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. | ||||||||
June 30, 2023 and September 30, 2022 | ||||||||
Three and Nine Months Ended June 30, 2023 and 2022 | ||||||||
Three and Nine Months Ended June 30, 2023 and 2022 | ||||||||
Three and Nine Months Ended June 30, 2023 and 2022 | ||||||||
Nine Months Ended June 30, 2023 and 2022 | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
ACL: Allowance for Credit Losses | FRB-Cleveland: Federal Reserve Bank of Cleveland | ||||
ACT: Tax Cuts and Jobs Act | Freddie Mac: Federal Home Loan Mortgage Corporation | ||||
AOCI: Accumulated Other Comprehensive Income | FRS: Board of Governors of the Federal Reserve System | ||||
ARM: Adjustable Rate Mortgage | GAAP: Generally Accepted Accounting Principles | ||||
ASC: Accounting Standards Codification | Ginnie Mae: Government National Mortgage Association | ||||
ASU: Accounting Standards Update | GVA: General Valuation Allowances | ||||
Association: Third Federal Savings and Loan | HARP: Home Affordable Refinance Program | ||||
Association of Cleveland | HPI: Home Price Index | ||||
BOLI: Bank Owned Life Insurance | IRR: Interest Rate Risk | ||||
BTFP: Bank Term Funding Program | IRS: Internal Revenue Service | ||||
CDs: Certificates of Deposit | IVA: Individual Valuation Allowance | ||||
CECL: Current Expected Credit Losses | LIBOR: London Interbank Offer Rate | ||||
CET1: Common Equity Tier 1 | LIHTC: Low Income Housing Tax Credit | ||||
CFPB: Consumer Financial Protection Bureau | LIP: Loans-in-Process | ||||
CLTV: Combined Loan-to-Value | LTV: Loan-to-Value | ||||
Company: TFS Financial Corporation and its | MMK: Money Market Account | ||||
subsidiaries | OCC: Office of the Comptroller of the Currency | ||||
DFA: Dodd-Frank Wall Street Reform and Consumer | OCI: Other Comprehensive Income | ||||
Protection Act | OTS: Office of Thrift Supervision | ||||
EaR: Earnings at Risk | PMI: Private Mortgage Insurance | ||||
EPS: Earnings per Share | PMIC: PMI Mortgage Insurance Co. | ||||
ESOP: Third Federal Employee (Associate) Stock | QTL: Qualified Thrift Lender | ||||
Ownership Plan | REMICs: Real Estate Mortgage Investment Conduits | ||||
EVE: Economic Value of Equity | REO: Real Estate Owned | ||||
Fannie Mae: Federal National Mortgage Association | SEC: United States Securities and Exchange Commission | ||||
FASB: Financial Accounting Standards Board | SOFR: Secured Overnight Financing Rate | ||||
FDIC: Federal Deposit Insurance Corporation | TDR: Troubled Debt Restructuring | ||||
FHFA: Federal Housing Finance Agency | Third Federal Savings, MHC: Third Federal Savings | ||||
FHLB: Federal Home Loan Bank | and Loan Association of Cleveland, MHC | ||||
FICO: Fair Isaac Corporation |
June 30, 2023 | September 30, 2022 | ||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | $ | |||||||||
Other interest-earning cash equivalents | |||||||||||
Cash and cash equivalents | |||||||||||
Investment securities available for sale (amortized cost $ | |||||||||||
Mortgage loans held for sale (at fair value) | |||||||||||
Loans held for investment, net: | |||||||||||
Mortgage loans | |||||||||||
Other loans | |||||||||||
Deferred loan expenses, net | |||||||||||
Allowance for credit losses on loans | ( | ( | |||||||||
Loans, net | |||||||||||
Mortgage loan servicing rights, net | |||||||||||
Federal Home Loan Bank stock, at cost | |||||||||||
Real estate owned, net | |||||||||||
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, $ | |||||||||||
Common stock, $ | |||||||||||
Paid-in capital | |||||||||||
Treasury stock, at cost; | ( | ( | |||||||||
Unallocated ESOP shares | ( | ( | |||||||||
Retained earnings—substantially restricted | |||||||||||
Accumulated other comprehensive income | |||||||||||
Total shareholders’ equity | |||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | $ |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
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 (RELEASE) FOR CREDIT LOSSES | ( | ||||||||||||||||||||||
NET INTEREST INCOME AFTER (RELEASE) FOR CREDIT LOSSES | |||||||||||||||||||||||
NON-INTEREST INCOME: | |||||||||||||||||||||||
Fees and service charges, net of amortization | |||||||||||||||||||||||
Net gain (loss) 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, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
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 | |||||||||||||||||||||||
Net change in defined benefit plan obligation | |||||||||||||||||||||||
Total other comprehensive income | |||||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ |
For the Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
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, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
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 ( | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||
Treasury stock allocated to equity incentive plan | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Dividends declared to common shareholders ($ | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
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, 2023 | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
ESOP shares allocated or committed to be released | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Compensation costs for equity incentive plans | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Treasury stock allocated to equity incentive plan | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Dividends declared to common shareholders ($ | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | ( | $ | ( | $ | $ | $ |
For the Nine Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
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, 2021 | $ | $ | $ | ( | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
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 ( | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||
Treasury stock allocated to equity incentive plan | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Dividends declared to common shareholders ($ | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||
For the Nine Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
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, 2022 | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||
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 ( | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||
Treasury stock allocated to equity incentive plan | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Dividends declared to common shareholders ($ | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | ( | $ | ( | $ | $ | $ |
For the Nine Months Ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
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 (release) for credit losses | ( | |||||||||||||
Net gain on the sale of loans | ( | ( | ||||||||||||
Net gain on sale of commercial property | ( | |||||||||||||
Other net (gains) losses | ( | |||||||||||||
Proceeds from sales of loans held for sale | ||||||||||||||
Loans originated and principal repayments on loans 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 sales, principal repayments and maturities of: | ||||||||||||||
Securities available for sale | ||||||||||||||
Proceeds from sale of: | ||||||||||||||
Loans | ||||||||||||||
Real estate owned | ||||||||||||||
Premises, equipment and other assets | ||||||||||||||
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 | ||||||||||||||
Net increase (decrease) in Fed Funds purchased | ( | |||||||||||||
Proceeds from long-term borrowed funds | ||||||||||||||
Repayment of long-term borrowed funds | ( | ( | ||||||||||||
Cash collateral/settlements received from (provided to) derivative counterparties | ||||||||||||||
Acquisition of treasury shares | ( | ( | ||||||||||||
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 (received) for interest on interest rate swaps | ( | |||||||||||||
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 investment to held for sale | ||||||||||||||
Transfer of loans from held for sale to held for investment | ||||||||||||||
Treasury stock issued for stock benefit plans |
For the Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
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, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
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, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Options to purchase shares | |||||||||||||||||||||||
Restricted and performance stock units |
June 30, 2023 | ||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized | Fair Value | ||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||
REMICs | $ | $ | $ | ( | $ | |||||||||||||||||||||
Fannie Mae certificates | ( | |||||||||||||||||||||||||
Freddie Mac certificates | ( | |||||||||||||||||||||||||
U.S. government and agency obligations | ( | |||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
September 30, 2022 | ||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized | Fair Value | ||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||
REMICs | $ | $ | $ | ( | $ | |||||||||||||||||||||
Fannie Mae certificates | ( | |||||||||||||||||||||||||
U.S. government and agency obligations | ( | |||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
June 30, 2023 | September 30, 2022 | ||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Weighted Average Yield | Amortized Cost | Fair Value | Weighted Average Yield | ||||||||||||||||||||||||||||||
Due in one year or less | $ | $ | % | $ | $ | % | |||||||||||||||||||||||||||||
Due after one to five years | |||||||||||||||||||||||||||||||||||
Due after five to ten years | |||||||||||||||||||||||||||||||||||
Ten years or greater | |||||||||||||||||||||||||||||||||||
Total | $ | $ | % | $ | $ | % |
June 30, 2023 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Freddie Mac certificates | |||||||||||||||||||||||||||||||||||
U.S. government and agency obligations | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Freddie Mac certificates | |||||||||||||||||||||||||||||||||||
U.S. government and agency obligations | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
June 30, 2023 | September 30, 2022 | |||||||||||||
Real estate loans: | ||||||||||||||
Residential Core | $ | $ | ||||||||||||
Residential Home Today | ||||||||||||||
Home equity loans and lines of credit | ||||||||||||||
Construction | ||||||||||||||
Real estate loans | ||||||||||||||
Other loans | ||||||||||||||
Add (deduct): | ||||||||||||||
Deferred loan expenses, net | ||||||||||||||
Loans in process | ( | ( | ||||||||||||
Allowance for credit losses on loans | ( | ( | ||||||||||||
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, 2023 | |||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||
Residential Core | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Residential Home Today | |||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | |||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||
Total real estate loans | |||||||||||||||||||||||||||||||||||
Other 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, 2022 | |||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||
Residential Core | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Residential Home Today | |||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | |||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||
Total real estate loans | |||||||||||||||||||||||||||||||||||
Other loans | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
June 30, 2023 | September 30, 2022 | ||||||||||||||||||||||
Non-accrual with No ACL | Total Non-accrual | Non-accrual with No ACL | Total Non-accrual | ||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
Residential Core | $ | $ | $ | $ | |||||||||||||||||||
Residential Home Today | |||||||||||||||||||||||
Home equity loans and lines of credit | |||||||||||||||||||||||
Total non-accrual loans | $ | $ | $ | $ | |||||||||||||||||||
For the Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||
Beginning Balance | Provisions (Releases) | 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 | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||
Total Unfunded Loan Commitments (1) | |||||||||||||||||||||||||||||
Total Allowance for Credit Losses | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
For the Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||
Beginning Balance | Provisions (Releases) | 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 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Total Unfunded Loan Commitments (1) | |||||||||||||||||||||||||||||
Total Allowance for Credit Losses | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
For the Nine Months Ended June 30, 2023 | |||||||||||||||||||||||||||||
Beginning Balance | Provisions (Releases) | 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 | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||
Total Unfunded Loan Commitments (1) | |||||||||||||||||||||||||||||
Total Allowance for Credit Losses | $ | $ | ( | $ | ( | $ | $ |
For the Nine Months Ended June 30, 2022 | |||||||||||||||||||||||||||||
Beginning Balance | Provisions (Releases) | 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 | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||
Total Unfunded Loan Commitments (1) | |||||||||||||||||||||||||||||
Total Allowance for Credit Losses | $ | $ | $ | ( | $ | $ |
Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | ||||||||||||||||||||||||||||
By fiscal year of origination | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | |||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential Core | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Total Residential Core | |||||||||||||||||||||||||||||
Residential Home Today (1) | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Total Residential Home Today | |||||||||||||||||||||||||||||
Home equity loans and lines of credit | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Total Home equity loans and lines of credit | |||||||||||||||||||||||||||||
Total Construction | |||||||||||||||||||||||||||||
Total real estate loans | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Total real estate loans | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Revolving Loans Amortized Cost Basis | Revolving Loans Converted To Term | ||||||||||||||||||||||||||||
By fiscal year of origination | |||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | |||||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential Core | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Total Residential Core | |||||||||||||||||||||||||||||
Residential Home Today (1) | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Total Residential Home Today | |||||||||||||||||||||||||||||
Home equity loans and lines of credit | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Total Home equity loans and lines of credit | |||||||||||||||||||||||||||||
Total Construction | |||||||||||||||||||||||||||||
Total real estate loans | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Total real estate loans | $ | $ | $ | $ | $ | $ | $ | $ | $ |
June 30, 2023 | Initial Restructuring | Multiple Restructurings | Bankruptcy | Total | ||||||||||||||||||||||
Residential Core | $ | $ | $ | $ | ||||||||||||||||||||||
Residential Home Today | ||||||||||||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
September 30, 2022 | 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, 2023 | ||||||||||||||||||||||||||
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, 2022 | ||||||||||||||||||||||||||
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, 2023 | ||||||||||||||||||||||||||
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, 2022 | ||||||||||||||||||||||||||
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, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
TDRs That Subsequently Defaulted | Number of Contracts | Amortized Cost | Number of Contracts | Amortized Cost | ||||||||||||||||||||||
Residential Core | $ | $ | ||||||||||||||||||||||||
Residential Home Today | ||||||||||||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||||||||||||
Total | $ | $ | ||||||||||||||||||||||||
For the Nine Months Ended June 30, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
TDRs That Subsequently Defaulted | Number of Contracts | Amortized Cost | Number of Contracts | Amortized Cost | ||||||||||||||||||||||
Residential Core | $ | $ | ||||||||||||||||||||||||
Residential Home Today | ||||||||||||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||||||||||||
Total | $ | $ | ||||||||||||||||||||||||
June 30, 2023 | September 30, 2022 | |||||||||||||
Checking accounts | $ | $ | ||||||||||||
Savings accounts, excluding money market accounts | ||||||||||||||
Money market accounts | ||||||||||||||
Certificates of deposit | ||||||||||||||
Accrued interest | ||||||||||||||
Total deposits | $ | $ |
Borrowing Capacity | Borrowings Available | Borrowings Outstanding | |||||||||||||||
FHLB | $ | $ | $ | ||||||||||||||
FRB Cleveland | |||||||||||||||||
Fed Funds Purchased | |||||||||||||||||
Subtotal | $ | $ | |||||||||||||||
Accrued Interest | |||||||||||||||||
Total Borrowings | $ |
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 Advances | % | ||||||||||
Accrued interest | |||||||||||
Total | $ |
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
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 $ | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified, net of tax expense (benefit) of $( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | ( | $ | $ | ( | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||
For the Nine Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
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 $ | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified, net of tax expense (benefit) of $( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | ( | $ | $ | ( | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income | 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 Consolidated Statements of Income | ||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||
Interest (income) expense | $ | ( | $ | $ | ( | $ | Interest expense | ||||||||||||||||||||||
Net income tax effect | ( | ( | Income tax expense | ||||||||||||||||||||||||||
Net of income tax expense | ( | ( | |||||||||||||||||||||||||||
Amortization of defined benefit plan: | |||||||||||||||||||||||||||||
Actuarial loss | (a) | ||||||||||||||||||||||||||||
Net income tax effect | ( | ( | ( | ( | Income tax expense | ||||||||||||||||||||||||
Net of income tax expense | |||||||||||||||||||||||||||||
Total reclassifications for the period | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Interest cost | $ | $ | $ | $ | ||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | ||||||||||||||||||||||
Amortization of net loss | ||||||||||||||||||||||||||
Recognized net loss due to settlement | ||||||||||||||||||||||||||
Net periodic (benefit) cost | $ | $ | $ | $ | ( |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Restricted stock units expense | $ | $ | $ | $ | |||||||||||||||||||
Performance share units expense | |||||||||||||||||||||||
Total stock-based compensation expense | $ | $ | $ | $ |
Commitment | Allowance | ||||||||||
Fixed-rate mortgage loans | $ | $ | |||||||||
Adjustable-rate mortgage loans | |||||||||||
Home equity loans and lines of credit | |||||||||||
Total | $ | $ |
Commitment | Allowance | ||||||||||
Home equity lines of credit | $ | $ | |||||||||
Construction loans | |||||||||||
Total | $ | $ |
Recurring Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||
June 30, 2023 | 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 | |||||||||||||||||||||||
Freddie Mac securities | |||||||||||||||||||||||
U.S. government and agency obligations | |||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||
Forward commitments for the sale of mortgage loans | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||
Interest rate lock commitments | $ | $ | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | $ |
Recurring Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||
September 30, 2022 | 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, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Beginning balance | $ | ( | $ | $ | ( | $ | |||||||||||||||||
(Loss)/Gain 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, 2023 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
Collateral-dependent loans, net of allowance | $ | $ | $ | $ | |||||||||||||||||||
Mortgage loans held for sale | |||||||||||||||||||||||
Real estate owned(1) | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Nonrecurring Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||
September 30, 2022 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
