QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | ||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange in which registered | ||
x | Accelerated filer | ¨ | |||||
Non-accelerated filer | o | Smaller Reporting Company | |||||
Emerging Growth Company |
Page | ||
PART l – FINANCIAL INFORMATION | ||
Item 1. | ||
Consolidated Statements of Condition | ||
June 30, 2019 and September 30, 2018 | ||
Three and Nine Months Ended June 30, 2019 and 2018 | ||
Three and Nine Months Ended June 30, 2019 and 2018 | ||
Three and Nine Months Ended June 30, 2019 and 2018 | ||
Nine Months Ended June 30, 2019 and 2018 | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
ACT: Tax Cuts and Jobs Act | FRB-Cleveland: Federal Reserve Bank of Cleveland |
AOCI: Accumulated Other Comprehensive Income | Freddie Mac: Federal Home Loan Mortgage Corporation |
ARM: Adjustable Rate Mortgage | FRS: Board of Governors of the Federal Reserve System |
ASC: Accounting Standards Codification | GAAP: Generally Accepted Accounting Principles |
ASU: Accounting Standards Update | Ginnie Mae: Government National Mortgage Association |
Association: Third Federal Savings and Loan | GVA: General Valuation Allowances |
Association of Cleveland | HARP: Home Affordable Refinance Program |
BOLI: Bank Owned Life Insurance | HPI: Home Price Index |
CDs: Certificates of Deposit | IRR: Interest Rate Risk |
CFPB: Consumer Financial Protection Bureau | IRS: Internal Revenue Service |
CLTV: Combined Loan-to-Value | IVA: Individual Valuation Allowance |
Company: TFS Financial Corporation and its | LIHTC: Low Income Housing Tax Credit |
subsidiaries | LIP: Loans-in-Process |
DFA: Dodd-Frank Wall Street Reform and Consumer | LTV: Loan-to-Value |
Protection Act | MGIC: Mortgage Guaranty Insurance Corporation |
EaR: Earnings at Risk | OCC: Office of the Comptroller of the Currency |
EPS: Earnings per Share | OCI: Other Comprehensive Income |
ESOP: Third Federal Employee (Associate) Stock | OTS: Office of Thrift Supervision |
Ownership Plan | PMI: Private Mortgage Insurance |
EVE: Economic Value of Equity | PMIC: PMI Mortgage Insurance Co. |
Fannie Mae: Federal National Mortgage Association | QTL: Qualified Thrift Lender |
FASB: Financial Accounting Standards Board | REMICs: Real Estate Mortgage Investment Conduits |
FDIC: Federal Deposit Insurance Corporation | SEC: United States Securities and Exchange Commission |
FHFA: Federal Housing Finance Agency | TDR: Troubled Debt Restructuring |
FHLB: Federal Home Loan Bank | Third Federal Savings, MHC: Third Federal Savings |
FICO: Financing Corporation | and Loan Association of Cleveland, MHC |
June 30, 2019 | September 30, 2018 | ||||||
ASSETS | |||||||
Cash and due from banks | $ | $ | |||||
Interest-earning cash equivalents | |||||||
Cash and cash equivalents | |||||||
Investment securities available for sale (amortized cost $566,228 and $549,211, respectively) | |||||||
Mortgage loans held for sale, at lower of cost or market (none measured at fair value) | |||||||
Loans held for investment, net: | |||||||
Mortgage loans | |||||||
Other consumer loans | |||||||
Deferred loan expenses, net | |||||||
Allowance for loan losses | ( | ) | ( | ) | |||
Loans, net | |||||||
Mortgage loan servicing rights, net | |||||||
Federal Home Loan Bank stock, at cost | |||||||
Real estate owned | |||||||
Premises, equipment, and software, net | |||||||
Accrued interest receivable | |||||||
Bank owned life insurance contracts | |||||||
Other assets | |||||||
TOTAL ASSETS | $ | $ | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Deposits | $ | $ | |||||
Borrowed funds | |||||||
Borrowers’ advances for insurance and taxes | |||||||
Principal, interest, and related escrow owed on loans serviced | |||||||
Accrued expenses and other liabilities | |||||||
Total liabilities | |||||||
Commitments and contingent liabilities | |||||||
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding | |||||||
Common stock, $0.01 par value, 700,000,000 shares authorized; 332,318,750 shares issued; 279,989,323 and 280,311,070 outstanding at June 30, 2019 and September 30, 2018, respectively | |||||||
Paid-in capital | |||||||
Treasury stock, at cost; 52,329,427 and 52,007,680 shares at June 30, 2019 and September 30, 2018, respectively | ( | ) | ( | ) | |||
Unallocated ESOP shares | ( | ) | ( | ) | |||
Retained earnings—substantially restricted | |||||||
Accumulated other comprehensive income (loss) | ( | ) | |||||
Total shareholders’ equity | |||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | $ |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
INTEREST AND DIVIDEND INCOME: | |||||||||||||||
Loans, including fees | $ | $ | $ | $ | |||||||||||
Investment securities available for sale | |||||||||||||||
Other interest and dividend earning assets | |||||||||||||||
Total interest and dividend income | |||||||||||||||
INTEREST EXPENSE: | |||||||||||||||
Deposits | |||||||||||||||
Borrowed funds | |||||||||||||||
Total interest expense | |||||||||||||||
NET INTEREST INCOME | |||||||||||||||
PROVISION (CREDIT) FOR LOAN LOSSES | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES | |||||||||||||||
NON-INTEREST INCOME: | |||||||||||||||
Fees and service charges, net of amortization | |||||||||||||||
Net gain on the sale of loans | |||||||||||||||
Increase in and death benefits from bank owned life insurance contracts | |||||||||||||||
Other | |||||||||||||||
Total non-interest income | |||||||||||||||
NON-INTEREST EXPENSE: | |||||||||||||||
Salaries and employee benefits | |||||||||||||||
Marketing services | |||||||||||||||
Office property, equipment and software | |||||||||||||||
Federal insurance premium and assessments | |||||||||||||||
State franchise tax | |||||||||||||||
Other expenses | |||||||||||||||
Total non-interest expense | |||||||||||||||
INCOME BEFORE INCOME TAXES | |||||||||||||||
INCOME TAX EXPENSE | |||||||||||||||
NET INCOME | $ | $ | $ | $ | |||||||||||
Earnings per share - basic and diluted | $ | $ | $ | $ | |||||||||||
Weighted average shares outstanding | |||||||||||||||
Basic | |||||||||||||||
Diluted |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income | $ | $ | $ | $ | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Net change in unrealized loss on securities available for sale | ( | ) | ( | ) | |||||||||||
Net change in cash flow hedges | ( | ) | ( | ) | |||||||||||
Change in pension obligation | |||||||||||||||
Total other comprehensive income (loss) | ( | ) | ( | ) | |||||||||||
Total comprehensive income | $ | ( | ) | $ | $ | ( | ) | $ |
For the Three Months Ended June 30, 2018 | ||||||||||||||||||||||||||||
Common stock | Paid-in capital | Treasury stock | Unallocated common stock held by ESOP | Retained earnings | Accumulated other comprehensive income (loss) | Total shareholders’ equity | ||||||||||||||||||||||
Balance at March 31, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | |||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | ||||||||||||||||||||||||
ESOP shares allocated or committed to be released | — | — | — | — | ||||||||||||||||||||||||
Compensation costs for equity incentive plans | — | — | — | — | ||||||||||||||||||||||||
Purchase of treasury stock (255,911 shares) | — | — | ( | ) | — | — | — | ( | ) | |||||||||||||||||||
Treasury stock allocated to equity incentive plan | — | ( | ) | — | — | ( | ) | |||||||||||||||||||||
Dividends paid to common shareholders ($0.17 per common share) | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||||
Balance at June 30, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | |||||||||||||||||
For the Three Months Ended June 30, 2019 | ||||||||||||||||||||||||||||
Common stock | Paid-in capital | Treasury stock | Unallocated common stock held by ESOP | Retained earnings | Accumulated other comprehensive income (loss) | Total shareholders’ equity | ||||||||||||||||||||||
Balance at March 31, 2019 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | ( | ) | ( | ) | ||||||||||||||||||||
ESOP shares allocated or committed to be released | — | — | — | — | ||||||||||||||||||||||||
Compensation costs for equity incentive plans | — | — | — | — | ||||||||||||||||||||||||
Purchase of treasury stock (102,900 shares) | — | — | ( | ) | — | — | — | ( | ) | |||||||||||||||||||
Treasury stock allocated to equity incentive plan | — | ( | ) | ( | ) | — | — | ( | ) | |||||||||||||||||||
Dividends paid to common shareholders ($0.25 per common share) | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ |
For the Nine Months Ended June 30, 2018 | ||||||||||||||||||||||||||||
Common stock | Paid-in capital | Treasury stock | Unallocated common stock held by ESOP | Retained earnings | Accumulated other comprehensive income (loss) | Total shareholders’ equity | ||||||||||||||||||||||
Balance at September 30, 2017 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | ||||||||||||||||||||||||
ESOP shares allocated or committed to be released | — | — | — | — | ||||||||||||||||||||||||
Compensation costs for equity incentive plans | — | — | — | — | ||||||||||||||||||||||||
Purchase of treasury stock (1,113,911 shares) | — | — | ( | ) | — | — | — | ( | ) | |||||||||||||||||||
Treasury stock allocated to equity incentive plan | — | ( | ) | — | — | ( | ) | |||||||||||||||||||||
Dividends paid to common shareholders ($0.51 per common share) | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||||
Balance at June 30, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | |||||||||||||||||
For the Nine Months Ended June 30, 2019 | ||||||||||||||||||||||||||||
Common stock | Paid-in capital | Treasury stock | Unallocated common stock held by ESOP | Retained earnings | Accumulated other comprehensive income (loss) | Total shareholders’ equity | ||||||||||||||||||||||
Balance at September 30, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | |||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | ( | ) | ( | ) | ||||||||||||||||||||
ESOP shares allocated or committed to be released | — | — | — | — | ||||||||||||||||||||||||
Compensation costs for equity incentive plans | — | — | — | — | ||||||||||||||||||||||||
Purchase of treasury stock (491,400 shares) | — | — | ( | ) | — | — | — | ( | ) | |||||||||||||||||||
Treasury stock allocated to equity incentive plan | — | ( | ) | ( | ) | — | — | ( | ) | |||||||||||||||||||
Dividends paid to common shareholders ($0.75 per common share) | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ |
For the Nine Months Ended June 30, | ||||||||
2019 | 2018 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | $ | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
ESOP and stock-based compensation expense | ||||||||
Depreciation and amortization | ||||||||
Deferred income taxes | ||||||||
Provision (credit) for loan losses | ( | ) | ( | ) | ||||
Net gain on the sale of loans | ( | ) | ( | ) | ||||
Other net losses | ||||||||
Principal repayments on and proceeds from sales of loans held for sale | ||||||||
Loans originated for sale | ( | ) | ( | ) | ||||
Increase in bank owned life insurance contracts | ( | ) | ( | ) | ||||
Net increase in interest receivable and other assets | ( | ) | ( | ) | ||||
Net increase (decrease) in accrued expenses and other liabilities | ( | ) | ||||||
Net cash provided by operating activities | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Loans originated | ( | ) | ( | ) | ||||
Principal repayments on loans | ||||||||
Proceeds from principal repayments and maturities of: | ||||||||
Securities available for sale | ||||||||
Proceeds from sale of: | ||||||||
Loans | ||||||||
Real estate owned | ||||||||
Purchases of: | ||||||||
FHLB stock | ( | ) | ( | ) | ||||
Securities available for sale | ( | ) | ( | ) | ||||
Premises and equipment | ( | ) | ( | ) | ||||
Other | ||||||||
Net cash used in investing activities | ( | ) | ( | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Net increase in deposits | ||||||||
Net decrease in borrowers' advances for insurance and taxes | ( | ) | ( | ) | ||||
Net decrease in principal and interest owed on loans serviced | ( | ) | ( | ) | ||||
Net increase in short-term borrowed funds | ||||||||
Proceeds from long-term borrowed funds | ||||||||
Repayment of long-term borrowed funds | ( | ) | ( | ) | ||||
Cash collateral/settlements received from (provided to) derivative counterparties (1) | ( | ) | ||||||
Purchase of treasury shares | ( | ) | ( | ) | ||||
Acquisition of treasury shares through net settlement of stock benefit plans compensation | ( | ) | ( | ) | ||||
Dividends paid to common shareholders | ( | ) | ( | ) | ||||
Net cash provided by financing activities | ||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ( | ) | ||||||
CASH AND CASH EQUIVALENTS—Beginning of period | ||||||||
CASH AND CASH EQUIVALENTS—End of period | $ | $ | ||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||
Cash paid for interest on deposits | $ | $ | ||||||
Cash paid for interest on borrowed funds | ||||||||
Cash paid for income taxes | ||||||||
SUPPLEMENTAL SCHEDULES OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Transfer of loans to real estate owned | ||||||||
Transfer of loans from held for sale to held for investment | ||||||||
Transfer of loans from held for investment to held for sale | ||||||||
Treasury stock issued for stock benefit plans |
1. | BASIS OF PRESENTATION |
2. | EARNINGS PER SHARE |
For the Three Months Ended June 30, | ||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||
Income | Shares | Per share amount | Income | Shares | Per share amount | |||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||
Net income | $ | $ | ||||||||||||||||||||
Less: income allocated to restricted stock units | ||||||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||
Income available to common shareholders | $ | $ | $ | $ | ||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||
Effect of dilutive potential common shares | ||||||||||||||||||||||
Income available to common shareholders | $ | $ | $ | $ | ||||||||||||||||||
For the Nine Months Ended June 30, | ||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||
Income | Shares | Per share amount | Income | Shares | Per share amount | |||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||
Net income | $ | $ | ||||||||||||||||||||
Less: income allocated to restricted stock units | ||||||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||
Income available to common shareholders | $ | $ | $ | $ | ||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||
Effect of dilutive potential common shares | ||||||||||||||||||||||
Income available to common shareholders | $ | $ | $ | $ | ||||||||||||||||||
For the Three Months Ended June 30, | For the Nine Months Ended June 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Options to purchase shares | |||||||||||
Restricted and performance stock units |
June 30, 2019 | ||||||||||||||||
Amortized Cost | Gross Unrealized | Fair Value | ||||||||||||||
Gains | Losses | |||||||||||||||
REMICs | $ | $ | $ | ( | ) | $ | ||||||||||
Fannie Mae certificates | ||||||||||||||||
U.S. government and agency obligations | ||||||||||||||||
Total | $ | $ | $ | ( | ) | $ |
September 30, 2018 | ||||||||||||||||
Amortized Cost | Gross Unrealized | Fair Value | ||||||||||||||
Gains | Losses | |||||||||||||||
REMICs | $ | $ | $ | ( | ) | $ | ||||||||||
Fannie Mae certificates | ( | ) | ||||||||||||||
U.S. government and agency obligations | ( | ) | ||||||||||||||
Total | $ | $ | $ | ( | ) | $ |
June 30, 2019 | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | ||||||||||||||||||
Available for sale— | |||||||||||||||||||||||
REMICs | $ | $ | $ | $ | $ | $ | |||||||||||||||||
September 30, 2018 | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | ||||||||||||||||||
Available for sale— | |||||||||||||||||||||||
REMICs | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Fannie Mae certificates | |||||||||||||||||||||||
U.S. government and agency obligations | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||
4. | LOANS AND ALLOWANCE FOR LOAN LOSSES |
June 30, 2019 | September 30, 2018 | |||||||
Real estate loans: | ||||||||
Residential Core | $ | $ | ||||||
Residential Home Today | ||||||||
Home equity loans and lines of credit | ||||||||
Construction | ||||||||
Real estate loans | ||||||||
Other consumer loans | ||||||||
Add (deduct): | ||||||||
Deferred loan expenses, net | ||||||||
Loans in process ("LIP") | ( | ) | ( | ) | ||||
Allowance for loan losses | ( | ) | ( | ) | ||||
Loans held for investment, net | $ | $ |
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Total | ||||||||||||||||||
June 30, 2019 | |||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
Residential Core | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Residential Home Today | |||||||||||||||||||||||
Home equity loans and lines of credit | |||||||||||||||||||||||
Construction | |||||||||||||||||||||||
Total real estate loans | |||||||||||||||||||||||
Other consumer loans | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Total | ||||||||||||||||||
September 30, 2018 | |||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
Residential Core | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Residential Home Today | |||||||||||||||||||||||
Home equity loans and lines of credit | |||||||||||||||||||||||
Construction | |||||||||||||||||||||||
Total real estate loans | |||||||||||||||||||||||
Other consumer loans | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
June 30, 2019 | September 30, 2018 | ||||||
Real estate loans: | |||||||
Residential Core | $ | $ | |||||
Residential Home Today | |||||||
Home equity loans and lines of credit | |||||||
Total non-accrual loans |
June 30, 2019 | September 30, 2018 | |||||||||||||||||||||||
Individually | Collectively | Total | Individually | Collectively | Total | |||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||
Residential Core | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Residential Home Today | ||||||||||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||
Total real estate loans | ||||||||||||||||||||||||
Other consumer loans | ||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
June 30, 2019 | September 30, 2018 | |||||||||||||||||||||||
Individually | Collectively | Total | Individually | Collectively | Total | |||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||
Residential Core | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Residential Home Today | ||||||||||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||
Total real estate loans | $ | $ | $ | $ | $ | $ |
June 30, 2019 | September 30, 2018 | |||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | |||||||||||||||||||
With no related IVA recorded: | ||||||||||||||||||||||||
Residential Core | $ | $ | $ | — | $ | $ | $ | — | ||||||||||||||||
Residential Home Today | — | — | ||||||||||||||||||||||
Home equity loans and lines of credit | — | — | ||||||||||||||||||||||
Total | $ | $ | $ | — | $ | $ | $ | — | ||||||||||||||||
With an IVA recorded: | ||||||||||||||||||||||||
Residential Core | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Residential Home Today | ||||||||||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Total impaired loans: | ||||||||||||||||||||||||
Residential Core | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Residential Home Today | ||||||||||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
For the Three Months Ended June 30, | ||||||||||||||||
2019 | 2018 | |||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||
With no related IVA recorded: | ||||||||||||||||
Residential Core | $ | $ | $ | $ | ||||||||||||
Residential Home Today | ||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||
With an IVA recorded: | ||||||||||||||||
Residential Core | $ | $ | $ | $ | ||||||||||||
Residential Home Today | ||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||
Total impaired loans: | ||||||||||||||||
Residential Core | $ | $ | $ | $ | ||||||||||||
Residential Home Today | ||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||
For the Nine Months Ended June 30, | ||||||||||||||||
2019 | 2018 | |||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||
With no related IVA recorded: | ||||||||||||||||
Residential Core | $ | $ | $ | $ | ||||||||||||
Residential Home Today | ||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||
With an IVA recorded: | ||||||||||||||||
Residential Core | $ | $ | $ | $ | ||||||||||||
Residential Home Today | ||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||
Total impaired loans: | ||||||||||||||||
Residential Core | $ | $ | $ | $ | ||||||||||||
Residential Home Today | ||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||
• | For residential mortgage loans, payments are greater than |
• | For home equity lines of credit, equity loans, and residential loans restructured in a TDR, payments are greater than |
• | For all classes of loans restructured in a TDR with a high debt-to-income ratio at time of modification; |
• | For all classes of loans, a sheriff sale is scheduled within |
• | For all classes of loans, all borrowers have been discharged of their obligation through a Chapter 7 bankruptcy; |
• | For all classes of loans, within |
• | For all classes of loans, a borrower obligated on a loan has filed bankruptcy and the loan is greater than |
• | For all classes of loans, it becomes evident that a loss is probable. |
June 30, 2019 | Initial Restructuring | Multiple Restructurings | Bankruptcy | Total | ||||||||||||
Residential Core | $ | $ | $ | $ | ||||||||||||
Residential Home Today | ||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||
Total | $ | $ | $ | $ |
September 30, 2018 | Initial Restructuring | Multiple Restructurings | Bankruptcy | Total | ||||||||||||
Residential Core | $ | $ | $ | $ | ||||||||||||
Residential Home Today | ||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||
Total | $ | $ | $ | $ |
For the Three Months Ended June 30, 2019 | ||||||||||||||||
Initial Restructuring | Multiple Restructurings | Bankruptcy | Total | |||||||||||||
Residential Core | $ | $ | $ | $ | ||||||||||||
Residential Home Today | ||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||
For the Three Months Ended June 30, 2018 | ||||||||||||||||
Initial Restructuring | Multiple Restructurings | Bankruptcy | Total | |||||||||||||
Residential Core | $ | $ | $ | $ | ||||||||||||
Residential Home Today | ||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||
For the Nine Months Ended June 30, 2019 | ||||||||||||||||
Initial Restructuring | Multiple Restructurings | Bankruptcy | Total | |||||||||||||
Residential Core | $ | $ | $ | $ | ||||||||||||
Residential Home Today | ||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||
For the Nine Months Ended June 30, 2018 | ||||||||||||||||
Initial Restructuring | Multiple Restructurings | Bankruptcy | Total | |||||||||||||
Residential Core | $ | $ | $ | $ | ||||||||||||
Residential Home Today | ||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||
For the Three Months Ended June 30, | ||||||||||||||
2019 | 2018 | |||||||||||||
TDRs That Subsequently Defaulted | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||
Residential Core | $ | $ | ||||||||||||
Residential Home Today | ||||||||||||||
Home equity loans and lines of credit | ||||||||||||||
Total | $ | $ | ||||||||||||
For the Nine Months Ended June 30, | ||||||||||||||
2019 | 2018 | |||||||||||||
TDRs That Subsequently Defaulted | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||
Residential Core | $ | $ | ||||||||||||
Residential Home Today | ||||||||||||||
Home equity loans and lines of credit | ||||||||||||||
Total | $ | $ | ||||||||||||
Pass | Special Mention | Substandard | Loss | Total | ||||||||||||||||
June 30, 2019 | ||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||
Residential Core | $ | $ | $ | $ | $ | |||||||||||||||
Residential Home Today | ||||||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||||||
Construction | ||||||||||||||||||||
Total real estate loans | $ | $ | $ | $ | $ |
Pass | Special Mention | Substandard | Loss | Total | ||||||||||||||||
September 30, 2018 | ||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||
Residential Core | $ | $ | $ | $ | $ | |||||||||||||||
Residential Home Today | ||||||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||||||
Construction | ||||||||||||||||||||
Total real estate loans | $ | $ | $ | $ | $ |
For the Three Months Ended June 30, 2019 | |||||||||||||||||||
Beginning Balance | Provisions | Charge-offs | Recoveries | Ending Balance | |||||||||||||||
Real estate loans: | |||||||||||||||||||
Residential Core | $ | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||
Residential Home Today | ( | ) | ( | ) | |||||||||||||||
Home equity loans and lines of credit | ( | ) | ( | ) | |||||||||||||||
Construction | |||||||||||||||||||
Total real estate loans | $ | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||
For the Three Months Ended June 30, 2018 | |||||||||||||||||||
Beginning Balance | Provisions | Charge-offs | Recoveries | Ending Balance | |||||||||||||||
Real estate loans: | |||||||||||||||||||
Residential Core | $ | $ | $ | ( | ) | $ | $ | ||||||||||||
Residential Home Today | ( | ) | ( | ) | |||||||||||||||
Home equity loans and lines of credit | ( | ) | ( | ) | |||||||||||||||
Construction | |||||||||||||||||||
Total real estate loans | $ | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||
For the Nine Months Ended June 30, 2019 | |||||||||||||||||||
Beginning Balance | Provisions | Charge-offs | Recoveries | Ending Balance | |||||||||||||||
Real estate loans: | |||||||||||||||||||
Residential Core | $ | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||
Residential Home Today | ( | ) | ( | ) | |||||||||||||||
Home equity loans and lines of credit | ( | ) | ( | ) | |||||||||||||||
Construction | ( | ) | |||||||||||||||||
Total real estate loans | $ | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||
For the Nine Months Ended June 30, 2018 | |||||||||||||||||||
Beginning Balance | Provisions | Charge-offs | Recoveries | Ending Balance | |||||||||||||||
Real estate loans: | |||||||||||||||||||
Residential Core | $ | $ | $ | ( | ) | $ | $ | ||||||||||||
Residential Home Today | ( | ) | ( | ) | |||||||||||||||
Home equity loans and lines of credit | ( | ) | ( | ) | |||||||||||||||
Construction | ( | ) | |||||||||||||||||
Total real estate loans | $ | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||
5. | DEPOSITS |
June 30, 2019 | September 30, 2018 | |||||||
Checking accounts | $ | $ | ||||||
Savings accounts | ||||||||
Certificates of deposit | ||||||||
Accrued interest | ||||||||
Total deposits | $ | $ |
Amount | Weighted Average Rate | |||||
Maturing in: | ||||||
12 months or less | $ | % | ||||
13 to 24 months | % | |||||
25 to 36 months | % | |||||
37 to 48 months | % | |||||
49 to 60 months | % | |||||
Over 60 months | % | |||||
Total FHLB Advances | % | |||||
Accrued interest | ||||||
Total | $ |
Amount | Swap Adjusted Weighted Average Rate | |||||
Effective maturity: | ||||||
12 months or less | $ | % | ||||
13 to 24 months | % | |||||
25 to 36 months | % | |||||
37 to 48 months | % | |||||
49 to 60 months | % | |||||
Over 60 months | % | |||||
Total FHLB Advances under swap contracts | $ | % |
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | ||||||||||||||||||||||||||||||
Unrealized Gains (Losses) on Securities Available for Sale | Cash flow hedges | Defined Benefit Plan | Total | Unrealized Gains (Losses) on Securities Available for Sale | Cash flow hedges | Defined Benefit Plan | Total | ||||||||||||||||||||||||
Balance at beginning of period | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $(7,956) and $1,679 | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
Amounts reclassified, net of tax expense (benefit) of $(671) and $(413) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||
Other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
Balance at end of period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||
For the Nine Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | ||||||||||||||||||||||||||||||
Unrealized Gains (Losses) on Securities Available for Sale | Cash flow hedges | Defined Benefit Plan | Total | Unrealized Gains (Losses) on Securities Available for Sale | Cash flow hedges | Defined Benefit Plan | Total | ||||||||||||||||||||||||
Accumulated other comprehensive income (loss) at beginning of period | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | |||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax expense (benefit) of $(16,396) and $9,040 | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
Amounts reclassified, net of tax expense (benefit) of $(2,000) and $64 | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
Adoption of ASU 2018-02 | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
Balance at end of period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income | |||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | For the Three Months Ended June 30, | For the Nine Months Ended June 30, | Line Item in the Statement of Income | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
Cash flow hedges: | |||||||||||||||||
Interest (income) expense | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | Interest expense | ||||
Net income tax effect | Income tax expense | ||||||||||||||||
Net of income tax expense (benefit) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
Amortization of pension plan: | |||||||||||||||||
Actuarial loss | (a) | ||||||||||||||||
Net income tax effect | ( | ) | ( | ) | ( | ) | ( | ) | Income tax expense | ||||||||
Net of income tax expense (benefit) | |||||||||||||||||
Adoption of ASU 2018-02 | ( | ) | (b) | ||||||||||||||
Total reclassifications for the period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||
Three Months Ended | Nine Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Interest cost | $ | $ | $ | $ | ||||||||||||
Expected return on plan assets | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Amortization of net loss | ||||||||||||||||
Net periodic cost (benefit) | $ | ( | ) | $ | $ | ( | ) | $ |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Stock option expense | $ | $ | $ | $ | |||||||||||
Restricted and performance stock units expense | |||||||||||||||
