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Loans Receivable And Allowance For Credit Losses (Tables)
 12 Months Ended
Sep. 30, 2020
Loans and Leases Receivable Disclosure [Abstract]  
Summary of Loans Receivable
Loans receivable, net at September 30, 2020 and 2019 is summarized as follows:
20202019
(Dollars in thousands)
One- to four-family:
Originated$3,937,310 $3,873,851 
Correspondent purchased2,101,082 2,349,877 
Bulk purchased208,427 252,347 
Construction34,593 36,758 
Total6,281,412 6,512,833 
Commercial:
Commercial real estate626,588 583,617 
Commercial and industrial 97,614 61,094 
Construction105,458 123,159 
Total829,660 767,870 
Consumer:
Home equity103,838 120,587 
Other10,086 11,183 
Total113,924 131,770 
Total loans receivable7,224,996 7,412,473 
Less:
ACL31,527 9,226 
Discounts/unearned loan fees 29,190 31,058 
Premiums/deferred costs(38,572)(44,558)
$7,202,851 $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 September 30, 2020 and 2019, all loans 90 or more days delinquent were on nonaccrual status.
September 30, 2020
90 or More DaysTotalTotal
30 to 89 DaysDelinquent orDelinquentCurrentRecorded
Delinquentin ForeclosureLoansLoansInvestment
(Dollars in thousands)
One- to four-family:
Originated$3,001 $4,347 $7,348 $3,950,387 $3,957,735 
Correspondent purchased3,170 2,433 5,603 2,122,085 2,127,688 
Bulk purchased2,558 2,938 5,496 203,844 209,340 
Commercial:
Commercial real estate40 1,206 1,246 728,191 729,437 
Commercial and industrial 5 157 162 96,124 96,286 
Consumer:
Home equity323 296 619 103,210 103,829 
Other75 8 83 9,980 10,063 
$9,172 $11,385 $20,557 $7,213,821 $7,234,378 

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.
September 30,
20202019
(Dollars in thousands)
One- to four-family:
Originated$5,037 $4,436 
Correspondent purchased2,433 1,023 
Bulk purchased2,938 1,551 
Commercial:
Commercial real estate1,663 — 
Commercial and industrial 157 173 
Consumer:
Home equity305 337 
Other8 21 
$12,541 $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.
September 30,
20202019
Special MentionSubstandardSpecial MentionSubstandard
(Dollars in thousands)
One- to four-family:
Originated$9,249 $15,729 $12,941 $15,628 
Correspondent purchased2,076 4,512 2,349 2,785 
Bulk purchased— 5,319 102 5,294 
Commercial:
Commercial real estate50,957 3,541 52,891 2,472 
Commercial and industrial 1,040 1,368 1,215 3,057 
Consumer:
Home equity331 581 280 696 
Other— 8 2 24 
$63,653 $31,058 $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 September 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.
September 30,
20202019
Credit ScoreLTVCredit ScoreLTV
One- to four-family - originated77162 %76862 %
One- to four-family - correspondent76564 76565 
One- to four-family - bulk purchased 76760 76261 
Consumer - home equity75619 75419 
76962 76662 
Troubled Debt Restructurings on Financing Receivables
TDRs - 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 Year Ended September 30, 2020
NumberPre-Post-
ofRestructuredRestructured
ContractsOutstandingOutstanding
(Dollars in thousands)
One- to four-family:
Originated5 $241 $242 
Correspondent purchased1 192 191 
Bulk purchased1 75 134 
Commercial:
Commercial real estate1 837 837 
Commercial and industrial 1 1,683 1,709 
Consumer:
Home equity2 45 44 
Other— — — 
11 $3,073 $3,157 
For the Year Ended September 30, 2019
NumberPre-Post-
ofRestructuredRestructured
ContractsOutstandingOutstanding
(Dollars in thousands)
One- to four-family:
Originated3 $385 $386 
Correspondent purchased— — — 
Bulk purchased2 377 377 
Commercial:
Commercial real estate— — — 
Commercial and industrial — — — 
Consumer:
Home equity— — — 
Other— — — 
5 $762 $763 
For the Year Ended September 30, 2018
NumberPre-Post-
ofRestructuredRestructured
ContractsOutstandingOutstanding
(Dollars in thousands)
One- to four-family:
Originated5 $264 $281 
Correspondent purchased2 406 406 
Bulk purchased— — — 
Commercial:
Commercial real estate— — — 
Commercial and industrial — — — 
Consumer:
Home equity— — — 
Other— — — 
7 $670 $687 
The following table provides information on TDRs that became delinquent during the periods presented within 12 months after being restructured.
