Cover Page
Cover Page - shares | 9 Months Ended | |
Jun. 30, 2020 | Aug. 06, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-34654 | |
Entity Registrant Name | WASHINGTON FEDERAL INC | |
Entity Incorporation, State or Country Code | WA | |
Entity Tax Identification Number | 91-1661606 | |
Entity Address, Address Line One | 425 Pike Street | |
Entity Address, City or Town | Seattle | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98101 | |
City Area Code | 206 | |
Local Phone Number | 624-7930 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 75,706,064 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000936528 | |
Current Fiscal Year End Date | --09-30 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 | |
ASSETS | |||
Cash and cash equivalents | $ 1,218,240 | $ 419,158 | |
Available-for-sale securities, at fair value | 2,063,960 | 1,485,742 | |
Held-to-maturity securities, at amortized cost | 827,316 | 1,443,480 | |
Loans receivable, net of allowance for loan losses | [1] | 12,733,426 | 11,930,575 |
Interest receivable | 49,992 | 48,857 | |
Premises and equipment, net | 250,779 | 274,015 | |
Real estate owned | 5,956 | 6,781 | |
FHLB and FRB stock | 145,990 | 123,990 | |
Bank owned life insurance | 226,329 | 222,076 | |
Intangible assets, including goodwill of $302,707 and $301,368 | 310,458 | 309,247 | |
Other assets | 342,658 | 210,989 | |
Assets | 18,175,104 | 16,474,910 | |
Customer accounts | |||
Transaction deposit accounts | 8,900,448 | 7,083,801 | |
Time deposit accounts | 4,209,146 | 4,906,963 | |
Total customer accounts | 13,109,594 | 11,990,764 | |
FHLB advances | 2,800,000 | 2,250,000 | |
Advance payments by borrowers for taxes and insurance | 30,415 | 57,830 | |
Federal and state income tax liabilities, net | 570 | 5,104 | |
Accrued expenses and other liabilities | 244,016 | 138,217 | |
Liabilities | 16,184,595 | 14,441,915 | |
Commitments and Contingencies | |||
Shareholders’ equity | |||
Common stock, $1.00 par value, $300,000,000 shares authorized; 135,743,737 and 135,539,806 shares issued; 75,706,026 and 78,841,463 shares outstanding | 135,744 | 135,540 | |
Additional paid-in capital | 1,677,373 | 1,672,417 | |
Accumulated other comprehensive income (loss), net of taxes | 12,560 | 15,292 | |
Treasury stock, at cost; 60,037,711 and 56,698,343 shares | (1,238,292) | (1,126,163) | |
Retained earnings | 1,403,124 | 1,335,909 | |
Total stockholders' equity | 1,990,509 | 2,032,995 | |
Liabilities and equity | $ 18,175,104 | $ 16,474,910 | |
[1] | Effective October 1, 2019, the Company has applied FASB ASU 2016-13, Financial Instruments - Credit Losses ("ASC 326"), so the allowance calculation is based on current expected credit loss methodology ("CECL"). Prior to October 1, 2019, the calculation was based on incurred loss methodology. See Note E "Allowance for Losses on Loans" for details. |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses on loans | $ 165,349 | $ 131,534 |
Goodwill | $ 302,707 | $ 301,368 |
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) | 135,743,737 | 135,539,806 |
Common stock, shares outstanding (in shares) | 75,706,026 | 78,841,463 |
Treasury stock, shares (in shares) | 60,037,711 | 56,698,343 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
INTEREST INCOME | ||||
Loans receivable | $ 132,847,000 | $ 145,490,000 | $ 413,543,000 | $ 423,616,000 |
Mortgage-backed securities | 10,843,000 | 18,719,000 | 40,796,000 | 57,254,000 |
Investment securities and cash equivalents | 6,019,000 | 7,617,000 | 19,812,000 | 21,160,000 |
Interest income | 149,709,000 | 171,826,000 | 474,151,000 | 502,030,000 |
INTEREST EXPENSE | ||||
Customer accounts | 21,393,000 | 32,331,000 | 81,512,000 | 88,576,000 |
FHLB advances | 10,938,000 | 17,829,000 | 37,963,000 | 52,566,000 |
Interest expense | 32,331,000 | 50,160,000 | 119,475,000 | 141,142,000 |
Net interest income | 117,378,000 | 121,666,000 | 354,676,000 | 360,888,000 |
Provision (release) for credit losses | 10,800,000 | 0 | 15,250,000 | 250,000 |
Net interest income after provision (release) | 106,578,000 | 121,666,000 | 339,426,000 | 360,638,000 |
OTHER INCOME | ||||
Gain (loss) on sale of investment securities | 0 | 0 | 15,028,000 | (9,000) |
Prepayment penalty on long-term debt | 0 | 0 | (13,809,000) | 0 |
Loan fee income | 1,380,000 | 1,334,000 | 6,231,000 | 2,971,000 |
Deposit fee income | 5,479,000 | 6,258,000 | 17,837,000 | 18,387,000 |
Other income | 6,415,000 | 6,450,000 | 50,602,000 | 24,512,000 |
Other income, total | 13,274,000 | 14,042,000 | 75,889,000 | 45,861,000 |
OTHER EXPENSE | ||||
Compensation and benefits | 36,058,000 | 34,297,000 | 111,306,000 | 100,954,000 |
Occupancy | 9,357,000 | 9,684,000 | 30,406,000 | 28,782,000 |
FDIC insurance premiums | 2,365,000 | 2,559,000 | 7,305,000 | 7,399,000 |
Product delivery | 4,397,000 | 3,912,000 | 12,560,000 | 11,478,000 |
Information technology | 12,154,000 | 9,935,000 | 40,761,000 | 27,730,000 |
Other expense | 10,992,000 | 10,511,000 | 35,053,000 | 34,194,000 |
Other expense, total | 75,323,000 | 70,898,000 | 237,391,000 | 210,537,000 |
Gain (loss) on real estate owned, net | (219,000) | 353,000 | (1,074,000) | 1,481,000 |
Income before income taxes | 44,310,000 | 65,163,000 | 176,850,000 | 197,443,000 |
Income tax expense | 9,458,000 | 11,309,000 | 37,755,000 | 39,549,000 |
NET INCOME | $ 34,852,000 | $ 53,854,000 | $ 139,095,000 | $ 157,894,000 |
PER SHARE DATA | ||||
Basic earnings per share (in dollars per share) | $ 0.46 | $ 0.67 | $ 1.80 | $ 1.95 |
Diluted earnings per share (in dollars per share) | 0.46 | 0.67 | 1.80 | 1.95 |
Dividends paid on common stock per share (in dollars per share) | $ 0.22 | $ 0.20 | $ 0.65 | $ 0.58 |
Basic weighted average number of shares outstanding (in shares) | 75,705,993 | 79,976,574 | 77,063,121 | 80,915,162 |
Diluted weighted average number of shares outstanding (in shares) | 75,712,898 | 79,992,356 | 77,078,067 | 80,941,617 |
Revenue, Product and Service [Extensible List] | us-gaap:DepositAccountMember | us-gaap:DepositAccountMember | us-gaap:DepositAccountMember | us-gaap:DepositAccountMember |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 34,852 | $ 53,854 | $ 139,095 | $ 157,894 |
Other comprehensive income (loss) net of tax: | ||||
Net unrealized gain (loss) on available-for-sale investment securities | 15,966 | 14,577 | 28,902 | 31,677 |
Reclassification adjustment of net (gain) loss from sale of available-for-sale securities included in net income | 0 | 0 | (15,028) | (9) |
Related tax benefit (expense) | (3,672) | (3,316) | (3,260) | (7,204) |
Other comprehensive income (loss) on available-for-sale securities, net of tax | 12,294 | 11,261 | 10,614 | 24,464 |
Net unrealized gain (loss) on borrowings cash flow hedges | (8,045) | (10,043) | (17,358) | (26,692) |
Related tax benefit (expense) | 1,850 | 2,285 | 4,012 | 6,071 |
Other comprehensive income (loss) on cash flow hedges of borrowings, net of tax | (6,195) | (7,758) | (13,346) | (20,621) |
Other comprehensive income (loss) net of tax | 6,099 | 3,503 | (2,732) | 3,843 |
Comprehensive income | $ 40,951 | $ 57,357 | $ 136,363 | $ 161,737 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Balance, beginning of period at Sep. 30, 2018 | $ 1,996,908 | $ 135,343 | $ 1,666,609 | $ 1,188,971 | $ 8,294 | $ (1,002,309) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 157,894 | 157,894 | ||||||
Other comprehensive income (loss) | 3,843 | 3,843 | ||||||
Dividends on common stock | (46,749) | (46,749) | ||||||
Proceeds from stock-based awards | 712 | 37 | 675 | |||||
Stock-based compensation expense | 4,061 | 108 | 3,953 | |||||
Exercise of stock warrants | 0 | 39 | (39) | |||||
Treasury stock acquired | (103,935) | (103,935) | ||||||
Balance, end of period at Jun. 30, 2019 | 2,012,734 | 135,527 | 1,671,198 | 1,300,116 | 12,137 | (1,106,244) | ||
Balance, beginning of period at Mar. 31, 2019 | 2,004,280 | 135,507 | 1,669,860 | 1,262,236 | 8,634 | (1,071,957) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 53,854 | 53,854 | ||||||
Other comprehensive income (loss) | 3,503 | 3,503 | ||||||
Dividends on common stock | (15,974) | (15,974) | ||||||
Proceeds from stock-based awards | 159 | 13 | 146 | |||||
Stock-based compensation expense | 1,199 | 7 | 1,192 | |||||
Treasury stock acquired | (34,287) | (34,287) | ||||||
Balance, end of period at Jun. 30, 2019 | 2,012,734 | 135,527 | 1,671,198 | 1,300,116 | 12,137 | (1,106,244) | ||
Balance, beginning of period at Sep. 30, 2019 | 2,032,995 | $ (21,945) | 135,540 | 1,672,417 | 1,335,909 | $ (21,945) | 15,292 | (1,126,163) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 139,095 | 139,095 | ||||||
Other comprehensive income (loss) | (2,732) | (2,732) | ||||||
Dividends on common stock | (49,935) | (49,935) | ||||||
Proceeds from stock-based awards | 141 | 8 | 133 | |||||
Stock-based compensation expense | 5,019 | 196 | 4,823 | |||||
Treasury stock acquired | (112,129) | (112,129) | ||||||
Balance, end of period at Jun. 30, 2020 | 1,990,509 | 135,744 | 1,677,373 | 1,403,124 | 12,560 | (1,238,292) | ||
Balance, beginning of period at Mar. 31, 2020 | 1,964,612 | 135,742 | 1,675,828 | 1,384,833 | 6,461 | (1,238,252) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 34,852 | 34,852 | ||||||
Other comprehensive income (loss) | 6,099 | 6,099 | ||||||
Dividends on common stock | (16,561) | (16,561) | ||||||
Proceeds from stock-based awards | 26 | 2 | 24 | |||||
Stock-based compensation expense | 1,521 | 1,521 | ||||||
Treasury stock acquired | (40) | (40) | ||||||
Balance, end of period at Jun. 30, 2020 | $ 1,990,509 | $ 135,744 | $ 1,677,373 | $ 1,403,124 | $ 12,560 | $ (1,238,292) |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | May 22, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Statement of Stockholders' Equity [Abstract] | |||||
Dividends paid on common stock per share (in dollars per share) | $ 0.22 | $ 0.22 | $ 0.20 | $ 0.65 | $ 0.58 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 139,095,000 | $ 157,894,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization, accretion and other, net | 26,334,000 | 20,606,000 |
Stock-based compensation expense | 5,019,000 | 4,061,000 |
Provision (release) for credit losses | 15,250,000 | 250,000 |
Loss (gain) on sale of investment securities | (15,028,000) | 9,000 |
Net realized (gain) loss on sales of premises, equipment, and real estate owned | (33,044,000) | (9,098,000) |
Impairment loss on premises and equipment | 6,431,000 | 0 |
Prepayment penalty from repayment of borrowings | 13,809,000 | 0 |
Decrease (increase) in accrued interest receivable | (1,135,000) | (709,000) |
Decrease (increase) in federal and state income tax receivable | 0 | 1,804,000 |
Decrease (increase) in cash surrender value of bank owned life insurance | (4,253,000) | (4,356,000) |
Decrease (increase) in other assets | (149,007,000) | (23,046,000) |
Increase (decrease) in federal and state income tax liabilities | 2,773,000 | 1,232,000 |
Increase (decrease) in accrued expenses and other liabilities | 105,420,000 | 20,055,000 |
Net cash provided by (used in) operating activities | 111,664,000 | 168,702,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Origination of loans and principal repayments, net | (832,183,000) | (496,438,000) |
Loans purchased | (15,456,000) | 0 |
FHLB & FRB stock purchased | (323,200,000) | (440,600,000) |
FHLB & FRB stock redeemed | 301,200,000 | 433,600,000 |
Available-for-sale securities purchased | (684,292,000) | (327,670,000) |
Principal payments and maturities of available-for-sale securities | 301,319,000 | 164,295,000 |
Proceeds from sales of available-for-sale securities | 204,351,000 | 491,000 |
Principal payments and maturities of held-to-maturity securities | 237,895,000 | 114,678,000 |
Proceeds from sales of real estate owned | 2,339,000 | 8,484,000 |
Cash paid for acquisitions | (2,810,000) | 0 |
Proceeds from sales of premises and equipment | 55,213,000 | 11,669,000 |
Premises and equipment purchased and REO improvements | (22,641,000) | (30,845,000) |
Net cash provided by (used in) investing activities | (778,265,000) | (562,336,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase (decrease) in customer accounts | 1,118,830,000 | 413,252,000 |
Proceeds from borrowings | 8,080,000,000 | 11,015,000,000 |
Repayments of borrowings | (7,543,809,000) | (10,840,000,000) |
Proceeds from stock-based awards | 141,000 | 712,000 |
Dividends paid on common stock | (49,935,000) | (46,749,000) |
Treasury stock purchased | (112,129,000) | (103,935,000) |
Increase (decrease) in borrower advances related to taxes and insurance, net | (27,415,000) | (23,468,000) |
Net cash provided by (used in) financing activities | 1,465,683,000 | 414,812,000 |
Increase (decrease) in cash and cash equivalents | 799,082,000 | 21,178,000 |
Cash, cash equivalents and restricted cash at beginning of period | 419,158,000 | 268,650,000 |
Cash, cash equivalents and restricted cash at end of period | 1,218,240,000 | 289,828,000 |
Non-cash investing activities | ||
Real estate acquired through foreclosure | 1,329,000 | 1,669,000 |
Other personal property acquired through foreclosure | 359,000 | 0 |
Non-cash financing activities | ||
Stock issued upon exercise of warrants | 0 | 1,082,000 |
Cash paid during the period for | ||
Interest | 119,022,000 | 143,740,000 |
Income taxes | $ 23,863,000 | $ 25,655,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Company and Nature of Operations - Washington Federal Bank, National Association, a federally-insured national bank dba WaFd Bank (the “Bank” or “WaFd Bank”), was founded on April 24, 1917 in Ballard, Washington and is engaged primarily in providing lending, depository, insurance and other banking services to consumers, mid-sized to large businesses, and owners and developers of commercial real estate. Washington Federal, Inc., a Washington corporation (the “Company”), was formed as the Bank’s holding company in November, 1994. As used throughout this document, the terms “Washington Federal” or the “Company” refer to the Company and its consolidated subsidiaries, and the term “Bank” refers to the operating subsidiary, Washington Federal Bank, National Association. The Company is headquartered in Seattle, Washington. The Bank conducts its activities through a network of 234 bank branches located in Washington, Oregon, Idaho, Utah, Arizona, Nevada, New Mexico and Texas. Risks and Uncertainties - The worldwide spread of coronavirus (“COVID-19”) has created significant uncertainty in the global economy. There have been no comparable recent events that provide guidance as to the effect the spread of COVID-19 as a global pandemic may have, and, as a result, the ultimate impact of COVID-19 and the extent to which COVID-19 and the related government actions impact the Company’s business, results of operations and financial condition will depend on future developments, which are highly uncertain and difficult to predict. 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. The information included in this Form 10-Q should be read in conjunction with the financial statements and related notes in the Company's 2019 Annual Report on Form 10-K (“2019 Annual Financial Statements”). Interim results are not necessarily indicative of results for a full year. Summary of Significant Accounting Policies - The significant accounting policies used in preparation of the Company's consolidated financial statements are disclosed in its 2019 Annual Financial Statements. Other than the adoption of the current expected credit loss (“CECL”) methodology discussed below, there have not been any significant changes in the Company's significant accounting policies compared to those contained in its 2019 Annual Financial Statements for the year ended September 30, 2019. Restricted Cash Balances - Based on the level of vault cash on hand, the Company was not required to maintain cash reserve balances with the Federal Reserve Bank as of June 30, 2020. As of June 30, 2020 and September 30, 2019, the Company pledged cash collateral related to derivative contracts of $104,000,000 and $31,850,000, respectively. Equity Securities - The Company records equity securities within Other assets in its Consolidated Statements of Financial Condition. Investments in equity securities with readily determinable fair values (marketable) are measured at fair value, with changes in the fair value recognized as a component of Other income in the Consolidated Statements of Operations. Investments in equity investments that do not have readily determinable fair values (non-marketable) are accounted for at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer, also referred to as the measurement alternative. Any adjustments to the carrying value of these investments are recorded in Other income in the Consolidated Statements of Operations. Allowance for Credit Losses (Loans Receivable) - Effective October 1, 2019, the Company has applied FASB ASU 2016-13, Financial Instruments - Credit Losses ("ASC 326"), so the allowance calculation is based on current expected credit loss methodology ("CECL"). Prior to October 1, 2019, the calculation was based on incurred loss methodology. See Note B "New Accounting Pronouncements" and Note E "Allowance for Losses on Loans" for details. The Company maintains an allowance for credit losses (“ACL”) for the expected credit losses of the loan portfolio as well as unfunded loan commitments. The amount of ACL is based on ongoing, quarterly assessments by management. The CECL methodology requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures) and replaces the incurred loss methodology’s threshold that delayed the recognition of a credit loss until it was probable a loss event was incurred. The ACL consists of the allowance for loan losses and the reserve for unfunded commitments. The estimate of expected credit losses under the CECL methodology is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses. We then consider whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the period that historical experience was based for each loan type. Finally, we consider forecasts about future economic conditions or changes in collateral values that are reasonable and supportable. Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its ACL. The Company has designated two loan portfolio segments, commercial loans and consumer loans. These loan portfolio segments are further disaggregated into classes, which represent loans of similar type, risk characteristics, and methods for monitoring and assessing credit risk. The commercial loan portfolio segment is disaggregated into five classes: multi-family, commercial real estate, commercial and industrial, construction, and land acquisition and development. The risk of loss for the commercial loan portfolio segment is generally most indicated by the credit risk rating assigned to each borrower. Commercial loan risk ratings are determined by experienced senior credit officers based on specific facts and circumstances and are subject to periodic review by an independent internal team of credit specialists. The consumer loan portfolio segment is disaggregated into five classes: single-family-residential mortgage, custom construction, consumer lot loans, home equity lines of credit, and other consumer. The risk of loss for the consumer loan portfolio segment is generally most indicated by delinquency status and general economic factors. Each commercial and consumer loan portfolio class may also be further segmented based on risk characteristics. For most of our loan portfolio classes, the historical loss experience is determined using a cohort methodology. This method pools loans into groups (“cohorts”) sharing similar risk characteristics and tracks each cohort’s net charge-offs over the lives of the loans to calculate a historical loss rate. The historical loss rates for each cohort are then averaged to calculate an overall historical loss rate which is applied to the current loan balance to arrive at the quantitative baseline portion of the allowance for credit losses for the respective loan portfolio class. For certain loan portfolio classes, the Company determined there was not sufficient historical loss information to calculate a meaningful historical loss rate using the cohort methodology. For any such loan portfolio class, the weighted-average remaining maturity (“WARM”) methodology is being utilized until sufficient historical loss data is obtained. The WARM method multiplies an average annual loss rate by the expected remaining life of the loan pool to arrive at the quantitative baseline portion of the allowance for credit losses for the respective loan portfolio class. The Company also considers qualitative adjustments to the historical loss rate for each loan portfolio class. The qualitative adjustments for each loan class consider the conditions over the period from which historical loss experience was based and are split into two components: 1) asset or class specific risk characteristics or current conditions at the reporting date related to portfolio credit quality, remaining payments, volume and nature, credit culture and management, business environment or other management factors and 2) reasonable and supportable forecast of future economic conditions and collateral values. The Company performs a quarterly asset quality review which includes a review of forecasted gross charge-offs and recoveries, nonperforming assets, criticized loans, risk rating migration, delinquencies, etc. The asset quality review is performed by management and the results are used to consider a qualitative overlay to the quantitative baseline. The second qualitative adjustment noted above, economic conditions and collateral values, encompasses a one-year reasonable and supportable forecast period. The overlay adjustment for the reasonable and supportable forecast assumes an immediate reversion after the one-year forecast period to historical loss rates for the remaining life of the respective loan pool. When management deems it to be appropriate, the Company establishes a specific reserve for individually evaluated loans that do not share similar risk characteristics with the loans included in each respective loan pool. These individually evaluated loans are removed from their respective pools and typically represent collateral dependent loans but may also include other non-performing loans or troubled debt restructurings (“TDRs”). In addition, the Company individually evaluates “reasonably expected” TDRs, which are identified by the Company as a loan expected to be classified as a TDR within the next six months. Management judgment is utilized to make this determination. Allowance for Credit Losses (Held-to-Maturity Debt Securities) - For held-to-maturity (“HTM”) debt securities, the Company is required to utilize a CECL methodology to estimate expected credit losses. Substantially all of the Company’s HTM debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for these securities. As of October 1, 2019, the Company determined that the expected credit loss on its corporate and municipal bonds was immaterial, and therefore, an allowance for credit losses was not recorded. See Note F "Fair Value Measurements" for more information about HTM debt securities. Allowance for Credit Losses (Available-for-Sale Debt Securities) - The impairment model for available-for-sale (“AFS”) debt securities differs from the CECL methodology applied for HTM debt securities because AFS debt securities are measured at fair value rather than amortized cost. Although ASC 326 replaced the legacy other-than-temporary impairment (“OTTI”) model with a credit loss model, it retained the fundamental nature of the legacy OTTI model. For AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either criteria is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities where neither of the criteria are met, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the credit rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited to the amount that the fair value is less than the amortized cost basis. Any remaining discount that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Under the new guidance, an entity may no longer consider the length of time fair value has been less than amortized cost. Changes in the allowance for credit losses are recorded as a provision (or release) for credit losses. Losses are charged against the allowance when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. As of October 1, 2019, the Company determined that the unrealized loss positions in AFS securities were not the result of credit losses, and therefore, an allowance for credit losses was not recorded. See Note F "Fair Value Measurements" for more information about AFS debt securities. Accrued Interest Receivable - Upon adoption of ASC 326, the Company made the following elections regarding accrued interest receivable: • Presenting accrued interest receivable balances separately from their underlying instruments within the consolidated statements of financial condition. • Excluding accrued interest receivable that is included in the amortized cost of financing receivables from related disclosure requirements. • Continuing our policy to write off accrued interest receivable by reversing interest income in cases where the Company does not reasonably expect to receive payment. • Not measuring an allowance for credit losses for accrued interest receivable due to the Company’s policy of writing off uncollectible accrued interest receivable balances in a timely manner, as described above. Non-Accrual Loans - Loans are placed on non-accrual status when, in the judgment of management, the probability of collection of interest is deemed to be insufficient to warrant further accrual. When a loan is placed on non-accrual status, previously accrued but unpaid interest is deducted from interest income. The Bank does not accrue interest on loans 90 days or more past due. If payment is made on a loan so that the loan becomes less than 90 days past due, and the Bank expects full collection of principal and interest, the loan is returned to full accrual status. Any interest ultimately collected is credited to income in the period of recovery. A loan is charged-off when the loss is estimable and it is confirmed that the borrower is not expected to be able to meet contractual obligations. If a consumer loan is on non-accrual status before becoming a TDR it will stay on non-accrual status following restructuring until it has been performing for at least six months, at which point it may be moved to accrual status. If a loan is on accrual status before it becomes a TDR, and management concludes that full repayment is probable based on internal evaluation, it will remain on accrual status following restructuring. If the restructured consumer loan does not perform, it is placed on non-accrual status when it is 90 days delinquent. For commercial loans, six consecutive payments on newly restructured loan terms are required prior to returning the loan to accrual status. In some instances, after the required six consecutive payments are made, management will conclude that collection of the entire principal and interest due is still in doubt. In those instances, the loan will remain on non-accrual status. Collateral-Dependent Loans - A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans and leases deemed collateral-dependent, the Company elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. In most cases, the Company records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral consists of various types of real estate including residential properties; commercial properties such as retail centers, office buildings, and lodging; agriculture land; and vacant land. Off-balance-sheet credit exposures - The only material off-balance-sheet credit exposures are unfunded loan commitments, which had a combined balance of $2,235,184,000 and $2,379,089,000 at June 30, 2020 and September 30, 2019, respectively. The reserve for unfunded commitments is recognized as a liability (other liabilities in the consolidated statements of financial condition), with adjustments to the reserve recognized through provision for credit losses in the consolidated statements of income. The reserve for unfunded commitments represents the expected lifetime credit losses on off-balance sheet obligations such as commitments to extend credit and standby letters of credit. However, a liability is not recognized for commitments that are unconditionally cancellable by the Company. The reserve for unfunded commitments is determined by estimating future draws, including the effects of risk mitigation actions, and applying the expected loss rates on those draws. Loss rates are estimated by utilizing the same loss rates calculated for the allowance for credit losses related to the respective loan portfolio class. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Jun. 30, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848). The amendments in this ASU provide temporary, optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. The ASU primarily includes relief related to contract modifications and hedging relationships, as well as providing a one-time election for the sale or transfer of debt securities classified as held-to-maturity. This guidance is effective immediately and the amendments may be applied prospectively through December 31, 2022. The Company is currently in the process of evaluating the amendments and determining the impact to its consolidated financial statements. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments , that clarifies and improves areas of guidance related to the recently issued standards on credit losses (ASU 2016-13), hedging (ASU 2017-12), and recognition and measurement of financial instruments (ASU 2016-01). The amendments generally have the same effective dates as their related standards. If already adopted, the amendments of ASU 2016-01 and ASU 2016-13 are effective for fiscal years beginning after December 15, 2019 and the amendments of ASU 2017-12 are effective as of the beginning of the Company’s next annual reporting period; early adoption is permitted. Effective January 1, 2020, the Company adopted the amendments of ASU 2019-04 pertaining to ASU 2017-12 and ASU 2016-01, both of which had been previously adopted, and at that time elected to reclassify mortgage-backed securities with an amortized cost of $374,680,000 and fair value of $390,669,000 from held-to-maturity to available-for-sale. During the third fiscal quarter, the Company adopted the amendments of ASU 2019-04 that pertain to ASU 2016-13. See discussion below regarding the adoption of ASU 2016-13. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract . The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amendments also require the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement, including reasonably certain renewal periods. The amendments in the ASU are effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. The Company is assessing the impact that this guidance will have on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . This ASU adds, eliminates, and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The ASU is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. Entities are also allowed to elect early adoption of the eliminated or modified disclosure requirements and delay adoption of the added disclosure requirements until their effective date. The Company early adopted this ASU beginning October 1, 2019 and removed or modified disclosures as permitted. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements. The ASU provides entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU No. 2016-02. Specifically, under the amendments in ASU 2018-11: (1) entities may elect not to recast the comparative periods presented when transitioning to the new leasing standard, and (2) lessors may elect to not separate non-lease components from leases when certain conditions are met. The amendments have the same effective date as ASU 2016-02 (October 1, 2019 for the Company). The Company adopted this ASU beginning October 1, 2019 and elected both transition options. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (ASC 326) . ASC 326, as amended, is intended 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. ASC 326 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. Credit losses relating to available-for-sale debt securities are recorded through an allowance for credit losses rather than as a direct write-down to the security's cost basis. 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 Company early adopted ASC 326 during its third fiscal quarter and based on the application of the modified retrospective method it became effective on October 1, 2019 for all financial assets measured at amortized cost (primarily loans receivable and held-to-maturity debt securities) and off-balance-sheet credit exposures. Results for reporting periods beginning after October 1, 2019 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a decrease to retained earnings of $21,945,000 as of October 1, 2019 for the cumulative effect of adopting ASC 326 as further detailed below. September 30, 2019 CECL Adoption Impact October 1, 2019 (In thousands) Allowance for credit losses: Commercial loans Multi-family $ 7,391 $ 3,013 $ 10,404 Commercial real estate 13,170 (146) 13,024 Commercial & industrial 31,450 785 32,235 Construction 32,304 (9,536) 22,768 Land - acquisition & development 9,155 1,749 10,904 Total commercial loans 93,470 (4,135) 89,335 Consumer loans Single-family residential 30,988 16,783 47,771 Construction - custom 1,369 1,511 2,880 Land - consumer lot loans 2,143 492 2,635 HELOC 1,103 945 2,048 Consumer 2,461 2,154 4,615 Total consumer loans 38,064 21,885 59,949 Total allowance for loan losses 131,534 17,750 149,284 Reserve for unfunded commitments 6,900 10,750 17,650 Total allowance for credit losses $ 138,434 $ 28,500 $ 166,934 Retained earnings Total pre-tax impact $ 28,500 Tax effect (6,555) Decrease to retained earnings $ 21,945 The Company's available-for-sale and held-to-maturity portfolios consist primarily of debt securities issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for these securities upon adoption of ASC 326. The impact going forward will depend on the composition, characteristics, and credit quality of the loan and securities portfolios as well as the economic conditions at future reporting periods. In February 2016, the FASB issued ASU 2016-02, Leases. The ASU, as amended, requires 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 and introduces new disclosure requirements for leasing arrangements. Accounting by lessors is largely unchanged. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted this ASU beginning October 1, 2019 utilizing the transition method allowed under ASU 2018-11 and did not restate comparative periods. The Company elected the package of practical expedients permitted under the transition guidance, which allowed us to carry forward our historical lease classifications and our assessment on whether a contract is or contains a lease. We also elected to keep leases with an initial term of 12 months or less off the balance sheet. The adoption of this ASU resulted in an increase in other assets and an increase in other liabilities of $29,013,000 and $29,013,000, respectively. The Company recognized no cumulative effect adjustment to the beginning balance of retained earnings upon adoption. |
