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Loans Receivable And Allowance For Credit Losses (Tables)
 9 Months Ended
Jun. 30, 2020
Loans and Leases Receivable Disclosure [Abstract]  
Summary of Loans Receivable
Loans receivable, net at the dates presented is summarized as follows:
June 30, 2020September 30, 2019
(Dollars in thousands)
One- to four-family:
Originated$3,955,668  $3,873,851  
Correspondent purchased2,268,031  2,349,877  
Bulk purchased217,652  252,347  
Construction36,595  36,758  
Total6,477,946  6,512,833  
Commercial:
Commercial real estate625,106  583,617  
Commercial and industrial 99,735  61,094  
Construction87,448  123,159  
Total812,289  767,870  
Consumer:
Home equity107,174  120,587  
Other10,033  11,183  
Total117,207  131,770  
Total loans receivable7,407,442  7,412,473  
Less:
ACL31,215  9,226  
Discounts/unearned loan fees 30,312  31,058  
Premiums/deferred costs(42,175) (44,558) 
$7,388,090  $7,416,747  
Recorded Investment in Loans, Past Due
The following tables present the recorded investment, by class, in loans 30 to 89 days delinquent, loans 90 or more days delinquent or in foreclosure, total delinquent loans, current loans, and total recorded investment at the dates presented. The recorded investment in loans is defined as the unpaid principal balance of a loan, less charge-offs and inclusive of unearned loan fees and deferred costs. At June 30, 2020 and September 30, 2019, all loans 90 or more days delinquent were on nonaccrual status.
June 30, 2020
90 or More DaysTotalTotal
30 to 89 DaysDelinquent orDelinquentCurrentRecorded
Delinquentin ForeclosureLoansLoansInvestment
(Dollars in thousands)
One- to four-family:
Originated$5,058  $4,012  $9,070  $3,969,051  $3,978,121  
Correspondent purchased2,963  2,781  5,744  2,291,891  2,297,635  
Bulk purchased4,579  1,305  5,884  212,753  218,637  
Commercial:
Commercial real estate1,373  546  1,919  707,744  709,663  
Commercial and industrial 169  165  334  97,823  98,157  
Consumer:
Home equity393  249  642  106,448  107,090  
Other38  30  68  9,934  10,002  
$14,573  $9,088  $23,661  $7,395,644  $7,419,305  
September 30, 2019
90 or More DaysTotalTotal
30 to 89 DaysDelinquent orDelinquentCurrentRecorded
Delinquentin ForeclosureLoansLoansInvestment
(Dollars in thousands)
One- to four-family:
Originated$7,187  $3,261  $10,448  $3,885,335  $3,895,783  
Correspondent purchased2,762  1,023  3,785  2,377,629  2,381,414  
Bulk purchased3,624  1,484  5,108  248,376  253,484  
Commercial:
Commercial real estate762  —  762  702,377  703,139  
Commercial and industrial 70  173  243  60,340  60,583  
Consumer:
Home equity446  302  748  119,688  120,436  
Other78  21  99  11,035  11,134  
$14,929  $6,264  $21,193  $7,404,780  $7,425,973  
Recorded Investment in Loans, Nonaccrual
The following table presents the recorded investment, by class, in loans classified as nonaccrual at the dates presented.
June 30, 2020September 30, 2019
(Dollars in thousands)
One- to four-family:
Originated$4,955  $4,436  
Correspondent purchased2,971  1,023  
Bulk purchased1,305  1,551  
Commercial:
Commercial real estate546  —  
Commercial and industrial 165  173  
Consumer:
Home equity282  337  
Other30  21  
$10,254  $7,541  
Recorded Investment in Classified Loans
The following table sets forth the recorded investment in loans classified as special mention or substandard, by class, at the dates presented. Special mention and substandard loans are included in the ACL formula analysis model if the loans are not individually evaluated for loss. Loans classified as doubtful or loss are individually evaluated for loss. At the dates presented, there were no loans classified as doubtful, and all loans classified as loss were fully charged-off.
