Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2017 | Jan. 24, 2018 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | WASHINGTON FEDERAL INC | |
Entity Central Index Key | 936,528 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock Outstanding | 85,973,665 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 309,713 | $ 313,070 |
Available-for-sale securities, at fair value | 1,245,855 | 1,266,209 |
Held-to-maturity securities, at amortized cost | 1,765,886 | 1,646,856 |
Loans receivable, net of allowance for loan losses of $127,155 and $123,073 | 11,107,042 | 10,882,622 |
Interest receivable | 42,146 | 41,643 |
Premises and equipment, net | 264,643 | 263,694 |
Real estate owned | 17,928 | 20,658 |
FHLB and FRB stock | 130,590 | 122,990 |
Bank owned life insurance | 211,833 | 211,330 |
Intangible assets, including goodwill of $300,288 and $293,153 | 310,578 | 298,682 |
Other assets | 177,799 | 185,826 |
Assets | 15,584,013 | 15,253,580 |
Customer accounts | ||
Transaction deposit accounts | 6,482,612 | 6,361,158 |
Time deposit accounts | 4,518,967 | 4,473,850 |
Customer accounts | 11,001,579 | 10,835,008 |
FHLB advances | 2,415,000 | 2,225,000 |
Advance payments by borrowers for taxes and insurance | 23,924 | 56,631 |
Accrued expenses and other liabilities | 133,892 | 131,253 |
Liabilities | 13,574,395 | 13,247,892 |
Stockholders’ equity | ||
Common stock, $1.00 par value, 300,000,000 shares authorized; 135,274,618 and 134,957,511 shares issued; 86,363,099 and 87,193,362 shares outstanding | 135,275 | 134,958 |
Additional paid-in capital | 1,661,866 | 1,660,885 |
Accumulated other comprehensive income (loss), net of taxes | 8,004 | 5,015 |
Treasury stock, at cost; 48,911,519 and 47,764,149 shares | (877,044) | (838,060) |
Retained earnings | 1,081,517 | 1,042,890 |
Stockholders' equity attributable to parent | 2,009,618 | 2,005,688 |
Liabilities and equity | $ 15,584,013 | $ 15,253,580 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $ 127,155 | $ 123,073 |
Goodwill | $ 300,288 | $ 293,153 |
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) | 135,274,618 | 134,957,511 |
Common stock, shares outstanding (in shares) | 86,363,099 | 87,193,362 |
Treasury stock, shares (in shares) | 48,911,519 | 47,764,149 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
INTEREST INCOME | ||
Loans receivable | $ 124,511 | $ 114,835 |
Mortgage-backed securities | 16,899 | 12,789 |
Investment securities and cash equivalents | 4,370 | 5,140 |
Interest income | 145,780 | 132,764 |
INTEREST EXPENSE | ||
Customer accounts | 14,638 | 13,017 |
FHLB advances | 15,407 | 16,595 |
Interest expense | 30,045 | 29,612 |
Net interest income | 115,735 | 103,152 |
Provision (release) for loan losses | 0 | 0 |
Net interest income after provision (release) for loan losses | 115,735 | 103,152 |
OTHER INCOME | ||
Gain on sale of investment securities | 0 | 968 |
FDIC loss share valuation adjustments | (8,550) | 0 |
Loan fee income | 1,035 | 1,334 |
Deposit fee income | 6,686 | 5,185 |
Other income | 7,624 | 4,409 |
Other income, total | 6,795 | 11,896 |
OTHER EXPENSE | ||
Compensation and benefits | 29,619 | 26,994 |
Occupancy | 8,671 | 8,450 |
FDIC insurance premiums | 2,820 | 2,839 |
Product delivery | 3,956 | 3,361 |
Information technology | 7,929 | 6,451 |
Other expense | 8,946 | 6,246 |
Other expense, total | 61,941 | 54,341 |
Gain (loss) on real estate owned, net | 46 | 398 |
Income before income taxes | 60,635 | 61,105 |
Income tax expense | 8,965 | 19,859 |
NET INCOME | $ 51,670 | $ 41,246 |
PER SHARE DATA | ||
Basic earnings (in dollars per share) | $ 0.59 | $ 0.46 |
Diluted earnings (in dollars per share) | 0.59 | 0.46 |
Dividends paid on common stock (in dollars per share) | $ 0.15 | $ 0.14 |
Basic weighted average number of shares outstanding (in shares) | 86,938,095 | 89,310,958 |
Diluted weighted average number of shares outstanding (in shares) | 87,082,499 | 89,731,024 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 51,670 | $ 41,246 |
Other comprehensive income (loss) net of tax: | ||
Net unrealized gain (loss) on available-for-sale investment securities | (1,964) | (17,079) |
Reclassification adjustment of net gain (loss) from sale of available-for-sale securities included in net income | 0 | 968 |
Related tax benefit (expense) | 722 | 5,921 |
Other comprehensive income (loss) for available for sale securities, net of tax | (1,242) | (10,190) |
Net unrealized gain (loss) on cash flow hedges of borrowings | 6,690 | 29,271 |
Related tax benefit (expense) | (2,459) | (10,757) |
Other comprehensive income (loss) on long term borrowing hedge, net of tax | 4,231 | 18,514 |
Other comprehensive income (loss) net of tax | 2,989 | 8,324 |
Comprehensive income | $ 54,659 | $ 49,570 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Balance, beginning of period at Sep. 30, 2016 | $ 1,975,731 | $ 134,308 | $ 1,648,388 | $ 943,877 | $ (11,156) | $ (739,686) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 41,246 | 41,246 | ||||
Other comprehensive income (loss) | 8,324 | 8,324 | ||||
Dividends on common stock | (12,422) | (12,422) | ||||
Proceeds from exercise of common stock options | 4,362 | 190 | 4,172 | |||
Restricted stock expense | 2,745 | 109 | 2,636 | |||
Exercise of stock warrants | 0 | 50 | (50) | |||
Treasury stock acquired | (20,385) | (20,385) | ||||
Balance, end of period at Dec. 31, 2016 | 1,999,601 | 134,657 | 1,655,146 | 972,701 | (2,832) | (760,071) |
Balance, beginning of period at Sep. 30, 2017 | 2,005,688 | 134,958 | 1,660,885 | 1,042,890 | 5,015 | (838,060) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 51,670 | 51,670 | ||||
Other comprehensive income (loss) | 2,989 | 2,989 | ||||
Dividends on common stock | (13,043) | (13,043) | ||||
Compensation expense related to common stock options | 0 | |||||
Proceeds from exercise of common stock options | 286 | 14 | 272 | |||
Restricted stock expense | 1,012 | 194 | 818 | |||
Exercise of stock warrants | 0 | 109 | (109) | |||
Treasury stock acquired | (38,984) | (38,984) | ||||
Balance, end of period at Dec. 31, 2017 | $ 2,009,618 | $ 135,275 | $ 1,661,866 | $ 1,081,517 | $ 8,004 | $ (877,044) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 51,670,000 | $ 41,246,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization, and accretion expense, net | 15,273,000 | 12,087,000 |
Stock based compensation expense | 1,012,000 | 2,745,000 |
Loss (gain) on sale of investment securities | 0 | (968,000) |
Decrease (increase) in accrued interest receivable | (503,000) | (449,000) |
Decrease (increase) in federal and state income tax receivable | 0 | 16,047,000 |
Decrease (increase) in cash surrender value of bank owned life insurance | (1,571,000) | (1,739,000) |
Gain on bank owned life insurance | (2,416,000) | (649,000) |
Net realized (gain) loss on sales of premises, equipment, and real estate owned | (241,000) | 657,000 |
Decrease (increase) in other assets | (7,715,000) | 14,153,000 |
Increase (decrease) in accrued expenses and other liabilities | 2,595,000 | (41,265,000) |
Net cash provided by (used in) operating activities | 58,104,000 | 41,865,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Origination of loans and principal repayments, net | (80,089,000) | (226,080,000) |
Loans purchased | (143,605,000) | 0 |
FHLB & FRB stock purchased | (123,600,000) | (9,000) |
FHLB & FRB stock redeemed | 116,000,000 | 24,000 |
Available-for-sale securities purchased | (40,884,000) | 0 |
Principal payments and maturities of available-for-sale securities | 58,261,000 | 112,469,000 |
Proceeds from sales of available-for-sale securities | 0 | 350,890,000 |
Held-to-maturity securities purchased | (170,836,000) | (415,729,000) |
Principal payments and maturities of held-to-maturity securities | 50,653,000 | 78,778,000 |
Proceeds from sales of real estate owned | 3,440,000 | 6,457,000 |
Proceeds from settlement of bank owned life insurance | 3,484,000 | 1,231,000 |
Proceeds from sales of premises and equipment | 1,000 | 1,722,000 |
Premises and equipment purchased and REO improvements | (6,485,000) | (2,200,000) |
Net cash provided by (used in) investing activities | (333,660,000) | (92,447,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase (decrease) in customer accounts | 166,647,000 | 46,799,000 |
Proceeds from borrowings | 3,090,000,000 | 0 |
Repayments of borrowings | (2,900,000,000) | 0 |
Proceeds from exercise of common stock options and related tax benefit | 286,000 | 4,362,000 |
Dividends paid on common stock | (13,043,000) | (12,422,000) |
Treasury stock purchased | (38,984,000) | (20,385,000) |
Increase (decrease) in borrower advances related to taxes and insurance, net | (32,707,000) | (19,302,000) |
Net cash provided by (used in) financing activities | 272,199,000 | (948,000) |
Increase (decrease) in cash and cash equivalents | (3,357,000) | (51,530,000) |
Cash and cash equivalents at beginning of period | 313,070,000 | 450,368,000 |
Cash and cash equivalents at end of period | 309,713,000 | 398,838,000 |
Non-cash investing activities | ||
Real estate acquired through foreclosure | 773,000 | 1,589,000 |
Non-cash financing activities | ||
Stock issued upon exercise of warrants | 3,761,000 | 1,523,000 |
Cash paid during the period for | ||
Interest | 29,986,000 | 28,737,000 |
Income taxes | $ 5,225,000 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations - Washington Federal, Inc. (the "Company") is a Washington corporation headquartered in Seattle, Washington. The Company is a bank holding company that conducts its operations through its national bank subsidiary, Washington Federal, National Association (the "Bank"). 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 mortgage and construction loans, home equity loans, lines of credit, commercial real estate loans, commercial and industrial loans, multi-family and other forms of real estate loans. As used throughout this document, the terms "Washington Federal" or the "Company" refer to Washington Federal, Inc. and its consolidated subsidiaries and the term "Bank" refers to the operating subsidiary Washington Federal, National Association. Basis of Presentation - The Company has prepared the consolidated unaudited interim financial statements included in this report. All intercompany transactions and accounts have been eliminated in consolidation. The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires management to make estimates and assumptions that affect amounts reported in the financial statements. Actual results could differ from these estimates. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation are reflected in the interim financial statements. Certain amounts in the financial statements from prior periods have been reclassified to conform to the current financial statement presentation. The information included in this Form 10-Q should be read in conjunction with the financial statements and related notes in the Company's 2017 Annual Report on Form 10-K (“ 2017 Annual Financial Statements”). Interim results are not necessarily indicative of results for a full year. During the three months ended December 31, 2017 , an immaterial correction was recorded related to acquisitions of insurance agency businesses in prior years. The balance sheet classification correction resulted in an increase in goodwill of $7,135,000 and finite-lived intangible assets of $5,106,000 and a corresponding decrease in other assets of $12,241,000 . Summary of Significant Accounting Policies - The significant accounting policies used in preparation of the Company's consolidated financial statements are disclosed in its 2017 Annual Financial Statements. There have not been any material changes in our significant accounting policies compared to those contained in our 2017 Annual Financial Statements for the year ended September 30, 2017 . Off-Balance-Sheet Credit Exposures – The only material off-balance-sheet credit exposures are loans in process and unused lines of credit, which had a combined balance of $2,088,669,000 and $1,992,905,000 at December 31, 2017 and September 30, 2017 , respectively. The Company estimates losses on off-balance-sheet credit exposures by allocating a loss percentage derived from historical loss factors for each asset class. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Dec. 31, 2017 | |
Accounting Changes and Error Corrections [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. |
Dividends and Share Repurchases
Dividends and Share Repurchases | 3 Months Ended |
Dec. 31, 2017 | |
Dividends [Abstract] | |
Dividends and Share Repurchases | Dividends and Share Repurchases On November 20, 2017 , the Company paid a regular dividend on common stock of $0.15 per share, which represented the 139th consecutive quarterly cash dividend. Dividends per share were $ 0.15 and $ 0.14 for the quarters ended December 31, 2017 and 2016 , respectively. On January 24, 2018 , the Company declared a regular dividend on common stock of $0.17 per share, which represents its 140th consecutive quarterly cash dividend. This dividend will be paid on February 23, 2018 to common shareholders of record on February 9, 2018 . For the three months ended December 31, 2017 , the Company repurchased 1,147,370 shares at an average price of $33.98 . Additionally, 108,704 shares of common stock were issued during the three months ended December 31, 2017 to investors that exercised warrants previously issued as part of the 2008 Troubled Asset Relief Program ("TARP"). As of December 31, 2017 , 112,649 such warrants remain outstanding. Net of warrant cash repurchase activity, there are 753,585 remaining shares authorized to be repurchased under the current Board approved share repurchase program. On January 24, 2018, the Board approved an additional 5,000,000 shares available under the repurchase program. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable The following table is a summary of loans receivable. December 31, 2017 September 30, 2017 (In thousands) (In thousands) Gross loans by category Single-family residential $ 5,693,318 45.7 % $ 5,711,004 46.8 % Construction 1,710,418 13.7 1,597,996 13.1 Construction - custom 583,580 4.7 602,631 4.9 Land - acquisition & development 136,938 1.1 124,308 1.0 Land - consumer lot loans 105,086 0.8 104,405 0.9 Multi-family 1,312,695 10.5 1,303,148 10.7 Commercial real estate 1,436,508 11.5 1,434,610 11.8 Commercial & industrial 1,120,707 9.0 1,093,360 9.0 HELOC 136,995 1.1 144,850 1.2 Consumer 219,971 1.8 85,075 0.7 Total gross loans 12,456,216 100 % 12,201,387 100 % Less: Allowance for loan losses 127,155 123,073 Loans in process 1,175,642 1,149,934 Net deferred fees, costs and discounts 46,377 45,758 Total loan contra accounts 1,349,174 1,318,765 Net loans $ 11,107,042 $ 10,882,622 The following table sets forth information regarding non-accrual loans. December 31, 2017 September 30, 2017 (In thousands) Non-accrual loans: Single-family residential $ 26,219 57.7 % $ 27,930 56.3 % Construction 364 0.8 — — Construction - custom — — 91 0.2 Land - acquisition & development 1,326 2.9 296 0.6 Land - consumer lot loans 976 2.1 605 1.2 Multi-family 250 0.5 139 0.3 Commercial real estate 8,241 18.1 11,815 23.8 Commercial & industrial 7,596 16.7 8,082 16.3 HELOC 476 1.0 531 1.1 Consumer 72 0.2 91 0.2 Total non-accrual loans $ 45,520 100 % $ 49,580 100 % % of total net loans 0.41 % 0.46 % The Company recognized interest income on non-accrual loans of approximately $2,551,000 in the three months ended December 31, 2017 . Had these loans been on accrual status and performed according to their original contract terms, the Company would have recognized interest income of approximately $489,000 for the three months ended December 31, 2017 . Interest cash flows collected on non-accrual loans varies from period to period as those loans are brought current or are paid off. The following tables provide details regarding delinquent loans. December 31, 2017 Loans Receivable Days Delinquent Based on $ Amount of Loans % based on $ Type of Loan Net of Loans In Process Current 30 60 90 Total Delinquent (In thousands) Single-family residential $ 5,692,045 $ 5,655,873 $ 9,801 $ 6,073 $ 20,298 $ 36,172 0.64 % Construction 852,164 847,793 1,500 2,507 364 4,371 0.51 Construction - custom 292,255 292,255 — — — — — Land - acquisition & development 112,260 111,018 — — 1,242 1,242 1.11 Land - consumer lot loans 104,996 104,246 107 153 490 750 0.71 Multi-family 1,312,673 1,312,423 — — 250 250 0.02 Commercial real estate 1,436,508 1,436,064 129 — 315 444 0.03 Commercial & industrial 1,120,707 1,117,240 2,894 — 573 3,467 0.31 HELOC 136,995 136,004 439 147 405 991 0.72 Consumer 219,971 219,404 352 154 61 567 0.26 Total Loans $ 11,280,574 $ 11,232,320 $ 15,222 $ 9,034 $ 23,998 $ 48,254 0.43 % Delinquency % 99.57% 0.13% 0.08% 0.21% 0.43% September 30, 2017 Loans Receivable Days Delinquent Based on $ Amount of Loans % based on $ Type of Loan Net of Loans In Process Current 30 60 90 Total Delinquent (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 increased from 0.40% as of September 30, 2017 to 0.43% as of December 31, 2017 and there are no loans greater than 90 days delinquent and still accruing interest as of either date. The following table provides information related to loans that were restructured in a troubled debt restructuring ("TDR") during the periods presented: Three Months Ended December 31, 2017 2016 Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment (In thousands) (In thousands) Troubled Debt Restructurings: Single-family residential 8 $ 2,012 $ 2,012 12 $ 2,134 $ 2,134 Land - consumer lot loans — — — 1 204 204 Commercial & Industrial 3 7,256 7,256 — — — HELOC — — — 1 228 228 11 $ 9,268 $ 9,268 14 $ 2,566 $ 2,566 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. Three Months Ended December 31, 2017 2016 Number of Recorded Number of Recorded Contracts Investment Contracts Investment (In thousands) (In thousands) TDRs That Subsequently Defaulted: Single-family residential 1 $ 44 6 $ 1,993 Commercial real estate — — 2 267 1 $ 44 8 $ 2,260 Most loans restructured in TDRs are accruing and performing loans where the borrower has proactively approached the Company about modification due to temporary financial difficulties. As of December 31, 2017 , 97.6% of the Company's $199,175,000 in TDRs were classified as performing. Each request for modification is individually evaluated for merit and likelihood of success. The concession granted in a loan modification is typically a payment reduction through a rate reduction of between 100 to 200 basis points for a specific term, usually six to twenty four months. Interest-only payments may also be approved during the modification period. Principal forgiveness is not an available option for restructured loans. As of December 31, 2017 , single-family residential loans comprised 85.7% of TDRs. The Company reserves for restructured loans within its allowance for loan loss methodology by taking into account the following performance indicators: 1) time since modification, 2) current payment status and 3) geographic area. The Company's remaining outstanding balance of assets subject to FDIC loss share agreements was $58,699,000 (including $54,865,000 of loans receivable) at December 31, 2017 compared to $67,914,000 (including $61,810,114 of loans receivable) as of September 30, 2017 . As of December 31, 2017 , the associated FDIC indemnification asset was $0 compared to a balance of $8,967,000 as of September 30, 2017 . The FDIC clawback liability was $39,906,000 as of December 31, 2017 and $37,143,000 as of September 30, 2017 . The Company has made a proposal to the FDIC to early terminate its remaining FDIC loss share agreements, which relate to the Horizon Bank and Home Valley Bank acquisitions. During the three months ended December 31, 2017 , the Company recorded an $8,550,000 charge resulting from valuation adjustments related to the FDIC indemnification asset and FDIC clawback liability. The valuation adjustments were based on management's estimate of the amount that would be due to the FDIC to early terminate the loss share agreements. |
Allowance for Losses on Loans
Allowance for Losses on Loans | 3 Months Ended |
Dec. 31, 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. Three Months Ended December 31, 2017 Beginning Allowance Charge-offs Recoveries Provision & Transfers Ending Allowance (In thousands) Single-family residential $ 36,892 $ (461 ) $ 121 $ (624 ) $ 35,928 Construction 24,556 — — 658 25,214 Construction - custom 1,944 (50 ) — 158 2,052 Land - acquisition & development 6,829 — 3,372 (2,846 ) 7,355 Land - consumer lot loans 2,649 (47 ) — 304 2,906 Multi-family 7,862 — — 42 7,904 Commercial real estate 11,818 — — (193 ) 11,625 Commercial & industrial 28,524 (116 ) 55 805 29,268 HELOC 855 — — (47 ) 808 Consumer 1,144 (78 ) 286 2,743 4,095 $ 123,073 $ (752 ) $ 3,834 $ 1,000 $ 127,155 Three Months Ended December 31, 2016 Beginning Allowance Charge-offs Recoveries Provision & Transfers Ending Allowance (In thousands) Single-family residential $ 37,796 $ (115 ) $ 151 $ 374 $ 38,206 Construction 19,838 — — 2,096 21,934 Construction - custom 1,080 — — 30 1,110 Land - acquisition & development 6,023 (20 ) 4,018 (3,356 ) 6,665 Land - consumer lot loans 2,535 (17 ) 70 (87 ) 2,501 Multi-family 6,925 — — 704 7,629 Commercial real estate 8,588 (11 ) 356 1,235 10,168 Commercial & industrial 28,008 (58 ) 725 (939 ) 27,736 HELOC 813 (37 ) 1 55 832 Consumer 1,888 (146 ) 379 (446 ) 1,675 $ 113,494 $ (404 ) $ 5,700 $ (334 ) $ 118,456 The Company recorded no provision for loan losses during the three months ended December 31, 2017 or December 31, 2016 . Reserving for new loan originations as the loan portfolio grows and the mix changes has been largely offset by recoveries of previously charged-off loans. Recoveries, net of charge-offs, totaled $3,082,000 for the three months ended December 31, 2017 , compared with $5,296,000 of net recoveries for the same period one year ago. Non-performing assets were $63,448,000 , or 0.41% , of total assets at December 31, 2017 , compared to $70,238,000 , or 0.46% , of total assets at September 30, 2017 . Non-accrual loans were $45,520,000 at December 31, 2017 , compared to $49,580,000 at September 30, 2017 . Delinquencies, as a percent of total loans, were 0.43% at December 31, 2017 , compared to 0.40% at September 30, 2017 . The reserve for unfunded commitments was $6,750,000 as of December 31, 2017 , which is a decrease from $7,750,000 at September 30, 2017 . Management believes the allowance for loan losses plus the reserve for unfunded commitments, totaling $133,905,000 , or 1.08% of gross loans as of December 31, 2017 , is sufficient to absorb estimated inherent losses. The following tables show loans collectively and individually evaluated for impairment and the related allocation of general and specific reserves. December 31, 2017 Loans Collectively Evaluated for Impairment Loans Individually Evaluated for Impairment Allowance Allocation Recorded Investment of Loans Ratio Allowance Allocation Recorded Investment of Loans Ratio (In thousands) (In thousands) Single-family residential $ 35,928 $ 5,676,565 0.6 % $ — $ 24,083 — % Construction 25,214 851,800 3.0 — 364 — Construction - custom 2,052 292,255 0.7 — — — Land - acquisition & development 7,355 110,884 6.6 — 1,376 — Land - consumer lot loans 2,906 97,291 3.0 — 416 — Multi-family 7,899 1,311,943 0.6 5 730 0.7 Commercial real estate 11,519 1,389,749 0.8 106 27,535 0.4 Commercial & industrial 28,744 1,108,961 2.6 524 11,694 4.5 HELOC 808 134,320 0.6 — 620 — Consumer 4,095 219,784 1.9 — 70 — $ 126,520 $ 11,193,552 1.1 % $ 635 $ 66,888 0.9 % September 30, 2017 Loans Collectively Evaluated for Impairment Loans Individually Evaluated for Impairment Allowance Allocation Recorded Investment of Loans Ratio Allowance 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 % As of December 31, 2017 , $126,520,000 of the allowance was calculated under the formulas contained in our general allowance methodology and the remaining $635,000 was specific reserves on loans deemed to be individually impaired. As of 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 was specific reserves on loans deemed to be individually impaired. The Company has an asset quality review function that analyzes its 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 below. • Special mention – A special mention credit is considered to be currently protected from loss but is potentially weak. No loss of principal or interest is foreseen; however, proper supervision and Management attention is required to deter further deterioration in the credit. Assets in this category constitute some undue and unwarranted credit risk but not to the point of justifying a risk rating of substandard. The credit risk may be relatively minor yet constitutes an unwarranted risk in light of the circumstances surrounding a specific asset. • Substandard – A substandard credit is an unacceptable credit. Additionally, repayment in the normal course is in jeopardy due to the existence of one or more well defined weaknesses. In these situations, loss of principal is likely if the weakness is not corrected. A substandard asset is inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. Assets so classified will have a well defined weakness or weaknesses that jeopardize the collection or liquidation of the debt. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets risk rated substandard. • Doubtful – A credit classified doubtful has all the weaknesses inherent in one classified substandard with the added characteristic that the weakness makes collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The probability of loss is high, but because of certain important and reasonably specific pending factors that may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and refinancing plans. • Loss – Credits classified loss are considered uncollectible and of such little value that their continuance as a bankable asset is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this asset even though partial recovery may be affected in the future. Losses should be taken in the period in which they are identified as uncollectible. Partial charge-off versus full charge-off may be taken if the collateral offers some identifiable protection. The following tables provide information on loans based on risk rating categories as defined above. December 31, 2017 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total Gross Loans (In thousands) Loan type Single-family residential $ 5,657,731 $ — $ 35,587 $ — $ — $ 5,693,318 Construction 1,707,044 — 3,374 — — 1,710,418 Construction - custom 583,580 — — — — 583,580 Land - acquisition & development 134,625 — 2,313 — — 136,938 Land - consumer lot loans 104,105 — 981 — — 105,086 Multi-family 1,304,991 3,159 4,545 — — 1,312,695 Commercial real estate 1,401,236 3,764 31,508 — — 1,436,508 Commercial & industrial 1,077,207 10,423 33,077 — — 1,120,707 HELOC 136,287 — 708 — — 136,995 Consumer 219,899 — 72 — — 219,971 Total gross loans $ 12,326,705 $ 17,346 $ 112,165 $ — $ — $ 12,456,216 Total grade as a % of total gross loans 99.0 % 0.1 % 0.9 % — % — % September 30, 2017 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total 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 % — % — % The following tables provide information on gross loans based on borrower payment activity. December 31, 2017 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (In thousands) Single-family residential $ 5,667,099 99.5 % $ 26,219 0.5 % Construction 1,710,054 100.0 364 — Construction - custom 583,580 100.0 — — Land - acquisition & development 135,612 99.0 1,326 1.0 Land - consumer lot loans 104,110 99.1 976 0.9 Multi-family 1,312,445 100.0 250 — Commercial real estate 1,428,267 99.4 8,241 0.6 Commercial & industrial 1,113,111 99.3 7,596 0.7 HELOC 136,519 99.7 476 0.3 Consumer 219,899 100.0 72 — $ 12,410,696 99.6 % $ 45,520 0.4 % September 30, 2017 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (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 % The following tables provide information on impaired loan balances and the related allowances by loan types. December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (In thousands) Impaired loans with no related allowance recorded: Single-family residential $ 20,405 $ 21,860 $ — $ 20,864 Construction 969 969 — 485 Construction - custom — — — 74 Land - acquisition & development 1,376 1,405 — 853 Land - consumer lot loans 300 375 — 254 Multi-family 250 254 — 195 Commercial real estate 16,372 21,720 — 14,631 Commercial & industrial 4,439 4,506 — 6,359 HELOC 620 747 — 555 Consumer 70 134 — 79 44,801 51,970 — 44,349 Impaired loans with an allowance recorded: Single-family residential 170,677 174,162 3,412 176,308 Land - acquisition & development — — — 45 Land - consumer lot loans 7,405 7,776 — 7,677 Multi-family 480 480 5 487 Commercial real estate 11,910 12,755 106 13,495 Commercial & industrial 7,256 7,256 524 3,628 HELOC 1,356 1,435 — 1,542 Consumer 91 91 — 94 199,175 203,955 4,047 (1) 203,276 Total impaired loans: Single-family residential 191,082 196,022 3,412 197,172 Construction 969 969 — 485 Construction - custom — — — 74 Land - acquisition & development 1,376 1,405 — 898 Land - consumer lot loans 7,705 8,151 — 7,931 Multi-family 730 734 5 682 Commercial real estate 28,282 34,475 106 28,126 Commercial & industrial 11,695 11,762 524 9,987 HELOC 1,976 2,182 — 2,097 Consumer 161 225 — 173 $ 243,976 $ 255,925 $ 4,047 (1) $ 247,625 (1) Includes $635,000 of specific reserves and $3,412,000 included in the general reserves. 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 - 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 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 impaired loans: Single-family residential 203,266 210,047 4,030 224,094 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. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 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 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 commercial loan hedges as well as borrowings hedges using interest rate swaps. The fair value of these interest rate swaps are estimated by a third party pricing service using a discounted cash flow technique. These are considered a Level 2 input method. The following tables present the balance of assets and liabilities measured at fair value on a recurring basis. December 31, 2017 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Available-for-sale securities: Equity securities $ 503 $ — $ — $ 503 U.S. government and agency securities — 194,869 — 194,869 Municipal bonds — 26,212 — 26,212 Corporate debt securities — 184,416 — 184,416 Mortgage-backed securities Agency pass-through certificates — 831,489 — 831,489 Commercial MBS — 8,366 — 8,366 Total available-for-sale securities 503 1,245,352 — 1,245,855 Interest rate contracts — 7,587 — 7,587 Borrowings hedges — 4,997 — 4,997 Total financial assets $ 503 $ 1,257,936 $ — $ 1,258,439 Financial Liabilities Interest rate contracts $ — $ 7,587 $ — $ 7,587 Commercial loan hedges — 36 — 36 Total financial liabilities $ — $ 7,623 $ — $ 7,623 There were no transfers between, into and/or out of Levels 1, 2 or 3 during the three months ended December 31, 2017 . September 30, 2017 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Available-for-sale securities: Equity securities $ 522 $ — $ — $ 522 U.S. government and agency securities — 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 Borrowings 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 fiscal year ended September 30, 2017 . 