Dividends and Share Repurchases
Dividends and Share Repurchases | 9 Months Ended |
Jun. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Dividends and Share Repurchases | Dividends and Share Repurchases On May 22, 2020, the Company paid a regular dividend on common stock of $0.22 per share, which represented the 149 th consecutive quarterly cash dividend. Dividends per share were $0.22 and $0.20 for the quarters ended June 30, 2020 and 2019, respectively. On July 28, 2020, the Company declared a regular dividend on common stock of $0.22 per share, which represents its 150 th consecutive quarterly cash dividend. This dividend will be paid on August 21, 2020 to common shareholders of record on August 7, 2020. |
Loans Receivable
Loans Receivable | 9 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable For a detailed discussion of loans and credit quality, including accounting policies and the CECL methodology used to estimate the allowance for credit losses, see Note A "Summary of Significant Accounting Policies" and Note B "New Accounting Pronouncements" above. The Company's loans held for investment is divided into two portfolio segments, commercial loans and consumer loans, with each of those segments further split into loan classes for purposes of estimating the allowance for credit losses. The following table is a summary of loans receivable by loan portfolio segment and class. June 30, 2020 September 30, 2019 (In thousands) (In thousands) Commercial loans Multi-family $ 1,510,099 10.6 % $ 1,422,674 10.7 % Commercial real estate 1,707,893 11.9 1,631,170 12.3 Commercial & industrial (1) 2,158,000 15.1 1,268,695 9.5 Construction 2,328,987 16.3 2,038,052 15.3 Land - acquisition & development 195,212 1.4 204,107 1.5 Total commercial loans 7,900,191 55.2 6,564,698 49.3 Consumer loans Single-family residential 5,461,605 38.2 5,835,194 43.8 Construction - custom 607,329 4.2 540,741 4.1 Land - consumer lot loans 100,102 0.7 99,694 0.7 HELOC 140,636 1.0 142,178 1.1 Consumer 91,495 0.6 129,883 1.0 Total consumer loans 6,401,167 44.8 6,747,690 50.7 Total gross loans 14,301,358 100 % 13,312,388 100 % Less: Allowance for credit losses on loans 165,349 131,534 Loans in process 1,353,774 1,201,341 Net deferred fees, costs and discounts 48,809 48,938 Total loan contra accounts 1,567,932 1,381,813 Net loans $ 12,733,426 $ 11,930,575 (1) Includes $758,955,000 of SBA Payroll Protection Program loans as of June 30, 2020. The Company elected to exclude accrued interest receivable ("AIR") from the amortized cost basis of loans for disclosure purposes and from the calculations of estimated credit losses. As of June 30, 2020, and September 30, 2019, AIR for loans totaled $43,712,000 and $41,429,000, respectively, and is included in the “accrued interest receivable” line item on the Company’s consolidated statements of financial condition. Loans in the amount of $5,592,355,000 and $5,874,704,000 at June 30, 2020 and September 30, 2019, respectively, were pledged to secure borrowings from the Federal Home Loan Bank ("FHLB") as part of our liquidity management strategy. The FHLB does not have the right to sell or re-pledge these loans. The following table sets forth the amortized cost basis of loans receivable for specific disclosures required by ASC 326. June 30, 2020 September 30, 2019 (In thousands, except ratio data) Non-accrual Non-accrual with no ACL 90 days or more past due and accruing Non-accrual Non-accrual with no ACL 90 days or more past due and accruing Commercial loans Multi-family $ 224 $ — $ — $ — $ — $ — Commercial real estate 3,416 — — 5,835 — — Commercial & industrial 1,847 — — 1,292 — — Construction 3,353 — — — — — Land - acquisition & development 78 — — 169 — — Total commercial loans 8,918 — — 7,296 — — Consumer loans Single-family residential 24,876 — — 25,271 — — Construction - custom — — — — — — Land - consumer lot loans 277 — — 246 — — HELOC 866 — — 907 — — Consumer 64 — — 11 — — Total consumer loans 26,083 — — 26,435 — — Total non-accrual loans $ 35,001 $ — $ — $ 33,731 $ — $ — % of total loans 0.27 % 0.28 % The Company recognized interest income on non-accrual loans of approximately $2,513,000 in the nine months ended June 30, 2020. Had these loans been on accrual status and performed according to their original contract terms, the Company would have recognized interest income of approximately $1,047,000 for the nine months ended June 30, 2020. Recognized interest income for the nine months ended June 30, 2020 was higher than what otherwise would have been recognized in the period due to the collection of past due amounts. Interest cash flows collected on non-accrual loans vary from period to period as those loans are brought current or are paid off. The following tables provide details regarding delinquent loans. June 30, 2020 Days Delinquent Based on $ Amount of Loans % based Type of Loan Loans Receivable (Amortized Cost) Current 30 60 90 Total Delinquent (In thousands, except ratio data) Commercial Loans Multi-family $ 1,509,837 $ 1,509,613 $ — $ — $ 224 $ 224 0.01 % Commercial real estate 1,700,568 1,697,302 177 1,938 1,151 3,266 0.19 Commercial & industrial 2,138,462 2,134,726 — 3,258 478 3,736 0.17 Construction 1,334,948 1,331,595 — — 3,353 3,353 0.25 Land - acquisition & development 152,234 152,234 — — — — — Total commercial loans 6,836,049 6,825,470 177 5,196 5,206 10,579 0.15 Consumer Loans Single-family residential 5,452,424 5,423,302 3,971 5,418 19,733 29,122 0.53 Construction - custom 278,182 278,182 — — — — — Land - consumer lot loans 99,255 98,773 136 103 243 482 0.49 HELOC 141,165 140,445 14 17 689 720 0.51 Consumer 91,700 90,998 475 42 185 702 0.77 Total consumer loans 6,062,726 6,031,700 4,596 5,580 20,850 31,026 0.51 Total Loans $ 12,898,775 $ 12,857,170 $ 4,773 $ 10,776 $ 26,056 $ 41,605 0.32 % Delinquency % 99.68% 0.04% 0.08% 0.20% 0.32% September 30, 2019 Days Delinquent Based on $ Amount of Loans % based Type of Loan Loans Receivable (Net of Loans In Process) Current 30 60 90 Total Delinquent (In thousands, except ratio data) Commercial Loans Multi-family $ 1,422,652 $ 1,422,652 $ — $ — $ — $ — — % Commercial real estate 1,631,171 1,625,509 1,614 285 3,763 5,662 0.35 Commercial & industrial 1,268,695 1,267,828 — — 867 867 0.07 Construction 1,164,889 1,164,889 — — — — — Land - acquisition & development 161,194 161,194 — — — — — Total commercial loans 5,648,601 5,642,072 1,614 285 4,630 6,529 0.12 Consumer Loans Single-family residential 5,835,186 5,809,239 3,672 3,211 19,064 25,947 0.44 Construction - custom 255,505 255,505 — — — — — Land - consumer lot loans 99,694 98,916 112 619 47 778 0.78 HELOC 142,178 140,718 580 183 697 1,460 1.03 Consumer 129,883 129,227 295 117 244 656 0.51 Total consumer loans 6,462,446 6,433,605 4,659 4,130 20,052 28,841 0.45 Total Loans $ 12,111,047 $ 12,075,677 $ 6,273 $ 4,415 $ 24,682 $ 35,370 0.29 % Delinquency % 99.71% 0.05% 0.04% 0.20% 0.29% The Company is actively working with its borrowers to modify consumer mortgage and commercial loans to provide payment deferrals as a result of the COVID-19 pandemic. The terms of the payment deferrals are generally 90 days for consumer mortgage loans and up to 180 days for commercial loans. As of June 30, 2020, 1,192 mortgage loans totaling $346,000,000 and 196 commercial loans totaling $416,000,000 had been modified. These loans are not considered past due until after the deferral period is over and scheduled payments have resumed. In addition, the Company participated in the Small Business Administration’s Paycheck Protection Program ("PPP"). This program came about through the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) passed by Congress to help small businesses keep their employees employed through the COVID-19 shelter in place orders. The Company assisted over 6,500 businesses with more than $780,000,000 in PPP loans. 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 June 30, 2020, 97.0% of the Company's $98,056,000 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 The Company's ACL methodology takes into account the following performance indicators for restructured loans: 1) time since modification, 2) current payment status and 3) geographic area. We evaluate the credit quality of our commercial loans based on regulatory risk ratings and also consider other factors. Based on this evaluation, 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 present by credit quality indicator, loan class, and year of origination, the amortized cost basis of loans receivable as of June 30, 2020. Term Loans Amortized Cost Basis by Origination Year YTD 2019 2018 2017 2016 Prior to 2016 Revolving Loans Revolving to Term Loans Total Loans Commercial loans Multi-family Pass $ 327,371 $ 162,686 $ 247,680 $ 249,863 $ 194,498 $ 282,212 $ 14,241 $ — $ 1,478,551 Special Mention 649 2,815 907 4,526 2,662 2,190 — — 13,749 Substandard — 7,575 3,627 3,813 2,298 224 — — 17,537 Total $ 328,020 $ 173,076 $ 252,214 $ 258,202 $ 199,458 $ 284,626 $ 14,241 $ — $ 1,509,837 Commercial real estate Pass $ 210,996 $ 249,584 $ 276,743 $ 259,663 $ 182,134 $ 331,689 $ 2,576 $ 9 $ 1,513,394 Special Mention 8,366 19,503 3,723 36,905 4,551 44,705 — — 117,753 Substandard 746 17,809 2,717 11,958 6,408 29,783 — — 69,421 Total $ 220,108 $ 286,896 $ 283,183 $ 308,526 $ 193,093 $ 406,177 $ 2,576 $ 9 $ 1,700,568 Commercial & industrial Pass $ 851,652 $ 50,997 $ 110,901 $ 90,081 $ 127,232 $ 78,217 $ 618,287 $ 14,022 $ 1,941,389 Special Mention 25,104 6,660 5,559 4,262 69 — 11,626 6,467 59,747 Substandard 25,281 10,183 7,469 901 22,584 4,971 64,617 338 136,344 Doubtful — — — — — — 982 — 982 Total $ 902,037 $ 67,840 $ 123,929 $ 95,244 $ 149,885 $ 83,188 $ 695,512 $ 20,827 $ 2,138,462 Construction Pass $ 236,202 $ 448,569 $ 292,349 $ 152,785 $ 12,011 $ — $ 75,712 $ — $ 1,217,628 Special Mention — — 49,173 — 42,346 — — — 91,519 Substandard — 1,948 1,938 21,915 — — — — 25,801 Total $ 236,202 $ 450,517 $ 343,460 $ 174,700 $ 54,357 $ — $ 75,712 $ — $ 1,334,948 Land - acquisition & development Pass $ 37,348 $ 49,670 $ 19,098 $ 16,443 $ 4,240 $ 2,131 $ 5,313 $ — $ 134,243 Special Mention — — — — — 15,573 — — 15,573 Substandard — — — 2,340 — 78 — — 2,418 Total $ 37,348 $ 49,670 $ 19,098 $ 18,783 $ 4,240 $ 17,782 $ 5,313 $ — $ 152,234 Total commercial loans Pass $ 1,663,569 $ 961,506 $ 946,771 $ 768,835 $ 520,115 $ 694,249 $ 716,129 $ 14,031 $ 6,285,205 Special Mention 34,119 28,978 59,362 45,693 49,628 62,468 11,626 6,467 298,341 Substandard 26,027 37,515 15,751 40,927 31,290 35,056 64,617 338 251,521 Doubtful — — — — — — 982 — 982 Total $ 1,723,715 $ 1,027,999 $ 1,021,884 $ 855,455 $ 601,033 $ 791,773 $ 793,354 $ 20,836 $ 6,836,049 Term Loans Amortized Cost Basis by Origination Year YTD 2019 2018 2017 2016 Prior to 2016 Revolving Loans Revolving to Term Loans Total Loans Consumer loans Single-family residential Current $ 574,443 $ 560,153 $ 660,961 $ 802,722 $ 581,978 $ 2,243,045 $ — $ — $ 5,423,302 30 days past due — — 464 — — 3,507 — — 3,971 60 days past due — — — 159 — 5,259 — — 5,418 90+ days past due — 680 — 392 640 18,021 — — 19,733 Total $ 574,443 $ 560,833 $ 661,425 $ 803,273 $ 582,618 $ 2,269,832 $ — $ — $ 5,452,424 Construction - custom Current $ 113,100 $ 154,502 $ 9,830 $ 750 $ — $ — $ — $ — $ 278,182 Total $ 113,100 $ 154,502 $ 9,830 $ 750 $ — $ — $ — $ — $ 278,182 Land - consumer lot loans Current $ 31,654 $ 22,303 $ 9,916 $ 9,184 $ 3,064 $ 22,652 $ — $ — $ 98,773 30 days past due — — — 102 — 34 — — 136 60 days past due — — 41 — — 62 — — 103 90+ days past due — — — 122 — 121 — — 243 Total $ 31,654 $ 22,303 $ 9,957 $ 9,408 $ 3,064 $ 22,869 $ — $ — $ 99,255 HELOC Current $ — $ — $ — $ — $ — $ 6,966 $ 132,156 $ 1,323 $ 140,445 30 days past due — — — — — — 14 — 14 60 days past due — — — — — — 17 — 17 90+ days past due — — — — — 39 650 — 689 Total $ — $ — $ — $ — $ — $ 7,005 $ 132,837 $ 1,323 $ 141,165 Consumer Current $ 1,121 $ 246 $ 66,175 $ 78 $ 340 $ 20,593 $ 807 $ 1,638 $ 90,998 30 days past due — — — 175 — 263 — 37 475 60 days past due — — — — — 20 — 22 42 90+ days past due — 18 — 125 — 6 — 36 185 Total $ 1,121 $ 264 $ 66,175 $ 378 $ 340 $ 20,882 $ 807 $ 1,733 $ 91,700 Total consumer loans Current $ 720,318 $ 737,204 $ 746,882 $ 812,734 $ 585,382 $ 2,293,256 $ 132,963 $ 2,961 $ 6,031,700 30 days past due — — 464 277 — 3,804 14 37 4,596 60 days past due — — 41 159 — 5,341 17 22 5,580 90+ days past due — 698 — 639 640 18,187 650 36 20,850 Total $ 720,318 $ 737,902 $ 747,387 $ 813,809 $ 586,022 $ 2,320,588 $ 133,644 $ 3,056 $ 6,062,726 |
Allowance for Losses on Loans
Allowance for Losses on Loans | 9 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Allowance for Losses on Loans | Allowance for Losses on Loans For a detailed discussion of loans and credit quality, including accounting policies and the CECL methodology used to estimate the allowance for credit losses, see Note A, Summary of Significant Accounting Policies. As a result of the adoption of ASC 326 in the third fiscal quarter, with an effective date of October 1, 2019, there is a lack of comparability in both the allowance and provisions for credit losses for the periods presented. Results for reporting periods beginning after October 1, 2019 are presented using the CECL methodology, while comparative period information continues to be reported in accordance with the incurred loss methodology in effect for prior fiscal years. See Note B, "New Accounting Pronouncements", for details regarding the adoption of ASC 326. October 1, 2019 December 31, 2019 March 31, 2020 June 30, 2020 (In thousands) Allowance for credit losses: Commercial loans Multi-family $ 10,404 $ 10,506 $ 11,742 $ 12,088 Commercial real estate 13,024 13,067 14,639 15,807 Commercial & industrial 32,235 33,676 38,576 42,179 Construction 22,768 21,919 23,348 25,693 Land - acquisition & development 10,904 10,413 10,399 10,641 Total commercial loans 89,335 89,581 98,704 106,408 Consumer loans Single-family residential 47,771 46,356 46,817 47,149 Construction - custom 2,880 2,930 3,175 3,336 Land - consumer lot loans 2,635 2,567 2,578 2,671 HELOC 2,048 2,034 2,246 2,588 Consumer 4,615 4,045 3,581 3,197 Total consumer loans 59,949 57,932 58,397 58,941 Total allowance for loan losses 149,284 147,513 157,101 165,349 Reserve for unfunded commitments 17,650 18,250 18,650 19,500 Total allowance for credit losses $ 166,934 $ 165,763 $ 175,751 $ 184,849 Beginning balance $ 166,934 $ 165,763 $ 175,751 Net (charge-offs) recoveries 2,579 1,788 (1,702) Net provision (release) (3,750) 8,200 10,800 Ending balance $ 165,763 $ 175,751 $ 184,849 The following tables summarize the activity in the allowance for loan losses by loan portfolio segment and class. Three Months Ended June 30, 2020 Beginning Allowance (After ASC 326 Adoption) Charge-offs Recoveries Provision & Ending Allowance (After ASC 326 Adoption) (In thousands) Commercial loans Multi-family $ 11,742 $ — $ — $ 346 $ 12,088 Commercial real estate 14,639 — 193 975 15,807 Commercial & industrial 38,576 (3,034) 174 6,463 42,179 Construction 23,348 — — 2,345 25,693 Land - acquisition & development 10,399 — 433 (191) 10,641 Total commercial loans 98,704 (3,034) 800 9,938 106,408 Consumer loans Single-family residential 46,817 (60) 437 (45) 47,149 Construction - custom 3,175 — — 161 3,336 Land - consumer lot loans 2,578 — 17 76 2,671 HELOC 2,246 — 1 341 2,588 Consumer 3,581 (233) 370 (521) 3,197 Total consumer loans 58,397 (293) 825 12 58,941 Total loans $ 157,101 $ (3,327) $ 1,625 $ 9,950 $ 165,349 Three Months Ended June 30, 2019 Beginning Allowance (Before ASC 326 Adoption) Charge-offs Recoveries Provision & Ending Allowance (Before ASC 326 Adoption) (In thousands) Commercial loans Multi-family $ 7,394 $ — $ — $ (111) $ 7,283 Commercial real estate 12,448 — 90 466 13,004 Commercial & industrial 30,574 (4,034) 3,218 1,313 31,071 Construction 33,396 — — 661 34,057 Land - acquisition & development 9,734 (65) 2,025 (2,306) 9,388 Total commercial loans 93,546 (4,099) 5,333 23 94,803 Consumer loans Single-family residential 31,476 (65) 47 56 31,514 Construction - custom 1,976 (339) — 247 1,884 Land - consumer lot loans 2,076 (215) — 171 2,032 HELOC 1,082 — 1 4 1,087 Consumer 2,930 (34) 307 (501) 2,702 Total consumer loans 39,540 (653) 355 (23) 39,219 Total loans $ 133,086 $ (4,752) $ 5,688 $ — $ 134,022 Nine Months Ended June 30, 2020 Beginning Allowance (Before ASC 326 Adoption) Impact of ASC 326 Adoption Charge-offs Recoveries Provision & Ending Allowance (After ASC 326 Adoption) (In thousands) Commercial loans Multi-family $ 7,391 $ 3,013 $ — $ 498 $ 1,186 $ 12,088 Commercial real estate 13,170 (146) (111) 1,581 1,313 15,807 Commercial & industrial 31,450 785 (3,213) 375 12,782 42,179 Construction 32,304 (9,536) — 59 2,866 25,693 Land - acquisition & development 9,155 1,749 (11) 2,019 (2,271) 10,641 Total commercial loans 93,470 (4,135) (3,335) 4,532 15,876 106,408 Consumer loans Single-family residential 30,988 16,783 (75) 891 (1,438) 47,149 Construction - custom 1,369 1,511 — — 456 3,336 Land - consumer lot loans 2,143 492 (147) 503 (320) 2,671 HELOC 1,103 945 — 95 445 2,588 Consumer 2,461 2,154 (838) 1,039 (1,619) 3,197 Total consumer loans 38,064 21,885 (1,060) 2,528 (2,476) 58,941 Total loans $ 131,534 $ 17,750 $ (4,395) $ 7,060 $ 13,400 $ 165,349 Nine Months Ended June 30, 2019 Beginning Allowance (Before ASC 326 Adoption) Charge-offs Recoveries Provision & Ending Allowance (Before ASC 326 Adoption) (In thousands) Commercial loans Multi-family $ 8,329 $ — $ — $ (1,046) $ 7,283 Commercial real estate 11,852 (339) 860 631 13,004 Commercial & industrial 28,702 (4,499) 3,276 3,592 31,071 Construction 31,317 — — 2,740 34,057 Land - acquisition & development 7,978 (65) 5,107 (3,632) 9,388 Total commercial loans 88,178 (4,903) 9,243 2,285 94,803 Consumer loans Single-family residential 33,033 (238) 586 (1,867) 31,514 Construction - custom 1,842 (339) — 381 1,884 Land - consumer lot loans 2,164 (336) 265 (61) 2,032 HELOC 781 (1,086) 45 1,347 1,087 Consumer 3,259 (506) 784 (835) 2,702 Total consumer loans 41,079 (2,505) 1,680 (1,035) 39,219 Total loans $ 129,257 $ (7,408) $ 10,923 $ 1,250 $ 134,022 Primarily due to the continued economic distress caused by the COVID-19 pandemic, the Company recorded a $10,800,000 provision for credit losses for the three months ended June 30, 2020, compared with no provision being recorded for the three months ended June 30, 2019. A provision for credit losses of $15,250,000 and $250,000 was recorded during the nine months ended June 30, 2020 and June 30, 2019, respectively. The relatively significant credit loss provisions for the three months ended and nine months ended June 30, 2020 are due to COVID-19 related factors including estimated impacts to the energy, hospitality, restaurant and senior living industries. Charge-offs, net of recoveries, totaled $1,702,000 for the three months ended June 30, 2020, compared to net recoveries of $936,000 during the three months ended June 30, 2019. Recoveries, net of charge-offs, totaled $2,665,000 for the nine months ended June 30, 2020, compared to net recoveries of $3,515,000 during the nine months ended June 30, 2019. No allowance was recorded as of June 30, 2020 for the $758,955,000 of PPP loans, which are included in the commercial & industrial loan category, due to the government guarantee. Non-performing assets were $44,630,000, or 0.25% of total assets, at June 30, 2020, compared to $43,826,000, or 0.27% of total assets, at September 30, 2019. Non-accrual loans were $35,001,000 at June 30, 2020, compared to $33,731,000 at September 30, 2019. Delinquencies, as a percent of total loans, were 0.32% at June 30, 2020, compared to 0.29% at September 30, 2019. The following table shows loans collectively and individually evaluated for impairment and the related allocation of general and specific reserves. September 30, 2019 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, except ratio data) (In thousands, except ratio data) Commercial loans Multi-family $ 7,387 $ 1,422,266 0.5 % $ 4 $ 385 1.0 % Commercial real estate 12,847 1,618,406 0.8 323 12,765 2.5 Commercial & industrial 31,358 1,266,913 2.5 92 1,805 5.1 Construction 32,304 1,164,889 2.8 — — — Land - acquisition & development 9,135 160,964 5.7 20 230 8.7 Total commercial loans 93,031 5,633,438 1.7 439 15,185 2.9 Consumer loans Single-family residential 30,988 5,822,200 0.5 — 17,978 — Construction - custom 1,369 255,505 0.5 — — — Land - consumer lot loans 2,143 95,574 2.2 — 375 — HELOC 1,103 140,378 0.8 — 837 0.0 Consumer 2,461 129,527 1.9 — 50 0.0 Total consumer loans 38,064 6,443,184 0.6 — 19,240 — Total loans $ 131,095 $ 12,076,622 1.1 % $ 439 $ 34,425 1.3 % The Company has an asset quality review function that analyzes its loan portfolio and reports the results of the review to its 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 described in Note D "Loans Receivable." The following table provides the amortized cost of loans receivable based on risk rating categories as previously defined. June 30, 2020 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total (In thousands, except ratio data) Loan type Commercial loans Multi-family $ 1,478,551 $ 13,749 $ 17,537 $ — $ — $ 1,509,837 Commercial real estate 1,513,394 117,753 69,421 — — 1,700,568 Commercial & industrial 1,941,389 59,747 136,344 982 — 2,138,462 Construction 1,217,628 91,519 25,801 — — 1,334,948 Land - acquisition & development 134,243 15,573 2,418 — — 152,234 Total commercial loans 6,285,205 298,341 251,521 982 — 6,836,049 Consumer loans Single-family residential 5,426,365 — 26,059 — — 5,452,424 Construction - custom 278,182 — — — — 278,182 Land - consumer lot loans 98,976 — 279 — — 99,255 HELOC 138,695 — 2,470 — — 141,165 Consumer 91,685 — 15 — — 91,700 Total consumer loans 6,033,903 — 28,823 — — 6,062,726 Total $ 12,319,108 $ 298,341 $ 280,344 $ 982 $ — $ 12,898,775 Total grade as a % of total loans 95.51 % 2.31 % 2.17 % 0.01 % — % The following table provides gross loans receivable based on risk rating categories as previously defined. September 30, 2019 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total Gross Loans (In thousands, except ratio data) Loan type Commercial loans Multi-family $ 1,418,837 $ — $ 3,837 $ — $ — $ 1,422,674 Commercial real estate 1,602,634 2,754 25,782 — — 1,631,170 Commercial & industrial 1,229,891 18,125 20,679 — — 1,268,695 Construction 2,038,052 — — — — 2,038,052 Land - acquisition & development 200,283 — 3,824 — — 204,107 Total commercial loans 6,489,697 20,879 54,122 — — 6,564,698 Consumer loans Single-family residential 5,808,444 — 26,750 — — 5,835,194 Construction - custom 540,741 — — — — 540,741 Land - consumer lot loans 98,828 — 866 — — 99,694 HELOC 141,271 — 907 — — 142,178 Consumer 129,872 — 11 — — 129,883 Total consumer loans 6,719,156 — 28,534 — — 6,747,690 Total gross loans $ 13,208,853 $ 20,879 $ 82,656 $ — $ — $ 13,312,388 Total grade as a % of total gross loans 99.22 % 0.16 % 0.62 % — % — % The following table provides information on amortized cost of loans receivable based on borrower payment activity. June 30, 2020 Performing Loans Non-Performing Loans Amount % of Total Amount % of Total (In thousands, except ratio data) Commercial loans Multi-family $ 1,509,613 100.0 % $ 224 — % Commercial real estate 1,697,152 99.8 3,416 0.2 Commercial & industrial 2,136,615 99.9 1,847 0.1 Construction 1,331,595 99.7 3,353 0.3 Land - acquisition & development 152,156 99.9 78 0.1 Total commercial loans 6,827,131 99.9 8,918 0.1 Consumer loans Single-family residential 5,427,548 99.5 24,876 0.5 Construction - custom 278,182 100.0 — — Land - consumer lot loans 98,978 99.7 277 0.3 HELOC 140,299 99.4 866 0.6 Consumer 91,636 99.9 64 0.1 Total consumer loans 6,036,643 99.6 26,083 0.4 Total loans $ 12,863,774 99.7 % $ 35,001 0.3 % The following table provides information on gross loans based on borrower payment activity. September 30, 2019 Performing Loans Non-Performing Loans Amount % of Total Amount % of Total (In thousands, except ratio data) Multi-family $ 1,422,674 100.0 % $ — — % Commercial real estate 1,625,335 99.6 5,835 0.4 Commercial & industrial 1,267,403 99.9 1,292 0.1 Construction 2,038,052 100.0 — — Land - acquisition & development 203,938 99.9 169 0.1 Single-family residential 5,809,923 99.6 25,271 0.4 Construction - custom 540,741 100.0 — — Land - consumer lot loans 99,448 99.8 246 0.2 HELOC 141,271 99.4 907 0.6 Consumer 129,872 100.0 11 0.0 Total loans $ 13,278,657 99.7 % $ 33,731 0.3 % The following table provide information on impaired loan balances and the related allowances by loan types. September 30, 2019 Recorded Unpaid Related Average Recorded Investment (In thousands) Impaired loans with no related allowance recorded: Multi-family $ — $ — $ — $ 286 Commercial real estate 7,467 11,881 — 8,890 Commercial & industrial 1,114 5,312 — 7,168 Construction — — — 1,172 Land - acquisition & development 78 143 — 290 Single-family residential 17,979 19,252 — 16,685 Construction - custom — — — 251 Land - consumer lot loans 344 848 — 287 HELOC 837 931 — 597 Consumer 50 119 — 23 Total loans with no related allowance 27,869 38,486 — 35,649 Impaired loans with an allowance recorded: Multi-family 385 385 4 418 Commercial real estate 4,168 5,298 323 5,160 Commercial & industrial 426 691 92 2,535 Construction — — — — Land - acquisition & development 91 152 — 99 Single-family residential 112,042 114,609 2,208 125,976 Construction - custom — — — — Land - consumer lot loans 3,556 3,695 20 4,324 HELOC 949 963 — 961 Consumer 60 282 — 65 Total loans with an allowance 121,677 126,075 2,647 (1) 139,538 Total impaired loans: Multi-family 385 385 4 704 Commercial real estate 11,635 17,179 323 14,050 Commercial & industrial 1,540 6,003 92 9,703 Construction — — — 1,172 Land - acquisition & development 169 295 — 389 Single-family residential 130,021 133,861 2,208 142,661 Construction - custom — — — 251 Land - consumer lot loans 3,900 4,543 20 4,611 HELOC 1,786 1,894 — 1,558 Consumer 110 401 — 88 Total impaired loans $ 149,546 $ 164,561 $ 2,647 (1) $ 175,187 (1) Includes $439,000 of specific reserves and $2,208,000 included in the general reserves. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements FASB ASC 820, Fair Value Measurement ("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 that 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. The Company has established and documented the process for determining the fair values of its 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 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, mortgage pool hedges and 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. June 30, 2020 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Available-for-sale securities: U.S. government and agency securities $ — $ 669,905 $ — $ 669,905 Municipal bonds — 38,041 — 38,041 Corporate debt securities — 322,000 — 322,000 Mortgage-backed securities Agency pass-through certificates — 1,034,014 — 1,034,014 Total available-for-sale securities — 2,063,960 — 2,063,960 Client swap program hedges — 47,972 — 47,972 Total financial assets $ — $ 2,111,932 $ — $ 2,111,932 Financial Liabilities Client swap program hedges $ — $ 47,972 $ — $ 47,972 Commercial loan fair value hedges — 9,090 — 9,090 Mortgage loan fair value hedges — 17,605 — 17,605 Borrowings cash flow hedges — 25,235 — 25,235 Total financial liabilities $ — $ 99,902 $ — $ 99,902 September 30, 2019 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Available-for-sale securities: U.S. government and agency securities $ — $ 270,778 $ — $ 270,778 Municipal bonds — 22,642 — 22,642 Corporate debt securities — 209,763 — 209,763 Mortgage-backed securities Agency pass-through certificates — 982,559 — 982,559 Total available-for-sale securities — 1,485,742 — 1,485,742 Client swap program hedges — 20,381 — 20,381 Mortgage loan fair value hedges — 1,608 — 1,608 Total financial assets $ — $ 1,507,731 $ — $ 1,507,731 Financial Liabilities Client swap program hedges $ — $ 20,381 $ — $ 20,381 Commercial loan fair value hedges — 4,288 — 4,288 Borrowings cash flow hedges — 7,877 — 7,877 Total financial liabilities $ — $ 32,546 $ — $ 32,546 Measured on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as collateral dependent loans and real estate owned ("REO"). 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 or REO property. 