction — — — 998 Construction - custom — — — — Land - acquisition & development 1,154 2,094 1 1,765 Land - consumer lot loans 9,630 10,678 1 10,330 Multi-family 1,505 1,505 13 2,159 Commercial real estate 19,434 22,848 91 20,998 Commercial & industrial — — — — HELOC 1,506 1,521 — 1,423 Consumer 116 306 — 100 261,531 271,547 3,915 (1) 275,960 Total: Single-family residential 237,813 243,961 3,809 250,805 Construction — — — 1,089 Construction - custom — — — 603 Land - acquisition & development 1,292 11,095 1 2,485 Land - consumer lot loans 10,129 11,287 1 10,917 Multi-family 1,899 5,477 13 3,438 Commercial real estate 31,175 44,149 91 28,992 Commercial & industrial 1,030 3,082 — 1,205 HELOC 1,715 1,836 — 1,815 Consumer 190 856 — 336 $ 285,243 $ 321,743 $ 3,915 (1) $ 301,685 ____________________ (1) Includes $366,000 of specific reserves and $3,549,000 included in the general reserves. (2) The average recorded investment changed from $265,771,000 , as previously disclosed, to $301,685,000 in order to correct for an immaterial error in the previous year's disclosure. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 30, 2017 | |
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 Available-for-sale investment securities and derivative contracts 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 Company offers interest rate swaps to its variable rate borrowers who want to manage their interest rate risk. At the same time, the Company enters into the opposite trade with a counter party to offset its interest rate risk. The Company 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 table presents the balance and level in the fair value hierarchy for assets and liabilities that are measured at fair value on a recurring basis. September 30, 2017 Level 1 Level 2 Level 3 Total (In thousands) Available-for-sale securities Equity securities $ 522 $ — $ — $ 522 U.S. government and agency securities — 211,077 — 211,077 Municipal bonds — 26,624 — 26,624 Corporate debt securities — 185,298 — 185,298 Mortgage-backed securities Agency pass-through certificates — 834,297 — 834,297 Commercial MBS — 8,391 — 8,391 Total Available-for-sale securities 522 1,265,687 — 1,266,209 Interest rate contracts — 1,139 — 1,139 Total Financial Assets $ 522 $ 1,266,826 $ — $ 1,267,348 Financial Liabilities Interest rate contracts $ — $ 1,139 $ — $ 1,139 Commercial loan hedges — 174 — 174 Long term borrowing hedges — 1,693 — 1,693 Total Financial Liabilities $ — $ 3,006 $ — $ 3,006 There were no transfers between, into and/or out of Levels 1, 2 or 3 during the year ended September 30, 2017 . September 30, 2016 Level 1 Level 2 Level 3 Total (In thousands) 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 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 Level 1, 2 or 3 during the 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 represent impaired loans for which a specific reserve is recorded 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 table presents the recorded balance of assets that were measured at estimated fair value on a nonrecurring basis for the periods presented, and the total gains (losses) resulting from those fair value adjustments for the periods presented. These estimated fair values are shown gross of estimated selling costs: September 30, 2017 Three Months Ended September 30, 2017 Twelve Months Ended September 30, 2017 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) Impaired loans (1) $ — $ — $ 9,088 $ 9,088 $ (250 ) $ (1,916 ) Real estate owned (2) — — 12,662 12,662 (376 ) (1,463 ) Balance at end of period $ — $ — $ 21,750 $ 21,750 $ (626 ) $ (3,379 ) ___________________ (1) The gains (losses) represent remeasurements of collateral-dependent impaired loans. (2) The gains (losses) represent aggregate writedowns and charge-offs on real estate owned. September 30, 2016 Three Months Ended September 30, 2016 Twelve Months Ended September 30, 2016 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) Impaired loans (1) $ — $ — $ 17,476 $ 17,476 $ (474 ) $ (4,236 ) Real estate owned (2) — — 25,190 25,190 (1,003 ) (3,947 ) Balance at end of period $ — $ — $ 42,666 $ 42,666 $ (1,477 ) $ (8,183 ) ___________________ (1) The gains (losses) represent remeasurements of collateral-dependent impaired loans. (2) The gains (losses) represent aggregate writedowns and charge-offs on real estate owned. The following describes the process used to value Level 3 assets measured on a nonrecurring basis: Impaired loans - The Company adjusts the carrying amount of impaired loans when there is evidence of probable loss and the expected fair value of the loan is less than its contractual amount. The amount of the impairment may be determined based on the estimated present value of future cash flows or the fair value of the underlying collateral. Impaired loans with a specific reserve allowance based on cash flow analysis or the value of the underlying collateral are classified as Level 3 assets. The evaluations for impairment are prepared by the Problem Loan Review Committee, which is chaired by the Chief Credit Officer and includes the Loan Review manager and Special Credits manager, as well as senior credit officers, division managers and group executives, as applicable. These evaluations are performed in conjunction with the quarterly allowance for loan loss process. Applicable loans 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. The Company estimates the future cash flows and then discounts those using the contractual interest rate. 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. Fair Values of Financial Instruments U. S. GAAP requires disclosure of fair value information about financial instruments, whether or not recognized on the statement of financial condition, for which it is practicable to estimate those values. Certain financial instruments and all non-financial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value estimates presented do not reflect the underlying fair value of the Company. Although management is not aware of any factors that would materially affect the estimated fair value amounts presented below, such amounts have not been comprehensively revalued for purposes of these financial statements since the dates shown, and therefore, estimates of fair value subsequent to those dates may differ significantly from the amounts presented below. September 30, 2017 September 30, 2016 Level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (In thousands) Financial assets Cash and cash equivalents 1 $ 313,070 $ 313,070 $ 450,368 $ 450,368 Available-for-sale securities: Equity securities 1 522 522 101,824 101,824 U.S. government and agency securities 2 211,077 211,077 259,351 259,351 Municipal bonds 2 26,624 26,624 27,670 27,670 Corporate debt securities 2 185,298 185,298 461,138 461,138 Mortgage-backed securities Agency pass-through certificates 2 834,297 834,297 993,041 993,041 Commercial MBS 2 8,391 8,391 79,870 79,870 Total available-for-sale securities 1,266,209 1,266,209 1,922,894 1,922,894 Held-to-maturity securities: Mortgage-backed securities Agency pass-through certificates 2 1,646,856 1,635,913 1,417,599 1,441,556 Total held-to-maturity securities 1,646,856 1,635,913 1,417,599 1,441,556 Loans receivable 3 10,882,622 11,247,586 9,910,920 10,414,794 FDIC indemnification asset 3 8,968 8,564 12,769 12,095 FHLB and FRB stock 2 122,990 122,990 117,205 117,205 Other assets - interest rate contracts 2 1,139 1,139 20,895 20,895 Financial liabilities Customer accounts 2 10,835,008 10,411,686 10,600,852 10,184,321 FHLB advances and other borrowings 2 2,225,000 2,266,791 2,080,000 2,184,671 Other liabilities - interest rate contracts 2 1,139 1,139 20,895 20,895 Other liabilities - commercial loan hedges 2 174 174 3,312 3,312 Other liabilities - long term borrowing hedges 2 1,693 1,693 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 – 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 Hedges – The fair value of the interest rate swaps are estimated by a third-party pricing service using a discounted cash flow technique. Long Term Borrowing Hedges – The fair value of the interest rate swaps are estimated by a third-party pricing service using a discounted cash flow technique. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities Derivatives and Hedging Activities | 12 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | DERIVATIVES AND HEDGING ACTIVITIES The Company 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 Company retains a variable rate loan. Under these agreements, the Company 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 Company 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 Company had $1,035,573,000 and $840,935,000 notional in interest rate swaps to hedge this exposure as of September 30, 2017 , and September 30, 2016 , respectively. As of September 30, 2017 , $33,645,000 of the outstanding notional balance related to a related party loan. 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 years ended September 30, 2017 , and September 30, 2016 as the changes in value for the asset and liability side of the swaps offset each other. The Company has also entered into interest rate swaps, some of which are forward-starting, 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 Company had $700,000,000 and $700,000,000 notional in interest rate swaps to hedge existing and anticipated future borrowings as of September 30, 2017 , and September 30, 2016 , respectively. The unrealized loss, gross of the related tax benefit, on these interest rate swaps as of September 30, 2017 , was $1,693,000 . The Company 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 Company hedges the interest rate risk of this loan using a swap with a notional amount of $52,936,000 and $54,155,000 as of September 30, 2017 , and September 30, 2016 , respectively. The following table presents the fair value and balance sheet classification of derivatives outstanding. Asset Derivatives Liability Derivatives September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 (In thousands) Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Interest rate contracts Other assets $ 1,139 Other assets $ 20,895 Other liabilities $ 1,139 Other liabilities $ 20,895 Commercial loan hedges Other assets — Other assets — Other liabilities 174 Other liabilities 3,312 Long term borrowing hedges Other assets — Other assets — Other liabilities 1,693 Other liabilities 31,347 $ 1,139 $ 20,895 $ 3,006 $ 55,554 |
Interest Receivable
Interest Receivable | 12 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Interest Receivable | INTEREST RECEIVABLE The following table provides a summary of interest receivable by interest earning asset type. September 30, 2017 September 30, 2016 (In thousands) Loans receivable $ 33,688 $ 29,858 Mortgage-backed securities 6,049 5,670 Investment securities 1,906 2,141 $ 41,643 $ 37,669 Interest receivable was $41,643,000 at September 30, 2017 , as compared to $37,669,000 as of September 30, 2016 . The increase was primarily a result of the 9.8% rise in loans receivable. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | PREMISES AND EQUIPMENT The following table provides a summary of premises and equipment by asset type. September 30, 2017 September 30, 2016 Estimated Useful Life (In thousands) Land — $ 102,381 $ 109,414 Buildings 25 - 40 149,805 143,841 Leasehold improvements 7 - 15 18,587 18,365 Furniture, software and equipment 2 - 10 119,518 115,199 390,291 386,819 Less accumulated depreciation and amortization (126,597 ) (104,868 ) $ 263,694 $ 281,951 The Company has non-cancelable operating leases for certain branch offices. Future minimum net rental commitments for all non-cancelable leases, including maintenance and associated costs, are as follows: $5,956,000 for 2018 , $5,107,000 for 2019 , $4,923,000 for 2020 , $4,276,000 for 2021 , $3,750,000 for 2022 and $17,005,000 thereafter. Rental expense, including amounts paid under month-to-month cancelable leases, amounted to $5,500,000 , $5,300,000 and $6,600,000 in 2017 , 2016 , and 2015 , respectively. |
Customer Accounts
Customer Accounts | 12 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
Customer Accounts | CUSTOMER ACCOUNTS The following table provides the composition of the Company's customer accounts, including interest rate buckets and maturity buckets for time deposits. September 30, 2017 September 30, 2016 (In thousands) Checking accounts, 0.15% and under $ 3,019,095 $ 2,721,721 Savings accounts, 0.10% and under 888,881 820,980 Money market accounts, 0.01% to 0.15% 2,453,182 2,462,891 Time deposit accounts Less than 1.00% 2,204,756 3,268,272 1.00% to 1.99% 2,099,841 1,292,612 2.00% to 2.99% 169,253 34,376 Total time deposits 4,473,850 4,595,260 $ 10,835,008 $ 10,600,852 Time deposit maturities are as follows: September 30, 2017 September 30, 2016 (In thousands) Within 1 year $ 2,553,712 $ 2,894,900 1 to 2 years 975,351 798,309 2 to 3 years 386,763 293,058 Over 3 years 558,024 608,993 $ 4,473,850 $ 4,595,260 Customer accounts over $250,000 totaled $2,674,914,000 as of September 30, 2017 , and $2,250,622,000 as of September 30, 2016 . Interest expense on customer accounts consisted of the following: Year ended September 30, 2017 2016 2015 (In thousands) Checking accounts $ 2,721 $ 1,491 $ 1,036 Savings accounts 978 734 660 Money market accounts 3,592 3,285 3,631 Time deposit accounts 45,256 47,425 46,273 52,547 52,935 51,600 Less early withdrawal penalties (524 ) (450 ) (546 ) $ 52,023 $ 52,485 $ 51,054 Weighted average interest rate at end of year 0.54 % 0.50 % 0.48 % Weighted daily average interest rate during the year 0.49 % 0.50 % 0.48 % |
FHLB Advances and Other Borrowi
FHLB Advances and Other Borrowings | 12 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
FHLB Advances and Other Borrowings | FHLB ADVANCES AND OTHER BORROWINGS The table below shows the maturity dates of outstanding FHLB advances. September 30, 2017 September 30, 2016 (In thousands) FHLB advances Within 1 year $ 1,395,000 $ 200,000 1 to 3 years 430,000 880,000 3 to 5 years 400,000 700,000 More than 5 years — 300,000 $ 2,225,000 $ 2,080,000 There were no advances included in the above table that are callable by the FHLB. Financial data pertaining to the weighted-average cost and the amount of FHLB advances were as follows. 2017 2016 2015 (In thousands) Weighted average interest rate, net of cash flow hedges, at end of year 2.80 % 3.15 % 3.35 % Weighted daily average interest rate, net of cash flow hedges, during the year 3.00 % 3.22 % 3.57 % Daily average of FHLB advances during the year $ 2,167,986 $ 1,992,434 $ 1,848,904 Maximum amount of FHLB advances at any month end $ 2,350,000 $ 2,080,000 $ 1,930,000 Interest expense during the year (excludes interest rate swap expense) $ 64,968 $ 64,058 $ 64,331 The Bank has a credit line with the Federal Home Loan Bank of Des Moines ("FHLB") equal to 48% of total assets. The Bank has entered into borrowing agreements with the FHLB to borrow funds under a short-term floating rate cash management advance program and a fixed-rate term loan agreements. All borrowings are secured by stock of the FHLB, deposits with the FHLB and a blanket pledge of qualifying loans receivable as provided in the agreements with the FHLB. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The table below provides a summary of the Company's tax assets and liabilities, including deferred tax assets and deferred tax liabilities by major source. Deferred tax balances represent temporary differences between the tax basis and the financial statement carrying amounts of assets and liabilities. September 30, 2017 September 30, 2016 (In thousands) Deferred tax assets Loan loss reserves $ 50,411 $ 45,531 REO reserves 1,693 4,018 Valuation adjustment on available-for-sale securities and cash flow hedges — 6,482 Non-accrual loan interest 2,262 2,812 FDIC assisted transactions 12,236 9,598 Federal and state tax credits 3,939 1,791 Deferred compensation 3,037 2,359 Stock based compensation 2,259 925 Other 1,274 625 Total deferred tax assets 77,111 74,141 Deferred tax liabilities FHLB stock dividends 24,135 24,135 Valuation adjustment on available-for-sale securities and cash flow hedges 2,914 — Loan origination fees and costs 13,643 14,826 Premises and equipment 35,950 34,936 Other 2,145 5,320 Total deferred tax liabilities 78,787 79,217 Net deferred tax asset (liability) (1,676 ) (5,076 ) Current tax asset (liability) (3,920 ) 21,123 Net tax asset (liability) $ (5,596 ) $ 16,047 The table below presents a reconciliation of the statutory federal income tax rate to the Company's effective income tax rate. Year ended September 30, 2017 2016 2015 Statutory income tax rate 35 % 35 % 35 % State income tax 1 1 2 Other differences (4 ) (2 ) (1 ) Effective income tax rate 32 % 34 % 36 % The following table summarizes the Company's income tax expense (benefit) for the respective periods. Year ended September 30, 2017 2016 2015 (In thousands) Federal: Current $ 87,804 $ 57,173 $ 79,841 Deferred (10,142 ) 21,961 3,244 77,662 79,134 83,085 State: Current $ 4,991 $ 3,600 $ 6,636 Deferred 31 1,351 (518 ) 5,022 4,951 6,118 Total Current 92,795 60,773 86,477 Deferred (10,111 ) 23,312 2,726 $ 82,684 $ 84,085 $ 89,203 Based on current information the Company does not expect that changes in the amount of unrecognized tax benefits over the next 12 months will have a significant impact on its results of operations or financial position. The Company's liability for uncertain tax positions was $104,000 as of September 30, 2017 , and $105,000 as of September 30, 2016 . These amounts, if recognized, would affect the Company's effective tax rate. The Company records interest and penalties related to uncertain tax positions in income tax expense. The Company's federal income tax returns are open for the tax years 2013 forward. The Company has been examined by the Internal Revenue Service through the year ended September 30, 2012. State income tax returns are generally subject to examination for a period of three to five years after filing of the respective return. The state impact of any federal changes remains subject to examination by various states for a period of up to two years after formal notification to the states. The Company's unrecognized tax benefits are related to state tax returns open from 2013 through 2017 . |
401(k) and Employee Stock Owner
401(k) and Employee Stock Ownership Plan | 12 Months Ended |
Sep. 30, 2017 | |
Retirement Benefits [Abstract] | |
401(k) and Employee Stock Ownership Plan | 401(k) AND EMPLOYEE STOCK OWNERSHIP PLAN The Company maintains a 401(k) and Employee Stock Ownership Plan (the "Plan") for the benefit of its employees. Company contributions are made annually as approved by the Board of Directors. Such amounts are not in excess of amounts permitted by the Employee Retirement Income Security Act of 1974. Plan participants may make voluntary after-tax contributions of their considered earnings as defined by the Plan. In addition, participants may make pre-tax contributions up to the statutory limits through the 401(k) provisions of the Plan. The annual addition from contributions to an individual participant's account in this Plan cannot exceed the lesser of 100% of base salary or $54,000 . Effective January 1, 2016, new employees become eligible to participate in the Plan upon completion of one year of service. Such eligible employees become a participant in the Plan on the first day of the calendar quarter (January 1, April 1, July 1 or October 1) coincident with or following the completion of the one year of service requirement. The Plan defines “year of service” as a 12-month period in which the eligible employee works at least 1,000 hours of service and the first eligibility service period starts on the first day of employment. After the first 12-month eligibility service period, if the Plan needs to measure another eligibility service period (e.g., if the employee does not complete 1,000 hours of service in the first 12-month period), the Plan will measure the eligibility service period on a Plan Year basis. Effective January 1, 2014, the Company added a guaranteed safe harbor matching contribution component to the plan equal to 100% of the first 4% of compensation that employees contribute to their account. In addition to the new match being guaranteed, all safe harbor matching contributions are immediately vested. The new match is not subject to the six year vesting schedule of the current profit sharing contribution. This provides plan participants more investment flexibility. The Company anticipates that all eligible employees, regardless of personal plan participation, will continue to receive an annual discretionary profit sharing contribution from the Company, now capped at 7% of eligible compensation with this change. Company contributions to the Plan amounted to $6,433,000 , $7,600,000 and $8,700,000 for the years ended 2017 , 2016 and 2015 , respectively. |
Stock Award Plans
Stock Award Plans | 12 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Award Plans | STOCK AWARD PLANS The Company's stock based compensation plan ("2011 Incentive Plan") provides for grants of stock options and restricted stock. Stockholders authorized 5,000,000 shares of common stock to be reserved pursuant to the 2011 Incentive Plan and 3,113,050 shares remain available for issuance as of September 30, 2017 . When applicable, stock options are granted with an exercise price equal to the market price of the Company's stock at the date of grant; those option awards generally vest based on five years of continuous service and have 10 -year contractual terms. The Company's policy is to issue new shares upon option exercises. The fair value of stock options granted is estimated on the date of grant using the Black-Scholes option-pricing model. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options granted but are not considered by the model. Expected volatility is based on the historical volatility of the Company's stock. The risk-free interest rate is based on the U.S. Treasury yield curve that is in effect at the time of grant with a remaining term equal to the options' expected life. The expected term represents the period of time that options granted are expected to be outstanding. Stock Option Awards: There were no stock options granted under the 2011 Incentive Plan during 2017 , 2016 and 2015 . A summary of stock option activity and changes during the year are as follows. Options Shares Weighted Weighted Aggregate Outstanding at September 30, 2016 459,443 $ 21.47 2 $2,392 Exercised (311,168 ) 22.83 Forfeited (25,745 ) 18.61 Outstanding at September 30, 2017 122,530 $ 18.64 2 $ 1,839 Exercisable at September 30, 2017 122,530 $ 18.64 2 $ 1,839 The table below presents other information regarding stock options. Year ended September 30, 2017 2016 2015 (In thousands, except fair value of options granted) Compensation cost for stock options $ — $ 89 $ 232 Weighted average grant date fair value per stock option 3.06 2.73 2.96 Total intrinsic value of options exercised 2,605 1,651 831 Grant date fair value of options exercised 1,328 1,422 368 Cash received from option exercises 7,238 9,283 2,070 The following is a summary of activity related to unvested stock options. Year ended September 30, 2017 2016 2015 Non-vested Stock Options Options Outstanding Weighted Options Outstanding Weighted Options Outstanding Weighted Outstanding at beginning of period — $ — 69,287 $ 3.85 145,795 $ 3.87 Vested — — (62,227 ) 3.91 (61,018 ) 3.88 Forfeited — — (7,060 ) 3.89 (15,490 ) 3.90 Outstanding at end of period — $ — — $ — 69,287 $ 3.85 As of September 30, 2017 , there was no remaining unrecognized compensation cost for stock options. Restricted Stock Awards: The Company grants shares of restricted stock pursuant to the 2011 Incentive Plan. The restricted stock grants are subject to a service condition and vest over a period of one to seven years. Certain grants of restricted stock to executive officers are also subject to additional performance conditions based upon meeting certain total shareholder return targets pre-established by the Board. The Company had a total of 466,681 shares of restricted stock outstanding as of September 30, 2017 , with a fair market value at the date of grant of $8,661,599 . The following table summarizes information about unvested restricted stock activity. Year ended September 30, 2017 2016 2015 Non-vested Restricted Stock Outstanding Weighted Outstanding Weighted Outstanding Weighted Outstanding at beginning of period 490,363 $ 16.00 521,302 $ 15.03 515,845 $ 14.10 Granted 238,450 18.89 229,450 $ 17.20 301,750 14.26 Vested (116,878 ) 20.95 (165,965 ) 15.96 (223,043 ) 13.24 Forfeited (145,254 ) 8.56 (94,424 ) 13.64 (73,250 ) 10.72 Outstanding at end of period 466,681 $ 18.56 490,363 $ 16.00 521,302 $ 15.03 Compensation expense related to restricted stock awards was $3,658,539 , $3,357,108 , and $3,271,564 for the years ended 2017 , 2016 and 2015 , respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | STOCKHOLDERS' EQUITY The Company and the Bank are subject to various regulatory capital requirements. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the following table) of Common Equity Tier 1, Tier 1 and Total capital to risk weighted assets (as defined in the regulations) and Tier 1 capital to average assets (as defined in the regulations). Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary action by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. The Company and the Bank are also subject to certain restrictions on the amount of dividends that they may declare without prior regulatory approval. As of September 30, 2017 , and 2016 , the Company and the Bank met all capital adequacy requirements to which they are subject, and the OCC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum Common Equity Tier 1, Tier 1 risk-based, Total risk-based and Tier 1 leverage ratios as set forth in the following table. The Bank's actual capital amounts and ratios as of these dates are also presented. There are no conditions or events since that management believes have changed the Bank's categorization. Actual Capital Adequacy Categorized as Well Capitalized Under Prompt Corrective Action Provisions Capital Ratio Ratio Ratio September 30, 2017 (In thousands) Common Equity Tier 1 risk-based capital ratio: The Company $ 1,701,327 16.67 % 4.50 % NA The Bank 1,668,314 16.35 4.50 6.50 % Tier 1 risk-based capital ratio: The Company 1,701,327 16.67 6.00 NA The Bank 1,668,314 16.35 6.00 8.00 Total risk-based capital ratio: The Company 1,828,935 17.92 8.00 NA The Bank 1,795,929 17.60 8.00 10.00 Tier 1 leverage ratio: The Company 1,701,327 11.49 4.00 NA The Bank 1,668,314 11.27 4.00 5.00 September 30, 2016 Common Equity Tier 1 risk-based capital ratio: The Company $ 1,690,380 17.54 % 4.50 % NA The Bank 1,668,828 17.32 4.50 6.50 % Tier 1 risk-based capital ratio: The Company 1,690,380 17.54 6.00 NA The Bank 1,668,828 17.32 6.00 8.00 Total risk-based capital ratio: The Company 1,807,740 18.76 8.00 NA The Bank 1,786,188 18.54 8.00 10.00 Tier 1 leverage ratio: The Company 1,690,380 11.60 4.00 NA The Bank 1,668,828 11.45 4.00 5.00 At periodic intervals, the Federal Reserve, the OCC and the FDIC routinely examine the Company's and the Bank's financial statements as part of their oversight. Based on their examinations, these regulators can direct that the Company's or Bank's financial statements be adjusted in accordance with their findings. The Company and the Bank are subject to regulatory restrictions on paying dividends. The Company has an ongoing share repurchase program and 3,137,178 shares were repurchased during 2017 at a weighted average price of $31.36 . In 2016 , 3,867,563 shares were repurchased at a weighted average price of $22.72 . As of September 30, 2017 , management had authorization from the Board of Directors to repurchase up to 1,902,412 additional shares. In connection with the 2008 Troubled Asset Relief Program ("TARP"), the Company issued 1,707,456 warrants to purchase common stock at an exercise price of $17.57 . In 2017 , the Company repurchased 478,399 of these warrants with a value of $7,631,576 . Warrants remaining outstanding were 330,217 as of September 30, 2017 , and 808,616 as of September 30, 2016 , and they have an expiration date of November 14, 2018. The outstanding warrants are considered in the calculation of diluted shares outstanding using the treasury stock method. The following table sets forth information regarding earnings per share calculations. Year ended September 30, 2017 2016 2015 Weighted average shares outstanding 88,905,457 91,399,038 95,644,639 Weighted average dilutive warrants 242,979 440,366 340,016 Weighted average dilutive options 75,771 73,514 69,304 Weighted average diluted shares 89,224,207 91,912,918 96,053,959 Net income (In thousands) $ 173,532 $ 164,049 $ 160,316 Basic EPS $ 1.95 $ 1.79 $ 1.68 Diluted EPS 1.94 1.78 1.67 |
