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Loans Receivable And Allowance For Credit Losses (Tables)
 9 Months Ended
Jun. 30, 2022
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss [Abstract]  
Summary of Loans Receivable
Loans receivable, net at the dates presented is summarized as follows:
June 30, 2022September 30, 2021
(Dollars in thousands)
One- to four-family:
Originated$3,963,608 $3,956,064 
Correspondent purchased2,070,822 2,003,477 
Bulk purchased151,461 173,662 
Construction60,426 39,142 
Total6,246,317 6,172,345 
Commercial:
Commercial real estate717,947 676,908 
Commercial and industrial 70,932 66,497 
Construction115,031 85,963 
Total903,910 829,368 
Consumer:
Home equity87,235 86,274 
Other8,289 8,086 
Total95,524 94,360 
Total loans receivable7,245,751 7,096,073 
Less:
ACL16,283 19,823 
Deferred loan fees/discounts29,470 29,556 
Premiums/deferred costs(36,198)(34,448)
$7,236,196 $7,081,142 
Credit Quality Indicators
The following table sets forth, as of the dates indicated, the amortized cost of loans by class of financing receivable, year of origination or most recent credit decision, and loan classification. All revolving lines of credit are presented separately, regardless of origination year. Loans classified as doubtful or loss are individually evaluated for loss. At June 30, 2022 and September 30, 2021, there were no loans classified as doubtful, and all loans classified as loss were fully charged-off.
June 30, 2022
CurrentFiscalFiscalFiscalFiscalRevolving
FiscalYearYearYearYearPriorLine of
Year2021202020192018YearsCreditTotal
(Dollars in thousands)
One- to four-family:
Originated
Pass$431,090 $940,258 $639,580 $288,707 $218,917 $1,467,749 $— $3,986,301 
Special Mention33 255 1,213 621 598 8,261 — 10,981 
Substandard— 115 279 1,031 256 8,949 — 10,630 
Correspondent purchased
Pass311,564 667,434 279,606 72,042 107,281 650,328 — 2,088,255 
Special Mention— — — 351 979 1,840 — 3,170 
Substandard— — — 168 516 3,813 — 4,497 
Bulk purchased
Pass— — — — — 147,961 — 147,961 
Special Mention— — — — — — — — 
Substandard— — — — — 4,055 — 4,055 
742,687 1,608,062 920,678 362,920 328,547 2,292,956 — 6,255,850 
Commercial:
Commercial real estate
Pass218,340 246,384 127,935 87,546 43,322 51,008 6,950 781,485 
Special Mention— 46,366 — — — — — 46,366 
Substandard442 599 594 222 230 30 — 2,117 
Commercial and industrial
Pass26,643 19,019 6,968 4,677 1,134 708 10,846 69,995 
Special Mention— — — — — — — — 
Substandard— — — — 81 32 852 965 
245,425 312,368 135,497 92,445 44,767 51,778 18,648 900,928 
Consumer:
Home equity
Pass3,832 2,541 1,613 1,041 1,085 2,224 74,406 86,742 
Special Mention— — — — — — 288 288 
Substandard— — — 19 — 12 353 384 
Other
Pass3,215 2,216 1,014 576 697 212 357 8,287 
Special Mention— — — — — — — — 
Substandard— — — — — — — — 
7,047 4,757 2,627 1,636 1,782 2,448 75,404 95,701 
Total$995,159 $1,925,187 $1,058,802 $457,001 $375,096 $2,347,182 $94,052 $7,252,479 
In the table below, certain commercial loans are presented in the "Fiscal Year 2021" column and are reported as special mention or substandard. These loans were generally first originated in prior years but were renewed or modified in fiscal year 2021.