Total stock-based compensation expense | $ | $ | $ | $ |
Fixed-rate mortgage loans | $ | ||
Adjustable-rate mortgage loans | |||
Equity loans and lines of credit | |||
Total | $ |
Equity lines of credit | $ | ||
Construction loans | |||
Limited partner investments | |||
Total | $ |
Level 1 – | quoted prices (unadjusted) for identical assets or liabilities in active markets. | |
Level 2 – | quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets with few transactions, or model-based valuation techniques using assumptions that are observable in the market. | |
Level 3 – | a company’s own assumptions about how market participants would price an asset or liability. |
Recurring Fair Value Measurements at Reporting Date Using | |||||||||||||||
June 30, 2019 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets | |||||||||||||||
Investment securities available for sale: | |||||||||||||||
REMICs | $ | $ | $ | $ | |||||||||||
Fannie Mae certificates | |||||||||||||||
U.S. government and agency obligations | |||||||||||||||
Derivatives: | |||||||||||||||
Interest rate lock commitments | |||||||||||||||
Total | $ | $ | $ | $ |
Recurring Fair Value Measurements at Reporting Date Using | |||||||||||||||
September 30, 2018 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets | |||||||||||||||
Investment securities available for sale: | |||||||||||||||
REMICs | $ | $ | $ | $ | |||||||||||
Fannie Mae certificates | |||||||||||||||
U.S. government and agency obligations | |||||||||||||||
Total | $ | $ | $ | $ | |||||||||||
Liabilities | |||||||||||||||
Derivatives: | |||||||||||||||
Interest rate lock commitments | $ | $ | $ | $ | |||||||||||
Total | $ | $ | $ | $ |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Beginning balance | $ | $ | ( | ) | $ | ( | ) | $ | |||||||
Gain (loss) during the period due to changes in fair value: | |||||||||||||||
Included in other non-interest income | ( | ) | |||||||||||||
Ending balance | $ | $ | $ | $ | |||||||||||
Change in unrealized gains for the period included in earnings for assets held at end of the reporting date | $ | $ | $ | $ |
Nonrecurring Fair Value Measurements at Reporting Date Using | |||||||||||||||
June 30, 2019 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||
Impaired loans, net of allowance | $ | $ | $ | $ | |||||||||||
Real estate owned(1) | |||||||||||||||
Total | $ | $ | $ | $ |
(1) | Amounts represent fair value measurements of properties before deducting estimated costs to dispose. |
Nonrecurring Fair Value Measurements at Reporting Date Using | |||||||||||||||
September 30, 2018 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||
Impaired loans, net of allowance | $ | $ | $ | $ | |||||||||||
Real estate owned(1) | |||||||||||||||
Total | $ | $ | $ | $ |
(1) | Amounts represent fair value measurements of properties before deducting estimated costs to dispose. |
Fair Value | ||||||||||||
June 30, 2019 | Valuation Technique(s) | Unobservable Input | Range | Weighted Average | ||||||||
Impaired loans, net of allowance | $ | Market comparables of collateral discounted to estimated net proceeds | Discount appraised value to estimated net proceeds based on historical experience: | |||||||||
• Residential Properties | - | |||||||||||
Interest rate lock commitments | $ | Quoted Secondary Market pricing | Closure rate | - |
Fair Value | ||||||||||||
September 30, 2018 | Valuation Technique(s) | Unobservable Input | Range | Weighted Average | ||||||||
Impaired loans, net of allowance | $ | Market comparables of collateral discounted to estimated net proceeds | Discount appraised value to estimated net proceeds based on historical experience: | |||||||||
• Residential Properties | - | |||||||||||
Interest rate lock commitments | $( | Quoted Secondary Market pricing | Closure rate | - |
June 30, 2019 | |||||||||||||||||||
Carrying | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||
Amount | Value | ||||||||||||||||||
Assets: | |||||||||||||||||||
Cash and due from banks | $ | $ | $ | $ | $ | ||||||||||||||
Interest earning cash equivalents | |||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||
Mortgage loans held for sale | |||||||||||||||||||
Loans, net: | |||||||||||||||||||
Mortgage loans held for investment | |||||||||||||||||||
Other loans | |||||||||||||||||||
Federal Home Loan Bank stock | N/A | ||||||||||||||||||
Accrued interest receivable | |||||||||||||||||||
Cash collateral received from or held by counterparty | |||||||||||||||||||
Derivatives | |||||||||||||||||||
Liabilities: | |||||||||||||||||||
Checking and passbook accounts | $ | $ | $ | $ | $ | ||||||||||||||
Certificates of deposit | |||||||||||||||||||
Borrowed funds | |||||||||||||||||||
Borrowers’ advances for insurance and taxes | |||||||||||||||||||
Principal, interest and escrow owed on loans serviced |
September 30, 2018 | |||||||||||||||||||
Carrying | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||
Amount | Value | ||||||||||||||||||
Assets: | |||||||||||||||||||
Cash and due from banks | $ | $ | $ | $ | $ | ||||||||||||||
Interest earning cash equivalents | |||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||
Mortgage loans held for sale | |||||||||||||||||||
Loans, net: | |||||||||||||||||||
Mortgage loans held for investment | |||||||||||||||||||
Other loans | |||||||||||||||||||
Federal Home Loan Bank stock | N/A | ||||||||||||||||||
Accrued interest receivable | |||||||||||||||||||
Cash collateral received from or held by counterparty | |||||||||||||||||||
Liabilities: | |||||||||||||||||||
Checking and passbook accounts | $ | $ | $ | $ | $ | ||||||||||||||
Certificates of deposit | |||||||||||||||||||
Borrowed funds | |||||||||||||||||||
Borrowers’ advances for insurance and taxes | |||||||||||||||||||
Principal, interest and escrow owed on loans serviced | |||||||||||||||||||
Derivatives |
June 30, 2019 | September 30, 2018 | |||||||||||||||
Notional Value | Fair Value | Notional Value | Fair Value | |||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||
Cash flow hedges: Interest rate swaps | ||||||||||||||||
Other Assets | $ | $ | $ | $ | ||||||||||||
Other Liabilities | $ | $ | $ | $ | ||||||||||||
Total cash flow hedges: Interest rate swaps | $ | $ | $ | $ | ||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||
Interest rate lock commitments | ||||||||||||||||
Other Assets | $ | $ | $ | $ | ||||||||||||
Other Liabilities | $ | $ | $ | $ | ||||||||||||
Total interest rate lock commitments | $ | $ | $ | $ | ( | ) |
Three Months Ended | Nine Months Ended | ||||||||||||||||
Location of Gain or (Loss) | June 30, | June 30, | |||||||||||||||
Recognized in Income | 2019 | 2018 | 2019 | 2018 | |||||||||||||
Cash flow hedges | |||||||||||||||||
Amount of gain/(loss) recognized | Other comprehensive income | $ | ( | ) | $ | $ | ( | ) | $ | ||||||||
Amount of gain/(loss) reclassified from AOCI | Interest expense: Borrowed funds | ||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest rate lock commitments | Other non-interest income | $ | $ | $ | $ | ( | ) | ||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||
Location of Revenue | 2019 | 2018 | 2019 | 2018 | ||||||||||||||
Net Gain/(Loss) from Sales of REO | Non-Interest Expense (1) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||
Deposit Account and Other Banking Income | Non-Interest Income | |||||||||||||||||
Total | $ | ( | ) | $ | $ | $ |
Forward Looking Statements | |
This report contains forward-looking statements, which can be identified by the use of such words as estimate, project, believe, intend, anticipate, plan, seek, expect and similar expressions. These forward-looking statements include, among other things: | |
● | statements of our goals, intentions and expectations; |
● | statements regarding our business plans and prospects and growth and operating strategies; |
● | statements concerning trends in our provision for loan losses and charge-offs; |
● | statements regarding the trends in factors affecting our financial condition and results of operations, including asset quality of our loan and investment portfolios; and |
● | estimates of our risks and future costs and benefits. |
These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events: | |
● | significantly increased competition among depository and other financial institutions; |
● | inflation and changes in the interest rate environment that reduce our interest margins or reduce the fair value of financial instruments; |
● | general economic conditions, either globally, nationally or in our market areas, including employment prospects, real estate values and conditions that are worse than expected; |
● | the strength or weakness of the real estate markets and of the consumer and commercial credit sectors and its impact on the credit quality of our loans and other assets; |
● | decreased demand for our products and services and lower revenue and earnings because of a recession or other events; |
● | changes in consumer spending, borrowing and savings habits; |
● | adverse changes and volatility in the securities markets, credit markets or real estate markets; |
● | legislative or regulatory changes that adversely affect our business, including changes in regulatory costs and capital requirements and changes related to our ability to pay dividends and the ability of Third Federal Savings, MHC to waive dividends; |
● | changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; |
● | the adoption of implementing regulations by a number of different regulatory bodies under the DFA, and uncertainty in the exact nature, extent and timing of such regulations and the impact they will have on us; |
● | our ability to enter new markets successfully and take advantage of growth opportunities, and the possible short-term dilutive effect of potential acquisitions or de novo branches, if any; |
● | future adverse developments concerning Fannie Mae or Freddie Mac; |
● | changes in monetary and fiscal policy of the U.S. Government, including policies of the U.S. Treasury and the FRS and changes in the level of government support of housing finance; |
● | the continuing governmental efforts to restructure the U.S. financial and regulatory system; |
● | the ability of the U.S. Government to remain open, function properly and manage federal debt limits; |
● | changes in policy and/or assessment rates of taxing authorities that adversely affect us or our customers; |
● | changes in accounting and tax estimates; |
● | changes in our organization, or compensation and benefit plans and changes in expense trends (including, but not limited to trends affecting non-performing assets, charge-offs and provisions for loan losses); |
● | the inability of third-party providers to perform their obligations to us; |
● | a slowing or failure of the prevailing economic recovery; and |
● | cyber attacks, computer viruses and other technological risks that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data or disable our systems. |
Because of these and other uncertainties, our actual future results may be materially different from the results indicated by any forward-looking statements. Any forward-looking statement made by us in this report speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law. Please see Part II - Other Information Item 1A. Risk Factors for a discussion of certain risks related to our business. |
For the Nine Months Ended June 30, 2019 | For the Nine Months Ended June 30, 2018 | ||||||||||||
Amount | Percent | Amount | Percent | ||||||||||
(Dollars in thousands) | |||||||||||||
First Mortgage Loan Originations: | |||||||||||||
ARM (all Smart Rate) production | $ | 523,078 | 44.8 | % | $ | 840,504 | 49.0 | % | |||||
Fixed-rate production: | |||||||||||||
Terms less than or equal to 10 years | 60,468 | 5.2 | 192,960 | 11.2 | |||||||||
Terms greater than 10 years | 583,617 | 50.0 | 681,969 | 39.8 | |||||||||
Total fixed-rate production | 644,085 | 55.2 | 874,929 | 51.0 | |||||||||
Total First Mortgage Loan Originations | $ | 1,167,163 | 100.0 | % | $ | 1,715,433 | 100.0 | % |
June 30, 2019 | September 30, 2018 | ||||||||||||
Amount | Percent | Amount | Percent | ||||||||||
(Dollars in thousands) | |||||||||||||
Balance of Residential Mortgage Loans Held For Investment: | |||||||||||||
ARMs | $ | 5,086,776 | 46.6 | % | $ | 5,166,282 | 46.9 | % | |||||
Fixed-rate: | |||||||||||||
Terms less than or equal to 10 years | 1,558,540 | 14.3 | 1,822,918 | 16.5 | |||||||||
Terms greater than 10 years | 4,269,246 | 39.1 | 4,036,544 | 36.6 | |||||||||
Total fixed-rate | 5,827,786 | 53.4 | 5,859,462 | 53.1 | |||||||||
Total Residential Mortgage Loans Held For Investment | $ | 10,914,562 | 100.0 | % | $ | 11,025,744 | 100.0 | % |
Current Balance of ARM Loans Scheduled for Interest Rate Reset | |||
During the Fiscal Years Ending September 30, | (In thousands) | ||
2019 | $ | 62 | |
2020 | 650,068 | ||
2021 | 1,214,370 | ||
2022 | 1,593,569 | ||
2023 | 1,043,261 | ||
2024 | 585,446 | ||
Total | $ | 5,086,776 |
June 30, 2019 | ||||||||||
Balance | Percent | Yield | ||||||||
(Dollars in thousands) | ||||||||||
Real Estate Loans: | ||||||||||
Fixed Rate | ||||||||||
Terms less than or equal to 10 years | $ | 1,558,540 | 11.9 | % | 2.94 | % | ||||
Terms greater than 10 years | 4,269,246 | 32.7 | % | 4.09 | % | |||||
Total Fixed-Rate loans | 5,827,786 | 44.6 | % | 3.78 | % | |||||
ARMs | 5,086,776 | 39.0 | % | 3.16 | % | |||||
Home Equity Loans and Lines of Credit | 2,085,853 | 16.0 | % | 4.69 | % | |||||
Construction and Consumer | 50,528 | 0.4 | % | 4.01 | % | |||||
Total Loans Receivable, net | $ | 13,050,943 | 100.0 | % | 3.68 | % |
June 30, 2019 | ||||||||||||||
Balance | Fixed Rate Balance | Percent | Yield | |||||||||||
(Dollars in thousands) | ||||||||||||||
Residential Mortgage Loans | ||||||||||||||
Ohio | $ | 6,167,810 | $ | 4,276,870 | 47.3 | % | 3.70 | % | ||||||
Florida | 1,752,059 | 699,425 | 13.4 | % | 3.48 | % | ||||||||
Other | 2,994,693 | 851,491 | 22.9 | % | 3.07 | % | ||||||||
Total Residential Mortgage Loans | 10,914,562 | 5,827,786 | 83.6 | % | 3.49 | % | ||||||||
Home Equity Loans and Lines of Credit | ||||||||||||||
Ohio | 668,755 | 60,620 | 5.1 | % | 4.69 | % | ||||||||
Florida | 403,551 | 34,793 | 3.1 | % | 4.57 | % | ||||||||
California | 338,952 | 23,000 | 2.6 | % | 4.75 | % | ||||||||
Other | 674,595 | 17,779 | 5.2 | % | 4.73 | % | ||||||||
Total Home Equity Loans and Lines of Credit | 2,085,853 | 136,192 | 16.0 | % | 4.69 | % | ||||||||
Construction and Consumer | 50,528 | 50,528 | 0.4 | % | 4.01 | % | ||||||||
Total Loans Receivable, net | $ | 13,050,943 | $ | 6,014,506 | 100.0 | % | 3.68 | % |
(1) | individual valuation allowances (IVAs) established for any impaired loans dependent on cash flows, such as performing TDRs, and IVAs related to a portion of the allowance on loans individually reviewed that represents further deterioration in the fair value of the collateral not yet identified as uncollectible; and |
(2) | general valuation allowances (GVAs), which are comprised of quantitative GVAs, which are general allowances for loan losses for each loan type based on historical loan loss experience and qualitative GVAs, which are adjustments to the quantitative GVAs, maintained to cover uncertainties that affect our estimate of incurred probable losses for each loan type. |
• | changes in lending policies and procedures including underwriting standards, collection, charge-off or recovery practices; |
• | changes in national, regional, and local economic and business conditions and trends including housing market factors and trends, such as the status of loans in foreclosure, real estate in judgment and real estate owned, and unemployment statistics and trends; |
• | changes in the nature and volume of the portfolios including home equity lines of credit nearing the end of the draw period and adjustable-rate mortgage loans nearing a rate reset; |
• | changes in the experience, ability or depth of lending management; |
• | changes in the volume or severity of past due loans, volume of non-accrual loans, or the volume and severity of adversely classified loans including the trending of delinquency statistics (both current and historical), historical loan loss experience and trends, the frequency and magnitude of multiple restructurings of loans previously the subject of TDRs, and uncertainty surrounding borrowers’ ability to recover from temporary hardships for which short-term loan restructurings are granted; |
• | changes in the quality of the loan review system; |
• | changes in the value of the underlying collateral including asset disposition loss statistics (both current and historical) and the trending of those statistics, and additional charge-offs on individually reviewed loans; |
• | existence of any concentrations of credit; and |
• | effect of other external factors such as competition, market interest rate changes or legal and regulatory requirements including market conditions and regulatory directives that impact the entire financial services industry. |
June 30, 2019 | March 31, 2019 | |||||||||||||||||||
Amount | Percent of Allowance to Total Allowance | Percent of Loans in Category to Total Loans | Amount | Percent of Allowance to Total Allowance | Percent of Loans in Category to Total Loans | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||
Residential Core | $ | 18,720 | 47.6 | % | 83.0 | % | $ | 19,587 | 48.7 | % | 83.7 | % | ||||||||
Residential Home Today | 3,378 | 8.6 | 0.6 | 3,275 | 8.1 | 0.7 | ||||||||||||||
Home equity loans and lines of credit | 17,211 | 43.8 | 16.0 | 17,420 | 43.2 | 15.2 | ||||||||||||||
Construction | 4 | — | 0.4 | 4 | — | 0.4 | ||||||||||||||
Total allowance | $ | 39,313 | 100.0 | % | 100.0 | % | $ | 40,286 | 100.0 | % | 100.0 | % |
September 30, 2018 | June 30, 2018 | |||||||||||||||||||
Amount | Percent of Allowance to Total Allowance | Percent of Loans in Category to Total Loans | Amount | Percent of Allowance to Total Allowance | Percent of Loans in Category to Total Loans | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||
Residential Core | $ | 18,288 | 43.1 | % | 84.7 | % | $ | 18,483 | 43.1 | % | 85.0 | % | ||||||||
Residential Home Today | 3,204 | 7.6 | 0.7 | 3,372 | 7.8 | 0.8 | ||||||||||||||
Home equity loans and lines of credit | 20,921 | 49.3 | 14.1 | 21,112 | 49.1 | 13.7 | ||||||||||||||
Construction | 5 | — | 0.5 | 4 | — | 0.5 | ||||||||||||||
Total allowance | $ | 42,418 | 100.0 | % | 100.0 | % | $ | 42,971 | 100.0 | % | 100.0 | % |
As of and For the Three Months Ended June 30, | As of and For the Nine Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Allowance balance (beginning of the period) | $ | 40,286 | $ | 43,106 | $ | 42,418 | $ | 48,948 | |||||||
Charge-offs: | |||||||||||||||
Real estate loans: | |||||||||||||||
Residential Core | |||||||||||||||
Ohio | 342 | 134 | 713 | 665 | |||||||||||
Florida | 158 | 22 | 244 | 51 | |||||||||||
Other | — | — | 85 | 27 | |||||||||||
Total Residential Core | 500 | 156 | 1,042 | 743 | |||||||||||
Residential Home Today | |||||||||||||||
Ohio | 257 | 214 | 583 | 1,120 | |||||||||||
Florida | — | — | — | 57 | |||||||||||
Total Residential Home Today | 257 | 214 | 583 | 1,177 | |||||||||||
Home equity loans and lines of credit | |||||||||||||||
Ohio | 389 | 339 | 908 | 1,932 | |||||||||||
Florida | 144 | 837 | 644 | 1,936 | |||||||||||
California | — | — | 22 | — | |||||||||||
Other | 227 | — | 504 | 463 | |||||||||||
Total Home equity loans and lines of credit | 760 | 1,176 | 2,078 | 4,331 | |||||||||||
Total charge-offs | 1,517 | 1,546 | 3,703 | 6,251 | |||||||||||
Recoveries: | |||||||||||||||
Real estate loans: | |||||||||||||||
Residential Core | 498 | 506 | 1,475 | 1,886 | |||||||||||
Residential Home Today | 385 | 555 | 1,477 | 1,556 | |||||||||||
Home equity loans and lines of credit | 1,661 | 2,350 | 5,646 | 5,832 | |||||||||||
Total recoveries | 2,544 | 3,411 | 8,598 | 9,274 | |||||||||||
Net recoveries (charge-offs) | 1,027 | 1,865 | 4,895 | 3,023 | |||||||||||
Provision (Credit) for loan losses | (2,000 | ) | (2,000 | ) | (8,000 | ) | (9,000 | ) | |||||||
Allowance balance (end of the period) | $ | 39,313 | $ | 42,971 | $ | 39,313 | $ | 42,971 | |||||||
Ratios: | |||||||||||||||
Net charge-offs (recoveries) to average loans outstanding (annualized) | 0.03 | % | 0.06 | % | 0.05 | % | 0.02 | % | |||||||
Allowance for loan losses to non-accrual loans at end of the period | 53.24 | % | 60.24 | % | 53.24 | % | 60.24 | % | |||||||
Allowance for loan losses to the total recorded investment in loans at end of the period | 0.30 | % | 0.34 | % | 0.30 | % | 0.34 | % |
• | Residential Core – The recorded investment of this segment of the loan portfolio increased 0.2%, or $23.2 million, while the total allowance for loan losses for this segment decreased 4.4% or $0.9 million. The portion of this loan segment’s allowance for loan losses that was determined by evaluating groups of loans collectively (i.e. those loans that were not individually evaluated), decreased $0.4 million, or 3.6%, from $12.4 million at March 31, 2019, to $11.9 million at June 30, 2019. The ratio of this portion of the allowance for loan losses to the total balance of loans in this loan segment that were evaluated collectively, decreased 0.01% to 0.11% at June 30, 2019 from 0.12% at March 31, 2019. Total delinquencies decreased 18.8% to $17.9 million at June 30, 2019 from $22.1 million at March 31, 2019. Loans 90 or more days delinquent increased 2.3% to $10.9 million at June 30, 2019 from $10.6 million at March 31, 2019. There were net charge-offs of $2 thousand for the quarter ended June 30, 2019 compared to net recoveries of $0.4 million during the quarter ended June 30, 2018. Improved delinquencies and continued recoveries warrant the decrease in the allowance. |
• | Residential Home Today – The recorded investment of this segment of the loan portfolio decreased 2.9%, or $2.7 million, as we are no longer originating loans under the Home Today program. The total allowance for loan losses for this segment increased by $0.1 million or 3.1%. The portion of this loan segment’s allowance for loan losses that was determined by evaluating groups of loans collectively (i.e. those loans that were not individually evaluated), decreased by 14.9% to $0.9 million at June 30, 2019 from $1.1 million at March 31, 2019. Similarly, the ratio of this portion of the allowance to the total balance of loans in this loan segment that were evaluated collectively, decreased 0.3% to 1.9% at June 30, 2019 from 2.2% at March 31, 2019. Total delinquencies decreased to $7.7 million at June 30, 2019 from $7.9 million at March 31, 2019. Delinquencies greater than 90 days decreased 14.7% to $3.3 million from $3.9 million at March 31, 2019. Net recoveries of $0.1 million were slightly less during the current quarter compared to $0.3 million during the quarter ended June 30, 2018. The allowance for this portfolio fluctuates based on not only the generally declining portfolio balance, but also on the credit profile trends in this portfolio. This portfolio's allowance increased slightly this quarter, even though there was a decrease in the Home Today balance, as we continue to be aware that risk remains based on the generally less stringent credit requirements that were in place at the time that these borrowers qualified for their loans and the continued depressed home values that remain in this portfolio. |
• | Home Equity Loans and Lines of Credit – The recorded investment of this segment of the loan portfolio increased 6.1%, or $121.9 million, to $2.11 billion at June 30, 2019 from $1.99 billion at March 31, 2019. The total allowance for loan losses for this segment decreased 1.20% to $17.2 million from $17.4 million at March 31, 2019. During the quarter ended June 30, 2019, the portion of this loan segment's allowance for loan losses that was determined by evaluating groups of loans collectively (i.e. those loans that were not individually evaluated) decreased by $0.4 million, or 2.3%, from $13.9 million to $13.5 million during the quarter ended June 30, 2019. The ratio of this portion of the allowance to the total balance of loans in this loan segment that were evaluated collectively remained at 0.7% at June 30, 2019 and at March 31, 2019. Net recoveries for this loan segment during the current quarter were less at $0.9 million as compared to $1.2 million for the quarter ended June 30, 2018. Total delinquencies for this portfolio segment increased 3.0% to $12.1 million at June 30, 2019 as compared to $11.7 million at March 31, 2019. Delinquencies greater than 90 days increased 6.9% to $6.8 million at June 30, 2019 from $6.3 million at March 31, 2019. The reduction in the allowance is mainly supported by a reduction in the principal balance of home equity lines of credit coming to an end of the draw period. In recent years, a large portion of the overall allowance has been allocated to the home equity loans and lines of credit portfolio to address exposure from customers whose lines of credit were originated without amortizing payments during the draw period and who could face potential increased payment shock at the end of the draw period. In general, home equity lines of credit originated prior to June 2010 were characterized by a ten-year draw period, with interest only payments, followed by a ten-year repayment period. However, a large number of those lines of credit approaching the end of draw period have been paid off or refinanced without significant loss. The principal balance of home equity lines of credit originated without amortizing payments |
June 30, 2019 | March 31, 2019 | September 30, 2018 | June 30, 2018 | ||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||
Residential Core | |||||||||||||||||||||||||||
Ohio | $ | 6,084,087 | $ | 6,026,509 | $ | 6,052,208 | $ | 5,972,632 | |||||||||||||||||||
Florida | 1,748,170 | 1,741,571 | 1,758,762 | 1,739,779 | |||||||||||||||||||||||
Other | 2,994,520 | 3,035,470 | 3,119,841 | 3,093,342 | |||||||||||||||||||||||
Total Residential Core | 10,826,777 | 83.0 | % | 10,803,550 | 83.7 | % | 10,930,811 | 84.7 | % | 10,805,753 | 85.0 | % | |||||||||||||||
Residential Home Today | |||||||||||||||||||||||||||
Ohio | 83,723 | 86,258 | 90,604 | 93,567 | |||||||||||||||||||||||
Florida | 3,889 | 4,062 | 4,150 | 4,504 | |||||||||||||||||||||||
Other | 173 | 175 | 179 | 181 | |||||||||||||||||||||||
Total Residential Home Today | 87,785 | 0.6 | 90,495 | 0.7 | 94,933 | 0.7 | 98,252 | 0.8 | |||||||||||||||||||
Home equity loans and lines of credit | |||||||||||||||||||||||||||
Ohio | 668,755 | 662,068 | 652,271 | 632,740 | |||||||||||||||||||||||
Florida | 403,551 | 392,651 | 369,252 | 359,401 | |||||||||||||||||||||||
California | 338,952 | 305,042 | 268,230 | 252,935 | |||||||||||||||||||||||
Other | 674,595 | 605,819 | 529,165 | 502,787 | |||||||||||||||||||||||
Total Home equity loans and lines of credit | 2,085,853 | 16.0 | 1,965,580 | 15.2 | 1,818,918 | 14.1 | 1,747,863 | 13.7 | |||||||||||||||||||
Total Construction | 47,650 | 0.4 | 47,783 | 0.4 | 64,012 | 0.5 | 60,715 | 0.5 | |||||||||||||||||||
Other consumer loans | 2,878 | — | 2,793 | — | 3,021 | — | 3,040 | — | |||||||||||||||||||
Total loans receivable | 13,050,943 | 100.0 | % | 12,910,201 | 100.0 | % | 12,911,695 | 100.0 | % | 12,715,623 | 100.0 | % | |||||||||||||||
Deferred loan expenses, net | 41,724 | 40,177 | 38,566 | 38,080 | |||||||||||||||||||||||
Loans in process | (24,856 | ) | (25,089 | ) | (36,549 | ) | (39,350 | ) | |||||||||||||||||||
Allowance for loan losses | (39,313 | ) | (40,286 | ) | (42,418 | ) | (42,971 | ) | |||||||||||||||||||
Total loans receivable, net | $ | 13,028,498 | $ | 12,885,003 | $ | 12,871,294 | $ | 12,671,382 |
Credit Exposure | Principal Balance | Percent Delinquent 90 Days or More | Mean CLTV Percent at Origination (2) | Current Mean CLTV Percent (3) | |||||||||||||
(Dollars in thousands) | |||||||||||||||||
Home equity lines of credit in draw period (by state) | |||||||||||||||||
Ohio | $ | 1,334,357 | $ | 511,801 | 0.13 | % | 60 | % | 52 | % | |||||||
Florida | 578,817 | 283,047 | 0.02 | % | 58 | % | 52 | % | |||||||||
California | 570,900 | 260,889 | — | % | 62 | % | 59 | % | |||||||||
Other (1) | 1,269,077 | 588,201 | 0.02 | % | 65 | % | 60 | % | |||||||||
Total home equity lines of credit in draw period | 3,753,151 | 1,643,938 | 0.05 | % | 61 | % | 55 | % | |||||||||
Home equity lines in repayment, home equity loans and bridge loans | 441,915 | 441,915 | 1.35 | % | 66 | % | 48 | % | |||||||||
Total | $ | 4,195,066 | $ | 2,085,853 | 0.32 | % | 62 | % | 54 | % |
(1) | No other individual state has a committed or drawn balance greater than 10% of our total equity lending portfolio nor 5% of total loans. |
(2) | Mean CLTV percent at origination for all home equity lines of credit is based on the committed amount. |
(3) | Current Mean CLTV is based on best available first mortgage and property values as of June 30, 2019. Property values are estimated using HPI data published by the FHFA. Current Mean CLTV percent for home equity lines of credit in the draw period is calculated using the committed amount. Current Mean CLTV on home equity lines of credit in the repayment period is calculated using the principal balance. |
Credit Exposure | Principal Balance | Percent Delinquent 90 Days or More | Mean CLTV Percent at Origination (1) | Current Mean CLTV Percent (2) | |||||||||||||
(Dollars in thousands) | |||||||||||||||||
Home equity lines of credit in draw period (3) | |||||||||||||||||
2009 and Prior | $ | 40,599 | $ | 13,363 | 0.56 | % | 59 | % | 45 | % | |||||||
2010 | 11,415 | 3,462 | 3.02 | % | 59 | % | 41 | % | |||||||||
2013 | 40 | 18 | — | % | 79 | % | 56 | % | |||||||||
2014 | 126,780 | 41,813 | 0.12 | % | 60 | % | 42 | % | |||||||||
2015 | 221,962 | 86,435 | 0.05 | % | 60 | % | 45 | % | |||||||||
2016 | 408,491 | 168,768 | 0.21 | % | 61 | % | 50 | % | |||||||||
2017 | 883,490 | 404,251 | 0.03 | % | 60 | % | 54 | % | |||||||||
2018 | 1,222,443 | 582,145 | 0.01 | % | 61 | % | 59 | % | |||||||||
2019 | 837,931 | 343,683 | — | % | 63 | % | 63 | % | |||||||||
Total home equity lines of credit in draw period | 3,753,151 | 1,643,938 | 0.05 | % | 61 | % | 55 | % | |||||||||
Home equity lines in repayment, home equity loans and bridge loans | 441,915 | 441,915 | 1.35 | % | 66 | % | 48 | % | |||||||||