Financial Information - Washing
Financial Information - Washington Federal, INC. | 12 Months Ended |
Sep. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Financial Information - Washington Federal, INC. | FINANCIAL INFORMATION – WASHINGTON FEDERAL, INC. The following Washington Federal, Inc. (parent company only) financial information should be read in conjunction with the other notes to the Consolidated Financial Statements. Condensed Statements of Financial Condition September 30, 2017 September 30, 2016 (In thousands) Assets Cash $ 33,077 $ 24,300 Other assets — 15 Investment in subsidiary 1,972,675 1,954,179 Total assets $ 2,005,752 $ 1,978,494 Liabilities Other liabilities $ 64 $ 2,763 Total liabilities 64 2,763 Stockholders’ equity Total stockholders’ equity 2,005,688 1,975,731 Total liabilities and stockholders’ equity $ 2,005,752 $ 1,978,494 Condensed Statements of Operations Twelve Months Ended September 30, 2017 2016 2015 (In thousands) Income Dividends from subsidiary $ 171,500 $ 148,000 $ 175,000 Total Income 171,500 148,000 175,000 Expense Miscellaneous 435 435 439 Total expense 435 435 439 Net income (loss) before equity in undistributed net income (loss) of subsidiary 171,065 147,565 174,561 Equity in undistributed net income of subsidiary 2,326 16,336 (14,402 ) Income before income taxes 173,391 163,901 160,159 Income tax benefit (expense) 141 148 157 Net income $ 173,532 $ 164,049 $ 160,316 Condensed Statements of Cash Flows Twelve Months Ended September 30, 2017 2016 2015 (In thousands) Cash Flows From Operating Activities Net income $ 173,532 $ 164,049 $ 160,316 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income (loss) of subsidiaries 3,584 (12,677 ) 32,375 Decrease (increase) in other assets 15 (15 ) — Increase (decrease) in other liabilities (2,699 ) 1,552 (13,189 ) Net cash provided by (used in) operating activities 174,432 152,909 179,502 Cash Flows From Financing Activities Proceeds from exercise of common stock options and related tax benefit 7,238 9,283 2,070 Warrants purchased — (7,744 ) — Treasury stock purchased (98,374 ) (87,850 ) (126,728 ) Dividends paid on common stock (74,519 ) (49,926 ) (51,111 ) Net cash provided by (used in) financing activities (165,655 ) (136,237 ) (175,769 ) Increase (decrease) in cash 8,777 16,672 3,733 Cash at beginning of year 24,300 7,628 3,895 Cash at end of year $ 33,077 $ 24,300 $ 7,628 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Sep. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) The following is a summary of the unaudited interim results of operations by quarter for the years presented. Twelve Months Ended September 30, 2017 First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share data) Interest income $ 132,764 $ 136,198 $ 137,716 $ 142,240 Interest expense 29,612 28,471 29,101 29,808 Net interest income 103,152 107,727 108,615 112,432 Provision (release) for loan losses — (1,600 ) — (500 ) Other operating income (including REO gain (loss), net) 12,294 10,931 13,798 16,686 Other operating expense 54,341 57,467 57,062 62,649 Income before income taxes 61,105 62,791 65,351 66,969 Income tax expense 19,859 20,721 21,239 20,865 Net income $ 41,246 $ 42,070 $ 44,112 $ 46,104 Basic earnings per share $ 0.46 $ 0.47 $ 0.49 $ 0.53 Diluted earnings per share 0.46 0.47 0.49 0.52 Cash dividends paid per share 0.14 0.40 0.15 0.15 Twelve Months Ended September 30, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share data) Interest income $ 135,124 $ 135,063 $ 133,735 $ 132,872 Interest expense 28,255 28,738 29,495 30,056 Net interest income 106,869 106,325 104,240 102,816 Provision (release) for loan losses — (1,500 ) (1,650 ) (3,100 ) Other operating income (REO expense) 12,055 14,623 15,573 14,830 Other operating expense 64,509 59,226 56,305 55,407 Income before income taxes 54,415 63,222 65,158 65,339 Income tax expense 19,317 21,499 22,154 21,115 Net income $ 35,098 $ 41,723 $ 43,004 $ 44,224 Basic earnings per share $ 0.38 $ 0.45 $ 0.47 $ 0.49 Diluted earnings per share 0.38 0.45 0.47 0.49 Cash dividends paid per share 0.13 0.14 0.14 0.14 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Fiscal period | The Company's fiscal year end is September 30. All references to 2017 , 2016 and 2015 represent balances as of September 30, 2017 , September 30, 2016 , and September 30, 2015 , or activity for the fiscal years then ended. |
Cash and cash equivalents | Cash and cash equivalents. Cash and cash equivalents include cash on hand, amounts due from banks, overnight investments and repurchase agreements with an initial maturity of three months or less. |
Investments and mortgage-backed securities | Investments and mortgage-backed securities. The Company accounts for investments and mortgage-backed securities in two categories: held-to-maturity and available-for-sale. Premiums and discounts on investments are deferred and recognized into income over the contractual life of the asset using the effective interest method. Held-to-maturity securities are accounted for at amortized cost, but the Company must have both the positive intent and the ability to hold those securities to maturity. There are very limited circumstances under which securities in the held-to-maturity category can be sold without jeopardizing the cost basis of accounting for the remainder of the securities in this category. Available-for-sale securities are accounted for at fair value. Gains and losses realized on the sale of these securities are accounted for based on the specific identification method. Unrealized gains and losses for available-for-sale securities are excluded from earnings and reported net of the related tax effect in the accumulated other comprehensive income component of stockholders' equity. Realized gains and losses on securities sold as well as other than temporary impairment charges, if any, are shown on the Consolidated Statements of Operations under the Other Income heading. Management evaluates debt and equity securities for other than temporary impairment on a quarterly basis based on the securities' current credit quality, market interest rates, term to maturity and management's intent and ability to hold the securities until the net book value is recovered. |
Loans receivable | Loans receivable. Loans that are performing in accordance with their contractual terms are carried at the unpaid principal balance, net of premiums, discounts and net deferred loan fees. Net deferred loan fees include nonrefundable loan origination fees less direct loan origination costs. Net deferred loan fees, premiums and discounts are amortized into interest income using either the interest method or straight-line method over the terms of the loans, adjusted for actual prepayments. In addition to fees and costs for originating loans, various other fees and charges related to existing loans may occur, including prepayment charges, late charges and assumption fees. When a borrower fails to make a required payment on a loan, the Bank attempts to cure the deficiency by contacting the borrower. Contact is made after a payment is 30 days past its grace period. In most cases, deficiencies are cured promptly. If the delinquency is not cured within 90 days, the Bank may institute appropriate action to foreclose on the property. If foreclosed, the property is sold at a public sale and may be purchased by the Bank. Restructured loans. The Bank will consider modifying the interest rates and terms of a loan if it determines that a modification is a better alternative to foreclosure. Most troubled debt restructured ("TDR") loans are accruing and performing loans where the borrower has proactively approached the Bank about modifications due to temporary financial difficulties. Each request is individually evaluated for merit and likelihood of success. The concession for these loans is typically a payment reduction through a rate reduction of 100 to 200 bps for a specific term, usually six to 12 months. Interest-only payments may also be approved during the modification period. Principal forgiveness is generally not an available option for restructured loans. Before granting approval to modify a loan in a TDR, the borrower’s ability to repay is evaluated, including: current income levels and debt to income ratio, borrower’s credit score, payment history of the loan and updated evaluation of the secondary repayment source. The Bank also modifies some loans that are not classified as TDRs as the modification is due to a restructuring where the effective interest rate on the debt is reduced to reflect a decrease in market interest rates. Non-accrual loans. Loans are placed on nonaccrual status when, in the judgment of management, the probability of collection of interest is deemed to be insufficient to warrant further accrual. When a loan is placed on nonaccrual status, previously accrued but unpaid interest is deducted from interest income. The Bank does not accrue interest on loans 90 days or more past due. If payment is made on a loan so that the loan becomes less than 90 days past due, and the Bank expects full collection of principal and interest, the loan is returned to full accrual status. Any interest ultimately collected is credited to income in the period of recovery. A loan is charged-off when the loss is estimable and it is confirmed that the borrower is not expected be able to meet contractual obligations. If a consumer loan is on non-accrual status before becoming a TDR it will stay on non-accrual status following restructuring until it has been performing for at least six months, at which point it may be moved to accrual status. If a loan is on accrual status before it becomes a TDR, and management concludes that full repayment is probable based on internal evaluation, it will remain on accrual status following restructuring. If the restructured consumer loan does not perform, it is placed on non-accrual status when it is 90 days delinquent. For commercial loans, six consecutive payments on newly restructured loan terms are required prior to returning the loan to accrual status. In some instances, after the required six consecutive payments are made, management will conclude that collection of the entire principal and interest due is still in doubt. In those instances, the loan will remain on non-accrual. Impaired loans. Impaired loans consist of loans receivable that are not expected to have their principal and interest repaid in accordance with their contractual terms. Collateral-dependent impaired loans are measured using the fair value of the collateral less selling costs. Non-collateral dependent loans are measured at the present value of expected future cash flows. Allowance for loan losses. The Bank maintains an allowance for loan losses to absorb losses inherent in the loan portfolio. The allowance is based on ongoing, quarterly assessments of the probable and estimable losses inherent in the loan portfolio. The Bank's general methodology for assessing the appropriateness of the allowance is to apply a loss percentage factor to the different loan types. The loss percentage factor is made up of two parts - the historical loss factor (“HLF”) and the qualitative loss factor (“QLF”). The HLF takes into account historical charge-offs by loan type. The Bank uses an average of historical loss rates for each loan category multiplied by a loss emergence period. This is the likely period of time during which a residential or commercial loan borrower experiencing financial difficulties might deplete their cash prior to becoming delinquent on their loan, plus the period of time that it takes the Bank to work out the loans. The QLF are based on management's continuing evaluation of the pertinent factors underlying the quality of the loan portfolio, including changes in the size and composition of the loan portfolio, actual loan loss experience, current economic conditions, collateral values, geographic concentrations, seasoning of the loan portfolio, specific industry conditions and the duration of the current business cycle. These factors are considered by loan type. Specific allowances are established for loans which are individually evaluated, in cases where management has identified significant conditions or circumstances related to a loan that management believes indicate the probability that a loss has been incurred. The Bank has also established a reserve for unfunded commitments. The recovery of the carrying value of loans is susceptible to future market conditions beyond the Bank's control, which may result in losses or recoveries differing from those estimated. Covered assets. Covered loans consist of single-family loans acquired from Horizon Bank in 2010 and certain loans acquired from South Valley Bank and Trust ("SVBT") in fiscal 2013 that were originally recorded at their estimated fair value at the time acquired. Covered real estate held for sale represents the foreclosed properties that were originally Horizon Bank loans or certain SVBT loans. Covered real estate held for sale is carried at the estimated fair value of the repossessed real estate. The covered loans and covered real estate held for sale are collectively referred to as “covered assets." When FDIC loss share agreements expire, any remaining loans will be transferred to the non-covered portfolio. Covered loans are included within loans receivable on the statement of financial condition. Covered real estate owned are included within real estate owned on the statement of financial condition. FDIC indemnification asset. The FDIC indemnification asset is the receivable recorded due to the guarantee provided by the FDIC on the covered assets. This asset declines due to collections from the FDIC on claims or the eventual expiration of the FDIC loss share agreements. The FDIC indemnification asset is included within other assets on the statement of financial condition. |
Client derivatives, long term borrowing hedges, and commercial loan hedge | Client derivatives. Interest rate swap agreements are provided to certain clients who desire to convert their obligations from variable to fixed interest rates. Under these agreements, the Bank enters into a variable-rate loan agreement with a customer in addition to a swap agreement, and then enters into a corresponding swap agreement with a third party in order to offset its exposure on the customer swap agreement. As the interest rate swap agreements with the customers and third parties are not designated as hedges under FASB ASC 815, Derivatives and Hedging, the instruments are marked to market in earnings. The change in fair value of the offsetting swaps are included in interest income and interest expense and there is no impact on net income. There is fee income earned on the swaps that is included in loan fee income. Long term borrowing hedges. The Company has entered into interest rate swaps to convert a series of future short-term borrowings to fixed-rate payments. These interest rate swaps qualify as cash flow hedging instruments under ASC 815 so gains and losses are recorded in Other Comprehensive Income to the extent the hedge is effective. Gains and losses on the interest rate swaps are reclassified from OCI to earnings in the period the hedged transaction affects earnings and are included in the same income statement line item that the hedged transaction is recorded. Commercial loan hedges. The Company has entered into interest rate swaps to hedge long term fixed rate commercial loans. These hedges qualify as fair value hedges under ASC 815 and provide for matching of the recognition of the gains and losses on the interest rate swap and the related hedged loan. |
Premises and equipment | Premises and equipment. Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of the respective assets. Expenditures are capitalized for betterments and major renewals. Charges for ordinary maintenance and repairs are expensed to operations as incurred. |
Real estate owned | Real estate owned. Real estate properties acquired through foreclosure of loans or through acquisitions are recorded initially at fair value less selling costs and are subsequently recorded at lower of cost or fair value. Any gains (losses) and maintenance costs are shown on the real estate acquired through foreclosure line item. |
Intangible assets | Intangible assets. Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired. Other intangibles, including core deposit intangibles, are acquired assets that lack physical substance but can be distinguished from goodwill. Goodwill is evaluated for impairment on an annual basis during the fourth quarter. Other intangible assets are amortized over their estimated lives and are subject to impairment testing when events or circumstances change. If circumstances indicate that the carrying value of the assets may not be recoverable, an impairment charge could be recorded. The Bank amortizes the core deposit intangibles over their estimated lives using an accelerated method. |
Income taxes | Income taxes. Income taxes are accounted for using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, a deferred tax asset or liability is determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The provision for income taxes includes current and deferred income tax expense based on net income adjusted for temporary and permanent differences such as depreciation, interest on state and municipal securities, and affordable housing tax credits. Income tax related interest and penalties, if applicable, and amortization of affordable housing tax credit investments are recorded within income tax expense. |
Accounting for stock-based compensation | Accounting for stock-based compensation. We recognize in the statement of operations the grant-date fair value of stock options and other equity-based forms of compensation issued to employees over the employees' requisite service period (generally the vesting period). The requisite service period may be subject to performance conditions. Stock options and restricted stock awards generally vest ratably over three to ten years and are recognized as expense over that same period of time. The exercise price of each option equals the market price of the Company's common stock on the date of the grant, and the maximum term is ten years. No stock options were granted in 2017 , 2016 or 2015 . Certain grants of restricted stock are subject to performance-based and market-based vesting as well as other approved vesting conditions and cliff vest based on those conditions. Compensation expense is recognized over the service period to the extent restricted stock awards are expected to vest. |
Business segments | Business segments. As the Company manages its business and operations on a consolidated basis, management has determined that there is one reportable business segment. |
New accounting pronouncements | In August 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The ASU expands and refines hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements, and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The effective date of the new standard for public companies is for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition with a cumulative effect adjustment recorded to opening retained earnings as of the initial adoption date. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. The ASU shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. If an entity early adopts in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments should be applied on a modified retrospective basis, with a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements . In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The ASU clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. The amendments also define the term in substance nonfinancial asset. The amendments clarify that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. A contract that includes the transfer of ownership interests in one or more consolidated subsidiaries is within the scope of Subtopic 610-20 if substantially all of the fair value of the assets that are promised to the counterparty in a contract is concentrated in nonfinancial assets. The amendments clarify that an entity should identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a counterparty and derecognize each asset when a counterparty obtains control of it. The ASU is effective for public business entities for annual periods beginning after December 15, 2017, and interim periods therein. Entities may use either a full or modified approach to adopt the ASU. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which eliminates Step 2 from the goodwill impairment test. The ASU also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The ASU is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption being permitted for annual or interim goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations Clarifying the Definition of a Business (Topic 805) , for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017, with early adoption permitted for transactions that occurred before the issuance date or effective date of the standard if the transactions were not reported in financial statements that have been issued or made available for issuance. The ASU must be applied prospectively and upon adoption the standard will impact how we assess acquisitions (or disposals) of assets or businesses. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash: a Consensus of the FASB Emerging Issues Task Force . This ASU requires a company’s cash flow statement to explain the changes during a reporting period of the totals for cash, cash equivalents, restricted cash, and restricted cash equivalents. Additionally, amounts for restricted cash and restricted cash equivalents are to be included with cash and cash equivalents if the cash flow statement includes a reconciliation of the total cash balances for a reporting period. This ASU is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2017, with early application permitted. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In August 2016, the FASB issued 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. While the Company is currently in the process of evaluating the impact of the amended guidance on its consolidated financial statements, it currently expects the ALLL to increase upon adoption given that the allowance will be required to cover the full remaining expected life of the portfolio upon adoption, rather than the incurred loss model under current U.S. GAAP. The extent of this increase is still being evaluated and will depend on economic conditions and the composition of the Company’s loan and lease portfolio at the time of adoption. 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 in the process of accumulating the lease data necessary to apply the amended guidance. The Company is continuing to evaluate the impact of the amended guidance on its consolidated financial statements, but the effects of recognizing most operating leases is not expected to be material. The Company expects to recognize right-of-use assets and lease liabilities for substantially all of its operating lease commitments based on the present value of unpaid lease payments as of the date of adoption. 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 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. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Schedule of goodwill and intangible assets | The table below provides detail regarding the Company's intangible assets. Goodwill Core Deposit and Other Intangibles Total (In thousands) Balance at September 30, 2015 $ 291,503 $ 7,855 $ 299,358 Amortization — (2,369 ) (2,369 ) Balance at September 30, 2016 291,503 5,486 296,989 Additions 1,650 1,720 3,370 Amortization — (1,677 ) (1,677 ) Balance at September 30, 2017 $ 293,153 $ 5,529 $ 298,682 |