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 collateral dependent loan or real estate owned as Level 3. Level 3 assets recorded at fair value on a nonrecurring basis at June 30, 2020 included loans for which an 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 June 30, 2020 and June 30, 2019, and the total gains (losses) resulting from those fair value adjustments during the respective periods. The estimated fair value measurements are shown gross of estimated selling costs. June 30, 2020 Three Months Ended June 30, 2020 Nine Months Ended June 30, 2020 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) (In thousands) Loans (1) $ — $ — $ 2,277 $ 2,277 $ (3,260) $ (3,805) Real estate owned (2) — — 3,882 3,882 (284) (141) Balance at end of period $ — $ — $ 6,159 $ 6,159 $ (3,544) $ (3,946) (1) The gains (losses) represent re-measurements of collateral-dependent loans. (2) The gains (losses) represent re-measurements of REO. June 30, 2019 Three Months Ended June 30, 2019 Nine Months Ended June 30, 2019 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) (In thousands) Impaired loans (1) $ — $ — $ 6,007 $ 6,007 $ (4,383) $ (5,619) Real estate owned (2) — — 3,084 3,084 (5) 394 Balance at end of period $ — $ — $ 9,091 $ 9,091 $ (4,388) $ (5,225) (1) The gains (losses) represent re-measurements of collateral-dependent loans. (2) The gains (losses) represent re-measurements of REO. At June 30, 2020, there were $1,346,000 in foreclosed residential real estate properties held as REO. The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $4,104,000. Fair Values of Financial Instruments FASB ASC 825, Financial Instruments ("ASC 825") requires disclosure of fair value information about financial instruments, whether or not recognized on the statement of financial condition, for which it is practicable to estimate those values. Certain financial instruments and all non-financial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value estimates presented do not reflect the underlying fair value of the Company. Although management is not aware of any factors that would materially affect the estimated fair value amounts presented below, such amounts have not been comprehensively revalued for purposes of these financial statements since the dates shown, and therefore, estimates of fair value subsequent to those dates may differ significantly from the amounts presented below. June 30, 2020 September 30, 2019 Level in Fair Value Hierarchy Carrying Estimated Carrying Estimated ($ in thousands) Financial assets Cash and cash equivalents 1 $ 1,218,240 $ 1,218,240 $ 419,158 $ 419,158 Available-for-sale securities U.S. government and agency securities 2 669,905 669,905 270,778 270,778 Municipal bonds 2 38,041 38,041 22,642 22,642 Corporate debt securities 2 322,000 322,000 209,763 209,763 Mortgage-backed securities Agency pass-through certificates 2 1,034,014 1,034,014 982,559 982,559 Total available-for-sale securities 2,063,960 2,063,960 1,485,742 1,485,742 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 2 820,304 847,510 1,428,480 1,448,088 Commercial MBS 2 7,012 6,907 15,000 15,007 Total held-to-maturity securities 827,316 854,417 1,443,480 1,463,095 Loans receivable 3 12,733,426 13,318,026 11,930,575 12,617,600 FHLB and FRB stock 2 145,990 145,990 123,990 123,990 Other assets - client swap program hedges 2 47,972 47,972 20,381 20,381 Other assets - mortgage loan fair value hedges 2 — — 1,608 1,608 Financial liabilities Time deposits 2 4,209,146 4,200,715 4,906,963 4,937,847 FHLB advances 2 2,800,000 2,808,567 2,250,000 2,282,887 Other liabilities - client swap program hedges 2 47,972 47,972 20,381 20,381 Other liabilities - mortgage loan fair value hedges 2 17,605 17,605 — — Other liabilities - commercial loan fair value hedges 2 9,090 9,090 4,288 4,288 Other liabilities - borrowings cash flow hedges 2 25,235 25,235 7,877 7,877 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 that are exchange traded are considered a Level 1 input method. Loans receivable – Fair values are estimated first by stratifying the portfolios of loans with similar financial characteristics. Loans are segregated by type such as multi-family real estate, residential mortgage, construction, commercial, consumer and land loans. Each loan category is further segmented into fixed- and adjustable-rate interest terms. For residential mortgages and multi-family loans, the bank determined that its best exit price was by securitization. MBS benchmark prices are used as a base price, with further loan level pricing adjustments made based on individual loan characteristics such as FICO score, LTV, Property Type and occupancy. For all other loan categories an estimate of fair value is then calculated based on discounted cash flows using a discount rate offered and observed in the market on similar products, plus an adjustment for liquidity to reflect the non-homogeneous nature of the loans, as well as, a annual loss rate based on historical losses to arrive at an estimated exit price fair value. Fair value for impaired loans is also based on recent appraisals or estimated cash flows discounted using rates commensurate with risk associated with the estimated cash flows. Assumptions regarding credit risk, cash flows and discount rates are judgmentally determined using available market information and specific borrower information. FHLB and FRB stock – The fair value is based upon the par value of the stock that equates to its carrying value. Time deposits – The fair value of time deposits is estimated by discounting the estimated future cash flows using rates 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 swaps – 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 counterparty to offset its interest rate risk. The Company also uses interest rate swaps for various fair value hedges and cash flow hedges. The fair value of these interest rate swaps is estimated by a third party pricing service using a discounted cash flow technique. The following tables provide details about the amortized cost and fair value of available-for-sale and held-to-maturity securities. June 30, 2020 Amortized Gross Unrealized Fair Yield Gains Losses ($ in thousands) Available-for-sale securities U.S. government and agency securities due 5 to 10 years $ 59,799 $ 416 $ (2,203) $ 58,012 1.26 % Over 10 years 616,095 74 (4,276) 611,893 1.18 Corporate debt securities due Within 1 year 71,064 66 (63) 71,067 0.68 1 to 5 years 128,325 3,256 (849) 130,732 2.04 5 to 10 years 117,000 3,201 — 120,201 1.70 Municipal bonds due 1 to 5 years 1,453 41 — 1,494 — Over 10 years 36,066 534 (53) 36,547 5.40 Mortgage-backed securities Agency pass-through certificates 992,612 42,125 (723) 1,034,014 2.96 2,022,414 49,713 (8,167) 2,063,960 2.20 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 820,304 27,206 — 847,510 3.16 Commercial MBS 7,012 — (105) 6,907 1.06 827,316 27,206 (105) 854,417 3.14 $ 2,849,730 $ 76,919 $ (8,272) $ 2,918,377 2.47 % September 30, 2019 Amortized Gross Unrealized Fair Yield Gains Losses ($ in thousands) Available-for-sale securities U.S. government and agency securities due 5 to 10 years $ 65,287 $ 39 $ (629) $ 64,697 2.43 % Over 10 years 207,067 1 (987) 206,081 3.02 Corporate debt securities due Within 1 year 43,903 411 — 44,314 3.65 1 to 5 years 70,000 689 (50) 70,639 3.29 5 to 10 years 92,931 1,879 — 94,810 3.27 Municipal bonds due 1 to 5 years 1,430 14 — 1,444 1.94 Over 10 years 20,303 895 — 21,198 6.45 Mortgage-backed securities Agency pass-through certificates 957,150 26,533 (1,124) 982,559 3.29 1,458,071 30,461 (2,790) 1,485,742 3.27 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 1,428,480 19,945 (337) 1,448,088 3.15 Commercial MBS 15,000 7 — 15,007 2.89 1,443,480 19,952 (337) 1,463,095 3.15 $ 2,901,551 $ 50,413 $ (3,127) $ 2,948,837 3.21 % During the quarter ended March 31, 2020, as permitted in conjunction with the adoption of ASU 2019-04, the Company reclassified $374,680,000 of prepayable debt securities from held-to-maturity to available-for-sale. For available-for-sale investment securities, there were purchases of $684,292,000 during the nine months ended June 30, 2020 and purchases of $327,670,000 during the nine months ended June 30, 2019. There were sales totaling $204,351,000 of available-for-sale investment securities during the nine months ended June 30, 2020 and sales of $491,000 during the nine months ended June 30, 2019. For held-to-maturity investment securities, there were no purchases during the nine months ended June 30, 2020 and no purchases during the nine months ended June 30, 2019. 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 Company elected to exclude AIR from the amortized cost basis of debt securities disclosed throughout this footnote. For AFS securities, AIR totaled $4,154,000 and $3,712,000 as of June 30, 2020 and September 30, 2019, respectively. For HTM debt securities, AIR totaled $2,126,000 and $3,716,000 as of June 30, 2020 and September 30, 2019, respectively. AIR is included in the “accrued interest receivable” line item on the Company’s consolidated statements of financial condition. The following tables show the gross unrealized losses and fair value of securities as of June 30, 2020 and September 30, 2019, by length of time that individual securities in each category have been in a continuous loss position. There were 51 and 41 securities with an unrealized loss as of June 30, 2020 and September 30, 2019, respectively. 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. June 30, 2020 Less than 12 months 12 months or more Total Unrealized Fair Unrealized Fair Unrealized Fair (In thousands) Available-for-sale securities Corporate debt securities $ (200) $ 71,304 $ (712) $ 49,288 $ (912) $ 120,592 Municipal bonds (53) 9,905 — — (53) 9,905 U.S. government and agency securities (2,647) 276,942 (3,832) 160,648 (6,479) 437,590 Mortgage-backed securities (145) 49,214 (578) 103,179 (723) 152,393 (3,045) 407,365 (5,122) 313,115 (8,167) 720,480 Held-to-maturity securities Mortgage-backed securities (105) 6,907 — — (105) 6,907 $ (3,150) $ 414,272 $ (5,122) $ 313,115 $ (8,272) $ 727,387 September 30, 2019 Less than 12 months 12 months or more Total Unrealized Fair Unrealized Fair Unrealized Fair (In thousands) Available-for-sale securities Corporate debt securities $ — $ — $ (50) $ 24,950 $ (50) $ 24,950 U.S. government and agency securities (656) 152,715 (960) 77,391 (1,616) 230,106 Mortgage-backed securities (148) 87,895 (976) 155,620 (1,124) 243,515 (804) 240,610 (1,986) 257,961 (2,790) 498,571 Held-to-maturity securities Mortgage-backed securities — — (337) 115,182 (337) 115,182 $ (804) $ 240,610 $ (2,323) $ 373,143 $ (3,127) $ 613,753 Substantially all of the Company’s held-to-maturity debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for these securities upon adoption of ASC 326 on October 1, 2019 or as of June 30, 2020. The Company does not believe that the available-for-sale debt securities that were in an unrealized loss position have any credit loss impairment upon adoption of ASC 326 on October 1, 2019 or as of June 30, 2020. The Company does not intend to sell the investment securities that were in an unrealized loss position and it is not more likely than not that the Company will be required to sell the investment securities before recovery of their amortized cost basis, which may be at maturity. Available-for-sale debt securities issued by U.S. government agencies or U.S. government-sponsored enterprises carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Corporate debt securities and municipal bonds are considered to have issuer(s) of high credit quality (rated AA or higher) and the decline in fair value is due to changes in interest rates and other market conditions. The issuer(s) continues to make timely principal and interest payments on the bonds. The fair value is expected to recover as the bond(s) approach maturity. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The following tables present the fair value, notional amount and balance sheet classification of derivative assets and liabilities at June 30, 2020 and September 30, 2019. June 30, 2020 Derivative Assets Derivative Liabilities Interest rate contract purpose Balance Sheet Location Notional Fair Value Balance Sheet Location Notional Fair Value (In thousands) (In thousands) Client swap program hedges Other assets $ 526,301 $ 47,972 Other liabilities $ 526,301 $ 47,972 Commercial loan fair value hedges Other assets — — Other liabilities 93,316 9,090 Mortgage loan fair value hedges Other assets — — Other liabilities 500,000 17,605 Borrowings cash flow hedges Other assets — — Other liabilities 1,600,000 25,235 $ 526,301 $ 47,972 $ 2,719,617 $ 99,902 September 30, 2019 Derivative Assets Derivative Liabilities Interest rate contract purpose Balance Sheet Location Notional Fair Value Balance Sheet Location Notional Fair Value (In thousands) (In thousands) Client swap program hedges Other assets $ 425,607 $ 20,381 Other liabilities $ 425,607 $ 20,381 Commercial loan fair value hedges Other assets — — Other liabilities 95,645 4,288 Mortgage loan fair value hedges Other assets 200,000 1,608 Other liabilities — — Borrowings cash flow hedges Other assets — — Other liabilities 700,000 7,877 $ 625,607 $ 21,989 $ 1,221,252 $ 32,546 The Company enters into interest rate swaps to hedge interest rate risk. These arrangements include hedges of individual fixed rate commercial loans and also hedges of a specified portion of pools of prepayable fixed rate mortgage loans under the "last of layer" method. These relationships qualify as fair value hedges under FASB ASC 815, Derivatives and Hedging ("ASC 815"), which provides for offsetting of the recognition of gains and losses of the respective interest rate swap and the hedged items. Gains and losses on interest rate swaps designated in these hedge relationships, along with the offsetting gains and losses on the hedged items attributable to the hedged risk, are recognized in current earnings within the same income statement line item. Upon electing to apply ASC 815 fair value hedge accounting, the carrying value of the hedged item is adjusted to reflect the cumulative impact of changes in fair value attributable to the hedged risk. The hedge basis adjustment remains with the hedged item until the hedged item is de-recognized from the balance sheet. The following tables present the impact of fair value hedge accounting on the carrying value of the hedged items at June 30, 2020 and September 30, 2019. June 30, 2020 Balance sheet line item in which hedged item is recorded Carrying value of hedged items Cumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items (In thousands) Loans receivable (1) (2) $ 2,855,203 $ 26,830 $ 2,855,203 $ 26,830 (1) Includes the amortized cost basis of the closed mortgage loan portfolios used to designate the hedging relationships in which the hedged items are the last layer expected to be remaining at the end of the hedging relationships. At June 30, 2020, the amortized cost basis of the closed loan portfolios used in the hedging relationships was $2,752,843,000, the cumulative basis adjustment associated with the hedging relationships was $17,605,000, and the amount of the designated hedged items was $500,000,000. (2) Includes the amortized cost basis of commercial loans designated in fair value hedging relationships. At June 30, 2020, the amortized cost basis of the hedged commercial loans was $102,360,000 and the cumulative basis adjustment associated with the hedging relationships was $9,225,000. September 30, 2019 Balance sheet line item in which hedged item is recorded Carrying value of hedged items Cumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items (In thousands) Loans receivable (1) (2) $ 1,612,208 $ 2,680 $ 1,612,208 $ 2,680 (1) Includes the amortized cost basis of the closed mortgage loan portfolios used to designate the hedging relationships in which the hedged items are the last layer expected to be remaining at the end of the hedging relationships. At September 30, 2019, the amortized cost basis of the closed loan portfolios used in the hedging relationships was $1,520,647,000, the cumulative basis adjustment associated with the hedging relationships was $(1,608,000), and the amount of the designated hedged items was $200,000,000. (2) Includes the amortized cost basis of commercial loans designated in fair value hedging relationships. At September 30, 2019, the amortized cost basis of the hedged commercial loans was $91,561,000 and the cumulative basis adjustment associated with the hedging relationships was $4,288,000. The Company has entered into interest rate swaps to convert certain short-term borrowings to fixed rate payments. The primary purpose of these hedges is to mitigate the risk of changes in future cash flows resulting from increasing interest rates. For qualifying cash flow hedges under ASC 815, gains and losses on the interest rate swaps are recorded in accumulated other comprehensive income ("AOCI") and then reclassified into earnings in the same period the hedged cash flows affect earnings and within the same income statement line item as the hedged cash flows. As of June 30, 2020, the maturities for hedges of adjustable rate borrowings ranged from less than one The following tables present the gain (loss) recognized in AOCI on derivative instruments related to cash flow hedges on borrowings for the periods presented. (In thousands) Three Months Ended June 30, Amount of gain/(loss) recognized in AOCI 2020 2019 Interest rate contracts: Pay fixed/receive floating swaps on borrowings cash flow hedges $ (8,045) $ (10,043) Total pre-tax gain/(loss) recognized in AOCI $ (8,045) $ (10,043) (In thousands) Nine Months Ended June 30, Amount of gain/(loss) recognized in AOCI 2020 2019 Interest rate contracts: Pay fixed/receive floating swaps on borrowings cash flow hedges $ (17,358) $ (26,692) Total pre-tax gain/(loss) recognized in AOCI $ (17,358) $ (26,692) The following tables present the gain (loss) on derivative instruments in fair value and cash flow accounting hedging relationships under ASC 815 for the periods presented. Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Interest income on loans receivable Interest expense on FHLB advances Interest income on loans receivable Interest expense on FHLB advances (In thousands) (In thousands) Interest income/(expense), including the effects of fair value and cash flow hedges $ 132,847 $ (10,938) $ 145,490 $ (17,829) Gain/(loss) on fair value hedging relationships: Interest rate contracts Amounts related to interest settlements on derivatives $ (306) $ 50 Recognized on derivatives (4,030) (2,491) Recognized on hedged items 3,999 2,489 Net income/(expense) recognized on fair value hedges $ (337) $ 48 Gain/(loss) on cash flow hedging relationships: Interest rate contracts Amounts related to interest settlements on derivatives $ 1,046 $ (817) Amount of derivative gain/(loss) reclassified from AOCI into interest income/expense — — Net income/(expense) recognized on cash flow hedges $ 1,046 $ (817) Nine Months Ended June 30, 2020 Nine Months Ended June 30, 2019 Interest income on loans receivable Interest expense on FHLB advances Interest income on loans receivable Interest expense on FHLB advances (In thousands) (In thousands) Interest income/(expense), including the effects of fair value and cash flow hedges $ 413,543 $ (37,963) $ 423,616 $ (52,566) Gain/(loss) on fair value hedging relationships: Interest rate contracts Amounts related to interest settlements on derivatives $ (492) $ 127 Recognized on derivatives (24,014) (6,409) Recognized on hedged items 24,072 6,369 Net income/(expense) recognized on fair value hedges $ (434) $ 87 Gain/(loss) on cash flow hedging relationships: Interest rate contracts Amounts related to interest settlements on derivatives $ 1,330 $ (2,222) Amount of derivative gain/(loss) reclassified from AOCI into interest income/expense — — Net income/(expense) recognized on cash flow hedges $ 1,330 $ (2,222) 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 interest rate swaps are derivatives under ASC 815, with changes in fair value recorded in earnings. There was no net impact to the statement of operations for the nine months ended June 30, 2020 and 2019 as the changes in fair value of the receive fixed swap and pay fixed swap offset each other. The following tables present the impact of derivative instruments (client swap program) that are not designated in accounting hedges under ASC 815 for the periods presented. (In thousands) Three Months Ended June 30, Derivative instruments Classification of gain/(loss) recognized in income on derivative instrument 2020 2019 Interest rate contracts: Pay fixed/receive floating swap Other noninterest income $ (4,815) $ (11,091) Receive fixed/pay floating swap Other noninterest income 4,815 11,091 $ — $ — (In thousands) Nine Months Ended June 30, Derivative instruments Classification of gain/(loss) recognized in income on derivative instrument 2020 2019 Interest rate contracts: Pay fixed/receive floating swap Other noninterest income $ (27,591) $ (26,643) Receive fixed/pay floating swap Other noninterest income 27,591 26,643 $ — $ — |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Since net interest income on financial assets and liabilities is outside the scope of ASU No. 2014-09, Revenue from Contracts with Customers ("ASC 606"), a significant majority of our revenues are not subject to that guidance. Revenue streams that are within the scope of ASC 606 are presented within non-interest income and are, in general, recognized as revenue at the same time the Company's obligation to the customer is satisfied. Most of the Company's customer contracts that are within the scope of the new guidance are cancelable by either party without penalty and are short-term in nature. These sources of revenue include depositor and other consumer and business banking fees, commission income, as well as debit and credit card interchange fees. In scope revenue streams represented approximately 4.8% of our total revenues for the nine months ended June 30, 2020, compared to 5.0% for the nine months ended June 30, 2019. As this standard is immaterial to our consolidated financial statements, the Company has omitted certain disclosures in ASC 606, including the disaggregation of revenue table. Sources of non-interest income within the scope of the guidance include the following: Deposit related and other service charges (recognized in Deposit fee income) - The Company's deposit accounts are governed by standardized contracts customary in the industry. Revenues are earned at a point in time or over time (monthly) from account maintenance fees and charges for specific transactions such as wire transfers, stop payment orders, overdrafts, debit card replacements, check orders and cashier’s checks. The Company’s performance obligation related to each of these fees is generally satisfied, and the related revenue recognized, at the time the service is provided (point in time or monthly). The Company is principal in each of these contracts. Debit and Credit Card Interchange Fees (recognized in Deposit fee income) - The Company receives interchange fees from the debit card or credit card payment network based on transactions involving debit or credit cards issued by the Company, generally measured as a percentage of the underlying transaction. Interchange fees from debit and credit card transactions are recognized as the transaction processing services are provided by the network. The Company acts as an agent in the card payment network arrangement so the interchange fees are recorded net of any expenses paid to the principal (the card payment network in this case). |
Commitment and Contingencies
Commitment and Contingencies | 9 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lease Commitments - The Company’s lease commitments consist primarily of real estate property for branches and office space under various non-cancellable operating leases that expire between 2020 and 2070. The majority of the leases contain renewal options and provisions for increases in rental rates based on a predetermined schedule or an agreed upon index. If, at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right-of-use asset and lease liability. Operating lease liabilities and right-of-use assets are recognized on the lease commencement date based on the present value of the future minimum lease payments over the lease term. The future lease payments are discounted at a rate that represents the Company's collateralized borrowing rate for financing instruments of a similar term and are included in Accrued expenses and other liabilities. The related right-of-use asset is included in Other assets. The table below presents the Company’s operating lease right-of-use asset and the related lease liability. (In thousands) June 30, 2020 Operating lease asset $ 29,132 Operating lease liability $ 30,658 As of June 30, 2020, the Company’s operating leases have a weighted average remaining lease term of 8.8 years and a weighted average discount rate of 2.0%. Cash paid for amounts included in the measurement of the above operating lease liability was $4,898,000 for the nine months ended June 30, 2020. Right-of-use assets obtained in exchange for new operating lease liabilities during the same period were $4,298,000. The following table presents the components of net lease costs, a component of Occupancy expense. The Company elected not to separate lease and non-lease components and instead account for them as a single lease component. Variable lease costs include subsequent increases in index-based rents and variable payments such as common area maintenance. (In thousands) Three Months Ended June 30, Nine Months Ended June 30, 2020 2020 Operating lease cost $ 1,649 $ 4,922 Variable lease cost 413 968 Sublease income (86) (265) Net lease cost $ 1,976 $ 5,625 The following table shows future minimum payments for operating leases as of June 30, 2020 for the respective periods. (In thousands) Year ending September 30, remainder of 2020 $ 1,527 2021 5,865 2022 5,372 2023 4,793 2024 4,016 Thereafter 12,083 Total minimum payments 33,656 Amounts representing interest (2,998) Present value of minimum lease payments $ 30,658 Future minimum lease payments for the Company’s operating leases as of September 30, 2019, prior to the adoption of the new lease guidance, were as follows. (In thousands) Year ending September 30, 2020 $ 5,838 2021 5,246 2022 4,698 2023 4,302 2024 3,596 Thereafter 10,531 Total minimum payments $ 34,211 Financial Instruments with Off-Balance Sheet Risk - The only material off-balance-sheet credit exposures are loans in process and unused lines of credit, which had a combined balance of $2,235,184,000 and $2,379,089,000 at June 30, 2020 and September 30, 2019, respectively. The reserve was $19,500,000 as of June 30, 2020, which is an increase from $6,900,000 at September 30, 2019. See Note A "Summary of Significant Accounting Policies" for details regarding the reserve methodology. Legal Proceedings - The Company and its subsidiaries are from time to time defendants in and are threatened with various legal proceedings arising from regular business activities. Management, after consulting with legal counsel, is of the opinion that the ultimate liability, if any, resulting from these pending or threatened actions and proceedings will not have a material effect on the financial statements of the Company. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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. The information included in this Form 10-Q should be read in conjunction with the financial statements and related notes in the Company's 2019 Annual Report on Form 10-K (“2019 Annual Financial Statements”). Interim results are not necessarily indicative of results for a full year. |
Equity Securities | Equity Securities - The Company records equity securities within Other assets in its Consolidated Statements of Financial Condition. Investments in equity securities with readily determinable fair values (marketable) are measured at fair value, with changes in the fair value recognized as a component of Other income in the Consolidated Statements of Operations. Investments in equity investments that do not have readily determinable fair values (non-marketable) are accounted for at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer, also referred to as the measurement alternative. Any adjustments to the carrying value of these investments are recorded in Other income in the Consolidated Statements of Operations. |
Allowance for Credit Losses (Loans Receivable) | Allowance for Credit Losses (Loans Receivable) - Effective October 1, 2019, the Company has applied FASB ASU 2016-13, Financial Instruments - Credit Losses ("ASC 326"), so the allowance calculation is based on current expected credit loss methodology ("CECL"). Prior to October 1, 2019, the calculation was based on incurred loss methodology. See Note B "New Accounting Pronouncements" and Note E "Allowance for Losses on Loans" for details. The Company maintains an allowance for credit losses (“ACL”) for the expected credit losses of the loan portfolio as well as unfunded loan commitments. The amount of ACL is based on ongoing, quarterly assessments by management. The CECL methodology requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures) and replaces the incurred loss methodology’s threshold that delayed the recognition of a credit loss until it was probable a loss event was incurred. The ACL consists of the allowance for loan losses and the reserve for unfunded commitments. The estimate of expected credit losses under the CECL methodology is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses. We then consider whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the period that historical experience was based for each loan type. Finally, we consider forecasts about future economic conditions or changes in collateral values that are reasonable and supportable. Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its ACL. The Company has designated two loan portfolio segments, commercial loans and consumer loans. These loan portfolio segments are further disaggregated into classes, which represent loans of similar type, risk characteristics, and methods for monitoring and assessing credit risk. The commercial loan portfolio segment is disaggregated into five classes: multi-family, commercial real estate, commercial and industrial, construction, and land acquisition and development. The risk of loss for the commercial loan portfolio segment is generally most indicated by the credit risk rating assigned to each borrower. Commercial loan risk ratings are determined by experienced senior credit officers based on specific facts and circumstances and are subject to periodic review by an independent internal team of credit specialists. The consumer loan portfolio segment is disaggregated into five classes: single-family-residential mortgage, custom construction, consumer lot loans, home equity lines of credit, and other consumer. The risk of loss for the consumer loan portfolio segment is generally most indicated by delinquency status and general economic factors. Each commercial and consumer loan portfolio class may also be further segmented based on risk characteristics. For most of our loan portfolio classes, the historical loss experience is determined using a cohort methodology. This method pools loans into groups (“cohorts”) sharing similar risk characteristics and tracks each cohort’s net charge-offs over the lives of the loans to calculate a historical loss rate. The historical loss rates for each cohort are then averaged to calculate an overall historical loss rate which is applied to the current loan balance to arrive at the quantitative baseline portion of the allowance for credit losses for the respective loan portfolio class. For certain loan portfolio classes, the Company determined there was not sufficient historical loss information to calculate a meaningful historical loss rate using the cohort methodology. For any such loan portfolio class, the weighted-average remaining maturity (“WARM”) methodology is being utilized until sufficient historical loss data is obtained. The WARM method multiplies an average annual loss rate by the expected remaining life of the loan pool to arrive at the quantitative baseline portion of the allowance for credit losses for the respective loan portfolio class. The Company also considers qualitative adjustments to the historical loss rate for each loan portfolio class. The qualitative adjustments for each loan class consider the conditions over the period from which historical loss experience was based and are split into two components: 1) asset or class specific risk characteristics or current conditions at the reporting date related to portfolio credit quality, remaining payments, volume and nature, credit culture and management, business environment or other management factors and 2) reasonable and supportable forecast of future economic conditions and collateral values. The Company performs a quarterly asset quality review which includes a review of forecasted gross charge-offs and recoveries, nonperforming assets, criticized loans, risk rating migration, delinquencies, etc. The asset quality review is performed by management and the results are used to consider a qualitative overlay to the quantitative baseline. The second qualitative adjustment noted above, economic conditions and collateral values, encompasses a one-year reasonable and supportable forecast period. The overlay adjustment for the reasonable and supportable forecast assumes an immediate reversion after the one-year forecast period to historical loss rates for the remaining life of the respective loan pool. When management deems it to be appropriate, the Company establishes a specific reserve for individually evaluated loans that do not share similar risk characteristics with the loans included in each respective loan pool. These individually evaluated loans are removed from their respective pools and typically represent collateral dependent loans but may also include other non-performing loans or troubled debt restructurings (“TDRs”). In addition, the Company individually evaluates “reasonably expected” TDRs, which are identified by the Company as a loan expected to be classified as a TDR within the next six months. Management judgment is utilized to make this determination. |