June 30, 2020September 30, 2019
Special MentionSubstandardSpecial MentionSubstandard
(Dollars in thousands)
One- to four-family:
Originated$10,611  $16,401  $12,941  $15,628  
Correspondent purchased1,667  5,168  2,349  2,785  
Bulk purchased—  5,102  102  5,294  
Commercial:
Commercial real estate50,969  3,192  52,891  2,472  
Commercial and industrial 1,072  1,931  1,215  3,057  
Consumer:
Home equity318  534  280  696  
Other—  30  2  24  
$64,637  $32,358  $69,780  $29,956  
Weighted Average Loan-to-Value and Credit Score Information
The following table shows the weighted average credit score and weighted average LTV for one- to four-family loans and consumer home equity loans at the dates presented. Borrower credit scores are intended to provide an indication as to the likelihood that a borrower will repay their debts. Credit scores are updated at least annually, with the last update in June 2020, from a nationally recognized consumer rating agency. The LTV ratios provide an estimate of the extent to which the Bank may incur a loss on any given loan that may go into foreclosure. The consumer - home equity LTV does not take into account the first lien position, if applicable.  The LTV ratios were based on the current loan balance and either the lesser of the purchase price or original appraisal, or the most recent Bank appraisal, if available. In most cases, the most recent appraisal was obtained at the time of origination.
June 30, 2020September 30, 2019
Credit ScoreLTVCredit ScoreLTV
One- to four-family - originated77062 %76862 %
One- to four-family - correspondent76564  76565  
One- to four-family - bulk purchased 76860  76261  
Consumer - home equity75519  75419  
76862  76662  
Troubled Debt Restructurings on Financing Receivables The following tables present the recorded investment prior to restructuring and immediately after restructuring in all loans restructured during the periods presented. These tables do not reflect the recorded investment at the end of the periods indicated. Any increase in the recorded investment at the time of the restructuring was generally due to the capitalization of delinquent interest and/or escrow balances.
For the Three Months Ended For the Nine Months Ended
June 30, 2020June 30, 2020
NumberPre-Post-NumberPre-Post-
ofRestructuredRestructuredofRestructuredRestructured
ContractsOutstandingOutstandingContractsOutstandingOutstanding
(Dollars in thousands)
One- to four-family:
Originated—  $—  $—  5  $241  $242  
Correspondent purchased—  —  —  1  192  191  
Bulk purchased—  —  —  1  75  134  
Commercial:
Commercial real estate—  —  —  1  837  837  
Commercial and industrial —  —  —  —  —  —  
Consumer:
Home equity—  —  —  2  45  44  
Other—  —  —  —  —  —  
—  $—  $—  10  $1,390  $1,448  
For the Three Months Ended For the Nine Months Ended
June 30, 2019June 30, 2019
NumberPre-Post-NumberPre-Post-
ofRestructuredRestructuredofRestructuredRestructured
ContractsOutstandingOutstandingContractsOutstandingOutstanding
(Dollars in thousands)
One- to four-family:
Originated—  $—  $—  1  $117  $117  
Correspondent purchased—  —  —  —  —  —  
Bulk purchased1  69  69  2  377  377  
Commercial:
Commercial real estate—  —  —  —  —  —  
Commercial and industrial —  —  —  —  —  —  
Consumer:
Home equity—  —  —  —  —  —  
Other—  —  —  —  —  —  
1  $69  $69  3  $494  $494  
The following table provides information on TDRs that became delinquent during the periods presented within 12 months after being restructured.
For the Three Months Ended For the Nine Months Ended
June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Number ofRecordedNumber ofRecordedNumber ofRecordedNumber ofRecorded
ContractsInvestmentContractsInvestmentContractsInvestmentContractsInvestment
(Dollars in thousands)
One- to four-family:
Originated—  $—  —  $—  1  $38  1  $45  
Correspondent purchased—  —  —  —  —  —  —  —  
Bulk purchased—  —  —  —  1  134  —  —  
Commercial:
Commercial real estate—  —  —  —  —  —  —  —  
Commercial and industrial —  —  —  —  —  —  —  —  
Consumer:
Home equity—  —  —  —  1  9  —  —  
Other—  —  —  —  —  —  —  —  
—  $—  —  $—  3  $181  1  $45  
Impaired Loans by Class The following information pertains to impaired loans, by class, as of the dates presented.