Collateral-dependent loans, net of allowance | $ | $ | $ | $ | |||||||||||||||||||
Mortgage loans held for sale | |||||||||||||||||||||||
Real estate owned(1) | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Fair Value | ||||||||||||||||||||||||||||||||||||||
June 30, 2023 | Valuation Technique(s) | Unobservable Input | Range | Weighted Average | ||||||||||||||||||||||||||||||||||
Collateral-dependent 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, 2022 | Valuation Technique(s) | Unobservable Input | Range | Weighted Average | ||||||||||||||||||||||||||||||||||
Collateral-dependent 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, 2023 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Derivatives |
September 30, 2022 | |||||||||||||||||||||||||||||
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, 2023 | ||||||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||||
Notional Value | Fair Value | Term (years) | Fixed-Rate Payments | |||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||
Cash flow hedges: Interest rate swaps | ||||||||||||||||||||||||||
Other Assets | ||||||||||||||||||||||||||
LIBOR swaps (1) | $ | $ | % | |||||||||||||||||||||||
SOFR swaps (2) (3) | ||||||||||||||||||||||||||
Other Liabilities | ||||||||||||||||||||||||||
SOFR swaps (2) | ||||||||||||||||||||||||||
Total cash flow hedges: Interest rate swaps (3) | $ | $ | % |
September 30, 2022 | ||||||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||||
Notional Value | Fair Value | Term (years) | Fixed-Rate Payments | |||||||||||||||||||||||
Cash flow hedges: Interest rate swaps | ||||||||||||||||||||||||||
Other Assets | ||||||||||||||||||||||||||
LIBOR swaps (1) | $ | $ | % | |||||||||||||||||||||||
Total cash flow hedges: Interest rate swaps | $ | $ | % |
June 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||
Notional Value | Fair Value | Notional Value | Fair Value | |||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||
Interest rate lock commitments | ||||||||||||||||||||||||||
Other Liabilities | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Forward Commitments for the sale of mortgage loans | ||||||||||||||||||||||||||
Other Assets | ||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | $ | ( | $ | $ | ( |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Location of Gain or (Loss) | June 30, | June 30, | |||||||||||||||||||||||||||
Recognized in Income | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
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 | $ | $ | $ | $ | ||||||||||||||||||||||||
Forward commitments for the sale of mortgage loans | Net gain/(loss) on the sale of loans | ||||||||||||||||||||||||||||
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 credit losses and charge-offs on loans and off-balance sheet exposures; | ||||
● | statements regarding the trends in factors affecting our financial condition and results of operations, including credit 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, including with respect to our ability to charge overdraft fees; | ||||
● | inflation and changes in the interest rate environment that reduce our interest margins or reduce the fair value of financial instruments, or our ability to originate loans; | ||||
● | 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, and changes in estimates of the allowance for credit losses; | ||||
● | 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; | ||||
● | our ability to manage market risk, credit risk, liquidity risk, reputational risk, regulatory risk and compliance risk; | ||||
● | our ability to access cost-effective funding; | ||||
● | 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, 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; | ||||
● | the continuing governmental efforts to restructure the U.S. financial and regulatory system; | ||||
● | 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, the Federal Reserve System, Fannie Mae, the OCC, FDIC, and others; | ||||
● | 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 and changes in expense trends, including but not limited to trends affecting non-performing assets, charge-offs and provisions for credit losses; | ||||
● | changes in liquidity, including the size and composition of our deposit portfolio, and the percentage of uninsured deposits in the portfolio; | ||||
● | the inability of third-party providers to perform their obligations to us; | ||||
● | our ability to retain key employees; | ||||
● | the effects of global or national war, conflict or acts of terrorism; | ||||
● | civil unrest; | ||||
● | 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; and |
● | the impact of wide-spread pandemic, including COVID-19, and related government action, on our business and the economy. | ||||
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, 2023 | For the Nine Months Ended June 30, 2022 | ||||||||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
First Mortgage Loan Originations: | |||||||||||||||||||||||
ARM (all Smart Rate) production | $ | 466,963 | 35.6 | % | $ | 788,047 | 27.1 | % | |||||||||||||||
Fixed-rate production: | |||||||||||||||||||||||
Terms less than or equal to 10 years | 27,582 | 2.1 | 429,778 | 14.8 | |||||||||||||||||||
Terms greater than 10 years | 816,929 | 62.3 | 1,691,472 | 58.1 | |||||||||||||||||||
Total fixed-rate production | 844,511 | 64.4 | 2,121,250 | 72.9 | |||||||||||||||||||
Total First Mortgage Loan Originations | $ | 1,311,474 | 100.0 | % | $ | 2,909,297 | 100.0 | % |
June 30, 2023 | September 30, 2022 | ||||||||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Balance of First Mortgage Loans Held For Investment: | |||||||||||||||||||||||
ARM (primarily Smart Rate) Loans | $ | 4,755,783 | 39.6 | % | $ | 4,668,089 | 40.3 | % | |||||||||||||||
Fixed-rate Loans: | |||||||||||||||||||||||
Terms less than or equal to 10 years | 1,152,458 | 9.6 | 1,350,436 | 11.6 | |||||||||||||||||||
Terms greater than 10 years | 6,083,865 | 50.8 | 5,574,589 | 48.1 | |||||||||||||||||||
Total fixed-rate loans | 7,236,323 | 60.4 | 6,925,025 | 59.7 | |||||||||||||||||||
Total First Mortgage Loans Held For Investment | $ | 11,992,106 | 100.0 | % | $ | 11,593,114 | 100.0 | % |
Current Balance of ARM Loans Scheduled for Interest Rate Reset | |||||
During the Fiscal Years Ending September 30, | (In thousands) | ||||
2023 | $ | 769 | |||
2024 | 481,100 | ||||
2025 | 645,801 | ||||
2026 | 1,492,689 | ||||
2027 | 1,669,913 | ||||
2028 | 465,511 | ||||
Total | $ | 4,755,783 |
June 30, 2023 | ||||||||||||||||||||
Balance | Percent | Yield | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Total Loans: | ||||||||||||||||||||
Fixed Rate | ||||||||||||||||||||
Terms less than or equal to 10 years | $ | 1,152,458 | 7.7 | % | 2.66 | % | ||||||||||||||
Terms greater than 10 years | 6,083,865 | 40.8 | 3.72 | |||||||||||||||||
Total Fixed-Rate loans | 7,236,323 | 48.5 | 3.55 | |||||||||||||||||
ARMs | 4,757,698 | 31.9 | 3.00 | |||||||||||||||||
Home Equity Loans and Lines of Credit | 2,866,204 | 19.2 | 7.17 | |||||||||||||||||
Construction and Other Loans | 65,985 | 0.4 | 4.33 | |||||||||||||||||
Total Loans Receivable | $ | 14,926,210 | 100.0 | % | 4.08 | % | ||||||||||||||
June 30, 2023 | ||||||||||||||||||||
Balance | Percent | Yield | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Residential Mortgage Loans | ||||||||||||||||||||
Ohio | $ | 6,800,644 | 45.6 | % | 3.52 | % | ||||||||||||||
Florida | 2,143,651 | 14.4 | 3.21 | |||||||||||||||||
Other | 3,049,726 | 20.3 | 3.00 | |||||||||||||||||
Total Residential Mortgage Loans | 11,994,021 | 80.4 | 3.33 | |||||||||||||||||
Home Equity Loans and Lines of Credit | ||||||||||||||||||||
Ohio | 738,632 | 4.9 | 7.11 | |||||||||||||||||
Florida | 622,184 | 4.2 | 7.08 | |||||||||||||||||
California | 489,412 | 3.3 | 7.11 | |||||||||||||||||
Other | 1,015,976 | 6.8 | 7.29 | |||||||||||||||||
Total Home Equity Loans and Lines of Credit | 2,866,204 | 19.2 | 7.17 | |||||||||||||||||
Construction and Other Loans | 65,985 | 0.4 | 4.33 | |||||||||||||||||
Total Loans Receivable | $ | 14,926,210 | 100.0 | % | 4.08 | % |
For the Three Months Ended June 30, | For the Nine Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Allowance balance for credit losses on loans (beginning of the period) | $ | 74,138 | $ | 64,324 | $ | 72,895 | $ | 64,289 | |||||||||||||||
Charge-offs on real estate loans: | |||||||||||||||||||||||
Residential Core | |||||||||||||||||||||||
Ohio | 35 | 11 | 241 | 168 | |||||||||||||||||||
Other | — | 12 | — | 13 | |||||||||||||||||||
Total Residential Core | 35 | 23 | 241 | 181 | |||||||||||||||||||
Total Residential Home Today | 34 | 91 | 278 | 197 | |||||||||||||||||||
Home equity loans and lines of credit | |||||||||||||||||||||||
Ohio | 4 | 129 | 237 | 546 | |||||||||||||||||||
Florida | — | 41 | 48 | 111 | |||||||||||||||||||
California | — | 15 | 14 | 29 | |||||||||||||||||||
Other | 18 | 6 | 281 | 116 | |||||||||||||||||||
Total Home equity loans and lines of credit | 22 | 191 | 580 | 802 | |||||||||||||||||||
Total charge-offs | 91 | 305 | 1,099 | 1,180 | |||||||||||||||||||
Recoveries on real estate loans: | |||||||||||||||||||||||
Residential Core | 227 | 669 | 831 | 2,299 | |||||||||||||||||||
Residential Home Today | 434 | 592 | 1,707 | 2,079 | |||||||||||||||||||
Home equity loans and lines of credit | 1,194 | 1,522 | 3,200 | 3,946 | |||||||||||||||||||
Construction | — | 175 | — | 175 | |||||||||||||||||||
Total recoveries | 1,855 | 2,958 | 5,738 | 8,499 | |||||||||||||||||||
Net recoveries | 1,764 | 2,653 | 4,639 | 7,319 | |||||||||||||||||||
Provision (release) for allowance for credit losses on loans | (1,099) | 2,473 | (2,731) | (2,158) | |||||||||||||||||||
Allowance balance for loans (end of the period) | $ | 74,803 | $ | 69,450 | $ | 74,803 | $ | 69,450 | |||||||||||||||
Allowance balance for credit losses on unfunded commitments (beginning of the period) | $ | 26,653 | $ | 26,601 | $ | 27,021 | $ | 24,970 | |||||||||||||||
Provision for credit losses on unfunded loan commitments | 1,099 | 1,527 | 731 | 3,158 | |||||||||||||||||||
Allowance balance for unfunded loan commitments (end of the period) | 27,752 | 28,128 | 27,752 | 28,128 | |||||||||||||||||||
Allowance balance for all credit losses (end of the period) | $ | 102,555 | $ | 97,578 | $ | 102,555 | $ | 97,578 | |||||||||||||||
Ratios: | |||||||||||||||||||||||
Allowance for credit losses on loans to non-accrual loans at end of the period | 244.28 | % | 184.28 | % | 244.28 | % | 184.28 | % | |||||||||||||||
Allowance for credit losses on loans to the total amortized cost in loans at end of the period | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % |
For the Three Months Ended June 30, | For the Nine Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net recoveries (charge-off) as a percentage of average loans outstanding (annualized) | |||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
Residential Core | 0.01 | % | 0.02 | % | 0.01 | % | 0.03 | % | |||||||||||||||
Residential Home Today | 0.01 | 0.01 | 0.01 | 0.02 | |||||||||||||||||||
Home Equity loans and lines of credit | 0.03 | 0.04 | 0.02 | 0.03 | |||||||||||||||||||
Construction | — | 0.01 | — | — | |||||||||||||||||||
Total net recoveries (charge-off) as a percentage of average loans outstanding (annualized) | 0.05 | % | 0.08 | % | 0.04 | % | 0.08 | % |
June 30, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||
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 | $ | 54,551 | 72.9% | 80.1% | $ | 53,772 | 72.5% | 80.4% | ||||||||||||||||||||||||||||||
Residential Home Today | (1,095) | (1.5) | 0.3 | (1,212) | (1.6) | 0.3 | ||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 21,132 | 28.3 | 19.2 | 21,232 | 28.6 | 18.6 | ||||||||||||||||||||||||||||||||
Construction | 215 | 0.3 | 0.4 | 346 | 0.5 | 0.7 | ||||||||||||||||||||||||||||||||
Allowance for credit losses on loans | $ | 74,803 | 100.0% | 100.0% | $ | 74,138 | 100.0% | 100.0% |
September 30, 2022 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||
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 | $ | 53,506 | 73.4% | 80.4% | $ | 51,452 | 74.1% | 80.8% | ||||||||||||||||||||||||||||||
Residential Home Today | (997) | (1.4) | 0.4 | (892) | (1.3) | 0.4 | ||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 20,032 | 27.5 | 18.4 | 18,594 | 26.8 | 18.0 | ||||||||||||||||||||||||||||||||
Construction | 354 | 0.5 | 0.8 | 296 | 0.4 | 0.8 | ||||||||||||||||||||||||||||||||
Allowance for credit losses on loans | $ | 72,895 | 100.0% | 100.0% | $ | 69,450 | 100.0% | 100.0% |
June 30, 2023 | March 31, 2023 | September 30, 2022 | June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||||||||
Residential Core | |||||||||||||||||||||||||||||||||||||||||||||||
Ohio | $ | 6,754,461 | $ | 6,593,438 | $ | 6,432,780 | $ | 6,236,177 | |||||||||||||||||||||||||||||||||||||||
Florida | 2,141,663 | 2,140,476 | 2,120,892 | 2,090,799 | |||||||||||||||||||||||||||||||||||||||||||
Other | 3,049,657 | 3,018,360 | 2,986,187 | 2,973,224 | |||||||||||||||||||||||||||||||||||||||||||
Total Residential Core | 11,945,781 | 80.1 | % | 11,752,274 | 80.4 | % | 11,539,859 | 80.4 | % | 11,300,200 | 80.8 | % | |||||||||||||||||||||||||||||||||||
Total Residential Home Today | 48,240 | 0.3 | 49,795 | 0.3 | 53,255 | 0.4 | 55,333 | 0.4 | |||||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | |||||||||||||||||||||||||||||||||||||||||||||||
Ohio | 738,632 | 712,646 | 706,641 | 669,306 | |||||||||||||||||||||||||||||||||||||||||||
Florida | 622,184 | 585,563 | 537,724 | 501,799 | |||||||||||||||||||||||||||||||||||||||||||
California | 489,412 | 463,110 | 432,540 | 412,037 | |||||||||||||||||||||||||||||||||||||||||||
Other | 1,015,976 | 962,559 | 956,973 | 931,090 | |||||||||||||||||||||||||||||||||||||||||||
Total Home equity loans and lines of credit | 2,866,204 | 19.2 | 2,723,878 | 18.6 | 2,633,878 | 18.4 | 2,514,232 | 18.0 | |||||||||||||||||||||||||||||||||||||||
Construction loans | |||||||||||||||||||||||||||||||||||||||||||||||
Ohio | 54,884 | 78,460 | 111,098 | 102,870 | |||||||||||||||||||||||||||||||||||||||||||
Florida | 7,079 | 9,859 | 10,661 | 9,246 | |||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | 51 | |||||||||||||||||||||||||||||||||||||||||||
Total Construction | 61,963 | 0.4 | 88,319 | 0.7 | 121,759 | 0.8 | 112,167 | 0.8 | |||||||||||||||||||||||||||||||||||||||
Other loans | 4,022 | — | 3,868 | — | 3,263 | — | 3,255 | — | |||||||||||||||||||||||||||||||||||||||
Total loans receivable | 14,926,210 | 100.0 | % | 14,618,134 | 100.0 | % | 14,352,014 | 100.0 | % | 13,985,187 | 100.0 | % | |||||||||||||||||||||||||||||||||||
Deferred loan expenses, net | 56,780 | 53,183 | 50,221 | 48,669 | |||||||||||||||||||||||||||||||||||||||||||
Loans in process | (24,507) | (33,856) | (72,273) | (68,578) | |||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans | (74,803) | (74,138) | (72,895) | (69,450) | |||||||||||||||||||||||||||||||||||||||||||
Total loans receivable, net | $ | 14,883,680 | $ | 14,563,323 | $ | 14,257,067 | $ | 13,895,828 |
Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | ||||||||||||||||||||||||||||
By fiscal year of origination | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential Core | |||||||||||||||||||||||||||||
<680 | $ | 24,552 | $ | 94,000 | $ | 64,354 | $ | 40,090 | $ | 23,427 | $ | 163,218 | $ | — | $ | — | $ | 409,641 | |||||||||||
680-740 | 242,530 | 409,847 | 243,141 | 165,714 | 65,505 | 374,508 | — | — | 1,501,245 | ||||||||||||||||||||
741+ | 966,989 | 2,693,370 | 1,769,716 | 1,157,523 | 484,466 | 2,794,837 | — | — | 9,866,901 | ||||||||||||||||||||
Unknown (1) | 1,366 | 23,182 | 35,309 | 20,388 | 7,603 | 102,308 | — | — | 190,156 | ||||||||||||||||||||
Total Residential Core | 1,235,437 | 3,220,399 | 2,112,520 | 1,383,715 | 581,001 | 3,434,871 | — | — | 11,967,943 | ||||||||||||||||||||
Residential Home Today (2) | |||||||||||||||||||||||||||||
<680 | — | — | — | — | — | 24,025 | — | — | 24,025 | ||||||||||||||||||||
680-740 | — | — | — | — | — | 9,634 | — | — | 9,634 | ||||||||||||||||||||
741+ | — | — | — | — | — | 11,188 | — | — | 11,188 | ||||||||||||||||||||
Unknown (1) | — | — | — | — | — | 2,911 | — | — | 2,911 | ||||||||||||||||||||
Total Residential Home Today | — | — | — | — | — | 47,758 | — | — | 47,758 | ||||||||||||||||||||
Home equity loans and lines of credit | |||||||||||||||||||||||||||||
<680 | 2,427 | 2,604 | 1,485 | 341 | 642 | 1,125 | 100,751 | 13,334 | 122,709 | ||||||||||||||||||||
680-740 | 33,484 | 8,389 | 3,109 | 748 | 802 | 2,243 | 478,208 | 14,304 | 541,287 | ||||||||||||||||||||
741+ | 97,607 | 65,672 | 21,185 | 6,538 | 5,084 | 10,893 | 1,959,869 | 40,974 | 2,207,822 | ||||||||||||||||||||
Unknown (1) | 170 | 244 | 107 | 98 | 54 | 654 | 22,255 | 6,254 | 29,836 | ||||||||||||||||||||
Total Home equity loans and lines of credit | 133,688 | 76,909 | 25,886 | 7,725 | 6,582 | 14,915 | 2,561,083 | 74,866 | 2,901,654 | ||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
<680 | — | 926 | — | — | — | — | — | — | 926 | ||||||||||||||||||||
680-740 | 2,244 | 4,276 | — | — | — | — | — | — | 6,520 | ||||||||||||||||||||
741+ | 12,627 | 16,739 | 294 | — | — | — | — | — | 29,660 | ||||||||||||||||||||
Total Construction | 14,871 | 21,941 | 294 | — | — | — | — | — | 37,106 | ||||||||||||||||||||
Total net real estate loans | $ | 1,383,996 | $ | 3,319,249 | $ | 2,138,700 | $ | 1,391,440 | $ | 587,583 | $ | 3,497,544 | $ | 2,561,083 | $ | 74,866 | $ | 14,954,461 | |||||||||||
(1) Data necessary for stratification is not readily available. | |||||||||||||||||||||||||||||
(2) No new originations of Home Today loans since fiscal 2016. |
Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | ||||||||||||||||||||||||||||
By fiscal year of origination | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential Core | |||||||||||||||||||||||||||||
<80% | $ | 501,538 | $ | 1,920,702 | $ | 1,457,683 | $ | 740,555 | $ | 265,052 | $ | 1,942,777 | $ | — | $ | — | $ | 6,828,307 | |||||||||||
80-89.9% | 605,090 | 1,081,252 | 606,615 | 583,992 | 285,493 | 1,376,922 | — | — | 4,539,364 | ||||||||||||||||||||
90-100% | 128,809 | 216,808 | 47,131 | 58,968 | 30,196 | 112,814 | — | — | 594,726 | ||||||||||||||||||||
>100% | — | — | — | — | — | 747 | — | — | 747 | ||||||||||||||||||||
Unknown (1) | — | 1,637 | 1,091 | 200 | 260 | 1,611 | — | — | 4,799 | ||||||||||||||||||||
Total Residential Core | 1,235,437 | 3,220,399 | 2,112,520 | 1,383,715 | 581,001 | 3,434,871 | — | — | 11,967,943 | ||||||||||||||||||||
Residential Home Today (2) | |||||||||||||||||||||||||||||
<80% | — | — | — | — | — | 9,527 | — | — | 9,527 | ||||||||||||||||||||
80-89.9% | — | — | — | — | — | 15,368 | — | — | 15,368 | ||||||||||||||||||||
90-100% | — | — | — | — | — | 22,863 | — | — | 22,863 | ||||||||||||||||||||
Total Residential Home Today | — | — | — | — | — | 47,758 | — | — | 47,758 | ||||||||||||||||||||
Home equity loans and lines of credit | |||||||||||||||||||||||||||||
<80% | 129,729 | 74,283 | 25,193 | 7,688 | 6,291 | 11,234 | 2,388,897 | 49,866 | 2,693,181 | ||||||||||||||||||||
80-89.9% | 3,959 | 2,594 | 693 | 37 | 238 | 1,447 | 170,688 | 22,803 | 202,459 | ||||||||||||||||||||
90-100% | — | — | — | — | — | 862 | 619 | 254 | 1,735 | ||||||||||||||||||||
>100% | — | 32 | — | — | 53 | 1,368 | 471 | 365 | 2,289 | ||||||||||||||||||||
Unknown (1) | — | — | — | — | — | 4 | 408 | 1,578 | 1,990 | ||||||||||||||||||||
Total Home equity loans and lines of credit | 133,688 | 76,909 | 25,886 | 7,725 | 6,582 | 14,915 | 2,561,083 | 74,866 | 2,901,654 | ||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
<80% | 8,836 | 10,494 | 294 | — | — | — | — | — | 19,624 | ||||||||||||||||||||
80-89.9% | 6,035 | 11,447 | — | — | — | — | — | — | 17,482 | ||||||||||||||||||||
Total Construction | 14,871 | 21,941 | 294 | — | — | — | — | — | 37,106 | ||||||||||||||||||||
Total net real estate loans | $ | 1,383,996 | $ | 3,319,249 | $ | 2,138,700 | $ | 1,391,440 | $ | 587,583 | $ | 3,497,544 | $ | 2,561,083 | $ | 74,866 | $ | 14,954,461 | |||||||||||
(1) Market data necessary for stratification is not readily available. | |||||||||||||||||||||||||||||
(2) No new originations of Home Today loans since fiscal 2016. |
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 | $ | 2,123,256 | $ | 625,284 | 0.09 | % | 60 | % | 33 | % | ||||||||||||||||||||||
Florida | 1,314,004 | 529,968 | 0.01 | 55 | 36 | |||||||||||||||||||||||||||
California | 1,131,080 | 421,095 | 0.08 | 60 | 50 | |||||||||||||||||||||||||||
Other (1) | 2,561,145 | 951,786 | 0.11 | 63 | 47 | |||||||||||||||||||||||||||
Total home equity lines of credit in draw period | 7,129,485 | 2,528,133 | 0.08 | 60 | 40 | |||||||||||||||||||||||||||
Home equity lines in repayment, home equity loans and bridge loans | 338,071 | 338,071 | 0.68 | 57 | 36 | |||||||||||||||||||||||||||
Total | $ | 7,467,556 | $ | 2,866,204 | 0.11 | % | 60 | % | 40 | % |