September 30, 2021
FiscalFiscalFiscalFiscalFiscalRevolving
YearYearYearYearYearPriorLine of
20212020201920182017YearsCreditTotal
(Dollars in thousands)
One- to four-family:
Originated
Pass$958,080 $705,561 $326,156 $250,846 $281,104 $1,434,455 $— $3,956,202 
Special Mention402 443 501 678 237 7,805 — 10,066 
Substandard— 966 867 51 192 11,192 — 13,268 
Correspondent purchased
Pass630,977 334,042 88,057 136,572 162,938 664,530 — 2,017,116 
Special Mention760 — 356 — — 3,160 — 4,276 
Substandard— — 169 504 — 4,527 — 5,200 
Bulk purchased
Pass— — — — — 169,519 — 169,519 
Special Mention— — — — — — — — 
Substandard— — — — — 4,848 — 4,848 
1,590,219 1,041,012 416,106 388,651 444,471 2,300,036 — 6,180,495 
Commercial:
Commercial real estate
Pass272,329 149,244 94,972 61,214 38,962 35,591 5,231 657,543 
Special Mention50,352 — — — — 49,369 — 99,721 
Substandard810 627 225 669 — 34 — 2,365 
Commercial and industrial
Pass32,651 10,168 6,988 2,213 1,155 595 11,709 65,479 
Special Mention— — — — — — — — 
Substandard— — — 86 48 — 765 899 
356,142 160,039 102,185 64,182 40,165 85,589 17,705 826,007 
Consumer:
Home equity
Pass3,295 2,218 1,428 1,563 536 2,473 74,036 85,549 
Special Mention— — 37 12 — — 82 131 
Substandard— 60 — — — 9 636 705 
Other
Pass3,491 1,631 1,086 944 465 105 339 8,061 
Special Mention— — 4 — — — — 4 
Substandard— 3 6 1 3 — — 13 
6,786 3,912 2,561 2,520 1,004 2,587 75,093 94,463 
Total$1,953,147 $1,204,963 $520,852 $455,353 $485,640 $2,388,212 $92,798 $7,100,965 
Delinquency Status - The following tables set forth, as of the dates indicated, the amortized cost of current loans, loans 30 to 89 days delinquent, and loans 90 or more days delinquent or in foreclosure ("90+/FC"), by class of financing receivable and year of origination or most recent credit decision as of the dates indicated. All revolving lines of credit are presented separately, regardless of origination year.
June 30, 2022
CurrentFiscalFiscalFiscalFiscalRevolving
FiscalYearYearYearYearPriorLine of
Year2021202020192018YearsCreditTotal
(Dollars in thousands)
One- to four-family:
Originated
Current$431,123 $940,401 $640,648 $289,459 $219,361 $1,478,318 $— $3,999,310 
30-89— 112 424 610 302 4,573 — 6,021 
90+/FC— 115 — 290 108 2,068 — 2,581 
Correspondent purchased
Current311,564 666,687 279,606 72,393 107,281 652,183 — 2,089,714 
30-89— 747 — — 979 1,787 — 3,513 
90+/FC— — — 168 516 2,011 — 2,695 
Bulk purchased
Current— — — — — 149,444 — 149,444 
30-89— — — — — 755 — 755 
90+/FC— — — — — 1,817 — 1,817 
742,687 1,608,062 920,678 362,920 328,547 2,292,956 — 6,255,850 
Commercial:
Commercial real estate
Current218,782 293,349 127,863 87,546 43,213 50,515 6,950 828,218 
30-89— — 72 — 109 494 — 675 
90+/FC— — 594 222 230 29 — 1,075 
Commercial and industrial
Current26,643 19,019 6,968 4,672 1,116 708 11,698 70,824 
30-89— — — 5 18 — — 23 
90+/FC— — — — 81 32 — 113 
245,425 312,368 135,497 92,445 44,767 51,778 18,648 900,928 
Consumer:
Home equity
Current3,832 2,541 1,613 1,060 1,085 2,162 74,717 87,010 
30-89— — — — — 66 164 230 
90+/FC— — — — — 8 166 174 
Other
Current3,209 2,203 1,014 571 697 212 355 8,261 
30-896 13 — 5 — — 2 26 
90+/FC— — — — — — — — 
7,047 4,757 2,627 1,636 1,782 2,448 75,404 95,701 
Total$995,159 $1,925,187 $1,058,802 $457,001 $375,096 $2,347,182 $94,052 $7,252,479 
September 30, 2021
FiscalFiscalFiscalFiscalFiscalRevolving
YearYearYearYearYearPriorLine of
20212020201920182017YearsCreditTotal
(Dollars in thousands)
One- to four-family:
Originated
Current$958,482 $706,970 $327,408 $251,524 $281,341 $1,445,992 $— $3,971,717 
30-89— — — 51 — 4,091 — 4,142 
90+/FC— — 116 — 192 3,369 — 3,677 
Correspondent purchased
Current630,977 334,042 88,413 136,572 162,017 668,685 — 2,020,706 
30-89760 — — — 921 948 — 2,629 
90+/FC— — 169 504 — 2,584 — 3,257 
Bulk purchased
Current— — — — — 170,809 — 170,809 
30-89— — — — — 555 — 555 
90+/FC— — — — — 3,003 — 3,003 
1,590,219 1,041,012 416,106 388,651 444,471 2,300,036 — 6,180,495 
Commercial:
Commercial real estate
Current323,491 149,244 94,972 61,651 38,962 84,957 5,231 758,508 
30-89— — — — — 37 — 37 
90+/FC— 627 225 232 — — — 1,084 
Commercial and industrial
Current32,651 10,168 6,988 2,212 1,155 595 12,474 66,243 
30-89— — — — — — — — 
90+/FC— — — 87 48 — — 135 
356,142 160,039 102,185 64,182 40,165 85,589 17,705 826,007 
Consumer:
Home equity
Current3,295 2,218 1,465 1,575 536 2,357 73,958 85,404 
30-89— — — — — 121 375 496 
90+/FC— 60 — — — 4 421 485 
Other
Current3,491 1,631 1,088 944 465 105 339 8,063 
30-89— — 2 — — — — 2 
90+/FC— 3 6 1 3 — — 13 
6,786 3,912 2,561 2,520 1,004 2,587 75,093 94,463 
Total$1,953,147 $1,204,963 $520,852 $455,353 $485,640 $2,388,212 $92,798 $7,100,965 
Delinquent Loans The following tables present the amortized cost, at the dates indicated, by class, of loans 30 to 89 days delinquent, loans 90 or more days delinquent or in foreclosure, total delinquent loans, current loans, and total loans. At June 30, 2022 and September 30, 2021, all loans 90 or more days delinquent were on nonaccrual status.