Total | $ | 4,195,066 | $ | 2,085,853 | 0.32 | % | 62 | % | 54 | % |
(1) | Mean CLTV percent at origination for all home equity lines of credit is based on the committed amount. |
(2) | Current Mean CLTV is based on best available first mortgage and property values as of June 30, 2019. Property values are estimated using HPI data published by the FHFA. Current Mean CLTV percent for home equity lines of credit in the draw period is calculated using the committed amount. Current Mean CLTV on home equity lines of credit in the repayment period is calculated using the principal balance. |
(3) | There are no remaining principal balances of home equity lines of credit for years 2011 and 2012. Those years are excluded from the table above. |
Current CLTV Category | |||||||||||||||||
Home equity lines of credit in draw period (by end of draw fiscal year): | < 80% | 80 - 89.9% | 90 - 100% | >100% | Unknown (2) | Total | |||||||||||
(Dollars in thousands) | |||||||||||||||||
2019 (1) | $33,024 | $341 | $50 | $0 | $92 | $33,507 | |||||||||||
2020 (1) | 90,148 | 19 | 14 | — | 77 | 90,258 | |||||||||||
2021 | 32,988 | — | — | — | — | 32,988 | |||||||||||
2022 | 31 | — | — | — | — | 31 | |||||||||||
2023 | 18 | — | — | — | — | 18 | |||||||||||
2024 | 17,272 | — | — | 5 | — | 17,277 | |||||||||||
Post 2024 | 1,451,079 | 17,525 | 308 | 271 | 676 | 1,469,859 | |||||||||||
Total | $1,624,560 | $17,885 | $372 | $276 | $845 | $1,643,938 |
(1) | Home equity lines of credit whose draw period ends in fiscal years 2019 and 2020 include $7.5 million and $9.2 million, respectively, of lines where the customer has an interest only payment during the draw period. All other home equity lines of credit have an amortizing payment during the draw period. |
(2) | Market data necessary for stratification is not readily available. |
Credit Exposure | Principal Balance | Percent of Total Principal Balance | Percent Delinquent 90 Days or More | Mean CLTV Percent at Origination (2) | Current Mean CLTV Percent (3) | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Home equity lines of credit in draw period (by current mean CLTV) | ||||||||||||||||||||
< 80% | $ | 3,703,523 | $ | 1,624,560 | 98.7 | % | 0.05 | % | 61 | % | 55 | % | ||||||||
80 - 89.9% | 46,245 | 17,885 | 1.1 | % | 0.42 | % | 80 | % | 81 | % | ||||||||||
90 - 100% | 756 | 372 | 0.1 | % | — | % | 80 | % | 94 | % | ||||||||||
> 100% | 720 | 276 | — | % | — | % | 77 | % | 121 | % | ||||||||||
Unknown (1) | 1,907 | 845 | 0.1 | % | — | % | 44 | % | (1 | ) | ||||||||||
$ | 3,753,151 | $ | 1,643,938 | 100.0 | % | 0.05 | % | 61 | % | 55 | % |
(1) | Market data necessary for stratification is not readily available. |
(2) | Mean CLTV percent at origination for all home equity lines of credit is based on the committed amount. |
(3) | Current Mean CLTV is based on best available first mortgage and property values as of June 30, 2019. Property values are estimated using HPI data published by the FHFA. Current Mean CLTV percent for home equity lines of credit in the draw period is calculated using the committed amount. Current Mean CLTV on home equity lines of credit in the repayment period is calculated using the principal balance. |
Loans Delinquent for | ||||||||||||
30-89 Days | 90 Days or More | Total | ||||||||||
(Dollars in thousands) | ||||||||||||
June 30, 2019 | ||||||||||||
Real estate loans: | ||||||||||||
Residential Core | ||||||||||||
Ohio | $ | 6,003 | $ | 7,632 | $ | 13,635 | ||||||
Florida | 665 | 1,888 | 2,553 | |||||||||
Other | 379 | 1,361 | 1,740 | |||||||||
Total Residential Core | 7,047 | 10,881 | 17,928 | |||||||||
Residential Home Today | ||||||||||||
Ohio | 4,098 | 3,269 | 7,367 | |||||||||
Florida | 274 | 40 | 314 | |||||||||
Total Residential Home Today | 4,372 | 3,309 | 7,681 | |||||||||
Home equity loans and lines of credit | ||||||||||||
Ohio | 1,387 | 2,677 | 4,064 | |||||||||
Florida | 1,718 | 1,388 | 3,106 | |||||||||
California | 799 | 685 | 1,484 | |||||||||
Other | 1,390 | 2,023 | 3,413 | |||||||||
Total Home equity loans and lines of credit | 5,294 | 6,773 | 12,067 | |||||||||
Total | $ | 16,713 | $ | 20,963 | $ | 37,676 |
Loans Delinquent for | ||||||||||||
30-89 Days | 90 Days or More | Total | ||||||||||
(Dollars in thousands) | ||||||||||||
March 31, 2019 | ||||||||||||
Real estate loans: | ||||||||||||
Residential Core | ||||||||||||
Ohio | $ | 8,108 | $ | 7,015 | $ | 15,123 | ||||||
Florida | 1,931 | 1,443 | 3,374 | |||||||||
Other | 1,407 | 2,174 | 3,581 | |||||||||
Total Residential Core | 11,446 | 10,632 | 22,078 | |||||||||
Residential Home Today | ||||||||||||
Ohio | 3,820 | 3,836 | 7,656 | |||||||||
Florida | 175 | 45 | 220 | |||||||||
Total Residential Home Today | 3,995 | 3,881 | 7,876 | |||||||||
Home equity loans and lines of credit | ||||||||||||
Ohio | 2,343 | 2,052 | 4,395 | |||||||||
Florida | 955 | 1,493 | 2,448 | |||||||||
California | 438 | 906 | 1,344 | |||||||||
Other | 1,644 | 1,885 | 3,529 | |||||||||
Total Home equity loans and lines of credit | 5,380 | 6,336 | 11,716 | |||||||||
Total | $ | 20,821 | $ | 20,849 | $ | 41,670 | ||||||
Loans Delinquent for | ||||||||||||
30-89 Days | 90 Days or More | Total | ||||||||||
(Dollars in thousands) | ||||||||||||
September 30, 2018 | ||||||||||||
Real estate loans: | ||||||||||||
Residential Core | ||||||||||||
Ohio | $ | 7,622 | $ | 7,392 | $ | 15,014 | ||||||
Florida | 906 | 2,455 | 3,361 | |||||||||
Other | 1,346 | 960 | 2,306 | |||||||||
Total Residential Core | 9,874 | 10,807 | 20,681 | |||||||||
Residential Home Today | ||||||||||||
Ohio | 4,483 | 3,756 | 8,239 | |||||||||
Florida | 69 | 58 | 127 | |||||||||
Total Residential Home Today | 4,552 | 3,814 | 8,366 | |||||||||
Home equity loans and lines of credit | ||||||||||||
Ohio | 2,117 | 2,286 | 4,403 | |||||||||
Florida | 2,011 | 2,085 | 4,096 | |||||||||
California | 302 | 255 | 557 | |||||||||
Other | 2,037 | 1,307 | 3,344 | |||||||||
Total Home equity loans and lines of credit | 6,467 | 5,933 | 12,400 | |||||||||
Total | $ | 20,893 | $ | 20,554 | $ | 41,447 |
Loans Delinquent for | ||||||||||||
30-89 Days | 90 Days or More | Total | ||||||||||
(Dollars in thousands) | ||||||||||||
June 30, 2018 | ||||||||||||
Real estate loans: | ||||||||||||
Residential Core | ||||||||||||
Ohio | $ | 8,489 | $ | 7,741 | $ | 16,230 | ||||||
Florida | 868 | 2,034 | 2,902 | |||||||||
Other | 1,258 | 148 | 1,406 | |||||||||
Total Residential Core | 10,615 | 9,923 | 20,538 | |||||||||
Residential Home Today | ||||||||||||
Ohio | 3,300 | 4,802 | 8,102 | |||||||||
Florida | 140 | 135 | 275 | |||||||||
Total Residential Home Today | 3,440 | 4,937 | 8,377 | |||||||||
Home equity loans and lines of credit | ||||||||||||
Ohio | 2,202 | 2,226 | 4,428 | |||||||||
Florida | 1,500 | 1,891 | 3,391 | |||||||||
California | 786 | 305 | 1,091 | |||||||||
Other | 1,408 | 1,491 | 2,899 | |||||||||
Total Home equity loans and lines of credit | 5,896 | 5,913 | 11,809 | |||||||||
Total | $ | 19,951 | $ | 20,773 | $ | 40,724 |
June 30, 2019 | March 31, 2019 | September 30, 2018 | June 30, 2018 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Non-accrual loans: | ||||||||||||||||
Real estate loans: | ||||||||||||||||
Residential Core | $ | 38,696 | $ | 41,126 | $ | 41,628 | $ | 39,618 | ||||||||
Residential Home Today | 13,085 | 14,202 | 14,641 | 14,799 | ||||||||||||
Home equity loans and lines of credit | 22,055 | 21,943 | 21,483 | 16,917 | ||||||||||||
Total non-accrual loans (1)(2) | 73,836 | 77,271 | 77,752 | 71,334 | ||||||||||||
Real estate owned | 2,120 | 2,898 | 2,794 | 3,191 | ||||||||||||
Total non-performing assets | $ | 75,956 | $ | 80,169 | $ | 80,546 | $ | 74,525 | ||||||||
Ratios: | ||||||||||||||||
Total non-accrual loans to total loans | 0.57 | % | 0.60 | % | 0.60 | % | 0.56 | % | ||||||||
Total non-accrual loans to total assets | 0.51 | % | 0.54 | % | 0.55 | % | 0.51 | % | ||||||||
Total non-performing assets to total assets | 0.53 | % | 0.56 | % | 0.57 | % | 0.53 | % | ||||||||
TDRs: (not included in non-accrual loans above) | ||||||||||||||||
Real estate loans: | ||||||||||||||||
Residential Core | $ | 49,575 | $ | 51,072 | $ | 50,351 | $ | 52,046 | ||||||||
Residential Home Today | 25,176 | 25,354 | 26,861 | 28,420 | ||||||||||||
Home equity loans and lines of credit | 25,444 | 26,005 | 25,604 | 27,299 | ||||||||||||
Total | $ | 100,195 | $ | 102,431 | $ | 102,816 | $ | 107,765 |
(1) | Totals at June 30, 2019, March 31, 2019, September 30, 2018, and June 30, 2018, include $49.8 million, $53.3 million, $52.1 million, and $45.4 million, respectively, in TDRs that are less than 90 days past due but included with non-accrual loans for a minimum period of six months from the restructuring date due to their non-accrual status prior to restructuring, because they have been partially charged off, or because all borrowers have been discharged of their obligation through a Chapter 7 bankruptcy. |
(2) | Includes $10.7 million, $10.6 million, $10.5 million, and $10.9 million in TDRs that are 90 days or more past due at June 30, 2019, March 31, 2019, September 30, 2018, and June 30, 2018, respectively. |
June 30, 2019 | March 31, 2019 | September 30, 2018 | June 30, 2018 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Non-Accrual Loans | $ | 73,836 | $ | 77,271 | $ | 77,752 | $ | 71,334 | ||||||||
Accruing TDRs | 100,195 | 102,431 | 102,816 | 107,765 | ||||||||||||
Performing Impaired | 5,190 | 4,537 | 3,982 | 5,583 | ||||||||||||
Collectively Evaluated | (3,720 | ) | (2,211 | ) | (3,756 | ) | (3,020 | ) | ||||||||
Total Impaired loans | $ | 175,501 | $ | 182,028 | $ | 180,794 | $ | 181,662 |
Initial Restructurings | Multiple Restructurings | Bankruptcy | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Accrual | ||||||||||||||||
Residential Core | $ | 28,298 | $ | 14,252 | $ | 7,025 | $ | 49,575 | ||||||||
Residential Home Today | 14,732 | 9,458 | 986 | 25,176 | ||||||||||||
Home equity loans and lines of credit | 24,259 | 173 | 1,012 | 25,444 | ||||||||||||
Total | $ | 67,289 | $ | 23,883 | $ | 9,023 | $ | 100,195 | ||||||||
Non-Accrual, Performing | ||||||||||||||||
Residential Core | $ | 4,988 | $ | 8,683 | $ | 12,488 | $ | 26,159 | ||||||||
Residential Home Today | 1,644 | 5,698 | 1,991 | 9,333 | ||||||||||||
Home equity loans and lines of credit | 9,610 | 2,608 | 2,059 | 14,277 | ||||||||||||
Total | $ | 16,242 | $ | 16,989 | $ | 16,538 | $ | 49,769 | ||||||||
Non-Accrual, Non-Performing | ||||||||||||||||
Residential Core | $ | 3,667 | $ | 1,677 | $ | 724 | $ | 6,068 | ||||||||
Residential Home Today | 433 | 2,056 | 498 | 2,987 | ||||||||||||
Home equity loans and lines of credit | 1,101 | 105 | 433 | 1,639 | ||||||||||||
Total | $ | 5,201 | $ | 3,838 | $ | 1,655 | $ | 10,694 | ||||||||
Total TDRs | ||||||||||||||||
Residential Core | $ | 36,953 | $ | 24,612 | $ | 20,237 | $ | 81,802 | ||||||||
Residential Home Today | 16,809 | 17,212 | 3,475 | 37,496 | ||||||||||||
Home equity loans and lines of credit | 34,970 | 2,886 | 3,504 | 41,360 | ||||||||||||
Total | $ | 88,732 | $ | 44,710 | $ | 27,216 | $ | 160,658 |
Three Months Ended | Three Months Ended | |||||||||||||||||||||
June 30, 2019 | June 30, 2018 | |||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Cost (1) | Average Balance | Interest Income/ Expense | Yield/ Cost (1) | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||
Interest-earning cash equivalents | $ | 215,523 | $ | 1,256 | 2.33 | % | $ | 222,178 | $ | 986 | 1.78 | % | ||||||||||
Investment securities | 3,992 | 24 | 2.40 | % | 529 | 3 | 2.27 | % | ||||||||||||||
Mortgage-backed securities | 562,877 | 3,365 | 2.39 | % | 542,308 | 2,888 | 2.13 | % | ||||||||||||||
Loans (2) | 12,919,756 | 115,129 | 3.56 | % | 12,614,419 | 105,956 | 3.36 | % | ||||||||||||||
Federal Home Loan Bank stock | 99,173 | 1,269 | 5.12 | % | 93,544 | 1,285 | 5.49 | % | ||||||||||||||
Total interest-earning assets | 13,801,321 | 121,043 | 3.51 | % | 13,472,978 | 111,118 | 3.30 | % | ||||||||||||||
Noninterest-earning assets | 425,132 | 370,488 | ||||||||||||||||||||
Total assets | $ | 14,226,453 | $ | 13,843,466 | ||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||
Checking accounts | $ | 883,416 | 868 | 0.39 | % | $ | 947,694 | 453 | 0.19 | % | ||||||||||||
Savings accounts | 1,409,334 | 3,191 | 0.91 | % | 1,335,837 | 1,106 | 0.33 | % | ||||||||||||||
Certificates of deposit | 6,419,914 | 33,100 | 2.06 | % | 6,092,210 | 24,751 | 1.63 | % | ||||||||||||||
Borrowed funds | 3,572,771 | 18,366 | 2.06 | % | 3,524,967 | 14,535 | 1.65 | % | ||||||||||||||
Total interest-bearing liabilities | 12,285,435 | 55,525 | 1.81 | % | 11,900,708 | 40,845 | 1.37 | % | ||||||||||||||
Noninterest-bearing liabilities | 192,553 | 188,723 | ||||||||||||||||||||
Total liabilities | 12,477,988 | 12,089,431 | ||||||||||||||||||||
Shareholders’ equity | 1,748,465 | 1,754,035 | ||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 14,226,453 | $ | 13,843,466 | ||||||||||||||||||
Net interest income | $ | 65,518 | $ | 70,273 | ||||||||||||||||||
Interest rate spread (1)(3) | 1.70 | % | 1.93 | % | ||||||||||||||||||
Net interest-earning assets (4) | $ | 1,515,886 | $ | 1,572,270 | ||||||||||||||||||
Net interest margin (1)(5) | 1.90 | % | 2.09 | % | ||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 112.34 | % | 113.21 | % | ||||||||||||||||||
Selected performance ratios: | ||||||||||||||||||||||
Return on average assets (1) | 0.51 | % | 0.60 | % | ||||||||||||||||||
Return on average equity (1) | 4.18 | % | 4.76 | % | ||||||||||||||||||
Average equity to average assets | 12.29 | % | 12.67 | % |
(1) | Annualized. |
(2) | Loans include both mortgage loans held for sale and loans held for investment. |
(3) | Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. |
(4) | Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. |
(5) | Net interest margin represents net interest income divided by total interest-earning assets. |
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||
June 30, 2019 | June 30, 2018 | |||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Cost (1) | Average Balance | Interest Income/ Expense | Yield/ Cost (1) | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||
Interest-earning cash equivalents | $ | 218,789 | $ | 3,743 | 2.28 | % | $ | 231,034 | $ | 2,641 | 1.52 | % | ||||||||||
Investment securities | 3,981 | 71 | 2.38 | % | 176 | 3 | 2.27 | % | ||||||||||||||
Mortgage-backed securities | 555,061 | 9,936 | 2.39 | % | 540,975 | 8,236 | 2.03 | % | ||||||||||||||
Loans (2) | 12,889,286 | 341,926 | 3.54 | % | 12,572,328 | 313,821 | 3.33 | % | ||||||||||||||
Federal Home Loan Bank stock | 95,420 | 4,098 | 5.73 | % | 92,196 | 3,826 | 5.53 | % | ||||||||||||||
Total interest-earning assets | 13,762,537 | 359,774 | 3.49 | % | 13,436,709 | 328,527 | 3.26 | % | ||||||||||||||
Noninterest-earning assets | 403,760 | 371,923 | ||||||||||||||||||||
Total assets | $ | 14,166,297 | $ | 13,808,632 | ||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||
Checking accounts | $ | 887,980 | 2,477 | 0.37 | % | $ | 958,256 | 903 | 0.13 | % | ||||||||||||
Savings accounts | 1,358,347 | 8,267 | 0.81 | % | 1,396,146 | 2,101 | 0.20 | % | ||||||||||||||
Certificates of deposit | 6,383,562 | 94,254 | 1.97 | % | 5,906,826 | 69,930 | 1.58 | % | ||||||||||||||
Borrowed funds | 3,597,994 | 53,685 | 1.99 | % | 3,630,208 | 43,634 | 1.60 | % | ||||||||||||||
Total interest-bearing liabilities | 12,227,883 | 158,683 | 1.73 | % | 11,891,436 | 116,568 | 1.31 | % | ||||||||||||||
Noninterest-bearing liabilities | 177,676 | 186,942 | ||||||||||||||||||||
Total liabilities | 12,405,559 | 12,078,378 | ||||||||||||||||||||
Shareholders’ equity | 1,760,738 | 1,730,254 | ||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 14,166,297 | $ | 13,808,632 | ||||||||||||||||||
Net interest income | $ | 201,091 | $ | 211,959 | ||||||||||||||||||
Interest rate spread (1)(3) | 1.76 | % | 1.95 | % | ||||||||||||||||||
Net interest-earning assets (4) | $ | 1,534,654 | $ | 1,545,273 | ||||||||||||||||||
Net interest margin (1)(5) | 1.95 | % | 2.10 | % | ||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 112.55 | % | 112.99 | % | ||||||||||||||||||
Selected performance ratios: | ||||||||||||||||||||||
Return on average assets (1) | 0.55 | % | 0.62 | % | ||||||||||||||||||
Return on average equity (1) | 4.45 | % | 4.92 | % | ||||||||||||||||||
Average equity to average assets | 12.43 | % | 12.53 | % |
(1) | Annualized. |
(2) | Loans include both mortgage loans held for sale and loans held for investment. |
(3) | Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. |
(4) | Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. |
(5) | Net interest margin represents net interest income divided by total interest-earning assets. |
Actual | Well Capitalized Levels | |||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||
Total Capital to Risk-Weighted Assets | $ | 1,535,830 | 19.55 | % | $ | 785,599 | 10.00 | % | ||||||
Tier 1 (Leverage) Capital to Net Average Assets | 1,496,514 | 10.54 | % | 709,596 | 5.00 | % | ||||||||
Tier 1 Capital to Risk-Weighted Assets | 1,496,514 | 19.05 | % | 628,479 | 8.00 | % | ||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | 1,496,500 | 19.05 | % | 510,639 | 6.50 | % |
Actual | |||||||
Amount | Ratio | ||||||
Total Capital to Risk-Weighted Assets | $ | 1,771,840 | 22.47 | % | |||
Tier 1 (Leverage) Capital to Net Average Assets | 1,732,527 | 12.18 | % | ||||
Tier 1 Capital to Risk-Weighted Assets | 1,732,527 | 21.97 | % | ||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | 1,732,527 | 21.97 | % |
(i) | marketing adjustable-rate and shorter-maturity (10-year, fixed-rate mortgage) loan products; |
(ii) | lengthening the weighted average remaining term of major funding sources, primarily by offering attractive interest rates on deposit products, particularly longer-term certificates of deposit, and through the use of longer-term advances from the FHLB of Cincinnati (or shorter-term advances converted to longer-term durations via the use of interest rate exchange contracts that qualify as cash flow hedges) and longer-term brokered certificates of deposit; |
(iii) | investing in shorter- to medium-term investments and mortgage-backed securities; |
(iv) | maintaining the levels of capital required for "well capitalized" designation; and |
(v) | securitizing and/or selling long-term, fixed-rate residential real estate mortgage loans. |
EVE as a Percentage of Present Value of Assets (3) | |||||||||||||||||
Change in Interest Rates (basis points) (1) | Estimated EVE (2) | Estimated Increase (Decrease) in EVE | EVE Ratio (4) | Increase (Decrease) (basis points) | |||||||||||||
Amount | Percent | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
+300 | $ | 1,404,990 | $ | (560,174 | ) | (28.51 | )% | 10.44 | % | (284 | ) | ||||||
+200 | 1,671,081 | (294,083 | ) | (14.96 | )% | 11.97 | % | (131 | ) | ||||||||
+100 | 1,875,650 | (89,514 | ) | (4.56 | )% | 13.01 | % | (27 | ) | ||||||||
0 | 1,965,164 | — | — | 13.28 | % | — | |||||||||||
-100 | 1,878,819 | (86,345 | ) | (4.39 | )% | 12.48 | % | (80 | ) |
(1) | Assumes an instantaneous uniform change in interest rates at all maturities. |
(2) | EVE is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts. |
(3) | Present value of assets represents the discounted present value of incoming cash flows on interest-earning assets. |
(4) | EVE Ratio represents EVE divided by the present value of assets. |
At June 30, 2019 | At September 30, 2018 | |||||
Pre-Shock EVE Ratio | 13.28 | % | 15.54 | % | ||
Post-Shock EVE Ratio | 11.97 | % | 13.35 | % | ||
Sensitivity Measure in basis points | (131 | ) | (219 | ) | ||
Percentage Change in EVE | (14.96 | )% | (19.65 | )% |
• | no new growth or business volumes; |
• | that the composition of our interest-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured, except for reductions to reflect mortgage loan principal repayments along with modeled prepayments and defaults; and |
• | that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration or repricing of specific assets and liabilities. |
(a) | Not applicable |
(b) | Not applicable |
(c) | The following table summarizes our stock repurchase activity during the quarter ended June 30, 2019. |
Average | Total Number of | Maximum Number | ||||||||||
Total Number | Price | Shares Purchased | of Shares that May | |||||||||
of Shares | Paid per | as Part of Publicly | Yet be Purchased | |||||||||
Period | Purchased | Share | Announced Plans (1) | Under the Plans | ||||||||
April 1, 2019 through April 30, 2019 | 82,000 | $ | 16.40 | 82,000 | 5,996,479 | |||||||
May 1, 2019 through May 31, 2019 | 7,900 | 16.58 | 7,900 | 5,988,579 | ||||||||
June 1, 2019 through June 30, 2019 | 13,000 | 17.79 | 13,000 | 5,975,579 | ||||||||
102,900 | 16.59 | 102,900 | ||||||||||
(1) | On October 27, 2016, the Company announced that the Board of Directors approved the Company’s eighth stock repurchase program, which authorized the repurchase of up to 10,000,000 shares of the Company’s outstanding common stock. Purchases under the program will be on an ongoing basis and subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses of capital, and our financial performance. Repurchased shares will be held as treasury stock and be available for general corporate use. The repurchase program commenced in January 2017. |
The following unaudited financial statements from TFS Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, filed on August 7, 2019, formatted in Inline XBRL (Extensible Business Reporting Language) includes: (i) Consolidated Statements of Condition, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Shareholders' Equity, (v) Consolidated Statements of Cash Flows, (vi) Notes to Unaudited Interim Consolidated Financial Statements. | ||
101.INS | Interactive datafile | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
101.SCH | Interactive datafile | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL | Interactive datafile | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | Interactive datafile | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | Interactive datafile | Inline XBRL Taxonomy Extension Label Linkbase | |
101.PRE | Interactive datafile | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
TFS Financial Corporation | |||
Dated: | August 7, 2019 | /s/ Marc A. Stefanski | |
Marc A. Stefanski | |||
Chairman of the Board, President and Chief Executive Officer | |||
Dated: | August 7, 2019 | /s/ Paul J. Huml | |
Paul J. Huml | |||
Chief Financial Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of TFS Financial Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Dated: | August 7, 2019 | /S/ MARC A. STEFANSKI | |||||
Marc A. Stefanski | |||||||
Chairman of the Board, President and Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of TFS Financial Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Dated: | August 7, 2019 | /S/ PAUL J. HUML | |||||
Paul J. Huml | |||||||
Chief Financial Officer |
(1) | the report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Dated: | August 7, 2019 | /S/ MARC A. STEFANSKI | |||||
Marc A. Stefanski | |||||||
Chairman of the Board, President and Chief Executive Officer | |||||||
Dated: | August 7, 2019 | /S/ PAUL J. HUML | |||||
Paul J. Huml | |||||||
Chief Financial Officer |
Consolidated Statements Of Condition (unaudited) (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Sep. 30, 2018 |
---|---|---|
Available for sale, amortized cost | $ 566,228 | $ 549,211 |
Loans Held-for-sale, Fair Value Disclosure | $ 0 | $ 0 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 700,000,000 | 700,000,000 |
Common stock, shares issued | 332,318,750 | 332,318,750 |
Common stock, shares outstanding | 279,989,323 | 280,311,070 |
Treasury stock, shares | 52,329,427 | 52,007,680 |
Consolidated Statements Of Income (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
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INTEREST AND DIVIDEND INCOME: | ||||
Loans, including fees | $ 115,129 | $ 105,956 | $ 341,926 | $ 313,821 |
Investment securities available for sale | 3,389 | 2,891 | 10,007 | 8,239 |
Other interest and dividend earning assets | 2,525 | 2,271 | 7,841 | 6,467 |
Total interest and dividend income | 121,043 | 111,118 | 359,774 | 328,527 |
INTEREST EXPENSE: | ||||
Deposits | 37,159 | 26,310 | 104,998 | 72,934 |
Borrowed funds | 18,366 | 14,535 | 53,685 | 43,634 |
Total interest expense | 55,525 | 40,845 | 158,683 | 116,568 |
NET INTEREST INCOME | 65,518 | 70,273 | 201,091 | 211,959 |
PROVISION (CREDIT) FOR LOAN LOSSES | (2,000) | (2,000) | (8,000) | (9,000) |
NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES | 67,518 | 72,273 | 209,091 | 220,959 |
NON-INTEREST INCOME: | ||||
Net gain on the sale of loans | 543 | 2,529 | 1,105 | 3,072 |
Increase in and death benefits from bank owned life insurance contracts | 1,703 | 1,538 | 5,124 | 4,601 |
Other | 1,064 | 1,106 | 3,092 | 3,401 |
Total non-interest income | 5,083 | 7,191 | 14,665 | 16,651 |
NON-INTEREST EXPENSE: | ||||
Salaries and employee benefits | 26,149 | 27,199 | 77,665 | 76,509 |
Marketing services | 6,063 | 5,284 | 17,579 | 16,338 |
Office property, equipment and software | 6,806 | 7,135 | 20,053 | 20,514 |
Federal insurance premium and assessments | 2,669 | 2,800 | 7,805 | 8,526 |
State franchise tax | 1,265 | 1,176 | 3,809 | 3,586 |
Other expenses | 6,916 | 7,835 | 21,664 | 21,420 |
Total non-interest expense | 49,868 | 51,429 | 148,575 | 146,893 |
INCOME BEFORE INCOME TAXES | 22,733 | 28,035 | 75,181 | 90,717 |
INCOME TAX EXPENSE | 4,476 | 7,160 | 16,461 | 26,915 |
NET INCOME | $ 18,257 | $ 20,875 | $ 58,720 | $ 63,802 |
Earnings per share - basic and diluted | $ 0.06 | $ 0.07 | $ 0.21 | $ 0.23 |
Weighted average shares outstanding | ||||
Basic | 275,384,635 | 275,468,237 | 275,373,426 | 275,647,589 |
Diluted | 277,398,486 | 277,200,873 | 277,269,555 | 277,346,709 |
Banking | ||||
NON-INTEREST INCOME: | ||||
Fees and service charges, net of amortization | $ 1,773 | $ 2,018 | $ 5,344 | $ 5,577 |
Consolidated Statements Of Comprehensive Income (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
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Net income | $ 18,257 | $ 20,875 | $ 58,720 | $ 63,802 |
Other comprehensive income (loss), net of tax: | ||||
Net change in unrealized loss on securities available for sale | 4,133 | (1,301) | 12,611 | (7,560) |
Net change in cash flow hedges | (36,844) | 5,675 | (82,602) | 33,487 |
Change in pension obligation | 264 | 316 | 792 | 910 |
Other comprehensive income (loss) | (32,447) | 4,690 | (69,199) | 26,837 |
Total comprehensive income | $ (14,190) | $ 25,565 | $ (10,479) | $ 90,639 |
Consolidated Statements Of Shareholders' Equity (unaudited) Consolidated Statements Of Shareholders' Equity (unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
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Purchase of treasury stock (in shares) | 102,900 | 255,911 | 491,400 | 1,113,911 |
Dividends paid to common shareholders (per common share) | $ 0.25 | $ 0.17 | $ 0.75 | $ 0.51 |
Basis Of Presentation |
9 Months Ended |
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Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis Of Presentation | BASIS OF PRESENTATION TFS Financial Corporation, a federally chartered stock holding company, conducts its principal activities through its wholly owned subsidiaries. The principal line of business of the Company is retail consumer banking, including mortgage lending, deposit gathering, and, to a much lesser extent, other financial services. As of June 30, 2019, approximately 81% of the Company’s outstanding shares were owned by a federally chartered mutual holding company, Third Federal Savings and Loan Association of Cleveland, MHC. The thrift subsidiary of TFS Financial Corporation is Third Federal Savings and Loan Association of Cleveland. The accounting and reporting policies followed by the Company conform in all material respects to U.S. GAAP and to general practices in the financial services industry. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for loan losses, the valuation of deferred tax assets, and the determination of pension obligations are particularly subject to change. The unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature which, in the opinion of management, are necessary to present fairly the consolidated financial condition of the Company at June 30, 2019, and its results of operations and cash flows for the periods presented. Such adjustments are the only adjustments reflected in the unaudited interim financial statements. In accordance with SEC Regulation S-X for interim financial information, these statements do not include certain information and footnote disclosures required for complete audited financial statements. The Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2018 contains audited consolidated financial statements and related notes, which should be read in conjunction with the accompanying interim consolidated financial statements. The results of operations for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2019 or for any other period.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | EARNINGS PER SHARE Basic earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period. Diluted earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. For purposes of computing earnings per share amounts, outstanding shares include shares held by the public, shares held by the ESOP that have been allocated to participants or committed to be released for allocation to participants, the 227,119,132 shares held by Third Federal Savings, MHC, and, for purposes of computing dilutive earnings per share, stock options and restricted and performance stock units with a dilutive impact. Unvested shares awarded pursuant to the Company's restricted stock plans are treated as participating securities in the computation of EPS pursuant to the two-class method as they contain nonforfeitable rights to dividends. The two-class method is an earnings allocation that determines EPS for each class of common stock and participating security. At June 30, 2019 and 2018, respectively, the ESOP held 4,550,066 and 4,983,406 shares, respectively, that were neither allocated to participants nor committed to be released to participants. The following is a summary of the Company's earnings per share calculations.