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 | ||||||||||||||||||||||||||||||||
2015 and Prior | $ | 156,561 | $ | 31,817 | — | % | 57 | % | 26 | % | ||||||||||||||||||||||
2016 | 241,675 | 63,057 | 0.01 | 59 | 28 | |||||||||||||||||||||||||||
2017 | 497,927 | 149,244 | 0.12 | 58 | 30 | |||||||||||||||||||||||||||
2018 | 623,560 | 217,856 | 0.06 | 58 | 32 | |||||||||||||||||||||||||||
2019 | 830,868 | 329,759 | 0.11 | 61 | 35 | |||||||||||||||||||||||||||
2020 | 772,300 | 251,844 | 0.15 | 58 | 34 | |||||||||||||||||||||||||||
2021 | 1,522,066 | 559,975 | 0.11 | 62 | 42 | |||||||||||||||||||||||||||
2022 | 1,730,864 | 652,676 | 0.05 | 61 | 49 | |||||||||||||||||||||||||||
2023 | 753,664 | 271,905 | — | 60 | 55 | |||||||||||||||||||||||||||
Total home equity lines of credit in draw period | 7,129,485 | 2,528,133 | 0.08 | 60 | 40 | |||||||||||||||||||||||||||
Home equity lines in repayment, home equity loans and bridge loans | 338,071 | 338,071 | 0.68 | 57 | 36 | |||||||||||||||||||||||||||
Total | $ | 7,467,556 | $ | 2,866,204 | 0.11 | % | 60 | % | 40 | % |
Estimated 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 (1) | Total | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
2023 | $ | 53,584 | $ | 356 | $ | — | $ | — | $ | 48 | $ | 53,988 | |||||||||||||||||||||||
2024 | 10,674 | 70 | — | — | 35 | 10,779 | |||||||||||||||||||||||||||||
2025 | 19,741 | — | — | — | 11 | 19,752 | |||||||||||||||||||||||||||||
2026 | 33,639 | — | — | — | — | 33,639 | |||||||||||||||||||||||||||||
2027 | 125,171 | — | — | — | 120 | 125,291 | |||||||||||||||||||||||||||||
2028 | 205,909 | — | — | — | — | 205,909 | |||||||||||||||||||||||||||||
Post 2028 | 2,029,521 | 44,325 | — | 113 | 4,816 | 2,078,775 | |||||||||||||||||||||||||||||
Total | $ | 2,478,239 | $ | 44,751 | $ | — | $ | 113 | $ | 5,030 | $ | 2,528,133 |
Loans Delinquent for | ||||||||||||||||||||
30-89 Days | 90 Days or More | Total | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||
Residential Core | ||||||||||||||||||||
Ohio | $ | 4,579 | $ | 2,980 | $ | 7,559 | ||||||||||||||
Florida | 2,112 | 1,202 | 3,314 | |||||||||||||||||
Other | 741 | 1,871 | 2,612 | |||||||||||||||||
Total Residential Core | 7,432 | 6,053 | 13,485 | |||||||||||||||||
Residential Home Today | 1,489 | 1,026 | 2,515 | |||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||||||
Ohio | 802 | 840 | 1,642 | |||||||||||||||||
Florida | 670 | 197 | 867 | |||||||||||||||||
California | 868 | 902 | 1,770 | |||||||||||||||||
Other | 1,362 | 1,153 | 2,515 | |||||||||||||||||
Total Home equity loans and lines of credit | 3,702 | 3,092 | 6,794 | |||||||||||||||||
Total | $ | 12,623 | $ | 10,171 | $ | 22,794 |
Loans Delinquent for | ||||||||||||||||||||
30-89 Days | 90 Days or More | Total | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||
Residential Core | ||||||||||||||||||||
Ohio | $ | 3,571 | $ | 3,031 | $ | 6,602 | ||||||||||||||
Florida | 2,213 | 2,749 | 4,962 | |||||||||||||||||
Other | 402 | 2,320 | 2,722 | |||||||||||||||||
Total Residential Core | 6,186 | 8,100 | 14,286 | |||||||||||||||||
Residential Home Today | 1,492 | 1,003 | 2,495 | |||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||||||
Ohio | 761 | 707 | 1,468 | |||||||||||||||||
Florida | 1,107 | 581 | 1,688 | |||||||||||||||||
California | 1,044 | 646 | 1,690 | |||||||||||||||||
Other | 1,324 | 964 | 2,288 | |||||||||||||||||
Total Home equity loans and lines of credit | 4,236 | 2,898 | 7,134 | |||||||||||||||||
Total | $ | 11,914 | $ | 12,001 | $ | 23,915 | ||||||||||||||
Loans Delinquent for | ||||||||||||||||||||
30-89 Days | 90 Days or More | Total | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||
Residential Core | ||||||||||||||||||||
Ohio | $ | 2,862 | $ | 4,332 | $ | 7,194 | ||||||||||||||
Florida | 1,009 | 1,066 | 2,075 | |||||||||||||||||
Other | 345 | 3,883 | 4,228 | |||||||||||||||||
Total Residential Core | 4,216 | 9,281 | 13,497 | |||||||||||||||||
Residential Home Today | 2,111 | 861 | 2,972 | |||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||||||
Ohio | 630 | 679 | 1,309 | |||||||||||||||||
Florida | 438 | 694 | 1,132 | |||||||||||||||||
California | 427 | 444 | 871 | |||||||||||||||||
Other | 900 | 504 | 1,404 | |||||||||||||||||
Total Home equity loans and lines of credit | 2,395 | 2,321 | 4,716 | |||||||||||||||||
Total | $ | 8,722 | $ | 12,463 | $ | 21,185 |
Loans Delinquent for | ||||||||||||||||||||
30-89 Days | 90 Days or More | Total | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||
Residential Core | ||||||||||||||||||||
Ohio | $ | 3,978 | $ | 4,604 | $ | 8,582 | ||||||||||||||
Florida | 1,226 | 650 | 1,876 | |||||||||||||||||
Other | 807 | 3,666 | 4,473 | |||||||||||||||||
Total Residential Core | 6,011 | 8,920 | 14,931 | |||||||||||||||||
Residential Home Today | 1,283 | 1,193 | 2,476 | |||||||||||||||||
Home equity loans and lines of credit | ||||||||||||||||||||
Ohio | 502 | 965 | 1,467 | |||||||||||||||||
Florida | 386 | 457 | 843 | |||||||||||||||||
California | 622 | 444 | 1,066 | |||||||||||||||||
Other | 840 | 592 | 1,432 | |||||||||||||||||
Total Home equity loans and lines of credit | 2,350 | 2,458 | 4,808 | |||||||||||||||||
Total | $ | 9,644 | $ | 12,571 | $ | 22,215 |
June 30, 2023 | March 31, 2023 | September 30, 2022 | June 30, 2022 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||
Residential Core | $ | 18,309 | $ | 20,351 | $ | 22,644 | $ | 23,131 | ||||||||||||||||||
Residential Home Today | 5,290 | 5,461 | 6,037 | 6,723 | ||||||||||||||||||||||
Home equity loans and lines of credit | 7,023 | 6,884 | 6,925 | 7,833 | ||||||||||||||||||||||
Total non-accrual loans (1)(2) | 30,622 | 32,696 | 35,606 | 37,687 | ||||||||||||||||||||||
Real estate owned | 1,400 | 1,165 | 1,191 | 253 | ||||||||||||||||||||||
Total non-performing assets | $ | 32,022 | $ | 33,861 | $ | 36,797 | $ | 37,940 | ||||||||||||||||||
Ratios: | ||||||||||||||||||||||||||
Total non-accrual loans to total loans | 0.20 | % | 0.22 | % | 0.25 | % | 0.27 | % | ||||||||||||||||||
Total non-accrual loans to total assets | 0.18 | % | 0.20 | % | 0.23 | % | 0.24 | % | ||||||||||||||||||
Total non-performing assets to total assets | 0.19 | % | 0.21 | % | 0.23 | % | 0.25 | % | ||||||||||||||||||
TDRs: (not included in non-accrual loans above) | ||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||
Residential Core | $ | 41,720 | $ | 43,192 | $ | 43,101 | $ | 44,016 | ||||||||||||||||||
Residential Home Today | 17,307 | 17,672 | 18,380 | 18,683 | ||||||||||||||||||||||
Home equity loans and lines of credit | 20,667 | 20,914 | 22,060 | 22,605 | ||||||||||||||||||||||
Total | $ | 79,694 | $ | 81,778 | $ | 83,541 | $ | 85,304 |
June 30, 2023 | March 31, 2023 | September 30, 2022 | June 30, 2022 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Non-Accrual Loans | $ | 30,622 | $ | 32,696 | $ | 35,606 | $ | 37,687 | |||||||||||||||
Accruing Collateral-Dependent TDRs | 5,534 | 6,317 | 7,279 | 7,246 | |||||||||||||||||||
Other Accruing Collateral-Dependent Loans | 6,100 | 5,529 | 6,426 | 10,783 | |||||||||||||||||||
Less: Loans Collectively Evaluated | (3,175) | (4,228) | (2,190) | (3,068) | |||||||||||||||||||
Total Collateral-Dependent loans | $ | 39,081 | $ | 40,314 | $ | 47,121 | $ | 52,648 |
Initial Restructurings | Multiple Restructurings | Bankruptcy | Total | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Accrual | ||||||||||||||||||||||||||
Residential Core | $ | 27,024 | $ | 10,484 | $ | 4,212 | $ | 41,720 | ||||||||||||||||||
Residential Home Today | 9,014 | 7,479 | 814 | 17,307 | ||||||||||||||||||||||
Home equity loans and lines of credit | 19,447 | 932 | 288 | 20,667 | ||||||||||||||||||||||
Total | $ | 55,485 | $ | 18,895 | $ | 5,314 | $ | 79,694 | ||||||||||||||||||
Non-Accrual, Performing | ||||||||||||||||||||||||||
Residential Core | $ | 1,391 | $ | 5,206 | $ | 5,239 | $ | 11,836 | ||||||||||||||||||
Residential Home Today | 507 | 2,645 | 888 | 4,040 | ||||||||||||||||||||||
Home equity loans and lines of credit | 1,512 | 1,310 | 686 | 3,508 | ||||||||||||||||||||||
Total | $ | 3,410 | $ | 9,161 | $ | 6,813 | $ | 19,384 | ||||||||||||||||||
Non-Accrual, Non-Performing | ||||||||||||||||||||||||||
Residential Core | $ | 868 | $ | 491 | $ | 233 | $ | 1,592 | ||||||||||||||||||
Residential Home Today | 226 | 317 | 60 | 603 | ||||||||||||||||||||||
Home equity loans and lines of credit | 750 | 231 | — | 981 | ||||||||||||||||||||||
Total | $ | 1,844 | $ | 1,039 | $ | 293 | $ | 3,176 | ||||||||||||||||||
Total TDRs | ||||||||||||||||||||||||||
Residential Core | $ | 29,283 | $ | 16,181 | $ | 9,684 | $ | 55,148 | ||||||||||||||||||
Residential Home Today | 9,747 | 10,441 | 1,762 | 21,950 | ||||||||||||||||||||||
Home equity loans and lines of credit | 21,709 | 2,473 | 974 | 25,156 | ||||||||||||||||||||||
Total | $ | 60,739 | $ | 29,095 | $ | 12,420 | $ | 102,254 |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||
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 | $ | 350,574 | $ | 4,481 | 5.11 | % | $ | 337,551 | $ | 709 | 0.84 | % | ||||||||||||||||||||||||||
Investment securities | 24,046 | 320 | 5.32 | 3,836 | 12 | 1.25 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 470,457 | 3,392 | 2.88 | 444,972 | 1,270 | 1.14 | ||||||||||||||||||||||||||||||||
Loans (2) | 14,676,829 | 144,347 | 3.93 | 13,497,362 | 99,576 | 2.95 | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 235,177 | 4,117 | 7.00 | 170,155 | 1,204 | 2.83 | ||||||||||||||||||||||||||||||||
Total interest-earning assets | 15,757,083 | 156,657 | 3.98 | % | 14,453,876 | 102,771 | 2.84 | % | ||||||||||||||||||||||||||||||
Noninterest-earning assets | 543,310 | 467,329 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 16,300,393 | $ | 14,921,205 | ||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Checking accounts | $ | 1,064,738 | 1,317 | 0.49 | % | $ | 1,475,586 | 958 | 0.26 | % | ||||||||||||||||||||||||||||
Savings accounts | 1,890,427 | 8,087 | 1.71 | 1,882,881 | 931 | 0.20 | ||||||||||||||||||||||||||||||||
Certificates of deposit | 6,042,798 | 39,501 | 2.61 | 5,711,412 | 15,325 | 1.07 | ||||||||||||||||||||||||||||||||
Borrowed funds | 5,175,982 | 38,973 | 3.01 | 3,774,204 | 14,255 | 1.51 | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 14,173,945 | 87,878 | 2.48 | % | 12,844,083 | 31,469 | 0.98 | % | ||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | 264,952 | 250,437 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 14,438,897 | 13,094,520 | ||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,861,496 | 1,826,685 | ||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 16,300,393 | $ | 14,921,205 | ||||||||||||||||||||||||||||||||||
Net interest income | $ | 68,779 | $ | 71,302 | ||||||||||||||||||||||||||||||||||
Interest rate spread (1)(3) | 1.50 | % | 1.86 | % | ||||||||||||||||||||||||||||||||||
Net interest-earning assets (4) | $ | 1,583,138 | $ | 1,609,793 | ||||||||||||||||||||||||||||||||||
Net interest margin (1)(5) | 1.75 | % | 1.97 | % | ||||||||||||||||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 111.17 | % | 112.53 | % | ||||||||||||||||||||||||||||||||||
Selected performance ratios: | ||||||||||||||||||||||||||||||||||||||
Return on average assets (1) | 0.43 | % | 0.46 | % | ||||||||||||||||||||||||||||||||||
Return on average equity (1) | 3.78 | % | 3.75 | % | ||||||||||||||||||||||||||||||||||
Average equity to average assets | 11.42 | % | 12.24 | % |
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||
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 | $ | 351,742 | $ | 11,677 | 4.43 | % | $ | 389,884 | $ | 1,060 | 0.36 | % | ||||||||||||||||||||||||||
Investment securities | 10,438 | 342 | 4.37 | 3,604 | 32 | 1.18 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 470,108 | 9,887 | 2.80 | 432,781 | 3,565 | 1.10 | ||||||||||||||||||||||||||||||||
Loans (2) | 14,530,428 | 410,847 | 3.77 | 12,975,292 | 280,820 | 2.89 | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 228,318 | 10,426 | 6.09 | 165,240 | 2,845 | 2.30 | ||||||||||||||||||||||||||||||||
Total interest-earning assets | 15,591,034 | 443,179 | 3.79 | % | 13,966,801 | 288,322 | 2.75 | % | ||||||||||||||||||||||||||||||
Noninterest-earning assets | 518,875 | 485,123 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 16,109,909 | $ | 14,451,924 | ||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Checking accounts | $ | 1,126,064 | 5,956 | 0.71 | % | $ | 1,306,720 | 1,516 | 0.15 | % | ||||||||||||||||||||||||||||
Savings accounts | 1,774,965 | 16,822 | 1.26 | 1,862,449 | 1,973 | 0.14 | ||||||||||||||||||||||||||||||||
Certificates of deposit | 6,042,061 | 95,858 | 2.12 | 5,814,710 | 49,872 | 1.14 | ||||||||||||||||||||||||||||||||
Borrowed funds | 5,053,965 | 111,339 | 2.94 | 3,410,751 | 43,074 | 1.68 | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 13,997,055 | 229,975 | 2.19 | % | 12,394,630 | 96,435 | 1.04 | % | ||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | 243,823 | 267,142 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 14,240,878 | 12,661,772 | ||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,869,031 | 1,790,152 | ||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 16,109,909 | $ | 14,451,924 | ||||||||||||||||||||||||||||||||||
Net interest income | $ | 213,204 | $ | 191,887 | ||||||||||||||||||||||||||||||||||
Interest rate spread (1)(3) | 1.60 | % | 1.71 | % | ||||||||||||||||||||||||||||||||||
Net interest-earning assets (4) | $ | 1,593,979 | $ | 1,572,171 | ||||||||||||||||||||||||||||||||||
Net interest margin (1)(5) | 1.82 | % | 1.83 | % | ||||||||||||||||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 111.39 | % | 112.68 | % | ||||||||||||||||||||||||||||||||||
Selected performance ratios: | ||||||||||||||||||||||||||||||||||||||
Return on average assets (1) | 0.46 | % | 0.45 | % | ||||||||||||||||||||||||||||||||||
Return on average equity (1) | 3.97 | % | 3.66 | % | ||||||||||||||||||||||||||||||||||
Average equity to average assets | 11.60 | % | 12.39 | % |
Actual | Well Capitalized Levels | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | $ | 1,687,974 | 18.52 | % | $ | 911,480 | 10.00 | % | ||||||||||||||||||
Tier 1 (Leverage) Capital to Net Average Assets | 1,621,310 | 9.93 | % | 816,079 | 5.00 | % | ||||||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | 1,621,310 | 17.79 | % | 729,184 | 8.00 | % | ||||||||||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | 1,621,310 | 17.79 | % | 592,462 | 6.50 | % |
Actual | ||||||||||||||
Amount | Ratio | |||||||||||||
Total Capital to Risk-Weighted Assets | $ | 1,891,806 | 20.75 | % | ||||||||||
Tier 1 (Leverage) Capital to Net Average Assets | 1,825,142 | 11.18 | % | |||||||||||
Tier 1 Capital to Risk-Weighted Assets | 1,825,142 | 20.01 | % | |||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | 1,825,142 | 20.01 | % |
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 | $ | 857,989 | $ | (428,307) | (33.30) | % | 6.08 | % | (233) | |||||||||||||||||||||||
+200 | 1,034,465 | (251,831) | (19.58) | % | 7.14 | % | (127) | |||||||||||||||||||||||||
+100 | 1,181,829 | (104,467) | (8.12) | % | 7.93 | % | (48) | |||||||||||||||||||||||||
0 | 1,286,296 | — | — | % | 8.41 | % | — | |||||||||||||||||||||||||
-100 | 1,334,826 | 48,530 | 3.77 | % | 8.51 | % | 10 | |||||||||||||||||||||||||
-200 | 1,290,458 | 4,162 | 0.32 | % | 8.04 | % | (37) | |||||||||||||||||||||||||
-300 | 1,156,457 | (129,839) | (10.09) | % | 7.06 | % | (135) |
Risk Measure (+200 Basis Points Rate Shock) | At June 30, 2023 | At September 30, 2022 | ||||||||||||
Pre-Shock EVE Ratio | 8.41 | % | 9.08 | % | ||||||||||
Post-Shock EVE Ratio | 7.14 | % | 6.71 | % | ||||||||||
Sensitivity Measure in basis points | (127) | (237) | ||||||||||||
Percentage Change in EVE | (19.58) | % | (29.92) | % |
101 | The following unaudited financial statements from TFS Financial Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, filed on August 9, 2023, 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 | |||||||||
104 | Interactive datafile | Cover Page Interactive Datafile (embedded within the Inline XBRL document and included in Exhibit 101) |
TFS Financial Corporation | |||||||||||
Dated: | August 9, 2023 | /s/ Marc A. Stefanski | |||||||||
Marc A. Stefanski | |||||||||||
Chairman of the Board, President and Chief Executive Officer | |||||||||||
Dated: | August 9, 2023 | /s/ Timothy W. Mulhern | |||||||||
Timothy W. Mulhern | |||||||||||
Chief Financial Officer |
Dated: | August 9, 2023 | /S/ MARC A. STEFANSKI | |||||||||||||||||||||
Marc A. Stefanski | |||||||||||||||||||||||
Chairman of the Board, President and Chief Executive Officer |
Dated: | August 9, 2023 | /S/ TIMOTHY W. MULHERN | |||||||||||||||||||||
Timothy W. Mulhern | |||||||||||||||||||||||
Chief Financial Officer |
Dated: | August 9, 2023 | /S/ MARC A. STEFANSKI | |||||||||||||||||||||
Marc A. Stefanski | |||||||||||||||||||||||
Chairman of the Board, President and Chief Executive Officer | |||||||||||||||||||||||
Dated: | August 9, 2023 | /S/ TIMOTHY W. MULHERN | |||||||||||||||||||||
Timothy W. Mulhern | |||||||||||||||||||||||
Chief Financial Officer |
Consolidated Statements Of Condition (unaudited) (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Sep. 30, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Investment securities available for sale, amortized cost | $ 562,238 | $ 501,597 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, shares issued | 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 | 280,329,098 | 280,582,741 |
Treasury stock, shares | 51,989,652 | 51,736,009 |
Consolidated Statements Of Income (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
INTEREST AND DIVIDEND INCOME: | ||||
Loans, including fees | $ 144,347 | $ 99,576 | $ 410,847 | $ 280,820 |
Investment securities available for sale | 3,712 | 1,282 | 10,229 | 3,597 |
Other interest and dividend earning assets | 8,598 | 1,913 | 22,103 | 3,905 |
Total interest and dividend income | 156,657 | 102,771 | 443,179 | 288,322 |
INTEREST EXPENSE: | ||||
Deposits | 48,905 | 17,214 | 118,636 | 53,361 |
Borrowed funds | 38,973 | 14,255 | 111,339 | 43,074 |
Total interest expense | 87,878 | 31,469 | 229,975 | 96,435 |
NET INTEREST INCOME | 68,779 | 71,302 | 213,204 | 191,887 |
PROVISION (RELEASE) FOR CREDIT LOSSES | 0 | 4,000 | (2,000) | 1,000 |
NET INTEREST INCOME AFTER (RELEASE) FOR CREDIT LOSSES | 68,779 | 67,302 | 215,204 | 190,887 |
NON-INTEREST INCOME: | ||||
Net gain (loss) on the sale of loans | 21 | (51) | 617 | 2,249 |
Increase in and death benefits from bank owned life insurance contracts | 2,790 | 2,090 | 7,151 | 7,223 |
Other | 1,113 | 896 | 2,782 | 2,236 |
Total non-interest income | 5,843 | 5,677 | 16,329 | 19,422 |
NON-INTEREST EXPENSE: | ||||
Salaries and employee benefits | 25,332 | 28,756 | 84,125 | 82,133 |
Marketing services | 7,023 | 4,830 | 21,407 | 17,007 |
Office property, equipment and software | 7,246 | 6,762 | 20,848 | 20,225 |
Federal insurance premium and assessments | 3,574 | 2,351 | 9,823 | 6,639 |
State franchise tax | 1,230 | 1,197 | 3,706 | 3,658 |
Other expenses | 8,472 | 7,860 | 21,736 | 19,742 |
Total non-interest expense | 52,877 | 51,756 | 161,645 | 149,404 |
INCOME BEFORE INCOME TAXES | 21,745 | 21,223 | 69,888 | 60,905 |
INCOME TAX EXPENSE | 4,142 | 4,076 | 14,184 | 11,773 |
NET INCOME | $ 17,603 | $ 17,147 | $ 55,704 | $ 49,132 |
Earnings Per Share, Diluted | $ 0.06 | $ 0.06 | $ 0.20 | $ 0.17 |
Earnings Per Share, Basic | $ 0.06 | $ 0.06 | $ 0.20 | $ 0.17 |
Weighted average shares outstanding | ||||
Basic | 277,472,312 | 277,453,439 | 277,384,689 | 277,366,624 |
Diluted | 278,590,810 | 278,555,759 | 278,507,602 | 278,767,989 |
Banking | ||||
NON-INTEREST INCOME: | ||||
Fees and service charges, net of amortization | $ 1,919 | $ 2,742 | $ 5,779 | $ 7,714 |
Consolidated Statements Of Comprehensive Income (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Net income | $ 17,603 | $ 17,147 | $ 55,704 | $ 49,132 |
Other comprehensive income (loss), net of tax: | ||||
Net change in unrealized (loss) on securities available for sale | (6,127) | (4,480) | (3,915) | (21,624) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 52,215 | 19,540 | 31,163 | 93,476 |
Net change in defined benefit plan obligation | 196 | 725 | 588 | 903 |
Other comprehensive income (loss) | 46,284 | 15,785 | 27,836 | 72,755 |
Total comprehensive income | $ 63,887 | $ 32,932 | $ 83,540 | $ 121,887 |
Consolidated Statements Of Shareholders' Equity (unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Purchase of treasury stock (in shares) | 243,200 | 361,869 | 312,259 | |
Dividends paid to common shareholders (per common share) | $ 0.2825 | $ 0.2825 | $ 0.8475 | $ 0.8475 |
Basis Of Presentation |
9 Months Ended |
---|---|
Jun. 30, 2023 | |