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 discounted cash flows, the current appraisal or estimated value of the collateral, but only up to the fair value of the real estate owned as of the initial transfer date less selling costs. When management determines that the fair value of the collateral or the real estate owned requires additional adjustments, either as a result of an updated appraised value or when there is no observable market price, the Company classifies the impaired loan or real estate owned as Level 3. Level 3 assets recorded at fair value on a nonrecurring basis at December 31, 2017 included loans for which a specific reserve allowance was established or a partial charge-off was recorded based on the fair value of collateral, as well as real estate owned where the fair value of the property was less than the cost basis. The following tables present the aggregated balance of assets that were measured at fair value on a nonrecurring basis at December 31, 2017 and December 31, 2016 , and the total gains (losses) resulting from those fair value adjustments for the three months ended December 31, 2017 and December 31, 2016 . The estimated fair value measurements are shown gross of estimated selling costs. December 31, 2017 Three Months Ended December 31, 2017 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) Impaired loans (1) $ — $ — $ 688 $ 688 $ (507 ) Real estate owned (2) — — 2,055 2,055 (180 ) Balance at end of period $ — $ — $ 2,743 $ 2,743 $ (687 ) (1) The gains (losses) represent remeasurements of collateral-dependent loans. (2) The gains (losses) represent aggregate writedowns and charge-offs on REO. December 31, 2016 Three Months Ended December 31, 2016 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) Impaired loans (1) $ — $ — $ 3,353 $ 3,353 $ (422 ) Real estate owned (2) — — 2,299 2,299 (241 ) Balance at end of period $ — $ — $ 5,652 $ 5,652 $ (663 ) (1) The gains (losses) represent remeasurements of collateral-dependent loans. (2) The gains (losses) represent aggregate writedowns and charge-offs on REO. Impaired loans - The Company adjusts the carrying amount of impaired loans when there is evidence of probable loss and the expected fair value of the loan is less than its contractual amount. The amount of the impairment may be determined based on the estimated present value of future cash flows or the fair value of the underlying collateral. Impaired loans with a specific reserve allowance based on cash flow analysis or the value of the underlying collateral are classified as Level 3 assets. The evaluations for impairment are prepared by the Problem Loan Review Committee, which is chaired by the Chief Credit Officer and includes the Loan Review manager and Special Credits manager, as well as senior credit officers, division managers and group executives, as applicable. These evaluations are performed in conjunction with the quarterly allowance for loan loss process. Applicable loans that were included in the previous quarter's review are reevaluated and if their values are materially different from the prior quarter evaluation, the underlying information (loan balance and collateral value) are compared. Material differences are evaluated for reasonableness and discussions are held between the relationship manager and their division manager to understand the difference and determine if any adjustment is necessary. The inputs are developed and substantiated on a quarterly basis, based on current borrower developments, market conditions and collateral values. The following methods are used to value impaired loans: • The fair value of the collateral, which may take the form of real estate or personal property, is based on internal estimates, field observations, assessments provided by third-party appraisers and other valuation models. The Company performs or reaffirms valuations of collateral-dependent impaired loans at least annually. Adjustments are made if management believes that more recent information is available and relevant with respect to the fair value of the collateral. • The present value of the expected future cash flows of the loans is used for measurement of non collateral-dependent loans to test for impairment. Real estate owned - When a loan is reclassified from loan status to real estate owned due to the Company taking possession of the collateral, a special credits officer, along with the special credits manager, obtains a valuation, which may include appraisals or third-party price opinions, which is used to establish the fair value of the underlying collateral. The determined fair value, less selling costs, becomes the carrying value of the REO asset. The fair value of REO assets is re-evaluated quarterly and the REO asset is adjusted to reflect the fair value as necessary. After foreclosure, the valuations are updated periodically and current market conditions may require the assets to be written down further or up to the cost basis established on the date of transfer. The carrying balance of REO assets are also written down once a bona fide offer is contractually accepted, through execution of a purchase and sale agreement, where the accepted price is lower than the cost established on the transfer date. Fair Values of Financial Instruments ASC 825 requires disclosure of fair value information about financial instruments, whether or not recognized on the statement of financial condition, for which it is practicable to estimate those values. Certain financial instruments and all non-financial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value estimates presented do not reflect the underlying fair value of the Company. Although management is not aware of any factors that would materially affect the estimated fair value amounts presented below, such amounts have not been comprehensively revalued for purposes of these financial statements since the dates shown, and therefore, estimates of fair value subsequent to those dates may differ significantly from the amounts presented below. December 31, 2017 September 30, 2017 Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (In thousands) Financial assets Cash and cash equivalents 1 $ 309,713 $ 309,713 $ 313,070 $ 313,070 Available-for-sale securities Equity securities 1 503 503 522 522 U.S. government and agency securities 2 194,869 194,869 211,077 211,077 Municipal bonds 2 26,212 26,212 26,624 26,624 Corporate debt securities 2 184,416 184,416 185,298 185,298 Mortgage-backed securities Agency pass-through certificates 2 831,489 831,489 834,297 834,297 Commercial MBS 2 8,366 8,366 8,391 8,391 Total available-for-sale securities 1,245,855 1,245,855 1,266,209 1,266,209 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 2 1,750,886 1,738,337 1,646,856 1,635,913 Commercial MBS 2 15,000 15,005 — — Total held-to-maturity securities 1,765,886 1,753,342 1,646,856 1,635,913 Loans receivable 3 11,107,042 11,503,407 10,882,622 11,247,586 FHLB and FRB stock 2 130,590 130,590 122,990 122,990 Other assets - interest rate contracts 2 7,587 7,587 1,139 1,139 Other assets - borrowings hedges 2 4,997 4,997 — — Financial liabilities Customer accounts 2 11,001,579 10,483,114 10,835,008 10,411,686 FHLB advances 2 2,415,000 2,431,792 2,225,000 2,266,791 Other liabilities - interest rate contracts 2 7,587 7,587 1,139 1,139 Other liabilities - commercial loan hedges 2 36 36 174 174 Other liabilities - borrowings hedges 2 — — 1,693 1,693 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. 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. Borrowings hedges – The fair value of the interest rate swaps are estimated by a third party pricing service using a discounted cash flow technique. The following tables provide a reconciliation of amortized cost to fair value of available-for-sale and held-to-maturity securities. December 31, 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 $ 3,300 $ 70 $ — $ 3,370 9.80 % 1 to 5 years 2,123 — — 2,123 1.61 5 to 10 years 68,326 — (1,174 ) 67,152 2.03 Over 10 years 122,171 215 (162 ) 122,224 2.09 Equity securities due 1 to 5 years 500 3 — 503 1.80 Corporate debt securities due 1 to 5 years 63,657 1,936 — 65,593 3.14 5 to 10 years 119,962 213 (1,352 ) 118,823 2.66 Over 10 years — — — — — Municipal bonds due Within 1 year 2,352 — (4 ) 2,348 1.23 1 to 5 years 1,374 8 — 1,382 2.05 Over 10 years 20,338 2,144 — 22,482 6.45 Mortgage-backed securities Agency pass-through certificates 825,744 8,181 (2,436 ) 831,489 3.11 Commercial MBS 8,350 16 — 8,366 3.55 1,238,197 12,786 (5,128 ) 1,245,855 2.98 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 1,750,886 6,218 (18,767 ) 1,738,337 3.16 Commercial MBS 15,000 5 — 15,005 2.23 1,765,886 6,223 (18,767 ) 1,753,342 3.15 $ 3,004,083 $ 19,009 $ (23,895 ) $ 2,999,197 3.08 % 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 bonds due Within 1 year — — — — — 1 to 5 years 63,622 2,083 — 65,705 2.96 5 to 10 years 119,960 210 (577 ) 119,593 2.62 Over 10 years — — — — — Municipal bonds due Within 1 year 2,344 10 — 2,354 1.23 1 to 5 years 1,367 55 — 1,422 2.05 5 to 10 years — — — — — 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 — $ 2,903,443 $ 20,972 $ (22,293 ) $ 2,902,122 3.02 % For available-for-sale investment securities, there were no sales during the three months ended December 31, 2017 and sales totaling $350,890,000 during the three months ended December 31, 2016 . There were purchases of $40,884,000 of available-for-sale investment securities during the three months ended December 31, 2017 and no purchases during the three months ended December 31, 2016 . For held-to-maturity investment securities, there were purchases totaling $170,836,000 during the three months ended December 31, 2017 and purchases of $415,729,000 during the three months ended December 31, 2016 . There were no sales of held-to-maturity investment securities during either period. Substantially all of the agency mortgage-backed securities have contractual due dates that exceed 10 years . The following tables show the unrealized gross losses and fair value of securities as of December 31, 2017 and September 30, 2017 , by length of time that individual securities in each category have been in a continuous loss position. The decline in fair value since purchase is attributable to changes in interest rates. Because the Company does not intend to sell these securities and does not consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other than temporarily impaired. December 31, 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 $ — $ — $ (1,352 ) $ 98,648 $ (1,352 ) 98,648 Municipal bonds due — — (4 ) 2,347 (4 ) 2,347 U.S. government and agency securities — — (1,336 ) 104,572 (1,336 ) 104,572 Agency pass-through certificates (131 ) 71,537 (21,072 ) 1,218,036 (21,203 ) 1,289,573 $ (131 ) $ 71,537 $ (23,764 ) $ 1,423,603 $ (23,895 ) $ 1,495,140 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. government and 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 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Dec. 31, 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 $ 956,247,000 and $1,035,573,000 notional in interest rate swaps to hedge this exposure as of December 31, 2017 and September 30, 2017 , respectively. The interest rate swaps are derivatives under FASB ASC 815, Derivatives and Hedging , with changes in fair value recorded in earnings. There was no net impact to the statement of operations for the three months ended December 31, 2017 and 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 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 notional in interest rate swaps to hedge existing and anticipated future borrowings as of December 31, 2017 and September 30, 2017 . The Company has also enters into interest rate swaps to hedge the interest rate risk of individual fixed rate commercial loans and these relationships qualify as a fair value hedges under ASC 815, which provides for offsetting of the recognition of gains and losses of the respective interest rate swap and the hedged item. The interest rate swaps in these hedging relationships had a notional amount of $97,927,000 and $52,936,000 as of December 31, 2017 and September 30, 2017 , respectively. The following table presents the fair value and balance sheet classification of derivatives at December 31, 2017 and September 30, 2017 : Asset Derivatives Liability Derivatives December 31, 2017 September 30, 2017 December 31, 2017 September 30, 2017 Balance Sheet Balance Sheet Balance Sheet Balance Sheet Location Fair Value Location Fair Value Location Fair Value Location Fair Value (In thousands) Interest rate contracts Other assets $ 7,587 Other assets $ 1,139 Other liabilities $ 7,587 Other liabilities $ 1,139 Commercial loan hedges Other assets — Other assets — Other liabilities 36 Other liabilities 174 Borrowings hedges Other assets 4,997 Other assets — Other liabilities — Other liabilities 1,693 $ 12,584 $ 1,139 $ 7,623 $ 3,006 |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On December 22, 2017, the U.S. Government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Act amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. For businesses, the Act reduces the corporate federal tax rate from a maximum of 35% to a flat 21% rate. The corporate tax rate reduction was effective January 1, 2018. Because the Company has a fiscal year end of September 30, the reduced corporate tax rate will result in the application of a blended federal statutory tax rate for its fiscal year 2018 and then a flat 21% thereafter. Under generally accepted accounting principles, the Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. At September 30, 2017, the Company’s deferred tax assets and liabilities were determined based on the then-current enacted federal tax rate of 35% . As a result of the reduction in the corporate income tax rate under the Act, the Company revalued its deferred tax assets and liabilities at December 31, 2017. Deferred tax assets and liabilities expected to be realized in fiscal year 2018 were re-measured using the aforementioned blended rate. All remaining deferred tax assets and liabilities were re-measured using the new statutory federal rate of 21% . These re-measurements collectively resulted in a discrete tax benefit of $3,700,000 that was recognized during the three months ended December 31, 2017. The Company’s revaluation of its deferred tax assets and liabilities is subject to further clarification of the Tax Act and refinements of its estimates. As a result, the actual impact on the deferred tax assets and liabilities and income tax expense due to the Tax Act may vary from the amounts estimated. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The Company has prepared the consolidated unaudited interim financial statements included in this report. All intercompany transactions and accounts have been eliminated in consolidation. The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires management to make estimates and assumptions that affect amounts reported in the financial statements. Actual results could differ from these estimates. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation are reflected in the interim financial statements. Certain amounts in the financial statements from prior periods have been reclassified to conform to the current financial statement presentation. The information included in this Form 10-Q should be read in conjunction with the financial statements and related notes in the Company's 2017 Annual Report on Form 10-K (“ 2017 Annual Financial Statements”). Interim results are not necessarily indicative of results for a full year. |
Off-Balance-Sheet Credit Exposures | The Company estimates losses on off-balance-sheet credit exposures by allocating a loss percentage derived from historical loss factors for each asset class. |
New Accounting Pronouncements | In August 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. |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | The following table is a summary of loans receivable. December 31, 2017 September 30, 2017 (In thousands) (In thousands) Gross loans by category Single-family residential $ 5,693,318 45.7 % $ 5,711,004 46.8 % Construction 1,710,418 13.7 1,597,996 13.1 Construction - custom 583,580 4.7 602,631 4.9 Land - acquisition & development 136,938 1.1 124,308 1.0 Land - consumer lot loans 105,086 0.8 104,405 0.9 Multi-family 1,312,695 10.5 1,303,148 10.7 Commercial real estate 1,436,508 11.5 1,434,610 11.8 Commercial & industrial 1,120,707 9.0 1,093,360 9.0 HELOC 136,995 1.1 144,850 1.2 Consumer 219,971 1.8 85,075 0.7 Total gross loans 12,456,216 100 % 12,201,387 100 % Less: Allowance for loan losses 127,155 123,073 Loans in process 1,175,642 1,149,934 Net deferred fees, costs and discounts 46,377 45,758 Total loan contra accounts 1,349,174 1,318,765 Net loans $ 11,107,042 $ 10,882,622 |