Allowance for Credit Losses (Held-to-Maturity and Available-for-Sale Debt Securities) | Allowance for Credit Losses (Held-to-Maturity Debt Securities) - For held-to-maturity (“HTM”) debt securities, the Company is required to utilize a CECL methodology to estimate expected credit losses. Substantially all of the Company’s HTM debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for these securities. As of October 1, 2019, the Company determined that the expected credit loss on its corporate and municipal bonds was immaterial, and therefore, an allowance for credit losses was not recorded. See Note F "Fair Value Measurements" for more information about HTM debt securities. Allowance for Credit Losses (Available-for-Sale Debt Securities) - The impairment model for available-for-sale (“AFS”) debt securities differs from the CECL methodology applied for HTM debt securities because AFS debt securities are measured at fair value rather than amortized cost. Although ASC 326 replaced the legacy other-than-temporary impairment (“OTTI”) model with a credit loss model, it retained the fundamental nature of the legacy OTTI model. For AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either criteria is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities where neither of the criteria are met, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the credit rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited to the amount that the fair value is less than the amortized cost basis. Any remaining discount that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Under the new guidance, an entity may no longer consider the length of time fair value has been less than amortized cost. Changes in the allowance for credit losses are recorded as a provision (or release) for credit losses. Losses are charged against the allowance when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. As of October 1, 2019, the Company determined that the unrealized loss positions in AFS securities were not the result of credit losses, and therefore, an allowance for credit losses was not recorded. See Note F "Fair Value Measurements" for more information about AFS debt securities. |
Accrued Interest Receivable | Accrued Interest Receivable - Upon adoption of ASC 326, the Company made the following elections regarding accrued interest receivable: • Presenting accrued interest receivable balances separately from their underlying instruments within the consolidated statements of financial condition. • Excluding accrued interest receivable that is included in the amortized cost of financing receivables from related disclosure requirements. • Continuing our policy to write off accrued interest receivable by reversing interest income in cases where the Company does not reasonably expect to receive payment. • Not measuring an allowance for credit losses for accrued interest receivable due to the Company’s policy of writing off uncollectible accrued interest receivable balances in a timely manner, as described above. |
Non-Accrual and Collateral-Dependent Loans | Non-Accrual Loans - Loans are placed on non-accrual status when, in the judgment of management, the probability of collection of interest is deemed to be insufficient to warrant further accrual. When a loan is placed on non-accrual status, previously accrued but unpaid interest is deducted from interest income. The Bank does not accrue interest on loans 90 days or more past due. If payment is made on a loan so that the loan becomes less than 90 days past due, and the Bank expects full collection of principal and interest, the loan is returned to full accrual status. Any interest ultimately collected is credited to income in the period of recovery. A loan is charged-off when the loss is estimable and it is confirmed that the borrower is not expected to be able to meet contractual obligations. If a consumer loan is on non-accrual status before becoming a TDR it will stay on non-accrual status following restructuring until it has been performing for at least six months, at which point it may be moved to accrual status. If a loan is on accrual status before it becomes a TDR, and management concludes that full repayment is probable based on internal evaluation, it will remain on accrual status following restructuring. If the restructured consumer loan does not perform, it is placed on non-accrual status when it is 90 days delinquent. For commercial loans, six consecutive payments on newly restructured loan terms are required prior to returning the loan to accrual status. In some instances, after the required six consecutive payments are made, management will conclude that collection of the entire principal and interest due is still in doubt. In those instances, the loan will remain on non-accrual status. Collateral-Dependent Loans - A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans and leases deemed collateral-dependent, the Company elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. In most cases, the Company records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral consists of various types of real estate including residential properties; commercial properties such as retail centers, office buildings, and lodging; agriculture land; and vacant land. |
Off-balance-sheet credit exposures | The reserve for unfunded commitments is recognized as a liability (other liabilities in the consolidated statements of financial condition), with adjustments to the reserve recognized through provision for credit losses in the consolidated statements of income. The reserve for unfunded commitments represents the expected lifetime credit losses on off-balance sheet obligations such as commitments to extend credit and standby letters of credit. However, a liability is not recognized for commitments that are unconditionally cancellable by the Company. The reserve for unfunded commitments is determined by estimating future draws, including the effects of risk mitigation actions, and applying the expected loss rates on those draws. Loss rates are estimated by utilizing the same loss rates calculated for the allowance for credit losses related to the respective loan portfolio class. |
New Accounting Pronouncements | In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848). The amendments in this ASU provide temporary, optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. The ASU primarily includes relief related to contract modifications and hedging relationships, as well as providing a one-time election for the sale or transfer of debt securities classified as held-to-maturity. This guidance is effective immediately and the amendments may be applied prospectively through December 31, 2022. The Company is currently in the process of evaluating the amendments and determining the impact to its consolidated financial statements. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments , that clarifies and improves areas of guidance related to the recently issued standards on credit losses (ASU 2016-13), hedging (ASU 2017-12), and recognition and measurement of financial instruments (ASU 2016-01). The amendments generally have the same effective dates as their related standards. If already adopted, the amendments of ASU 2016-01 and ASU 2016-13 are effective for fiscal years beginning after December 15, 2019 and the amendments of ASU 2017-12 are effective as of the beginning of the Company’s next annual reporting period; early adoption is permitted. Effective January 1, 2020, the Company adopted the amendments of ASU 2019-04 pertaining to ASU 2017-12 and ASU 2016-01, both of which had been previously adopted, and at that time elected to reclassify mortgage-backed securities with an amortized cost of $374,680,000 and fair value of $390,669,000 from held-to-maturity to available-for-sale. During the third fiscal quarter, the Company adopted the amendments of ASU 2019-04 that pertain to ASU 2016-13. See discussion below regarding the adoption of ASU 2016-13. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract . The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amendments also require the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement, including reasonably certain renewal periods. The amendments in the ASU are effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. The Company is assessing the impact that this guidance will have on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . This ASU adds, eliminates, and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The ASU is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. Entities are also allowed to elect early adoption of the eliminated or modified disclosure requirements and delay adoption of the added disclosure requirements until their effective date. The Company early adopted this ASU beginning October 1, 2019 and removed or modified disclosures as permitted. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements. The ASU provides entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU No. 2016-02. Specifically, under the amendments in ASU 2018-11: (1) entities may elect not to recast the comparative periods presented when transitioning to the new leasing standard, and (2) lessors may elect to not separate non-lease components from leases when certain conditions are met. The amendments have the same effective date as ASU 2016-02 (October 1, 2019 for the Company). The Company adopted this ASU beginning October 1, 2019 and elected both transition options. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (ASC 326) . ASC 326, as amended, is intended 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. ASC 326 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. Credit losses relating to available-for-sale debt securities are recorded through an allowance for credit losses rather than as a direct write-down to the security's cost basis. 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 Company early adopted ASC 326 during its third fiscal quarter and based on the application of the modified retrospective method it became effective on October 1, 2019 for all financial assets measured at amortized cost (primarily loans receivable and held-to-maturity debt securities) and off-balance-sheet credit exposures. Results for reporting periods beginning after October 1, 2019 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a decrease to retained earnings of $21,945,000 as of October 1, 2019 for the cumulative effect of adopting ASC 326 as further detailed below. September 30, 2019 CECL Adoption Impact October 1, 2019 (In thousands) Allowance for credit losses: Commercial loans Multi-family $ 7,391 $ 3,013 $ 10,404 Commercial real estate 13,170 (146) 13,024 Commercial & industrial 31,450 785 32,235 Construction 32,304 (9,536) 22,768 Land - acquisition & development 9,155 1,749 10,904 Total commercial loans 93,470 (4,135) 89,335 Consumer loans Single-family residential 30,988 16,783 47,771 Construction - custom 1,369 1,511 2,880 Land - consumer lot loans 2,143 492 2,635 HELOC 1,103 945 2,048 Consumer 2,461 2,154 4,615 Total consumer loans 38,064 21,885 59,949 Total allowance for loan losses 131,534 17,750 149,284 Reserve for unfunded commitments 6,900 10,750 17,650 Total allowance for credit losses $ 138,434 $ 28,500 $ 166,934 Retained earnings Total pre-tax impact $ 28,500 Tax effect (6,555) Decrease to retained earnings $ 21,945 The Company's available-for-sale and held-to-maturity portfolios consist primarily of debt securities issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for these securities upon adoption of ASC 326. The impact going forward will depend on the composition, characteristics, and credit quality of the loan and securities portfolios as well as the economic conditions at future reporting periods. In February 2016, the FASB issued ASU 2016-02, Leases. The ASU, as amended, requires 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 and introduces new disclosure requirements for leasing arrangements. Accounting by lessors is largely unchanged. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted this ASU beginning October 1, 2019 utilizing the transition method allowed under ASU 2018-11 and did not restate comparative periods. The Company elected the package of practical expedients permitted under the transition guidance, which allowed us to carry forward our historical lease classifications and our assessment on whether a contract is or contains a lease. We also elected to keep leases with an initial term of 12 months or less off the balance sheet. The adoption of this ASU resulted in an increase in other assets and an increase in other liabilities of $29,013,000 and $29,013,000, respectively. The Company recognized no cumulative effect adjustment to the beginning balance of retained earnings upon adoption. |
Fair Value Measurements | FASB ASC 820, Fair Value Measurement ("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 that 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. The Company has established and documented the process for determining the fair values of its 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 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, mortgage pool hedges and 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. |
New Accounting Pronouncements (
New Accounting Pronouncements (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards Update and Change in Accounting Principle | The Company recorded a decrease to retained earnings of $21,945,000 as of October 1, 2019 for the cumulative effect of adopting ASC 326 as further detailed below. September 30, 2019 CECL Adoption Impact October 1, 2019 (In thousands) Allowance for credit losses: Commercial loans Multi-family $ 7,391 $ 3,013 $ 10,404 Commercial real estate 13,170 (146) 13,024 Commercial & industrial 31,450 785 32,235 Construction 32,304 (9,536) 22,768 Land - acquisition & development 9,155 1,749 10,904 Total commercial loans 93,470 (4,135) 89,335 Consumer loans Single-family residential 30,988 16,783 47,771 Construction - custom 1,369 1,511 2,880 Land - consumer lot loans 2,143 492 2,635 HELOC 1,103 945 2,048 Consumer 2,461 2,154 4,615 Total consumer loans 38,064 21,885 59,949 Total allowance for loan losses 131,534 17,750 149,284 Reserve for unfunded commitments 6,900 10,750 17,650 Total allowance for credit losses $ 138,434 $ 28,500 $ 166,934 Retained earnings Total pre-tax impact $ 28,500 Tax effect (6,555) Decrease to retained earnings $ 21,945 October 1, 2019 December 31, 2019 March 31, 2020 June 30, 2020 (In thousands) Allowance for credit losses: Commercial loans Multi-family $ 10,404 $ 10,506 $ 11,742 $ 12,088 Commercial real estate 13,024 13,067 14,639 15,807 Commercial & industrial 32,235 33,676 38,576 42,179 Construction 22,768 21,919 23,348 25,693 Land - acquisition & development 10,904 10,413 10,399 10,641 Total commercial loans 89,335 89,581 98,704 106,408 Consumer loans Single-family residential 47,771 46,356 46,817 47,149 Construction - custom 2,880 2,930 3,175 3,336 Land - consumer lot loans 2,635 2,567 2,578 2,671 HELOC 2,048 2,034 2,246 2,588 Consumer 4,615 4,045 3,581 3,197 Total consumer loans 59,949 57,932 58,397 58,941 Total allowance for loan losses 149,284 147,513 157,101 165,349 Reserve for unfunded commitments 17,650 18,250 18,650 19,500 Total allowance for credit losses $ 166,934 $ 165,763 $ 175,751 $ 184,849 Beginning balance $ 166,934 $ 165,763 $ 175,751 Net (charge-offs) recoveries 2,579 1,788 (1,702) Net provision (release) (3,750) 8,200 10,800 Ending balance $ 165,763 $ 175,751 $ 184,849 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | The following table is a summary of loans receivable by loan portfolio segment and class. June 30, 2020 September 30, 2019 (In thousands) (In thousands) Commercial loans Multi-family $ 1,510,099 10.6 % $ 1,422,674 10.7 % Commercial real estate 1,707,893 11.9 1,631,170 12.3 Commercial & industrial (1) 2,158,000 15.1 1,268,695 9.5 Construction 2,328,987 16.3 2,038,052 15.3 Land - acquisition & development 195,212 1.4 204,107 1.5 Total commercial loans 7,900,191 55.2 6,564,698 49.3 Consumer loans Single-family residential 5,461,605 38.2 5,835,194 43.8 Construction - custom 607,329 4.2 540,741 4.1 Land - consumer lot loans 100,102 0.7 99,694 0.7 HELOC 140,636 1.0 142,178 1.1 Consumer 91,495 0.6 129,883 1.0 Total consumer loans 6,401,167 44.8 6,747,690 50.7 Total gross loans 14,301,358 100 % 13,312,388 100 % Less: Allowance for credit losses on loans 165,349 131,534 Loans in process 1,353,774 1,201,341 Net deferred fees, costs and discounts 48,809 48,938 Total loan contra accounts 1,567,932 1,381,813 Net loans $ 12,733,426 $ 11,930,575 (1) Includes $758,955,000 of SBA Payroll Protection Program loans as of June 30, 2020. |
Summary of Information Regarding Non-Accrual Loans | The following table sets forth the amortized cost basis of loans receivable for specific disclosures required by ASC 326. June 30, 2020 September 30, 2019 (In thousands, except ratio data) Non-accrual Non-accrual with no ACL 90 days or more past due and accruing Non-accrual Non-accrual with no ACL 90 days or more past due and accruing Commercial loans Multi-family $ 224 $ — $ — $ — $ — $ — Commercial real estate 3,416 — — 5,835 — — Commercial & industrial 1,847 — — 1,292 — — Construction 3,353 — — — — — Land - acquisition & development 78 — — 169 — — Total commercial loans 8,918 — — 7,296 — — Consumer loans Single-family residential 24,876 — — 25,271 — — Construction - custom — — — — — — Land - consumer lot loans 277 — — 246 — — HELOC 866 — — 907 — — Consumer 64 — — 11 — — Total consumer loans 26,083 — — 26,435 — — Total non-accrual loans $ 35,001 $ — $ — $ 33,731 $ — $ — % of total loans 0.27 % 0.28 % |
Analysis of Age of Loans in Past Due Status | The following tables provide details regarding delinquent loans. June 30, 2020 Days Delinquent Based on $ Amount of Loans % based Type of Loan Loans Receivable (Amortized Cost) Current 30 60 90 Total Delinquent (In thousands, except ratio data) Commercial Loans Multi-family $ 1,509,837 $ 1,509,613 $ — $ — $ 224 $ 224 0.01 % Commercial real estate 1,700,568 1,697,302 177 1,938 1,151 3,266 0.19 Commercial & industrial 2,138,462 2,134,726 — 3,258 478 3,736 0.17 Construction 1,334,948 1,331,595 — — 3,353 3,353 0.25 Land - acquisition & development 152,234 152,234 — — — — — Total commercial loans 6,836,049 6,825,470 177 5,196 5,206 10,579 0.15 Consumer Loans Single-family residential 5,452,424 5,423,302 3,971 5,418 19,733 29,122 0.53 Construction - custom 278,182 278,182 — — — — — Land - consumer lot loans 99,255 98,773 136 103 243 482 0.49 HELOC 141,165 140,445 14 17 689 720 0.51 Consumer 91,700 90,998 475 42 185 702 0.77 Total consumer loans 6,062,726 6,031,700 4,596 5,580 20,850 31,026 0.51 Total Loans $ 12,898,775 $ 12,857,170 $ 4,773 $ 10,776 $ 26,056 $ 41,605 0.32 % Delinquency % 99.68% 0.04% 0.08% 0.20% 0.32% September 30, 2019 Days Delinquent Based on $ Amount of Loans % based Type of Loan Loans Receivable (Net of Loans In Process) Current 30 60 90 Total Delinquent (In thousands, except ratio data) Commercial Loans Multi-family $ 1,422,652 $ 1,422,652 $ — $ — $ — $ — — % Commercial real estate 1,631,171 1,625,509 1,614 285 3,763 5,662 0.35 Commercial & industrial 1,268,695 1,267,828 — — 867 867 0.07 Construction 1,164,889 1,164,889 — — — — — Land - acquisition & development 161,194 161,194 — — — — — Total commercial loans 5,648,601 5,642,072 1,614 285 4,630 6,529 0.12 Consumer Loans Single-family residential 5,835,186 5,809,239 3,672 3,211 19,064 25,947 0.44 Construction - custom 255,505 255,505 — — — — — Land - consumer lot loans 99,694 98,916 112 619 47 778 0.78 HELOC 142,178 140,718 580 183 697 1,460 1.03 Consumer 129,883 129,227 295 117 244 656 0.51 Total consumer loans 6,462,446 6,433,605 4,659 4,130 20,052 28,841 0.45 Total Loans $ 12,111,047 $ 12,075,677 $ 6,273 $ 4,415 $ 24,682 $ 35,370 0.29 % Delinquency % 99.71% 0.05% 0.04% 0.20% 0.29% |
Summary of Loans Based on Credit Quality Indicators | The following tables present by credit quality indicator, loan class, and year of origination, the amortized cost basis of loans receivable as of June 30, 2020. Term Loans Amortized Cost Basis by Origination Year YTD 2019 2018 2017 2016 Prior to 2016 Revolving Loans Revolving to Term Loans Total Loans Commercial loans Multi-family Pass $ 327,371 $ 162,686 $ 247,680 $ 249,863 $ 194,498 $ 282,212 $ 14,241 $ — $ 1,478,551 Special Mention 649 2,815 907 4,526 2,662 2,190 — — 13,749 Substandard — 7,575 3,627 3,813 2,298 224 — — 17,537 Total $ 328,020 $ 173,076 $ 252,214 $ 258,202 $ 199,458 $ 284,626 $ 14,241 $ — $ 1,509,837 Commercial real estate Pass $ 210,996 $ 249,584 $ 276,743 $ 259,663 $ 182,134 $ 331,689 $ 2,576 $ 9 $ 1,513,394 Special Mention 8,366 19,503 3,723 36,905 4,551 44,705 — — 117,753 Substandard 746 17,809 2,717 11,958 6,408 29,783 — — 69,421 Total $ 220,108 $ 286,896 $ 283,183 $ 308,526 $ 193,093 $ 406,177 $ 2,576 $ 9 $ 1,700,568 Commercial & industrial Pass $ 851,652 $ 50,997 $ 110,901 $ 90,081 $ 127,232 $ 78,217 $ 618,287 $ 14,022 $ 1,941,389 Special Mention 25,104 6,660 5,559 4,262 69 — 11,626 6,467 59,747 Substandard 25,281 10,183 7,469 901 22,584 4,971 64,617 338 136,344 Doubtful — — — — — — 982 — 982 Total $ 902,037 $ 67,840 $ 123,929 $ 95,244 $ 149,885 $ 83,188 $ 695,512 $ 20,827 $ 2,138,462 Construction Pass $ 236,202 $ 448,569 $ 292,349 $ 152,785 $ 12,011 $ — $ 75,712 $ — $ 1,217,628 Special Mention — — 49,173 — 42,346 — — — 91,519 Substandard — 1,948 1,938 21,915 — — — — 25,801 Total $ 236,202 $ 450,517 $ 343,460 $ 174,700 $ 54,357 $ — $ 75,712 $ — $ 1,334,948 Land - acquisition & development Pass $ 37,348 $ 49,670 $ 19,098 $ 16,443 $ 4,240 $ 2,131 $ 5,313 $ — $ 134,243 Special Mention — — — — — 15,573 — — 15,573 Substandard — — — 2,340 — 78 — — 2,418 Total $ 37,348 $ 49,670 $ 19,098 $ 18,783 $ 4,240 $ 17,782 $ 5,313 $ — $ 152,234 Total commercial loans Pass $ 1,663,569 $ 961,506 $ 946,771 $ 768,835 $ 520,115 $ 694,249 $ 716,129 $ 14,031 $ 6,285,205 Special Mention 34,119 28,978 59,362 45,693 49,628 62,468 11,626 6,467 298,341 Substandard 26,027 37,515 15,751 40,927 31,290 35,056 64,617 338 251,521 Doubtful — — — — — — 982 — 982 Total $ 1,723,715 $ 1,027,999 $ 1,021,884 $ 855,455 $ 601,033 $ 791,773 $ 793,354 $ 20,836 $ 6,836,049 Term Loans Amortized Cost Basis by Origination Year YTD 2019 2018 2017 2016 Prior to 2016 Revolving Loans Revolving to Term Loans Total Loans Consumer loans Single-family residential Current $ 574,443 $ 560,153 $ 660,961 $ 802,722 $ 581,978 $ 2,243,045 $ — $ — $ 5,423,302 30 days past due — — 464 — — 3,507 — — 3,971 60 days past due — — — 159 — 5,259 — — 5,418 90+ days past due — 680 — 392 640 18,021 — — 19,733 Total $ 574,443 $ 560,833 $ 661,425 $ 803,273 $ 582,618 $ 2,269,832 $ — $ — $ 5,452,424 Construction - custom Current $ 113,100 $ 154,502 $ 9,830 $ 750 $ — $ — $ — $ — $ 278,182 Total $ 113,100 $ 154,502 $ 9,830 $ 750 $ — $ — $ — $ — $ 278,182 Land - consumer lot loans Current $ 31,654 $ 22,303 $ 9,916 $ 9,184 $ 3,064 $ 22,652 $ — $ — $ 98,773 30 days past due — — — 102 — 34 — — 136 60 days past due — — 41 — — 62 — — 103 90+ days past due — — — 122 — 121 — — 243 Total $ 31,654 $ 22,303 $ 9,957 $ 9,408 $ 3,064 $ 22,869 $ — $ — $ 99,255 HELOC Current $ — $ — $ — $ — $ — $ 6,966 $ 132,156 $ 1,323 $ 140,445 30 days past due — — — — — — 14 — 14 60 days past due — — — — — — 17 — 17 90+ days past due — — — — — 39 650 — 689 Total $ — $ — $ — $ — $ — $ 7,005 $ 132,837 $ 1,323 $ 141,165 Consumer Current $ 1,121 $ 246 $ 66,175 $ 78 $ 340 $ 20,593 $ 807 $ 1,638 $ 90,998 30 days past due — — — 175 — 263 — 37 475 60 days past due — — — — — 20 — 22 42 90+ days past due — 18 — 125 — 6 — 36 185 Total $ 1,121 $ 264 $ 66,175 $ 378 $ 340 $ 20,882 $ 807 $ 1,733 $ 91,700 Total consumer loans Current $ 720,318 $ 737,204 $ 746,882 $ 812,734 $ 585,382 $ 2,293,256 $ 132,963 $ 2,961 $ 6,031,700 30 days past due — — 464 277 — 3,804 14 37 4,596 60 days past due — — 41 159 — 5,341 17 22 5,580 90+ days past due — 698 — 639 640 18,187 650 36 20,850 Total $ 720,318 $ 737,902 $ 747,387 $ 813,809 $ 586,022 $ 2,320,588 $ 133,644 $ 3,056 $ 6,062,726 The following table provides the amortized cost of loans receivable based on risk rating categories as previously defined. June 30, 2020 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total (In thousands, except ratio data) Loan type Commercial loans Multi-family $ 1,478,551 $ 13,749 $ 17,537 $ — $ — $ 1,509,837 Commercial real estate 1,513,394 117,753 69,421 — — 1,700,568 Commercial & industrial 1,941,389 59,747 136,344 982 — 2,138,462 Construction 1,217,628 91,519 25,801 — — 1,334,948 Land - acquisition & development 134,243 15,573 2,418 — — 152,234 Total commercial loans 6,285,205 298,341 251,521 982 — 6,836,049 Consumer loans Single-family residential 5,426,365 — 26,059 — — 5,452,424 Construction - custom 278,182 — — — — 278,182 Land - consumer lot loans 98,976 — 279 — — 99,255 HELOC 138,695 — 2,470 — — 141,165 Consumer 91,685 — 15 — — 91,700 Total consumer loans 6,033,903 — 28,823 — — 6,062,726 Total $ 12,319,108 $ 298,341 $ 280,344 $ 982 $ — $ 12,898,775 Total grade as a % of total loans 95.51 % 2.31 % 2.17 % 0.01 % — % The following table provides gross loans receivable based on risk rating categories as previously defined. September 30, 2019 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total Gross Loans (In thousands, except ratio data) Loan type Commercial loans Multi-family $ 1,418,837 $ — $ 3,837 $ — $ — $ 1,422,674 Commercial real estate 1,602,634 2,754 25,782 — — 1,631,170 Commercial & industrial 1,229,891 18,125 20,679 — — 1,268,695 Construction 2,038,052 — — — — 2,038,052 Land - acquisition & development 200,283 — 3,824 — — 204,107 Total commercial loans 6,489,697 20,879 54,122 — — 6,564,698 Consumer loans Single-family residential 5,808,444 — 26,750 — — 5,835,194 Construction - custom 540,741 — — — — 540,741 Land - consumer lot loans 98,828 — 866 — — 99,694 HELOC 141,271 — 907 — — 142,178 Consumer 129,872 — 11 — — 129,883 Total consumer loans 6,719,156 — 28,534 — — 6,747,690 Total gross loans $ 13,208,853 $ 20,879 $ 82,656 $ — $ — $ 13,312,388 Total grade as a % of total gross loans 99.22 % 0.16 % 0.62 % — % — % The following table provides information on amortized cost of loans receivable based on borrower payment activity. June 30, 2020 Performing Loans Non-Performing Loans Amount % of Total Amount % of Total (In thousands, except ratio data) Commercial loans Multi-family $ 1,509,613 100.0 % $ 224 — % Commercial real estate 1,697,152 99.8 3,416 0.2 Commercial & industrial 2,136,615 99.9 1,847 0.1 Construction 1,331,595 99.7 3,353 0.3 Land - acquisition & development 152,156 99.9 78 0.1 Total commercial loans 6,827,131 99.9 8,918 0.1 Consumer loans Single-family residential 5,427,548 99.5 24,876 0.5 Construction - custom 278,182 100.0 — — Land - consumer lot loans 98,978 99.7 277 0.3 HELOC 140,299 99.4 866 0.6 Consumer 91,636 99.9 64 0.1 Total consumer loans 6,036,643 99.6 26,083 0.4 Total loans $ 12,863,774 99.7 % $ 35,001 0.3 % The following table provides information on gross loans based on borrower payment activity. September 30, 2019 Performing Loans Non-Performing Loans Amount % of Total Amount % of Total (In thousands, except ratio data) Multi-family $ 1,422,674 100.0 % $ — — % Commercial real estate 1,625,335 99.6 5,835 0.4 Commercial & industrial 1,267,403 99.9 1,292 0.1 Construction 2,038,052 100.0 — — Land - acquisition & development 203,938 99.9 169 0.1 Single-family residential 5,809,923 99.6 25,271 0.4 Construction - custom 540,741 100.0 — — Land - consumer lot loans 99,448 99.8 246 0.2 HELOC 141,271 99.4 907 0.6 Consumer 129,872 100.0 11 0.0 Total loans $ 13,278,657 99.7 % $ 33,731 0.3 % |
Allowance for Losses on Loans (
Allowance for Losses on Loans (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Accounting Standards Update and Change in Accounting Principle | The Company recorded a decrease to retained earnings of $21,945,000 as of October 1, 2019 for the cumulative effect of adopting ASC 326 as further detailed below. September 30, 2019 CECL Adoption Impact October 1, 2019 (In thousands) Allowance for credit losses: Commercial loans Multi-family $ 7,391 $ 3,013 $ 10,404 Commercial real estate 13,170 (146) 13,024 Commercial & industrial 31,450 785 32,235 Construction 32,304 (9,536) 22,768 Land - acquisition & development 9,155 1,749 10,904 Total commercial loans 93,470 (4,135) 89,335 Consumer loans Single-family residential 30,988 16,783 47,771 Construction - custom 1,369 1,511 2,880 Land - consumer lot loans 2,143 492 2,635 HELOC 1,103 945 2,048 Consumer 2,461 2,154 4,615 Total consumer loans 38,064 21,885 59,949 Total allowance for loan losses 131,534 17,750 149,284 Reserve for unfunded commitments 6,900 10,750 17,650 Total allowance for credit losses $ 138,434 $ 28,500 $ 166,934 Retained earnings Total pre-tax impact $ 28,500 Tax effect (6,555) Decrease to retained earnings $ 21,945 October 1, 2019 December 31, 2019 March 31, 2020 June 30, 2020 (In thousands) Allowance for credit losses: Commercial loans Multi-family $ 10,404 $ 10,506 $ 11,742 $ 12,088 Commercial real estate 13,024 13,067 14,639 15,807 Commercial & industrial 32,235 33,676 38,576 42,179 Construction 22,768 21,919 23,348 25,693 Land - acquisition & development 10,904 10,413 10,399 10,641 Total commercial loans 89,335 89,581 98,704 106,408 Consumer loans Single-family residential 47,771 46,356 46,817 47,149 Construction - custom 2,880 2,930 3,175 3,336 Land - consumer lot loans 2,635 2,567 2,578 2,671 HELOC 2,048 2,034 2,246 2,588 Consumer 4,615 4,045 3,581 3,197 Total consumer loans 59,949 57,932 58,397 58,941 Total allowance for loan losses 149,284 147,513 157,101 165,349 Reserve for unfunded commitments 17,650 18,250 18,650 19,500 Total allowance for credit losses $ 166,934 $ 165,763 $ 175,751 $ 184,849 Beginning balance $ 166,934 $ 165,763 $ 175,751 Net (charge-offs) recoveries 2,579 1,788 (1,702) Net provision (release) (3,750) 8,200 10,800 Ending balance $ 165,763 $ 175,751 $ 184,849 |
Summary of Activity in Allowance for Loan Losses | The following tables summarize the activity in the allowance for loan losses by loan portfolio segment and class. Three Months Ended June 30, 2020 Beginning Allowance (After ASC 326 Adoption) Charge-offs Recoveries Provision & Ending Allowance (After ASC 326 Adoption) (In thousands) Commercial loans Multi-family $ 11,742 $ — $ — $ 346 $ 12,088 Commercial real estate 14,639 — 193 975 15,807 Commercial & industrial 38,576 (3,034) 174 6,463 42,179 Construction 23,348 — — 2,345 25,693 Land - acquisition & development 10,399 — 433 (191) 10,641 Total commercial loans 98,704 (3,034) 800 9,938 106,408 Consumer loans Single-family residential 46,817 (60) 437 (45) 47,149 Construction - custom 3,175 — — 161 3,336 Land - consumer lot loans 2,578 — 17 76 2,671 HELOC 2,246 — 1 341 2,588 Consumer 3,581 (233) 370 (521) 3,197 Total consumer loans 58,397 (293) 825 12 58,941 Total loans $ 157,101 $ (3,327) $ 1,625 $ 9,950 $ 165,349 Three Months Ended June 30, 2019 Beginning Allowance (Before ASC 326 Adoption) Charge-offs Recoveries Provision & Ending Allowance (Before ASC 326 Adoption) (In thousands) Commercial loans Multi-family $ 7,394 $ — $ — $ (111) $ 7,283 Commercial real estate 12,448 — 90 466 13,004 Commercial & industrial 30,574 (4,034) 3,218 1,313 31,071 Construction 33,396 — — 661 34,057 Land - acquisition & development 9,734 (65) 2,025 (2,306) 9,388 Total commercial loans 93,546 (4,099) 5,333 23 94,803 Consumer loans Single-family residential 31,476 (65) 47 56 31,514 Construction - custom 1,976 (339) — 247 1,884 Land - consumer lot loans 2,076 (215) — 171 2,032 HELOC 1,082 — 1 4 1,087 Consumer 2,930 (34) 307 (501) 2,702 Total consumer loans 39,540 (653) 355 (23) 39,219 Total loans $ 133,086 $ (4,752) $ 5,688 $ — $ 134,022 Nine Months Ended June 30, 2020 Beginning Allowance (Before ASC 326 Adoption) Impact of ASC 326 Adoption Charge-offs Recoveries Provision & Ending Allowance (After ASC 326 Adoption) (In thousands) Commercial loans Multi-family $ 7,391 $ 3,013 $ — $ 498 $ 1,186 $ 12,088 Commercial real estate 13,170 (146) (111) 1,581 1,313 15,807 Commercial & industrial 31,450 785 (3,213) 375 12,782 42,179 Construction 32,304 (9,536) — 59 2,866 25,693 Land - acquisition & development 9,155 1,749 (11) 2,019 (2,271) 10,641 Total commercial loans 93,470 (4,135) (3,335) 4,532 15,876 106,408 Consumer loans Single-family residential 30,988 16,783 (75) 891 (1,438) 47,149 Construction - custom 1,369 1,511 — — 456 3,336 Land - consumer lot loans 2,143 492 (147) 503 (320) 2,671 HELOC 1,103 945 — 95 445 2,588 Consumer 2,461 2,154 (838) 1,039 (1,619) 3,197 Total consumer loans 38,064 21,885 (1,060) 2,528 (2,476) 58,941 Total loans $ 131,534 $ 17,750 $ (4,395) $ 7,060 $ 13,400 $ 165,349 Nine Months Ended June 30, 2019 Beginning Allowance (Before ASC 326 Adoption) Charge-offs Recoveries Provision & Ending Allowance (Before ASC 326 Adoption) (In thousands) Commercial loans Multi-family $ 8,329 $ — $ — $ (1,046) $ 7,283 Commercial real estate 11,852 (339) 860 631 13,004 Commercial & industrial 28,702 (4,499) 3,276 3,592 31,071 Construction 31,317 — — 2,740 34,057 Land - acquisition & development 7,978 (65) 5,107 (3,632) 9,388 Total commercial loans 88,178 (4,903) 9,243 2,285 94,803 Consumer loans Single-family residential 33,033 (238) 586 (1,867) 31,514 Construction - custom 1,842 (339) — 381 1,884 Land - consumer lot loans 2,164 (336) 265 (61) 2,032 HELOC 781 (1,086) 45 1,347 1,087 Consumer 3,259 (506) 784 (835) 2,702 Total consumer loans 41,079 (2,505) 1,680 (1,035) 39,219 Total loans $ 129,257 $ (7,408) $ 10,923 $ 1,250 $ 134,022 |