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, 2023, approximately 81.0% of the Company’s outstanding shares were owned by the 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 financial 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 credit 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, 2023, and its consolidated 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 financial 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, 2022 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, 2023 or for any other period. Per ASC 606, Revenue from Contracts with Customers, an entity is required 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. Three of the Company's revenue streams within scope of Topic 606 are the sales of REO, interchange income, and deposit account and other transaction-based service fee income. Those streams are not material to the Company's consolidated financial statements and therefore quantitative information regarding these streams is not disclosed.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | EARNINGS PER SHAREBasic 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, and the 227,119,132 shares held by Third Federal Savings, MHC. For purposes of computing dilutive earnings per share, stock options and restricted and performance share units with a dilutive impact are added to the outstanding shares used in the basic earnings per share calculation. 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. Performance share units, determined to be contingently issuable and not participating securities, are excluded from the calculation of basic EPS. At June 30, 2023 and 2022, respectively, the ESOP held 2,816,706 and 3,250,046 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 share 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 | INVESTMENT SECURITIES Investments available for sale are summarized in the tables below.
At June 30, 2023 and September 30, 2022, respectively, investment securities included $59,454 and $0 of U.S. government obligations pledged as collateral on our open swap positions to meet margin requirements established by the clearing organization. Accrued interest on investment securities is $1,462 and $1,122 at June 30, 2023 and September 30, 2022, respectively, and is reported in accrued interest receivable on the CONSOLIDATED STATEMENTS OF CONDITION. The following is a summary of our securities portfolio by the period remaining until contractual maturity and yield at June 30, 2023. Maturities are based on the final contractual payment dates, and do not reflect the impact of prepayments or early redemptions that may occur. Weighted average yields are not presented on a tax-equivalent basis and are calculated by multiplying each carry value by its yield and dividing the sum of these results by the total carry values. We did not hold any tax-exempt securities.
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, 2023 and September 30, 2022, were as follows:
The unrealized losses on investment securities were attributable to an increase in market interest rates. The investment portfolio is comprised entirely of securities issued by U.S. government entities and agencies, which support an expectation of zero loss estimates since principal and interest payments due on these securities carry the full faith and credit guaranty of the U.S. government. In addition, 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 an increase in market 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 prior to recovery of the amortized cost, the Company did not record an allowance for credit losses at of June 30, 2023
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Loans And Allowance For Credit Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans And Allowance For Loan Losses | LOANS AND ALLOWANCE FOR CREDIT LOSSES LOAN PORTFOLIOS Loans held for investment consist of the following:
Loans are carried at amortized cost, which includes outstanding principal balance adjusted for any unamortized premiums or discounts, net of deferred fees and expenses. Accrued interest is $48,372 and $39,124 as of June 30, 2023 and September 30, 2022, respectively, and is reported in accrued interest receivable on the CONSOLIDATED STATEMENTS OF CONDITION. A large concentration of the Company’s lending is in Ohio and Florida. As of June 30, 2023 and September 30, 2022, the percentage of aggregate Residential Core, Home Today and Construction loans secured by properties in Ohio was 57% and 56%, respectively, and the percentage of loans secured by properties in Florida was 18%, as of both dates. As of June 30, 2023 and September 30, 2022, home equity loans and lines of credit were concentrated in the states of Ohio (26% and 27% respectively), Florida (22% and 20% respectively), and California (17% and 16% respectively). 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 "Smart Rate" adjustable-rate mortgage loans whereby the interest rate is locked initially for three or five years then resets annually, subject to periodic rate adjustments caps and various re-lock options available to the borrower. Although the borrower is qualified for its loan at a higher rate than the initial rate offered, the adjustable-rate feature may impact a borrower's ability to afford the higher payments upon rate reset during periods of rising interest rates while this repayment risk may be reduced in a declining or low rate environment. With limited historical loss experience compared to other types of loans in the portfolio, judgment is required by management in assessing the allowance required on adjustable-rate mortgage loans. The principal amount of adjustable-rate mortgage loans included in the Residential Core portfolio was $4,755,783 and $4,668,089 at June 30, 2023 and September 30, 2022, respectively. 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 2016. Home Today loans have greater credit risk than traditional residential real estate mortgage loans. 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 and include monthly principal and interest payments throughout the entire term. Once the draw period on lines of credit has expired, the accounts are included in the home equity loan balance. The full credit exposure on home equity lines of credit is secured by the value of the collateral real estate at the time of origination. The Company originates construction loans to individuals for the construction of their personal single-family residence by a qualified builder (construction/permanent loans). The Company’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 Company offers construction/permanent loans with fixed or adjustable-rates, and a current maximum loan-to-completed-appraised value ratio of 85%. Other 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 down payment assistance loans which are forgiven in equal increments over a pre-determined term, subject to residency requirements. Loans held for sale include loans originated with the intent to sell which are generally priced in alignment with secondary market pricing and may be subject to loan level pricing adjustments. Additionally, loans originated for the held for investment portfolio may later be identified for sale and transferred to the held for sale portfolio, which may include loans originated within the parameters of programs established by Fannie Mae. During the three and nine months ended June 30, 2023 and June 30, 2022, reclassifications to the held for sale portfolio included loans that were sold during the period, including those in contracts pending settlement at the end of the period, and loans originated for the held for investment portfolio that were later identified for sale. At June 30, 2023 and September 30, 2022, respectively, mortgage loans held for sale totaled $595 and $9,661. During the three and nine months ended June 30, 2023, the principal balance of loans sold was $23,583 and $58,146 (including no loans in contracts pending settlement) compared to $2,633 and $104,299 (including $831 of contracts pending settlement) during the three and nine months ended June 30, 2022. During the three and nine months ended June 30, 2023, the amortized cost of loans originated as held for sale that were subsequently transferred to the held for investment portfolio was $0 and $8,433, as compared to $0 and $16,075 during the three and nine months ended June 30, 2022. DELINQUENCY and NON-ACCRUAL An aging analysis of the amortized cost in loan receivables that are past due at June 30, 2023 and September 30, 2022 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, regardless of the number of days in each month. Balances are adjusted for deferred loan fees and expenses and any applicable loans-in-process.
Loans are placed in non-accrual status when they are contractually 90 days or more past due. 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. Loans with a partial charge-off are placed in non-accrual and will remain in non-accrual status until, at a minimum, the loss is recovered. Loans restructured in TDRs that were in non-accrual status prior to the restructurings and loans with forbearance plans that were subsequently modified in TDRs are reported 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 amortized cost of loan receivables in non-accrual status is summarized in the following table. Non-accrual with no ACL describes non-accrual loans which have no quantitative or individual valuation allowance, primarily because they have already been collaterally reviewed and any required charge-offs have been taken, but may be included in consideration of qualitative allowance factors. Balances are adjusted for deferred loan fees and expenses. There are no loans 90 or more days past due and still accruing at June 30, 2023 or September 30, 2022.
At June 30, 2023 and September 30, 2022, respectively, the amortized cost in non-accrual loans includes $20,451 and $23,159 which are performing according to the terms of their agreement, of which $11,774 and $13,526 are loans in Chapter 7 bankruptcy status, primarily where all borrowers have filed, and have not reaffirmed or been dismissed. At June 30, 2023 and September 30, 2022, real estate loans include $9,230 and $9,833, respectively, of loans that were in the process of foreclosure. Interest on loans in accrual status 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. The Company has elected not to measure an allowance for credit losses on accrued interest receivable amounts since amounts are written off timely. Cash payments on loans in non-accrual status are applied to the oldest scheduled, unpaid payment first. The amount of interest income recognized on non-accrual loans was $145 and $503 for the three and nine months ended June 30, 2023 and $112 and $549 for three and nine months ended June 30, 2022, respectively. 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, a home 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. ALLOWANCE FOR CREDIT LOSSES For all classes of loans, a loan is considered collateral-dependent when, based on current information and events, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the collateral or foreclosure is probable. Factors considered in determining that a loan is collateral-dependent 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. 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 amortized cost in the loans. Partial or full charge-offs are also recognized for the amount of credit losses on loans considered collateral-dependent when the borrower is experiencing financial difficulty as described by meeting the conditions below. •For residential mortgage loans, payments are greater than 180 days delinquent; •For home equity loans and lines of credit, and residential loans restructured in TDR, payments are greater than 90 days delinquent; •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 60 days to sell the collateral securing the loan; •For all classes of loans, all borrowers have been discharged of their obligation through a Chapter 7 bankruptcy; •For all classes of loans, within 60 days of notification, all borrowers obligated on the loan have filed Chapter 7 bankruptcy and have not reaffirmed or been dismissed; •For all classes of loans, a borrower obligated on a loan has filed bankruptcy and the loan is greater than 30 days delinquent; and •For all classes of loans, it becomes evident that a loss is probable. Collateral-dependent residential mortgage loans and construction loans are charged-off to the extent the amortized cost in the 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 amortized cost 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 identified as collateral-dependent will continue to be reported as such 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 will continue to be individually evaluated for credit loss until, at a minimum, the loss has been recovered. Residential mortgage loans, home equity loans and lines of credit and construction loans restructured in TDRs that are not evaluated based on collateral are separately evaluated for credit losses on a loan by loan basis at each reporting date for as long as they are reported as TDRs. The credit loss 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 amortized costs 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. These loans are evaluated using expected future cash flows because the borrower, not liquidation of the collateral, is expected to be the source of repayment for the loan. Other loans are not considered for restructuring. At June 30, 2023 and September 30, 2022, respectively, allowances on individually reviewed TDRs (IVAs), evaluated for credit losses based on the present value of cash flows, were $9,742 and $10,284. All other individually evaluated loans received a charge-off, if applicable. The allowance for credit losses represents the estimate of lifetime losses in the loan portfolio and unfunded loan commitments. The allowance is estimated at each reporting date using relevant available information relating to past events, current conditions and supportable forecasts. The Company utilizes loan level regression models with forecasted economic data to derive the probability of default and loss given default factors. These factors are used to calculate the loan level credit loss over a 24-month period with an immediate reversion to historical mean loss rates for the remaining life of the loans. Historical credit loss experience provides the basis for the estimation of expected credit losses. Qualitative adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency status or likely recovery of previous loan charge-offs. Qualitative adjustments for expected changes in environmental conditions, such as changes in unemployment rates, property values or other relevant factors, are recognized when forecasted economic data used in the model differs from management's view or contains significant unobservable changes within a short period, particularly when those changes are directionally positive. Identifiable model limitations may also lead to qualitative adjustments, such as those made to reflect the expected recovery of loan amounts previously charged-off, beyond what the model is able to project. The qualitative adjustments resulted in a negative ending balance on the allowance for credit losses for the Home Today portfolio, where recoveries are expected to exceed charge-offs over the remaining life of that portfolio. The net qualitative adjustment at June 30, 2023 was a reduction of $10,620. Adjustments are evaluated quarterly based on current facts and circumstances. Activity in the allowance for credit losses by portfolio segment is summarized as follows. See Note 11. LOAN COMMITMENTS AND CONTINGENT LIABILITIES for further details on the allowance for unfunded commitments.
(1) For all periods presented, the total allowance for unfunded loan commitments is recorded in other liabilities on the CONSOLIDATED STATEMENTS OF CONDITION and primarily relates to undrawn home equity lines of credit. CLASSIFIED LOANS The following tables provide information about the credit quality of residential loan receivables by an internally assigned grade as of the dates presented. Revolving loans reported at amortized cost include home equity lines of credit currently in their draw period. Revolving loans converted to term are home equity lines of credit that are in repayment. Home equity loans and bridge loans are segregated by origination year. Loans, or the portions of loans, classified as loss are fully charged-off in the period in which they are determined to be uncollectible; therefore they are not included in the following table. No Home Today loans are classified Special Mention and all construction loans are classified Pass for both periods presented. Balances are adjusted for deferred loan fees and expenses and any applicable loans-in-process.
(1) No new originations of Home Today loans since fiscal 2016.
(1) No new originations of Home Today loans since fiscal 2016. The home equity lines of credit converted from revolving to term loans during the three and nine months ended June 30, 2023 totaled $802 and $1,697 and during the three and nine months ended June 30, 2022 totaled $211 and $462, respectively. The amount of conversions to term loans is expected to remain low for several years since the length of the draw period on new originations changed from five to ten years in 2016. 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 Company deems to deserve management’s attention and may result in further deterioration in their repayment prospects and/or the Company’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 all 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. At June 30, 2023 and September 30, 2022, respectively, $73,805 and $75,904 of TDRs individually evaluated for credit loss have adequately performed under the terms of the restructuring and are classified as Pass loans. Other loans are internally assigned a grade of non-performing when they become 90 days or more past due. At June 30, 2023 and September 30, 2022, no other loans were graded as non-performing. TROUBLED DEBT RESTRUCTURINGS Initial concessions granted for loans restructured as TDRs may include reduction of interest rate, extension of amortization period, forbearance or other actions. Some TDRs have experienced a combination of concessions. TDRs also may 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 Company. The amortized cost in TDRs by category as of June 30, 2023 and September 30, 2022 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 is unable to resume contractually scheduled 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 work 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 TDRs restructured during the three and nine months ended June 30, 2023 and June 30, 2022 (set forth in the tables below), the pre-restructured outstanding amortized cost was not materially different from the post-restructured outstanding amortized cost. The following tables set forth the amortized cost in TDRs restructured during the periods presented.
The tables below summarize information about 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 periods presented.
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Deposits |
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Deposits | DEPOSITS Deposit account balances are summarized as follows:
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Borrowed Funds |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowed Funds | BORROWED FUNDS At June 30, 2023, the Association had a maximum borrowing capacity of $9,479,848, of which $5,452,228 was outstanding. Borrowings from the FHLB of Cincinnati are secured by the Association’s investment in the common stock of the FHLB of Cincinnati, as well as by a blanket pledge of its mortgage portfolio not otherwise pledged. The Association also has the ability to purchase Fed Funds through arrangements with other institutions. Finally, the ability to borrow from the FRB-Cleveland Discount Window is available to the Association and is secured by a pledge of specific loans in the Association’s mortgage portfolio. Total borrowings at June 30, 2023 are summarized in the table below:
Maturities of borrowings at June 30, 2023 are summarized in the table below.
All borrowings have fixed rates during their term ranging up to 240 months. Interest is payable monthly for long-term advances and at maturity for FHLB swap based three-month and overnight advances. The table above reflects the effective maturities and fixed interest rates of the $3,600,000 of short-term FHLB advances that are tied to interest rate swaps discussed in Note 13. DERIVATIVE INSTRUMENTS. For the three and nine month periods ended June 30, 2023 and June 30, 2022, net interest expense related to short-term borrowings was $29,406 and $82,681, and $10,425 and $33,465, respectively.