The following is a summary of outstanding stock options and restricted and performance stock units that are excluded from the computation of diluted earnings per share because their inclusion would be anti-dilutive.
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Investment Securities |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investments available for sale are summarized as follows:
Gross unrealized losses on available for sale securities and the estimated fair value of the related securities, aggregated by the length of time the securities have been in a continuous loss position, at June 30, 2019 and September 30, 2018, were as follows:
We believe the unrealized losses on investment securities were attributable to interest rate increases. The contractual terms of U.S. government and agency obligations do not permit the issuer to settle the security at a price less than the par value of the investment. The contractual cash flows of mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae. REMICs are issued by or backed by securities issued by these governmental agencies. It is expected that the securities would not be settled at a price substantially less than the amortized cost of the investment. The U.S. Treasury Department established financing agreements in 2008 to ensure Fannie Mae and Freddie Mac meet their obligations to holders of mortgage-backed securities that they have issued or guaranteed. Since the decline in value is attributable to changes in interest rates and not credit quality and because the Company has neither the intent to sell the securities nor is it more likely than not the Company will be required to sell the securities for the time periods necessary to recover the amortized cost, these investments are not considered other-than-temporarily impaired. At June 30, 2019, the amortized cost and fair value of U.S. government obligations, categorized as due in less than one year are $3,997 and $3,998, respectively.
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Loans And Allowance For Loan Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans And Allowance For Loan Losses | LOANS AND ALLOWANCE FOR LOAN LOSSES Loans held for investment consist of the following:
At June 30, 2019 and September 30, 2018, respectively, $2,635 and $659 of loans were classified as mortgage loans held for sale. A large concentration of the Company’s lending is in Ohio and Florida. As of June 30, 2019 and September 30, 2018, the percentage of aggregate Residential Core, Home Today and Construction loans held in Ohio was 57% and 56% respectively, and the percentage held in Florida was 16% as of both dates. As of June 30, 2019 and September 30, 2018, home equity loans and lines of credit were concentrated in Ohio (32% and 36%), Florida (19% and 20%), and California (16% and 15%). Home Today was an affordable housing program targeted to benefit low- and moderate-income home buyers and most loans under the program were originated prior to 2009. No new loans were originated under the Home Today program after September 30, 2016. Through this program the Association provided the majority of loans to borrowers who would not otherwise qualify for the Association’s loan products, generally because of low credit scores. Although the credit profiles of borrowers in the Home Today program might be described as sub-prime, Home Today loans generally contained the same features as loans offered to our Residential Core borrowers. Borrowers with a Home Today loan completed financial management education and counseling and were referred to the Association by a sponsoring organization with which the Association partnered as part of the program. Because the Association applied less stringent underwriting and credit standards to the majority of Home Today loans, loans originated under the program have greater credit risk than its traditional residential real estate mortgage loans in the Residential Core portfolio. As of June 30, 2019 and September 30, 2018, the principal balance of Home Today loans originated prior to March 27, 2009 was $84,604 and $91,805, respectively. Since loans are no longer originated under the Home Today program, the Home Today portfolio will continue to decline in balance, primarily due to contractual amortization. To supplant the Home Today product and to continue to meet the credit needs of customers and the communities served, since fiscal 2016 the Association has offered Fannie Mae eligible, Home Ready loans. These loans are originated in accordance with Fannie Mae's underwriting standards. While the Association retains the servicing to these loans, the loans, along with the credit risk associated therewith, are securitized/sold to Fannie Mae. The Association does not offer, and has not offered, loan products frequently considered to be designed to target sub-prime borrowers containing features such as higher fees or higher rates, negative amortization, a LTV ratio greater than 100%, or pay-option adjustable-rate mortgages. An aging analysis of the recorded investment in loan receivables that are past due at June 30, 2019 and September 30, 2018 is summarized in the following tables. When a loan is more than one month past due on its scheduled payments, the loan is considered 30 days or more past due. Balances are adjusted for deferred loan fees, expenses and any applicable loans-in-process.
At June 30, 2019 and September 30, 2018, real estate loans include $8,923 and $8,501, respectively, of loans that were in the process of foreclosure. Loans are placed in non-accrual status when they are contractually 90 days or more past due. Loans with a partial charge-off are placed in non-accrual and will remain in non-accrual status until, at a minimum, the impairment is recovered. Loans restructured in TDRs that were in non-accrual status prior to the restructurings remain in non-accrual status for a minimum of six months after restructuring. Loans restructured in TDRs with a high debt-to-income ratio at the time of modification are placed in non-accrual status for a minimum of 12 months. Additionally, home equity loans and lines of credit where the customer has a severely delinquent first mortgage loan and loans in Chapter 7 bankruptcy status where all borrowers have filed, and not reaffirmed or been dismissed, are placed in non-accrual status. The recorded investment of loan receivables in non-accrual status is summarized in the following table. Balances are adjusted for deferred loan fees and expenses.
At June 30, 2019 and September 30, 2018, respectively, the recorded investment in non-accrual loans includes $52,874 and $57,197, which are performing according to the terms of their agreement, of which $26,410 and $29,439 are loans in Chapter 7 bankruptcy status, primarily where all borrowers have filed, and have not reaffirmed or been dismissed. Interest on loans in accrual status, including certain loans individually reviewed for impairment, is recognized in interest income as it accrues, on a daily basis. Accrued interest on loans in non-accrual status is reversed by a charge to interest income and income is subsequently recognized only to the extent cash payments are received. Cash payments on loans in non-accrual status are first applied to the oldest scheduled, unpaid payment first. Cash payments on loans with a partial charge-off are applied fully to principal, then to recovery of the charged off amount prior to interest income being recognized, except cash payments may be applied to interest capitalized in a restructuring when collection of remaining amounts due is considered probable. A non-accrual loan is generally returned to accrual status when contractual payments are less than 90 days past due. However, a loan may remain in non-accrual status when collectability is uncertain, such as a TDR that has not met minimum payment requirements, a loan with a partial charge-off, an equity loan or line of credit with a delinquent first mortgage greater than 90 days past due, or a loan in Chapter 7 bankruptcy status where all borrowers have filed, and have not reaffirmed or been dismissed. The number of days past due is determined by the number of scheduled payments that remain unpaid, assuming a period of 30 days between each scheduled payment. The recorded investment in loan receivables at June 30, 2019 and September 30, 2018 is summarized in the following table. The table provides details of the recorded balances according to the method of evaluation used for determining the allowance for loan losses, distinguishing between determinations made by evaluating individual loans and determinations made by evaluating groups of loans not individually evaluated. Balances of recorded investments are adjusted for deferred loan fees, expenses and any applicable loans-in-process.
An analysis of the allowance for loan losses at June 30, 2019 and September 30, 2018 is summarized in the following table. The analysis provides details of the allowance for loan losses according to the method of evaluation, distinguishing between allowances for loan losses determined by evaluating individual loans and allowances for loan losses determined by evaluating groups of loans collectively.
At June 30, 2019 and September 30, 2018, individually evaluated loans that required an allowance were comprised only of loans evaluated for impairment based on the present value of cash flows, such as performing TDRs, and loans with a further deterioration in the fair value of collateral not yet identified as uncollectible. All other individually evaluated loans received a charge-off, if applicable. Because many variables are considered in determining the appropriate level of general valuation allowances, directional changes in individual considerations do not always align with the directional change in the balance of a particular component of the general valuation allowance. At June 30, 2019 and September 30, 2018, respectively, allowances on individually reviewed loans evaluated for impairment based on the present value of cash flows, such as performing TDRs, were $12,648 and $12,002; and allowances on loans with further deteriorations in the fair value of collateral not yet identified as uncollectible were $253 and $85. Residential Core mortgage loans represent the largest portion of the residential real estate portfolio. The Company believes overall credit risk is low based on the nature, composition, collateral, products, lien position and performance of the portfolio. The portfolio does not include loan types or structures that have experienced severe performance problems at other financial institutions (sub-prime, no documentation or pay-option adjustable-rate mortgages). The portfolio contains adjustable-rate mortgage loans whereby the interest rate is locked initially for mainly three or five years then resets annually, subject to various re-lock options available to the borrower. Although the borrower is qualified for its loan at a higher rate than the initial one, the adjustable-rate feature may impact a borrower's ability to afford the higher payments upon rate reset during periods of rising interest rates. The principal amount of loans in the portfolio that are adjustable-rate mortgage loans was $5,086,776 and $5,166,282 at June 30, 2019 and September 30, 2018, respectively. As described earlier in this footnote, Home Today loans have greater credit risk than traditional residential real estate mortgage loans. At June 30, 2019 and September 30, 2018, respectively, approximately 15% and 18% of Home Today loans include private mortgage insurance coverage. The majority of the coverage on these loans was provided by PMI Mortgage Insurance Co., which was seized by the Arizona Department of Insurance in 2011 and currently pays all claim payments at 74.5%. Appropriate adjustments have been made to the Association’s affected valuation allowances and charge-offs, and estimated loss severity factors were adjusted accordingly for loans evaluated collectively. The amount of loans in the Association's total owned residential portfolio covered by mortgage insurance provided by PMIC as of June 30, 2019 and September 30, 2018, respectively, was $29,669 and $39,367, of which $27,259 and $36,075 was current. The amount of loans in the Association's total owned residential portfolio covered by mortgage insurance provided by Mortgage Guaranty Insurance Corporation as of June 30, 2019 and September 30, 2018, respectively, was $18,182 and $20,912, of which $18,022 and $20,792 was current. As of June 30, 2019, MGIC's long-term debt rating, as published by the major credit rating agencies, did not meet the requirements to qualify as "high credit quality"; however, MGIC continues to make claims payments in accordance with its contractual obligations and the Association has not increased its estimated loss severity factors related to MGIC's claim paying ability. No other loans were covered by mortgage insurers that were deferring claim payments or which were assessed as being non-investment grade. Home equity loans and lines of credit, which are comprised primarily of home equity lines of credit, represent a significant portion of the residential real estate portfolio. Post-origination deterioration in economic and housing market conditions may impact a borrower's ability to afford the higher payments required during the end of draw repayment period that follows the period of interest only payments on home equity lines of credit originated prior to 2012 or the ability to secure alternative financing. Beginning in February 2013, the terms on new home equity lines of credit included monthly principal and interest payments throughout the entire term to minimize the potential payment differential between the draw and after draw periods. The Association originates construction loans to individuals for the construction of their personal single-family residence by a qualified builder (construction/permanent loans). The Association’s construction/permanent loans generally provide for disbursements to the builder or sub-contractors during the construction phase as work progresses. During the construction phase, the borrower only pays interest on the drawn balance. Upon completion of construction, the loan converts to a permanent amortizing loan without the expense of a second closing. The Association offers construction/permanent loans with fixed or adjustable-rates, and a current maximum loan-to-completed-appraised value ratio of 85%. Other consumer loans are comprised of loans secured by certificate of deposit accounts, which are fully recoverable in the event of non-payment, and forgivable down payment assistance loans, which are unsecured loans used as down payment assistance to borrowers qualified through partner housing agencies. The Company records a liability for the loans which are forgiven in equal increments over a pre-determined term, subject to residency requirements. For all classes of loans, a loan is considered impaired when, based on current information and events, it is probable that the Association will be unable to collect the scheduled payments of principal and interest according to the contractual terms of the loan agreement. Factors considered in determining that a loan is impaired may include the deteriorating financial condition of the borrower indicated by missed or delinquent payments, a pending legal action, such as bankruptcy or foreclosure, or the absence of adequate security for the loan. The recorded investment and the unpaid principal balance of impaired loans, including those reported as TDRs, as of June 30, 2019 and September 30, 2018 are summarized as follows. Balances of recorded investments are adjusted for deferred loan fees and expenses.
At June 30, 2019 and September 30, 2018, respectively, the recorded investment in impaired loans includes $160,658 and $165,391 of loans restructured in TDRs of which $10,694 and $10,468 were 90 days or more past due. The average recorded investment in impaired loans and the amount of interest income recognized during the period that the loans were impaired are summarized below.
Interest on loans in non-accrual status is recognized on a cash basis. The amount of interest income on impaired loans recognized using a cash basis method was $343 and $1,082 for the three and nine months ended June 30, 2019 and $565 and $1,773 for the three and nine months ended June 30, 2018. Cash payments on loans with a partial charge-off are applied fully to principal, then to recovery of the charged off amount prior to interest income being recognized, except cash payments may be applied to interest capitalized in a restructuring when collection of remaining amounts due is considered probable. Interest income on the remaining impaired loans is recognized on an accrual basis. Charge-offs on residential mortgage loans, home equity loans and lines of credit, and construction loans are recognized when triggering events, such as foreclosure actions, short sales, or deeds accepted in lieu of repayment, result in less than full repayment of the recorded investment in the loans. Partial or full charge-offs are also recognized for the amount of impairment on loans considered collateral dependent that meet the conditions described below.
Collateral dependent residential mortgage loans and construction loans are charged off to the extent the recorded investment in a loan, net of anticipated mortgage insurance claims, exceeds the fair value, less estimated costs to dispose of the underlying property. Management can determine if the loan is uncollectible for reasons such as foreclosures exceeding a reasonable time frame and recommend a full charge-off. Home equity loans or lines of credit are charged off to the extent the recorded investment in the loan plus the balance of any senior liens exceeds the fair value, less estimated costs to dispose of the underlying property, or management determines the collateral is not sufficient to satisfy the loan. A loan in any portfolio that is identified as collateral dependent will continue to be reported as impaired until it is no longer considered collateral dependent, is less than 30 days past due and does not have a prior charge-off. A loan in any portfolio that has a partial charge-off consequent to impairment evaluation will continue to be individually evaluated for impairment until, at a minimum, the impairment has been recovered. Loans restructured in TDRs that are not evaluated based on collateral are separately evaluated for impairment on a loan by loan basis at the time of restructuring and at each subsequent reporting date for as long as they are reported as TDRs. The impairment evaluation is based on the present value of expected future cash flows discounted at the effective interest rate of the original loan. Expected future cash flows include a discount factor representing a potential for default. Valuation allowances are recorded for the excess of the recorded investments over the result of the cash flow analysis. Loans discharged in Chapter 7 bankruptcy are reported as TDRs and also evaluated based on the present value of expected future cash flows unless evaluated based on collateral. We evaluate these loans using the expected future cash flows because we expect the borrower, not liquidation of the collateral, to be the source of repayment for the loan. Other consumer loans are not considered for restructuring. A loan restructured in a TDR is classified as an impaired loan for a minimum of one year. After one year, that loan may be reclassified out of the balance of impaired loans if the loan was restructured to yield a market rate for loans of similar credit risk at the time of restructuring and the loan is not impaired based on the terms of the restructuring agreement. No loans whose terms were restructured in TDRs were reclassified from impaired loans during the nine months ended June 30, 2019 and June 30, 2018. Initial concessions granted by loans restructured as TDRs can include reduction of interest rate, extension of amortization period, forbearance or other actions. Some TDRs have experienced a combination of concessions. TDRs also can occur as a result of bankruptcy proceedings. Loans discharged in Chapter 7 bankruptcy are classified as multiple restructurings if the loan's original terms had also been restructured by the Association. The recorded investment in TDRs by category as of June 30, 2019 and September 30, 2018 is shown in the tables below.
TDRs may be restructured more than once. Among other requirements, a subsequent restructuring may be available for a borrower upon the expiration of temporary restructuring terms if the borrower cannot return to regular loan payments. If the borrower is experiencing an income curtailment that temporarily has reduced their capacity to repay, such as loss of employment, reduction of hours, non-paid leave or short-term disability, a temporary restructuring is considered. If the borrower lacks the capacity to repay the loan at the current terms due to a permanent condition, a permanent restructuring is considered. In evaluating the need for a subsequent restructuring, the borrower’s ability to repay is generally assessed utilizing a debt to income and cash flow analysis. For all loans restructured during the three and nine months ended June 30, 2019 and June 30, 2018 (set forth in the tables below), the pre-restructured outstanding recorded investment was not materially different from the post-restructured outstanding recorded investment. The following tables set forth the recorded investment in TDRs restructured during the periods presented.
Below summarizes the information on TDRs restructured within 12 months of the period presented for which there was a subsequent payment default, at least 30 days past due on one scheduled payment, during the period presented.
Residential loans are internally assigned a grade that complies with the guidelines outlined in the OCC’s Handbook for Rating Credit Risk. Pass loans are assets well protected by the current paying capacity of the borrower. Special Mention loans have a potential weakness, as evaluated based on delinquency status or nature of the product, that the Association feels deserve management’s attention and may result in further deterioration in their repayment prospects and/or the Association’s credit position. Substandard loans are inadequately protected by the current payment capacity of the borrower or the collateral pledged with a defined weakness that jeopardizes the liquidation of the debt. Also included in Substandard are performing home equity loans and lines of credit where the customer has a severely delinquent first mortgage to which the performing home equity loan or line of credit is subordinate and loans in Chapter 7 bankruptcy status where all borrowers have filed, and have not reaffirmed or been dismissed. Loss loans are considered uncollectible and are charged off when identified. Loss loans are of such little value that their continuance as bankable assets is not warranted even though partial recovery may be effected in the future. The following tables provide information about the credit quality of residential loan receivables by an internally assigned grade. Balances are adjusted for deferred loan fees, expenses and any applicable loans-in-process.
At June 30, 2019 and September 30, 2018, respectively, the recorded investment of impaired loans includes $93,094 and $95,916 of TDRs individually evaluated for impairment that have adequately performed under the terms of the restructuring and are classified as Pass loans. At June 30, 2019 and September 30, 2018, respectively, there were $3,720 and $4,051 of loans classified Substandard and $7,878 and $4,216 of loans designated Special Mention that are not included in the recorded investment of impaired loans; rather, they are included in loans collectively evaluated for impairment. Of the $7,878 of loans classified Special Mention at June 30, 2019, $4,449 are residential mortgage loans purchased during the quarter ended December 31, 2018. The purchased loans were current and performing at the time of purchase, but are classified Special Mention due to the absence of mortgage insurance coverage and potentially weaker repayment prospects when compared with the Company's originated residential Core Portfolio. Other consumer loans are internally assigned a grade of non-performing when they become 90 days or more past due. At June 30, 2019 and September 30, 2018, no consumer loans were graded as non-performing. Activity in the allowance for loan losses is summarized as follows:
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Deposits |
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Deposits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | DEPOSITS Deposit account balances are summarized as follows:
Brokered certificates of deposit (exclusive of acquisition costs and subsequent amortization), which are used as a cost effective funding alternative, totaled $518,752 at June 30, 2019 and $670,081 at September 30, 2018. The FDIC places restrictions on banks with regard to issuing brokered deposits based on the bank's capital classification. As a well-capitalized institution at June 30, 2019 and September 30, 2018, the Association may accept brokered deposits without FDIC restrictions.
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Borrowed Funds |
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Advances from Federal Home Loan Banks [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowed Funds | BORROWED FUNDS Federal Home Loan Bank borrowings at June 30, 2019 are summarized in the table below. The amount and weighted average rates of certain FHLB Advances maturing in 24 months or less reflect the net impact of deferred penalties discussed below:
For the periods ending June 30, 2019 and June 30, 2018 net interest expense related to Federal Home Loan Bank short-term borrowings was $44,589 and $30,644, respectively. Through the use of interest rate swaps discussed in Note 13. Derivative Instruments, $2,400,000 of FHLB advances included in the table above as maturing in 12 months or less, have effective maturities, assuming no early terminations of the swap contracts, as shown below:
During fiscal year 2016, $150,000 fixed-rate FHLB advances with remaining terms of approximately four years were prepaid and replaced with new four- and five-year interest rate swap arrangements. The unamortized deferred repayment penalties of $674 related to the $150,000 of restructuring are being recognized in interest expense over the remaining term of the swap contracts.
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Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | OTHER COMPREHENSIVE INCOME (LOSS) The change in accumulated other comprehensive income (loss) by component is as follows:
The following table presents the reclassification adjustment out of accumulated other comprehensive income included in net income and the corresponding line item on the consolidated statements of income for the periods indicated:
(a) This item is included in the computation of net periodic pension cost. See Note 9. Defined Benefit Plan for additional disclosure. (b) This item is a reclassification between Accumulated Other Comprehensive Income and Retained Earnings due to the adoption of ASU 2018-02 in fiscal year 2018.
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Income Taxes |
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Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and in various state and city jurisdictions. The Company is no longer subject to income tax examinations in its major jurisdictions for tax years prior to 2015. The Company recognizes interest and penalties on income tax assessments or income tax refunds, where applicable, in the financial statements as a component of its provision for income taxes. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act. Among its numerous changes to the Internal Revenue Code, the Act reduced the federal corporate tax rate to 21% from 35% effective January 1, 2018. Because of the Company's September 30 fiscal year end, a blended federal tax rate of 24.53% was applied to the fiscal year ended September 30, 2018. The federal statutory rate of 21% is effective for the Company beginning with the fiscal year ending September 30, 2019. The Company’s combined federal and state effective income tax rate was 21.9% and 29.7% for the nine months ended June 30, 2019 and June 30, 2018, respectively. The decrease in the effective tax rate is primarily due to a lower federal statutory rate in the recent fiscal year period, and $34 and $4,644 of additional tax expense related to the re-measurement of the Company's deferred tax asset during the nine months ended June 30, 2019 and June 30, 2018, respectively, as a result of the Act. The Company makes certain investments in limited partnerships which invest in affordable housing projects that qualify for the Low Income Housing Tax Credit (LIHTC). The Company acts as a limited partner in these investments and does not exert control over the operating or financial policies of the partnership. The Company accounts for its interests in LIHTCs using the proportional amortization method. The impact of the Company's investments in tax credit entities on the provision for income taxes was not material during the nine months ended June 30, 2019 and June 30, 2018.