Summary of Loans Collectively and Individually Evaluated for Impairment and Related Allocation of Reserves | The following table shows loans collectively and individually evaluated for impairment and the related allocation of general and specific reserves. September 30, 2019 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, except ratio data) (In thousands, except ratio data) Commercial loans Multi-family $ 7,387 $ 1,422,266 0.5 % $ 4 $ 385 1.0 % Commercial real estate 12,847 1,618,406 0.8 323 12,765 2.5 Commercial & industrial 31,358 1,266,913 2.5 92 1,805 5.1 Construction 32,304 1,164,889 2.8 — — — Land - acquisition & development 9,135 160,964 5.7 20 230 8.7 Total commercial loans 93,031 5,633,438 1.7 439 15,185 2.9 Consumer loans Single-family residential 30,988 5,822,200 0.5 — 17,978 — Construction - custom 1,369 255,505 0.5 — — — Land - consumer lot loans 2,143 95,574 2.2 — 375 — HELOC 1,103 140,378 0.8 — 837 0.0 Consumer 2,461 129,527 1.9 — 50 0.0 Total consumer loans 38,064 6,443,184 0.6 — 19,240 — Total loans $ 131,095 $ 12,076,622 1.1 % $ 439 $ 34,425 1.3 % |
Summary of Loans Based on Credit Quality Indicators | The following tables present by credit quality indicator, loan class, and year of origination, the amortized cost basis of loans receivable as of June 30, 2020. Term Loans Amortized Cost Basis by Origination Year YTD 2019 2018 2017 2016 Prior to 2016 Revolving Loans Revolving to Term Loans Total Loans Commercial loans Multi-family Pass $ 327,371 $ 162,686 $ 247,680 $ 249,863 $ 194,498 $ 282,212 $ 14,241 $ — $ 1,478,551 Special Mention 649 2,815 907 4,526 2,662 2,190 — — 13,749 Substandard — 7,575 3,627 3,813 2,298 224 — — 17,537 Total $ 328,020 $ 173,076 $ 252,214 $ 258,202 $ 199,458 $ 284,626 $ 14,241 $ — $ 1,509,837 Commercial real estate Pass $ 210,996 $ 249,584 $ 276,743 $ 259,663 $ 182,134 $ 331,689 $ 2,576 $ 9 $ 1,513,394 Special Mention 8,366 19,503 3,723 36,905 4,551 44,705 — — 117,753 Substandard 746 17,809 2,717 11,958 6,408 29,783 — — 69,421 Total $ 220,108 $ 286,896 $ 283,183 $ 308,526 $ 193,093 $ 406,177 $ 2,576 $ 9 $ 1,700,568 Commercial & industrial Pass $ 851,652 $ 50,997 $ 110,901 $ 90,081 $ 127,232 $ 78,217 $ 618,287 $ 14,022 $ 1,941,389 Special Mention 25,104 6,660 5,559 4,262 69 — 11,626 6,467 59,747 Substandard 25,281 10,183 7,469 901 22,584 4,971 64,617 338 136,344 Doubtful — — — — — — 982 — 982 Total $ 902,037 $ 67,840 $ 123,929 $ 95,244 $ 149,885 $ 83,188 $ 695,512 $ 20,827 $ 2,138,462 Construction Pass $ 236,202 $ 448,569 $ 292,349 $ 152,785 $ 12,011 $ — $ 75,712 $ — $ 1,217,628 Special Mention — — 49,173 — 42,346 — — — 91,519 Substandard — 1,948 1,938 21,915 — — — — 25,801 Total $ 236,202 $ 450,517 $ 343,460 $ 174,700 $ 54,357 $ — $ 75,712 $ — $ 1,334,948 Land - acquisition & development Pass $ 37,348 $ 49,670 $ 19,098 $ 16,443 $ 4,240 $ 2,131 $ 5,313 $ — $ 134,243 Special Mention — — — — — 15,573 — — 15,573 Substandard — — — 2,340 — 78 — — 2,418 Total $ 37,348 $ 49,670 $ 19,098 $ 18,783 $ 4,240 $ 17,782 $ 5,313 $ — $ 152,234 Total commercial loans Pass $ 1,663,569 $ 961,506 $ 946,771 $ 768,835 $ 520,115 $ 694,249 $ 716,129 $ 14,031 $ 6,285,205 Special Mention 34,119 28,978 59,362 45,693 49,628 62,468 11,626 6,467 298,341 Substandard 26,027 37,515 15,751 40,927 31,290 35,056 64,617 338 251,521 Doubtful — — — — — — 982 — 982 Total $ 1,723,715 $ 1,027,999 $ 1,021,884 $ 855,455 $ 601,033 $ 791,773 $ 793,354 $ 20,836 $ 6,836,049 Term Loans Amortized Cost Basis by Origination Year YTD 2019 2018 2017 2016 Prior to 2016 Revolving Loans Revolving to Term Loans Total Loans Consumer loans Single-family residential Current $ 574,443 $ 560,153 $ 660,961 $ 802,722 $ 581,978 $ 2,243,045 $ — $ — $ 5,423,302 30 days past due — — 464 — — 3,507 — — 3,971 60 days past due — — — 159 — 5,259 — — 5,418 90+ days past due — 680 — 392 640 18,021 — — 19,733 Total $ 574,443 $ 560,833 $ 661,425 $ 803,273 $ 582,618 $ 2,269,832 $ — $ — $ 5,452,424 Construction - custom Current $ 113,100 $ 154,502 $ 9,830 $ 750 $ — $ — $ — $ — $ 278,182 Total $ 113,100 $ 154,502 $ 9,830 $ 750 $ — $ — $ — $ — $ 278,182 Land - consumer lot loans Current $ 31,654 $ 22,303 $ 9,916 $ 9,184 $ 3,064 $ 22,652 $ — $ — $ 98,773 30 days past due — — — 102 — 34 — — 136 60 days past due — — 41 — — 62 — — 103 90+ days past due — — — 122 — 121 — — 243 Total $ 31,654 $ 22,303 $ 9,957 $ 9,408 $ 3,064 $ 22,869 $ — $ — $ 99,255 HELOC Current $ — $ — $ — $ — $ — $ 6,966 $ 132,156 $ 1,323 $ 140,445 30 days past due — — — — — — 14 — 14 60 days past due — — — — — — 17 — 17 90+ days past due — — — — — 39 650 — 689 Total $ — $ — $ — $ — $ — $ 7,005 $ 132,837 $ 1,323 $ 141,165 Consumer Current $ 1,121 $ 246 $ 66,175 $ 78 $ 340 $ 20,593 $ 807 $ 1,638 $ 90,998 30 days past due — — — 175 — 263 — 37 475 60 days past due — — — — — 20 — 22 42 90+ days past due — 18 — 125 — 6 — 36 185 Total $ 1,121 $ 264 $ 66,175 $ 378 $ 340 $ 20,882 $ 807 $ 1,733 $ 91,700 Total consumer loans Current $ 720,318 $ 737,204 $ 746,882 $ 812,734 $ 585,382 $ 2,293,256 $ 132,963 $ 2,961 $ 6,031,700 30 days past due — — 464 277 — 3,804 14 37 4,596 60 days past due — — 41 159 — 5,341 17 22 5,580 90+ days past due — 698 — 639 640 18,187 650 36 20,850 Total $ 720,318 $ 737,902 $ 747,387 $ 813,809 $ 586,022 $ 2,320,588 $ 133,644 $ 3,056 $ 6,062,726 The following table provides the amortized cost of loans receivable based on risk rating categories as previously defined. June 30, 2020 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total (In thousands, except ratio data) Loan type Commercial loans Multi-family $ 1,478,551 $ 13,749 $ 17,537 $ — $ — $ 1,509,837 Commercial real estate 1,513,394 117,753 69,421 — — 1,700,568 Commercial & industrial 1,941,389 59,747 136,344 982 — 2,138,462 Construction 1,217,628 91,519 25,801 — — 1,334,948 Land - acquisition & development 134,243 15,573 2,418 — — 152,234 Total commercial loans 6,285,205 298,341 251,521 982 — 6,836,049 Consumer loans Single-family residential 5,426,365 — 26,059 — — 5,452,424 Construction - custom 278,182 — — — — 278,182 Land - consumer lot loans 98,976 — 279 — — 99,255 HELOC 138,695 — 2,470 — — 141,165 Consumer 91,685 — 15 — — 91,700 Total consumer loans 6,033,903 — 28,823 — — 6,062,726 Total $ 12,319,108 $ 298,341 $ 280,344 $ 982 $ — $ 12,898,775 Total grade as a % of total loans 95.51 % 2.31 % 2.17 % 0.01 % — % The following table provides gross loans receivable based on risk rating categories as previously defined. September 30, 2019 Internally Assigned Grade Pass Special mention Substandard Doubtful Loss Total Gross Loans (In thousands, except ratio data) Loan type Commercial loans Multi-family $ 1,418,837 $ — $ 3,837 $ — $ — $ 1,422,674 Commercial real estate 1,602,634 2,754 25,782 — — 1,631,170 Commercial & industrial 1,229,891 18,125 20,679 — — 1,268,695 Construction 2,038,052 — — — — 2,038,052 Land - acquisition & development 200,283 — 3,824 — — 204,107 Total commercial loans 6,489,697 20,879 54,122 — — 6,564,698 Consumer loans Single-family residential 5,808,444 — 26,750 — — 5,835,194 Construction - custom 540,741 — — — — 540,741 Land - consumer lot loans 98,828 — 866 — — 99,694 HELOC 141,271 — 907 — — 142,178 Consumer 129,872 — 11 — — 129,883 Total consumer loans 6,719,156 — 28,534 — — 6,747,690 Total gross loans $ 13,208,853 $ 20,879 $ 82,656 $ — $ — $ 13,312,388 Total grade as a % of total gross loans 99.22 % 0.16 % 0.62 % — % — % The following table provides information on amortized cost of loans receivable based on borrower payment activity. June 30, 2020 Performing Loans Non-Performing Loans Amount % of Total Amount % of Total (In thousands, except ratio data) Commercial loans Multi-family $ 1,509,613 100.0 % $ 224 — % Commercial real estate 1,697,152 99.8 3,416 0.2 Commercial & industrial 2,136,615 99.9 1,847 0.1 Construction 1,331,595 99.7 3,353 0.3 Land - acquisition & development 152,156 99.9 78 0.1 Total commercial loans 6,827,131 99.9 8,918 0.1 Consumer loans Single-family residential 5,427,548 99.5 24,876 0.5 Construction - custom 278,182 100.0 — — Land - consumer lot loans 98,978 99.7 277 0.3 HELOC 140,299 99.4 866 0.6 Consumer 91,636 99.9 64 0.1 Total consumer loans 6,036,643 99.6 26,083 0.4 Total loans $ 12,863,774 99.7 % $ 35,001 0.3 % The following table provides information on gross loans based on borrower payment activity. September 30, 2019 Performing Loans Non-Performing Loans Amount % of Total Amount % of Total (In thousands, except ratio data) Multi-family $ 1,422,674 100.0 % $ — — % Commercial real estate 1,625,335 99.6 5,835 0.4 Commercial & industrial 1,267,403 99.9 1,292 0.1 Construction 2,038,052 100.0 — — Land - acquisition & development 203,938 99.9 169 0.1 Single-family residential 5,809,923 99.6 25,271 0.4 Construction - custom 540,741 100.0 — — Land - consumer lot loans 99,448 99.8 246 0.2 HELOC 141,271 99.4 907 0.6 Consumer 129,872 100.0 11 0.0 Total loans $ 13,278,657 99.7 % $ 33,731 0.3 % |
Summary of Impaired Loans Based on Type | The following table provide information on impaired loan balances and the related allowances by loan types. September 30, 2019 Recorded Unpaid Related Average Recorded Investment (In thousands) Impaired loans with no related allowance recorded: Multi-family $ — $ — $ — $ 286 Commercial real estate 7,467 11,881 — 8,890 Commercial & industrial 1,114 5,312 — 7,168 Construction — — — 1,172 Land - acquisition & development 78 143 — 290 Single-family residential 17,979 19,252 — 16,685 Construction - custom — — — 251 Land - consumer lot loans 344 848 — 287 HELOC 837 931 — 597 Consumer 50 119 — 23 Total loans with no related allowance 27,869 38,486 — 35,649 Impaired loans with an allowance recorded: Multi-family 385 385 4 418 Commercial real estate 4,168 5,298 323 5,160 Commercial & industrial 426 691 92 2,535 Construction — — — — Land - acquisition & development 91 152 — 99 Single-family residential 112,042 114,609 2,208 125,976 Construction - custom — — — — Land - consumer lot loans 3,556 3,695 20 4,324 HELOC 949 963 — 961 Consumer 60 282 — 65 Total loans with an allowance 121,677 126,075 2,647 (1) 139,538 Total impaired loans: Multi-family 385 385 4 704 Commercial real estate 11,635 17,179 323 14,050 Commercial & industrial 1,540 6,003 92 9,703 Construction — — — 1,172 Land - acquisition & development 169 295 — 389 Single-family residential 130,021 133,861 2,208 142,661 Construction - custom — — — 251 Land - consumer lot loans 3,900 4,543 20 4,611 HELOC 1,786 1,894 — 1,558 Consumer 110 401 — 88 Total impaired loans $ 149,546 $ 164,561 $ 2,647 (1) $ 175,187 (1) Includes $439,000 of specific reserves and $2,208,000 included in the general reserves. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
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. June 30, 2020 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Available-for-sale securities: U.S. government and agency securities $ — $ 669,905 $ — $ 669,905 Municipal bonds — 38,041 — 38,041 Corporate debt securities — 322,000 — 322,000 Mortgage-backed securities Agency pass-through certificates — 1,034,014 — 1,034,014 Total available-for-sale securities — 2,063,960 — 2,063,960 Client swap program hedges — 47,972 — 47,972 Total financial assets $ — $ 2,111,932 $ — $ 2,111,932 Financial Liabilities Client swap program hedges $ — $ 47,972 $ — $ 47,972 Commercial loan fair value hedges — 9,090 — 9,090 Mortgage loan fair value hedges — 17,605 — 17,605 Borrowings cash flow hedges — 25,235 — 25,235 Total financial liabilities $ — $ 99,902 $ — $ 99,902 September 30, 2019 Level 1 Level 2 Level 3 Total (In thousands) Financial Assets Available-for-sale securities: U.S. government and agency securities $ — $ 270,778 $ — $ 270,778 Municipal bonds — 22,642 — 22,642 Corporate debt securities — 209,763 — 209,763 Mortgage-backed securities Agency pass-through certificates — 982,559 — 982,559 Total available-for-sale securities — 1,485,742 — 1,485,742 Client swap program hedges — 20,381 — 20,381 Mortgage loan fair value hedges — 1,608 — 1,608 Total financial assets $ — $ 1,507,731 $ — $ 1,507,731 Financial Liabilities Client swap program hedges $ — $ 20,381 $ — $ 20,381 Commercial loan fair value hedges — 4,288 — 4,288 Borrowings cash flow hedges — 7,877 — 7,877 Total financial liabilities $ — $ 32,546 $ — $ 32,546 |
Fair Value of Assets Measured on Nonrecurring Basis | The following tables present the aggregated balance of assets that were measured at fair value on a nonrecurring basis at June 30, 2020 and June 30, 2019, and the total gains (losses) resulting from those fair value adjustments during the respective periods. The estimated fair value measurements are shown gross of estimated selling costs. June 30, 2020 Three Months Ended June 30, 2020 Nine Months Ended June 30, 2020 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) (In thousands) Loans (1) $ — $ — $ 2,277 $ 2,277 $ (3,260) $ (3,805) Real estate owned (2) — — 3,882 3,882 (284) (141) Balance at end of period $ — $ — $ 6,159 $ 6,159 $ (3,544) $ (3,946) (1) The gains (losses) represent re-measurements of collateral-dependent loans. (2) The gains (losses) represent re-measurements of REO. June 30, 2019 Three Months Ended June 30, 2019 Nine Months Ended June 30, 2019 Level 1 Level 2 Level 3 Total Total Gains (Losses) (In thousands) (In thousands) Impaired loans (1) $ — $ — $ 6,007 $ 6,007 $ (4,383) $ (5,619) Real estate owned (2) — — 3,084 3,084 (5) 394 Balance at end of period $ — $ — $ 9,091 $ 9,091 $ (4,388) $ (5,225) (1) The gains (losses) represent re-measurements of collateral-dependent loans. (2) The gains (losses) represent re-measurements of 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. June 30, 2020 September 30, 2019 Level in Fair Value Hierarchy Carrying Estimated Carrying Estimated ($ in thousands) Financial assets Cash and cash equivalents 1 $ 1,218,240 $ 1,218,240 $ 419,158 $ 419,158 Available-for-sale securities U.S. government and agency securities 2 669,905 669,905 270,778 270,778 Municipal bonds 2 38,041 38,041 22,642 22,642 Corporate debt securities 2 322,000 322,000 209,763 209,763 Mortgage-backed securities Agency pass-through certificates 2 1,034,014 1,034,014 982,559 982,559 Total available-for-sale securities 2,063,960 2,063,960 1,485,742 1,485,742 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 2 820,304 847,510 1,428,480 1,448,088 Commercial MBS 2 7,012 6,907 15,000 15,007 Total held-to-maturity securities 827,316 854,417 1,443,480 1,463,095 Loans receivable 3 12,733,426 13,318,026 11,930,575 12,617,600 FHLB and FRB stock 2 145,990 145,990 123,990 123,990 Other assets - client swap program hedges 2 47,972 47,972 20,381 20,381 Other assets - mortgage loan fair value hedges 2 — — 1,608 1,608 Financial liabilities Time deposits 2 4,209,146 4,200,715 4,906,963 4,937,847 FHLB advances 2 2,800,000 2,808,567 2,250,000 2,282,887 Other liabilities - client swap program hedges 2 47,972 47,972 20,381 20,381 Other liabilities - mortgage loan fair value hedges 2 17,605 17,605 — — Other liabilities - commercial loan fair value hedges 2 9,090 9,090 4,288 4,288 Other liabilities - borrowings cash flow hedges 2 25,235 25,235 7,877 7,877 |
Reconciliation of Amortized Cost to Fair Value of Available-for-Sale and Held-to-Maturity Securities | The following tables provide details about the amortized cost and fair value of available-for-sale and held-to-maturity securities. June 30, 2020 Amortized Gross Unrealized Fair Yield Gains Losses ($ in thousands) Available-for-sale securities U.S. government and agency securities due 5 to 10 years $ 59,799 $ 416 $ (2,203) $ 58,012 1.26 % Over 10 years 616,095 74 (4,276) 611,893 1.18 Corporate debt securities due Within 1 year 71,064 66 (63) 71,067 0.68 1 to 5 years 128,325 3,256 (849) 130,732 2.04 5 to 10 years 117,000 3,201 — 120,201 1.70 Municipal bonds due 1 to 5 years 1,453 41 — 1,494 — Over 10 years 36,066 534 (53) 36,547 5.40 Mortgage-backed securities Agency pass-through certificates 992,612 42,125 (723) 1,034,014 2.96 2,022,414 49,713 (8,167) 2,063,960 2.20 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 820,304 27,206 — 847,510 3.16 Commercial MBS 7,012 — (105) 6,907 1.06 827,316 27,206 (105) 854,417 3.14 $ 2,849,730 $ 76,919 $ (8,272) $ 2,918,377 2.47 % September 30, 2019 Amortized Gross Unrealized Fair Yield Gains Losses ($ in thousands) Available-for-sale securities U.S. government and agency securities due 5 to 10 years $ 65,287 $ 39 $ (629) $ 64,697 2.43 % Over 10 years 207,067 1 (987) 206,081 3.02 Corporate debt securities due Within 1 year 43,903 411 — 44,314 3.65 1 to 5 years 70,000 689 (50) 70,639 3.29 5 to 10 years 92,931 1,879 — 94,810 3.27 Municipal bonds due 1 to 5 years 1,430 14 — 1,444 1.94 Over 10 years 20,303 895 — 21,198 6.45 Mortgage-backed securities Agency pass-through certificates 957,150 26,533 (1,124) 982,559 3.29 1,458,071 30,461 (2,790) 1,485,742 3.27 Held-to-maturity securities Mortgage-backed securities Agency pass-through certificates 1,428,480 19,945 (337) 1,448,088 3.15 Commercial MBS 15,000 7 — 15,007 2.89 1,443,480 19,952 (337) 1,463,095 3.15 $ 2,901,551 $ 50,413 $ (3,127) $ 2,948,837 3.21 % |
Schedule of Unrealized Losses and Fair Value of Securities | The following tables show the gross unrealized losses and fair value of securities as of June 30, 2020 and September 30, 2019, by length of time that individual securities in each category have been in a continuous loss position. There were 51 and 41 securities with an unrealized loss as of June 30, 2020 and September 30, 2019, respectively. 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. June 30, 2020 Less than 12 months 12 months or more Total Unrealized Fair Unrealized Fair Unrealized Fair (In thousands) Available-for-sale securities Corporate debt securities $ (200) $ 71,304 $ (712) $ 49,288 $ (912) $ 120,592 Municipal bonds (53) 9,905 — — (53) 9,905 U.S. government and agency securities (2,647) 276,942 (3,832) 160,648 (6,479) 437,590 Mortgage-backed securities (145) 49,214 (578) 103,179 (723) 152,393 (3,045) 407,365 (5,122) 313,115 (8,167) 720,480 Held-to-maturity securities Mortgage-backed securities (105) 6,907 — — (105) 6,907 $ (3,150) $ 414,272 $ (5,122) $ 313,115 $ (8,272) $ 727,387 September 30, 2019 Less than 12 months 12 months or more Total Unrealized Fair Unrealized Fair Unrealized Fair (In thousands) Available-for-sale securities Corporate debt securities $ — $ — $ (50) $ 24,950 $ (50) $ 24,950 U.S. government and agency securities (656) 152,715 (960) 77,391 (1,616) 230,106 Mortgage-backed securities (148) 87,895 (976) 155,620 (1,124) 243,515 (804) 240,610 (1,986) 257,961 (2,790) 498,571 Held-to-maturity securities Mortgage-backed securities — — (337) 115,182 (337) 115,182 $ (804) $ 240,610 $ (2,323) $ 373,143 $ (3,127) $ 613,753 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value, Notional Amount and Balance Sheet Classification | The following tables present the fair value, notional amount and balance sheet classification of derivative assets and liabilities at June 30, 2020 and September 30, 2019. June 30, 2020 Derivative Assets Derivative Liabilities Interest rate contract purpose Balance Sheet Location Notional Fair Value Balance Sheet Location Notional Fair Value (In thousands) (In thousands) Client swap program hedges Other assets $ 526,301 $ 47,972 Other liabilities $ 526,301 $ 47,972 Commercial loan fair value hedges Other assets — — Other liabilities 93,316 9,090 Mortgage loan fair value hedges Other assets — — Other liabilities 500,000 17,605 Borrowings cash flow hedges Other assets — — Other liabilities 1,600,000 25,235 $ 526,301 $ 47,972 $ 2,719,617 $ 99,902 September 30, 2019 Derivative Assets Derivative Liabilities Interest rate contract purpose Balance Sheet Location Notional Fair Value Balance Sheet Location Notional Fair Value (In thousands) (In thousands) Client swap program hedges Other assets $ 425,607 $ 20,381 Other liabilities $ 425,607 $ 20,381 Commercial loan fair value hedges Other assets — — Other liabilities 95,645 4,288 Mortgage loan fair value hedges Other assets 200,000 1,608 Other liabilities — — Borrowings cash flow hedges Other assets — — Other liabilities 700,000 7,877 $ 625,607 $ 21,989 $ 1,221,252 $ 32,546 |
Schedule of Fair Value Hedge Accounting on Carrying Value of Hedged Items | The following tables present the impact of fair value hedge accounting on the carrying value of the hedged items at June 30, 2020 and September 30, 2019. June 30, 2020 Balance sheet line item in which hedged item is recorded Carrying value of hedged items Cumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items (In thousands) Loans receivable (1) (2) $ 2,855,203 $ 26,830 $ 2,855,203 $ 26,830 (1) Includes the amortized cost basis of the closed mortgage loan portfolios used to designate the hedging relationships in which the hedged items are the last layer expected to be remaining at the end of the hedging relationships. At June 30, 2020, the amortized cost basis of the closed loan portfolios used in the hedging relationships was $2,752,843,000, the cumulative basis adjustment associated with the hedging relationships was $17,605,000, and the amount of the designated hedged items was $500,000,000. (2) Includes the amortized cost basis of commercial loans designated in fair value hedging relationships. At June 30, 2020, the amortized cost basis of the hedged commercial loans was $102,360,000 and the cumulative basis adjustment associated with the hedging relationships was $9,225,000. September 30, 2019 Balance sheet line item in which hedged item is recorded Carrying value of hedged items Cumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items (In thousands) Loans receivable (1) (2) $ 1,612,208 $ 2,680 $ 1,612,208 $ 2,680 (1) Includes the amortized cost basis of the closed mortgage loan portfolios used to designate the hedging relationships in which the hedged items are the last layer expected to be remaining at the end of the hedging relationships. At September 30, 2019, the amortized cost basis of the closed loan portfolios used in the hedging relationships was $1,520,647,000, the cumulative basis adjustment associated with the hedging relationships was $(1,608,000), and the amount of the designated hedged items was $200,000,000. (2) Includes the amortized cost basis of commercial loans designated in fair value hedging relationships. At September 30, 2019, the amortized cost basis of the hedged commercial loans was $91,561,000 and the cumulative basis adjustment associated with the hedging relationships was $4,288,000. |
Schedule of Impact of Derivative Instruments | The following tables present the gain (loss) recognized in AOCI on derivative instruments related to cash flow hedges on borrowings for the periods presented. (In thousands) Three Months Ended June 30, Amount of gain/(loss) recognized in AOCI 2020 2019 Interest rate contracts: Pay fixed/receive floating swaps on borrowings cash flow hedges $ (8,045) $ (10,043) Total pre-tax gain/(loss) recognized in AOCI $ (8,045) $ (10,043) (In thousands) Nine Months Ended June 30, Amount of gain/(loss) recognized in AOCI 2020 2019 Interest rate contracts: Pay fixed/receive floating swaps on borrowings cash flow hedges $ (17,358) $ (26,692) Total pre-tax gain/(loss) recognized in AOCI $ (17,358) $ (26,692) The following tables present the impact of derivative instruments (client swap program) that are not designated in accounting hedges under ASC 815 for the periods presented. (In thousands) Three Months Ended June 30, Derivative instruments Classification of gain/(loss) recognized in income on derivative instrument 2020 2019 Interest rate contracts: Pay fixed/receive floating swap Other noninterest income $ (4,815) $ (11,091) Receive fixed/pay floating swap Other noninterest income 4,815 11,091 $ — $ — (In thousands) Nine Months Ended June 30, Derivative instruments Classification of gain/(loss) recognized in income on derivative instrument 2020 2019 Interest rate contracts: Pay fixed/receive floating swap Other noninterest income $ (27,591) $ (26,643) Receive fixed/pay floating swap Other noninterest income 27,591 26,643 $ — $ — |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following tables present the gain (loss) on derivative instruments in fair value and cash flow accounting hedging relationships under ASC 815 for the periods presented. Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Interest income on loans receivable Interest expense on FHLB advances Interest income on loans receivable Interest expense on FHLB advances (In thousands) (In thousands) Interest income/(expense), including the effects of fair value and cash flow hedges $ 132,847 $ (10,938) $ 145,490 $ (17,829) Gain/(loss) on fair value hedging relationships: Interest rate contracts Amounts related to interest settlements on derivatives $ (306) $ 50 Recognized on derivatives (4,030) (2,491) Recognized on hedged items 3,999 2,489 Net income/(expense) recognized on fair value hedges $ (337) $ 48 Gain/(loss) on cash flow hedging relationships: Interest rate contracts Amounts related to interest settlements on derivatives $ 1,046 $ (817) Amount of derivative gain/(loss) reclassified from AOCI into interest income/expense — — Net income/(expense) recognized on cash flow hedges $ 1,046 $ (817) Nine Months Ended June 30, 2020 Nine Months Ended June 30, 2019 Interest income on loans receivable Interest expense on FHLB advances Interest income on loans receivable Interest expense on FHLB advances (In thousands) (In thousands) Interest income/(expense), including the effects of fair value and cash flow hedges $ 413,543 $ (37,963) $ 423,616 $ (52,566) Gain/(loss) on fair value hedging relationships: Interest rate contracts Amounts related to interest settlements on derivatives $ (492) $ 127 Recognized on derivatives (24,014) (6,409) Recognized on hedged items 24,072 6,369 Net income/(expense) recognized on fair value hedges $ (434) $ 87 Gain/(loss) on cash flow hedging relationships: Interest rate contracts Amounts related to interest settlements on derivatives $ 1,330 $ (2,222) Amount of derivative gain/(loss) reclassified from AOCI into interest income/expense — — Net income/(expense) recognized on cash flow hedges $ 1,330 $ (2,222) |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Supplemental Balance Sheet Information | The table below presents the Company’s operating lease right-of-use asset and the related lease liability. (In thousands) June 30, 2020 Operating lease asset $ 29,132 Operating lease liability $ 30,658 |
Components of Lease Expense | The following table presents the components of net lease costs, a component of Occupancy expense. The Company elected not to separate lease and non-lease components and instead account for them as a single lease component. Variable lease costs include subsequent increases in index-based rents and variable payments such as common area maintenance. (In thousands) Three Months Ended June 30, Nine Months Ended June 30, 2020 2020 Operating lease cost $ 1,649 $ 4,922 Variable lease cost 413 968 Sublease income (86) (265) Net lease cost $ 1,976 $ 5,625 |
Maturities of Operating Lease Liabilities | The following table shows future minimum payments for operating leases as of June 30, 2020 for the respective periods. (In thousands) Year ending September 30, remainder of 2020 $ 1,527 2021 5,865 2022 5,372 2023 4,793 2024 4,016 Thereafter 12,083 Total minimum payments 33,656 Amounts representing interest (2,998) Present value of minimum lease payments $ 30,658 |
Future Minimum Lease Payments Prior to Adoption | Future minimum lease payments for the Company’s operating leases as of September 30, 2019, prior to the adoption of the new lease guidance, were as follows. (In thousands) Year ending September 30, 2020 $ 5,838 2021 5,246 2022 4,698 2023 4,302 2024 3,596 Thereafter 10,531 Total minimum payments $ 34,211 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Thousands | Jun. 30, 2020USD ($)branch | Sep. 30, 2019USD ($) |
Accounting Policies [Line Items] | ||
Number of bank branches | branch | 234 | |
Cash collateral | $ 104,000 | $ 31,850 |
Loans in process | 1,353,774 | 1,201,341 |
Financing Receivable | ||
Accounting Policies [Line Items] | ||
Loans in process | $ 2,235,184 | $ 2,379,089 |
New Accounting Pronouncements -
New Accounting Pronouncements - Additional Information (Details) - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Oct. 01, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Held-to-maturity securities, at amortized cost | $ 827,316,000 | $ 1,443,480,000 | ||||||
Available-for-sale, at amortized cost | 2,022,414,000 | 1,458,071,000 | ||||||
Mortgage-backed securities available-for-sale, fair value | $ 390,669,000 | |||||||
Increase in other asssets | 342,658,000 | 210,989,000 | ||||||
Decrease to retained earnings | 1,990,509,000 | $ 1,964,612,000 | 2,032,995,000 | $ 2,012,734,000 | $ 2,004,280,000 | $ 1,996,908,000 | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Decrease to retained earnings | (21,945,000) | |||||||
Retained Earnings | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Decrease to retained earnings | $ 1,403,124,000 | $ 1,384,833,000 | 1,335,909,000 | $ 1,300,116,000 | $ 1,262,236,000 | $ 1,188,971,000 | ||
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Decrease to retained earnings | $ (21,945,000) | $ (21,945,000) | ||||||
Accounting Standards Update 2019-04 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Mortgage-backed securities held-to-maturity, fair value | (390,669,000) | |||||||
Accounting Standards Update 2016-02 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Increase in other asssets | 29,013,000 | |||||||
Increase in other liabilities | 29,013,000 | |||||||
Accounting Standards Update 2016-02 | Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Decrease to retained earnings | $ 0 | |||||||
Mortgage-backed securities | Accounting Standards Update 2019-04 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Held-to-maturity securities, at amortized cost | (374,680,000) | |||||||
Available-for-sale, at amortized cost | $ 374,680,000 |
New Accounting Pronouncements_2
New Accounting Pronouncements - ASU and Change in Accounting Principle (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Oct. 01, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | $ 165,349 | $ 157,101 | $ 147,513 | $ 131,534 | $ 134,022 | $ 133,086 | $ 129,257 | |
Reserve for unfunded commitments | 19,500 | 18,650 | 18,250 | 6,900 | ||||
Total allowance for credit losses | 184,849 | 175,751 | 165,763 | $ 166,934 | 138,434 | |||
Decrease to retained earnings | 1,990,509 | 1,964,612 | 2,032,995 | 2,012,734 | 2,004,280 | 1,996,908 | ||
Retained Earnings | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Decrease to retained earnings | 1,403,124 | 1,384,833 | 1,335,909 | 1,300,116 | 1,262,236 | 1,188,971 | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 17,750 | 17,750 | ||||||
Reserve for unfunded commitments | 10,750 | |||||||
Total allowance for credit losses | 28,500 | |||||||
Decrease to retained earnings | (21,945) | |||||||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings, Pre-Tax | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Decrease to retained earnings | (28,500) | |||||||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings, Tax | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Decrease to retained earnings | 6,555 | |||||||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Decrease to retained earnings | (21,945) | (21,945) | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 149,284 | |||||||
Reserve for unfunded commitments | 17,650 | |||||||
Total allowance for credit losses | 166,934 | |||||||
Commercial loans | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 106,408 | 98,704 | 89,581 | 93,470 | 94,803 | 93,546 | 88,178 | |
Commercial loans | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | (4,135) | (4,135) | ||||||
Commercial loans | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 89,335 | |||||||
Commercial loans | Multi-family | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 12,088 | 11,742 | 10,506 | 7,391 | 7,283 | 7,394 | 8,329 | |
Commercial loans | Multi-family | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 3,013 | |||||||
Commercial loans | Multi-family | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 10,404 | |||||||
Commercial loans | Commercial real estate | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 15,807 | 14,639 | 13,067 | 13,170 | 13,004 | 12,448 | 11,852 | |
Commercial loans | Commercial real estate | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | (146) | |||||||
Commercial loans | Commercial real estate | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 13,024 | |||||||
Commercial loans | Commercial & industrial | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 42,179 | 38,576 | 33,676 | 31,450 | 31,071 | 30,574 | 28,702 | |
Commercial loans | Commercial & industrial | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 785 | |||||||
Commercial loans | Commercial & industrial | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 32,235 | |||||||