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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 (loss) 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.
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Income Taxes |
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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’s combined federal and state effective income tax rate was 20.3% and 19.3% for the nine months ended June 30, 2023 and June 30, 2022, respectively. The increase in the effective tax rate is primarily due to excess tax deficiencies associated with equity compensation during the nine months ended June 30, 2023 compared to excess tax benefits in the nine months ended June 30, 2022, as well as an increase in state tax rates for the current year. The Company is no longer subject to income tax examinations in its major jurisdictions for tax years prior to 2019. 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. The Company makes certain investments in limited partnerships, which invest in affordable housing projects that qualify for the Low Income Housing Tax Credit. 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, 2023 and June 30, 2022.
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Defined Benefit Plan |
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Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan | DEFINED BENEFIT PLANThe 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 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 | EQUITY INCENTIVE PLAN In December 2022, 174,550 restricted stock units were granted to certain directors, officers and managers of the Company and 102,000 performance share units were granted to certain officers of the Company. During the nine months ended June 30, 2023, there were 4,394 performance shares earned and added to those granted in December 2020, according to the targeted performance formula. 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 following table presents share-based compensation expense recognized during the periods presented. There was no stock option expense for either period presented.
At June 30, 2023, 2,281,775 shares were subject to vested options, with a weighted average exercise price of $15.18 per share and a weighted average grant date fair value of $2.54 per share. At June 30, 2023, 574,085 restricted stock units and 218,071 performance share units with a weighted average grant date fair value of $16.49 and $15.87 per unit, respectively, are unvested. Expected future compensation expense relating to the 1,339,833 restricted stock units and 218,071 performance share units outstanding as of June 30, 2023 is $3,422 over a weighted average period of 2.3 years and $1,722 over a weighted average period of 2.0 years, respectively. 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 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 assets on 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. The allowance related to off-balance sheet commitments is recorded in other liabilities in the CONSOLIDATED STATEMENTS OF CONDITION. Refer to Note 4. LOANS AND ALLOWANCES FOR CREDIT LOSSES for discussion on credit loss methodology. Interest rate risk on commitments to extend credit results from the possibility that interest rates may move unfavorably from the position of the Company since the time the commitment was made. At June 30, 2023, the Company had commitments to originate and purchase loans and related allowances as follows:
At June 30, 2023, the Company had unfunded commitments outstanding and related allowances as follows:
At June 30, 2023, 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, was $4,631,746. At June 30, 2023 and September 30, 2022, the Company had $7,092 and $0, respectively, in commitments to sell mortgage loans. At June 30, 2023 and September 30, 2022, the Company had $84,764 and $0, respectively, in commitments to purchase mortgage loans, which are included in mortgage loan commitments above. The above commitments are expected to be funded through normal operations. The Company is undergoing an escheat audit covering Ohio, Kentucky and Florida. Any potential loss that may result from this matter is not reasonably estimable at June 30, 2023. 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 Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. 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, 2023 and September 30, 2022, there were no pending agency contracts held for sale. There was a net loss of $0 on the sale of loans for all periods during the three and nine months ending June 30, 2023 and a net loss of $6 for both three and nine months ending June 30, 2022, related to the changes in fair value of loans held for sale during the period in which loans were subject to pending agency contracts. 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, 2023 and September 30, 2022, respectively, this includes $513,303 and $457,908 of investments in U.S. government and agency obligations including U.S. Treasury notes and investments in highly liquid collateralized mortgage obligations, that can include items issued by Fannie Mae, Freddie Mac and Ginnie Mae, 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, 2023 and September 30, 2022, there were $595 and $9,661, respectively of loans held for sale measured at fair value. At June 30, 2023 and September 30, 2022 there were no loans carried at cost. Interest income on mortgage loans held for sale is recorded in interest income on loans. Collateral-dependent Loans—Collateral-dependent loans represent certain loans held for investment that are subject to a fair value measurement under U.S. GAAP because they are individually evaluated using a fair value measurement, such as the fair value of the underlying collateral. Credit loss 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 ALLOWANCES FOR CREDIT LOSSES. To calculate the credit loss of collateral-dependent loans, the fair market values of the collateral, estimated using third-party appraisals in the majority of instances, are reduced by calculated estimated costs to dispose, derived from historical experience and recent market conditions. Any indicated credit loss is recognized by a charge to the allowance for credit losses. Subsequent increases in collateral values or principal pay downs on loans with recognized credit loss could result in a collateral-dependent loan being carried below its fair value. When no credit 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 amortized cost of loans individually evaluated for credit loss 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 credit loss or when additional credit loss 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, are performing according to the restructured terms of the loan agreement and not evaluated based on collateral are individually evaluated for credit loss 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, 2023 and September 30, 2022, respectively, this included $102,254 and $76,692 in amortized cost of TDRs with related allowances for loss of $9,742 and $10,284. 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, 2023 and September 30, 2022 were $1,400 and $1,191, 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, 2023 and September 30, 2022, these adjustments were not significant to reported fair values. At June 30, 2023 and September 30, 2022, respectively, $1,591 and $1,192 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 estimated fair values, less estimated costs to dispose, of $191 and $156, respectively. Real estate owned includes $0 and $155 of properties carried at their original or adjusted cost basis at June 30, 2023 and September 30, 2022, 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 STATEMENTS OF CONDITION with changes in value recorded in current earnings. Derivatives qualifying as cash flow hedges are settled daily, bringing the fair value to $0. Refer to Note 13. DERIVATIVE INSTRUMENTS for additional information on cash flow hedges and other derivative instruments. 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. 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, 2023 and September 30, 2022 are summarized below.
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.
(1)Amounts represent fair value measurements of properties before deducting estimated costs to dispose. The following provides quantitative information about significant unobservable inputs categorized within Level 3 of the Fair Value Hierarchy. The interest rate lock commitments include mortgage origination applications .
The following tables present the estimated fair value of the Company’s financial instruments and their carrying amounts as reported in the CONSOLIDATED STATEMENTS OF CONDITION.
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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 and deposits 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 and brokered certificates of deposit. Cash flow hedges are initially assessed for effectiveness using regression analysis. Changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in OCI and are subsequently reclassified into earnings during the period in which 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, 2023. The Company enters into forward commitments for the sale of mortgage loans principally to protect against the risk of lost revenue from 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 CONSOLIDATED STATEMENTS OF INCOME. In addition, the Company is party to derivative instruments when it enters into interest rate lock 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 CONSOLIDATED STATEMENTS OF INCOME. In accordance with the reference rate reform, for every LIBOR referenced interest rate swap with a reset date after the LIBOR cessation date, counterparties received a LIBOR referenced instrument maturing on the first reset date after the LIBOR cessation date, and a forward starting SOFR instrument. Both the LIBOR-based and SOFR-based instruments are included in the notional value disclosed, which creates a one-time increase in notional amounts outstanding for this quarter as all LIBOR-based instruments will mature by September 30, 2023. Additionally, under previously adopted ASU 2020-04, Reference Rate Reform (Topic 848), the Company has elected and applied certain optional expedients for eligible hedging relationships impacted by the LIBOR cessation. The following tables provide the notional values and fair values, and the locations of the fair values within the CONSOLIDATED STATEMENTS OF CONDITION, at the reporting dates, for all derivative instruments.
(1) LIBOR swap contracts that reset on or after July 1st, 2023 will transition to a SOFR-based rate. (2) All swap contracts entered into after October 1, 2022 are based on a SOFR-based rate. (3) Total notional value includes $1,400,000 of forward-starting SOFR-based swaps for the LIBOR transition.
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 $93,512 of the amounts reported in AOCI will be reclassified as a reduction to interest expense during the twelve months ending June 30, 2024. 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. At June 30, 2023 and September 30, 2022, there was $33,181 and $26,045, respectively, of cash collateral included in other assets, and $59,454 and $0, respectively, included in investment securities related to initial margin requirements that are held by the central clearing organization . For derivative transactions cleared through certain clearing parties, variation margin payments are recognized as settlements on a daily basis. 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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Basis Of Presentation Basis Of Presentation (Policies) |
9 Months Ended |
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Jun. 30, 2023 | |
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, 2023, approximately 81.0% of the Company’s outstanding shares were owned by the 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 financial 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 credit 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, 2023, and its consolidated 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 financial 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, 2022 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, 2023 or for any other period. Per ASC 606, Revenue from Contracts with Customers, an entity is required 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. Three of the Company's revenue streams within scope of Topic 606 are the sales of REO, interchange income, and deposit account and other transaction-based service fee income. Those streams are not material to the Company's consolidated financial statements and therefore quantitative information regarding these streams is not disclosed.
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Loans and Allowance for Credit Losses, Nonaccrual Loan Status, Policy | When a loan is more than one month past due on its scheduled payments, the loan is considered 30 days or more past due, regardless of the number of days in each month.Loans are placed in non-accrual status when they are contractually 90 days or more past due. 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. Loans with a partial charge-off are placed in non-accrual and will remain in non-accrual status until, at a minimum, the loss is recovered. Loans restructured in TDRs that were in non-accrual status prior to the restructurings and loans with forbearance plans that were subsequently modified in TDRs are reported 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. Interest on loans in accrual status 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. The Company has elected not to measure an allowance for credit losses on accrued interest receivable amounts since amounts are written off timely. Cash payments on loans in non-accrual status are 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, a home 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. 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 amortized cost in the loans. Partial or full charge-offs are also recognized for the amount of credit losses on loans considered collateral-dependent when the borrower is experiencing financial difficulty as described by meeting the conditions below. •For residential mortgage loans, payments are greater than 180 days delinquent; •For home equity loans and lines of credit, and residential loans restructured in TDR, payments are greater than 90 days delinquent; •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 60 days to sell the collateral securing the loan; •For all classes of loans, all borrowers have been discharged of their obligation through a Chapter 7 bankruptcy; •For all classes of loans, within 60 days of notification, all borrowers obligated on the loan have filed Chapter 7 bankruptcy and have not reaffirmed or been dismissed; •For all classes of loans, a borrower obligated on a loan has filed bankruptcy and the loan is greater than 30 days delinquent; and •For all classes of loans, it becomes evident that a loss is probable. Collateral-dependent residential mortgage loans and construction loans are charged-off to the extent the amortized cost in the 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 amortized cost 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 identified as collateral-dependent will continue to be reported as such 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 will continue to be individually evaluated for credit loss until, at a minimum, the loss has been recovered.
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Loans and Allowance for Credit Losses, Impaired Loan, Policy | For all classes of loans, a loan is considered collateral-dependent when, based on current information and events, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the collateral or foreclosure is probable. Factors considered in determining that a loan is collateral-dependent 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. |
Loans and Allowance for Credit Losses, Troubled Debt Restructuring, Policy | Residential mortgage loans, home equity loans and lines of credit and construction loans restructured in TDRs that are not evaluated based on collateral are separately evaluated for credit losses on a loan by loan basis at each reporting date for as long as they are reported as TDRs. The credit loss 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 amortized costs 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. These loans are evaluated using expected future cash flows because the borrower, not liquidation of the collateral, is expected to be the source of repayment for the loan. Other loans are not considered for restructuring.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 is unable to resume contractually scheduled 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 work 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 and Allowance for Credit Losses, Policy or Methodology Change | The allowance for credit losses represents the estimate of lifetime losses in the loan portfolio and unfunded loan commitments. The allowance is estimated at each reporting date using relevant available information relating to past events, current conditions and supportable forecasts. The Company utilizes loan level regression models with forecasted economic data to derive the probability of default and loss given default factors. These factors are used to calculate the loan level credit loss over a 24-month period with an immediate reversion to historical mean loss rates for the remaining life of the loans. Historical credit loss experience provides the basis for the estimation of expected credit losses. Qualitative adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency status or likely recovery of previous loan charge-offs. Qualitative adjustments for expected changes in environmental conditions, such as changes in unemployment rates, property values or other relevant factors, are recognized when forecasted economic data used in the model differs from management's view or contains significant unobservable changes within a short period, particularly when those changes are directionally positive. Identifiable model limitations may also lead to qualitative adjustments, such as those made to reflect the expected recovery of loan amounts previously charged-off, beyond what the model is able to project. |
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. |
Accounting Changes and Error Corrections (Policies) |
9 Months Ended |
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Jun. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements, Policy | RECENT ACCOUNTING PRONOUNCEMENTS Issued but not yet adopted as of June 30, 2023 In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326). The amendments in this update eliminate the accounting guidance for TDRs by creditors in Subtopic 310-40, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when the borrower is experiencing financial difficulty. This will be done by applying the loan refinancing and restructuring guidance to determine whether a modification results in a new loan or a continuation of an existing loan. Additionally, this amendment requires that an entity disclose current period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20. This update is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact that this accounting guidance may have on its consolidated financial condition and/or results of operations. The Company plans to adopt this guidance as of October 1, 2023.
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 share 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, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | Investments available for sale are summarized in the tables below.
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Debt Securities, Available-for-sale | The following is a summary of our securities portfolio by the period remaining until contractual maturity and yield at June 30, 2023. Maturities are based on the final contractual payment dates, and do not reflect the impact of prepayments or early redemptions that may occur. Weighted average yields are not presented on a tax-equivalent basis and are calculated by multiplying each carry value by its yield and dividing the sum of these results by the total carry values. We did not hold any tax-exempt securities.
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Available-for-sale Securities [Table Text Block] | 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, 2023 and September 30, 2022, were as follows:
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Loans And Allowance For Credit Losses (Tables) |
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Schedule of Accounts, Notes, Loans and Financing Receivable | 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 amortized cost in loan receivables that are past due at June 30, 2023 and September 30, 2022 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, regardless of the number of days in each month. Balances are adjusted for deferred loan fees and expenses and any applicable loans-in-process.
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Schedule Of Recorded Investment Of Loan Receivables In Non-Accrual Status | The amortized cost of loan receivables in non-accrual status is summarized in the following table. Non-accrual with no ACL describes non-accrual loans which have no quantitative or individual valuation allowance, primarily because they have already been collaterally reviewed and any required charge-offs have been taken, but may be included in consideration of qualitative allowance factors. Balances are adjusted for deferred loan fees and expenses. There are no loans 90 or more days past due and still accruing at June 30, 2023 or September 30, 2022.
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Schedule Of The Allowance For Loan Losses | Activity in the allowance for credit losses by portfolio segment is summarized as follows. See Note 11. LOAN COMMITMENTS AND CONTINGENT LIABILITIES for further details on the allowance for unfunded commitments.
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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 as of the dates presented. Revolving loans reported at amortized cost include home equity lines of credit currently in their draw period. Revolving loans converted to term are home equity lines of credit that are in repayment. Home equity loans and bridge loans are segregated by origination year. Loans, or the portions of loans, classified as loss are fully charged-off in the period in which they are determined to be uncollectible; therefore they are not included in the following table. No Home Today loans are classified Special Mention and all construction loans are classified Pass for both periods presented. Balances are adjusted for deferred loan fees and expenses and any applicable loans-in-process.
(1) No new originations of Home Today loans since fiscal 2016.
(1) No new originations of Home Today loans since fiscal 2016.
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Schedule Of Troubled Debt Restructured Loans | The amortized cost in TDRs by category as of June 30, 2023 and September 30, 2022 is shown in the tables below.
The following tables set forth the amortized cost in TDRs restructured during the periods presented.
The tables below summarize information about 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 periods presented.
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Deposits (Tables) |
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Deposit Account Balances | Deposit account balances are summarized as follows:
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Borrowed Funds (Tables) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Borrowings | Total borrowings at June 30, 2023 are summarized in the table below:
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Maturities Of Borrowings | Maturities of borrowings at June 30, 2023 are summarized in the table below.
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Other Comprehensive Income (Loss) (Tables) |
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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 (loss) 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.
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Defined Benefit Plan (Tables) |
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Net Periodic Benefit Cost Recognized | The components of net periodic cost recognized in other non-interest expense in the CONSOLIDATED STATEMENTS OF INCOME are as follows:
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Equity Incentive Plan Equity Incentive Plan (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. There was no stock option expense for either period presented.
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Commitments And Contingent Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Commitments To Originate And Unfunded Commitments | At June 30, 2023, the Company had commitments to originate and purchase loans and related allowances as follows:
At June 30, 2023, the Company had unfunded commitments outstanding and related allowances as follows:
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Fair Value (Tables) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2023 and September 30, 2022 are summarized below.
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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.
(1)Amounts represent fair value measurements of properties before deducting estimated costs to dispose.
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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 include mortgage origination applications .
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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 CONSOLIDATED STATEMENTS 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 notional values and fair values, and the locations of the fair values within the CONSOLIDATED STATEMENTS OF CONDITION, at the reporting dates, for all derivative instruments.
(1) LIBOR swap contracts that reset on or after July 1st, 2023 will transition to a SOFR-based rate. (2) All swap contracts entered into after October 1, 2022 are based on a SOFR-based rate. (3) Total notional value includes $1,400,000 of forward-starting SOFR-based swaps for the LIBOR transition.