June 30, 2020September 30, 2019
UnpaidUnpaid
RecordedPrincipalRelatedRecordedPrincipalRelated
InvestmentBalanceACLInvestmentBalanceACL
(Dollars in thousands)
With no related allowance recorded
One- to four-family:
Originated$13,306  $13,781  $—  $14,683  $15,241  $—  
Correspondent purchased1,951  2,054  —  1,763  1,868  —  
Bulk purchased4,573  5,293  —  4,943  5,661  —  
Commercial:
Commercial real estate1,733  2,060  —  —  —  —  
Commercial and industrial 103  248  —  60  184  —  
Consumer:
Home equity289  393  —  345  462  —  
Other—  35  —  —  29  —  
21,955  23,864  —  21,794  23,445  —  
With an allowance recorded
One- to four-family:
Originated—  —  —  —  —  —  
Correspondent purchased—  —  —  —  —  —  
Bulk purchased—  —  —  —  —  —  
Commercial:
Commercial real estate—  —  —  —  —  —  
Commercial and industrial 1,771  1,770  240  —  —  —  
Consumer:
Home equity—  —  —  —  —  —  
Other—  —  —  —  —  —  
1,771  1,770  240  —  —  —  
Total
One- to four-family:
Originated13,306  13,781  —  14,683  15,241  —  
Correspondent purchased1,951  2,054  —  1,763  1,868  —  
Bulk purchased4,573  5,293  —  4,943  5,661  —  
Commercial:
Commercial real estate1,733  2,060  —  —  —  —  
Commercial and industrial 1,874  2,018  240  60  184  —  
Consumer:
Home equity289  393  —  345  462  —  
Other—  35  —  —  29  —  
$23,726  $25,634  $240  $21,794  $23,445  $—  
The following information pertains to impaired loans, by class, for the periods presented.
For the Three Months Ended For the Nine Months Ended
June 30, 2020June 30, 2019June 30, 2020June 30, 2019
AverageInterestAverageInterestAverageInterestAverageInterest
RecordedIncomeRecordedIncomeRecordedIncomeRecordedIncome
InvestmentRecognizedInvestmentRecognizedInvestmentRecognizedInvestmentRecognized
(Dollars in thousands)
With no related allowance recorded
One- to four-family:
Originated$13,865  $150  $15,235  $163  $14,273  $472  $16,450  $515  
Correspondent purchased1,949  19  2,007  20  1,855  56  2,162  65  
Bulk purchased4,814  46  5,114  48  4,910  148  5,350  134  
Commercial:
Commercial real estate817  5  —  —  494  9  —  —  
Commercial and industrial 26  —  —  —  24  —  —  —  
Consumer:
Home equity319  4  381  6  329  15  435  22  
Other1  —  —  —  —  —  —  —  
21,791  224  22,737  237  21,885  700  24,397  736  
With an allowance recorded
One- to four-family:
Originated—  —  —  —  —  —  —  —  
Correspondent purchased—  —  —  —  —  —  —  —  
Bulk purchased—  —  —  —  —  —  —  —  
Commercial:
Commercial real estate—  —  —  —  —  —  —  —  
Commercial and industrial 1,875  24  —  —  1,440  78  —  —  
Consumer:
Home equity—  —  —  —  —  —  —  —  
Other—  —  —  —  —  —  —  —  
1,875  24  —  —  1,440  78  —  —  
Total
One- to four-family:
Originated13,865  150  15,235  163  14,273  472  16,450  515  
Correspondent purchased1,949  19  2,007  20  1,855  56  2,162  65  
Bulk purchased4,814  46  5,114  48  4,910  148  5,350  134  
Commercial:
Commercial real estate817  5  —  —  494  9  —  —  
Commercial and industrial 1,901  24  —  —  1,464  78  —  —  
Consumer:
Home equity319  4  381  6  329  15  435  22  
Other1  —  —  —  —  —  —  —  
$23,666  $248  $22,737  $237  $23,325  $778  $24,397  $736  
Allowance for Credit Losses
The following is a summary of ACL activity, by loan portfolio segment, for the periods presented, and the ending balance of ACL based on the Company's impairment methodology.