Summary of Information Regarding Non-Accrual Loans | The following table sets forth information regarding non-accrual loans. December 31, 2017 September 30, 2017 (In thousands) Non-accrual loans: Single-family residential $ 26,219 57.7 % $ 27,930 56.3 % Construction 364 0.8 — — Construction - custom — — 91 0.2 Land - acquisition & development 1,326 2.9 296 0.6 Land - consumer lot loans 976 2.1 605 1.2 Multi-family 250 0.5 139 0.3 Commercial real estate 8,241 18.1 11,815 23.8 Commercial & industrial 7,596 16.7 8,082 16.3 HELOC 476 1.0 531 1.1 Consumer 72 0.2 91 0.2 Total non-accrual loans $ 45,520 100 % $ 49,580 100 % % of total net loans 0.41 % 0.46 % |
Analysis of Age of Loans in Past Due Status | The following tables provide details regarding delinquent loans. December 31, 2017 Loans Receivable Days Delinquent Based on $ Amount of Loans % based on $ Type of Loan Net of Loans In Process Current 30 60 90 Total Delinquent (In thousands) Single-family residential $ 5,692,045 $ 5,655,873 $ 9,801 $ 6,073 $ 20,298 $ 36,172 0.64 % Construction 852,164 847,793 1,500 2,507 364 4,371 0.51 Construction - custom 292,255 292,255 — — — — — Land - acquisition & development 112,260 111,018 — — 1,242 1,242 1.11 Land - consumer lot loans 104,996 104,246 107 153 490 750 0.71 Multi-family 1,312,673 1,312,423 — — 250 250 0.02 Commercial real estate 1,436,508 1,436,064 129 — 315 444 0.03 Commercial & industrial 1,120,707 1,117,240 2,894 — 573 3,467 0.31 HELOC 136,995 136,004 439 147 405 991 0.72 Consumer 219,971 219,404 352 154 61 567 0.26 Total Loans $ 11,280,574 $ 11,232,320 $ 15,222 $ 9,034 $ 23,998 $ 48,254 0.43 % Delinquency % 99.57% 0.13% 0.08% 0.21% 0.43% September 30, 2017 Loans Receivable Days Delinquent Based on $ Amount of Loans % based on $ Type of Loan Net of Loans In Process Current 30 60 90 Total Delinquent (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 Impaired Loans, Loan Commitments and Loans Serviced | The following table provides information related to loans that were restructured in a troubled debt restructuring ("TDR") during the periods presented: Three Months Ended December 31, 2017 2016 Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment (In thousands) (In thousands) Troubled Debt Restructurings: Single-family residential 8 $ 2,012 $ 2,012 12 $ 2,134 $ 2,134 Land - consumer lot loans — — — 1 204 204 Commercial & Industrial 3 7,256 7,256 — — — HELOC — — — 1 228 228 11 $ 9,268 $ 9,268 14 $ 2,566 $ 2,566 |
Schedule of Loan Modifications | The following table provides information on payment defaults occurring during the periods presented where the loan had been modified in a TDR within 12 months of the payment default. Three Months Ended December 31, 2017 2016 Number of Recorded Number of Recorded Contracts Investment Contracts Investment (In thousands) (In thousands) TDRs That Subsequently Defaulted: Single-family residential 1 $ 44 6 $ 1,993 Commercial real estate — — 2 267 1 $ 44 8 $ 2,260 |
Allowance for Losses on Loans (
Allowance for Losses on Loans (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Summary of Activity in Allowance for Loan Losses | The following tables summarize the activity in the allowance for loan losses. Three Months Ended December 31, 2017 Beginning Allowance Charge-offs Recoveries Provision & Transfers Ending Allowance (In thousands) Single-family residential $ 36,892 $ (461 ) $ 121 $ (624 ) $ 35,928 Construction 24,556 — — 658 25,214 Construction - custom 1,944 (50 ) — 158 2,052 Land - acquisition & development 6,829 — 3,372 (2,846 ) 7,355 Land - consumer lot loans 2,649 (47 ) — 304 2,906 Multi-family 7,862 — — 42 7,904 Commercial real estate 11,818 — — (193 ) 11,625 Commercial & industrial 28,524 (116 ) 55 805 29,268 HELOC 855 — — (47 ) 808 Consumer 1,144 (78 ) 286 2,743 4,095 $ 123,073 $ (752 ) $ 3,834 $ 1,000 $ 127,155 Three Months Ended December 31, 2016 Beginning Allowance Charge-offs Recoveries Provision & Transfers Ending Allowance (In thousands) Single-family residential $ 37,796 $ (115 ) $ 151 $ 374 $ 38,206 Construction 19,838 — — 2,096 21,934 Construction - custom 1,080 — — 30 1,110 Land - acquisition & development 6,023 (20 ) 4,018 (3,356 ) 6,665 Land - consumer lot loans 2,535 (17 ) 70 (87 ) 2,501 Multi-family 6,925 — — 704 7,629 Commercial real estate 8,588 (11 ) 356 1,235 10,168 Commercial & industrial 28,008 (58 ) 725 (939 ) 27,736 HELOC 813 (37 ) 1 55 832 Consumer 1,888 (146 ) 379 (446 ) 1,675 $ 113,494 $ (404 ) $ 5,700 $ (334 ) $ 118,456 |
Summary of Loans Collectively and Individually Evaluated for Impairment and Related Allocation of Reserves | The following tables show loans collectively and individually evaluated for impairment and the related allocation of general and specific reserves. December 31, 2017 Loans Collectively Evaluated for Impairment Loans Individually Evaluated for Impairment Allowance Allocation Recorded Investment of Loans Ratio Allowance Allocation Recorded Investment of Loans Ratio (In thousands) (In thousands) Single-family residential $ 35,928 $ 5,676,565 0.6 % $ — $ 24,083 — % Construction 25,214 851,800 3.0 — 364 — Construction - custom 2,052 292,255 0.7 — — — Land - acquisition & development 7,355 110,884 6.6 — 1,376 — Land - consumer lot loans 2,906 97,291 3.0 — 416 — Multi-family 7,899 1,311,943 0.6 5 730 0.7 Commercial real estate 11,519 1,389,749 0.8 106 27,535 0.4 Commercial & industrial 28,744 1,108,961 2.6 524 11,694 4.5 HELOC 808 134,320 0.6 — 620 — Consumer 4,095 219,784 1.9 — 70 — $ 126,520 $ 11,193,552 1.1 % $ 635 $ 66,888 0.9 % September 30, 2017 Loans Collectively Evaluated for Impairment Loans Individually Evaluated for Impairment Allowance Allocation Recorded Investment of Loans Ratio Allowance 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 % |
Summary of Loans Based on Credit Quality Indicators | The following tables provide information on loans based on risk rating categories as defined above. December 31, 2017 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total Gross Loans (In thousands) Loan type Single-family residential $ 5,657,731 $ — $ 35,587 $ — $ — $ 5,693,318 Construction 1,707,044 — 3,374 — — 1,710,418 Construction - custom 583,580 — — — — 583,580 Land - acquisition & development 134,625 — 2,313 — — 136,938 Land - consumer lot loans 104,105 — 981 — — 105,086 Multi-family 1,304,991 3,159 4,545 — — 1,312,695 Commercial real estate 1,401,236 3,764 31,508 — — 1,436,508 Commercial & industrial 1,077,207 10,423 33,077 — — 1,120,707 HELOC 136,287 — 708 — — 136,995 Consumer 219,899 — 72 — — 219,971 Total gross loans $ 12,326,705 $ 17,346 $ 112,165 $ — $ — $ 12,456,216 Total grade as a % of total gross loans 99.0 % 0.1 % 0.9 % — % — % September 30, 2017 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total 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 % — % — % The following tables provide information on gross loans based on borrower payment activity. December 31, 2017 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (In thousands) Single-family residential $ 5,667,099 99.5 % $ 26,219 0.5 % Construction 1,710,054 100.0 364 — Construction - custom 583,580 100.0 — — Land - acquisition & development 135,612 99.0 1,326 1.0 Land - consumer lot loans 104,110 99.1 976 0.9 Multi-family 1,312,445 100.0 250 — Commercial real estate 1,428,267 99.4 8,241 0.6 Commercial & industrial 1,113,111 99.3 7,596 0.7 HELOC 136,519 99.7 476 0.3 Consumer 219,899 100.0 72 — $ 12,410,696 99.6 % $ 45,520 0.4 % September 30, 2017 Performing Loans Non-Performing Loans Amount % of Total Gross Loans Amount % of Total Gross Loans (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 % |
Summary of Impaired Loans Based on Type | The following tables provide information on impaired loan balances and the related allowances by loan types. December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment (In thousands) Impaired loans with no related allowance recorded: Single-family residential $ 20,405 $ 21,860 $ — $ 20,864 Construction 969 969 — 485 Construction - custom — — — 74 Land - acquisition & development 1,376 1,405 — 853 Land - consumer lot loans 300 375 — 254 Multi-family 250 254 — 195 Commercial real estate 16,372 21,720 — 14,631 Commercial & industrial 4,439 4,506 — 6,359 HELOC 620 747 — 555 Consumer 70 134 — 79 44,801 51,970 — 44,349 Impaired loans with an allowance recorded: Single-family residential 170,677 174,162 3,412 176,308 Land - acquisition & development — — — 45 Land - consumer lot loans 7,405 7,776 — 7,677 Multi-family 480 480 5 487 Commercial real estate 11,910 12,755 106 13,495 Commercial & industrial 7,256 7,256 524 3,628 HELOC 1,356 1,435 — 1,542 Consumer 91 91 — 94 199,175 203,955 4,047 (1) 203,276 Total impaired loans: Single-family residential 191,082 196,022 3,412 197,172 Construction 969 969 — 485 Construction - custom — — — 74 Land - acquisition & development 1,376 1,405 — 898 Land - consumer lot loans 7,705 8,151 — 7,931 Multi-family 730 734 5 682 Commercial real estate 28,282 34,475 106 28,126 Commercial & industrial 11,695 11,762 524 9,987 HELOC 1,976 2,182 — 2,097 Consumer 161 225 — 173 $ 243,976 $ 255,925 $ 4,047 (1) $ 247,625 (1) Includes $635,000 of specific reserves and $3,412,000 included in the general reserves. 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 - 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 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 impaired loans: Single-family residential 203,266 210,047 4,030 224,094 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 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets Measured on Recurring Basis | The following tables present the balance of assets and liabilities measured at fair value on a recurring basis. December 31, 2017 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Available-for-sale securities: Equity securities $ 503 $ — $ — $ 503 U.S. government and agency securities — 194,869 — 194,869 Municipal bonds — 26,212 — 26,212 Corporate debt securities — 184,416 — 184,416 Mortgage-backed securities Agency pass-through certificates — 831,489 — 831,489 Commercial MBS — 8,366 — 8,366 Total available-for-sale securities 503 1,245,352 — 1,245,855 Interest rate contracts — 7,587 — 7,587 Borrowings hedges — 4,997 — 4,997 Total financial assets $ 503 $ 1,257,936 $ — $ 1,258,439 Financial Liabilities Interest rate contracts $ — $ 7,587 $ — $ 7,587 Commercial loan hedges — 36 — 36 Total financial liabilities $ — $ 7,623 $ — $ 7,623 There were no transfers between, into and/or out of Levels 1, 2 or 3 during the three months ended December 31, 2017 . September 30, 2017 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Available-for-sale securities: Equity securities $ 522 $ — $ — $ 522 U.S. government and agency securities — 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 Borrowings hedges — 1,693 — 1,693 Total financial liabilities $ — $ 3,006 $ — $ 3,006 |
Aggregated Balance of Assets Measured at Estimated Fair Value on a Nonrecurring Basis and Total Losses Resulting from Those Fair Value Adjustments | The following tables present the aggregated balance of assets that were measured at fair value on a nonrecurring basis at December 31, 2017 and December 31, 2016 , and the total gains (losses) resulting from those fair value adjustments for the three months ended December 31, 2017 and December 31, 2016 . The estimated fair value measurements are shown gross of estimated selling costs. December 31, 2017 Three Months Ended December 31, 2017 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) Impaired loans (1) $ — $ — $ 688 $ 688 $ (507 ) Real estate owned (2) — — 2,055 2,055 (180 ) Balance at end of period $ — $ — $ 2,743 $ 2,743 $ (687 ) (1) The gains (losses) represent remeasurements of collateral-dependent loans. (2) The gains (losses) represent aggregate writedowns and charge-offs on REO. December 31, 2016 Three Months Ended December 31, 2016 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) Impaired loans (1) $ — $ — $ 3,353 $ 3,353 $ (422 ) Real estate owned (2) — — 2,299 2,299 (241 ) Balance at end of period $ — $ — $ 5,652 $ 5,652 $ (663 ) (1) The gains (losses) represent remeasurements of collateral-dependent loans. (2) The gains (losses) represent aggregate writedowns and charge-offs on REO. |
Fair Value of Financial Instruments by Balance Sheet Grouping | Although management is not aware of any factors that would materially affect the estimated fair value amounts presented below, such amounts have not been comprehensively revalued for purposes of these financial statements since the dates shown, and therefore, estimates of fair value subsequent to those dates may differ significantly from the amounts presented below. December 31, 2017 September 30, 2017 Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (In thousands) Financial assets Cash and cash equivalents 1 $ 309,713 $ 309,713 $ 313,070 $ 313,070 Available-for-sale securities Equity securities 1 503 503 522 522 U.S. government and agency securities 2 194,869 194,869 211,077 211,077 Municipal bonds 2 26,212 26,212 26,624 26,624 Corporate debt securities 2 184,416 184,416 185,298 185,298 Mortgage-backed securities Agency pass-through certificates 2 831,489 831,489 834,297 834,297 Commercial MBS 2 8,366 8,366 8,391 8,391 Total available-for-sale securities 1,245,855 1,245,855 1,266,209 1,266,209 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 2 1,750,886 1,738,337 1,646,856 1,635,913 Commercial MBS 2 15,000 15,005 — — Total held-to-maturity securities 1,765,886 1,753,342 1,646,856 1,635,913 Loans receivable 3 11,107,042 11,503,407 10,882,622 11,247,586 FHLB and FRB stock 2 130,590 130,590 122,990 122,990 Other assets - interest rate contracts 2 7,587 7,587 1,139 1,139 Other assets - borrowings hedges 2 4,997 4,997 — — Financial liabilities Customer accounts 2 11,001,579 10,483,114 10,835,008 10,411,686 FHLB advances 2 2,415,000 2,431,792 2,225,000 2,266,791 Other liabilities - interest rate contracts 2 7,587 7,587 1,139 1,139 Other liabilities - commercial loan hedges 2 36 36 174 174 Other liabilities - borrowings hedges 2 — — 1,693 1,693 The following table presents the fair value and balance sheet classification of derivatives at December 31, 2017 and September 30, 2017 : Asset Derivatives Liability Derivatives December 31, 2017 September 30, 2017 December 31, 2017 September 30, 2017 Balance Sheet Balance Sheet Balance Sheet Balance Sheet Location Fair Value Location Fair Value Location Fair Value Location Fair Value (In thousands) Interest rate contracts Other assets $ 7,587 Other assets $ 1,139 Other liabilities $ 7,587 Other liabilities $ 1,139 Commercial loan hedges Other assets — Other assets — Other liabilities 36 Other liabilities 174 Borrowings hedges Other assets 4,997 Other assets — Other liabilities — Other liabilities 1,693 $ 12,584 $ 1,139 $ 7,623 $ 3,006 |
Reconciliation of Amortized Cost to Fair Value of Available-for-Sale and Held-to-Maturity Securities | The following tables provide a reconciliation of amortized cost to fair value of available-for-sale and held-to-maturity securities. December 31, 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 $ 3,300 $ 70 $ — $ 3,370 9.80 % 1 to 5 years 2,123 — — 2,123 1.61 5 to 10 years 68,326 — (1,174 ) 67,152 2.03 Over 10 years 122,171 215 (162 ) 122,224 2.09 Equity securities due 1 to 5 years 500 3 — 503 1.80 Corporate debt securities due 1 to 5 years 63,657 1,936 — 65,593 3.14 5 to 10 years 119,962 213 (1,352 ) 118,823 2.66 Over 10 years — — — — — Municipal bonds due Within 1 year 2,352 — (4 ) 2,348 1.23 1 to 5 years 1,374 8 — 1,382 2.05 Over 10 years 20,338 2,144 — 22,482 6.45 Mortgage-backed securities Agency pass-through certificates 825,744 8,181 (2,436 ) 831,489 3.11 Commercial MBS 8,350 16 — 8,366 3.55 1,238,197 12,786 (5,128 ) 1,245,855 2.98 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 1,750,886 6,218 (18,767 ) 1,738,337 3.16 Commercial MBS 15,000 5 — 15,005 2.23 1,765,886 6,223 (18,767 ) 1,753,342 3.15 $ 3,004,083 $ 19,009 $ (23,895 ) $ 2,999,197 3.08 % 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 bonds due Within 1 year — — — — — 1 to 5 years 63,622 2,083 — 65,705 2.96 5 to 10 years 119,960 210 (577 ) 119,593 2.62 Over 10 years — — — — — Municipal bonds due Within 1 year 2,344 10 — 2,354 1.23 1 to 5 years 1,367 55 — 1,422 2.05 5 to 10 years — — — — — 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 — $ 2,903,443 $ 20,972 $ (22,293 ) $ 2,902,122 3.02 % |