Commercial loans | Construction | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 25,693 | 23,348 | 21,919 | 32,304 | 34,057 | 33,396 | 31,317 | |
Commercial loans | Construction | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | (9,536) | |||||||
Commercial loans | Construction | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 22,768 | |||||||
Commercial loans | Land - acquisition & development | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 10,641 | 10,399 | 10,413 | 9,155 | 9,388 | 9,734 | 7,978 | |
Commercial loans | Land - acquisition & development | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 1,749 | |||||||
Commercial loans | Land - acquisition & development | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 10,904 | |||||||
Consumer loans | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 58,941 | 58,397 | 57,932 | 38,064 | 39,219 | 39,540 | 41,079 | |
Consumer loans | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 21,885 | 21,885 | ||||||
Consumer loans | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 59,949 | |||||||
Consumer loans | Construction | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 3,336 | 3,175 | 2,930 | 1,369 | 1,884 | 1,976 | 1,842 | |
Consumer loans | Construction | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 1,511 | |||||||
Consumer loans | Construction | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 2,880 | |||||||
Consumer loans | Single-family residential | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 47,149 | 46,817 | 46,356 | 30,988 | 31,514 | 31,476 | 33,033 | |
Consumer loans | Single-family residential | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 16,783 | |||||||
Consumer loans | Single-family residential | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 47,771 | |||||||
Consumer loans | Land - consumer lot loans | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 2,671 | 2,578 | 2,567 | 2,143 | 2,032 | 2,076 | 2,164 | |
Consumer loans | Land - consumer lot loans | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 492 | |||||||
Consumer loans | Land - consumer lot loans | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 2,635 | |||||||
Consumer loans | HELOC | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 2,588 | 2,246 | 2,034 | 1,103 | 1,087 | 1,082 | 781 | |
Consumer loans | HELOC | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 945 | |||||||
Consumer loans | HELOC | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | 2,048 | |||||||
Consumer loans | Consumer | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | $ 3,197 | $ 3,581 | $ 4,045 | 2,461 | $ 2,702 | $ 2,930 | $ 3,259 | |
Consumer loans | Consumer | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | $ 2,154 | |||||||
Consumer loans | Consumer | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses on loans | $ 4,615 |
Dividends and Share Repurchas_2
Dividends and Share Repurchases (Details) - $ / shares | Jul. 28, 2020 | May 22, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Subsequent Event [Line Items] | ||||||
Cash dividends per share (in dollars per share) | $ 0.22 | $ 0.22 | $ 0.20 | $ 0.65 | $ 0.58 | |
Stock repurchased (in shares) | 1,594 | |||||
Average cost per share (in dollars per share) | $ 24.90 | |||||
Remaining shares authorized to be repurchased (in shares) | 4,627,393 | 4,627,393 | ||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Dividends declared (in dollars per share) | $ 0.22 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Loans Receivable (Details) - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Gross loans | $ 14,301,358,000 | $ 13,312,388,000 | ||||||
Ratio of loan type to all loans | 100.00% | 100.00% | ||||||
Allowance for credit losses on loans | $ 165,349,000 | $ 157,101,000 | $ 147,513,000 | $ 131,534,000 | $ 134,022,000 | $ 133,086,000 | $ 129,257,000 | |
Loans in process | 1,353,774,000 | 1,201,341,000 | ||||||
Net deferred fees, costs and discounts | 48,809,000 | 48,938,000 | ||||||
Total loan contra accounts | 1,567,932,000 | 1,381,813,000 | ||||||
Net loans | [1] | 12,733,426,000 | 11,930,575,000 | |||||
Commercial loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Gross loans | $ 7,900,191,000 | $ 6,564,698,000 | ||||||
Ratio of loan type to all loans | 55.20% | 49.30% | ||||||
Allowance for credit losses on loans | $ 106,408,000 | 98,704,000 | 89,581,000 | $ 93,470,000 | 94,803,000 | 93,546,000 | 88,178,000 | |
Commercial loans | Multi-family | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Gross loans | $ 1,510,099,000 | $ 1,422,674,000 | ||||||
Ratio of loan type to all loans | 10.60% | 10.70% | ||||||
Allowance for credit losses on loans | $ 12,088,000 | 11,742,000 | 10,506,000 | $ 7,391,000 | 7,283,000 | 7,394,000 | 8,329,000 | |
Commercial loans | Commercial real estate | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Gross loans | $ 1,707,893,000 | $ 1,631,170,000 | ||||||
Ratio of loan type to all loans | 11.90% | 12.30% | ||||||
Allowance for credit losses on loans | $ 15,807,000 | 14,639,000 | 13,067,000 | $ 13,170,000 | 13,004,000 | 12,448,000 | 11,852,000 | |
Commercial loans | Commercial & industrial | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Gross loans | $ 2,158,000,000 | $ 1,268,695,000 | ||||||
Ratio of loan type to all loans | 15.10% | 9.50% | ||||||
Allowance for credit losses on loans | $ 42,179,000 | 38,576,000 | 33,676,000 | $ 31,450,000 | 31,071,000 | 30,574,000 | 28,702,000 | |
Commercial loans | Commercial & industrial | SBA Payroll Protection Program, CARES Act | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Gross loans | 758,955,000 | |||||||
Allowance for credit losses on loans | 0 | |||||||
Commercial loans | Construction | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Gross loans | $ 2,328,987,000 | $ 2,038,052,000 | ||||||
Ratio of loan type to all loans | 16.30% | 15.30% | ||||||
Allowance for credit losses on loans | $ 25,693,000 | 23,348,000 | 21,919,000 | $ 32,304,000 | 34,057,000 | 33,396,000 | 31,317,000 | |
Commercial loans | Land - acquisition & development | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Gross loans | $ 195,212,000 | $ 204,107,000 | ||||||
Ratio of loan type to all loans | 1.40% | 1.50% | ||||||
Allowance for credit losses on loans | $ 10,641,000 | 10,399,000 | 10,413,000 | $ 9,155,000 | 9,388,000 | 9,734,000 | 7,978,000 | |
Consumer loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Gross loans | $ 6,401,167,000 | $ 6,747,690,000 | ||||||
Ratio of loan type to all loans | 44.80% | 50.70% | ||||||
Allowance for credit losses on loans | $ 58,941,000 | 58,397,000 | 57,932,000 | $ 38,064,000 | 39,219,000 | 39,540,000 | 41,079,000 | |
Consumer loans | Construction | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Gross loans | $ 607,329,000 | $ 540,741,000 | ||||||
Ratio of loan type to all loans | 4.20% | 4.10% | ||||||
Allowance for credit losses on loans | $ 3,336,000 | 3,175,000 | 2,930,000 | $ 1,369,000 | 1,884,000 | 1,976,000 | 1,842,000 | |
Consumer loans | Single-family residential | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Gross loans | $ 5,461,605,000 | $ 5,835,194,000 | ||||||
Ratio of loan type to all loans | 38.20% | 43.80% | ||||||
Allowance for credit losses on loans | $ 47,149,000 | 46,817,000 | 46,356,000 | $ 30,988,000 | 31,514,000 | 31,476,000 | 33,033,000 | |
Consumer loans | Land - consumer lot loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Gross loans | $ 100,102,000 | $ 99,694,000 | ||||||
Ratio of loan type to all loans | 0.70% | 0.70% | ||||||
Allowance for credit losses on loans | $ 2,671,000 | 2,578,000 | 2,567,000 | $ 2,143,000 | 2,032,000 | 2,076,000 | 2,164,000 | |
Consumer loans | HELOC | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Gross loans | $ 140,636,000 | $ 142,178,000 | ||||||
Ratio of loan type to all loans | 1.00% | 1.10% | ||||||
Allowance for credit losses on loans | $ 2,588,000 | 2,246,000 | 2,034,000 | $ 1,103,000 | 1,087,000 | 1,082,000 | 781,000 | |
Consumer loans | Consumer | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Gross loans | $ 91,495,000 | $ 129,883,000 | ||||||
Ratio of loan type to all loans | 0.60% | 1.00% | ||||||
Allowance for credit losses on loans | $ 3,197,000 | $ 3,581,000 | $ 4,045,000 | $ 2,461,000 | $ 2,702,000 | $ 2,930,000 | $ 3,259,000 | |
[1] | Effective October 1, 2019, the Company has applied FASB ASU 2016-13, Financial Instruments - Credit Losses ("ASC 326"), so the allowance calculation is based on current expected credit loss methodology ("CECL"). Prior to October 1, 2019, the calculation was based on incurred loss methodology. See Note E "Allowance for Losses on Loans" for details. |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Details) $ in Thousands | Jun. 30, 2020USD ($)branchloan | Jun. 30, 2020USD ($)branch | Sep. 30, 2019USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable for loans | $ 43,712 | $ 43,712 | $ 41,429 |
Loans pledged to secure borrowings from the Federal Home Loan Bank | $ 5,592,355 | 5,592,355 | $ 5,874,704 |
Nonaccrual interest income recognized | 2,513 | ||
Impaired, interest income on accrual accrual and performed loans | $ 1,047 | ||
Number of businesses assisted, CARES Act | branch | 6,500 | 6,500 | |
Percent of TDRs classified as performing | 97.00% | ||
Basis point reduction, minimum | 1.00% | ||
Basis point reduction, maximum | 2.00% | ||
Single family residential loans as percentage of restructured loans | 93.10% | 93.10% | |
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 | $ 98,056 | ||
SBA Payroll Protection Program, CARES Act | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount of PPP loans authorized, CARES Act | 780,000 | ||
Consumer loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loans modified | loan | 1,192 | ||
Total loans modified | $ 346,000 | 346,000 | |
Commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loans modified | loan | 196 | ||
Total loans modified | $ 416,000 | $ 416,000 |
Loans Receivable - Loans on Non
Loans Receivable - Loans on Non-accrual Status (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual percent of total loans | 0.27% | 0.28% |
Financial Asset Originated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 35,001 | $ 33,731 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 0 | 0 |
Financial Asset Originated | Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 8,918 | 7,296 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 0 | 0 |
Financial Asset Originated | Commercial loans | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 224 | 0 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 0 | 0 |
Financial Asset Originated | Commercial loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 3,416 | 5,835 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 0 | 0 |
Financial Asset Originated | Commercial loans | Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 1,847 | 1,292 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 0 | 0 |
Financial Asset Originated | Commercial loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 3,353 | 0 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 0 | 0 |
Financial Asset Originated | Commercial loans | Land - acquisition & development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 78 | 169 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 0 | 0 |
Financial Asset Originated | Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 26,083 | 26,435 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 0 | 0 |
Financial Asset Originated | Consumer loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 0 | 0 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 0 | 0 |
Financial Asset Originated | Consumer loans | Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 24,876 | 25,271 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 0 | 0 |
Financial Asset Originated | Consumer loans | Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 277 | 246 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 0 | 0 |
Financial Asset Originated | Consumer loans | HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 866 | 907 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | 0 | 0 |
Financial Asset Originated | Consumer loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 64 | 11 |
Non-accrual loans with no related ACL | 0 | 0 |
90 days or more past due and accruing | $ 0 | $ 0 |
Loans Receivable - Loans Receiv
Loans Receivable - Loans Receivable, Analysis of Age of Loans in Past Due Status (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | $ 12,898,775 | $ 12,111,047 |
Days delinquent, current | 12,857,170 | 12,075,677 |
Days delinquent, past due | $ 41,605 | $ 35,370 |
% based on $, current | 99.68% | 99.71% |
% based on $, past due | 0.32% | 0.29% |
30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | $ 4,773 | $ 6,273 |
% based on $, past due | 0.04% | 0.05% |
60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | $ 10,776 | $ 4,415 |
% based on $, past due | 0.08% | 0.04% |
90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | $ 26,056 | $ 24,682 |
% based on $, past due | 0.20% | 0.20% |
Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | $ 6,836,049 | $ 5,648,601 |
Days delinquent, current | 6,825,470 | 5,642,072 |
Days delinquent, past due | $ 10,579 | $ 6,529 |
% based on $, past due | 0.15% | 0.12% |
Commercial loans | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | $ 177 | $ 1,614 |
Commercial loans | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 5,196 | 285 |
Commercial loans | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 5,206 | 4,630 |
Commercial loans | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | 1,509,837 | 1,422,652 |
Days delinquent, current | 1,509,613 | 1,422,652 |
Days delinquent, past due | $ 224 | $ 0 |
% based on $, past due | 0.01% | 0.00% |
Commercial loans | Multi-family | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | $ 0 | $ 0 |
Commercial loans | Multi-family | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 0 | 0 |
Commercial loans | Multi-family | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 224 | 0 |
Commercial loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | 1,700,568 | 1,631,171 |
Days delinquent, current | 1,697,302 | 1,625,509 |
Days delinquent, past due | $ 3,266 | $ 5,662 |
% based on $, past due | 0.19% | 0.35% |
Commercial loans | Commercial real estate | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | $ 177 | $ 1,614 |
Commercial loans | Commercial real estate | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 1,938 | 285 |
Commercial loans | Commercial real estate | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 1,151 | 3,763 |
Commercial loans | Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | 2,138,462 | 1,268,695 |
Days delinquent, current | 2,134,726 | 1,267,828 |
Days delinquent, past due | $ 3,736 | $ 867 |
% based on $, past due | 0.17% | 0.07% |
Commercial loans | Commercial & industrial | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | $ 0 | $ 0 |
Commercial loans | Commercial & industrial | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 3,258 | 0 |
Commercial loans | Commercial & industrial | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 478 | 867 |
Commercial loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | 1,334,948 | 1,164,889 |
Days delinquent, current | 1,331,595 | 1,164,889 |
Days delinquent, past due | $ 3,353 | $ 0 |
% based on $, past due | 0.25% | 0.00% |
Commercial loans | Construction | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | $ 0 | $ 0 |
Commercial loans | Construction | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 0 | 0 |
Commercial loans | Construction | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 3,353 | 0 |
Commercial loans | Land - acquisition & development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | 152,234 | 161,194 |
Days delinquent, current | 152,234 | 161,194 |
Days delinquent, past due | $ 0 | $ 0 |
% based on $, past due | 0.00% | 0.00% |
Commercial loans | Land - acquisition & development | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | $ 0 | $ 0 |
Commercial loans | Land - acquisition & development | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 0 | 0 |
Commercial loans | Land - acquisition & development | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 0 | 0 |
Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | 6,062,726 | 6,462,446 |
Days delinquent, current | 6,031,700 | 6,433,605 |
Days delinquent, past due | $ 31,026 | $ 28,841 |
% based on $, past due | 0.51% | 0.45% |
Consumer loans | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | $ 4,596 | $ 4,659 |
Consumer loans | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 5,580 | 4,130 |
Consumer loans | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 20,850 | 20,052 |
Consumer loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | 278,182 | 255,505 |
Days delinquent, current | 278,182 | 255,505 |
Days delinquent, past due | $ 0 | $ 0 |
% based on $, past due | 0.00% | 0.00% |
Consumer loans | Construction | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | $ 0 | $ 0 |
Consumer loans | Construction | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 0 | 0 |
Consumer loans | Construction | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 0 | 0 |
Consumer loans | Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | 5,452,424 | 5,835,186 |
Days delinquent, current | 5,423,302 | 5,809,239 |
Days delinquent, past due | $ 29,122 | $ 25,947 |
% based on $, past due | 0.53% | 0.44% |
Consumer loans | Single-family residential | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | $ 3,971 | $ 3,672 |
Consumer loans | Single-family residential | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 5,418 | 3,211 |
Consumer loans | Single-family residential | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 19,733 | 19,064 |
Consumer loans | Land - consumer lot loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | 99,255 | 99,694 |
Days delinquent, current | 98,773 | 98,916 |
Days delinquent, past due | $ 482 | $ 778 |
% based on $, past due | 0.49% | 0.78% |
Consumer loans | Land - consumer lot loans | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | $ 136 | $ 112 |
Consumer loans | Land - consumer lot loans | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 103 | 619 |
Consumer loans | Land - consumer lot loans | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 243 | 47 |
Consumer loans | HELOC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | 141,165 | 142,178 |
Days delinquent, current | 140,445 | 140,718 |
Days delinquent, past due | $ 720 | $ 1,460 |
% based on $, past due | 0.51% | 1.03% |
Consumer loans | HELOC | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | $ 14 | $ 580 |
Consumer loans | HELOC | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 17 | 183 |
Consumer loans | HELOC | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 689 | 697 |
Consumer loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net of loans in process | 91,700 | 129,883 |
Days delinquent, current | 90,998 | 129,227 |
Days delinquent, past due | $ 702 | $ 656 |
% based on $, past due | 0.77% | 0.51% |
Consumer loans | Consumer | 30 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | $ 475 | $ 295 |
Consumer loans | Consumer | 60 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | 42 | 117 |
Consumer loans | Consumer | 90 Days Delinquent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Days delinquent, past due | $ 185 | $ 244 |
Loans Receivable - Loans Based
Loans Receivable - Loans Based on Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | $ 12,898,775 | $ 13,312,388 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 12,319,108 | 13,208,853 |
Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 298,341 | 20,879 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 280,344 | 82,656 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 982 | 0 |
Commercial loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 1,723,715 | |
2019 | 1,027,999 | |
2018 | 1,021,884 | |
2017 | 855,455 | |
2016 | 601,033 | |
Prior to 2016 | 791,773 | |
Revolving Loans | 793,354 | |
Revolving to Term Loans | 20,836 | |
Total Loans | 6,836,049 | 6,564,698 |
Commercial loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 1,663,569 | |
2019 | 961,506 | |
2018 | 946,771 | |
2017 | 768,835 | |
2016 | 520,115 | |
Prior to 2016 | 694,249 | |
Revolving Loans | 716,129 | |
Revolving to Term Loans | 14,031 | |
Total Loans | 6,285,205 | 6,489,697 |
Commercial loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 34,119 | |
2019 | 28,978 | |
2018 | 59,362 | |
2017 | 45,693 | |
2016 | 49,628 | |
Prior to 2016 | 62,468 | |
Revolving Loans | 11,626 | |
Revolving to Term Loans | 6,467 | |
Total Loans | 298,341 | 20,879 |
Commercial loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 26,027 | |
2019 | 37,515 | |
2018 | 15,751 | |
2017 | 40,927 | |
2016 | 31,290 | |
Prior to 2016 | 35,056 | |
Revolving Loans | 64,617 | |
Revolving to Term Loans | 338 | |
Total Loans | 251,521 | 54,122 |
Commercial loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 0 | |
Revolving Loans | 982 | |
Revolving to Term Loans | 0 | |
Total Loans | 982 | 0 |
Commercial loans | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 328,020 | |
2019 | 173,076 | |
2018 | 252,214 | |
2017 | 258,202 | |
2016 | 199,458 | |
Prior to 2016 | 284,626 | |
Revolving Loans | 14,241 | |
Revolving to Term Loans | 0 | |
Total Loans | 1,509,837 | 1,422,674 |
Commercial loans | Multi-family | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 327,371 | |
2019 | 162,686 | |
2018 | 247,680 | |
2017 | 249,863 | |
2016 | 194,498 | |
Prior to 2016 | 282,212 | |
Revolving Loans | 14,241 | |
Revolving to Term Loans | 0 | |
Total Loans | 1,478,551 | 1,418,837 |
Commercial loans | Multi-family | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 649 | |
2019 | 2,815 | |
2018 | 907 | |
2017 | 4,526 | |
2016 | 2,662 | |
Prior to 2016 | 2,190 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 13,749 | 0 |
Commercial loans | Multi-family | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 7,575 | |
2018 | 3,627 | |
2017 | 3,813 | |
2016 | 2,298 | |
Prior to 2016 | 224 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 17,537 | 3,837 |
Commercial loans | Multi-family | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Commercial loans | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 220,108 | |
2019 | 286,896 | |
2018 | 283,183 | |
2017 | 308,526 | |
2016 | 193,093 | |
Prior to 2016 | 406,177 | |
Revolving Loans | 2,576 | |
Revolving to Term Loans | 9 | |
Total Loans | 1,700,568 | 1,631,170 |
Commercial loans | Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 210,996 | |
2019 | 249,584 | |
2018 | 276,743 | |
2017 | 259,663 | |
2016 | 182,134 | |
Prior to 2016 | 331,689 | |
Revolving Loans | 2,576 | |
Revolving to Term Loans | 9 | |
Total Loans | 1,513,394 | 1,602,634 |
Commercial loans | Commercial real estate | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 8,366 | |
2019 | 19,503 | |
2018 | 3,723 | |
2017 | 36,905 | |
2016 | 4,551 | |
Prior to 2016 | 44,705 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 117,753 | 2,754 |
Commercial loans | Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 746 | |
2019 | 17,809 | |
2018 | 2,717 | |
2017 | 11,958 | |
2016 | 6,408 | |
Prior to 2016 | 29,783 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 69,421 | 25,782 |
Commercial loans | Commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Commercial loans | Commercial & industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 902,037 | |
2019 | 67,840 | |
2018 | 123,929 | |
2017 | 95,244 | |
2016 | 149,885 | |
Prior to 2016 | 83,188 | |
Revolving Loans | 695,512 | |
Revolving to Term Loans | 20,827 | |
Total Loans | 2,138,462 | 1,268,695 |
Commercial loans | Commercial & industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 851,652 | |
2019 | 50,997 | |
2018 | 110,901 | |
2017 | 90,081 | |
2016 | 127,232 | |
Prior to 2016 | 78,217 | |
Revolving Loans | 618,287 | |
Revolving to Term Loans | 14,022 | |
Total Loans | 1,941,389 | 1,229,891 |
Commercial loans | Commercial & industrial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 25,104 | |
2019 | 6,660 | |
2018 | 5,559 | |
2017 | 4,262 | |
2016 | 69 | |
Prior to 2016 | 0 | |
Revolving Loans | 11,626 | |
Revolving to Term Loans | 6,467 | |
Total Loans | 59,747 | 18,125 |
Commercial loans | Commercial & industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 25,281 | |
2019 | 10,183 | |
2018 | 7,469 | |
2017 | 901 | |
2016 | 22,584 | |
Prior to 2016 | 4,971 | |
Revolving Loans | 64,617 | |
Revolving to Term Loans | 338 | |
Total Loans | 136,344 | 20,679 |
Commercial loans | Commercial & industrial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 0 | |
Revolving Loans | 982 | |
Revolving to Term Loans | 0 | |
Total Loans | 982 | 0 |
Commercial loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 236,202 | |
2019 | 450,517 | |
2018 | 343,460 | |
2017 | 174,700 | |
2016 | 54,357 | |
Prior to 2016 | 0 | |
Revolving Loans | 75,712 | |
Revolving to Term Loans | 0 | |
Total Loans | 1,334,948 | 2,038,052 |
Commercial loans | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 236,202 | |
2019 | 448,569 | |
2018 | 292,349 | |
2017 | 152,785 | |
2016 | 12,011 | |
Prior to 2016 | 0 | |
Revolving Loans | 75,712 | |
Revolving to Term Loans | 0 | |
Total Loans | 1,217,628 | 2,038,052 |
Commercial loans | Construction | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 0 | |
2018 | 49,173 | |
2017 | 0 | |
2016 | 42,346 | |
Prior to 2016 | 0 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 91,519 | 0 |
Commercial loans | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 1,948 | |
2018 | 1,938 | |
2017 | 21,915 | |
2016 | 0 | |
Prior to 2016 | 0 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 25,801 | 0 |
Commercial loans | Construction | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Commercial loans | Land - acquisition & development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 37,348 | |
2019 | 49,670 | |
2018 | 19,098 | |
2017 | 18,783 | |
2016 | 4,240 | |
Prior to 2016 | 17,782 | |
Revolving Loans | 5,313 | |
Revolving to Term Loans | 0 | |
Total Loans | 152,234 | 204,107 |
Commercial loans | Land - acquisition & development | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 37,348 | |
2019 | 49,670 | |
2018 | 19,098 | |
2017 | 16,443 | |
2016 | 4,240 | |
Prior to 2016 | 2,131 | |
Revolving Loans | 5,313 | |
Revolving to Term Loans | 0 | |
Total Loans | 134,243 | 200,283 |
Commercial loans | Land - acquisition & development | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 15,573 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 15,573 | 0 |
Commercial loans | Land - acquisition & development | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 2,340 | |
2016 | 0 | |
Prior to 2016 | 78 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 2,418 | 3,824 |
Commercial loans | Land - acquisition & development | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 720,318 | |
2019 | 737,902 | |
2018 | 747,387 | |
2017 | 813,809 | |
2016 | 586,022 | |
Prior to 2016 | 2,320,588 | |
Revolving Loans | 133,644 | |
Revolving to Term Loans | 3,056 | |
Total Loans | 6,062,726 | 6,747,690 |
Consumer loans | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 720,318 | |
2019 | 737,204 | |
2018 | 746,882 | |
2017 | 812,734 | |
2016 | 585,382 | |
Prior to 2016 | 2,293,256 | |
Revolving Loans | 132,963 | |
Revolving to Term Loans | 2,961 | |
Total Loans | 6,031,700 | |
Consumer loans | 30 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 0 | |
2018 | 464 | |
2017 | 277 | |
2016 | 0 | |
Prior to 2016 | 3,804 | |
Revolving Loans | 14 | |
Revolving to Term Loans | 37 | |
Total Loans | 4,596 | |
Consumer loans | 60 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 0 | |
2018 | 41 | |
2017 | 159 | |
2016 | 0 | |
Prior to 2016 | 5,341 | |
Revolving Loans | 17 | |
Revolving to Term Loans | 22 | |
Total Loans | 5,580 | |
Consumer loans | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 698 | |
2018 | 0 | |
2017 | 639 | |
2016 | 640 | |
Prior to 2016 | 18,187 | |
Revolving Loans | 650 | |
Revolving to Term Loans | 36 | |
Total Loans | 20,850 | |
Consumer loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 6,033,903 | 6,719,156 |
Consumer loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 28,823 | 28,534 |
Consumer loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 113,100 | |
2019 | 154,502 | |
2018 | 9,830 | |
2017 | 750 | |
2016 | 0 | |
Prior to 2016 | 0 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 278,182 | 540,741 |
Consumer loans | Construction | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 113,100 | |
2019 | 154,502 | |
2018 | 9,830 | |
2017 | 750 | |
2016 | 0 | |
Prior to 2016 | 0 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 278,182 | |
Consumer loans | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 278,182 | 540,741 |
Consumer loans | Construction | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Construction | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Single-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 574,443 | |
2019 | 560,833 | |
2018 | 661,425 | |
2017 | 803,273 | |
2016 | 582,618 | |
Prior to 2016 | 2,269,832 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 5,452,424 | 5,835,194 |
Consumer loans | Single-family residential | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 574,443 | |
2019 | 560,153 | |
2018 | 660,961 | |
2017 | 802,722 | |
2016 | 581,978 | |
Prior to 2016 | 2,243,045 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 5,423,302 | |
Consumer loans | Single-family residential | 30 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 0 | |
2018 | 464 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 3,507 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 3,971 | |
Consumer loans | Single-family residential | 60 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 159 | |
2016 | 0 | |
Prior to 2016 | 5,259 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 5,418 | |
Consumer loans | Single-family residential | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 680 | |
2018 | 0 | |
2017 | 392 | |
2016 | 640 | |
Prior to 2016 | 18,021 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 19,733 | |
Consumer loans | Single-family residential | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 5,426,365 | 5,808,444 |
Consumer loans | Single-family residential | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Single-family residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 26,059 | 26,750 |
Consumer loans | Single-family residential | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Land - consumer lot loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 31,654 | |
2019 | 22,303 | |
2018 | 9,957 | |
2017 | 9,408 | |
2016 | 3,064 | |
Prior to 2016 | 22,869 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 99,255 | 99,694 |
Consumer loans | Land - consumer lot loans | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 31,654 | |
2019 | 22,303 | |
2018 | 9,916 | |
2017 | 9,184 | |
2016 | 3,064 | |
Prior to 2016 | 22,652 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 98,773 | |
Consumer loans | Land - consumer lot loans | 30 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 102 | |
2016 | 0 | |
Prior to 2016 | 34 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 136 | |
Consumer loans | Land - consumer lot loans | 60 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 0 | |
2018 | 41 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 62 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 103 | |
Consumer loans | Land - consumer lot loans | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 122 | |
2016 | 0 | |
Prior to 2016 | 121 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 0 | |
Total Loans | 243 | |
Consumer loans | Land - consumer lot loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 98,976 | 98,828 |
Consumer loans | Land - consumer lot loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Land - consumer lot loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 279 | 866 |
Consumer loans | Land - consumer lot loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | HELOC | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 7,005 | |
Revolving Loans | 132,837 | |
Revolving to Term Loans | 1,323 | |
Total Loans | 141,165 | 142,178 |
Consumer loans | HELOC | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 6,966 | |
Revolving Loans | 132,156 | |
Revolving to Term Loans | 1,323 | |
Total Loans | 140,445 | |
Consumer loans | HELOC | 30 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 0 | |
Revolving Loans | 14 | |
Revolving to Term Loans | 0 | |
Total Loans | 14 | |
Consumer loans | HELOC | 60 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 0 | |
Revolving Loans | 17 | |