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Defined Benefit Plan |
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Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan | DEFINED BENEFIT PLAN The Third Federal Savings Retirement Plan (the “Plan”) is a defined benefit pension plan. Effective December 31, 2002, the Plan was amended to limit participation to employees who met the Plan’s eligibility requirements on that date. Effective December 31, 2011, the Plan was amended to freeze future benefit accruals for participants in the Plan. After December 31, 2002, employees not participating in the Plan, upon meeting the applicable eligibility requirements, and those eligible participants who no longer receive service credits under the Plan, participate in a separate tier of the Company’s defined contribution 401(k) Savings Plan. Benefits under the Plan are based on years of service and the employee’s average annual compensation (as defined in the Plan) through December 31, 2011. The funding policy of the Plan is consistent with the funding requirements of U.S. federal and other governmental laws and regulations. The components of net periodic cost recognized in other non-interest expense in the unaudited Consolidated Statements of Income are as follows:
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Equity Incentive Plan |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Incentive Plan | In December 2018, 138,400 restricted stock units were granted to certain directors and officers of the Company and 64,500 performance stock units were granted to certain officers of the Company. The awards were made pursuant to the Amended and Restated 2008 Equity Incentive Plan, which was approved at the annual meeting of shareholders held on February 22, 2018. The performance stock units vest in the form of Company common stock issued at the end of a three-year period, based on the pro-rata achievement of performance based metrics over a two-year period. The Company recognizes compensation expense for the fair value of performance stock units on a straight-line basis over the requisite service period. The following table presents share-based compensation expense recognized during the periods presented.
At June 30, 2019, 4,640,179 shares were subject to options, with a weighted average exercise price of $13.83 per share and a weighted average grant date fair value of $2.64 per share. Expected future expense related to the 857,714 non-vested options outstanding as of June 30, 2019 is $808 over a weighted average period of 1.2 years. At June 30, 2019, 631,073 restricted stock units and performance stock units with a weighted average grant date fair value of $15.15 per unit, are unvested. Expected future compensation expense relating to the 1,396,821 restricted stock units and performance stock units outstanding as of June 30, 2019 is $4,970 over a weighted average period of 1.9 years. Each unit is equivalent to one share of common stock.
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Commitments And Contingent Liabilities |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments And Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES In the normal course of business, the Company enters into commitments with off-balance sheet risk to meet the financing needs of its customers. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments to originate loans generally have fixed expiration dates of 60 to 360 days or other termination clauses and may require payment of a fee. Unfunded commitments related to home equity lines of credit generally expire from five to 10 years following the date that the line of credit was established, subject to various conditions, including compliance with payment obligations, adequacy of collateral securing the line and maintenance of a satisfactory credit profile by the borrower. Since some of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Off-balance sheet commitments to extend credit involve elements of credit risk and interest rate risk in excess of the amount recognized in the consolidated statements of condition. The Company’s exposure to credit loss in the event of nonperformance by the other party to the commitment is represented by the contractual amount of the commitment. The Company generally uses the same credit policies in making commitments as it does for on-balance-sheet instruments. Interest rate risk on commitments to extend credit results from the possibility that interest rates may have moved unfavorably from the position of the Company since the time the commitment was made. At June 30, 2019, the Company had commitments to originate loans as follows:
At June 30, 2019, the Company had unfunded commitments outstanding as follows:
At June 30, 2019, the unfunded commitment on home equity lines of credit, including commitments for accounts suspended as a result of material default or a decline in equity, is $2,121,902. The above commitments are expected to be funded through normal operations. The Company and its subsidiaries are subject to various legal actions arising in the normal course of business. In the opinion of management, the resolution of these legal actions is not expected to have a material adverse effect on the Company’s consolidated financial condition, results of operation, or statements of cash flows.
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Fair Value |
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Fair Value | FAIR VALUE Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date under current market conditions. A fair value framework is established whereby assets and liabilities measured at fair value are grouped into three levels of a fair value hierarchy, based on the transparency of inputs and the reliability of assumptions used to estimate fair value. The Company’s policy is to recognize transfers between levels of the hierarchy as of the end of the reporting period in which the transfer occurs. The three levels of inputs are defined as follows:
As permitted under the fair value guidance in U.S. GAAP, the Company elects to measure at fair value mortgage loans classified as held for sale that are subject to pending agency contracts to securitize and sell loans. This election is expected to reduce volatility in earnings related to market fluctuations between the contract trade and settlement dates. At June 30, 2019 and September 30, 2018, there were no loans held for sale subject to pending agency contracts for which the fair value option was elected. Presented below is a discussion of the methods and significant assumptions used by the Company to estimate fair value. Investment Securities Available for Sale—Investment securities available for sale are recorded at fair value on a recurring basis. At June 30, 2019 and September 30, 2018, respectively, this includes $564,945 and $531,965 of investments in U.S. government obligations including U.S. Treasury notes and highly liquid collateralized mortgage obligations issued by Fannie Mae, Freddie Mac and Ginnie Mae. Both are measured using the market approach. The fair values of investment securities represent unadjusted price estimates obtained from third party independent nationally recognized pricing services using pricing models or quoted prices of securities with similar characteristics and are included in Level 2 of the hierarchy. Third party pricing is reviewed on a monthly basis for reasonableness based on the market knowledge and experience of company personnel that interact daily with the markets for these types of securities. Mortgage Loans Held for Sale—The fair value of mortgage loans held for sale is estimated on an aggregate basis using a market approach based on quoted secondary market pricing for loan portfolios with similar characteristics. Loans held for sale are carried at the lower of cost or fair value except, as described above, the Company elects the fair value measurement option for mortgage loans held for sale subject to pending agency contracts to securitize and sell loans. Loans held for sale are included in Level 2 of the hierarchy. At June 30, 2019 and September 30, 2018, there were $2,635 and $659, respectively, of loans held for sale carried at cost. Impaired Loans—Impaired loans represent certain loans held for investment that are subject to a fair value measurement under U.S. GAAP because they are individually evaluated for impairment and that impairment is measured using a fair value measurement, such as the fair value of the underlying collateral. Impairment is measured using a market approach based on the fair value of the collateral, less estimated costs to dispose, for loans the Company considers to be collateral-dependent due to a delinquency status or other adverse condition severe enough to indicate that the borrower can no longer be relied upon as the continued source of repayment. These conditions are described more fully in Note 4. Loans and Allowance for Loan Losses. To calculate impairment of collateral-dependent loans, the fair market values of the collateral, estimated using exterior appraisals in the majority of instances, are reduced by calculated costs to dispose, derived from historical experience and recent market conditions. Any indicated impairment is recognized by a charge to the allowance for loan losses. Subsequent increases in collateral values or principal pay downs on loans with recognized impairment could result in an impaired loan being carried below its fair value. When no impairment loss is indicated, the carrying amount is considered to approximate the fair value of that loan to the Company because contractually that is the maximum recovery the Company can expect. The recorded investment of loans individually evaluated for impairment based on the fair value of the collateral are included in Level 3 of the hierarchy with assets measured at fair value on a non-recurring basis. The range and weighted average impact of estimated costs to dispose on fair values is determined at the time of impairment or when additional impairment is recognized and is included in quantitative information about significant unobservable inputs later in this note. Loans held for investment that have been restructured in TDRs and are performing according to the restructured terms of the loan agreement are individually evaluated for impairment using the present value of future cash flows based on the loan’s effective interest rate, which is not a fair value measurement. At June 30, 2019 and September 30, 2018, respectively, this included $98,584 and $98,459 in recorded investment of TDRs with related allowances for loss of $12,648 and $12,002. Real Estate Owned—Real estate owned includes real estate acquired as a result of foreclosure or by deed in lieu of foreclosure and is carried at the lower of the cost basis or fair value, less estimated costs to dispose. The carrying amounts of real estate owned at June 30, 2019 and September 30, 2018 were $2,120 and $2,794, respectively. Fair value is estimated under the market approach using independent third party appraisals. As these properties are actively marketed, estimated fair values may be adjusted by management to reflect current economic and market conditions. At June 30, 2019 and September 30, 2018, these adjustments were not significant to reported fair values. At June 30, 2019 and September 30, 2018, respectively, $760 and $1,238 of real estate owned is included in Level 3 of the hierarchy with assets measured at fair value on a non-recurring basis where the cost basis equals or exceeds the estimate of fair values, less estimated costs to dispose of these properties. Real estate owned, included in other assets in the Consolidated Statements of Condition, includes estimated costs to dispose of $106 and $132 related to properties measured at fair value and $1,466 and $1,688 of properties carried at their original or adjusted cost basis at June 30, 2019 and September 30, 2018, respectively. Derivatives—Derivative instruments include interest rate locks on commitments to originate loans for the held for sale portfolio, forward commitments on contracts to deliver mortgage loans, and interest rate swaps designated as cash flow hedges. Derivatives not designated as cash flow hedges are reported at fair value in other assets or other liabilities on the Consolidated Statement of Condition with changes in value recorded in current earnings. Derivatives qualifying as cash flow hedges, when highly effective, are reported in other assets or other liabilities on the Consolidated Statement of Condition with changes in value recorded in OCI. The fair value of interest rate lock commitments is adjusted by a closure rate based on the estimated percentage of commitments that will result in closed loans. The range and weighted average impact of the closure rate is included in quantitative information about significant unobservable inputs later in this note. A significant change in the closure rate may result in a significant change in the ending fair value measurement of these derivatives relative to their total fair value. Because the closure rate is a significantly unobservable assumption, interest rate lock commitments are included in Level 3 of the hierarchy. Fair value of forward commitments is estimated using a market approach based on quoted secondary market pricing for loan portfolios with characteristics similar to loans underlying the derivative contracts. Forward commitments on contracts to deliver mortgage loans are included in Level 2 of the hierarchy. Assets and liabilities carried at fair value on a recurring basis in the Consolidated Statements of Condition at June 30, 2019 and September 30, 2018 are summarized below. There were no liabilities carried at fair value on a recurring basis at June 30, 2019.
The table below presents a reconciliation of the beginning and ending balances and the location within the Consolidated Statements of Income where gains (losses) due to changes in fair value are recognized on interest rate lock commitments which are measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
Summarized in the tables below are those assets measured at fair value on a nonrecurring basis.
The following provides quantitative information about significant unobservable inputs categorized within Level 3 of the Fair Value Hierarchy. The interest rate lock commitments at June 30, 2019 include both mortgage origination applications and preapprovals. Preapprovals have a much lower closure rate than origination applications as reflected in the weighted average closure rate.
The following tables present the estimated fair value of the Company’s financial instruments and their carrying amounts as reported in the Statement of Condition.
Presented below is a discussion of the valuation techniques and inputs used by the Company to estimate fair value. Cash and Due from Banks, Interest Earning Cash Equivalents, Cash Collateral Received from or Held by Counterparty— The carrying amount is a reasonable estimate of fair value. Investment and Mortgage-Backed Securities— Estimated fair value for investment and mortgage-backed securities is based on quoted market prices, when available. If quoted prices are not available, management will use as part of their estimation process fair values which are obtained from third party independent nationally recognized pricing services using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. Mortgage Loans Held for Sale— Fair value of mortgage loans held for sale is based on quoted secondary market pricing for loan portfolios with similar characteristics. Loans— For mortgage loans held for investment and other loans, fair value is estimated by discounting contractual cash flows adjusted for prepayment estimates using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term. The use of current rates to discount cash flows reflects current market expectations with respect to credit exposure. Impaired loans are measured at the lower of cost or fair value as described earlier in this footnote. Federal Home Loan Bank Stock— It is not practical to estimate the fair value of FHLB stock due to restrictions on its transferability. The fair value is estimated to be the carrying value, which is par. All transactions in capital stock of the FHLB Cincinnati are executed at par. Deposits— The fair value of demand deposit accounts is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using discounted cash flows and rates currently offered for deposits of similar remaining maturities. Borrowed Funds— Estimated fair value for borrowed funds is estimated using discounted cash flows and rates currently charged for borrowings of similar remaining maturities. Accrued Interest Receivable, Borrowers’ Advances for Insurance and Taxes, and Principal, Interest and Related Escrow Owed on Loans Serviced— The carrying amount is a reasonable estimate of fair value. Derivatives— Fair value is estimated based on the valuation techniques and inputs described earlier in this footnote.
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Derivative Instruments |
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Summary of Derivative Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | DERIVATIVE INSTRUMENTS The Company enters into interest rate swaps to add stability to interest expense and manage exposure to interest rate movements as part of an overall risk management strategy. For hedges of the Company's borrowing program, interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed payments. These derivatives are used to hedge the forecasted cash outflows associated with the Company's FHLB borrowings. At June 30, 2019 and September 30, 2018, the interest rate swaps used in the Company's asset/liability management strategy have weighted average terms of 3.7 years and 3.3 years and weighted average fixed-rate interest payments of 1.99% and 1.75%, respectively. Cash flow hedges are initially assessed for effectiveness using regression analysis. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in OCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Quarterly, a qualitative analysis is performed to monitor the ongoing effectiveness of the hedging instrument. All derivative positions were initially and continue to be highly effective at June 30, 2019. The Company enters into forward commitments for the sale of mortgage loans principally to protect against the risk of adverse interest rate movements on net income. The Company recognizes the fair value of such contracts when the characteristics of those contracts meet the definition of a derivative. These derivatives are not designated in a hedging relationship; therefore, gains and losses are recognized immediately in the statement of income. There were no forward commitments for the sale of mortgage loans at June 30, 2019 or September 30, 2018. In addition, the Company is party to derivative instruments when it enters into commitments to originate a portion of its loans, which when funded, are classified as held for sale. Such commitments are not designated in a hedging relationship; therefore, gains and losses are recognized immediately in the statement of income. The following tables provide the locations within the Consolidated Statements of Condition, notional values and fair values, at the reporting dates, for all derivative instruments.
The following tables present the net gains and losses recorded within the Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income relating to derivative instruments.
The Company estimates that $175 of the amounts reported in AOCI will be reclassified as a debit to interest expense during the twelve months ending June 30, 2020. Derivatives contain an element of credit risk which arises from the possibility that the Company will incur a loss because a counterparty fails to meet its contractual obligations. The Company's exposure is limited to the replacement value of the contracts rather than the notional or principal amounts. Credit risk is minimized through counterparty margin payments, transaction limits and monitoring procedures. All of the Company's swap transactions are cleared through a registered clearing broker to a central clearing organization. The clearing organization establishes daily cash and upfront cash or securities margin requirements to cover potential exposure in the event of default. This process shifts the risk away from the counterparty, since the clearing organization acts as the middleman on each cleared transaction. For derivative transactions cleared through certain clearing parties, variation margin payments are recognized as settlements. The fair value of derivative instruments are presented on a gross basis, even when the derivative instruments are subject to master netting arrangements.
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Recent Accounting Pronouncements |
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New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Adopted during the nine months ended June 30, 2019 In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of the guidance requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods or services. The amendments include a five step process for consideration of the core principle, guidance on the accounting treatment for costs associated with a contract, and disclosure requirements related to the revenue process. The FASB issued several additional ASU's to clarify guidance and provide implementation support for ASU 2014-09. Topic 606 does not apply to revenue within the scope of other standards, such as revenue associated with financial instruments. Effective October 1, 2018, the Company adopted ASU 2014-09 and all subsequent amendments related to the ASU (collectively, “Topic 606”). We elected to adopt this guidance utilizing the modified retrospective approach. The adoption did not have a significant impact to the Company's consolidated financial statements, as such, a cumulative effect adjustment to beginning retained earnings was not necessary. Neither the new standard, nor any of the related amendments, resulted in a material change from our current accounting for revenue because a significant amount of the Company’s revenue streams such as interest income, are not within the scope of Topic 606. Our services that fall within the scope of Topic 606 are recognized as revenue as we satisfy our performance obligation to the customer. The disaggregation of our revenue from contracts with customers in scope of Topic 606 is provided below:
(1) Net gain/(loss) from sales of real estate owned (REO) is located in non-interest expense in the consolidated statements of income because the gains and losses from the sales of REO assets are netted together with real estate owned expenses (which includes associated legal and maintenance expenses). Sales of REO: The Company derecognizes the REO asset and fully recognizes a gain or loss from the REO sale when control of the property transfers to the buyer, which generally occurs at closing. Topic 606 does not significantly change the pattern of revenue recognition unless the Company finances the sale. When the Company finances the REO sale, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether the Company will collect substantially all of the consideration to which it is entitled in exchange for the property. Once these criteria are met, the REO asset is derecognized and the Company fully recognizes the gain or loss upon transfer of control of the property to the buyer. There are no instances of the Company financing the sale of one of its REO properties during the nine months ended June 30, 2019. Deposit Account and Other Banking Income: The Company charges depositors transaction-based service fees, which includes services such as stop-payments, wire transfers, check and checking account charges. The performance obligation of the transaction-based fees is satisfied, and related revenue is recognized, at the point in time we perform the requested service. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. This ASU changes the accounting for certain equity investments, financial liabilities under the fair value option and presentation and disclosure requirements for financial instruments. Equity investments not accounted for under the equity method of accounting will be measured at fair value with changes recognized in net income. If there are no readily determinable fair values, the guidance allows entities to measure investments at cost less impairment, whereby impairment is based on a qualitative assessment. The guidance eliminates the requirement to disclose the methods and significant assumptions used to estimate fair value of financial instruments measured at amortized cost. The guidance also requires financial assets and financial liabilities to be presented separately in the footnotes, grouped by measurement category (fair value, amortized cost) and form of financial assets. If an entity has elected the fair value option to measure liabilities, the new accounting guidance requires the portion of the change in fair value of a liability resulting from credit risk to be presented in OCI. ASU 2018-03 was issued in February 2018 as technical guidance to ASU 2016-01 to aid in clarification and presentation requirements. Both accounting and disclosure guidance are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years on a prospective basis, with a cumulative-effect adjustment to the balance sheet at the beginning of the fiscal year adopted. Early adoption is not permitted. The Company adopted this guidance effective October 1, 2018 utilizing the modified-retrospective transition method. The Company did not recognize a cumulative adjustment to equity upon implementation of the standard. The guidance solely impacted the Company's disclosures, and did not have a material impact on the Company's consolidated financial condition or results of operations. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The amendments in this Update address eight specific cash flow issues with the objective of reducing the existing diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and Other Topics. Current guidance is either unclear or does not include specific guidance on these issues. Additionally, in November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash, which requires restricted cash or restricted cash equivalents be included in beginning-of-period and end-of-period cash totals and changes in this classification be explained separately. The amendments in both these Updates are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years and should be applied using a retrospective transition method. Early adoption is permitted, provided that all of the amendments are adopted in the same period. The Company adopted the guidance effective October 1, 2018. Adoption of this accounting guidance did not have a material impact on the presentation of the Consolidated Statements of Cash Flows. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718), Scope of Modification Accounting. This Update clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value (or calculated intrinsic value, if those amounts are being used to measure the award under ASC 718), the vesting conditions, or the classification of the award (as equity or liability) change as a result of the change in terms or conditions. The guidance is effective prospectively for annual periods beginning on or after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted. The Company adopted the guidance effective October 1, 2018. The Update did not have a material impact on the Company's consolidated financial condition or results of operations. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. This Update is intended to more closely align financial reporting of hedging relationships with risk management activities. This amendment expands hedge accounting for both nonfinancial and financial risk components, modifies the presentation of certain hedging relationships in the financial statements and eases hedge effectiveness testing requirements. The amendments are effective for fiscal years beginning after December 15, 2018. Early adoption is permissible in any interim period after the issuance of this Update. The Company early adopted the amendments effective October 1, 2018 and revised the disclosures included in footnote 13. Derivative Instruments, accordingly. In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815), Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index SWAP (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this Update permit use of the Overnight Index Swap Rate (OIS) rate based on Secured Overnight Financing Rate (SOFR) as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the UST, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate, and the SIFMA Municipal Swap Rate. Third Federal adopted ASU 2018-16 concurrently with ASU 2017-12. The Updates did not have a material impact on the Company's consolidated financial condition or results of operations. Issued but not yet adopted as of June 30, 2019 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This guidance changes the accounting treatment of leases by requiring lessees to recognize operating leases on the balance sheet as lease assets (a right-to-use asset) and lease liabilities (a liability to make lease payments), measured on a discounted basis and will require both quantitative and qualitative disclosure regarding key information about the leasing arrangements. An accounting policy election to not recognize operating leases with terms of 12 months or less as assets and liabilities is permitted. This guidance is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. ASU 2016-02 required entities to adopt the new lease standard using a modified retrospective approach. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements, which provides entities with an additional (and optional) transition method to adopt the new lease standard. Under this new method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company intends to adopt this guidance effective October 1, 2019 utilizing the transition method described in ASU 2018-11. In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842) Land Easement Practical Expedient, which allows entities to elect an optional transition practical expedient to not evaluate under Topic 842 land easements that exist or expired before the entity's adoption of Topic 842. In December 2018, the FASB issued ASU 2018-20, Leases (Topic 842) Narrow-Scope Improvements, which addresses lessor stakeholder questions regarding sales tax, certain lessor costs and the recognition of variable payments for contracts with lease and non-lease components. In March 2019, the FASB issued ASU 2019-01, Leases Codification Improvements, which addresses stakeholder questions regarding presentation of cash flows for sales type and direct financing leases, determining the fair value of the underlying asset by lessors that are not manufacturers or dealers, and transition disclosures related to Topic 250. An implementation team has been created to identify all leases, determine which, if any, practical expedients to utilize, and gather data required to comply. All leases have been identified. The Company selected a third-party vendor to assist in the implementation and subsequent accounting for leases under the ASUs. The Company expects to recognize a right-to-use asset and a lease liability for its operating lease commitments on the Consolidated Statements of Condition and is assessing any additional impact this new standard may have on its consolidated financial condition and results of operations. The Company also anticipates additional disclosures to be provided at adoption. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The amendments in this Update replace the existing incurred loss impairment methodology with a methodology that reflects the expected credit losses for the remaining life of the asset. This will require consideration of a broader range of information, including reasonably supportable forecasts, in the measurement of expected credit losses. The amendments expand disclosures of credit quality indicators, requiring disaggregation by year of origination (vintage). Additionally, credit losses on available for sale debt securities will be recognized as an allowance rather than a write-down, with reversals permitted as credit loss estimates decline. An entity will apply the amendments in this Update through a modified-retrospective approach, resulting in a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. For public business entities that are SEC filers, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company intends to adopt this guidance effective October 1, 2020. In May 2019, the FASB issued ASU 2019-05, Financial Instruments - Credit Losses (Topic 326) Targeted Transition Relief, which addresses stakeholders' concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. Management has formed a working group comprised of associates from across the Company including accounting, risk management, and finance. This group has begun assessing the required changes to our credit loss estimation methodologies and systems, as well as additional data and resources that may be required to comply with this standard. The Company is currently evaluating the impact that this accounting guidance may have on its consolidated financial condition or results of operations. The actual effect on our allowance for loan losses at the adoption date will be dependent upon the nature of the characteristics of the portfolio as well as the macroeconomic conditions and forecasts at that date. 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. The amendments in this Update add, remove and modify the disclosure requirements on fair value measurements in Topic 820. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted upon issuance of this Update. The Company intends to adopt the amendments effective October 1, 2020. The Update is not expected to have a material impact on the Company's consolidated financial condition, results of operations, or disclosures. In August 2018, the FASB issued ASU 2018-15, Internal-Use Software (Subtopic 350-40) - Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. Current GAAP does not specifically address the accounting for implementation costs of a hosting arrangement that is a service contract. Accordingly, the amendments in this Update improve current GAAP because they clarify that accounting and align the accounting for implementation costs for hosting arrangements, regardless of whether they convey a license to the hosted software. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period, for all entities. The Company intends to adopt the amendments effective October 1, 2020. Management is currently assessing the impact the Update will have on the Company's disclosures. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Updates 2016-13, 2017-12 and 2016-01. The amendments related to Update 2016-13 clarify the scope of the credit losses standard and address issues related to accrued interest and recoveries. The Company intends to adopt the credit loss standard amendments concurrently with Update 2016-13 on October 1, 2020. The amendments related to Update 2017-12 address partial-term fair value hedges, fair value hedge basis adjustments and certain transition requirements. The amendments related to Update 2016-01 address the scope of financial instrument recognition and measurement guidance, the requirement for re-measurement under ASC 820 when using the measurement alternative and certain disclosure requirements. The Company intends to early adopt the amendments related to hedging and financial instruments effective July 1, 2019. ASU 2019-04 is not expected to have a material impact on the Company’s consolidated financial condition, results of operation, or disclosures. The Company has determined that all other recently issued accounting pronouncements will not have a material impact on the Company's consolidated financial statements or do not apply to its operations.
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Basis Of Presentation Basis Of Presentation (Policies) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business, Policy | TFS Financial Corporation, a federally chartered stock holding company, conducts its principal activities through its wholly owned subsidiaries. The principal line of business of the Company is retail consumer banking, including mortgage lending, deposit gathering, and, to a much lesser extent, other financial services. As of June 30, 2019, approximately 81% of the Company’s outstanding shares were owned by a federally chartered mutual holding company, Third Federal Savings and Loan Association of Cleveland, MHC. The thrift subsidiary of TFS Financial Corporation is Third Federal Savings and Loan Association of Cleveland. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Accounting, Policy | The accounting and reporting policies followed by the Company conform in all material respects to U.S. GAAP and to general practices in the financial services industry. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for loan losses, the valuation of deferred tax assets, and the determination of pension obligations are particularly subject to change. The unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature which, in the opinion of management, are necessary to present fairly the consolidated financial condition of the Company at June 30, 2019, and its results of operations and cash flows for the periods presented. Such adjustments are the only adjustments reflected in the unaudited interim financial statements. In accordance with SEC Regulation S-X for interim financial information, these statements do not include certain information and footnote disclosures required for complete audited financial statements. The Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2018 contains audited consolidated financial statements and related notes, which should be read in conjunction with the accompanying interim consolidated financial statements. The results of operations for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2019 or for any other period.
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Loans and Leases Receivable, Nonaccrual Loan and Lease Status, Policy | Loans are placed in non-accrual status when they are contractually 90 days or more past due. Loans with a partial charge-off are placed in non-accrual and will remain in non-accrual status until, at a minimum, the impairment is recovered. Loans restructured in TDRs that were in non-accrual status prior to the restructurings remain in non-accrual status for a minimum of six months after restructuring. Loans restructured in TDRs with a high debt-to-income ratio at the time of modification are placed in non-accrual status for a minimum of 12 months. Additionally, home equity loans and lines of credit where the customer has a severely delinquent first mortgage loan and loans in Chapter 7 bankruptcy status where all borrowers have filed, and not reaffirmed or been dismissed, are placed in non-accrual status. When a loan is more than one month past due on its scheduled payments, the loan is considered 30 days or more past due.Interest on loans in non-accrual status is recognized on a cash basis.Interest on loans in accrual status, including certain loans individually reviewed for impairment, is recognized in interest income as it accrues, on a daily basis. Accrued interest on loans in non-accrual status is reversed by a charge to interest income and income is subsequently recognized only to the extent cash payments are received. Cash payments on loans in non-accrual status are first applied to the oldest scheduled, unpaid payment first. Cash payments on loans with a partial charge-off are applied fully to principal, then to recovery of the charged off amount prior to interest income being recognized, except cash payments may be applied to interest capitalized in a restructuring when collection of remaining amounts due is considered probable. A non-accrual loan is generally returned to accrual status when contractual payments are less than 90 days past due. However, a loan may remain in non-accrual status when collectability is uncertain, such as a TDR that has not met minimum payment requirements, a loan with a partial charge-off, an equity loan or line of credit with a delinquent first mortgage greater than 90 days past due, or a loan in Chapter 7 bankruptcy status where all borrowers have filed, and have not reaffirmed or been dismissed. The number of days past due is determined by the number of scheduled payments that remain unpaid, assuming a period of 30 days between each scheduled payment. Cash payments on loans with a partial charge-off are applied fully to principal, then to recovery of the charged off amount prior to interest income being recognized, except cash payments may be applied to interest capitalized in a restructuring when collection of remaining amounts due is considered probable. Interest income on the remaining impaired loans is recognized on an accrual basis.Charge-offs on residential mortgage loans, home equity loans and lines of credit, and construction loans are recognized when triggering events, such as foreclosure actions, short sales, or deeds accepted in lieu of repayment, result in less than full repayment of the recorded investment in the loans. Partial or full charge-offs are also recognized for the amount of impairment on loans considered collateral dependent that meet the conditions described below.