Schedule of future amortization expense | The table below presents the estimated future amortization expense of core deposit and other intangibles for the next five years. Fiscal Year Expense (In thousands) 2018 $ 1,376 2019 1,324 2020 1,295 2021 457 2022 138 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments by contractual maturity date | The tables below provide detail regarding the amortized cost and fair value of available-for-sale and held-to-maturity investment securities. September 30, 2017 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 $ 9,300 $ 146 $ — $ 9,446 10.38 % 1 to 5 years 5,688 2 — 5,690 1.51 5 to 10 years 69,108 — (1,238 ) 67,870 1.93 Over 10 years 127,936 353 (218 ) 128,071 1.92 Equity Securities 1 to 5 years 500 22 — 522 1.80 Corporate debt securities due 1 to 5 years 63,622 2,083 — 65,705 2.96 5 to 10 years 119,960 210 (577 ) 119,593 2.62 Municipal bonds due Within 1 year 2,344 10 — 2,354 1.23 1 to 5 years 1,367 55 — 1,422 2.05 Over 10 years 20,343 2,505 — 22,848 6.45 Mortgage-backed securities Agency pass-through certificates 828,069 8,402 (2,174 ) 834,297 2.96 Commercial MBS 8,350 41 — 8,391 3.31 1,256,587 13,829 (4,207 ) 1,266,209 2.86 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 1,646,856 7,143 (18,086 ) 1,635,913 3.14 1,646,856 7,143 (18,086 ) 1,635,913 3.14 $ 2,903,443 $ 20,972 $ (22,293 ) $ 2,902,122 3.02 % 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 1 to 5 years 100,422 1,402 — 101,824 1.90 Corporate debt securities 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 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 table shows the gross unrealized losses and fair value of securities at September 30, 2017 , and September 30, 2016 , by length of time that individual securities in each category have been in a continuous loss position. Management believes that the declines in fair value of these investments are not an other than temporary impairment as these losses are due to a change in interest rates rather than any credit deterioration. The impairment is also deemed to be temporary because: 1) the Bank does not intend to sell the security, and 2) it is not more likely than not that it will be required to sell the security before recovery of the entire amortized cost basis of the security. September 30, 2017 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 $ — $ — $ (577 ) $ 49,423 $ (577 ) $ 49,423 U.S. agency securities (759 ) 24,400 (697 ) 96,195 (1,456 ) 120,595 Agency pass-through certificates (17,683 ) 1,163,358 (2,577 ) 249,304 (20,260 ) 1,412,662 $ (18,442 ) $ 1,187,758 $ (3,851 ) $ 394,922 $ (22,293 ) $ 1,582,680 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. 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 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Schedule of loans receivable (excluding covered loans) | The following table is a summary of loans receivable. September 30, 2017 September 30, 2016 (In thousands) (In thousands) Gross loans by category Single-family residential $ 5,711,004 46.8 % $ 5,658,830 51.7 % Construction 1,597,996 13.1 1,110,411 10.1 Construction - custom 602,631 4.9 473,069 4.3 Land - acquisition & development 124,308 1.0 118,497 1.1 Land - consumer lot loans 104,405 0.9 104,567 1.0 Multi-family 1,303,148 10.7 1,124,290 10.3 Commercial real estate 1,434,610 11.8 1,093,639 10.0 Commercial & industrial 1,093,360 9.0 978,589 8.9 HELOC 144,850 1.2 149,716 1.4 Consumer 85,075 0.7 139,000 1.3 Total gross loans 12,201,387 100 % 10,950,608 100 % Less: Allowance for probable losses 123,073 113,494 Loans in process 1,149,934 879,484 Net deferred fees, costs and discounts 45,758 46,710 Total loan contra accounts 1,318,765 1,039,688 Net loans $ 10,882,622 $ 9,910,920 |
Schedule of fixed and adjustable rate loans | The following summary breaks down the Company's fixed rate and adjustable rate loans by time to maturity or to rate adjustment. September 30, 2017 Fixed-Rate Adjustable-Rate Term To Maturity Gross Loans % of Gross Loans Term To Rate Adjustment Gross Loans % of Gross Loans (In thousands) (In thousands) Within 1 year $ 71,810 0.6 % Less than 1 year $ 3,157,055 25.9 % 1 to 3 years 216,724 1.8 1 to 3 years 498,844 4.1 3 to 5 years 308,967 2.5 3 to 5 years 624,254 5.1 5 to 10 years 847,518 6.9 5 to 10 years 512,774 4.2 10 to 20 years 1,047,541 8.6 10 to 20 years — — Over 20 years 4,915,900 40.3 Over 20 years — — $ 7,408,460 60.7 % $ 4,792,927 39.3 % |
Schedule of loans receivable by geographic area | The following tables provide information regarding loans receivable by loan category and geography. September 30, 2017 Single - Multi- Land - Land - Construction - custom Construction Commercial Commercial Consumer HELOC Total (In thousands) Washington $ 3,013,957 $ 315,356 $ 55,794 $ 65,449 $ 357,080 $ 613,362 $ 528,762 $ 555,651 $ 2,186 $ 87,290 $ 5,594,887 Oregon 659,602 378,588 33,109 13,535 59,861 269,037 254,513 217,813 2,252 13,577 1,901,887 Arizona 581,137 340,609 4,801 11,446 77,315 102,546 218,200 50,506 296 13,781 1,400,637 Other 57,891 3,423 — 69 — 4,360 95,304 106,226 78,614 53 345,940 Utah 514,922 40,014 90 4,321 55,064 272,723 28,586 38,328 22 7,823 961,893 Idaho 306,853 41,243 14,593 4,586 23,721 45,603 65,342 29,529 123 7,293 538,886 New Mexico 202,703 115,289 10,272 2,108 17,406 62,635 173,774 14,186 768 13,332 612,473 Texas 185,835 43,493 5,649 106 3,534 205,595 61,439 59,484 775 — 565,910 Nevada 188,104 25,133 — 2,785 8,650 22,135 8,690 21,637 39 1,701 278,874 $ 5,711,004 $ 1,303,148 $ 124,308 $ 104,405 $ 602,631 $ 1,597,996 $ 1,434,610 $ 1,093,360 $ 85,075 $ 144,850 $ 12,201,387 Percentage by geographic area September 30, 2017 Single - Multi- Land - Land - Construction - custom Construction Commercial Commercial Consumer HELOC Total As % of total gross loans Washington 24.6 % 2.6 % 0.4 % 0.5 % 2.9 % 5.1 % 4.4 % 4.6 % — % 0.7 % 45.8 % Oregon 5.4 3.1 0.3 0.1 0.5 2.2 2.1 1.8 — 0.1 15.6 Arizona 4.8 2.8 — 0.1 0.6 0.8 1.8 0.4 — 0.1 11.4 Other 0.5 — — — — — 0.8 0.9 0.7 — 2.9 Utah 4.2 0.3 — 0.1 0.5 2.2 0.2 0.3 — 0.1 7.9 Idaho 2.5 0.4 0.1 0.1 0.2 0.4 0.5 0.2 — 0.1 4.5 New Mexico 1.7 0.9 0.1 — 0.1 0.5 1.4 0.1 — 0.1 4.9 Texas 1.5 0.4 — — — 1.7 0.5 0.5 — — 4.6 Nevada 1.5 0.2 0.1 — 0.1 0.2 0.1 0.2 — — 2.4 46.7 % 10.7 % 1.0 % 0.9 % 4.9 % 13.1 % 11.8 % 9.0 % 0.7 % 1.2 % 100 % Percentage by geographic area as a % of each loan type September 30, 2017 Single - Multi- Land - Land - Construction - custom Construction Commercial Commercial Consumer HELOC As % of total gross loans Washington 52.8 % 24.2 % 44.9 % 62.6 % 59.4 % 38.3 % 36.9 % 50.9 % 2.8 % 60.3 % Oregon 11.5 29.1 26.6 13.0 9.9 16.8 17.7 19.9 2.6 9.4 Arizona 10.2 26.1 3.9 11.0 12.8 6.4 15.2 4.6 0.3 9.5 Other 1.0 0.3 — 0.1 — 0.3 6.6 9.7 92.4 — Utah 9.0 3.1 0.1 4.1 9.1 17.1 2.0 3.5 — 5.4 Idaho 5.4 3.2 11.7 4.4 3.9 2.9 4.6 2.7 0.1 5.0 New Mexico 3.5 8.8 8.3 2.0 2.9 3.9 12.1 1.3 0.9 9.2 Texas 3.3 3.3 4.5 0.1 0.6 12.9 4.3 5.4 0.9 — Nevada 3.3 1.9 — 2.7 1.4 1.4 0.6 2.0 — 1.2 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % |
Schedule of impaired loans, loan commitments and loans serviced | The following table provides additional information on impaired loans, loan commitments and loans serviced for others. September 30, 2017 September 30, 2016 (In thousands) Recorded investment in impaired loans $ 251,274 $ 285,243 TDRs included in impaired loans 207,377 261,531 Allocated reserves on impaired loans 1,363 1,980 Specific reserves on impaired loans 126 366 Average balance of impaired loans for year ended 274,530 301,685 Interest income from impaired loans for year ended 11,736 12,843 Outstanding fixed-rate origination commitments 425,130 331,947 Gross loans serviced for others 77,119 80,896 |
Non accrual loans held by the company | The following table sets forth information regarding non-accrual loans. September 30, 2017 September 30, 2016 (In thousands) (In thousands) Non-accrual loans: Single-family residential $ 27,930 56.3 % $ 33,148 78.2 % Construction - custom 91 0.2 — — Land - acquisition & development 296 0.6 58 0.1 Land - consumer lot loans 605 1.2 510 1.2 Multi-family 139 0.3 776 1.8 Commercial real estate 11,815 23.8 7,100 16.7 Commercial & industrial 8,082 16.3 583 1.4 HELOC 531 1.1 239 0.6 Consumer 91 0.2 — — Total non-accrual loans $ 49,580 100 % $ 42,414 100 % Non-accrual loans as % of total loans 0.46 % 0.43 % |
Aging of past due loans | The following table breaks down delinquent loans by loan category and delinquency bucket. September 30, 2017 Amount of Loans Days Delinquent Based on $ Amount of Loans % based on $ Loan type Net of Loans in Process Current 30 60 90 Total (In thousands) Single-family residential $ 5,709,690 $ 5,671,933 $ 10,925 $ 4,810 $ 22,022 $ 37,757 0.66 % Construction 793,959 793,959 — — — — — Construction - custom 277,599 277,508 — — 91 91 0.03 Land - acquisition & development 104,856 104,526 — — 330 330 0.31 Land - consumer lot loans 104,335 103,389 112 680 154 946 0.91 Multi-family 1,303,119 1,302,720 5 255 139 399 0.03 Commercial real estate 1,434,610 1,432,052 507 — 2,051 2,558 0.18 Commercial & industrial 1,093,360 1,092,735 — 51 574 625 0.06 HELOC 144,850 143,974 221 342 313 876 0.60 Consumer 85,075 84,644 245 107 79 431 0.51 Total Loans $ 11,051,453 $ 11,007,440 $ 12,015 $ 6,245 $ 25,753 $ 44,013 0.40 % Delinquency % 99.60% 0.11% 0.06% 0.23% 0.40% |
Schedule of loan modifications | The following table provides information related to loans that were modified in a TDR during the periods presented. Twelve Months Ended September 30, 2017 Twelve Months Ended September 30, 2016 Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Troubled Debt Restructurings: Contracts Investment Investment Contracts Investment Investment (In thousands) (In thousands) Single-family residential 38 $ 7,115 $ 7,115 120 $ 23,541 $ 23,541 Land - consumer lot loans 2 211 211 10 970 970 Commercial real estate — — — 7 2,523 2,523 HELOC 4 552 552 1 126 126 Consumer — — — 1 24 24 44 $ 7,878 $ 7,878 139 $ 27,184 $ 27,184 The following table provides information on payment defaults occurring during the periods presented where the loan had been modified in a TDR within 12 months of the payment default. Twelve Months Ended September 30, 2017 Twelve Months Ended September 30, 2016 Number of Recorded Number of Recorded TDRs That Subsequently Defaulted: Contracts Investment Contracts Investment (In thousands) (In thousands) Single-family residential 24 $ 4,214 17 $ 4,875 Construction — — 1 279 Land - consumer lot loans — — 5 606 Commercial real estate 2 267 2 326 26 $ 4,481 25 $ 6,086 |
Schedule of activity for FDIC indemnification asset | The following table shows the year to date activity for the FDIC indemnification asset. Twelve Months Ended September 30, 2017 Twelve Months Ended September 30, 2016 (In thousands) Balance at beginning of year $ 12,769 $ 16,275 Payments received (584 ) (1,730 ) Amortization (3,450 ) (2,012 ) Accretion 232 236 Balance at end of year $ 8,967 $ 12,769 |
Allowance for Losses on Loans (
Allowance for Losses on Loans (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Summary of activity in allowance for loan losses | The following tables summarize the activity in the allowance for loan losses. Twelve Months Ended September 30, 2017 Beginning Allowance Charge-offs Recoveries Provision & Transfers Ending Allowance (In thousands) Single-family residential $ 37,796 $ (1,229 ) $ 653 $ (328 ) $ 36,892 Construction 19,838 — — 4,718 24,556 Construction - custom 1,080 (16 ) — 880 1,944 Land - acquisition & development 6,023 (280 ) 11,038 (9,952 ) 6,829 Land - consumer lot loans 2,535 (17 ) 481 (350 ) 2,649 Multi-family 6,925 — — 937 7,862 Commercial real estate 8,588 (11 ) 1,684 1,557 11,818 Commercial & industrial 28,008 (173 ) 1,833 (1,144 ) 28,524 HELOC 813 (90 ) 21 111 855 Consumer 1,888 (884 ) 1,297 (1,157 ) 1,144 $ 113,494 $ (2,700 ) $ 17,007 $ (4,728 ) $ 123,073 Twelve Months Ended September 30, 2016 Beginning Allowance Charge-offs Recoveries Provision & Transfers Ending Allowance (In thousands) Single-family residential $ 47,347 $ (3,106 ) $ 3,251 $ (9,696 ) $ 37,796 Construction 6,680 — 745 12,413 19,838 Construction - custom 990 (60 ) 60 90 1,080 Land - acquisition & development 5,781 (42 ) 8,220 (7,936 ) 6,023 Land - consumer lot loans 2,946 (732 ) 5 316 2,535 Multi-family 5,304 — — 1,621 6,925 Commercial real estate 8,960 (103 ) 1,812 (2,081 ) 8,588 Commercial & industrial 24,980 (941 ) 2,933 1,036 28,008 HELOC 902 (54 ) 21 (56 ) 813 Consumer 2,939 (962 ) 2,018 (2,107 ) 1,888 $ 106,829 $ (6,000 ) $ 19,065 $ (6,400 ) $ 113,494 |
Summary of loans collectively and individually evaluated for impairment and related allocation of reserves | The following tables show a summary of loans collectively and individually evaluated for impairment and the related allocation of general and specific reserves. September 30, 2017 Loans Collectively Evaluated for Impairment Loans Individually Evaluated for Impairment General Reserve Allocation Recorded Investment of Loans Ratio Specific Reserve Allocation Recorded Investment of Loans Ratio (In thousands) (In thousands) Single-family residential $ 36,893 $ 5,713,576 0.7 % $ — $ 5,552 — % Construction 24,556 793,958 3.1 — — — Construction - custom 1,944 277,495 0.7 — 105 — Land - acquisition & development 6,828 104,767 6.5 1 89 1.0 Land - consumer lot loans 2,649 96,337 2.8 — 171 — Multi-family 7,857 1,302,625 0.6 5 493 1.0 Commercial real estate 11,697 1,391,668 0.8 120 21,765 0.6 Commercial & industrial 28,524 1,093,210 2.6 — 81 — HELOC 855 141,689 0.6 — 215 — Consumer 1,144 84,887 1.4 — 82 — $ 122,947 $ 11,000,212 1.1 % $ 126 $ 28,553 0.4 % September 30, 2016 Loans Collectively Evaluated for Impairment Loans Individually Evaluated for Impairment General Reserve Allocation Recorded Investment of Loans Ratio Specific Reserve Allocation Recorded Investment of Loans 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 % |
Summary of loans based on credit quality indicators | The following tables provide information on loans based on credit quality indicators (defined above). September 30, 2017 Internally Assigned Grade Total Pass Special mention Substandard Doubtful Loss Gross Loans (In thousands) Loan type Single-family residential $ 5,671,229 $ — $ 39,775 $ — $ — $ 5,711,004 Construction 1,594,926 — 3,070 — — 1,597,996 Construction - custom 602,540 — 91 — — 602,631 Land - acquisition & development 123,028 207 1,073 — — 124,308 Land - consumer lot loans 103,787 — 618 — — 104,405 Multi-family 1,295,261 5,795 2,092 — — 1,303,148 Commercial real estate 1,391,996 5,944 36,670 — — 1,434,610 Commercial & industrial 1,054,972 14,814 23,574 — — 1,093,360 HELOC 144,229 — 621 — — 144,850 Consumer 84,984 — 91 — — 85,075 Total gross loans $ 12,066,952 $ 26,760 $ 107,675 $ — $ — $ 12,201,387 Total grade as a % of total gross loans 98.9 % 0.2 % 0.9 % — % — % September 30, 2016 Internally Assigned Grade Total Pass Special mention Substandard Doubtful Loss 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 % — % — % |
Schedule of credit risk profile by payment activity | The following tables provide information on loans based on payment activity. September 30, 2017 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (In thousands) (In thousands) Single-family residential $ 5,683,074 99.5 % $ 27,930 0.5 % Construction 1,597,996 100.0 — — Construction - custom 602,540 99.9 91 0.1 Land - acquisition & development 124,012 99.8 296 0.2 Land - consumer lot loans 103,800 99.4 605 0.6 Multi-family 1,303,009 99.9 139 0.1 Commercial real estate 1,422,795 99.2 11,815 0.8 Commercial & industrial 1,085,278 99.3 8,082 0.7 HELOC 144,319 99.6 531 0.4 Consumer 84,984 99.9 91 0.1 $ 12,151,807 99.6 % $ 49,580 0.4 % September 30, 2016 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (In thousands) (In thousands) Single-family residential $ 5,625,682 99.4 % $ 33,148 0.6 % Construction 1,110,411 100.0 — — Construction - custom 473,069 100.0 — — Land - acquisition & development 118,439 99.9 58 0.1 Land - consumer lot loans 104,057 99.5 510 0.5 Multi-family 1,123,583 99.9 776 0.1 Commercial real estate 1,086,470 99.3 7,100 0.7 Commercial & industrial 978,006 99.9 583 0.1 HELOC 149,477 99.8 239 0.2 Consumer 139,000 100.0 — — $ 10,908,194 99.6 % $ 42,414 0.4 % |
Summary of impaired loans based on type | The following tables provide information on impaired loans by loan category. September 30, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (In thousands) Impaired loans with no related allowance recorded: Single-family residential $ 21,325 $ 23,880 $ — $ 19,371 Construction — — — — Construction - custom 148 165 — 231 Land - acquisition & development 330 8,208 — 176 Land - consumer lot loans 208 330 — 431 Multi-family 139 3,231 — 748 Commercial real estate 12,890 22,487 — 11,466 Commercial & industrial 8,279 14,321 — 7,425 HELOC 490 1,212 — 487 Consumer 88 1,433 — 57 43,897 75,267 — 40,392 Impaired loans with an allowance recorded: Single-family residential 181,941 186,167 4,030 204,723 Construction — — — — Construction - custom — — — — Land - acquisition & development 90 90 1 576 Land - consumer lot loans 7,949 8,526 — 8,976 Multi-family 493 493 5 1,024 Commercial real estate 15,079 16,707 120 16,991 Commercial & industrial — — — 297 HELOC 1,728 1,806 — 1,451 Consumer 97 284 — 100 207,377 214,073 4,156 (1) 234,138 Total: Single-family residential 203,266 210,047 4,030 224,094 Construction — — — — Construction - custom 148 165 — 231 Land - acquisition & development 420 8,298 1 752 Land - consumer lot loans 8,157 8,856 — 9,407 Multi-family 632 3,724 5 1,772 Commercial real estate 27,969 39,194 120 28,457 Commercial & industrial 8,279 14,321 — 7,722 HELOC 2,218 3,018 — 1,938 Consumer 185 1,717 — 157 $ 251,274 $ 289,340 $ 4,156 (1) $ 274,530 ____________________ (1) Includes $126,000 of specific reserves and $4,030,000 included in the general reserves. September 30, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (2) (In thousands) Impaired loans with no related allowance recorded: Single-family residential $ 9,627 $ 11,366 $ — $ 12,618 Construction — — — 91 Construction - custom — — — 603 Land - acquisition & development 138 9,001 — 720 Land - consumer lot loans 499 609 — 587 Multi-family 394 3,972 — 1,279 Commercial real estate 11,741 21,301 — 7,994 Commercial & industrial 1,030 3,082 — 1,205 HELOC 209 315 — 392 Consumer 74 550 — 236 23,712 50,196 — 25,725 Impaired loans with an allowance recorded: Single-family residential 228,186 232,595 3,809 238,187 Construction — — — 998 Construction - custom — — — — Land - acquisition & development 1,154 2,094 1 1,765 Land - consumer lot loans 9,630 10,678 1 10,330 Multi-family 1,505 1,505 13 2,159 Commercial real estate 19,434 22,848 91 20,998 Commercial & industrial — — — — HELOC 1,506 1,521 — 1,423 Consumer 116 306 — 100 261,531 271,547 3,915 (1) 275,960 Total: Single-family residential 237,813 243,961 3,809 250,805 Construction — — — 1,089 Construction - custom — — — 603 Land - acquisition & development 1,292 11,095 1 2,485 Land - consumer lot loans 10,129 11,287 1 10,917 Multi-family 1,899 5,477 13 3,438 Commercial real estate 31,175 44,149 91 28,992 Commercial & industrial 1,030 3,082 — 1,205 HELOC 1,715 1,836 — 1,815 Consumer 190 856 — 336 $ 285,243 $ 321,743 $ 3,915 (1) $ 301,685 ____________________ (1) Includes $366,000 of specific reserves and $3,549,000 included in the general reserves. (2) The average recorded investment changed from $265,771,000 , as previously disclosed, to $301,685,000 in order to correct for an immaterial error in the previous year's disclosure. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair value of assets measured on recurring basis | The following table presents the balance and level in the fair value hierarchy for assets and liabilities that are measured at fair value on a recurring basis. September 30, 2017 Level 1 Level 2 Level 3 Total (In thousands) Available-for-sale securities Equity securities $ 522 $ — $ — $ 522 U.S. government and agency securities — 211,077 — 211,077 Municipal bonds — 26,624 — 26,624 Corporate debt securities — 185,298 — 185,298 Mortgage-backed securities Agency pass-through certificates — 834,297 — 834,297 Commercial MBS — 8,391 — 8,391 Total Available-for-sale securities 522 1,265,687 — 1,266,209 Interest rate contracts — 1,139 — 1,139 Total Financial Assets $ 522 $ 1,266,826 $ — $ 1,267,348 Financial Liabilities Interest rate contracts $ — $ 1,139 $ — $ 1,139 Commercial loan hedges — 174 — 174 Long term borrowing hedges — 1,693 — 1,693 Total Financial Liabilities $ — $ 3,006 $ — $ 3,006 There were no transfers between, into and/or out of Levels 1, 2 or 3 during the year ended September 30, 2017 . September 30, 2016 Level 1 Level 2 Level 3 Total (In thousands) 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 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 Level 1, 2 or 3 during the year ended September 30, 2016 . |
Aggregated balance of assets measured at estimated fair value on a nonrecurring basis and total losses resulting from those fair value adjustments | The following table presents the recorded balance of assets that were measured at estimated fair value on a nonrecurring basis for the periods presented, and the total gains (losses) resulting from those fair value adjustments for the periods presented. These estimated fair values are shown gross of estimated selling costs: September 30, 2017 Three Months Ended September 30, 2017 Twelve Months Ended September 30, 2017 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) Impaired loans (1) $ — $ — $ 9,088 $ 9,088 $ (250 ) $ (1,916 ) Real estate owned (2) — — 12,662 12,662 (376 ) (1,463 ) Balance at end of period $ — $ — $ 21,750 $ 21,750 $ (626 ) $ (3,379 ) ___________________ (1) The gains (losses) represent remeasurements of collateral-dependent impaired loans. (2) The gains (losses) represent aggregate writedowns and charge-offs on real estate owned. September 30, 2016 Three Months Ended September 30, 2016 Twelve Months Ended September 30, 2016 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) Impaired loans (1) $ — $ — $ 17,476 $ 17,476 $ (474 ) $ (4,236 ) Real estate owned (2) — — 25,190 25,190 (1,003 ) (3,947 ) Balance at end of period $ — $ — $ 42,666 $ 42,666 $ (1,477 ) $ (8,183 ) ___________________ (1) The gains (losses) represent remeasurements of collateral-dependent impaired loans. (2) The gains (losses) represent aggregate writedowns and charge-offs on real estate owned. |
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. September 30, 2017 September 30, 2016 Level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (In thousands) Financial assets Cash and cash equivalents 1 $ 313,070 $ 313,070 $ 450,368 $ 450,368 Available-for-sale securities: Equity securities 1 522 522 101,824 101,824 U.S. government and agency securities 2 211,077 211,077 259,351 259,351 Municipal bonds 2 26,624 26,624 27,670 27,670 Corporate debt securities 2 185,298 185,298 461,138 461,138 Mortgage-backed securities Agency pass-through certificates 2 834,297 834,297 993,041 993,041 Commercial MBS 2 8,391 8,391 79,870 79,870 Total available-for-sale securities 1,266,209 1,266,209 1,922,894 1,922,894 Held-to-maturity securities: Mortgage-backed securities Agency pass-through certificates 2 1,646,856 1,635,913 1,417,599 1,441,556 Total held-to-maturity securities 1,646,856 1,635,913 1,417,599 1,441,556 Loans receivable 3 10,882,622 11,247,586 9,910,920 10,414,794 FDIC indemnification asset 3 8,968 8,564 12,769 12,095 FHLB and FRB stock 2 122,990 122,990 117,205 117,205 Other assets - interest rate contracts 2 1,139 1,139 20,895 20,895 Financial liabilities Customer accounts 2 10,835,008 10,411,686 10,600,852 10,184,321 FHLB advances and other borrowings 2 2,225,000 2,266,791 2,080,000 2,184,671 Other liabilities - interest rate contracts 2 1,139 1,139 20,895 20,895 Other liabilities - commercial loan hedges 2 174 174 3,312 3,312 Other liabilities - long term borrowing hedges 2 1,693 1,693 31,347 31,347 The following table presents the fair value and balance sheet classification of derivatives outstanding. Asset Derivatives Liability Derivatives September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 (In thousands) Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Interest rate contracts Other assets $ 1,139 Other assets $ 20,895 Other liabilities $ 1,139 Other liabilities $ 20,895 Commercial loan hedges Other assets — Other assets — Other liabilities 174 Other liabilities 3,312 Long term borrowing hedges Other assets — Other assets — Other liabilities 1,693 Other liabilities 31,347 $ 1,139 $ 20,895 $ 3,006 $ 55,554 |
Derivative and Hedging Activiti