Revolving to Term Loans | 0 | |
Total Loans | 17 | |
Consumer loans | HELOC | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 39 | |
Revolving Loans | 650 | |
Revolving to Term Loans | 0 | |
Total Loans | 689 | |
Consumer loans | HELOC | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 138,695 | 141,271 |
Consumer loans | HELOC | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | HELOC | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 2,470 | 907 |
Consumer loans | HELOC | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 1,121 | |
2019 | 264 | |
2018 | 66,175 | |
2017 | 378 | |
2016 | 340 | |
Prior to 2016 | 20,882 | |
Revolving Loans | 807 | |
Revolving to Term Loans | 1,733 | |
Total Loans | 91,700 | 129,883 |
Consumer loans | Consumer | Current | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 1,121 | |
2019 | 246 | |
2018 | 66,175 | |
2017 | 78 | |
2016 | 340 | |
Prior to 2016 | 20,593 | |
Revolving Loans | 807 | |
Revolving to Term Loans | 1,638 | |
Total Loans | 90,998 | |
Consumer loans | Consumer | 30 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 175 | |
2016 | 0 | |
Prior to 2016 | 263 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 37 | |
Total Loans | 475 | |
Consumer loans | Consumer | 60 days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior to 2016 | 20 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 22 | |
Total Loans | 42 | |
Consumer loans | Consumer | 90+ days past due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
YTDÂ June 30, 2020 | 0 | |
2019 | 18 | |
2018 | 0 | |
2017 | 125 | |
2016 | 0 | |
Prior to 2016 | 6 | |
Revolving Loans | 0 | |
Revolving to Term Loans | 36 | |
Total Loans | 185 | |
Consumer loans | Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 91,685 | 129,872 |
Consumer loans | Consumer | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 0 | 0 |
Consumer loans | Consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 15 | 11 |
Consumer loans | Consumer | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | $ 0 | $ 0 |
Allowance for Losses on Loans -
Allowance for Losses on Loans - ASU and Change in Accounting Principle (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Oct. 01, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | $ 134,022 | $ 134,022 | $ 165,349 | $ 157,101 | $ 147,513 | $ 131,534 | $ 133,086 | $ 129,257 | |||||
Reserve for unfunded commitments | 19,500 | 18,650 | 18,250 | 6,900 | |||||||||
Total allowance for credit losses | $ 175,751 | $ 175,751 | $ 165,763 | $ 184,849 | 184,849 | 175,751 | 165,763 | $ 166,934 | 138,434 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||||||||||
Beginning balance | 175,751 | 165,763 | 138,434 | 138,434 | |||||||||
Net (charge-offs) recoveries | (1,702) | 1,788 | 2,579 | 936 | 2,665 | 3,515 | |||||||
Net provision (release) | 10,800 | 8,200 | (3,750) | ||||||||||
Ending balance | $ 184,849 | $ 175,751 | $ 165,763 | $ 184,849 | |||||||||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 149,284 | ||||||||||||
Reserve for unfunded commitments | 17,650 | ||||||||||||
Total allowance for credit losses | 166,934 | ||||||||||||
Commercial loans | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 94,803 | 94,803 | 106,408 | 98,704 | 89,581 | 93,470 | 93,546 | 88,178 | |||||
Commercial loans | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 89,335 | ||||||||||||
Commercial loans | Multi-family | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 7,283 | 7,283 | 12,088 | 11,742 | 10,506 | 7,391 | 7,394 | 8,329 | |||||
Commercial loans | Multi-family | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 10,404 | ||||||||||||
Commercial loans | Commercial real estate | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 13,004 | 13,004 | 15,807 | 14,639 | 13,067 | 13,170 | 12,448 | 11,852 | |||||
Commercial loans | Commercial real estate | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 13,024 | ||||||||||||
Commercial loans | Commercial & industrial | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 31,071 | 31,071 | 42,179 | 38,576 | 33,676 | 31,450 | 30,574 | 28,702 | |||||
Commercial loans | Commercial & industrial | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 32,235 | ||||||||||||
Commercial loans | Construction | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 34,057 | 34,057 | 25,693 | 23,348 | 21,919 | 32,304 | 33,396 | 31,317 | |||||
Commercial loans | Construction | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 22,768 | ||||||||||||
Commercial loans | Land - acquisition & development | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 9,388 | 9,388 | 10,641 | 10,399 | 10,413 | 9,155 | 9,734 | 7,978 | |||||
Commercial loans | Land - acquisition & development | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 10,904 | ||||||||||||
Consumer loans | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 39,219 | 39,219 | 58,941 | 58,397 | 57,932 | 38,064 | 39,540 | 41,079 | |||||
Consumer loans | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 59,949 | ||||||||||||
Consumer loans | Construction | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 1,884 | 1,884 | 3,336 | 3,175 | 2,930 | 1,369 | 1,976 | 1,842 | |||||
Consumer loans | Construction | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 2,880 | ||||||||||||
Consumer loans | Single-family residential | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 31,514 | 31,514 | 47,149 | 46,817 | 46,356 | 30,988 | 31,476 | 33,033 | |||||
Consumer loans | Single-family residential | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 47,771 | ||||||||||||
Consumer loans | Land - consumer lot loans | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 2,032 | 2,032 | 2,671 | 2,578 | 2,567 | 2,143 | 2,076 | 2,164 | |||||
Consumer loans | Land - consumer lot loans | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 2,635 | ||||||||||||
Consumer loans | HELOC | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 1,087 | 1,087 | 2,588 | 2,246 | 2,034 | 1,103 | 1,082 | 781 | |||||
Consumer loans | HELOC | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | 2,048 | ||||||||||||
Consumer loans | Consumer | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | $ 2,702 | $ 2,702 | $ 3,197 | $ 3,581 | $ 4,045 | $ 2,461 | $ 2,930 | $ 3,259 | |||||
Consumer loans | Consumer | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Allowance for credit losses on loans | $ 4,615 |
Allowance for Losses on Loans_2
Allowance for Losses on Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance (After ASC 326 Adoption) | $ 157,101 | $ 133,086 | $ 131,534 | $ 129,257 |
Charge-offs | (3,327) | (4,752) | (4,395) | (7,408) |
Recoveries | 1,625 | 5,688 | 7,060 | 10,923 |
Provision & Transfers | 9,950 | 0 | 13,400 | 1,250 |
Ending Allowance (After ASC 326 Adoption) | 165,349 | 134,022 | 165,349 | 134,022 |
Commercial loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance (After ASC 326 Adoption) | 98,704 | 93,546 | 93,470 | 88,178 |
Charge-offs | (3,034) | (4,099) | (3,335) | (4,903) |
Recoveries | 800 | 5,333 | 4,532 | 9,243 |
Provision & Transfers | 9,938 | 23 | 15,876 | 2,285 |
Ending Allowance (After ASC 326 Adoption) | 106,408 | 94,803 | 106,408 | 94,803 |
Commercial loans | Multi-family | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance (After ASC 326 Adoption) | 11,742 | 7,394 | 7,391 | 8,329 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 498 | 0 |
Provision & Transfers | 346 | (111) | 1,186 | (1,046) |
Ending Allowance (After ASC 326 Adoption) | 12,088 | 7,283 | 12,088 | 7,283 |
Commercial loans | Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance (After ASC 326 Adoption) | 14,639 | 12,448 | 13,170 | 11,852 |
Charge-offs | 0 | 0 | (111) | (339) |
Recoveries | 193 | 90 | 1,581 | 860 |
Provision & Transfers | 975 | 466 | 1,313 | 631 |
Ending Allowance (After ASC 326 Adoption) | 15,807 | 13,004 | 15,807 | 13,004 |
Commercial loans | Commercial & industrial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance (After ASC 326 Adoption) | 38,576 | 30,574 | 31,450 | 28,702 |
Charge-offs | (3,034) | (4,034) | (3,213) | (4,499) |
Recoveries | 174 | 3,218 | 375 | 3,276 |
Provision & Transfers | 6,463 | 1,313 | 12,782 | 3,592 |
Ending Allowance (After ASC 326 Adoption) | 42,179 | 31,071 | 42,179 | 31,071 |
Commercial loans | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance (After ASC 326 Adoption) | 23,348 | 33,396 | 32,304 | 31,317 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 59 | 0 |
Provision & Transfers | 2,345 | 661 | 2,866 | 2,740 |
Ending Allowance (After ASC 326 Adoption) | 25,693 | 34,057 | 25,693 | 34,057 |
Commercial loans | Land - acquisition & development | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance (After ASC 326 Adoption) | 10,399 | 9,734 | 9,155 | 7,978 |
Charge-offs | 0 | (65) | (11) | (65) |
Recoveries | 433 | 2,025 | 2,019 | 5,107 |
Provision & Transfers | (191) | (2,306) | (2,271) | (3,632) |
Ending Allowance (After ASC 326 Adoption) | 10,641 | 9,388 | 10,641 | 9,388 |
Consumer loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance (After ASC 326 Adoption) | 58,397 | 39,540 | 38,064 | 41,079 |
Charge-offs | (293) | (653) | (1,060) | (2,505) |
Recoveries | 825 | 355 | 2,528 | 1,680 |
Provision & Transfers | 12 | (23) | (2,476) | (1,035) |
Ending Allowance (After ASC 326 Adoption) | 58,941 | 39,219 | 58,941 | 39,219 |
Consumer loans | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance (After ASC 326 Adoption) | 3,175 | 1,976 | 1,369 | 1,842 |
Charge-offs | 0 | (339) | 0 | (339) |
Recoveries | 0 | 0 | 0 | 0 |
Provision & Transfers | 161 | 247 | 456 | 381 |
Ending Allowance (After ASC 326 Adoption) | 3,336 | 1,884 | 3,336 | 1,884 |
Consumer loans | Single-family residential | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance (After ASC 326 Adoption) | 46,817 | 31,476 | 30,988 | 33,033 |
Charge-offs | (60) | (65) | (75) | (238) |
Recoveries | 437 | 47 | 891 | 586 |
Provision & Transfers | (45) | 56 | (1,438) | (1,867) |
Ending Allowance (After ASC 326 Adoption) | 47,149 | 31,514 | 47,149 | 31,514 |
Consumer loans | Land - consumer lot loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance (After ASC 326 Adoption) | 2,578 | 2,076 | 2,143 | 2,164 |
Charge-offs | 0 | (215) | (147) | (336) |
Recoveries | 17 | 0 | 503 | 265 |
Provision & Transfers | 76 | 171 | (320) | (61) |
Ending Allowance (After ASC 326 Adoption) | 2,671 | 2,032 | 2,671 | 2,032 |
Consumer loans | HELOC | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance (After ASC 326 Adoption) | 2,246 | 1,082 | 1,103 | 781 |
Charge-offs | 0 | 0 | 0 | (1,086) |
Recoveries | 1 | 1 | 95 | 45 |
Provision & Transfers | 341 | 4 | 445 | 1,347 |
Ending Allowance (After ASC 326 Adoption) | 2,588 | 1,087 | 2,588 | 1,087 |
Consumer loans | Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Allowance (After ASC 326 Adoption) | 3,581 | 2,930 | 2,461 | 3,259 |
Charge-offs | (233) | (34) | (838) | (506) |
Recoveries | 370 | 307 | 1,039 | 784 |
Provision & Transfers | (521) | (501) | (1,619) | (835) |
Ending Allowance (After ASC 326 Adoption) | $ 3,197 | $ 2,702 | $ 3,197 | $ 2,702 |
Allowance for Losses on Loans_3
Allowance for Losses on Loans - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Provision (release) for credit losses | $ 10,800,000 | $ 0 | $ 15,250,000 | $ 250,000 | |||||
Net (charge-offs) recoveries | (1,702,000) | $ 1,788,000 | $ 2,579,000 | 936,000 | 2,665,000 | 3,515,000 | |||
Allowance for credit losses on loans | 165,349,000 | 157,101,000 | 147,513,000 | 134,022,000 | 165,349,000 | 134,022,000 | $ 131,534,000 | $ 133,086,000 | $ 129,257,000 |
SBA Payroll Protection Program loans | 14,301,358,000 | 14,301,358,000 | 13,312,388,000 | ||||||
Gross loans | $ 12,898,775,000 | $ 12,898,775,000 | $ 13,312,388,000 | ||||||
% based on $, past due | 0.32% | 0.32% | 0.29% | ||||||
Non-accrual loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Non-accrual loans | $ 33,731,000 | ||||||||
Non-Performing Loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Gross loans | $ 44,630,000 | $ 44,630,000 | $ 43,826,000 | ||||||
Ratio of non-performing assets to total assets | 0.25% | 0.25% | 0.27% | ||||||
Commercial loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for credit losses on loans | $ 106,408,000 | 98,704,000 | 89,581,000 | 94,803,000 | $ 106,408,000 | 94,803,000 | $ 93,470,000 | 93,546,000 | 88,178,000 |
SBA Payroll Protection Program loans | 7,900,191,000 | 7,900,191,000 | 6,564,698,000 | ||||||
Gross loans | $ 6,836,049,000 | $ 6,836,049,000 | $ 6,564,698,000 | ||||||
% based on $, past due | 0.15% | 0.15% | 0.12% | ||||||
Commercial loans | Commercial & industrial | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for credit losses on loans | $ 42,179,000 | $ 38,576,000 | $ 33,676,000 | $ 31,071,000 | $ 42,179,000 | $ 31,071,000 | $ 31,450,000 | $ 30,574,000 | $ 28,702,000 |
SBA Payroll Protection Program loans | 2,158,000,000 | 2,158,000,000 | 1,268,695,000 | ||||||
Gross loans | $ 2,138,462,000 | $ 2,138,462,000 | $ 1,268,695,000 | ||||||
% based on $, past due | 0.17% | 0.17% | 0.07% | ||||||
Commercial loans | Commercial & industrial | SBA Payroll Protection Program, CARES Act | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for credit losses on loans | $ 0 | $ 0 | |||||||
SBA Payroll Protection Program loans | $ 758,955,000 | $ 758,955,000 |
Allowance for Losses on Loans_4
Allowance for Losses on Loans - Loans Evaluated for Impairment (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 131,095 |
Allowance allocation, loans individually evaluated for impairment | 439 |
Recorded investment of loans, loans collectively evaluated for impairment | 12,076,622 |
Recorded investment of loans, loans individually evaluated for impairment | $ 34,425 |
Ratio, loans collectively evaluated for impairment | 1.10% |
Ratio, loans individually evaluated for impairment | 1.30% |
Commercial loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 93,031 |
Allowance allocation, loans individually evaluated for impairment | 439 |
Recorded investment of loans, loans collectively evaluated for impairment | 5,633,438 |
Recorded investment of loans, loans individually evaluated for impairment | $ 15,185 |
Ratio, loans collectively evaluated for impairment | 1.70% |
Ratio, loans individually evaluated for impairment | 2.90% |
Commercial loans | Multi-family | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 7,387 |
Allowance allocation, loans individually evaluated for impairment | 4 |
Recorded investment of loans, loans collectively evaluated for impairment | 1,422,266 |
Recorded investment of loans, loans individually evaluated for impairment | $ 385 |
Ratio, loans collectively evaluated for impairment | 0.50% |
Ratio, loans individually evaluated for impairment | 1.00% |
Commercial loans | Commercial real estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 12,847 |
Allowance allocation, loans individually evaluated for impairment | 323 |
Recorded investment of loans, loans collectively evaluated for impairment | 1,618,406 |
Recorded investment of loans, loans individually evaluated for impairment | $ 12,765 |
Ratio, loans collectively evaluated for impairment | 0.80% |
Ratio, loans individually evaluated for impairment | 2.50% |
Commercial loans | Commercial & industrial | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 31,358 |
Allowance allocation, loans individually evaluated for impairment | 92 |
Recorded investment of loans, loans collectively evaluated for impairment | 1,266,913 |
Recorded investment of loans, loans individually evaluated for impairment | $ 1,805 |
Ratio, loans collectively evaluated for impairment | 2.50% |
Ratio, loans individually evaluated for impairment | 5.10% |
Commercial loans | Construction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 32,304 |
Allowance allocation, loans individually evaluated for impairment | 0 |
Recorded investment of loans, loans collectively evaluated for impairment | 1,164,889 |
Recorded investment of loans, loans individually evaluated for impairment | $ 0 |
Ratio, loans collectively evaluated for impairment | 2.80% |
Ratio, loans individually evaluated for impairment | 0.00% |
Commercial loans | Land - acquisition & development | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 9,135 |
Allowance allocation, loans individually evaluated for impairment | 20 |
Recorded investment of loans, loans collectively evaluated for impairment | 160,964 |
Recorded investment of loans, loans individually evaluated for impairment | $ 230 |
Ratio, loans collectively evaluated for impairment | 5.70% |
Ratio, loans individually evaluated for impairment | 8.70% |
Consumer loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 38,064 |
Allowance allocation, loans individually evaluated for impairment | 0 |
Recorded investment of loans, loans collectively evaluated for impairment | 6,443,184 |
Recorded investment of loans, loans individually evaluated for impairment | $ 19,240 |
Ratio, loans collectively evaluated for impairment | 0.60% |
Ratio, loans individually evaluated for impairment | 0.00% |
Consumer loans | Construction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 1,369 |
Allowance allocation, loans individually evaluated for impairment | 0 |
Recorded investment of loans, loans collectively evaluated for impairment | 255,505 |
Recorded investment of loans, loans individually evaluated for impairment | $ 0 |
Ratio, loans collectively evaluated for impairment | 0.50% |
Ratio, loans individually evaluated for impairment | 0.00% |
Consumer loans | Single-family residential | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 30,988 |
Allowance allocation, loans individually evaluated for impairment | 0 |
Recorded investment of loans, loans collectively evaluated for impairment | 5,822,200 |
Recorded investment of loans, loans individually evaluated for impairment | $ 17,978 |
Ratio, loans collectively evaluated for impairment | 0.50% |
Ratio, loans individually evaluated for impairment | 0.00% |
Consumer loans | Land - consumer lot loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 2,143 |
Allowance allocation, loans individually evaluated for impairment | 0 |
Recorded investment of loans, loans collectively evaluated for impairment | 95,574 |
Recorded investment of loans, loans individually evaluated for impairment | $ 375 |
Ratio, loans collectively evaluated for impairment | 2.20% |
Ratio, loans individually evaluated for impairment | 0.00% |
Consumer loans | HELOC | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 1,103 |
Allowance allocation, loans individually evaluated for impairment | 0 |
Recorded investment of loans, loans collectively evaluated for impairment | 140,378 |
Recorded investment of loans, loans individually evaluated for impairment | $ 837 |
Ratio, loans collectively evaluated for impairment | 0.80% |
Ratio, loans individually evaluated for impairment | 0.00% |
Consumer loans | Consumer | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance allocation, loans collectively evaluated for impairment | $ 2,461 |
Allowance allocation, loans individually evaluated for impairment | 0 |
Recorded investment of loans, loans collectively evaluated for impairment | 129,527 |
Recorded investment of loans, loans individually evaluated for impairment | $ 50 |
Ratio, loans collectively evaluated for impairment | 1.90% |
Ratio, loans individually evaluated for impairment | 0.00% |
Allowance for Losses on Loans_5
Allowance for Losses on Loans - Internally Assigned Grade (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Sep. 30, 2019 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 12,898,775 | $ 13,312,388 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 12,319,108 | $ 13,208,853 |
Pass | Accounts Receivable | Credit Concentration Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total grade as a % of total loans | 95.51% | 99.22% |
Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 298,341 | $ 20,879 |
Special mention | Accounts Receivable | Credit Concentration Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total grade as a % of total loans | 2.31% | 0.16% |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 280,344 | $ 82,656 |
Substandard | Accounts Receivable | Credit Concentration Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total grade as a % of total loans | 2.17% | 0.62% |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 982 | $ 0 |
Doubtful | Accounts Receivable | Credit Concentration Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total grade as a % of total loans | 0.01% | 0.00% |
Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 0 | $ 0 |
Loss | Accounts Receivable | Credit Concentration Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total grade as a % of total loans | 0.00% | 0.00% |
Commercial loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 6,836,049 | $ 6,564,698 |
Commercial loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 6,285,205 | 6,489,697 |
Commercial loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 298,341 | 20,879 |
Commercial loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 251,521 | 54,122 |
Commercial loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 982 | 0 |
Commercial loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Commercial loans | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,509,837 | 1,422,674 |
Commercial loans | Multi-family | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,478,551 | 1,418,837 |
Commercial loans | Multi-family | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 13,749 | 0 |
Commercial loans | Multi-family | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 17,537 | 3,837 |
Commercial loans | Multi-family | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Commercial loans | Multi-family | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Commercial loans | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,700,568 | 1,631,170 |
Commercial loans | Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,513,394 | 1,602,634 |
Commercial loans | Commercial real estate | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 117,753 | 2,754 |
Commercial loans | Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 69,421 | 25,782 |
Commercial loans | Commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Commercial loans | Commercial real estate | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Commercial loans | Commercial & industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,138,462 | 1,268,695 |
Commercial loans | Commercial & industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,941,389 | 1,229,891 |
Commercial loans | Commercial & industrial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 59,747 | 18,125 |
Commercial loans | Commercial & industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 136,344 | 20,679 |
Commercial loans | Commercial & industrial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 982 | 0 |
Commercial loans | Commercial & industrial | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Commercial loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,334,948 | 2,038,052 |
Commercial loans | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,217,628 | 2,038,052 |
Commercial loans | Construction | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 91,519 | 0 |
Commercial loans | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 25,801 | 0 |
Commercial loans | Construction | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Commercial loans | Construction | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Commercial loans | Land - acquisition & development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 152,234 | 204,107 |
Commercial loans | Land - acquisition & development | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 134,243 | 200,283 |
Commercial loans | Land - acquisition & development | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 15,573 | 0 |
Commercial loans | Land - acquisition & development | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,418 | 3,824 |
Commercial loans | Land - acquisition & development | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Commercial loans | Land - acquisition & development | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 6,062,726 | 6,747,690 |
Consumer loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 6,033,903 | 6,719,156 |
Consumer loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 28,823 | 28,534 |
Consumer loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 278,182 | 540,741 |
Consumer loans | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 278,182 | 540,741 |
Consumer loans | Construction | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer loans | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer loans | Construction | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer loans | Construction | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer loans | Single-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 5,452,424 | 5,835,194 |
Consumer loans | Single-family residential | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 5,426,365 | 5,808,444 |
Consumer loans | Single-family residential | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer loans | Single-family residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 26,059 | 26,750 |
Consumer loans | Single-family residential | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer loans | Single-family residential | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer loans | Land - consumer lot loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 99,255 | 99,694 |
Consumer loans | Land - consumer lot loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 98,976 | 98,828 |
Consumer loans | Land - consumer lot loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer loans | Land - consumer lot loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 279 | 866 |
Consumer loans | Land - consumer lot loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer loans | Land - consumer lot loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer loans | HELOC | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 141,165 | 142,178 |
Consumer loans | HELOC | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 138,695 | 141,271 |
Consumer loans | HELOC | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer loans | HELOC | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,470 | 907 |
Consumer loans | HELOC | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer loans | HELOC | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 91,700 | 129,883 |
Consumer loans | Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 91,685 | 129,872 |
Consumer loans | Consumer | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer loans | Consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 15 | 11 |
Consumer loans | Consumer | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer loans | Consumer | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 0 | $ 0 |
Allowance for Losses on Loans_6
Allowance for Losses on Loans - Credit Risk Profile Based on Payment Activity (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 12,898,775 | $ 13,312,388 |
Commercial loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 6,836,049 | 6,564,698 |
Commercial loans | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 1,509,837 | 1,422,674 |
Commercial loans | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 1,700,568 | 1,631,170 |
Commercial loans | Commercial & industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 2,138,462 | 1,268,695 |
Commercial loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 1,334,948 | 2,038,052 |
Commercial loans | Land - acquisition & development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 152,234 | 204,107 |
Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 6,062,726 | 6,747,690 |
Consumer loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 278,182 | 540,741 |
Consumer loans | Single-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 5,452,424 | 5,835,194 |
Consumer loans | Land - consumer lot loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 99,255 | 99,694 |
Consumer loans | HELOC | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 141,165 | 142,178 |
Consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | 91,700 | 129,883 |
Performing Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 12,863,774 | $ 13,278,657 |
% of Total Loans | 99.70% | 99.70% |
Performing Loans | Commercial loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 6,827,131 | |
% of Total Loans | 99.90% | |
Performing Loans | Commercial loans | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 1,509,613 | $ 1,422,674 |
% of Total Loans | 100.00% | 100.00% |
Performing Loans | Commercial loans | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 1,697,152 | $ 1,625,335 |
% of Total Loans | 99.80% | 99.60% |
Performing Loans | Commercial loans | Commercial & industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 2,136,615 | $ 1,267,403 |
% of Total Loans | 99.90% | 99.90% |
Performing Loans | Commercial loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 1,331,595 | $ 2,038,052 |
% of Total Loans | 99.70% | 100.00% |
Performing Loans | Commercial loans | Land - acquisition & development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 152,156 | $ 203,938 |
% of Total Loans | 99.90% | 99.90% |
Performing Loans | Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 6,036,643 | |
% of Total Loans | 99.60% | |
Performing Loans | Consumer loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 278,182 | $ 540,741 |
% of Total Loans | 100.00% | 100.00% |
Performing Loans | Consumer loans | Single-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 5,427,548 | $ 5,809,923 |
% of Total Loans | 99.50% | 99.60% |
Performing Loans | Consumer loans | Land - consumer lot loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 98,978 | $ 99,448 |
% of Total Loans | 99.70% | 99.80% |
Performing Loans | Consumer loans | HELOC | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 140,299 | $ 141,271 |
% of Total Loans | 99.40% | 99.40% |
Performing Loans | Consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 91,636 | $ 129,872 |
% of Total Loans | 99.90% | 100.00% |
Non-Performing Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 35,001 | $ 33,731 |
% of Total Loans | 0.30% | 0.30% |
Non-Performing Loans | Commercial loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 8,918 | |
% of Total Loans | 0.10% | |
Non-Performing Loans | Commercial loans | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 224 | $ 0 |
% of Total Loans | 0.00% | 0.00% |
Non-Performing Loans | Commercial loans | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 3,416 | $ 5,835 |
% of Total Loans | 0.20% | 0.40% |
Non-Performing Loans | Commercial loans | Commercial & industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 1,847 | $ 1,292 |
% of Total Loans | 0.10% | 0.10% |
Non-Performing Loans | Commercial loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 3,353 | $ 0 |
% of Total Loans | 0.30% | 0.00% |
Non-Performing Loans | Commercial loans | Land - acquisition & development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 78 | $ 169 |
% of Total Loans | 0.10% | 0.10% |
Non-Performing Loans | Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 26,083 | |
% of Total Loans | 0.40% | |
Non-Performing Loans | Consumer loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 0 | $ 0 |
% of Total Loans | 0.00% | 0.00% |
Non-Performing Loans | Consumer loans | Single-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 24,876 | $ 25,271 |
% of Total Loans | 0.50% | 0.40% |
Non-Performing Loans | Consumer loans | Land - consumer lot loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 277 | $ 246 |
% of Total Loans | 0.30% | 0.20% |
Non-Performing Loans | Consumer loans | HELOC | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 866 | $ 907 |
% of Total Loans | 0.60% | 0.60% |
Non-Performing Loans | Consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Amount | $ 64 | $ 11 |
% of Total Loans | 0.10% | 0.00% |
Allowance for Losses on Loans_7
Allowance for Losses on Loans - Impaired Loans Based on Loan Types (Details) $ in Thousands | 12 Months Ended |
Sep. 30, 2019USD ($) | |
Recorded Investment | |
Impaired loans with no related allowance recorded | $ 27,869 |
Impaired loans with an related allowance recorded | 121,677 |
Total impaired loans | 149,546 |
Unpaid Principal Balance | |
Impaired loans with no related allowance recorded | 38,486 |
Impaired loans with an related allowance recorded | 126,075 |
Total impaired loans | 164,561 |
Impaired loans, related allowance | 2,647 |
Average Recorded Investment (Year-To-Date) | |
Impaired loans with no related allowance recorded | 35,649 |
Impaired loans with an related allowance recorded | 139,538 |