Collateral dependent residential mortgage loans and construction loans are charged off to the extent the recorded investment in a loan, net of anticipated mortgage insurance claims, exceeds the fair value, less estimated costs to dispose of the underlying property. Management can determine if the loan is uncollectible for reasons such as foreclosures exceeding a reasonable time frame and recommend a full charge-off. Home equity loans or lines of credit are charged off to the extent the recorded investment in the loan plus the balance of any senior liens exceeds the fair value, less estimated costs to dispose of the underlying property, or management determines the collateral is not sufficient to satisfy the loan. A loan in any portfolio that is identified as collateral dependent will continue to be reported as impaired until it is no longer considered collateral dependent, is less than 30 days past due and does not have a prior charge-off. A loan in any portfolio that has a partial charge-off consequent to impairment evaluation will continue to be individually evaluated for impairment until, at a minimum, the impairment has been recovered.
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Loans and Allowance for Loan Losses, Impaired Loan, Policy | For all classes of loans, a loan is considered impaired when, based on current information and events, it is probable that the Association will be unable to collect the scheduled payments of principal and interest according to the contractual terms of the loan agreement. Factors considered in determining that a loan is impaired may include the deteriorating financial condition of the borrower indicated by missed or delinquent payments, a pending legal action, such as bankruptcy or foreclosure, or the absence of adequate security for the loan.
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Loans and Allowance for Loan Losses, Troubled Debt Restructuring, Policy | TDRs may be restructured more than once. Among other requirements, a subsequent restructuring may be available for a borrower upon the expiration of temporary restructuring terms if the borrower cannot return to regular loan payments. If the borrower is experiencing an income curtailment that temporarily has reduced their capacity to repay, such as loss of employment, reduction of hours, non-paid leave or short-term disability, a temporary restructuring is considered. If the borrower lacks the capacity to repay the loan at the current terms due to a permanent condition, a permanent restructuring is considered. In evaluating the need for a subsequent restructuring, the borrower’s ability to repay is generally assessed utilizing a debt to income and cash flow analysis. Loans restructured in TDRs that are not evaluated based on collateral are separately evaluated for impairment on a loan by loan basis at the time of restructuring and at each subsequent reporting date for as long as they are reported as TDRs. The impairment evaluation is based on the present value of expected future cash flows discounted at the effective interest rate of the original loan. Expected future cash flows include a discount factor representing a potential for default. Valuation allowances are recorded for the excess of the recorded investments over the result of the cash flow analysis. Loans discharged in Chapter 7 bankruptcy are reported as TDRs and also evaluated based on the present value of expected future cash flows unless evaluated based on collateral. We evaluate these loans using the expected future cash flows because we expect the borrower, not liquidation of the collateral, to be the source of repayment for the loan. Other consumer loans are not considered for restructuring. A loan restructured in a TDR is classified as an impaired loan for a minimum of one year. After one year, that loan may be reclassified out of the balance of impaired loans if the loan was restructured to yield a market rate for loans of similar credit risk at the time of restructuring and the loan is not impaired based on the terms of the restructuring agreement.
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Fair Value, Transfer, Policy | Under U.S. GAAP, fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date under current market conditions. A fair value framework is established whereby assets and liabilities measured at fair value are grouped into three levels of a fair value hierarchy, based on the transparency of inputs and the reliability of assumptions used to estimate fair value. The Company’s policy is to recognize transfers between levels of the hierarchy as of the end of the reporting period in which the transfer occurs. The three levels of inputs are defined as follows:
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Recent Accounting Pronouncements, Policy | RECENT ACCOUNTING PRONOUNCEMENTS Adopted during the nine months ended June 30, 2019 In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of the guidance requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods or services. The amendments include a five step process for consideration of the core principle, guidance on the accounting treatment for costs associated with a contract, and disclosure requirements related to the revenue process. The FASB issued several additional ASU's to clarify guidance and provide implementation support for ASU 2014-09. Topic 606 does not apply to revenue within the scope of other standards, such as revenue associated with financial instruments. Effective October 1, 2018, the Company adopted ASU 2014-09 and all subsequent amendments related to the ASU (collectively, “Topic 606”). We elected to adopt this guidance utilizing the modified retrospective approach. The adoption did not have a significant impact to the Company's consolidated financial statements, as such, a cumulative effect adjustment to beginning retained earnings was not necessary. Neither the new standard, nor any of the related amendments, resulted in a material change from our current accounting for revenue because a significant amount of the Company’s revenue streams such as interest income, are not within the scope of Topic 606. Our services that fall within the scope of Topic 606 are recognized as revenue as we satisfy our performance obligation to the customer. The disaggregation of our revenue from contracts with customers in scope of Topic 606 is provided below:
(1) Net gain/(loss) from sales of real estate owned (REO) is located in non-interest expense in the consolidated statements of income because the gains and losses from the sales of REO assets are netted together with real estate owned expenses (which includes associated legal and maintenance expenses). Sales of REO: The Company derecognizes the REO asset and fully recognizes a gain or loss from the REO sale when control of the property transfers to the buyer, which generally occurs at closing. Topic 606 does not significantly change the pattern of revenue recognition unless the Company finances the sale. When the Company finances the REO sale, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether the Company will collect substantially all of the consideration to which it is entitled in exchange for the property. Once these criteria are met, the REO asset is derecognized and the Company fully recognizes the gain or loss upon transfer of control of the property to the buyer. There are no instances of the Company financing the sale of one of its REO properties during the nine months ended June 30, 2019. Deposit Account and Other Banking Income: The Company charges depositors transaction-based service fees, which includes services such as stop-payments, wire transfers, check and checking account charges. The performance obligation of the transaction-based fees is satisfied, and related revenue is recognized, at the point in time we perform the requested service. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. This ASU changes the accounting for certain equity investments, financial liabilities under the fair value option and presentation and disclosure requirements for financial instruments. Equity investments not accounted for under the equity method of accounting will be measured at fair value with changes recognized in net income. If there are no readily determinable fair values, the guidance allows entities to measure investments at cost less impairment, whereby impairment is based on a qualitative assessment. The guidance eliminates the requirement to disclose the methods and significant assumptions used to estimate fair value of financial instruments measured at amortized cost. The guidance also requires financial assets and financial liabilities to be presented separately in the footnotes, grouped by measurement category (fair value, amortized cost) and form of financial assets. If an entity has elected the fair value option to measure liabilities, the new accounting guidance requires the portion of the change in fair value of a liability resulting from credit risk to be presented in OCI. ASU 2018-03 was issued in February 2018 as technical guidance to ASU 2016-01 to aid in clarification and presentation requirements. Both accounting and disclosure guidance are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years on a prospective basis, with a cumulative-effect adjustment to the balance sheet at the beginning of the fiscal year adopted. Early adoption is not permitted. The Company adopted this guidance effective October 1, 2018 utilizing the modified-retrospective transition method. The Company did not recognize a cumulative adjustment to equity upon implementation of the standard. The guidance solely impacted the Company's disclosures, and did not have a material impact on the Company's consolidated financial condition or results of operations. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The amendments in this Update address eight specific cash flow issues with the objective of reducing the existing diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and Other Topics. Current guidance is either unclear or does not include specific guidance on these issues. Additionally, in November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash, which requires restricted cash or restricted cash equivalents be included in beginning-of-period and end-of-period cash totals and changes in this classification be explained separately. The amendments in both these Updates are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years and should be applied using a retrospective transition method. Early adoption is permitted, provided that all of the amendments are adopted in the same period. The Company adopted the guidance effective October 1, 2018. Adoption of this accounting guidance did not have a material impact on the presentation of the Consolidated Statements of Cash Flows. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718), Scope of Modification Accounting. This Update clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value (or calculated intrinsic value, if those amounts are being used to measure the award under ASC 718), the vesting conditions, or the classification of the award (as equity or liability) change as a result of the change in terms or conditions. The guidance is effective prospectively for annual periods beginning on or after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted. The Company adopted the guidance effective October 1, 2018. The Update did not have a material impact on the Company's consolidated financial condition or results of operations. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. This Update is intended to more closely align financial reporting of hedging relationships with risk management activities. This amendment expands hedge accounting for both nonfinancial and financial risk components, modifies the presentation of certain hedging relationships in the financial statements and eases hedge effectiveness testing requirements. The amendments are effective for fiscal years beginning after December 15, 2018. Early adoption is permissible in any interim period after the issuance of this Update. The Company early adopted the amendments effective October 1, 2018 and revised the disclosures included in footnote 13. Derivative Instruments, accordingly. In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815), Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index SWAP (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this Update permit use of the Overnight Index Swap Rate (OIS) rate based on Secured Overnight Financing Rate (SOFR) as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the UST, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate, and the SIFMA Municipal Swap Rate. Third Federal adopted ASU 2018-16 concurrently with ASU 2017-12. The Updates did not have a material impact on the Company's consolidated financial condition or results of operations. Issued but not yet adopted as of June 30, 2019 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This guidance changes the accounting treatment of leases by requiring lessees to recognize operating leases on the balance sheet as lease assets (a right-to-use asset) and lease liabilities (a liability to make lease payments), measured on a discounted basis and will require both quantitative and qualitative disclosure regarding key information about the leasing arrangements. An accounting policy election to not recognize operating leases with terms of 12 months or less as assets and liabilities is permitted. This guidance is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. ASU 2016-02 required entities to adopt the new lease standard using a modified retrospective approach. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements, which provides entities with an additional (and optional) transition method to adopt the new lease standard. Under this new method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company intends to adopt this guidance effective October 1, 2019 utilizing the transition method described in ASU 2018-11. In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842) Land Easement Practical Expedient, which allows entities to elect an optional transition practical expedient to not evaluate under Topic 842 land easements that exist or expired before the entity's adoption of Topic 842. In December 2018, the FASB issued ASU 2018-20, Leases (Topic 842) Narrow-Scope Improvements, which addresses lessor stakeholder questions regarding sales tax, certain lessor costs and the recognition of variable payments for contracts with lease and non-lease components. In March 2019, the FASB issued ASU 2019-01, Leases Codification Improvements, which addresses stakeholder questions regarding presentation of cash flows for sales type and direct financing leases, determining the fair value of the underlying asset by lessors that are not manufacturers or dealers, and transition disclosures related to Topic 250. An implementation team has been created to identify all leases, determine which, if any, practical expedients to utilize, and gather data required to comply. All leases have been identified. The Company selected a third-party vendor to assist in the implementation and subsequent accounting for leases under the ASUs. The Company expects to recognize a right-to-use asset and a lease liability for its operating lease commitments on the Consolidated Statements of Condition and is assessing any additional impact this new standard may have on its consolidated financial condition and results of operations. The Company also anticipates additional disclosures to be provided at adoption. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The amendments in this Update replace the existing incurred loss impairment methodology with a methodology that reflects the expected credit losses for the remaining life of the asset. This will require consideration of a broader range of information, including reasonably supportable forecasts, in the measurement of expected credit losses. The amendments expand disclosures of credit quality indicators, requiring disaggregation by year of origination (vintage). Additionally, credit losses on available for sale debt securities will be recognized as an allowance rather than a write-down, with reversals permitted as credit loss estimates decline. An entity will apply the amendments in this Update through a modified-retrospective approach, resulting in a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. For public business entities that are SEC filers, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company intends to adopt this guidance effective October 1, 2020. In May 2019, the FASB issued ASU 2019-05, Financial Instruments - Credit Losses (Topic 326) Targeted Transition Relief, which addresses stakeholders' concerns by providing an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. Management has formed a working group comprised of associates from across the Company including accounting, risk management, and finance. This group has begun assessing the required changes to our credit loss estimation methodologies and systems, as well as additional data and resources that may be required to comply with this standard. The Company is currently evaluating the impact that this accounting guidance may have on its consolidated financial condition or results of operations. The actual effect on our allowance for loan losses at the adoption date will be dependent upon the nature of the characteristics of the portfolio as well as the macroeconomic conditions and forecasts at that date. 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. The amendments in this Update add, remove and modify the disclosure requirements on fair value measurements in Topic 820. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted upon issuance of this Update. The Company intends to adopt the amendments effective October 1, 2020. The Update is not expected to have a material impact on the Company's consolidated financial condition, results of operations, or disclosures. In August 2018, the FASB issued ASU 2018-15, Internal-Use Software (Subtopic 350-40) - Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. Current GAAP does not specifically address the accounting for implementation costs of a hosting arrangement that is a service contract. Accordingly, the amendments in this Update improve current GAAP because they clarify that accounting and align the accounting for implementation costs for hosting arrangements, regardless of whether they convey a license to the hosted software. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted, including adoption in any interim period, for all entities. The Company intends to adopt the amendments effective October 1, 2020. Management is currently assessing the impact the Update will have on the Company's disclosures. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Updates 2016-13, 2017-12 and 2016-01. The amendments related to Update 2016-13 clarify the scope of the credit losses standard and address issues related to accrued interest and recoveries. The Company intends to adopt the credit loss standard amendments concurrently with Update 2016-13 on October 1, 2020. The amendments related to Update 2017-12 address partial-term fair value hedges, fair value hedge basis adjustments and certain transition requirements. The amendments related to Update 2016-01 address the scope of financial instrument recognition and measurement guidance, the requirement for re-measurement under ASC 820 when using the measurement alternative and certain disclosure requirements. The Company intends to early adopt the amendments related to hedging and financial instruments effective July 1, 2019. ASU 2019-04 is not expected to have a material impact on the Company’s consolidated financial condition, results of operation, or disclosures. The Company has determined that all other recently issued accounting pronouncements will not have a material impact on the Company's consolidated financial statements or do not apply to its operations.
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Summary Of Earnings Per Share | The following is a summary of the Company's earnings per share calculations.
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following is a summary of outstanding stock options and restricted and performance stock units that are excluded from the computation of diluted earnings per share because their inclusion would be anti-dilutive.
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Investment Securities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Securities Available For Sale | Investments available for sale are summarized as follows:
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Schedule Of Securities Continuous Unrealized Loss Position | Gross unrealized losses on available for sale securities and the estimated fair value of the related securities, aggregated by the length of time the securities have been in a continuous loss position, at June 30, 2019 and September 30, 2018, were as follows:
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Loans And Allowance For Loan Losses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Loans Held For Investment | Loans held for investment consist of the following:
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Schedule Of Recorded Investment Of Loan Receivables That Are Past Due | An aging analysis of the recorded investment in loan receivables that are past due at June 30, 2019 and September 30, 2018 is summarized in the following tables. When a loan is more than one month past due on its scheduled payments, the loan is considered 30 days or more past due. Balances are adjusted for deferred loan fees, expenses and any applicable loans-in-process.
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Schedule Of Recorded Investment Of Loan Receivables In Non-Accrual Status | The recorded investment of loan receivables in non-accrual status is summarized in the following table. Balances are adjusted for deferred loan fees and expenses.
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Schedule Of Impaired Loans | Balances of recorded investments are adjusted for deferred loan fees and expenses.
The average recorded investment in impaired loans and the amount of interest income recognized during the period that the loans were impaired are summarized below.
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Schedule Of Troubled Debt Restructured Loans | Below summarizes the information on TDRs restructured within 12 months of the period presented for which there was a subsequent payment default, at least 30 days past due on one scheduled payment, during the period presented.
The following tables set forth the recorded investment in TDRs restructured during the periods presented.
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Schedule Of Credit Quality Of Residential Loan Receivables By An Internally Assigned Grade | The following tables provide information about the credit quality of residential loan receivables by an internally assigned grade. Balances are adjusted for deferred loan fees, expenses and any applicable loans-in-process.
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Schedule Of The Allowance For Loan Losses | The recorded investment in loan receivables at June 30, 2019 and September 30, 2018 is summarized in the following table. The table provides details of the recorded balances according to the method of evaluation used for determining the allowance for loan losses, distinguishing between determinations made by evaluating individual loans and determinations made by evaluating groups of loans not individually evaluated. Balances of recorded investments are adjusted for deferred loan fees, expenses and any applicable loans-in-process.
An analysis of the allowance for loan losses at June 30, 2019 and September 30, 2018 is summarized in the following table. The analysis provides details of the allowance for loan losses according to the method of evaluation, distinguishing between allowances for loan losses determined by evaluating individual loans and allowances for loan losses determined by evaluating groups of loans collectively.
Activity in the allowance for loan losses is summarized as follows:
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Deposits (Tables) |
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Deposit Account Balances | Deposit account balances are summarized as follows:
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Borrowed Funds (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances from Federal Home Loan Banks [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Federal Home Loan Bank (FHLB) Borrowings | Federal Home Loan Bank borrowings at June 30, 2019 are summarized in the table below. The amount and weighted average rates of certain FHLB Advances maturing in 24 months or less reflect the net impact of deferred penalties discussed below:
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Schedule of Federal Home Loan Bank (FHLB) Short-term Debt | Through the use of interest rate swaps discussed in Note 13. Derivative Instruments, $2,400,000 of FHLB advances included in the table above as maturing in 12 months or less, have effective maturities, assuming no early terminations of the swap contracts, as shown below:
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Other Comprehensive Income (Loss) (Tables) |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The change in accumulated other comprehensive income (loss) by component is as follows:
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Reclassification Out Of Accumulated Other Comprehensive Income (Loss) Included In Net Income | The following table presents the reclassification adjustment out of accumulated other comprehensive income included in net income and the corresponding line item on the consolidated statements of income for the periods indicated:
(a) This item is included in the computation of net periodic pension cost. See Note 9. Defined Benefit Plan for additional disclosure. (b) This item is a reclassification between Accumulated Other Comprehensive Income and Retained Earnings due to the adoption of ASU 2018-02 in fiscal year 2018.
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Defined Benefit Plan (Tables) |
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Net Periodic Benefit Cost Recognized | The components of net periodic cost recognized in other non-interest expense in the unaudited Consolidated Statements of Income are as follows:
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Equity Incentive Plan Equity Incentive Plan (Tables) |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | The following table presents share-based compensation expense recognized during the periods presented.
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Commitments And Contingent Liabilities (Tables) |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Commitments To Originate And Unfunded Commitments | At June 30, 2019, the Company had commitments to originate loans as follows:
At June 30, 2019, the Company had unfunded commitments outstanding as follows:
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Fair Value (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Of Assets And Liabilities Measured On Recurring Basis | Assets and liabilities carried at fair value on a recurring basis in the Consolidated Statements of Condition at June 30, 2019 and September 30, 2018 are summarized below. There were no liabilities carried at fair value on a recurring basis at June 30, 2019.
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The table below presents a reconciliation of the beginning and ending balances and the location within the Consolidated Statements of Income where gains (losses) due to changes in fair value are recognized on interest rate lock commitments which are measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
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Assets Measured At Fair Value On A Nonrecurring Basis | Summarized in the tables below are those assets measured at fair value on a nonrecurring basis.
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Fair Value Inputs, Assets, Quantitative Information | The following provides quantitative information about significant unobservable inputs categorized within Level 3 of the Fair Value Hierarchy. The interest rate lock commitments at June 30, 2019 include both mortgage origination applications and preapprovals. Preapprovals have a much lower closure rate than origination applications as reflected in the weighted average closure rate.
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Estimated Fair Value Of Financial Instruments | The following tables present the estimated fair value of the Company’s financial instruments and their carrying amounts as reported in the Statement of Condition.
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Derivative Instruments (Tables) |
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Summary of Derivative Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables provide the locations within the Consolidated Statements of Condition, notional values and fair values, at the reporting dates, for all derivative instruments.
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Schedule of Effect of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables present the net gains and losses recorded within the Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income relating to derivative instruments.
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Recent Accounting Pronouncements (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from External Customers by Products and Services [Table Text Block] | The disaggregation of our revenue from contracts with customers in scope of Topic 606 is provided below:
(1) Net gain/(loss) from sales of real estate owned (REO) is located in non-interest expense in the consolidated statements of income because the gains and losses from the sales of REO assets are netted together with real estate owned expenses (which includes associated legal and maintenance expenses).