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Schedule of Effect of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables present the net gains and losses recorded within the CONSOLIDATED STATEMENTS OF INCOME and the CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME relating to derivative instruments.
|
Basis Of Presentation (Details) |
Jun. 30, 2023 |
---|---|
Third Federal Savings, MHC | Common Stock | |
Mutual Holding Company, Percentage Of Ownership In Registrant | 81.00% |
Earnings Per Share (Narrative) (Details) - shares |
Jun. 30, 2023 |
Jun. 30, 2022 |
---|---|---|
Earnings Per Share [Abstract] | ||
Shares Held By Parent Holding Company | 227,119,132 | |
Employee Stock Ownership Plan (ESOP), neither allocated nor committed to be released to participants (in shares) | 2,816,706 | 3,250,046 |
Earnings Per Share (Summary Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Earnings Per Share [Abstract] | ||||
Net income | $ 17,603 | $ 17,147 | $ 55,704 | $ 49,132 |
Dilutive Securities, Effect on Basic Earnings Per Share | 388 | 370 | 1,164 | 1,107 |
Income available to common shareholders, Basic | $ 17,215 | $ 16,777 | $ 54,540 | $ 48,025 |
Income available to common shareholders, Shares | 277,472,312 | 277,453,439 | 277,384,689 | 277,366,624 |
Income available to common shareholders, per share amount, basic | $ 0.06 | $ 0.06 | $ 0.20 | $ 0.17 |
Effect of dilutive potential common shares | 1,118,498 | 1,102,320 | 1,122,913 | 1,401,365 |
Net Income (Loss) Available to Common Stockholders, Diluted, Total | $ 17,215 | $ 16,777 | $ 54,540 | $ 48,025 |
Income available to common shareholders, Shares | 278,590,810 | 278,555,759 | 278,507,602 | 278,767,989 |
Income available to common shareholders, per share amount, diluted | $ 0.06 | $ 0.06 | $ 0.20 | $ 0.17 |
Earnings Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
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) | 1,995,275 | 2,043,575 | 1,995,275 | 407,900 |
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) | 107,669 | 122,991 | 57,669 | 0 |
Investment Securities (Narrative) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Sep. 30, 2022 |
---|---|---|
Schedule of Available For Sale Securities [Line Items] | ||
Accrued interest receivable | $ 49,837 | $ 40,256 |
Investments securities available-for-sale | 513,303 | 457,908 |
Securities Investment | ||
Schedule of Available For Sale Securities [Line Items] | ||
Accrued interest receivable | 1,462 | 1,122 |
U.S. government and agency obligations | ||
Schedule of Available For Sale Securities [Line Items] | ||
Investments securities available-for-sale | 63,109 | 3,619 |
U.S. government and agency obligations | Asset Pledged as Collateral | Margin requirement | ||
Schedule of Available For Sale Securities [Line Items] | ||
Investments securities available-for-sale | $ 59,454 | $ 0 |
Investment Securities Maturities And Yield (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Sep. 30, 2022 |
---|---|---|
Schedule of Available For Sale Securities [Line Items] | ||
Amortized Cost, Less than one year | $ 59,562 | $ 0 |
Fair Value, Less than one year | $ 59,547 | $ 0 |
Weighted Average Yield, Less than one year | 5.13% | 0.00% |
Amortized Cost, One to five years | $ 11,150 | $ 15,476 |
Fair Value, One to five years | $ 10,529 | $ 14,775 |
Weighted Average Yield, One to five years | 2.08% | 2.06% |
Amortized Cost, Five to ten years | $ 35,734 | $ 38,927 |
Fair Value, Five to ten years | $ 33,628 | $ 37,204 |
Weighted Average Yield, Five to ten years | 2.42% | 2.30% |
Amortized Cost, Ten years or greater | $ 455,792 | $ 447,194 |
Fair Value, Ten years or greater | $ 409,599 | $ 405,929 |
Weighted Average Yield, Ten years or greater | 2.69% | 2.25% |
Amortized cost, Total | $ 562,238 | $ 501,597 |
Fair value, Total | $ 513,303 | $ 457,908 |
Weighted Average Yield, Total | 2.92% | 2.25% |
Loans And Allowance For Credit Losses (Schedule Of Recorded Investment In Loan Receivables That Are Past Due) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Sep. 30, 2022 |
||
---|---|---|---|---|
Financing Receivable, Past Due [Line Items] | ||||
Total | $ 14,958,483 | $ 14,329,962 | ||
30 to 59 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 8,391 | 5,665 | ||
60 to 89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 4,232 | 3,057 | ||
Equal to Greater than 90 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 10,171 | 12,463 | ||
Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 22,794 | 21,185 | ||
Current | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 14,935,689 | 14,308,777 | ||
Other Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 4,022 | 3,263 | ||
Other Loans | 30 to 59 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 0 | 0 | ||
Other Loans | 60 to 89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 0 | 0 | ||
Other Loans | Equal to Greater than 90 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 0 | 0 | ||
Other Loans | Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 0 | 0 | ||
Other Loans | Current | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 4,022 | 3,263 | ||
Real Estate Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 14,954,461 | 14,326,699 | ||
Real Estate Loans | 30 to 59 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 8,391 | 5,665 | ||
Real Estate Loans | 60 to 89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 4,232 | 3,057 | ||
Real Estate Loans | Equal to Greater than 90 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 10,171 | 12,463 | ||
Real Estate Loans | Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 22,794 | 21,185 | ||
Real Estate Loans | Current | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 14,931,667 | 14,305,514 | ||
Real Estate Loans | Residential Core | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 11,967,943 | 11,559,281 | ||
Real Estate Loans | Residential Core | 30 to 59 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 4,390 | 2,725 | ||
Real Estate Loans | Residential Core | 60 to 89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 3,042 | 1,491 | ||
Real Estate Loans | Residential Core | Equal to Greater than 90 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 6,053 | 9,281 | ||
Real Estate Loans | Residential Core | Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 13,485 | 13,497 | ||
Real Estate Loans | Residential Core | Current | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 11,954,458 | 11,545,784 | ||
Real Estate Loans | Residential Home Today | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | [1] | 47,758 | 52,808 | |
Real Estate Loans | Residential Home Today | 30 to 59 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 1,142 | 1,341 | ||
Real Estate Loans | Residential Home Today | 60 to 89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 347 | 770 | ||
Real Estate Loans | Residential Home Today | Equal to Greater than 90 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 1,026 | 861 | ||
Real Estate Loans | Residential Home Today | Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 2,515 | 2,972 | ||
Real Estate Loans | Residential Home Today | Current | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 45,243 | 49,836 | ||
Real Estate Loans | Home Equity Loans And Lines Of Credit | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 2,901,654 | 2,666,132 | ||
Real Estate Loans | Home Equity Loans And Lines Of Credit | 30 to 59 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 2,859 | 1,599 | ||
Real Estate Loans | Home Equity Loans And Lines Of Credit | 60 to 89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 843 | 796 | ||
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 | 3,092 | 2,321 | ||
Real Estate Loans | Home Equity Loans And Lines Of Credit | Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 6,794 | 4,716 | ||
Real Estate Loans | Home Equity Loans And Lines Of Credit | Current | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 2,894,860 | 2,661,416 | ||
Real Estate Loans | Construction | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 37,106 | 48,478 | ||
Real Estate Loans | Construction | 30 to 59 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 0 | 0 | ||
Real Estate Loans | Construction | 60 to 89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 0 | 0 | ||
Real Estate Loans | Construction | Equal to Greater than 90 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 0 | 0 | ||
Real Estate Loans | Construction | Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | 0 | 0 | ||
Real Estate Loans | Construction | Current | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total | $ 37,106 | $ 48,478 | ||
|
Loans And Allowance For Credit Losses (Schedule Of Recorded Investment Of Loan Receivables In Non-Accrual Status) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2022 |
|||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | |||||||
Interest income on impaired loans, cash basis method | $ 145 | $ 112 | $ 503 | $ 549 | |||
Total | 14,958,483 | 14,958,483 | $ 14,329,962 | ||||
Loans 90 days or more past due and still accruing | 0 | 0 | 0 | ||||
Equal to Greater than 90 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | |||||||
Total | 10,171 | 10,171 | 12,463 | ||||
Performing | |||||||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | |||||||
Total non-accrual loans | 20,451 | 20,451 | 23,159 | ||||
Performing Chapter 7 Bankruptcy | |||||||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | |||||||
Total non-accrual loans | 11,774 | 11,774 | 13,526 | ||||
Real Estate Loans | |||||||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | |||||||
Non-accrual with No ACL | 27,249 | 27,249 | 33,416 | ||||
Total non-accrual loans | 30,622 | 30,622 | 35,606 | ||||
Loans in process of foreclosure | 9,230 | 9,230 | 9,833 | ||||
Total | 14,954,461 | 14,954,461 | 14,326,699 | ||||
Real Estate Loans | Equal to Greater than 90 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | |||||||
Total | 10,171 | 10,171 | 12,463 | ||||
Real Estate Loans | Residential Core | |||||||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | |||||||
Non-accrual with No ACL | 15,910 | 15,910 | 20,995 | ||||
Total non-accrual loans | 18,309 | 18,309 | 22,644 | ||||
Total | 11,967,943 | 11,967,943 | 11,559,281 | ||||
Real Estate Loans | Residential Core | Equal to Greater than 90 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | |||||||
Total | 6,053 | 6,053 | 9,281 | ||||
Real Estate Loans | Residential Home Today | |||||||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | |||||||
Non-accrual with No ACL | 4,990 | 4,990 | 5,753 | ||||
Total non-accrual loans | 5,290 | 5,290 | 6,037 | ||||
Total | [1] | 47,758 | 47,758 | 52,808 | |||
Real Estate Loans | Residential Home Today | Equal to Greater than 90 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | |||||||
Total | 1,026 | 1,026 | 861 | ||||
Real Estate Loans | Home Equity Loans And Lines Of Credit | |||||||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | |||||||
Non-accrual with No ACL | 6,349 | 6,349 | 6,668 | ||||
Total non-accrual loans | 7,023 | 7,023 | 6,925 | ||||
Total | 2,901,654 | 2,901,654 | 2,666,132 | ||||
Real Estate Loans | Home Equity Loans And Lines Of Credit | Equal to Greater than 90 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due, Nonaccrual Status [Line Items] | |||||||
Total | $ 3,092 | $ 3,092 | $ 2,321 | ||||
|
Loans And Allowance For Credit Losses (Allowance For Credit Losses And Classified Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2022 |
|
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Residential loans, partial or full 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 partial or full charge-off, sheriff sale scheduled within number of days | 60 days | ||||
All classes of loans, all borrowers filed Chapter 7 Bankruptcy, recognized partial or full charge-off, days since notification | 60 days | ||||
All classes of loans borrower filed bankruptcy, recognized partial or full charge-off, days past due | 30 days | ||||
Net reduction in ACL due to quantitative adjustment | $ 10,620 | ||||
Home equity lines of credit that converted from revolving loans to term loans. | $ 802 | $ 211 | $ 1,697 | $ 462 | |
Collateral-Dependent loans, Days Past Due Minimum | 30 days | ||||
Troubled Debt Restructuring | Present Value of Cash Flows | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for loan losses, Individually Evaluated | 9,742 | $ 9,742 | $ 10,284 | ||
Troubled Debt Restructuring | Performing | Pass | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Impaired Financing Receivable, Recorded Investment | 73,805 | 73,805 | 75,904 | ||
Other Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Real estate loans | 4,022 | 4,022 | 3,263 | ||
Other Loans | Nonperforming | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Real estate loans | 0 | 0 | 0 | ||
Real Estate Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Real estate loans | 14,922,188 | 14,922,188 | 14,348,751 | ||
Real Estate Loans | Residential Non Home Today | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Real estate loans | 11,945,781 | 11,945,781 | 11,539,859 | ||
Real Estate Loans | Residential Home Today | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Real estate loans | 48,240 | 48,240 | 53,255 | ||
Real Estate Loans | Construction | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Real estate loans | $ 61,963 | $ 61,963 | $ 121,759 |
Loans And Allowance For Credit Losses (Schedule Of Activity In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | $ 100,791 | $ 90,925 | $ 99,916 | $ 89,259 |
Provision | 0 | 4,000 | (2,000) | 1,000 |
Charge-offs | (91) | (305) | (1,099) | (1,180) |
Recoveries | 1,855 | 2,958 | 5,738 | 8,499 |
Ending Balance | 102,555 | 97,578 | 102,555 | 97,578 |
Unfunded Loan Commitment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 26,653 | 26,601 | 27,021 | 24,970 |
Provision | 1,099 | 1,527 | 731 | 3,158 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Ending Balance | 27,752 | 28,128 | 27,752 | 28,128 |
Real Estate Loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 74,138 | 64,324 | 72,895 | 64,289 |
Provision | (1,099) | 2,473 | (2,731) | (2,158) |
Charge-offs | (91) | (305) | (1,099) | (1,180) |
Recoveries | 1,855 | 2,958 | 5,738 | 8,499 |
Ending Balance | 74,803 | 69,450 | 74,803 | 69,450 |
Real Estate Loans | Residential Core | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 53,772 | 46,469 | 53,506 | 44,523 |
Provision | 587 | 4,337 | 455 | 4,811 |
Charge-offs | (35) | (23) | (241) | (181) |
Recoveries | 227 | 669 | 831 | 2,299 |
Ending Balance | 54,551 | 51,452 | 54,551 | 51,452 |
Real Estate Loans | Residential Home Today | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | (1,212) | (850) | (997) | 15 |
Provision | (283) | (543) | (1,527) | (2,789) |
Charge-offs | (34) | (91) | (278) | (197) |
Recoveries | 434 | 592 | 1,707 | 2,079 |
Ending Balance | (1,095) | (892) | (1,095) | (892) |
Real Estate Loans | Home Equity Loans And Lines Of Credit | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 21,232 | 18,425 | 20,032 | 19,454 |
Provision | (1,272) | (1,162) | (1,520) | (4,004) |
Charge-offs | (22) | (191) | (580) | (802) |
Recoveries | 1,194 | 1,522 | 3,200 | 3,946 |
Ending Balance | 21,132 | 18,594 | 21,132 | 18,594 |
Real Estate Loans | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 346 | 280 | 354 | 297 |
Provision | (131) | (159) | (139) | (176) |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 175 | 0 | 175 |
Ending Balance | $ 215 | $ 296 | $ 215 | $ 296 |
Loans And Allowance For Credit Losses (Schedule Of Credit Quality Of Residential Loan Receivables By An Internally Assigned Grade) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Sep. 30, 2022 |
||
---|---|---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 14,958,483 | $ 14,329,962 | ||
Total | 14,958,483 | 14,329,962 | ||
Real Estate Loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated current fiscal year | 1,383,996 | 3,485,914 | ||
Originated fiscal year before current fiscal year | 3,319,249 | 2,294,035 | ||
Originated two years before current fiscal year | 2,138,700 | 1,501,209 | ||
Originated three years before current fiscal year | 1,391,440 | 638,396 | ||
Originated four years before current fiscal year | 587,583 | 674,447 | ||
Originated five years before current fiscal year | 3,497,544 | 3,231,947 | ||
Revolving loans, amortized cost basis | 2,561,083 | 2,403,989 | ||
Revolving loans converted to term | 74,866 | 96,762 | ||
Total | 14,954,461 | 14,326,699 | ||
Total | 14,954,461 | 14,326,699 | ||
Real Estate Loans | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated current fiscal year | 1,383,996 | 3,485,914 | ||
Originated fiscal year before current fiscal year | 3,318,842 | 2,292,357 | ||
Originated two years before current fiscal year | 2,137,613 | 1,497,967 | ||
Originated three years before current fiscal year | 1,389,720 | 637,126 | ||
Originated four years before current fiscal year | 586,181 | 672,081 | ||
Originated five years before current fiscal year | 3,467,905 | 3,198,562 | ||
Revolving loans, amortized cost basis | 2,554,622 | 2,400,095 | ||
Revolving loans converted to term | 69,140 | 89,448 | ||
Total | 14,908,019 | 14,273,550 | ||
Total | 14,908,019 | 14,273,550 | ||
Real Estate Loans | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated current fiscal year | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 483 | ||
Originated two years before current fiscal year | 0 | 0 | ||
Originated three years before current fiscal year | 0 | 108 | ||
Originated four years before current fiscal year | 140 | 464 | ||
Originated five years before current fiscal year | 1,032 | 816 | ||
Revolving loans, amortized cost basis | 2,626 | 898 | ||
Revolving loans converted to term | 502 | 640 | ||
Total | 4,300 | 3,409 | ||
Total | 4,300 | 3,409 | ||
Real Estate Loans | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated current fiscal year | 0 | 0 | ||
Originated fiscal year before current fiscal year | 407 | 1,195 | ||
Originated two years before current fiscal year | 1,087 | 3,242 | ||
Originated three years before current fiscal year | 1,720 | 1,162 | ||
Originated four years before current fiscal year | 1,262 | 1,902 | ||
Originated five years before current fiscal year | 28,607 | 32,569 | ||
Revolving loans, amortized cost basis | 3,835 | 2,996 | ||
Revolving loans converted to term | 5,224 | 6,674 | ||
Total | 42,142 | 49,740 | ||
Total | 42,142 | 49,740 | ||
Real Estate Loans | Residential Core | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated current fiscal year | 1,235,437 | 3,349,200 | ||
Originated fiscal year before current fiscal year | 3,220,399 | 2,252,562 | ||
Originated two years before current fiscal year | 2,112,520 | 1,491,951 | ||
Originated three years before current fiscal year | 1,383,715 | 630,340 | ||
Originated four years before current fiscal year | 581,001 | 667,463 | ||
Originated five years before current fiscal year | 3,434,871 | 3,167,765 | ||
Revolving loans, amortized cost basis | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | ||
Total | 11,967,943 | 11,559,281 | ||
Total | 11,967,943 | 11,559,281 | ||
Real Estate Loans | Residential Core | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated current fiscal year | 1,235,437 | 3,349,200 | ||
Originated fiscal year before current fiscal year | 3,219,992 | 2,251,075 | ||
Originated two years before current fiscal year | 2,111,578 | 1,488,763 | ||
Originated three years before current fiscal year | 1,382,092 | 629,090 | ||
Originated four years before current fiscal year | 579,632 | 665,116 | ||
Originated five years before current fiscal year | 3,411,770 | 3,141,907 | ||
Revolving loans, amortized cost basis | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | ||
Total | 11,940,501 | 11,525,151 | ||
Total | 11,940,501 | 11,525,151 | ||
Real Estate Loans | Residential Core | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated current fiscal year | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 292 | ||
Originated two years before current fiscal year | 0 | 0 | ||
Originated three years before current fiscal year | 0 | 108 | ||
Originated four years before current fiscal year | 107 | 464 | ||
Originated five years before current fiscal year | 1,032 | 816 | ||
Revolving loans, amortized cost basis | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | ||
Total | 1,139 | 1,680 | ||
Total | 1,139 | 1,680 | ||
Real Estate Loans | Residential Core | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated current fiscal year | 0 | 0 | ||
Originated fiscal year before current fiscal year | 407 | 1,195 | ||
Originated two years before current fiscal year | 942 | 3,188 | ||
Originated three years before current fiscal year | 1,623 | 1,142 | ||
Originated four years before current fiscal year | 1,262 | 1,883 | ||
Originated five years before current fiscal year | 22,069 | 25,042 | ||
Revolving loans, amortized cost basis | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | ||
Total | 26,303 | 32,450 | ||
Total | 26,303 | 32,450 | ||
Real Estate Loans | Residential Home Today | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated current fiscal year | [1] | 0 | 0 | |
Originated fiscal year before current fiscal year | [1] | 0 | 0 | |
Originated two years before current fiscal year | [1] | 0 | 0 | |
Originated three years before current fiscal year | [1] | 0 | 0 | |
Originated four years before current fiscal year | [1] | 0 | 0 | |
Originated five years before current fiscal year | [1] | 47,758 | 52,808 | |
Revolving loans, amortized cost basis | [1] | 0 | 0 | |
Revolving loans converted to term | [1] | 0 | 0 | |
Total | [1] | 47,758 | 52,808 | |
Total | [1] | 47,758 | 52,808 | |
Real Estate Loans | Residential Home Today | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated current fiscal year | [1] | 0 | 0 | |
Originated fiscal year before current fiscal year | [1] | 0 | 0 | |
Originated two years before current fiscal year | [1] | 0 | 0 | |
Originated three years before current fiscal year | [1] | 0 | 0 | |
Originated four years before current fiscal year | [1] | 0 | 0 | |
Originated five years before current fiscal year | [1] | 41,341 | 45,408 | |
Revolving loans, amortized cost basis | [1] | 0 | 0 | |
Revolving loans converted to term | [1] | 0 | 0 | |
Total | [1] | 41,341 | 45,408 | |
Total | [1] | 41,341 | 45,408 | |