Schedule of Unrealized Losses and Fair Value of Securities | The following tables show the unrealized gross losses and fair value of securities as of December 31, 2017 and September 30, 2017 , by length of time that individual securities in each category have been in a continuous loss position. The decline in fair value since purchase is attributable to changes in interest rates. Because the Company does not intend to sell these securities and does not consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other than temporarily impaired. December 31, 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 $ — $ — $ (1,352 ) $ 98,648 $ (1,352 ) 98,648 Municipal bonds due — — (4 ) 2,347 (4 ) 2,347 U.S. government and agency securities — — (1,336 ) 104,572 (1,336 ) 104,572 Agency pass-through certificates (131 ) 71,537 (21,072 ) 1,218,036 (21,203 ) 1,289,573 $ (131 ) $ 71,537 $ (23,764 ) $ 1,423,603 $ (23,895 ) $ 1,495,140 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. government and 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 |
Derivatives and Hedging Activ20
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value and Balance Sheet Classification | Although management is not aware of any factors that would materially affect the estimated fair value amounts presented below, such amounts have not been comprehensively revalued for purposes of these financial statements since the dates shown, and therefore, estimates of fair value subsequent to those dates may differ significantly from the amounts presented below. December 31, 2017 September 30, 2017 Level in Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (In thousands) Financial assets Cash and cash equivalents 1 $ 309,713 $ 309,713 $ 313,070 $ 313,070 Available-for-sale securities Equity securities 1 503 503 522 522 U.S. government and agency securities 2 194,869 194,869 211,077 211,077 Municipal bonds 2 26,212 26,212 26,624 26,624 Corporate debt securities 2 184,416 184,416 185,298 185,298 Mortgage-backed securities Agency pass-through certificates 2 831,489 831,489 834,297 834,297 Commercial MBS 2 8,366 8,366 8,391 8,391 Total available-for-sale securities 1,245,855 1,245,855 1,266,209 1,266,209 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 2 1,750,886 1,738,337 1,646,856 1,635,913 Commercial MBS 2 15,000 15,005 — — Total held-to-maturity securities 1,765,886 1,753,342 1,646,856 1,635,913 Loans receivable 3 11,107,042 11,503,407 10,882,622 11,247,586 FHLB and FRB stock 2 130,590 130,590 122,990 122,990 Other assets - interest rate contracts 2 7,587 7,587 1,139 1,139 Other assets - borrowings hedges 2 4,997 4,997 — — Financial liabilities Customer accounts 2 11,001,579 10,483,114 10,835,008 10,411,686 FHLB advances 2 2,415,000 2,431,792 2,225,000 2,266,791 Other liabilities - interest rate contracts 2 7,587 7,587 1,139 1,139 Other liabilities - commercial loan hedges 2 36 36 174 174 Other liabilities - borrowings hedges 2 — — 1,693 1,693 The following table presents the fair value and balance sheet classification of derivatives at December 31, 2017 and September 30, 2017 : Asset Derivatives Liability Derivatives December 31, 2017 September 30, 2017 December 31, 2017 September 30, 2017 Balance Sheet Balance Sheet Balance Sheet Balance Sheet Location Fair Value Location Fair Value Location Fair Value Location Fair Value (In thousands) Interest rate contracts Other assets $ 7,587 Other assets $ 1,139 Other liabilities $ 7,587 Other liabilities $ 1,139 Commercial loan hedges Other assets — Other assets — Other liabilities 36 Other liabilities 174 Borrowings hedges Other assets 4,997 Other assets — Other liabilities — Other liabilities 1,693 $ 12,584 $ 1,139 $ 7,623 $ 3,006 |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Goodwill | $ 300,288 | $ 293,153 |
Other assets | 177,799 | 185,826 |
Loans in process | 1,175,642 | 1,149,934 |
Loans and Leases Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in process | 2,088,669 | $ 1,992,905 |
Restatement Adjustment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Goodwill | 7,135 | |
Finite-lived intangible assets | 5,106 | |
Other assets | $ (12,241) |
Dividends and Share Repurchas22
Dividends and Share Repurchases (Details) - $ / shares | Jan. 24, 2018 | Nov. 20, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Dividends Payable [Line Items] | ||||
Cash dividends per share (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.14 | |
Stock repurchased (in shares) | 1,147,370 | |||
Average cost per share (in dollars per share) | $ 33.98 | |||
Warrants outstanding (in shares) | 112,649 | |||
Remaining shares authorized to be repurchased (in shares) | 753,585 | |||
2008 Troubled Asset Relief Program | ||||
Dividends Payable [Line Items] | ||||
Stock issued during period (in shares) | 108,704 | |||
Subsequent Event | ||||
Dividends Payable [Line Items] | ||||
Dividends declared (in dollars per share) | $ 0.17 | |||
Number of additional shares authorized for repurchase (in shares) | 5,000,000 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Accounts, Notes, Loans, and Financing Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 12,456,216 | $ 12,201,387 | ||
Ratio of type of loan to total loans receivable | 100.00% | 100.00% | ||
Allowance for loan losses | $ 127,155 | $ 123,073 | $ 118,456 | $ 113,494 |
Loans in process | 1,175,642 | 1,149,934 | ||
Net deferred fees, costs and discounts | 46,377 | 45,758 | ||
Total loan contra accounts | 1,349,174 | 1,318,765 | ||
Net loans | 11,107,042 | 10,882,622 | ||
Single-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 5,693,318 | $ 5,711,004 | ||
Ratio of type of loan to total loans receivable | 45.70% | 46.80% | ||
Allowance for loan losses | $ 35,928 | $ 36,892 | 38,206 | 37,796 |
Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 1,710,418 | $ 1,597,996 | ||
Ratio of type of loan to total loans receivable | 13.70% | 13.10% | ||
Allowance for loan losses | $ 25,214 | $ 24,556 | 21,934 | 19,838 |
Construction - custom | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 583,580 | $ 602,631 | ||
Ratio of type of loan to total loans receivable | 4.70% | 4.90% | ||
Allowance for loan losses | $ 2,052 | $ 1,944 | 1,110 | 1,080 |
Land - acquisition & development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 136,938 | $ 124,308 | ||
Ratio of type of loan to total loans receivable | 1.10% | 1.00% | ||
Allowance for loan losses | $ 7,355 | $ 6,829 | 6,665 | 6,023 |
Land - consumer lot loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 105,086 | $ 104,405 | ||
Ratio of type of loan to total loans receivable | 0.80% | 0.90% | ||
Allowance for loan losses | $ 2,906 | $ 2,649 | 2,501 | 2,535 |
Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 1,312,695 | $ 1,303,148 | ||
Ratio of type of loan to total loans receivable | 10.50% | 10.70% | ||
Allowance for loan losses | $ 7,904 | $ 7,862 | 7,629 | 6,925 |
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 1,436,508 | $ 1,434,610 | ||
Ratio of type of loan to total loans receivable | 11.50% | 11.80% | ||
Allowance for loan losses | $ 11,625 | $ 11,818 | 10,168 | 8,588 |
Commercial & industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 1,120,707 | $ 1,093,360 | ||
Ratio of type of loan to total loans receivable | 9.00% | 9.00% | ||
Allowance for loan losses | $ 29,268 | $ 28,524 | 27,736 | 28,008 |
HELOC | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 136,995 | $ 144,850 | ||
Ratio of type of loan to total loans receivable | 1.10% | 1.20% | ||
Allowance for loan losses | $ 808 | $ 855 | 832 | 813 |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 219,971 | $ 85,075 | ||
Ratio of type of loan to total loans receivable | 1.80% | 0.70% | ||
Allowance for loan losses | $ 4,095 | $ 1,144 | $ 1,675 | $ 1,888 |
Loans Receivable - Loans on No
Loans Receivable - Loans on Non-accrual Status (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual percent of total loans | 0.41% | 0.46% |
Non-Accrual loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 45,520 | $ 49,580 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 100.00% | 100.00% |
Single-family residential | Non-Accrual loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 26,219 | $ 27,930 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 57.70% | 56.30% |
Construction | Non-Accrual loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 364 | $ 0 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 0.80% | 0.00% |
Construction - custom | Non-Accrual loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 0 | $ 91 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 0.00% | 0.20% |
Land - acquisition & development | Non-Accrual loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 1,326 | $ 296 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 2.90% | 0.60% |
Land - consumer lot loans | Non-Accrual loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 976 | $ 605 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 2.10% | 1.20% |
Multi-family | Non-Accrual loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 250 | $ 139 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 0.50% | 0.30% |
Commercial real estate | Non-Accrual loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 8,241 | $ 11,815 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 18.10% | 23.80% |
Commercial & industrial | Non-Accrual loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 7,596 | $ 8,082 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 16.70% | 16.30% |
HELOC | Non-Accrual loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 476 | $ 531 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 1.00% | 1.10% |
Consumer | Non-Accrual loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 72 | $ 91 |
Ratio of nonaccrual loan by portfolio segment to total loans on nonaccrual status | 0.20% | 0.20% |
Loans Receivable - Additional
Loans Receivable - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual interest income recognized | $ 2,551 | ||
Impaired, interest lost on nonaccrual loans | $ 489 | ||
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.43% | 0.40% | |
Percent of TDRs classified as performing | 97.60% | ||
Troubled debt restructuring, amount | $ 9,268 | $ 2,566 | |
Basis point reduction, minimum | 1.00% | ||
Basis point reduction, maximum | 2.00% | ||
Single family residential loans as percentage of restructured loans | 85.70% | ||
Covered assets | $ 58,699 | $ 67,914 | |
Loans receivable, gross | 12,456,216 | 12,201,387 | |
FDIC indemnification asset | 0 | 8,967 | |
FDIC clawback liability | 39,906 | 37,143 | |
FDIC loss share valuation adjustments | (8,550) | $ 0 | |
Covered loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable, gross | $ 54,865 | $ 61,810 | |
Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term for payment and rate reduction | 6 months | ||
Maximum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term for payment and rate reduction | 24 months | ||
Performing Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Troubled debt restructuring, amount | $ 199,175 |
Loans Receivable - Loans Recei
Loans Receivable - Loans Receivable, Analysis of Age of Loans in Past Due Status (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of charge-offs and LIP | $ 11,280,574 | $ 11,051,453 |
Current | 11,232,320 | 11,007,440 |
Past due | $ 48,254 | $ 44,013 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.43% | 0.40% |
Ratio of total past due loans to total loans receivable, current | 99.57% | 99.60% |
Ratio of total past due loans to total loans receivable, past due | 0.43% | 0.40% |
30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 15,222 | $ 12,015 |
Ratio of total past due loans to total loans receivable, past due | 0.13% | 0.11% |
60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 9,034 | $ 6,245 |
Ratio of total past due loans to total loans receivable, past due | 0.08% | 0.06% |
90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 23,998 | $ 25,753 |
Ratio of total past due loans to total loans receivable, past due | 0.21% | 0.23% |
Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of charge-offs and LIP | $ 5,692,045 | $ 5,709,690 |
Current | 5,655,873 | 5,671,933 |
Past due | $ 36,172 | $ 37,757 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.64% | 0.66% |
Single-family residential | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 9,801 | $ 10,925 |
Single-family residential | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 6,073 | 4,810 |
Single-family residential | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 20,298 | 22,022 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of charge-offs and LIP | 852,164 | 793,959 |
Current | 847,793 | 793,959 |
Past due | $ 4,371 | $ 0 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.51% | 0.00% |
Construction | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 1,500 | $ 0 |
Construction | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 2,507 | 0 |
Construction | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 364 | 0 |
Construction - custom | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of charge-offs and LIP | 292,255 | 277,599 |
Current | 292,255 | 277,508 |
Past due | $ 0 | $ 91 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.00% | 0.03% |
Construction - custom | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 0 | $ 0 |
Construction - custom | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 0 | 0 |
Construction - custom | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 0 | 91 |
Land - acquisition & development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of charge-offs and LIP | 112,260 | 104,856 |
Current | 111,018 | 104,526 |
Past due | $ 1,242 | $ 330 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 1.11% | 0.31% |
Land - acquisition & development | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 0 | $ 0 |
Land - acquisition & development | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 0 | 0 |
Land - acquisition & development | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 1,242 | 330 |
Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of charge-offs and LIP | 104,996 | 104,335 |
Current | 104,246 | 103,389 |
Past due | $ 750 | $ 946 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.71% | 0.91% |
Land - consumer lot loans | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 107 | $ 112 |
Land - consumer lot loans | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 153 | 680 |
Land - consumer lot loans | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 490 | 154 |
Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of charge-offs and LIP | 1,312,673 | 1,303,119 |
Current | 1,312,423 | 1,302,720 |
Past due | $ 250 | $ 399 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.02% | 0.03% |
Multi-family | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 0 | $ 5 |
Multi-family | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 0 | 255 |
Multi-family | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 250 | 139 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of charge-offs and LIP | 1,436,508 | 1,434,610 |
Current | 1,436,064 | 1,432,052 |
Past due | $ 444 | $ 2,558 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.03% | 0.18% |
Commercial real estate | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 129 | $ 507 |
Commercial real estate | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 0 | 0 |
Commercial real estate | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 315 | 2,051 |
Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of charge-offs and LIP | 1,120,707 | 1,093,360 |
Current | 1,117,240 | 1,092,735 |
Past due | $ 3,467 | $ 625 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.31% | 0.06% |
Commercial & industrial | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 2,894 | $ 0 |
Commercial & industrial | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 0 | 51 |
Commercial & industrial | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 573 | 574 |
HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of charge-offs and LIP | 136,995 | 144,850 |
Current | 136,004 | 143,974 |
Past due | $ 991 | $ 876 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.72% | 0.60% |
HELOC | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 439 | $ 221 |
HELOC | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 147 | 342 |
HELOC | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 405 | 313 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans, net of charge-offs and LIP | 219,971 | 85,075 |
Current | 219,404 | 84,644 |
Past due | $ 567 | $ 431 |
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.26% | 0.51% |
Consumer | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 352 | $ 245 |
Consumer | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | 154 | 107 |
Consumer | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due | $ 61 | $ 79 |
Loans Receivable - Troubled De
Loans Receivable - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017USD ($)contract | Dec. 31, 2016USD ($)contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of contracts | contract | 11 | 14 |
Pre-modification outstanding recorded investment | $ 9,268 | $ 2,566 |
Post-modification outstanding recorded investment | $ 9,268 | $ 2,566 |
Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of contracts | contract | 8 | 12 |
Pre-modification outstanding recorded investment | $ 2,012 | $ 2,134 |
Post-modification outstanding recorded investment | $ 2,012 | $ 2,134 |
Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of contracts | contract | 0 | 1 |
Pre-modification outstanding recorded investment | $ 0 | $ 204 |
Post-modification outstanding recorded investment | $ 0 | $ 204 |
Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of contracts | contract | 3 | 0 |
Pre-modification outstanding recorded investment | $ 7,256 | $ 0 |
Post-modification outstanding recorded investment | $ 7,256 | $ 0 |
HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of contracts | contract | 0 | 1 |
Pre-modification outstanding recorded investment | $ 0 | $ 228 |
Post-modification outstanding recorded investment | $ 0 | $ 228 |
Loans Receivable - Loan Modifi
Loans Receivable - Loan Modifications (Details) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017USD ($)contract | Dec. 31, 2016USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 1 | 8 |
Recorded investment | $ | $ 44 | $ 2,260 |
Single-family residential | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 1 | 6 |
Recorded investment | $ | $ 44 | $ 1,993 |
Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 0 | 2 |
Recorded investment | $ | $ 0 | $ 267 |
Allowance for Losses on Loans
Allowance for Losses on Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | $ 123,073 | $ 113,494 |
Charge-offs | (752) | (404) |
Recoveries | 3,834 | 5,700 |
Provision & Transfers | 1,000 | (334) |
Ending Allowance | 127,155 | 118,456 |
Single-family residential | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 36,892 | 37,796 |
Charge-offs | (461) | (115) |
Recoveries | 121 | 151 |
Provision & Transfers | (624) | 374 |
Ending Allowance | 35,928 | 38,206 |
Construction | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 24,556 | 19,838 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision & Transfers | 658 | 2,096 |
Ending Allowance | 25,214 | 21,934 |
Construction - custom | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 1,944 | 1,080 |
Charge-offs | (50) | 0 |
Recoveries | 0 | 0 |
Provision & Transfers | 158 | 30 |
Ending Allowance | 2,052 | 1,110 |
Land - acquisition & development | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 6,829 | 6,023 |
Charge-offs | 0 | (20) |
Recoveries | 3,372 | 4,018 |
Provision & Transfers | (2,846) | (3,356) |
Ending Allowance | 7,355 | 6,665 |
Land - consumer lot loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 2,649 | 2,535 |
Charge-offs | (47) | (17) |
Recoveries | 0 | 70 |
Provision & Transfers | 304 | (87) |
Ending Allowance | 2,906 | 2,501 |
Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 7,862 | 6,925 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision & Transfers | 42 | 704 |
Ending Allowance | 7,904 | 7,629 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 11,818 | 8,588 |
Charge-offs | 0 | (11) |
Recoveries | 0 | 356 |
Provision & Transfers | (193) | 1,235 |
Ending Allowance | 11,625 | 10,168 |
Commercial & industrial | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 28,524 | 28,008 |
Charge-offs | (116) | (58) |
Recoveries | 55 | 725 |
Provision & Transfers | 805 | (939) |
Ending Allowance | 29,268 | 27,736 |
HELOC | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 855 | 813 |
Charge-offs | 0 | (37) |
Recoveries | 0 | 1 |
Provision & Transfers | (47) | 55 |
Ending Allowance | 808 | 832 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Allowance | 1,144 | 1,888 |
Charge-offs | (78) | (146) |
Recoveries | 286 | 379 |
Provision & Transfers | 2,743 | (446) |
Ending Allowance | $ 4,095 | $ 1,675 |
Allowance for Losses on Loans30
Allowance for Losses on Loans - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Charge-offs, net of (recoveries) | $ (3,082) | $ (5,296) | ||
Loans receivable, gross | $ 12,456,216 | $ 12,201,387 | ||
Ratio of past due loans to total loans, net of charge-offs and LIPs | 0.43% | 0.40% | ||
Allowance for loan losses | $ 127,155 | $ 118,456 | $ 123,073 | $ 113,494 |
Allowance for credit losses and reserve for unfunded commitments | $ 133,905 | |||
Allowance for credit losses and reserve for unfunded commitments, percent of gross loans | 1.08% | |||
Non-Accrual loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual loans | $ 45,520 | 49,580 | ||
Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 11,193,552 | 11,000,212 | ||
Allowance for loan losses | 126,520 | 122,947 | ||
Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | 66,888 | 28,553 | ||
Allowance for loan losses | 635 | 126 | ||
Unfunded Loan Commitment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 6,750 | 7,750 | ||
Non-Performing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, gross | $ 63,448 | $ 70,238 | ||
Ratio of non-performing assets to total assets | 0.41% | 0.46% | ||
Nonaccrual loans | $ 45,520 | $ 49,580 |
Allowance for Losses on Loans31
Allowance for Losses on Loans - Loans Evaluated for Impairment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 127,155 | $ 123,073 | $ 118,456 | $ 113,494 |
Loans receivable, gross | 12,456,216 | 12,201,387 | ||
Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 126,520 | 122,947 | ||
Loans receivable, gross | $ 11,193,552 | $ 11,000,212 | ||
Ratio | 1.10% | 1.10% | ||
Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 635 | $ 126 | ||
Loans receivable, gross | $ 66,888 | $ 28,553 | ||
Ratio | 0.90% | 0.40% | ||
Single-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 35,928 | $ 36,892 | 38,206 | 37,796 |
Loans receivable, gross | 5,693,318 | 5,711,004 | ||
Single-family residential | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 35,928 | 36,893 | ||
Loans receivable, gross | $ 5,676,565 | $ 5,713,576 | ||
Ratio | 0.60% | 0.70% | ||
Single-family residential | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 0 | $ 0 | ||
Loans receivable, gross | $ 24,083 | $ 5,552 | ||
Ratio | 0.00% | 0.00% | ||
Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 25,214 | $ 24,556 | 21,934 | 19,838 |
Loans receivable, gross | 1,710,418 | 1,597,996 | ||
Construction | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 25,214 | 24,556 | ||
Loans receivable, gross | $ 851,800 | $ 793,958 | ||
Ratio | 3.00% | 3.10% | ||
Construction | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 0 | $ 0 | ||
Loans receivable, gross | $ 364 | $ 0 | ||
Ratio | 0.00% | 0.00% | ||
Construction - custom | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 2,052 | $ 1,944 | 1,110 | 1,080 |
Loans receivable, gross | 583,580 | 602,631 | ||
Construction - custom | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 2,052 | 1,944 | ||
Loans receivable, gross | $ 292,255 | $ 277,495 | ||
Ratio | 0.70% | 0.70% | ||
Construction - custom | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 0 | $ 0 | ||
Loans receivable, gross | $ 0 | $ 105 | ||
Ratio | 0.00% | 0.00% | ||
Land - acquisition & development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 7,355 | $ 6,829 | 6,665 | 6,023 |
Loans receivable, gross | 136,938 | 124,308 | ||
Land - acquisition & development | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 7,355 | 6,828 | ||
Loans receivable, gross | $ 110,884 | $ 104,767 | ||
Ratio | 6.60% | 6.50% | ||
Land - acquisition & development | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 0 | $ 1 | ||
Loans receivable, gross | $ 1,376 | $ 89 | ||
Ratio | 0.00% | 1.00% | ||
Land - consumer lot loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 2,906 | $ 2,649 | 2,501 | 2,535 |
Loans receivable, gross | 105,086 | 104,405 | ||
Land - consumer lot loans | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 2,906 | 2,649 | ||
Loans receivable, gross | $ 97,291 | $ 96,337 | ||
Ratio | 3.00% | 2.80% | ||
Land - consumer lot loans | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 0 | $ 0 | ||
Loans receivable, gross | $ 416 | $ 171 | ||
Ratio | 0.00% | 0.00% | ||
Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 7,904 | $ 7,862 | 7,629 | 6,925 |
Loans receivable, gross | 1,312,695 | 1,303,148 | ||
Multi-family | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 7,899 | 7,857 | ||
Loans receivable, gross | $ 1,311,943 | $ 1,302,625 | ||
Ratio | 0.60% | 0.60% | ||
Multi-family | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 5 | $ 5 | ||
Loans receivable, gross | $ 730 | $ 493 | ||
Ratio | 0.70% | 1.00% | ||
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 11,625 | $ 11,818 | 10,168 | 8,588 |
Loans receivable, gross | 1,436,508 | 1,434,610 | ||
Commercial real estate | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 11,519 | 11,697 | ||
Loans receivable, gross | $ 1,389,749 | $ 1,391,668 | ||
Ratio | 0.80% | 0.80% | ||
Commercial real estate | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 106 | $ 120 | ||
Loans receivable, gross | $ 27,535 | $ 21,765 | ||
Ratio | 0.40% | 0.60% | ||
Commercial & industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 29,268 | $ 28,524 | 27,736 | 28,008 |
Loans receivable, gross | 1,120,707 | 1,093,360 | ||
Commercial & industrial | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 28,744 | 28,524 | ||
Loans receivable, gross | $ 1,108,961 | $ 1,093,210 | ||
Ratio | 2.60% | 2.60% | ||
Commercial & industrial | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 524 | $ 0 | ||
Loans receivable, gross | $ 11,694 | $ 81 | ||
Ratio | 4.50% | 0.00% | ||
HELOC | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 808 | $ 855 | 832 | 813 |
Loans receivable, gross | 136,995 | 144,850 | ||
HELOC | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 808 | 855 | ||
Loans receivable, gross | $ 134,320 | $ 141,689 | ||
Ratio | 0.60% | 0.60% | ||
HELOC | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 0 | $ 0 | ||
Loans receivable, gross | $ 620 | $ 215 | ||
Ratio | 0.00% | 0.00% | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 4,095 | $ 1,144 | $ 1,675 | $ 1,888 |
Loans receivable, gross | 219,971 | 85,075 | ||
Consumer | Loans Collectively Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 4,095 | 1,144 | ||
Loans receivable, gross | $ 219,784 | $ 84,887 | ||
Ratio | 1.90% | 1.40% | ||
Consumer | Loans Individually Evaluated for Impairment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ 0 | $ 0 | ||
Loans receivable, gross | $ 70 | $ 82 | ||
Ratio | 0.00% | 0.00% |
Allowance for Losses on Loans32
Allowance for Losses on Loans - Internally Assigned Grade (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 12,456,216 | $ 12,201,387 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 12,326,705 | $ 12,066,952 |
Total grade as a % of total net loans | 99.00% | 98.90% |
Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 17,346 | $ 26,760 |
Total grade as a % of total net loans | 0.10% | 0.20% |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 112,165 | $ 107,675 |
Total grade as a % of total net loans | 0.90% | 0.90% |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 0 | $ 0 |
Total grade as a % of total net loans | 0.00% | 0.00% |
Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 0 | $ 0 |
Total grade as a % of total net loans | 0.00% | 0.00% |
Single-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 5,693,318 | $ 5,711,004 |
Single-family residential | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 5,657,731 | 5,671,229 |
Single-family residential | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Single-family residential | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 35,587 | 39,775 |
Single-family residential | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Single-family residential | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,710,418 | 1,597,996 |
Construction | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,707,044 | 1,594,926 |
Construction | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 3,374 | 3,070 |
Construction | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction - custom | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 583,580 | 602,631 |
Construction - custom | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 583,580 | 602,540 |
Construction - custom | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction - custom | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 91 |
Construction - custom | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction - custom | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Land - acquisition & development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 136,938 | 124,308 |
Land - acquisition & development | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 134,625 | 123,028 |
Land - acquisition & development | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 207 |
Land - acquisition & development | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 2,313 | 1,073 |
Land - acquisition & development | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Land - acquisition & development | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Land - consumer lot loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 105,086 | 104,405 |
Land - consumer lot loans | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 104,105 | 103,787 |
Land - consumer lot loans | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Land - consumer lot loans | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 981 | 618 |
Land - consumer lot loans | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Land - consumer lot loans | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,312,695 | 1,303,148 |
Multi-family | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,304,991 | 1,295,261 |
Multi-family | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 3,159 | 5,795 |
Multi-family | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 4,545 | 2,092 |
Multi-family | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Multi-family | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,436,508 | 1,434,610 |
Commercial real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,401,236 | 1,391,996 |
Commercial real estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 3,764 | 5,944 |
Commercial real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 31,508 | 36,670 |
Commercial real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Commercial real estate | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Commercial & industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,120,707 | 1,093,360 |
Commercial & industrial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,077,207 | 1,054,972 |
Commercial & industrial | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 10,423 | 14,814 |
Commercial & industrial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 33,077 | 23,574 |