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Basis Of Presentation (Details) |
Jun. 30, 2019 |
---|---|
Third Federal Savings, MHC | Common Stock | |
Percentage of the Company's outstanding shares held by Third Federal Savings, MHC | 81.00% |
Earnings Per Share (Narrative) (Details) - shares |
Jun. 30, 2019 |
Mar. 31, 2018 |
---|---|---|
Earnings Per Share [Abstract] | ||
Shares held by Third Federal Savings, MHC (in shares) | 227,119,132 | |
Employee Stock Ownership Plan (ESOP), neither allocated nor committed to be released to participants (in shares) | 4,550,066 | 4,983,406 |
Earnings Per Share (Summary Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Earnings Per Share [Abstract] | ||||
Net income | $ 18,257 | $ 20,875 | $ 58,720 | $ 63,802 |
Less: income allocated to restricted stock units | 362 | 287 | 1,124 | 829 |
Income available to common shareholders | $ 17,895 | $ 20,588 | $ 57,596 | $ 62,973 |
Income available to common shareholders, Shares | 275,384,635 | 275,468,237 | 275,373,426 | 275,647,589 |
Income available to common shareholders, per share amount, basic | $ 0.06 | $ 0.07 | $ 0.21 | $ 0.23 |
Effect of dilutive potential common shares | 2,013,851 | 1,732,636 | 1,896,129 | 1,699,120 |
Income available to common shareholders | $ 17,895 | $ 20,588 | $ 57,596 | $ 62,973 |
Income available to common shareholders, Shares | 277,398,486 | 277,200,873 | 277,269,555 | 277,346,709 |
Income available to common shareholders, per share amount, diluted | $ 0.06 | $ 0.07 | $ 0.21 | $ 0.23 |
Earnings Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
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Options to purchase shares | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Options to purchase shares and restricted stock units (antidilutive) (in shares) | 710,100 | 2,111,540 | 710,100 | 2,148,840 |
Restricted and Performance Stock Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Options to purchase shares and restricted stock units (antidilutive) (in shares) | 0 | 0 | 0 | 11,001 |
Investment Securities (Investments Securities Available For Sale) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Sep. 30, 2018 |
---|---|---|
Schedule of Available For Sale Securities [Line Items] | ||
Investments securities available for sale, Amortized Cost | $ 566,228 | $ 549,211 |
Available-for-sale securities, gross unrealized gain | 2,459 | 244 |
Available-for-sale securities, gross unrealized losses | (3,742) | (17,490) |
Available-for-sale Securities | 564,945 | 531,965 |
REMIC's | ||
Schedule of Available For Sale Securities [Line Items] | ||
Investments securities available for sale, Amortized Cost | 554,854 | 537,330 |
Available-for-sale securities, gross unrealized gain | 2,206 | 7 |
Available-for-sale securities, gross unrealized losses | (3,742) | (17,338) |
Available-for-sale Securities | 553,318 | 519,999 |
Fannie Mae Certificates | ||
Schedule of Available For Sale Securities [Line Items] | ||
Investments securities available for sale, Amortized Cost | 7,377 | 7,906 |
Available-for-sale securities, gross unrealized gain | 252 | 237 |
Available-for-sale securities, gross unrealized losses | 0 | (145) |
Available-for-sale Securities | 7,629 | 7,998 |
U.S. Government obligation | ||
Schedule of Available For Sale Securities [Line Items] | ||
Investments securities available for sale, Amortized Cost | 3,997 | 3,975 |
Available-for-sale securities, gross unrealized gain | 1 | 0 |
Available-for-sale securities, gross unrealized losses | 0 | (7) |
Available-for-sale Securities | $ 3,998 | $ 3,968 |
Investment Securities (Investment Securities Held at a Continuous Loss) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Sep. 30, 2018 |
---|---|---|
Schedule of Available For Sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Estimated Fair Value | $ 117,079 | |
Available-for-sale securities, Less Than Twelve Months, Unrealized Loss | 1,806 | |
Available-for-sale securities, Twelve Months or Longer, Estimated Fair Value | 404,895 | |
Available-for-sale securities, Twelve Months or Longer, Unrealized Loss | 15,684 | |
Available-for-sale securities, Total Estimated Fair Value | 521,974 | |
Available-for-sale securities, Total Unrealized Losses | 17,490 | |
REMIC's | ||
Schedule of Available For Sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Estimated Fair Value | $ 19,317 | 113,111 |
Available-for-sale securities, Less Than Twelve Months, Unrealized Loss | 23 | 1,799 |
Available-for-sale securities, Twelve Months or Longer, Estimated Fair Value | 340,121 | 400,558 |
Available-for-sale securities, Twelve Months or Longer, Unrealized Loss | 3,719 | 15,539 |
Available-for-sale securities, Total Estimated Fair Value | 359,438 | 513,669 |
Available-for-sale securities, Total Unrealized Losses | $ 3,742 | 17,338 |
Fannie Mae Certificates | ||
Schedule of Available For Sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Estimated Fair Value | 0 | |
Available-for-sale securities, Less Than Twelve Months, Unrealized Loss | 0 | |
Available-for-sale securities, Twelve Months or Longer, Estimated Fair Value | 4,337 | |
Available-for-sale securities, Twelve Months or Longer, Unrealized Loss | 145 | |
Available-for-sale securities, Total Estimated Fair Value | 4,337 | |
Available-for-sale securities, Total Unrealized Losses | 145 | |
U.S. Government obligation | ||
Schedule of Available For Sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Estimated Fair Value | 3,968 | |
Available-for-sale securities, Less Than Twelve Months, Unrealized Loss | 7 | |
Available-for-sale securities, Twelve Months or Longer, Estimated Fair Value | 0 | |
Available-for-sale securities, Twelve Months or Longer, Unrealized Loss | 0 | |
Available-for-sale securities, Total Estimated Fair Value | 3,968 | |
Available-for-sale securities, Total Unrealized Losses | $ 7 |
Investment Securities Investment Securities (Narrative) (Details) - U.S. Government obligation $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Debt Securities, Available-for-sale [Line Items] | |
U.S. government obligations, categorized as due in less than one year, amortized cost | $ 3,997 |
U.S. government obligations, categorized as due in less than one year, fair value | $ 3,998 |
Loans And Allowance For Loan Losses (Narrative) (Details) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Jun. 30, 2019
USD ($)
loans
|
Jun. 30, 2018
loans
|
Sep. 30, 2018
USD ($)
|
|
Loan Portfolio [Line Items] | |||
Loans classified as mortgage loans held for sale | $ 2,635 | $ 659 | |
Loans in process of foreclosure | 8,923 | 8,501 | |
Allowance for loan losses, Individually Evaluated | $ 12,901 | 12,087 | |
Residential loans, collateral evaluated for charge-off, number of days past due | 180 days | ||
Home equity lines of credit equity loans and residential loans modified in a troubled debt restructuring charge-offs, days past due | 90 days | ||
All classes of loans collateral evaluated for charge-off, sheriff sale scheduled number of days to sell | 60 days | ||
All classes of loans, all borrowers filed Chapter 7 Bankruptcy, collateral evaluated for charge-off, days since notification | 60 days | ||
All classes of loans borrower filed bankruptcy, collateral evaluated for charge-off, days past due | 30 days | ||
Troubled debt restructuring reclassed from impaired | loans | 0 | 0 | |
Impaired Financing Receivable, Recorded Investment | $ 175,501 | $ 180,794 | |
Residential Core, Home Today and Construction | Florida | |||
Loan Portfolio [Line Items] | |||
Residential real estate loans held, percent | 16.00% | 16.00% | |
Residential Core, Home Today and Construction | Ohio | |||
Loan Portfolio [Line Items] | |||
Residential real estate loans held, percent | 57.00% | 56.00% | |
Home Equity Loans And Lines Of Credit | |||
Loan Portfolio [Line Items] | |||
Allowance for loan losses, Individually Evaluated | $ 3,667 | $ 3,014 | |
Impaired Financing Receivable, Recorded Investment | $ 48,141 | $ 47,911 | |
Home Equity Loans And Lines Of Credit | Florida | |||
Loan Portfolio [Line Items] | |||
Residential real estate loans held, percent | 19.00% | 20.00% | |
Home Equity Loans And Lines Of Credit | Ohio | |||
Loan Portfolio [Line Items] | |||
Residential real estate loans held, percent | 32.00% | 36.00% | |
Home Equity Loans And Lines Of Credit | California | |||
Loan Portfolio [Line Items] | |||
Residential real estate loans held, percent | 16.00% | 15.00% | |
Residential Home Today Loans Originated Prior To March 27, 2009 | |||
Loan Portfolio [Line Items] | |||
Real estate loans | $ 84,604 | $ 91,805 | |
Adjustable Rate Residential Mortgage | |||
Loan Portfolio [Line Items] | |||
Real estate loans | 5,086,776 | 5,166,282 | |
Other Consumer Loans | |||
Loan Portfolio [Line Items] | |||
Real estate loans | 2,878 | 3,021 | |
Troubled Debt Restructuring | |||
Loan Portfolio [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 160,658 | 165,391 | |
Real Estate Loans | |||
Loan Portfolio [Line Items] | |||
Real estate loans | 13,048,065 | 12,908,674 | |
Allowance for loan losses, Individually Evaluated | 12,901 | 12,087 | |
Real Estate Loans | Home Equity Loans And Lines Of Credit | |||
Loan Portfolio [Line Items] | |||
Real estate loans | 2,085,853 | 1,818,918 | |
Allowance for loan losses, Individually Evaluated | 3,667 | 3,014 | |
Nonperforming | Other Consumer Loans | |||
Loan Portfolio [Line Items] | |||
Real estate loans | 0 | 0 | |
Nonperforming | Troubled Debt Restructuring | |||
Loan Portfolio [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | $ 10,694 | $ 10,468 |
Loans And Allowance For Loan Losses (Loans Held For Investment) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Sep. 30, 2018 |
---|---|---|
Loan Portfolio [Line Items] | ||
Deferred loan expenses, net | $ 41,724 | $ 38,566 |
Loans in process (LIP) | (24,856) | (36,549) |
Allowance for loan losses | (39,313) | (42,418) |
Loans, net | 13,028,498 | 12,871,294 |
Other Consumer Loans | ||
Loan Portfolio [Line Items] | ||
Loans, gross | 2,878 | 3,021 |
Real Estate Loans | ||
Loan Portfolio [Line Items] | ||
Loans, gross | 13,048,065 | 12,908,674 |
Real Estate Loans | Residential Core | ||
Loan Portfolio [Line Items] | ||
Loans, gross | 10,826,777 | 10,930,811 |
Real Estate Loans | Residential Home Today | ||
Loan Portfolio [Line Items] | ||
Loans, gross | 87,785 | 94,933 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | ||
Loan Portfolio [Line Items] | ||
Loans, gross | 2,085,853 | 1,818,918 |
Real Estate Loans | Construction | ||
Loan Portfolio [Line Items] | ||
Loans, gross | $ 47,650 | $ 64,012 |
Loans And Allowance For Loan Losses (Schedule Of Recorded Investment In Loan Receivables That Are Past Due) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Sep. 30, 2018 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Total past due | $ 37,676 | $ 41,447 |
Current | 13,030,135 | 12,872,265 |
Total | 13,067,811 | 12,913,712 |
30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 11,857 | 14,478 |
60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 4,856 | 6,415 |
Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 20,963 | 20,554 |
Other Consumer Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Current | 2,878 | 3,021 |
Total | 2,878 | 3,021 |
Other Consumer Loans | 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Other Consumer Loans | 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Other Consumer Loans | Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Real Estate Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 37,676 | 41,447 |
Current | 13,027,257 | 12,869,244 |
Total | 13,064,933 | 12,910,691 |
Real Estate Loans | 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 11,857 | 14,478 |
Real Estate Loans | 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 4,856 | 6,415 |
Real Estate Loans | Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 20,963 | 20,554 |
Real Estate Loans | Residential Core | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 17,928 | 20,681 |
Current | 10,824,632 | 10,926,294 |
Total | 10,842,560 | 10,946,975 |
Real Estate Loans | Residential Core | 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 5,139 | 7,539 |
Real Estate Loans | Residential Core | 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 1,908 | 2,335 |
Real Estate Loans | Residential Core | Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 10,881 | 10,807 |
Real Estate Loans | Residential Home Today | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 7,681 | 8,366 |
Current | 79,788 | 86,383 |
Total | 87,469 | 94,749 |
Real Estate Loans | Residential Home Today | 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 2,874 | 2,787 |
Real Estate Loans | Residential Home Today | 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 1,498 | 1,765 |
Real Estate Loans | Residential Home Today | Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 3,309 | 3,814 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 12,067 | 12,400 |
Current | 2,100,315 | 1,829,427 |
Total | 2,112,382 | 1,841,827 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 3,844 | 4,152 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 1,450 | 2,315 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 6,773 | 5,933 |
Real Estate Loans | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Current | 22,522 | 27,140 |
Total | 22,522 | 27,140 |
Real Estate Loans | Construction | 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Real Estate Loans | Construction | 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Real Estate Loans | Construction | Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | $ 0 | $ 0 |
Loans And Allowance For Loan Losses (Schedule Of Recorded Investment Of Loan Receivables In Non-Accrual Status) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Sep. 30, 2018 |
---|---|---|
Performing | ||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | ||
Total non-accrual loans | $ 52,874 | $ 57,197 |
Performing Chapter 7 Bankruptcy | ||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | ||
Total non-accrual loans | 26,410 | 29,439 |
Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | ||
Total non-accrual loans | 73,836 | 77,752 |
Real Estate Loans | Residential Core | ||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | ||
Total non-accrual loans | 38,696 | 41,628 |
Real Estate Loans | Residential Home Today | ||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | ||
Total non-accrual loans | 13,085 | 14,641 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | ||
Total non-accrual loans | $ 22,055 | $ 21,483 |
Loans And Allowance For Loan Losses (Schedule Of Recorded Investment In Loan Receivables According To The Method Of Evaluation) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Sep. 30, 2018 |
---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Recorded Investment, Individually Evaluated | $ 175,501 | $ 180,794 |
Recorded Investment, Collectively Evaluated | 12,892,310 | 12,732,918 |
Total | 13,067,811 | 12,913,712 |
Other Consumer Loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Recorded Investment, Individually Evaluated | 0 | 0 |
Recorded Investment, Collectively Evaluated | 2,878 | 3,021 |
Total | 2,878 | 3,021 |
Real Estate Loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Recorded Investment, Individually Evaluated | 175,501 | 180,794 |
Recorded Investment, Collectively Evaluated | 12,889,432 | 12,729,897 |
Total | 13,064,933 | 12,910,691 |
Real Estate Loans | Residential Core | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Recorded Investment, Individually Evaluated | 89,147 | 91,360 |
Recorded Investment, Collectively Evaluated | 10,753,413 | 10,855,615 |
Total | 10,842,560 | 10,946,975 |
Real Estate Loans | Residential Home Today | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Recorded Investment, Individually Evaluated | 38,213 | 41,523 |
Recorded Investment, Collectively Evaluated | 49,256 | 53,226 |
Total | 87,469 | 94,749 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Recorded Investment, Individually Evaluated | 48,141 | 47,911 |
Recorded Investment, Collectively Evaluated | 2,064,241 | 1,793,916 |
Total | 2,112,382 | 1,841,827 |
Real Estate Loans | Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Recorded Investment, Individually Evaluated | 0 | 0 |
Recorded Investment, Collectively Evaluated | 22,522 | 27,140 |
Total | $ 22,522 | $ 27,140 |
Loans And Allowance For Loan Losses (Schedule Of Allowance For Loan Losses According To The Method Of Evaluation) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Mar. 31, 2019 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Sep. 30, 2017 |
---|---|---|---|---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for loan losses, Individually Evaluated | $ 12,901 | $ 12,087 | ||||
Present Value of Cash Flows | Performing | Troubled Debt Restructuring | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for loan losses, Individually Evaluated | 12,648 | 12,002 | ||||
Further Deterioration In Fair Value Of Collateral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for loan losses, Individually Evaluated | 253 | 85 | ||||
Residential Core | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for loan losses, Individually Evaluated | 6,799 | 6,934 | ||||
Residential Home Today | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for loan losses, Individually Evaluated | 2,435 | 2,139 | ||||
Home Equity Loans And Lines Of Credit | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for loan losses, Individually Evaluated | 3,667 | 3,014 | ||||
Real Estate Loans | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for loan losses, Individually Evaluated | 12,901 | 12,087 | ||||
Allowance for loan losses, Collectively Evaluated | 26,412 | 30,331 | ||||
Allowance for credit losses | 39,313 | $ 40,286 | 42,418 | $ 42,971 | $ 43,106 | $ 48,948 |
Real Estate Loans | Residential Core | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for loan losses, Individually Evaluated | 6,799 | 6,934 | ||||
Allowance for loan losses, Collectively Evaluated | 11,921 | 11,354 | ||||
Allowance for credit losses | 18,720 | 19,587 | 18,288 | 18,483 | 14,080 | 14,186 |
Real Estate Loans | Residential Home Today | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for loan losses, Individually Evaluated | 2,435 | 2,139 | ||||
Allowance for loan losses, Collectively Evaluated | 943 | 1,065 | ||||
Allowance for credit losses | 3,378 | 3,275 | 3,204 | 3,372 | 3,740 | 4,508 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for loan losses, Individually Evaluated | 3,667 | 3,014 | ||||
Allowance for loan losses, Collectively Evaluated | 13,544 | 17,907 | ||||
Allowance for credit losses | 17,211 | 17,420 | 20,921 | 21,112 | 25,282 | 30,249 |
Real Estate Loans | Construction | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for loan losses, Individually Evaluated | 0 | 0 | ||||
Allowance for loan losses, Collectively Evaluated | 4 | 5 | ||||
Allowance for credit losses | $ 4 | $ 4 | $ 5 | $ 4 | $ 4 | $ 5 |
Loans And Allowance For Loan Losses (Loans with Private Mortgage Insurance Narrative) (Details) $ in Thousands |
9 Months Ended | |
---|---|---|
Jun. 30, 2019
USD ($)
loans
|
Sep. 30, 2018
USD ($)
|
|
Loan Portfolio [Line Items] | ||
Loans covered by mortgage insurance, current | $ 13,030,135 | $ 12,872,265 |
Number of loans covered by mortgage insurers that were deferring claim payments or which were assessed as being non-investment grade | loans | 0 | |
PMIC Provided Mortgage Insurance Coverage | ||
Loan Portfolio [Line Items] | ||
PMI Claims Payments, Percentage Of Claim Paid | 74.50% | |
Real estate loans | $ 29,669 | 39,367 |
Loans covered by mortgage insurance, current | 27,259 | 36,075 |
MGIC Provided Mortgage Insurance Coverage | ||
Loan Portfolio [Line Items] | ||
Real estate loans | 18,182 | 20,912 |
Loans covered by mortgage insurance, current | $ 18,022 | $ 20,792 |
Residential Home Today | ||
Loan Portfolio [Line Items] | ||
Percentage of loans covered by private mortgage insurance | 15.00% | 18.00% |
Loans And Allowance For Loan Losses (Schedule Of Recorded Investment And The Unpaid Principal Balance Of Impaired Loans) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Sep. 30, 2018 |
---|---|---|
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans, with No Related IVA, Recorded Investment | $ 85,018 | $ 92,085 |
Impaired Loans, with No Related IVA, Unpaid Principal Balance | 132,610 | 133,552 |
Impaired Loans, with an IVA, Recorded Investment | 90,483 | 88,709 |
Impaired Loans, with an IVA, Unpaid Principal Balance | 90,537 | 88,785 |
Impaired Loans, Recorded Investment | 175,501 | 180,794 |
Impaired Loans, Unpaid Principal Balance | 223,147 | 222,337 |
Allowance for loan losses, Individually Evaluated | 12,901 | 12,087 |
Troubled Debt Restructuring | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans, Recorded Investment | 160,658 | 165,391 |
Nonperforming | Troubled Debt Restructuring | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans, Recorded Investment | 10,694 | 10,468 |
Residential Core | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans, with No Related IVA, Recorded Investment | 50,735 | 53,656 |
Impaired Loans, with No Related IVA, Unpaid Principal Balance | 67,958 | 69,516 |
Impaired Loans, with an IVA, Recorded Investment | 38,412 | 37,704 |
Impaired Loans, with an IVA, Unpaid Principal Balance | 38,479 | 37,774 |
Impaired Loans, Recorded Investment | 89,147 | 91,360 |
Impaired Loans, Unpaid Principal Balance | 106,437 | 107,290 |
Allowance for loan losses, Individually Evaluated | 6,799 | 6,934 |
Residential Home Today | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans, with No Related IVA, Recorded Investment | 13,917 | 16,006 |
Impaired Loans, with No Related IVA, Unpaid Principal Balance | 38,919 | 35,532 |
Impaired Loans, with an IVA, Recorded Investment | 24,296 | 25,517 |
Impaired Loans, with an IVA, Unpaid Principal Balance | 24,258 | 25,492 |
Impaired Loans, Recorded Investment | 38,213 | 41,523 |
Impaired Loans, Unpaid Principal Balance | 63,177 | 61,024 |
Allowance for loan losses, Individually Evaluated | 2,435 | 2,139 |
Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans, with No Related IVA, Recorded Investment | 20,366 | 22,423 |
Impaired Loans, with No Related IVA, Unpaid Principal Balance | 25,733 | 28,504 |
Impaired Loans, with an IVA, Recorded Investment | 27,775 | 25,488 |
Impaired Loans, with an IVA, Unpaid Principal Balance | 27,800 | 25,519 |
Impaired Loans, Recorded Investment | 48,141 | 47,911 |
Impaired Loans, Unpaid Principal Balance | 53,533 | 54,023 |
Allowance for loan losses, Individually Evaluated | $ 3,667 | $ 3,014 |
Loans And Allowance For Loan Losses (Schedule Of Average Recorded Investment In Impaired Loans And The Amount Of Interest Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans, with No Related IVA, Average Recorded Investment | $ 84,944 | $ 92,339 | $ 88,553 | $ 88,519 |
Impaired Loans, with No Related IVA, Interest Income Recognized | 598 | 880 | 1,747 | 3,785 |
Impaired Loans, with an IVA, Average Recorded Investment | 93,822 | 88,631 | 89,597 | 92,594 |
Impaired Loans, with an IVA, Interest Income Recognized | 769 | 787 | 2,395 | 2,973 |
Impaired Loans, Average Recorded Investment | 178,766 | 180,970 | 178,150 | 181,113 |
Impaired Loans, Interest Income Recognized | 1,367 | 1,667 | 4,142 | 6,758 |
Interest income on impaired loans, cash basis method | 343 | 565 | 1,082 | 1,773 |
Residential Core | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans, with No Related IVA, Average Recorded Investment | 49,397 | 53,559 | 52,196 | 50,348 |
Impaired Loans, with No Related IVA, Interest Income Recognized | 430 | 609 | 1,231 | 2,369 |
Impaired Loans, with an IVA, Average Recorded Investment | 41,861 | 38,952 | 38,058 | 43,388 |
Impaired Loans, with an IVA, Interest Income Recognized | 306 | 313 | 1,008 | 1,268 |
Impaired Loans, Average Recorded Investment | 91,258 | 92,511 | 90,254 | 93,736 |
Impaired Loans, Interest Income Recognized | 736 | 922 | 2,239 | 3,637 |
Residential Home Today | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans, with No Related IVA, Average Recorded Investment | 14,487 | 16,927 | 14,962 | 17,583 |
Impaired Loans, with No Related IVA, Interest Income Recognized | 50 | 154 | 174 | 1,126 |
Impaired Loans, with an IVA, Average Recorded Investment | 24,378 | 26,830 | 24,907 | 27,307 |
Impaired Loans, with an IVA, Interest Income Recognized | 295 | 324 | 888 | 1,280 |
Impaired Loans, Average Recorded Investment | 38,865 | 43,757 | 39,869 | 44,890 |
Impaired Loans, Interest Income Recognized | 345 | 478 | 1,062 | 2,406 |
Home Equity Loans And Lines Of Credit | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans, with No Related IVA, Average Recorded Investment | 21,060 | 21,853 | 21,395 | 20,588 |
Impaired Loans, with No Related IVA, Interest Income Recognized | 118 | 117 | 342 | 290 |
Impaired Loans, with an IVA, Average Recorded Investment | 27,583 | 22,849 | 26,632 | 21,899 |
Impaired Loans, with an IVA, Interest Income Recognized | 168 | 150 | 499 | 425 |
Impaired Loans, Average Recorded Investment | 48,643 | 44,702 | 48,027 | 42,487 |
Impaired Loans, Interest Income Recognized | $ 286 | $ 267 | $ 841 | $ 715 |
Loans And Allowance For Loan Losses (Schedule Of Recorded Investment In Troubled Debt Restructured Loans By Type Of Concession) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Sep. 30, 2018 |
---|---|---|
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | $ 160,658 | $ 165,391 |
Initial Restructuring | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 88,732 | 91,276 |
Multiple Restructurings | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 44,710 | 44,162 |
Bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 27,216 | 29,953 |
Residential Core | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 81,802 | 84,213 |
Residential Core | Initial Restructuring | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 36,953 | 39,265 |
Residential Core | Multiple Restructurings | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 24,612 | 23,116 |
Residential Core | Bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 20,237 | 21,832 |
Residential Home Today | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 37,496 | 40,409 |
Residential Home Today | Initial Restructuring | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 16,809 | 18,243 |
Residential Home Today | Multiple Restructurings | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 17,212 | 18,483 |
Residential Home Today | Bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 3,475 | 3,683 |
Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 41,360 | 40,769 |
Home Equity Loans And Lines Of Credit | Initial Restructuring | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 34,970 | 33,768 |
Home Equity Loans And Lines Of Credit | Multiple Restructurings | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 2,886 | 2,563 |
Home Equity Loans And Lines Of Credit | Bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | $ 3,504 | $ 4,438 |
Loans And Allowance For Loan Losses (Summary Of Troubled Debt Restructured Loans Restructured During the Period By Type Of Concession) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | $ 6,784 | $ 11,157 | $ 22,487 | $ 25,837 |
Initial Restructuring | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 2,905 | 6,821 | 12,142 | 15,118 |
Multiple Restructurings | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 3,511 | 3,377 | 7,931 | 7,409 |
Bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 368 | 959 | 2,414 | 3,310 |
Residential Core | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 4,330 | 4,542 | 12,092 | 9,470 |
Residential Core | Initial Restructuring | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 1,822 | 2,318 | 5,521 | 3,433 |
Residential Core | Multiple Restructurings | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 2,334 | 1,591 | 4,893 | 3,676 |
Residential Core | Bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 174 | 633 | 1,678 | 2,361 |
Residential Home Today | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 1,100 | 1,900 | 2,916 | 4,124 |
Residential Home Today | Initial Restructuring | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 109 | 277 | 427 | 724 |
Residential Home Today | Multiple Restructurings | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 878 | 1,469 | 2,105 | 2,818 |
Residential Home Today | Bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 113 | 154 | 384 | 582 |
Home Equity Loans And Lines Of Credit | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 1,354 | 4,715 | 7,479 | 12,243 |
Home Equity Loans And Lines Of Credit | Initial Restructuring | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 974 | 4,226 | 6,194 | 10,961 |
Home Equity Loans And Lines Of Credit | Multiple Restructurings | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 299 | 317 | 933 | 915 |
Home Equity Loans And Lines Of Credit | Bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | $ 81 | $ 172 | $ 352 | $ 367 |
Loans And Allowance For Loan Losses (Schedule Of Troubled Debt Restructured Loans Restructured Within The Last 12 Months Which Defaulted) (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019
USD ($)
contracts
|
Jun. 30, 2018
USD ($)
contracts
|
Jun. 30, 2019
USD ($)
contracts
|
Jun. 30, 2018
USD ($)
contracts
|
|
Financing Receivable, Modifications Within The Last 12 Months Which Defaulted [Line Items] | ||||
Number of contracts | contracts | 37 | 34 | 46 | 43 |
Recorded investment | $ | $ 3,306 | $ 2,270 | $ 4,012 | $ 2,934 |
Residential Core | ||||
Financing Receivable, Modifications Within The Last 12 Months Which Defaulted [Line Items] | ||||
Number of contracts | contracts | 11 | 10 | 15 | 13 |
Recorded investment | $ | $ 1,841 | $ 1,234 | $ 2,355 | $ 1,815 |
Residential Home Today | ||||
Financing Receivable, Modifications Within The Last 12 Months Which Defaulted [Line Items] | ||||
Number of contracts | contracts | 16 | 18 | 20 | 19 |
Recorded investment | $ | $ 604 | $ 643 | $ 767 | $ 701 |
Home Equity Loans And Lines Of Credit | ||||
Financing Receivable, Modifications Within The Last 12 Months Which Defaulted [Line Items] | ||||
Number of contracts | contracts | 10 | 6 | 11 | 11 |
Recorded investment | $ | $ 861 | $ 393 | $ 890 | $ 418 |
Loans And Allowance For Loan Losses (Schedule Of Credit Quality Of Residential Loan Receivables By An Internally Assigned Grade) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Sep. 30, 2018 |
---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | $ 13,067,811 | $ 12,913,712 |
Real Estate Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 13,064,933 | 12,910,691 |
Real Estate Loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 12,970,929 | 12,817,547 |
Real Estate Loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 7,878 | 4,216 |
Real Estate Loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 86,126 | 88,928 |
Real Estate Loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 0 | 0 |
Real Estate Loans | Residential Core | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 10,842,560 | 10,946,975 |
Real Estate Loans | Residential Core | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 10,791,432 | 10,898,725 |
Real Estate Loans | Residential Core | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 4,449 | 0 |
Real Estate Loans | Residential Core | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 46,679 | 48,250 |
Real Estate Loans | Residential Core | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 0 | 0 |
Real Estate Loans | Residential Home Today | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 87,469 | 94,749 |
Real Estate Loans | Residential Home Today | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 73,124 | 78,180 |
Real Estate Loans | Residential Home Today | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 0 | 0 |
Real Estate Loans | Residential Home Today | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 14,345 | 16,569 |
Real Estate Loans | Residential Home Today | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 0 | 0 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 2,112,382 | 1,841,827 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 2,083,851 | 1,813,502 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 3,429 | 4,216 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 25,102 | 24,109 |
Real Estate Loans | Home Equity Loans And Lines Of Credit | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 0 | 0 |
Real Estate Loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 22,522 | 27,140 |
Real Estate Loans | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 22,522 | 27,140 |
Real Estate Loans | Construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 0 | 0 |
Real Estate Loans | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | 0 | 0 |
Real Estate Loans | Construction | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Real estate loans | $ 0 | $ 0 |
Loans And Allowance For Loan Losses (Loans Evaluated For Impairment Narrative) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Sep. 30, 2018 |
---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | $ 175,501 | $ 180,794 |
Loans collectively evaluated for impairment | 12,892,310 | 12,732,918 |
Real estate loans | 13,067,811 | 12,913,712 |
Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans collectively evaluated for impairment | 3,720 | 4,051 |
Special Mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans collectively evaluated for impairment | 7,878 | 4,216 |
Troubled Debt Restructuring | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 160,658 | 165,391 |
Troubled Debt Restructuring | Performing | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 93,094 | 95,916 |
Troubled Debt Restructuring | Nonperforming | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 10,694 | 10,468 |
Purchased special mention loans | Special Mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Real estate loans | 4,449 | |
Other Consumer Loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans collectively evaluated for impairment | 2,878 | 3,021 |
Real estate loans | 2,878 | 3,021 |
Real estate loans | 2,878 | 3,021 |
Other Consumer Loans | Nonperforming | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Real estate loans | $ 0 | $ 0 |