Real Estate Loans | Residential Home Today | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Total | 0 | 0 | ||
Real Estate Loans | Residential Home Today | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated current fiscal year | [1] | 0 | 0 | |
Originated fiscal year before current fiscal year | [1] | 0 | 0 | |
Originated two years before current fiscal year | [1] | 0 | 0 | |
Originated three years before current fiscal year | [1] | 0 | 0 | |
Originated four years before current fiscal year | [1] | 0 | 0 | |
Originated five years before current fiscal year | [1] | 6,417 | 7,400 | |
Revolving loans, amortized cost basis | [1] | 0 | 0 | |
Revolving loans converted to term | [1] | 0 | 0 | |
Total | [1] | 6,417 | 7,400 | |
Total | [1] | 6,417 | 7,400 | |
Real Estate Loans | Home Equity Loans And Lines Of Credit | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated current fiscal year | 133,688 | 98,904 | ||
Originated fiscal year before current fiscal year | 76,909 | 30,805 | ||
Originated two years before current fiscal year | 25,886 | 9,258 | ||
Originated three years before current fiscal year | 7,725 | 8,056 | ||
Originated four years before current fiscal year | 6,582 | 6,984 | ||
Originated five years before current fiscal year | 14,915 | 11,374 | ||
Revolving loans, amortized cost basis | 2,561,083 | 2,403,989 | ||
Revolving loans converted to term | 74,866 | 96,762 | ||
Total | 2,901,654 | 2,666,132 | ||
Total | 2,901,654 | 2,666,132 | ||
Real Estate Loans | Home Equity Loans And Lines Of Credit | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated current fiscal year | 133,688 | 98,904 | ||
Originated fiscal year before current fiscal year | 76,909 | 30,614 | ||
Originated two years before current fiscal year | 25,741 | 9,204 | ||
Originated three years before current fiscal year | 7,628 | 8,036 | ||
Originated four years before current fiscal year | 6,549 | 6,965 | ||
Originated five years before current fiscal year | 14,794 | 11,247 | ||
Revolving loans, amortized cost basis | 2,554,622 | 2,400,095 | ||
Revolving loans converted to term | 69,140 | 89,448 | ||
Total | 2,889,071 | 2,654,513 | ||
Total | 2,889,071 | 2,654,513 | ||
Real Estate Loans | Home Equity Loans And Lines Of Credit | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated current fiscal year | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 191 | ||
Originated two years before current fiscal year | 0 | 0 | ||
Originated three years before current fiscal year | 0 | 0 | ||
Originated four years before current fiscal year | 33 | 0 | ||
Originated five years before current fiscal year | 0 | 0 | ||
Revolving loans, amortized cost basis | 2,626 | 898 | ||
Revolving loans converted to term | 502 | 640 | ||
Total | 3,161 | 1,729 | ||
Total | 3,161 | 1,729 | ||
Real Estate Loans | Home Equity Loans And Lines Of Credit | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated current fiscal year | 0 | 0 | ||
Originated fiscal year before current fiscal year | 0 | 0 | ||
Originated two years before current fiscal year | 145 | 54 | ||
Originated three years before current fiscal year | 97 | 20 | ||
Originated four years before current fiscal year | 0 | 19 | ||
Originated five years before current fiscal year | 121 | 127 | ||
Revolving loans, amortized cost basis | 3,835 | 2,996 | ||
Revolving loans converted to term | 5,224 | 6,674 | ||
Total | 9,422 | 9,890 | ||
Total | 9,422 | 9,890 | ||
Real Estate Loans | Construction | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 37,106 | 48,478 | ||
Total | 37,106 | 48,478 | ||
Real Estate Loans | Construction | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Originated current fiscal year | 14,871 | 37,810 | ||
Originated fiscal year before current fiscal year | 21,941 | 10,668 | ||
Originated two years before current fiscal year | 294 | 0 | ||
Originated three years before current fiscal year | 0 | 0 | ||
Originated four years before current fiscal year | 0 | 0 | ||
Originated five years before current fiscal year | 0 | 0 | ||
Revolving loans, amortized cost basis | 0 | 0 | ||
Revolving loans converted to term | 0 | 0 | ||
Total | 37,106 | 48,478 | ||
Total | $ 37,106 | $ 48,478 | ||
|
Loans And Allowance For Credit Losses (Schedule Of Recorded Investment In Troubled Debt Restructured Loans By Type Of Concession) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Sep. 30, 2022 |
---|---|---|
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | $ 102,254 | $ 109,036 |
Initial Restructuring | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 60,739 | 63,066 |
Multiple Restructurings | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 29,095 | 31,811 |
Bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 12,420 | 14,159 |
Residential Core | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 55,148 | 58,550 |
Residential Core | Initial Restructuring | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 29,283 | 30,071 |
Residential Core | Multiple Restructurings | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 16,181 | 17,583 |
Residential Core | Bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 9,684 | 10,896 |
Residential Home Today | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 21,950 | 23,839 |
Residential Home Today | Initial Restructuring | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 9,747 | 10,359 |
Residential Home Today | Multiple Restructurings | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 10,441 | 11,485 |
Residential Home Today | Bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 1,762 | 1,995 |
Home Equity Loans And Lines Of Credit | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 25,156 | 26,647 |
Home Equity Loans And Lines Of Credit | Initial Restructuring | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 21,709 | 22,636 |
Home Equity Loans And Lines Of Credit | Multiple Restructurings | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | 2,473 | 2,743 |
Home Equity Loans And Lines Of Credit | Bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, recorded investment | $ 974 | $ 1,268 |
Loans And Allowance For Credit 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, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | $ 2,382 | $ 2,864 | $ 6,504 | $ 7,360 |
Initial Restructuring | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 1,585 | 1,526 | 3,995 | 4,216 |
Multiple Restructurings | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 693 | 1,047 | 1,824 | 2,159 |
Bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 104 | 291 | 685 | 985 |
Residential Core | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 1,500 | 2,150 | 4,669 | 5,606 |
Residential Core | Initial Restructuring | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 708 | 1,276 | 2,585 | 3,536 |
Residential Core | Multiple Restructurings | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 688 | 606 | 1,431 | 1,298 |
Residential Core | Bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 104 | 268 | 653 | 772 |
Residential Home Today | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 118 | 402 | 643 | 1,016 |
Residential Home Today | Initial Restructuring | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 113 | 6 | 289 | 202 |
Residential Home Today | Multiple Restructurings | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 5 | 396 | 322 | 766 |
Residential Home Today | Bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 0 | 0 | 32 | 48 |
Home Equity Loans And Lines Of Credit | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 764 | 312 | 1,192 | 738 |
Home Equity Loans And Lines Of Credit | Initial Restructuring | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 764 | 244 | 1,121 | 478 |
Home Equity Loans And Lines Of Credit | Multiple Restructurings | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | 0 | 45 | 71 | 95 |
Home Equity Loans And Lines Of Credit | Bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructured loans restructured in the period | $ 0 | $ 23 | $ 0 | $ 165 |
Loans And Allowance For Credit 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, 2023
USD ($)
contracts
|
Jun. 30, 2022
USD ($)
contracts
|
Jun. 30, 2023
USD ($)
contracts
|
Jun. 30, 2022
USD ($)
contracts
|
|
Financing Receivable, Loan Forbearance [Line Items] | ||||
Number of contracts | contracts | 9 | 14 | 10 | 16 |
Amortized Cost | $ 621 | $ 1,044 | $ 677 | $ 1,052 |
Interest income on impaired loans, cash basis method | $ 145 | $ 112 | $ 503 | $ 549 |
Residential Core | ||||
Financing Receivable, Loan Forbearance [Line Items] | ||||
Number of contracts | contracts | 3 | 6 | 3 | 6 |
Amortized Cost | $ 456 | $ 701 | $ 456 | $ 701 |
Residential Home Today | ||||
Financing Receivable, Loan Forbearance [Line Items] | ||||
Number of contracts | contracts | 5 | 5 | 6 | 7 |
Amortized Cost | $ 108 | $ 89 | $ 164 | $ 97 |
Home Equity Loans And Lines Of Credit | ||||
Financing Receivable, Loan Forbearance [Line Items] | ||||
Number of contracts | contracts | 1 | 3 | 1 | 3 |
Amortized Cost | $ 57 | $ 254 | $ 57 | $ 254 |
Deposits (Summary Of Deposit Account Balances) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Sep. 30, 2022 |
---|---|---|
Deposits [Abstract] | ||
Checking accounts | $ 1,051,152 | $ 1,210,035 |
Savings accounts, excluding money market accounts | 1,515,630 | 1,364,821 |
Money market accounts | 411,385 | 481,650 |
Certificates of deposit | 6,086,282 | 5,862,274 |
Subtotal deposits | 9,064,449 | 8,918,780 |
Accrued interest | 4,620 | 2,237 |
Total deposits | $ 9,069,069 | $ 8,921,017 |
Deposits (Narrative) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Sep. 30, 2022 |
---|---|---|
Deposits Liability [Line Items] | ||
CDs in denominations of more than $250 | $ 804,695 | $ 733,301 |
Certificates of Deposit | ||
Deposits Liability [Line Items] | ||
Brokered certificates of deposits | $ 667,757 | $ 575,236 |
Borrowed Funds (Schedule of Borrowings) (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
|
---|---|
Line of Credit Facility [Line Items] | |
Borrowing Capacity | $ 9,479,848 |
Borrowings Available | 4,052,294 |
Borrowings Outstanding | 5,427,554 |
Accrued Interest | 24,674 |
Total | 5,452,228 |
FRB-Cleveland | |
Line of Credit Facility [Line Items] | |
Borrowing Capacity | 136,461 |
Borrowings Available | 136,461 |
Borrowings Outstanding | 0 |
Federal Funds Purchased | |
Line of Credit Facility [Line Items] | |
Borrowing Capacity | 670,000 |
Borrowings Available | 670,000 |
Borrowings Outstanding | 0 |
Federal Home Loan Bank of Cincinnati | |
Line of Credit Facility [Line Items] | |
Borrowing Capacity | 8,673,387 |
Borrowings Available | 3,245,833 |
Borrowings Outstanding | $ 5,427,554 |
Borrowed Funds (Schedule of Federal Home Loan Bank Advances (FHLB) Borrowings) (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
12 months or less | $ 793,050 |
13 to 24 months | 975,000 |
25 to 36 months | 900,599 |
37 to 48 months | 725,000 |
49 to 60 months | 827,408 |
Over 60 months | 1,206,497 |
Accrued Interest | 24,674 |
Total | $ 5,452,228 |
Weighted Average Rate: 12 months or less | 2.58% |
Weighted Average Rate: 13 to 24 months | 2.02% |
Weighted Average Rate: 25 to 36 months | 2.70% |
Weighted Average Rate: 37 to 48 months | 2.75% |
Weighted Average Rate: 49 to 60 months | 3.63% |
Weighted Average Rate: Over 60 months | 3.37% |
Weighted Average Rate Total FHLB Advances | 2.86% |
Line of Credit Facility [Line Items] | |
Borrowing Capacity | $ 9,479,848 |
Borrowings Available | 4,052,294 |
Total Advances | 5,427,554 |
Accrued Interest | 24,674 |
Total | 5,452,228 |
FRB-Cleveland | |
Line of Credit Facility [Line Items] | |
Borrowing Capacity | 136,461 |
Borrowings Available | 136,461 |
Total Advances | 0 |
Federal Funds Purchased | |
Line of Credit Facility [Line Items] | |
Borrowing Capacity | 670,000 |
Borrowings Available | 670,000 |
Total Advances | 0 |
Federal Home Loan Bank of Cincinnati | |
Line of Credit Facility [Line Items] | |
Borrowing Capacity | 8,673,387 |
Borrowings Available | 3,245,833 |
Total Advances | $ 5,427,554 |
Borrowed Funds (Narrative) (Federal Home Loan Bank Advances) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Federal Home Loan Bank Advances, Branch of FHLB Bank [Line Items] | ||||
Interest expense | $ 87,878 | $ 31,469 | $ 229,975 | $ 96,435 |
Federal Home Loan Bank Advances | ||||
Federal Home Loan Bank Advances, Branch of FHLB Bank [Line Items] | ||||
Interest expense | $ 29,406 | $ 10,425 | $ 82,681 | $ 33,465 |
Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Income (Loss) by Component) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | $ 1,834,476 | $ 1,795,748 | $ 1,844,339 | $ 1,732,280 |
Other comprehensive income (loss) | 46,284 | 15,785 | 27,836 | 72,755 |
Balance | 1,886,124 | 1,813,054 | 1,886,124 | 1,813,054 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Reclassification from AOCI, Current Period, Tax | (3,993) | 1,031 | (8,215) | 5,517 |
Unrealized gain (losses) on securities available for sale | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | (31,687) | (16,183) | (33,899) | 961 |
Other comprehensive loss before reclassifications, net of tax | (6,127) | (4,480) | (3,915) | (21,624) |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | (6,127) | (4,480) | (3,915) | (21,624) |
Balance | (37,814) | (20,663) | (37,814) | (20,663) |
Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | 47,831 | 15,726 | 68,883 | (58,210) |
Other comprehensive loss before reclassifications, net of tax | 65,980 | 16,073 | 59,763 | 74,683 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (13,765) | 3,467 | (28,600) | 18,793 |
Other comprehensive income (loss) | 52,215 | 19,540 | 31,163 | 93,476 |
Balance | 100,046 | 35,266 | 100,046 | 35,266 |
Defined Benefit Plan | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | (11,443) | (10,374) | (11,835) | (10,552) |
Other comprehensive loss before reclassifications, net of tax | 0 | 630 | 0 | 616 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 196 | 95 | 588 | 287 |
Other comprehensive income (loss) | 196 | 725 | 588 | 903 |
Balance | (11,247) | (9,649) | (11,247) | (9,649) |
Total | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | 4,701 | (10,831) | 23,149 | (67,801) |
Other comprehensive loss before reclassifications, net of tax | 59,853 | 12,223 | 55,848 | 53,675 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (13,569) | 3,562 | (28,012) | 19,080 |
Other comprehensive income (loss) | 46,284 | 15,785 | 27,836 | 72,755 |
Balance | 50,985 | 4,954 | 50,985 | 4,954 |
Other Comprehensive Income (Loss) before Reclassifications, Tax | $ 17,617 | $ 3,338 | $ 16,597 | $ 15,615 |
Other Comprehensive Income (Loss) (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net income tax effect | $ (4,142) | $ (4,076) | $ (14,184) | $ (11,773) | ||||
Net of income tax expense | 17,215 | 16,777 | 54,540 | 48,025 | ||||
Reclassification out of Accumulated Other Comprehensive Income | ||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Total reclassifications for the period | (13,569) | 3,562 | (28,012) | 19,080 | ||||
Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges | ||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net income tax effect | 4,052 | (1,002) | 8,392 | (5,432) | ||||
Net of income tax expense | (13,765) | 3,467 | (28,600) | 18,793 | ||||
Reclassification out of Accumulated Other Comprehensive Income | Actuarial Loss | ||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Other Nonoperating Income (Expense) | 255 | 124 | 765 | [1] | 372 | [1] | ||
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Plan | ||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net income tax effect | (59) | (29) | (177) | (85) | ||||
Net of income tax expense | 196 | 95 | 588 | 287 | ||||
Interest Rate Contract | 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 | $ (17,817) | $ 4,469 | $ (36,992) | $ 24,225 | ||||
|
Other Comprehensive Income (Loss) (Adjustments) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from AOCI, Current Period, Tax | $ (3,993) | $ 1,031 | $ (8,215) | $ 5,517 |
Total | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss) before Reclassifications, Tax | $ 17,617 | $ 3,338 | $ 16,597 | $ 15,615 |
Income Taxes (Narrative) (Details) |
9 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Income Tax Disclosure [Abstract] | ||
Combined federal and state effective income tax rate | 20.30% | 19.30% |
Defined Benefit Plan (Components Of Net Periodic Benefit Cost Recognized) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Retirement Benefits [Abstract] | ||||
Interest cost | $ 831 | $ 611 | $ 2,493 | $ 1,832 |
Expected return on plan assets | (968) | (1,301) | (2,904) | (3,903) |
Amortization of net loss | 255 | 124 | 765 | 372 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | 815 | 0 | 815 |
Net periodic (benefit) cost | $ 118 | $ 249 | $ 354 | $ (884) |
Defined Benefit Plan (Narrative) (Details) $ in Thousands |
9 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Retirement Benefits [Abstract] | |
Required minimum contribution | $ 0 |
Minimum employer contributions expected during the remainder of the fiscal year. | $ 0 |
Equity Incentive Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares subject to options (in shares) | 2,281,775 | 2,281,775 | ||
Weighted average exercise price per share | $ 15.18 | $ 15.18 | ||
Weighted average grant date fair value (in dollars per share) | $ 2.54 | |||
Stock or Unit Option Plan Expense | $ 0 | $ 0 | ||
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares approved restricted stock and performance stock units | 174,550 | |||
Restricted stock and performance stock units, non-vested | 574,085 | 574,085 | ||
Restricted stock and performance stock units, non-vested, weighted average grant date fair value (in dollars per share) | $ 16.49 | $ 16.49 | ||
Restricted stock units and performance stock units outstanding | 1,339,833 | 1,339,833 | ||
Expected future compensation expense related to restricted stock and performance stock units outstanding | $ 3,422 | $ 3,422 | ||
Expected future expense related to non-vested options outstanding, weighted average years | 2 years 3 months 18 days | |||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares approved restricted stock and performance stock units | 102,000 | |||
Performance shares earned and added to those granted | 4,394 | |||
Restricted stock and performance stock units, non-vested | 218,071 | 218,071 | ||
Restricted stock and performance stock units, non-vested, weighted average grant date fair value (in dollars per share) | $ 15.87 | $ 15.87 | ||
Restricted stock units and performance stock units outstanding | 218,071 | 218,071 | ||
Expected future compensation expense related to restricted stock and performance stock units outstanding | $ 1,722 | $ 1,722 | ||
Expected future expense related to non-vested options outstanding, weighted average years | 2 years |
Equity Incentive Plan Equity Incentive Plan (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based Compensation Expense | $ 1,065 | $ 947 | $ 3,284 | $ 2,906 |
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based Compensation Expense | 802 | 760 | 2,550 | 2,406 |
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based Compensation Expense | $ 263 | $ 187 | $ 734 | $ 500 |
Commitments And Contingent Liabilities (Narrative) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Sep. 30, 2022 |
|
Minimum | ||
Unfunded And Commitments To Originate [Line Items] | ||
Fixed expiration of commitments to extend credit (in days) | 60 days | |
Maximum | ||
Unfunded And Commitments To Originate [Line Items] | ||
Fixed expiration of commitments to extend credit (in days) | 360 days | |
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) | $ 4,631,746 | |
Loan Sale Commitments | Residential Mortgage | ||
Unfunded And Commitments To Originate [Line Items] | ||
Contractual Obligation | 7,092 | $ 0 |
Unfunded Loan Commitment | ||
Unfunded And Commitments To Originate [Line Items] | ||
Unfunded commitments on home equity lines of credit (including commitments for suspended accounts) | 4,625,859 | |
Unfunded Loan Commitment | Home Equity Line of Credit | ||
Unfunded And Commitments To Originate [Line Items] | ||
Unfunded commitments on home equity lines of credit (including commitments for suspended accounts) | $ 4,601,352 | |
Unfunded Loan Commitment | Home Equity Line of Credit | Minimum | ||
Unfunded And Commitments To Originate [Line Items] | ||
Home equity unfunded commitments expiration period, years | 5 years | |
Unfunded Loan Commitment | Home Equity Line of Credit | Maximum | ||
Unfunded And Commitments To Originate [Line Items] | ||
Home equity unfunded commitments expiration period, years | 10 years | |
Loan Purchase Commitments | Residential Mortgage | ||
Unfunded And Commitments To Originate [Line Items] | ||
Contractual Obligation | $ 84,764 | $ 0 |
Commitments And Contingent Liabilities (Schedule of Off Balance Sheet Risks) (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
|
---|---|
Commitments To Originate | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total Commitments | $ 441,854 |
Total Allowance | 3,416 |
Commitments To Originate | Fixed Rate Residential Mortgage | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total Commitments | 201,033 |
Total Allowance | 665 |
Commitments To Originate | Adjustable Rate Residential Mortgage | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total Commitments | 78,100 |
Total Allowance | 326 |
Commitments To Originate | Home Equity Loans And Lines Of Credit | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total Commitments | 162,721 |
Total Allowance | 2,425 |
Unfunded Loan Commitment | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total Commitments | 4,625,859 |
Total Allowance | 24,336 |
Unfunded Loan Commitment | Home Equity Line of Credit | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total Commitments | 4,601,352 |
Total Allowance | 24,119 |
Unfunded Loan Commitment | Construction | |
Commitments And Contingencies Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Total Commitments | 24,507 |
Total Allowance | $ 217 |
Fair Value (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2022 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments securities available-for-sale | $ 513,303 | $ 513,303 | $ 457,908 | ||
Mortgage loans held for sale | 595 | 595 | 9,661 | ||
Cost to dispose related to properties measured at fair value included in Consolidated Statements of Condition | 191 | 191 | 156 | ||