Total impaired loans | 175,187 |
Single-family residential | |
Unpaid Principal Balance | |
Impaired loans, related allowance | 2,208 |
Non single-family residential | |
Unpaid Principal Balance | |
Impaired loans, related allowance | 439 |
Commercial loans | Multi-family | |
Recorded Investment | |
Impaired loans with no related allowance recorded | 0 |
Impaired loans with an related allowance recorded | 385 |
Total impaired loans | 385 |
Unpaid Principal Balance | |
Impaired loans with no related allowance recorded | 0 |
Impaired loans with an related allowance recorded | 385 |
Total impaired loans | 385 |
Impaired loans, related allowance | 4 |
Average Recorded Investment (Year-To-Date) | |
Impaired loans with no related allowance recorded | 286 |
Impaired loans with an related allowance recorded | 418 |
Total impaired loans | 704 |
Commercial loans | Commercial real estate | |
Recorded Investment | |
Impaired loans with no related allowance recorded | 7,467 |
Impaired loans with an related allowance recorded | 4,168 |
Total impaired loans | 11,635 |
Unpaid Principal Balance | |
Impaired loans with no related allowance recorded | 11,881 |
Impaired loans with an related allowance recorded | 5,298 |
Total impaired loans | 17,179 |
Impaired loans, related allowance | 323 |
Average Recorded Investment (Year-To-Date) | |
Impaired loans with no related allowance recorded | 8,890 |
Impaired loans with an related allowance recorded | 5,160 |
Total impaired loans | 14,050 |
Commercial loans | Commercial & industrial | |
Recorded Investment | |
Impaired loans with no related allowance recorded | 1,114 |
Impaired loans with an related allowance recorded | 426 |
Total impaired loans | 1,540 |
Unpaid Principal Balance | |
Impaired loans with no related allowance recorded | 5,312 |
Impaired loans with an related allowance recorded | 691 |
Total impaired loans | 6,003 |
Impaired loans, related allowance | 92 |
Average Recorded Investment (Year-To-Date) | |
Impaired loans with no related allowance recorded | 7,168 |
Impaired loans with an related allowance recorded | 2,535 |
Total impaired loans | 9,703 |
Commercial loans | Construction | |
Recorded Investment | |
Impaired loans with no related allowance recorded | 0 |
Impaired loans with an related allowance recorded | 0 |
Total impaired loans | 0 |
Unpaid Principal Balance | |
Impaired loans with no related allowance recorded | 0 |
Impaired loans with an related allowance recorded | 0 |
Total impaired loans | 0 |
Impaired loans, related allowance | 0 |
Average Recorded Investment (Year-To-Date) | |
Impaired loans with no related allowance recorded | 1,172 |
Impaired loans with an related allowance recorded | 0 |
Total impaired loans | 1,172 |
Commercial loans | Land - acquisition & development | |
Recorded Investment | |
Impaired loans with no related allowance recorded | 78 |
Impaired loans with an related allowance recorded | 91 |
Total impaired loans | 169 |
Unpaid Principal Balance | |
Impaired loans with no related allowance recorded | 143 |
Impaired loans with an related allowance recorded | 152 |
Total impaired loans | 295 |
Impaired loans, related allowance | 0 |
Average Recorded Investment (Year-To-Date) | |
Impaired loans with no related allowance recorded | 290 |
Impaired loans with an related allowance recorded | 99 |
Total impaired loans | 389 |
Consumer loans | Construction | |
Recorded Investment | |
Impaired loans with no related allowance recorded | 0 |
Impaired loans with an related allowance recorded | 0 |
Total impaired loans | 0 |
Unpaid Principal Balance | |
Impaired loans with no related allowance recorded | 0 |
Impaired loans with an related allowance recorded | 0 |
Total impaired loans | 0 |
Impaired loans, related allowance | 0 |
Average Recorded Investment (Year-To-Date) | |
Impaired loans with no related allowance recorded | 251 |
Impaired loans with an related allowance recorded | 0 |
Total impaired loans | 251 |
Consumer loans | Single-family residential | |
Recorded Investment | |
Impaired loans with no related allowance recorded | 17,979 |
Impaired loans with an related allowance recorded | 112,042 |
Total impaired loans | 130,021 |
Unpaid Principal Balance | |
Impaired loans with no related allowance recorded | 19,252 |
Impaired loans with an related allowance recorded | 114,609 |
Total impaired loans | 133,861 |
Impaired loans, related allowance | 2,208 |
Average Recorded Investment (Year-To-Date) | |
Impaired loans with no related allowance recorded | 16,685 |
Impaired loans with an related allowance recorded | 125,976 |
Total impaired loans | 142,661 |
Consumer loans | Land - consumer lot loans | |
Recorded Investment | |
Impaired loans with no related allowance recorded | 344 |
Impaired loans with an related allowance recorded | 3,556 |
Total impaired loans | 3,900 |
Unpaid Principal Balance | |
Impaired loans with no related allowance recorded | 848 |
Impaired loans with an related allowance recorded | 3,695 |
Total impaired loans | 4,543 |
Impaired loans, related allowance | 20 |
Average Recorded Investment (Year-To-Date) | |
Impaired loans with no related allowance recorded | 287 |
Impaired loans with an related allowance recorded | 4,324 |
Total impaired loans | 4,611 |
Consumer loans | HELOC | |
Recorded Investment | |
Impaired loans with no related allowance recorded | 837 |
Impaired loans with an related allowance recorded | 949 |
Total impaired loans | 1,786 |
Unpaid Principal Balance | |
Impaired loans with no related allowance recorded | 931 |
Impaired loans with an related allowance recorded | 963 |
Total impaired loans | 1,894 |
Impaired loans, related allowance | 0 |
Average Recorded Investment (Year-To-Date) | |
Impaired loans with no related allowance recorded | 597 |
Impaired loans with an related allowance recorded | 961 |
Total impaired loans | 1,558 |
Consumer loans | Consumer | |
Recorded Investment | |
Impaired loans with no related allowance recorded | 50 |
Impaired loans with an related allowance recorded | 60 |
Total impaired loans | 110 |
Unpaid Principal Balance | |
Impaired loans with no related allowance recorded | 119 |
Impaired loans with an related allowance recorded | 282 |
Total impaired loans | 401 |
Impaired loans, related allowance | 0 |
Average Recorded Investment (Year-To-Date) | |
Impaired loans with no related allowance recorded | 23 |
Impaired loans with an related allowance recorded | 65 |
Total impaired loans | $ 88 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 2,063,960 | $ 1,485,742 |
Total financial assets | 2,918,377 | 2,948,837 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,063,960 | 1,485,742 |
Total financial assets | 2,111,932 | 1,507,731 |
Total financial liabilities | 99,902 | 32,546 |
Recurring | Client swap program hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 47,972 | 20,381 |
Derivative liabilities | 47,972 | 20,381 |
Recurring | Commercial loan fair value hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 9,090 | 4,288 |
Recurring | Mortgage loan fair value hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1,608 | |
Derivative liabilities | 17,605 | |
Recurring | Borrowings cash flow hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 25,235 | 7,877 |
Recurring | U.S. government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 669,905 | 270,778 |
Recurring | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 38,041 | 22,642 |
Recurring | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 322,000 | 209,763 |
Recurring | Agency pass-through certificates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,034,014 | 982,559 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Total financial assets | 0 | 0 |
Total financial liabilities | 0 | 0 |
Recurring | Level 1 | Client swap program hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | Commercial loan fair value hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | Mortgage loan fair value hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Recurring | Level 1 | Borrowings cash flow hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
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 | 0 | 0 |
Recurring | Level 1 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 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 | 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 | 0 | 0 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,063,960 | 1,485,742 |
Total financial assets | 2,111,932 | 1,507,731 |
Total financial liabilities | 99,902 | 32,546 |
Recurring | Level 2 | Client swap program hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 47,972 | 20,381 |
Derivative liabilities | 47,972 | 20,381 |
Recurring | Level 2 | Commercial loan fair value hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 9,090 | 4,288 |
Recurring | Level 2 | Mortgage loan fair value hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1,608 | |
Derivative liabilities | 17,605 | |
Recurring | Level 2 | Borrowings cash flow hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 25,235 | 7,877 |
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 | 669,905 | 270,778 |
Recurring | Level 2 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 38,041 | 22,642 |
Recurring | Level 2 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 322,000 | 209,763 |
Recurring | Level 2 | Agency pass-through certificates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,034,014 | 982,559 |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Total financial assets | 0 | 0 |
Total financial liabilities | 0 | 0 |
Recurring | Level 3 | Client swap program hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Recurring | Level 3 | Commercial loan fair value hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 3 | Mortgage loan fair value hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Recurring | Level 3 | Borrowings cash flow hedges | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 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 | 0 | 0 |
Recurring | Level 3 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 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 | 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 | $ 0 | $ 0 |
Fair Value Measurements - Nonre
Fair Value Measurements - Nonrecurring (Details) - Nonrecurring - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans and real estate owned, fair value | $ 6,159 | $ 9,091 | $ 6,159 | $ 9,091 |
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans and real estate owned, fair value | 0 | 0 | 0 | 0 |
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans and real estate owned, fair value | 0 | 0 | 0 | 0 |
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans and real estate owned, fair value | 6,159 | 9,091 | 6,159 | 9,091 |
Impaired loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans and real estate owned, fair value | 2,277 | 6,007 | 2,277 | 6,007 |
Impaired loans | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans and real estate owned, fair value | 0 | 0 | 0 | 0 |
Impaired loans | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans and real estate owned, fair value | 0 | 0 | 0 | 0 |
Impaired loans | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans and real estate owned, fair value | 2,277 | 6,007 | 2,277 | 6,007 |
Real estate owned | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans and real estate owned, fair value | 3,882 | 3,084 | 3,882 | 3,084 |
Real estate owned | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans and real estate owned, fair value | 0 | 0 | 0 | 0 |
Real estate owned | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans and real estate owned, fair value | 0 | 0 | 0 | 0 |
Real estate owned | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans and real estate owned, fair value | 3,882 | 3,084 | 3,882 | 3,084 |
Changes measurement | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gains (losses) related to impaired loans and real estate owned | (3,544) | (4,388) | (3,946) | (5,225) |
Changes measurement | Impaired loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gains (losses) related to impaired loans and real estate owned | (3,260) | (4,383) | (3,805) | (5,619) |
Changes measurement | Real estate owned | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gains (losses) related to impaired loans and real estate owned | $ (284) | $ (5) | $ (141) | $ 394 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | $ 2,063,960 | $ 1,485,742 |
Held-to-maturity securities | 854,417 | 1,463,095 |
FHLB and FRB stock | 145,990 | 123,990 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 2,063,960 | 1,485,742 |
Held-to-maturity securities | 827,316 | 1,443,480 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 2,063,960 | 1,485,742 |
Held-to-maturity securities | 854,417 | 1,463,095 |
Level 1 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,218,240 | 419,158 |
Level 1 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,218,240 | 419,158 |
Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
FHLB and FRB stock | 145,990 | 123,990 |
Time deposits | 4,209,146 | 4,906,963 |
FHLB advances | 2,800,000 | 2,250,000 |
Level 2 | Carrying Amount | Client swap program hedges | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 47,972 | 20,381 |
Other liabilities | 47,972 | 20,381 |
Level 2 | Carrying Amount | Mortgage loan fair value hedges | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 0 | 1,608 |
Other liabilities | 17,605 | 0 |
Level 2 | Carrying Amount | Commercial loan fair value hedges | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 9,090 | 4,288 |
Level 2 | Carrying Amount | Borrowings cash flow hedges | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 25,235 | 7,877 |
Level 2 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
FHLB and FRB stock | 145,990 | 123,990 |
Time deposits | 4,200,715 | 4,937,847 |
FHLB advances | 2,808,567 | 2,282,887 |
Level 2 | Estimated Fair Value | Client swap program hedges | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 47,972 | 20,381 |
Other liabilities | 47,972 | 20,381 |
Level 2 | Estimated Fair Value | Mortgage loan fair value hedges | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other assets | 0 | 1,608 |
Other liabilities | 17,605 | 0 |
Level 2 | Estimated Fair Value | Commercial loan fair value hedges | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 9,090 | 4,288 |
Level 2 | Estimated Fair Value | Borrowings cash flow hedges | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other liabilities | 25,235 | 7,877 |
Level 3 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable | 12,733,426 | 11,930,575 |
Level 3 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable | 13,318,026 | 12,617,600 |
U.S. government and agency securities | Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 669,905 | 270,778 |
U.S. government and agency securities | Level 2 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 669,905 | 270,778 |
Municipal bonds | Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 38,041 | 22,642 |
Municipal bonds | Level 2 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 38,041 | 22,642 |
Corporate debt securities | Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 322,000 | 209,763 |
Corporate debt securities | Level 2 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 322,000 | 209,763 |
Agency pass-through certificates | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 847,510 | 1,448,088 |
Agency pass-through certificates | Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 1,034,014 | 982,559 |
Held-to-maturity securities | 820,304 | 1,428,480 |
Agency pass-through certificates | Level 2 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 1,034,014 | 982,559 |
Held-to-maturity securities | 847,510 | 1,448,088 |
Commercial MBS | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 6,907 | 15,007 |
Commercial MBS | Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | 7,012 | 15,000 |
Commercial MBS | Level 2 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | $ 6,907 | $ 15,007 |
Fair Value Measurements - Inves
Fair Value Measurements - Investments by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Amortized Cost, Available-for-sale securities | ||
Amortized Cost | $ 2,022,414 | $ 1,458,071 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains | 49,713 | 30,461 |
Gross unrealized loss | (8,167) | (2,790) |
Fair Value, Available-for-sale securities | ||
Fair value | $ 2,063,960 | $ 1,485,742 |
Yield, Available-for-sale securities | ||
Yield | 2.20% | 3.27% |
Amortized Cost, Held-to-maturity securities | ||
Held-to-maturity securities, amortized cost | $ 827,316 | $ 1,443,480 |
Gross Unrealized Gains / Losses, Held-to-maturity securities | ||
Held-to-maturity securities, gross unrealized gains | 27,206 | 19,952 |
Held-to-maturity securities, gross unrealized losses | (105) | (337) |
Fair Value, Held-to-maturity securities | ||
Held-to-maturity securities, fair value | $ 854,417 | $ 1,463,095 |
Yield, Held-to-maturity securities | ||
Held-to-maturity securities, yield | 3.14% | 3.15% |
Investments | $ 2,849,730 | $ 2,901,551 |
Gross unrealized gains on investments | 76,919 | 50,413 |
Gross unrealized losses on investments | (8,272) | (3,127) |
Total financial assets | $ 2,918,377 | $ 2,948,837 |
Yield on investments | 2.47% | 3.21% |
U.S. government and agency securities | ||
Amortized Cost, Available-for-sale securities | ||
Amortized cost, 5 to 10 years | $ 59,799 | $ 65,287 |
Amortized cost, over 10 years | 616,095 | 207,067 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, 5 to 10 years | 416 | 39 |
Gross unrealized gains, over 10 years | 74 | 1 |
Gross unrealized losses, 5 to 10 years | (2,203) | (629) |
Gross unrealized losses, over 10 years | (4,276) | (987) |
Fair Value, Available-for-sale securities | ||
Fair value, 5 to 10 years | 58,012 | 64,697 |
Fair value, over 10 years | $ 611,893 | $ 206,081 |
Yield, Available-for-sale securities | ||
Yield, 5 to 10 years | 1.26% | 2.43% |
Yield, over 10 years | 1.18% | 3.02% |
Corporate debt securities | ||
Amortized Cost, Available-for-sale securities | ||
Amortized cost, within 1 year | $ 71,064 | $ 43,903 |
Amortized cost, 1 to 5 years | 128,325 | 70,000 |
Amortized cost, 5 to 10 years | 117,000 | 92,931 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, within 1 year | 66 | 411 |
Gross unrealized gains, 1 to 5 years | 3,256 | 689 |
Gross unrealized gains, 5 to 10 years | 3,201 | 1,879 |
Gross unrealized losses, Within 1 year | (63) | 0 |
Gross unrealized losses, 1 to 5 years | (849) | (50) |
Gross unrealized losses, 5 to 10 years | 0 | 0 |
Fair Value, Available-for-sale securities | ||
Fair value, within 1 year | 71,067 | 44,314 |
Fair value, 1 to 5 years | 130,732 | 70,639 |
Fair value, 5 to 10 years | $ 120,201 | $ 94,810 |
Yield, Available-for-sale securities | ||
Yield, within 1 year | 0.68% | 3.65% |
Yield, 1 to 5 years | 2.04% | 3.29% |
Yield, 5 to 10 years | 1.70% | 3.27% |
Municipal bonds due | ||
Amortized Cost, Available-for-sale securities | ||
Amortized cost, 1 to 5 years | $ 1,453 | $ 1,430 |
Amortized cost, over 10 years | 36,066 | 20,303 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, 1 to 5 years | 41 | 14 |
Gross unrealized gains, over 10 years | 534 | 895 |
Gross unrealized losses, 1 to 5 years | 0 | 0 |
Gross unrealized losses, over 10 years | (53) | 0 |
Fair Value, Available-for-sale securities | ||
Fair value, 1 to 5 years | 1,494 | 1,444 |
Fair value, over 10 years | $ 36,547 | $ 21,198 |
Yield, Available-for-sale securities | ||
Yield, 1 to 5 years | 0.00% | 1.94% |
Yield, over 10 years | 5.40% | 6.45% |
Agency pass-through certificates | ||
Amortized Cost, Available-for-sale securities | ||
Amortized cost, without single maturity date | $ 992,612 | $ 957,150 |
Gross Unrealized Gains / Losses, Available-for-sale securities | ||
Gross unrealized gains, without single maturity date | 42,125 | 26,533 |
Gross unrealized losses, without single maturity date | (723) | (1,124) |
Fair Value, Available-for-sale securities | ||
Fair value, without single maturity date | $ 1,034,014 | $ 982,559 |
Yield, Available-for-sale securities | ||
Yield, without single maturity date | 2.96% | 3.29% |
Amortized Cost, Held-to-maturity securities | ||
Held-to-maturity securities, amortized cost | $ 820,304 | $ 1,428,480 |
Gross Unrealized Gains / Losses, Held-to-maturity securities | ||
Held-to-maturity securities, gross unrealized gains | 27,206 | 19,945 |
Held-to-maturity securities, gross unrealized losses | 0 | (337) |
Fair Value, Held-to-maturity securities | ||
Held-to-maturity securities, fair value | $ 847,510 | $ 1,448,088 |
Yield, Held-to-maturity securities | ||
Held-to-maturity securities, yield | 3.16% | 3.15% |
Commercial MBS | ||
Amortized Cost, Held-to-maturity securities | ||
Held-to-maturity securities, amortized cost | $ 7,012 | $ 15,000 |
Gross Unrealized Gains / Losses, Held-to-maturity securities | ||
Held-to-maturity securities, gross unrealized gains | 0 | 7 |
Held-to-maturity securities, gross unrealized losses | (105) | 0 |
Fair Value, Held-to-maturity securities | ||
Held-to-maturity securities, fair value | $ 6,907 | $ 15,007 |
Yield, Held-to-maturity securities | ||
Held-to-maturity securities, yield | 1.06% | 2.89% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 9 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jan. 01, 2020 | Sep. 30, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Held-to-maturity securities, at amortized cost | $ 827,316,000 | $ 1,443,480,000 | ||
Available-for-sale, at amortized cost | 2,022,414,000 | 1,458,071,000 | ||
Available-for-sale securities purchased | 684,292,000 | $ 327,670,000 | ||
Proceeds from sales of available-for-sale securities | 204,351,000 | 491,000 | ||
Held-to-maturity securities purchased | 0 | 0 | ||
Proceeds from sale of held-to-maturity securities | $ 0 | $ 0 | ||
Term of contractual due dates of substantially all mortgage-backed securities (in years) | 10 years | |||
Accrued interest for available-for-sale securities | $ 4,154,000 | 3,712,000 | ||
Accrued interest for held-to-maturity securities | 2,126,000 | $ 3,716,000 | ||
Mortgage-backed securities | Accounting Standards Update 2019-04 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Held-to-maturity securities, at amortized cost | $ (374,680,000) | |||
Available-for-sale, at amortized cost | $ 374,680,000 | |||
Consumer loans | Single-family residential | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Foreclosed residential real estate properties held as REO | 1,346,000 | |||
Real estate acquired through foreclosure | $ 4,104,000 |
Fair Value Measurements - Secur
Fair Value Measurements - Securities in Unrealized Loss Positions (Details) $ in Thousands | Jun. 30, 2020USD ($)security | Sep. 30, 2019USD ($)security |
Debt Securities, Available-for-sale [Line Items] | ||
Number of debt securities with unrealized loss | security | 51 | 41 |
Available-for-sale securities | ||
Less than 12 months, unrealized gross losses | $ (3,045) | $ (804) |
12 months or more, unrealized gross losses | (5,122) | (1,986) |
Total unrealized gross losses | (8,167) | (2,790) |
Less than 12 months, fair value | 407,365 | 240,610 |
12 months or more, fair value | 313,115 | 257,961 |
Total, fair value | 720,480 | 498,571 |
Held-to-maturity securities | ||
Less than 12 months, unrealized gross losses | (105) | 0 |
12 months or more, unrealized gross losses | 0 | (337) |
Total unrealized gross losses | (105) | (337) |
Less than 12 months, fair value | 6,907 | 0 |
12 months or more, fair value | 0 | 115,182 |
Total, fair value | 6,907 | 115,182 |
Less than 12 months, unrealized gross losses | (3,150) | (804) |
12 months or more, unrealized gross losses | (5,122) | (2,323) |
Total unrealized gross losses | (8,272) | (3,127) |
Less than 12 months, fair value | 414,272 | 240,610 |
12 months or more, fair value | 313,115 | 373,143 |
Total fair value | 727,387 | 613,753 |
Corporate debt securities | ||
Available-for-sale securities | ||
Less than 12 months, unrealized gross losses | (200) | 0 |
12 months or more, unrealized gross losses | (712) | (50) |
Total unrealized gross losses | (912) | (50) |
Less than 12 months, fair value | 71,304 | 0 |
12 months or more, fair value | 49,288 | 24,950 |
Total, fair value | 120,592 | 24,950 |
Municipal bonds | ||
Available-for-sale securities | ||
Less than 12 months, unrealized gross losses | (53) | |
12 months or more, unrealized gross losses | 0 | |
Total unrealized gross losses | (53) | |
Less than 12 months, fair value | 9,905 | |
12 months or more, fair value | 0 | |
Total, fair value | 9,905 | |
U.S. government and agency securities | ||
Available-for-sale securities | ||
Less than 12 months, unrealized gross losses | (2,647) | (656) |
12 months or more, unrealized gross losses | (3,832) | (960) |
Total unrealized gross losses | (6,479) | (1,616) |
Less than 12 months, fair value | 276,942 | 152,715 |
12 months or more, fair value | 160,648 | 77,391 |
Total, fair value | 437,590 | 230,106 |
Mortgage-backed securities | ||
Available-for-sale securities | ||
Less than 12 months, unrealized gross losses | (145) | (148) |
12 months or more, unrealized gross losses | (578) | (976) |
Total unrealized gross losses | (723) | (1,124) |
Less than 12 months, fair value | 49,214 | 87,895 |
12 months or more, fair value | 103,179 | 155,620 |
Total, fair value | $ 152,393 | $ 243,515 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Summary of Fair Value, Notional Amount and Balance Sheet Classification (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 526,301 | $ 625,607 |
Derivative assets, fair value | 47,972 | 21,989 |
Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 2,719,617 | 1,221,252 |
Derivative liabilities, fair value | 99,902 | 32,546 |
Client swap program hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 526,301 | 425,607 |
Derivative assets, fair value | 47,972 | 20,381 |
Client swap program hedges | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 526,301 | 425,607 |
Derivative liabilities, fair value | 47,972 | 20,381 |
Commercial loan fair value hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 0 | 0 |
Derivative assets, fair value | 0 | 0 |
Commercial loan fair value hedges | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 93,316 | 95,645 |
Derivative liabilities, fair value | 9,090 | 4,288 |
Mortgage loan fair value hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 0 | 200,000 |
Derivative assets, fair value | 0 | 1,608 |
Mortgage loan fair value hedges | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 500,000 | 0 |
Derivative liabilities, fair value | 17,605 | 0 |
Borrowings cash flow hedges | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 0 | 0 |
Derivative assets, fair value | 0 | 0 |
Borrowings cash flow hedges | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 1,600,000 | 700,000 |
Derivative liabilities, fair value | $ 25,235 | $ 7,877 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Impact of Fair Value Hedge Accounting on the Carrying Value of the Hedged Items (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Derivatives, Fair Value [Line Items] | ||
Carrying value of hedged items | $ 2,855,203 | $ 1,612,208 |
Cumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items | 26,830 | 2,680 |
Mortgage loan fair value hedges | ||
Derivatives, Fair Value [Line Items] | ||
Cumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items | 17,605 | (1,608) |
Amortized cost basis of the hedged loans | 200,000 | |
Commercial loan fair value hedges | ||
Derivatives, Fair Value [Line Items] | ||
Cumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items | 9,225 | 4,288 |
Loans Receivable | ||
Derivatives, Fair Value [Line Items] | ||
Carrying value of hedged items | 2,855,203 | 1,612,208 |
Cumulative gain (loss) fair value hedge adjustment included in carrying amount of hedged items | 26,830 | 2,680 |
Loans Receivable | Mortgage loan fair value hedges | ||
Derivatives, Fair Value [Line Items] | ||
Carrying value of hedged items | 2,752,843 | 1,520,647 |
Loans Receivable | Commercial loan fair value hedges | ||
Derivatives, Fair Value [Line Items] | ||
Carrying value of hedged items | $ 102,360 | $ 91,561 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Additional Information (Details) | 9 Months Ended |
Jun. 30, 2020 | |
Minimum | |
Derivative [Line Items] | |
Derivative, maturities | 1 year |
Maximum | |
Derivative [Line Items] | |
Derivative, maturities | 10 years |
Weighted average | |
Derivative [Line Items] | |
Derivative, maturities | 6 years 10 months 24 days |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Impact of Derivative Instruments on AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative [Line Items] | ||||
Total pre-tax gain/(loss) recognized in AOCI | $ (8,045) | $ (10,043) | $ (17,358) | $ (26,692) |
Pay fixed/receive floating swaps on borrowings cash flow hedges | ||||
Derivative [Line Items] | ||||
Total pre-tax gain/(loss) recognized in AOCI | $ (8,045) | $ (10,043) | $ (17,358) | $ (26,692) |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities - Gains/(Losses) on Derivative Instruments in Fair Value and Cash Flow Accounting Hedging Relationships (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest income on loans receivable | $ 132,847 | $ 145,490 | $ 413,543 | $ 423,616 |
Interest expense on FHLB advances | (10,938) | (17,829) | (37,963) | (52,566) |
Interest rate contracts | Interest income on loans receivable | Fair value hedging | ||||
Gain/(loss) on fair value hedging relationships: | ||||
Amounts related to interest settlements on derivatives | (306) | 50 | (492) | 127 |
Recognized on derivatives | (4,030) | (2,491) | (24,014) | (6,409) |
Recognized on hedged items | 3,999 | 2,489 | 24,072 | 6,369 |
Net income/(expense) recognized on fair value hedges | (337) | 48 | (434) | 87 |
Interest rate contracts | Interest expense on FHLB advances | Cash flow hedging | ||||
Gain/(loss) on cash flow hedging relationships: | ||||
Amounts related to interest settlements on derivatives | 1,046 | (817) | 1,330 | (2,222) |
Amount of derivative gain/(loss) reclassified from AOCI into interest income/expense | 0 | 0 | 0 | 0 |
Net income/(expense) recognized on cash flow hedges | $ 1,046 | $ (817) | $ 1,330 | $ (2,222) |
Derivatives and Hedging Activ_8
Derivatives and Hedging Activities - Impact of Client Swap Program that are Not Designated in Accounting Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Client swap program hedges | ||||
Derivative [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 0 | $ 0 | $ 0 | $ 0 |
Other noninterest income | Pay fixed/receive floating swap | ||||
Derivative [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | (4,815) | (11,091) | (27,591) | (26,643) |
Other noninterest income | Receive fixed/pay floating swap | ||||
Derivative [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 4,815 | $ 11,091 | $ 27,591 | $ 26,643 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers - Additional Information (Details) | 9 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue streams percentage, contract with customer | 4.80% | 5.00% |
Commitment and Contingencies -
Commitment and Contingencies - Operating Lease by Balance Sheet Grouping (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Operating lease asset | $ 29,132 |
Operating lease liability | $ 30,658 |
Commitment and Contingencies _2
Commitment and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Commitment and Contingencies [Line Items] | ||||
Weighted average remaining lease term | 8 years 9 months 18 days | |||
Weighted average discount rate | 2.00% | |||
Operating lease payments | $ 4,898 | |||
Right-of-use assets obtained in exchange for lease liabilities | 4,298 | |||
Loans in process | 1,353,774 | $ 1,201,341 | ||
Reserve for unfunded commitments | 19,500 | $ 18,650 | $ 18,250 | 6,900 |
Financing Receivable | ||||
Commitment and Contingencies [Line Items] | ||||
Loans in process | $ 2,235,184 | $ 2,379,089 |
Commitment and Contingencies _3
Commitment and Contingencies - Net Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease cost | $ 1,649 | $ 4,922 |
Variable lease cost | 413 | 968 |
Sublease income | (86) | (265) |
Net lease cost | $ 1,976 | $ 5,625 |
Commitment and Contingencies _4
Commitment and Contingencies - Operating Lease Maturity (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
remainder of 2020 | $ 1,527 |
2021 | 5,865 |
2022 | 5,372 |
2023 | 4,793 |
2024 | 4,016 |
Thereafter | 12,083 |
Total minimum payments | 33,656 |
Amounts representing interest | (2,998) |
Present value of minimum lease payments | $ 30,658 |
Commitment and Contingencies _5
Commitment and Contingencies - Future Minimum Lease Payments Prior to Adoption (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 5,838 |
2021 | 5,246 |
2022 | 4,698 |
2023 | 4,302 |
2024 | 3,596 |
Thereafter | 10,531 |
Total minimum payments | $ 34,211 |