Derivative and Hedging Activities (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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. September 30, 2017 September 30, 2016 Level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (In thousands) Financial assets Cash and cash equivalents 1 $ 313,070 $ 313,070 $ 450,368 $ 450,368 Available-for-sale securities: Equity securities 1 522 522 101,824 101,824 U.S. government and agency securities 2 211,077 211,077 259,351 259,351 Municipal bonds 2 26,624 26,624 27,670 27,670 Corporate debt securities 2 185,298 185,298 461,138 461,138 Mortgage-backed securities Agency pass-through certificates 2 834,297 834,297 993,041 993,041 Commercial MBS 2 8,391 8,391 79,870 79,870 Total available-for-sale securities 1,266,209 1,266,209 1,922,894 1,922,894 Held-to-maturity securities: Mortgage-backed securities Agency pass-through certificates 2 1,646,856 1,635,913 1,417,599 1,441,556 Total held-to-maturity securities 1,646,856 1,635,913 1,417,599 1,441,556 Loans receivable 3 10,882,622 11,247,586 9,910,920 10,414,794 FDIC indemnification asset 3 8,968 8,564 12,769 12,095 FHLB and FRB stock 2 122,990 122,990 117,205 117,205 Other assets - interest rate contracts 2 1,139 1,139 20,895 20,895 Financial liabilities Customer accounts 2 10,835,008 10,411,686 10,600,852 10,184,321 FHLB advances and other borrowings 2 2,225,000 2,266,791 2,080,000 2,184,671 Other liabilities - interest rate contracts 2 1,139 1,139 20,895 20,895 Other liabilities - commercial loan hedges 2 174 174 3,312 3,312 Other liabilities - long term borrowing hedges 2 1,693 1,693 31,347 31,347 The following table presents the fair value and balance sheet classification of derivatives outstanding. Asset Derivatives Liability Derivatives September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 (In thousands) Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Interest rate contracts Other assets $ 1,139 Other assets $ 20,895 Other liabilities $ 1,139 Other liabilities $ 20,895 Commercial loan hedges Other assets — Other assets — Other liabilities 174 Other liabilities 3,312 Long term borrowing hedges Other assets — Other assets — Other liabilities 1,693 Other liabilities 31,347 $ 1,139 $ 20,895 $ 3,006 $ 55,554 |
Interest Receivable (Tables)
Interest Receivable (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Schedule of interest receivable | The following table provides a summary of interest receivable by interest earning asset type. September 30, 2017 September 30, 2016 (In thousands) Loans receivable $ 33,688 $ 29,858 Mortgage-backed securities 6,049 5,670 Investment securities 1,906 2,141 $ 41,643 $ 37,669 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | The following table provides a summary of premises and equipment by asset type. September 30, 2017 September 30, 2016 Estimated Useful Life (In thousands) Land — $ 102,381 $ 109,414 Buildings 25 - 40 149,805 143,841 Leasehold improvements 7 - 15 18,587 18,365 Furniture, software and equipment 2 - 10 119,518 115,199 390,291 386,819 Less accumulated depreciation and amortization (126,597 ) (104,868 ) $ 263,694 $ 281,951 |
Customer Accounts (Tables)
Customer Accounts (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
Schedule of deposits | The following table provides the composition of the Company's customer accounts, including interest rate buckets and maturity buckets for time deposits. September 30, 2017 September 30, 2016 (In thousands) Checking accounts, 0.15% and under $ 3,019,095 $ 2,721,721 Savings accounts, 0.10% and under 888,881 820,980 Money market accounts, 0.01% to 0.15% 2,453,182 2,462,891 Time deposit accounts Less than 1.00% 2,204,756 3,268,272 1.00% to 1.99% 2,099,841 1,292,612 2.00% to 2.99% 169,253 34,376 Total time deposits 4,473,850 4,595,260 $ 10,835,008 $ 10,600,852 Time deposit maturities are as follows: September 30, 2017 September 30, 2016 (In thousands) Within 1 year $ 2,553,712 $ 2,894,900 1 to 2 years 975,351 798,309 2 to 3 years 386,763 293,058 Over 3 years 558,024 608,993 $ 4,473,850 $ 4,595,260 |
Schedule of interest expense on customer deposits | Interest expense on customer accounts consisted of the following: Year ended September 30, 2017 2016 2015 (In thousands) Checking accounts $ 2,721 $ 1,491 $ 1,036 Savings accounts 978 734 660 Money market accounts 3,592 3,285 3,631 Time deposit accounts 45,256 47,425 46,273 52,547 52,935 51,600 Less early withdrawal penalties (524 ) (450 ) (546 ) $ 52,023 $ 52,485 $ 51,054 Weighted average interest rate at end of year 0.54 % 0.50 % 0.48 % Weighted daily average interest rate during the year 0.49 % 0.50 % 0.48 % |
FHLB Advances and Other Borro35
FHLB Advances and Other Borrowings (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
Advances | The table below shows the maturity dates of outstanding FHLB advances. September 30, 2017 September 30, 2016 (In thousands) FHLB advances Within 1 year $ 1,395,000 $ 200,000 1 to 3 years 430,000 880,000 3 to 5 years 400,000 700,000 More than 5 years — 300,000 $ 2,225,000 $ 2,080,000 |
Weighted average cost and amount of advances | Financial data pertaining to the weighted-average cost and the amount of FHLB advances were as follows. 2017 2016 2015 (In thousands) Weighted average interest rate, net of cash flow hedges, at end of year 2.80 % 3.15 % 3.35 % Weighted daily average interest rate, net of cash flow hedges, during the year 3.00 % 3.22 % 3.57 % Daily average of FHLB advances during the year $ 2,167,986 $ 1,992,434 $ 1,848,904 Maximum amount of FHLB advances at any month end $ 2,350,000 $ 2,080,000 $ 1,930,000 Interest expense during the year (excludes interest rate swap expense) $ 64,968 $ 64,058 $ 64,331 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Summary of major sources of temporary differences and deferred tax effects | The table below provides a summary of the Company's tax assets and liabilities, including deferred tax assets and deferred tax liabilities by major source. Deferred tax balances represent temporary differences between the tax basis and the financial statement carrying amounts of assets and liabilities. September 30, 2017 September 30, 2016 (In thousands) Deferred tax assets Loan loss reserves $ 50,411 $ 45,531 REO reserves 1,693 4,018 Valuation adjustment on available-for-sale securities and cash flow hedges — 6,482 Non-accrual loan interest 2,262 2,812 FDIC assisted transactions 12,236 9,598 Federal and state tax credits 3,939 1,791 Deferred compensation 3,037 2,359 Stock based compensation 2,259 925 Other 1,274 625 Total deferred tax assets 77,111 74,141 Deferred tax liabilities FHLB stock dividends 24,135 24,135 Valuation adjustment on available-for-sale securities and cash flow hedges 2,914 — Loan origination fees and costs 13,643 14,826 Premises and equipment 35,950 34,936 Other 2,145 5,320 Total deferred tax liabilities 78,787 79,217 Net deferred tax asset (liability) (1,676 ) (5,076 ) Current tax asset (liability) (3,920 ) 21,123 Net tax asset (liability) $ (5,596 ) $ 16,047 |
Schedule of effective income tax rate reconciliation | The table below presents a reconciliation of the statutory federal income tax rate to the Company's effective income tax rate. Year ended September 30, 2017 2016 2015 Statutory income tax rate 35 % 35 % 35 % State income tax 1 1 2 Other differences (4 ) (2 ) (1 ) Effective income tax rate 32 % 34 % 36 % |
Schedule of components of income tax expense (benefit) | The following table summarizes the Company's income tax expense (benefit) for the respective periods. Year ended September 30, 2017 2016 2015 (In thousands) Federal: Current $ 87,804 $ 57,173 $ 79,841 Deferred (10,142 ) 21,961 3,244 77,662 79,134 83,085 State: Current $ 4,991 $ 3,600 $ 6,636 Deferred 31 1,351 (518 ) 5,022 4,951 6,118 Total Current 92,795 60,773 86,477 Deferred (10,111 ) 23,312 2,726 $ 82,684 $ 84,085 $ 89,203 |
Stock Award Plans (Tables)
Stock Award Plans (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of option activity | A summary of stock option activity and changes during the year are as follows. Options Shares Weighted Weighted Aggregate Outstanding at September 30, 2016 459,443 $ 21.47 2 $2,392 Exercised (311,168 ) 22.83 Forfeited (25,745 ) 18.61 Outstanding at September 30, 2017 122,530 $ 18.64 2 $ 1,839 Exercisable at September 30, 2017 122,530 $ 18.64 2 $ 1,839 |
Schedule of miscellaneous information related to stock options | The table below presents other information regarding stock options. Year ended September 30, 2017 2016 2015 (In thousands, except fair value of options granted) Compensation cost for stock options $ — $ 89 $ 232 Weighted average grant date fair value per stock option 3.06 2.73 2.96 Total intrinsic value of options exercised 2,605 1,651 831 Grant date fair value of options exercised 1,328 1,422 368 Cash received from option exercises 7,238 9,283 2,070 |
Summary of nonvested activity | The following is a summary of activity related to unvested stock options. Year ended September 30, 2017 2016 2015 Non-vested Stock Options Options Outstanding Weighted Options Outstanding Weighted Options Outstanding Weighted Outstanding at beginning of period — $ — 69,287 $ 3.85 145,795 $ 3.87 Vested — — (62,227 ) 3.91 (61,018 ) 3.88 Forfeited — — (7,060 ) 3.89 (15,490 ) 3.90 Outstanding at end of period — $ — — $ — 69,287 $ 3.85 |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of nonvested activity | The following table summarizes information about unvested restricted stock activity. Year ended September 30, 2017 2016 2015 Non-vested Restricted Stock Outstanding Weighted Outstanding Weighted Outstanding Weighted Outstanding at beginning of period 490,363 $ 16.00 521,302 $ 15.03 515,845 $ 14.10 Granted 238,450 18.89 229,450 $ 17.20 301,750 14.26 Vested (116,878 ) 20.95 (165,965 ) 15.96 (223,043 ) 13.24 Forfeited (145,254 ) 8.56 (94,424 ) 13.64 (73,250 ) 10.72 Outstanding at end of period 466,681 $ 18.56 490,363 $ 16.00 521,302 $ 15.03 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Schedule of compliance with regulatory capital requirements | Actual Capital Adequacy Categorized as Well Capitalized Under Prompt Corrective Action Provisions Capital Ratio Ratio Ratio September 30, 2017 (In thousands) Common Equity Tier 1 risk-based capital ratio: The Company $ 1,701,327 16.67 % 4.50 % NA The Bank 1,668,314 16.35 4.50 6.50 % Tier 1 risk-based capital ratio: The Company 1,701,327 16.67 6.00 NA The Bank 1,668,314 16.35 6.00 8.00 Total risk-based capital ratio: The Company 1,828,935 17.92 8.00 NA The Bank 1,795,929 17.60 8.00 10.00 Tier 1 leverage ratio: The Company 1,701,327 11.49 4.00 NA The Bank 1,668,314 11.27 4.00 5.00 September 30, 2016 Common Equity Tier 1 risk-based capital ratio: The Company $ 1,690,380 17.54 % 4.50 % NA The Bank 1,668,828 17.32 4.50 6.50 % Tier 1 risk-based capital ratio: The Company 1,690,380 17.54 6.00 NA The Bank 1,668,828 17.32 6.00 8.00 Total risk-based capital ratio: The Company 1,807,740 18.76 8.00 NA The Bank 1,786,188 18.54 8.00 10.00 Tier 1 leverage ratio: The Company 1,690,380 11.60 4.00 NA The Bank 1,668,828 11.45 4.00 5.00 |
Schedule of weighted average number of shares | The following table sets forth information regarding earnings per share calculations. Year ended September 30, 2017 2016 2015 Weighted average shares outstanding 88,905,457 91,399,038 95,644,639 Weighted average dilutive warrants 242,979 440,366 340,016 Weighted average dilutive options 75,771 73,514 69,304 Weighted average diluted shares 89,224,207 91,912,918 96,053,959 Net income (In thousands) $ 173,532 $ 164,049 $ 160,316 Basic EPS $ 1.95 $ 1.79 $ 1.68 Diluted EPS 1.94 1.78 1.67 |
Financial Information - Washi39
Financial Information - Washington Federal, INC. (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of condensed financial information | The following Washington Federal, Inc. (parent company only) financial information should be read in conjunction with the other notes to the Consolidated Financial Statements. Condensed Statements of Financial Condition September 30, 2017 September 30, 2016 (In thousands) Assets Cash $ 33,077 $ 24,300 Other assets — 15 Investment in subsidiary 1,972,675 1,954,179 Total assets $ 2,005,752 $ 1,978,494 Liabilities Other liabilities $ 64 $ 2,763 Total liabilities 64 2,763 Stockholders’ equity Total stockholders’ equity 2,005,688 1,975,731 Total liabilities and stockholders’ equity $ 2,005,752 $ 1,978,494 Condensed Statements of Operations Twelve Months Ended September 30, 2017 2016 2015 (In thousands) Income Dividends from subsidiary $ 171,500 $ 148,000 $ 175,000 Total Income 171,500 148,000 175,000 Expense Miscellaneous 435 435 439 Total expense 435 435 439 Net income (loss) before equity in undistributed net income (loss) of subsidiary 171,065 147,565 174,561 Equity in undistributed net income of subsidiary 2,326 16,336 (14,402 ) Income before income taxes 173,391 163,901 160,159 Income tax benefit (expense) 141 148 157 Net income $ 173,532 $ 164,049 $ 160,316 Condensed Statements of Cash Flows Twelve Months Ended September 30, 2017 2016 2015 (In thousands) Cash Flows From Operating Activities Net income $ 173,532 $ 164,049 $ 160,316 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income (loss) of subsidiaries 3,584 (12,677 ) 32,375 Decrease (increase) in other assets 15 (15 ) — Increase (decrease) in other liabilities (2,699 ) 1,552 (13,189 ) Net cash provided by (used in) operating activities 174,432 152,909 179,502 Cash Flows From Financing Activities Proceeds from exercise of common stock options and related tax benefit 7,238 9,283 2,070 Warrants purchased — (7,744 ) — Treasury stock purchased (98,374 ) (87,850 ) (126,728 ) Dividends paid on common stock (74,519 ) (49,926 ) (51,111 ) Net cash provided by (used in) financing activities (165,655 ) (136,237 ) (175,769 ) Increase (decrease) in cash 8,777 16,672 3,733 Cash at beginning of year 24,300 7,628 3,895 Cash at end of year $ 33,077 $ 24,300 $ 7,628 |
Selected Quarterly Financial 40
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of unaudited interim results | The following is a summary of the unaudited interim results of operations by quarter for the years presented. Twelve Months Ended September 30, 2017 First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share data) Interest income $ 132,764 $ 136,198 $ 137,716 $ 142,240 Interest expense 29,612 28,471 29,101 29,808 Net interest income 103,152 107,727 108,615 112,432 Provision (release) for loan losses — (1,600 ) — (500 ) Other operating income (including REO gain (loss), net) 12,294 10,931 13,798 16,686 Other operating expense 54,341 57,467 57,062 62,649 Income before income taxes 61,105 62,791 65,351 66,969 Income tax expense 19,859 20,721 21,239 20,865 Net income $ 41,246 $ 42,070 $ 44,112 $ 46,104 Basic earnings per share $ 0.46 $ 0.47 $ 0.49 $ 0.53 Diluted earnings per share 0.46 0.47 0.49 0.52 Cash dividends paid per share 0.14 0.40 0.15 0.15 Twelve Months Ended September 30, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share data) Interest income $ 135,124 $ 135,063 $ 133,735 $ 132,872 Interest expense 28,255 28,738 29,495 30,056 Net interest income 106,869 106,325 104,240 102,816 Provision (release) for loan losses — (1,500 ) (1,650 ) (3,100 ) Other operating income (REO expense) 12,055 14,623 15,573 14,830 Other operating expense 64,509 59,226 56,305 55,407 Income before income taxes 54,415 63,222 65,158 65,339 Income tax expense 19,317 21,499 22,154 21,115 Net income $ 35,098 $ 41,723 $ 43,004 $ 44,224 Basic earnings per share $ 0.38 $ 0.45 $ 0.47 $ 0.49 Diluted earnings per share 0.38 0.45 0.47 0.49 Cash dividends paid per share 0.13 0.14 0.14 0.14 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Other Narrative (Details) | Oct. 25, 2017$ / shares | Sep. 27, 2017extension | Sep. 30, 2017paymentofficesegmentpartshares | Sep. 30, 2016shares | Sep. 30, 2015shares |
Summary of Significant Accounting Policies [Line Items] | |||||
Number of offices (in offices) | office | 237 | ||||
Days past grace period to initiate contact to cure deficiency | 30 days | ||||
Minimum days past due to begin foreclosure proceedings | 90 days | ||||
Approximate rate reduction concession, minimum | 1.00% | ||||
Approximate rate reduction concession, maximum | 2.00% | ||||
Minimum days past due to stop accrual of interest | 90 days | ||||
Loans returned to full accrual status | 90 days | ||||
Number of payments required | payment | 6 | ||||
Number of parts in loss percentage factor | part | 2 | ||||
Award vesting period (in years) | 5 years | ||||
Options granted (in shares) | shares | 0 | 0 | 0 | ||
Number of reportable business segments | segment | 1 | ||||
Subsequent Event | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Dividends declared (in dollars per share) | $ / shares | $ 0.15 | ||||
Anchor Bancorp | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Number of additional six month extensions | extension | 3 | ||||
Minimum | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Term for payment and rate reduction | 6 months | ||||
Maximum | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Term for payment and rate reduction | 12 months | ||||
Options exercisable, weighted average remaining contractual term (in years) | 10 years | ||||
Stock Options and Restricted Stock | Minimum | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Award vesting period (in years) | 3 years | ||||
Stock Options and Restricted Stock | Maximum | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Award vesting period (in years) | 10 years |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Goodwill [Roll Forward] | |||
Goodwill, beginning of period | $ 291,503 | $ 291,503 | |
Goodwill, additions | 1,650 | ||
Goodwill, end of period | $ 293,153 | 293,153 | 291,503 |
Finite-lived Intangible Assets [Roll Forward] | |||
Intangible assets. amortization | (1,677) | (2,369) | |
Goodwill and Intangible Assets [Roll Forward] | |||
Goodwill and intangible assets, beginning of period | 296,989 | 299,358 | |
Goodwill and intangible assets, additions | 3,370 | ||
Goodwill and intangible assets, end of period | 298,682 | 298,682 | 296,989 |
Core Deposits and Other Intangibles | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Intangible assets, beginning of period | 5,486 | 7,855 | |
Intangible assets, additions | 1,720 | ||
Intangible assets. amortization | (1,677) | (2,369) | |
Intangible assets, end of period | 5,529 | 5,529 | $ 5,486 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2,018 | 1,376 | 1,376 | |
2,019 | 1,324 | 1,324 | |
2,020 | 1,295 | 1,295 | |
2,021 | 457 | 457 | |
2,022 | 138 | $ 138 | |
Acquisition of Businesses in Prior Years | |||
Goodwill [Line Items] | |||
Amortization of intangible assets | $ 1,500 |
Investment Securities - Investm
Investment Securities - Investments by Contractual Maturity Date (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Amortized Cost, Available-for-sale securities | |||
Amortized Cost | $ 1,256,587,000 | $ 1,909,184,000 | |
Gross Unrealized Gains / Losses, Available-for-sale securities | |||
Gross unrealized gains | 13,829,000 | 25,422,000 | |
Gross unrealized loss | (4,207,000) | (11,712,000) | |
Fair Value, Available-for-sale securities | |||
Available-for-sale securities, at fair value | $ 1,266,209,000 | $ 1,922,894,000 | |
Yield, Available-for-sale securities | |||
Yield | 2.86% | 2.22% | |
Amortized Cost, Held-to-maturity securities | |||
Amortized Cost | $ 1,646,856,000 | $ 1,417,599,000 | |
Gross Unrealized Gains / Losses, Held-to-maturity securities | |||
Gross unrealized gains | 7,143,000 | 24,171,000 | |
Gross unrealized losses | (18,086,000) | (214,000) | |
Fair Value, Held-to-maturity securities | |||
Fair Value | 1,635,913,000 | 1,441,556,000 | |
Yield, Held-to-maturity securities | |||
Investments | 2,903,443,000 | 3,326,783,000 | |
Gross unrealized gains on investments | 20,972,000 | 49,593,000 | |
Gross unrealized losses on investments | (22,293,000) | (11,926,000) | |
Fair value of investments | $ 2,902,122,000 | $ 3,364,450,000 | |
Yield on investments | 3.02% | 2.62% | |
Available-for-sale securities purchased | $ 76,367,000 | $ 137,591,000 | $ 315,114,000 |
Payments to acquire held-to-maturity securities | 466,058,000 | 0 | 259,489,000 |
Proceeds from sales of available-for-sale investment securities | 362,829,000 | 50,741,000 | $ 246,826,000 |
Proceeds from sale of held-to-maturity securities | $ 0 | ||
Term of contractual due dates (in years) | 25 years | ||
U.S. government and agency securities | |||
Amortized Cost, Available-for-sale securities | |||
Within 1 year | $ 9,300,000 | 21,284,000 | |
1 to 5 years | 5,688,000 | 12,477,000 | |
5 to 10 years | 69,108,000 | 48,134,000 | |
Over 10 years | 127,936,000 | 182,051,000 | |
Gross Unrealized Gains / Losses, Available-for-sale securities | |||
Gross unrealized gains, within 1 year | 146,000 | 0 | |
Gross unrealized gains, 1 to 5 years | 2,000 | 1,027,000 | |
Gross unrealized gains, 5 to 10 years | 0 | 0 | |
Gross unrealized gains, over 10 years | 353,000 | 27,000 | |
Gross unrealized losses, within 1 year | 0 | (59,000) | |
Gross unrealized losses, 1 to 5 years | 0 | (11,000) | |
Gross unrealized losses, 5 to 10 years | (1,238,000) | (1,589,000) | |
Gross unrealized losses, over 10 years | (218,000) | (3,990,000) | |
Fair Value, Available-for-sale securities | |||
Within 1 year | 9,446,000 | 21,225,000 | |
1 to 5 years | 5,690,000 | 13,493,000 | |
5 to 10 years | 67,870,000 | 46,545,000 | |
Over 10 years | $ 128,071,000 | $ 178,088,000 | |
Yield, Available-for-sale securities | |||
Within 1 year | 10.38% | 0.81% | |
1 to 5 years | 1.51% | 7.94% | |
5 to 10 years | 1.93% | 1.14% | |
Over 10 years | 1.92% | 1.33% | |
Equity Securities | |||
Amortized Cost, Available-for-sale securities | |||
1 to 5 years | $ 500,000 | $ 100,422,000 | |
Gross Unrealized Gains / Losses, Available-for-sale securities | |||
Gross unrealized gains, 1 to 5 years | 22,000 | 1,402,000 | |
Gross unrealized losses, 1 to 5 years | 0 | 0 | |
Fair Value, Available-for-sale securities | |||
1 to 5 years | $ 522,000 | $ 101,824,000 | |
Yield, Available-for-sale securities | |||
1 to 5 years | 1.80% | 1.90% | |
Corporate debt securities | |||
Amortized Cost, Available-for-sale securities | |||
Within 1 year | $ 278,094,000 | ||
1 to 5 years | $ 63,622,000 | 63,481,000 | |
5 to 10 years | 119,960,000 | 69,955,000 | |
Over 10 years | 50,000,000 | ||
Gross Unrealized Gains / Losses, Available-for-sale securities | |||
Gross unrealized gains, within 1 year | 325,000 | ||
Gross unrealized gains, 1 to 5 years | 2,083,000 | 928,000 | |
Gross unrealized gains, 5 to 10 years | 210,000 | 0 | |
Gross unrealized gains, over 10 years | 938,000 | ||
Gross unrealized losses, within 1 year | (53,000) | ||
Gross unrealized losses, 1 to 5 years | 0 | (113,000) | |
Gross unrealized losses, 5 to 10 years | (577,000) | (2,417,000) | |
Gross unrealized losses, over 10 years | 0 | ||
Fair Value, Available-for-sale securities | |||
Within 1 year | 278,366,000 | ||
1 to 5 years | 65,705,000 | 64,296,000 | |
5 to 10 years | $ 119,593,000 | 67,538,000 | |
Over 10 years | $ 50,938,000 | ||
Yield, Available-for-sale securities | |||
Within 1 year | 1.33% | ||
1 to 5 years | 2.96% | 2.47% | |
5 to 10 years | 2.62% | 1.96% | |
Over 10 years | 3.00% | ||
Municipal bonds | |||
Amortized Cost, Available-for-sale securities | |||
Within 1 year | $ 2,344,000 | ||
1 to 5 years | 1,367,000 | $ 2,315,000 | |
5 to 10 years | 1,335,000 | ||
Over 10 years | 20,343,000 | 20,363,000 | |
Gross Unrealized Gains / Losses, Available-for-sale securities | |||
Gross unrealized gains, within 1 year | 10,000 | ||
Gross unrealized gains, 1 to 5 years | 55,000 | 2,000 | |
Gross unrealized gains, 5 to 10 years | 38,000 | ||
Gross unrealized gains, over 10 years | 2,505,000 | 3,617,000 | |
Gross unrealized losses, within 1 year | 0 | ||
Gross unrealized losses, 1 to 5 years | 0 | 0 | |
Gross unrealized losses, 5 to 10 years | 0 | ||
Gross unrealized losses, over 10 years | 0 | 0 | |
Fair Value, Available-for-sale securities | |||
Within 1 year | 2,354,000 | ||
1 to 5 years | 1,422,000 | 2,317,000 | |
5 to 10 years | 1,373,000 | ||
Over 10 years | $ 22,848,000 | $ 23,980,000 | |
Yield, Available-for-sale securities | |||
Within 1 year | 1.23% | ||
1 to 5 years | 2.05% | 1.23% | |
5 to 10 years | 2.05% | ||
Over 10 years | 6.45% | 6.45% | |
Agency pass through mortgage-backed securities | |||
Amortized Cost, Available-for-sale securities | |||
Without single maturity date | $ 828,069,000 | $ 978,955,000 | |
Gross Unrealized Gains / Losses, Available-for-sale securities | |||
Gross unrealized gains, without single maturity date | 8,402,000 | 17,118,000 | |
Gross unrealized losses, without single maturity date | (2,174,000) | (3,032,000) | |
Fair Value, Available-for-sale securities | |||
Without single maturity date | $ 834,297,000 | $ 993,041,000 | |
Yield, Available-for-sale securities | |||
Without single maturity date | 2.96% | 2.58% | |
Amortized Cost, Held-to-maturity securities | |||
Without single maturity date | $ 1,646,856,000 | $ 1,417,599,000 | |
Gross Unrealized Gains / Losses, Held-to-maturity securities | |||
Gross unrealized gains, without single maturity date | 7,143,000 | 24,171,000 | |
Gross unrealized losses, without single maturity date | (18,086,000) | (214,000) | |
Fair Value, Held-to-maturity securities | |||
Without single maturity date | $ 1,635,913,000 | $ 1,441,556,000 | |
Yield, Held-to-maturity securities | |||
Without a single maturity date | 3.14% | 3.18% | |
Commercial MBS | |||
Amortized Cost, Available-for-sale securities | |||
Without single maturity date | $ 8,350,000 | $ 80,318,000 | |
Gross Unrealized Gains / Losses, Available-for-sale securities | |||
Gross unrealized gains, without single maturity date | 41,000 | 0 | |
Gross unrealized losses, without single maturity date | 0 | (448,000) | |