Net gain (loss) on the sale of loans | 21 | $ (51) | 617 | $ 2,249 | |
Real Estate Acquired Through Foreclosure | 1,400 | 1,400 | 1,191 | ||
Interest Rate Swap | Cash Flow Hedge | Designated as Hedging Instrument | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value | 0 | 0 | |||
Subject To Pending Agency Contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Net gain (loss) on the sale of loans | 0 | $ (6) | 0 | $ (6) | |
Loans Held-For-Sale Reported at Fair Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for sale | 595 | 595 | 9,661 | ||
Present Value of Cash Flows | Troubled Debt Restructuring | |||||
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 | 9,742 | 9,742 | 10,284 | ||
Present Value of Cash Flows | Troubled Debt Restructuring | Performing | Portion at Other than Fair Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Performing troubled debt restructurings individually evaluated for impairment | 102,254 | 102,254 | 76,692 | ||
Allowance on performing troubled debt restructurings individually evaluated for impairment based on the present value of cash flows | 9,742 | 9,742 | 10,284 | ||
Original Or Adjusted Cost Basis | Portion at Other than Fair Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Real Estate Acquired Through Foreclosure | 0 | 0 | 155 | ||
Fair Value, Inputs, Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments securities available-for-sale | 513,303 | 513,303 | 457,908 | ||
Mortgage loans held for sale | 595 | 595 | 9,661 | ||
Fair Value, Inputs, Level 2 | Carried At Cost | Portion at Other than Fair Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held for sale | 0 | 0 | 0 | ||
Fair Value, Inputs, Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments securities available-for-sale | 0 | 0 | 0 | ||
Mortgage loans held for sale | 0 | 0 | 0 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Market Approach Valuation Technique | U.S. Government Obligations | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investments securities available-for-sale | 513,303 | 513,303 | 457,908 | ||
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 Acquired Through Foreclosure | $ 1,591 | $ 1,591 | $ 1,192 |
Fair Value (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Sep. 30, 2022 |
---|---|---|
Assets: | ||
Investments securities available-for-sale | $ 513,303 | $ 457,908 |
Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative Liability | 47 | 333 |
Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative | 8 | |
REMIC's | ||
Assets: | ||
Investments securities available-for-sale | 448,204 | 453,268 |
Fannie Mae Certificates | ||
Assets: | ||
Investments securities available-for-sale | 885 | 1,021 |
Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Assets: | ||
Investments securities available-for-sale | 0 | 0 |
Quoted Prices In Active Markets For Identical Assets (Level 1) | Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative Liability | 0 | 0 |
Quoted Prices In Active Markets For Identical Assets (Level 1) | Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Investments securities available-for-sale | 513,303 | 457,908 |
Significant Other Observable Inputs (Level 2) | Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative Liability | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative | 8 | |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Investments securities available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative Liability | 47 | 333 |
Significant Unobservable Inputs (Level 3) | Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative | 0 | |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Total | 513,311 | 457,908 |
Financial Liabilities Fair Value Disclosure | 47 | 333 |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | ||
Assets: | ||
Derivative Liability | $ 47 | $ 333 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other liabilities | Accrued expenses and other liabilities |
Fair Value, Measurements, Recurring | Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative | $ 8 | |
Fair Value, Measurements, Recurring | REMIC's | ||
Assets: | ||
Investments securities available-for-sale | 448,204 | $ 453,268 |
Fair Value, Measurements, Recurring | Fannie Mae Certificates | ||
Assets: | ||
Investments securities available-for-sale | 885 | 1,021 |
Fair Value, Measurements, Recurring | Freddie Mac Securities | ||
Assets: | ||
Investments securities available-for-sale | 1,105 | |
Fair Value, Measurements, Recurring | US Treasury Notes Securities | ||
Assets: | ||
Investments securities available-for-sale | 63,109 | 3,619 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Assets: | ||
Total | 0 | 0 |
Financial Liabilities Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Interest Rate Lock Commitments | ||
Assets: | ||
Derivative Liability | $ 0 | $ 0 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other liabilities | Accrued expenses and other liabilities |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative | $ 0 | |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | REMIC's | ||
Assets: | ||
Investments securities available-for-sale | 0 | $ 0 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Fannie Mae Certificates | ||
Assets: | ||
Investments securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Freddie Mac Securities | ||
Assets: | ||
Investments securities available-for-sale | 0 | |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | US Treasury Notes Securities | ||
Assets: | ||
Investments securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Total | 513,311 | 457,908 |
Financial Liabilities Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest Rate Lock Commitments | ||
Assets: | ||
Derivative Liability | $ 0 | $ 0 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other liabilities | Accrued expenses and other liabilities |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative | $ 8 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | REMIC's | ||
Assets: | ||
Investments securities available-for-sale | 448,204 | $ 453,268 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Fannie Mae Certificates | ||
Assets: | ||
Investments securities available-for-sale | 885 | 1,021 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Freddie Mac Securities | ||
Assets: | ||
Investments securities available-for-sale | 1,105 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | US Treasury Notes Securities | ||
Assets: | ||
Investments securities available-for-sale | 63,109 | 3,619 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Total | 0 | 0 |
Financial Liabilities Fair Value Disclosure | 47 | 333 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Interest Rate Lock Commitments | ||
Assets: | ||
Derivative Liability | $ 47 | $ 333 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other liabilities | Accrued expenses and other liabilities |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative | $ 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | REMIC's | ||
Assets: | ||
Investments securities available-for-sale | 0 | $ 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Fannie Mae Certificates | ||
Assets: | ||
Investments securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Freddie Mac Securities | ||
Assets: | ||
Investments securities available-for-sale | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | US Treasury Notes Securities | ||
Assets: | ||
Investments securities available-for-sale | $ 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, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ (23) | $ 247 | $ (333) | $ 525 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Ending Balance | (47) | (72) | (47) | (72) |
Included in other non-interest income | (24) | (319) | 286 | (597) |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | $ (47) | $ (72) | $ (47) | $ (72) |
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other Operating Income | Noninterest Income, Other Operating Income | Noninterest Income, Other Operating Income | Noninterest Income, Other Operating Income |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other Operating Income | Noninterest Income, Other Operating Income | Noninterest Income, Other Operating Income | Noninterest Income, Other Operating Income |
Fair Value (Assets Measured At Fair Value On A Nonrecurring Basis) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Sep. 30, 2022 |
---|---|---|
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 41,159 | $ 57,974 |
Fair Value, Measurements, Nonrecurring | Collateral Dependent Loans, Net Of Allowance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 38,973 | 47,121 |
Fair Value, Measurements, Nonrecurring | Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 1,591 | 1,192 |
Fair Value, Measurements, Nonrecurring | Mortgage loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 595 | 9,661 |
Fair Value, Measurements, Nonrecurring | 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 |
Fair Value, Measurements, Nonrecurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Collateral Dependent Loans, Net Of Allowance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Fair Value, Measurements, Nonrecurring | 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 | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | Mortgage loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 595 | 9,661 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Collateral Dependent Loans, Net Of Allowance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Mortgage loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 595 | 9,661 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 40,564 | 48,313 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Collateral Dependent Loans, Net Of Allowance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 38,973 | 47,121 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 1,591 | 1,192 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Mortgage loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Measurement Input, Discounted Appraised Value | Collateral Value | Significant Unobservable Inputs (Level 3) | Collateral Dependent Loans, Net Of Allowance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 38,973 | $ 47,121 |
Fair Value (Quantitative Information About Significant Unobservable Inputs Categorized Within Level 3 Of The Fair Value Hierarchy) (Details) - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands |
Jun. 30, 2023 |
Sep. 30, 2022 |
---|---|---|
Collateral Value | Measurement Input, Discounted Appraised Value | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, collateral dependent loans, net of allowance | 0.00% | 0.00% |
Collateral Value | Measurement Input, Discounted Appraised Value | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, collateral dependent loans, net of allowance | 28.00% | 28.00% |
Collateral Value | Measurement Input, Discounted Appraised Value | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Measurement input, collateral dependent loans, net of allowance | 4.70% | 4.70% |
Collateral Value | Measurement Input, Discounted Appraised Value | Collateral Dependent Loans, Net Of Allowance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 38,973 | $ 47,121 |
Secondary Market Pricing | Measurement Input, Closure Rate | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 47 | $ 333 |
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 | 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 | 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 | 0.896 | 0.937 |
Fair Value (Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Sep. 30, 2022 |
---|---|---|
Assets: | ||
Investments securities available-for-sale | $ 513,303 | $ 457,908 |
Mortgage loans held for sale | 595 | 9,661 |
Federal Home Loan Bank stock | 247,098 | 212,290 |
Cash collateral received from or held by counterparty | 33,181 | 26,045 |
Liabilities: | ||
Borrowed funds | 5,439,566 | 4,734,377 |
Carrying Amount | ||
Assets: | ||
Investments securities available-for-sale | 513,303 | 457,908 |
Mortgage loans held for sale | 595 | 9,661 |
Federal Home Loan Bank stock | 247,098 | 212,290 |
Cash collateral received from or held by counterparty | 33,181 | 26,045 |
Liabilities: | ||
Borrowed funds | 5,452,228 | 4,793,221 |
Checking Accounts | ||
Liabilities: | ||
Deposits | 2,978,167 | 3,056,506 |
Checking Accounts | Carrying Amount | ||
Liabilities: | ||
Deposits | 2,978,167 | 3,056,506 |
Certificates of Deposit | ||
Liabilities: | ||
Deposits | 5,981,006 | 5,733,418 |
Certificates of Deposit | Carrying Amount | ||
Liabilities: | ||
Deposits | 6,090,902 | 5,864,511 |
Borrowers' Advances for insurance and Taxes | ||
Liabilities: | ||
Other Liabilities | 74,359 | 117,250 |
Borrowers' Advances for insurance and Taxes | Carrying Amount | ||
Liabilities: | ||
Other Liabilities | 74,359 | 117,250 |
Principal, Interest, And Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other Liabilities | 16,510 | 29,913 |
Principal, Interest, And Escrow Owed On Loans Serviced | Carrying Amount | ||
Liabilities: | ||
Other Liabilities | 16,510 | 29,913 |
Forward Commitments For Sale Of Mortgage Loans | ||
Liabilities: | ||
Derivative Liability | 47 | 333 |
Forward Commitments For Sale Of Mortgage Loans | Carrying Amount | ||
Liabilities: | ||
Derivative Liability | 47 | 333 |
Cash and Due From Banks | ||
Assets: | ||
Cash and Cash Equivalents | 23,278 | 18,961 |
Cash and Due From Banks | Carrying Amount | ||
Assets: | ||
Cash and Cash Equivalents | 23,278 | 18,961 |
Interest Earning Cash Equivalents | ||
Assets: | ||
Cash and Cash Equivalents | 412,937 | 350,603 |
Interest Earning Cash Equivalents | Carrying Amount | ||
Assets: | ||
Cash and Cash Equivalents | 412,937 | 350,603 |
Total real estate loans | ||
Assets: | ||
Loans, net | 13,597,855 | 13,106,346 |
Total real estate loans | Carrying Amount | ||
Assets: | ||
Loans, net | 14,879,658 | 14,253,804 |
Other Loans | ||
Assets: | ||
Loans, net | 4,022 | 3,263 |
Other Loans | Carrying Amount | ||
Assets: | ||
Loans, net | 4,022 | 3,263 |
Accrued Interest Receivable | ||
Assets: | ||
Accrued interest receivable | 49,837 | 40,256 |
Accrued Interest Receivable | Carrying Amount | ||
Assets: | ||
Accrued interest receivable | 49,837 | 40,256 |
Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative | 8 | |
Forward Commitments For Sale Of Mortgage Loans | Carrying Amount | ||
Assets: | ||
Derivative | 8 | |
Fair Value, Inputs, Level 1 | ||
Assets: | ||
Investments securities available-for-sale | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Cash collateral received from or held by counterparty | 33,181 | 26,045 |
Liabilities: | ||
Borrowed funds | 0 | 0 |
Fair Value, Inputs, Level 1 | Checking 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 | Forward Commitments For Sale Of Mortgage Loans | ||
Liabilities: | ||
Derivative Liability | 0 | 0 |
Fair Value, Inputs, Level 1 | Cash and Due From Banks | ||
Assets: | ||
Cash and Cash Equivalents | 23,278 | 18,961 |
Fair Value, Inputs, Level 1 | Interest Earning Cash Equivalents | ||
Assets: | ||
Cash and Cash Equivalents | 412,937 | 350,603 |
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 1 | Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative | 0 | |
Fair Value, Inputs, Level 2 | ||
Assets: | ||
Investments securities available-for-sale | 513,303 | 457,908 |
Mortgage loans held for sale | 595 | 9,661 |
Federal Home Loan Bank stock | 0 | 0 |
Cash collateral received from or held by counterparty | 0 | 0 |
Liabilities: | ||
Borrowed funds | 5,439,566 | 4,734,377 |
Fair Value, Inputs, Level 2 | Checking Accounts | ||
Liabilities: | ||
Deposits | 2,978,167 | 3,056,506 |
Fair Value, Inputs, Level 2 | Certificates of Deposit | ||
Liabilities: | ||
Deposits | 5,981,006 | 5,733,418 |
Fair Value, Inputs, Level 2 | Borrowers' Advances for insurance and Taxes | ||
Liabilities: | ||
Other Liabilities | 74,359 | 117,250 |
Fair Value, Inputs, Level 2 | Principal, Interest, And Escrow Owed On Loans Serviced | ||
Liabilities: | ||
Other Liabilities | 16,510 | 29,913 |
Fair Value, Inputs, Level 2 | Forward Commitments For Sale Of Mortgage Loans | ||
Liabilities: | ||
Derivative Liability | 0 | 0 |
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 | 49,837 | 40,256 |
Fair Value, Inputs, Level 2 | Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative | 8 | |
Fair Value, Inputs, Level 3 | ||
Assets: | ||
Investments securities available-for-sale | 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 |
Liabilities: | ||
Borrowed funds | 0 | 0 |
Fair Value, Inputs, Level 3 | Checking 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 | Forward Commitments For Sale Of Mortgage Loans | ||
Liabilities: | ||
Derivative Liability | 47 | 333 |
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 | 13,597,855 | 13,106,346 |
Fair Value, Inputs, Level 3 | Other Loans | ||
Assets: | ||
Loans, net | 4,022 | 3,263 |
Fair Value, Inputs, Level 3 | Accrued Interest Receivable | ||
Assets: | ||
Accrued interest receivable | 0 | $ 0 |
Fair Value, Inputs, Level 3 | Forward Commitments For Sale Of Mortgage Loans | ||
Assets: | ||
Derivative | $ 0 |
Derivative Instruments (Narrative) (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Sep. 30, 2022 |
||||
Carrying Amount | |||||
Derivative [Line Items] | |||||
Cash collateral received from or held by counterparty | $ 33,181 | $ 26,045 | |||
Estimated amount in AOCI to be reclassed in the next 12 months as a reduction to expense | 93,512 | ||||
Cash collateral received from or held by counterparty | $ 33,181 | $ 26,045 | |||
Cash Flow Hedge | Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Swap weighted average terms | 4 years 1 month 6 days | 2 years 8 months 12 days | |||
Swap weighted average interest rate | 2.91% | 1.88% | |||
Notional Value | $ 5,215,000 | $ 1,550,000 | |||
Cash Flow Hedge | Designated as Hedging Instrument | Interest Rate Swap | Other Assets | LIBOR Swap Rate | |||||
Derivative [Line Items] | |||||
Swap weighted average terms | 2 months 12 days | [1] | 2 years 8 months 12 days | ||
Swap weighted average interest rate | 1.84% | [1] | 1.88% | ||
Notional Value | $ 1,400,000 | [1] | $ 1,550,000 | ||
Cash Flow Hedge | Designated as Hedging Instrument | Interest Rate Swap | Other Assets | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||
Derivative [Line Items] | |||||
Swap weighted average terms | 3 years 10 months 24 days | ||||
Swap weighted average interest rate | 3.49% | ||||
Notional Value | $ 3,640,000 | ||||
Cash Flow Hedge | Designated as Hedging Instrument | Interest Rate Swap | Other Assets | Forward-Starting SOFR-Based Swaps For The LIBOR Transition | |||||
Derivative [Line Items] | |||||
Notional Value | $ 1,400,000 | ||||
|
Derivative Instruments (Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Sep. 30, 2022 |
||||
Designated as Hedging Instrument | Cash Flow Hedge | Interest Rate Swap | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | $ 5,215,000 | $ 1,550,000 | |||
Derivative, Fair Value, Net | $ 0 | $ 0 | |||
Swap weighted average terms | 4 years 1 month 6 days | 2 years 8 months 12 days | |||
Swap weighted average interest rate | 2.91% | 1.88% | |||
Designated as Hedging Instrument | Cash Flow Hedge | Interest Rate Swap | Other Assets | LIBOR Swap Rate | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | $ 1,400,000 | [1] | $ 1,550,000 | ||
Derivative, Fair Value, Net | $ 0 | [1] | $ 0 | ||
Swap weighted average terms | 2 months 12 days | [1] | 2 years 8 months 12 days | ||
Swap weighted average interest rate | 1.84% | [1] | 1.88% | ||
Designated as Hedging Instrument | Cash Flow Hedge | Interest Rate Swap | Other Assets | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | $ 3,640,000 | ||||
Derivative, Fair Value, Net | $ 0 | ||||
Swap weighted average terms | 3 years 10 months 24 days | ||||
Swap weighted average interest rate | 3.49% | ||||
Designated as Hedging Instrument | Cash Flow Hedge | Interest Rate Swap | Other Liabilities | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | $ 175,000 | ||||
Derivative, Fair Value, Net | $ 0 | ||||
Swap weighted average terms | 5 years 4 months 24 days | ||||
Swap weighted average interest rate | 3.97% | ||||
Not Designated as Hedging Instrument | Other Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | $ 13,840 | $ 9,170 | |||
Derivative, Fair Value, Net | (39) | (333) | |||
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | Other Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 6,748 | 9,170 | |||
Derivative, Fair Value, Net | (47) | (333) | |||
Not Designated as Hedging Instrument | Forward Commitments For Sale Of Mortgage Loans | Other Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 7,092 | 0 | |||
Derivative, Fair Value, Net | $ 8 | $ 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, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2022 |
|
Designated as Hedging Instrument | Cash Flow Hedge | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense, Borrowings | Interest Expense, Borrowings | Interest Expense, Borrowings | Interest Expense, Borrowings | |
Amount of gain/(loss) reclassified from AOCI | $ 17,817 | $ (4,469) | $ 36,992 | $ (24,225) | |
Designated as Hedging Instrument | Cash Flow Hedge | Other Comprehensive Income (Loss) | |||||
Derivatives, Fair Value [Line Items] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 85,399 | $ 20,520 | 77,689 | $ 96,345 | |
Not Designated as Hedging Instrument | Other Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Value | 13,840 | 13,840 | $ 9,170 | ||
Derivative, Fair Value, Net | $ (39) | $ (39) | (333) | ||
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other Operating Income | Noninterest Income, Other Operating Income | Noninterest Income, Other Operating Income | Noninterest Income, Other Operating Income | |
Total | $ (24) | $ (319) | $ 286 | $ (597) | |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | Other Liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Value | 6,748 | 6,748 | 9,170 | ||
Derivative, Fair Value, Net | $ (47) | $ (47) | $ (333) | ||
Not Designated as Hedging Instrument | Forward Commitments For Sale Of Mortgage Loans | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net gain (loss) on the sale of loans | Net gain (loss) on the sale of loans | Net gain (loss) on the sale of loans | Net gain (loss) on the sale of loans | |
Total | $ 84 | $ (13) | $ 8 | $ (13) |
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