Loans And Allowance For Loan Losses (Schedule Of Activity In The Allowance For Loan Losses) (Details) - Real Estate Loans - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | $ 40,286 | $ 43,106 | $ 42,418 | $ 48,948 |
Provisions | (2,000) | (2,000) | (8,000) | (9,000) |
Charge-offs | (1,517) | (1,546) | (3,703) | (6,251) |
Recoveries | 2,544 | 3,411 | 8,598 | 9,274 |
Ending Balance | 39,313 | 42,971 | 39,313 | 42,971 |
Residential Core | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 19,587 | 14,080 | 18,288 | 14,186 |
Provisions | (865) | 4,053 | (1) | 3,154 |
Charge-offs | (500) | (156) | (1,042) | (743) |
Recoveries | 498 | 506 | 1,475 | 1,886 |
Ending Balance | 18,720 | 18,483 | 18,720 | 18,483 |
Residential Home Today | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 3,275 | 3,740 | 3,204 | 4,508 |
Provisions | (25) | (709) | (720) | (1,515) |
Charge-offs | (257) | (214) | (583) | (1,177) |
Recoveries | 385 | 555 | 1,477 | 1,556 |
Ending Balance | 3,378 | 3,372 | 3,378 | 3,372 |
Home Equity Loans And Lines Of Credit | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 17,420 | 25,282 | 20,921 | 30,249 |
Provisions | (1,110) | (5,344) | (7,278) | (10,638) |
Charge-offs | (760) | (1,176) | (2,078) | (4,331) |
Recoveries | 1,661 | 2,350 | 5,646 | 5,832 |
Ending Balance | 17,211 | 21,112 | 17,211 | 21,112 |
Construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 4 | 4 | 5 | 5 |
Provisions | 0 | 0 | (1) | (1) |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending Balance | $ 4 | $ 4 | $ 4 | $ 4 |
Deposits (Summary Of Deposit Account Balances) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Sep. 30, 2018 |
---|---|---|
Deposits [Abstract] | ||
Checking accounts | $ 888,728 | $ 913,525 |
Savings accounts | 1,426,623 | 1,256,054 |
Certificates of deposit | 6,394,396 | 6,318,281 |
Subtotal deposits | 8,709,747 | 8,487,860 |
Accrued interest | 4,722 | 3,723 |
Total deposits | $ 8,714,469 | $ 8,491,583 |
Deposits (Narrative) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Sep. 30, 2018 |
---|---|---|
Deposits [Abstract] | ||
Brokered certificates of deposit | $ 518,752 | $ 670,081 |
Borrowed Funds (Schedule of Federal Home Loan Bank Advances (FHLB) Borrowings) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Sep. 30, 2018 |
---|---|---|
Advances from Federal Home Loan Banks [Abstract] | ||
Maturing in 12 months or less | $ 3,723,797 | |
Maturing in 13 to 24 months | 60,113 | |
Maturing in 25 to 36 months | 528 | |
Maturing in 37 to 48 months | 17,382 | |
Maturing in 49 to 60 months | 0 | |
Over 60 months | 23,663 | |
Total FHLB Advances | 3,825,483 | |
Accrued interest | 8,117 | |
Total | $ 3,833,600 | $ 3,721,699 |
Weighted Average Rate: 12 months or less | 2.39% | |
Weighted Average Rate: 13 to 24 months | 1.91% | |
Weighted Average Rate: 25 to 36 months | 1.49% | |
Weighted Average Rate: 37 to 48 months | 2.71% | |
Weighted Average Rate: 49 to 60 months | 0.00% | |
Weighted Average Rate: Over 60 months | 1.66% | |
Weighted Average Rate Total FHLB Advances | 2.38% |
Borrowed Funds Borrowed Funds (Schedule of Federal Home Loan Bank Advances used in Swap Contracts (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 3,723,797 |
FHLB advances under SWAP contracts, average interest rate | 2.39% |
Interest Rate Swap | |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 2,400,000 |
FHLB advances under SWAP contracts, average interest rate | 1.99% |
Interest Rate Swap | Effective Maturity 12 months or less | |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 50,000 |
FHLB advances under SWAP contracts, average interest rate | 1.23% |
Interest Rate Swap | Effective Maturity 13 to 24 months | |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 400,000 |
FHLB advances under SWAP contracts, average interest rate | 1.21% |
Interest Rate Swap | Effective Maturity 25 to 36 months | |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 825,000 |
FHLB advances under SWAP contracts, average interest rate | 1.79% |
Interest Rate Swap | Effective Maturity 37 to 48 months | |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 400,000 |
FHLB advances under SWAP contracts, average interest rate | 2.12% |
Interest Rate Swap | Effective Maturity 49 to 60 months | |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 175,000 |
FHLB advances under SWAP contracts, average interest rate | 2.25% |
Interest Rate Swap | Effective Maturity Over 60 months | |
FHLB Short-term Debt [Line Items] | |
FHLB advances maturing in 12 months or less with effective maturities | $ 550,000 |
FHLB advances under SWAP contracts, average interest rate | 2.72% |
Borrowed Funds (Narrative) (Federal Home Loan Bank Advances) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Sep. 30, 2017 |
|
FHLB Short-term Debt [Line Items] | |||
Fixed-rate FHLB advances repaid during fiscal year 2016 | $ 150,000 | ||
Unamortized deferred repayment penalties being recognized over the remaining term of swap contracts | $ 674 | ||
Federal Home Loan Bank Advances | |||
FHLB Short-term Debt [Line Items] | |||
Net Interest Expense, Short-term Borrowings | $ 44,589 | $ 30,644 |
Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss) by Component) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Balance | $ 1,735,985 | $ 1,729,795 | $ 1,758,404 | $ 1,689,959 | ||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (2,525) | (1,275) | (7,524) | (10) | ||
Other comprehensive income (loss) | (32,447) | 4,690 | (69,199) | 26,837 | ||
Balance | 1,710,482 | 1,745,294 | 1,710,482 | 1,745,294 | ||
Unrealized gain (losses) on securities available for sale | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Balance | (5,146) | (10,447) | (13,624) | (2,915) | ||
Other comprehensive loss before reclassifications, net of tax | 4,133 | (1,301) | 12,611 | (7,560) | ||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | ||
Other comprehensive income (loss) | 4,133 | (1,301) | 12,611 | (7,560) | ||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 0 | (1,273) | ||||
Balance | (1,013) | (11,748) | (1,013) | (11,748) | ||
Cash Flow Hedges | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Balance | 6,156 | 42,386 | 51,914 | 10,249 | ||
Other comprehensive loss before reclassifications, net of tax | (34,055) | 7,266 | (74,286) | 34,365 | ||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (2,789) | (1,591) | (8,316) | (878) | ||
Other comprehensive income (loss) | (36,844) | 5,675 | (82,602) | 33,487 | ||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 0 | 4,325 | ||||
Balance | (30,688) | 48,061 | (30,688) | 48,061 | ||
Defined Benefit Plan | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Balance | (14,540) | (17,326) | (15,068) | (14,826) | ||
Other comprehensive loss before reclassifications, net of tax | 0 | 0 | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 264 | 316 | 792 | 910 | ||
Other comprehensive income (loss) | 264 | 316 | 792 | 910 | ||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 0 | (3,094) | ||||
Balance | (14,276) | (17,010) | (14,276) | (17,010) | ||
Total | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Balance | (13,530) | 14,613 | 23,222 | (7,492) | ||
Other comprehensive loss before reclassifications, net of tax | (29,922) | 5,965 | (61,675) | 26,805 | ||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (2,525) | (1,275) | (7,524) | 32 | ||
Other comprehensive income (loss) | (32,447) | 4,690 | (69,199) | 26,837 | ||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | [1] | 0 | 0 | 0 | (42) | |
Balance | $ (45,977) | $ 19,303 | $ (45,977) | $ 19,303 | ||
|
Other Comprehensive Income (Loss) (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Income tax expense (benefit) | $ 4,476 | $ 7,160 | $ 16,461 | $ 26,915 | |||||
Net of income tax expense (benefit) | (17,895) | (20,588) | (57,596) | (62,973) | |||||
Reclassification net of tax | (2,525) | (1,275) | (7,524) | (10) | |||||
Cash Flow Hedges | |||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 0 | 4,325 | |||||||
Reclassification net of tax | (2,789) | (1,591) | (8,316) | (878) | |||||
Actuarial Loss | |||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Actuarial loss | [1] | 334 | 420 | 1,002 | 1,259 | ||||
Defined Benefit Plan | |||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Income tax expense (benefit) | (70) | (104) | (210) | (349) | |||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 0 | (3,094) | |||||||
Reclassification net of tax | 264 | 316 | 792 | 910 | |||||
Accumulated other comprehensive income (loss) | |||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | [2] | 0 | 0 | 0 | (42) | ||||
Reclassification net of tax | (2,525) | (1,275) | (7,524) | 32 | |||||
Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges | |||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Interest (income) expense, effective portion | (3,530) | (2,108) | (10,526) | (1,164) | |||||
Income tax expense (benefit) | 741 | 517 | 2,210 | 286 | |||||
Net of income tax expense (benefit) | $ (2,789) | $ (1,591) | $ (8,316) | $ (878) | |||||
|
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Dec. 31, 2017 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Sep. 30, 2018 |
|
Income Tax Disclosure [Abstract] | ||||
Federal Corporate Tax Rate | 35.00% | 21.00% | ||
Effective income tax rate | 21.90% | 29.70% | 24.53% | |
Additional tax expense from remeasurement of Deferred Tax Assets from Tax Cuts and Jobs Act of 2017 | $ 34 | $ 4,644 |
Defined Benefit Plan (Components Of Net Periodic Benefit Cost Recognized) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Retirement Benefits [Abstract] | ||||
Interest cost | $ 808 | $ 774 | $ 2,422 | $ 2,322 |
Expected return on plan assets | (1,146) | (1,036) | (3,438) | (3,107) |
Amortization of net loss | 334 | 420 | 1,002 | 1,259 |
Net periodic cost (benefit) | $ (4) | $ 158 | $ (14) | $ 474 |
Defined Benefit Plan (Narrative) (Details) $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
|
Retirement Benefits [Abstract] | ||
Required minimum contribution | $ 0 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 2,000 | |
Minimum employer contributions expected during the remainder of the fiscal year. | $ 0 | $ 0 |
Equity Incentive Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 9 Months Ended | |
---|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
Jun. 30, 2019 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares subject to options (in shares) | 4,640,179 | 4,640,179 | |
Weighted average exercise price per share | $ 13.83 | $ 13.83 | |
Weighted average grant date fair value (in dollars per share) | $ 2.64 | ||
Non-vested options outstanding | 857,714 | 857,714 | |
Expected future expense related to non-vested options outstanding | $ 808 | $ 808 | |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares approved restricted stock and performance stock units | 138,400 | ||
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares approved restricted stock and performance stock units | 64,500 | ||
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected future expense related to non-vested options outstanding, weighted average years | 1 year 2 months 12 days | ||
Restricted and Performance Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected future expense related to non-vested options outstanding, weighted average years | 1 year 10 months 24 days | ||
Restricted stock and performance stock units, non-vested | 631,073 | 631,073 | |
Restricted stock and performance stock units, non-vested, weighted average grant date fair value (in dollars per share) | $ 15.15 | $ 15.15 | |
Restricted stock units and performance stock units outstanding | 1,396,821 | 1,396,821 | |
Expected future compensation expense related to restricted stock and performance stock units outstanding | $ 4,970 | $ 4,970 |
Equity Incentive Plan Equity Incentive Plan (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based Compensation Expense | $ 1,116 | $ 1,104 | $ 3,343 | $ 3,629 |
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based Compensation Expense | 198 | 309 | 635 | 966 |
Restricted and Performance Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based Compensation Expense | $ 918 | $ 795 | $ 2,708 | $ 2,663 |
Commitments And Contingent Liabilities (Narrative) (Details) $ in Thousands |
9 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
| |
Unfunded Commitments, Equity Lines of Credit Including Suspended Accounts | |
Unfunded And Commitments To Originate [Line Items] | |
Unfunded commitments on home equity lines of credit (including commitments for suspended accounts) | $ 2,121,902 |
Minimum | |
Unfunded And Commitments To Originate [Line Items] | |
Fixed expiration of commitments to extend credit (in days) | 60 days |
Home equity line of credit unfunded commitments expiration, years | 5 years |
Maximum | |
Unfunded And Commitments To Originate [Line Items] | |
Fixed expiration of commitments to extend credit (in days) | 360 days |
Home equity line of credit unfunded commitments expiration, years | 10 years |
Commitments And Contingent Liabilities (Schedule of Off Balance Sheet Risks) (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Commitments To Originate | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | $ 607,940 |
Commitments To Originate Fixed-Rate Mortgage Loans | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 170,388 |
Commitments To Originate Adjustable-Rate Mortgage Loans | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 246,588 |
Commitments To Originate Equity Loans and Lines of Credit Including Bridge Loans | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 190,964 |
Unfunded Commitments | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 2,145,610 |
Unfunded Commitments Equity Lines of Credit | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 2,109,213 |
Unfunded Commitments Construction Loans | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | 24,856 |
Unfunded Commitments Limited Partner Investments | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total | $ 11,541 |
Fair Value (Narrative) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Sep. 30, 2018 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for sale | $ 2,710 | $ 661 |
Available-for-sale Securities | 564,945 | 531,965 |
Performing troubled debt restructurings individually evaluated for impairment | 175,501 | 180,794 |
Allowance on performing troubled debt restructurings individually evaluated for impairment based on the present value of cash flows | 12,901 | 12,087 |
Real estate owned | 2,120 | 2,794 |
Cost to dispose related to properties measured at fair value included in Consolidated Statements of Condition | 106 | 132 |
Present Value of Cash Flows | Troubled Debt Restructuring | Performing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Allowance on performing troubled debt restructurings individually evaluated for impairment based on the present value of cash flows | 12,648 | 12,002 |
Subject To Pending Agency Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for sale | 0 | 0 |
Portion at Other than Fair Value | Present Value of Cash Flows | Troubled Debt Restructuring | Performing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Performing troubled debt restructurings individually evaluated for impairment | 98,584 | 98,459 |
Allowance on performing troubled debt restructurings individually evaluated for impairment based on the present value of cash flows | 12,648 | 12,002 |
Portion at Other than Fair Value | Original Or Adjusted Cost Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate owned | 1,466 | 1,688 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for sale | 2,710 | 661 |
Available-for-sale Securities | 564,945 | 531,965 |
Fair Value, Inputs, Level 2 | Portion at Other than Fair Value | Carried At Cost | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for sale | 2,635 | 659 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for sale | 0 | 0 |
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities carried at fair value | 0 | 2 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities carried at fair value | 0 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | U.S. Treasury notes and collateralized mortgage obligations | Market Approach Valuation Technique | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 564,945 | 531,965 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities carried at fair value | 2 | |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | Market Approach Valuation Technique | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate owned | $ 760 | $ 1,238 |
Fair Value (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Sep. 30, 2018 |
---|---|---|
Assets: | ||
Available-for-sale Securities | $ 564,945 | $ 531,965 |
Derivative | 211 | |
Liabilities: | ||
Derivative | 2 | |
REMIC's | ||
Assets: | ||
Available-for-sale Securities | 553,318 | 519,999 |
Fannie Mae Certificates | ||
Assets: | ||
Available-for-sale Securities | 7,629 | 7,998 |
U.S. Government obligation | ||
Assets: | ||
Available-for-sale Securities | 3,998 | 3,968 |
Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Derivative | 0 | |
Liabilities: | ||
Derivative | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Available-for-sale Securities | 564,945 | 531,965 |
Derivative | 0 | |
Liabilities: | ||
Derivative | 0 | |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Derivative | 211 | |
Liabilities: | ||
Derivative | 2 | |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Total | 565,156 | 531,965 |
Liabilities: | ||
Total | 0 | 2 |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | ||
Liabilities: | ||
Derivative | 2 | |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | ||
Assets: | ||
Derivative | 211 | |
Fair Value, Measurements, Recurring | REMIC's | ||
Assets: | ||
Available-for-sale Securities | 553,318 | 519,999 |
Fair Value, Measurements, Recurring | Fannie Mae Certificates | ||
Assets: | ||
Available-for-sale Securities | 7,629 | 7,998 |
Fair Value, Measurements, Recurring | U.S. Government obligation | ||
Assets: | ||
Available-for-sale Securities | 3,998 | 3,968 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Assets: | ||
Total | 0 | 0 |
Liabilities: | ||
Total | 0 | |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Interest Rate Lock Commitments | ||
Liabilities: | ||
Derivative | 0 | |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Interest Rate Lock Commitments | ||
Assets: | ||
Derivative | 0 | |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | REMIC's | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Fannie Mae Certificates | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | U.S. Government obligation | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Total | 564,945 | 531,965 |
Liabilities: | ||
Total | 0 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest Rate Lock Commitments | ||
Liabilities: | ||
Derivative | 0 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest Rate Lock Commitments | ||
Assets: | ||
Derivative | 0 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | REMIC's | ||
Assets: | ||
Available-for-sale Securities | 553,318 | 519,999 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Fannie Mae Certificates | ||
Assets: | ||
Available-for-sale Securities | 7,629 | 7,998 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Government obligation | ||
Assets: | ||
Available-for-sale Securities | 3,998 | 3,968 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Total | 211 | 0 |
Liabilities: | ||
Total | 2 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Interest Rate Lock Commitments | ||
Liabilities: | ||
Derivative | 2 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Interest Rate Lock Commitments | ||
Assets: | ||
Derivative | 211 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | REMIC's | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Fannie Mae Certificates | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. Government obligation | ||
Assets: | ||
Available-for-sale Securities | $ 0 | $ 0 |
Fair Value (Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation) (Details) - Fair Value, Inputs, Level 3 - Interest Rate Lock Commitments - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 141 | $ (2) | $ (2) | $ 58 |
Gain (loss) during the period due to changes in fair value: | ||||
Ending balance | 211 | 7 | 211 | 7 |
Change in unrealized gains for the period included in earnings for assets held at the end of the reporting date | 211 | 7 | 211 | 7 |
Other Income | ||||
Gain (loss) during the period due to changes in fair value: | ||||
Included in other non-interest income | $ 70 | $ 9 | $ 213 | $ (51) |
Fair Value (Assets Measured At Fair Value On A Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands |
Jun. 30, 2019 |
Sep. 30, 2018 |
|||
---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | $ 77,424 | $ 83,488 | |||
Impaired Loans, Net of Allowance | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 76,664 | 82,250 | |||
Real Estate Owned | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | [1] | 760 | 1,238 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 0 | 0 | |||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Impaired Loans, Net of Allowance | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 0 | 0 | |||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Real Estate Owned | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | [1] | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) | Impaired Loans, Net of Allowance | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 0 | 0 | |||
Significant Other Observable Inputs (Level 2) | Real Estate Owned | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | [1] | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 77,424 | 83,488 | |||
Significant Unobservable Inputs (Level 3) | Impaired Loans, Net of Allowance | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 76,664 | 82,250 | |||
Significant Unobservable Inputs (Level 3) | Real Estate Owned | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | [1] | $ 760 | $ 1,238 | ||
|
Fair Value (Quantitative Information About Significant Unobservable Inputs Categorized Within Level 3 Of The Fair Value Hierarchy) (Details) - Fair Value, Inputs, Level 3 $ in Thousands |
Jun. 30, 2019
USD ($)
|
Sep. 30, 2018
USD ($)
|
---|---|---|
Discounted Market Comparable Of Collateral | Measurement Input, Discounted Appraised Value | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, impaired loans, net of allowance | 0 | 0 |
Discounted Market Comparable Of Collateral | Measurement Input, Discounted Appraised Value | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, impaired loans, net of allowance | 0.28 | 0.28 |
Discounted Market Comparable Of Collateral | Measurement Input, Discounted Appraised Value | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, impaired loans, net of allowance | 0.061 | 0.064 |
Discounted Market Comparable Of Collateral | Measurement Input, Discounted Appraised Value | Impaired Loans, Net of Allowance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 82,250 | |
Secondary Market Pricing | Measurement Input, Closure Rate | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | $ (2) | |
Secondary Market Pricing | Measurement Input, Closure Rate | Interest Rate Lock Commitments | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, interest rate lock commitments | 0 | |
Secondary Market Pricing | Measurement Input, Closure Rate | Interest Rate Lock Commitments | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, interest rate lock commitments | 1 | |
Secondary Market Pricing | Measurement Input, Closure Rate | Interest Rate Lock Commitments | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, interest rate lock commitments | 0.500 | |
Secondary Market Pricing | Measurement Input, Closure Rate | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 211 | |
Secondary Market Pricing | Measurement Input, Closure Rate | Interest Rate Lock Commitments | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, interest rate lock commitments | 0 | |
Secondary Market Pricing | Measurement Input, Closure Rate | Interest Rate Lock Commitments | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, interest rate lock commitments | 1 | |
Secondary Market Pricing | Measurement Input, Closure Rate | Interest Rate Lock Commitments | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, interest rate lock commitments | 0.606 |
Fair Value (Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Sep. 30, 2018 |
---|---|---|
Assets: | ||
Available-for-sale Securities | $ 564,945 | $ 531,965 |
Mortgage loans held for sale | 2,710 | 661 |
Federal Home Loan Bank stock | 99,647 | 93,544 |
Cash collateral received from or held by counterparty | 26,736 | 13,794 |
Derivative | 211 | |
Liabilities: | ||
Borrowed funds | 3,837,423 | 3,724,020 |
Derivative Liability | 2 | |
Checking and Passbook Accounts | ||
Liabilities: | ||
Deposits | 2,315,351 | 2,169,579 |
Certificates of Deposit | ||
Liabilities: | ||
Deposits | 6,466,179 | 6,006,951 |
Borrowers' Advances for insurance and Taxes | ||
Liabilities: | ||
Other Liabilities | 57,531 | 103,005 |
Principal, Interest, And Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other Liabilities | 19,180 | 31,490 |
Cash and Due From Banks | ||
Assets: | ||
Cash and Cash Equivalents | 28,749 | 29,056 |
Interest Earning Cash Equivalents | ||
Assets: | ||
Cash and Cash Equivalents | 242,599 | 240,719 |
Total real estate loans | ||
Assets: | ||
Loans, net | 13,460,209 | 12,908,729 |
Other Loans | ||
Assets: | ||
Loans, net | 2,966 | 3,045 |
Accrued Interest Receivable | ||
Assets: | ||
Accrued interest receivable | 40,998 | 38,696 |
Fair Value, Inputs, Level 1 | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Cash collateral received from or held by counterparty | 26,736 | 13,794 |
Derivative | 0 | |
Liabilities: | ||
Borrowed funds | 0 | 0 |
Derivative Liability | 0 | |
Fair Value, Inputs, Level 1 | Checking and Passbook Accounts | ||
Liabilities: | ||
Deposits | 0 | 0 |
Fair Value, Inputs, Level 1 | Certificates of Deposit | ||
Liabilities: | ||
Deposits | 0 | 0 |
Fair Value, Inputs, Level 1 | Borrowers' Advances for insurance and Taxes | ||
Liabilities: | ||
Other Liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 | Principal, Interest, And Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other Liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 | Cash and Due From Banks | ||
Assets: | ||
Cash and Cash Equivalents | 28,749 | 29,056 |
Fair Value, Inputs, Level 1 | Interest Earning Cash Equivalents | ||
Assets: | ||
Cash and Cash Equivalents | 242,599 | 240,719 |
Fair Value, Inputs, Level 1 | Total real estate loans | ||
Assets: | ||
Loans, net | 0 | 0 |
Fair Value, Inputs, Level 1 | Other Loans | ||
Assets: | ||
Loans, net | 0 | 0 |
Fair Value, Inputs, Level 1 | Accrued Interest Receivable | ||
Assets: | ||
Accrued interest receivable | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Assets: | ||
Available-for-sale Securities | 564,945 | 531,965 |
Mortgage loans held for sale | 2,710 | 661 |
Federal Home Loan Bank stock | 0 | 0 |
Cash collateral received from or held by counterparty | 0 | 0 |
Derivative | 0 | |
Liabilities: | ||
Borrowed funds | 3,837,423 | 3,724,020 |
Derivative Liability | 0 | |
Fair Value, Inputs, Level 2 | Checking and Passbook Accounts | ||
Liabilities: | ||
Deposits | 2,315,351 | 2,169,579 |
Fair Value, Inputs, Level 2 | Certificates of Deposit | ||
Liabilities: | ||
Deposits | 6,466,179 | 6,006,951 |
Fair Value, Inputs, Level 2 | Borrowers' Advances for insurance and Taxes | ||
Liabilities: | ||
Other Liabilities | 57,531 | 103,005 |
Fair Value, Inputs, Level 2 | Principal, Interest, And Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other Liabilities | 19,180 | 31,490 |
Fair Value, Inputs, Level 2 | Cash and Due From Banks | ||
Assets: | ||
Cash and Cash Equivalents | 0 | 0 |
Fair Value, Inputs, Level 2 | Interest Earning Cash Equivalents | ||
Assets: | ||
Cash and Cash Equivalents | 0 | 0 |
Fair Value, Inputs, Level 2 | Total real estate loans | ||
Assets: | ||
Loans, net | 0 | 0 |
Fair Value, Inputs, Level 2 | Other Loans | ||
Assets: | ||
Loans, net | 0 | 0 |
Fair Value, Inputs, Level 2 | Accrued Interest Receivable | ||
Assets: | ||
Accrued interest receivable | 40,998 | 38,696 |
Fair Value, Inputs, Level 3 | ||
Assets: | ||
Available-for-sale Securities | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Cash collateral received from or held by counterparty | 0 | 0 |
Derivative | 211 | |
Liabilities: | ||
Borrowed funds | 0 | 0 |
Derivative Liability | 2 | |
Fair Value, Inputs, Level 3 | Checking and Passbook Accounts | ||
Liabilities: | ||
Deposits | 0 | 0 |
Fair Value, Inputs, Level 3 | Certificates of Deposit | ||
Liabilities: | ||
Deposits | 0 | 0 |
Fair Value, Inputs, Level 3 | Borrowers' Advances for insurance and Taxes | ||
Liabilities: | ||
Other Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 | Principal, Interest, And Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 | Cash and Due From Banks | ||
Assets: | ||
Cash and Cash Equivalents | 0 | 0 |
Fair Value, Inputs, Level 3 | Interest Earning Cash Equivalents | ||
Assets: | ||
Cash and Cash Equivalents | 0 | 0 |
Fair Value, Inputs, Level 3 | Total real estate loans | ||
Assets: | ||
Loans, net | 13,460,209 | 12,908,729 |
Fair Value, Inputs, Level 3 | Other Loans | ||
Assets: | ||
Loans, net | 2,966 | 3,045 |
Fair Value, Inputs, Level 3 | Accrued Interest Receivable | ||
Assets: | ||
Accrued interest receivable | 0 | 0 |
Carrying Amount | ||
Assets: | ||
Available-for-sale Securities | 564,945 | 531,965 |
Mortgage loans held for sale | 2,635 | 659 |
Federal Home Loan Bank stock | 99,647 | 93,544 |
Cash collateral received from or held by counterparty | 26,736 | 13,794 |
Derivative | 211 | |
Liabilities: | ||
Borrowed funds | 3,833,600 | 3,721,699 |
Derivative Liability | 2 | |
Carrying Amount | Checking and Passbook Accounts | ||
Liabilities: | ||
Deposits | 2,315,351 | 2,169,579 |
Carrying Amount | Certificates of Deposit | ||
Liabilities: | ||
Deposits | 6,399,118 | 6,322,004 |
Carrying Amount | Borrowers' Advances for insurance and Taxes | ||
Liabilities: | ||
Other Liabilities | 57,531 | 103,005 |
Carrying Amount | Principal, Interest, And Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other Liabilities | 19,180 | 31,490 |
Carrying Amount | Cash and Due From Banks | ||
Assets: | ||
Cash and Cash Equivalents | 28,749 | 29,056 |
Carrying Amount | Interest Earning Cash Equivalents | ||
Assets: | ||
Cash and Cash Equivalents | 242,599 | 240,719 |
Carrying Amount | Total real estate loans | ||
Assets: | ||
Loans, net | 13,025,620 | 12,868,273 |
Carrying Amount | Other Loans | ||
Assets: | ||
Loans, net | 2,878 | 3,021 |
Carrying Amount | Accrued Interest Receivable | ||
Assets: | ||
Accrued interest receivable | $ 40,998 | $ 38,696 |
Derivative Instruments (Narrative) (Details) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2019
USD ($)
contracts
|
Sep. 30, 2018
USD ($)
contracts
|
|
Derivative [Line Items] | ||
Estimated amount to be reclassed in the next 12 months as an increase to expense | $ 175 | |
Forward Commitments For Sale Of Mortgage Loans | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, number of instruments held | contracts | 0 | 0 |
Interest Rate Lock Commitments | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Fair Value | $ 211 | $ (2) |
Cash Flow Hedge | Interest Rate Swap | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, weighted average terms | 3 years 8 months 12 days | 3 years 3 months 18 days |
Derivative, weighted average fixed-rate interest payments | 1.99% | 1.75% |
Fair Value | $ 0 | $ 0 |
Derivative Instruments (Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Sep. 30, 2018 |
---|---|---|
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | $ 11,951 | $ 4,248 |
Fair Value | 211 | (2) |
Other Assets | Not Designated as Hedging Instrument | Interest Rate Lock Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | 11,951 | 0 |
Fair Value | 211 | 0 |
Other Liabilities | Not Designated as Hedging Instrument | Interest Rate Lock Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | 0 | 4,248 |
Fair Value | 0 | 2 |
Cash Flow Hedge | Designated as Hedging Instrument | Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | 2,400,000 | 1,725,000 |
Fair Value | 0 | 0 |
Cash Flow Hedge | Other Assets | Designated as Hedging Instrument | Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | 675,000 | 1,725,000 |
Fair Value | 0 | 0 |
Cash Flow Hedge | Other Liabilities | Designated as Hedging Instrument | Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | 1,725,000 | 0 |
Fair Value | $ 0 | $ 0 |
Derivative Instruments (Schedule Of Effect Of Derivative Instruments, Gain (Loss) In Statement Of Financial Performance) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Designated as Hedging Instrument | Cash Flow Hedge | Interest Expense | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of gain/(loss) reclassified from AOCI | $ 3,530 | $ 2,108 | $ 10,526 | $ 1,164 |
Designated as Hedging Instrument | Cash Flow Hedge | Other Comprehensive Income (Loss) | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain (Loss) Recognized, Effective Portion | (43,108) | 9,292 | (94,033) | 46,233 |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | Other Income | ||||
Derivatives, Fair Value [Line Items] | ||||
Total | $ 70 | $ 9 | $ 213 | $ (51) |
Recent Accounting Pronouncements Recent Accounting Pronouncements (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||
Disaggregation of Revenue [Line Items] | ||||||
Revenue/(Loss) from Contract with Customer, Excluding Assessed Tax | $ (98) | $ 209 | $ 319 | $ 432 | ||
Non-Interest Expense | Net Gain/(Loss) from Sale of REO | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue/(Loss) from Contract with Customer, Excluding Assessed Tax | [1] | (333) | (12) | (359) | (245) | |
Non-Interest Income | Deposit Account and Other Banking Income | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue/(Loss) from Contract with Customer, Excluding Assessed Tax | $ 235 | $ 221 | $ 678 | $ 677 | ||
|
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