Fair Value, Available-for-sale securities | |||
Without single maturity date | $ 8,391,000 | $ 79,870,000 | |
Yield, Available-for-sale securities | |||
Without single maturity date | 3.31% | 1.91% |
Investment Securities - Securit
Investment Securities - Securities in Continuous Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized gross losses of AFS securities, continuous unrealized loss position, less than 12 months | $ (18,442) | $ (1,289) |
Fair value of AFS securities, continuous unrealized loss position, less than 12 months | 1,187,758 | 304,197 |
Unrealized gross losses of AFS securities, continuous unrealized loss position, 12 months or longer | (3,851) | (10,637) |
Fair value of AFS securities, continuous unrealized loss position, 12 months or longer | 394,922 | 553,487 |
Unrealized gross losses of AFS securities, continuous unrealized loss position | (22,293) | (11,926) |
Fair value of AFS securities, continuous unrealized loss position | 1,582,680 | 857,684 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized gross losses of AFS securities, continuous unrealized loss position, less than 12 months | 0 | 0 |
Fair value of AFS securities, continuous unrealized loss position, less than 12 months | 0 | 0 |
Unrealized gross losses of AFS securities, continuous unrealized loss position, 12 months or longer | (577) | (2,582) |
Fair value of AFS securities, continuous unrealized loss position, 12 months or longer | 49,423 | 100,467 |
Unrealized gross losses of AFS securities, continuous unrealized loss position | (577) | (2,582) |
Fair value of AFS securities, continuous unrealized loss position | 49,423 | 100,467 |
U.S. agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized gross losses of AFS securities, continuous unrealized loss position, less than 12 months | (759) | (11) |
Fair value of AFS securities, continuous unrealized loss position, less than 12 months | 24,400 | 3,167 |
Unrealized gross losses of AFS securities, continuous unrealized loss position, 12 months or longer | (697) | (5,638) |
Fair value of AFS securities, continuous unrealized loss position, 12 months or longer | 96,195 | 220,613 |
Unrealized gross losses of AFS securities, continuous unrealized loss position | (1,456) | (5,649) |
Fair value of AFS securities, continuous unrealized loss position | 120,595 | 223,780 |
Agency pass through mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized gross losses of AFS securities, continuous unrealized loss position, less than 12 months | (17,683) | (1,278) |
Fair value of AFS securities, continuous unrealized loss position, less than 12 months | 1,163,358 | 301,030 |
Unrealized gross losses of AFS securities, continuous unrealized loss position, 12 months or longer | (2,577) | (2,417) |
Fair value of AFS securities, continuous unrealized loss position, 12 months or longer | 249,304 | 232,407 |
Unrealized gross losses of AFS securities, continuous unrealized loss position | (20,260) | (3,695) |
Fair value of AFS securities, continuous unrealized loss position | $ 1,412,662 | $ 533,437 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Loans Receivable (including Covered Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 12,201,387 | $ 10,950,608 | |
Ratio of type of loan to total loans receivable | 100.00% | 100.00% | |
Allowance for probable losses | $ 123,073 | $ 113,494 | $ 106,829 |
Loans in process | 1,149,934 | 879,484 | |
Net deferred fees, costs and discounts | 45,758 | 46,710 | |
Total loan contra accounts | 1,318,765 | 1,039,688 | |
Net loans | 10,882,622 | 9,910,920 | |
Single-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 5,711,004 | $ 5,658,830 | |
Ratio of type of loan to total loans receivable | 46.80% | 51.70% | |
Allowance for probable losses | $ 36,892 | $ 37,796 | 47,347 |
Construction - speculative | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 1,597,996 | $ 1,110,411 | |
Ratio of type of loan to total loans receivable | 13.10% | 10.10% | |
Construction - custom | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 602,631 | $ 473,069 | |
Ratio of type of loan to total loans receivable | 4.90% | 4.30% | |
Allowance for probable losses | $ 1,944 | $ 1,080 | 990 |
Land - acquisition & development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 124,308 | $ 118,497 | |
Ratio of type of loan to total loans receivable | 1.00% | 1.10% | |
Allowance for probable losses | $ 6,829 | $ 6,023 | 5,781 |
Land - consumer lot loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 104,405 | $ 104,567 | |
Ratio of type of loan to total loans receivable | 0.90% | 1.00% | |
Allowance for probable losses | $ 2,649 | $ 2,535 | 2,946 |
Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 1,303,148 | $ 1,124,290 | |
Ratio of type of loan to total loans receivable | 10.70% | 10.30% | |
Allowance for probable losses | $ 7,862 | $ 6,925 | 5,304 |
Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 1,434,610 | $ 1,093,639 | |
Ratio of type of loan to total loans receivable | 11.80% | 10.00% | |
Allowance for probable losses | $ 11,818 | $ 8,588 | 8,960 |
Commercial & industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 1,093,360 | $ 978,589 | |
Ratio of type of loan to total loans receivable | 9.00% | 8.90% | |
Allowance for probable losses | $ 28,524 | $ 28,008 | 24,980 |
HELOC | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 144,850 | $ 149,716 | |
Ratio of type of loan to total loans receivable | 1.20% | 1.40% | |
Allowance for probable losses | $ 855 | $ 813 | 902 |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 85,075 | $ 139,000 | |
Ratio of type of loan to total loans receivable | 0.70% | 1.30% | |
Allowance for probable losses | $ 1,144 | $ 1,888 | $ 2,939 |
Loans Receivable - Interest Rat
Loans Receivable - Interest Rate Terms (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans at fixed-rate | $ 7,408,460 |
Loans at fixed-rate, percent | 60.70% |
Loans at adjustable-rate | $ 4,792,927 |
Loans at adjustable-rate, percent | 39.30% |
Within 1 year | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans at fixed-rate | $ 71,810 |
Loans at fixed-rate, percent | 0.60% |
Loans at adjustable-rate | $ 3,157,055 |
Loans at adjustable-rate, percent | 25.90% |
1 to 3 years | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans at fixed-rate | $ 216,724 |
Loans at fixed-rate, percent | 1.80% |
Loans at adjustable-rate | $ 498,844 |
Loans at adjustable-rate, percent | 4.10% |
3 to 5 years | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans at fixed-rate | $ 308,967 |
Loans at fixed-rate, percent | 2.50% |
Loans at adjustable-rate | $ 624,254 |
Loans at adjustable-rate, percent | 5.10% |
5 to 10 years | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans at fixed-rate | $ 847,518 |
Loans at fixed-rate, percent | 6.90% |
Loans at adjustable-rate | $ 512,774 |
Loans at adjustable-rate, percent | 4.20% |
10 to 20 years | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans at fixed-rate | $ 1,047,541 |
Loans at fixed-rate, percent | 8.60% |
Loans at adjustable-rate | $ 0 |
Loans at adjustable-rate, percent | 0.00% |
Over 20 years | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans at fixed-rate | $ 4,915,900 |
Loans at fixed-rate, percent | 40.30% |
Loans at adjustable-rate | $ 0 |
Loans at adjustable-rate, percent | 0.00% |
Loans Receivable - Loans Receiv
Loans Receivable - Loans Receivable by Geographic Location (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 12,201,387 | $ 10,950,608 |
Ratio of loans by geographic location to total loans | 100.00% | |
Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 5,594,887 | |
Ratio of loans by geographic location to total loans | 45.80% | |
Oregon | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 1,901,887 | |
Ratio of loans by geographic location to total loans | 15.60% | |
Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 1,400,637 | |
Ratio of loans by geographic location to total loans | 11.40% | |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 345,940 | |
Ratio of loans by geographic location to total loans | 2.90% | |
Utah | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 961,893 | |
Ratio of loans by geographic location to total loans | 7.90% | |
Idaho | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 538,886 | |
Ratio of loans by geographic location to total loans | 4.50% | |
New Mexico | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 612,473 | |
Ratio of loans by geographic location to total loans | 4.90% | |
Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 565,910 | |
Ratio of loans by geographic location to total loans | 4.60% | |
Nevada | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 278,874 | |
Ratio of loans by geographic location to total loans | 2.40% | |
Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 5,711,004 | 5,658,830 |
Ratio of loans by geographic location to total loans | 46.70% | |
Percentage of loans by geographic area as a percentage of loan type | 100.00% | |
Single-family residential | Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 3,013,957 | |
Ratio of loans by geographic location to total loans | 24.60% | |
Percentage of loans by geographic area as a percentage of loan type | 52.80% | |
Single-family residential | Oregon | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 659,602 | |
Ratio of loans by geographic location to total loans | 5.40% | |
Percentage of loans by geographic area as a percentage of loan type | 11.50% | |
Single-family residential | Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 581,137 | |
Ratio of loans by geographic location to total loans | 4.80% | |
Percentage of loans by geographic area as a percentage of loan type | 10.20% | |
Single-family residential | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 57,891 | |
Ratio of loans by geographic location to total loans | 0.50% | |
Percentage of loans by geographic area as a percentage of loan type | 1.00% | |
Single-family residential | Utah | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 514,922 | |
Ratio of loans by geographic location to total loans | 4.20% | |
Percentage of loans by geographic area as a percentage of loan type | 9.00% | |
Single-family residential | Idaho | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 306,853 | |
Ratio of loans by geographic location to total loans | 2.50% | |
Percentage of loans by geographic area as a percentage of loan type | 5.40% | |
Single-family residential | New Mexico | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 202,703 | |
Ratio of loans by geographic location to total loans | 1.70% | |
Percentage of loans by geographic area as a percentage of loan type | 3.50% | |
Single-family residential | Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 185,835 | |
Ratio of loans by geographic location to total loans | 1.50% | |
Percentage of loans by geographic area as a percentage of loan type | 3.30% | |
Single-family residential | Nevada | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 188,104 | |
Ratio of loans by geographic location to total loans | 1.50% | |
Percentage of loans by geographic area as a percentage of loan type | 3.30% | |
Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 1,303,148 | 1,124,290 |
Ratio of loans by geographic location to total loans | 10.70% | |
Percentage of loans by geographic area as a percentage of loan type | 100.00% | |
Multi-family | Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 315,356 | |
Ratio of loans by geographic location to total loans | 2.60% | |
Percentage of loans by geographic area as a percentage of loan type | 24.20% | |
Multi-family | Oregon | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 378,588 | |
Ratio of loans by geographic location to total loans | 3.10% | |
Percentage of loans by geographic area as a percentage of loan type | 29.10% | |
Multi-family | Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 340,609 | |
Ratio of loans by geographic location to total loans | 2.80% | |
Percentage of loans by geographic area as a percentage of loan type | 26.10% | |
Multi-family | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 3,423 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.30% | |
Multi-family | Utah | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 40,014 | |
Ratio of loans by geographic location to total loans | 0.30% | |
Percentage of loans by geographic area as a percentage of loan type | 3.10% | |
Multi-family | Idaho | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 41,243 | |
Ratio of loans by geographic location to total loans | 0.40% | |
Percentage of loans by geographic area as a percentage of loan type | 3.20% | |
Multi-family | New Mexico | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 115,289 | |
Ratio of loans by geographic location to total loans | 0.90% | |
Percentage of loans by geographic area as a percentage of loan type | 8.80% | |
Multi-family | Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 43,493 | |
Ratio of loans by geographic location to total loans | 0.40% | |
Percentage of loans by geographic area as a percentage of loan type | 3.30% | |
Multi-family | Nevada | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 25,133 | |
Ratio of loans by geographic location to total loans | 0.20% | |
Percentage of loans by geographic area as a percentage of loan type | 1.90% | |
Land - acquisition & development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 124,308 | 118,497 |
Ratio of loans by geographic location to total loans | 1.00% | |
Percentage of loans by geographic area as a percentage of loan type | 100.00% | |
Land - acquisition & development | Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 55,794 | |
Ratio of loans by geographic location to total loans | 0.40% | |
Percentage of loans by geographic area as a percentage of loan type | 44.90% | |
Land - acquisition & development | Oregon | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 33,109 | |
Ratio of loans by geographic location to total loans | 0.30% | |
Percentage of loans by geographic area as a percentage of loan type | 26.60% | |
Land - acquisition & development | Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 4,801 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 3.90% | |
Land - acquisition & development | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 0 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.00% | |
Land - acquisition & development | Utah | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 90 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.10% | |
Land - acquisition & development | Idaho | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 14,593 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 11.70% | |
Land - acquisition & development | New Mexico | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 10,272 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 8.30% | |
Land - acquisition & development | Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 5,649 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 4.50% | |
Land - acquisition & development | Nevada | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 0 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 0.00% | |
Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 104,405 | 104,567 |
Ratio of loans by geographic location to total loans | 0.90% | |
Percentage of loans by geographic area as a percentage of loan type | 100.00% | |
Land - consumer lot loans | Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 65,449 | |
Ratio of loans by geographic location to total loans | 0.50% | |
Percentage of loans by geographic area as a percentage of loan type | 62.60% | |
Land - consumer lot loans | Oregon | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 13,535 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 13.00% | |
Land - consumer lot loans | Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 11,446 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 11.00% | |
Land - consumer lot loans | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 69 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.10% | |
Land - consumer lot loans | Utah | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 4,321 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 4.10% | |
Land - consumer lot loans | Idaho | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 4,586 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 4.40% | |
Land - consumer lot loans | New Mexico | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 2,108 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 2.00% | |
Land - consumer lot loans | Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 106 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.10% | |
Land - consumer lot loans | Nevada | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 2,785 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 2.70% | |
Construction - custom | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 602,631 | 473,069 |
Ratio of loans by geographic location to total loans | 4.90% | |
Percentage of loans by geographic area as a percentage of loan type | 100.00% | |
Construction - custom | Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 357,080 | |
Ratio of loans by geographic location to total loans | 2.90% | |
Percentage of loans by geographic area as a percentage of loan type | 59.40% | |
Construction - custom | Oregon | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 59,861 | |
Ratio of loans by geographic location to total loans | 0.50% | |
Percentage of loans by geographic area as a percentage of loan type | 9.90% | |
Construction - custom | Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 77,315 | |
Ratio of loans by geographic location to total loans | 0.60% | |
Percentage of loans by geographic area as a percentage of loan type | 12.80% | |
Construction - custom | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 0 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.00% | |
Construction - custom | Utah | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 55,064 | |
Ratio of loans by geographic location to total loans | 0.50% | |
Percentage of loans by geographic area as a percentage of loan type | 9.10% | |
Construction - custom | Idaho | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 23,721 | |
Ratio of loans by geographic location to total loans | 0.20% | |
Percentage of loans by geographic area as a percentage of loan type | 3.90% | |
Construction - custom | New Mexico | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 17,406 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 2.90% | |
Construction - custom | Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 3,534 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.60% | |
Construction - custom | Nevada | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 8,650 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 1.40% | |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 1,597,996 | 1,110,411 |
Ratio of loans by geographic location to total loans | 13.10% | |
Percentage of loans by geographic area as a percentage of loan type | 100.00% | |
Construction | Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 613,362 | |
Ratio of loans by geographic location to total loans | 5.10% | |
Percentage of loans by geographic area as a percentage of loan type | 38.30% | |
Construction | Oregon | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 269,037 | |
Ratio of loans by geographic location to total loans | 2.20% | |
Percentage of loans by geographic area as a percentage of loan type | 16.80% | |
Construction | Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 102,546 | |
Ratio of loans by geographic location to total loans | 0.80% | |
Percentage of loans by geographic area as a percentage of loan type | 6.40% | |
Construction | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 4,360 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.30% | |
Construction | Utah | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 272,723 | |
Ratio of loans by geographic location to total loans | 2.20% | |
Percentage of loans by geographic area as a percentage of loan type | 17.10% | |
Construction | Idaho | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 45,603 | |
Ratio of loans by geographic location to total loans | 0.40% | |
Percentage of loans by geographic area as a percentage of loan type | 2.90% | |
Construction | New Mexico | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 62,635 | |
Ratio of loans by geographic location to total loans | 0.50% | |
Percentage of loans by geographic area as a percentage of loan type | 3.90% | |
Construction | Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 205,595 | |
Ratio of loans by geographic location to total loans | 1.70% | |
Percentage of loans by geographic area as a percentage of loan type | 12.90% | |
Construction | Nevada | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 22,135 | |
Ratio of loans by geographic location to total loans | 0.20% | |
Percentage of loans by geographic area as a percentage of loan type | 1.40% | |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 1,434,610 | 1,093,639 |
Ratio of loans by geographic location to total loans | 11.80% | |
Percentage of loans by geographic area as a percentage of loan type | 100.00% | |
Commercial real estate | Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 528,762 | |
Ratio of loans by geographic location to total loans | 4.40% | |
Percentage of loans by geographic area as a percentage of loan type | 36.90% | |
Commercial real estate | Oregon | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 254,513 | |
Ratio of loans by geographic location to total loans | 2.10% | |
Percentage of loans by geographic area as a percentage of loan type | 17.70% | |
Commercial real estate | Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 218,200 | |
Ratio of loans by geographic location to total loans | 1.80% | |
Percentage of loans by geographic area as a percentage of loan type | 15.20% | |
Commercial real estate | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 95,304 | |
Ratio of loans by geographic location to total loans | 0.80% | |
Percentage of loans by geographic area as a percentage of loan type | 6.60% | |
Commercial real estate | Utah | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 28,586 | |
Ratio of loans by geographic location to total loans | 0.20% | |
Percentage of loans by geographic area as a percentage of loan type | 2.00% | |
Commercial real estate | Idaho | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 65,342 | |
Ratio of loans by geographic location to total loans | 0.50% | |
Percentage of loans by geographic area as a percentage of loan type | 4.60% | |
Commercial real estate | New Mexico | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 173,774 | |
Ratio of loans by geographic location to total loans | 1.40% | |
Percentage of loans by geographic area as a percentage of loan type | 12.10% | |
Commercial real estate | Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 61,439 | |
Ratio of loans by geographic location to total loans | 0.50% | |
Percentage of loans by geographic area as a percentage of loan type | 4.30% | |
Commercial real estate | Nevada | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 8,690 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 0.60% | |
Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 1,093,360 | 978,589 |
Ratio of loans by geographic location to total loans | 9.00% | |
Percentage of loans by geographic area as a percentage of loan type | 100.00% | |
Commercial & industrial | Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 555,651 | |
Ratio of loans by geographic location to total loans | 4.60% | |
Percentage of loans by geographic area as a percentage of loan type | 50.90% | |
Commercial & industrial | Oregon | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 217,813 | |
Ratio of loans by geographic location to total loans | 1.80% | |
Percentage of loans by geographic area as a percentage of loan type | 19.90% | |
Commercial & industrial | Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 50,506 | |
Ratio of loans by geographic location to total loans | 0.40% | |
Percentage of loans by geographic area as a percentage of loan type | 4.60% | |
Commercial & industrial | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 106,226 | |
Ratio of loans by geographic location to total loans | 0.90% | |
Percentage of loans by geographic area as a percentage of loan type | 9.70% | |
Commercial & industrial | Utah | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 38,328 | |
Ratio of loans by geographic location to total loans | 0.30% | |
Percentage of loans by geographic area as a percentage of loan type | 3.50% | |
Commercial & industrial | Idaho | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 29,529 | |
Ratio of loans by geographic location to total loans | 0.20% | |
Percentage of loans by geographic area as a percentage of loan type | 2.70% | |
Commercial & industrial | New Mexico | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 14,186 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 1.30% | |
Commercial & industrial | Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 59,484 | |
Ratio of loans by geographic location to total loans | 0.50% | |
Percentage of loans by geographic area as a percentage of loan type | 5.40% | |
Commercial & industrial | Nevada | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 21,637 | |
Ratio of loans by geographic location to total loans | 0.20% | |
Percentage of loans by geographic area as a percentage of loan type | 2.00% | |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 85,075 | 139,000 |
Ratio of loans by geographic location to total loans | 0.70% | |