For the Years Ended
September 30, 2020September 30, 2019September 30, 2018
Number ofRecordedNumber ofRecordedNumber ofRecorded
ContractsInvestmentContractsInvestmentContractsInvestment
(Dollars in thousands)
One- to four-family:
Originated1 $38 1 $45 22 $1,416 
Correspondent purchased— — — — 1 124 
Bulk purchased1 134 — — 3 1,040 
Commercial:
Commercial real estate— — — — — — 
Commercial and industrial — — — — — — 
Consumer:
Home equity1 9 — — 4 133 
Other— — — — — — 
3 $181 1 $45 30 $2,713 
Impaired Loans by Class
Impaired loans - The following information pertains to impaired loans, by class, as of the dates presented.
September 30, 2020September 30, 2019
UnpaidUnpaid
RecordedPrincipalRelatedRecordedPrincipalRelated
InvestmentBalanceACLInvestmentBalanceACL
(Dollars in thousands)
With no related allowance recorded
One- to four-family:
Originated$12,385 $12,813 $— $14,683 $15,241 $— 
Correspondent purchased1,955 2,058 — 1,763 1,868 — 
Bulk purchased3,843 4,302 — 4,943 5,661 — 
Commercial:
Commercial real estate1,052 1,379 — — — — 
Commercial and industrial 99 244 — 60 184 — 
Consumer:
Home equity280 360 — 345 462 — 
Other— 45 — — 29 — 
19,614 21,201 — 21,794 23,445 — 
With an allowance recorded
One- to four-family:
Originated— — — — — — 
Correspondent purchased— — — — — — 
Bulk purchased— — — — — — 
Commercial:
Commercial real estate660 660 83 — — — 
Commercial and industrial 1,269 1,268 240 — — — 
Consumer:
Home equity— — — — — — 
Other— — — — — — 
1,929 1,928 323 — — — 
Total
One- to four-family:
Originated$12,385 $12,813 — $14,683 $15,241 — 
Correspondent purchased1,955 2,058 — 1,763 1,868 — 
Bulk purchased3,843 4,302 — 4,943 5,661 — 
Commercial:
Commercial real estate1,712 2,039 83 — — — 
Commercial and industrial 1,368 1,512 240 60 184 — 
Consumer:
Home equity280 360 — 345 462 — 
Other— 45 — — 29 — 
$21,543 $23,129 $323 $21,794 $23,445 $— 
The following information pertains to impaired loans, by class, for the periods presented.  