June 30, 2022
90 or More DaysTotalTotal
30 to 89 DaysDelinquent orDelinquentCurrentAmortized
Delinquentin ForeclosureLoansLoansCost
(Dollars in thousands)
One- to four-family:
Originated$6,021 $2,581 $8,602 $3,999,310 $4,007,912 
Correspondent purchased3,513 2,695 6,208 2,089,714 2,095,922 
Bulk purchased755 1,817 2,572 149,444 152,016 
Commercial:
Commercial real estate675 1,075 1,750 828,218 829,968 
Commercial and industrial 23 113 136 70,824 70,960 
Consumer:
Home equity230 174 404 87,010 87,414 
Other26 — 26 8,261 8,287 
$11,243 $8,455 $19,698 $7,232,781 $7,252,479 
September 30, 2021
90 or More DaysTotalTotal
30 to 89 DaysDelinquent orDelinquentCurrentAmortized
Delinquentin ForeclosureLoansLoansCost
(Dollars in thousands)
One- to four-family:
Originated$4,142 $3,677 $7,819 $3,971,717 $3,979,536 
Correspondent purchased2,629 3,257 5,886 2,020,706 2,026,592 
Bulk purchased555 3,003 3,558 170,809 174,367 
Commercial:
Commercial real estate37 1,084 1,121 758,508 759,629 
Commercial and industrial — 135 135 66,243 66,378 
Consumer:
Home equity496 485 981 85,404 86,385 
Other2 13 15 8,063 8,078 
$7,861 $11,654 $19,515 $7,081,450 $7,100,965 
Nonaccrual Loans
The following table presents the amortized cost at June 30, 2022 and September 30, 2021, by class, of loans classified as nonaccrual. Additionally, the amortized cost of nonaccrual loans that had no related ACL is presented, all of which were individually evaluated for loss and any identified losses have been charged off.
June 30, 2022September 30, 2021
Nonaccrual LoansNonaccrual Loans with No ACLNonaccrual LoansNonaccrual Loans with No ACL
(Dollars in thousands)
One- to four-family:
Originated$2,787 $897 $4,965 $2,237 
Correspondent purchased2,696 307 3,257 307 
Bulk purchased1,817 939 3,134 1,564 
Commercial:
Commercial real estate1,074 451 1,496 485 
Commercial and industrial 113 113 134 86 
Consumer:
Home equity193 19 494 84 
Other— — 13 — 
$8,680 $2,726 $13,493 $4,763 
Troubled Debt Restructurings on Financing Receivables The following tables present the amortized cost prior to restructuring and immediately after restructuring in all loans restructured during the periods presented. These tables do not reflect the amortized cost at the end of the periods indicated. Any increase in the amortized cost 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, 2022June 30, 2022
NumberPre-Post-NumberPre-Post-
ofRestructuredRestructuredofRestructuredRestructured
ContractsOutstandingOutstandingContractsOutstandingOutstanding
(Dollars in thousands)
One- to four-family:
Originated— $— $— 2 $124 $124 
Correspondent purchased— — — — — — 
Bulk purchased— — — — — — 
Commercial:
Commercial real estate— — — — — — 
Commercial and industrial — — — 2 124 124 
Consumer:
Home equity— — — 1 19 19 
Other— — — — — — 
— $— $— 5 $267 $267 
For the Three Months Ended For the Nine Months Ended
June 30, 2021June 30, 2021
NumberPre-Post-NumberPre-Post-
ofRestructuredRestructuredofRestructuredRestructured
ContractsOutstandingOutstandingContractsOutstandingOutstanding
(Dollars in thousands)
One- to four-family:
Originated— $— $— 6 $1,518 $1,407 
Correspondent purchased— — — — — — 
Bulk purchased— — — — — — 
Commercial:
Commercial real estate— — — — — — 
Commercial and industrial — — — — — — 
Consumer:
Home equity— — — — — — 
Other— — — — — — 
— $— $— 6 $1,518 $1,407 

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, 2022June 30, 2021June 30, 2022June 30, 2021
Number ofAmortizedNumber ofAmortizedNumber ofAmortizedNumber ofAmortized
ContractsCostContractsCostContractsCostContractsCost
(Dollars in thousands)
One- to four-family:
Originated— $— — $— 1 $684 — $— 
Correspondent purchased— — — — — — — — 
Bulk purchased— — — — — — — — 
Commercial:
Commercial real estate— — — — — — — — 
Commercial and industrial — — — — — — — — 
Consumer:
Home equity1 19 — — 1 19 — — 
Other— — — — — — — — 
1 $19 — $— 2 $703 — $— 
Allowance for Credit Losses The following is a summary of ACL activity, by loan portfolio segment, for the periods presented.