Percentage of loans by geographic area as a percentage of loan type | 100.00% | |
Consumer | Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 2,186 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 2.80% | |
Consumer | Oregon | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 2,252 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 2.60% | |
Consumer | Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 296 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.30% | |
Consumer | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 78,614 | |
Ratio of loans by geographic location to total loans | 0.70% | |
Percentage of loans by geographic area as a percentage of loan type | 92.40% | |
Consumer | Utah | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 22 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.00% | |
Consumer | Idaho | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 123 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.10% | |
Consumer | New Mexico | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 768 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.90% | |
Consumer | Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 775 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.90% | |
Consumer | Nevada | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 39 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.00% | |
HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 144,850 | 149,716 |
Ratio of loans by geographic location to total loans | 1.20% | |
Percentage of loans by geographic area as a percentage of loan type | 100.00% | |
HELOC | Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 87,290 | |
Ratio of loans by geographic location to total loans | 0.70% | |
Percentage of loans by geographic area as a percentage of loan type | 60.30% | |
HELOC | Oregon | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 13,577 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 9.40% | |
HELOC | Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 13,781 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 9.50% | |
HELOC | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 53 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.00% | |
HELOC | Utah | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 7,823 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 5.40% | |
HELOC | Idaho | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 7,293 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 5.00% | |
HELOC | New Mexico | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 13,332 | |
Ratio of loans by geographic location to total loans | 0.10% | |
Percentage of loans by geographic area as a percentage of loan type | 9.20% | |
HELOC | Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 0 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 0.00% | |
HELOC | Nevada | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 1,701 | |
Ratio of loans by geographic location to total loans | 0.00% | |
Percentage of loans by geographic area as a percentage of loan type | 1.20% | |
Loans Receivable from Related Party Including Unfunded Loan Commitment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans granted to officers, directors, and related interests | $ 84,166 | $ 57,153 |
Loans Receivable - Loans Impair
Loans Receivable - Loans Impaired, Loan Commitments and Loans Serviced (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Receivables [Abstract] | ||
Recorded investment in impaired loans | $ 251,274 | $ 285,243 |
TDRs included in impaired loans | 207,377 | 261,531 |
Allocated reserves on impaired loans | 1,363 | 1,980 |
Specific reserves on impaired loans | 126 | 366 |
Average balance of impaired loans for year ended | 274,530 | 301,685 |
Interest income from impaired loans for year ended | 11,736 | 12,843 |
Outstanding fixed-rate origination commitments | 425,130 | 331,947 |
Gross loans serviced for others | $ 77,119 | $ 80,896 |
Loans Receivable - Loans on Non
Loans Receivable - Loans on Non-accrual Status (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 49,580 | $ 42,414 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 100.00% | 100.00% |
Nonaccrual, percent of total loans | 0.43% | 0.46% |
Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 27,930 | $ 33,148 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 56.30% | 78.20% |
Construction - custom | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 91 | $ 0 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 0.20% | 0.00% |
Land - acquisition & development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 296 | $ 58 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 0.60% | 0.10% |
Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 605 | $ 510 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 1.20% | 1.20% |
Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 139 | $ 776 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 0.30% | 1.80% |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 11,815 | $ 7,100 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 23.80% | 16.70% |
Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 8,082 | $ 583 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 16.30% | 1.40% |
HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 531 | $ 239 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 1.10% | 0.60% |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 91 | $ 0 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 0.20% | 0.00% |
Loans Receivable - Breakdown of
Loans Receivable - Breakdown of Delinquent Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Net of Charge Offs and Loans in Process | $ 11,051,453 | |
Recorded investment, current | 11,007,440 | |
Recorded investment, past due | $ 44,013 | |
Ratio of total past due loans to total loans | 0.40% | 0.68% |
Delinquency %, current | 99.60% | |
Delinquency %, past due | 0.40% | |
Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Net of Charge Offs and Loans in Process | $ 5,709,690 | |
Recorded investment, current | 5,671,933 | |
Recorded investment, past due | $ 37,757 | |
Ratio of total past due loans to total loans | 0.66% | |
Construction - speculative | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Net of Charge Offs and Loans in Process | $ 793,959 | |
Recorded investment, current | 793,959 | |
Recorded investment, past due | $ 0 | |
Ratio of total past due loans to total loans | 0.00% | |
Construction - custom | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Net of Charge Offs and Loans in Process | $ 277,599 | |
Recorded investment, current | 277,508 | |
Recorded investment, past due | $ 91 | |
Ratio of total past due loans to total loans | 0.03% | |
Land - acquisition & development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Net of Charge Offs and Loans in Process | $ 104,856 | |
Recorded investment, current | 104,526 | |
Recorded investment, past due | $ 330 | |
Ratio of total past due loans to total loans | 0.31% | |
Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Net of Charge Offs and Loans in Process | $ 104,335 | |
Recorded investment, current | 103,389 | |
Recorded investment, past due | $ 946 | |
Ratio of total past due loans to total loans | 0.91% | |
Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Net of Charge Offs and Loans in Process | $ 1,303,119 | |
Recorded investment, current | 1,302,720 | |
Recorded investment, past due | $ 399 | |
Ratio of total past due loans to total loans | 0.03% | |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Net of Charge Offs and Loans in Process | $ 1,434,610 | |
Recorded investment, current | 1,432,052 | |
Recorded investment, past due | $ 2,558 | |
Ratio of total past due loans to total loans | 0.18% | |
Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Net of Charge Offs and Loans in Process | $ 1,093,360 | |
Recorded investment, current | 1,092,735 | |
Recorded investment, past due | $ 625 | |
Ratio of total past due loans to total loans | 0.06% | |
HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Net of Charge Offs and Loans in Process | $ 144,850 | |
Recorded investment, current | 143,974 | |
Recorded investment, past due | $ 876 | |
Ratio of total past due loans to total loans | 0.60% | |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable, Net of Charge Offs and Loans in Process | $ 85,075 | |
Recorded investment, current | 84,644 | |
Recorded investment, past due | $ 431 | |
Ratio of total past due loans to total loans | 0.51% | |
30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | $ 12,015 | |
Delinquency %, past due | 0.11% | |
30 Days Delinquent | Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | $ 10,925 | |
30 Days Delinquent | Construction - speculative | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 0 | |
30 Days Delinquent | Construction - custom | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 0 | |
30 Days Delinquent | Land - acquisition & development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 0 | |
30 Days Delinquent | Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 112 | |
30 Days Delinquent | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 5 | |
30 Days Delinquent | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 507 | |
30 Days Delinquent | Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 0 | |
30 Days Delinquent | HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 221 | |
30 Days Delinquent | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 245 | |
60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | $ 6,245 | |
Delinquency %, past due | 0.06% | |
60 Days Delinquent | Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | $ 4,810 | |
60 Days Delinquent | Construction - speculative | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 0 | |
60 Days Delinquent | Construction - custom | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 0 | |
60 Days Delinquent | Land - acquisition & development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 0 | |
60 Days Delinquent | Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 680 | |
60 Days Delinquent | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 255 | |
60 Days Delinquent | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 0 | |
60 Days Delinquent | Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 51 | |
60 Days Delinquent | HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 342 | |
60 Days Delinquent | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 107 | |
90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | $ 25,753 | |
Delinquency %, past due | 0.23% | |
90 Days Delinquent | Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | $ 22,022 | |
90 Days Delinquent | Construction - speculative | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 0 | |
90 Days Delinquent | Construction - custom | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 91 | |
90 Days Delinquent | Land - acquisition & development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 330 | |
90 Days Delinquent | Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 154 | |
90 Days Delinquent | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 139 | |
90 Days Delinquent | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 2,051 | |
90 Days Delinquent | Commercial and Industrial Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 574 | |
90 Days Delinquent | HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | 313 | |
90 Days Delinquent | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment, past due | $ 79 |
Loans Receivable - Troubled Deb
Loans Receivable - Troubled Debt Restructurings and Loan Modifications (Details) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017USD ($)contract | Sep. 30, 2016USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Approximate rate reduction concession, minimum | 1.00% | |
Approximate rate reduction concession, maximum | 2.00% | |
TDRs included in impaired loans | $ 207,377 | $ 261,531 |
Percent of restructured loans performing | 97.50% | |
Single family residential loans as percentage of restructured loans | 87.70% | |
Number of contracts | contract | 44 | 139 |
Pre-modification, outstanding recorded investment | $ 7,878 | $ 27,184 |
Post-modification, outstanding recorded investment | $ 7,878 | $ 27,184 |
Subsequent default, number of contracts | contract | 26 | 25 |
Subsequent default, recorded investment | $ 4,481 | $ 6,086 |
Single-family residential | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 38 | 120 |
Pre-modification, outstanding recorded investment | $ 7,115 | $ 23,541 |
Post-modification, outstanding recorded investment | $ 7,115 | $ 23,541 |
Subsequent default, number of contracts | contract | 24 | 17 |
Subsequent default, recorded investment | $ 4,214 | $ 4,875 |
Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Subsequent default, number of contracts | contract | 0 | 1 |
Subsequent default, recorded investment | $ 0 | $ 279 |
Land - consumer lot loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 2 | 10 |
Pre-modification, outstanding recorded investment | $ 211 | $ 970 |
Post-modification, outstanding recorded investment | $ 211 | $ 970 |
Subsequent default, number of contracts | contract | 0 | 5 |
Subsequent default, recorded investment | $ 0 | $ 606 |
Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 0 | 7 |
Pre-modification, outstanding recorded investment | $ 0 | $ 2,523 |
Post-modification, outstanding recorded investment | $ 0 | $ 2,523 |
Subsequent default, number of contracts | contract | 2 | 2 |
Subsequent default, recorded investment | $ 267 | $ 326 |
HELOC | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 4 | 1 |
Pre-modification, outstanding recorded investment | $ 552 | $ 126 |
Post-modification, outstanding recorded investment | $ 552 | $ 126 |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 0 | 1 |
Pre-modification, outstanding recorded investment | $ 0 | $ 24 |
Post-modification, outstanding recorded investment | $ 0 | $ 24 |
Minimum | ||
Financing Receivable, Modifications [Line Items] | ||
Term for payment and rate reduction | 6 months | |
Maximum | ||
Financing Receivable, Modifications [Line Items] | ||
Term for payment and rate reduction | 12 months |
Loans Receivable - Schedule o52
Loans Receivable - Schedule of Covered Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 12,201,387 | $ 10,950,608 |
FDIC Indemnification Asset Movement Analysis | ||
Balance at beginning of year | 12,769 | 16,275 |
Payments received | (584) | (1,730) |
Amortization | (3,450) | (2,012) |
Accretion | 232 | 236 |
Balance at end of year | 8,967 | 12,769 |
Covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 20,572 | $ 28,974 |
Allowance for Losses on Loans -
Allowance for Losses on Loans - Allowance for Losses on Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | $ 113,494 | $ 106,829 |
Charge-offs | (2,700) | (6,000) |
Recoveries | 17,007 | 19,065 |
Provision & Transfers | (4,728) | (6,400) |
Ending Allowance | 123,073 | 113,494 |
Single-family residential | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 37,796 | 47,347 |
Charge-offs | (1,229) | (3,106) |
Recoveries | 653 | 3,251 |
Provision & Transfers | (328) | (9,696) |
Ending Allowance | 36,892 | 37,796 |
Construction | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 19,838 | 6,680 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 745 |
Provision & Transfers | 4,718 | 12,413 |
Ending Allowance | 24,556 | 19,838 |
Construction - custom | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 1,080 | 990 |
Charge-offs | (16) | (60) |
Recoveries | 0 | 60 |
Provision & Transfers | 880 | 90 |
Ending Allowance | 1,944 | 1,080 |
Land - acquisition & development | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 6,023 | 5,781 |
Charge-offs | (280) | (42) |
Recoveries | 11,038 | 8,220 |
Provision & Transfers | (9,952) | (7,936) |
Ending Allowance | 6,829 | 6,023 |
Land - consumer lot loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 2,535 | 2,946 |
Charge-offs | (17) | (732) |
Recoveries | 481 | 5 |
Provision & Transfers | (350) | 316 |
Ending Allowance | 2,649 | 2,535 |
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 | 937 | 1,621 |
Ending Allowance | 7,862 | 6,925 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 8,588 | 8,960 |
Charge-offs | (11) | (103) |
Recoveries | 1,684 | 1,812 |
Provision & Transfers | 1,557 | (2,081) |
Ending Allowance | 11,818 | 8,588 |
Commercial & industrial | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 28,008 | 24,980 |
Charge-offs | (173) | (941) |
Recoveries | 1,833 | 2,933 |
Provision & Transfers | (1,144) | 1,036 |
Ending Allowance | 28,524 | 28,008 |
HELOC | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 813 | 902 |
Charge-offs | (90) | (54) |
Recoveries | 21 | 21 |
Provision & Transfers | 111 | (56) |
Ending Allowance | 855 | 813 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 1,888 | 2,939 |
Charge-offs | (884) | (962) |
Recoveries | 1,297 | 2,018 |
Provision & Transfers | (1,157) | (2,107) |
Ending Allowance | $ 1,144 | $ 1,888 |
Allowance for Losses on Loans54
Allowance for Losses on Loans - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Provision (release) for loan losses | $ (500) | $ 0 | $ (1,600) | $ 0 | $ (3,100) | $ (1,650) | $ (1,500) | $ 0 | $ (2,100) | $ (6,250) | $ (11,162) |
Provision (release) for loan, lease, and other losses | (4,728) | (6,400) | |||||||||
Allowance for credit losses, recoveries, net of charge-offs | 14,307 | 13,065 | |||||||||
Nonaccrual loans by portfolio segment | 49,580 | 42,414 | 49,580 | 42,414 | |||||||
Loans receivable, gross | 12,201,387 | 10,950,608 | 12,201,387 | 10,950,608 | |||||||
Allowance for probable losses | 123,073 | 113,494 | 123,073 | 113,494 | $ 106,829 | ||||||
Loans Collectively Evaluated for Impairment | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Loans receivable, gross | 11,000,212 | 9,784,140 | 11,000,212 | 9,784,140 | |||||||
Allowance for probable losses | 122,947 | 113,128 | 122,947 | 113,128 | |||||||
Loans Individually Evaluated for Impairment | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Loans receivable, gross | 28,553 | 34,271 | 28,553 | 34,271 | |||||||
Allowance for probable losses | 126 | 366 | 126 | 366 | |||||||
Covered Loans | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Loans receivable, gross | 20,572 | 28,974 | 20,572 | 28,974 | |||||||
Non-Performing Loans | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Nonaccrual loans by portfolio segment | 49,580 | 42,414 | 49,580 | 42,414 | |||||||
Loans receivable, gross | $ 70,238 | $ 71,441 | $ 70,238 | $ 71,441 | |||||||
Ratio of non-performing assets to total assets | 0.46% | 0.48% | 0.46% | 0.48% | |||||||
Substandard | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Loans receivable, gross | $ 107,675 | $ 154,026 | $ 107,675 | $ 154,026 | |||||||
Substandard | Acquired and Covered Loans | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Loans receivable, gross | $ 20,224 | $ 35,910 | $ 20,224 | $ 35,910 |
Allowance for Losses on Loans55
Allowance for Losses on Loans - Loans Collectively and Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 123,073 | $ 113,494 | $ 106,829 |
Recorded investment of loans | 12,201,387 | 10,950,608 | |
Single-family residential | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | 36,892 | 37,796 | 47,347 |
Recorded investment of loans | 5,711,004 | 5,658,830 | |
Construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | 24,556 | 19,838 | 6,680 |
Recorded investment of loans | 1,597,996 | 1,110,411 | |
Construction - custom | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | 1,944 | 1,080 | 990 |
Recorded investment of loans | 602,631 | 473,069 | |
Land - acquisition & development | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | 6,829 | 6,023 | 5,781 |
Recorded investment of loans | 124,308 | 118,497 | |
Land - consumer lot loans | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | 2,649 | 2,535 | 2,946 |
Recorded investment of loans | 104,405 | 104,567 | |
Multi-family | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | 7,862 | 6,925 | 5,304 |
Recorded investment of loans | 1,303,148 | 1,124,290 | |
Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | 11,818 | 8,588 | 8,960 |
Recorded investment of loans | 1,434,610 | 1,093,639 | |
Commercial & industrial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | 28,524 | 28,008 | 24,980 |
Recorded investment of loans | 1,093,360 | 978,589 | |
HELOC | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | 855 | 813 | 902 |
Recorded investment of loans | 144,850 | 149,716 | |
Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | 1,144 | 1,888 | $ 2,939 |
Recorded investment of loans | 85,075 | 139,000 | |
Loans Collectively Evaluated for Impairment | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | 122,947 | 113,128 | |
Recorded investment of loans | $ 11,000,212 | $ 9,784,140 | |
Ratio | 1.10% | 1.20% | |
Loans Collectively Evaluated for Impairment | Single-family residential | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 36,893 | $ 37,536 | |
Recorded investment of loans | $ 5,713,576 | $ 5,585,912 | |
Ratio | 0.70% | 0.70% | |
Loans Collectively Evaluated for Impairment | Construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 24,556 | $ 19,838 | |
Recorded investment of loans | $ 793,958 | $ 498,450 | |
Ratio | 3.10% | 4.00% | |
Loans Collectively Evaluated for Impairment | Construction - custom | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 1,944 | $ 1,080 | |
Recorded investment of loans | $ 277,495 | $ 229,298 | |
Ratio | 0.70% | 0.50% | |
Loans Collectively Evaluated for Impairment | Land - acquisition & development | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 6,828 | $ 6,022 | |
Recorded investment of loans | $ 104,767 | $ 90,850 | |
Ratio | 6.50% | 6.60% | |
Loans Collectively Evaluated for Impairment | Land - consumer lot loans | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 2,649 | $ 2,535 | |
Recorded investment of loans | $ 96,337 | $ 92,828 | |
Ratio | 2.80% | 2.70% | |
Loans Collectively Evaluated for Impairment | Multi-family | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 7,857 | $ 6,911 | |
Recorded investment of loans | $ 1,302,625 | $ 1,091,974 | |
Ratio | 0.60% | 0.60% | |
Loans Collectively Evaluated for Impairment | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 11,697 | $ 8,497 | |
Recorded investment of loans | $ 1,391,668 | $ 957,380 | |
Ratio | 0.80% | 0.90% | |
Loans Collectively Evaluated for Impairment | Commercial & industrial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 28,524 | $ 28,008 | |
Recorded investment of loans | $ 1,093,210 | $ 966,930 | |
Ratio | 2.60% | 2.90% | |
Loans Collectively Evaluated for Impairment | HELOC | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 855 | $ 813 | |
Recorded investment of loans | $ 141,689 | $ 133,203 | |
Ratio | 0.60% | 0.60% | |
Loans Collectively Evaluated for Impairment | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 1,144 | $ 1,888 | |
Recorded investment of loans | $ 84,887 | $ 137,315 | |
Ratio | 1.40% | 1.40% | |
Loans Individually Evaluated for Impairment | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 126 | $ 366 | |
Recorded investment of loans | $ 28,553 | $ 34,271 | |
Ratio | 0.40% | 1.10% | |
Loans Individually Evaluated for Impairment | Single-family residential | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 0 | $ 260 | |
Recorded investment of loans | $ 5,552 | $ 19,629 | |
Ratio | 0.00% | 1.30% | |
Loans Individually Evaluated for Impairment | Construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 0 | $ 0 | |
Recorded investment of loans | $ 0 | $ 0 | |
Ratio | 0.00% | 0.00% | |
Loans Individually Evaluated for Impairment | Construction - custom | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 0 | $ 0 | |
Recorded investment of loans | $ 105 | $ 330 | |
Ratio | 0.00% | 0.00% | |
Loans Individually Evaluated for Impairment | Land - acquisition & development | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 1 | $ 2 | |
Recorded investment of loans | $ 89 | $ 850 | |
Ratio | 1.00% | 0.20% | |
Loans Individually Evaluated for Impairment | Land - consumer lot loans | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 0 | $ 0 | |
Recorded investment of loans | $ 171 | $ 558 | |
Ratio | 0.00% | 0.00% | |
Loans Individually Evaluated for Impairment | Multi-family | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 5 | $ 13 | |
Recorded investment of loans | $ 493 | $ 1,505 | |
Ratio | 1.00% | 0.90% | |
Loans Individually Evaluated for Impairment | Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 120 | $ 91 | |
Recorded investment of loans | $ 21,765 | $ 11,157 | |
Ratio | 0.60% | 0.80% | |
Loans Individually Evaluated for Impairment | Commercial & industrial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 0 | $ 0 | |
Recorded investment of loans | $ 81 | $ 0 | |
Ratio | 0.00% | 0.00% | |
Loans Individually Evaluated for Impairment | HELOC | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 0 | $ 0 | |
Recorded investment of loans | $ 215 | $ 239 | |
Ratio | 0.00% | 0.00% | |
Loans Individually Evaluated for Impairment | Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses | $ 0 | $ 0 | |
Recorded investment of loans | $ 82 | $ 3 | |
Ratio | 0.00% | 0.00% |
Allowance for Losses on Loans56
Allowance for Losses on Loans - Internally Assigned Grade (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 12,201,387 | $ 10,950,608 |
Single-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 5,711,004 | 5,658,830 |
Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,597,996 | 1,110,411 |