For the Three Months Ended June 30, 2020
One- to Four-Family
CorrespondentBulk
OriginatedPurchasedPurchasedTotalCommercialConsumerTotal
(Dollars in thousands)
Beginning balance$6,467  $3,355  $557  $10,379  $20,328  $489  $31,196  
Charge-offs—  —  —  —  —  (5) (5) 
Recoveries—  —  —  —  17  7  24  
Provision for credit losses(121) (166) (51) (338) 359  (21) —  
Ending balance$6,346  $3,189  $506  $10,041  $20,704  $470  $31,215  

For the Nine Months Ended June 30, 2020
One- to Four-Family
CorrespondentBulk
OriginatedPurchasedPurchasedTotalCommercialConsumerTotal
(Dollars in thousands)
Beginning balance$2,000  $1,203  $687  $3,890  $5,171  $165  $9,226  
Charge-offs(64) —  —  (64) (349) (15) (428) 
Recoveries3  —  —  3  98  16  117  
Provision for credit losses4,407  1,986  (181) 6,212  15,784  304  22,300  
Ending balance$6,346  $3,189  $506  $10,041  $20,704  $470  $31,215  
For the Three Months Ended June 30, 2019
One- to Four-Family
CorrespondentBulk
OriginatedPurchasedPurchasedTotalCommercialConsumerTotal
(Dollars in thousands)
Beginning balance$2,173  $1,392  $802  $4,367  $4,088  $164  $8,619  
Charge-offs(45) —  —  (45) —  (16) (61) 
Recoveries3  —  —  3  17  8  28  
Provision for credit losses(95) (117) (60) (272) 727  (5) 450  
Ending balance$2,036  $1,275  $742  $4,053  $4,832  $151  $9,036  
For the Nine Months Ended June 30, 2019
One- to Four-Family
CorrespondentBulk
OriginatedPurchasedPurchasedTotalCommercialConsumerTotal
(Dollars in thousands)
Beginning balance$2,953  $1,861  $925  $5,739  $2,556  $168  $8,463  
Charge-offs(75) —  (26) (101) —  (28) (129) 
Recoveries8  —  106  114  44  94  252  
Provision for credit losses(850) (586) (263) (1,699) 2,232  (83) 450  
Ending balance$2,036  $1,275  $742  $4,053  $4,832  $151  $9,036  

The following is a summary of the loan portfolio and related ACL balances, at the dates presented, by loan portfolio segment disaggregated by the Company's impairment method.
June 30, 2020
One- to Four-Family
CorrespondentBulk
OriginatedPurchasedPurchasedTotalCommercialConsumerTotal
(Dollars in thousands)
Recorded investment in loans:
Collectively evaluated for impairment$3,964,815  $2,295,684  $214,064  $6,474,563  $804,213  $116,803  $7,395,579  
Individually evaluated for impairment13,306  1,951  4,573  19,830  3,607  289  23,726  
$3,978,121  $2,297,635  $218,637  $6,494,393  $807,820  $117,092  $7,419,305  
ACL for loans:
Collectively evaluated for impairment$6,346  $3,189  $506  $10,041  $20,464  $470  $30,975  
Individually evaluated for impairment—  —  —  —  240  —  240  
$6,346  $3,189  $506  $10,041  $20,704  $470  $31,215  
September 30, 2019
One- to Four-Family
CorrespondentBulk
OriginatedPurchasedPurchasedTotalCommercialConsumerTotal
(Dollars in thousands)
Recorded investment in loans:
Collectively evaluated for impairment$3,881,100  $2,379,651  $248,541  $6,509,292  $763,662  $131,225  $7,404,179  
Individually evaluated for impairment14,683  1,763  4,943  21,389  60  345  21,794  
$3,895,783  $2,381,414  $253,484  $6,530,681  $763,722  $131,570  $7,425,973  
ACL for loans:
Collectively evaluated for impairment$2,000  $1,203  $687  $3,890  $5,171  $165  $9,226  
Individually evaluated for impairment—  —  —  —  —  —  —  
$2,000  $1,203  $687  $3,890  $5,171  $165  $9,226