Commercial & industrial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Commercial & industrial | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 136,995 | 144,850 |
HELOC | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 136,287 | 144,229 |
HELOC | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
HELOC | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 708 | 621 |
HELOC | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
HELOC | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 219,971 | 85,075 |
Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 219,899 | 84,984 |
Consumer | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 72 | 91 |
Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Consumer | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 0 | $ 0 |
Allowance for Losses on Loans33
Allowance for Losses on Loans - Credit Risk Profile Based on Payment Activity (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 12,456,216 | $ 12,201,387 |
Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 12,410,696 | $ 12,151,807 |
Total grade as a % of total net loans | 99.60% | 99.60% |
Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 63,448 | $ 70,238 |
Nonaccrual loans by portfolio segment | $ 45,520 | $ 49,580 |
Grade as a percentage of total gross loans | 0.40% | 0.40% |
Single-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 5,693,318 | $ 5,711,004 |
Single-family residential | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 5,667,099 | $ 5,683,074 |
Total grade as a % of total net loans | 99.50% | 99.50% |
Single-family residential | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 26,219 | $ 27,930 |
Grade as a percentage of total gross loans | 0.50% | 0.50% |
Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,710,418 | $ 1,597,996 |
Construction | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,710,054 | $ 1,597,996 |
Total grade as a % of total net loans | 100.00% | 100.00% |
Construction | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 364 | $ 0 |
Grade as a percentage of total gross loans | 0.00% | 0.00% |
Construction - custom | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 583,580 | $ 602,631 |
Construction - custom | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 583,580 | $ 602,540 |
Total grade as a % of total net loans | 100.00% | 99.90% |
Construction - custom | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 0 | $ 91 |
Grade as a percentage of total gross loans | 0.00% | 0.10% |
Land - acquisition & development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 136,938 | $ 124,308 |
Land - acquisition & development | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 135,612 | $ 124,012 |
Total grade as a % of total net loans | 99.00% | 99.80% |
Land - acquisition & development | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 1,326 | $ 296 |
Grade as a percentage of total gross loans | 1.00% | 0.20% |
Land - consumer lot loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 105,086 | $ 104,405 |
Land - consumer lot loans | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 104,110 | $ 103,800 |
Total grade as a % of total net loans | 99.10% | 99.40% |
Land - consumer lot loans | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 976 | $ 605 |
Grade as a percentage of total gross loans | 0.90% | 0.60% |
Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,312,695 | $ 1,303,148 |
Multi-family | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,312,445 | $ 1,303,009 |
Total grade as a % of total net loans | 100.00% | 99.90% |
Multi-family | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 250 | $ 139 |
Grade as a percentage of total gross loans | 0.00% | 0.10% |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,436,508 | $ 1,434,610 |
Commercial real estate | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,428,267 | $ 1,422,795 |
Total grade as a % of total net loans | 99.40% | 99.20% |
Commercial real estate | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 8,241 | $ 11,815 |
Grade as a percentage of total gross loans | 0.60% | 0.80% |
Commercial & industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,120,707 | $ 1,093,360 |
Commercial & industrial | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 1,113,111 | $ 1,085,278 |
Total grade as a % of total net loans | 99.30% | 99.30% |
Commercial & industrial | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 7,596 | $ 8,082 |
Grade as a percentage of total gross loans | 0.70% | 0.70% |
HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 136,995 | $ 144,850 |
HELOC | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 136,519 | $ 144,319 |
Total grade as a % of total net loans | 99.70% | 99.60% |
HELOC | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 476 | $ 531 |
Grade as a percentage of total gross loans | 0.30% | 0.40% |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 219,971 | $ 85,075 |
Consumer | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 219,899 | $ 84,984 |
Total grade as a % of total net loans | 100.00% | 99.90% |
Consumer | Non-Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans by portfolio segment | $ 72 | $ 91 |
Grade as a percentage of total gross loans | 0.00% | 0.10% |
Allowance for Losses on Loans34
Allowance for Losses on Loans - Impaired Loans Based on Loan Types (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Sep. 30, 2017 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | $ 243,976 | $ 251,274 |
Unpaid Principal Balance | 255,925 | 289,340 |
Related Allowance | 4,047 | 4,156 |
Average Recorded Investment | 247,625 | 274,530 |
Amount of related allowance included in specific reserves | 635 | 126 |
Amount of related allowance included in general reserves | 3,412 | 4,030 |
Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 44,801 | 43,897 |
Unpaid Principal Balance | 51,970 | 75,267 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 44,349 | 40,392 |
Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 199,175 | 207,377 |
Unpaid Principal Balance | 203,955 | 214,073 |
Related Allowance | 4,047 | 4,156 |
Average Recorded Investment | 203,276 | 234,138 |
Single-family residential | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 191,082 | 203,266 |
Unpaid Principal Balance | 196,022 | 210,047 |
Related Allowance | 3,412 | 4,030 |
Average Recorded Investment | 197,172 | 224,094 |
Single-family residential | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 20,405 | 21,325 |
Unpaid Principal Balance | 21,860 | 23,880 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 20,864 | 19,371 |
Single-family residential | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 170,677 | 181,941 |
Unpaid Principal Balance | 174,162 | 186,167 |
Related Allowance | 3,412 | 4,030 |
Average Recorded Investment | 176,308 | 204,723 |
Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 969 | |
Unpaid Principal Balance | 969 | |
Related Allowance | 0 | |
Average Recorded Investment | 485 | |
Construction | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 969 | |
Unpaid Principal Balance | 969 | |
Related Allowance | 0 | |
Average Recorded Investment | 485 | |
Construction, custom | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 148 |
Unpaid Principal Balance | 0 | 165 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 74 | 231 |
Construction, custom | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 148 |
Unpaid Principal Balance | 0 | 165 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 74 | 231 |
Land - acquisition & development | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,376 | 420 |
Unpaid Principal Balance | 1,405 | 8,298 |
Related Allowance | 0 | 1 |
Average Recorded Investment | 898 | 752 |
Land - acquisition & development | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,376 | 330 |
Unpaid Principal Balance | 1,405 | 8,208 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 853 | 176 |
Land - acquisition & development | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 90 |
Unpaid Principal Balance | 0 | 90 |
Related Allowance | 0 | 1 |
Average Recorded Investment | 45 | 576 |
Land - consumer lot loans | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 7,705 | 8,157 |
Unpaid Principal Balance | 8,151 | 8,856 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 7,931 | 9,407 |
Land - consumer lot loans | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 300 | 208 |
Unpaid Principal Balance | 375 | 330 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 254 | 431 |
Land - consumer lot loans | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 7,405 | 7,949 |
Unpaid Principal Balance | 7,776 | 8,526 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 7,677 | 8,976 |
Multi-family | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 730 | 632 |
Unpaid Principal Balance | 734 | 3,724 |
Related Allowance | 5 | 5 |
Average Recorded Investment | 682 | 1,772 |
Multi-family | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 250 | 139 |
Unpaid Principal Balance | 254 | 3,231 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 195 | 748 |
Multi-family | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 480 | 493 |
Unpaid Principal Balance | 480 | 493 |
Related Allowance | 5 | 5 |
Average Recorded Investment | 487 | 1,024 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 28,282 | 27,969 |
Unpaid Principal Balance | 34,475 | 39,194 |
Related Allowance | 106 | 120 |
Average Recorded Investment | 28,126 | 28,457 |
Commercial real estate | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 16,372 | 12,890 |
Unpaid Principal Balance | 21,720 | 22,487 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 14,631 | 11,466 |
Commercial real estate | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 11,910 | 15,079 |
Unpaid Principal Balance | 12,755 | 16,707 |
Related Allowance | 106 | 120 |
Average Recorded Investment | 13,495 | 16,991 |
Commercial & industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 11,695 | 8,279 |
Unpaid Principal Balance | 11,762 | 14,321 |
Related Allowance | 524 | 0 |
Average Recorded Investment | 9,987 | 7,722 |
Commercial & industrial | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 4,439 | 8,279 |
Unpaid Principal Balance | 4,506 | 14,321 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 6,359 | 7,425 |
Commercial & industrial | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 7,256 | 0 |
Unpaid Principal Balance | 7,256 | 0 |
Related Allowance | 524 | 0 |
Average Recorded Investment | 3,628 | 297 |
HELOC | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,976 | 2,218 |
Unpaid Principal Balance | 2,182 | 3,018 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 2,097 | 1,938 |
HELOC | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 620 | 490 |
Unpaid Principal Balance | 747 | 1,212 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 555 | 487 |
HELOC | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,356 | 1,728 |
Unpaid Principal Balance | 1,435 | 1,806 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 1,542 | 1,451 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 161 | 185 |
Unpaid Principal Balance | 225 | 1,717 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 173 | 157 |
Consumer | Financing Receivable, Impairment, No Related Allowance | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 70 | 88 |
Unpaid Principal Balance | 134 | 1,433 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 79 | 57 |
Consumer | Financing Receivable, Impairment, Allowance Recorded | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 91 | 97 |
Unpaid Principal Balance | 91 | 284 |
Related Allowance | 0 | 0 |
Average Recorded Investment | $ 94 | $ 100 |
Fair Value Measurements - Recu
Fair Value Measurements - Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | $ 1,245,855 | $ 1,266,209 | |
Total financial assets | 2,999,197 | 2,902,122 | |
Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 1,245,855 | 1,266,209 | |
Interest rate contracts | 1,139 | ||
Total financial assets | 1,258,439 | 1,267,348 | |
Total financial liabilities | 7,623 | 3,006 | |
Recurring | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 7,587 | ||
Interest rate contracts | 7,587 | 1,139 | |
Recurring | Commercial loan hedges | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 36 | 174 | |
Recurring | Borrowings hedges | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 4,997 | ||
Interest rate contracts | 1,693 | ||
Recurring | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 503 | 522 | |
Recurring | U.S. government and agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 194,869 | 211,077 | |
Recurring | Municipal bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 26,212 | 26,624 | |
Recurring | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 184,416 | 185,298 | |
Recurring | Agency pass-through certificates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 831,489 | 834,297 | |
Recurring | Commercial MBS | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 8,366 | 8,391 | |
Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 503 | 522 | |
Interest rate contracts | 0 | ||
Total financial assets | 503 | 522 | |
Total financial liabilities | 0 | 0 | |
Recurring | Level 1 | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 0 | ||
Interest rate contracts | 0 | 0 | |
Recurring | Level 1 | Commercial loan hedges | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 0 | 0 | |
Recurring | Level 1 | Borrowings hedges | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 0 | ||
Interest rate contracts | 0 | ||
Recurring | Level 1 | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 503 | 522 | |
Recurring | Level 1 | U.S. government and agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Level 1 | Municipal bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Level 1 | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Level 1 | Agency pass-through certificates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Level 1 | Commercial MBS | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 1,245,352 | 1,265,687 | |
Interest rate contracts | 1,139 | ||
Total financial assets | 1,257,936 | 1,266,826 | |
Total financial liabilities | 7,623 | 3,006 | |
Recurring | Level 2 | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 7,587 | ||
Interest rate contracts | 7,587 | 1,139 | |
Recurring | Level 2 | Commercial loan hedges | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 36 | 174 | |
Recurring | Level 2 | Borrowings hedges | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 4,997 | ||
Interest rate contracts | 1,693 | ||
Recurring | Level 2 | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Level 2 | U.S. government and agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 194,869 | 211,077 | |
Recurring | Level 2 | Municipal bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 26,212 | 26,624 | |
Recurring | Level 2 | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 184,416 | 185,298 | |
Recurring | Level 2 | Agency pass-through certificates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 831,489 | 834,297 | |
Recurring | Level 2 | Commercial MBS | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 8,366 | 8,391 | |
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 | ||
Total financial assets | 0 | 0 | |
Total financial liabilities | 0 | 0 | |
Recurring | Level 3 | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 0 | ||
Interest rate contracts | 0 | 0 | |
Recurring | Level 3 | Commercial loan hedges | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 0 | 0 | |
Recurring | Level 3 | Borrowings hedges | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate contracts | 0 | ||
Interest rate contracts | 0 | ||
Recurring | Level 3 | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Level 3 | U.S. government and agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Level 3 | Municipal bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Level 3 | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Level 3 | Agency pass-through certificates | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | |
Recurring | Level 3 | Commercial MBS | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | $ 0 | |
Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 2,743 | $ 5,652 | |
Nonrecurring | Changes Measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss related to impaired loans and real estate held for sale, measured on nonrecurring basis | (687) | (663) | |
Nonrecurring | Impaired loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 688 | 3,353 | |
Nonrecurring | Impaired loans | Changes Measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss related to impaired loans and real estate held for sale, measured on nonrecurring basis | (507) | (422) | |
Nonrecurring | Real Estate Owned | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 2,055 | 2,299 | |
Nonrecurring | Real Estate Owned | Changes Measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss related to impaired loans and real estate held for sale, measured on nonrecurring basis | (180) | (241) | |
Nonrecurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 0 | 0 | |
Nonrecurring | Level 1 | Impaired loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 0 | 0 | |
Nonrecurring | Level 1 | Real Estate Owned | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 0 | 0 | |
Nonrecurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 0 | 0 | |
Nonrecurring | Level 2 | Impaired loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 0 | 0 | |
Nonrecurring | Level 2 | Real Estate Owned | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 0 | 0 | |
Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 2,743 | 5,652 | |
Nonrecurring | Level 3 | Impaired loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | 688 | 3,353 | |
Nonrecurring | Level 3 | Real Estate Owned | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, nonrecurring | $ 2,055 | $ 2,299 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | $ 1,245,855 | $ 1,266,209 |
Held-to-maturity securities | 1,753,342 | 1,635,913 |
FHLB and FRB stock | 130,590 | 122,990 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 1,245,855 | 1,266,209 |
Held-to-maturity securities | 1,765,886 | 1,646,856 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 1,245,855 | 1,266,209 |
Held-to-maturity securities | 1,753,342 | 1,635,913 |
Agency pass-through certificates | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 1,738,337 | 1,635,913 |
Commercial MBS | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 15,005 | |
Level 1 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 309,713 | 313,070 |
Level 1 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 309,713 | 313,070 |
Level 1 | Equity securities | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 503 | 522 |
Level 1 | Equity securities | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 503 | 522 |
Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
FHLB and FRB stock | 130,590 | 122,990 |
Customer accounts | 11,001,579 | 10,835,008 |
FHLB advances | 2,415,000 | 2,225,000 |
Level 2 | Carrying Amount | Interest rate contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 7,587 | 1,139 |
Other liabilities | 7,587 | 1,139 |
Level 2 | Carrying Amount | Borrowings hedges | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 4,997 | 0 |
Other liabilities | 0 | 1,693 |
Level 2 | Carrying Amount | Commercial loan hedges | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 36 | 174 |
Level 2 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
FHLB and FRB stock | 130,590 | 122,990 |
Customer accounts | 10,483,114 | 10,411,686 |
FHLB advances | 2,431,792 | 2,266,791 |
Level 2 | Estimated Fair Value | Interest rate contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 7,587 | 1,139 |
Other liabilities | 7,587 | 1,139 |
Level 2 | Estimated Fair Value | Borrowings hedges | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 4,997 | 0 |
Other liabilities | 0 | 1,693 |
Level 2 | Estimated Fair Value | Commercial loan hedges | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 36 | 174 |
Level 2 | Agency pass-through certificates | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 1,750,886 | 1,646,856 |
Level 2 | Agency pass-through certificates | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 1,738,337 | 1,635,913 |
Level 2 | U.S. government and agency securities | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 194,869 | 211,077 |
Level 2 | U.S. government and agency securities | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 194,869 | 211,077 |
Level 2 | Municipal bonds | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 26,212 | 26,624 |
Level 2 | Municipal bonds | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 26,212 | 26,624 |
Level 2 | Corporate debt securities | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 184,416 | 185,298 |
Level 2 | Corporate debt securities | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 184,416 | 185,298 |
Level 2 | Agency pass-through certificates | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 831,489 | 834,297 |
Level 2 | Agency pass-through certificates | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 831,489 | 834,297 |
Level 2 | Commercial MBS | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 8,366 | 8,391 |
Held-to-maturity securities | 15,000 | 0 |
Level 2 | Commercial MBS | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 8,366 | 8,391 |
Held-to-maturity securities | 15,005 | 0 |
Level 3 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable | 11,107,042 | 10,882,622 |
Level 3 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable | $ 11,503,407 | $ 11,247,586 |
Fair Value Measurements - Inve
Fair Value Measurements - Investments by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Amortized Cost, Available-for-sale securities | ||
Amortized Cost | $ 1,238,197 | $ 1,256,587 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains | 12,786 | 13,829 |
Gross unrealized loss | (5,128) | (4,207) |
Fair Value, Available-for-sale securities | ||
Available-for-sale securities, at fair value | $ 1,245,855 | $ 1,266,209 |
Yield, Available-for-sale securities | ||
Yield | 2.98% | 2.86% |
Amortized Cost, Held-to-maturity securities | ||
Held-to-maturity securities, at amortized cost | $ 1,765,886 | $ 1,646,856 |
Gross Unrealized Gains / Losses, Held-to-maturity securities | ||
Held-to-maturity securities, Gross unrealized gains | 6,223 | 7,143 |
Held-to-maturity securities ,Gross unrealized losses | (18,767) | (18,086) |
Fair Value, Held-to-maturity securities | ||
Held-to-maturity securities, Fair Value | $ 1,753,342 | $ 1,635,913 |
Yield, Held-to-maturity securities | ||
Held-to-maturity securities, Yield | 3.15% | 0.00% |
Investments | $ 3,004,083 | $ 2,903,443 |
Gross unrealized gains on investments | 19,009 | 20,972 |
Gross unrealized losses on investments | (23,895) | (22,293) |
Total financial assets | $ 2,999,197 | $ 2,902,122 |
Yield on investments | 3.08% | 3.02% |
U.S. government and agency securities | ||
Amortized Cost, Available-for-sale securities | ||
Within 1 year | $ 3,300 | $ 9,300 |
1 to 5 years | 2,123 | 5,688 |
5 to 10 years | 68,326 | 69,108 |
Over 10 years | 122,171 | 127,936 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, Within 1 year | 70 | 146 |
Gross unrealized gains, 1 to 5 years | 0 | 2 |
Gross unrealized gains, 5 to 10 years | 0 | 0 |
Gross unrealized gains, Over 10 years | 215 | 353 |
Gross unrealized losses, Within 1 year | 0 | 0 |
Gross unrealized losses, 1 to 5 years | 0 | 0 |
Gross unrealized losses, 5 to 10 years | (1,174) | (1,238) |
Gross unrealized losses, Over 10 years | (162) | (218) |
Fair Value, Available-for-sale securities | ||
Within 1 year | 3,370 | 9,446 |
1 to 5 years | 2,123 | 5,690 |
5 to 10 years | 67,152 | 67,870 |
Over 10 years | $ 122,224 | $ 128,071 |
Yield, Available-for-sale securities | ||
Within 1 year | 9.80% | 10.38% |
1 to 5 years | 1.61% | 1.51% |
5 to 10 years | 2.03% | 1.93% |
Over 10 years | 2.09% | 1.92% |
Equity securities | ||
Amortized Cost, Available-for-sale securities | ||
1 to 5 years | $ 500 | $ 500 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, 1 to 5 years | 3 | 22 |
Gross unrealized losses, 1 to 5 years | 0 | 0 |
Fair Value, Available-for-sale securities | ||
1 to 5 years | $ 503 | $ 522 |
Yield, Available-for-sale securities | ||
1 to 5 years | 1.80% | 1.80% |
Corporate debt securities | ||
Amortized Cost, Available-for-sale securities | ||
Within 1 year | $ 0 | |
1 to 5 years | $ 63,657 | 63,622 |
5 to 10 years | 119,962 | 119,960 |
Over 10 years | 0 | 0 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, Within 1 year | 0 | |
Gross unrealized gains, 1 to 5 years | 1,936 | 2,083 |
Gross unrealized gains, 5 to 10 years | 213 | 210 |
Gross unrealized gains, Over 10 years | 0 | 0 |
Gross unrealized losses, Within 1 year | 0 | |
Gross unrealized losses, 1 to 5 years | 0 | 0 |
Gross unrealized losses, 5 to 10 years | (1,352) | (577) |
Gross unrealized losses, Over 10 years | 0 | 0 |
Fair Value, Available-for-sale securities | ||
Within 1 year | 0 | |
1 to 5 years | 65,593 | 65,705 |
5 to 10 years | 118,823 | 119,593 |
Over 10 years | $ 0 | $ 0 |
Yield, Available-for-sale securities | ||
Within 1 year | 0.00% | |
1 to 5 years | 3.14% | 2.96% |
5 to 10 years | 2.66% | 2.62% |
Over 10 years | 0.00% | 0.00% |
Municipal bonds due | ||
Amortized Cost, Available-for-sale securities | ||
Within 1 year | $ 2,352 | $ 2,344 |
1 to 5 years | 1,374 | 1,367 |
5 to 10 years | 0 | |
Over 10 years | 20,338 | 20,343 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, Within 1 year | 0 | 10 |
Gross unrealized gains, 1 to 5 years | 8 | 55 |
Gross unrealized gains, 5 to 10 years | 0 | |
Gross unrealized gains, Over 10 years | 2,144 | 2,505 |
Gross unrealized losses, Within 1 year | (4) | 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 | 2,348 | 2,354 |
1 to 5 years | 1,382 | 1,422 |
5 to 10 years | 0 | |
Over 10 years | $ 22,482 | $ 22,848 |
Yield, Available-for-sale securities | ||
Within 1 year | 1.23% | 1.23% |
1 to 5 years | 2.05% | 2.05% |
5 to 10 years | 0.00% | |
Over 10 years | 6.45% | 6.45% |
Agency pass-through certificates | ||
Amortized Cost, Available-for-sale securities | ||
Without single maturity date | $ 825,744 | $ 828,069 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, Without single maturity date | 8,181 | 8,402 |
Gross unrealized losses, Without single maturity date | (2,436) | (2,174) |
Fair Value, Available-for-sale securities | ||
Without single maturity date | $ 831,489 | $ 834,297 |
Yield, Available-for-sale securities | ||
Without single maturity date | 3.11% | 2.96% |
Amortized Cost, Held-to-maturity securities | ||
Held-to-maturity securities, at amortized cost | $ 1,750,886 | $ 1,646,856 |
Gross Unrealized Gains / Losses, Held-to-maturity securities | ||
Held-to-maturity securities, Gross unrealized gains | 6,218 | 7,143 |
Held-to-maturity securities ,Gross unrealized losses | (18,767) | (18,086) |
Fair Value, Held-to-maturity securities | ||
Held-to-maturity securities, Fair Value | $ 1,738,337 | $ 1,635,913 |
Yield, Held-to-maturity securities | ||
Held-to-maturity securities, Yield | 3.16% | 3.14% |
Commercial MBS | ||
Amortized Cost, Available-for-sale securities | ||
Without single maturity date | $ 8,350 | $ 8,350 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, Without single maturity date | 16 | 41 |
Gross unrealized losses, Without single maturity date | 0 | 0 |
Fair Value, Available-for-sale securities | ||
Without single maturity date | $ 8,366 | $ 8,391 |
Yield, Available-for-sale securities | ||
Without single maturity date | 3.55% | 3.31% |
Amortized Cost, Held-to-maturity securities | ||
Held-to-maturity securities, at amortized cost | $ 15,000 | |
Gross Unrealized Gains / Losses, Held-to-maturity securities | ||
Held-to-maturity securities, Gross unrealized gains | 5 | |
Held-to-maturity securities ,Gross unrealized losses | 0 | |
Fair Value, Held-to-maturity securities | ||
Held-to-maturity securities, Fair Value | $ 15,005 | |
Yield, Held-to-maturity securities | ||
Held-to-maturity securities, Yield | 2.23% |
Fair Value Measurements - Addi
Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | ||
Proceeds from sales of available-for-sale securities | $ 0 | $ 350,890,000 |
Available-for-sale securities purchased | 40,884,000 | 0 |
Held-to-maturity securities purchased | 170,836,000 | 415,729,000 |
Proceeds from sale of held-to-maturity securities | $ 0 | $ 0 |
Term of contractual due dates of substantially all mortgage-backed securities (in years) | 10 years |
Fair Value Measurements - Secu
Fair Value Measurements - Securities in Unrealized Loss Positions (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, unrealized gross losses | $ (131) | $ (18,442) |
Less than 12 months, fair value | 71,537 | 1,187,758 |
12 months or more, unrealized gross losses | (23,764) | (3,851) |
12 months or more, fair value | 1,423,603 | 394,922 |
Total unrealized gross losses | (23,895) | (22,293) |
Total, fair value | 1,495,140 | 1,582,680 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, unrealized gross losses | 0 | 0 |
Less than 12 months, fair value | 0 | 0 |
12 months or more, unrealized gross losses | (1,352) | (577) |
12 months or more, fair value | 98,648 | 49,423 |
Total unrealized gross losses | (1,352) | (577) |
Total, fair value | 98,648 | 49,423 |
Municipal bonds due | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, unrealized gross losses | 0 | |
Less than 12 months, fair value | 0 | |
12 months or more, unrealized gross losses | (4) | |
12 months or more, fair value | 2,347 | |
Total unrealized gross losses | (4) | |
Total, fair value | 2,347 | |
U.S. government and agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, unrealized gross losses | 0 | (759) |
Less than 12 months, fair value | 0 | 24,400 |
12 months or more, unrealized gross losses | (1,336) | (697) |
12 months or more, fair value | 104,572 | 96,195 |
Total unrealized gross losses | (1,336) | (1,456) |
Total, fair value | 104,572 | 120,595 |
Agency pass-through certificates | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, unrealized gross losses | (131) | (17,683) |
Less than 12 months, fair value | 71,537 | 1,163,358 |
12 months or more, unrealized gross losses | (21,072) | (2,577) |
12 months or more, fair value | 1,218,036 | 249,304 |
Total unrealized gross losses | (21,203) | (20,260) |
Total, fair value | $ 1,289,573 | $ 1,412,662 |
Derivatives and Hedging Activ40
Derivatives and Hedging Activities (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2017 | |
Derivative [Line Items] | |||
Gain (loss) on derivative instruments | $ 0 | $ 0 | |
Derivative asset, fair value | 12,584,000 | $ 1,139,000 | |
Derivative liability, fair value | 7,623,000 | 3,006,000 | |
Interest rate swap agreements | |||
Derivative [Line Items] | |||
Customer derivatives program | 956,247,000 | 1,035,573,000 | |
Notional amount | 700,000,000 | $ 700,000,000 | |
Commercial loan interest rate swap | |||
Derivative [Line Items] | |||
Notional amount | 97,927,000 | 52,936,000 | |
Interest rate contracts | Other assets | |||
Derivative [Line Items] | |||
Derivative asset, fair value | 7,587,000 | 1,139,000 | |
Interest rate contracts | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liability, fair value | 7,587,000 | 1,139,000 | |
Commercial loan hedges | Other assets | |||
Derivative [Line Items] | |||
Derivative asset, fair value | 0 | 0 | |
Commercial loan hedges | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liability, fair value | 36,000 | 174,000 | |
Borrowings hedges | Other assets | |||
Derivative [Line Items] | |||
Derivative asset, fair value | 4,997,000 | 0 | |
Borrowings hedges | Other liabilities | |||
Derivative [Line Items] | |||
Derivative liability, fair value | $ 0 | $ 1,693,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2017 | |
Income Tax Disclosures [Line Items] | |||
Statutory tax rate | 35.00% | ||
Tax benefit from re-measurement of deferred tax assets and liabilities | $ 3,700 | ||
Scenario, Forecast | |||
Income Tax Disclosures [Line Items] | |||
Statutory tax rate | 21.00% |