Construction - custom | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 602,631 | 473,069 |
Land - acquisition & development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 124,308 | 118,497 |
Land - consumer lot loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 104,405 | 104,567 |
Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,303,148 | 1,124,290 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,434,610 | 1,093,639 |
Commercial & industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,093,360 | 978,589 |
HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 144,850 | 149,716 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 85,075 | 139,000 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 12,066,952 | $ 10,764,097 |
Grade as percentage of total gross loans | 98.90% | 98.30% |
Pass | Single-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 5,671,229 | $ 5,607,521 |
Pass | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,594,926 | 1,098,549 |
Pass | Construction - custom | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 602,540 | 473,069 |
Pass | Land - acquisition & development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 123,028 | 111,225 |
Pass | Land - consumer lot loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 103,787 | 103,528 |
Pass | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,295,261 | 1,117,437 |
Pass | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,391,996 | 1,033,880 |
Pass | Commercial & industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,054,972 | 930,776 |
Pass | HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 144,229 | 149,195 |
Pass | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 84,984 | 138,917 |
Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 26,760 | $ 32,485 |
Grade as percentage of total gross loans | 0.20% | 0.30% |
Special mention | Single-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 0 | $ 0 |
Special mention | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 8,595 |
Special mention | Construction - custom | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Special mention | Land - acquisition & development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 207 | 0 |
Special mention | Land - consumer lot loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Special mention | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 5,795 | 3,237 |
Special mention | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 5,944 | 13,446 |
Special mention | Commercial & industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 14,814 | 7,207 |
Special mention | HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Special mention | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 107,675 | $ 154,026 |
Grade as percentage of total gross loans | 0.90% | 1.40% |
Substandard | Single-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 39,775 | $ 51,309 |
Substandard | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 3,070 | 3,267 |
Substandard | Construction - custom | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 91 | 0 |
Substandard | Land - acquisition & development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,073 | 7,272 |
Substandard | Land - consumer lot loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 618 | 1,039 |
Substandard | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 2,092 | 3,616 |
Substandard | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 36,670 | 46,313 |
Substandard | Commercial & industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 23,574 | 40,606 |
Substandard | HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 621 | 521 |
Substandard | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 91 | 83 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 0 | $ 0 |
Grade as percentage of total gross loans | 0.00% | 0.00% |
Doubtful | Single-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 0 | $ 0 |
Doubtful | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Doubtful | Construction - custom | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Doubtful | Land - acquisition & development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Doubtful | Land - consumer lot loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Doubtful | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Doubtful | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Doubtful | Commercial & industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Doubtful | HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Doubtful | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 0 | $ 0 |
Grade as percentage of total gross loans | 0.00% | 0.00% |
Loss | Single-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 0 | $ 0 |
Loss | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Loss | Construction - custom | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Loss | Land - acquisition & development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Loss | Land - consumer lot loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Loss | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Loss | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Loss | Commercial & industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Loss | HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Loss | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 0 | $ 0 |
Allowance for Losses on Loans57
Allowance for Losses on Loans - Credit Risk Profile Based on Payment Activity (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 12,201,387 | $ 10,950,608 |
Nonaccrual loans by portfolio segment | 49,580 | 42,414 |
Single-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 5,711,004 | 5,658,830 |
Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,597,996 | 1,110,411 |
Construction - custom | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 602,631 | 473,069 |
Land - acquisition & development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 124,308 | 118,497 |
Land - consumer lot loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 104,405 | 104,567 |
Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,303,148 | 1,124,290 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,434,610 | 1,093,639 |
Commercial & industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,093,360 | 978,589 |
HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 144,850 | 149,716 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 85,075 | 139,000 |
Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 12,151,807 | $ 10,908,194 |
Grade as percentage of total gross assets | 99.60% | 99.60% |
Performing Loans | Single-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 5,683,074 | $ 5,625,682 |
Grade as percentage of total gross assets | 99.50% | 99.40% |
Performing Loans | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,597,996 | $ 1,110,411 |
Grade as percentage of total gross assets | 100.00% | 100.00% |
Performing Loans | Construction - custom | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 602,540 | $ 473,069 |
Grade as percentage of total gross assets | 99.90% | 100.00% |
Performing Loans | Land - acquisition & development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 124,012 | $ 118,439 |
Grade as percentage of total gross assets | 99.80% | 99.90% |
Performing Loans | Land - consumer lot loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 103,800 | $ 104,057 |
Grade as percentage of total gross assets | 99.40% | 99.50% |
Performing Loans | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,303,009 | $ 1,123,583 |
Grade as percentage of total gross assets | 99.90% | 99.90% |
Performing Loans | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,422,795 | $ 1,086,470 |
Grade as percentage of total gross assets | 99.20% | 99.30% |
Performing Loans | Commercial & industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,085,278 | $ 978,006 |
Grade as percentage of total gross assets | 99.30% | 99.90% |
Performing Loans | HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 144,319 | $ 149,477 |
Grade as percentage of total gross assets | 99.60% | 99.80% |
Performing Loans | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 84,984 | $ 139,000 |
Grade as percentage of total gross assets | 99.90% | 100.00% |
Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 70,238 | $ 71,441 |
Nonaccrual loans by portfolio segment | $ 49,580 | $ 42,414 |
Percentage of total gross loans | 0.40% | 0.40% |
Non-Performing Loans | Single-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 27,930 | $ 33,148 |
Percentage of total gross loans | 0.50% | 0.60% |
Non-Performing Loans | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 0 | $ 0 |
Percentage of total gross loans | 0.00% | 0.00% |
Non-Performing Loans | Construction - custom | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 91 | $ 0 |
Percentage of total gross loans | 0.10% | 0.00% |
Non-Performing Loans | Land - acquisition & development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 296 | $ 58 |
Percentage of total gross loans | 0.20% | 0.10% |
Non-Performing Loans | Land - consumer lot loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 605 | $ 510 |
Percentage of total gross loans | 0.60% | 0.50% |
Non-Performing Loans | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 139 | $ 776 |
Percentage of total gross loans | 0.10% | 0.10% |
Non-Performing Loans | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 11,815 | $ 7,100 |
Percentage of total gross loans | 0.80% | 0.70% |
Non-Performing Loans | Commercial & industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 8,082 | $ 583 |
Percentage of total gross loans | 0.70% | 0.10% |
Non-Performing Loans | HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 531 | $ 239 |
Percentage of total gross loans | 0.40% | 0.20% |
Non-Performing Loans | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 91 | $ 0 |
Percentage of total gross loans | 0.10% | 0.00% |
Allowance for Losses on Loans58
Allowance for Losses on Loans - Impaired Loans Based on Loan Types (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | $ 251,274 | $ 285,243 |
Unpaid principal balance | 289,340 | 321,743 |
Related allowance | 4,156 | 3,915 |
Average recorded investment | 274,530 | 301,685 |
Amount of related allowance included in specific reserves | 126 | 366 |
Amount of related allowance included in general reserves | 4,030 | 3,549 |
Single-family residential | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 203,266 | 237,813 |
Unpaid principal balance | 210,047 | 243,961 |
Related allowance | 4,030 | 3,809 |
Average recorded investment | 224,094 | 250,805 |
Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 1,089 |
Construction - custom | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 148 | 0 |
Unpaid principal balance | 165 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 231 | 603 |
Land - acquisition & development | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 420 | 1,292 |
Unpaid principal balance | 8,298 | 11,095 |
Related allowance | 1 | 1 |
Average recorded investment | 752 | 2,485 |
Land - consumer lot loans | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 8,157 | 10,129 |
Unpaid principal balance | 8,856 | 11,287 |
Related allowance | 0 | 1 |
Average recorded investment | 9,407 | 10,917 |
Multi-family | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 632 | 1,899 |
Unpaid principal balance | 3,724 | 5,477 |
Related allowance | 5 | 13 |
Average recorded investment | 1,772 | 3,438 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 27,969 | 31,175 |
Unpaid principal balance | 39,194 | 44,149 |
Related allowance | 120 | 91 |
Average recorded investment | 28,457 | 28,992 |
Commercial & industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 8,279 | 1,030 |
Unpaid principal balance | 14,321 | 3,082 |
Related allowance | 0 | 0 |
Average recorded investment | 7,722 | 1,205 |
HELOC | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 2,218 | 1,715 |
Unpaid principal balance | 3,018 | 1,836 |
Related allowance | 0 | 0 |
Average recorded investment | 1,938 | 1,815 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 185 | 190 |
Unpaid principal balance | 1,717 | 856 |
Related allowance | 0 | 0 |
Average recorded investment | 157 | 336 |
Scenario, Previously Reported | ||
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment | 265,771 | |
No Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 43,897 | 23,712 |
Unpaid principal balance | 75,267 | 50,196 |
Related allowance | 0 | 0 |
Average recorded investment | 40,392 | 25,725 |
No Allowance Recorded | Single-family residential | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 21,325 | 9,627 |
Unpaid principal balance | 23,880 | 11,366 |
Related allowance | 0 | 0 |
Average recorded investment | 19,371 | 12,618 |
No Allowance Recorded | Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 91 |
No Allowance Recorded | Construction - custom | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 148 | 0 |
Unpaid principal balance | 165 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 231 | 603 |
No Allowance Recorded | Land - acquisition & development | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 330 | 138 |
Unpaid principal balance | 8,208 | 9,001 |
Related allowance | 0 | 0 |
Average recorded investment | 176 | 720 |
No Allowance Recorded | Land - consumer lot loans | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 208 | 499 |
Unpaid principal balance | 330 | 609 |
Related allowance | 0 | 0 |
Average recorded investment | 431 | 587 |
No Allowance Recorded | Multi-family | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 139 | 394 |
Unpaid principal balance | 3,231 | 3,972 |
Related allowance | 0 | 0 |
Average recorded investment | 748 | 1,279 |
No Allowance Recorded | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 12,890 | 11,741 |
Unpaid principal balance | 22,487 | 21,301 |
Related allowance | 0 | 0 |
Average recorded investment | 11,466 | 7,994 |
No Allowance Recorded | Commercial & industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 8,279 | 1,030 |
Unpaid principal balance | 14,321 | 3,082 |
Related allowance | 0 | 0 |
Average recorded investment | 7,425 | 1,205 |
No Allowance Recorded | HELOC | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 490 | 209 |
Unpaid principal balance | 1,212 | 315 |
Related allowance | 0 | 0 |
Average recorded investment | 487 | 392 |
No Allowance Recorded | Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 88 | 74 |
Unpaid principal balance | 1,433 | 550 |
Related allowance | 0 | 0 |
Average recorded investment | 57 | 236 |
Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 207,377 | 261,531 |
Unpaid principal balance | 214,073 | 271,547 |
Related allowance | 4,156 | 3,915 |
Average recorded investment | 234,138 | 275,960 |
Allowance Recorded | Single-family residential | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 181,941 | 228,186 |
Unpaid principal balance | 186,167 | 232,595 |
Related allowance | 4,030 | 3,809 |
Average recorded investment | 204,723 | 238,187 |
Allowance Recorded | Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 998 |
Allowance Recorded | Construction - custom | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 0 |
Allowance Recorded | Land - acquisition & development | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 90 | 1,154 |
Unpaid principal balance | 90 | 2,094 |
Related allowance | 1 | 1 |
Average recorded investment | 576 | 1,765 |
Allowance Recorded | Land - consumer lot loans | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 7,949 | 9,630 |
Unpaid principal balance | 8,526 | 10,678 |
Related allowance | 0 | 1 |
Average recorded investment | 8,976 | 10,330 |
Allowance Recorded | Multi-family | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 493 | 1,505 |
Unpaid principal balance | 493 | 1,505 |
Related allowance | 5 | 13 |
Average recorded investment | 1,024 | 2,159 |
Allowance Recorded | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 15,079 | 19,434 |
Unpaid principal balance | 16,707 | 22,848 |
Related allowance | 120 | 91 |
Average recorded investment | 16,991 | 20,998 |
Allowance Recorded | Commercial & industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 297 | 0 |
Allowance Recorded | HELOC | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 1,728 | 1,506 |
Unpaid principal balance | 1,806 | 1,521 |
Related allowance | 0 | 0 |
Average recorded investment | 1,451 | 1,423 |
Allowance Recorded | Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 97 | 116 |
Unpaid principal balance | 284 | 306 |
Related allowance | 0 | 0 |
Average recorded investment | $ 100 | $ 100 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | $ 1,266,209 | $ 1,922,894 |
Total Financial Assets | 2,902,122 | 3,364,450 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 1,266,209 | 1,922,894 |
Interest rate contracts | 1,139 | 20,895 |
Total Financial Assets | 1,267,348 | 1,943,789 |
Total Financial Liabilities | 3,006 | 55,554 |
Fair Value, Measurements, Recurring | Interest rate contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 1,139 | 20,895 |
Fair Value, Measurements, Recurring | Commercial loan hedge | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 174 | 3,312 |
Fair Value, Measurements, Recurring | Long term borrowing hedge | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 1,693 | 31,347 |
Fair Value, Measurements, 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 |
Fair Value, Measurements, Recurring | Level 1 | Interest rate contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Commercial loan hedge | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Long term borrowing hedge | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 1,265,687 | 1,821,070 |
Interest rate contracts | 1,139 | 20,895 |
Total Financial Assets | 1,266,826 | 1,841,965 |
Total Financial Liabilities | 3,006 | 55,554 |
Fair Value, Measurements, Recurring | Level 2 | Interest rate contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 1,139 | 20,895 |
Fair Value, Measurements, Recurring | Level 2 | Commercial loan hedge | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 174 | 3,312 |
Fair Value, Measurements, Recurring | Level 2 | Long term borrowing hedge | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 1,693 | 31,347 |
Fair Value, Measurements, 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 |
Fair Value, Measurements, Recurring | Level 3 | Interest rate contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Commercial loan hedge | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Long term borrowing hedge | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0 | 0 |
Equity securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 522 | 101,824 |
Equity securities | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 522 | 101,824 |
Equity securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 0 | 0 |
Equity securities | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 0 | 0 |
U.S. government and agency securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 211,077 | 259,351 |
U.S. government and agency securities | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 0 | 0 |
U.S. government and agency securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 211,077 | 259,351 |
U.S. government and agency securities | Fair Value, Measurements, 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 |
Municipal bonds | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 26,624 | 27,670 |
Municipal bonds | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 0 | 0 |
Municipal bonds | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 26,624 | 27,670 |
Municipal bonds | Fair Value, Measurements, 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 |
Corporate debt securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 185,298 | 461,138 |
Corporate debt securities | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 0 | 0 |
Corporate debt securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 185,298 | 461,138 |
Corporate debt securities | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 0 | 0 |
Agency pass through mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 834,297 | 993,041 |
Agency pass through mortgage-backed securities | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 0 | 0 |
Agency pass through mortgage-backed securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 834,297 | 993,041 |
Agency pass through mortgage-backed securities | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 0 | 0 |
Other commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 8,391 | 79,870 |
Other commercial mortgage-backed securities | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 0 | 0 |
Other commercial mortgage-backed securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 8,391 | 79,870 |
Other commercial mortgage-backed securities | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | $ 0 | $ 0 |
Fair Value Measurements - Fai60
Fair Value Measurements - Fair Value Measured on Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured on nonrecurring basis | $ 21,750 | $ 42,666 | $ 21,750 | $ 42,666 |
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured on nonrecurring basis | 0 | 0 | 0 | 0 |
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured on nonrecurring basis | 0 | 0 | 0 | 0 |
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured on nonrecurring basis | 21,750 | 42,666 | 21,750 | 42,666 |
Impaired loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured on nonrecurring basis | 9,088 | 17,476 | 9,088 | 17,476 |
Impaired loans | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured on nonrecurring basis | 0 | 0 | 0 | 0 |
Impaired loans | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured on nonrecurring basis | 0 | 0 | 0 | 0 |
Impaired loans | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured on nonrecurring basis | 9,088 | 17,476 | 9,088 | 17,476 |
Real estate held for sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured on nonrecurring basis | 12,662 | 25,190 | 12,662 | 25,190 |
Real estate held for sale | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured on nonrecurring basis | 0 | 0 | 0 | 0 |
Real estate held for sale | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured on nonrecurring basis | 0 | 0 | 0 | 0 |
Real estate held for sale | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured on nonrecurring basis | 12,662 | 25,190 | 12,662 | 25,190 |
Changes Measurement | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Losses related to impaired loans and real estate held for sale | (626) | (1,477) | (3,379) | (8,183) |
Changes Measurement | Impaired loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Losses related to impaired loans and real estate held for sale | (250) | (474) | (1,916) | (4,236) |
Changes Measurement | Real estate held for sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Losses related to impaired loans and real estate held for sale | $ (376) | $ (1,003) | $ (1,463) | $ (3,947) |
Fair Value Measurements - Fai61
Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | $ 1,266,209 | $ 1,922,894 |
Held-to-maturity securities | 1,635,913 | 1,441,556 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 1,266,209 | 1,922,894 |
Held-to-maturity securities | 1,646,856 | 1,417,599 |
Carrying Amount | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 313,070 | 450,368 |
Carrying Amount | 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 |
Carrying Amount | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
FHLB and FRB stock | 122,990 | 117,205 |
Interest rate contracts | 1,139 | 20,895 |
Customer accounts | 10,835,008 | 10,600,852 |
FHLB advances and other borrowings | 2,225,000 | 2,080,000 |
Carrying Amount | Level 2 | Interest rate contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other liabilities | 1,139 | 20,895 |
Carrying Amount | Level 2 | Commercial loan hedge | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other liabilities | 174 | 3,312 |
Carrying Amount | Level 2 | Long term borrowing hedge | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other liabilities | 1,693 | 31,347 |
Carrying Amount | Level 2 | Agency pass through mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities | 1,646,856 | 1,417,599 |
Carrying Amount | 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 | 211,077 | 259,351 |
Carrying Amount | Level 2 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 26,624 | 27,670 |
Carrying Amount | 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 | 185,298 | 461,138 |
Carrying Amount | Level 2 | Agency pass through mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 834,297 | 993,041 |
Carrying Amount | Level 2 | Commercial MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 8,391 | 79,870 |
Carrying Amount | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable | 10,882,622 | 9,910,920 |
FDIC indemnification asset | 8,968 | 12,769 |
Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 1,266,209 | 1,922,894 |
Held-to-maturity securities | 1,635,913 | 1,441,556 |
Estimated Fair Value | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 313,070 | 450,368 |
Estimated Fair Value | 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 |
Estimated Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
FHLB and FRB stock | 122,990 | 117,205 |
Interest rate contracts | 1,139 | 20,895 |
Customer accounts | 10,411,686 | 10,184,321 |
FHLB advances and other borrowings | 2,266,791 | 2,184,671 |
Estimated Fair Value | Level 2 | Interest rate contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other liabilities | 1,139 | 20,895 |