For the Years Ended
September 30, 2020September 30, 2019September 30, 2018
AverageInterestAverageInterestAverageInterest
RecordedIncomeRecordedIncomeRecordedIncome
InvestmentRecognizedInvestmentRecognizedInvestmentRecognized
(Dollars in thousands)
With no related allowance recorded
One- to four-family:
Originated$13,918 $606 $16,030 $671 $23,847 $990 
Correspondent purchased1,878 73 2,071 82 3,204 112 
Bulk purchased4,720 179 5,257 180 6,438 191 
Commercial:
Commercial real estate725 15 — — — — 
Commercial and industrial 41 — 5 — — — 
Consumer:
Home equity318 20 417 28 588 39 
Other— — — — — — 
21,600 893 23,780 961 34,077 1,332 
With an allowance recorded
One- to four-family:
Originated— — — — — — 
Correspondent purchased— — — — — — 
Bulk purchased— — — — — — 
Commercial:
Commercial real estate51 — — — — — 
Commercial and industrial 1,413 91 — — — — 
Consumer:
Home equity— — — — — — 
Other— — — — — — 
1,464 91 — — — — 
Total
One- to four-family:
Originated13,918 606 16,030 671 23,847 990 
Correspondent purchased1,878 73 2,071 82 3,204 112 
Bulk purchased4,720 179 5,257 180 6,438 191 
Commercial:
Commercial real estate776 15 — — — — 
Commercial and industrial 1,454 91 5 — — — 
Consumer:
Home equity318 20 417 28 588 39 
Other— — — — — — 
$23,064 $984 $23,780 $961 $34,077 $1,332 
Allowance for Credit Losses
Allowance for Credit Losses - The Bank maintains an ACL to absorb inherent losses in the loan portfolio based on quarterly assessments of the loan portfolio. Each quarter a formula analysis model is prepared which segregates the loan portfolio into categories based on certain risk characteristics.  Historical loss factors and qualitative factors are applied to each loan category in the formula analysis model. The factors are reviewed by management quarterly to assess whether the factors adequately cover probable and estimable losses inherent in the loan portfolio.  As noted in Note 1. Summary of Significant Accounting Policies, Allowance for Credit Losses, management increased the historical loss factors and qualitative factors for all loan categories at September 30, 2020 and applied a COVID-19 qualitative factor to the Bank's commercial loan portfolio, due to deterioration of economic conditions as a result of the COVD-19 pandemic. The increase in the factors and the new COVID-19 pandemic qualitative factor resulted in an increase in the ACL during the current fiscal year. Management will continue to closely monitor economic conditions and will work with borrowers as necessary to assist them through this challenging economic climate. If economic conditions worsen or do not improve in the near term, and if future government programs, if any, do not provide adequate relief to borrowers, it is possible the Bank's ACL will need to increase in future periods.

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 Year Ended September 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)(30)(443)
Recoveries41 — 265 306 110 28 444 
Provision for credit losses4,108 1,488 (485)5,111 16,868 321 22,300 
Ending balance$6,085 $2,691 $467 $9,243 $21,800 $484 $31,527 

For the Year Ended September 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)(124)(37)(262)
Recoveries22 — 106 128 49 98 275 
Provision for credit losses(900)(658)(318)(1,876)2,690 (64)750 
Ending balance$2,000 $1,203 $687 $3,890 $5,171 $165 $9,226 
For the Year Ended September 30, 2018
One- to Four-Family
CorrespondentBulk
OriginatedPurchasedPurchasedTotalCommercialConsumerTotal
(Dollars in thousands)
Beginning balance$3,173 $1,922 $1,000 $6,095 $2,112 $191 $8,398 
Charge-offs(136)(128)— (264)— (38)(302)
Recoveries144 — 196 340 — 27 367 
Provision for credit losses(228)67 (271)(432)444 (12)— 
Ending balance$2,953 $1,861 $925 $5,739 $2,556 $168 $8,463 

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.
September 30, 2020
One- to Four-Family
CorrespondentBulk
OriginatedPurchasedPurchasedTotalCommercialConsumerTotal
(Dollars in thousands)
Recorded investment in loans:
Collectively evaluated for impairment$3,945,350 $2,125,733 $205,497 $6,276,580 $822,643 $113,612 $7,212,835 
Individually evaluated for impairment12,385 1,955 3,843 18,183 3,080 280 21,543 
$3,957,735 $2,127,688 $209,340 $6,294,763 $825,723 $113,892 $7,234,378 
ACL for loans:
Collectively evaluated for impairment$6,085 $2,691 $467 $9,243 $21,477 $484 $31,204 
Individually evaluated for impairment— — — — 323 — 323 
$6,085 $2,691 $467 $9,243 $21,800 $484 $31,527 
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