For the Three Months Ended June 30, 2022
One- to Four-Family
CorrespondentBulk
OriginatedPurchasedPurchasedTotalCommercialConsumerTotal
(Dollars in thousands)
Beginning balance$1,709 $2,129 $241 $4,079 $11,031 $202 $15,312 
Charge-offs— — — — — (10)(10)
Recoveries126 — — 126 52 7 185 
Provision for credit losses69 308 (17)360 407 29 796 
Ending balance$1,904 $2,437 $224 $4,565 $11,490 $228 $16,283 

For the Nine Months Ended June 30, 2022
One- to Four-Family
CorrespondentBulk
OriginatedPurchasedPurchasedTotalCommercialConsumerTotal
(Dollars in thousands)
Beginning balance$1,612 $2,062 $304 $3,978 $15,652 $193 $19,823 
Charge-offs(4)— — (4)(10)(16)(30)
Recoveries137 — — 137 101 12 250 
Provision for credit losses159 375 (80)454 (4,253)39 (3,760)
Ending balance$1,904 $2,437 $224 $4,565 $11,490 $228 $16,283 

For the Three Months Ended June 30, 2021
One- to Four-Family
CorrespondentBulk
OriginatedPurchasedPurchasedTotalCommercialConsumerTotal
(Dollars in thousands)
Beginning balance$1,536 $1,705 $747 $3,988 $19,157 $252 $23,397 
Charge-offs(18)— — (18)— (1)(19)
Recoveries49 — — 49 18 4 71 
Provision for credit losses(32)34 (73)(71)(2,642)(12)(2,725)
Ending balance$1,535 $1,739 $674 $3,948 $16,533 $243 $20,724 

For the Nine Months Ended June 30, 2021
One- to Four-Family
CorrespondentBulk
OriginatedPurchasedPurchasedTotalCommercialConsumerTotal
(Dollars in thousands)
Beginning balance$6,085 $2,691 $467 $9,243 $21,800 $484 $31,527 
Adoption of CECL(4,452)(367)436 (4,383)(193)(185)(4,761)
Balance at October 1, 20201,633 2,324 903 4,860 21,607 299 26,766 
Charge-offs(142)— (21)(163)(515)(11)(689)
Recoveries140 — — 140 38 29 207 
Provision for credit losses(96)(585)(208)(889)(4,597)(74)(5,560)
Ending balance$1,535 $1,739 $674 $3,948 $16,533 $243 $20,724 
The following is a summary of the changes in reserve for off-balance sheet credit exposures during the periods indicated. The negative provision for credit losses in the current year period was due primarily to a reduction in the commercial loan qualitative factors.
For the Three Months Ended For the Nine Months Ended
June 30, 2022June 30, 2022
(Dollars in thousands)
Beginning balance$3,672 Beginning balance$5,743 
Provision for credit losses141 Provision for credit losses(1,930)
Ending balance$3,813 Ending balance$3,813 
For the Three Months Ended For the Nine Months Ended
June 30, 2021June 30, 2021
(Dollars in thousands)
Beginning balance$6,127 Beginning balance$— 
Provision for credit losses34 Adoption of CECL7,788 
Ending balance$6,161 Balance at October 1, 20207,788 
Provision for credit losses(1,627)
Ending balance$6,161