Estimated Fair Value | Level 2 | Commercial loan hedge | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other liabilities | 174 | 3,312 |
Estimated Fair Value | Level 2 | Long term borrowing hedge | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other liabilities | 1,693 | 31,347 |
Estimated Fair Value | Level 2 | Agency pass through mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities | 1,635,913 | 1,441,556 |
Estimated Fair Value | 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 | 211,077 | 259,351 |
Estimated Fair Value | Level 2 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 26,624 | 27,670 |
Estimated Fair Value | 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 | 185,298 | 461,138 |
Estimated Fair Value | Level 2 | Agency pass through mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 834,297 | 993,041 |
Estimated Fair Value | Level 2 | Commercial MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 8,391 | 79,870 |
Estimated Fair Value | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable | 11,247,586 | 10,414,794 |
FDIC indemnification asset | $ 8,564 | $ 12,095 |
Derivatives and Hedging Activ62
Derivatives and Hedging Activities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Derivative [Line Items] | ||
Asset derivatives, fair value | $ 1,139 | $ 20,895 |
Liability derivatives, fair value | 3,006 | 55,554 |
Interest rate swap agreements | ||
Derivative [Line Items] | ||
Customer derivatives program | 1,035,573 | 840,935 |
Notional amount | 700,000 | 700,000 |
Interest rate contract | Other assets | ||
Derivative [Line Items] | ||
Asset derivatives, fair value | 1,139 | 20,895 |
Interest rate contract | Other liabilities | ||
Derivative [Line Items] | ||
Liability derivatives, fair value | 1,139 | 20,895 |
Commercial loan hedge | ||
Derivative [Line Items] | ||
Notional amount | 52,936 | 54,155 |
Commercial loan hedge | Other assets | ||
Derivative [Line Items] | ||
Asset derivatives, fair value | 0 | 0 |
Commercial loan hedge | Other liabilities | ||
Derivative [Line Items] | ||
Liability derivatives, fair value | 174 | 3,312 |
Long term borrowing hedge | Other assets | ||
Derivative [Line Items] | ||
Asset derivatives, fair value | 0 | 0 |
Long term borrowing hedge | Other liabilities | ||
Derivative [Line Items] | ||
Liability derivatives, fair value | 1,693 | $ 31,347 |
Related Party Loan | Interest rate swap agreements | ||
Derivative [Line Items] | ||
Customer derivatives program | $ 33,645 |
Interest Receivable (Details)
Interest Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest receivable | $ 41,643 | $ 37,669 |
Interest receivable | $ 41,643 | 37,669 |
Average period rate for earning assets | 9.80% | |
Loans receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest receivable | $ 33,688 | 29,858 |
Mortgage-backed securities | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest receivable | 6,049 | 5,670 |
Investment securities | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest receivable | $ 1,906 | $ 2,141 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | $ 390,291 | $ 386,819 | |
Less accumulated depreciation and amortization | (126,597) | (104,868) | |
Premises and equipment, net | 263,694 | 281,951 | |
Future minimum payments due, current | 5,956 | ||
Future minimum payments due, two years | 5,107 | ||
Future minimum payments due, three years | 4,923 | ||
Future minimum payments due, four years | 4,276 | ||
Future minimum payments due, five years | 3,750 | ||
Future minimum payments due, thereafter | 17,005 | ||
Rental expense | 5,500 | 5,300 | $ 6,600 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 102,381 | 109,414 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 149,805 | 143,841 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 18,587 | 18,365 | |
Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | $ 119,518 | $ 115,199 | |
Minimum | Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 25 years | 25 years | |
Minimum | Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 7 years | 7 years | |
Minimum | Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 2 years | 2 years | |
Maximum | Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 40 years | 40 years | |
Maximum | Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 15 years | 15 years | |
Maximum | Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 10 years | 10 years |
Customer Accounts - Schedule o
Customer Accounts - Schedule of Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Deposit Liabilities [Line Items] | ||
Checking accounts, 0.15% and under | $ 3,019,095 | $ 2,721,721 |
Savings accounts, 0.10% and under | 888,881 | 820,980 |
Money market accounts, 0.01% to 0.15% | 2,453,182 | 2,462,891 |
Time deposit accounts | ||
Less than 1.00% | 2,204,756 | 3,268,272 |
1.00% to 1.99% | 2,099,841 | 1,292,612 |
2.00% to 2.99% | 169,253 | 34,376 |
Total time deposits | 4,473,850 | 4,595,260 |
Customer accounts | 10,835,008 | 10,600,852 |
Within 1 year | 2,553,712 | 2,894,900 |
1 to 2 years | 975,351 | 798,309 |
2 to 3 years | 386,763 | 293,058 |
Over 3 years | 558,024 | 608,993 |
Customer accounts greater than $250,000 | $ 2,674,914 | $ 2,250,622 |
Minimum | ||
Deposit Liabilities [Line Items] | ||
Money market rate | 0.01% | 0.01% |
Maximum | ||
Deposit Liabilities [Line Items] | ||
Checking rate | 0.15% | 0.15% |
Passbook and statement rate | 0.10% | 0.10% |
Money market rate | 0.15% | 0.15% |
Customer Accounts - Interest E
Customer Accounts - Interest Expense on Customer Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |||
Checking accounts | $ 2,721 | $ 1,491 | $ 1,036 |
Savings accounts | 978 | 734 | 660 |
Money market accounts | 3,592 | 3,285 | 3,631 |
Time deposit accounts | 45,256 | 47,425 | 46,273 |
Interest expense on customer accounts, gross | 52,547 | 52,935 | 51,600 |
Less early withdrawal penalties | (524) | (450) | (546) |
Interest expense on customer accounts | $ 52,023 | $ 52,485 | $ 51,054 |
Weighted average interest rate at end of year | 0.54% | 0.50% | 0.48% |
Weighted daily average interest rate during the year | 0.49% | 0.50% | 0.48% |
FHLB Advances and Other Borro67
FHLB Advances and Other Borrowings - FHLB Advances (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Banking and Thrift [Abstract] | ||
Within 1 year | $ 1,395,000 | $ 200,000 |
1 to 3 years | 430,000 | 880,000 |
3 to 5 years | 400,000 | 700,000 |
More than 5 years | 0 | 300,000 |
FHLB advances | $ 2,225,000 | $ 2,080,000 |
FHLB Advances and Other Borro68
FHLB Advances and Other Borrowings - Weighted Average Cost and Amount of Advances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Federal Home Loan Banks [Abstract] | |||
Weighted average interest rate, net of cash flow hedges, at end of year | 2.80% | 3.15% | 3.35% |
Weighted daily average interest rate, net of cash flow hedges, during the year | 3.00% | 3.22% | 3.57% |
Daily average of FHLB advances during the year | $ 2,167,986 | $ 1,992,434 | $ 1,848,904 |
Maximum amount of FHLB advances at any month end | 2,350,000 | 2,080,000 | 1,930,000 |
Interest expense during the year (excludes interest rate swap expense) | $ 64,968 | $ 64,058 | $ 64,331 |
FHLB Advances and Other Borro69
FHLB Advances and Other Borrowings - Additional Information (Details) | 12 Months Ended |
Sep. 30, 2017 | |
Federal Home Loan Bank of Des Moines | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Federal home loan bank, percent of assets | 48.00% |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Asset (Liability) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Deferred tax assets | ||
Loan loss reserves | $ 50,411 | $ 45,531 |
REO reserves | 1,693 | 4,018 |
Valuation adjustment on available-for-sale securities and cash flow hedges | 0 | 6,482 |
Non-accrual loan interest | 2,262 | 2,812 |
FDIC assisted transactions | 12,236 | 9,598 |
Federal and state tax credits | 3,939 | 1,791 |
Deferred compensation | 3,037 | 2,359 |
Stock based compensation | 2,259 | 925 |
Other | 1,274 | 625 |
Total deferred tax assets | 77,111 | 74,141 |
Deferred tax liabilities | ||
FHLB stock dividends | 24,135 | 24,135 |
Valuation adjustment on available-for-sale securities and cash flow hedges | 2,914 | 0 |
Loan origination fees and costs | 13,643 | 14,826 |
Premises and equipment | 35,950 | 34,936 |
Other | 2,145 | 5,320 |
Total deferred tax liabilities | 78,787 | 79,217 |
Net deferred tax asset (liability) | (1,676) | (5,076) |
Current tax asset (liability) | (3,920) | 21,123 |
Net tax asset (liability) | $ (5,596) | $ 16,047 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Income Tax Rate (Details) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |||
Statutory income tax rate | 35.00% | 35.00% | 35.00% |
State income tax | 1.00% | 1.00% | 2.00% |
Other differences | (4.00%) | (2.00%) | (1.00%) |
Effective income tax rate | 32.00% | 34.00% | 36.00% |
Income Taxes - Components of In
Income Taxes - Components of Income Taxes (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Federal: | |||||||||||
Current | $ 87,804 | $ 57,173 | $ 79,841 | ||||||||
Deferred | (10,142) | 21,961 | 3,244 | ||||||||
Federal | 77,662 | 79,134 | 83,085 | ||||||||
State: | |||||||||||
Current | 4,991 | 3,600 | 6,636 | ||||||||
Deferred | 31 | 1,351 | (518) | ||||||||
State | 5,022 | 4,951 | 6,118 | ||||||||
Total | |||||||||||
Current | 92,795 | 60,773 | 86,477 | ||||||||
Deferred | (10,111) | 23,312 | 2,726 | ||||||||
Income taxes | $ 20,865 | $ 21,239 | $ 20,721 | $ 19,859 | $ 21,115 | $ 22,154 | $ 21,499 | $ 19,317 | $ 82,684 | $ 84,085 | $ 89,203 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||
Liability for uncertain tax positions | $ 104 | $ 105 |
Returns open to examination, minimum (years) | 3 years | |
Returns open to examination, maximum (years) | 5 years | |
Returns open to examination, state impact of federal changes, maximum (years) | 2 years |
401(k) and Employee Stock Own74
401(k) and Employee Stock Ownership Plan (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Retirement Benefits [Abstract] | |||
Employee contribution, percentage of annual salary | 100.00% | ||
Employee contribution, maximum allowable contribution | $ 54,000 | ||
Service period for eligibility (in years) | 1 year | ||
Number of hours of service required in 12 months for plan eligibility (in hours) | 1000 hours | ||
Employer matching contribution percent | 100.00% | ||
Percent of employees' gross pay | 4.00% | ||
Term for employees to become fully vested (in years) | 6 years | ||
Profit sharing contribution, percent | 7.00% | ||
Company contributions to plan | $ 6,433,000 | $ 7,600,000 | $ 8,700,000 |
Stock Award Plans - Additional
Stock Award Plans - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized to be reserved (in shares) | 5,000,000 | |||
Shares available for issuance (in shares) | 3,113,050 | |||
Award vesting period (in years) | 5 years | |||
Contractual term of award (in years) | 10 years | |||
Options granted (in shares) | 0 | 0 | 0 | |
Unrecognized compensation cost for stock options, net of forfeitures | $ 0 | |||
Compensation cost for stock options | $ 0 | $ 89,000 | $ 232,000 | |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity instruments other than options, nonvested (in shares) | 466,681 | 490,363 | 521,302 | 515,845 |
Fair market value at date of grant at restricted stock | $ 8,661,599 | |||
Compensation cost for stock options | $ 3,658,539 | $ 3,357,108 | $ 3,271,564 | |
Minimum | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period (in years) | 1 year | |||
Maximum | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period (in years) | 7 years |
Stock Award Plans - Option Acti
Stock Award Plans - Option Activity (Details) - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at September 30, 2016 (in shares) | 459,443 | |
Exercised (in shares) | (311,168) | |
Forfeited (in shares) | (25,745) | |
Outstanding at September 30, 2017 (in shares) | 122,530 | 459,443 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Options outstanding, weighted average exercise price at beginning of period (in dollars per share) | $ 21.47 | |
Options exercised, weighted average exercise price (in dollars per share) | 22.83 | |
Options forfeited, weighted average exercise price (in dollars per share) | 18.61 | |
Options outstanding, weighted average exercise price at end of period (in dollars per share) | $ 18.64 | $ 21.47 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Options exercisable (in shares) | 122,530 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 18.64 | |
Options outstanding, weighted average remaining contractual term (in years) | 2 years | 2 years |
Options exercisable, weighted average remaining contractual term (in years) | 2 years | |
Options outstanding, aggregate intrinsic value | $ 1,839 | $ 2,392 |
Options exercisable, aggregate intrinsic value | $ 1,839 |
Stock Award Plans - Other Stock
Stock Award Plans - Other Stock Option Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Compensation cost for stock options | $ 0 | $ 89 | $ 232 |
Weighted average grant date fair value per stock option (in dollars per share) | $ 3.06 | $ 2.73 | $ 2.96 |
Total intrinsic value of options exercised | $ 2,605 | $ 1,651 | $ 831 |
Grant date fair value of options exercised | 1,328 | 1,422 | 368 |
Proceeds from exercise of common stock options and related tax benefit | $ 7,238 | $ 9,283 | $ 2,070 |
Stock Award Plans - Nonvested S
Stock Award Plans - Nonvested Stock Options (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Weighted Average Grant Date Fair Value | |||
Unrecognized compensation cost for stock options, net of forfeitures | $ 0 | ||
Non-Vested Options | |||
Options Outstanding | |||
Outstanding at beginning of period (in shares) | 0 | 69,287 | 145,795 |
Vested (in shares) | 0 | (62,227) | (61,018) |
Forfeited (in shares) | 0 | (7,060) | (15,490) |
Outstanding at end of period (in shares) | 0 | 0 | 69,287 |
Weighted Average Grant Date Fair Value | |||
Outstanding at beginning of period (in dollars per share) | $ 0 | $ 3.85 | $ 3.87 |
Vested (in dollars per share) | 0 | 3.91 | 3.88 |
Forfeited (in dollars per share) | 0 | 3.89 | 3.90 |
Outstanding at end of period (in dollars per share) | $ 0 | $ 0 | $ 3.85 |
Stock Award Plans - Nonvested R
Stock Award Plans - Nonvested Restricted Stock (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding at beginning of period (in shares) | 490,363 | 521,302 | 515,845 |
Granted (in shares) | 238,450 | 229,450 | 301,750 |
Vested (in shares) | (116,878) | (165,965) | (223,043) |
Forfeited (in shares) | (145,254) | (94,424) | (73,250) |
Outstanding at end of period (in shares) | 466,681 | 490,363 | 521,302 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Outstanding, weighted average grant date fair value, beginning of period (in dollars per share) | $ 16 | $ 15.03 | $ 14.10 |
Granted, weighted average grant date fair value (in dollars per share) | 18.89 | 17.20 | 14.26 |
Vested, weighted average grant date fair value (in dollars per share) | 20.95 | 15.96 | 13.24 |
Forfeited, weighted average grant date fair value (in dollars per share) | 8.56 | 13.64 | 10.72 |
Outstanding, weighted average grant date fair value, end of period (in dollars per share) | $ 18.56 | $ 16 | $ 15.03 |
Stockholders' Equity - Regulato
Stockholders' Equity - Regulatory Capital Requirements (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
The Company | ||
Common Equity Tier 1 risk-based capital ratio: | ||
Tier one common equity capital | $ 1,701,327 | $ 1,690,380 |
Tier one common equity capital to risk weighted assets | 16.67% | 17.54% |
Tier one common equity capital required for capital adequacy to risk weighted assets | 4.50% | 4.50% |
Tier 1 risk-based capital ratio: | ||
Tier one risk based capital | $ 1,701,327 | $ 1,690,380 |
Tier one risk based capital to risk weighted assets | 16.67% | 17.54% |
Tier one risk based capital required for capital adequacy to risk weighted assets | 6.00% | 6.00% |
Total risk-based capital ratio: | ||
Capital | $ 1,828,935 | $ 1,807,740 |
Capital to risk weighted assets | 17.92% | 18.76% |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Tier 1 leverage ratio: | ||
Tier one leverage capital | $ 1,701,327 | $ 1,690,380 |
Tier one leverage capital to average assets | 11.49% | 11.60% |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
The Bank | ||
Common Equity Tier 1 risk-based capital ratio: | ||
Tier one common equity capital | $ 1,668,314 | $ 1,668,828 |
Tier one common equity capital to risk weighted assets | 16.35% | 17.32% |
Tier one common equity capital required for capital adequacy to risk weighted assets | 4.50% | 4.50% |
Tier one common equity capital required to be well capitalized to risk weighted assets | 6.50% | 6.50% |
Tier 1 risk-based capital ratio: | ||
Tier one risk based capital | $ 1,668,314 | $ 1,668,828 |
Tier one risk based capital to risk weighted assets | 16.35% | 17.32% |
Tier one risk based capital required for capital adequacy to risk weighted assets | 6.00% | 6.00% |
Tier one risk based capital required to be well capitalized to risk weighted assets | 8.00% | 8.00% |
Total risk-based capital ratio: | ||
Capital | $ 1,795,929 | $ 1,786,188 |
Capital to risk weighted assets | 17.60% | 18.54% |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Capital required to be well capitalized to risk weighted assets | 10.00% | 10.00% |
Tier 1 leverage ratio: | ||
Tier one leverage capital | $ 1,668,314 | $ 1,668,828 |
Tier one leverage capital to average assets | 11.27% | 11.45% |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
Tier one leverage capital required to be well capitalized to average assets | 5.00% | 5.00% |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Class of Stock [Line Items] | ||
Stock repurchased (in shares) | 3,137,178 | 3,867,563 |
Additional shares authorized to be repurchased (in shares) | 1,902,412 | |
Warrants issued (in shares) | 1,707,456 | |
Warrant exercise price (in dollars per share) | $ 17.57 | |
Warrants repurchased during period (in shares) | 478,399 | |
Value of warrants | $ 7,631,576 | |
Warrants outstanding (in shares) | 330,217 | 808,616 |
Weighted Average | ||
Class of Stock [Line Items] | ||
Weighted average cost of repurchased stock (in dollars per share) | $ 31.36 | $ 22.72 |
Stockholders' Equity - Earnings
Stockholders' Equity - Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Basic weighted average number of shares outstanding (in shares) | 88,905,457 | 91,399,038 | 95,644,639 | ||||||||
Diluted weighted average number of shares outstanding, including dilutive stock options (in shares) | 89,224,207 | 91,912,918 | 96,053,959 | ||||||||
Net income | $ 46,104 | $ 44,112 | $ 42,070 | $ 41,246 | $ 44,224 | $ 43,004 | $ 41,723 | $ 35,098 | $ 173,532 | $ 164,049 | $ 160,316 |
Basic earnings per share (in dollars per share) | $ 0.53 | $ 0.49 | $ 0.47 | $ 0.46 | $ 0.49 | $ 0.47 | $ 0.45 | $ 0.38 | $ 1.95 | $ 1.79 | $ 1.68 |
Diluted earnings per share (in dollars per share) | $ 0.52 | $ 0.49 | $ 0.47 | $ 0.46 | $ 0.49 | $ 0.47 | $ 0.45 | $ 0.38 | $ 1.94 | $ 1.78 | $ 1.67 |
Warrant | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Weighted average call options and warrants (in shares) | 242,979 | 440,366 | 340,016 | ||||||||
Equity Option | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Weighted average call options and warrants (in shares) | 75,771 | 73,514 | 69,304 |
Financial Information - Washi83
Financial Information - Washington Federal, INC. - Statement of Financial Condition (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 |
Assets | ||||
Other assets | $ 185,826 | $ 199,271 | ||
Total assets | 15,253,580 | 14,888,063 | ||
Liabilities | ||||
Total liabilities | 13,247,892 | 12,912,332 | ||
Stockholders’ equity | ||||
Total stockholders’ equity | 2,005,688 | 1,975,731 | $ 1,955,679 | $ 1,973,283 |
Total liabilities and stockholders’ equity | 15,253,580 | 14,888,063 | ||
Parent Company | ||||
Assets | ||||
Cash | 33,077 | 24,300 | ||
Other assets | 0 | 15 | ||
Investment in subsidiary | 1,972,675 | 1,954,179 | ||
Total assets | 2,005,752 | 1,978,494 | ||
Liabilities | ||||
Other liabilities | 64 | 2,763 | ||
Total liabilities | 64 | 2,763 | ||
Stockholders’ equity | ||||
Total stockholders’ equity | 2,005,688 | 1,975,731 | ||
Total liabilities and stockholders’ equity | $ 2,005,752 | $ 1,978,494 |
Financial Information - Washi84
Financial Information - Washington Federal, INC. - Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income | |||||||||||
Total Income | $ 142,240 | $ 137,716 | $ 136,198 | $ 132,764 | $ 132,872 | $ 133,735 | $ 135,063 | $ 135,124 | $ 548,918 | $ 536,793 | $ 530,553 |
Expense | |||||||||||
Income before income taxes | 66,969 | 65,351 | 62,791 | 61,105 | 65,339 | 65,158 | 63,222 | 54,415 | 256,216 | 248,134 | 249,519 |
Income tax benefit (expense) | (20,865) | (21,239) | (20,721) | (19,859) | (21,115) | (22,154) | (21,499) | (19,317) | (82,684) | (84,085) | (89,203) |
NET INCOME | $ 46,104 | $ 44,112 | $ 42,070 | $ 41,246 | $ 44,224 | $ 43,004 | $ 41,723 | $ 35,098 | 173,532 | 164,049 | 160,316 |
Parent Company | |||||||||||
Income | |||||||||||
Dividends from subsidiary | 171,500 | 148,000 | 175,000 | ||||||||
Total Income | 171,500 | 148,000 | 175,000 | ||||||||
Expense | |||||||||||
Miscellaneous | 435 | 435 | 439 | ||||||||
Total expense | 435 | 435 | 439 | ||||||||
Net income (loss) before equity in undistributed net income (loss) of subsidiary | 171,065 | 147,565 | 174,561 | ||||||||
Equity in undistributed net income of subsidiary | 2,326 | 16,336 | (14,402) | ||||||||
Income before income taxes | 173,391 | 163,901 | 160,159 | ||||||||
Income tax benefit (expense) | 141 | 148 | 157 | ||||||||
NET INCOME | $ 173,532 | $ 164,049 | $ 160,316 |
Financial Information - Washi85
Financial Information - Washington Federal, INC. - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Cash Flows From Operating Activities | |||||||||||
Net income | $ 46,104 | $ 44,112 | $ 42,070 | $ 41,246 | $ 44,224 | $ 43,004 | $ 41,723 | $ 35,098 | $ 173,532 | $ 164,049 | $ 160,316 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Decrease (increase) in other assets | 7,974 | (14,204) | (29,220) | ||||||||
Net cash provided (used) by operating activities | 179,700 | 221,721 | 142,871 | ||||||||
Cash Flows From Financing Activities | |||||||||||
Proceeds from exercise of common stock options and related tax benefit | 7,238 | 9,283 | 2,070 | ||||||||
Repurchase of warrants | 0 | (7,744) | 0 | ||||||||
Treasury stock purchased | (98,374) | (87,850) | (126,728) | ||||||||
Dividends paid on common stock | (74,519) | (49,926) | (51,111) | ||||||||
Net cash provided (used) by financing activities | 227,538 | 75,662 | (350,176) | ||||||||
Increase (decrease) in cash and cash equivalents | (137,298) | 166,319 | (497,794) | ||||||||
Cash and cash equivalents at beginning of year | 450,368 | 284,049 | 450,368 | 284,049 | 781,843 | ||||||
Cash and cash equivalents at end of year | 313,070 | 450,368 | 313,070 | 450,368 | 284,049 | ||||||
Parent Company | |||||||||||
Cash Flows From Operating Activities | |||||||||||
Net income | 173,532 | 164,049 | 160,316 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed net income (loss) of subsidiaries | 3,584 | (12,677) | 32,375 | ||||||||
Decrease (increase) in other assets | 15 | (15) | 0 | ||||||||
Increase (decrease) in other liabilities | (2,699) | 1,552 | (13,189) | ||||||||
Net cash provided (used) by operating activities | 174,432 | 152,909 | 179,502 | ||||||||
Cash Flows From Financing Activities | |||||||||||
Proceeds from exercise of common stock options and related tax benefit | 7,238 | 9,283 | 2,070 | ||||||||
Treasury stock purchased | (98,374) | (87,850) | (126,728) | ||||||||
Dividends paid on common stock | (74,519) | (49,926) | (51,111) | ||||||||
Net cash provided (used) by financing activities | (165,655) | (136,237) | (175,769) | ||||||||
Increase (decrease) in cash and cash equivalents | 8,777 | 16,672 | 3,733 | ||||||||
Cash and cash equivalents at beginning of year | $ 24,300 | $ 7,628 | 24,300 | 7,628 | 3,895 | ||||||
Cash and cash equivalents at end of year | $ 33,077 | $ 24,300 | $ 33,077 | $ 24,300 | $ 7,628 |
Selected Quarterly Financial 86
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total Income | $ 142,240 | $ 137,716 | $ 136,198 | $ 132,764 | $ 132,872 | $ 133,735 | $ 135,063 | $ 135,124 | $ 548,918 | $ 536,793 | $ 530,553 |
Interest expense | 29,808 | 29,101 | 28,471 | 29,612 | 30,056 | 29,495 | 28,738 | 28,255 | 116,992 | 116,544 | 117,072 |
Net interest income | 112,432 | 108,615 | 107,727 | 103,152 | 102,816 | 104,240 | 106,325 | 106,869 | 431,926 | 420,249 | 413,481 |
Provision (release) for loan losses | (500) | 0 | (1,600) | 0 | (3,100) | (1,650) | (1,500) | 0 | (2,100) | (6,250) | (11,162) |
Other operating income (including REO gain (loss), net) | 16,686 | 13,798 | 10,931 | 12,294 | 14,830 | 15,573 | 14,623 | 12,055 | |||
Other operating expense | 62,649 | 57,062 | 57,467 | 54,341 | 55,407 | 56,305 | 59,226 | 64,509 | 231,519 | 235,447 | 224,851 |
Income before income taxes | 66,969 | 65,351 | 62,791 | 61,105 | 65,339 | 65,158 | 63,222 | 54,415 | 256,216 | 248,134 | 249,519 |
Income tax expense | 20,865 | 21,239 | 20,721 | 19,859 | 21,115 | 22,154 | 21,499 | 19,317 | 82,684 | 84,085 | 89,203 |
NET INCOME | $ 46,104 | $ 44,112 | $ 42,070 | $ 41,246 | $ 44,224 | $ 43,004 | $ 41,723 | $ 35,098 | $ 173,532 | $ 164,049 | $ 160,316 |
Basic earnings per share (in dollars per share) | $ 0.53 | $ 0.49 | $ 0.47 | $ 0.46 | $ 0.49 | $ 0.47 | $ 0.45 | $ 0.38 | $ 1.95 | $ 1.79 | $ 1.68 |
Diluted earnings per share (in dollars per share) | 0.52 | 0.49 | 0.47 | 0.46 | 0.49 | 0.47 | 0.45 | 0.38 | 1.94 | 1.78 | 1.67 |
Cash dividends per share (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.40 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.13 | $ 0.84 | $ 0.55 | $ 0.54 |